0001628280-24-020142 | 10-Q | XBRL Viewer | Shenandoah Telecommunications Cova

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,064	$ 886
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	50,447,000	50,272,000
Common stock, shares, outstanding (in shares)	50,447,000	50,272,000

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Shentel has a credit agreement, dated as of July 1, 2021 (as amended by (i) Amendment No. 1 to Credit Agreement, dated as of May 17, 2023 and (ii) Consent and Amendment No. 2 to Credit Agreement, dated as of October 24, 2023, the “Credit Agreement”), with various financial institutions party thereto (the “Lenders”) and CoBank, ACB, as administrative agent for the Lenders, which contains (i) a $100 million, five-year available revolving credit facility (the “Revolver”), (ii) a $150 million five-year delayed draw amortizing term loan (“Term Loan A-1”) and (iii) a $150 million seven-year delayed draw amortizing term loan (“Term Loan A-2” and collectively with Term Loan A-1, the “Term Loans”). The following loans were outstanding under the Credit Agreement:


(in thousands)	March 31, 2024		December 31, 2023
Term loan A-1	$	149,063	$	150,000
Term loan A-2	149,625		150,000
Total debt	298,688		300,000
Less: unamortized loan fees	(93)		(101)
Total debt, net of unamortized loan fees	$	298,595	$	299,899

Both Term Loan A-1 and Term Loan A-2 bore interest at one-month LIBOR plus a margin of 1.50% until May 2023 and now bear interest at one-month term SOFR plus a margin of 1.60%. The margin of 1.60% is variable and determined by the Company’s net leverage ratio. Interest is paid monthly. The interest rate was 6.93% and 6.95% at March 31, 2024 and December 31, 2023, respectively.

Interest expense recorded in Shentel’s unaudited condensed consolidated statements of comprehensive income consists of the following:


	Three Months Ended March 31,
(in thousands)	2024		2023
Interest expense	$	5,383	$	1,463
Less: capitalized interest	(1,307)		(1,071)
Interest expense, net of capitalized interest	$	4,076	$	392

The Credit Agreement includes various covenants, including total net leverage ratio and debt service coverage ratio financial covenants.

Shentel’s Term Loans require quarterly payments based on a percentage of the outstanding balance. Based on the outstanding balance as of March 31, 2024, Term Loan A-1 requires quarterly principal repayments of 0.63% from March 31, 2024 through June 30, 2024; then increasing to 1.25% quarterly from September 30, 2024 through March 31, 2026, with the remaining balance due June 30, 2026. Based on the outstanding balance as of March 31, 2024, Term Loan A-2 requires quarterly principal repayments of 0.25% from March 31, 2024 through March 31, 2028, with the remaining balance due June 30, 2028.

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of March 31, 2024:


(in thousands)	Amount
2024	$	5,731
2025	8,568
2026	138,827
2027	1,450
2028	144,112
Total	$	298,688

Shentel has not made any borrowings under its Revolver as of March 31, 2024. In the event borrowings are made in the future, the entire outstanding principal amount borrowed is due June 30, 2026.

The Credit Agreement is fully secured by a pledge and unconditional guarantee from the Company and all of its subsidiaries, except Shenandoah Telephone Company. This provides the lenders a security interest in substantially all of the assets of the Company.

Refer to Note 15, Subsequent Events, for events that occurred subsequent to March 31, 2024 which affect Shentel’s Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

Debt- Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Debt- Interest Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 5,383	$ 1,463
Less: capitalized interest	(1,307)	(1,071)
Interest expense	$ 4,076	$ 392

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 7, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2027. From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not presently expect any litigation matters to have a material adverse impact on the Company’s financial position, results of operations and cash flows

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax refunds received, net	$ 0.0	$ 25.0

Debt - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended	18 Months Ended	48 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 01, 2021	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2026	Mar. 31, 2028
Debt Instrument [Line Items]
Basis spread on variable rate			6.93%	6.95%
Term loan A-1
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	5 years
Term loan A-1 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment percentage		0.63%			1.25%
Term loan A-1 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.60%
Term loan A-1 \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Term loan A-2
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	7 years
Term loan A-2 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment percentage						0.25%
Term loan A-2 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.60%
Term loan A-2 \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Term of credit facility	5 years

Derivatives and Hedging - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Derivatives, Fair Value [Line Items]
Unrealized gain (loss) on derivatives, net	$ 0
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, variable interest rate		2.90%
Payments for derivative instruments		$ 150,000
Expected outstanding debt		50.00%

Stock Compensation and Earnings (Loss) per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, nonvested awards, compensation cost not yet recognized	$ 13.8
Compensation, nonvested awards, cost not yet recognized, period for recognition	2 years 3 months 18 days
Anti-dilutive awards outstanding (fewer than)(in shares)	462,000	478,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested in period	$ 4.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Resulting from Acquisition

Goodwill and intangible assets consist of the following:


	March 31, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	300		—		300		217		—		217
Total indefinite-lived intangibles	76,756		—		76,756		76,673		—		76,673

Finite-lived intangibles:
Subscriber relationships	28,425		(27,485)		940		28,425		(27,370)		1,055
Other intangibles	510		(367)		143		510		(359)		151
Total finite-lived intangibles	28,935		(27,852)		1,083		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	108,935	$	(27,852)	$	81,083	$	108,852	$	(27,729)	$	81,123

Schedule of Finite-Lived Intangible Assets

Goodwill and intangible assets consist of the following:


	March 31, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	300		—		300		217		—		217
Total indefinite-lived intangibles	76,756		—		76,756		76,673		—		76,673

Finite-lived intangibles:
Subscriber relationships	28,425		(27,485)		940		28,425		(27,370)		1,055
Other intangibles	510		(367)		143		510		(359)		151
Total finite-lived intangibles	28,935		(27,852)		1,083		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	108,935	$	(27,852)	$	81,083	$	108,852	$	(27,729)	$	81,123

Derivatives and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 4,361	$ 2,241
Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	2,626	1,443
Designated as Hedging Instrument \| Deferred Charges and Other Assets, Net
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 1,735	$ 798

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Stock Compensation and Earnings (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of restricted stock shares activity

Activity related to the Company’s restricted stock units (“RSUs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2023	825	$	21.16
Granted	334	$	20.64
Vested	(247)	$	22.13
Forfeited	—	$	—
Outstanding awards, March 31, 2024	912	$	20.73

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2023	293	$	25.80
Granted	128	$	22.30
Vested	—	$	—
Forfeited	—	$	—
Outstanding awards, March 31, 2024	421	$	24.74

Schedule of stock compensation expense

Stock-based compensation expense was as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023
Stock compensation expense	$	4,135	$	3,852
Capitalized stock compensation	(169)		(135)
Stock compensation expense, net	$	3,966	$	3,717

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table indicates the computation of basic and diluted earnings (loss) per share:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2024		2023
Calculation of net income per share:
(Loss) income from continuing operations	$	(4,090)	$	741
Total income from discontinued operations, net of tax	218,786		1,325
Net income	$	214,696	$	2,066

