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Shenandoah Telecommunications Company Reports Fourth Quarter and Full Year 2020 Results

/EIN News/ -- EDINBURG, Va., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2020 financial and operating results.

2020 Highlights  

  • Record Broadband data net additions of approximately 18,800 with Glo Fiber and Beam contributing approximately 4,000 and 100, respectively
  • Added approximately 27,000 Glo Fiber homes passed and eight new franchise agreements expanding franchise passings to over 116,000
  • Launched Beam fixed wireless broadband service in the fourth quarter 2020 to approximately 9,400 homes passed in four counties in Virginia

“2020 was a very successful and pivotal year for our Company, as we built momentum executing our Broadband strategy. Our incumbent cable business had a record year of data net additions, driven by our upgraded DOCSIS 3.1 cable network, the value of our Powerhouse rate card, and the increase in customers working and learning from home,” said President and CEO, Christopher E. French. “Our first full year of Glo Fiber exceeded our expectations for construction pace, penetration rates and churn, validating our investment thesis. We are also pleased to have successfully launched our Beam fixed wireless service in October, providing an additional means to deliver broadband services. We are excited that the foundational investments made in our integrated broadband network will support sustainable high growth rates for the next several years.”

Shentel's fourth-quarter earnings conference call will be webcast at 8:30 a.m. ET on Thursday, February 25, 2021. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/

Consolidated Full Year 2020 Results

  • Revenue grew 6.7% to $220.8 million driven by 31% growth in Tower and 5.4% growth in Broadband segments.

  • Adjusted OIBDA increased 15.8% to $57.2 million in 2020 due to strong growth in Towers and a 13.3% decline in Corporate expenses.

  • Operating loss in 2020 was $(1.1) million, compared with $(0.7) million in 2019.

  • Earnings from continuing operations per diluted share was $0.05 compared to $0.05 in 2019 and earnings from discontinued operations grew 131.8% to $2.48 per diluted share 2020.

Broadband

  • Total Broadband Data Revenue Generating Units ("RGUs") as of December 31, 2020 were 102,812, representing 22.3% year over year growth.

  • Incumbent cable Broadband Data RGUs as of December 31, 2020 were 98,555, representing 17.4% year over year growth. Data penetration grew year over year from 40.6% to 47.2% driven by strong demand for high speed Internet, the enhanced value of our Powerhouse rate card and demand from Covid-19 induced work and learn from home mandates. Churn declined 20 basis points year over year to 1.6%. Broadband average revenue per user (“ARPU”) decreased 1.0% to $77.97, in 2020, driven by sales of a discounted pre-paid rate plan offered to credit-challenged customers as a result of the pandemic.

  • Glo Fiber Broadband Data RGUs as of December 31, 2020 were 4,158. Penetration grew to 14.5% driven by strong demand for high speed Internet fiber-based services and differentiated local customer service. 2020 churn and ARPU were 0.84% and $78.90, respectively. Total Glo Fiber passings grew approximately 28.2% sequentially, from the third quarter 2020, to 28,652.

  • Beam Broadband Data RGUs as of December 31, 2020 were 99. ARPU was $73.17 for the period since the launch in October 2020.

  • The Company acquired Canaan Cable on December 31, 2020 for $2.1 million. RGUs acquired in the deal totaled approximately one thousand, which have not been included in our reporting of revenue, RGUs, or ARPU for 2020.

