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Shenandoah Telecommunications Company (Shentel) has been a cornerstone in the telecommunications industry since 1902. From its humble beginnings as a small phone company in Virginia’s northern Shenandoah Valley, Shentel has evolved into a major provider of advanced broadband services, digital TV, high-speed internet, and phone services across Virginia, West Virginia, and Maryland.
Shentel operates through two main business segments: tower and broadband. The tower segment is responsible for leasing company-owned cell tower spaces to other wireless communication providers, while the broadband segment offers broadband Internet, video, and voice services to residential and commercial clients. Notably, the broadband segment drives the majority of Shentel's revenue, with significant contributions from residential and small to medium-sized businesses.
In recent developments, Shentel has strategically positioned itself for growth. The company has announced the sale of its tower business, which will provide additional growth capital to expand its Glo Fiber line of business. The planned expansion aims to reach approximately 600,000 homes and businesses by the end of 2026. Furthermore, Shentel has secured $356 million in committed financing to support its acquisition of Horizon Telcom. This acquisition will bolster Shentel's fiber optic network by adding approximately 5,500 route miles of fiber.
Shentel has a regional network that encompasses around 15,400 route miles of fiber and 219 macro cellular towers. The company's services include broadband internet, video, voice, fiber optic Ethernet, wavelength leasing, and tower colocation leasing. Recent expansions include a franchise agreement to deploy next-generation fiber-to-the-home (FTTH) broadband services to Frederick County, Maryland, targeting over 40,000 homes and businesses. The company prides itself on providing high speeds, low latency, and unmatched reliability through its FTTH connections.
Shentel's subsidiary, Glo Fiber, offers multi-gigabit broadband internet, live streaming TV, and digital phone services. Glo Fiber's network is built on state-of-the-art technology, providing symmetrical upload and download speeds of up to 5 gigabits per second (Gbps). Their services have earned a reputation for superior local customer service across multiple states.
Financially, Shentel uses Adjusted EBITDA as a key performance metric to evaluate operational effectiveness. This non-GAAP measure helps in period-to-period comparisons by excluding items that are not comparable across reporting periods. The sale proceeds from the tower business and Horizon acquisition are expected to provide Shentel with financial flexibility for future growth.
Overall, Shentel's commitment to serving rural and underserved markets with advanced communication services underscores its mission to ensure these communities receive the same level of service as larger metropolitan areas. For more information, visit www.shentel.com.
Shenandoah Telecommunications Company (SHEN) has announced a partnership with the City of Salisbury to provide next-generation fiber-to-the-premises (FTTP) broadband services, starting construction in early 2023. This expansion will offer reliable, high-speed internet to over 11,000 homes and businesses, marking Glo Fiber's second Maryland community. Glo Fiber aims to deliver all-fiber connectivity with symmetrical speeds up to 10 Gbps, enhancing options for residents in the Mid-Atlantic region.
Shenandoah Telecommunications Company (NASDAQ: SHEN) announced the participation of its CFO, Jim Volk, and COO, Ed McKay, at the Raymond James 43rd Annual Institutional Investors Conference on March 7, 2022, at 4:35 p.m. ET. Investors can join the live webcast via Shentel's website, with a replay available afterwards. Shentel delivers broadband internet, video, voice, and other telecommunications services across the Mid-Atlantic U.S.
Shenandoah Telecommunications Company (SHEN) reported robust financial results for Q4 and full year 2021, with revenue rising 11.1% to $245.2 million and earnings per share increasing by 433.3%. Adjusted EBITDA grew 17.8% to $65.7 million, driven by a significant 15.9% increase in Broadband data RGUs. Glo Fiber saw record growth, adding 7,200 net subscribers, while the company expanded its broadband network significantly. Despite increased operating expenses, Shentel anticipates sustainable growth from its Fiber First strategy, targeting a doubling of Glo Fiber passings in 2022.
Shenandoah Telecommunications Company (SHEN) appointed Victor C. Barnes to its board of directors and Audit Committee on February 22, 2022. Barnes, who brings extensive financial expertise from Anaplan and Coca-Cola, is a Certified Public Accountant with a strong background in accounting and finance. His leadership experience and technology sector knowledge are expected to enhance the company's governance. Barnes holds degrees from Northern Illinois University and Northwestern University's Kellogg School of Management. His addition is seen as a significant step for strengthening Shentel’s financial oversight.
Shenandoah Telecommunications Company (SHEN) will announce its fourth quarter 2021 financial results on February 28, 2022, after market close. A conference call, along with a webcast, is scheduled for March 1, 2022, at 8:00 AM ET where management will discuss the results. The company provides broadband services across the Mid-Atlantic region, supported by over 7,000 route miles of fiber and more than 220 macro cellular towers. Interested parties can access the call via phone or the company’s website.
Glo Fiber, part of Shenandoah Telecommunications Company (SHEN), is set to launch its fiber optic services in Blacksburg, VA, in the first half of 2022. This expansion will provide high-speed internet to over 7,000 homes and businesses. Glo Fiber offers multiple tiers of symmetrical internet access and streaming services, utilizing advanced WiFi 6 technology for enhanced performance. The initiative aims to bolster Glo Fiber's commitment to delivering reliable and affordable internet throughout the Mid-Atlantic region, aligning with the company’s growth strategy.
Glo Fiber, a division of Shenandoah Telecommunications Company (SHEN), announced a partnership with James City County, VA, to deploy fiber-to-the-home (FTTH) broadband services. Construction is set to begin in 2022, targeting over 20,000 homes and businesses. This expansion supports Shenandoah's mission to provide reliable internet in underserved areas, enhancing their regional network capabilities. Glo Fiber offers multi-gigabit internet, streaming TV, and digital phone services with no hidden fees. The company utilizes a 7,000-mile fiber network to guarantee high speeds and excellent customer service across Virginia and neighboring states.
On November 23, 2021, Glo Fiber, a division of Shenandoah Telecommunications Company (SHEN), announced its expansion into Maryland with fiber service in Frederick. The service will be available in January, targeting approximately 20,000 homes and businesses. Glo Fiber offers high-speed, reliable internet access and will include three tiers of service with no hidden fees. Mayor Michael O'Connor emphasized the importance of this investment for the community. This expansion reflects Glo Fiber's commitment to providing dependable, affordable internet services across the Mid-Atlantic region.
Shenandoah Telecommunications Company (SHEN) reported strong Q3 2021 results with revenue increasing by 12.8% to $62.2 million. Adjusted OIBDA surged 31.7% to $19.3 million, and operating income saw a significant growth of 149.4% year-over-year. Earnings per share rose to $0.13. Broadband services added 4,100 new data RGUs. The company also upgraded its Glo Fiber target addresses from 300,000 to 450,000 by 2026. However, tower revenue declined by 1.2%.
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