0001628280-24-045986 | 10-Q | XBRL Viewer | Shenandoah Telecommunications Cova

Leases

9 Months Ended

Sep. 30, 2024

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 September 30,				Nine Months Ended September 30,
(in thousands)		2024		2023		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	188	$	120	$	478	$	358
Interest on lease liabilities	Interest expense	27		20		70		59
Operating lease cost	Operating expense1	1,266		711		3,106		2,359
Lease cost		$	1,481	$	851	$	3,654	$	2,776

_________________________________________

(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 September 30, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,230	$	76	$	1,306
2025	3,899		416		4,315
2026	2,836		400		3,236
2027	1,957		203		2,160
2028	1,651		158		1,809
2029 and thereafter	8,463		1,201		9,664
Total lease payments	20,036		2,454		22,490
Less: Interest	(5,062)		(509)		(5,571)
Present value of lease liabilities	$	14,974	$	1,945	$	16,919

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


	September 30, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	8.5		7.1
Weighted average discount rate	6.0	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	9.1		12.3
Weighted average discount rate	5.3	%	5.2	%


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Cash paid for operating lease liabilities	$	1,312	$	896	$	3,130	$	2,498
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	148		621		2,132		2,308

The Company also has arrangements which generate lease revenue through operating lease agreements for the use of fiber capacity of its fiber network assets. Contract terms for these arrangements can range from 1 to 40 years and are billed monthly. Lease revenue from these arrangements was $1.8 million and $4.1 million for the three and nine months ended September 30, 2024, respectively, and $0.7 million and $2.0 million for the three and nine months ended September 30, 2023, respectively. These amounts are presented in service revenue and other in the Company’s unaudited condensed consolidated statements of operations. Contractual minimum rental receipts expected under the lease agreements in place as of September 30, 2024 is as follows:


(in thousands)	Operating Leases
2024 (remainder of the year)	$	1,304
2025	5,015
2026	4,256
2027	3,861
2028	3,623
2029 and thereafter	24,641
Total	$	42,700

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 September 30,				Nine Months Ended September 30,
(in thousands)		2024		2023		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	188	$	120	$	478	$	358
Interest on lease liabilities	Interest expense	27		20		70		59
Operating lease cost	Operating expense1	1,266		711		3,106		2,359
Lease cost		$	1,481	$	851	$	3,654	$	2,776

_________________________________________

(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 September 30, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,230	$	76	$	1,306
2025	3,899		416		4,315
2026	2,836		400		3,236
2027	1,957		203		2,160
2028	1,651		158		1,809
2029 and thereafter	8,463		1,201		9,664
Total lease payments	20,036		2,454		22,490
Less: Interest	(5,062)		(509)		(5,571)
Present value of lease liabilities	$	14,974	$	1,945	$	16,919

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


	September 30, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	8.5		7.1
Weighted average discount rate	6.0	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	9.1		12.3
Weighted average discount rate	5.3	%	5.2	%


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Cash paid for operating lease liabilities	$	1,312	$	896	$	3,130	$	2,498
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	148		621		2,132		2,308


(in thousands)	Operating Leases
2024 (remainder of the year)	$	1,304
2025	5,015
2026	4,256
2027	3,861
2028	3,623
2029 and thereafter	24,641
Total	$	42,700

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 September 30,				Nine Months Ended September 30,
(in thousands)		2024		2023		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	188	$	120	$	478	$	358
Interest on lease liabilities	Interest expense	27		20		70		59
Operating lease cost	Operating expense1	1,266		711		3,106		2,359
Lease cost		$	1,481	$	851	$	3,654	$	2,776

_________________________________________

(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 September 30, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,230	$	76	$	1,306
2025	3,899		416		4,315
2026	2,836		400		3,236
2027	1,957		203		2,160
2028	1,651		158		1,809
2029 and thereafter	8,463		1,201		9,664
Total lease payments	20,036		2,454		22,490
Less: Interest	(5,062)		(509)		(5,571)
Present value of lease liabilities	$	14,974	$	1,945	$	16,919

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


	September 30, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	8.5		7.1
Weighted average discount rate	6.0	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	9.1		12.3
Weighted average discount rate	5.3	%	5.2	%


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Cash paid for operating lease liabilities	$	1,312	$	896	$	3,130	$	2,498
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	148		621		2,132		2,308


(in thousands)	Operating Leases
2024 (remainder of the year)	$	1,304
2025	5,015
2026	4,256
2027	3,861
2028	3,623
2029 and thereafter	24,641
Total	$	42,700

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,567	$ 3,209
Other current liabilities	10,427	4,538
Accrued liabilities and other	$ 13,994	$ 7,747

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sublease income	$ 1.8	$ 0.7	$ 4.1	$ 2.0
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lessor contract term	1 year		1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lessor contract term	40 years		40 years

Discontinued Operations - Narrative (Details) $ in Millions	9 Months Ended
Discontinued Operations - Narrative (Details) $ in Millions	Sep. 30, 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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF TEMPORARY EQUITY AND 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	0
Beginning balance at Dec. 31, 2022	$ 0
Ending balance (in shares) at Sep. 30, 2023	0
Ending balance at Sep. 30, 2023	$ 0
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 (loss) income	5,449			5,449
Stock based compensation (in shares)		220,000
Stock-based compensation	8,950		8,950
Common stock issued (in shares)		1,000
Common stock issued	32		32
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(67,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,317)		(1,317)
Net change in unrealized (loss) gain	3,242
Unrealized loss on interest rate hedge, net of tax	3,242				3,242
Amounts reclassified from accumulated other comprehensive income to interest expense	0
Ending balance (in shares) at Sep. 30, 2023		50,264,000
Ending balance at Sep. 30, 2023	$ 654,363		65,118	586,003	3,242
Beginning balance (in shares) at Jun. 30, 2023	0
Beginning balance at Jun. 30, 2023	$ 0
Ending balance (in shares) at Sep. 30, 2023	0
Ending balance at Sep. 30, 2023	$ 0
Beginning balance (in shares) at Jun. 30, 2023		50,264,000
Beginning balance at Jun. 30, 2023	649,425		62,888	584,410	2,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	1,593			1,593
Stock based compensation (in shares)		0
Stock-based compensation	2,220		2,220
Common stock issued	10		10
Net change in unrealized (loss) gain	1,115
Unrealized loss on interest rate hedge, net of tax	1,115				1,115
Amounts reclassified from accumulated other comprehensive income to interest expense	0
Ending balance (in shares) at Sep. 30, 2023		50,264,000
Ending balance at Sep. 30, 2023	$ 654,363		65,118	586,003	3,242
Beginning balance (in shares) at Dec. 31, 2023	0
Beginning balance at Dec. 31, 2023	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable noncontrolling interest (in shares)	81,000
Issuance of redeemable noncontrolling interest	$ 79,380
Preferred stock dividends	$ (1,638)			(1,638)
Preferred stock dividends (in shares)	0
Preferred stock dividends	$ 1,638
Ending balance (in shares) at Sep. 30, 2024	81,000
Ending balance at Sep. 30, 2024	$ 81,018
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 (loss) income	196,561			196,561
Stock based compensation (in shares)		285,000
Stock-based compensation	8,239		8,239
Common stock issued (in shares)		4,101,000
Common stock issued	71,862		71,862
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(85,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,671)		(1,671)
Net change in unrealized (loss) gain	479				479
Amounts reclassified from accumulated other comprehensive income to interest expense	$ (1,144)				(1,144)
Ending balance (in shares) at Sep. 30, 2024	54,573,000	54,573,000
Ending balance at Sep. 30, 2024	$ 925,358		145,363	778,992	1,003
Beginning balance (in shares) at Jun. 30, 2024	81,000
Beginning balance at Jun. 30, 2024	$ 79,380
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividends	$ (1,638)			(1,638)
Preferred stock dividends (in shares)	0
Preferred stock dividends	$ 1,638
Ending balance (in shares) at Sep. 30, 2024	81,000
Ending balance at Sep. 30, 2024	$ 81,018
Beginning balance (in shares) at Jun. 30, 2024		54,572,000
Beginning balance at Jun. 30, 2024	933,082		143,784	785,893	3,405
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(5,263)			(5,263)
Stock based compensation (in shares)		0
Stock-based compensation	1,566		1,566
Common stock issued (in shares)		1,000
Common stock issued	13		13
Net change in unrealized (loss) gain	(1,686)				(1,686)
Amounts reclassified from accumulated other comprehensive income to interest expense	$ (716)				(716)
Ending balance (in shares) at Sep. 30, 2024	54,573,000	54,573,000
Ending balance at Sep. 30, 2024	$ 925,358		$ 145,363	$ 778,992	$ 1,003

Government Grants	9 Months Ended
Government Grants	Sep. 30, 2024
Government Assistance [Abstract]
Government Grants	Government Grants During the nine months ended September 30, 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 $11.1 million and $0.4 million in cash reimbursements during the nine months ended September 30, 2024 and 2023, respectively, and had approximately $5.3 million and $1.9 million in accounts receivable as of September 30, 2024 and December 31, 2023, respectively. Prior to the Horizon Transaction, Horizon entered into agreements with the Department of Development in Ohio under the state’s Ohio Residential Broadband Expansion program. As part of these agreements, Horizon committed to expand its broadband network resulting in total project costs of $57.4 million, with government matching grants totaling $30.1 million. Approximately $18.0 million of the grant was paid to Horizon up-front, while the remainder will be paid upon the achievement of specified milestones. Shentel assumed these agreements as a result of the Horizon Transaction and is therefore obligated under these programs to continue the build-out of this network. If Shentel fails to complete the build-out, Shentel may be required to repay a portion or all of the grant that Horizon received prior to the acquisition. Consequently, the portion of the up-front grant payment associated with unfulfilled obligations is recorded in other liabilities in the Company’s unaudited condensed consolidated balance sheets. Consistent with Shentel’s existing policy for accounting for government grants, the Company reclassifies amounts from other liabilities to reduce the related property, plant and equipment as the Company fulfills its obligations under this grant program. As of September 30, 2024, $3.5 million of this liability remained in other liabilities. Post acquisition, Horizon was also granted $27.5 million by the NTIA under its Middle Mile Grant Program. The Company has not received any cash reimbursements under the Middle Mile Grant Program as of September 30, 2024.

