LATEST COMPANY NEWS. - Free Online Library (2024)

Link/Page Citation

RCR Wireless News - Verizon bets on C-Band to handle the Preakness surge - 17/5/2024

Last year's race saw 53.3 million connections in a 12-hour period, according to Verizon Associate Director of Network Operation

For the complete story, see:

https://www.rcrwireless.com/20240517/venues/verizon-bets-on-c-band-to-handle-the-preakness-surge

SDxCentral - AT&T puts ring on AST SpaceMobile's satellite service - 17/5/2024

AT&T put a ring on its work with AST SpaceMobile, announcing official plans to provide a satellite-based broadband network connection to AT&T smartphones.

For the complete story, see:

https://www.sdxcentral.com/articles/news/att-puts-ring-on-ast-spacemobiles-satellite-service/2024/05/

LightWave Online - Windstream Wholesale establishes alliance with Mid-Atlantic Broadband, Tilson Infrastructure and SummitIG - 14/5/2024

W indstream Wholesale (WW) has made two moves to enhance its network expansion strategy and simplify customers' purchases of dark fiber and wholesale connectivity services.

For the complete story, see:

https://www.lightwaveonline.com/home/article/55039722/windstream-wholesale-establishes-alliance-with-mid-atlantic-broadband-tilson-infrastructure-and-summitig

Other Stories

Seeking Alpha - AT&T's New Game Plan Delivers Excellent 5G & Fiber Convergence (NYSE:T) - 11/5/2024

Business Wire - Windstream Named VETS Indexes 5 Star Employer for Fourth Consecutive Year - 10/5/2024

Reuters - T-Mobile, Verizon in talks to buy parts of US Cellular, WSJ reports - 9/5/2024

PCWorld - Comcast's new NOW prepaid Internet looks surprisingly compelling - 9/5/2024

SDxCentral - AT&T turbocharges 5G access, but it's not network slicing - 4/5/2024

Media Releases

AT&T - Southeast Texas Storms - 18/5/2024

Latest Research

Methodology to Quantitatively Assess Impacts of 5G Telecommunications Cybersecurity Risk Scenarios on Dependent Connected Urban Transportation Systems - By Paola Vargas and Iris Tien.

Industry Overview

United States Telecommunication Industry

Overviews of Leading Companies

AT&T Inc (NYSE: T)

Comcast Corporation (NASDAQ: CMCSA)

Liberty Global plc (NASDAQ: LBTYA, LBTYA, LBTYK)

L3Harris Technologies, Inc. (NYSE: LHX)

Lumen Technologies Inc (NYSE: LUMN)

Qualcomm Incorporated (NASDAQ: QCOM)

United States Cellular Corporation (NYSE: USM)

Verizon Communications Inc. (NYSE: VZ)

Windstream Holdings, Inc., (OTCMKTS: WINMQ)

Associate: Donny Stanley

News and Commentary

RCR Wireless News - Verizon bets on C-Band to handle the Preakness surge - 17/5/2024

Last year's race saw 53.3 million connections in a 12-hour period, according to Verizon Associate Director of Network Operation

For the complete story, see:

https://www.rcrwireless.com/20240517/venues/verizon-bets-on-c-band-to-handle-the-preakness-surge

SDxCentral - AT&T puts ring on AST SpaceMobile's satellite service - 17/5/2024

AT&T put a ring on its work with AST SpaceMobile, announcing official plans to provide a satellite-based broadband network connection to AT&T smartphones.

For the complete story, see:

https://www.sdxcentral.com/articles/news/att-puts-ring-on-ast-spacemobiles-satellite-service/2024/05/

LightWave Online - Windstream Wholesale establishes alliance with Mid-Atlantic Broadband, Tilson Infrastructure and SummitIG - 14/5/2024

W indstream Wholesale (WW) has made two moves to enhance its network expansion strategy and simplify customers' purchases of dark fiber and wholesale connectivity services.

For the complete story, see:

https://www.lightwaveonline.com/home/article/55039722/windstream-wholesale-establishes-alliance-with-mid-atlantic-broadband-tilson-infrastructure-and-summitig

Seeking Alpha - AT&T's New Game Plan Delivers Excellent 5G & Fiber Convergence (NYSE:T) - 11/5/2024

AT&T dividend investment thesis remains strong with stable performance metrics, sustained growth investments, reiterated FY2024 FCF guidance,...

For the complete story, see:

https://seekingalpha.com/article/4691145-at-and-ampts-new-game-plan-delivers-excellent-5g-and-fiber-convergence

Business Wire - Windstream Named VETS Indexes 5 Star Employer for Fourth Consecutive Year - 10/5/2024

Windstream, a provider of advanced communications services, has been named a VETS Indexes 5 Star Employer as part of the 2024 VETS Indexes Employer Awards.

For the complete story, see:

https://www.businesswire.com/news/home/20240509949057/en/Windstream-Named-VETS-Indexes-5-Star-Employer-for-Fourth-Consecutive-Year

Reuters - T-Mobile, Verizon in talks to buy parts of US Cellular, WSJ reports - 9/5/2024

T-Mobile (TMUS.O), opens new tab and Verizon Communications (VZ.N), opens new tab are in talks to buy parts of United States Cellular (USM.N), opens new tab in separate transactions, the Wall Street Journal reported on Thursday.

For the complete story, see:

https://www.reuters.com/business/media-telecom/t-mobile-verizon-talks-buy-parts-us-cellular-wsj-reports-2024-05-09/

PCWorld - Comcast's new NOW prepaid Internet looks surprisingly compelling - 9/5/2024

Comcast, which has garnered a reputation for poor customer service, has a new prepaid unlimited broadband plan called NOW Internet that,...

For the complete story, see:

https://www.pcworld.com/article/2328611/comcasts-new-now-internet-looks-almost-like-something-youd-want.html

SDxCentral - AT&T turbocharges 5G access, but it's not network slicing - 4/5/2024

AT&T launched a "turbo" option for 5G users that promises a more consistent high-speed data experience - for a price - targeted initially at high-bandwidth mobile services but also hints at future network upgrades. It's also not network slicing and appears to toe the line against recently instituted government internet regulations.

For the complete story, see:

https://www.sdxcentral.com/articles/analysis/att-turbocharges-5g-access-but-its-not-network-slicing/2024/05/

Media Releases

AT&T - Southeast Texas Storms - 18/5/2024

As of this morning, our wireless network in Texas is operating at more than 99% of normal. We've made significant progress with our restoration efforts and continue to see improvements as commercial power is restored. Additionally, our wireless network in Louisiana and Mississippi is operating normally, at this time.

Our crews continue to navigate storm damage to deploy and refuel generators until commercial power is restored. We have additional generators in the region and are deploying them as needed.

The FirstNet team continues to support public safety and FirstNet subscribers with an on-air communications solution in Waller County. The FirstNet Response Operations Group (ROG) is prepared to deploy additional dedicated FirstNet network assets at the request of public safety to provide first responders with the dedicated connectivity they require to further support emergency communications. Public safety agencies have access to a fleet of 180+ dedicated mobile cell sites that link to FirstNet via satellite and do not rely on commercial power availability.

Our wireline restoration work continues and additional technicians are being dispatched. Customers in affected areas may still be experiencing home phone and internet service interruptions due to storm damage and commercial power outages.

As a reminder to our wireless customers in affected areas, we're waiving talk, text and data overage charges. This includes AT&T Postpaid & Prepaid customers with billing addresses in 302 zip codes from May 17, 2024, through May 26, 2024. Our priority is to keep our customers connected, and we know this need is even greater before, during and after any major storm event.

https://about.att.com/pages/disaster-recovery/2024/setx-storms

Latest Research

Methodology to Quantitatively Assess Impacts of 5G Telecommunications Cybersecurity Risk Scenarios on Dependent Connected Urban Transportation Systems.

Paola Vargas and Iris Tien.

Abstract

The fifth generation (5G) technology standard for cellular networks is currently being developed and is in the early stages of rollout across the United States. This upgrade from 4G LTE (long-term evolution) will not only have implications for the telecommunications network itself, but also on the many critical infrastructure systems that will use and depend on 5G for operations and functionality. Cellular vehicle-to-everything (C-V2X) technology utilizes 5G and has the potential to improve the safety and efficiency of the transportation system by allowing vehicles to communicate with one another and automating certain driving features. However, it is important to consider the risks that 5G brings, including cybersecurity risks, and how attacks through the 5G network can disrupt a traffic network that includes C-V2X technology. This paper presents a method to characterize the effects of several risk scenarios. Compared to prior qualitative risk assessments, outcomes include quantitative indicators measuring system safety and performance for analysis. The approach enables a more detailed and rigorous assessment of interdependent systems risks between the telecommunications and transportation networks than previously possible, particularly in the transition to 5G. A range of potential risk scenarios are assessed. The results show that cyberattacks that alter the behavior of vehicles cause delays across the entire network, cascading across the system and affecting more than just the vehicles directly targeted. The simulations show different levels of traffic delays and numbers of collisions for each risk scenario, indicating that the effects of a cyberattack can differ widely depending on the specifics of the attack. The simulation is easily adaptable to the location, C-V2X features, and risk scenarios of interest. Results provide information to formulate and prioritize risk mitigation strategies as the technology is developed to minimize the impacts of these attacks and system disruptions.

https://ascelibrary.org/doi/abs/10.1061/AJRUA6.0001220

The Industry

Latest Update: Years 2024

2024 Telecom Industry Outlook

Five key trends shaping the telecom landscape

This year's telecommunications outlook reveals a shifting landscape that may challenge communications service providers (CSPs) but could also present opportunities. Their strategies and investments today could determine their success-or failure-tomorrow.

The relentless demand for connectivity

While 2023 launched generative AI (Gen AI) into the world, 2024 is expected to see CSPs bringing the Gen AI proofs of concept they've been developing into the market. This will require them to better understand the costs and risks of data conditioning and governance, training foundational models, running inference at scale, and building guardrails to minimize errors and hallucinations. Many are already zeroing in on which kinds of data enable the best Gen AI use cases for their businesses. They will likely also look more closely at their data quality, security, and governance, and the implications of sharing it all with cloud providers.

Like all times of great change, there are risks and opportunities. CSPs have large cost burdens and larger responsibilities to deliver reliable connectivity and quality of service. In 2024, their investments could be challenged to pay off, and the businesses they once held dominion over will likely face strong competition from multiple quarters, especially in home broadband. Yet they may also have an opportunity to redefine their place in the connectivity ecosystem and strengthen their future position.

