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Shenandoah Telecommunications Company (SHEN)

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44.29+1.15 (+2.67%)
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Neutralpattern detected
Previous Close43.14
Open42.74
Bid0.00 x 800
Ask45.50 x 800
Day's Range42.74 - 44.46
52 Week Range38.35 - 59.93
Volume157,072
Avg. Volume153,096
Market Cap2.208B
Beta (5Y Monthly)0.32
PE Ratio (TTM)24.39
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.34 (0.77%)
Ex-Dividend DateNov 10, 2020
1y Target EstN/A
  • Regional Business Shentel Joins Leading Global Community of MEF 3.0 Certified Carrier Ethernet Providers
    GlobeNewswire

    Regional Business Shentel Joins Leading Global Community of MEF 3.0 Certified Carrier Ethernet Providers

    EDINBURG, Va., Jan. 12, 2021 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) is a leading provider of fiber-optic services in the Mid-Atlantic region, connecting cities, communities and businesses to each other and the rest of the world. The company announced today that they have achieved MEF 3.0 certification, an internationally recognized certification for Ethernet network services. Shentel is now one of just 31 service providers in the world with this certification. MEF is a non-profit industry forum of network, cloud, and technology providers that develops standards and certifications to empower growth in enterprise digital infrastructure and technology. “The MEF 3.0 Carrier Ethernet Certified Service Provider certification is a validation of network performance. It sets Shentel apart from its competitors by providing higher-valued services that are capable of meeting a customer’s unique service demands,” said Harris Duncan, Vice President of Engineering and Construction at Shentel.Nan Chen, MEF President, says that achieving MEF 3.0 certification is a reason to celebrate. She explains, “The large number of MEF 3.0 certifications celebrated today represents a key milestone on our journey to develop a global federation of dynamic, trusted and certified services that power enterprise digital transformation. I wish to congratulate each service provider for achieving MEF 3.0 certification and demonstrating their commitment to delivering innovative solutions with compelling value for customers.”“Shentel is proud to have achieved this stringent level of certification that will benefit both our Enterprise and Carrier clients,” said Craig Venable, Vice President of Commercial Sales, Shentel Business. “Our commercial team looks forward to continuing to provide carrier-grade Ethernet services to meet the ever-growing digital demands from businesses across the rural markets we serve.”Shentel’s corporate mission is to provide rural communities the same advanced communications technologies and services as those found in larger metropolitan areas. In keeping with this commitment, Shentel Business provides the most advanced data and communications solutions to organizations of all sizes in underserved markets in the Mid-Atlantic region, specializing in delivering robust, sophisticated and scalable connectivity solutions.To learn more about Shentel’s MEF 3.0 certification or find out if your multi-location business can benefit from new carrier-grade Ethernet connectivity, visit https://shentelbusiness.com/.About Shenandoah TelecommunicationsShenandoah Telecommunications Company (Shentel) provides a broad range of diversified communications services through its high speed, state-of-the-art wireless, cable and fiber optic networks to customers in the Mid-Atlantic United States. The Company’s services include: wireless voice and data; broadband internet, video, and digital voice; fiber optic Ethernet, wavelength and leasing; telephone voice and digital subscriber line; and tower colocation leasing. Shentel is the exclusive personal communications service (“PCS”) Affiliate of Sprint in a multi-state area covering large portions of central and western Virginia, south-central Pennsylvania, West Virginia, and portions of Maryland, Kentucky, and Ohio. For more information, please visit www.shentel.com.About MEFAn industry association of 200 member companies, MEF is driving development of a global federation of dynamic, trusted, and certified services that power enterprise digital transformation. MEF 3.0 services are designed to provide an on-demand, cloud-centric experience with user- and application-directed control over network resources and service capabilities. MEF 3.0 services are delivered over automated, virtualized, and interconnected networks powered by LSO, SDN, and NFV. MEF produces service standards, LSO frameworks, LSO APIs, MEF 3.0 Proof of Concept Showcases, and certification programs for services, technologies, and professionals. MEF 3.0 work will enable automated delivery of standardized Carrier Ethernet, Optical Transport, IP, SD-WAN, SD-WAN Security, and other Layer 4-7 services across multiple provider networks. For more information: https://www.MEF.net and follow us on LinkedIn and Twitter @MEF_Forum.Media Contact:Angela Washington, Shentel 540-984-5117 Angela.Washington@emp.shentel.com

