Uniti Group Inc (Delaware) (UNIT) 2025 Q2 法說會逐字稿

Good morning and welcome to today's conference call to discuss Uniti's second-quarter 2025 earnings results.

早安，歡迎參加今天的電話會議，討論 Uniti 2025 年第二季的收益結果。

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.

今天的電話會議將被錄音，網路直播將從今天開始在公司投資者關係網站 investor.uniti.com 上提供，並將持續 365 天。

(Operator Instructions)

（操作員指示）

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

現在，我很高興介紹Uniti投資者關係和財務高級副總裁Bill DiTullio。請開始。

Good morning, everyone and thank you for joining today's conference call to discuss Uniti's second quarter 2025 results.

大家早安，感謝大家參加今天的電話會議討論 Uniti 2025 年第二季的業績。

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

今天參加電話會議的演講者將是我們的執行長 Kenny Gunderman；以及 Uniti 的財務長 Paul Bullington。

Before we get started, I would like to quickly cover our Safe Harbor statement. Please note that today's remarks may contain forward-looking statements. These statements include, but are not limited to, statements regarding Uniti's fiber build strategy, the business's growth potential, efficiencies from the debt silos combination, Uniti's 2025 outlook and other statements that are not historical facts. Numerous factors could cause actual results to differ materially from those described in the forward-looking statements. For more information on those factors, please see the section titled Safe Harbor Statement in the accompanying presentation and the Risk Factors section in our filings with the United States Securities and Exchange Commission.

在開始之前，我想快速介紹一下我們的安全港聲明。請注意，今天的發言可能包含前瞻性陳述。這些陳述包括但不限於有關Uniti的光纖建設策略、業務成長潛力、債務孤島組合帶來的效率、Uniti的2025年展望以及其他非歷史事實的陳述。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。有關這些因素的更多信息，請參閱隨附演示文稿中標題為“安全港聲明”的部分以及我們提交給美國證券交易委員會的文件中“風險因素”的部分。

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

說完這些，我現在想把電話轉給肯尼。

Thanks, Bill. Good morning, everyone and thank you for joining.

謝謝，比爾。大家早安，感謝大家的參與。

We're very pleased to have closed our merger with Windstream. When we announced this combination in May of 2024, we talked about how fiber is the mission critical connective tissue for all current and future broadband delivery.

我們非常高興與 Windstream 完成合併。 2024 年 5 月，當我們宣布此次合併時，我們談到了光纖是所有當前和未來寬頻交付的關鍵連接點。

Since then, we've not only seen a validation of that thesis, but an acceleration of positive themes that reinforce our views. Since our announcement, for example, four of the largest wireless carriers in North America have begun investing heavily in fiber to the home, and we believe that investment will continue.

自那時以來，我們不僅看到了這一論點的驗證，一系列積極主題的加速發展也強化了我們的觀點。例如，自從我們宣布這項消息以來，北美四大無線營運商已開始大力投資光纖到戶，我們相信這項投資將會持續下去。

With Kinetic, we own one of the most strategic, independent fiber to the home platforms remaining and with a focus on Tier II and III markets, our footprint has substantial first mover advantages with fiber. We've also seen the dramatic emergence of the hyperscalers as massive bandwidth hogs, and Uniti is one of the few truly national wholesale providers able to support their growth and scale.

Kinetic 是我們目前擁有的最具戰略意義的獨立光纖到府平台之一，並且專注於二、三線市場，我們在光纖領域擁有顯著的先發優勢。我們也見證了超大規模網路營運商的快速發展，它們對頻寬的需求龐大，而 Uniti 是少數真正能夠支援其成長和規模的全國性批發服務供應商之一。

Importantly, with our close to 5 million connected fiber endpoints by 2029, we will be substantial beneficiaries of the AI inference phase, which is fast approaching. Lastly, since our deal announcement, we've seen a material improvement in the regulatory backdrop for fiber providers, including copper to fiber conversions.

重要的是，到2029年，我們的光纖連接終端將接近500萬個，我們將成為即將到來的人工智慧推理階段的巨大受益者。最後，自我們宣布交易以來，我們看到光纖供應商的監管環境有了實質改善，包括銅纜到光纖的轉換。

The FCC has taken a much more commercially favorable position towards copper retirement and a more business friendly view of communications regulations in general. Many of our state PUCs are following their lead.

美國聯邦通訊委員會 (FCC) 在銅線退役問題上採取了更有利於商業的立場，並在整體上對通訊法規採取了更利於商業的視角。我們許多州公共事業委員會 (PUC) 正在效仿他們的做法。

So with that, we cannot be more pleased with our transaction and how well positioned we are as a premier insurgent fiber provider.

因此，我們對我們的交易以及我們作為首屈一指的新興光纖供應商的良好定位感到非常滿意。

Before jumping into the quarter, we want to spend a little more time on prepared remarks than normal in order to give a refresher of new Uniti.

在進入本季度之前，我們想花比平常多一點的時間準備發言稿，以便讓大家對新的 Uniti 有一個複習。

Starting on slide 4, first, we are going to accelerate our investment in fiber and expect to pass 3.5 million homes with fiber within the Kinetic footprint by the end of 2029 and we have no plans of stopping there. We also expect that about 75% of our total revenue will be fiber-based by 2029.

從第4張投影片開始，首先，我們將加速對光纖的投資，預計到2029年底，Kinetic覆蓋範圍內的光纖家庭數量將達到350萬戶，而且我們不會止步於此。我們也預計，到2029年，我們總收入的約75%將來自光纖業務。

That conversion to fiber will further fuel the strong core fiber revenue and EBITDA growth we saw during the second quarter. The proven success of fiber-based products, especially when you build first or early in a market like we're doing at Kinetic and Uniti Fiber allows for predictable steady growth with increasingly improving churn.

向光纖的轉型將進一步推動我們在第二季度看到的強勁核心光纖收入和EBITDA成長。基於光纖的產品的成功經驗已被證實，尤其是在像我們在Kinetic和Uniti Fiber那樣率先或早期進入市場的情況下，能夠實現可預測的穩定增長，並不斷改善客戶流失率。

Our aggressive management of legacy products and services will allow us to eventually achieve stable consolidated revenue and adjusted EBITDA growth. Our mentality in go to market strategy will be that of an insurgent sharetaker with industry-leading NPS scores and a focus on network quality and customer obsession.

我們對傳統產品和服務的積極管理將最終使我們實現穩定的合併收入和調整後EBITDA成長。我們的市場策略將秉持「顛覆性市場份額」的理念，擁有業界領先的NPS評分，並專注於網路品質和客戶至上。

We believe long term blended penetration of 40% is not only achievable but looks increasingly conservative.

我們相信，長期混合滲透率達到 40% 不僅是可以實現的，而且看起來也越來越保守。

Slide 5 shows key metrics we plan on presenting each quarter. We currently pass 1.7 million homes with fiber within our Kinetic footprint, and we expect to be at 2 million homes by the end of this year and 3.5 million homes by the end of '29.

幻燈片5展示了我們計劃每季展示的關鍵指標。目前，我們的Kinetic網路覆蓋範圍內已覆蓋170萬戶家庭，預計到今年底將達到200萬戶，到29年底將達到350萬戶。

Even before taking into account our enhanced build plan, our percentage of total revenue on fiber is already around 40%, and we expect that to increase to roughly 75%. Also the percentage of total revenue that comes from our core business, Kinetic and Fiber Infrastructure is 80% and growing to 90%, providing a substantially future-proof business.

即使不計入我們的增強型建設計劃，光纖業務在我們總收入中的佔比也已達到40%左右，預計這一比例將增至約75%。此外，我們的核心業務——動能網路和光纖基礎設施——佔總收入的80%，並將成長至90%，這為我們提供了極具前瞻性的業務。

As demonstrated on slide 6, the growth in each of our core fiber lines of business has been very strong, and we expect that to continue given the indisputably superior nature of fiber. Given this pace of growth, fiber will soon overtake legacy services as the majority of our revenue in EBITDA.

