Uniti Group Inc (Delaware) (UNIT) 2026 Q1 法說會逐字稿

Good morning and welcome to today's conference call to discuss the first quarter 2026 Uniti Group earnings conference call. My name is Michelle, and I'll be your operator for today. 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. (Operator Instructions)

早安，歡迎參加今天的電話會議，討論Uniti Group 2026年第一季財報電話會議。我叫Michelle，今天將擔任會議接線員。本次電話會議將被錄音，並將自今日起於公司投資人關係網站 investor.uniti.com 提供網路直播回放，並保留365天。(接線員指示)

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

現在我很榮幸介紹Uniti投資人關係與財務部資深副總裁Bill DiTullio。請開始。

Thanks, Michelle. Good morning, everyone, and thank you for joining today's conference call to discuss Uniti's first-quarter 2026 results. Speaking on the call today will be Kenny Gunderman, our CEO; and Paul Bullington, Uniti's CFO. John Harrobin, President of Kinetic, will also be joining us this morning during Q&A.

謝謝你，Michelle。各位早安，感謝各位參加今天的電話會議，一同討論Uniti 2026年第一季業績。今天與會發言者包括我們的執行長Kenny Gunderman，以及Uniti的財務長Paul Bullington。Kinetic總裁John Harrobin也將在今天上午的問答環節加入我們。

Before we get started, I would like to quickly cover our safe harbor statements. 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, our 2026 outlook, and other statements that are not historical facts.

在開始之前，我想先快速說明我們的安全港聲明。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：關於Uniti的光纖建設策略、業務成長潛力、我們對2026年的展望，以及其他非歷史事實的陳述。

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 sections in our filings with the United States Securities and Exchange Commission.

多項因素可能導致實際結果與前瞻性陳述中所描述者出現重大差異。關於這些因素的更多資訊，請參閱隨附簡報中「安全港聲明」章節，以及我們向美國證券交易委員會提交文件中的「風險因素」章節。

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

接下來，我想把電話會議交給Kenny。

Thanks, Bill. Good morning, everyone, and thank you for joining. Uniti is off to a great start in 2026, and we're executing well on our strategy as the premier insurgent fiber provider. We have a terrific, embedded fiber base and are aggressively building more fiber to future-proof our network.

謝謝你，Bill。各位早安，感謝各位參加。Uniti在2026年有一個非常好的開局，我們正以「首屈一指的顛覆型光纖供應商」之姿，穩健執行我們的策略。我們擁有極佳且深度嵌入的光纖基礎，並正積極建設更多光纖，以確保我們的網路具備面向未來的能力。

We're continuously elevating our game from an operational excellence perspective, and we're putting the customer first by being customer obsessed. For many years and continuing through today, we've been building fiber first or early into tier two and three markets, and that strategy has proven successful. We are consistently growing traditional wholesale and enterprise fiber revenue at 10% to 15% and now consumer fiber revenue at over 20% with an insurgent caretaker mentality.

從營運卓越的角度來看，我們持續精進表現；同時以「以客為先」、對客戶高度投入的方式，把客戶放在第一位。多年來並延續至今，我們在二、三線市場優先或提早建設光纖，而這項策略已證明相當成功。我們以「顛覆者的守護者心態」持續將傳統批發與企業光纖營收維持在10%至15%的成長，並將消費者光纖營收提升至超過20%的成長。

Having fiber in unique locations is also advantageous from a long-haul wholesale perspective, as we've been selling less competitive but increasingly desired routes. Sometimes it's better to be fortunate than smart, and our footprint happens to be located in or near markets that have power and land availability, which is giving us an outsized opportunity to build for the AI revolution.

在獨特地點擁有光纖，從長途批發的角度也具優勢，因為我們一直在銷售競爭較不激烈、但需求日益增加的路由。有時候幸運比聰明更重要；而我們的版圖恰好位於或鄰近具備電力與土地供應的市場，這讓我們在為AI革命建設方面擁有超乎規模的機會。

Fiber is clearly viewed as a mission-critical asset in a way that has never been before. Plus, in an increasingly converged world where there is less and less white space to build fiber first, our footprint and network grow in strategic significance every day. Our business is being fueled by twin engines, including the fiber-to-the-home build at Kinetic and the hyperscaler AI build at Fiber Infrastructure.

光纖顯然被視為關鍵任務資產，其重要性前所未見。此外，在一個日益融合的世界中，可供「先行建設光纖」的空白地帶愈來愈少，我們的版圖與網路每天都在提升其策略重要性。我們的業務由兩大引擎驅動，包括Kinetic的家用光纖（FTTH）建設，以及光纖基礎設施（Fiber Infrastructure）的超大規模業者AI建設。

We are well-positioned strategically, and we have the right assets, plan, and team in place going forward. We demonstrated strong results in the first quarter by executing on that strategy. Total fiber revenue grew 15% year-over-year, fiber revenue at Fiber Infrastructure grew 13%, and we had the third highest quarter of bookings ever at Fiber Infrastructure.

我們在策略上具備良好定位，並已具備正確的資產、計畫與團隊以推動未來發展。我們在第一季透過執行該策略展現了強勁成果。光纖總營收年增15%，光纖基礎設施的光纖營收年增13%，且光纖基礎設施創下史上第三高的單季訂單預訂量（bookings）。

At Kinetic, we had the strongest quarter ever of gross adds and the highest number of homes constructed in nearly four years. Importantly, and back to my comments about being customer-obsessed, we had the best quarter of consumer fiber churn ever at Kinetic.

在Kinetic方面，我們創下史上最強的單季新增用戶（gross adds），且近四年來建成的住宅戶數達到最高。更重要的是，回到我關於以客為先的評論，Kinetic的消費者光纖流失率（churn）也創下史上最佳單季表現。

As highlighted on slide five, our priorities have not changed for the year. Despite some unprecedented winter storm activity during the first quarter, we're well on our way to ramping our fiber-to-home build at Kinetic, targeting 450,000 to 500,000 new homes with fiber in 2026. In fact, we built 45,000 new homes in March and another 45,000 new homes in April.

如投影片五所示，我們今年的優先事項並未改變。儘管第一季出現一些前所未有的冬季風暴活動，我們仍正穩步推進Kinetic的家用光纖建設加速，目標是在2026年新增45萬至50萬戶具備光纖覆蓋的新住宅。事實上，我們在3月建成4.5萬戶新住宅，4月又建成另外4.5萬戶新住宅。

In Fiber Infrastructure, we're continuing to benefit from all the tailwinds driving wholesale fiber, including fiber-to-the-home, mobile wireless, satellite, and of course, hyperscaler and generative AI demand.

在光纖基礎設施方面，我們持續受惠於推動批發光纖的各項順風因素，包括家用光纖、行動無線、衛星，當然還有超大規模業者與生成式AI需求。

For the hyperscalers, we've foreshadowed even more activity in 2026 than last year, and thus far, our expectations have been exceeded. Importantly, we are continuing to show solid lease-up on our new hyperscaler builds, demonstrating our discipline in making investments in this space.

針對超大規模業者，我們先前已預告2026年的活動量將高於去年，而截至目前，我們的預期已被超越。重要的是，我們在新的超大規模業者建設案上持續展現穩健的出租／上線進度（lease-up），證明我們在此領域投資上的紀律。

At Uniti Solutions, we're seeing growing success in cross-selling products into our on-net fiber base at Uniti Fiber and Kinetic. Today, we estimate our managed services attachment rate to be below 0.1 times at Uniti Fiber, and we think it could be materially higher over time.

在Uniti Solutions方面，我們看到在Uniti Fiber與Kinetic的自有網路（on-net）光纖基礎上，交叉銷售產品的成功正在提升。目前，我們估計在Uniti Fiber的託管服務（managed services）附掛率低於0.1倍，我們認為隨時間推進，該比率有望顯著提高。

Lastly, as Paul will comment on later, the ABS opportunity to fund our business cost efficiently also continues to grow. 2026 is an important inflection year for Uniti and, in particular, is a critical investment year at Kinetic. As such, showing progress towards key goals is critical, and we previously committed to some milestones as highlighted on slide six to demonstrate that progress.

