solidated munications (CNSL) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for the first quarter of 2024 was $274.7 million, with consumer revenue at$114.8 million and commercial data services revenue at $54.7 million[25]. - The net loss for the first quarter of 2024 was ($47.2 million), a slight improvement from a net loss of ($47.7 million) in the same quarter of 2023[6]. - Adjusted EBITDA for the first quarter of 2024 was$88.4 million, compared to $75.4 million in the first quarter of 2023, reflecting a year-over-year increase of approximately 17$274,675, a decrease of 0.2% from $276,126 in Q1 2023[51]. - Loss from operations improved to$(6,297) in Q1 2024 compared to $(18,099) in Q1 2023[51]. - Net loss attributable to common shareholders was$(47,183) in Q1 2024, slightly better than $(47,691) in Q1 2023[51]. - Net loss for the three months ended March 31, 2024, was$35,383, compared to a net loss of $36,961 for the same period in 2023[52]. - Adjusted net loss attributable to common shareholders for the three months ended March 31, 2024, was$31,064, slightly improved from $31,763 in the prior year[57]. Capital Expenditures and Debt - Total committed capital expenditures for the first quarter of 2024 were$83.7 million, driven by 10,783 new fiber passings[26]. - The net debt leverage ratio as of March 31, 2024, was 6.76x, indicating the company's leverage position[28]. - The company had cash and short-term investments of approximately $7 million, along with$111 million of available borrowing capacity under its revolving credit facility[28]. - The company reported a weighted average cost of debt of 7.14% as of March 31, 2024[1]. - Total net debt as of March 31, 2024, was $2,246,538, with a total net debt to last 12 months adjusted EBITDA ratio of 6.76x[57]. - The company entered into an$80 million term loan agreement to enhance liquidity and financial flexibility[8]. Cash Flow and Investments - Net cash provided by operating activities for the three months ended March 31, 2024, was $5,670, a significant decrease from$55,086 in the same period last year[52]. - Net cash used in investing activities for the three months ended March 31, 2024, was $97,242, compared to$128,911 in the prior year[52]. - Net cash provided by financing activities for the three months ended March 31, 2024, was $94,170, a notable increase from a net cash used of$4,150 in the same period last year[52]. - Cash and cash equivalents at the end of the period were $7,363, down from$247,877 at the end of the same period in 2023[52]. - The company issued $100,000 in long-term debt during the three months ended March 31, 2024[52]. Operational Metrics - Consumer broadband revenue was$79.9 million, with total consumer broadband net adds of 6,338 during the quarter[25]. - Total Fiber Gig+ Capable Passings reached 1,246,991, representing 47% of the Company's service area as of Q1 2024[58]. - Total Consumer Broadband Connections increased to 399,557 in Q1 2024, with Fiber Gig+ Capable connections at 213,997[58]. - Consumer Broadband Net Adds for Fiber Gig+ Capable were 18,802 in Q1 2024, while DSL/Copper Net Adds were (12,464)[58]. - Consumer Broadband Penetration for Fiber Gig+ Capable reached 17.2% in Q1 2024, up from 14.8% in Q3 2023[58]. - Average Revenue Per Unit (ARPU) for Fiber Gig+ Capable was $67.96 in Q1 2024, compared to$66.90 in Q4 2023[58]. - Fiber Consumer Broadband Churn remained stable at 1.1% in Q1 2024[58]. - Total Consumer Broadband Revenue was $79,882,000 in Q1 2024, with Fiber Broadband Revenue at$41,613,000[58]. - The Company upgraded an additional 10,783 passings to Fiber to the Premises (FttP) in Q1 2024[59]. - The total number of On-net buildings increased to 15,254 in Q1 2024[58]. - The Company has a multi-year fiber build plan to upgrade 1.6 million passings, targeting 70% of its service area[59]. Shareholder Equity and Expenses - Total current liabilities decreased to $272,415 as of March 31, 2024, down from$317,245 at the end of 2023, a reduction of 14.1%[38]. - Cash and cash equivalents increased to $7,363 as of March 31, 2024, compared to$4,765 at the end of 2023, a growth of 54.5%[38]. - Total liabilities rose to $2,890,887 as of March 31, 2024, compared to$2,849,062 at the end of 2023, an increase of 1.5%[38]. - Selling, general and administrative expenses increased to $83,955 in Q1 2024 from$81,284 in Q1 2023, a rise of 3.3%[51]. - The company reported depreciation and amortization expenses of $80,633 in Q1 2024, up from$77,699 in Q1 2023[51]. - Total shareholders' equity decreased to $367,078 as of March 31, 2024, down from$406,774 at the end of 2023, a decline of 9.7%[38]. - Depreciation and amortization for the three months ended March 31, 2024, was $80,633, compared to$77,699 in the prior year[52]. - The weighted average number of common shares outstanding increased to 114,134 from 112,939 year-over-year[57]. Acquisition - Consolidated is in the process of being acquired by affiliates of Searchlight Capital Partners and British Columbia Investment Management Corporation for an enterprise value of approximately $3.1 billion, expected to close by the first quarter of 2025[30].