x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 46-5230630 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
2101 Riverfront Drive, Suite A Little Rock, Arkansas | 72202 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | UNIT | The NASDAQ Global Select Market |
Large accelerated filer | x | Accelerated filer | o | ||||||||
Non-accelerated filer | o | Smaller reporting company | o | ||||||||
Emerging growth company | o |
Page | ||||||||
Uniti Group Inc. | ||||||||
(Unaudited) | ||||||||||||||
(Thousands, except par value) | March 31, 2023 | December 31, 2022 | ||||||||||||
Assets: | ||||||||||||||
Property, plant and equipment, net | $ | 3,855,189 | $ | 3,754,547 | ||||||||||
Cash and cash equivalents | 70,346 | 43,803 | ||||||||||||
Accounts receivable, net | 53,594 | 42,631 | ||||||||||||
Goodwill | 361,378 | 361,378 | ||||||||||||
Intangible assets, net | 327,402 | 334,846 | ||||||||||||
Straight-line revenue receivable | 74,654 | 68,595 | ||||||||||||
Operating lease right-of-use assets, net | 85,551 | 88,545 | ||||||||||||
Other assets | 78,364 | 77,597 | ||||||||||||
Investment in unconsolidated entities | 38,337 | 38,656 | ||||||||||||
Deferred income tax assets, net | 43,384 | 40,631 | ||||||||||||
Total Assets | $ | 4,988,199 | $ | 4,851,229 | ||||||||||
Liabilities and Shareholders' Deficit: | ||||||||||||||
Liabilities: | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 125,832 | $ | 122,195 | ||||||||||
Settlement payable (Note 13) | 229,610 | 251,098 | ||||||||||||
Intangible liabilities, net | 164,418 | 167,092 | ||||||||||||
Accrued interest payable | 72,726 | 121,316 | ||||||||||||
Deferred revenue | 1,226,389 | 1,190,041 | ||||||||||||
Dividends payable | 35,855 | 2 | ||||||||||||
Operating lease liabilities | 64,045 | 66,356 | ||||||||||||
Finance lease obligations | 16,186 | 15,520 | ||||||||||||
Notes and other debt, net | 5,377,313 | 5,188,815 | ||||||||||||
Total liabilities | 7,312,374 | 7,122,435 | ||||||||||||
Commitments and contingencies (Note 13) | ||||||||||||||
Shareholders' Deficit: | ||||||||||||||
Preferred stock, $0.0001 par value, 50,000 shares authorized; no shares issued and outstanding | — | — | ||||||||||||
Common stock, $0.0001 par value, 500,000 shares authorized; issued and outstanding: 236,427 shares at March 31, 2023 and 235,829 at December 31, 2022 | 24 | 24 | ||||||||||||
Additional paid-in capital | 1,212,137 | 1,210,033 | ||||||||||||
Distributions in excess of accumulated earnings | (3,538,683) | (3,483,634) | ||||||||||||
Total Uniti shareholders' deficit | (2,326,522) | (2,273,577) | ||||||||||||
Noncontrolling interests: | ||||||||||||||
Operating partnership units | 2,097 | 2,121 | ||||||||||||
Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding | 250 | 250 | ||||||||||||
Total shareholders' deficit | (2,324,175) | (2,271,206) | ||||||||||||
Total Liabilities and Shareholders' Deficit | $ | 4,988,199 | $ | 4,851,229 |
Three Months Ended March 31, | ||||||||||||||
(Thousands, except per share data) | 2023 | 2022 | ||||||||||||
Revenues: | ||||||||||||||
Leasing | $ | 210,808 | $ | 204,641 | ||||||||||
Fiber Infrastructure | 79,014 | 73,393 | ||||||||||||
Total revenues | 289,822 | 278,034 | ||||||||||||
Costs and Expenses: | ||||||||||||||
Interest expense, net | 148,863 | 96,172 | ||||||||||||
Depreciation and amortization | 76,775 | 71,457 | ||||||||||||
General and administrative expense | 28,433 | 23,870 | ||||||||||||
Operating expense (exclusive of depreciation and amortization) | 35,068 | 34,976 | ||||||||||||
Transaction related and other costs | 2,788 | 1,714 | ||||||||||||
Other expense (income), net | 20,179 | (398) | ||||||||||||
Total costs and expenses | 312,106 | 227,791 | ||||||||||||
(Loss) income before income taxes and equity in earnings from unconsolidated entities | (22,284) | 50,243 | ||||||||||||
Income tax benefit | (2,412) | (2,071) | ||||||||||||
Equity in earnings from unconsolidated entities | (661) | (544) | ||||||||||||
Net (loss) income | (19,211) | 52,858 | ||||||||||||
Net (loss) income attributable to noncontrolling interests | (9) | 128 | ||||||||||||
Net (loss) income attributable to shareholders | (19,202) | 52,730 | ||||||||||||
Participating securities' share in earnings | (247) | (331) | ||||||||||||
Dividends declared on convertible preferred stock | (5) | (5) | ||||||||||||
Net (loss) income attributable to common shareholders | $ | (19,454) | $ | 52,394 | ||||||||||
(Loss) income per common share: | ||||||||||||||
Basic | $ | (0.08) | $ | 0.22 | ||||||||||
Diluted | $ | (0.08) | $ | 0.21 | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||
Basic | 236,090 | 235,046 | ||||||||||||
Diluted | 236,090 | 267,304 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Net (loss) income | $ | (19,211) | $ | 52,858 | ||||||||||
Other comprehensive income: | ||||||||||||||
Interest rate swap termination | — | 2,830 | ||||||||||||
Other comprehensive income | — | 2,830 | ||||||||||||
Comprehensive (loss) income | (19,211) | 55,688 | ||||||||||||
