• Shenandoah Telecommunications Company Reports Second Quarter 2023 Results

    Source: Nasdaq GlobeNewswire / 02 Aug 2023 07:00:01   America/New_York

    EDINBURG, Va., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced second quarter 2023 financial and operating results.

    Second Quarter 2023 Highlights

    • Glo Fiber Markets added approximately 4,000 subscribers; 20.7% higher than the second quarter of 2022.
    • Consolidated revenue grew 8.1% to $71.3 million compared to the second quarter of 2022. Glo Fiber Markets revenue grew 101.3% to $8.2 million and Broadband revenue grew 8.6% to $66.7 million over the same period.
    • Consolidated net income was $1.8 million in the second quarter of 2023, compared with net loss of $3.2 million in the second quarter of 2022.
    • Consolidated Adjusted EBITDA grew 21.1% to $22.5 million compared to the second quarter of 2022. Broadband Adjusted EBITDA grew 18.4% to $26.1 million over the same period.

    “I am pleased with our solid execution of our Fiber First growth plan and the continued scaling of our fiber network. Broadband Adjusted EBITDA margin was 39% compared to 36% in the same period a year ago. We expect margins to increase as our Glo Fiber penetration rate grows,” said President and CEO, Christopher E. French.

    Shentel’s second-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, August 2, 2023. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/.

    Consolidated Second Quarter 2023 Results

    • Revenue in the second quarter of 2023 grew 8.1% to $71.3 million compared with the second quarter of 2022, due to Broadband segment revenue growth of 8.6%.
    • Net income per share was $0.04 in the second quarter of 2023 compared with net loss per share of $0.06 in the second quarter of 2022.
    • Adjusted EBITDA was $22.5 million in the second quarter of 2023 compared with $18.6 million in the second quarter of 2022 due to Broadband segment growth of 18.4% and Tower segment growth of 3.7%.

    Broadband

    • Total Cable Markets and Glo Fiber Markets broadband data Revenue Generating Units (“RGUs”) as of June 30, 2023 were 142,247, representing 13.8% year-over-year growth. Penetration for Cable Markets and Glo Fiber Markets as of June 30, 2023 were 51% and 18%, respectively, compared to 51% and 15%, respectively, as of June 30, 2022. Total Glo Fiber Markets passings grew year-over-year by 70,342 from 112,505 to 182,847.
    • Broadband revenue in the second quarter of 2023 grew $5.3 million, or 8.6%, to $66.7 million compared with $61.4 million in the second quarter of 2022, primarily driven by a $4.1 million, or 101.3%, increase in Residential & Small and Medium Business (“SMB”) - Glo Fiber Markets revenue. Residential & SMB - Glo Fiber Markets increased due to a 91.8% increase in broadband data RGUs. In addition, Residential & SMB - Cable Markets revenue grew $0.6 million, or 1.3%, due to a 1.4% increase in data RGUs and 2.1% increase in data ARPU. Commercial Fiber revenue increased $0.9 million, or 9.8%, primarily due to $0.5 million in recurring revenue driven by 19.6% increase in connections and $0.4 million in T-Mobile non-recurring early termination fees. T-Mobile disconnected 22 backhaul circuits during the second quarter as part of their previously announced rationalization of the former Sprint network. The Company expects 151 additional backhaul disconnects in 2023 as part of the network rationalization.
    • Cost of services decreased approximately $0.7 million, or 2.7%, compared with the three months ended June 30, 2022 due to higher capitalized labor and lower medical benefit costs, partially offset by higher line costs due to the expansion of the network into new markets and mobile switching centers of wireless carrier customers.
    • Selling, general and administrative expense increased $2.0 million, or 14.1%, compared with the three months ended June 30, 2022, due primarily to 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, as well as higher bad debt expense.
    • Shentel recorded impairment charges of $0.8 million during the three months ended June 30, 2023, compared with $4.1 million of impairment charges for the three months ended June 30, 2022. Impairment charges for the three months ended June 30, 2023 were primarily a result of colocation lease right-of-use assets that are no longer expected to be used and have no alternative use, while impairment charges in the three months ended June 30, 2022 were primarily a result of the Company’s expected decommissioning of Beam fixed wireless sites.
    • Depreciation and amortization expense increased $2.1 million, or 15.6%, compared with the three months ended June 30, 2022, primarily as a result of the Company’s expansion of its Glo Fiber network.
    • Broadband operating income was $9.7 million in the second quarter of 2023, compared to $4.1 million in the second quarter of 2022.
    • Broadband Adjusted EBITDA was $26.1 million in the second quarter of 2023 compared to $22.0 million in the second quarter of 2022.

