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Nuvera Communications, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total operating revenues to $17,616,335 from $16,370,478 in the same quarter the previous year. This increase was primarily due to higher data service revenues and governmental support.
Voice service revenues decreased to $1,149,189 from $1,363,543, attributed to a decline in access lines as customers transition to other communication options.
Network access revenues fell to $745,268 from $876,186, primarily due to lower minutes of use and special access revenues.
Video service revenues decreased slightly to $2,928,080 from $3,005,010, reflecting a decline in video customers.
Data service revenues increased to $7,455,297 from $6,881,965, driven by an increase in fiber customers and higher service package upgrades.
A-CAM/FUSF support increased to $4,208,559 from $2,971,267, primarily due to new CBOL funding.
Operating expenses rose to $14,816,951 from $14,024,512, with increases in depreciation and selling expenses.
Net income for the quarter was $81,698, down from $483,170 in the previous year, primarily due to increased interest expenses.
Cash provided by operating activities was $11,983,073, while cash used in investing and financing activities was $31,745,399 and $19,086,706, respectively.
Nuvera's capital expenditures for the quarter were $15,403,815, focused on fiber network expansion.
The filing also reports on the company's secured credit facility with CoBank, involving a $180.0 million credit facility to support the fiber-build plans.
Nuvera continues to focus on expanding its fiber broadband network and has secured various broadband grants to support these initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nuvera Communications Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.