Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the
“Company” or “Consolidated”), a top 10 fiber provider in the U.S.,
today reported results for first quarter 2024.
First Quarter 2024 Results
- Revenue totaled $274.7 million
- Overall consumer revenue was $114.8 million
- Consumer fiber broadband revenue was $41.6 million
- Total consumer broadband net adds were 6,338
- Consumer broadband revenue was $79.9 million
- Commercial data services revenue was $54.7 million
- Carrier data-transport revenue was $31.0 million
- Net loss was ($47.2 million). Adjusted EBITDA was $88.4
million
- Total committed capital expenditures were $83.7 million
Cost of services and products and selling, general and
administrative expenses collectively decreased $15.8 million versus
the prior year largely due to decreased USF contributions, lower
video programming costs, a reduction in salaries driven by certain
cost savings initiatives, and lower access expense.
Net interest expense was $42.5 million, an increase of $8.6
million versus the prior year, primarily as a result of higher
interest rates on the term loan, in addition to decreased interest
income due to lower cash holdings in the current quarter. At Mar.
31, 2024, the Company had 73% of its total outstanding debt at a
fixed rate through September 2026. As of Mar. 31, 2024, the
weighted average cost of debt was 7.14%.
Net loss in the first quarter of 2024 was ($47.2 million)
compared to net loss of ($47.7 million) in the first quarter of
2023. Net loss per share was ($0.41) in the first quarter of 2024
as compared to net loss per share of ($0.42) in the first quarter
of 2023. Adjusted diluted net income (loss) per share excludes
certain items as outlined in the table provided in this release.
Adjusted diluted net loss per share was ($0.27) compared to ($0.28)
in the first quarter of 2023.
Capital Expenditures
Total committed capital expenditures were $83.7 million, driven
by 10,783 new fiber passings, first quarter fiber adds, and reflect
the usage of existing inventory for install and build activity.
Capital Structure
On Mar. 21, 2024, the Company, as borrower, entered into an $80
million term loan agreement (“Term Loan Agreement”) with
Searchlight CVL AGG, L.P. as lender. The Term Loan Agreement
provides the Company with the ability to borrow on the loan in the
event either the aggregate amount of available loans to be drawn
under the Company’s revolving credit facility is less than $25.0
million or drawing under the Company’s revolving credit facility
would trigger the financial maintenance covenant thereunder and the
Company would not be in compliance with such covenant on a pro
forma basis, subject to the satisfaction of certain other customary
conditions.
As of Mar. 31, 2024, the Company maintained liquidity with cash
and short-term investments of approximately $7 million, as well as
$111 million of available borrowing capacity under the Company’s
revolving credit facility and $80 million undrawn under its Term
Loan Agreement, in each case, subject to certain covenants. The net
debt leverage ratio for the trailing 12 months ended Mar. 31, 2024,
was 6.76x.
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 by the first quarter of
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 61,000 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,” “Net debt leverage ratio,” and “adjusted diluted
net income (loss) per share,” 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. We present the related “Net debt
leverage ratio” principally to help investors understand how we
measure leverage and facilitate comparisons by investors, security
analysts and others. Total net debt is defined as the current and
long-term portions of debt and finance lease obligations less cash,
cash equivalents and short-term investments, deferred debt issuance
costs and discounts on debt. Our Net debt leverage ratio differs in
certain respects from the similar ratio used in our credit
agreement or against comparable measures of certain other companies
in our industry. These measures differ in certain respects from the
ratios used in our senior notes indenture.
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. In addition, the Net debt leverage ratio is subject to the
risk that we may not be able to use the cash on the balance sheet
to reduce our debt on a dollar-for-dollar basis. Management
believes this ratio is useful as a means to evaluate our ability to
incur additional indebtedness in the future.
