shen-20230630

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands)	June 30, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	26,304	$	44,061
Accounts receivable, net of allowance for doubtful accounts of $726 and $776, respectively	15,344		20,615
Income taxes receivable	4,647		29,755
Prepaid expenses and other	12,874		11,509
Current assets held for sale	19,742		22,622
Total current assets	78,911		128,562
Investments	13,016		12,971
Property, plant and equipment, net	786,446		687,553
Goodwill and intangible assets, net	81,270		81,515
Operating lease right-of-use assets	52,258		53,859
Deferred charges and other assets	15,557		13,259
Total assets	$	1,027,458	$	977,719
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	$	1,056	$	648
Accounts payable	41,238		49,173
Advanced billings and customer deposits	12,359		12,425
Accrued compensation	7,532		9,616
Current operating lease liabilities	3,076		2,829
Accrued liabilities and other	12,766		17,906
Current liabilities held for sale	3,804		3,824
Total current liabilities	81,831		96,421
Long-term debt, less current maturities, net of unamortized loan fees	123,795		74,306
Other long-term liabilities:
Deferred income taxes	87,830		84,600
Asset retirement obligations	10,187		9,932
Benefit plan obligations	4,035		3,758
Non-current operating lease liabilities	49,872		50,477
Other liabilities	20,483		20,218
Total other long-term liabilities	172,407		168,985
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 50,264 and 50,110 issued and outstanding at June 30, 2023 and December 31, 2022, respectively	—		—
Additional paid in capital	62,888		57,453
Retained earnings	584,410		580,554
Accumulated other comprehensive income, net of taxes	2,127		—
Total shareholders’ equity	649,425		638,007
Total liabilities and shareholders’ equity	$	1,027,458	$	977,719

See accompanying notes to unaudited condensed consolidated financial statements.


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share amounts)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Service revenue and other	$	71,341	$	66,021	$	143,027	$	130,435
Operating expenses:
Cost of services exclusive of depreciation and amortization	26,076		26,756		52,643		53,095
Selling, general and administrative	25,691		23,090		52,300		46,925
Restructuring expense	—		454		—		390
Impairment expense	836		4,068		1,020		4,407
Depreciation and amortization	16,369		14,790		31,967		29,135
Total operating expenses	68,972		69,158		137,930		133,952
Operating income (loss)	2,369		(3,137)		5,097		(3,517)
Other income (expense):
Other income (expense), net	177		(589)		1,294		(759)
Income (loss) before income taxes	2,546		(3,726)		6,391		(4,276)
Income tax expense (benefit)	756		(501)		2,535		(448)
Net income (loss)	$	1,790	$	(3,225)	$	3,856	$	(3,828)

Other comprehensive income:
Unrealized income on interest rate hedge, net of tax	2,127		—		2,127		—
Comprehensive income (loss)	$	3,917	$	(3,225)	$	5,983	$	(3,828)

Net income (loss) per share, basic and diluted:
Basic net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

Diluted net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

Weighted average shares outstanding, basic	50,366		50,157		50,330		50,133
Weighted average shares outstanding, diluted	50,693		50,157		50,569		50,133

See accompanying notes to unaudited condensed consolidated financial statements.


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(in thousands)

	Shares of Common Stock (no par value)	Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance, March 31, 2023	50,247	$	60,160	$	582,620	$	—	$	642,780
Net income	—	—		1,790		—		1,790
Stock-based compensation	24	2,878		—		—		2,878
Common stock issued	—	11		—		—		11
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(7)	(161)		—		—		(161)
Other comprehensive income, net of tax	—	—		—		2,127		2,127
Balance, June 30, 2023	50,264	$	62,888	$	584,410	$	2,127	$	649,425

	Shares of Common Stock (no par value)	Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance, December 31, 2022	50,110	$	57,453	$	580,554	$	—	$	638,007
Net income	—	—		3,856		—		3,856
Stock-based compensation	220	6,730		—		—		6,730
Common stock issued	1	22		—		—		22
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(67)	(1,317)		—		—		(1,317)
Other comprehensive income, net of tax	—	—		—		2,127		2,127
Balance, June 30, 2023	50,264	$	62,888	$	584,410	$	2,127	$	649,425

