EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

Shenandoah Telecommunications Company Reports Third Quarter 2022 Results

EDINBURG, Va., Nov. 02, 2022 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced third quarter 2022 financial and operating results.

Third Quarter 2022 Highlights

  • Glo Fiber data net adds were approximately 4,000, an increase of 90.1% over the third quarter 2021 and 19.3% over the second quarter 2022.
  • Revenue grew 7.5% to $66.9 million over the same period a year ago driven by 127.6% and 3.8% growth in Glo Fiber and incumbent cable data RGUs, respectively.
  • Glo Fiber homes and businesses passed grew 16.4% sequentially to approximately 131,000.

“We had another record quarter for Glo Fiber net additions and we reached another important milestone in the third quarter with our Glo Fiber service contributing positive incremental Adjusted EBITDA for the first time since our launch of service three years ago,” said President and CEO, Christopher E. French. "We continue to build momentum against our competition and believe we are well positioned to continue to win market share with our fiber-to-the-home platform, strong liquidity position and de-levered balance sheet."

Shentel's third-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, November 2, 2022. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/

Consolidated Third Quarter 2022 Results

  • Revenue in the third quarter of 2022 grew 7.5% to $66.9 million compared with the third quarter of 2021, due to Broadband segment revenue growth of 7.7% and Tower segment revenue growth of 5.1%.
  • Loss from continuing operations per share was $0.05 in the third quarter of 2022 compared with income per share from continuing operations of $0.13 in the third quarter of 2021. The decline was due primarily to higher depreciation from shortening the remaining life of Beam fixed assets and a lower non-cash tax benefit.
  • Adjusted EBITDA in the third quarter of 2022 of $19.0 million was consistent with the third quarter of 2021, due to Tower segment growth of 15.0% offset by 5.3% higher Corporate expenses.

Broadband

  • During the third quarter of 2022, the Company entered into a definitive asset purchase agreement (the "Spectrum Purchase Agreement") with a wireless carrier pursuant to which the Company agreed to sell certain spectrum licenses and leases utilized in the Company's Beam branded fixed wireless service for total consideration of approximately $21.1 million (the "Spectrum Transaction"). The total consideration will be composed of $17.3 million cash and approximately $3.8 million of liabilities to be assumed by the wireless carrier. The Spectrum Transaction is expected to close in the first half of 2023 subject to the receipt of regulatory approvals and other customary closing conditions. As a result of the Spectrum Transaction, the Company plans to cease its Beam operations at the remaining Beam fixed wireless sites upon or prior to the closing of the Spectrum Transaction. As a result of the cease of Beam service and related decommissioning of the remaining Beam fixed wireless sites after they cease operations, the Company has revised the useful lives for these sites to reflect operation through the cease of service date, resulting in the acceleration of depreciation for the related assets. Finally, as a result of the Spectrum Purchase Agreement, the Company re-classified the remaining Beam assets and liabilities as held for sale and is no longer reporting Beam customers in its Broadband Revenue Generating Units ("RGUs").
  • Total broadband data Revenue Generating Units ("RGUs") as of September 30, 2022, were 130,238, representing 13.9% year over year growth. Penetration for incumbent cable and Glo Fiber were 52% and 16%, respectively, compared to 50% and 15%, respectively, as of September 30, 2021. Total Glo Fiber passings grew year over year by approximately 70,100.
  • Broadband revenue in the third quarter of 2022 grew $4.5 million, or 7.7%, to $62.4 million compared with $57.9 million in the third quarter of 2021, primarily driven by a $3.9 million, or 8.7%, increase in Residential and Small and Medium Business ("SMB") revenue due to a 127.6% and 3.8% increase, respectively, in Glo Fiber and incumbent cable broadband data RGUs.
  • Cost of services increased approximately $1.9 million, or 7.6%, compared with the three months ended September 30, 2021 due to increases in compensation and maintenance expenses. Compensation increased due to higher salary and wages, medical expenses and headcount to support Glo Fiber expansion. Maintenance increased due to higher cable replacement, fuel and field engineering costs.
  • Selling, general and administrative expense increased $2.0 million, or 17.2%, compared with the three months ended September 30, 2021, due primarily to higher compensation expense, advertising, bad debt and property taxes. Compensation increased due to higher salary and wages, medical expenses and headcount to support Glo Fiber expansion.
  • Depreciation and amortization expense increased $4.6 million, or 37.5%, compared with the three months ended September 30, 2021, primarily as a result of our network expansion of our Glo Fiber network and due to the acceleration of depreciation associated with Beam assets as discussed above.
  • Broadband operating income in the third quarter of 2022 was $4.8 million, compared to $9.4 million in the third quarter of 2021, due primarily to higher depreciation.
  • Broadband Adjusted EBITDA in the third quarter of 2022 was $22.2 million, consistent with the third quarter of 2021.