In our 2024 telecommunications industry outlook , we'll take a closer look at these major forces at play and five key trends expected to shape the industry in the year ahead:

CSPs are evaluating and experimenting to understand what it takes to implement generative AI: what the costs look like, what the return on investment is, where they can develop early use cases-and where they can't yet. As they work to operationalize their generative AI models, more opportunities are emerging, especially in customer care, customer service, and network performance.

In 2024, US consumers will enjoy far more options for broadband connectivity-more than double the amount previously available. The abundance of options reflects more competition among providers-and technologies-working to meet the evolving connectivity needs of consumers.

Cloud providers have been increasingly competing directly with CSPs since the pandemic and may be reaching a global tipping point in 2024 where some buyers of connectivity services could see cloud companies as possible alternatives to CSPs for multiple services, potentially eroding revenues and profits.

Although 5G networks are still being launched in some new geographies, and networks are being made denser, the bulk of CSP spending on 5G equipment seems to be behind us, and there are few signs that the trend will reverse. This has positive implications for CSPs that may have higher free cash flow as 5G build-out settles but has negative implications for the companies that make 5G wireless equipment.

Like many industries, telecom is already being affected by generative AI. CSPs are evaluating and experimenting to understand what it takes to implement generative AI: what the costs look like, what the return on investment is, where they can develop early use cases-and where they can't yet. As they work to operationalize their generative AI models, more opportunities are emerging, especially in customer care, customer service, and network performance.

Generative AI offers CSPs pathways to make sense of the unstructured data they have across different parts of the business. This can enable them to start breaking down data silos, for example, by bringing together customer care transcripts, network logs, and maintenance records. Providers may then better equip a customer service agent, field tech, or tower operator by delivering insights directly suggesting the best response or action. Such copilot relationships can potentially empower productivity across data-driven parts of the business.

To advance their generative AI strategies, CSPs will likely need to secure the right talent. This could mean competing against other industries that are often seen as more desirable and can offer higher salaries and stock-based compensation-or reskilling their own talent.

Strategic questions to consider:

How should CSPs prepare to implement generative AI? What is needed for data, training and inference, security, and talent?

When and where should a CSP build, buy, or rent capabilities? What ecosystem relationships are necessary, what are their costs, and how do they need to be secured to protect proprietary data?

Even if CSPs want to own their own generative AI hardware, prices are currently high and chips are hard to get. Does it make sense to wait until late 2024 or even 2025 before securing hardware?

What are the risks of moving too early or too late?

As telecoms move toward flatter work structures, generative AI can make that transition both more urgent and more complicated. It's a bit of a chicken-and-egg situation: Generative AI may make it easier to flatten work structures and reduce headcount in some mainly nontechnical areas, but telecoms need to attract the right kind of generative AI talent that may expect the workplace to already have become less hierarchical.

Across industries, workplaces have been shifting toward flatter organizational structures that give individual employees more power and autonomy. Although global telecom organizations may have lagged in this shift until now, they particularly need fewer silos and more cross-functional corporate structures. They also need more tools and technical processes, including Gen AI, to accommodate the growing technological requirements of the industry.

Existing IT and tech workers within telecom organizations can help drive the internal shift toward collaborative models across functions to solve complex problems, but telecoms also need to reorganize to attract more and different IT and tech talent, especially around Gen AI. Some organizations may need to bring in talent from outside of the industry, especially from the technology sector, who can help reshape teams to be more agile.

Strategic questions to consider:

As talent structures shift to make way for less-hierarchical, cross-functional models, how can CSPs empower their employees to take accountability for their growing roles within the business?

What resources can organizations adopt to upskill their employees to be ready for incoming technological developments?

What roles within organizations can be supplemented with generative AI technology? Which staff members can generative AI free up to focus on other areas of the business?

In 2024, US consumers will enjoy far more options for broadband connectivity. Some Americans could have nine or 10 possible services from a mix of terrestrial wireline, terrestrial wireless, and space-based wireless networks. Not all of those services are equally fast, but not all consumers need the highest speeds, and slower services such as fixed wireless access (FWA) and satellite may be enough.

Most US consumers now have more choices for how to obtain internet service, and historically underserved areas are seeing more funding to extend broadband coverage. According to the Federal Communications Commission, as of June 2021, almost 61% of households had a choice of three or more wireline providers. Adding to the options, satellite internet service now covers the entire United States (although with limited ability to support many users per square mile), and FWA is available to many consumers as well.

For CSPs, more connectivity solutions, more providers, and larger government mandates may add some uncertainty to the year ahead. But it may already be lowering the cost of connectivity for US households.

Strategic questions to consider:

What is the right strategy for attracting and retaining broadband customers in the face of increased competition? Can CSPs bundle additional services (such as mobile, home security, entertainment) to make their offerings more attractive, as is already done in Europe?

What are the implications for CSP strategy and business plans if downward pressure on prices intensifies?

As the broadband landscape continues to reshape, what kinds of new partnerships should CSPs consider?

How can CSPs optimally utilize government infrastructure funding?

The shape of enterprise connectivity has evolved, calling for more integration across provider ecosystems and yielding more connectivity offerings from cloud providers. Cloud providers have taken a stronger role in providing connectivity solutions that reinforce performance for their cloud offerings, drawing them into closer competition with CSPs. As some buyers of connectivity services could see cloud companies as possible alternatives to CSPs, 2024 may add more pressure on CSPs to further differentiate their offerings while reinforcing their strengths in the modern enterprise.

To support distributed businesses and functionality, many companies shifted their workloads to the cloud. High cloud rents-combined with the recent rise of hybrid workers, remote access, and an array of endpoints-have led more companies to develop hybrid networks across multiple cloud regions and on-premise data centers. This may change their connectivity profile considerably, with implications for how CSPs can integrate with a more diverse ecosystem.

CSPs can help provide better and more connective tissue across these ecosystems and offer hyperscale cloud providers the opportunity to better integrate with CSP infrastructure. This may be an imperative for CSPs to help them replace legacy product revenues and margins with next-generation solutions of advice, integration, and management.

Strategic questions to consider:

How can CSPs drive growth as enterprise customers indicate demand for new cloud architectures? How can CSPs work with cloud providers and avoid being cut out of the process?

Is there a way to differentiate products with innovative ecosystem monetization models, rather than end-to-end ownership?

Are there new business models for how enterprise companies want to purchase connectivity?

What do they buy, and from whom, to enable this new network/compute architecture?

Although 5G networks are still being launched in some new geographies, and networks are being made denser with more towers and antennas, the bulk of CSP spending on 5G equipment seems to be behind us, and there are few signs that the trend will reverse. This has positive implications for CSPs that may have higher free cash flow as 5G build-out settles but has negative implications for the companies that make 5G wireless equipment. If annual revenues fall too far, the industry may see fewer vendors.

Since 1990, roughly once per decade, the global wireless industry has upgraded the entire ecosystem: 2G in 1992, 3G in 2001, 4G in 2010, and 5G in 2019. Each generational upgrade required mobile network operators (MNOs) to spend billions of dollars globally on radio access networks (RAN) and spectrum; it also requires the distribution of new phones to consumers to take advantage of the new technology and networks. The companies that make RAN gear (the original equipment manufacturers, or OEMs) and the companies that make phones saw their revenues and profits grow rapidly during the adoption phase of each upgrade cycle-and then flatten or decline until the next generational upgrade occurred.

In 2024, the industry will likely be in such an intergenerational trough. Smartphone sales fell 5% in 2023 to 1.16 billion units, the lowest in a decade. As we showed in our 2024 Global TMT Predictions , vendors of leading online applications are not expected to require any more bandwidth from users for at least the next two years. Meanwhile, RAN revenues peaked in 2021, were relatively flat in 2022, and, by the first half of 2023, were "declining at the fastest pace in seven years."

Strategic questions to consider:

Will we see further OEM consolidation? What implications would reduced vendor choice have for buyers of RAN gear? Will Open RAN technology help expand vendor choice? Will buyers of network gear increasingly select vendors based in part on their willingness to support Open RAN?

Given the lack of 5G monetization from MNOs, and few or no imminent "killer apps" for either consumers or enterprises that require higher speeds and lower latencies, is it possible that 5G Advanced gets pushed back, which could have a knock-on effect and push 6G back? What would that do in terms of lengthening the intergenerational spending trough?

Although we've focused on telecoms and OEMs, there is an entire ecosystem of companies that rely on a decadelong cadence of generational upgrades-smartphone makers, smartphone vendors, semiconductor companies, tower and construction players, and more. What impact does the current trough have on these, and what could an extended trough do?

Source: Deloitte

https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/telecommunications-industry-outlook.html

The Federal Communications Commission

The Federal Communications Commission regulates interstate and international communications by radio, television, wire, satellite and cable in all 50 states, the District of Columbia and U.S. territories. An independent U.S. government agency overseen by Congress, the commission is the United States' primary authority for communications law, regulation and technological innovation. In its work facing economic opportunities and challenges associated with rapidly evolving advances in global communications, the agency capitalizes on its competencies in:

Promoting competition, innovation and investment in broadband services and facilities

Supporting the nation's economy by ensuring an appropriate competitive framework for the unfolding of the communications revolution

Encouraging the highest and best use of spectrum domestically and internationally

Revising media regulations so that new technologies flourish alongside diversity and localism

Providing leadership in strengthening the defense of the nation's communications infrastructure

Source: The Federal Communications Commission

https://www.fcc.gov/about-fcc/what-we-do

The Trusted Industry Association for the Connected World.

The Telecommunications Industry Association (TIA) brings together communities of interest across -- Technology, Government Affairs, Standards, and Business Performance -- to enable high-speed networks and accelerate next-generation Information and Communications Technology (ICT) innovation.

With a global membership of more than 400 companies, TIA is at the center of a vibrant connected ecosystem of companies delivering technologies and services that are revolutionizing the way the world communicates. Our members include ICT manufacturers and suppliers, network operators and service providers, distributors and systems integrators.

Community is at the center of TIA, which convenes the industry's thought leaders and brightest minds, regardless of the size of their business, to solve common challenges, and develop new ideas and approaches that bring tangible value to companies by enhancing their bottom line.

