Consolidated Communications Holdings (CNSL) News
Market Cap: $549.69M
Avg Volume: 461.66K
Industry: Telecommunications Services
Sector: Communication Services
Consolidated Communications Announces Availability of Certain Financial Information
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, LLC (the “Company” or “Consolidated”) today announced that it will periodically make available certain information for current and prospective bondholders and securities analysts providing analysis of an investment in the Company's notes on its virtual data room platform. The information the Company makes available may be deemed material. To request access to the Company's virtual data room platform, current and prospective b.
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International Seaways Set to Join S&P SmallCap 600
NEW YORK , Dec. 23, 2024 /PRNewswire/ -- International Seaways Inc. (NYSE: INSW) will replace Consolidated Communications Holdings (NASD: CNSL) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, December 30. Searchlight Capital Partners and British Columbia Investment Management Corporation (BCI) are acquiring Consolidated Communications in a deal expected to be completed soon, pending final closing conditions.
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Consolidated Communications to Release Third Quarter 2024 Earnings on Nov. 5
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (Nasdaq: CNSL) (the “Company”) will release its third quarter 2024 financial results on Tuesday, Nov. 5 before the market opens. The Company's third quarter 2024 earnings press release will be available on its investor relations website at https://ir.consolidated.com/. In light of the pending acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation, Consolidat.
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Consolidated Communications Awards $50,000 to Schools in 2024 to Support Technology Use in Education
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL) a leading broadband and business communications provider, awarded $50,000 in educational grants, supporting more than 1,800 students at 12 schools in 2024 through its Consolidated Connects Educational Grant Program. Consolidated Connects funds grants for K-12 schools within the company's service area that provide innovative, technology-focused learning programs to advance creative student learning, develop 21st century s.
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Consolidated Communications Closes on Sale of its Washington Assets
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”) announced that it has completed the sale of its Washington assets, effective May 1, 2024, to Palisade Infrastructure. The divestiture aligns with the Company's ongoing strategic asset review and focus on its fiber expansion plans in core broadband regions. Consolidated's Washington operations include approximately 9,950 data connections and 8,500 access lines, and contribu.
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Consolidated Communications Releases 2023 Environmental, Social and Governance Report
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL), a leading fiber provider, today published its 2023 Environmental, Social and Governance (ESG) Report. The report details Consolidated's ongoing efforts to enhance sustainable and responsible business and operational practices throughout 2023. “We are building a more sustainable business that continues to enrich the communities we serve through ongoing fiber expansion, community investments and continuing to run an ethic.
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Consolidated Communications to Release First Quarter 2024 Earnings on May 7
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (Nasdaq: CNSL) (the “Company”) will release its first quarter 2024 financial results on Tuesday, May 7 before the market opens. In light of the pending acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation, Consolidated will not host an earnings conference call. The Company's first quarter 2024 earnings press release will be available on its investor relati.
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Consolidated Communications Announces Fourth Quarter and Full Year 2023 Financial Results
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), a top 10 fiber provider in the U.S., today reported results for the fourth quarter and full year 2023. Fourth Quarter 2023 Results Revenue totaled $275.2 million Overall consumer revenue was $113.9 million Consumer fiber revenue was $37.9 million Total consumer broadband net adds were 6,998 Consumer broadband revenue was $76.5 million Commercial data services revenue was.
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Consolidated Communications named a U.S. Best-in-Class Employer by Gallagher
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL), a leading broadband and business communications provider, has received the coveted designation of Gallagher's Best-in-Class Employer for the third straight year. Gallagher's annual survey identifies organizations that excel in implementing successful strategies for managing people and programs. Consolidated was recognized for its comprehensive framework for strategically investing in benefits, compensation and employee.
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Consolidated Communications to Release Fourth Quarter 2023 Earnings on March 5
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (Nasdaq: CNSL) (the “Company”) will release its fourth quarter 2023 financial results on Tuesday, March 5 before the market opens. In light of the pending acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation, Consolidated will not host an earnings conference call. The Company's fourth quarter 2023 earnings press release will be available on its investor re.
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Consolidated Communications Shareholders Approve Proposed Transaction with Searchlight and BCI
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), a top 10 fiber provider in the U.S., today announced that, based on the preliminary vote count provided by its proxy solicitor following the Company's special meeting of shareholders (the “Special Meeting”) held earlier today, Consolidated shareholders have voted overwhelmingly to approve the proposed acquisition of the Company by affiliates of Searchlight Capital Partner.
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Consolidated Communications Reminds Shareholders to Vote FOR the Value Maximizing Transaction Today
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), has mailed a letter to its shareholders in connection with its upcoming special meeting of shareholders (the “Special Meeting”) urging shareholders to vote “FOR” the proposed acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. (“Searchlight”) and British Columbia Investment Management Corporation (“BCI”) (the “Proposed Transaction”). The Special.
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Leading Independent Proxy Advisory Firm ISS Recommends Consolidated Communications Shareholders Vote “FOR” the Proposed Transaction with Searchlight and BCI
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), a top 10 fiber provider in the U.S., today announced that a leading independent proxy advisory firm, Institutional Shareholder Services (“ISS”), has recommended that Consolidated shareholders vote “FOR” the proposed acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. (“Searchlight”) and British Columbia Investment Management Corporation (“BCI”).
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Consolidated Communications Files Investor Presentation Highlighting Benefits of Proposed Transaction with Searchlight and BCI
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), filed an investor presentation with the U.S. Securities and Exchange Commission (“SEC”) on January 10, 2024 in connection with the Company's upcoming special meeting of shareholders (the “Special Meeting”) on January 31, 2024. The presentation is available on the Company's investor relations website at https://ir.consolidated.com/. The Company urges its shareholders to vo.
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Consolidated Communications Proposed Transaction is Financially Compelling and Delivers Certain Cash Value at a Premium Valuation
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), has mailed a letter to its shareholders in connection with its upcoming special meeting of shareholders (the “Special Meeting”). Consolidated is reminding shareholders to vote “FOR” the proposed acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. (“Searchlight”) and British Columbia Investment Management Corporation (“BCI”) (the “Proposed Transa.
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CONSOLIDATED COMMUNICATIONS INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Consolidated Communications Holdings, Inc. - CNSL
NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Consolidated Communications Holdings, Inc. (NasdaqGS: CNSL) to affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation. Under the terms of the proposed transaction, shareholders of Consolidated will receive $4.70 in cash for each share of Consolidated that they o.
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Consolidated Communications Reiterates Proposed Transaction is the Best Outcome for Shareholders
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), has mailed a letter to its shareholders in connection with its upcoming special meeting of shareholders (the “Special Meeting”) urging its shareholders to vote “FOR” the proposed acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. (“Searchlight”) and British Columbia Investment Management Corporation (“BCI”) (the “Proposed Transaction”). The Spe.
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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces an Investigation into Consolidated Communications Holdings, Inc.
NEW YORK , Dec. 19, 2023 /PRNewswire/ -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who hold stock of Consolidated Communications Holdings, Inc. ("CNSL" or the "Company") (NASDAQ: CNSL). You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of CNSL to affiliates of Searchlight Capital Partners, L.P.
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Consolidated Communications Files Letter to Shareholders Highlighting Benefits of Proposed Transaction with Searchlight and BCI
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), a top 10 fiber provider in the U.S., today announced that it has filed its definitive proxy statement. The Company has also filed a letter to shareholders in connection with its upcoming special meeting of shareholders (the “Special Meeting”) urging shareholders to vote “FOR” the proposed acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. (“Sea.
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Consolidated Communications investor Frischer opposes $3.1 bln take-private deal
Consolidated Communications investor Charles Frischer said on Monday he plans to vote against the broadband services provider's $3.1 billion take-private deal with an investor consortium, becoming the latest shareholder to oppose the sale.
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CNSL MERGER UPDATE: Is $4.70 Per Share Fair? Shareholders Seeking More Money Should Contact Julie & Holleman LLP Regarding Potential Claims
NEW YORK , Nov. 24, 2023 /PRNewswire/ -- Julie & Holleman LLP, a nationally recognized shareholder rights law firm, is investigating the proposed $4.70 per share sale of Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) to its largest shareholder, private equity firm Searchlight Capital. The firm has already identified potential conflicts of interest, and recent SEC filings suggest the deal price is grossly unfair.
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CNSL ALERT: Levi & Korsinsky, LLP Announces an Investigation into Consolidated Communications Holdings, Inc.
NEW YORK , Nov. 8, 2023 /PRNewswire/ -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who hold stock of Consolidated Communications Holdings, Inc. ("CNSL" or the "Company") (NASDAQ: CNSL). You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of CNSL to affiliates of Searchlight Capital Partners, L.P.
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Wildcat Capital Management Sends Letter to Consolidated Communications' Board of Directors Opposing Take Private Transaction at $4.70 Per Share
Wildcat Urges Stockholders to Vote AGAINST Proposed Transaction Which it Believes Greatly Undervalues Consolidated Communications Wildcat Continues to Support Company's Strategy to Generate Significant Returns as a Standalone Public Entity NEW YORK , Nov. 3, 2023 /PRNewswire/ -- Wildcat Capital Management, LLC (together with its affiliates, "Wildcat"), which beneficially owns approximately three million shares of Consolidated Communications Holdings, Inc. ("CNSL" or the "Company") (NASDAQ:CNSL), today issued an open letter to CNSL's Board of Directors opposing the Company's proposed transaction with affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation, announced on October 16, 2023.
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Consolidated Communications shareholder Wildcat opposes $3.1 bln take-private deal
Wildcat Capital Management, a top shareholder in Consolidated Communications Holdings , said on Friday it plans to vote against its $3.1 billion takeover by an investor consortium, as it undervalues the broadband services provider.
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SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates ESMT, CNSL
NEW YORK , Oct. 30, 2023 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: EngageSmart, Inc. (NYSE: ESMT)'s sale to an affiliate of Vista Equity Partners for $23.00 per share in cash. If you are an EngageSmart shareholder, click here to learn more about your rights and options.