  • Total Broadband revenue grew $10.4 million or 5.4% to $204.3 million. Residential & SMB revenue increased approximately $12.7 million, or 8.9%, during 2020 primarily driven by 22.3% growth in broadband penetration. Commercial Fiber revenue increased approximately $2.3 million during 2020 due to an increase in new enterprise and backhaul recurring revenue of $4.0 million partially offset by a $1.6 million decline in amortized upfront fee revenue. Rural Local Exchange Carrier (RLEC) & Other revenue decreased approximately $4.7 million, or 22.0%, compared with 2019 due primarily to a decline in residential DSL subscribers, lower governmental support 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 $12.6 million, or 8.4%, to $164.0 million in 2020, compared with 2019, primarily due to $7.9 million of higher compensation expense due to the combination of Glo Fiber and Beam start-up staffing, higher incentive accrual from strong operating results, COVID supplemental pay for customer interfacing employees and enhanced benefit plans. Higher software fees and professional services drove an additional increase of $2.8 million which was driven by higher software fees and licenses and professional services. Other general and administrative expenses increased by $0.6 million. Depreciation and amortization expense also increased by $2.5 million.

  • Broadband Adjusted OIBDA in 2020 grew 0.5% to $81.5 million, compared with $81.2 million in 2019.

  • Broadband operating income in 2020 was $40.4 million, compared with $42.6 million in 2019.

Tower

  • Total macro towers and tenants were 223 and 427, respectively, as of December 31, 2020, as compared to 225 and 404, respectively, as of December 31, 2019.

  • Revenue increased approximately $4.1 million, or 31.3%, in 2020 to $17.1 million compared with 2019. This increase was due to an 5.7% increase in tenants and 23.4% increase in average revenue per tenant driven by amendments to intercompany leases.

  • Operating expenses increased approximately $1.5 million compared to the prior year period, due primarily to increases in ground lease rent expense and professional services.

  • Tower Adjusted OIBDA grew 29.7% to $10.7 million, compared with $8.3 million in 2019.

  • Tower operating income in 2020 was $8.8 million, compared with $6.3 million in 2019.

Consolidated Fourth Quarter 2020 Results

  • Revenue in the fourth quarter of 2020 grew 8.5% to $58.1 million due to the growth of 20.4% in Towers and 7.8% in Broadband segments.

  • Adjusted OIBDA in the fourth quarter of 2020 grew 20.4% to $15.7 million due to 18.2% decline in Corporate expenses, 18.9% growth in Towers and 3.1% growth in Broadband.

  • Operating income in the fourth quarter of 2020 was $1.6 million compared with a loss of $(0.6) million in the fourth quarter of 2019.

  • Earnings from continuing operations per diluted share was $0.03 compared to $(0.01) in the fourth quarter 2019 and earnings from discontinued operations grew 216.7% to $0.95 per diluted share from the fourth quarter 2020.

Broadband

  • Broadband revenue in the fourth quarter of 2020 grew $3.9 million or 7.8% to $53.7 million compared with $50.0 million in the fourth quarter of 2019, primarily driven by $4.3 million or 11.6% increase in Residential and SMB revenue on 22.3% increase in data subscribers. Commercial fiber grew 8.7% to $8.7 million from higher enterprise and backhaul connections. RLEC revenue declined 20.5% to $4.2 million due primarily to lower DSL subscribers and intercompany phone service.

  • Broadband operating expenses in the fourth quarter of 2020 were $43.0 million compared to $40.4 million in the fourth quarter of 2019. The increase was primarily due to a $1.8 million increase in compensation expense due to a combination of Glo Fiber and Beam start-up staffing, higher incentive accrual from strong operating results and enhanced benefit plans, and $1.2 million in higher maintenance of the expanding network.

  • Broadband Adjusted OIBDA in the fourth quarter of 2020 grew 3.5% to $21.4 million, compared with $20.7 million for the fourth quarter of 2019.

  • Broadband Operating income in the fourth quarter of 2020 was $10.7 million, compared to $9.4 million in the fourth quarter of 2019.

Tower

  • Tower revenue grew 20.4% to $4.6 million due to 5.5% increase in tenants and 16.2% increase in revenue per tenant due to amendments to intercompany leases.

  • Tower Adjusted OIBDA in the fourth quarter of 2020 grew 18.9% to $2.9 million, compared with $2.4 million for the fourth quarter of 2019.

