Shenandoah Telecommunications Co. (NASDAQ:SHEN) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 08:00 am ET
Good morning, everyone. Welcome to Shenandoah Telecommunications Second Quarter 2020 Earnings Conference Call. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. John Nesbett, of IMS and Investor Relations for Shentel.
Good morning and thank you for joining us. The purpose of today's call is to review Shentel's results for the second-quarter 2020. Our results were announced in a press release distributed this morning, and the presentation we'll be reviewing is included on our Investor page at our website, www.shentel.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; Dave Heimbach, executive vice president and chief operating officer; and Jim Volk, senior vice president, finance, and CFO. After our prepared remarks, we will conduct a question-and-answer session.
As always, let me refer you to Slide 2 of the presentation which contains our safe harbor disclaimer, reminds you that this conference call may include forward-looking statements subject to certain risks and uncertainties.
These may cause actual results to differ materially from the statements. Hence, I'll provide a detailed discussion of various risk factors in our SEC filings which you're encouraged to review. You're 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.
With that, I'll turn the call over to Chris now. Go ahead, Chris.
Christopher E. French
Thanks John. We appreciate everyone joining us this morning, and I hope everyone is healthy and safe. I'll start by highlighting a few of the outstanding operating results we achieved during the second quarter before discussing our progress managing through significant change created by COVID-19 and the closing of the Sprint/T-Mobile merger. As reflected on Slide 4, our broadband business had a record quarter of data net additions of 6,000.
To put this in perspective, we had more data net adds in the second quarter than we did in all of 2016 and 2017. And our 2020 year-to-date net adds of 9,000 exceed both 2018 and 2019's full year results. As Dave will discuss in more detail later on the call, the strong second-quarter results were driven by having the most robust broadband network in our markets. And a combination of our rate card value proposition, COVID-19 stay-at-home directives, new service offerings, complementary upgrades and service that we initiated after the start of COVID-19 and Glo Fiber gaining traction.
Moving to Slide 5. You see the growing cash flow generation of our businesses, normalized free cash flow for the first six months of 2020 and grew about 63% to $82 million from the same period a year ago. Wireless normalized free cash flow was $87 million for the first half of 2020. We've been able to redeploy the strong cash flow from wireless into our broadband business, particularly our new Glo