Business
Uniti Group Inc. Provides 2023 Outlook and Reports Fourth Quarter and Full Year 2022 Results
Record Consolidated New Bookings and Gross Install Activity for Full Year 2022 Net Income (Loss) of $41.0 million and ($8.1) million for the Fourth Quarter
About this update from Uniti Group Inc.
[{"type":"text","content":" Record Consolidated New Bookings and Gross Install Activity for Full Year 2022 Net Income (Loss) of $41.0 million and ($8.1) million for the Fourth Quarter and Full Year, RespectivelyNet Income (Loss) of $0.13 and ($0.04) Per Diluted Common Share for the Fourth Quarter and Full Year, RespectivelyAdjusted EBITDA and AFFO Grew 3.1% and 5.8% for the Full Year, Respectively, from the Prior Full YearAFFO Per Diluted Common Share of $0.44 and $1.75 for the Fourth Quarter and Full Year, Respectively LITTLE ROCK, Ark., Feb. 24, 2023 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the fourth quarter and full year 2022. “2022 was an exceptional year for Uniti, with $3.6 million of new consolidated bookings and $3.5 million of gross install monthly recurring revenue added in 2022, resulting in the highest level of annual bookings and installs in the Company’s history. We expect to see continued strong levels of bookings and install activity in 2023 as demand for our product offerings remains robust and the need for higher bandwidth and dense fiber networks continues to grow. This strong demand over the past 5 years has led to us adding approximately 20,800 new route miles to our 135,000 route mile fiber network, the second largest independent fiber network in the country,” commented Kenny Gunderman, President and Chief Executive Officer. Mr. Gunderman continued, “After our most recent debt financings, we now have no significant debt maturities for almost 5 years, essentially all of our outstanding debt is fixed rate, and our current organic growth plan is effectively fully funded, providing Uniti significant advantages during the current uncertain economic and credit market conditions.” QUARTERLY RESULTS Consolidated revenues for the fourth quarter of 2022 were $283.7 million. Net income and Adjusted EBITDA were $41.0 million and $228.9 million, respectively, for the same period. Net income attributable to common shareholders was $40.7 million for the period, and included a $24.5 million goodwill impairment charge related to our Uniti Fiber segment that was driven by an increase in the macro interest rate environment. Adjusted Funds From Operations (“AFFO”) attributable to common shareholders was $115.3 million, or $0.44 per diluted common share. Uniti Fiber contributed $75.2 ...