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Table of Contents

 

2

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______ to _______

Commission File Number: 001-36708

 

Uniti Group Inc.

(Exact name of registrant as specified in its charter)

 

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)

Registrant’s telephone number, including area code: (501) 850-0820

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

UNIT

The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes        No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

As of April 28, 2022, the registrant had 237,106,412 shares of common stock, $0.0001 par value per share, outstanding.

 


Table of Contents

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q includes forward-looking statements as defined under U.S. federal securities law. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements regarding: our expectations regarding the settlement we have entered into with Windstream Holdings, Inc. (together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”);  the future prospects and financial health of Windstream; our ability to delever and achieve the ‘covenant reversion date’ under our 7.875% senior secured notes due 2025, which would permit us to pay additional dividends to shareholders; our expectations about our ability to maintain our status as a real estate investment trust (a “REIT”); our expectations regarding the effect of the COVID-19 pandemic on our results of operations and financial condition, including the potential need to perform an interim goodwill analysis and report an impairment charge related thereto; our expectations regarding the effect of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), the Consolidated Appropriations Act of 2021 (the “2021 Appropriations Act”) and other tax related legislation on our tax position; our expectations regarding the future growth and demand of the telecommunication industry, future financing plans, business strategies, growth prospects, operating and financial performance, and our future liquidity needs and access to capital; expectations regarding future deployment of fiber strand miles and small cell networks and recognition of revenue related thereto; expectations regarding levels of capital expenditures; expectations regarding the deductibility of goodwill for tax purposes; expectations regarding reclassification of accumulated other comprehensive income (loss) related to derivatives to interest expense; expectations regarding the amortization of intangible assets; and expectations regarding the payment of dividends.

 

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to:

 

 

the future prospects of our largest customer, Windstream, following its emergence from bankruptcy;

 

adverse impacts of the COVID-19 pandemic on our employees, our business, the business of our customers and other business partners and the global financial markets;

 

the ability and willingness of our customers to meet and/or perform their obligations under any contractual arrangements entered into with us, including master lease arrangements; 

 

the ability of our customers to comply with laws, rules and regulations in the operation of the assets we lease to them; 

 

the ability and willingness of our customers to renew their leases with us upon their expiration, our ability to reach agreement on the price of such renewal or ability to obtain a satisfactory renewal rent from an independent appraisal, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant; 

 

our ability to renew, extend or retain our contracts or to obtain new contracts with significant customers (including customers of the businesses that we acquire); 

 

the availability of and our ability to identify suitable acquisition opportunities and our ability to acquire and lease the respective properties on favorable terms or operate and integrate the acquired businesses; 

 

our ability to generate sufficient cash flows to service our outstanding indebtedness and fund our capital funding commitments; 

 

our ability to access debt and equity capital markets; 

 

the impact on our business or the business of our customers as a result of credit rating downgrades and fluctuating interest rates; 

 

adverse impacts of litigation or disputes involving us or our customers;

 

our ability to retain our key management personnel; 

 

our ability to maintain our status as a REIT;

 

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Table of Contents

 

 

 

changes in the U.S. tax law and other federal, state or local laws, whether or not specific to REITs, including the impact of the CARES Act, the Families First Coronavirus Response Act and the 2021 Appropriations Act;

 

covenants in our debt agreements that may limit our operational flexibility; 

 

the possibility that we may experience equipment failures, natural disasters, cyber attacks or terrorist attacks for which our insurance may not provide adequate coverage; 

 

the risk that we fail to fully realize the potential benefits of or have difficulty in integrating the companies we acquire; 

 

other risks inherent in the communications industry and in the ownership of communications distribution systems, including potential liability relating to environmental matters and illiquidity of real estate investments; and

 

additional factors discussed in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A “Risk Factors” of this Quarterly Report on Form 10-Q and in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K, as well as those described from time to time in our future reports filed with the U.S. Securities and Exchange Commission (the “SEC”).

Forward-looking statements speak only as of the date of this Quarterly Report. Except in the normal course of our public disclosure obligations, we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.

 

3


Table of Contents

 

Uniti Group Inc.

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (Unaudited)

5

 

Uniti Group Inc.

