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Shenandoah Telecommunications Company Reports First Quarter 2023 Results

Shenandoah Telecommunications Co
Shenandoah Telecommunications Co

EDINBURG, Va., April 28, 2023 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced first quarter 2023 financial and operating results.

First Quarter 2023 Highlights

  • Glo Fiber Markets data net additions were 4,507 or 87.3% higher than the first quarter of 2022.

  • Consolidated revenue grew 11.3% to $71.7 million compared to the first quarter of 2022. Glo Fiber Markets revenue grew 104.7% to $7.0 million and Broadband revenue grew 12.5% to $67.2 million over the same period.

  • Consolidated net income was $2.1 million in the first quarter of 2023, compared with net loss of $0.6 million in the first quarter of 2022.

  • Consolidated Adjusted EBITDA grew 28.6% to $22.4 million compared to the first quarter of 2022. Broadband Adjusted EBITDA grew 25.0% to $26.3 million over the same period.

ANNUNCIO PUBBLICITARIO

“We had a record quarter for Glo Fiber Markets data net additions and revenue, and for Broadband revenue and Adjusted EBITDA,” said President and CEO, Christopher E. French. "We are beginning to see the operating leverage and margin expansion in our Broadband business as Glo Fiber accelerates growth and increases scale."

Shentel's first-quarter earnings conference call will be webcast at 8:00 a.m. ET on Friday, April 28, 2023. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/.

Consolidated First Quarter 2023 Results

  • Revenue in the first quarter of 2023 grew 11.3% to $71.7 million compared with the first quarter of 2022, due to Broadband segment revenue growth of 12.5%, partially offset by Tower segment revenue decline of 5.6%.

  • Net income per share was $0.04 in the first quarter of 2023 compared with net loss per share of $0.01 in the first quarter of 2022.

  • Adjusted EBITDA was $22.4 million in the first quarter of 2023 compared with $17.4 million in the first quarter of 2022 due to Broadband segment growth of 25.0% partially offset by Tower segment decline of 9.4%.

Broadband

  • Total Cable Markets and Glo Fiber Markets broadband data Revenue Generating Units ("RGUs") as of March 31, 2023, were 138,713, representing 14.6% year over year growth. Penetration for Cable Markets and Glo Fiber Markets were 52% and 17%, respectively, compared to 51% and 15%, respectively, as of March 31, 2022. Total Glo Fiber Markets passings grew year over year by 71,447 from 93,611 to 165,058.

  • Broadband revenue in the first quarter of 2023 grew $7.5 million, or 12.5%, to $67.2 million compared with $59.7 million in the first quarter of 2022, primarily driven by a $3.6 million, or 104.7%, increase in Residential & Small and Medium Business ("SMB") - Glo Fiber Markets revenue. Residential & SMB - Glo Fiber Markets increased due to a 108.9% increase in broadband data RGUs. In addition, Residential & SMB - Cable Markets revenue grew $1.3 million, or 2.9%, due to a 2.5% increase in data RGUs and 2.4% increase in data ARPU. Commercial Fiber revenue increased $2.6 million, or 29.1%, primarily due to $1.8 million in non-recurring early termination fees and a $0.8 million increase in recurring revenue. T-Mobile disconnected 188 backhaul circuits during the first quarter as part of their previously announced rationalization of the former Sprint network. The Company expects 174 additional backhaul disconnects in 2023 as part of the network rationalization.

  • Cost of services increased approximately $0.3 million, or 1.0%, compared with the three months ended March 31, 2022 due to higher costs associated with consumable materials and supplies, maintenance and rent, partially offset by lower medical costs.

  • Selling, general and administrative expense increased $2.1 million, or 15.4%, compared with the three months ended March 31, 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 adds to low cost sales channels, higher information technology costs as a result of the Company's investment in upgraded systems, and higher property taxes associated with increased network assets associated with the expansion of Glo Fiber.

  • Depreciation and amortization expense increased $2.0 million, or 15.5%, compared with the three months ended March 31, 2022, primarily as a result of the Company's expansion of its Glo Fiber network.

  • Broadband operating income was $11.3 million in the first quarter of 2023, compared to $8.2 million in the first quarter of 2022.

  • Broadband Adjusted EBITDA was $26.3 million in the first quarter of 2023 compared to $21.1 million in the first quarter of 2022.

Tower

  • Revenue decreased approximately $0.3 million, or 5.6%, for the three months ended March 31, 2023 compared with the three months ended March 31, 2022, primarily due to lower application fee revenue.

  • Tower operating income was $2.4 million in the first quarter of 2023, compared to $2.8 million in the first quarter of 2022.

