Business
Shenandoah Telecommunications Company Reports Fourth Quarter and Full Year 2022 Results
EDINBURG, Va., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2022
About this update from Shenandoah Telecommunications Co
[{"type":"text","content":"EDINBURG, Va., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2022 financial and operating results. 2022 Highlights for Continuing Operations Glo Fiber data customers grew 113.5% year over year to approximately 24,000.Glo Fiber passings grew by approximately 72,300, or 96.1%, to approximately 147,000.Revenue grew 9.0% to $267.4 million.Net loss in 2022 was $8.4 million, compared with net income of $7.9 million in 2021. The Company discontinued its Beam fixed wireless operations in 2022 and incurred $12.2 million in accelerated depreciation, impairment and restructuring charges.Adjusted EBITDA grew 15.6% to $76.0 million. “We executed very well on our Glo Fiber business plan in 2022, more than doubling our customers and expanding our network passings 96%. Key operating metrics including cost to pass, customer satisfaction, and average revenue per user (\"ARPU\") met or exceeded plan,” said President and CEO, Christopher E. French. \"As we continue to execute on our Fiber First growth plan, we are ramping up construction and sales to take advantage of the attractive market opportunity.\" Shentel's fourth-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, February 22, 2023. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. Full Year 2022 Results Broadband Total Broadband Data Revenue Generating Units (\"RGUs\") grew 16,208, or 13.8%, in 2022 to 133,930. Glo Fiber Data RGUs grew 12,909, or 113.5%, year-over-year to 24,286 driven by network expansion of approximately 72,300 passings and churn of 1.1%. Incumbent Cable Data RGUs grew 3,299 to 109,644. Penetration for Incumbent Cable and Glo Fiber were 51.7% and 16.5%, respectively, as of December 31, 2022. Broadband revenue grew $20.9 million, or 9.2%, to $249.0 million. Residential & SMB revenue increased approximately $16.4 million, or 9.3%, during 2022 primarily driven by 13.8% growth in data RGUs. Commercial Fiber revenue increased approximately $3.9 million or 11.2% during 2022 due to increased connections. Rural Local Exchange Carrier (RLEC) & Other revenue increased approximately $0.6 million, or 3.8%, compared with 2021. Broadband operating expenses increased approximately $29.1 million...