0001171843-25-002627.txt : 20250430 0001171843-25-002627.hdr.sgml : 20250430 20250430070043 ACCESSION NUMBER: 0001171843-25-002627 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20250430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20250430 DATE AS OF CHANGE: 20250430 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 EIN: 541162807 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09881 FILM NUMBER: 25890873 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 1 f8k_043025.htm FORM 8-K Form 8-K
0000354963 False 0000354963 2025-04-30 2025-04-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 30, 2025

_______________________________

Shenandoah Telecommunications Company

(Exact name of registrant as specified in its charter)

_______________________________

Virginia000-0988154-1162807
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. 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)

Not applicable

(Former name or former address, if changed since last report)

_______________________________

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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock (No Par Value)SHENNASDAQ 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. ☐

 
 
Item 2.02. Results of Operations and Financial Condition.

On April 30, 2025, Shenandoah Telecommunications Company (the “Company”) issued a press release announcing its financial position as of March 31, 2025, results of operations for the three months ended March 31, 2025, and other related information. The Company also posted supplemental earnings presentation materials on the investor section of the Company’s website at www.Shentel.com. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

These materials may contain forward-looking statements about Shenandoah Telecommunications Company regarding, among other things, our business strategy, our prospects and our financial position. These statements can be identified by the use of forward-looking terminology such as “believes,” “estimates,” “expects,” “intends,” “may,” “will,” “should,” “could,” or “anticipates” or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties. Shenandoah Telecommunications Company 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.

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

The following exhibit is furnished with this Current Report on Form 8-K.

 

99.1* First Quarter 2025 Earnings Press Release
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Furnished herewith

 
 

SIGNATURE

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 hereunto duly authorized.

 Shenandoah Telecommunications Company
   
  
Date: April 30, 2025By: /s/ James J. Volk        
  James J. Volk
  Senior Vice President – Chief Financial Officer
(Principal Financial Officer)
  

 

 EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

Shenandoah Telecommunications Company Reports First Quarter 2025 Results

EDINBURG, Va., April 30, 2025 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel” or the “Company”) (Nasdaq: SHEN) announced first quarter 2025 financial and operating results.

First Quarter 2025 Highlights

  • Glo Fiber Expansion Markets1 data subscribers grew 51% over the same period in 2024 to approximately 71,000.
  • Glo Fiber Expansion Markets revenue grew 52% to $18.4 million.
  • Total revenue grew 26.9% compared to the same period in 2024 to $87.9 million. Excluding the former Horizon markets, total revenue grew 5% to $72.9 million.
  • Net loss from continuing operations was $9.1 million in the first quarter of 2025 compared with a net loss from continuing operations of $4.1 million in the first quarter of 2024. The increase in the net loss was due primarily to higher depreciation and amortization from Horizon and Glo Fiber network expansion.
  • Adjusted EBITDA2 grew 43.3% to $27.6 million. Excluding the former Horizon markets, Adjusted EBITDA grew $3.9 million, or 20.6%.

“We are pleased with our growth in the first quarter of 2025, as we continued to execute well in our Glo Fiber Expansion Markets with 5,400 new subscribers, 16,600 new passings and 52% revenue growth.” said President and CEO, Christopher E. French. “Glo Fiber growth and higher Horizon synergy savings were key drivers in our return to strong Adjusted EBITDA growth in our legacy markets of 20.6%, along with an increase in Adjusted EBITDA margins from 28% to 31%.”

Shentel’s first-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, April 30, 2025. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/.

First Quarter 2025 Results Compared with First Quarter 2024

  • Revenue increased by $18.7 million, or 26.9%, to $87.9 million, primarily due to $15.2 million of revenues earned in the acquired Horizon markets. Excluding Horizon, revenues grew by $3.5 million, or 5.0%, primarily due to Glo Fiber Expansion Markets Residential & SMB revenue growth of $5.6 million, or 46.5%. This growth was partially offset by Incumbent Broadband Markets3 revenue decline of $2.2 million, or 5.0%. Glo Fiber Expansion Markets revenue growth in Shentel’s legacy markets was driven by a 46.3% year-over-year growth in data revenue generating units (“RGUs”) driven by the Company’s increase in passings. Incumbent Broadband Markets revenue decreased primarily due to lower video revenue driven by a 14.1% decline in video RGUs and lower data revenue driven by a decrease in non-recurring other revenue.
  • Cost of services increased by $7.0 million, or 27.1%, due to $7.6 million of cost of services incurred in the acquired Horizon markets, partially offset by a $0.6 million decrease in cost of services incurred in the legacy Shentel markets, driven by a decrease in programming costs.
  • Selling, general and administrative expense increased by $3.0 million, or 10.8%, due to $3.2 million of selling, general and administrative costs incurred in the acquired Horizon markets and a $0.2 million decrease in the legacy Shentel markets driven by lower professional fees.
  • Restructuring, integration and acquisition expense of $0.5 million in the three months ended March 31, 2025 was comparable with the three months ended March 31, 2024.
  • Depreciation and amortization increased by $12.0 million, or 68.9%, due to $9.2 million of depreciation and amortization related to the tangible and intangible assets acquired in the Horizon transaction and the Company’s expansion of its Glo Fiber network.
  • Total broadband homes passed grew 128,000 to approximately 604,000, including 363,000 Glo Fiber Expansion Market passings and 241,000 Incumbent Broadband Markets passings.

