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]

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Summary of Rogers Communications Conference Call Company Overview - **Company**: Rogers Communications (RCI) - **Date**: September 03, 2025 - **Speakers**: CEO Tony Staffieri, CFO Glenn Brandt Key Points Wireless Business - **Pricing Environment**: The pricing environment in Canada has seen a significant step down over the past 18-24 months, with little change despite fluctuations [3][4] - **Revenue Outlook**: Continued growth in service revenue is expected, with a focus on balancing market share and Average Revenue Per User (ARPU) [4][5] - **New Price Plans**: Implementation of new price plans has been successful, with a shift from data bucket sizes to other differentiating factors [5][6] - **Add-a-Line Strategy**: There is an opportunity to increase penetration in terms of lines per account, following the U.S. model [6][7] - **Roaming Value Proposition**: New constructs for roaming have been well received in the marketplace [7][8] - **Back to School Promotions**: Promotions during the back-to-school season were more price disciplined compared to previous years, indicating a stable pricing environment [8][9] Bundling Strategy - **Bundling Benefits**: The bundling of wireless and cable services is seen as a way to solidify customer relationships and reduce churn [17][19] - **Convergence Focus**: Future bundling strategies will focus on seamless integration of 5G and in-home WiFi [19][20] - **Market Expansion**: The acquisition of Shaw has allowed Rogers to expand its footprint and offer bundled services in new territories [20][21] Fixed Wireless Access - **Market Opportunity**: Fixed wireless access is aimed at covering the 40% of homes not served by cable, with a focus on rural areas [21][22] - **Sustainable Business Model**: The fixed wireless access model is viewed as sustainable, with network slicing technology ensuring no impact on mobile users [29][32] - **Growth Metrics**: The fixed wireless access is becoming increasingly material to net adds in the Internet segment [26][24] Satellite Mobile Service - **Launch of Service**: A satellite mobile service was launched in partnership with Starlink, with good initial demand [34][35] - **Market Coverage**: The service aims to cover areas with no existing cellular coverage, significantly increasing Rogers' market reach [36][39] - **Revenue Model**: The economic construct with Starlink is not a revenue share model but is expected to provide incremental margins [37][39] Cable Business - **Revenue Growth Strategy**: Post-acquisition of Shaw, the cable business is focused on organic growth, particularly in Internet services [44][50] - **Margin Improvement**: Margins have improved from 50% to 58-59% due to operational efficiencies and direct content purchasing [51][52] - **Business Segment Growth**: Strong growth is observed in the business segment, leveraging the expanded national footprint [48][50] Sports and Entertainment Assets - **MLSE Acquisition**: Rogers is consolidating its ownership of the MLSE assets, with a focus on maximizing value for shareholders [62][66] - **Valuation of Assets**: The estimated value of Rogers' sports and entertainment holdings is around CAD 15 billion, with significant cash flow potential [68][69] - **Leverage Management**: Progress in integrating Shaw has helped reduce leverage, allowing for strategic investments in sports assets [64][70] Future Outlook - **Capital Investment**: A gradual decline in capital intensity is expected, driven by revenue growth and reduced investment needs [55][57] - **Synergy Opportunities**: There are substantial opportunities for revenue and cost synergies from the integration of sports and entertainment assets [82][83] Additional Insights - **Market Position**: Rogers holds a competitive position in the Canadian market, leveraging its diverse service offerings to enhance customer relationships [42][44] - **Technological Advancements**: The company is focused on utilizing advanced technologies, such as AI, to enhance customer engagement and service delivery [80][81]

Core Insights - TDS Telecommunications LLC has surpassed 1 million fiber passings, solidifying its position as a national leader in fiber broadband services [1][2] - The company aims to reach a long-term target of 1.8 million fiber addresses, with 95% of the footprint offering speeds of at least 1 Gigabit [2][6] - TDS Telecom is set to deliver approximately 150,000 marketable fiber service addresses in 2025 [2] Company Operations - TDS Telecom operates in 31 states and is involved in fiber expansion projects in nearly 100 communities across the U.S. [3] - The fiber expansion is supported by private investments and participation in the federal Enhanced Alternative Connect America Cost Model (E-ACAM) program [3] - Major fiber expansion projects are currently taking place in the Pacific Northwest and Wisconsin [3] Construction and Services - Network construction is carried out through various construction partners and TDS Telecom's internal construction crews, which will account for over one-third of new fiber addresses this year [4][5] - TDS Telecom offers symmetrical fiber internet products with speeds available up to 8 Gigabits, and businesses can opt for a dedicated 10 Gig connection [5] - The company provides a low-cost product called TDS Connect for qualifying customers [5] Future Outlook - TDS Telecom emphasizes that fiber internet is essential for modern services, including smart homes and remote work [6] - The company remains committed to achieving its goal of 1.8 million marketable fiber addresses [6] Company Profile - TDS Telecom delivers high-speed internet, TV entertainment, and phone services to small to mid-sized urban, suburban, and rural communities [7] - The company has 1.1 million connections and aims to enhance communication services through fiber-optics and advanced technologies [7] - TDS Telecom is a subsidiary of Telephone and Data Systems, Inc., which serves approximately 5 million connections nationwide [8]

Core Insights - Verizon is committing $22 million in debt relief for military veterans through 2026, partnering with ForgiveCo, which has already erased $8.79 million in medical debt for over 6,000 veterans [1][2][5] Group 1: Debt Relief Initiative - The initiative aims to alleviate the significant debt burden faced by veterans transitioning to civilian life, promoting financial stability [2] - Since its launch in 2024, the program has provided an average of over $800 in relief per person [3] - Verizon has partnered with various sports franchises to raise awareness and extend the initiative's impact within local communities [3] Group 2: New Alliances and Funding - Verizon has formed a new alliance with the Columbus Crew, providing an initial $500,000 in debt relief, with an additional $100,000 for each win or draw during the 2025 season, up to another $500,000 [4] - The commitment sends a strong message to veterans, emphasizing the importance of honoring their service and sacrifice [5] Group 3: Broader Commitment to Veterans - Verizon has been recognized as a Military Friendly® company for seven consecutive years and employs thousands of veterans [5] - The company collaborates with the Department of Veterans Affairs to supply critical communications to VA medical centers and offers resources for veteran-owned small businesses [5] Group 4: Accessibility and Support - Veterans benefiting from the relief efforts will be contacted directly by ForgiveCo, with no application or enrollment required [6] - Verizon provides special discounts for veterans and active military members on mobile and home internet plans [6]

Group 1 - The event is the 32nd Annual BofA Media Telecom Conference, indicating a significant gathering in the telecom sector [1] - Michael Funk, VP in Equity Research at BofA, is leading the presentation, highlighting the importance of equity research in telecom infrastructure and software [1] - Sampath from Verizon is a key speaker at the conference, suggesting Verizon's active role and presence in the telecom industry [1]