• Shenandoah Telecommunications Company Reports Third Quarter 2023 Results

    来源: Nasdaq GlobeNewswire / 03 11月 2023 06:00:01   America/Chicago

    EDINBURG, Va., Nov. 03, 2023 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced third quarter 2023 financial and operating results.

    Third Quarter 2023 Highlights

    • Glo Fiber constructed its 200,000th home and business passing during the quarter and now has over 202,000 passings.
    • Glo Fiber Markets added approximately 4,500 subscribers; 13.9% higher than the third quarter of 2022 and 12.5% higher than the second quarter 2023.
    • Consolidated revenue grew 7.3% to $71.8 million compared to the third quarter of 2022. Glo Fiber Markets revenue grew 90.5% to $9.3 million and Broadband revenue grew 8.1% to $67.4 million over the same period.
    • Consolidated net income was $1.6 million in the third quarter of 2023, compared with net loss of $2.7 million in the third quarter of 2022.
    • Consolidated Adjusted EBITDA grew 20.5% to $22.9 million compared to the third quarter of 2022. Broadband Adjusted EBITDA grew 19.4% to $26.6 million over the same period.

    “We are very pleased with the continued growth for our Glo Fiber Markets, reflected in a new milestone in number of passings and the growth in subscribers and revenue. Glo Fiber’s accelerating growth and increased scale contributed to solid financial results for the quarter, and reflected ongoing success of execution of our Fiber First strategy,” said President and CEO, Christopher E. French. “This progress, along with our previously announced planned acquisition of Horizon Telcom, position us well to deliver long term value to our shareholders.”

    Shentel’s third-quarter earnings conference call will be webcast at 8:30 a.m. ET on Friday, November 3, 2023. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. 

    Consolidated Third Quarter 2023 Results

    • Revenue in the third quarter of 2023 grew 7.3% to $71.8 million compared with the third quarter of 2022, due to Broadband segment revenue growth of 8.1%.
    • Net income per share was $0.03 in the third quarter of 2023 compared with net loss per share of $0.05 in the third quarter of 2022.
    • Adjusted EBITDA grew 20.5% to $22.9 million in the third quarter of 2023 compared with $19.0 million in the third quarter of 2022 due to Broadband segment growth of 19.4%.

    Broadband

    • Total Cable Markets and Glo Fiber Markets broadband data Revenue Generating Units (“RGUs”) as of September 30, 2023 were 146,797, representing 12.7% year-over-year growth. Penetration for Cable Markets and Glo Fiber Markets as of September 30, 2023 were 51% and 18%, respectively, compared to 52% and 16%, respectively, as of September 30, 2022. Total Glo Fiber Markets passings grew year-over-year by 71,742 from 130,912 to 202,654.
    • Broadband revenue in the third quarter of 2023 grew $5.1 million, or 8.1%, to $67.4 million compared with $62.4 million in the third quarter of 2022, primarily driven by a $4.4 million, or 90.5%, increase in Residential & Small and Medium Business (“SMB”) - Glo Fiber Markets revenue and a $0.9 million, or 9.4%, increase in Commercial Fiber revenue. Residential & SMB - Glo Fiber Markets increased due to a 77.2% increase in broadband data RGUs and a 5.8% increase in broadband data Average Revenue per User (“ARPU”). Commercial Fiber revenue increased $0.9 million, or 9.4%, primarily driven by $0.5 million in recurring revenue driven by 16.3% increase in connections and $0.4 million in T-Mobile non-recurring early termination fees. T-Mobile disconnected 71 backhaul circuits during the three months ended September 30, 2023 as part of their previously announced rationalization of the former Sprint network. The Company expects approximately 80 additional backhaul disconnects as part of the network rationalization.
    • Cost of services for the three months ended September 30, 2023 was consistent with cost of services for the three months ended September 30, 2022.
    • Selling, general and administrative expense increased $0.7 million, or 4.8%, compared with the three months ended September 30, 2022, primarily driven by higher advertising costs associated with the Company’s expansion of Glo Fiber and a change in strategy to drive more gross subscriber additions to low cost sales channels.
    • Shentel recorded impairment charges of $1.5 million during the three months ended September 30, 2023, compared with $0.5 million of impairment charges for the three months ended September 30, 2022. Impairment charges were primarily a result of Beam fixed wireless assets that are no longer expected to be used and have no alternative use.
    • Depreciation and amortization expense decreased $1.1 million, or 6.3%, compared with the three months ended September 30, 2022, primarily driven by the acceleration of depreciation associated with assets at Beam sites for the three months ended September 30, 2022, with no corresponding accelerated depreciation during the current period.
    • Broadband operating income was $9.3 million in the third quarter of 2023, compared to $4.8 million in the third quarter of 2022.
    • Broadband Adjusted EBITDA was $26.6 million in the third quarter of 2023 compared to $22.2 million in the third quarter of 2022.