如幻燈片6所示，我們每條核心光纖業務線的成長都非常強勁，鑑於光纖無可爭議的優勢，我們預計這種勢頭將持續下去。鑑於這種成長速度，光纖很快就會取代傳統服務，成為我們EBITDA營收的主要來源。

It's important to highlight on this page that we will face headwinds from legacy services that will weigh on consolidated revenue and EBITDA. With that said, I'd like to highlight three points. First, these services in no way diminish the value of our core fiber business.

在此需要強調的是，我們將面臨來自傳統服務的阻力，這將對合併收入和EBITDA造成壓力。話雖如此，我想強調三點。首先，這些服務絕對不會降低我們核心光纖業務的價值。

Secondly, within a relatively short period of time, the mix shift to higher fiber revenue will make the legacy services increasingly immaterial. And thirdly, in the meantime, these services are generating predictable free cash flow.

其次，在相對較短的時間內，業務結構轉向更高光纖收入的轉變將使傳統服務變得不再重要。第三，同時，這些服務正在產生可預測的自由現金流。

In order to grow, we have to take market share, and our insurgent mentality is reinforced by very strong NPS scores as shown on slide 7. We're obsessed with customer satisfaction and as a result, our industry leading churn is our superpower.

為了實現成長，我們必須佔領市場份額，而我們的反叛心態因非常強勁的 NPS 分數而得到強化，如幻燈片 7 所示。我們沉迷於客戶滿意度，因此，我們領先業界的客戶流失率就是我們的超能力。

On a go forward basis, as we transition the majority of Kinetic footprint to fiber, we'll also start to see material improvements in churn. Finally, we believe we have the right leadership team in place to capitalize on the opportunity ahead as highlighted on slide 8.

展望未來，隨著我們將大部分 Kinetic 業務轉移到光纖，我們也將開始看到客戶流失率的大幅改善。最後，如幻燈片 8 所示，我們相信我們擁有合適的領導團隊，能夠抓住未來的機會。

Our collective experience spans successful copper to fiber conversion stories like Frontier and Ziply, as well as wholesale and enterprise fiber. And of course, we have substantial strategic and M&A experience for the exciting road ahead.

我們擁有豐富的經驗，涵蓋了像 Frontier 和 Ziply 這樣的成功銅纜到光纖轉換案例，以及批發和企業光纖。當然，我們擁有豐富的策略和併購經驗，為未來充滿希望的道路做好準備。

Going forward, we will report our results in three segments. The first is Kinetic, which is our fiber to the home platform. Second is fiber infrastructure, which includes Uniti Fiber, Uniti Leasing plus Windstream Wholesale. And our third segment is Uniti Solutions, which is the business formerly known as Windstream Enterprise.

展望未來，我們將分三個部門報告績效。首先是 Kinetic，這是我們的光纖到戶平台。其次是光纖基礎設施，包括 Uniti Fiber、Uniti Leasing 和 Windstream Wholesale。第三個是 Uniti Solutions，也就是先前名為 Windstream Enterprise 的業務。

Starting with fiber infrastructure on slide 10, you can see we had a solid quarter of pro forma Uniti and Windstream's consolidated bookings of $1.2 million of MRR. As we foreshadowed, wireless bookings have been a highlight, up 30% in the first half of 2025 compared to the first half of last year.

從第10張投影片上的光纖基礎設施開始，您可以看到，我們Uniti和Windstream合併後的預訂量在本季表現穩健，MRR達到120萬美元。正如我們預測的那樣，無線預訂量是一大亮點，2025年上半年與去年上半年相比成長了30%。

Our anchor lease-up strategy within the fiber infrastructure segment will not change going forward and in fact, the economics when combined with Windstream Wholesale track right in line with our expectations. Importantly, the hyperscaler deals we are pursuing on a consolidated basis are not only in line with these economics but are tracking ahead of our expectations.

我們在光纖基礎設施領域的核心租賃策略未來不會改變。事實上，與 Windstream Wholesale 合併後的經濟效益完全符合我們的預期。重要的是，我們正在整合的超大規模資料中心交易不僅符合這些經濟效益，而且超出了我們的預期。

As demonstrated on slides 11 and 12, we have terrific potential in this segment. The chart on the right side of page -- slide 11 is frankly dated as it shows the industry growth expectations before the hyperscalers’ theme emerged in earnest.

正如第11和12張投影片所示，我們在這個領域擁有巨大的潛力。頁面右側的圖表——第11張投影片——坦白說有些過時，因為它顯示的是超大規模資料中心主題真正出現之前的產業成長預期。

Our new combined wholesale fiber platform not only has an expansive high strand count network to sell with unique metro markets and inner-city routes, we're also now have capabilities to sell a more robust product set of lit and dark fiber.

我們新的綜合批發光纖平台不僅擁有廣泛的高股數網絡，可透過獨特的大都市市場和市中心路線進行銷售，而且我們現在還能夠銷售更強大的亮光纖和暗光纖產品系列。

As you can see on slide 12, we have an immediate and materially enhanced set of customer MSAs to now sell that larger product set into. In fact, on August 1, Windstream signed a 20-year IRU with a major hyperscaler that spans approximately 500 miles on existing inter-city network.

正如您在第12張投影片上看到的，我們擁有一套即時且實質增強的客戶MSA，現在可以將更大的產品組合出售給客戶。事實上，8月1日，Windstream與一家大型超大規模營運商簽署了一份為期20年的IRU協議，該營運商在現有的城際網路上覆蓋了約500英里的線路。

The total contract value is approximately $100 million. This is a deal that we've been working on together for some time and would not have been possible without Uniti's network and Windstream's relationship with the customer.

合約總價值約1億美元。我們雙方已經合作了一段時間，如果沒有Uniti的網路以及Windstream與客戶的關係，這筆交易是不可能實現的。

This cross-selling opportunity is exactly the type of deal we've been foreshadowing, and we expect to see more in the near future. That's a great segue to our wholesale sales funnel on slide 13.

這種交叉銷售機會正是我們一直預示的交易類型，我們預計在不久的將來會看到更多。這與第13張投影片上的批發銷售漏斗完美銜接。

On a combined basis, our hyperscaler funnel represents about $1.5 billion of total contract value. At Uniti alone, hyperscalers have increased as a percentage of the total funnel from less than 15% a year ago to now 40% and that's on a total funnel that's increased 80% since 2Q24.

整體而言，我們的超大規模客戶漏斗總合約價值約為15億美元。光是Uniti，超大規模客戶漏斗佔總客戶漏斗的比例就從一年前的不到15%上升到現在的40%，而自2024年第二季以來，總客戶漏斗成長了80%。

The activity of both companies alone has been very strong, but the closing of this deal is an accelerant, and we expect a nice ramp in the second half of '25 and certainly into '26.

兩家公司的活動本身就非常強勁，但這筆交易的完成是一個加速器，我們預計 2025 年下半年，當然還有 2026 年，兩家公司的業務將會出現良好的成長。

Turning to Kinetic, this segment will now include all consumer, wholesale, and enterprise customers that are located within the ILEC footprint.

談到 Kinetic，該部分現在將包括位於 ILEC 覆蓋範圍內的所有消費者、批發和企業客戶。

As slide 15 illustrates, consumer represents about 60% of total revenue and is expected to grow to about 75% and although fiber-based revenue within Kinetic today represents a minority share of total revenue, by 2029, we expect that to be about 85%.

如投影片 15 所示，消費者收入約佔總收入的 60%，預計將成長至約 75%，儘管目前 Kinetic 內部的光纖收入僅佔總收入的一小部分，但到 2029 年，我們預計這一比例將達到約 85%。

As I said earlier, this shift of fiber will result in growth, lower churn, and therefore, predictable revenue and EBITDA.

正如我之前所說，光纖的這種轉變將帶來成長、降低客戶流失率，從而帶來可預測的收入和 EBITDA。

Slide 16 shows the cadence of our accelerated fiber build. As a reminder, Kinetic has built a substantial amount of fiber to the node over the past 10 years, and building that last mile can be done both cost efficiently and in a timely fashion relative to many of our peers.