    Tower

    • Revenue for the three months ended June 30, 2023 was consistent with revenue for the three months ended June 30, 2022.
    • Tower operating income was $2.5 million in the second quarter of 2023, compared to $2.3 million in the second quarter of 2022.
    • Tower Adjusted EBITDA in the second quarter of 2023 grew 3.7% to $3.0 million, compared with $2.9 million for the second quarter of 2022.

    Other Information

    • As of June 30, 2023, our cash and cash equivalents totaled $26.3 million and the availability under our delayed draw term loans and revolving line of credit was $275.0 million, for total available liquidity of $301.3 million. We expect to draw the remaining $175.0 million in delayed draw term loans by December 31, 2023.
    • Capital expenditures were $136.2 million for the six months ended June 30, 2023 compared with $88.7 million in the comparable 2022 period. The $47.5 million increase in capital expenditures was primarily due to higher spending in the Broadband segment to enable our Glo Fiber market expansion.

    Earnings Call Webcast

    Date: Wednesday, August 2, 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 9,000 route miles of fiber and over 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,” “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 natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, changes in general economic conditions including high inflation, increases in costs, changes in regulation and other competitive factors. 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
    June 30,    		 Six Months Ended
    June 30,
      2023   2022   2023   2022 
    Service revenue and other$71,341  $66,021  $143,027  $130,435 
    Operating expenses:       
    Cost of services exclusive of depreciation and amortization 26,076   26,756   52,643   53,095 
    Selling, general and administrative 25,691   23,090   52,300   46,925 
    Restructuring expense —   454   —   390 
    Impairment expense 836   4,068   1,020   4,407 
    Depreciation and amortization 16,369   14,790   31,967   29,135 
    Total operating expenses 68,972   69,158   137,930   133,952 
    Operating income (loss) 2,369   (3,137)  5,097   (3,517)
    Other income (expense):       
    Other income (expense), net 177   (589)  1,294   (759)
    Income (loss) before income taxes 2,546   (3,726)  6,391   (4,276)
    Income tax expense (benefit) 756   (501)  2,535   (448)
    Net income (loss)$1,790  $(3,225) $3,856  $(3,828)
            
    Other comprehensive income:       
    Unrealized income on interest rate hedge, net of tax 2,127   —   2,127   — 
    Comprehensive income (loss)$3,917  $(3,225) $5,983  $(3,828)
            
    Net income (loss) per share, basic and diluted:       
    Basic net income (loss) per share$0.04  $(0.06) $0.08  $(0.08)
            
    Diluted net income (loss) per share$0.04  $(0.06) $0.08  $(0.08)
            
    Weighted average shares outstanding, basic 50,366   50,157   50,330   50,133 
    Weighted average shares outstanding, diluted 50,693   50,157   50,569   50,133 
            


