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Consolidated Communications Reports First Quarter 2022 Results Including a Record Increase in Fiber Subscribers

Added record 8,000 total fiber subscribers and achieved 2x growth from a year ago;

Achieved net positive broadband connections in Northern New England

Built fiber to 83,700 additional locations, bringing total fiber passings to 690,000 or 25% of Company’s service area

Fidium launching in Texas, California, Minnesota, Illinois, and Pennsylvania communities

Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), a top 10 fiber provider in the U.S., today reported results for the first quarter 2022.

“Our first quarter results demonstrate the continued success of our fiber construction engine with 83,700 locations upgraded to fiber services with multi-gig capable speeds,” said Bob Udell, president and chief executive officer at Consolidated Communications. “We added a record 8,000 total fiber subscribers in the first quarter and achieved net positive adds in Northern New England. We are on track to build 400,000 fiber passings this year as part of our plan to bring FttP to 70% of our addressable market by 2025. We are building strong momentum to achieve sustained long-term growth and return to revenue growth in 2023.”

First Quarter 2022 Highlights and Results (compared to first quarter 2021)

  • Revenue totaled $300.3 million, generating Adjusted EBITDA of $107.2 million.
  • Consumer broadband revenue, normalized for the sale of our Ohio assets, grew 1%.
  • Consumer fiber revenue grew 22%, driven by 2x consumer fiber net adds with positive net adds in Northern New England.
  • Commercial Data-Transport revenue was $57.9 million, up 1.4%.
  • Subsidy revenue was $6.6 million, a decline of $10.8 million, primarily reflecting the expected transition to the Rural Digital Opportunity Fund (RDOF).
  • Other Products and Services included revenue associated with public-private partnership network builds, was $4.5 million compared to $6.5 million a year ago.
  • Upgraded 83,700 locations to fiber services with Gig+ capable speeds.
  • Net cash from operating activities was $81.6 million. Cash and short-term investments totaled $159.9 million.
  • Total committed capital expenditures were $157.7 million, primarily driven by the Company’s fiber build expansion plan.
  • Operating expenses, excluding the loss on impairment of assets held for sale, were $209.2 million, down $1.6 million from a year ago. The primary drivers were lower expenses associated with public-private partnership builds and other product-related costs partially offset by increased marketing expenses.

The Company recognized a non-cash impairment charge of $126.5 million in the recent quarter related to the Kansas City assets held for sale. This charge resulted in a loss from operations totaling ($107.7 million), compared to income from operations of $38.3 million a year ago. Excluding the non-cash impairment charge, income from operations for the quarter was $18.7 million, a year-over-year decrease of $19.6 million, primarily due to the decline in revenue of $24.5 million offset by a decline in depreciation and amortization expense of $3.3 million and slightly lower operating expenses.

Net interest expense was $29.5 million, a decrease of $18.9 million compared to a year ago primarily as a result of non-cash interest of $10.2 million on the Searchlight note, which was converted to perpetual preferred stock in conjunction with the second stage closing of the Searchlight investment in December 2021. The remaining reduction in interest expense was primarily the result of favorable repricing of the Company’s term loan in April 2021.

Cash distributions from the Company’s wireless partnerships totaled $8.2 million, compared to $9.4 million a year ago.

GAAP net loss was ($125.3 million) compared to a net loss of ($62.1 million) for the same period a year ago. GAAP net loss per share was ($1.12) compared to a net loss of ($0.80) in the prior year. Adjusted diluted net income per share excludes certain items as outlined in the table provided in this release. Adjusted diluted net income per share was $0.02 compared to $0.21 in the year ago quarter.

Adjusted EBITDA was $107.2 million, compared to $126.6 million in the prior year.

Asset Divestitures

As part of the Company’s ongoing market portfolio review and focus on its fiber expansion plans, the Company is providing an update on recent divestiture activities.

On Jan. 31, 2022, Consolidated closed on the sale of substantially all of its Ohio assets, for total cash proceeds of $26 million.

