Cogeco Communications FY Conference Summary Company Overview - **Company**: Cogeco Communications (OTCPK:CGEA.F) - **Date of Conference**: September 09, 2025 Key Points Restructuring and Organizational Changes - The company has successfully merged its two operating units into one organizational structure, moving from three org charts to one, which is expected to enhance operational efficiency [4][7] - The restructuring is a multi-year project aimed at reducing operational and capital expenditures, with savings ahead of plan for the first year [7] Wireless Market Performance - Cogeco's entry into the wireless market in Canada has exceeded expectations, launching in 13 markets with sales surpassing internal targets [5][6] - The company is pulling back on initial promotional offers due to strong early sales velocity [6] - In the U.S., customer losses have been noted, but there is growing confidence in reversing these trends by applying successful Canadian practices [6][10] Strategic Priorities - Key strategic priorities include scaling wireless services profitably, turning around U.S. subscriber trends, and continuing the three-year transformation plan [10] - The company aims to grow cash flow to $600 million within two years, which will support dividend growth and debt reduction [7][8] Competitive Environment - A more constructive competitive environment has been observed in Canada, with major competitors reducing promotional activities, which is seen as beneficial for average revenue per user (ARPU) [12] - Fixed wireless access (FWA) has posed some challenges, particularly in Quebec, but overall, the impact is manageable [14] Product Strategy - The company maintains an internet-first strategy, with continued offerings in video and voice, despite declines in those segments [16] - The oxio brand, a digital-only internet provider, is performing well and is being used to drive digital transformation within the company [18][19] Regulatory Challenges - Cogeco has been vocal against the TPIA (Telecommunications Policy Act) in Canada, arguing it is detrimental to regional players and creates an unbalanced competitive landscape [27][30] - The company is pursuing legal action to address these regulatory issues and is advocating for a more equitable framework [29][30] U.S. Market Insights - The U.S. market remains competitive, with challenges from fixed wireless players and fiber upgrades from former DSL providers [35] - The company is optimistic about improving customer trends in the U.S. through better execution and the application of successful Canadian strategies [34][38] M&A and Financial Outlook - Currently, there are no major acquisition plans, but small tuck-in acquisitions may be considered in the future [44] - The company aims to maintain steady dividend growth, with a focus on reducing leverage to around 2 turns in the midterm [45] Conclusion - Overall, Cogeco Communications is focused on leveraging its restructuring efforts to enhance operational efficiency, grow its wireless business, and navigate competitive and regulatory challenges while maintaining a strong financial outlook [10][45]

Keeping an eye on a newish rival. SpaceX (SPAX.PVT) agreed on Monday to pay $17 billion for the right to use some of Echostar's wireless spectrum. The deal would allow Elon Musk-owned SpaceX to offer 5G cellphone and broadband services to consumers. SpaceX is the highest-valued private company with a valuation of $458 billion, according to Yahoo Finance data. "They can, of course, compete in broadband to consumers. We have many other competitors there. So, of course, I'm not naive, they can and they wil ...

Core Points - Mavenir has announced a partnership with Bristol Bay Cellular and Rural Independent Network Alliance (RINA) to expand its cloud-native core network solutions in Alaska, providing advanced 4G services and a clear path for future upgrades to 5G [1][2] - The new operator-grade cloud-native core platform will be deployed in Anchorage, Alaska, supporting localized mobile traffic for RINA partners and serving as a redundant core for other RINA member networks [2] - Mavenir's infrastructure is based on industry-leading 5G-ready solutions, including IMS, VoLTE, VoWiFi, and Packet Core, designed to support scalable and secure 4G services with the capability to upgrade to full 5G SA features [2] - The deployment aims to modernize communication infrastructure in strategically important areas, replacing traditional systems and reducing reliance on non-U.S. suppliers, while enabling rural operators to provide reliable mobile voice and data services [2] Company Information - RINA is a leading wireless service provider headquartered in Roosevelt, Utah, focused on optimizing network performance and expanding connectivity for rural wireless service providers across North America [3] - Bristol Bay Cellular Partnership (BBCP) is dedicated to providing exceptional communication services in the Bristol Bay region, leveraging strategic partnerships with industry leaders like Mavenir and RINA to enhance technology and services [4] - Mavenir is recognized as a pioneer in Open RAN and is transforming mobile networks globally, with solutions that automate and monetize networks, serving over 50% of users worldwide through more than 300 telecom service providers [6]

