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    Bryan Kraft • Deutsche Bank

    Bryan Kraft's questions to AST SpaceMobile Inc (ASTS) leadership

    Bryan Kraft's questions to AST SpaceMobile Inc (ASTS) leadership • Q2 2025

    Question

    Bryan Kraft of Deutsche Bank asked if the first Block II satellite launch (FM1) is on the critical path for subsequent launches, requiring a testing period. He also sought details on what the initial "nationwide intermittent service" would look like and whether it would be a paid service or a promotional tool.

    Answer

    Founder, Chairman & CEO Abel Avellan clarified that the FM1 launch is not on the critical path and does not condition other launches, which are scheduled independently. Regarding the intermittent service, he explained that service persistence will grow as more satellites are added and that the commercial go-to-market strategy, including pricing, will be coordinated and announced jointly with telco partners.

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    Bryan Kraft's questions to AST SpaceMobile Inc (ASTS) leadership • Q1 2025

    Question

    Bryan Kraft from Deutsche Bank asked for details on the first five planned launches, including the number of satellites and providers, and questioned the company's competitive moat against potential rivals using smaller satellites.

    Answer

    Executive Scott Wisniewski confirmed a multi-launch provider strategy, with the first launch carrying one satellite and subsequent launches ramping up. CEO Abel Avellan added that launch vehicles can carry between 3 to 8 satellites. Regarding competition, Abel Avellan asserted that ASTS's moat is its proven broadband capability (voice, data, video), which is physically beyond what smaller satellites can offer. He emphasized their differentiated, dual-use technology and access to billions of subscribers via MNO partners as key advantages.

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    Bryan Kraft's questions to AST SpaceMobile Inc (ASTS) leadership • Q4 2024

    Question

    Bryan Kraft of Deutsche Bank asked about the satellite launch pacing for 2025-2026, the cost per satellite, the path to free cash flow positivity, and the strategic rationale for pursuing quasi-government funding.

    Answer

    CEO Abel Avellan confirmed they have secured launches for 60 satellites and expect a launch cadence of one every 45 days later in the year, while reaffirming the cost-per-satellite guidance. He also stated the company expects to reach operating cash flow positivity with around 25 satellites. CFO Andrew Johnson clarified this is on an operating basis, separate from flexible CapEx. Executive Scott Wisniewski added that the quasi-government funding is a long-term, prudent strategy to maintain liquidity and access an attractive capital market.

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    Bryan Kraft's questions to AST SpaceMobile Inc (ASTS) leadership • Q3 2024

    Question

    Bryan Kraft from Deutsche Bank asked about the timeline for testing the five recently launched satellites and putting them into commercial service. He also requested an update on the pipeline and activity level for signing new commercial agreements with Mobile Network Operators (MNOs).

    Answer

    Chairman and CEO Abel Avellan stated the five satellites are already operational and the company has filed for Special Temporary Authority (STA) with the FCC to begin beta services in the U.S. imminently. Executive Scott Wisniewski added that following the definitive agreement with AT&T, they are working on similar dense agreements with other large partners. He noted that commercial hiring has increased due to strong interest and a healthy pipeline of potential agreements with their 45+ existing partners and new ones.

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    Bryan Kraft's questions to Warner Bros Discovery Inc (WBD) leadership

    Bryan Kraft's questions to Warner Bros Discovery Inc (WBD) leadership • Q2 2025

    Question

    Bryan Kraft inquired about the company's progress in reducing streaming churn and the status of its efforts to convert unauthorized account sharers into paying customers.

    Answer

    CEO & President of Global Streaming and Games, JB Perrette, described the password sharing crackdown as being in the 'first inning,' with more aggressive enforcement starting in September and benefits expected in Q4 and 2026. He noted churn is being addressed through bundles, a more consistent 52-week content slate, and ongoing product enhancements.

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    Bryan Kraft's questions to Warner Bros Discovery Inc (WBD) leadership • Q2 2025

    Question

    Bryan Kraft asked for an update on efforts to reduce churn for HBO Max and the progress of the crackdown on unauthorized account sharing, including its potential impact.

    Answer

    Global Streaming CEO JB Perrette stated the password sharing initiative is in the 'first inning,' with more aggressive enforcement starting in September and financial benefits expected in Q4 and 2026. He noted churn is being addressed through bundles, a more consistent 52-week content slate, and product enhancements, with positive trends emerging but more work to be done.

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    Bryan Kraft's questions to Warner Bros Discovery Inc (WBD) leadership • Q1 2025

    Question

    Bryan Kraft inquired about the key factors behind HBO's consistent success with hit shows, how the Max platform is resonating with younger demographics, and how user engagement time on Max compares across different global markets.

    Answer

    President & CEO David Zaslav attributed HBO's success to its talented, long-tenured creative team and a focus on 'quality, not quantity,' which creates cultural moments. CEO & President, Global Streaming and Games, JB Perrette stated that Max performs well with younger demographics due to culturally relevant shows and that engagement is highest in Latin America, followed by the U.S. and Europe, with Asia Pacific trailing due to a more limited content mix.

