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    Nicholas Del Deo

    Managing Director and Senior Research Analyst at MoffettNathanson

    Nicholas Del Deo is a Managing Director and Senior Research Analyst at MoffettNathanson, specializing in U.S. communications infrastructure, telecom, and cable/satellite companies such as Cogent Communications, SBA Communications, and Zayo. He maintains a track record of six published stock ratings on public platforms, with a 33.33% success rate and an average return of -0.78%, ranking in the lower quartile among industry peers. Del Deo began his equity research career after earning dual degrees from the University of Pennsylvania, initially working as a Senior Associate at Morgan Stanley, then advancing to Vice President at Sanford C. Bernstein before joining MoffettNathanson in 2013. He is a CFA charterholder with a strong background in communications sector analysis and prior experience in auditing and hedge fund management.

    Nicholas Del Deo's questions to COGENT COMMUNICATIONS HOLDINGS (CCOI) leadership

    Nicholas Del Deo's questions to COGENT COMMUNICATIONS HOLDINGS (CCOI) leadership • Q1 2025

    Question

    Nicholas Del Deo of MoffettNathanson questioned the significant sequential increase in SG&A, asking for more detail beyond seasonal factors and for an outlook on Q2. He also sought specifics on the number of IPv4 addresses taken back and the percentage of the old wavelength funnel that was purged during the cleanup process.

    Answer

    CFO Thaddeus Weed and CEO David Schaeffer explained the $10.6M sequential SG&A increase was driven by normal seasonal factors like CPI increases, payroll tax resets, and a $4M swing in vacation accruals, which were magnified by the full-year inclusion of Sprint employees. For Q2, SG&A will likely tick down. Schaeffer confirmed approximately 600,000-700,000 IPv4 addresses were taken back and that nearly 90% of the old wavelength funnel from Q3 2024 was purged.

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    Nicholas Del Deo's questions to COGENT COMMUNICATIONS HOLDINGS (CCOI) leadership • Q4 2024

    Question

    Nicholas Del Deo questioned the cause of the historically low 11% year-over-year network traffic growth and asked about the outlook for utilization in Cogent's retail data centers.

    Answer

    CEO David Schaeffer attributed the moderating traffic growth to the maturation of streaming in developed markets but anticipates a new growth driver from AI inference models. Regarding data centers, he explained that the addition of 55 smaller edge facilities has lowered overall retail utilization. He believes a return to the historical 30% occupancy level is likely a couple of years away, as the current focus is on monetizing larger wholesale facilities.

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    Nicholas Del Deo's questions to COGENT COMMUNICATIONS HOLDINGS (CCOI) leadership • Q3 2024

    Question

    Nicholas Del Deo asked for a breakdown of the converted switch sites between retail and wholesale, specifically confirming the 21 facilities and 88 megawatts targeted for monetization. He also inquired about the strategy if long-term leases become the primary outcome, and whether all 'building blocks' like sales training and service delivery are ready for the wavelength sales ramp.

    Answer

    CEO David Schaeffer confirmed that 21 of the 48 converted sites, representing 88 of 169 megawatts, are targeted for wholesale monetization. If leases prevail, he said they would evaluate options, including securitizing the revenue stream or selling the stabilized asset. He affirmed that all building blocks for the wavelength business—sales training, CRM integration, and service delivery processes—are in place and ready to support the ramp-up, with the final step being to build customer confidence through execution.

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    Nicholas Del Deo's questions to Lumen Technologies (LUMN) leadership

    Nicholas Del Deo's questions to Lumen Technologies (LUMN) leadership • Q1 2025

    Question

    Nicholas Del Deo from MoffettNathanson sought to understand the underlying trends in public sector revenue, asking if large one-time payments boosted results as they did last quarter. He also inquired about the pricing strategy for new digital platform services, questioning if they would be priced at a discount or a premium.

