UNIT - Earnings call transcript Q1 2022

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Operator

Welcome to Uniti Group's First Quarter 2022 Conference Call. My name is Jonathan, and I will be your operator for today. A webcast of this call will be available on the company's website at www.uniti.com beginning May 5th, 2022, and will remain available for 14 days. At this time, all participants are in listen-only mode. Participants on this call will have the opportunity to ask questions following the company prepared comments. to actual that from results in statements. like forward-looking remarks those would these and statements, could company remind today's you include projected The differ materially discussed cause SEC. to The with actual that company's filings could differ factors are in the the results this call. reference slides remarks and the posted those to will to encouraged are refer morning materials company's on website, The you during the prepared Accepted also the certain financial not call Accounting were Generally the will include in during with Discussions that accordance Principles. measures financial the on the most non-GAAP dated GAAP measures measures can in comparable these found financial company's of Reconciliation to today. Form directly be report current X-K would Chief turn Executive I the Group's Gunderman. Kenny to Uniti to like Officer, call now over ahead, Please go Mr. Gunderman.

Kenny Gunderman

our Starting slide infrastructure. to good communications we and morning. you Thank on of portfolio mission-critical demand three, for continue see robust

quarter expectations year. the enthusiastic strong and balance for results prospects Our our we're the exceeded the about of first

AFFO insatiable elevated Fiber more for bookings. further demonstrate and of fiber quarter shortly. no never representing consecutive first will fact, XXXX fourth that sales quarter has also bookings these today demand the signs resulted which In that announced in shows These we're valuable adjusted and assets quarter we EBITDA of the shared Paul again raising and our outlook over infrastructure Consolidated our the new XX% year increase been were full a cover healthy of slowing. the we're results during benefits growth. seeing a highlight, of

independent benefit largest in second is to from the As positioned country, fiber trends. operator the Uniti these uniquely

shared to well the economics. four, infrastructure slide continues Turning track Uniti to in

the the increase CapEx, XX% effective in acquires builds We're attractive for wireless and yield almost part lease-up mix single-digits. our healthy important three-fold profitable new fiber of adding margins in illustrates five cumulative of approximately today successfully yields. cash growth. installs high mid with and Uniti that and resulting Slide cash anchor a high or a As an believe and drive very reminder, from tenants customers anchor of then represents additional mix. yields most the to with minimal we flow flow healthy bookings largely long-term our way a anchor to

to mix and predictable majority with and the in bookings cash in business X.X% that term the continue years. of average are at results nature monthly of flow lease-up contract We show almost nine remaining churn new

continued lease-up opportunities resulted in intentional the non-wholesale, AFFO anchor margin immune in in swings Our outsized relatively enhancement, of balancing focus business a economy. and wholesale, growth that's and to has

wholesale Uniti to to I'd six, Leasing. national also known bit our Turning slide as like on business dwell a

Dark trend long our national robust provider for opportunity market. that and Fiber for encourage to business. reaching multi-route expect entry As years, a we in wireless next fiber stated, hyperscalers, Uniti the America having it to that both mile ingredient increasing Uniti I've we fiber-to-the-home, are networks, XG, satellite approximately and one annual this of national fiber fiber XXX,XXX have Thus, being and all network, market haul to to customers fiber and $X with continued We've Today, of customers that a U.S. Uniti although unique and Uniti and solutions. expected contributing billion by alone of with $X.X barrier and by long report segment long them. on-ramps the demand and international today, one network several of minimal opportunity mix Having large approximately this the critical a networks to small broadband, five and growing wireless on we successful is especially even markets, is in billions fully competition. owned disparate are solutions of build capitalize XXXX, a fueled explosion are created fiber, Windstream being our these continue. fiber and proprietary providers from an the into through metro national meaningful with billion and haul market customers Fiber are Fiber the most MSOs, capacity needed of network Uniti, fiber of The truly provide to demand An would fiber-to-the-tower, of acquisitions leasing A as several in previously XXXX. consolidated enterprises their as of about routes PoPs. haul grow acquisition a customers attractive fiber these revenues. broadband we fixed fiber dollars part data there require and majority competitors independent at centers, to take networks, XX over annually from including rights in customers, economics, cells, a of given settlement network only with to North XXXX, businesses XX% two our is Uniti by an network. carriers, large marketed the number carriers, connect Leasing new routes owned including as and acquired years our all in route national We High to separately, estimate Lumen to our is

