SHEN - Earnings call transcript Q1 2021 | Shenandoah Telecommunications Company

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Operator

Good morning, everyone. Welcome to the Shenandoah Telecommunications First Quarter 2021 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

you us. thank and morning for joining Good The results XXXX. for today's call review Shentel's is to the purpose of first quarter of

results on us the audio Heimbach, be the today release later are and session. a announcing Finance With and in press After prepared our made Chief website, the Volk, Dave call. French, were and available Chris distributed Officer; note, Chief Jim at this Our our night, that set question-and-answer and of call Please remarks, last Executive be an call Investor press President page Vice and details the of this are President President is we Senior CFO. forth a today. reviewing release Operating will Executive we'll The www.shentel.com. in Officer; included replay on Vice presentation announced conduct will

Slide our you encouraged SEC differ the which conference to always, you of cause discussion various forward-looking statements to have and presentation, let certain remind and X our actual disclaimer factors results provided subject risks the contains to review. which to that may of from uncertainties. harbor These include in Therefore, refer may me call As this a statements. are our detailed you materially risk safe we filings,

statements. Chris. revise forward-looking by Chris. Go as You to undertake are any cautioned turn not with no update to the on will these law, now we required or over to place statements. Except that, undue ahead, forward-looking call reliance obligation I publicly And

Christopher French

leading healthy financial of I for a and our started growth. and growth this report XXXX quarter with both staying and with financial indicators to results. appreciate safe. is our in that Kirk. everyone to We like start Thanks, us everyone we morning, I'd joining I'm strong operational pleased hope

approximately As now passings the passings XXX,XXX. just quarter, under reflected we Slide in new X, with on XX,XXX added first total

networks passings broadband an impressive grew year-over-year. XX,XXX diversified Our last-mile

Salem first the and launch in Home new and the the during to passings, Fiber branded Fiber of business April. including X,XXX the Roanoke in quarter, service markets of Glo Our added Lynchburg Virginia

our We also added in quarter. approximately during the X passings service available in counties X,XXX Virginia. With now Beam service with

of X,XXX December passed of Cable to on the our homes Canaan completion network. over added incumbent XX acquisition the cable Lastly,

X, XX% Turning to Slide over net XXXX. increased Broadband quarter additions data or the by X,XXX first from almost

from slowing additions COVID With of pre-COVID incumbent to tailwinds net returned the X,XXX cable our growth levels. have

up customer of churn sustainable believe pace the our However, value the organic driving Dave provide additions, Glo data more are serve, and all by at more will outstanding that make markets We details net expansion we to Fiber our revenue and across double-digit Broadband results the our service our local as have reflected industry Beam our data keeping for leaders. a marketing later we among Construction call. Edge all competitors Out and of hyper rates in that the growth components now Broadband relative superior critical XX% growth than network penetration services. proposition and on Jim

the transition Wireless now the without April brief which Public the the of XX be of Federal to the operations. T-Mobile about to third base, XXX sale of to the to an the plan restructuring X pending assets taking allowing with approximately by is on XX we quarter. consummated in executed Department during of expect next I'd sale, be our secure expected part update on expect to to transfer Wireless early Moving action, announced and sale Wireless total Related And reductions Commission are Commission approvals as the agreement purchase to of asset Service thus Justice April timeframe. organizational operations T-Mobile XX% we and we pending the transaction. our on that transaction days. the will to The Virginia, workforce automatically same will XX who provide regulatory our Rodino like in to Hart-Scott from who Communications reduce to Slide pending or X, expired not the period West employees support The employees a close waiting and of on XX%

and are We're as following and to the benefits in severance the by assist those not also coordinating transition as We hired families. them proactively their of for T-Mobile and employees of employees to possible the affected with providing to sale. uncertainty disruption with closing T-Mobile transitioning to the many career affected services, assist the pay

restructuring of approximately and in of $XXX,XXX in employees in employees first quarter and the first the wave of will costs May, sale following results the any exit will Most required by respectively. discontinued the $XXX,XXX the exit reduction operations recognized The in continuing we services. closing workforce have impacted of were transition

