AT&T at Mizuho Technology Conference: Fiber Expansion and Wireless Growth

On Tuesday, 10 June 2025, AT&T (NYSE:T) outlined its strategic vision during the Mizuho Technology Conference 2025. The company emphasized its commitment to expanding its fiber and wireless networks, while also addressing challenges in the competitive landscape. Despite potential tariff impacts, AT&T remains focused on service revenue growth and operational efficiency.

Key Takeaways

• AT&T plans to enhance its fiber and wireless networks by the end of the decade.
• The acquisition of Lumen’s consumer assets will expand AT&T’s fiber reach into 11 new states.
• The company is decommissioning its legacy copper infrastructure to reduce costs.
• AT&T maintains a strong financial position with $10 billion in financial flexibility.
• The company is exploring a private capital partnership to support its expansion efforts.

Financial Results

• AT&T has earmarked $10 billion for financial flexibility over the next three years, with the $5.75 billion Lumen transaction utilizing part of this budget.
• The company is on track to maintain a leverage ratio of 2.5 times net leverage following the acquisition.
• Annual capital expenditure remains at $22 billion, anticipated to continue through 2027.
• Wireless service revenue growth continues to be a focal point, with AT&T claiming significant market share gains.

Operational Updates

• The Lumen acquisition adds 4 million passings and 500,000 fiber subscribers, targeting a 60 million homes fiber footprint by 2030.
• Fiber penetration in Lumen’s markets is expected to increase from 25% to 40%.
• AT&T aims to boost its wireless market share by 500 basis points in the newly acquired regions.
• The company is advancing its 5G network, covering more area than competitors, while phasing out copper infrastructure to cut $6 billion in costs.

Future Outlook

• By decade’s end, AT&T plans to complete its fiber build and wireless modernization, boasting the largest and most advanced networks in the U.S.
• The company remains vigilant about spectrum needs, ready to invest if opportunities arise.
• AT&T projects a robust growth profile, driven by its fiber and wireless assets, and views the consumer market as stable despite tariff concerns.

Q&A Highlights

• Satellite connectivity is seen as a supplementary solution for underserved areas, with AT&T interested in partnering with a dynamic satellite market.
• The AT&T Guarantee promises quick resolution of technical issues and competitive deals to enhance customer loyalty.
• While acknowledging cable companies’ competitive pricing, AT&T is committed to service revenue growth through its convergence strategy.

For a detailed understanding, readers are encouraged to refer to the full transcript below.

Full transcript - Mizuho Technology Conference 2025:

Unidentified speaker: Was thinking, and I’m gonna let you do the safe harbor, but it’s the perfect way to start this conference. And so many of the business models we’re gonna hear about the next two days are really right on the network, which you were the largest. We’ll get into that. But I didn’t know if you wanted to do the safe harbor.

Pascal, Senior EVP and CFO, AT and T: Thing. But I prefer you to our website. Safe harbor state. It’s on the website. Well,

Unidentified speaker: as said, Pascal is senior EVP of and chief financial officer of AT and T, where he’s been since 02/2021. It’s really spearheaded a significant amount of cost transformation efforts, the strength of the balance sheet, and really overseeing and trying to get into a short investment of both five g and Pfizer. And, really, this approach by AT and T, I believe it’s made you the effort one of, but it’s actually practice. We have infrastructure investor both on the wired and wired side of So let’s get started and jump right into it. And you all have done an amazing job of deleveraging the past few years.

You’ve already achieved your stated goal of 2.5 times in the first quarter, and you indicated buyback would be part of the second quarter. Can you talk to how you intend to kind of balance the capital allocation prior priorities now that you’ve achieved the leverage target?

Pascal, Senior EVP and CFO, AT and T: $200 of the next. Sorry. And

Unidentified speaker: the worst thing that your team has done to deliver that is really I was saying just one of this Asian analysts because I didn’t have I get to see all the great work that’s happened in the last five years of your watch. Yeah. I wanted really forward it to an exciting transaction that was announced by the date, right, the May 21. That being the AT and T and Lumen transaction. With this transaction, you I need to refer my notes here.

You get 4,000,000 additional passings, million additional fiber subs. And as you alluded to, you’re gonna get to 60,000,000 homes passed with fiber by the end of twenty thirty. These are not insignificant markets in fact. Portland.

Jennifer, Analyst: Los Angeles, Minneapolis, Seattle, the list goes on. Can you

Unidentified speaker: And if this deal from your feet was really a defensive move or an offensive move? You’re already the largest player.

