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Pay vs Performance Disclosure
pure in Millions
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
The following table sets forth the compensation for our CEO and the average compensation for our other NEOs both as reported in the Summary Compensation Table and with certain adjustments to reflect the “compensation actually paid” to such individuals, as required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, for each of 2024, 2023, 2022, 2021 and 2020. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown. For further information concerning our pay-for-performance philosophy and how we align executive compensation with the performance of the Company, see the Compensation Discussion & Analysis section of this Proxy Statement.
Year
(a)
Summary
Compensation
Table Total for
CEO
(b)
Compensation
Actually Paid
to CEO(1)
(c)
Average
Summary
Compensation
Table Total for
Non-CEO
NEOs
(d)
Average
Compensation
Actually
Paid to
Non-CEO
NEOs(1)
(e)
Value of Initial Fixed $100
Investment Based On:
Net Income
(Loss)
(millions)(4)
(h)
Adjusted
EBITDA
(millions)(5)
(i)
Total
Shareholder
Return(2)
(f)
Peer Group
Total
Shareholder
Return(3)
(g)
2024
$ 11,274,640 $ 13,261,690 $ 3,009,006 $ 3,501,742 $ 100 $ 123 $ 93.4 $ 940.1
2023
$ 4,857,820 $ 4,917,699 $ 1,390,429 $ 1,402,202 $ 97 $ 114 $ (81.7) $ 923.5
2022
$ 5,011,198 $ (2,837,826) $ 1,503,743 $ 330,113 $ 81 $ 100 $ (8.1) $ 905.9
2021
$ 5,018,444 $ 6,289,079 $ 2,396,584 $ 2,078,726 $ 193 $ 132 $ 124.7 $ 878.3
2020
$ 6,787,463 $ 10,076,404 $ 2,825,391 $ 3,502,562 $ 153 $ 92 $ (718.8) $ 818.8
(1)
The dollar amounts reported in column (c) and (e) represent the amount of “compensation actually paid” to Mr. Gunderman, our CEO, for all applicable years and the average of the “compensation actually paid” to our Non-CEO NEOs. The dollar amounts reported as “compensation actually paid” do not reflect the actual amount of compensation earned by or paid to our CEO or our Non-CEO NEOs during the applicable years. The Non-CEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Messrs. Bullington, Heard, Friloux and Mudry (ii) for 2023, Messrs. Bullington, Heard, Friloux and Mudry; (iii) for 2022, Messrs. Bullington, Heard and Friloux; (iv) for 2021, Messrs. Bullington and Heard and Mr. Mark A. Wallace (our former CFO); and (v) for 2020, Messrs. Heard and Wallace. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to total compensation for each year to determine the compensation actually paid:
Year
Reported Summary
Compensation Table
(SCT) Total
(i)
Reported Value of
Equity Awards
(ii)
Equity Award
Adjustments
(iii)
Compensation
Actually Paid
A
B
C
A-B+C
Company’s CEO
2024
11,274,640 8,424,848 10,411,898 13,261,690
Average of Non-CEO NEOs
2024
3,009,006 2,108,049 2,600,785 3,501,742
(i)
Reflects the amounts (or the average amounts in regards to the Non-CEO NEOs) represented in the “Total” column of the Summary Compensation Table.
(ii)
Reflects the grant date fair value of equity awards granted to the CEO (or the average amounts with regard to the Non-CEO NEOs) as reported in the “Stock Awards” column in the Summary Compensation Table.
(iii)
The equity award adjustments include the addition (or subtraction, as applicable) as set forth in the chart below:
Year
Plus
Year End
Fair Value of
Outstanding
Unvested
Stock
Awards
Granted in
the Year
Year over
Year Change
(Positive or
Negative) in
Fair Value at
Year End of
Outstanding
and
Unvested
Stock
Awards
Granted in
Prior Years
Year over
Year Change
(Positive or
Negative) in
Fair Value of
Stock
Awards
Granted in
Prior Years
that Vested
in the Year
Less
Year End
Fair Value of
Awards
Granted in
Prior Years
that Failed to
Meet the
Applicable
Vesting
Conditions in
the Year
Plus
Value of
Dividends or
other
Earnings Paid
on Stock
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
Total Equity
Award
Adjustments
Company’s CEO
2024
10,635,126 (559,035) (20,706) 24,696 381,209 10,411,898
Average of Non-CEO NEOs
2024
2,713,420 (198,717) (4,396) 2,797 93,275 2,600,785
(2)
Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the price of our common stock at the end and the beginning of the measurement period by the price of our common stock at the beginning of the measurement period.
(3)
The peer group used for this purpose is the MSCI US REIT Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024.
(4)
The dollar amounts reported represent the amount of net income reflected as required in our audited consolidated financial statements for the applicable year.
(5)
Adjusted EBITDA is defined as EBITDA before stock-based compensation expense and the impact, which may be recurring in nature, of incremental acquisition, pursuit, transaction and integration costs (including unsuccessful acquisition pursuit costs), costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, and costs associated with the implementation of our enterprise resource planning system, costs related to the settlement with Windstream, goodwill impairment charges, severance costs, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). EBITDA is defined as net income before interest expense, provision for income taxes and depreciation and amortization. Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. Our computations of Adjusted EBITDA are consistent with that which was previously disclosed in our public filings for the years indicated.
       