最後，正如Paul稍後將提到的，以ABS（資產擔保證券）機會為我們的業務提供具成本效率的資金，其規模也持續擴大。2026年是Uniti的重要拐點之年，尤其對Kinetic而言更是關鍵的投資年。因此，展現朝關鍵目標邁進的進展至關重要；我們先前也承諾了一些里程碑，如投影片六所示，以證明這些進展。

We achieved our first milestone during the fourth quarter of greater than 50% of Kinetic's subs now on fiber. And in April, we achieved our second milestone of greater than 50% of Kinetic's consumer revenue is on fiber. We remain very confident in the remainder of our milestones, including achieving consolidated revenue and EBITDA growth in 2027.

我們在第四季達成第一個里程碑：Kinetic的用戶中，已有超過50%使用光纖。而在4月，我們達成第二個里程碑：Kinetic的消費者營收中，已有超過50%來自光纖。我們對其餘里程碑仍非常有信心，包括在2027年實現合併營收與EBITDA成長。

Slide seven shows we're well on our way to 3.5 million homes passed with Fiber and 1.25 million Fiber subs by the end of 2029, and we're also closer to 90% of our revenue coming from our core business.

投影片七顯示，我們正穩步邁向在2029年底達成光纖覆蓋（homes passed）350萬戶與光纖用戶（Fiber subs）125萬戶的目標，同時也更接近讓核心業務貢獻我們約90%的營收。

We are laser-focused on operational excellence, customer obsession, intensely growing our fiber business, and executing on our strategy of building fiber into unique locations, including overbuilding legacy networks and moving customers onto our own fiber. All of this, combined with aggressively managing out of legacy services, will lead to growth.

我們高度聚焦於營運卓越、以客為先、強力成長我們的光纖業務，並執行在獨特地點建設光纖的策略，包括覆蓋式建設（overbuilding）既有傳統網路，並將客戶遷移到我們自有的光纖上。上述各項再加上積極退出傳統服務，將帶來成長。

As I mentioned earlier, Kinetic consumer fiber churn was a bright spot for the quarter, as highlighted on slide eight. We were very candid when our merger closed that consumer fiber churn was too high, and it was going to be a big focus area.

如我先前提到的，Kinetic消費者光纖流失率是本季的一大亮點，如投影片八所示。我們在併購完成時就非常坦率地表示，消費者光纖流失率過高，且這將會是我們重點關注的領域。

We followed through on that promise and expect there's room for further improvement. We believe with the various actions we've taken to date, plus future planned actions, we will bring Kinetic Fiber churn down to industry-leading levels, just like those we've had at Uniti for years.

我們已兌現該承諾，並預期仍有進一步改善的空間。我們相信，憑藉迄今採取的各項行動，加上未來規劃的措施，我們將把 Kinetic Fiber 的流失率降至業界領先水準，就像我們多年來在 Uniti 所維持的一樣。

We're also using best practices brought over from Frontier, Ziply, and others led by John Harrobin's team. Managing churn effectively is a team effort, and we've actually made it a company-wide metric for our incentive bonus plan as a result.

我們也在採用由 John Harrobin 團隊從 Frontier、Ziply 等公司帶來的最佳實務。有效管理流失率是團隊共同努力的成果，因此我們實際上已將其納入公司整體的指標，並作為我們獎勵獎金計畫的衡量項目。

Turning to Fiber Infrastructure on slide nine, the opportunity in wholesale fiber right now is generational in nature and we're extremely well positioned with the right strategy, leadership, assets to capture our share in both dark fiber and waves. There has never been a better time to be a wholesale fiber provider.

接著看第九頁的光纖基礎設施（Fiber Infrastructure），目前批發光纖的機會具有世代性的特質，而我們具備正確的策略、領導團隊與資產，處於極佳位置，可在暗纖與波長（waves）兩方面取得我們應有的份額。從未有比現在更適合成為批發光纖供應商的時刻。

Although we are building substantial amounts of new fiber, especially for the hyperscalers, we're doing it profitably and our scaled national footprint gives us terrific lease-up potential, driving our blended anchor lease-up yields to 35%. Importantly, although we're building some attractive new greenfield routes for hyperscalers, close to 80% of our hyperscaler business actually includes selling all or at least partial existing infrastructure.

儘管我們正在建設大量新光纖，尤其是為超大規模客戶（hyperscalers），但我們以具獲利性的方式進行，而我們具規模的全國性網路版圖帶來極佳的出租（lease-up）潛力，推動我們的綜合主力客戶（anchor）出租收益率達到 35%。重要的是，雖然我們為超大規模客戶建設了一些具吸引力的新綠地路線（greenfield routes），但我們約 80% 的超大規模客戶業務實際上包含銷售全部或至少部分既有基礎設施。

As such, the combined IRRs on the hyperscaler deals sold to date is approximately 30%. As I mentioned last quarter, we expect to build approximately 6,000 new route miles of fiber, and we expect to get close to $1 billion of cumulative non-recurring cash revenue by 2028.

因此，截至目前已售出的超大規模客戶交易，其合併 IRR 約為 30%。如我在上季提到的，我們預期將建設約 6,000 新路由英里（route miles）的光纖，並預期到 2028 年可取得接近 10 億美元的累計一次性（non-recurring）現金收入。

Over the next three years, a meaningful portion of our economics is supported by executed contracts, including 100% of the economics included in our 2026 guidance. On the other side of this three-year time horizon, we not only expect more fiber builds to come, but importantly, we expect to really ramp the lease-up of these builds.

在未來三年內，我們經濟效益中相當大的一部分由已簽署合約所支撐，其中包括我們 2026 年指引所涵蓋經濟效益的 100%。在這三年時間範圍之後，我們不僅預期會有更多光纖建設到來，更重要的是，我們預期將大幅加速這些建設的出租（lease-up）。

This will lead to additional non-recurring cash revenue and up to $500 million of recurring annual cash revenue. As a result, we expect to achieve a total return on our capital of two to four times. We've often stated that the current build phase for hyperscalers is exciting, but we have also said that the inference phase is the most exciting.

這將帶來額外的一次性現金收入，以及最高達 5 億美元的經常性年度現金收入。因此，我們預期可達成資本總回報為投入資本的 2 至 4 倍。我們常說，超大規模客戶目前的建設階段令人振奮，但我們也指出，推論（inference）階段最令人振奮。

When the inference phase fully ramps, a more expansive group of customers will be using AI and will need highly reliable, low-latency, ultra-high bandwidth connectivity. And the mission-critical advantages of fiber will really rise above all other technologies.

當推論階段全面加速時，將有更廣泛的客戶群使用 AI，並需要高度可靠、低延遲、超高頻寬的連線能力。而光纖在關鍵任務（mission-critical）上的優勢，將真正凌駕於所有其他技術之上。

Fixed wireless, LEO, and even cable remain somewhat competitive today at the edge. But over time, that will dissipate. Customers large and small will demand fiber at the edge, which brings into focus our 5 million connected endpoints and provides us an opportunity to win back share from these other technologies.

固定無線、LEO（低地球軌道），甚至有線電視網路（cable）在邊緣端（edge）目前仍具一定競爭力。但隨著時間推移，這種情況將逐漸消退。無論大小客戶都將在邊緣端要求光纖，這也使我們的 500 萬個已連接端點（connected endpoints）更受矚目，並為我們帶來從其他技術手中贏回市占的機會。

All of this edge demand will drive substantially more traffic onto our wholesale network. As such, we are not only working hard to prepare for the inference phase by building fiber to more homes and businesses, as well as upgrading our towers and small cells, but importantly, we're preparing to become more of a share taker in the waves market.