  • Tower Adjusted EBITDA in the first quarter of 2023 decreased 9.4% to $2.9 million, compared with $3.2 million for the first quarter of 2022.

Other Information

  • As of March 31, 2023, our cash and cash equivalents totaled $48.4 million and the availability under our delayed draw term loans and revolving line of credit was $300.0 million, for total available liquidity of $348.4 million. We expect to draw the remaining $200.0 million in delay draw term loans by June 30, 2023.

  • Capital expenditures were $67.7 million for the three months ended March 31, 2023 compared with $45.7 million in the comparable 2022 period. The $22.0 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: Friday, April 28, 2023
Time: 8:00 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 8,600 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. 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 OPERATIONS

(in thousands, except per share amounts)

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Service revenue and other

 

$

71,686

 

$

64,414

 

Operating expenses:

 

 

 

 

Cost of services exclusive of depreciation and amortization

 

 

26,567

 

 

26,339

 

Selling, general and administrative

 

 

26,609

 

 

23,771

 

Depreciation and amortization

 

 

15,782

 

 

14,684

 

Total operating expenses

 

 

68,958

 

 

64,794

 

Operating income (loss)

 

 

2,728

 

 

(380

)

Other income (expense):

 

 

 

 

Other income (expense), net

 

 

1,117

 

 

(170

)

Income (loss) before income taxes

 

 

3,845

 

 

(550

)

Income tax expense

 

 

1,779

 

 

53

 

Net income (loss)

 

$

2,066

 

$

(603

)

 

 

 

 

 

Net income (loss) per share, basic and diluted:

 

 

 

 

Basic net income (loss) per share

 

$

0.04

 

$

(0.01

)

 

 

 

 

 

Diluted net income (loss) per share

 

$

0.04

 

$

(0.01

)

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

50,291

 

 

50,146

 

Weighted average shares outstanding, diluted

 

 

50,512

 

 

50,146

 

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

March 31,
2023

 

December 31,
2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

48,396

 

$

44,061

Accounts receivable, net of allowance for doubtful accounts of $698 and $776, respectively

 

15,854

 

 

20,615

Income taxes receivable

 

5,079

 

 

29,755

Prepaid expenses and other

 

12,762

 

 

11,509

Current assets held for sale

 

22,432

 

 

22,622

Total current assets

 

104,523

 

 

128,562

Investments

 

13,118

 

 

12,971

Property, plant and equipment, net

 

739,587

 

 

687,553

Goodwill and intangible assets, net

 

81,392

 

 

81,515

Operating lease right-of-use assets

 

54,999

 

 

53,859

Deferred charges and other assets

 

13,021

 

 

13,259

Total assets

$

1,006,640

 

$

977,719

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current maturities of long-term debt, net of unamortized loan fees

$

1,302

 

$

648

Accounts payable

 

48,822

 

 

49,173

Advanced billings and customer deposits

 

12,391

 

 

12,425

Accrued compensation

 

6,857

 

 

9,616

Current operating lease liabilities

 

2,946

 

 

2,829

Accrued liabilities and other

 

16,103

 

 

17,906

Current liabilities held for sale

 

3,815

 

 

3,824

Total current liabilities

 

92,236

 

 

96,421

Long-term debt, less current maturities, net of unamortized loan fees

 

98,655

 

 

74,306

Other long-term liabilities:

 

 

 

Deferred income taxes

 

86,335

 

 

84,600

Asset retirement obligations

 

10,252

 

 

9,932

Benefit plan obligations

 

3,887

 

 

3,758

Non-current operating lease liabilities

 

51,629

 

 

50,477

Other liabilities

 

20,866

 

 

20,218

Total other long-term liabilities

 

172,969

 

 

168,985

Commitments and contingencies

 

 

 

Shareholders’ equity:

 

 

 

Common stock, no par value, authorized 96,000; 50,247 and 50,110 issued and outstanding at March 31, 2023 and December 31, 2022, respectively

 

 

 

Additional paid in capital

 

60,160

 

 

57,453

Retained earnings

 

582,620

 

 

580,554

Total shareholders’ equity

 

642,780

 

 

638,007

Total liabilities and shareholders’ equity

$

1,006,640

 

$

977,719


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES

 

 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

(in thousands)

Three Months Ended
March 31,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

Net income (loss)

$

2,066

 

 

$

(603

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

15,782

 

 

 

14,684

 

Stock-based compensation expense, net of amount capitalized

 

3,717

 

 

 

3,143

 

Deferred income taxes

 

