Financial Data and Key Metrics Changes - Uniti reported a consolidated pro forma revenue decline of approximately 6% year over year, primarily due to the continued decline in legacy TDM services and Uniti Solutions [20] - Fiber infrastructure revenue grew 3% year over year, while Kinetic fiber-based revenue, including consumer, business, and wholesale services, grew 17% year over year [20][21] - The company expects consolidated revenue and adjusted EBITDA of $2.2 billion and $1.1 billion, respectively, at the midpoint of their 2025 outlook [25] Business Line Data and Key Metrics Changes - Kinetic expanded its fiber network to pass an additional 56,000 homes, ending the quarter with 1.8 million homes passed, and added 24,000 net new fiber subscribers, marking a 17% year-over-year growth [16] - Kinetic consumer fiber revenue grew 26% year over year, driven by strong adoption of the fiber-to-the-home product [16] - Fiber penetration at Kinetic reached almost 29%, up 50 basis points sequentially and 130 basis points year over year [18] Market Data and Key Metrics Changes - The company reported strong fiber revenue growth of 13%, with the highest number of fiber gross adds ever and the highest net adds in two years at Kinetic [9] - The hyperscaler funnel grew approximately 13% since the second quarter, with hyperscaler activity now representing around 30% of the total monthly recurring revenue (MRR) funnel [13] - The total addressable market for AI and hyperscalers for fiber providers is now estimated to be approximately 50% higher than originally estimated at the beginning of the year [14] Company Strategy and Development Direction - Uniti's strategy focuses on building fiber into unique locations, providing operational excellence, and maintaining a customer-centric approach, which has led to industry-leading churn and net promoter scores [6] - The company aims to transition from legacy services to fiber revenue, expecting fiber to overtake legacy services as the majority of revenue by 2026 [22] - Uniti is also focused on cross-selling Unity Solutions products into its enterprise base and capturing a larger share of the wavelength market [28][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the fiber business, emphasizing the importance of transitioning out of legacy networks and services [70] - The company anticipates that the next few quarters will bring the largest deals seen to date, with clear visibility into at least three years of strong value-accretive deal flow [14] - Management acknowledged the challenges posed by legacy services but emphasized the strong cash flow generated from the core fiber business [73] Other Important Information - The company has improved its cost of capital significantly over the past two years, with debt yielding around 8% on a blended basis [26] - Uniti is working to establish a separate ABS program with fiber assets at Kinetic, which is expected to play a growing role in its capital structure [27] - The integration of Uniti and Windstream is progressing smoothly, with no significant disruptions reported [28] Q&A Session Summary Question: What is the outlook for the hyperscale opportunity and deal mechanics? - Management noted that the total addressable market for fiber is booming, with demand outpacing supply, and they expect to see larger deals in the coming quarters [32][36] Question: What is the plan for Kinetic's ABS and funding for fiber builds? - Management indicated that they expect to raise additional capital for Kinetic's fiber build plan and that ABS will play a role in financing due to its cost advantages [43][46] Question: How does the company plan to take more share in the wavelength market? - Management highlighted the importance of unique routes and reliability over price competition, and they believe they can capture more share in less trafficked markets [50][55] Question: What is the strategy to reduce churn in Kinetic's fiber business? - Management outlined a multi-faceted approach to reduce churn, including targeted pricing strategies, improved customer service, and fixing broken customer experiences [87][95]

Premier Insurgent Fiber Provider Key Priorities ✓ Build Fiber ✓ Operational Excellence ✓ Customer Obsession Third Quarter 2025 Financial Results Conference Call Presentation November 4, 2025 Together, Building the Future Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions and management's current expectations with respect to the future, involve certain risks ...

