Dave Barden

Denied the corner-case remark signaled M&A, clarifying it meant the ~2% of traffic when converged customers leave the network, to be solved via AST SpaceMobile satellite; called the C-band auction timeline long and cited the EchoStar deal as securing near-term spectrum.

Stankey said 30% of wire centers scheduled for shutdown with more expected in coming months. Praised FCC order as strong roadmap. Cost improvements factored into forward guidance through 2030.

Stankey cited network perception improvement in markets with deployed spectrum, capital efficiency versus alternative capacity builds, and expanded Internet Air distribution for both business and consumer segments.

Stankey deflected the succession question, saying management is focused on operational execution without the distractions facing competitors.

Stankey said the internal rallying cry is organic execution, all plays to reach 2030 goals are within AT&T's four walls and don't require external partners or uncertain regulatory approvals.

Stankey cautioned against over-reading the convergence data, noting the larger unaddressed base matters more than timing of net add dynamics.

Desroches clarified Reign is a financing transaction excluded from FCF; 2025 FCF drivers are EBITDA growth, lower interest, and working capital.

Steve declined to discuss SBA specifics but noted public-private multiple dislocation isn't new. Private buyers see past short-term noise to long-term demand drivers. AMT runs its business independently of peer transactions.

Steve dismissed satellite disruption concerns firmly. Any disintermediation limited to ultra-rural towers that are minimal revenue contributors. Satellites will enable ubiquitous coverage and new 6G use cases, benefiting carriers and towers.

Steve said operating model changed to regional hubs eliminating distraction factor. No fire sales, only if value is accretive. Will harvest cash flows otherwise. Rod cited evidence: India sale proceeds used to delever, exited various markets, sold half AST stake to fund buybacks. Active portfolio management continuing.

Steve cited AST board seat providing front-row view of satellite technology. 6G likely designed with satellites as integrated component but towers remain cheapest way to deliver mass data volumes. Satellite constellations face ongoing replenishment costs. No risk to tower business over long term.

DISH confirmed current; no reserves warranted. Lawsuit filed preemptively to protect shareholders. On space-based player with terrestrial spectrum: if reselling to carriers, minimal ground deployment needed; if offering direct service, could need terrestrial sites as complement, would be pure upside not in any guidance.

Steve said WISPs are a small revenue percentage with some churn already factored into normal 1-2% range annually. WISP struggles not new. No expectation of falling outside historical churn range from WISP-related pressures.

On DISH's assertion of an 85% haircut, management argued the 15% bankruptcy cap does not apply because Crown Castle canceled the contract early for nonpayment and accelerated the payments.

CFO explained CCI rents conditioned shelter space with power and fiber backhaul, pure real estate model, no technology depreciation risk. CEO added edge installations are smaller than traditional data centers, reducing NIMBY concerns.

CEO said deployment timeline is uncertain but CCI has agreements in place to enable rapid carrier rollout. Growing congressional and administration excitement around 6G and spectrum. FAA altimeter concerns exist but prior C-band experience provides precedent.

CEO cited initial C-band/FAA interference as precedent that was resolved. FCC signaling rapid action on 800 MHz auction beginning 2027. CCI supports putting spectrum to active use.

CEO said DISH has contractual obligation to remove equipment after termination. Declined specifics on commercial agreements but noted this situation is unprecedented in his nearly 30-year career.

Ergen said the buyback authorization was raised to $5 billion but that capital priorities run first to investing in the business, then other opportunities including the company's own stock, and only after that dividends.

Paul explained tower costs were accrued in Q3 impairment charge, so Q4 only shows normal operating costs. Non-cash lease accretion is about half of other segment costs.

Charlie endorsed SpaceX as the best company he has worked with in 45 years and said they invested on faith in the management team and their execution.

Charlie pointed to SpaceX's 8 million broadband customers, D2D growth trajectory, and 90% launch market share as valuation support.

Charlie confirmed awareness of 1033 stepped-up basis provision and said it's not contingent on tower litigation outcomes.

Peter declined to speak for DT but noted their conviction mirrors T-Mobile's plan; on fiber, Srini said open to more assets at the right price but not targeting a homes-passed number; current plan based on existing Lumos/MetroNet JVs reaching 12-15M homes.

Mike drew parallel to FWA invention skeptics; satellite technology co-invented with SpaceX over 2 years; version 2 backed by more spectrum will improve the service. Srini added T-Mobile expects to be 2-3 years ahead of industry in satellite as in 5G.

Mike reported IntentCX beginning to touch customers and affect upgrade results; AI-RAN co-invention with NVIDIA, Nokia, Ericsson progressing; Srini emphasized AI driving customer-driven coverage today while building for future network core.

Jon Freier explained prepaid didn't see outsized inflows during 2022 peak immigration; Metro by T-Mobile focuses on premium monthly, not transactional prepaid.

Peter declined to quantify aggregate M&A impact pre-close, citing mix of private/public companies and ongoing integration planning, but confirmed all deals are value accretive.

Cavanagh declined to comment on take-private speculation. Stated company always evaluates all options in best interest of shareholders over 28-year history. Would not commit to any price floor tied to share repurchase history.

SBA assuming BRL 5.20 vs AMT 5.50. Montagner cited Brazil central bank forecast 5.50, economists range 5.50 to below 5.0, spot at 5.14, strong exports, 15% short-term rates. On EchoStar, Cavanagh: 'you don't know what we're doing', fully evaluating all rights to enforce position.

IG vs high-yield savings estimated at 50-75 bps. Narrower savings versus ABS market. Deeper market with better tenors and lower refinancing risk. On satellite, carriers seeing concentrated satellite pings as signals for where macro towers are needed, complementary rather than substitutive.

Cavanagh said BEAD-related FWA demand has not materialized yet and DISH activity is very low. DISH's extended buildout timeline has reduced urgency. FCC's expanded BEAD wireless eligibility could help but feels early.