所有這些邊緣端需求將把更多流量大幅導入我們的批發網路。因此，我們不僅正努力透過建設光纖到更多住家與企業，以及升級我們的基地台與小型基地台（small cells），來為推論階段做準備；更重要的是，我們也在準備在波長（waves）市場成為更積極的市占取得者。

As illustrated on slide 11, the Waves market is projected to grow at close to 10% a year, and we believe that could be conservative. Uniti has less than 5% Waves market share today, which is similar to our other fiber products where we are an insurgent share taker.

如第 11 頁所示，波長（Waves）市場預計每年成長接近 10%，而我們認為這可能仍偏保守。Uniti 目前在 Waves 的市占率不到 5%，這與我們其他光纖產品相似——在那些產品上，我們是積極搶占份額的新進挑戰者。

We recently launched FastWaves, a product which has substantially faster turn-up intervals than we've had in the past. We're not enabling Waves capability all across the country. We're being selective about where we like Waves, and we're focusing on routes that are unique to Uniti that give us a competitive advantage. These routes are particularly enhanced by the unique build cycle that we're currently undertaking for the hyperscalers.

我們近期推出 FastWaves，這項產品的開通（turn-up）週期比我們過去大幅更快。我們並非在全國各地全面啟用 Waves 能力。我們會選擇性地決定在哪些地區提供 Waves，並聚焦於 Uniti 獨有、能帶來競爭優勢的路線。這些路線也因我們目前為超大規模客戶所進行的獨特建設週期而特別強化。

As we complete long-haul builds that connect tier two and three markets, we expect the hyperscalers to be increasingly large Wave customers, eventually pivoting away from the current dark fiber-intensive build cycle and becoming more regular Wave customers.

隨著我們完成連接二、三線市場（tier two and three markets）的長途（long-haul）建設，我們預期超大規模客戶將成為愈來愈大的 Wave 客戶，最終從目前以暗纖為主的建設週期轉向，成為更常態性的 Wave 客戶。

As an example, and we think a leading indicator, in May, we sold a 20-terabit Wave package for a hyperscaler. The single largest lit bandwidth order in Uniti's history. And there are an increasing number of deals like this in our sales funnel.

例如，我們認為這是一項領先指標：在 5 月，我們向一位超大規模客戶售出一套 20 Tbps 的 Wave 方案。這是 Uniti 歷史上單筆最大的已點亮頻寬（lit bandwidth）訂單。而在我們的銷售管道中，類似的交易數量正在增加。

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

接下來，我把電話會議交給 Paul。

Thank you, Kenny. Starting on slide 13, I'd like to review key first quarter highlights for both Kinetic and our Fiber Infrastructure segment. We saw another strong quarter with significant progress made across several fronts.

謝謝你，Kenny。從第 13 頁開始，我想回顧 Kinetic 與我們光纖基礎設施事業部在第一季的關鍵亮點。我們又迎來一個強勁季度，並在多個面向取得顯著進展。

Starting with Kinetic, we expanded our fiber network to pass an additional 88,000 homes with fiber, our highest level of new passings in almost four years, ending the quarter with approximately 1.94 million homes passed with fiber.

先從 Kinetic 開始，我們擴展光纖網路，使額外 88,000 戶家庭可被光纖覆蓋（homes passed），這是近四年來新覆蓋戶數的最高水準；季度末光纖覆蓋家庭約 194 萬戶。

Kinetic also added 30,000 net new Fiber subscribers during the first quarter, ending the quarter with 564,000 total Fiber subscribers. As Kenny mentioned earlier, we had the highest quarter on record for fiber gross adds and total Kinetic fiber subscribers grew 22% from the prior year period.

Kinetic 在第一季也新增 30,000 名光纖淨新增用戶（net new Fiber subscribers），季度末光纖用戶總數達 564,000。如 Kenny 先前提到，我們創下光纖總新增（gross adds）單季最高紀錄，Kinetic 光纖用戶總數較去年同期成長 22%。

Kinetic consumer fiber revenue grew 26% year-over-year during the quarter. This growth is being driven by strong adoption of our fiber-to-the-home product, bolstered by the performance of the various marketing initiatives at Kinetic that target both our newer and more seasoned cohorts. At Fiber Infrastructure, we recorded consolidated bookings MRR of approximately $1.6 million, the third highest level on record.

本季 Kinetic 消費者光纖收入年增 26%。此成長主要由我們 FTTH（光纖到府）產品的強勁採用所帶動，並受益於 Kinetic 各項行銷計畫的表現，這些計畫同時鎖定較新的與較成熟的客群（cohorts）。在光纖基礎設施方面，我們錄得合併訂單 MRR 約 160 萬美元，為歷史第三高水準。

Slide 14 highlights the sustained momentum we are seeing within Kinetic Fiber. We achieved fiber penetration of 29.1% during the quarter, which was up 20 basis points sequentially and 120 basis points year-over-year.

第 14 頁突顯我們在 Kinetic Fiber 所見的持續動能。本季我們達成 29.1% 的光纖滲透率，較前一季提升 20 個基點，較去年同期提升 120 個基點。

Fiber ARPU also continued its positive trend, increasing 5% year-over-year. These trends support higher lifetime value per passing and improving returns on our incremental capital spend for fiber.

光纖 ARPU 也延續正向趨勢，年增 5%。這些趨勢支撐每一覆蓋戶（per passing）更高的終身價值（lifetime value），並提升我們在光纖增量資本支出上的報酬。

Turning to slide 15, the strong improvement in our cohort fiber penetration is being driven by highly targeted marketing, customer experience, and customer retention initiatives being deployed by the Kinetic team. Penetration levels in our year one 2025 cohort are now exceeding year two penetration rates in the prior year cohort and year three penetration rates in our older cohorts.

接著看第 15 頁，我們各客群（cohort）的光纖滲透率之所以能強勁改善，主要由 Kinetic 團隊所推動的高度精準行銷、客戶體驗與客戶留存（retention）措施所帶動。我們 2025 年第一年客群的滲透率，現在已超過前一年客群的第二年滲透率，以及我們較早期客群的第三年滲透率。

We expect to maintain or improve this trajectory going forward, and the team is now focusing on executing a deeper, more sophisticated playbook to increase penetration in our older cohorts. Given our current trajectory, we remain confident that our 40% terminal penetration target is very achievable and perhaps conservative, given Kenny's comments earlier about winning back share from alternative technologies.

我們預期未來將維持或改善這一趨勢，而團隊目前正聚焦於執行更深入、更精密的作戰手冊（playbook），以提升較早期客群的滲透率。依據我們目前的走勢，我們仍有信心 40% 的終端滲透率目標非常可達成，甚至可能偏保守——考量 Kenny 先前提到可從替代技術手中贏回市占。

Slide 16 lays out our key targets for Kinetic in 2026. We remain on target to reach 2.3 million to 2.35 million homes passed with fiber by the end of this year, which would bring fiber coverage within the Kinetic footprint to over 50%, a significant milestone in our goal to reach 3.5 million homes by the end of 2029.

第16頁列出了我們對 Kinetic 在 2026 年的關鍵目標。我們仍按計畫在今年年底前達成光纖覆蓋（homes passed with fiber）230 萬至 235 萬戶，這將使 Kinetic 覆蓋範圍內的光纖覆蓋率提升至 50% 以上，這是我們在 2029 年底前達成 350 萬戶目標的重要里程碑。

We also expect to end the year with between 675,000 and 700,000 fiber subs and realize $635 million. $655 million of consumer fiber revenue in 2026, an increase of roughly 25% to 30% from the prior year.

