Business
Uniti Group Inc. Reports Third Quarter 2020 Results
Announces Strategic OpCo-PropCo Transaction with Everstream Settlement of Litigation with Windstream Effective Revenues of $258.8 Million for the Third
About this update from Uniti Group Inc.
[{"type":"text","content":"Announces Strategic OpCo-PropCo Transaction with Everstream\n Settlement of Litigation with Windstream Effective Revenues of $258.8 Million for the Third QuarterNet Income of $0.04 Per Diluted Common Share for the Third Quarter AFFO Per Diluted Common Share of $0.42 for the Third Quarter Updates 2020 Outlook LITTLE ROCK, Ark., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the third quarter 2020. “Our fiber and leasing businesses continue to perform exceedingly well. Install activity during the quarter at Uniti Fiber remained robust reflecting the strong demand we continue to see for our wireless and non-wireless service offerings. At Uniti Leasing, we continue to drive additional lease up on our national fiber network. This was reflected in the Everstream transaction we are announcing today, reinforcing the substantial value of our national network, including the fiber Uniti acquired the rights to in its settlement with Windstream,” commented Kenny Gunderman, President and Chief Executive Officer. Mr. Gunderman continued, “The demand for our fiber networks has never been higher as we continue to drive high margin, low churn, recurring revenue to provide mission critical services.” QUARTERLY RESULTS Consolidated revenues for the third quarter of 2020 were $258.8 million. Net income and Adjusted EBITDA were $7.5 million and $198.6 million, respectively, for the same period. Net income attributable to common shares was $7.0 million for the period and included a $22.9 million pre-tax gain on the sale to Macquarie Infrastructure Partners (“MIP”) of a controlling ownership interest in the entity that holds a portion of Uniti’s former Midwest fiber network, and $20.8 million of transaction related and other costs. Adjusted Funds From Operations (“AFFO”) attributable to common shareholders was $92.5 million, or $0.42 per diluted common share. Uniti Fiber contributed $76.4 million of revenues and $25.4 million of Adjusted EBITDA for the third quarter of 2020, achieving Adjusted EBITDA margins of approximately 33%. Uniti Fiber’s net success-based capital expenditures during the quarter were $34.6 million, and maintenance capital expenditures were $1.6 million. Uniti Leasing contributed revenues of $182.4 million and Adjusted EBITDA of $181.1 million for the thi...