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred revenue	$ 24,473	$ 14,670
Noncurrent portion of finance leases	1,616	1,395
Other	4,919	847
Other liabilities	$ 31,008	$ 16,912

Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 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)	September 30, 2024		December 31, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	1,309	$	1,443
Deferred charges and other assets	69		798
Total derivatives designated as hedging instruments	$	1,378	$	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, June 30, 2024	$	4,550	$	(1,145)	$	3,405
Net change in unrealized loss	(2,226)		540		(1,686)
Amounts reclassified to interest expense	(946)		230		(716)
Net current period other comprehensive income (loss)	(3,172)		770		(2,402)
Balance, September 30, 2024	$	1,378	$	(375)	$	1,003


(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	619		(140)		479
Amounts reclassified to interest expense	(1,482)		338		(1,144)
Net current period other comprehensive income (loss)	(863)		198		(665)
Balance, September 30, 2024	$	1,378	$	(375)	$	1,003


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, June 30, 2023	$	2,866	$	(739)	$	2,127
Net change in unrealized gain	1,503		(388)		1,115
Balance, September 30, 2023	$	4,369	$	(1,127)	$	3,242


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2022	$	—	$	—	$	—
Net change in unrealized gain	4,369		(1,127)		3,242
Balance, September 30, 2023	$	4,369	$	(1,127)	$	3,242

Derivatives and Hedging - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 933,082	$ 649,425	$ 652,670	$ 638,007
Ending balance	925,358	654,363	925,358	654,363
Gain on Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4,550	2,866	2,241	0
Net change in unrealized loss	(2,226)	1,503	619	4,369
Amounts reclassified to interest expense	(946)		(1,482)
Net current period other comprehensive income (loss)	(3,172)		(863)
Ending balance	1,378	4,369	1,378	4,369
Income tax expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,145)	(739)	(573)	0
Net change in unrealized loss	540	(388)	(140)	(1,127)
Amounts reclassified to interest expense	230		338
Net current period other comprehensive income (loss)	770		198
Ending balance	(375)	(1,127)	(375)	(1,127)
Accumulated Other Comprehensive Income, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3,405	2,127	1,668	0
Net change in unrealized loss	(1,686)	1,115	479	3,242
Amounts reclassified to interest expense	(716)		(1,144)
Net current period other comprehensive income (loss)	(2,402)		(665)
Ending balance	$ 1,003	$ 3,242	$ 1,003	$ 3,242

- Definition

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

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+ Details

Debt- Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Debt- Interest Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest expense	$ 6,158	$ 2,719	$ 17,755	$ 6,286
Less: capitalized interest	(2,490)	(1,521)	(6,015)	(3,791)
Interest expense, net of capitalized interest	$ 3,668	$ 1,198	$ 11,740	$ 2,495

Income Taxes

9 Months Ended

Sep. 30, 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 September 30, 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 nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Expected tax (benefit) expense at federal statutory	$	(1,437)	$	46	$	(6,286)	$	357
State income tax (benefit) expense, net of federal tax effect	(367)		11		(1,603)		91
Excess tax deficiency from share-based compensation and other expense, net	262		342		121		2,092
Income tax (benefit) expense	$	(1,542)	$	399	$	(7,768)	$	2,540

The Company made $8.0 million in payments and received $1.3 million in refunds for income taxes for the nine months ended September 30, 2024. The Company received $25.6 million in cash refunds for income taxes for the nine months ended September 30, 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Acquisition of Horizon - Schedule of Preliminary Purchase Price Allocation (Details) - Horizon Transaction - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 01, 2024
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Current and other assets		$ 9,806
Property, plant and equipment		382,695
Goodwill	$ 68,400	68,437
Intangible assets		14,249
Operating lease right-of-use assets		7,792
Other long-term assets		1,843
Total assets acquired		484,822
Current liabilities		16,056
Deferred tax liabilities		30,371
Non-current operating lease liabilities		4,706
Government grant liabilities		7,122
Other long-term liabilities		10,373
Total liabilities assumed		68,628
Net assets acquired		$ 416,194

Debt - Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Maturities of Long-term Debt [Abstract]
2024 (remainder of the year)	$ 2,201
2025	8,755
2026	139,074
2027	2,419
2028	192,708
Total debt, net of unamortized loan fees	$ 345,157

Other Assets and Accrued Liabilities

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

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


(in thousands)	September 30, 2024		December 31, 2023
Prepaid maintenance expenses	$	8,520	$	5,157
Broadband contract acquisition costs	3,039		2,675
Interest rate swaps	1,309		1,443
Other	4,321		2,507
Prepaid expenses and other	$	17,189	$	11,782

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


(in thousands)	September 30, 2024		December 31, 2023
Broadband contract acquisition costs	$	6,634	$	5,958
Interest rate swaps	69		798
Prepaid expenses and other	6,308		4,805
Deferred charges and other assets	$	13,011	$	11,561

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


(in thousands)	September 30, 2024		December 31, 2023
Accrued programming costs	$	3,567	$	3,209
Other current liabilities	10,427		4,538
Accrued liabilities and other	$	13,994	$	7,747

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


(in thousands)	September 30, 2024		December 31, 2023
Noncurrent portion of deferred revenue	$	24,473	$	14,670
Noncurrent portion of finance leases	1,616		1,395
Other	4,919		847
Other liabilities	$	31,008	$	16,912

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 6,634	$ 5,958
Interest rate swaps	69	798
Prepaid expenses and other	6,308	4,805
Deferred charges and other assets	$ 13,011	$ 11,561

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Resulting from Acquisition

Goodwill and intangible assets consisted of the following:


	September 30, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	71,681	$	—	$	71,681	$	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	526		—		526		217		—		217
Total indefinite-lived intangibles	76,982		—		76,982		76,673		—		76,673

Finite-lived intangibles:
Subscriber relationships	42,448		(28,417)		14,031		28,425		(27,370)		1,055
Other intangibles	510		(382)		128		510		(359)		151
Total finite-lived intangibles	42,958		(28,799)		14,159		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	191,621	$	(28,799)	$	162,822	$	108,852	$	(27,729)	$	81,123

Schedule of Finite-Lived Intangible Assets

Goodwill and intangible assets consisted of the following:


	September 30, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	71,681	$	—	$	71,681	$	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	526		—		526		217		—		217
Total indefinite-lived intangibles	76,982		—		76,982		76,673		—		76,673

Finite-lived intangibles:
Subscriber relationships	42,448		(28,417)		14,031		28,425		(27,370)		1,055
Other intangibles	510		(382)		128		510		(359)		151
Total finite-lived intangibles	42,958		(28,799)		14,159		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	191,621	$	(28,799)	$	162,822	$	108,852	$	(27,729)	$	81,123

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Activity Type

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Residential & SMB - Incumbent Broadband Markets1	$	44,225	$	43,679	$	133,555	$	132,838
Residential & SMB - Glo Fiber Expansion Markets2	15,100		9,325		41,311		24,492
Commercial Fiber	20,257		10,415		49,555		32,366
RLEC & Other	8,017		3,990		18,225		11,522
Service revenue and other	$	87,599	$	67,409	$	242,646	$	201,218

_______________________________________________________

1.Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings.

2.Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and former Horizon markets.

Schedule of Amortized and Capitalized Contract Cost

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Beginning Balance	$	9,345	$	8,742	$	8,633	$	8,646
Commission payments	1,050		755		3,465		2,439
Contract asset amortization	(722)		(822)		(2,425)		(2,410)
Ending Balance	$	9,673	$	8,675	$	9,673	$	8,675

Acquisition of Horizon

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Acquisition of Horizon

The Company accounted for the Horizon Transaction under the acquisition method of accounting, in accordance with FASB Accounting Standards Codification (“ASC”) 805, “Business Combinations.” Under the acquisition method of accounting, the total purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed in connection with the acquisition based on their estimated fair values. Fair values are determined using the income approach, market approach and/or cost approach depending on the nature of the asset or liability being valued and the reliability of available information. The income approach estimates fair value by discounting associated lifetime expected future cash flows to their present value and relies on significant assumptions regarding future revenues, expenses, working capital levels and discount rates. The market approach estimates fair value by analyzing recent actual market transactions for similar assets or liabilities. The cost approach estimates fair value based on the expected cost to replace or reproduce the asset or liability and relies on assumptions regarding the occurrence and extent of any physical, functional and/or economic obsolescence.

