2019 Q4 Form 10-Q Financial Statement

#000155837019009695 Filed on November 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $331.0M $333.3M $348.1M
YoY Change -3.98% -4.23% -4.19%
Cost Of Revenue $136.2M $146.6M $152.9M
YoY Change -11.96% -4.12% 3.03%
Gross Profit $194.8M $186.7M $195.1M
YoY Change 2.47% -4.31% -9.26%
Gross Profit Margin 58.85% 56.01% 56.05%
Selling, General & Admin $76.50M $70.10M $85.26M
YoY Change -5.9% -17.78% -6.42%
% of Gross Profit 39.27% 37.55% 43.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $91.60M $93.05M $109.1M
YoY Change -11.84% -14.73% 4.52%
% of Gross Profit 47.02% 49.84% 55.93%
Operating Expenses $168.1M $70.10M $85.26M
YoY Change -9.23% -17.78% -56.39%
Operating Profit $26.72M $23.54M $748.0K
YoY Change 651.59% 3047.33% -96.16%
Interest Expense -$25.90M -$34.25M -$33.52M
YoY Change 4.02% 2.17% 25.56%
% of Operating Profit -96.93% -145.48% -4481.82%
Other Income/Expense, Net -$7.800M -$74.00K $293.0K
YoY Change 1200.0% -125.26% -197.67%
Pretax Income -$3.800M $1.593M -$23.81M
YoY Change -81.82% -106.69% -31.39%
Income Tax $2.000M $1.204M -$8.993M
% Of Pretax Income 75.58%
Net Earnings -$5.988M $257.0K -$14.91M
YoY Change -57.16% -101.72% -47.49%
Net Earnings / Revenue -1.81% 0.08% -4.28%
Basic Earnings Per Share
Diluted Earnings Per Share -$84.63K $4.237K -$211.0K
COMMON SHARES
Basic Shares Outstanding 72.07M 72.08M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.40M $6.200M $3.800M
YoY Change 29.17% 63.16% -83.69%
Cash & Equivalents $12.40M $6.178M $3.826M
Short-Term Investments
Other Short-Term Assets $41.80M $42.10M $40.60M
YoY Change -5.86% 3.69% -26.58%
Inventory
Prepaid Expenses
Receivables $120.0M $125.9M $143.1M
Other Receivables $2.700M $11.30M $12.40M
Total Short-Term Assets $176.9M $185.4M $199.9M
YoY Change -10.74% -7.23% -10.32%
LONG-TERM ASSETS
Property, Plant & Equipment $1.836B $1.889B $1.956B
YoY Change -4.73% -3.44% -4.98%
Goodwill $1.035B $1.035B
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $112.7M $112.4M $110.7M
YoY Change 1.62% 1.54% 2.22%
Other Assets $54.92M $58.14M $36.70M
YoY Change 134.45% 58.42% 236.7%
Total Long-Term Assets $3.213B $3.258B $3.396B
YoY Change -3.71% -4.07% -4.02%
TOTAL ASSETS
Total Short-Term Assets $176.9M $185.4M $199.9M
Total Long-Term Assets $3.213B $3.258B $3.396B
Total Assets $3.390B $3.443B $3.596B
YoY Change -4.1% -4.25% -4.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.94M $32.24M $15.70M
YoY Change -4.82% 105.36% 10.56%
Accrued Expenses $75.41M $74.97M $153.4M
YoY Change 5.24% -51.13% 13.04%
Deferred Revenue $45.71M $48.12M
YoY Change -4.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $27.30M $18.35M $31.80M
YoY Change 48.78% -42.3% 10.42%
Total Short-Term Liabilities $244.3M $258.4M $278.5M
YoY Change -13.86% -7.22% 10.12%
LONG-TERM LIABILITIES
Long-Term Debt $2.251B $2.271B $2.303B
YoY Change -1.52% -1.39% -0.36%
Other Long-Term Liabilities $375.0M $365.0M $318.4M
YoY Change 8.92% 14.64% -14.89%
Total Long-Term Liabilities $2.251B $2.271B $2.621B
YoY Change -1.52% -13.36% -2.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $244.3M $258.4M $278.5M
Total Long-Term Liabilities $2.251B $2.271B $2.621B
Total Liabilities $3.043B $3.084B $3.113B
YoY Change -2.45% -0.96% -4.64%
SHAREHOLDERS EQUITY
Retained Earnings -$71.22M -$65.23M
YoY Change 40.1%
Common Stock $493.0M $491.7M
YoY Change -4.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $340.9M $353.5M $482.6M
YoY Change
Total Liabilities & Shareholders Equity $3.390B $3.443B $3.596B
YoY Change -4.1% -4.25% -4.39%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$5.988M $257.0K -$14.91M
YoY Change -57.16% -101.72% -47.49%
Depreciation, Depletion And Amortization $91.60M $93.05M $109.1M
YoY Change -11.84% -14.73% 4.52%
Cash From Operating Activities $90.50M $85.30M $69.60M
YoY Change -3.0% 22.56% 119.56%
INVESTING ACTIVITIES
Capital Expenditures -$47.90M -$64.50M -$62.00M
YoY Change -17.41% 4.03% 1.31%
Acquisitions
YoY Change
Other Investing Activities $200.0K $100.0K $21.20M
YoY Change -60.0% -99.53% -102.46%
Cash From Investing Activities -$47.70M -$64.40M -$40.70M
YoY Change -17.19% 58.23% -95.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.60M -25.20M -35.80M
YoY Change 22.41% -29.61% -103.98%
NET CHANGE
Cash From Operating Activities 90.50M 85.30M 69.60M
Cash From Investing Activities -47.70M -64.40M -40.70M
Cash From Financing Activities -36.60M -25.20M -35.80M
Net Change In Cash 6.200M -4.300M -6.900M
YoY Change 6.9% -37.68% -192.0%
FREE CASH FLOW
Cash From Operating Activities $90.50M $85.30M $69.60M
Capital Expenditures -$47.90M -$64.50M -$62.00M
Free Cash Flow $138.4M $149.8M $131.6M
YoY Change -8.53% 13.83% 41.66%

Facts In Submission

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CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q3 us-gaap Number Of States In Which Entity Operates
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CY2019Q3 cnsl Fiber Network Route Miles
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CY2019Q3 cnsl Number Of Data And Internet Connections
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CY2019Q3 cnsl Number Of Video Connections
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CY2019Q3 us-gaap Goodwill
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us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Reclassifications</b></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Certain amounts in our 2018 condensed consolidated financial statements have been reclassified to conform to the current year presentation.   </p>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q3 us-gaap Contract With Customer Asset Net
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cnsl Contract With Customer Assets Expenses Recognized
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4400000
cnsl Contract With Customer Assets Expenses Recognized
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98800000
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us-gaap Contract With Customer Liability Revenue Recognized
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285400000
us-gaap Contract With Customer Liability Revenue Recognized
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263300000
us-gaap Revenue Practical Expedient Remaining Performance Obligation
