Form 8-K - Current report
November 13 2023 - 4:13PM
Edgar (US Regulatory)
false
0001620280
0001620280
2023-11-13
2023-11-13
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 13, 2023
Uniti Group Inc.
(Exact name of registrant as specified
in its charter)
Maryland |
|
001-36708 |
|
46-5230630 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS 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
Not Applicable
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨
Item 7.01 Regulation
FD Disclosure.
Uniti Group Inc. (the “Company”)
is furnishing this Current Report on Form 8-K to provide certain financial information of Windstream Holdings II, LLC, successor in interest
to Windstream Holdings, Inc., and its consolidated subsidiaries (collectively, “Windstream”) regarding the period ended September
30, 2023. The financial information was provided to the Company by Windstream; the Company did not assist in the preparation or review
of this financial information and makes no representation as to its accuracy.
The information contained
in this Item 7.01, including the exhibit attached hereto, is being “furnished” and shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to
the liabilities of Section 18 of the Exchange Act. The information in this Item 7.01 shall not be incorporated by reference into any registration
statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange
Act, except as otherwise expressly stated in any such filing.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| UNITI GROUP INC. |
| | |
| By: | /s/ Daniel L. Heard |
| Name: | Daniel L. Heard |
| Title: | Executive Vice President – General Counsel and Secretary |
Date: November 13, 2023
Exhibit 99.1![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img001.jpg)
| Sensitivity: Internal
3Q23 Financial Earnings
November 9, 2023 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img002.jpg)
| Sensitivity: Internal
2
“This presentation includes forward-looking statements that are subject to risks and uncertainties that could cause actual future events and results to differ materially from those
expressed in the forward-looking statements. Forward-looking statements are typically identified by words or phrases such as “will,” “anticipate,” “estimate,” “expect,” “project,”
“intend,” “plan,” “believe,” “target,” “forecast” and other words and terms of similar meaning.
Forward-looking statements include, but are not limited to, guidance regarding 2023 financial and operational results and our ability to successfully execute our 2023 company
priorities supporting the guidance; anticipated Kinetic broadband subscriber and market penetration growth, including fiber broadband additions; availability and timing of delivery
of faster speeds to customers, along with speed expansion to more service locations; potential impact on households served and customer experience related to our 8Gig Kinetic
fiber offering; greater number of households that may be served generally and related to funding from various state and federal broadband programs, including future programs,
public-private partnerships with government entities, the Rural Digital Opportunity Fund and the Broadband Equity and Access Deployment Program (BEAD); opportunities related
to Enterprise strategic sales, products, and strategic revenue growth; and contribution margin trends in our business units; wholesale network, revenue, products, and customer
expansion opportunities in 2023; statements concerning arrangements under the CLEC and ILEC Master Leases with Uniti Group, Inc., including growth capital improvement
reimbursements, amount of future rent payments, future value of the leased assets, lease renewal processes, and our ability to utilize our contractual right of offsetting rent
payments; expectations regarding expense management activities, including continuation of the reduction in interconnection and access expense, and the timing and benefit of
such activities; and any other statements regarding plans, objectives, expectations and intentions and other statements that are not historical facts. These statements, along with
other forward-looking statements regarding Windstream’s overall business outlook, are based on estimates, projections, beliefs, and assumptions that Windstream believes are
reasonable but are not guarantees of future events, performance or results. Actual future events and results may differ materially from those expressed in these forward-looking
statements as the result of a number of important factors.
Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to current or
future adverse economic, political or market conditions related to epidemics, pandemics, or disease outbreaks, including COVID-19, and the impact of these conditions on our
business operations and financial position and on our customers; further adverse changes in economic conditions, including the impact of foreign wars, and risks and uncertainties
from continuing cost pressures and inflation on our customers’ communications and payment decisions; impact of supply chain delays or shortages on our business operations and
on our customers’ ability to operate their business; increased competitive pressures as state and federal broadband funding programs provide opportunities for new entrants in our
markets and possible overbuilding of our network; loss of funding provided by the Affordable Connectivity Program or other state or federal subsidy programs that are not yet
permanent programs; that the expected benefits of cost reduction and expense management activities are not realized or adversely affect our sales and operational activities or are
otherwise disruptive to our business and personnel; the impact of new, emerging, or competing technologies and our ability to utilize these technologies to provide services to our
customers; general U.S. and worldwide economic conditions and related uncertainties; and the effect of any changes in federal or state governmental regulations or statutes,
including any new environmental regulations, environmental oversight activities, or inquiries related to environmental matters. Windstream does not undertake any obligation to
publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.” |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img003.jpg)
| Sensitivity: Internal
3
Paul Sunu
Chief Executive Officer
Drew Smith
Chief Financial Officer
& Treasurer
Genesis White
VP, Investor Relations |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img004.jpg)
| Sensitivity: Internal
Fiber Build Momentum Continues
74K new premises added in 3Q
1.6 million total premises now have access
to FTTH services
32% coverage of consumer households
was achieved by quarter end
Adjusted EBITDAR of $370M; up 3% year-over-year and 2% year-to-date
Strong Strategic Revenue Trends
Strategic Services revenue are 37% of total
Enterprise services revenue(1) ; now over
$500 million on an annualized basis; up
15% y-o-y
Wholesale service revenue up 13% y-o-y
Strong Consumer Metrics
2.6% Kinetic consumer service revenue
growth year-over-year
Strong fiber additions of over 23K in 3Q
Consumer Broadband ARPU of $87.10; up
over 5% y-o-y
Interconnection Expense Reduction
Total interconnection expense fell by 20%
y-o-y on an annualized basis; legacy-TDM
related expenses fell by 28% y-o-y
Still $747 million in annualized interconnection
expense with $385 million relating to TDM
services
&
4
(1) Excludes Switched access and End user surcharges
& |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img005.jpg)
| Sensitivity: Internal
5
Grow market share
through 1GB speed
enablement
Grow strategic
revenue while
exiting TDM
Expand network
and partnerships to
grow revenue and
contribution margin
– KINETIC – – ENTERPRISE – – WHOLESALE –
Focus on
diversity and
inclusion
Reduce our
carbon footprint
Secure and keep
our information
private
Support the
communities
we serve |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img006.jpg)
| Sensitivity: Internal
141 158 162 169 170 170 173 174 178
826
954 1,012 1,111 1,174 1,237 1,294 1,336 1,406
0
200
400
600
800
1,000
1,200
1,400
1,600
3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23
1 Gbps Premises Passed (in 000’s)
SMB Consumer
1,112 1,174
1,280 1,344 1,407
1,510
74K 1 Gbps Premises Constructed in 3Q23
967
1,584
1,467
6 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img007.jpg)
| Sensitivity: Internal
70% 72%
76% 79% 81%
42% 44%
50% 53% 56%
5%
10%
22%
29% 32%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2019 2020 2021 2022 3Q23
25 Mbps+ 100 Mbps+ 1Gbps
% of Homes in Kinetic Footprint with
Access to Available Speeds
7 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img008.jpg)
| Sensitivity: Internal
32.9
23.6
28.7
24.4
23.1
22.4% 23.2% 24.4% 25.5% 25.8%
0%
4%
8%
12%
16%
20%
24%
28%
175
225
275
325
375
3Q22 4Q22 1Q23 2Q23 3Q23
264
316
363
340
287
Ended 3Q with
Consumers on
1G capable facilities,
up 23K from 2Q23
Penetration
Consumer Fiber Subscription Growth Shows Strong
Adoption of New 1 Gbps Facilities
Ending Fiber Subscribers Penetration Rate
Note: Consumer Subscriber counts in 000’s
8 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img009.jpg)
| Sensitivity: Internal
2023 Cohorts
18%
16%
22%
15% 15%
20%
22%
25% 26% 27%
23% 23%
29%
22% 21%
26%
2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
27%
22%
1Q23 2Q23
Newest Fiber Cohorts Are Showing Strong Penetration Early
Note: Cohort penetration reflects consumers on 1G capable facilities, within the respective cohort, at the 12-month (Year 1 Penetration) and 24-month (Year 2 Penetration) anniversary of the cohort being launched.
2023 cohort penetration is shown as of September 30, 2023, reflecting penetration at the 6- and 3-month mark for cohorts completed in the first and second quarter of 2023, respectively.
40%
Target Penetration
Over a 4 Year Period
6-Month
Penetration
3-Month
Penetration
2020 – 2022 Cohort Penetration
Year 1 Penetration
Year 2 Penetration
9 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img010.jpg)
| Sensitivity: Internal
10
$291
$290
$300
$304
$301 $82.65 $82.65
$85.78
$87.41 $87.10
$70
$75
$80
$85
$90
$280
$285
$290
$295
$300
$305
$310
3Q22 4Q22 1Q23 2Q23 3Q23
Broadband Revenue ($ in millions) Broadband ARPU
Note: Broadband revenue and ARPU shown is for consumer subscribers |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img011.jpg)
| Sensitivity: Internal
68%
64%
68%
70%
73%
60%
65%
70%
75%
3Q22 4Q22 1Q23 2Q23 3Q23
Cloud services, increasing
bandwidth demand &
software enabled networks
fueling Strategic Revenue
growth
3Q23 Annualized Strategic
Product Revenue is over
$500M and growing 15%
y-o-y; Total Strategic
Revenues are now 37% of
Service Revenues (1)
Strategic sales 73% of total
Enterprise sales in quarter
Strategic Revenue % of Total Service Revenue
Strategic Sales as % of Total Sales
(1) Excludes Switched access and End user surcharges
11
27%
31% 32%
36% 37%
20%
30%
40%
3Q22 4Q22 1Q23 2Q23 3Q23 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img012.jpg)
| Sensitivity: Internal
12
Windstream Enterprise concierge
managed service gives businesses
fourteen-day installation for
security peace-of-mind
Windstream Enterprise Launches
SASE Express Lane with Cato
Networks to Give Businesses Quick
Cybersecurity Protection
PRESS RELEASE |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img013.jpg)
| Sensitivity: Internal
Differentiate
Windstream Wholesale
from our competitors
by being nimble, agile
and fast in a
commodity-based
market.