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INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Consolidated Communications Holdings, Inc. and Encourages Investors with Losses to Contact the Firm
LOS ANGELES, CA / ACCESSWIRE / October 30, 2023 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors in Consolidated Communications Holdings, Inc. ("Consolidated Communications" or "the Company") (NASDAQ:CNSL) for potential breaches of fiduciary duty on the part of its directors and management. The investigation focuses on determining if the Consolidated Communications board breached its fiduciary duties to shareholders.
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INVESTOR ACTION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Consolidated Communications Holdings, Inc. and Encourages Investors with Losses to Contact the Firm
LOS ANGELES, CA / ACCESSWIRE / October 27, 2023 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors in Consolidated Communications Holdings, Inc. ("Consolidated Communications" or "the Company") (NASDAQ:CNSL) for potential breaches of fiduciary duty on the part of its directors and management. The investigation focuses on determining if the Consolidated Communications board breached its fiduciary duties to shareholders.
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Consolidated Communications Merger Alert: Is $4.70 Fair? Shareholders Seeking More Money Should Contact Julie & Holleman Regarding Potential Claims
NEW YORK , Oct. 26, 2023 /PRNewswire/ -- Julie & Holleman LLP, a nationally recognized shareholder rights law firm, is investigating the proposed $4.70 per share sale of Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) to affiliates of Searchlight Capital and British Columbia Investment Management Corporation. The firm has already uncovered potential conflicts of interest and believes the deal price may be unfair to Consolidated's minority shareholders.
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CNSL ALERT: Is $4.70 Fair? Shareholders Seeking More Money Should Contact Julie & Holleman Regarding Claims Related to Sale to Searchlight
NEW YORK , Oct. 23, 2023 /PRNewswire/ -- Julie & Holleman LLP, a nationally recognized shareholder rights law firm, is investigating the proposed $4.70 per share acquisition of Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) by the company's largest shareholder, private equity firm Searchlight Capital. The firm is concerned about the price being offered as well as potential conflicts of interest.
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SHAREHOLDER ALERT: Kaskela Law LLC Announces Investigation of Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) and Encourages Investors to Contact the Firm
PHILADELPHIA , Oct. 18, 2023 /PRNewswire/ -- Kaskela Law LLC announces that it is investigating Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) ("Consolidated Communications") on behalf of the company's shareholders. On October 16, 2023, Consolidated Communications announced that it had agreed to a privatization buyout at $4.70 per share in cash – a discount of approximately 15% to the company's 52-week high price of $5.55 per share.
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Shareholder Alert: Ademi LLP investigates whether Consolidated Communications Holdings, Inc. has obtained a Fair Price in its transaction with Searchlight and BCI
MILWAUKEE , Oct. 17, 2023 /PRNewswire/ -- Ademi LLP is investigating Consolidated Communications (NASDAQ: CNSL) for possible breaches of fiduciary duty and other violations of law in its transaction with Searchlight and BCI. Click here to learn how to join the action https://www.ademilaw.com/case/consolidated-communications-holdings-inc or call Guri Ademi toll-free at 866-264-3995.
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Why Consolidated Communications Stock Jumped Today
Affiliates of a private equity firm are taking the company private. Consolidated is running up against obstacles in completing its fiber expansion.
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CNSL SPECIAL ALERT: Consolidated Communications Shareholders Interested in Pursuing Legal Claims Should Contact Julie & Holleman Regarding Sale to Searchlight
NEW YORK , Oct. 16, 2023 /PRNewswire/ -- Julie & Holleman LLP, a nationally recognized shareholder rights law firm, is investigating the proposed $4.70 per share acquisition of Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) by the company's largest shareholder, private equity firm Searchlight Capital. The firm is concerned about the price being offered as well as potential conflicts of interest.
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CNSL Stock Alert: Halper Sadeh LLC Is Investigating Whether the Sale of Consolidated Communications Holdings, Inc. Is Fair to Shareholders
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) to affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation (“BCI”) for $4.70 per share in cash is fair to Consolidated Communications shareholders. Halper Sadeh encourages Consolidated Communications shareholders to click here to learn more about their legal rights and options or c.
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Consolidated Communications Holdings to be acquired by two private-equity firms
Consolidated Communications Holdings Inc. CNSL, -1.12% said Monday it agreed to be taken private by affiliates of Searchlight Capital Partners LP and British Columbia Investment Management Corp in an all-cash deal that values the Mattoon, Ill.-based broadband company at $3.1 billion.
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Consolidated Communications Announces Agreement to be Acquired by Searchlight Capital Partners and British Columbia Investment Management Corporation
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (“Consolidated Communications” or the “Company”), a top 10 fiber provider in the United States, today announced that it has entered into a definitive agreement (the “Agreement”) to be acquired by affiliates of Searchlight Capital Partners, L.P. (“Searchlight”) and British Columbia Investment Management Corporation (“BCI”) in an all-cash transaction with an enterprise value of approximately $3.1 billion, in.
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Consolidated Communications Holdings, Inc. (CNSL) Q2 2023 Earnings Call Transcript
Consolidated Communications Holdings, Inc. (NASDAQ:CNSL ) Q2 2023 Results Conference Call August 8, 2023 8:30 AM ET Company Participants Philip Kranz - Senior Director of Investor Relations Bob Udell - President and Chief Executive Officer Fred Graffam - Chief Financial Officer Conference Call Participants Michael Rollins - Citi Operator Good morning. My name is Sarah, and I will be your conference operator today.
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Consolidated Communications Announces Second Quarter Financial Results; Delivers 93% Growth in Consumer Fiber Net Adds
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), a top 10 fiber provider in the U.S., today reported results for the second quarter of 2023. “With an improved go-to-market strategy, we have great momentum, as evidenced by 18,651 consumer fiber net adds in the second quarter and nearly 7,000 overall consumer broadband net adds, representing 190% growth versus the first quarter,” said Bob Udell, president and chief execut.
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Palisade Infrastructure Announces Transaction with Consolidated Communications
NEW YORK--(BUSINESS WIRE)--Palisade Infrastructure Announces Transaction with Consolidated Communications.
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Consolidated Communications to Release Second Quarter 2023 Earnings on Aug. 8
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (Nasdaq: CNSL) will release its second quarter 2023 financial results on Tuesday, Aug. 8 before the market opens. The Company will host a live conference call and webcast on the same day at 7:30 a.m. CT. A link to the live webcast along with the Company's earnings release, investor presentation, and related materials will be available on Consolidated's Investor Relations website at https://ir.consolidated.com. Analysts and investors in.
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Consolidated Communications Stock Skyrockets: It Should Rise Even More
Shares of Consolidated Communications spiked by 16.1% following a report by Wildcat Capital Management, which owns 2.6% of the company's shares, arguing that the company is undervalued. Wildcat's assessment suggests that CNSL stock should be worth at least $14 each, significantly higher than the $4 per share buyout offer made by Searchlight Capital Partners and British Columbia Investment Management in April. Wildcat's valuation is based on Consolidated Communications' ongoing upgrade from copper to fiber networks, which is expected to increase revenue and customer base.
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Wildcat Capital Management Issues Letter to Consolidated Communications' Special Committee Urging it to Reject the Recent "Take Private" Proposal at $4.00 Per Share
Wildcat Capital Management Supports the Company's Strategy as a Standalone Public Entity Believes the Current "Take Private" Proposal Significantly Undervalues Consolidated Communications NEW YORK , July 12, 2023 /PRNewswire/ -- Wildcat Capital Management, LLC (together with its affiliates, "Wildcat"), which beneficially owns approximately 2.6% of the outstanding shares of Consolidated Communications Holdings, Inc. ("CNSL" or the "Company") (NASDAQ:CNSL), today sent a letter to the Special Committee of CNSL's Board of Directors regarding its significant concerns with the non-binding takeover offer, dated April 12, 2023, from Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation.
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Exclusive: Bonderman's Wildcat seeks to thwart $2.9 bln Consolidated Communications deal
Wildcat Capital Management LLC, which manages the wealth of buyout firm TPG Inc's co-founder David Bonderman, has asked Consolidated Communications Holdings Inc to reject an offer to take the company private for $2.9 billion including debt.
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SoVT CUD Set to Become First to Reach Universal Broadband Coverage by Year-End With Fidium Fiber Expansion
BENNINGTON, Vt.--(BUSINESS WIRE)--Fidium Fiber’s expansion of fiber infrastructure in southern Vermont, slated to be completed this fall, will give the Southern Vermont Communications Union District (SoVT CUD) the distinction of becoming first in the state to achieve its universal broadband coverage goals. More than 14,000 additional homes and small businesses in southern Vermont, including those in SoVT CUD, will gain access to Fidium’s symmetrical multi-gig speeds and exceptional service through this expansion. “We are excited that our communities are taking the final steps for high-speed internet connectivity,” said Eric Hatch, chair of SoVT CUD. “In partnering with Consolidated Communications, we have been able to give our communities an advantage to quickly reach universal coverage. This brings tremendous benefit - from creating new economic opportunities to attracting and retaining residents, businesses and commerce.” Construction is currently underway for southern Vermont’s expansion, which will bring Fidium to the communities of Arlington, Dorset, Landgrove, Londonderry, Manchester, Peru, Pownall, Sandgate, Shaftsbury, South Londonderry, Sunderland, Rupert, Weston, and Winhall. To get updates on construction and learn more about local availability, pre-order Fidium Fiber at FidiumFiber.com. Fidium service is already available to more than 18,000 homes and businesses in Bennington, Dover, Marlboro, Searsburg, Shaftsburg, and Woodford. With completion of the announced expansion, more than 116,000 locations in Vermont will have access to Fidium Fiber by the end of 2023. “Reliable, high-speed internet is no longer just a nice-to-have, but a necessity,” said Jeffrey Austin, senior director of Fiber Build Strategy at Consolidated Communications. “Our partnership with SoVT CUD has helped us bring fiber internet to thousands of unserved and underserved residents of southern Vermont. Fidium will be a game-changer for these communities, bringing economic development benefits, employment opportunities, access to telehealth, educational impacts and of course, all the entertainment made possible by reliable, high-speed internet.” Communications Union Districts (CUDs) are non-profit municipal entities established by Vermont towns seeking to provide broadband to underserved or unserved communities in accordance with state statute. Fidum’s new fiber network in southern Vermont was funded in part through a grant awarded to SoVT CUD, who partnered with Consolidated to bring fiber to its 14-town service area in Bennington County. Fidium Fiber delivers reliable symmetrical, fiber internet without contracts, data caps or hassles. Fidium offers plans from 50 Mbps to 2 Gigs (2000 Mbps), VoIP phone service, and variety of streaming options for TV and entertainment. To learn more about Fidium Fiber availability and pre-order to get updates about fiber expansion, visit FidiumFiber.com. Follow Fidium at Facebook.com/FidiumFiber, Twitter.com/FidiumFiber, Instagram.com/FidiumFiber and YouTube.com/FidiumFiber. Discounts are available to eligible customers through the Affordable Connectivity Plan and Lifeline. About Fidium Fiber Fidium Fiber is a customer-centered, consumer fiber broadband service offering symmetrical multi-gig speeds and exceptional service. Fidium is available in California, Illinois, Maine, Minnesota, New Hampshire, Pennsylvania, Texas and Vermont with new locations available daily. Fidium is a brand from Consolidated Communications Holdings, Inc. (Nasdaq: CNSL). Consolidated is a leading broadband and business communications provider serving consumers, businesses, and wireless and wireline carriers across a 20-plus state service area. Learn more at FidiumFiber.com.
