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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[ X ]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

or

[ ]    TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 000-51446

Graphic

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

02-0636095

(State or other jurisdiction

(IRS Employer

of incorporation or organization)

Identification No.)

2116 South 17th Street, MattoonIllinois

61938-5973

(Address of principal executive offices)

(Zip Code)

  (217) 235-3311   

(Registrant’s telephone number, including area code)

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 - $0.01 par value

CNSL

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No ____

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes X No ____

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,”  “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer     Accelerated filer

Non-accelerated filer___ Smaller reporting company ____ 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. ____

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

On July 30, 2024, the registrant had 118,477,091 shares of Common Stock outstanding.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; Amounts in thousands except per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

    

2024

    

2023

    

2024

    

2023

 

Net revenues

$

268,709

$

275,162

$

543,384

$

551,288

Operating expense:

Cost of services and products (exclusive of depreciation and amortization)

 

114,006

 

126,967

 

227,465

 

258,905

Selling, general and administrative expenses

 

93,288

 

83,565

 

177,243

 

164,849

Transaction costs

 

3,175

 

 

6,100

 

Loss on impairment of assets held for sale

 

 

77,755

 

 

77,755

Loss on disposal of assets

 

 

2,384

 

 

5,688

Depreciation and amortization

 

79,809

 

79,538

 

160,442

 

157,237

Loss from operations

 

(21,569)

 

(95,047)

 

(27,866)

 

(113,146)

Other income (expense):

Interest expense, net of interest income

 

(44,132)

 

(36,903)

 

(86,583)

 

(70,763)

Other, net

 

292

 

5,410

 

1,885

 

8,168

Loss before income taxes

 

(65,409)

 

(126,540)

 

(112,564)

 

(175,741)

Income tax benefit

 

(10,581)

 

(18,448)

 

(22,353)

 

(30,688)

Net loss

 

(54,828)

 

(108,092)

 

(90,211)

 

(145,053)

Less: dividends on Series A preferred stock

11,692

10,704

23,379

21,291

Less: net income attributable to noncontrolling interest

 

145

 

161

 

258

 

304

Net loss attributable to common shareholders

$

(66,665)

$

(118,957)

$

(113,848)

$

(166,648)

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

$

(0.58)

$

(1.05)

$

(1.00)

$

(1.47)

See accompanying notes

1

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited; Amounts in thousands)

Three Months Ended

Six Months Ended

 

June 30,

June 30,

 

    

2024

    

2023

    

2024

    

2023

 

Net loss

$

(54,828)

$

(108,092)

$

(90,211)

$

(145,053)

Pension and post-retirement obligations:

Amortization of actuarial loss (gain) and prior service cost (credit) to earnings, net of tax

 

(456)

 

(999)

 

(911)

 

(1,998)

Derivative instruments designated as cash flow hedges:

Change in fair value of derivatives, net of tax

 

395

 

3,089

 

8,335

 

3,055

Reclassification of realized gain to earnings, net of tax

 

(1,291)

 

(2,387)

 

(2,595)

 

(4,366)

Comprehensive loss

 

(56,180)

 

(108,389)

 

(85,382)

 

(148,362)

Less: comprehensive income attributable to noncontrolling interest

 

145

 

161

 

258

 

304

Total comprehensive loss attributable to common shareholders

$

(56,325)

$

(108,550)

$

(85,640)

$

(148,666)

See accompanying notes

2

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; Amounts in thousands except share and per share amounts)

June 30,

December 31,

 

    

2024

    

2023

 

ASSETS

Current assets:

Cash and cash equivalents

$

5,327

$

4,765

Accounts receivable, net of allowance for credit losses

 

127,359

 

121,194

Income tax receivable

 

3,470

 

2,880

Prepaid expenses and other current assets

 

57,321

 

56,843

Assets held for sale

 

 

70,473

Total current assets

 

193,477

 

256,155

Property, plant and equipment, net

 

2,494,789

 

2,449,009

Investments

 

8,628

 

8,887

Goodwill

 

814,624

 

814,624

Customer relationships, net

 

10,470

 

18,616

Other intangible assets

 

10,557

 

10,557

Other assets

 

77,771

 