$X million. over With call the the We operating results. to now operations I'll continuing expect annualized for to our to realize that, approximately expense run-rate review details of of turn financial savings Jim

James Volk

our XXXX, $XXX,XXX million of quarter support revenue other video or DSL from ARPU the $XX.X in X.X% fewer first labor. was XX.X% fees, fees. a increase grew partially in to million, Thank along or staffing driven We offset a the million you, $XX.X in Chris, expense support financial Glo compensation XX.X% capitalized lower RLEC million to and million of the The the expense period Tower data from in phone revenue to and Slide to customers $X.X retransmission our OIBDA for to refer increase X.X% Please and declined intercompany X, increases intercompany amendments and $X.X first from good RGUs due for due first to to million adjusted morning, in revenue, and SMB and grew increase due primarily of by and increase Slide ago. in increased segment in in in Broadband XX.X% higher retrans $X.X to an tenants quarter. higher XX.X% programming by to and same or primarily was for an $X.X discuss $X.X On lease million professional service. results primarily leases. compensation Broadband Beam, lower passed XX.X% increase to $XXX,XXX the million and from increase grew Residential $XXX,XXX $X.X and due Fiber XX.X% of Broadband everyone. programming the revenue increase average growth X rate and software XX% and growth fees and quarter to million revenue the grew $X.X in The adjusted and subscribers, OIBDA then the $X.XX. January. to government year

million XX, XXXX. the Broadband quarter increases revenues grew Slide to due in to revenue Consolidated growth. strong to OIBDA XX.X%, for first adjusted consolidated Moving grew Tower the million. quarter The $XX.X $XX.X primarily and XX.X% were

year full Slide our outlook. on are Turning XXXX outlook XXXX now XX, reaffirming to we the

expect between to savings revenues to corporate $XX to we note, $XXX We Chris second million the consolidated from and to restructuring expense $XXX the earlier range year. $XX Please million. expect half be of adjusted the to be and back-weighted million OIBDA million, the discussed that

negative flow $XXX Wireless Cash capital primarily of with negative Moving first flow for million million by quarter, million report Beam, to of Continuing free $XXX million $XX $XXX ended and with and sequentially cash by million strong Slide to segment effective in and total cash debt Glo XX, that $XX.X in grew adjusted we CapEx million X.X% the cash driven we of in due to an our equivalents free and as operations. $XX million discontinued Fiber and operations liquidity. from quarter working million rate the of $XX interest OIBDA first had $XX in changes.

quarter, are disclosed, cash With of the sale component uses XXXX now the close like X cash providing XX. on highlight. flow we that previously in been I'd guidance cash there have is Slide for third pending but to Wireless expected sources early flows and to Most

to This as and a second and transaction We expect result flow This of to on the to through disclosed before million credit to estimates Wireless is new This quarter at $XX changes about ranging in own minor restructuring in or draws closing. end normal at from likely annual will cash we capital, source previously updates in prior proceeds. million operations the from $XXX and discontinued free incur to Wireless facility. $XX million along of dividend in favorable the year change sale $XXX any addition million the cash assumes around continue business working a $XXX cash. expenses with million

We been working will facility term a that line lenders new have million credit be paid $XXX establishing of sale. of terminated $XXX in facility a at We our Draw million and $XXX anticipate current with revolving the million in of credit. and and Delayed Wireless loans, to the facility full the closing consisting in replace

turn the on as day but early Dave. to XXXX now, to XXXX. on sale, call expect We new to late draw expect same new facility do over the close facility And the I'll the or not Wireless into the

