SHEN - Earnings call transcript Q4 2019 | Shenandoah Telecommunications Company

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Shentel fourth quarter earnings conference call. [Operator instructions] Please be advised that today's conference is being recorded.

If you require any further assistance please press star zero. I would now like to hand the conference over to your speaker today, Jennifer Belodeau.

Please go ahead, ma'am.

Jennifer Belodeau

you us. thank and morning, for joining Good The results year for today's call ended review Shentel's is to the XX, purpose XXXX. of December fourth quarter and

and press Our be on included made call an page www.shentel.com. today. distributed in audio were website, investor we'll a available our note results last reviewing later announced our night, will Please the at is replay presentation be this release that of

the this are today set the call. President, and President forth French, and With Vice and are call announcing Volk, and Officer, Jim President Dave on details Chris The Heimbach, Officer, press us Chief in Executive CFO. Operating Finance, Senior release Vice Chief Executive

conduct remarks, our will question-and-answer we After a session. prepared

the you contains and subject As Harbor disclaimer this Safe that to presentation uncertainties. which include refer always, certain X let me forward-looking remind our call you conference may to and statements risks of Slide

differ find our of the actual cause from statements. materially may which filings, SEC risk you’ll Hence, review. various encouraged you're results These to discussion detailed factors to a in

You're reliance revise forward-looking forward-looking required except as update undertake on law, to any undue cautioned we to statements, by or no statements. these obligation not place publicly

the I'll call Chris. that, Chris. to turn With ahead, Go over

Chris French

appreciate us We everyone Thanks, Jen. this morning. joining

to Slide begun As produce completed year for positive major a on you Shentel. see X, already busy returns on We that networks upgrades was XXXX and have successful to investment. our

year while impressive download technology, with penetration to We rates service combined footprint. of our network subscribers our and upgraded of from enabling broadband to customer new churn points speeds XX% drove to The XX% one XX our and networks year-over-year. X.X basis data XX% DOCSIS an improvements per cable across to up gigabit second card in cable rate upgrades, decreased just over ago, a operations,

and These This around and gross the upgrades markets West and drivers net and markets, Shentel key quarter record Virginia. the in efforts also among were XXXX. south region in network distribution completed Parkersburg, our improvements adds recently associated west and the year-ending the year, network coverage for expansion in deliver distribution including acquired fourth to we

is future year important new we in Fiber-to-the-Home was of invest to a years. growth believe strategic branded An developing that XXXX accelerate service will our and launching our Glo pivotal part services we in which Fiber. our plan in

pleased first the very We to up Virginia, vision I'm for translate into market our were approximately short Board are a go year our reality in very team efforts the after that a to Glo in a stepped revenue-generating of have live time Harrisonburg, we the a new of approved relatively frame. service who Fiber able initiative. proud within a

initiative. on started gigahertz new Fiber, that wireless potential broadband this were Glo underserved all market the excited broadband households. of getting or will approximately service Dave purchase a XXXX call. of part effort had this more target spectrum similar business wireless created a But executed that We in of with at in existing X.X note, of first we very will a the to a this to just identified service fixed pockets with these deliver of detail growth explain We're plan households. the cover and as about later our I'm On no markets XXX,XXX

of download offering second now phase to up a expect half are and We launch the development this megabits speed service in in the year. second second to XXX of per

services investments initiatives in broadband of be new turning in Although dilutive and long our both contributions adjusted we will these to increasing OIBDA into value. businesses a have shareholder of XXXX, history to

the expanded completing Sandy RGUs our our our Kentucky. tuck-in added segment a into acquired we broadband broadband X,XXX State in In to also addition to Big in segment. footprint and in organic of opportunistic investments, was and in were broadband February incumbent acquisition cable XXXX

in October great for execute progress an X.X repurchased authorized in our the XXX,XXX XXXX as $XX we to and made board million really we our aggregate pleased share to we shares program Lastly, approximately directors our first continue on strategic quarter. up XXXX, million, for in plan. repurchase of with fourth I'm the

