EX-99.(C)(IX) 10 tm2328485d8_ex99-cix.htm EXHIBIT-(C)(IX)
Exhibit (c)(ix)

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March 2023 Discussion materials

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Agenda Page 1 Consolidated trading update and industry backdrop 1 2 Appendix 10

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CNSL public market overview Stock price performance since 01/01/2021 (indexed to 100) Source: Company filings, Factset as of 03/10/23, Wall Street research S&P500 Public market overview ($mm) Current price (03/10/23) $2.63 % of 52-week high 31.0% Diluted shares outstanding 117.8 Market capitalization $310 Plus: Debt 2,283 Less: Cash (414) Plus: Minority interests 8 Plus: Preferred stock 477 Firm value $2,664 Less: Unconsolidated investments (10) Adjusted firm value $2,654 Valuation (Street) Metric Multiple Adj FV / Revenue CY2023E $1,143 2.3x CY2024E 1,151 2.3x Adj FV / EBITDA (post-SBC) CY2023E $311 8.5x CY2024E 343 7.7x Leverage Total debt / LTM EBITDA (pre-SBC) $384 5.9x Net debt / LTM EBITDA (pre-SBC) 384 4.9x 1

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8.5x 6.8x 5.1x Consumer broadband providers’ current footprint and passings target Adj. FV / 2023 EBITDA (post-sbc) 3 Net debt / LTM EBITDA (pre-sbc) 3 22.0 5.2 3.1 1.0 Q4 2022 fiber passings (mm) 30.0+ 10.0 + 9.0 2.0 12.0 Fiber target passings (mm) 27% 35% 32% % EBITDA margin: 70% 67% 50% 41% % of Legacy footprint targeted for Ftth 73% 52% 50% 34% % of Fiber target passings completed Source: Company filings, Factset as of 03/10/23, Wall Street research 1 Includes saleable consumer and business locations 2 Average of 8mm to 10mm fiber addressable location opportunity 3 Debt is inclusive of pensions of $124mm for Consolidated, $2.4bn for Lumen, and $1.1bn for Frontier, tax-affected at respective applicable tax rate; 4 CNSL reiterated its target passings from 2025 to 2026; 5 Based on EBITDA (pre-SBC) from continuing operations only 4.9x 3.8x 3.8x 1 1 Historical targets 2 (2025) (2025 / 2026) (2026)4 (2025) 5 2

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3,250 605 988 133 72 550 403 1,224 2,250 500 900 175 100 225 1,300 Many consumer broadband providers missed build targets for 2022 and are moderating their build pace for 2023 Source: Company reports, MoffettNathanson estimates and analysis 2022 Fiber deployment surplus / deficit vs. Beginning of year targets (000s) (500) (395) (312) (27) (3) 0 3 224 Shift driven by cost inflation, labor availability, funding costs and ability of sales & installs to keep up 2022 Actual build 1,600 1,600 N/A 2022 Fiber deployment vs. 2023 Targets (000s) 2023 Target Build - Prior 2023 Target Build - Current 400 3,750 1,750 Target adjusted to account for ~2mm unsaleable locations already built 3

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Company YTD 1 yr ago 2 yr ago 3 yr ago (22%) (68%) (89%) (85%) (3%) (41%) (48%) (31%) (10%) (56%) (65%) (59%) 1% (22%) (38%) (10%) 6% (45%) (43%) 106% 18% (9%) (64%) (57%) (27%) (53%) (63%) (57%) (4%) (6%) N/A N/A (49%) (75%) (81%) (76%) (0%) 13% 9% 64% 0% 5% (19%) (32%) (7%) (31%) (36%) (35%) S&P 500 1% (9%) (1%) 34% Traditional Broadband has suffered significant declines from pre-Covid levels Source: Factset as of 03/10/23 1 Represents total return performance; 2 Weighted average of Wireless companies that include T, TMUS and VZ; 3 Weighted average of FttH Upgrade companies that include CNSL, FYBR, LUMN and SHEN; 4 Weighted average of cable companies that include ATUS, CABO, CMCSA, CHTR ad WOW 1-year stock performance (indexed to 100)1 FttH Upgrade3 S&P 500 Cable4 FttH vs. S&P: 1-year stock performance (indexed to 100)1 S&P 500 Cable vs. S&P: 1-year stock performance (indexed to 100)1 Share price performance S&P 500 4 Wireless2 (for reference only)