    Tower

    • Revenue for the three months ended September 30, 2023 was consistent with revenue for the three months ended September 30, 2022.
    • Tower operating income was $2.1 million in the third quarter of 2023, compared to $2.6 million in the third quarter of 2022.
    • Tower Adjusted EBITDA in the third quarter of 2023 decreased 12.8% to $2.6 million, compared with $3.0 million for the third quarter of 2022 primarily driven by higher maintenance expenses.

    Other Information

    • As previously announced, on October 24, 2023, Shentel entered into a definitive agreement to acquire 100% of the equity interests in Horizon Acquisition Parent LLC for $385 million. Consideration will consist of $305 million in cash and $80 million of Shentel common stock.
    • As of September 30, 2023, our cash and cash equivalents totaled $36.0 million and the availability under our delayed draw term loans and revolving line of credit was $250.0 million, for total available liquidity of $286.0 million. We expect to draw the remaining $150.0 million in delayed draw term loans by December 31, 2023.
    • Capital expenditures were $190.4 million for the nine months ended September 30, 2023 compared with $132.4 million in the comparable 2022 period. The $58.0 million increase in capital expenditures was primarily due to higher spending in the Broadband segment to enable our Glo Fiber market expansion.
    • On July 6, 2023, the Company closed on the sale of its 2.5 GHz spectrum for $17.3 million in cash and $3.8 million in assumed liabilities.

    Earnings Call Webcast

    Date: Friday, November 3, 2023
    Time: 8:30 A.M. (ET)
    Listen via Internet: https://investor.shentel.com/ 

    A replay of the call will be available for a limited time on the Investor Relations page of the Company’s website.

    About Shenandoah Telecommunications

    Shenandoah Telecommunications Company (Shentel) provides broadband services through its high speed, state-of-the-art cable and fiber optic networks to customers in the Mid-Atlantic United States. The Company’s services include: broadband internet, video, and voice; fiber optic Ethernet, wavelength and leasing; and tower colocation leasing. The Company owns an extensive regional network with over 9,300 route miles of fiber and 220 macro cellular towers. For more information, please visit www.shentel.com.

    This release contains forward-looking statements about Shentel regarding, among other things, its business strategy, its prospects and its financial position. These statements can be identified by the use of forward-looking terminology such as “believes,” “estimates,” “expects,” “intends,” “may,” “will,” “plans,” “should,” “could,” or “anticipates” or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties. The forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to Shentel’s beliefs and expectations as to future events and trends affecting its business that are necessarily subject to uncertainties, many of which are outside Shentel’s control. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved, and actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors. A discussion of other factors that may cause actual results to differ from management’s projections, forecasts, estimates and expectations is available in Shentel’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2022 and our Quarterly Reports on Form 10-Q. Those factors may include, among others, the ability to obtain the required regulatory approvals and satisfy the closing conditions required for the Transaction, Shentel's ability to obtain the financing for the Transaction, the closing of the Transaction may not occur on time or at all, the expected savings and synergies from the Transaction may not be realized or may take longer or cost more than expected to realize, changes in overall economic conditions including rising inflation, regulatory requirements, changes in technologies, changes in competition, demand for our products and services, availability of labor resources and capital, natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, and other conditions. The forward-looking statements included are made only as of the date of the statement. Shentel undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.