On Mar. 3, 2022, Consolidated announced an agreement to sell substantially all of its Kansas City assets. The Company currently expects net cash proceeds of approximately $90 million for the sale, subject to certain purchase price adjustments, closing conditions and customary regulatory approvals. The transaction is expected to close in the second half of 2022.

The Company intends to use proceeds from these asset sales to further support its fiber expansion plans.

2022 Outlook

Consolidated Communications reaffirmed its previous guidance for the full-year 2022.

  • Adjusted EBITDA is expected to be in a range of $410 million to $425 million.
  • Capital expenditures are expected to be in a range of $475 million to $495 million.
  • Cash interest expense is expected to be in a range of $123 million to $127 million.
  • Cash income taxes are expected to be in a range of $2 million to $4 million.

Conference Call

Consolidated’s first quarter 2022 earnings conference call will be webcast live today at 8:30 a.m. ET. The webcast and materials will be available on the Investor Relations section of the Company’s website at http://ir.consolidated.com. The live conference call dial-in number for analysts and investors is 888-440-5977, conference ID 8956400. A phone replay of the conference call will be available through May 16 by calling 800-770-2030, enter ID 8956400.

About Consolidated Communications

Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) is dedicated to moving people, businesses and communities forward by delivering the latest reliable 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 50,000 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, as well as the conference call, includes disclosures regarding “EBITDA,” “adjusted EBITDA,” “total net debt to last 12 month adjusted EBITDA ratio” or “Net debt leverage ratio,” and “adjusted diluted net income (loss) per share,” all of which are non-GAAP financial measures and described in this section as not being in compliance with Regulation S-X. 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 the differences between these non-GAAP financial measures and 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. EBITDA is defined as net earnings 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 “total net debt to last 12 month adjusted EBITDA ratio” or “Net debt leverage ratio” principally to help investors understand how we measure leverage and facilitate comparisons by investors, security analysts and others. This ratio differs in certain respects from the similar ratio used in our credit agreement 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 ratio of total net debt to last 12-month adjusted EBITDA 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.

Safe Harbor

Certain statements in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the 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. These risks and uncertainties include a number of factors related to our business, including the uncertainties relating to the impact of the novel coronavirus (COVID-19) pandemic on the Company’s business, results of operations, cash flows, stock price and employees; the possibility that any of the anticipated benefits of the strategic investment from Searchlight or our refinancing of outstanding debt, including our senior secured credit facilities, will not be realized; the outcome of any legal proceedings that may be instituted against the Company or its directors; the anticipated use of proceeds of the strategic investment; economic and financial market conditions generally and economic conditions in our service areas; various risks to the price and volatility of our common stock; changes in the valuation of pension plan assets; the substantial amount of debt and our ability to repay or refinance it or incur additional debt in the future; our need for a significant amount of cash to service and repay the debt restrictions contained in our debt agreements that limit the discretion of management in operating the business; regulatory changes, including changes to subsidies, rapid development and introduction of new technologies and intense competition in the telecommunications industry; risks associated with our possible pursuit of or failure to consummate acquisitions or dispositions; system failures; cyber-attacks, information or security breaches or technology failure of ours or of a third party; losses of large customers or government contracts; risks associated with the rights-of-way for the network; disruptions in the relationship with third party vendors; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; changes in the extensive governmental legislation and regulations governing telecommunications providers and the provision of telecommunications services; new or changing tax laws or regulations; telecommunications carriers disputing and/or avoiding their obligations to pay network access charges for use of our network; high costs of regulatory compliance; the competitive impact of legislation and regulatory changes in the telecommunications industry; liability and compliance costs regarding environmental regulations; and risks associated with discontinuing paying dividends on our common stock; and the potential for the rights of our series A preferred stock to negatively impact our cash flow. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements are discussed in more detail in our filings with the SEC, including our reports on Form 10-K and Form 10-Q. 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company and its subsidiaries to be different from those expressed or implied in the forward-looking statements. 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, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we disclaim any intention or obligation to update or revise publicly any forward-looking statements. You should not place undue reliance on forward-looking statements.

