0001171843-22-001456.txt : 20220228 0001171843-22-001456.hdr.sgml : 20220228 20220228164605 ACCESSION NUMBER: 0001171843-22-001456 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220228 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220228 DATE AS OF CHANGE: 20220228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHENANDOAH TELECOMMUNICATIONS CO/VA/ CENTRAL INDEX KEY: 0000354963 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 541162807 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09881 FILM NUMBER: 22690650 BUSINESS ADDRESS: STREET 1: PO BOX 459 STREET 2: 124 SOUTH MAIN ST CITY: EDINBURG STATE: VA ZIP: 22824 BUSINESS PHONE: 5409844141 MAIL ADDRESS: STREET 1: P O BOX 459 CITY: EDINBURG STATE: VA ZIP: 22824 8-K 1 f8k_022822.htm FORM 8-K Form 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 28, 2022

_______________________________

Shenandoah Telecommunications Company

(Exact name of registrant as specified in its charter)

_______________________________

Virginia0-988154-1162807
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

500 Shentel Way
P.O. Box 459

Edinburg, Virginia 22824

(Address of Principal Executive Offices) (Zip Code)

(540) 984-4141

(Registrant's telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (No Par Value)SHENNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
 
Item 2.02. Results of Operations and Financial Condition.

On February 28, 2022, Shenandoah Telecommunications Company (the “Company”) issued a press release announcing its financial position as of December 31, 2021, results of operations for the three and twelve months ended December 31, 2021, and other related information. The Company also posted supplemental earnings presentation materials on the investor section of the Company’s website at www.Shentel.com. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

These materials may contain forward-looking statements about Shenandoah Telecommunications Company regarding, among other things, our business strategy, our prospects and our 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. Shenandoah Telecommunications Company 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.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is furnished with this Current Report on Form 8-K.

99.1* Fourth Quarter 2021 Earnings Press Release
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Furnished herewith

 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Shenandoah Telecommunications Company
   
  
Date: February 28, 2022By: /s/ James J. Volk        
  James J. Volk
  Senior Vice President – Chief Financial Officer
(Principal Financial Officer)
  

 

EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

Shenandoah Telecommunications Company Reports Fourth Quarter and Full Year 2021 Results

EDINBURG, Va., Feb. 28, 2022 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2021 financial and operating results.

2021 Highlights  

  • Revenue and earnings per share for continuing operations grew 11.1% and 433.3%, respectively.
  • Adjusted EBITDA for continuing operations grew 17.8%
  • Added approximately 15,900 broadband data net additions driven by a record year for Glo Fiber net additions of 7,200 and record churn of 1.5% across all of our data products.
  • Glo Fiber homes and businesses passed grew by 46,500 or 162.4% to 75,000.
  • Expanded Glo Fiber franchise-approved passings to over 318,000 with the addition of 21 new franchise agreements and 175,000 target passings.
  • Verbally awarded grants through the Virginia Telecommunications Initiative (“VATI”) to expand our broadband network to 16,000 unserved homes.
  • Completed the sale of Wireless assets and operations to T-Mobile for $1.94 billion in cash on July 1, 2021.
  • Distributed dividends totaling $940.3 million.

“2021 was a transformative year in the history of Shentel as we successfully divested our Wireless business and scaled our fiber-to-the-home platform that we expect will provide sustainable growth for the next several years,” said President and CEO, Christopher E. French. “We are off to a great start with our Fiber First growth strategy. Our fiber construction backlog has grown to over 255,000 passings, including our recent VATI grant award for 16,000 unserved homes. We are targeting a doubling of our Glo Fiber passings to 150,000 in 2022, passing more homes and businesses with fiber than our incumbent cable network by the end of 2023.”

Shentel's fourth-quarter earnings conference call will be webcast at 8:00 a.m. ET on Tuesday, March 1, 2022. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/.

Consolidated Full Year 2021 Results

  • Revenue grew $24.5 million or 11.1% to $245.2 million driven by 11.6% growth in Broadband and 3.8% growth in Tower segments.
  • Net income from continuing operations in 2021 was $7.9 million, compared with $1.6 million in 2020. Earnings from continuing operations per diluted share was $0.16 for 2021 compared with $0.03 in 2020. Our earnings from discontinued operations per diluted share grew 696.8% to $19.76 due to the sale of our Wireless segment during 2021.
  • Adjusted EBITDA increased 17.8% to $65.7 million in 2021, primarily driven by a sharp 17.1% decline in corporate expenses due to cost reduction initiatives following the disposition of our wireless assets and operations, and growth of 4.5% and 3.2%, for the Broadband and Tower segments, respectively.

