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Consolidated Communications Reports Record Consumer Fiber Broadband Net Adds and Announces First Quarter 2023 Financial Results

  • Achieved record consumer fiber broadband net adds of 12,337, an increase of 60% versus the first quarter of 2022; Consumer broadband net adds were positive 2,404
  • Grew consumer fiber broadband revenue 56%1 and increased ARPU 5.7%
  • Completed 53,858 fiber upgrades to Gigabit+ speeds, now extending FttP capabilities to 40% of addressable market

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 of 2023.

“We added a record 12,337 consumer fiber broadband subscribers in the first quarter and achieved 60% growth year over year,” said Bob Udell, chief executive officer. “Our plan to drive improved penetration through a refined go-to market strategy is off to a great start with particularly strong fiber net adds of 5,200 in March, and approaching 6,000 in April. On the heels of this positive momentum, we expect to see another milestone of record net fiber adds in the second quarter.”

“With fiber expected to reach nearly 50% of our base at the end of 2023, we are continuing to build the foundation across our 3 C’s, including consumer, commercial and carrier, to position ourselves for revenue and EBITDA growth in 2024,” added Udell.

____________________

1 Q1 2022 normalized for the divestitures of the Company’s Ohio and Kansas assets, where applicable, which closed on Jan. 31, 2022 and Nov. 30, 2022, respectively. Refer to the tables contained in this press release for a reconciliation of all non-GAAP measures.

First Quarter 2023 Results (compared to first quarter 2022 where applicable)

  • Revenue totaled $276.1 million, down 8.0% or 4.1% normalized1.
  • Consumer fiber revenue was $26.1 million, up approximately 52% or 56% normalized1, driven by strong operating metrics including 12,337 consumer fiber net adds and increased ARPU of 5.7%.
  • Consumer broadband revenue was $68.0 million, up 3.1% or 6.4% normalized1.
  • Commercial data services revenue was $53.1 million, down 8.2% or 1.0% normalized1.
  • Carrier data-transport revenue was $32.9 million, down 1.7% or 0.8% normalized1.
  • Other products and services revenue was $1.7 million, a decrease of $4.6 million, largely due to lower recognition of public private partnership construction projects.
  • Net loss was ($47.7 million); Adjusted EBITDA was $75.4 million.
  • Total committed capital expenditures were $144.6 million.

Operating expenses increased $4.0 million versus the prior year primarily due to additional costs in 2023 for severance, professional fees for customer service and process improvement initiatives, and marketing and advertising expenses. These higher expenses were partly offset by lower video programming and access costs, and the impact of the divestiture of the Kansas City operations on Nov. 30, 2022.

Net interest expense was $33.9 million, an increase of $4.3 million versus the prior year, primarily as a result of higher interest on the term loan. Notwithstanding the heightened interest rate environment, the Company is well positioned with 77% of its total debt at a fixed rate through July 2023, and 53% fixed thereafter. As of Mar. 31, 2023, the weighted average cost of debt was 6.61%.

Net loss was ($47.7 million) in the first quarter of 2023 compared to ($125.3 million) in the first quarter of 2022, which included $3.5 million of income from discontinued operations. Net loss per share was ($0.42) in the first quarter of 2023 as compared to ($1.12) in the first quarter of 2022. 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 from continuing operations was ($0.28) compared to ($0.01) in the first quarter of 2022.

Capital Expenditures

Total committed capital expenditures were $144.6 million driven by 53,858 fiber passings added in the quarter, record first quarter fiber adds, and the timing of construction and CPE inventory purchases in support of future build and install activity.

Capital Structure

As of Mar. 31, 2023, the Company maintained liquidity with cash and short-term investments of approximately $336 million and $213 million of available borrowing capacity on the revolving credit facility, subject to certain covenants. The net leverage ratio for the trailing 12 months ended Mar. 31, 2023, was 4.76x. With no maturities until 2027, healthy liquidity and fiber penetration growth, the Company remains well positioned to continue executing on its fiber expansion and growth plan.

2023 Outlook

Consolidated Communications reaffirmed its guidance for the full-year 2023.

