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Kristina Bothfeld, VP of Finance & CFO at TDS Telecom, stated they still target year-over-year growth in fiber net additions, which will ramp with address delivery in H2 2025. She also affirmed confidence in their expansion markets' competitive positioning. Douglas Chambers, Interim President & CEO of Array, explained that with build-out deadlines not until 2029, Array has time to be opportunistic in monetizing its C-band spectrum to maximize value.

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Vicki Villacrez, EVP & CFO at TDS, described the preferred stock as foundational capital for the future structure, with the immediate priority being the repayment of bank debt. Kristina Bothfeld, VP of Finance & CFO at TDS Telecom, stated the $100 million in cost savings will ramp by 2028 and that the small Colorado divestiture's impact is already in guidance. Regarding corporate structure, Villacrez noted that post-close, they will be two strong public companies and are focused on closing the deal before considering longer-term structural paths. Laurent Therivel, President & CEO of UScellular, added that the incremental cost of being public is minimal.

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Chris Bousfield, TDS Telecom CFO, stated that near-term investments in sales, construction, and transformation are designed to drive future growth, not necessarily a permanent cost burden. UScellular CEO Laurent Therivel added that while he is encouraged by potential FCC changes, the company's opportunistic approach to selling spectrum is driven by achieving fair value, not by waiting for regulatory shifts.

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Michelle Brukwicki, SVP of Finance & CFO of TDS Telecom, confirmed the divestitures mentioned were those previously disclosed. Laurent Therivel, President & CEO of UScellular, explained that the primary focus for the tower business is increasing colocation on existing assets but that they would consider acquisition opportunities if valuations are sensible. Vicki Villacrez, EVP & CFO of TDS, detailed that their MVNO is being launched via the NCTC cooperative, which partners with a national 5G player, and they are currently in customer trials.

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Kristina Bothfeld, VP of Finance & CFO at TDS Telecommunications, stated that the company still targets year-over-year improvement in fiber net additions, which are expected to accelerate in the second half of the year along with address delivery. She also noted that the competitive landscape in expansion markets remains favorable. Douglas Chambers, Interim President & CEO of Array, explained that because Array's C-band spectrum is highly desirable and has build deadlines not until 2029, the company has the flexibility to be opportunistic in its monetization strategy to maximize value amidst changing market supply.

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An executive from TDS Telecom explained that while near-term investments in sales, construction, and transformation are pressuring 2025 adjusted EBITDA, they are designed to drive future growth. Laurent Therivel, CEO of UScellular, stated that potential FCC spectrum cap changes are not the primary driver for monetizing their remaining C-band assets; the key factor is receiving a fair value offer that is above book and market value.

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President & CEO Mirko Bibic stated the immediate focus is on the organic build-out with Zipline and the PSP partnership, though they remain open to accretive M&A. He noted that while a bundled mobile service is a future possibility, Zipline is performing strongly without it. EVP & CFO Curtis Millen added that the Bell Business Markets (BBM) segment is experiencing low double-digit revenue growth.

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President & CEO Mirko Bibic stated the immediate focus is executing the build plan with Zipline and the PSP partnership, but they remain open to accretive M&A to reach their 8 million passings goal. On convergence, he emphasized that customers prioritize superior broadband, which Zipline provides, but BCE will be ready to offer a bundled service when the time is right.

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CEO Mirko Bibic stated the $1.75 dividend level was chosen by the Board to provide flexibility for deleveraging, growth investment, and shareholder returns. He expressed confidence in the U.S. fiber plan due to extensive due diligence and the partnership structure. CFO Curtis Millen clarified that net proceeds from the MLSE sale are part of the sources and uses for the Ziply acquisition, impacting the leverage calculation.

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Mirko Bibic, President and CEO, explained that the U.S. market structure differs from Canada's, as Ziply Fiber primarily competes with a single cable operator in its footprint, not integrated providers, making a wireless partnership not an immediate necessity. Regarding the macro environment, he highlighted continued strength in Internet net adds, multiproduct bundling, and premium wireless subscriber growth as key drivers, while noting that recent market price increases need to be sustained.

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CFO Curtis Millen stated that while they don't report quarterly progress on the savings, they expect to reach the full run-rate benefit by the end of Q4. CEO Mirko Bibic explained that strong prepaid growth is aligned with their premium postpaid strategy, as it establishes prepaid as the proper entry point for price-sensitive customers, who can then be migrated to higher-value postpaid plans over time.

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CEO & Chairman Mark Dankberg explained that D2D capacity is more efficiently increased by aggregating spectrum, which a shared model enables, rather than by increasing power, which is capital-intensive. This approach is more economical and mitigates interference. Regarding Ligado, he confirmed that the timeline is dependent on the court and that slippage is possible, with an update to follow the court's decision.

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Chairman and CEO Mark Dankberg stated the strategic review for the defense business is ongoing and that the company is still on track to ship the ViaSat-3 F2 satellite this summer, with the updated in-service date reflecting post-delivery uncertainties but not materially impacting the financial outlook. Chief Financial Officer Garrett Chase clarified that the ground network costs were previously disclosed and are not the driver for the updated EBITDA guidance.

