Financial Data and Key Metrics Changes - In Q4 2025, Uniti reported a year-over-year revenue growth of 13% in its core Fiber business [6] - Kinetic added 28,000 net fiber subscribers, the highest in almost three years, with total Kinetic fiber subscribers growing 20% year-over-year [18] - Consolidated pro forma revenue was down approximately 5% year-over-year, primarily due to declines in legacy services [22] Business Line Data and Key Metrics Changes - Kinetic expanded its fiber network to pass an additional 80,000 homes, ending the year with approximately 1.9 million homes passed with fiber [18] - Kinetic consumer fiber revenue grew 24% year-over-year during the quarter [18] - Fiber Infrastructure recorded consolidated bookings MRR of approximately $1.7 million, tying the highest level on record [19] Market Data and Key Metrics Changes - Fiber penetration at Kinetic reached 29%, up 30 basis points sequentially and 150 basis points year-over-year [19] - Fiber ARPU increased by 5% year-over-year, indicating a positive trend [19] Company Strategy and Development Direction - Uniti aims to ramp up its fiber to the home build at Kinetic, targeting 450,000-500,000 new homes in 2026 [8] - The company is focused on transforming Kinetic into an insurgent fiber provider, moving away from traditional telecom operations [11] - Uniti plans to build approximately 6,000 new route miles of fiber over the next three years, expecting significant non-recurring cash revenue [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving consolidated revenue and EBITDA growth in 2027, despite potential bumps along the way [10] - The company is well-positioned to capture opportunities in wholesale fiber, particularly driven by AI and hyperscaler demand [13] - Management noted that 2026 is a critical investment year, with a focus on operational excellence and customer satisfaction [12] Other Important Information - Uniti has successfully lowered its cost of capital through landmark ABS transactions [5] - The company is evaluating its portfolio for optimization, identifying $500 million-$1 billion of non-core assets that could be monetized [32] Q&A Session Summary Question: Can you help us with the mechanics of the 22% IRRs for Anchor? - Management explained that high returns are partly due to selling existing infrastructure and leveraging greenfield builds [35][37] Question: What is the cadence of the $1 billion non-recurring revenue expected from now to 2028? - Management indicated that revenue will build over the next 2-3 years, with some deals taking longer to deploy [42] Question: Do you have concerns about labor or material availability for the expanded fiber build? - Management expressed confidence in resource availability, relying on trusted third-party relationships for fiber builds [46][47] Question: What is your exposure to EchoStar's lease cancellations? - Management stated that revenue exposure to DISH is less than 1%, deeming it immaterial [51] Question: How much of the $1.5 billion hyperscale opportunity do you expect to win? - Management indicated a good percentage of the funnel is contracted, with ongoing visibility into future deals [55][58] Question: What is your overall ARPU strategy going forward? - Management outlined a strategy focused on inflationary price increases, upgrading customer speeds, and selling value-added services [63][66]