Craig Moffett

Armstrong said Starlink is not yet a meaningful competitor but expects more competition in rural/underserved areas over time.

Steve detailed ARPU pressure drivers and outlined relief expected as free lines convert to paid in H2, with higher speed tier mix and premium mobile adoption providing tailwinds.

Steve declined to break down FWA vs fiber specifically, saying only that improvement was broad-based across all competitive environments.

Brian said WBD international reach would have been additive but all-cash structure was unattractive. Process forced internal reassessment, concluded Comcast is well-positioned with studios, parks, and Peacock. On Verizon, Mike said agreement modernized as foundation for mutual profitable growth but offered no specifics.

Brian briefly acknowledged the Verizon transition, expressing confidence the partnership will continue successfully.

Mike reiterated very high M&A bar. Said post-Versant, any complementary assets would be streaming and studio assets. Suggested more things are viable than public commentary suggests.

Dave confirmed slight uptick in nonpay disconnects but not material. Voluntary churn and connects stabilizing. Network upgrades ahead of plan.

Dave said Genesis is on track and ahead of plan, moving quickly to DOCSIS 4.0. WiFi differentiation is a key competitive advantage.

Dave didn't directly answer the tariff question, instead emphasizing competitive positioning and BYOD as an option for customers.

Mike said Orlando trends are stable, advanced bookings strong, and Epic buzz is ahead of expectations. Hollywood parks still recovering from wildfires.

Dave said Genesis is on track at 50% complete, will introduce simplified packaging with mobile included starting Q2. Competitive learnings still too early.

Fischer gave a sequential direction and the drivers, but redirected away from a product-level ARPU commitment to connectivity and relationship ARPU.

Winfrey gave the specific figure, explained the sequential step down as a product change, and reaffirmed the trajectory.

Chris explained customer ARPU (not broadband ARPU) is the focus. Will use mobile and video (given Cox's low penetration) to preserve/grow customer ARPU while lowering broadband pricing. Expects 2-year sales tailwind from new brand, lower pricing, and fully developed products entering Cox markets. Also highlighted complementary B2B capabilities, especially hospitality.

Chris declined specifics on amended Verizon deal terms, framing it as modernization of existing long-term agreement. Confirmed offload now around 89%, steady climb. CBRS deployed in 23 markets, ~20 more planned to cover all licensed states within the year.

Chris gave comprehensive market overview: housing muted, mobile substitution growing, AT&T expanding cellphone Internet, fiber overlap growing at same pace. Q3 gross adds lower YoY with low-income segment most pronounced. Argued multiple macro headwinds are temporary and only 1-2 need to reverse for outsized impact on subscriber growth.

Chris explained T-Mobile deal opens business mobile market previously limited. Declined to comment on pricing but confirmed residential Verizon relationship unchanged. Acknowledged deal signed after Cox announcement.

Chris confirmed substantial churn benefit from convergence but acknowledged self-selection bias. Jessica reiterated $12B CapEx guide including tariff impact, no meaningful P&L effect.

Chris acknowledged lower churn for converged customers but admitted self-selection bias. On M&A, emphasized organic strategy first but noted scale benefits; said cable is family-controlled so timing is up to them.

Dr. Saw said AI compute is concentrated in wireline transport and data centers, so no AI-driven mobile traffic surge has appeared, and fallow capacity leaves ample runway.

Srini declined to comment on the merger report, stating policy against discussing rumors. However, he clarified that any such transaction would require majority-of-the-minority approval.

Srini confirmed best-ever iPhone performance; new devices drive reassessment of carrier choice which benefits T-Mobile given widening differentiation; volume driven by differentiation rather than promotion means financial results delivered simultaneously.

Mike attributed premium plan self-selection partly to T-Satellite anticipation; monetization expected through plan migration, $10/mo add-on, and competitive differentiation.

Mike said no change to terrestrial build strategy; Ulf explained AI-driven customer-driven coverage directs capital allocation with 67% of traffic on 5G and more room to run.

Mike said tariff costs would pass to customers, likely slowing upgrade rates; currently no material impact visible and guidance unchanged. Peter confirmed it's embedded in EBITDA guide.

Mike argued bundling isn't a core purchase motivator; T-Mobile also sees lower churn in competitor fiber areas, suggesting selection bias rather than causality.

Hans said Verizon is sitting on a strong spectrum position across C-band, millimeter wave, and low band and feels good about where it is. He welcomed that the new bill includes spectrum provisions but noted bands still need to be identified and freed up, which will take time. On capital allocation logic, Hans said Verizon always compares buying spectrum against the dollar economics of building on its existing spectrum, the buy-versus-build analysis. He did not address whether incremental spectrum purchases would delay share buybacks, reinforcing that capital allocation priorities remain unchanged (business investment, dividend, debt paydown, then buybacks).

Hans declined to deep-dive on MVNO commercial terms but said Verizon's strategy is to build the network once and put as many profitable connections on top of it as possible, a core pillar of which is the MVNO relationship with cable operators. Hans characterized the cable MVNO relationship as 'very good' and accretive to Verizon's overall strategy, treating cable as business-to-business partners offering them service on the best network in the United States. He did not address the competitive tension between serving cable's wireless customers while Verizon's own convergence strategy competes for the same households.

Hamid acknowledged the $5B financing challenge but deferred specifics to the satellite show in Paris, saying details are strategic and confidential.

Reaffirmed FWA is not the optimal long-haul fixed technology and that scarce spectrum should prioritize mobility; on Starlink, said AT&T does not need a wholesale/MVNO deal because it already reaches 98% of converged traffic itself.