0001628280-25-006567 | 10-K | XBRL Viewer | Shenandoah Telecommunications Cova

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Other Assets and Accrued Liabilities - Schedule of Other Assets, Noncurrent (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 7,086	$ 5,958
Interest rate swaps	721	798
Prepaid expenses and other	6,428	4,805
Deferred charges and other assets	$ 14,235	$ 11,561

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Selected Financial Data for Segments

The following table summarizes the Company’s revenue, (loss) income from continuing operations, Adjusted EBITDA and significant expenses:


(in thousand)	2024		2023		2022
Service revenue and other	$	328,058	$	269,131	$	248,911
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization	128,112		100,850		102,279
Selling, general and administrative exclusive of stock-based compensation	105,356		89,271		82,585
Adjusted EBITDA	94,590		79,010		64,047
Stock-based compensation expense, net of amount capitalized	9,837		10,033		8,528
Restructuring, integration and acquisition	14,509		2,915		1,251
Impairment expense	382		2,552		5,241
Depreciation and amortization	98,453		63,368		66,483
Interest expense	15,897		4,212		1,577
Other benefit items	(6,461)		(5,587)		(215)
Income tax (benefit) expense	(9,670)		501		(3,400)
(Loss) income from continuing operations	$	(28,357)	$	1,016	$	(15,418)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

The carrying amounts of the major classes of assets and liabilities, classified as held for sale in the 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

Asset retirement obligations	$	9,516
Non-current operating lease liabilities	41,173
Other liabilities	3,524
Noncurrent liabilities held for sale	$	54,213

Income from discontinued operations, net of tax in the consolidated statements of operations consisted of the following for December 31, 2024, 2023 and 2022:


(in thousands)	2024		2023		2022
Service revenue and other	$	4,542	$	18,635	$	18,919
Operating expenses:
Cost of services	1,059		5,625		5,712
Selling, general and administrative	572		1,412		1,279
Depreciation and amortization	222		2,104		2,416
Total operating expenses	1,853		9,141		9,407
Operating income	2,689		9,494		9,512
Other income:
Gain on sale of disposition of Tower Portfolio	294,250		—		—
Other expense	(81)		—		—
Income before income taxes	296,858		9,494		9,512
Income tax expense	74,684		2,472		2,473
Income from discontinued operations, net of tax	$	222,174	$	7,022	$	7,039

- 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.

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+ Details

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

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


(in thousands)	2024		2023		2022
Residential & SMB - Incumbent Broadband Markets1	$	177,485	$	176,879	$	175,681
Residential & SMB - Glo Fiber Expansion Markets2	57,907		35,103		18,293
Commercial Fiber	67,011		42,132		38,821
RLEC & Other	25,655		15,017		16,116
Service revenue and other	$	328,058	$	269,131	$	248,911

_______________________________________________________

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.”


(in thousands)	2024		2023		2022
Revenue from contracts with customers (ASC 606)	$	322,220	$	266,490	$	246,783
Income from leasing arrangements (ASC 842)	5,838		2,641		2,128
Service revenue and other	$	328,058	$	269,131	$	248,911

Income from leasing arrangements primarily relates to Shentel’s commercial fiber business. Refer to Note 9, Leases for more information.

Shentel had $27.4 million and $17.6 million of gross trade receivables from customers as of December 31, 2024 and 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 sales team members 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 consolidated balance sheets. Amortization of capitalized commission expenses is recorded in selling, general and administrative expenses in the Company’s consolidated statements of operations.

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


(in thousands)	2024		2023
Beginning Balance	$	8,633	$	8,646
Commission payments	4,857		3,138
Contract asset amortization	(3,239)		(3,151)
Ending Balance	$	10,251	$	8,633

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 consolidated balance sheets and the Company’s non-current contract liabilities are included in other liabilities in its consolidated balance sheets. Shentel’s current contract liability balances were $12.5 million and $10.0 million as of December 31, 2024 and 2023, respectively. Shentel’s non-current contract liability balances were $9.5 million and $1.0 million as of December 31, 2024 and 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.

No customer accounted for more than 10% of revenue for the years ended December 31, 2024, 2023, and 2022 and no customer made up more than 10% of accounts receivable at December 31, 2024 and 2023.

- 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.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 46,272	$ 139,255
Accounts receivable, net of allowance for credit losses of $1,156 and $886, respectively	29,722	19,782
Income taxes receivable	1,244	4,691
Prepaid expenses and other	17,282	11,782
Current assets held for sale	0	561
Total current assets	94,520	176,071
Investments	15,709	13,198
Property, plant and equipment, net	1,438,538	850,337
Goodwill and intangible assets, net	157,723	81,123
Operating lease right-of-use assets	19,548	13,024
Deferred charges and other assets	14,235	11,561
Non-current assets held for sale	0	68,915
Total assets	1,740,273	1,214,229
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	9,204	7,095
Accounts payable	57,820	53,546
Advanced billings and customer deposits	16,104	12,394
Accrued compensation	16,283	11,749
Current operating lease liabilities	3,060	2,222
Accrued liabilities and other	12,100	7,747
Current liabilities held for sale	0	3,602
Total current liabilities	114,571	98,355
Long-term debt, less current maturities, net of unamortized loan fees	407,675	292,804
Other long-term liabilities:
Deferred income taxes	167,716	88,147
Benefit plan obligations	4,945	3,943
Non-current operating lease liabilities	10,794	7,185
Other liabilities	33,525	16,912
Non-current liabilities held for sale	0	54,213
Total other long-term liabilities	216,980	170,400
Commitments and contingencies (Note 16)
Temporary equity:
Redeemable noncontrolling interest	82,464	0
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 54,605 and 50,272 issued and outstanding at December 31, 2024 and 2023, respectively	0	0
Additional paid in capital	147,733	66,933
Retained earnings	768,997	584,069
Accumulated other comprehensive income, net of taxes	1,853	1,668
Total shareholders’ equity	918,583	652,670
Total liabilities, temporary equity and shareholders’ equity	$ 1,740,273	$ 1,214,229

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares (no par value)	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021	0
Beginning balance at Dec. 31, 2021	$ 0
Ending balance (in shares) at Dec. 31, 2022	0
Ending balance at Dec. 31, 2022	$ 0
Beginning balance (in shares) at Dec. 31, 2021		49,965,000
Beginning balance at Dec. 31, 2021	642,275		$ 49,351	$ 592,924	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(8,379)			(8,379)
Amounts reclassified from accumulated other comprehensive income to interest expense	0
Dividends declared	(3,991)			(3,991)
Stock based compensation (in shares)		194,000
Stock-based compensation	9,178		9,178
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(49,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,076)		(1,076)
Ending balance (in shares) at Dec. 31, 2022		50,110,000
Ending balance at Dec. 31, 2022	$ 638,007		57,453	580,554	0
Ending balance (in shares) at Dec. 31, 2023	0
Ending balance at Dec. 31, 2023	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,038			8,038
Unrealized gain on interest rate hedge, net of tax	1,668				1,668
Amounts reclassified from accumulated other comprehensive income to interest expense	0
Dividends declared	(4,523)			(4,523)
Stock based compensation (in shares)		231,000
Stock-based compensation	10,823		10,823
Common stock issued (in shares)		2,000
Common stock issued	44		44
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(71,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	$ (1,387)		(1,387)
Ending balance (in shares) at Dec. 31, 2023	50,272,000	50,272,000
Ending balance at Dec. 31, 2023	$ 652,670		66,933	584,069	1,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of redeemable noncontrolling interest (in shares)	81,000
Issuance of redeemable noncontrolling interest, net of financing fees paid	$ 79,380
Preferred stock dividends - paid in kind	$ 3,084
Ending balance (in shares) at Dec. 31, 2024	81,000
Ending balance at Dec. 31, 2024	$ 82,464
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	193,817			193,817
Unrealized gain on interest rate hedge, net of tax	1,850				1,850
Amounts reclassified from accumulated other comprehensive income to interest expense	(1,665)				(1,665)
Dividends declared	(5,460)			(5,460)
Stock based compensation (in shares)		319,000
Stock-based compensation	10,651		10,651
Common stock issued (in shares)		4,103,000
Common stock issued	71,876		71,876
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(89,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,727)		(1,727)
Preferred stock dividends - paid in kind	(3,084)			(3,084)
Preferred stock dividends - participating	$ (345)			(345)
Ending balance (in shares) at Dec. 31, 2024	54,605,000	54,605,000
Ending balance at Dec. 31, 2024	$ 918,583		$ 147,733	$ 768,997	$ 1,853

