Shentel(US:SHEN) Globenewswireยท2025-02-20 12:00Core Insights - Shenandoah Telecommunications Company ("Shentel") reported significant growth in 2024, driven by the acquisition of Horizon and expansion of its Glo Fiber service, achieving a record year in construction and sales [3][5][6]. Financial Performance - Total revenue for 2024 increased by $58.9 million, or 21.9%, reaching $328.1 million, primarily due to $47.7 million from newly acquired Horizon markets [6]. - Adjusted EBITDA for 2024 rose to $94.6 million, a 19.7% increase compared to 2023, with contributions from former Horizon markets [9][10]. - The company experienced a loss from continuing operations of $28.4 million in 2024, compared to a profit of $1.0 million in 2023, largely due to increased depreciation and interest expenses [9][10]. Glo Fiber Expansion - Glo Fiber Expansion Markets saw a 56% year-over-year growth in data customers, totaling over 65,000, and a 48% increase in passings to approximately 346,000 [5][29]. - Revenue from Glo Fiber Expansion Markets grew by 65%, or $22.8 million, reaching $57.9 million [5]. Cost and Expenses - Cost of services increased by approximately $27.3 million, or 27.0%, primarily due to expenses in the newly acquired Horizon markets [6]. - Selling, general, and administrative expenses rose by $15.9 million, or 16.0%, driven by costs associated with the Horizon acquisition and Glo Fiber expansion [6]. Capital Expenditures and Liquidity - Capital expenditures for 2024 totaled $319.1 million, up from $255.1 million in 2023, reflecting investments in Horizon markets and Glo Fiber expansion [15]. - As of December 31, 2024, Shentel had cash and cash equivalents of $46.3 million and total available liquidity of approximately $399.9 million [15]. Market Statistics - Total homes passed grew to approximately 585,000, with Glo Fiber Expansion Markets accounting for 346,000 of these [9][29]. - The company reported a 50.9% increase in broadband data subscribers in Glo Fiber Expansion Markets [6].