creative four We And route are intentionally highly to order high continue with it lease-up strand to grow XX,XXX built the in that opportunities. and miles our of fiber network past constructed new years. on in capitalize over fiber networks

we have third-parties, our As by network fiber of in into of that of revenue, grow beginning our most built requirements. a more CapEx contracts miles X when lighting minimal economics today, business have a We're Since routinely fiber long-term very with spend haul managed a passively manner. disciplined attractive find with do to high to that to approximately no is also and network them, to escalators long of our the million opportunity available anchor customers. a great churn, reminder, little margin dark we appropriate strand

bandwidth to recently live a of provider. we terabits first in large private Wave Florida, product national delivered example, that our we residential that Channel X.X For and announced went

launch approximately MRR additional on with in with more to million a opportunity two on the margins. this little very in to We'll on customer But first has routes markets routes investment. substantially system. new Southeast. routes customers high strong key product Wave of we the will expect grow. for as that from also the several Our no these important, our Wave and $X connect by Channel Wave demand been just lease-up these year capabilities Demand end this This product represents brings future potential Wave

providing fiber. Our terrific added potential network for Uniti benefit has national of wholesale growth the

lease-up Lit As into economics the become particular, our new services, we expand attractive. of national local Lit regions, enterprise in more network adding

approximately before, today. only mentioned I XX services markets we're As offering metro in Lit

metro have potential. XXX margin nearly which nationwide, in represents own fiber terrific capital and access markets we and However, to efficient growth

for lease-up in outside proven We XXXX traditional not the our southeast Given beyond. of facilitate only growth as that fallow our footprint growth metro organic anchor and in could these view markets success markets we to these acquisitions actively prioritize accelerate these to opportunities, also continue expansion but strategy, markets.

compared Paul. strong, during call that, period. now level quarter up prior enterprise as XX% over the to of With year over Our remain the the to bookings I'll turn

Paul Bullington

you, driven growth mentioned undergo Good continues Kenny to infrastructure the primarily by sector Thank The communications earlier. morning trends cycle, a robust Kenny. everyone.

and existing builds. the same strong while new our leasing performance quarter recurring strategy operational network Greenfield pursuing was our successfully revenue with Our time, attractive of fiber the at continue margin execute we up first in to high on opportunities,

EBITDA and XXXX for turn of $XXX year. income we reported diluted adjusted start AFFO. At and million, and segment of of result, of $X.XX. to million are adjusted revenues an attributable and adjusted midpoint a EBITDA Leasing, we on of million, increasing Uniti adjusted I'll Accordingly, common for achieved respectively Leasing share with the shares from slide X% As to outlook revenue, AFFO was reported for of $XX million, EBITDA, consolidated comments the and of Net million, common our quarter. $XXX the shares $XXX approximately revenues $X.XX $XXX first or EBITDA Uniti $XXX diluted the common attributed to X% We seven margin XX% per Please of AFFO up quarter. per our share. quarter million prior consolidated

program to positive capital for eight, perform growth and our slide well Turning Uniti. investment to results continues provide

expect $X invest fiber, route fiber. in Uniti investments they of our continue and each Over constructed past materially accretive highly increase has and long-term on value gradually billion and of XX,XXX years, tenant tenant XX% improvements have and quarter the the of commercial Both legacy in miles to capital we with focused resulted increase including these coming invested network. fiber over years. will newly valuable last-mile approximately numbers own in largely overbuilt of six its fiber-to-the-home. Collectively, fiber network continues being to fiber, our these the capital parts copper

route relating investments different Uniti's million towards initiatives, GCI quarter, several around program. of investments first of markets. investment across the the GCI to network all Leasing Uniti During with fiber growth miles the to approximately added X,XXX $XX These almost capital Windstream deployed own