The total purchase price used to apply the acquisition method was $416.2 million, which consisted of $349.4 million of cash consideration paid and $71.8 million of common stock, representing the fair value of 4,100,375 shares of Shentel’s common stock issued to a selling shareholder of Horizon. The fair value of Shentel’s common stock issued was determined on the basis

of the opening market price of the common stock on the acquisition date. The purchase price is subject to adjustment for certain working capital adjustments and post-closing indemnities. The cash consideration paid was primarily financed with proceeds from the sale of Shentel’s Tower Portfolio and cash on-hand.

The allocation of the purchase price was based upon management’s preliminary valuation of the fair values of tangible and intangible assets acquired and liabilities assumed in the Horizon Transaction, with the excess recorded as goodwill. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. The fair value of acquired identifiable assets and liabilities, including but not limited to, property, plant and equipment, intangible assets, operating lease right-of-use assets, deferred tax liabilities, and non-current operating lease liabilities, and the resulting impact on goodwill recognized, are provisional pending receipt of the final valuations for these balances.


(in thousands)	Amount
Current and other assets	$	9,806
Property, plant and equipment	382,695
Goodwill	68,437
Intangible assets	14,249
Operating lease right-of-use assets	7,792
Other long-term assets	1,843
Total assets acquired	484,822

Current liabilities	16,056
Deferred tax liabilities	30,371
Non-current operating lease liabilities	4,706
Government grant liabilities	7,122
Other long-term liabilities	10,373
Total liabilities assumed	68,628

Net assets acquired	$	416,194

During the three months ended September 30, 2024, the Company recorded certain measurement period adjustments based on additional information, primarily related to acquired property, plant and equipment, acquired leases and certain liabilities assumed, resulting in a decrease to goodwill of $6.2 million. Finalization of the purchase price allocations is dependent on final review and acceptance of the independent appraiser’s valuation report.

Current and other assets acquired include $5.4 million of accounts receivable, net of allowance for credit losses of $0.3 million. Intangible assets acquired primarily relate to customer relationships. The customer relationships are valued using the cost approach to determine the cost that would be incurred to replace these assets. These represent finite-lived intangibles which are being amortized over the assets’ useful lives, which is estimated to be ten years.

The Company has included the results of the operations of Horizon for financial reporting purposes for the period subsequent to the date of acquisition.

In connection with the acquisition, Shentel incurred integration and acquisition-related costs of $1.7 million and $13.6 million related to banking, legal, accounting, severance and other similar expenses for the three and nine months ended September 30, 2024, respectively. Shentel incurred acquisition-related costs of $1.1 million and $1.6 million related to banking, legal, accounting, and other similar expenses for the three and nine months ended September 30, 2023, respectively. These costs are recorded as integration and acquisition expenses in the Company’s unaudited condensed consolidated statements of operations.

Horizon’s revenue of $16.9 million and loss before income taxes of $4.0 million for the three months ended September 30, 2024 and Horizon’s revenue of $33.7 million and loss before income taxes of $11.3 million for the period between April 1, 2024 and September 30, 2024 are included in Shentel’s unaudited condensed consolidated statements of operations for both the

three and nine months ended September 30, 2024, respectively. The unaudited pro forma results of the Company, as if the Horizon Transaction had occurred on January 1, 2023, were as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
(in thousands)	2024	2023		2024		2023
Operating revenues	N/A	$	84,058	$	258,516	$	250,806
Loss before income taxes	N/A	$	(3,117)	$	(34,872)	$	(10,207)

The pro forma disclosures shown above are based upon estimated preliminary valuations of the assets acquired and liabilities assumed as well as preliminary estimates of depreciation and amortization charges thereon, that may differ from the final fair values of the acquired assets and assumed liabilities and the resulting depreciation and amortization charges thereon. Other pro forma adjustments include the following:

•historical depreciation expense was adjusted for the fair value adjustment increasing the basis of property, plant and equipment and shorter estimated useful lives to conform to the Company’s standard policy and the acceleration of depreciation on certain equipment;

•incremental amortization due to the customer-based contract rights associated with acquired customers; and

•removal of Horizon’s interest expense and amortization of deferred financing fees due to the repayment of the outstanding principal of Horizon’s debt.

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gross trade receivables	$ 22.1	$ 17.6
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]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 11.6
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]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 5.3
Performance obligation period	1 year

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remainder of the year)	$ 1,304
2025	5,015
2026	4,256
2027	3,861
2028	3,623
2029 and thereafter	24,641
Total	$ 42,700

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Expected tax (benefit) expense at federal statutory	$	(1,437)	$	46	$	(6,286)	$	357
State income tax (benefit) expense, net of federal tax effect	(367)		11		(1,603)		91
Excess tax deficiency from share-based compensation and other expense, net	262		342		121		2,092
Income tax (benefit) expense	$	(1,542)	$	399	$	(7,768)	$	2,540

Acquisition of Horizon - Unaudited Pro forma Results of the Company (Details) - Horizon Transaction - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition, Pro Forma Information [Abstract]
Operating revenues	$ 16,900	$ 84,058	$ 33,700	$ 258,516	$ 250,806
Loss before income taxes	$ 4,000	$ (3,117)	$ 11,300	$ (34,872)	$ (10,207)

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Schedule of Other Investments

Investments consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
SERP investments at fair value	$	2,649	$	2,290
Cost method investments	12,493		10,675
Equity method investments	227		233
Total investments	$	15,369	$	13,198

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	September 30, 2024		December 31, 2023
Land		$	4,514	$	3,671
Land improvements	10 years	4,448		4,448
Buildings and structures	10 - 45 years	51,874		42,871
Cable and fiber	12 - 30 years	1,213,698		799,612
Equipment and software	4 - 12 years	395,661		331,595
Plant in service		1,670,195		1,182,197
Plant under construction		231,247		145,623
Total property, plant and equipment		1,901,442		1,327,820
Less: accumulated depreciation and amortization		(516,087)		(477,483)
Property, plant and equipment, net		$	1,385,355	$	850,337

Property, plant and equipment, net increased due primarily to capital expenditures driven by the Company’s assets acquired as a result of the Horizon Transaction and Glo Fiber market expansion. The Company’s accounts payable as of September 30, 2024 and December 31, 2023 included amounts associated with capital expenditures of approximately $61.6 million and $51.1 million, respectively. Depreciation and amortization expense was $27.2 million and $16.0 million during the three months ended September 30, 2024 and 2023, respectively, and $69.6 million and $46.7 million during the nine months ended September 30, 2024 and 2023, respectively.

Other Assets and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

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


(in thousands)	September 30, 2024		December 31, 2023
Prepaid maintenance expenses	$	8,520	$	5,157
Broadband contract acquisition costs	3,039		2,675
Interest rate swaps	1,309		1,443
Other	4,321		2,507
Prepaid expenses and other	$	17,189	$	11,782

Schedule of Other Assets, Noncurrent

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


(in thousands)	September 30, 2024		December 31, 2023
Broadband contract acquisition costs	$	6,634	$	5,958
Interest rate swaps	69		798
Prepaid expenses and other	6,308		4,805
Deferred charges and other assets	$	13,011	$	11,561

Schedule of Accrued Liabilities and Other

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


(in thousands)	September 30, 2024		December 31, 2023
Accrued programming costs	$	3,567	$	3,209
Other current liabilities	10,427		4,538
Accrued liabilities and other	$	13,994	$	7,747

Schedule of Other Noncurrent Liabilities

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


(in thousands)	September 30, 2024		December 31, 2023
Noncurrent portion of deferred revenue	$	24,473	$	14,670
Noncurrent portion of finance leases	1,616		1,395
Other	4,919		847
Other liabilities	$	31,008	$	16,912

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,901,442	$ 1,327,820
Less: accumulated depreciation and amortization	(516,087)	(477,483)
Property, plant and equipment, net	1,385,355	850,337
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	1,670,195	1,182,197
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 4,514	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	$ 51,874	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	$ 1,213,698	799,612
Cable and fiber \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	12 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	$ 395,661	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	12 years
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 231,247	$ 145,623

Leases - Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Operating Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,312	$ 896	$ 3,130	$ 2,498
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	$ 148	$ 621	$ 2,132	$ 2,308

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 8, 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 believe that the final outcome of any matters that we are currently involved in are reasonably likely to have a material adverse effect on our business, financial condition, results of operations or cash flows

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,574	$ 886
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	54,573,000	50,272,000
Common stock, shares, outstanding (in shares)	54,573,000	50,272,000

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 01, 2024
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 500	$ 200	$ 1,100	$ 400
Horizon Transaction
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 68,400		68,400		$ 68,437
Horizon Transaction \| Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired			14,000
Horizon Transaction \| Other intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired			$ 200

