Earnings call transcript Q2 2023

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Operator

Hello, and welcome to Uniti Group's Second Quarter 2023 Conference Call. My name is [indiscernible], and I will be your operator for today. A webcast of this call will be available on the company's website, www.uniti.com, beginning today and will remain available for 14 days. [Operator Instructions]. At this time, all participants are in a listen-only mode. we prepared opportunity comments. call following ask the company's the on have to the questions Participants could those The that forward-looking results today's would remarks materially company like include statements to and statements. in these projected remind you differ from actual

report this cause SEC. are those will The the also on difference most prepared are today. filings those generally company's principles. include financial its the certain that on Discussions slides encouraged the were current posted be remarks to this of call. website, results discussed comparable directly financial factors actual accepted during Form in call not measures and can you X-K non-GAAP the to the Reconciliation to in in measures the dated refer materials accordance that measures company's GAAP reference financial and could The with with found during accounting company's morning were

the Kenny sir. Group's like Uniti call to to would Please I Gunderman. turn now over Officer, go Executive Chief ahead,

Kenneth Gunderman

you. performance. and Thank posted solid revenue full EBITDA and of XXXX joining. for outlook. result, quarter another X, you operating on year thank Slide as reiterating Starting our Uniti a adjusted we're consolidated morning, AFFO And Good everyone,

the while X% grew the consolidated recurring X%. core revenue Our revenue our core grew second prior quarter recurring during Fiber from year, Uniti

during quarter. fiber and lease-up growing Our the with results at XX%, revenue categories continue lease-up revenue dark respectively, XX% terrific wholesale, enterprise to non-wireless reap X%, and

now from covers term carriers and X,XXX XX-gig years. of sites new a the lit a signed with term agreement year than of a remaining the major also agreement approximately contract blended extends to less during We X one our quarter. The upgrade wireless backhaul

average sites carriers quarter remaining similar we X portfolio major impressive price and recall, On returns lit entire locked just term net another approximate backhaul agreements X pricing the X increase. XX-gig X,XXX in also years. signed of a is have I combined a of third years. will mentioned, in basis, with the Including for covered the our our these resulted agreement approximately which you an slight in As overall approximately a of XXXX, wireless

network minimizing steady exceptional our negotiate our With weighing to us churn industry-leading with and services growth providing returns believe wireless mid-single-digit no X.X% Our network long. down, performance and churn. is carriers, bespoke us runway legacy our scaled national allows we for agreements and

this be we and demonstrates believe X Slide disciplined, profitable. growth will

is Our shared substantially acquisitions acquired largely sale complicated underutilized infrastructure through fiber helping leasebacks our network versus economics. drive company

a from lease-up projects. model Our working XX%, the cash threefold than cumulative of yield is anchors on anchor increase yields more driving these today flow

Turning to Slide X.

We continue quarter. route own lit growth small today potential to approximately for cells. in during and terrific markets fiber dark XXX,XXX grow the represents X,XXX and mile capital mentioned wireless and Only we route and enterprise, before, our available miles network approximately of XXX nationwide, mitral we've about our backhaul XX% which we is network, as added margin-efficient

markets will well continue believe that wireless growth future. the positioned We that carriers in eventually for Uniti densify to to is X these non-Tier need and the

our and of nature, with lower revenue overhead contracts, is longer-term less majority which Slide the churn wholesale X execution. shows that for in required comes

fiber our to we're use susceptible segments. performance and less diversified As a and conditions, in across and result, business macroeconomic cases are numerous the underlying customer

that wireless as buyers last decline than As Internet as by providers less providers. fiber-to-the-home such this is an year though year offset spending more example, hyperscalers, are than even and carriers group, a

services low-risk fiber minimal Having national meaningful a heavy Uniti and Slide to an deploy competition. with and especially present like to growth Turning scale our ability with for a ours. is X, business competitive fiber, advantage unique network a own Unity with dark matters wave wholesale opportunity and