____________________________________
1 Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and Horizon markets.
2 See “Non-GAAP Financial Measures” below for a reconciliation to the most comparable GAAP measure.
3 Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings.

Other Information

  • Capital expenditures were $83.2 million for the three months ended March 31, 2025 compared with $70.1 million in the comparable 2024 period. The $13.2 million increase in capital expenditures was primarily driven by capital expenditures in the Horizon markets and expansion of the networks in Glo Fiber Expansion Markets and government-subsidized markets.
  • The Company received $6.9 million and $2.7 million in government grant cash reimbursements during the three months ended March 31, 2025 and 2024, respectively.
  • As of March 31, 2025, our cash and cash equivalents totaled $87.5 million, the availability under our Revolver was $143.0 million, and the remaining reimbursements available under government grants was $104.1 million, which are subject to fulfilling the terms of the agreements, for total available liquidity of approximately $334.6 million. During the three months ended March 31, 2025, we borrowed a total of $100.0 million under our term loans and had total indebtedness of $515.8 million as of March 31, 2025.

Earnings Call Webcast

Date: Wednesday, April 30, 2025
Time: 8:30 a.m. ET
Listen via Internet: https://investor.shentel.com/
For Analysts, please register to dial-in at this link.

A replay of the call will be available for a limited time on the Investor Relations page of the Company’s website.

About Shenandoah Telecommunications

Shenandoah Telecommunications Company (Shentel) provides broadband services through its high speed, state-of-the-art fiber optic and cable networks to residential and commercial customers in eight contiguous states in the eastern United States. The Company’s services include: broadband internet, video, voice, high-speed Ethernet, dark fiber leasing, and managed network services. The Company owns an extensive regional network with over 17,200 route miles of fiber. For more information, please visit www.shentel.com.

This release 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, 2024 and our Quarterly Reports on Form 10-Q. Those factors may include, among others, the expected savings and synergies from the Horizon transaction 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.

CONTACTS:
Shenandoah Telecommunications Company
Jim Volk
Senior Vice President and Chief Financial Officer
540-984-5168
Jim.Volk@emp.shentel.com

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts) Three Months Ended
March 31,
   2025   2024 
Residential & SMB - Incumbent Broadband Markets1, 3 $43,359  $43,809 
Residential & SMB - Glo Fiber Expansion Markets2  18,444   12,118 
Commercial Fiber3  19,612   9,938 
RLEC & Other  6,483   3,383 
Service revenue and other  87,898   69,248 
Operating expenses:    
Cost of services exclusive of depreciation and amortization  33,030   25,985 
Selling, general and administrative  30,992   27,978 
Restructuring, integration and acquisition  510   618 
Depreciation and amortization  29,458   17,443 
Total operating expenses  93,990   72,024 
Operating loss  (6,092)  (2,776)
Other (expense) income:    
Interest expense  (4,892)  (4,076)
Other income, net  733   1,736 
Loss from continuing operations before income taxes  (10,251)  (5,116)
Income tax benefit  (1,119)  (1,026)
Loss from continuing operations  (9,132)  (4,090)
Discontinued operations:    
Income from discontinued operations, net of tax  —   1,981 
Gain on the sale of discontinued operations, net of tax  —   216,805 
Total income from discontinued operations, net of tax  —   218,786 
Net (loss) income  (9,132)  214,696 
Dividends on redeemable noncontrolling interest  1,472   — 
Net (loss) income attributable to common shareholders $(10,604) $214,696 
     
Net (loss) income per share attributable to common shareholders, basic and diluted:    
Loss from continuing operations $(0.19) $(0.08)
Income from discontinued operations, net of tax  —   4.33 
Net (loss) income per share $(0.19) $4.25 
     
Weighted average shares outstanding  54,959   50,520 

_______________________________________________________

  1. Revenue from residential and small and medium business (“SMB”) customers in Incumbent Broadband Markets is primarily earned through the Company’s provision of data, video and voice services over primarily hybrid fiber coaxial cable and to a lesser extent fiber to the home (“FTTH”) networks in incumbent markets.
  2. Revenue from residential and SMB customers in Glo Fiber Expansion Markets is primarily earned through the Company’s provision of data, video and voice services over FTTH networks in new greenfield expansion markets.
  3. Shentel updated the presentation of certain Residential & SMB - Incumbent Broadband Markets and Commercial Fiber revenues in the prior year to conform with changes in how management views these lines of business.


