Backhaul Connections 0.4% 0.1% 0.3% Q1'22 Monthly Compression 1. MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 18 Tower - Metrics Towers Tenants 468 445 223 222 173 173 262 262 33 10 Q1'22 Q1'23 T-Mobile Intercompany Other Carriers Q1'22 Q1'23 SHENTEL® 19 Use of Non-GAAP Financial Measures | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

WeÂ've now been awarded a total of over $81 million in grants that will enable us to extend broadband over 25,000 unserved locations, primarily through fiber-to-the-home technology. With the completion of over 17,500 new Glo Fiber Passings and over 200 new government subsidized fiber passings in the first quarter, we now pass over 165,000 homes and businesses with fiber. In addition, our construction backlog remains very robust with 317,000 additional passings approved for construction. As we ramp up constr ...

Shenandoah Telecommunications Company (NASDAQ:SHEN) Q4 2022 Earnings Conference Call February 22, 2023 8:30 AM ET Company Participants Kirk Andrews - Director, FP&A Christopher French - Chairman, President & CEO James Volk - SVP, Finance & CFO Edward McKay - EVP & COO Conference Call Participants Frank Louthan - Raymond James & Associates Daniel Day - B. Riley Securities Hamed Khorsand - BWS Financial Operator Good morning, everyone. Welcome to the Shenandoah Communications Fourth Quarter 2022 Earnings Conf ...

Shenandoah Telecommunications Company (NASDAQ:SHEN) Q3 2022 Earnings Conference Call November 2, 2022 8:30 AM ET Company Participants Kirk Andrews - Director, Financial Planning & Analyst Chris French - President and Chief Executive Officer Jim Volk - Senior Vice President of Finance & Chief Financial Officer Ed McKay - Executive Vice President & Chief Operating Officer Conference Call Participants Frank Louthan - Raymond James Dan Day - B. Riley Hamed Khorsand - BWS Financial Operator Good morning, everyon ...

Q3 2022 Earnings Conference Call November 2, 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 ...

Financial Data and Key Metrics Changes - Broadband revenue grew 9.2% to $61.4 million, driven by an 8.9% increase in residential and SMB revenue, primarily due to a 138.9% increase in Glo Fiber data RGUs [13][14] - Consolidated revenue grew 8.8% to $66 million, attributed to growth in Broadband and Tower revenues of 9.2% and 1.9% respectively [16] - Consolidated adjusted EBITDA increased 16.4% to $18.6 million, driven by a 10.2% increase in Broadband adjusted EBITDA and an 8.6% decline in corporate expenses [17][18] Business Line Data and Key Metrics Changes - Glo Fiber data net additions were approximately 3,300, increasing sequentially almost 39% [9][10] - Glo Fiber represented over half of residential and SMB revenue growth, with almost 19,000 new Glo Fiber passings added in the quarter [11][13] - The Tower segment revenue grew by $100,000 to $4.7 million, primarily due to a 3.8% increase in tenants [16] Market Data and Key Metrics Changes - Glo Fiber customer relationships more than doubled over the past year to over 17,000 [28] - The broadband data penetration rate across all markets remained steady at 15.2% [27] - Incumbent cable broadband data RGUs grew approximately 4.3% year-over-year, with a data penetration increase from 49.1% to 51% [32][34] Company Strategy and Development Direction - The company continues to focus on its Fiber First strategy, expanding its fiber network and customer acquisition [8][10] - Plans to ramp up construction to over 100,000 additional fiber passings in 2023, with a goal of 150,000 total fiber passings by the end of 2022 [24][45] - The company has secured over $68 million in state and local grant funds to bring gigabit broadband to over 19,000 unserved homes [25] Management's Comments on Operating Environment and Future Outlook - Management noted that the T-Mobile network turndown is progressing slower than expected, impacting revenue expectations [50] - The company expects adjusted EBITDA margins to improve modestly in the second half of the year [15] - Management remains confident in executing construction goals despite delays in state and grant contracts [44][45] Other Important Information - Free cash flow and cash on hand declined by approximately $50 million, ending the quarter with a liquidity position of $433 million [18] - The company plans to decommission 20 unprofitable Beam cell sites, expecting Beam to be EBITDA breakeven in the second half of the year [35] Q&A Session Summary Question: Can you talk to us a little bit about the funding that you've gotten? - Management expects the grants will be dispersed on a cost recovery basis with a lag of three to six months on average [48] Question: How is T-Mobile progress relative to expectations? - Management indicated that the progress is probably slower than expected regarding the turndown of the legacy Sprint network [50] Question: Any plans to sell the spectrum related to Beam? - Management plans to continue operating remaining cell sites but has started exploring options for selling the spectrum holdings [55] Question: Update on backhaul systems upgrades? - Management reported significant progress on ERP system upgrades and other operational improvements [58] Question: What's driving the increase in voice subscribers? - The increase is attributed to significant success with commercial voice customers [60]

