Uniti Group Inc. (NASDAQ: UNIT) last week announced its results for the first quarter 2023. The company took a net loss of $20 million. President and Chief Executive Officer, Kenny Gunderman cited supply chain pressures and inflation for the loss.
“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,” Gunderman said.” 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.”
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 percent. Uniti Fiber’s net success-based capital expenditures during the quarter were $36.1 million.
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 percent Senior Secured Notes due 2025. Adjusted Funds From Operations attributable to common shareholders was $107.4 million, or $0.39 per diluted common share.
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 fiber infrastructure.
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