TIA is the industry voice that leads the conversations and provides timely information and resources to help expand global investment and trade opportunities and encourage innovation throughout the entire value chain.

Built upon a values-based culture of accountability, teamwork, engagement, innovation, and being member-driven, TIA delivers results - driving scalable, repeatable, consistent processes that deliver outcomes and value for our members.

TIA is an Illinois not for profit corporation (501 (C) 6).

Source: TIA Online

https://tiaonline.org/about/

Overview of the International Trade Administration Support for Telecommunications

The International Trade Administration supports the competitiveness of the U.S. telecommunications industry by expanding market opportunities for U.S. companies through export promotion, trade policy development and enforcement, and promoting open and competitive markets for U.S. companies to compete. The International Trade Administration's support extends to devoting a Telecommunications Team in the U.S. Commercial Service to help prospective companies become export-ready. Our staff can assist with finding a qualified foreign partner, elevating your business needs overseas, and utilizing our resources within U.S. Embassies and Consulates to build your international presence. International support in the growing Telecommunications industry can be requested by individuals, firms and consortiums with 51% of U.S. content.

Global Markets and Trends

The global telecom services market will continue to expand with the advent of 5G wireless networks that enable new applications in sectors such as healthcare, manufacturing, and transportation. Cisco projects that by 2023, over 70% of the world will be connected to the internet by a mobile device, and there will be 14.7 billion machine-to-machine connections supporting applications like connected cars and smart home devices. The telecom services sector continues to experience consolidation as service providers merge vertically with each other and horizontally with media and entertainment companies, enabling them to market bundles of services to consumers.

International Trade Administration Resources

Our analysts and industry experts work to eliminate trade barriers and promote best regulatory practices that enable innovation and grow the U.S. economy through increased U.S. exports and foreign investment in the U.S. digital services sectors.

Source: International Trade Administration

https://www.trade.gov/telecommunications

Leading Companies

AT&T Inc. (NYSE: T)

AT&T help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (

NYSE:T

), please visit us at

about.att.com

. Investors can learn more at

investors.att.com

https://www.att.com/

AT&T - AT&T Delivers Strong First-Quarter Cash from Operations and Free Cash Flow Powered by 5G and Fiber Growth - 24/4/2024

Company's investment-led approach and connectivity momentum fuels Mobility service and broadband revenue growth

DALLAS, April 24, 2024 -

AT&T Inc.

(

NYSE: T

) reported first-quarter results that highlighted consistent 5G and fiber customer additions and showcased profitable growth driven by increased Mobility service and broadband revenues.

First-Quarter Consolidated Results

Revenues of $30.0 billion

Diluted EPS of $0.47; adjusted EPS* of $0.55

Operating income of $5.8 billion; adjusted operating income* of $6.0 billion

Net income of $3.8 billion; adjusted EBITDA* of $11.0 billion

Cash from operating activities of $7.5 billion, up $0.9 billion year over year

Capital expenditures of $3.8 billion; capital investment* of $4.6 billion

Free cash flow* of $3.1 billion, up $2.1 billion year over year

First-Quarter Highlights

349,000 postpaid phone net adds with an expected industry-leading postpaid phone churn of 0.72%

Mobility service revenues of $16.0 billion, up 3.3% year over year

252,000 AT&T Fiber net adds; 17 th consecutive quarter of 200,000+ net adds

Consumer broadband revenues of $2.7 billion, up 7.7% year over year

27.1 million consumer and business locations passed with fiber

"Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues," said John Stankey, AT&T CEO . "Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline. We're also delivering on our commitment to grow and improve the quality and cadence of free cash flow, which increased by more than $2 billion year over year. This consistent, solid performance driven by our investment-led strategy gives us confidence to re-affirm our full-year consolidated financial guidance."

2024 Outlook

For the full year, AT&T reiterates guidance of:

Wireless service revenue growth in the 3% range.

Broadband revenue growth of 7%+.

Adjusted EBITDA* growth in the 3% range.

Capital investment* in the $21-$22 billion range.

Free cash flow* in the $17-$18 billion range.

Adjusted EPS* in the $2.15-$2.25 range.

In 2025, the company expects to deliver Adjusted EPS* growth.

Consolidated Financial Results

Revenues for the first quarter totaled $30.0 billion versus $30.1 billion in the year-ago quarter, down 0.4%. This was due to declines in Mobility equipment revenues, driven mainly by lower sales volumes, and lower Business Wireline revenues. This was mostly offset by increased service revenues, driven by Mobility, Consumer Wireline, and Mexico. Revenue trends also include increases from favorable impacts of foreign exchange rates in Mexico.

Operating expenses were $24.2 billion, essentially stable with $24.1 billion in the year-ago quarter. Operating expenses increased primarily due to higher depreciation related to our continued fiber and 5G investment, accelerated depreciation on wireless network equipment due to Open RAN transformation and associated restructuring charges. This was largely offset by lower Mobility equipment costs from lower sales volumes and benefits from continued transformation.

Operating income was $5.8 billion versus $6.0 billion in the year-ago quarter. When adjusting for certain items, adjusted operating income* was $6.0 billion, essentially flat with the year-ago quarter.

Equity in net income of affiliates was $0.3 billion, primarily from the DIRECTV investment. With adjustment for our proportionate share of intangible amortization, adjusted equity in net income from the DIRECTV investment * was $0.6 billion.

Net income was $3.8 billion versus $4.5 billion in the year-ago quarter.

Net income attributable to common stock was $3.4 billion versus $4.2 billion in the year-ago quarter. Earnings per diluted common share was $0.47 versus $0.57 in the year-ago quarter. Adjusting for $0.08, which includes restructuring and non-cash impairments, our proportionate share of intangible amortization from the DIRECTV equity method investment, and other items, adjusted earnings per diluted common share* was $0.55 compared to $0.60 in the year-ago quarter.

Adjusted EBITDA was $11.0 billion versus $10.6 billion in the year-ago quarter.

Cash from operating activities was $7.5 billion, up $0.9 billion year over year, due to operational growth and timing of working capital, including higher receivable sales, partially offset by higher mobile device payments.

Capital expenditures were $3.8 billion in the quarter versus $4.3 billion in the year-ago quarter. Capital investment *, which includes $0.8 billion of cash payments for vendor financing, totaled $4.6 billion versus $6.4 billion in the year-ago quarter.

Free cash flow * was $3.1 billion for the quarter versus $1.0 billion in the year-ago quarter.

Total debt was $132.8 billion at the end of the first quarter, and net debt * was $128.7 billion. In the quarter, the company repaid $4.7 billion of long-term debt. The company continues to expect to achieve net debt-to-adjusted EBITDA * in the 2.5x range in the first half of 2025.

Segment and Business Unit Results

Communications segment revenues were $28.9 billion, down 1.0% year over year, with operating income essentially flat year over year.

Mobility grew service revenue 3.3% with record-low 1Q postpaid phone churn of 0.72% that contributed to postpaid phone net adds of 349,000 and year-over-year margin expansion .

Mobility revenues were up 0.1% year over year, driven by service revenue growth of 3.3% from subscriber and postpaid ARPU growth, offset by lower equipment revenues due to lower sales volumes. Operating expenses were down 1.3% year over year due to lower equipment expenses resulting from lower device sales, partially offset by higher depreciation expense due to our Open RAN deployment and network transformation. Operating income was $6.5 billion, up 3.1% year over year. EBITDA * was $9.0 billion, up $586 million year over year, reflecting service revenue growth. This was the company's highest first-quarter Mobility EBITDA*.

Business Wireline revenues and profitability declined year over year, driven by intensifying secular pressures on legacy voice and data services that were partially offset by growth in fiber and other advanced connectivity services .

Business Wireline revenues were down 7.8% year over year, primarily due to lower demand for legacy voice and data services as well as product simplification, partially offset by growth in connectivity services, and non-recurring equipment revenues. Operating expenses were down 2.1% year over year, due to lower personnel costs, and lower marketing and customer support expenses, partially offset by higher equipment costs. Operating income was $64 million, down 83.1% year over year, and EBITDA * was $1.4 billion, down $282 million.

Consumer Wireline achieved positive broadband net adds for the third consecutive quarter, driven by 252,000 AT&T Fiber net additions and the recent launch of AT&T Internet Air .

Consumer Wireline revenues were up 3.4% year over year, driven by growth in broadband revenues attributable to fiber revenues, which grew 19.5%, partially offset by declines in legacy voice and data services and other services. Operating expenses were down 0.3% year over year, largely driven by lower customer support costs that were offset by increased network-related costs and depreciation. Operating income was $213 million versus $94 million in the prior-year quarter, and EBITDA * was $1.1 billion, up $139 million year over year.

Latin America segment revenues were up 20.4% year over year, primarily due to favorable impacts of foreign exchange rates, higher equipment sales and subscriber growth. Operating expenses were up 16.1% due to unfavorable impact of foreign exchange and higher equipment costs attributable to subscriber growth. Operating income was $3 million compared to ($30) million in the year-ago quarter. EBITDA* was $180 million, up $35 million year over year.

* Further clarification and explanation of non-GAAP measures and reconciliations to their most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at

https://investors.att.com

1 Effective with our first-quarter 2024 reporting, we have removed connected devices from our total Mobility subscribers, consistent with industry standards and our key performance metrics. Connected devices include data-centric devices such as session-based tablets, monitoring devices and primarily wholesale automobile systems.

About AT&T

We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (

NYSE:T

), please visit us at

about.att.com

. Investors can learn more at

investors.att.com

https://about.att.com/story/2024/q1-earnings.html

Comcast Corporation (NASDAQ: CMCSA)

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peaco*ck, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences.

www.comcastcorporation.com

Comcast - Comcast Reports 1st Quarter 2024 Results - 25/4/2024

April 25, 2024 07:00 AM Eastern Daylight Time

PHILADELPHIA--(

BUSINESS WIRE

)--Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2024.

"Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace, " said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. " We delivered double-digit growth in Adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses, and maintaining our strong balance sheet. We grew broadband ARPU over 4%, delivered 7% revenue growth in our connectivity businesses, and expanded our Adjusted EBITDA margin across Connectivity & Platforms. In Studios, following a record year with eight Oscars including Best Picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4; and Peaco*ck remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am proud of our ability to consistently perform at the highest levels and continue to position the company for long-term growth. "

($ in millions, except per share data)

1st Quarter

Consolidated Results

2024

2023

Change

Revenue

$30,058

$29,691

1.2%

Net Income Attributable to Comcast

$3,857

$3,834

0.6%

Adjusted Net Income 1

$4,171

$3,877

7.6%

Adjusted EBITDA 2

$9,355

$9,415

(0.6%

)

Earnings per Share 3

$0.97

$0.91

6.5%

Adjusted Earnings per Share 1

$1.04

$0.92

13.9%

Net Cash Provided by Operating Activities

$7,848

$7,228

8.6%

Free Cash Flow 4

$4,538

$3,800

19.4%

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedule on Comcast's Investor Relations website at

www.cmcsa.com

1st Quarter 2024 Highlights:

Adjusted EPS increased 13.9% to $1.04; Generated Free Cash Flow of $4.5 Billion

Total Return of Capital to Shareholders Increased 13.5% to $3.6 Billion Through a Combination of $1.2 Billion in Dividend Payments and $2.4 Billion in Share Repurchases

Connectivity & Platforms Adjusted EBITDA Increased 1.5% to $8.2 Billion and Adjusted EBITDA Margin Increased 30 Basis Points to 40.5%. Excluding the Impact of Foreign Currency, Connectivity & Platforms Adjusted EBITDA Increased 1.3% and Adjusted EBITDA Margin Increased 50 Basis Points

Domestic Broadband Average Rate Per Customer Increased 4.2%, Driving Domestic Broadband Revenue Growth of 3.9% to $6.6 Billion

Domestic Wireless Customer Lines Increased 21% Compared to the Prior Year Period to 6.9 Million, Including Net Additions of 289,000 in the First Quarter

Kung Fu Panda 4 Debuted in March and Grossed Over $480 Million in Worldwide Box Office Year-to-Date, Contributing to the Panda Franchise's Cumulative Total of $2.3 Billion. Oppenheimer Won 7 Oscars at the Academy Awards, Began Streaming Exclusively on Peaco*ck Beginning in February and Was the Most Watched Pay 1 Movie in Peaco*ck's History

Peaco*ck Paid Subscribers Increased 55% Compared to the Prior Year Period to 34 Million, Including Net Additions of 3 Million in the First Quarter. Peaco*ck Revenue Increased 54% to $1.1 Billion; Adjusted EBITDA Improved Compared to the Prior Year Period and Also on a Sequential Basis

1st Quarter Consolidated Financial Results

Revenue increased 1.2% compared to the prior year period. Net Income Attributable to Comcast was consistent with the prior year period. Adjusted Net Income increased 7.6%. Adjusted EBITDA was consistent with the prior year period.

Earnings per Share (EPS) increased 6.5% to $0.97. Adjusted EPS increased 13.9% to $1.04.

Capital Expenditures decreased 1.3% to $2.6 billion. Connectivity & Platforms' capital expenditures decreased 3.8% to $1.9 billion, reflecting lower spending on customer premise equipment, scalable infrastructure and support capital, partially offset by higher investment in line extensions. Content & Experiences' capital expenditures increased 3.8% to $676 million, primarily driven by investment in Theme Parks, which continues to reflect significant spending due to the construction of Epic Universe theme park in Orlando, which is scheduled to open in 2025.

Net Cash Provided by Operating Activities was $7.8 billion. Free Cash Flow was $4.5 billion.

Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 56.0 million of its shares for $2.4 billion, resulting in a total return of capital to shareholders of $3.6 billion.

Connectivity & Platforms

($ in millions)

Constant Currency Change 5

1st Quarter

2024

2023

Change

Connectivity & Platforms Revenue

Residential Connectivity & Platforms

$17,868

$17,869

(0.8

Business Services Connectivity

2,407

2,283

5.4%

Total Connectivity & Platforms Revenue

$20,275

$20,153

0.6%

(0.1

Connectivity & Platforms Adjusted EBITDA

Residential Connectivity & Platforms

$6,852

$6,762

1.3%

1.1%

Business Services Connectivity

1,366

1,332

2.6%

Total Connectivity & Platforms Adjusted EBITDA

$8,218

$8,093

1.5%

1.3%

Connectivity & Platforms Adjusted EBITDA Margin

Residential Connectivity & Platforms

38.3%

37.8%

50 bps

60 bps

Business Services Connectivity

56.7%

58.3%

(160) bps

Total Connectivity & Platforms Adjusted EBITDA Margin

40.5%

40.2%

30 bps

50 bps

Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes.

Revenue for Connectivity & Platforms was consistent with the prior year period. Adjusted EBITDA increased due to growth in Residential Connectivity & Platforms Adjusted EBITDA and Business Services Connectivity Adjusted EBITDA. Adjusted EBITDA margin increased to 40.5%.

(in thousands)

Net Additions /

(Losses)

1st Quarter

1Q24

1Q23

2024

2023

Customer Relationships

Domestic Residential Connectivity & Platforms Customer Relationships

31,555

31,826

(94)

(34)

International Residential Connectivity & Platforms Customer Relationships

17,782

18,051

(65)

111

Business Services Connectivity Customer Relationships

2,634

2,630

(7)

Total Connectivity & Platforms Customer Relationships

51,971

52,507

(166)

Domestic Broadband

Residential Customers

29,693

29,815

(55)

Business Customers

2,495

2,508

(10)

Total Domestic Broadband Customers

32,188

32,324

(65)

Total Domestic Wireless Lines

6,877

5,668

289

355

Total Domestic Video Customers

13,618

15,528

(487)

(614)

Total Customer Relationships for Connectivity & Platforms decreased by 166,000 to 52.0 million, primarily reflecting decreases in Residential Connectivity & Platforms customer relationships. Total domestic broadband customer net losses were 65,000, total domestic wireless line net additions were 289,000 and total domestic video customer net losses were 487,000.

Residential Connectivity & Platforms

($ in millions)

Constant Currency Change 5

1st Quarter

2024

2023

Change

Revenue

Domestic Broadband

$6,591

$6,343

3.9%

Domestic Wireless

972

858

13.3%

International Connectivity

1,116

897

24.4%

19.4%

Total Residential Connectivity

8,679

8,099

7.2%

6.7%

Video

6,876

7,382

(6.9

(7.7

Advertising

951

907

4.9%

3.5%

Other

1,362

1,482

(8.1

(9.0

Total Revenue

$17,868

$17,869

(0.8

Operating Expenses

Programming

$4,405

$4,600

(4.2

(5.1

Non-Programming

6,611

6,508

1.6%

0.4%

Total Operating Expenses

$11,016

$11,108

(0.8

(1.9

Adjusted EBITDA

$6,852

$6,762

1.3%

1.1%

Adjusted EBITDA Margin

38.3%

37.8%

50 bps

60 bps

Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes.

Revenue for Residential Connectivity & Platforms was consistent with the prior year period, driven by increases in domestic broadband, international connectivity, domestic wireless and advertising revenue, offset by decreases in video and other revenue. Domestic broadband revenue increased due to higher average rates. International connectivity revenue increased due to an increase in broadband revenue from higher average rates and in wireless revenue, reflecting higher sales of wireless services and devices. These increases include the positive impact of foreign currency. Domestic wireless revenue increased due to an increase in the number of customer lines. Advertising revenue increased primarily due to higher domestic political advertising, higher revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic advertising. Video revenue decreased due to a decline in the number of video customers, partially offset by an overall increase in average rates and the positive impact of foreign currency. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.

Adjusted EBITDA for Residential Connectivity & Platforms increased due to lower operating expenses. Programming expenses decreased primarily due to a decline in the number of domestic video customers, partially offset by rate increases under our domestic programming contracts and the impact of foreign currency. Non-programming expenses increased primarily due to higher technical and support costs, the impact of foreign currency and increased direct product costs, partially offset by lower spending on marketing and promotion expenses. Adjusted EBITDA margin increased to 38.3%.

Business Services Connectivity

($ in millions)

Constant Currency Change 5

1st Quarter

2024

2023

Change

Revenue

$2,407

$2,283

5.4%

Operating Expenses

1,041

952

9.4%

Adjusted EBITDA

$1,366

$1,332

2.6%

Adjusted EBITDA Margin

56.7%

58.3%

(160) bps

Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes.

Revenue for Business Services Connectivity increased due to an increase in revenue from small business customers, driven by higher average rates, and an increase in revenue from medium-sized and enterprise customers.

Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in direct product costs, marketing and promotion expenses, and technical and support costs. Adjusted EBITDA margin decreased to 56.7%.

Content & Experiences

($ in millions)

1st Quarter

2024

2023

Change

Content & Experiences Revenue

Media

$6,371

$6,152

3.6%

Studios

2,743

2,956

(7.2

Theme Parks

1,979

1,949

1.5%

Headquarters & Other

(36.8

Eliminations

(731)

(817)

10.5%

Total Content & Experiences Revenue

$10,374

$10,259

1.1%

Content & Experiences Adjusted EBITDA

Media

$827

$880

(6.1

Studios

244

277

(12.2

Theme Parks

632

658

(3.9

Headquarters & Other

(243)

(232)

(4.8

Eliminations

36.9%

Total Content & Experiences Adjusted EBITDA

$1,493

$1,607

(7.1

Revenue for Content & Experiences increased compared to the prior year period driven by Media and Theme Parks. Adjusted EBITDA for Content & Experiences decreased primarily due to decreases in Media, Studios and Theme Parks.

Media

($ in millions)

1st Quarter

2024

2023

Change

Revenue

Domestic Advertising

$2,025

Domestic Distribution

2,906

2,709

7.2%

International Networks

1,021

1,008

1.3%

Other

420

410

2.5%

Total Revenue

$6,371

$6,152

3.6%

Operating Expenses

5,545

5,272

5.2%

Adjusted EBITDA

$827

$880

(6.1

Revenue for Media increased primarily due to higher domestic distribution revenue. Domestic distribution revenue increased primarily due to higher revenue at Peaco*ck, driven by an increase in paid subscribers. International networks revenue increased primarily reflecting the positive impact of foreign currency. Domestic advertising revenue was consistent primarily due to lower revenue at our networks, offset by an increase in revenue at Peaco*ck.

Adjusted EBITDA for Media decreased due to higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily due to higher programming costs at Peaco*ck. Media results include $1.1 billion of revenue and an Adjusted EBITDA 6 loss of $639 million related to Peaco*ck, compared to $685 million of revenue and an Adjusted EBITDA 6 loss of $704 million in the prior year period.

