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    Jonathan Chaplin • New Street Research

    Jonathan Chaplin's questions to T-Mobile US Inc (TMUS) leadership

    Jonathan Chaplin's questions to T-Mobile US Inc (TMUS) leadership • Q2 2025

    Question

    Jonathan Chaplin of New Street Research requested an update on the homes passed and penetration in the MetroNet and Lumos fiber markets, and asked for the updated 2026 cash tax expectation given the new $1.5B benefit.

    Answer

    COO Srini Gopalan positioned T-Mobile as a major broadband player, equating their FWA and fiber JV plans to a 40-45 million homes-passed equivalent footprint. President Mike Katz added that both partners excel at greenfield builds. CFO Peter Osvaldik confirmed the $1.5B tax benefit for 2026 but declined to provide a new pinpoint estimate for the year, citing other moving parts like the U.S. Cellular acquisition.

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    Jonathan Chaplin's questions to T-Mobile US Inc (TMUS) leadership • Q2 2025

    Question

    Jonathan Chaplin of New Street Research requested an update on the number of locations passed and penetration rates in the MetroNet and Lumos fiber markets. He also asked for the 2026 cash tax expectation following the announced $1.5 billion benefit.

    Answer

    COO Srini Gopalan framed the broadband strategy as creating a scale player equivalent to 40-45 million homes passed by combining their FWA and fiber JV ambitions. President & CEO Mike Sievert noted MetroNet had outperformed build expectations. EVP & CFO Peter Osvaldik declined to provide a specific 2026 cash tax figure, citing multiple moving variables like the US Cellular acquisition, but confirmed the $1.5 billion benefit from recent legislation.

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    Jonathan Chaplin's questions to T-Mobile US Inc (TMUS) leadership • Q1 2025

    Question

    Jonathan Chaplin of New Street Research asked if the geographic location of fiber assets is a key factor and whether T-Mobile would consider building fiber in markets that already have two broadband players.

    Answer

    CEO Mike Sievert stated that geography is not a primary input in their decision-making, as strong industrial logic exists for building in both highly penetrated and less penetrated markets. He clarified that T-Mobile's general intention is to be the 'first to fiber' in new markets to achieve the best returns, even if a cable operator is already present.

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    Jonathan Chaplin's questions to T-Mobile US Inc (TMUS) leadership • Q4 2024

    Question

    Jonathan Chaplin asked about 'Horizon 3' opportunities, specifically the current impact of AI on network traffic and future spectrum needs. He also inquired about the potential to monetize the Starlink direct-to-device service and whether to expect a similar quarterly run-rate for fixed wireless net adds in the coming year.

    Answer

    CEO G. Sievert and an executive from the Technology group explained that AI is being used to enhance the network and that traffic growth from AI will showcase T-Mobile's superior capacity, not strain it. Sievert detailed that Starlink will be monetized by driving upgrades to premium plans, boosting customer acquisition and retention, and through a la carte sales. On fixed wireless, he noted consistent performance in the 400k per quarter range but did not provide a formal guide.

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    Jonathan Chaplin's questions to T-Mobile US Inc (TMUS) leadership • Q3 2024

    Question

    Jonathan Chaplin from New Street Research asked about potential regulatory headwinds for the direct-to-satellite service with Starlink, the role of 800 MHz spectrum as an alternative, and T-Mobile's view on potentially using AT&T's fiber network on a wholesale basis.

    Answer

    President and CEO G. Sievert stated he sees no significant barriers to the direct-to-satellite service, noting successful tests during recent hurricanes. He reiterated that the 800 MHz spectrum offers optionality but is not currently in the financial or network plans. Regarding wholesale fiber, Sievert expressed an open-mindedness to future constructs but emphasized T-Mobile's excitement and focus on its own competitive fiber buildout strategy.

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    Jonathan Chaplin's questions to EchoStar Corp (SATS) leadership

    Jonathan Chaplin's questions to EchoStar Corp (SATS) leadership • Q1 2025

    Question

    Jonathan Chaplin of New Street Research requested more details on EchoStar's LEO aspirations, asking how many satellites have been launched for its planned constellation and whether the company could achieve direct-to-device communications from it. He also asked if they would pursue this with their own constellation or a partner.

    Answer

    CEO Hamid Akhavan clarified that their existing LEO system is for narrowband IoT, not direct-to-handset broadband. His aspiration is for a universal, global service undifferentiated from standard mobile service, which requires waiting for technology and standards to mature. He stated that while EchoStar has all the assets to build the system in-house, they are 'commercial animals' and would absolutely partner with others if it resulted in a better or more efficient outcome, emphasizing there is 'no pride of ownership'.