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
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 (Vertical Bridge) 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 certain remaining tower sites to Vertical Bridge by the end of March 2025 that will represent 99.9% of the tower portfolio value. 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 consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our consolidated statements of operations and consolidated statements of cash flows. Refer to Note 17, 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.
Principles of consolidation	The accompanying consolidated financial statements include the accounts of Shenandoah Telecommunications Company and all of its wholly owned subsidiaries. All intercompany accounts and transactions for continuing operations have been eliminated in consolidation.
Use of estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States, requires us to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods could differ from our estimates.
Revenue recognition	The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). The Company provides broadband data, video and voice services to residential, small and midsize businesses (“SMB”) 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. The Company also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties and Ohio’s Ross County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). Transaction price is measured as the amount billed, which is generally determined by list prices for goods and services less discounts offered. We allocate the total transaction price in these transactions based upon the standalone selling price of each distinct good or service. We generally recognize these revenues over time as customers simultaneously receive and consume the benefits of the service, with the exception of equipment sales and home wiring, which are recognized as revenue at a point in time when control transfers and when installation is complete, respectively. A significant portion of the Company’s revenues are derived from customers who may cancel their subscriptions at any time without penalty. As such, the amount of deferred revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from the Company’s existing customers. Installation fees charged upfront without transfer of commensurate goods or services to the customer are allocated to services and are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the contract, which we estimate to be approximately one year. Additionally, the Company incurs commission expenses related to in-house sales team members and third-party vendors which are capitalized and amortized over the expected customer benefit period. The Company also provides Ethernet and Wavelength fiber optic services to commercial fiber customers under capacity agreements, and the related revenue is recognized over time. In some cases, non-refundable upfront fees are charged for connecting commercial fiber customers to our fiber network. Those amounts are recognized ratably over the initial contract term. The Company also leases dedicated fiber optic strands to customers as part of “dark fiber” agreements, which are accounted for as leases under ASC 842, Leases (“ASC 842”).
Advertising Costs	The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations.
Fair value measurements	The Company measures certain assets and liabilities at fair value. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the fair value hierarchy to evaluate inputs used in determining the fair value of its assets and liabilities. The three levels of inputs used to measure fair value are (i) observable inputs, such as quoted prices in active markets (level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (level 3). The Company remeasures long-lived assets such as property, plant and equipment, intangible assets and goodwill at fair value when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables or discounted cash flow models. The carrying amounts reported in the Company’s consolidated financial statements for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short-term nature of these financial instruments. The carrying amount of the Company’s long-term debt, which have a floating interest rate, approximates fair value. The Company’s interest rate swaps are marked to market on a quarterly basis and are presented on the consolidated balance sheets at fair value. As described in more detail in Note 3, Acquisition of Horizon, Shentel determined the fair values of assets acquired and liabilities assumed as a result of the Horizon Acquisition as of the acquisition date.
Cash and cash equivalents	Cash equivalents include all investments with an original maturity of three months or less. The Company places its temporary cash investments with high credit quality financial institutions. Generally, such investments are in excess of FDIC or SIPC insurance limits.
Allowance for credit losses	Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on the aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses generally when the account is turned over for collection to an outside collection agency.
Investments	The Company investments measured at fair value primarily consist of supplemental executive retirement plan (“SERP”) investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants six months after retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation. Changes to the investments’ fair value are presented in Other income, net, while the reciprocal changes in the liability representative of compensatory expense, are presented in selling, general and administrative expense in the Company’s consolidated statements of operations. The Company’s investments measured at cost primarily consist of CoBank’s Class A common stock derived from the CoBank patronage program. The investment is recognized as the Company’s initial investment in CoBank plus subsequent patronage distributions received from CoBank. 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 $12.1 million and $10.1 million at December 31, 2024 and 2023, respectively. Shentel recognized approximately $1.7 million, $0.5 million and $0.1 million of patronage income in other income (expense) in 2024, 2023 and 2022, respectively. The Company expects that approximately 75% of the patronage distributions will be collected in cash and 25% in equity, to be paid and distributed in 2025.
Property, plant and equipment	Property, plant and equipment is stated at cost less accumulated depreciation and amortization. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest costs and internal labor costs on major capital projects during the period of their construction. Maintenance expense is recognized as incurred when repairs are performed that do not extend the life of property, plant and equipment. Expenses for major renewals and improvements, which significantly extend the useful lives of existing property and equipment, are capitalized and depreciated. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Labor costs associated with customer installation activities at existing service locations are expensed as incurred under industry specific guidance. Leasehold improvements are amortized over the lesser of their useful lives or respective lease terms. Land is not depreciated.
Indefinite-lived Intangible Assets	Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Cable franchise rights represent the value attributed to our non-exclusive right to provide video services in a specified area. Spectrum licenses issued by the Federal Communications Commission (“FCC”) provide us with either an exclusive or priority access right to utilize designated radio frequency spectrum within specific geographic service areas to provide wireless communication services. While some cable franchises and spectrum licenses are issued for a fixed time period (generally ten years and up to fifteen years, respectively), renewals have been granted routinely and at a nominal cost. The Company believes it will be able to meet all requirements necessary to secure renewal of its cable franchise rights and spectrum licenses. Moreover, the Company has determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful lives of our cable franchises or spectrum licenses and, as a result, we account for cable franchise rights and spectrum licenses as indefinite-lived intangible assets. Indefinite-lived intangible assets are not amortized but rather, are subject to impairment testing annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is evaluated for impairment based on the identification of reporting units. Our reporting unit aligns with our one reportable segment. We evaluated goodwill for impairment on October 1, 2024 using a quantitative assessment. This assessment estimated the fair values of our reporting unit primarily based on a discounted cash flow analysis that included market participant estimates of future cash flows expected to be generated by the business. We also considered the reconciliation of the Company's market capitalization to the reporting unit value and consideration of an appropriate control premium. As a result of this assessment, management concluded that the estimated fair value of the reporting unit exceeded the carrying value by 11%. As such, no impairment charge was recognized during the period. We evaluated cable franchise rights and spectrum licenses for impairment on October 1, 2024 primarily on the basis of qualitative factors to determine whether the existence of events or circumstances lead us to conclude that it is more likely than not that goodwill or our indefinite life intangibles has been impaired. Our consideration of qualitative factors included but was not limited to macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows, and market capitalization trends.
Long-lived assets	Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets held for use are amortized or depreciated over their estimated useful lives, as summarized in the respective notes below. These assets are evaluated for impairment based on the identification of asset groups. Our asset groups align with our reportable segments. We evaluated our asset groups for impairment during the fourth quarter of 2024 and concluded that there were no indicators that an asset group impairment was more likely than not
Asset retirement obligations	Certain of the Company’s lease agreements contain provisions requiring the Company to restore facilities or remove property in the event that the lease agreement is not renewed. The Company records an estimate for the cost to comply with these provisions based on what a willing third party would charge for the retirement activity on the date of recognizing the asset retirement obligation. Upon retirement of the related asset and performance of the asset retirement activities, the Company derecognizes the asset retirement obligation and records a gain or loss to reflect the difference between the Company’s estimate and the actual cost to retire the asset. Current ARO liabilities are recorded in accrued liabilities and other in the Company’s consolidated balance sheets and noncurrent ARO liabilities are presented in the consolidated balance sheets as “other liabilities.”
Leases	The Company leases various telecommunications sites, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company’s incremental borrowing rate in order to measure the lease liability and right-of-use asset. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.
Leases	The Company leases various telecommunications sites, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company’s incremental borrowing rate in order to measure the lease liability and right-of-use asset. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.
Income taxes	The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, taxable income in prior carryback years if available and tax planning strategies in making this assessment. Based upon the level of historical taxable income, projections for future taxable income over the periods for which the deferred tax assets are deductible, and the option to elect out of bonus depreciation on in-serviced fixed assets, the Company believes it more likely than not that the net deferred tax assets will be realized. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the tax return. Changes in the estimate are recorded in the period in which such determination is made.
Stock-based compensation	The cost of employee services received in exchange for share-based awards classified as equity is measured using the estimated fair value of the award on the date of the grant, and the related expense is recorded over the recipient’s respective service period. The fair value for the Company’s RSUs are determined using the Company’s stock price and the fair value for the Company’s RTSR awards are determined using a Monte Carlo simulation. The Company records forfeitures for its RSUs and RTSRs as they occur. Certain of the Company’s share-based awards contain retirement clauses which state that awards will continue to vest without the requirement of continuous employment after a participant achieves certain service- and age-based requirements (“Retirement Eligibility”). The Company accelerates expense associated with eligible awards for employees who have achieved Retirement Eligibility on the later of the grant date or the date in which Retirement Eligibility is achieved.
Government grants	Shentel receives grants from the U.S. Government and its agencies, as well as various state governments under various programs designed to fund telecommunications operations and broadband infrastructure expansion into rural or underserved areas. The grant programs are evaluated to determine if they represent grants related to revenue or capital expenditures. Grants for revenue and operating activities are recorded as RLEC & Other revenue, which is a category within service revenue and other in the Company’s consolidated statements of operations as the services are provided. Grants for capital expenditures are recorded as a reduction to the corresponding property, plant and equipment asset balance and are recognized through a reduction in depreciation expense over the life of the corresponding asset in the Company’s consolidated statements of operations. Government grants related to revenue and operations are classified as operating cash inflows and grants for capital expenditures are classified as investing cash inflows. The Company monitors government grants for requirements to ensure that conditions related to grants have been met and there is reasonable assurance that the Company will be able to retain the grant proceeds and to ensure that any contingencies that may arise from not meeting the conditions are appropriately recognized. See Note 15, Government Grants for additional information.
Segments	Shentel’s Chief Executive Officer represents the Company’s chief operating decision maker (“CODM”). The CODM regularly reviews the Company’s results to assess performance and allocates resources at a consolidated level. All of Shentel’s services are delivered through an integrated network and have similar types or classes of customers. Furthermore, the decision to allocate resources and to upgrade the Company’s service delivery over an integrated network is performed at the consolidated level. As such, management has identified one operating segment, Broadband, which is the Company’s reportable segment under this organizational and reporting structure.
New Accounting Standards	In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” (“ASU 2023-06”) which aligns the disclosure and presentation requirements of a variety of the FASB’s ASC Topics with the requirements described in the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 will become effective for each amendment on the effective date of the SEC’s corresponding disclosure rule changes; these dates are unknown as of this filing. The Company is currently assessing the impact of adopting ASU 2023-06 on the consolidated financial statements and related disclosures. In November 2023, the FASB issued 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 income and expense items, 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 Company has adopted this ASU and has included the required disclosures within these financial statements. See Note 18, Segment Information for additional information. 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.

Leases - Schedule of Other Information Related to Operating and Finance Leases (Details)	Dec. 31, 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	6.10%	5.00%
Finance lease, weighted average remaining lease term	9 years	12 years 3 months 18 days
Finance lease, weighted average discount rate, percent	5.30%	5.20%

Derivatives and Hedging

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

During the second quarter of 2023, Shentel entered into pay fixed (2.90%), receive variable (one-month term SOFR) interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contain monthly payment terms 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.

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


(in thousands)	December 31, 2024		December 31, 2023
Balance sheet line items containing derivative financial instruments:
Prepaid expenses and other	$	1,766	$	1,443
Deferred charges and other assets	721		798
Total fair value of derivatives designated as hedging instruments	$	2,487	$	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 as of December 31, 2023	$	2,241	$	(573)	$	1,668
Net change in unrealized gain	2,420		(570)		1,850
Amounts reclassified to interest expense	(2,174)		509		(1,665)
Net current period other comprehensive income (loss)	246		(61)		185
Balance as of December 31, 2024	$	2,487	$	(634)	$	1,853


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance as of December 31, 2022	$	—	$	—	$	—
Net change in unrealized gain	2,241		(573)		1,668
Balance as of December 31, 2023	$	2,241	$	(573)	$	1,668

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Gross trade receivables	$ 27.4	$ 17.6
Weighted average benefit period	6 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations		$ 10.0
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 12.5	$ 1.0
Performance obligation period	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 9.5
Performance obligation period	1 year

- 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

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Marketing Services and IT Softeware Licences
Other Commitments [Line Items]
Payments for long-term purchase commitment	$ 6.1	$ 4.6	$ 5.2

Income Taxes - Schedule of Components of Federal and State Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current expense (benefit)
Federal taxes	$ 0	$ (2,707)	$ (1,406)
State taxes	89	(680)	(363)
Total current provision	89	(3,387)	(1,769)
Deferred (benefit) expense
Federal taxes	(5,238)	4,564	(1,062)
State taxes	(4,521)	(676)	(569)
Total deferred (benefit) expense	(9,759)	3,888	(1,631)
Income tax (benefit) expense	$ (9,670)	$ 501	$ (3,400)
Effective tax rate	25.40%	33.00%	18.10%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt - Schedule of Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Interest expense	$ 24,415	$ 9,633	$ 2,241
Less: capitalized interest	(8,518)	(5,421)	(664)
Interest expense, net of capitalized interest	$ 15,897	$ 4,212	$ 1,577

Discontinued Operations - Narrative (Details) $ in Millions	12 Months Ended
Discontinued Operations - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Incremental selling costs	$ 4.4

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Sublease income	$ 5.8	$ 2.6	$ 2.1

Nature of Operations - Horizon Transaction (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Cash disbursed for acquisition, net of cash acquired		$ (347,411)	$ 0	$ 0
Issuance of redeemable noncontrolling interest (in shares)		81,000
Issuance of redeemable noncontrolling interest, net of financing fees paid		$ 79,380
Revolving Credit Facility
Business Acquisition [Line Items]
Increase in maximum borrowing capacity	$ 50,000
Term Loan
Business Acquisition [Line Items]
Increase in maximum borrowing capacity	$ 225,000
Energy Capital Partners
Business Acquisition [Line Items]
Period for conversion of preferred stock	2 years
Preferred stock, convertible, common stock price trigger percentage	125.00%
Preferred stock, redemption period	5 years
Energy Capital Partners \| Shentel Broadband Holding Inc.
Business Acquisition [Line Items]
Percentage of shares owned	7.50%
Shentel Broadband Holding Inc.
Business Acquisition [Line Items]
Paid in kind dividend percentage, increase after fifth anniversary	8.50%
Paid in kind dividend percentage, increase after seventh anniversary	10.00%
Shentel Broadband Holding Inc. \| Series A Preferred Stock
Business Acquisition [Line Items]
Dividend percentage	7.00%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000
Shentel Broadband Holding Inc. \| Series A Preferred Stock \| Energy Capital Partners
Business Acquisition [Line Items]
Issuance of redeemable noncontrolling interest (in shares)	81,000	81,000
Purchase price (in dollars per share)	$ 1,000
Issuance of redeemable noncontrolling interest, net of financing fees paid	$ 81,000	$ 81,000
Conversion price per share (in dollars per share)	$ 24.50
Preferred stock, shares authorized (in shares)		100,000
Horizon Acquisition Parent LLC
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Equity interest issued (in shares)	4,100,375
Lockup period	1 year
Horizon Acquisition Parent LLC \| Selling Shareholder
Business Acquisition [Line Items]
Cash disbursed for acquisition, net of cash acquired		$ (347,000)
Minimum beneficial ownership interest	5.00%

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred revenue	$ 26,809	$ 14,670
Noncurrent portion of finance leases	1,567	1,395
Other	5,149	847
Other liabilities	$ 33,525	$ 16,912
Finance lease, liability, noncurrent, statement of financial position [extensible enumeration]	Other liabilities	Other liabilities

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accounts payable	$ 57,820	$ 53,546
Depreciation and amortization	96,900	62,900	$ 65,800
Fully depreciated property, plant and equipment disposed	34,200	26,000
Impairment of assets		$ 1,500	4,100
Accelerated depreciation			$ 7,400
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment expense	Impairment expense
Goodwill
Property, Plant and Equipment [Line Items]
Accounts payable	$ 55,100	$ 51,100

Acquisition of Horizon - Schedule of Business Acquisition, Pro Forma Information (Details) - Horizon Acquisition Parent LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Operating revenues	$ 343,928	$ 334,727
Loss before income taxes	$ (42,964)	$ (16,279)

Investments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 2,670	$ 2,290
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	12,100	10,100
Other nonoperating income (expense)	$ 1,700	$ 500	$ 100
Percentage of patronage credit paid in cash	75.00%
Percentage of patronage credit paid in share	25.00%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of consolidation: The accompanying consolidated financial statements include the accounts of Shenandoah Telecommunications Company and all of its wholly owned subsidiaries. All intercompany accounts and transactions for continuing operations have been eliminated in consolidation.

Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States, requires us to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods could differ from our estimates.

Revenue recognition: The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”).

The Company provides broadband data, video and voice services to residential, small and midsize businesses (“SMB”) 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. The Company also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties and Ohio’s Ross County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”).

Transaction price is measured as the amount billed, which is generally determined by list prices for goods and services less discounts offered. We allocate the total transaction price in these transactions based upon the standalone selling price of each distinct good or service. We generally recognize these revenues over time as customers simultaneously receive and consume the benefits of the service, with the exception of equipment sales and home wiring, which are recognized as revenue at a point in time when control transfers and when installation is complete, respectively. A significant portion of the Company’s revenues are derived from customers who may cancel their subscriptions at any time without penalty. As such, the amount of deferred revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from the Company’s existing customers. Installation fees charged upfront without transfer of commensurate goods or services to the customer are allocated to services and are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the contract, which we estimate to be approximately one year. Additionally, the Company incurs commission expenses related to in-house sales team members and third-party vendors which are capitalized and amortized over the expected customer benefit period.

The Company also provides Ethernet and Wavelength fiber optic services to commercial fiber customers under capacity agreements, and the related revenue is recognized over time. In some cases, non-refundable upfront fees are charged for connecting commercial fiber customers to our fiber network. Those amounts are recognized ratably over the initial contract term.

The Company also leases dedicated fiber optic strands to customers as part of “dark fiber” agreements, which are accounted for as leases under ASC 842, Leases (“ASC 842”).

Advertising costs: The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations. Advertising expense for the years ended December 31, 2024, 2023 and 2022 was $15.0 million, $11.4 million and $6.8 million, respectively.

Fair value measurements: The Company measures certain assets and liabilities at fair value. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the fair value hierarchy to evaluate inputs used in determining the fair value of its assets and liabilities. The three levels of inputs used to measure fair value are (i) observable inputs, such as quoted prices in active markets (level 1); (ii) inputs other than

quoted prices in active markets that are observable either directly or indirectly (level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (level 3).

