Revenues

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended March 31,
(Thousands)	2025		2024
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	17,745	$	17,722
Enterprise and wholesale	28,117		26,893
E-Rate and government	9,606		11,144
Other	(37)		875
Uniti Fiber	55,431		56,634
Uniti Leasing	1,455		1,629
Total revenue from contracts with customers	56,886		58,263
Revenue accounted for under leasing guidance
Uniti Leasing	220,913		215,992
Uniti Fiber	16,110		12,163
Total revenue accounted for under leasing guidance	237,023		228,155
Total revenue	$	293,909	$	286,418

At March 31, 2025 and December 31, 2024, lease receivables were $19.0 million and $28.8 million, respectively, and receivables from contracts with customers were $21.8 million and $19.1 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 months ended March 31, 2025, we recognized revenues of $1.6 million which were included in the December 31, 2024 contract liabilities balance.

The following table provides information about contract assets and contract liabilities accounted for under the Accounting

Standards Codification 606, Revenue from Contracts with Customers ("ASC 606").

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2024	$	—	$	10,014
Balance at March 31, 2025	$	423	$	10,484

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 March 31, 2025, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under ASC 606 totaled $594.9 million, of which $526.9 million is related to contracts that are currently being invoiced and have an average remaining contract term of 3.0 years, while $68.0 million represents our backlog for sales bookings which have yet to be installed and have an average contract term of 5.4 years. We do not disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less.