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    Ric Prentiss

    Research Analyst at Raymond James

    Ric Prentiss is the Global Head of Telecommunications Services Research at Raymond James & Associates, specializing in wireless, tower, and satellite markets. He actively covers leading industry companies including American Tower, SBA Communications, Telephone and Data Systems, Warner Bros. Discovery, and United States Cellular, and has generated an average return of 22.72% with a success rate of 100% on recent recommendations, ranking #641 out of 4113 analysts according to Stockstelegraph; TipRanks data shows a career success rate of 42.47% and an average return of -0.63%. With over 15 years of professional experience in telecommunications equity research at Raymond James, Prentiss holds key professional credentials and is known for providing strategic guidance to both major industry players and investors. His expertise and long-standing contributions are recognized within the investment research community.

    Ric Prentiss's questions to TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) leadership

    Ric Prentiss's questions to TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) leadership • Q2 2025

    Question

    Ric Prentiss inquired about the timeline for updating TDS Telecom's fiber expansion goals, long-term leverage targets, the impact of in-house construction crews on build plans, and the potential for providing fiber cohort analysis. He also asked about Array's dividend sizing and the closing timeline for the AT&T spectrum deal.

    Answer

    Kristina Bothfeld, VP of Finance & CFO at TDS Telecommunications, and Vicki Villacrez, EVP & CFO at TDS, confirmed they are sizing fiber expansion opportunities with the new CEO and will share more in upcoming quarters. Villacrez noted TDS's consolidated leverage will remain under 1.5x in the near term. Bothfeld expressed confidence in hitting the 150,000 fiber address goal for the year, citing a second-half ramp-up. Both executives confirmed cohort penetration data would be shared externally soon. Douglas Chambers, Interim President & CEO of Array, stated that detailed tower reporting, including AFFO, will begin in Q3 and that the AT&T deal closing is dependent on regulatory approvals.

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    Ric Prentiss's questions to TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) leadership • Q4 2024

    Question

    Ric Prentiss of Raymond James asked about the timing of Walter Carlson's appointment as CEO, the future of UScellular's tower reporting, and the specifics behind TDS Telecom's increased long-term fiber build-out target.

    Answer

    Walter C.D. Carlson, President and CEO of TDS, explained that the company's transformative period with the T-Mobile sale made it the right time for a leadership change, emphasizing continuity. Douglas Chambers, CFO of UScellular, confirmed plans for AFFO reporting for the tower business post-transaction, while CEO Laurent Therivel clarified that a REIT structure is not currently planned. Vicki Villacrez, CFO of TDS, added that the new fiber target of 1.8 million service addresses represents the completion of existing programs over approximately the next five years, paced by financial capacity.

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    Ric Prentiss's questions to TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) leadership • Q2 2024

    Question

    Ric Prentiss asked for perspectives on fixed-mobile convergence, the potential market impact of an AI-enabled iPhone, and the process for monetizing the remaining spectrum assets, including how a transaction could proceed before the T-Mobile deal closes.

    Answer

    Laurent Therivel, President and CEO of UScellular, described convergence as a competitive threat that is difficult for UScellular to match, while Michelle Brukwicki, SVP of Finance and CFO at TDS Telecom, viewed it as a bundling opportunity for TDS Telecom. On AI, Therivel sees near-term benefits on the cost side rather than immediate revenue shifts. Regarding spectrum, he deferred on specifics due to an active process but assured the T-Mobile deal was structured for a smooth customer transition. Vicki Villacrez, EVP and CFO at TDS, added that updates would only follow a definitive agreement.

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    Ric Prentiss's questions to TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) leadership • Q1 2024

    Question

    Ric Prentiss inquired about UScellular's Tower segment, asking for an update on creating separate reporting and the potential for lending against those assets. He also questioned why TDS Telecom's strong Q1 adjusted EBITDA performance did not lead to an increase in its full-year guidance.

    Answer

    UScellular CEO LT Therivel stated that more detailed financial reporting for the Tower segment is being considered for future quarters. TDS CFO Vicki Villacrez clarified that a recent debt facility was raised at the TDS level primarily for the fiber program, not against the towers. TDS Telecom CFO Michelle Brukwicki explained that while Q1 EBITDA was strong due to diligent cost management, some of this was timing-related, and costs are expected to increase through the year, justifying the decision to maintain the current guidance.

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    Ric Prentiss's questions to ARRAY DIGITAL INFRASTRUCTURE (USM) leadership

    Ric Prentiss's questions to ARRAY DIGITAL INFRASTRUCTURE (USM) leadership • Q2 2025

    Question

    Ric Prentiss inquired about the timeline for updating TDS Telecom's fiber expansion targets, long-term leverage goals, and the potential for providing fiber cohort analysis. He also asked about Array's dividend sizing and the closing timeline for the AT&T spectrum sale.

