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Form 8-K
0000354963 False 0000354963 2023-11-03 2023-11-03 iso4217:USD xbrli:shares iso4217:USD xbrli:shares
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 3, 2023

_______________________________

Shenandoah Telecommunications Company

(Exact name of registrant as specified in its charter)

_______________________________

Virginia000-0988154-1162807
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

500 Shentel Way
P.O. Box 459

Edinburg, Virginia 22824

(Address of Principal Executive Offices) (Zip Code)

(540) 984-4141

(Registrant's telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (No Par Value)SHENNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
 
Item 2.02. Results of Operations and Financial Condition.

On November 3, 2023, Shenandoah Telecommunications Company (the “Company”) issued a press release announcing its financial position as of September 30, 2023, results of operations for the three and nine months ended September 30, 2023, and other related information. The Company also posted supplemental earnings presentation materials on the investor section of the Company’s website at www.Shentel.com. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

These materials may contain forward-looking statements about Shenandoah Telecommunications Company regarding, among other things, our business strategy, our prospects and our 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. Shenandoah Telecommunications Company 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.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is furnished with this Current Report on Form 8-K.

99.1* Third Quarter 2023 Earnings Press Release
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Furnished herewith

 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Shenandoah Telecommunications Company
   
  
Date: November 3, 2023By: /s/ James J. Volk        
  James J. Volk
  Senior Vice President – Chief Financial Officer
(Principal Financial Officer)
  

 
EdgarFiling

EXHIBIT 99.1

Shenandoah Telecommunications Company Reports Third Quarter 2023 Results

EDINBURG, Va., Nov. 03, 2023 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (Nasdaq: SHEN) announced third quarter 2023 financial and operating results.

Third Quarter 2023 Highlights

“We are very pleased with the continued growth for our Glo Fiber Markets, reflected in a new milestone in number of passings and the growth in subscribers and revenue. Glo Fiber’s accelerating growth and increased scale contributed to solid financial results for the quarter, and reflected ongoing success of execution of our Fiber First strategy,” said President and CEO, Christopher E. French. “This progress, along with our previously announced planned acquisition of Horizon Telcom, position us well to deliver long term value to our shareholders.”

Shentel’s third-quarter earnings conference call will be webcast at 8:30 a.m. ET on Friday, November 3, 2023. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. 

Consolidated Third Quarter 2023 Results

Broadband

Tower

Other Information

Earnings Call Webcast

Date: Friday, November 3, 2023
Time: 8:30 A.M. (ET)
Listen via Internet: https://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 cable and fiber optic networks to customers in the Mid-Atlantic United States. The Company’s services include: broadband internet, video, and voice; fiber optic Ethernet, wavelength and leasing; and tower colocation leasing. The Company owns an extensive regional network with over 9,300 route miles of fiber and 220 macro cellular towers. 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,” “plans,” “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, including our Annual Report on Form 10-K for the year ended December 31, 2022 and our Quarterly Reports on Form 10-Q. Those factors may include, among others, the ability to obtain the required regulatory approvals and satisfy the closing conditions required for the Transaction, Shentel's ability to obtain the financing for the Transaction, the closing of the Transaction may not occur on time or at all, the expected savings and synergies from the 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 Company
Jim Volk
Senior Vice President and Chief Financial Officer
540-984-5168
Jim.Volk@emp.shentel.com


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share amounts)Three Months Ended
September 30,		 Nine Months Ended
September 30,
 2023 2022 2023 2022
Service revenue and other$71,842 $66,924  $214,869 $197,359 
Operating expenses:       
Cost of services exclusive of depreciation and amortization 27,751  27,477   80,394  80,572 
Selling, general and administrative 24,402  22,227   76,702  69,152 
Restructuring expense —  641   —  1,031 
Impairment expense 1,532  477   2,552  4,884 
Depreciation and amortization 16,670  17,873   48,637  47,008 
Total operating expenses 70,355  68,695   208,285  202,647 
Operating income (loss) 1,487  (1,771)  6,584  (5,288)
Other income (expense):       
Other income (expense), net 826  (1,208)  2,120  (1,967)
Income (loss) before income taxes 2,313  (2,979)  8,704  (7,255)
Income tax expense (benefit) 720  (251)  3,255  (699)
Net income (loss)$1,593 $(2,728) $5,449 $(6,556)
        
Other comprehensive income:       
Unrealized income on interest rate hedge, net of tax 1,115  —   3,242  — 
Comprehensive income (loss)$2,708 $(2,728) $8,691 $(6,556)
        