- 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, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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 [Member]	Service revenue and other [Member]
Service revenue and other	$ 87,599	$ 67,409	$ 242,646	$ 201,218
Operating expenses:
Cost of services exclusive of depreciation and amortization	34,415	26,268	94,941	76,451
Selling, general and administrative	28,006	22,952	86,223	74,021
Integration and acquisition	1,673	1,146	13,616	1,578
Impairment expense	0	1,532	0	2,552
Depreciation and amortization	27,681	16,121	70,703	47,037
Total operating expenses	91,775	68,019	265,483	201,639
Operating loss	(4,176)	(610)	(22,837)	(421)
Other (expense) income:
Interest expense	(3,668)	(1,198)	(11,740)	(2,495)
Other income, net	998	2,024	4,642	4,615
(Loss) income from continuing operations before income taxes	(6,846)	216	(29,935)	1,699
Income tax (benefit) expense	(1,542)	399	(7,768)	2,540
Loss from continuing operations	(5,304)	(183)	(22,167)	(841)
Discontinued operations:
Income from discontinued operations, net of tax	41	1,776	1,923	6,290
Gain on the sale of discontinued operations, net of tax	0	0	216,805	0
Total income from discontinued operations, net of tax	41	1,776	218,728	6,290
Net (loss) income	(5,263)	1,593	196,561	5,449
Net income attributable to redeemable noncontrolling interest	1,638	0	1,638	0
Net (loss) income	$ (6,901)	$ 1,593	$ 194,923	$ 5,449
Net (loss) income per share attributable to common shareholders, basic and diluted:
Basic - Loss from continuing operations (in dollars per share)	$ (0.13)	$ 0	$ (0.45)	$ (0.02)
Diluted - Loss from continuing operations (in dollars per share)	(0.13)	0	(0.45)	(0.02)
Basic - Income from discontinued operations, net of tax (in dollars per share)	0	0.03	4.10	0.13
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0	0.03	4.10	0.13
Basic net (loss) income per share (in dollars per share)	(0.13)	0.03	3.65	0.11
Diluted net (loss) income per share (in dollars per share)	$ (0.13)	$ 0.03	$ 3.65	$ 0.11
Weighted average shares outstanding, basic (in shares)	54,781	50,379	53,370	50,346
Weighted average shares outstanding, diluted (in shares)	54,781	50,379	53,370	50,346

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 2,649		$ 2,649			$ 2,290
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	11,800		11,800		$ 1,600	$ 10,100
Other nonoperating income (expense)	$ 400	$ 100	$ 1,100	$ 400
Percentage of patronage credit paid in cash	88.00%		88.00%
Percentage of patronage credit paid in share	12.00%		12.00%

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Components of Lease Costs

The components of lease costs were as follows:


	Classification	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)		2024		2023		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	188	$	120	$	478	$	358
Interest on lease liabilities	Interest expense	27		20		70		59
Operating lease cost	Operating expense1	1,266		711		3,106		2,359
Lease cost		$	1,481	$	851	$	3,654	$	2,776

_________________________________________

(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:


	September 30, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	8.5		7.1
Weighted average discount rate	6.0	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	9.1		12.3
Weighted average discount rate	5.3	%	5.2	%


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Cash paid for operating lease liabilities	$	1,312	$	896	$	3,130	$	2,498
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	148		621		2,132		2,308

Schedule of Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities as of September 30, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,230	$	76	$	1,306
2025	3,899		416		4,315
2026	2,836		400		3,236
2027	1,957		203		2,160
2028	1,651		158		1,809
2029 and thereafter	8,463		1,201		9,664
Total lease payments	20,036		2,454		22,490
Less: Interest	(5,062)		(509)		(5,571)
Present value of lease liabilities	$	14,974	$	1,945	$	16,919

Schedule of Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities as of September 30, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2024 (remainder of the year)	$	1,230	$	76	$	1,306
2025	3,899		416		4,315
2026	2,836		400		3,236
2027	1,957		203		2,160
2028	1,651		158		1,809
2029 and thereafter	8,463		1,201		9,664
Total lease payments	20,036		2,454		22,490
Less: Interest	(5,062)		(509)		(5,571)
Present value of lease liabilities	$	14,974	$	1,945	$	16,919

Schedule of Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases

Contractual minimum rental receipts expected under the lease agreements in place as of September 30, 2024 is as follows:


(in thousands)	Operating Leases
2024 (remainder of the year)	$	1,304
2025	5,015
2026	4,256
2027	3,861
2028	3,623
2029 and thereafter	24,641
Total	$	42,700

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 345,157	$ 300,000
Less: unamortized loan fees	(598)	(101)
Total debt, net of unamortized loan fees	344,559	299,899
Term loan A-1
Debt Instrument [Line Items]
Total debt	146,279	150,000
Term loan A-2
Debt Instrument [Line Items]
Total debt	148,878	150,000
Term loan A-3
Debt Instrument [Line Items]
Total debt	$ 50,000	$ 0

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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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

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 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 operations consist of the following for the periods:


(in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Service revenue and other	$	—	$	4,644	$	4,542	$	13,973
Operating expenses:
Cost of services	—		1,694		1,059		4,265
Selling, general and administrative	—		304		572		1,103
Depreciation and amortization	—		549		222		1,600
Total operating expenses	—		2,547		1,853		6,968
Operating income	—		2,097		2,689		7,005
Other income:
Gain on sale of disposition of Tower Portfolio	—		—		294,250		—
Other income (expense)	55		—		(74)		—
Income before income taxes	55		2,097		296,865		7,005
Income tax expense	14		321		78,137		715
Income from discontinued operations, net of tax	$	41	$	1,776	$	218,728	$	6,290

- 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

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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (paid) refunds received, net	$ 8.0
Income tax (paid) refunds received, net	$ 1.3	$ 25.6

Stock Compensation and Earnings (Loss) per Share - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 1,566	$ 2,220	$ 8,239	$ 8,950
Capitalized stock compensation	(182)	(176)	(619)	(586)
Stock compensation expense, net	$ 1,384	$ 2,044	$ 7,620	$ 8,364

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,982	$ 76,673
Gross carrying amount	42,958	28,935
Accumulated amortization and other	(28,799)	(27,729)
Total	14,159	1,206
Total intangible assets, gross carrying amount	191,621	108,852
Intangible assets, net	162,822	81,123
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	42,448	28,425
Accumulated amortization and other	(28,417)	(27,370)
Total	14,031	1,055
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	510	510
Accumulated amortization and other	(382)	(359)
Total	128	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	526	217
Goodwill
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	71,681	3,244
Goodwill	$ 71,681	$ 3,244

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		54,602,146
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	Q3
Amendment Flag	false

Stock Compensation and Earnings (Loss) per Share

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation and Earnings (Loss) per Share

Activity related to the Company’s equity compensation, which includes the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”), 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	403	$	20.22
Adjustments for PSU performance	(79)	$	19.29
Vested	(284)	$	21.93
Forfeited	(22)	$	20.07
Outstanding awards, September 30, 2024	843	$	20.68

The total fair value of RSUs vested was $5.5 million during the nine months ended September 30, 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	136	$	22.30
Adjustments for RTSR performance	(27)	$	34.05
Vested	(32)	$	34.05
Forfeited	(16)	$	23.24
Outstanding awards, September 30, 2024	354	$	23.20

The total fair value of RTSRs vested was $0.5 million during the nine months ended September 30, 2024.

Stock-based compensation expense was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Stock compensation expense	$	1,566	$	2,220	$	8,239	$	8,950
Capitalized stock compensation	(182)		(176)		(619)		(586)
Stock compensation expense, net	$	1,384	$	2,044	$	7,620	$	8,364

As of September 30, 2024, there was $9.2 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.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2024		2023		2024		2023
Calculation of net (loss) income per share:
Loss from continuing operations	$	(5,304)	$	(183)	$	(22,167)	$	(841)
Total income from discontinued operations, net of tax	41		1,776		218,728		6,290
Net (loss) income	$	(5,263)	$	1,593	$	196,561	$	5,449

Amounts attributable to common shareholders
Loss from continuing operations	$	(6,942)	$	(183)	$	(23,805)	$	(841)
Total income from discontinued operations	41		1,776		218,728		6,290
Net (loss) income attributable to common shareholders	$	(6,901)	$	1,593	$	194,923	$	5,449

Basic weighted average shares outstanding	54,781		50,379		53,370		50,346

Per share amounts attributable to common shareholders
Basic - Loss from continuing operations	$	(0.13)	$	—	$	(0.45)	$	(0.02)
Basic - Income from discontinued operations, net of tax	—		0.03		4.10		0.13
Basic net (loss) income per share	$	(0.13)	$	0.03	$	3.65	$	0.11

Effect of dilutive instruments outstanding:
Basic weighted average shares outstanding	54,781		50,379		53,370		50,346
Effect from dilutive shares and options outstanding	—		—		—		—
Diluted weighted average shares outstanding	54,781		50,379		53,370		50,346

Diluted - Loss from continuing operations	$	(0.13)	$	—	$	(0.45)	$	(0.02)
Diluted - Income from discontinued operations, net of tax	—		0.03		4.10		0.13
Diluted net (loss) income per share	$	(0.13)	$	0.03	$	3.65	$	0.11

The Company determines the dilutive impact of equity awards and the Series A Preferred Stock (on an as-converted basis) by applying the treasury stock method and the if-converted method, respectively. There were approximately 423,000 and 373,000 potentially dilutive equity awards during the three and nine months ended September 30, 2024, respectively; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods. There were also approximately 3,373,000 potentially dilutive shares related to the Series A Preferred Stock (on an as-converted basis) during both the three and nine months ended September 30, 2024; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company’s loss from continuing operations for the periods. There were approximately 457,000 and 277,000 potentially dilutive equity awards during the three and nine months ended September 30, 2023, respectively; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods.

