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 services25,426   22,669  73,044   65,167  
Selling, general and administrative20,238   20,039  60,711   64,227  
Restructuring expense1,160     1,821     
Depreciation and amortization14,248   11,995  40,813   36,010  
Total operating expenses61,072   54,703  176,389   165,404  
Operating income (loss)1,172   470  6,246   (2,761) 
Other income:       
Other income, net138   1,083  3,076   3,103  
Income before income taxes1,310   1,553  9,322   342  
Income tax expense (benefit)(5,422)  141  (2,315)  (684) 
Income from continuing operations6,732   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 tax886,732     886,732     
Total income from discontinued operations, net of tax886,326   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, basic49,984   49,911  49,984   49,889  
Weighted average shares outstanding, diluted50,120   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 assets41,489   80,024  
Current assets held for sale—   1,133,294  
Total current assets574,033   1,408,715  
    
Investments13,410   13,769  
Property, plant and equipment, net525,799   440,427  
Intangible assets, net and Goodwill106,146   106,759  
Operating lease right-of-use assets56,952   50,387  
Deferred charges and other assets, net16,750   11,650  
Total assets$1,293,090   $2,031,707  
    
Current liabilities held for sale$—   $452,202  
Total current liabilities485,423   755,859  
Other liabilities158,901   241,252  
Total shareholders’ equity648,766   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 tax986,364   76,422  
Income (loss) from continuing operations11,637   1,026  
    
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation40,193   35,522  
Amortization of intangible assets620   488  
Bad debt expense755   514  
Stock based compensation expense, net of amount capitalized1,953   5,306  
Deferred income taxes4,384   (279) 
Other adjustments(31)  (349) 
Changes in assets and liabilities(27,939)  2,572  
Net cash provided by operating activities – continuing operations31,572   44,800  
Net cash provided by operating activities – discontinued operations121,067   182,499  
Net cash provided by operating activities152,639   227,299  
    
Cash flows from investing activities:   
Capital expenditures(118,800)  (82,740) 
Proceeds from sale of assets and other200   (15,866) 
Net cash used in investing activities – continuing operations(118,600)  (98,606) 
Net cash used in investing activities – discontinued operations1,944,063   (17,794) 
Net cash used in investing activities1,825,463   (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 equivalents337,147   82,399  
Cash and cash equivalents, beginning of period195,397   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 Fiber60,836   22,347  
Beam24,347   —  
    
Broadband customer relationships (3)118,143   106,314  
    
Residential & Small and Medium Business ("SMB") RGUs:   
Broadband Data115,579   98,764  
Incumbent Cable (2)105,116   95,962  
Glo Fiber9,272   2,802  
Beam1,191   —  
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 Data39.0 % 42.9 %
Incumbent Cable49.8 % 46.2 %
Glo Fiber15.2 % 12.5 %
Beam4.9 % — %
Video17.1 % 23.3 %
Voice13.6 % 15.5 %
    
Fiber route miles7,219   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 Cable24,780    21,770    72,421    62,340   
Glo Fiber1,810    491    4,272    757   
Beam223    —    418    —   
Video15,391    14,823    46,654    44,582   
Voice2,968    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 Data113,356    95,486    109,387    90,052   
Incumbent Cable104,150    93,441    102,319    89,011   
Glo Fiber8,188    2,045    6,430    1,041   
Beam1,018    —    638    —   
Video50,921    53,085    51,691    53,063   
Voice34,789    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 sites223   222  
Tenants (1)470   414  
Average tenants per tower2.0   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.