    Answer

    EVP and CFO Chris Stansbury confirmed that Q1 did not include a large one-time payment similar to the prior quarter's California project, but noted that underlying strength in the public sector remains. President and CEO Kate Johnson explained the pricing strategy is based on 'total value of ownership.' By delivering higher performance and helping customers lower costs (e.g., by bypassing third-party cross-connects), Lumen's services provide inherently more value, allowing them to avoid a price race to the bottom.

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    Nicholas Del Deo's questions to Lumen Technologies (LUMN) leadership • Q4 2024

    Question

    Nicholas Del Deo sought clarification on the public sector revenue surge in the quarter, asking if it was recurring, and questioned what specific products are expected to drive the doubling of enterprise fiber mile usage by 2028 as shown in a presentation slide.

    Answer

    CFO Christopher Stansbury confirmed the revenue from the State of California PCF turn-up was one-time in nature. He explained that future enterprise usage growth will be driven by high-bandwidth services, noting that 100G and 400G wave sales grew 50% in 2024. He added that Lumen's digital platform layer will unlock further consumption by offering enterprises more efficient ways to access their data, moving beyond just selling 'dumb pipes'.

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    Nicholas Del Deo's questions to Lumen Technologies (LUMN) leadership • Q3 2024

    Question

    Nicholas Del Deo of MoffettNathanson asked when the improved sales performance in North America Enterprise would become more noticeable in the P&L. He also inquired about the degree to which the 400+ Network-as-a-Service (NaaS) customers are contributing incremental revenue.

    Answer

    EVP and CFO Chris Stansbury noted that while the 'Grow' product bucket accelerated to 4% YoY growth, the enormous legacy business will continue to offset near-term growth in total revenue. President and CEO Kate Johnson explained that for NaaS, the current focus is on driving customer adoption and platform innovation, not immediate revenue. She stated the company is not ready to provide revenue transparency for NaaS, as it will take time to scale.

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    Nicholas Del Deo's questions to CROWN CASTLE (CCI) leadership

    Nicholas Del Deo's questions to CROWN CASTLE (CCI) leadership • Q1 2025

    Question

    Nicholas Del Deo asked for an update on the operational improvement and efficiency projects, inquiring which initiatives are currently active versus those that might be paused for the new CEO's review.

    Answer

    Interim CEO Daniel Schlanger clarified that the company is not waiting for a new CEO to execute on known improvements. He stated that initiatives related to process automation, systems upgrades, and asset digitization are actively being pursued to streamline processes and improve the customer experience. The goal is to have the new CEO inherit a business that is already in better shape.

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    Nicholas Del Deo's questions to CROWN CASTLE (CCI) leadership • Q4 2024

    Question

    Nicholas Del Deo asked how Crown Castle intends to improve its market share in the tower business and questioned the extent of unallocated G&A reduction post-transaction.

    Answer

    CEO Steven Moskowitz explained that market share gains will come from superior customer service, speed, and re-engaging in new tower builds. Regarding G&A, both he and CFO Dan Schlanger clarified that the AFFO bridge reflects multiple factors and they are not providing specific G&A reduction targets at this time, pending the lengthy transition.

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    Nicholas Del Deo's questions to CROWN CASTLE (CCI) leadership • Q3 2024

    Question

    Nicholas Del Deo asked if the operational digitization efforts were to 'catch up' with peers or to become 'best-in-class,' and what alternatives customers might pursue for network capacity instead of the canceled small cell nodes.

    Answer

    CEO Steven Moskowitz described the initiatives as a business transformation involving some 'catch-up' after a period of rapid growth, with the ultimate goal of becoming best-in-class. CFO Dan Schlanger suggested that for the canceled nodes, carriers likely believe they can cover near-term demand using their macro tower networks and mid-band spectrum, with CEO Moskowitz adding that such cancellations are a normal part of large build-to-suit programs.

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    Nicholas Del Deo's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership

    Nicholas Del Deo's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership • Q1 2025

    Question

    Nicholas Del Deo asked for more detail on the type of services work driving revenue growth and whether it's a leading indicator for leasing. He also inquired about any contractual protections concerning EchoStar beyond their commitment to pay rent.