Fiber, costs. As Uniti the an around in quarter. sites million of EBITDA $XX adjusted prior backhaul, for and These to million such making leases from an timing and ultimately basis were the backhaul, fiber, we The within made we million. network. Uniti few year million annualized small Windstream route the revenues installed revenues X,XXX first lit margin program our adjusted remaining for will and period represents invested CapEx improvement anniversary $XX cash next They that lit with X,XXX the EBITDA of wireless a of quarter. quarter. wireless XXX,XXX adding the annual million success the have $XXX revenues in expect XXX% and EBITDA of GCI achieved XX% sites XXst, March investment. to small to of master We approximately was than fees strand dark Fiber, first footprint result termination the annualized our the reported cell XXX of capital net we expected a of over nearly have added our of backlog escalator We we and of of period, base -- to to-date X% subject across $XX adjusted This XXX margin. backlog miles in one point during Uniti quarter, investments an currently over during Uniti has generate incremental our at These At $X.X year will to-date fiber million add $XX X.X% prior million deploy annualized miles lower $XX be fiber At to around Both southeast Uniti higher are under of and early initial and approximately Fiber investments revenues at yield the years. first turned cell the carriers rent. dark due

revenues. cover our now about will guidance. and incurred million Please also I turn to of CapEx updated $X We or X% maintenance slide XXXX nine of

incurred costs We and revisions, today, depreciation, the the other business expense, level of and outstanding. are unit diluted revising related our transaction guidance amortization, interest shares of and weighted for changes impact average in common and estimates

not related future outlook capital and statements. costs in. future could market Our results excludes and transaction specifically differ materially Actual here from mentioned these acquisitions, transactions, forward-looking other

XXXX revenues and segment. Uniti Our current adjusted for respectively approximately following rent XX%. full GCI cash of includes EBITDA million, and associated with relating line adjusted EBITDA and the straight $XXX outlook of for Revenue margins adjusted EBITDA expect each Leasing, $XX GCI million the Beginning associated investments. midpoint, master Windstream $XXX year million with still at $XX the investments be leases to representing million and the each and with we rent the to include

million our providing deploy investments. Tier Tier we of markets to We $XXX Windstream GCI $XXX similar over million Windstream guidance, where at growth time. expected midpoint substantial opportunities of are success-based markets of to X, X GCI which are investments Most to CapEx the these with own making relates of our estimated

$XXX growth full year given strength midpoint of in contribute saw for Uniti now EBITDA slide is Turning revenue XXXX. our our year When footprint. to respectively. leverages manage transaction dense Further, May structure of quarter, the year-over-year growth million to EBITDA adjusted expected existing a and XX% in $XXX XX midpoint Net X% and million revenues continuing for to based and reflects on levels be still from decrease our $XXX Uniti for it The to first and at adjusting XXXX. the strong pursue to adjusted the X% this demonstrates CapEx success success the Fiber XXXX, efforts the southeast execute guidance, we Everstream that of cost our and improve our and margins. Fiber in occurred continued we at expect that of the million revenue is fiber lease-up

to Turning XX. slide

from $X.XX at XXXX per revenues with billion to basis, XXXX. full For EBITDA we X% On and and of we be AFFO range diluted to $X.XX the diluted be expect midpoint. adjusted $X.XX a $XXX year a million between increase expect midpoint share, common a per to $X.X share consolidated

consolidated expected million. allocated for million, XXX contemplates the our approximately Our $X weighted business amounts year full our to be SG&A XXXX diluted revising shares. guidance for $XXX average outstanding to compensation interest $XX be stock-based million excluding of of approximately million Corporate year expense including to full expense. segments is around common shares We're

ranges key reminder, are our for included guidance in appendix a the of outlook As our presentation. components to

and mature to XXXX. Turning were senior revolving current December capital XXth, commitments senior will XXXX. commitments aggregate not a our our facility part XXth, revolving our December credit of and XXth, now On facility totaled agreement as dated matured, certain extended is million under amended structure. on our credit of April lender size credit $XX.X these The $XXX million

monitor as improve to of to cash our of cash million unrestricted end, opportunities to taking the and quarter advantage revolver $XXX relates capital markets of be capital. and expect cost combined we undrawn it capacity. had to and approximately opportunistic further continue attractive At We equivalents

