Uniti Group Inc. (NASDAQ:UNIT) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET
Company Participants
Kenny Gunderman - President and Chief Executive Officer
Paul Bullington - Chief Financial Officer
Conference Call Participants
Frank Louthan - Raymond James & Associates, Inc.
Gregory Williams - TD Cowen
David Barden - Bank of America Merrill Lynch
Bora Lee - RBC Capital Markets
Alana Papa - Morgan Stanley
Operator
Welcome to Uniti Group's Third Quarter 2023 Conference Call. My name is Howard, and I will be your operator for today. A webcast of this call will be available on the Company's website, www.uniti.com, beginning today and will remain available for 14 days. At this time, all participants are in a listen-only mode. Participants on the call will have the opportunity to ask questions following the Company's prepared comments.
The Company would like to remind you that today's remarks include forward-looking statements and actual results could differ materially from those projected in these statements. The factors that could cause actual results to differ are discussed in the Company's filings with the SEC. The Company's remarks this morning were reference slides posted on its website and you are encouraged to refer to those materials during this call. Discussions during the call will also include certain financial measures that were not prepared in accordance with the Generally Accepted Accounting Principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Company's current report on Form 8-K dated today.
I would now like to turn the call over to Uniti Group's Chief Executive Officer, Kenny Gunderman. Please go ahead, Mr. Gunderman.
Kenny Gunderman
Thank you. Good morning, and thank you for joining. Starting on Slide 3. Uniti delivered another solid quarter of performance, and as a result, we are once again reiterating our consolidated full-year 2023 revenue, adjusted EBITDA and AFFO outlook. Our consolidated core recurring revenue grew 3% during the third quarter from the prior year. Our lease-up revenue categories continue to perform exceptionally well with non-wireless wholesale, enterprise and dark fiber lease-up revenue growing at 7%, 16% and 20%, respectively, during the quarter when compared to the same period last year.
With our industry-leading 0.3% churn and no legacy services weighing us down, we believe our runway for mid single-digit growth continues to be long. Our scaled national network and exceptional network performance allows us to negotiate bespoke agreements with our wireless carriers, providing steady returns and minimizing churn.