  • Tower operating income in the fourth quarter of 2020 was consistent with 2019.

Other Information

  • As previously announced, T-Mobile exercised an option to purchase our Wireless assets and operations pursuant to an appraisal process that determined the sale price to be $1.95 billion, inclusive of an estimated closing adjustment for the unrealized waived management fee. We expect to enter into a definitive asset purchase agreement with T-Mobile during the first quarter 2021 and expect that the transaction will close during the second quarter 2021, subject to customary closing conditions and required regulatory approvals.

  • As previously announced, the Company currently expects the after-tax proceeds from the sale of our wireless assets and operations to be approximately $1.5 billion and will be used repay approximately $702 million of outstanding term loans and terminate the credit agreement and to fund a special dividend of $18.75 per share to Shentel’s shareholders. The Company expects to pay the special dividend in the second quarter 2021 after the close of the transaction, subject to the approval of Shentel’s Board of Directors.

  • At December 31, 2020 the Company had $697.9 million of outstanding debt principal that is required to be fully repaid upon the disposition of Wireless operations and assets. Additionally, the Company intends to repay $4.0 million of swap liabilities. As of December 31, 2020, the Company had liquidity of approximately $270.4 million, including $75.0 million of revolving line of credit availability.

  • Capital expenditures were $120.5 million for the year ended December 31, 2020 compared with $67.0 million in 2019. The $53.4 million increase in capital expenditures was primarily due to higher spending in the Broadband segment driven by the expansion of Glo Fiber and Beam.

  • The Company declared and paid a cash dividend of $0.34 per share, in the fourth quarter 2020, representing a 17.2% increase over the 2019 dividend.

2021 Outlook
Shentel is affirming the full-year 2021 guidance issued by the Company on February 3, 2021. As previously conveyed, full year guidance for 2021 is summarized as follows:

($ 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 US generally accepted accounting principles. 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: February 25, 2021
  Time: 8:30 A.M. (ET)
  Dial in number: 1-888-695-7639
   
  Password: 6067574
   
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, 2021 by calling (855) 859-2056.

About Shenandoah Telecommunications

Shenandoah Telecommunications Company (Shentel) provides a broad range of diversified communications services through its high speed, state-of-the-art wireless, cable and fiber optic and fixed wireless networks to customers in the Mid-Atlantic United States. The Company’s services include: broadband internet, video, and digital voice; fiber optic Ethernet, wavelength and leasing; telephone voice and digital subscriber line; tower colocation leasing; and wireless voice and data. Shentel is the exclusive personal communications service (“PCS”) Affiliate of Sprint in a multi-state area covering large portions of central and western Virginia, south-central Pennsylvania, West Virginia, and portions of Maryland, and Kentucky. 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,
  2020   2019   2020   2019
Service revenue and other $ 58,132     $ 53,602     $ 220,775     $ 206,862  
Operating expenses:              
Cost of services 23,036     20,949     88,203     82,949  
Selling, general and administrative 20,789     20,225     85,016     77,846  
Depreciation and amortization 12,693     12,978     48,703     46,786  
Total operating expenses 56,518     54,152     221,922     207,581  
Operating income (loss) 1,614     (550 )   (1,147 )   (719 )
Other income:              
Other income, net 84     (178 )   3,187     3,280  
Income before income taxes 1,698     (728 )   2,040     2,561  
Income tax expense (benefit) 98     168     (586 )   173  
Income (loss) from continuing operations 1,600     (896 )   2,626     2,388  
Income from discontinued operations, net of tax 47,675     15,439     124,097     53,568  
Net income 49,275     14,543     126,723     55,956  
               
Net income per share, basic and diluted:              
Basic - Income (loss) from continuing operations $ 0.03     $ (0.01 )   $ 0.05     $ 0.05  
Basic - Income from discontinued operations, net of tax $ 0.96     $ 0.30     $ 2.49     $ 1.07  
Basic net income per share $ 0.99     $ 0.29     $ 2.54     $ 1.12  
               