    Answer

    Kristina Bothfeld, VP of Finance & CFO at TDS Telecom, confirmed they are sizing new fiber opportunities and plan to share cohort analysis soon. Vicki Villacrez, EVP & CFO at TDS, noted consolidated leverage will remain under 1.5x in the near term. Douglas Chambers, Interim President & CEO of Array, stated that detailed tower reporting, including AFFO, will begin in Q3 and the AT&T deal closing is estimated for 2025, pending regulatory approval.

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    Ric Prentiss's questions to ARRAY DIGITAL INFRASTRUCTURE (USM) leadership • Q1 2025

    Question

    Ric Prentiss inquired about the net proceeds from the T-Mobile transaction, specifically the approval timeline for designated entity spectrum, the run rate of free cash flow until closing, the potential outcome of the debt exchange offer, and future financial reporting for the remaining Tower Company. He also asked about TDS Telecom's sales execution and UScellular's post-transaction leverage targets.

    Answer

    Douglas Chambers, EVP, CFO & Treasurer at UScellular, clarified that the designated entity approval timeline is uncertain but recent court news is positive. He advised against using Q1 free cash flow as a run rate but confirmed excess cash would be part of the distribution. Chambers also noted the debt exchange outcome is hard to predict but expects significant conversion. He confirmed the TowerCo will report metrics like AFFO and that post-transaction leverage would be around 3x. An executive, speaking on behalf of Kris Bothfeld, VP of Finance & CFO at TDS Telecom, explained that lower fiber net adds were due to seasonal construction delays and that strengthened sales teams are ready for the expected ramp-up in address delivery.

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    Ric Prentiss's questions to ARRAY DIGITAL INFRASTRUCTURE (USM) leadership • Q4 2024

    Question

    Ric Prentiss of Raymond James inquired about the timing of Walter Carlson's appointment as CEO, the future of the tower business including AFFO reporting, and the long-term timeline and scope of TDS Telecom's expanded fiber build-out target.

    Answer

    Walter C.D. Carlson, TDS President and CEO, explained his appointment aligns with the company's transformation. Douglas Chambers, UScellular CFO, confirmed plans to adopt AFFO reporting for the tower business post-transaction, while CEO Laurent Therivel clarified a REIT structure is not currently planned. Vicki Villacrez, TDS CFO, stated the 1.8 million fiber address goal is a 5-year target, dependent on construction schedules and funding capacity.

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    Ric Prentiss's questions to ARRAY DIGITAL INFRASTRUCTURE (USM) leadership • Q3 2024

    Question

    Ric Prentiss asked for clarification on the cash tax implications of the T-Mobile and Verizon transactions, specifically regarding the use of Net Operating Losses (NOLs). He also inquired about the potential use of proceeds from the asset sales for both UScellular and TDS, and asked for a long-term perspective on how AI could impact the wireless industry from both a handset and operational standpoint.

    Answer

    Douglas Chambers, EVP, CFO & Treasurer of UScellular, confirmed that the provided tax estimates are net of expected NOL and interest carryforward usage. Vicki Villacrez, EVP & CFO of TDS, stated that discussions on the use of proceeds are premature but could include debt paydown, accelerating fiber deployment, or returning value to shareholders. Laurent Therivel, President & CEO of UScellular, commented on AI, noting its impact on handsets is still uncertain, but UScellular is already seeing operational cost benefits in areas like customer care.

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    Ric Prentiss's questions to ATN International (ATNI) leadership

    Ric Prentiss's questions to ATN International (ATNI) leadership • Q2 2025

    Question

    Ric Prentiss of Raymond James Financial inquired about the potential impact of the 'one triple b bill' on cash taxes, the effects of the US fiber race on competition and access to labor, and the feasibility of converting ATN's fiber business into a REIT structure.

    Answer

    CFO Carlos Doglioli stated that the company does not expect a short-term impact from the bill given its tax positions. CEO Brad Martin addressed the fiber race, noting that policies expediting permitting would be helpful and that ATN is not currently seeing constraints on labor or materials. Regarding the REIT structure, Mr. Martin confirmed it is not something the company has looked into yet.

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    Ric Prentiss's questions to ATN International (ATNI) leadership • Q2 2025

    Question

    Ric Prentiss of Raymond James Financial inquired about the financial impact of recent legislation, the potential for a 'fiber race' in the U.S. to affect competition, labor, and materials, and the feasibility of converting ATNI's fiber business into a REIT structure.