Comprehensive (loss) income attributable to noncontrolling interest | (9) | 135 | ||||||||||||
Comprehensive (loss) income attributable to shareholders | $ | (19,202) | $ | 55,553 |
For the three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Thousands, except share data) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Accumulated Earnings | Noncontrolling Interest - OP Units | Noncontrolling Interest - Non- voting Preferred Shares | Total Shareholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | — | $ | — | 234,779,247 | $ | 23 | $ | 1,214,830 | $ | (9,164) | $ | (3,333,481) | $ | 13,893 | $ | 125 | $ | (2,113,774) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 52,730 | 128 | — | 52,858 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 2,823 | — | 7 | — | 2,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends declared ($0.15 per share) | — | — | — | — | — | — | (35,905) | — | — | (35,905) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest declared | — | — | — | — | — | — | — | (82) | — | (82) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative non-voting convertible preferred stock | — | — | — | — | — | — | (125) | — | 125 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of noncontrolling interest | — | — | 157,733 | — | 3,158 | — | — | (3,158) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments related to tax withholding for stock-based compensation | — | — | — | — | (1,525) | — | — | — | — | (1,525) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 331,686 | — | 3,312 | — | — | — | — | 3,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - employee stock purchase plan | — | — | 29,324 | — | 264 | — | — | — | — | 264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31 2022 | — | $ | — | 235,297,990 | $ | 23 | $ | 1,220,039 | $ | (6,341) | $ | (3,316,781) | $ | 10,788 | $ | 250 | $ | (2,092,022) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | — | $ | — | 235,829,485 | $ | 24 | $ | 1,210,033 | $ | — | $ | (3,483,634) | $ | 2,121 | $ | 250 | $ | (2,271,206) | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | — | — | — | — | — | — | (19,202) | (9) | — | (19,211) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends declared ($0.15 per share) | — | — | — | — | — | — | (35,847) | — | — | (35,847) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest declared | — | — | — | — | — | — | — | (15) | — | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment for settlement of common stock warrant | — | — | — | — | (56) | — | — | — | — | (56) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination of bond hedge option | — | — | — | — | 59 | — | — | — | 59 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments related to tax withholding for stock-based compensation | — | — | — | — | (1,343) | — | — | — | — | (1,343) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 530,861 | — | 3,130 | — | — | — | — | 3,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - employee stock purchase plan | — | — | 66,904 | — | 314 | — | — | — | — | 314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | — | $ | — | 236,427,250 | $ | 24 | $ | 1,212,137 | — | $ | (3,538,683) | $ | 2,097 | $ | 250 | $ | (2,324,175) |
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Cash flow from operating activities | ||||||||||||||
Net (loss) income | $ | (19,211) | $ | 52,858 | ||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 76,775 | 71,457 | ||||||||||||
Amortization of deferred financing costs and debt discount | 4,963 | 4,514 | ||||||||||||
Loss on extinguishment of debt, net | 31,187 | — | ||||||||||||
Interest rate swap termination | — | 2,830 | ||||||||||||
Deferred income taxes | (2,754) | (3,664) | ||||||||||||
Equity in earnings of unconsolidated entities | (661) | (544) | ||||||||||||
Distributions of cumulative earnings from unconsolidated entities | 980 | 980 | ||||||||||||
Cash paid for interest rate swap settlement | — | (3,144) | ||||||||||||
Straight-line revenues and amortization of below-market lease intangibles | (9,427) | (11,022) | ||||||||||||
Stock-based compensation | 3,130 | 3,312 | ||||||||||||
Loss (gain) on asset disposals | (422) | 663 | ||||||||||||
Accretion of settlement obligation | 3,017 | 2,876 | ||||||||||||
Other | — | (318) | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable | (10,963) | (2,814) | ||||||||||||
Other assets | 6,553 | 157 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | (68,605) | (54,920) | ||||||||||||
Net cash provided by operating activities | 14,562 | 63,221 | ||||||||||||
Cash flow from investing activities | ||||||||||||||
Capital expenditures | (114,981) | (94,728) | ||||||||||||
Proceeds from sale of other equipment | 607 | 379 | ||||||||||||
Net cash used in investing activities | (114,374) | (94,349) | ||||||||||||
Cash flow from financing activities | ||||||||||||||
Repayment of debt | (2,263,662) | — | ||||||||||||
Proceeds from issuance of notes | 2,600,000 | — | ||||||||||||
Dividends paid | (9) | (105) | ||||||||||||