70,578

Total assets

$

3,610,316

$

3,628,426

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

39,820

$

60,073

Advance billings and customer deposits

 

48,539

 

44,478

Accrued compensation

 

56,243

 

58,151

Accrued interest

19,931

18,694

Accrued expense

 

83,645

 

114,022

Current portion of long-term debt and finance lease obligations

 

20,601

 

18,425

Liabilities held for sale

 

 

3,402

Total current liabilities

 

268,779

 

317,245

Long-term debt and finance lease obligations

 

2,268,663

 

2,134,916

Deferred income taxes

 

189,987

 

210,648

Pension and other post-retirement obligations

 

135,488

 

137,616

Other long-term liabilities

 

49,350

 

48,637

Total liabilities

 

2,912,267

 

2,849,062

Commitments and contingencies (Note 15)

Series A preferred stock, par value $0.01 per share; 10,000,000 shares authorized, 434,266 shares outstanding as of June 30, 2024 and December 31, 2023; liquidation preference of $544,335 and $520,957 as of June 30, 2024 and December 31, 2023, respectively

395,969

372,590

Shareholders’ equity:

Common stock, par value $0.01 per share; 150,000,000 shares authorized, 118,477,091 and 116,172,568 shares outstanding as of June 30, 2024 and December 31, 2023, respectively

 

1,185

 

1,162

Additional paid-in capital

 

662,422

 

681,757

Retained earnings (accumulated deficit)

 

(352,849)

 

(262,380)

Accumulated other comprehensive loss, net

 

(17,043)

 

(21,872)

Noncontrolling interest

 

8,365

 

8,107

Total shareholders’ equity

 

302,080

 

406,774

Total liabilities, mezzanine equity and shareholders’ equity

$

3,610,316

    

$

3,628,426

See accompanying notes

3

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

(Unaudited; Amounts in thousands)

Mezzanine Equity

Shareholders' Equity

Accumulated

 

Additional 

Retained 

Other 

Non-

Preferred Stock

Common Stock

Paid-in 

Earnings

Comprehensive

controlling 

 

Shares

  

Amount

  

Shares

  

Amount

  

Capital

  

(Deficit)

  

Loss, net

  

Interest

  

Total

 

Balance at December 31, 2022

 

456

$

328,680

115,167

$

1,152

$

720,442

$

(11,866)

$

(610)

$

7,651

$

716,769

Shares issued under employee plan, net of forfeitures

 

1,738

17

 

(17)

 

 

 

Series A preferred stock issued

21

Dividends on Series A preferred stock accrued

 

10,587

(10,587)

 

(10,587)

Non-cash, share-based compensation

 

 

 

 

799

 

 

 

799

Purchase and retirement of common stock

 

(256)

 

(2)

 

(1,034)

 

 

 

(1,036)

Other comprehensive loss

 

 

 

 

 

 

(3,012)

 

(3,012)

Net income (loss)

 

 

 

 

 

(37,104)

 

143

 

(36,961)

Balance at March 31, 2023

 

477

$

339,267

116,649

$

1,167

$

709,603

$

(48,970)

$

(3,622)

$

7,794

$

665,972

Shares issued under employee plan, net of forfeitures

 

 

(39)

 

 

 

 

 

Dividends on Series A preferred stock accrued

 

10,704

(10,704)

 

(10,704)

Non-cash, share-based compensation

 

 

 

 

2,388

 

 

 

2,388

Other comprehensive loss

 

 

 

 

 

 

(297)

 

(297)

Net income (loss)

 

 

 

 

 

(108,253)

 

161

 

(108,092)

Balance at June 30, 2023

 

477

$

349,971

116,610

$

1,167

$

701,287

$

(157,223)

$

(3,919)

$

7,955

$

549,267

Balance at December 31, 2023

 

434

$

372,590

116,172

$

1,162

$

681,757

$

(262,380)

$

(21,872)

$

8,107

$

406,774

Shares issued under employee plan, net of forfeitures

 

2,368

23

 

(23)

 

 

 

Accrued Series A preferred stock liquidation preference as paid-in-kind dividends

 

11,687

(11,687)

 

(11,687)

Non-cash, share-based compensation

 

 