    Answer

    CFO Carlos Doglioli stated that there is no expected short-term impact from the bill mentioned. CEO Brad Martin addressed the fiber build-out, noting that policies expediting permitting would be helpful and that ATNI is not currently seeing constraints on labor or materials. Regarding the REIT structure, Mr. Martin confirmed that the company has not yet explored this possibility for its fiber assets.

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    Ric Prentiss's questions to ATN International (ATNI) leadership • Q1 2025

    Question

    Ric Prentiss asked about ATNI's exposure to trade tariffs and supply chain risks, foreign exchange impacts, the valuation gap between public and private fiber companies, and the financial reporting of government funding. He also followed up on potential BEAD program delays, the outlook for revenue growth in 2026-2027, and balance sheet management.

    Answer

    CEO Brad Martin explained that while the company is monitoring tariffs, a significant portion of construction material is sourced domestically and major international markets are exempt, allowing them to manage 2025 impacts within guidance. He noted the $370 million in government-funded projects will see significant monetization in 2026-2027. Regarding future growth, he pointed to growing carrier demand and the transition to fiber as positive signs. CFO Carlos Doglioli added that most international markets are pegged to the U.S. dollar, minimizing FX risk, and that the company is focused on improving margins and lowering CapEx to delever the balance sheet and improve capital allocation optionality into 2026.

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    Ric Prentiss's questions to ATN International (ATNI) leadership • Q4 2024

    Question

    Ric Prentiss asked for details on carrier managed services offerings, the potential for monetizing spectrum assets through a sale, clarification on 2025 restructuring charges, the form of future shareholder returns, and the company's debt maturity schedule. He later followed up on business visibility, the goal to stabilize the U.S. segment, and the timeline for shutting down legacy copper networks.

    Answer

    CEO Brad Martin detailed that carrier services include lit/dark fiber, tower services, and spectrum leases, and confirmed the company continuously evaluates asset sales for shareholder value. CFO Carlos Doglioli specified that Q1 2025 restructuring charges would be similar to Q1 2024's and that the operational focus is on improving cash flow to provide the Board with optionality for dividends or buybacks. Doglioli also noted the next major debt maturity is for the Virgin Islands facility in mid-2026. Both executives affirmed the goal is to stabilize the U.S. business in 2025 to set up for future growth, with copper shutdown timelines dependent on factors like the BEAD program.

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    Ric Prentiss's questions to ATN International (ATNI) leadership • Q3 2024

    Question

    Ric Prentiss of Raymond James inquired about the strategy for improving margins in the underperforming US Telecom segment, the potential for monetizing spectrum assets, the outlook for construction revenues, the mission for new sales leadership, and the expected scale of Q4 improvements in the International segment.

    Answer

    CFO Carlos Doglioli stated that cost-saving benefits will materialize more fully in 2025 and noted that remaining construction revenues of approximately $8 million are now expected mostly in 2025. He also mentioned that over $1 million in Q3-specific costs impacted the International segment but declined to give specific Q4 guidance. CEO Brad Martin added that new sales leadership is focused on disciplined pipeline management and that the company is continuously evaluating the monetization of non-strategic assets like spectrum, especially following the exit from retail mobility.

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    Ric Prentiss's questions to DigitalBridge Group (DBRG) leadership

    Ric Prentiss's questions to DigitalBridge Group (DBRG) leadership • Q2 2025

    Question

    Ric Prentiss of Raymond James Financial followed up on the timing of carried interest events, the impact of macro factors like leverage, and the company's M&A strategy, including both adding new platforms and potential M&A involving DigitalBridge itself.

    Answer

    CEO Marc Ganzi and CFO Thomas Mayrhofer addressed the questions. Mayrhofer noted that timing carry is a balance between reinvesting for growth and returning capital. Ganzi added that while their funds are young, he anticipates divesting several companies over the next 18 months, which would generate DPI and carry. On M&A, Ganzi described a three-pronged focus: a deep pipeline of deals at the fund level, seeking accretive GP-level tuck-ins, and addressing market rumors by stating their focus remains on building their business, though their "phone rings constantly" with interest.

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    Ric Prentiss's questions to DigitalBridge Group (DBRG) leadership • Q1 2025

    Question

    Ric Prentiss of Raymond James asked for confirmation that the company was reiterating its full-year 2025 guidance, questioned how market volatility might affect the timing of carried interest events, and inquired about the steps being taken to close the valuation gap with peers.

