Form 8-K

0001171843-19-007018.txt : 20191031 0001171843-19-007018.hdr.sgml : 20191031 20191031091533 ACCESSION NUMBER: 0001171843-19-007018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20191031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191031 DATE AS OF CHANGE: 20191031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Consolidated Communications Holdings, Inc. CENTRAL INDEX KEY: 0001304421 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 020636095 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51446 FILM NUMBER: 191182278 BUSINESS ADDRESS: STREET 1: 121 SOUTH 17TH STREET CITY: MATTOON STATE: IL ZIP: 61938 BUSINESS PHONE: (217) 235-3311 MAIL ADDRESS: STREET 1: 121 SOUTH 17TH STREET CITY: MATTOON STATE: IL ZIP: 61938 FORMER COMPANY: FORMER CONFORMED NAME: Consolidated Communications Illinois Holdings, Inc. DATE OF NAME CHANGE: 20040927 8-K 1 f8k_103019.htm FORM 8-K Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 31, 2019

_______________________________

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware	000-51446	02-0636095
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

121 South 17th Street

Mattoon, Illinois 61938-3987

(Address of Principal Executive Offices) (Zip Code)

() 235-3311

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	CNSL	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 31, 2019, Consolidated Communications Holdings, Inc. issued a press release to report its results of operations and financial condition as of and for the quarter ended September 30, 2019. A copy of this press release is included as Exhibit 99.1 to this Form 8-K and incorporated into this Item 2.02 by reference.

The information in this Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description

99.1		Press Release dated October 31, 2019
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.


Date: October 31, 2019	By:	/s/ Steven L. Childers
		Steven L. Childers
		Chief Financial Officer

EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

Consolidated Communications Reports Third Quarter 2019 Results

New capital allocation policy resulted in $26 million reduction in total debt in third quarter

MATTOON, Ill., Oct. 31, 2019 (GLOBE NEWSWIRE) -- Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) (the “Company”) reported results for the third quarter 2019 and will hold a conference call and simultaneous webcast to discuss its results and developments today at 10 a.m. ET.

Third Quarter 2019 Financial Summary:

Revenue totaled $333.3 million
Net cash from operating activities was $85.4 million
Adjusted EBITDA was $131.0 million

Third Quarter 2019 Operational Summary:

Fiber connections for wireless carriers under contract increased 4 percent year over year
Ethernet revenues increased 4 percent year over year
Consumer broadband revenue grew more than 2 percent year over year

“We are executing on our capital allocation plan and have reduced our total debt during the quarter by $26 million,” said Bob Udell, president and chief executive officer of Consolidated Communications. “We are intensely focused on achieving our deleveraging goal of less than 4.0x net debt to adjusted EBITDA in advance of refinancing our unsecured debt by mid-2021.”

“We’re pleased to achieve another quarter of stable and consistent adjusted EBITDA and revenue,” added Udell. “And, we are particularly pleased with the performance of our carrier and consumer channels, both of which demonstrated growth in strategic areas. Our fiber connections to wireless carriers increased 4 percent year over year and consumer broadband revenue grew more than 2 percent compared to a year ago.”

