The following is a summary of the Shenandoah Telecommunications Company (SHEN) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Shenandoah reported total revenue growth of 8% and adjusted EBITDA growth of 19% for 2023, primarily driven by Glo Fiber subscriber growth.

• Broadband revenue and adjusted EBITDA rose by 8.1% and 17.6% respectively, reaching $269.3 million and $105.8 million.

• Consolidated revenue and adjusted EBITDA grew by 7.5% and 19.3%, reaching $287.4 million and $90.6 million respectively.

• Company's liquidity as of year-end stood at $239 million, including $139 million cash and $100 million available line of credit.

• Revenue decline is expected in 2024 due to an anticipated $7 million drop in broadband T-Mobile revenue.

• The company is considering entering the asset securitization market to raise additional growth capital.

Business Progress:

• Subscribers for Glo Fiber increased by over 71%, reaching over 41,700 subscribers in 2023.

• The company plans to accelerate growth of Glo Fiber construction and sales in the following year.

• The Horizon acquisition, due to close in Q2, will lead to increased capital spending and an addition of approximately 100,000 homes in the Ohio markets in the next three years.

• Broadband data average revenue per user increased by 4% year-over-year, reaching $76.

• Shenandoah Telecommunications plans to invest around $65 million over the next five years on DOCSIS upgrades, allocating around $10 million for the current year.

• In 2024, the company aims to invest around $190 million to expand Glo Fiber to 100,000 new passings, and about $41 million, including $10 million for DOCSIS upgrades, in its incumbent cable business.

More details: Shenandoah Telecommunications Co IR

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