Uniti Group Inc (UNIT) 2024 Q3 法說會逐字稿

Good morning and welcome to today's conference call to discuss the Uniti’s third quarter 2024 earnings results.

早安，歡迎參加今天的電話會議，討論 Uniti 2024 年第三季的獲利結果。

My name is Gigi and I'll be your operator for today.

我叫 Gigi，今天我將擔任您的接線生。

Today's call is being recorded and a webcast will be available on the company's investor relations website investor.uniti.com, beginning today and will remain available for 365 days.

今天的電話會議正在錄音，將從今天開始在公司的投資者關係網站 Investor.uniti.com 上提供網路廣播，並將持續 365 天。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Participants on the call will have the opportunity to ask questions following the company's prepared comments.

電話會議的參與者將有機會根據公司準備好的意見提出問題。

It is now my pleasure to introduce Bill DiTullio, Uniti's Vice President of Investor Relations and Treasury.

現在我很高興向您介紹 Uniti 投資者關係和財務副總裁 Bill DiTullio。

Please begin.

請開始。

Thanks, Gigi.

謝謝，吉吉。

Good morning everyone and thank you for joining today's conference call to discuss Uniti's third quarter 2024 results.

大家早安，感謝您參加今天的電話會議，討論 Uniti 2024 年第三季的業績。

Speaking on the call today will be Kenny Gunderman, our CEO; and Paul Bullington, Uniti's CFO.

我們的執行長肯尼岡德曼 (Kenny Gunderman) 將在今天的電話會議上發言。以及 Uniti 財務長 Paul Bullington。

Before we get started, I would like to quickly cover our Safe Harbor statement.

在我們開始之前，我想快速介紹一下我們的安全港聲明。

Please note that today's remarks may contain forward-looking statements.

請注意，今天的言論可能包含前瞻性陳述。

These statements include, but are not limited to, statements about our 2024 outlook, expectations regarding lease up of our network, demand trends, business strategies, growth prospects, the benefits of the proposed transaction between Uniti and Windstream, including future financial and operating results of either company or the combined company.

這些聲明包括但不限於有關我們 2024 年展望的聲明、有關我們網路租賃的預期、需求趨勢、業務策略、成長前景、Uniti 和 Windstream 之間擬議交易的好處，包括未來的財務和營運績效任一公司或合併後的公司。

Statements related to the expected timing of the completion of the transaction and combined company plans and other statements that are not historical facts.

有關交易預計完成時間和合併公司計劃的陳述以及不屬於歷史事實的其他陳述。

Any forward-looking statements contained in today's discussion and materials speak only as of the particular date or dates indicated in the materials.

今天的討論和材料中包含的任何前瞻性陳述僅代表材料中指定的特定日期。

Please also note that Uniti and Windstream, through the entity that will be the combined parent company following the merger has filed a Form S-4 registration statement with the SEC that includes a proxy statement and prospectus regarding the transaction that has not yet become effective.

另請注意，Uniti 和 Windstream 透過合併後將成為合併母公司的實體向 SEC 提交了 S-4 表格登記聲明，其中包括有關尚未生效的交易的委託書和招股說明書。

Investors are urged to read that proxy statement and prospectus as it contains important information about the transaction.

我們敦促投資者閱讀該委託書和招股說明書，因為其中包含有關交易的重要資訊。

In addition, Uniti and Windstream and their Directors and Officers may be deemed to be participating in the solicitation of proxies in favor of the transaction.

此外，Uniti 和 Windstream 及其董事和高階主管可被視為參與有利於本次交易的委託書徵集。

You may find information about Uniti Directors and Executive Officers in the company's most recent proxy statement.

您可以在公司最新的委託書中找到有關 Uniti 董事和執行官的資訊。

You may also obtain a copy of the proxy statement and prospectus through the SEC website, Uniti's and Windstream's websites, or by requesting a copy from either company's investor relations website.

您也可以透過 SEC 網站、Uniti 和 Windstream 網站取得委託書和招股說明書的副本，或向任一公司的投資者關係網站索取副本。

More information on how to request these documents is available in the presentation that accompanies this call.

有關如何索取這些文件的更多信息，請參閱本次電話會議隨附的簡報。

Uniti does not undertake any obligation to update or revise any of this information in today's remarks, whether as a result of new information, future events, or otherwise.

Uniti 不承擔更新或修改今天言論中的任何資訊的義務，無論是由於新資訊、未來事件或其他原因。

Numerous factors could cause actual results that differ materially from those described in the forward-looking statements.

許多因素可能導致實際結果與前瞻性陳述中所述的結果有重大差異。

And for more information on those factors, please see the section titled forward-looking statements in the presentation and risk factors section of the filed Form S-4.

有關這些因素的更多信息，請參閱已提交的表格 S-4 的演示和風險因素部分中標題為前瞻性陳述的部分。

With that, I would now like to turn the call over to Kenny.

有了這個，我現在想把電話轉給肯尼。

Thanks, Bill.

謝謝，比爾。

Good morning, everyone, and thank you for joining.

大家早安，感謝您的加入。

I'm excited to talk about another solid quarter of performance at Uniti in our pending combination with Windstream.

我很高興談論 Uniti 在我們即將與 Windstream 的合併中又一個穩定的季度業績。

But before doing that, I want to first acknowledge the terrible impact of hurricanes Helene and Milton.

但在此之前，我想先承認颶風海倫和米爾頓的可怕影響。

Our thoughts are with the many people who have suffered loss and damage in the affected areas.

我們與在受影響地區遭受損失和破壞的許多人同在。

I also want to thank emphatically the loyal Uniti first responders and support employees who yet again provided terrific, virtually immediate support to our customers and communities.

我還要特別感謝忠誠的 Uniti 急救人員和支援員工，他們再次為我們的客戶和社區提供了出色、幾乎即時的支援。

While our response to such national disasters is a core competency and regularly complemented by our customers, Uniti leadership never takes your service for granted.

雖然我們對此類國家災難的回應是我們的核心能力，並且定期得到我們的客戶的補充，但 Uniti 領導層從不認為您的服務是理所當然的。

Now, turning to the quarter and starting on slide 4.

現在，轉到季度並從幻燈片 4 開始。

Uniti once again delivered a solid quarter of performance led by the continued strong demand for our mission critical fiber infrastructure by various customers, including hyperscalers.

由於包括超大規模企業在內的各種客戶對我們的關鍵任務光纖基礎設施的持續強勁需求，Uniti 再次實現了穩定的季度業績。

Paul will provide more details on our updated guidance later on, but we're slightly increasing our full-year 2024 revenue outlook as a result of this strong demand.

Paul 稍後將提供有關我們更新後的指導的更多詳細信息，但由於這種強勁的需求，我們略微提高了 2024 年全年收入預期。

Our core recurring strategic fiber business grew 3% in the third quarter, fueled by exceptional growth in enterprise, wholesale, and dark fiber revenue of 10%, 14%, and 18%, respectively.