Expand our networks
and make it easy
to connect with
Windstream Wholesale
to drive more sales
across our footprint.
13
13% service revenue
growth y-o-y driven
by continued strong
demand from other
telco and cable
providers as well as
content providers
Contribution Margin
growth of 33% y-o-y
2023 goals to remain focused on technology leadership,
network expansion and flexible partnerships
TECHNOLOGY
LEADERSHIP
NETWORK
EXPANSION
FLEXIBLE
PARTNERSHIPS
Establish Windstream
Wholesale as a leading
and trusted network
provider by bringing
advanced technologies
to the market. |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img014.jpg)
| Sensitivity: Internal
14
Windstream Wholesale was named 2023 Best North
American Wholesale Carrier by Capacity Media during their
recent Global Carrier Awards event
This esteemed industry award demonstrates recognition of
Windstream Wholesale’s market leadership in technology
innovation, network expansion and our customer-centric
approach
Windstream Wholesale’s premier customer portal, iconnect,
provides access to multi-layer network health data and self-service tools
New map-based network intelligence enhancements are part
of an on-going series of portal advancements that provide
customers with essential tools that reveal more about their
network, enabling them to confidently manage their operations |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img015.jpg)
| Sensitivity: Internal
Financial Overview 2022 2022 2022 2022 2022 2023 2023 2023
Q1 Q2 Q3 Q4 YE Q1 Q2 Q3
Revenue
Kinetic $ 534 $ 532 $ 544 $ 597 $ 2,206 $ 552 $ 550 $ 544
Enterprise 463 434 429 375 1,701 384 351 356
Wholesale 92 98 103 100 393 111 106 116
OfficeSuite 5 5 5 5 20 6 6 6
Segment Service Revenue $ 1,094 $ 1,068 $ 1,081 $ 1,077 $ 4,320 $ 1,053 $ 1,013 $ 1,023
Intersegment Eliminations (34) (34) (34) (34) (136) (33) (33) (32)
Product & Fiber Sales 11 11 13 10 45 8 11 11
Total Revenue and Sales $ 1,071 $ 1,045 $ 1,060 $ 1,053 $ 4,229 $ 1,027 $ 991 $ 1,002
Contribution Margin
Kinetic $ 255 $ 256 $ 250 $ 321 $ 1,082 $ 276 $ 273 $ 257
Enterprise 94 90 84 56 324 70 57 76
Wholesale 32 39 42 42 155 51 45 56
OfficeSuite 3 4 4 4 15 4 5 5
Segment Contribution Margin $ 384 $ 388 $ 380 $ 423 $ 1,575 $ 400 $ 380 $ 393
Shared Expenses 22 24 21 23 91 20 20 23
Adjusted EBITDAR $ 362 $ 364 $ 359 $ 400 $ 1,484 $ 380 $ 360 $ 370
Adjusted EBITDAR Margin % 33.8% 34.8% 33.8% 38.0% 35.1% 37.0% 36.3% 36.9%
Segment Contribution Margin %
Kinetic 46.9% 47.3% 44.9% 53.1% 48.2% 49.3% 48.8% 46.5%
Enterprise 20.2% 20.6% 19.6% 14.9% 19.0% 18.1% 16.2% 21.1%
Wholesale 34.1% 40.0% 40.9% 41.5% 39.2% 45.6% 42.0% 47.2%
OfficeSuite 68.8% 73.5% 73.5% 72.6% 72.1% 77.7% 80.7% 78.8%
(Dollars in Millions)
15 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img016.jpg)
| Sensitivity: Internal
TDM Retirement Accelerates Cost Reduction and Improves Customer Experience
3Q23 annualized run-rate of $747M in
interconnection, network facility and
fiber expenses; annualized decline of
20%
$385 million of Legacy TDM-related
expense including Network Facility
expense; annualized decline of 28%
Continued execution of multi-year
program to migrate legacy TDM
customers to newer technologies,
moving from circuit-level to market-level optimization
The focus on market-level TDM
removal will enable greater reductions
in network real estate and colocation
expenses
16
Interconnection Expenses (in millions)
3Q22 3Q23 YoY
Annualized Annualized Change %
TDM $ 181 $ 90 (50%)
IP/Ethernet 271 249 (8%)
Last Mile Access $ 452 $ 339 (25%)
TDM $ 77 $ 42 (45%)
IP/Ethernet 32 28 (14%)
Network Access $ 109 $ 70 (35%)
Voice/Other $ 17 $ 13 (24%)
Total Interconnect $ 578 $ 422 (27%)
Network Real Estate $ 39 $ 33 (16%)
Colocation 40 26 (35%)
Enterprise Network Facilities Expense $ 79 $ 59 (26%)
