Uniti (UNIT) 8-K Uniti Group Inc. Reports First Quarter 2017 Results

Exhibit 99.2

Effective in the first quarter of 2017, our management, including our chief executive officer, who is our chief operating decision maker, commenced managing our operations as four reportable segments in addition to our corporate operations and include:

Leasing: Represents our REIT operations and includes the results from our leasing programs, Uniti Leasing, which is engaged in the acquisition of mission-critical communications assets and leasing back to anchor customers on either an exclusive or shared-tenant basis.

Fiber Infrastructure: Represents the operations of Uniti Fiber, which is a leading provider of infrastructure solutions including cell site backhaul and dark fiber, to the telecommunications industry.

Towers: Represents the operations of our towers business, Uniti Towers, through which we acquire and construct tower and tower-related real estate in the United States and Latin America.

Consumer CLEC: Represents the operations of Talk America Services (“Talk America”) through which we operate the Consumer CLEC Business, that prior to the Spin-Off was reported as an integrated operation within Windstream. Talk America provides local telephone, high-speed internet and long distance services to customers in the eastern and central United States.

Corporate: Represents our corporate and back office functions. Certain costs and expenses, primarily related to headcount, insurance, professional fees and similar charges, that are directly attributable to operations of our business segments are allocated to the respective segments.

Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure defined as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, the impact, which may be recurring in nature, of transaction related expenses, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, changes in the fair value of contingent consideration and financial instruments, and other similar items.

The Company’s unaudited financial results by business segment presented below have been recast to conform to the current year presentation.

Three months ended March 31, 2016:

	Three months ended March 31, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	168,613	$	-	$	28		$	6,034	$	-		$	174,675
Adjusted EBITDA	$	168,208	$	-	$	(302	)	$	1,332	$	(3,529	)	$	165,709
Less:
Interest expense														66,049
Depreciation and amortization		85,403		-		30			814		93			86,340
Transaction related costs														3,910
Stock-based compensation														930
Income tax expense														444
Net loss													$	8,036
Capital expenditures	$	-	$	-	$	1,347		$	-	$	77		$	1,424

Three and six months ended June 30, 2016:

	Three months ended June 30, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	168,966	$	13,776	$	84		$	5,747	$	-		$	188,573
Adjusted EBITDA	$	168,629	$	5,500	$	(297	)	$	1,330	$	(3,522	)	$	171,640
Less:
Interest expense														68,036
Depreciation and amortization		85,650		5,747		80			814		94			92,385
Transaction related costs														11,210
Stock-based compensation														1,217
Income tax expense														327
Net loss													$	(1,535	)
Capital expenditures	$	-	$	3,401	$	4,564		$	-	$	63		$	8,028

	Six months ended June 30, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	337,579	$	13,776	$	112		$	11,781	$	-		$	363,248
Adjusted EBITDA	$	336,837	$	5,500	$	(599	)	$	2,662	$	(7,051	)	$	337,349
Less:
Interest expense														134,085
Depreciation and amortization		171,053		5,747		110			1,628		187			178,725
Transaction related costs														15,120
Stock-based compensation														2,147
Income tax expense														771
Net loss													$	6,501
Capital expenditures	$	-	$	3,401	$	5,911		$	-	$	140		$	9,452

Three and nine months ended September 30, 2016:

	Three months ended September 30, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	169,366	$	25,219	$	159		$	5,496	$	-		$	200,240
Adjusted EBITDA	$	169,075	$	9,273	$	(258	)	$	1,213	$	(3,627	)	$	175,676
Less:
Interest expense														70,522
Depreciation and amortization		86,007		9,701		106			814		95			96,723
Transaction related costs														9,315
Stock-based compensation														1,331
Income tax expense														128
Net loss													$	(2,343	)
Capital expenditures	$	-	$	6,877	$	2,860		$	-	$	15		$	9,752

	Nine months ended September 30, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	506,945	$	38,995	$	271		$	17,277	$	-		$	563,488
Adjusted EBITDA	$	505,912	$	14,773	$	(857	)	$	3,875	$	(10,678	)	$	513,025
Less:
Interest expense														204,607
Depreciation and amortization		257,059		15,448		216			2,443		282			275,448
Transaction related costs														24,435
Stock-based compensation														3,478
Income tax expense														899
Net loss													$	4,158
Capital expenditures	$	-	$	10,278	$	8,771		$	-	$	155		$	19,204

For the year ended December 31, 2016 and the period from April 24, 2015 to December 31, 2015:

	Year ended December 31, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	676,868	$	70,568	$	500		$	22,472	$	-		$	770,408
Adjusted EBITDA	$	675,114	$	25,912	$	(1,123	)	$	5,074	$	(14,793	)	$	690,184
Less:
Interest expense														275,394
Depreciation and amortization		343,368		28,629		337			3,258		378			375,970
Transaction related costs														33,669
Stock-based compensation														4,846
Income tax expense														517
Net loss													$	(212	)
Capital expenditures	$	-	$	31,006	$	15,262		$	-	$	175		$	46,443

	Period from April 24, 2015 to December 31, 2015
(Thousands)	Leasing		Fiber Infrastructure		Towers		Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	458,614	$	-	$	-	$	17,700	$	-		$	476,314
Adjusted EBITDA	$	457,704	$	-	$	-	$	3,957	$	(8,364	)	$	453,297
Less:
Interest expense													181,797
Depreciation and amortization		235,967		-		-		2,571		210			238,748
Transaction related costs													5,210
Stock-based compensation													1,934
Income tax expense													738
Net loss												$	24,870
Capital expenditures	$	43,077	$	-	$	-	$	-	$	1,336		$	44,413

Total assets by business segment as of December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016 are as follows:

(Thousands)	December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
Leasing	$	2,434,639	$	2,382,779	$	2,329,897	$	2,271,978	$	2,238,517
Fiber Infrastructure		-		-		493,263		914,168		914,082
Towers		-		4,947		9,247		11,747		18,004
Consumer CLEC		14,721		14,958		14,722		14,355		14,239
Corporate		93,276		115,230		4,545		5,286		133,910
Total of reportable segments	$	2,542,636	$	2,517,915	$	2,851,675	$	3,217,534	$	3,318,752