  • Adjusted EBITDA is expected to be in a range of $310 million to $330 million.
  • Capital expenditures are expected to be in a range of $425 million to $445 million.
  • Cash interest expense is expected to be in a range of $145 million to $155 million.
  • Cash income taxes are expected to be below $10 million.

Conference Call Information

Consolidated’s first quarter earnings conference call will be webcast today at 8:30 am ET. The webcast and materials will be available on Consolidated’s Investor Relations 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 replay of the webcast, together with a transcript thereof, will be available on the website following the 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 more than 57,500 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,” “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) from continuing operations. EBITDA is defined as income (loss) from continuing operations 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. 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 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.

Forward-Looking Statements

Certain statements in this press release, including those relating to the current expectations, plans, strategies, and anticipated financial results, including year over year revenue and EBITDA growth in 2024, 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; public health threats, including the COVID-19 pandemic; 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, 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, 2022. 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,

2023

2022

ASSETS
Current assets:
Cash and cash equivalents

$

247,877

$

325,852

 

Short-term investments

 

87,951

 

87,951

 

Accounts receivable, net

 

108,471

 

119,675

 

Income tax receivable

 

1,662

 

1,670

 

Prepaid expenses and other current assets

 

65,622

 

62,996

 

Total current assets

 

511,583

 

598,144

 

 

 

Property, plant and equipment, net

 

2,330,545

 

2,234,122

 

Investments

 

9,104

 

10,297

 

Goodwill

 

929,570

 

929,570

 

Customer relationships, net

 

37,018

 

43,089

 

Other intangible assets

 

10,557

 

10,557

 

Other assets

 

63,542

 

61,315

 

Total assets

$

3,891,919

$

3,887,094

 

 

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY

 

 

Current liabilities:

 

 

Accounts payable

$

53,921

$

33,096

 

Advance billings and customer deposits

 

49,009

 

46,664

 

Accrued compensation

 

51,602

 

60,903

 

Accrued interest

 

35,956

 

18,201

 

Accrued expense

 

111,808

 

95,206

 

Current portion of long-term debt and finance lease obligations

 

16,377

 

12,834

 

Total current liabilities

 

318,673

 

266,904

 

 

 

Long-term debt and finance lease obligations

 

2,136,837

 

2,129,462

 

Deferred income taxes

 

261,001

 

274,309

 

Pension and other post-retirement obligations

 

122,090

 

123,644

 

Other long-term liabilities

 

48,079

 

47,326

 

Total liabilities

 

2,886,680

 

2,841,645

 

 

 

Series A Preferred Stock, par value $0.01 per share; 10,000,000 shares authorized, 477,047 and 456,343 shares outstanding as of March 31, 2023 and December 31, 2022, respectively; liquidation preference of $487,634 and $477,047 as of March 31, 2023 and December 31, 2022, respectively

 

339,267

 

328,680

 

 

 

Shareholders' equity:

 

 

Common stock, par value $0.01 per share; 150,000,000 shares authorized, 116,649,382 and 115,167,193 shares outstanding as of March 31, 2023 and December 31, 2022, respectively

 

1,167

 

1,152

 

Additional paid-in capital

 

709,603

 

720,442

 

Accumulated deficit

 

(48,970

)

 

(11,866

)

Accumulated other comprehensive loss, net

 

(3,622

)

 

(610

)

Noncontrolling interest

 

7,794

 

7,651

 

Total shareholders' equity

 

665,972

 

716,769

 

Total liabilities, mezzanine equity and shareholders' equity

$

3,891,919

$

3,887,094

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

2023

2022

 
Net revenues $

276,126

 

$

300,278

 

Operating expenses:
Cost of services and products

131,938

 

135,895

 

Selling, general and administrative expenses

81,284

 

73,285

 

Loss on impairment of assets held for sale

 

126,490

 

Loss on disposal of assets

3,304

 

 

Depreciation and amortization

77,699

 

72,350

 

Loss from operations

(18,099

)

(107,742

)

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

(33,860

)

(29,515

)

Other income, net

2,758

 

3,342

 

