Shenandoah Telecommunications Company Reports Second Quarter 2021 Results

Thursday, 29. July 2021 22:30

EDINBURG, Va., July 29, 2021 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced second quarter 2021 financial and operating results.

Highlights

  • Completed the sale of Wireless assets and operations to T-Mobile for $1.94 billion in cash on July 1, 2021.
  • Declared a Special Dividend of $18.75 per share on July 2, 2021 payable on August 2, 2021.
  • Broadband data net adds were approximately 3,900 including 1,645 for Glo Fiber and 372 for Beam, respectively.
  • Revenue and Adjusted OIBDA grew 11.7% and 29.6%, respectively.
  • Earnings per diluted share for continuing operations grew to $0.04 compared to a loss of $0.01 per diluted share in the second quarter 2020.
  • Total Broadband homes and businesses passed grew sequentially 19,000 or 7.3% to approximately 279,000.

“Our transformation into a broadband-centric company is now complete with the closing of the sale of our Wireless assets and operations to T-Mobile on July 1, 2021. As a result of the successful sale, we are very pleased to return over $936 million in value to our shareholders via a special dividend,” said President and CEO, Christopher E. French. “We made strong progress in the second quarter in growing our broadband networks and data subscribers and reducing our operating expenses to align with our broadband and tower businesses. The combination of these actions has led to outstanding revenue and Adjusted OIBDA growth rates in the second quarter and have positioned us well for sustainable growth in future periods.”

Shentel's second-quarter earnings conference call will be webcast at 8:00 a.m. ET on Friday, July 30, 2021. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/.

Consolidated Second Quarter 2021 Results

  • Revenue in the second quarter of 2021 grew 11.7% to $60.7 million, compared with the second quarter of 2020, due to the growth of 12.2% in Broadband and 8.3% in Tower segments.

  • Adjusted OIBDA in the second quarter of 2021 grew 29.6% to $16.3 million, compared with the second quarter of 2020, due to growth in Broadband and Tower of 2.5% and 9.3%, respectively. Corporate expenses declined 30.0% from the same period a year ago due to lower compensation, legal and professional fees.

  • Operating income in the second quarter of 2021 was $2.7 million compared with a loss of $1.9 million in the second quarter of 2020.

  • Earnings from continuing operations per diluted share was $0.04 in the second quarter of 2021 and earnings from discontinued operations grew 74.6% to $1.03 per diluted share from the second quarter of 2020.

Broadband

  • Total broadband data Revenue Generating Units ("RGUs") as of June 30, 2021, were 111,475, representing 20.3% year over year growth. Penetration for incumbent cable, Glo Fiber and Beam were 49%, 15% and 4%, respectively, compared to 44%, 10% and 0%, respectively, as of June 30, 2020. Total Glo Fiber and Beam passings grew year over year by approximately 33,200 and 21,800, respectively.

  • Broadband revenue in the second quarter of 2021 grew $6.1 million or 12.2% to $56.2 million compared with $50.1 million in the second quarter of 2020, primarily driven by a $6.3 million or 16.7% increase in Residential & SMB revenue on a 20.3% increase in broadband data RGUs. RLEC revenue declined by $0.4 million, or 8.8%, to $3.7 million, primarily driven by the migration of DSL subscribers to our Broadband cable modem service, and lower governmental support. We expect RLEC revenue to continue to decline.

  • Broadband operating expenses in the second quarter of 2021 were $47.7 million compared to $40.6 million in the second quarter of 2020, driven by costs incurred to support the growth of Glo Fiber and Beam fixed wireless, including a $1.4 million increase in depreciation, a $1.2 million increase in compensation and commissions expenses primarily from increased staffing, a $1.0 million increase in software and professional fees due to enhancements in our back-office systems, a $0.7 million increase in maintenance and line costs from growth in our network, a $0.6 million increase in advertising, a $0.5 million increase in telemarketing fees, a $0.5 million increase in franchise and regulatory fees, and a $0.5 million increase in programming fees.

  • Broadband Adjusted OIBDA in the second quarter of 2021 grew 2.5% to $20.3 million, compared with $19.8 million for the second quarter of 2020.