Jennifer, Analyst: About a little bit of a land grab, but curious as to your thoughts there because things are changing quickly around you.

Pascal, Senior EVP and CFO, AT and T: Yeah. To me, this is an opportunity to we saw an opportunity with the Lumin consumer assets to lean into our strategy and to add to it. We’ve made no secret. We like fiber. We manage it very well.

And here were a set of assets in 11 states that we don’t do business in currently that we don’t have broadband infrastructure. So this gave us a foothold in those states. Currently, we’re gonna get 4,000,000 plus fiber passings at closing. And importantly, it’s gonna come with a build engine that allows us to expand in those states. You know, currently, the penetration for of that fiber footprint that was acquired is at about 25.

We see no reason why with our distribution network distribution network and additional investments, we can’t get it to 40%. Mhmm. Also, in the markets that we’re operating in that Lumen operates in, we’re underpenetrated in wireless. And so the ability to take up our wireless penetration where we have fiber in our own footprint, we see about 500 basis points of incremental wireless share.

Jennifer, Analyst: Wow.

Pascal, Senior EVP and CFO, AT and T: And we are well under our average penetration in the Lumen market. So we think it’s an we have an enormous wireless opportunity on top of being able to more fully penetrate the existing build, and we expect to significantly increase the passings in that footprint over the next several years. So all in all, we we think it’s a great transaction for us, and we’re we’re incredibly excited.

Jennifer, Analyst: And for with that also, so if I’m hearing you correctly, not only greater penetration, higher r poo, lower churn, obviously, though that math is an attractive one for any CFO, I would think.

Pascal, Senior EVP and CFO, AT and T: Absolutely.

Jennifer, Analyst: That’s what you’re seeing. The wireline penetration, you mentioned this. If I’m right, the math of your penetration in your fiber markets legacy AT and T is about 40%. And that Lumen is do I have that right? You said 26

Pascal, Senior EVP and CFO, AT and T: 25.

Jennifer, Analyst: 25%. So it does offer a tremendous opportunity. How do you expect to approach this for the wireless subs? I mean, what is the targeted push?

Pascal, Senior EVP and CFO, AT and T: Yeah. Even before even commenting on our 40% penetration, we’re at, on average, 40% across our footprint. But remember, much of our build has happened over the last four years. So by definition, we are not at yet at So we are incredibly excited about our ability to continue to add to up the penetration in our own market.

In terms of the wireless opportunity, when you simply put, when we have an opportunity in the lumen markets to be able to take a great fiber product and bundle it with our wireless, our belief is that we will be able to get a higher than our fair share. We will add distribution. We will incremental distribution beyond what we already have in the market, not only for fiber, but for wireless as well. And we think those two things will allow us to really up the amount of penetration that we have in the Lumen markets.

Jennifer, Analyst: Definitely. And that I mean, if you’ve seen evidence of that really where for both you and Verizon, where you have both the wired and wireless people come.

Pascal, Senior EVP and CFO, AT and T: Absolutely. Mhmm. You know, fiber product is just a superior product. It works really well. And and in many of the markets we go into, the consumers didn’t really have a choice, a viable competitor, and having a viable competitor with a better product and oftentimes at a slightly lower price point, it is it’s a win win.

Jennifer, Analyst: Yep. Yep. Part of the transaction announcement and I know there’s limits to what you can say here, but you did announce that a potential partner will becoming a private capital partner here. And while I understand you can’t comment on where those discussions are, who it involves, but I just wanted to get your thoughts as to why you would prefer an equity partner versus keeping it on balance sheet with this Lumen transaction. Just some thoughts there.

Pascal, Senior EVP and CFO, AT and T: Sure thing. We’re We’re currently spending $22,000,000,000 a year in capital, and we’ve guided that that is our expectations through 2027. That’s at the top of the industry. An important part of the Lumen acquisition is that we’re gonna expand upon their existing footprint, and we would have to up our capital, which would, you know, obviously impact free cash flows. In our view, this allows us to still get access to an expanded footprint while at the same time continuing to deliver attractive returns that we’ve committed to to our shareholders and still manage within the capital envelope we’ve we guided to investors.

So we think this is a great way to allow us to continue to tick off all our priorities, and at the same time, get access to a really attractive footprint with great demographics that, you know, candidly, where we think we can, with our distribution, really penetrate and deliver attractive returns for our owners.