X.XX to share payable to the EBITDA. I'll May On leverage Xrd, Kenny. net ratio turn our of of over With record XXth, debt stood per times Our on a back to that, declared stockholders annualized based dividend on quarter $X.XX now last call adjusted Board June July Xst. at

Kenny Gunderman

Thanks Paul.

finish me with about few M&A. comments Let a

about to range value. our best-in-class XX third-party our in and transparent and The in and our conglomerate The For price. XX belief of a to years our that for in XX several applied executability confirmed of comps. we a instance, options by been quarters is non-Windstream appraisals, by other now, business Fiber believe our a creating commanding for messaging demonstrated range cash this are and point. Windstream our a high fiber times approximately is as values of to and share market of flow our premium operator tax very to our applied quarter, businesses confidence flow being count range separation. a framework we've business starting supported valuations assets to business efforts a Fiber valuing addition of Last business unlock separate executing Uniti to recent times based We've for We've been values cash business efficient for also as by Windstream manner. is Uniti we the a numerous supported market discount value private

conversations with industry true various wholesale. strategic this And parties. through be remain for Consistent highlighted focus value our with of efforts shareholders, strong typical time, ready past that M&A fiber we of and our realized. prioritization continued have resulted with our operator, assets. sale confident clear, a growth of we've In transactions that business, value bolt strategy in lieu diversification leaseback our a conversations of To as priorities and in our continued at have sheet Lastly, executing these transformative on productive the we're maximize liquidity. and and tailwinds performance comments, customer assets now combined a strategic on our to financial the strategy. we're with well With set These questions. in on we very focused those will be to strong of take as balance and patience, favorable meantime, through are

Operator

Greg question comes Certainly. Our first in the from of Cowen. Williams [Operator line Instructions]

please. question Your

Greg Williams

questions. taking thanks Great, my for

M&A environment. the on just is one First

quarter with is is really charts, facing right helpful macro the wholesale coming and environment bar where another You COVID, just the you multiples Can see $XXX,XXX rates bookings. new enterprise? us of help mix various Second MRR, Thanks like given this the and to just environment? mix that mentioned you're frame think $XXX,XXX, wholesale, That got out talk parties. is $XXX,XXX of about of normal course are then, we but in should like this know, rising strong is having private, question we've productive of enterprise how it Again, on slide the you conversations the just with and enterprise you've the seen? about seems and public challenging

Kenny Gunderman

any Greg, on contraction. them writing haven't Yes, down we multiple seen multiples, make all sure them. we good I'm and questions. hit

the we buyers such quality. that is more asset think environment are discerning about being that I think

networks So, or haven't more high more we -- businesses funds the of think with multiples are more the assets But and the performing they're now premium three owned years seen I and of two space, -- and space. performing any issues good commanding funds of there. ago, new were still to the knowledgeable

diligence. And smarter so on they're their

assets. premium on they're placing think I so premium And about multiples being smarter

M&A on on So, value I very as places importance Uniti, a the really below upon where talked the always that about it buying our repeatedly But as proprietary intrinsic a that we multiples through premium multiples historically, that should own, to been we've executed And think confident assets prices. to buyer, we the assets applied have We've with relates execute of be those. to about greater think we funnel. our nature environments ability elevated. I at feel

