Shenandoah Telecommunications Company Reports Fourth Quarter and Full Year 2024 Results

EDINBURG, Va., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced fourth quarter and full year 2024 financial and operating results. 2024 Highlights Glo Fiber Expansion Markets data customers grew 56% year-over-year to over 65,000.Glo Fiber Expansion Markets passings grew by approximately 112,400, or 48%, to approximately 346,000.Glo Fiber Expansion Markets revenue grew 65% or $22.8 million to $57.9 million.Completed the integration of Horizon Telcom (“Horizon”) in the fourth quarter. Annual run-rate synergy savings expected to reach $13.8 million by the beginning of second quarter 2025. “2024 was a pivotal year as we successfully expanded into Ohio through our acquisition of Horizon, completed the integration in nine months and raised our synergy target by over $4 million from our original projection.” said President and CEO, Christopher E. French. “This was also a record year for construction and sales with the addition of approximately 97,000 new Glo Fiber passings and more than 21,000 net Glo Fiber customers. We expect our consolidated revenue and Adjusted EBITDA long-term compound annual growth rates will return to the levels achieved after the launch of our Glo Fiber line of business in 2019.” Shentel’s fourth quarter earnings conference call will be webcast at 8:30 a.m. ET on Thursday, February 20, 2025. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. For Analysts, please register to dial-in at this link. Full Year 2024 Results Revenue in 2024 increased $58.9 million, or 21.9%, to $328.1 million, primarily due to $47.7 million of revenues earned in the newly acquired Horizon markets. The Company made a $2.6 million measurement period negative adjustment to Horizon Commercial Fiber revenues and established a corresponding deferred revenue liability to be recognized over the contract period. The measurement period adjustment defers revenue to future years and does not impact billings and cash flows. Excluding Horizon, revenues grew by $11.2 million, or 4.3%, primarily due to Glo Fiber Expansion Markets Residential & SMB revenue growth of $21.4 million, or 61.0%. This growth was partially offset by a Commercial Fiber revenue decline of $5.8 million, or 13.8%, and an Incumbent Broadband Markets1 Residential & SMB revenue decline of $5.0 million, or 2.9%. Glo Fiber Expansion Markets revenue growth in Shentel’s legacy markets was driven by a 50.9% increase in broadband data subscribers and a 7.3% increase in broadband data Average Revenue per User (“ARPU”). Commercial Fiber revenue decreased due to the previously disclosed decline in T-Mobile revenue from prior period backhaul circuit disconnects as part of decommissioning the former Sprint network. Incumbent Broadband Markets revenue declined due to a 16.9% decrease in video RGUs due to cord cutting and a 1.6% decline in data RGUs with the majority of the decline due to the end of the ACP program. Cost of services increased approximately $27.3 million, or 27.0%, compared with 2023, primarily due to $25.3 million of cost of services incurred in the newly acquired Horizon markets and a $2.0 million in the legacy Shentel markets due to higher maintenance costs from the Glo Fiber expansion. Selling, general and administrative expense increased $15.9 million, or 16.0%, compared with 2023, primarily driven by $11.7 million of recurring selling, general and administrative costs associated with the newly acquired Horizon teams and $4.2 million in higher expenses in the legacy Shentel markets due to higher advertising costs and sales headcount associated with the Company’s expansion of Glo Fiber. Restructuring, integration and acquisition expense for 2024 increased $11.6 million compared with 2023, primarily driven by non-recurring costs related to the Horizon acquisition and integration. Depreciation and amortization for 2024, increased $35.1 million, or 55.4%, compared with 2023, primarily driven by $25.5 million of depreciation and amortization related to the tangible and intangible assets acquired in the Horizon Transaction and $9.6 million of depreciation related to legacy Shentel’s expansion of its Glo Fiber network. Interest expense increased $11.7 million as compared to 2023 due to higher borrowings related to funding the Glo Fiber expansion. Loss from continuing operations was $28.4 