Core Viewpoint - Verizon Communications Inc. has declared a quarterly dividend of 69 cents per share, marking a 1.25 cents increase from the previous quarter, reflecting the company's strong financial management and commitment to long-term growth [1][2][3]. Group 1: Dividend Announcement - The Board of Directors declared a quarterly dividend of 69 cents per outstanding share, an increase of 1.25 cents from the previous quarter [1]. - The dividend is payable on November 3, 2025, to shareholders of record as of October 10, 2025 [1]. Group 2: Financial Performance and Strategy - This marks the 19th consecutive annual increase in dividends, attributed to disciplined financial management and a focus on long-term growth [2]. - Verizon's strategic expansion in mobility and broadband networks has allowed the company to capture high-value customer segments, generating consistent cash flow for shareholder rewards and future investments [2]. - In 2024, Verizon made over $11.2 billion in cash dividend payments and generated revenues of $134.8 billion [3][4]. Group 3: Leadership and Vision - Hans Vestberg, Chairman and CEO, emphasized the company's commitment to transforming Verizon through network superiority, capital allocation priorities, and new service offerings [3]. - Verizon serves millions of customers globally, including nearly all Fortune 500 companies, focusing on mobility, reliable connectivity, and security [4].

Core Insights - Verizon's Chairman and CEO, Hans Vestberg, is scheduled to speak at the Goldman Sachs Communacopia + Technology Conference on September 8, 2025, at 11:50 a.m. ET, with the event being webcasted [1] - Verizon generated revenues of $134.8 billion in 2024, highlighting its significant market presence and commitment to innovation [2] Company Overview - Verizon Communications Inc. is headquartered in New York City and serves customers worldwide, including nearly all of the Fortune 500 [2] - The company focuses on delivering mobility, reliable network connectivity, and security to meet customer demands [2] Media Resources - Verizon's online media center provides access to news releases, stories, and media contacts, available at verizon.com/news [3] - An RSS feed for news releases is also available for subscription [3]

Cogent Communications (CCOI) 2025 Conference Summary Company Overview - **Company**: Cogent Communications (CCOI) - **Event**: 2025 Conference - **Date**: September 04, 2025 Key Points Industry and Business Performance - **Wavelength Business**: Cogent's new wavelength business, associated with the Sprint network, has faced challenges in installations but has a large backlog. Installations in Q2 were below expectations due to customer delivery acceptance issues, but the company remains optimistic about future growth [4][5][6] - **Revenue Growth**: Despite lower installations, the wavelength business saw a sequential revenue growth of 27% and a year-over-year growth of 149%, with an annual run rate exceeding $36 million [8] - **Long-term Targets**: The company aims to grow the wavelength business to $500 million by mid-2028, supported by a significant funnel of opportunities, including unexpected demand from AI training [9][10] Customer Dynamics - **Customer Behavior**: There have been no cancellations before installation, indicating that customers were not over-purchasing but were surprised by the service quality and delivery timelines [13] - **Market Demand**: Approximately 9,000 wavelengths per month are coming out of contract, creating new buying opportunities for Cogent as customers transition from lower to higher capacity [14] Financial Performance and Strategy - **Debt and Leverage**: Cogent's net debt to EBITDA ratio is currently around 6.6 times, which is higher than historical norms. The company plans to reduce this to five times over the next six quarters through EBITDA growth and cost savings [28][32] - **Dividend Policy**: The company has a history of returning capital to investors through dividends and share buybacks, with no current plans to change this strategy despite market pressures [35] IPv4 and Data Center Assets - **IPv4 Sales**: The market for IPv4 addresses has seen a decline in prices, with major buyers like Amazon and Microsoft currently inactive. Cogent has increased its leasing prices significantly, averaging 49 cents per address last quarter [42][43] - **Data Center Sales**: Cogent is motivated to sell its data center assets but has faced challenges with potential buyers not meeting capital requirements. The company is converting facilities to improve marketability and has received offers but requires more substantial non-refundable deposits [59][60] Market Outlook - **Execution Risks**: The company acknowledges execution risks associated with the new wavelength business and the integration of Sprint assets, but remains confident in the long-term growth potential [26] - **Revenue Neutrality**: Cogent expects to achieve revenue neutrality by Q3, with a shift towards higher-margin revenue streams [33] Additional Insights - **Operational Changes**: The company has made significant operational changes post-acquisition of Sprint, including cutting costs and purging unprofitable services, which has helped stabilize the business [21][22] - **Market Positioning**: Cogent's unique positioning in the wavelength market, built from the ground up, differentiates it from competitors and enhances its growth prospects [24] This summary encapsulates the key discussions and insights from the Cogent Communications conference, highlighting the company's strategic direction, financial performance, and market dynamics.

