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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Consolidated Communications Holdings Inc | NASDAQ:CNSL | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.01 | -0.21% | 4.67 | 4.61 | 4.72 | 4.70 | 4.67 | 4.68 | 675,032 | 22:00:00 |
From May 2024 to Nov 2024
Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), a top 10 fiber provider in the U.S., today reported results for second quarter 2024.
Second Quarter 2024 Results
Cost of services and products and selling, general and administrative expenses collectively decreased $3.2 million versus the prior year largely due to lower video programming costs, a reduction in contract labor costs, and lower salaries driven by certain cost savings initiatives. The decrease was partly offset by higher professional fees for various system enhancements, customer service improvements and strategic initiatives.
Net interest expense was $44.1 million, an increase of $7.2 million versus the prior year, primarily as a result of higher interest rates on the term loan, interest from borrowings on the revolving credit facility, and decreased interest income due to lower cash holdings in the current quarter. At June 30, 2024, the Company had 72% of its total outstanding debt at a fixed rate through September 2026. As of June 30, 2024, the weighted average cost of debt was 7.18%.
Net loss in the second quarter of 2024 was ($66.7 million) compared to net loss of ($119.0 million) in the second quarter of 2023. The net loss in 2023 included an impairment loss of ($77.8 million) recorded in relation to the Washington assets. Net loss per share was ($0.58) in the second quarter of 2024 as compared to net loss per share of ($1.05) in the second quarter of 2023. Adjusted diluted net (loss) per share excludes certain items as outlined in the table provided in this release. Adjusted diluted net loss per share was ($0.37) compared to ($0.28) in the second quarter of 2023.
_____________1 Normalized for the divestiture of the Company’s Washington assets, which closed on May 1, 2024.
Refer to the tables contained in this press release for a reconciliation of all non-GAAP measures.
Capital Expenditures
Total committed capital expenditures were $102.7 million, driven by 32,961 new fiber passings, second quarter fiber adds, and the usage of existing inventory for install and build activity.
Capital Structure
As of June 30, 2024, the Company maintained liquidity with cash and short-term investments of approximately $5 million, as well as $75 million of available borrowing capacity under the Company’s revolving credit facility and $80 million undrawn under its term loan agreement with Searchlight CVL AGG, L.P. as lender, in each case, subject to customary conditions.
Washington Asset Sale
On May 1, 2024, Consolidated completed the sale of its Washington assets.
Pending Transaction
As previously announced on Oct. 16, 2023, Consolidated entered into an agreement to be acquired by affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation in an all-cash transaction with an enterprise value of approximately $3.1 billion, including the assumption of debt. On Jan. 31, 2024, at a special meeting of shareholders, approximately 75% of shares held by disinterested shareholders voted to approve the proposal to adopt the merger agreement and approve the pending transaction. The transaction will result in Consolidated becoming a private company and is expected to close in late fourth quarter 2024 or early first quarter 2025, subject to customary closing conditions, including receipt of regulatory approvals. The transaction is not subject to a financing condition. Following the closing of the transaction, shares of Consolidated common stock will no longer be traded or listed on any public securities exchange.
In light of the transaction, Consolidated will not host an earnings conference call.
About Consolidated Communications
Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) is dedicated to moving people, businesses and communities forward by delivering the most reliable fiber communications solutions. Consumers, businesses and wireless and wireline carriers depend on Consolidated for a wide range of high-speed internet, data, phone, security, cloud and wholesale carrier solutions. With a network spanning over 63,000 fiber route miles, Consolidated is a top 10 U.S. fiber provider, turning technology into solutions that are backed by exceptional customer support. Learn more at consolidated.com.
Use of Non-GAAP Financial Measures
This press release includes disclosures regarding “EBITDA,” “adjusted EBITDA,” “adjusted diluted net income (loss) per share,” and “Normalized revenue,” all of which are non-GAAP financial measures. Accordingly, they should not be construed as alternatives to net cash from operating or investing activities, cash and cash equivalents, cash flows from operations, net income or net income per share as defined by GAAP and are not, on their own, necessarily indicative of cash available to fund cash needs as determined in accordance with GAAP. In addition, not all companies use identical calculations, and the non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures presented in accordance with GAAP is included in the tables that follow.
Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required by the lenders under our credit agreement in place at the end of each quarter in the periods presented. The tables that follow include an explanation of how adjusted EBITDA is calculated for each of the periods presented with the reconciliation to net income (loss). EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation and amortization on a historical basis.
We present adjusted EBITDA for several reasons. Management believes adjusted EBITDA is useful as a means to evaluate our ability to fund our estimated uses of cash (including interest on our debt). In addition, we have presented adjusted EBITDA to investors in the past because it is frequently used by investors, securities analysts and other interested parties in the evaluation of companies in our industry, and management believes presenting it here provides a measure of consistency in our financial reporting. Adjusted EBITDA, referred to as Available Cash in our credit agreement, is also a component of the restrictive covenants and financial ratios contained in our credit agreement that requires us to maintain compliance with these covenants and limit certain activities, such as our ability to incur debt. The definitions in these covenants and ratios are based on Adjusted EBITDA after giving effect to specified charges. In addition, Adjusted EBITDA provides our board of directors with meaningful information, with other data, assumptions and considerations, to measure our ability to service and repay debt.
These non-GAAP financial measures have certain shortcomings. In particular, Adjusted EBITDA does not represent the residual cash flows available for discretionary expenditures, since items such as debt repayment and interest payments are not deducted from such measure.
We present the non-GAAP measure “adjusted diluted net income (loss) per share” because our net income (loss) and net income (loss) per share are regularly affected by items that occur at irregular intervals or are non-cash items. We believe that disclosing these measures assists investors, securities analysts and other interested parties in evaluating both our company over time and the relative performance of the companies in our industry.
Forward-Looking Statements
Certain statements in this press release, including those relating to the current expectations, plans, strategies, and the timeline for consummating the take private transaction with Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation in late fourth quarter 2024 or early first quarter 2025, are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, our current expectations, plans, strategies and anticipated financial results. There are a number of risks, uncertainties and conditions that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements, including: significant competition in all parts of our business and among our customer channels; our ability to adapt to rapid technological changes; shifts in our product mix that may result in a decline in operating profitability; continued receipt of support from various funds established under federal and state laws; disruptions in our networks and infrastructure and any related service delays or disruptions could cause us to lose customers and incur additional expenses; cyber-attacks may lead to unauthorized access to confidential customer, personnel and business information that could adversely affect our business; our operations require substantial capital expenditures and our business, financial condition, results of operations and liquidity may be impacted if funds for capital expenditures are not available when needed; our ability to obtain and maintain necessary rights-of-way for our networks; our ability to obtain necessary hardware, software and operational support from third-party vendors; substantial video content costs continue to rise; our ability to enter into new collective bargaining agreements or renew existing agreements; our ability to attract and/or retain certain key management and other personnel in the future; risks associated with acquisitions and the realization of anticipated benefits from such acquisitions; increasing attention to, and evolving expectations for, environmental, social and governance initiatives; unfavorable changes in financial markets could affect pension plan investments; weak economic conditions; the risk that the proposed transaction may not be completed in a timely manner or at all; the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive transaction agreement relating to the proposed transaction, including in circumstances which would require the Company to pay a termination fee; the effect of the announcement or pendency of the proposed transaction on the Company’s ability to attract, motivate or retain key executives and employees, its ability to maintain relationships with its customers, suppliers and other business counterparties, or its operating results and business generally; risks related to the proposed transaction diverting management’s attention from the Company’s ongoing business operations; the amount of costs, fees and expenses related to the proposed transaction; the risk that the Company’s stock price may decline significantly if the proposed transaction is not consummated; the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay; and the other risk factors described in Part I, Item 1A of Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and the other risk factors identified from time to time in the Company’s other filings with the SEC. Filings with the SEC are available on the SEC’s website at http://www.sec.gov. Many of these circumstances are beyond our ability to control or predict. Moreover, forward-looking statements necessarily involve assumptions on our part. These forward-looking statements generally are identified by the words “believe,” “expect,” “anticipate,” “estimate,” “project,” “intend,” “plan,” “should,” “may,” “will,” “would,” “will be,” “will continue” or similar expressions. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this press release. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the information currently available to us and speak only as of the date they are made. Except as required under federal securities laws or the rules and regulations of the Securities and Exchange Commission, we disclaim any intention or obligation to update or revise publicly any forward-looking statements.