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote
(1)
The dollar amounts reported in column (c) and (e) represent the amount of “compensation actually paid” to Mr. Gunderman, our CEO, for all applicable years and the average of the “compensation actually paid” to our Non-CEO NEOs. The dollar amounts reported as “compensation actually paid” do not reflect the actual amount of compensation earned by or paid to our CEO or our Non-CEO NEOs during the applicable years. The Non-CEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Messrs. Bullington, Heard, Friloux and Mudry (ii) for 2023, Messrs. Bullington, Heard, Friloux and Mudry; (iii) for 2022, Messrs. Bullington, Heard and Friloux; (iv) for 2021, Messrs. Bullington and Heard and Mr. Mark A. Wallace (our former CFO); and (v) for 2020, Messrs. Heard and Wallace. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to total compensation for each year to determine the compensation actually paid
       
Peer Group Issuers, Footnote
(3)
The peer group used for this purpose is the MSCI US REIT Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024.
       
PEO Total Compensation Amount $ 11,274,640 $ 4,857,820 $ 5,011,198 $ 5,018,444 $ 6,787,463
PEO Actually Paid Compensation Amount $ 13,261,690 4,917,699 (2,837,826) 6,289,079 10,076,404
Adjustment To PEO Compensation, Footnote
(1)
The dollar amounts reported in column (c) and (e) represent the amount of “compensation actually paid” to Mr. Gunderman, our CEO, for all applicable years and the average of the “compensation actually paid” to our Non-CEO NEOs. The dollar amounts reported as “compensation actually paid” do not reflect the actual amount of compensation earned by or paid to our CEO or our Non-CEO NEOs during the applicable years. The Non-CEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Messrs. Bullington, Heard, Friloux and Mudry (ii) for 2023, Messrs. Bullington, Heard, Friloux and Mudry; (iii) for 2022, Messrs. Bullington, Heard and Friloux; (iv) for 2021, Messrs. Bullington and Heard and Mr. Mark A. Wallace (our former CFO); and (v) for 2020, Messrs. Heard and Wallace. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to total compensation for each year to determine the compensation actually paid:
Year
Reported Summary
Compensation Table
(SCT) Total
(i)
Reported Value of
Equity Awards
(ii)
Equity Award
Adjustments
(iii)
Compensation
Actually Paid
A
B
C
A-B+C
Company’s CEO
2024
11,274,640 8,424,848 10,411,898 13,261,690
Average of Non-CEO NEOs
2024
3,009,006 2,108,049 2,600,785 3,501,742
(i)
Reflects the amounts (or the average amounts in regards to the Non-CEO NEOs) represented in the “Total” column of the Summary Compensation Table.
(ii)
Reflects the grant date fair value of equity awards granted to the CEO (or the average amounts with regard to the Non-CEO NEOs) as reported in the “Stock Awards” column in the Summary Compensation Table.
(iii)
The equity award adjustments include the addition (or subtraction, as applicable) as set forth in the chart below:
Year
Plus
Year End
Fair Value of
Outstanding
Unvested
Stock
Awards
Granted in
the Year
Year over
Year Change
(Positive or
Negative) in
Fair Value at
Year End of
Outstanding
and
Unvested
Stock
Awards
Granted in
Prior Years
Year over
Year Change
(Positive or
Negative) in
Fair Value of
Stock
Awards
Granted in
Prior Years
that Vested
in the Year
Less
Year End
Fair Value of
Awards
Granted in
Prior Years
that Failed to
Meet the
Applicable
Vesting
Conditions in
the Year
Plus
Value of
Dividends or
other
Earnings Paid
on Stock
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
Total Equity
Award
Adjustments
Company’s CEO
2024
10,635,126 (559,035) (20,706) 24,696 381,209 10,411,898
Average of Non-CEO NEOs
2024
2,713,420 (198,717) (4,396) 2,797 93,275 2,600,785
       
