EDINBURG, Va., April 28, 2022 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced first quarter 2022 financial and operating results.
“We are pleased with our progress in executing our fiber first broadband strategy with another record quarter for Glo Fiber net adds and passings” said President and CEO, Christopher E. French. "Although top line revenue growth was solid, increases in our operating expenses adversely impacted margins as we improved employee compensation and upgraded our back-office systems. We expect margin improvements in the second half of 2022 as we implement our cost savings initiatives to drive costs out of the business."
Shentel's first-quarter earnings conference call will be webcast at 8:00 a.m. ET on Friday, April 29, 2022. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/.
Consolidated First Quarter 2022 Results
Other Information
Conference Call and Webcast
Teleconference Information:
Date: April 29, 2022Time: 8:00 A.M. (ET)Dial in number: 1-888-695-7639
Password: 2869853Audio webcast: http://investor.shentel.com/
An audio replay of the call will be available approximately two hours after the call is complete, through May 29, 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 7,600 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 including high inflation, 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.
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||
(in thousands, except per share amounts) | Three Months Ended March 31, | |||||
2022 | 2021 | |||||
Service revenue and other | $ | 64,414 | $ | 59,691 | ||
Operating expenses: | ||||||
Cost of services exclusive of depreciation and amortization | 26,339 | 23,424 | ||||
Selling, general and administrative | 23,771 | 20,153 | ||||
Restructuring expense | — | 618 | ||||
Depreciation and amortization | 14,684 | 13,266 | ||||
Total operating expenses | 64,794 | 57,461 | ||||
Operating income (loss) | (380 | ) | 2,230 | |||
Other income (expense): | ||||||
Other income (expense), net | (170 | ) | 1,600 | |||
Income (loss) from continuing operations before income taxes | (550 | ) | 3,830 | |||
Income tax expense | 53 | 885 | ||||
Income (loss) from continuing operations | (603 | ) | 2,945 | |||
Income from discontinued operations, net of tax | — | 48,472 | ||||
Net income (loss) | $ | (603 | ) | $ | 51,417 | |
Net income (loss) per share, basic and diluted: | ||||||
Basic - Income (loss) from continuing operations | $ | (0.01 | ) | $ | 0.06 | |
Basic - Income from discontinued operations, net of tax | $ | — | $ | 0.97 | ||
Basic net income (loss) per share | $ | (0.01 | ) | $ | 1.03 | |
Diluted - Income (loss) from continuing operations | $ | (0.01 | ) | $ | 0.06 | |
Diluted - Income from discontinued operations, net of tax | $ | — | $ | 0.97 | ||
Diluted net income (loss) per share | $ | (0.01 | ) | $ | 1.03 | |
Weighted average shares outstanding, basic | 50,146 | 49,947 | ||||
Weighted average shares outstanding, diluted | 50,146 | 50,081 | ||||
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)
March 31, 2022 | December 31, 2021 | ||||
Cash and cash equivalents | $ | 53,981 | $ | 84,344 | |
Other current assets | 72,129 | 82,023 | |||
Total current assets | 126,110 | 166,367 | |||
Investments | 13,284 | 13,661 | |||
Property, plant and equipment, net | 581,541 | 554,162 | |||
Intangible assets, net and goodwill | 89,633 | 89,831 | |||
Operating lease right-of-use assets | 57,130 | 56,414 | |||
Deferred charges and other assets, net | 15,553 | 10,298 | |||
Total assets | $ | 883,251 | $ | 890,733 | |
Total current liabilities | 57,058 | 67,290 | |||
Total other long-term liabilities | 181,864 | 181,168 | |||
Total shareholders’ equity | 644,329 | 642,275 | |||