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    Jonathan Chaplin's questions to EchoStar Corp (SATS) leadership • Q4 2024

    Question

    Jonathan Chaplin asked about the revenue progression in the enterprise and wholesale business, sought clarification on when spectrum amortization begins, and inquired if a LEO satellite constellation is necessary for an effective direct-to-device service.

    Answer

    President and CEO Hamid Akhavan highlighted Hughes's leadership in the enterprise market but noted long sales cycles and declined to provide a revenue forecast. He confirmed a LEO-based solution is key for advanced direct-to-device services, for which EchoStar would utilize partners. Paul Orban, EVP and Principal Financial Officer, clarified that spectrum is amortized for tax purposes upon purchase but not for book purposes.

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    Jonathan Chaplin's questions to EchoStar Corp (SATS) leadership • Q3 2024

    Question

    Jonathan Chaplin requested an update on private network contract wins, asked how long management would pursue building the business to realize its spectrum value before considering other options, and sought key milestones for the enterprise and wholesale business to track success.

    Answer

    President and CEO Hamid Akhavan described private networks as a 'hockey stick' opportunity with a long sales cycle, citing recent military wins. He emphasized the goal of closing the significant gap between the company's market cap and its asset value, which he calculated at over $30 billion. He identified the 2025-2026 window as a critical period for development and expressed hope to see evidence of the 'hockey stick' growth curve by then, now that the company is funded to execute its strategy.

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    Jonathan Chaplin's questions to Altice USA Inc (ATUS) leadership

    Jonathan Chaplin's questions to Altice USA Inc (ATUS) leadership • Q1 2025

    Question

    Jonathan Chaplin asked for perspective on why discussions with bondholders were paused during the quarter and whether there is a possibility for these discussions to resume.

    Answer

    Executive Marc Sirota confirmed that negotiations with the cooperative group of bondholders had concluded without reaching an agreement. He stated there was no further information to share at the time but emphasized that the company is proactively managing its debt, has no maturities until 2027, and continues to explore all options to manage its debt portfolio.

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    Jonathan Chaplin's questions to Altice USA Inc (ATUS) leadership • Q4 2024

    Question

    Jonathan Chaplin followed up on a previous question about direct costs, noting they were up nearly 20% in the fourth quarter and asking for the primary driver and more color on the path to EBITDA stabilization.

    Answer

    CEO Dennis Mathew attributed the growth in direct costs primarily to the acceleration of the mobile business. He pointed to efficiencies in programming costs as a positive offset. Mathew reiterated his confidence in the company's multiyear trajectory toward achieving long-term, sustainable EBITDA growth, stating they expect to make meaningful progress on that path in 2025.

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    Jonathan Chaplin's questions to Altice USA Inc (ATUS) leadership • Q3 2024

    Question

    Jonathan Chaplin asked about the current EBITDA drag from the mobile business and questioned how the company's 2026 margin target avoids the negative revenue impacts seen from past cost-cutting efforts.

    Answer

    Executive Dennis Mathew explained that current cost efficiencies are driven by fundamental improvements in quality and service, leading to fewer service calls and truck rolls, which is a sustainable approach. He contrasted this with previous cost-cutting measures. Executive Marc Sirota added that the deployment of AI is improving agent efficiency and that mobile convergence is a key factor in reducing churn and increasing customer lifetime value, with mobile margins expanding.

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    Jonathan Chaplin's questions to Lumen Technologies Inc (LUMN) leadership

    Jonathan Chaplin's questions to Lumen Technologies Inc (LUMN) leadership • Q1 2025

    Question

    Jonathan Chaplin of New Street Research asked for context on who is being disrupted by the Lumen Connectivity Platform. He sought to understand the impact on both the revenue side (internal cannibalization vs. external share gain) and the cost side (disruption to data centers vs. telco competitors).

    Answer

    President and CEO Kate Johnson explained the disruption is ecosystem-wide. Customers benefit by avoiding costs from third-party intermediaries, which disrupts carrier-neutral data center companies. For cloud service providers, the disruption is positive, as Lumen's NaaS offering drives higher bandwidth consumption and a faster path to revenue for them. She positioned this as a major innovation in a telecom industry that has been stagnant, with the platform delivering significant value to customers and partners.

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    Jonathan Chaplin's questions to Lumen Technologies Inc (LUMN) leadership • Q4 2024

    Question

    Jonathan Chaplin asked for an update on the potential sale of Lumen's fiber assets and whether a deal could be structured to allow a buyer to utilize Lumen's copper infrastructure for further fiber builds.

    Answer

    CFO Christopher Stansbury stated that Lumen remains open to all options for its consumer fiber business, including a sale of the whole unit or parts, but emphasized that any decision depends on valuation. He noted that copper decommissioning is a key part of their modernization plan. CEO Kathleen Johnson added that the company now has a detailed P&L view by wire center, which enhances strategic decision-making for these assets.

