Peter Supino

Explained 2025's churn step-up as rational promotional investment when lifetime values improved, now stabilizing; emphasized AT&T's consistent convergence-focused strategy kept churn in check and expected the balance of the year to look similar.

Stankey noted fiber growth now driven by new-new accounts rather than DSL conversions. Emphasized need to serve value-sensitive segments from 40% to 50% penetration, even with some ARPU dilution, as economically rational.

Stankey said DSL retirement is accelerated by EchoStar spectrum enabling bridge products before fiber deployment. He dismissed supply-demand concerns, noting AT&T wins on product superiority and most growth is now new accounts rather than copper conversions.

Stankey said AT&T is distinctly positioned below cable pricing with a superior product, giving more flexibility on ARPU management. Cable competitors are adjusting to the market, not AT&T. Owner economics on both fiber and wireless allow cross-product value optimization.

Stankey said AT&T's scaled build engine provides agility to redirect capital, and small overbuilders with 230K homes can't compete against AT&T's scale in a metropolitan area.

Stankey explained AT&T is deliberately migrating DSL customers to Internet Air as a holding product before fiber deployment, with new EchoStar spectrum providing more tools.

Stankey said the 2.5x leverage target was engineered to preserve spectrum acquisition optionality while maintaining shareholder commitments.

Stankey rejected pricing as the churn driver, saying AT&T ties pricing to value and is mindful of consumer segments under economic pressure.

Stankey said higher device costs would be passed through to consumers with creative plan adjustments, noting AT&T has managed rising SKU costs effectively in the past.

Stankey cited call center efficiency, software development AI gains, digital channel improvements, and the $6B cost savings pool across all wireline operations.

Stankey sees no upgrade cycle shift, noting phones are more durable and customers hold them longer. New devices later in the year may change dynamics.

Stankey noted AT&T is less exposed to immigration-sensitive segments than peers but hopes for smart immigration policy to support economic growth.

Shapiro declined to share yield monetization specifics but confirmed strong gates and pointed to the 4-day work week spreading leisure demand into shoulder days.

Schleimer confirmed buybacks still accretive at current levels. Will evaluate when no longer accretive. Additional $1B repurchase intent announced. Full $2B authorization to complete in ~2 years vs original 3-4 years. Nothing off the table given cash flow profile.

Shapiro confirmed looking for more one-time spectacle events but not something to model. White House is a one-timer with ~$30M loss. Will look for opportunities like being first at Sphere and first on White House lawn.

Schleimer outlined 3 Saudi PLEs in 2026 vs 1 in 2025 as inorganic driver. Organic side: TAM expanding beyond premium events to Raws, SmackDowns and Fight Nights. Shapiro revealed 60+ events in active site fee negotiations discussed at recent Board meeting.

Schleimer explained H2 mix headwinds: SmackDown 2-hour format change, no UFC 306 Sphere equivalent, Saudi PLE shift to 2026. H1 strong but 200bps Saudi PLE margin contribution shifts to 2026.

Shapiro outlined: integration of IMG/OL/PBR, Netflix Raw momentum, ESPN WWE PLE launch, strong balance sheet, margin expansion trajectory (WWE from 40% to 59%), 3 Saudi PLEs in 2026, boxing as fourth tentpole asset.

Schleimer highlighted new KPIs and tables added to 10-Q for transparency. Q1 is historically largest EBITDA quarter for IMG segment. Milan Olympics prespend will negatively impact balance of year.

Schleimer stated no undue expense pressures. Explained Saudi PLE timing shift as headwind and conscious international event strategy. Sees additional margin upside from Takeover efficiencies.

Shapiro outlined flywheel: viewership drives media rights value, premium ticket pricing, consumer products, and ultimately site fees and sponsorship.

André argued FWA is a premium product beating LEO on speed and NPS, and top-100-market concentration limits satellite beam-capacity competition; last six months were strong on revenue and net adds.

Peter attributed the larger equipment loss to a bigger customer base, higher acquisitions, and premium device promotions linked to top-tier rate plans. He pivoted to a detailed competitive analysis.

Srini explained accounts represent relationships (families/businesses), 90% of postpaid lines are on multiline accounts, and accounts are most correlated with CLV; Peter added postpaid phones are one small portion that doesn't correlate as well with service revenue growth.

Mike emphasized preference for pure play fiber over cable assets; strategy already delivers 12M wireless broadband subs and 12-15M fiber homes passed via JVs.

Peter confirmed M&A EBITDA updates come post-close; Mike noted organic service revenue now trending closer to 6%, with 2027 targets excluding all M&A upside.

Mike explained they target partners reaching audiences T-Mobile can't cost-effectively serve with its own brands, pricing for attractive per-unit network returns.

Mike explained the capacity algorithm studies hexbin-level forecasts of future capacity before approving broadband applicants, preventing tower saturation.

Hugh reframed around ESPN being the destination for sports and driving upsell into bundles rather than giving a specific subscriber threshold or date, noting the Sports segment is growing.

Johnston said combined disclosure reflects how Disney manages the business. Content is created and distributed across all channels. Linear vs streaming is just consumers choosing distribution channels, not a meaningful distinction.

Iger said engagement increased with Hulu integration and tech improvements, with more gains expected from full integration. Johnston described growth-oriented margin strategy: US engagement reduces marketing spend, freeing investment for targeted international markets.

Iger confirmed expansion adds capacity while preserving guest experience quality. Record ROIC in Experiences. Capital allocated where returns are stellar. Specific builds: Villains and Cars lands in FL, Pandora and Coco in CA.

Rapino sized the market and described the partner and share opportunity but did not answer the tens versus hundreds of millions of AOI question.

Berchtold answered the timing question directly and said it is probably 28 before the capex increase shows up, with acquisitions pulling growth into 27.

Rapino said local expertise across 100+ offices mitigates risk. Enough global options to be selective on best-return venues rather than chase any single market.

Rapino confirmed large international arena opportunities coming consistently. Berchtold noted trend toward more international capital deployment.

Asked about the Studios rebuild; Ellison cited a profitable quarter off a loss, an expanded film slate, and a deepening creative roster.

Dennis said no notable cost pressure trends in programming. David detailed ad tech overhaul: Precision Plus AI-powered platform, consolidated national sales under unified leadership, new talent from Amazon/Google/Hulu/Roku. Format innovation pod creating new ad experiences.

David cited 7M households for UFC 324, ahead of expectations. Noted UFC fans engaging with broader content like Landman. Jeff added that first 6 months in streaming show accelerating growth with more promising ad revenue than expected.