Shenandoah Telecommunications Company Reports Third Quarter 2021 Results

EDINBURG, Va., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced third quarter 2021 financial and operating results.

Highlights

• Revenue, Adjusted OIBDA, and Operating Income grew 12.8%, 31.7%, and 149.4%, respectively, over the same period a year ago.
• Earnings per diluted share for continuing operations grew to $0.13 compared to $0.03 per diluted share in the third quarter 2020.
• Broadband data net adds were approximately 4,100 including 2,100 for Glo Fiber and 350 for Beam, respectively.
• Broadband homes and businesses passed grew sequentially 17,000 to approximately 296,000.
• Executed 17 new Glo Fiber franchise agreements in 2021 adding 160,000 target passings for a total of over 304,000 franchise approved passings.

“Our team executed well in the quarter, driving the third consecutive quarter of double digit revenue and Adjusted OIBDA growth rates.” said President and CEO, Christopher E. French. “With strong momentum in business development, construction and sales, we are upgrading our target for Glo Fiber from 300,000 to 450,000 serviceable addresses by 2026.”

Shentel's third-quarter earnings conference call will be webcast at 8:00 a.m. ET on Friday, October 29, 2021. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/.

Consolidated Third Quarter 2021 Results

• Revenue in the third quarter of 2021 grew 12.8% to $62.2 million, compared with the third quarter of 2020, due to growth of 14.2% in the Broadband segment.

• Adjusted OIBDA in the third quarter of 2021 grew 31.7% to $19.3 million, compared with the third quarter of 2020, due to growth in Broadband of 15.4%. Corporate expenses declined approximately 24% from the same period a year ago due to lower compensation and bank fees.

• Operating income in the third quarter of 2021 was $1.2 million compared with $0.5 million in the third quarter of 2020.

• Earnings from continuing operations per diluted share was $0.13 in the third quarter of 2021 representing an increase of $0.10 per share or 333% from the third quarter of 2020.

Broadband

• Total broadband data Revenue Generating Units ("RGUs") as of September 30, 2021, were 115,579, representing 17.0% year over year growth. Penetration for incumbent cable, Glo Fiber and Beam were 50%, 15% and 5%, respectively, compared to 46%, 13% and 0%, respectively, as of September 30, 2020. Total Glo Fiber and Beam passings grew year over year by approximately 38,500 and 24,300, respectively.

• Broadband revenue in the third quarter of 2021 grew $7.2 million or 14.2% to $57.9 million compared with $50.7 million in the third quarter of 2020, primarily driven by a $5.3 million or 13.4% increase in Residential and Small and Medium Business ("SMB") revenue on a 17.0% increase in broadband data RGUs. Commercial fiber revenue grew $1.8 million or 24.0% due to growth in circuits, $0.7 million non-recurring amortized revenue reduction in 2020 and $0.5 million in non-recurring dark fiber sales-type leases in 2021.

• Broadband operating expenses in the third quarter of 2021 were $48.2 million compared to $41.2 million in the third quarter of 2020, primarily driven by costs incurred to support the continued expansion of Glo Fiber and Beam, including a $2.1 million increase in depreciation, a $1.6 million increase in maintenance and installation expenses, a $0.7 million increase in non-recurring expenses relating to the wireless sale and related reduction in workforce, a $0.6 million increase in Glo Fiber and Beam advertising expenses, a $0.6 million increase in software and professional fees from enhancements to our back-office systems, $0.5 million of higher video programming costs, and $0.5 million in higher line costs from an increase in off-network circuits.

• Broadband Adjusted OIBDA in the third quarter of 2021 grew 15.4% to $22.6 million, compared with $19.6 million for the third quarter of 2020.

• Broadband Operating income in the third quarter of 2021 was $9.7 million, compared to $9.5 million in the third quarter of 2020.

Tower

• Tower revenue in the third quarter of 2021 declined 1.2% to $4.4 million compared with the third quarter of 2020. Tenants increased 13.0% to 470 offset by a 14.1% reduction the average revenue per tenant. T-Mobile exercised an option in the third quarter to convert 80 assumed tower leases to a month-to-month term resulting in a change in revenue recognition accounting driving the decline in average revenue per tenant.

• Tower Adjusted OIBDA in the third quarter of 2021 decreased 8.7% to $2.6 million, compared with $2.9 million for the third quarter of 2020, due primarily to the revenue decline and an increase in ground lease expenses.  