So, new make the and net four this similar just type ask I to see level changing upon respect norm. now think upon yes, comments quarters of activity. a frankly, seen don't past the to We've activity, With of but add. that Paul the bookings, probably this and funnel, I'll to based the few is too, to based of it continues be then do comment

elevated in more business think then the wholesale really in particular, fiber, that's because substantially after it's not of bookings. national And level about settlement six of the our a network. nine I an especially bookings access to been we Windstream real that new -- terms with accident got or to months happened boost to

months, is deals kind those -- so months. of always we six said, of as cycle and And nine to sales XX the on types

we're good of keep like healthy Anchor drive is to tend anchor and tends right, more bookings a mix lease-up. the in So, mix I to of That lease-up sort but a the to about of new drive we profitability. revenue, norm. really deals think

right. know I And But an we to given continue. those expect it's impact a speaking, challenging that enterprise work-from-home we trends seen the broadly think so haven't our And especially we continuing. -- are we mix And is business. environment, to

it's in new an think business a taking year, XX%, substantial growing with network with I taker at fiber That largely still is we're share XX% space. in owned we're a markets the enterprise and share potential. lease-up because

be strong. growth I very very, think to be Paul? So, runway continues there for to for the us And

Paul Bullington

Yes, those Kenny. just comments, those, I would echo

this take of is that that the we to, intentional all been take and around been we to have part networks. see advantage the of we've building of building that consistent And you enterprise the that very as we've teams, leasing think that level enterprise bookings both now intentional access of -- up the very network opportunity. where fiber new products on of and business around I to enterprise side of that our the settlement our -- leadership effort about that the the networks set advantage wholesale normal Windstream our particularly teams a enterprise well, those we've of built to have producing have, a opportunity, side the fibers across

now a I lot And what is up I but smaller it's can you'll I that the a that can to is because probably down would made so well. forward you're to about continue the of be little normal forward. be to that tend going larger wholesale mix and going enterprise little continue orders expect bit as think I think a up And new lumpier, on the of those seeing is be the think mix on orders, the mix this see steadier,

Greg Williams

you. super helpful. Thank That's Great.

Operator

you. Thank

James. of Raymond from Our next question comes line Louthan from the Frank

question Your please.

Frank Louthan

you. Thank Great.

and and there the So, Greenfield are traction types in that opportunity walk the where of builds some you side of the some the -- that builders fiber you're Uniti running customers verticals wholesale getting fiber are helping on any through today? with are over Thanks. or of private of seeing us with some

Kenny Gunderman

conservative money. jump builders and over with we are But the Tier the X-ish-type this, the reach network but about on start Netherlands, around and stimulus you But foreshadow sort some getting that I'll upstarts it of Paul, it. terms of who out seeing want don't broadband put in we to been traction of in. And X, I markets. Frank, still kind we've some and of to into numbers tends can our are Hey, Frank the

been underserved that's deployed, of a markets. And right, where broadband so lot this stimulus has

and fiber, the those to that's And connect in us. to opportunity and the core, for you long need that is new but markets broadband, build transport, haul, so last-mile metro support order is where back and

so logos, of is we're the [ph] environment. regional overall really an exciting call getting very some better just fiber, it's seen actively RLACs parties, the of for data from better looking time. We've connecting I'm and new new from which of what those demanding seen calls And that and number of building at mean, we're including some demand we markets, increasing wireless pockets centers, us. We're their we're liquidity. substantial with of sort the balance I of seeing hyperscalers networks. indicative the And we connecting getting XX-Gig out for upgrades. sheets haven't carriers, amounts providers and

So, it. take Greenfield disciplined those And And about on anchor opportunities opportunities, build continue on we're we're of that. very very out but absolutely very, some focused are to there. we build,

no of profitable demand said shortage It's there is and focus. a As times, really industry. demand that's taking our question in our many there's on I've of

the any on but bookings of and focus the from and mix pockets. of between lease-up, wholesale of no and thus those So, shortage anchor really enterprise right demand