Financial Results for the Third Quarter

Revenues totaled $333.3 million, compared to $348.1 million for the third quarter of 2018, a decline of $14.8 million. After normalizing for the sale of the Virginia properties in July 2018, revenue declined $14.3 million or 4.1 percent for the quarter.
- Commercial and carrier data and transport service revenue increased 1.3 percent or $1.1 million on a comparable basis from a year ago.
- Consumer broadband revenue increased 2.5 percent or $1.6 million compared to a year ago.
- Voice services revenue across all customer channels declined $8.8 million compared to a year ago.
- Subsidies decreased $1.2 million during the quarter, due to the final CAF step down in transitional revenues. Network access revenues declined $3.9 million compared to a year ago.
Income from operations increased to $23.5 million compared to $748,000 in the third quarter of 2018. The change was primarily due to operating expense reductions of $21.5 million offsetting revenue declines. The operating expense decline was largely due to reductions in salaries, benefits and restructuring and integration costs. Depreciation and amortization expense declined by $16.1 million primarily due to acquired assets with a short remaining useful life becoming fully depreciated.
Interest expense, net was $34.3 million, compared to $33.5 million for the same period last year. After giving effect to interest rate swap agreements, as of Sept. 30, our weighted average cost of debt was approximately 5.7 percent.
Cash distributions from the Company’s wireless partnerships totaled $10.9 million for the third quarter compared to $8.1 million for the prior year period.
Other income, net was $11.2 million, compared to $9.0 million in the third quarter of 2018, due to higher income from the Company’s minority interest in wireless partnerships.
On a GAAP basis, net income was $389,000, compared to a net loss of $14.8 million for the same period last year. GAAP net income per share was $0.0. Adjusted diluted net income (loss) per share excludes certain items as outlined in the table provided in this release. Adjusted diluted net income per share was $0.06 in the third quarter of 2019, compared to a net loss per share of ($0.09) in the third quarter of 2018.
Adjusted EBITDA was $131.0 million compared to $133.7 million in the third quarter last year.
The total net debt to last 12-month adjusted EBITDA ratio was 4.39x, an improvement over the prior quarter primarily due to the retirement of over $23 million senior unsecured notes at par value, in addition to the scheduled principal payment on the term loan.
Capital expenditures remained elevated for the quarter totaling $64.6 million, due to seasonal construction, expenditures associated with hurricane restoration and increased consumer and broadband network investments.

Financial Guidance

The Company is affirming its previous 2019 full-year guidance for:

Cash interest expense in the range of $130 million to $135 million
Cash income taxes⁽¹⁾ in a range of $1 million to $3 million
Adjusted EBITDA in a range of $520 million to $525 million

The Company is increasing its Capital expenditure guidance for 2019 from $210 million to $220 million to a range of $220 million to $225 million. This change reflects the estimates of final hurricane restoration costs and updated success-based capital. With insurance recoveries for storm damage, the modest increase in capital expenditures will not impact the Company’s ability to achieve its stated leverage targets.

(1)	Cash income taxes primarily include local and state income taxes as federal income taxes will be shielded by existing net operating losses and the benefit of The Tax Cuts and Job Act of 2017 tax reform legislation which was enacted in Dec. 2017.

Conference Call Information

Consolidated Communications will host a conference call and webcast today at 10 a.m. ET / 9 a.m. CT to discuss third quarter earnings and developments. The live webcast and replay can be accessed from the Investor Relations section of the Company’s website at http://ir.consolidated.com. The live conference call dial-in number is 1-877-374-3981, conference ID 5824024. A telephonic replay of the conference call will be available through Nov. 7 and can be accessed by calling 1-855-859-2056, conference ID 5824024.

About Consolidated Communications

Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) is a leading broadband and business communications provider serving consumers, businesses, and wireless and wireline carriers across rural and metro communities and a 23-state service area. Leveraging an advanced fiber network spanning 37,000 fiber route miles, Consolidated Communications offers a wide range of communications solutions, including: high-speed Internet, data, phone, security, managed services, cloud services and wholesale, carrier solutions. From our first connection 125 years ago, Consolidated is dedicated to turning technology into solutions, connecting people and enriching how they work and live. Visit www.consolidated.com for more information.

Use of Non-GAAP Financial Measures

This press release, as well as the conference call, includes disclosures regarding “EBITDA,” “adjusted EBITDA” and “total net debt to last twelve month adjusted EBITDA ratio” and “adjusted diluted net income (loss) per share,” all of which are non-GAAP financial measures and described in this section as not being in compliance with Regulation S-X. Accordingly, they should not be construed as alternatives to net cash from operating or investing activities, cash and cash equivalents, cash flows from operations, net income or net income per share as defined by GAAP and are not, on their own, necessarily indicative of cash available to fund cash needs as determined in accordance with GAAP. In addition, not all companies use identical calculations, and the non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable financial measures presented in accordance with GAAP is included in the tables that follow.

Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required by the lenders under our credit agreement in place at the end of each quarter in the periods presented. The tables that follow include an explanation of how adjusted EBITDA is calculated for each of the periods presented with the reconciliation to net income. EBITDA is defined as net earnings before interest expense, income taxes, depreciation and amortization on a historical basis.