    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)June 30,
    2023    		 December 31,
    2022
    ASSETS   
    Current assets:   
    Cash and cash equivalents$26,304  $44,061 
    Accounts receivable, net of allowance for doubtful accounts of $726 and $776, respectively 15,344   20,615 
    Income taxes receivable 4,647   29,755 
    Prepaid expenses and other 12,874   11,509 
    Current assets held for sale 19,742   22,622 
    Total current assets 78,911   128,562 
    Investments 13,016   12,971 
    Property, plant and equipment, net 786,446   687,553 
    Goodwill and intangible assets, net 81,270   81,515 
    Operating lease right-of-use assets 52,258   53,859 
    Deferred charges and other assets 15,557   13,259 
    Total assets$1,027,458  $977,719 
    LIABILITIES AND SHAREHOLDERS’ EQUITY   
    Current liabilities:   
    Current maturities of long-term debt, net of unamortized loan fees$1,056  $648 
    Accounts payable 41,238   49,173 
    Advanced billings and customer deposits 12,359   12,425 
    Accrued compensation 7,532   9,616 
    Current operating lease liabilities 3,076   2,829 
    Accrued liabilities and other 12,766   17,906 
    Current liabilities held for sale 3,804   3,824 
    Total current liabilities 81,831   96,421 
    Long-term debt, less current maturities, net of unamortized loan fees 123,795   74,306 
    Other long-term liabilities:   
    Deferred income taxes 87,830   84,600 
    Asset retirement obligations 10,187   9,932 
    Benefit plan obligations 4,035   3,758 
    Non-current operating lease liabilities 49,872   50,477 
    Other liabilities 20,483   20,218 
    Total other long-term liabilities 172,407   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 June 30, 2023 and December 31, 2022, respectively —   — 
    Additional paid in capital 62,888   57,453 
    Retained earnings 584,410   580,554 
    Accumulated other comprehensive income, net of taxes 2,127   — 
    Total shareholders’ equity 649,425   638,007 
    Total liabilities and shareholders’ equity$1,027,458  $977,719 


    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES   
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   
    (in thousands)Six Months Ended
    June 30,
      2023   2022 
    Cash flows from operating activities:   
    Net income (loss)$3,856  $(3,828)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:   
    Depreciation and amortization 31,967   29,135 
    Stock-based compensation expense, net of amount capitalized 6,320   5,528 
    Impairment expense 1,020   4,407 
    Deferred income taxes 2,491   (392)
    Other, net 1,118   1,985 
    Changes in assets and liabilities:   
    Accounts receivable 4,499   4,430 
    Current income taxes 25,108   — 
    Operating lease assets and liabilities, net 408   414 
    Other assets 1,937   (1,902)
    Accounts payable (3,012)  127 
    Other deferrals and accruals (5,912)  (1,180)
    Net cash provided by operating activities 69,800   38,724 
        
    Cash flows from investing activities:   
    Capital expenditures (136,158)  (88,706)
    Proceeds from sale of assets and other 508   279 
    Net cash used in investing activities (135,650)  (88,427)
        
    Cash flows from financing activities:   
    Proceeds from credit facility borrowings 50,000   — 
    Payments for debt issuance costs (300)  — 
    Taxes paid for equity award issuances (1,317)  (835)
    Payments for financing arrangements and other (290)  (471)
    Net cash provided by (used in) financing activities 48,093   (1,306)
    Net decrease in cash and cash equivalents (17,757)  (51,009)
    Cash and cash equivalents, beginning of period 44,061   84,344 
    Cash and cash equivalents, end of period$26,304  $33,335 
        
    Supplemental Disclosures of Cash Flow Information   
    Interest paid$3,111  $— 
    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 June 30, 2023        
    (in thousands) Broadband Tower Corporate &
    Eliminations    		 Consolidated
    Net income (loss) $9,613  $2,487  $(10,310) $1,790 
    Depreciation and amortization  15,490   538   341   16,369 
    Impairment expense  836   —   —   836 
    Other expense (income), net  62   —   (239)  (177)
    Income tax benefit  —   —   756   756 
    Stock-based compensation  —   —   2,603   2,603 
    Restructuring charges and other  71   —   230   301 
    Adjusted EBITDA $26,072  $3,025  $(6,619) $22,478 
             
    Adjusted EBITDA margin  39%  64% N/A  32%


    Three Months Ended June 30, 2022        
    (in thousands) Broadband Tower Corporate &
    Eliminations    		 Consolidated
    Net income (loss) $4,042  $2,285  $(9,552) $(3,225)
    Depreciation and amortization  13,396   633   761   14,790 
    Impairment expense  4,068   —   —   4,068 
    Other expense (income), net  65   —   524   589 
    Income tax benefit  —   —   (501)  (501)
    Stock-based compensation  —   —   2,385   2,385 
    Restructuring charges and other  443   —   11   454 
    Adjusted EBITDA $22,014  $2,918  $(6,372) $18,560 
             
