Uniti Group Inc 2024年度报告

2023 was another productive year for Uniti. Our core recurring strategic fiber business continues todemonstrate its resiliency with top line growth of 5% in 2023, including Uniti Leasing lease-up, and Uniti FiberEnterprise and Wholesale growth of 20%, 15% and 9%, respectively, with continued declining capital intensity.Despite a challenging macroeconomic backdrop, we successfully refinanced $3.1 billion of debt in 2023,resulting in our current business plan now being fully funded, having no significant permanent debt2024 was the most consequential year in Uniti’s history. We delivered on our promises and executedexceptionally well. The strategic and balance sheet moves we made during the year have future proofedour business and positioned us to create real shareholder value. Our strategic recurring revenue, AdjustedEBITDA and consolidated bookings growth of approximately 5%, 8% and 27%, respectively, not onlyunderscore our outstanding execution, but the continued strength we are seeing in the demand for missioncritical communications fiber. Just as importantly, by addressing our balance sheet, we afforded ourselves the ability to focus on strategicmatters. We recently sold non-core assets that included our remaining tower portfolio, our remaininginvestment interest in Bluebird Network, and our sale leaseback with CableSouth for total proceeds of $87million, an almost 10 times blended EBITDA multiple.Our balance sheet and liquidity remain strong, and we are proud to be the first commercial fiber providerto access the ABS market with resounding success. We believe the ABS market will be a terrific, valueaccretive financing tool for us going forward. In addition, our current business plan is fully funded, and in2025, we expect Uniti will generate positive free cash flow. Also, we have decided to largely exit the non-core one-time equipment sale business. As a reminder, thisbusiness represents re-selling of networking and other IT equipment. On a go forward basis, we expect one-time equipment sales will be a negligible part of our results as we will only pursue those sales that are part ofan important fiber network sale and are desired by our important customers.We also recently announced an ABS bridge financing that will provide funding of up to $350 million. This isan exciting development for Uniti which reinforces that fiber truly is a mission critical communication asset,And, of course, we achieved our goal of positioning ourselves strategically to control our own destiny withour previously announced merger with Windstream. Our often-misunderstood MLA relationship will besimplified, and with nine months of hindsight, the implied valuation paid looks increasingly attractive for ourshareholders. The new Uniti is at the epicenter of the growing convergence trend, highlighting substantialstrategic value on Kinetic and its scaled fiber-to-the-home platform. Our Fiber Infrastructure business isuniquely positioned to benefit from the explosion in broadband demand in general including the demandbeing fueled by Hyperscalers and Generative AI. and we believe that ABS will be an important value accretive financing option going forward.As an asset rich company with one of the largest fiber portfolios in the country, Uniti is uniquely positionedto benefit from M&A trends that continue to highlight the value of quality fiber assets, both wholesale andfiber-to-the-home. Over the past 5 years, Uniti has sold or monetized nearly $1 billion of assets at premiummultiples, and we expect to continue that disciplined on-going review of our current asset portfolio.Our priorities for 2025 will be very similar to those in 2024. We will continue to focus on best-in-classexecution and disciplined topline growth of mid-single digits and high-single digit Adjusted EBITDA growth.We expect to fully fund the business plan of New Uniti using ABS and other tools. Lastly, we will have asubstantial focus on building new fiber especially in the Kinetic footprint. When we originally announced ourmerger with Windstream, we guided to an initial target of approximately 2.9 million homes covered with fiber.By the end of 2025, we expect to reach 2 million homes, which is 2 years earlier than originally expected. In addition, given our balance sheet and liquidity runway, we expect to be active this year evaluatingtransformative transactions, including the on-going review of our current asset portfolio. Despite that,however, our primary focus, as always, will be execution of disciplined growth of our core business operations.In closing, I would like to thank our investors and customers for their continued support of Uniti. I wouldalso like to thank our dedicated employees for their continued hard work and diligence to make Uniti theIn closing, I would like to thank our investors and customers for their continued support of Uniti. I would alsolike to thank our dedicated employees for their continued hard work. You are the main reason Uniti is oneof