Diluted - Income (loss) from continuing operations $ 0.03     $ (0.01 )   $ 0.05     $ 0.05  
Diluted - Income from discontinued operations, net of tax $ 0.95     $ 0.30     $ 2.48     $ 1.07  
Diluted net income per share $ 0.98     $ 0.29     $ 2.53     $ 1.12  
               
Weighted average shares outstanding, basic 49,922     49,762     49,901     49,811  
Weighted average shares outstanding, diluted 50,010     49,762     50,024     50,101  
                       
                       


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
  December 31,
2020
  December 31,
2019
       
Cash and cash equivalents $ 195,397     $ 101,651  
Other current assets 80,024     85,125  
Current assets held for sale 1,133,294     55,077  
Total current assets 1,408,715     241,853  
       
Investments 13,769     12,388  
Property, plant and equipment, net 440,427     363,087  
Intangible assets, net and Goodwill 106,759     88,241  
Operating lease right-of-use assets 50,387     42,568  
Deferred charges and other assets, net 11,650     9,267  
Non-current assets held for sale     1,141,498  
Total assets $ 2,031,707     $ 1,898,902  
       
Current liabilities held for sale 452,202     $ 53,912  
Total current liabilities 755,859     $ 99,665  
Long-term debt, less current maturities     688,464  
Non-current liabilities held for sale     368,423  
Other liabilities 241,252     216,010  
Total shareholders’ equity 582,394     472,428  
Total liabilities and shareholders’ equity $ 2,031,707     $ 1,898,902  
               
               


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(in thousands) 2020   2019
Cash flows from operating activities:      
Net income $ 126,723     $ 55,956  
Income from operations of discontinued operations, net of tax 124,097     53,568  
Income from continuing operations 2,626     2,388  
       
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 47,964     46,313  
Amortization of intangible assets 739     473  
Bad debt expense 1,220     1,743  
Stock based compensation expense, net of amount capitalized 5,907     3,367  
Deferred income taxes 15,310     16,848  
Other adjustments (978 )   (4,359 )
Changes in assets and liabilities (19,429 )   (24,444 )
Net cash provided by operating activities – continuing operations 53,359     42,329  
Net cash provided by operating activities – discontinued operations 249,508     216,816  
Net cash provided by operating activities 302,867     259,145  
       
Cash flows from investing activities:      
Capital expenditures (120,450 )   (67,048 )
Cash disbursed for acquisitions (1,890 )   (10,000 )
Cash disbursed for FCC spectrum licenses (16,118 )   (16,742 )
Proceeds from sale of assets and other 370     112  
Net cash used in investing activities – continuing operations (138,088 )   (93,678 )
Net cash used in investing activities – discontinued operations (17,500 )   (71,656 )
Net cash used in investing activities (155,588 )   (165,334 )
       
Cash flows from financing activities:      
Dividends paid, net of dividends reinvested (16,424 )   (13,943 )
Taxes paid for equity award issuances (2,217 )   (2,910 )
Other (769 )   (7,195 )
Net cash used in financing activities – continuing operations (19,410 )   (24,048 )
Net cash used in financing activities – discontinued operations (34,123 )   (53,198 )
Net cash used in financing activities (53,533 )   (77,246 )
       
Net increase in cash and cash equivalents 93,746     16,565  
Cash and cash equivalents, beginning of period 101,651     85,086  
Cash and cash equivalents, end of period $ 195,397     $ 101,651  
               
               

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 U.S. Generally Accepted Accounting Principles (“GAAP”).