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us-gaap Profit Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2019Q3 us-gaap Net Income Loss
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CY2018Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2019Q3 cnsl Distributed Earnings Loss Allocated To Participating Securities Basic
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CY2018Q3 cnsl Distributed Earnings Loss Allocated To Participating Securities Basic
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221000
cnsl Distributed Earnings Loss Allocated To Participating Securities Basic
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cnsl Distributed Earnings Loss Allocated To Participating Securities Basic
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CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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252000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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70598000
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1100000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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500000
CY2019Q3 us-gaap Cash Surrender Value Of Life Insurance
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CY2018Q4 us-gaap Cash Surrender Value Of Life Insurance
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CY2019Q3 cnsl Proceeds From Equity Securities Without Readily Determinable Fair Value Dividends Or Distributions Return Of Capital
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6100000
CY2018Q3 cnsl Proceeds From Equity Securities Without Readily Determinable Fair Value Dividends Or Distributions Return Of Capital
ProceedsFromEquitySecuritiesWithoutReadilyDeterminableFairValueDividendsOrDistributionsReturnOfCapital
3100000
cnsl Proceeds From Equity Securities Without Readily Determinable Fair Value Dividends Or Distributions Return Of Capital
ProceedsFromEquitySecuritiesWithoutReadilyDeterminableFairValueDividendsOrDistributionsReturnOfCapital
14400000
cnsl Proceeds From Equity Securities Without Readily Determinable Fair Value Dividends Or Distributions Return Of Capital
ProceedsFromEquitySecuritiesWithoutReadilyDeterminableFairValueDividendsOrDistributionsReturnOfCapital
12200000
CY2019Q3 cnsl Equity Method Investments Number Of Entitys Investments
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3
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3
CY2019Q3 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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4800000
CY2018Q3 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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14400000
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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16600000
CY2019Q3 cnsl Equity Method Investments Number Of Entitys Investments
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3
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3
us-gaap Equity Method Investment Summarized Financial Information Revenue
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us-gaap Equity Method Investment Summarized Financial Information Revenue
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cnsl Equity Method Investment Summarized Financial Information Income Loss Pre Tax
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CY2019Q3 us-gaap Long Term Debt
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CY2019Q3 us-gaap Long Term Debt Noncurrent
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CY2016Q4 cnsl Debt Instrument Covenant Leverage Ratio
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3.00
CY2019Q3 cnsl Debt Instrument Covenant Leverage Ratio
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CY2019Q3 cnsl Debt Instrument Interest Coverage Ratio
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us-gaap Repayments Of Senior Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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CY2019Q3 cnsl Derivative Number Of Swap Agreements That Provide For Entity And Counterparties To Post Collateral
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CY2019Q3 us-gaap Operating Lease Right Of Use Asset
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CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
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2533000
us-gaap Finance Lease Right Of Use Asset Amortization
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CY2019Q3 us-gaap Finance Lease Interest Expense
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us-gaap Finance Lease Interest Expense
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us-gaap Operating Lease Cost
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CY2019Q3 us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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1894000
CY2019Q3 us-gaap Lease Cost
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4828000
us-gaap Lease Cost
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18719000
us-gaap Operating Lease Payments
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us-gaap Finance Lease Interest Payment On Liability
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us-gaap Finance Lease Principal Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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3176000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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2135000
CY2019Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
3153000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Two
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Three
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Four
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Five
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2019Q3 us-gaap Finance Lease Liability Payments Due After Year Five
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AllocatedShareBasedCompensationExpense
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DeferredCompensationArrangementWithIndividualContributionsByEmployer
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DeferredCompensationArrangementWithIndividualContributionsByEmployer