Internet this global X,XXX for deal dark is existing minimal robust call that utilizes we this fiber. total given recently approximately with example, an million network. of provider miles $XX owned customer. who existing we fiber deal is signed had a believe long our an XX-year competition we route unique IRU of and announced contract a As The agreement value We

these to XXXX our XXXX. half routes customer delivered of expect be throughout We second will into the and

quarter, Slide bookings quantity. up our and never up in bookings our our appear fiber. larger underscores to between can balanced X been when wholesale typically in bookings remains XX% as But a anchor Consolidated the were approach the interest and deals illustrates fewer for has the in network demand as The XX%. funnel over sales to are lease-up. and were growing compared bookings quarter lumpy strong second wholesale higher prior very reminder, these while given

XX% example, a timing perspective. I quarter. over of deal the quarter one wholesale not wholesale uncommon to mentioned bookings single fiber materially It For the bookings in impact from in XX-year is deal represented a earlier, for dark

X. Slide to Turning

Our enterprise strategy is highly disciplined in and regional nature.

approximately in the can concentrated favorable from you in map, As very only has which XX offering we're see Southeast, enterprise demographics. metros services the

its to accounted the fact, has XX American large fastest-growing XXXX, growth to all the since XX In across for of almost than X/X prior early the more share doubling U.S. and pandemic of the job Southeast cities. is home

Our local contribute in this brand helping is industry-leading X.X%. churn region, enterprise of strong very to around

debt now Uniti that, our while always call it uncertain is today conditions steady economic no future represent execute refinancings. lease-up likely credit fully our patiently sales Paul. remains turn plan over and to of performance, funded during market enterprise positioned of runway the from a until With these virtually and organic a growth aside X% revenue and to providing With continued I'll critical and debt element a about represent strategy. growth given maturities our significant will XXXX percentage, Although minority total

Paul Bullington

compared Good when by to quarter and you, consolidated recurring reviewing at during highlighted an current both another Kenny. by Uniti had everyone. our solid like begin of the We Leasing, morning, Fiber to quarter followed growth outlook. XXXX I'd performance, second by Thank Uniti our year. prior overview revenue quarter the X%

outlook more and EBITDA provided. revenue, adjusted our unchanged cover previous AFFO a detail consolidated as the for I'll the year remains end expect in to As guidance in we XXXX bit, just ranges within

capital commentary our balance current structure. additional and sheet I'll conclude on with Finally,

Please turn to comments EBITDA Net At to achieved $XX revenues adjusted We with approximately the $XXX Uniti adjusted for million of and an representing attributable for consolidated Leasing, of reported per year second quarter. prior X% AFFO diluted income quarter. I'll compared common start $X.XX of shareholders million of million, adjusted AFFO XX, for Slide share quarter attributed to $X.XX. million $XXX reported per segment to of the each of on $XXX million, million $XX shareholders margin the quarter was revenues consolidated common and share. of growth common or XXXX XX% Uniti the of EBITDA and EBITDA $XXX second in diluted we Leasing period. Accordingly, of our

Slide XX. to Turning

Our continues program capital positive growth provide results to for investment Uniti.

billion XXXX. the improvements half Over on of that highly our capital with over its in utilize the in legacy if overbuilt continues to will Unity fiber. route our copper Based that the of date, the tenant expectation with legacy expect focused investments have made long-term the XX,XXX all, valuable Collectively, and nearly investments past constructed and most, GCI be copper Windstream own capital network of being not and these newly last-mile network fiber overbuilt we miles has tenant network. by to will program, value-accretive X.X XX% $X of invested on fiber. resulted years, our invest fiber largely fiber of

Leasing the program. majority capital to During $XX investment million second quarter, the relating initiatives, GCI towards the the approximately deployed Uniti with investments growth of Windstream

across own miles added These fiber route X,XXX network Uniti's of GCI several to markets. investments different

a investment. to the in As program Uniti XXX added and to the of nearly the network. rent increase our our XXX% sites of second The of result At for annualized will carriers $XXX the during around margin. GCI overall Uniti XX, have investments under an million be value XX,XXX backhaul, with date cash They lit approximately generate date network. Southeast making initial and million Windstream, $XX leases adding and June to Fiber, at route master across fiber and has we made cell X X.X% over miles strand we capital miles turned subject ultimately These of escalator are anniversary X% the million Uniti dark yield to X-year wireless of over approximately at our small to quarter. footprint will our investments invested fiber annual of such