• Tower operating income in the third quarter of 2021 was $2.2 million, compared to $2.4 million in the third quarter of 2020.

Other Information

• On July 1, 2021, Shentel completed the sale of its Wireless assets and operations to T-Mobile for cash consideration of approximately $1.94 billion.

• The Company currently expects to pay approximately $428 million in December 2021 in income taxes for the sale of the Wireless assets and operations resulting in after-tax proceeds of approximately $1.5 billion. The Company used approximately $684 million of the proceeds to fully repay all outstanding principal amounts under, and terminate, the then-existing credit agreement (the "Prior Credit Agreement") and to fully repay and terminate the interest rate swaps. Approximately $937 million of the proceeds were used to pay a special dividend of $18.75 per share on the issued and outstanding shares of the Company's common stock (the "Special Dividend") in August 2021.

• On July 1, 2021, we entered into a new Credit Agreement (the “New Credit Agreement”) with various financial institutions party thereto. The New Credit Agreement provides for three credit facilities, in an aggregate amount equal to $400 million: (i) a $100 million five-year revolving credit facility, (ii) a $150 million five-year delayed draw amortizing term loan and (iii) a $150 million seven-year delayed draw amortizing term loan. We have not made any borrowing under the New Credit Agreement as of the date of this press release. We do not currently expect to draw upon any portion of the New Credit Agreement until the first quarter of 2022.

• The Company currently has incurred approximately $4.7 million of severance expense during 2021, with approximately $2.1 million attributable to continuing operations and $2.6 million related to discontinued operations, all of which has been recognized. The Company has realized $3.3 million in annualized run-rate expense savings from the previously announced reduction in workforce as of September 30, 2021 and expects to realize approximately $4 million by early 2022.

• As of September 30, 2021 our cash and cash equivalents totaled $532.5 million and the availability under our revolving line of credit and delay draw term loans were $400.0 million, for total available liquidity of $932.5 million.

• Capital expenditures were $118.8 million for the nine months ended September 30, 2021 compared with $82.7 million in the comparable 2020 period. The $36.1 million increase in capital expenditures was primarily due to higher spending in the Broadband segment driven by the expansion of Glo Fiber and Beam.

• As previously announced, the Company’s Board of Directors declared an annual cash dividend of $0.07 per share to shareholders of record as of the close of business November 8, 2021, payable on December 1, 2021.

2021 Outlook
The Company is reaffirming and narrowing the full-year 2021 guidance as summarized below:

($ in millions)		Year Ending December 31,													Year Ended December 31, 2019					% Change 2020 to 2021 Midpoint			% Change 2019 to 2020
		2021								2020
		Guidance								Actual
		Low				High
Revenue		$	243			$	246			$	221				$	207				10.6	%		6.8	%
Operating Income (loss)		$	7			$	10			$	(1	)			$	(1	)			nm			—	%
Adjusted OIBDA		$	70			$	73			$	57				$	49				25.4	%		16.3	%
Capital Expenditures		$	161			$	166			$	120				$	67				36.3	%		79.1	%

Adjusted OIBDA is a non-GAAP financial measure that is not determined in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Reconciliations of this non-GAAP financial measures are provided in this press release after the consolidated financial statements.

Conference Call and Webcast

Teleconference Information:

Date: October 29, 2021
Time: 8:00 A.M. (ET)
Dial in number: 1-888-695-7639

Password: 1977780

Audio webcast: http://investor.shentel.com/

An audio replay of the call will be available approximately two hours after the call is complete, through November 29, 2021 by calling (855) 859-2056.

