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Founder, Chairman & CEO Abel Avellan stated they are "very bullish" on government applications, with eight contracts covering both communications and non-communications use cases. President & Chief Strategy Officer Scott Wisniewski added that the goal is to secure "program of record" contracts worth over $100 million each. Avellan also confirmed the current spectrum holdings are sufficient to deliver their target data rates globally.

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CEO Abel Avellan confirmed that initial service activations demonstrating video calls have already begun with partners in the U.S., Europe, and Japan, with beta services on track for later this year. He clarified the 6-satellite-per-month manufacturing rate refers to fully integrated satellites toward year-end. Abel Avellan and CFO Andy Johnson emphasized a focus on non-dilutive funding sources, including government contracts and progress with agencies like the IFC and EXIM Bank, to fund future launches, using the ATM facility for flexibility.

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CEO Abel Avellan differentiated ASTS's offering as a full broadband service (voice, data, video) with superior spectrum capacity and data rates, unlike competitors' intermittent messaging services. CFO Andrew Johnson stated that with a pro forma balance sheet of approximately $1 billion, the company is well-positioned for the next 12 months and to fund operations well beyond the first 25 satellites, while continuously evaluating smart capital-raising opportunities.

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Chairman and CEO Abel Avellan outlined a multi-launch strategy with partners including SpaceX, ISRO, and Blue Origin. He highlighted the New Glenn rocket's ability to launch up to 8 satellites at once, with a planned cadence ramping up (e.g., 1, 4, 4, 8, 8, 8). Mr. Avellan expressed confidence that the incoming administration would foster a growth environment for the space sector, noting that providing nationwide broadband connectivity is a bipartisan mission and that government opportunities would become more relevant.

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CFO Lainie Goldstein addressed the mobile guidance, explaining that despite strong Q1 momentum, the forecast remains conservative due to the age of some mature titles and the typical life cycle curves of newer hybrid-casual games. CEO Strauss Zelnick outlined capital allocation priorities as: 1) organic growth, 2) selective, accretive M&A, and 3) opportunistic shareholder returns via buybacks, noting the company's strong balance sheet supports all three.

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CEO Strauss Zelnick stated that while the company doesn't guide that far out, their hopes and expectations are now more optimistic than before. Regarding the trailer, he noted it was too early to measure an immediate impact but highlighted that it broke records with 475 million views in 24 hours, indicating unprecedented anticipation.

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CFO Lainie Goldstein attributed the Q4 acceleration to a stronger release slate, including Civilization VII, PGA Tour, and WWE, compared to the prior year. CEO Strauss Zelnick stated they value the Netflix relationship and are open to more licensing deals, but will remain highly selective to protect their IP.

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Dave Schaeffer, Founder & CEO, stated that the rate of revenue decline improved significantly from a $5.2M decline to an $800k decline sequentially. He expects revenue to be flat to slightly positive in Q3 and grow thereafter. The confidence in 200 bps of annual margin expansion comes from the focus on high-margin on-net services, historical performance, and having completed the majority of the Sprint revenue grooming.

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CEO David Schaeffer attributed the confidence in the new growth target to having a clear line of sight to the end of Sprint revenue grooming by mid-Q3 and higher confidence in the wavelength sales trajectory. He projected NetCentric growth (IP + wavelength) to be north of 10% and Corporate growth in the mid-single digits. He estimated that the core Corporate segment grew 3-4% and NetCentric grew 6-7% year-over-year, though he noted these were less precise figures as the businesses become more integrated.

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CEO David Schaeffer explained that for IPv4 addresses, the current strategy is leasing, though selling is an option if prices improve. For data centers, Cogent is agnostic between selling and leasing, allowing the market to determine the best path. Current letters of intent are split 60% for leasing and 40% for purchasing. He also affirmed the company is very comfortable with its dividend policy despite a temporary rise in leverage.

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CEO Andrew Wilson explained that historically, EA's largest franchises have been highly resilient during economic downturns due to the strong value proposition of interactive entertainment. On pricing, he emphasized that the focus is on delivering quality and value, which supports a strong business across various price points from free-to-play to deluxe editions. CFO Stuart Canfield confirmed the current guidance does not assume any changes to their pricing strategy.

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CEO Andrew Wilson stated that while EA has an FY '26 launch window for Battlefield, the company would consider an alternate window to ensure a successful launch in a competitive market. He also noted any new console is a benefit, citing the success of The Sims on Switch as an example of the opportunity to acquire new players for franchises like FC and Madden. CFO Stuart Canfield added that their multiyear framework provides flexibility for launch timing.

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CFO Stuart Canfield explained that the quarterly phasing of bookings is influenced by differing release slates, seasonality, and difficult year-over-year comparisons, noting a partner title launch in Q4 this year. He reiterated strong conviction in the overall American football business, with both College Football and Madden contributing to the performance reflected in the raised full-year guidance.

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CEO Teresa Elder attributed past subscriber performance improvements (ex-hurricanes and ACP) to simplified pricing and lower churn, driven by initiatives like the optional price lock and the YouTube TV partnership. She noted competition is primarily from traditional cable. Regarding mobile, she stated it is not a primary focus, as the company achieves churn reduction and customer value through its core HSD offerings and pricing strategy.

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CFO Craig Abrahams explained the Q4 guidance reflects strong cost management boosting EBITDA, while underperformance in Slotomania and other casino titles lowered the revenue outlook. He stated that a full capital allocation update will follow the SuperPlay deal closure. CEO Robert Antokol added that Slotomania's stabilization is expected next year, driven by new IGT content launching in Q4 and other product changes.

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