Jennifer, Analyst: And on the private capital side, you’ve you clearly have experience with that with Giga Power where you partnered with BlackRock. Can you talk a little bit about maybe some lessons learned there and why why, if it did, contribute that this is an approach you would wanna take with Lumen?

Pascal, Senior EVP and CFO, AT and T: Sure thing. With Giga Power, here’s what I would say. We’re really happy with our partnership with BlackRock. It’s very collaborative, and we’re incredibly pleased with that. Also, one of the things we wanted to prove to ourselves with Giga Power was the ability to go outside of our traditional footprint and have the AT and T brand perform.

And while it’s still relatively early days, we have we have seen that the performance of AT and T fiber coming from gigapower is performing comparably to that of the fiber built in our own network. So our brunt our brand hunts in those markets. So, again, another proof point.

Jennifer, Analyst: Mhmm.

Pascal, Senior EVP and CFO, AT and T: And when I look at it all in, the amount of the returns that I get through the JV through a JV structure because the amount of leverage you could put on it, which is higher than what we would have at AT and T, the overall returns are very comparable. So to me, it’s a great way to strike the right balance, expand the pool of fiber customers that we’re going after, and at the same time, use some of our existing excess capital to return to shareholders.

Jennifer, Analyst: And we were talking in the the breakout room. It there is kind of a land grab right now. I mean, to be to your point, to be able to take on that leverage and do it really put the pedal to the metal. Does that would you agree with that view? Because it’s time seems of the essence.

If, you know, some reports would indicate that between you and Verizon pro form a for your two outstanding deals control 75% of the fiber market. I mean, to be able to kinda get there and build it would you agree with that thought?

Pascal, Senior EVP and CFO, AT and T: Yeah. You know, we’ve said this publicly. When we look out by the end of the decade, we expect that all the economic virtually all the economically viable fibre locations, somebody will stake a claim to it. A lot of it will come through our own organic build, some of it will come through Giga Power JV, and hopefully some of it comes through this Lumen transactions once it gets approved by the regulators. So all of that, we think it’s really important that we act with purpose and really stay focused and use our capital to stake a claim to those parts of the country that we think are economically attractive because, you know, this opportunity will not exist a decade from

Jennifer, Analyst: now. Mhmm.

Pascal, Senior EVP and CFO, AT and T: And it’s we think we’re really good at it, and our build gets more efficient. The supply contracts we have puts us at an advantage vis a vis others. And our goal is to you know, we’ve mapped out where we wanna go, and let’s go at it. Let’s go get it.

Jennifer, Analyst: That’s great. So sticking with the financial side of this deal, you know, you were very clear, and I think the street very much appreciated this, that you continue to expect to operate within your leverage ratio of 2.5 net leverage following Lumen. Following this deal and assuming a partner does come along, because it does sound like those conversations are going well if I’m reading the tea leaves here.

Pascal, Senior EVP and CFO, AT and T: You know, we we really haven’t engaged in earnest with a to try getting a partner, but my knowledge of the marketplace and the amount of capital that is available for this for infrastructure, there is no doubt in my mind that we’re gonna be able to find partner and and we’ll be able to strike a good deal for AT and T shareholders.

Jennifer, Analyst: Great. And then how if that comes to fruition, how would that impact the $10,000,000,000 in incremental financial flexibility you’ve spoken about in the past?

Pascal, Senior EVP and CFO, AT and T: Sure thing. Here, just to a level set, the Lumen transaction was the overall price was about $5,750,000,000. We are executing the transaction on our own. So upon close, of the 10,000,000,000 of financial flexibility that we had outlined at our investor day for the for the next three years, the 5.75 comes out of that.

Jennifer, Analyst: Understood.

Pascal, Senior EVP and CFO, AT and T: Importantly, when we find a partner and we determine the appropriate capital structure for the JV, that will serve to as a capital recoupment for AT and T. So some of it’s gonna come from levering up the JV, Some of it’s gonna come from the equity provided by our partner. And and so all in all, you know, I would expect that there remains a meaningful portion of the 10,000,000,000 even after this transaction

Jennifer, Analyst: Got it.

Pascal, Senior EVP and CFO, AT and T: And the step. And and look, this is a business as we grow more each year, you know, capacity will increase. So, you know, one of the reasons why we waited so long before starting to buy back shares, and some even argue that, look, two and a half times for a business our size with this with type of infrastructure, Maybe a little a little low. Mhmm. But we wanted to be in this point because it gives us ample flexibility to go out and do a transaction like Lumen at while not disturbing the capital returns we’ve promised to shareholders.