    Answer

    CFO Tom Mayrhofer and CEO Marc Ganzi confirmed they are comfortable with the full-year guidance, noting performance might be front-loaded. Ganzi explained that while U.S. dealmaking has slowed, global M&A is up, and the company's global portfolio provides diverse liquidity options. He stated that while some carried interest is expected, it's not included in the current guidance. To close the valuation gap, Ganzi emphasized consistent execution, scaling the private credit business, and leveraging their differentiated position in digital infrastructure.

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    Ric Prentiss's questions to DigitalBridge Group (DBRG) leadership • Q4 2024

    Question

    Ric Prentiss asked for clarity on the amount of DPI assumed in the 2025 FEEUM guidance, the drivers behind the implied acceleration in the 2028 FEEUM target, and the strategy for making carried interest a more steady, predictable earnings stream.

    Answer

    CEO Marc Ganzi clarified the net FEEUM growth target for 2025 accounts for both new fundraising and anticipated DPI. He attributed the long-term growth acceleration to the company's evolution into a multi-strategy firm with expanding credit, liquid, private wealth, and new digital energy platforms. Both Ganzi and CFO Thomas Mayrhofer explained that carried interest will become steadier as older funds mature into their prime exit windows, creating a more regular cadence of asset sales over time.

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    Ric Prentiss's questions to DigitalBridge Group (DBRG) leadership • Q3 2024

    Question

    Ric Prentiss inquired about the magnitude of catch-up fees shifting from 2024 to 2025 due to the fundraising composition. He also asked for an update on the flagship Fund III's progress and the timing of realizing carried interest from portfolio company sales.

    Answer

    CFO Thomas Mayrhofer estimated that roughly half of the originally guided $40 million in catch-up fees would roll into 2025. CEO Marc Ganzi added that co-invest and credit fees are recognized on invested capital, causing a lag. Ganzi stated that Fund III is over 50% toward its $8 billion target, which they expect to hit in Q1 2025. He also confirmed they are actively evaluating assets in Fund I to generate material carried interest next year, but only at a compelling premium to NAV.

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    Ric Prentiss's questions to VIASAT (VSAT) leadership

    Ric Prentiss's questions to VIASAT (VSAT) leadership • Q1 2026

    Question

    Ric Prentiss inquired about Viasat's philosophical framework for potential business separations, its capital-efficient strategy for the direct-to-device (D2D) market compared to competitors, and the expected accounting treatment for the Ligado settlement payment.

    Answer

    CEO & Chairman Mark Dankberg outlined that portfolio reviews consider business synergy and capital intensity, with a goal of reducing the capital needs of satellite services. He contrasted Viasat's D2D strategy, which focuses on a capital-efficient shared infrastructure model, against competitors' large, direct investments. CFO Gary Chase stated it was too early to specify the financial line item for the Ligado settlement.

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    Ric Prentiss's questions to VIASAT (VSAT) leadership • Q4 2025

    Question

    Ric Prentiss from Raymond James asked for an update on the Ligado bankruptcy timeline and potential magnitude, the company's target leverage ratio, and airline feedback on Viasat's performance versus competitors on wide-body versus narrow-body aircraft.

    Answer

    Chairman and CEO Mark Dankberg referred to the public record on the Ligado matter, noting the amount owed is over $500 million, but declined to comment further on the litigation. On aircraft performance, he stated that Viasat's service is very close on both wide-body and narrow-body planes and that the ViaSat-3 architecture is well-suited for high-demand wide-bodies. Chief Financial Officer Garrett Chase added that a leverage ratio of around 3x is a long-term goal, with the immediate priority being free cash flow generation to pay down debt.

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    Ric Prentiss's questions to VIASAT (VSAT) leadership • Q3 2025

    Question

    Ric Prentiss of Raymond James inquired about the planned coverage areas for ViaSat-3 Flights 2 and 3, the impact of launch timing on in-flight connectivity contracts, the implications of fiscal 2026's modest EBITDA growth guidance, and the strategic value of MSS spectrum following the Ligado/ASTS transaction.

    Answer

    CEO Mark Dankberg stated Flight 2 is planned for the Americas and Flight 3 for Asia Pacific, noting that customer confidence remains high due to network optimizations and third-party capacity, negating any contract impact. CFO Garrett Chase advised not to over-interpret the early FY26 EBITDA guidance. Dankberg explained the Ligado/ASTS deal underscores the value of licensed MSS spectrum, which offers advantages over terrestrial spectrum for non-terrestrial networks (NTN).

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    Ric Prentiss's questions to VIASAT (VSAT) leadership • Q2 2025

    Question

    Ric Prentiss of Raymond James inquired about the stage of Viasat's evaluation of strategic alternatives, the timing of positive free cash flow in light of the multiyear plan, and the competitive dynamics between LEO and GEO satellites in commercial aviation.