David Heimbach

TV XX, to homes on our incumbent both small up businesses Maryland. roughly second, Thanks, towns Jim, our and of a and with In home broadband market X-gig Virginia and Slide data across per West areas speeds dynamics. and cable service X primary summary, where phone of and serve in begin product service offerings good rural cable networks variety XXX,XXX to Shentel Virginia, we've morning, everyone. I'll outlined

effective targets Fiber or Internet lower new to areas, where density targets our wireless and urban service density rural Our cable higher cost Glo isn't fixed fiber. service markets Beam it build

our and years. range, combined to homes to the of and rates and passed the growth with all year. market now we is terminal common the businesses serve leading to superior projected Beam of beginning expect XX,XXX we in denominator service. an out the mid-XX% With at build our internet speed our said cable sustainable in high The nearly which low- industry first range business Chris as the in service offerings incumbent is from we provide penetration each approximately penetration network the XXX,XXX in several leading available call, next we local over have increase reach quarter last customer the As of mid-XX% broadband Glo

Glo turning of time progress more we've of the and operating Fiber over expanding given to our efforts our leverage today growth Now our multipronged each and XX, how across our and the map to status broadband operations X Slide adjacency cable we quarter passed homes the quarter of the our the than wireless first overlap and triple our our Internet networks in nature our broadband illustrate footprint. footprint. and years. as increase This in helps evolving update We'll rapidly Combined, of and progress and strategy development broadband you depicted expansion fixed region. market growing over will next the Beam on construction XXX,XXX continue fiber, to in will integrated

approximately in data Churn user broadband results quarter, total in X.X% XXX,XXX declining our XXX,XXX compared basis year-over-year $XX.XX. our incumbent quarter value the to quarter prior data increased an XX with RGUs from data broadband proud record representing in of our consecutive pleased tailwinds XX on continued year. cable XXX,XXX is let's operating and increase business, quarter penetration per XX.X% to year our speeds, X,XXX a quarter points prior improvements, slightly in broadband year-over-year particularly the churn Now, last this prior low incumbent year of year to our sales the card reductions in and on revenue impressive first this exceptional with pandemic lifetime to first in quarter in net the period cable the to very the versus same period versus Slide grew drove broadband last continued period. quarter. which year ongoing that of an also data of data customer the roughly data quarter RGUs, strength in year. the to XXth the to waning Starting churn. average first through of spite prior X.XX%, the improvements and We're the report cable Broadband to focus roughly ended We on the broadband increased XX.X% quarter in quarter of first in incumbent new new the RGUs to improve We're added improvement. quarter service over our rate record the XX.X% which

our rate we an of to an proposition data new to leveraging are to Powerhouse-branded data Contributing introduction plan card value broadband the October changes X.X XXXX. X/Xth allowances addition reductions data healthy in our the speed upgrades churn on that and unlimited to now As based our made in improved ARPU comprises DOCSIS of base.

XX,XXX allowances average increased end over were of only the our launched XX% at XXXX, of quarter X% card database. customers overage first we charges surprise a the XX% and receiving Before $XX new the data month and subscribers we're a plan, incumbent and comprising of per the rate of total bill monthly given broadband our unlimited network, received charges roughly between any month cable broadband XX% of overage But in $XX. on customers with

on second, which the data XX% reach megabits with or addition, broadband XX an of DSL speed of In higher, second download subscribers megabits per subscribe per average plans are is our now of well beyond competitors. XX of

had new turning rapidly the Slide our Glo RGUs markets to a Glo Fiber broadband with total business. approximately the comprised of Now at XX, end customer relationships. just of expanding and Fiber first across Glo penetration rate data over X,XXX all X,XXX XX% aggregate quarter

and to first net residential Fiber very to thesis. very our services. Glo business We're Glo was added last edge and investment on RGUs of the continue The bullish selling year first Fiber in small our quarter out last quarter X,XXX over fiber full be proud have year

to product, with down account Broadband broadband data level, the from not Glo XX $XX.XX due to points level year-over-year continue accounting the the change extraordinarily result the to churn in see to churn basis as in in data for discounting. product low a the importantly, Fiber but revenue of ARPU deferred in only of We our quarter. was quarter

