Uniti(US:UNIT)2025-05-06 12:01Financial Performance - Uniti Group Inc. reported consolidated revenues of $293.9 million for Q1 2025, with a net income of $12.2 million and Adjusted EBITDA of $237.8 million, achieving an Adjusted EBITDA margin of approximately 81%[4] - Total revenues for Q1 2025 were $293.9 million, a 2% increase from $286.4 million in Q1 2024[22] - Net income attributable to common shareholders for Q1 2025 was $11.88 million, down 71% from $40.89 million in Q1 2024[22] - Adjusted EBITDA for Q1 2025 was $237.83 million, an increase of 4% compared to $228.63 million in Q1 2024[28] - Basic earnings per common share for Q1 2025 were $0.05, down from $0.17 in Q1 2024[26] - AFFO attributable to common shareholders was $92.3 million, or $0.35 per diluted common share for Q1 2025[4] Revenue Growth and Projections - Core recurring strategic fiber revenue grew approximately 4% year-over-year, while consolidated bookings increased by 40% compared to Q1 2024[2] - The company expects full-year 2025 revenues to be between $1,196 million and $1,216 million, with net income attributable to common shareholders projected between $90 million and $110 million[9] - Projected net income attributable to common shareholders for the year ending December 31, 2025, is estimated to be between $90 million and $110 million[30] - Net income attributable to common shareholders is projected to be between $0.38 and $0.46 for the year ended December 31, 2025[32] Debt and Cash Management - The company had approximately $592.0 million in unrestricted cash and cash equivalents at the end of the quarter, with a leverage ratio of 6.09x based on net debt to annualized Adjusted EBITDA[7] - Total debt as of March 31, 2025, was $5.48 billion, with a net debt of $5.39 billion[28] - The company reported a net decrease in cash and cash equivalents of $53.57 million for Q1 2025[24] Capital Expenditures and Operating Activities - Capital expenditures for Q1 2025 were $208.06 million, up from $167.94 million in Q1 2024[24] - Net cash provided by operating activities for Q1 2025 was $8.57 million, compared to $6.19 million in Q1 2024[24] Interest Expense and Financial Outlook - The company anticipates interest expense for the year 2025 to be approximately $535 million[30] - Interest expense on debt obligations is expected to total $503 million for the year ended December 31, 2025[34] - Total interest expense, net, is projected to be $535 million, including accretion of Windstream settlement payable and amortization of deferred financing costs[34] Merger and Business Outlook - The upcoming merger with Windstream is expected to close in Q3 2025, with strong investor support[3] - The company updated its 2025 outlook to reflect business unit level revisions and costs related to the merger, excluding any impact from the merger itself[8] Definitions and Non-GAAP Measures - The company defines EBITDA and Adjusted EBITDA as important non-GAAP measures to evaluate operating performance, excluding certain costs and expenses[35][36] - FFO is defined as net income attributable to common shareholders, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization[38] - AFFO excludes transaction-related costs and other non-recurring items to provide a clearer picture of ongoing operating performance[39] - The company uses FFO and AFFO as performance measures, which do not represent cash flows from operations or net income as defined by GAAP[39] Fiber Infrastructure - Uniti owns approximately 147,000 fiber route miles and 8.8 million fiber strand miles across the United States as of March 31, 2025[11]