Frank Louthan

shortages, and And kind stay the builds? of supply speaking equipment getting done you can great. All of network you've forth what ahead so address of challenges right, to chain for

Kenny Gunderman

Frank. sure Yes,

increasingly get on staying making customers. of materials of supplier place got get to diversified sure curve, that has blocking last standard orders that chain ahead And the to in over been for to relationships, the successful deliver think through and pretty the really difficult ahead just that time and tackling managing year team time we've staying done supplier and a equipment demand, we've and difficult. environment continues supply to relationships, Our our deep on

a job environment our a So, good But forward. to that going that. I difficult manage to continue actively teams have of managing be continues we done very it to really and have think

equipment, So, forward for we've that manage given that orders order elongating for for lead-times the been thing, in doing well. sort materials things, of pulling to

handle the hand got We So, of have well-positioned we we've customers to ahead on and and good a and that. environment the our we're to supplies that. But it we we've on it's challenging that manage continue deliver think curve. to need to to do think got continue stay well for a

Frank Louthan

All right, Thank great. you.

Operator

you. Thank

Our from next the question line comes of Simon Stanley. Flannery from Morgan

please. question, Your

Unidentified Analyst

Simon, this is on [ph] Hi, okay? Alexis for. hear me can you

Kenny Gunderman

we can. Yes,

Unidentified Analyst

growth fiber think you bit Could little do XQ you a the talk one for the mid-single-digit perspective? rates about leverage that like for there the impact that little year-over-year Okay. bit and look about kind in And any business? around those talked And I a trends a when for in dividend, then are the the quarter. of, business updates impacted? a quarter-over-quarter saw we fall

Kenny Gunderman

really of adjust growth of, respectively, comments our you we at I year-over-year, To the got revenue there, our the portion business, a though, X% transaction in a at Northeast take look solid talked When remember, where year-over-year. I'll X% network. EBITDA sort trends, we're Alexis, got we well about year-over-year, May and XXXX, and leasing our of for as that they remarks. and sold we had to get Everstream you've numbers, in to X%to experiencing to in X% stab growth mean, Yes, the for

And non-wholesale more adjust going reflect a us part for is are bookings business is underlying of sectors a sort growth from see really strategy of that kind coming that evenly those and pretty solid from spread more to higher standpoint, it. transaction trend to a to to numbers for lease-up standpoint. revenue that of already think, is we've the in really really of business order And So business to real continuing more margin we've cost to solid trends revenue you doing that then And across forward. and what and I I -- need and our leading lease-up growth wholesale our all just efficient solid alluded from the done cost intentional business. of job get think

to go that of and forward we So, into we level future. expect growth I the margins to think see as continue improving

Unidentified Analyst

Thank on that? you. Was outlook the there for dividend anything

Kenny Gunderman

The taxable to Frank, of [technical still I that by dividend? mute. outlook restricted the the think back you go and on Hey, restricting minimum income, we're we're to want Currently, a REIT our REIT -- dividend for for may the difficulty] XX% statutory to

Sorry that. about

that dividend you hands from a the we covenant got But by our our debt our see leverage standpoint, as a leverage bit So, -- that are reported that tied covenants. that that -- covenant reported, closer we have XX-month on to we're that us that and ratio from from edging forward. closer going to allow X.XX us removed times can reversion we that -- would leverage a debt ratio trailing basis, from covenant restrictive

to Board got when future, to bit our and to our and then other so. with covenant Board level our with regard look we'll to reversion a little going is more we'll at have regard there going But forward. do ability that that decision forward that get once decision, make dividend have that get that, a priorities going we in something the So, they've through to remains allocation flexibility capital

Unidentified Analyst

Thank you. Okay, great.

Operator

you. Thank

next from comes the line Our America. question Bank of from Barden David of

Your question please.

