Company Overview - Crown Castle Inc. owns, operates, and leases approximately 40,000 cell towers and around 90,000 route miles of fiber, supporting small cells and fiber solutions across every major U.S. market [2] - The company's nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology, and wireless service [2] Upcoming Event - Sunit Patel, Crown Castle's Executive Vice President and Chief Financial Officer, is scheduled to present at the Goldman Sachs 2025 Communacopia & Technology Conference on September 11, 2025, at 12:30 p.m. Eastern Time [1] - The presentation will be broadcast live over the Internet and is expected to last approximately 40 minutes [1] - The live audio webcast link and presentation will be available on Crown Castle's website and archived for replay [1]

Financial Data and Key Metrics Changes - The company reported a record revenue of $3.54 billion for Q2 2025, representing a 20% year-over-year growth and a 25% sequential increase from Q1 2025 [24][33] - Adjusted EBITDA for the quarter was $275 million, meeting forecasts, with an adjusted EBITDA margin of 9.9%, up from 9% in the prior year [27][24] - The total backlog at the end of the quarter was $16.45 billion, a 4% increase from Q1 and a 23% increase year-over-year [24][25] Business Line Data and Key Metrics Changes - Non-pipeline business EBITDA increased from $181 million to $257 million, a 42% year-over-year increase, with revenue up 26% [7] - Communications segment revenue grew 42% year-over-year, with adjusted EBITDA growing 55% and a backlog increase to a record $5 billion [12][24] - Power Delivery segment revenues increased by 20% year-over-year, with expectations for continued margin improvement [14][24] - Clean Energy and Infrastructure segment revenue grew 20% year-over-year, with adjusted EBITDA nearly doubling from $47.3 million to $83.3 million [15][24] Market Data and Key Metrics Changes - The company noted a healthy market backdrop for telecom infrastructure, driven by robust capital investments from customers [12] - The Clean Energy and Infrastructure segment saw new awards accelerate to $1.6 billion in Q2, compared to $1.1 billion in Q1 [16] - The pipeline infrastructure segment experienced a revenue decline of 6% year-over-year, attributed to challenging comparisons from the MVP project wind down [18] Company Strategy and Development Direction - The company is increasing its revenue guidance for 2025 to a range of $13.9 billion to $14 billion, reflecting strong demand visibility [9][33] - Investments in headcount and equipment are being made to prepare for anticipated demand in 2026 and beyond, despite short-term impacts on margins [10][11] - The company is focused on operational execution and evolving business processes to ensure consistent outcomes and strong structural profitability [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business positioning and the ability to fulfill major projects across various markets [23] - The company anticipates further sequential improvements in revenue and margins across segments in the second half of 2025 [8][9] - Management highlighted the importance of customer relationships and framework agreements in securing visibility and outcomes for the business [20] Other Important Information - The company completed $40 million in share repurchases during the quarter and authorized an additional $250 million repurchase program [26] - Cash flow from operations for Q2 was $6 million, with a year-to-date total of $84 million [25] - The company ended the quarter with total liquidity of approximately $2 billion and net leverage of 2.0 times [34] Q&A Session Summary Question: Customer feedback and activity in clean energy - Management indicated that customer plans for 2025 and 2026 remain unaffected by policy uncertainty, with strong bookings in both quarters [37][39] Question: Timing of bookings in power delivery - Management expects to see significant growth in power delivery, with a focus on various project types [41][42] Question: Expectations for tier one customers and legislative impacts - Management believes tier one customers are well-positioned to take advantage of safe harbor projects, with a positive outlook for growth [48][50] Question: Durability and duration of the communications cycle - Management expressed optimism about continued growth in both wireline and wireless sectors, driven by strong demand [75][81] Question: Margin improvement trajectory - Management is bullish on margin improvements across all segments, with a focus on operational execution and productivity [62][63] Question: Capacity building in pipeline infrastructure - Management noted significant investments in capacity and headcount, with expectations for increased productivity in the pipeline segment [102][104]

Group 1 - Uniti Group Inc. announced the pricing of $600 million aggregate principal amount of 8.625% Senior Unsecured Notes due 2032, with an issue price of 100.000% [1] - The net proceeds from the offering will be used to fund the partial redemption of $500 million aggregate principal amount of outstanding 10.50% senior notes due 2028, with the redemption expected to occur on June 24, 2025 [2] - The notes will not be registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers [3] Group 2 - Uniti is an internally managed real estate investment trust engaged in the acquisition and construction of mission-critical communications infrastructure, owning approximately 147,000 fiber route miles and 8.8 million fiber strand miles as of March 31, 2025 [5]

Core Viewpoint - Uniti Group Inc. is initiating an offering of $600 million in senior notes due 2032 to fund the partial redemption of $500 million of its outstanding 10.50% senior notes due 2028, with the redemption scheduled for June 24, 2025 [1][2]. Group 1: Offering Details - The offering of the senior notes is subject to market and other conditions, and will be guaranteed on a senior unsecured basis by the Company and its subsidiaries [1]. - The net proceeds from the notes will be used primarily for the partial redemption of the 2028 secured notes, including related premiums, fees, and expenses [2]. - The redemption of the 2028 secured notes is contingent upon the completion of debt financings totaling at least $550 million [2]. Group 2: Company Overview - Uniti is an internally managed real estate investment trust (REIT) focused on acquiring and constructing critical communications infrastructure, providing fiber and wireless solutions [5]. - As of March 31, 2025, Uniti owns approximately 147,000 fiber route miles and 8.8 million fiber strand miles across the United States [5].