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 7,200 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, 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
(in thousands, except per share amounts)	Three Months Ended September 30,									Nine Months Ended September 30,
	2021					2020				2021					2020
Service revenue and other	$	62,244				$	55,173			$	182,635				$	162,643
Operating expenses:
Cost of services	25,426					22,669				73,044					65,167
Selling, general and administrative	20,238					20,039				60,711					64,227
Restructuring expense	1,160					—				1,821					—
Depreciation and amortization	14,248					11,995				40,813					36,010
Total operating expenses	61,072					54,703				176,389					165,404
Operating income (loss)	1,172					470				6,246					(2,761		)
Other income:
Other income, net	138					1,083				3,076					3,103
Income before income taxes	1,310					1,553				9,322					342
Income tax expense (benefit)	(5,422		)			141				(2,315		)			(684		)
Income from continuing operations	6,732					1,412				11,637					1,026
Discontinued operations:
(Loss) income from discontinued operations, net of tax	(406		)			33,509				99,632					76,422
Gain on the sale of discontinued operations, net of tax	886,732					—				886,732					—
Total income from discontinued operations, net of tax	886,326					33,509				986,364					76,422
Net income	$	893,058				$	34,921			$	998,001				$	77,448
Net income per share, basic and diluted:
Basic - Income from continuing operations	$	0.13				$	0.03			$	0.23				$	0.02
Basic - Income from discontinued operations, net of tax	$	17.73				$	0.67			$	19.73				$	1.53
Basic net income per share	$	17.86				$	0.70			$	19.96				$	1.55
Diluted - Income from continuing operations	$	0.13				$	0.03			$	0.23				$	0.02
Diluted - Income from discontinued operations, net of tax	$	17.68				$	0.67			$	19.67				$	1.53
Diluted net income per share	$	17.81				$	0.70			$	19.90				$	1.55
Weighted average shares outstanding, basic	49,984					49,911				49,984					49,889
Weighted average shares outstanding, diluted	50,120					50,105				50,136					50,049

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	September 30, 2021				December 31, 2020
Cash and cash equivalents	$	532,544			$	195,397
Other current assets	41,489				80,024
Current assets held for sale	—				1,133,294
Total current assets	574,033				1,408,715
Investments	13,410				13,769
Property, plant and equipment, net	525,799				440,427
Intangible assets, net and Goodwill	106,146				106,759
Operating lease right-of-use assets	56,952				50,387
Deferred charges and other assets, net	16,750				11,650
Total assets	$	1,293,090			$	2,031,707
Current liabilities held for sale	$	—			$	452,202
Total current liabilities	485,423				755,859
Other liabilities	158,901				241,252
Total shareholders’ equity	648,766				582,394
Total liabilities and shareholders’ equity	$	1,293,090			$	2,031,707

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
(in thousands)	2021					2020
Cash flows from operating activities:
Net income	$	998,001				$	77,448
Income from operations of discontinued operations, net of tax	986,364					76,422
Income (loss) from continuing operations	11,637					1,026
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	40,193					35,522
Amortization of intangible assets	620					488
Bad debt expense	755					514
Stock based compensation expense, net of amount capitalized	1,953					5,306
Deferred income taxes	4,384					(279		)
Other adjustments	(31		)			(349		)
Changes in assets and liabilities	(27,939		)			2,572
Net cash provided by operating activities – continuing operations	31,572					44,800
Net cash provided by operating activities – discontinued operations	121,067					182,499
Net cash provided by operating activities	152,639					227,299
Cash flows from investing activities:
Capital expenditures	(118,800		)			(82,740		)
Proceeds from sale of assets and other	200					(15,866		)
Net cash used in investing activities – continuing operations	(118,600		)			(98,606		)
Net cash used in investing activities – discontinued operations	1,944,063					(17,794		)
Net cash used in investing activities	1,825,463					(116,400		)
Cash flows from financing activities:
Dividends paid, net of dividends reinvested	(936,850		)			—
Taxes paid for equity award issuances	(1,627		)			(2,182		)
Other	(1,922		)			(727		)
Net cash used in financing activities – continuing operations	(940,399		)			(2,909		)
Net cash used in financing activities – discontinued operations	(700,556		)			(25,591		)
Net cash used in financing activities	(1,640,955		)			(28,500		)
Net increase in cash and cash equivalents	337,147					82,399
Cash and cash equivalents, beginning of period	195,397					101,651
Cash and cash equivalents, end of period	$	532,544				$	184,050

Non-GAAP Financial Measures
Adjusted OIBDA

Adjusted OIBDA represents Operating income before depreciation, amortization of intangible assets, stock-based compensation and certain other items of revenue, expense, gain or loss not reflective of our operating performance, which may or may not be recurring in nature.

Adjusted OIBDA is a non-GAAP financial measure that we use to evaluate our operating performance in comparison to our competitors. Management believes that analysts and investors use Adjusted OIBDA as a supplemental measure of operating performance to facilitate comparisons with other telecommunications companies. This measure isolates and evaluates operating performance by excluding the cost of financing (e.g., interest expense), as well as the non-cash depreciation and amortization of past capital investments, non-cash share-based compensation expense, and certain other items of revenue, expense, gain or loss not reflective of our operating performance.