在企業、批發和暗光纖收入分別成長 10%、14% 和 18% 的推動下，我們的核心經常性策略光纖業務在第三季成長了 3%。

When paired with our industry-leading 0.2% churn, we remain on track to deliver 4% to 6% MRR growth for the full year.

與業界領先的 0.2% 客戶流失率相結合，我們仍有望實現全年 4% 至 6% 的 MRR 成長。

Turning to slide 5, we had another strong quarter of new bookings.

轉向投影片 5，我們又迎來了新預訂量強勁的季度。

While wireless bookings have remained muted so far, we are encouraged that we'll see a pickup in activity towards the end of this year and into 2025.

雖然無線預訂到目前為止仍處於低迷狀態，但我們感到鼓舞的是，我們將在今年年底和 2025 年看到活動的回升。

This downturn is more than offset by demand from other customers including fiber-to-the-home carriers, which are driving substantial demand procuring middle mile and inner city backhaul to connect their neighborhoods.

這種低迷被包括光纖到戶業者在內的其他客戶的需求所抵消，這些客戶正在推動採購中英里和內城回程以連接社區的大量需求。

The amount of bookings Uniti saw relating to fiber-to-the-home carriers increased threefold in 2023 versus 2022, and we expect a similar level this year.

Uniti 發現，2023 年與光纖到戶業者相關的預訂量比 2022 年增加了三倍，我們預計今年也將達到類似水準。

As we mentioned previously, the demand from hyperscalers continues to represent a meaningful part of our consolidated bookings, with 20% of our year-to-date bookings coming from hyperscalers.

正如我們之前提到的，來自超大規模企業的需求繼續在我們的綜合預訂中佔據重要地位，今年迄今的預訂中有 20% 來自超大規模企業。

We're confident that this demand will be sustained going forward as a meaningful amount of our entire sales funnel is from hyperscalers.

我們相信這種需求將持續下去，因為我們整個銷售管道的很大一部分來自超大規模企業。

Moving to slide 6, I wanted to talk a bit more granularly about the hyperscaler deals we're seeing.

前往投影片 6，我想更詳細地討論我們所看到的超大規模交易。

There should be no debate in the industry about the size of the demand for digital infrastructure -- the hyperscaler opportunity for digital infrastructure providers, including data centers and fiber.

業界不應該對數位基礎設施的需求規模存在爭論——數位基礎設施提供商（包括資料中心和光纖）的超大規模機會。

Hyperscalers are spending over $200 billion annually, and a meaningful percentage of that is being spent on digital infrastructure for cloud-based products, now generative AI, and other future use cases.

超大規模企業每年花費超過 2000 億美元，其中很大一部分花在基於雲端的產品、現在的生成式 AI 和其他未來用例的數位基礎設施上。

We believe this spend is going to persist and likely grow.

我們相信這種支出將持續存在並可能成長。

The types of transactions we're pursuing with hyperscalers thus far are attractive financial deals and highly strategic.

到目前為止，我們與超大規模企業進行的交易類型都是有吸引力的金融交易並且具有高度策略性。

As you can see from the map, we're either selling existing infrastructure with little to no capital required or building new infrastructure in highly strategic parts of our network providing future lease-up potential.

正如您從地圖中看到的，我們要么在幾乎不需要資本的情況下出售現有基礎設施，要么在我們網路的高度戰略性部分建設新的基礎設施，以提供未來的租賃潛力。

In some cases, we're building new long-haul routes that we previously coveted, but could not justify from a cost perspective.

在某些情況下，我們正在建造我們以前夢寐以求的新長途航線，但從成本角度來看並不合理。

Further, the economics of these transactions are entirely in line with our previously stated anchor plus lease-up model, and we're very excited to pursue future transactions during this investment phase.

此外，這些交易的經濟性完全符合我們先前所說的錨定加租賃模式，我們非常高興能夠在這個投資階段進行未來的交易。

As you can see, the types of deals vary from strategic sales to IRUs to dark fiber leases, and in some cases, selling waves.

正如您所看到的，交易類型多種多樣，從對 IRU 的策略銷售到暗光纖租賃，在某些情況下，還有銷售浪潮。

As a result, the impact of our financials, including bookings, will vary quarter to quarter.

因此，我們的財務（包括預訂）的影響將每個季度有所不同。

For example, in the fourth quarter, we're likely to see a spike in revenue from strategic sales that were made to hyperscalers earlier in the year and are being delivered during the quarter.

例如，在第四季度，我們可能會看到今年稍早向超大規模企業進行的策略銷售帶來的收入激增，並在本季度交付。

We're even more excited for the inference phase of generative AI and the many other ultra-high broadband use cases that are coming.

我們對生成式人工智慧的推理段落和即將到來的許多其他超高寬頻用例感到更加興奮。

The edge of our network will become even more valuable as data centers, wireless towers, small cells, and connected buildings will need to be built or upgraded, providing a lift to MRR.

隨著資料中心、無線塔、小型基地台和互聯建築需要建造或升級，我們網路的邊緣將變得更加有價值，從而為 MRR 提供提升。

Importantly, fiber-to-the-home will also become even more valuable.

重要的是，光纖到府也將變得更加有價值。

In short, Uniti is executing well on our core strategy of providing mission critical fiber, and we're well positioned for the future.

簡而言之，Uniti 很好地執行了我們提供關鍵任務光纖的核心策略，並且我們為未來做好了充分準備。

With that, I will turn the call over to Paul.

這樣，我就把電話轉給保羅。

Thanks Kenny.

謝謝肯尼。

I'd like to begin by reviewing our third quarter performance followed by an overview of our current 2024 outlook.

我想先回顧我們第三季的業績，然後概述我們目前的 2024 年前景。

The solid results we saw on the third quarter for Uniti were once again anchored by a healthy level of consolidated bookings MRR of nearly $1 million, 3% year-over-year growth in our core recurring strategic fiber revenue, and declining consolidated net success-based capital intensity, ending the quarter at around 20%.

我們在第三季度看到的 Uniti 穩健業績再次得益於近 100 萬美元的綜合預訂 MRR 的健康水平、我們核心經常性戰略光纖收入同比增長 3% 以及綜合淨成功率的下降。 ，本季結束時約為20%。

As I'll cover in more detail in just a bit, we are slightly increasing our 2024 outlook for consolidated revenue, while adjusted EBITDA remains unchanged as we expect to end the year within the previous guidance ranges provided.

正如我將更詳細地介紹的那樣，我們略微提高了 2024 年合併收入的預期，而調整後的 EBITDA 保持不變，因為我們預計年底將在之前提供的指導範圍內。

We have also provided Windstream's third quarter financial information in an 8-K filed with the SEC earlier this morning.

