Batya Levi

Management explained the AFFO beat did not fully flow through because service weakness offsets durable cost improvements at the EBITDA level, with the interest benefit timing-driven.

CFO said they don't discuss specific customer negotiations but work on renewals on a timely basis. Approach depends on client needs, sometimes full renewal, sometimes interim arrangements.

CFO said ex-DISH and adjusting for change in other billings, 2026 growth is comparable to 2025. Colo/amendment mix unchanged. Cost savings in line with transaction announcement guidance.

CFO deferred 2026 organic growth discussion to Q4 earnings but noted active Tier 2/3 market conversations with carriers and openness to adding towers where it makes sense.

CFO declined to separate EchoStar contribution from total leasing activity citing client confidentiality.

CEO confirmed negligible US Cellular exposure on CCI towers, with no material financial impact expected from T-Mobile's USM tower acquisition.

CEO explained SG&A allocation follows accounting rules with direct costs to disco ops, shared costs staying in tower RemainCo. Not representative of post-close cost structure.

CEO clarified the transaction closes together but regulatory reviews happen separately for EQT (small cell) and Zayo (fiber) since they are buying different assets.

CFO confirmed no significant tax impact from the sale and noted ranges on the AFFO bridge are intentionally wide.

Management said volumes are consistent with the first half and declined to give a 2027 leasing outlook.

Backlog increase not evenly distributed, Verizon MLA driving increased activity. All 3 primary US customers expected to be active at various points. On edge compute, actively engaged with multiple companies, small number of initial deployments done, too early for material P&L impact timing.

Midpoint $2M below 2025 but equals flat ex-DISH. Verizon MLA minimum commitments well set with grown backlogs. Increased Verizon contributions expected. Carrier mix shifting with different relative contributions among big 3.

Cavanagh confirmed Verizon MLA includes both colocation and amendment components with 10-year minimum colocation commitment. DISH is current on rents with expectation they will honor agreements through balance of term.

Verizon deal is much more linear than AT&T, directly tied to activity rather than wholesale bonus escalator. AT&T structure was one-time and particular to that situation.

Q2 vs Q1 difference was only a couple hundred thousand dollars, attributed to rounding. Activity pacing slightly ahead of strong Q1 quarter.

Services growth driven by one major customer moving faster than expected on network investments. On Canada M&A, SBA will evaluate opportunities but wants strong positioning with leading carriers.

Cavanagh confirmed backlogs are broad-based across carriers, with shift toward new colocations driving longer book-to-bill cycle and expected sequential growth through 2025.

Declined to guide 2027 but described a steady investment phase, and Smith laid out the bridge to roughly 7% AFFO per share growth normalized for one-time headwinds.

Steve noted higher incidence of new colocations but amendments still majority of pipeline. One carrier still behind on initial 5G overlay. Rod confirmed 2026 colo/amendment contribution of ~2.4% is consistent with 2025's ~2.5% when removing DISH from both years. Slightly higher H1 vs H2 pacing from holistic agreement timing.

Steve noted Brazil carriers beginning 5G upgrades post-Oi digestion but Mexico further behind on spectrum rollout. LATAM OTBG guided low-single-digits for next 3 years: Oi wireless churn for 2 more years, wireline churn in 2027. Past most Telefonica Mexico churn. Escalators ~5% in 2025, CPI-dependent.

Steve shared carrier-level stats without naming them. New business stepping down from ~$180M in 2024 to ~$165-170M range. Sprint churn ~$98-100M with ~$30M/quarter run rate through Q3, dropping to ~$10M in Q4.

Rod confirmed full financial flexibility with leverage at/below 5x in early 2025. Open to buybacks, M&A, further deleveraging. Will use all tools for maximum value creation, with M&A held to high standard vs buyback alternative.

Berchtold covered platform roadmap and three AI workstreams; Rapino confirmed Spotify launched in May with Role Model as the first reserved.

Berchtold cited volume-driven growth in ticketing sales offsetting secondary headwinds. Adding more clients globally. Underlying business fundamentals strong.

Berchtold noted strong Latin America festival performance drove both concerts and sponsorship. Going forward, stadiums up globally, amphitheaters and arenas up in U.S.

Berchtold noted consistent sell-through with Harry Styles, BTS, and Bruno Mars at highest demand ever. Tickets selling front to back across all venue sizes.

Alex attributed slower Q3 MAU to deliberate emerging-market changes (sign-up quality, deprecating low-end Android, added free-tier friction) to pull the monetization lever.

Alex said the recent U.S. increase brought no surprises and low churn in line with expectations, reiterating a market-by-market, value-over-price approach.

Alex outlined the subscriber funnel, engagement, minimal churn on price rises, and strong MAU replenishment, calling standout MAU growth the key input that historically drives higher conversion. Direct.

Daniel cited strong creator uptake but did not quantify the margin impact, deferring to Christian's margin remarks.

Hugh said tariffs net to zero for the full year and have nothing to do with the raised Experiences OI guidance; the driver is Parks execution across domestic parks, Paris, and cruise ships.