Shenandoah Telecommunications Co · NASDAQ:SHEN
Shenandoah Telecommunications — Q1 2022 Earnings Presentation
26 slides from Shenandoah Telecommunications's earnings presentation, Apr 29, 2022
Slide 1: Q1 2022 Earnings Conference Call
Q1 2022 Earnings Conference Call April 29, 2022
Slide 2: Safe Harbor Statement
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
Slide 3: Chris French, President and CEO
Chris French President and CEO 3
Slide 4: Growing Broadband network becoming more Fiber Centric
Growing Broadband network becoming more Fiber Centric Broadband Data Homes and Businesses Passed 4
Slide 5: Solid Broadband Results
Solid Broadband Results Broadband Data Net Additions Q1'21 excludes 512 acquired data RGUs from net additions 5
Slide 6: Jim Volk, SVP of Finance and CFO
Jim Volk SVP of Finance and CFO 6
Slide 7: Broadband Highlights - First Quarter Results
Broadband Highlights - First Quarter Results Revenue (in millions) Adjusted EBITDA (in millions) (5.4)% 8.3% 40.4% 35.3% margin margin 7
Slide 8: Tower Highlights - First Quarter Results
Tower Highlights - First Quarter Results Revenue (in millions) Adjusted EBITDA (in millions) 3.9% 1.7% 68.2% 66.8% margin margin 8
Slide 9: Consolidated Highlights - First Quarter Results
Consolidated Highlights - First Quarter Results Revenue (in millions) Adjusted EBITDA (in millions) 7.9% 2.4% Consolidated revenue includes elimination of intercompany activity. 9
Slide 10: Liquidity & Free Cash Flow
Liquidity & Free Cash Flow Liquidity (in millions) Free Cash Flow (in millions) 10
Slide 11: Ed McKay, EVP and COO
| “< McKay EVP and COO A\SHENTEL
Slide 12: Integrated Fiber and Cable Broadband Network
Integrated Fiber and Cable Broadband Network 12
Slide 13: Broadband - Fiber Network Metrics
Broadband - Fiber Network Metrics Glo Fiber Franchise Approved Passings Glo Fiber Passings Released to Sales Government Grant Approved Fiber Passings Total Construction Backlog Fiber Passings 13
Slide 14: Broadband - Glo Fiber Operating Metrics
Broadband - Glo Fiber Operating Metrics Revenue Generating Units (RGU) Broadband Data Average Revenue per User (ARPU) Broadband Data Penetration Broadband Data Churn 14
Slide 15: Vintage Glo Fiber Penetration
Vintage Glo Fiber Penetration Vintage Glo Fiber Penetration1 Passings released 15,632 10,923 5,829 8,443 1,778 to sales Quarter launched # of months after 3 months 9 months 15 months 21 months 27 months quarter launched 1 Penetration rates as of 3/31/2022 15
Slide 16: Broadband - Incumbent Cable Metrics
Broadband - Incumbent Cable Metrics Revenue Generating Units (RGU) Broadband Data Average Revenue per User (ARPU) Broadband Data Penetration Broadband Data Churn 16
Slide 17: Broadband - Beam Broadband Data Metrics
Broadband - Beam Broadband Data Metrics Revenue Generating Units (RGU) Average Revenue per User (ARPU) Penetration Churn 17
Slide 18: Unique network platform with high growth potential
Unique network platform with high growth potential Government Grant Opportunities Greenfield fiber overbuilder Greenfield fixed wireless Greenfield fiber or cable Shentel position Incumbent cable broadband overbuilder provider Higher density tier III / IV Market type Mostly rural Low density rural U
Slide 19: Broadband - Commercial Fiber Metrics
Broadband - Commercial Fiber Metrics MRR & MAR1 Sales Bookings Installed MRR & MAR1 Backhaul Connections Monthly Compression and Disconnect Churn 1 MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 19
Slide 20: Tower - Metrics
Tower - Metrics Towers Tenants Intercompany leases assumed by T-Mobile 7/1/2021 20
Slide 21: Capital Expenditures
Capital Expenditures Capex Spending ($ in millions) $2 *2022 Target figures are not presented in-scale with Q1'21 and Q1'22 actual figures. 21
Slide 22: Q&A
A\SHENTEL Q&A 22
Slide 23: Appendix
Appendix AXSHENTEL
Slide 24: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures that are not determined in accordance with U.S. generally accepted accounting principles. These financial performance measures are not indicative of cash provided or used by operating activities
Slide 25: Adjusted EBITDA by Segment - Quarterly Results
Adjusted EBITDA by Segment - Quarterly Results Three Months Ended March 31, 2022 Corporate & (in thousands) Broadband Tower Eliminations Consolidated Net income (loss) from continuing operations $ 8,127 $ 2,753 $ (11,483) $ (603) Depreciation and amortization 12,876 484 1,324 14,684 Other income, ne
Slide 26: Broadband - Average Revenue per User (ARPU)
Broadband - Average Revenue per User (ARPU) For the first quarter ended, 2021 2022 Residential & SMB Revenue (000's) Broadband $ 24,585 $ 28,994 Incumbent Cable $ 23,465 $ 25,863 Glo Fiber $ 1,068 $ 2,786 Beam Wireless $ 52 $ 345 Video $ 15,652 $ 15,341 Voice $ 2,899 $ 2,916 Average Revenue Generati
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