    CONTACTS:
    Shenandoah Telecommunications Company
    Jim Volk
    Senior Vice President and Chief Financial Officer
    540-984-5168
    Jim.Volk@emp.shentel.com


    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
    (in thousands, except per share amounts)Three Months Ended
    September 30,    		 Nine Months Ended
    September 30,
     2023 2022 2023 2022
    Service revenue and other$71,842 $66,924  $214,869 $197,359 
    Operating expenses:       
    Cost of services exclusive of depreciation and amortization 27,751  27,477   80,394  80,572 
    Selling, general and administrative 24,402  22,227   76,702  69,152 
    Restructuring expense —  641   —  1,031 
    Impairment expense 1,532  477   2,552  4,884 
    Depreciation and amortization 16,670  17,873   48,637  47,008 
    Total operating expenses 70,355  68,695   208,285  202,647 
    Operating income (loss) 1,487  (1,771)  6,584  (5,288)
    Other income (expense):       
    Other income (expense), net 826  (1,208)  2,120  (1,967)
    Income (loss) before income taxes 2,313  (2,979)  8,704  (7,255)
    Income tax expense (benefit) 720  (251)  3,255  (699)
    Net income (loss)$1,593 $(2,728) $5,449 $(6,556)
            
    Other comprehensive income:       
    Unrealized income on interest rate hedge, net of tax 1,115  —   3,242  — 
    Comprehensive income (loss)$2,708 $(2,728) $8,691 $(6,556)
            
    Net income (loss) per share, basic and diluted:       
    Basic net income (loss) per share$0.03 $(0.05) $0.11 $(0.13)
            
    Diluted net income (loss) per share$0.03 $(0.05) $0.11 $(0.13)
            
    Weighted average shares outstanding, basic 50,379  50,183   50,346  50,153 
    Weighted average shares outstanding, diluted 50,836  50,183   50,623  50,153 
            



    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)September 30,
    2023    		 December 31,
    2022
    ASSETS   
    Current assets:   
    Cash and cash equivalents$35,966 $44,061
    Accounts receivable, net of allowance for doubtful accounts of $767 and $776, respectively 18,851  20,615
    Income taxes receivable 4,647  29,755
    Prepaid expenses and other 14,394  11,509
    Current assets held for sale 596  22,622
    Total current assets 74,454  128,562
    Investments 12,918  12,971
    Property, plant and equipment, net 822,494  687,553
    Goodwill and intangible assets, net 81,187  81,515
    Operating lease right-of-use assets 51,832  53,859
    Deferred charges and other assets 15,825  13,259
    Total assets$1,058,710 $977,719
    LIABILITIES AND SHAREHOLDERS’ EQUITY   
    Current liabilities:   
    Current maturities of long-term debt, net of unamortized loan fees$2,412 $648
    Accounts payable 43,360  49,173
    Advanced billings and customer deposits 13,120  12,425
    Accrued compensation 10,640  9,616
    Current operating lease liabilities 3,126  2,829
    Accrued liabilities and other 11,763  17,906
    Current liabilities held for sale —  3,824
    Total current liabilities 84,421  96,421
    Long-term debt, less current maturities, net of unamortized loan fees 147,494  74,306
    Other long-term liabilities:   
    Deferred income taxes 88,938  84,600
    Asset retirement obligations 9,942  9,932
    Benefit plan obligations 3,972  3,758
    Non-current operating lease liabilities 49,502  50,477
    Other liabilities 20,078  20,218
    Total other long-term liabilities 172,432  168,985
    Commitments and contingencies (Note 13)   
    Shareholders’ equity:   
    Common stock, no par value, authorized 96,000; 50,264 and 50,110 issued and outstanding at September 30, 2023 and December 31, 2022, respectively —  —
    Additional paid in capital 65,118  57,453
    Retained earnings 586,003  580,554
    Accumulated other comprehensive income, net of taxes 3,242  —
    Total shareholders’ equity 654,363  638,007
    Total liabilities and shareholders’ equity$1,058,710 $977,719



    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES   
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   
    (in thousands)Nine Months Ended
    September 30,
      2023   2022 
    Cash flows from operating activities:   
    Net income (loss)$5,449  $(6,556)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:   
    Depreciation and amortization 48,637   47,008 
    Stock-based compensation expense, net of amount capitalized 8,364   7,299 
    Impairment expense 2,552   4,884 
    Deferred income taxes 3,211   (1,374)
    Bad debt expense 1,837   1,252 
    Gain on sale of FCC spectrum licenses (1,328)  — 
    Other, net 439   1,638 
    Changes in assets and liabilities:   
    Accounts receivable 1,407   1,157 
    Current income taxes 25,108   731 
    Operating lease assets and liabilities, net 512   618 
    Other assets 2,515   (1,056)
    Accounts payable (3,431)  (608)
    Other deferrals and accruals (3,583)  1,212 
    Net cash provided by operating activities 91,689   56,205 
        