我們也預期今年年底光纖用戶數（fiber subs）將介於 67.5 萬至 70 萬之間，並在 2026 年實現 6.35 億至 6.55 億美元的消費者光纖營收，較前一年約成長 25% 至 30%。

Slide 17 provides a pro forma view of Uniti's consolidated results for the first quarter. Consolidated pro forma revenue and adjusted EBITDA were up 1% and 10% year-over-year, respectively, during the quarter. Primarily driven by the hyperscaler AI deals that were recognized during the quarter and partially offset by the continued declines at Uniti Solutions and in legacy copper and TDM services.

第17頁提供 Uniti 第一季合併後的備考（pro forma）合併結果視圖。本季合併備考營收與調整後 EBITDA 分別年增 1% 與 10%。主要由本季認列的超大規模雲端業者（hyperscaler）AI 交易所帶動，並部分被 Uniti Solutions 以及傳統銅纜與 TDM 服務持續下滑所抵銷。

This was the first quarter as a combined company that we achieved both top-line and EBITDA growth, a significant first step in our goal to achieve full-year growth by 2027.

這是我們作為合併後公司首次在單一季度同時實現營收與 EBITDA 成長，這是我們在 2027 年達成全年成長目標的重要第一步。

Kinetic fiber-based revenue, inclusive of consumer, business and wholesale services, grew 16% year-over-year. As we continue to execute on and accelerate our fiber overbuild plan, fiber services at Kinetic will deliver consistent, strong growth quarter-over-quarter.

Kinetic 以光纖為基礎的營收（包含消費者、企業與批發服務）年增 16%。隨著我們持續執行並加速光纖覆蓋擴建（fiber overbuild）計畫，Kinetic 的光纖服務將在每一季持續帶來穩健且強勁的季增成長。

In addition to the information provided in our earnings materials, we have also included supplemental pro forma financial information on our investor relations website.

除我們在財報資料中提供的資訊外，我們也在投資人關係網站上補充了備考財務資訊。

Slide 18 demonstrates that the growth in each of our core fiber lines of the business has been very strong, and we expect that growth to continue given the superior nature of fiber as a service. With this pace of growth, we expect fiber to overtake legacy services as the majority of our revenue by the end of 2026.

第18頁顯示，我們各核心光纖業務線的成長都非常強勁，且鑑於光纖作為服務的優越性，我們預期此成長將持續。以此成長速度，我們預期到 2026 年底，光纖營收將超越傳統服務，成為我們營收的主要來源。

Please turn to slide 19, and I'll now cover our full-year 2026 outlook for the combined company. Beginning with Kinetic, we continue to expect revenues and contribution margin to be $2.15 billion and $905 million, respectively, at the midpoint. We expect to deploy approximately $1.2 billion of net CapEx at the midpoint of our guidance as we accelerate our fiber build.

請翻到第19頁，我接下來將說明合併後公司 2026 年全年展望。先從 Kinetic 開始，我們仍預期營收與貢獻毛利（contribution margin）在指引中位數分別為 21.5 億美元與 9.05 億美元。隨著我們加速光纖建設，我們預期在指引中位數部署約 12 億美元的淨資本支出（net CapEx）。

At Fiber Infrastructure, we still expect revenues and contribution margin to be $975 million and $560 million, respectively, at the midpoint for full-year 2026.

在 Fiber Infrastructure 方面，我們仍預期 2026 年全年營收與貢獻毛利在指引中位數分別為 9.75 億美元與 5.60 億美元。

Our outlook for net CapEx at Fiber Infrastructure this year remains $140 million at the midpoint of our guidance and represents a capital intensity of approximately 14%. As a reminder, we expect the revenue from large sales type lease dark fiber deals to be lumpy and come in unevenly during 2026. More specifically, a significant portion of this revenue was recognized in the first quarter, and the bulk of the remaining amount is still expected to be recognized later in the year, most likely the fourth quarter.

我們對今年 Fiber Infrastructure 的淨資本支出展望仍為指引中位數 1.40 億美元，約代表 14% 的資本強度（capital intensity）。提醒一下，我們預期大型銷售型租賃（sales type lease）暗纖（dark fiber）交易的營收將呈現不均勻、具波動性的入帳節奏，於 2026 年間分散認列。更具體而言，其中相當一部分營收已在第一季認列，其餘大部分仍預期在今年稍晚認列，最可能是在第四季。

Given the inherent variability of the hyperscaler sales type lease revenue and in an effort to provide better guidance, we have included quarterly ranges for our 2026 outlook for total revenue and adjusted EBITDA. Please also note that as has always been our practice, our net CapEx reporting offsets our gross CapEx by upfront payments received in an IRU arrangement, as the cash received will offset a significant portion of the CapEx relating to these sales type lease arrangements.

鑑於超大規模雲端業者銷售型租賃營收本質上的波動性，並為提供更佳指引，我們在 2026 年總營收與調整後 EBITDA 展望中納入了季度區間。另請注意，如同我們一貫作法，我們的淨資本支出（net CapEx）揭露會以 IRU（不可撤銷使用權）安排所收取的預付款抵減總資本支出（gross CapEx），因為收到的現金將抵銷與這些銷售型租賃安排相關的相當一部分資本支出。

Turning to Uniti Solutions, we expect revenues and contribution margin of $700 million and $310 million at the midpoint. As we've mentioned several times before, Uniti Solutions is not core to our go-forward Fiber Infrastructure strategy. However, this business does generate meaningful, predictable cash flow.

談到 Uniti Solutions，我們預期營收與貢獻毛利在指引中位數分別為 7.00 億美元與 3.10 億美元。如同我們先前多次提到，Uniti Solutions 並非我們未來 Fiber Infrastructure 策略的核心。然而，該業務確實能產生具意義且可預期的現金流。

While we expect revenue and EBITDA to continue to decline at a mid-teens pace year-over-year over the next few years, a crucial part of our strategy is to retain the most profitable portion of this business while winding down low-value legacy and TDM services.

雖然我們預期未來幾年營收與 EBITDA 將以年減約中十位數（mid-teens）的速度持續下滑，但我們策略的關鍵之一，是在逐步縮減低價值的傳統與 TDM 服務的同時，保留該業務中最具獲利性的部分。

Altogether, we continue to expect consolidated revenue and adjusted EBITDA of approximately $3.63 billion and $1.45 billion at the midpoint of our 2026 outlook, with consolidated net CapEx of about $1.4 billion.

整體而言，我們仍預期 2026 年展望中位數下，合併營收與調整後 EBITDA 約為 36.3 億美元與 14.5 億美元，合併淨資本支出約 14 億美元。

Finally, I'd like to provide some brief comments on our capital structure. Since announcing our agreement to merge with Windstream, we have successfully executed on a series of planned actions that were systematically implemented to extend our debt maturities, lower our overall cost of debt, establish access to new debt markets and optimize our mix of secured and unsecured debt and drive meaningful interest expense savings.

最後，我想就我們的資本結構做一些簡短說明。自我們宣布與 Windstream 的合併協議以來，我們已成功執行一系列既定行動，並以系統化方式推進，以延長債務到期年限、降低整體債務成本、建立進入新債務市場的管道、優化擔保與無擔保債務的組合，並帶來可觀的利息費用節省。

Slide 20 highlights, partially as the result of these actions, the blended yields on our debt have improved significantly, falling an impressive 600 basis points over the past three years from around 12.5% in February of 2023 to around 6.5% today on a blended basis. We continue to believe that Uniti has significant and growing access to ABS capacity and that ABS will play an increasing role in our capital structure given its comparative cost advantage.

第20頁重點顯示，部分受上述行動影響，我們債務的加權平均殖利率（blended yields）已顯著改善，過去三年下降了令人印象深刻的 600 個基點，從 2023 年 2 月約 12.5% 降至目前加權約 6.5%。我們仍相信 Uniti 在 ABS（資產擔保證券）融資容量方面具有顯著且持續增加的可得性，且鑑於其相對成本優勢，ABS 將在我們的資本結構中扮演日益重要的角色。

As a result, I expect us to continue to be active in the ABS market this year. However, as I've said many times previously, we intend to be balanced in our approach and maintain a healthy mix of both ABS and non-ABS debt in our capital structure.