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9.6x 11.2x 18.9x 8.6x 6.6x 10.7x 5.8x 6.3x 5.4x 8.4x 7.4x 6.3x 8.2x 11.2x 15.2x 8.7x 5.8x 15.1x 6.1x 7.0x 4.5x 8.0x 6.6x 7.5x 7.9x 7.0x 6.8x 6.2x 5.8x 14.0x 8.5x 6.8x 5.1x 8.6x 6.4x 6.4x (87.7%) (85.8%) (38.5%) (56.2%) (63.4%) (66.5%) (22.9%) (37.0%) 29.5% (52.1%) Median: (38.5%) (56.2%) (61.4%) (37.5%) (64.0%) (70.2%) NA (19.1%) (79.7%) (78.6%) Median: (64.0%) (53.9%) 41.8% 9.2% (36.7%) (9.6%) (37.0%) (32.1%) Median: (36.7%) (9.6%) Macroeconomic backdrop has compressed both multiples and share prices Competition from FttH and FWA has taken Cable market share and challenged Cable valuations Source: Company filings, Wall Street research, Factset as of 03/10/23; 1 Pre-COVID figures as of 02/21/20; 2 Cable highs figures as of 09/22/21; 3 Post-bankruptcy figure as of 05/07/21 Pre-COVID1 Cable highs2 Cable FttH upgrade Share price ∆ since Adj. FV / EBITDA as of Multiple + / – Since Pre-COVID1 Cable highs2 Company Range: 5.8x – 18.9x Median: 8.5x Range: 6.1x – 15.2x Median: 8.1x Range: 6.2x – 14.0x Median: 6.9x Wireless (for reference only) Pre-COVID1 (FV / 2020E EBITDA) Cable highs2 (FV / 2022E EBITDA) Current (FV / 2023E EBITDA) 3 7.4x 7.5x 6.4x 6.1x 6.6x 7.7x 9.6x 8.7x 6.8x (1.7x) (0.3x) (4.2x) (4.2x) (12.1x) (8.4x) (2.3x) (2.5x) (0.7x) (0.0x) (2.3x) (2.5x) 3.3x (1.1x) 2.7x 2.4x 0.5x (0.2x) (0.3x) 0.7x 1.6x 0.2x 0.2x 0.7x 0.1x (0.2x) (1.0x) (1.1x) 0.1x (0.2x) 5

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Selected U.S. FttH / consumer broadband transactions 6 7.8x1 8.4x1 12.7x1 6.5x1 7.3x1 8.1x 2 7.6x 10.1x 9.4x 9.5x 8.3x 4.8x 11.5x 8.2x 13.6x 11.6x 10.1x 11.7x 5.0x 7.2x 15.0x 17.8x 12.4x 4.9x 17.2x 24.1x 11.0x Target Acquiror Date Mar 2015 May 2015 May 2015 Sep 2015 Aug 2016 Dec 2016 Jan 2017 Mar 2017 May 2017 July 2017 July 2017 Apr 2019 May 2019 Mar 2020 Jun 2020 Sep 2020 Nov 2020 Jan 2021 Feb 2021 Mar 2021 Jun 2021 Size ($bn) $10.4bn $9.1bn $78.7bn $17.7bn $2.3bn $1.5bn $0.7bn $0.7bn $2.4bn $1.4bn $0.3bn $0.5bn $1.4bn $2.9bn N/A $0.6bn $8.1bn $0.3bn $2.2bn $0.3bn $1.7bn N.V. Source: Company filings, Wall Street research, press releases 1 Adjusted for value of tax assets and synergies; 2 Adjusted for synergies; 3 Adjusted for value of tax asset; 4 Represents latest FY multiple Note: Altice / Cablevision: 6.1x multiple based on consolidated metrics which include ($147mm) of Media and other; 6.5x multiple based on Cable operations and Lightpath metrics only; 8.8x multiple based on consolidated metrics which include ($147mm) of Media and other; 8.8x multiple based on Cable operations and Lightpath metrics only; TPG / RCN Grande: 8.3x multiple based on estimate from equity research; CDPQ / Cogeco: CDPQ’s investment in Atlantic Broadband and Metrocast is for a 21% (non-control) position in the pro forma company; CDPQ acquired 21% equity stake for $315mm in cash; Cable One / Mega Broadband: Cable One acquired 45% equity stake for $574mm in cash; Cable One / Hargray: 17.2x multiple based on 4Q20 LQA EBITDA; Altice / Morris: 7.4x multiple based on 2022E EBITDA including estimated run-rate synergies and PV of tax benefits; 24.1x multiple based on 4Q20 LQA EBITDA; Rogers / Shaw: 10.7x multiple based on 2021E EBITDA; Astound & Atlantic Broadband / WOW!: Astound to acquire WOW!’s Cleveland and Columbus service areas, Atlantic Broadband to acquire WOW!’s Chicago, Evansville, and Anne Arundel service areas at a multiple of 10.9x for the Atlantic Broadband transaction and a combined multiple of 11.0x; Atlantic Broadband / WOW! multiple of 10.9x is on a synergized EBITDA FV / EBITDA multiples N.V. 8.8x 6.5x 6.1x FV / 1-yr fwd EBITDA 7.4x 12.7x1 FV / LTM EBITDA 10.9x 8.8x2 8.8x 9.0x 3 3 8.4x2 6.6x1 8.6x2 8.4x1 Northwest assets 4 3