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Consolidated Communications Reports Record Consumer Fiber Broadband Net Adds and Announces First Quarter 2023 Financial Results
MATTOON, Ill.--(BUSINESS WIRE)--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] 2023 2022 $ 247,877 $ 325,852 87,951 87,951 108,471 119,675 1,662 1,670 65,622 62,996 511,583 598,144 2,330,545 2,234,122 9,104 10,297 929,570 929,570 37,018 43,089 10,557 10,557 63,542 61,315 $ 3,891,919 $ 3,887,094 $ 53,921 $ 33,096 49,009 46,664 51,602 60,903 35,956 18,201 111,808 95,206 16,377 12,834 318,673 266,904 2,136,837 2,129,462 261,001 274,309 122,090 123,644 48,079 47,326 2,886,680 2,841,645 339,267 328,680 1,167 1,152 709,603 720,442 (48,970 (11,866 ) (3,622 (610 ) 7,794 7,651 665,972 716,769 $ 3,891,919 $ 3,887,094 2023 2022 276,126 300,278 131,938 135,895 81,284 73,285 — 126,490 3,304 — 77,699 72,350 (18,099 ) (107,742 ) (33,860 ) (29,515 ) 2,758 3,342 (49,201 ) (133,915 ) (12,240 ) (14,819 ) (36,961 ) (119,096 ) — 8,063 — 4,516 — 3,547 (36,961 ) (115,549 ) 10,587 9,598 143 115 (47,691 ) (125,262 ) (0.42 ) (1.15 ) — 0.03 (0.42 ) (1.12 ) 2023 2022 (36,961 ) (115,549 ) 77,699 72,350 5,604 (10,560 ) — 153 (2,861 ) (9,342 ) 799 2,199 1,847 1,802 — 126,490 3,304 — (418 ) (189 ) 6,073 14,206 55,086 81,560 (130,826 ) (156,480 ) — (39,959 ) 292 74 — 26,042 1,623 65,754 (128,911 ) (104,569 ) (3,114 ) (2,341 ) (1,036 ) (114 ) (4,150 ) (2,455 ) (77,975 ) (25,464 ) 325,852 99,635 247,877 74,171 2023 2022 67,961 65,911 32,263 37,452 9,594 14,366 109,818 117,729 53,134 57,895 32,631 36,339 9,756 11,560 95,521 105,794 32,923 33,485 4,367 3,852 350 391 37,640 37,728 7,036 6,583 24,444 26,213 1,667 6,231 276,126 300,278 67,961 69,002 69,641 67,592 65,911 32,263 34,314 36,444 36,643 37,452 9,594 11,876 13,552 14,359 14,366 109,818 115,192 119,637 118,594 117,729 53,134 56,662 56,796 57,113 57,895 32,631 34,676 35,484 35,775 36,339 9,756 10,320 9,933 11,287 11,560 95,521 101,658 102,213 104,175 105,794 32,923 33,752 33,878 36,263 33,485 4,367 3,685 3,517 3,718 3,852 350 338 605 354 391 37,640 37,775 38,000 40,335 37,728 7,036 13,078 7,187 6,534 6,583 24,444 26,308 27,277 24,846 26,213 1,667 1,965 2,305 3,906 6,231 276,126 295,976 296,619 298,390 300,278 65,911 (2,048 ) 63,863 37,452 (696 ) 36,756 14,366 (2,710 ) 11,656 117,729 (5,454 ) 112,275 57,895 (4,229 ) 53,666 36,339 (1,455 ) 34,884 11,560 (301 ) 11,259 105,794 (5,985 ) 99,809 33,485 (288 ) 33,197 3,852 (5 ) 3,847 391 (1 ) 390 37,728 (294 ) 37,434 6,583 (49 ) 6,534 26,213 (508 ) 25,705 6,231 (81 ) 6,150 300,278 (12,371 ) 287,907 2023 2022 (36,961 ) (119,096 ) (12,240 ) (14,819 ) 33,860 29,515 77,699 72,350 62,358 (32,050 ) 10,030 5,324 (1,141 ) (2,983 ) 3,304 — — 126,490 799 2,199 75,350 98,980 — 8,216 75,350 107,196 (123 ) (105 ) (43 ) (37 ) 152 148 314 312 300 318 12 14 (12 ) (12 ) 10 10 310 330 2023 991,589 750,000 400,000 44,817 2,186,406 (33,192 ) (335,828 ) 1,817,386 381,734 4.76x 2023 2022 (36,961 ) (119,096 ) 10,587 9,598 143 115 (47,691 ) (128,809 ) 10,587 9,598 2,648 802 — 126,490 2,441 — (338 ) (295 ) — (10,813 ) 590 1,626 (31,763 ) (1,401 ) 112,939 111,691 (0.28 ) (0.01 ) — 0.03 (0.28 ) 0.02 2021 2022 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 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 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 12 % 14 % 18 % 22 % 22 % 25 % 30 % 34 % 38 % 38 % 40 % 74,495 77,521 81,539 86,122 86,122 93,812 103,455 115,598 122,872 122,872 135,209 323,507 315,959 309,122 298,442 298,442 286,338 277,758 266,314 244,586 244,586 234,653 398,002 393,480 390,661 384,564 384,564 380,150 381,213 381,912 367,458 367,458 369,862 3,885 3,026 4,018 4,583 15,512 7,690 9,643 12,143 10,599 40,075 12,337 (7,240 ) (7,548 ) (6,837 ) (10,680 ) (32,305 ) (8,544 ) (8,580 ) (11,444 ) (10,783 ) (39,351 ) (9,933 ) (3,355 ) (4,522 ) (2,819 ) (6,097 ) (16,793 ) (854 ) 1,063 699 (184 ) 724 2,404 23.2 % 19.5 % 16.5 % 14.2 % 14.2 % 13.6 % 12.4 % 12.2 % 12.2 % 12.2 % 12.7 % 13.4 % 13.5 % 13.7 % 13.9 % 13.9 % 13.9 % 14.5 % 14.7 % 15.1 % 15.1 % 15.0 % 14.5 % 14.3 % 14.2 % 14.0 % 14.0 % 13.8 % 13.9 % 13.9 % 14.0 % 14.0 % 14.1 % 64.87 65.83 64.64 64.22 64.55 63.88 64.95 65.61 67.14 65.42 67.51 47.72 49.92 51.32 50.65 50.06 50.78 52.36 53.87 53.55 53.36 53.21 1.3 % 1.7 % 1.4 % 1.0 % 1.3 % 0.9 % 1.1 % 1.2 % 1.1 % 1.1 % 1.0 % 1.4 % 1.6 % 1.9 % 2.0 % 1.7 % 1.3 % 1.6 % 1.8 % 1.7 % 1.6 % 1.5 % 14,120 15,010 15,422 16,150 60,702 17,242 19,218 21,558 24,016 82,034 26,136 51,633 52,967 53,182 50,833 208,615 48,669 48,374 48,083 44,986 190,112 41,825 65,753 67,977 68,604 66,983 269,317 65,911 67,592 69,641 69,002 272,146 67,961 362,384 352,835 341,135 328,849 328,849 316,634 306,458 294,441 276,779 276,779 267,509 73,986 70,795 66,971 63,447 63,447 58,812 55,225 51,339 35,039 35,039 32,426 47,364 48,727 50,405 52,402 52,402 54,239 56,093 57,498 57,865 57,865 57,569 13,910 14,253 14,625 14,981 14,981 15,446 15,618 15,715 14,427 14,427 14,520
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Consolidated Communications Celebrates Employees for Commitment to Volunteer Service
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (Nasdaq: CNSL) is celebrating and thanking its employees for volunteering in the communities where they live and work, during National Volunteer Week (April 16-22). “Whether on the job or in their local communities, our employees truly make a difference and are committed to helping others,” said Jennifer Spaude, senior vice president of corporate communications for Consolidated. “We are proud to support our employees in their efforts to give back and volunteer with local organizations that make a difference in the lives of the people they serve. We thank all our employee volunteers for their commitment to service in their communities.” In 2022, Consolidated employees volunteered more than 6,600 hours with nearly 200 organizations across the company’s 20-plus state service area. Since 2019, Consolidated employees have reported more than 33,000 hours of volunteer service. This commitment to volunteer service from employees can be seen in local communities across the country, including through support of Consolidated’s most prominent community event, the Special Olympics Family Festival. Since 1984, thousands of Consolidated employees, family members and community volunteers have welcomed hundreds of Special Olympics athletes to the grounds of Lake Land College in Mattoon, Ill. for the Special Olympics Family Festival (SOFF). The annual event began with just a few hundred participants, but in recent years SOFF has grown to more than 600 Special Olympics athletes and more than 1,200 volunteers from Consolidated, Eastern Illinois University, Lake Land College and local organizations such as Sarah Bush Lincoln Health System and First Mid Bank & Trust who manage games, serve lunch or act as Friends-for-a-Day for Special Olympics athletes. This year, the 40th SOFF will take place on September 16, bringing the full day of games and fun which Special Olympics International calls the ‘biggest event of its kind in the world.’ Bethany Kusterman, a CCI employee and the 2023 SOFF Chairperson, knows firsthand how impactful SOFF is for athletes. “As a parent of a Special Olympics athlete who attended her first SOFF last year, I know how much this event means to our athletes,” Kusterman said. “To have a day that celebrates the athletes in a fun and relaxed environment is important and truly special to witness. SOFF would not be possible without the dedicated support of local companies, our students and our community volunteering for this rewarding event.” To further support and recognize employee volunteers, Consolidated created the CCI Cares Program in 2022. Through CCI Cares, the company makes contributions of $250 to local non-profits for each employee who volunteers 25 or more hours. During the program’s first year, Consolidated contributed a combined total of $10,500 to 42 organizations. “Volunteerism and company giving are deeply held values at Consolidated,” said Spaude. “The CCI Cares Program is our way of supporting those organizations that are important to our employees and their local communities.” Overall, the company contributed more than $1.8 million in community support in 2022, in addition to expanding fiber broadband to more than 200 rural communities. To learn more about Consolidated Communications’ CCI Cares program, employee volunteerism and more community programs, visit https://www.consolidated.com/about-us/community-matters. 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 58,000 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. Connect with us on social media.