 

 

1,681

 

 

 

1,681

Purchase and retirement of common stock

 

(111)

 

(1)

 

(487)

 

 

 

(488)

Other comprehensive income

 

 

 

 

 

 

6,181

 

6,181

Net income (loss)

 

 

 

 

 

(35,496)

 

113

 

(35,383)

Balance at March 31, 2024

 

434

$

384,277

118,429

$

1,184

$

671,241

$

(297,876)

$

(15,691)

$

8,220

$

367,078

Shares issued under employee plan, net of forfeitures

 

 

84

 

1

 

(1)

 

 

 

Accrued Series A preferred stock liquidation preference as paid-in-kind dividends

 

11,692

(11,692)

 

(11,692)

Non-cash, share-based compensation

 

 

 

 

3,030

 

 

 

3,030

Purchase and retirement of common stock

 

 

(36)

 

 

(156)

 

 

 

(156)

Other comprehensive loss

 

 

 

 

 

 

(1,352)

 

(1,352)

Net income (loss)

 

 

 

 

 

(54,973)

 

145

 

(54,828)

Balance at June 30, 2024

 

434

$

395,969

118,477

$

1,185

$

662,422

$

(352,849)

$

(17,043)

$

8,365

$

302,080

See accompanying notes

4

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; Amounts in thousands)

Six Months Ended June 30,

 

    

2024

    

2023

 

Cash flows from operating activities:

Net loss

$

(90,211)

$

(145,053)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

 

160,442

 

157,237

Deferred income tax expense (benefit)

 

(22,371)

 

(31,259)

Pension and post-retirement contributions in excess of expense

(3,279)

(5,537)

Stock-based compensation expense

 

4,711

 

3,187

Amortization of deferred financing costs and discounts

 

3,942

 

3,721

Loss on impairment of assets held for sale

77,755

Loss on disposal of assets

5,688

Other, net

 

(113)

 

(2,861)

Changes in operating assets and liabilities:

Accounts receivable, net

 

(6,232)

 

10,874

Income tax receivable

 

(590)

 

(5,141)

Prepaid expenses and other assets

 

(6,580)

 

(3,930)

Accounts payable

 

(22,215)

 

2,748

Accrued expenses and other liabilities

 

(20,036)

 

(110)

Net cash provided by (used in) operating activities

(2,532)

67,319

Cash flows from investing activities:

Purchases of property, plant and equipment, net

 

(183,577)

 

(280,860)

Proceeds from sale and maturity of investments

714

91,623

Proceeds from sale of assets

 

232

 

6,801

Proceeds from business dispositions

 

67,458

 

Net cash used in investing activities

 

(115,173)

 

(182,436)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

 

130,000

 

Payment of finance lease obligations

 

(10,154)

 

(7,121)

Payment of financing costs

 

(934)

 

Share repurchases for minimum tax withholding

 

(645)

 

(1,036)

Net cash provided by (used in) financing activities

 

118,267

 

(8,157)

Change in cash and cash equivalents

 

562

 

(123,274)

Cash and cash equivalents at beginning of period

 

4,765

 

325,852

Cash and cash equivalents at end of period

$

5,327

$

202,578

See accompanying notes

5

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business and Basis of Accounting

Consolidated Communications Holdings, Inc. (the “Company,” “we,” “our” or “us”) is a holding company with operating subsidiaries (collectively “Consolidated”) that provide communication solutions to consumer, commercial and carrier customers across a service area in over 20 states.

Leveraging our advanced fiber network spanning approximately 63,000 fiber route miles, we offer residential high-speed Internet, video, phone and home security services as well as a comprehensive business product suite including: data and Internet solutions, voice, data center services, security services, managed and IT services, and an expanded suite of cloud services.  

In the opinion of management, the accompanying unaudited condensed consolidated balance sheets and related condensed consolidated statements of operations, comprehensive income (loss), mezzanine equity and shareholders’ equity and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States (“US GAAP” or “GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).  Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations and accounting principles applicable for interim periods.  Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying condensed consolidated financial statements through the date of issuance.  Management believes that the disclosures made are adequate to make the information presented not misleading.  Interim results are not necessarily indicative of results for a full year.  The information presented in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and the accompanying notes to the financial statements (“Notes”) thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC.