Basic weighted average shares outstanding	50,520		50,291

Basic net (loss) income per share - continuing operations	$	(0.08)	$	0.01
Basic net income per share - discontinued operations	4.33		0.03
Basic net income per share	$	4.25	$	0.04

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,520		50,291
Effect from dilutive shares and options outstanding	491		221
Diluted weighted average shares outstanding	51,011		50,512

Diluted net (loss) income per share - continuing operations	$	(0.08)	$	0.01
Diluted net income per share - discontinued operations	4.29		0.03
Diluted net income per share	$	4.21	$	0.04

Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Fair Value

The table below presents the fair value of the Swaps as well as their classification in the unaudited condensed consolidated balance sheets. The fair value of these instruments was estimated using an income approach and observable market inputs (Level 2):


(in thousands)	March 31, 2024		December 31, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	2,626	$	1,443
Deferred charges and other assets	1,735		798
Total derivatives designated as hedging instruments	$	4,361	$	2,241

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below summarizes changes in accumulated other comprehensive income by component:


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2023	$	2,241	$	(573)	$	1,668
Net change in unrealized gain	2,120		(526)		1,594
Balance, March 31, 2024	$	4,361	$	(1,099)	$	3,262

Investments - Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments [Abstract]
SERP investments at fair value	$ 2,467	$ 2,290
Cost method investments	10,708	10,675
Equity method investments	233	233
Total investments	$ 13,408	$ 13,198

Government Grants	3 Months Ended
Government Grants	Mar. 31, 2024
Government Assistance [Abstract]
Government Grants	Government Grants During the three months ended March 31, 2024, Shentel was awarded an additional grant of $0.6 million to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences. The Company recognizes grant receivables at the time it becomes probable that the Company will be eligible to receive the grant, which is estimated to correspond with the date when specified build-out milestones are achieved. As a result of these programs, the Company received $2.7 million in cash reimbursements during the three months ended March 31, 2024 and had approximately $2.8 million and $1.9 million in accounts receivable as of March 31, 2024 and December 31, 2023, respectively. The Company did not recognize any material amounts under these programs during the three months ended March 31, 2023.

Stock Compensation and Earnings (Loss) per Share - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 4,135	$ 3,852
Capitalized stock compensation	(169)	(135)
Stock compensation expense, net	$ 3,966	$ 3,717

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service revenue and other [Member]	Service revenue and other [Member]
Service revenue and other	$ 69,248	$ 67,165
Operating expenses:
Cost of services exclusive of depreciation and amortization	25,985	25,431
Selling, general and administrative	28,596	26,159
Depreciation and amortization	17,443	15,269
Total operating expenses	72,024	66,859
Operating (loss) income	(2,776)	306
Other (expense) income:
Interest expense	(4,076)	(392)
Other income, net	1,736	1,509
(Loss) income from continuing operations before income taxes	(5,116)	1,423
Income tax (benefit) expense	(1,026)	682
(Loss) income from continuing operations	(4,090)	741
Discontinued operations:
Income from discontinued operations, net of tax	1,981	1,325
Gain on the sale of discontinued operations, net of tax	216,805	0
Total income from discontinued operations, net of tax	218,786	1,325
Net income	214,696	2,066
Other comprehensive income:
Unrealized gain on interest rate hedge, net of tax	1,594	0
Comprehensive income	$ 216,290	$ 2,066
Net income per share, basic and diluted:
Basic - (Loss) income from continuing operations (in dollars per share)	$ (0.08)	$ 0.01
Basic - Income from discontinued operations, net of tax (in dollars per share)	4.33	0.03
Basic net income per share (in dollars per share)	4.25	0.04
Diluted - (Loss) income from continuing operations (in dollars per share)	(0.08)	0.01
Diluted - Income from discontinued operations, net of tax (in dollars per share)	4.29	0.03
Diluted net income per share (in dollars per share)	$ 4.21	$ 0.04
Weighted average shares outstanding, basic (in shares)	50,520	50,291
Weighted average shares outstanding, diluted (in shares)	51,011	50,512

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 2,467		$ 2,290
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	10,100		$ 10,100
Other nonoperating income (expense)	$ 300	$ 100
Percentage of patronage credit paid in cash	88.00%
Percentage of patronage credit paid in share	12.00%

Leases - Other Information Related to Operating and Finance Leases (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, weighted average remaining lease term	10 years 4 months 24 days	7 years 1 month 6 days
Operating lease, weighted average discount rate, percent	5.80%	5.00%
Finance lease, weighted average remaining lease term	12 years 3 months 18 days	12 years 3 months 18 days
Finance lease, weighted average discount rate, percent	5.20%	5.20%

Derivatives and Hedging

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

During the second quarter of 2023, Shentel entered into pay fixed (2.90%), receive variable (one-month term SOFR) interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contain monthly payment terms beginning in May 2024, which extend through their maturity dates in June 2026. The Swaps are designated as cash flow hedges, representing 50% of the Company’s expected outstanding debt. The Company uses the Swaps to manage its exposure to interest rate risk for its long-term variable-rate Term Loans.

The Swaps were determined to be highly effective hedges and therefore all change in the fair value of the Swaps was recognized in other comprehensive income. Since the Company did not have outstanding interest rate swaps in the prior year period, there were no gains or losses recorded for the three months ended March 31, 2023. Shentel expects to begin reclassifying amounts related to the Swaps from accumulated other comprehensive income to interest expense in May 2024, when the payment periods of the Swaps begin.


(in thousands)	March 31, 2024		December 31, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	2,626	$	1,443
Deferred charges and other assets	1,735		798
Total derivatives designated as hedging instruments	$	4,361	$	2,241

The table below summarizes changes in accumulated other comprehensive income by component:


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2023	$	2,241	$	(573)	$	1,668
Net change in unrealized gain	2,120		(526)		1,594
Balance, March 31, 2024	$	4,361	$	(1,099)	$	3,262

Revenue from Contracts with Customers - Revenues By Activity Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 69,248	$ 67,165
Residential & SMB - Cable Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	44,370	44,756
Residential & SMB - Glo Fiber Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	12,118	7,003
Commercial Fiber
Disaggregation of Revenue [Line Items]
Service revenue and other	9,377	11,698
RLEC & Other
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 3,383	$ 3,708

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Basis of Presentation and Other Information	3 Months Ended
Basis of Presentation and Other Information	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Information	Basis of Presentation and Other Information Shenandoah Telecommunications Company and its subsidiaries (collectively, “Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic and hybrid fiber coaxial cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel’s Broadband business also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). These integrated networks are connected by a fiber network. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an on-going basis we evaluate significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, impairment of goodwill and indefinite-lived intangible assets, intangible assets subject to amortization, the computation of income taxes and the fair value of interest rate swaps. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. Sale of Shentel’s Tower Portfolio On March 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company, completed the initial closing of its previously disclosed sale of substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC for $309.9 million (the “Tower Transaction”). The Company received $305.8 million, net of certain transaction costs at the time of the initial closing. At the initial close, the Company conveyed sites representing approximately 99.5% of the tower portfolio value. The Company expects to convey the remaining tower sites in the portfolio by the end of March 2025. The Tower Transaction was completed pursuant to the terms of a Purchase and Sale Agreement, dated February 29, 2024, as amended by Amendment No. 1 to the Purchase and Sale Agreement, dated March 29, 2024. The Tower Portfolio represented substantially all of the assets and operations in Shentel’s previously reported Tower Reporting Segment and the Tower Transaction represented a strategic shift in the Company’s business. Consequently, the Tower Portfolio has been reclassified as a discontinued operation. For all periods presented, the assets and liabilities that transferred in the Tower Transaction (the “disposal group”) are presented as held for sale in our unaudited condensed consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of comprehensive income and unaudited condensed consolidated statements of cash flows. Refer to Note 14, Discontinued Operations for more information regarding the presentation of the disposal group in the Company’s financial statements. As a result of the sale of the Tower Portfolio, the Company has one reportable segment. Consequently, segment reporting previously disclosed is no longer applicable. Adoption of New Accounting Standards There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2023, that would be expected to impact the Company.

