0001171843-24-001842.txt : 20240404 0001171843-24-001842.hdr.sgml : 20240404 20240404165539 ACCESSION NUMBER: 0001171843-24-001842 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240329 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240404 DATE AS OF CHANGE: 20240404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHENANDOAH TELECOMMUNICATIONS CO/VA/ CENTRAL INDEX KEY: 0000354963 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] ORGANIZATION NAME: 06 Technology IRS NUMBER: 541162807 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-09881 FILM NUMBER: 24823766 BUSINESS ADDRESS: STREET 1: PO BOX 459 STREET 2: 500 SHENTEL WAY CITY: EDINBURG STATE: VA ZIP: 22824 BUSINESS PHONE: 5409844141 MAIL ADDRESS: STREET 1: P O BOX 459 STREET 2: 500 SHENTEL WAY CITY: EDINBURG STATE: VA ZIP: 22824 8-K/A 1 f8ka_040424.htm FORM 8-K/A
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K/A

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 Date of Report (Date of earliest event reported): March 29, 2024

 

 

 

 

Shenandoah Telecommunications Company

(Exact name of registrant as specified in its charter)

 

 

 

Virginia  

000-9881

  

54-1162807

(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)

 

500 Shentel Way

P.O. Box 459

Edinburg, Virginia 22824

(Address of principal executive offices) (Zip Code)

 

(540) 984-4141

(Registrant’s telephone number, including area code)

 

 

  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock (No Par Value) SHEN NASDAQ Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Explanatory Note

 

On March 29, 2024, Shenandoah Telecommunications Company (“the Company”) filed a Current Report on Form 8-K (the “Initial Form 8-K”) reporting the initial closing of its previously disclosed sale of substantially all of the Company’s tower portfolio and operations to Vertical Bridge Holdco, LLC for $309.9 million in cash (the “Transaction”). The 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, which are attached as Exhibits 2.1 and 2.2, respectively, to the Initial Form 8-K.

 

This Current Report on Form 8-K/A amends the Initial Form 8-K to include the unaudited pro forma consolidated financial information required by Item 9.01(b) of Form 8-K and to update certain disclosures under Item 9.01(b) of the Initial Form 8-K. Such information should be read in conjunction with the Initial Form 8-K. Except as provided herein, the disclosures made in the Initial Form 8-K remain unchanged.

 

Item 9.01.Financial Statements and Exhibits.

 

(b) Pro Forma Financial Information.

 

The unaudited pro forma consolidated financial information of the Company (giving effect to the Transaction) as of December 31, 2023 and for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 (the “Unaudited Pro Forma Financial Information”), is filed as Exhibit 99.1 to this Current Report on Form 8-K/A and is incorporated herein by reference.

 

The Unaudited Pro Forma Financial Information is presented for illustrative purposes only and is not intended to represent or be indicative of the Company’s consolidated results of operations or financial position that would have been reported had the Transaction been completed as of the dates presented in the Unaudited Pro Forma Financial Information. The Unaudited Pro Forma Financial Information should not be taken as a representation of the Company’s future consolidated results of operations or financial condition. The pro forma adjustments in the Unaudited Pro Forma Financial Information are based on available information and certain assumptions that management believes are reasonable under the circumstances.

 

   
(d) Exhibits.  
   
Exhibit No. Description
   
99.1 Unaudited Pro Forma Condensed Consolidated Financial Information
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

Forward-Looking Statements

 

This communication contains forward-looking statements about Shentel regarding, among other things, its business strategy, its prospects and its financial position. These statements can be identified by the use of forward-looking terminology such as “believes,” “estimates,” “expects,” “intends,” “may,” “will,” “plans,” “should,” “could,” or “anticipates” or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties. The forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to Shentel’s beliefs and expectations as to future events and trends affecting its business that are necessarily subject to uncertainties, many of which are outside Shentel’s control. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved, and actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors. A discussion of other factors that may cause actual results to differ from management’s projections, forecasts, estimates and expectations is available in Shentel’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Reports on Form 10-Q. Those factors may include, among others, Shentel’s ability to satisfy the closing conditions for subsequent tower sale closings, the expected savings and synergies from Shentel’s acquisition of Horizon Telecom may not be realized or may take longer or cost more than expected to realize, changes in overall economic conditions including rising inflation, regulatory requirements, changes in technologies, changes in competition, demand for our products and services, availability of labor resources and capital, natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as COVID-19, and other conditions. The forward-looking statements included are made only as of the date of the statement. Shentel undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

  SHENANDOAH TELECOMMUNICATIONS COMPANY
   
Dated: April 4, 2024 /s/ James J. Volk
  James J. Volk
 

Senior Vice President – Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

 

Unaudited Pro Forma Condensed Consolidated Financial Information

 

Effective as of March 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company (the “Company”), completed the previously announced sale of substantially all of the Company’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC for $309.9 million in cash (the “Transaction”). The Transaction was completed pursuant to the terms of 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 sale of the Tower Portfolio is considered a significant disposition for purposes of Item 2.01 of Form 8-K. As a result, the Company prepared the accompanying unaudited pro forma condensed consolidated financial information in accordance with Article 11 of Regulation S-X.

