• Shenandoah Telecommunications Company Reports Fourth Quarter and Full Year 2024 Results

    Источник: Nasdaq GlobeNewswire / 20 фев 2025 07:00:01   America/New_York

    EDINBURG, Va., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2024 financial and operating results.

    2024 Highlights

    • Glo Fiber Expansion Markets data customers grew 56% year-over-year to over 65,000.
    • Glo Fiber Expansion Markets passings grew by approximately 112,400, or 48%, to approximately 346,000.
    • Glo Fiber Expansion Markets revenue grew 65% or $22.8 million to $57.9 million.
    • Completed the integration of Horizon Telcom (“Horizon”) in the fourth quarter. Annual run-rate synergy savings expected to reach $13.8 million by the beginning of second quarter 2025.

    “2024 was a pivotal year as we successfully expanded into Ohio through our acquisition of Horizon, completed the integration in nine months and raised our synergy target by over $4 million from our original projection.” said President and CEO, Christopher E. French. “This was also a record year for construction and sales with the addition of approximately 97,000 new Glo Fiber passings and more than 21,000 net Glo Fiber customers. We expect our consolidated revenue and Adjusted EBITDA long-term compound annual growth rates will return to the levels achieved after the launch of our Glo Fiber line of business in 2019.”

    Shentel’s fourth quarter earnings conference call will be webcast at 8:30 a.m. ET on Thursday, February 20, 2025. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. For Analysts, please register to dial-in at this link.

    Full Year 2024 Results

    • Revenue in 2024 increased $58.9 million, or 21.9%, to $328.1 million, primarily due to $47.7 million of revenues earned in the newly acquired Horizon markets. The Company made a $2.6 million measurement period negative adjustment to Horizon Commercial Fiber revenues and established a corresponding deferred revenue liability to be recognized over the contract period. The measurement period adjustment defers revenue to future years and does not impact billings and cash flows. Excluding Horizon, revenues grew by $11.2 million, or 4.3%, primarily due to Glo Fiber Expansion Markets Residential & SMB revenue growth of $21.4 million, or 61.0%. This growth was partially offset by a Commercial Fiber revenue decline of $5.8 million, or 13.8%, and an Incumbent Broadband Markets1 Residential & SMB revenue decline of $5.0 million, or 2.9%. Glo Fiber Expansion Markets revenue growth in Shentel’s legacy markets was driven by a 50.9% increase in broadband data subscribers and a 7.3% increase in broadband data Average Revenue per User (“ARPU”). Commercial Fiber revenue decreased due to the previously disclosed decline in T-Mobile revenue from prior period backhaul circuit disconnects as part of decommissioning the former Sprint network. Incumbent Broadband Markets revenue declined due to a 16.9% decrease in video RGUs due to cord cutting and a 1.6% decline in data RGUs with the majority of the decline due to the end of the ACP program.
    • Cost of services increased approximately $27.3 million, or 27.0%, compared with 2023, primarily due to $25.3 million of cost of services incurred in the newly acquired Horizon markets and a $2.0 million in the legacy Shentel markets due to higher maintenance costs from the Glo Fiber expansion.
    • Selling, general and administrative expense increased $15.9 million, or 16.0%, compared with 2023, primarily driven by $11.7 million of recurring selling, general and administrative costs associated with the newly acquired Horizon teams and $4.2 million in higher expenses in the legacy Shentel markets due to higher advertising costs and sales headcount associated with the Company’s expansion of Glo Fiber.
    • Restructuring, integration and acquisition expense for 2024 increased $11.6 million compared with 2023, primarily driven by non-recurring costs related to the Horizon acquisition and integration.
    • Depreciation and amortization for 2024, increased $35.1 million, or 55.4%, compared with 2023, primarily driven by $25.5 million of depreciation and amortization related to the tangible and intangible assets acquired in the Horizon Transaction and $9.6 million of depreciation related to legacy Shentel’s expansion of its Glo Fiber network.
    • Interest expense increased $11.7 million as compared to 2023 due to higher borrowings related to funding the Glo Fiber expansion.
    • Loss from continuing operations was $28.4 million in 2024 compared with income from continuing operations of $1.0 million in 2023. The loss was due primarily to higher depreciation and amortization from the Horizon acquisition and Glo Fiber network expansion and higher interest expense from higher borrowings.
    • Adjusted EBITDA for 2024 increased to $94.6 million, representing a $15.6 million, or 19.7%, increase compared with 2023. The former Horizon markets contributed $10.7 million. Excluding the former Horizon markets, Adjusted EBITDA grew $4.9 million, or 6.2%, driven by the previously disclosed revenue growth and partially offset by higher cost of services and sales and marketing expenses to support new Glo Fiber markets.
    • Total homes passed grew to approximately 585,000, including 346,000 Glo Fiber Expansion Market passings and 239,000 Incumbent Broadband Markets passings. Glo Fiber Expansion Markets broadband data customer net additions were approximately 21,600, resulting in over 65,000 customers as of December 31, 2024. Incumbent Broadband Markets data customer net losses were approximately 1,300, resulting in over 111,000 customers as of December 31, 2024.

