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    Nicholas Del Deo • MoffettNathanson LLC

    Nicholas Del Deo's questions to Cogent Communications Holdings Inc (CCOI) leadership

    Nicholas Del Deo's questions to Cogent Communications Holdings Inc (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 Inc (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 Inc (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 Inc (LUMN) leadership

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

    Nicholas Del Deo's questions to Crown Castle Inc (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 Inc (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 Inc (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 (AMT) leadership

    Nicholas Del Deo's questions to American Tower Corp (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 (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 (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 Corp (SBAC) leadership

    Nicholas Del Deo's questions to SBA Communications Corp (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 Corp (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 Corp (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 Equinix Inc (EQIX) leadership

    Nicholas Del Deo's questions to Equinix Inc (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 Inc (FYBR) leadership

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

    Question

    Nicholas Del Deo asked about the drivers of elevated SG&A expense, questioning if it was due to higher subscriber acquisition costs, and inquired about the timeline for potentially discontinuing the legacy video product.

    Answer

    CFO Scott Beasley explained that higher SG&A is primarily from growth-related marketing and commissions, which is being offset by cost savings in other areas like network and video content, leading to margin improvement. He reiterated the strategy to partner with OTT providers like YouTube TV and stated that while the legacy video product will be discontinued when the base is small enough, the company is not at that point yet.

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

    Question

    Nicholas Del Deo asked about the strategy behind introducing a 200-meg speed tier, questioning if it was solely for the ACP transition or a long-term plan. He also requested an update on Frontier's preparations for the BEAD program.

    Answer

    CEO Nick Jeffery characterized the 200-meg plan as a market experiment to test value propositions and potentially capture some ACP customers, noting such pilots are common. CFO Scott Beasley confirmed that Frontier is actively preparing for BEAD, having built a dedicated team, integrated BEAD-eligible locations into build models, and initiated outreach with states.

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