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 by the first quarter of 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)
March 31,
December 31,
2024
2023
ASSETS Current assets: Cash and cash equivalents $
7,363
$
4,765
Accounts receivable, net
109,353
121,194
Income tax receivable
3,070
2,880
Prepaid expenses and other current assets
62,738
56,843
Assets held for sale
70,971
70,473
Total current assets
253,495
256,155
Property, plant and equipment, net
2,461,004
2,449,009
Investments
8,648
8,887
Goodwill
814,624
814,624
Customer relationships, net
14,543
18,616
Other intangible assets
10,557
10,557
Other assets
79,371
70,578
Total assets $
3,642,242
$
3,628,426
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS'
EQUITY Current liabilities: Accounts payable $
20,529
$
60,073
Advance billings and customer deposits
48,579
44,478
Accrued compensation
47,901
58,151
Accrued interest
36,275
18,694
Accrued expense
96,750
114,022
Current portion of long-term debt and finance lease obligations
19,234
18,425
Liabilities held for sale
3,147
3,402
Total current liabilities
272,415
317,245
Long-term debt and finance lease obligations
2,234,667
2,134,916
Deferred income taxes
201,047
210,648
Pension and other post-retirement obligations
136,460
137,616
Other long-term liabilities
46,298
48,637
Total liabilities
2,890,887
2,849,062
Series A Preferred Stock, par value $0.01 per share;
10,000,000 shares authorized, 434,266 shares outstanding as of
March 31, 2024 and December 31, 2023, respectively; liquidation
preference of $532,643 and $520,957 as of March 31, 2024 and
December 31, 2023, respectively
384,277
372,590
Shareholders' equity: Common stock, par value $0.01 per
share; 150,000,000 shares authorized, 118,429,666 and 116,172,568
shares outstanding as of March 31, 2024 and December 31, 2023,
respectively
1,184
1,162
Additional paid-in capital
671,241
681,757
Accumulated deficit
(297,876
)
(262,380
)
Accumulated other comprehensive loss, net
(15,691
)
(21,872
)
Noncontrolling interest
8,220
8,107
Total shareholders' equity
367,078
406,774
Total liabilities, mezzanine equity and shareholders' equity $
3,642,242
$
3,628,426
Consolidated Communications Holdings, Inc. Condensed
Consolidated Statements of Operations (Dollars in thousands,
except per share amounts) (Unaudited)
Three Months
Ended March 31,
2024
2023
Net revenues $
274,675
$
276,126
Operating expenses: Cost of services and products
113,459
131,938
Selling, general and administrative expenses
83,955
81,284
Transaction costs
2,925
—
Loss on disposal of assets
—
3,304
Depreciation and amortization
80,633
77,699
Loss from operations
(6,297
)
(18,099
)
Other income (expense): Interest expense, net of interest income
(42,451
)
(33,860
)
Other, net
1,593
2,758
Loss before income taxes
(47,155
)
(49,201
)
Income tax benefit
(11,772
)
(12,240
)
Net loss
(35,383
)
(36,961
)
Less: dividends on Series A preferred stock
11,687
10,587
Less: net income attributable to noncontrolling interest
113
143
Net loss attributable to common shareholders $
(47,183
)
$
(47,691
)
Net loss per basic and diluted common shares attributable to
common shareholders $
(0.41
)
$
(0.42
)
Consolidated Communications Holdings, Inc. Condensed
Consolidated Statements of Cash Flows (Dollars in thousands)
(Unaudited)
Three Months Ended March
31,
2024
2023
OPERATING ACTIVITIES Net loss $
(35,383
)
$
(36,961
)
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization
80,633
77,699
Deferred income tax expense (benefit)
(11,791
)
5,604
Pension and post-retirement contributions in excess of expense
(1,702
)
(2,861
)
Non-cash, stock-based compensation
1,681
799
Amortization of deferred financing costs and discounts
1,957
1,847
Loss on disposal of assets
—
3,304
Other adjustments, net
(1,283
)
(418
)
Changes in operating assets and liabilities, net
(28,442
)
6,073
Net cash provided by operating activities