  • Broadband Operating income in the second quarter of 2021 was $8.5 million, compared to $9.5 million in the second quarter of 2020.

Tower

  • Tower revenue in the second quarter of 2021 grew 8.3% to $4.6 million, compared with the second quarter of 2020, due to an 8.5% increase in tenants.

  • Tower Adjusted OIBDA in the second quarter of 2021 grew 9.3% to $3.0 million, compared with $2.7 million for the second quarter of 2020, due to revenue growth and steady expenses.

  • Tower operating income in the second quarter of 2021 was $2.5 million, compared to $2.2 million in the second quarter of 2020.

Other Information

  • On July 1, 2021, pursuant to the previously announced Asset Purchase Agreement, dated May 28, 2021, between Shentel and T-Mobile USA, Inc. (“T-Mobile”), Shentel completed the sale of its Wireless assets and operations to T-Mobile for cash consideration of approximately $1.94 billion, inclusive of the approximately $60 million settlement of the waived management fees by Sprint Corporation, an indirect subsidiary of T-Mobile, and net of certain transaction expenses (the “Transaction”).

  • The Company currently expects the after-tax proceeds from the Transaction to be 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. The remainder of the proceeds will be used to fund a special dividend of $18.75 per share on the issued and outstanding shares of the Company's common stock (the "Special Dividend").

  • 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 delay draw amortizing term loan and (iii) a $150 million seven-year delay 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 fourth quarter of 2021.

  • On July 2, 2021, the Company’s Board of Directors declared a special dividend of $18.75 per share on the issued and outstanding shares of the Company’s common stock (the “Special Dividend”). The Special Dividend is payable on August 2, 2021 to shareholders of record as of the close of business on July 13, 2021. Since the Special Dividend is more than 25% of the current share price, in accordance with NASDAQ rules, the ex-dividend date will be August 3, 2021, the first business day after the payment date. The Company currently expects approximately $14.5 million of the Special Dividend to be reinvested in shares of the Company’s common stock via the Company’s Dividend Reinvestment Plan. The reinvested dividends are expected to be used to purchase shares of the Company’s common stock in market transactions during the thirty days following the dividend payment date. The total payout to Shentel shareholders, before any reinvestment via the Company’s Dividend Reinvestment Plan, will be approximately $937 million.

  • The Company currently expects to incur approximately $5.1 million of severance expense during 2021, with approximately $2.1 million attributable to continuing operations and $3.0 million related to discontinued operations. Approximately $1.2 million of severance expense was recognized during the first half of 2021, with $0.7 million related to continuing operations and $0.5 million related to discontinued operations. The remaining severance expenses are expected to be incurred in the third quarter of 2021 following the sale of our Wireless operations. The workforce reduction is expected to decrease the Company's annualized run-rate operating expenses for continuing operations by approximately $4 million.

  • Cash and cash equivalents grew sequentially $19.6 million to $248.8 million as of June 30, 2021 driven by strong cash flow from discontinued operations. Giving effect to the closing of the Transaction, the Special Dividend, termination of the Prior Credit Agreement, and the execution of the New Credit Agreement, as if those events had occurred on June 30, 2021, the Company would have had approximately $480 million of liquidity on a pro forma basis.

  • Capital expenditures were $79.6 million for the six months ended June 30, 2021 compared with $52.9 million in the comparable 2020 period. The $26.7 million increase in capital expenditures was primarily due to higher spending in the Broadband segment driven by the expansion of Glo Fiber and Beam.

2021 Outlook
The Company is reaffirming 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 $241  $248  $221  $207  10.6% 6.8%
Operating Income (loss) $7  $14  $(1) $(1) nm  %
Adjusted OIBDA $69  $76  $57  $49  27.2% 16.3%
Capital Expenditures $157  $168  $120  $67  35.4% 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: July 30, 2021
       Time: 8:00 A.M. (ET)
       Dial in number: 1-888-695-7639

