David Barden • Bank of America

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President and CEO Brendan Cavanagh stated that SBA has not seen direct demand related to the BEAD program, which has been heavily fiber-oriented, though he is supportive of expanding it to include wireless. Regarding DISH, he noted that activity has been quiet and that SBA does not expect a large contribution in 2025, as DISH appears to be focused on its finances following its buildout extension. He speculated that a change to that extension could alter their plans.

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President and CEO Brendan Cavanagh clarified that the transaction included all of Millicom's Central American markets, where SBA already operates, not its South American ones. He and CFO Marc Montagner explained there was no change in debt philosophy; the high fixed-rate percentage is a result of opportunistic forward-starting hedges on floating-rate debt and a zeroed-out revolver. They confirmed the balance sheet is stable for the next 24 months, with only one minor maturity.

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Mirko Bibic, President and CEO, stated that there is significant untapped value in BCE's telecom infrastructure and that financial advisors have been retained to explore options, but clarified this is separate from the $7 billion noncore asset target. He explained the fiber build slowdown is not a complete stop but a strategic reallocation of capital, as the company prefers to compete against other facility-based network builders rather than being forced to enable resellers on its own infrastructure.

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CEO Mirko Bibic described the wireless market as facing intense competitive pressure but noted that Bell took steps in early July to reset pricing to more sustainable levels. However, he stated it was 'too early to call' the impact on ARPU for the rest of the year. Regarding the second question, he reiterated BCE's focus on its core strategy of fiber, premium wireless, bundling, and AI, without directly commenting on the outcome of its responses to regulatory decisions.

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CFO Christopher Stansbury stated that the PCF revenue contribution to 2026 EBITDA will be minimal, with growth primarily driven by modernization efforts and product mix improvements. He confirmed the PCF deals fill a funding gap but declined to provide specific cash flow details, noting guidance excludes new deals or refinancings. Regarding securitization, he acknowledged it as a future opportunity but not a top priority compared to other debt structure initiatives.

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EVP and CFO Chris Stansbury was adamant that Lumen is not using customer prepayments to delever and then re-raising debt to fund builds. He explained that cash on hand, combined with cash from the total $8 billion in deals, provides ample liquidity to both fund the transformation and delever. Regarding 2025, he declined to give specific guidance but noted that current street estimates are likely 'a little high' and that 2026 should be a 'significant inflection point.'

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CFO Peter Osvaldik stated it was premature to provide an aggregate financial impact for the pending deals but reiterated they are all value accretive and not included in the current guidance. On immigration, President of Consumer Group Jon Freier explained that T-Mobile's prepaid business is stable and insulated from immigration flows because it focuses on high-value monthly subscriptions, not transactional services, noting they saw no outsized impact during the 2022 immigration peak.

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President and CEO G. Sievert deferred questions on Deutsche Telekom's specific timing to DT but affirmed their supportive relationship. CFO Peter Osvaldik noted the full-year guidance of approximately 3 million postpaid phone adds is achievable, acknowledging that the two biggest months of Q4 are still ahead, which warrants a cautious but ambitious stance. Sievert added that quarter-to-date trends are strong.

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CFO Tony Skiadas clarified that the 'Other' revenue line now primarily consists of USF, other fees, and MVNO relationships. He confirmed cash taxes would be higher but are managed within the free cash flow guidance. CEO Hans Vestberg declined to speculate on M&A, stating that MVNO relationships are important, accretive, and built on the strength of Verizon's network.

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CEO David Schaeffer stated that IPv4 demand remains robust despite a temporary adjustment period after the price hike, and he expects volumes to reaccelerate. In response to the competitive question, Schaeffer asserted that the internet's traffic growth is accelerating, not declining, driven by data collection for AI. He argued that Cogent is well-positioned by offering a hierarchy of services, from the most cost-effective public internet to more secure, private wavelengths, to meet diverse customer needs.

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CEO Kenneth Gunderman addressed the regulatory process, stating progress is excellent with no surprising issues, and the original H2 2025 closing timeline now appears conservative. On the hyperscaler sales process, he described it as less of a traditional sale; hyperscalers secure land and power first, then seek reliable fiber partners who can build quickly, prioritizing execution over lowest cost. CFO Paul Bullington explained the revenue guidance increase was from a one-time lease-up at Uniti Leasing, and while it did increase that segment's EBITDA, it was offset by higher corporate SG&A expenses, resulting in no change to consolidated adjusted EBITDA guidance.

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CFO Keith Taylor explained the 'cabinet equivalent' adjustment reflects how high-power density deployments consume infrastructure, thus reducing the number of available physical cabinets. CEO and President Adaire Fox-Martin positioned the xScale focus as an 'and, not an or' strategy, calling it a 'multiplier' for the core business that provides a complete product set to serve all customer needs, from hyperscale AI training to enterprise private AI. Keith Taylor added that xScale's AFFO contribution will grow significantly over time.

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Steven Vondran, President and CEO, did not disclose a specific leasing number for CoreSite but stated it is significantly higher than pre-acquisition levels. Rod Smith, EVP, CFO and Treasurer, added that the leasing backlog is up approximately 75% to around $70 million since the acquisition. Smith also confirmed that the new adjusted attributable AFFO metric will be reported as a key comparable as long as the India sale impacts base-year numbers.

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CEO Steven Moskowitz positioned MLAs as a 'win-win' that provides stable growth and simplifies carrier processes. He explained the node cancellation was a necessary, disciplined capital decision made as a fiduciary, regardless of the strategic review's timing. He firmly reiterated that the strategic review is focused solely on the fiber business to determine the best path for shareholder value.

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