Broadband

  • Total Broadband Data Revenue Generating Units ("RGUs") grew 15,873 or 15.9% in 2021 to 119,197. Glo Fiber Data RGUs grew 7,219 or 173.6% year-over-year to 11,377 driven by network expansion of 46,537 homes passed and churn of 1.1%. Incumbent Cable Data RGUs grew 7,278 to 106,345 driven by continued strong churn of 1.5%. Beam Data RGUs grew 1,376 to 1,475 driven by network expansion of 18,000 homes passed and 0.8% churn. Penetration for Incumbent Cable, Glo Fiber and Beam were 50%, 15% and 5%, respectively, as of December 31, 2021.
  • Broadband revenue grew $23.7 million or 11.6% to $228.1 million. Residential & SMB revenue increased approximately $22.5 million, or 14.5%, during 2021 primarily driven by 15.9% growth in data RGUs. Commercial Fiber revenue increased approximately $2.2 million during 2021 due to growth in circuits, $0.7 million amortized revenue reduction in 2020 and $0.5 million in non-recurring dark fiber sales-type leases in 2021. Rural Local Exchange Carrier (RLEC) & Other revenue decreased approximately $1.0 million, or 5.7%, compared with 2020 due primarily to a decline in residential DSL subscribers, lower switched access revenue and lower intercompany phone service. We expect RLEC revenue to continue to decline as subscribers migrate to faster speed data services provided by our dual-incumbent cable franchise in Shenandoah County, Virginia.
  • Broadband operating expenses increased approximately $33.8 million, or 20.4%, to $199.2 million in 2021, compared with 2020, primarily due to $7.4 million in higher compensation and advertising costs to support the expansion of Glo Fiber and Beam, $6.9 million in depreciation from growth in our broadband networks, $6.0 million in Beam impairment charges following the decision to cease network expansion, $5.8 million increase in maintenance due primarily to higher cable replacements costs, obsolete inventory charges and expensing of software development costs related to our current ERP system that we are replacing in 2022, $2.4 million increase in software development and service fees as we upgrade our operating support, customer relationship and enterprise resource systems, $1.7 million in higher programming fees and $0.9 million in restructuring charges related to the Wireless disposition.
  • Broadband net income in 2021 was $28.6 million, compared with $38.7 million in 2020.
  • Broadband Adjusted EBITDA in 2021 grew 4.5% to $83.7 million, compared with $80.1 million in 2020.

Tower

  • Total macro towers and tenants were 223 and 485, respectively, as of December 31, 2021 as compared with 223 and 427, respectively, as of December 31, 2020.
  • Revenue increased approximately $0.6 million, or 3.8%, in 2021 to $17.7 million compared with 2020. This increase was due to a 13.6% increase in tenants, a 3.2% decline in average revenue per tenant and $0.9 million decline in lease application revenue.
  • Operating expenses increased approximately $0.5 million compared to the prior year period, due primarily to increases in ground lease rent expense, and expansion of our tower network team resulting in higher payroll costs, partially offset by a decrease in professional services.
  • Tower net income in 2021 was $9.0 million, compared with $8.8 million in 2020.
  • Tower Adjusted EBITDA grew 3.2% to $11.1 million, compared with $10.7 million in 2020.

Consolidated Fourth Quarter 2021 Results

  • Revenue in the fourth quarter of 2021 grew 7.7% to $62.6 million primarily due to growth of 9.4% in the Broadband segment, partially offset by a decline of 12.9% in the Tower segment.
  • Loss from continuing operations in the fourth quarter of 2021 was $3.1 million, compared with income from continuing operations of $1.5 million in the fourth quarter of 2020, primarily due to $5.9 million in Beam impairment charges, $3.6 million increase in Broadband maintenance from higher cable replacement and obsolete inventory charges and $0.9 million decline in Tower lease application revenues.
  • Adjusted EBITDA in the fourth quarter of 2021 decreased $1.8 million or 11.3% to $13.8 million due to the above noted increase in Broadband maintenance charges and decline in Tower lease application revenues.  