the were we of $X.X and and XXX expect represents second recurring lit in prior $XX backlog annualized installs over approximately quarter, remaining increase This ETL of prior over quarter. adjusted and we million, revenues. million our of $XX million backlog revenues EBITDA sites revenue installs impacted and the an approximately have that add X% period. by wireless up currently deploy the equipment the Uniti from during few years. Fiber, to XX% lower-than-expected small fiber quarter cell from backhaul, $X annualized incremental revenue adjusted These around We million next and Both sales revenues core nonrecurring during with the and At year fees. EBITDA of reported dark

nonrecurring mentioned can million from be difficult our As we second $XX of and the the in revenue CapEx net fluctuate exact Fiber predict can timing Uniti quarter. thus have to before, quarter-to-quarter. success-based was

million $X of incurred CapEx during quarter. the maintenance also We

Slide incurred to impact our the revising and to cover transaction-related costs We're XX, primarily XXXX and date. guidance. turn guidance now other Please I'll for updated of our

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

each million full outlook dark straight-line associated $XXX and guidance, increase revenues prior and which leases XXXX of our relating margins midpoint, $XXX and to due EBITDA from the associated to CapEx each million, GCI of GCI of continue expect is and for The lease-up year adjusted rent million business. of Beginning EBITDA guidance to and GCI adjusted at investments and million investments. deploy with success-based we million to Revenue leasing accelerated GCI EBITDA investments. the to $XXX estimated segment. $XX Windstream our $XX requirements current Our Leasing, the the expect We $XXX cash now our at include for $XX Windstream following approximately representing to million Uniti the includes adjusted capital the with rent of relates respectively, with be XX%. in investments associated midpoint higher the master fiber million with

million we to amount maximum be annual $XXX fund. of the the reminder, is a GCI would As responsible

adjusted and of million revenues Uniti the XXXX. Turning Fiber to midpoint full at Slide expect XX. $XXX million still for $XXX EBITDA contribute to of year We

prior expect recurring of X% We continue to growth from revenue core the year.

decisions funnel growth though buying our sales enterprise remains could slightly extremely impact revenue and are seeing some for recurring we estimate However, strong, the year. delayed from certain our wholesale even which customers,

or at expect versus quarter still the in fourth the of at third of to more outlook. be consolidated for the To revenue to We expect and Fiber be clear, weighted revenue year Uniti adjusted quarter. the above we the remainder EBITDA also be midpoint current our heavily

fees $XXX is Fiber million We expected approximately our XXXX still $XX be Net XXXX. expect this also in million for million still ETL to success-based be year to in $XX Uniti compared the guidance. at midpoint of CapEx to

XX. Turning Slide to

XXXX, midpoint we $X.XX with share For to common diluted to per share. per range continue $X.XX AFFO diluted and full between year expect $X.XX a of

be midpoint. refinancings. we On a As our shares a XXXX million EBITDA in to $XXX billion and to AFFO and revenues and be by at will recent consolidated to interest basis, the diluted expect relating Niv impacted convertible still be reminder, $X.X adjusted incremental secured

quarter expense. related our premium contemplates approximately to excluding consolidated million million, our deferred secured amounts including senior repayment year SG&A, to which $XX and $XX $X allocated in financing this of of XXXX. costs the segments, [indiscernible] includes -- the Corporate million, full a approximately business including redemption of of million guidance million write-off to expected first due expense be year early of Our for compensation $XX is notes of stock-based interest the $XXX X

full Our shares outstanding recently of common to year million impact incremental diluted the if-converted the be convertible notes weighted expected XXXX around the shares relating of to full for year issued average is XXX the accounting method. diluted the shares reflecting using

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

$XXX approximately structure. cash Turning equivalents revolver quarter had capacity. our and capital to unrestricted and undrawn end, of combined now million At we cash

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

Kenneth Gunderman

Thanks, Paul.

while As to targeting I continue recurring mid-single-digit line growth. driving earlier, revenue top on mentioned focus we high-margin disciplined