early Turning $X the from affected decline recognized $X.X in ongoing by X, in in expect revenue travel $XX offset now segment. dispute XXXX. Slide was the adversely travel million XXXX wireless in revenue quarter. wireless compared million to dispute XXXX, to XXXX travel to $XXX.X consolidated driven the by million by lower Sprint the resetting resolve fee grew a revenues in $XX.X We the partially broadband We in with second segment fee. to The million million growth, hearing in arbitration

to OIBDA the was in revenue compared offset million as in segment. $XXX,XXX $XXX.X in $XXX.X travel adjusted growth partially due the wireless and $XX the of wireless core million decline segment, million million broadband, million tower in to by the $X.X business, $X.X Consolidated

and $XX per per share $X.XX million to grew diluted XX.X% to income share. fully X.X% earnings Operating diluted grew

Glo an noted we As continue $XXX.X driven primarily million, segment. for free fixed strong of the all-time flow. cash generate record the Slide cash and capex wireless Normalized Fiber wireless new excluding grew services, to flow, X, on by X.X% our to

take view in continue a to We to capital XXXX. balanced allocation

program. value services, our of $XX.X broadband returned share growing We invested $XX.X million dividend broadband million repurchase million and shareholders in $XX to both in new through acquisitions,

for also lowest debt to million rate agreement. the to term used qualify We repay in loan $XX.X borrowing our

deploying We in view expect to take balanced to XXXX. similar capital a

February companies. U.S. like ruled favor proceeding to Jim the of I'd of XX, Sprint on the review turn of to call results, the in I Before the the antitrust T-Mobile. in our Judge Sprint-T-Mobile merger proposed financial status to the comment over and On

a path still this clear complete, for appears for few merger steps companies to ruling are to additional close. the there the While to the

agreement when prior on X, closes. that provides on merger discussed As affiliate again multiple calls and options Slide start our the Sprint highlighted

the coming very and weeks. over had substance only expect on T-Mobile our those segment up have with pick wireless to conversations in We conversations preliminary future,

work that is interest continue outcome an best toward the our on time, at shareholders. in cannot comment discussions this We anymore of we attaining these but will to

I'll call deliver our to turn financial over the results. that, With to the now of Jim details

Jim Volk

good everyone. and morning, Chris, you, Thank

like to the financial release changes first night. announced are last earnings XX-K made the reviewing we results, week Before the and filings to last that segment and that incorporated speak into I'd we

on we our As PCS segment. tower into have legacy separated Slide businesses and from X, shown segments two wireless the

have cable We broadband and new legacy our segments combined also into a wireline segment.

comparisons. wholesale enterprise resources, we evaluate fixed Shentel's in broadband changes change The our changes services not do and Shenandoah cable includes performance and our Fiber business segment peer These and consolidated better our Glo now new franchises, our allocate with incumbent and telephone wireless how results. County. Fiber consistent are business, These enable

fourth with financial the refer $XXX million to as turning same in XXXX, quarter results. fourth Now, relatively flat was Consolidated to revenue quarter XXXX, period the the XXXX Please Slide XX. in dispute segment resulting tower Sprint growth ongoing from lower the $X.X resetting travel fee. in Sprint and broadband the million, of and revenue million travel revenue were over $X.X $XXX,XXX by with offset

Consolidated million compared adjusted in decline of $XX.X period to for $XX.X same the OIBDA segment. a due last to quarter in was year the wireless million the

Operating million. income to decreased $XX.X $X.X million

per the diluted to for share compared per period. in prior-year diluted Earnings was $X.XX the share $X.XX per share quarter

quarter due on $X.X decrease of In as travel decline million the the $XXX.X a quarter. period. higher million operating in XX, for adds revenue, Slide prior-year in our revenue segment equipment wireless a revenue postpaid in compared million highlights fourth $XXX.X million was XXXX offset to to in The in wireless decreased $X.X by million increase to Sprint due partially $X.X to the revenues gross

to million compared the $XX.X million for to prior-year million fourth quarter the the wireless XXXX, $XX.X OIBDA Adjusted in segment period. decreased $X in

maintenance increased in to In same date revenue postpaid at XXX decline addition million, partially due more $X versus December by higher expenses gross million tower $X.X adds, million a equipment ago, costs XXXX from and to taxes. higher offset lower $XXX,XXX the property of in cell rent year sites $X.X the

million Fiber revenue fourth and increase in Moving segment business increase wholesale our XX.X% quarter driven to of small primarily in and of XX, and million $X.X increase Slide RGUs, X.X% a cable, in $XX.X revenue, or from broadband broadband and residential, million an million enterprise medium-sized $X.X in an the by revenue. to in XXXX, $X.X grew