million in 2024 compared with income from continuing operations of $1.0 million in 2023. The loss was due primarily to higher depreciation and amortization from the Horizon acquisition and Glo Fiber network expansion and higher interest expense from higher borrowings. Adjusted EBITDA for 2024 increased to $94.6 million, representing a $15.6 million, or 19.7%, increase compared with 2023. The former Horizon markets contributed $10.7 million. Excluding the former Horizon markets, Adjusted EBITDA grew $4.9 million, or 6.2%, driven by the previously disclosed revenue growth and partially offset by higher cost of services and sales and marketing expenses to support new Glo Fiber markets. Total homes passed grew to approximately 585,000, including 346,000 Glo Fiber Expansion Market passings and 239,000 Incumbent Broadband Markets passings. Glo Fiber Expansion Markets broadband data customer net additions were approximately 21,600, resulting in over 65,000 customers as of December 31, 2024. Incumbent Broadband Markets data customer net losses were approximately 1,300, resulting in over 111,000 customers as of December 31, 2024. ______________________________________________________1 Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets including Fiber-To-The-Home (“FTTH”) passings. Fourth Quarter 2024 Results Compared with Fourth Quarter 2023 Results Revenue increased $17.5 million, or 25.8%, to $85.4 million, primarily due to $14.1 million of revenues earned in the newly acquired Horizon markets. The Company made a $2.6 million measurement period negative adjustment to Horizon Commercial Fiber revenues and established a corresponding deferred revenue liability to be recognized over the contract period. The measurement period adjustment defers revenue to future years and does not impact billings and cash flows. Excluding Horizon, revenues grew $3.4 million, or 5.0%, primarily driven by Glo Fiber Expansion Markets Residential & SMB revenue growth of $5.6 million, or 52.7% partially offset by an Incumbent Broadband Markets Residential & SMB revenue decline of $2.6 million, or 5.8%. Glo Fiber Expansion Markets revenue growth was driven by a 50.9% increase in broadband data subscribers and an 5.1% increase in broadband data Average Revenue per User (“ARPU”). The decline in Incumbent Broadband Markets revenue was primarily due to a 16.9% decrease in video RGUs due to cord cutting and a 1.6% decline in data RGUs with the majority of the decline due to the end of the ACP program. Cost of services increased approximately $8.8 million, or 36.0%, primarily due to $7.8 million of cost of services incurred in the newly acquired Horizon markets and a $1.0 million increase in the legacy Shentel markets maintenance costs due to Glo Fiber expansion. Selling, general and administrative expense increased $3.7 million, or 14.6%, primarily due to $3.9 million associated with the newly acquired Horizon teams and $0.2 million in lower expenses in the legacy Shentel markets due to lower fees for professional services. Restructuring, integration and acquisition expense decreased $0.4 million, primarily due to less non-recurring acquisition-related costs, as the acquisition was completed prior to the fourth quarter of 2024. Depreciation and amortization increased $11.4 million, or 69.9%, primarily due $8.9 million of depreciation and amortization expense related to the tangible and intangible assets acquired in the Horizon Transaction. The remaining increase in depreciation and amortization expense is attributable to the Company’s expansion of its Glo Fiber network. Interest expense increased $2.4 million due to higher borrowings related to funding the Glo Fiber expansion. Loss from continuing operations was $6.2 million in the fourth quarter of 2024 compared with income from continuing operations of $1.9 million in the fourth quarter of 2023. The net loss was due primarily to higher depreciation and amortization from Horizon and Glo Fiber network expansion and increased interest expense from higher borrowings. Adjusted EBITDA for the fourth quarter of 2024 increased to $25.5 million, representing a $5.6 million, or 28.1%, increase compared with the fourth quarter of 2023. The former Horizon markets contributed $2.4 million. Excluding the former Horizon markets, Adjusted EBITDA grew $3.2 million, or 16.0%, driven by the previously disclosed Glo Fiber revenue