The Company remeasures long-lived assets such as property, plant and equipment, intangible assets and goodwill at fair value when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables or discounted cash flow models.

The carrying amounts reported in the Company’s consolidated financial statements for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short-term nature of these financial instruments. The carrying amount of the Company’s long-term debt, which have a floating interest rate, approximates fair value. The Company’s interest rate swaps are marked to market on a quarterly basis and are presented on the consolidated balance sheets at fair value.

As described in more detail in Note 3, Acquisition of Horizon, Shentel determined the fair values of assets acquired and liabilities assumed as a result of the Horizon Acquisition as of the acquisition date.

Cash and cash equivalents: Cash equivalents include all investments with an original maturity of three months or less. The Company places its temporary cash investments with high credit quality financial institutions. Generally, such investments are in excess of FDIC or SIPC insurance limits.

Allowance for credit losses: Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on the aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses generally when the account is turned over for collection to an outside collection agency.

Changes in the Company’s allowance for credit losses for accounts receivable for the years ended December 31, 2024, 2023 and 2022 are summarized below:


(in thousands)	Balance at Beginning of Year		Recoveries added to allowance		Provision for Credit Losses		Write-offs		Balance at End of Year
Year Ended December 31, 2024
Allowance for credit losses	$	886	$	599	$	2,132	$	(2,461)	$	1,156
Year Ended December 31, 2023
Allowance for credit losses	$	776	$	424	$	2,852	$	(3,166)	$	886
Year Ended December 31, 2022
Allowance for credit losses	$	352	$	414	$	1,972	$	(1,962)	$	776

Investments: The Company investments measured at fair value primarily consist of supplemental executive retirement plan (“SERP”) investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants six months after retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation. Changes to the investments’ fair value are presented in Other income, net, while the reciprocal changes in the liability representative of compensatory expense, are presented in selling, general and administrative expense in the Company’s consolidated statements of operations.

The Company’s investments measured at cost primarily consist of CoBank’s Class A common stock derived from the CoBank patronage program. The investment is recognized as the Company’s initial investment in CoBank plus subsequent patronage distributions received from CoBank.

Property, plant and equipment: Property, plant and equipment is stated at cost less accumulated depreciation and amortization. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest costs and internal labor costs on major capital projects during the period of their construction. Maintenance expense is recognized as incurred when repairs are performed that do not extend the life of property, plant and equipment. Expenses for major renewals and improvements, which significantly extend the useful lives of existing property and equipment, are capitalized and depreciated. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Labor costs associated with customer installation activities at existing service locations are expensed as incurred under

industry specific guidance. Leasehold improvements are amortized over the lesser of their useful lives or respective lease terms. Land is not depreciated.

Indefinite-lived intangible assets: Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired.

Cable franchise rights represent the value attributed to our non-exclusive right to provide video services in a specified area. Spectrum licenses issued by the Federal Communications Commission (“FCC”) provide us with either an exclusive or priority access right to utilize designated radio frequency spectrum within specific geographic service areas to provide wireless communication services. While some cable franchises and spectrum licenses are issued for a fixed time period (generally ten years and up to fifteen years, respectively), renewals have been granted routinely and at a nominal cost. The Company believes it will be able to meet all requirements necessary to secure renewal of its cable franchise rights and spectrum licenses. Moreover, the Company has determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful lives of our cable franchises or spectrum licenses and, as a result, we account for cable franchise rights and spectrum licenses as indefinite-lived intangible assets.

Indefinite-lived intangible assets are not amortized but rather, are subject to impairment testing annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is evaluated for impairment based on the identification of reporting units. Our reporting unit aligns with our one reportable segment.

We evaluated goodwill for impairment on October 1, 2024 using a quantitative assessment. This assessment estimated the fair values of our reporting unit primarily based on a discounted cash flow analysis that included market participant estimates of future cash flows expected to be generated by the business. We also considered the reconciliation of the Company's market capitalization to the reporting unit value and consideration of an appropriate control premium. As a result of this assessment, management concluded that the estimated fair value of the reporting unit exceeded the carrying value by 11%. As such, no impairment charge was recognized during the period.

We evaluated cable franchise rights and spectrum licenses for impairment on October 1, 2024 primarily on the basis of qualitative factors to determine whether the existence of events or circumstances lead us to conclude that it is more likely than not that goodwill or our indefinite life intangibles has been impaired. Our consideration of qualitative factors included but was not limited to macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows, and market capitalization trends. We concluded that there were no indicators that impairment of our reporting unit or indefinite-lived intangible assets was more likely than not.

Long-lived assets: Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets held for use are amortized or depreciated over their estimated useful lives, as summarized in the respective notes below. These assets are evaluated for impairment based on the identification of asset groups. Our asset groups align with our reportable segments. We evaluated our asset groups for impairment during the fourth quarter of 2024 and concluded that there were no indicators that an asset group impairment was more likely than not.

Asset retirement obligations: Certain of the Company’s lease agreements contain provisions requiring the Company to restore facilities or remove property in the event that the lease agreement is not renewed. The Company records an estimate for the cost to comply with these provisions based on what a willing third party would charge for the retirement activity on the date of recognizing the asset retirement obligation. Upon retirement of the related asset and performance of the asset retirement activities, the Company derecognizes the asset retirement obligation and records a gain or loss to reflect the difference between the Company’s estimate and the actual cost to retire the asset. Current ARO liabilities are recorded in accrued liabilities and other in the Company’s consolidated balance sheets and noncurrent ARO liabilities are presented in the consolidated balance sheets as “other liabilities.”

Benefit plan obligations: The Benefit plan obligations caption includes the following:


($ in thousands)	December 31, 2024		December 31, 2023
Supplemental executive retirement plans	$	2,812	$	2,290
Postretirement medical benefits plans	1,889		1,653
Pension plan obligation	244		—
Total	$	4,945	$	3,943

Prior to the acquisition of Horizon, Shentel maintained a supplemental executive retirement plan for certain employees (the “Shentel SERP”). The Shentel SERP is a benefit plan that provides deferred compensation to certain employees which holds investments in a rabbi trust as a source of funding for future payments under the plan. The Shentel SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the Shentel SERP assets under ASC 710, Compensation. Changes to the investments’ fair value are presented in Other income, net, while the reciprocal changes in the liability representative of compensatory expense, are presented in selling, general and administrative expense in the Company’s consolidated statements of operations.

Prior to December 31, 2023, Shentel maintained a frozen defined benefit plan. On October 13, 2021, Shentel’s Board of Directors adopted a resolution to terminate its pension plan. The Company terminated the pension plan and all benefits were distributed in June 2023 through the combination of lump sum payments and the purchase of non-participating annuity contracts at the option of the pension plan participants. The Company made an additional $2.9 million contribution from its cash balance as a result of the settlement and recognized a settlement gain of $0.7 million in other income (expense) for the year ended December 31, 2023.

During the year ended December 31, 2024, Shentel acquired four plans in conjunction with the acquisition of Horizon. These plans included one unfunded supplemental executive retirement plan, one frozen unfunded postretirement medical benefits plan and two frozen defined benefit plans.

Including the plan acquired from Horizon, both of Shentel’s postretirement medical benefits plans represent frozen, unfunded, defined benefit plans. The total postretirement plan liability was determined using discount rates of 5.5% and 4.9% as of December 31, 2024 and 2023, respectively.

The total fair value of pension plan assets was $21.6 million as of December 31, 2024. These investments were held in mutual funds and were valued based on the net asset value per share. The pension plan projected benefit obligations was $21.4 million as of December 31, 2024, determined using a discount rate of 5.0%.

Leases: The Company leases various telecommunications sites, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company’s incremental borrowing rate in order to measure the lease liability and right-of-use asset.

The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.

Income taxes: The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, taxable income in prior carryback years if available and tax planning strategies in making this assessment. Based upon the level of historical taxable income, projections for future taxable income over the periods for which the deferred tax assets are deductible, and the option to elect out of bonus depreciation on in-serviced fixed assets, the Company believes it more likely than not that the net deferred tax assets will be realized.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the tax return. Changes in the estimate are recorded in the period in which such determination is made.

Stock-based compensation: The cost of employee services received in exchange for share-based awards classified as equity is measured using the estimated fair value of the award on the date of the grant, and the related expense is recorded over the recipient’s respective service period. The fair value for the Company’s RSUs are determined using the Company’s stock price and the fair value for the Company’s RTSR awards are determined using a Monte Carlo simulation. The Company records forfeitures for its RSUs and RTSRs as they occur. Certain of the Company’s share-based awards contain retirement clauses which state that awards will continue to vest without the requirement of continuous employment after a participant achieves certain service- and age-based requirements (“Retirement Eligibility”). The Company accelerates expense associated with eligible awards for employees who have achieved Retirement Eligibility on the later of the grant date or the date in which Retirement Eligibility is achieved.

Government grants: Shentel receives grants from the U.S. Government and its agencies, as well as various state governments under various programs designed to fund telecommunications operations and broadband infrastructure expansion into rural or underserved areas. The grant programs are evaluated to determine if they represent grants related to revenue or capital expenditures. Grants for revenue and operating activities are recorded as RLEC & Other revenue, which is a category within service revenue and other in the Company’s consolidated statements of operations as the services are provided. Grants for capital expenditures are recorded as a reduction to the corresponding property, plant and equipment asset balance and are recognized through a reduction in depreciation expense over the life of the corresponding asset in the Company’s consolidated statements of operations. Government grants related to revenue and operations are classified as operating cash inflows and grants for capital expenditures are classified as investing cash inflows.

The Company monitors government grants for requirements to ensure that conditions related to grants have been met and there is reasonable assurance that the Company will be able to retain the grant proceeds and to ensure that any contingencies that may arise from not meeting the conditions are appropriately recognized. See Note 15, Government Grants for additional information.

Redeemable noncontrolling interest: As discussed in Note 1, Nature of Operations, 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 December 31, 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 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. See Note 13, Redeemable Noncontrolling Interest for additional information.

Accounting for acquisitions: The Company accounts for acquisitions by using the acquisition method of accounting, in accordance with 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.

Segments: Shentel’s Chief Executive Officer represents the Company’s chief operating decision maker (“CODM”). The CODM regularly reviews the Company’s results to assess performance and allocates resources at a consolidated level. All of Shentel’s services are delivered through an integrated network and have similar types or classes of customers. Furthermore, the decision to allocate resources and to upgrade the Company’s service delivery over an integrated network is performed at the consolidated level. As such, management has identified one operating segment, Broadband, which is the Company’s reportable segment under this organizational and reporting structure.

New Accounting Standards

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” (“ASU 2023-06”) which aligns the disclosure and presentation requirements of a variety of the FASB’s ASC Topics with the requirements described in the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 will become effective for each amendment on the effective date of the SEC’s corresponding disclosure rule changes; these dates are unknown as of this filing. The Company is currently assessing the impact of adopting ASU 2023-06 on the consolidated financial statements and related disclosures.

In November 2023, the FASB issued 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 income and expense items, 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 Company has adopted this ASU and has included the required disclosures within these financial statements. See Note 18, Segment Information for additional information.

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.

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,982	$ 76,673
Gross carrying amount	42,957	28,935
Accumulated amortization and other	(29,271)	(27,729)
Total	13,686	1,206
Total intangible assets, gross carrying amount	186,994	108,852
Intangible assets, net	157,723	81,123
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	42,447	28,425
Accumulated amortization and other	(28,882)	(27,370)
Total	13,565	1,055
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	510	510
Accumulated amortization and other	(389)	(359)
Total	121	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	67,055	3,244
Goodwill	$ 67,055	$ 3,244

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company files a consolidated U.S. federal income tax return and various state income tax returns. The provision for the federal and state income taxes attributable to (loss) income from continuing operations consisted of the following components:


	Years Ended December 31,
(in thousands)	2024			2023			2022
Current expense (benefit)
Federal taxes	$	—		$	(2,707)		$	(1,406)
State taxes	89			(680)			(363)
Total current provision	89			(3,387)			(1,769)
Deferred (benefit) expense
Federal taxes	(5,238)			4,564			(1,062)
State taxes	(4,521)			(676)			(569)
Total deferred (benefit) expense	(9,759)			3,888			(1,631)
Income tax (benefit) expense	$	(9,670)		$	501		$	(3,400)
Effective tax rate	25.4		%	33.0		%	18.1		%

A reconciliation of income tax (benefit) expense determined by applying the federal and state tax rates to (loss) income from continuing operations before income taxes is as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Expected tax (benefit) expense at federal statutory	$	(7,986)	$	319	$	(3,952)
State income tax (benefit) expense, net of federal tax effect	(3,159)		268		(802)
Revaluation of deferred tax liabilities	—		(1,373)		—
Excess tax deficiency from share-based compensation and other expense, net	1,475		764		735
Valuation allowance	—		523		619
Income tax (benefit) expense	$	(9,670)	$	501	$	(3,400)

The change in effective tax rate between 2024 and 2023 was primarily a result of a valuation allowance in 2023.

The Company received $1.3 million and $25.6 million in cash refunds for income taxes for the years ended December 31, 2024 and 2023, respectively. The Company received no cash refunds for the year ended December 31, 2022. The Company’s paid $8.4 million, $0.1 million, and $0.1 million in income taxes for the years ended December 31, 2024, 2023 and 2022, respectively.

Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply in the year of reversal or settlement and arise from temporary differences between the US GAAP and tax bases of the following assets and liabilities:


(in thousands)	December 31, 2024		December 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$	64,599	$	59,814
Business interest limitation carryforwards	11,669		2,290
Accruals and stock-based compensation	5,274		4,075
Leases	4,399		14,208
Other	12,020		8,995
Total gross deferred tax assets	97,961		89,382
Less valuation allowance	—		(523)
Net deferred tax assets	97,961		88,859

Deferred tax liabilities:
Property, plant and equipment	239,180		146,302
Intangible assets	17,866		13,837
Leases	5,356		13,616
Prepaid assets and other	3,275		3,251
Total gross deferred tax liabilities	265,677		177,006
Net deferred tax liabilities	$	167,716	$	88,147

The Company has a deferred tax asset of $64.6 million related to federal and various state net operating losses. As of December 31, 2024, the Company had approximately $295.6 million of federal net operating losses, including approximately $284.3 million of federal net operating losses generated after 2017. Federal net operating losses generated prior to 2018 expire through 2034. The Horizon federal net operating losses are subject to limitations under Section 382 of the Code. The Company also had approximately $51.6 million of state net operating losses, most of which can be carried forward indefinitely. The Company’s income tax expense (benefit) for the years ended December 31, 2023 and 2022 included tax expense of $0.5 million and $0.6 million, respectively, for the valuation allowance on deferred tax assets related to federal net operating losses expected to expire unused. The Company recorded no valuation allowances for the year ended December 31, 2024.

As of December 31, 2024 and 2023, the Company had no unrecognized tax benefits.

The Company’s returns are generally open to examination from 2021 forward. The net operating losses acquired from nTelos are open to examination from 2005 forward and the net operating losses acquired from Horizon are open to examination from 2013 forward. The Company is currently involved in one state income tax audit and no federal income tax audits as of December 31, 2024.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 193,817	$ 8,038	$ (8,379)
Other comprehensive income (loss):
Net change in unrealized gain	1,850	1,668	0
Amounts reclassified to interest expense	(1,665)	0	0
Comprehensive income (loss)	194,002	9,706	(8,379)
Dividends on redeemable noncontrolling interest	3,429	0	0
Comprehensive income (loss) attributable to common shareholders	$ 190,573	$ 9,706	$ (8,379)

- 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.

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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

Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Maturities of Long-term Debt [Abstract]
2025	$ 9,504
2026	140,063
2027	6,294
2028	262,096
Total	$ 417,957	$ 300,000

- Definition

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

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 9, Leases. We also have outstanding unconditional purchase commitments to procure programming, marketing services and IT software licenses through 2027. For the years ended December 31, 2024, 2023 and 2022 we paid $6.1 million, $4.6 million and $5.2 million, respectively, for the programming, marketing and IT software license purchase commitments. The Company is obligated to make the following future minimum payments under the non-cancelable terms of these commitments as of December 31, 2024:


(in thousands)	Purchase Commitments
2025	$	5,809
2026	4,364
2027	1,282



Total	$	11,455

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.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
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	$ 328,058	$ 269,131	$ 248,911
Operating expenses:
Cost of services exclusive of depreciation and amortization	128,112	100,850	102,279
Selling, general and administrative	115,193	99,304	91,113
Restructuring, integration and acquisition	14,509	2,915	1,251
Impairment expense	382	2,552	5,241
Depreciation and amortization	98,453	63,368	66,483
Total operating expenses	356,649	268,989	266,367
Operating (loss) income	(28,591)	142	(17,456)
Other (expense) income:
Interest expense	(15,897)	(4,212)	(1,577)
Other income, net	6,461	5,587	215
(Loss) income from continuing operations before income taxes	(38,027)	1,517	(18,818)
Income tax (benefit) expense	(9,670)	501	(3,400)
(Loss) income from continuing operations	(28,357)	1,016	(15,418)
Discontinued operations:
Income from discontinued operations, net of tax	1,957	7,022	7,039
Gain on the sale of discontinued operations, net of tax	220,217	0	0
Total income from discontinued operations, net of tax	222,174	7,022	7,039
Net income (loss)	193,817	8,038	(8,379)
Dividends on redeemable noncontrolling interest	3,429	0	0
Net income (loss) attributable to common shareholders	$ 190,388	$ 8,038	$ (8,379)
Net income (loss) per share attributable to common shareholders, basic and diluted:
Basic - (Loss) income from continuing operations (in dollars per share)	$ (0.59)	$ 0.02	$ (0.31)
Basic - Income from discontinued operations, net of tax (in dollars per share)	4.13	0.14	0.14
Basic net income (loss) per share (in dollars per share)	3.54	0.16	(0.17)
Diluted - (Loss) income from continuing operations (in dollars per share)	(0.59)	0.02	(0.31)
Diluted - Income from discontinued operations, net of tax (in dollars per share)	4.13	0.14	0.14
Diluted net income (loss) per share (in dollars per share)	$ 3.54	$ 0.16	$ (0.17)
Weighted average shares outstanding, basic (in shares)	53,722	50,396	50,155
Weighted average shares outstanding, diluted (in shares)	53,722	50,715	50,155
Cash dividends declared per common share (in dollars per share)	$ 0.10	$ 0.09	$ 0.08

Other Assets and Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

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


(in thousands)	December 31, 2024		December 31, 2023
Prepaid maintenance expenses	$	7,437	$	5,157
Broadband contract acquisition costs	3,165		2,675
Interest rate swaps	1,766		1,443
Other	4,914		2,507
Prepaid expenses and other	$	17,282	$	11,782

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


(in thousands)	December 31, 2024		December 31, 2023
Broadband contract acquisition costs	$	7,086	$	5,958
Interest rate swaps	721		798
Prepaid expenses and other	6,428		4,805
Deferred charges and other assets	$	14,235	$	11,561

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


(in thousands)	December 31, 2024		December 31, 2023
Accrued programming costs	$	4,227	$	3,209
Other current liabilities	7,873		4,538
Accrued liabilities and other	$	12,100	$	7,747

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


(in thousands)	December 31, 2024		December 31, 2023
Noncurrent portion of deferred revenue	$	26,809	$	14,670
Noncurrent portion of finance leases	1,567		1,395
Other	5,149		847
Other liabilities	$	33,525	$	16,912

Implementation Activities

During 2024, as a result of the Horizon Transaction, we implemented an integration plan in which certain employees were notified their positions were being eliminated. Shentel incurred $2.9 million in severance expense, included in restructuring, integration and acquisition expense in the consolidated statements of operations, and made $2.1 million in severance payments for the year ended December 31, 2024.

Revenue from Contracts with Customers - Schedule of Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 8,633	$ 8,646
Commission payments	4,857	3,138
Contract asset amortization	(3,239)	(3,151)
Ending Balance	$ 10,251	$ 8,633

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 01, 2024
Business Acquisition [Line Items]
Amortization expense	$ 1,500	$ 500	$ 700
Horizon Acquisition Parent LLC
Business Acquisition [Line Items]
Goodwill				$ 63,811
Horizon Acquisition Parent LLC \| Subscriber relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	14,000
Horizon Acquisition Parent LLC \| Other intangibles
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 200

- 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
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Stock Compensation and Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity

Activity related to the Company’s equity compensation, which includes the Company’s RSUs and PSUs, was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2021	337	$	28.46
Granted	518	$	21.56
Vested	(153)	$	27.50
Forfeited	(53)	$	25.89
Outstanding awards, December 31, 2022	649	$	23.39
Granted	385	$	19.05
Vested	(200)	$	25.01
Forfeited	(9)	$	21.67
Outstanding awards, December 31, 2023	825	$	21.16
Granted	403	$	20.22
Vested	(308)	$	21.74
Forfeited	(45)	$	19.44
Outstanding awards, December 31, 2024	875	$	20.63

Activity related to the Company’s RTSRs was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2021	154	$	34.69
Granted	100	$	23.83
Vested	(46)	$	33.83
Forfeited	(6)	$	36.28
Outstanding awards, December 31, 2022	202	$	29.46
Granted	134	$	23.64
Vested	(30)	$	36.27
Forfeited	(13)	$	36.27
Outstanding awards, December 31, 2023	293	$	25.80
Granted	136	$	22.30
Vested	(32)	$	34.05
Forfeited	(138)	$	25.74
Outstanding awards, December 31, 2024	259	$	22.96

Schedule of Stock Compensation Expense

Stock-based compensation expense was as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Stock compensation expense	$	10,651	$	10,823	$	9,142
Capitalized stock compensation	(814)		(790)		(614)
Stock compensation expense, net	$	9,837	$	10,033	$	8,528

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Years Ended December 31,
(in thousands, except per share amounts)	2024		2023		2022
Calculation of net income (loss) per share:
(Loss) income from continuing operations	$	(28,357)	$	1,016	$	(15,418)
Income from discontinued operations, net of tax	222,174		7,022		7,039
Net income (loss)	$	193,817	$	8,038	$	(8,379)

Amounts attributable to common shareholders
(Loss) income from continuing operations	$	(31,786)	$	1,016	$	(15,418)
Income from discontinued operations, net of tax	222,174		7,022		7,039
Net income (loss) attributable to common shareholders	$	190,388	$	8,038	$	(8,379)

Basic weighted average shares outstanding	53,722		50,396		50,155

Per share amounts attributable to common shareholders
Basic net (loss) income per share - continuing operations	$	(0.59)	$	0.02	$	(0.31)
Basic net income per share - discontinued operations	4.13		0.14		0.14
Basic net income (loss) per share	$	3.54	$	0.16	$	(0.17)

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	53,722		50,396		50,155
Effect from dilutive shares and options outstanding	—		319		—
Diluted weighted average shares outstanding	53,722		50,715		50,155

Diluted net (loss) income per share - continuing operations	$	(0.59)	$	0.02	$	(0.31)
Diluted net income per share - discontinued operations	4.13		0.14		0.14
Diluted net income (loss) per share	$	3.54	$	0.16	$	(0.17)

Discontinued Operations - Schedule of Carrying Amounts of the Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Non-current assets held for sale	$ 0	$ 68,915
LIABILITIES
Current liabilities held for sale	0	3,602
Non-current liabilities held for sale	$ 0	54,213
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
Asset retirement obligations		9,516
Non-current operating lease liabilities		41,173
Other liabilities		3,524
Non-current liabilities held for sale		$ 54,213

Government Grants (Details) - USD ($) $ in Thousands		12 Months Ended
Government Grants (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Government Assistance [Line Items]
Government grants received		$ 19,238	$ 1,904	$ 0
Grants receivable		300	$ 1,900
Government assistance, liability, noncurrent		$ 3,700
Government Assistance, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent
Broadband Network Grants
Government Assistance [Line Items]
Increase (decrease) in grants receivable		$ 149,800
Increase (decrease) in grants available		$ 110,600
OHIO \| Horizon Transaction
Government Assistance [Line Items]
Increase in project costs	$ 57,400
Government assistance, award amount	30,100
Government grant paid to horizon up-front	$ 18,000

Goodwill and Intangible Assets - Schedule of Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1,888
2026	1,507
2027	1,469
2028	1,421
2029	1,420
2030 and thereafter	5,981
Total	$ 13,686	$ 1,206

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Long-term Purchase Commitment

The Company is obligated to make the following future minimum payments under the non-cancelable terms of these commitments as of December 31, 2024:


(in thousands)	Purchase Commitments
2025	$	5,809
2026	4,364
2027	1,282



Total	$	11,455

COVER - USD ($) $ in Billions	12 Months Ended
COVER - USD ($) $ in Billions	Dec. 31, 2024	Feb. 13, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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		54,672,524
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0.7
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2025 annual meeting of shareholders (the “2025 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2025 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0000354963
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Government Grants	12 Months Ended
Government Grants	Dec. 31, 2024
Government Assistance [Abstract]
Government Grants	Government Grants Beginning in 2021, Shentel commenced negotiations with various governmental entities to receive awards under broadband infrastructure grant programs to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences in the partnering counties in Virginia, Maryland, West Virginia and Ohio. To receive such grant distributions, the Company entered into agreements with each partnering county in Virginia, Maryland, West Virginia and Ohio. These agreements outline certain build-out milestones. The network is required to meet certain performance conditions to ensure that minimum download and upload speeds are able to be provided to the unserved residences. Shentel has been granted approximately $149.8 million in commitments under these grant programs. As of December 31, 2024, Shentel has $110.6 million of remaining available grant funding. As discussed in Note 2, Summary of Significant Accounting Policies, government assistance that is used to fund capital expenditures is recorded as a reduction to property, plant and equipment. Given the primary purpose of the programs listed above is to fund build-out of the Company’s broadband network, amounts recognized under these programs are recorded as a reduction to the related property, plant and equipment and cash receipts are presented as cash flows from investing activities in the Company’s consolidated statements of cash flows. 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 $19.2 million and $1.9 million in cash reimbursements during the year ended December 31, 2024 and 2023, respectively, and had recorded approximately $0.3 million and $1.9 million in accounts receivable as of December 31, 2024 and 2023, respectively. The Company did not recognize any amounts under these programs during the year ended December 31, 2022. 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 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 December 31, 2024, $3.7 million of this liability remained in other liabilities.