Tag: [Consolidated-Communications-Earnings]
Consolidated Communications Holdings, Inc. Condensed Consolidated Balance Sheets (Dollars in thousands, except share and per share amounts) (Unaudited)June 30,
December 31,
2024
2023
ASSETS Current assets: Cash and cash equivalents $5,327
$
4,765
Accounts receivable, net
127,359
121,194
Income tax receivable
3,470
2,880
Prepaid expenses and other current assets
57,321
56,843
Assets held for sale
—
70,473
Total current assets
193,477
256,155
Property, plant and equipment, net
2,494,789
2,449,009
Investments
8,628
8,887
Goodwill
814,624
814,624
Customer relationships, net
10,470
18,616
Other intangible assets
10,557
10,557
Other assets
77,771
70,578
Total assets $
3,610,316
$
3,628,426
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $
39,820
$
60,073
Advance billings and customer deposits
48,539
44,478
Accrued compensation
56,243
58,151
Accrued interest
19,931
18,694
Accrued expense
83,645
114,022
Current portion of long-term debt and finance lease obligations
20,601
18,425
Liabilities held for sale
—
3,402
Total current liabilities
268,779
317,245
Long-term debt and finance lease obligations
2,268,663
2,134,916
Deferred income taxes
189,987
210,648
Pension and other post-retirement obligations
135,488
137,616
Other long-term liabilities
49,350
48,637
Total liabilities
2,912,267
2,849,062
Series A Preferred Stock, par value $0.01 per share; 10,000,000 shares authorized, 434,266 shares outstanding as of June 30, 2024 and December 31, 2023; liquidation preference of $544,335 and $520,957 as of June 30, 2024 and December 31, 2023, respectively
395,969
372,590
Shareholders' equity: Common stock, par value $0.01 per share; 150,000,000 shares authorized, 118,477,091 and 116,172,568 shares outstanding as of June 30, 2024 and December 31, 2023, respectively
1,185
1,162
Additional paid-in capital
662,422
681,757
Accumulated deficit
(352,849
)
(262,380
)
Accumulated other comprehensive loss, net(17,043
)
(21,872
)
Noncontrolling interest8,365
8,107
Total shareholders' equity
302,080
406,774
Total liabilities, mezzanine equity and shareholders' equity $
3,610,316
$
3,628,426
Consolidated Communications Holdings, Inc. Condensed Consolidated Statements of Operations (Dollars in thousands, except per share amounts) (Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net revenues $268,709
$
275,162
$
543,384
$
551,288
Operating expenses: Cost of services and products
114,006
126,967
227,465
258,905
Selling, general and administrative expenses
93,288
83,565
177,243
164,849
Transaction costs
3,175
—
6,100
—
Loss on impairment of assets held for sale
—
77,755
—
77,755
Loss on disposal of assets
—
2,384
—
5,688
Depreciation and amortization
79,809
79,538
160,442
157,237
Loss from operations
(21,569
)
(95,047
)
(27,866
)
(113,146
)
Other income (expense): Interest expense, net of interest income(44,132
)
(36,903
)
(86,583
)
(70,763
)
Other, net292
5,410
1,885
8,168
Loss before income taxes
(65,409
)
(126,540
)
(112,564
)
(175,741
)
Income tax benefit(10,581
)
(18,448
)
(22,353
)
(30,688
)
Net loss(54,828
)
(108,092
)
(90,211
)
(145,053
)
Less: dividends on Series A preferred stock11,692
10,704
23,379
21,291
Less: net income attributable to noncontrolling interest
145
161
258
304
Net loss attributable to common shareholders $
(66,665
)
$(118,957
)
$(113,848
)
$(166,648
)
Net loss per basic and diluted common shares attributable to common shareholders $(0.58
)
$(1.05
)