growth, and partially offset by higher cost of services and selling, general and administrative expenses to support new Glo Fiber markets. Other Information Capital expenditures were $319.1 million for the year ended December 31, 2024 compared with $255.1 million in 2023. The $64.0 million increase in capital expenditures was primarily driven by $24.4 million of capital expenditures in the acquired Horizon markets and network expansion in Glo Fiber Expansion Markets and government-subsidized markets. The Company received $19.2 million and $1.9 million in government grant cash reimbursements during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, our cash and cash equivalents totaled $46.3 million, the availability under our Revolver and Term Loan A-3 was $243.0 million, and the remaining reimbursements available under government grants was $110.6 million, which are subject to fulfilling the terms of the agreements, for total available liquidity of approximately $399.9 million. During 2024, we borrowed a total of $125.0 million under our term loans and had total indebtedness of $418.0 million as of December 31, 2024. Conference Call and Webcast Date: Thursday, February 20, 2025Time: 8:30 a.m. (ET)Listen via Internet: https://investor.shentel.com/ For Analysts, please register to dial-in at this link.A live webcast of the call will be available on the “Investor Relations” page of the Company’s website at http://investor.shentel.com/. A replay of the call will be available for a limited time on the Investor Relations page of the Company’s website. About Shenandoah Telecommunications Shenandoah Telecommunications Company (Shentel) provides broadband services through its high speed, state-of-the-art fiber optic and cable networks to residential and commercial customers in eight contiguous states in the eastern United States. The Company’s services include: broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services. The Company owns an extensive regional network with over 16,800 route miles of fiber. 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, among others, the expected savings and synergies from the Horizon Transaction may not be realized or may take longer or cost more than expected to realize, changes in overall economic conditions including rising inflation, regulatory requirements, changes in technologies, changes in competition, demand for our products and services, availability of labor resources and capital, natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, and other conditions. 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 CompanyJim Volk Senior Vice President - Chief Financial and Accounting Officer540-984-5168Jim.Volk@emp.shentel.com SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)(Figures for the quarters ended December 31, 2024 and 2023 are unaudited) Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Residential & SMB - Incumbent Broadband Markets1$43,930 $44,041 $177,485 $176,879 Residential & SMB - Glo Fiber Expansion Markets2 16,596 10,611 57,907 35,103 Commercial Fiber 17,456 9,766 67,011 42,132 RLEC & Other 7,430 3,495 25,655 15,017 Service revenue and other$85,412 $67,913 $328,058 $269,131 Operating expenses: Cost of services exclusive of depreciation and amortization 33,171 24,399 128,112 100,850 Selling, general and administrative 28,970 25,283 115,193 99,304 Restructuring, integration and acquisition 893 1,337 14,509 2,915 Impairment expense 382 — 382 2,552 Depreciation and amortization 27,750 16,331 98,453 63,368 Total operating expenses 91,166 67,350 356,649 268,989 Operating (loss) income (5,754) 563 (28,591) 142 Other (expense) income: Interest expense (4,157) (1,717) (15,897) (4,212)Other income, net 1,819 972 6,461 5,587 (Loss) income from continuing operations before income taxes (8,092) (182) (38,027) 1,517 Income tax (benefit) expense (1,902) (2,039) (9,670) 501 (Loss) income from continuing operations (6,190) 1,857 (28,357) 1,016 Discontinued operations: Income from discontinued operations, net of tax 34 732 1,957 7,022 Gain on the sale of discontinued operations, net of tax 3,412 — 220,217 — Total income from discontinued operations, net of tax 3,446 732 222,174 7,022 Net (loss) income (2,744) 2,589 193,817 8,038 Dividends on redeemable noncontrolling interest 1,791 — 3,429 — Net (loss) income attributable to common shareholders$(4,535) $2,589 $190,388 $8,038 