Tower

  • Revenue increased approximately $0.2 million, or 5.1%, for the three months ended September 30, 2022 compared with the three months ended September 30, 2021, primarily due to an increase in revenue per tenant.
  • Tower operating income in the third quarter of 2022 was $2.6 million, compared to $2.2 million in the third quarter of 2021.
  • Tower Adjusted EBITDA in the third quarter of 2022 grew 15.1% to $3.0 million, compared with $2.6 million for the third quarter of 2021.

Other Information

  • As of September 30, 2022, our cash and cash equivalents totaled $33.0 million and the availability under our delayed draw term loans and revolving line of credit was $375.0 million, for total available liquidity of $408.0 million. On July 1, 2022, we borrowed a total of $25.0 million in term loans. We expect to draw the remaining $275 million in delay draw term loans by June 30, 2023.
  • Capital expenditures were $132.4 million for the nine months ended September 30, 2022 compared with $118.8 million in the comparable 2021 period. The $13.6 million increase in capital expenditures was primarily due to higher spending in the Broadband segment driven by the expansion of our Glo Fiber network.

Conference Call and Webcast

Date: Wednesday, November 2, 2022
Time: 8:30 A.M. (ET)
Dial in number: 833-630-1956

A live webcast of the call will be available on the “Investor Relations” page of the Company’s website at http://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, fiber optic and fixed wireless 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 8,000 route miles of fiber and over 200 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. 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 (LOSS) INCOME
(in thousands, except per share amounts)Three Months Ended
September 30,		 Nine Months Ended
September 30,
  2022   2021   2022   2021 
Service revenue and other$66,924  $62,244  $197,359  $182,635 
Operating expenses:       
Cost of services exclusive of depreciation and amortization 27,477   25,747   80,572   73,819 
Selling, general and administrative 22,227   20,238   69,152   60,711 
Restructuring expense 641   1,160   1,031   1,821 
Impairment expense 477   —   4,884   99 
Depreciation and amortization 17,873   14,248   47,008   40,714 
Total operating expenses 68,695   61,393   202,647   177,164 
Operating (loss) income (1,771)  851   (5,288)  5,471 
Other (expense) income:       
Other (expense) income, net (1,208)  138   (1,967)  3,076 
(Loss) income from continuing operations before income taxes (2,979)  989   (7,255)  8,547 
Income tax benefit (251)  (5,506)  (699)  (2,519)
(Loss) income from continuing operations (2,728)  6,495   (6,556)  11,066 
Discontinued operations:       
(Loss) income from discontinued operations, net of tax —   (406)  —   99,632 
Gain on the sale of discontinued operations, net of tax —   886,732   —   886,732 
Total income from discontinued operations, net of tax —   886,326   —   986,364 
Net (loss) income (2,728)  892,821   (6,556)  997,430 
        
Other comprehensive income:       
Unrealized income on interest rate hedge, net of tax —   3,620   —   4,706 
Comprehensive (loss) income$(2,728) $896,441  $(6,556) $1,002,136 
        