Studios

($ in millions)

1st Quarter

2024

2023

Change

Revenue

Content Licensing

$2,101

$2,344

(10.4

Theatrical

330

319

3.4%

Other

312

292

6.6%

Total Revenue

$2,743

$2,956

(7.2

Operating Expenses

2,499

2,678

(6.7

Adjusted EBITDA

$244

$277

(12.2

Revenue for Studios decreased due to lower content licensing revenue, primarily reflecting the timing of when content was made available by our film studios. Theatrical revenue increased due to the successful performance of recent releases, including Kung Fu Panda 4 and Migration , compared to theatrical releases in the prior year period, including Puss in Boots: The Last Wish and M3GAN .

Adjusted EBITDA for Studios decreased due to lower revenue, which more than offset lower operating expenses. The decrease in operating expenses primarily reflected lower programming and production expenses, mainly due to lower costs associated with the timing of when content was made available by our film studios.

Theme Parks

($ in millions)

1st Quarter

2024

2023

Change

Revenue

$1,979

$1,949

1.5%

Operating Expenses

1,347

1,291

4.3%

Adjusted EBITDA

$632

$658

(3.9%)

Revenue for Theme Parks increased due to higher revenue at our domestic theme parks. International theme parks revenue was consistent due to higher underlying revenue, offset by the negative impact of foreign currency.

Adjusted EBITDA for Theme Parks decreased, reflecting higher operating expenses and the negative impact of foreign currency, which more than offset higher revenue. The increase in operating expenses was primarily due to higher marketing and promotions costs.

Headquarters & Other

Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the first quarter was $243 million, compared to a loss of $232 million in the prior year period.

Eliminations

Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $731 million, compared to $817 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $33 million, compared to a benefit of $24 million in the prior year period.

Corporate, Other and Eliminations

($ in millions)

1st Quarter

2024

2023

Change

Corporate & Other

Revenue

$767

$707

8.6%

Operating Expenses

1,096

995

10.2%

Adjusted EBITDA

($329

)

($288

)

(14.2

Eliminations

Revenue

($1,358

)

($1,427

)

(4.8

Operating Expenses

(1,332)

(1,430)

(6.8

Adjusted EBITDA

($26

)

NM=comparison not meaningful.

Corporate & Other

Corporate & Other primarily includes overhead and personnel costs; our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture beginning in June 2022. Corporate & Other Adjusted EBITDA decreased primarily reflecting an increase in operating expenses primarily due to higher costs related to our corporate functions, Sky and Xumo.

Eliminations

Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.4 billion, consistent with the prior year period, and Adjusted EBITDA eliminations were a loss of $26 million compared to a benefit of $3 million in the prior year period.

Notes:

We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.

We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure.

All earnings per share amounts are presented on a diluted basis.

We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.

Constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods. See Table 6 for reconciliations of non-GAAP financial measures.

Adjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peaco*ck. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are generally presented on a consistent basis with the respective segments and include direct revenue and operating costs and expenses attributed to the component operations.

Numerical information is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.

Caution Concerning Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the "Risk Factors" sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered "non-GAAP financial measures" under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast's Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

www.comcastcorporation.com

for more information.

https://www.businesswire.com/news/home/20240425957821/en/Comcast-Reports-1st-Quarter-2024-Results

Liberty Global plc (NASDAQ: LBTYA, LBTYA, LBTYK)

Liberty Global is a world leader in converged broadband, video and mobile communications and an active investor in cutting-edge infrastructure, content and technology ventures. With our investments in fibre-based and 5G networks we play a vital role in society, currently providing over 85 million fixed and mobile connections and rolling out the

next generation of products

and services, while readying our networks for 10 Gbps and beyond. Liberty Global creating

national champions

, combining the best broadband and mobile networks under brands such as

Virgin Media-02

in the UK,

VodafoneZiggo

in The Netherlands,

Telenet

in Belgium,

Sunrise

in Switzerland,

Virgin Media

in Ireland and

UPC

in Slovakia.

Liberty Global Ventures

, our global investment arm, has a portfolio of more than 75 companies and funds across content, technology and infrastructure, including strategic stakes in ITV, Televisa Univision, Plume, Lionsgate and the Formula E racing series.

https://www.libertyglobal.com/

Liberty Global - Liberty Global Reports Q1 2024 Results - 1/5/2024

Significant progress against strategy to create and deliver value to shareholders, with Sunrise spin-off anticipated Q4'24

Strong balance sheet, including $3.9 billion(i) of cash and liquid securities; proactively refinanced >$2bn of 2027 maturities at VMO2

Investment in fixed and mobile networks continues, with FTTH programs on track in the U.K., Belgium and Ireland

Q1 financial performance in line with expectations and fully on track to achieve all full-year guidance targets

Denver, Colorado: May 1, 2024

CEO Mike Fries stated, "On our extended fourth quarter results call we presented a clear pivot in our strategy which will see us not only focus on maximizing the long-term value of our core FMC assets, but also delivering that value directly to shareholders over time. During Q1 we made significant progress on the initiatives we announced, including our plan to spin-off Sunrise, which is on track for Q4 this year. Our balance sheet remains in great shape, with $3.9 billion(i) of cash and liquid securities, supported by strong Adjusted FCF generation and the ability to replenish liquidity through asset sales. We recently completed a proactive $2.4 billion VMO2 refinancing where we successfully extended the average life of our total U.K. debt stack with a negligible impact to VMO2's WACD. We remain committed to shareholder remuneration, having already repurchased ~3% of our shares through April 26th against our target of up to 10% of shares by year-end. Meanwhile our Ventures portfolio, valued at $3.4 billion, represents an attractive platform to support our FMC operations, drive returns, and create significant value over time. We continue to invest in our fiber-rich, fixed and 5G mobile networks and, while this is driving elevated capital intensity today, it remains critical to underpinning the long-term asset values of our OpCos. Our fiber upgrade projects in the U.K., Belgium and Ireland remain on track, and nexfibre recently announced it had reached the milestone of one million premises1 built in the U.K., as VMO2 fiber build capacity continues to ramp up. Meanwhile, we're continuing to invest in digital and AI initiatives to support commercial momentum and efficiencies. Our overall financial performance in Q1 was in line with expectations, highlighted by the return to strong Adjusted EBITDA growth in the Netherlands and the return to positive broadband net adds in Switzerland. Fixed ARPU trends in the U.K. and Switzerland improved while our businesses in Belgium and the Netherlands each delivered continued fixed ARPU growth. We are on track to meet our full-year 12024 guidance metrics across all OpCos, with price adjustments recently announced in the U.K., the Netherlands and Belgium to support our financial targets."

For the full report see:

https://www.libertyglobal.com/wp-content/uploads/2024/05/LG-Q1-2024-Press-Release.pdf

L3Harris Technologies, Inc. (NYSE: LHX)

L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers' mission-critical needs always in mind, our ~50,000 employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security.

https://www.l3harris.com/

L3Harris Technologies - L3Harris Technologies Reports Strong First Quarter 2024 Results, Increases 2024 Profitability Guidance - 25/4/2024

Orders 1 of $5.5 billion; book-to-bill of 1.06x

Revenue of $5.2 billion, up 17%, up 5% organically 1

Operating margin of 7.3%; Adjusted segment operating margin 1 of 15.1%

Earnings per share (EPS) of $1.48; Non-GAAP EPS 1 of $3.06

2024 adjusted segment operating margin 1 guidance increases from ~15% to >15%*

2024 non-GAAP EPS guidance range increases from $12.40 - $12.80 to $12.70 - $13.05*

April 25, 2024 04:10 PM Eastern Daylight Time

MELBOURNE, Fla.--(

BUSINESS WIRE

)--L3Harris Technologies, Inc. (NYSE: LHX) reported first quarter 2024 net income attributable to L3Harris of $283 million, or diluted earnings per share (EPS) of $1.48, on first quarter revenue of $5.2 billion. First quarter 2024 non-GAAP 1 net income attributable to L3Harris was $584 million, or non-GAAP 1 diluted EPS of $3.06. A reconciliation of non-GAAP results are detailed in tables beginning on page 10.

"We're off to a strong start to 2024, reporting solid revenue with higher operating margin across all four segments and our Trusted Disruptor strategy continues to drive demand for innovative, resilient and mission-critical solutions aligned with national security needs. We delivered double-digit top line growth while continuing to drive improvements to operational and program performance," said Christopher E. Kubasik, Chair and CEO.

Kubasik continued, "Given the strength of our first quarter, we are increasing 2024 profitability guidance, while reaffirming revenue and free cash flow commitments. With our progress, we remain confident in the financial framework that we laid out at investor day which is driven by operational rigor and structural enhancements from our LHX NeXt initiative."

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 5 for more information.

SUMMARY FINANCIAL RESULTS AND 2024 GUIDANCE

First Quarter

2024 Guidance*

($ millions, except per share data)

2024

2023

Change

Current

Prior

Revenue

Space & Airborne Systems

1,751

1,655

Integrated Mission Systems

1,669

1,700

Communication Systems

1,294

1,163

Aerojet Rocketdyne

542

Corporate eliminations

(45)

(47)

Revenue

5,211

4,471

17%

$20.8B - $21.3B

$20.7B - $21.3B

Operating income

Space & Airborne Systems

216

187

Integrated Mission Systems

190

185

Communication Systems

310

266

Aerojet Rocketdyne

Unallocated items

(410)

(245)

Operating income

378

393

(4)%

Operating margin

7.3%

8.8%

(150) bps

Adjusted segment operating income 1

Space & Airborne Systems

216

187

Integrated Mission Systems

190

185

Communication Systems

310

266

Aerojet Rocketdyne

Adjusted segment operating income 1

788

638

24%

Adjusted segment operating margin 1

15.1%

14.3%

80 bps

> 15%

~15%

Effective tax rate (GAAP)

1.7%

9.1%

(740) bps

Effective tax rate (non-GAAP 1 )

13.1%

13.4%

(30) bps

EPS

1.48

1.76

(16)%

Non-GAAP EPS 1

3.06

2.86

$12.70 - $13.05

$12.40 - $12.80

Cash from operations

(104)

350

(130)%

Adjusted free cash flow 1

(156)

315

(150)%

~$2.2B

*When we provide our expectation for adjusted segment operating margin, effective tax rate on non-GAAP income, non-GAAP EPS and adjusted free cash flow on a forward-looking basis, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort due to the unavailability of items for exclusion from the GAAP measure. We are unable to address the probable significance of this information, the variability of which may have a significant impact on future GAAP results. See Non-GAAP Financial Measures on page 5 for more information.