Net income (loss) per share, basic and diluted:       
Basic net income (loss) per share$0.03 $(0.05) $0.11 $(0.13)
        
Diluted net income (loss) per share$0.03 $(0.05) $0.11 $(0.13)
        
Weighted average shares outstanding, basic 50,379  50,183   50,346  50,153 
Weighted average shares outstanding, diluted 50,836  50,183   50,623  50,153 
        



SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)September 30,
2023		 December 31,
2022
ASSETS   
Current assets:   
Cash and cash equivalents$35,966 $44,061
Accounts receivable, net of allowance for doubtful accounts of $767 and $776, respectively 18,851  20,615
Income taxes receivable 4,647  29,755
Prepaid expenses and other 14,394  11,509
Current assets held for sale 596  22,622
Total current assets 74,454  128,562
Investments 12,918  12,971
Property, plant and equipment, net 822,494  687,553
Goodwill and intangible assets, net 81,187  81,515
Operating lease right-of-use assets 51,832  53,859
Deferred charges and other assets 15,825  13,259
Total assets$1,058,710 $977,719
LIABILITIES AND SHAREHOLDERS’ EQUITY   
Current liabilities:   
Current maturities of long-term debt, net of unamortized loan fees$2,412 $648
Accounts payable 43,360  49,173
Advanced billings and customer deposits 13,120  12,425
Accrued compensation 10,640  9,616
Current operating lease liabilities 3,126  2,829
Accrued liabilities and other 11,763  17,906
Current liabilities held for sale —  3,824
Total current liabilities 84,421  96,421
Long-term debt, less current maturities, net of unamortized loan fees 147,494  74,306
Other long-term liabilities:   
Deferred income taxes 88,938  84,600
Asset retirement obligations 9,942  9,932
Benefit plan obligations 3,972  3,758
Non-current operating lease liabilities 49,502  50,477
Other liabilities 20,078  20,218
Total other long-term liabilities 172,432  168,985
Commitments and contingencies (Note 13)   
Shareholders’ equity:   
Common stock, no par value, authorized 96,000; 50,264 and 50,110 issued and outstanding at September 30, 2023 and December 31, 2022, respectively —  —
Additional paid in capital 65,118  57,453
Retained earnings 586,003  580,554
Accumulated other comprehensive income, net of taxes 3,242  —
Total shareholders’ equity 654,363  638,007
Total liabilities and shareholders’ equity$1,058,710 $977,719



SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES   
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   
(in thousands)Nine Months Ended
September 30,
  2023   2022 
Cash flows from operating activities:   
Net income (loss)$5,449  $(6,556)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:   
Depreciation and amortization 48,637   47,008 
Stock-based compensation expense, net of amount capitalized 8,364   7,299 
Impairment expense 2,552   4,884 
Deferred income taxes 3,211   (1,374)
Bad debt expense 1,837   1,252 
Gain on sale of FCC spectrum licenses (1,328)  — 
Other, net 439   1,638 
Changes in assets and liabilities:   
Accounts receivable 1,407   1,157 
Current income taxes 25,108   731 
Operating lease assets and liabilities, net 512   618 
Other assets 2,515   (1,056)
Accounts payable (3,431)  (608)
Other deferrals and accruals (3,583)  1,212 
Net cash provided by operating activities 91,689   56,205 
    
Cash flows from investing activities:   
Capital expenditures (190,354)  (132,357)
Proceeds from the sale of FCC spectrum licenses 17,300   — 
Proceeds from sale of investments —   793 
Proceeds from sale of assets and other 566   922 
Net cash used in investing activities (172,488)  (130,642)
    
Cash flows from financing activities:   
Proceeds from credit facility borrowings 75,000   25,000 
Payments for debt issuance costs (300)  — 
Taxes paid for equity award issuances (1,317)  (986)
Payments for financing arrangements and other (679)  (888)
Net cash provided by financing activities 72,704   23,126 
Net decrease in cash and cash equivalents (8,095)  (51,311)
Cash and cash equivalents, beginning of period 44,061   84,344 
Cash and cash equivalents, end of period$35,966  $33,033 
    
Supplemental Disclosures of Cash Flow Information   
Interest paid$5,424  $243 
Income tax refunds received, net$25,481  $— 


Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin

The Company defines Adjusted EBITDA as net income (loss) calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment, 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 net income (loss), 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.