Summary of Array Digital Infrastructure (AD) 2025 Conference Company and Industry Overview - **Companies Discussed**: TDS Telecom and Array Digital Infrastructure - **Industry**: Telecommunications, specifically focusing on tower operations and fiber infrastructure Key Points and Arguments Array Digital Infrastructure 1. **Business Transition**: Array Digital Infrastructure has transitioned from being part of a wireless carrier to a standalone tower company, now owning 4,400 towers and ranking as the fifth largest tower company in the U.S. [3][4] 2. **Spectrum Sales**: The company is pursuing pending spectrum sales, expecting to generate $1 billion from AT&T and another $1 billion from Verizon, with confidence in regulatory approvals [5][14] 3. **Colocation Growth**: Revenue from colocation grew by 12% in Q2, with a significant increase in colocations from T-Mobile, which is expected to boost cash revenues by 50% [7][8][9] 4. **Ground Lease Strategy**: The company is focusing on acquiring land and extending leases, with plans to negotiate rent abatements for 800 to 1,800 "naked towers" post-T-Mobile integration [10][11] 5. **Financial Reporting Changes**: Transitioning to tower company reporting will include metrics like AFFO and adjusted EBITDA, with some nonrecurring costs expected in financial statements due to the wind-down of wireless operations [22][23] TDS Telecom 1. **Fiber Expansion Goals**: TDS Telecom aims to double its fiber footprint from 900,000 to 1,800,000 addresses over the next five years, having recently surpassed 1 million fiber addresses [12][13] 2. **Capital Expenditure Plans**: The company plans to maintain elevated capital expenditures to support fiber expansion and is committed to 150,000 addresses this year, with potential increases in future years [41][57] 3. **EACAM Program**: TDS has accepted the Enhanced ACAM program, extending regulatory revenues by approximately $90 million annually and bringing fiber to 300,000 addresses [45][46] 4. **Market Positioning**: The company views fixed wireless and satellite broadband (e.g., Starlink) as non-material threats, emphasizing the superiority of fiber technology [47][80] 5. **SMB Opportunities**: TDS recognizes underpenetration in the SMB segment and plans to launch more aggressive offers to improve penetration rates [82] Financial and Strategic Outlook 1. **Dividend Plans**: Following spectrum sales, the Board is expected to declare special dividends, with regular dividends anticipated to start in late 2026 or early 2027 [15][30] 2. **Leverage and Capital Structure**: The company targets a leverage ratio of 3x, providing flexibility for future growth opportunities [25][60] 3. **Operational Efficiency**: Both companies are focused on improving operational efficiencies and margins through transformation programs and AI integration [68][70] 4. **Competitive Landscape**: TDS is experiencing increased competition from overbuilders in cable markets but remains confident in its competitive positioning due to fiber investments [76][78] Additional Insights 1. **Customer Behavior**: No significant changes in customer payment behavior have been observed despite macroeconomic pressures, with churn rates down year-over-year [73] 2. **Future Communication Plans**: Both companies plan to enhance communication with investors, particularly regarding their transformation into fiber-centric operations [85][86] This summary encapsulates the key discussions and strategic directions of Array Digital Infrastructure and TDS Telecom as presented in the conference.

© 2025 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of Cautionary Language Concerning Forward-looking Statements 2025 Global TMT Conference Jenifer Robertson Executive Vice President & General Manager – Mass Markets AT&T Inc. September 4, 2025 AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners AT&T Proprietary (Internal Use Only) - Not for use or disclosure outside the AT&T companies except u ...

Core Insights - The Zhejiang Province Urban Basketball League ("ZheBA") has gained significant popularity, with China Mobile's network support team providing comprehensive 5G-A network coverage for the event, acting as an "invisible controller" behind the scenes [1][4] Group 1: 5G-A Network Deployment - China Mobile is accelerating the upgrade of its 5G network across Zhejiang Province, with plans to establish 20,000 stations by the end of 2025, positioning itself as a leader nationally [1] - All 22 teams and venues in the "ZheBA" have deployed 5G-A networks, achieving maximum upload and download speeds of 380 Mbps and 3 Gbps respectively [3] Group 2: Audience Experience - Attendees at the events can enjoy seamless live streaming and instant video sharing, with options for purchasing dedicated data packages for enhanced connectivity [3] - Specific venues have tailored their network solutions: Hangzhou's Gongshu Canal Sports Center is the first to utilize 5G-A technology, while Wenzhou Sports Center has implemented a tiered network for improved audience experience [3] Group 3: Future Implications - The application of 5G-A in the "ZheBA" is seen as a microcosm of its broader potential, with expectations for 5G-A to be integrated into various industries and daily life, thereby fueling the digital economy in Zhejiang [4]

Company Overview - Shenandoah has a long history, founded in 1902 as a local telephone company in the Shenandoah Valley, Virginia [2] - The company has transformed from a local telephone provider to a broadband company, initially as a cable company and now focusing on fiber-to-the-home services [2] Strategic Focus - The current strategy emphasizes the fiber build initiative, which is a key component of the company's future growth and service delivery [1][2]