Recent Developments

Merger Agreement

On October 15, 2023, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Condor Holdings LLC, a Delaware limited liability company (“Parent”) affiliated with certain funds managed by affiliates of Searchlight Capital Partners, L.P. (“Searchlight”), and Condor Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into the Company (the “Merger”) with the Company continuing as the surviving corporation and a wholly owned subsidiary of an affiliate of Searchlight. British Columbia Investment Management Corporation (“BCI”) and certain affiliates of Searchlight have committed to provide equity financing to Parent to fund the transactions contemplated by the Merger Agreement. Searchlight is currently the beneficial owner of approximately 33% of the Company’s outstanding shares of common stock and is the holder of 100% of the Company’s outstanding Series A perpetual preferred stock. Refer to Note 4 for a more complete discussion of the strategic investment with Searchlight. Subject to the terms and conditions set forth in the Merger Agreement, upon the consummation of the Merger, each share of the Company’s common stock, par value $0.01 per share (other than shares of the Company’s common stock (i) held directly or indirectly by Parent, Merger Sub or any subsidiary of the Company, (ii) held by the Company as treasury shares or (iii) held by any person who properly exercises appraisal rights under Delaware law) will be converted into the right to receive an amount in cash equal to $4.70 per share, without interest (the “Merger Consideration”), subject to any withholding of taxes required by applicable law. In addition, pursuant to the Merger Agreement, upon the consummation of the Merger, (i) Company restricted share awards (“Company RSAs”) held by non-employee directors or by certain affiliates of Searchlight will vest and be canceled in exchange for the Merger Consideration and (ii) all other Company RSAs will be converted into restricted cash awards based on the Merger Consideration and subject to the same terms and conditions, including time-

6

and performance-based vesting conditions, as the corresponding Company RSA (except that the relative total shareholder return modifier shall be deemed to be achieved at the target level).

The Merger Agreement has, unanimously by the directors present, been approved by the board of directors of the Company (the “Board”), acting upon the unanimous recommendation of a special committee consisting of only independent and disinterested directors of the Company (the “Special Committee”). On January 31, 2024, the Company held a virtual special meeting of stockholders (the “Special Meeting”) to consider three proposals with respect to the Merger Agreement. The first proposal, to adopt the Merger Agreement, was approved by (i) holders of a majority of the voting power represented by the issued and outstanding shares of our common stock that were entitled to vote thereon and (ii) holders of a majority of the voting power represented by the issued and outstanding shares of our common stock that were entitled to vote thereon and held by Unaffiliated Stockholders (as defined in the Merger Agreement). The second proposal, to approve by advisory (non-binding) vote the compensation that may be paid or become payable to the named executive officers of the Company in connection with the consummation of the Merger, was approved by the requisite vote of the Company’s stockholders. The third proposal, to approve any adjournment of the Special Meeting, if necessary, to solicit additional proxies if there were insufficient votes in favor of the Merger Agreement proposal, was also approved by the requisite vote of the Company’s stockholders. Because the Merger Agreement proposal was approved by the requisite vote, no adjournment to solicit additional proxies was necessary.

The proposed transaction constitutes a “going-private transaction” under the rules of the SEC and is expected to close in late fourth quarter 2024 or early first quarter 2025. The closing of the Merger is subject to various conditions, including (i) the expiration or termination of the applicable waiting periods (and any extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”); (ii) the receipt of certain required consents or approvals from (a) the Federal Communications Commission, (b) the Committee on Foreign Investment in the United States, (c) state public utility commissions and (d) local regulators in connection with the provision of telecommunications and media services; (iii) the absence of any order, injunction or decree restraining, enjoining or otherwise prohibiting or making illegal the consummation of the Merger or the other transactions contemplated by the Merger Agreement; and (iv) the accuracy of the representations and warranties contained in the Merger Agreement, subject to customary materiality qualifications, as of the date of the Merger Agreement and the date of closing, and performance in all material respects of the covenants and agreements contained in the Merger Agreement. The transaction is not subject to a financing condition. The waiting period under the HSR Act expired on May 9, 2024 at 11:59 p.m. This satisfied the closing condition related to the U.S. antitrust clearance of the transaction. We are awaiting the other required regulatory approvals in order to execute the Merger. Following the closing of the transaction, shares of our common stock will no longer be traded or listed on any public securities exchange.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable (“AR”) consists primarily of amounts due to the Company from normal business activities. We maintain an allowance for credit losses (“ACL”) based on our historical loss experience, current conditions and forecasted changes including but not limited to changes related to the economy, our industry and business. Uncollectible accounts are written-off (removed from AR and charged against the ACL) when internal collection efforts have been unsuccessful.  Subsequently, if payment is received from the customer, the recovery is credited to the ACL.