Net (loss) income per share, basic and diluted:       
Basic - (Loss) income from continuing operations$(0.05) $0.13  $(0.13) $0.22 
Basic - Income from discontinued operations, net of tax$—  $17.73  $—  $19.73 
Basic net (loss) income per share$(0.05) $17.86  $(0.13) $19.95 
        
Diluted - (Loss) income from continuing operations$(0.05) $0.13  $(0.13) $0.22 
Diluted - Income from discontinued operations, net of tax$—  $17.68  $—  $19.67 
Diluted net (loss) income per share$(0.05) $17.81  $(0.13) $19.89 
        
Weighted average shares outstanding, basic 50,183   49,984   50,153   49,984 
Weighted average shares outstanding, diluted 50,183   50,120   50,153   50,136 
 

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)September 30,
2022		 December 31,
2021
ASSETS   
Current assets:   
Cash and cash equivalents$33,033 $84,344
Accounts receivable, net of allowance for doubtful accounts of $371 and $352, respectively 23,592  22,005
Income taxes receivable 29,457  30,188
Prepaid expenses and other 11,915  29,830
Current assets held for sale 19,742  —
Total current assets 117,739  166,367
Investments 12,784  13,661
Property, plant and equipment, net 641,407  554,162
Intangible assets, net and goodwill 81,612  69,853
Operating lease right-of-use assets 55,749  56,414
Deferred charges and other assets 13,167  10,298
Non-current assets held for sale —  19,978
Total assets$922,458 $890,733
LIABILITIES AND SHAREHOLDERS’ EQUITY   
Current liabilities:   
Current maturities of long-term debt, net of unamortized loan fees$105 $—
Accounts payable 35,836  28,542
Advanced billings and customer deposits 11,443  11,128
Accrued compensation 10,721  9,653
Current operating lease liabilities 2,962  3,318
Accrued liabilities and other 14,040  14,611
Current liabilities held for sale 3,834  38
Total current liabilities 78,941  67,290
Long-term debt, less current maturities, net of unamortized loan fees 24,869  —
Other long-term liabilities:   
Deferred income taxes 84,639  86,014
Asset retirement obligations 9,727  9,615
Benefit plan obligations 7,711  8,216
Non-current operating lease liabilities 52,001  51,692
Other liabilities 22,059  21,824
Non-current liabilities held for sale —  3,807
Total other long-term liabilities 176,137  181,168
Commitments and contingencies (Note 12)   
Shareholders’ equity:   
Common stock, no par value, authorized 96,000; 50,098 and 49,965 issued and outstanding at September 30, 2022 and December 31, 2021, respectively —  —
Additional paid in capital 56,143  49,351
Retained earnings 586,368  592,924
Total shareholders’ equity 642,511  642,275
Total liabilities and shareholders’ equity$922,458 $890,733


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES   
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   
(in thousands)Nine Months Ended
September 30,
 2022
 2021
Cash flows from operating activities:   
Net (loss) income$(6,556) $997,430 
Income from discontinued operations, net of tax —   986,364 
(Loss) income from continuing operations (6,556)  11,066 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:   
Depreciation and amortization 47,008   40,714 
Stock-based compensation expense 7,299   1,953 
Impairment expense 4,884   99 
Deferred income taxes (1,374)  4,180 
Bad debt expense 1,252   755 
Other, net 1,638   (31)
Changes in assets and liabilities:   
Accounts receivable 1,157   (1,195)
Current income taxes 731   (6,870)
Operating lease assets and liabilities, net 618   (214)
Other assets (1,056)  (8,066)
Accounts payable (608)  (5,626)
Other deferrals and accruals 1,212   (5,193)
Net cash provided by operating activities - continuing operations 56,205   31,572 
Net cash provided by operating activities - discontinued operations —   121,067 
Net cash provided by operating activities 56,205   152,639 
    
