Uniti Group Inc. Reports $1.17 Billion Revenue and $91.3 Million Net Income for Fiscal Year 2024

Uniti Group Inc. reported a total revenue of $1.17 billion for the fiscal year ending December 31, 2024, marking an increase from $1.15 billion in the previous year. The company achieved a net income attributable to common shareholders of $91.3 million, a significant recovery from a net loss of $82.9 million in 2023. This turnaround was supported by a strong performance in its leasing segment, which generated $880.5 million in revenue, up from $852.8 million in 2023. The company also reported Funds From Operations (FFO) of $294.5 million and Adjusted Funds From Operations (AFFO) of $358.9 million, reflecting the ongoing strength of its core operations.

In terms of operational metrics, Uniti Fiber, the company's fiber segment, reported revenues of $286.4 million, a slight decrease from $297.1 million in 2023. The segment saw an increase in customer connections, rising to 29,755 from 28,599, indicating a 4% growth in user statistics. The company continues to expand its fiber network, with approximately 145,000 fiber network route miles and 8.8 million fiber strand miles owned as of December 31, 2024. The company’s employee headcount stood at 758, with a focus on maintaining a skilled workforce to support its growth initiatives.

Strategically, Uniti is in the process of merging with Windstream Holdings, Inc., a move that is expected to close in the second half of 2025. This merger aims to combine Uniti's fiber infrastructure with Windstream's telecommunications services, creating a more integrated digital infrastructure company. The merger is subject to customary closing conditions, including stockholder approval and regulatory clearances. Following the merger, Uniti anticipates ceasing its status as a Real Estate Investment Trust (REIT), which could impact its future tax obligations and dividend policies.

The company has also made significant investments in growth capital improvements, with Windstream investing $263.1 million in such improvements during 2024. Uniti is obligated to reimburse Windstream for up to $1.75 billion in growth capital improvements, with $725 million remaining to be paid as of December 31, 2024. The company’s liquidity position remains strong, with $183.8 million in cash and cash equivalents and $500 million available under its revolving credit facility, which positions it well to meet its financial commitments and support ongoing capital expenditures.

Looking ahead, Uniti Group Inc. expects to continue investing in its network infrastructure while managing its obligations related to the merger and growth capital improvements. The company is closely monitoring market conditions and may seek additional capital to support its strategic initiatives. The successful execution of the merger and continued operational improvements are anticipated to enhance Uniti's market position and financial performance in the coming years.