Non-PEO NEO Average Total Compensation Amount $ 3,009,006 1,390,429 1,503,743 2,396,584 2,825,391
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,501,742 1,402,202 330,113 2,078,726 3,502,562
Adjustment to Non-PEO NEO Compensation Footnote
(1)
The dollar amounts reported in column (c) and (e) represent the amount of “compensation actually paid” to Mr. Gunderman, our CEO, for all applicable years and the average of the “compensation actually paid” to our Non-CEO NEOs. The dollar amounts reported as “compensation actually paid” do not reflect the actual amount of compensation earned by or paid to our CEO or our Non-CEO NEOs during the applicable years. The Non-CEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Messrs. Bullington, Heard, Friloux and Mudry (ii) for 2023, Messrs. Bullington, Heard, Friloux and Mudry; (iii) for 2022, Messrs. Bullington, Heard and Friloux; (iv) for 2021, Messrs. Bullington and Heard and Mr. Mark A. Wallace (our former CFO); and (v) for 2020, Messrs. Heard and Wallace. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to total compensation for each year to determine the compensation actually paid:
Year
Reported Summary
Compensation Table
(SCT) Total
(i)
Reported Value of
Equity Awards
(ii)
Equity Award
Adjustments
(iii)
Compensation
Actually Paid
A
B
C
A-B+C
Company’s CEO
2024
11,274,640 8,424,848 10,411,898 13,261,690
Average of Non-CEO NEOs
2024
3,009,006 2,108,049 2,600,785 3,501,742
(i)
Reflects the amounts (or the average amounts in regards to the Non-CEO NEOs) represented in the “Total” column of the Summary Compensation Table.
(ii)
Reflects the grant date fair value of equity awards granted to the CEO (or the average amounts with regard to the Non-CEO NEOs) as reported in the “Stock Awards” column in the Summary Compensation Table.
(iii)
The equity award adjustments include the addition (or subtraction, as applicable) as set forth in the chart below:
Year
Plus
Year End
Fair Value of
Outstanding
Unvested
Stock
Awards
Granted in
the Year
Year over
Year Change
(Positive or
Negative) in
Fair Value at
Year End of
Outstanding
and
Unvested
Stock
Awards
Granted in
Prior Years
Year over
Year Change
(Positive or
Negative) in
Fair Value of
Stock
Awards
Granted in
Prior Years
that Vested
in the Year
Less
Year End
Fair Value of
Awards
Granted in
Prior Years
that Failed to
Meet the
Applicable
Vesting
Conditions in
the Year
Plus
Value of
Dividends or
other
Earnings Paid
on Stock
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
Total Equity
Award
Adjustments
Company’s CEO
2024
10,635,126 (559,035) (20,706) 24,696 381,209 10,411,898
Average of Non-CEO NEOs
2024
2,713,420 (198,717) (4,396) 2,797 93,275 2,600,785
       
Compensation Actually Paid vs. Total Shareholder Return
Cumulative TSR of the Company and Cumulative TSR of the Peer Group
The following graph compares the amount of compensation actually paid to our CEO and the average compensation actually paid to our Non-CEO NEOs with our cumulative TSR and the TSR of our peer group over the five years presented in the table.
[MISSING IMAGE: bc_tsr-pn.jpg]
       
