Ric Prentiss

Management confirmed the $2.4 billion escrow funding is contingent on the AT&T transaction closing; ownership of the abandoned DISH equipment is to be resolved in bankruptcy.

CEO declined specifics on FCC machinations but expressed extreme confidence in H1 closing, noting vast majority of approvals received.

CEO said growth differences are cyclical, not systemic. CCI's urban/suburban portfolio skew actually benefits earlier in deployment cycles. Expects 800 MHz spectrum auctions starting 2027 to benefit both CCI and the industry.

CEO acknowledged California as sensitive but expressed confidence in original H1 timeline. DOJ clearance was significant milestone; steady progress observed over past 4.5 months.

CFO confirmed $8.5B purchase price unchanged with normal transaction costs and closing adjustments. Buyback execution timing to be detailed closer to closing.

CFO explained termination was the contractual remedy for default, allowing acceleration of all remaining obligations. CCI is vigorously enforcing rights to protect shareholders.

CFO confirmed Q4 earnings will include 2026 guidance with more detail on standalone cost structure.

CFO confirmed EchoStar/DISH represents about 5% of tower revenues but declined to break down specific contractual contributions due to client confidentiality.

CEO and CFO declined specifics on potential DISH buyout or decommissioning costs, citing confidentiality, but said they are open to maximizing shareholder value in any discussions.

CEO declined specifics on FCC or DEI implications, saying not far enough in the process, but emphasized managing business in shareholders' interest.

CEO confirmed active CEO search without waiting for deal close. Any new CEO must agree with Board's US tower-only strategy and capital allocation framework.

CEO said cycle times still 6-12 months from application to revenue, but marginal improvements across large book of business drove $5M core leasing increase. Also seeing improvements in services margin and cost structure.

CFO cited Crown team quality, tower business prospects from T-Mobile experience, and opportunity for automation and platform investments as pure-play tower company.

CEO said activity levels consistent with Q4 2024 through 2025, in $105-115M new leasing range with 4.5% growth. Would consider raising guidance in back half if trends hold.

CEO said regulatory approvals across all states and federal government are time-consuming but not difficult. Working closely with EQT and Zayo on business separation.

CEO confirmed one transaction with one purchase price and two buyers, requiring HSR and state-level regulatory approvals, projecting 12-15 month close.

CEO acknowledged discussions with rating agencies but provided only preliminary analysis suggesting IG is achievable at target leverage.

CEO acknowledged small cell is a great business but Board concluded selling and maximizing tower value was the better path.

Walked through low-band, upper C-band and 6G frequencies, reiterating the view that half of the required capacity comes from densification.

Confirmed the equipment remains installed but declined to discuss customer contract details, citing ongoing litigation.

Smith quantified the $2 billion authorization, roughly $600 million spent to date, and $200 million allocated in 2026.

Steve declined to comment on litigation but reiterated contract is enforceable and DISH is fully de-risked from guidance. Any resolution would be incremental upside.

Rod explained returns target above WACC by 200+ bps with potential for teens over time. Steve added they are winning builds outside contract due to operational excellence in difficult permitting environments.

Steve gave ballpark: ~$200M/year through 2036 but declined to put precise total number. DISH fully derisked from guidance, any future collections would be incremental upside through non-run rate revenue. Resolution not expected in 2026. AMT continuing legal fight.

Steve reiterated developed markets focus, no emerging market M&A expected. Private/public multiple disconnect persists, keeping AMT on sidelines. Rod added: sold half of AST SpaceMobile stake to fund buybacks, maintaining Board seat. Full financial flexibility regained with leverage below 5x.

Steve disclosed DISH sent letter claiming payment exemption based on spectrum sale. AMT filed declaratory judgment action. Contract runs through 2036, ~2% total property revenue, ~4% US & Canada. DISH currently paying. AMT confident in contract enforceability.

USM: <1% US revenue, <0.5% global. Good chunk up for renewal next year. Overall churn still expected 1-2% historical range. No color on T-Mobile's non-USM site reduction charge. More guidance in February.

Rod confirmed capital allocation priorities: 1) $3.2B dividend, 2) $1.5-2B internal CapEx (developed markets + CoreSite), 3) toggle between M&A, buybacks, deleveraging. Private tower multiples still elevated vs public. Now BBB+ with leverage below 5x. $2B buyback authorization, $28M executed. Confident in upper single-digit AFFO per share growth.

Steve views satellite as complementary, not competitive, ideal for low population density areas where AMT has no towers. Optimal below ~100 pops per site per industry research. Happy with AST SpaceMobile investment for ringside seat. No threat to core business domestically or internationally.

