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Updates 2023 Outlook
LITTLE ROCK, Ark., May 04, 2023 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) today announced its results for the first quarter 2023.
“Despite ongoing macroeconomic challenges, including persistent inflationary and supply chain pressures, our business remains predominantly resilient and the demand for our product offerings and services has not waned. To ensure that we are fully taking advantage of the current opportunity set within our industry, we continue to densify our networks in order to maximize our lease-up potential in existing markets, as well as evaluate new markets for expansion within our Southeast footprint, ” commented President and Chief Executive Officer, Kenny Gunderman.
Mr. Gunderman continued, “These industry tailwinds, combined with the steps we have taken to strengthen our balance sheet and push out maturities, with over 97% of our outstanding debt maturing in 2027 or later, positions Uniti to be successful now and in the long term.”
QUARTERLY RESULTS
Consolidated revenues for the first quarter of 2023 were $289.8 million. Net loss and Adjusted EBITDA were $19.2 million and $231.2 million, respectively, for the same period. Net loss attributable to common shares was $19.5 million for the period, and included the write-off of $10.4 million of deferred financing costs and $52.0 million of costs related to the early repayment of the 7.875% Senior Secured Notes due 2025. Adjusted Funds From Operations (“AFFO”) attributable to common shareholders was $107.4 million, or $0.39 per diluted common share.
Uniti Fiber contributed $79.0 million of revenues and $33.7 million of Adjusted EBITDA for the first quarter of 2023, achieving Adjusted EBITDA margins of approximately 43%. Uniti Fiber’s net success-based capital expenditures during the quarter were $36.1 million.
Uniti Leasing contributed revenues of $210.8 million and Adjusted EBITDA of $205.0 million for the first quarter. During the quarter, Uniti Leasing deployed capital expenditures of $71.7 million primarily related to the construction of approximately 1,200 new route miles of valuable fiber infrastructure.
FINANCING TRANSACTIONS
On March 24, 2023, Uniti entered into an amendment to its credit agreement that, upon receipt of routine regulatory approval, extends the maturity date of each lender’s commitment under the Company’s senior secured revolving credit facility to September 24, 2027. The amendment also transitions the $500 million revolving credit facility from LIBOR to Term SOFR, and in connection with that change, sets the credit spread adjustment to ten basis points for all interest periods.
LIQUIDITY
At quarter-end, the Company had approximately $495.3 million of unrestricted cash and cash equivalents, and undrawn borrowing availability under its revolving credit agreement. The Company’s leverage ratio at quarter-end was 5.87x based on net debt to first quarter 2023 annualized Adjusted EBITDA.
On May 2, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.15 per common share, payable on June 30, 2023, to stockholders of record on June 16, 2023.
UPDATED FULL YEAR 2023 OUTLOOK
The Company is updating its 2023 outlook primarily for business unit level revisions, and the impact from recent debt refinancings and transaction related and other costs incurred to date. Our 2023 outlook excludes future acquisitions, capital market transactions, and future transaction-related and other costs not mentioned herein.
The Company’s consolidated outlook for 2023 is as follows (in millions): Full Year 2023Revenue$1,154to$1,174Net income attributable to common shareholders 60to 80Adjusted EBITDA (1) 915to 935Interest expense, net (2) 517to 517 Attributable to common shareholders: FFO (1) 280to 300AFFO (1) 365to 385 Weighted-average common shares outstanding – diluted 290to 290________________________ (1) See “Non-GAAP Financial Measures” below.
(2) See “Components of Interest Expense” below.
CONFERENCE CALL
Uniti will hold a conference call today to discuss this earnings release at 8:30 AM Eastern Time (7:30 AM Central Time). The conference call will be webcast live on Uniti’s Investor Relations website at investor.uniti.com. Those parties interested in participating via telephone may register on the Company’s Investor Relations website or by clicking here. A replay of the call will be available on the Investor Relations website beginning today at approximately 12:00 PM Eastern Time.