And that’s where we want it to be. This to the point you made earlier, Jennifer, is a time where you don’t know where opportunities will come from, and you wanna be in a position to take advantage of that. And

Jennifer, Analyst: it seems like your balance sheet is well positioned to do that.

Pascal, Senior EVP and CFO, AT and T: It is. We are incredibly proud of the work that’s been done.

Jennifer, Analyst: So shifting to the other side of your business, we’ve talked a lot about what I call the wired side, shifting to wireless. You know, everyone talks about spectrum as being the lifeblood of the wireless network. John Stankey and others at AT and T have been very vocal about the need for more spectrum coming from this government. And it’s clearly, I would say, a priority for for the Trump administration. He’s talked publicly about freeing up 600 megahertz of spectrum.

But I guess my question is that’s not easy. You know? I mean, there’s the Department of Defense, etcetera, etcetera. And in the absence of new spectrum coming from the government, you know, you seem to be doing a lot in the three, four, five acquisition side. A few deals have been announced, namely around UScellular.

If you look where you need more spectrum, is it really in the mid band area, or how do you think about the spectrum puzzle?

Pascal, Senior EVP and CFO, AT and T: You know, I I take a step back. When I took the role almost five years ago now, you know, we were concerned about the spectrum position. But since then, you know, we’ve spent a lot investing in spectrum. Mhmm. And and as we’re deploying the spectrum that we acquired, that spectrum propagates much more efficiently than we even thought.

And so our network, there is no immediate need for spectrum. But we run this business not for the next five years or we run it for decades to come. Yep. So whenever spectrum becomes available, it is something that we would always look at. Mhmm.

And in many in most cases, when spectrum becomes available, you will you get a return in a couple of ways. One, you know, the coverage and capacity that you add to your network, it will displace a good bit of that, so reducing your capital intensity. Two, fixed wireless is a a product that many consumers see as really a good product for them. Mhmm. And additional spectrum allows you to increase the the amount of fixed wireless subscribers you have on your service.

So all in all, it’s simply an ROI. We would look at it if the government makes more spectrum available. Mhmm. And we think it’s a good thing long term for the industry to have more spectrum. Right.

But there is no pressing need that I feel like we have to go out and acquire spectrum in the next twelve, twenty four, even thirty six months.

Jennifer, Analyst: Got it. Okay. Why sticking with wireless, bigger picture, you you as we’ve talked about, you’ve had the largest fiber footprint in The US, and your five g network covers, I think, more square miles than any of your peers. How are you kind of leaning into the converged services? I mean, can you explain how the AT and T guarantee really helps drive that convergence strategy?

Pascal, Senior EVP and CFO, AT and T: Sure thing. The AT and T guarantee is is this. We want, when somebody does business with AT and T for them to know, one, if they have a technical issue because of something that we did, we’re gonna make it right by proactively giving them a credit. Two, if somebody calls in for technical assistance, we’re gonna either answer within five minutes or agree to give you a callback. And if we don’t do that, we will give you a benefit.

Three, we’re gonna give you the best deals that we have, whether you are an existing customers or a new customer, and it doesn’t have to be with the highest price plan. And we believe having both a wireless and a fiber network where you control the experience, we are in a position to honor those guarantees and to be really to increase the affinity for our for our services. And you you can’t give a guarantee if you don’t control

Jennifer, Analyst: Yep.

Pascal, Senior EVP and CFO, AT and T: Both networks.

Jennifer, Analyst: Mhmm.

Pascal, Senior EVP and CFO, AT and T: And we spent a lot of time doing a lot of work, making sure we’re in a position to deliver that guarantee, and the early reaction has been positive. Now as as I look ahead, I mean, fiber is such a great product. If somebody has a great experience with fiber, why wouldn’t they try our wireless product?

Jennifer, Analyst: It’s it kinda sells itself if

Pascal, Senior EVP and CFO, AT and T: And, you know, our research has shown that, you know, the vast majority of people don’t want they want connectivity. They want fixed. They want mobile connectivity, and they’d rather deal with one company as opposed to two. So if you have great products, great service through the AT and T guarantee, why would somebody wanna deal with multiple carriers? And, again, these are long term bets we are making, and we feel that the reaction we are getting is is really positive.