Total liabilities and shareholders’ equity | $ | 883,251 | $ | 890,733 | |
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | (603 | ) | $ | 51,417 | ||
Income from discontinued operations, net of tax | — | 48,472 | |||||
Income (loss) from continuing operations | (603 | ) | 2,945 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 14,684 | 13,266 | |||||
Stock based compensation expense, net of amount capitalized | 3,143 | 642 | |||||
Deferred income taxes | (349 | ) | — | ||||
Other, net | 1,017 | (202 | ) | ||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 5,890 | 1,861 | |||||
Current income taxes | 459 | 885 | |||||
Operating lease assets and liabilities, net | 80 | (260 | ) | ||||
Other assets | (1,365 | ) | (5,683 | ) | |||
Accounts payable | (4,130 | ) | (281 | ) | |||
Other deferrals and accruals | (2,760 | ) | (4,037 | ) | |||
Net cash provided by operating activities - continuing operations | 16,066 | 9,136 | |||||
Net cash provided by operating activities - discontinued operations | — | 75,530 | |||||
Net cash provided by operating activities | 16,066 | 84,666 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (45,693 | ) | (39,482 | ) | |||
Proceeds from sale of assets and other | 86 | 14 | |||||
Net cash used in investing activities - continuing operations | (45,607 | ) | (39,468 | ) | |||
Net cash used in investing activities - discontinued operations | — | (882 | ) | ||||
Net cash used in investing activities | (45,607 | ) | (40,350 | ) | |||
Cash flows from financing activities: | |||||||
Taxes paid for equity award issuances | (603 | ) | (1,486 | ) | |||
Payments for financing arrangements and other | (219 | ) | (496 | ) | |||
Net cash used in financing activities - continuing operations | (822 | ) | (1,982 | ) | |||
Net cash used in financing activities - discontinued operations | — | (8,549 | ) | ||||
Net cash used in financing activities | (822 | ) | (10,531 | ) | |||
Net increase (decrease) in cash and cash equivalents | (30,363 | ) | 33,785 | ||||
Cash and cash equivalents, beginning of period | 84,344 | 195,397 | |||||
Cash and cash equivalents, end of period | $ | 53,981 | $ | 229,182 | |||
Non-GAAP Financial MeasuresAdjusted EBITDA
The Company defines Adjusted EBITDA as net income (loss) from continuing operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, other income (expense), net, interest income, interest expense, income tax expense (benefit), 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 (loss) from continuing operations, 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.
Three Months Ended March 31, 2022 | ||||||||||||||||
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | ||||||||||||
Net income (loss) from continuing operations | $ | 8,127 | $ | 2,753 | $ | (11,483 | ) | $ | (603 | ) | ||||||
Depreciation and amortization | 12,876 | 484 | 1,324 | 14,684 | ||||||||||||
Other income, net | 54 | — | 116 | 170 | ||||||||||||
Income tax (benefit) | — | — | 53 | 53 | ||||||||||||
EBITDA | 21,057 | 3,237 | (9,990 | ) | 14,304 | |||||||||||
Stock-based compensation | — | — | 3,143 | 3,143 | ||||||||||||
Restructuring charges and other | 17 | — | (81 | ) | (64 | ) | ||||||||||
Adjusted EBITDA | $ | 21,074 | $ | 3,237 | $ | (6,928 | ) | $ | 17,383 | |||||||
Adjusted EBITDA margin | 35 | % | 67 | % | N/A | 27 | % |
Three Months Ended March 31, 2021 | ||||||||||||||||
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | ||||||||||||
Net income (loss) from continuing operations | $ | 10,217 | $ | 2,702 | $ | (9,974 | ) | $ | 2,945 | |||||||
Depreciation and amortization | 11,761 | 481 | 1,024 | 13,266 | ||||||||||||
Other income, net | 69 | — | (1,669 | ) | (1,600 | ) | ||||||||||
Income tax expense | — | — | 885 | 885 | ||||||||||||