$(1.00
)
$(1.47
)
Consolidated Communications Holdings, Inc. Condensed Consolidated Statements of Cash Flows (Dollars in thousands) (Unaudited)Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
OPERATING ACTIVITIES Net loss $(54,828
)
$(108,092
)
$(90,211
)
$(145,053
)
Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization79,809
79,538
160,442
157,237
Deferred income tax expense (benefit)
(10,580
)
(19,020
)
(22,371
)
(31,259
)
Pension and post-retirement contributions in excess of expense(1,577
)
(2,676
)
(3,279
)
(5,537
)
Non-cash, stock-based compensation3,030
2,388
4,711
3,187
Amortization of deferred financing costs and discounts
1,985
1,874
3,942
3,721
Loss on impairment of assets held for sale
—
77,755
—
77,755
Loss on disposal of assets
—
2,384
—
5,688
Other adjustments, net
1,170
(2,443
)
(113
)
(2,861
)
Changes in operating assets and liabilities, net(27,211
)
(19,475
)
(55,653
)
4,441
Net cash provided by (used in) operating activities
(8,202
)
12,233
(2,532
)
67,319
INVESTING ACTIVITIES Purchase of property, plant and equipment, net
(85,545
)
(150,034
)
(183,577
)
(280,860
)
Proceeds from sale of assets156
6,509
232
6,801
Proceeds from business dispositions, net
67,458
—
67,458
—
Proceeds from sale and maturity of investments
—
90,000
714
91,623
Net cash used in investing activities
(17,931
)
(53,525
)
(115,173
)
(182,436
)
FINANCING ACTIVITIES Proceeds from issuance of long-term debt30,000
—
130,000
—
Payment of finance lease obligations
(5,317
)
(4,007
)
(10,154
)
(7,121
)
Payment of financing costs(430
)
—
(934
)
—
Share repurchases for minimum tax withholding
(156
)
—
(645
)
(1,036
)
Net cash provided by (used in) financing activities24,097
(4,007
)
118,267
(8,157
)
Net change in cash and cash equivalents(2,036
)
(45,299
)
562
(123,274
)
Cash and cash equivalents at beginning of period7,363
247,877
4,765
325,852
Cash and cash equivalents at end of period $
5,327
$
202,578
$
5,327
$
202,578
Consolidated Communications Holdings, Inc. Consolidated Revenue by Category (Dollars in thousands) (Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Consumer: Broadband (Data and VoIP) $81,405
$71,339
$161,287
$139,300
Voice services27,965
31,352
56,301
63,615
Video services3,312
9,362
9,938
18,956
112,682
112,053
227,526
221,871
Commercial: Data services (includes VoIP)54,571
53,230
109,252
106,364
Voice services30,509
32,236
61,220
64,867
Other8,295
10,378
17,259
20,134
93,375
95,844
187,731
191,365
Carrier: Data and transport services30,263
31,224
61,311
64,147
Voice services3,610
4,263
7,404
8,630
Other284
313
519
663
34,157
35,800
69,234
73,440
Subsidies6,373
7,072
13,179
14,108
Network access21,143
22,747
43,611
47,191
Other products and services979
1,646
2,103
3,313
Total operating revenue $268,709
$275,162
$543,384
$551,288
Consolidated Communications Holdings, Inc. Consolidated Revenue Trend by Category (Dollars in thousands) (Unaudited)Three Months Ended
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Consumer: Broadband (Data and VoIP) $81,405
$79,882
$76,458
$75,089
$71,339
Voice services27,965
28,336
29,935
31,616
31,352
Video services3,312
6,626
7,460
8,541
9,362
112,682
114,844
113,853
115,246
112,053
Commercial: Data services (includes VoIP)54,571
54,681
54,473
53,870
53,230
Voice services30,509
30,711
31,217
31,825
32,236
Other8,295
8,964
10,521
9,228
10,378
93,375
94,356
96,211
94,923
95,844
Carrier: Data and transport services30,263
31,048
31,713
31,388
31,224