    Answer

    Chairman and CEO Mark Dankberg described the strategic evaluation as early-stage, focused on addressing a potential sum-of-the-parts valuation gap. CFO Garrett Chase clarified that the two-year cash flow outlook is unchanged despite a CapEx shift from FY25 to FY26. Dankberg added that for airlines, the business model and monetization are more critical than the satellite orbit, and Viasat's hybrid LEO-GEO approach is designed to provide a superior, reliable service.

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    Ric Prentiss's questions to SBA COMMUNICATIONS (SBAC) leadership

    Ric Prentiss's questions to SBA COMMUNICATIONS (SBAC) leadership • Q2 2025

    Question

    Ric Prentiss of Raymond James sought clarification on the total remaining Sprint churn, the financial metrics of the Canadian sale, and the company's strategic thinking on M&A versus achieving an investment-grade credit rating given high private market valuations.

    Answer

    President and CEO Brendan Cavanagh confirmed the remaining Sprint churn is a grand total of $20 million, mostly in 2027. He acknowledged the high valuation on the Canadian sale and stated that the disconnect between public and private valuations has made large M&A difficult, causing leverage to decline and moving the company closer to an investment-grade profile.

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    Ric Prentiss's questions to SBA COMMUNICATIONS (SBAC) leadership • Q1 2025

    Question

    Ric Prentiss sought clarification that the 75% colocation mix was revenue-based, asked for an outlook on new spectrum auctions, and questioned the current state of M&A valuation multiples for private versus public tower assets.

    Answer

    President and CEO Brendan Cavanagh confirmed the 75% figure was revenue-based. He expressed encouragement about new spectrum auctions but noted it would likely be 4-5 years before they translate to leasing activity. On M&A, he stated that private U.S. tower valuations remain 'much, much higher' than public ones, sometimes in the mid-30s multiples, while internationally, a wide bid-ask spread is causing fewer deals to close.

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    Ric Prentiss's questions to SBA COMMUNICATIONS (SBAC) leadership • Q4 2024

    Question

    Ric Prentiss asked about the leverage level required to achieve an investment-grade rating, the leverage impact of the Millicom transaction, and the potential timing and nature of AI's impact on the tower industry.

    Answer

    President and CEO Brendan Cavanagh stated that while SBA could likely achieve an investment-grade rating at current leverage levels, the company is not yet ready to commit to maintaining that level, preferring to retain flexibility. He noted the Millicom deal adds only about 0.2 turns of leverage. Regarding AI, he believes the primary benefit will come from increased network usage and capacity demand driven by generative AI applications embedded in handsets, similar to previous technology drivers.

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    Ric Prentiss's questions to SBA COMMUNICATIONS (SBAC) leadership • Q3 2024

    Question

    Ric Prentiss inquired about the Millicom (Tigo) transaction, seeking clarity on the implied EBITDA multiple, the quality of the tower assets, the competitive carrier landscape in the Central American markets, and any anticipated capital expenditures.

    Answer

    President and CEO Brendan Cavanagh estimated the EBITDA multiple to be around 11.5x. He highlighted the deal's strategic value in establishing SBA as the dominant regional tower company partnered with the leading carrier. He noted the markets are stable post-consolidation and the low 1.2x tenancy ratio presents a strong growth opportunity, with any future CapEx being factored into new lease agreements.

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    Ric Prentiss's questions to EchoStar (SATS) leadership

    Ric Prentiss's questions to EchoStar (SATS) leadership • Q2 2025

    Question

    Ric Prentiss inquired about EchoStar's new LEO Direct-to-Device (D2D) constellation, asking about the potential for partners, the scope of service beyond messaging, the go-to-market strategy, and the pacing of the $5 billion in peak funding.

    Answer

    Director, President & CEO Hamid Akhavan emphasized that EchoStar's wideband D2D service is unique and not in a crowded market. He stated the go-to-market plan is a wholesale model with global carriers and that the $5 billion peak funding is spread over time. Akhavan positioned the service as initially complementary to terrestrial networks, with the long-term potential to replace costly rural infrastructure.

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    Ric Prentiss's questions to EchoStar (SATS) leadership • Q4 2024

    Question

    Ric Prentiss inquired about future 5G network site build-out targets beyond the June 2025 deadline, the potential for bundling video and mobile services to drive Boost Mobile growth, and EchoStar's competitive position in the direct-to-device satellite market.