    Answer

    CEO Steven Vondran detailed that services include site acquisition and a slightly larger component of construction management this year, noting a 60-180 day lag to property revenue for some activities. Regarding EchoStar, he stated that the company expects to be paid and has factored the minimum contractual commitments into its guidance, without detailing specific protections. CFO Rod Smith added that services margins remain strong at over 50%.

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    Nicholas Del Deo's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership • Q4 2024

    Question

    Nicholas Del Deo from MoffettNathanson inquired about the potential magnitude of future cost efficiencies beyond the initial SG&A savings and asked if CoreSite's demand patterns have broadened beyond its historically dominant markets of the Bay Area, Los Angeles, and Northern Virginia.

    Answer

    CEO Steven Vondran explained that the next phase of efficiency, led by the COO, will target global operations, including maintenance and utilities, with the magnitude of savings still being assessed. He confirmed that CoreSite demand has broadened significantly, with markets like Chicago and New York becoming highly desirable due to the successful cultivation of interconnection ecosystems. CFO Rod Smith emphasized that SG&A reduction is part of a broader strategy that includes improving earnings quality and strengthening the balance sheet.

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    Nicholas Del Deo's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership • Q3 2024

    Question

    Nicholas Del Deo asked for specific data points supporting management's increased conviction in the mobile edge opportunity and questioned if there has been any customer reaction to the company's decision to tighten CapEx in emerging markets.

    Answer

    Steven Vondran, President and CEO, pointed to the decentralization trend in cloud/AI architecture and carriers' move to 5G stand-alone as key indicators for the eventual mobile edge opportunity. Regarding emerging markets, he stated that customers have been understanding and receptive to discussions about reduced CapEx, leading to collaborative, win-win solutions like renegotiated agreements.

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    Nicholas Del Deo's questions to SBA COMMUNICATIONS (SBAC) leadership

    Nicholas Del Deo's questions to SBA COMMUNICATIONS (SBAC) leadership • Q1 2025

    Question

    Nicholas Del Deo asked for more detail on SBA's priority of driving efficiencies through new technologies and systems, including potential savings. He also inquired about the drivers behind the significant number of international towers decommissioned during the quarter.

    Answer

    President and CEO Brendan Cavanagh explained that the efficiency initiatives involve new systems across operations and back-office, including a multiyear ERP refresh incorporating AI, with the goal of achieving cost savings and new revenue opportunities. He clarified that the large number of decommissioned international towers was primarily due to the completed divestitures of operations in Colombia and the Philippines, not operational takedowns.

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    Nicholas Del Deo's questions to SBA COMMUNICATIONS (SBAC) leadership • Q4 2024

    Question

    Nicholas Del Deo asked about the diversification of services work in 2025 given historical customer concentration and inquired about the expected initial development yields on the newly planned tower builds.

    Answer

    President and CEO Brendan Cavanagh acknowledged that while services work is increasing across the board, the largest customer's activity is also growing, so the revenue mix will remain concentrated. He added that diversifying services revenue is an internal goal. Regarding new builds, he confirmed the Millicom deal is the largest driver, accounting for nearly 500 of the 800 planned towers. He stated that the day-one yields on these builds are good, with significant opportunities for future lease-up.

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    Nicholas Del Deo's questions to SBA COMMUNICATIONS (SBAC) leadership • Q3 2024

    Question

    Nicholas Del Deo sought clarification on the Millicom deal, asking about the materiality of potential earnouts and the firmness of the 15-year lease term. He also asked about the recent TelevisaUnivision deal and its reliance on broadcast revenue versus lease-up potential.

    Answer

    President and CEO Brendan Cavanagh confirmed the Millicom lease is a firm 15-year commitment and that any potential earnouts are not material to the deal's valuation. Regarding the Univision transaction, he explained that it was acquired at an attractive price with a long-term leaseback, making it a strong deal that doesn't depend heavily on future lease-up, though some potential exists.

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    Nicholas Del Deo's questions to DIGITAL REALTY TRUST (DLR) leadership

    Nicholas Del Deo's questions to DIGITAL REALTY TRUST (DLR) leadership • Q1 2025

    Question

    Nicholas Del Deo of MoffettNathanson asked about the broader demand from 'Neo Cloud' customers and how Digital Realty assesses them from a business and credit risk perspective.