7

The following table summarizes the activity in ACL for the six months ended June 30, 2024 and 2023:

Six Months Ended

June 30,

(In thousands)

    

2024

    

2023

    

Balance at beginning of year

$

13,469

$

11,470

Provision charged to expense

 

4,129

4,140

Write-offs, less recoveries

 

(3,903)

(3,190)

Balance at end of year

$

13,695

$

12,420

Accounts Receivable - Other

We may be awarded grants from federal and state governments to assist in the deployment of broadband in order to support access to high-speed broadband services in underserved or unserved areas. The awards may include a number of regulatory requirements including the completion of construction by certain dates. Funding from the grants may be received in advance, upon completion of the project or when certain milestones are achieved. The grants are accounted for as a contribution in aid of construction given the nature of the arrangement and are recorded as a reduction to property, plant and equipment as the projects are completed. At June 30, 2024 and December 31, 2023, AR included amounts due to the Company of $17.4 million and $7.0 million, respectively, related to grant funding or other special construction projects.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued the Accounting Standards Update No. 2023-07 (“ASU 2023-07”), Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The new guidance is effective on retrospective basis for financial statements issued for annual periods beginning after December 15, 2023 with early adoption permitted. We are currently evaluating the impact this update will have on our related disclosures.

In December 2023, the FASB issued the Accounting Standards Update No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. Amendments in ASU 2023-09 require additional income tax disclosures primarily related to the rate reconciliation and income taxes paid. The new guidance is effective for financial statements issued for annual periods beginning after December 15, 2024 with early adoption permitted and can be applied on either a prospective or retrospective basis. We are currently evaluating the impact this update will have on our income tax disclosures.

2.  REVENUE

Nature of Contracts with Customers

Our revenue contracts with customers may include a promise or promises to deliver goods such as equipment and/or services such as broadband, video or voice services.  Promised goods and services are considered distinct as the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer and the Company’s promise to transfer a good or service to the customer is separately identifiable from other promises in the contract.  The Company accounts for goods and services as separate performance obligations.  Each service is considered a single performance obligation as it is providing a series of distinct services that are substantially the same and have the same pattern of transfer.

The transaction price is determined at contract inception and reflects the amount of consideration to which we expect to be entitled in exchange for transferring a good or service to the customer.  This amount is generally equal to the market price of the goods and/or services promised in the contract and may include promotional discounts.  The transaction price excludes amounts collected on behalf of third parties such as sales taxes and regulatory fees. Conversely, nonrefundable upfront fees, such as service activation and set-up fees, are included in the transaction price.  In determining the transaction price, we consider our enforceable rights and obligations within the contract. We do not consider the possibility of a contract being cancelled, renewed or modified.

8

The transaction price is allocated to each performance obligation based on the standalone selling price of the good or service, net of the related discount, as applicable.

Revenue is recognized when or as performance obligations are satisfied by transferring control of the good or service to the customer.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the three and six months ended June 30, 2024 and 2023:

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands)

    

2024

    

2023

    

2024

    

2023

 

Operating Revenues

Consumer:

 

 

 

 

Broadband (Data and VoIP)

$

81,405

$

71,339

$

161,287

$

139,300

Voice services

 

27,965

 

31,352

 

56,301

 

63,615

Video services

3,312

9,362

9,938

18,956

112,682

112,053

227,526

221,871

Commercial:

 

 

 

 

Data services (includes VoIP)

54,571

53,230

109,252

106,364

Voice services

 

30,509

 

32,236

 

61,220

 

64,867

Other