Uniti Group Inc. (NASDAQ:UNIT) Q4 2023 Earnings Conference Call February 29, 2024 8:30 AM ET Company Participants Kenny Gunderman - Chief Executive Officer Paul Bullington - Chief Financial Officer Conference Call Participants Greg Williams - TD Cowen Frank Louthan - Raymond James Michael Rollins - Citi David Barden - Bank of America Securities Simon Flannery - Morgan Stanley Operator Welcome to Uniti Group's Fourth Quarter 2023 Conference Call. My name is Gigi, and I will be your operator for today. A webc ...

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________________________________________________ FORM 10-Q _______________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ ...

Uniti Group Inc. (NASDAQ:UNIT) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET Company Participants Kenny Gunderman - President and Chief Executive Officer Paul Bullington - Chief Financial Officer Conference Call Participants Frank Louthan - Raymond James & Associates, Inc. Gregory Williams - TD Cowen David Barden - Bank of America Merrill Lynch Bora Lee - RBC Capital Markets Alana Papa - Morgan Stanley Operator Welcome to Uniti Group's Third Quarter 2023 Conference Call. My name is Howard, an ...

数 Uniti | --- | --- | --- | --- | |-------|-------|--------------------------------------|-------------------------------| | | | | | | | | | | | | | | | | | | | | | | | Third Quarter 2023 Financial Results | | | | | | | | | | Conference Call Presentation | | | | | | | | | | | | | | | | | | | | | | | | | | Together, Building the Future | Safe Harbor Certain statements in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as ...

: Uniti | --- | --- | --- | --- | --- | --- | |-------|-------|-------|----------------|---------------------------------------|-------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter 2023 Financial Results | | | | | | | | | | | | | | Conference Call Presentation | | | | | | | | | | | | | August 3, 2023 | | | | | | | | | | | | | | | | | | | | | | | Together, Building the Future | Safe Harbor Certain statements in this presentation may constitute forw ...