$XX.X Glo The adjusted the quarter for $X.X to adjusted by OIBDA compared quarter grew Broadband in of OIBDA of broadband to million million, diluted $XX.X fourth XXXX. launch Fiber million. fourth XX% the

our and XX%, margins and OIBDA XX% have Excluding adjusted respectively. Glo been would broadband Fiber,

XX.X% Slide grew quarter million XX, of XXXX adjusted of On segment growth higher the that tower XX% and quarter fourth in and to revenues the grew OIBDA $X.X to intercompany rights $X.X market in were XX.X% a rates to million combination adjusted to tenants. tower for due

The X% roaming on revenue turning revenue, $XXX.X of for million MVNO travel year million postpaid Sprint $XXX.X to and million was million XXXX XXXX. Slide prepaid increase decreased as in attributed to in compared growth XX, wireless the and to Now, in by segment from to revenue in $X.X revenue and full decline operating aforementioned the $X.X XXXX $XX results offset million $X.X approximately million increase in in decrease subscribers revenues. partially our

the in Adjusted million XXXX. to wireless $X.X for million million, segment XXXX compared $XXX.X to for $XXX.X OIBDA decreased

$X.X expenses increased to vendors offset rent million revenue backhaul $X.X circuits million lower and addition from the tower million, In more by higher with sites XX high-priced at in from cell partially decline towers. lower rates of rates, $XX.X backhaul negotiating rents tower XXX and overbuilding intercompany

rents. and from $X.X lower retail operational lower advertising benefited lower $XXX,XXX also million $X taxes, We in in store million in

X.X% revenue XX.X% to an growth year-over-year increase XX, high-priced $X.X XX.X% revenue, segment, due in by backhaul $XXX.X or residential in $X broadband in in segment by Slide our enterprise in million offset SMB intercompany and of or decline to and wholesale RLEC from or million on increase million cable, grew in replacing and from million RGUs, revenue our an driven increase partially broadband wireless $X.X increase $XX.X fiber revenue million million circuits in enterprise revenues. $X.X revenue $XX.X On or X.X% XXXX, in primarily million

grew or million XXXX. million Broadband adjusted compared to $XX.X $X.X XXXX for in X.X%, $XX.X OIBDA to million,

of $X.X higher $XXX,XXX higher Higher million and and in commissions. revenues service million $X.X expansion expenses, in footprint higher due $X.X of network costs offset Glo Fiber retransmission to the and million payroll advertising higher by fees, were in programming in our cost and

$X.X in rates. to XX.X% and over and tower X.X% XXXX increase year-over-year to in a increase X.X% – Slide to tenants to our grew segment Moving on million, due million X.X% to on XX, lease the OIBDA a adjusted grew revenue $XX

XX, Slide XXXX, on balance Turning $XXX of rate of sheet debt had X.XX%. as an with average to outstanding interest December of we million our XX,

leverage We $XX $XXX using the credit. ended with quarter available OIBDA. fourth annualized XXXX of ratio year including Our adjusted X.XX line million liquidity, in in net was million

cost a of key capital balance advantage and generation term. cash growing long in our strong flow Our business will sheet, be

over the And call Dave. now, I'll to turn

Dave Heimbach

Thank I'll of highlights fourth XXXX. some of our you over start Jim, by going and everyone. the good quarter operational morning, from

business. wireless had postpaid subscribers postpaid On metrics approximately quarter. of Slide We the we fourth XX, our end showed key of the at the XXX,XXX