Voice services3,610
3,794
2,868
4,090
4,263
Other284
235
243
262
313
34,157
35,077
34,824
35,740
35,800
Subsidies6,373
6,806
6,902
6,878
7,072
Network access21,143
22,468
22,217
20,842
22,747
Other products and services979
1,124
1,171
10,025
1,646
Total operating revenue $268,709
$274,675
$275,178
$283,654
$275,162
Consolidated Communications Holdings, Inc. Reconciliation of Historical Revenue by Category to Normalized Revenue by Category (Dollars in thousands) (Unaudited)Three Months Ended
Three Months Ended
June 30, 2024
June 30, 2023
Historical
Adjustments (1)
Normalized
Historical
Adjustments (1)
Normalized
Consumer: Broadband (Data and VoIP) $81,405
$(659
)
$80,746
$71,339
$(2,065
)
$69,274
Voice services27,965
(228
)
27,737
31,352
(769
)
30,583
Video services3,312
—
3,312
9,362
(172
)
9,190
112,682
(887
)
111,795
112,053
(3,006
)
109,047
Commercial: Data services (includes VoIP)54,571
(165
)
54,406
53,230
(434
)
52,796
Voice services30,509
(139
)
30,370
32,236
(445
)
31,791
Other8,295
(6
)
8,289
10,378
(33
)
10,345
93,375
(310
)
93,065
95,844
(912
)
94,932
Carrier: Data and transport services30,263
(6
)
30,257
31,224
(20
)
31,204
Voice services3,610
—
3,610
4,263
(5
)
4,258
Other284
(4
)
280
313
(13
)
300
34,157
(10
)
34,147
35,800
(38
)
35,762
Subsidies6,373
(204
)
6,169
7,072
(621
)
6,451
Network access21,143
(126
)
21,017
22,747
(420
)
22,327
Other products and services979
(13
)
966
1,646
(59
)
1,587
Total operating revenue $268,709
$(1,550
)
$267,159
$275,162
$(5,056
)
$270,106
Notes: (1) These adjustments reflect the removal of operating revenues for divestitures. We completed the sale of the Company's Washington operations on May 1, 2024. Consolidated Communications Holdings, Inc. Reconciliation of Historical Revenue by Category to Normalized Revenue by Category (Dollars in thousands) (Unaudited)Six Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
Historical
Adjustments (1)
Normalized
Historical
Adjustments (1)
Normalized
Consumer: Broadband (Data and VoIP) $161,287
$(2,644
)
$158,643
$139,300
$(4,091
)
$135,209
Voice services56,301
(930
)
55,371
63,615
(1,547
)
62,068
Video services9,938
—
9,938
18,956
(344
)
18,612
227,526
(3,574
)
223,952
221,871
(5,982
)
215,889
Commercial: Data services (includes VoIP)109,252
(690
)
108,562
106,364
(851
)
105,513
Voice services61,220
(573
)
60,647
64,867
(923
)
63,944
Other17,259
(33
)
17,226
20,134
(52
)
20,082
187,731
(1,296
)
186,435
191,365
(1,826
)
189,539
Carrier: Data and transport services61,311
(25
)
61,286
64,147
(40
)
64,107
Voice services7,404
(1
)
7,403
8,630
(5
)
8,625
Other519
(17
)
502
663
(26
)
637
69,234
(43
)
69,191
73,440
(71
)
73,369
Subsidies13,179
(812
)
12,367
14,108
(1,231
)
12,877
Network access43,611
(541
)
43,070
47,191
(858
)
46,333
Other products and services2,103
(56
)
2,047
3,313
(119
)
3,194
Total operating revenue $543,384
$(6,322
)
$537,062
$551,288
$(10,087
)
$541,201
Notes: (1) These adjustments reflect the removal of operating revenues from divestitures. We completed the sale of the Company's Washington operations on May 1, 2024. Consolidated Communications Holdings, Inc. Reconciliation of Net Loss to Adjusted EBITDA (Dollars in thousands) (Unaudited)Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net loss $(54,828
)
$(108,092
)
$(90,211
)
$(145,053
)
Add (subtract): Income tax benefit(10,581
)
(18,448
)
(22,353
)
(30,688
)
Interest expense, net44,132
36,903
86,583
70,763
Depreciation and amortization