Slide are more fiber investments making several our valuable in XX business we to over demonstrates will sizable network the years. a the and next fiber lead

during free XXXX dividend ending cash generate billion over flow where we to of to we predictable XXXX spending. inflection of XXXX. if in current capital X-year the deleveraging, outlook size leverage we expect our period after positive end and in growth become free to and annual a our flow doubling with of $X our organic of be expect maintain by the Xx substantial resulting to trajectory, point between We approximate also X the This level along the cumulative net and cash dividends, would lead fiber business roughly

believe or Based issue thus learned seriously. safety Uniti over Q&A, turning reason upon what like the to pose to briefly on about rest no within to have I'd Before these a far, risk this employees very appears public. be the health to to taking on we there press broader that cables the to is of comment telecom cable reports Similar it [indiscernible] the industry, industry. recent the

actively being For with cable In currently of less Uniti lag today we employees sale-leaseback not in therefore, we sheeting and Windstream, cost be copper know any minimis. all our our lead that miles are operate coordination specifically, would that of on amount cabling. tenants, remediation represents we're fiber-based, the copper de estimating we contact the used than the X% are Based today, in including total own. what with our we route of believe networks networks

this will Uniti we're take partners along specific and our With operator, closely monitor any ready We arise. that, as industry they to will now very investigate issue developments continue questions. and to report material with

Operator

Instructions]. [Operator

with from comes question TD first line Gregory Cowen. of Williams Our the

Unidentified Analyst

of lower some it here, other mix the on cables, but on question staying anything if XX%. lead lease-ups, just Kenny, there call greenfields seller. Is you just buyer was insight looks M&A is can helpful. at or in toxic came seeing doesn't for a you're sound at like are describe Is that's then the like there a lot landscape. the the picking And what variance here conversations purpose? deal first It of the My pickup a Thanks the to same hearing. the bit as usual? flow up on and there's that looking little out as or

Kenneth Gunderman

M&A, it. on we're big yes, Greg, in believers

As we've number done a over of lot past the M&A know, of years. you

that think discount our think, I conglomerate a successfully we to continue there's stock. in

yield putting trading it should inside If at for community. look example, market the income, XX% secured to how on we is think that where you we for a the the and yielding they're of valuing Windstream is ILEC think XX% MLAs, debt be

alone And so share think we there, being that's discount there's a [indiscernible] not big of value right there reflected.

as financings looking to And us a helping a patient so mentioned last a M&A really getting focus ingredient for in or important and as us on have either quarter, it we're behind at done a an manner, seller. I our buyer runway was

a and end, that conditions, I there's patient. there's be And good so to Good bad conditions we've to meaning got think conditions. runway nice

capital the spending next few very there's and performing with strategy line business well, to off performing falling clear Our years. business is and go-it-alone of the sight a in

the coming cash a amount there's flow free So system. into of substantial

critically be ability is that good credit that M&A. be on pretty having to and that's I to markets important So challenging, with think continue obvious. executing the said, But to patient

And of at things this so one the M&A that's point. dampening

point. think see and from you frankly. no the telecom vantage industry-wide I certainly change it and us can it's that overnight, different within for But our industry,

with not within up. financial engaged And very the going want continue on be parties we both you quarters. lease so in industry, Paul, the coming the comment and And to do that's to strategic change and to

Paul Bullington

Yes.

anchor would We're in in. we're shift on percentage, on but lease-up going change a No from think, based a that's very characterize mix strategy mix, bringing by fluctuations normal good or just deals. I as to dominated still focused bookings the I On that the more that quarter-to-quarter forward. Greg, lease-up

fluctuation. So just . normal

Operator

Our of next with Lynch. Bank Barden David question America Merrill

David Barden

you activity bit touched relates carrier of you Kenny, wireless what could. I specifically slowdowns elaborate wireless tower little material I kind network recently, network if your about requirements about think services a it a on in as few, might kind American a we talk think But could densification abrupt Tower related Uniti's and of So exposure to in how prepared the in remarks. be development. industries, slowdown it carrier if to should on most

second ask chance The a had had haven't to this. I question I was

that the because is view make pieces interested X cost issue, really ambulance potentially, a factor, wrap hoping after the in retail just seeing I'm the nonwholesale the piece the there's a you everybody And on of So if to then to of the are kind in right? buck. piece your that X one wholesale your as delta other fundamental third which through come cable here around it's revenue There's And then how And you the the from is on chasers, And required. book-to-bill, I'm remediation time on lead of arms the people interested converting there's it, of progress we thing. kind and that's thing, standpoint, any of how it. kind business. the are bookings to