EBITDA | 22,047 | 3,183 | (9,734 | ) | 15,496 | |||||||||||
Stock-based compensation | — | — | 642 | 642 | ||||||||||||
Restructuring charges and other | 220 | — | 622 | 842 | ||||||||||||
Adjusted EBITDA | $ | 22,267 | $ | 3,183 | $ | (8,470 | ) | $ | 16,980 | |||||||
Adjusted EBITDA margin | 40 | % | 68 | % | N/A | 28 | % |
Segment Results
Three Months Ended March 31, 2022:
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | ||||||||||
External revenue | ||||||||||||||
Residential & SMB | $ | 46,913 | $ | — | $ | — | $ | 46,913 | ||||||
Commercial Fiber | 9,062 | — | — | 9,062 | ||||||||||
RLEC & Other | 3,689 | — | — | 3,689 | ||||||||||
Tower lease | — | 4,746 | — | 4,746 | ||||||||||
Service revenue and other | 59,664 | 4,746 | — | 64,410 | ||||||||||
Revenue for service provided to the discontinued Wireless operations | 50 | 101 | (147 | ) | 4 | |||||||||
Total revenue | 59,714 | 4,847 | (147 | ) | 64,414 | |||||||||
Operating expenses | ||||||||||||||
Cost of services | 25,168 | 1,292 | (121 | ) | 26,339 | |||||||||
Selling, general and administrative | 13,489 | 318 | 9,964 | 23,771 | ||||||||||
Depreciation and amortization | 12,876 | 484 | 1,324 | 14,684 | ||||||||||
Total operating expenses | 51,533 | 2,094 | 11,167 | 64,794 | ||||||||||
Operating income (loss) | $ | 8,181 | $ | 2,753 | $ | (11,314 | ) | $ | (380 | ) |
Three Months Ended March 31, 2021:
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | |||||||||
External revenue | |||||||||||||
Residential & SMB | $ | 42,930 | $ | — | $ | — | $ | 42,930 | |||||
Commercial Fiber | 6,385 | — | — | 6,385 | |||||||||
RLEC & Other | 3,631 | — | — | 3,631 | |||||||||
Tower lease | — | 2,150 | — | 2,150 | |||||||||
Service revenue and other | 52,946 | 2,150 | — | 55,096 | |||||||||
Revenue for service provided to the discontinued Wireless operations | 2,208 | 2,515 | (128 | ) | 4,595 | ||||||||
Total revenue | 55,154 | 4,665 | (128 | ) | 59,691 | ||||||||
Operating expenses | |||||||||||||
Cost of services | 22,277 | 1,248 | (101 | ) | 23,424 | ||||||||
Selling, general and administrative | 10,725 | 234 | 9,194 | 20,153 | |||||||||
Restructuring expense | 105 | — | 513 | 618 | |||||||||
Depreciation and amortization | 11,761 | 481 | 1,024 | 13,266 | |||||||||
Total operating expenses | 44,868 | 1,963 | 10,630 | 57,461 | |||||||||
Operating income (loss) | $ | 10,286 | $ | 2,702 | $ | (10,758 | ) | $ | 2,230 |
Supplemental Information
Broadband Operating Statistics
March 31, 2022 | March 31, 2021 | ||||
Broadband homes and businesses passed (1) | 332,720 | 259,891 | |||
Incumbent Cable | 211,442 | 210,210 | |||
Glo Fiber | 93,611 | 34,441 | |||
Beam | 27,667 | 15,240 | |||
Broadband customer relationships (2) | 119,026 | 115,921 | |||
Residential & Small and Medium Business ("SMB") RGUs: | |||||
Broadband Data | 122,753 | 107,569 | |||
Incumbent Cable | 107,291 | 101,576 | |||
Glo Fiber | 13,783 | 5,524 | |||
Beam | 1,679 | 469 | |||
Video | 49,163 | 51,989 | |||
Voice | 36,042 | 33,322 | |||
Total Residential & SMB RGUs (excludes RLEC) | 207,958 | 192,880 | |||
Residential & SMB Penetration (3) | |||||
Broadband Data | 36.9 | % | 41.4 | % | |
Incumbent Cable | 50.7 | % | 48.3 | % | |
Glo Fiber | 14.7 | % | 16.0 | % | |
Beam | 6.1 | % | 3.1 | % | |
Video | 14.8 | % | 20.0 | % | |
Voice | 12.5 | % | 14.6 | % | |
Fiber route miles | 7,611 | 6,888 | |||
Total fiber miles (4) | 564,097 | 407,710 |
______________________________________________________
(1) | Homes and businesses are considered passed (“passings") if we can connect them to our network without further extending the distribution system. Passings is an estimate based upon the best available information. Passings 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 passings or available homes, as appropriate. | |