Jennifer, Analyst: It it is a competitive market, sticking with wireless here, and I’m curious as to your thoughts, I mean, about the current state of this competition. Cable’s been somewhat of a loss leader in pricing, you know, it it feels like that that is ramping up especially as you see some of these cable brothers join forces. What gives you the confidence you can, on the wireless side, achieve the guidance when there is kind of some cowboy behavior around you?

Pascal, Senior EVP and CFO, AT and T: The wireless industry has been competitive for a very long time.

Jennifer, Analyst: Mhmm.

Pascal, Senior EVP and CFO, AT and T: Cable has gained share for the last several years vis a vis wireless. I look at our performance during that time frame, and I think here’s what I look at. You know, every company defines a subscriber slightly differently. Mhmm. If I give you a line for free, is that a sub?

No. If I migrate from one tier service to another, is that a subscriber? We don’t count either of those as subscribers. What I look at is when I look at this how much wireless service revenue is growing in the industry.

Anand: Mhmm.

Pascal, Senior EVP and CFO, AT and T: The last several years, we have garnered the most share of service revenue growth when you strip out fixed wireless and you look at it pure. That’s how we know we are doing well, and our services are resonating and customers are paying for our services. When it’s all said and done, if it’s not translating to service revenue, it it’s really it it can be viewed as empty calories.

Jennifer, Analyst: Yes. And Yes.

Pascal, Senior EVP and CFO, AT and T: That that’s how we look at it, and that’s why we’ve been really disciplined in how we approach the market and how we count subscribers, because ultimately, it’s about service revenue. And so, yeah, the wireless industry is competitive. No doubt about it. But we know how to compete. We think through the advantage of convergence, it gives us another leg up.

We have a great network.

Anand: Mhmm.

Pascal, Senior EVP and CFO, AT and T: And we’re that with a great network, great products, we can compete effectively. We just as we have been the last several years.

Jennifer, Analyst: And on the wired side too, you know, I mentioned cables companies joining arms, that obviously being Charter and Cox. Do you see any know, cable’s kind of been quiet on the wired side. I mean, they’ve they’ve had, you know, a lot of share before telecom, including AT and T, really leaned in the fiber deep architecture. Do you see with the cable competition that competitive side changing? And are you underwriting that risk?

Pascal, Senior EVP and CFO, AT and T: Here is you know, cable for years, in many cases, has operated as a monopoly. There hasn’t really been competition. There hasn’t been choice. So competition makes you better. I’m really confident when we bring our fiber product to our market.

Jennifer, Analyst: Mhmm.

Pascal, Senior EVP and CFO, AT and T: We’re gonna effectively compete with cable. It’s a better product at a lower price point, and, you know, there is no doubt in my mind we can compete, and we’re gonna continue to get more and more opportunities to do so.

Jennifer, Analyst: And if math’s right, that would suggest that’s been happening since since the second quarter of twenty two, I believe, when cable I mean, when telecom carriers have really leaned into fiber.

Pascal, Senior EVP and CFO, AT and T: Yeah. The other thing too is, look, because there has been no competition, it when you start to get attacked not only with fiber

Jennifer, Analyst: Mhmm.

Pascal, Senior EVP and CFO, AT and T: But on the lower end fixed wireless, it’s, you know, it’s game on. So I think that you what is happening now is for the time, the cable companies have to compete against others that are providing an alter alternative products.

Jennifer, Analyst: Yep. So I wanna just before we open it up to questions, two kind of macro questions. You know? Well, luckily, you’re not expected to have the direct impact of tariffs. It has created uncertainty just in general.

And you do have a unique front row seat into economic spending patterns of the consumer. Are you seeing any kind of danger Will Robinson type of concerns? Many in the audience might not even know what that means. Oh, I I do.

Pascal, Senior EVP and CFO, AT and T: I

Jennifer, Analyst: Dude. I wonder I mean, are you seeing any because you you guys will be the to see it. I mean, I remember being an analyst and other CEOs and CFOs at AT and T calling out weakness well before everyone else saw it.

Pascal, Senior EVP and CFO, AT and T: Yeah. He on the tariffs. Here’s what we have said. Look. Fortunately, we are a domestic based company.

And, yeah, we do have some exposure. Much of the network equipment comes from different parts of Asia, so there will be some impact there. Mhmm. Also, the phones that we that we we resell, there will be some impact now. The phones, they are Apple, Samsung, and they set the price they determine.