additions gain retail unlimited quarter of Approximately The Net increase Xfinity X.XX%, Comcast points The the year-over-year the relates in of second XX of quarter flat. basis postpaid balance approximately device phone churn driven relatively continued device to compared were basis increasing consecutive and and churn market to Verizon business incremental by to by Mobile the the in for strength fourth churn was higher year-over-year XXXX port XX XXXX. year-over-year inroads points net connected execution. rose increase region. quarter record was in year-over-year for the basis of phone more promo result local and a aggressive XX,XXX by our connected pricing terrific roll-off. in additions add-a-line as points additions on the driven fourth continued connected the postpaid record churn of Combined to outs remaining with device XX,XXX churn nine

XX,XXX, Sprint and, the discounting $X.XX the activations an XX% over increased increase primarily by in total extent, the to base. lesser devices XX% by connected impressive driven of prior postpaid adds year. ARPU gross up year-over-year, declined representing of a the contrast, versus with Postpaid year-over-year mix XX% In phones and in approximately promotional

quarter ratio of This to fourth for we've quarter X.XX:X ratio quarter marks the port-out with the port-in a enjoyed a positive XXXX. ninth consecutive

postpaid-branded we over as with impacting ratio consumer of last increase weakness which our XX% a continue has relation increase We begun retail Verizon. to Sprint decline markets, porting behavior of spite in the seen the In finished to brand XXX our have, was an quarter the several in in presence however, headwinds, Sprint particularly in and doors year-over-year. these steady quarters our

the watches base of X.X% in at as base of our postpaid and connected devices of quarter their end phone upgraded the the tablets comprised of Lastly, XX.X% XXXX. and such was

over prepaid of to quarter. quarter and And points XX,XXX largely and gross ARPU at prepaid were Fourth the the moving prepaid to fourth year-over-year which increased increase Slide prior-year four Now, had approximately to as to net brand consistent additions XX, mix we was XXX,XXX just the the XX.X%. Boost for while subscribers basis X,XXX, the our with fourth slightly end $X.XX churn prepaid on of X.XX%, period. continued subscribers dropped the respectively, quarter

year-over-year subscribers Lastly, the we sell than of and T-Mobile related growth to X% Dish to increased announced which rate plan locations our represents to merger of a XXX the Boost-branded Boost-branded door Sprint the to concessions. we slower part as expected

XX, per growth this in prior our XX.X% speeds a legacy that through Slide combination year-over-year, revenue total X.X% penetration fourth quarter to the from are year. roughly quarter increased broadband upgrades in to X,XXX quarter to and the by of to the and organic Turning broadband approximately approximately the fourth on added quarter XXX,XXX broadband RGUs We rate of in RGUs speed our report new to net business, strength grew video pleased in to XXX,XXX compared year annual XX.X% and price Average broadband increases. increased customer broadband $XXX.XX card. driven our the last in

of speeds with of our per XX% to areas broadband all base up now the gig our to approximately migrated our capable new upgraded passed cable in of the homes in rate having markets of Substantially PowerHouse-branded card. are second, X

and his XXXX in noted service continued new the and upgrades, improvements half in reduce satisfaction improve card churn. customer Chris launched opening we've As the to speed remarks, second of rate

as with compared broadband we've quarter in a the fact, eight to churn XXXX. in quarter of consecutive broadband fourth In this enjoyed improvement reduction year-over-year XX-basis-point quarters churn

progress on XX second or or Notably, DSL XXXX, of per second pleased per in average achieving speed over data our plans second of with of of two-thirds rate markets subscribed is XX our of megabits serve. competitors. in megabits half now, which higher, with our were reach competitive in out of I'm moat our subscribers constructing well an the very subscribers Whereas of megabits download cable XX on broadband continued of an deeper less. goal the per team's plans we even are

to Turning towers increased by added XXXX to Slide XX% in XX, total and year-over-year XXX. we XX tenants

over upgrades have of at in and tenants had XXXX. a XX slated backlog towers XXX plan our to addition orders new existing tenants the construction XXXX We or of open of of for the related end

