Shentel Cooperations : 2018 Fourth Quarter Results

Why Choose Us?

We’re Shentel. We may be new to you, but we’ve been in business since 1902. Back then, we were a small phone company serving our neighbors in Virginia’s Northern Shenandoah Valley. Today we bring advanced broadband services, digital TV, high-speed Internet and phone services to more of our neighbors in Virginia, West Virginia, and Maryland. We specialize in providing advanced services to rural and underserved markets, because we believe you deserve the same level of service that you would expect from a larger metropolitan area.

Technology Leader
For more than 100 years, Shentel has been connecting communities like yours to other towns, cities, and communities across the world, through our High-Speed Internet, TV and Home Phone services. We have a long history of leading the way for allowing advanced services to reach our rural customers. Our commitment continues today as we upgrade our cable network and make plans to increase broadband Internet speeds across our rural footprint. We will continue to be a leader in the rural broadband market.

Customer Service
We don’t believe that you need to sacrifice customer service, or be bound to a long-term contract and be subject to cancellation fees to get quality service. At Shentel we staff our call centers with local people that live in your community. You can be sure when you call, or come into one of our stores, you will find that customer satisfaction is our number one priority.

Reliable And Trusted

We intend to build on our past successes and knowledge of smaller markets, to bring state-of-the-art technology to areas that have been underserved for years, and continue investing in our network infrastructure. In addition to providing quality service, Shentel is committed to developing partnerships with the communities we serve. We value these relationships, whether it is providing Internet to schools, sponsoring community events, or our employees volunteering time in their local neighborhoods. When you need us, we will be there.

February 28, 2019

2018 Fourth Quarter Results

Shentel announced strong fourth quarter financial and operating results, reflecting record subscriber additions in both the Wireless and Cable segments. The net addition of 9,639 postpaid wireless customers during the quarter set an all-time high during Shentel's nearly two-decade relationship with Sprint. Growth in the Cable segment was led by strong sales of the Company's newly introduced PowerHouse broadband service. These successes drove quarterly operating income to $27.0 million.

Shentel's solid fourth quarter performance closed out a strong fiscal 2018, with significant increases in consolidated revenue and operating income, and improved OIBDA. Consolidated revenue increased to $630.9 million, compared to $612.0 million in 2017. Operating income more than doubled from $46.5 million in 2017 to $93.2 million in 2018. Adjusted OIBDA was $285.7 million for 2018 compared with $280.9 million in 2017.

"2018 was a strong year for Shentel, as demonstrated by solid consolidated revenue growth, significantly increased operating income and improved OIBDA," said President and CEO Christopher E. French. "During the past few years, we've strategically expanded our geographic reach and upgraded our network to ensure that we provide the most reliable coverage and highest data speeds and bandwidth in the areas we serve. Throughout 2018 we saw the benefits of these efforts as distribution levels and activation rates steadily increased. We believe our state-of-the-art network and expanded market coverage competitively position us to continue to capture market share and to grow our leadership position as the telecommunications provider of choice in the communities in which we operate."

"We achieved customer growth in all of our operating segments during fiscal 2018, highlighted by record customer adds in both our Wireless and our Cable segments during the fourth quarter," French continued. "Consumer reliance on wireless connectivity continues to increase exponentially, and our robust network meets and exceeds customer expectations for reliability and capacity. Likewise, in the Cable segment our high bandwidth capabilities are attractive to new customers and play a key role in our ability to transition existing customers to upgraded service packages. We're pleased with our achievements in 2018 and with our visibility today we believe we are well positioned to leverage our extensive coverage area, high caliber network and exceptional service to cultivate continued momentum as we move through 2019."

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For more than 100 years, Shentel has been connecting communities like yours to other towns, cities, and communities across the world, through our High-Speed Internet, TV and Home Phone services.

We don’t believe that you need to sacrifice customer service, or be bound to a long-term contract and be subject to cancellation fees to get quality service. At Shentel Co-operations we staff our call centres with local people that live in your community.

History

Shenandoah Telecommunications Company (Shentel) was founded in 1902, in the Shenandoah Valley of Virginia. Then called Farmers Mutual Telephone System, the goal was to bring telephone service found in towns to the countryside. This is still important to Shentel today even though those humble beginnings are far behind us.

Today, Shentel is a diversified telecommunications company providing both regulated and unregulated telecommunications services through its wholly-owned subsidiaries. These subsidiaries provide wireless personal communications services (as a Sprint PCS affiliate), local exchange telephone services, video, internet and data services, long distance services, fiber optics facilities and leaded tower facilities. There are three reportable segments, which are operated and managed as strategic business units organized by lines of business - wireless, cable and wireline.

Where once Shentel only was available to customers in Shenandoah County, the company offers varying services in Virginia, West Virginia, Maryland, Pennsylvania and Kentucky. Shentel now has more than 1 million combined customers.

Timeline of History

1902 – Farmers Mutual Telephone System (FMTS) incorporated as mutual company to serve customers—all of whom owned stock in the business.

1929-39 – Great Depression: One out of 10 telephones in the US was disconnected for non-payment and a number of independents went out of business.

1941 – As World War II brings prosperity, FMTS revenue more than doubles.