    ______________________________________________________
    1 Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets including Fiber-To-The-Home (“FTTH”) passings.

    Fourth Quarter 2024 Results Compared with Fourth Quarter 2023 Results

    • Revenue increased $17.5 million, or 25.8%, to $85.4 million, primarily due to $14.1 million of revenues earned in the newly acquired Horizon markets. The Company made a $2.6 million measurement period negative adjustment to Horizon Commercial Fiber revenues and established a corresponding deferred revenue liability to be recognized over the contract period. The measurement period adjustment defers revenue to future years and does not impact billings and cash flows. Excluding Horizon, revenues grew $3.4 million, or 5.0%, primarily driven by Glo Fiber Expansion Markets Residential & SMB revenue growth of $5.6 million, or 52.7% partially offset by an Incumbent Broadband Markets Residential & SMB revenue decline of $2.6 million, or 5.8%. Glo Fiber Expansion Markets revenue growth was driven by a 50.9% increase in broadband data subscribers and an 5.1% increase in broadband data Average Revenue per User (“ARPU”). The decline in Incumbent Broadband Markets revenue was primarily due to a 16.9% decrease in video RGUs due to cord cutting and a 1.6% decline in data RGUs with the majority of the decline due to the end of the ACP program.
    • Cost of services increased approximately $8.8 million, or 36.0%, primarily due to $7.8 million of cost of services incurred in the newly acquired Horizon markets and a $1.0 million increase in the legacy Shentel markets maintenance costs due to Glo Fiber expansion.
    • Selling, general and administrative expense increased $3.7 million, or 14.6%, primarily due to $3.9 million associated with the newly acquired Horizon teams and $0.2 million in lower expenses in the legacy Shentel markets due to lower fees for professional services.
    • Restructuring, integration and acquisition expense decreased $0.4 million, primarily due to less non-recurring acquisition-related costs, as the acquisition was completed prior to the fourth quarter of 2024.
    • Depreciation and amortization increased $11.4 million, or 69.9%, primarily due $8.9 million of depreciation and amortization expense related to the tangible and intangible assets acquired in the Horizon Transaction. The remaining increase in depreciation and amortization expense is attributable to the Company’s expansion of its Glo Fiber network.
    • Interest expense increased $2.4 million due to higher borrowings related to funding the Glo Fiber expansion.
    • Loss from continuing operations was $6.2 million in the fourth quarter of 2024 compared with income from continuing operations of $1.9 million in the fourth quarter of 2023. The net loss was due primarily to higher depreciation and amortization from Horizon and Glo Fiber network expansion and increased interest expense from higher borrowings.
    • Adjusted EBITDA for the fourth quarter of 2024 increased to $25.5 million, representing a $5.6 million, or 28.1%, increase compared with the fourth quarter of 2023. The former Horizon markets contributed $2.4 million. Excluding the former Horizon markets, Adjusted EBITDA grew $3.2 million, or 16.0%, driven by the previously disclosed Glo Fiber revenue growth, and partially offset by higher cost of services and selling, general and administrative expenses to support new Glo Fiber markets.