我們也在今天早上向 SEC 提交的 8-K 文件中提供了 Windstream 第三季的財務資訊。

Please turn to slide 7 and I'll start with comments on our third quarter.

請翻到投影片 7，我將首先對我們的第三季進行評論。

We reported consolidated revenues of $292 million, consolidated adjusted EBITDA of $235 million, AFFO attributed to common shareholders of $87 million, and AFFO per diluted common share of $0.33. As I mentioned last quarter, given the timing of one-time sales, including strategic dark fiber sales to hyperscalers, we continue to expect second half revenue and adjusted EBITDA will be more heavily weighted in the fourth quarter versus the third quarter.

我們報告的合併收入為 2.92 億美元，合併調整後 EBITDA 為 2.35 億美元，歸屬於普通股股東的 AFFO 為 8,700 萬美元，稀釋後每股 AFFO 為 0.33 美元。正如我上季度提到的，考慮到一次性銷售的時機，包括向超大規模企業的策略性暗光纖銷售，我們仍然預計第四季度的下半年收入和調整後的EBITDA 將比第三季更重要。

On a consolidated basis, our net capital intensity during the quarter was 21%, down from 41% in the same period -- same prior period, prior year as we wrapped up our 2024 GCI funding commitments in July.

綜合來看，我們本季的淨資本密集度為 21%，低於去年同期的 41%，因為我們在 7 月完成了 2024 年 GCI 融資承諾。

There continue to be a number of encouraging trends in bookings that are driving this capital efficiency, including our continued focus on lease-up and a higher mix of hyperscaler deals that generally come with higher NRCs.

預訂方面仍然存在許多令人鼓舞的趨勢，這些趨勢正在推動這種資本效率，包括我們繼續專注於租賃以及更多通常伴隨著更高NRC的超大規模交易組合。

At Uniti Leasing, we reported segment revenues of $223 million and adjusted EBITDA of $215 million, representing an adjusted EBITDA margin of 97% for the quarter.

Uniti Leasing 的分部營收為 2.23 億美元，調整後 EBITDA 為 2.15 億美元，該季調整後 EBITDA 利潤率為 97%。

At Uniti Fiber, we reported revenues of $69 million and adjusted EBITDA of $26 million during the third quarter.

Uniti Fiber 第三季營收為 6,900 萬美元，調整後 EBITDA 為 2,600 萬美元。

Both revenue and adjusted EBITDA during the quarter were in line with our expectations.

本季的營收和調整後 EBITDA 均符合我們的預期。

Turning to slide 8, our growth capital investment program continues to provide positive results for Uniti and given our pending merger with Windstream, I wanted to highlight a key point that I believe the market is underappreciating.

轉向幻燈片 8，我們的成長資本投資計劃繼續為 Uniti 帶來積極成果，並且鑑於我們即將與 Windstream 合併，我想強調一個我認為市場低估的關鍵點。

Since 2015, Kinetic and Uniti have invested almost $2.5 billion of capital in its network.

自 2015 年以來，Kinetic 和 Uniti 已為其網路投資了近 25 億美元的資金。

These historical investments have helped enable Kinetic's approximate $650 fiber-to-the-home per passing cost, as we estimate that deploying backhaul fiber networks equates to roughly 20% of the total cost of building fiber-to-the-home for others in the industry.

這些歷史投資幫助 Kinetic 實現了約 650 美元的光纖到戶每次傳輸成本，因為我們估計部署回程光纖網路相當於為其他地區的其他人建造光纖到戶總成本的約 20%。

On slide 9, we've updated the consolidated year-to-date view of revenue and adjusted EBITDA for New Uniti by each segment on which we expect to report post close.

在投影片 9 上，我們更新了 New Uniti 的年初至今的合併收入視圖，並按我們預計在交易結束後報告的每個部門調整了 EBITDA。

Both Kinetic and fiber infrastructure consists of a highly predictable core recurring revenue base that continues to grow and yield attractive margins.

Kinetic 和光纖基礎設施都包含高度可預測的核心經常性收入基礎，該收入基礎持續成長並產生有吸引力的利潤。

As a reminder, our fiber-to-the-home platform will continue to be branded as Kinetic.

謹此提醒，我們的光纖到府平台將繼續使用 Kinetic 品牌。

Fiber infrastructure will include our current Uniti Fiber and Uniti Leasing segments along with the Windstream wholesale segment, all of which are highly complementary and will combine to create a premier fiber infrastructure company with both national and deep regional capabilities and a fiber network that is predominantly owned and operated.

光纖基礎設施將包括我們目前的Uniti Fiber 和Uniti Leasing 部門以及Windstream 批發部門，所有這些部門都具有高度互補性，並將結合起來創建一家一流的光纖基礎設施公司，該公司具有全國和深厚的區域能力以及主要擁有的光纖網路並進行操作。

As you can see, the core fiber business demonstrated solid top line growth for the quarter, and just as importantly, the combined business is demonstrating continued solid EBITDA growth.

正如您所看到的，核心光纖業務在本季度表現出穩健的營收成長，同樣重要的是，合併後的業務也表現出持續穩健的 EBITDA 成長。

Please turn to slide 10 and I'll now cover our updated 2024 guidance.

請前往投影片 10，我現在將介紹我們更新的 2024 年指南。

We are revising our guidance for business unit level revisions and the impact of transaction related and other costs incurred to date.

我們正在修訂業務部門層級的指導以及迄今為止發生的交易相關成本和其他成本的影響。

Our outlook excludes the impact from the expected merger with Windstream, future acquisitions, capital market transactions, and future transaction related and other costs not specifically mentioned herein.

我們的展望不包括預期與 Windstream 合併、未來收購、資本市場交易以及未來交易相關成本和本文未具體提及的其他成本的影響。

Actual results could differ materially from these forward-looking statements.

實際結果可能與這些前瞻性陳述有重大差異。

As I mentioned earlier, we are increasing our 2024 outlook for consolidated revenue by $3 million to account for higher-than-expected onetime lease up that was realized during the quarter at Uniti Leasing.

正如我之前提到的，我們將 2024 年合併收入預期上調了 300 萬美元，以解決 Uniti Leasing 本季實現的高於預期的一次性租賃額。

While our full-year outlook for adjusted EBITDA remains unchanged, we are increasing the midpoint of our outlook for Uniti Leasing by $2 million to reflect the additional one-time lease-up I just mentioned, which is offset by an increase of $2 million in our full-year corporate expense outlook due to higher than expected corporate SG&A expense.

雖然我們對調整後EBITDA 的全年預期保持不變，但我們將Uniti Leasing 的預期中位數上調了200 萬美元，以反映我剛才提到的額外一次性租賃，這一增加被200 萬美元的增加所抵銷。

At Uniti Leasing, we continue to expect $250 million of net success-based CapEx at the midpoint of our guidance, of which, approximately $230 million relates to Windstream GCI investments.