Revenue: First quarter revenue increased 17%, primarily from the acquisition of Aerojet Rocketdyne (AR) and organic growth from continued growth in Space and classified programs within Space & Airborne Systems (SAS) segment and growth from tactical, broadband communication and vision products within the Communication Systems (CS) segment. These increases were partially offset by a decline in Intelligence, Surveillance and Reconnaissance (ISR) aircraft procurement activity within the Integrated Mission Systems (IMS) segment compared with the first quarter 2023.

Operating Margin:

GAAP: First quarter operating margin decreased 150 bps to 7.3% driven by higher LHX NeXt implementation costs and intangible amortization from the Aerojet Rocketdyne acquisition.

Adjusted segment operating margin 1 : Expanded 80 bps to 15.1% due to improved operational and program performance across the SAS, IMS and CS segments and partially driven by LHX NeXt savings.

EPS:

GAAP: First quarter EPS decreased 16% to $1.48 due to increased LHX NeXt implementation costs, intangible amortization from the Aerojet Rocketdyne acquisition, increased interest expense and lower pension income, partially offset by improved operating performance and a lower effective tax rate.

Non-GAAP 1 : Increased 7% to $3.06 driven by higher adjusted segment operating income 1 and a lower effective tax rate on non-GAAP income, partially offset by lower pension income and higher interest expense.

Cash Flows:

GAAP: First quarter cash used in operations was ($104) million due to working capital timing.

Adjusted free cash flow 1 : Use of ($156) million, down versus the prior year period due to working capital and capital expenditure timing.

SEGMENT RESULTS AND GUIDANCE:

Space & Airborne Systems (SAS)

First Quarter

2024 Guidance

($ millions)

2024

2023

Change

Current

Prior

Revenue

1,751

1,655

~$7,000

$6,900 - $7,100

Operating margin

12.3%

11.3%

100 bps

~12%*

mid-high 11%*

Revenue: First quarter revenue increased 6%, primarily from continued growth in Space Systems and classified program growth in Intel and Cyber.

Operating Margin: First quarter operating margin increased 100 bps largely due to improved operational and program performance, particularly in Space Systems reflecting progress on development programs and maturing capabilities resulting in net favorable program matters. Operating margin also benefited from higher volume which was partially offset by mix.

Integrated Mission Systems (IMS)

First Quarter

2024 Guidance

($ millions)

2024

2023

Change

Current

Prior

Revenue

1,669

1,700

(2)%

$6,400 - $6,600

Operating margin

11.4%

10.9%

50 bps

low-mid 11%*

Revenue: First quarter revenue decreased 2%, primarily from lower ISR aircraft procurement activity compared with first quarter 2023.

Operating Margin: First quarter operating margin increased 50 bps from improved program performance, including stabilizing programs resulting in fewer negative Estimate as Completion (EAC) adjustments, partially offset by less favorable product mix.

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 5 for more information.

Communication Systems (CS)

First Quarter

2024 Guidance

($ millions)

2024

2023

Change

Current

Prior

Revenue

1,294

1,163

11%

$5,300 - 5,400

Operating margin

24.0%

22.9%

110 bps

low-mid 24%*

Revenue: First quarter revenue increased 11%, primarily from higher volumes in Tactical Communications, Integrated Vision Systems and Broadband Communications.

Operating Margin: First quarter operating margin increased 110 bps primarily from the benefit of higher volume and improved operational performance in Integrated Vision Systems, partially offset by higher domestic tactical radio mix.

Aerojet Rocketdyne (AR)

First Quarter

2024 Guidance

($ millions)

2024

2023

Change

Current

Prior

Revenue

542

$2,400 - $2,500

Operating margin

13.3%

high 11%*

Revenue and Operating Margin: First quarter results are attributed to program execution across Missile Solutions and Space Propulsion and Power Systems.

SUPPLEMENTAL INFORMATION:

2024

2023

Other Information

Current

Prior

Actuals

FAS/CAS operating adjustment

~$30 million

~$40 million

$110 million

Non-service FAS pension income

~$310 million

~$260 million

$310 million

Net interest expense

~$650 million

$543 million

Effective tax rate on GAAP income

1.9%

Effective tax rate on non-GAAP income 1 *

13.0% - 13.5%

13.0%

Average diluted shares

flat - up slightly

190.6

Capital expenditures

~2% sales

2% sales

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 5 for more information.

Non-GAAP Financial Measures

This press release contains Non-GAAP Financial Measures ("NGFMs") (as listed on page 15) within the meaning of Regulation G promulgated by the Securities and Exchange Commission (SEC). Management believes excluding the adjustments listed on page 15 for the purposes of calculating certain non-GAAP measures is useful to investors because these costs do not reflect our ongoing operating performance; however there is no guarantee that items excluded from non-GAAP financial measures will not reoccur in future periods. These adjustments, when considered together with the unadjusted GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these adjustments to our NGFMs enhance the ability of investors to analyze L3Harris business trends, to understand L3Harris performance and to evaluate our initiatives to drive improved financial performance. We utilize NGFMs as guides in forecasting, budgeting and long-term planning processes and to measure operating performance for compensation purposes. NGFMs should be considered in addition to, and not as a substitute for, financial measures presented in accordance with GAAP. See "Reconciliation of Non-GAAP Financial Measures" beginning on page 10 for detail on the adjustments to our NGFMs. We also provide our expectation of forward-looking NGFMs. A reconciliation of forward-looking NGFMs to comparable GAAP measures is not available without unreasonable effort because of inherent difficulty in forecasting and quantifying the comparable GAAP measures and the applicable adjustments and other amounts that would be necessary for such a reconciliation, including due to potentially high variability, complexity and low visibility as to the applicable adjustments and other amounts which could have an unpredictable and potentially disproportionate impact on future GAAP results, such as the impact of Aerojet Rocketdyne, costs associated with LHX NeXt, potential divestitures and their timing, other unusual gains and losses and extent of tax deductibility.

About L3Harris Technologies

https://www.businesswire.com/news/home/20240424421451/en/L3Harris-Technologies-Reports-Strong-First-Quarter-2024-Results-Increases-2024-Profitability-Guidance

Lumen Technologies Inc (NYSE: LUMN)

Lumen connects the world. We are igniting business growth by connecting people, data, and applications - quickly, securely, and effortlessly. Everything we do at Lumen takes advantage of our network strength. From metro connectivity to long-haul data transport to our edge cloud, security, and managed service capabilities, we meet our customers' needs today and as they build for tomorrow.

https://www.lumen.com/en-us/home.html

Lumen Technologies, Inc. - Lumen Technologies reports first quarter 2024 results - 30/4/2024

First Quarter 2024 Highlights

Successfully completed our TSA transactions with a broad group of our creditors, significantly strengthening our balance sheet and addressing over $15 billion of our debt and commitments

Extended over $10 billion of our maturities due over the next four years to 2029 and beyond

Secured access to over $2.3 billion in new liquidity to fuel our pivot to growth

Reported Net Income of $57 million for the first quarter 2024, compared to reported Net Income of $511 million for the first quarter 2023

Reported diluted earnings per share of $0.06 for the first quarter 2024, compared to diluted earnings per share of $0.52 for the first quarter 2023. Excluding Special Items, diluted loss per share was $(0.04) for the first quarter 2024, compared to $0.10 diluted earnings per share for the first quarter 2023

Generated Adjusted EBITDA of $977 million 1 for the first quarter 2024, compared to $1.251 billion 1 for the first quarter 2023, excluding the effects of Special Items of $170 million and $114 million, respectively

Reported Net Cash Provided by Operating Activities of $1.102 billion for the first quarter 2024

Generated Free Cash Flow of $518 million 2 for the first quarter 2024, compared to negative $(75) million 2 for the first quarter 2023, excluding cash paid for Special Items of $129 million and $(30) million, respectively

Reiterated full-year 2024 financial outlook with the first quarter expected to be the low-point for Adjusted EBITDA

DENVER, April 30, 2024 /PRNewswire/ -- Lumen Technologies, Inc. (NYSE:

LUMN

) reported results for the first quarter ended March 31, 2024.

Kate Johnson, president and CEO of Lumen, commented "Lumen continued to make material progress in our turnaround with our strategy intently focused on empowering digital enterprises with next generation connectivity solutions powered by our best-in-class nationwide fiber network.

"While we experienced some expected headwinds in the first quarter, we accelerated North America Enterprise sales to fuel future revenue streams, drove material improvement in customer satisfaction scores across customer channels, and delivered our best-ever reported Quantum Fiber broadband net additions. This progress, coupled with executing our debt restructuring and strategically shape shifting to drive cost efficiency, gives us line of sight around our expectations for improving financial results in 2024 and beyond."

Revenue

Total Revenue was $3.290 billion for the first quarter 2024, compared to $3.738 billion for the first quarter 2023.

Cash Flow

Free Cash Flow, excluding Special Items, was $518 million 1 in the first quarter 2024, compared to negative $(75) million 1 in the first quarter 2023.

As of March 31, 2024, Lumen had cash and cash equivalents of $1.580 billion.

2024 Financial Outlook

The company reiterated its full-year 2024 financial outlook which is detailed below:

Metric (1)(2)

Outlook

Adjusted EBITDA

$4.1 to $4.3 billion

Free Cash Flow (3)(4)

$100 to $300 million

Net Cash Interest

$1.25 to $1.35 billion

Capital Expenditures

$2.7 to $2.9 billion

Cash Income Taxes/(Refund) (4)

($200) to ($300) million

(1) For definitions of non-GAAP metrics and reconciliations to GAAP figures, see the attached schedules and our Investor Relations website.

(2) Outlook measures in this chart and the accompanying schedules (i) exclude the effects of Special Items, goodwill impairments, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circ*mstances impacting our financial performance and (ii) speak only as of Apr. 30, 2024. See "Forward-Looking Statements."

(3) Assumes no discretionary pension plan contributions during 2024.

(4) Includes an approximately $700 million tax refund received during the first quarter 2024.

Investor Call

Lumen's management team will host a conference call at 5:00 p.m. ET today, Apr. 30, 2024. The conference call will be streamed live over the Lumen website at

ir.lumen.com

. Additional information regarding first quarter 2024 results, including the presentation materials management will review during the conference call, will be available on the Investor Relations website prior to the call. A webcast replay of the call will also be available on our website for one year.