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    Jonathan Chaplin's questions to Lumen Technologies Inc (LUMN) leadership • Q3 2024

    Question

    Jonathan Chaplin of New Street Research asked about the practicalities of a potential Mass Markets sale, specifically how the fiber network could be physically separated. He also inquired about how much of the network's conduit capacity has been consumed by the recent PCF contracts.

    Answer

    President and CEO Kate Johnson emphatically clarified that Lumen has not sold any assets but has entered into long-term leases for conduit and fiber, stressing that partners cannot compete with Lumen on those routes. She also highlighted a partnership with Corning that quadruples capacity. EVP and CFO Chris Stansbury added that separating the Mass Markets business is complex but 'definitely possible,' noting the company is 'not afraid of doing hard things.'

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    Jonathan Chaplin's questions to Crown Castle Inc (CCI) leadership

    Jonathan Chaplin's questions to Crown Castle Inc (CCI) leadership • Q1 2025

    Question

    Jonathan Chaplin asked for quantification of the shared SG&A costs that could be removed post-sale, the timing and method of the $3 billion share repurchase, and a reminder of the post-deal target leverage.

    Answer

    Interim CEO Daniel Schlanger stated that the company is not in a position to quantify potential cost reductions yet but will update its run-rate AFFO guidance closer to the transaction's close. Similarly, the specifics of the share repurchase (e.g., ASR vs. programmatic) will depend on market conditions at the time. He confirmed the company's target leverage post-close is 6.0x to 6.5x EBITDA to maintain its investment-grade rating.

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    Jonathan Chaplin's questions to SBA Communications Corp (SBAC) leadership

    Jonathan Chaplin's questions to SBA Communications Corp (SBAC) leadership • Q1 2025

    Question

    Jonathan Chaplin sought clarification on the statistic that 55-65% of sites have been upgraded for mid-band spectrum, asking if this referred to SBA's sites or the carriers' total networks. He questioned why, if 40% of sites still need amendments, the bulk of growth is coming from new leasing.

    Answer

    President and CEO Brendan Cavanagh clarified the statistic refers to carrier leases on SBA's sites, not the carriers' entire networks. He explained that the carriers are at different stages, with T-Mobile being further ahead on upgrades. He noted that while new leasing is the larger driver of new revenue, the company is still signing a significant number of 5G-related amendments, which make up the bulk of amendment activity.

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    Jonathan Chaplin's questions to Charter Communications Inc (CHTR) leadership

    Jonathan Chaplin's questions to Charter Communications Inc (CHTR) leadership • Q1 2025

    Question

    Jonathan Chaplin asked about the 'Life Unlimited' strategy, seeking to confirm Net Promoter Score (NPS) improvements, understand early-life churn on new packages, and gauge if these changes could return the company to positive broadband growth.

    Answer

    CEO Chris Winfrey confirmed that early-life customer retention has improved with the new bundled packages and that NPS is on an upward trend, driven by better value, product quality, and service. He stated his belief that these strategic improvements are sufficient to return Charter to positive broadband subscriber growth over time.

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    Jonathan Chaplin's questions to Charter Communications Inc (CHTR) leadership • Q4 2024

    Question

    Jonathan Chaplin inquired about the end-state of the network upgrade, specifically the footprint percentage for high-split and DOCSIS 4.0 under the new guidance. He also asked why total line extension CapEx is guided down while rural passings are up, questioning if non-rural buildouts have been reduced.

    Answer

    CFO Jessica Fischer clarified that the network upgrade plan remains unchanged: 15% gigahertz, 15% DAA at 1.2 GHz, and 35% moving to 1.8 GHz (DOCSIS 4.0). She explained the line extension CapEx reduction is due to pulling back on proactive commercial builds and lower expectations for greenfield housing construction. President and CEO Chris Winfrey added that the entire footprint will be high-split, enabling future upgrades to DOCSIS 4.0 within the business-as-usual CapEx envelope.

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    Jonathan Chaplin's questions to Charter Communications Inc (CHTR) leadership • Q3 2024

    Question

    Jonathan Chaplin asked about the impact of the 'Life Unlimited' brand repositioning on gross adds and churn, and whether the associated service guarantee bill credits would materially affect ARPU.

    Answer

    President and CEO Christopher Winfrey explained the brand repositioning aims to get credit for prior investments in US-based service and build trust. He stated it is 'way, way too early' to see a direct impact, viewing it as a multiyear effort. He does not expect the bill credits to be material to ARPU, but rather to serve as an internal incentive to improve service. CFO Jessica Fischer added that an early success of the new strategy is the bundled packaging, which is effectively driving sales of higher-tier products and more mobile lines per customer.