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)March 31,
2025		 December 31,
2024
ASSETS   
Current assets:   
Cash and cash equivalents$87,547 $46,272
Accounts receivable, net of allowance for credit losses of $988 and $1,156, respectively 29,749  29,722
Income taxes receivable 1,080  1,244
Prepaid expenses and other 16,088  17,282
Total current assets 134,464  94,520
Investments 15,534  15,709
Property, plant and equipment, net 1,483,796  1,438,538
Goodwill and intangible assets, net 157,275  157,723
Operating lease right-of-use assets 19,834  19,548
Deferred charges and other assets 14,550  14,235
Total assets$1,825,453 $1,740,273
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY   
Current liabilities:   
Current maturities of long-term debt, net of unamortized loan fees$10,348 $9,204
Accounts payable 59,266  57,820
Advanced billings and customer deposits 16,432  16,104
Accrued compensation 11,172  16,283
Current operating lease liabilities 3,060  3,060
Accrued liabilities and other 11,716  12,100
Total current liabilities 111,994  114,571
Long-term debt, less current maturities, net of unamortized loan fees 504,199  407,675
Other long-term liabilities:   
Deferred income taxes 166,397  167,716
Benefit plan obligations 4,864  4,945
Non-current operating lease liabilities 10,945  10,794
Other liabilities 32,645  33,525
Total other long-term liabilities 214,851  216,980
Commitments and contingencies   
Temporary equity:   
Redeemable noncontrolling interest 83,936  82,464
Shareholders’ equity:   
Common stock, no par value, authorized 96,000; 54,857 and 54,605 issued and outstanding at March 31, 2025 and December 31, 2024, respectively —  —
Additional paid in capital 150,857  147,733
Retained earnings 758,393  768,997
Accumulated other comprehensive income, net of taxes 1,223  1,853
Total shareholders’ equity 910,473  918,583
Total liabilities, temporary equity and shareholders’ equity$1,825,453 $1,740,273


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES   
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   
(in thousands)Three Months Ended
March 31,
  2025   2024 
Cash flows from operating activities:   
Net (loss) income$(9,132) $214,696 
Income from discontinued operations, net of tax —   218,786 
Loss from continuing operations (9,132)  (4,090)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:   
Depreciation and amortization 28,984   17,320 
Amortization of intangible assets 474   123 
Stock-based compensation expense, net of amount capitalized 3,717   3,966 
Deferred income taxes (1,119)  (1,026)
Provision for credit losses 288   756 
Other, net 480   (184)
Changes in assets and liabilities   
Accounts receivable 2,490   1,726 
Current income taxes 164   — 
Operating lease assets and liabilities, net (135)  75 
Other assets (682)  (4,495)
Accounts payable 992   (38)
Other deferrals and accruals (5,997)  (1,218)
Net cash provided by operating activities - continuing operations 20,524   12,915 
Net cash provided by operating activities - discontinued operations —   2,243 
Net cash provided by operating activities 20,524   15,158 
    
Cash flows from investing activities:   
Capital expenditures (83,236)  (70,053)
Government grants received 6,929   2,710 
Proceeds from sale of assets and other 47   — 
Net cash used in investing activities - continuing operations (76,260)  (67,343)
Net cash provided by investing activities - discontinued operations —   305,827 
Net cash (used in) provided by investing activities (76,260)  238,484 
    
Cash flows from financing activities:   
Proceeds from credit facility borrowings 100,000   — 
Principal payments on long-term debt (2,178)  (1,312)
Taxes paid for equity award issuances (787)  (1,456)
Payments for financing arrangements and other (24)  (394)
Net cash provided by (used in) financing activities 97,011   (3,162)
Net increase in cash and cash equivalents 41,275   250,480 
Cash and cash equivalents, beginning of period 46,272   139,255 
Cash and cash equivalents, end of period$87,547  $389,735 
    
Supplemental Disclosures of Cash Flow Information   
Interest paid, net of amounts capitalized$(4,262) $(3,955)
Income tax refunds received$164  $— 


Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin

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. A reconciliation of (loss) income from continuing operations, which is the most directly comparable GAAP financial measure, to Adjusted EBITDA is provided below herein.

Adjusted EBITDA margin is the Company’s calculation of Adjusted EBITDA, divided by revenue calculated in accordance with GAAP.