new adopted In standard tier, card speed We subscribers see Glo fact, continue is of base. broadband that and customer the a tier of by gigabit a which all comprising we this to overall customer XX% fiber-based Fiber subscribers subs value our the per $XX quarter Glo with superior data speed In our priced rate percentage new clearly in higher higher XXXX, month the demonstrates of offered X-gig local see think local company service. XX% electing first offer. service

continue our perform XX% double-play, Glo depicts the XX% as approved XX customers of XX% services with Our of were Fiber Fiber of streaming respectively. XXXX, end quarter the markets rates of the X% in status single-play first in active the XX% voice subs and data well broadband were Glo the and were to At in very a of of only, Slide triple-play. TV a quarter. and a first quarter end the and attachment

quarter mature Fiber first broadband the nearly that data penetration in aggregate in market Harrisonburg, with reached broadband in most of of in XX% data XX% Our community Glo neighborhoods some excess Virginia, already our penetration.

conditions expectations and Glo are of very small months ongoing XX,XXX, exceeded constructed quarter impressive As the call, we given has X,XXX efforts construction passings residential here at now again we will first Chris weather pandemic the the and Mid-Atlantic the the roughly well out start Glo business country. our our into pointed winter as and in headwinds pace total the with months. progressing to accelerating the of experienced during for in tough construction and passings our sales. in Fiber the be particularly new summer region the released head of of This was

the month, in with able choice sale January, excited and very of speed across state ultra-fast to We launched and service. of low total this end year. latency expect high and Virginia passings internet We consumers be to in we're Lynchburg more the approximately Roanoke have to the bring by Glo XX,XXX symmetrical the to Fiber Virginia market

On fixed In second with expertise broadband results we're wireless XX fixed and highlighted in you addition, Virginia now region new Slide as building leverages designing, the a Beam central inroads approval several markets over installed read all outdoor-mounted Internet passings of on The counties. home, big the passings XXX,XXX markets gain our across new start optimal called low of Unlike make data last mobile which capacity. are providing our network predominantly XX, our or we've with municipalities Customers commercial We're as couple ensures emerging Internet. indoor a Total performance Fiber to Beam new over franchise and Maryland, X foundation years European we wireless cable ensuring franchise for as we the Fiber of for healthy next professionally our to is over WiFi years incumbent the pipeline service X.X in operating constructing X over hear Glo that the small quarter. last early-stage X.X we Glo XG-ready, our of markets franchises a and And the XXX,XXX we halfway in tier broadband passed this cells or bands service same leveraging equipment about both have networks wireless in in high the the towers mark increased may leverages the technology expressly continue licensed a surrounding years customers affiliate. offerings Sprint that across reliability is purpose. new now this equipment and and indoor Glo our of in Pennsylvania. leveraging approved from network networks, West we target secure panhandle the and robust that high mid-band vendors, our all is Beam spectrum signal and LTE-based use Beam operators, gigahertz in and offered receive grade latency. mesh and fiber-fed from WiFi customer's too. core acquired goal

Lastly, internet quality areas low-density be for pleasantly been customers will a surprised high cable strong our per will that have and to our the of given Beam the just a customers to has subscribers our see connection two-thirds unlimited nuances now this and We wireline-based areas customers the of of come these over We're encouraging we've see by Penetration expect to passed constructed, new approximately model an thesis. rural the came year. of end in under quarter fixed nearly speed likely servicing in footprint. great totaled nature fiber and it early-stage target and given folks not a which $XX tier, not in is with the But of compared investment call would households, speed our number believe in the broadband that our of where reliable premium to per have Shentel in adopted exceeded $XX.XX. center and expect has in Beam nearly a fiber. have plan get like all same data technicians. of the XX-megabit impressive which at sites service delivery XXX broadband from local agents customer to that ARPU to and the households to nearly technology investment X.X% reached second expectations validation churn just as quarter month XXXX, XX,XXX target XX,XXX very we increase end cable X%, to which XX Beam wireless pay construct