Consolidated Communications Holdings, Inc.
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share and per share amounts)
(Unaudited)
 
March 31, December 31,

2022

2021

ASSETS
Current assets:
Cash and cash equivalents $

74,171

 

$

99,635

 

Short-term investments

85,767

 

110,801

 

Accounts receivable, net

118,596

 

133,362

 

Income tax receivable

2,733

 

1,134

 

Prepaid expenses and other current assets

61,319

 

56,831

 

Assets held for sale

94,368

 

26,052

 

Total current assets

436,954

 

427,815

 

 
Property, plant and equipment, net

1,983,819

 

2,019,444

 

Investments

109,034

 

109,578

 

Goodwill

929,570

 

1,013,243

 

Customer relationships, net

66,226

 

73,939

 

Other intangible assets

10,557

 

10,557

 

Other assets

59,288

 

58,116

 

Total assets $

3,595,448

 

$

3,712,692

 

 
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $

39,807

 

$

40,953

 

Advance billings and customer deposits

53,002

 

53,028

 

Accrued compensation

63,951

 

68,272

 

Accrued interest

35,020

 

17,819

 

Accrued expense

97,243

 

97,417

 

Current portion of long-term debt and finance lease obligations

8,379

 

7,959

 

Liabilities held for sale

5,021

 

97

 

Total current liabilities

302,423

 

285,545

 

 
Long-term debt and finance lease obligations

2,120,930

 

2,118,853

 

Deferred income taxes

185,985

 

194,458

 

Pension and other post-retirement obligations

205,350

 

214,671

 

Other long-term liabilities

51,923

 

62,789

 

Total liabilities

2,866,611

 

2,876,316

 

 
Series A Preferred Stock, par value $0.01 per share; 10,000,000 shares authorized, 436,943 and 434,266 shares outstanding as of March 31, 2022 and December 31, 2021, respectively; liquidation preference of $446,541 and $436,943 as of March 31, 2022 and December 31, 2021, respectively

298,174

 

288,576

 

 
Shareholders' equity:
Common stock, par value $0.01 per share; 150,000,000 shares authorized, 115,423,869 and 113,647,364 shares outstanding as of March 31, 2022 and December 31, 2021, respectively

1,154

 

1,137

 

Additional paid-in capital

733,216

 

740,746

 

Accumulated deficit

(257,263

)

(141,599

)

Accumulated other comprehensive loss, net

(53,646

)

(59,571

)

Noncontrolling interest

7,202

 

7,087

 

Total shareholders' equity

430,663

 

547,800

 

Total liabilities, mezzanine equity and shareholders' equity $

3,595,448

 

$

3,712,692

 

Consolidated Communications Holdings, Inc.
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)
 
 
Three Months Ended
March 31,

2022

2021

 
Net revenues $

300,278

 

$

324,766

 

Operating expenses:
Cost of services and products

135,895

 

143,979

 

Selling, general and administrative expenses

73,285

 

66,850

 

Loss on impairment of assets held for sale

126,490

 

 

Depreciation and amortization

72,350

 

75,611

 

Income (loss) from operations

(107,742

)

38,326

 

Other income (expense):
Interest expense, net of interest income

(29,515

)

(48,415

)

Loss on extinguishment of debt

 

(11,980

)

Change in fair value of contingent payment rights

 

(57,588

)

Other income, net

11,405

 

12,274

 

Loss before income taxes

(125,852

)

(67,383

)

Income tax benefit

(10,303

)

(5,300

)

Net loss

(115,549

)

(62,083

)

Less: dividends on Series A preferred stock

9,598

 

 

Less: net income attributable to noncontrolling interest

115

 

16

 

 
Net loss attributable to common shareholders $

(125,262

)

$

(62,099

)

 
Net loss per basic and diluted common shares attributable to common shareholders $

(1.12

)

$

(0.80

)

Consolidated Communications Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
 
 
Three Months Ended
March 31,

2022

2021

OPERATING ACTIVITIES
Net loss $

(115,549

)

$

(62,083

)

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization

72,350

 

75,611

 

Cash distributions from wireless partnerships in excess of earnings

153

 

11

 

Pension and post-retirement contributions in excess of expense

(9,342

)

(8,770

)

Non-cash, stock-based compensation

2,199

 