The following tables reconcile Adjusted OIBDA to operating income, which we consider to be the most directly comparable GAAP financial measure:

                 
Year Ended December 31, 2020                
(in thousands)   Broadband   Tower   Corporate &
Eliminations
  Consolidated
Operating income (loss) from continuing operations   $ 40,360     $ 8,823     $ (50,330 )   $ (1,147 )
Depreciation   40,337     1,906     5,721     47,964  
Amortization   739             739  
OIBDA   81,436     10,729     (44,609 )   47,556  
Share-based compensation expense           5,907     5,907  
Deal advisory fees   101         3,679     3,780  
Adjusted OIBDA   $ 81,537     $ 10,729     $ (35,023 )   $ 57,243  


Year Ended December 31, 2019                
(in thousands)   Broadband   Tower   Corporate &
Eliminations
  Consolidated
Operating income (loss) from continuing operations   $ 42,597     $ 6,295     $ (49,611 )   $ (719 )
Depreciation   38,093     1,976     6,244     46,313  
Amortization   473             473  
OIBDA   81,163     8,271     (43,367 )   46,067  
Share-based compensation expense           3,367     3,367  
Adjusted OIBDA   $ 81,163     $ 8,271     $ (40,000 )   $ 49,434  


Quarter ended December 31, 2020                
(in thousands)   Broadband   Tower   Corporate &
Eliminations
  Consolidated
Operating income (loss) from continuing operations   $ 10,710     $ 2,379     $ (11,475 )   $ 1,614  
Depreciation   10,377     492     1,573     12,442  
Amortization   251             251  
OIBDA   21,338     2,871     (9,902 )   14,307  
Share-based compensation expense           601     601  
Deal advisory fees   101         677     778  
Adjusted OIBDA   $ 21,439     $ 2,871     $ (8,624 )   $ 15,686  


Quarter Ended December 31, 2019                
(in thousands)   Broadband   Tower   Corporate &
Eliminations
  Consolidated
Operating income (loss) from continuing operations   $ 9,392     $ 2,539     $ (12,481 )   $ (550 )
Depreciation   11,157     (125 )   1,780     12,812  
Amortization   166             166  
OIBDA   20,715     2,414     (10,701 )   12,428  
Share-based compensation expense           597     597  
Adjusted OIBDA   $ 20,715     $ 2,414     $ (10,104 )   $ 13,025  


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   $ 54     $ 54     $ 48     $ 46  
Amortization   $ 1     $ 1     $ 1     $ 1  
Stock comp   $ 6     $ 6     $ 6     $ 3  
Deal advisory fees   $     $     $ 3     $  
Restructuring and other   $ 1     $ 1     $     $  
Adjusted OIBDA   $ 69      $ 76      $ 57      $ 49   
                                 


Segment Results
 
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   83,439     4,896     (132 )   88,203  
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   163,987     8,232     49,703     221,922  
Operating income (loss)   $ 40,360     $ 8,823     $ (50,330 )   $ (1,147 )


Year ended December 31, 2019
(in thousands)
  Broadband   Tower   Corporate &
Eliminations
  Consolidated
External revenue                
Residential & SMB   $ 142,290     $     $     $ 142,290  
Commercial Fiber   23,004             23,004  
RLEC & Other   18,257             18,257  
Tower lease       6,965         6,965  
Service revenue and other   183,551     6,965         190,516  
Revenue for service provided to the discontinued Wireless operations   10,392     6,020     (66 )   16,346  
Total revenue   193,943     12,985     (66 )   206,862  
Operating expenses                
Cost of services   79,235     3,777     (63 )   82,949  
Selling, general and administrative   33,545     937     43,364     77,846  
Depreciation and amortization   38,566     1,976     6,244     46,786  
Total operating expenses   151,346     6,690     49,545     207,581  
Operating income (loss)   $ 42,597     $ 6,295     $ (49,611 )   $ (719 )


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   21,867     1,359     (190 )   23,036  
Selling, general and administrative   10,512     335     9,942     20,789  
Depreciation and amortization   10,628     492     1,573     12,693  
Total operating expenses   43,007     2,186     11,325     56,518  
Operating income (loss)   $ 10,710     $ 2,379     $ (11,475 )   $ 1,614  