在Uniti Leasing，我們繼續預期在我們指導的中點，基於淨成功的資本支出將達到2.5億美元，其中約2.3億美元與Windstream GCI投資有關。

Net success-based CapEx for Uniti Fiber this year is still expected to be $100 million at the midpoint of our guidance, representing a capital intensity of 34%, down from 40% in 2023 and 45% in 2022, further demonstrating the success we are having in transitioning to less capital-intensive, higher return lease-up deals.

以我們指引的中點計算，Uniti Fiber 今年基於淨成功的資本支出仍預計為1 億美元，資本密集度為34%，低於2023 年的40% 和2022 年的45%，進一步證明了我們所取得的成功轉向資本密集度較低、回報較高的租賃交易。

We expect full-year AFFO to range between $1.32 and $1.39 per diluted common share with a midpoint of $1.35 per diluted share.

我們預計全年 AFFO 稀釋後普通股每股收益為 1.32 美元至 1.39 美元，中間值為每股稀釋普通股 1.35 美元。

As a reminder, guidance ranges for key components of our outlook are included in the appendix to our earnings presentation.

提醒一下，我們的前景關鍵組成部分的指導範圍包含在我們收益報告的附錄中。

At quarter end, we had approximately $529 million of combined unrestricted cash and cash equivalents and undrawn revolver capacity.

截至季末，我們擁有約 5.29 億美元的不受限制的現金和現金等價物以及未提取的左輪手槍容量。

Our leverage ratio at quarter end was 6.05 times based on net debt to third quarter 2024 annualized adjusted EDITDA excluding the debt and net contributions from the ABS loan facility.

根據截至 2024 年第三季年度調整後 EDITDA 的淨債務（不包括 ABS 貸款融資的債務和淨貢獻），我們季末的槓桿率為 6.05 倍。

Finally, a couple of comments on our capital structure.

最後，對我們的資本結構提出幾點評論。

During the quarter, Windstream successfully executed on a collaborative plan to strengthen and simplify the post-merger capital structure.

本季度，Windstream 成功執行了一項合作計劃，以加強和簡化合併後的資本結構。

These moves accomplished three primary goals.

這些措施實現了三個主要目標。

First, all of Windstream's debt is now portable into the Uniti debt structure at or shortly after close, allowing for a collapse of the dual debt silos into one.Simplifying the combined capital structure for both the company and investors was something that was important for us to accomplish quickly and efficiently.

首先，Windstream 的所有債務現在都可以在交易結束時或交易結束後不久轉移到Uniti 債務結構中，從而將雙重債務孤島合併為一個債務孤島。重要快速有效地完成。

Second, it addresses the majority of our 2027 maturity stack by pushing out significant debt maturities to 2031.

其次，它透過將大量債務到期日推遲到 2031 年來解決我們 2027 年到期堆疊的大部分問題。

And third, raises the additional capital that can be used for general corporate purposes, including expanding the Kinetic fiber-to-the-home build plan.

第三，籌集可用於一般企業用途的額外資本，包括擴大 Kinetic 光纖到府建設計畫。

As it relates to the ABS market, we continue to view it as an attractive source of financing that complements our existing capital structure well.

由於它與 ABS 市場相關，我們繼續將其視為有吸引力的融資來源，可以很好地補充我們現有的資本結構。

To that end, we continue to make good progress on replacing our current ABS bridge financing with a permanent ABS solution, which we expect will be in place by later this year or early next year.

為此，我們在用永久 ABS 解決方案取代當前 ABS 過橋融資方面繼續取得良好進展，我們預計該解決方案將在今年稍後或明年初到位。

With that, I'll now turn the call back over to Kenny.

這樣，我現在將把電話轉回給肯尼。

Thanks, Paul.

謝謝，保羅。

We continue to make great progress on our timeline to close our pending merger, and in fact, we've already received PUC approvals from 13 of the 18 jurisdictions requiring them.

我們繼續在完成待定合併的時間表上取得重大進展，事實上，我們已經收到了 18 個司法管轄區中 13 個需要批准的 PUC 批准。

Slide 14 showcases the reach of new Uniti's insurgent fiber network, extending our successful strategy of targeting Tier 2 and Tier 3 markets for wholesale and enterprise now into residential fiber-to-the-home.

投影片 14 展示了新的 Uniti 顛覆性光纖網路的覆蓋範圍，將我們針對批發和企業的 2 級和 3 級市場的成功策略擴展到住宅光纖到戶。

Our true north is building fiber first in less competitive markets, giving us the right to win for many years into the future.

我們真正的方向是首先在競爭較少的市場中建造光纖，這使我們有權利在未來許多年裡獲勝。

Including connected buildings, fiber to the tower, and small cell connections, connected POPs and data centers, and the 4.3 million total homes within Kinetic's current footprint, Uniti will have the potential to reach over 5 million connected on-ramps in largely unique locations, each driving increasing amounts of bandwidth onto our owned wholesale network.

包括互聯建築、光纖到塔、小型蜂窩連接、互聯POP 和數據中心，以及Kinetic 目前覆蓋範圍內的430 萬戶家庭，Uniti 將有潛力在很大程度上獨特的地點覆蓋超過500 萬個互聯入口匝道，每個都為我們擁有的批發網路帶來了越來越多的頻寬。

Slide 15 highlights how Kinetic compares favorably to other providers in the industry.

投影片 15 重點介紹了 Kinetic 與業內其他提供者相比的優勢。

Only 15% of the footprint today has a true overbuilder, and that's held relatively constant for the last five years.

如今，只有 15% 的足跡擁有真正的過度建設者，而這一比例在過去五年中保持相對穩定。

Next, Kinetic is also building fiber passings of what we believe to be an industry-leading cost of $650 per passing.

接下來，Kinetic 也正在建造光纖通道，我們認為每次通道的成本為業界領先，為 650 美元。

As Paul highlighted earlier, the historical GCI, TCI investments have given Kinetic a head start from a cost and network quality perspective, and Kinetic has a fully internally owned build engine that lowers costs further.

正如 Paul 之前所強調的那樣，歷史上的 GCI、TCI 投資使 Kinetic 從成本和網路品質的角度領先，而 Kinetic 擁有完全內部擁有的建置引擎，可以進一步降低成本。

Importantly, our current plan currently targets approximately 60% coverage with fiber, and we're actively evaluating expanding that plan further.

重要的是，我們目前的計劃目前的目標是光纖覆蓋率約為 60%，並且我們正在積極評估進一步擴大該計劃。

In fact, Windstream announced on its earnings call yesterday that we expect to accelerate its fiber build program beginning in 2025.

