Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 10:00 am ET

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Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Consolidated Communications' Second Quarter 2020 Results Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] Please be advised that today's conference call is being recorded.

I would now like to hand the conference over to your speaker today Ms. Jennifer Spaude. Thank you. Please go ahead, madam.

Executive
Jennifer Spaude

Thank you, and good morning. I would like to welcome everyone to Consolidated Communications' second quarter 2020 earnings call. On the call today are Bob Udell, President and Chief Executive Officer; and Steve Childers, our Chief Financial Officer. Bob's comments today will highlight our strategic initiatives and our operational results as well as how we are managing our business through the COVID-19 pandemic. Steve will provide details on our second quarter financial performance. Following the prepared remarks, we will open the call up for questions.

Before we proceed, I will remind you our earnings release, financial statements and earnings presentation are all posted on our Investor Relations section of our website at consolidated.com.

Please review the safe harbor provisions on slide two of our presentation. Today's discussion includes statements about expected future events and financial results that are forward-looking and subject to certain risks and uncertainties. A discussion of factors that may affect future results is contained in Consolidated's filings with the SEC. Today's discussion will also include certain non-GAAP financial measures. Our earnings release includes reconciliations of these measures to the nearest GAAP equivalent.

I will now turn the call over to Bob Udell.

Executive
Robert Udell

Thank you, Jennifer, and good morning, everyone. We continue to operate effectively during this unprecedented and uncertain time. I am very pleased with the solid and stable results we delivered in both the second quarter and the first half of the year. We are successfully executing on our financial priorities as we deliver stable adjusted EBITDA and strengthen the balance sheet. We accomplished both. Again, this quarter, despite the challenging environment, the company's strong performance is a reflection of our team's hard work and dedication to serving our residential, business and carrier customers.

I am proud of our progress and I am confident that Consolidated is well positioned to continue this momentum through the second half of the year. In the recent quarter, we grew broadband and data transport revenue and reduced operating expenses, which allowed us to achieve stable revenue and generate increased adjusted EBITDA. I continue to be inspired by the Consolidated team's resilience, and I am proud of their ability to adapt and respond. As a critical infrastructure provider, we play a fundamental role in keeping consumers and businesses connected each and every day. We continue to see increased traffic across our core background, and I am pleased to report our network is performing very well and is designed to handle the increased usage. This is the result of our network architecture and our careful planning by our network