Payments of settlement payable | (24,505) | — | ||||||||||||
Borrowings under revolving credit facility | 140,000 | 85,000 | ||||||||||||
Payments under revolving credit facility | (253,000) | (60,000) | ||||||||||||
Finance lease payments | (452) | (280) | ||||||||||||
Payments for financing costs | (26,688) | — | ||||||||||||
Payment for settlement of common stock warrant | (56) | — | ||||||||||||
Termination of bond hedge option | 59 | — | ||||||||||||
Costs related to the early repayment of debt | (44,303) | — | ||||||||||||
Employee stock purchase program | 314 | 264 | ||||||||||||
Payments related to tax withholding for stock-based compensation | (1,343) | (1,525) | ||||||||||||
Net cash provided by financing activities | 126,355 | 23,354 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 26,543 | (7,774) | ||||||||||||
Cash and cash equivalents at beginning of period | 43,803 | 58,903 | ||||||||||||
Cash and cash equivalents at end of period | $ | 70,346 | $ | 51,129 | ||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Property and equipment acquired but not yet paid | $ | 13,049 | $ | 13,338 | ||||||||||
Tenant capital improvements | 81,592 | 38,669 |
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Revenue disaggregated by revenue stream | ||||||||||||||
Revenue from contracts with customers | ||||||||||||||
Fiber Infrastructure | ||||||||||||||
Lit backhaul | $ | 19,522 | $ | 19,438 | ||||||||||
Enterprise and wholesale | 22,576 | 20,935 | ||||||||||||
E-Rate and government | 13,891 | 14,276 | ||||||||||||
Other | 748 | 661 | ||||||||||||
Fiber Infrastructure | $ | 56,737 | $ | 55,310 | ||||||||||
Leasing | 1,165 | 1,159 | ||||||||||||
Total revenue from contracts with customers | 57,902 | 56,469 | ||||||||||||
Revenue accounted for under leasing guidance | ||||||||||||||
Leasing | 209,643 | 203,482 | ||||||||||||
Fiber Infrastructure | 22,277 | 18,083 | ||||||||||||
Total revenue accounted for under leasing guidance | 231,920 | 221,565 | ||||||||||||
Total revenue | $ | 289,822 | $ | 278,034 |
(Thousands) | Contract Assets | Contract Liabilities | ||||||||||||
Balance at December 31, 2022 | $ | 173 | $ | 8,699 | ||||||||||
Balance at March 31, 2023 | $ | 69 | $ | 10,217 |
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Lease income - operating leases | $ | 231,920 | $ | 221,565 |
(Thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||
Land | $ | 26,549 | $ | 26,549 | ||||||||||
Building and improvements | 346,636 | 346,093 | ||||||||||||
Poles | 299,799 | 296,941 | ||||||||||||
Fiber | 3,638,160 | 3,529,835 | ||||||||||||
Equipment | 437 | 437 | ||||||||||||
Copper | 3,972,704 | 3,964,439 | ||||||||||||
Conduit | 89,963 | 89,963 | ||||||||||||
Tower assets | 1,397 | 1,397 | ||||||||||||
Finance lease assets | 28,126 | 28,126 | ||||||||||||
Other assets | 10,434 | 10,434 | ||||||||||||
8,414,205 | 8,294,214 | |||||||||||||
Less: accumulated depreciation | (5,586,881) | (5,542,726) | ||||||||||||
Underlying assets under operating leases, net | $ | 2,827,324 | $ | 2,751,488 |
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Depreciation expense for underlying assets under operating leases | $ | 45,206 | $ | 43,187 |
(Thousands) | Operating Leases | Finance Leases | ||||||||||||
2023 | $ | 12,340 | $ | 2,103 | ||||||||||
2024 | 14,031 | 2,616 | ||||||||||||
2025 | 11,346 | 2,562 | ||||||||||||
2026 | 8,663 | 2,562 | ||||||||||||
2027 | 6,103 | 2,444 | ||||||||||||
Thereafter | 45,502 | 12,708 | ||||||||||||
Total undiscounted lease payments | $ | 97,985 | $ | 24,995 | ||||||||||
Less: imputed interest | (33,940) | (8,809) | ||||||||||||
Total lease liabilities | $ | 64,045 | $ | 16,186 |
(Thousands) | Total | Quoted Prices in Active Markets (Level 1) | Prices with Other Observable Inputs (Level 2) | Prices with Unobservable Inputs (Level 3) | ||||||||||||||||||||||
At March 31, 2023 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Senior secured notes - 10.50%, due February 15, 2028 | $ | 2,531,945 | $ | — | $ | 2,531,945 | $ | — | ||||||||||||||||||
Senior secured notes - 4.75%, due April 15, 2028 | 444,560 | — | 444,560 | — | ||||||||||||||||||||||
Exchangeable senior notes - 4.00%, due June 15, 2024 | 111,751 | — | 111,751 | — | ||||||||||||||||||||||
Convertible senior notes - 7.50% due December 1, 2027 | 230,215 | — | 230,215 | — | ||||||||||||||||||||||
Senior unsecured notes - 6.50%, due February 15, 2029 | 680,003 | — | 680,003 | — | ||||||||||||||||||||||
Senior unsecured notes - 6.00%, due January 15, 2030 | 415,342 | — | 415,342 | — | ||||||||||||||||||||||
Senior secured revolving credit facility, variable rate, due December 10, 2024 | 74,992 | — | 74,992 | — | ||||||||||||||||||||||
Settlement payable | 211,725 | — | 211,725 | — | ||||||||||||||||||||||
Total | $ | 4,700,533 | $ | — | $ | 4,700,533 | $ | — |
(Thousands) | Total | Quoted Prices in Active Markets (Level 1) | Prices with Other Observable Inputs (Level 2) | Prices with Unobservable Inputs (Level 3) | ||||||||||||||||||||||