因此，我預期我們今年將持續積極參與 ABS 市場。不過，如同我先前多次提到，我們會採取均衡的方式，並在資本結構中維持 ABS 與非 ABS 債務的健康組合。

While ABS will be an important part of our strategy to fund the strategic investments we are making in our business, it is not the only source of capital we have at our disposal. For example, as has been our practice at Uniti, we are constantly evaluating our portfolio of assets for optimization.

雖然 ABS 將是我們為業務進行策略性投資提供資金的重要一環，但它並非我們可運用的唯一資本來源。例如，這一直是 Uniti 的作法，我們會持續評估資產組合以進行最佳化。

Optimization opportunities could include assets that are underutilized or fallow, assets that are outside of our prioritized footprint, or assets for which we can receive premium valuation multiples. As we mentioned last quarter, we believe there are $500 million to $1 billion of non-core assets that we could monetize.

最佳化機會可能包括使用率偏低或閒置的資產、位於我們優先覆蓋範圍之外的資產，或是我們能以較高估值倍數出售的資產。如同我們上季提到的，我們認為有 5 億至 10 億美元的非核心資產可供變現。

As slide 21 shows, between excess fiber, non-core, and non-clustered assets and operations, such as select non-clustered Kinetic and non-Southeast Fiber Infrastructure markets, as well as spectrum and other real estate assets, we believe the opportunity exists to generate material proceeds over the next 12 to 36 months.

如第21頁所示，在多餘光纖、非核心與非群聚（non-clustered）的資產與營運（例如部分非群聚的 Kinetic 市場與非美國東南部的 Fiber Infrastructure 市場），以及頻譜與其他不動產資產之間，我們認為未來 12 至 36 個月內存在產生可觀處分收益的機會。

It is important to note that the monetization of these assets would have a negligible effect on our adjusted EBITDA as many of them are underutilized today and currently produce minimal to no cash flow for the business.

需要強調的是，這些資產的變現對我們的調整後 EBITDA 影響可忽略不計，因為其中許多資產目前使用率偏低，且目前對公司產生的現金流極少甚至沒有。

To be clear, any divestiture would be entirely opportunistic. And while we haven't announced any transactions yet, we have made significant progress on multiple deals. So hopefully more to come on that in the coming months.

為避免疑義，任何資產出售都將完全基於機會性考量。雖然我們尚未宣布任何交易，但我們在多筆交易上已取得顯著進展。因此，希望未來幾個月能有更多消息可對外分享。

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

那麼，我們很樂意開始回答各位的提問。接線員？

(Operator Instructions)

(接線員指示)

Frank Louthan, Raymond James.

Frank Louthan，Raymond James。

Great. Thank you very much. A couple of quick questions, if I can. What are you seeing from a competitive standpoint, either from FWA or satellite? And then can you just clarify, it seems you have quite a beat in the quarter but did not really raise the guidance. Just walk us through what's playing into that variability, what kind of was pulled forward in the quarter?

很好。非常感謝。如果可以的話，我有幾個簡短的問題。從競爭角度來看，無論是來自 FWA 或衛星，你們看到了什麼情況？另外能否請你澄清一下，看起來你們本季表現大幅優於預期，但並沒有真正上調指引。請帶我們了解一下造成這種波動的因素，本季有哪些是被提前拉進來的？

And I appreciate the quarterly layout for the guidance, but why the pace of that, just to be clear on what you're seeing there. I assume that the Q1 upside, you probably had some idea of going into the quarter when you gave the initial guide but walk us through what's impacting that. Thanks.

我也很感謝你們把指引按季度拆分，但想確認一下這樣的節奏，請更清楚說明你們看到的情況。我猜 Q1 的上行，你們在給出初始指引時可能就已經有些概念，但請說明有哪些因素在影響。謝謝。

Hey, Frank. Good morning. It's Kenny. I'll take your second question, then I'll ask John to chime in on the first one.

嗨，Frank。早安。我是 Kenny。我先回答你的第二個問題，然後請 John 補充第一個問題。

Yeah. Look, we're very excited about the results of this quarter. It's in line with our plan. It's very much expected and hopefully foreshadowed with respect to our guidance that there would be some lumpy quarters from a revenue and EBITDA perspective because of the large hyperscaler deals that were in our funnel and, frankly, fully contracted.

是的。你看，我們對本季的結果非常振奮。這符合我們的計畫。這在很大程度上是可預期的，也希望從我們的指引中已經有所預示：由於我們漏斗中、坦白說也已完全簽約的大型 hyperscaler 交易，營收與 EBITDA 會出現一些不均勻（lumpy）的季度表現。

And so coming into the year, we have a schedule laid out of which deals should hit in which quarter, and thus the quarterly guidance to help give you some idea of what that cadence should look like. So the quarter is not a surprise for us, although, I'd say probably a little bit better than planned, not really because of the hyperscaler deals, but because of some of the other areas of the business where we're outperforming.

因此在年初，我們就排定了哪些交易應該在第幾季入帳的時程，也因此提供季度指引，讓大家對這個節奏大概會長什麼樣子有些概念。所以這一季對我們來說並不意外，雖然我會說可能比計畫稍微好一些，但並不是因為 hyperscaler 交易，而是因為業務的其他領域表現超出預期。

And when you look out for the rest of the year, to be candid, yeah, our business is tracking ahead of the midpoint. And so we're feeling optimistic about where the business is heading from a trajectory point of view, and we debated raising guidance. But we ultimately decided to stick with where we are because some of these larger deals can kind of move around a month here or a month there, which can sway performance.

而當你展望今年剩下的時間，坦白說，是的，我們的業務走勢正高於指引中點。因此從趨勢角度來看，我們對業務走向感到樂觀，我們也討論過要不要上調指引。但最終我們決定維持現狀，因為其中一些較大的交易可能會前後挪動一個月左右，這就可能影響表現。

But with that said -- or sway quarterly results, if you will. But with that said, with respect to the optimism in the business and actually what's in the funnel and what's contracted, and we're in the process of turning up, I would say we're more optimistic about the business than we were before, and we're more optimistic about the upside in the plan relative to the midpoint.

不過話說回來——或者說會影響季度結果。但即便如此，就業務的樂觀程度、以及漏斗裡的內容與已簽約、且我們正在開通（turn up）的項目而言，我會說我們比之前更樂觀，也更看好相對於中點的計畫上行空間。

So I think you're hitting on a good theme, Frank, and you're directionally thinking about it the right way, and ultimately, a lot more good things to come in the coming months and quarters.

所以我認為你抓到了一個很好的主題，Frank，你的方向性思考是對的；而且接下來幾個月與幾個季度，還會有更多好消息。

And Frank, you asked about FWA and LEO. In our fiber markets, we had record top-line growth and record churn, so we're not seeing an impact of their efforts in our fiber markets. In our copper markets, we do see it a little bit. Nothing changed this past quarter with respect to FWA, but for the first time this past quarter, we did see a pop in LEO activity, and we see that in our churn figures in our copper markets this past quarter.

Frank，你問到 FWA 和 LEO。在我們的光纖市場，我們創下了營收（top-line）成長新高以及流失率（churn）新高，所以我們在光纖市場並沒有看到他們的作為帶來影響。在我們的銅纜市場，我們確實有看到一些影響。就 FWA 而言，本季沒有任何變化，但在本季我們第一次看到 LEO 活動出現跳升，我們也在本季銅纜市場的流失數據中看到了這點。

I think it's a combination of their aggressive promotion on rates and also free equipment and the timing of our price increases. So it's kind of a double whammy there in our copper markets. We know that we're building fiber as fast as we can everywhere, and this is why. So we view that LEO churn as temporary churn in some respects, because we know when we build fiber in those markets, we'll get that back.