 

The Company has not previously reported its operations of the Tower Portfolio as discontinued operations in its consolidated financial statements included in Form 10-K for the year ended December 31, 2023. The accompanying unaudited pro forma condensed consolidated statements of comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 give effect to the divestiture as if it had occurred on January 1, 2021. The unaudited pro forma condensed consolidated financial information only present financial results through continuing operations attributable to the Company and excludes any historically reported discontinued operations other than those of the Tower Portfolio. The accompanying unaudited pro forma condensed consolidated balance sheet gives effect to this divestiture as if it had occurred on December 31, 2023, the date of the Company’s most recently filed balance sheet.

 

The unaudited pro forma condensed consolidated financial information should be read in conjunction with the consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Form 10-K for the year ended December 31, 2023, filed with the SEC on February 21, 2024.

 

The unaudited pro forma condensed consolidated financial information is presented based on assumptions, adjustments, and currently available information described in the accompanying notes and is intended for informational purposes only. The unaudited pro forma condensed consolidated financial information is not necessarily indicative of what the Company’s results of operations or financial condition would have been had the divestiture been completed on the dates assumed. In addition, it is not necessarily indicative of the Company’s future results of operations or financial condition. Actual adjustments may differ materially from the information presented.

 

 

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Balance Sheet
December 31, 2023
(in thousands)            
   Historical  Transaction Accounting Adjustments     Unaudited Pro Forma Continuing Operations
ASSETS            
Current assets:                  
Cash and cash equivalents  $139,255   $305,033   a  $444,288 
Accounts receivable, net   19,782    —       19,782 
Income taxes receivable   4,691    —       4,691 
Prepaid expenses and other   11,782    —       11,782 
Current assets held for sale   561    —       561 
Total current assets   176,071    305,033       481,104 
                   
Investments   13,198    —       13,198 
Property, plant and equipment, net   879,499    (29,162)  b   850,337 
Goodwill and intangible assets, net   81,123    —       81,123 
Operating lease right-of-use assets   50,640    (36,237)  b   14,403 
Deferred charges and other assets   13,698    (2,137)  b   11,561 
Total assets  $1,214,229   $237,497      $1,451,726 
                   
LIABILITIES AND SHAREHOLDERS' EQUITY                  
Current liabilities:                  
Current maturities of long-term debt, net of unamortized loan fees  $7,095   $—      $7,095 
Accounts payable   53,546    —       53,546 
Advanced billings and customer deposits   13,241    (847)  b   12,394 
Accrued compensation   11,749    —       11,749 
Current operating lease liabilities   3,081    (878)  b   2,203 
Accrued liabilities and other   9,643    (1,816)  b   7,827 
Total current liabilities   98,355    (3,541)      94,814 
                   
Long-term debt, less current maturities, net of unamortized loan fees   292,804    —       292,804 
Other long-term liabilities:                  
Deferred income taxes   88,147    (2,087)  b   86,060 
Asset retirement obligations   10,069    (9,516)  b   553 
Benefit plan obligations   3,943    —       3,943 
Non-current operating lease liabilities   48,358    (39,534)  b   8,824 
Other liabilities   19,883    (3,550)  b   16,333 
Total other long-term liabilities   170,400    (54,687)      115,713 
                   
Shareholders' equity:                  
Common stock   —    —       — 
Additional paid-in capital   66,933    —       66,933 
Retained earnings   584,069    295,725    a,b   879,794 
Accumulated other comprehensive income   1,668    —       1,668 
Total shareholders' equity   652,670    295,725       948,395 
Total liabilities and shareholders' equity  $1,214,229   $237,497      $1,451,726 

 

 

 

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Comprehensive Income (Loss)
Year Ended December 31, 2023
(in thousands)         
   Historical  Transaction Accounting Adjustments (c)  Unaudited Pro Forma Continuing Operations
          
Service revenue and other  $287,379   $(18,247)  $269,132 
                
Operating Expenses:               
Cost of services exclusive of depreciation and amortization   106,101    (5,251)   100,850 
Selling, general and administrative   103,631    (1,412)   102,219 
Impairment expense   2,552    —    2,552 
Depreciation and amortization   65,471    (2,103)   63,368 
Total operating expenses   277,755    (8,766)   268,989 
Operating income (loss)   9,624    (9,481)   143 
Other income:               
Other income, net   1,387    —    1,387 
Income (loss) from continuing operations before income taxes   11,011    (9,481)   1,530 
Income tax expense (benefit)   2,973    (2,479)   494 
Income (loss) from continuing operations  $8,038   $(7,002)  $1,036 
                