Network Real Estate $ 167 $ 166 (1%)
Colocation 28 28 (1%)
Kinetic & Wholesale Network Facilities Expense $ 195 $ 194 (1%)
Fiber Expense $ 77 $ 73 (5%)
Total Network Facilities & Fiber Expense $ 351 $ 325 (7%)
Total Interconnect, Network Facilities & Fiber Expense $ 929 $ 747 (20%) |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img017.jpg)
| Sensitivity: Internal
$250
$0 $0 $0 $0
$713
$1,400
$-
$250
$500
$750
$1,000
$1,250
$1,500
2023 2024 2025 2026 2027 2028
$475
Debt Maturity as of November 10, 2022
Revolver Draw
Note: Available capacity under credit facility excludes outstanding letters of credit of $104.3 million of which $78.4 million was issued to Universal Service Administrative Company as a condition for Windstream receiving RDOF funding
The amended senior secured revolving credit facility will have $500 million of capacity through September 21, 2024, and $475 million of capacity through January 23, 2027
Net Liquidity1
Net Debt to Pro forma
Adjusted EBITDA2
First Out Term Loan
1 Net Liquidity calculation includes $500 million revolver capacity through September 2024
2Pro forma Adjusted EBITDA is Adjusted EBITDA as if Uniti’s fourth quarter 2021 prepayment, of all quarterly amounts due in 2022, were made as scheduled
Debt Maturity as of September 30, 2023
17
Term Loan Senior First Lien Notes
Undrawn Revolver |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img018.jpg)
| Sensitivity: Internal
Broadband Consumers(1) Fiber Broadband
Consumers(1)
Fiber Route Miles(1)
Fiber Households Today(1) Fiber Households – Build
Plan(1)
Windstream Owns 100GB
POPs(1)
Total Consumer Revenues(2) Kinetic Owned Assets(3) E&W Owned Assets(3)
Kinetic Fully Owned and Operated Metrics
228K
(20.0%)
112K
(31.5%)
423K
(30.1%)
653K
(33.2%)
$219M $2.5B
E&W Owned & Operated
87K
(75.0%)
1,364
(100.0%)
$900M
(1) Metric represents number and percentage of Windstream total not associated or encumbered by Uniti Master Lease Agreements as of September 30, 2023.
(2) Consumer Revenues for FY 2022 that are not within in-footprint ILEC markets governed by Uniti ILEC Master Lease Agreement.
(3) Kinetic and E&W Owned Assets represent net PP&E, excluding CWIP, as of December 31, 2022, for Windstream owned assets.
18 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img019.jpg)
| Sensitivity: Internal
19
(all $ in millions) 2022 Results 2023 Guidance
Adjusted EBITDAR $1,484M Flat to +2.5% y-o-y
Adjusted Capex $1,067M Approximately $1,100M
GCI $238M Approximately $250M
Cash Interest $173M Approximately $200M
Cash Taxes $12M Similar to 2022
Fiber Consumer Customer Additions 124K 100K - 125K
(lowered from previous: “Similar to 2022”)
Kinetic Consumer Revenue 2.2% Mid-single digit growth y-o-y |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img020.jpg)
| Sensitivity: Internal
20 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img021.jpg)
| Sensitivity: Internal
Quarterly supplemental schedules (Pro Forma)
21 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img022.jpg)
| Sensitivity: Internal
22 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img023.jpg)
| Sensitivity: Internal
23 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img024.jpg)
| Sensitivity: Internal
24 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img025.jpg)
| Sensitivity: Internal
25 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img026.jpg)
| Sensitivity: Internal
26 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img027.jpg)
| Sensitivity: Internal
27 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img028.jpg)
| Sensitivity: Internal
28 |
![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1620280/000110465923117217/tm2330589d1_ex99-1img029.jpg)
| Sensitivity: Internal
29 |
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