Financial Data and Key Metrics Changes - Revenue for the quarter was $1,380,000,000, a 14.5% increase over the prior year [6] - Adjusted EBITDA reached $205,500,000, representing a 29.8% increase over the prior year, with a margin of 14.9% [7][25] - Net income was $97,500,000, with diluted EPS of $3.33 per share, exceeding expectations [26] - Total backlog at the end of Q2 was $7,989,000,000, with a next twelve months backlog of $4,604,000,000, reflecting a year-over-year increase of 20.2% [27] Business Line Data and Key Metrics Changes - Revenue growth was driven by fiber to the home programs, wireless activity, maintenance and operations services, and initial contributions from fiber infrastructure programs for hyperscalers [25] - The service and maintenance business, which provides stability and recurring revenue, continues to grow with new awards and market expansions [11][50] Market Data and Key Metrics Changes - The demand for digital infrastructure is accelerating, with customers' fiber to the home build plans comprising over 125,000,000 passings, including $15,000,000 of incremental plans in the past sixteen months [10] - The addressable market for DICOM from outside plant data center network infrastructure is estimated to exceed $20,000,000,000 over the next five years [17][53] Company Strategy and Development Direction - The company is focused on operational excellence, efficient cash flow management, and expanding its service and maintenance business [6][22] - DICOM aims to capitalize on the growing demand for digital infrastructure driven by AI investments and the need for fiber capacity [16][17] - The company is well-positioned to lead in the marketplace due to its scale and expertise, particularly in fiber to the home and service maintenance agreements [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in the second half of the year, reaffirming the fiscal 2026 revenue outlook range of $5,290,000,000 to $5,425,000,000 [8][30] - The recent corporate tax legislation is expected to positively impact customers and DICOM, leading to increased capital spending and fiber broadband deployment [29] - Management highlighted the importance of maintaining strong relationships with customers and adapting to their evolving needs [20][104] Other Important Information - The company secured a significant new award for service and maintenance and fiber to the home work across multiple states, which will be reflected in the Q3 backlog [8][27] - The company is actively monitoring the supply chain and tariff impacts, with no significant adverse effects reported [21] Q&A Session Summary Question: What led to the low end of guidance for revenue in Q2? - Management noted that different customer programs are at various stages of ramping, impacting quarterly performance, but expressed optimism for the full year outlook [32][34] Question: Should we expect high margins to continue? - Management confirmed that margins have improved due to operational efficiencies and operating leverage, and they expect further opportunities for improvement [35][38] Question: What is the percentage of recurring revenue in the current business? - Over 80% of the work is on Master Service Agreements (MSAs), indicating a strong base of recurring revenue, which is expected to grow as more infrastructure is built [50][51] Question: Can you provide an update on the data center opportunity in the backlog? - Management indicated that the data center opportunities are still early-stage but are expected to contribute significantly starting next year [96] Question: How is the company planning to allocate excess capital? - The priority is to support growth, with an appetite for M&A opportunities that align with the company's strategy, balanced against share repurchases [72]

Financial Performance - Total contract revenues increased by 14.5% from $1.2031 billion in Q2 2025 to $1.3779 billion in Q2 2026[5] - Organic revenue growth was 3.4%[5] - Adjusted EBITDA increased by 29.8% from $158.3 million in Q2 2025 to $205.5 million in Q2 2026[5] - Adjusted EBITDA margin improved by 175 bps from 13.2% in Q2 2025 to 14.9% in Q2 2026[5] - Adjusted diluted EPS increased by 35.4% from $2.46 in Q2 2025 to $3.33 in Q2 2026[5] Backlog and Outlook - Total backlog increased by 16.9% year-over-year[24] - Next 12 months backlog increased by 20.2% year-over-year[24] - The company reaffirms fiscal year 2026 revenue outlook range of $5.290 billion to $5.425 billion, representing a growth of 12.5% to 15.4% over the prior year[31] Debt and Liquidity - Total notional amount of debt was $1.035 billion in Q2 2026[25] - Notional net debt was $1.0065 billion in Q2 2026[25] - Liquidity was $545.9 million in Q2 2026[25]

How much of this. $500 billion Stargate story is real. I mean, is it actually going to happen in that size.You know. Hi, Matt. Hope.I hope you're doing well. You know, we do think that the Stargate thing is really real. At least so far, we're seeing it across.A lot of the tech companies are so many that are involved, but it's such a large number, and we still have to see it come through. So is this going to be in a situation where we have foreign owned companies coming in here and just operating manufacturi ...

