Business
Uniti Group Inc. Reports Second Quarter 2023 Results
Reiterates 2023 Outlook for Revenue, Adjusted EBITDA and AFFO Net Income of $25.6 Million or $0.11 Per Diluted Common Share for the Second QuarterAFFO Per
About this update from Uniti Group Inc.
[{"type":"text","content":"Reiterates 2023 Outlook for Revenue, Adjusted EBITDA and AFFO Net Income of $25.6 Million or $0.11 Per Diluted Common Share for the Second QuarterAFFO Per Diluted Common Share of $0.34 for the Second Quarter LITTLE ROCK, Ark., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the second quarter 2023. “We continue to see robust demand for our fiber infrastructure, highlighted by $0.75 million of consolidated bookings during the quarter, a 20% increase from the prior quarter. Our consolidated core recurring revenue also showed continued resiliency with 4% growth during the quarter when compared to the same quarter in the prior year,” commented President and Chief Executive Officer, Kenny Gunderman. Mr. Gunderman continued, “As the second largest independent fiber provider in the country with a network spanning 138,000 route miles, Uniti is uniquely positioned to capitalize on all of the growing use cases of fiber, including mobile broadband, fixed wireless, fiber-to-the-home, small cells, fiber-to-the-tower, and hyperscaler connectivity. We see limited competitive threats to our infrastructure and a long runway of profitable growth.” QUARTERLY RESULTS Consolidated revenues for the second quarter of 2023 were $283.7 million. Net income and Adjusted EBITDA were $25.6 million and $228.2 million, respectively, for the same period, achieving Adjusted EBITDA margins of approximately 80%. Net income attributable to common shares was $25.3 million for the period. Adjusted Funds From Operations (“AFFO”) attributable to common shareholders was $91.0 million, or $0.34 per diluted common share. Uniti Fiber contributed $71.2 million of revenues and $25.2 million of Adjusted EBITDA for the second quarter of 2023. Revenue during the quarter was impacted by lower than expected non-recurring revenue related to equipment sales and installs and ETL fees. However, core recurring revenue grew approximately 5% during the quarter compared to the second quarter in the prior year. Uniti Fiber’s net success-based capital expenditures during the quarter were $31.2 million. Uniti Leasing contributed revenues of $212.5 million and Adjusted EBITDA of $206.6 million for the second quarter. During the quarter, Uniti Leasing deployed capital expenditures of $96.3 million primarily related ...