事實上，Windstream 在昨天的財報電話會議上宣布，我們預計將從 2025 年開始加速其光纖建設計畫。

We plan to provide more specific guidance on that plan when we provide our 2025 outlook early next year.

我們計劃在明年初提供 2025 年展望時提供有關該計劃的更具體指導。

Moving to slide 16, you can see Kinetic has been demonstrating strong success the past few years.

轉到幻燈片 16，您可以看到 Kinetic 在過去幾年中取得了巨大的成功。

Initial penetration levels on early cohorts have consistently averaged between 15% to 18% in the first year, increasing to above 25% on average by the second year.

早期群體的初始滲透率第一年平均在 15% 到 18% 之間，到第二年平均增加到 25% 以上。

Recent cohorts have been demonstrating initial penetration rates of up to 30%, as Kinetic has really ramped a more customer-focused, digitally enhanced local go-to-market strategy.

最近的隊列已經展示了高達 30% 的初始滲透率，因為 Kinetic 確實加強了更以客戶為中心、數位化增強的本地上市策略。

Slide 17 highlights another exciting element of our combination, which is the bringing together of Uniti's robust, asset-rich national wholesale business with Windstream's national lit network.

投影片 17 強調了我們合併中的另一個令人興奮的元素，將 Uniti 強大、資產豐富的全國批發業務與 Windstream 的全國照明網絡結合在一起。

On a combined basis, this business will have over 200,000 route miles, many in unique Tier 2 and Tier 3 routes, almost 800,000 connected buildings, and over 1,600 connected POPs and data centers.

總體而言，該業務將擁有超過 200,000 英里的航線，其中許多位於獨特的 2 級和 3 級航線、近 800,000 座互聯建築以及超過 1,600 個互聯 POP 和資料中心。

We'll be uniquely positioned to continue being a share taker in the growing dark fiber and waves markets.

我們將處於獨特的地位，並繼續成為不斷成長的暗光纖和波浪市場的份額持有者。

Turning to slide 18, we committed to making progress on numerous key initiatives between signing and closing of our transaction.

轉向投影片 18，我們致力於在交易簽署和完成之間的眾多關鍵措施上取得進展。

First, both companies continue to execute well operationally and we continue to provide a unified investor relations outreach to help investors understand the New Uniti.

首先，兩家公司繼續良好運營，我們繼續提供統一的投資者關係外展服務，幫助投資者了解新Uniti。

Next, as Paul mentioned earlier, we're very excited to have completed the simplification of our new pro forma balance sheet at closing.

接下來，正如保羅之前提到的，我們非常高興在交易結束時完成了新的備考資產負債表的簡化。

As part of that, we're working on an accelerated and expanded fiber-to-the-home build plan with extra capital.

作為其中的一部分，我們正在利用額外資金制定加速和擴展的光纖到戶建設計劃。

We're also actively working with Kinetic on an integration plan to achieve our synergy goals.

我們也積極與 Kinetic 合作制定整合計劃，以實現我們的協同目標。

And lastly, we're never idle when it comes to M&A.

最後，在併購方面我們從不閒著。

Let me close on slide 19 by restating how excited we are for our pending merger with Windstream.

在投影片 19 的最後，我要重申我們對即將與 Windstream 合併感到多麼興奮。

When we announced the transaction in May, we talked about the strategic rationale, and since then, market developments have absolutely validated our views.

當我們在五月宣布這項交易時，我們談到了戰略原理，從那時起，市場的發展絕對驗證了我們的觀點。

The new Uniti is at the epicenter of the growing convergence trend, highlighting the substantial strategic value of Kinetic and its scaled fiber-to-the-home platform.

新的 Uniti 處於日益增長的融合趨勢的中心，凸顯了 Kinetic 及其規模化光纖到府平台的重大戰略價值。

Our fiber infrastructure business is also uniquely positioned to benefit from the explosion and broadband demand in general, including the demand being fueled by hyperscalers.

我們的光纖基礎設施業務也處於獨特的地位，可以從整體的爆炸性成長和寬頻需求中受益，包括超大規模企業推動的需求。

We cannot be more excited about our positioning.

我們對我們的定位感到非常興奮。

And with that, we'd be happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Greg Williams, TD Cowen.

格雷格·威廉斯，TD·考恩。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

The first one is just hoping you could provide more color on the recent win with the Montgomery Metro rings in terms of MRR and bookings.

第一個只是希望您能為蒙哥馬利地鐵環最近在 MRR 和預訂方面的勝利提供更多的色彩。

And there's a concern out there in general that you're seeing high upfront NRCs, as Paul you noted, but not much recurring MRR cash and low yields on some of these deals.

正如 Paul 所指出的，人們普遍擔心您會看到較高的預付 NRC，但經常性 MRR 現金不多，而且其中一些交易的收益率較低。

So maybe you can talk to the flavor and then the characterization of the deals and the mechanics and if the yields are acceptable.

因此，也許您可以談談風味，然後談談交易和機制的特徵以及收益率是否可以接受。

And part and parcel to that, just can you talk to the competitive dynamics in the RFP process?

除此之外，您能談談 RFP 流程中的競爭動態嗎？

Press releases out there and funnels that are in the billions of dollars, and if it's a lucrative GenAI fiber opportunity, is there more competition at the RFP table, and can you speak to Uniti’s advantages.

新聞稿和管道價值數十億美元，如果這是一個利潤豐厚的 GenAI 光纖機會，RFP 桌上是否會有更多競爭，您能否談談 Uniti 的優勢。

Thanks.

謝謝。

Good morning, Greg.

早安，格雷格。

Thanks.

謝謝。

Yeah, we wanted to provide more color on the types of transactions we're pursuing with this new slide that we hit in the prepared remarks.

是的，我們希望透過我們在準備好的評論中提到的這張新幻燈片來為我們正在追求的交易類型提供更多的色彩。

And really, when you look at Montgomery, the one you mentioned, it's really part and parcel with the ones on this page.

事實上，當你看到你提到的蒙哥馬利時，它確實與本頁上的內容密不可分。

And it’s -- what we're doing at Uniti with respect to the hyperscalers is we're building very strategic fiber when we're working with them.

我們在 Uniti 為超大規模企業所做的事情是，當我們與他們合作時，我們正在建立非常具有戰略意義的光纖。

We're not building fiber off in remote locations that we can't use for a second, third, or fourth tenant.

我們不會在無法供第二個、第三個或第四個租戶使用的偏遠地區建造光纖。

We're building fiber that's in the core of our network in markets like Montgomery or connecting markets like Montgomery to Huntsville or Huntsville to Mobile, which give us tremendous lease-up potential on top of the initial build.