progress launch a new per Internet in provide Glo of residential brief update home you X up Fiber. a services whole service, WiFi to on We wanted our speeds of of with offers suite second, a our to offering. the compelling Fiber-to-the-Home Glo gigabits paired with

of Glo-branded residential video We Voice via Ip. Over also tiers app a our offer service delivered and delivered streaming offering four via voice

comprised as construction seven passings. Royal markets over just and just we'll we four Construction Salem, a progress first in Virginia, our is this in each Roanoke. XX, our and under Winchester, Front to fiber footprint, target well Together, including include: Slide market. Virginia. last which cable first in begin And On in our also received summarize and year franchise table markets approval Glo week, Fiber these Harrisonburg, Lynchburg way Staunton, XX,XXX depicted

Chris phone mentioned projections. XXX XXX a seeing home XX% RGUs. streaming XX% rate of attachment Glo Fiber our And X,XXX Glo market, totaling our our Fiber a we on consistent for for October with customers the households earlier, is first rate passed with XX, of as As TV which and service service attachment Harrisonburg We're end our XXXX. XX, December at had launched

of based very penetration after our XX handful approximately still ARPUs days. our broadband While consistent early, seeing achieving markets. with a neighborhoods, cable of we're XX% current also we're on first And rate

service symmetrical with $XX whole which subs are roughly our a for retails Wifi. Notably, one broadband one-fourth home gig broadband month electing our of

gigahertz across of toward XXXX, great X.X the the start West second in progress roughly licensed Virginia, completed we Ohio, at our wireless broadband acquisition making new of the where noted we're of goal also call, Southeastern households of launching Chris and spectrum. of XXX,XXX offering targeting fixed As the half portions Virginia recently rural

both Fiber build update services plans of to wireless as fixed initiatives progress we several continue will quarters. in of We on next our status the you over our and launch and Glo commercial

spending update XXXX the to XX an were million as our of XXXX million Slide XXXX. $XXX Capital provides expenditures at compared Finally, end $XXX to capital in results.

to between For a step-down The increase driven in entirely million year-over-year plan services. relates $XXX capital, $XXX broadband to investment and related our our wireless a spend million with we in to projects and await territory network new XXXX, on in impact year-over-year in the Sprint further the as wireless merger. T-Mobile spend deferral expansion Richmond of by clarity to our certain the Silver business we

of territory consistent in well spend subscriber the both maintaining of existing year level data to spend, the level it sufficient growth planned our in with of anticipated wireless relates additional this assuming subscribers, existing as for more our is consumption And maintenance territory. in as no capacity expansions. This increases

very are questions. you we now thank So, much. And operator, ready for

Operator

Our with [Operator instructions] from Rick you. Thank Raymond question James. first Prentiss comes

You proceed your with question. may

Rick Prentiss

Hey, good guys. morning

Dave Heimbach

Good morning Rick

Chris French

Good morning Rick

Rick Prentiss

of questions. couple A

can't very Sprint-T-Mobile that a it. a the out? April the something process we First, like pickup how Chris, the is deal might the about got that think you on shot know started with talk long and about looking I much weeks. that talking drag think preliminary second it's Is you about process? But closing quarter, might X. What I – coming within get or resolution in you good

Dave Heimbach

were. know, addendum X, Rick, negotiate is April this the Dave. agreement, we've assuming as events agreement. to contemplates got Yes, it waterfall an The days as And you XXX for

wireless our we and October out option would their an exercise option addendum days us takes network agreement, T-Mobile would XX to the X. all us out can't the take to And XXXX. footprint. X. purchase do way XX get which exercise that February we to our would they in of us days on And decline X, say, subscribers their to business then if our agree of new have that to, let's to if So, And to that out then December take purchase then

parties you folks noted, as negotiate Chris we've the discussions So, something as preliminary with been the as could outside at And the know, agreement well. of in T-Mobile.

Jim Volk

Rick, this And Jim. is

Just conversion, add use is XX by everything brand, to brand then to to there their about days. would decides If accelerate if T-Mobile roughly a that.

