Our management, including our chief executive officer, who is our chief operating decision maker, manages our operations as four reportable segments in addition to our corporate operations, which include:

Leasing: Represents the results from our leasing business, Uniti Leasing, which is engaged in the acquisition of mission-critical communications assets and leasing them back to anchor customers on either an exclusive or shared-tenant basis.

Fiber Infrastructure: Represents the operations of our fiber business, Uniti Fiber, which is a leading provider of infrastructure solutions, including cell site backhaul and dark fiber, to the telecommunications industry.

Towers: Represents the operations of our towers business, Uniti Towers, through which we acquire and construct tower and tower-related real estate, which we then lease to our customers in the United States. On April 2, 2019, the Company completed the sale of LATAM and no longer has on-going operations in Latin America. On May 23, 2019, the Company completed the sale of substantially all of its ground lease business located across the United States. See Note 5.

Consumer CLEC: Represents the operations of Talk America Services (“Talk America”) through which we operate the Consumer CLEC Business, which prior to the Spin-Off was reported as an integrated operation within Windstream. Talk America provides local telephone, high-speed internet and long distance services to customers in the eastern and central United States.

Corporate: Represents our corporate and back office functions. Certain costs and expenses, primarily related to headcount, insurance, professional fees and similar charges, that are directly attributable to operations of our business segments are allocated to the respective segments.

Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, the impact, which may be recurring in nature, of transaction and integration related expenses, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, changes in the fair value of contingent consideration and financial instruments, and other similar items. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however, we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP.

Selected financial data related to our segments is presented below for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30, 2019
(Thousands)	Leasing			Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	177,042		$	81,327	$	3,146		$	2,899	$	-		$	264,414

Adjusted EBITDA	$	175,881		$	37,036	$	(42	)	$	565	$	(6,576	)	$	206,864
Less:
Interest expense															97,729
Depreciation and amortization		72,275			28,494		1,412			346		51			102,578
Other income															(22,275	)
Transaction related costs															7,035
Gain on sale of real estate		(4,960	)		-		(23,830	)		-		-			(28,790	)
Stock-based compensation															3,197
Income tax expense															7,843
Net income														$	39,547

	Three Months Ended June 30, 2018
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	173,885	$	67,389	$	2,472			3,583	$	-		$	247,329

Adjusted EBITDA	$	173,356	$	29,405	$	(1,167	)	$	928	$	(5,511	)	$	197,011
Less:
Interest expense														79,385
Depreciation and amortization		86,454		26,244		1,575			499		70			114,842
Other expense														3,349
Transaction related costs														3,789

Stock-based compensation														1,885
Income tax benefit														(2,646	)
Net loss													$	(3,593	)

	Six Months Ended June 30, 2019
(Thousands)	Leasing			Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	353,125		$	158,160	$	8,226		$	5,934	$	-		$	525,445

Adjusted EBITDA	$	350,632		$	67,036	$	283		$	1,211	$	(12,023	)	$	407,139
Less:
Interest expense															182,187
Depreciation and amortization		146,028			56,752		2,827			692		106			206,405
Other income															(25,388	)
Transaction related costs															13,704
Gain on sale of real estate		(4,960	)		-		(23,830	)		-		-			(28,790	)
Stock-based compensation															5,085
Income tax expense															11,897
Net income														$	42,039

	Six Months Ended June 30, 2018
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	346,659	$	134,356	$	5,842			7,387	$	-		$	494,244

Adjusted EBITDA	$	345,725	$	58,600	$	(1,630	)	$	1,841	$	(10,824	)	$	393,712
Less:
Interest expense														156,992
Depreciation and amortization		173,198		52,149		3,052			997		167			229,563
Other expense														(536	)
Transaction related costs														9,702

Stock-based compensation														4,095
Income tax benefit														(3,742	)
Net loss													$	(2,362	)