reports
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Vikash Harlalka
BEAD: Funding wins and investments by operator
In this note on BEAD, we summarize the funding wins so far for each operator along with the matching investment they are expected to make based on the cost estimates of each state. Based on the state estimates, they are contributing 63% of the estimated build costs and the operators are expected to invest 37% of the cost. The share of investments needed varies depending on the operator, and in some cases may be lower than estimated.
- Pierre FerraguÊ
Bible 2Q25 – Telecom Infrastructure: Fixed and semis recover; mobile s...
Today, we are publishing the Telecom Infrastructure section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Hyperscale & Cloud, PCs, Enterprise IT, Foundry and Semicap Equipment. Fixed equipment revenues are rebounding from the inventory correction, ...
Verizon boosts shareholder payout, marking 19th consecutive year of di...
Verizon boosts shareholder payout, marking 19th consecutive year of dividend growth NEW YORK, Sept. 05, 2025 (GLOBE NEWSWIRE) -- The Board of Directors at Verizon Communications Inc. (NYSE, Nasdaq: VZ) today declared a quarterly dividend of 69 cents per outstanding share, an increase of 1.25 cents per share from the previous quarter. The quarterly dividend is payable on November 3, 2025 to Verizon shareholders of record at the close of business on October 10, 2025. This 19th consecutive annual increase is a direct result of the company's disciplined financial management and unwavering ...
Verizon to speak at Goldman Sachs Communacopia Sept. 8
Verizon to speak at Goldman Sachs Communacopia Sept. 8 NEW YORK, Sept. 04, 2025 (GLOBE NEWSWIRE) -- Hans Vestberg, Chairman and CEO of Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the Goldman Sachs Communacopia + Technology Conference on Monday, September 8, at 11:50 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, . Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security....
- Vikash Harlalka
BEAD: NTIA Deadline is here
Today is the deadline for all states to submit their final proposals. We now include proposals from 32 states in this latest update on BEAD. Fiber’s share of locations has nearly stabilized with small share shifts in either direction with each update (fiber’s share declined slightly after this update). Satellite and FWA together account for a third of the locations awarded.
- Philip Burnett
EchoStar Spectrum Sales: Implications for Industry FWA Capacity
In the wake of EchoStar selling spectrum to AT&T, we have updated our FWA capacity model on the assumption that all of the company’s spectrum eventually ends up with the big three carriers. We now expect the industry to have capacity for almost 22MM residential FWA subscribers, up from 19.5MM before.
- Blair Levin
SATS Spectrum Deals Raise Hopes for DBS Deal
With the announcement of SATS’ deal with T and prospects for further spectrum sales, investors are once again hopeful that the long-anticipated merger of the DBS companies can happen. In this note, we update our thoughts on the government review of that deal if it happens.
$22 Million Relief: Verizon Launches Bold Initiative for Veterans
$22 Million Relief: Verizon Launches Bold Initiative for Veterans CHICAGO, Sept. 03, 2025 (GLOBE NEWSWIRE) -- Verizon is elevating its commitment to support military veterans by committing $22 million in debt relief through 2026 through its continued partnership with ForgiveCo. The partnership has already erased $8.79 million in medical debt for over 6,000 veterans throughout the Great Lakes market. This initiative targets the crushing weight of debt—a significant burden that disproportionately affects veterans transitioning to civilian life and seeking care. By removing this burden, t...
- Vikash Harlalka
BEAD: Half-time report
Our latest BEAD update includes proposals from 25 states. Fiber remains the preferred technology with its share improving slightly from our last update. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
- Blair Levin
Verizon to speak at Citi Global TMT Conference Sept. 4
Verizon to speak at Citi Global TMT Conference Sept. 4 NEW YORK, Aug. 29, 2025 (GLOBE NEWSWIRE) -- Tony Skiadas, executive vice president and chief financial officer of Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the Citi 2025 Global TMT Conference on Thursday, September 4, at 8:50 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, . Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivi...
- Vikash Harlalka
BEAD: More state proposals; Fiber share nearly stable
24 states have now reported their BEAD proposals. Fiber remains the preferred technology, and their share of locations slipped only slightly in this latest round of updates. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
- Blair Levin
SATS, The DOJ, and Further Policy Considerations
The deal between SATS and T has raised numerous policy related questions. In this note, we expand our policy analysis to address the questions we have most often received this week and clear up some misconceptions we have noticed about how policy process will proceed from here on out.
Verizon to speak at BofA Securities Media, Communications & Entertainm...
Verizon to speak at BofA Securities Media, Communications & Entertainment Conference Sept. 3 NEW YORK, Aug. 28, 2025 (GLOBE NEWSWIRE) -- Sowmyanarayan Sampath, Executive Vice President for Verizon (NYSE, Nasdaq: VZ) and CEO for Verizon Consumer, is scheduled to speak at the BofA Securities 2025 Media, Communications & Entertainment Conference on Wednesday, September 3, at 8:00 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, . Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customer...
- Vikash Harlalka
BEAD: Fiber slips further; FWA gains some ground
Georgia, New Mexico and Oklahoma have reported their BEAD proposals. We are also including the numbers released by Washington yesterday. While fiber remains the dominant technology, its share slipped further. FWA and satellite increased their share of locations. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Philip Burnett
The EchoStar Deal: Impacts to AT&T
We covered our first reaction to the deal before the AT&T call this morning. Blair covered the policy implications here. In this note, we follow up with a detailed analysis of the impact to AT&T. While the deal is very modestly accretive to AT&T free cash flow over time, it reduces share repurchases beyond 2027 and is therefore a touch dilutive to long-run free cash flow per share. The small decline seen by T equity today is generally in line with the reduction in value from lower free cash flow...
- Vikash Harlalka
BEAD: More state proposals; Fiber still dominant but Satellite gaining...
We now have BEAD proposals from 12 states. While fiber still remains the dominant technology, its share of locations has decreased as Satellite gains more ground. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies.
- Philip Burnett
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