About Lumen Technologies:

For news and insights visit

news.lumen.com

, LinkedIn:

/lumentechnologies

, Twitter:

@lumentechco

, Facebook:

/lumentechnologies

, Instagram:

@lumentechnologies

and YouTube:

/lumentechnologies

. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly-owned affiliate of Lumen Technologies, Inc.

Forward-Looking Statements

Except for historical and factual information, the matters set forth in this release and other of our oral or written statements identified by words such as "estimates," "expects," "anticipates," "believes," "plans," "intends," "will," and similar expressions are forward-looking statements as defined by the federal securities laws, and are subject to the "safe harbor" protections thereunder. These forward-looking statements are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the effects of intense competition from a wide variety of competitive providers, including decreased demand for our more mature service offerings and increased pricing pressures; the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete; our ability to successfully and timely attain our key operating imperatives, including simplifying and consolidating our network, simplifying and automating our service support systems, attaining our Quantum Fiber buildout schedule, replacing aging or obsolete plant and equipment, strengthening our relationships with customers and attaining projected cost savings; our ability to safeguard our network, and to avoid the adverse impact of cyber-attacks, security breaches, service outages, system failures, or similar events impacting our network or the availability and quality of our services; the effects of ongoing changes in the regulation of the communications industry, including the outcome of legislative, regulatory or judicial proceedings relating to content liability standards, intercarrier compensation, universal service, service standards, broadband deployment, data protection, privacy and net neutrality; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt obligations, taxes, pension contributions and other benefits payments; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; our ability to successfully adjust to changes in customer demand for our products and services, including increased demand for high-speed data transmission services and artificial intelligence services; our ability to successfully maintain the quality and profitability of our existing product and service offerings, to introduce profitable new offerings on a timely and cost-effective basis and to transition customers from our legacy products to our newer offerings; our ability to successfully and timely implement our corporate strategies, including our transformation, buildout and deleveraging strategies; our ability to successfully and timely realize the anticipated benefits from our 2022 and 2023 divestitures, and to successfully operate and transform our remaining business; changes in our operating plans, corporate strategies, or capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market or regulatory conditions, or otherwise; the impact of any future material acquisitions or divestitures that we may transact; the negative impact of increases in the costs of our pension, healthcare, post-employment or other benefits, including those caused by changes in markets, interest rates, mortality rates, demographics or regulations; the potential negative impact of customer and shareholder complaints, government investigations, security breaches or service outages impacting us or our industry; adverse changes in our access to credit markets on acceptable terms, whether caused by changes in our financial position, lower credit ratings, unstable markets, debt covenant restrictions or otherwise; our ability to meet the terms and conditions of our debt obligations and covenants, including our ability to make transfers of cash in compliance therewith; our ability to attain the anticipated benefits of our March 22, 2024 debt transactions; our ability to maintain favorable relations with our security holders, key business partners, suppliers, vendors, landlords and lenders; our ability to timely obtain necessary hardware, software, equipment, services, governmental permits and other items on favorable terms; our ability to meet evolving environmental, social and governance ("ESG") expectations and benchmarks, and effectively communicate and implement our ESG strategies; the potential adverse effects arising out of allegations regarding the release of hazardous materials into the environment from network assets owned or operated by us or our predecessors, including any resulting governmental actions, removal costs, litigation, compliance costs or penalties; our ability to collect our receivables from, or continue to do business with, financially-troubled customers; our ability to continue to use or renew intellectual property used to conduct our operations; any adverse developments in legal or regulatory proceedings involving us; changes in tax, pension, healthcare or other laws or regulations, in governmental support programs, or in general government funding levels, including those arising from governmental programs promoting broadband development; our ability to use our net operating loss carryforwards in the amounts projected; the effects of changes in accounting policies, practices or assumptions, including changes that could potentially require additional future impairment charges; the effects of adverse weather, terrorism, epidemics, pandemics, rioting, vandalism, societal unrest, or other natural or man-made disasters or disturbances; the potential adverse effects if our internal controls over financial reporting have weaknesses or deficiencies, or otherwise fail to operate as intended; the effects of changes in interest rates or inflation; the effects of more general factors such as changes in exchange rates, in operating costs, in public policy, in the views of financial analysts, or in general market, labor, economic, public health or geopolitical conditions; and other risks referenced from time to time in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circ*mstances, or otherwise. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, existing regulatory, technological, industry, competitive, economic and market conditions, and our assumptions, as of such date. We may change our intentions, strategies or plans (including our capital allocation plans) at any time and without notice, based upon any changes in such factors, in our assumptions or otherwise.

https://www.prnewswire.com/news-releases/lumen-technologies-reports-first-quarter-2024-results-302132143.html

Qualcomm Incorporated (NASDAQ: QCOM)

Qualcomm is enabling a world where everyone and everything can be intelligently connected. Our one technology roadmap allows us to efficiently scale the technologies that launched the mobile revolution - including advanced connectivity, high-performance, lowpower compute, on-device intelligence and more - to the next generation of connected smart devices across industries. Innovations from Qualcomm and our family of Snapdragon platforms will help enable cloud-edge convergence, transform industries, accelerate the digital economy, and revolutionize how we experience the world, for the greater good. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patented technologies are licensed by Qualcomm Incorporated.

https://www.qualcomm.com/

Qualcomm - Qualcomm Announces Third Quarter Fiscal 2023 Results - 2/8/2023

GAAP Revenues: $8.5 billion

GAAP EPS: $1.60, Non-GAAP EPS: $1.87

-EPS Exceeded Midpoint of Guidance Range-

-QCT Automotive: 11 Straight Quarters of Year-Over-Year Double Digit Percentage Growth in Revenues-

SAN DIEGO - August 2, 2023 - Qualcomm Incorporated (NASDAQ: QCOM) today announced results for its fiscal third quarter ended June 25, 2023. "We are pleased with our technology leadership, product roadmap and design-win execution, which position us well for growth and diversification in the long term," said Cristiano Amon, President and CEO of Qualcomm Incorporated. "As AI use cases proliferate to the edge, on-device AI has the potential to drive an inflection point across all our products. Qualcomm remains best positioned to lead this transition given the unmatched accelerated computing performance with the power efficiency of our platforms."

For the full report see:

https://www.qualcomm.com/news/releases/2023/08/qualcomm-announces-third-quarter-fiscal-2023-results

United States Cellular Corporation (NYSE: USM)

United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 5.0 million connections in 21 states. The Chicago-based company had 4,800 full- and part-time associates as of December 31, 2021. At the end of the fourth quarter of 2021, Telephone and Data Systems, Inc. owned 82 percent of UScellular. For more information about UScellular, visit

uscellular.com

https://investors.uscellular.com/home/default.aspx

United States Cellular Corporation - UScellular reports first quarter 2024 results - 3/5/2024

2024 guidance reaffirmed

CHICAGO, May 3, 2024 /PRNewswire/ --

As previously announced, UScellular will hold a teleconference on May 3, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of

investors.uscellular.com

United States Cellular Corporation (NYSE:USM) reported total operating revenues of $950 million for the first quarter of 2024, versus $986 million for the same period one year ago. Service revenues totaled $754 million, versus $767 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $18 million and $0.20, respectively, for the first quarter of 2024 compared to $13 million and $0.15, respectively, in the same period one year ago.

1Q 2024 Highlights*

Financial results

Service revenues decreased 2%

Postpaid ARPU grew 3%

Net income, Adjusted OIBDA and Adjusted EBITDA up significantly

Postpaid churn rate reduced 4%

Fixed wireless customers grew 42% to 124,000

* Comparisons are 1Q'23 to 1Q'24 unless otherwise noted

"We delivered strong bottom-line results during the quarter, driven by postpaid ARPU growth and our ongoing focus on expense discipline. We also drove year-over-year improvements in postpaid churn, and fixed wireless continued its strong customer growth trajectory," said Laurent C. Therivel, UScellular President and CEO. "Although we experienced some month-to-month improvement in postpaid net additions in the first quarter, postpaid handset gross additions continue to be a challenge, and this drove the postpaid net addition decline in the quarter. We have made recent promotional changes in order to drive improvement in postpaid handset subscriber momentum, while keeping us financially disciplined."

Exploration of Strategic Alternatives for UScellular

On August 4, 2023, Telephone and Data Systems, Inc. (TDS) and UScellular announced that the Boards of Directors of both companies decided to initiate a process to explore a range of strategic alternatives for UScellular. The review remains active and on-going.

2024 Estimated Results

UScellular's current estimates of full-year 2024 results are shown below. Such estimates represent management's view as of May 3, 2024 and should not be assumed to be current as of any future date. UScellular undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

2024 Estimated Results

Current

(Dollars in millions)

Service revenues

$2,950-$3,050

Unchanged

Adjusted OIBDA 1, 2

$750-$850

Unchanged

Adjusted EBITDA 1, 2

$920-$1,020

Unchanged

Capital expenditures

$550-$650

Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2024 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.

Actual Results

2024 Estimated Results 2

Three Months Ended

March 31, 2024

Year Ended December 31, 2023

(Dollars in millions)

Net income (GAAP)

N/A

$24

$58

Add back:

Income tax expense

N/A

Income before income taxes (GAAP)

$60-$160

$52

$111

Add back:

Interest expense

185

196

Depreciation, amortization and accretion expense

660

165

656

EBITDA (Non-GAAP) 1

$905-$1,005

$260

$963

Add back or deduct:

Expenses related to strategic alternatives review

(Gain) loss on asset disposals, net

(Gain) loss on license sales and exchanges, net

(1)

(2)

Adjusted EBITDA (Non-GAAP) 1

$920-$1,020

$272

$986

Deduct:

Equity in earnings of unconsolidated entities

155

158

Interest and dividend income

Adjusted OIBDA (Non-GAAP) 1

$750-$850

$228

$818

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. UScellular does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of UScellular's operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of UScellular's financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review of UScellular while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for March 31, 2024, can be found on UScellular's website at

investors.uscellular.com

2024 Estimated Results do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.

Conference Call Information

UScellular will hold a conference call on May 3, 2024 at 9:00 a.m. Central Time.