我們正在蒙哥馬利等市場建立網路核心光纖，或將蒙哥馬利與亨茨維爾或亨茨維爾與莫比爾等市場連接起來，這在初始建設的基礎上為我們提供了巨大的租賃潛力。

And so that dovetails, I think, nicely into your second question, which is the economics of these deals, how do they work for us and how do they fit within our previously stated strategy of our anchor plus lease-up model.

因此，我認為，這很好地契合了你的第二個問題，即這些交易的經濟效益，它們如何為我們服務，以及它們如何符合我們先前提出的錨定加租賃模式的策略。

And we believe they fit squarely in that model.

我們相信它們完全適合該模型。

And we've always talked about building anchor fiber in the 5% to 10% initial cash flow range, but then having a lease up strategy on top of that that gets you well above that 10%.

我們總是談論在 5% 到 10% 的初始現金流範圍內建立錨定光纖，然後在此基礎上採用租賃策略，使您的現金流遠高於 10%。

And as we talk about every quarter, we're tracking well above those performance metrics when we look at all the anchor builds we've done over the past number of years.

當我們談論每個季度時，當我們查看過去幾年中所做的所有錨定構建時，我們追蹤的性能指標遠高於這些性能指標。

And with respect to these hyperscaler deals, I would say -- and when you do an anchor deal, if you take a lower NRC, that puts more stress or more focus on the need for lease up in order to get to those returns.

對於這些超大規模交易，我想說的是，當你進行錨定交易時，如果你採取較低的 NRC，這會帶來更大的壓力或更多地關注租賃的需要，以獲得這些回報。

And conversely, if you have a higher NRC, there's less stress on the need for lease up or less stress on, I'd say, the sense of urgency on lease up.

相反，如果您的 NRC 較高，那麼租賃需求的壓力就會較小，或者租賃的緊迫感也會較小。

And in these hyperscaler deals, generally what we're seeing, like Paul said, the NRCs are higher.

在這些超大規模交易中，正如保羅所說，我們通常看到的 NRC 更高。

And so when we think about that 5% to 10% initial yield range, I would say most of the deals we're seeing are in excess of that range.

因此，當我們考慮 5% 至 10% 的初始收益率範圍時，我想說我們看到的大多數交易都超出了該範圍。

And so from an economic perspective, we feel very good about the deals, including our view of the lease-up potential on the deals that we've done after the anchor deal.

因此，從經濟角度來看，我們對這些交易感覺非常好，包括我們對主力交易後所做交易的租賃潛力的看法。

Again, given where these bills are, they're right in the core of our network.

同樣，考慮到這些帳單的位置，它們就位於我們網路的核心。

So we feel great about the economics of the deals and we're excited to build more of these going forward and we'll continue reporting on the economics as we do.

因此，我們對這些交易的經濟性感到非常滿意，並且很高興能夠在未來建立更多這樣的交易，我們將繼續報告經濟性。

With respect to the competitive dynamic, it's really -- these are a different type of opportunity than just a broad wireless RFP, for example.

就競爭動態而言，這些確實是一種不同類型的機會，而不僅僅是廣泛的無線 RFP。

I mean, we're engaging not quite in bespoke manner with the hyperscalers, but closer to that than an RFP, if you will.

我的意思是，我們並不是完全以定制的方式與超大規模提供商合作，但如果你願意的話，比 RFP 更接近這種方式。

We're engaging on a regular basis.

我們定期進行接觸。

And look, similar to other large, sophisticated companies who want to procure fiber network, they're looking for parties who have a robust scaled network that has plenty of capacity.

看起來，與其他想要採購光纖網路的大型、成熟的公司類似，他們正在尋找擁有強大的規模化網路且容量充足的各方。

Two, they're looking for providers that are able to build on time and on budget.

第二，他們正在尋找能夠按時、按預算建造的提供者。

It's critically important to them.

這對他們來說至關重要。

There's a sense of urgency on their part to get this infrastructure built, and so they're putting a priority on parties who can deliver for them.

他們有一種建立基礎設施的緊迫感，因此他們優先考慮能夠為他們提供服務的各方。

And Uniti does have a scaled, robust network.

Uniti 確實擁有規模化、強大的網路。

We are in unique locations, including Tier 2 and Tier 3 markets where they're tending to focus right now.

我們處於獨特的位置，包括他們目前傾向於關注的二級和三級市場。

And we certainly have a proven ability to build on time and on budget.

我們當然有能力按時、按預算進行建設。

And so we don't necessarily feel the same competitive pressure that you would in an RFP process.

因此，我們不一定會感受到與 RFP 流程中相同的競爭壓力。

And I think that's a terrific place to be and we continue to focus on execution for these good customers on a go-forward basis and I think that sort of competitive dynamic will persist.

我認為這是一個很棒的地方，我們將繼續專注於為這些優秀客戶提供未來的執行力，我認為這種競爭動力將持續下去。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

Great.

偉大的。

Thank you.

謝謝。

With these anchor deals, can you give us some color of how much fiber you're building for yourself with that?

透過這些主力交易，您能否告訴我們您正在為自己建造多少光纖？

How much is this all-new greenfield construction?

這個全新的綠地建設多少錢？

I assume you're getting some fiber for yourself for inventory.

我假設你正在為自己購買一些纖維作為庫存。

And then on slide 14 with some of these potential market expansions, can you give us more color on that?

然後在投影片 14 中介紹了其中一些潛在的市場擴張，您能給我們更多介紹嗎？

Are these Windstream markets as well as Uniti Fiber markets or a combination?

這些 Windstream 市場和 Uniti Fiber 市場是一個組合嗎？

And how should we think about the revenue opportunity there?

我們應該如何考慮那裡的收入機會？

Thanks.

謝謝。

So, Frank, we're -- in terms of the fiber, your first question, look, three or four years ago we were selling six to 12 strands generally to hyperscalers.

所以，弗蘭克，就光纖而言，你的第一個問題是，三、四年前，我們通常向超大規模企業出售 6 到 12 根線。

Now we're delivering on average I'd say 864 strand count deals and in some cases more.

現在我們平均交付了 864 筆交易，在某些情況下甚至更多。

And so, there's been a substantial pickup in the amount of fiber and just general infrastructure that they're procuring.

因此，他們採購的光纖和一般基礎設施的數量大幅增加。

And to your question about how much fiber we're keeping for ourselves or building for ourselves, I would say it's a substantial amount on par with what we're delivering, if not more.

對於您關於我們為自己保留或為自己建造多少光纖的問題，我想說，這與我們提供的光纖數量相當，甚至更多。

So anytime we break ground and put in new network, we're planning -- future-proofing our own network and own capacity needs.

因此，每當我們破土動工並投入新網路時，我們都會進行規劃，以適應未來我們自己的網路和容量需求。

And we're keeping in mind the amount of capacity we're selling.

我們會牢記我們正在銷售的容量。

In the past, when we were selling six to 12 strands, putting in 144 count cable seemed like enough.

