Shenandoah Telecommunications Co · NASDAQ:SHEN
Shenandoah Telecommunications — Q1 2025 Earnings Presentation
22 slides from Shenandoah Telecommunications's earnings presentation, Apr 30, 2025
Slide 1: Q1 2025 Earnings Conference Call
Q1 2025 Earnings Conference Call April 30, 2025
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: First Quarter 2025 Highlights
First Quarter 2025 Highlights • Strong growth in Glo Fiber Expansion Markets • Glo Fiber Free Cash Flow in "mature" markets • Improvement in Incumbent Broadband Markets subscriber growth and churn • Record quarter for Commercial Fiber sales bookings 4
Slide 5: Jim Volk, SVP of Finance and CFO
Jim Volk SVP of Finance and CFO 5
Slide 6: Consolidated Highlights - Continuing Operations
Consolidated Highlights - Continuing Operations Revenue (in millions) Adjusted EBITDA (in millions) 43% 27% 31.4% 27.8% 6
Slide 7: Liquidity & Debt Maturity
Liquidity & Debt Maturity Liquidity (in millions) Debt Maturity (in millions) $356.5 7
Slide 8: Ed McKay, EVP and COO
Ed McKay EVP and COO 8
Slide 9: Integrated Fiber and Cable Broadband Network
Integrated Fiber and Cable Broadband Network 9
Slide 10: Broadband - Construction Metrics
Broadband - Construction Metrics Glo Fiber Expansion Markets Passings Under Construction Incumbent Broadband Markets Passings Under Construction 550,000 +110,000 440,000 363,000 + + 249,000 254,000 241,000 + + + 5,000 10
Slide 11: Glo Fiber Operating Metrics
Glo Fiber Operating Metrics Revenue Generating Units (RGU) Broadband Data Average Revenue per User (ARPU) Broadband Data Penetration Broadband Data Churn 11
Slide 12: Vintage Glo Fiber Penetration
Vintage Glo Fiber Penetration Vintage Glo Fiber Penetration1 Expected Average Terminal Penetration: 37% Passings released 17 27 22 22 25 31 20 21 17 16 18 19 18 14 14 12 6 6 9 8 4 2 to sales (000's) Quarter Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 launched 2025 2024 2023 202
Slide 13: Incumbent Broadband Markets Metrics
Incumbent Broadband Markets Metrics1 Revenue Generating Units (RGU) Broadband Data Average Revenue per User (ARPU) Broadband Data Penetration Broadband Data Churn 1. Consists of Shentel Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings 13
Slide 14: Broadband - Commercial Fiber Metrics
Broadband - Commercial Fiber Metrics MRR & MAR Sales Bookings1 Installed MRR & MAR1 MRR/MAR1 Backlog Monthly Compression and Disconnect Churn2 1. MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 2. Q1'24 excludes impact of T-Mobile network rationalization. Q1'25 includes 0.5% compres
Slide 15: Capital Expenditures ($ in millions)
Capital Expenditures ($ in millions) Capex Spending1 $250 - $280 $175 - $190 $35 - $40 $40 - $50 1Net of government grant reimbursements 15 Note: 2025 Guidance not shown to scale.
Slide 16: Q&A
Q&A AXSHENTEL
Slide 17: Appendix
HENTEL Appendix
Slide 18: 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 19: Adjusted EBITDA - Quarterly Results
Adjusted EBITDA - Quarterly Results Three Months Ended March 31, (in thousands) 2025 2024 Loss from continuing operations $ (9,132) $ (4,090) Depreciation and amortization 29,458 17,443 Interest expense 4,892 4,076 Other income, net (733) (1,736) Income tax benefit (1,119) (1,026) Stock-based compen
Slide 20: Broadband - Average Revenue per User (ARPU)
Broadband - Average Revenue per User (ARPU) For the first quarter ended, 2024 2025 Residential & SMB Revenue (000's) Broadband $ 37,698 $ 43,639 Incumbent Broadband Markets $ 27,505 $ 27,875 Glo Fiber Expansion Markets $ 10,193 $ 15,764 Video $ 14,380 $ 14,658 Voice $ 2,462 $ 2,560 Discounts, Adjust
Slide 21: 2024 Revenue and Metrics – Prior Reporting
2024 Revenue and Metrics – Prior Reporting *Average Revenue Per User calculation = (Residential & SMB Revenue * 1,000) / average revenue generating units / 3 months 21
Slide 22: 2024 Revenue and Metrics – Current Reporting
2024 Revenue and Metrics – Current Reporting *Average Revenue Per User calculation = (Residential & SMB Revenue * 1,000) / average revenue generating units / 3 months 22
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