(4) | 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 March 31, | |||||||
2022 | 2021 | ||||||
Residential and SMB Revenue: | |||||||
Broadband | $ | 28,994 | $ | 24,585 | |||
Incumbent Cable | 25,863 | 23,465 | |||||
Glo Fiber | 2,786 | 1,068 | |||||
Beam | 345 | 52 | |||||
Video | 15,341 | 15,652 | |||||
Voice | 2,916 | 2,899 | |||||
Discounts and adjustments | (338 | ) | (206 | ) | |||
Total Revenue | $ | 46,913 | $ | 42,930 | |||
Average RGUs: | |||||||
Broadband Data | 120,648 | 105,149 | |||||
Incumbent Cable | 106,590 | 100,117 | |||||
Glo Fiber | 12,493 | 4,795 | |||||
Beam | 1,565 | 237 | |||||
Video | 49,445 | 52,436 | |||||
Voice | 34,836 | 32,931 | |||||
ARPU: (1) | |||||||
Broadband | $ | 80.11 | $ | 77.93 | |||
Incumbent Cable | $ | 80.88 | $ | 78.12 | |||
Glo Fiber | $ | 74.33 | $ | 74.24 | |||
Beam | $ | 73.48 | $ | 73.14 | |||
Video | $ | 103.42 | $ | 99.50 | |||
Voice | $ | 27.90 | $ | 29.34 |
______________________________________________________
(1) | Average Revenue Per RGU calculation = (Residential & SMB Revenue * 1,000) / average RGUs / 3 months |
Tower Operating Statistics
March 31, 2022 | March 31, 2021 | ||
Macro tower sites | 223 | 223 | |
Tenants (1) | 468 | 443 | |
Average tenants per tower | 2.1 | 2.0 |
______________________________________________________
(1) | Includes 33 and 236 tenants for our Wireless operations, (reported as a discontinued operation), and Broadband operations, as of March 31, 2022 and 2021, respectively. |
ЭДИНБУРГ, Вирджиния, 28 апреля 2022 года (GLOBE NEWSWIRE) -- Компания Shenandoah Telecommunications (“Shentel”) (Nasdaq: SHEN) объявила финансовые и операционные результаты за первый квартал 2022 года.
“Мы довольны нашим прогрессом в реализации нашей стратегии fiber first broadband с очередным рекордным кварталом по добавлению и передаче сетей Glo Fiber”, - сказал президент и главный исполнительный директор Кристофер Э. Френч. "Несмотря на уверенный рост выручки, увеличение наших операционных расходов негативно сказалось на марже, поскольку мы улучшили вознаграждение сотрудников и модернизировали наши системы бэк-офиса. Мы ожидаем повышения рентабельности во второй половине 2022 года по мере реализации наших инициатив по снижению затрат, направленных на сокращение издержек бизнеса".
Телефонная конференция Shentel о доходах за первый квартал будет транслироваться в Интернете в 8:00 утра по восточному времени в пятницу, 29 апреля 2022 года. Веб-трансляция и связанные с ней материалы будут доступны на веб-сайте Shentel по связям с инвесторами по адресу https://investor .shentel.com /.
Консолидированные Результаты за Первый квартал 2022 года
Дополнительная Информация
Конференц-связь и веб-трансляция
Информация о телеконференции:
Дата: 29 апреля 2022 г. Время: 8:00 утра (по восточному времени) Наберите номер: 1-888-695-7639
Пароль: 2869853 Аудио веб-трансляция: http://investor .shentel.com/
Аудиоповтор вызова будет доступен примерно через два часа после завершения вызова, до 29 мая 2022 года, по телефону (855) 859-2056.
Об Shenandoah Telecommunications
Компания Shenandoah Telecommunications (Shentel) предоставляет широкополосные услуги через свои высокоскоростные, современные кабельные, волоконно-оптические и фиксированные беспроводные сети клиентам в Срединно-Атлантическом регионе Соединенных Штатов. Услуги компании включают в себя: широкополосный доступ в Интернет, видео и голосовую связь; оптоволоконную сеть Ethernet, аренду и аренду длины волны; а также аренду башенных колокаций. Компания владеет обширной региональной сетью с более чем 7600 маршрутными милями оптоволокна и более чем 220 вышками сотовой связи macro. Для получения дополнительной информации, пожалуйста, посетите www.shentel.com .