Redeemable Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Jul. 15, 2024	Apr. 01, 2024	Sep. 30, 2024
Redeemable Noncontrolling Interest [Line Items]
Issuance of redeemable noncontrolling interest (in shares)			81,000
Issuance of redeemable noncontrolling interest			$ 79,380
Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, par value (in dollars per share)		$ 0.01
Preferred stock, shares authorized (in shares)			100,000
Preferred stock, shares outstanding (in shares)			81,000
Payments of stock issuance costs			$ 1,600
Dividends, preferred stock, paid-in-kind	$ 1,600
Shentel Broadband Holding Inc. \| Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)			3,372,979
Shentel Broadband Holding Inc. \| Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Issuance of redeemable noncontrolling interest (in shares)		81,000
Issuance of redeemable noncontrolling interest		$ 81,000
Preferred stock, par value (in dollars per share)		$ 0.01
Preferred stock, shares authorized (in shares)		100,000
Shentel Broadband Holding Inc. \| Series A Preferred Stock \| Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Issuance of redeemable noncontrolling interest (in shares)		81,000
Issuance of redeemable noncontrolling interest		$ 81,000
Conversion price per share (in dollars per share)		$ 24.50

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Shentel Broadband Operations LLC, an indirect wholly owned subsidiary of 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, (ii) Consent and Amendment No. 2 to Credit Agreement, dated as of October 24, 2023, and (iii) Amendment No. 3, dated as of April 1, 2024, the “Credit Agreement”), with various financial institutions party thereto (the “Lenders”) and CoBank, ACB, as administrative agent for the Lenders, which contains (i) a $150 million available revolving credit facility due June 2026 (the “Revolver”), (ii) a $150 million delayed draw amortizing term loan due June 2026 (“Term Loan A-1”), (iii) a $150 million delayed draw amortizing term loan due June 2028 (“Term Loan A-2”), and (iv) a $225 million delayed draw amortizing term loan due July 2028 (“Term Loan A-3” and collectively with Term Loan A-1 and Term Loan A-2, the “Term Loans”). The following loans were outstanding under the Credit Agreement:


(in thousands)	September 30, 2024		December 31, 2023
Term loan A-1	$	146,279	$	150,000
Term loan A-2	148,878		150,000
Term loan A-3	50,000		—
Total debt	345,157		300,000
Less: unamortized loan fees	(598)		(101)
Total debt, net of unamortized loan fees	$	344,559	$	299,899

Both Term Loan A-1 and Term Loan A-2 bore interest at one-month LIBOR plus a margin until May 2023 and now bear interest at one-month term Secured Overnight Financing Rate (“SOFR”) plus a margin. Term Loan A-3 also bears interest at one-month term SOFR plus a margin. The margin is variable and determined by the Company’s net leverage ratio. Interest is paid monthly. The interest rate for Term Loan A-1, A-2, and A-3 at September 30, 2024 was 6.45%, 6.70%, and 6.95%, respectively. The interest rate was 6.95% for both Term Loan A-1 and Term Loan A-2 at December 31, 2023.

Interest expense recorded in Shentel’s unaudited condensed consolidated statements of operations consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Interest expense	$	6,158	$	2,719	$	17,755	$	6,286
Less: capitalized interest	(2,490)		(1,521)		(6,015)		(3,791)
Interest expense, net of capitalized interest	$	3,668	$	1,198	$	11,740	$	2,495

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 September 30, 2024, Term Loan A-1 required quarterly principal repayments of 1.25% quarterly from September 30, 2024 through March 31, 2026, with the remaining balance due July 1, 2026. Based on the outstanding balance as of September 30, 2024, Term Loan A-2 requires quarterly principal repayments of 0.25% through March 31, 2028, with the remaining balance due July 1, 2028. Based on the outstanding balance as of September 30, 2024, Term Loan A-3 requires quarterly principal repayments of 0.25% from June 30, 2025 through March 31, 2027; then increasing to 1.25% quarterly from June 30, 2027 through March 31, 2028, with the remaining balance due July 1, 2028.

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

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of September 30, 2024:


(in thousands)	Amount
2024 (remainder of the year)	$	2,201
2025	8,755
2026	139,074
2027	2,419
2028	192,708
Total	$	345,157

Although no borrowings have been executed under the Revolver, Shentel has executed letter of credit arrangements totaling $7.1 million that reduce the available balance of the Revolver. The letter of credit arrangements were executed primarily pursuant to the requirements of the National Telecommunications and Information (“NTIA”) government grant program, discussed further in Note 14, Government Grants. These amounts are not considered borrowed, as no cash has been disbursed to Shentel or other parties.

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.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: 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
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Discontinued Operations

9 Months Ended

Sep. 30, 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 the Company’s 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 operations 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 operations consist of the following for the periods:


(in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Service revenue and other	$	—	$	4,644	$	4,542	$	13,973
Operating expenses:
Cost of services	—		1,694		1,059		4,265
Selling, general and administrative	—		304		572		1,103
Depreciation and amortization	—		549		222		1,600
Total operating expenses	—		2,547		1,853		6,968
Operating income	—		2,097		2,689		7,005
Other income:
Gain on sale of disposition of Tower Portfolio	—		—		294,250		—
Other income (expense)	55		—		(74)		—
Income before income taxes	55		2,097		296,865		7,005
Income tax expense	14		321		78,137		715
Income from discontinued operations, net of tax	$	41	$	1,776	$	218,728	$	6,290

Consummation of the sale triggered the recognition of approximately $4.4 million of incremental transaction costs during the nine months ended September 30, 2024, for contingent deal advisory fees and legal expenses, which are netted against the gain on sale of disposition of Tower Portfolio.

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Selling, general and administrative	$ 0	$ 304	$ 572	$ 1,103
Depreciation and amortization	0	549	222	1,600
Total operating expenses	0	2,547	1,853	6,968
Operating income	0	2,097	2,689	7,005
Other (expense) income:
Gain on sale of disposition of Tower Portfolio	0	0	294,250	0
Other income (expense)	55
Other income (expense)		0	(74)	0
Income before income taxes	55	2,097	296,865	7,005
Income tax expense	14	321	78,137	715
Income from discontinued operations, net of tax	41	1,776	218,728	6,290
Service revenue and other
Revenues:
Revenue	0	4,644	4,542	13,973
Cost of services
Operating expenses:
Cost of services and cost of goods sold	$ 0	$ 1,694	$ 1,059	$ 4,265

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Amortization of leased assets	$ 188	$ 120	$ 478	$ 358
Interest on lease liabilities	27	20	70	59
Operating lease cost	1,266	711	3,106	2,359
Lease cost	$ 1,481	$ 851	$ 3,654	$ 2,776

Derivatives and Hedging - Narrative (Details) - Interest rate swaps $ in Millions	Sep. 30, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Derivative, variable interest rate	2.90%
Payments for derivative instruments	$ 150.0
Expected outstanding debt	50.00%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ 196,561	$ 5,449
Income from discontinued operations, net of tax	218,728	6,290
Loss from continuing operations	(22,167)	(841)
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of business acquisition
Depreciation and amortization	70,703	47,037
Stock-based compensation expense, net of amount capitalized	7,620	8,364
Impairment expense	0	2,552
Deferred income taxes	(7,768)	3,211
Provision for credit losses	1,748	1,837
Gain on sale of FCC spectrum licenses	0	(1,328)
Other, net	903	5
Changes in assets and liabilities:
Accounts receivable	(630)	1,257
Current income taxes	1,154	25,108
Operating lease assets and liabilities, net	(123)	(156)
Other assets	(3,045)	2,914
Accounts payable	(583)	(3,458)
Other deferrals and accruals	564	(4,220)
Net cash provided by operating activities - continuing operations	48,376	82,282
Net cash (used in) provided by operating activities - discontinued operations	(6,405)	9,407
Net cash provided by operating activities	41,971	91,689
Cash flows from investing activities:
Capital expenditures	(226,452)	(189,343)
Government grants received	11,094	448
Cash disbursed for acquisition, net of cash acquired	(347,411)	0
Proceeds from the sale of FCC spectrum licenses	0	17,300
Proceeds from sale of assets and other	1,846	566
Net cash used in investing activities - continuing operations	(560,923)	(171,029)
Net cash provided by (used in) investing activities - discontinued operations	305,827	(1,459)
Net cash used in investing activities	(255,096)	(172,488)
Cash flows from financing activities:
Principal payments on long-term debt	(4,843)	0
Proceeds from credit facility borrowings	50,000	75,000
Payments for debt amendment costs	(4,570)	(300)
Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid	79,380	0
Taxes paid for equity award issuances	(1,671)	(1,317)
Payments for financing arrangements and other	(1,327)	(679)
Net cash provided by financing activities	116,969	72,704
Net decrease in cash and cash equivalents	(96,156)	(8,095)
Cash and cash equivalents, beginning of period	139,255	44,061
Cash and cash equivalents, end of period	43,099	35,966
Supplemental Disclosures of Cash Flow Information
Interest paid, net of amounts capitalized	(8,935)	(1,633)
Income tax (paid) refunds received, net	$ (6,657)	$ 25,481

Government Grants (Details) - USD ($) $ in Thousands		9 Months Ended
Government Grants (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Government Assistance [Line Items]
Increase (decrease) in grants receivable		$ 600
Government grants received		11,094	$ 448
Grants receivable		5,300		$ 1,900
Government assistance, liability, noncurrent		3,500
OHIO
Government Assistance [Line Items]
Project costs	$ 57,400
Government assistance award amount	30,100
Government grant paid to Horizon up-front	$ 18,000
Middle Mile Grant Program
Government Assistance [Line Items]
Government assistance award amount		$ 27,500