 

 

Condensed Consolidated Balance Sheets

5

 

Condensed Consolidated Statements of Income (Loss)

6

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

7

 

Condensed Consolidated Statements of Shareholders’ Deficit

8

 

Condensed Consolidated Statements of Cash Flows

9

 

Notes to Condensed Consolidated Financial Statements

10

 

1.Organization and Description of Business

10

 

2.Basis of Presentation and Summary of Significant Accounting Policies

10

 

3.Revenues

12

 

4.Leases

13

 

5.Investments in Unconsolidated Entities

14

 

6.Fair Value of Financial Instruments

15

 

7.Property Plant and Equipment

17

 

8.Derivative Instruments and Hedging Activities

17

 

9.Goodwill and Intangible Assets and Liabilities

19

 

10.Notes and Other Debt

20

 

11.Earnings Per Share

21

 

12.Segment Information

22

 

13.Commitments and Contingencies

24

 

14.Accumulated Other Comprehensive (Loss) Income

27

 

15.Capital Stock

27

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

 

1.Overview

27

 

2.Results of Operations

29

 

3.Non-GAAP Financial Measures

37

 

4.Liquidity and Capital Resources

38

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

43

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

45

Item 1A.

Risk Factors

45

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3.

Defaults Upon Senior Securities

45

Item 4.

Mine Safety Disclosures

45

Item 5.

Other Information

45

Item 6.

Exhibits

45

 

 

 

Signatures

46

 

 

 

 

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Table of Contents

 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Uniti Group Inc.

Condensed Consolidated Balance Sheets

(Thousands, except par value)

 

(Unaudited)

March 31, 2022

 

 

December 31, 2021

 

Assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

$

3,546,501

 

 

$

3,508,939

 

Cash and cash equivalents

 

 

51,129

 

 

 

58,903

 

Accounts receivable, net

 

 

41,269

 

 

 

38,455

 

Goodwill

 

 

601,878

 

 

 

601,878

 

Intangible assets, net

 

 

357,183

 

 

 

364,630

 

Straight-line revenue receivable

 

 

48,865

 

 

 

41,323

 

Operating lease right-of-use assets, net

 

 

81,810

 

 

 

80,271

 

Other assets

 

 

81,556

 

 

 

38,900

 

Investment in unconsolidated entities

 

 

64,333

 

 

 

64,223

 

Deferred income tax assets, net

 

 

15,385

 

 

 

11,721

 

Total Assets

 

$

4,889,909

 

 

$

4,809,243

 

Liabilities and Shareholders' Deficit:

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

122,157

 

 

$

86,868

 

Settlement payable (Note 13)

 

 

242,261

 

 

 

239,384

 

Intangible liabilities, net

 

 

175,112

 

 

 

177,786

 

Accrued interest payable

 

 

68,298

 

 

 

109,826

 

Deferred revenue

 

 

1,134,585

 

 

 

1,134,236

 

Derivative liability, net

 

 

7,269

 

 

 

10,413

 

Dividends payable

 

 

37,145

 

 

 

1,264

 

Operating lease liabilities

 

 

59,679

 

 

 

57,355

 

Finance lease obligations

 

 

15,144

 

 

 

15,348

 

Notes and other debt, net

 

 

5,120,281

 

 

 

5,090,537

 

Total liabilities

 

 

6,981,931

 

 

 

6,923,017

 

 

 

 

 

 

 

 

 

 

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: 235,298 shares at March 31, 2022 and 234,779 at December 31, 2021

 

 

23

 

 

 

23

 

Additional paid-in capital

 

 

1,220,039

 

 

 

1,214,830

 

Accumulated other comprehensive loss

 

 

(6,341

)

 

 

(9,164

)

Distributions in excess of accumulated earnings

 

 

(3,316,781

)

 

 

(3,333,481

)

Total Uniti shareholders' deficit

 

 

(2,103,060

)

 

 

(2,127,792

)

Noncontrolling interests:

 

 

 

 

 

 

 

 

Operating partnership units

 

 

10,788

 

 

 

13,893

 

Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding

 

 

250

 

 

 

125

 

Total shareholders' deficit

 

 

(2,092,022

)

 

 

(2,113,774

)

Total Liabilities and Shareholders' Deficit

 

$

4,889,909

 

 

$

4,809,243

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

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Table of Contents

 

Uniti Group Inc.

