Q2 2024 Uniti Group Inc Earnings Call Transcript
Key Points
- Uniti Group Inc (UNIT) delivered a solid quarter with strong demand for its fiber infrastructure.
- Core recurring strategic fiber business grew by 3% in Q2, with enterprise, wholesale, and dark fiber revenue increasing by 12%, 15%, and 18%, respectively.
- The company achieved near-record consolidated bookings MRR of $1.1 million.
- Net capital intensity decreased to 31% from 44% in the same period last year.
- The pending merger with Windstream is expected to create a national fiber powerhouse, with significant strategic and financial interest in the combined assets.
- Wireless bookings for the quarter were muted, with expectations for a pickup in the second half of the year.
- AFFO estimate for full-year 2024 was lowered due to higher interest expenses related to recent secured notes.
- Uniti Leasing revenue and adjusted EBITDA estimates were slightly lowered due to lower than expected non-cash straight-line revenue and timing of delivery on a recent lease-up award.
- The company’s leverage ratio at quarter-end was 5.97 times, indicating high debt levels.
- The merger with Windstream still requires 12 more PUC approvals, and the transaction is not expected to close until the second half of 2025.
Good morning and welcome to today's conference call to discuss Uniti's second-quarter 2024 earnings results. My name is Latif, and I will be your operator for today. Today's call is being recorded and a webcast will be available on the company's Investor Relations website, investor.uniti.com, beginning today and will remain available for 365 days. (Operator Instructions) It is now my pleasure to introduce Bill DiTullio, Uniti's Vice President of Investor Relations and Treasury. Please begin.
Good morning, everyone and thank you for joining today's conference call to discuss Uniti's second-quarter 2024 results. Speaking on the call today will be Kenny Gunderman, our CEO; and Paul Bullington, Uniti's CFO. Before we get started, I would like to quickly cover our safe harbor statement.
Please note that today's remarks may contain forward-looking statements. These statements include, but are not limited to, statements about the benefits of the proposed transaction between
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