Loss from continuing operations before income taxes

(49,201

)

(133,915

)

Income tax benefit

(12,240

)

(14,819

)

Loss from continuing operations

(36,961

)

(119,096

)

 
Discontinued operations:
Income from discontinued operations

 

8,063

 

Income tax expense

 

4,516

 

Income from discontinued operations

 

3,547

 

 
Net loss

(36,961

)

(115,549

)

Less: dividends on Series A preferred stock

10,587

 

9,598

 

Less: net income attributable to noncontrolling interest

143

 

115

 

Net loss attributable to common shareholders $

(47,691

)

$

(125,262

)

 
Net income (loss) per common share - basic and diluted:
Loss from continuing operations $

(0.42

)

$

(1.15

)

Income from discontinued operations

 

0.03

 

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

(0.42

)

$

(1.12

)

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

2023

2022

OPERATING ACTIVITIES
Net loss $

(36,961

)

$

(115,549

)

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

77,699

 

72,350

 

Deferred income taxes

5,604

 

(10,560

)

Cash distributions from wireless partnerships in excess of earnings

 

153

 

Pension and post-retirement contributions in excess of expense

(2,861

)

(9,342

)

Non-cash, stock-based compensation

799

 

2,199

 

Amortization of deferred financing costs and discounts

1,847

 

1,802

 

Loss on impairment of assets held for sale

 

126,490

 

Loss on disposal of assets

3,304

 

 

Other adjustments, net

(418

)

(189

)

Changes in operating assets and liabilities, net

6,073

 

14,206

 

Net cash provided by operating activities

55,086

 

81,560

 

INVESTING ACTIVITIES
Purchase of property, plant and equipment, net

(130,826

)

(156,480

)

Purchase of investments

 

(39,959

)

Proceeds from sale of assets

292

 

74

 

Proceeds from business dispositions, net

 

26,042

 

Proceeds from sale and maturity of investments

1,623

 

65,754

 

Net cash used in investing activities

(128,911

)

(104,569

)

FINANCING ACTIVITIES
Payment of finance lease obligations

(3,114

)

(2,341

)

Share repurchases for minimum tax withholding

(1,036

)

(114

)

Net cash used in financing activities

(4,150

)

(2,455

)

Net change in cash and cash equivalents

(77,975

)

(25,464

)

Cash and cash equivalents at beginning of period

325,852

 

99,635

 

Cash and cash equivalents at end of period $

247,877

 

$

74,171

 

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

2023

2022

Consumer:
Broadband (Data and VoIP) $

67,961

$

65,911

Voice services

32,263

37,452

Video services

9,594

14,366

109,818

117,729

Commercial:
Data services (includes VoIP)

53,134

57,895

Voice services

32,631

36,339

Other

9,756

11,560

95,521

105,794

Carrier:
Data and transport services

32,923

33,485

Voice services

4,367

3,852

Other

350

391

37,640

37,728

 
Subsidies

7,036

6,583

Network access

24,444

26,213

Other products and services

1,667

6,231

Total operating revenue $

276,126

$

300,278

Consolidated Communications Holdings, Inc.
Consolidated Revenue Trend by Category
(Dollars in thousands)
(Unaudited)
 
Three Months Ended
Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022
Consumer:
Broadband (Data and VoIP) $

67,961

$

69,002

$

69,641

$

67,592

$

65,911

Voice services

32,263

34,314

36,444

36,643

37,452

Video services

9,594

11,876

13,552

14,359

14,366

109,818

115,192

119,637

118,594

117,729

Commercial:
Data services (includes VoIP)