Broadband

  • Broadband revenue in the fourth quarter of 2021 grew $5.1 million or 9.4% to $58.8 million compared with $53.7 million in the fourth quarter of 2020, primarily driven by $5.0 million or 12.2% increase in Residential and SMB revenue as a result of a 15.9% increase in broadband data RGUs and a $1.37 improvement for data ARPU. Commercial fiber grew 1.8% to $8.9 million from higher enterprise and backhaul connections. RLEC revenue declined 1.6% to $4.1 million due primarily to lower DSL subscribers and switched access revenue.
  • Broadband operating expenses in the fourth quarter of 2021 were $57.8 million compared with $43.1 million in the fourth quarter of 2020. The increase was primarily due to $5.9 million in Beam impairment charges following the decision to cease network expansion, $3.6 million increase in maintenance due primarily to higher cable replacements costs and obsolete inventory charges, $2.4 million in higher compensation and advertising costs to support the expansion of Glo Fiber and Beam, $1.7 million in depreciation from growth in our broadband networks.
  • Broadband net income in the fourth quarter of 2021 was $0.9 million, compared with $10.6 million in the fourth quarter of 2020.
  • Broadband Adjusted EBITDA in the fourth quarter of 2021 decreased 10.4% to $19.1 million, compared with $21.4 million for the fourth quarter of 2020.

Tower

  • Tower revenue declined $0.6 million or 12.9% to $4.0 million due to a $0.9 million non-recurring reduction in lease application fees partially offset by a 13.6% increase in tenants compared with the prior year period.
  • Tower net income in the fourth quarter of 2021 was $1.6 million, compared with $2.4 million for the fourth quarter of 2020.
  • Tower Adjusted EBITDA in the fourth quarter of 2021 decreased 20.0% to $2.3 million, compared with $2.9 million for the fourth quarter of 2020.

Other Information

  • Capital expenditures were $160.1 million for the year ended December 31, 2021 compared with $120.5 million in 2020. The $39.7 million increase in capital expenditures was primarily due to higher spending in the Broadband segment driven by the expansion of Glo Fiber.
  • The Company declared and paid a cash dividend of $0.07 per share, in the fourth quarter 2021.
  • As of December 31, 2021, the Company had liquidity of approximately $484.3 million, including $84.3 million of cash, $300 million of delayed draw term loans and a revolving line of credit of $100 million.

Conference Call and Webcast

Teleconference Information:

Date: Tuesday, March 1, 2022
Time: 8:00 A.M. (ET)
Dial in number: 1-888-695-7639

Password: 1640119

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

An audio replay of the call will be available approximately two hours after the call is complete, through March 26, 2022 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 7,400 route miles of fiber and over 220 macro cellular towers. For more information, please visit www.shentel.com.

This release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of unforeseen factors. A discussion of factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations, is available in the Company’s filings with the SEC. Those factors may include changes in general economic conditions, increases in costs, changes in regulation and other competitive factors.

CONTACTS:

Shenandoah Telecommunications Company
Jim Volk
Senior Vice President - 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)

 Quarter Ended December 31,  Year Ended December 31,
  2021   2020  2021   2020 
Service revenue and other$62,604  $58,132 $245,239  $220,775 
Operating expenses:       
Cost of services 28,480   23,121  102,299   89,657 
Selling, general and administrative 21,740   20,789  82,451   85,016 
Restructuring expense (94)    1,727    
Impairment expense 5,887     5,986    
Depreciation and amortization 14,492   12,693  55,206   48,703 
Total operating expenses 70,505   56,603  247,669   223,376 
Operating income (loss) (7,901)  1,529  (2,430)  (2,601)
Other income, net 5,589   84  8,665   3,187 
Income before income taxes (2,312)  1,613  6,235   586 
Income tax expense (benefit) 825   74  (1,694)  (990)
Income (loss) from continuing operations (3,137)  1,539  7,929   1,576 
Discontinued operations:       
Income from discontinued operations, net of tax (4,965)  47,675  94,667   124,097 
Gain on the sale of discontinued operations, net of tax 9,503     896,235    
Total income from discontinued operations, net of tax 4,538   47,675  990,902   124,097 
Net income 1,401   49,214  998,831   125,673 
        
