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Schedule I - Condensed Financial Information of The Registrant (Parent Company)
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Schedule I - Condensed Financial Information of The Registrant (Parent Company)

Uniti Group Inc.

Schedule I – Condensed Financial Information of

The Registrant (Parent Company)

Condensed Balance Sheets

 

(Thousands, except par value)

 

December 31, 2020

 

 

December 31, 2019

 

Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,284

 

 

$

43,423

 

Other assets

 

 

37,894

 

 

 

291

 

Total Assets

 

$

40,178

 

 

$

43,714

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Accrued other liabilities

 

$

1,145

 

 

$

564

 

Dividends payable

 

 

36,205

 

 

 

42,519

 

Cash distributions and losses in excess of investments in consolidated subsidiaries

 

 

2,144,486

 

 

 

1,567,499

 

Total liabilities

 

 

2,181,836

 

 

 

1,610,582

 

 

 

 

 

 

 

 

 

 

Shareholders' Deficit:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock, $0.0001 par value, 500,000 shares authorized, issued and outstanding: 231,262 shares at December 31, 2020 and 192,142 at December 31, 2019

 

 

23

 

 

 

19

 

Additional paid-in capital

 

 

1,209,141

 

 

 

951,295

 

Accumulated other comprehensive (loss) income

 

 

(20,367

)

 

 

(23,442

)

Distributions in excess of accumulated earnings

 

 

(3,330,455

)

 

 

(2,494,740

)

Total Uniti shareholders' deficit

 

 

(2,141,658

)

 

 

(1,566,868

)

Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit

 

$

40,178

 

 

$

43,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to Consolidated Financial Statements of Uniti Group Inc. included in Financial Statements and Supplementary Data.

 

 

Uniti Group Inc.

Schedule I – Condensed Financial Information of

The Registrant (Parent Company)

Condensed Statements of Comprehensive Income

 

 

 

Year Ended December 31,

 

(Thousands)

 

2020

 

 

2019

 

 

2018

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

-

 

 

$

-

 

 

$

-

 

General and administrative expense

 

 

42

 

 

 

36

 

 

 

22

 

Transaction related costs

 

 

101

 

 

 

2,138

 

 

 

-

 

Other expense

 

 

-

 

 

 

-

 

 

 

-

 

Total costs and expenses

 

 

143

 

 

 

2,174

 

 

 

22

 

Operating loss

 

 

(143

)

 

 

(2,174

)

 

 

(22

)

(Loss) Earnings from consolidated subsidiaries

 

 

(708,139

)

 

 

24,730

 

 

 

16,209

 

(Loss) income before income taxes

 

 

(708,282

)

 

 

22,556

 

 

 

16,187

 

Income tax (benefit) expense

 

 

(1,981

)

 

 

11,974

 

 

 

-

 

Net (loss) income attributable to shareholders

 

 

(706,301

)

 

 

10,582

 

 

 

16,187

 

Comprehensive (loss) income attributable to shareholders

 

$

(703,226

)

 

$

(42,639

)

 

$

38,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to Consolidated Financial Statements of Uniti Group Inc. included in Financial Statements and Supplementary Data.

 

 

Uniti Group Inc.

Schedule I – Condensed Financial Information of

The Registrant (Parent Company)

Condensed Statements of Cash Flows

 

 

 

Year Ended December 31,

 

(Thousands)

 

2020

 

 

2019

 

 

2018

 

Cash flow from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

94,533

 

 

$

199,572

 

 

$

425,771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sale of real estate, net of cash

 

 

-

 

 

 

2,488

 

 

 

-

 

Net cash provided by (used in) investing activities

 

 

-

 

 

 

2,488

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Settlement Common Stock issuance (Note 17)

 

 

244,550

 

 

 

-

 

 

 

-

 

Dividends paid

 

 

(135,676

)

 

 

(138,731

)

 

 

(426,094

)

Proceeds from issuance of Notes

 

 

-

 

 

 

83,665

 

 

 

-

 

Payments for financing costs

 

 

-

 

 

 

(2,895

)

 

 

-

 

Common stock issuance, net of costs

 

 

-

 

 

 

21,641

 

 

 

109,441

 

Net share settlement

 

 

(1,097

)

 

 

(1,834

)

 

 

(1,604

)

Proceeds from sale of warrants

 

 

-

 

 

 

50,819

 

 

 

-

 

Payment for bond hedge option

 

 

-

 

 

 

(70,035

)

 

 

-

 

Intercompany transactions, net

 

 

(244,125

)

 

 

(102,411

)

 

 

(109,441

)

Employee stock purchase plan

 

 

676

 

 

 

883

 

 

 

-

 

Net cash (used in) provided by financing activities

 

 

(135,672

)

 

 

(158,898

)

 

 

(427,698

)

Effect of exchange rates on cash and cash equivalents

 

 

-

 

 

 

-

 

 

 

-

 

Net increase (decrease) in cash and cash equivalents

 

 

(41,139

)

 

 

43,162

 

 

 

(1,927

)

Cash and cash equivalents at beginning of period

 

 

43,423

 

 

 

261

 

 

 

2,188

 

Cash and cash equivalents at end of period

 

 

2,284

 

 

 

43,423

 

 

 

261

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Settlement of convertible preferred stock, Series A Shares

 

$

-

 

 

$

87,500

 

 

$

-

 

Settlement of contingent consideration through non-cash consideration

 

$

-

 

 

$

11,178

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to Consolidated Financial Statements of Uniti Group Inc. included in Financial Statements and Supplementary Data.

Uniti Group Inc.

Schedule I – Condensed Financial Information of

The Registrant (Parent Company)

Notes to Condensed Financial Statements

 

Note 1.  Background and Basis of Presentation

Uniti Group Inc.’s parent company financial information has been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes of Uniti and its subsidiaries included in Item 8 Financial Statements and Supplementary Data in this Annual Report on Form 10-K.

 

Note 2. Subsidiary Transactions

Investment in Subsidiaries

During 2017, the parent company completed its reorganization (the “up-REIT Reorganization”) to operate through a customary “up-REIT” structure, pursuant to which we hold substantially all of our assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”), that we control as general partner, with the only significant difference between the financial position and results of operations of the Operating Partnership and its subsidiaries compared to the consolidated financial position and consolidated results of operations of Uniti is that the results for the Operating Partnership and its subsidiaries do not include Uniti’s Consumer CLEC segment, which consists of Talk America Services.  The up-REIT structure is intended to facilitate future acquisition opportunities by providing the Company with the ability to use common units of the Operating Partnership as a tax-efficient acquisition currency.  As of December 31, 2020, we are the sole general partner of the Operating Partnership and own approximately 98.5% of the partnership interests in the Operating Partnership.

Dividends

Cash dividends received from subsidiaries and recorded in Cash Flow from Operating Activities in the Condensed Statement of Cash Flows were $134.7 million, $136.2 million and $426.1 million for the year ended December 31, 2020, 2019 and 2018, respectively.