53,134

56,662

56,796

57,113

57,895

Voice services

32,631

34,676

35,484

35,775

36,339

Other

9,756

10,320

9,933

11,287

11,560

95,521

101,658

102,213

104,175

105,794

Carrier:
Data and transport services

32,923

33,752

33,878

36,263

33,485

Voice services

4,367

3,685

3,517

3,718

3,852

Other

350

338

605

354

391

37,640

37,775

38,000

40,335

37,728

 
Subsidies

7,036

13,078

7,187

6,534

6,583

Network access

24,444

26,308

27,277

24,846

26,213

Other products and services

1,667

1,965

2,305

3,906

6,231

Total operating revenue $

276,126

$

295,976

$

296,619

$

298,390

$

300,278

Consolidated Communications Holdings, Inc.
Reconciliation of Historical Revenue by Category to Normalized Revenue by Category
(Dollars in thousands)
(Unaudited)
Three Months Ended
March 31, 2022
Historical Adjustments (1) Normalized
Consumer:
Broadband (Data and VoIP) $

65,911

$

(2,048

)

$

63,863

Voice services

37,452

(696

)

36,756

Video services

14,366

(2,710

)

11,656

117,729

(5,454

)

112,275

Commercial:
Data services (includes VoIP)

57,895

(4,229

)

53,666

Voice services

36,339

(1,455

)

34,884

Other

11,560

(301

)

11,259

105,794

(5,985

)

99,809

Carrier:
Data and transport services

33,485

(288

)

33,197

Voice services

3,852

(5

)

3,847

Other

391

(1

)

390

37,728

(294

)

37,434

 
Subsidies

6,583

(49

)

6,534

Network access

26,213

(508

)

25,705

Other products and services

6,231

(81

)

6,150

Total operating revenue $

300,278

$

(12,371

)

$

287,907

 
Notes:
(1) These adjustments reflect the removal of operating revenues for divestitures. We completed the sale of the Company's Ohio and Kansas assets on January 31, 2022 and November 30, 2022, respectively.
Consolidated Communications Holdings, Inc.
Reconciliation of Loss from Continuing Operations to Adjusted EBITDA
(Dollars in thousands)
(Unaudited)
Three Months Ended
March 31,

2023

2022

Loss from continuing operations $

(36,961

)

$

(119,096

)

Add (subtract):
Income tax benefit

(12,240

)

(14,819

)

Interest expense, net

33,860

 

29,515

 

Depreciation and amortization

77,699

 

72,350

 

EBITDA

62,358

 

(32,050

)

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

10,030

 

5,324

 

Pension/OPEB benefit

(1,141

)

(2,983

)

Loss on disposal of assets

3,304

 

 

Loss on impairment

 

126,490

 

Non-cash compensation (3)

799

 

2,199

 

Adjusted EBITDA from continuing operations

75,350

 

98,980

 

Investment distributions from discontinued operations

 

8,216

 

Adjusted EBITDA $

75,350

 

$

107,196

 

 
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 Loss from Continuing Operations to Adjusted EBITDA Guidance
(Dollars in millions)
(Unaudited)
Year Ended
December 31, 2023
Range
Low High
Loss from continuing operations $

(123

)

$

(105

)

Add:
Income tax benefit

(43

)

(37

)

Interest expense, net

152

 

148

 

Depreciation and amortization

314

 

312

 

EBITDA

300

 

318

 

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

12

 

14

 

Pension/OPEB benefit

(12

)

(12

)

Non-cash compensation (3)

10

 

10

 

Adjusted EBITDA $

310

 

$

330

 

 
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, dividend income, integration 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 Total Net Debt to LTM Adjusted EBITDA Ratio
(Dollars in thousands)
(Unaudited)
March 31,

2023

Long-term debt and finance lease obligations:
Term loans, net of discount $8,286 $

991,589

 

6.50% Senior secured notes due 2028

750,000

 

5.00% Senior secured notes due 2028

400,000

 

Finance leases

44,817

 

Total debt as of March 31, 2023

2,186,406

 

Less: deferred debt issuance costs

(33,192

)

Less: cash, cash equivalents and short-term investments

(335,828

)

Total net debt as of March 31, 2023 $

1,817,386

 

 
Adjusted EBITDA for the 12 months ended March 31, 2023 $

381,734

 

 
Total Net Debt to last 12 months Adjusted EBITDA

4.76x

 

Consolidated Communications Holdings, Inc.
Reconciliation of Loss Attributable to Common Shareholders from Continuing Operations to Adjusted Loss from Continuing Operations and Calculation of Adjusted Diluted Net Income (Loss) Per Common Share
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,