PART I. FINANCIAL INFORMATION This section covers unaudited financial statements, management's operational analysis, market risk, and internal controls [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements for Uniti Group Inc. for the quarterly period ended June 30, 2023 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$5.03 billion** and total liabilities to **$7.37 billion** by June 30, 2023, widening the shareholders' deficit to **$2.33 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$5,034,570** | **$4,851,229** | | Property, plant and equipment, net | $3,895,206 | $3,754,547 | | Cash and cash equivalents | $38,145 | $43,803 | | **Total Liabilities** | **$7,365,814** | **$7,122,435** | | Notes and other debt, net | $5,392,536 | $5,188,815 | | **Total Shareholders' Deficit** | **($2,331,244)** | **($2,271,206)** | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 2023 revenues remained flat at **$283.7 million**, while net income attributable to common shareholders significantly decreased to **$25.3 million** due to higher interest expense Income Statement Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $283,698 | $283,975 | $573,520 | $562,009 | | Interest Expense, net | $119,689 | $96,377 | $268,552 | $192,549 | | Net Income | $25,638 | $53,774 | $6,427 | $106,632 | | Net Income Attributable to Common Shareholders | $25,299 | $53,352 | $5,845 | $105,746 | | Diluted EPS | $0.11 | $0.21 | $0.02 | $0.42 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to **$199.8 million**, while cash used in investing increased to **$246.1 million**, and financing activities shifted to **$40.6 million** provided for the six months ended June 30, 2023 Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $199,831 | $234,608 | | Net cash used in investing activities | ($246,100) | ($150,756) | | Net cash provided by (used in) financing activities | $40,611 | ($81,350) | | **Net (decrease) increase in cash** | **($5,658)** | **$2,502** | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies, including business organization, revenue recognition, lease accounting, debt structure, segment information, and commitments - Uniti is an internally managed REIT focused on acquiring and constructing mission-critical communications infrastructure, operating through two primary business lines: Uniti Fiber and Uniti Leasing[31](index=31&type=chunk) - The company has a significant concentration of credit risk with Windstream, which accounted for **66.9% of revenue** for the six months ended June 30, 2023[37](index=37&type=chunk) - As of June 30, 2023, the company has future revenue (transaction price related to remaining performance obligations under ASC 606) of **$534.5 million**[48](index=48&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and operational results, analyzing segment performance, income statement items, non-GAAP measures, liquidity, and capital expenditures [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q2 2023 consolidated revenues were flat, with Uniti Leasing growth offset by a **9.1% decline** in Uniti Fiber revenue, leading to a **52% drop** in net income due to higher interest expense Uniti Leasing Revenue Breakdown - Q2 (in thousands) | Revenue Source | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Total Windstream Revenue | $192,746 | $186,915 | | Other Services | $19,707 | $18,699 | | **Total Uniti Leasing Revenues** | **$212,453** | **$205,614** | Uniti Fiber Revenue Breakdown - Q2 (in thousands) | Revenue Source | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Lit backhaul services | $19,453 | $19,937 | | Enterprise and wholesale | $23,410 | $21,001 | | E-Rate and government | $14,145 | $18,505 | | Dark fiber and small cells | $13,507 | $18,206 | | **Total Uniti Fiber Revenues** | **$71,245** | **$78,361** | - Interest expense for Q2 2023 increased by **$23.3 million** year-over-year, primarily due to higher cash interest on secured and unsecured notes[137](index=137&type=chunk) [Non-GAAP Financial Measures](index=46&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures show Q2 2023 Adjusted EBITDA at **$228.2 million** (slight increase) and AFFO attributable to common shareholders at **$91.0 million** (decrease) Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $25,638 | $53,774 | $6,427 | $106,632 | | **EBITDA** | **$218,237** | **$227,398** | **$422,252** | **$445,814** | | **Adjusted EBITDA** | **$228,167** | **$227,164** | **$459,368** | **$451,953** | Reconciliation to FFO and AFFO (in thousands) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net income attributable to common shareholders | $25,299 | $53,352 | $5,845 | $105,746 | | **FFO attributable to common shareholders** | **$80,363** | **$105,686** | **$115,835** | **$210,207** | | **AFFO attributable to common shareholders** | **$90,958** | **$114,897** | **$198,351** | **$227,239** | [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity includes **$38.1 million** cash and **$414.0 million** credit facility availability, with significant commitments to Windstream and **$247.3 million** in capital expenditures - Primary sources of liquidity are cash from operations, borrowings under the credit facility, and proceeds from debt and equity issuances[179](index=179&type=chunk) - The company is obligated to make cash payments to Windstream as part of a settlement, with **$264.4 million** paid to date out of a total **$490.1 million**, and is committed to reimburse Windstream for up to **$1.75 billion** in Growth Capital Improvements (GCIs) through 2029[178](index=178&type=chunk) Capital Expenditures for Six Months Ended June 30, 2023 (in thousands) | Category | Amount | | :--- | :--- | | Success Based (excluding GCIs) | $84,367 | | Growth Capital Improvements (GCIs) | $158,756 | | Maintenance | $3,744 | | Non-Network | $402 | | **Total Capital Expenditures** | **$247,269** | [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes from the market risk information reported in the company's Annual Report on Form 10-K - There have been no material changes to the company's market risk disclosures since the last Annual Report[202](index=202&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[204](index=204&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[205](index=205&type=chunk) PART II. OTHER INFORMATION This section details legal proceedings, risk factors, equity sales, other disclosures, and filed exhibits [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 13 of the Condensed Consolidated Financial Statements for a description of the company's legal proceedings - Details regarding legal proceedings are incorporated by reference from Note 13 - Commitments and Contingencies in the financial statements[207](index=207&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) This section indicates that there have been no material changes to the risk factors affecting the business since those disclosed in the company's Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the Annual Report[208](index=208&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Information on shares withheld from employees for tax obligations related to restricted stock vesting, totaling **1,831 shares** at **$3.73** average price Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased (shares) | Average Price Paid per Share ($) | | :--- | :--- | :--- | | April 2023 | 75 | $3.24 | | May 2023 | 1,756 | $3.75 | | June 2023 | 0 | N/A | | **Total** | **1,831** | **$3.73** | [Other Information](index=54&type=section&id=Item%205.%20Other%20Information) This section reports that during the three months ended June 30, 2023, none of the company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2023[211](index=211&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - Exhibits filed include Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to Sarbanes-Oxley Act Sections 302 and 906, and Inline XBRL documents[212](index=212&type=chunk)