Condensed Consolidated Statements of Income (Loss)

(unaudited)

 

 

 

Three Months Ended March 31,

 

(Thousands, except per share data)

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

Leasing

 

$

204,641

 

 

$

194,936

 

Fiber Infrastructure

 

 

73,393

 

 

 

77,650

 

Total revenues

 

 

278,034

 

 

 

272,586

 

Costs and Expenses:

 

 

 

 

 

 

 

 

Interest expense, net

 

 

96,172

 

 

 

140,581

 

Depreciation and amortization

 

 

71,457

 

 

 

70,964

 

General and administrative expense

 

 

23,870

 

 

 

25,823

 

Operating expense (exclusive of depreciation and amortization)

 

 

34,976

 

 

 

38,084

 

Transaction related and other costs

 

 

1,714

 

 

 

4,137

 

Other (income) expense, net

 

 

(398

)

 

 

454

 

      Total costs and expenses

 

 

227,791

 

 

 

280,043

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes and equity in earnings from unconsolidated entities

 

 

50,243

 

 

 

(7,457

)

Income tax benefit

 

 

(2,071

)

 

 

(2,557

)

Equity in earnings from unconsolidated entities

 

 

(544

)

 

 

(398

)

Net income (loss)

 

 

52,858

 

 

 

(4,502

)

Net income (loss) attributable to noncontrolling interests

 

 

128

 

 

 

(64

)

Net income (loss) attributable to shareholders

 

 

52,730

 

 

 

(4,438

)

Participating securities' share in earnings

 

 

(331

)

 

 

(248

)

Dividends declared on convertible preferred stock

 

 

(5

)

 

 

(3

)

Net income (loss) attributable to common shareholders

 

$

52,394

 

 

$

(4,689

)

 

 

 

 

 

 

 

 

 

Income (loss) per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.22

 

 

$

(0.02

)

Diluted

 

$

0.21

 

 

$

(0.02

)

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

235,046

 

 

 

231,469

 

Diluted

 

 

267,304

 

 

 

231,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

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Table of Contents

 

 

Uniti Group Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

 

 

 

Three Months Ended March 31,

 

(Thousands)

 

2022

 

 

2021

 

Net income (loss)

 

$

52,858

 

 

$

(4,502

)

Other comprehensive income:

 

 

 

 

 

 

 

 

Interest rate swap termination

 

 

2,830

 

 

 

2,829

 

Other comprehensive income:

 

 

2,830

 

 

 

2,829

 

Comprehensive income (loss)

 

 

55,688

 

 

 

(1,673

)

Comprehensive income (loss) attributable to noncontrolling interest

 

 

135

 

 

 

(22

)

Comprehensive income (loss) attributable to shareholders

 

$

55,553

 

 

$

(1,651

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.


 

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Table of Contents

 

Uniti Group Inc.

Condensed Consolidated Statements of Shareholders’ Deficit

(unaudited)

 

 

 

For the Three Months Ended March 31,

 

(Thousands, except share data)

 

Preferred Stock

 

 

Common Stock

 

 

Additional Paid-in Capital

 

 

Accumulated Other Comprehensive Income (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, 2020

 

 

-

 

 

$

-

 

 

 

231,261,958

 

 

$

23

 

 

$

1,209,141

 

 

$

(20,367

)

 

$

(3,330,455

)

 

$

69,157

 

 

$

125

 

 

$

(2,072,376

)

Cumulative effect adjustment for adoption of new accounting standard

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

$

(59,908

)

 

$

-

 

 

$

14,598

 

 

$

-

 

 

$

-

 

 

$

(45,310

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,438

)

 

 

(64

)

 

 

-

 

 

 

(4,502

)

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,787

 

 

 

-

 

 

 

42

 

 

 

-

 

 

 

2,829

 

Common stock dividends declared ($0.15 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(35,128

)

 

 

-

 

 

 

-

 

 

 

(35,128

)

Distributions to noncontrolling interest declared

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(520

)

 

 

-

 

 

 

(520

)

Payments related to tax withholding for stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,306

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,306

)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

396,481

 

 

 

-

 

 

 

3,335

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,335

 

Issuance of common stock - employee stock purchase plan

 

 

-

 

 

 

-

 

 

 

35,764

 

 

 

-

 

 

 

288

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

288

 

Balance at March 31 2021

 

 

-

 

 

$

-

 

 

 

231,694,203

 

 

$

23

 

 

$

1,150,550

 

 

$

(17,580

)

 

$

(3,355,423

)

 

$

68,615

 

 

$

125

 

 

$

(2,153,690

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

8


Table of Contents

 

 

 

Uniti Group Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

 

Three Months Ended March 31,

 

(Thousands)

 

2022

 

 

2021

 

Cash flow from operating activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

52,858

 

 

$

(4,502