At December 31, 2022 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Senior secured notes - 7.875%, due February 15, 2025 | $ | 2,208,319 | $ | — | $ | 2,208,319 | $ | — | ||||||||||||||||||
Senior secured notes - 4.75%, due April 15, 2028 | 469,740 | — | 469,740 | — | ||||||||||||||||||||||
Exchangeable senior notes - 4.00%, due June 15, 2024 | 127,024 | — | 127,024 | — | ||||||||||||||||||||||
Senior unsecured notes - 6.50% , due February 15, 2029 | 759,917 | — | 759,917 | — | ||||||||||||||||||||||
Senior unsecured notes - 6.00%, due January 15, 2030 | 467,401 | — | 467,401 | — | ||||||||||||||||||||||
Convertible senior notes - 7.50%, due December 1, 2027 | 297,765 | — | 297,765 | — | ||||||||||||||||||||||
Senior secured revolving credit facility, variable rate, due December 10, 2024 | 187,981 | — | 187,981 | — | ||||||||||||||||||||||
Settlement payable | 232,350 | — | 232,350 | — | ||||||||||||||||||||||
Total | $ | 4,750,497 | $ | — | $ | 4,750,497 | $ | — |
(Thousands) | Depreciable Lives | March 31, 2023 | December 31, 2022 | |||||||||||||||||
Land | Indefinite | $ | 28,963 | $ | 28,845 | |||||||||||||||
Building and improvements | 3 - 40 years | 363,913 | 363,077 | |||||||||||||||||
Poles | 30 years | 299,799 | 296,941 | |||||||||||||||||
Fiber | 30 years | 4,556,716 | 4,434,506 | |||||||||||||||||
Equipment | 5 - 7 years | 426,127 | 399,473 | |||||||||||||||||
Copper | 20 years | 3,972,704 | 3,964,439 | |||||||||||||||||
Conduit | 30 years | 89,963 | 89,963 | |||||||||||||||||
Tower assets | 20 years | 5,361 | 5,619 | |||||||||||||||||
Finance lease assets | (1) | 74,585 | 73,487 | |||||||||||||||||
Other assets | 15 - 20 years | 10,436 | 10,436 | |||||||||||||||||
Corporate assets | 3 - 7 years | 15,266 | 14,883 | |||||||||||||||||
Construction in progress | (1) | 56,387 | 46,508 | |||||||||||||||||
9,900,220 | 9,728,177 | |||||||||||||||||||
Less accumulated depreciation | (6,045,031) | (5,973,630) | ||||||||||||||||||
Net property, plant and equipment | $ | 3,855,189 | $ | 3,754,547 |
(Thousands) | Fiber Infrastructure | Total | ||||||||||||
Goodwill at December 31, 2022 | $ | 672,878 | $ | 672,878 | ||||||||||
Accumulated impairment charges as of December 31, 2022 | (311,500) | (311,500) | ||||||||||||
Balance at December 31, 2022 | $ | 361,378 | $ | 361,378 | ||||||||||
Goodwill at March 31, 2023 | $ | 672,878 | $ | 672,878 | ||||||||||
Accumulated impairment charges as of March 31, 2023 | (311,500) | (311,500) | ||||||||||||
Balance at March 31, 2023 | $ | 361,378 | $ | 361,378 |
(Thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Original Cost | Accumulated Amortization | Original Cost | Accumulated Amortization | |||||||||||||||||||||||
Finite life intangible assets: | ||||||||||||||||||||||||||
Customer lists | $ | 416,104 | $ | (134,443) | $ | 416,104 | $ | (128,728) | ||||||||||||||||||
Contracts | 52,536 | (16,417) | 52,536 | (14,776) | ||||||||||||||||||||||
Underlying Rights | 10,497 | (875) | 10,497 | (787) | ||||||||||||||||||||||
Total intangible assets | $ | 479,137 | $ | 479,137 | ||||||||||||||||||||||
Less: accumulated amortization | (151,735) | (144,291) | ||||||||||||||||||||||||
Total intangible assets, net | $ | 327,402 | $ | 334,846 | ||||||||||||||||||||||
Finite life intangible liabilities: | ||||||||||||||||||||||||||
Below-market leases | $ | 191,154 | (26,736) | $ | 191,154 | (24,062) | ||||||||||||||||||||
Finite life intangible liabilities: | ||||||||||||||||||||||||||
Below-market leases | $ | 191,154 | $ | 191,154 | ||||||||||||||||||||||
Less: accumulated amortization | (26,736) | (24,062) | ||||||||||||||||||||||||
Total intangible liabilities, net | $ | 164,418 | $ | 167,092 |
(Thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||
Principal amount | $ | 5,484,442 | $ | 5,262,373 | ||||||||||
Less unamortized discount, premium and debt issuance costs | (107,129) | (73,558) | ||||||||||||
Notes and other debt less unamortized discount, premium and debt issuance costs | $ | 5,377,313 | $ | 5,188,815 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
(Thousands) | Principal | Unamortized Discount, Premium and Debt Issuance Costs | Principal | Unamortized Discount, Premium and Debt Issuance Costs | ||||||||||||||||||||||
Senior secured notes - 7.875% due February 15, 2025 (discount is based on imputed interest rate of 8.38%) | $ | — | $ | — | $ | 2,250,000 | $ | (22,239) | ||||||||||||||||||
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 11.06%) | 2,600,000 | (54,994) | — | — | ||||||||||||||||||||||
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%) | 570,000 | (7,337) | 570,000 | (7,654) | ||||||||||||||||||||||
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%) | 122,942 | (1,107) | 137,873 | (1,501) | ||||||||||||||||||||||
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%) | 306,500 | (9,362) | 306,500 | (9,768) | ||||||||||||||||||||||
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%) | 700,000 | (10,234) | 700,000 | (10,535) | ||||||||||||||||||||||