    Cash flows from investing activities:   
    Capital expenditures (190,354)  (132,357)
    Proceeds from the sale of FCC spectrum licenses 17,300   — 
    Proceeds from sale of investments —   793 
    Proceeds from sale of assets and other 566   922 
    Net cash used in investing activities (172,488)  (130,642)
        
    Cash flows from financing activities:   
    Proceeds from credit facility borrowings 75,000   25,000 
    Payments for debt issuance costs (300)  — 
    Taxes paid for equity award issuances (1,317)  (986)
    Payments for financing arrangements and other (679)  (888)
    Net cash provided by financing activities 72,704   23,126 
    Net decrease in cash and cash equivalents (8,095)  (51,311)
    Cash and cash equivalents, beginning of period 44,061   84,344 
    Cash and cash equivalents, end of period$35,966  $33,033 
        
    Supplemental Disclosures of Cash Flow Information   
    Interest paid$5,424  $243 
    Income tax refunds received, net$25,481  $— 


    Non-GAAP Financial Measures
    Adjusted EBITDA and Adjusted EBITDA Margin

    The Company defines Adjusted EBITDA as net income (loss) calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment, other income (expense), net, interest income, interest expense, income tax expense (benefit), stock compensation expense, transaction costs related to acquisition and disposition events (including professional advisory fees, integration costs, and related compensatory matters), restructuring expense, tax on equity award vesting and exercise events, and other non-comparable items. A reconciliation of net income (loss), which is the most directly comparable GAAP financial measure, to Adjusted EBITDA is provided below herein.

    Adjusted EBITDA margin is the Company’s calculation of Adjusted EBITDA, divided by revenue calculated in accordance with GAAP.

    The Company uses Adjusted EBITDA and Adjusted EBITDA margin as supplemental measures of performance to evaluate operating effectiveness and assess its ability to increase revenues while controlling expense growth and the scalability of the Company’s business growth strategy. Adjusted EBITDA is also a significant performance measure used by the Company in its incentive compensation programs. The Company believes that the exclusion of the expense and income items eliminated in calculating Adjusted EBITDA and Adjusted EBITDA margin provides management and investors a useful measure for period-to-period comparisons of the Company’s core operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to the Company’s ongoing operations. Accordingly, the Company believes that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating the Company’s operating results. However, use of Adjusted EBITDA and Adjusted EBITDA margin as analytical tools has limitations, and investors and others should not consider them in isolation or as substitutes for analysis of our financial results as reported under GAAP. In addition, other companies may calculate Adjusted EBITDA and Adjusted EBITDA margin or similarly titled measures differently, which may reduce their usefulness as comparative measures.

    Three Months Ended September 30, 2023        
    (in thousands) Broadband Tower Corporate & Eliminations Consolidated
    Net income (loss) $10,630  $2,097  $(11,134) $1,593 
    Depreciation and amortization  15,729   549   392   16,670 
    Impairment expense  1,532   —   —   1,532 
    Other expense (income), net  (1,323)  —   497   (826)
    Income tax benefit  —   —   720   720 
    Stock-based compensation  —   —   2,044   2,044 
    Restructuring charges and other  3   —   1,143   1,146 
    Adjusted EBITDA $26,571  $2,646  $(6,338) $22,879 
             
    Adjusted EBITDA margin  39%  57% N/A  32%


    Three Months Ended September 30, 2022        
    (in thousands) Broadband Tower Corporate & Eliminations Consolidated
    Net income (loss) $4,752  $2,590  $(10,070) $(2,728)
    Depreciation and amortization  16,791   445   637   17,873 
    Impairment expense  477   —   —   477 
    Other expense (income), net  58   —   1,150   1,208 
    Income tax benefit  —   —   (251)  (251)
    Stock-based compensation  —   —   1,771   1,771 
    Restructuring charges and other  169   —   472   641 
    Adjusted EBITDA $22,247  $3,035  $(6,291) $18,991 
             
    Adjusted EBITDA margin  36%  65% N/A  28%


    Nine Months Ended September 30, 2023        
    (in thousands) Broadband Tower Corporate & Eliminations Consolidated
    Net income (loss) $31,517  $7,005  $(33,073) $5,449 
    Depreciation and amortization  45,902   1,600   1,135   48,637 
    Impairment expense  2,552   —   —   2,552 
    Other expense (income), net  (1,199)  —   (921)  (2,120)
    Income tax benefit  —   —   3,255   3,255 
    Stock-based compensation  —   —   8,364   8,364 
    Restructuring charges and other  205   —   1,373   1,578 
    Adjusted EBITDA $78,977  $8,605  $(19,867) $67,715 
             
