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- **Revenue Growth**: Q3 revenue $89.8M (+2.5% YoY), driven by 41.1% YoY increase in Glo Fiber revenue to $21.3M.
- **Glo Fiber Expansion**: 400,000 passings, 83,000 data RGUs (39.5% YoY), targeting 60%+ penetration in subsidized markets.
- **Customer Acquisition**: 5-year promotional plans boost 1G+ tier adoption to 68%, with minimal ARPU impact expected.
- **Free Cash Flow**: On track for 2027 positive free cash flow, enabling M&A and industry consolidation.

**【CEO Summary Section】**
- **Four Strategic Pillars**: Building on AI-driven operational efficiency, completing the Glo Fiber network expansion, accelerating customer growth, and achieving positive free cash flow by 2027.
- **Glo Fiber Milestones**: Reached 400,000 passings, 83,000 data RGUs (39.5% YoY growth), and $21.3M in Q3 revenue. Penetration rate in subsidized markets is 30% (targeting 60%+).
- **Customer Acquisition**: Introduced 5-year promotional plans with higher speeds, leading to 68% of new residential customers choosing 1G+ tiers.
- **Refinancing Plan**: Hybrid debt structure to lower costs and enhance financial flexibility for M&A opportunities.

**【CFO Financial Commentary】**
- **Q3 Financials**: Revenue $89.8M (+2.5% YoY), Adjusted EBITDA $29.7M (+11.7% YoY), margins 33% (up 300bps). Glo Fiber revenue grew 41.1% to $21.3M.
- **Capital Expenditure**: $212M YTD (net of $39.9M grants), with 89% of 22,000 subsidized passings completed. Free cash flow expected to turn positive in 2027.
- **Guidance**: 2025 Revenue $352-377M, EBITDA $113-118M, CapEx $260-290M.

**【Q&A Highlights】**
- **M&A Strategy**: CEO emphasizes industry consolidation and potential expansion via refinancing. CFO notes 2028+ free cash flow for acquisitions.
- **Competition Response**: Introduced 5-year price guarantee plans in response to Comcast, driving 68% of new customers to 1G+ tiers.
- **Penetration Targets**: 60%+ in subsidized markets, 37% in mature Glo Fiber cohorts. Q3 churn 1.17%, ARPU $77 (stable despite promotional rates).

Shenandoah Telecommunications Company (SHEN) Q3 2025 Earnings Call Transcript

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SHEN

SHEN fundamentals

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