Exhibit (c)(iv)

 DRAFT  All numbers and references herein are highly preliminary and subject to material refinement  Project Kona | 2025 Model Update  September 2025  Exhibit (c)(iv) 
 
 PRELIMINARY, ILLUSTRATIVE DRAFT – FOR REFERENCE ONLY AND SUBJECT TO MATERIAL CHANGE  2025E – 8+4 Management model update  Comparison of 5+7 and 8+4 2025 Management models ($m)  Notes:  T-Mobile commissions of $8.9m in the 5+7 have been reallocated from COGS to SG&A which now aligns with company filings  Excludes capitalized R&D  5+7  TMO commission  5+7 (adjusted)  8+4  Difference  reclassification1  Connectivity Revenue  $225.7  $225.7  $226.3  $0.7  Solutions Revenue  64.3  64.3  63.7  (0.7)  Revenue  $290.0  $290.0  $290.0  ($0.0)  Connectivity Gross Profit  $136.8  $136.8  $137.2  $0.4  Solutions Gross Profit  18.5  8.9  27.4  24.4  (3.0)  Total Gross Profit  $155.4  $164.3  $161.6  ($2.6)  % margin  53.6%  56.6%  55.7%  (0.9%)  OpEx2  $93.4  $8.9  $102.3  $102.3  $0.0  Other Income / (Expense)  $0.7  $0.7  $4.7  $4.0  Adj. EBITDA  $62.7  $62.7  $64.0  $1.4  % margin  21.6%  21.6%  22.1%  0.5%  Memo:  Integration and One-Time Items  (15.4)  (15.4)  (18.9)  (3.6)  Labor CapEx  (7.4)  (7.4)  (6.9)  0.5  Cash Bonus (STI / LTI)  (6.4)  (6.4)  (5.8)  0.6  2 
 
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