  • Shenandoah Telecommunications to Present at the UBS Global TMT Conference
    GlobeNewswire

    Shenandoah Telecommunications to Present at the UBS Global TMT Conference

    EDINBURG, Va., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (NASDAQ: SHEN) today announced that Dave Heimbach, Executive Vice President & Chief Operating Officer and Jim Volk, Senior Vice President & Chief Financial Officer, will participate in a fireside chat at the UBS Global TMT Conference on Tuesday, December 8, 2020 at 7:30 a.m. ET. Investors may access a live webcast of the event on Shentel’s website at www.investor.shentel.com. The webcast will be available for replay for a limited time on Shentel’s website following the presentation. About Shenandoah Telecommunications Shenandoah Telecommunications Company (Shentel) provides a broad range of diversified communications services through its high speed, state-of-the-art wireless, cable, fiber optic and fixed wireless networks to customers in the Mid-Atlantic United States. The Company’s services include: wireless voice and data; broadband internet, video, and digital voice; fiber optic Ethernet, wavelength and leasing; telephone voice and digital subscriber line; and tower colocation leasing. Shentel is the exclusive personal communications service (“PCS”) Affiliate of Sprint in a multi-state area covering large portions of central and western Virginia, south-central Pennsylvania, West Virginia, and portions of Maryland, Kentucky, and Ohio. For more information, please visit www.shentel.com.CONTACTS:Shenandoah Telecommunications Company Jim Volk Senior Vice President, Finance and Chief Financial officer 540-984-5168John Nesbett/Jennifer Belodeau IMS Investor Relations 203-972-9200 jnesbett@institutionalms.com

  • Shenandoah Telecommunications Company Reports Third Quarter 2020 Results
    GlobeNewswire

    Shenandoah Telecommunications Company Reports Third Quarter 2020 Results

    EDINBURG, Va., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced third quarter 2020 financial and operating results. Third Quarter 2020 Highlights * Strong Broadband data net additions of 6,000 with Glo Fiber contributing 1,500 * Executed Glo Fiber franchise agreements in six new markets in Maryland, Pennsylvania, Virginia and West Virginia * Launched fixed wireless broadband service in the counties of Albemarle and Rockingham, Virginia, in October 2020 under the brand name of Beam * Acquired CBRS spectrum for $16.1 million * As previously announced, T-Mobile exercised its option to purchase our Wireless segment on August 26, 2020 * The Wireless segment’s financial results will be presented as discontinued operations in the Company’s Consolidated Financial Statements effective with the date of the purchase option * As previously announced, our Board of Directors declared a cash dividend of $0.34 per share representing a 17.2% increase over the 2019 dividend."Our Broadband business had another quarter of strong operating results with continued demand for our high speed Internet services.  We are very excited by the early results of Glo Fiber with a record quarter of net additions and high customer interest following our launch of Beam in October.  Based on our track record of success, we plan to accelerate our investments in these new initiatives to increase our Broadband addressable market to over 700,000 homes passed and serve as a catalyst for delivering sustainable long-term growth. Solid operating results along with our strong cash flow generation in 2020, supports returning value to our shareholders with our increased dividend," said President and CEO, Christopher E. French. “With T-Mobile’s exercise of the purchase option of our wireless business, we are focused on the upcoming Wireless appraisal process and the transition to a broadband centric company.”Shentel's third-quarter earnings conference call will be webcast at 8:30 a.m. ET on Friday, November 6, 2020. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com. Wireless Update * On April 1, 2020, T-Mobile announced the completion of its business combination with Sprint and subsequently delivered to the Company a notice of Network Technology Conversion, Brand Conversion and Combination Conversion (a “Conversion Notice”) pursuant to the terms of the Company’s affiliate agreement with Sprint. On August 26, 2020, T-Mobile exercised its option to purchase all of the assets and operations of our Wireless segment for 90% of the Entire Business Value as defined under our affiliate agreement with Sprint PCS and determined pursuant to the appraisal process set forth therein.  As described in more detail in the Company’s 2019 Annual Report on Form 10-K, our Wireless segment has been an affiliate of Sprint since 1999.    * On August 24, 2020, the Company delivered to T-Mobile a notice of dispute relating to the appraisal framework and other contractual terms related to T-Mobile’s acquisition of our discontinued Wireless operations.  On November 3, 2020, the parties aligned in principle to resolve such disputed items including: * The valuation date to be utilized by the appraisers will be July 1, 2020. * The appraisers will assume the T-Mobile / Sprint merger did not occur, Shentel remains an affiliate of Sprint under the affiliate agreement with continued access to the brands and spectrum and all impacts from the Sprint / T-Mobile integration shall be disregarded. * It is currently expected that the appraisers will complete their valuation of Entire Business Value on or about January 20, 2021. * The transaction is currently expected to close in the second quarter of 2021, subject to timely completion of the appraisal process and receipt of customary regulatory approvals.   * The Wireless segment’s financial results will be presented as discontinued operations for all periods presented in the Company’s Consolidated Statements of Comprehensive Income and Cash Flows effective with the date of the purchase option.  Prior comparative periods will also be retrospectively recast and presented as discontinued operations.  The related assets and liabilities are presented as held for sale in the Company’s Consolidated Balance Sheets. Consolidated Third Quarter 2020 Results * Revenue in the third quarter of 2020 was $55.2 million compared with $51.8 million in the third quarter of 2019, due to the growth of $2.0 million and $1.4 million in the Broadband and Tower segments, respectively.   * Adjusted OIBDA in the third quarter of 2020 increased $2.5 million to $14.6 million compared with $12.1 million in 2019 due primarily to growth in Towers and a reduction in corporate expenses.   * Operating income was consistent with third quarter 2019.   * Earnings from continuing operations per diluted share grew $0.01 to $0.03 and earnings from discontinued operations grew 148.1% to $0.67 per diluted share from the same period a year ago.Broadband * Broadband Data Revenue Generating Units ("RGUs") grew 6,069 to end the third quarter 2020 with 98,764 or 19.8% year over year growth.   * Incumbent cable broadband added 4,598 Data RGUs in the third quarter 2020 and data penetration grew year over year from 40.0% to 46.2% driven by strong demand for high speed Internet and the enhanced value of our Powerhouse rate card.  Churn declined 9 basis points year over year to 1.88% and included approximately 25 basis points of churn related to non-pay subscribers from the second quarter that were affected by Covid-19 for whom we temporarily suspended disconnection.  Excluding the suspended non-pay disconnects, churn would have been 1.73%.  Broadband average revenue per user (“ARPU”) increased $0.19 to $77.66 in the third quarter 2020 compared to the prior year period driven by subscribers upgrading to rate plans with faster speeds.   * Glo Fiber added 1,471 Data RGUs in the third quarter 2020 and market penetration grew to 12.5% driven by strong demand for high speed Internet fiber-based services and differentiated local customer service.  Broadband churn and ARPU were 0.98% and $80.25, respectively, in the third quarter 2020. Total Glo Fiber passings grew approximately 9,000 sequentially from the second quarter 2020 to 22,347.   * Broadband revenue in the third quarter of 2020 increased $2.0 million or 4.2% to $50.7 million compared with $48.7 million in the third quarter of 2019, primarily driven by a $3.8 million increase in Cable Residential and SMB revenue partially offset by a $0.9 million decrease in RLEC revenues and $0.5 million decline in Fiber Enterprise and Wholesale revenues. Cable Residential and SMB revenue growth was driven primarily by 19.8% year over year growth in broadband subscribers. Fiber Enterprise and Wholesale revenue decline was due to lower amortized revenue.   * Broadband operating expenses in the third quarter of 2020 were $41.2 million compared to $37.4 million in the third quarter of 2019. The increase was primarily due to increases in compensation expense of $2.3 million as a result of Glo Fiber and Beam start-up staffing and higher incentive accrual from strong operating results and $1.5 million increase in depreciation and amortization expense due to the expansion of our network.   * Broadband Adjusted OIBDA in the third quarter of 2020 decreased 1.3% to $19.6 million, compared with $19.9 million for the third quarter of 2019 due primarily to lower amortized Fiber Enterprise and Wholesale revenue from upfront fees and the dilution associated with start-up costs from Glo Fiber and Beam fixed wireless.   * Broadband Operating income in the third quarter of 2020 was $9.5 million, compared to $11.2 million in the third quarter of 2019.Tower * Total macro towers, small cells and tenants were 222, 8 and 414, respectively, as of September 30, 2020 as compared to 221, zero and 380, respectively, as of September 30, 2019.   * Tower revenue in the third quarter of 2020 grew 43.3% to $4.5 million, compared with $3.1 million for the third quarter of 2019. This increase was due to a 8.9% increase in tenants and a 37.9% increase in  average revenue per tenant driven by amendments to intercompany leases effected in the first quarter of 2020.   * Tower operating expenses in the third quarter of 2020 was $2.1 million, compared to $1.8 million in the  quarter of 2019.   * Tower Adjusted OIBDA in the third quarter of 2020 grew 42.9% to $2.9 million, compared with $2.0 million for the third quarter of 2019.   * Tower operating income in the third quarter of 2020 was $2.4 million, compared to $1.3 million for the third quarter of 2019.Other Information * Capital expenditures were $82.7 million for the nine months ended September 30, 2020 compared with $48.8 million in the comparable 2019 period. The $33.9 million increase in capital expenditures was primarily due to higher spending in the Broadband segment driven by our Glo Fiber market expansion.   * Outstanding debt at September 30, 2020 totaled $696.4 million, net of unamortized loan costs, compared to $720.1 million as of December 31, 2019. As of September 30, 2020, the Company had liquidity of approximately $259.1 million, including $75.0 million of revolving line of credit availability. Free cash flow, normalized free cash flow and Adjusted OIBDA are non-GAAP financial measures that are not determined in accordance with US generally accepted accounting principles. Reconciliations of these non-GAAP financial measures are provided in this press release after the consolidated financial statements.Conference Call and WebcastTeleconference Information:Date: November 6, 2020 Time: 8:30 A.M. (ET) Dial in number: 1-888-695-7639Password: 9885265 Audio webcast: http://investor.shentel.com/An audio replay of the call will be available approximately two hours after the call is complete, through December 6, 2020 by calling (855) 859-2056.About Shenandoah TelecommunicationsShenandoah Telecommunications Company (Shentel) provides a broad range of diversified communications services through its high speed, state-of-the-art wireless, cable, fiber optic and fixed wireless networks to customers in the Mid-Atlantic United States. The Company’s services include: wireless voice and data; broadband internet, video, and digital voice; fiber optic Ethernet, wavelength and leasing; telephone voice and digital subscriber line; and tower colocation leasing. Shentel is the exclusive personal communications service (“PCS”) Affiliate of Sprint in a multi-state area covering large portions of central and western Virginia, south-central Pennsylvania, West Virginia, and portions of Maryland, Kentucky, and Ohio. For more information, please visit www.shentel.com.This release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of unforeseen factors. A discussion of factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations, is available in the Company’s filings with the SEC. 