5,670
55,086
INVESTING ACTIVITIES Purchase of property, plant and equipment, net
(98,032
)
(130,826
)
Proceeds from sale of assets
76
292
Proceeds from sale and maturity of investments
714
1,623
Net cash used in investing activities
(97,242
)
(128,911
)
FINANCING ACTIVITIES Proceeds from issuance of long-term debt
100,000
—
Payment of finance lease obligations
(4,837
)
(3,114
)
Payment of financing costs
(504
)
—
Share repurchases for minimum tax withholding
(489
)
(1,036
)
Net cash provided by (used in) financing activities
94,170
(4,150
)
Net change in cash and cash equivalents
2,598
(77,975
)
Cash and cash equivalents at beginning of period
4,765
325,852
Cash and cash equivalents at end of period $
7,363
$
247,877
Consolidated Communications Holdings, Inc. Consolidated
Revenue by Category (Dollars in thousands) (Unaudited)
Three Months Ended March 31,
2024
2023
Consumer: Broadband (Data and VoIP) $
79,882
$
67,961
Voice services
28,336
32,263
Video services
6,626
9,594
114,844
109,818
Commercial: Data services (includes VoIP)
54,681
53,134
Voice services
30,711
32,631
Other
8,964
9,756
94,356
95,521
Carrier: Data and transport services
31,048
32,923
Voice services
3,794
4,367
Other
235
350
35,077
37,640
Subsidies
6,806
7,036
Network access
22,468
24,444
Other products and services
1,124
1,667
Total operating revenue $
274,675
$
276,126
Consolidated Communications Holdings, Inc. Consolidated
Revenue Trend by Category (Dollars in thousands) (Unaudited)
Three Months Ended Q1 2024 Q4
2023 Q3 2023 Q2 2023 Q1 2023 Consumer:
Broadband (Data and VoIP) $
79,882
$
76,458
$
75,089
$
71,339
$
67,961
Voice services
28,336
29,935
31,616
31,352
32,263
Video services
6,626
7,460
8,541
9,362
9,594
114,844
113,853
115,246
112,053
109,818
Commercial: Data services (includes VoIP)
54,681
54,473
53,870
53,230
53,134
Voice services
30,711
31,217
31,825
32,236
32,631
Other
8,964
10,521
9,228
10,378
9,756
94,356
96,211
94,923
95,844
95,521
Carrier: Data and transport services
31,048
31,713
31,388
31,224
32,923
Voice services
3,794
2,868
4,090
4,263
4,367
Other
235
243
262
313
350
35,077
34,824
35,740
35,800
37,640
Subsidies
6,806
6,902
6,878
7,072
7,036
Network access
22,468
22,217
20,842
22,747
24,444
Other products and services
1,124
1,171
10,025
1,646
1,667
Total operating revenue $
274,675
$
275,178
$
283,654
$
275,162
$
276,126
Consolidated Communications Holdings, Inc. Reconciliation
of Net Loss to Adjusted EBITDA (Dollars in thousands)
(Unaudited)
Three Months Ended March
31,
2024
2023
Net loss $
(35,383
)
$
(36,961
)
Add (subtract): Income tax benefit
(11,772
)
(12,240
)
Interest expense, net
42,451
33,860
Depreciation and amortization
80,633
77,699
EBITDA
75,929
62,358
Adjustments to EBITDA (1): Other, net (2)
10,727
10,030
Pension/OPEB benefit
62
(1,141
)
Loss on disposal of assets
—
3,304
Non-cash compensation (3)
1,681
799
Adjusted EBITDA $
88,399
$
75,350
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 March 31,
2024
2023
Net loss $
(35,383
)
$
(36,961
)
Less: dividends on Series A preferred stock
11,687
10,587
Less: net income attributable to noncontrolling interest
113
143
Net loss attributable to common shareholders
(47,183
)
(47,691
)
Adjustments to net loss attributable to common shareholders:
Dividends on Series A preferred stock
11,687
10,587
Transaction and severance related costs, net of tax
3,191
2,648
Loss on disposition of assets, net of tax
—
2,441
Non-cash interest expense for swaps, net of tax
—
(338
)
Non-cash stock compensation, net of tax
1,241
590
Adjusted net loss $
(31,064
)
$
(31,763
)
Weighted average number of common shares outstanding
114,134
112,939
Adjusted diluted net loss per common share $
(0.27
)
$
(0.28
)
Notes: Calculations above assume a 26.1% effective
tax rate for each of the three months ended March 31, 2024 and
2023.
Consolidated Communications Holdings, Inc.