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 6,010	$ 5,958
Interest rate swaps	1,735	798
Prepaid expenses and other	7,141	4,805
Deferred charges and other assets	$ 14,886	$ 11,561

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 214,696	$ 2,066

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Section 50
-Paragraph 3
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 28
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Components of Lease Costs

The components of lease costs were as follows:


	Classification	Three Months Ended March 31,
(in thousands)		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119
Interest on lease liabilities	Interest expense	19		20
Operating lease cost	Operating expense1	736		856
Lease cost		$	874	$	995

_________________________________________

(1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility.

Other information related to operating and finance leases was as follows:


	March 31, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	10.4		7.1
Weighted average discount rate	5.8	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	12.3		12.3
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended March 31,
(in thousands)	2024		2023
Cash paid for operating lease liabilities	$	765	$	877
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	1,737		1,493

Schedule of Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities as of March 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,893	$	73	$	1,966
2025	2,643		180		2,823
2026	1,841		153		1,994
2027	979		155		1,134
2028	698		158		856
2029 and thereafter	7,752		1,201		8,953
Total lease payments	15,806		1,920		17,726
Less: Interest	(5,178)		(507)		(5,685)
Present value of lease liabilities	$	10,628	$	1,413	$	12,041

Schedule of Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities as of March 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,893	$	73	$	1,966
2025	2,643		180		2,823
2026	1,841		153		1,994
2027	979		155		1,134
2028	698		158		856
2029 and thereafter	7,752		1,201		8,953
Total lease payments	15,806		1,920		17,726
Less: Interest	(5,178)		(507)		(5,685)
Present value of lease liabilities	$	10,628	$	1,413	$	12,041

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Selling, general and administrative	$ 572	$ 450
Depreciation and amortization	222	513
Total operating expenses	1,853	2,154
Operating income	2,689	2,422
Other (expense) income:
Gain on sale of disposition of Tower Portfolio	294,250	0
Income before income taxes	296,939	2,422
Income tax expense	78,153	1,097
Income from discontinued operations, net of tax	218,786	1,325
Service revenue and other
Revenues:
Revenue	4,542	4,576
Cost of services
Operating expenses:
Cost of services and cost of goods sold	$ 1,059	$ 1,191

Discontinued Operations

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

As discussed in Note 1, Basis of Presentation and Other Information above, the Tower Transaction represented a strategic shift in the Company’s business and the Tower Portfolio has been reclassified as a discontinued operation. As a result, for all periods presented, the assets and liabilities that transferred in the Tower Transaction disposal group are presented as held for sale in our unaudited condensed consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of comprehensive income and unaudited condensed consolidated statements of cash flows.

The carrying amounts of the major classes of assets and liabilities, classified as held for sale in the unaudited condensed consolidated balance sheets, were as follows:


(in thousands)	December 31, 2023
ASSETS
Property, plant and equipment, net	$	29,162
Operating lease right-of-use assets	37,616
Deferred charges and other assets	2,137
Noncurrent assets held for sale	$	68,915

LIABILITIES
Accrued liabilities and other current liabilities	$	3,602
Current liabilities held for sale	$	3,602

Deferred income taxes	$	2,483
Asset retirement obligations	9,516
Non-current operating lease liabilities	41,173
Other liabilities	3,524
Noncurrent liabilities held for sale	$	56,696

Income from discontinued operations, net of tax in the unaudited condensed consolidated statements of comprehensive income consist of the following for the periods ended:


(in thousands)	Three Months Ended March 31,
	2024		2023
Service revenue and other	$	4,542	$	4,576
Operating expenses:
Cost of services	1,059		1,191
Selling, general and administrative	572		450
Depreciation and amortization	222		513
Total operating expenses	1,853		2,154
Operating income	2,689		2,422
Other income:
Gain on sale of disposition of Tower Portfolio	294,250		—
Income before income taxes	296,939		2,422
Income tax expense	78,153		1,097
Income from discontinued operations, net of tax	$	218,786	$	1,325

Consummation of the sale triggered the recognition of approximately $4.4 million of incremental transaction costs during the three months ended March 31, 2024, for contingent deal advisory fees and legal expenses, which are netted against the gain on sale of disposition of Tower Portfolio.

Investments

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

Investments consist of the following:


(in thousands)	March 31, 2024		December 31, 2023
SERP investments at fair value	$	2,467	$	2,290
Cost method investments	10,708		10,675
Equity method investments	233		233
Total investments	$	13,408	$	13,198

SERP investments at fair value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy.

Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $10.1 million at both March 31, 2024 and December 31, 2023. We recognized approximately $0.3 million and $0.1 million of patronage income in other income for the three months ended March 31, 2024 and 2023, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2024.

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company files U.S. federal income tax returns and various state income tax returns. The Company is currently involved in one state income tax audit and no federal income tax audits as of March 31, 2024. The Company’s income tax returns are generally open to examination from 2020 forward and the net operating losses acquired in the acquisition of nTelos are open to examination from 2004 forward.

The effective tax rates for the three and three months ended March 31, 2024 and 2023, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items.


	Three Months Ended March 31,
(in thousands)	2024		2023
Expected tax (benefit) expense at federal statutory	$	(1,074)	$	299
State income tax (benefit) expense, net of federal tax effect	(262)		77

Excess tax deficiency from share-based compensation and other expense, net	310		306
Income tax (benefit) expense	$	(1,026)	$	682

The Company made no cash payments and received no cash refunds for income taxes for the three months ended March 31, 2024. The Company received $25.0 million in cash refunds for income taxes for the three months ended March 31, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 298,688	$ 300,000
Less: unamortized loan fees	(93)	(101)
Total debt, net of unamortized loan fees	298,595	299,899
Term loan A-1
Debt Instrument [Line Items]
Total debt	149,063	150,000
Term loan A-2
Debt Instrument [Line Items]
Total debt	$ 149,625	$ 150,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stock Compensation and Earnings (Loss) per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
(Loss) income from continuing operations	$ (4,090)	$ 741
Income from discontinued operations, net of tax	218,786	1,325
Net income	$ 214,696	$ 2,066
Weighted average shares outstanding, basic (in shares)	50,520	50,291
Basic net (loss) income per share - continuing operations (in dollars per share)	$ (0.08)	$ 0.01
Basic net income per share - discontinued operations (in dollars per share)	4.33	0.03
Basic net income per share (in dollars per share)	$ 4.25	$ 0.04
Effect from dilutive shares and options outstanding (in shares)	491	221
Diluted weighted average shares (in shares)	51,011	50,512
Diluted net income (loss) per share - continuing operations (in dollars per share)	$ (0.08)	$ 0.01
Diluted net income per share - discontinued operations (in dollars per share)	4.29	0.03
Diluted net income per share (in dollars per share)	$ 4.21	$ 0.04