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    Bryan Kraft's questions to Warner Bros Discovery Inc (WBD) leadership • Q3 2024

    Question

    Bryan Kraft asked about the anticipated role of price increases as a D2C revenue driver and the company's current pricing power. He also inquired about opportunities to lower costs in the linear networks business to mitigate secular revenue declines.

    Answer

    CEO of Global Streaming JB Perrette noted that past price hikes saw lower-than-expected churn, and the upcoming password-sharing crackdown will act as a form of price increase. CFO Gunnar Wiedenfels addressed linear costs, stating that while discipline and structural savings will continue, they won't fully offset revenue pressures, especially with new investments in sports rights.

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    Bryan Kraft's questions to EchoStar Corp (SATS) leadership

    Bryan Kraft's questions to EchoStar Corp (SATS) leadership • Q2 2025

    Question

    Bryan Kraft sought clarification on the LEO constellation's funding, asking about the timeline for the $5 billion investment, the service capabilities at launch in 2028, and the specifics of the revenue model with carrier partners.

    Answer

    Director, President & CEO Hamid Akhavan clarified the $5 billion is the total peak funding for the project over several years, with the announced $1.3 billion being one component for manufacturing. He stated the service will offer a full mobile experience (text, voice, video) and will be sold via a wholesale, collaborative model with carriers, not direct-to-consumer.

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    Bryan Kraft's questions to EchoStar Corp (SATS) leadership • Q1 2025

    Question

    Bryan Kraft from Deutsche Bank asked about the source of new Boost Mobile customers, the potential use of third-party financing for handsets, and whether the company would consider partnering on spectrum build-out or selling/leasing spectrum assets. He also asked for the prepaid versus postpaid mix of new subscribers.

    Answer

    CEO Hamid Akhavan stated that they are attracting quality subscribers from all competitors, evidenced by the highest prepaid ARPU in the market. CFO Paul Orban noted that while they have access to third-party device financing, they currently prefer using their own cash. Hamid Akhavan declined to comment on specific spectrum transactions but said all options are available. He revealed that roughly one-third of Q1 net adds were postpaid but stressed the company is moving to eliminate that distinction.

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    Bryan Kraft's questions to EchoStar Corp (SATS) leadership • Q4 2024

    Question

    Bryan Kraft asked about the company's financial runway to pursue growth opportunities like wireless and direct-to-device, considering upcoming debt maturities. He also inquired if the company is still actively working to improve its balance sheet and extend maturities.

    Answer

    President and CEO Hamid Akhavan affirmed that the company is not currently forgoing opportunities due to capital limitations and is focused on long-term financial health. He stated that EchoStar is cognizant of its future obligations and intends to remain proactive in managing its financial needs and creating shareholder value, similar to its actions in 2024.

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    Bryan Kraft's questions to Charter Communications Inc (CHTR) leadership

    Bryan Kraft's questions to Charter Communications Inc (CHTR) leadership • Q2 2025

    Question

    Bryan Kraft inquired about the specific drivers of the improved video subscriber trend, asking whether it was due to lower churn, higher new customer take rates, or a combination of factors.

    Answer

    President & CEO Chris Winfrey confirmed the improvement was driven by a combination of higher video sales at new Internet acquisition, more upgrades from existing customers, and lower churn. He noted plans to more actively market the 'seamless entertainment' bundle and use the platform to upgrade customers from skinny bundles to full packages.

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    Bryan Kraft's questions to Charter Communications Inc (CHTR) leadership • Q1 2025

    Question

    Bryan Kraft asked about fiber competition, specifically seeking details on broadband penetration levels in mature fiber markets and whether the market share is stabilizing or if fiber competitors are still gaining.

    Answer

    CEO Chris Winfrey asserted that the impact from fiber overbuilds has been consistent for years and is not the primary driver of recent market dynamics. He stated explicitly that Charter does not see a 50-50 market split in its footprint and maintains a majority share even in markets with long-standing fiber competition.

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    Bryan Kraft's questions to Verizon Communications Inc (VZ) leadership

    Bryan Kraft's questions to Verizon Communications Inc (VZ) leadership • Q2 2025

    Question

    Bryan Kraft of Deutsche Bank asked how recent changes to the BEAD (Broadband Equity, Access, and Deployment) program might affect Verizon's opportunity to participate and make incremental investments in footprint expansion.

    Answer

    Chairman & CEO Hans Vestberg acknowledged that slight changes to the BEAD program rules have opened some opportunities for Verizon. He stated that the company's overall approach remains unchanged: it will bid where it sees a good return on investment with government subsidies. He noted that Verizon is currently in the rebidding process and will provide updates after seeing the outcome.