Moving Infrastructure Forward Q2 2025 Update Presentation August 14, 2025 1 SAFE HARBOR STATEMENT This presentation is for informational purposes only and contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are sta ...

Core Viewpoint - WideOpenWest, Inc. (WOW!) has entered into a definitive agreement for an all-cash acquisition by DigitalBridge Investments and Crestview Partners, valuing the company at approximately $1.5 billion, with stockholders receiving $5.20 per share, representing a 37.2% premium to the unaffected price prior to the initial offer [1][2]. Company Overview - WOW! is a leading broadband provider in the U.S., serving nearly 2 million customers across 20 markets, primarily in the Midwest and Southeast [7]. - The company offers a range of services including high-speed internet, cable TV, and cloud services, and has been recognized for its exceptional human resources practices [7]. Transaction Details - The acquisition price of $5.20 per share represents a 63% premium to WOW!'s closing price on August 8, 2025 [1]. - Crestview, as WOW!'s largest stockholder, will roll over all shares it owns, which constitutes approximately 37% of WOW!'s outstanding shares [4]. - The transaction has been unanimously approved by WOW!'s Board of Directors and is expected to close by the end of 2025 or in the first quarter of 2026, pending stockholder and regulatory approvals [3][5]. Strategic Implications - The partnership with DigitalBridge and Crestview is expected to enhance WOW!'s growth, allowing for investments in network expansion and technology upgrades, thereby improving service delivery and customer experience [2][8]. - The transaction is seen as a significant opportunity for WOW! to strengthen its market position as a trusted broadband provider [2].

Equinix (EQIX) Conference Summary - August 11, 2025 Company Overview - **Company**: Equinix - **Business Focus**: Data centers and tower REITs - **New Business Segment**: XScale, focusing on wholesale data center services for hyperscale customers Key Points and Arguments XScale Business Model - **Background**: XScale was initiated to cater to hyperscale customers who require larger footprints than traditional retail colocation services can provide [4][5] - **Customer Base**: XScale serves fewer customers but with significantly larger space requirements compared to the retail side, which has around 10,000 customers [5] - **Market Position**: Equinix holds over 35% of global cloud on-ramps, making it a key player for hyperscalers seeking interconnectivity [6] Joint Ventures (JVs) - **Current JVs**: Equinix has several JVs with capital partners including GIC, PGIM, and CPPIB, where it holds a 20-25% interest [9] - **Strategic Partnerships**: The company seeks like-minded partners focused on long-term investments in digital infrastructure [10] - **Recent Developments**: A $15 billion XScale JV was announced in the US, with plans for multiple 100 megawatt campuses [13] Development Strategy - **Campus Development**: The first campus in Hampton, Georgia is under construction, with plans for multi-100 megawatt facilities across the Americas [13][18] - **Design Evolution**: XScale 2.0 will feature larger deployments (30+ megawatts) compared to the smaller deployments of XScale 1.0 [14] - **Construction Timeline**: Initial site preparation takes 18-24 months, followed by accelerated construction for subsequent buildings [33] Monetization Strategy - **Revenue Streams**: Monetization occurs through leasing to customers, with recurring revenue from operational fees and non-recurring fees from design and construction [34][39] - **Equity Provider Role**: Equinix acts as an equity provider, with unconsolidated revenue due to its limited partner status in JVs [36] Competitive Landscape - **Market Dynamics**: The data center construction market is competitive, with many players entering the space. However, Equinix's long history and established customer base provide a competitive edge [46][48] - **Demand vs. Supply**: There is significant demand from hyperscalers, with Equinix's capacity not fully meeting even a single hyperscaler's annual needs [51] Power Supply Challenges - **Power Strategy**: Equinix employs a multi-faceted approach to power supply, including on-site generation and partnerships with utilities [59][60] - **Sustainability Efforts**: The company is focused on integrating renewable energy sources and has strategies to adapt to grid transitions [61][62] Future Outlook - **Growth Potential**: XScale represents a substantial growth opportunity for Equinix, with plans to invest across the digital infrastructure continuum [68] - **Market Positioning**: The company aims to create durable assets that can adapt to various customer needs, from small enterprises to large hyperscale operations [52] Additional Important Insights - **Design Flexibility**: New facilities will accommodate both air and liquid cooling options, reflecting advancements in technology and customer requirements [31] - **Synergies Between Segments**: The integration of retail and XScale services allows Equinix to offer comprehensive solutions to a diverse customer base [54][55] This summary encapsulates the key discussions and insights from the Equinix conference, highlighting the company's strategic direction, market positioning, and future growth opportunities.