Other Assets and Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

Prepaid expenses and other, classified as current assets, included the following:


(in thousands)	March 31, 2024		December 31, 2023
Prepaid maintenance expenses	$	7,365	$	5,157
Broadband contract acquisition costs	2,757		2,675
Interest rate swaps	2,626		1,443
Other	2,277		2,507
Prepaid expenses and other	$	15,025	$	11,782

Deferred charges and other assets, classified as long-term assets, included the following:


(in thousands)	March 31, 2024		December 31, 2023
Broadband contract acquisition costs	$	6,010	$	5,958
Interest rate swaps	1,735		798
Prepaid expenses and other	7,141		4,805
Deferred charges and other assets	$	14,886	$	11,561

Accrued liabilities and other, classified as current liabilities, included the following:


(in thousands)	March 31, 2024		December 31, 2023
Accrued programming costs	$	3,624	$	3,209
Other current liabilities	7,379		4,538
Accrued liabilities and other	$	11,003	$	7,747

Other liabilities, classified as long-term liabilities, included the following:


(in thousands)	March 31, 2024		December 31, 2023
Noncurrent portion of deferred lease revenue	$	14,346	$	14,670
Noncurrent portion of financing leases	1,306		1,395
Other	629		847
Other liabilities	$	16,281	$	16,912

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,756	$ 76,673
Gross carrying amount	28,935	28,935
Accumulated amortization and other	(27,852)	(27,729)
Total	1,083	1,206
Total intangible assets, gross carrying amount	108,935	108,852
Intangible assets, net	81,083	81,123
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,425	28,425
Accumulated amortization and other	(27,485)	(27,370)
Total	940	1,055
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	510	510
Accumulated amortization and other	(367)	(359)
Total	143	151
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	64,334	64,334
FCC Spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	12,122	12,122
Railroad crossing rights and other
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	300	217
Goodwill
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	3,244	3,244
Goodwill	$ 3,244	$ 3,244

Debt - Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Maturities of Long-term Debt [Abstract]
2024	$ 5,731
2025	8,568
2026	138,827
2027	1,450
2028	144,112
Total debt, net of unamortized loan fees	$ 298,688

Government Grants (Details) - USD ($) $ in Thousands	3 Months Ended
Government Grants (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Government Assistance [Abstract]
Increase (decrease) in grants receivable	$ 600
Government grants received	2,710	$ 0
Grants receivable	$ 2,800		$ 1,900

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Weighted-average customer benefit period	6 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 10.0
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 10.0
Performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 1.0
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 0.9
Performance obligation period	1 year

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 7,365	$ 5,157
Broadband contract acquisition costs	2,757	2,675
Interest rate swaps	2,626	1,443
Other	2,277	2,507
Prepaid expenses and other	$ 15,025	$ 11,782

Other Assets and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

Prepaid expenses and other, classified as current assets, included the following:


(in thousands)	March 31, 2024		December 31, 2023
Prepaid maintenance expenses	$	7,365	$	5,157
Broadband contract acquisition costs	2,757		2,675
Interest rate swaps	2,626		1,443
Other	2,277		2,507
Prepaid expenses and other	$	15,025	$	11,782

Schedule of Other Assets, Noncurrent

Deferred charges and other assets, classified as long-term assets, included the following:


(in thousands)	March 31, 2024		December 31, 2023
Broadband contract acquisition costs	$	6,010	$	5,958
Interest rate swaps	1,735		798
Prepaid expenses and other	7,141		4,805
Deferred charges and other assets	$	14,886	$	11,561

Summary of Accrued Liabilities and Other

Accrued liabilities and other, classified as current liabilities, included the following:


(in thousands)	March 31, 2024		December 31, 2023
Accrued programming costs	$	3,624	$	3,209
Other current liabilities	7,379		4,538
Accrued liabilities and other	$	11,003	$	7,747

Schedule of Other Noncurrent Liabilities

Other liabilities, classified as long-term liabilities, included the following:


(in thousands)	March 31, 2024		December 31, 2023
Noncurrent portion of deferred lease revenue	$	14,346	$	14,670
Noncurrent portion of financing leases	1,306		1,395
Other	629		847
Other liabilities	$	16,281	$	16,912