Этот релиз содержит прогнозные заявления о Shentel, касающиеся, среди прочего, ее бизнес-стратегии, перспектив и финансового положения. Эти заявления могут быть идентифицированы с помощью прогнозной терминологии, такой как “полагает”, “оценивает”, “ожидает”, “намеревается”, “может”, “будет”, “должен”, “может” или “ожидает”, или отрицательный или другой вариант этих или подобными словами или обсуждением стратегии или рисков и неопределенностей. Заявления прогнозного характера основаны на убеждениях, предположениях и текущих ожиданиях руководства и могут включать комментарии относительно убеждений и ожиданий Shentel в отношении будущих событий и тенденций, влияющих на ее бизнес, которые неизбежно подвержены неопределенности, многие из которых находятся вне контроля Shentel. Хотя руководство считает, что ожидания, отраженные в прогнозных заявлениях, являются разумными, прогнозные заявления не являются и не должны рассматриваться как гарантия будущих результатов или результатов, и они не обязательно окажутся точными указаниями на сроки, в которые такие результаты или результаты будут достигнуты, и фактические результаты могут существенно отличаться от тех, которые содержатся в прогнозных заявлениях или подразумеваются в результате различных факторов. Обсуждение других факторов, которые могут привести к тому, что фактические результаты будут отличаться от прогнозов, прогнозов, оценок и ожиданий руководства, доступно в заявках Shentel в Комиссию по ценным бумагам и биржам. Эти факторы могут включать стихийные бедствия, пандемии и вспышки инфекционных заболеваний и другие неблагоприятные события в области общественного здравоохранения, такие как COVID-19, изменения в общих экономических условиях, включая высокую инфляцию, увеличение расходов, изменения в регулировании и другие конкурентные факторы. Включенные прогнозные заявления сделаны только на дату заявления. Shentel не берет на себя никаких обязательств по пересмотру или обновлению таких заявлений, чтобы отразить текущие события или обстоятельства после даты настоящего Соглашения или отразить возникновение непредвиденных событий, за исключением случаев, предусмотренных законом.
Shenandoah Telecommunications COMPANY AND SUBSIDIARIES | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||
(in thousands, except per share amounts) | Three Months Ended March 31, | |||||
2022 | 2021 | |||||
Service revenue and other | $ | 64,414 | $ | 59,691 | ||
Operating expenses: | ||||||
Cost of services exclusive of depreciation and amortization | 26,339 | 23,424 | ||||
Selling, general and administrative | 23,771 | 20,153 | ||||
Restructuring expense | — | 618 | ||||
Depreciation and amortization | 14,684 | 13,266 | ||||
Total operating expenses | 64,794 | 57,461 | ||||
Operating income (loss) | (380 | ) | 2,230 | |||
Other income (expense): | ||||||
Other income (expense), net | (170 | ) | 1,600 | |||
Income (loss) from continuing operations before income taxes | (550 | ) | 3,830 | |||
Income tax expense | 53 | 885 | ||||
Income (loss) from continuing operations | (603 | ) | 2,945 | |||
Income from discontinued operations, net of tax | — | 48,472 | ||||
Net income (loss) | $ | (603 | ) | $ | 51,417 | |
Net income (loss) per share, basic and diluted: | ||||||
Basic - Income (loss) from continuing operations | $ | (0.01 | ) | $ | 0.06 | |
Basic - Income from discontinued operations, net of tax | $ | — | $ | 0.97 | ||
Basic net income (loss) per share | $ | (0.01 | ) | $ | 1.03 | |
Diluted - Income (loss) from continuing operations | $ | (0.01 | ) | $ | 0.06 | |
Diluted - Income from discontinued operations, net of tax | $ | — | $ | 0.97 | ||
Diluted net income (loss) per share | $ | (0.01 | ) | $ | 1.03 | |
Weighted average shares outstanding, basic | 50,146 | 49,947 | ||||
Weighted average shares outstanding, diluted | 50,146 | 50,081 | ||||
Shenandoah Telecommunications КОМПАНИИ И ДОЧЕРНИЕ КОМПАНИИ НЕАУДИРОВАННЫЕ СОКРАЩЕННЫЕ КОНСОЛИДИРОВАННЫЕ БАЛАНСЫ (в тысячах)
March 31, 2022 | December 31, 2021 | ||||
Cash and cash equivalents | $ | 53,981 | $ | 84,344 | |
Other current assets | 72,129 | 82,023 | |||
Total current assets | 126,110 | 166,367 | |||
Investments | 13,284 | 13,661 | |||
Property, plant and equipment, net | 581,541 | 554,162 | |||
Intangible assets, net and goodwill | 89,633 | 89,831 | |||
Operating lease right-of-use assets | 57,130 | 56,414 | |||
Deferred charges and other assets, net | 15,553 | 10,298 | |||
Total assets | $ | 883,251 | $ | 890,733 | |
Total current liabilities | 57,058 | 67,290 | |||
Total other long-term liabilities | 181,864 | 181,168 | |||
Total shareholders’ equity | 644,329 | 642,275 | |||
Total liabilities and shareholders’ equity | $ | 883,251 | $ | 890,733 | |
