Q2 2024 Shenandoah Telecommunications Co Earnings Call Transcript
Key Points
- Revenue grew 29% to $85.8 million in the second quarter of 2024.
- Glo Fiber broadband data ARPU is about 10% higher than original assumptions.
- Monthly churn rate continues to be in the low 1% range, indicating strong customer retention.
- Net promoter score for Glo Fiber broadband service was 69, significantly higher than competitors.
- Completed the acquisition of Ohio-based Horizon Telecom, with significant progress in integration and synergy targets.
- Commercial revenue declined due to the expected decline in T-Mobile revenue.
- RLEC revenue decline driven by DSL migrations and a decline in government support revenue.
- Adjusted EBITDA margin declined from 29% to 27% due to lower margin in the former Horizon business.
- Incumbent broadband market revenue decline due to lower data subscribers in competitive areas.
- Broadband data churn increased slightly to 1.18%, driven by customers moving out of markets.
Good morning, everyone. Welcome to Shenandoah Telecommunications second-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.
Good morning and thank you for joining us. The purpose of today's call is to review Shentel's results for the second quarter of 2024. Our results were announced in a press release distributed this morning and the presentation weâll be reviewing is included on the Investor page at our shentel.com website. 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
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