1,450

 

Amortization of deferred financing costs and discounts

1,802

 

4,283

 

Non-cash interest expense on convertible security interest

 

7,875

 

Loss on extinguishment of debt

 

11,980

 

Loss on change in fair value of contingent payment rights

 

57,588

 

Loss on impairment of assets held for sale

126,490

 

 

Other adjustments, net

(189

)

(368

)

Changes in operating assets and liabilities, net

3,646

 

10,913

 

Net cash provided by operating activities

81,560

 

98,490

 

INVESTING ACTIVITIES
Purchase of property, plant and equipment, net

(156,480

)

(75,960

)

Purchase of investments

(39,959

)

 

Proceeds from sale of assets

74

 

24

 

Proceeds from business dispositions

26,042

 

 

Proceeds from sale and maturity of investments

65,754

 

1,198

 

Net cash used in investing activities

(104,569

)

(74,738

)

FINANCING ACTIVITIES
Proceeds from bond offering

 

400,000

 

Proceeds from issuance of long-term debt

 

150,000

 

Payment of finance lease obligations

(2,341

)

(1,598

)

Payment on long-term debt

 

(397,000

)

Payment of financing costs

 

(5,573

)

Share repurchases for minimum tax withholding

(114

)

 

Net cash provided by (used in) financing activities

(2,455

)

145,829

 

Net change in cash and cash equivalents

(25,464

)

169,581

 

Cash and cash equivalents at beginning of period

99,635

 

155,561

 

Cash and cash equivalents at end of period $

74,171

 

$

325,142

 

Consolidated Communications Holdings, Inc.
Consolidated Revenue by Category
(Dollars in thousands)
(Unaudited)
 
 
Three Months Ended
March 31,

2022

2021

Consumer:
Broadband (Data and VoIP) $

65,911

$

65,755

Voice services

37,452

40,420

Video services

14,366

16,781

117,729

122,956

Commercial:
Data services (includes VoIP)

57,895

57,071

Voice services

36,339

39,753

Other

11,560

9,328

105,794

106,152

Carrier:
Data and transport services

33,485

33,277

Voice services

3,852

4,526

Other

391

391

37,728

38,194

 
Subsidies

6,583

17,339

Network access

26,213

31,603

Other products and services

6,231

8,522

Total operating revenue $

300,278

$

324,766

Consolidated Communications Holdings, Inc.
Consolidated Revenue Trend by Category
(Dollars in thousands)
(Unaudited)
 
 
Three Months Ended
Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021
Consumer:
Broadband (Data and VoIP) $

65,911

$

66,983

$

68,604

$

67,981

$

65,755

Voice services

37,452

39,518

40,587

40,173

40,420

Video services

14,366

15,371

16,163

16,799

16,781

117,729

121,872

125,354

124,953

122,956

Commercial:
Data services (includes VoIP)

57,895

57,444

57,545

56,871

57,071

Voice services

36,339

37,303

38,446

39,065

39,753

Other

11,560

11,408

10,205

9,091

9,328

105,794

106,155

106,196

105,027

106,152

Carrier:
Data and transport services

33,485

32,659

33,556

33,942

33,277

Voice services

3,852

4,088

4,173

4,396

4,526

Other

391

431

375

395

391

37,728

37,178

38,104

38,733

38,194

 
Subsidies

6,583

17,671

17,264

17,465

17,339

Network access

26,213

27,846

29,923

31,115

31,603

Other products and services

6,231

7,758

1,743

3,110

8,522

Total operating revenue $

300,278

$

318,480

$

318,584

$

320,403

$

324,766

Consolidated Communications Holdings, Inc.
Schedule of Adjusted EBITDA Calculation
(Dollars in thousands)
(Unaudited)
 
Three Months Ended
March 31,

2022

2021

Net loss $

(115,549

)

$

(62,083

)

Add (subtract):
Income tax benefit

(10,303

)

(5,300

)

Interest expense, net

29,515

 

48,415

 

Depreciation and amortization

72,350

 

75,611

 

EBITDA

(23,987

)

56,643

 