Kenneth Gunderman

change down had guidance quickly. day-to-day our so expected it's we try David, frankly. in we given view But to get honest. I into into the carriers the Yes, thanks. mentioned to remarks be when never that we our prepared XX% all of year, for on wireless year, keep perfect, X-, a view the it but bookings coming beginning spending, the hit early down interaction just spending XX-month spending, be them, this generally, with carrier carrier but at gave to to mean, to X-, can me XXXX. tend that and get I compared it we early I'll these, expected we year,

we when cake gave guidance. the into baked was that So

changing year, that's And any impact and for going not to we're guidance. this so not as outlook a result,

got some the meet had to carriers. different who a that for hard the We've imposed slowdown is think push deadlines. various some I

You've and the -- are got of others almost upgrades end reaching changing are allocation capital XX you've gig got who end policies. the reaching who others of

industry. really it's an not so And

going investment just made I And so it with around that our all and and wouldn't still much happening from networks, just but the time. to they a to in said, also backhaul characterize same more around is systemic lot traditional fully lighting be towers, It's think markets that a to seem up. spectrum, deploying industry theme, densifying needs the vantage then an to of country. we including these is back pick slowdown. carrier-specific is of point, There's changes, eventually don't be this the

And of think markets on Tier I been there's we mentioned we've many think cells. a spent lot markets. to X -- Uniti. Tier times, on just today be as money X happen the we in I going that's that's a But and when we're X in that is that there's think the to been and going opportunity think trend surface small scratching big for that comes,

spending is carrier So going Longer to back. come term, the

And we've cases when segments would it's back. I that's number but don't customer mentioned for this diversified come know going and fiber. going The be, but different a add one and that, across to exactly use of to David, to we're I times, point

years, wireless And over spending past so mid-single-digit couple our that's why between one us. -- year total somewhere not of growth. the and represented carrier of mean have of the including XX% impacting this slowdown in to for XX% year, is bookings I bookings the reasons this

our exist, challenges across that may as seriously. I rest like this be what's ambulance have on your I cable, [indiscernible]. There's also you're just cases. is industry I'll I I the point, think, embraced suggests we said, the above-board use the this lot Yes, remediation we those term, that it then very from well to use think issue different a that lead take -- think think we're diversified So the of that vantage there's of just important and chasers But should right. has

be request remediation be this the transparent. and respond safety a We we to we'll a or that. learning if to It going be you to fast that's We're don't think and And and will call on again, hysteria a very a of into follower. We're very seeing, and themselves. follow around that to going we're everything I and get, leader we that going feels it And state issue. have material will phase. don't around going in this. revealing and for We're And the we think based moving discourse cables consider to pose risk. the setting facts Again, Verizon be like ultimately, AT&T material this of what have monitor exposed the in to we to with officials no kind very these very prioritize And are we're employees associations saying, into to phase risk public . sale-leaseback going and into I more it move a closely mentioned the the remarks, as so our health our including not we're trade closely then forth. it continue it we to frankly, directly but phase really to and with now the the the with local and regulators, out speak prepared people. ourselves, and we're of industry any credible us, our not education to and interact be evidence to Windstream lean

We to we days, about deliver a our XXX a longer that. days, the deliver we an area meantime competency a much continuously On some below days. on that's and on of it's ours. That's talk a projects, think, XX have target, below that's real, I lot, continuously Obviously, but don't book-to-bill, core XX that cycle.

that XX our to ultimately, of of past us you're continuously will, if talked days quarters, building you're as could over you number cases, it Virgin days. light building but XXX, we've lease-up, be what is you're quickly. or increasing the part If more able to an some business, network, comes things if that's when keeps in which greenfield much below And XXX about

to strong. mentioned couple among very, over have we slowing very decision-making or in remains With of and remarks, so, Paul that some prepared see quarters The past said, started customers. in the his funnel

our big strong. enterprise also think very been, looked and funnel if you I as ever wholesale it's funnel really it's our is as at

customer there be has working their So that through against getting anything the things signatures consider But slower. the we are those way but to been is system, don't just demand and systemic.