Adjusted OIBDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for operating income, net income or any other measure of financial performance reported in accordance with GAAP.

The following tables reconcile Adjusted OIBDA to operating income, which we consider to be the most directly comparable GAAP financial measure:

Three Months Ended September 30, 2021
(in thousands)		Broadband				Tower				Corporate & Eliminations					Consolidated
Operating income (loss) from continuing operations		$	9,721			$	2,163			$	(10,712	)			$	1,172
Depreciation		12,012				468				1,569					14,049
Amortization		199				—				—					199
OIBDA		21,932				2,631				(9,143		)			15,420
Stock compensation expense		—				—				1,119					1,119
Transaction related fees		676				6				2,048					2,730
Adjusted OIBDA		$	22,608			$	2,637			$	(5,976	)			$	19,269

Three Months Ended September 30, 2020
(in thousands)		Broadband				Tower				Corporate & Eliminations					Consolidated
Operating income (loss) from continuing operations		$	9,486			$	2,421			$	(11,437	)			$	470
Depreciation		9,939				467				1,422					11,828
Amortization		167				—				—					167
OIBDA		19,592				2,888				(10,015		)			12,465
Stock compensation expense		—				—				1,137					1,137
Transaction related fees		—				—				1,032					1,032
Adjusted OIBDA		$	19,592			$	2,888			$	(7,846	)			$	14,634

Nine Months Ended September 30, 2021
(in thousands)		Broadband				Tower				Corporate & Eliminations					Consolidated
Operating income (loss) from continuing operations		$	28,640			$	7,374			$	(29,768	)			$	6,246
Depreciation		35,127				1,398				3,668					40,193
Amortization		620				—				—					620
OIBDA		64,387				8,772				(26,100		)			47,059
Stock compensation expense		—				—				1,953					1,953
Transaction related fees		924				6				2,713					3,643
Adjusted OIBDA		$	65,311			$	8,778			$	(21,434	)			$	52,655

Nine Months Ended September 30, 2020
(in thousands)		Broadband				Tower				Corporate & Eliminations					Consolidated
Operating income (loss) from continuing operations		$	29,650			$	6,444			$	(38,855	)			$	(2,761	)
Depreciation		29,960				1,414				4,148					35,522
Amortization		488				—				—					488
OIBDA		60,098				7,858				(34,707		)			33,249
Stock compensation expense		—				—				5,306					5,306
Transaction related fees		—				—				3,002					3,002
Adjusted OIBDA		$	60,098			$	7,858			$	(26,399	)			$	41,557

2021 Outlook – Adjusted OIBDA

($ in millions)		Year Ending December 31,													Year Ended December 31, 2019
		2021								2020
		Guidance								Actual
		Low				High
Operating Income (loss)		$	7			$	10			$	(1	)			$	(1	)
Depreciation		$	54			$	54			$	48				$	46
Amortization		$	1			$	1			$	1				$	1
Stock compensation expense		$	4			$	4			$	6				$	3
Transaction related fees		$	4			$	4			$	3				$	—
Adjusted OIBDA		$	70			$	73			$	57				$	49

Segment Results

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		24,012				1,504				(90		)			25,426
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		48,192				2,286				10,594					61,072
Operating income (loss)		$	9,721			$	2,163			$	(10,712	)			$	1,172

Three Months Ended September 30, 2020

(in thousands)		Broadband				Tower				Corporate & Eliminations					Consolidated
External revenue
Residential & SMB		$	39,477			$	—			$	—				$	39,477
Commercial Fiber		5,280				—				—					5,280
RLEC & Other		3,853				—				—					3,853
Tower lease		—				1,864				—					1,864
Service revenue and other		48,610				1,864				—					50,474
Revenue for service provided to the discontinued Wireless operations		2,100				2,637				(38		)			4,699
Total revenue		50,710				4,501				(38		)			55,173
Operating expenses
Cost of services		21,326				1,283				60					22,669
Selling, general and administrative		9,792				330				9,917					20,039
Depreciation and amortization		10,106				467				1,422					11,995
Total operating expenses		41,224				2,080				11,399					54,703
Operating income (loss)		$	9,486			$	2,421			$	(11,437	)			$	470

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		69,275				4,070				(301		)			73,044
Selling, general and administrative		35,429				886				24,396					60,711
Restructuring expense		203				—				1,618					1,821
Depreciation and amortization		35,747				1,398				3,668					40,813
Total operating expenses		140,654				6,354				29,381					176,389
Operating income (loss)		$	28,640			$	7,374			$	(29,768	)			$	6,246

