Shentel(US:SHEN)2025-10-29 20:05Financial Performance - Total revenue grew by 2.5% year-over-year to $89.8 million in Q3 2025 [5]. - Net loss from continuing operations was $9.4 million in Q3 2025, compared to a loss of $5.3 million in Q3 2024 [5]. - Adjusted EBITDA increased by 11.8% year-over-year to $29.7 million [5]. - The company expects total revenue for 2025 to be in the range of $352 million to $357 million, representing an 8.1% increase from 2024 [10]. - Adjusted EBITDA guidance for 2025 is projected between $113 million and $118 million, a 21.6% increase from 2024 [10]. - Net loss from continuing operations for the nine months ended September 30, 2025, was $(27,570) thousand, compared to a profit of $196,561 thousand in the same period of 2024 [22]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $85,668 thousand, up from $69,102 thousand in 2024, reflecting a year-over-year increase of approximately 24.1% [26]. Capital Expenditures and Liquidity - Capital expenditures for the nine months ended September 30, 2025, were $251.5 million, up from $226.5 million in the same period of 2024 [13]. - Total available liquidity as of September 30, 2025, was $212.6 million, including $22.6 million in cash and cash equivalents [13]. - Proceeds from credit facility borrowings amounted to $125,000 thousand in 2025, significantly higher than $50,000 thousand in 2024, reflecting a 150% increase [22]. Subscriber and Market Growth - Glo Fiber Expansion Markets revenue increased by 41.1% year-over-year to $21.3 million, driven by a 41.3% rise in average subscribers [5]. - The company constructed 20,000 Glo Fiber passings and added approximately 5,800 new Glo Fiber customers in Q3 2025 [6]. - Total homes and businesses passed increased to 648,325 in 2025 from 553,877 in 2024, representing a growth of approximately 17.0% [29]. Asset and Liability Changes - Total assets increased to $1,850,424 thousand in 2025 from $1,740,273 thousand in 2024, representing a growth of approximately 6.35% [20]. - Total current liabilities rose to $135,401 thousand in 2025, compared to $114,571 thousand in 2024, marking an increase of about 18.2% [20]. - Cash and cash equivalents decreased to $22,621 thousand at the end of September 2025 from $46,272 thousand at the end of 2024, a decline of approximately 51.1% [22]. Average Revenue Per User (ARPU) - Incumbent Broadband Markets ARPU increased to $83.57 from $82.90, reflecting a growth of 0.81% [32]. - Glo Fiber Expansion Markets ARPU rose to $77.12, up from $76.97, indicating a growth of 0.19% [32]. - Broadband Data ARPU improved to $81.55, an increase from $80.55, representing a growth of 1.24% [32]. - Video ARPU decreased to $116.37 from $124.99, showing a decline of 6.98% [32]. - Voice ARPU slightly decreased to $34.57 from $32.76, reflecting a decline of 2.48% [32]. - Shentel updated revenue presentation to align with management's view, resulting in revised ARPU values for the prior period [32]. Margin Improvements - Adjusted EBITDA margin expanded from 27% in Q2 2024 to 33% in Q3 2025, reflecting strong business scaling [3]. - The Adjusted EBITDA margin improved to 32% for the nine months ended September 30, 2025, compared to 28% in the same period of 2024 [26].