幻燈片 16 展示了我們加速光纖建設的節奏。需要提醒的是，Kinetic 在過去 10 年裡已經建造了大量的光纖到節點，與許多同行相比，最後一英里的建設既經濟高效，又能及時完成。

Also it's important to point out that the 3.5 million homes that we’re passing does not include BEAD -- nor any out of territory builds. We think there's a terrific opportunity to build fiber to the home utilizing our existing metro rich Uniti fiber footprint.

另外要指出的是，我們涵蓋的350萬戶家庭不包括BEAD，也不包括任何區域外的建設。我們認為，利用我們現有的Uniti光纖網路覆蓋豐富的城域網，建造光纖到府是一個絕佳的機會。

And taken together, we see a clear path to up to 4 million fiber homes over time. More to come on that in the future.

綜合來看，我們預期未來光纖家庭數量將達到400萬戶。未來還會有更多進展。

Turning to slide 17, as we've now demonstrated at Uniti over the years, if you build fiber first or early to Tier II or III markets, you have the right to win for many years into the future and that same strategy is being implemented at Kinetic.

翻到第 17 張投影片，正如我們多年來在 Uniti 所展示的那樣，如果您首先或儘早為二線或三線市場鋪設光纖，那麼您就有權在未來許多年內獲勝，並且同樣的策略正在 Kinetic 實施。

80% of Kinetic's footprint has either one competitor or less, highlighting the competitive dynamics of Tier II and III markets. I mentioned it earlier, but Kinetic's footprint represents one of the last remaining scale platform opportunities to be first with fiber.

Kinetic 80% 的覆蓋範圍內只有一家或更少的競爭對手，這凸顯了二三線市場的競爭態勢。我之前提到過，Kinetic 的覆蓋範圍代表著僅存的幾個規模化平台機會之一，並有望率先在光纖領域佔據領先地位。

Also as you can see, only 60% of the footprint has a national cable provider that's offering a fixed mobile bundle. We believe that's one of the real highlights of our footprint.

另外，如您所見，只有60%的覆蓋區域有提供固定行動套餐的全國性有線電視供應商。我們認為這是我們覆蓋區域的真正亮點之一。

Speaking of the bundle, turning to slide 18, as we've talked about in the past, we think a wireless bundle at Kinetic today is a nice to have but not a must have. As this slide demonstrates, we're seeing terrific success thus far with our existing wireless bundle partnership with AT&T with 18 times quarter over quarter fiber subscriber growth and approximately 50% improvement in churn for those subscribers that bundle.

說到捆綁服務，請翻到第18張幻燈片，正如我們之前討論過的，我們認為Kinetic今天的無線捆綁服務只是錦上添花，但並非必需。正如這張投影片所示，我們與AT&T現有的無線捆綁合作迄今取得了巨大的成功，光纖用戶較上季成長了18倍，捆綁用戶的流失率也降低了約50%。

So while we do not think a bundle is critical, it does demonstrate the benefits of the conversion theme we're seeing in the industry and we think this provides tremendous upside by combining Kinetic with a more robust bundle in the future.

因此，雖然我們認為捆綁包並不重要，但它確實展示了我們在行業中看到的轉換主題的好處，並且我們認為，透過將 Kinetic 與未來更強大的捆綁包相結合，這將帶來巨大的優勢。

I mentioned the favorable regulatory roadmap earlier at the FCC, but that's also true of our state PUCs. Of the 18 states comprising Kinetic's footprint, 9 have eliminated COLR obligations with deregulation and expanded access to advanced technology.

我之前提到過聯邦通訊委員會（FCC）有利的監管路線圖，但這對我們州公共事業公司（PUC）來說也同樣適用。在Kinetic公司涵蓋的18個州中，有9個州已經透過放鬆管制和擴大先進技術的使用範圍，取消了COLR義務。

In the remaining 9 states with COLR obligations, we have the flexibility to provide voice services using the technology of our choosing, such as fixed wireless or fiber-based VoIP solutions.

在其餘 9 個有 COLR 義務的州，我們可以靈活地使用我們選擇的技術提供語音服務，例如固定無線或基於光纖的 VoIP 解決方案。

So as slide 19 highlights, by 2029, we believe that over 95% of our customers will be on fiber to the home directly or through alternative technologies like fixed wireless that leverage our substantial fiber to the node investment.

因此，正如第 19 張投影片所強調的那樣，到 2029 年，我們相信超過 95% 的客戶將直接使用光纖到戶，或透過固定無線等替代技術使用光纖到戶，這些技術可以利用我們大量的光纖到節點投資。

We think this is one of our key competitive and strategic advantages, and we'll elaborate more on that in the future.

我們認為這是我們的主要競爭和策略優勢之一，我們將在未來對此進行更詳細的闡述。

Turning to slide 21 before I turn the call over to Paul, I want to talk about Uniti Solutions, which is a robust nationwide managed services provider to Fortune 100 enterprise customers across the country. As I mentioned earlier, this business is not part of our go-forward fiber infrastructure strategy, but it is still a very good business that generates substantial amount of predictable cash flow.

在把電話交給保羅之前，我想翻到第21張投影片，談談Uniti Solutions。 Uniti Solutions是一家強大的全國性託管服務提供商，為全國各地的財富100強企業客戶提供服務。正如我之前提到的，這項業務不屬於我們未來的光纖基礎設施策略，但它仍然是一項非常出色的業務，能夠產生大量可預測的現金流。

While both revenue and EBITDA are declining, weighing on our top line, as I mentioned earlier, a critical part of our strategy is to retain the most profitable part of this business while maximizing cash flow. We will largely exit TDM by the end of this year and we believe many of the customers we plan to retain will be huge bandwidth users from AI generated products when the inference phase begins, giving us a potential opportunity to move these customers to fiber.

儘管收入和EBITDA都在下降，對我們的營收構成壓力，但正如我之前提到的，我們策略的關鍵部分是保留該業務中最賺錢的部分，同時最大化現金流。我們將在今年年底前基本退出TDM業務，我們相信，我們計劃保留的許多客戶在推理階段開始時，將是來自AI生成產品的大量頻寬用戶，這為我們提供了一個將這些客戶遷移到光纖的潛在機會。

Also we believe some of the managed services products within this segment can be cross sold into our Uniti Fiber enterprise base as well as into the Kinetic Enterprise base. Taken together, we believe all these things will flatten the decline of this business about 2028, resulting in an NPV of over $1 billion of enterprise value.

此外，我們相信，該部門內的部分託管服務產品可以交叉銷售到我們的Uniti Fiber企業級產品線以及Kinetic Enterprise企業級產品線。綜合來看，我們相信所有這些舉措將在2028年左右拉平該業務的下滑勢頭，最終實現企業價值淨現值超過10億美元。

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

說完這些，我現在將電話轉給保羅。

Thank you, Kenny.

謝謝你，肯尼。

Starting on slide 23, 15 months ago, when we announced the planned merger with Windstream, we laid out our key pre-close priorities. Through the dedication and collaboration of our combined teams, we have completed nearly all of those objectives, including our go forward operating plan, the collapsing of the debt silos, and the full redesign of the Kinetic fiber to the home build plan and we are now set to hit the ground running at full speed as one company.

15個月前，當我們宣布與Windstream合併計畫時，從第23張投影片開始，我們就列出了交易完成前的重點工作。憑藉合併後團隊的奉獻與協作，我們幾乎完成了所有目標，包括推進營運計劃、打破債務壁壘以及全面重新設計Kinetic光纖到戶建設計劃。現在，我們已準備好以一家公司的形式全速投入工作。

Please turn to slide 24 and I'll touch on some of the key second quarter highlights for both Kinetic and our fiber infrastructure segment. As a reminder, our fiber to the home platform will continue to be branded as Kinetic.

請翻到第24張投影片，我將介紹Kinetic和光纖基礎設施部門第二季的一些關鍵亮點。提醒一下，我們的光纖到戶平台將繼續使用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.

