Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Uniti Group Inc. (Exact name of Registrant as specified in its Charter) Maryland 46-5230630 (State or other jurisdiction of incorp ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-36708 Uniti Group Inc. (Exact name of registrant as specified in its charter) Maryland 46 ...

Financial Performance - Total revenues for Q2 2019 reached $264.4 million, a 6.4% increase from $247.3 million in Q2 2018[19] - Net income attributable to common shareholders for Q2 2019 was $38.2 million, compared to a net loss of $5.6 million in Q2 2018[19] - The company reported a comprehensive income of $10.1 million for Q2 2019, compared to $6.0 million in Q2 2018[22] - Net income for the six months ended June 30, 2019, was $42,039,000, compared to a net loss of $2,362,000 for the same period in 2018[30] - The company reported a net income of $42,039 for the six months ended June 30, 2019, compared to a net loss of $2,362 for the same period in 2018[187] - The company reported a net income attributable to shareholders for the three months ended June 30, 2019, was $38.717 million, compared to a loss of $3.503 million in the same period of 2018[175] Cash and Assets - Cash and cash equivalents increased significantly to $299.4 million as of June 30, 2019, up from $38.0 million at the end of 2018[17] - Total assets grew to $4.79 billion as of June 30, 2019, compared to $4.59 billion at the end of 2018[17] - The company reported a net cash increase of $261,368,000 for the six months ended June 30, 2019, compared to an increase of $16,735,000 in the same period of 2018[30] - The carrying value of property, plant, and equipment was $8.3 billion as of June 30, 2019, with net property, plant, and equipment at $3.2 billion[126] Liabilities and Debt - Total liabilities increased to $6.19 billion as of June 30, 2019, compared to $6.00 billion at the end of 2018[17] - The total principal balance of outstanding notes and other debt was $5.24 billion as of June 30, 2019, with a fair value of $5.05 billion[118] - The Company has a Senior Secured Term Loan B facility with a principal amount of $2.055 billion, maturing on October 24, 2022[144] - The Company repaid approximately $174 million in total borrowings on June 28, 2019, including $101.6 million required under the Fifth Amendment to the Credit Agreement[151] Revenue Segments - Revenue from the Master Lease with Windstream accounted for 65.2% of total revenue for the six months ended June 30, 2019, down from 70.0% in 2018[46] - Revenue from contracts with customers for the Fiber Infrastructure segment was $75.8 million for the three months ended June 30, 2019, up from $64.1 million in the same period of 2018, reflecting a growth of 18.5%[81] - The Leasing segment generated revenues of $177,042 for the three months ended June 30, 2019, compared to $173,885 in 2018, indicating a slight increase of 1.3%[185] - The Towers segment reported revenues of $3,146 for the three months ended June 30, 2019, compared to $2,472 in 2018, marking a growth of about 27.3%[185] Operating Expenses - Interest expense for Q2 2019 was $97.7 million, an increase from $79.4 million in Q2 2018[19] - The company’s operating expenses (exclusive of depreciation and amortization) increased to $40.2 million in Q2 2019, compared to $31.5 million in Q2 2018[19] - Depreciation expense for the six months ended June 30, 2019, was $194.0 million, compared to $216.9 million for the same period in 2018[127] Shareholder Equity - As of June 30, 2018, total shareholders' equity was $645,627,000, reflecting an increase from $645,403,000 as of March 31, 2018[25] - The balance of common stock increased to 183,122,757 shares by June 30, 2019, up from 175,028,835 shares as of June 30, 2018[25] - The total shareholders' equity at June 30, 2018, was $645.627 million, reflecting an increase from $644.328 million at December 31, 2017[27] Bankruptcy and Legal Issues - Windstream filed a complaint alleging that the Master Lease should be recharacterized as a financing arrangement, which could significantly affect current payments and the company's status as a REIT[192] - Windstream filed for Chapter 11 bankruptcy on February 25, 2019, following a federal court ruling against the company[215] - The court found that an "event of default" occurred regarding certain debt securities held by an entity that acquired Windstream's debt[215] - The bankruptcy filing took place in the U.S. Bankruptcy Court for the Southern District of New York[215] Future Outlook - The company expects to grow its portfolio through various transaction structures, including sale leaseback transactions and whole company acquisitions[208] - The company has deferred, reduced, or delayed cash dividends and capital expenditures as part of its plans to address potential liquidity issues related to Windstream's bankruptcy[41] - The company is subject to uncertainties regarding Windstream's bankruptcy restructuring, which could materially affect its financial condition and operations[44]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-36708 Uniti Group Inc. (Exact name of registrant as specified in its charter) Maryland 46-523 ...

