Consolidated Communications (CNSL)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	2,142,860	2,141,180	2,118,850	1,932,670	2,250,680
Total stockholders’ equity	US$ in thousands	779,364	1,045,450	836,376	389,228	340,881
Debt-to-capital ratio		0.73	0.67	0.72	0.83	0.87

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,142,860K ÷ ($2,142,860K + $779,364K)
= 0.73

Consolidated Communications Holdings Inc's debt-to-capital ratio has experienced fluctuations over the past five years. The ratio stood at 0.87 at the end of 2019, indicating a higher reliance on debt to finance its operations compared to its capital. Subsequently, there was a decreasing trend in the ratio, reaching 0.74 at the end of 2023. This downward movement suggests that the company has been reducing its debt relative to its capital base.

The ratio was at its lowest point at the end of 2022 at 0.67, indicating a significant improvement in the company's debt management. However, there was a slight increase to 0.72 at the end of 2021 before the latest increase to 0.74 in 2023.

Overall, while the company has made progress in reducing its debt-to-capital ratio over the years, it is important for investors and stakeholders to continue monitoring this trend to ensure sustainable financial health for Consolidated Communications Holdings Inc.