Shenandoah Telecommunications Co

Good morning, everyone. Welcome to Shenandoah Telecommunications' second quarter 2023 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 second quarter 2023. Our results were announced in a press release distributed this morning, and the presentation we'll be reviewing is included on the investor page at our website, www.chentel.com. 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 remarks, we will conduct a question and answer session. As always, let me refer you to slide two of the presentation, which contains our safe harbor disclaimer and remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties. These may cause our actual results to differ materially from the statements. Therefore, we have provided a detailed discussion of various risk factors in our SEC filings, which you are encouraged to review. You are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements. And with that, I will now turn the call over to Chris. Go ahead, Chris.

Thanks, Kirk. We appreciate everyone joining us this morning, and I hope everyone is well. I'm pleased with the continuation of our fiber first growth during the second quarter and with a solid execution across the board. As noted on slide four, we added almost 18,000 new Glow fiber passings in the second quarter and have increased passing 63% year over year to just under 183,000. Our sales team added 4,000 data subscribers in the second quarter and has grown the Glowfiber customer base by 92% over the past year. Glowfiber revenue grew 101% over the same quarter last year and represented 78% of our consolidated revenue growth. We expect these Glowfiber revenue trends will continue and be a catalyst for creating shareholder value over the next several years. Our cable and commercial businesses also reported solid recurring revenue growth of $900,000 and $500,000 respectively. With strong expense management, our broadband segment converted 77% of the revenue growth into adjusted EBITDA growth during the second quarter, driving adjusted EBITDA margins to 39% or 300 basis points higher than the same period a year ago. Fiber networks are extremely scalable. driving high-speed data gross margins of more than 80%. With that, I'll now turn the call over to Jim to review the details of our financial results.