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accounts payable	$ 65,952		$ 65,952		$ 53,546
Depreciation and amortization	27,200	$ 16,000	69,600	$ 46,700
Goodwill
Property, Plant and Equipment [Line Items]
Accounts payable	$ 61,600		$ 61,600		$ 51,100

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
2024 (remainder of the year)	$ 1,230
2025	3,899
2026	2,836
2027	1,957
2028	1,651
2029 and thereafter	8,463
Total lease payments	20,036
Less: Interest	(5,062)
Present value of lease liabilities	14,974
Finance Leases
2024 (remainder of the year)	76
2025	416
2026	400
2027	203
2028	158
2029 and thereafter	1,201
Total lease payments	2,454
Less: Interest	(509)
Present value of lease liabilities	1,945
Total
2024 (remainder of the year)	1,306
2025	4,315
2026	3,236
2027	2,160
2028	1,809
2029 and thereafter	9,664
Total lease payments	22,490
Less: Interest	(5,571)
Present value of lease liabilities	$ 16,919

Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 9,345	$ 8,742	$ 8,633	$ 8,646
Commission payments	1,050	755	3,465	2,439
Contract asset amortization	(722)	(822)	(2,425)	(2,410)
Ending Balance	$ 9,673	$ 8,675	$ 9,673	$ 8,675

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

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of restricted stock shares activity

Activity related to the Company’s equity compensation, which includes the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”), 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	403	$	20.22
Adjustments for PSU performance	(79)	$	19.29
Vested	(284)	$	21.93
Forfeited	(22)	$	20.07
Outstanding awards, September 30, 2024	843	$	20.68

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	136	$	22.30
Adjustments for RTSR performance	(27)	$	34.05
Vested	(32)	$	34.05
Forfeited	(16)	$	23.24
Outstanding awards, September 30, 2024	354	$	23.20

Schedule of stock compensation expense

Stock-based compensation expense was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Stock compensation expense	$	1,566	$	2,220	$	8,239	$	8,950
Capitalized stock compensation	(182)		(176)		(619)		(586)
Stock compensation expense, net	$	1,384	$	2,044	$	7,620	$	8,364

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 September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2024		2023		2024		2023
Calculation of net (loss) income per share:
Loss from continuing operations	$	(5,304)	$	(183)	$	(22,167)	$	(841)
Total income from discontinued operations, net of tax	41		1,776		218,728		6,290
Net (loss) income	$	(5,263)	$	1,593	$	196,561	$	5,449

Amounts attributable to common shareholders
Loss from continuing operations	$	(6,942)	$	(183)	$	(23,805)	$	(841)
Total income from discontinued operations	41		1,776		218,728		6,290
Net (loss) income attributable to common shareholders	$	(6,901)	$	1,593	$	194,923	$	5,449

Basic weighted average shares outstanding	54,781		50,379		53,370		50,346

Per share amounts attributable to common shareholders
Basic - Loss from continuing operations	$	(0.13)	$	—	$	(0.45)	$	(0.02)
Basic - Income from discontinued operations, net of tax	—		0.03		4.10		0.13
Basic net (loss) income per share	$	(0.13)	$	0.03	$	3.65	$	0.11

Effect of dilutive instruments outstanding:
Basic weighted average shares outstanding	54,781		50,379		53,370		50,346
Effect from dilutive shares and options outstanding	—		—		—		—
Diluted weighted average shares outstanding	54,781		50,379		53,370		50,346

Diluted - Loss from continuing operations	$	(0.13)	$	—	$	(0.45)	$	(0.02)
Diluted - Income from discontinued operations, net of tax	—		0.03		4.10		0.13
Diluted net (loss) income per share	$	(0.13)	$	0.03	$	3.65	$	0.11

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt


(in thousands)	September 30, 2024		December 31, 2023
Term loan A-1	$	146,279	$	150,000
Term loan A-2	148,878		150,000
Term loan A-3	50,000		—
Total debt	345,157		300,000
Less: unamortized loan fees	(598)		(101)
Total debt, net of unamortized loan fees	$	344,559	$	299,899

Interest Income and Interest Expense Disclosure

Interest expense recorded in Shentel’s unaudited condensed consolidated statements of operations consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Interest expense	$	6,158	$	2,719	$	17,755	$	6,286
Less: capitalized interest	(2,490)		(1,521)		(6,015)		(3,791)
Interest expense, net of capitalized interest	$	3,668	$	1,198	$	11,740	$	2,495

Maturities of Long-term Debt

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of September 30, 2024:


(in thousands)	Amount
2024 (remainder of the year)	$	2,201
2025	8,755
2026	139,074
2027	2,419
2028	192,708
Total	$	345,157

- 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.

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+ Details

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 43,099	$ 139,255
Accounts receivable, net of allowance for credit losses of $1,574 and $886, respectively	32,526	19,782
Income taxes receivable	4,700	4,691
Prepaid expenses and other	17,189	11,782
Current assets held for sale	0	561
Total current assets	97,514	176,071
Investments	15,369	13,198
Property, plant and equipment, net	1,385,355	850,337
Goodwill and intangible assets, net	162,822	81,123
Operating lease right-of-use assets	20,738	13,024
Deferred charges and other assets	13,011	11,561
Non-current assets held for sale	0	68,915
Total assets	1,694,809	1,214,229
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	8,628	7,095
Accounts payable	65,952	53,546
Advanced billings and customer deposits	15,212	12,394
Accrued compensation	16,030	11,749
Current operating lease liabilities	3,317	2,222
Accrued liabilities and other	13,994	7,747
Current liabilities held for sale	0	3,602
Total current liabilities	123,133	98,355
Long-term debt, less current maturities, net of unamortized loan fees	335,931	292,804
Other long-term liabilities:
Deferred income taxes	181,613	85,664
Benefit plan obligations	5,091	3,943
Non-current operating lease liabilities	11,657	7,185
Other liabilities	31,008	16,912
Non-current liabilities held for sale	0	56,696
Total other long-term liabilities	229,369	170,400
Commitments and contingencies (Note 15)
Temporary equity:
Redeemable noncontrolling interest	81,018	0
Shareholders’ equity:
Common stock, no par value, authorized $96,000; $54,573 and $50,272 issued and outstanding at September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid in capital	145,363	66,933
Retained earnings	778,992	584,069
Accumulated other comprehensive income, net of taxes	1,003	1,668
Total shareholders’ equity	925,358	652,670
Total liabilities, temporary equity and shareholders’ equity	$ 1,694,809	$ 1,214,229

Revenue from Contracts with Customers - Revenues By Activity Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 87,599	$ 67,409	$ 242,646	$ 201,218
Residential & SMB - Incumbent Broadband Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	44,225	43,679	133,555	132,838
Residential & SMB - Glo Fiber Expansion Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	15,100	9,325	41,311	24,492
Commercial Fiber
Disaggregation of Revenue [Line Items]
Service revenue and other	20,257	10,415	49,555	32,366
RLEC & Other
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 8,017	$ 3,990	$ 18,225	$ 11,522

- 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.

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+ Details

Basis of Presentation and Other Information - Horizon Transaction (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Apr. 01, 2024	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Issuance of redeemable noncontrolling interest (in shares)		81,000
Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase in maximum borrowing capacity	$ 50.0
Term Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase in maximum borrowing capacity	$ 225.0
Energy Capital Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [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.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of shares owned	7.50%
Series A Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)		100,000
Shentel Broadband Holding Inc. \| Fifth Anniversary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Paid in kind dividend percentage	8.50%
Shentel Broadband Holding Inc. \| Seventh Anniversary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Paid in kind dividend percentage	10.00%
Shentel Broadband Holding Inc. \| Series A Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Dividend percentage	7.00%
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	100,000
Issuance of redeemable noncontrolling interest (in shares)	81,000
Shentel Broadband Holding Inc. \| Series A Preferred Stock \| Energy Capital Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price (in dollars per share)	$ 1,000
Conversion price per share (in dollars per share)	$ 24.50
Issuance of redeemable noncontrolling interest (in shares)	81,000
Horizon Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Equity interest issued (in shares)	4,100,375
Cash consideration	$ 349.4
Lockup period	1 year
Horizon Transaction \| Other Sellers and Certain Third Parties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration	$ 305.0

Derivatives and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 1,378	$ 2,241
Designated as Hedging Instrument \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	1,309	1,443
Designated as Hedging Instrument \| Deferred charges and other assets
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 69	$ 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.

+ References

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+ Details

Investments - Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments [Abstract]
SERP investments at fair value	$ 2,649	$ 2,290
Cost method investments	12,493	10,675
Equity method investments	227	233
Total investments	$ 15,369	$ 13,198

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:


	September 30, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	71,681	$	—	$	71,681	$	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	526		—		526		217		—		217
Total indefinite-lived intangibles	76,982		—		76,982		76,673		—		76,673

Finite-lived intangibles:
Subscriber relationships	42,448		(28,417)		14,031		28,425		(27,370)		1,055
Other intangibles	510		(382)		128		510		(359)		151
Total finite-lived intangibles	42,958		(28,799)		14,159		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	191,621	$	(28,799)	$	162,822	$	108,852	$	(27,729)	$	81,123

Shentel recognized $68.4 million of goodwill, $14.0 million of subscriber relationships and $0.2 million of other intangible assets as a result of the preliminary purchase price allocation related to the Horizon acquisition. The goodwill recognized primarily consists of synergies expected from combining the operations of Horizon and Shentel and intangible assets acquired that do not qualify for separate recognition, including an assembled workforce. None of the goodwill recognized is expected to be deductible for income tax purposes. Amortization expense was $0.5 million and $0.2 million during the three months ended September 30, 2024 and 2023, respectively, and $1.1 million and $0.4 million during the nine months ended September 30, 2024 and 2023, respectively.