USM: <0.5% of global property revenue, <1% of US & Canada. T-Mobile deal now approved; some churn expected from synergies. DISH: >2% of global revenue, >4% of US revenue. Recent headlines slightly positive. Rod highlighted final year of Sprint churn, Q4 and beyond expected to drop to ~1% or below.

Steve confirmed $2B buyback authorization outstanding. Will weigh against M&A, internal CapEx, further delevering. No large-scale M&A opportunities currently compelling. Canada small but performing well with US operational synergies; same discipline on terms/conditions and valuation.

Steve said colocation percentage has increased but not a huge proportionate shift yet given the growing base. One carrier ~80% deployed, one 65-70%, one ~50%, still significant amendment business remaining. Expects colocation share to grow over next few years as densification phase progresses.

Steve confirmed mid-teens stabilized yields with potential upside. Rod added backlog at all-time high north of $80M, average monthly recurring rent per cab up a couple hundred dollars in last two years.

Steve said nothing compelling on the horizon. Might find small domestic portfolios. For any M&A, 1+1 must equal 3, and it must beat a buyback as an alternative use of capital.

CEO confirmed active buybacks in the second half but declined to specify pacing.

Leverage target 6-7x is the anchor. Then prioritize among buybacks, dividends, and new asset investments depending on relative opportunity. Expects to spend on all categories over time.

Canada sale driven by inability to achieve necessary scale in that market. Ran a process and achieved attractive price. Consistent with broader portfolio review approach across all markets.

Cavanagh deflected public vs private comparison, noting business is the same regardless of structure. Differences mainly in capitalization and disclosure requirements.

Lawsuit filed, leases terminated, rents accelerated due to default. Tried to get compliance first, then filed suit. Pursuing enforcement of rights. Revenue removed entirely from 2026 outlook consistent with industry approach.

USM churn $1-2M in 2026, total USM revenue $20M assumed to churn evenly over 5 years. On satellite, largely complementary solution for hard-to-reach areas. SBA sites in population centers, not middle of nowhere. 6G uplink demands will be even harder for satellite to serve.

US Cellular revenue approximately $20M annually with average 2.5-3 years remaining on leases. Minimal T-Mobile interaction on those sites so far. Overlap sites expected to be terminated over next several years.

DISH payments confirmed current through November. On Verizon deal, existing base financial terms were not touched, deal is mostly about future growth with extensions to term lengths.

Sprint churn: $50M in 2026, ~$20M total thereafter mostly in 2027. Canada sold at mid to upper 20x AFFO after tax. Private market multiples for US towers in mid-30s, much higher than public valuations.

New spectrum deployment is 4-5 years away even if auctions accelerate. US private tower multiples in mid-30s, well above public valuations. International market rationalization emerging.

Cavanagh sees AI-embedded handsets driving incremental network usage but acknowledged it is too early to quantify the specific impact on tower demand.

Cavanagh confirmed IG is achievable at current levels but SBA is not ready to commit to staying there, valuing flexibility over modest debt cost savings.

Hamid positioned D2D as initially complementary, eventually relieving carriers of costly rural coverage, with satellite generations 18-24 months apart.

Hamid said they have everything needed in-house but are open to partnerships, plan wholesale carrier model, and peak $5B funding is spread over years.

Hamid confirmed cross-bundling with Hughes and Sling inside the Boost app, but set expectations that this is still in development for 2025.

Hamid emphasized unique ITU rights, S-band spectrum, combined satellite and terrestrial expertise, and claimed only a couple of companies can do D2D properly.

Management declined to give year-end site targets beyond FCC commitments, saying deployment will be success-based and value-steered.

Gunnar described new franchise coordination across licensing, consumer products, experiences, gaming. DC exemplifies integrated approach. Next priorities include Game of Thrones, Hanna-Barbera, Looney Tunes.

JB outlined 3 quarters of US ARPU pressure from rate reset and ad SKU mix. International ad monetization growing with premium pricing maintained. Password sharing enforcement to drive additional ARPU.

JB identified six levers: new market launches (UK/Germany/Italy in early 2026), penetration, ARPU growth, password sharing, content quality, and product improvements.

Gunnar said expecting very significant step this year but not guidance. Cited TV production growth, film portfolio strategy, games restructuring, and franchise coordination.

Asked the biggest remaining cost-savings areas; Gordon pointed to ERP/technology consolidation, product tech-stack integration, and facilities/procurement.

David cited TMNT consumer products partnership over 5x historical levels. Described Paramount One marketing initiative that activated all channels for UFC 324 launch, delivering billions of impressions.

Chris emphasized current momentum at nearly 80M subs and 16% revenue growth. Affirmed being fans of bundles and cited Walmart partnership. Declined to announce anything specific but left door open to deeper partnerships.