Call Start: 08:30 January 1, 0000 9:14 AM ET Uniti Group, Inc. (NASDAQ:UNIT) Q2 2023 Earnings Conference Call August 03, 2023, 08:30 ET Company Participants Kenneth Gunderman - President, CEO & Director Paul Bullington - SVP, CFO & Treasurer Conference Call Participants Gregory Williams - TD Cowen David Barden - Bank of America Merrill Lynch Frank Louthan - Raymond James & Associates Operator Hello and welcome to Uniti Group's Second Quarter 2023 Conference Call. My name is [indiscernible] and I will be you ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited Q1 2023 financial statements show increased assets and liabilities, a $19.2 million net loss due to higher interest expense, and significant debt refinancing [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets rose to **$5.0 billion** and liabilities to **$7.3 billion** by March 31, 2023, increasing the shareholders' deficit to **$2.32 billion** | Balance Sheet Item | March 31, 2023 ($ thousands) | December 31, 2022 ($ thousands) | | :--- | :--- | :--- | | **Total Assets** | **$4,988,199** | **$4,851,229** | | Property, plant and equipment, net | $3,855,189 | $3,754,547 | | Cash and cash equivalents | $70,346 | $43,803 | | **Total Liabilities** | **$7,312,374** | **$7,122,435** | | Notes and other debt, net | $5,377,313 | $5,188,815 | | **Total Shareholders' Deficit** | **($2,324,175)** | **($2,271,206)** | [Condensed Consolidated Statements of Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Loss%29) For Q1 2023, Uniti reported a net loss, a significant shift from prior-year net income, primarily due to a substantial increase in interest expense | Income Statement Item | Q1 2023 ($ thousands) | Q1 2022 ($ thousands) | | :--- | :--- | :--- | | Total Revenues | $289,822 | $278,034 | | Interest Expense, net | $148,863 | $96,172 | | **Net (Loss) Income** | **($19,211)** | **$52,858** | | **Diluted (Loss) Income per Share** | **($0.08)** | **$0.21** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased in Q1 2023, while investing activities increased, and financing activities provided significant cash due to debt refinancing | Cash Flow Activity | Q1 2023 ($ thousands) | Q1 2022 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $14,562 | $63,221 | | Net cash used in investing activities | ($114,374) | ($94,349) | | Net cash provided by financing activities | $126,355 | $23,354 | | **Net increase (decrease) in cash** | **$26,543** | **($7,774)** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business structure, accounting policies, and financial components, highlighting revenue concentration from Windstream, major debt refinancing, and segment performance - Uniti is a REIT operating through two primary business lines: Uniti Fiber and Uniti Leasing[28](index=28&type=chunk) - A substantial portion of revenue (**66.0%** for Q1 2023) is derived from leases with Windstream, representing a significant concentration of credit risk[34](index=34&type=chunk) - In February 2023, the company issued **$2.6 billion** of 10.50% Senior Secured Notes due 2028 to redeem its 7.875% notes due 2025, resulting in a **$32.3 million** loss on extinguishment of debt[76](index=76&type=chunk) - The company has a commitment to reimburse Windstream for up to **$1.75 billion** in Growth Capital Improvements through 2029, with **$67.5 million** reimbursed in Q1 2023[98](index=98&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights revenue growth, a net loss driven by increased interest expense from debt refinancing, and maintained liquidity for operations and capital expenditures [1.Overview](index=30&type=section&id=1.Overview) Uniti operates as a REIT with Leasing and Fiber Infrastructure segments, with significant Windstream revenue, and completed a major debt refinancing and credit agreement amendment - Uniti operates as a REIT with two main segments: Leasing (acquiring and leasing assets) and Fiber Infrastructure (providing infrastructure solutions like backhaul and dark fiber)[115](index=115&type=chunk)[116](index=116&type=chunk) - In February 2023, the company issued **$2.6 billion** of 10.50% Senior Secured Notes due 2028 to redeem its 7.875% notes due 2025 and repay borrowings under its revolving credit facility[120](index=120&type=chunk) - In March 2023, the company amended its credit agreement, extending the maturity of its **$500 million** revolving credit facility to September 2027 and transitioning from LIBOR to Term SOFR[72](index=72&type=chunk)[129](index=129&type=chunk) [2.Results of Operations](index=34&type=section&id=2.Results%20of%20Operations) Q1 2023 saw total revenues increase, but the company reported a net loss primarily due to a significant rise in net interest expense, including a loss on debt extinguishment | Metric | Q1 2023 ($ thousands) | Q1 2022 ($ thousands) | | :--- | :--- | :--- | | Total Revenues | $289,822 | $278,034 | | Interest Expense, net | $148,863 | $96,172 | | **Net (Loss) Income** | **($19,211)** | **$52,858** | - Leasing revenues increased to **$210.8 million** in Q1 2023 from **$204.6 million** in Q1 2022, primarily due to higher cash revenue from Growth Capital Improvement (GCI) reimbursements and non-cash revenue from Tenant Funded Capital Improvements (TCIs)[135](index=135&type=chunk)[140](index=140&type=chunk) - Fiber Infrastructure revenues increased by **$5.6 million** year-over-year, driven by growth in dark fiber, small cells, and enterprise/wholesale services[147](index=147&type=chunk) - The increase in interest expense was primarily due to a **$32.3 million** loss on the extinguishment of the 2025 Secured Notes and higher cash interest payments[149](index=149&type=chunk) [3.Non-GAAP Financial Measures](index=41&type=section&id=3.Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Adjusted EBITDA, FFO, and AFFO, with Adjusted EBITDA increasing in Q1 2023 while FFO and AFFO decreased due to higher interest expense | Non-GAAP Metric | Q1 2023 ($ thousands) | Q1 2022 ($ thousands) | | :--- | :--- | :--- | | Adjusted EBITDA | $231,201 | $224,789 | | FFO attributable to common shareholders | $35,472 | $104,521 | | AFFO attributable to common shareholders | $107,393 | $112,342 | [4.Liquidity and Capital Resources](index=43&type=section&id=4.Liquidity%20and%20Capital%20Resources) As of March 31, 2023, Uniti maintained liquidity through cash and a revolving credit facility, funding debt service, operations, capital expenditures, and dividends, including commitments to Windstream - As of March 31, 2023, the company had **$70.3 million** in cash and cash equivalents and **$425.0 million** of borrowing availability under its Revolving Credit Facility[171](index=171&type=chunk) - The company is obligated to make cash payments to Windstream and reimburse up to **$1.75 billion** for Growth Capital Improvements (GCIs) through 2029, with annual reimbursement caps (e.g., **$225 million** for 2023)[169](index=169&type=chunk) Capital Expenditures (Q1 2023) | Capital Expenditures (Q1 2023) | Amount ($ thousands) | | :--- | :--- | | Success Based (Leasing & Fiber) | $45,240 | | Growth Capital Improvements (GCIs) | $67,511 | | Maintenance & Non-Network | $2,230 | | **Total Capital Expenditures** | **$114,981** | - A cash dividend of **$0.15** per share for the first quarter of 2023 was paid on April 14, 2023[188](index=188&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures were reported from the Annual Report on Form 10-K - There have been no material changes from the market risk information reported in the company's Annual Report[193](index=193&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of March 31, 2023[195](index=195&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[196](index=196&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings are detailed by reference in Note 13 of the Condensed Consolidated Financial Statements - Details regarding legal proceedings are provided in Note 13 - Commitments and Contingencies to the financial statements[199](index=199&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported from its Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the company's Annual Report[200](index=200&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, 218,673 common shares were withheld from employees at an average price of **$5.42** per share for tax withholding on vested restricted stock Shares Withheld for Tax Obligations | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Feb 2023 | 124,702 | $5.68 | | Mar 2023 | 93,971 | $5.07 | | **Total** | **218,673** | **$5.42** | - These share purchases represent shares withheld from employees to satisfy tax withholding obligations on vested restricted stock and are not part of a publicly announced buyback program[201](index=201&type=chunk) [Item 3. Defaults Upon Senior Securities](index=49&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[203](index=203&type=chunk) [Item 4. Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[203](index=203&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) No other information required under this item was reported by the company - None[203](index=203&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) Exhibits filed with Form 10-Q include the indenture for new secured notes, a credit agreement amendment, and officer certifications - Exhibits filed include the indenture for the 10.50% Senior Secured Notes due 2028 and Amendment No. 8 to the Credit Agreement[204](index=204&type=chunk)

Uniti Group Inc. (NASDAQ:UNIT) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET Company Participants Kenny Gunderman - CEO Paul Bullington - CFO Conference Call Participants Gregory Williams - TD Cowen Simon Flannery - Morgan Stanley Operator Welcome to Uniti Group's First Quarter 2023 Conference Call. My name is Jiji, 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. At this ...