 
Adjustments to EBITDA (1):
Other, net (2)

5,510

 

1,688

 

Investment income (accrual basis)

(8,249

)

(9,556

)

Investment distributions (cash basis)

8,216

 

9,377

 

Pension/OPEB benefit

(2,983

)

(2,541

)

Loss on extinguishment of debt

 

11,980

 

Loss on impairment

126,490

 

 

Change in fair value of contingent payment right

 

57,588

 

Non-cash compensation (3)

2,199

 

1,450

 

Adjusted EBITDA $

107,196

 

$

126,629

 

 
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, acquisition 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 Net Income (Loss) to Adjusted EBITDA Guidance
(Dollars in millions)
(Unaudited)
 
Year Ended
December 31, 2022
Range
Low High
Net income (loss) $

(10

)

$

8

 

Add:
Income tax expense (benefit)

(4

)

3

 

Interest expense, net

125

 

120

 

Depreciation and amortization

295

 

290

 

EBITDA

406

 

421

 

 
Adjustments to EBITDA (1):
Other, net (2)

5

 

5

 

Pension/OPEB benefit

(11

)

(11

)

Non-cash compensation (3)

10

 

10

 

Adjusted EBITDA $

410

 

$

425

 

 
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, cash distributions less equity earnings from our investments, dividend income, acquisition 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.
Total Net Debt to LTM Adjusted EBITDA Ratio
(Dollars in thousands)
(Unaudited)
 
March 31,

2022

Summary of Outstanding Debt:
Term loans, net of discount $9,912 $

989,963

 

6.50% Senior secured notes due 2028

750,000

 

5.00% Senior secured notes due 2028

400,000

 

Finance leases

25,685

 

Total debt as of March 31, 2022

2,165,648

 

Less deferred debt issuance costs

(36,339

)

Less cash on hand

(159,938

)

Total net debt as of March 31, 2022 $

1,969,371

 

 
Adjusted EBITDA for the 12 months ended March 31, 2022 $

487,429

 

 
Total Net Debt to last 12 months Adjusted EBITDA 4.04x
Consolidated Communications Holdings, Inc.
Adjusted Net Income and Net Income Per Share
(Dollars in thousands, except per share amounts)
(Unaudited)
 
Three Months Ended
March 31,

2022

2021

Net loss $

(115,549

)

$

(62,083

)

Integration and severance related costs, net of tax

802

 

1,156

 

Loss on impairment of assets held for sale

126,490

 

 

Loss on extinguishment of debt, net of tax

 

8,743

 

Change in fair value of contingent payment rights

 

57,588

 

Non-cash interest expense for Searchlight note including amortization of discount and fees

 

10,201

 

Non-cash interest expense for swaps, net of tax

(295

)

(182

)

Tax impact of non-deductible goodwill

(10,813

)

 

Non-cash stock compensation, net of tax

1,626

 

1,058

 

Adjusted net income $

2,261

 

$

16,481

 

 
Weighted average number of shares outstanding

111,691

 

78,029

 

Adjusted diluted net income per share $

0.02

 

$

0.21

 

 
Notes:
Calculations above assume a 26.1% and 27.0% effective tax rate for the three months ended March 31, 2022 and 2021, respectively.
Consolidated Communications Holdings, Inc.
Key Operating Metrics
(Unaudited)
 
March 31, December 31, September 30, June 30, March 31,

2022

2021

2021

2021

2021

Passings
Fiber Gig+ capable passings
Northern New England

341,010

 

291,921

 

217,660

 

168,165

 

122,736

 

All other markets

348,396

 

313,789

 

276,500

 

228,958

 

198,070

 

Total Fiber Gig+ capable (1)

689,406

 

605,710

 

494,160

 

397,123

 

320,806

 

 
DSL/Copper passings (2)
Northern New England

1,395,190

 

1,444,279

 

1,518,540

 

1,568,035

 

1,613,464

 

All other markets

663,835

 

702,098

 

737,016

 

779,781

 

807,828

 

Total DSL/Copper (2)

2,059,025

 

2,146,377

 

2,255,556

 

2,347,816

 

2,421,292

 