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% conversion NM / NM NM / NM NM / NM $1,135 $1,143 $1,143 $1,151 $1,157 $1,187 2023E 2024E 2025E Pre Q4'22 earnings Street $495 $441 $442 $447 $434 $459 2023E 2024E 2025E Pre Q4'22 earnings Street Revenue EBITDA (post-sbc) Capex EBITDA (pre-sbc) – Capex % y/y growth (1%) / (4%) 1% / 1% 1% / 3% % revenue 44% / 52% 39% / 44% 37% / 44% $346 $363 $384 $311 $343 $397 2023E 2024E 2025E Pre Q4'22 earnings Street % margin 30% / 27% 32% / 30% 33% / 33% Summary of CNSL’s financial projections % y/y growth (10%) / (17%) 5% / 10% 6% / 16% Source: Factset, Broker reports as of 03/10/23 ’23-’25 CAGR 1.0% / 1.9% ’23-’25 CAGR 5.4% / 12.9% ’23-’25 CAGR (6.4%) / 2.0% ’23-’25 CAGR NM / NM 0.8% 0.8% 2.5% (10.9%) 1.2% 5.8% (10.0%) (5.6%) 3.3% ($139) ($68) ($39) ($120) ($94) ($52) 2023E 2024E 2025E Pre Q4'22 earnings Street (13.6%) 39.3% 35.2% 7

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Areas of discussion and focus Analyst Sentiment & Expectations Revenue estimates | Last 2 years EBITDA estimates | Last 2 years Capex estimates | Last 2 years ⚫ FY22 results in line or ahead of research analyst expectations, though a decline in 2023 guidance likely pushes the full inflection point on EBITDA growth for the Company to 2024 ⚫ Penetration rates and ARPU appear in line or ahead of street estimates ⚫ Research analysts focused on the achievement of forecast passings growth and discipline to stay-in-line with publicly stated cost targets ⚫ Company appears to have adequate near-term liquidity due to $600mm+ in assets sales in FY22, however believes cash could become tight by the end of 2023 (though this can be offset with additional $200mm of asset sales) Current research analysts’ recommendations Source: Factset estimates and Research Analysts as of 03/10/2023 1 Represents the upside / (downside) of the current price target of the current price (as of the publish date). Broker Rec. Date Current Target Price Prior Target Price Upside/ Downside1 Metho-dology Multiple Citigroup Sell 3/1/23 $2.50 NA (17)% NA NA Cowen Hold 3/1/23 $4.50 $6.50 49% DCF 7.7x ’23 EBITDA Wells Fargo Hold 3/1/23 $4.00 $7.00 32% DCF 6.6x ‘23 EBITDA Median $4.00 $6.75 32% $ 50 $ 250 $ 450 Mar-2021 Sep-2021 Mar-2022 Sep-2022 Mar-2023 2023 Capex 2024 Capex 2025 Capex 2026 Capex $ 250 $ 450 $ 650 Mar-2021 Sep-2021 Mar-2022 Sep-2022 Mar-2023 2023 EBITDA 2024 EBITDA 2025 EBITDA 2026 EBITDA $ 1,000 $ 1,200 $ 1,400 $ 1,600 Mar-2021 Sep-2021 Mar-2022 Sep-2022 Mar-2023 2023 Revenue 2024 Revenue 2025 Revenue 2026 Revenue 8