79,809
79,538
160,442
157,237
EBITDA
58,532
(10,099
)
134,461
52,259
Adjustments to EBITDA (1): Other, net (2)
22,616
5,441
33,343
15,471
Pension/OPEB benefit
62
(931
)
124
(2,072
)
Loss on disposal of assets—
2,384
—
5,688
Loss on impairment
—
77,755
—
77,755
Non-cash compensation (3)
3,030
2,388
4,711
3,187
Adjusted EBITDA $
84,240
$
76,938
$
172,639
$
152,288
Notes: (1) These adjustments reflect those required or permitted by the lenders under our credit agreement. (2) Other, net includes income attributable to noncontrolling interests, transaction and non-recurring related costs, and certain miscellaneous items. (3) Represents compensation expenses in connection with our Restricted Share Plan, which because of the non-cash nature of the expenses are excluded from adjusted EBITDA. Consolidated Communications Holdings, Inc. Reconciliation of Loss Attributable to Common Shareholders to Adjusted Loss and Calculation of Adjusted Diluted Net Loss Per Common Share (Dollars in thousands, except per share amounts) (Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net loss $(54,828
)
$(108,092
)
$(90,211
)
$(145,053
)
Less: dividends on Series A preferred stock11,692
10,704
23,379
21,291
Less: net income attributable to noncontrolling interest
145
161
258
304
Net loss attributable to common shareholders
(66,665
)
(118,957
)
(113,848
)
(166,648
)
Adjustments to net loss attributable to common shareholders: Dividends on Series A preferred stock11,692
10,704
23,379
21,291
Transaction and severance related costs, net of tax
4,902
1,314
8,093
3,962
Loss on impairment of assets held for sale
—
77,755
—
77,755
Loss on disposition of assets, net of tax
—
1,761
—
4,202
Non-cash interest expense for swaps, net of tax
—
(293
)
—
(631
)
Tax impact of non-deductible goodwill6,112
(5,901
)
6,112
(5,901
)
Non-cash stock compensation, net of tax2,238
1,764
3,479
2,354
Adjusted net loss $
(41,721
)
$(31,853
)
$(72,785
)
$(63,616
)
Weighted average number of common shares outstanding114,255
113,050
114,195
112,995
Adjusted diluted net loss per common share $
(0.37
)
$(0.28
)
$(0.64
)
$(0.56
)
Notes: Calculations above assume a 26.15% effective tax rate for the three and six months ended June 30, 2024 and 26.13% effective tax rate for the three and six months ended June 30, 2023. Consolidated Communications Holdings, Inc. Key Operating Metrics (Unaudited)
2023
2024
FY 2022
Q1
Q2
Q3
Q4
FY
Q1
Q2
Passings Total Fiber Gig+ Capable Passings (1)(2)(3)(5)1,008,660
1,062,518
1,119,956
1,187,076
1,236,208
1,236,208
1,246,991
1,273,926
Total DSL/Copper Passings (2)(3)(5)
1,617,077
1,564,889
1,509,875
1,447,539
1,401,535
1,401,535
1,392,698
1,324,438
Total Passings (1)(2)(3)(5)
2,625,737
2,627,407
2,629,831
2,634,615
2,637,743
2,637,743
2,639,689
2,598,364
% Fiber Gig+ Coverage/Total Passings
38
%
40
%
43
%
45
%
47
%
47
%
47
%
49
%
Consumer Broadband Connections Fiber Gig+ Capable (5)122,872
135,209
153,860
175,748
195,195
195,195
213,997
231,187
DSL/Copper (5)
244,586
234,653
222,969
210,473
198,024
198,024
185,560
163,199
Total Consumer Broadband Connections (5)
367,458
369,862
376,829
386,221
393,219
393,219
399,557
394,386
Consumer Broadband Net Adds Total Fiber Gig+ Capable Net Adds (6)
40,075
12,337
18,651
21,888
19,447
72,323
18,802
17,759
DSL/Copper Net Adds (6)
(39,351
)
(9,933
)
(11,684
)
(12,496
)
(12,449
)
(46,562
)
(12,464
)
(14,089
)
Total Consumer Broadband Net Adds (6)724
2,404
6,967
9,392
6,998
25,761
6,338