we're just of I in think now. that right a time it's period

So end growth are day, normalize and hasn't our of at outlook the the to going things mid-single-digit changed.

revenue I year Paul range. trending as our guidance mentioned, fact, of probably the In for little above think a bit is midpoint

good very it. feel about we So

Paul Bullington

appreciate All and on especially the [indiscernible] fact [indiscernible] phase phase. fixing our commentary, to the when the on that we the lead right, I have the education phase learning that way hysteria it

that's figure I to out we where are. think that kind of important

Operator

Our comes from Citigroup next question the line of Michael Rollins with

Michael Rollins

what curious the for and for on and structure thoughts the latest corporate and business, Just at optimal Uniti your on the you of lead different most as the and just you then performance opportunities one look other question. assets pieces think your different

terms time, lower disclosed? work do over the an that's update as change or percentage you that to have exposure higher done of that that, on and the of was the do cable identified, think more you relative In miles could is amount

Kenneth Gunderman

continuously at about corporate with believe the discussion Uniti. we a corporate the we our REIT for last something call. and capital quarter policy structure, look this allocation the board, on had we status is is appropriate that do every We on Michael. Yes, our quarterly robust structure, continue to our

very we off is the transparently and model and that the and kicks a part investing think shareholders of to we're in negative model the is support of very our the business I home very that something as we're right to continues predictable, cash heavily our cash in our that important to fiber the about flow result, we're business, Board time growth where a because it. steady business period especially returning now business. flow We've think and dividend in unique talked supports

to positive. a cash flow where at inflect we're to But we're also very about point becoming

logical spectrum, suggests a policy the dividend investment a dividend questions arise, of end from be to very or of [indiscernible] to on raising the considering period end raising the you so the setting stakeholders be way paying other all that spectrum dividend. is appropriate should even the one it of during the And the including dividend heavy

we comments stakeholders we some And structure those with had that, out of And given past quarter. transparent the good mix discussion that's but is we've the good corporate number appropriate regarding topics so about continue think our today. to interaction months our therefore, very And a having important. last think assets all put of those comments, over

there's the harder. we we've prepared get were mentioned one didn't to of companies in we to REIT. first lot a REIT lot a made Subsequent of the think changed but a strategic to it bit a of the status, value as also mentioned And becoming a become attention, REIT little rules that we our it remarks, fiber that,

that way. it's say we higher number. put to cable is will a I I'll we think your would want number so And less X% think think to we or structure. say lower. think than it corporate value But that there's what the on be strategic I question, that that Michael, use, second I I lead it's whether wouldn't of conservative -- exposure very

And reasonable the mileage last to on percentage. about do that's feel [indiscernible], So to I we the developed believe will, it. own have . and basis. prepared with about if a communicated don't you it's like We way a And -- leads at that our that question Windstream I we're about see point. that your that we've that, us this mileage leads a your on think publicly but changing just versus think number than also us number to what is and X% that conservative, number give go-forward to not less

Operator

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

Frank Louthan

else, of enterprise on delays forward? driving risk these an on as of seeing that? characterize some any the do extra comments sort approvals? of how part we're business, couple what's that that And things there's where the think to you Is levels just the themes that? don't any Or there's would broad you go projects On of normal the everywhere sort of of

Kenneth Gunderman

don't think there's Frank, themes. Yes. I broad any

delay We customer for and reason, delay question be may customer list asked it's and -- that go sales the down response leaders customer that specific. the think repeatedly A's our really of this and I team B, sales reason. that you the the is for same get