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Activist Searchlight Capital Leads Opportunistic $4 Bid for Consolidated Communications
A bid for Consolidated Communications (US:CNSL) by activist investors Searchlight Capital Partners and British Columbia Investment Management to acquire all outstanding shares of the company for $4.00 each could be read in several ways.
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Consolidated Communications Announces Receipt of “Take Private” Proposal from Searchlight Capital and British Columbia Investment Management
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (Nasdaq: CNSL) (“Consolidated” or the “Company”) today announced that its board of directors (the “Board”) received a non-binding proposal letter, dated April 12, 2023, from Searchlight Capital Partners, L.P. (together with its affiliated investment funds, “Searchlight”) and British Columbia Investment Management Corporation (“BCI” and together with Searchlight, the “Searchlight Group”), to acquire all of the outstanding common shares of Consolidated not already owned by the Searchlight Group for cash consideration of $4.00 per share. Searchlight owns 34.3% of the Company’s outstanding common shares, based on their most recent Schedule 13D filing dated April 12, 2023. The proposal letter states that any potential transaction must be subject to the approval and recommendation by a special committee of independent and disinterested directors, advised by independent legal and financial advisors. The proposal letter also indicates that any potential transaction would be subject to a non-waivable condition requiring the approval of the holders of a majority of the shares of Common Stock that are not owned by the Searchlight Group. The Board intends to establish a special committee consisting of independent directors of the Board to review and consider the proposal, as well as any other alternative proposals or other strategic alternatives that may be available to the Company. Consolidated cautions its shareholders and others considering trading in Consolidated’s securities that Consolidated has only recently received the proposal letter and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to Consolidated’s response to the proposal. The proposal constitutes only an indication of interest by the Searchlight Group and does not constitute a binding commitment with respect to the proposed transaction or any other transaction. No agreement, arrangement or understanding between Consolidated and the Searchlight Group relating to any proposed transaction will be created unless definitive documentation is executed and delivered by the appropriate parties. Consolidated does not undertake any obligation to provide any updates with respect to this or any other transaction, or to provide any additional disclosures to reflect subsequent events, new information or future circumstances, except as required under applicable law. 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 58,000 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. Connect with us on social media.
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Consolidated Communications: Potential Higher Bid
This is an interesting non-binding merger arb situation. Telecommunications provider Consolidated Communications has received an acquisition bid from a buyer consortium led by its largest shareholder Searchlight Capital Partners (owns 34%).
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Consolidated Communications: The Buyout Offer Is Too Low
The company should reject the $4 buy-out offer as the company has plenty of potential for the upcoming years. The company pivoted from a low margin copper-based communications business into a strong fiber business.
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Maine Residents in Farmington and Blue Hill Peninsula Regions Can Now Get Multi-Gig Internet from Fidium Fiber
PORTLAND, Maine--(BUSINESS WIRE)--More than 16,000 homes and small businesses in the Farmington-area and Blue Hill Peninsula region can now order symmetrical, multi-gigabit fiber internet from Fidium Fiber. In the Farmington-area, this includes the communities of Chesterville, Farmington, Industry, Mercer, New Sharon, New Vineyard, Starks, Strong, Temple, and Wilton. For the Blue Hill Peninsula, this includes Blue Hill, Brooklin, Castine, Deer Isle, Penobscot, Sedgwick, and Stonington. With the addition of these communities, more than 164,000 homes and businesses throughout Maine can now order Fidium Fiber at home or at work. “Reliable, high-speed internet is no longer just a nice-to-have, but a necessity,” said Sarah Davis, vice president of government affairs at Consolidated. “Fiber internet is unparalleled in terms of the quality of connection and experience, which is why we are excited to bring Fidium Fiber to the Blue Hill and Farmington areas. Benefits that come from Fidium include new employment opportunities, economic development benefits, access to telehealth, educational impacts and of course, all the entertainment made possible by reliable, high-speed internet. We’re thrilled to continue to expand the reach of Fidium to more communities in Maine.” The new fiber network in these areas was partially funded by a grant from the National Telecommunications and Information Administration in partnership with the Maine Connectivity Authority. In addition to the Blue Hill and Farmington areas, Fidium is now also available to residents in the Rangeley-area, including in Dallas Plantation, Rangeley Plantation, and Sandy River Plantation. Fidium Fiber delivers multi-gig-speed internet without contracts, installation fees or data caps. All Fidium plans offer reliable, symmetrical speeds from 50 Mbps to 2 Gigs (2000 Mbps). Fidium Fiber also offers VoIP phone service plans, and features speeds that allow customers to seamlessly stream their preferred TV and entertainment. Customers who sign up for 2 Gig speeds can now receive a discounted price of $85 per month for the first year of service, and only $95 per month thereafter. Through April 16, new Fidium customers will receive one free month of service when signing up for 1 Gig or 2 Gig plans. Fidium@Work delivers the same reliability, symmetrical speeds and ease of use our residential customers love, with the addition of more robust features entrepreneurs need to keep their business connected. Interested business owners can learn more at FidiumFiber.com/business-fiber-internet. Follow Fidium at Facebook.com/FidiumFiber, Twitter.com/FidiumFiber, Instagram.com/FidiumFiber and YouTube.com/FidiumFiber. Discounts are available to qualified customers through the Affordable Connectivity Plan and Lifeline. About Fidium Fiber Fidium Fiber is a customer-centered, consumer fiber broadband service offering symmetrical multi-gig speeds and exceptional service. Fidium is available in California, Illinois, Maine, Minnesota, New Hampshire, Pennsylvania, Texas and Vermont with new locations available daily. Fidium is a brand from Consolidated Communications Holdings, Inc. (Nasdaq: CNSL). Consolidated is a leading broadband and business communications provider serving consumers, businesses, and wireless and wireline carriers across a 20-plus state service area. Learn more at FidiumFiber.com.
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Consolidated Communications Releases 2022 Environmental, Social and Governance Report
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL), a leading fiber provider, today released its 2022 Environmental, Social and Governance (ESG) Report. The report which covers the calendar year 2022, describes Consolidated’s progress and focus on people, social impact, sustainable business operations, and responsible business practices. “As we transition to a fiber-first company, we are building a more sustainable business and future for the communities we serve,” said Bob Udell, president and chief executive office of Consolidated. “Our ESG goals are integrated with our company values, as we work to take care of our people, our customers and the environment, today and for many years to come.” The recent report, available at consolidated.com/esg, details Consolidated’s work in protecting the planet and the communities the company services, while delivering value to its customers, employees, business partners and investors. The 2022 report highlights include: We invested $601 million in capital expenditures in 2022 to deliver better broadband services to homes and businesses across rural communities. We surpassed 1 million fiber locations last year, creating a more sustainable and future-proof network. We formed a DEI Council, adopted a company-wide DEI Policy, and launched annual unconscious bias training for all employees. We increased our use of renewable energy and made notable progress tracking greenhouse gas emissions. We contributed more than $1.8 million to more than 450 community organizations, land employees reported 6,600 volunteer hours. Additionally, we launched the CCI Cares Employee Volunteer program. Our employees completed more than 36,600 modules of safety, compliance and service training. We advanced employee engagement initiatives to include: new employee recognition events, an expanded Employee Advisory Council, and a new employee mentorship pilot program. 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 58,000 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. Connect with us on social media.
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Consolidated Communications to Release First Quarter 2023 Earnings on May 2
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (Nasdaq: CNSL) will release its first quarter 2023 financial results on Tuesday, May 2 before the market opens. The Company will host a live conference call and webcast on the same day at 7:30 a.m. CT. A link to the live webcast along with the Company’s earnings release, investor presentation, and related materials will be available on Consolidated’s Investor Relations website at https://ir.consolidated.com. Analysts and investors interested in participating in the live call and question and answer portion should dial 888-440-5977 and enter conference ID 8956400. A phone replay of the conference call will be available until May 9 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 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 58,000 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.
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Consolidated Communications to Participate at New Street Research’s Second Annual Fiber to the Future Conference
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) today announced that Bob Udell, president and chief executive officer, will participate in a fireside chat at New Street Research’s Second Annual Fiber to the Future Conference on Tuesday, Mar. 28, 2023 at 1:45 p.m. ET and hold small group meetings with investors. A live webcast link for the fireside chat will be available on Consolidated’s Investor Relations website https://ir.consolidated.com. 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 58,000 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.
