Overview Key strengths Key risks Dominant provider of broadband services in its markets. Competition from incumbent phone companies and cable providers that have overbuilt the company?s network. High barriers to entry given capital spending requirements and rights of way. 5G fixed wireless competition could result in slowing subscriber growth. Good revenue visibility from increased demand for high-margin broadband. Participation in lower-income markets that have kept broadband penetration rates below incumbent peers Elevated financial leverage above 5x and limited free operating cash flow (FOCF) on elevated capital spending. S&P Global Ratings believes Vyve's subscriber base will expand at about 2%-3% annually through 2023, lower than our previous estimates of about 6%-8% on intensifying competition combined with challenging business conditions. Given the