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Costs

The components of lease costs were as follows:


	Classification	Years Ended December 31,
(in thousands)		2024		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	665	$	477	$	477
Interest on lease liabilities	Interest expense	95		78		83
Operating lease cost	Operating expense1	4,316		3,054		3,302
Lease cost		$	5,076	$	3,609	$	3,862

_________________________________________

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


	December 31, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	8.5		7.1
Weighted average discount rate	6.1	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	9.0		12.3
Weighted average discount rate	5.3	%	5.2	%


	Years Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for operating lease liabilities	$	4,480	$	3,218	$	3,042
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$	2,250	$	1,968	$	1,351

Schedule of Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at December 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2025	$	3,810	$	416	$	4,226
2026	2,884		400		3,284
2027	1,991		203		2,194
2028	1,677		158		1,835
2029	1,327		160		1,487
2030 and thereafter	7,054		1,041		8,095
Total lease payments	18,743		2,378		21,121
Less: interest	(4,889)		(484)		(5,373)
Present value of lease liabilities	$	13,854	$	1,894	$	15,748

Schedule of Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at December 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2025	$	3,810	$	416	$	4,226
2026	2,884		400		3,284
2027	1,991		203		2,194
2028	1,677		158		1,835
2029	1,327		160		1,487
2030 and thereafter	7,054		1,041		8,095
Total lease payments	18,743		2,378		21,121
Less: interest	(4,889)		(484)		(5,373)
Present value of lease liabilities	$	13,854	$	1,894	$	15,748

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

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2024:


(in thousands)	Operating Leases
2025	$	4,486
2026	3,833
2027	3,395
2028	3,180
2029	2,880
2030 and thereafter	17,288
Total	$	35,061

Investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments [Abstract]
SERP investments at fair value	$ 2,670	$ 2,290
Cost method investments	12,813	10,675
Equity method investments	226	233
Total investments	$ 15,709	$ 13,198

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 01, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) segment $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 01, 2024
Finite-Lived Intangible Assets [Line Items]
Advertising expense		$ 15,000	$ 11,400	$ 6,800
Number of reportable segments \| segment		1
Estimated fair value of goodwill exceeded the carrying value, percentage					11.00%
Issuance of redeemable noncontrolling interest (in shares) \| shares		81,000
Issuance of redeemable noncontrolling interest, net of financing fees paid		$ 79,380
Shentel Broadband Holding Inc. \| Series A Preferred Stock
Finite-Lived Intangible Assets [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares) \| shares	100,000
Preferred stock, shares outstanding \| shares		81,000
Payments of stock issuance costs		$ 1,600
Shentel Broadband Holding Inc. \| Series A Preferred Stock \| Energy Capital Partners
Finite-Lived Intangible Assets [Line Items]
Issuance of redeemable noncontrolling interest (in shares) \| shares	81,000	81,000
Issuance of redeemable noncontrolling interest, net of financing fees paid	$ 81,000	$ 81,000
Preferred stock, shares authorized (in shares) \| shares		100,000
Pension plan obligation
Finite-Lived Intangible Assets [Line Items]
Employer contributions			2,900
Other comprehensive income (loss), defined benefit plan, settlement and curtailment gain (loss), after tax			$ 700
Discount rate (as a percent)			5.00%
Fair value of pension plan assets			$ 21,600
Projected benefit obligation		$ 21,400
Postretirement medical benefits plans
Finite-Lived Intangible Assets [Line Items]
Discount rate (as a percent)		5.50%	4.90%
Minimum
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, useful life		10 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, useful life		15 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Finite-Lived Intangible Assets [Line Items]
Performance obligation period			1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Finite-Lived Intangible Assets [Line Items]
Performance obligation period		1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Finite-Lived Intangible Assets [Line Items]
Performance obligation period		1 year

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

Stock Compensation and Earnings per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Calculation of net income (loss) per share:
(Loss) income from continuing operations	$ (28,357)	$ 1,016	$ (15,418)
Income from discontinued operations, net of tax	222,174	7,022	7,039
Net income (loss)	193,817	8,038	(8,379)
(Loss) income from continuing operations	(31,786)	1,016	(15,418)
Income from discontinued operations, net of tax	222,174	7,022	7,039
Net income (loss) attributable to common shareholders	$ 190,388	$ 8,038	$ (8,379)
Basic weighted average shares outstanding (in shares)	53,722	50,396	50,155
Basic net income (loss) per share - continuing operations (in dollars per share)	$ (0.59)	$ 0.02	$ (0.31)
Basic net income per share - discontinued operations (in dollars per share)	4.13	0.14	0.14
Basic net income (loss) per share (in dollars per share)	$ 3.54	$ 0.16	$ (0.17)
Effect from dilutive shares and options outstanding (in shares)	0	319	0
Diluted weighted average shares (in shares)	53,722	50,715	50,155
Diluted net income (loss) per share - continuing operations (in dollars per share)	$ (0.59)	$ 0.02	$ (0.31)
Diluted net income per share - discontinued operations (in dollars per share)	4.13	0.14	0.14
Diluted net income (loss) per share (in dollars per share)	$ 3.54	$ 0.16	$ (0.17)

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments [Abstract]

Schedule of Other Investments

Investments consisted of the following:


(in thousands)	December 31, 2024		December 31, 2023
SERP investments at fair value	$	2,670	$	2,290
Cost method investments	12,813		10,675
Equity method investments	226		233
Total investments	$	15,709	$	13,198

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Proceeds from income tax refunds	$ 1,300,000	$ 25,600,000
Income taxes paid, net	8,400,000	(100,000)	$ (100,000)
Deferred tax assets, operating loss carryforwards, state and local	64,599,000	59,814,000
Valuation allowance on deferred tax	0	523,000	600,000
Unrecognized tax benefits	0	0
Valuation allowance	0	$ 523,000	$ 619,000
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	295,600,000
Domestic Tax Jurisdiction \| Subject to Expiration After 2027
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	284,300,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 51,600,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 193,817	$ 8,038	$ (8,379)
Income from discontinued operations, net of tax	222,174	7,022	7,039
(Loss) income from continuing operations	(28,357)	1,016	(15,418)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	96,908	62,878	65,759
Amortization of intangible assets	1,545	490	724
Provision for credit losses	2,132	2,852	1,972
Stock-based compensation expense, net of amount capitalized	9,837	10,033	8,528
Deferred income taxes	(9,759)	2,973	(1,414)
Impairment expense	382	2,552	5,241
Gain on sale of FCC spectrum licenses	0	(1,328)	0
Other, net	626	(462)	499
Changes in assets and liabilities, net of effects of business acquisition:
Accounts receivable	(2,452)	(143)	(583)
Current income taxes	1,382	25,532	1,054
Operating lease assets and liabilities, net	(361)	65	232
Other assets	(3,268)	4,879	348
Accounts payable	(2,240)	(2,959)	79
Other deferrals and accruals	3,004	(4,048)	(1,594)
Net cash provided by operating activities - continuing operations	69,379	104,330	65,427
Net cash (used in) provided by operating activities - discontinued operations	(6,812)	9,444	9,468
Net cash provided by operating activities	62,567	113,774	74,895
Cash flows from investing activities:
Capital expenditures	(319,070)	(255,070)	(188,989)
Government grants received	19,238	1,904	0
Cash disbursed for acquisition, net of cash acquired	(347,411)	0	0
Proceeds from the sale of FCC spectrum licenses	0	17,300	0
Refund received for deposit on FCC spectrum leases	0	0	3,996
Proceeds from sale of assets and other	2,010	655	1,434
Net cash used in investing activities - continuing operations	(645,233)	(235,211)	(183,559)
Net cash provided by (used in) investing activities - discontinued operations	305,827	(1,480)	(620)
Net cash used in investing activities	(339,406)	(236,691)	(184,179)
Cash flows from financing activities:
Principal payments on long-term debt	(7,044)	0	0
Proceeds from credit facility borrowings	125,000	225,000	75,000
Payments for debt amendment costs	(4,570)	(300)	0
Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid	79,380	0	0
Dividends paid	(5,805)	(4,523)	(3,991)
Taxes paid for equity award issuances	(1,727)	(1,387)	(1,076)
Payments for financing arrangements and other	(1,378)	(679)	(932)
Net cash provided by financing activities	183,856	218,111	69,001
Net (decrease) increase in cash and cash equivalents	(92,983)	95,194	(40,283)
Cash and cash equivalents, beginning of period	139,255	44,061	84,344
Cash and cash equivalents, end of period	46,272	139,255	44,061
Supplemental Disclosures of Cash Flow Information
Interest paid, net of amounts capitalized	$ (12,075)	$ (3,026)	$ (580)

Derivatives and Hedging - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Beginning balance	$ 652,670	$ 638,007
Ending balance	918,583	652,670
Gain on Swaps
Derivatives, Fair Value [Line Items]
Beginning balance	2,241	0
Net change in unrealized gain	2,420	2,241
Amounts reclassified to interest expense	(2,174)
Net current period other comprehensive income (loss)	246
Ending balance	2,487	2,241
Income tax expense
Derivatives, Fair Value [Line Items]
Beginning balance	(573)	0
Net change in unrealized gain	(570)	(573)
Amounts reclassified to interest expense	509
Net current period other comprehensive income (loss)	(61)
Ending balance	(634)	(573)
Accumulated Other Comprehensive Income, net of taxes
Derivatives, Fair Value [Line Items]
Beginning balance	1,668	0
Net change in unrealized gain	1,850	1,668
Amounts reclassified to interest expense	(1,665)
Net current period other comprehensive income (loss)	185
Ending balance	$ 1,853	$ 1,668

- Definition

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

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+ Details

Acquisition of Horizon (Tables)

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

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.


(in thousands)	Amount
Current and other assets	$	11,795
Property, plant and equipment	380,101
Goodwill	63,811
Intangible assets	14,249
Operating lease right-of-use assets	7,792
Other long-term assets	1,843
Total assets acquired	479,591

Current liabilities	16,164
Deferred tax liabilities	25,427
Non-current operating lease liabilities	4,706
Government grant liabilities	7,122
Other long-term liabilities	9,978
Total liabilities assumed	63,397

Net assets acquired	$	416,194

Schedule of 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:


(in thousands)	2024		2023
Operating revenues	$	343,928	$	334,727
Loss before income taxes	$	(42,964)	$	(16,279)

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

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

The components of lease costs were as follows:


	Classification	Years Ended December 31,
(in thousands)		2024		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	665	$	477	$	477
Interest on lease liabilities	Interest expense	95		78		83
Operating lease cost	Operating expense1	4,316		3,054		3,302
Lease cost		$	5,076	$	3,609	$	3,862

_________________________________________

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

The following table summarizes the expected maturity of lease liabilities at December 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2025	$	3,810	$	416	$	4,226
2026	2,884		400		3,284
2027	1,991		203		2,194
2028	1,677		158		1,835
2029	1,327		160		1,487
2030 and thereafter	7,054		1,041		8,095
Total lease payments	18,743		2,378		21,121
Less: interest	(4,889)		(484)		(5,373)
Present value of lease liabilities	$	13,854	$	1,894	$	15,748


	December 31, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	8.5		7.1
Weighted average discount rate	6.1	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	9.0		12.3
Weighted average discount rate	5.3	%	5.2	%


	Years Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for operating lease liabilities	$	4,480	$	3,218	$	3,042
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$	2,250	$	1,968	$	1,351

The Company recognized $5.8 million, $2.6 million and $2.1 million of operating lease revenue for the years ended December 31, 2024, 2023 and 2022, respectively, related to the dedicated fiber optic strands that we lease to our customers, which is included in service revenue and other in the consolidated statements of operations. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2024:


(in thousands)	Operating Leases
2025	$	4,486
2026	3,833
2027	3,395
2028	3,180
2029	2,880
2030 and thereafter	17,288
Total	$	35,061

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	Years Ended December 31,
(in thousands)		2024		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	665	$	477	$	477
Interest on lease liabilities	Interest expense	95		78		83
Operating lease cost	Operating expense1	4,316		3,054		3,302
Lease cost		$	5,076	$	3,609	$	3,862

_________________________________________

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

The following table summarizes the expected maturity of lease liabilities at December 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2025	$	3,810	$	416	$	4,226
2026	2,884		400		3,284
2027	1,991		203		2,194
2028	1,677		158		1,835
2029	1,327		160		1,487
2030 and thereafter	7,054		1,041		8,095
Total lease payments	18,743		2,378		21,121
Less: interest	(4,889)		(484)		(5,373)
Present value of lease liabilities	$	13,854	$	1,894	$	15,748


	December 31, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	8.5		7.1
Weighted average discount rate	6.1	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	9.0		12.3
Weighted average discount rate	5.3	%	5.2	%


	Years Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for operating lease liabilities	$	4,480	$	3,218	$	3,042
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$	2,250	$	1,968	$	1,351

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2024:


(in thousands)	Operating Leases
2025	$	4,486
2026	3,833
2027	3,395
2028	3,180
2029	2,880
2030 and thereafter	17,288
Total	$	35,061

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	Years Ended December 31,
(in thousands)		2024		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	665	$	477	$	477
Interest on lease liabilities	Interest expense	95		78		83
Operating lease cost	Operating expense1	4,316		3,054		3,302
Lease cost		$	5,076	$	3,609	$	3,862

_________________________________________

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

The following table summarizes the expected maturity of lease liabilities at December 31, 2024:


(in thousands)	Operating Leases		Finance Leases		Total
2025	$	3,810	$	416	$	4,226
2026	2,884		400		3,284
2027	1,991		203		2,194
2028	1,677		158		1,835
2029	1,327		160		1,487
2030 and thereafter	7,054		1,041		8,095
Total lease payments	18,743		2,378		21,121
Less: interest	(4,889)		(484)		(5,373)
Present value of lease liabilities	$	13,854	$	1,894	$	15,748


	December 31, 2024		December 31, 2023
Operating leases
Weighted average remaining lease term (years)	8.5		7.1
Weighted average discount rate	6.1	%	5.0	%
Finance leases
Weighted average remaining lease term (years)	9.0		12.3
Weighted average discount rate	5.3	%	5.2	%


	Years Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for operating lease liabilities	$	4,480	$	3,218	$	3,042
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$	2,250	$	1,968	$	1,351

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2024:


(in thousands)	Operating Leases
2025	$	4,486
2026	3,833
2027	3,395
2028	3,180
2029	2,880
2030 and thereafter	17,288
Total	$	35,061

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Shentel Broadband Operations LLC, an indirect wholly owned subsidiary of Shentel, has a credit agreement which contains (i) a $150 million revolving credit facility (the “Revolver”) and $525 million in delayed draw amortizing term loans (the “Term Loans” and collectively with Revolver, the “Credit Agreement”). As of December 31, 2024, the availability under our Revolver and the Term Loans was $243.0 million. The following loans were outstanding under the Credit Agreement:


(in thousands)	December 31, 2024		December 31, 2023
Term loan A-1	$	144,451	$	150,000
Term loan A-2	148,506		150,000
Term loan A-3	125,000		—
Total debt	417,957		300,000
Less: unamortized loan fees	(1,078)		(101)
Total debt, net of unamortized loan fees	$	416,879	$	299,899

The Term Loans bear 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 weighted-average interest rate was 6.42% for the Term Loans at December 31, 2024.