Net (loss) income per share attributable to common shareholders, basic and diluted: Basic - (Loss) income from continuing operations$(0.11) $0.05 $(0.59) $0.02 Basic - Income from discontinued operations, net of tax 0.06 — 4.13 0.14 Basic net (loss) income per share$(0.05) $0.05 $3.54 $0.16 Diluted - (Loss) income from continuing operations$(0.11) $0.05 $(0.59) $0.02 Diluted - Income from discontinued operations, net of tax 0.06 — 4.13 0.14 Diluted net (loss) income per share$(0.05) $0.05 $3.54 $0.16 Weighted average shares outstanding, basic 54,798 50,422 53,722 50,396 Weighted average shares outstanding, diluted 54,798 50,971 53,722 50,715 _______________________________________________________ Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings.Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and former Horizon market SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSDecember 31, 2024 and 2023 (in thousands)2024 2023ASSETS Current assets: Cash and cash equivalents$46,272 $139,255Accounts receivable, net of allowance for credit losses of $1,156 and $886, respectively 29,722 19,782Income taxes receivable 1,244 4,691Prepaid expenses and other 17,282 11,782Current assets held for sale — 561Total current assets 94,520 176,071Investments 15,709 13,198Property, plant and equipment, net 1,438,538 850,337Goodwill and intangible assets, net 157,723 81,123Operating lease right-of-use assets 19,548 13,024Deferred charges and other assets 14,235 11,561Non-current assets held for sale — 68,915Total assets$1,740,273 $1,214,229LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt, net of unamortized loan fees$9,204 $7,095Accounts payable 57,820 53,546Advanced billings and customer deposits 16,104 12,394Accrued compensation 16,283 11,749Current operating lease liabilities 3,060 2,222Accrued liabilities and other 12,100 7,747Current liabilities held for sale — 3,602Total current liabilities 114,571 98,355Long-term debt, less current maturities, net of unamortized loan fees 407,675 292,804Other long-term liabilities: Deferred income taxes 167,716 88,147Benefit plan obligations 4,945 3,943Non-current operating lease liabilities 10,794 7,185Other liabilities 33,525 16,912Non-current liabilities held for sale — 54,213Total other long-term liabilities 216,980 170,400Commitments and contingencies (Note 16) Temporary equity: Redeemable noncontrolling interest 82,464 —Shareholders’ equity: Common stock, no par value, authorized 96,000; 54,605 and 50,272 issued and outstanding at December 31, 2024 and 2023, respectively — —Additional paid in capital 147,733 66,933Retained earnings 768,997 584,069Accumulated other comprehensive income, net of taxes 1,853 1,668Total shareholders’ equity 918,583 652,670Total liabilities, temporary equity and shareholders’ equity$1,740,273 $1,214,229 SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSYears Ended December 31, 2024 and 2023 (in thousands) 2024 2023 Cash flows from operating activities: Net income$193,817 $8,038 Income from discontinued operations, net of tax 222,174 7,022 (Loss) income from continuing operations (28,357) 1,016 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 96,908 62,878 Amortization of intangible assets 1,545 490 Provision for credit losses 2,132 2,852 Stock-based compensation expense, net of amount capitalized 9,837 10,033 Deferred income taxes (9,759) 2,973 Impairment expense 382 2,552 Gain on sale of FCC spectrum licenses — (1,328)Other, net 626 (462)Changes in assets and liabilities, net of effects of business acquisition: Accounts receivable (2,452) (143)Current income taxes 1,382 25,532 Operating lease assets and liabilities, net (361) 65 Other assets (3,268) 4,879 Accounts payable (2,240) (2,959)Other deferrals and accruals 3,004 (4,048)Net cash provided by operating activities - continuing operations 69,379 104,330 Net cash (used in) provided by operating activities - discontinued operations (6,812) 9,444 Net cash provided by operating activities 62,567 113,774 Cash flows from investing activities: Capital expenditures (319,070) (255,070)Government grants received 19,238 1,904 Cash disbursed for acquisition, net of cash acquired (347,411) — Proceeds from the sale of FCC spectrum licenses — 17,300 Proceeds from sale of assets and other 2,010 655 Net cash used in investing activities - continuing operations (645,233) (235,211)Net cash provided by (used in) investing