Shenandoah Telecommunications Company (NASDAQ:SHEN) Q1 2023 Earnings Conference Call April 28, 2023 8:00 AM ET

Company Participants

Kirk Andrews - Investor Relations

Chris French - President and Chief Executive Officer

Ed McKay - Executive Vice President and Chief Operating Officer

Jim Volk - Senior Vice President, Finance and Chief Financial Officer

Conference Call Participants

Dan Day - B. Riley Financial

Hamed Khorsand - BWS Financial

Operator

Good morning, everyone. Welcome to Shenandoah Telecommunications First Quarter 2023 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Kirk Andrews, Director of Financial Planning and Analysis for Shentel. Please go ahead.

Kirk Andrews

Good morning and thank you for joining us. The purpose of today’s call is to review Shentel’s results for first quarter of 2023. Our results were announced in our press release distributed this morning and the presentation we’ll be reviewing is included on the Investor page at our website, www.shentel.com. Please note that an audio replay of this call will be made available later today. The details are set forth in the press release announcing this call.

With us on the call today are Chris French, President and Chief Executive Officer; Ed McKay, Executive Vice President and Chief Operating Officer; and Jim Volk, Senior Vice President of Finance and CFO.

After our prepared remarks, we will conduct a question-and-answer session. As always, let me refer you to Slide 2 of the presentation, which contains our Safe Harbor disclaimer and remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties. These may cause our actual results to differ materially from the statements. Therefore, we have provided a detailed discussion of various risk factors in our SEC filings, which you are encouraged to review. You are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements.

And with that, I will now turn the call over to Chris. Go ahead, Chris.

Chris French

Thanks, Kirk. We appreciate everyone joining us this morning and I hope everyone is staying healthy and safe.

We are off to a great start in 2023. As noted on Slide 4, we had a record quarter for our Broadband segment driven by Glo Fiber results. Glo Fiber net customer additions were just over 4,500 in the first quarter, 87% higher than the first quarter 2022 and setting a quarterly record. Customer net additions benefited from the accelerating network expansion over the past few quarters. Glo Fiber revenue more than doubled to $7 million in the first quarter, also a new high when compared to the same period a year ago and was the primary driver in achieving an all-time high for quarterly Broadband segment revenue and adjusted EBITDA.