Sebastiano Petti

Stankey warned of a compressed Lumen integration timeline creating a two-quarter ramp learning curve, with seasonality, footprint expansion, and Lumen onboarding all complicating near-term modeling. H2 volumes expected higher than H1 as in prior years.

Desroches confirmed the leverage target of approximately 3x by year-end incorporates expected proceeds from the JV equity partner plus EBITDA growth during the year.

Stankey expects some Q4 seasonality in FWA but less pronounced than fiber since no home installation needed. GigaPower penetrating as expected with AT&T as anchor provider.

Stankey confirmed normal H2 seasonal uplift expected for fiber, with mix shifting from copper migrations to cable share gains and penetration north of 40%.

Desroches noted Q1 3.5% EBITDA growth absorbed guarantee launch costs, and auto bill pay adjustments plus accelerated cost actions will help the balance of the year.

Stankey firmly defended fiber investment as a decades-long structural bet that benefits from share-taking dynamics regardless of GDP growth, with limited tariff exposure.

Stankey attributed business growth opportunity to improving distribution in mid/low-end markets through partnerships and better prospecting tools.

Skiadas confirmed $2.5B in Q1 buybacks and $5.4B total shareholder returns. Said plan of at least $3B remains appropriate but would have ability to do more with excess cash flow. Wouldn't commit to a higher number.

Schulman confirmed FWA subscriber targets remain unchanged. May see more mix shift toward fiber, but overall broadband ambition intact.

Tony said the business starts from a very strong cash flow position and expects 2026 FCF growth year-over-year all-in including Frontier, driven by significant cost transformation already underway (Dan's leaner operating plan), aggressive portfolio decisions, CapEx efficiency, and prioritizing mobility and broadband investments. 2025 will likely come in at the lower end of the $17.5-18.5B CapEx range or better. Dan addressed the account decline by pointing back to the strategic reset, the status quo isn't working, Verizon will be 'much more aggressive in delighting customers.' He analogized competition to gravity, respected AT&T and T-Mobile leadership, but pointed to 5-8 million new postpaid subs per year plus switcher pools and new services (convergence, AI infrastructure) as ample industry opportunity. Verizon will 'win smart and responsibly, focus on what our customers want, not on our competitors' with no plan to ratchet up promotional spend.

Hans said Frontier timing is unchanged, first quarter 2026 close as originally announced. On consumer gross adds, the free-line offer was insignificant and only active for a very short time as part of the June 24 launch; strong gross adds reflected real execution and product resonance. Tony said prepaid is working with four straight quarters of growth across Straight Talk, Visible, and Total Wireless, and with four quarters of volume growth Verizon has reached an inflection point, prepaid will contribute positively to wireless service revenue growth in H2 2025. Tony confirmed prepaid-to-postpaid migrations were not a significant contributor to the Q2 19% gross adds increase.

Hans confirmed Verizon is already ramping fiber deployment from 450k to 650k OFS per year within the existing CapEx plan, with no intention to partner, focus is on closing Frontier where the post-close target is '+1 million OFS per year' with the plus meaning plus. On convergence, Sampath emphasized the vast majority of Q1 broadband net adds were in converged offerings with mobility attached, delivering 50% mobility churn reduction when paired with Fios. Tony said Q1 EBITDA growth of 4% reflected disciplined spending, Verizon did not chase volumes in Q1 knowing Verizon Value Guarantee would launch in early April, preserving firepower to launch from financial strength.

Hans acknowledged FWA will see slightly less opportunity in H1 2025 as C-band deployment priority remains mobility (pushing FWA to Tier 2/3 markets) but said MDU solution launch plus accelerating Fios will keep broadband strong. Sampath emphasized the 350-400k quarterly broadband net adds pace with fluctuations, more than 50% industry share capture, and strong ARPU increases from gig/premium plan upgrades. Tony addressed the reclassification: handset protection is recurring revenue complementary to connectivity, historical revenue will be recast for comparability, the 2024 baseline goes to approximately $82 billion, and the impact on growth rates is only 5-10 basis points. He confirmed no change to the 'other' service revenue category.

Ergen cited bond-indenture restrictions on repurchases and walked through the sum-of-the-parts value: ~$14-15B cash, the $5-7B liability, Boost, video, 261.8M SpaceX shares and spectrum, against a conglomerate discount.

Hamid said they are evaluating capital deployment options including debt paydown, tax mitigation, investments, and shareholder returns, but specifics await transaction closings.

Charlie said they are betting on SpaceX for D2D, don't expect much from others in the near term, and already have Boost customer connectivity agreement.

Hamid pointed to on-net migration as the primary cost lever. On LEO D2D, he deferred detailed announcements, calling it one of the most important strategic priorities.

Jessica confirmed slight EBITDA growth plan with political tailwind. Chris said no determination yet on broadband price increase; philosophy is to keep prices low for competitiveness. On Cox synergies upgrade ($500M to $800M): driven by procurement including programming and better financial visibility.

Jessica confirmed ~$38M net flow-through. Cost to serve still flat to slightly down for year despite Q2 comp difficulty. Chris emphasized long-term cost opportunity from AI-driven transaction reductions.

Jessica provided detailed OpEx outlook: programming/cost-to-serve flat to slightly down, sales and marketing low-to-mid single digit growth. Chris discussed tax policy benefits for infrastructure builders.

André said roughly 70% of T-Mobile broadband customers also have mobile versus AT&T's 45% metric, and the direct-to-device JV long-form agreement is progressing.

John Saw said network migration is behind them, customer migration is underway using Sprint integration learnings, and substantially complete by year-end. Srini clarified UScellular is not driving account churn increase.

Peter declined to discuss daily trading dynamics but indicated buyback decisions are guided by the discount to intrinsic value. Executed $4.9B in Q1 buybacks.

Armstrong declined to add specifics beyond the separation announcement, reiterating the goal of two investment-grade balance sheets.

Mike reported no domestic consumer pullback in parks or advertising yet, though international inbound travel remains below pre-COVID levels. Brian noted fiber overlap at about 55% of residential footprint.