    Answer

    John Swieringa, President of Technology and COO, stated that while they are focused on the 24,000 site target for June 2025, they are not providing concrete future site count numbers, opting for a success-based, value-steered deployment. Hamid Akhavan, President and CEO, added that bundling efforts are in their infancy and that EchoStar is uniquely positioned for direct-to-device services due to its ITU rights, spectrum assets, and combined expertise in both satellite and terrestrial mobile networks.

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    Ric Prentiss's questions to EchoStar (SATS) leadership • Q3 2024

    Question

    Ric Prentiss asked about the remaining financial impact from the terminated ACP program in Q4 and on the Hughes business, and inquired about the go-to-market strategy for driving profitable growth in the Retail Wireless business, particularly the focus on migrating subscribers on-net.

    Answer

    EVP and Principal Financial Officer Paul Orban and SVP of Finance for Hughes Jeff Boggs confirmed that the majority of ACP-related churn occurred in Q3 with minimal future impact expected. President and CEO Hamid Akhavan outlined that the wireless growth strategy will leverage its modern network for agile, yet disciplined and profitable, growth. He highlighted that over 50% of new device activations are now on EchoStar's own network, a key factor for improving owner economics.

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    Ric Prentiss's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership

    Ric Prentiss's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership • Q2 2025

    Question

    Ric Prentiss inquired about the potential impact of the approved UScellular-T-Mobile deal, asking for American Tower's revenue exposure. He also requested updates on DISH activity and the company's view on direct-to-device satellite connectivity.

    Answer

    President & CEO Steven Vondran stated UScellular is less than 0.5% of global property revenue, with the final impact depending on T-Mobile's plans. He noted DISH represents about 2% of global revenue. Vondran positioned direct-to-device satellite as a complementary technology for low-density areas. EVP, CFO & Treasurer Rod Smith added that with Sprint churn ending, U.S. churn is expected to drop to around 1% in Q4.

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    Ric Prentiss's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership • Q1 2025

    Question

    Ric Prentiss asked about capital allocation priorities, including stock buybacks and M&A, now that leverage has reached the 5.0x target. He also inquired about the attractive attributes of the Canadian market and requested a breakdown of colocation versus amendment activity.

    Answer

    CEO Steven Vondran confirmed that stock buybacks are an option under a $2 billion authorization and will be weighed against other value-creating opportunities. He described Canada as a synergistic market but stressed that any potential deal would require disciplined evaluation of terms and valuation. Vondran also noted that while colocation applications are increasing, amendment activity still constitutes the majority of the business.

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    Ric Prentiss's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership • Q4 2024

    Question

    Ric Prentiss of Raymond James asked about the expected yields on the $600 million in data center investments, the potential impact of AI on the tower business, and whether the M&A pipeline for tower portfolios is changing.

    Answer

    CEO Steven Vondran confirmed that all CoreSite development is underwritten at mid-teens stabilized yields. He believes AI will drive future tower demand as bandwidth-intensive applications like video AI become mobile, stressing networks. Regarding M&A, he stated there are no compelling large portfolios on the horizon and any deal must be strategically accretive and offer better returns than a share buyback. CFO Rod Smith added that strong data center demand is driving a record backlog of over $80 million, supporting sustained growth.

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    Ric Prentiss's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership • Q3 2024

    Question

    Ric Prentiss inquired about the directional outlook for 2025 new lease activity in North America and sought a detailed explanation of the adjusted attributable AFFO (AAAFFO) calculation following the India sale, including its implications for future growth.

    Answer

    Steven Vondran, President and CEO, projected a mid-4% U.S. growth rate for 2025, noting it would be a low point due to the final Sprint churn tranche before rebounding. Rod Smith, EVP, CFO and Treasurer, confirmed 2024 new business levels and provided a step-by-step breakdown of the AFFO adjustments, establishing the $9.95 as-adjusted per share figure as the correct baseline for 2025. He added that future growth is expected to be in the mid-single-digits, with potential to reach high-single digits.

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    Ric Prentiss's questions to Iridium Communications (IRDM) leadership

    Ric Prentiss's questions to Iridium Communications (IRDM) leadership • Q2 2025

    Question

    Ric Prentiss of Raymond James Financial inquired about the drivers behind the reduced service revenue guidance, specifically asking when the maritime broadband ARPU might stabilize and if the impact would persist into 2026. He also asked for details on the PNT revenue timing slip and the status of the Aireon opportunity with the FAA.

    Answer

    CEO Matthew Desch explained that the maritime broadband transition to a companion service is happening faster than expected and will extend into 2026, but noted broadband is less than 10% of the business and growth will be driven by PNT, D2D, and IoT. He stated the PNT revenue slip was small and the opportunity remains large but in early stages. Regarding the FAA, he noted initial funding is for replacing old infrastructure, with Aireon's services being a longer-term opportunity. CFO Vincent O’Neill added that the H2 2025 broadband revenue trend would be similar to H1.