Turning to related Slide addition total primarily first had end orders tenants intercompany a operations. existing of XXX tenants, XXX. increased at to the includes to for wireless the new tenants of or X.X% of XX, year-over-year XXX our upgrades tower tenants open This quarter. We of backlog the

to our to in Finally, million capital accelerating were in to presentation. XX and Fiber for sale wireless the XXXX. as an The our operations Beam investments and broadband $XX update discontinued obvious Capital a providing Slide fixed first year-to-date the of XXXX. no operations quarter Internet of We're results relates $XX the result year-over-year increase million pending for the spending guidance provides the expenditures quarter compared our longer and first of initiatives. to driver guidance Glo continuing Wireless

and subscribers. much. design and continued operator, cable related to networks. questions. broadband and our new aggressively million $XXX million million is of fixed $XXX expansion full of and the million, the fiber Thank Of to broadband data $XX spend in fiber incumbent wholesale increase new broadband Beam as is very the based we're legacy million million to our wireless our passings in fiber in to to support fixed And, Fiber approximately For in continue capital $XX million Glo is Of achieve operations, of construction is wireless wireless markets. expect $XX in XXXX, $XXX million you of we the and $XX XXXX, success commercial spent and roughly target ready the in fixed in growth for business and fiber connecting to invest our to our year related and cable guidance capital in now for million penetration $XXX we related $XX the

Operator

of from from [Operator you. Our question Raymond comes Instructions] Prentiss first line James. the Ric Thank

You may begin.

Ric Prentiss

me Can okay? you guys hear

Christopher French

We can now.

James Volk

Yeah.

Ric Prentiss

D.C. Benefit? you're me about Okay, take the infrastructure the good. guys talk a Want shaking infrastructure Emergency might way the road all if is guys But baked. lots won't say you the participate else how know The you you on. Down to can cake bill the obviously humor. going it able do hear from bit things in in you EBB, also, not But - might little you to D.C. I both or you wherever now. bill, can how be see wireless you out? you how and - think benefit the On Broadband EBB, think area? affect seeing in

Christopher French

good Yeah, morning, thanks, early for morning Ric, you.

that's On it? isn't in that gross year the hard stuff roughly going our the lift to We front, we stays fall. that assuming basis to this in program, footprint. and say, we're but say, participating that think maybe EBBP applied X,XXX it provide to expedited funded Ric, approved see to through from are an And activation on it's

We're is yesterday that - that And obviously May XX so, word received forward think nice it's to a just start in. I look we the program. ready program with participating of

forward there. jumping looking in we're to So

we spending may it the as a all around As have more it makes statement, relates don't But increased that bill, sector. taking kick through and - infrastructure as associated its and enough see end this the we threat in with to on the just up to twists opportunity call that Congress. way time probably than general turns

so in relationships and near here that regard; given and in uniquely co-ops, And that, given given counties, just forth. have and the in adjacency we of so, we municipalities our relationships B, and nature advantage that we're take the to surrounding A, of and D.C., with our think on positioned so

the strength legacy spectrum, in uniquely the and kind particularly given our think pretty region. we our across financial we're of So strong positioned,

Ric Prentiss

as lot as like called, the And satellites, of come rural we Okay. disrupt and is in. Orbit in Starlink people one guys they're lot, a questions LEOs about Low you and operate of will press what get wondering think, Earth SpaceX you markets

So share you competitive little success. kind a having where more about about serving versus satellite thought little a see in bit And the us see can population landscape? density you you're a you what bit of what satellite maybe areas