Total Passings

2,748,431

 

2,752,087

 

2,749,716

 

2,744,939

 

2,742,098

 

% Fiber Gig+ Coverage/Total Passings

25

%

22

%

18

%

14

%

12

%

 
Consumer Broadband Connections
Fiber Gig+ capable
Northern New England

24,882

 

20,032

 

17,288

 

14,927

 

13,024

 

All other markets

68,930

 

66,090

 

64,251

 

62,594

 

61,471

 

Total Fiber Gig+ capable connections

93,812

 

86,122

 

81,539

 

77,521

 

74,495

 

 
DSL/Copper (2)
Northern New England

131,763

 

136,140

 

140,893

 

144,057

 

147,847

 

All other markets

154,575

 

162,302

 

168,229

 

171,902

 

175,660

 

Total DSL/Copper connections (2)

286,338

 

298,442

 

309,122

 

315,959

 

323,507

 

Total Consumer Broadband Connections

380,150

 

384,564

 

390,661

 

393,480

 

398,002

 

 
Consumer Broadband Net Adds
Northern New England

473

 

(2,009

)

(803

)

(1,887

)

(919

)

All other markets (2)

(1,327

)

(4,088

)

(2,016

)

(2,635

)

(2,436

)

Total Consumer Broadband Net Adds

(854

)

(6,097

)

(2,819

)

(4,522

)

(3,355

)

 
Consumer Broadband Penetration %
Fiber Gig+ capable
Northern New England

7

%

7

%

8

%

9

%

11

%

All other markets

20

%

21

%

23

%

27

%

31

%

Fiber Gig+ capable

14

%

14

%

17

%

20

%

23

%

 
DSL/Copper (2)
Northern New England

9

%

9

%

9

%

9

%

9

%

All other markets

23

%

23

%

23

%

22

%

22

%

Total DSL/Copper (2)

14

%

14

%

14

%

13

%

13

%

Total Consumer Broadband Penetration %

14

%

14

%

14

%

14

%

15

%

 
Consumer Broadband Revenue by Service Type ($ in thousands)
Fiber Broadband Revenue $

17,241

 

$

16,152

 

$

15,423

 

$

15,013

 

$

14,122

 

Copper and Other Broadband Revenue

48,670

 

50,831

 

53,181

 

52,968

 

51,633

 

Total Consumer Broadband Revenue by Service Type $

65,911

 

$

66,983

 

$

68,604

 

$

67,981

 

$

65,755

 

 
Consumer Average Revenue Per Unit (ARPU)
Fiber Broadband ARPU $

63.88

 

$

64.22

 

$

64.64

 

$

65.83

 

$

64.87

 

Copper Broadband ARPU $

50.78

 

$

50.65

 

$

51.32

 

$

49.92

 

$

47.72

 

 
Consumer Voice Connections

316,634

 

328,849

 

341,135

 

352,835

 

362,384

 

 
Video Connections

58,812

 

63,447

 

66,971

 

70,795

 

73,986

 

 
Fiber route network miles (long-haul, metro and FttP)

54,239

 

52,402

 

50,405

 

48,727

 

47,364

 

 
On-net buildings

15,446

 

14,981

 

14,625

 

14,253

 

13,910

 

 
Notes:
(1) In Q1 2021, the Company launched a multi-year fiber build plan to upgrade 1.6 million passings by 2025 or 70% of our service area to fiber Gig+ capable services by 2025. As of March 31, 2022, 83,700 of the target 400,000 passings for 2022 were upgraded to FttP and total fiber passings were ~690,000 or 25% of the Company's service area.
(2) The sale of the non-core Ohio operations resulted in a reduction of approximately 5,658 DSL/Copper passings and 3,560 DSL/Copper broadband connections in the first quarter of 2022. Prior period amounts have not been adjusted to reflect the sale.
(3) As of March 31, 2022, the net assets of our Kansas City operations are classified as held for sale. The Kansas City operations include total passings of approximately 137,000 and approximately 10% consumer broadband penetration. Amounts above have not been adjusted to reflect the pending sale.

Tag: [Consolidated-Communications-Earnings]

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