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，它們高度互補，將結合起來創建一家擁有全國和深度區域能力的一流光纖基礎設施公司。

We are also now referring to the Windstream managed solution segment as Uniti Solutions. Both Uniti and Windstream made good progress this quarter on several different fronts. Starting with Kinetic, we expanded our fiber network to pass an additional 52,000 homes with fiber, ending the quarter with 1.7 million homes passed.

我們現在也將 Windstream 託管解決方案部門簡稱為 Uniti Solutions。 Uniti 和 Windstream 本季在多個方面都取得了良好進展。首先是 Kinetic，我們擴展了光纖網絡，新增了 5.2 萬戶家庭的光纖覆蓋，截至本季度，光纖覆蓋家庭數量已達 170 萬戶。

Kinetic also added 19,000 fiber subscribers during the second quarter, ending the quarter with 483,000 total fiber subscribers, a 15% increase from the prior year period. As Kenny mentioned earlier, total fiber revenue for Uniti and Windstream increased 10% year over year during the second quarter, with Kinetic consumer fiber revenue alone growing 27%, which is consistent with the growth rate we've seen for multiple quarters now.

Kinetic 在第二季也新增了 19,000 名光纖用戶，截至本季末，光纖用戶總數達 48.3 萬，較去年同期成長 15%。正如 Kenny 先前提到的，Uniti 和 Windstream 的第二季光纖總收入年增 10%，其中 Kinetic 的消費者光纖收入成長了 27%，這與我們目前多個季度以來的成長率一致。

This growth is being driven by strong adoption of our fiber to the home product bolstered by the performance of our Fiber Fast Start and Fiber Forward initiatives at Kinetic that target our newer and more seasoned cohorts respectively.

這一增長是由我們的光纖到戶產品的廣泛採用所推動的，這得益於 Kinetic 的 Fiber Fast Start 和 Fiber Forward 計劃的表現，這兩個計劃分別針對我們較新和較成熟的群體。

At Fiber Infrastructure, Uniti and Windstream combined to record consolidated bookings MRR of approximately $1.2 million with Uniti contributing $0.8 million of MRR to that total. This level of bookings at Uniti is consistent with the past several quarters.

在 Fiber Infrastructure，Uniti 和 Windstream 的合併訂單月經常性收入 (MRR) 總計約為 120 萬美元，其中 Uniti 貢獻了 80 萬美元的月經常性收入 (MRR)。 Uniti 的訂單水準與過去幾季持平。

Slide 25 highlights the sustained momentum we are seeing within Kinetic Fiber. Fiber penetration was up 20 basis points sequentially and 120 basis points year over year, while fiber ARPU increased 6% sequentially and 11% year over year.

第 25 張投影片重點介紹了我們在 Kinetic Fiber 業務中看到的持續成長勢頭。光纖滲透率較上季成長 20 個基點，較去年同期成長 120 個基點；光纖 ARPU 較上季成長 6%，較去年同期成長 11%。

Turning to slide 26, I'd now like to cover Uniti standalone results for the second quarter. Uniti reported consolidated revenues of $301 million, consolidated adjusted EBITDA of $243 million. AFFO attributed to common shareholders of $96 million and AFFO per diluted common share of $0.36, all of which were ahead of our expectations.

現在翻到第26張投影片，我想介紹一下Uniti第二季的獨立業績。 Uniti公佈的合併營收為3.01億美元，合併調整後息稅折舊攤提前利潤（EBITDA）為2.43億美元。歸屬於普通股股東的AFFO為9,600萬美元，每股稀釋普通股AFFO為0.36美元，這些業績都超出我們的預期。

As we mentioned previously, analysts' consensus estimates for standalone Uniti were too high for the second quarter and too low for the second half of 2025. At Uniti Leasing, we reported segment revenues of $226 million and adjusted EBITDA of $220 million, representing an adjusted EBITDA margin of 97% for the quarter.

正如我們之前提到的，分析師對獨立 Uniti 的一致預期對於第二季而言過高，而對於 2025 年下半年而言過低。在 Uniti Leasing，我們報告的分部收入為 2.26 億美元，調整後 EBITDA 為 2.2 億美元，相當於本季調整後 EBITDA 利潤率為 97%。

During the second quarter, Uniti Leasing net success-based CapEx was approximately $2 million as GCI funding for the calendar year 2025 was fully satisfied during the first quarter. At Uniti Fiber, we reported revenues of $74 million and adjusted EBITDA of $29 million during the second quarter, resulting in an adjusted EBITDA margin of 39%.

第二季度，Uniti Leasing 的淨成功資本支出約為 200 萬美元，因為 2025 日曆年的 GCI 資金已於第一季全部到位。 Uniti Fiber 報告稱，第二季營收為 7,400 萬美元，調整後 EBITDA 為 2,900 萬美元，調整後 EBITDA 利潤率為 39%。

Uniti Fiber net success-based CapEx was $21 million in the second quarter, which represents a net capital intensity of approximately 28%. We also incurred about $2 million of maintenance CapEx during the quarter. In addition to these standalone Uniti results, we also wanted to provide a pro forma view of new Uniti consolidated performance for the quarter.

Uniti Fiber 第二季基於業績的淨資本支出為 2,100 萬美元，淨資本密集度約為 28%。本季我們也產生了約 200 萬美元的維護資本支出。除了這些獨立的 Uniti 業績外，我們還希望提供本季新 Uniti 合併業績的備考視圖。

Slide 27 provides this pro forma view of new Uniti consolidated second quarter results. Consolidated pro forma revenue was down approximately 6% year over year during the quarter, primarily driven by the continued decline in legacy, TDM services, and in Uniti Solutions.

第27張投影片展示了Uniti最新合併第二季業績的預測。本季合併預測營收年減約6%，主要原因是傳統業務、TDM服務和Uniti解決方案業務的持續下滑。

However, top line growth in other parts of the business was strong with fiber infrastructure growing 7% year over year and Kinetic fiber-based revenue inclusive of consumer, business, and wholesale services growing 19% year over year.

然而，其他業務部分的營收成長強勁，其中光纖基礎設施年增 7%，包括消費者、商業和批發服務在內的 Kinetic 光纖收入年增 19%。

As we continue to execute on and accelerate our fiber overbuild plan, we expect fiber services at Kinetic will continue to deliver consistent, strong growth quarter over quarter.

隨著我們繼續執行和加速我們的光纖過度建設計劃，我們預計 Kinetic 的光纖服務將繼續逐季度持續強勁成長。

Please turn to slide 28, and I'll now cover our 2025 outlook for the combined company. We have provided two views of estimates for 2025 on this slide. 2025 as reported outlook includes seven months of standalone Uniti results plus five months of combined Uniti and Windstream.

請翻到第28張投影片，我現在將介紹合併後公司2025年的展望。我們在這張投影片中提供了兩種2025年的預測。報告中的2025年展望包括七個月的Uniti獨立業績以及五個月的Uniti和Windstream合併業績。

This is our formal guidance for 2025 and matches what was included in our earnings release that was filed earlier this morning. We have also provided a pro forma view for 2025 similar to what we have provided in prior quarters.

這是我們針對2025年的正式指引，與今天早上提交的財報中的內容一致。我們也提供了與前幾季類似的2025年預測。

Both the as reported and pro forma views for 2025 reflect the completion of the re-segmentation work at Windstream that has been in progress over the past couple of quarters and also reflects how we plan to present the different segments going forward.

2025 年的報告和預測觀點均反映了 Windstream 在過去幾季中一直在進行的重新細分工作的完成，也反映了我們計劃如何在未來呈現不同的細分市場。

The following comments on our 2025 guidance will be based on the as reported outlook view. Beginning with Kinetic, we expect revenues and adjusted EBITDA to be $945 million and $385 million respectively at the midpoint.