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, increases in costs, changes in regulation and other competitive factors.CONTACTS:       Shenandoah Telecommunications Company       Jim Volk       Senior Vice President - Chief Financial Officer       540-984-5168       Jim.Volk@emp.shentel.com Or       John Nesbett/Jennifer Belodeau       IMS Investor Relations       203-972-9200       jnesbett@institutionalms.com SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30,  2020 2019 2020 2019 Service revenue and other$55,173  $51,814  $162,643  $153,285  Operating expenses:        Cost of services22,669  20,947  65,167  62,030  Selling, general and administrative20,039  19,445  64,227  57,600  Depreciation and amortization11,995  10,741  36,010  33,807  Total operating expenses54,703  51,133  165,404  153,437  Operating income (loss)470  681  (2,761) (152) Other income:        Other income, net1,083  994  3,103  3,328  Income before income taxes1,553  1,675  342  3,176  Income tax expense (benefit)141  507  (684) (108) Income from continuing operations1,412  1,168  1,026  3,284  Income from discontinued operations, net of tax33,509  13,186  76,422  38,130  Net income$34,921  $14,354  $77,448  $41,414           Net income per share, basic and diluted:        Basic - Income from continuing operations$0.03  $0.02  $0.02  $0.07  Basic - Income from discontinued operations, net of tax$0.67  $0.27  $1.53  $0.76  Basic net income per share$0.70  $0.29  $1.55  $0.83           Diluted - Income from continuing operations$0.03  $0.02  $0.02  $0.07  Diluted - Income from discontinued operations, net of tax$0.67  $0.27  $1.53  $0.76  Diluted net income per share$0.70  $0.29  $1.55  $0.83           Weighted average shares outstanding, basic49,911  49,857  49,889  49,827  Weighted average shares outstanding, diluted50,105  50,129  50,049  50,110  SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) September 30, 2020 December 31, 2019      Cash and cash equivalents$184,050  $101,651  Other current assets78,340  85,093  Current assets held for sale1,148,601  55,109  Total current assets1,410,991  241,853       Investments13,034  12,388  Property, plant and equipment, net413,602  363,087  Intangible assets, net and Goodwill103,856  88,241  Operating lease right-of-use assets48,844  42,568  Deferred charges and other assets, net10,972  9,267  Non-current assets held for sale—  1,141,498  Total assets$2,001,299  $1,898,902       Current liabilities held for sale470,943  $54,246  Total current liabilities761,167  $99,331  Long-term debt, less current maturities—  688,464  Non-current liabilities held for sale—  379,036  Other liabilities221,007  205,397  Total shareholders’ equity548,182  472,428  Total liabilities and shareholders’ equity$2,001,299  $1,898,902  SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended September 30,  2020 2019 Cash flows from operating activities:    Net income77,448  41,414  Income from operations of discontinued operations, net of tax76,422  38,130  Income from continuing operations1,026  3,284  Adjustments to reconcile net income to net cash provided by operating activities:    Depreciation35,522  33,500  Amortization of intangible assets488  307  Bad debt expense514  1,215  Stock based compensation expense, net of amount capitalized5,306  2,769  Deferred income taxes(279) —  Other adjustments(349) (2,703) Changes in assets and liabilities2,572  (6,889) Net cash provided by operating activities – continuing operations44,800  31,483  Net cash provided by operating activities – discontinued operations182,499  161,976  Net cash provided by operating activities227,299  193,459       Cash flows from investing activities:    Capital expenditures(82,740) (48,826) Cash disbursed for acquisitions—  (10,000) Cash disbursed for FCC spectrum licenses(16,118) (16,742) Proceeds from sale of assets and other252  100  Net cash used in investing activities – continuing operations(98,606) (75,468) Net cash used in investing activities – discontinued operations(17,794) (58,156) Net cash used in investing activities(116,400) (133,624)      Cash flows from financing activities:    Taxes paid for equity award issuances(2,182) (2,912) Other(727) 72  Net cash used in financing activities – continuing operations(2,909) (2,840) Net cash used in financing activities – discontinued operations(25,591) (44,666) Net cash used in financing activities(28,500) (47,506) Net increase in cash and cash equivalents82,399  12,329  Cash and cash equivalents, beginning of period101,651  85,086  Cash and cash equivalents, end of period$184,050  $97,415       Non-GAAP