    Other Information

    • Capital expenditures were $319.1 million for the year ended December 31, 2024 compared with $255.1 million in 2023. The $64.0 million increase in capital expenditures was primarily driven by $24.4 million of capital expenditures in the acquired Horizon markets and network expansion in Glo Fiber Expansion Markets and government-subsidized markets.
    • The Company received $19.2 million and $1.9 million in government grant cash reimbursements during the years ended December 31, 2024 and 2023, respectively.
    • As of December 31, 2024, our cash and cash equivalents totaled $46.3 million, the availability under our Revolver and Term Loan A-3 was $243.0 million, and the remaining reimbursements available under government grants was $110.6 million, which are subject to fulfilling the terms of the agreements, for total available liquidity of approximately $399.9 million. During 2024, we borrowed a total of $125.0 million under our term loans and had total indebtedness of $418.0 million as of December 31, 2024.

    Conference Call and Webcast

    Date: Thursday, February 20, 2025
    Time: 8:30 a.m. (ET)
    Listen via Internet: https://investor.shentel.com/
    For Analysts, please register to dial-in at this link.

    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 fiber optic and cable networks to residential and commercial customers in eight contiguous states in the eastern United States. The Company’s services include: broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services. The Company owns an extensive regional network with over 16,800 route miles of fiber. 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, among others, the expected savings and synergies from the Horizon Transaction may not be realized or may take longer or cost more than expected to realize, changes in overall economic conditions including rising inflation, regulatory requirements, changes in technologies, changes in competition, demand for our products and services, availability of labor resources and capital, natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, and other conditions. The forward-looking statements included are made only as of the date of the statement. Shentel undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.

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


    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share amounts)
    (Figures for the quarters ended December 31, 2024 and 2023 are unaudited)

     Quarter Ended December 31,  Year Ended December 31,
      2024   2023   2024   2023 
    Residential & SMB - Incumbent Broadband Markets1$43,930  $44,041  $177,485  $176,879 
    Residential & SMB - Glo Fiber Expansion Markets2 16,596   10,611   57,907   35,103 
    Commercial Fiber 17,456   9,766   67,011   42,132 
    RLEC & Other 7,430   3,495   25,655   15,017 
    Service revenue and other$85,412  $67,913  $328,058  $269,131 
    Operating expenses:       
    Cost of services exclusive of depreciation and amortization 33,171   24,399   128,112   100,850 
    Selling, general and administrative 28,970   25,283   115,193   99,304 
    Restructuring, integration and acquisition 893   1,337   14,509   2,915 
    Impairment expense 382   —   382   2,552 
    Depreciation and amortization 27,750   16,331   98,453   63,368 
    Total operating expenses 91,166   67,350   356,649   268,989 
    Operating (loss) income (5,754)  563   (28,591)  142 
    Other (expense) income:       
    Interest expense (4,157)  (1,717)  (15,897)  (4,212)
    Other income, net 1,819   972   6,461   5,587 
    (Loss) income from continuing operations before income taxes (8,092)  (182)  (38,027)  1,517 
    Income tax (benefit) expense (1,902)  (2,039)  (9,670)  501 
    (Loss) income from continuing operations (6,190)  1,857   (28,357)  1,016 
    Discontinued operations:       
    Income from discontinued operations, net of tax 34   732   1,957   7,022 
    Gain on the sale of discontinued operations, net of tax 3,412   —   220,217   — 
    Total income from discontinued operations, net of tax 3,446   732   222,174   7,022 
    Net (loss) income (2,744)  2,589   193,817   8,038 
    Dividends on redeemable noncontrolling interest 1,791   —   3,429   — 
    Net (loss) income attributable to common shareholders$(4,535) $2,589  $190,388  $8,038 
            
    Net (loss) income per share attributable to common shareholders, basic and diluted:       
    Basic - (Loss) income from continuing operations$(0.11) $0.05  $(0.59) $0.02 
    Basic - Income from discontinued operations, net of tax 0.06   —   4.13   0.14 
    Basic net (loss) income per share$(0.05) $0.05  $3.54  $0.16 
            
    Diluted - (Loss) income from continuing operations$(0.11) $0.05  $(0.59) $0.02 
    Diluted - Income from discontinued operations, net of tax 0.06   —   4.13   0.14 
    Diluted net (loss) income per share$(0.05) $0.05  $3.54  $0.16 
            
    Weighted average shares outstanding, basic 54,798   50,422   53,722   50,396 
    Weighted average shares outstanding, diluted 54,798   50,971   53,722   50,715 

    _______________________________________________________

    1. Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings.
    2. Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and former Horizon market