以下關於2025年業績指引的評論將基於報告的展望。首先，我們預期Kinetic的營收和調整後EBITDA（中位數）分別為9.45億美元和3.85億美元。

We expect to deploy $510 million of net CapEx at the midpoint of our guidance primarily related to the continued buildout of fiber within the Kinetic footprint. At fiber infrastructure, we expect revenues and adjusted EBITDA to be $1.1 billion and $735 million respectively at the midpoint for full year 2025.

我們預計在指引中點部署5.1億美元的淨資本支出，主要用於在Kinetic覆蓋範圍內持續擴大光纖網路。在光纖基礎設施方面，我們預計2025年全年營收和調整後EBITDA（息稅折舊攤提前利潤）在指引中點分別達到11億美元和7.35億美元。

Although we are no longer providing separate formal guidance for Uniti Fiber and Uniti Leasing, our 2025 outlook for both of those segments is unchanged from our prior guidance. Our outlook for net CapEx at fiber infrastructure this year is $310 million at the midpoint of our guidance and represents a capital intensity of approximately 30%.

雖然我們不再為Uniti Fiber和Uniti Leasing提供單獨的正式指引，但我們對這兩個部門2025年的展望與先前的指引保持不變。我們預計今年光纖基礎設施的淨資本支出為3.1億美元（以指引中位數計算），資本密集度約為30%。

As a reminder, both Kinetic and fiber infrastructure consist of a highly predictable core recurring revenue base that continues to grow and yield attractive margins.

提醒一下，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可觀的利潤率。

Turning to Uniti Solutions, which we referred to in the past as managed solutions or Windstream Enterprise, we expect revenues and adjusted EBITDA of $320 million and $155 million at the midpoint. Altogether, we expect consolidated revenue and adjusted EBITDA of $2.2 billion and $1.1 billion at the midpoint of our 2025 outlook with consolidated net CapEx of $875 million.

談到Uniti Solutions（我們過去稱之為託管解決方案或Windstream Enterprise），我們預期營收和調整後EBITDA（以中間值計算）分別為3.2億美元和1.55億美元。整體而言，我們預計2025年展望中期合併收入和調整後EBITDA分別為22億美元和11億美元，合併淨資本支出為8.75億美元。

Using the Legacy Uniti shares outstanding, that is on the cover of our most recent 10-Q filing and excluding the impact of the warrants that were issued to Windstream shareholders as a part of the merger, total shares outstanding for the combined company is approximately 238.6 million.

使用 Legacy Uniti 的流通股（即我們最新的 10-Q 文件封面所示），並排除作為合併的一部分向 Windstream 股東發行的認股權證的影響，合併後公司的總流通股數約為 2.386 億股。

As we've mentioned multiple times already this morning, we are on a multi-year journey to overbuild the majority of the Kinetic copper network with fiber, and we are greatly accelerating and expanding that fiber build plan.

正如我們今天早上已經多次提到的那樣，我們正在進行一項為期多年的計劃，用光纖覆蓋大部分 Kinetic 銅網絡，並且我們正在大大加快和擴展該光纖建設計劃。

Accordingly, slide 29 lays out our key targets for Kinetic this year. We expect to reach 2 million homes passed with fiber by the end of the year, reaching 45% fiber coverage within the Kinetic footprint. We also expect to add approximately 530,000 fiber subs and realize approximately $500 million of consumer fiber revenue in 2025, an increase of roughly 25% from the prior year.

因此，第29張投影片列出了Kinetic今年的主要目標。我們預計到今年底，光纖覆蓋家庭數量將達到200萬戶，在Kinetic覆蓋範圍內達到45%的光纖覆蓋率。我們也預計2025年將新增約53萬個光纖用戶，實現約5億美元的消費者光纖收入，比前一年成長約25%。

In terms of cost per passing, Kinetic has historically achieved a cost per passing on strategic non-subsidized bills of approximately $650. As we push fiber deeper into the Kinetic footprint and shift our construction mix to using more external crews, we expect the strategic cost per passing to increase, but to still compare very favorably to industry benchmarks.

就單次傳輸成本而言，Kinetic 以往在策略性非補貼帳單下的單次傳輸成本約為 650 美元。隨著我們進一步將光纖網路推廣到 Kinetic 的覆蓋範圍，並調整施工組合，更多地使用外部施工人員，我們預計單次傳輸的戰略成本將會上升，但仍將非常有利於行業基準。

We estimate cost per passing going forward will likely be in the $850 to $950 range, giving us a blended cost of $750 to $850 per passing over the life of the fiber build program.

我們估計，未來每條線路的成本可能在 850 美元到 950 美元之間，因此在光纖建設計劃的整個生命週期內，每條線路的綜合成本將達到 750 美元到 850 美元。

Finally, I'd like to provide some brief comments on our capital structure. Slide 30 illustrates how Uniti's cost of capital has improved significantly over the past two years. If you go back to this time two years ago when we launched our 10.5% secured notes offering, our secured and unsecured debt was yielding over 12%.

最後，我想簡單談談我們的資本結構。幻燈片30展示了Uniti的資本成本在過去兩年中如何顯著改善。回顧兩年前我們發行10.5%擔保票據的時候，我們的擔保和無擔保債務收益率都超過了12%。

Fast forward to today, and our debt is currently yielding around 7% on a blended basis, a 550 basis point improvement in 2.5 years.

快進到今天，我們的債務目前的混合收益率約為 7%，在 2.5 年內提高了 550 個基點。

Slide 31 provides an overview of our outstanding debt maturities. Over the past year, we have done meaningful work to extend our debt maturities, reducing our combined near-term maturities in '27 and '28 from over $6 billion a year ago to just over $3 billion today.

投影片 31 概述了我們未償還債務的到期情況。過去一年，我們採取了卓有成效的措施，延長了債務期限，將 2027 年和 2028 年的短期債務總額從一年前的 60 多億美元減少到今天的 30 多億美元。

Most recently in June, we issued new unsecured notes using the majority of the proceeds to redeem a portion of our 10.5% secured notes due in 2028. Going forward, we will continue to be opportunistic in our approach to continue to push out near-term maturities and drive significant interest expense out of the business.

最近在 6 月份，我們發行了新的無擔保票據，並用大部分收益贖回了 2028 年到期的 10.5% 擔保票據的一部分。展望未來，我們將繼續採取機會主義的方式，繼續推遲近期到期日，並消除業務中的大量利息支出。

I also want to highlight that yesterday, we successfully completed the steps to collapse the legacy Uniti and Windstream debt silos into one unified structure. Completing this debt collapse was a critical part of our strategy as it greatly simplifies our capital structure, unlocks significant opportunity for ABS on the Windstream assets, and sets the stage for optimizing our combined capital structure going forward.

我還想強調的是，昨天，我們成功完成了將Uniti和Windstream遺留債務孤島整合為統一結構的步驟。完成債務整合是我們策略的關鍵組成部分，因為它極大地簡化了我們的資本結構，為Windstream資產的資產支持證券化（ABS）釋放了巨大的機會，並為未來優化我們的合併資本結構奠定了基礎。

Combined net leverage at the time of our merger closing is around 5.5 times and we expect to end the year with a combined net leverage of between 5.5 times and 6.0 times, consistent with the target we set for standalone Uniti.

合併結束時的綜合淨槓桿率約為 5.5 倍，我們預計今年年底的綜合淨槓桿率將在 5.5 倍至 6.0 倍之間，與我們為獨立 Uniti 設定的目標一致。

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

我們很樂意回答您的問題。

Operator?

操作員？

(Operator Instructions)

（操作員指示）

Gregory Williams, TD Cowen.

葛瑞格里‧威廉斯 (Gregory Williams)，考恩 (Cowen) TD。

The first one is just on, Kenny, as you move to the inference phase, how did the deal constructs change? I imagine it's a lot more lease up, better margin, maybe lower upfront cost for you guys, but maybe there'd be more competition as well, and what would the yields be compared to the training data center yields.

