Array Digital Infrastructure (AD) 2025 Conference September 04, 2025 07:30 AM ET Company ParticipantsMark Schilsky - TMT Sector SpecialistDouglas Chambers - Interim President, CEO & DirectorKristina Bothfeld - VP - Finance & CFOMark SchilskySo we're good? Okay. Hi, everyone. Good morning. I am Mark Schielski, Citi's TMT sector specialist.Obviously, not Mike Rollins. I'm I'm pinch hitting for him today. Welcome to day two of Citi's global TMT conference. Today, we're gonna be talking about TDS. We've got Chr ...

American Tower (AMT) 2025 Conference September 03, 2025 10:10 AM ET Company ParticipantsMichael Rollins - Managing DirectorSteven Vondran - President, CEO & DirectorMichael RollinsAnd infrastructure for Citi. Just a quick housekeeping item. Disclosures are available at the back of the room. If you don't have access or would like another copy, please email me at michael.rollins@city.com, and we'll get those to you. It's a pleasure to welcome back Steve Vondrin, president and CEO of American Tower.Steve, than ...

Summary of Verizon (VZ) 2025 Conference Call Company Overview - **Company**: Verizon Communications Inc. (VZ) - **Event**: 32nd Annual BofA Media Telecom Conference - **Date**: September 03, 2025 Key Points Spectrum Position and Strategy - Verizon is satisfied with its current spectrum position, having made investments in C-Band and opportunistic acquisitions, aiming to operate the best network globally [5][6] - The company emphasizes a build-buy strategy for spectrum, focusing on financial discipline and compatibility with existing assets [6][7] - Recent acquisitions, such as from UScellular, have provided Verizon with valuable spectrum, with an average of 2 MHz nationally and up to 25 MHz in specific areas [6] Competitive Environment and Churn - The competitive landscape has led to increased churn, with approximately 10 basis points of churn attributed to competition rather than pricing [8][9] - Verizon is focused on acquiring high-quality customers, which offsets the higher costs of acquisition and retention [9][10] - Strategic price increases have also contributed to churn, but the company maintains a focus on long-term shareholder value through service revenue, EBITDA, and free cash flow [10][11] Customer Strategy - Verizon does not auto-migrate prepaid customers to postpaid, focusing instead on maintaining a strong credit-based customer base with an average FICO score of 720 [12] - The company has seen strong gross adds over the past ten quarters, with a focus on improving customer experience and reducing churn through AI and streamlined processes [14][16] - The value proposition for customers is being enhanced, with efforts to clarify the benefits of Verizon's offerings compared to competitors [19][20] Industry Growth and Net Adds - The wireless ecosystem is projected to see net adds between 8 and 8.5 million in 2025, with a decline expected in immigration impacting future growth [23] - The switcher pool is driven by new entrants to the market and migrations from prepaid to postpaid, with Verizon aiming to capture a larger share [24] Fiber and Fixed Wireless Strategy - Verizon is confident in closing the Frontier Communications deal by Q1 2026, which will enhance its fiber offerings and customer base [26][27] - The company aims to achieve 8 to 9 million customers in Fixed Wireless Access (FWA), with strong customer satisfaction metrics [30] - Challenges in scaling FWA in Multi-Dwelling Units (MDUs) are acknowledged, but the company remains optimistic about long-term growth [31] Capital Allocation and Financial Strategy - Verizon's capital allocation strategy prioritizes funding the business for sustainable growth, followed by dividends, debt management, and share buybacks [48][49] - The company has reduced unsecured debt by $7 billion and aims to maintain a leverage ratio between 2 and 2.25 [49] - Future capital investments will focus on broadband growth, C-Band coverage, and enhancing customer experience [52][53] Prepaid Business Performance - Verizon's prepaid business has shown significant improvement, with a projected positive contribution to service revenue in 2025 [55] - The company has successfully segmented its prepaid offerings, enhancing distribution and marketing strategies to attract customers [56][59] Conclusion - Verizon is strategically positioned in the telecom industry with a focus on spectrum management, customer quality, and financial discipline. The upcoming Frontier acquisition is expected to bolster its fiber and broadband capabilities, while the company continues to navigate competitive pressures and enhance its service offerings.

Core Viewpoint - The merger between Charter and Cox, valued at $34.5 billion, is seen as a strategic move to strengthen their position in the declining pay-TV market and enhance competitiveness against Comcast [1][2]. Group 1: Merger Details - Charter plans to merge with Cox in a deal worth $34.5 billion, which is expected to close within two years, pending regulatory approval [1][2]. - The new entity will be named Cox Communications and will adopt Charter's Spectrum branding for customers [2]. Group 2: Strategic Advantages - The merger is anticipated to provide Charter-Cox with better leverage in negotiations with content providers, as the combined company would have 14.4 million video customers, surpassing Comcast's 12.1 million [4]. - By merging, Charter-Cox can reduce marketing costs and invest more in product and technology, enhancing their geographic reach [3]. Group 3: Impact on Cord-Cutting - Charter has managed to slow down subscriber losses due to cord-cutting by bundling streaming services at no extra charge, which has helped reduce its cord-cutting rate from 9.5% in Q2 2024 to 7.3% in Q1 of the current year [5][7]. - The merger is expected to extend these benefits to Cox customers, potentially improving retention rates [7]. Group 4: Industry Position - Charter's video losses are reportedly the best in the multi-video programming distributor (MVPD) industry, and the company aims to further improve this metric [8][11]. - Analysts have noted that Charter's strategy of including streaming services in its cable bundles is yielding positive results, with improved video subscriber trends [11].

Group 1 - Charter Communications and Cox Communications have agreed to merge, marking one of the largest deals in the cable industry and corporate America in the past year [1] - The merger values Cox at $34.5 billion, consisting of $21.9 billion in equity and $12.6 billion in net debt and obligations, aligning with Charter's enterprise value based on 2025 estimated adjusted EBITDA [2] - Following the merger, the combined company will adopt the name Cox Communications and will utilize Charter's Spectrum brand for its services [4] Group 2 - Charter's CEO Chris Winfrey will continue as president and CEO of the combined entity, while Alex Taylor from Cox Enterprises will serve as chairman of the board [5] - The merger with Cox is expected to close simultaneously with Charter's acquisition of Liberty Broadband, which was approved by stockholders earlier this year [6]