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 8,520	$ 5,157
Broadband contract acquisition costs	3,039	2,675
Interest rate swaps	1,309	1,443
Other	4,321	2,507
Prepaid expenses and other	$ 17,189	$ 11,782

Leases - Other Information Related to Operating and Finance Leases (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, weighted average remaining lease term	8 years 6 months	7 years 1 month 6 days
Operating lease, weighted average discount rate, percent	6.00%	5.00%
Finance lease, weighted average remaining lease term	9 years 1 month 6 days	12 years 3 months 18 days
Finance lease, weighted average discount rate, percent	5.30%	5.20%

Acquisition of Horizon (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition


(in thousands)	Amount
Current and other assets	$	9,806
Property, plant and equipment	382,695
Goodwill	68,437
Intangible assets	14,249
Operating lease right-of-use assets	7,792
Other long-term assets	1,843
Total assets acquired	484,822

Current liabilities	16,056
Deferred tax liabilities	30,371
Non-current operating lease liabilities	4,706
Government grant liabilities	7,122
Other long-term liabilities	10,373
Total liabilities assumed	68,628

Net assets acquired	$	416,194

Business Acquisition, Pro Forma Information

The unaudited pro forma results of the Company, as if the Horizon Transaction had occurred on January 1, 2023, were as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
(in thousands)	2024	2023		2024		2023
Operating revenues	N/A	$	84,058	$	258,516	$	250,806
Loss before income taxes	N/A	$	(3,117)	$	(34,872)	$	(10,207)

Basis of Presentation and Other Information - Sale of Shentel’s Tower Portfolio (Details) $ in Millions	9 Months Ended
	Sep. 30, 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%

Acquisition of Horizon - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended	9 Months Ended
	Apr. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Allowance for doubtful accounts		$ 1,574		$ 1,574	$ 1,574		$ 886
Horizon Transaction
Business Acquisition [Line Items]
Aggregate purchase price	$ 416,200
Cash consideration	349,400
Value of shares issued	$ 71,800
Equity interest issued (in shares)	4,100,375
Allowance for doubtful accounts	$ 300
Integration and acquisition		1,700	$ 1,100		13,600	$ 1,600
Operating revenues		16,900	84,058	33,700	258,516	250,806
Loss before income taxes		$ 4,000	$ (3,117)	11,300	$ (34,872)	$ (10,207)
Revision, Goodwill				$ (6,200)
Accounts receivable	$ 5,400
Estimated useful life, acquired intangible asset	10 years

Basis of Presentation and Other Information	9 Months Ended
Basis of Presentation and Other Information	Sep. 30, 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, Kentucky, Delaware, Ohio and Indiana, 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 as a Rural Local Exchange Carrier (“RLEC”) to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. 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. 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”), pursuant to the terms of an Agreement and Plan of Merger, dated October 24, 2023, by and among Shentel, Horizon, the sellers set forth on the signature pages thereto (each, a “Seller” and collectively, the “Sellers”) and the other parties thereto (as amended by the First Amendment to Agreement and Plan of Merger, dated April 1, 2024, the “Merger Agreement”). Subject to the terms and conditions of the Merger Agreement, 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, no par value (“Common Stock”), to an investment fund managed by affiliates of GCM Grosvenor, which is one of the Sellers (the “Selling Shareholder”); 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”). Cash consideration paid also included purchase price adjustments for capital expenditure reimbursements and working capital subject to subsequent adjustments as defined in the merger agreement. The Selling Shareholder agreed to an investor rights agreement with the Company that includes among other provision, a one year lockup period for the shares of Common Stock received. Horizon is a leading commercial fiber provider in Ohio and adjacent states serving national wireless providers, carriers, enterprises, and government, education and healthcare customers. The acquisition of Horizon will allow Shentel to advance its fiber expansion strategy by doubling the size of the Company’s commercial fiber business and adding new expansion markets for its Glo Fiber business. Refer to Note 2, Acquisition of Horizon, for more information regarding the Horizon Transaction and its impact on the Company’s financial statements. Series A Preferred Stock Contemporaneously with the execution of the Merger Agreement, on October 24, 2023, Shentel and Shentel Broadband Holding Inc., a wholly-owned subsidiary of Shentel (“Shentel Broadband”), entered into an investment agreement (the “Investment Agreement”) with ECP Fiber Holdings, LP, a Delaware limited partnership (“ECP Investor”), and, solely for the limited purposes set forth therein, Hill City Holdings, LP, a Delaware limited partnership affiliated with ECP Investor. Subject to the terms and conditions set forth in the Investment Agreement, on the Closing Date, Shentel Broadband issued to ECP Investor 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 and Amendment No. 3 to the Credit 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 Operations LLC, a wholly-owned subsidiary of Shentel Broadband, holds or has equity interest in substantially all of the operating assets of Shentel and was assigned and assumed the Credit Agreement. 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. Refer to Note 12, Redeemable Noncontrolling Interest, for more information regarding the Series A Preferred Stock and its impact on the Company’s financial statements. 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. Refer to Note 9, Debt, for more information regarding the Credit Agreement. 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 operations and unaudited condensed consolidated statements of cash flows. Refer to Note 16, 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. New Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. These enhanced disclosures requirements also include, but are not limited to, the requirement to disclose other segment items by reportable segment, the title and the position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of adopting ASU 2023-07 on the consolidated financial statements and related disclosures. In December 2023, FASB issued ASU 2023-09 “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” This accounting update requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction.. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2024. Early Adoption is permitted. The Company is currently assessing the impact of adopting ASU 2023-07 on the consolidated financial statements and related disclosures. The Company does not anticipate adoption will have a material impact on the financial position, results of operations, cash flows or disclosures.

Stock Compensation and Earnings (Loss) per Share - RSU & RTSR (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Outstanding awards (in shares) \| shares	825
Granted (in shares) \| shares	403
Adjustments for PSU performance (in shares) \| shares	(79)
Vested (in shares) \| shares	(284)
Forfeited (in shares) \| shares	(22)
Outstanding awards (in shares) \| shares	843
Weighted Average Grant Price
Outstanding awards (in usd per share) \| $ / shares	$ 21.16
Granted (in usd per share) \| $ / shares	20.22
Adjustments for PSU performance (in usd per share) \| $ / shares	19.29
Vested (in usd per share) \| $ / shares	21.93
Forfeited (in usd per share) \| $ / shares	20.07
Outstanding awards (in usd per share) \| $ / shares	$ 20.68
Relative Total Shareholder Return Awards
Number of Shares
Outstanding awards (in shares) \| shares	293
Granted (in shares) \| shares	136
Adjustments for PSU performance (in shares) \| shares	(27)
Vested (in shares) \| shares	(32)
Forfeited (in shares) \| shares	(16)
Outstanding awards (in shares) \| shares	354
Weighted Average Grant Price
Outstanding awards (in usd per share) \| $ / shares	$ 25.80
Granted (in usd per share) \| $ / shares	22.30
Adjustments for PSU performance (in usd per share) \| $ / shares	34.05
Vested (in usd per share) \| $ / shares	34.05
Forfeited (in usd per share) \| $ / shares	23.24
Outstanding awards (in usd per share) \| $ / shares	$ 23.20

Debt - Narrative (Details) - USD ($)	9 Months Ended	18 Months Ended	21 Months Ended	48 Months Ended
Debt - Narrative (Details) - USD ($)	Mar. 31, 2028	Mar. 31, 2026	Mar. 31, 2027	Mar. 31, 2028	Sep. 30, 2024	Dec. 31, 2023	Jul. 01, 2021
Term loan A-1
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 150,000,000
Line of credit facility, interest rate					6.45%	6.95%
Term loan A-1 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment percentage		1.25%
Term loan A-2
Debt Instrument [Line Items]
Maximum borrowing capacity							150,000,000
Line of credit facility, interest rate					6.70%	6.95%
Term loan A-2 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment percentage				0.25%
Term loan A-3
Debt Instrument [Line Items]
Maximum borrowing capacity							225,000,000
Line of credit facility, interest rate					6.95%
Term loan A-3 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment percentage	1.25%		0.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 150,000,000
Long-term line of credit					$ 7,100,000

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Loss from continuing operations	$ (5,304)	$ (183)	$ (22,167)	$ (841)
Income from discontinued operations, net of tax	41	1,776	218,728	6,290
Net (loss) income	(5,263)	1,593	196,561	5,449
Loss from continuing operations	(6,942)	(183)	(23,805)	(841)
Total income from discontinued operations	41	1,776	218,728	6,290
Net (loss) income attributable to common shareholders	$ (6,901)	$ 1,593	$ 194,923	$ 5,449
Weighted average shares outstanding, basic (in shares)	54,781	50,379	53,370	50,346
Basic - Loss from continuing operations (in dollars per share)	$ (0.13)	$ 0	$ (0.45)	$ (0.02)
Basic - (Loss) income per share - discontinued operations (in dollars per share)	0	0.03	4.10	0.13
Basic net (loss) income per share (in dollars per share)	$ (0.13)	$ 0.03	$ 3.65	$ 0.11
Effect from dilutive shares and options outstanding (in shares)	0	0	0	0
Diluted weighted average shares (in shares)	54,781	50,379	53,370	50,346
Diluted - Loss from continuing operations (in dollars per share)	$ (0.13)	$ 0	$ (0.45)	$ (0.02)
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0	0.03	4.10	0.13
Diluted net (loss) income per share (in dollars per share)	$ (0.13)	$ 0.03	$ 3.65	$ 0.11

