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JK

Jonathan Kees

Research Analyst at Daiwa Securities Group Inc.

New York, NY, US

Jonathan Kees is Executive Director and Senior Research Analyst at Daiwa Capital Markets America, specializing in the telecommunications, software, and technology sectors with deep expertise in companies such as Comcast among others. He has earned industry recognition as a Refinitiv Starmine Top Stock Picker and a top Thomson Reuters earnings estimator, with a history of delivering top-tier returns and leading investment performance in competitive sectors. Kees began his research career as an Associate at Smith Barney, later advancing through roles at Bear Stearns, CapStone Investments, Summit Research Partners, and Summit Insights Group before joining Daiwa in June 2021. He holds an MBA in Finance from Columbia Business School, a B.S. in Electrical Engineering from Washington University in St. Louis, and is FINRA-registered with securities licenses.

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

Question · Q4 2025

Jonathan Kees inquired about T-Mobile's elevated churn rates for postpaid and prepaid in Q4 2024 and 2025, despite rising NPS scores and differentiation. He also asked about the extent to which price increases, particularly on legacy plans, will drive service revenue growth.

Answer

CEO Michael Sievert explained that 2025 saw a normalization of churn rates across the industry after years of suppression by 36-month contracts, noting T-Mobile's 7 basis point increase was the lowest among the top three carriers for the full year. He stated T-Mobile will focus on account churn as a more meaningful metric. Regarding service revenue, he indicated ARPA growth will be driven by premium plan loading and expanding relationships, with occasional rate plan optimizations on legacy plans, as seen in January.

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Question · Q4 2025

Jonathan Kees from Daiwa Capital Markets inquired about the elevated postpaid and prepaid churn rates in Q4 2024 and 2025 despite rising NPS, asking for T-Mobile's outlook on future churn and the shift to reporting account churn. He also asked about the extent to which price increases, particularly on legacy plans, would drive service revenue growth.

Answer

Michael Sievert, CEO, attributed the elevated churn to industry normalization after 36-month contract suppression, noting T-Mobile's churn increase was the lowest among competitors. He emphasized focusing on account churn due to its correlation with CLV. Michael Sievert also explained that ARPA growth would be driven by front-book/back-book dynamics, premium plan loading, and relationship expansion, with occasional rate plan optimizations on legacy plans. Mike Katz, President of Marketing, Strategy, and Products, highlighted the success of premium plans with included services in encouraging customer upgrades.

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Jonathan Kees's questions to Nextpower (NXT) leadership

Question · Q2 2025

Jonathan Kees of Daiwa Capital Markets followed up on a previous discussion about project cancellations, asking if the company experienced any cancellations during the most recent quarter.

Answer

CEO Dan Shugar stated directly that Nextracker had not had any projects canceled in the quarter. He provided context that the single cancellation from the previous quarter was an anomaly, representing just one out of over 500 active projects.

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