Financial Performance - For the year ended December 31, 2018, the company reported revenues of $1,017.6 million, net income attributable to common shareholders of $8.0 million, Funds From Operations (FFO) of $373.7 million, and Adjusted Funds From Operations (AFFO) of $443.8 million[18]. - Uniti Group Inc. reported total revenues of $1,017.6 million for the year ended December 31, 2018, an increase of 11.1% from $916.0 million in 2017[321]. - The company's net income attributable to common shareholders was $7.99 million in 2018, compared to a net loss of $16.55 million in 2017[321]. - Total assets increased to $4,592.9 million as of December 31, 2018, up from $4,330.1 million in 2017, reflecting a growth of 6.1%[319]. - The company's total liabilities rose to $5,999.6 million in 2018, compared to $5,453.7 million in 2017, marking an increase of 10%[319]. - Comprehensive income attributable to common shareholders was $38.5 million in 2018, compared to $4.8 million in 2017[325]. - Cash flow from operating activities increased to $472,818,000 in 2018 from $405,260,000 in 2017, reflecting improved operational efficiency[335]. - The company incurred interest expenses of $319.6 million in 2018, up from $306.0 million in 2017, indicating a rise of 4.9%[321]. Revenue Sources - For the years ended December 31, 2018, 68.2%, 74.8%, and 87.9% of revenues were derived from leasing Distribution Systems to Windstream Holdings[52]. - Windstream Holdings, Inc. accounted for approximately 68.2% of Uniti's total revenues, raising substantial doubt about the company's ability to continue as a going concern due to Windstream's Chapter 11 bankruptcy filing[308]. - Revenue from the Master Lease with Windstream accounted for 68.2% of total revenue for the year ended December 31, 2018, down from 74.8% in 2017 and 87.9% in 2016, highlighting increasing revenue diversification[397]. Business Segments - The company operates through four reportable business segments: Uniti Fiber, Uniti Towers, Uniti Leasing, and Talk America[19]. - Talk America provides services to approximately 22,500 customers across 17 states, primarily through interconnection agreements with other telecommunications carriers[28]. - Uniti Towers' portfolio included 430 wireless communications towers in the U.S. and 498 towers in Latin America as of December 31, 2018[25]. Acquisitions and Investments - The acquisition of NMS included 366 wireless communication towers in Latin America for a total consideration of $62.6 million, funded through cash on hand[427]. - The acquisition of Information Transport Solutions, Inc. was completed for cash consideration of $59.6 million, expanding product offerings and strengthening customer relationships[431]. - The estimated fair values of assets acquired from ITS included $30.3 million assigned to customer relationships with a useful life of 14 years[433]. - The total purchase consideration for the NMS acquisition was $62.6 million, with significant intangible assets valued at $52.4 million[427]. Financial Position and Liquidity - As of December 31, 2018, the company had $38.0 million in unrestricted cash and $110 million of undrawn borrowing capacity under its revolving credit facility[40]. - The company has adequate liquidity to continue funding operations for twelve months after the issuance of the financial statements[347]. - The company has a variable rate Revolving Credit Facility of $750 million, with $110 million of undrawn borrowing capacity as of December 31, 2018[297]. Regulatory and Market Conditions - The company operates in a regulated market, subject to extensive federal, state, and local telecommunications laws and regulations, which could significantly affect operations and financial condition[54]. - The communications infrastructure industry is experiencing increased demand for bandwidth, driven by the growth of bandwidth-intensive devices and applications[31]. Risk Factors - Windstream filed for Chapter 11 bankruptcy on February 25, 2019, which may impact the Master Lease[53]. - The company has identified conditions that raise substantial doubt about its ability to continue as a going concern within one year after the issuance of the financial statements[346]. - Windstream's financial difficulties, including a Chapter 11 bankruptcy filing, pose a risk to the Company's revenue and cash flow, as Windstream is a significant source of leasing revenue[398][399]. Accounting and Reporting - The company adopted ASC Topic 606 on January 1, 2018, resulting in a net increase to opening retained earnings of $1.9 million due to capitalized commission costs[409]. - The Company must distribute at least 90% of its annual REIT taxable income to shareholders to maintain its REIT status, which could be impacted by Windstream's ability to meet its lease obligations[378][399]. - Stock-based compensation is accounted for using the fair value method, with the fair value of performance-based awards measured using a Monte Carlo simulation[376][377].