Basis of Presentation and Other Information (Policies)	3 Months Ended
Basis of Presentation and Other Information (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Sale of Shentel’s Tower portfolio	Sale of Shentel’s Tower Portfolio On March 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company, completed the initial closing of its previously disclosed sale of substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC for $309.9 million (the “Tower Transaction”). The Company received $305.8 million, net of certain transaction costs at the time of the initial closing. At the initial close, the Company conveyed sites representing approximately 99.5% of the tower portfolio value. The Company expects to convey the remaining tower sites in the portfolio by the end of March 2025. The Tower Transaction was completed pursuant to the terms of a Purchase and Sale Agreement, dated February 29, 2024, as amended by Amendment No. 1 to the Purchase and Sale Agreement, dated March 29, 2024. The Tower Portfolio represented substantially all of the assets and operations in Shentel’s previously reported Tower Reporting Segment and the Tower Transaction represented a strategic shift in the Company’s business. Consequently, the Tower Portfolio has been reclassified as a discontinued operation. For all periods presented, the assets and liabilities that transferred in the Tower Transaction (the “disposal group”) are presented as held for sale in our unaudited condensed consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of comprehensive income and unaudited condensed consolidated statements of cash flows. Refer to Note 14, Discontinued Operations for more information regarding the presentation of the disposal group in the Company’s financial statements. As a result of the sale of the Tower Portfolio, the Company has one reportable segment. Consequently, segment reporting previously disclosed is no longer applicable.
Adoption of New Accounting Standards	Adoption of New Accounting Standards There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2023, that would be expected to impact the Company.
Investments	SERP investments at fair value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $10.1 million at both March 31, 2024 and December 31, 2023. We recognized approximately $0.3 million and $0.1 million of patronage income in other income for the three months ended March 31, 2024 and 2023, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2024.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Horizon Transaction On April 1, 2024 (the “Closing Date”), Shentel completed its previously announced acquisition of Horizon Acquisition Parent LLC, a Delaware limited liability company (“Horizon”). On the Closing Date, Shentel acquired 100% of the outstanding equity interests of Horizon in exchange for (i) issuing 4,100,375 shares of Shentel’s common stock to a selling shareholder of Horizon; and (ii) paying $305 million in cash consideration to the other sellers and certain third parties, including Horizon’s existing lenders to discharge debt (collectively, the “Horizon Transaction”). The Horizon selling shareholder has agreed to an investor rights agreement with the Company that includes among other provision, a one year lockup period of common shares received. In addition, Shentel paid certain sellers an additional amount of approximately $39 million based on Horizon’s capital expenditures funded by capital contributions of such Sellers between July 1, 2023 and the Closing Date, plus interest in the amount of 6.00% per annum. Shentel is in the process of finalizing its evaluation of the tangible and intangible assets acquired and liabilities assumed, as well as the initial purchase price allocation as of the acquisition date, including the determination of any resulting goodwill; therefore, this information cannot be provided at this time. Series A Preferred Stock Contemporaneously with the Horizon Transaction, Shentel and Shentel Broadband Holding Inc., a wholly-owned subsidiary of Shentel (“Shentel Broadband”), entered into an investment agreement (the “Investment Agreement”) with a third party (the “Investor”). Subject to the terms and conditions set forth in the Investment Agreement, on the Closing Date, Shentel Broadband issued 81,000 shares of Shentel Broadband’s 7% Series A Participating Exchangeable Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), at a purchase price of $1,000 per share in exchange for $81 million in cash. The Series A Preferred Stock is exchangeable at the option of the Investor in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share (as it may be adjusted pursuant to the terms of the Investment Agreement, the “Exchange Price”). As a condition to closing the transactions contemplated by the Investment Agreement, Shentel completed a corporate reorganization of Shentel’s subsidiaries (the “Reorganization”). As a result of the Reorganization effected on the Closing Date, Shentel Broadband, both directly and through its subsidiaries, holds substantially all of the operating assets of Shentel. On the Closing Date, Shentel Broadband filed a certificate of designations with the Secretary of State of the State of Delaware authorizing 100,000 shares of Series A Preferred Stock and setting forth the powers, designations, preferences, rights, qualifications, limitations and restrictions of the Series A Preferred Stock (the “Certificate of Designations”). The Series A Preferred Stock ranks senior to Shentel’s Common Stock with respect to the payment of dividends and with respect to the distribution of assets upon Shentel Broadband’s liquidation, dissolution or winding up. Dividends on the Series A Preferred Stock accrue at 7% per annum compounded and payable quarterly in arrears, and, at Shentel’s option, may be paid in cash or in kind (such dividends paid in kind, “PIK Dividends”). The PIK Dividend rate is subject to increase to 8.5% and 10% after the fifth and seventh anniversaries of the Closing Date, respectively, to the extent any dividends accrued during the period from and including such anniversary dates are paid in the form of PIK Dividends. Beginning two years after the Closing Date, Shentel may require the Investor to exchange the Series A Preferred Stock for shares of Common Stock if the price per share of the Common Stock exceeds 125% of the Exchange Price, subject to certain conditions. After five years, Shentel may redeem all of the Series A Preferred Stock for the greater of (i) $1,000 per share, plus (a) any accrued PIK Dividend amount and (b) accrued and unpaid dividends to, but excluding the redemption date (to the extent such accrued and unpaid dividends are not included in such PIK Dividend amount), and (ii) the value of the shares of Common Stock for which such Series A Preferred Stock are exchangeable. Under the terms of the Investment Agreement, the Investor has the right to nominate a director to the Board so long as the Investor beneficially owns at least 7.5% of Shentel’s outstanding Common Stock (including on an as exchanged basis with respect to the Series A Preferred Stock). So long as the Investor beneficially owns at least 7.5% of Shentel’s outstanding Common Stock (including on an as exchanged basis with respect to the Series A Preferred Stock), the Investor is subject to certain standstill provisions and voting covenants and has certain other rights with respect to the shares of Series A Preferred Stock, including, among others, pre-emptive, information and participation rights. The shares of Series A Preferred Stock are subject to a lock-up until the first anniversary of the Closing Date and are subject to certain other transfer restrictions. Amendment No. 3 to Credit Agreement On April 1, 2024, Shentel entered into Amendment No. 3 to Credit Agreement, Incremental Term Loan Funding Agreement, Joinder and Assignment and Assumption (the “Third Amendment”) to its existing Credit Agreement, dated as of July 1, 2021, with various financial institutions party thereto (the “Lenders”) and CoBank, ACB, as administrative agent for the Lenders (as previously amended by Amendment No. 1 to Credit Agreement, dated as of May 17, 2023, and Consent and Amendment No. 2 to Credit Agreement, dated October 24, 2023, the “Credit Agreement”). The Third Amendment provides for, among other things, incremental delay draw term loan commitments under the Credit Agreement in an aggregate amount equal to $225 million and an increase in the revolving commitment under the Credit Agreement in an amount equal to $50 million.

Stock Compensation and Earnings (Loss) per Share - RSU & RTSR (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Outstanding awards (in shares) \| shares	825
Granted (in shares) \| shares	334
Vested (in shares) \| shares	(247)
Forfeited (in shares) \| shares	0
Outstanding awards (in shares) \| shares	912
Weighted Average Grant Price
Outstanding awards (in usd per share) \| $ / shares	$ 21.16
Granted (in usd per share) \| $ / shares	20.64
Vested (in usd per share) \| $ / shares	22.13
Forfeited (in usd per share) \| $ / shares	0
Outstanding awards (in usd per share) \| $ / shares	$ 20.73
Relative Total Shareholder Return Awards
Number of Shares
Outstanding awards (in shares) \| shares	293
Granted (in shares) \| shares	128
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding awards (in shares) \| shares	421
Weighted Average Grant Price
Outstanding awards (in usd per share) \| $ / shares	$ 25.80
Granted (in usd per share) \| $ / shares	22.30
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	0
Outstanding awards (in usd per share) \| $ / shares	$ 24.74

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Three Months Ended March 31,
(in thousands)		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119
Interest on lease liabilities	Interest expense	19		20
Operating lease cost	Operating expense1	736		856
Lease cost		$	874	$	995

_________________________________________

(1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of March 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,893	$	73	$	1,966
2025	2,643		180		2,823
2026	1,841		153		1,994
2027	979		155		1,134
2028	698		158		856
2029 and thereafter	7,752		1,201		8,953
Total lease payments	15,806		1,920		17,726
Less: Interest	(5,178)		(507)		(5,685)
Present value of lease liabilities	$	10,628	$	1,413	$	12,041

Other information related to operating and finance leases was as follows:


	March 31, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	10.4		7.1
Weighted average discount rate	5.8	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	12.3		12.3
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended March 31,
(in thousands)	2024		2023
Cash paid for operating lease liabilities	$	765	$	877
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	1,737		1,493

Leases

The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Three Months Ended March 31,
(in thousands)		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119
Interest on lease liabilities	Interest expense	19		20
Operating lease cost	Operating expense1	736		856
Lease cost		$	874	$	995

_________________________________________

(1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of March 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,893	$	73	$	1,966
2025	2,643		180		2,823
2026	1,841		153		1,994
2027	979		155		1,134
2028	698		158		856
2029 and thereafter	7,752		1,201		8,953
Total lease payments	15,806		1,920		17,726
Less: Interest	(5,178)		(507)		(5,685)
Present value of lease liabilities	$	10,628	$	1,413	$	12,041

Other information related to operating and finance leases was as follows:


	March 31, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	10.4		7.1
Weighted average discount rate	5.8	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	12.3		12.3
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended March 31,
(in thousands)	2024		2023
Cash paid for operating lease liabilities	$	765	$	877
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	1,737		1,493

Leases

The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Three Months Ended March 31,
(in thousands)		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119
Interest on lease liabilities	Interest expense	19		20
Operating lease cost	Operating expense1	736		856
Lease cost		$	874	$	995

_________________________________________

(1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of March 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,893	$	73	$	1,966
2025	2,643		180		2,823
2026	1,841		153		1,994
2027	979		155		1,134
2028	698		158		856
2029 and thereafter	7,752		1,201		8,953
Total lease payments	15,806		1,920		17,726
Less: Interest	(5,178)		(507)		(5,685)
Present value of lease liabilities	$	10,628	$	1,413	$	12,041

Other information related to operating and finance leases was as follows:


	March 31, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	10.4		7.1
Weighted average discount rate	5.8	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	12.3		12.3
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended March 31,
(in thousands)	2024		2023
Cash paid for operating lease liabilities	$	765	$	877
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	1,737		1,493

Discontinued Operations - Carrying Amounts of the Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Non-current assets held for sale	$ 0	$ 68,915
LIABILITIES
Current liabilities held for sale	0	3,602
Non-current liabilities held for sale	$ 0	56,696
Discontinued Operations, Held-for-sale
ASSETS
Property, plant and equipment, net		29,162
Operating lease right-of-use assets		37,616
Deferred charges and other assets		2,137
Non-current assets held for sale		68,915
LIABILITIES
Accrued liabilities and other current liabilities		3,602
Current liabilities held for sale		3,602
Deferred income taxes		2,483
Asset retirement obligations		9,516
Non-current operating lease liabilities		41,173
Other liabilities		3,524
Non-current liabilities held for sale		$ 56,696

Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Thousands	Apr. 01, 2024 USD ($) $ / shares shares
Revolving Credit Facility
Subsequent Event [Line Items]
Increase in maximum borrowing capacity	$ 50,000
Term Loan
Subsequent Event [Line Items]
Increase in maximum borrowing capacity	$ 225,000
Energy Capital Partners
Subsequent Event [Line Items]
Period for conversion of preferred stock	2 years
Preferred stock conversion common stock price trigger percentage	125.00%
Preferred stock redemption period	5 years
Energy Capital Partners \| Shentel Broadband Holding Inc.
Subsequent Event [Line Items]
Percentage of shares owned	7.50%
Shentel Broadband Holding Inc. \| Fifth Anniversary
Subsequent Event [Line Items]
Paid in kind dividend percentage	8.50%
Shentel Broadband Holding Inc. \| Seventh Anniversary
Subsequent Event [Line Items]
Paid in kind dividend percentage	10.00%
Series A Preferred Stock \| Shentel Broadband Holding Inc.
Subsequent Event [Line Items]
Dividend percentage	7.00%
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01
Preferred stock, shares authorized (in shares) \| shares	100,000
Series A Preferred Stock \| Shentel Broadband Holding Inc. \| Energy Capital Partners
Subsequent Event [Line Items]
Shares issued for acquisition (in shares) \| shares	81,000
Purchase price (in dollars per share) \| $ / shares	$ 1,000
Value of shares issued for acquisition	$ 81,000
Conversion price per share (in dollars per share) \| $ / shares	$ 24.50
Horizon Acquisition Parent LLC
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Equity interest issued (in shares) \| shares	4,100,375
Cash consideration	$ 305,000
Horizon Transaction
Subsequent Event [Line Items]
Capital expenditure	$ 39,000
Percentage of interest on capital expenditures	6.00%
Lockup period	1 year

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,389,696	$ 1,327,820
Less: accumulated depreciation and amortization	(493,488)	(477,483)
Property, plant and equipment, net	896,208	850,337
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 3,671	3,671
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 4,448	4,448
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 43,027	42,871
Buildings and structures \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Buildings and structures \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	45 years
Cable and fiber
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 833,360	799,612
Cable and fiber \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	15 years
Cable and fiber \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	30 years
Equipment and software
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 348,677	331,595
Equipment and software \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	4 years
Equipment and software \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	8 years
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,233,183	1,182,197
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 156,513	$ 145,623

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes


	Three Months Ended March 31,
(in thousands)	2024		2023
Expected tax (benefit) expense at federal statutory	$	(1,074)	$	299
State income tax (benefit) expense, net of federal tax effect	(262)		77

Excess tax deficiency from share-based compensation and other expense, net	310		306
Income tax (benefit) expense	$	(1,026)	$	682

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The Company’s revenues by activity type are as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023
Residential & SMB - Cable Markets	$	44,370	$	44,756
Residential & SMB - Glo Fiber Markets	12,118		7,003
Commercial Fiber	9,377		11,698
RLEC & Other	3,383		3,708
Service revenue and other	$	69,248	$	67,165

Contract Assets

The Company’s contract assets primarily include commissions incurred to acquire contracts with customers. The Company incurs commission expenses related to in-house and third-party vendors which are capitalized and amortized over the expected customer benefit period which is approximately six years. The Company’s current contract assets are included in prepaid expenses and other and the Company’s non-current contract assets are included in deferred charges and other assets in its unaudited condensed consolidated balance sheets. Amortization of capitalized commission expenses is recorded in selling, general and administrative expenses in the Company’s unaudited condensed consolidated statements of comprehensive income.

The following tables present the activity of current and non-current contract assets:


	Three Months Ended March 31,
(in thousands)	2024		2023
Beginning Balance	$	8,633	$	8,646
Commission payments	851		891
Contract asset amortization	(717)		(781)
Ending Balance	$	8,767	$	8,756

Contract Liabilities

The Company’s contract liabilities include services that are billed in advance and recorded as deferred revenue, as well as installation fees that are charged upfront without transfer of commensurate goods or services to the customer. The Company’s current contract liabilities are included in advanced billings and customer deposits in its unaudited condensed consolidated balance sheets and the Company’s non-current contract liabilities are included in other liabilities in its unaudited condensed consolidated balance sheets.

Shentel’s current contract liability balances were $10.0 million at both March 31, 2024 and December 31, 2023, respectively. Shentel’s non-current contract liability balances were $0.9 million and $1.0 million as of March 31, 2024 and December 31, 2023, respectively. Shentel expects its current contract liability balances to be recognized as revenues during the twelve-month periods following the respective balance sheet dates and its non-current contract liability balances to be recognized as revenues after the twelve-month periods following the respective balance sheet dates.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


	March 31, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	300		—		300		217		—		217
Total indefinite-lived intangibles	76,756		—		76,756		76,673		—		76,673

Finite-lived intangibles:
Subscriber relationships	28,425		(27,485)		940		28,425		(27,370)		1,055
Other intangibles	510		(367)		143		510		(359)		151
Total finite-lived intangibles	28,935		(27,852)		1,083		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	108,935	$	(27,852)	$	81,083	$	108,852	$	(27,729)	$	81,123