The Company uses Adjusted EBITDA and Adjusted EBITDA margin as supplemental measures of performance to evaluate operating effectiveness and assess its ability to increase revenues while controlling expense growth and the scalability of the Company’s business growth strategy. Adjusted EBITDA is also a significant performance measure used by the Company in its incentive compensation programs. The Company believes that the exclusion of the expense and income items eliminated in calculating Adjusted EBITDA and Adjusted EBITDA margin 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 and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating the Company’s operating results. However, use of Adjusted EBITDA and Adjusted EBITDA margin as analytical tools has limitations, and investors and others should not consider them in isolation or as substitutes for analysis of our financial results as reported under GAAP. In addition, other companies may calculate Adjusted EBITDA and Adjusted EBITDA margin or similarly titled measures differently, which may reduce their usefulness as comparative measures.

  Three Months Ended
March 31,
(in thousands)  2025   2024 
Loss from continuing operations $(9,132) $(4,090)
Depreciation and amortization  29,458   17,443 
Interest expense  4,892   4,076 
Other income, net  (733)  (1,736)
Income tax benefit  (1,119)  (1,026)
Stock-based compensation  3,717   3,966 
Restructuring, integration and acquisition  510   618 
Adjusted EBITDA $27,593  $19,251 
     
Adjusted EBITDA margin  31%  28%


Supplemental Information

In the below table, Shentel updated the presentation of certain Residential & SMB - Incumbent Broadband Markets and Commercial Fiber revenues in the prior year to conform with changes in how management views these lines of business.

Operating Statistics

 Three Months Ended
March 31,
 2025  2024 
Homes and businesses passed (1)   
Incumbent Broadband Markets (4)240,788  216,514 
Glo Fiber Expansion Markets (5)362,861  259,567 
Total homes and businesses passed603,649  476,081 
    
Residential & Small and Medium Business ("SMB") Revenue Generating Units ("RGUs"):   
Incumbent Broadband Markets (4)111,860  108,958 
Glo Fiber Expansion Markets (5)70,565  46,729 
Broadband Data182,425  155,687 
Video38,395  40,148 
Voice26,037  24,039 
Total Residential & SMB RGUs (excludes RLEC)246,857  219,874 
    
Residential & SMB Penetration (2)   
Incumbent Broadband Markets (4)46.5% 50.3%
Glo Fiber Expansion Markets (5)19.4% 18.0%
Broadband Data30.2% 32.7%
Video6.4% 8.4%
Voice4.5% 5.3%
    
Fiber route miles17,224  10,132 
Total fiber miles (3)1,893,402  883,199 

______________________________________________________

(1) Homes and businesses are considered passed (“passings”) if we can connect them to our network without further extending the distribution system. Passings is an estimate based upon the best available information. Passings will vary among video, broadband data and voice services.
(2) Penetration is calculated by dividing the number of users by the number of passings or available homes, as appropriate.
(3) Total fiber miles are measured by taking the number of fiber strands in a cable and multiplying that number by the route distance. For example, a 10 mile route with 144 fiber strands would equal 1,440 fiber miles.
(4) Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with FTTH passings.
(5) Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and Horizon markets.

Residential & SMB ARPU    
  Three Months Ended
March 31,
   2025  2024
Residential & SMB Revenue:    
Incumbent Broadband Markets  27,875  27,505
Glo Fiber Expansion Markets  15,764  10,193
Broadband Data $43,639 $37,698
Video  14,658  14,380
Voice  2,560  2,462
Other  946  1,387
Total Residential & SMB Revenue $61,803 $55,927
     
Average RGUs:    
Incumbent Broadband Markets  111,528  109,255
Glo Fiber Expansion Markets  67,868  44,163
Broadband Data  179,396  153,418
Video  39,256  41,294
Voice  25,783  24,039
     
ARPU: (1)    
Incumbent Broadband Markets $83.31 $83.92
Glo Fiber Expansion Markets $77.42 $76.93
Broadband Data $81.09 $81.91
Video $124.46 $116.08
Voice $33.09 $34.14

______________________________________________________

(1) Average Revenue Per RGU calculation = (Residential & SMB Revenue) / average RGUs / 3 months.

Shentel updated the presentation of certain revenues in the prior year to conform with changes in how management views these lines of business. This reclassification also resulted in updated ARPU values for the prior period. The 2024 reclassification are summarized in the following table:

Residential & SMB ARPU          
  Q1'24 Q2'24 Q3'24 Q4'24  2024 
           
Prior Reporting          
           
Revenue:          
Incumbent Broadband Markets $27,798 $28,324 $28,241  $28,489  $112,852 
Glo Fiber Expansion Markets  10,783  12,499  13,797   15,053   52,132 
Broadband Data  38,581  40,823  42,038   43,542   164,984 
Video  14,394  14,913  14,520   14,203   58,030 
Voice  3,023  3,283  3,275   3,184   12,765 
Discounts, adjustments and other  490  34  (508)  (403)  (387)
Total Residential & SMB Revenue $56,488 $59,053 $59,325  $60,526  $235,392 
Commercial Fiber  9,377  19,921  20,257   17,456   67,011 
RLEC & Other  3,383  6,825  8,017   7,430   25,655 
Service revenue and other $69,248 $85,799 $87,599  $85,412  $328,058 
           