Compensation Actually Paid vs. Net Income
Compensation Actually Paid and Net Income
The following graph compares the amount of compensation actually paid to our CEO and the average compensation paid to our Non-CEO NEOs to our net income over the five years presented in the table. We do not use net income as a performance measure in the overall executive compensation program because net income is impacted by non-cash items that may not be reflective of our performance.
[MISSING IMAGE: bc_netincome-pn.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid and Adjusted EBITDA
Because a significant portion of our NEOs’ compensation is comprised of equity grants, stock price and TSR likely represent the most important performance measures used by us to link compensation actually paid to the NEOs, for the most recently completed fiscal year, to our performance. Other than stock price and TSR, however, we believe Adjusted EBITDA is the financial performance measure that, in our assessment, represents the next most important performance measure (that is not otherwise required to be disclosed in the Pay Versus Performance Table) used by us to link compensation actually paid to the NEOs, for the most recently completed fiscal year, to our performance. This is because we use Adjusted EBITDA to assess and evaluate our performance on an unleveraged basis. Moreover, it is one of the most important and closely followed measures of our performance by the investing community and our stockholders.
While we do not utilize Adjusted EBITDA as a performance measure in our overall executive compensation program, we believe it is helpful in assessing our NEOs’ compensation relative to our Company’s performance because (i) Adjusted EBITDA generally correlates to Consolidated AFFO (one of the performance measures used in our 2024 STIP) and (ii) the other measures we used in the 2024 STIP are key drivers of Adjusted EBITDA and the measures that can be most directly influenced by our management team. As discussed in the Compensation Discussion & Analysis, less than 30% of our NEOs’ total target direct compensation consists of amounts determined under the 2024 STIP, which is consistent with the STIP in 2023, 2022, 2021 and 2020. Accordingly, while there is a closer correlation between Adjusted EBITDA and our NEOs’ payouts under our annual STIPs, our NEOs’ total compensation actually paid is much more heavily impacted by variations in our stock price than variations in those factors that can be directly influenced by our NEOs, such as Adjusted EBITDA or any measure used in our annual STIP.
While the table below shows growth in Adjusted EBITDA over the five years presented in the table, the amount of compensation actually paid to our CEO and the average compensation paid to our Non-CEO NEOs has not increased over the same period due in large part to stock price performance over the same period rather than variations in Adjusted EBITDA.
[MISSING IMAGE: bc_ebitda-pn.jpg]
       
Total Shareholder Return Vs Peer Group
Cumulative TSR of the Company and Cumulative TSR of the Peer Group
The following graph compares the amount of compensation actually paid to our CEO and the average compensation actually paid to our Non-CEO NEOs with our cumulative TSR and the TSR of our peer group over the five years presented in the table.
[MISSING IMAGE: bc_tsr-pn.jpg]
       
Tabular List, Table
Financial Performance Measures
As described in greater detail in the Compensation Discussion & Analysis, our executive compensation program reflects a variable pay-for-performance philosophy. The metrics that we use for both our short and long-term compensation programs are selected based on the objective of incentivizing the NEOs to increase the value of our enterprise for our shareholders. The most important financial performance measures used by us to link executive compensation actually paid to the NEOs, for the most recently completed fiscal year, to our performance are as follows:

Adjusted EBITDA

Consolidated AFFO

Consolidated Bookings

On-Time Delivery

Gross Margin

Relative TSR (our TSR as compared to a peer group established by the Compensation Committee)
       
Total Shareholder Return Amount $ 100 97 81 193 153
Peer Group Total Shareholder Return Amount 123 114 100 132 92
Net Income (Loss) $ 93,400,000 $ (81,700,000) $ (8,100,000) $ 124,700,000 $ (718,800,000)
Company Selected Measure Amount 940.1 923,500,000 905,900,000 878,300,000 818,800,000
PEO Name Mr. Gunderman        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Non-GAAP Measure Description
(5)
Adjusted EBITDA is defined as EBITDA before stock-based compensation expense and the impact, which may be recurring in nature, of incremental acquisition, pursuit, transaction and integration costs (including unsuccessful acquisition pursuit costs), costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, and costs associated with the implementation of our enterprise resource planning system, costs related to the settlement with Windstream, goodwill impairment charges, severance costs, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). EBITDA is defined as net income before interest expense, provision for income taxes and depreciation and amortization. Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. Our computations of Adjusted EBITDA are consistent with that which was previously disclosed in our public filings for the years indicated.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Consolidated AFFO        
Measure:: 3          
Pay vs Performance Disclosure          
Name Consolidated Bookings        
Measure:: 4          
Pay vs Performance Disclosure          
Name On-Time Delivery        
Measure:: 5          
Pay vs Performance Disclosure          
Name Gross Margin        
Measure:: 6          
Pay vs Performance Disclosure          
Name Relative TSR (our TSR as compared to a peer group established by the Compensation Committee)        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (8,424,848)        
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 10,411,898        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 10,635,126        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (559,035)        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (20,706)        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 24,696        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 381,209        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,108,049)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,600,785        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,713,420        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (198,717)        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,396)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,797        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 93,275