ABOUT UNITI
Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of March 31, 2023, Uniti owns approximately 137,000 fiber route miles, 8.3 million fiber strand miles, and other communications real estate throughout the United States. Additional information about Uniti can be found on its website at www.uniti.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release and today’s conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those forward-looking statements include all statements that are not historical statements of fact, including, without limitation, our 2023 financial outlook, expectations regarding bookings, installs and strong demand trends, our business strategies, growth prospects, our ability to sustain difficult economic conditions, industry trends, sales opportunities, and operating and financial performance.
Words such as "anticipate(s)," "expect(s)," "intend(s)," “estimate(s),” “foresee(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 materially alter our expectations include, but are not limited to, the future prospects of Windstream, our largest customer; the ability and willingness of our customers to renew their leases with us upon their expiration, 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; the availability of and our ability to identify suitable acquisition opportunities and our ability to acquire and lease the respective properties on favorable terms; the risk that we fail to fully realize the potential benefits of acquisitions or have difficulty integrating acquired companies; 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; our ability to retain our key management personnel; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to real estate investment trusts; covenants in our debt agreements that may limit our operational flexibility; 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 described in our reports filed with the SEC.
Uniti expressly disclaims any obligation to release publicly any updates or revisions to any of the forward-looking statements set forth in this press release and today’s conference call to reflect any change in its expectations or any change in events, conditions or circumstances on which any statement is based.
NON-GAAP PRESENTATION
This release and today’s conference call contain certain supplemental measures of performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). Such measures should not be considered as alternatives to GAAP. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found herein. Uniti Group Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
March 31,
2023 December 31,
2022Assets: 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 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 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 and non-voting convertible preferred stock 2,347 2,371 Total shareholders' deficit (2,324,175) (2,271,206)Total Liabilities and Shareholders' Deficit$4,988,199 $4,851,229 Uniti Group Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended March 31, 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) $52,394 Net (loss) income attributable to common shareholders - Basic (19,454) 52,394 Impact of if-converted dilutive securities — 2,994 Net (loss) income attributable to common shareholders - Diluted$(19,454) $55,388 Weighted-average number of common shares outstanding: Basic 236,090 235,046 Diluted 236,090 267,304 Earnings (loss) per common share: Basic (0.08) 0.22 Diluted (0.08) 0.21
Uniti Group Inc.
Consolidated Statements of Cash Flows
(In thousands) Three Months Ended March 31, 2023 2022 Cash flow from operating activities Net (loss) income$(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 $13,338 Tenant capital improvements 81,592 38,669 Uniti Group Inc.
Reconciliation of Net Income to FFO and AFFO
(In thousands, except per share data)
Three Months Ended March 31, 2023 2022 Net (loss) income attributable to common shareholders$(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 Reconciliation of Diluted FFO and AFFO: FFO Attributable to common shareholders - Basic$35,472 $104,521 Impact of if-converted dilutive securities — 2,994 FFO Attributable to common shareholders - Diluted$35,472 $107,515 AFFO Attributable to common shareholders - Basic$107,393 $112,342 Impact of if-converted dilutive securities 7,109 3,450 AFFO Attributable to common shareholders - Diluted$114,502 $115,792 Weighted average common shares used to calculate basic earnings (loss) per common share (1) 236,090 235,046 Impact of dilutive non-participating securities — 1,226 Impact of if-converted dilutive securities 54,748 31,032 Weighted average common shares used to calculate diluted FFO and AFFO per common share (1) 290,838 267,304 Per diluted common share: EPS$(0.08) $0.21 FFO$0.15 $0.40 AFFO$0.39 $0.43 (1) For periods in which FFO to common shareholders is a loss, the weighted average common shares used to calculate diluted FFO per common share is equal to the weighted average common shares used to calculate basic earnings (loss) per share.
Uniti Group Inc.