Average RGUs:          
Incumbent Broadband Markets  109,255  111,689  111,224   111,384   110,888 
Glo Fiber Expansion Markets  44,163  50,892  56,290   62,387   53,432 
Broadband Data  153,418  162,581  167,514   173,771   164,320 
Video  41,294  42,443  41,630   40,596   41,491 
Voice  40,690  43,865  44,214   44,840   43,402 
           
ARPU:          
Incumbent Broadband Markets $84.81 $84.53 $84.64  $85.26  $84.81 
Glo Fiber Expansion Markets $81.39 $81.86 $81.70  $80.42  $81.30 
Broadband Data $83.83 $83.70 $83.65  $83.52  $83.67 
Video $116.19 $117.12 $116.26  $116.62  $116.55 
Voice $24.77 $24.95 $24.69  $23.67  $24.51 


Residential & SMB ARPU          
  Q1'24 Q2'24 Q3'24 Q4'24  2024
           
Current Reporting          
           
Revenue:          
Incumbent Broadband Markets $27,505 $28,015 $27,876 $28,120 $111,516
Glo Fiber Expansion Markets  10,193  11,840  12,980  14,169  49,182
Broadband Data  37,698  39,855  40,856  42,289  160,698
Video  14,380  14,894  14,495  14,173  57,942
Voice  2,462  2,526  2,508  2,442  9,938
Other  1,387  1,021  699  880  3,987
Total Residential & SMB Revenue $55,927 $58,296 $58,558 $59,784 $232,565
Commercial Fiber  9,938  20,678  21,024  18,198  69,838
RLEC & Other  3,383  6,825  8,017  7,430  25,655
Service revenue and other $69,248 $85,799 $87,599 $85,412 $328,058
           
Average RGUs:          
Incumbent Broadband Markets  109,255  111,689  111,224  111,384  110,888
Glo Fiber Expansion Markets  44,163  50,892  56,290  62,387  53,432
Broadband Data  153,418  162,581  167,514  173,771  164,320
Video  41,294  42,443  41,630  40,596  41,491
Voice  24,039  23,143  23,392  23,968  23,636
           
ARPU: (1)          
Incumbent Broadband Markets $83.92 $83.61 $83.54 $84.15 $83.81
Glo Fiber Expansion Markets $76.93 $77.55 $76.86 $75.70 $76.70
Broadband Data $81.91 $81.71 $81.30 $81.12 $81.50
Video $116.08 $116.97 $116.06 $116.37 $116.37
Voice $34.14 $36.38 $35.74 $33.96 $35.04