Nine Months Ended September 30, 2020:

(in thousands)		Broadband				Tower				Corporate & Eliminations					Consolidated
External revenue
Residential & SMB		$	114,170			$	—			$	—				$	114,170
Commercial Fiber		17,762				—				—					17,762
RLEC & Other		11,880				—				—					11,880
Tower lease		—				5,490				—					5,490
Service revenue and other		143,812				5,490				—					149,302
Revenue for service provided to the discontinued Wireless operations		6,818				7,000				(477		)			13,341
Total revenue		150,630				12,490				(477		)			162,643
Operating expenses
Cost of services		61,572				3,537				58					65,167
Selling, general and administrative		28,960				1,095				34,172					64,227
Depreciation and amortization		30,448				1,414				4,148					36,010
Total operating expenses		120,980				6,046				38,378					165,404
Operating income (loss)		$	29,650			$	6,444			$	(38,855	)			$	(2,761	)

Supplemental Information

Broadband Operating Statistics

	September 30, 2021			September 30, 2020
Broadband homes and businesses passed (1)	296,196			230,002
Incumbent Cable (2)	211,013			207,655
Glo Fiber	60,836			22,347
Beam	24,347			—
Broadband customer relationships (3)	118,143			106,314
Residential & Small and Medium Business ("SMB") RGUs:
Broadband Data	115,579			98,764
Incumbent Cable (2)	105,116			95,962
Glo Fiber	9,272			2,802
Beam	1,191			—
Video (2)	50,652			53,647
Voice (2)	34,592			33,019
Total Residential & SMB RGUs (excludes RLEC)	200,823			185,430
Residential & SMB Penetration (4)
Broadband Data	39.0	%		42.9	%
Incumbent Cable	49.8	%		46.2	%
Glo Fiber	15.2	%		12.5	%
Beam	4.9	%		—	%
Video	17.1	%		23.3	%
Voice	13.6	%		15.5	%
Fiber route miles	7,219			6,705
Total fiber miles (5)	469,387			367,154

______________________________________________________
(1)   Homes and businesses are considered passed (“homes passed”) if we can connect them to our network without further extending the distribution system. Homes passed is an estimate based upon the best available information. Homes passed will vary among video, broadband data and voice services.
(2)   The Company acquired Canaan Cable on December 31, 2020 adding 1,100 homes passed, 512 data RGUs, 324 video RGUs and 164 voice RGUs.
(3)   Customer relationships represent the number of billed customers who receive at least one of our services.
(4)   Penetration is calculated by dividing the number of users by the number of homes passed or available homes, as appropriate.
(5)   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,
	2021					2020					2021					2020
Residential and SMB Revenue:
Broadband	$	26,813				$	22,261				$	77,111				$	63,097
Incumbent Cable	24,780					21,770					72,421					62,340
Glo Fiber	1,810					491					4,272					757
Beam	223					—					418					—
Video	15,391					14,823					46,654					44,582
Voice	2,968					2,894					8,760					8,528
Discounts and adjustments	(389		)			(501		)			(823		)			(2,037		)
Total Revenue	$	44,783				$	39,477				$	131,702				$	114,170
Average RGUs:
Broadband Data	113,356					95,486					109,387					90,052
Incumbent Cable	104,150					93,441					102,319					89,011
Glo Fiber	8,188					2,045					6,430					1,041
Beam	1,018					—					638					—
Video	50,921					53,085					51,691					53,063
Voice	34,789					32,581					33,904					32,071
ARPU: (1)
Broadband	$	78.85				$	77.71				$	78.33				$	77.85
Incumbent Cable	$	79.31				$	77.66				$	78.64				$	77.82
Glo Fiber	$	73.69				$	80.03				$	73.82				$	80.80
Beam	$	73.02				$	—				$	72.80				$	—
Video	$	100.75				$	93.08				$	100.28				$	93.35
Voice	$	28.44				$	29.61				$	28.71				$	29.55

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

Tower Operating Statistics

	September 30, 2021			September 30, 2020
Macro tower sites	223			222
Tenants (1)	470			414
Average tenants per tower	2.0			1.8

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(1)   Includes 34 and 208 tenants for our Wireless operations, (reported as a discontinued operation), and Broadband operations, as of September 30, 2021 and 2020, respectively.