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    Bryan Kraft's questions to Verizon Communications Inc (VZ) leadership • Q1 2025

    Question

    Bryan Kraft asked if the gross add strength in March and April was due to an industry-wide pickup or market share gains from new offers, and requested details on the MDU solution for fixed wireless.

    Answer

    CEO Hans Vestberg attributed the recent momentum directly to Verizon's new offerings, not a broader industry shift. He confirmed the MDU solution has launched in over 15 markets and will ramp up throughout the year. Consumer Group CEO Sowmyanarayan Sampath added that the Verizon Value Guarantee is resonating well with new and existing customers, and highlighted strong performance in the prepaid business and across the company's brand portfolio.

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    Bryan Kraft's questions to Liberty Media Corp (FWONK) leadership

    Bryan Kraft's questions to Liberty Media Corp (FWONK) leadership • Q4 2024

    Question

    Bryan Kraft questioned how recent race promotion renewals aligned with growth expectations and asked for the media rights revenue outlook for 2025.

    Answer

    Formula One CEO Stefano Domenicali stated that long-term race promotion agreements are being secured in key markets, and this revenue stream continues to grow due to high demand from potential host countries and innovation from promoters. He believes the stream will remain strong. For 2025 media rights, CFO Brian Wendling noted that growth will be driven primarily by contractual uplifts, standard renewals, and continued growth in F1 TV, including its new premium tier.

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    Bryan Kraft's questions to Liberty Media Corp (FWONK) leadership • Q4 2024

    Question

    Bryan Kraft of Deutsche Bank inquired if recent race promotion renewals met expectations for revenue growth. He also asked for the broad outlook on media rights revenue growth in 2025 compared to 2024.

    Answer

    Formula One CEO Stefano Domenicali affirmed that race promotion remains a strong growth stream, driven by high demand from potential host countries and promoters investing in fan experiences. On 2025 media rights, CFO Brian Wendling stated that growth will be driven primarily by standard contractual uplifts, renewals, and continued growth in F1 TV, including its new premium tier. He declined to specify if the growth rate would accelerate from 2024.

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    Bryan Kraft's questions to Altice USA Inc (ATUS) leadership

    Bryan Kraft's questions to Altice USA Inc (ATUS) leadership • Q4 2024

    Question

    Bryan Kraft asked about the expected trend for CapEx after 2025 and requested details on the LightPath hyperscaler business, including contract terms, revenue recognition, and access to LightPath's cash flow.

    Answer

    CEO Dennis Mathew noted optimistic trends in capital efficiency but provided no specific guidance beyond the 2025 target of $1.3 billion. Regarding the hyperscaler business, he declined to share specific contract details but confirmed the deals are often self-funded through the contract itself, with revenue recognized on an amortized basis. He also stated that for now, LightPath's cash is being retained within that entity to fund its operations and growth.

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    Bryan Kraft's questions to Walt Disney Co (DIS) leadership

    Bryan Kraft's questions to Walt Disney Co (DIS) leadership • Q1 2025

    Question

    Bryan Kraft sought to understand the drivers behind the fiscal '26 low single-digit operating income growth guidance for sports, given the upcoming NBA rights cost increase. He also asked for the outlook on Disney+ subscriber growth for the second half of the year.

    Answer

    CFO Hugh Johnston explained that the fiscal '26 ESPN guidance incorporates multiple factors, including a strong ad market, disciplined cost management, and strategic decisions on future rights deals. For DTC subscribers, he expects growth for the full year, with an acceleration in the second half driven by the paid sharing crackdown and a strong film slate. CEO Bob Iger added that he is bullish on sub growth due to tech enhancements and bundling.

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    Bryan Kraft's questions to Walt Disney Co (DIS) leadership • Q4 2024

    Question

    Bryan Kraft asked if the softness in domestic parks is now behind them and what caused new softness in international parks during Q4. He also questioned if the strong international Disney+ subscriber growth was due to a one-time wholesale deal or seasonality.

    Answer

    CEO Robert Iger confirmed that the domestic consumer is strengthening. He attributed the Q4 international park softness to two temporary factors: the Olympics in Paris, which typically impacts attendance, and some consumer weakness in Shanghai. He clarified that the strong international subscriber growth was from 'good solid additions' and not driven by any chunky, one-time deals.

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    Bryan Kraft's questions to Spotify Technology SA (SPOT) leadership

    Bryan Kraft's questions to Spotify Technology SA (SPOT) leadership • Q4 2024

    Question

    Bryan Kraft from Deutsche Bank asked how the new music label deals contribute to margin expansion and also invited new CFO Christian Luiga to share his initial impressions of the company.

    Answer

    CEO Daniel Ek described the label relationship as a 'win-win,' stating that as Spotify achieves greater scale, its margins and profits improve, which benefits the entire ecosystem. CFO Christian Luiga shared that he is impressed by the company's strong focus on creating value through technology and its ability to maintain discipline, and that his own focus is on improving scalability.

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