1958 – Local switchboards closed and moved to a new central switchboard.

1960 – Name changes to Shenandoah Telephone Company.

1962 – First in Virginia to offer Direct Dial Long Distance service.

1969 – Revenue exceeds $1,000,000.

1980 – Shenandoah Telephone Company introduces cable TV service.

1981 – Shenandoah Telephone Company and Shenandoah Cable Television Company become subsidiaries of new holding company - Shenandoah Telecommunications Company (Shentel).

1984 – Shentel offers discounted long distance service and starts selling non-telephone equipment, including computers and alarm systems.

1984 – Starts fiber optic network and leases space.

1984 – Shenandoah Mobile Company formed to expand mobile and paging services. Voicemail service added in 1987.

1987 – Telephone service goes from analog to digital switching.

1987 – Shenandoah Long Distance Company formed. Within a year it captures 35% of the local market.

1988 – Shenandoah Network Company formed to provide fiber optic systems from Rockingham County north—through Virginia, West Virginia and Maryland, along Interstate 81, to the Pennsylvania line.

1990 – Shenandoah Cellular became the first company in the state of Virginia to offer cellular service to a rural area.

1994 – Internet service is made available.

1995 – Shentel enters into an agreement with American Personal Communications to become the first rural PCS provider in the US.

2002 – Shentel celebrates its 100th anniversary.

2004 – Shentel acquires NTC Communications for the purpose of becoming a leading provider of voice, video and Internet services to the Multi-Tenant Unit (MTU) housing market.

2004 – Milestone: 100,000th PCS customer.

2005 – Retail PCS customers increase 19.8%—third year of double-digit growth.

2005 – Milestone: 100 percent of local exchange subscribers have access to high-speed broadband service.

2007 – Launch of HD/DVR service in Shenandoah Cable

2007 – Launch of EVDO as affiliate of Sprint Nextel

2008 – Reached and passed 200,000 PCS customers

2008 – Purchased franchised cable assets in VA and WV from Rapid Communications

2009 – Purchased North River Telephone Cooperative in Augusta County; bringing high-speed Internet service to these customers for the first time.

2010 – Purchased cable operations and assets of JetBroadband Holdings in southern Virginia and southern West Virginia.

2010 – Purchased two small cable systems from Suddenlink – one in Maryland and the other in West Virginia.

2011 – Upgrades and extends former JetBroadband and Suddenlink cable systems, bringing total number of homes passed to 182,156.

2012 – Shentel starts two-year Network Vision project to build 4G LTE Network in its wireless footprint.

2012 – Initiates Fiber-to-the-Home project in McDowell County, WV.

2012 – 25Mbps high-speed Internet launched in most markets.

2012 – Shentel updates company brand.

2013 – 50 Mbps high-speed Internet launched in most cable markets.

2013 – Initiates Fiber-to-the-Home project in Rural Retreat, VA.

2013 – Shentel named one of Forbes Top 100 Most Trustworthy Companies in America.

2014 – Shentel offers 101Mbps Residential Internet Service to majority of customers.

2014 – Initiates Fiber-to-the-Home in Ronceverte, WV.

2014 – Shentel named one of Forbes Top 100 Most Trustworthy Companies in America for the second year in a row.

2015 – Shentel announces agreement to buy regional wireless company, nTelos.

2016 – Shentel purchases Colane Cable TV in southwestern West Virginia.

2016 – Completes acquisition of nTelos, becomes sixth largest public wireless company in the United States.

2016 – Shentel named one of Forbes Top 100 Most Trustworthy Companies for a third time.

2017 – Shentel is recognized as the Independent Operator of the Year by industry magazine Cablefax.

2018 – Shentel is named to Fortune Magazine's 100 Fastest Growing Companies list of domestic and foreign publicly traded companies for 2018.

2019 – 1 Gig PowerHouse Internet service available in Virginia cable markets after soft launch in fall of 2018.

2019 – Shentel purchased cable operations and assets of Big Sandy Broadband, a cable TV, Internet and Phone provider in Eastern Kentucky.

Broadband Leaders

Broadband technology is a must-have for your home. That’s why we deliver our High-Speed Internet, TV and Phone services over our state-of-the-art broadband network.

Shentel is a leader in providing advanced broadband service to the people we serve – through one seemingly simple broadband pipe we deliver the very best in High-Speed Internet, TV and Phone service. In fact, we’ve built a reputation for successfully bringing state-of-the-art technology to small communities and underserved areas for over 100 years.

Every day, we invest in our network infrastructure to keep it up-to-speed. And our dedication to delivering the very best service is matched only by our commitment to keeping it affordable for you and your family.

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Reliable And Trusted

February 28, 2019

2018 Fourth Quarter Results

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Internal Test Results¹
Service Level	101M	50M	25M	15M	10M	5M	3M	1.5M	768K	384K
Mean Download Speed (Mbps)	98.81	47.81	24.33	14.43	9.84	4.96	2.93	1.41	0.75	0.32
Mean Upload Speed (Mbps)	9.81	9.52	4.82	2.78	1.89	0.95	0.92	0.51	0.27	0.13
Mean Latency (in milliseconds)²	25	24	22	25	23	26	28	29	28	30
Packet Loss ³	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%