We we provide a subsidy. I wouldn’t imagine that subsidy is gonna change meaningfully as a result of the tariffs. Mhmm. Mhmm. In terms of the hardware, it will it will be an impact, but something that we think we can manage.

When I think about our capital spend, the vast majority of our capital spend is labor.

Jennifer, Analyst: Yep.

Pascal, Senior EVP and CFO, AT and T: While equip while we spend on equipment, the vast majority of it is labor. So the exposure, we’ve described as we can manage through it, and, you know, especially we reiterate our guidance this year. We feel like, you know, whatever the ultimate outcome, we can manage through it. In terms of the impact to consumers, you say, the consumer remains healthy.

Anand: Mhmm.

Jennifer, Analyst: Know? Not seen.

Pascal, Senior EVP and CFO, AT and T: Credit and collections Mhmm. Very solid. Demand is solid. In fact, we we talked about on our earning call, we are seeing we saw higher activity levels late q one into q two. We think in part, there is some consumers trying to get ahead of the tariffs, so it may be a pull forward from half.

Sure. But so far, there hasn’t been meaningful impact. Now one of the things I look at is over the years, our our services have become more and more essential. And I’m not sure we’d be the to see it right now

Jennifer, Analyst: Yeah.

Pascal, Senior EVP and CFO, AT and T: Given how critical the services are. I think there are a lot of things consumers would cut back on before they

Jennifer, Analyst: It’s ironic because you think in past weaknesses that always the talking point was cable will be the last bill you don’t pay. But really, it is your wireless network now or your connection.

Pascal, Senior EVP and CFO, AT and T: Yeah.

Jennifer, Analyst: And I guess the final question I have is, you know, what I call the longer term crystal ball question. I’m curious, like, if you look at the end of the decade, what you see as your network looking like from your operating leverage looking like, and I guess your overall growth profile.

Pascal, Senior EVP and CFO, AT and T: Yeah. You take a step back. At the end of the decade, we’ll be largely done with our fiber build. That’s a meaningful portion of our capital budget.

Anand: Mhmm.

Pascal, Senior EVP and CFO, AT and T: Will be largely out of

Anand: copper. Yep.

Pascal, Senior EVP and CFO, AT and T: Copper is think landlines, legacy DSL. We still have a lot of that that we are decommissioning, getting out of our network. It comes with a $6,000,000,000 cost base. We’ll be largely out of that. We’re gonna have a scaled fiber network.

Our wireless modernization will be done. So I look at a company that will have the largest fiber network in the country, the largest, most modern wireless network in the country, and will not have the headwinds of legacy declines that we are going we are going through today. Right. And you all are really smart. You understand what the profile of that could look like.

Mhmm. And so I think it is an incredibly exciting time for AT and T and its shareholders.

Jennifer, Analyst: Right. Well, terrific. Thank you, Pascal. We’re gonna turn it over to questions. I know we have mics.

So if anyone has questions and I will say you must speak at a lot conferences, but I don’t know that any circles you in the AT and T blue as we have today. Any questions?

Pascal, Senior EVP and CFO, AT and T: Wow.

Jennifer, Analyst: No? Oh, I see one in the back here. Let’s just get you a mic. Okay. Perfect.

Anand: My name is My name is Anand. I have a question regarding your strategy is more focused on fiber. How do you view alternate connectivity strategies like Starlink who are based on satellite And how does the fiber play in alongside or in response to that alternate connectivity strategy?

Pascal, Senior EVP and CFO, AT and T: Sure thing. You know, when I when I think about fixed broadband today and our wire our wireless network, give rough math, you probably get you cover 90% plus of The US population. And so the TAM those products are incredibly efficient. They they work better and more efficient than satellite. The physics of it all makes that very clear.

So the question really becomes, who serves that the remainder of The US population? Because we still have a lot of people, far too many, that aren’t served, and we think satellite is a fine solution in that regard. And our view is we we would love for there to be a vibrant satellite market, that way we can buy services and allow the customers to ride on our network and and satellite no different than international roaming. So somebody goes to a national park and we don’t have coverage. They get access to satellite coverage, and we pay the satellite provider.

And in an ideal world, there will be multiple providers so such that we can the price the ultimate price to consumers is really attractive.

Jennifer, Analyst: Great. Any more questions? Pascal, like I said in the beginning, this is like the perfect way to start this conference because I think as we hear about these other models emerging, they’re emerging on the networks you and your peers are creating. So thank you so much for being here and opening this conference.

Pascal, Senior EVP and CFO, AT and T: Thank you very much.

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