Quarter ended December 31, 2019
(in thousands)
  Broadband   Tower   Corporate &
Eliminations
  Consolidated
External revenue                
Residential & SMB   $ 36,586     $     $     $ 36,586  
Commercial Fiber   5,992             5,992  
RLEC & Other   4,458             4,458  
Tower lease       1,599         1,599  
Service revenue and other   47,036     1,599         48,635  
Revenue for service provided to the discontinued Wireless operations   2,794     2,191     (18 )   4,967  
Total revenue   49,830     3,790     (18 )   53,602  
Operating expenses                                
Cost of services   19,887     1,073     (11 )   20,949  
Selling, general and administrative   9,228     303     10,694     20,225  
Depreciation and amortization   11,323     (125 )   1,780     12,978  
Total operating expenses   40,438     1,251     12,463     54,152  
Operating income (loss)   $ 9,392     $ 2,539     $ (12,481 )   $ (550 )
                                 


Supplemental Information
 
Broadband Operating Statistics
 
    December 31,
2020
  December 31,
2019
Broadband homes passed (1)   246,790     208,298  
Incumbent Cable   208,691     206,575  
Glo Fiber   28,652     1,723  
Beam   9,447      
             
Broadband customer relationships (2)   109,458     100,890  
             
Residential & SMB RGUs:            
Broadband Data   102,812     84,045  
Incumbent Cable   98,555     83,919  
Glo Fiber   4,158     126  
Beam   99      
Video   52,817     53,673  
Voice   32,646     31,380  
Total Residential & SMB RGUs (excludes RLEC)   188,275     169,098  
             
Residential & SMB Penetration (3)            
Broadband Data   41.7 %   40.3 %
Incumbent Cable   47.2 %   40.6 %
Glo Fiber   14.5 %   7.3 %
Beam   1.0 %   %
Video   21.4 %   25.8 %
Voice   14.8 %   16.2 %
             
Fiber route miles   6,794     6,139  
Total fiber miles (5)   394,316     320,444  
             

_______________
(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 / 3 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,
    2020   2019   2020   2019
Residential and SMB Revenue:                
Broadband   $ 23,618     $ 19,377     $ 86,715     $ 75,604  
Incumbent Cable   22,787      19,377      85,127      75,604   
Glo Fiber   819      —      1,576      —   
Beam   12      —      12      —   
Video   14,840     14,783     59,422     59,980  
Voice   2,912     2,850     11,441     11,311  
Discounts and adjustments   (524 )   (425 )   (2,561 )   (4,605 )
Total Revenue   $ 40,846      $ 36,585      $ 155,017      $ 142,290   
                                 
Average RGUs:                                
Broadband Data   100,826     83,196     92,730     80,035  
Incumbent Cable   97,210      83,196      90,983      80,035   
Glo Fiber   3,534      —      1,665      —   
Beam   82      —      82      —   
Video   53,410     54,327     53,150     56,830  
Voice   33,310     31,113     32,381     30,726  
                                 
ARPU:                                
Broadband   $ 78.08     $ 77.64     $ 77.93     $ 78.72  
Incumbent Cable   $ 78.14      $ 77.64      $ 77.97      $ 78.72   
Glo Fiber   $ 77.25      $ —      $ 78.90      $ —   
Beam   $ 73.17      $ —      $ 73.17      $ —   
Video   $ 92.62     $ 90.70     $ 93.17     $ 87.95  
Voice   $ 29.14     $ 30.53     $ 29.44     $ 30.68  
                                 
                                 


Tower Operating Statistics
 
    December 31,
2020
  December 31,
2019
Macro tower sites   223     225  
Tenants (1)   427     404  
Average tenants per tower   1.8     1.8  

_______________
(1)   Includes 221, 201 and 174 intercompany tenants for our Wireless operations, (reported as a discontinued operation), as of December 31, 2020, 2019 and 2018, respectively.


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