第一個問題，Kenny，當你進入推理階段時，交易結構發生了哪些變化？我猜租賃成本會大幅上漲，利潤率會更高，前期成本可能會更低，但競爭也會更加激烈。與訓練資料中心的報酬率相比，收益率會如何呢？

Second question just on the funnel you mentioned. I think you said the wholesale funnel represents $1.5 billion of total contract value. What's your typical win rate on a funnel?

第二個問題是關於您提到的漏斗。我記得您說過批發漏斗代表著15億美元的總合約價值。您通常在這個漏斗上的成功率是多少？

Good questions. I'll start with your second one. When it -- and you specifically asked about the $1.5 billion of hyperscaler deals and I would say, as we've said consistently over the past probably 18 months, our win rate when we go after a large hyperscaler deal is very, very high.

好問題。我先從你的第二個問題開始。你特別問到了15億美元的超大規模交易，我想說，正如我們在過去大概18個月裡一直說的那樣，我們在爭取大型超大規模交易時的成功率非常非常高。

We are being very disciplined about which deals we pursue. We're not looking to go after every single hyperscaler deal we hear about. We're not going after deals that are built out in the middle of nowhere, that are not either contiguous to or strategic to in some other way our network.

我們對要爭取的交易非常謹慎。我們不會追逐每一個聽到的超大規模交易。我們不會追逐那些建在偏遠地區、與我們的網路不相鄰或不具戰略意義的交易。

We're very focused on deals that are either in an existing metro or near an existing metro or deals that connect our metro markets to others or that are relatively close to our network and give us the ability to expand it strategically.

我們非常關注現有大都市或現有大都市附近的交易，或將我們的大都市市場與其他大都市市場連接起來的交易，或相對較靠近我們網路的交易，並使我們能夠策略性地擴展它。

And so we're being selective on the deals that we pursue and despite that, we still have a very sizable funnel, $1.5 billion. I'm pretty sure that's the first time we've shared that number publicly and when we go after those deals, we tend to win.

因此，我們對所尋求的交易非常謹慎，儘管如此，我們仍然擁有相當可觀的資金，15億美元。我敢肯定，這是我們第一次公開這個數字，而且我們爭取這些交易時，往往都能成功。

And as I've said before, hyperscalers don't always pick the winner. In fact, I'd say don't frequently pick the winner based upon price. They pick their winner based upon reliability, ability to build on time and on budget and on spec, and I think as I mentioned in our prepared remarks, being a scale provider matters with them because I think they want a robust group of network providers to serve them, but not so long of a list that it's unmanageable.

正如我之前所說，超大規模提供者並不總是能選出贏家。事實上，我認為不要經常根據價格來選擇贏家。他們選擇贏家是基於可靠性、按時、按預算和按規格完成建設的能力。我認為，正如我在準備好的發言中提到的，成為規模提供者對他們來說很重要，因為我認為他們希望擁有一個強大的網路供應商群體來為他們服務，但名單不能太長，以至於難以管理。

I think they like to have partners that they can go back to on a regular basis. So long-winded way of saying our win rate is pretty high. We haven't set a percentage, but I'd say it's very high. With respect to your first question, inference is exciting to us.

我認為他們喜歡擁有可以定期回頭的合作夥伴。所以，長話短說，我們的勝率相當高。我們沒有設定具體的百分比，但我認為非常高。關於你的第一個問題，推理對我們來說很令人興奮。

It's more exciting than this phase that we're in now, frankly, with the hyperscalers, and we're doing lots of great deals. We're building lots of new network that we haven't been able to build in years. We're connecting metros that we've needed to connect over the years and we're now using hyperscalers as anchor customers in order to do that, which is terrific.

坦白說，與超大規模營運商合作比我們現在所處的階段更令人興奮，我們正在做很多很棒的交易。我們正在建造許多多年來一直未能建成的新網路。我們正在連接多年來一直需要連接的城域網，現在我們正利用超大規模營運商作為主要客戶來實現這一點，這非常棒。

But where we're really going to start to see a pick up in recurring revenue and EBITDA is when the inference phase starts in earnest, and previously, we said that we'd probably be three or four years out, but I think that's increasingly looking conservative.

但是，當推理階段真正開始時，我們才真正開始看到經常性收入和 EBITDA 的回升，之前我們說過可能還需要三到四年的時間，但我認為這看起來越來越保守。

It looks like it's going to be earlier and earlier. I also think it's going to be harder to predict what's inference versus not. I think AI workstreams are getting more and more infused in all other workstreams and it's hard to distinguish between the two, which is fine.

看起來這個時間會越來越早。我也認為，預測哪些是推理，哪些不是推理，會變得越來越難。我認為人工智慧工作流程越來越多地融入所有其他工作流程中，很難區分兩者，這很正常。

But I think for us, what we really need is to have more distributed fiber endpoints that serve as on-ramps to serve that inference phase and so we talk about our 3 million to 3.5 million fiber homes, for example, and our 1 million plus buildings, data centers and fiber and small cells that are on that are connected.

但我認為，對我們來說，我們真正需要的是擁有更多分散式光纖端點，作為服務於推理階段的入口，因此，我們談論的是 300 萬到 350 萬個光纖家庭，以及 100 多萬棟建築物、數據中心以及連接在其上的光纖和小型基地台。

And all of those things are going to we think see an improvement in demand as it relates to inference and and that's all coming from non hyperscaler customers by the way. So we're really looking forward to that and to your question, Greg about the types of hyperscaler deals that we expect to see going forward as it relates to inference, I think you hit it.

我們認為，所有這些事情都會導致推理相關需求的改善，而這些需求都來自非超大規模客戶。所以我們非常期待這一點。 Greg，關於你提出的問題，關於我們預計未來在推理方面會看到哪些類型的超大規模交易，我想你已經回答到了。

You're right. It'll be more leased up as opposed to anchor/ greenfield builds, and in fact, the deal that we that we highlighted and Windstream signed last week at the end of -- right before the deal -- our merger closed, that's a lease up deal, very attractive transaction, 20 year IRU on existing infrastructure using existing strands with minimal capital and OpEx required, so very, very high margin and low capital intensity.

你說得對。相較於新建或新建項目，它的租賃程度會更高。事實上，我們上週強調的與 Windstream 簽署的協議，就在我們合併結束前——也就是交易即將完成——就是一筆租賃協議，非常有吸引力的交易，在現有基礎設施上，使用現有資源，簽訂 20 年 IRU 協議，所需資本和運營成本極低，利潤率非常高，資本密集度也很低。

And that deal came with, I think it was 296 strands and there's a ROFR on incremental strands on top of that, which, by the way, is also exciting, right, because as we've said before, we've got hyperscalers taking these very large strand count deals from us and then they're coming back for the second deal and in this case this this particular hyperscaler has asked for a ROFR on another 432 strands on top of the 296.

那筆交易附帶 296 條鏈，並且在此基礎上還有增量鏈的 ROFR，順便說一句，這也是令人興奮的，因為正如我們之前所說的那樣，我們有超大規模提供商從我們這裡接受了這些非常大的鏈數交易，然後他們又回來進行第二筆交易鏈，在這種情況下，這個特定的超大規模提供商要求在 296 條的基礎上再獲得 432 條的 FR23 432 條的基礎上獲得 432 條的基礎。

Again, all lease up. So I do think again sorry for the long-winded answer, but I do think once inference really kicks into high gear, you're going to see higher margin, lower capital intensity deals coming from the hyperscalers and a lot of we think it's an improvement in MRR just across the base in general.

再次強調，所有租賃都漲了。所以，我確實再次認為，抱歉回答得這麼冗長，但我確實認為，一旦推斷真正進入高潮，你就會看到來自超大規模企業更高利潤率、更低資本密集度的交易，而且我們認為，總體而言，這會提高整個基層的月經常性收入 (MRR)。

Frank Louthan, Raymond James & Associates.

洛森 (Frank Louthan)，雷蒙詹姆斯 (Raymond James) 及合夥人。

What is the time frame for the $1.5 billion funnel? What are those deals over? And then as far as the Kinetic buildout going forward, how much of that 20% of your footprint that doesn't have any cable competition is economical to build and how much of their 40% penetration goal is reliant on being able to construct in that part of the of the footprint?