Shenandoah Telecommunications КОМПАНИЯ И ДОЧЕРНИЕ КОМПАНИИ НЕАУДИРОВАННЫЕ СОКРАЩЕННЫЕ КОНСОЛИДИРОВАННЫЕ ОТЧЕТЫ О ДВИЖЕНИИ ДЕНЕЖНЫХ СРЕДСТВ (в тысячах)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | (603 | ) | $ | 51,417 | ||
Income from discontinued operations, net of tax | — | 48,472 | |||||
Income (loss) from continuing operations | (603 | ) | 2,945 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 14,684 | 13,266 | |||||
Stock based compensation expense, net of amount capitalized | 3,143 | 642 | |||||
Deferred income taxes | (349 | ) | — | ||||
Other, net | 1,017 | (202 | ) | ||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 5,890 | 1,861 | |||||
Current income taxes | 459 | 885 | |||||
Operating lease assets and liabilities, net | 80 | (260 | ) | ||||
Other assets | (1,365 | ) | (5,683 | ) | |||
Accounts payable | (4,130 | ) | (281 | ) | |||
Other deferrals and accruals | (2,760 | ) | (4,037 | ) | |||
Net cash provided by operating activities - continuing operations | 16,066 | 9,136 | |||||
Net cash provided by operating activities - discontinued operations | — | 75,530 | |||||
Net cash provided by operating activities | 16,066 | 84,666 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (45,693 | ) | (39,482 | ) | |||
Proceeds from sale of assets and other | 86 | 14 | |||||
Net cash used in investing activities - continuing operations | (45,607 | ) | (39,468 | ) | |||
Net cash used in investing activities - discontinued operations | — | (882 | ) | ||||
Net cash used in investing activities | (45,607 | ) | (40,350 | ) | |||
Cash flows from financing activities: | |||||||
Taxes paid for equity award issuances | (603 | ) | (1,486 | ) | |||
Payments for financing arrangements and other | (219 | ) | (496 | ) | |||
Net cash used in financing activities - continuing operations | (822 | ) | (1,982 | ) | |||
Net cash used in financing activities - discontinued operations | — | (8,549 | ) | ||||
Net cash used in financing activities | (822 | ) | (10,531 | ) | |||
Net increase (decrease) in cash and cash equivalents | (30,363 | ) | 33,785 | ||||
Cash and cash equivalents, beginning of period | 84,344 | 195,397 | |||||
Cash and cash equivalents, end of period | $ | 53,981 | $ | 229,182 | |||
Финансовые показатели, не относящиеся к GAAP, Скорректированная EBITDA
Компания определяет Скорректированную EBITDA как чистую прибыль (убыток) от продолжающейся деятельности, рассчитанную в соответствии с GAAP, скорректированную с учетом влияния износа и амортизации, прочих доходов (расходов), нетто, процентных доходов, процентных расходов, расходов (выгод) по налогу на прибыль, расходов на компенсацию акций, затрат по сделке, связанных с приобретением и события отчуждения (включая гонорары за профессиональные консультации, расходы на интеграцию и связанные с этим компенсационные вопросы), расходы на реструктуризацию, налог на выплату вознаграждения за участие в капитале и события, связанные с исполнением, и другие несопоставимые статьи. Ниже приводится сверка чистой прибыли (убытка) от продолжающейся деятельности, которая является наиболее непосредственно сопоставимым финансовым показателем по ОПБУ, с скорректированной EBITDA.
Скорректированная рентабельность по EBITDA - это рассчитанная Компанией скорректированная рентабельность по EBITDA, деленная на выручку, рассчитанную в соответствии с GAAP.
Компания использует Скорректированный показатель EBITDA и скорректированную рентабельность по EBITDA в качестве дополнительных показателей эффективности для оценки операционной эффективности и оценки своей способности увеличивать доходы при одновременном контроле роста расходов и масштабируемости стратегии роста бизнеса Компании. Компания считает, что исключение статей расходов и доходов, исключенных при расчете Скорректированной EBITDA и Скорректированной рентабельности по EBITDA, предоставляет руководству и инвесторам полезную меру для сравнения основных операционных результатов Компании от периода к периоду путем исключения статей, которые не сопоставимы между отчетными периодами или которые иным образом не связаны с отчетными периодами. Текущей деятельности Компании. Соответственно, Компания считает, что Скорректированный показатель EBITDA и Скорректированная рентабельность по EBITDA предоставляют инвесторам и другим лицам полезную информацию для понимания и оценки операционных результатов Компании. Однако использование Скорректированной EBITDA и скорректированной рентабельности по EBITDA в качестве аналитических инструментов имеет ограничения, и инвесторам и другим лицам не следует рассматривать их изолированно или в качестве замены анализа наших финансовых результатов, представленных в соответствии с GAAP. Кроме того, другие компании могут по-разному рассчитывать скорректированную EBITDA и Скорректированную рентабельность по EBITDA или показатели с аналогичным названием, что может снизить их полезность в качестве сравнительных показателей.