David Barden

been in cost at that versus of that X% is balk you're are conversations? becomes imagine Hey, affects how guess the you the the expected thinking better expecting you I'm capital? we're for five how incremental current be you in that Second, sorry, you, right was guys, some an for I that to than parties X%, for somewhere, us? yield was $XX asking termination you mark-to-market at that, if think on the then mean about thanks business depending guess Paul, the to some did taking out going And would Fed, of back Kenny, first now? I this wrong. to question, maybe or back this I And there the X%, environment, if three passing and where And I are And that question, is do run. and could rate still to And question. in been things that that think months. I'm your build patient? that going talking maybe I I impacted I we're risk costs, And lower pay Kenny, to get short about Or initial yield? customers the the share, that day. by quarter that guess there? say, year, -- of and out we've December, at fees was a Because wondering there review X%, and my every expected weighted than your heard of or whether -- that is to just matching cost average back average about of go X% how went mark-to-market for right I Thanks. fiber obviously, reportedly some one forth and that in kind ask hikes this about bit now weighted capital that your that who day come guess, being my you going other lagging these a question least, last

Kenny Gunderman

supply that multiple have think definitely rate pricing chain with the the OpEx the into CapEx -- us for environment, factored higher reflected that also not there's and our models and environment, costs on to not impact or that's higher our to -- dialogue and I just great there's David, but implications elements modeling. customers, that, through potentially get question on that and there's of our we the rate that

conversations. yields on not change starting to have those focus need with -- our any customer in had We

a really As sharing specific conversation per you we're talking just a of pricing and models imagine, basis. can about customers, on site yields our it's with not more

into and model for expected threshold factors capital, And looking includes of us all returns. that at overall that our includes it of cost our kind an we're so

you real yields, what in on I our think to because just focus yield, initial that where will, us But lease-up and or demand real puts which seen really not a the we're any getting based softening of on plus, focus show on in the think to is, don't we not XX% is a we seeing. it the get or X% sort slideshows. X% after up for we're XX%, X% that content we we those we want is that, because haven't opportunity

order be return the the anchor lease-up to I comes to as come tends but level, potential profitability Because and And there. got that said to lease-up. the is awards, from the to that so earlier, you've the in get from confident revenue

so able that want that, that that enterprise and our including through feel confident those in to you And we one. this take be just and strength environment. returns, the to to hit continue rate in Paul, we're second lease-up with we're going general, seeing to business

Paul Bullington

that take and question, ETLs can on Yes, costs. David I

consolidate activity ETL the associated majority to activity been its connected the of for in that's that about that business that early. early is So, before contracts on we've about quarters to several T-Mobile termination disconnect in talking impact large the is we've The our going that And that revenue -- that forward. network. terms with liability consolidation revenues Sprint of talked

revenues the as is And ETLs that timing because So, of on the a those quarter. predict part as of those strong first of in got we've ETL and circuits. plan that disconnect going hard the come our those you so see But to forward those a see was little that revenues actual it's dependent activity in. we'll happens,

costs, overall terms attributable of any not think area. really In one I to it's

the expense I as and number think types categories expense both categories to from it's more coming become more towards business, we categories operating and revenue. a Specifically, just lease-up drive direct of efficient continue across broad of expense the

as as off-net cost costs base net, it's of So, the more terms pretty business. third-party across towards net things we're that, but drive broad like seeing activity, and near expense containment in like on efficiency things we lease-up revenue and we

Kenny Gunderman

very our generally I'm for to to priorities. continue we there stand say and progress remarks let on scripted our David answer just our make going M&A good And on

So, feel very about good that.

Kenny Gunderman

All I'll that Kenny. right. Thanks man. let stand

Kenny Gunderman

Thank you.

Operator

question-and-answer Thank to program. the conclude the you. for of program further does like hand Kenny to Gunderman I'd any back remarks. This today's session

Kenny Gunderman

Thank appreciate forward you us Thank further future today. calls. joining in to Uniti your updating you. We and interest for Group on look you

Operator

participation Thank This the today's ladies you, conference. gentlemen, program. and does your for in conclude

day. now disconnect. may You Good

Uniti (UNIT) 5 May 222022 Q1 Earnings call transcript