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Evolution of Research analyst Perspectives Research analyst target prices have tracked down with overall stock price, with 2 of the 3 analysts aligned around a hold rating Source: Research Analysts as of 03/10/2023 # Analysts 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 33% 33% 33% 33% 67% 67% 67% 67% 100% 100% 100% 100% 67% 67% 67% 67% 67% 67% 67% 67% 67% 33% 33% 33% 33% 33% 33% 33% 33% 33% $1.75 $3.50 $5.25 $7.00 $8.75 $10.50 (Price ($) Buy Hold Sell Price Target Price 9

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Agenda Page 1 Consolidated trading update and industry backdrop 1 2 Appendix 10

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Fiber - trading metrics FV / EBITDA FV / EBITDA (growth adj.) FV / (EBITDA - Capex) P / LFCF / share ($mm USD, except share price) Share price as of 03/10/23 % of 52 week high Market cap Adj. firm value CY2023E CY2024E CY2023E CY2024E CY2023E CY2024E CY2023E CY2024E Net leverage Dividend yield Cable Altice $3.58 27.2% $1,678 $26,902 7.9x 7.8x NM 8.4x 16.3x 15.6x 6.0x 3.7x 6.3x NA Charter 329.49 56.4% 56,448 152,018 7.0x 6.8x 3.0x 1.7x 13.8x 14.0x 10.9x 10.5x 4.5x NA Cable One 643.01 40.8% 3,711 6,185 6.8x 6.7x 2.9x 3.1x 12.1x 11.7x 10.9x 10.4x 4.0x 1.8% Comcast 35.31 72.9% 150,458 233,464 6.2x 5.9x 2.1x 1.2x 9.3x 8.7x 11.7x 10.1x 2.5x 3.3% WideOpenWest 9.65 42.1% 846 1,542 5.8x 5.4x 2.1x 0.7x 38.8x 30.3x 49.4x NM 2.5x NA Mean 47.9% 6.7x 6.5x 2.5x 3.0x 18.1x 16.1x 17.8x 8.7x 4.0x 2.5% Median 42.1% 6.8x 6.7x 2.5x 1.7x 13.8x 14.0x 10.9x 10.3x 4.0x 2.5% FttH Upgrade Shentel $18.69 72.1% $954 $976 14.0x 9.8x 3.2x 0.2x NM NM NM NM 0.4x 0.4% Consolidated Communications 2.63 31.0% 310 2,654 8.5x 7.7x NM 0.8x NM NM NM NM 4.9x NA Frontier 24.34 78.9% 6,110 13,931 6.8x 6.6x 3.6x 1.6x NM NM NM NM 3.8x NA Lumen 2.68 21.4% 2,757 23,990 5.1x 5.3x NM NM 14.4x 18.5x 44.1x 29.6x 3.8x NA Mean 50.8% 8.6x 7.4x 3.4x 0.9x 14.4x 18.5x 44.1x 29.6x 3.2x 0.4% Median 51.5% 7.7x 7.2x 3.4x 0.8x 14.4x 18.5x 44.1x 29.6x 3.8x 0.4% Wireless (for reference only) T-Mobile $139.51 90.4% $171,520 $246,641 8.6x 8.0x 0.8x 0.9x 13.1x 11.6x 12.5x 9.7x 2.8x NA AT&T 18.43 80.7% 132,067 277,066 6.4x 6.3x 1.8x 2.6x 13.0x 11.2x 8.4x 7.8x 3.4x 6.0% Verizon 36.68 66.1% 154,828 307,261 6.4x 6.3x NM 3.8x 10.6x 9.8x 9.1x 8.0x 3.1x 7.1% Mean 79.0% 7.2x 6.9x 1.3x 2.4x 12.3x 10.9x 10.0x 8.5x 3.1x 6.6% Median 80.7% 6.4x 6.3x 1.3x 2.6x 13.0x 11.2x 9.1x 8.0x 3.1x 6.6% Source: Company filings, Wall Street research, Factset as of 03/10/23 10