       Password: 7086645

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

An audio replay of the call will be available approximately two hours after the call is complete, through August 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 7,000 route miles of fiber and 223 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
June 30,
 Six Months Ended
June 30,
 2021 2020 2021 2020
Service revenue and other$60,700  $54,336   $120,391  $107,470 
Operating expenses:       
Cost of services24,335  22,181   47,618  42,498 
Selling, general and administrative20,320  22,092   40,473  44,188 
Restructuring expense43     661   
Depreciation and amortization13,299  11,930   26,565  24,015 
Total operating expenses57,997  56,203   115,317  110,701 
Operating income (loss)2,703  (1,867)  5,074  (3,231)
Other income:       
Other income, net1,338  1,271   2,938  2,020 
Income (loss) before income taxes4,041  (596)  8,012  (1,211)
Income tax expense (benefit)2,185  (60)  3,107  (825)
Income (loss) from continuing operations1,856  (536)  4,905  (386)
Income from discontinued operations, net of tax51,566  29,783   100,038  42,913 
Net income$53,422  $29,247   $104,943  $42,527 
        
Net income per share, basic and diluted:       
Basic - Income (loss) from continuing operations$0.04  $(0.01)  $0.10  $(0.01)
Basic - Income from discontinued operations, net of tax$1.03  $0.59   $2.00  $0.86 
Basic net income per share$1.07  $0.58   $2.10  $0.85 
        
Diluted - Income (loss) from continuing operations$0.04  $(0.01)  $0.10  $(0.01)
Diluted - Income from discontinued operations, net of tax$1.03  $0.59   $2.00  $0.86 
Diluted net income per share$1.07  $0.58   $2.10  $0.85 
        
Weighted average shares outstanding, basic49,945  49,902   49,945  49,878 
Weighted average shares outstanding, diluted50,075  49,902   50,067  49,878 


 
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 June 30,
2021
 December 31,
2020
    
Cash and cash equivalents$248,789  $195,397 
Other current assets79,162  80,024 
Current assets held for sale1,101,193  1,133,294 
Total current assets1,429,144  1,408,715 
    
Investments13,793  13,769 
Property, plant and equipment, net495,599  440,427 
Intangible assets, net and Goodwill106,345  106,759 
Operating lease right-of-use assets54,254  50,387 
Deferred charges and other assets, net16,097  11,650 
Total assets$2,115,232  $2,031,707 
    
Current liabilities held for sale$423,008  $452,202 
Total current liabilities733,530  755,859 
Other liabilities270,907  241,252 
Total shareholders’ equity687,787  582,394 
Total liabilities and shareholders’ equity$2,115,232  $2,031,707 


 
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 Six Months Ended
June 30,
(in thousands)2021 2020
Cash flows from operating activities:   
Net income$104,943  $42,527 
Income from operations of discontinued operations, net of tax100,038  42,913 
Income (loss) from continuing operations4,905  (386)
    
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation26,144  23,694 
Amortization of intangible assets421  321 
Bad debt expense448  436 
Stock based compensation expense, net of amount capitalized834  4,169 
Deferred income taxes3,251  (499)
Other adjustments(649) (73)
Changes in assets and liabilities(7,180) 1,641 
Net cash provided by operating activities – continuing operations28,174  29,303 
Net cash provided by operating activities – discontinued operations125,011  99,636 
Net cash provided by operating activities153,185  128,939 
    
Cash flows from investing activities:   
Capital expenditures(79,562) (52,888)
Proceeds from sale of assets and other189  (936)
Net cash used in investing activities – continuing operations(79,373) (53,824)
Net cash used in investing activities – discontinued operations(928) (13,716)
Net cash used in investing activities(80,301) (67,540)
    
Cash flows from financing activities:   
Taxes paid for equity award issuances(1,627) (2,182)
Other(804) (95)
Net cash used in financing activities – continuing operations(2,431) (2,277)
Net cash used in financing activities – discontinued operations(17,061) (17,061)
Net cash used in financing activities(19,492) (19,338)
    
Net increase in cash and cash equivalents53,392  42,061 
Cash and cash equivalents, beginning of period195,397  101,651 
Cash and cash equivalents, end of period$248,789  $143,712 
        

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 June 30, 2021        
(in thousands) Broadband Tower Corporate &
Eliminations
 Consolidated
Operating income (loss) from continuing operations $8,492  $2,509  $(8,298) $2,703 
Depreciation 11,577  449  1,075  13,101 
Amortization 198      198 
OIBDA 20,267  2,958  (7,223) 16,002 
Stock compensation expense     192  192 
Deal advisory fees 1    27  28 
Restructuring expense 27    16  43 
Adjusted OIBDA $20,295  $2,958  $(6,988) $16,265 