我認為這是他們在費率上的積極促銷、以及免費設備，再加上我們調價時點的綜合作用。所以在我們的銅纜市場，這有點像是雙重打擊。我們知道我們正在盡可能快地在各地建設光纖，這也是原因之一。因此我們在某種程度上把 LEO 造成的流失視為暫時性的流失，因為我們知道當我們在那些市場建好光纖後，我們會把客戶拉回來。

As Kenny alluded to before, when we come in with fiber, we see the benefits of that. And we even see it in some of our early RDOF markets that we've built out that didn't have a provider before. We do win customers from Starlink there. So I hope that answers your question.

如 Kenny 先前提到的，當我們以光纖進入時，我們會看到其帶來的效益。我們甚至在一些早期已建置完成的 RDOF 市場也看到了這點，那些市場之前沒有供應商。我們確實能從 Starlink 那裡贏回客戶。希望這回答了你的問題。

Great. Thank you. And was the price increase just on copper or was it across the board for Internet?

很好。謝謝。另外，這次調價只是針對銅纜，還是網際網路服務全面調價？

So we did a price increase in copper in late 4Q, and we'll do another one in the coming months. And we did a January and February first fiber increase in our fiber business.

我們在第 4 季末對銅纜做了一次調價，接下來幾個月還會再做一次。而在光纖業務方面，我們在 1 月與 2 月進行了第一次光纖調價。

Okay, great. Thank you.

好的，很好。謝謝。

Gregory Williams, TD Cowen.

Gregory Williams，TD Cowen。

Great. Thanks. Two questions, if I may. First one, I'm not asking on any specific conversations of deals, but I'm curious to hear your thoughts if you'd sell Kinetic assets sooner rather than later. In the past, you mentioned waiting until you approach 3.5 million homes to extract more value. Just wondering if that calculus has changed at all.

很好。謝謝。如果可以，我有兩個問題。第一個，我不是在問任何特定交易對話的細節，但我想聽聽你們的看法：你們是否會選擇更早而不是更晚出售 Kinetic 資產？過去你們提到會等到接近 350 萬戶（homes）時再去提取更多價值。想請問這個盤算是否有任何改變。

Just second question, are you seeing any delays in your customers accepting orders or are you seeing any rising cost of equipment because some of your peers are saying so last week?

第二個問題，你們是否看到客戶在接受訂單上有任何延遲？或者你們是否看到設備成本上升？因為你們的一些同業上週有這樣的說法。

So, Greg, I'll take a couple of those, and I may ask Paul to jump in as well, but we're not really seeing any delays on the orders. I think and I assume you mean on customers turning up circuits and we're not really seeing any delays there. I think the -- we always get a deployment schedule with our customers, and occasionally the schedule might slip a little bit here and there, but nothing material.

Greg，我先回答其中幾個，我也可能請 Paul 一起補充。不過我們並沒有真正看到訂單延遲。我想你指的是客戶開通線路（turning up circuits），我們在這方面並沒有看到延遲。我們通常都會從客戶那裡拿到部署時程表，偶爾時程可能會在這裡或那裡小幅滑動，但沒有任何重大影響。

I think on equipment costs, we are seeing some higher costs in customer CPE a little bit, and we're also seeing some higher costs in conduit pricing a little bit from a higher cost from resin, if you will. But the reality is we're not -- we baked a lot of that into our guidance for the year, so those expectations are fully baked into what our expectations were coming into the year.

至於設備成本，我們確實看到客戶端設備（CPE）成本略有上升，也看到導管（conduit）價格略有上升，這與樹脂成本上升有關。但實際上，我們已把其中很多因素納入今年的指引，因此這些預期在我們年初的預期中已完全反映（fully baked in）。

And we, frankly, have plenty of inventory that we don't really see any impact from it beyond that. And I think, although we're not the biggest in the industry, we're of scale when it comes to getting in line with our vendors and having leverage with our vendors when it comes to pricing on equipment costs and timelines on getting equipment. We may not be at the front of the line, but we're pretty high up in the line to get whatever it is we need.

而且坦白說，我們有充足的庫存，因此除了上述之外，我們不太看到任何影響。我認為，雖然我們不是業界規模最大的公司，但在與供應商協調、以及在設備定價與交期方面，我們具備一定規模與議價能力。我們可能不是排在最前面，但在取得所需資源的隊列中，我們的位置相當靠前。

With respect to Kinetic, look, there's no hard and fast timeline for us, and Greg, from our history, we're always active in the M&A market, and we've bought and sold assets over the years, including at times when assets were strategic to our business. So going back over the years, we've sold our tower business. We've sold fiber operations in the Northeast and in the Midwest.

關於 Kinetic，你看，我們並沒有一個硬性且固定的時間表；而且 Greg，從我們過往的歷史來看，我們一直都很積極參與併購（M&A）市場，這些年來也買賣過資產，包括在某些時候那些資產對我們的業務具有策略性。回顧過去幾年，我們出售了我們的鐵塔業務。我們也出售了東北部以及中西部的光纖營運。

And so there's no timeline on execution there. We're very focused on achieving shareholder value as soon as we possibly can. And if M&A is a tool for us to do that, then we're absolutely open-minded to that in the near term.

因此在執行上並沒有時間表。我們非常專注於盡可能快地實現股東價值。如果併購是我們達成這一目標的工具，那麼在短期內我們絕對會以開放的態度看待。

Got it. Thank you.

了解。謝謝。

Richard Choe, JPMorgan.

Richard Choe，摩根大通。

Hi. I wanted to follow-up a little bit on the hyperscaler opportunity in your kind of pipeline or backlog. How should we think about how much revenue we'll be hitting this year versus the next few years, given what you have signed? But I guess, more importantly, each of the trends that we've seen from the hyperscaler AI build has been a lot bigger than anyone expected, and it has -- it looks like it's ramping up in Fiber, but the real kind of deals to be signed are coming down the pipeline.

嗨。我想就你們在管線或積壓訂單中的超大規模雲端業者（hyperscaler）機會再追問一下。就你們已簽署的合約而言，我們應該如何看待今年會認列多少營收、以及未來幾年會認列多少？但我想更重要的是，我們看到超大規模雲端業者的 AI 建置所帶來的每一個趨勢都比任何人預期的要大得多，而且看起來在光纖方面正在加速，但真正要簽下來的那種交易還在管線中往下走。

Can you give us a little color on what you're seeing there and what you think will come down the pipeline for the next few years?

你能否多提供一些你們目前看到的情況，以及你認為未來幾年管線中會有哪些進展的顏色（補充說明）？

Hey, Richard, good morning. I'll start on that one and then ask Paul to chime in. Yeah. Look, I think we've said this probably three or four quarters in a row that we continue to be surprised to the upside on activity among the hyperscalers and in AI in general. And I constantly remind myself not to conflate hyperscalers with AI because they're obviously highly correlated, but they're different.

嗨，Richard，早安。我先回答這題，然後請 Paul 也補充。是的。你看，我想我們大概連續三到四個季度都提到，我們仍然對超大規模雲端業者的活動以及整體 AI 的動能持續出現超預期的上行感到驚喜。我也一直提醒自己不要把 hyperscaler 和 AI 混為一談，因為它們顯然高度相關，但並不相同。

Hyperscalers are building today to enable AI, which is really going to come in for us when the inference phase hits. And I say that because with respect to demand, we're seeing it growing every month, every quarter. And we continue to have a lot of conviction with respect to what we gave as the multiyear guidance last quarter. And as I mentioned in my response to Frank earlier today, continue to have very strong conviction about what we expect to see this year, and I'll let Paul comment a little bit on those numbers in a second.

