XML 50 R33.htm IDEA: XBRL DOCUMENT v3.25.0.1
Schedule I - Condensed Financial Information of The Registrant (Parent Company)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of The Registrant (Parent Company) Supplementary Unrestricted Subsidiary Information
During 2024, we formed ABS Parent and the ABS Bridge Loan Parties, each an indirect, bankruptcy-remote subsidiary of the Company. Concurrently, we designated the ABS Parent and ABS Bridge Loan Parties as unrestricted subsidiaries under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes. See Note 11.

Below are the Consolidated Balance Sheets as of December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, and the Consolidated Statements of Income (Loss) for the year ended December 31, 2024, the nine months ended September 30, 2024, the six months ended June 30, 2024, and the three months ended March 31, 2024, respectively, of such unrestricted subsidiaries (in thousands):
UNAUDITED SUPPLEMENTAL INFORMATION
Year Ended December 31, 2024
(Thousands)Unrestricted SubsidiariesRestricted SubsidiariesEliminationsConsolidated
Assets:
Property, plant and equipment, net$446,498 $3,763,249 $— $4,209,747 
Cash and cash equivalents1,743 153,850 — 155,593 
Restricted cash and cash equivalents28,149 105 — 28,254 
Accounts receivable, net9,032 46,309 (3,923)51,418 
Goodwill— 157,380 — 157,380 
Intangible assets, net— 275,414 — 275,414 
Straight-line revenue receivable798 108,072 — 108,870 
Operating lease right-of-use assets, net— 126,791 — 126,791 
Other assets, net— 211,031 (170,475)40,556 
Deferred income tax assets, net— 128,045 — 128,045 
Derivative asset77 — — 77 
Total Assets$486,297 $4,970,246 $(174,398)$5,282,145 
Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net$3,386 $90,225 $(3,923)$89,688 
Settlement payable (Note 3)— 71,785 — 71,785 
Intangible liabilities, net— 145,703 — 145,703 
Accrued interest payable921 142,980 — 143,901 
Deferred revenue43,521 1,357,431 — 1,400,952 
Dividends payable— 665 — 665 
Operating lease liabilities— 80,504 — 80,504 
Finance lease obligations— 17,190 — 17,190 
Notes and other debt, net271,329 5,512,268 — 5,783,597 
Total liabilities319,157 7,418,751 (3,923)7,733,985 
Shareholders' Deficit:
Total shareholders' deficit167,140 (2,448,505)(170,475)(2,451,840)
Total Liabilities and Shareholders' Deficit$486,297 $4,970,246 $(174,398)$5,282,145 
As of September 30, 2024
(Thousands)Unrestricted SubsidiariesRestricted SubsidiariesEliminationsConsolidated
Assets:
Property, plant and equipment, net$451,670 $3,704,872 $— $4,156,542 
Cash and cash equivalents303 33,774 — 34,077 
Restricted cash and cash equivalents19,206 105 — 19,311 
Accounts receivable, net7,362 48,013 (3,771)51,604 
Goodwill— 157,380 — 157,380 
Intangible assets, net— 282,839 — 282,839 
Straight-line revenue receivable706 105,117 — 105,823 
Operating lease right-of-use assets, net— 126,791 — 126,791 
Other assets, net— 242,652 (202,656)39,996 
Deferred income tax assets, net— 124,077 — 124,077 
Derivative asset231 — — 231 
Total Assets$479,478 $4,825,620 $(206,427)$5,098,671 
Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net$3,825 $95,790 $(3,771)$95,844 
Settlement payable— 95,147 — 95,147 
Intangible liabilities, net— 148,377 — 148,377 
Accrued interest payable(374)56,936 — 56,562 
Deferred revenue10,000 1,289,759 — 1,299,759 
Dividends payable— 2 — 2 
Operating lease liabilities— 78,785 — 78,785 
Finance lease obligations— 17,869 — 17,869 
Notes and other debt, net270,017 5,512,616 — 5,782,633 
Total liabilities283,468 7,295,281 (3,771)7,574,978 
Shareholders' Deficit:
Total shareholders' deficit196,010 (2,469,661)(202,656)(2,476,307)
Total Liabilities and Shareholders' Deficit$479,478 $4,825,620 $(206,427)$5,098,671 
As of June 30, 2024
(Thousands)Unrestricted SubsidiariesRestricted SubsidiariesEliminationsConsolidated
Assets:
Property, plant and equipment, net$456,842 $3,635,957 $— $4,092,799 
Cash and cash equivalents14 118,749 — 118,763 
Restricted cash and cash equivalents12,624 104 — 12,728 
Accounts receivable, net6,182 55,888 (5,416)56,654 
Goodwill— 157,380 — 157,380 
Intangible assets, net— 290,264 — 290,264 
Straight-line revenue receivable597 101,113 — 101,710 
Operating lease right-of-use assets, net— 128,837 — 128,837 
Other assets, net— 241,769 (201,070)40,699 
Deferred income tax assets, net— 117,780 — 117,780 
Derivative asset1,616 — — 1,616 
Total Assets$477,875 $4,847,841 $(206,486)$5,119,230 
Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net$3,560 $88,961 $(5,416)$87,105 
Settlement payable— 118,232 — 118,232 
Intangible liabilities, net— 151,050 — 151,050 
Accrued interest payable199 142,028 — 142,227 
Deferred revenue9,862 1,232,303 — 1,242,165 
Dividends payable— 1,134 — 1,134 
Operating lease liabilities— 79,812 — 79,812 
Finance lease obligations— 18,110 — 18,110 
Notes and other debt, net268,737 5,503,072 — 5,771,809 
Total liabilities282,358 7,334,702 (5,416)7,611,644 
Shareholders' Deficit:
Total shareholders' deficit195,517 (2,486,861)(201,070)(2,492,414)
Total Liabilities and Shareholders' Deficit$477,875 $4,847,841 $(206,486)$5,119,230 
As of March 31, 2024
(Thousands)Unrestricted SubsidiariesRestricted SubsidiariesEliminationsConsolidated
Assets:
Property, plant and equipment, net$463,736 $3,578,749 $— $4,042,485 
Cash and cash equivalents— 43,058 — 43,058 
Restricted cash and cash equivalents7,580 104 — 7,684 
Accounts receivable, net9,301 45,094 (5,811)48,584 
Goodwill— 157,380 — 157,380 
Intangible assets, net— 297,689 — 297,689 
Straight-line revenue receivable525 96,134 — 96,659 
Operating lease right-of-use assets, net— 131,810 — 131,810 
Other assets, net— 243,510 (201,039)42,471 
Deferred income tax assets, net— 114,904 — 114,904 
Derivative asset1,845 — — 1,845 
Total Assets$482,987 $4,708,432 $(206,850)$4,984,569 
Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net$— $95,850 $(5,811)$90,039 
Settlement payable— 141,043 — 141,043 
Intangible liabilities, net— 153,724 — 153,724 
Accrued interest payable1,698 50,099 — 51,797 
Deferred revenue9,713 1,217,741 — 1,227,454 
Dividends payable— 37,048 — 37,048 
Operating lease liabilities— 81,778 — 81,778 
Finance lease obligations— 18,473 — 18,473 
Notes and other debt, net267,490 5,393,206 — 5,660,696 
Total liabilities278,901 7,188,962 (5,811)7,462,052 
Shareholders' Deficit:
Total shareholders' deficit204,086 (2,480,530)(201,039)(2,477,483)
Total Liabilities and Shareholders' Deficit$482,987 $4,708,432 $(206,850)$4,984,569 

Year Ended December 31, 2024
(Thousands)Unrestricted SubsidiariesRestricted SubsidiariesEliminationsConsolidated
Total Revenues$71,494 $1,109,598 $(14,165)$1,166,927 
Costs and Expenses:
Interest expense, net24,068 487,296 — 511,364 
Depreciation and amortization17,238 297,572 — 314,810 
General and administrative expense32,889 86,295 (14,165)105,019 
Operating expense (exclusive of depreciation, accretion and amortization)— 140,377 — 140,377 
Transaction related and other costs— 38,734 — 38,734 
Gain on sale of real estate— (18,953)— (18,953)
Other (income) expense, net— (301)— (301)
Total costs and expenses74,195 1,031,020 (14,165)1,091,050 
Income (loss) before income taxes and equity in earnings from unconsolidated entities(2,701)78,578 — 75,877 