Shentel is charged commitment fees on unutilized portions of its Revolver and Term Loans. The Company recorded $0.9 million, $0.5 million and $0.7 million related to these fees for the years ended December 31, 2024, 2023 and 2022, respectively, which are included in interest expense in the consolidated statements of operations.

Interest expense recorded in Shentel’s consolidated statements of operations consisted of the following for the years ended:


(in thousands)	2024		2023		2022
Interest expense	$	24,415	$	9,633	$	2,241
Less: capitalized interest	(8,518)		(5,421)		(664)
Interest expense, net of capitalized interest	$	15,897	$	4,212	$	1,577

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. Term Loan A-1 matures on July 1, 2026 and both Term Loan A-2 and Term Loan A-3 mature on July 1, 2028.

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


(in thousands)	Amount
2025	$	9,504
2026	140,063
2027	6,294
2028	262,096
Total	$	417,957

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

Although no borrowings have been executed under the Revolver, Shentel has executed letter of credit arrangements totaling $7.0 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 government grant program, discussed further

in Note 15, 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
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+ Details

Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Amortization of leased assets	$ 665	$ 477	$ 477
Interest on lease liabilities	95	78	83
Operating lease cost	4,316	3,054	3,302
Lease cost	$ 5,076	$ 3,609	$ 3,862

Other Assets and Accrued Liabilities - Schedule of Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 4,227	$ 3,209
Other current liabilities	7,873	4,538
Accrued liabilities and other	$ 12,100	$ 7,747

Other Assets and Accrued Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Restructuring, integration and acquisition	$ 14,509	$ 2,915	$ 1,251
Workforce Reduction Program
Business Acquisition [Line Items]
Restructuring, integration and acquisition	2,900
Payments for restructuring	$ 2,100

Redeemable Noncontrolling Interest	12 Months Ended
Redeemable Noncontrolling Interest	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest As discussed in Note 1, Nature of Operations, the Company must pay either a cash or PIK Dividend related to the Series A Preferred Stock on a quarterly basis. The Company paid two PIK Dividends during the year ended December 31, 2024, resulting in a $3.1 million increase in the liquidation preference of the Series A Preferred Stock resulting in a liquidation preference of $84.1 million as of December 31, 2024. The Series A Preferred Stock also participates in dividends paid to common shareholders on an “as-converted” basis. As such, the Company paid $0.3 million in participating dividends to the Series A Preferred Stock shareholder during the year ended December 31, 2024. As described in Note 1, Nature of Operations, 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 December 31, 2024, the Series A Preferred Stock was exchangeable for 3,432,006 shares of Common Stock.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	December 31, 2024		December 31, 2023
Land		$	4,514	$	3,671
Land improvements	10 years	3,717		4,448
Buildings and structures	10 - 45 years	52,706		42,871
Cable and fiber	12 - 30 years	1,294,689		799,612
Equipment and software	4 - 12 years	417,057		331,595
Plant in service		1,772,683		1,182,197
Plant under construction		207,428		145,623
Total property, plant and equipment		1,980,111		1,327,820
Less: accumulated depreciation and amortization		(541,573)		(477,483)
Property, plant and equipment, net		$	1,438,538	$	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 December 31, 2024 and 2023 included amounts associated with capital expenditures of approximately $55.1 million and $51.1 million, respectively. Depreciation and amortization expense was $96.9 million, $62.9 million, and $65.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. The Company disposed of fully depreciated property, plant and equipment assets, which reduced plant in service by approximately $34.2 million and $26.0 million, with a corresponding offset to accumulated depreciation and amortization, during the years ended December 31, 2024 and 2023, respectively.

In the fourth quarter of 2021, the Company ceased expansion of its Beam branded fixed wireless edge-out strategy, resulting in a phase out of operations and related assets through 2023. Consequently, Shentel recorded impairments of its Beam property, plant and equipment balances totaling $1.5 million and $4.1 million during the years ended December 31, 2023 and 2022, respectively. Shentel also recorded $7.4 million in accelerated depreciation related to these assets during the year ended December 31, 2022.

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

Summary of Significant Accounting Policies - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 886	$ 776	$ 352
Recoveries added to allowance	599	424	414
Provision for Credit Losses	2,132	2,852	1,972
Write-offs	(2,461)	(3,166)	(1,962)
Balance at End of Year	$ 1,156	$ 886	$ 776

Debt - Narrative (Details) - USD ($)	12 Months Ended
Debt - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Commitment fees	$ 900,000	$ 500,000	$ 700,000
Delayed Draw Amortizing Term Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 525,000,000
Weighted-average interest rate	6.42%
Revolving Credit Facility and Delayed Draw Amortizing Term Loans
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 243,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000
Long-term line of credit	$ 7,000,000.0

- 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

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Acquisition of Horizon - Schedule of Business Acquisitions, by Acquisition (Details) - Horizon Acquisition Parent LLC $ in Thousands	Apr. 01, 2024 USD ($)
Business Acquisition [Line Items]
Current and other assets	$ 11,795
Property, plant and equipment	380,101
Goodwill	63,811
Intangible assets	14,249
Operating lease right-of-use assets	7,792
Other long-term assets	1,843
Total assets acquired	479,591
Current liabilities	16,164
Deferred tax liabilities	25,427
Non-current operating lease liabilities	4,706
Government grant liabilities	7,122
Other long-term liabilities	9,978
Total liabilities assumed	63,397
Net assets acquired	$ 416,194

Investments

12 Months Ended

Dec. 31, 2024

Investments [Abstract]

Investments

Investments consisted of the following:


(in thousands)	December 31, 2024		December 31, 2023
SERP investments at fair value	$	2,670	$	2,290
Cost method investments	12,813		10,675
Equity method investments	226		233
Total investments	$	15,709	$	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 $12.1 million and $10.1 million at December 31, 2024 and 2023, respectively. Shentel recognized approximately $1.7 million, $0.5 million and $0.1 million of patronage income in other income (expense) in 2024, 2023 and 2022, respectively. The Company expects that approximately 75% of the patronage distributions will be collected in cash and 25% in equity, to be paid and distributed in 2025.

Goodwill and Intangible Assets - Schedule of Estimated Useful Life (Details)	Dec. 31, 2024
Subscriber relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	3 years
Subscriber relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	10 years
Other intangibles \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	15 years
Other intangibles \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	20 years

- 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

Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

As discussed in Note 1, Nature of Operations 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 consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our consolidated statements of operations and consolidated statements of cash flows.

The carrying amounts of the major classes of assets and liabilities, classified as held for sale in the 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

Asset retirement obligations	$	9,516
Non-current operating lease liabilities	41,173
Other liabilities	3,524
Noncurrent liabilities held for sale	$	54,213

Income from discontinued operations, net of tax in the consolidated statements of operations consisted of the following for December 31, 2024, 2023 and 2022:


(in thousands)	2024		2023		2022
Service revenue and other	$	4,542	$	18,635	$	18,919
Operating expenses:
Cost of services	1,059		5,625		5,712
Selling, general and administrative	572		1,412		1,279
Depreciation and amortization	222		2,104		2,416
Total operating expenses	1,853		9,141		9,407
Operating income	2,689		9,494		9,512
Other income:
Gain on sale of disposition of Tower Portfolio	294,250		—		—
Other expense	(81)		—		—
Income before income taxes	296,858		9,494		9,512
Income tax expense	74,684		2,472		2,473
Income from discontinued operations, net of tax	$	222,174	$	7,022	$	7,039

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

Debt - Schedule of Credit Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 417,957	$ 300,000
Less: unamortized loan fees	(1,078)	(101)
Total debt, net of unamortized loan fees	416,879	299,899
Term loan A-1
Debt Instrument [Line Items]
Total debt	144,451	150,000
Term loan A-2
Debt Instrument [Line Items]
Total debt	148,506	150,000
Term loan A-3
Debt Instrument [Line Items]
Total debt	$ 125,000	$ 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

+ Details

- Definition

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

+ References + Details

Stock Compensation and Earnings per Share - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 10,651	$ 10,823	$ 9,142
Capitalized stock compensation	(814)	(790)	(614)
Stock compensation expense, net	$ 9,837	$ 10,033	$ 8,528

Other Assets and Accrued Liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 7,437	$ 5,157
Broadband contract acquisition costs	3,165	2,675
Interest rate swaps	1,766	1,443
Other	4,914	2,507
Prepaid expenses and other	$ 17,282	$ 11,782

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

The Company operates as one segment. The accounting policies of the Company’s segment are the same as those described in the summary of significant accounting policies.

The CODM assesses performance at a consolidated level and decides how to allocate resources based on Adjusted EBITDA from continuing operations.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

The CODM uses (loss) income from continuing operations and Adjusted EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the operations of the Company or for other purposes, such as for acquisitions or to pay dividends.

Adjusted EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA to analyze the Company’s growth by monitoring current results versus prior year results. The analyses are used in assessing performance of the Company and in establishing management’s compensation.

Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as (loss) income from continuing operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment expense, other income (expense), net, interest income, interest expense, income tax expense (benefit), stock compensation expense, transaction costs related to acquisition and disposition events (including professional advisory fees, integration costs, and related compensatory matters), restructuring expense, tax on equity award vesting and exercise events, and other non-comparable items. The Company believes that the exclusion of the expense and income items eliminated in calculating Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of the Company’s core operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to the Company’s ongoing operations. Accordingly, the Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating the Company’s operating results.

The following table summarizes the Company’s revenue, (loss) income from continuing operations, Adjusted EBITDA and significant expenses:


(in thousand)	2024		2023		2022
Service revenue and other	$	328,058	$	269,131	$	248,911
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization	128,112		100,850		102,279
Selling, general and administrative exclusive of stock-based compensation	105,356		89,271		82,585
Adjusted EBITDA	94,590		79,010		64,047
Stock-based compensation expense, net of amount capitalized	9,837		10,033		8,528
Restructuring, integration and acquisition	14,509		2,915		1,251
Impairment expense	382		2,552		5,241
Depreciation and amortization	98,453		63,368		66,483
Interest expense	15,897		4,212		1,577
Other benefit items	(6,461)		(5,587)		(215)
Income tax (benefit) expense	(9,670)		501		(3,400)
(Loss) income from continuing operations	$	(28,357)	$	1,016	$	(15,418)

Other benefit items included in (loss) income from continuing operations interest income, patronage income and benefit plan gains.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Federal and State Income Taxes

The provision for the federal and state income taxes attributable to (loss) income from continuing operations consisted of the following components:


	Years Ended December 31,
(in thousands)	2024			2023			2022
Current expense (benefit)
Federal taxes	$	—		$	(2,707)		$	(1,406)
State taxes	89			(680)			(363)
Total current provision	89			(3,387)			(1,769)
Deferred (benefit) expense
Federal taxes	(5,238)			4,564			(1,062)
State taxes	(4,521)			(676)			(569)
Total deferred (benefit) expense	(9,759)			3,888			(1,631)
Income tax (benefit) expense	$	(9,670)		$	501		$	(3,400)
Effective tax rate	25.4		%	33.0		%	18.1		%

Schedule of Reconciliation of Income Taxes

A reconciliation of income tax (benefit) expense determined by applying the federal and state tax rates to (loss) income from continuing operations before income taxes is as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Expected tax (benefit) expense at federal statutory	$	(7,986)	$	319	$	(3,952)
State income tax (benefit) expense, net of federal tax effect	(3,159)		268		(802)
Revaluation of deferred tax liabilities	—		(1,373)		—
Excess tax deficiency from share-based compensation and other expense, net	1,475		764		735
Valuation allowance	—		523		619
Income tax (benefit) expense	$	(9,670)	$	501	$	(3,400)

Schedule of Deferred Tax Assets and Liabilities


(in thousands)	December 31, 2024		December 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$	64,599	$	59,814
Business interest limitation carryforwards	11,669		2,290
Accruals and stock-based compensation	5,274		4,075
Leases	4,399		14,208
Other	12,020		8,995
Total gross deferred tax assets	97,961		89,382
Less valuation allowance	—		(523)
Net deferred tax assets	97,961		88,859

Deferred tax liabilities:
Property, plant and equipment	239,180		146,302
Intangible assets	17,866		13,837
Leases	5,356		13,616
Prepaid assets and other	3,275		3,251
Total gross deferred tax liabilities	265,677		177,006
Net deferred tax liabilities	$	167,716	$	88,147

Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Fair Value


(in thousands)	December 31, 2024		December 31, 2023
Balance sheet line items containing derivative financial instruments:
Prepaid expenses and other	$	1,766	$	1,443
Deferred charges and other assets	721		798
Total fair value of derivatives designated as hedging instruments	$	2,487	$	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 as of December 31, 2023	$	2,241	$	(573)	$	1,668
Net change in unrealized gain	2,420		(570)		1,850
Amounts reclassified to interest expense	(2,174)		509		(1,665)
Net current period other comprehensive income (loss)	246		(61)		185
Balance as of December 31, 2024	$	2,487	$	(634)	$	1,853


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance as of December 31, 2022	$	—	$	—	$	—
Net change in unrealized gain	2,241		(573)		1,668
Balance as of December 31, 2023	$	2,241	$	(573)	$	1,668

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	RSM US LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	49

Revenue from Contracts with Customers - Schedule of Revenue by Activity Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	$ 328,058	$ 269,131	$ 248,911
Residential And SMB - Incumbent Broadband Markets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	177,485	176,879	175,681
Residential And SMB - Glo Fiber Expansion Markets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	57,907	35,103	18,293
Commercial Fiber
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	67,011	42,132	38,821
RLEC & Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	25,655	15,017	16,116
Income from leasing arrangements (ASC 842)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	5,838	2,641	2,128
Cost of services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service revenue and other	$ 322,220	$ 266,490	$ 246,783

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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-Publisher FASB
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+ Details

Stock Compensation and Earnings per Share - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, nonvested awards, compensation cost not yet recognized	$ 7.3
Compensation, nonvested awards, cost not yet recognized, period for recognition	2 years 1 month 6 days
Anti-dilutive awards outstanding (fewer than) (in shares)	325,000	117,000	365,000
The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares authorized for issuance (in shares)	4,200,000
The 2024 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares authorized for issuance (in shares)	3,000,000
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than) (in shares)	3,432,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of RSUs vested	$ 5.8
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Shares issued (as a percent)	0.00%
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Shares issued (as a percent)	100.00%
Restricted Stock Units (RSUs) \| The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Restricted Stock Units (RSUs) \| The 2024 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Shares remained available for future issuance (in shares)	2,917,122
Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Fair value of RSUs vested	$ 0.5
Relative Total Shareholder Return Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)	0.00%
Relative Total Shareholder Return Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)	150.00%

Leases - Schedule of Expected Maturity of Lease Liabilities, Financing (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 3,810
2026	2,884
2027	1,991
2028	1,677
2029	1,327
2030 and thereafter	7,054
Total lease payments	18,743
Less: interest	(4,889)
Present value of lease liabilities	13,854
Finance Leases
2025	416
2026	400
2027	203
2028	158
2029	160
2030 and thereafter	1,041
Total lease payments	2,378
Less: interest	(484)
Present value of lease liabilities	1,894
Total
2025	4,226
2026	3,284
2027	2,194
2028	1,835
2029	1,487
2030 and thereafter	8,095
Total lease payments	21,121
Less: interest	(5,373)
Present value of lease liabilities	$ 15,748

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 193,817	$ 8,038	$ (8,379)

- Definition

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

+ References

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

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:


	December 31, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,055	$	—	$	67,055	$	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	42,447		(28,882)		13,565		28,425		(27,370)		1,055
Other intangibles	510		(389)		121		510		(359)		151
Total finite-lived intangibles	42,957		(29,271)		13,686		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	186,994	$	(29,271)	$	157,723	$	108,852	$	(27,729)	$	81,123

Shentel recognized $63.8 million of goodwill, $14.0 million of subscriber relationships and $0.2 million of other intangible assets as a result of the purchase price allocation related to the Horizon Transaction. 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 $1.5 million, $0.5 million and $0.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Our finite-lived intangible assets are amortized over the following estimated useful lives:


						Estimated Useful Life
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

The following table summarizes expected amortization of intangible assets at December 31, 2024:


(in thousands)	Amortization of Intangible Assets

2025	$	1,888
2026	1,507
2027	1,469
2028	1,421
2029	1,420
2030 and thereafter	5,981
Total	$	13,686

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 64,599,000	$ 59,814,000
Business interest limitation carryforwards	11,669,000	2,290,000
Accruals and stock-based compensation	5,274,000	4,075,000
Leases	4,399,000	14,208,000
Other	12,020,000	8,995,000
Total gross deferred tax assets	97,961,000	89,382,000
Less valuation allowance	0	(523,000)	$ (600,000)
Net deferred tax assets	97,961,000	88,859,000
Deferred tax liabilities:
Property, plant and equipment	239,180,000	146,302,000
Intangible assets	17,866,000	13,837,000
Leases	5,356,000	13,616,000
Prepaid assets and other	3,275,000	3,251,000
Total gross deferred tax liabilities	265,677,000	177,006,000
Net deferred tax liabilities	$ 167,716,000	$ 88,147,000

Derivatives and Hedging - Schedule of Derivative Financial Instruments as well as its Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Total fair value of derivatives designated as hedging instruments	$ 2,487	$ 2,241
Derivate asset, statement of financial position [extensible enumeration]	Deferred charges and other assets, Prepaid expenses and other	Deferred charges and other assets, Prepaid expenses and other
Designated as Hedging Instrument \| Prepaid expenses and other
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Total fair value of derivatives designated as hedging instruments	$ 1,766	$ 1,443
Designated as Hedging Instrument \| Deferred charges and other assets
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Total fair value of derivatives designated as hedging instruments	$ 721	$ 798

- Definition

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

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+ Details

Acquisition of Horizon

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Acquisition of Horizon

As discussed in Note 1, Nature of Operations, Shentel acquired 100% of the outstanding equity interests of Horizon on April 1, 2024.

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.


(in thousands)	Amount
Current and other assets	$	11,795
Property, plant and equipment	380,101
Goodwill	63,811
Intangible assets	14,249
Operating lease right-of-use assets	7,792
Other long-term assets	1,843
Total assets acquired	479,591

Current liabilities	16,164
Deferred tax liabilities	25,427
Non-current operating lease liabilities	4,706
Government grant liabilities	7,122
Other long-term liabilities	9,978
Total liabilities assumed	63,397

Net assets acquired	$	416,194

The Company recorded certain measurement period adjustments to update management’s initial estimate of acquired assets and assumed liabilities 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 $10.8 million.

Current and other assets acquired include $6.1 million of accounts receivable, net of allowance for credit losses of $0.2 million. Intangible assets acquired primarily relate to customer relationships. Property, plant and equipment and customer relationships were primarily valued using the cost approach to determine the cost that would be incurred to replace these assets. Lease right-of-use assets were valued using an income approach to compare actual rental rates paid by the Company to current market rates to determine the degree to which the value of the right-of-use assets are above or below market value. Customer relationship assets acquired 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 $14.3 million and $2.9 million related to banking, severance, information technology, representation and warranty insurance and other similar expenses for the years ended December 31, 2024 and 2023, respectively. Included in these costs were $6.9 million of direct acquisition-related costs incurred by Shentel during the year ended December 31, 2024. These costs are recorded in restructuring, integration and acquisition expenses in the Company’s consolidated statements of operations. No such costs were incurred during the year ended December 31, 2022.

Horizon’s revenue of $47.7 million and loss before income taxes of $17.1 million for the period between April 1, 2024 and December 31, 2024 are included in Shentel’s consolidated statements of operations for the year ended December 31, 2024. The unaudited pro forma results of the Company, as if the Horizon Transaction had occurred on January 1, 2023, were as follows:


(in thousands)	2024		2023
Operating revenues	$	343,928	$	334,727
Loss before income taxes	$	(42,964)	$	(16,279)

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.

Stock Compensation and Earnings per Share

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation and Earnings per Share

The Company’s 2014 Equity Incentive Plan (the “2014 Plan”) allowed for the grant of equity based incentive compensation to all employees. The 2014 Plan authorized grants of up to an additional 4,200,000 shares over a ten-year period beginning in 2014. The 2014 Plan expired on February 18, 2024 and the Company’s Board of Directors approved the resolution to adopt the 2024 Equity Incentive Plan (the “2024 Plan”) on February 13, 2024, to be effective on March 1, 2024. The 2024 Plan was approved by the Company’s shareholders at the 2024 Annual Shareholder Meeting. The 2024 Plan authorizes grants of up to an additional 3,000,000 shares over a ten-year period. Under the 2014 Plan and the 2024 Plan, grants may take the form of stock awards, awards of options to acquire stock, stock appreciation rights and other forms of equity based compensation. As of December 31, 2024, the only forms of stock awards outstanding are restricted stock units (“RSUs”) and Relative Total Shareholder Return RSUs (“RTSRs”) and there were 2,917,122 shares available for future issuance under the 2024 Plan.

The Company’s RSUs generally have service conditions only or performance and service conditions with vesting periods ranging from one year for directors to five years for employees. RSUs that have both performance and service conditions are referred to as performance stock units (“PSUs”). The actual number of shares to be issued upon PSU performance measurement can range from 0% to 100% of the awards granted.

RTSRs vest approximately three years from the grant date. The performance condition applied to the RTSR awards is based upon the Company’s stock performance compared to a group of peer companies. The actual number of shares to be issued upon RTSRs performance measurement can range from 0% to 150% of the awards granted.

Activity related to the Company’s equity compensation, which includes the Company’s RSUs and PSUs, was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2021	337	$	28.46
Granted	518	$	21.56
Vested	(153)	$	27.50
Forfeited	(53)	$	25.89
Outstanding awards, December 31, 2022	649	$	23.39
Granted	385	$	19.05
Vested	(200)	$	25.01
Forfeited	(9)	$	21.67
Outstanding awards, December 31, 2023	825	$	21.16
Granted	403	$	20.22
Vested	(308)	$	21.74
Forfeited	(45)	$	19.44
Outstanding awards, December 31, 2024	875	$	20.63

The total fair value of RSUs vested was $5.8 million during the year ended December 31, 2024.

Activity related to the Company’s RTSRs was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2021	154	$	34.69
Granted	100	$	23.83
Vested	(46)	$	33.83
Forfeited	(6)	$	36.28
Outstanding awards, December 31, 2022	202	$	29.46
Granted	134	$	23.64
Vested	(30)	$	36.27
Forfeited	(13)	$	36.27
Outstanding awards, December 31, 2023	293	$	25.80
Granted	136	$	22.30
Vested	(32)	$	34.05
Forfeited	(138)	$	25.74
Outstanding awards, December 31, 2024	259	$	22.96

The total fair value of RTSRs vested was $0.5 million during the year ended December 31, 2024.

Stock-based compensation expense was as follows:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Stock compensation expense	$	10,651	$	10,823	$	9,142
Capitalized stock compensation	(814)		(790)		(614)
Stock compensation expense, net	$	9,837	$	10,033	$	8,528

As of December 31, 2024, there was $7.3 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.1 years.

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


	Years Ended December 31,
(in thousands, except per share amounts)	2024		2023		2022
Calculation of net income (loss) per share:
(Loss) income from continuing operations	$	(28,357)	$	1,016	$	(15,418)
Income from discontinued operations, net of tax	222,174		7,022		7,039
Net income (loss)	$	193,817	$	8,038	$	(8,379)

Amounts attributable to common shareholders
(Loss) income from continuing operations	$	(31,786)	$	1,016	$	(15,418)
Income from discontinued operations, net of tax	222,174		7,022		7,039
Net income (loss) attributable to common shareholders	$	190,388	$	8,038	$	(8,379)

Basic weighted average shares outstanding	53,722		50,396		50,155

Per share amounts attributable to common shareholders
Basic net (loss) income per share - continuing operations	$	(0.59)	$	0.02	$	(0.31)
Basic net income per share - discontinued operations	4.13		0.14		0.14
Basic net income (loss) per share	$	3.54	$	0.16	$	(0.17)

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	53,722		50,396		50,155
Effect from dilutive shares and options outstanding	—		319		—
Diluted weighted average shares outstanding	53,722		50,715		50,155

Diluted net (loss) income per share - continuing operations	$	(0.59)	$	0.02	$	(0.31)
Diluted net income per share - discontinued operations	4.13		0.14		0.14
Diluted net income (loss) per share	$	3.54	$	0.16	$	(0.17)

The Company applies the two-class method when computing net income (loss) per share attributable to common shareholders as the Company has issued preferred stock that meets the definition of a participating security. The Company considers Series A Preferred Stock to be a participating security as the holders are entitled to receive cumulative dividends.

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 325,000 and 365,000 potentially dilutive equity awards for the years ended December 31, 2024 and 2022, 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 3,432,000 potentially dilutive shares related to the Series A Preferred Stock (on an as-converted basis) for the year ended December 31, 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 117,000 anti-dilutive awards outstanding for the years ended December 31, 2023.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Activity Type

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


(in thousands)	2024		2023		2022
Residential & SMB - Incumbent Broadband Markets1	$	177,485	$	176,879	$	175,681
Residential & SMB - Glo Fiber Expansion Markets2	57,907		35,103		18,293
Commercial Fiber	67,011		42,132		38,821
RLEC & Other	25,655		15,017		16,116
Service revenue and other	$	328,058	$	269,131	$	248,911

_______________________________________________________

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.