Cash flows from investing activities:   
Capital expenditures         (132,357)          (118,800)
Proceeds from sale of investments 793   90 
Proceeds from sale of assets and other 922   110 
Net cash used in investing activities - continuing operations (130,642)  (118,600)
Net cash provided by investing activities - discontinued operations —   1,944,063 
Net cash (used in) provided by investing activities (130,642)  1,825,463 
    
Cash flows from financing activities:   
Proceeds from credit facility borrowings 25,000   — 
Taxes paid for equity award issuances (986)  (1,627)
Dividends paid, net of dividends reinvested —   (936,850)
Payments for debt issuance costs —   (841)
Payments for financing arrangements and other (888)  (1,081)
Net cash provided by (used in) financing activities - continuing operations 23,126   (940,399)
Net cash used in financing activities - discontinued operations —   (700,556)
Net cash provided by (used in) financing activities 23,126   (1,640,955)
Net (decrease) increase in cash and cash equivalents (51,311)  337,147 
Cash and cash equivalents, beginning of period 84,344   195,397 
Cash and cash equivalents, end of period$33,033  $532,544 
    
Supplemental Disclosures of Cash Flow Information   
Interest paid$243  $10,397 
Income taxes paid$—  $24,900 

Non-GAAP Financial Measures
Adjusted EBITDA

The Company defines Adjusted EBITDA as net income (loss) from continuing operations 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) from continuing operations, 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, 2022
(in thousands) Broadband Tower Corporate &
Eliminations		 Consolidated
Net income (loss) from continuing operations $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%


Three Months Ended September 30, 2021        
(in thousands) Broadband Tower Corporate &
Eliminations		 Consolidated
Net income (loss) from continuing operations $9,337  $2,163  $(5,005) $6,495 
Depreciation and amortization  12,211   468   1,569   14,248 
Other expense (income), net  63   —   (201)  (138)
Income tax benefit  —   —   (5,506)  (5,506)
Stock-based compensation  —   —   1,119   1,119 
Restructuring charges and other  676   6   2,048   2,730 
Adjusted EBITDA $22,287  $2,637  $(5,976) $18,948 
         
Adjusted EBITDA margin  38%  59% N/A  30%


Nine Months Ended September 30, 2022        
(in thousands) Broadband Tower Corporate &
Eliminations		 Consolidated
Net income (loss) from continuing operations $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%


Nine Months Ended September 30, 2021        
(in thousands) Broadband Tower Corporate &
Eliminations		 Consolidated
Net income (loss) from continuing operations $27,670  $7,374  $(23,978) $11,066 
Depreciation and amortization  35,648   1,398   3,668   40,714 
Impairment expense  99   —   —   99 
Other expense (income), net  195   —   (3,271)  (3,076)
Income tax benefit  —   —   (2,519)  (2,519)
Stock-based compensation  —   —   1,953   1,953 
Restructuring charges and other  924   6   2,713   3,643 
Adjusted EBITDA $64,536  $8,778  $(21,434) $51,880 
         
Adjusted EBITDA margin  38%  64% N/A  28%

Segment Results

Three Months Ended September 30, 2022:

(in thousands)Broadband Tower Corporate &
Eliminations		 Consolidated
External revenue       
Residential & SMB$48,700 $— $—  $48,700 
Commercial Fiber 9,522  —  —   9,522 
RLEC & Other 4,139  —  —   4,139 
Tower lease —  4,610  —   4,610 
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)

Three Months Ended September 30, 2021:

(in thousands)Broadband Tower Corporate &
Eliminations		 Consolidated
External revenue       
Residential & SMB$44,783 $— $—  $44,783
Commercial Fiber 9,059  —  —   9,059
RLEC & Other 3,972  —  —   3,972
Tower lease —  4,356  —   4,356
Service revenue and other 57,814  4,356  —   62,170
Revenue for service provided to the discontinued Wireless operations 99  93  (118)  74
Total revenue 57,913  4,449  (118)  62,244
Operating expenses       
Cost of services 24,333  1,504  (90)  25,747
Selling, general and administrative 11,898  314  8,026   20,238
Restructuring expense 71  —  1,089   1,160
Depreciation and amortization 12,211  468  1,569   14,248
Total operating expenses 48,513  2,286  10,594   61,393
Operating income (loss)$9,400 $2,163 $(10,712) $851