Three Months Ended September 30, 2023        
(in thousands) Broadband Tower Corporate & Eliminations Consolidated
Net income (loss) $10,630  $2,097  $(11,134) $1,593 
Depreciation and amortization  15,729   549   392   16,670 
Impairment expense  1,532   —   —   1,532 
Other expense (income), net  (1,323)  —   497   (826)
Income tax benefit  —   —   720   720 
Stock-based compensation  —   —   2,044   2,044 
Restructuring charges and other  3   —   1,143   1,146 
Adjusted EBITDA $26,571  $2,646  $(6,338) $22,879 
         
Adjusted EBITDA margin  39%  57% N/A  32%


Three Months Ended September 30, 2022        
(in thousands) Broadband Tower Corporate & Eliminations Consolidated
Net income (loss) $4,752  $2,590  $(10,070) $(2,728)
Depreciation and amortization  16,791   445   637   17,873 
Impairment expense  477   —   —   477 
Other expense (income), net  58   —   1,150   1,208 
Income tax benefit  —   —   (251)  (251)
Stock-based compensation  —   —   1,771   1,771 
Restructuring charges and other  169   —   472   641 
Adjusted EBITDA $22,247  $3,035  $(6,291) $18,991 
         
Adjusted EBITDA margin  36%  65% N/A  28%


Nine Months Ended September 30, 2023        
(in thousands) Broadband Tower Corporate & Eliminations Consolidated
Net income (loss) $31,517  $7,005  $(33,073) $5,449 
Depreciation and amortization  45,902   1,600   1,135   48,637 
Impairment expense  2,552   —   —   2,552 
Other expense (income), net  (1,199)  —   (921)  (2,120)
Income tax benefit  —   —   3,255   3,255 
Stock-based compensation  —   —   8,364   8,364 
Restructuring charges and other  205   —   1,373   1,578 
Adjusted EBITDA $78,977  $8,605  $(19,867) $67,715 
         
Adjusted EBITDA margin  39%  62% N/A  32%


Nine Months Ended September 30, 2022        
(in thousands) Broadband Tower Corporate & Eliminations Consolidated
Net income (loss) $16,921  $7,628  $(31,105) $(6,556)
Depreciation and amortization  42,724   1,562   2,722   47,008 
Impairment expense  4,884   —   —   4,884 
Other expense (income), net  177   —   1,790   1,967 
Income tax benefit  —   —   (699)  (699)
Stock-based compensation  —   —   7,299   7,299 
Restructuring charges and other  629   —   402   1,031 
Adjusted EBITDA $65,335  $9,190  $(19,591) $54,934 
         
Adjusted EBITDA margin  36%  65% N/A  28%


Segment Results

Three Months Ended September 30, 2023:

(in thousands)Broadband Tower Corporate & Eliminations Consolidated
External revenue       
Residential & SMB - Cable Markets1$43,679 $— $—  $43,679
Residential & SMB - Glo Fiber Markets1 9,325  —  —   9,325
Commercial Fiber 10,415  —  —   10,415
Tower lease —  4,608  —   4,608
RLEC & Other 3,815  —  —   3,815
Service revenue and other 67,234  4,608  —   71,842
Intercompany revenue and other 215  36  (251)  —
Total revenue 67,449  4,644  (251)  71,842
Operating expenses       
Cost of services 26,266  1,694  (209)  27,751
Selling, general and administrative 14,615  304  9,483   24,402
Impairment expense 1,532  —  —   1,532
Depreciation and amortization 15,729  549  392   16,670
Total operating expenses 58,142  2,547  9,666   70,355
Operating income (loss)$9,307 $2,097 $(9,917) $1,487


Three Months Ended September 30, 2022:

(in thousands)Broadband Tower Corporate & Eliminations Consolidated
External revenue       
Residential & SMB - Cable Markets1$43,805 $— $—  $43,805 
Residential & SMB - Glo Fiber Markets1 4,895  —  —   4,895 
Commercial Fiber 9,522  —  —   9,522 
Tower lease —  4,610  —   4,610 
RLEC & Other 4,139  —  —   4,139 
Service revenue and other 62,361  4,610  —   66,971 
Intercompany revenue and other 25  67  (139)  (47)
Total revenue 62,386  4,677  (139)  66,924 
Operating expenses       
Cost of services 26,193  1,384  (100)  27,477 
Selling, general and administrative 13,946  258  8,023   22,227 
Restructuring expense 169  —  472   641 
Impairment expense 477  —  —   477 
Depreciation and amortization 16,791  445  637   17,873 
Total operating expenses 57,576  2,087  9,032   68,695 
Operating income (loss)$4,810 $2,590 $(9,171) $(1,771)


Nine Months Ended September 30, 2023:

(in thousands)Broadband Tower Corporate & Eliminations Consolidated
External revenue       
Residential & SMB - Cable Markets1$132,838 $— $—  $132,838
Residential & SMB - Glo Fiber Markets1 24,492  —  —   24,492
Commercial Fiber 32,366  —  —   32,366
Tower lease —  13,861  —   13,861
RLEC & Other 11,312  —  —   11,312
Service revenue and other 201,008  13,861  —   214,869
Intercompany revenue and other 321  112  (433)  —
Total revenue 201,329  13,973  (433)  214,869
Operating expenses       
Cost of services 76,447  4,265  (318)  80,394
Selling, general and administrative 46,110  1,103  29,489   76,702
Impairment expense 2,552  —  —   2,552
Depreciation and amortization 45,902  1,600  1,135   48,637
Total operating expenses 171,011  6,968  30,306   208,285
Operating income (loss)$30,318 $7,005 $(30,739) $6,584


Nine Months Ended September 30, 2022:

(in thousands)Broadband Tower Corporate & Eliminations Consolidated
External revenue       
Residential & SMB - Cable Markets1$131,141 $— $—  $131,141 
Residential & SMB - Glo Fiber Markets1 12,371  —  —   12,371 
Commercial Fiber 27,924  —  —   27,924 
Tower lease —  13,971  —   13,971 
RLEC & Other 11,952  —  —   11,952 
Service revenue and other 183,388  13,971  —   197,359 
Intercompany revenue and other 124  255  (379)  — 
Total revenue 183,512  14,226  (379)  197,359 
Operating expenses       
Cost of services 76,801  4,054  (283)  80,572 
Selling, general and administrative 41,376  982  26,794   69,152 
Restructuring expense 629  —  402   1,031 
Impairment expense 4,884  —  —   4,884 
Depreciation and amortization 42,724  1,562  2,722   47,008 
Total operating expenses 166,414  6,598  29,635   202,647 
Operating income (loss)$17,098 $7,628 $(30,014) $(5,288)

_________________________________________
1 Shentel has presented Residential & SMB - Cable Markets and Residential & SMB - Glo Fiber Markets separately for the three and nine months ended September 30, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the three and nine months ended September 30, 2022 for comparability.


Supplemental Information

Broadband Operating Statistics

 September 30,
2023		 September 30,
2022
Broadband homes and businesses passed 1415,971  342,741 
Cable Markets213,317  211,829 
Glo Fiber Markets202,654  130,912 
    
Residential & Small and Medium Business ("SMB") Revenue Generating Units ("RGUs"):   
Broadband Data146,797  130,238 
Cable Markets109,404  109,132 
Glo Fiber Markets37,393  21,106 
Video44,050  48,092 
Voice40,699  39,801 
Total Residential & SMB RGUs (excludes RLEC)231,546  218,131 
    
Residential & SMB Penetration 2   
Broadband Data35.3% 38.0%
Cable Markets51.3% 51.5%
Glo Fiber Markets18.5% 16.1%
Video10.6% 14.0%
Voice10.2% 12.2%
    
Fiber route miles9,387  8,072 
Total fiber miles 3813,273  622,095 

______________________________________________________
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 users 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.


Broadband - Residential and SMB ARPU       
 Three Months Ended
September 30,		 Nine Months Ended
September 30,
 2023 2022 2023 2022
Residential and SMB Revenue:       
Broadband$35,096 $30,670 $102,422 $88,887
Cable Markets 26,977  26,502  81,422  78,488
Glo Fiber Markets 8,119  4,168  21,000  10,399
Video 14,077  14,914  43,133  45,465
Voice 3,062  3,041  9,146  8,951
Discounts, adjustments and other 769  75  2,629  209
Total Revenue$53,004 $48,700 $157,330 $143,512
        
Average RGUs:       
Broadband Data 144,510  127,579  140,420  123,271
Cable Markets 109,364  108,481  109,612  107,603
Glo Fiber Markets 35,146  19,098  30,808  15,668
Video 44,385  48,456  45,294  49,016
Voice 40,605  39,659  40,254  37,653
        
ARPU: 1       
Broadband$80.95 $80.05 $81.02 $80.03
Cable Markets$82.22 $81.43 $82.54 $81.05
Glo Fiber Markets$77.00 $72.75 $75.74 $73.74
Video$105.72 $102.59 $105.81 $103.06
Voice$25.14 $25.56 $25.24 $26.41

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1 Average Revenue Per RGU calculation = (Residential & SMB Revenue) / average RGUs / 3 months.


Tower Operating Statistics

 September 30,
2023		 September 30,
2022
Macro tower sites220 222
Tenants446 457
Average tenants per tower2.0 2.0