Net income per share, basic and diluted:       
Basic - Income (loss) from continuing operations$(0.06) $0.03 $0.16  $0.03 
Basic - Income from discontinued operations, net of tax$0.09  $0.96 $19.81  $2.49 
Basic net income per share$0.03  $0.99 $19.97  $2.52 
        
Diluted - Income (loss) from continuing operations$(0.06) $0.03 $0.16  $0.03 
Diluted - Income from discontinued operations, net of tax$0.09  $0.95 $19.76  $2.48 
Diluted net income per share$0.03  $0.98 $19.92  $2.51 
        
Weighted average shares outstanding, basic 50,046   49,922  50,026   49,901 
Weighted average shares outstanding, diluted 50,046   50,010  50,149   50,024 
               

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

 December 31,
2021
 December 31,
2020
    
Cash and cash equivalents$84,344 $195,397
Other current assets 82,023  77,915
Current assets held for sale   1,133,294
Total current assets 166,367  1,406,606
    
Investments 13,661  13,769
Property, plant and equipment, net 554,162  440,427
Intangible assets, net and Goodwill 89,831  106,759
Operating lease right-of-use assets 56,414  50,387
Deferred charges and other assets, net 10,298  6,448
Total assets$890,733 $2,024,396
    
Current liabilities held for sale  $452,202
Total current liabilities 67,290 $755,859
Other liabilities 181,168  239,284
Total shareholders’ equity 642,275  577,051
Total liabilities and shareholders’ equity$890,733 $2,024,396
      


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 
(in thousands) 2021   2020 
Cash flows from operating activities:   
Net income$998,831  $125,673 
Income from operations of discontinued operations, net of tax 990,902   124,097 
Income from continuing operations 7,929   1,576 
    
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation 54,389   47,964 
Amortization of intangible assets 817   739 
Bad debt expense 1,028   1,220 
Stock based compensation expense, net of amount capitalized 3,408   5,907 
Deferred income taxes 22,263   14,906 
Restructuring expense 1,727    
Impairment expense 5,986    
Other adjustments 902   (978)
Changes in assets and liabilities (34,996)  (17,975)
Net cash provided by operating activities – continuing operations 63,453   53,359 
Net cash provided by operating activities – discontinued operations (314,387)  249,508 
Net cash provided by operating activities (250,934)  302,867 
    
Cash flows from investing activities:   
Capital expenditures (160,101)  (120,450)
Cash disbursed for acquisitions    (1,890)
Cash disbursed for FCC spectrum licenses    (16,118)
Proceeds from sale of assets and other 366   370 
Net cash used in investing activities – continuing operations (159,735)  (138,088)
Net cash used in investing activities – discontinued operations 1,944,089   (17,500)
Net cash used in investing activities 1,784,354   (155,588)
    
Cash flows from financing activities:   
Dividends paid, net of dividends reinvested (940,256)  (16,424)
Taxes paid for equity award issuances (1,627)  (2,217)
Other (2,034)  (769)
Net cash used in financing activities – continuing operations (943,917)  (19,410)
Net cash used in financing activities – discontinued operations (700,556)  (34,123)
Net cash used in financing activities (1,644,473)  (53,533)
    
Net increase in cash and cash equivalents (111,053)  93,746 
Cash and cash equivalents, beginning of period 195,397   101,651 
Cash and cash equivalents, end of period$84,344  $195,397 
        

Non-GAAP Financial Measures
Adjusted EBITDA

The Company defines Adjusted EBITDA as net income calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, other expense, net, interest income, interest expense, provision for income taxes, 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, 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. 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.      

         
Year Ended December 31, 2021        
(in thousands) Broadband Tower Corporate & Eliminations Consolidated
Net income (loss) $28,571 $9,016 $(29,658) $7,929 
Depreciation and amortization  47,937  2,053  5,216   55,206 
Other expense (income), net  261    (8,926)  (8,665)
Income tax expense (benefit)      (1,694)  (1,694)
EBITDA  76,769  11,069  (35,062)  52,776 
Stock-based compensation      3,408   3,408 
Restructuring charges and transaction related fees  924  6  2,626   3,556 
Impairment expense  5,986       5,986 
Adjusted EBITDA $83,679 $11,075 $(29,028) $65,726 
               


