Shenandoah Telecommunications Firm (SHEN) Presents at Financial institution of America 2026 Media,Communications & Leisure Convention Transcript

Michael Funk
BofA Securities, Analysis Division

Sure. We like to have you ever. So thanks once more for that. I wished to begin actually excessive degree and one thing that is, I feel, of curiosity and topical for your complete telecom ecosystem, and that is SpaceX and Starlink — and Starlink has already been out there with broadband for some time. They have been comparatively profitable. However with plans to launch the V3 satellites, I feel internally, we’re projecting one thing like 20,000 V3 by 2030. Their capability is clearly going to develop materially, doubtlessly permitting them to handle a a lot bigger market.

Our analysis, we present in america is about 20% rural, proper, relying on the definition. And I imagine that’s the most pure addressable marketplace for Starlink broadband provided that it is a shared service. Now I understand not all of your markets are rural or match that definition, however the place you use and the place you construct is extra form of semi-suburban rural relative to, say, in New York Metropolis or Los Angeles. So a really lengthy