Release Date: April 28, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you comment on the overall carrier environment in the US and their plans for fixed wireless access? Also, how are you approaching capital allocation given the current interest rate environment? A: The carrier environment in the US is positive, with increased leasing activity and growing backlogs indicating continued investment needs. Fixed wireless access is a significant driver of network usage, necessitating further investment. Regarding capital allocation, despite higher interest rates, our strong leverage position allows flexibility. We are committed to a balanced approach, including share buybacks, asset investments, and debt repayments, alongside our dividend.
Q: What is your outlook for US leasing activity by the end of the year, and how do you manage bilateral contracting relationships with major customers? A: We expect US leasing activity to be higher by year-end compared to the first quarter, which saw approximately $9 million from new leases and amendments. Regarding bilateral contracting, we typically have master lease agreements with customers, with AT&T being an exception where we have a holistic agreement. We remain open to similar agreements with other customers.
Q: Can you explain the drivers behind the higher network services business and the slight increase in domestic churn? Also, how do you approach M&A opportunities in Canada? A: The higher network services business is driven by one customer operating at a faster pace than expected. Domestic churn is within our expected range, with a slight increase due to timing. For M&A in Canada, we evaluate opportunities thoroughly and pursue them if they offer value and competitive pricing.
Q: What are DISH's long-term plans, and have there been any inquiries from cable companies regarding spectrum deployment? A: We have limited specific information on DISH's plans, but they are focused on their stand-alone network. There have been no significant inquiries from cable companies about spectrum deployment on our towers, although we have had discussions about CBRS.
Q: How is the visibility for organic growth and churn dynamics in international markets, particularly in Latin America? A: In Latin America, we are nearing the end of churn impacts from consolidations in several markets, which should lead to more network investment and growth. However, Brazil is still experiencing churn due to ongoing consolidation impacts. We expect elevated churn internationally for the next few years but anticipate growth acceleration once these dynamics stabilize.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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