activities - discontinued operations 305,827 (1,480)Net cash used in investing activities (339,406) (236,691) Cash flows from financing activities: Principal payments on long-term debt (7,044) — Proceeds from credit facility borrowings 125,000 225,000 Payments for debt amendment costs (4,570) (300)Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid 79,380 — Dividends paid (5,805) (4,523)Taxes paid for equity award issuances (1,727) (1,387)Payments for financing arrangements and other (1,378) (679)Net cash provided by financing activities 183,856 218,111 Net (decrease) increase in cash and cash equivalents (92,983) 95,194 Cash and cash equivalents, beginning of period 139,255 44,061 Cash and cash equivalents, end of period$46,272 $139,255 Supplemental Disclosures of Cash Flow Information Interest paid, net of amounts capitalized$(12,075) $(3,026) Non-GAAP Financial MeasuresAdjusted EBITDA and Adjusted EBITDA Margin The Company defines Adjusted EBITDA as (loss) income from continuing operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment expense, 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 (loss) income 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. Adjusted EBITDA is also a significant performance measure used by the Company in its incentive compensation programs. 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. Quarter Ended December 31, Year Ended December 31,(in thousands) 2024 2023 2024 2023 (Loss) income from continuing operations$(6,190) $1,857 $(28,357) $1,016 Depreciation and amortization 27,750 16,331 98,453 63,368 Impairment expense 382 — 382 2,552 Interest expense 4,157 1,717 15,897 4,212 Other expense (income), net (1,819) (972) (6,461) (5,587)Income tax (benefit) expense (1,902) (2,039) (9,670) 501 Stock-based compensation 2,217 1,669 9,837 10,033 Restructuring, integration and acquisition 893 1,337 14,509 2,915 Adjusted EBITDA$25,488 $19,900 $94,590 $79,010 Adjusted EBITDA margin 30% 29% 29% 29% Supplemental Information Operating Statistics December 31,2024 December 31,2023Homes and businesses passed (1) 585,340 449,635 Incumbent Broadband Markets (4) 239,041 215,763 Glo Fiber Expansion Markets (5) 346,299 233,872 Residential & SMB Revenue Generating Units ("RGUs"): Broadband Data 176,465 151,389 Incumbent Broadband Markets (4) 111,325 109,679 Glo Fiber Expansion Markets (5) 65,140 41,710 Video 40,023 43,152 Voice 44,831 40,757 Total Residential & SMB RGUs (excludes RLEC) 261,319 235,298 Residential & SMB Penetration (2) Broadband Data 30.1% 33.7%Incumbent Broadband Markets (4) 46.6% 50.8%Glo Fiber Expansion Markets (5) 18.8% 17.8%Video 6.8% 9.6%Voice 8.0% 9.5% Fiber route miles 16,830 9,875 Total fiber miles (3) 1,858,081 861,980 ______________________________________________________(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) Penetration is calculated by dividing the number of RGUs by the number of passings or available homes, as appropriate.(3) 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. (4) Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings.(5) Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and former Horizon markets. Residential and SMB ARPU Quarter Ended December 31, Year Ended December 31,(in thousands) 2024 2023 2024 2023Residential and SMB Revenue: Broadband Data $43,542 $36,679 $164,984 $139,102Incumbent Broadband Markets 28,489 27,400 112,852 108,822Glo Fiber Expansion Markets 15,053 9,279 52,132 30,280Video 14,203 13,791 58,029 56,924Voice 3,184 3,057 12,765 12,203Discounts, adjustments and other (403) 1,125 (386) 3,753Total Residential & SMB Revenue $60,526 $54,652 $235,392 $211,982 Average RGUs: Broadband Data 173,771 149,134 164,320 142,598Incumbent Broadband Markets 111,384 109,528 110,888 109,591Glo Fiber Expansion Markets 62,387 39,606 53,432 33,007Video 40,596 43,621 41,491 44,876Voice 44,840 40,726 43,402 40,372 ARPU: (1) Broadband Data $83.52 $81.98 $83.67 $81.27Incumbent Broadband Markets $85.26 $83.39 $84.81 $82.75Glo Fiber Expansion Markets $80.42 $78.10 $81.30 $76.45Video $116.62 $105.38 $116.55 $105.71Voice $23.67 $25.02 $24.51 $25.19 ______________________________________________________(1) Average Revenue Per RGU calculation = (Residential & SMB Revenue) / average RGUs / 3 months.

Shenandoah Telecommunications Company Reports Fourth Quarter and Full Year 2024 Results

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