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Consolidated Communications to Participate at New Street Research's Second Annual Fiber to the Future Conference
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) today announced that Bob Udell, president and chief executive officer, will participate in a fireside chat at New Street Research's Second Annual Fiber to the Future Conference on Tuesday, Mar. 28, 2023 at 1:45 p.m. ET and hold small group meetings with investors. A live webcast link for the fireside chat will be available on Consolidated's Investor Relations website https://ir.consolidated.com.
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Consolidated Communications to Participate in the J.P. Morgan Global High Yield & Leveraged Finance Conference
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) will participate in the 2023 J.P. Morgan Global High Yield & Leveraged Finance Conference on Tuesday, Mar. 7, 2023. Bob Udell, chief executive officer, will present at 11:30 a.m. ET and the Company will conduct meetings with investors at the conference. The presentation can be accessed on the Company’s investor relations website at https://ir.consolidated.com. The presentation will not be available via a webcast. 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 58,000 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.
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Consolidated Communications Holdings, Inc. (CNSL) Q4 2022 Earnings Call Transcript
Consolidated Communications Holdings, Inc. (NASDAQ:CNSL ) Q4 2022 Earnings Conference Call February 28, 2023 8:30 AM ET Company Participants Philip Kranz - Senior Director, Investor Relations Robert Udell - President, CEO & Director Fred Graffam - EVP & CFO Conference Call Participants Gregory Williams - Cowen and Company Michael Rollins - Citigroup Robert Williams - Octagon Credit Investors Operator Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today.
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Consolidated Communications Reports Positive Broadband Net Adds for 2022 and Announces Fourth Quarter and Full Year 2022 Results
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company” or “Consolidated”), a top 10 fiber provider in the U.S., today reported results for the fourth quarter and full year 2022. “We gained strong momentum with our Fidium consumer broadband services during 2022 as we added 40,100 fiber subscribers1, more than double the prior year, and grew consumer fiber broadband revenue 37%1,” said Bob Udell, chief executive officer at Consolidated Communications. “Our team delivered another big build year with more than 400,000 fiber upgrades and the achievement of 1 million total fiber locations.” “We will continue to drive penetrations and refine our go-to-market strategy as we deliver a superior fiber service and an industry-leading customer experience. With a newly aligned leadership team and fiber reaching almost 40% of our base, we are accelerating our growth plans across consumer, commercial and carrier during 2023, setting the Company up for year over year revenue and EBITDA growth in 2024.” 1 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. Fourth Quarter 2022 Results (compared to fourth quarter 2021 where applicable) Revenue totaled $296.0 million, down 7.1%. Revenue normalized totaled $288.3 million, down 5.2%1; Consumer fiber revenue was $24.0 million, up approximately 49%, up 51% normalized1, driven by strong operating metrics including 10,600 consumer fiber net adds1 and increased ARPU of 4.5%. Commercial data services revenue was $56.7 million, down 1.4%; up 1.3% normalized1. Carrier data-transport revenue was $33.8 million, up 3.3%; up 3.7% normalized1. Subsidy revenue was $13.1 million, a decrease of $4.6 million, primarily reflecting CAF II step down and transition to the Rural Digital Opportunity Fund (“RDOF”) partly offset by the recognition of Texas High Cost Fund settlements related to prior years. Other products and services revenue was $2.0 million, a decrease of $5.8 million, largely due to lower recognition of public private partnership construction projects. Adjusted EBITDA was $101.7 million. Total committed capital expenditures were $124.3 million driven by 60,700 fiber passings added and the timing of construction and CPE inventory purchases. Extended the maturity of $250 million revolving credit facility from 2025 to 2027, subject to springing maturity, and enhanced financial flexibility under the revolver. Operating expenses increased $4.7 million versus the prior year primarily due to marketing and advertising expenses related to higher professional fees for customer service and process improvement initiatives, as well as severance costs. These higher expenses were partly offset by lower video programming expenses and the divestiture of the Kansas City operations on Nov. 30. Net interest expense was $33.2 million, a decrease of $4.9 million versus the prior year, primarily as a result of non-cash interest of $7.3 million in 2021 on the Searchlight note, which was converted to perpetual preferred stock in conjunction with the second stage closing of its investment in December 2021, partly offset by 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 Dec. 31, 2022, the weighted average cost of debt was 6.48%. Cash distributions from the Company’s wireless partnerships totaled $4.1 million in the fourth quarter of 2022, compared to $9.9 million in the fourth quarter of 2021, primarily due to timing of the close of the sale of the partnerships, coupled with Verizon’s accelerated capital investments which impacted the Company’s fourth quarter distributions. Loss from continuing operations was ($40.8 million) in the fourth quarter of 2022 compared to income from continuing operations of $7.4 million in the fourth quarter of 2021. Net loss per share from continuing operations was ($0.46) in the fourth quarter of 2022 as compared to income per share from continuing operations of $0.05 in the fourth quarter of 2021. Adjusted diluted net income (loss) per share excludes certain items as outlined in the table provided in this release. Adjusted diluted net income (loss) per share from continuing operations was ($0.17) compared to $0.06 in the fourth quarter of 2021. Full-Year 2022 Results (compared to full-year 2021 where applicable) Revenue totaled $1.19 billion, down 7.1%. Revenue normalized totaled $1.15 billion, down 6.3%. Consumer fiber revenue was $82.0 million, up approximately 35%, up 37% normalized1, driven by strong operating metrics, including 40,100 consumer fiber net adds1 and increased ARPU of 2.1%. Commercial data services revenue was $228.5 million, down 0.2%; up 1.4% normalized1. Carrier data-transport revenue was $137.4 million, up 3.0%; up 0.7% normalized1. Subsidy revenue was $33.4 million, a decrease of $36.4 million, primarily reflecting the previously discussed CAF II step down and transition to RDOF, partly offset by the recognition of Texas High Cost Fund settlements related to prior years. Adjusted EBITDA was $413.6 million. Total committed capital expenditures were $601.1 million. Executive Management Team Realignment The Company recently added three highly talented industry executives, including: Gaurav Juneja, president of consumer; Dan Stoll, president of commercial and carrier; and Fred Graffam, CFO. They collectively have decades of telecom experience at major service providers, as well as substantial experience leveraging fiber investments and driving market penetration which will help advance the Company’s strategy and return to growth. Asset and Investment Sales On Nov. 30, 2022, Consolidated completed the sale of its Kansas City assets for gross cash proceeds of $82 million, which will be invested in the business and used to support the Company’s FttP broadband growth plan. During the fourth quarter of 2022, the Company recognized an additional loss on sale of $16.8 million as a result of purchase price adjustments and an increase in net assets held for sale and estimated selling costs during the period. The Company continues to actively review its portfolio for further monetization opportunities in support of its growth plan. Collectively during 2022, the Company closed on asset sales in excess of $600 million. Capital Structure On Nov. 22, 2022, the Company extended the maturity of its $250 million revolving credit facility (the “Revolver”) from 2025 to 2027, subject to springing maturity, and enhanced its financial flexibility under the Revolver. As a result, the Company has no maturities until 2027. As of Dec. 31, 2022, the Company maintained liquidity with cash and short-term investments of approximately $414 million and $225 million of available borrowing capacity on the revolving credit facility, subject to certain covenants. The net leverage ratio for the trailing 12 months ended Dec. 31, 2022, was 4.18x. 2023 Outlook The Company’s 2023 outlook includes another inflection point with nearly half of its service area being FttP by year end, which provides a significant addressable market opportunity to drive revenue and EBITDA growth in 2024. Consolidated Communications is providing the following outlook 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. The Company’s Adjusted EBITDA guidance as compared to 2022 includes the impact of approximately $50 million resulting from 2022 asset sales including Kansas and the wireless partnerships, an expected $20 million reduction in legacy voice, approximately $10 million for fiber-to-the-tower contract pricing step downs in the carrier business, as well as increased marketing and sales expenses. Fred Graffam, chief financial officer, commented, “With over $400 million of cash on our balance sheet at year end, coupled with availability under our $250 million Revolver, we are well positioned to continued executing on our fiber expansion and growth plan.” Conference Call Information Consolidated’s fourth 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 57,865 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 communication 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, including year over year revenue and EBITDA growth in 2024. 