We present adjusted EBITDA for several reasons. Management believes adjusted EBITDA is useful as a means to evaluate our ability to fund our estimated uses of cash (including interest on our debt). In addition, we have presented adjusted EBITDA to investors in the past because it is frequently used by investors, securities analysts and other interested parties in the evaluation of companies in our industry, and management believes presenting it here provides a measure of consistency in our financial reporting. Adjusted EBITDA, referred to as Available Cash in our credit agreement, is also a component of the restrictive covenants and financial ratios contained in our credit agreement that requires us to maintain compliance with these covenants and limit certain activities, such as our ability to incur debt. The definitions in these covenants and ratios are based on adjusted EBITDA after giving effect to specified charges. In addition, adjusted EBITDA provides our board of directors with meaningful information, with other data, assumptions and considerations, to measure our ability to service and repay debt. We present the related “total net debt to last twelve month adjusted EBITDA ratio” principally to put other non-GAAP measures in context and facilitate comparisons by investors, security analysts and others; this ratio differs in certain respects from the similar ratio used in our credit agreement. 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. Because adjusted EBITDA is a component of the ratio of total net debt to last twelve month adjusted EBITDA, these measures are also subject to the material limitations discussed above. In addition, the ratio of total net debt to last twelve month adjusted EBITDA is subject to the risk that we may not be able to use the cash on the balance sheet to reduce our debt on a dollar-for-dollar basis. Management believes this ratio is useful as a means to evaluate our ability to incur additional indebtedness in the future.

We present the non-GAAP measure “adjusted diluted net income (loss) per share” because our net income (loss) and net income (loss) per share are regularly affected by items that occur at irregular intervals or are non-cash items. We believe that disclosing these measures assists investors, securities analysts and other interested parties in evaluating both our company over time and the relative performance of the companies in our industry.

Safe Harbor

The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. Certain statements in this communication are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, our current expectations, plans, strategies, and anticipated financial results. There are a number of risks, uncertainties, and conditions that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include a number of factors related to our business, including 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 acquisitions; 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; and liability and compliance costs regarding environmental regulations; and risks associated with discontinuing paying dividends on our common stock. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements are discussed in more detail in our filings with the SEC, including our reports on Form 10-K and Form 10-Q. Many of these circumstances are beyond our ability to control or predict. Moreover, forward-looking statements necessarily involve assumptions on our part. These forward-looking statements generally are identified by the words “believe,” “expect,” “anticipate,” “estimate,” “project,” “intend,” “plan,” “should,” “may,” “will,” “would,” “will be,” “will continue” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Consolidated Communications Holdings, Inc. 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.

Company Contact

Jennifer Spaude, Consolidated Communications
Phone: (844)-909-CNSL (2675)
Jennifer.Spaude@consolidated.com

Consolidated Communications Holdings, Inc.
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share and per share amounts)
(Unaudited)
	September 30,			December 31,
		2019			2018

ASSETS
Current assets:
Cash and cash equivalents	$	6,178		$	9,599
Accounts receivable, net		125,908			133,136
Income tax receivable		11,293			11,072
Prepaid expenses and other current assets		42,070			44,336
Total current assets		185,449			198,143

Property, plant and equipment, net		1,861,033			1,927,126
Investments		112,377			110,853
Goodwill		1,035,274			1,035,274
Customer relationships, net		180,378			228,959
Other intangible assets		10,650			11,483
Other assets		58,140			23,423
Total assets	$	3,443,301		$	3,535,261

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	32,241		$	32,502
Advance billings and customer deposits		48,122			47,724
Dividends payable		-			27,579
Accrued compensation		58,397			64,459
Accrued interest		16,783			9,232
Accrued expense		74,969			71,650
Current portion of long-term debt and finance lease obligations		27,869			30,468
Total current liabilities		258,381			283,614

Long-term debt and finance lease obligations		2,285,177			2,303,585
Deferred income taxes		175,021			188,129
Pension and other post-retirement obligations		286,646			314,134
Other long-term liabilities		78,372			30,145
Total liabilities		3,083,597			3,119,607

Shareholders' equity:
Common stock, par value $0.01 per share; 100,000,000 shares
authorized, 72,076,069 and 71,187,301, shares outstanding
as of September 30, 2019 and December 31, 2018, respectively		721			712
Additional paid-in capital		491,012			513,070
Accumulated deficit		(65,229	)		(50,834	)
Accumulated other comprehensive loss, net		(73,004	)		(53,212	)
Noncontrolling interest		6,204			5,918
Total shareholders' equity		359,704			415,654
Total liabilities and shareholders' equity	$	3,443,301		$	3,535,261