15億美元漏斗的時間表是怎麼樣的？這些交易都涉及哪些面向？然後，就Kinetic未來的建設而言，你們覆蓋範圍內那20%的、沒有任何有線電視競爭的區域，建設起來有多少經濟實惠？你們40%的普及率目標，有多少依賴在這部分區域建設？

I'll start on both of those, and Paul, you might want to join in on the second one, but on the funnel, first of all, I'm always a little bit reluctant to show funnel information because, funnels ebb and flow by their nature, and in fact, if all you're doing is showing a funnel growing over time, but a pessimist point of view would mean that you're not selling enough on the other side, right, if it just grows and grows.

我將從這兩個方面開始講，保羅，你可能想加入第二個方面，但首先，在漏斗方面，我總是有點不願意展示漏斗信息，因為漏斗的本質是起伏不定的，事實上，如果你所做的只是展示一個隨著時間的推移而增長的漏斗，但悲觀的觀點意味著你在另一邊賣得不夠，對吧，如果它只是不斷增長的話。

So we don't like to show it on a regular basis, but we thought showing the funnel in this case made sense because we really want to show the theme of the funnel itself growing, but it's growing predominantly because the hyperscaler slice of the pie has gotten -- is getting very sizable and in fact, at 40%, this is the first time that the first quarter where the hyperscalers have been the largest customer segment for us in the funnel.

因此，我們不喜歡定期展示它，但我們認為在這種情況下展示漏斗是有意義的，因為我們確實想展示漏斗本身增長的主題，但它的增長主要是因為超大規模份額已經變得非常大，事實上，達到 40%，這是第一季超大規模首次成為我們漏斗中最大的客戶群。

And so we really just wanted to show those themes. To your question, Frank, usually when something's in the funnel, it usually takes something like 12 to 18 months for it to come out. I mean the sales cycle and it certainly could be a lot less, right?

所以我們真的只是想展示這些主題。弗蘭克，關於你的問題，通常情況下，當某個東西進入漏斗時，通常需要12到18個月才能落地。我指的是銷售週期，當然可以短很多，對吧？

It could be anywhere from a month up to I'd say 12 months, maybe a little longer and so, but with this -- what's in the funnel today, $1.5 billion, I expect that over the next 6, 12, 18 months, most of that will have worked its way through.

可能需要一個月到十二個月的時間，也可能更長一點，但考慮到目前的資金規模，即 15 億美元，我預計在未來 6、12、18 個月內，其中大部分資金將會到位。

But it hopefully will be regenerated by additional demand coming behind that and we do see that. I think that what's in the funnel are actual deals that have been qualified by us and our customers, but we hear about much more in just private conversations and we certainly think based upon public comments being made by the hyperscalers that there's just a commitment to investing in this space for years into the future. .

但希望它能透過隨後的額外需求再生，我們確實看到了這一點。我認為漏斗中已經有一些我們和客戶認可的實際交易，但我們在私下談話中聽到的更多，而且根據超大規模數據中心運營商的公開評論，我們當然認為他們已經承諾在未來幾年內投資這一領域。

So, very excited about that. With respect to the 40% of the footprint that doesn't have the so-called cable bundle and really just your question in general about how much of the footprint is economical to get to, look, I think as we said, 3.5 million homes is roughly 75% of the footprint, and beyond that we think we can get to a large percentage of what's left with fixed wireless or alternative technologies that are building off of that fiber to the node investment over the years.

所以，我對此非常興奮。關於那40%沒有所謂有線捆綁覆蓋的區域，以及你剛才問的關於覆蓋多少區域是經濟實惠的問題，我想，正如我們所說，350萬戶家庭大約佔了覆蓋區域的75%，除此之外，我們認為我們可以通過固定無線或其他技術覆蓋剩餘區域的很大一部分，這些技術多年來一直在光纖到節點的投資基礎上。

And so I do think it's one of the real highlights of the Kinetic footprint that gets lost that while it is a rural footprint and it is -- the average market is less dense than a large metro, for example, there's a lot of fiber that's been pushed out into this network and so that $650, $700 cost per passing that we've talked about historically is real.

因此，我確實認為這是 Kinetic 覆蓋範圍的真正亮點之一，儘管它覆蓋範圍是農村，而且平均市場密度不如大都市，但有很多光纖被推入該網絡，因此我們過去談到的每次通過 650 美元、700 美元的成本是真實的。

And as Paul mentioned in his prepared remarks, going up to a blend of $750 to $850 on the build over the next number of years, we're getting to the less dense markets with that still very economical build based upon the historical fiber investment that's been made.

正如保羅在他的準備好的演講中提到的那樣，在未來幾年內，建設成本將上升到 750 至 850 美元，我們將進入密度較低的市場，根據歷史光纖投資，這種建設仍然非常經濟。

And by the way, that also includes a blend that we're starting to work more and more with third party contractors. Historically, we've done the vast majority of it in-house, but we're starting to bring in more and more third party contractors to give us the ability to have a more predictable cadence and definitely an uptick in the build itself.

順便說一句，這也包括我們開始越來越多地與第三方承包商合作。過去，我們絕大多數工作都是內部完成的，但我們開始引入越來越多的第三方承包商，以便我們能夠擁有更可預測的節奏，並且肯定會提升建設本身的效率。

So with all that said, Frank, we feel very confident about getting to 75%, 80% of the footprint with direct fiber to the home and then the rest really serving it off of that fiber to the node investment that's been made. So Paul, you want to add anything?

所以，弗蘭克，綜上所述，我們非常有信心實現75%到80%的光纖直連到戶覆蓋，其餘部分則真正依靠已完成的光纖到節點投資來實現。保羅，你還有什麼要補充的嗎？

Yeah. It's Paul. I would just add that specifically your question about how much of our build is focused on that portion of our -- of the Kinetic network without a cable competitor, that portion of our footprint tends to be very rural and so it's certainly an area of our footprint where we're building fiber.

是的，我是保羅。我想補充一下，具體來說，你的問題是，我們的建設有多少集中在沒有有線電視競爭對手的 Kinetic 網路的那部分。那部分網路覆蓋範圍往往非常偏遠，所以這肯定是我們正在建造光纖的區域。

That fiber tends to be more subsidized build in nature, so it tends to be more RDOF or PPP or maybe even BEAD going forward, but it's definitely a part of the plan. And through those subsidized builds, in those more rural areas of the footprint, we are able to build fiber, but it tends to be more of the subsidized projects that are in that category overall.

光纖建設本質上往往更多地受到補貼，因此未來更傾向於採用RDOF、PPP，甚至BEAD模式，但這肯定是計劃的一部分。透過這些補貼建設，我們可以在覆蓋範圍更廣的農村地區鋪設光纖，但總體而言，這類項目往往更多地受到補貼。

(Operator Instructions)

（操作員指示）

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks for all the details in some of these slides. I'm curious if we could turn back to slide 28 and when you look at the pro forma for each of the new segmentations, Kinetic, fiber infrastructure, Uniti Solutions. Curious if you could give us perspective of aggregate growth for each of these pieces or in the case of Solutions, potential declines.

感謝您在這些幻燈片中提供的所有細節。我很好奇，我們能否回到第28張投影片，看看您如何看待每個新細分領域（Kinetic、光纖基礎設施和Uniti解決方案）的預測。您能否為我們介紹一下這些領域整體的成長情況，或者就解決方案而言，潛在的下滑情況。

And then how to think about the multi-year progression of margin for each of those pieces. And then I have a follow up on Kinetic after that.

然後，如何考慮每個部分的利潤率在未來幾年的演變。之後，我會跟進 Kinetic 的情況。

Yeah. So Michael, good question. I mean, I think on our -- on the fiber infrastructure, so on those segments from a top line growth standpoint. I think -- from a -- on the fiber infrastructure business, I think it's -- we expect that to be very much in line with the fiber infrastructure business that Uniti has run over the years.