Rick Prentiss

Okay, that sense. makes

Sprint anew. are T-Mobile fast, wants their fast they because things the problems. was all, you several move can on But as as the of though side from know side it not there to types as just feel Assuming Sprint they deteriorating side,

the with question, customers, closes, of second would what does And Okay, when prepaid your base? your XXX,XXX close? anticipation deal happens that deal prepaid – Sprint-T-Mobile the what's how Dish affect

Dave Heimbach

base Well, prepaid same base and segment. our the and we our with one postpaid and business how characterize respect Wireless to would are really wireless our

think you were public merger. of excluded I the as related commentary the so, And some know, in to they

And new subscriber we agreement T-Mobile, negotiating or would how and with so, the consistent with we think would subscriber waterfall T-Mobile anticipate to with base. with pointing the the about events the new prepaid base, postpaid

Rick Prentiss

territories? Okay. if Parkersburg world, expanded T-Mobile's about covered your is final market think you in And of wireless you do before share what your into one, – market kind what and you POPs? Richmond, of were guys wireless then think you the having when about rates share we And think in in penetration

Dave Heimbach

approaching territory above with at of acquisition. around historically to nTelos, Well, have got if performed some the to taking you well markets level. pre the markets that our we mid-XX% the range, back have nTelos Rick. were diluted course, related subsets And those But mature And additional in XX%. that that, of then, even mature go some we most on all way

don't to, expansions a And goal a that. about achieve and to would And willing it brand. have couldn't to be And us model believe share. to try see well. as we minimum, how work bit so, XX% we better that I'm as Magenta quite more that market certainly, any a for we'd reason Sprint territory on get would our overarching work the than than sure was we at

Rick Prentiss

think Magenta do think the you And in out have if they about currently? you markets penetration there, what Cowboys your rate

Dave Heimbach

half roughly our we We analysis, estimate what it's probably and – we've estimate of kind got. of own

Rick Prentiss

Okay.

the high-single-digits in So, range? maybe and double-digit

Dave Heimbach

we think Rick, that we differently, reckon they have about the half of we said subs do. – so, Yes, number

Rick Prentiss

Okay great. Thanks guys.

year. Going to interesting be an

Dave Heimbach

You bet.

Operator

you. Thank

next Our question FBR. Riley from B. comes Zack with Silver

You may with question. proceed your

Zach Silver

I around is retail vocal on partners follow-up of just, the your enters question for context to looking about And Sprint-T-Mo. and wanted business Ric's how Dish sort in I one as the infrastructure the pretty partners guess, of both evolves has first it wireless wireless space. been

of consent how guys checked wireless boxes. with T-Mo-Sprint both of business? Can the you the do decide –totally us You Dish piece affects of those checked what you decree the to remind

Dave Heimbach

one, want You take that to Jim?

Jim Volk

of would and subset their agreement with It Sprint our holistic option of so they have their which that. the when our is assume we Zack, doesn't in to exercise exercise either a T-Mobile that transaction Yes purchase whole service legacy to they to contemplate decline, the would or network subscribers approach options closes any area. we business purchase

related anything being So, Boost. Virgin to to Mobile customers, I the converted Boost now are they guess customers,

part be or occurs, to under continue transaction. separate we're would have that it transaction. sell the them. of those brands until revenue same through would And under that customers service to those receive be receiving we'll today until It the and done and And a negotiated larger that

Zach Silver

about invested just lighting I CapEx think, think acquired the this we've second, before. that's OpEx Sprint I guys – straightforward. two and have talked a you related, Then territories. Okay, up of both But fairly it's in lot

haven't, haven't lot for you at a think least of You to had there. up Richmond, I ramp of penetration sort time

in can you or of And financials. for whether an contributions how you those territories? more the sort private subscriber negotiation of potential getting remind us get not you're it's fallow about credit So, process, think a you when appraisal

Dave Heimbach

to on territories. return sufficient investments made those we territory from us – structured, for growth Yes, the of capital not the in not was that in we've agreement had the were there the if or expansions we would those a we spent whereby if greater get our investment time the contemplates recover Zack, investment