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 public health threats, including the novel coronavirus (COVID-19) pandemic, on the Company’s business, results of operations, cash flows and stock price; the possibility that any of the anticipated benefits of the strategic investment from Searchlight Capital Partners, L.P. or our refinancing of outstanding debt, including our senior secured credit facilities; the outcome of any legal proceedings that may be instituted against the Company or its directors; 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; our need for substantial capital expenditures for our operations; regulatory changes, including changes to subsidies, our need for continued receipt of support from various funds established under federal and state laws, such as network access and subsidies; rapid development and introduction of new technologies; intense competition in the telecommunications industry; shifts in our product mix; risks associated with our possible pursuit of or failure to consummate acquisitions or dispositions; disruptions in our networks and infrastructure; 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 or our ability to obtain necessary hardware, software and operational support from third party venders; losses of key management personnel and our ability to attract and retain highly qualified management and personnel in the future; our ability to enter into new, or renew existing, collective bargaining agreements with our employees; 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; increasing video content costs; the competitive impact of legislation and regulatory changes in the telecommunications industry; liability and compliance costs regarding environmental regulations and environmental, social, and governance (ESG) initiatives; 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 Securities and Exchange Commission (“SEC”), including our Form 10-K for the year ended December 31, 2021. 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 communication. 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. Tag: [Consolidated-Communications-Earnings] December 31, December 31, 2022 2021 325,852 99,635 87,951 110,801 119,675 133,362 1,670 1,134 62,996 56,831 — 26,052 598,144 427,815 2,234,122 2,019,444 10,297 10,799 929,570 1,013,243 43,089 73,939 10,557 10,557 — 98,779 61,315 58,116 3,887,094 3,712,692 33,096 40,953 46,664 53,028 60,903 68,272 18,201 17,819 95,206 97,417 12,834 7,959 — 97 266,904 285,545 2,129,462 2,118,853 274,309 194,458 123,644 214,671 47,326 62,789 2,841,645 2,876,316 328,680 288,576 1,152 1,137 720,442 740,746 (11,866 ) (141,599 ) (610 ) (59,571 ) 7,651 7,087 716,769 547,800 3,887,094 3,712,692 2022 2021 2022 2021 295,976 318,480 1,191,263 1,282,233 133,652 137,832 546,661 569,629 80,035 71,177 301,667 271,125 — — 131,698 5,704 23,396 — 4,233 — 79,614 75,142 300,166 300,597 (20,721 ) 34,329 (93,162 ) 135,178 (33,236 ) (38,173 ) (124,978 ) (175,195 ) — — — (17,101 ) — 13,143 — (86,476 ) 3,953 (3,156 ) 13,378 1,335 (50,004 ) 6,143 (204,762 ) (142,259 ) (9,244 ) (1,272 ) (27,058 ) (3,132 ) (40,760 ) 7,415 (177,704 ) (139,127 ) 839 10,030 23,467 41,845 (20 ) — 389,885 — (4,974 ) 2,485 94,999 9,411 5,793 7,545 318,353 32,434 (34,967 ) 14,960 140,649 (106,693 ) 10,352 2,677 40,104 2,677 171 (131 ) 564 392 (45,490 ) 12,414 99,981 (109,762 ) (0.46 ) 0.05 (1.90 ) (1.63 ) 0.05 0.07 2.77 0.37 (0.41 ) 0.12 0.87 (1.26 ) 2022 2021 2022 2021 (34,967 ) 14,960 140,649 (106,693 ) 79,614 75,142 300,166 300,597 (11,055 ) 5,504 58,894 5,504 79 (150 ) 5,697 1,195 (5,214 ) (3,240 ) (29,205 ) (33,208 ) 2,784 2,937 10,755 10,097 1,856 2,501 7,331 15,622 — 6,593 — 30,927 — — — 17,101 — (13,143 ) — 86,476 — — 131,698 5,704 20 — (389,885 ) — 23,396 — 4,233 — 191 (406 ) (367 ) 3,226 (51,125 ) (67,810 ) (16,256 ) (17,681 ) 5,579 22,888 223,710 318,867 (123,022 ) (140,858 ) (619,981 ) (480,346 ) (262,948 ) (20,801 ) (302,907 ) (175,764 ) 1,661 3,343 22,918 3,469 79,781 — 105,823 — 175,859 65,000 327,419 66,198 (6,601 ) — 482,966 — (135,270 ) (93,316 ) 16,238 (586,443 ) — — — 400,000 — — — 150,000 — 75,000 — 75,000 (2,725 ) (1,900 ) (9,836 ) (6,365 ) — — — (397,000 ) (2,603 ) — (2,603 ) (8,266 ) (1,178 ) (1,719 ) (1,292 ) (1,719 ) (6,506 ) 71,381 (13,731 ) 211,650 (136,197 ) 953 226,217 (55,926 ) 462,049 98,682 99,635 155,561 325,852 99,635 325,852 99,635 2022 2021 2022 2021 69,002 66,983 272,146 269,323 34,314 39,518 144,853 160,698 11,876 15,371 54,153 65,114 115,192 121,872 471,152 495,135 56,662 57,444 228,466 228,931 34,676 37,303 142,274 154,567 10,320 11,408 43,100 40,032 101,658 106,155 413,840 423,530 33,752 32,659 137,378 133,434 3,685 4,088 14,772 17,183 338 431 1,688 1,592 37,775 37,178 153,838 152,209 13,078 17,671 33,382 69,739 26,308 27,846 104,644 120,487 1,965 7,758 14,407 21,133 295,976 318,480 1,191,263 1,282,233 69,002 69,641 67,592 65,911 66,983 34,314 36,444 36,643 37,452 39,518 11,876 13,552 14,359 14,366 15,371 115,192 119,637 118,594 117,729 121,872 56,662 56,796 57,113 57,895 57,444 34,676 35,484 35,775 36,339 37,303 10,320 9,933 11,287 11,560 11,408 101,658 102,213 104,175 105,794 106,155 33,752 33,878 36,263 33,485 32,659 3,685 3,517 3,718 3,852 4,088 338 605 354 391 431 37,775 38,000 40,335 37,728 37,178 13,078 7,187 6,534 6,583 17,671 26,308 27,277 24,846 26,213 27,846 1,965 2,305 3,906 6,231 7,758 295,976 296,619 298,390 300,278 318,480 69,002 (1,138 ) 67,864 66,983 (2,554 ) 64,429 34,314 (328 ) 33,986 39,518 (972 ) 38,546 11,876 (1,679 ) 10,197 15,371 (3,089 ) 12,282 115,192 (3,145 ) 112,047 121,872 (6,615 ) 115,257 56,662 (2,952 ) 53,710 57,444 (4,444 ) 53,000 34,676 (818 ) 33,858 37,303 (1,642 ) 35,661 10,320 (179 ) 10,141 11,408 (305 ) 11,103 101,658 (3,949 ) 97,709 106,155 (6,391 ) 99,764 33,752 (171 ) 33,581 32,659 (278 ) 32,381 3,685 (2 ) 3,683 4,088 (5 ) 4,083 338 (3 ) 335 431 — 431 37,775 (176 ) 37,599 37,178 (283 ) 36,895 13,078 — 13,078 17,671 (250 ) 17,421 26,308 (303 ) 26,005 27,846 (680 ) 27,166 1,965 (121 ) 1,844 7,758 (222 ) 7,536 295,976 (7,694 ) 288,282 318,480 (14,441 ) 304,039 272,146 (6,732 ) 265,414 269,323 (10,763 ) 258,560 144,853 (2,067 ) 142,786 160,698 (4,099 ) 156,599 54,153 (9,684 ) 44,469 65,114 (12,917 ) 52,197 471,152 (18,483 ) 452,669 495,135 (27,779 ) 467,356 228,466 (15,355 ) 213,111 228,931 (18,676 ) 210,255 142,274 (4,864 ) 137,410 154,567 (7,052 ) 147,515 43,100 (1,039 ) 42,061 40,032 (1,165 ) 38,867 413,840 (21,258 ) 392,582 423,530 (26,893 ) 396,637 137,378 (4,095 ) 133,283 133,434 (1,035 ) 132,399 14,772 (14 ) 14,758 17,183 (16 ) 17,167 1,688 (11 ) 1,677 1,592 — 1,592 153,838 (4,120 ) 149,718 152,209 (1,051 ) 151,158 33,382 (49 ) 33,333 69,739 (1,027 ) 68,712 104,644 (1,715 ) 102,929 120,487 (2,963 ) 117,524 14,407 (490 ) 13,917 21,133 (489 ) 20,644 1,191,263 (46,115 ) 1,145,148 1,282,233 (60,202 ) 1,222,031 2022 2021 2022 2021 (40,760 ) 7,415 (177,704 ) (139,127 ) (9,244 ) (1,272 ) (27,058 ) (3,132 ) 33,236 38,173 124,978 175,195 79,614 75,142 300,166 300,597 62,846 119,458 220,382 333,533 11,902 3,616 29,656 14,771 (3,412 ) 3,430 (12,309 ) (3,860 ) 23,396 — 4,233 — — — — 17,101 — — 131,698 5,704 — (13,143 ) — 86,476 2,784 2,937 10,755 10,097 97,516 116,298 384,415 463,822 4,142 9,880 29,165 43,040 101,658 126,178 413,580 506,862 (123 ) (105 ) (43 ) (37 ) 152 148 314 312 300 318 12 14 (12 ) (12 ) 10 10 310 330 2022 991,176 750,000 400,000 35,746 2,176,922 (34,626 ) (413,803 ) 1,728,493 413,580 2022 2021 2022 2021 (40,760 ) 7,415 (177,704 ) (139,127 ) 10,352 2,677 40,104 2,677 171 (131 ) 564 392 (51,283 ) 4,869 (218,372 ) (142,196 ) 10,352 2,677 40,104 2,677 1,498 511 3,081 2,865 — — 131,698 5,704 17,354 — 3,140 — — — — 2,643 — — — 3,087 — — — 12,648 — (13,143 ) — 86,476 — 7,317 — 39,323 (339 ) (282 ) (1,274 ) (964 ) 2,931 — (8,187 ) — (2,417 ) — (3,062 ) — 622 1,663 622 1,663 2,065 2,172 7,977 7,468 (19,217 ) 5,784 (44,273 ) 21,394 111,929 100,024 111,754 87,293 (0.17 ) 0.06 (0.40 ) 0.25 0.01 0.07 0.16 0.37 (0.16 ) 0.13 (0.24 ) 0.62 2022 2022 2022 2022 2021 561,905 531,035 451,414 341,010 291,921 446,755 416,939 380,365 348,396 313,789 1,008,660 947,974 831,779 689,406 605,710 1,174,295 1,205,165 1,284,786 1,395,190 1,444,279 442,782 602,216 635,428 663,835 702,098 1,617,077 1,807,381 1,920,214 2,059,025 2,146,377 2,625,737 2,755,355 2,751,993 2,748,431 2,752,087 38 % 34 % 30 % 25 % 22 % 45,258 38,778 31,050 24,882 20,032 77,614 76,820 72,405 68,930 66,090 122,872 115,598 103,455 93,812 86,122 116,136 121,230 126,475 131,763 136,140 128,450 145,084 151,283 154,575 162,302 244,586 266,314 277,758 286,338 298,442 367,458 381,912 381,213 380,150 384,564 1,386 2,483 880 473 (2,009 ) (1,570 ) (1,784 ) 183 (1,327 ) (4,088 ) (184 ) 699 1,063 (854 ) (6,097 ) 8 % 7 % 7 % 7 % 7 % 17 % 18 % 19 % 20 % 21 % 12 % 12 % 12 % 14 % 14 % 10 % 10 % 10 % 9 % 9 % 29 % 24 % 24 % 23 % 23 % 15 % 15 % 14 % 14 % 14 % 14 % 14 % 14 % 14 % 14 % 24,016 21,558 19,218 17,241 16,152 44,986 48,083 48,374 48,670 50,831 69,002 69,641 67,592 65,911 66,983 67.14 65.61 64.95 63.88 64.22 53.55 53.87 52.36 50.78 50.65 276,779 294,441 306,458 316,634 328,849 35,039 51,339 55,225 58,812 63,447 57,865 57,498 56,093 54,239 52,402 14,427 15,715 15,618 15,446 14,891
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Consolidated Communications Wins Nearly $17 Million to Expand Fiber Internet in Maine
PORTLAND, Maine--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL) a leading Fiber-to-the-Home (FttH) provider, will bring its multi-gig internet service, Fidium to more than 15,800 homes and businesses in rural Maine, funded in part with two grants totaling nearly $17 million from Maine Connectivity Authority (MCA).