過去，當我們銷售 6 到 12 股線時，放入 144 條電纜似乎就足夠了。

But now when you're not and you're selling 864 strand count, you need more.

但現在，當您不再銷售 864 股時，您需要更多。

You need more capacity and more conduits.

您需要更多的容量和更多的管道。

And so, we're absolutely using this as an opportunity to not only deliver the fiber that our customers are demanding, but we're also future proofing our network, which goes back to Greg's question.

因此，我們絕對以此為契機，不僅提供客戶所需的光纖，而且還為我們的網路提供面向未來的證明，這又回到了格雷格的問題。

I mean, we just feel very excited about the lease up potential that we're building in for ourselves with the fiber that we're delivering.

我的意思是，我們對我們透過提供的光纖為自己建造的租賃潛力感到非常興奮。

In terms of the new market expansion, I think there's multiple new market expansion opportunities for the new Uniti.

在新的市場拓展方面，我認為新Uniti有多個新的市場拓展機會。

Starting with Kinetic, currently today, Kinetic has built fiber to roughly 37%, 38% of their footprint.

從 Kinetic 開始，目前，Kinetic 已將其足跡的約 37%、38% 建置為光纖。

And we have a plan to get to 60%.

我們計劃達到 60%。

So that's a substantial pickup in the number of markets that -- where Kinetic has copper today and we have the opportunity to build fiber.

因此，Kinetic 目前擁有銅纜且我們有機會製造光纖的市場數量大幅增加。

And we think there's potentially an opportunity to go even higher and we're working hard on that.

我們認為可能有機會走得更高，我們正在為此努力。

But we also, in addition to Kinetic, we have metro fiber in 300 markets around the country.

但除了 Kinetic 之外，我們還在全國 300 個市場擁有城域光纖。

And that's -- a lot of that is in the Uniti footprint.

其中很大一部分都在 Uniti 的足跡中。

It's outside of the Kinetic footprint.

它位於 Kinetic 足跡之外。

So it's in addition to that kinetic build.

所以它是動態建構的補充。

And today we're offering lit services in probably 30 of those markets.

今天，我們在其中大約 30 個市場提供照明服務。

So, a tenth of the opportunity.

所以，有十分之一的機會。

That's not to say that to your revenue question that we think we've got a hundredfold increase in revenue because we're going to target those markets in a very disciplined and measured approach.

這並不是說，對於你的收入問題，我們認為我們的收入已經增加了一百倍，因為我們將以非常嚴格和謹慎的方法瞄準這些市場。

But we do think that having metro fiber is a very valuable part of our network, and that metro fiber is connected by an owned backhaul network in which we also have a lot of unique routes and unique markets.

但我們確實認為擁有城域光纖是我們網路中非常有價值的一部分，而城域光纖是透過自有的回程網路連接的，在該網路中我們也擁有許多獨特的路線和獨特的市場。

And I think that's often underappreciated about the wholesale part of our business because especially with these hyperscalers, we're connecting data centers in unique metro markets with routes, unique Tier 2 and Tier 3 routes that again have lease up potential on top of it.

我認為我們業務的批發部分經常被低估，因為特別是對於這些超大規模企業，我們正在將獨特的地鐵市場中的資料中心與路線、獨特的二級和三級路線連接起來，這些路線再次具有租賃潛力。

So I'm very excited Frank about the market expansion opportunities across all three of our businesses, Kinetic, Uniti Fiber, and our wholesale business.

因此，弗蘭克，我對我們所有三個業務（Kinetic、Uniti Fiber 和我們的批發業務）的市場擴張機會感到非常興奮。

Great.

偉大的。

That's really helpful color.

這真是有用的顏色。

Thanks.

謝謝。

(Operator Instructions)

（操作員說明）

David Barden, Bank of America.

大衛巴登，美國銀行。

Hey, guys.

嘿，夥計們。

Thanks for taking the questions.

感謝您提出問題。

I guess, a couple if I could.

我想，如果可以的話，一對。

Kenny, I guess on that slide with the green and the yellow kind of the progress of the merger.

肯尼，我猜那張投影片上的綠色和黃色是合併的進展。

What's not on there is kind of the regulatory conversation that you're going through on a state-by-state basis, can you kind of give us a little bit of color about what is the act on both sides, from the state regulatory agencies, and are there some longer poles in this tent than others?

那裡沒有您正在逐個州進行的監管對話，您能否向我們介紹一下州監管機構雙方的行為？ ，這個帳篷裡有比其他帳篷更長的桿子嗎？

Second, Paul, could you kind of just step us through the one-time revenue benefit that is causing you to guide up on revenue but is not flowing through to the EBITDA line, that'd be helpful.

其次，保羅，您能否向我們介紹一次性收入福利，該福利使您能夠提高收入，但不會流向 EBITDA 線，這會很有幫助。

And then I guess my last question, if I could, Kenny, I just want to drill down a little bit on the hyperscale thing to follow up on the first question, which was, the selling process.

然後我想我的最後一個問題，如果可以的話，肯尼，我只想深入了解超大規模的事情，以跟進第一個問題，即銷售流程。

I mean, it kind of feels to me like the hyperscalers know today where they're building.

我的意思是，對我來說，超大規模企業現在知道他們在哪裡建造。

So they don't necessarily need to be sold, they need to be -- they have a route.

所以他們不一定需要被出售，他們需要的是——他們有一條路線。

And my guess is they're out there hunting for the people that have that route.

我猜他們正在尋找走那條路線的人。

And is that -- is it more like a reverse sale?

這是不是更像是反向銷售？

I'm just trying to understand how this whole thing is working since it's so new.

我只是想了解整件事是如何運作的，因為它是如此新。

Thank you.

謝謝。

Great, David, I'll take the first and turn it to Paul and then come back on the third.

太好了，大衛，我會把第一個交給保羅，然後再回來處理第三個。

So on the regulatory approval process, when we originally signed the deal, we talked about the deal closing.

因此，在監管審批流程上，當我們最初簽署交易時，我們談到了交易完成。

We expected it to close in the second half of 2025.

我們預計將於 2025 年下半年關閉。

And as part of that guidance, we were sort of baking in the long poles that we thought existed.

作為該指導的一部分，我們有點像在我們認為存在的長桿上烘烤。

I would tell you, we thought the long poles were probably the one or two of the state PUCs, and I won't get into which ones, but we thought it was one or two of those.

我會告訴你，我們認為長桿可能是一兩個州公用事業委員會，我不會透露是哪一個，但我們認為它是其中的一兩個。

Now after having engaged with the various regulators over a period of a number of months, we're less concerned about those long poles.

現在，在與各個監管機構進行了幾個月的接觸之後，我們不再那麼擔心那些長桿了。

We haven't heard any issues or concerns that are troubling or that are surprising.

