Business
Uniti Group Inc. Reports Second Quarter 2020 Results
Windstream’s Plan of Reorganization Receives Court ApprovalAnnounces Expanded Strategic Partnership with Macquarie Infrastructure Partners Revenues of $266.8
About this update from Uniti Group Inc.
[{"type":"text","content":"Windstream’s Plan of Reorganization Receives Court ApprovalAnnounces Expanded Strategic Partnership with Macquarie Infrastructure Partners \n Revenues of $266.8 Million for the Second QuarterNet Loss of $3.06 Per Diluted Common Share for the Second Quarter AFFO Per Diluted Common Share of $0.44 for the Second Quarter Updates 2020 Outlook Including Effects of Windstream Settlement Agreement LITTLE ROCK, Ark., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the second quarter 2020. “We continued to see strong operational performance across all of our businesses during the second quarter as the effects from COVID-19 remain minimal. At Uniti Fiber, we had one of our highest levels of install activity during the quarter, as demand for dark fiber, small cells, and non-wireless services remains robust. We continue to see positive momentum in our leasing business, and will expand our leasable fiber to third parties by 90% as part of the Windstream settlement,” commented Kenny Gunderman, President and Chief Executive Officer. Mr. Gunderman continued, “We remain focused on driving high margin, low churn recurring revenue in both our Uniti Fiber and Uniti Leasing businesses, while de-emphasizing non-core businesses that do not fit our overall strategy. As a result of these initiatives, 97% of our revenue is recurring, with company-wide monthly churn remaining below 0.3%, resulting in highly predictable and defensible cash flows.” QUARTERLY RESULTS Consolidated revenues for the second quarter of 2020 were $266.8 million. Net loss and Adjusted EBITDA were $598.3 million and $202.9 million, respectively, for the same period. Net loss attributable to common shares was $588.2 million for the period and included a $650 million charge relating to the settlement of litigation with Windstream, $63.7 million gain on the sale of our U.S. towers business, and $18.6 million of transaction related and other costs. Adjusted Funds From Operations (“AFFO”) attributable to common shareholders was $94.0 million, or $0.44 per diluted common share. Uniti Fiber contributed $79.1 million of revenues and $28.5 million of Adjusted EBITDA for the second quarter of 2020, achieving Adjusted EBITDA margins of approximately 36%. Uniti Fiber’s net success-based capital expenditures during the q...