2023

2022

Loss from continuing operations $

(36,961

)

$

(119,096

)

Less: dividends on Series A preferred stock

10,587

 

9,598

 

Less: net income attributable to noncontrolling interest

143

 

115

 

Loss attributable to common shareholders from continuing operations

(47,691

)

(128,809

)

 
Adjustments to loss attributable to common shareholders:
Dividends on Series A preferred stock

10,587

 

9,598

 

Integration and severance related costs, net of tax

2,648

 

802

 

Loss on impairment of assets held for sale

 

126,490

 

Loss on disposition of assets, net of tax

2,441

 

 

Non-cash interest expense for swaps, net of tax

(338

)

(295

)

Tax impact of non-deductible goodwill

 

(10,813

)

Non-cash stock compensation, net of tax

590

 

1,626

 

Adjusted net loss from continuing operations $

(31,763

)

$

(1,401

)

 
Weighted average number of common shares outstanding

112,939

 

111,691

 

 
Adjusted diluted net income (loss) per common share:
Adjusted net loss from continuing operations $

(0.28

)

$

(0.01

)

Adjusted income from discontinued operations, net of tax

 

0.03

 

$

(0.28

)

$

0.02

 

 
Notes:
Calculations above assume a 26.1% effective tax rate for the three months ended March 31, 2023 and 2022.
Consolidated Communications Holdings, Inc.
Key Operating Metrics
(Unaudited)

2021

2022

Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 2023
Passings
Total Fiber Gig+ Capable Passings (1)(5)(6)

320,806

 

397,123

 

494,160

 

605,710

 

605,710

 

689,406

 

831,779

 

947,974

 

1,008,660

 

1,008,660

 

1,062,518

 

Total DSL/Copper Passings (2)(3)(5)(6)

2,421,292

 

2,347,816

 

2,255,556

 

2,146,377

 

2,146,377

 

2,059,025

 

1,920,214

 

1,807,381

 

1,617,077

 

1,617,077

 

1,564,889

 

Total Passings (1)(2)(3)(5)(6)

2,742,098

 

2,744,939

 

2,749,716

 

2,752,087

 

2,752,087

 

2,748,431

 

2,751,993

 

2,755,355

 

2,625,737

 

2,625,737

 

2,627,407

 

% Fiber Gig+ Coverage/Total Passings

12

%

14

%

18

%

22

%

22

%

25

%

30

%

34

%

38

%

38

%

40

%

 
Consumer Broadband Connections
Fiber Gig+ Capable (3)

74,495

 

77,521

 

81,539

 

86,122

 

86,122

 

93,812

 

103,455

 

115,598

 

122,872

 

122,872

 

135,209

 

DSL/Copper (2)(3)

323,507

 

315,959

 

309,122

 

298,442

 

298,442

 

286,338

 

277,758

 

266,314

 

244,586

 

244,586

 

234,653

 

Total Consumer Broadband Connections (2)(3)

398,002

 

393,480

 

390,661

 

384,564

 

384,564

 

380,150

 

381,213

 

381,912

 

367,458

 

367,458

 

369,862

 

 
Consumer Broadband Net Adds
Total Fiber Gig+ Capable Net Adds (7)

3,885

 

3,026

 

4,018

 

4,583

 

15,512

 

7,690

 

9,643

 

12,143

 

10,599

 

40,075

 

12,337

 

DSL/Copper Net Adds (7)

(7,240

)

(7,548

)

(6,837

)

(10,680

)

(32,305

)

(8,544

)

(8,580

)

(11,444

)

(10,783

)

(39,351

)

(9,933

)

Total Consumer Broadband Net Adds (7)

(3,355

)

(4,522

)

(2,819

)

(6,097

)

(16,793

)

(854

)

1,063

 

699

 

(184

)

724

 

2,404

 

 
Consumer Broadband Penetration %
Fiber Gig+ Capable (on fiber passings)

23.2

%

19.5

%

16.5

%

14.2

%

14.2

%

13.6

%

12.4

%

12.2

%

12.2

%

12.2

%

12.7

%

DSL/Copper (on DSL/copper passings)