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%) | 1,110,000 | (17,641) | 1,110,000 | (18,245) | ||||||||||||||||||||||
Senior secured revolving credit facility, variable rate, due December 10, 2024 | 75,000 | (6,454) | 188,000 | (3,616) | ||||||||||||||||||||||
Total | $ | 5,484,442 | $ | (107,129) | $ | 5,262,373 | $ | (73,558) | ||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(Thousands, except per share data) | 2023 | 2022 | ||||||||||||
Basic earnings per share: | ||||||||||||||
Numerator: | ||||||||||||||
Net (loss) income attributable to shareholders | $ | (19,202) | $ | 52,730 | ||||||||||
Less: Income allocated to participating securities | (247) | (331) | ||||||||||||
Dividends declared on convertible preferred stock | (5) | (5) | ||||||||||||
Net (loss) income attributable to common shares | $ | (19,454) | $ | 52,394 | ||||||||||
Denominator: | ||||||||||||||
Basic weighted-average common shares outstanding | 236,090 | 235,046 | ||||||||||||
Basic (loss) earnings per common share | $ | (0.08) | $ | 0.22 |
Three Months Ended March 31, | ||||||||||||||
(Thousands, except per share data) | 2023 | 2022 | ||||||||||||
Diluted earnings per share: | ||||||||||||||
Numerator: | ||||||||||||||
Net (loss) income attributable to shareholders | $ | (19,202) | $ | 52,730 | ||||||||||
Less: Income allocated to participating securities | (247) | (331) | ||||||||||||
Dividends declared on convertible preferred stock | (5) | (5) | ||||||||||||
Impact on if-converted dilutive securities | — | 2,994 | ||||||||||||
Net (loss) income attributable to common shares | $ | (19,454) | $ | 55,388 | ||||||||||
Denominator: | ||||||||||||||
Basic weighted-average common shares outstanding | 236,090 | 235,046 | ||||||||||||
Effect of dilutive non-participating securities | — | 1,226 | ||||||||||||
Impact on if-converted dilutive securities | — | 31,032 | ||||||||||||
Weighted-average shares for dilutive earnings per common share | 236,090 | 267,304 | ||||||||||||
Dilutive (loss) earnings per common share | $ | (0.08) | $ | 0.21 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
(Thousands) | Leasing | Fiber Infrastructure | Corporate | Subtotal of Reportable Segments | ||||||||||||||||||||||
Revenues | $ | 210,808 | $ | 79,014 | $ | — | $ | 289,822 | ||||||||||||||||||
Adjusted EBITDA | $ | 204,966 | $ | 33,674 | $ | (7,439) | $ | 231,201 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest expense | 148,863 | |||||||||||||||||||||||||
Depreciation and amortization | 44,173 | 32,586 | 16 | 76,775 | ||||||||||||||||||||||
Transaction related and other costs | 2,788 | |||||||||||||||||||||||||
Other, net | 20,513 | |||||||||||||||||||||||||
Stock-based compensation | 3,130 | |||||||||||||||||||||||||
Income tax benefit | (2,412) | |||||||||||||||||||||||||
Adjustments for equity in earnings from unconsolidated entities | 755 | |||||||||||||||||||||||||
Net loss | $ | (19,211) |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
(Thousands) | Leasing | Fiber Infrastructure | Corporate | Subtotal of Reportable Segments | ||||||||||||||||||||||
Revenues | $ | 204,641 | $ | 73,393 | $ | — | $ | 278,034 | ||||||||||||||||||
Adjusted EBITDA | $ | 198,973 | $ | 31,459 | $ | (5,643) | $ | 224,789 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest expense | 96,172 | |||||||||||||||||||||||||
Depreciation and amortization | 42,102 | 29,319 | 36 | 71,457 | ||||||||||||||||||||||
Transaction related and other costs | 1,714 | |||||||||||||||||||||||||
Other, net | 361 | |||||||||||||||||||||||||
Stock-based compensation | 3,312 | |||||||||||||||||||||||||
Income tax benefit | (2,071) | |||||||||||||||||||||||||
Adjustments for equity in earnings from unconsolidated entities | 986 | |||||||||||||||||||||||||
Net income | $ | 52,858 |
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Cash flow hedge changes in fair value: | ||||||||||||||
Balance at beginning of period attributable to shareholders | $ | (30,353) | $ | (30,353) | ||||||||||
Balance at end of period attributable to shareholders | (30,353) | (30,353) | ||||||||||||
Interest rate swap termination: | ||||||||||||||
Balance at beginning of period attributable to shareholders | 30,353 | 21,189 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 2,830 | ||||||||||||
Balance at end of period | 30,353 | 24,019 | ||||||||||||
Less: Other comprehensive income attributable to noncontrolling interest | — | 7 | ||||||||||||
Balance at end of period attributable to shareholders | 30,353 | 24,012 | ||||||||||||
Accumulated other comprehensive loss at end of period | $ | — | $ | (6,341) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(Thousands) | Amount | % of Revenues | Amount | % of Revenues | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Leasing | $ | 210,808 | 72.7% | $ | 204,641 | 73.6% | ||||||||||||||||||||
Fiber Infrastructure | 79,014 | 27.3% | 73,393 | 26.4% | ||||||||||||||||||||||
Total revenues | 289,822 | 100.0% | 278,034 | 100.0% | ||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||