    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    December 31, 2024 and 2023

    (in thousands)2024 2023
    ASSETS   
    Current assets:   
    Cash and cash equivalents$46,272 $139,255
    Accounts receivable, net of allowance for credit losses of $1,156 and $886, respectively 29,722  19,782
    Income taxes receivable 1,244  4,691
    Prepaid expenses and other 17,282  11,782
    Current assets held for sale —  561
    Total current assets 94,520  176,071
    Investments 15,709  13,198
    Property, plant and equipment, net 1,438,538  850,337
    Goodwill and intangible assets, net 157,723  81,123
    Operating lease right-of-use assets 19,548  13,024
    Deferred charges and other assets 14,235  11,561
    Non-current assets held for sale —  68,915
    Total assets$1,740,273 $1,214,229
    LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY   
    Current liabilities:   
    Current maturities of long-term debt, net of unamortized loan fees$9,204 $7,095
    Accounts payable 57,820  53,546
    Advanced billings and customer deposits 16,104  12,394
    Accrued compensation 16,283  11,749
    Current operating lease liabilities 3,060  2,222
    Accrued liabilities and other 12,100  7,747
    Current liabilities held for sale —  3,602
    Total current liabilities 114,571  98,355
    Long-term debt, less current maturities, net of unamortized loan fees 407,675  292,804
    Other long-term liabilities:   
    Deferred income taxes 167,716  88,147
    Benefit plan obligations 4,945  3,943
    Non-current operating lease liabilities 10,794  7,185
    Other liabilities 33,525  16,912
    Non-current liabilities held for sale —  54,213
    Total other long-term liabilities 216,980  170,400
    Commitments and contingencies (Note 16)   
    Temporary equity:   
    Redeemable noncontrolling interest 82,464  —
    Shareholders’ equity:   
    Common stock, no par value, authorized 96,000; 54,605 and 50,272 issued and outstanding at December 31, 2024 and 2023, respectively —  —
    Additional paid in capital 147,733  66,933
    Retained earnings 768,997  584,069
    Accumulated other comprehensive income, net of taxes 1,853  1,668
    Total shareholders’ equity 918,583  652,670
    Total liabilities, temporary equity and shareholders’ equity$1,740,273 $1,214,229


    SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    Years Ended December 31, 2024 and 2023

    (in thousands) 2024   2023 
    Cash flows from operating activities:   
    Net income$193,817  $8,038 
    Income from discontinued operations, net of tax 222,174   7,022 
    (Loss) income from continuing operations (28,357)  1,016 
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:   
    Depreciation and amortization 96,908   62,878 
    Amortization of intangible assets 1,545   490 
    Provision for credit losses 2,132   2,852 
    Stock-based compensation expense, net of amount capitalized 9,837   10,033 
    Deferred income taxes (9,759)  2,973 
    Impairment expense 382   2,552 
    Gain on sale of FCC spectrum licenses —   (1,328)
    Other, net 626   (462)
    Changes in assets and liabilities, net of effects of business acquisition:   
    Accounts receivable (2,452)  (143)
    Current income taxes 1,382   25,532 
    Operating lease assets and liabilities, net (361)  65 
    Other assets (3,268)  4,879 
    Accounts payable (2,240)  (2,959)
    Other deferrals and accruals 3,004   (4,048)
    Net cash provided by operating activities - continuing operations 69,379   104,330 
    Net cash (used in) provided by operating activities - discontinued operations (6,812)  9,444 
    Net cash provided by operating activities 62,567   113,774 
        
    Cash flows from investing activities:   
    Capital expenditures (319,070)  (255,070)
    Government grants received 19,238   1,904 
    Cash disbursed for acquisition, net of cash acquired (347,411)  — 
    Proceeds from the sale of FCC spectrum licenses —   17,300 
    Proceeds from sale of assets and other 2,010   655 
    Net cash used in investing activities - continuing operations (645,233)  (235,211)
    Net cash provided by (used in) investing activities - discontinued operations 305,827   (1,480)
    Net cash used in investing activities (339,406)  (236,691)
        