Amortization expense was $0.1 million during each of the three months ended March 31, 2024 and 2023.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 214,696	$ 2,066
Income from discontinued operations, net of tax	218,786	1,325
(Loss) income from continuing operations	(4,090)	741
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,443	15,269
Stock-based compensation expense, net of amount capitalized	3,966	3,717
Deferred income taxes	(1,026)	2,083
Provision for credit losses	756	383
Other, net	(184)	214
Changes in assets and liabilities:
Accounts receivable	1,726	4,488
Current income taxes	0	24,676
Operating lease assets and liabilities, net	75	2
Other assets	(4,495)	(904)
Accounts payable	(38)	(837)
Other deferrals and accruals	(1,218)	(4,152)
Net cash provided by operating activities - continuing operations	12,915	45,680
Net cash provided by operating activities - discontinued operations	2,243	2,644
Net cash provided by operating activities	15,158	48,324
Cash flows from investing activities:
Capital expenditures	(70,053)	(67,468)
Government grants received	2,710	0
Proceeds from sale of assets and other	0	101
Net cash used in investing activities - continuing operations	(67,343)	(67,367)
Net cash provided by (used in) investing activities - discontinued operations	305,827	(203)
Net cash provided by (used in) investing activities	238,484	(67,570)
Cash flows from financing activities:
Principal payments on long-term debt	(1,312)	0
Proceeds from credit facility borrowings	0	25,000
Taxes paid for equity award issuances	(1,456)	(1,156)
Payments for financing arrangements and other	(394)	(263)
Net cash (used in) provided by financing activities	(3,162)	23,581
Net increase in cash and cash equivalents	250,480	4,335
Cash and cash equivalents, beginning of period	139,255	44,061
Cash and cash equivalents, end of period	389,735	48,396
Supplemental Disclosures of Cash Flow Information
Interest paid	5,262	1,327
Income tax refunds received, net	$ 0	$ 25,030

Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Schedule of Other Investments

Investments consist of the following:


(in thousands)	March 31, 2024		December 31, 2023
SERP investments at fair value	$	2,467	$	2,290
Cost method investments	10,708		10,675
Equity method investments	233		233
Total investments	$	13,408	$	13,198

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	March 31, 2024		December 31, 2023
Land		$	3,671	$	3,671
Land improvements	10 years	4,448		4,448
Buildings and structures	10 - 45 years	43,027		42,871
Cable and fiber	15 - 30 years	833,360		799,612
Equipment and software	4 - 8 years	348,677		331,595
Plant in service		1,233,183		1,182,197
Plant under construction		156,513		145,623
Total property, plant and equipment		1,389,696		1,327,820
Less: accumulated depreciation and amortization		(493,488)		(477,483)
Property, plant and equipment, net		$	896,208	$	850,337

Basis of Presentation and Other Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 29, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reportable segments \| segment	1
Discontinued Operations, Held-for-sale \| Tower Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds		$ 309.9
Proceeds from sale of real estate portfolio	$ 305.8
Percentage of portfolio		99.50%

Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 8,633	$ 8,646
Commission payments	851	891
Contract asset amortization	(717)	(781)
Ending Balance	$ 8,767	$ 8,756

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares of Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2022		50,110,000
Beginning balance at Dec. 31, 2022	$ 638,007		$ 57,453	$ 580,554	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,066			2,066
Stock based compensation (in shares)		196,000
Stock-based compensation	3,852		3,852
Common stock issued (in shares)		1,000
Common stock issued	11		11
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(60,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,156)		(1,156)
Ending balance (in shares) at Mar. 31, 2023		50,247,000
Ending balance at Mar. 31, 2023	$ 642,780		60,160	582,620	0
Beginning balance (in shares) at Dec. 31, 2023	50,272,000	50,272,000
Beginning balance at Dec. 31, 2023	$ 652,670		66,933	584,069	1,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	214,696			214,696
Stock based compensation (in shares)		248,000
Stock-based compensation	4,135		4,135
Common stock issued (in shares)		0
Common stock issued	4		4
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(73,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,456)		(1,456)
Unrealized gain on interest rate hedge, net of tax	$ 1,594				1,594
Ending balance (in shares) at Mar. 31, 2024	50,447,000	50,447,000
Ending balance at Mar. 31, 2024	$ 871,643		$ 69,616	$ 798,765	$ 3,262

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt


(in thousands)	March 31, 2024		December 31, 2023
Term loan A-1	$	149,063	$	150,000
Term loan A-2	149,625		150,000
Total debt	298,688		300,000
Less: unamortized loan fees	(93)		(101)
Total debt, net of unamortized loan fees	$	298,595	$	299,899

Maturities of Long-term Debt

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of March 31, 2024:


(in thousands)	Amount
2024	$	5,731
2025	8,568
2026	138,827
2027	1,450
2028	144,112
Total	$	298,688

Interest Income and Interest Expense Disclosure

Interest expense recorded in Shentel’s unaudited condensed consolidated statements of comprehensive income consists of the following:


	Three Months Ended March 31,
(in thousands)	2024		2023
Interest expense	$	5,383	$	1,463
Less: capitalized interest	(1,307)		(1,071)
Interest expense, net of capitalized interest	$	4,076	$	392

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

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-Topic 470
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 3
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+ Details

Stock Compensation and Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation and Earnings (Loss) per Share

Activity related to the Company’s restricted stock units (“RSUs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2023	825	$	21.16
Granted	334	$	20.64
Vested	(247)	$	22.13
Forfeited	—	$	—
Outstanding awards, March 31, 2024	912	$	20.73

The total fair value of RSUs vested was $4.9 million during the three months ended March 31, 2024.

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2023	293	$	25.80
Granted	128	$	22.30
Vested	—	$	—
Forfeited	—	$	—
Outstanding awards, March 31, 2024	421	$	24.74

Stock-based compensation expense was as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023
Stock compensation expense	$	4,135	$	3,852
Capitalized stock compensation	(169)		(135)
Stock compensation expense, net	$	3,966	$	3,717

As of March 31, 2024, there was $13.8 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.3 years.

We utilize the treasury stock method to calculate the impact on diluted earnings (loss) per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings (loss) per share:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2024		2023
Calculation of net income per share:
(Loss) income from continuing operations	$	(4,090)	$	741
Total income from discontinued operations, net of tax	218,786		1,325
Net income	$	214,696	$	2,066

Basic weighted average shares outstanding	50,520		50,291

Basic net (loss) income per share - continuing operations	$	(0.08)	$	0.01
Basic net income per share - discontinued operations	4.33		0.03
Basic net income per share	$	4.25	$	0.04

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,520		50,291
Effect from dilutive shares and options outstanding	491		221
Diluted weighted average shares outstanding	51,011		50,512

Diluted net (loss) income per share - continuing operations	$	(0.08)	$	0.01
Diluted net income per share - discontinued operations	4.29		0.03
Diluted net income per share	$	4.21	$	0.04

There were approximately 462,000 and 478,000 anti-dilutive equity awards outstanding during the three months ended March 31, 2024 and 2023, respectively.

