Shenandoah Telecommunications Company (NASDAQ:SHEN) Q1 2022 Earnings Conference Call April 29, 2022 8:00 AM ET Company Participants Kirk Andrews - Director of Financial Planning and Analysis Christopher French - President and Chief Executive Officer Edward McKay - Executive Vice President and Chief Operating Officer James Volk - Senior Vice President and Chief Financial Officer Conference Call Participants Frank Louthan - Raymond James Dan Day - B. Riley Securities Hamed Khorsand - BWS Financial Operator Go ...

Financial Data and Key Metrics Changes - In 2021, consolidated revenue grew 11.1% to $245.2 million, driven by broadband and tower revenue growth of 11.6% and 3.8% respectively [26] - Adjusted EBITDA increased 17.8% to $65.7 million, primarily due to broadband and tower growth [26] - Cash on hand declined by $448 million sequentially due to $434 million paid in income taxes related to the sale of wireless assets, ending the fourth quarter with $484 million in liquidity [27] Business Line Data and Key Metrics Changes - Broadband revenue grew 11.6% to $228.1 million, with residential and SMB revenue increasing by 14.5% [22] - Glo Fiber network saw a record year with 7,200 net additions, ending with approximately 15,300 total RGUs and a 15.1% aggregate broadband data penetration rate [40] - Tower segment revenue grew by $600,000 to $17.7 million, primarily due to a 13.6% increase in tenants [25] Market Data and Key Metrics Changes - The company ended 2021 with over 75,000 Glo Fiber passings, a 73% improvement over 2020 [11] - The integrated broadband network reached approximately 314,000 passings, with a target of 730,000 by 2026 [12] - The incumbent cable business added approximately 7,800 net broadband data RGUs, increasing penetration from 47.2% to 50.4% year-over-year [38] Company Strategy and Development Direction - The company divested its wireless business for $1.94 billion, using proceeds for a special dividend and debt repayment, while focusing on a Fiber First growth plan [8] - The company plans to double Glo Fiber passings to over 150,000 by the end of 2022 and has secured franchise agreements for 175,000 new passings [9][33] - The company has ceased further expansion of beam fixed wireless but will continue to operate existing sites and add subscribers [64] Management's Comments on Operating Environment and Future Outlook - Management expects Glo Fiber to reach breakeven in 2022, while beam will continue to be a drag on adjusted EBITDA [50] - Despite challenges from T-Mobile's network rationalization, the Glo Fiber expansion strategy is anticipated to provide sustainable revenue growth [31] - Management highlighted the importance of government broadband grants, securing over $36 million in Virginia for unserved areas [35] Other Important Information - The company identified $4 million in annual run rate expense savings and an additional $5 million in operating cost savings expected by early 2023 [10] - A cumulative error related to the capitalization of labor and overhead costs increased broadband cost of service by approximately $900,000 in 2021 [18] Q&A Session Summary Question: What should be expected for segment level broadband EBITDA margin in 2022? - Management indicated that adjusted EBITDA margins for broadband should be around 40%, with expected continued losses from the beam segment [51] Question: Are there any issues with labor and construction costs for Glo Fiber? - Management reported no significant issues with labor or construction costs, noting slight increases but also efficiencies in network architecture [52] Question: Is there any significant traction with the EBV program? - Management stated there has been no significant change in uptake, with around 1,000 customers on the EBV and replacement programs [53] Question: Will the beam business continue to operate? - Management confirmed that the beam business will continue to operate, with plans to add subscribers to existing sites [64] Question: When will the new Glo Fiber passings start generating subscribers? - Management indicated that subscriber additions will occur throughout the year as construction for the 75,000 new passings is completed [67]

Q4 2021 Earnings Conference Call March 1, 2022 Safe Harbor Statement This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, regarding 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 ...

Shenandoah Telecommunications Company (NASDAQ:SHEN) Q3 2021 Earnings Conference Call October 29, 2021 8:00 AM ET Company Participants Kirk Andrews - Director of Financial Planning and Analysis Christopher French - President and Chief Executive Officer Edward McKay - Executive Vice President and Chief Operating Officer James Volk - Senior Vice President and Chief Financial Officer Conference Call Participants Ric Prentiss - Raymond James Dan Day - B. Riley Securities Hamed Khorsand - BWS Financial Operator G ...