Reconciliation of Total Net Debt to LTM Adjusted EBITDA
Ratio (Dollars in thousands) (Unaudited)
March
31,
2024
Long-term debt and finance lease obligations: Term loans, net of
discount $6,585 $
993,290
6.50% Senior secured notes due 2028
750,000
5.00% Senior secured notes due 2028
400,000
Revolving loan
100,000
Finance leases
38,347
Total debt as of March 31, 2024
2,281,637
Less: deferred debt issuance costs
(27,736
)
Less: cash, cash equivalents and short-term investments
(7,363
)
Total net debt as of March 31, 2024 $
2,246,538
Adjusted EBITDA for the 12 months ended March 31, 2024 $
332,248
Total Net Debt to last 12 months Adjusted EBITDA 6.76x
Consolidated Communications Holdings, Inc. Key Operating
Metrics (Unaudited)
2023
FY 2022 Q1 Q2 Q3 Q4 FY
Q1 2024 Passings Total Fiber
Gig+ Capable Passings (1)(2)(3)
1,008,660
1,062,518
1,119,956
1,187,076
1,236,208
1,236,208
1,246,991
Total DSL/Copper Passings (2)(3)
1,617,077
1,564,889
1,509,875
1,447,539
1,401,535
1,401,535
1,392,698
Total Passings (1)(2)(3)
2,625,737
2,627,407
2,629,831
2,634,615
2,637,743
2,637,743
2,639,689
% Fiber Gig+ Coverage/Total Passings
38
%
40
%
43
%
45
%
47
%
47
%
47
%
Consumer Broadband Connections
Fiber Gig+ Capable
122,872
135,209
153,860
175,748
195,195
195,195
213,997
DSL/Copper
244,586
234,653
222,969
210,473
198,024
198,024
185,560
Total Consumer Broadband Connections
367,458
369,862
376,829
386,221
393,219
393,219
399,557
Consumer Broadband Net Adds
Total Fiber Gig+ Capable Net Adds (5)
40,075
12,337
18,651
21,888
19,447
72,323
18,802
DSL/Copper Net Adds (5)
(39,351
)
(9,933
)
(11,684
)
(12,496
)
(12,449
)
(46,562
)
(12,464
)
Total Consumer Broadband Net Adds (5)
724
2,404
6,967
9,392
6,998
25,761
6,338
Consumer Broadband Penetration
% Fiber Gig+ Capable (on fiber passings)
12.2
%
12.7
%
13.7
%
14.8
%
15.8
%
15.8
%
17.2
%
DSL/Copper (on DSL/copper passings)
15.1
%
15.0
%
14.8
%
14.5
%
14.1
%
14.1
%
13.3
%
Total Consumer Broadband Penetration %
14.0
%
14.1
%
14.3
%
14.7
%
14.9
%
14.9
%
15.1
%
Consumer Average Revenue Per Unit
(ARPU) Fiber Gig+ Capable $
65.42
$
67.51
$
68.29
$
68.78
$
68.14
$
66.90
$
67.96
DSL/Copper $
53.36
$
53.21
$
55.88
$
57.18
$
56.27
$
55.83
$
59.69
Churn Fiber Consumer Broadband
Churn (5)
1.1
%
1.0
%
1.3
%
1.3
%
1.2
%
1.2
%
1.1
%
DSL/Copper Consumer Broadband Churn (5)
1.6
%
1.5
%
1.7
%
2.0
%
2.0
%
1.8
%
2.0
%
Consumer Broadband Revenue
($ in thousands) Fiber Broadband
Revenue (4) $
82,034
$
26,136
$
29,613
$
34,004
$
37,916
$
127,668
$
41,613
Copper and Other Broadband Revenue
190,112
41,825
41,726
41,085
38,542
163,179
38,268
Total Consumer Broadband Revenue $
272,146
$
67,961
$
71,339
$
75,089
$
76,458
$
290,847
$
79,882
Consumer Voice Connections
276,779
267,509
258,680
249,081
239,587
239,587
229,523
Video Connections
35,039
32,426
28,934
26,158
21,900
21,900
17,620
Fiber route network miles (long-haul, metro and FttP)
57,865
57,569
58,836
59,915
60,438
60,438
61,366
On-net buildings
14,427
14,520
14,735
14,928
15,105
15,105
15,254
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
quarter ended March 31, 2024, an additional 10,783 passings were
upgraded to FttP and total fiber passings were 1,246,991 or 47% of
the Company's service area. (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)
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240506543676/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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