Basic - Income (loss) from continuing operations  $0.16   $(0.14)  $0.02 
                
Diluted - Income (loss) from continuing operations  $0.16   $(0.14)  $0.02 
               
Weighted average shares outstanding, basic   50,396    —    50,396 
Weighted average shares outstanding, diluted   50,715    —    50,715 

 

 

 

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Comprehensive Income (Loss)
Year Ended December 31, 2022
(in thousands)         
   Historical  Transaction Accounting Adjustments (c)  Unaudited Pro Forma Continuing Operations
          
Service revenue and other  $267,371   $(18,460)  $248,911 
                
Operating Expenses:               
Cost of services exclusive of depreciation and amortization   107,546    (5,267)   102,279 
Selling, general and administrative   92,392    (1,279)   91,113 
Restructuring expense   1,251    —    1,251 
Impairment expense   5,241    —    5,241 
Depreciation and amortization   68,899    (2,416)   66,483 
Total operating expenses   275,329    (8,962)   266,367 
Operating loss   (7,958)   (9,498)   (17,456)
Other expense:               
Other expense, net   (1,348)   —    (1,348)
Loss from continuing operations before income taxes   (9,306)   (9,498)   (18,804)
Income tax benefit   (927)   (2,499)   (3,426)
Loss from continuing operations  $(8,379)  $(6,999)  $(15,378)
                
Basic - Loss from continuing operations  $(0.17)  $(0.14)  $(0.31)
                
Diluted - Loss from continuing operations  $(0.17)  $(0.14)  $(0.31)
                
Weighted average shares outstanding, basic   50,155    —    50,155 
Weighted average shares outstanding, diluted   50,155    —    50,155 

 

 

 

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Comprehensive Income (Loss)
Year Ended December 31, 2021
(in thousands)         
   Historical  Transaction Accounting Adjustments (c)  Unaudited Pro Forma Continuing Operations
          
Service revenue and other  $245,239   $(17,048)  $228,191 
                
Operating Expenses:               
Cost of services exclusive of depreciation and amortization   102,299    (5,005)   97,294 
Selling, general and administrative   82,451    (1,197)   81,254 
Restructuring expense   1,727    —    1,727 
Impairment expense   5,986    —    5,986 
Depreciation and amortization   55,206    (2,053)   53,153 
Total operating expenses   247,669    (8,255)   239,414 
Operating loss   (2,430)   (8,793)   (11,223)
Other income:               
Other income, net   8,665    —    8,665 
Income (loss) from continuing operations before income taxes   6,235    (8,793)   (2,558)
Income tax benefit   (1,694)   (2,175)   (3,869)
Income (loss) from continuing operations  $7,929   $(6,618)  $1,311 
                
Basic - Income (loss) from continuing operations  $0.16   $(0.13)  $0.03 
                
Diluted - Income (loss) from continuing operations  $0.16   $(0.13)  $0.03 
                
Weighted average shares outstanding, basic   50,026    —    50,026 
Weighted average shares outstanding, diluted   50,149    —    50,149 

 

 

 

 

 

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES

NOTES TO UNAUDITED PRO FORMA CONDENSED FINANCIAL INFORMATION

 

 

a. Adjustment represents the net cash proceeds from the sale of the Tower Portfolio as if the closing date was December 31, 2023.
   
b. Adjustment reflects the elimination of the assets and liabilities of the Tower Portfolio due to the Transaction.
   
c. Adjustments include the removal of historical operations of the Tower Portfolio and the addition of intercompany revenue and cost of services from continuing operations of the Company previously eliminated in consolidation.

 

 

 

 

 

 

 

 

 

 

 

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Cover
Mar. 29, 2024
Cover [Abstract]  
Document Type 8-K/A
Amendment Flag true
Amendment Description On March 29, 2024, Shenandoah Telecommunications Company (“the Company”) filed a Current Report on Form 8-K (the “Initial Form 8-K”) reporting the initial closing of its previously disclosed sale of substantially all of the Company’s tower portfolio and operations to Vertical Bridge Holdco, LLC for $309.9 million in cash (the “Transaction”). The 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, which are attached as Exhibits 2.1 and 2.2, respectively, to the Initial Form 8-K.
Document Period End Date Mar. 29, 2024
Entity File Number 000-9881
Entity Registrant Name Shenandoah Telecommunications Company
Entity Central Index Key 0000354963
Entity Tax Identification Number 54-1162807
Entity Incorporation, State or Country Code VA
Entity Address, Address Line One 500 Shentel Way
Entity Address, Address Line Two P.O. Box 459
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock (No Par Value)
Trading Symbol SHEN
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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