1,735

 

 

 

(349

)

Other, net

 

740

 

 

 

1,017

 

Changes in assets and liabilities:

 

 

 

Accounts receivable

 

4,488

 

 

 

5,890

 

Current income taxes

 

24,676

 

 

 

459

 

Operating lease assets and liabilities, net

 

129

 

 

 

80

 

Other assets

 

(1,030

)

 

 

(1,365

)

Accounts payable

 

(837

)

 

 

(4,130

)

Other deferrals and accruals

 

(3,142

)

 

 

(2,760

)

Net cash provided by operating activities

 

48,324

 

 

 

16,066

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(67,671

)

 

 

(45,693

)

Proceeds from sale of assets and other

 

101

 

 

 

86

 

Net cash used in investing activities

 

(67,570

)

 

 

(45,607

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from credit facility borrowings

 

25,000

 

 

 

 

Taxes paid for equity award issuances

 

(1,156

)

 

 

(603

)

Payments for financing arrangements and other

 

(263

)

 

 

(219

)

Net cash provided by (used in) financing activities

 

23,581

 

 

 

(822

)

Net increase (decrease) in cash and cash equivalents

 

4,335

 

 

 

(30,363

)

Cash and cash equivalents, beginning of period

 

44,061

 

 

 

84,344

 

Cash and cash equivalents, end of period

$

48,396

 

 

$

53,981

 

 

 

 

 

Supplemental Disclosures of Cash Flow Information

 

 

 

Interest paid

$

1,327

 

 

$

 

Income tax refunds received

$

25,030

 

 

$

 

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 March 31, 2023

 

 

 

 

 

 

 

 

(in thousands)

 

Broadband

 

Tower

 

Corporate &
Eliminations

 

Consolidated

Net income (loss)

 

$

11,274

 

 

$

2,421

 

 

$

(11,629

)

 

$

2,066

 

Depreciation and amortization

 

 

14,867

 

 

 

513

 

 

 

402

 

 

 

15,782

 

Other expense (income), net

 

 

62

 

 

 

 

 

 

(1,179

)

 

 

(1,117

)

Income tax benefit

 

 

 

 

 

 

 

 

1,779

 

 

 

1,779

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,717

 

 

 

3,717

 

Restructuring charges and other

 

 

131

 

 

 

 

 

 

 

 

 

131

 

Adjusted EBITDA

 

$

26,334

 

 

$

2,934

 

 

$

(6,910

)

 

$

22,358

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margin

 

 

39

%

 

 

64

%

 

N/A

 

 

31

%


Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

(in thousands)

 

Broadband

 

Tower

 

Corporate &
Eliminations

 

Consolidated

Net income (loss)

 

$

8,127

 

 

$

2,753

 

 

$

(11,483

)

 

$

(603

)

Depreciation and amortization

 

 

12,876

 

 

 

484

 

 

 

1,324

 

 

 

14,684

 

Other expense (income), net

 

 

54

 

 

 

 

 

 

116

 

 

 

170

 

Income tax benefit

 

 

 

 

 

 

 

 

53

 

 

 

53

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,143

 

 

 

3,143

 

Restructuring charges and other

 

 

17

 

 

 

 

 

 

(81

)

 

 

(64

)

Adjusted EBITDA

 

$

21,074

 

 

$

3,237

 

 

$

(6,928

)

 

$

17,383

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margin

 

 

35

%

 

 

67

%

 

N/A

 

 

27

%

Segment Results

Three Months Ended March 31, 2023:

(in thousands)

Broadband

 

Tower

 

Corporate &
Eliminations

 

Consolidated

External revenue

 

 

 

 

 

 

 

Residential & SMB - Cable Markets1

$

44,756

 

$

 

$

 

 

$

44,756

Residential & SMB - Glo Fiber Markets1

 

7,003

 

 

 

 

 

 

 

7,003

Commercial Fiber

 

11,698

 

 

 

 

 

 

 

11,698

Tower lease

 

 

 

4,538

 

 

 

 

 

4,538

RLEC & Other

 

3,691

 

 

 

 

 

 

 

3,691

Service revenue and other

 

67,148

 

 

4,538

 

 

 

 

 

71,686

Intercompany revenue and other

 

55

 

 

38

 

 

(93

)

 

 

Total revenue

 

67,203

 

 

4,576

 

 

(93

)

 

 

71,686

Operating expenses

 

 

 

 

 

 

 

Cost of services

 

25,429

 

 

1,192

 

 

(54

)

 

 

26,567

Selling, general and administrative

 

15,571

 

 

450

 

 

10,588

 