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Fiber - operating metrics Source: Company filings, Wall Street research, Factset as of 03/10/23 Revenue growth EBITDA growth CAGR (2022E - 2024E) EBITDA margin Capex as % Capex as % Cash ($mm USD) CY2023E CY2024E CY2023E CY2024E Revenue EBITDA CY2023E CY2024E of revenue of EBITDA conversion Cable Altice (3.9%) (1.7%) (7.0%) 0.9% (2.8%) (3.1%) 36.9% 37.8% 19.1% 51.8% 48.2% Charter 2.2% 2.9% 2.4% 4.0% 2.5% 3.2% 39.2% 39.6% 19.3% 49.2% 50.8% Cable One (2.0%) (0.5%) 2.3% 2.1% (1.2%) 2.2% 54.5% 55.9% 24.0% 44.1% 55.9% Comcast (0.8%) 3.0% 3.0% 4.8% 1.0% 3.8% 31.2% 31.7% 10.4% 33.4% 66.6% WideOpenWest (0.4%) 1.0% 2.7% 7.4% 0.3% 5.1% 37.7% 40.2% 32.1% 85.0% 15.0% Mean (1.0%) 0.9% 0.7% 3.8% (0.0%) 2.2% 39.9% 41.0% 21.0% 52.7% 47.3% Median (0.8%) 1.0% 2.4% 4.0% 0.3% 3.2% 37.7% 39.6% 19.3% 49.2% 50.8% FttH Upgrade Shentel 6.1% 15.9% 4.4% 42.6% 10.9% 22.0% 24.5% 30.2% 95.4% NM NM Consolidated Communications (4.0%) 0.7% (16.7%) 10.0% (1.7%) (4.2%) 27.2% 29.8% 43.3% NM NM Frontier (0.7%) 1.2% 1.9% 4.1% 0.3% 3.0% 35.4% 36.4% 48.8% NM NM Lumen (5.2%) (3.6%) (14.2%) (3.6%) (4.4%) (9.1%) 31.8% 31.8% 20.5% 64.4% 35.6% Mean (0.9%) 3.5% (6.1%) 13.3% 1.3% 2.9% 29.7% 32.1% 52.0% 64.4% 35.6% Median (2.3%) 0.9% (6.1%) 7.1% (0.7%) (0.6%) 29.5% 31.0% 46.0% 64.4% 35.6% Wireless (for reference only) T-Mobile 1.8% 3.3% 10.6% 8.6% 2.5% 9.6% 35.3% 37.1% 12.1% 34.2% 65.8% AT&T 1.5% 1.3% 3.7% 2.4% 1.4% 3.0% 35.1% 35.5% 17.7% 50.5% 49.5% Verizon 0.7% 1.1% 0.1% 1.7% 0.9% 0.9% 34.8% 35.0% 13.7% 39.5% 60.5% Mean 1.3% 1.9% 4.8% 4.2% 1.6% 4.5% 35.0% 35.8% 14.5% 41.4% 58.6% Median 1.5% 1.3% 3.7% 2.4% 1.4% 3.0% 35.1% 35.5% 13.7% 39.5% 60.5% 11

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Consolidated capitalization and trading levels Recent TLB trading levels (Price) Recent secured notes trading levels (YTW) Capitalization as of 12/31/22 1 Calculation includes cash and cash equivalents and short-term investments 2 Yield on Term Loan B shown as Simple Yield calculated to a 4-year takeout assumption, Yield on secured notes shown as YTW 3 Tax adjusted for 21% marginal tax rate on notional amount 4 Net Debt calculation utilizes $50mm cash netting cap As of 12/31/22 As of 3/10/23 Next Call ($mm) Ratings Coupon Floor Maturity Amount LTM Adj. EBITDA Price Yield YTW Date Date Price Cash & cash equivalents1 Corp: B3 / B- (Stable / Stable) $414 $250mm RCF B3 / B- S + 400 0.00% Oct-27 - Term loan B2 B3 / B- L + 350 0.75% Oct-27 1,000 80.875 13.42% Senior secured notes2 B3 / B- 6.500% - Oct-28 750 70.500 14.39% Oct-28 Oct-23 104.875 Senior secured notes2 B3 / B- 5.000% - Oct-28 400 67.000 13.68% Oct-28 Oct-23 103.750 Unfunded pension liabilities3 98 Finance leases 36 Total Debt $2,283 5.9x Net Debt4 $2,233 5.8x SCP Preferred Equity 477 Total Debt + Preferred $2,760 7.2x Net Debt + Preferred $2,710 7.1x Market cap as of 3/10/23 310 Total capitalization $3,070 8.0x LTM 12/31/2022 Adj. EBITDA $384 $78.00 $82.00 $86.00 $90.00 $94.00 $98.00 Jan-22 Mar-22 May-22 Jul-22 Aug-22 Oct-22 Dec-22 Feb-23 JPM LL Index CNSL TLB 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% Jan-22 Mar-22 May-22 Aug-22 Oct-22 Dec-22 Feb-23 JPM HY Index 6.50% Notes 5.00% Notes 80.875 94.375 14.39% 9.62% 13.68% 12

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