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    Brandon Nispel • KeyBanc Capital Markets

    Brandon Nispel's questions to Super Micro Computer Inc (SMCI) leadership

    Brandon Nispel's questions to Super Micro Computer Inc (SMCI) leadership • Q4 2025

    Question

    Brandon Nispel asked for an analysis of the quarterly gross margin, specifically regarding the impact of inventory reserves in Q4 and the outlook for Q1, including any potential effects from tariffs.

    Answer

    CFO David Weigand confirmed that inventory reserve impacts occurred as expected in Q4 but are anticipated to stabilize and not be a significant factor going forward. Regarding tariffs, he stated the situation is dynamic and being monitored. CEO Charles Liang added that the DCBBS strategy should improve inventory control and reduce future write-downs.

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    Brandon Nispel's questions to Cable One Inc (CABO) leadership

    Brandon Nispel's questions to Cable One Inc (CABO) leadership • Q2 2025

    Question

    Brandon Nispel of KeyBanc Capital Markets Inc. asked about the recent increase in fiber competitive overlap to 53%, inquiring about the performance difference in net adds between fiber and non-fiber markets and whether losses were primarily due to fiber or fixed wireless. He also followed up on the outlook for promotional roll-offs and the company's customer retention strategies.

    Answer

    CEO & President Julie Laulis clarified that the fiber overlap increased from 50% to 53% and stated that customer losses are mainly from a lack of new connects, which are likely being captured by 'cell phone Internet' (fixed wireless). She explained that elevated churn was driven by internal actions like targeted pricing changes, a doubled volume of promotional roll-offs, and the completion of the autopay program rollout. Laulis noted that the promotional cohort is retaining at a higher rate than the base and that retention tactics are actively being deployed.

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    Brandon Nispel's questions to Cable One Inc (CABO) leadership • Q1 2025

    Question

    Brandon Nispel asked about the intake ARPU for the new FlexConnect and Lift products and requested an update on the percentage of the footprint overbuilt by fiber and competing with fixed wireless.

    Answer

    CEO Julia Laulis stated that FlexConnect, aimed at value-conscious customers, will have $45 and $75 price points in its mass rollout, with learnings from the trial influencing the final offering. She noted Lift is for an incremental, eligibility-based customer segment. CFO Todd Koetje added that fiber overbuild remains consistent at just over 50% of the footprint, while fixed wireless competition is present in nearly all of their markets.

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    Brandon Nispel's questions to Cable One Inc (CABO) leadership • Q4 2024

    Question

    Brandon Nispel asked about the factors driving churn during the quarter and requested details on the current penetration of the advanced WiFi and security products to better understand the ARPU growth opportunity.

    Answer

    CFO Todd Koetje clarified that churn actually improved, with Q4 2024 being the second-lowest churn quarter in the last three years. CEO Julia Laulis identified unique Q4 headwinds affecting overall performance, including the ACP wind-down and major platform migrations. For product penetration, Laulis revealed that 35% of customers leasing equipment now have Intelligent WiFi, while the SecurePlus product is a brand-new offering that has just begun its rollout.

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    Brandon Nispel's questions to Crown Castle Inc (CCI) leadership

    Brandon Nispel's questions to Crown Castle Inc (CCI) leadership • Q1 2025

    Question

    Brandon Nispel sought to understand the level of new tower leasing *bookings* signed during the quarter, as opposed to the recognized billed revenue, and whether they were up year-over-year or sequentially.

    Answer

    Interim CEO Daniel Schlanger reiterated that the company sees activity levels in 2025 as being relatively consistent throughout the year. He did not provide specific booking numbers but stated that the current levels are very good and support the company's 4.5% growth outlook, and there's no new information that would change that expectation.

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    Brandon Nispel's questions to Crown Castle Inc (CCI) leadership • Q4 2024

    Question

    Brandon Nispel asked about specific operational initiatives planned for the tower business and the long-term potential for EBITDA margin improvement.

    Answer

    CEO Steven Moskowitz declined to provide a specific margin target but stated the goal is to increase them. He highlighted initiatives including purchasing land under towers, driving R&M efficiencies, streamlining the application-to-installation process, and leveraging technology like drones and AI to accelerate revenue and improve efficiency.

