Revenues

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	17,938	$	18,246	$	58,305	$	57,221
Enterprise and wholesale	26,381		24,211		77,601		70,144
E-Rate and government	11,327		15,911		38,645		43,947
Other	917		786		2,644		2,264
Uniti Fiber	56,563		59,154		177,195		173,576
Uniti Leasing	1,799		1,868		5,073		5,142
Total revenue from contracts with customers	58,362		61,022		182,268		178,718
Revenue accounted for under leasing guidance
Uniti Leasing	221,123		212,720		653,756		632,707
Uniti Fiber	12,762		16,913		37,588		52,750
Total revenue accounted for under leasing guidance	233,885		229,633		691,344		685,457
Total revenue	$	292,247	$	290,655	$	873,612	$	864,175

At September 30, 2024 and December 31, 2023, lease receivables were $27.3 million and $22.0 million, respectively, and receivables from contracts with customers were $21.1 million and $18.8 million, respectively.

Contract Assets (Unbilled Revenue) and Liabilities (Deferred Revenue)

Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. Contract assets are reported within accounts receivable, net on our Condensed Consolidated Balance Sheets. When the contract price is invoiced, the related unbilled receivable is reclassified to trade accounts receivable, where the balance will be settled upon the collection of the invoiced amount. Contract liabilities are generally comprised of upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement. During the three and nine months ended September 30, 2024, we recognized revenues of $0.8 million and $3.4 million, respectively, which were included in the December 31, 2023 contract liabilities balance.

The following table provides information about contract assets and contract liabilities accounted for under ASC 606.

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2023	$	26	$	11,109
Balance at September 30, 2024	$	—	$	10,613

Transaction Price Allocated to Remaining Performance Obligations

Performance obligations within contracts to stand ready to provide services are typically satisfied over time or as those services are provided. Contract liabilities primarily relate to deferred revenue from upfront customer payments. The deferred revenue is recognized, and the liability reduced, over the contract term as the Company completes the performance obligation. As of September 30, 2024, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under ASC 606 totaled $624.7 million, of which $552.5 million is related to contracts that are currently being invoiced and have an average remaining contract term of 3.1 years, while $72.2 million represents our backlog for sales bookings which have yet to be installed and have an average contract term of 5.3 years. We do not disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less.