 EX-101.SCH 3 gnw-20190101.xsd XBRL SCHEMA FILE 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 4 gnw-20190101_def.xml XBRL DEFINITION FILE EX-101.LAB 5 gnw-20190101_lab.xml XBRL LABEL FILE Cover [Abstract] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] EX-101.PRE 6 gnw-20190101_pre.xml XBRL PRESENTATION FILE XML 8 R1.htm IDEA: XBRL DOCUMENT v3.25.1
Cover
Apr. 30, 2025
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 30, 2025
Entity File Number 000-09881
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
EXCEL 9 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ .report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } .report table.authRefData a { display: block; font-weight: bold; } .report table.authRefData p { margin-top: 0px; } .report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } .report table.authRefData .hide a:hover { background-color: #2F4497; } .report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } .report table.authRefData table{ font-size: 1em; } /* Report Styles */ .pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ .report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } .report hr { border: 1px solid #acf; } /* Top labels */ .report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } .report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } .report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } .report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } .report td.pl div.a { width: 200px; } .report td.pl a:hover { background-color: #ffc; } /* Header rows... */ .report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ .report .rc { background-color: #f0f0f0; } /* Even rows... */ .report .re, .report .reu { background-color: #def; } .report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ .report .ro, .report .rou { background-color: white; } .report .rou td { border-bottom: 1px solid black; } .report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ .report .fn { white-space: nowrap; } /* styles for numeric types */ .report .num, .report .nump { text-align: right; white-space: nowrap; } .report .nump { padding-left: 2em; } .report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ .report .text { text-align: left; white-space: normal; } .report .text .big { margin-bottom: 1em; width: 17em; } .report .text .more { display: none; } .report .text .note { font-style: italic; font-weight: bold; } .report .text .small { width: 10em; } .report sup { font-style: italic; } .report .outerFootnotes { font-size: 1em; } XML 13 FilingSummary.xml IDEA: XBRL DOCUMENT 3.25.1 html 1 23 1 false 0 0 false 3 false false R1.htm 00000001 - Document - Cover Sheet http://globenewswire.com/role/Cover Cover Cover 1 false false All Reports Book All Reports f8k_043025.htm gnw-20190101.xsd gnw-20190101_def.xml gnw-20190101_lab.xml gnw-20190101_pre.xml http://xbrl.sec.gov/dei/2023 true false JSON 15 MetaLinks.json IDEA: XBRL DOCUMENT { "version": "2.2", "instance": { "f8k_043025.htm": { "nsprefix": "gnw", "nsuri": "http://globenewswire.com/20190101", "dts": { "inline": { "local": [ "f8k_043025.htm" ] }, "schema": { "local": [ "gnw-20190101.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-roles-2023.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-roles-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd", "https://xbrl.sec.gov/country/2023/country-2023.xsd", "https://xbrl.sec.gov/dei/2023/dei-2023.xsd" ] }, "definitionLink": { "local": [ "gnw-20190101_def.xml" ] }, "labelLink": { "local": [ "gnw-20190101_lab.xml" ] }, "presentationLink": { "local": [ "gnw-20190101_pre.xml" ] } }, "keyStandard": 23, "keyCustom": 0, "axisStandard": 0, "axisCustom": 0, "memberStandard": 0, "memberCustom": 0, "hidden": { "total": 2, "http://xbrl.sec.gov/dei/2023": 2 }, "contextCount": 1, "entityCount": 1, "segmentCount": 0, "elementCount": 59, "unitCount": 3, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2023": 23 }, "report": { "R1": { "role": "http://globenewswire.com/role/Cover", "longName": "00000001 - Document - Cover", "shortName": "Cover", "isDefault": "true", "groupType": "document", "subGroupType": "", "menuCat": "Cover", "order": "1", "firstAnchor": { "contextRef": "Form8K", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "p", "body", "html" ], "reportCount": 1, "baseRef": "f8k_043025.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "Form8K", "name": "dei:DocumentType", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "p", "body", "html" ], "reportCount": 1, "baseRef": "f8k_043025.htm", "first": true, "unique": true } } }, "tag": { "dei_AmendmentDescription": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AmendmentDescription", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Amendment Description", "documentation": "Description of changes contained within amended document." } } }, "auth_ref": [] }, "dei_AmendmentFlag": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AmendmentFlag", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Amendment Flag", "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission." } } }, "auth_ref": [] }, "dei_AnnualInformationForm": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AnnualInformationForm", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Annual Information Form", "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form." } } }, "auth_ref": [ "r14" ] }, "dei_AuditedAnnualFinancialStatements": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AuditedAnnualFinancialStatements", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Audited Annual Financial Statements", "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements." } } }, "auth_ref": [ "r14" ] }, "dei_CityAreaCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CityAreaCode", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "City Area Code", "documentation": "Area code of city" } } }, "auth_ref": [] }, "dei_CountryRegion": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CountryRegion", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Country Region", "documentation": "Region code of country" } } }, "auth_ref": [] }, "dei_CoverAbstract": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CoverAbstract", "lang": { "en-us": { "role": { "label": "Cover [Abstract]", "documentation": "Cover page." } } }, "auth_ref": [] }, "dei_CurrentFiscalYearEndDate": { "xbrltype": "gMonthDayItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CurrentFiscalYearEndDate", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Current Fiscal Year End Date", "documentation": "End date of current fiscal year in the format --MM-DD." } } }, "auth_ref": [] }, "dei_DocumentAccountingStandard": { "xbrltype": "accountingStandardItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentAccountingStandard", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Accounting Standard", "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'." } } }, "auth_ref": [ "r13" ] }, "dei_DocumentAnnualReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentAnnualReport", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Annual Report", "documentation": "Boolean flag that is true only for a form used as an annual report." } } }, "auth_ref": [ "r11", "r13", "r14" ] }, "dei_DocumentFiscalPeriodFocus": { "xbrltype": "fiscalPeriodItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentFiscalPeriodFocus", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Fiscal Period Focus", "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY." } } }, "auth_ref": [] }, "dei_DocumentFiscalYearFocus": { "xbrltype": "gYearItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentFiscalYearFocus", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Fiscal Year Focus", "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006." } } }, "auth_ref": [] }, "dei_DocumentPeriodEndDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentPeriodEndDate", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Period