Reconciliation of EBITDA and Adjusted EBITDA
(In thousands)
Three Months Ended March 31, 2023 2022 Net (loss) income$(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 Adjusted EBITDA: Leasing$204,966 $198,973 Fiber Infrastructure 33,674 31,459 Corporate (7,439) (5,643) $231,201 $224,789 Annualized Adjusted EBITDA (1)$924,804 As of March 31, 2023: Total Debt (2)$5,500,628 Cash and cash equivalents 70,346 Net Debt$5,430,282 Net Debt/Annualized Adjusted EBITDA5.87x
________________________(1)Calculated as Adjusted EBITDA for the most recently reported three-month period, multiplied by four. Annualized Adjusted EBITDA has not been prepared on a pro forma basis in accordance with Article 11 of Regulation S-X.(2)Includes $16.2 million of finance leases, but excludes $107.1 million of unamortized discounts and deferred financing costs. Uniti Group Inc.
Projected Future Results (1)
(In millions)
Year Ended
December 31, 2023Net income attributable to common shareholders – Basic$ 60 to $ 80Noncontrolling interest share in earnings1Participating securities’ share in earnings1Net income (2)62 to 82Interest expense, net (3)517Depreciation and amortization308Income tax benefit(10)EBITDA (2)876 to 896Stock-based compensation13Transaction related and other costs (4)23Adjustment for unconsolidated entities3Adjusted EBITDA (2)$ 915 to $ 935
________________________(1)These ranges represent management’s best estimates based on the underlying assumptions as of the date of this press release. Future acquisitions, capital market transactions, changes in market conditions, and other factors are excluded from our projections. There can be no assurance that our actual results will not differ materially from the estimates set forth above.(2)The components of projected future results may not add due to rounding.(3)See “Components of Projected Interest Expense” below.(4)Includes $20 million of costs associated with the early repayment of our 7.875% Senior Secured Notes due 2025. Future transaction related costs are not included in our current outlook.
Uniti Group Inc.
Projected Future Results (1)
(Per Diluted Share)
Year Ended
December 31, 2023Net income attributable to common shareholders – Basic$ 0.26 to $ 0.34Real estate depreciation and amortization0.92Adjustments for unconsolidated entities0.01FFO attributable to common shareholders – Basic (2)$ 1.19 to $ 1.27Impact of if-converted securities(0.15)FFO attributable to common shareholders – Diluted (2)$ 1.05 to $ 1.12 FFO attributable to common shareholders – Basic (2)$ 1.19 to $ 1.27Transaction related and other costs (3)0.01Amortization of deferred financing costs and debt discount (4)0.12Costs related to the early retirement of debt (5)0.22Accretion of settlement payable (6)0.04Stock-based compensation0.05Non-real estate depreciation and amortization0.37Straight-line revenues(0.15)Maintenance capital expenditures(0.04)Other, net(0.24)AFFO attributable to common shareholders – Basic (2)$ 1.58 to $ 1.66Impact of if-converted securities(0.20)AFFO attributable to common shareholders – Diluted (2)$ 1.38 to $ 1.45
________________________(1)These ranges represent management’s best estimates based on the underlying assumptions as of the date of this press release. Future acquisitions, capital market transactions, changes in market conditions, and other factors are excluded from our projections. There can be no assurance that our actual results will not differ materially from the estimates set forth above.(2)The components of projected future results may not add to FFO and AFFO attributable to common shareholders due to rounding.(3)Future transaction related and other costs are not included in our current outlook.(4)Includes the write-off of approximately $10 million of deferred financing costs related to the early repayment of our 7.875% Senior Secured Notes due 2025.(5)Represents the premium paid on and related costs associated with the early repayment of our 7.875% Senior Secured Notes due 2025.(6)Represents the accretion of the Windstream settlement payable to its stated value. At the effective date of the settlement, we recorded the payable on the balance sheet at its initial fair value, which will be accreted based on an effective interest rate of 4.2% and reduced by the scheduled quarterly payments.
Uniti Group Inc.
