Ben Swinburne

Iger detailed success across three user types: new users, authenticating linear subscribers, and cord-nevers via the ultra/ultimate product. About 80% chose Trio bundle. Advertisers benefiting from DTC data.

Iger detailed more games (28 vs 22), NFL Network ingested into ESPN app, fantasy/betting/commerce integration. Johnston confirmed deal ~$0.05 accretive before purchase accounting. FY26 guide not materially changed.

Iger confirmed engagement up and churn down significantly from content broadening. Johnston confirmed FY25 guide raised to $5.75 with long-term double-digit growth guide intact.

Johnston confirmed 6-8% Experiences growth guidance with increased confidence after strong Q1. Noted easier comps in H2 and new cruise ship support.

Iger listed paid sharing, personalization, ad tech, AI, and dynamic home screen as interconnected enhancements. No single initiative singled out as most impactful.

Iger laid out a substantive vision for the flagship product, integrated betting, AI-personalized SportsCenter, ad-tech leverage on live sports; a clear, direct answer.

Charlie outlined differentiating through SpaceX D2D agreement and doing things incumbents won't do, noting they are better as a company when thinking long term.

Charlie noted they are in lockstep with FCC's vision of getting spectrum used quickly and working together on auction efficiency.

Hamid explained terrestrial delay is manageable with 24K sites and roaming, but D2D window is time-critical for European and global positioning.

Hamid said they strongly disagree with the factual and legal basis of FCC inquiries and are still discovering what would satisfy the FCC.

Paul Orban declined to give specific operating FCF figures, noting it beat expectations, and flagged $500M more in interest payments for 2025.

Paul Gaske positioned HughesNet as focused on video-centric rural consumers and differentiated enterprise/LEO services rather than competing head-on with Starlink.

Tomsic reiterated $350M as conservative but said too early to give a new number. Investment will be moderated by Tubi profitability.

Amazon singled out as excellent partner for distribution and subscriber acquisition. Sports driving weekend uptake flowing into news/entertainment during week.

Tomsic detailed FY26 headwinds ($270M political, Super Bowl EBITDA push) and tailwinds (underlying advertising, FIFA, affiliate). Digital investment envelope back to ~$350M.

Murdoch emphasized D2C targets cord-nevers only using Tubi learnings. Noted 65% of Tubi audience is cord-nevers, higher than any competitor. On FCC, said market should set terms.

Management explained Tubi captured incremental political dollars the stations couldn't absorb, with no evidence of cannibalization.

Peters said view hours is overly simplified (plan/tenure/geo mix), so portfolio engagement quality matters more; WB accelerates strategy but organic runway is large on its own.

Peters said business is healthy: Q3 revenue in line, record US/UK TV share, best ad sales quarter ever, K-Pop Demon Hunters biggest film ever; Netflix still only ~7% of addressable consumer spend.

Peters said the U.S. upfront is nearly complete with most agency deals closed in line or slightly better than targets, consistent with doubling ads in 2025; scale and slate drive interest.

Sarandos gave a concrete Pedro Paramo example showing AI brings expensive VFX into reach of smaller-budget projects; focus is making movies 10% better, not just 50% cheaper.

Sarandos was clear: underlying full-season sports economics remain extremely challenging, live events are the preferred path and sports is only one part of that expansion.

Oi Brazil consolidation and wireline financial challenges still a moving target. Central America consolidation churn largely behind. International churn expected to be much less in a couple of years.

Verizon motivated by cost certainty, timing predictability, efficiency of not negotiating site-by-site, and SBA's end-to-end services capability. Access to best-in-class portfolio for rapid network expansion.

Cavanagh punted on satellite-terrestrial hybrid question as too early to speculate. Will monitor as significant wireless spectrum in hands of new party.

Satellite is complementary for rural coverage gaps, not competitive in urban/suburban. AT&T MLA lease extensions driving higher straight-line revenue when carriers do upgrades.

US leasing outlook range unchanged from initial guidance but tracking toward higher end. Millicom contribution unchanged beyond early Nicaragua closing of 344 sites.

Schulman said Q4 net adds included a lot of new-to-Verizon customers, the highest LTV segment, and LTV is primarily driven by churn, which represents Verizon's single biggest opportunity. He reiterated the four reasons customers leave (price increases without corresponding value, friction in onboarding/billing/customer service, price perception, competitive intensity) and said Verizon has initiatives underway for each. He expects LTVs to rise in 2026 as Verizon acts responsibly and reduces churn, with convergence (broadband ARPU + mobility ARPU at lower churn) being accretive. Tony addressed CapEx, saying the $16-16.5 billion envelope is all-in and sufficient for all growth initiatives. C-Band is 90% complete with remaining additions on lower-cost small cells, and the fiber build maintains at least 2 million prems per year. CapEx has been narrowed to mobility and broadband with noncore legacy areas (business wireline, nondirectional products, wholesale, legacy copper, voice platforms, long-payback projects) significantly reduced or eliminated. Schulman added that at $16-16.5 billion, 'it's a responsible number' and he doesn't know if Verizon even needs all of it, prior heavy-spending years are largely complete including 5G standalone features.