Core Insights - Uniti Group Inc. reported strong growth in its fiber businesses driven by increasing demand from hyperscalers, large enterprises, and residential customers [1][2] - The company has a comprehensive plan to expand its fiber-to-the-home initiative, targeting 3.5 million homes by 2029 [1] - Uniti's consolidated revenue for Q3 2025 was $722.6 million, with an Adjusted EBITDA of $327.8 million, achieving a margin of approximately 45% [3][7] Financial Performance - Consolidated net income for Q3 2025 was $1.609 billion, which includes a one-time gain of $1.685 billion from the merger with Windstream [3][7] - Kinetic contributed $360.3 million in revenue with a contribution margin of $155.4 million, while Fiber Infrastructure generated $226.6 million in revenue with a margin of $157.7 million [4] - Uniti Solutions reported revenues of $135.7 million and a contribution margin of $72.2 million [5] Growth Metrics - Consolidated fiber revenue grew by 13% year-over-year in Q3 2025, with Kinetic Consumer Fiber revenue increasing by 26% [8] - Kinetic Consumer Fiber subscribers grew by 17% year-over-year, with gross adds of approximately 36,000, the highest on record [8] Financing Activities - Uniti completed a $1.4 billion offering of 7.500% Senior Secured Notes due 2033 and a new $1.0 billion term loan facility [9][10] - The company also closed a $250 million fiber securitization notes offering, with proceeds intended for general corporate purposes [11] Liquidity Position - At the end of the quarter, Uniti had approximately $604.0 million in unrestricted cash and cash equivalents, along with undrawn borrowing availability [12] Updated Outlook - The company updated its 2025 outlook, projecting consolidated revenue between $2.215 billion and $2.265 billion, with Adjusted EBITDA expected to be between $1.110 billion and $1.160 billion [14][15]

Core Insights - Clearfield, Inc. has announced the election of Rebecca Seidel and Kathleen Skarvan to its Board of Directors, effective December 10, 2025 [1][2] - The new board members are expected to enhance the board's collective strength and support Clearfield's long-term growth [2] Board Member Contributions - Rebecca Seidel brings over 20 years of experience in MedTech, currently serving as Senior Vice President and President of Cardiac Ablation Solutions at Medtronic, overseeing a $1 billion revenue business [3] - Kathleen Skarvan has extensive experience as a Board Director and CEO, previously serving as President and CEO of Electromed, Inc., and has a strong background in high technology executive roles [3] Company Overview - Clearfield, Inc. specializes in designing, manufacturing, and distributing fiber optic management solutions, playing a critical role in enabling broadband operators to close the digital divide [4] - The company is headquartered in Minneapolis, MN, and deploys over a million fiber ports each year [4]

Core Viewpoint - Uniti Group Inc. has announced the pricing of a $250 million offering of secured fiber network revenue term notes, bringing its total Asset-Backed Securities (ABS) program issuance to $839 million [1][2]. Group 1: Offering Details - The offering consists of three classes of term notes: $180 million in 5.177% Series 2025-2 Class A-2 notes, $28.2 million in 5.621% Series 2025-2 Class B notes, and $41.8 million in 7.834% Series 2025-2 Class C notes, with a weighted average coupon rate of approximately 5.671% [2][3]. - The notes will be secured by certain fiber network assets and related customer contracts in Alabama, Florida, Georgia, Louisiana, Mississippi, and South Carolina, with an anticipated repayment date in January 2031 [2][3]. Group 2: Use of Proceeds - The net proceeds from the offering are intended for general corporate purposes, which may include success-based capital expenditures and/or repayment of outstanding debt [4]. Group 3: Additional Financial Arrangements - In connection with the closing of the offering, the issuers expect to enter into a commitment for a $75 million variable funding note facility with a delayed draw feature, subject to leverage tests and other customary drawing conditions [3].

Core Insights - Uniti Group Inc. announced participation in the Deutsche Bank 33rd Annual Leveraged Finance Conference on October 14, 2025, with CFO Paul Bullington and Kinetic President John Harrobin attending [1] Company Overview - Uniti is a premier insurgent fiber provider focused on enabling mission-critical connectivity across the United States, serving over a million consumers and businesses [2] - The company operates under various brands, including Uniti Wholesale, Kinetic, Uniti Fiber, and Uniti Solutions [2]

Core Insights - Clearfield, Inc. has announced executive leadership changes to support its growth and enhance its sales and marketing organization [1] Leadership Changes - Anis Khemakhem has been appointed as Chief Commercial Officer (CCO), expanding his role to oversee the global sales organization in addition to marketing [1] - Khemakhem joined Clearfield in 2024 as Vice President [1]