    Adjusted EBITDA margin  39%  62% N/A  32%


    Nine Months Ended September 30, 2022        
    (in thousands) Broadband Tower Corporate & Eliminations Consolidated
    Net income (loss) $16,921  $7,628  $(31,105) $(6,556)
    Depreciation and amortization  42,724   1,562   2,722   47,008 
    Impairment expense  4,884   —   —   4,884 
    Other expense (income), net  177   —   1,790   1,967 
    Income tax benefit  —   —   (699)  (699)
    Stock-based compensation  —   —   7,299   7,299 
    Restructuring charges and other  629   —   402   1,031 
    Adjusted EBITDA $65,335  $9,190  $(19,591) $54,934 
             
    Adjusted EBITDA margin  36%  65% N/A  28%


    Segment Results

    Three Months Ended September 30, 2023:

    (in thousands)Broadband Tower Corporate & Eliminations Consolidated
    External revenue       
    Residential & SMB - Cable Markets1$43,679 $— $—  $43,679
    Residential & SMB - Glo Fiber Markets1 9,325  —  —   9,325
    Commercial Fiber 10,415  —  —   10,415
    Tower lease —  4,608  —   4,608
    RLEC & Other 3,815  —  —   3,815
    Service revenue and other 67,234  4,608  —   71,842
    Intercompany revenue and other 215  36  (251)  —
    Total revenue 67,449  4,644  (251)  71,842
    Operating expenses       
    Cost of services 26,266  1,694  (209)  27,751
    Selling, general and administrative 14,615  304  9,483   24,402
    Impairment expense 1,532  —  —   1,532
    Depreciation and amortization 15,729  549  392   16,670
    Total operating expenses 58,142  2,547  9,666   70,355
    Operating income (loss)$9,307 $2,097 $(9,917) $1,487


    Three Months Ended September 30, 2022:

    (in thousands)Broadband Tower Corporate & Eliminations Consolidated
    External revenue       
    Residential & SMB - Cable Markets1$43,805 $— $—  $43,805 
    Residential & SMB - Glo Fiber Markets1 4,895  —  —   4,895 
    Commercial Fiber 9,522  —  —   9,522 
    Tower lease —  4,610  —   4,610 
    RLEC & Other 4,139  —  —   4,139 
    Service revenue and other 62,361  4,610  —   66,971 
    Intercompany revenue and other 25  67  (139)  (47)
    Total revenue 62,386  4,677  (139)  66,924 
    Operating expenses       
    Cost of services 26,193  1,384  (100)  27,477 
    Selling, general and administrative 13,946  258  8,023   22,227 
    Restructuring expense 169  —  472   641 
    Impairment expense 477  —  —   477 
    Depreciation and amortization 16,791  445  637   17,873 
    Total operating expenses 57,576  2,087  9,032   68,695 
    Operating income (loss)$4,810 $2,590 $(9,171) $(1,771)


    Nine Months Ended September 30, 2023:

    (in thousands)Broadband Tower Corporate & Eliminations Consolidated
    External revenue       
    Residential & SMB - Cable Markets1$132,838 $— $—  $132,838
    Residential & SMB - Glo Fiber Markets1 24,492  —  —   24,492
    Commercial Fiber 32,366  —  —   32,366
    Tower lease —  13,861  —   13,861
    RLEC & Other 11,312  —  —   11,312
    Service revenue and other 201,008  13,861  —   214,869
    Intercompany revenue and other 321  112  (433)  —
    Total revenue 201,329  13,973  (433)  214,869
    Operating expenses       
    Cost of services 76,447  4,265  (318)  80,394
    Selling, general and administrative 46,110  1,103  29,489   76,702
    Impairment expense 2,552  —  —   2,552
    Depreciation and amortization 45,902  1,600  1,135   48,637
    Total operating expenses 171,011  6,968  30,306   208,285
    Operating income (loss)$30,318 $7,005 $(30,739) $6,584


    Nine Months Ended September 30, 2022:

    (in thousands)Broadband Tower Corporate & Eliminations Consolidated
    External revenue       
    Residential & SMB - Cable Markets1$131,141 $— $—  $131,141 
    Residential & SMB - Glo Fiber Markets1 12,371  —  —   12,371 
    Commercial Fiber 27,924  —  —   27,924 
    Tower lease —  13,971  —   13,971 
    RLEC & Other 11,952  —  —   11,952 
    Service revenue and other 183,388  13,971  —   197,359 
    Intercompany revenue and other 124  255  (379)  — 
    Total revenue 183,512  14,226  (379)  197,359 
    Operating expenses       
    Cost of services 76,801  4,054  (283)  80,572 
    Selling, general and administrative 41,376  982  26,794   69,152 
    Restructuring expense 629  —  402   1,031 
    Impairment expense 4,884  —  —   4,884 
    Depreciation and amortization 42,724  1,562  2,722   47,008 
    Total operating expenses 166,414  6,598  29,635   202,647 
    Operating income (loss)$17,098 $7,628 $(30,014) $(5,288)

    _________________________________________
    1 Shentel has presented Residential & SMB - Cable Markets and Residential & SMB - Glo Fiber Markets separately for the three and nine months ended September 30, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the three and nine months ended September 30, 2022 for comparability.


    Supplemental Information

    Broadband Operating Statistics

     September 30,
    2023    		 September 30,
    2022
    Broadband homes and businesses passed 1415,971  342,741 
    Cable Markets213,317  211,829 
    Glo Fiber Markets202,654  130,912 
        
    Residential & Small and Medium Business ("SMB") Revenue Generating Units ("RGUs"):   
    Broadband Data146,797  130,238 
    Cable Markets109,404  109,132 
    Glo Fiber Markets37,393  21,106 
    Video44,050  48,092 
    Voice40,699  39,801 
    Total Residential & SMB RGUs (excludes RLEC)231,546  218,131 
        
    Residential & SMB Penetration 2   
    Broadband Data35.3% 38.0%
    Cable Markets51.3% 51.5%
    Glo Fiber Markets18.5% 16.1%
    Video10.6% 14.0%
    Voice10.2% 12.2%
        
    Fiber route miles9,387  8,072 
    Total fiber miles 3813,273  622,095 

    ______________________________________________________
    1 Homes and businesses are considered passed (“passings”) if we can connect them to our network without further extending the distribution system. Passings is an estimate based upon the best available information. Passings will vary among video, broadband data and voice services.
    2 Penetration is calculated by dividing the number of users by the number of passings or available homes, as appropriate.
    3 Total fiber miles are measured by taking the number of fiber strands in a cable and multiplying that number by the route distance. For example, a 10 mile route with 144 fiber strands would equal 1,440 fiber miles.


    Broadband - Residential and SMB ARPU       
     Three Months Ended
    September 30,    		 Nine Months Ended
    September 30,
     2023 2022 2023 2022
    Residential and SMB Revenue:       
    Broadband$35,096 $30,670 $102,422 $88,887
    Cable Markets 26,977  26,502  81,422  78,488
    Glo Fiber Markets 8,119  4,168  21,000  10,399
    Video 14,077  14,914  43,133  45,465
    Voice 3,062  3,041  9,146  8,951
    Discounts, adjustments and other 769  75  2,629  209
    Total Revenue$53,004 $48,700 $157,330 $143,512
            
    Average RGUs:       
    Broadband Data 144,510  127,579  140,420  123,271
    Cable Markets 109,364  108,481  109,612  107,603
    Glo Fiber Markets 35,146  19,098  30,808  15,668
    Video 44,385  48,456  45,294  49,016
    Voice 40,605  39,659  40,254  37,653
            
    ARPU: 1       
    Broadband$80.95 $80.05 $81.02 $80.03
    Cable Markets$82.22 $81.43 $82.54 $81.05
    Glo Fiber Markets$77.00 $72.75 $75.74 $73.74
    Video$105.72 $102.59 $105.81 $103.06
    Voice$25.14 $25.56 $25.24 $26.41

    ______________________________________________________
    1 Average Revenue Per RGU calculation = (Residential & SMB Revenue) / average RGUs / 3 months.


    Tower Operating Statistics

     September 30,
    2023    		 September 30,
    2022
    Macro tower sites220 222
    Tenants446 457
    Average tenants per tower2.0 2.0

     


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