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Uniti Group Inc. Reports Fourth Quarter and Full Year 2024 Results
UNITUniti(UNIT) GlobeNewswire·2025-02-21 13:00

Core Insights - Uniti Group Inc. reported a transformational year in 2024, highlighted by a merger announcement with Windstream, significant growth in business segments, and efforts to strengthen its balance sheet [3][4] - The company achieved a 5% growth in core recurring strategic fiber revenue compared to 2023, with consolidated bookings increasing by 40% in Q4 2024 [3] - Uniti completed a landmark ABS financing transaction, raising 589million,whichwillbeusedtoenhancecapitalstructureandredeemexpensivedebt[4][12]FinancialPerformance−ForQ42024,Uniti′sconsolidatedrevenueswere589 million, which will be used to enhance capital structure and redeem expensive debt [4][12] Financial Performance - For Q4 2024, Uniti's consolidated revenues were 293.3 million, with net income of 21.6millionandAdjustedEBITDAof21.6 million and Adjusted EBITDA of 239.5 million, resulting in an Adjusted EBITDA margin of approximately 82% [5][10] - For the full year 2024, consolidated revenues reached 1.2billion,withnetincomeof1.2 billion, with net income of 93.4 million and Adjusted EBITDA of 940.1million[8][10]−UnitiFibergenerated940.1 million [8][10] - Uniti Fiber generated 71.7 million in revenues and 31.1millioninAdjustedEBITDAforQ42024,whileUnitiLeasingcontributed31.1 million in Adjusted EBITDA for Q4 2024, while Uniti Leasing contributed 221.7 million in revenues and 214.5millioninAdjustedEBITDA[6]CapitalExpendituresandDebtManagement−CombinedgrosscapitalexpendituresforUnitiFiberandUnitiLeasingwere214.5 million in Adjusted EBITDA [6] Capital Expenditures and Debt Management - Combined gross capital expenditures for Uniti Fiber and Uniti Leasing were 24.3 million in Q4 2024, offset by 23.6millioninupfrontcustomerpayments,resultinginnetsuccess−basedcapexof23.6 million in upfront customer payments, resulting in net success-based capex of 0.7 million [7] - The company utilized proceeds from the ABS financing to repay and terminate its existing ABS bridge facility and redeem 125millionofseniorsecurednotesdue2028[13]2025Outlook−Uniti′sconsolidatedoutlookfor2025estimatesrevenuesbetween125 million of senior secured notes due 2028 [13] 2025 Outlook - Uniti's consolidated outlook for 2025 estimates revenues between 1.196 billion and 1.216billion,withnetincomeattributabletocommonshareholdersprojectedbetween1.216 billion, with net income attributable to common shareholders projected between 95 million and 115million[15]−AdjustedEBITDAfor2025isexpectedtorangefrom115 million [15] - Adjusted EBITDA for 2025 is expected to range from 966 million to 986million,withinterestexpensesestimatedat986 million, with interest expenses estimated at 532 million [15] Balance Sheet and Liquidity - As of year-end 2024, Uniti had approximately 655.6millioninunrestrictedcashandcashequivalents,withaleverageratioof5.80xbasedonnetdebttoannualizedAdjustedEBITDA[14]−ThetotalassetsofUnitiincreasedto655.6 million in unrestricted cash and cash equivalents, with a leverage ratio of 5.80x based on net debt to annualized Adjusted EBITDA [14] - The total assets of Uniti increased to 5.282 billion in 2024, compared to $5.025 billion in 2023, reflecting growth in property, plant, and equipment [31]