Financial Data and Key Metrics Changes - The company completed the $1.94 billion sale of its Wireless assets to T-Mobile, allowing for significant debt repayment and a special dividend of $18.75 per share, totaling approximately $937 million [7][12] - Consolidated revenues grew 11.7% to $60.7 million, with adjusted OIBDA increasing 29.6% to $16.3 million, driven by strong growth in Broadband and Tower segments [14][15] - Cash and equivalents at the end of Q2 2021 were $248.8 million, an increase of $19.6 million from Q1 2021 [15] Business Line Data and Key Metrics Changes - Broadband revenues increased by 12.2% to $56.2 million, with residential and SMB revenue rising by 16.7% [12] - The Tower segment saw revenues grow by 8.3% to $4.6 million, with adjusted OIBDA growing by 9.3% to $3 million [13] - The company added 19,000 new broadband passings, bringing the total to just under 279,000, with Glo Fiber contributing significantly to net additions [8][9] Market Data and Key Metrics Changes - The company anticipates reaching approximately 329,000 broadband passings by the end of 2021 [8] - Glo Fiber service added 12,000 new passings, doubling the pace of the previous two quarters [8] - Beam fixed wireless network expanded to over 21,000 homes in 7 counties [8] Company Strategy and Development Direction - The company is focusing on expanding its broadband business and has closed a $400 million financing facility to support this growth [7][17] - There is a strategic shift towards organic growth with a disciplined approach to M&A, monitoring opportunities closely [36][52] - The company aims to build out its Glo Fiber and Beam services, targeting a total of 300,000 Glo Fiber passings in the coming years [28] Management's Comments on Operating Environment and Future Outlook - Management noted that supply chain issues have not yet impacted construction schedules, but lead times for materials have increased [34] - The company expects to see a shift in net additions towards Glo and Beam services as COVID-related tailwinds decrease [50] - Management remains optimistic about the growth potential in the broadband sector, particularly with the ongoing expansion of Glo Fiber [20] Other Important Information - The company has seen a significant increase in customer satisfaction, with Net Promoter Scores rising from 10% in Q2 2019 to 39.7% in Q2 2021 [23] - Capital expenditures for 2021 are confirmed to be between $157 million and $168 million, with a focus on expanding fiber and broadband networks [32] Q&A Session Summary Question: Supply chain and labor force impact on construction targets - Management acknowledged increased lead times for raw materials but stated that construction schedules have not yet been affected [34] Question: M&A opportunities in the broadband sector - Management indicated that there are currently limited opportunities near their footprint due to high valuations but remains disciplined in their approach [36] Question: Potential churn in the tower business and revenue impact - Management expects some rationalization of the network with T-Mobile but does not anticipate significant impacts until 2022 [38] Question: Commentary on Glo and Beam homes passed targets - Management expressed confidence in their construction plan and the potential for additional opportunities from universal broadband funding [41] Question: Pricing strategy for Beam service - Management believes their pricing is competitive and emphasizes reliability as a key factor for rural customers [43] Question: Changes in consumer habits post-COVID - Management noted a slight increase in churn but emphasized that it remains lower than pre-COVID levels [48]

Shenandoah Telecommunications Company (NASDAQ:SHEN) Q1 2021 Earnings Conference Call April 30, 2021 8:00 AM ET Company Participants Kirk Andrews - Director of Financial Planning and Analysis, Shentel Christopher French - President and Chief Executive Officer James Volk - Chief Financial Officer David Heimbach - Chief Operating Officer Conference Call Participants Ric Prentiss - Raymond James Hamed Khorsand - BWS Financial Operator Good morning, everyone. Welcome to the Shenandoah Telecommunications First Qu ...

Q1 2021 Earnings Conference Call April 30, 2021 Safe Harbor Statement This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, regarding 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 th ...

Shenandoah Telecommunications Co (NASDAQ:SHEN) Q4 2020 Earnings Conference Call February 25, 2021 8:30 AM ET Company Participants Kirk Andrews - Director, Financial Planning and Analysis, Shentel Christopher French - Chairman, President & CEO James Volk - SVP & CFO David Heimbach - EVP & COO Conference Call Participants Hamed Khorsand - BWS Financial Operator Good morning, everyone. Welcome to the Shenandoah Telecommunications Fourth Quarter 2020 Earnings Conference Call. Today's conference is being recorde ...

NASDAQ: SHEN Shenandoah Telecommunications Company December 2020 Safe Harbor Statement This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, regarding 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 "a ...

Shenandoah Telecommunications Company (NASDAQ:SHEN) Q3 2020 Earnings Conference Call November 6, 2020 8:30 AM ET Company Participants John Nesbett - IMS, Investor Relations Chris French - President & Chief Executive Officer Jim Volk - Senior Vice President, Finance & Chief Financial Officer Dave Heimbach - Executive Vice President & Chief Operating Officer Conference Call Participants Ric Prentiss - Raymond James Zack Silver - B Riley Hamed Khorsand - BWS Financial Kent Newcomb - Wells Fargo Operator Good m ...