(in thousands)	2024		2023		2022
Revenue from contracts with customers (ASC 606)	$	322,220	$	266,490	$	246,783
Income from leasing arrangements (ASC 842)	5,838		2,641		2,128
Service revenue and other	$	328,058	$	269,131	$	248,911

Schedule of Amortized and Capitalized Contract Cost

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


(in thousands)	2024		2023
Beginning Balance	$	8,633	$	8,646
Commission payments	4,857		3,138
Contract asset amortization	(3,239)		(3,151)
Ending Balance	$	10,251	$	8,633

Discontinued Operations and Disposal Groups - Schedule of Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other (expense) income:
Gain on the sale of discontinued operations, net of tax	$ 220,217	$ 0	$ 0
Discontinued Operations, Held-for-sale
Revenues [Abstract]
Service revenue and other	4,542	18,635	18,919
Operating expenses:
Selling, general and administrative	572	1,412	1,279
Depreciation and amortization	222	2,104	2,416
Total operating expenses	1,853	9,141	9,407
Operating income	2,689	9,494	9,512
Other (expense) income:
Gain on the sale of discontinued operations, net of tax	294,250	0	0
Other expense	(81)	0	0
Income before income taxes	296,858	9,494	9,512
Income tax expense	74,684	2,472	2,473
Income from discontinued operations, net of tax	222,174	7,022	7,039
Discontinued Operations, Held-for-sale \| Cost of services
Operating expenses:
Cost of services	$ 1,059	$ 5,625	$ 5,712

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,980,111	$ 1,327,820
Less: accumulated depreciation and amortization	(541,573)	(477,483)
Property, plant and equipment, net	1,438,538	850,337
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	1,772,683	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	$ 3,717	4,448
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 52,706	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	$ 1,294,689	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	$ 417,057	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	$ 207,428	$ 145,623

Summary of Significant Accounting Policies - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 4,945	$ 3,943
Supplemental executive retirement plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	2,812	2,290
Postretirement medical benefits plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	1,889	1,653
Pension plan obligation
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 244	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Accounts Receivable, Allowance for Credit Loss

Changes in the Company’s allowance for credit losses for accounts receivable for the years ended December 31, 2024, 2023 and 2022 are summarized below:


(in thousands)	Balance at Beginning of Year		Recoveries added to allowance		Provision for Credit Losses		Write-offs		Balance at End of Year
Year Ended December 31, 2024
Allowance for credit losses	$	886	$	599	$	2,132	$	(2,461)	$	1,156
Year Ended December 31, 2023
Allowance for credit losses	$	776	$	424	$	2,852	$	(3,166)	$	886
Year Ended December 31, 2022
Allowance for credit losses	$	352	$	414	$	1,972	$	(1,962)	$	776

Schedule of Defined Benefit Plans Disclosures

Benefit plan obligations: The Benefit plan obligations caption includes the following:


($ in thousands)	December 31, 2024		December 31, 2023
Supplemental executive retirement plans	$	2,812	$	2,290
Postretirement medical benefits plans	1,889		1,653
Pension plan obligation	244		—
Total	$	4,945	$	3,943

Leases - Schedule of Maturity of Lease Liability - Lessor (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 4,486
2026	3,833
2027	3,395
2028	3,180
2029	2,880
2030 and thereafter	17,288
Total	$ 35,061

Commitments and Contingencies - Schedule of Purchase Commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Purchase Commitments
2025	$ 5,809
2026	4,364
2027	1,282
Total	$ 11,455

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations 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. 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 $347 million which consisted of cash consideration to the other Sellers and certain third parties, including Horizon’s existing lenders to discharge debt, and payments for working capital adjustments and reimbursement of capital expenditures incurred by the Sellers, subject to post-closing adjustments. The Selling Shareholder agreed to an investor rights agreement with the Company, pursuant to which, as long as the Selling Shareholder beneficially owns at least 5.0% of Shentel’s outstanding Common Stock, the Selling Shareholder has the right to nominate a director to Shentel’s Board and is subject to certain standstill provisions and voting covenants. The Selling Shareholder is also subject to 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 3, 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 13, 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 agents 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 10, 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 (Vertical Bridge) 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 certain remaining tower sites to Vertical Bridge by the end of March 2025 that will represent 99.9% of the tower portfolio value. 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 consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our consolidated statements of operations and consolidated statements of cash flows. Refer to Note 17, 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.

Income Taxes - Schedule of Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax (benefit) expense at federal statutory	$ (7,986)	$ 319	$ (3,952)
State income tax (benefit) expense, net of federal tax effect	(3,159)	268	(802)
Revaluation of deferred tax liabilities	0	(1,373)	0
Excess tax deficiency from share-based compensation and other expense, net	1,475	764	735
Valuation allowance	0	523	619
Income tax (benefit) expense	$ (9,670)	$ 501	$ (3,400)

- 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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-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
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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,156	$ 886
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	54,605,000	50,272,000
Common stock, shares outstanding (in shares)	54,605,000	50,272,000

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following loans were outstanding under the Credit Agreement:


(in thousands)	December 31, 2024		December 31, 2023
Term loan A-1	$	144,451	$	150,000
Term loan A-2	148,506		150,000
Term loan A-3	125,000		—
Total debt	417,957		300,000
Less: unamortized loan fees	(1,078)		(101)
Total debt, net of unamortized loan fees	$	416,879	$	299,899

Schedule of Interest Income and Interest Expense Disclosure

Interest expense recorded in Shentel’s consolidated statements of operations consisted of the following for the years ended:


(in thousands)	2024		2023		2022
Interest expense	$	24,415	$	9,633	$	2,241
Less: capitalized interest	(8,518)		(5,421)		(664)
Interest expense, net of capitalized interest	$	15,897	$	4,212	$	1,577

Schedule of Maturities of Long-term Debt

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


(in thousands)	Amount
2025	$	9,504
2026	140,063
2027	6,294
2028	262,096
Total	$	417,957

- Definition

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

+ References

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+ Details

Other Assets and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

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


(in thousands)	December 31, 2024		December 31, 2023
Prepaid maintenance expenses	$	7,437	$	5,157
Broadband contract acquisition costs	3,165		2,675
Interest rate swaps	1,766		1,443
Other	4,914		2,507
Prepaid expenses and other	$	17,282	$	11,782

Schedule of Other Assets, Noncurrent

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


(in thousands)	December 31, 2024		December 31, 2023
Broadband contract acquisition costs	$	7,086	$	5,958
Interest rate swaps	721		798
Prepaid expenses and other	6,428		4,805
Deferred charges and other assets	$	14,235	$	11,561

Schedule of Accrued Liabilities and Other

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


(in thousands)	December 31, 2024		December 31, 2023
Accrued programming costs	$	4,227	$	3,209
Other current liabilities	7,873		4,538
Accrued liabilities and other	$	12,100	$	7,747

Schedule of Other Noncurrent Liabilities

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


(in thousands)	December 31, 2024		December 31, 2023
Noncurrent portion of deferred revenue	$	26,809	$	14,670
Noncurrent portion of finance leases	1,567		1,395
Other	5,149		847
Other liabilities	$	33,525	$	16,912

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of operating segments \| segment	1
Service revenue and other	$ 328,058	$ 269,131	$ 248,911
Cost of services exclusive of depreciation and amortization	128,112	100,850	102,279
Selling, general and administrative	115,193	99,304	91,113
Stock-based compensation expense, net of amount capitalized	9,837	10,033	8,528
Restructuring, integration and acquisition	14,509	2,915	1,251
Impairment expense	382	2,552	5,241
Depreciation and amortization	98,453	63,368	66,483
Interest expense	15,897	4,212	1,577
Other income, net	6,461	5,587	215
Income tax (benefit) expense	(9,670)	501	(3,400)
(Loss) income from continuing operations	(28,357)	1,016	(15,418)
Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Service revenue and other	328,058	269,131	248,911
Cost of services exclusive of depreciation and amortization	128,112	100,850	102,279
Selling, general and administrative	105,356	89,271	82,585
Adjusted EBITDA	94,590	79,010	64,047
Stock-based compensation expense, net of amount capitalized	9,837	10,033	8,528
Restructuring, integration and acquisition	14,509	2,915	1,251
Impairment expense	382	2,552	5,241
Depreciation and amortization	98,453	63,368	66,483
Interest expense	15,897	4,212	1,577
Other income, net	(6,461)	(5,587)	(215)
Income tax (benefit) expense	(9,670)	501	(3,400)
(Loss) income from continuing operations	$ (28,357)	$ 1,016	$ (15,418)

Nature of Operations - Sale of Shentel’s Tower Portfolio (Details) $ in Millions		12 Months Ended
	Mar. 29, 2024 USD ($)	Dec. 31, 2024 segment	Mar. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments \| segment		1
Discontinued Operations, Held-for-sale \| Tower Portfolio
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale proceeds	$ 309.9
Proceeds from sale of real estate portfolio	$ 305.8
Percentage of Portfolio	99.50%
Discontinued Operations, Held-for-sale \| Tower Portfolio \| Vertical Bridge \| Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of Portfolio			99.90%

- Definition

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

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+ Details

Redeemable Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 15, 2024	Dec. 31, 2024	Apr. 01, 2024
Redeemable Noncontrolling Interest [Line Items]
Dividends, preferred stock, paid-in-kind		$ 3,084
Dividends, preferred stock, cash		$ 345
Shentel Broadband Holding Inc. \| Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Convertible preferred stock, shares issued upon conversion		3,432,006
Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Dividends, preferred stock, paid-in-kind	$ 3,100
Liquidation preference		$ 84,100
Dividends, preferred stock, cash		$ 300
Series A Preferred Stock \| Shentel Broadband Holding Inc. \| Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Conversion price per share (in dollars per share)			$ 24.50

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 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	December 31, 2024		December 31, 2023
Land		$	4,514	$	3,671
Land improvements	10 years	3,717		4,448
Buildings and structures	10 - 45 years	52,706		42,871
Cable and fiber	12 - 30 years	1,294,689		799,612
Equipment and software	4 - 12 years	417,057		331,595
Plant in service		1,772,683		1,182,197
Plant under construction		207,428		145,623
Total property, plant and equipment		1,980,111		1,327,820
Less: accumulated depreciation and amortization		(541,573)		(477,483)
Property, plant and equipment, net		$	1,438,538	$	850,337

Leases - Schedule of Operating Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 4,480	$ 3,218	$ 3,042
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases)	$ 2,250	$ 1,968	$ 1,351

Stock Compensation and Earnings per Share - Schedule of Share-Based Payment Arrangement, Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs)
Number of Shares
Outstanding awards, beginning of period (in shares)	825	649	337
Granted (in shares)	403	385	518
Vested (in shares)	(308)	(200)	(153)
Forfeited (in shares)	(45)	(9)	(53)
Outstanding awards, end of period (in shares)	875	825	649
Weighted Average Grant Price
Outstanding awards, beginning of period weighted average grant price (in dollars per share)	$ 21.16	$ 23.39	$ 28.46
Granted, weighted average grant price (in dollars per share)	20.22	19.05	21.56
Vested, weighted average grant price (in dollars per share)	21.74	25.01	27.50
Forfeited, weighted average grant price (in dollars per share)	19.44	21.67	25.89
Outstanding awards, end of period weighted average grant price (in dollars per share)	$ 20.63	$ 21.16	$ 23.39
Relative Total Shareholder Return Awards
Number of Shares
Outstanding awards, beginning of period (in shares)	293	202	154
Granted (in shares)	136	134	100
Vested (in shares)	(32)	(30)	(46)
Forfeited (in shares)	(138)	(13)	(6)
Outstanding awards, end of period (in shares)	259	293	202
Weighted Average Grant Price
Outstanding awards, beginning of period weighted average grant price (in dollars per share)	$ 25.80	$ 29.46	$ 34.69
Granted, weighted average grant price (in dollars per share)	22.30	23.64	23.83
Vested, weighted average grant price (in dollars per share)	34.05	36.27	33.83
Forfeited, weighted average grant price (in dollars per share)	25.74	36.27	36.28
Outstanding awards, end of period weighted average grant price (in dollars per share)	$ 22.96	$ 25.80	$ 29.46

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Resulting from Acquisition

Goodwill and intangible assets consisted of the following:


	December 31, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,055	$	—	$	67,055	$	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	42,447		(28,882)		13,565		28,425		(27,370)		1,055
Other intangibles	510		(389)		121		510		(359)		151
Total finite-lived intangibles	42,957		(29,271)		13,686		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	186,994	$	(29,271)	$	157,723	$	108,852	$	(27,729)	$	81,123

Schedule of Finite-Lived Intangible Assets

Goodwill and intangible assets consisted of the following:


	December 31, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,055	$	—	$	67,055	$	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	42,447		(28,882)		13,565		28,425		(27,370)		1,055
Other intangibles	510		(389)		121		510		(359)		151
Total finite-lived intangibles	42,957		(29,271)		13,686		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	186,994	$	(29,271)	$	157,723	$	108,852	$	(27,729)	$	81,123

Schedule of Finite Lived Intangible Assets, Amortization, Estimated Useful Lives

Our finite-lived intangible assets are amortized over the following estimated useful lives:


						Estimated Useful Life
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes expected amortization of intangible assets at December 31, 2024:


(in thousands)	Amortization of Intangible Assets

2025	$	1,888
2026	1,507
2027	1,469
2028	1,421
2029	1,420
2030 and thereafter	5,981
Total	$	13,686

Acquisition of Horizon - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Apr. 01, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Allowance for doubtful accounts		$ 1,156	$ 1,156	$ 886
Horizon Acquisition Parent LLC
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Aggregate purchase price	$ 416,200
Cash consideration	349,400
Value of shares issued	$ 71,800
Equity interest issued (in shares)	4,100,375
Revision, goodwill	$ (10,800)
Accounts receivable	6,100
Allowance for doubtful accounts	$ 200
Estimated useful life, acquired intangible asset	10 years
Integration and acquisition costs			14,300	$ 2,900
Acquisition costs			$ 6,900
Operating revenues		47,700
Loss before income taxes		$ 17,100