Access the live call on the Events & Presentations page of

investors.uscellular.com

or at

https://events.q4inc.com/attendee/316610586

Access the call by phone at (888)330-2384 conference ID: 1328528.

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.uscellular.com. The call will be archived on the Events & Presentations page of

investors.uscellular.com

About UScellular

United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 4.5 million retail connections in 21 states. The Chicago-based company had 4,300 full- and part-time associates as of March 31, 2024. At the end of the first quarter of 2024, Telephone and Data Systems, Inc. owned approximately 83 percent of UScellular. For more information about UScellular, visit

uscellular.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether any strategic alternatives for UScellular will be successfully identified or completed; whether any such strategic alternative will result in additional value for UScellular and its shareholders and whether the process will have an adverse impact on UScellular's business; intense competition; the ability to attract people of outstanding talent throughout all levels of the organization; UScellular's smaller scale relative to larger competitors; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms and changes in roaming practices; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of UScellular's businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which UScellular does business; uncertainties in UScellular's future cash flows and liquidity and access to the capital markets; the ability to make payments on UScellular indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; cyber-attacks or other breaches of network or information technology security; potential conflicts of interests between TDS and UScellular; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of UScellular's Form 10-K, as updated by any UScellular Form 10-Q filed subsequent to such Form 10-K.

https://investors.uscellular.com/news/news-details/2024/UScellular-reports-first-quarter-2024-results/default.aspx

Verizon Communications Inc. (NYSE: VZ)

Verizon Communications was formed on June 30, 2000 and is one of the world's leading providers of technology and communications services.

Headquartered in New York City and with a presence around the world, Verizon generated revenues of $133.6 billion in 2021. The company offers voice, data and video services and solutions on its award-winning networks and platforms, delivering on customers' demand for mobility, reliable network connectivity, security and control.

https://www.verizon.com/about

Verizon - Verizon reports 2Q and first-half 2022 results - 22/7/2022

2Q 2022 highlights

Consolidated:

$1.24 in earnings per share (EPS), compared with $1.40 in second-quarter 2021; adjusted EPS 1 , excluding special items, of $1.31 compared with $1.39 in second-quarter 2021 2 .

Total revenue of $33.8 billion, relatively flat from second-quarter 2021.

Net income of $5.3 billion, a decrease of 10.7 percent from second-quarter 2021, and adjusted EBITDA 1 of $11.9 billion, down 2.6 percent year over year.

Total Broadband:

Total broadband net additions of 268,000, including 256,000 fixed wireless net additions. Total broadband net additions increased 39,000 from first-quarter 2022, and fixed wireless net additions increased 62,000 from first-quarter 2022.

36,000 Fios Internet net additions.

Total Wireless:

Total wireless service revenue of $18.4 billion, a 9.1 percent increase year over year.

Total retail postpaid churn of 1.03 percent, and retail postpaid phone churn of 0.81 percent.

Postpaid phone net additions of 12,000.

NEW YORK - Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported its second-quarter and half-year 2022 results.

"As the market leader, in a very competitive industry, we are determined to improve our operational and financial performance for the second half of the year," said Verizon Chairman and CEO Hans Vestberg. "With our network-as-a-service foundation, our new consumer mobility plans, and recent pricing actions, we are being deliberate in our decisions to improve our profitable growth opportunities today and into the future."

For second-quarter 2022, Verizon reported EPS of $1.24, compared with $1.40 in second-quarter 2021. On an adjusted basis 1 , excluding special items, EPS was $1.31 in second-quarter 2022, compared with adjusted EPS 1 of $1.39 in second-quarter 2021 2 .

Second-quarter 2022 EPS included a pre-tax loss from special items of approximately $435 million, including a net pre-tax charge of $198 million related to a mark-to-market adjustment for pension liabilities. In addition, the impact of amortization of intangible assets related to TracFone and other acquisitions was $237 million.

"Although recent performance did not meet our expectations, we remain confident in our long-term strategy," said Verizon Chief Financial Officer Matt Ellis. "We believe that our assets position us well to generate long-term shareholder value."

Consolidated results

Total consolidated operating revenue in second-quarter 2022 of $33.8 billion, relatively flat from second-quarter 2021. Wireless service revenue growth and higher wireless equipment revenue were offset primarily by wireline declines and the net impact of merger and acquisition (M&A) activity in 2021.

Total wireless service revenue growth of 9.1 percent, reflecting the company's ownership of TracFone, further progress on its premium Unlimited strategy and its strong Business volumes.

Service and other revenue declined 3.9 percent year over year in second-quarter 2022, as the revenue lost from Verizon Media more than offset net incremental revenue from the company's acquisition of TracFone.

Net income of $5.3 billion, a decrease of 10.7 percent from second-quarter 2021, and adjusted EBITDA 1 of $11.9 billion, a decline of 2.6 percent year over year, due to the divestiture of Verizon Media, higher device subsidies and promotional spending associated with increased wireless activations, wireline revenue declines and inflationary cost pressures.

First-half 2022 cash flow from operating activities totaled $17.7 billion, compared with $20.4 billion in first-half 2021. The reduction was primarily due to working capital impacts from higher device activations, and increased inventory levels as part of the company's supply chain management in the current environment.

Capital expenditures in first-half 2022 were $10.5 billion, including C-Band spending of $2.8 billion.

Verizon's unsecured debt as of the end of second-quarter 2022 decreased by $4.8 billion sequentially to $132.5 billion. The company's net unsecured debt 1 balance decreased sequentially by $5.0 billion to $130.6 billion, and its net unsecured debt to adjusted EBITDA ratio 1 at quarter-end was approximately 2.7 times.

Verizon Consumer results

Total Verizon Consumer revenue was $25.6 billion, an increase of 9.1 percent year over year, driven by the inclusion of TracFone, higher equipment revenue and core wireless service revenue growth.

Wireless service revenue increased 10.5 percent year over year, driven by the inclusion of TracFone and growth in postpaid Average Revenue Per Account (ARPA).

Consumer wireless retail postpaid churn was 0.93 percent in second-quarter 2022, and wireless retail postpaid phone churn was 0.75 percent.

Consumer reported 168,000 fixed wireless net additions and 30,000 Fios Internet net additions in second-quarter 2022. Consumer Fios revenue was $2.9 billion in second-quarter 2022, flat year over year.

In second-quarter 2022, Consumer reported 215,000 wireless retail postpaid phone net losses, due to a year over year increase in churn and a year over year decline in phone gross additions. Consumer ended second-quarter 2022 with nearly half of its wireless phone customers having 5G-capable devices.

In second-quarter 2022, Consumer operating income was $7.2 billion, a decrease of 4.6 percent year over year, and segment operating income margin was 27.9 percent, a decrease from 31.9 percent in second-quarter 2021. Segment EBITDA 1 in second-quarter 2022 was $10.4 billion, a decrease of 0.3 percent year over year. A higher contribution from TracFone was more than offset primarily by higher promotional activity. Segment EBITDA margin 1 was 40.5 percent, a decrease from 44.3 percent in second-quarter 2021.

Verizon Business results

Total Verizon Business revenue was $7.6 billion in second-quarter 2022, down 1.8 percent year over year.

Business wireless service revenue was $3.2 billion, an increase of 3.0 percent year over year. This increase was driven by momentum in Small and Medium Business, and the best performance in Global Enterprise since first-quarter 2020.

Business reported 430,000 wireless retail postpaid net additions in second-quarter 2022, including 227,000 postpaid phone net additions. This was the third consecutive quarter that Business reported more than 200,000 postpaid phone net additions. Phone gross additions in Business increased nearly 30 percent year over year.

Wireless retail postpaid churn was 1.37 percent in second-quarter 2022, and wireless retail postpaid phone churn was 1.07 percent.

Business reported 88,000 fixed wireless net additions in second-quarter 2022.

In second-quarter 2022, Verizon Business operating income was $675 million, a decrease of 21.1 percent year over year, and segment operating income margin was 8.9 percent, a decrease from 11.0 percent in second-quarter 2021. Segment EBITDA 1 was $1.7 billion in second-quarter 2022, a decrease of 6.5 percent year over year. In addition to Wireline revenue declines, Business experienced elevated device subsidies related to wireless activations in the quarter. Segment EBITDA margin 1 was 22.9 percent, a decrease from 24.1 percent in second-quarter 2021.

Outlook and guidance

Verizon is updating financial guidance for full-year 2022. The company now expects the following:

Reported wireless service revenue growth of 8.5 to 9.5 percent, an update from prior guidance for reported wireless service revenue growth of 9 to 10 percent.

Reported service and other revenue growth of minus 1 percent to flat, an update from prior guidance for reported service and other revenue growth to be approximately flat.

Adjusted EBITDA 1 growth of minus 1.5 percent to flat, an update from prior guidance for adjusted EBITDA 1 growth of 2 to 3 percent.

Adjusted EPS 1 of $5.10 to $5.25, an update from prior guidance for adjusted EPS 1 of $5.40 to $5.55

Additionally, Verizon continues to expect the following results for full-year 2022:

Adjusted effective income tax rate 1 in the range of 23 percent to 25 percent.

Capital spending, excluding C-Band, in the range of $16.5 billion to $17.5 billion. Additional expenditures related to the deployment of the company's C-Band 5G network are expected to be in the range of $5 billion to $6 billion.

1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

2 Adjusted EPS for the prior year period has been reclassified to conform to current period presentation.

https://www.verizon.com/about/news/verizon-reports-2q-and-first-half-2022-results

Windstream Holdings, Inc., (OTCMKTS: WIN)

Windstream company, offers fiber-based broadband to residential and small business customers in 18 states. The company's quality-first approach connects customers to new opportunities and possibilities by delivering a full suite of advanced communications services. Kinetic is one of three brands managed by Windstream. The company also offers managed cloud communications and security services to mid-to-large enterprises and government entities across the U.S. as well as customized wavelength and dark fiber solutions to carriers, content providers and hyperscalers in the U.S. and Canada. Windstream is a privately held company headquartered in Little Rock, Ark.

https://www.windstream.com/

Fourth quarter financial and operating results - 11/2/2022

https://s22.q4cdn.com/358319107/files/doc_downloads/2022/4Q21-WIN-Overview.pdf

ACQ_REF: IS/43468/20240520/USA/14/22

ACQ_AUTHOR: Associate/Donny Stanley

COPYRIGHT 2024 Acquisdata, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.

LATEST COMPANY NEWS. - Free Online Library (2024)

References