    Adjusted EBITDA margin  36%  62% N/A  28%


    Six Months Ended June 30, 2023        
    (in thousands) Broadband Tower Corporate &
    Eliminations    		 Consolidated
    Net income (loss) $20,887  $4,908  $(21,939) $3,856 
    Depreciation and amortization  30,173   1,051   743   31,967 
    Impairment expense  1,020   —   —   1,020 
    Other expense (income), net  124   —   (1,418)  (1,294)
    Income tax benefit  —   —   2,535   2,535 
    Stock-based compensation  —   —   6,320   6,320 
    Restructuring charges and other  202   —   230   432 
    Adjusted EBITDA $52,406  $5,959  $(13,529) $44,836 
             
    Adjusted EBITDA margin  39%  64% N/A  31%


    Six Months Ended June 30, 2022        
    (in thousands) Broadband Tower Corporate &
    Eliminations    		 Consolidated
    Net income (loss) $12,169  $5,038  $(21,035) $(3,828)
    Depreciation and amortization  25,933   1,117   2,085   29,135 
    Impairment expense  4,407   —   —   4,407 
    Other expense (income), net  119   —   640   759 
    Income tax benefit  —   —   (448)  (448)
    Stock-based compensation  —   —   5,528   5,528 
    Restructuring charges and other  460   —   (70)  390 
    Adjusted EBITDA $43,088  $6,155  $(13,300) $35,943 
             
    Adjusted EBITDA margin  36%  64% N/A  28%


    Segment Results

    Three Months Ended June 30, 2023:
    (in thousands)Broadband Tower Corporate &
    Eliminations    		 Consolidated
    External revenue       
    Residential & SMB - Cable Markets1$44,403  $—  $—  $44,403 
    Residential & SMB - Glo Fiber Markets1 8,164   —   —   8,164 
    Commercial Fiber 10,253   —   —   10,253 
    Tower lease —   4,715   —   4,715 
    RLEC & Other 3,806   —   —   3,806 
    Service revenue and other 66,626   4,715   —   71,341 
    Intercompany revenue and other 51   38   (89)  — 
    Total revenue 66,677   4,753   (89)  71,341 
    Operating expenses       
    Cost of services 24,752   1,379   (55)  26,076 
    Selling, general and administrative 15,924   349   9,418   25,691 
    Impairment expense 836   —   —   836 
    Depreciation and amortization 15,490   538   341   16,369 
    Total operating expenses 57,002   2,266   9,704   68,972 
    Operating income (loss)$9,675  $2,487  $(9,793) $2,369 


    Three Months Ended June 30, 2022:
    (in thousands)Broadband Tower Corporate &
    Eliminations    		 Consolidated
    External revenue       
    Residential & SMB - Cable Markets1$43,843  $—  $—  $43,843 
    Residential & SMB - Glo Fiber Markets1 4,056   —   —   4,056 
    Commercial Fiber 9,340   —   —   9,340 
    Tower lease —   4,615   —   4,615 
    RLEC & Other 4,124   —   —   4,124 
    Service revenue and other 61,363   4,615   —   65,978 
    Intercompany revenue and other 49   87   (93)  43 
    Total revenue 61,412   4,702   (93)  66,021 
    Operating expenses       
    Cost of services 25,440   1,378   (62)  26,756 
    Selling, general and administrative 13,958   406   8,726   23,090 
    Restructuring expense 443   —   11   454 
    Impairment expense 4,068   —   —   4,068 
    Depreciation and amortization 13,396   633   761   14,790 
    Total operating expenses 57,305   2,417   9,436   69,158 
    Operating income (loss)$4,107  $2,285  $(9,529) $(3,137)