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax (benefit) expense at federal statutory	$ (1,074)	$ 299
State income tax (benefit) expense, net of federal tax effect	(262)	77
Excess tax deficiency from share-based compensation and other expense, net	310	306
Income tax (benefit) expense	$ (1,026)	$ 682

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Derivatives and Hedging - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 652,670	$ 638,007
Unrealized gain on interest rate hedge, net of tax	1,594	0
Ending balance	871,643	642,780
Gain on Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2,241
Unrealized gain on interest rate hedge, net of tax	2,120
Ending balance	4,361
Income tax expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(573)
Unrealized gain on interest rate hedge, net of tax	(526)
Ending balance	(1,099)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,668	0
Ending balance	$ 3,262	$ 0

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accounts payable	$ 50,281		$ 53,546
Depreciation and amortization	17,300	$ 15,100
Goodwill
Property, Plant and Equipment [Line Items]
Accounts payable	$ 48,400		$ 51,100

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	March 31, 2024		December 31, 2023
Land		$	3,671	$	3,671
Land improvements	10 years	4,448		4,448
Buildings and structures	10 - 45 years	43,027		42,871
Cable and fiber	15 - 30 years	833,360		799,612
Equipment and software	4 - 8 years	348,677		331,595
Plant in service		1,233,183		1,182,197
Plant under construction		156,513		145,623
Total property, plant and equipment		1,389,696		1,327,820
Less: accumulated depreciation and amortization		(493,488)		(477,483)
Property, plant and equipment, net		$	896,208	$	850,337

Property, plant and equipment, net increased due primarily to capital expenditures driven by the Company’s Glo Fiber market expansion. The Company’s accounts payable as of March 31, 2024 and December 31, 2023 included amounts associated with capital expenditures of approximately $48.4 million and $51.1 million, respectively. Depreciation and amortization expense was $17.3 million and $15.1 million during the three months ended March 31, 2024 and 2023, respectively.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Activity Type

The Company’s revenues by activity type are as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023
Residential & SMB - Cable Markets	$	44,370	$	44,756
Residential & SMB - Glo Fiber Markets	12,118		7,003
Commercial Fiber	9,377		11,698
RLEC & Other	3,383		3,708
Service revenue and other	$	69,248	$	67,165

Schedule of Amortized and Capitalized Contract Cost

The following tables present the activity of current and non-current contract assets:


	Three Months Ended March 31,
(in thousands)	2024		2023
Beginning Balance	$	8,633	$	8,646
Commission payments	851		891
Contract asset amortization	(717)		(781)
Ending Balance	$	8,767	$	8,756

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-09881
Entity Registrant Name	SHENANDOAH TELECOMMUNICATIONS COMPANY
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1162807
Entity Address, Address Line One	500 Shentel Way
Entity Address, City or Town	Edinburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22824
City Area Code	540
Local Phone Number	984-4141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	SHEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		54,547,093
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000354963
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 14,346	$ 14,670
Noncurrent portion of financing leases	1,306	1,395
Other	629	847
Other liabilities	$ 16,281	$ 16,912

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Amortization of leased assets	$ 119	$ 119
Interest on lease liabilities	19	20
Operating lease cost	736	856
Lease cost	$ 874	$ 995

Leases - Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Operating Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 765	$ 877
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	$ 1,737	$ 1,493

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,624	$ 3,209
Other current liabilities	7,379	4,538
Accrued liabilities and other	$ 11,003	$ 7,747

Discontinued Operations - Narrative (Details) $ in Millions	3 Months Ended
Discontinued Operations - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Incremental selling costs	$ 4.4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.1	$ 0.1

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

The carrying amounts of the major classes of assets and liabilities, classified as held for sale in the unaudited condensed consolidated balance sheets, were as follows:


(in thousands)	December 31, 2023
ASSETS
Property, plant and equipment, net	$	29,162
Operating lease right-of-use assets	37,616
Deferred charges and other assets	2,137
Noncurrent assets held for sale	$	68,915

LIABILITIES
Accrued liabilities and other current liabilities	$	3,602
Current liabilities held for sale	$	3,602

Deferred income taxes	$	2,483
Asset retirement obligations	9,516
Non-current operating lease liabilities	41,173
Other liabilities	3,524
Noncurrent liabilities held for sale	$	56,696

Income from discontinued operations, net of tax in the unaudited condensed consolidated statements of comprehensive income consist of the following for the periods ended:


(in thousands)	Three Months Ended March 31,
	2024		2023
Service revenue and other	$	4,542	$	4,576
Operating expenses:
Cost of services	1,059		1,191
Selling, general and administrative	572		450
Depreciation and amortization	222		513
Total operating expenses	1,853		2,154
Operating income	2,689		2,422
Other income:
Gain on sale of disposition of Tower Portfolio	294,250		—
Income before income taxes	296,939		2,422
Income tax expense	78,153		1,097
Income from discontinued operations, net of tax	$	218,786	$	1,325

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 3
-SubTopic 10
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+ Details

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Leases
2024 (remainder of the year)	$ 1,893
2025	2,643
2026	1,841
2027	979
2028	698
2029 and thereafter	7,752
Total lease payments	15,806
Less: Interest	(5,178)
Present value of lease liabilities	10,628
Finance Leases
2024 (remainder of the year)	73
2025	180
2026	153
2027	155
2028	158
2029 and thereafter	1,201
Total lease payments	1,920
Less: Interest	(507)
Present value of lease liabilities	1,413
Total
2024 (remainder of the year)	1,966
2025	2,823
2026	1,994
2027	1,134
2028	856
2029 and thereafter	8,953
Total lease payments	17,726
Less: Interest	(5,685)
Present value of lease liabilities	$ 12,041

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 389,735	$ 139,255
Accounts receivable, net of allowance for credit losses of $1,064 and $886, respectively	18,228	19,782
Income taxes receivable	2,618	4,691
Prepaid expenses and other	15,025	11,782
Current assets held for sale	561	561
Total current assets	426,167	176,071
Investments	13,408	13,198
Property, plant and equipment, net	896,208	850,337
Goodwill and intangible assets, net	81,083	81,123
Operating lease right-of-use assets	14,170	13,024
Deferred charges and other assets	14,886	11,561
Non-current assets held for sale	0	68,915
Total assets	1,445,922	1,214,229
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	7,879	7,095
Accounts payable	50,281	53,546
Advanced billings and customer deposits	12,267	12,394
Accrued compensation	7,337	11,749
Current operating lease liabilities	2,266	2,222
Accrued liabilities and other	11,003	7,747
Current liabilities held for sale	0	3,602
Total current liabilities	91,033	98,355
Long-term debt, less current maturities, net of unamortized loan fees	290,716	292,804
Other long-term liabilities:
Deferred income taxes	163,726	85,664
Benefit plan obligations	4,161	3,943
Non-current operating lease liabilities	8,362	7,185
Other liabilities	16,281	16,912
Non-current liabilities held for sale	0	56,696
Total other long-term liabilities	192,530	170,400
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common stock, no par value, authorized $96,000; $50,447 and $50,272 issued and outstanding at March 31, 2024 and December 31, 2023, respectively	0	0
Additional paid in capital	69,616	66,933
Retained earnings	798,765	584,069
Accumulated other comprehensive income, net of taxes	3,262	1,668
Total shareholders’ equity	871,643	652,670
Total liabilities and shareholders’ equity	$ 1,445,922	$ 1,214,229