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2019			2018			2019			2018


Net revenues	$	333,326		$	348,064		$	1,005,507		$	1,054,324
Operating expenses:
Cost of services and products		146,636			152,942			438,735			457,216
Selling, general and administrative expenses		70,100			85,255			222,615			252,935
Depreciation and amortization		93,048			109,119			289,595			328,759
Income from operations		23,542			748			54,562			15,414
Other income (expense):
Interest expense, net of interest income		(34,250	)		(33,524	)		(103,270	)		(99,079	)
Gain on extinguishment of debt		1,121			-			1,370			-
Other income, net		11,180			8,968			27,510			29,842
Income (loss) before income taxes		1,593			(23,808	)		(19,828	)		(53,823	)
Income tax expense (benefit)		1,204			(8,993	)		(5,719	)		(17,250	)
Net income (loss)		389			(14,815	)		(14,109	)		(36,573	)
Less: net income attributable to noncontrolling interest		132			99			286			282

Net income (loss) attributable to common shareholders	$	257		$	(14,914	)	$	(14,395	)	$	(36,855	)

Net income (loss) per basic and diluted common shares
attributable to common shareholders	$	-		$	(0.21	)	$	(0.21	)	$	(0.53	)

Consolidated Communications Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)

		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2019	2018	2019	2018
OPERATING ACTIVITIES
	Net income (loss)	$ 389	$ (14,815)	$ (14,109)	$ (36,573)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Depreciation and amortization	93,048	109,119	289,595	328,759
	Deferred income taxes	639	(2,807)	639	(2,805)
	Cash distributions from wireless partnerships less than earnings	(349)	(553)	(1,561)	(34)
	Non-cash, stock-based compensation	1,928	1,538	5,240	3,754
	Amortization of deferred financing	1,240	1,187	3,679	3,522
	Gain on extinguishment of debt	(1,121)	-	(1,370)	-
	Other adjustments, net	(4)	400	791	3,815
	Changes in operating assets and liabilities, net	(10,395)	(24,404)	(34,267)	(36,402)
	Net cash provided by operating activities	85,375	69,665	248,637	264,036
INVESTING ACTIVITIES
	Purchase of property, plant and equipment, net	(64,575)	(61,925)	(184,343)	(186,765)
	Proceeds from sale of assets	140	197	14,343	1,640
	Proceeds from business dispositions	-	20,999	-	20,999
	Distributions from investments	-	-	329	233
	Other	-	-	(450)	-
	Net cash used in investing activities	(64,435)	(40,729)	(170,121)	(163,893)
FINANCING ACTIVITIES
	Proceeds from issuance of long-term debt	45,000	60,587	152,000	136,587
	Payment of finance lease obligations	(2,932)	(3,563)	(9,743)	(9,590)
	Payment on long-term debt	(45,588)	(65,174)	(142,763)	(156,350)
	Repurchase of senior notes	(21,692)	-	(25,986)	-
	Dividends on common stock	-	(27,602)	(55,445)	(82,621)
	Net cash used in financing activities	(25,212)	(35,752)	(81,937)	(111,974)
Net change in cash and cash equivalents		(4,272)	(6,816)	(3,421)	(11,831)
Cash and cash equivalents at beginning of period		10,450	10,642	9,599	15,657
Cash and cash equivalents at end of period		$ 6,178	$ 3,826	$ 6,178	$ 3,826

Consolidated Communications Holdings, Inc.
Consolidated Revenue by Category
(Dollars in thousands)
(Unaudited)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
		2019		2018			2019		2018
Commercial and carrier:
Data and transport services (includes VoIP)	$	88,756	$	87,633		$	265,420	$	261,261
Voice services		46,606		50,091			141,812		153,574
Other		11,828		13,906			40,394		40,006
		147,190		151,630			447,626		454,841
Consumer:
Broadband (VoIP and Data)		65,456		63,865			192,609		189,521
Video services		20,463		21,790			61,540		66,689
Voice services		45,487		50,757			136,601		154,435
		131,406		136,412			390,750		410,645