3,670
Consumer Broadband Penetration % Fiber Gig+ Capable (on fiber passings)
12.2
%
12.7
%
13.7
%
14.8
%
15.8
%
15.8
%
17.2
%
18.1
%
DSL/Copper (on DSL/copper passings)15.1
%
15.0
%
14.8
%
14.5
%
14.1
%
14.1
%
13.3
%
12.3
%
Total Consumer Broadband Penetration %14.0
%
14.1
%
14.3
%
14.7
%
14.9
%
14.9
%
15.1
%
15.2
%
Consumer Average Revenue Per Unit (ARPU) Fiber Gig+ Capable $65.42
$
67.51
$
68.29
$
68.78
$
68.14
$
66.90
$
67.96
$
67.95
DSL/Copper $
53.36
$
53.21
$
55.88
$
57.18
$
56.27
$
55.83
$
59.69
$
60.88
Churn Fiber Consumer Broadband Churn (6)
1.1
%
1.0
%
1.3
%
1.3
%
1.2
%
1.2
%
1.1
%
1.4
%
DSL/Copper Consumer Broadband Churn (6)1.6
%
1.5
%
1.7
%
2.0
%
2.0
%
1.8
%
2.0
%
2.4
%
Consumer Broadband Revenue ($ in thousands) Fiber Broadband Revenue (4) $82,034
$
26,136
$
29,613
$
34,004
$
37,916
$
127,668
$
41,613
$
45,414
Copper and Other Broadband Revenue
190,112
41,825
41,726
41,085
38,542
163,179
38,268
35,992
Total Consumer Broadband Revenue $
272,146
$
67,961
$
71,339
$
75,089
$
76,458
$
290,847
$
79,882
$
81,406
Consumer Voice Connections (5)
276,779
267,509
258,680
249,081
239,587
239,587
229,523
213,472
Video Connections
35,039
32,426
28,934
26,158
21,900
21,900
17,620
134
Fiber route network miles (long-haul, metro and FttP)
57,865
57,569
58,836
59,915
60,438
60,438
61,366
63,343
On-net buildings
14,427
14,520
14,735
14,928
15,105
15,105
15,254
15,381
Notes: (1) In Q1 2021, the Company launched a multi-year fiber build plan to upgrade 1.6 million passings or 70% of our service area to fiber Gig+ capable services. During the three and six months ended June 30, 2024, an additional 32,961 and 43,744 passings were upgraded to FttP, respectively, and total fiber passings were 1,273,926 or 49% of the Company's service area at June 30, 2024. (2) Passings counts are estimates of single family units, multi-dwelling units, and multi-tenant units within consumer, small business and enterprise. These counts are based upon the information available at this time and are subject to updates as additional information becomes available. (3) When a passing is both fiber and DSL/Copper capable it is counted as a fiber passing. (4) Fiber broadband revenue includes revenue from our Kansas City operations, which was sold in the fourth quarter of 2022, of approximately $1.8 million for the year ended December 31, 2022. Amounts have not been adjusted to reflect the sale. (5) The sale of our Washington operations in the second quarter of 2024 resulted in a reduction of approximately 37,679 DSL/Copper passings, 6,026 fiber passings, 8,272 DSL/Copper broadband connections, 569 fiber broadband connections, and 4,674 consumer voice connections. Prior period amounts have not been adjusted to reflect the sale. (6) Consumer Broadband net adds and churn for the year ended December 31, 2022 have been normalized to reflect the divestitures of our Kansas City and Ohio operations, which were sold in 2022. Additionally, for the three months ended June 30, 2024, Consumer Broadband net adds and churn have been normalized to reflect the divestiture of the Washington operations, which was sold in the second quarter of 2024.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805205357/en/
Investor and Media Contacts Philip Kranz, Investor Relations +1 217-238-8480 Philip.kranz@consolidated.com
Jennifer Spaude, Media Relations +1 507-386-3765 Jennifer.spaude@consolidated.com
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