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    Jonathan Chaplin's questions to Comcast Corp (CMCSA) leadership

    Jonathan Chaplin's questions to Comcast Corp (CMCSA) leadership • Q1 2025

    Question

    Jonathan Chaplin asked about the tangible benefits observed in 'Project Genesis' markets, such as stronger gross adds, lower churn, and improved ARPU from offering faster speeds.

    Answer

    David Watson, President and CEO of Comcast Cable, responded that while network upgrades like Project Genesis are a core part of the strategy and position the company well, the primary focus is on addressing customer pain points like price transparency and simplicity. He noted that bandwidth consumption continues to grow but did not provide specific churn benefits tied directly to Project Genesis, emphasizing the new go-to-market approach as the key driver for future improvements.

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    Jonathan Chaplin's questions to Comcast Corp (CMCSA) leadership • Q4 2024

    Question

    Jonathan Chaplin requested a breakdown of the strong wireless revenue growth between service revenue and equipment revenue. He also asked for context on the potential MVNO contract renewal, including expectations for pricing and its impact on wireless business margins.

    Answer

    CFO Jason Armstrong confirmed that the mid-teens wireless revenue growth was driven by healthy growth in both service and equipment revenue, with service revenue growth being 'right in that range.' Regarding the MVNO contract, CEO of Comcast Cable David Watson and President Michael Cavanagh stated there was 'no new news' to share. They emphasized that Comcast is now a sizable and important partner, which strengthens its position in any future discussions, especially in a consolidated wireless market.

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    Jonathan Chaplin's questions to Comcast Corp (CMCSA) leadership • Q3 2024

    Question

    Jonathan Chaplin asked about capital expenditure, noting it was running slightly below expectations and questioning if a Q4 catch-up is anticipated. He also inquired about the progress of the cable plant upgrade and whether the incremental footprint expansion is targeting rural markets.

    Answer

    CFO Jason Armstrong confirmed that full-year capital intensity guidance is unchanged, implying a catch-up in Q4, and stated the network upgrade is on plan, with the mid-split technology effort expected to be largely complete by the end of next year. Executive Vice President David Watson added that the operational plan for the upgrade is on track, with a clear path to a ubiquitous multi-gig offering.

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    Jonathan Chaplin's questions to Anterix Inc (ATEX) leadership

    Jonathan Chaplin's questions to Anterix Inc (ATEX) leadership • Q3 2025

    Question

    Jonathan Chaplin from New Street Research asked whether existing 3x3 customers would receive 5x5 access automatically or face incremental charges. He further probed the potential pricing for the extra spectrum, questioning if it would command a premium or a volume discount. He also inquired about the possibility of creating bidding tension for the incremental 2x2 and whether Anterix would need to pay the FCC for it.

    Answer

    President and CEO Scott Lang stated that customers would likely want the additional 5x5 spectrum for future use and that there would be a negotiated value associated with it, though it was too early to discuss specific pricing. Chief Regulatory and Communications Officer Chris Guttman-McCabe clarified that under the proposed FCC rules, Anterix would be the entity eligible to apply for the expansion in the vast majority of counties, limiting outside bidding tension. He also confirmed that the proposal includes an 'unjust enrichment' payment to the FCC for the incremental spectrum, based on prior 600-megahertz auction prices, to prevent a windfall.

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    Jonathan Chaplin's questions to Frontier Communications Parent Inc (FYBR) leadership

    Jonathan Chaplin's questions to Frontier Communications Parent Inc (FYBR) leadership • Q2 2024

    Question

    Jonathan Chaplin followed up on ARPU, asking about any impact from the recent cyber event or the discontinuation of gift cards. He also questioned the source of the strong gross add growth and whether this new level is sustainable.

    Answer

    CFO Scott Beasley stated the cyber event had no material impact on financial results, including ARPU, and that the impact from gift cards was minimal and similar to the prior quarter. President and CEO Nick Jeffery attributed the strong net add performance to having a superior fiber product and an intense internal focus on optimizing sales channels, which is now showing results similar to the company's successful overhaul of customer service.

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    Jonathan Chaplin's questions to Frontier Communications Parent Inc (FYBR) leadership • Q1 2024

    Question

    Jonathan Chaplin asked about the sustainable growth rate for fiber ARPU, excluding gift card impacts. He also questioned if accelerating revenue would translate to accelerating EBITDA growth and inquired about the evolution of subscriber acquisition costs (SAC).

    Answer

    CFO Scott Beasley confirmed that the normalized ARPU growth of 3.5% is within their 3-4% target range. He expressed increased confidence in achieving the full-year mid-single-digit EBITDA growth guidance following a strong Q1. Regarding SAC, he noted that costs vary by market and that while cost reduction is a goal, it is not a primary focus during the current hyper-growth phase.

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