Uniti Group Inc. (NASDAQ:UNIT) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET
Company Participants
Kenny Gunderman - CEO
Paul Bullington - SVP and CFO
Conference Call Participants
Greg Williams - Cowen
Frank Louthan - Raymond James
David Barden - Bank of America
Operator
Welcome to Uniti Group's First Quarter 2022 Conference Call. My name is Jonathan, and I will be your operator for today. A webcast of this call will be available on the company's website at www.uniti.com beginning May 5th, 2022, and will remain available for 14 days.
At this time, all participants are in listen-only mode. Participants on this call will have the opportunity to ask questions following the company 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 will reference slides posted on the website, and you are encouraged to refer to those materials during the 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 these 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 and good morning. Starting on slide three, we continue to see robust demand for our portfolio of mission-critical communications infrastructure. Our strong first quarter results exceeded our expectations and we're enthusiastic about the prospects for the balance of the year. In fact, we announced today we're raising our full year outlook which Paul will cover shortly.
Consolidated new sales bookings during the quarter were again a highlight, representing a 58% increase over the first quarter of 2021 and our fourth consecutive quarter of elevated bookings.
These results also further demonstrate that the shared infrastructure benefits of fiber resulted in healthy adjusted EBITDA and AFFO growth. Fiber has never been more valuable and the insatiable demand that we're seeing for these assets shows no signs of slowing. As the second largest independent fiber operator in the country, Uniti is uniquely positioned to benefit from these trends.