Shenandoah Telecommunications Co

Approximately 9,200 new residential and small business passings were released to sales in the quarter, with a total of 20,600 addresses constructed year-to-date and 22,300 overall at the end of September. We expect to have approximately 27,300 total new target passings released to sales by the end of the year. The third quarter was a productive one for our new market development team as well. We added new Glow Fiber franchises in the cities of Frederick, Maryland, Charlestown, and Ranson, West Virginia, which added over 15,000 new target passings. Then in October, we successfully added three additional markets, including Martinsburg, West Virginia, Lancaster Township, Pennsylvania, and Blacksburg, Virginia, adding approximately 13,500 additional target passings. In total, Globe Fiber has approved franchise target passings of approximately 117,000, with a strong funnel of additional markets in our edge-out strategy heading into the fourth quarter. On slide 18, we have depicted our fiber, cable, and fixed wireless broadband footprint. This map really helps illustrate the integrated nature of our broadband networks and how operating leverage will increase over time given the overlap and adjacency of our operations and our growing footprint. As Chris mentioned at the start of the call, we're very excited to have launched Beam Internet, which is our new fixed wireless broadband service in early October. BEAM will leverage our newly acquired spectrum and target approximately 425,000 uncabled households with speeds of up to 100 megabits per second. We'll have roughly 25 macro sites on air by the end of this year as we continue to bring critical high-speed Internet access to the underserved in our region. We will continue to update you on the status of both our Glowfiber and BEAM Internet expansion plans as we progress in our market development and construction efforts toward the launch of commercial services over the next several quarters. Combined, our multi-pronged broadband growth strategy will more than triple Holmes' path to over 700,000 in the next five years. As summarized on slide 19, we now have product offerings to serve a variety of market dynamics, with our glow fiber service targeting higher-density urban markets and beam fixed wireless service targeting lower-density rural areas. The common denominator in all of our offerings, is to provide the leading high-speed Internet service available in each market combined with superior local customer service. With projected terminal penetration rates of beam and glow in the low to mid-30% range and incumbent cable penetration in the mid-50% range, we expect our broadband business to have industry-leading sustainable growth for the next several years. Turning to slide 20, Total towers and small cells increased to 230 in the quarter, with total tenants increasing 8.9% year-over-year to 414. We had a backlog of 119 open orders related to upgrades of existing tenants or the addition of new tenants at the end of September 2020. And finally, on slide 21, we provide an update to our 2020 capital spending results and guidance for our continuing operations. We're no longer providing wireless guidance as a result of the pending sale and discontinued operations presentation. Capital expenditures were $82.7 million through the third quarter of 2020, compared to $48.8 million at the end of the third quarter in 2019. The primary driver of the year-over-year increase relates to the investments in our Glow Fiber and Beam Internet fixed wireless broadband initiatives. For the full year 2020, our revised guidance is now $104 to $116 million, as we capitalize on our strong liquidity and cash flow generation to invest aggressively in the expansion of our fiber, cable, and fixed wireless broadband networks. Thank you very much, and operator, we're now ready to take questions.

As a reminder, to ask a question, you will need to press star 1 on your telephone. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. Your first question comes from the line of Rick Prentice with Raymond James.

Thanks. Good morning, guys. Glad to hear you're doing okay during these crazy times. Morning, Rick.