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DeferredCompensationArrangementWithIndividualContributionsByEmployer
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DeferredCompensationArrangementWithIndividualContributionsByEmployer
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1400000
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2500000
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2400000
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4900000
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UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
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0.354
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CashAndCashEquivalentsAtCarryingValue
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1927126000
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LongTermInvestments
110853000
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1035274000
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228959000
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Assets
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27579000
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3119607000
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StockholdersEquity
409736000
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DepreciationDepletionAndAmortization
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23542000
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-34250000
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1121000
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11254000
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-74000
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1593000
CY2019Q3 us-gaap Income Tax Expense Benefit
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1204000
CY2019Q3 us-gaap Profit Loss
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389000
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CY2018Q3 us-gaap Selling General And Administrative Expense
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CY2018Q3 us-gaap Depreciation Depletion And Amortization
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-33524000
CY2018Q3 cnsl Nonoperating Investment Income
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8675000
us-gaap Depreciation Depletion And Amortization
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cnsl Nonoperating Investment Income
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293000
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-23808000
CY2018Q3 us-gaap Income Tax Expense Benefit
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CY2018Q3 us-gaap Profit Loss
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CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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ComprehensiveIncomeNetOfTax
185000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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cnsl Cost Of Revenue Excluding Depreciation And Amortization
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438735000
us-gaap Selling General And Administrative Expense
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222615000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
289595000
us-gaap Operating Income Loss
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Gains Losses On Extinguishment Of Debt
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1370000
cnsl Nonoperating Investment Income
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30605000
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-19828000
us-gaap Income Tax Expense Benefit
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-5719000
us-gaap Profit Loss
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-14109000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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286000
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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cnsl Cost Of Revenue Excluding Depreciation And Amortization
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us-gaap Selling General And Administrative Expense
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252935000
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-53823000
us-gaap Income Tax Expense Benefit
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-17250000
us-gaap Profit Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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282000
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-9928000
us-gaap Net Cash Provided By Used In Operating Activities
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248637000
us-gaap Payments To Acquire Property Plant And Equipment
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184343000
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14343000
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-329000
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450000
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us-gaap Proceeds From Issuance Of Long Term Debt
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152000000
us-gaap Finance Lease Principal Payments
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9743000
us-gaap Repayments Of Long Term Debt
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142763000
us-gaap Repayments Of Senior Debt
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25986000
us-gaap Payments Of Dividends Common Stock
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55445000
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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9599000
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6178000
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1640000
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20999000
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-233000
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us-gaap Proceeds From Issuance Of Long Term Debt
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15657000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3826000

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