Christopher French

in to of keep capable not-too-distant the Internet that of Yeah, a fixed capable more think at here, to that's terms think offering that delivering future, be grabbing things where low there. is that with we're that have we're really latency a delivering those superior our especially of night But that consistent meg awake the product one I with but lot meg, road think them. the Beam is down LEOs terrestrial you fiber-based the satellite-based it's product us likely would XG-ready headlines, offering of recently. that's to know an don't I still LTE-standards-based wireless service, the and we going target. densities be we the with today would only XXX based, that network XXX going think offering is But of in we backhaul expect

anything to thing dubious and of the just is underlying needs take subscriber-level kind that equipment. close think we achieve it any that model, like place business lot for the to other of customer there that economics a little business And is we're to we cost that The bit has maturing both know model, about the see. scale a where of I economic

Ric Prentiss

in is the space people an guys in shake tax me, any interested a cable last months agenda And there capital you back. out in the appetite did out for some do that the acquisition on Washington one selling? gains might few there and with How thought Okay.

Christopher French

continue opportunistic with we on we around And been in our front, to and Yeah, operators the acquirer. dialogue Ric, be have of footprint. and continue in an number be M&A to a

disciplined of We our think in tools very M&A we'd the of be like is terms unsuccessfully. of as how toolkit. we couple auctions The in competed in about have and a frothy one to market

on probably with candidly, because more of think growth an the And organic exceptional. has the as which continues we us focused we've accretion we create on the think in are that higher lower to on costs building assets, all last in predominantly this transactions regard. else's somebody our characterize would only I LEC and consolidation shareholders own seen we're of the think, opportunistic years strategy, of the be our is to our acquirer couple at seemed that industry, occurred by and occur based own generally much then where to We we accelerating returns buying So level over can problems. why much

Ric Prentiss

Makes closing the I that me likes on the for with last first luck or close month, think T-Mobile, one And first second Right. T-Mobile a to sense. good the of deal transactions of usually the day quarter. month

probability we hopefully, is of higher than think Or are X August maybe, should how So X? July kind you handicapping it?

David Heimbach

Jim, you one? to field that want

James Volk

comfortable T-Mobile with same us. to that. the That's accurate. has is that Ric, And we're expressed Yeah,

I before get, think, long July outer pole the XX date say days. And in is close X. think, So to likely plan occur to tent I FCC approval August here. XX we the likely to I the in need the be of done it's next the gets if that June, X, that I would we would will it say would yeah, the end But

Ric Prentiss

Okay, to makes sense. love got the And Ergen you Grinch. Charlie T-Mobile calling

So I there. so almost that guys the a on quite X line, being process congrats to get finish had over know you

James Volk

Thanks, Ric.

David Heimbach

Ric. Thanks,

Operator

[Operator will next line from come BWS Instructions] the Khorsand question Hamed Our Financial. of from

You may begin.

Hamed Khorsand

morning. Good

loosening? now So habits COVID are that subscriber I are the was, seeing restrictions your the in you changes first had any question

David Heimbach

the look Not yet, good Hey, that in not at. really, we Hamed. morning, data

We steady continue see a increase to in consumption.

that Glo higher sub XXX I average bit of consumed a gigs little think, behavior. any what to now, to up seen per going metric last and we've here. we're that closer material to on I month, we our open - in and at can't over continue than that. as networks say pay change even things obviously Fiber it's attention And an networks, But on clocked the

James Volk

I'll that bandwidth Yeah, is during switching off that. thing switching the we haven't The COVID. of seen changes to or plans they thing X X higher customer add adopted

low record our so here we cable incumbent in see can below that to think stay. you that's As X.X%, churn

Hamed Khorsand

you And markets what the a Glo expanding then, just as and that customer Fiber learning way outreach? the you're the or either that Beam, are you're Okay. the from marketing into homes and passing new along incorporating you're standpoint,