Three Months Ended March 31, 2022 | ||||||||||||||||
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | ||||||||||||
Net income (loss) from continuing operations | $ | 8,127 | $ | 2,753 | $ | (11,483 | ) | $ | (603 | ) | ||||||
Depreciation and amortization | 12,876 | 484 | 1,324 | 14,684 | ||||||||||||
Other income, net | 54 | — | 116 | 170 | ||||||||||||
Income tax (benefit) | — | — | 53 | 53 | ||||||||||||
EBITDA | 21,057 | 3,237 | (9,990 | ) | 14,304 | |||||||||||
Stock-based compensation | — | — | 3,143 | 3,143 | ||||||||||||
Restructuring charges and other | 17 | — | (81 | ) | (64 | ) | ||||||||||
Adjusted EBITDA | $ | 21,074 | $ | 3,237 | $ | (6,928 | ) | $ | 17,383 | |||||||
Adjusted EBITDA margin | 35 | % | 67 | % | N/A | 27 | % |
Three Months Ended March 31, 2021 | ||||||||||||||||
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | ||||||||||||
Net income (loss) from continuing operations | $ | 10,217 | $ | 2,702 | $ | (9,974 | ) | $ | 2,945 | |||||||
Depreciation and amortization | 11,761 | 481 | 1,024 | 13,266 | ||||||||||||
Other income, net | 69 | — | (1,669 | ) | (1,600 | ) | ||||||||||
Income tax expense | — | — | 885 | 885 | ||||||||||||
EBITDA | 22,047 | 3,183 | (9,734 | ) | 15,496 | |||||||||||
Stock-based compensation | — | — | 642 | 642 | ||||||||||||
Restructuring charges and other | 220 | — | 622 | 842 | ||||||||||||
Adjusted EBITDA | $ | 22,267 | $ | 3,183 | $ | (8,470 | ) | $ | 16,980 | |||||||
Adjusted EBITDA margin | 40 | % | 68 | % | N/A | 28 | % |
Результаты сегмента
Три Месяца, Закончившихся 31 Марта 2022 Года:
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | ||||||||||
External revenue | ||||||||||||||
Residential & SMB | $ | 46,913 | $ | — | $ | — | $ | 46,913 | ||||||
Commercial Fiber | 9,062 | — | — | 9,062 | ||||||||||
RLEC & Other | 3,689 | — | — | 3,689 | ||||||||||
Tower lease | — | 4,746 | — | 4,746 | ||||||||||
Service revenue and other | 59,664 | 4,746 | — | 64,410 | ||||||||||
Revenue for service provided to the discontinued Wireless operations | 50 | 101 | (147 | ) | 4 | |||||||||
Total revenue | 59,714 | 4,847 | (147 | ) | 64,414 | |||||||||
Operating expenses | ||||||||||||||
Cost of services | 25,168 | 1,292 | (121 | ) | 26,339 | |||||||||
Selling, general and administrative | 13,489 | 318 | 9,964 | 23,771 | ||||||||||
Depreciation and amortization | 12,876 | 484 | 1,324 | 14,684 | ||||||||||
Total operating expenses | 51,533 | 2,094 | 11,167 | 64,794 | ||||||||||
Operating income (loss) | $ | 8,181 | $ | 2,753 | $ | (11,314 | ) | $ | (380 | ) |
Три Месяца, Закончившихся 31 Марта 2021 Года:
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | |||||||||
External revenue | |||||||||||||
Residential & SMB | $ | 42,930 | $ | — | $ | — | $ | 42,930 | |||||
Commercial Fiber | 6,385 | — | — | 6,385 | |||||||||
RLEC & Other | 3,631 | — | — | 3,631 | |||||||||
Tower lease | — | 2,150 | — | 2,150 | |||||||||
Service revenue and other | 52,946 | 2,150 | — | 55,096 | |||||||||
Revenue for service provided to the discontinued Wireless operations | 2,208 | 2,515 | (128 | ) | 4,595 | ||||||||
Total revenue | 55,154 | 4,665 | (128 | ) | 59,691 | ||||||||
Operating expenses | |||||||||||||
Cost of services | 22,277 | 1,248 | (101 | ) | 23,424 | ||||||||