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    Ric Prentiss's questions to Iridium Communications (IRDM) leadership • Q1 2025

    Question

    Ric Prentiss from Raymond James asked about the potential long-term impact of tariffs on subscriber growth and service revenue, the reason for the decline in government subscribers, and the expected timing and revenue line impact of the Iridium NTN Direct-to-Device service.

    Answer

    CEO Matt Desch stated it's too early to determine the long-term impact of tariffs on demand but noted Iridium's historical resilience. He clarified the government subscriber decline was a cleanup activity unrelated to USAID cuts, which were reflected in commercial voice and data. He also explained that Direct-to-Device (D2D) revenue, expected to start in 2026, will primarily benefit the IoT segment, initially through roaming revenues from cellular devices with Release 19 chipsets.

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    Ric Prentiss's questions to Iridium Communications (IRDM) leadership • Q4 2024

    Question

    Ric Prentiss of Raymond James asked for clarification on a recent news story about a security vulnerability in the government network. He also inquired about which market segments Iridium's D2D solution will target, whether satellite will replace wireless, and if further M&A is needed to reach the 2030 revenue target.

    Answer

    CEO Matt Desch dismissed the security story as old news, stating that government traffic is encrypted by partners. He positioned Iridium's D2D service as a complementary global solution for roaming. He firmly stated satellite will not replace terrestrial wireless. On M&A, he indicated that while the company is open to opportunities, the goal is to hit the 2030 revenue target organically.

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    Ric Prentiss's questions to Iridium Communications (IRDM) leadership • Q3 2024

    Question

    Ric Prentiss asked about the rationale for the updated EBITDA guidance, spending on the direct-to-device initiative, and clarification on service revenue growth commentary. He also requested an elaboration on the competitive landscape, particularly concerning Starlink and other direct-to-device solutions.

    Answer

    CEO Matt Desch clarified that the 'high end of guidance' comment referred to EBITDA, not service revenue, and noted that the direct-to-device project (Iridium NTN Direct) is progressing faster than expected. Desch emphasized Iridium's unique position as a truly global, highly reliable service provider, contrasting it with what he described as regional solutions. He highlighted a significant increase in Iridium's service usage during recent hurricanes as evidence of its critical role, which he believes will continue despite new market entrants.

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    Ric Prentiss's questions to CROWN CASTLE (CCI) leadership

    Ric Prentiss's questions to CROWN CASTLE (CCI) leadership • Q2 2025

    Question

    Ric Prentiss from Raymond James asked for details on the achievement of shorter cycle times, the regulatory status of the fiber and small cell sale (including any FCC involvement), and an update on the board's search for a permanent CEO.

    Answer

    Interim President and CEO Daniel Schlanger explained that shorter cycle times are the result of many marginal process improvements that add up, contributing to higher leasing. On the deal's progress, he confirmed engagement with the DOJ but could not comment further on regulatory matters. He also stated the board is actively searching for a permanent CEO and is not waiting for the deal to close, emphasizing that any candidate must align with the company's tower-only strategy.

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    Ric Prentiss's questions to CROWN CASTLE (CCI) leadership • Q1 2025

    Question

    Ric Prentiss asked CFO Sunit Patel about his motivation for moving from the board to the CFO role. He also asked about the primary challenges in completing the fiber sale and the expected pacing of new leasing activity in 2025.

    Answer

    CFO Sunit Patel cited his excitement for the tower business, the quality of the team, and the opportunity to drive efficiency as a focused company. Interim CEO Daniel Schlanger explained the fiber sale timeline is driven by time-consuming state and federal regulatory approvals, not specific difficulties. He added that Q1 leasing activity was consistent with Q4 and the full-year outlook, and the company would update guidance later in the year if strong performance continues.

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    Ric Prentiss's questions to CROWN CASTLE (CCI) leadership • Q4 2024

    Question

    Ric Prentiss asked if Crown Castle considered retaining the small cell business, about the transaction structure, and whether rating agencies had affirmed the new leverage target.

    Answer

    CEO Steven Moskowitz explained the board decided monetizing the small cell business was the best path to maximize value for the core tower business. He confirmed it is a single transaction with two buyers, subject to regulatory approvals. He also stated that preliminary discussions with rating agencies support the belief that a 6.0-6.5x leverage target is consistent with an investment-grade rating for the pure-play tower company.