So spending similar about the comments for carrier to year. down being my

lot to of a as think opposed is to carrier that specific each industry-wide. I

important decision-making sure to an tweets of is are I seeing more to abnormal the it's And So in the we in think funnel calls any that but go-to-market business question. to consistently to fall that really make we need don't business no. It's if for we that ask or an answer approach, will. the changes importantly, you way? things there's point, the the out of not tweaks, one any tweaks -- or in our make your of we

fact, of -- to the trending and confident up. potentially the grow, end and why the demand is funnels or of even to just question again, converting revenue midpoint continue we over getting and feel higher of one on the because of of In year there, it's half sign the second towards about it deals a it's turned guidance it I'd say, the reasons

Frank Louthan

hiring actually year? the a Just are Are we think force? more you on growing this sales easy Where Where quick about it follow-up. find you or talent retain challenging? sales finding and to should

Kenneth Gunderman

just there side team Yes. you is with lot fill that hunters the quickly. team, got or, to our I'd relationships. we of That's in of we've lot wholesale, it sales of made a a a if of those is a relationship team, wholesale and will, very and veterans lot tend on We've opening an industry say say are type more if function, that I'd of the fully enterprise staffed progress. well on the

that from to standpoint. happen very quickly our tends And team so filling

a turn we I If churn out enterprise as the in them side, not way. they're think of mentioned, people pretty that On team before performing, disciplined deliberately. we I out

progress of say, we've well. and plus so, we've And got but I'd focus ours a and And strong growth. dedicated XX% past, strong funnel to of the to way, made tremendous a we're that. team adding entirely adding is and in team are that as the amount constant quarter that's very so the a contributing to and a replacing or over churn the that what's people equally enterprise year-over-year disciplined, bookings is to steady And

to being it, productive. we're and about a that get talent push train So But continuing and very battle constant . at think find and them I them excited it's to bring to up on forward. and Frank, them to good good

Operator

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

Unidentified Analyst

you seeing remind you speak [indiscernible] you Can And secondly, are free anything last is mentioned but they you I there? then with changes remained where expect to is us DISH? know This to XXXX still any seeing cash Simon quarter, flow you're you inflect? can whether active, today.

Paul Bullington

I just the inflection is, yes, for see XXXX, answer second take the can But first maybe, that DISH. of as continuing Paul. cash And still question growth. an is Kenny on can quick to question mid-single-digit to yes, plan, our part point the this question that free flow. and on your is take growth we Alan, execute

that's expenses annual to year here the very commitments the over in ratchet in settlement funnel GCI with of of so terms regard our to total the inflection GCI X off of start to given to is flow force the steps and to breadth get sales and cash of is given services, cash bigger use the the the that services talked just demand Windstream fall Kenny but commitments us in commitment helps products products and As that as positive and that up our time said, predictable over is and for the our to down part our year XXXX revenue his Kenny cases middle mechanics and the from those visibility over our to comments, XXXX investments that flow to capital next point. time about positive our into and good that and for very of that and journey years free our for

plan. So our that's still

Kenneth Gunderman

XX% of customers but would was spend expected Yes, -- lot a earlier tough XXXX. mentioned don't this to XXXX, big were just make. so bookings getting network ahead year I elevated that detail. XXXX to part that on versus say of comp on because and needed much in from But on that DISH we be wireless too A with I DISH, is specific the they to a much like comment we down bookings

said, -- meet. so upon deadlines expected with time had to And order in that's bookings that that's result, they But I there think that based to had a this they are as that year. the lines lower and

them and very said, really that So expected as with is activity think . I robust as remains predicted. with

Unidentified Analyst

we there? any on thinking anything you traction else thoughts made Maybe maybe one one one. from or Have stream updated quick be away or Or more should about any diversification . your

Kenneth Gunderman

to just I regarding M&A. beginning my back would refer the at Yes. comments

with we've to think we've when very focus continue of we that's the active, anyway, in we're ours, of for respect we're us. the been time I on a behind the very active very to it. latter periods core And what competency market right scenes, of in It's patient. to had going time and always we've been when perceives periods case category but the and now, be

core to a to we're it's competency continue focus and . it's going on. So something

Operator

like no call I Kenny closing further . remarks. queue. to questions for the showing turn I'm now to back would the in

Kenneth Gunderman

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

Operator

Ladies participation. call. conference your and you today's concludes gentlemen, this Thank for

may You disconnect. now

Uniti (UNIT) 3 Aug 232023 Q2 Earnings call transcript