我們沒有聽到任何令人不安或令人驚訝的問題或擔憂。

In fact, we think there's a lot of enthusiasm for the transaction.

事實上，我們認為交易的熱情很高。

And on the federal front, the same, making good progress across the board.

在聯邦方面，同樣，全面取得良好進展。

And so we constantly debate whether to update our guidance on the closing of the transaction.

因此，我們不斷爭論是否更新我們對交易完成的指導。

We're increasingly confident that our original guidance was conservative, not yet prepared to change that, but I think in the coming weeks and months we certainly will update that.

我們越來越相信我們最初的指導是保守的，尚未準備好改變這一點，但我認為在未來幾週和幾個月內我們肯定會更新這一點。

But we feel great about the progress and have not heard any issues that are concerning to us at all.

但我們對進展感到非常滿意，並且沒有聽到任何與我們有關的問題。

Yeah, so Frank, on the benefit from the one-time revenue for the quarter.

是的，弗蘭克，關於本季一次性收入的收益。

So we are taking Uniti leasing guidance up $3 million as a result of this one-time deal or one-time revenues that we reported.

因此，由於我們報告的這項一次性交易或一次性收入，我們將 Uniti 的租賃指引上調了 300 萬美元。

But it is flowing through to the bottom line.

但它正在流向底線。

There's a $2 million increase, corresponding increase, in our guidance for Uniti leasing EBITDA for the year.

我們對今年 Uniti 租賃 EBITDA 的指導增加了 200 萬美元，相應增加。

So it is flowing through.

所以它正在流過。

It's just being offset by also a $2 million increase at corporate in terms of expenses.

這只是被公司支出增加了 200 萬美元所抵銷。

So a decrease in EBITDA guidance at corporate as a result of increased SG&A costs.

因此，由於 SG&A 成本增加，企業 EBITDA 指引值下降。

And those costs are primarily being driven by performance-based comps.

這些成本主要是由基於績效的比較所驅動的。

So it's just -- there's an offset to that one-time revenue profitability that's flowing through.

所以這只是——正在流動的一次性收入獲利能力被抵銷了。

Thank you.

謝謝。

And David, on the hyperscaler question, first, just as a reminder, we've said this before, but I think it's worth reiterating that not all of these deals are the same.

大衛，關於超大規模的問題，首先，作為提醒，我們之前已經說過這​​一點，但我認為值得重申的是，並非所有這些交易都是相同的。

The hyperscalers are -- first of all, they're not all one single customer.

超大規模企業－首先，他們不都是單一客戶。

They all have different buying patterns, of course, but also in some cases we're selling traditional waves or we may be selling traditional dark fiber IRU on existing network and it's just their typical network planning for current and future uses.

當然，他們都有不同的購買模式，但在某些情況下，我們會銷售傳統波，或者我們可能會在現有網路上銷售傳統暗光纖IRU，這只是他們針對當前和未來用途的典型網路規劃。

And so we may be selling six or 12 strands of dark fiber, or we may be selling 100 or 400 gig waves in the traditional sense.

因此，我們可能會銷售 6 或 12 股暗光纖，或者我們可能會銷售傳統意義上的 100 或 400 gig 波。

I think you're -- and by the way, that's terrific business for us, and it's a growing part of the funnel, and it will continue to grow on a go-forward basis.

我認為你是——順便說一句，這對我們來說是一筆了不起的生意，它是漏斗中不斷增長的一部分，而且它將繼續增長。

And I highlight that because I actually -- we think once we start to hit the inference phase where people are using more of the AI at the edges where you can't -- where a lot of that data can't be cached and it has to be used real time, that's when a lot of the lit fiber on the edges will become even more valuable and I think that's when you'll start to see a lot of this business flowing through into MRR as opposed to now.

我強調這一點是因為我實際上 - 我們認為一旦我們開始進入推理階段，人們就會在無法緩存的邊緣使用更多的人工智能 - 很多數據無法緩存，而且必須實時使用，那時邊緣上的大量點燃光纖將變得更有價值，我認為那時您將開始看到大量此類業務流入MRR，而不是現在。

You're seeing a lot of these lumpy type deals that we're explaining and it's either in bookings or it's not or it's a one-time sale or it's not.

您會看到我們正在解釋的許多此類塊狀交易，它們要么在預訂中，要么不在預訂中，要么是一次性銷售，要么不是。

And I think that's the heart of your question.

我認為這就是你問題的核心。

What's the sales cycle like for those types of deals where the hyperscalers are building new data centers, for example, in a unique location.

超大規模企業在特定位置（例如，在獨特的位置）建設新資料中心的交易類型的銷售週期是怎樣的。

And look, what I would tell you is, the fiber is not -- the fiber piece of it is not what's driving the decision initially.

看，我要告訴你的是，纖維不是──纖維部分並不是最初推動決策的因素。

For the hyperscalers, it's procuring the land, and it's procuring the power and the grid capacity, and obviously building the data center.

對於超大規模企業來說，它正在購買土地、電力和電網容量，顯然還建造資料中心。

And then from there, the hyperscalers, I think, are looking for fiber providers that have network near the location or can justify building it off of an existing location.

然後，我認為，超大規模企業正在尋找在該位置附近擁有網路或​​可以證明在現有位置上建立網路的光纖供應商。

And so it goes back to my earlier question.

這又回到了我之前的問題。

It's not really a traditional sales cycle, if you will.

如果你願意的話，這其實不是一個傳統的銷售週期。

I think the majority of the capital required for the hyperscalers to build these data centers is not the fiber.

我認為超大規模企業建造這些資料中心所需的大部分資金都不是光纖。

It's the data center, the land, and the power.

它是資料中心、土地和電力。

And then fiber comes later.

然後是纖維。

And so in some ways that's a good thing, right?

所以從某些方面來說這是一件好事，對吧？

Because there's a little bit less focus on getting the last dollar of economics and it's more about getting that fiber built on time and getting it turned up expeditiously.

因為人們不再那麼關注獲得最後一美元的經濟效益，而是更專注於按時建造光纖並迅速投入使用。

And I think in our markets, our core markets, we have an advantage when it comes to providing that.

我認為在我們的市場，我們的核心市場，我們在提供這一點方面具有優勢。

Yeah.

是的。

Thanks, Kenny.

謝謝，肯尼。

Thanks, Paul.

謝謝，保羅。

Thank you.

謝謝。

At this time, I would now like to turn the conference back over to Kenny Gunderman for closing remarks.

現在，我想將會議轉回給肯尼岡德曼 (Kenny Gunderman) 致閉幕詞。

Thank you.

謝謝。

We appreciate your interest in Uniti Group and look forward to updating you further on future calls.

我們感謝您對 Uniti 集團的興趣，並期待在未來的電話中向您提供進一步的最新資訊。

Thank you for joining us today.

感謝您今天加入我們。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。