Nine Months Ended September 30, 2022:

(in thousands)Broadband Tower Corporate &
Eliminations		 Consolidated
External revenue       
Residential & SMB$143,512 $— $—  $143,512 
Commercial Fiber 27,924  —  —   27,924 
RLEC & Other 11,952  —  —   11,952 
Tower lease —  13,971  —   13,971 
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)

Nine Months Ended September 30, 2021:

(in thousands)Broadband Tower Corporate &
Eliminations		 Consolidated
External revenue       
Residential & SMB$131,702 $— $—  $131,702
Commercial Fiber 21,975  —  —   21,975
RLEC & Other 11,208  —  —   11,208
Tower lease —  8,525  —   8,525
Service revenue and other 164,885  8,525  —   173,410
Revenue for service provided to the discontinued Wireless operations 4,409  5,203  (387)  9,225
Total revenue 169,294  13,728  (387)  182,635
Operating expenses       
Cost of services 70,050  4,070  (301)  73,819
Selling, general and administrative 35,429  886  24,396   60,711
Restructuring expense 203  —  1,618   1,821
Impairment expense 99  —  —   99
Depreciation and amortization 35,648  1,398  3,668   40,714
Total operating expenses 141,429  6,354  29,381   177,164
Operating income (loss)$27,865 $7,374 $(29,768) $5,471

Supplemental Information

Broadband Operating Statistics

 September 30,
2022		 September 30,
2021
Broadband homes and businesses passed (1)342,741  271,849 
Incumbent Cable211,829  211,013 
Glo Fiber130,912  60,836 
    
Residential & Small and Medium Business ("SMB") RGUs:   
Broadband Data130,238  114,388 
Incumbent Cable109,132  105,116 
Glo Fiber21,106  9,272 
Video48,092  50,652 
Voice39,801  34,592 
Total Residential & SMB RGUs (excludes RLEC)218,131  199,632 
    
Residential & SMB Penetration (2)   
Broadband Data38.0% 42.1%
Incumbent Cable51.5% 49.8%
Glo Fiber16.1% 15.2%
Video14.0% 18.6%
Voice12.2% 13.6%
    
Fiber route miles8,072  7,219 
Total fiber miles (3)622,095  469,387 

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(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,
  2022  2021   2022  2021 
Residential and SMB Revenue:       
Broadband$30,670 $26,590  $88,887 $76,693 
Incumbent Cable 26,502  24,780   78,488  72,421 
Glo Fiber 4,168  1,810   10,399  4,272 
Video 14,914  15,391   45,465  46,654 
Voice 3,041  2,968   8,951  8,760 
Discounts, adjustments and other 75  (166)  209  (405)
Total Revenue$48,700 $44,783  $143,512 $131,702 
        
Average RGUs:       
Broadband Data 127,579  112,338   123,271  108,749 
Incumbent Cable 108,481  104,150   107,603  102,319 
Glo Fiber 19,098  8,188   15,668  6,430 
Video 48,456  50,921   49,016  51,691 
Voice 39,659  34,789   37,653  33,904 
        
ARPU: (1)       
Broadband$80.05 $78.85  $80.03 $78.33 
Incumbent Cable$81.43 $79.31  $81.05 $78.64 
Glo Fiber$72.75 $73.69  $73.74 $73.82 
Video$102.59 $100.75  $103.06 $100.28 
Voice$25.56 $28.44  $26.41 $28.71 

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(1)  Average Revenue Per RGU calculation = (Residential & SMB Revenue * 1,000) / average RGUs / 3 months 

   

Tower Operating Statistics

 September 30,
2022		 September 30,
2021
Macro tower sites222 223
Tenants457 470
Average tenants per tower2.0 2.0