Q1 2022 Earnings Conference Call August 3, 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 th ...

Q1 2022 Earnings Conference Call April 29, 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 th ...

Financial Data and Key Metrics Changes - Broadband revenue grew 8.3% to $59.7 million, driven by a 9.3% increase in Residential and SMB revenue due primarily to a 14.1% increase in broadband data RGUs [17] - Adjusted EBITDA for the first quarter declined 5.4% to $21.1 million, with broadband expenses increasing at a faster rate than revenues [18] - Consolidated revenue grew 7.9% to $64.4 million, with consolidated adjusted EBITDA growing 2.4% to $17.4 million [21][22] - Free cash flow and cash on hand declined by $30 million, ending the quarter with a liquidity position of $454 million [24] Business Line Data and Key Metrics Changes - Glo Fiber added about 3,600 net data additions during the first quarter, with Glo Fiber contributing 2,400, marking a 14% increase from Q4 2021 and a 76% increase from Q1 2021 [9] - Incumbent Cable business added over 900 data net additions, with data penetration now near 51% [10] - Beam fixed wireless broadband service has approximately 1,700 customers, with a penetration rate just over 6% [36] Market Data and Key Metrics Changes - Glo Fiber services are now available in 13 markets, with a total of 339,000 approved Glo passings and a goal of 450,000 passings by 2026 [28][39] - The company has been awarded approximately $54 million in state and local grant funding to bring gigabit broadband to over 16,000 un-served homes [29] Company Strategy and Development Direction - The company is focused on a fiber-first growth strategy, investing in people and technology to enhance operations and customer service [12][13] - Plans to achieve $5 million in annual run rate cost savings by the end of 2022 through non-employee cost reduction initiatives [23] - The company expects to pass more than 700,000 homes and businesses with broadband services over the next five years, with approximately two-thirds served by fiber [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of Glo Fiber and the positive impact of community engagement on marketing efforts [58] - The company anticipates that the Glo Fiber product line will be EBITDA positive as a whole by the end of the year [75] - Management noted that the downward trend in ARPU was more of an accounting issue, with expectations for ARPU to remain steady going forward [64] Other Important Information - The company plans to decommission approximately 20 unprofitable beam fixed wireless sites, expecting an impairment charge of approximately $4 million and a restructuring charge of approximately $1 million [38] - Capital expenditures were $45.7 million in Q1 2022, with guidance for the full year remaining at $220 million to $240 million [50][51] Q&A Session Summary Question: Expectations for ramping marketing for broadband growth and pace of grant funding - Management expects capital reimbursement from government grants to lag three to six months behind construction, targeting roughly two years to complete the projects [57] - Local community involvement is key for marketing in new Glo markets, with expectations for growth as COVID restrictions ease [58] Question: Trends in Glo Fiber ARPU and outlook for commercial fiber and towers - Management clarified that the downward trend in ARPU was more of an accounting issue, with expectations for ARPU to remain steady [64] - No impact from T-Mobile churn has been observed yet, with clarity expected as T-Mobile rationalizes their network [66] Question: Changes in marketing strategy for Glo and customer reception - Management reported excellent response at the middle and high end of the market, with plans to adjust the rate card to capture lower-end customers [71] - The decline in penetration rates is expected to improve as new households passed are monetized [72]

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]