Shenandoah Telecommunications Company (NASDAQ:SHEN) Q4 2023 Earnings Conference Call February 21, 2024 8:30 AM ET

Company Participants

Kirk Andrews - Director of Financial Planning and Analysis

Christopher French - President and Chief Executive Officer

James Volk - Senior Vice President and Chief Financial Officer

Edward McKay - Executive Vice President and Chief Operating Officer

Conference Call Participants

Frank Louthan - Raymond James

Dan Day - B. Riley Securities

Hamed Khorsand - BWS Financial

Operator

Good morning, everyone. Welcome to Shenandoah Telecommunications Fourth 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 at Shentel.

Kirk Andrews

Good morning, and thank you for joining us. The purpose of today's call is to review Shentel's results for the fourth quarter and full year 2023. Our results were announced in a 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 two of the presentation, which contains our safe harbor disclaimer. I'll 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.

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

Christopher French

Thanks, Kirk. We appreciate everyone joining us this morning, and I hope everyone is well. 2023 was another strong year for Shentel as we continued executing our Glo Fiber expansion plan.

As you can see on slide four, consolidated revenues and adjusted EBITDA grew approximately 8% and 19%, respectively, driven by Glo Fiber subscriber growth. Since our first full year of launching Glo Fiber in 2020, our consolidated revenue and adjusted EBITDA have grown at a compound annual growth rate of approximately 9% and 18%, respectively. We believe this is an industry-leading pace among publicly-traded broadband companies.