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Consolidated Communications Awarded $40 Million in Grants to Aid in Building Fiber to 57,000 Homes in New Hampshire
MANCHESTER, N.H.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL), a leading fiber provider, announced today it was awarded $40 million in funding from American Rescue Plan Act (ARPA) to build fiber to nearly 25,000 unserved homes throughout New Hampshire. Consolidated will invest its own capital to bring fiber to more than 32,000 additional homes. In total, the entire project will provide reliable fiber internet services to more than 57,000 homes across six different counties.
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Consolidated Communications Awards $22,500 in Grants for K-12 Schools
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL) a leading broadband and business communications provider, today announced $22,500 in grant funding to innovative programs at five schools through the Consolidated Connects Educational Grant Program.
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Consolidated Communications Recognized as U.S. Best-in-Class Employer by Gallagher for Second Consecutive Year
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL) a leading broadband and business communications provider, today announced it has been named a U.S. Best-in-Class Employer by Gallagher for the second year in a row. “We are honored to receive this recognition from Gallagher as a top employer for the second year in a row,” said Vivian Schott, vice president of Human Resources for Consolidated. “From building out our fiber network, to providing an industry-leading customer experience, our employees do amazing work every day. We aim to engage and inspire our employees to do great things. We are very proud of the significant impact our employees make to improve the lives of our customers, building stronger communities, as we create a better future with gigabit fiber broadband.” Consolidated was recognized for its comprehensive framework for strategically investing in benefits, compensation and employee communication to support the health, financial security and career growth of its employees at a sustainable cost structure. Designations like Gallagher’s Best-in-Class Employer help current and potential employees understand and appreciate an organization’s workplace culture and people strategy; important differentiators as employers compete for talent in a tight labor market. As an employer, Consolidated strives to foster a highly collaborative culture that leverages the strength of its diverse workforce. Relying on the expertise of highly skilled teams, Consolidated is a leader in connecting businesses and consumers with advanced, integrated communications solutions. Consolidated is currently hiring across its 20-plus state service area in positions ranging from customer service, sales and field techs, to network engineers and project managers. A U.S. Best-in-Class Employer, Consolidated was assigned points based on its relative performance in: Planning horizons for the benefits and compensation strategies Extent of their wellbeing strategy Turnover rate for full-time equivalents (FTEs) Completion of a workforce engagement survey Use of an HR technology strategy and its level of sophistication Difference in healthcare costs over the prior year Use of a communication strategy “Consolidated was recognized as a U.S. Best-in-Class Employer because of how they approach organizational priorities with a long-term outlook; provide high-quality, high-value benefits; and build and solidify a strong organizational culture through their communications,” said William F. Ziebell, CEO of Gallagher's Benefits & HR Consulting Division. “In doing so, Consolidated invests in the whole employee by providing distinct and relevant wellbeing resources that will attract and retain talent.” 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. Connect with us on social media.
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Fidium Fiber’s Gig-Speed Internet and WiFi Solution is Now Available to Small Businesses
MATTOON, Ill.--(BUSINESS WIRE)--Fidium’s multi-gig fiber internet with WiFi 6 is now available to small businesses in all Fidium communities, including: California, Illinois, Maine, Minnesota, New Hampshire, Pennsylvania, Texas and Vermont. The simple, affordable service gives entrepreneurs control over their internet network and WiFi empowering their business. “We’re excited to bring Fidium Fiber’s gig-speed internet service to the entrepreneurs and small businesses who are the backbone of our communities,” said Rob Koester, senior vice president of product management. “We’re transforming the way people think about their business internet service, delivering the reliability of an all fiber network, the consistent pricing business owners need, and an easy, hassle-free experience. You don’t need a full IT department to get the benefit of a comprehensive business internet and WiFi service Fidium@Work offers.” What is Fidium@Work? Fidium@Work delivers multi-gig, symmetrical fiber internet over the latest WiFi 6 technology, without contracts, data caps or hidden fees. Fidium@Work serves small businesses with consistent, predictable pricing, reliable connectivity, intelligent security, business insights and secure WiFi to run business operations. VoIP business phone lines and the choice of a dynamic or static IP address are also available to Fidium@Work customers. The Attune@WorkTM WiFi app gives businesses total control of their WiFi experience without the need for an IT department or complicated setups. The always-on network security features are managed within the app and provide enterprise-grade security tailored to each small business. The app offers access to workforce management tools, insights on how customers move through your business space and what types of websites they visit while on your network. It also turns your connected devices into a built-in premise security system. Who can benefit from Fidium@Work? Fidium@Work is the perfect solution for startups and small businesses that have outgrown residential or traditional ISP service, but don’t need an expensive and complicated enterprise solution. For example, businesses that depend on reliable, super-fast internet, including retail stores and boutiques need connectivity for their point-of-sale systems; professional offices like law firms or real estate agencies need constant access to information; repair shops and businesses depend on inventory and lightning-quick orders; the list goes on! Where is Fidium@Work available? Fidium@Work is available to small businesses everywhere Fidium@Home is available, including more than 180 communities across California, Illinois, Maine, Minnesota, New Hampshire, Pennsylvania, Texas and Vermont. Visit us at FidiumFiber.com to see all current locations, and where Fidium is coming soon. When can I get Fidium@Work? Fidium@Work is available now. Get started at FidiumFiber.com and enjoy the internet and WiFi solution your business deserves! What if I need additional business services? Fidium@Work fiber internet is designed to meet the needs of small businesses. Organizations that need services to pair with a dedicated fiber internet connection can connect with Consolidated Communications. Consolidated Communications fiber internet can meet the needs of companies with multiple locations, in-house or third-party IT managers, companies with critical business applications that require service level agreements or are already Consolidated customers. About Fidium Fiber Fidium Fiber is a customer-centered, consumer and small business fiber broadband service offering symmetrical multi-gig speeds and exceptional service. Fidium is available in California, Illinois, Maine, Minnesota, New Hampshire, Pennsylvania, Texas and Vermont with new locations available daily. Fidium is a brand from Consolidated Communications Holdings, Inc. (NASDAQ: CNSL). Consolidated is a leading broadband and business communications provider serving consumers, businesses, and wireless and wireline carriers across a 20-plus state service area. Learn more at FidiumFiber.com.
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Fidium Fiber's Gig-Speed Internet and WiFi Solution is Now Available to Small Businesses
MATTOON, Ill.--( BUSINESS WIRE )--Fidium's multi-gig fiber internet with WiFi 6 is now available to small businesses in all Fidium communities, including: California, Illinois, Maine, Minnesota, New Hampshire, Pennsylvania, Texas and Vermont. The simple, affordable service gives entrepreneurs control over their internet network and WiFi empowering their business.
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Consolidated Communications Hires Gaurav Juneja as President of Consumer Business
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL), a leading Fiber-to-the-Premise (FttP) broadband provider, named Gaurav Juneja President of its consumer business unit. As president, Juneja will lead Fidium’s consumer go-to-market strategy including: sales, marketing, end-user experience and support. Juneja will play a vital role in driving the Company’s continued fiber expansion including where Fidium services will have the greatest impact for the Company as well as consumers. “Gaurav has a proven track record in the telecom industry with experience and success gaining significant market penetration and growing consumer fiber revenue,” said Bob Udell, President and Chief Executive officer at Consolidated. “As a leader, he has a solid track record of attracting, recruiting and mentoring cross-functional teams. Gaurav’s work scaling new fiber services and establishing the infrastructure to accelerate performance and growth will be pillars of his work growing Fidium. We are thrilled to have someone with his expertise and passion joining the team.” Consolidated Communications and Fidium Fiber provide world-class, fiber-based broadband access to the communities that need it most, unserved and underserved alike. Our service commitment is born out of a company-wide belief that access to education, healthcare, employment, entertainment and to the larger world around us is what binds rural communities, makes them strong and helps them grow. Access to the opportunities enabled by our Fidium broadband solutions is the foundation for everything we do. “I’m honored to be joining the Consolidated team and to play a part in advancing our business goals bringing Fidium multi-gig Internet access to the communities we currently serve and will serve,” said Juneja. “I’ll draw on my extensive experience across sales, marketing, customer retention and overall business growth to help advance the business strategy, grow the company and enable our communities.” Prior to his current role, Juneja served as Executive Vice President & General Manager for Consumer and Chief Revenue Officer at MetroNet, where he was responsible for building all consumer sales channels, marketing, MDU, market expansion and sales operations teams. As EVP of Consumer at MetroNet, he also led product management, customer care and field marketing. Additional professional positions include: Rise Broadband, where Juneja served as a Vice President of Consumer and Channel Sales, DISH Network, where he led sales, field marketing and channels as Director of Sales for broadband internet, linear and streaming TV, and Arjay Group of Companies, where he led the consumer and SMB go-to-market strategy for T-Mobile and Sprint across multiple states. Erik Garr has transitioned to a new role focusing on the significant state and federal U.S. grant programs dedicated to broadband expansion. Garr will now be solely focused on public-private partnerships for which Consolidated Communications is uniquely positioned to provide the best alternative at the lowest cost enabling its fiber expansion to underserved and unserved communities. “Erik made a significant impact with the launch of the Fidium brand and customer experience,” Udell added. “I want to thank him for his continued commitment to our mission through his leadership on our public-private partnerships.” 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. Connect with us on social media.