End Date", "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD." } } }, "auth_ref": [] }, "dei_DocumentPeriodStartDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentPeriodStartDate", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Period Start Date", "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format." } } }, "auth_ref": [] }, "dei_DocumentQuarterlyReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentQuarterlyReport", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Quarterly Report", "documentation": "Boolean flag that is true only for a form used as an quarterly report." } } }, "auth_ref": [ "r12" ] }, "dei_DocumentRegistrationStatement": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentRegistrationStatement", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Registration Statement", "documentation": "Boolean flag that is true only for a form used as a registration statement." } } }, "auth_ref": [ "r0" ] }, "dei_DocumentShellCompanyEventDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentShellCompanyEventDate", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Shell Company Event Date", "documentation": "Date of event requiring a shell company report." } } }, "auth_ref": [ "r13" ] }, "dei_DocumentShellCompanyReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentShellCompanyReport", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Shell Company Report", "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act." } } }, "auth_ref": [ "r13" ] }, "dei_DocumentTransitionReport": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentTransitionReport", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Transition Report", "documentation": "Boolean flag that is true only for a form used as a transition report." } } }, "auth_ref": [ "r15" ] }, "dei_DocumentType": { "xbrltype": "submissionTypeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentType", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Document Type", "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'." } } }, "auth_ref": [] }, "dei_DocumentsIncorporatedByReferenceTextBlock": { "xbrltype": "textBlockItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentsIncorporatedByReferenceTextBlock", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Documents Incorporated by Reference [Text Block]", "documentation": "Documents incorporated by reference." } } }, "auth_ref": [ "r3" ] }, "dei_EntityAddressAddressLine1": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine1", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Address Line One", "documentation": "Address Line 1 such as Attn, Building Name, Street Name" } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine2": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine2", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Address Line Two", "documentation": "Address Line 2 such as Street or Suite number" } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine3": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine3", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Address Line Three", "documentation": "Address Line 3 such as an Office Park" } } }, "auth_ref": [] }, "dei_EntityAddressCityOrTown": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressCityOrTown", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, City or Town", "documentation": "Name of the City or Town" } } }, "auth_ref": [] }, "dei_EntityAddressCountry": { "xbrltype": "countryCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressCountry", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Country", "documentation": "ISO 3166-1 alpha-2 country code." } } }, "auth_ref": [] }, "dei_EntityAddressPostalZipCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressPostalZipCode", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, Postal Zip Code", "documentation": "Code for the postal or zip code" } } }, "auth_ref": [] }, "dei_EntityAddressStateOrProvince": { "xbrltype": "stateOrProvinceItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressStateOrProvince", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Address, State or Province", "documentation": "Name of the state or province." } } }, "auth_ref": [] }, "dei_EntityBankruptcyProceedingsReportingCurrent": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityBankruptcyProceedingsReportingCurrent", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Bankruptcy Proceedings, Reporting Current", "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not. Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element." } } }, "auth_ref": [ "r6" ] }, "dei_EntityCentralIndexKey": { "xbrltype": "centralIndexKeyItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCentralIndexKey", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Central Index Key", "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK." } } }, "auth_ref": [ "r2" ] }, "dei_EntityCommonStockSharesOutstanding": { "xbrltype": "sharesItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCommonStockSharesOutstanding", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Common Stock, Shares Outstanding", "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument." } } }, "auth_ref": [] }, "dei_EntityCurrentReportingStatus": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCurrentReportingStatus", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Current Reporting Status", "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure." } } }, "auth_ref": [] }, "dei_EntityEmergingGrowthCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityEmergingGrowthCompany", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Emerging Growth Company", "documentation": "Indicate if registrant meets the emerging growth company criteria." } } }, "auth_ref": [ "r2" ] }, "dei_EntityExTransitionPeriod": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityExTransitionPeriod", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Elected Not To Use the Extended Transition Period", "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards." } } }, "auth_ref": [ "r19" ] }, "dei_EntityFileNumber": { "xbrltype": "fileNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityFileNumber", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity File Number", "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen." } } }, "auth_ref": [] }, "dei_EntityFilerCategory": { "xbrltype": "filerCategoryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityFilerCategory", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Filer Category", "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure." } } }, "auth_ref": [ "r2" ] }, "dei_EntityIncorporationStateCountryCode": { "xbrltype": "edgarStateCountryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityIncorporationStateCountryCode", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Incorporation, State or Country Code", "documentation": "Two-character EDGAR code representing the state or country of incorporation." } } }, "auth_ref": [] }, "dei_EntityInteractiveDataCurrent": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityInteractiveDataCurrent", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Interactive Data Current", "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)." } } }, "auth_ref": [ "r16" ] }, "dei_EntityPrimarySicNumber": { "xbrltype": "sicNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityPrimarySicNumber", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Primary SIC Number", "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity." } } }, "auth_ref": [ "r14" ] }, "dei_EntityPublicFloat": { "xbrltype": "monetaryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityPublicFloat", "crdr": "credit", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Public