超大規模雲端業者今天的建置是為了支援 AI，而對我們而言真正會在「推論（inference）」階段到來時更明顯地體現。我之所以這麼說，是因為就需求而言，我們看到它每個月、每個季度都在成長。而且我們對於上季提供的多年期指引仍然非常有信心。正如我今天稍早回覆 Frank 時提到的，我們也對今年預期會看到的情況保持非常強的信心；我等一下讓 Paul 就那些數字再補充一些。

But ultimately, we've talked about how hyperscalers used to buy 12 to 24 strands and now they're buying 864 to 1728 in extra conduits, that 50 to 100 to 200 times multiplier on what they're buying is terrific and that's not a fiber package for 10 years, that's a fiber package for a period of time and we're seeing them come back and buying more on top of that in the near term.

但歸根結底，我們談過：過去 hyperscaler 可能買 12 到 24 芯（strands），現在他們在額外的管道（conduits）裡買的是 864 到 1,728 芯；他們採購量出現 50 倍、100 倍到 200 倍的倍數成長非常驚人。而且那不是一個可以用 10 年的光纖套裝；那是一段期間的光纖套裝，我們也看到他們在短期內回頭再加購更多。

And we've actually had hyperscalers tell us that their 10-year plan, if there is one, starts to reach 7,500 to 10,000 strand miles of fiber over a 10-year period, and I'm not sure that's the limit, frankly, and that's just one customer, so that's before you ever even get into lease-up.

而且我們其實有 hyperscaler 告訴我們，他們的 10 年計畫（如果真有的話）在 10 年期間會達到 7,500 到 10,000「纖芯英里（strand miles）」的光纖規模；坦白說我也不確定那是不是上限，而那還只是單一客戶，所以甚至在你開始談到出租率提升（lease-up）之前就已經是這樣。

And as we've said, this build cycle is exciting for us because we're building strategic network. And as I said in my prepared remarks, 80% of what we're doing with the hyperscalers is either connected to our existing network or it's selling existing infrastructure. And if you think about that, what that basically means is we're building contiguous network. So even when we're building greenfield, we're building contiguous network that's attached to the rest of our network, and that's all to set us up for the lease-up phase and the inference phase.

而且如同我們所說，這一輪建置週期之所以令我們振奮，是因為我們正在建構策略性網路。正如我在事先準備的談話中提到的，我們與 hyperscaler 合作的 80% 不是連接到我們既有網路，就是在銷售既有基礎設施。如果你這樣想，這基本上意味著我們正在打造連續（contiguous）的網路。因此即便我們是在做綠地（greenfield）建置，我們也在建置與我們其他網路相連的連續網路，這一切都是為了讓我們在出租率提升階段與推論階段做好準備。

And as we foreshadowed, that's what we think will be the most exciting phase of opportunity for us, and we specifically called out this quarter, a 20-terabit wave package that we signed in the quarter, that's 5,400 gig waves. So back to that 50 to 100 times multiplier that we're seeing in dark fiber, we're now starting to see that in lit fiber.

而且正如我們先前所預告的，我們認為那將是對我們而言最令人興奮的機會階段；我們在本季也特別提到，我們在本季簽下了一個 20Tb 的波長（wave）套裝方案，等同於 5,400G 的波長。所以回到我們在暗纖（dark fiber）看到的 50 倍到 100 倍倍數成長，我們現在也開始在點亮光纖（lit fiber）看到同樣的情況。

And that's when you get beyond the lumpy one-time revenue items and start getting into the recurring revenue, which is extremely exciting and value-accreted to us. So all of that, back to your question, I think you're right that the opportunity is continuing to grow. We continue to see it.

而這正是你從一次性、波動較大的營收項目，走向經常性營收的時候；這對我們而言非常令人振奮，也能為我們帶來增值。所以綜合以上回到你的問題，我認為你說得對：這個機會仍在持續擴大。我們也持續看得到。

And as I mentioned with respect to our outlook for the rest of the year, we're more optimistic about the plan for the rest of the year than we were coming into the year. It's just the timing related to some of these deals is a little bit hard to predict, especially this early in the year.

而且如同我提到我們對今年剩餘期間的展望，我們對今年剩餘期間的計畫比年初時更樂觀。只是其中一些交易的時點有點難以預測，尤其在年初這麼早的時候。

So with that, Paul. Over to you.

那麼，Paul。交給你。

Yeah, I'll just add a little bit to that. Richard, yeah, so as you said, Kenny, we continue to be more and more optimistic and more and more excited as we see the demand really continue to grow in the space. With regard to your question, Richard, specifically about this year and over the coming years, we have laid out in a pretty detailed slide our overall view of how this revenue can grow over the next several years.

好的，我再補充一點。Richard，是的，正如你說的，Kenny，隨著我們看到該領域的需求持續成長，我們越來越樂觀、也越來越興奮。就你的問題而言，Richard，特別是關於今年以及未來幾年，我們在一張相當詳細的投影片中已經說明了我們對未來幾年這項營收如何成長的整體看法。

From a 2026 standpoint, and I would refer you to that slide, but from a 2026 standpoint, we haven't given specific guidance on the hyperscaler one-time sales type lease dark fiber revenue, but we have given guidance of that Fiber Infrastructure business year over year, and we've said that most of that growth year-over-year is really being driven by this hyperscaler dark fiber opportunity.

就 2026 年的角度，我會請你參考那張投影片；但從 2026 年的角度來看，我們尚未對 hyperscaler 的一次性銷售型租賃（sales type lease）暗纖營收提供具體指引，不過我們已對光纖基礎設施（Fiber Infrastructure）業務的年增成長提供指引，並且我們也說過，那個年增成長的大部分其實是由這個 hyperscaler 暗纖機會所驅動。

I will say in the first quarter of this year, we expected to, as we've said, we expected to have an outsized amount of that one-time dark fiber sales type lease revenue show up. We had about $70 million of that revenue in our first quarter numbers.

我想補充的是，在今年第一季，我們如同先前所說，原本就預期會有相對較大的一次性暗纖銷售型租賃營收出現。我們在第一季的數字中約有 7,000 萬美元的該類營收。

And then we've laid out kind of quarterly for the rest of the year that guidance, so you can see that lumpiness and better how to expect that revenue to show up over the rest of the year, but we would expect it to be sort of front-end loaded in the first quarter with that result I just mentioned and then more back-end loaded in the back half of the year.

接著我們也把今年剩餘期間的指引按季度做了概略拆分，因此你可以看到那種波動性，並更清楚預期這些營收在今年剩餘期間會如何呈現；但我們預期會是第一季相對前置（front-end loaded），也就是我剛提到的結果，然後在下半年會更偏後置（back-end loaded）。

And as we move forward, going forward, we expect for the next three years really to have similar type of revenue and we think optimistically growing revenue for the sales type lease revenue kind of year-over-year as we go through the next three years before we get to more of the inference phase that Kenny was talking about where we think the revenue is going to really start showing up in terms of recurring revenue as well as hopefully additional sales type lease one-time revenue going forward.

而往後看，我們預期接下來三年大致都會有類似型態的營收，而且我們樂觀地認為，這類銷售型租賃營收會在未來三年逐年成長；直到進入 Kenny 所提到、我們認為營收將真正開始顯現的推論階段，屆時除了希望能有更多銷售型租賃的一次性營收外，我們也預期經常性營收會開始更明顯地出現。

It's nice to see it hitting the lit services too. So thank you.

很高興看到它也在 lit 服務上有所進展。所以謝謝你。

Brendan Lynch, Barclays.

Brendan Lynch，巴克萊。

Great. Thanks for taking my question. Kenny, maybe to follow-up on some of your comments on Kinetic churn, one question would just be, how much lower do you think you can bring this? I think you referenced industry-leading levels. So what would that mean in terms of a percentage, maybe what your percentage target is, and what some of the initiatives are to bring this down lower?