Interest expense, net | 148,863 | 51.4% | 96,172 | 34.5% | ||||||||||||||||||||||
Depreciation and amortization | 76,775 | 26.5% | 71,457 | 25.7% | ||||||||||||||||||||||
General and administrative expense | 28,433 | 9.8% | 23,870 | 8.6% | ||||||||||||||||||||||
Operating expense (exclusive of depreciation and amortization) | 35,068 | 12.1% | 34,976 | 12.6% | ||||||||||||||||||||||
Transaction related and other costs | 2,788 | 1.0% | 1,714 | 0.6% | ||||||||||||||||||||||
Other expense (income), net | 20,179 | 7.0% | (398) | (0.1)% | ||||||||||||||||||||||
Total costs and expenses | 312,106 | 107.7% | 227,791 | 81.9% | ||||||||||||||||||||||
(Loss) income before income taxes and equity in earnings from unconsolidated entities | (22,284) | (7.6)% | 50,243 | 18.1% | ||||||||||||||||||||||
Income tax benefit | (2,412) | (0.8%) | (2,071) | (0.7%) | ||||||||||||||||||||||
Equity in earnings from unconsolidated entities | (661) | (0.2%) | (544) | (0.2%) | ||||||||||||||||||||||
Net (loss) income | (19,211) | (6.6%) | 52,858 | 19.0% | ||||||||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (9) | (0.0)% | 128 | 0.1% | ||||||||||||||||||||||
Net (loss) income attributable to shareholders | (19,202) | (6.6)% | 52,730 | 18.9% | ||||||||||||||||||||||
Participating securities' share in earnings | (247) | (0.1%) | (331) | (0.1%) | ||||||||||||||||||||||
Dividends declared on convertible preferred stock | (5) | (0.0%) | (5) | (0.0%) | ||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (19,454) | (6.7)% | $ | 52,394 | 18.8% |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
(Thousands) | Leasing | Fiber Infrastructure | Corporate | Subtotal of Reportable Segments | ||||||||||||||||||||||
Revenues | $ | 210,808 | $ | 79,014 | $ | — | $ | 289,822 | ||||||||||||||||||
Adjusted EBITDA | $ | 204,966 | $ | 33,674 | $ | (7,439) | $ | 231,201 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest expense | 148,863 | |||||||||||||||||||||||||
Depreciation and amortization | 44,173 | 32,586 | 16 | 76,775 | ||||||||||||||||||||||
Transaction related and other costs | 2,788 | |||||||||||||||||||||||||
Other, net | 20,513 | |||||||||||||||||||||||||
Stock-based compensation | 3,130 | |||||||||||||||||||||||||
Income tax benefit | (2,412) | |||||||||||||||||||||||||
Adjustments for equity in earnings from unconsolidated entities | 755 | |||||||||||||||||||||||||
Net loss | $ | (19,211) |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
(Thousands) | Leasing | Fiber Infrastructure | Corporate | Subtotal of Reportable Segments | ||||||||||||||||||||||
Revenues | $ | 204,641 | $ | 73,393 | $ | — | $ | 278,034 | ||||||||||||||||||
Adjusted EBITDA | $ | 198,973 | $ | 31,459 | $ | (5,643) | $ | 224,789 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest expense | 96,172 | |||||||||||||||||||||||||
Depreciation and amortization | 42,102 | 29,319 | 36 | 71,457 | ||||||||||||||||||||||
Transaction related and other costs | 1,714 | |||||||||||||||||||||||||
Other, net | 361 | |||||||||||||||||||||||||
Stock-based compensation | 3,312 | |||||||||||||||||||||||||
Income tax benefit | (2,071) | |||||||||||||||||||||||||
Adjustments for equity in earnings from unconsolidated entities | 986 | |||||||||||||||||||||||||
Net income | $ | 52,858 |
Operating Metrics | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2023 | 2022 | % Increase / (Decrease) | ||||||||||||||||||
Operating metrics: | ||||||||||||||||||||
Leasing: | ||||||||||||||||||||
Fiber strand miles | 5,380,000 | 4,910,000 | 9.6% | |||||||||||||||||
Copper strand miles | 230,000 | 230,000 | 0.0% | |||||||||||||||||
Fiber Infrastructure: | ||||||||||||||||||||
Fiber strand miles | 2,880,000 | 2,760,000 | 4.3% | |||||||||||||||||
Customer connections | 27,693 | 26,631 | 4.0% |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(Thousands) | Amount | % of Consolidated Revenues | Amount | % of Consolidated Revenues | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Leasing | $ | 210,808 | 72.7% | $ | 204,641 | 73.6% | ||||||||||||||||||||
Fiber Infrastructure | 79,014 | 27.3% | 73,393 | 26.4% | ||||||||||||||||||||||
Total revenues | $ | 289,822 | 100.0% | $ | 278,034 | 100.0% |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(Thousands) | Amount | % of Segment Revenues | Amount | % of Segment Revenues | ||||||||||||||||||||||
Leasing revenues: | ||||||||||||||||||||||||||
Windstream Leases: | ||||||||||||||||||||||||||
Cash revenue | ||||||||||||||||||||||||||
Cash rent | $ | 167,500 | 79.5% | $ | 166,667 | 81.5% | ||||||||||||||||||||
GCI revenue | 6,429 | 3.0% | 1,929 | 0.9% | ||||||||||||||||||||||
Total cash revenue | 173,929 | 82.5% | 168,596 | 82.4% | ||||||||||||||||||||||
Non-cash revenue | ||||||||||||||||||||||||||
TCI revenue | 11,369 | 5.4% | 10,407 | 5.1% | ||||||||||||||||||||||
GCI revenue | 3,604 | 1.7% | 3,841 | 1.9% | ||||||||||||||||||||||
Other straight-line revenue | 2,240 | 1.1% | 3,085 | 1.5% | ||||||||||||||||||||||
Total non-cash revenue | 17,213 | 8.2% | 17,333 | 8.5% | ||||||||||||||||||||||