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    Brandon Nispel's questions to SBA Communications Corp (SBAC) leadership

    Brandon Nispel's questions to SBA Communications Corp (SBAC) leadership • Q1 2025

    Question

    Brandon Nispel sought a historical comparison for the level of new bookings seen in the quarter and asked for context on the current book-to-bill ratio and the typical time from signing to revenue recognition for new leases.

    Answer

    President and CEO Brendan Cavanagh described the current level of new applications as the best in over two years, comparable to the busy 2022-2023 period. He noted the conversion time for new colocations, which now dominate the mix, is typically in the 3 to 9-month range, slightly shorter than the historical 6 to 9-month average.

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    Brandon Nispel's questions to SBA Communications Corp (SBAC) leadership • Q3 2024

    Question

    Brandon Nispel sought to quantify the growth in the lease application backlog of signed but not yet commenced leases and asked if the implied Q4 domestic new leasing revenue of approximately $9 million represents a bottom for that metric.

    Answer

    President and CEO Brendan Cavanagh confirmed the application backlog reflects the shift towards new co-locations. He agreed that the Q4 new leasing level is likely at or near the bottom, but noted that the timing of revenue recognition could be affected by the mix shift, as new leases take longer to commence than amendments. However, he expressed confidence in the overall upward trend of leasing activity.

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    Brandon Nispel's questions to WideOpenWest Inc (WOW) leadership

    Brandon Nispel's questions to WideOpenWest Inc (WOW) leadership • Q4 2024

    Question

    Brandon Nispel asked for clarification on the nonrecurring professional fees impacting adjusted EBITDA and sought guidance on the full-year outlook for High-Speed Data (HSD) net additions.

    Answer

    CFO John Rego explained that the integration and restructuring costs, which are defined in their debt agreement, include expenses for the Sprint settlement, M&A activities, and the video platform transition. He expects these costs to decrease through 2025. CEO Teresa Elder addressed the net adds outlook, expressing optimism for the year with hurricane and ACP impacts in the past, while emphasizing a balanced focus on both subscriber growth and ARPU improvement.

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    Brandon Nispel's questions to WideOpenWest Inc (WOW) leadership • Q3 2024

    Question

    Brandon Nispel asked for guidance on modeling the business in light of the financial projections released with the recent financing transaction, and requested details on the adjusted EBITDA trajectory for legacy versus Greenfield markets.

    Answer

    CFO John Rego advised that the model released during the debt transaction is a good baseline, but it needs to be adjusted for the successful capital raise. He noted that the legacy business remains highly profitable and cash-generative, while the Greenfield segment is currently a cash-negative investment building long-term value. He stated it is not yet sensible to report on them separately but promised more clarity on the 2025 outlook during the next earnings call.

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    Brandon Nispel's questions to Cogent Communications Holdings Inc (CCOI) leadership

    Brandon Nispel's questions to Cogent Communications Holdings Inc (CCOI) leadership • Q4 2024

    Question

    Brandon Nispel requested specific figures, including the number of waves groomed from the sales funnel, details on onetime network expenses, and a quantification of purposeful customer disconnects.

    Answer

    CEO David Schaeffer specified that about 1,500 wave opportunities were groomed from the funnel. He also confirmed there was approximately $5 million in non-capitalized COGS related to clearing data center facilities. He declined to provide a single number for grooming-related churn, explaining it's a complex mix of migrating customers, disconnecting low-capacity circuits, and discontinuing non-core services.

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    Brandon Nispel's questions to American Tower Corp (AMT) leadership

    Brandon Nispel's questions to American Tower Corp (AMT) leadership • Q3 2024

    Question

    Brandon Nispel sought clarification on why contracted growth under Master Lease Agreements (MLAs) is expected to step down next year and whether the mid-4% U.S. organic billings growth assumption for 2025 includes sub-1% churn, excluding Sprint.

    Answer

    Steven Vondran, President and CEO, explained that the MLA revenue step-down is a structural feature designed to align with activity levels and preserve the time value of money, not because an agreement is ending. He also confirmed the expectation is for non-Sprint churn to remain at the lower end of the historical 1-2% range, though he did not provide a specific figure.

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