Year Ended December 31, 2020        
(in thousands) Broadband Tower Corporate & Eliminations Consolidated
Net income (loss) $38,749 $8,823 $(45,996) $1,576 
Depreciation and amortization  41,076  1,906  5,721   48,703 
Other expense (income), net  158    (3,345)  (3,187)
Income tax expense (benefit)      (990)  (990)
EBITDA  79,983  10,729  (44,610)  46,102 
Stock-based compensation      5,907   5,907 
Restructuring charges and transaction related fees  101    3,679   3,780 
Adjusted EBITDA $80,084 $10,729 $(35,024) $55,789 
               


Quarter ended December 31, 2021        
(in thousands) Broadband Tower Corporate & Eliminations Consolidated
Net income (loss) $897 $1,643  $(5,677) $(3,137)
Depreciation and amortization  12,289  655   1,548   14,492 
Other expense (income), net  70  (1)  (5,658)  (5,589)
Income tax expense (benefit)       825   825 
EBITDA  13,256  2,297   (8,962)  6,591 
Stock-based compensation       1,455   1,455 
Restructuring charges and transaction related fees       (87)  (87)
Impairment expense  5,887        5,887 
Adjusted EBITDA $19,143 $2,297  $(7,594) $13,846 
                


Quarter Ended December 31, 2020        
(in thousands) Broadband Tower Corporate & Eliminations Consolidated
Net income (loss) $10,586 $2,378 $(11,425) $1,539 
Depreciation and amortization  10,628  492  1,573   12,693 
Other expense (income), net  40    (124)  (84)
Income tax expense (benefit)      74   74 
EBITDA  21,254  2,870  (9,902)  14,222 
Stock-based compensation      602   602 
Restructuring charges and transaction related fees  101    677   778 
Adjusted EBITDA $21,355 $2,870 $(8,623) $15,602 
               

Segment Results

Year ended December 31, 2021
(in thousands)
 Broadband Tower Corporate & Eliminations Consolidated
External revenue        
Residential & SMB $177,530 $ $  $177,530 
Commercial Fiber  30,842       30,842 
RLEC & Other  15,249       15,249 
Tower lease    12,393     12,393 
Service revenue and other  223,621  12,393     236,014 
Revenue for service provided to the discontinued Wireless operations  4,459  5,311  (545)  9,225 
Total revenue  228,080  17,704  (545)  245,239 
Operating expenses        
Cost of services  97,283  5,438  (422)  102,299 
Selling, general and administrative  47,840  1,197  33,414   82,451 
Restructuring expense  202    1,525   1,727 
Impairment expense  5,986       5,986 
Depreciation and amortization  47,937  2,053  5,216   55,206 
Total operating expenses  199,248  8,688  39,733   247,669 
Operating income (loss) $28,832 $9,016 $(40,278) $(2,430)
               


Year ended December 31, 2020
(in thousands)
 Broadband Tower Corporate & Eliminations Consolidated
External revenue        
Residential & SMB $154,956 $ $  $154,956 
Commercial Fiber  24,431       24,431 
RLEC & Other  15,971       15,971 
Tower lease    7,402     7,402 
Service revenue and other  195,358  7,402     202,760 
Revenue for service provided to the discontinued Wireless operations  8,989  9,653  (627)  18,015 
Total revenue  204,347  17,055  (627)  220,775 
Operating expenses        
Cost of services  84,893  4,896  (132)  89,657 
Selling, general and administrative  39,472  1,430  44,114   85,016 
Depreciation and amortization  41,076  1,906  5,721   48,703 
Total operating expenses  165,441  8,232  49,703   223,376 
Operating income (loss) $38,906 $8,823 $(50,330) $(2,601)
               


Quarter ended December 31, 2021
(in thousands)
 Broadband Tower Corporate & Eliminations Consolidated
External revenue        
Residential & SMB $45,828  $ $  $45,828 
Commercial Fiber  8,867        8,867 
RLEC & Other  4,041        4,041 
Tower lease     3,868     3,868 
Service revenue and other  58,736   3,868     62,604 
Revenue for service provided to the discontinued Wireless operations  50   108  (158)   
Total revenue  58,786   3,976  (158)  62,604 
Operating expenses        
Cost of services  27,233   1,368  (121)  28,480 
Selling, general and administrative  12,411   311  9,018   21,740 
Restructuring expense  (1)    (93)  (94)
Impairment expense  5,887        5,887 
Depreciation and amortization  12,289   655  1,548   14,492 
Total operating expenses  57,819   2,334  10,352   70,505 
Operating income (loss) $967  $1,642 $(10,510) $(7,901)
                