很好。謝謝讓我提問。Kenny，或許延續你對 Kinetic 流失率的一些評論，我有個問題是，你認為這還能降到多低？我想你提到是業界領先水準。那以百分比來說代表什麼意思，例如你的百分比目標是多少，以及有哪些措施可以把它再降得更低？

Brendan, I'll really quickly comment, and then I'll turn it over to John because he's obviously leading this effort. But John was at Frontier when they had industry-leading levels, and so that's part of what's leading us toward concluding that. And look, I think at the end of the day, Fiber is becoming more and more mission critical. As we've said, John mentioned that we're winning back share from some of the other technologies where we've lost in the past.

Brendan，我先很快補充一下，然後交給 John，因為他顯然在主導這項工作。不過 John 之前在 Frontier 時，他們的水準是業界領先的，所以這也是我們做出該判斷的一部分原因。而且你看，歸根結底，光纖正變得越來越關鍵。正如我們所說，John 也提到，我們正在從過去曾輸給的一些其他技術那裡贏回市占。

And so I think in addition to the various efforts that we have ongoing and that John's proven successful at Frontier, the fact that the industry is moving in our direction is helping tremendously. But with that, I'll ask John to comment on the specifics.

因此我認為，除了我們目前正在推進的各項努力，以及 John 在 Frontier 已證明有效的做法之外，產業趨勢也正在朝我們有利的方向發展，這帶來了極大的助益。不過接下來我請 John 針對細節做說明。

Yes, we're encouraged by the first quarter results, I mean, down 14% year-over-year at record levels. And we talked last quarter about the actions we were taking to achieve that. And when you look at that, juxtaposed with our early life customer churn, these are the customers that first sign up with us, we see even a larger improvement in those customers, down 20% year-over-year.

是的，我們對第一季的結果感到鼓舞，也就是在創紀錄水準下，年減 14%。我們在上一季也談到為達成這個目標所採取的行動。而當你把這與我們的早期客戶流失率放在一起看——也就是剛開始向我們申裝的客戶——我們看到這些客戶的改善幅度更大，年減 20%。

And that's a good sign for the health of the long-term customer relationship, because if we get it right at the beginning, we know that will carry forward for the customer's life. We put in place a bunch of mechanisms to identify and resolve customer pain points. And this is not only driving our loyalty, but also our overall efficiency.

這對長期客戶關係的健康度是一個好訊號，因為只要一開始就做對，我們知道這會延續到客戶的整個生命週期。我們建立了一整套機制來辨識並解決客戶痛點。這不僅提升了客戶忠誠度，也提高了我們整體效率。

When you think about it, when -- like last quarter, we actually beat just slightly our record from last quarter, so we don't list it as a record because it's kind of a tie, but our record for trouble tickets and truck rolls, not only is that great for the customer, but it means we're more efficient, we're rolling less trucks. We have the highest install completion rates that we've ever had, meaning we don't have to invest in the cost of going out to the customer's location again.

你想想看——像上一季，我們其實略微超越了上一季的紀錄，所以我們沒有把它列為新紀錄，因為有點像打平——但在故障工單（trouble tickets）與派車到府（truck rolls）方面，我們的紀錄表現不僅對客戶很好，也代表我們更有效率，出車次數更少。我們的裝機完工率是歷來最高，這表示我們不必再投入成本第二次到客戶現場。

We have the lowest repeat rates that we've ever had in terms of our service and repair function. That means we save on those secondary truck rolls, and our transfer rates are at their lowest in all-time history. So that is not only durable in terms of solving customer problems by the way we went about that, but also it makes us more efficient.

在服務與維修職能方面，我們的重複率（repeat rates）也是歷來最低。這代表我們能在那些二次派車上節省成本，而我們的轉接率（transfer rates）也降到史上最低。因此，透過我們解決客戶問題的方式，這不僅具備持續性，也讓我們更有效率。

So I think we'll see the improvement continue, and what I mean by improvement, churn is a seasonal game. One quarter and fourth quarter are a little bit lower than other quarters, and this past quarter, we improved churn by 24 basis points, 25 basis points. Our objective and our expectation is to widen that improvement year-over-year for the next couple of quarters, but it will follow seasonal patterns.

所以我認為改善會持續，而我所說的改善是指：流失率具有季節性。第一季與第四季通常會比其他季度低一些，而在剛過去這一季，我們把流失率改善了 24 個基點、25 個基點。我們的目標與預期是，在接下來幾季把這個年對年改善幅度拉得更大，但仍會遵循季節性型態。

Okay, great. Thanks for all the color. Maybe one for Paul. Considering where you have been able to issue ABS debt, your optimal mix between secured and unsecured debt, how much lower do you think you can bring your weighted average cost down?

好的，很棒。謝謝你提供這麼多細節。接著可能問 Paul 一題。考量你們能以 ABS 債務發行的水準、擔保與無擔保債務之間的最佳組合，你認為你們的加權平均成本還能降到多低？

Oh, that's a great question. ABS, we printed that last deal at a blended coupon of about 5.7%. So with a blended -- an all-in kind of sort of blended yield of 6.5%, we're really driving down towards that level. But I think as we add some additional ABS into the mix, which I mentioned in my prepared remarks, we'd like to do, I think we can certainly continue to drive that down.

喔，這是個很好的問題。ABS 方面，我們上一筆交易的混合票息（blended coupon）大約是 5.7%。所以以混合——也就是全包式（all-in）那種混合殖利率約 6.5% 來看，我們確實正把成本往那個水準壓低。但我認為，隨著我們在組合中加入更多 ABS——我在事先準備的發言中也提到我們希望這麼做——我想我們當然可以持續把它再往下推。

The ABS market continues to, I think, really hang in there well. I think we're off of the March tights in the market a little bit, but not a whole lot. So I think as we continue to add ABS, the benefit to our cost of capital comparative advantage there is super strong, but I wouldn't -- while we're excited about ABS, I think we're very excited about how our debt in the other markets have performed.

我認為 ABS 市場的表現仍然相當穩健。我想我們相較於 3 月市場最緊（tights）的水準稍微放寬了一點，但幅度不大。因此我認為，隨著我們持續增加 ABS，我們在資本成本上的相對優勢非常強；但我不會——雖然我們對 ABS 很興奮，我也同樣對我們在其他市場的債務表現感到非常振奮。

And I think as we get opportunities to refinance our other high-yield debt or loan debt, we think we're going to continue to be able to push that cost of debt down as well, at least the current market rates. And so I think, that is just as important a piece of how we continue to drive net interest savings and our cost of capital is being able to continue to access the other markets in addition to ABS successfully.

而且我認為，當我們有機會為其他高收益債或貸款債務進行再融資時，我們也會持續有能力把債務成本再往下壓，至少以目前的市場利率來看是如此。所以我認為，這同樣是我們持續推動淨利息節省與降低資本成本的重要一環：除了 ABS 之外，也能持續成功進入其他市場。

Not a very -- not a specific answer to your question, I mean, some of that's going to be certainly market-dependent, but in the current market today, I've been really pleased -- every deal that we've done over the last couple of years, we've hit a new low mark and the trend keeps going down. And I expect that trend to continue as long as markets can hold, which obviously we can't control that.

這不是一個非常——不是一個很具體的答案；我的意思是，其中有些當然取決於市場狀況，但以今天的市場來看，我一直很滿意——過去幾年我們做的每一筆交易都創下新低水準，而且趨勢持續下行。只要市場能撐住——這顯然不是我們能控制的——我預期這個趨勢會延續。

But from our perspective and what we're doing in the market, I really like the trend.

但就我們的角度，以及我們在市場上所做的事情而言，我非常喜歡這個趨勢。

Great. Thank you for the color.

很好。謝謝你提供這些細節。

(Operator Instructions)

（接線員指示）

At this time, I am showing no further questions. This will conclude today's conference call and thank you for participating. You may now disconnect.

目前我這邊顯示沒有其他提問。今天的電話會議到此結束，感謝各位參與。您現在可以掛線。