Subsidies		18,025		19,189			54,318		65,423
Network access		34,211		38,147			105,000		115,200
Other products and services		2,494		2,686			7,813		8,215
Total operating revenue		333,326		348,064			1,005,507		1,054,324
Less operating revenues from divestitures		-		(466	)		-		(3,337	)
	$	333,326	$	347,598		$	1,005,507	$	1,050,987

Consolidated Communications Holdings, Inc.
Consolidated Revenue by Category
(Dollars in thousands)
(Unaudited)


	Three Months Ended
	Q3 2019		Q2 2019		Q1 2019		Q4 2018		Q3 2018
Commercial and carrier:
Data and transport services (includes VoIP)	$	88,756	$	88,538	$	88,126	$	88,152	$	87,633
Voice services		46,606		47,136		48,070		49,301		50,091
Other		11,828		13,390		15,176		16,389		13,906
		147,190		149,064		151,372		153,842		151,630
Consumer:
Broadband (VoIP and Data)		65,456		64,068		63,085		63,598		63,865
Video services		20,463		20,341		20,736		21,649		21,790
Voice services		45,487		45,235		45,879		47,597		50,757
		131,406		129,644		129,700		132,844		136,412

Subsidies		18,025		18,134		18,159		17,948		19,189
Network access		34,211		34,198		36,591		37,382		38,147
Other products and services		2,494		2,492		2,827		2,734		2,686
Total operating revenue		333,326		333,532		338,649		344,750		348,064
Less operating revenues from divestitures		-		-		-		-		(466	)
	$	333,326	$	333,532	$	338,649	$	344,750	$	347,598

Consolidated Communications Holdings, Inc.
Schedule of Adjusted EBITDA Calculation
(Dollars in thousands)
(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2019			2018			2019			2018
Net income (loss)	$	389		$	(14,815	)	$	(14,109	)	$	(36,573	)
Add (subtract):
Income tax expense (benefit)		1,204			(8,993	)		(5,719	)		(17,250	)
Interest expense, net		34,250			33,524			103,270			99,079
Depreciation and amortization		93,048			109,119			289,595			328,759
EBITDA		128,891			118,835			373,037			374,015

Adjustments to EBITDA (1):
Other, net (2)		1,141			12,413			13,840			23,047
Investment income (accrual basis)		(11,254	)		(8,675	)		(30,605	)		(28,999	)
Investment distributions (cash basis)		10,905			8,121			28,823			28,815
Pension/OPEB expense		483			1,470			3,690			4,297
Gain on extinguishment of debt		(1,121	)		-			(1,370	)		-
Non-cash compensation (3)		1,928			1,538			5,240			3,754
Adjusted EBITDA	$	130,973		$	133,702		$	392,655		$	404,929

Notes:
(1) These adjustments reflect those required or permitted by the lenders under our credit agreement.
(2) Other, net includes income attributable to noncontrolling interests, acquisition and non-recurring related costs, and certain miscellaneous items.
(3) Represents compensation expenses in connection with our Restricted Share Plan, which because of the non-cash nature of the expenses are excluded from adjusted EBITDA.

Consolidated Communications Holdings, Inc.
Reconciliation of Net Loss to Adjusted EBITDA Guidance
(Dollars in millions)
(Unaudited)


	Twelve Months Ended
	December 31, 2019
	Range
	Low			High
Net loss	$	(22	)	$	(12	)
Add (subtract):
Income tax benefit		(11	)		(6	)
Interest expense, net		138			133
Depreciation and amortization		390			385
EBITDA		495			500

Adjustments to EBITDA (1):
Other, net (2)		12			12
Pension/OPEB expense		6			6
Non-cash compensation (3)		7			7
Adjusted EBITDA	$	520		$	525

Notes:
(1) These adjustments reflect those required or permitted by the lenders under our credit agreement.
(2) Other, net includes income attributable to noncontrolling interests, cash distributions less equity earnings from our investments, dividend income, acquisition and non-recurring related costs, gain on the extinguishment of debt and certain miscellaneous items.
(3) Represents compensation expenses in connection with our Restricted Share Plan, which because of the non-cash nature of the expenses are excluded from adjusted EBITDA.