Core Points - Uniti Group Inc. will report its third quarter 2025 financial results on November 4, 2025, before the market opens [1] - A conference call to discuss the earnings will take place on the same day at 8:30 AM Eastern Time [1] - The conference call will be available via live webcast on Uniti's Investor Relations website [2] Company Overview - Uniti is a leading fiber provider in the United States, focused on delivering mission-critical connectivity [3] - The company serves over a million consumers and businesses, offering a range of fast and reliable communication services [3] - Uniti operates under several brands, including Uniti Wholesale, Kinetic, Uniti Fiber, and Uniti Solutions [3]

Core Viewpoint - Uniti Group Inc. announced the pricing of a $1.4 billion offering of 7.50% Senior Secured Notes due 2033, which was upsized by $500 million from the initial offering size of $900 million [2] Group 1: Offering Details - The Notes will be issued at an issue price of 100.00% and will be guaranteed on a senior unsecured basis by Uniti Group Inc. and Uniti Group LLC [2] - The offering is expected to close on October 6, 2025 [2] - The Issuer is also pursuing $1.0 billion in incremental term loan borrowings under the legacy Windstream credit agreement [3] Group 2: Use of Proceeds - The net proceeds from the Offering and the borrowings under the 2025 Term Loan will be used to fund the redemption of outstanding 10.50% senior secured notes due 2028 [4] - Any remaining proceeds will be allocated for general corporate purposes [4] Group 3: Redemption Conditions - The redemption of the 2028 secured notes is conditioned upon the Issuer receiving at least $2.4 billion in gross proceeds from the offering of the Notes and the 2025 Term Loan [5] - The redemption will occur on October 6, 2025, at a price determined by the indenture governing the 2028 secured notes plus any accrued interest [5]

Uniti Group Conference Call Summary Company Overview - **Company**: Uniti Group (NasdaqGS: UNIT) - **Event**: Conference Call on September 16, 2025 Key Highlights Industry and Market Dynamics - The merger with Windstream has positioned Uniti as a leading fiber provider in the U.S. [2] - Major wireless carriers (T-Mobile, Verizon, AT&T) are investing in fiber-to-the-home, validating Uniti's strategic direction [3] - The rise of hyperscalers and generative AI is driving increased demand for fiber infrastructure [3] Financial and Operational Insights - Prior to the merger, Uniti's revenue was 95% from fiber; post-merger, it is expected to drop to 40% but aims to return to 75-80% within three years [5] - Kinetic, the local exchange carrier, currently serves 4.5 million homes, with plans to expand fiber coverage from 1.7 million to 3.5 million by 2029 [5] - The transition from legacy services is a critical focus, with expectations of significant growth in fiber revenue and EBITDA [4][7] Strategic Initiatives - Uniti is prioritizing fiber builds in less competitive, tier two and tier three markets, which are seen as "virgin territories" for fiber-to-the-home [10][13] - The company is shifting from insourcing to utilizing third-party contractors to accelerate fiber buildouts [13] - A focus on dense markets is emphasized to maximize household connections per dollar spent [12] Competitive Landscape - Fixed wireless is emerging as a stronger competitor than anticipated, but Uniti believes fiber's superior reliability will allow them to regain market share [15][16] - The company targets a blended penetration of 40% across its footprint, with expectations of continued growth beyond that [17] Regulatory Environment - The FCC is increasingly supportive of telecom operators, particularly regarding copper decommissioning and streamlining permitting processes [20][22] - Uniti has received $156 million in BEAD funding, focusing on non-subsidized builds to enhance its competitive position [32][33] Future Outlook - The company anticipates significant growth in hyperscaler demand, with expectations of seeing this reflected in financial results by 2026 [30] - Uniti's strategy includes a national wholesale fiber approach while targeting specific markets for enterprise and residential services [25][26] Additional Insights - The company is optimistic about the potential for fiber to become the dominant revenue source, with copper services becoming inconsequential in the near future [8] - The integration of Windstream is still in its early stages, but the leadership is confident in the long-term benefits of the merger [24]