Financial MeasuresAdjusted OIBDAAdjusted OIBDA represents Operating income from continuing operations before depreciation, amortization of intangible assets, stock-based compensation and certain other items of revenue, expense, gain or loss not reflective of our operating performance, which may or may not be recurring in nature.Adjusted OIBDA is a non-GAAP financial measure that we use to evaluate our operating performance in comparison to our competitors. Management believes that analysts and investors use Adjusted OIBDA as a supplemental measure of operating performance to facilitate comparisons with other telecommunications companies. This measure isolates and evaluates operating performance by excluding the cost of financing (e.g., interest expense), as well as the non-cash depreciation and amortization of past capital investments, non-cash share-based compensation expense, and certain other items of revenue, expense, gain or loss not reflective of our operating performance, which may or may not be recurring in nature.Adjusted OIBDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for operating income, net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).The following tables reconcile Adjusted OIBDA to operating income from continuing operations, which we consider to be the most directly comparable GAAP financial measure:Three Months Ended September 30, 2020         (in thousands) Broadband Tower Corporate & Eliminations Consolidated Operating income from continuing operations $9,486  $2,421  $(11,437) $470  Depreciation 9,939  467  1,422  11,828  Amortization 167  —  —  167  OIBDA 19,592  2,888  (10,015) 12,465  Share-based compensation expense —  —  1,137  1,137  Deal advisory fees —  —  1,032  1,032  Adjusted OIBDA $19,592  $2,888  $(7,846) $14,634  Three Months Ended September 30, 2019         (in thousands) Broadband Tower Corporate & Eliminations Consolidated Operating income from continuing operations $11,242  $1,330  $(11,891) $681  Depreciation 8,472  691  1,433  10,596  Amortization 145  —  —  145  OIBDA 19,859  2,021  (10,458) 11,422  Share-based compensation expense —  —  723  723  Adjusted OIBDA $19,859  $2,021  $(9,735) $12,145  Nine Months Ended September 30, 2020         (in thousands) Broadband Tower Corporate & Eliminations Consolidated Operating income from continuing operations $29,650  $6,444  $(38,855) $(2,761) Depreciation 29,960  1,414  4,148  35,522  Amortization 488  —  —  488  OIBDA 60,098  7,858  (34,707) 33,249  Share-based compensation expense —  —  5,306  5,306  Deal advisory fees —  —  3,002  3,002  Adjusted OIBDA $60,098  $7,858  $(26,399) $41,557  Nine Months Ended September 30, 2019         (in thousands) Broadband Tower Corporate  Eliminations Consolidated Operating income from continuing operations $33,206  $3,755  $(37,113) $(152) Depreciation 26,936  2,102  4,462  33,500  Amortization 307  —  —  307  OIBDA 60,449  5,857  (32,651) 33,655  Share-based compensation expense —  —  2,769  2,769  Adjusted OIBDA $60,449  $5,857  $(29,882) $36,424  Segment ResultsThree Months Ended September 30, 2020: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue         Cable, residential and SMB (1) $37,469  $—  $—  $37,469  Fiber, enterprise and wholesale 4,707  —  —  4,707  Rural local exchange carrier 4,426  —  —  4,426  Installation and other 2,008  —  —  2,008  Tower lease —  1,864  —  1,864  Service revenue and other 48,610  1,864  —  50,474  Revenue for service provided to the discontinued Wireless operations 2,100  2,637  (38) 4,699  Total revenue 50,710  4,501  (38) 55,173  Operating expenses         Cost of services 21,326  1,283  60  22,669  Selling, general and administrative 9,792  330  9,917  20,039  Depreciation and amortization 10,106  467  1,422  11,995  Total operating expenses 41,224  2,080  11,399  54,703  Operating income (loss) $9,486  $2,421  $(11,437) $470  __________________ (1)   SMB refers to Small and Medium Businesses. Three Months Ended September 30, 2019:(in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue         Cable, residential and SMB $33,696  $—  $—  $33,696  Fiber, enterprise and wholesale 5,163  —  —  5,163  Rural local exchange carrier 5,080  —  —  5,080  Installation and other 2,073  —  —  2,073  Tower lease —  1,851  —  1,851  Service revenue and other 46,012  1,851  —  47,863  Revenue for service provided to the discontinued Wireless operations 2,669  1,289  (7) 3,951  Total revenue 48,681  3,140  (7) 51,814  Operating expenses         Cost of services 20,032  927  (12) 20,947  