Shenandoah Telecommunications Company (NASDAQ:SHEN) Q1 2024 Results Conference Call May 3, 2024 8:30 AM ET

Company Participants

Kirk Andrews - Director of FP&A
Chris French - Chairman, President & CEO
James Volk - Senior VP of Finance & CFO
Edward McKay - Executive VP & COO

Conference Call Participants

Hamed Khorsand - BWS Financial

Operator

Good morning, everyone, and welcome to Shenandoah Telecommunications First Quarter 2024 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.

Kirk Andrews

Good morning, and thank you for joining us. The purpose of today's call is to review Shentel's results for the first quarter of 2024. 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 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're 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, Kurt. We appreciate everyone joining this morning, and I hope everyone is well. I will start the call with an update on the recent transactions and our strategy execution. As listed on Slide 4, we announced and closed on the sale of our towers during the first quarter. The $310 million sales price represents a multiple of approximately 31 times 2023 Tower segment adjusted EBITDA when considering the expected T-Mobile revenue churn we had previously disclosed.