LITTLE ROCK, Ark., May 22, 2025 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti”) (Nasdaq: UNIT) announced today that its Senior Vice President, Chief Financial Officer and Treasurer, Paul Bullington, and Senior Vice President, Investor Relations & Treasury, Bill DiTullio, are scheduled to participate at the Goldman Sachs 10th Annual Leveraged Finance and Credit Conference on May 29, 2025 in Dana Point, CA. Any investor materials will be made available on Uniti’s Investor Relations website at investor.uniti.co ...

Investment Rating - Industry View for Media & Entertainment, Telecom & Cable Services, and Communications Infrastructure is rated as In-Line [3][5]. Core Insights - The report provides a comprehensive analysis of trading multiples across various segments, including Diversified Media & Streaming, Mid-Cap Entertainment & Sport, Mid-Cap Advertising & Film, Telecom & Cable Services, and Communications Infrastructure [6][20]. - Historical performance metrics are included for sub-industries over different time frames, such as 1 Week, 1 Month, 3 Months, 12 Months, and 3 Years Year-to-Date [2][6]. Summary by Industry Segment Diversified Media & Streaming - Price to Earnings (P/E) for 2025E is 42.2x, decreasing to 27.3x by 2027E - Adjusted Price/FCF for 2025E is 49.1x, decreasing to 30.9x by 2027E - EV/EBITDA for 2025E is 46.1x, decreasing to 29.1x by 2027E - Dividend Yield is projected at 0.2% for 2025E, increasing to 0.3% by 2027E [6]. Mid-Cap Entertainment & Sport - P/E for 2025E is 57.3x, decreasing to 27.5x by 2027E - Adjusted Price/FCF for 2025E is 40.6x, decreasing to 22.3x by 2027E - EV/EBITDA for 2025E is 56.1x, decreasing to 33.4x by 2027E - Dividend Yield is projected at 1.2% for 2025E, increasing to 1.4% by 2027E [6]. Mid-Cap Advertising & Film - P/E for 2025E is 13.7x, decreasing to 11.7x by 2027E - Adjusted Price/FCF for 2025E is 12.3x, decreasing to 10.7x by 2027E - EV/EBITDA for 2025E is 14.1x, decreasing to 12.5x by 2027E - Dividend Yield is projected at 4.3% for 2025E, increasing to 4.8% by 2027E [6]. Telecom & Cable Services - P/E for 2025E is 14.7x, decreasing to 13.5x by 2027E - Adjusted Price/FCF for 2025E is 14.3x, decreasing to 10.9x by 2027E - EV/EBITDA for 2025E is 15.0x, increasing to 14.1x by 2027E - Dividend Yield is projected at 2.2% for 2025E, increasing to 2.4% by 2027E [6]. Communications Infrastructure - P/E for 2025E is 24.4x, decreasing to 29.0x by 2027E - Adjusted Price/FCF for 2025E is 27.8x, decreasing to 24.2x by 2027E - EV/EBITDA for 2025E is 28.4x, decreasing to 26.0x by 2027E - Dividend Yield is projected at 3.4% for 2025E, increasing to 3.6% by 2027E [6].

Core Points - Uniti Group Inc. will have its President and CEO, Kenny Gunderman, presenting at the TD Cowen 53rd Annual Technology, Media and Telecom Conference on May 28, 2025, at 9:40 AM EDT in New York, NY [1] - A live webcast of the event will be available on Uniti's Investor Relations website, with a replay option for a limited time after the presentation [2] - Uniti is an internally managed real estate investment trust focused on acquiring and constructing critical communications infrastructure, owning approximately 147,000 fiber route miles and 8.8 million fiber strand miles across the United States as of March 31, 2025 [3]

Core Viewpoint - Uniti Group Inc. is actively participating in the Barclays 2025 Leveraged Finance Conference, indicating its engagement with investors and the financial community [1]. Company Overview - Uniti is an internally managed real estate investment trust focused on acquiring and constructing mission-critical communications infrastructure [3]. - The company is a leading provider of fiber and wireless solutions for the communications industry [3]. - As of March 31, 2025, Uniti owns approximately 147,000 fiber route miles and 8.8 million fiber strand miles across the United States [3]. Investor Relations - Key executives, including the Chief Financial Officer and the Senior Vice President of Investor Relations, will represent Uniti at the conference [1]. - Investor materials related to the conference will be available on Uniti's Investor Relations website [2].

Core Viewpoint - American Tower Corporation is focusing on organic growth and selective capital investments to enhance its portfolio and improve earnings quality while reducing volatility from emerging markets [3][4]. Group 1: Leadership and Strategy - Steve Vondran, President and CEO, emphasizes the importance of sales as the lifeblood of the business and prioritizes organic growth [3]. - The company plans to redirect capital investments from emerging markets to developed markets to improve earnings quality and reduce volatility [4].

Uniti Fiber contributed $71.5 million of revenues and $28.8 million of Adjusted EBITDA for the first quarter of 2025, achieving Adjusted EBITDA margins of approximately 40%. Uniti Fiber's net success-based capital expenditures during the quarter were $17.7 million. Updates 2025 Outlook LITTLE ROCK, Ark., May 06, 2025 (GLOBE NEWSWIRE) -- Uniti Group Inc. ("Uniti" or the "Company") (Nasdaq: UNIT) today announced its results for the first quarter 2025. "We are off to a strong start at Uniti this year and are e ...