Three Months Ended June 30, 2020        
(in thousands) Broadband Tower Corporate &
Eliminations
 Consolidated
Operating income (loss) from continuing operations $9,500  $2,229  $(13,596) $(1,867)
Depreciation 10,140  477  1,146  11,763 
Amortization 167      167 
OIBDA 19,807  2,706  (12,450) 10,063 
Stock compensation expense     1,430  1,430 
Deal advisory fees     1,060  1,060 
Adjusted OIBDA $19,807  $2,706  $(9,960) $12,553 


Six Months Ended June 30, 2021        
(in thousands) Broadband Tower Corporate &
Eliminations
 Consolidated
Operating income (loss) from continuing operations $18,919  $5,211  $(19,056) $5,074 
Depreciation 23,115  930  2,099  26,144 
Amortization 421      421 
OIBDA 42,455  6,141  (16,957) 31,639 
Stock compensation expense     834  834 
Deal advisory fees 116    136  252 
Restructuring expense 132    529  661 
Adjusted OIBDA $42,703  $6,141  $(15,458) $33,386 


Six Months Ended June 30, 2020        
(in thousands) Broadband Tower Corporate &
Eliminations
 Consolidated
Operating income (loss) from continuing operations $20,162  $4,024  $(27,417) $(3,231)
Depreciation 20,020  947  2,727  23,694 
Amortization 321      321 
OIBDA 40,503  4,971  (24,690) 20,784 
Stock compensation expense     4,169  4,169 
Deal advisory fees     1,970  1,970 
Adjusted OIBDA $40,503  $4,971  $(18,551) $26,923 
                 

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  $14  $(1) $(1)
Depreciation $53  $53  $48  $46 
Amortization $1  $1  $1  $1 
Stock compensation expense $6  $6  $6  $3 
Deal advisory fees $  $  $3  $ 
Restructuring expense and other $2  $2  $  $ 
Adjusted OIBDA $69  $76  $57  $49 
                 

Segment Results

Three Months Ended June 30, 2021:

(in thousands) Broadband Tower Corporate &
Eliminations
 Consolidated
External revenue        
Residential & SMB $43,989  $  $  $43,989 
Commercial Fiber 6,531      6,531 
RLEC & Other 3,605      3,605 
Tower lease   2,019    2,019 
Service revenue and other 54,125  2,019    56,144 
Revenue for service provided to the discontinued Wireless operations 2,102  2,595  (141) 4,556 
Total revenue 56,227  4,614  (141) 60,700 
Operating expenses        
Cost of services 23,127  1,318  (110) 24,335 
Selling, general and administrative 12,806  338  7,176  20,320 
Restructuring expense 27    16  43 
Depreciation and amortization 11,775  449  1,075  13,299 
Total operating expenses 47,735  2,105  8,157  57,997 
Operating income (loss) $8,492  $2,509  $(8,298) $2,703 
                 

Three Months Ended June 30, 2020

(in thousands) Broadband Tower Corporate &
Eliminations
 Consolidated
External revenue        
Residential & SMB $37,684  $  $  $37,684 
Commercial Fiber 6,282      6,282 
RLEC & Other 3,982      3,982 
Tower lease   1,829    1,829 
Service revenue and other 47,948  1,829    49,777 
Revenue for service provided to the discontinued Wireless operations 2,185  2,430  (56) 4,559 
Total revenue 50,133  4,259  (56) 54,336 
Operating expenses        
Cost of services 20,861  1,315  5  22,181 
Selling, general and administrative 9,465  238  12,389  22,092 
Depreciation and amortization 10,307  477  1,146  11,930 
Total operating expenses 40,633  2,030  13,540  56,203 
Operating income (loss) $9,500  $2,229  $(13,596) $(1,867)
                 

Six Months Ended June 30, 2021:

(in thousands) Broadband Tower Corporate &
Eliminations
 Consolidated
External revenue        
Residential & SMB $86,919  $  $  $86,919 
Commercial Fiber 12,916      12,916 
RLEC & Other 7,236      7,236 
Tower lease   4,169    4,169 
Service revenue and other 107,071  4,169    111,240 
Revenue for service provided to the discontinued Wireless operations 4,310  5,110  (269) 9,151 
Total revenue 111,381  9,279  (269) 120,391 
Operating expenses        
Cost of services 45,263  2,566  (211) 47,618 
Selling, general and administrative 23,531  572  16,370  40,473 
Restructuring expense 132    529  661 
Depreciation and amortization 23,536  930  2,099  26,565 
Total operating expenses 92,462  4,068  18,787  115,317 
Operating income (loss) $18,919  $5,211  $(19,056) $5,074 
                 

Six Months Ended June 30, 2020:

(in thousands) Broadband Tower Corporate & Eliminations Consolidated
External revenue        
Residential & SMB $74,693  $  $  $74,693 
Commercial Fiber 12,482      12,482 
RLEC & Other 8,026      8,026 
Tower lease   3,626    3,626 
Service revenue and other 95,201  3,626    98,827 
Revenue for service provided to the discontinued Wireless operations 4,718  4,363  (438) 8,643 
Total revenue 99,919  7,989  (438) 107,470 
Operating expenses        
Cost of services 40,247  2,254  (3) 42,498 
Selling, general and administrative 19,169  764  24,255  44,188 
Depreciation and amortization 20,341  947  2,727  24,015 
Total operating expenses 79,757  3,965  26,979  110,701 
Operating income (loss) $20,162  $4,024  $(27,417) $(3,231)
                 

Supplemental Information

Broadband Operating Statistics

 June 30,
2021
 June 30,
2020
Broadband homes and businesses passed (1)278,952  220,442 
Incumbent Cable (2)210,787  207,269 
Glo Fiber46,368  13,173 
Beam21,797   
    
Broadband customer relationships (3)116,987  101,816 
    
Residential & SMB RGUs:   
Broadband Data111,475  92,695 
Incumbent Cable (2)103,465  91,364 
Glo Fiber7,169  1,331 
Beam841   
Video (2)51,355  53,153 
Voice (2)34,664  32,252 
Total Residential & SMB RGUs (excludes RLEC)197,494  178,100 
    
Residential & SMB Penetration (4)   
Broadband Data40.0% 42.0%
Incumbent Cable49.1% 44.1%
Glo Fiber15.5% 10.1%
Beam3.9% %
Video18.4% 24.1%
Voice14.4% 16.5%
    
Fiber route miles7,041  6,478 
Total fiber miles (5)440,236  346,969 

__________________________________

(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
June 30,
 Six Months Ended
June 30,
 2021 2020 2021 2020
Residential and SMB Revenue:       
Broadband$25,714  $21,003  $50,298  $40,836 
Incumbent Cable24,177  20,802  47,641  40,570 
Glo Fiber1,394  201  2,462  266 
Beam143    195   
Video15,611  14,938  31,263  29,759 
Voice2,893  2,808  5,792  5,634 
Discounts and adjustments(229) (1,065) (434) (1,536)
Total Revenue$43,989  $37,684  $86,919  $74,693 
        
Average RGUs:       
Broadband Data109,656  89,780  107,403  87,335 
Incumbent Cable102,688  88,970  101,403  86,796 
Glo Fiber6,308  810  5,551  539 
Beam660  —   449   
Video51,715  53,111  52,076  53,053 
Voice33,993  32,039  33,462  31,816 
        
ARPU: (1)       
Broadband$78.17  $77.98  $78.05  $77.93 
Incumbent Cable$78.48  $77.94  $78.30  $77.90 
Glo Fiber$73.66  $82.72  $73.92  $82.25 
Beam$72.22  $  $72.38  $ 
Video$100.62  $93.75  $100.06  $93.49 
Voice$28.37  $29.21  $28.85  $29.51 

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


Tower Operating Statistics

 June 30,
2021
 June 30,
2020
Macro tower sites223  220 
Tenants (1)448  413 
Average tenants per tower1.9  1.8 

__________________________________

(1) Includes 239 and 206 intercompany tenants for our Wireless operations, (reported as a discontinued operation), and Broadband operations, as of June 30, 2021 and 2020, respectively.

 


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