    Answer

    CEO Andrew Power responded that the company is judiciously expanding its customer base to include the Neo Cloud universe, ensuring campus diversity and long-term value. He stated that while Digital Realty has won its fair share of this business, it has not become overexposed. He noted that in some cases, established major customers secure capacity faster, and that Neo Clouds have not climbed the customer ranks as rapidly as some other hyperscalers.

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    Nicholas Del Deo's questions to DIGITAL REALTY TRUST (DLR) leadership • Q4 2024

    Question

    Nicholas Del Deo from MoffettNathanson asked if development yields in EMEA and APAC, currently in the 10-11% range, are expected to rise and narrow the gap with the nearly 14% yields seen in the Americas.

    Answer

    CEO Andrew Power attributed the higher Americas yields to a more pronounced supply-demand imbalance for large capacity blocks. He expressed his belief that AI will globalize, following the path of cloud, which will increase demand in international markets. He anticipates this will lead to similar power and supply chain constraints in those regions as seen in the U.S., which could in turn drive yields higher over time.

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    Nicholas Del Deo's questions to DIGITAL REALTY TRUST (DLR) leadership • Q3 2024

    Question

    Nicholas Del Deo asked about the operational steps Digital Realty is taking to ensure its massive and growing development pipeline can be delivered on time and on budget without issues.

    Answer

    President and CEO Andy Power detailed a multi-pronged approach rooted in the company's 20 years of experience. He cited strong, long-term relationships with utility providers and vendors, proactive supply chain management, investment in scaling operational teams and systems, and a stable capital base supplemented by private investment partners as key factors ensuring successful execution.

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    Nicholas Del Deo's questions to EQUINIX (EQIX) leadership

    Nicholas Del Deo's questions to EQUINIX (EQIX) leadership • Q4 2024

    Question

    Nicholas Del Deo asked about the recurring issue of capacity constraints in key markets and when Equinix expects to be ahead of demand. He also questioned if the increased activity in the fiber market to support AI would be a meaningful incremental driver for Equinix.

    Answer

    CEO Adaire Fox-Martin acknowledged that bookings could have been stronger without capacity constraints in Tier 1 metros. She explained the 'build bolder' strategy is designed to accelerate retail capacity delivery, citing the acceleration of projects like NY3, DC16, and LD4 by at least a year. Regarding fiber, she noted it's possible the trend will be a driver, highlighting Equinix's unique value proposition with its global reach and dense network ecosystems.

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    Nicholas Del Deo's questions to Frontier Communications Parent (FYBR) leadership

    Nicholas Del Deo's questions to Frontier Communications Parent (FYBR) leadership • Q2 2024

    Question

    Nicholas Del Deo asked about the drivers of elevated SG&A expenses and at what point it would make sense for Frontier to discontinue its legacy linear video product.

    Answer

    CFO Scott Beasley explained that higher SG&A is driven by growth-related marketing and commissions, which has been offset by cost savings in other areas like network and video content, leading to overall margin expansion. Regarding video, he noted the strategic shift to partnering with OTT providers like YouTube TV has been successful. The legacy linear product will be discontinued when the customer base becomes small enough, but the company is not at that point yet.

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    Nicholas Del Deo's questions to Frontier Communications Parent (FYBR) leadership • Q1 2024

    Question

    Nicholas Del Deo asked about the new 200-meg speed tier, questioning if its introduction was solely for ACP transition or part of a broader, long-term strategy. He also inquired about the company's preparations for the BEAD program.

    Answer

    President and CEO Nick Jeffery described the 200-meg plan as an "experiment" or "pilot" to cover all market segments and test ways to capture customers, including some from the ACP program. He emphasized it's part of a continuous process of pulsing offers in and out of markets. CFO Scott Beasley confirmed that Frontier is deeply involved in BEAD preparations, having built out a grants team, conducted data modeling, and begun outreach and prequalification with states.

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