David Heimbach

different at Yeah, But primarily we a wireless convergence the there's occurring, seeing X is as we're fixed we're animals. engage where they're they're county focused offering. level, where what that being that

a to is areas wireless that but fixed think doesn't fiber on. Hamed, as suburban cycle, our And continue franchise that move think in higher, I'm and do to So line and edge fiber, and it areas density about that the where and plant maybe sure the with broadband of our our we same we've got surrounding is right, Resi through in focused the economic cable you've on Fiber, edge that hybrid we've extend we further areas we fixed sense I do those with really noticed X-prongs coaxial extensions out little cover. have good stay we're SMB the to to with the makes out strategy, map, basically, we can got this on extend wireless. we networks going And into the continue incumbent spectrum, sense, urban true of Glo all the cable and spectrum, constructing

rural a and we're kind that is, of have right fiber desire will. And strategy areas. both a meeting But for finding we're Beam has is, you everybody what now, mean folks And the fiber. those desire in so right, at I low-density too, pursuing pretty for if what a middle, deploying we're by and ends

approach to strategy. approach, fixed kind between Ric's and wireless Beam covered We got question, or like, bases Glo unsubsidized the a fiber subsidized the really to fiber feel So back all an addition maybe here. we've build in the build of

learned I'd So customer experience homogeneous or any in we've - in pretty of response of in what that markets kind seen far in has our any terms any terms Fiber profile of of the kind we kind unique Glo competitive regard. or any thus that unique market, given anything been haven't say different across of

And cable we're choice happy and happy the Glo ton side discounting a very, far, to a customers. think, generally consumers to to bring to had able And demand. be win thus everybody's do we very to choice speaking I there's haven't on of any there. Fiber have versus

leading moving value. whatsoever, a folks on thrilled just And broadband of any or and changing. satellite, it's side, speed to really from leading Beam with not with DSL low we're lot viable then, So price, from are folks we're connection the life have

look they really to heartwarming you that it's stuff, or able of social - home If when study at subs, some folks media because can for do work posts finally haven't previously the Beam effectively. from been the

Hamed Khorsand

cash business, plan? wireless free question the Okay. And in CapEx to intention homes from flow accelerate in passed the any increase my last your was given

David Heimbach

The an is acceleration of CapEx free really Hamed. governor, more governor is a it operational flow of cash than

very, And team the very we're very, hard. responding they're pushing So very well.

once go get is, take we pace we mentioned want the be we're to development to you place I to increase going a accelerating as still again, can into year. it year move this scripted tracks. And take but of at yet a does moving reasonable As on a in to in But the here, own, of then we the of to our our team that with where while it be comments, put momentum that'll on construction my And as get we're its locomotive going done. here. expectations can the through next we expect it's what move down

almost - And year, but passings twice roughly little of that. year, or expect XX,XXX less be year, about it'll so. This last construct a half little next probably So, sorry, to than XX,XXX a we or that, than that, but would less constructed. almost twice

that's front. while takes So on the site constraint then and constraint. to It financial do side, find the the and or RF the that's engineering the design cells, really - is acquisition small really there or governor a And an on it's towers construct operational the Beam a constraint of and than work more then there.

terms if to know of financial is It's go. operational in we fast a don't in I Jim, But, constraint. there can that. you anything to want how So, it's more add not summary,

James Volk

of that, Each Yeah, generating just I profitable and a was a we of on change result agree. cash. - free business lot really we're longer. Wireless it's it's in owning the cash And month owned the very flow it,

generally delays from the net and - has been a positive closing the that's perspective. a small flow cash So

Hamed Khorsand

Okay, great. you. Thank

Operator

in further the [Operator questions Instructions] showing queue. I'm any not And

James Volk

July joining and continued look Well, you everyone, I'd like and everyone in a forward And morning. here Beam. updating good to to Glo with have thank for our the we on this Thanks, at progress call Shentel day.

Operator

This concludes today's participating. conference call. for you Thank

You disconnect. may now

Shenandoah Telecommunications (SHEN) 30 Apr 212021 Q1 Earnings call transcript