Schulman reframed the issue from 'pricing' to 'value perception' and declined to answer specifically on back-book repricing, saying he would never tip off competitors on strategy. He identified four top reasons customers leave (prior price increases, experience friction, value perception gaps, competitive intensity) and committed to addressing all four through segmented value propositions, best-in-class experience, convergence leverage, and smart marketing. Schulman bluntly called pricing 'the last refuge of the marketing desperate' and said Verizon has 'a ton of things to pull' beyond price. On share: he said Verizon currently takes only 0% to 'some very low percent' of new-to-industry postpaid gross adds and committed to winning fair share of net adds alongside achieving industry-best churn. On leverage, Tony said he is very comfortable with the long-term target of 2.0-2.25x, noting Frontier will add about 0.25 turn temporarily, but that the target gives flexibility to be opportunistic for strategic needs. No openness to permanent leverage increase was signaled.

Hans said capital allocation priorities are unchanged, invest in the business first (CapEx increased vs 2024), dividend (eighteenth consecutive year of increase), pay down debt (~$3B in H1), then buybacks. He emphasized the pending Frontier close is weeks away and he wants a holistic view of all capital allocation in the next few months before committing specifically. Tax reform is helping accelerate the path to the priority. On consumer wireless, Hans said the ambition of doing better in 2025 versus 2024 is still valid but Verizon will not sacrifice financial discipline for net adds. On churn, Hans called out the June 24 customer experience launch, AI-powered customer service, and further C-band deployment (lower churn where deployed). Tony added that convergence reduces mobility churn and called tax reform benefits permanent with significant 2026 impact, while declining to guide 2026.

Hans said nothing is new on competitive intensity, Verizon is simply competing well across wireless and broadband and turned around prepaid. Sampath described March as mid-single-digit gross add growth accelerating in the last two weeks, then double-digit growth in April after Verizon Value Guarantee launch. This gives Sampath confidence in better phone net adds for full year 2025 vs 2024, combining churn returning to BAU in H2 with sustained gross add momentum. Tony said Verizon is very confident in the EBITDA guide off a strong 2.7% WSR start, continues cost transformation work (customer care, managed services, network decommissioning, full-run-rate VSP benefit), and is skewing the business segment toward wireless mix for more margin plus early private 5G and AI Connect contribution.

Hans pushed back that nothing is new in the competitive environment, Verizon is simply executing better, with network, product, service, and brand all improving. Sampath laid out the path to an 80-20 price-to-volume long-term service revenue mix: positive volume contributions now across mobility, FWA, and value; four price-ups in 2024 plus two already in 2025 baking in more than $1 billion of 2025 service revenue growth; customers stepping up to premium plans with more perks; and network monetization via the first network slice launched in Q4 and Apple/Skylo satellite connectivity partnerships. On AI Connect, Kyle said the CapEx envelope already includes small edge-out fiber spend and retrofit of technical space, mostly leveraging existing One Fiber, Fios, and IEN investments.

Gunnar flatly refused to discuss tax implications or strategic alternatives process. Management had pre-announced they would not take questions on this topic.

Zaslav cited untapped franchise IP, library monetization strategy, TV production leadership, and new experiences/merchandising team. Gunnar noted intercompany profit shift building future profitability.

Gunnar pointed to 2024's low content licensing avails, games business restructuring, and new franchise coordination processes as fixable issues driving step-up in 2025.

Gunnar clarified they mean stabilizing relative position within industry declines, not guiding to flat revenue. Position is better than 6-9 months ago.

Gunnar declined to give a timeline, saying they'd rather prioritize growth in 2025-2027 at the expense of near-term margin, building longer-term asset value.

Chris acknowledged Spectrum Mobile brand awareness still developing but confident in structural advantage: 90% traffic on own faster network, best prices, no macro cell tower investment needed. Noted video rate increases can temporarily impact mobile brand perception. Sees upside in marketing the superior WiFi speed experience.

Jessica explained Q3 offer experiments hurt ARPU without expected volume lift, being pulled from market in November. Chris noted Charter pricing is already low vs peers, has more headroom, and successfully migrated much of base to Spectrum pricing without visible ARPU impact externally by adding value (mobile, video bundling).

Chris explained Life Unlimited bundles enable lower Internet pricing at promotion and retail through mobile/video bundling. Jessica guided programming/cost-to-serve flat to slightly down, marketing low-to-mid single digits growth.

Chris expressed confidence in mid-term Internet growth, cited ACP behind them, cell phone Internet peaked, declining fiber overbuild pace. Video improvement from actively rebundling with connectivity.

David emphasized no must-haves in M&A, focus on build vs buy. Jeff noted divestitures of non-core assets (Latin American OTA businesses). Andy confirmed targeting investment-grade across all 3 remaining agencies.

Naveen provided clear framework: linear driven by ecosystem sub declines and deal renewals, with Q1 trends indicative of next few quarters. Streaming growth from sub growth, churn improvement, and ARPU expansion.

Chris corrected his statement to domestic P+ profitability. Naveen provided detailed FCF color: about 10 percentage points of conversion impacted by restructuring payments.

McCarthy emphasized Paramount+ momentum and standalone viability while noting openness to strategic partnerships that drive incremental value. Chopra provided international D2C profitability framework, noting Pluto is already profitable and international Paramount+ tracks 12-18 months behind domestic, making that the key variable for total D2C profitability.

Gustav said AI drives productivity, moderation, and UX, and that model commoditization lets Spotify invest at a prudent level.