Components of Projected Interest Expense (1)
(In millions)
Year Ended
December 31, 2023Interest expense on debt obligations$ 446Accretion of Windstream settlement payable10Amortization of deferred financing cost and debt discounts (2)29Premium on early repayment of debt (3)32Interest expense, net (4)$ 517
________________________(1)These ranges represent management’s best estimates based on the underlying assumptions as of the date of this press release. Future acquisitions, capital market transactions, changes in market conditions, and other factors are excluded from our projections. There can be no assurance that our actual results will not differ materially from the estimates set forth above.(2)Includes the write-off of approximately $10 million of deferred financing costs related to the early repayment of our 7.875% Senior Secured Notes due 2025.(3)Represents the premium paid on and related costs associated with the early repayment of our 7.875% Senior Secured Notes due 2025.(4)The components of interest expense may not add to the total due to rounding.
NON-GAAP FINANCIAL MEASURES
We refer to EBITDA, Adjusted EBITDA, Funds From Operations (“FFO”) (as defined by the National Association of Real Estate Investment Trusts (“NAREIT”)) and Adjusted Funds From Operations (“AFFO”) in our analysis of our results of operations, which are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). While we believe that net income, as defined by GAAP, is the most appropriate earnings measure, we also believe that EBITDA, Adjusted EBITDA, FFO and AFFO are important non-GAAP supplemental measures of operating performance for a REIT.
We define “EBITDA” as net income, as defined by GAAP, before interest expense, provision for income taxes and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA before stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, and costs associated with the implementation of our enterprise resource planning system, (collectively, “Transaction Related and Other Costs”), costs related to the settlement with Windstream, goodwill impairment charges, executive severance costs, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. We believe EBITDA and Adjusted EBITDA are important supplemental measures to net income because they provide additional information to evaluate our operating performance on an unleveraged basis. In addition, Adjusted EBITDA is calculated similar to defined terms in our material debt agreements used to determine compliance with specific financial covenants. Since EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, they should not be considered as alternatives to net income determined in accordance with GAAP.
Because the historical cost accounting convention used for real estate assets requires the recognition of depreciation expense except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined by NAREIT as net income attributable to common shareholders computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges, and includes adjustments to reflect the Company’s share of FFO from unconsolidated entities. We compute FFO in accordance with NAREIT’s definition.
The Company defines AFFO, as FFO excluding (i) Transaction Related and Other Costs; (ii) costs related to the litigation settlement with Windstream, accretion on our settlement obligation, and gains on the prepayment of our settlement obligation as these items are not reflective of ongoing operating performance; (iii) goodwill impairment charges; (iv) certain non-cash revenues and expenses such as stock-based compensation expense, amortization of debt and equity discounts, amortization of deferred financing costs, depreciation and amortization of non-real estate assets, amortization of non-cash rights-of-use assets, straight line revenues, non-cash income taxes, and the amortization of other non-cash revenues to the extent that cash has not been received, such as revenue associated with the amortization of tenant capital improvements; and (v) the impact, which may be recurring in nature, of the write-off of unamortized deferred financing fees, additional costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, executive severance costs, taxes associated with tax basis cancellation of debt, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments and similar or infrequent items less maintenance capital expenditures. AFFO includes adjustments to reflect the Company’s share of AFFO from unconsolidated entities. We believe that the use of FFO and AFFO, and their respective per share amounts, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and analysts, and makes comparisons of operating results among such companies more meaningful. We consider FFO and AFFO to be useful measures for reviewing comparative operating performance. In particular, we believe AFFO, by excluding certain revenue and expense items, can help investors compare our operating performance between periods and to other REITs on a consistent basis without having to account for differences caused by unanticipated items and events, such as transaction and integration related costs. The Company uses FFO and AFFO, and their respective per share amounts, only as performance measures, and FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. While FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance.
Further, our computations of EBITDA, Adjusted EBITDA, FFO and AFFO may not be comparable to that reported by other REITs or companies that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define EBITDA, Adjusted EBITDA and AFFO differently than we do.
INVESTOR AND MEDIA CONTACTS:
Paul Bullington, 251-662-1512
Senior Vice President, Chief Financial Officer & Treasurer
paul.bullington@uniti.com
Bill DiTullio, 501-850-0872
Vice President, Investor Relations & Treasury
bill.ditullio@uniti.com