To enhance the information in our outlook with respect to non-GAAP metrics, we are providing a range for certain GAAP measures that are components of the reconciliation of the non-GAAP metrics. The provision of these ranges is in no way meant to indicate that we are explicitly or implicitly providing an outlook on those GAAP components of the reconciliation. In order to reconcile the non-GAAP financial metric to GAAP, we have used ranges for the GAAP components that arithmetically add up to the non-GAAP financial metric. While we feel reasonably comfortable about the outlook for the non-GAAP financial metrics, we fully expect that the ranges used for the GAAP components will vary from actual results. We will consider our outlook of non-GAAP financial metrics to be accurate if the specific non-GAAP metric is met or exceeded, even if the GAAP components of the reconciliation are different from those provided in an earlier reconciliation.

Consolidated Communications Holdings, Inc.
Total Net Debt to LTM Adjusted EBITDA Ratio
(Dollars in thousands)
(Unaudited)

	September 30,
Summary of Outstanding Debt:		2019
Term loans, net of discount $5,955	$	1,783,345
Revolving loan		45,000
Senior unsecured notes due 2022, net of discount $2,312		469,974
Finance leases		23,795
Total debt as of September 30, 2019	$	2,322,114
Less deferred debt issuance costs		(9,068	)
Less cash on hand		(6,178	)
Total net debt as of September 30, 2019	$	2,306,868

Adjusted EBITDA for the twelve
months ended September 30, 2019	$	525,020

Total Net Debt to last twelve months
Adjusted EBITDA		4.39x

Consolidated Communications Holdings, Inc.
Adjusted Net Income (Loss) and Net Income (Loss) Per Share
(Dollars in thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2019			2018			2019			2018
Net income (loss)	$	389		$	(14,815	)	$	(14,109	)	$	(36,573	)
Integration and severance related costs, net of tax		2,761			9,309			10,931			16,747
Storm costs (recoveries), net of tax		-			-			(257	)		1,723
Gain on extinguishment of debt, net of tax		(724	)		-			(930	)		-
Local switching support settlement, net of tax		-			-			-			(2,903	)
Non-cash interest expense for swaps, net of tax		(152	)		438			78			2,367
Tax related to acquisition		-			1,062			-			1,062
Divestiture related, tax (1)		-			767			-			767
Change in deferred tax rate, federal tax reform		-			(4,397	)		-			(4,397	)
Other, tax		639			-			639			-
Non-cash stock compensation, net of tax		1,245			1,126			3,558			2,733
Adjusted net income (loss)	$	4,158		$	(6,510	)	$	(90	)	$	(18,474	)

Weighted average number of shares outstanding		70,813			70,598			70,813			70,598
Adjusted diluted net income (loss) per share	$	0.06		$	(0.09	)	$	-		$	(0.26	)

Notes:

(1) Includes sale of Virginia properties on July 31, 2018.

Calculations above assume a 35.4% and 26.8% effective tax rate for the three months ended and 32.1% and 27.2% for the nine months ended September 30, 2019 and 2018, respectively.


Consolidated Communications Holdings, Inc.
Key Operating Statistics
(Unaudited)

	September 30,	June 30,	% Change	September 30,	% Change
	2019	2019	in Qtr	2018	YOY

Voice Connections	854,430	873,269	(2.2%)	921,896	(7.3%)

Data and Internet Connections	784,151	783,008	0.1%	781,912	0.3%

Video Connections	86,446	89,531	(3.4%)	95,889	(9.8%)

Business and Broadband as % of total revenue (1)	75.6%	76.2%	(0.8%)	75.2%	0.5%

Fiber route network miles (long-haul and metro)	37,359	37,167	0.5%	36,814	1.5%

On-net buildings	11,732	11,164	5.1%	10,041	16.8%

Consumer Customers	602,482	609,876	(1.2%)	641,845	(6.1%)

Consumer ARPU	$72.70	$70.86	2.6%	$70.70	2.8%

Notes:
(1) Business and Broadband revenue % includes: commercial/carrier, equipment sales and service, directory, consumer broadband and special access.

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Cover	Oct. 31, 2019
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 31, 2019
Entity File Number	000-51446
Entity Registrant Name	CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.
Entity Central Index Key	0001304421
Entity Tax Identification Number	02-0636095
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	121 South 17th Street
Entity Address, City or Town	Mattoon
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61938-3987
City Area Code
Local Phone Number	235-3311
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	CNSL
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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