Shentel(US:SHEN)2025-02-20 12:00Revenue Growth - In 2024, Shenandoah Telecommunications Company (Shentel) reported a revenue increase of $58.9 million, or 21.9%, reaching $328.1 million, primarily driven by $47.7 million from newly acquired Horizon markets[6]. - Glo Fiber Expansion Markets saw a 56% year-over-year growth in data customers, totaling over 65,000, and a 48% increase in passings, reaching approximately 346,000[5]. - Glo Fiber Expansion Markets revenue grew by $22.8 million, or 65%, to $57.9 million[5]. - The fourth quarter of 2024 saw a revenue increase of $17.5 million, or 25.8%, to $85.4 million, with $14.1 million coming from Horizon markets[13]. - Service revenue increased to $85,412 thousand in Q4 2024, up 25.7% from $67,913 thousand in Q4 2023[15]. - Glo Fiber Expansion Markets revenue rose to $16,596 thousand in Q4 2024, a 56.5% increase from $10,611 thousand in Q4 2023[15]. - Total Residential & SMB Revenue for the year ended December 31, 2024, was $235,392,000, up from $211,982,000 in 2023, reflecting an increase of 11.1%[30]. Financial Performance - Adjusted EBITDA for 2024 increased to $94.6 million, representing a $15.6 million, or 19.7%, increase compared to 2023, with former Horizon markets contributing $10.7 million[8]. - Adjusted EBITDA for Q4 2024 was $25,488,000, compared to $19,900,000 in Q4 2023, representing a 28.0% increase[26]. - Adjusted EBITDA margin improved to 30% in Q4 2024 from 29% in Q4 2023, indicating enhanced operational efficiency[26]. - The company reported a loss from continuing operations of $28.4 million in 2024, compared to income of $1.0 million in 2023, primarily due to higher depreciation and interest expenses[8]. - The company reported a net cash provided by operating activities of $62,567 thousand in 2024, down from $113,774 thousand in 2023[21]. - The company reported a loss from continuing operations of $(6,190,000) in Q4 2024, compared to income of $1,857,000 in Q4 2023[26]. - Net loss attributable to common shareholders was $4,535 thousand in Q4 2024, compared to net income of $2,589 thousand in Q4 2023[16]. Capital Expenditures and Investments - Capital expenditures for 2024 totaled $319.1 million, up from $255.1 million in 2023, driven by expansion in Glo Fiber and Horizon markets[13]. - Capital expenditures for 2024 were $319,070 thousand, compared to $255,070 thousand in 2023, indicating a 25.1% increase[20]. Assets and Liquidity - As of December 31, 2024, Shentel had total available liquidity of approximately $399.9 million, including cash and cash equivalents of $46.3 million[13]. - Total assets increased to $1,740,273 thousand as of December 31, 2024, up from $1,214,229 thousand in 2023, representing a 43.2% growth[17]. - Cash and cash equivalents decreased to $46,272 thousand at the end of 2024, down from $139,255 thousand in 2023, a decline of 66.7%[17]. Customer and Market Expansion - The number of homes and businesses passed increased to 585,340 in December 2024, up from 449,635 in December 2023, a growth of 30.1%[27]. - Broadband Data RGUs rose to 176,465 in December 2024, compared to 151,389 in December 2023, marking a 16.6% increase[27]. - Average Revenue Per User (ARPU) for Broadband Data was $83.52 in Q4 2024, slightly up from $81.98 in Q4 2023, an increase of 1.9%[30]. - The total number of fiber route miles expanded to 16,830 in December 2024, compared to 9,875 in December 2023, a growth of 70.5%[27]. - The company plans to continue expanding its Glo Fiber service in new markets, focusing on increasing FTTH passings[15]. Operating Expenses - Operating expenses totaled $91,166 thousand in Q4 2024, compared to $67,350 thousand in Q4 2023, reflecting a 35.4% increase[15]. - The company experienced a 36% increase in cost of services, amounting to approximately $27.3 million, largely due to costs incurred in the newly acquired Horizon markets[6]. - The company incurred $27,750,000 in depreciation and amortization for Q4 2024, up from $16,331,000 in Q4 2023, reflecting a 69.5% increase[26]. Market Penetration - Residential & SMB penetration for Broadband Data decreased to 30.1% in December 2024 from 33.7% in December 2023[27].