Income tax benefit— (17,555)— (17,555)
Net income (loss)$(2,701)$96,133 $— $93,432 
Nine Months Ended September 30, 2024
(Thousands)Unrestricted SubsidiariesRestricted SubsidiariesEliminationsConsolidated
Total Revenues$46,785 $836,782 $(9,955)$873,612 
Costs and Expenses:
Interest expense, net16,950 364,743 — 381,693 
Depreciation and amortization12,067 222,795 — 234,862 
General and administrative expense23,594 66,907 (9,955)80,546 
Operating expense (exclusive of depreciation, accretion and amortization)— 106,753 — 106,753 
Transaction related and other costs— 31,068 — 31,068 
Gain on sale of real estate— (18,999)— (18,999)
Other (income) expense, net— (301)— (301)
Total costs and expenses52,611 772,966 (9,955)815,622 
Income (loss) before income taxes and equity in earnings from unconsolidated entities(5,826)63,816 — 57,990 
Income tax benefit— (13,869)— (13,869)
Net income (loss)$(5,826)$77,685 $— $71,859 

Six Months Ended June 30, 2024
(Thousands)Unrestricted SubsidiariesRestricted SubsidiariesEliminationsConsolidated
Total Revenues$24,249 $562,792 $(5,676)$581,365 
Costs and Expenses:
Interest expense, net9,786 240,900 — 250,686 
Depreciation and amortization6,895 148,642 — 155,537 
General and administrative expense13,257 46,268 (5,676)53,849 
Operating expense (exclusive of depreciation, accretion and amortization)— 72,234 — 72,234 
Transaction related and other costs— 16,664 — 16,664 
Gain on sale of real estate— (18,999)— (18,999)
Other (income) expense, net— (301)— (301)
Total costs and expenses29,938 505,408 (5,676)529,670
Income (loss) before income taxes and equity in earnings from unconsolidated entities(5,689)57,384 — 51,695 
Income tax benefit— (7,934)— (7,934)
Net income (loss)(5,689)65,318 — 59,629 
Three Months Ended March 31, 2024
(Thousands)Unrestricted SubsidiariesRestricted SubsidiariesEliminationsConsolidated
Total Revenues$5,581 $280,837 $— $286,418 
Costs and Expenses:
Interest expense, net2,295 120,916 — 123,211 
Depreciation and amortization— 77,485 — 77,485 
General and administrative expense72 28,061 — 28,133 
Operating expense (exclusive of depreciation, accretion and amortization)— 35,198 — 35,198 
Transaction related and other costs— 5,687 — 5,687 
Gain on sale of real estate— (18,999)— (18,999)
Other (income) expense, net— (282)— (282)
Total costs and expenses2,367 248,066 — 250,433 
Income (loss) before income taxes and equity in earnings from unconsolidated entities3,214 32,771 — 35,985 
Income tax benefit— (5,363)— (5,363)
Net income (loss)$3,214 $38,134 $— $41,348 
Uniti Group Inc.
Schedule I – Condensed Financial Information of
The Registrant (Parent Company)
Condensed Balance Sheets
(Thousands, except par value)December 31, 2024December 31, 2023
Assets:
Cash and cash equivalents$946 $627 
Total Assets$946 $627 
Liabilities:
Accrued other liabilities$6,545 $6,441 
Dividends payable663 36,144 
Notes and other debt, net300,227 298,408 
Cash distributions and losses in excess of investments in consolidated subsidiaries2,145,884 2,146,026 
Total liabilities2,453,319 2,487,019 
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: 237,513 shares at December 31, 2024 and 236,559 at December 31, 2023
24 24 
Additional paid-in capital1,236,045 1,221,824 
Accumulated other comprehensive loss(634)— 
Distributions in excess of accumulated earnings(3,687,808)(3,708,240)
Total Uniti shareholders' deficit(2,452,373)(2,486,392)
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit$946 $627 
See notes to Consolidated Financial Statements of Uniti Group Inc. included in Financial Statements and Supplementary Data.