    Cash flows from financing activities:   
    Principal payments on long-term debt (7,044)  — 
    Proceeds from credit facility borrowings 125,000   225,000 
    Payments for debt amendment costs (4,570)  (300)
    Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid 79,380   — 
    Dividends paid (5,805)  (4,523)
    Taxes paid for equity award issuances (1,727)  (1,387)
    Payments for financing arrangements and other (1,378)  (679)
    Net cash provided by financing activities 183,856   218,111 
    Net (decrease) increase in cash and cash equivalents (92,983)  95,194 
    Cash and cash equivalents, beginning of period 139,255   44,061 
    Cash and cash equivalents, end of period$46,272  $139,255 
        
    Supplemental Disclosures of Cash Flow Information   
    Interest paid, net of amounts capitalized$(12,075) $(3,026)


    Non-GAAP Financial Measures
    Adjusted EBITDA and Adjusted EBITDA Margin

    The Company defines Adjusted EBITDA as (loss) income from continuing operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment expense, 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 (loss) income 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.

     Quarter Ended December 31,  Year Ended December 31,
    (in thousands) 2024   2023   2024   2023 
    (Loss) income from continuing operations$(6,190) $1,857  $(28,357) $1,016 
    Depreciation and amortization 27,750   16,331   98,453   63,368 
    Impairment expense 382   —   382   2,552 
    Interest expense 4,157   1,717   15,897   4,212 
    Other expense (income), net (1,819)  (972)  (6,461)  (5,587)
    Income tax (benefit) expense (1,902)  (2,039)  (9,670)  501 
    Stock-based compensation 2,217   1,669   9,837   10,033 
    Restructuring, integration and acquisition 893   1,337   14,509   2,915 
    Adjusted EBITDA$25,488  $19,900  $94,590  $79,010 
            
    Adjusted EBITDA margin 30%  29%  29%  29%


    Supplemental Information

    Operating Statistics

      December 31,
    2024    		 December 31,
    2023
    Homes and businesses passed (1) 585,340  449,635 
    Incumbent Broadband Markets (4) 239,041  215,763 
    Glo Fiber Expansion Markets (5) 346,299  233,872 
         
    Residential & SMB Revenue Generating Units ("RGUs"):    
    Broadband Data 176,465  151,389 
    Incumbent Broadband Markets (4) 111,325  109,679 
    Glo Fiber Expansion Markets (5) 65,140  41,710 
    Video 40,023  43,152 
    Voice 44,831  40,757 
    Total Residential & SMB RGUs (excludes RLEC) 261,319  235,298 
         
    Residential & SMB Penetration (2)    
    Broadband Data 30.1% 33.7%
    Incumbent Broadband Markets (4) 46.6% 50.8%
    Glo Fiber Expansion Markets (5) 18.8% 17.8%
    Video 6.8% 9.6%
    Voice 8.0% 9.5%
         
    Fiber route miles 16,830  9,875 
    Total fiber miles (3) 1,858,081  861,980 

    ______________________________________________________
    (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 RGUs 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.
    (4) Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings.
    (5) Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and former Horizon markets.


    Residential and SMB ARPU        
      Quarter Ended December 31, Year Ended December 31,
    (in thousands)  2024   2023  2024  2023
    Residential and SMB Revenue:        
    Broadband Data $43,542  $36,679 $164,984  $139,102
    Incumbent Broadband Markets  28,489   27,400  112,852   108,822
    Glo Fiber Expansion Markets  15,053   9,279  52,132   30,280
    Video  14,203   13,791  58,029   56,924
    Voice  3,184   3,057  12,765   12,203
    Discounts, adjustments and other  (403)  1,125  (386)  3,753
    Total Residential & SMB Revenue $60,526  $54,652 $235,392  $211,982
             
    Average RGUs:        
    Broadband Data  173,771   149,134  164,320   142,598
    Incumbent Broadband Markets  111,384   109,528  110,888   109,591
    Glo Fiber Expansion Markets  62,387   39,606  53,432   33,007
    Video  40,596   43,621  41,491   44,876
    Voice  44,840   40,726  43,402   40,372
             
    ARPU: (1)        
    Broadband Data $83.52  $81.98 $83.67  $81.27
    Incumbent Broadband Markets $85.26  $83.39 $84.81  $82.75
    Glo Fiber Expansion Markets $80.42  $78.10 $81.30  $76.45
    Video $116.62  $105.38 $116.55  $105.71
    Voice $23.67  $25.02 $24.51  $25.19

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


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