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax (benefit) expense at federal statutory	$ (1,437)	$ 46	$ (6,286)	$ 357
State income tax (benefit) expense, net of federal tax effect	(367)	11	(1,603)	91
Excess tax deficiency from share-based compensation and other expense, net	262	342	121	2,092
Income tax (benefit) expense	$ (1,542)	$ 399	$ (7,768)	$ 2,540

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Basis of Presentation and Other Information (Policies)	9 Months Ended
Basis of Presentation and Other Information (Policies)	Sep. 30, 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 operations and unaudited condensed consolidated statements of cash flows. Refer to Note 16, 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.
New Accounting Standards	New Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. These enhanced disclosures requirements also include, but are not limited to, the requirement to disclose other segment items by reportable segment, the title and the position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of adopting ASU 2023-07 on the consolidated financial statements and related disclosures. In December 2023, FASB issued ASU 2023-09 “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” This accounting update requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction.. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2024. Early Adoption is permitted. The Company is currently assessing the impact of adopting ASU 2023-07 on the consolidated financial statements and related disclosures. The Company does not anticipate adoption will have a material impact on the financial position, results of operations, cash flows or disclosures.
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 $11.8 million and $10.1 million at September 30, 2024 and December 31, 2023, respectively. Shentel recognized approximately $0.4 million and $0.1 million of patronage income in other income for the three months ended September 30, 2024 and 2023, respectively, and approximately $1.1 million and $0.4 million during the nine months ended September 30, 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. Prior to the Horizon Transaction, Horizon held a $1.6 million investment in CoBank’s Class A common stock. Consequently, the value of Shentel’s investment in CoBank increased by a corresponding amount as a result of the Horizon Transaction.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Stock Compensation and Earnings (Loss) per Share - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, nonvested awards, compensation cost not yet recognized	$ 9.2		$ 9.2
Compensation, nonvested awards, cost not yet recognized, period for recognition			2 years 3 months 18 days
Anti-dilutive awards outstanding (fewer than)(in shares)	423	457	373	277
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	3,373		3,373
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested in period			$ 5.5
Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested in period			$ 0.5

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: 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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Discontinued Operations - Carrying Amounts of the Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 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

Redeemable Noncontrolling Interest	9 Months Ended
Redeemable Noncontrolling Interest	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest As discussed in Note 1, Basis of Presentation and Other Information, Shentel Broadband, a subsidiary of Shentel, issued 81,000 shares of Shentel Broadband’s Series A Preferred Stock in exchange for $81 million in cash. The Series A Preferred Stock has a par value of $0.01 per share. As of September 30, 2024, 100,000 shares of the Series A Preferred Stock were authorized for issuance and 81,000 shares of the Series A Preferred Stock were outstanding. Shentel has applied the guidance in ASC 480‑10‑S99‑3A, “SEC Staff Announcement: Classification and Measurement of Redeemable Securities”, and has therefore classified the Series A Preferred Stock outside of shareholders’ equity on the Company’s unaudited condensed consolidated balance sheets because the shares contain liquidation features that are not solely within the Company’s control. The Series A Preferred Stock was recorded at its fair value on the date of issuance, net of $1.6 million of issuance costs. The Company does not adjust the carrying value of the Series A Preferred Stock to the liquidation preference of such shares because of the uncertainty of whether or when a liquidation event would occur. Subsequent adjustments to increase the carrying value to the liquidation preferences will be made only when it becomes probable that such a liquidation event will occur. Furthermore, the Company classifies the Series A Preferred Stock as redeemable noncontrolling interest due to the fact that the Series A Preferred Stock is issued by its subsidiary, Shentel Broadband. As discussed in Note 1, Basis of Presentation and Other Information, the Company must pay either a cash or PIK Dividend related to the Series A Preferred Stock on a quarterly basis. The first quarterly dividend was issued as a PIK Dividend on July 15, 2024. The PIK Dividend resulted in a $1.6 million increase in the liquidation preference of the Series A Preferred Stock. As described in Note 1, Basis of Presentation and Other Information, the Series A Preferred Stock is exchangeable at the option of the Investor or Shentel in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share. As of September 30, 2024, the Series A Preferred Stock was exchangeable for 3,372,979 shares of Common Stock.

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	September 30, 2024		December 31, 2023
Land		$	4,514	$	3,671
Land improvements	10 years	4,448		4,448
Buildings and structures	10 - 45 years	51,874		42,871
Cable and fiber	12 - 30 years	1,213,698		799,612
Equipment and software	4 - 12 years	395,661		331,595
Plant in service		1,670,195		1,182,197
Plant under construction		231,247		145,623
Total property, plant and equipment		1,901,442		1,327,820
Less: accumulated depreciation and amortization		(516,087)		(477,483)
Property, plant and equipment, net		$	1,385,355	$	850,337

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (5,263)	$ 1,593	$ 196,561	$ 5,449
Other comprehensive income, net of taxes
Net change in unrealized (loss) gain	(1,686)	1,115	479	3,242
Amounts reclassified to interest expense	(716)	0	(1,144)	0
Comprehensive (loss) income	(7,665)	2,708	195,896	8,691
Comprehensive income attributable to redeemable noncontrolling interest	1,638	0	1,638	0
Comprehensive (loss) income attributable to common shareholders	$ (9,303)	$ 2,708	$ 194,258	$ 8,691

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Residential & SMB - Incumbent Broadband Markets1	$	44,225	$	43,679	$	133,555	$	132,838
Residential & SMB - Glo Fiber Expansion Markets2	15,100		9,325		41,311		24,492
Commercial Fiber	20,257		10,415		49,555		32,366
RLEC & Other	8,017		3,990		18,225		11,522
Service revenue and other	$	87,599	$	67,409	$	242,646	$	201,218

_______________________________________________________

1.Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings.

2.Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and former Horizon markets.

Shentel updated the description for revenues previously reported as “Residential & SMB - Cable Markets” to “Residential & SMB - Incumbent Broadband Markets” and updated the description for revenues previously reported as “Residential & SMB - Glo Fiber Markets” to “Residential & SMB - Glo Fiber Expansion Markets.”

Shentel had $22.1 million and $17.6 million of gross trade receivables from customers as of September 30, 2024 and December 31, 2023, respectively.

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 operations.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Beginning Balance	$	9,345	$	8,742	$	8,633	$	8,646
Commission payments	1,050		755		3,465		2,439
Contract asset amortization	(722)		(822)		(2,425)		(2,410)
Ending Balance	$	9,673	$	8,675	$	9,673	$	8,675

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 $11.6 million and $10.0 million at September 30, 2024 and December 31, 2023, respectively. Shentel’s non-current contract liability balances were $5.3 million and $1.0 million as of September 30, 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
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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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

Derivatives and Hedging

9 Months Ended

Sep. 30, 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 that became effective 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 outstanding debt under Term Loan A-1 and Term Loan A-2. 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 accumulated other comprehensive income.


(in thousands)	September 30, 2024		December 31, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	1,309	$	1,443
Deferred charges and other assets	69		798
Total derivatives designated as hedging instruments	$	1,378	$	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, June 30, 2024	$	4,550	$	(1,145)	$	3,405
Net change in unrealized loss	(2,226)		540		(1,686)
Amounts reclassified to interest expense	(946)		230		(716)
Net current period other comprehensive income (loss)	(3,172)		770		(2,402)
Balance, September 30, 2024	$	1,378	$	(375)	$	1,003


(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	619		(140)		479
Amounts reclassified to interest expense	(1,482)		338		(1,144)
Net current period other comprehensive income (loss)	(863)		198		(665)
Balance, September 30, 2024	$	1,378	$	(375)	$	1,003


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, June 30, 2023	$	2,866	$	(739)	$	2,127
Net change in unrealized gain	1,503		(388)		1,115
Balance, September 30, 2023	$	4,369	$	(1,127)	$	3,242


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2022	$	—	$	—	$	—
Net change in unrealized gain	4,369		(1,127)		3,242
Balance, September 30, 2023	$	4,369	$	(1,127)	$	3,242

Investments

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Investments

Investments consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
SERP investments at fair value	$	2,649	$	2,290
Cost method investments	12,493		10,675
Equity method investments	227		233
Total investments	$	15,369	$	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 $11.8 million and $10.1 million at September 30, 2024 and December 31, 2023, respectively. Shentel recognized approximately $0.4 million and $0.1 million of patronage income in other income for the three months ended September 30, 2024 and 2023, respectively, and approximately $1.1 million and $0.4 million during the nine months ended September 30, 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.

Prior to the Horizon Transaction, Horizon held a $1.6 million investment in CoBank’s Class A common stock. Consequently, the value of Shentel’s investment in CoBank increased by a corresponding amount as a result of the Horizon Transaction.