Silver subscriber the much phenomenon. contributed that but in And XXXX a XXXX was of mentioned incremental this I we've think expect way territory, growth more really Richmond of we from didn't the before, really year in this

And Richmond so, Silver year. to any specifically don't contribution we of this foresee lack from attributed the slowdown,

Zach Silver

Got it. And last one for me.

mentioned couple a dealers the you of pulled quarters to activity. have with guess, the I Boost, Dish think – of due I around that back uncertainty the announcement had some the back,

high This you makes that that as store but quarter, not expected, you're certainly sense. as saying the growth is

just wondering are I'm if But I the you activity pullback any detecting year-to-date. from quarter-to-date, guess, dealers, in existing

Dave Heimbach

I yes, particularly to where third-party true it's of I unanswered And prepaid impact look, Well, how footprint, mean to distribution have their merger we of you Zack, as reasonable lot on that a know, there postpaid. is businesses, – it's our and a lot third that portion, the think folks are of rely assume questions a and channels. with have in of respect to substantial both parties, we going that's

as manage we to that trying best we're can. So,

is But that his now to blessing it certainly, judge proceed. becoming has difficult the for difficult more given and merger the

postpaid of And world. form a a the new folks related where But Dish. in so, are respect what to little T-Mobile be as with have on in to the uncertain the owner prospect their to status will the new yes, uncertainty of brand Boost side, also we a

Zach Silver

you. Okay, that makes sense. Thank

Operator

you. Thank Khorsand from Instructions] next Financial. BWS Our comes with Hamed [Operator question

with question. your proceed may You

Hamed Khorsand

promotions, T-Mobile promotions can questions. the to year Thanks conversation? color Looking for on track take is once Sprint-T-Mobile to going Sprint's on provide think different with regards the closes, deal I you how for morning. look? Can some next to my Good the taking a you ARPU forward

Dave Heimbach

is unclear to lot at I promotional have context forth behavioral remedies are respect come to exactly associated these and uncertain with price to wish the bringing what merger. card, of that in and and the of us been We hit the going the market Sprint together. could. two and a no this know point is so disclosures so of do and discounting, public of I the there kinds with about to so we're part brands forth on on with going rate as so to But the increases merger. as what It offers

right a that you. take to going with we're at day time So, one

Hamed Khorsand

Okay.

Next question, on similarly ARPU.

the doing on? going to are ARPU customers that impact rollout, next you're does that As Glo Fiber – get sign promoting year? to the Is to

Dave Heimbach

promotions rate not, We've to quite that. card standard and in or running gone are We been with whatsoever. fact, a any disciplined market about

contrary are months lot an approach. of it now what for a months to price in do taking or folks kind industry, the twelve We not half for get a six of

We at selling line rack services and rate and the the so fees, are a on taking to surcharges, tag that very why of end card, the pointed numbers gig subs XX is with and of instead at transparent be our approach and I taxes, and of to taking pricing about trying are a quarter transparent roughly whole out of forth which any the fact a so speeds a rate $XX month. very

other I And it So, than pay we're that. with someone by the pleased demonstrates quite really think that market's to willingness provided Comcast. for value

Hamed Khorsand

much. very you Thank

Operator

at I questions call Volk to back And like would for further any you. showing over time. to not any now I'm turn this Jim further Thank the remarks.

Jim Volk

It year. here you thank everyone. as Well, we be the to will like into looks Year it's developments. for and I'd forward we lot the like everyone an Thanks, exciting call joining going posted and this keep a to new morning, New the of march

Operator

Thank Thank disconnect. call. today’s you, ladies This you you and for may gentlemen. conference participating, now concludes

Jennifer Belodeau	IMS Investor Relations
Chris French	President and Chief Executive Officer
Jim Volk	Senior Vice President, Finance and Chief Financial Officer
Dave Heimbach	Executive Vice President and Chief Operating Officer
Rick Prentiss	Raymond James
Zack Silver	B. Riley FBR
Hamed Khorsand	BWS Financial

Shenandoah Telecommunications (SHEN) 29 Feb 202019 Q4 Earnings call transcript