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Consolidated Communications to Release Fourth Quarter 2022 Earnings on Feb. 28
MATTOON, Ill.--( BUSINESS WIRE )--Consolidated Communications (NASDAQ: CNSL) will release its fourth quarter 2022 financial results on Tuesday, Feb. 28 before the market opens. The Company will host a live conference call and webcast on the same day at 7:30 a.m. CT.
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Cyberattacks Cost Small Businesses, While Prevention Attracts Customers
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL), a leading broadband and business communications provider, is sharing resources and tips for small businesses to enhance data privacy, as small businesses are proven to be especially vulnerable to costly data breaches. The Small Business Association reports that small businesses are three times more likely to fall victim to cyberattacks, which an IBM study found to cost U.S. organizations an average of $9.44 million in 2022. Small businesses are more likely victims of attacks, often as a result of a lack of resources and knowledge in regard to prevention measures. While large organizations may have more financial resources, there are ways for all businesses to increase protection over their data. “Investing time to learn about cybersecurity resources to protect customer information should be a priority for any organization,” said Aaron Reason, senior director of Network Security for Consolidated. “It starts with reviewing what information is being collected, uncovering gaps that may exist, and taking the necessary measures to better data protection.” “At Consolidated, we work to educate our employees and customers about steps they too can take to protect personal information.” In addition to cost-saving benefits, businesses can gain an edge on the competition by showing customers how they are protecting data. Pew Research found that 79% of U.S. adults are concerned about how their data is being used. With this in mind, conveying how customer data is being secured can lead to increased customer loyalty. 82% of consumers say they are willing to act to protect data, saying they would spend time and money to protect their information. Contrarily, 76% say they would not buy from a company which they did not trust. This shows that when competing for customers, it is those businesses which prioritize data security and communicate protection measures that have a considerable advantage over those that do not. For more information and resources on how small businesses and organizations can stay safe online and protect data, visit consolidated.com/StaySafeOnline. 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. Connect with us on social media. About Data Privacy Week Data Privacy Week began as Data Privacy Day in the United States and Canada in January 2008 as an extension of the Data Protection Day celebration in Europe. Data Protection Day commemorates the January 28, 1981, signing of Convention 108, the first legally binding international treaty dealing with privacy and data protection. NCA, the nation's leading nonprofit, public-private partnership promoting cybersecurity and privacy education and awareness, leads the effort in North America each year. For more information, visit https://staysafeonline.org/data-privacy-week/. About the National Cybersecurity Alliance The National Cybersecurity Alliance is a non-profit organization on a mission to create a more secure, interconnected world. We advocate for the safe use of all technology and educate everyone on how best to protect ourselves, our families, and our organizations from cybercrime. We create strong partnerships between governments and corporations to amplify our message and to foster a greater “digital” good. For more information, please visit https://staysafeonline.org.
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Consolidated Communications Advances B2B Strategy with Appointment of Dan Stoll as President of Commercial and Carrier Business
MATTOON, Ill.--( BUSINESS WIRE )--Consolidated Communications (NASDAQ: CNSL), a leading Fiber-to-the-Premise (FttP) broadband provider, today announced Dan Stoll as president of the Company's commercial and carrier business. Stoll will oversee Consolidated's commercial and carrier go-to-market strategy including: sales, delivery, customer support, and related development and expansion of the Company's fiber network. Michael Smith, who previously served as president of the commercial and carrier business, is retiring from the Company after 30 successful years of service.
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Expansion of Fidium to Continue in Northern New England in 2023
MATTOON, Ill.--( BUSINESS WIRE )--Expansion of Fidium Fiber's multi-gig speeds and delightful service experience will continue across northern New England in 2023. Residents in the communities of Lewiston, Scarborough, Ellsworth, and Blue Hill, Maine, and St. Albans, Vt. can pre-order Fidium Fiber, Consolidated Communications' residential fiber internet service.
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Fidium’s Multi-Gig-Speed Internet Now Available in Conway, N.H. Area
CONWAY, N.H.--(BUSINESS WIRE)--Fidium Fiber’s best-in-class, multi-gig-speed internet is now available in Conway, with home internet service now available to order for more than 4,800 eligible residents. An additional 4,200 households in Conway can pre-order Fidium, and be first in line when service is ready in the North Conway area, bringing multi-gig broadband to more than 9,000 homes by year’s end. “We are excited to continue to expand the reach of Fidium, and to bring its best-in-class service to Conway,” said Erik Garr, president of consumer and small business for Fidium. “Through Fidium’s residential service, combined with Fidium@Work for businesses that will soon be available, we will provide greater quality of life and economic growth opportunities for the local community. Fidium and Fidium@Work will provide super-fast speeds and reliable service that can help meet the needs of all individuals and businesses alike.” A highly reliable, symmetrical (same upload and download speeds) fiber service, Fidium is changing the way residents work, play and learn at home. Fidium will soon bring this same level of service to small and locally owned businesses in the area through Fidium@Work. Delivering the same multi-gig, symmetrical, fiber internet, Fidium@Work offers consistent, predictable pricing year-after-year, without contracts, data caps or hidden fees. Fidium@Work brings businesses exactly what they need, including reliable, super-fast internet. Fidium Fiber delivers multi-gig, fiber internet without contracts, data caps or hassles. All Fidium plans offer symmetrical speeds from 50 Mbps to 2 Gigs, with no contract and no data caps and come with WiFi 6, which creates a mesh network that optimizes your home network daily, delivering the best home internet experience. Customers can also get phone service through VoIP plans and streaming TV service. To learn more, visit FidiumFiber.com. Follow Fidium at Facebook.com/FidiumFiber, Twitter.com/FidiumFiber, Instagram.com/FidiumFiber and YouTube.com/FidiumFiber. Discounts are available to qualified customers through the Affordable Connectivity Plan and Lifeline. About Fidium Fiber Fidium Fiber is a customer-centered, consumer fiber broadband service offering symmetrical multi-gig speeds and exceptional service. Fidium is available in California, Illinois, Maine, Minnesota, New Hampshire, Pennsylvania, Texas and Vermont with new locations available daily. Fidium is a brand from Consolidated Communications Holdings, Inc. (NASDAQ: CNSL). Consolidated is a leading broadband and business communications provider serving consumers, businesses, and wireless and wireline carriers across a 20-plus state service area. Learn more at FidiumFiber.com.
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Fidium's Multi-Gig-Speed Internet Now Available in Conway, N.H. Area
CONWAY, N.H.--( BUSINESS WIRE )--Fidium Fiber's best-in-class, multi-gig-speed internet is now available in Conway, with home internet service now available to order for more than 4,800 eligible residents. An additional 4,200 households in Conway can pre-order Fidium, and be first in line when service is ready in the North Conway area, bringing multi-gig broadband to more than 9,000 homes by year's end.
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Consolidated Communications Announces Inducement Grants Under NASDAQ Listing Rule 5635(C)(4)
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications (NASDAQ: CNSL) today announced, as required by Nasdaq Listing Rule 5635(c)(4), the grant of an inducement award to its recently appointed executive vice president, chief financial officer and treasurer, Fred Graffam, on Dec. 1, 2022. As part of his compensation package, the Company granted Mr. Graffam a stock award on Dec. 1, 2022 consisting of (i) 103,306 shares of restricted stock that vests at a rate equal to 25% per year beginning December 5, 2022 and (ii) a target award of 113,636 shares of performance stock that vest in full following the end of a three-year performance period ending Dec. 31, 2024. The performance shares are subject to adjustment based on the level of attainment of the performance goals established in March 2022 for the performance period (which apply to other performance share awards granted to other executives at the time), including adjustment of +/- 25% based on the total shareholder return of the Company measured against a peer group for the performance period. The unvested portion of the restricted stock award and performance share award would be forfeited upon termination of employment for any reason. Each award is subject to the terms of the applicable award agreement entered into by the Company and Mr. Graffam. The stock award was granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4). 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. Connect with us on social media. Forward-Looking Statements Certain statements in this communication 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. 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 Securities and Exchange Commission (“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 communication. 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.
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Consolidated Communications Closes on Sale of its Kansas City Assets
MATTOON, Ill.--(BUSINESS WIRE)--Consolidated Communications Enterprise Services, Inc. (“Company”) is pleased to announce it has completed the sale of its Kansas City assets, effective Nov. 30, 2022, to Everfast Fiber Networks LLC for approximately $82 million in gross cash proceeds, subject to the finalization of certain working capital and other post-closing purchase price adjustments. The divestiture is an outcome from the Company’s strategic asset review and focus on its fiber expansion plans in its core regions. Everfast Fiber Networks LLC, which is owned by funds managed by Astatine Investment Partners LLC, is committed to the delivery of high-quality data, telephony and video services to residential and commercial customers in the Kansas City market. “We’re pleased to have closed on the Kansas asset sale which results in a greater focus on our core regions as we utilize the proceeds to support our fiber expansion plans,” said Bob Udell, president and chief executive officer of Consolidated Communications. “With strong liquidity and no debt maturities until 2027, we are on a path to upgrade 1.6 million total passings to fiber as we simplify our business and focus on our fiber-first strategy.” Consolidated’s Kansas City operations are estimated to contribute approximately $45 million of revenue in the full year 2022. The Kansas City operations includes services to residential and commercial customers. Bank Street Group LLC served as the exclusive financial advisor to Consolidated Communications on the transaction. 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. Safe Harbor Certain statements in this communication 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. 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 Capital Partners, L.P. or our refinancing of outstanding debt, including our senior secured credit facilities, or of the sales of the limited partnership interests will not be realized; the anticipated use of proceeds of the strategic investment or the sales of the limited partnership interests; the outcome of any legal proceedings that may be instituted against the Company or its directors; 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; 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 Securities and Exchange Commission (“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 communication. 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.
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