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Chairman and CEO Mark Dankberg responded that for airlines, the primary focus has shifted from simply offering free service to monetization and differentiation, which Viasat supports with software and integration. He confirmed that a hybrid LEO-GEO solution is Viasat's strategy for aviation, as it combines LEO's low latency with GEO's superior capacity in high-demand areas like airports, creating a better overall passenger experience.

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CEO & President Julie Laulis explained that the decision to pilot mobile service was driven by a combination of factors, including improved wholesale economics, better mobile network reliability in their markets, and the maturity of enablement platforms, rather than being solely a competitive reaction. She stated that the company views convergence through a lens of profitability and enhancing the core broadband product. Regarding the go-to-market strategy, Laulis noted they expect to launch in pilot markets by year-end and will test various approaches to learn what works best.

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CEO Julia Laulis explained the Q1 churn was impacted by several small, nonrecurring events, including billing migration activities, the shutdown of unprofitable fixed wireless towers, and weather-related issues. She expressed confidence in future growth due to a disciplined strategic plan, successful trials of new products like FlexConnect and Lift, data from effective acquisition campaigns, a revamped new build process, and strong uptake of ancillary products like SecurePlus.

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CEO Julia Laulis stated that unlike peers, Cable One would have grown broadband units without the ACP wind-down and does not currently believe a mobile offering is necessary for growth. She emphasized the focus on organic growth through new tools and teams. CFO Todd Koetje added that their low churn makes a potentially low-margin mobile product less critical, and focusing on the core data product is more accretive. Regarding 2025 ARPU, Laulis indicated a balanced approach, using various levers to achieve overall broadband revenue growth rather than committing to stable ARPU.

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President and CEO Julia Laulis clarified that the billing system freeze was a temporary operational necessity that limited marketing flexibility for about 20% of customers but had no other major impact. She stated that the pay-as-you-go pilot is not currently ARPU dilutive, as early adopters have an average ARPU higher than the entry-level price. Regarding strategy, Laulis affirmed that Cable One's expertise in its specific market types makes it a natural aggregator, though the future remains dynamic.

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EVP & CFO Chris Stansbury clarified that the RDOF giveback was not in the original guidance. He explained that future tax benefits will decline for positive reasons: lower CapEx post-divestiture and reduced interest expense from deleveraging. He maintained the 2026 EBITDA inflection outlook but noted the strong 2025 performance makes calling the exact timing more difficult.

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CFO Christopher Stansbury clarified that while Lumen does not provide specific revenue guidance, 2025 trends are expected to be similar to 2024, influenced by planned service disconnects. He anticipates improvement in 2026 as PCF revenue begins to ramp, projecting overall revenue growth in the 2028-2029 timeframe based on current product growth rates. He noted that public sector growth in 2025 is difficult to predict due to the first-half disconnects.

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EVP and CFO Chris Stansbury confirmed the incremental PCF deals are very similar in structure, margins, and cash flow timing to the initial $5 billion. Regarding EBITDA, Stansbury explained the expected Q4 improvement is due to typical seasonality, such as lower summer construction and energy costs, as well as intentional investments made in Q3 to accelerate the company's $1 billion cost-out program.

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CFO Jessica Fischer confirmed the $45 million item largely fell to the bottom line and reiterated the full-year EBITDA growth outlook. She maintained prior guidance for cost lines, with cost-to-serve expected to be flat to slightly down for the year. President & CEO Chris Winfrey added that long-term cost-to-serve remains a significant opportunity driven by AI tools and employee tenure.

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CFO Jessica Fischer projected 2025 EBITDA growth driven by mobile, new pricing benefits, and cost efficiencies. She expects programming and cost-to-serve expenses to be flat to slightly down, while sales and marketing may see low-to-mid-single-digit growth. President and CEO Chris Winfrey added that favorable tax changes (bonus depreciation, interest deductibility) would make certain capital projects more attractive, potentially boosting investment in initiatives beneficial to customers and communities.

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Chairman & CEO Hans Vestberg stated that strong gross additions were driven by sales execution and product resonance, with the impact from free line offers being insignificant. He also confirmed the Frontier deal remains on track for a Q1 2026 close. EVP & CFO Tony Skiadas addressed prepaid, noting that after four straight quarters of growth, prepaid is expected to positively contribute to service revenue growth in the second half of 2025. He also stated that prepaid-to-postpaid migration is not a significant factor.

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CEO Hans Vestberg stated that the current focus is on closing the Frontier acquisition and ramping up its internal fiber build as planned. CFO Tony Skiadas explained that Q1's strong EBITDA was a result of disciplined spending ahead of the April product launch, not an artificial dip, and expressed confidence in the full-year growth outlook. Consumer Group CEO Sowmyanarayan Sampath highlighted that the vast majority of the 339,000 broadband net adds were converged customers, validating the strategy.