It's time now for the Wall Street beat. Apollo agreeing to buy a majority stake in the hyperscale data center. Developer Stream Data Center is the alternative asset manager trying to capitalize on booming demand for digital infrastructure and also kind of on an acquisition spree sort of on its own.Joining us now, Bloomberg finance reporter Katherine Dougherty. How is Apollo kind of comparing with what others are doing in this industry. Because this is definitely the flavor of the last couple of years.Yes. A ...

RT Bloomberg Live (@BloombergLive)Bloomberg Tech is back in London and this time we’re answering the big question: how can Europe secure its place in an ever-changing digital landscape?We will discuss everything from the next phase of AI to what steps we can take to build a resilient digital infrastructure that is ahead of its time in Europe.Join us in London on 10/21: https://t.co/pjgx7mmox7 ...

Apollo Global agreed to acquire a majority stake in Stream Data Centers, making its first such acquisition as the alternative asset manager capitalizes on booming demand for digital infrastructure https://t.co/IpfOuWn4wf ...

Financial Data and Key Metrics Changes - Ares Management reported a quarterly AUM increase to $572 billion, representing a quarter-over-quarter organic growth of 19% on an annualized basis [7] - The company declared a quarterly dividend of $1.12 per share, a 20% increase compared to the same quarter last year [3] - Management fees reached a record $900 million, reflecting a 24% year-over-year increase [32] - Fee-related earnings (FRE) grew by 26% year-over-year, with FRE margins at 41.2% [34] Business Line Data and Key Metrics Changes - The second quarter deployment in the U.S. was $27 billion, slightly higher than the previous year despite market pauses [8] - The FPAUM increased to $350 billion, representing quarter-over-quarter organic growth of 17% [8] - The secondaries business saw a 29% increase in AUM to nearly $34 billion [15] - The real estate segment raised $2.4 billion in capital during the quarter, primarily from non-traded REITs [12] Market Data and Key Metrics Changes - Approximately 55% of fundraising was from products, with 30% into commingled funds and 25% into SMAs [10] - International demand accounted for more than one-third of year-to-date flows, with strong traction in Europe and Asia [19] - The European direct lending strategy raised over $1.1 billion from new SMAs and $800 million in the wealth channel [12] Company Strategy and Development Direction - Ares Management is focused on scaling its fundraise and expanding its global wealth distribution network, now partnering with over 80 firms globally [19] - The company anticipates significant growth in its data center asset management business and global industrial development [9] - Ares is positioned to capitalize on the growing demand for alternative investments, particularly in the wealth channel [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the transaction market environment strengthening into the third quarter, supported by lower short-term rates and record amounts of private equity dry powder [27] - The integration of the GCP acquisition is progressing well, with expectations of enhanced fund performance and additional revenue streams [30] - The company remains confident in its ability to generate unique investment opportunities and maintain strong deployment across various market conditions [62] Other Important Information - The net accrued performance income balance increased by 8.5% to $1.1 billion, reflecting strong investment results [9] - Ares anticipates that perpetual capital will continue to represent a significant percentage of AUM growth, providing greater visibility in revenue growth and profitability [23] - The company is experiencing strong demand for its sports media and entertainment strategy, with significant commitments raised [11] Q&A Session Summary Question: Discussion on private credit and institutional demands - Management noted that private credit fundraising has not outpaced other alternative asset classes, but they continue to see institutional appetite for private credit [49] - They emphasized that fee pressure has not been significant, and they maintain a strong position in the market [50] Question: Opportunities in the alternative market - Management expressed enthusiasm for the democratization of alternatives and is prepared to offer products as the market opens [58] Question: Update on deployment pipelines - Management indicated confidence in the growing pipelines across various business segments, including direct lending and real estate [66] Question: Comparison of European and U.S. direct lending markets - Management highlighted that European markets are becoming more attractive due to different rate trajectories and increased investor appetite [70] Question: Retail distribution and international flows - Management confirmed ongoing investments in product development and distribution, with expectations for continued growth in international markets [78]