Total Windstream revenue | 191,142 | 90.7% | 185,929 | 90.9% | ||||||||||||||||||||||
Other services | 19,666 | 9.3% | 18,712 | 9.1% | ||||||||||||||||||||||
Total Leasing revenues | $ | 210,808 | 100.0% | $ | 204,641 | 100.0% |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(Thousands) | Amount | % of Segment Revenues | Amount | % of Segment Revenues | ||||||||||||||||||||||
Fiber Infrastructure revenues: | ||||||||||||||||||||||||||
Lit backhaul services | $ | 19,522 | 24.7% | $ | 19,438 | 26.5% | ||||||||||||||||||||
Enterprise and wholesale | 22,576 | 28.6% | 20,935 | 28.5% | ||||||||||||||||||||||
E-Rate and government | 13,891 | 17.6% | 14,276 | 19.5% | ||||||||||||||||||||||
Dark fiber and small cells | 22,277 | 28.2% | 18,083 | 24.6% | ||||||||||||||||||||||
Other services | 748 | 0.9% | 661 | 0.9% | ||||||||||||||||||||||
Total Fiber Infrastructure revenues | $ | 79,014 | 100.0% | $ | 73,393 | 100.0% |
Three Months Ended March 31, | ||||||||||||||||||||
(Thousands) | 2023 | 2022 | Increase / (Decrease) | |||||||||||||||||
Interest expense, net: | ||||||||||||||||||||
Cash: | ||||||||||||||||||||
Senior secured notes | $ | 93,188 | $ | 51,066 | 42,122 | |||||||||||||||
Senior unsecured notes | 35,647 | 31,988 | 3,659 | |||||||||||||||||
Senior secured revolving credit facility - variable rate | 2,734 | 2,602 | 132 | |||||||||||||||||
Interest rate swap termination | — | 2,830 | (2,830) | |||||||||||||||||
Other | 369 | 356 | 13 | |||||||||||||||||
Total cash interest | 131,938 | 88,842 | 43,096 | |||||||||||||||||
Non-cash: | ||||||||||||||||||||
Amortization of deferred financing costs and debt discount | 4,963 | 4,514 | 449 | |||||||||||||||||
Write off of deferred financing costs and debt discount | 10,412 | — | 10,412 | |||||||||||||||||
Accretion of settlement payable | 3,017 | 2,876 | 141 | |||||||||||||||||
Capitalized interest | (198) | (60) | (138) | |||||||||||||||||
Gain on extinguishment of debt | (1,269) | — | (1,269) | |||||||||||||||||
Total non-cash interest | 16,925 | 7,330 | 9,595 | |||||||||||||||||
Total interest expense, net | $ | 148,863 | $ | 96,172 | $ | 52,691 |
Three Months Ended March 31, | ||||||||||||||||||||
(Thousands) | 2023 | 2022 | Increase / (Decrease) | |||||||||||||||||
Depreciation and amortization expense by segment: | ||||||||||||||||||||
Depreciation expense | ||||||||||||||||||||
Leasing | $ | 42,443 | $ | 40,372 | $ | 2,071 | ||||||||||||||
Fiber Infrastructure | 26,871 | 23,602 | 3,269 | |||||||||||||||||
Corporate | 16 | 36 | (20) | |||||||||||||||||
Total depreciation expense | 69,330 | 64,010 | 5,320 | |||||||||||||||||
Amortization expense | ||||||||||||||||||||
Leasing | 1,730 | 1,730 | — | |||||||||||||||||
Fiber Infrastructure | 5,715 | 5,717 | (2) | |||||||||||||||||
Total amortization expense | 7,445 | 7,447 | (2) | |||||||||||||||||
Total depreciation and amortization expense | $ | 76,775 | $ | 71,457 | $ | 5,318 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(Thousands) | Amount | % of Consolidated Revenues | Amount | % of Consolidated Revenues | ||||||||||||||||||||||
General and administrative expense by segment: | ||||||||||||||||||||||||||
Leasing | $ | 3,417 | 1.2% | $ | 3,303 | 1.2% | ||||||||||||||||||||
Fiber Infrastructure | 15,709 | 5.4% | 12,646 | 4.6% | ||||||||||||||||||||||
Corporate | 9,307 | 3.2% | 7,921 | 2.8% | ||||||||||||||||||||||
Total general and administrative expenses | $ | 28,433 | 9.8% | $ | 23,870 | 8.6% |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(Thousands) | Amount | % of Consolidated Revenues | Amount | % of Consolidated Revenues | ||||||||||||||||||||||
Operating expense by segment: | ||||||||||||||||||||||||||
Leasing | $ | 5,073 | 1.8% | $ | 4,867 | 1.8% | ||||||||||||||||||||
Fiber Infrastructure | 29,995 | 10.2% | 30,109 | 10.8% | ||||||||||||||||||||||
Total operating expenses | $ | 35,068 | 12.0% | $ | 34,976 | 12.6% |
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Income tax benefit | ||||||||||||||
Pre-tax loss (Fiber Infrastructure) | $ | (2,775) | $ | (3,812) | ||||||||||
Other undistributed REIT taxable income | 363 | 1,160 | ||||||||||||
REIT state and local taxes | — | 538 | ||||||||||||
Other | — | 43 | ||||||||||||
Total income tax benefit | $ | (2,412) | $ | (2,071) |
Three Months Ended March 31, | |||||||||||
(Thousands) | 2023 | 2022 | |||||||||
Net (loss) income | $ | (19,211) | $ | 52,858 | |||||||
Depreciation and amortization | 76,775 | 71,457 | |||||||||
Interest expense, net | 148,863 | 96,172 | |||||||||
Income tax (benefit) expense | (2,412) | (2,071) | |||||||||
EBITDA | $ | 204,015 | $ | 218,416 | |||||||
Stock based compensation | 3,130 | 3,312 | |||||||||
Transaction related and other costs | 2,788 | 1,714 | |||||||||
Other, net | 20,513 | 361 | |||||||||
Adjustments for equity in earnings from unconsolidated entities | 755 | 986 | |||||||||
Adjusted EBITDA | $ | 231,201 | $ | 224,789 |
Three Months Ended March 31, | |||||||||||
(Thousands) | 2023 | 2022 | |||||||||