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CFO Tony Skiadas stated the reclassification has an insignificant impact on the overall growth rate. CEO Hans Vestberg and Consumer Group CEO Sowmyanarayan Sampath projected continued broadband strength, targeting 350,000 to 400,000 net adds per quarter across FWA and Fios, supported by the scaling MDU solution and Fios expansion. They noted the value proposition is resonating well with customers.

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CEO Bob Pittman attributed podcasting success to having popular content and noted that consumers primarily want to listen to podcasts, viewing video versions as a separate medium. He also highlighted the promotional power of broadcast radio. CFO Rich Bressler added that the strategy of avoiding paywalls, leveraging a 1,000-person sales force, and utilizing advanced ad tech are key drivers. On deregulation, Bressler stated it would not affect their strategy as they already reach over 90% of the U.S. population.

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CEO Hamid Akhavan and COO John Swieringa explained that wireless economics will improve by migrating more customers onto their own network, which has lower costs, and by developing more efficient distribution channels. Regarding LEO, Hamid Akhavan confirmed it is a major strategic priority focused on global direct-to-device services, but announcements will be made when there is more substance to report. He also clarified that future LEO assets would likely be held at the EchoStar parent level, not within the Hughes segment.

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CFO Zachary Cotner explained the guidance reflects caution around factors like ATG unit trends and potential pressure on GEO ARPU. CEO Christopher Moore affirmed the ATG decline was maintenance-related, citing market intelligence and strong 5G pre-provisioning. Moore also noted that GEO is performing well, benefiting from OEM line-fits, and that the new Galileo LEO service can serve as both a GEO replacement and a complementary offering for customers seeking multi-orbit solutions.

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Executive Chairman Oakleigh Thorne expressed confidence in the 5G timeline, noting the chip fabrication is the last critical step. CFO Zach Cotner confirmed that the company will exceed its synergy target, with $27 million in run-rate savings already achieved, primarily from labor. He stated that deleveraging is the current priority for capital allocation, with shareholder returns to be re-evaluated once leverage is within the target range, which he expects to be by year-end.

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EVP and CFO Jessica Betjemann explained that the 2025 free cash flow outlook is affected by increased interest expense from acquisition debt, lower margins on higher equipment sales due to competitive pricing, and timing shifts in both FCC reimbursements and strategic spending. Chairman and CEO Oakleigh Thorne clarified the Satcom Direct acquisition is primarily a strategic move to accelerate Gogo's LEO product growth by leveraging Satcom's distribution channels to its 1,300 GEO customers and into the MilGov market, rather than a simple GEO business acquisition.

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CFO Thomas Barry stated that while cost savings are on track, the guidance accounts for many moving pieces and the company is comfortable with the current outlook. CEO Jennifer Witz added that the guidance was designed to be solid, noting potential for reinvestment of savings later in the year. She confirmed that Q1 streaming net adds were negative but were offset by better performance in the core in-car business, keeping the company on track for its full-year subscriber goals.

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CEO David Schaeffer stated that wavelength provisioning times have improved dramatically to 30 days, with a goal of reaching two weeks. He anticipates ramping up to 500 installs per month after grooming the existing backlog. Schaeffer noted that major CapEx for the wave footprint is complete, with elevated near-term spending focused on data center conversions, not wave expansion. Sales force investment is centered on training rather than extraordinary expense.

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CEO Dennis Mathew stated that some Q4 costs were one-time investments related to their Phase II transformation plan. CFO Marc Sirota added that normalized full-year EBITDA was down 4.4% and Q4 was down 5%, excluding one-time items like storm-related costs and transformation consulting fees. Sirota expressed confidence that the EBITDA trajectory will continue to improve into 2025, with Dennis Mathew adding that they expect EBITDA to stabilize in '25.

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Executive Dennis Mathew stated that the immediate focus is driving penetration and migrations on the existing 3 million fiber passings, noting that migrations drove 70% of recent fiber net adds. Future capital will balance penetration with new builds in high-growth areas. Regarding M&A, he gave a standard response that the company is open to value-accretive deals but is currently focused on executing its operational plan. Executive Marc Sirota added that recent industry activity reinforces the high value of their fiber assets.

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President and CEO Darren Entwistle provided a detailed 'recipe' for deleveraging, including EBITDA growth, reducing CapEx intensity to ~10%, real estate monetization (targeting ~$3B), copper recycling (~$0.5B net), bringing partners into Health and Agriculture, and divesting non-core assets. He stated fiber monetization is a 'no,' while tower monetization is a 'maybe.' CFO Doug French added that real estate monetization would see a lump sum payment in approximately two years.

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CFO Scott Beasley clarified that Q3 ARPU is expected to be roughly flat sequentially in dollar terms (but still up YoY) before picking up in Q4. Regarding EBITDA, he highlighted that the raised guidance implies 5% growth in the second half, consistent with the first half. He acknowledged headwinds like seasonal Q3 energy costs but expressed confidence in the company's momentum.

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CFO Scott Beasley affirmed the expectation for continued year-over-year revenue growth for the full year 2024, with Q2 net adds projected to be up significantly YoY despite some headwinds. CEO Nick Jeffery added that Frontier's scale provides a competitive advantage and stated that the cyber incident is not expected to have a material financial impact.

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