Selling, general and administrative 8,790  192  10,463  19,445  Depreciation and amortization 8,617  691  1,433  10,741  Total operating expenses 37,439  1,810  11,884  51,133  Operating income (loss) $11,242  $1,330  $(11,891) $681  Nine Months Ended September 30, 2020: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue         Cable, residential and SMB $108,242  $—  $—  $108,242  Fiber, enterprise and wholesale 15,858  —  —  15,858  Rural local exchange carrier 13,784  —  —  13,784  Installation and other 5,928  —  —  5,928  Tower lease —  5,490  —  5,490  Service revenue and other 143,812  5,490  —  149,302  Revenue for service provided to the discontinued Wireless operations 6,818  7,000  (477) 13,341  Total revenue 150,630  12,490  (477) 162,643  Operating expenses         Cost of services 61,572  3,537  58  65,167  Selling, general and administrative 28,960  1,095  34,172  64,227  Depreciation and amortization 30,448  1,414  4,148  36,010  Total operating expenses 120,980  6,046  38,378  165,404  Operating income (loss) $29,650  $6,444  $(38,855) $(2,761) Nine Months Ended September 30, 2019:(in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue         Cable, residential and SMB $99,703  $—  $—  $99,703  Fiber, enterprise and wholesale 14,912  —  —  14,912  Rural local exchange carrier 15,899  —  —  15,899  Installation and other 6,002  —  —  6,002  Tower lease —  5,365  —  5,365  Service revenue and other 136,516  5,365  —  141,881  Revenue for service provided to the discontinued Wireless operations 7,597  3,830  (23) 11,404  Total revenue 144,113  9,195  (23) 153,285  Operating expenses         Cost of services 59,348  2,704  (22) 62,030  Selling, general and administrative 24,316  634  32,650  57,600  Depreciation and amortization 27,243  2,102  4,462  33,807  Total operating expenses 110,907  5,440  37,090  153,437  Operating income (loss) $33,206  $3,755  $(37,113) $(152) Supplemental InformationBroadband Operating Statistics  September 30, 2020 September 30, 2019 Broadband homes passed (1) (2) 230,002  206,262  Incumbent Cable 207,655  206,262  Glo Fiber 22,347  —        Broadband customer relationships (3) 106,314  94,356        Residential and SMB RGUs:     Broadband 98,764  82,413  Incumbent Cable 95,962  82,413  Glo Fiber 2,802  —  Video 53,647  55,015  Voice 33,019  30,956  Total Cable and Glo Fiber RGUs 185,430  168,384        Residential and SMB Penetration (4)     Broadband 42.9% 40.0% Incumbent Cable 46.2% 40.0% Glo Fiber penetration 12.5% —% Video 23.3% 26.7% Voice 15.5% 16.3%       Residential and SMB ARPU (5)     Broadband $77.71  $77.47  Incumbent Cable $77.66  $77.47  Glo Fiber $80.03  $—  Video $93.08  $89.32  Voice $29.61  $30.68        Fiber route miles 6,705  5,864  Total fiber miles (6) 367,154  311,702  __________________ (1)  Homes and businesses are considered passed (“homes passed”) if we can connect them to our distribution system without further extending the transmission lines. Homes passed is an estimate based upon the best available information. Homes passed have access to video, broadband and voice services. (2)  Includes approximately 16,600 RLEC homes passed where we are the dual incumbent telephone and cable provider. (3)  Customer relationships represent the number of billed customers who receive at least one of our services. (4)  Penetration is calculated by dividing the number of users by the number of homes passed or available homes, as appropriate. (5)  Average Revenue Per Customer calculation = (Residential & SMB Revenue * 1,000) / average customer relationships / 3 months (6)  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 September 30,   2020 2019 Residential and SMB Revenue:     Broadband $22,261  $18,809  Incumbent Cable 21,770  18,809  Glo Fiber 491  —  Video 14,823  15,030  Voice 2,894  2,839  Discounts and adjustments (2,509) (2,982) Total Revenue $37,469  $33,696        Quarterly Average RGUs:     Broadband 95,485  80,931  Incumbent Cable 93,440  80,931  Glo Fiber 2,045  —  Video 53,085  56,092  Voice 32,581  30,850        ARPU (Quarter to date):     Broadband $77.71  $77.47  Incumbent Cable $77.66  $77.47  Glo Fiber $80.03  $—  Video $93.08  $89.32  Voice $29.61  $30.68  Tower Operating Statistics:  September 30, 2020 September 30, 2019 Macro towers owned 222  221  Small cell sites 8.0  —  Tenants (1) 414  380  Average tenants per tower 1.8  1.7  __________________ (1)  Includes 208 and 177 intercompany tenants for our Wireless segment as of September 30, 2020 and 2019, respectively.