Net (loss) income attributable to common shareholders | $ | (19,454) | $ | 52,394 | |||||||
Real estate depreciation and amortization | 54,516 | 51,893 | |||||||||
Participating securities share in earnings | 247 | 331 | |||||||||
Participating securities share in FFO | (247) | (658) | |||||||||
Real estate depreciation and amortization from unconsolidated entities | 435 | 690 | |||||||||
Adjustments for noncontrolling interests | (25) | (129) | |||||||||
FFO attributable to common shareholders | $ | 35,472 | $ | 104,521 | |||||||
Transaction related and other costs | 2,788 | 1,714 | |||||||||
Amortization of deferred financing costs and debt discount | 4,963 | 4,514 | |||||||||
Write off of deferred financing costs and debt discount | 10,412 | — | |||||||||
Costs related to the early repayment of debt | 51,997 | — | |||||||||
Stock based compensation | 3,130 | 3,312 | |||||||||
Non-real estate depreciation and amortization | 22,259 | 19,564 | |||||||||
Straight-line revenues and amortization of below-market lease intangibles | (9,427) | (11,022) | |||||||||
Maintenance capital expenditures | (1,828) | (2,366) | |||||||||
Other, net | (12,661) | (8,170) | |||||||||
Adjustments for equity in earnings from unconsolidated entities | 320 | 296 | |||||||||
Adjustments for noncontrolling interests | (32) | (21) | |||||||||
AFFO attributable to common shareholders | $ | 107,393 | $ | 112,342 |
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Cash flow from operating activities: | ||||||||||||||
Net cash provided by operating activities | $ | 14,562 | $ | 63,221 |
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Cash flow from investing activities: | ||||||||||||||
Capital expenditures | $ | (114,981) | $ | (94,728) | ||||||||||
Proceeds from sale of other equipment | 607 | 379 | ||||||||||||
Net cash used in investing activities | $ | (114,374) | $ | (94,349) |
Three Months Ended March 31, | ||||||||||||||
(Thousands) | 2023 | 2022 | ||||||||||||
Cash flow from financing activities: | ||||||||||||||
Repayment of debt | $ | (2,263,662) | $ | — | ||||||||||
Proceeds from issuance of notes | 2,600,000 | — | ||||||||||||
Dividends paid | (9) | (105) | ||||||||||||
Payments of settlement payable | (24,505) | — | ||||||||||||
Borrowings under revolving credit facility | 140,000 | 85,000 | ||||||||||||
Payments under revolving credit facility | (253,000) | (60,000) | ||||||||||||
Finance lease payments | (452) | (280) | ||||||||||||
Payments for financing costs | (26,688) | — | ||||||||||||
Payment for settlement of common stock warrant | (56) | — | ||||||||||||
Termination of bond hedge option | 59 | — | ||||||||||||
Costs related to the early repayment of debt | (44,303) | — | ||||||||||||
Employee stock purchase program | 314 | 264 | ||||||||||||
Payments related to tax withholding for stock-based compensation | (1,343) | (1,525) | ||||||||||||
Net cash provided by financing activities | $ | 126,355 | $ | 23,354 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
(Thousands) | Success Based | Maintenance | Non-Network | Total | ||||||||||||||||||||||
Capital expenditures | ||||||||||||||||||||||||||
Leasing | $ | 4,147 | $ | — | $ | 4,147 | ||||||||||||||||||||
Growth capital improvements | 67,511 | — | — | 67,511 | ||||||||||||||||||||||
Fiber Infrastructure | 41,093 | 1,828 | 402 | 43,323 | ||||||||||||||||||||||
Corporate | — | — | — | — | ||||||||||||||||||||||
Total capital expenditures | $ | 112,751 | $ | 1,828 | $ | 402 | $ | 114,981 |
Period | Payment Date | Cash Dividend Per Share | Record Date | |||||||||||||||||
January 1, 2023 - March 31, 2023 | April 14, 2023 | $ | 0.15 | March 31, 2023 |
Period | Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 1, 2023 to January 31, 2023 | — | $ | — | — | — | |||||||||||||||||||||
February 1, 2023 to February 28, 2023 | 124,702 | 5.68 | — | — | ||||||||||||||||||||||
March 1, 2023 to March 31, 2023 | 93,971 | 5.07 | — | — | ||||||||||||||||||||||
Total | 218,673 | $ | 5.42 | — | — |
Exhibit Number | Description | |||||||
4.1 | ||||||||
4.2 | ||||||||
10.1 | ||||||||
10.2* | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
UNITI GROUP INC. | ||||||||||||||
Date: | May 4, 2023 | /s/ Paul E. Bullington | ||||||||||||
Paul E. Bullington Senior Vice President – Chief Financial Officer and Treasurer (Principal Financial Officer) | ||||||||||||||
Date: | May 4, 2023 | /s/ Travis T. Black | ||||||||||||
Travis T. Black Vice President – Chief Accounting Officer (Principal Accounting Officer) |
Date: May 4, 2023 | By: | /s/Kenneth A. Gunderman | ||||||
Kenneth A. Gunderman | ||||||||
President and Chief Executive Officer |
Date: May 4, 2023 | By: | /s/ Paul E. Bullington | ||||||
Paul E. Bullington | ||||||||
Senior Vice President –Chief Financial Officer and Treasurer |
Date: May 4, 2023 | By: | /s/ Kenneth A. Gunderman | ||||||
Kenneth A. Gunderman | ||||||||
President and Chief Executive Officer |
Date: May 4, 2023 | By: | /s/ Paul E. Bullington | ||||||
Paul E. Bullington | ||||||||
Senior Vice President – Chief Financial Officer and Treasurer |