Quarter ended December 31, 2020
(in thousands)
 Broadband Tower Corporate & Eliminations Consolidated
External revenue        
Residential & SMB $40,786 $ $  $40,786
Commercial Fiber  6,669       6,669
RLEC & Other  4,091       4,091
Tower lease    1,912     1,912
Service revenue and other  51,546  1,912     53,458
Revenue for service provided to the discontinued Wireless operations  2,171  2,653  (150)  4,674
Total revenue  53,717  4,565  (150)  58,132
Operating expenses        
Cost of services  21,952  1,359  (190)  23,121
Selling, general and administrative  10,512  335  9,942   20,789
Depreciation and amortization  10,628  492  1,573   12,693
Total operating expenses  43,092  2,186  11,325   56,603
Operating income (loss) $10,625 $2,379 $(11,475) $1,529
              

Supplemental Information

Broadband Operating Statistics

  December 31,
2021
 December 31,
2020
Broadband homes passed (1) 313,976  246,790 
Incumbent Cable 211,120  208,691 
Glo Fiber 75,189  28,652 
Beam 27,667  9,447 
     
Broadband customer relationships (2) 123,560  109,458 
     
Residential & SMB RGUs:    
Broadband Data 119,197  102,812 
Incumbent Cable 106,345  98,555 
Glo Fiber 11,377  4,158 
Beam 1,475  99 
Video 49,945  52,817 
Voice 34,513  32,646 
Total Residential & SMB RGUs (excludes RLEC) 203,655  188,275 
     
Residential & SMB Penetration (3)    
Broadband Data 38.0% 41.7%
Incumbent Cable 50.4% 47.2%
Glo Fiber 15.1% 14.5%
Beam 5.3% 1.0%
Video 15.9% 21.4%
Voice 12.8% 14.8%
     
Fiber route miles 7,392  6,794 
Total fiber miles (5) 518,467  394,316 


________________________________________
(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) Customer relationships represent the number of billed customers who receive at least one of our services. 
(3) Penetration is calculated by dividing the number of users by the number of homes passed or available homes, as appropriate. 
(4) Average Revenue Per Data RGU calculation = (Residential & SMB Revenue * 1,000) / average data RGUs / 12 months 
(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        
  Quarter Ended December 31, Year Ended December 31,
   2021   2020   2021   2020 
Residential and SMB Revenue:        
Broadband Data $28,030  $23,618  $105,141  $86,715 
Incumbent Cable  25,427   22,787   97,848   85,127 
Glo Fiber  2,314   819   6,586   1,576 
Beam  289   12   707   12 
Video  15,202   14,840   61,856   59,422 
Voice  2,932   2,912   11,692   11,441 
Discounts and adjustments  (336)  (524)  (1,159)  (2,561)
Total Revenue $45,828  $40,846  $177,530  $155,017 
         
Average RGUs:        
Broadband Data  117,606   100,826   111,442   92,730 
Incumbent Cable  105,907   97,210   103,216   90,983 
Glo Fiber  10,370   3,534   7,415   1,665 
Beam  1,329   82   811   82 
Video  50,400   53,410   51,368   53,150 
Voice  34,561   33,310   34,068   32,381 
         
ARPU:        
Broadband Data $79.45  $78.08  $78.62  $77.93 
Incumbent Cable $80.03  $78.14  $79.00  $77.97 
Glo Fiber $74.38  $77.25  $74.02  $78.90 
Beam $72.49  $73.17  $72.65  $73.17 
Video $100.54  $92.62  $100.35  $93.17 
Voice $28.28  $29.14  $28.60  $29.44 
                 

Tower Operating Statistics

  December 31,
2021
 December 31,
2020
Macro tower sites 223 223
Tenants (1) 485 427
Average tenants per tower 2.1 1.8


________________________________________
(1) Includes 47 and 221 tenants for our Wireless operations, (reported as a discontinued operation), as of December 31, 2021 and 2020, respectively. 

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