Selling, general and administrative | 10,725 | 234 | 9,194 | 20,153 | |||||||||
Restructuring expense | 105 | — | 513 | 618 | |||||||||
Depreciation and amortization | 11,761 | 481 | 1,024 | 13,266 | |||||||||
Total operating expenses | 44,868 | 1,963 | 10,630 | 57,461 | |||||||||
Operating income (loss) | $ | 10,286 | $ | 2,702 | $ | (10,758 | ) | $ | 2,230 |
Дополнительная Информация
Статистика эксплуатации широкополосной связи
March 31, 2022 | March 31, 2021 | ||||
Broadband homes and businesses passed (1) | 332,720 | 259,891 | |||
Incumbent Cable | 211,442 | 210,210 | |||
Glo Fiber | 93,611 | 34,441 | |||
Beam | 27,667 | 15,240 | |||
Broadband customer relationships (2) | 119,026 | 115,921 | |||
Residential & Small and Medium Business ("SMB") RGUs: | |||||
Broadband Data | 122,753 | 107,569 | |||
Incumbent Cable | 107,291 | 101,576 | |||
Glo Fiber | 13,783 | 5,524 | |||
Beam | 1,679 | 469 | |||
Video | 49,163 | 51,989 | |||
Voice | 36,042 | 33,322 | |||
Total Residential & SMB RGUs (excludes RLEC) | 207,958 | 192,880 | |||
Residential & SMB Penetration (3) | |||||
Broadband Data | 36.9 | % | 41.4 | % | |
Incumbent Cable | 50.7 | % | 48.3 | % | |
Glo Fiber | 14.7 | % | 16.0 | % | |
Beam | 6.1 | % | 3.1 | % | |
Video | 14.8 | % | 20.0 | % | |
Voice | 12.5 | % | 14.6 | % | |
Fiber route miles | 7,611 | 6,888 | |||
Total fiber miles (4) | 564,097 | 407,710 |
______________________________________________________
(1) | Homes and businesses are considered passed (“passings") if we can connect them to our network without further extending the distribution system. Passings is an estimate based upon the best available information. Passings 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 passings or available homes, as appropriate. | |
(4) | 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 March 31, | |||||||
2022 | 2021 | ||||||
Residential and SMB Revenue: | |||||||
Broadband | $ | 28,994 | $ | 24,585 | |||
Incumbent Cable | 25,863 | 23,465 | |||||
Glo Fiber | 2,786 | 1,068 | |||||
Beam | 345 | 52 | |||||
Video | 15,341 | 15,652 | |||||
Voice | 2,916 | 2,899 | |||||
Discounts and adjustments | (338 | ) | (206 | ) | |||
Total Revenue | $ | 46,913 | $ | 42,930 | |||
Average RGUs: | |||||||
Broadband Data | 120,648 | 105,149 | |||||
Incumbent Cable | 106,590 | 100,117 | |||||
Glo Fiber | 12,493 | 4,795 | |||||
Beam | 1,565 | 237 | |||||
Video | 49,445 | 52,436 | |||||
Voice | 34,836 | 32,931 | |||||
ARPU: (1) | |||||||
Broadband | $ | 80.11 | $ | 77.93 | |||
Incumbent Cable | $ | 80.88 | $ | 78.12 | |||
Glo Fiber | $ | 74.33 | $ | 74.24 | |||
Beam | $ | 73.48 | $ | 73.14 | |||
Video | $ | 103.42 | $ | 99.50 | |||
Voice | $ | 27.90 | $ | 29.34 |
______________________________________________________
(1) | Average Revenue Per RGU calculation = (Residential & SMB Revenue * 1,000) / average RGUs / 3 months |
Статистика работы башни
March 31, 2022 | March 31, 2021 | ||
Macro tower sites | 223 | 223 | |
Tenants (1) | 468 | 443 | |
Average tenants per tower | 2.1 | 2.0 |
______________________________________________________
(1) | Includes 33 and 236 tenants for our Wireless operations, (reported as a discontinued operation), and Broadband operations, as of March 31, 2022 and 2021, respectively. |