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    Ric Prentiss's questions to CROWN CASTLE (CCI) leadership • Q3 2024

    Question

    Ric Prentiss asked for clarification on the 7,000 small cell node cancellations, specifically why carriers agreed to them, and inquired about the key factors or 'long poles' delaying the conclusion of the ongoing strategic review.

    Answer

    CFO Dan Schlanger explained the node cancellations were mutual agreements driven by unexpectedly high build costs and permitting delays, which impacted both Crown Castle's and its customers' economics, confirming no termination fees were paid. CEO Steven Moskowitz stated the strategic review is a complex process influenced by the operational review's findings, changing economic conditions, and a revised capital strategy, all aimed at maximizing long-term shareholder value.

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    Ric Prentiss's questions to Paramount Global (PARA) leadership

    Ric Prentiss's questions to Paramount Global (PARA) leadership • Q1 2025

    Question

    Ric Prentiss of Raymond James asked for management's perspective on potential streaming industry consolidation, including bundling, joint ventures, and M&A. He inquired about the pros and cons of these combinations and Paramount's interest in participating.

    Answer

    Co-CEO Chris McCarthy expressed satisfaction with Paramount's current momentum, citing nearly 80 million global subs and the path to domestic profitability. While open to opportunistic partnerships, he emphasized that Paramount is a fan of bundles that target incremental audiences, referencing the successful Walmart partnership. He stated the company will continue to evaluate all options that could accelerate its plans and drive value.

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    Ric Prentiss's questions to Paramount Global (PARA) leadership • Q1 2025

    Question

    Ric Prentiss asked for Paramount's perspective on the pros and cons of participating in potential streaming bundles, joint ventures, or M&A, versus maintaining the current standalone strategy.

    Answer

    Co-CEO Chris McCarthy expressed satisfaction with Paramount's current momentum, citing nearly 80 million global subscribers and a clear path to domestic profitability. While open to opportunistic partnerships, he emphasized that Paramount is a fan of bundles that target incremental audiences, referencing the successful Walmart partnership as a model. He stated they will continue to evaluate all options that can accelerate their plans and drive value.

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    Ric Prentiss's questions to Warner Bros. Discovery (WBD) leadership

    Ric Prentiss's questions to Warner Bros. Discovery (WBD) leadership • Q1 2025

    Question

    Ric Prentiss asked for a ranking of the long-term growth drivers for the streaming business (subscribers, ARPU, costs) and for insights into the timeline and strategy for the Studios segment to achieve its $3 billion EBITDA target.

    Answer

    CEO & President, Global Streaming and Games, JB Perrette listed multiple key streaming drivers: globalization, penetration growth via the ad-lite tier, ARPU growth from ads and password sharing initiatives, a strong content slate, and product enhancements. President & CEO David Zaslav highlighted bundling as a key strategic lever. CFO Gunnar Wiedenfels noted the path to $3B in Studio EBITDA involves growth across TV, film, and games, supported by better franchise management.

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    Ric Prentiss's questions to Gogo (GOGO) leadership

    Ric Prentiss's questions to Gogo (GOGO) leadership • Q4 2024

    Question

    Ric Prentiss of Raymond James inquired about Gogo's competitive positioning against Starlink, the potential for international pushback against competitors, the timeline for new long-term financial targets, and the impact of direct-to-device satellite technology.

    Answer

    CEO Chris Moore stated that Gogo's multi-orbit (LEO/GEO) capability provides a key advantage over single-network competitors like Starlink, especially for global coverage and military applications. He noted direct-to-device is not a threat to Gogo's broadband services. Executive Chairman Oakleigh Thorne highlighted Gogo's upgradable AVANCE platform and superior customer support as differentiators. CFO Zach Cotner added that new long-term financial targets would be released within 4-6 weeks, either on the Q1 call or at a dedicated Investor Day.

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    Ric Prentiss's questions to Gogo (GOGO) leadership • Q3 2024

    Question

    Ric Prentiss of Raymond James asked about the expected closing timeline for the Satcom Direct acquisition, the rationale for the combined company's long-term revenue growth guidance being lower (10%) than Gogo's standalone target (15-17%), the reasons for the revised deal financing structure, and the future availability of Satcom Direct's historical financial data.

    Answer

    Chairman and CEO Oakleigh Thorne stated they aim to close the acquisition by early December, pending regulatory approvals. He clarified that Gogo's standalone growth outlook remains 15-17%, and the combined 10% figure reflects a cautious initial view of the GEO business, with updated guidance to follow post-closing. EVP and CFO Jessica Betjemann explained the financing was adjusted to use more cash and less debt due to market pressure, partly from the United/Starlink news, which made debt more expensive. She confirmed historical Satcom Direct financials will be released per SEC requirements after the deal closes.

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