是的。 Michael，問得好。我的意思是，我認為從營收成長的角度來看，我們的光纖基礎設施業務，以及這些細分領域。我認為，從光纖基礎設施業務來看，我們預計這將與 Uniti 多年來運營的光​​纖基礎設施業務非常一致。

So we're talking about there that kind of mid-single digit growth on a go forward basis on the top line and similar growth on the bottom line, on the EBITDA line.

因此，我們談論的是未來營收的中等個位數成長，以及利潤和 EBITDA 的類似成長。

So I mean the Windstream wholesale business does have some legacy services, that some TDM there that is being run off. So that does weigh a little bit on the growth there, but I would expect that sort of mid-single digit growth with regard to that business on a go forward basis.

所以我的意思是，Windstream批發業務確實有一些遺留服務，例如一些正在運營的TDM。這確實會對該業務的成長造成一些影響，但我預計該業務未來將實現中等個位數的成長。

At Kinetic, that growth year over year, there's a little -- there's a -- we've been doing some re-segmentation as you know, Michael, and so that's muddied the waters a little bit from a comparison standpoint, that should be much more stable on a go forward basis, but we're reuniting all of the Uniti -- the Kinetic wholesale and Kinetic business into that Kinetic business segment.

在 Kinetic，這種逐年增長，有一點——有一點——正如你所知，我們一直在做一些重新細分，邁克爾，所以從比較的角度來看，這有點混亂，從未來來看應該更加穩定，但我們正在將所有 Uniti——Kinetic 批發和 Kinetic 業務重新合併到 Kinetic 業務部門。

It's not just the consumer segment. So there's a little bit of TDM coming in there. So you may see that a little bit weighing on that Kinetic business, more so than it was when it was just sort of isolated to the consumer business for Windstream, more recently, but we would look to see that business really start to make the turn in the near future into a growth business as well as we drive fiber.

這不僅是消費者領域。所以有一些TDM業務正在湧入。所以你可能會看到這對Kinetic業務造成了一些壓力，比最近它與Windstream的消費者業務分離時的壓力更大。但我們希望看到這項業務在不久的將來真正開始轉變為一項成長業務，就像我們推動光纖業務一樣。

So that kind of flat to low single digit growth is what we're driving toward over the next -- near term period. And then on Uniti Solutions, I mean, Drew, do you want to jump in? We've got Drew Smith with us this morning as well just on kind of the outlook for Uniti Solutions from a top line EBITDA standpoint.

所以，這種持平到低個位數的成長是我們在未來——短期內——的目標。然後關於Uniti Solutions，Drew，你想加入嗎？今天早上我們邀請了Drew Smith，他從營收EBITDA的角度，談談Uniti Solutions的前景。

This is Drew Smith. When you think about Uniti Solutions, today, there's still really two things kind of happening within that business. There's a large portion of the revenue that is our go forward revenue, really based on technology and connectivity when we're selling our managed services, but there's also a component of TDM that is being exited.

我是德魯史密斯。說到Uniti Solutions，目前我們的業務仍然有兩件事正在發生。很大一部分收入是我們未來的收入，這主要基於我們銷售託管服務時的技術和連接性；但TDM業務也正在退出。

As we've communicated, Windstream will continue to communicate at Uniti. We'll be fully out of the TDM business as it relates to Uniti Solutions by the end of this year. And so when you look at really kind of the go forward, we're still seeing some revenue losses, but good margin conversion as well as free cash flow conversion.

正如我們之前溝通過的，Windstream 將繼續與 Uniti 進行溝通。我們將在今年年底前完全退出與 Uniti Solutions 相關的 TDM 業務。因此，展望未來，我們仍會面臨一些收入損失，但利潤率和自由現金流轉換情況良好。

I think right now, we're seeing revenue losses of around mid-teens. I think that should be similar in the near term, or long term, I think we see stability as we really focus on supporting the customers, the larger customers within that base.

我認為目前我們的收入損失大約在15%左右。我認為短期或長期來看情況應該會類似，但我認為我們會看到穩定，因為我們真正專注於支援客戶，尤其是我們客戶群中的大客戶。

Going back to the Kinetic fiber business, the slide 25. So the ARPU trajectory, from what I'm reading, I think that excludes the modem rental charge of $10.99. So when you add that back to the fiber ARPU, it suggests that you're over $80 of ARPU.

回到第25張投影片，Kinetic光纖業務。根據我讀到的數據，ARPU（每位使用者平均收入）的走勢不包括10.99美元的數據機租賃費。所以，如果把這筆費用加到光纖ARPU上，就代表ARPU超過了80美元。

I'm just curious, if you talk about the strength of ARPU, what is driving that all in strength and spend from the customer and how you see the opportunities to continue to grow that customer build over time?

我只是好奇，如果您談論 ARPU 的優勢，那麼是什麼推動了客戶的全面實力和支出，以及您如何看待隨著時間的推移繼續增加客戶的機會？

Yeah, Michael. I'll start with that one. I think you characterized the slide correctly. I think you're reading it right, and I think you're right that we've got a very solid ARPU and that's been growing nicely over the past number of years.

是的，邁克爾。我就從這個開始。我覺得你對這張投影片的描述很正確。我覺得你讀得沒錯，而且你說得對，我們的每位用戶平均收入（ARPU）非常穩定，而且在過去幾年裡一直在穩步增長。

Feel great about that. And obviously, we consistently regularly comp that relative to our competition in the market and when you do that, when you look across the cable cos and any other small cable companies or if there's an overbuilder, which there aren't very many in our markets, but when we compare across all those things and fixed wireless, we're right in line with where the competition is.

感覺很棒。當然，我們一直在定期與市場上的競爭對手進行比較。如果你這樣做，看看有線電視公司和其他小型有線電視公司，或者看看是否存在過度建設者（在我們的市場上，這種情況並不多），但當我們將所有這些因素與固定無線進行比較時，你會發現，我們的水平與競爭對手完全一致。

So we're not -- we don't have ARPUs or pricing plans that are in excess of our competition, and I think what that really gets to is these are markets where there is a little bit more pricing power for the providers in those markets and we're I'd say taking advantage of that, but we also recognize that there is competition and over time, we've got to be mindful of that and we will be.

因此，我們的 ARPU 值或定價計劃不會超過我們的競爭對手，我認為真正的原因是，這些市場中的供應商擁有更多的定價權，我們會利用這一點，但我們也認識到存在競爭，隨著時間的推移，我們必須注意這一點，我們會這樣做。

And so when we look out and forecast ARPU growth in our various IRR models and we sensitize those models, we're I'd say conservative with respect to our expectations there and so we certainly don't want to give any forward guidance on ARPU growth at this stage, but I do think we're mindful that it's a robust number today, and over time, we expect that it will continue to be, but I think that we're also mindful that there could be some pressures over time.

因此，當我們在各種 IRR 模型中觀察和預測 ARPU 增長並對這些模型進行敏感化時，我們會說我們對那裡的預期是保守的，所以我們當然不想在這個階段對 ARPU 增長給出任何前瞻性指引，但我確實認為我們注意到今天這是一個強勁的數字，隨著時間的推移，我們預計它會繼續保持這種時間，但我認為我們也可能會出現一些壓力的推移。

And ultimately, I think that when you think about how do we continue to grow that number, it's not just pricing power, it's also upselling customers to higher speeds. Today, I'd say 20%, maybe 25% of our base are actually taking max speeds that are available to them and so we think that's a terrific upsell opportunity over time, especially as we start to get into the inference phase of AI, for example, and more and more people need higher bandwidth at their home.

最終，我認為，當我們思考如何繼續提升這個數字時，不僅是定價能力，還要向客戶推銷更高的網路速度。目前，我認為我們20%甚至25%的用戶實際上已經使用了他們所能獲得的最高網速。因此，我們認為，隨著時間的推移，這是一個絕佳的追加銷售機會，尤其是在我們開始進入人工智慧推理階段，越來越多的人需要更高的家庭頻寬的情況下。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。