13.4

%

13.5

%

13.7

%

13.9

%

13.9

%

13.9

%

14.5

%

14.7

%

15.1

%

15.1

%

15.0

%

Total Consumer Broadband Penetration %

14.5

%

14.3

%

14.2

%

14.0

%

14.0

%

13.8

%

13.9

%

13.9

%

14.0

%

14.0

%

14.1

%

 
Consumer Average Revenue Per Unit (ARPU)
Fiber Gig+ Capable $

64.87

 

$

65.83

 

$

64.64

 

$

64.22

 

$

64.55

 

$

63.88

 

$

64.95

 

$

65.61

 

$

67.14

 

$

65.42

 

$

67.51

 

DSL/Copper $

47.72

 

$

49.92

 

$

51.32

 

$

50.65

 

$

50.06

 

$

50.78

 

$

52.36

 

$

53.87

 

$

53.55

 

$

53.36

 

$

53.21

 

 
Churn
Fiber Consumer Broadband Churn (7)

1.3

%

1.7

%

1.4

%

1.0

%

1.3

%

0.9

%

1.1

%

1.2

%

1.1

%

1.1

%

1.0

%

DSL/Copper Consumer Broadband Churn (7)

1.4

%

1.6

%

1.9

%

2.0

%

1.7

%

1.3

%

1.6

%

1.8

%

1.7

%

1.6

%

1.5

%

 
Consumer Broadband Revenue by Service Type ($ in thousands)
Fiber Broadband Revenue (4) $

14,120

 

$

15,010

 

$

15,422

 

$

16,150

 

$

60,702

 

$

17,242

 

$

19,218

 

$

21,558

 

$

24,016

 

$

82,034

 

$

26,136

 

Copper and Other Broadband Revenue

51,633

 

52,967

 

53,182

 

50,833

 

208,615

 

48,669

 

48,374

 

48,083

 

44,986

 

190,112

 

41,825

 

Total Consumer Broadband Revenue by Service Type $

65,753

 

$

67,977

 

$

68,604

 

$

66,983

 

$

269,317

 

$

65,911

 

$

67,592

 

$

69,641

 

$

69,002

 

$

272,146

 

$

67,961

 

 
Consumer Voice Connections (3)

362,384

 

352,835

 

341,135

 

328,849

 

328,849

 

316,634

 

306,458

 

294,441

 

276,779

 

276,779

 

267,509

 

 
Video Connections (3)

73,986

 

70,795

 

66,971

 

63,447

 

63,447

 

58,812

 

55,225

 

51,339

 

35,039

 

35,039

 

32,426

 

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

47,364

 

48,727

 

50,405

 

52,402

 

52,402

 

54,239

 

56,093

 

57,498

 

57,865

 

57,865

 

57,569

 

 
On-net buildings (3)

13,910

 

14,253

 

14,625

 

14,981

 

14,981

 

15,446

 

15,618

 

15,715

 

14,427

 

14,427

 

14,520

 

 
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. As of March 31, 2023, 53,858 of the minimum targeted 225,000 passings for 2023 were upgraded to FttP and total fiber passings were ~1,062,518 or 40% 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) The sale of the net assets of our Kansas City operations in the fourth quarter of 2022 resulted in a reduction of approximately 135,144 DSL/Copper passings, 3,325 fiber broadband connections, 10,945 DSL/Copper broadband connections, 6,670 consumer voice connections, 13,425 video connections and 1,415 on-net buildings. Prior period amounts have not been adjusted to reflect the sale.
(4) Fiber broadband revenue includes revenue from our Kansas City operations of approximately $0.3 million for the quarter ended December 31, 2022 and approximately $0.5 million for each of the quarters ended March 31, 2021 through September 30, 2022. Amounts have not been adjusted to reflect the sale.
(5) 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.
(6) When a passing is both fiber and DSL/Copper capable it is counted as a fiber passing.
(7) Consumer Broadband net adds and churn have been normalized to reflect the divestitures of our Kansas City and Ohio operations.

 

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