Business
Uniti Group Inc. Reports Third Quarter 2021 Results
Second Consecutive Quarter of Consolidated Bookings of ~$1 Million in Monthly Recurring Revenue Net Income of $0.17 Per Diluted Common Share for the Third
About this update from Uniti Group Inc.
[{"type":"text","content":"Second Consecutive Quarter of Consolidated Bookings of ~$1 Million in Monthly Recurring Revenue Net Income of $0.17 Per Diluted Common Share for the Third Quarter; Increase of $0.13 Per Diluted Common Share from the Prior Year Third QuarterAdjusted EBITDA and AFFO Grew 9% and 19% in the Third Quarter, Respectively, from the Prior Year Third QuarterAFFO Per Diluted Common Share of $0.43 for the Third QuarterUpdates 2021 Outlook LITTLE ROCK, Ark., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the third quarter of 2021. “Uniti continues to perform exceptionally well as evidenced by the second consecutive quarter of consolidated bookings of approximately $1.0 million in monthly recurring revenue, representing an increase of 90% from consolidated bookings in the third quarter of 2020. We continue to emphasize driving high margin recurring revenue while managing our capital intensity and industry leading monthly churn levels of 0.3%,” commented Kenny Gunderman, President and Chief Executive Officer. Mr. Gunderman continued, “Given these trends along with lower than expected operational costs, and the impact of our recent unsecured notes issuance, we are revising the mid-point of our full year 2021 outlook ranges.” QUARTERLY RESULTS Consolidated revenues for the third quarter of 2021 were $266.7 million. Net income and Adjusted EBITDA were $43.7 million and $217.2 million, respectively, for the same period. Net income attributable to common shares was $43.1 million for the period. Adjusted Funds From Operations (“AFFO”) attributable to common shareholders was $109.9 million, or $0.43 per diluted common share, an increase of 19% when compared to the third quarter of 2020. Uniti Fiber contributed $67.3 million of revenues and $27.6 million of Adjusted EBITDA for the third quarter of 2021, achieving Adjusted EBITDA margins of approximately 41%, up from 33% Adjusted EBITDA margins in the third quarter of 2020. Uniti Fiber’s net success-based capital expenditures during the quarter were $30.8 million. Uniti Leasing contributed revenues of $199.5 million and Adjusted EBITDA of $194.3 million for the third quarter, representing growth of 9% and 7%, respectively, when compared to the third quarter of 2020. During the quarter, Uniti Leasing deployed capital expenditu...