    Six Months Ended June 30, 2023:
    (in thousands)Broadband Tower Corporate &
    Eliminations    		 Consolidated
    External revenue       
    Residential & SMB - Cable Markets1$89,159  $—  $—  $89,159 
    Residential & SMB - Glo Fiber Markets1 15,167   —   —   15,167 
    Commercial Fiber 21,951   —   —   21,951 
    Tower lease —   9,253   —   9,253 
    RLEC & Other 7,497   —   —   7,497 
    Service revenue and other 133,774   9,253   —   143,027 
    Intercompany revenue and other 106   76   (182)  — 
    Total revenue 133,880   9,329   (182)  143,027 
    Operating expenses       
    Cost of services 50,181   2,571   (109)  52,643 
    Selling, general and administrative 31,495   799   20,006   52,300 
    Impairment expense 1,020   —   —   1,020 
    Depreciation and amortization 30,173   1,051   743   31,967 
    Total operating expenses 112,869   4,421   20,640   137,930 
    Operating income (loss)$21,011  $4,908  $(20,822) $5,097 


    Six Months Ended June 30, 2022:
    (in thousands)Broadband Tower Corporate &
    Eliminations    		 Consolidated
    External revenue       
    Residential & SMB - Cable Markets1$87,336  $—  $—  $87,336 
    Residential & SMB - Glo Fiber Markets1 7,476   —   —   7,476 
    Commercial Fiber 18,402   —   —   18,402 
    Tower lease —   9,361   —   9,361 
    RLEC & Other 7,813   —   —   7,813 
    Service revenue and other 121,027   9,361   —   130,388 
    Intercompany revenue and other 99   188   (240)  47 
    Total revenue 121,126   9,549   (240)  130,435 
    Operating expenses       
    Cost of services 50,608   2,670   (183)  53,095 
    Selling, general and administrative 27,430   724   18,771   46,925 
    Restructuring expense 460   —   (70)  390 
    Impairment expense 4,407   —   —   4,407 
    Depreciation and amortization 25,933   1,117   2,085   29,135 
    Total operating expenses 108,838   4,511   20,603   133,952 
    Operating income (loss)$12,288  $5,038  $(20,843) $(3,517)

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

    Supplemental Information

    Broadband Operating Statistics
     June 30,
    2023    		 June 30,
    2022
    Broadband homes and businesses passed (1)396,035  324,186 
    Cable Markets213,188  211,681 
    Glo Fiber Markets182,847  112,505 
        
    Residential & Small and Medium Business ("SMB") RGUs:   
    Broadband Data142,247  125,003 
    Cable Markets109,404  107,878 
    Glo Fiber Markets32,843  17,125 
    Video44,800  49,027 
    Voice40,313  39,535 
    Total Residential & SMB RGUs (excludes RLEC)227,360  213,565 
        
    Residential & SMB Penetration (2)   
    Broadband Data35.9% 38.6%
    Cable Markets51.3% 51.0%
    Glo Fiber Markets18.0% 15.2%
    Video11.3% 15.1%
    Voice10.7% 12.9%
        
    Fiber route miles9,082  7,906 
    Total fiber miles (3)767,173  589,923 

    ______________________________________________________
    (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
    June 30,    		 Six Months Ended
    June 30,
      2023   2022   2023   2022 
    Residential and SMB Revenue:       
    Broadband$34,152  $29,568  $67,326  $58,217 
    Cable Markets 27,172   26,123   54,445   51,986 
    Glo Fiber Markets 6,980   3,445   12,881   6,231 
    Video 14,411   15,210   29,056   30,551 
    Voice 3,054   2,994   6,084   5,910 
    Discounts, adjustments and other 950   127   1,860   134 
    Total Revenue$52,567  $47,899  $104,326  $94,812 
            
    Average RGUs:       
    Broadband Data 140,481   123,153   138,376   121,832 
    Cable Markets 109,716   107,738   109,737   107,878 
    Glo Fiber Markets 30,765   15,415   28,639   13,954 
    Video 45,229   49,146   45,749   49,295 
    Voice 40,164   38,463   40,078   36,650 
            
    ARPU: (1)       
    Broadband$81.03  $79.94  $81.06  $80.02 
    Cable Markets$82.55  $80.82  $82.69  $80.85 
    Glo Fiber Markets$75.63  $74.49  $74.96  $74.42 
    Video$106.21  $103.16  $105.85  $103.29 
    Voice$25.35  $25.95  $25.30  $26.88 

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

    Tower Operating Statistics
     June 30,
    2023    		 June 30,
    2022
    Macro tower sites222  223 
    Tenants448  465 
    Average tenants per tower1.9  2.0 

     


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