 

 

26,609

Depreciation and amortization

 

14,867

 

 

513

 

 

402

 

 

 

15,782

Total operating expenses

 

55,867

 

 

2,155

 

 

10,936

 

 

 

68,958

Operating income (loss)

$

11,336

 

$

2,421

 

$

(11,029

)

 

$

2,728

Three Months Ended March 31, 2022:

(in thousands)

Broadband

 

Tower

 

Corporate &
Eliminations

 

Consolidated

External revenue

 

 

 

 

 

 

 

Residential & SMB - Cable Markets1

$

43,492

 

$

 

$

 

 

$

43,492

 

Residential & SMB - Glo Fiber Markets1

 

3,421

 

 

 

 

 

 

 

3,421

 

Commercial Fiber

 

9,062

 

 

 

 

 

 

 

9,062

 

Tower lease

 

 

 

4,746

 

 

 

 

 

4,746

 

RLEC & Other

 

3,689

 

 

 

 

 

 

 

3,689

 

Service revenue and other

 

59,664

 

 

4,746

 

 

 

 

 

64,410

 

Intercompany revenue and other

 

50

 

 

101

 

 

(147

)

 

 

4

 

Total revenue

 

59,714

 

 

4,847

 

 

(147

)

 

 

64,414

 

Operating expenses

 

 

 

 

 

 

 

Cost of services

 

25,168

 

 

1,292

 

 

(121

)

 

 

26,339

 

Selling, general and administrative

 

13,489

 

 

318

 

 

9,964

 

 

 

23,771

 

Depreciation and amortization

 

12,876

 

 

484

 

 

1,324

 

 

 

14,684

 

Total operating expenses

 

51,533

 

 

2,094

 

 

11,167

 

 

 

64,794

 

Operating income (loss)

$

8,181

 

$

2,753

 

$

(11,314

)

 

$

(380

)

_________________________________________
(1)   Shentel has presented Residential & SMB - Cable Markets and Residential & SMB - Glo Fiber Markets separately for the three months ended March 31, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the three months ended March 31, 2022 for comparability.

Supplemental Information

Broadband Operating Statistics

 

March 31,
2023

 

March 31,
2022

Broadband homes and businesses passed (1)

377,348

 

 

305,053

 

Cable Markets

212,290

 

 

211,442

 

Glo Fiber Markets

165,058

 

 

93,611

 

 

 

 

 

Residential & Small and Medium Business ("SMB") RGUs:

 

 

 

Broadband Data

138,713

 

 

121,074

 

Cable Markets

109,920

 

 

107,291

 

Glo Fiber Markets

28,793

 

 

13,783

 

Video

45,660

 

 

49,163

 

Voice

40,135

 

 

36,042

 

Total Residential & SMB RGUs (excludes RLEC)

224,508

 

 

206,279

 

 

 

 

 

Residential & SMB Penetration (2)

 

 

 

Broadband Data

36.8

%

 

39.7

%

Cable Markets

51.8

%

 

50.7

%

Glo Fiber Markets

17.4

%

 

14.7

%

Video

12.1

%

 

16.1

%

Voice

11.2

%

 

12.5

%

 

 

 

 

Fiber route miles

8,663

 

 

7,611

 

Total fiber miles (3)

709,123

 

 

564,097

 

______________________________________________________
(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
March 31,

 

 

2023

 

 

2022

Residential and SMB Revenue:

 

 

 

Broadband

$

33,174

 

$

28,649

Cable Markets

 

27,273

 

 

25,863

Glo Fiber Markets

 

5,901

 

 

2,786

Video

 

14,645

 

 

15,341

Voice

 

3,030

 

 

2,916

Discounts, adjustments and other

 

910

 

 

7

Total Revenue

$

51,759

 

$

46,913

 

 

 

 

Average RGUs:

 

 

 

Broadband Data

 

136,271

 

 

119,083

Cable Markets

 

109,758

 

 

106,590

Glo Fiber Markets

 

26,513

 

 

12,493

Video

 

46,268

 

 

49,445

Voice

 

39,992

 

 

34,836

 

 

 

 

ARPU: (1)

 

 

 

Broadband

$

81.09

 

$

80.11

Cable Markets

$

82.83

 

$

80.88

Glo Fiber Markets

$

74.18

 

$

74.33

Video

$

105.51

 

$

103.42

Voice

$

25.25

 

$

27.90

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

Tower Operating Statistics

 

March 31,
2023

 

March 31,
2022

Macro tower sites

222

 

223

Tenants

445

 

468

Average tenants per tower

2.0

 

2.1