Float", "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter." } } }, "auth_ref": [] }, "dei_EntityRegistrantName": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityRegistrantName", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Registrant Name", "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC." } } }, "auth_ref": [ "r2" ] }, "dei_EntityShellCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityShellCompany", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Shell Company", "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act." } } }, "auth_ref": [ "r2" ] }, "dei_EntitySmallBusiness": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntitySmallBusiness", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Small Business", "documentation": "Indicates that the company is a Smaller Reporting Company (SRC)." } } }, "auth_ref": [ "r2" ] }, "dei_EntityTaxIdentificationNumber": { "xbrltype": "employerIdItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityTaxIdentificationNumber", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Tax Identification Number", "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS." } } }, "auth_ref": [ "r2" ] }, "dei_EntityVoluntaryFilers": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityVoluntaryFilers", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Voluntary Filers", "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act." } } }, "auth_ref": [] }, "dei_EntityWellKnownSeasonedIssuer": { "xbrltype": "yesNoItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityWellKnownSeasonedIssuer", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Entity Well-known Seasoned Issuer", "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A." } } }, "auth_ref": [ "r17" ] }, "dei_Extension": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "Extension", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Extension", "documentation": "Extension number for local phone number." } } }, "auth_ref": [] }, "dei_LocalPhoneNumber": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "LocalPhoneNumber", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Local Phone Number", "documentation": "Local phone number for entity." } } }, "auth_ref": [] }, "dei_NoTradingSymbolFlag": { "xbrltype": "trueItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "NoTradingSymbolFlag", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "No Trading Symbol Flag", "documentation": "Boolean flag that is true only for a security having no trading symbol." } } }, "auth_ref": [] }, "dei_OtherReportingStandardItemNumber": { "xbrltype": "otherReportingStandardItemNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "OtherReportingStandardItemNumber", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Other Reporting Standard Item Number", "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS." } } }, "auth_ref": [ "r13" ] }, "dei_PreCommencementIssuerTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "PreCommencementIssuerTenderOffer", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Pre-commencement Issuer Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act." } } }, "auth_ref": [ "r7" ] }, "dei_PreCommencementTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "PreCommencementTenderOffer", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Pre-commencement Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act." } } }, "auth_ref": [ "r8" ] }, "dei_Security12bTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "Security12bTitle", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Title of 12(b) Security", "documentation": "Title of a 12(b) registered security." } } }, "auth_ref": [ "r1" ] }, "dei_Security12gTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "Security12gTitle", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Title of 12(g) Security", "documentation": "Title of a 12(g) registered security." } } }, "auth_ref": [ "r5" ] }, "dei_SecurityExchangeName": { "xbrltype": "edgarExchangeCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SecurityExchangeName", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Security Exchange Name", "documentation": "Name of the Exchange on which a security is registered." } } }, "auth_ref": [ "r4" ] }, "dei_SecurityReportingObligation": { "xbrltype": "securityReportingObligationItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SecurityReportingObligation", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Security Reporting Obligation", "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act." } } }, "auth_ref": [ "r9" ] }, "dei_SolicitingMaterial": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SolicitingMaterial", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Soliciting Material", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act." } } }, "auth_ref": [ "r10" ] }, "dei_TradingSymbol": { "xbrltype": "tradingSymbolItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "TradingSymbol", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Trading Symbol", "documentation": "Trading symbol of an instrument as listed on an exchange." } } }, "auth_ref": [] }, "dei_WrittenCommunications": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "WrittenCommunications", "presentation": [ "http://globenewswire.com/role/Cover" ], "lang": { "en-us": { "role": { "label": "Written Communications", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act." } } }, "auth_ref": [ "r18" ] } } } }, "std_ref": { "r0": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12" }, "r1": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b" }, "r2": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-2" }, "r3": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-23" }, "r4": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "d1-1" }, "r5": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "g" }, "r6": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12, 13, 15d" }, "r7": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "13e", "Subsection": "4c" }, "r8": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "14d", "Subsection": "2b" }, "r9": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "15", "Subsection": "d" }, "r10": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Section": "14a", "Number": "240", "Subsection": "12" }, "r11": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Form 10-K", "Number": "249", "Section": "310" }, "r12": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Form 10-Q", "Number": "240", "Section": "308", "Subsection": "a" }, "r13": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Form 20-F", "Number": "249", "Section": "220", "Subsection": "f" }, "r14": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Form 40-F", "Number": "249", "Section": "240", "Subsection": "f" }, "r15": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Forms 10-K, 10-Q, 20-F", "Number": "240", "Section": "13", "Subsection": "a-1" }, "r16": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Regulation S-T", "Number": "232", "Section": "405" }, "r17": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "230", "Section": "405" }, "r18": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "230", "Section": "425" }, "r19": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "7A", "Section": "B", "Subsection": "2" } } } ZIP 16 0001171843-25-002627-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001171843-25-002627-xbrl.zip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end XML 17 f8k_043025_htm.xml IDEA: XBRL DOCUMENT 0000354963 2025-04-30 2025-04-30 iso4217:USD shares iso4217:USD shares 0000354963 false 8-K 2025-04-30 Shenandoah Telecommunications Company VA 000-09881 54-1162807 500 Shentel Way P.O. Box 459 Edinburg VA 22824 540 984-4141 false false false false Common Stock (No Par Value) SHEN NASDAQ false