	Shares of Common Stock (no par value)	Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance, March 31, 2022	50,049	$	52,008	$	592,321	$	—	$	644,329
Net loss	—	—		(3,225)		—		(3,225)
Stock-based compensation	41	2,557		—		—		2,557
Common stock issued	—	8		—		—		8
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(13)	(299)		—		—		(299)
Balance, June 30, 2022	50,077	$	54,274	$	589,096	$	—	$	643,370

	Shares of Common Stock (no par value)	Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance, December 31, 2021	49,965	$	49,351	$	592,924	$	—	$	642,275
Net loss	—	—		(3,828)		—		(3,828)
Stock-based compensation	151	5,809		—		—		5,809
Common stock issued	1	16		—		—		16
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(40)	(902)		—		—		(902)
Balance, June 30, 2022	50,077	$	54,274	$	589,096	$	—	$	643,370

See accompanying notes to unaudited condensed consolidated financial statements.


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)	Six Months Ended June 30,
	2023		2022
Cash flows from operating activities:
Net income (loss)	$	3,856	$	(3,828)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,967		29,135
Stock-based compensation expense, net of amount capitalized	6,320		5,528
Impairment expense	1,020		4,407
Deferred income taxes	2,491		(392)
Other, net	1,118		1,985
Changes in assets and liabilities:
Accounts receivable	4,499		4,430
Current income taxes	25,108		—
Operating lease assets and liabilities, net	408		414
Other assets	1,937		(1,902)
Accounts payable	(3,012)		127
Other deferrals and accruals	(5,912)		(1,180)
Net cash provided by operating activities	69,800		38,724

Cash flows from investing activities:
Capital expenditures	(136,158)		(88,706)
Proceeds from sale of assets and other	508		279
Net cash used in investing activities	(135,650)		(88,427)

Cash flows from financing activities:
Proceeds from credit facility borrowings	50,000		—
Payments for debt issuance costs	(300)		—
Taxes paid for equity award issuances	(1,317)		(835)
Payments for financing arrangements and other	(290)		(471)
Net cash provided by (used in) financing activities	48,093		(1,306)
Net decrease in cash and cash equivalents	(17,757)		(51,009)
Cash and cash equivalents, beginning of period	44,061		84,344
Cash and cash equivalents, end of period	$	26,304	$	33,335

Supplemental Disclosures of Cash Flow Information
Interest paid	$	3,111	$	—
Income tax refunds received, net	$	25,481	$	—

See accompanying notes to unaudited condensed consolidated financial statements.

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Basis of Presentation and Other Information

Shenandoah Telecommunications Company and its subsidiaries (“Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic and hybrid fiber coaxial cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. The Company also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). These integrated networks are connected by a fiber network. All of these operations are contained within our Broadband reporting segment.

Our Tower segment owns 222 cell towers and leases colocation space on those towers to wireless communications providers.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022.

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an on-going basis we evaluate significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, impairment of goodwill and indefinite-lived intangible assets, intangible assets subject to amortization, the computation of income taxes and the fair value of interest rate swaps. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions.

Adoption of New Accounting Standards

There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022, that would be expected to impact the Company.

Note 2. Revenue from Contracts with Customers

Contract Assets

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Beginning Balance	$	8,756	$	8,303	$	8,646	$	8,147
Commission payments	793		1,309		1,684		1,647
Contract asset amortization	(807)		(1,185)		(1,588)		(1,367)
Ending Balance	$	8,742	$	8,427	$	8,742	$	8,427

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 and the Company’s non-current contract liabilities are included in other liabilities in its unaudited condensed consolidated balance sheets. Shentel’s current contract liability balances were $9.4 million and $9.5 million as of June 30, 2023 and December 31, 2022, respectively, and Shentel’s non-current contract liability balances were $1.3 million and $1.9 million as of June 30, 2023 and December 31, 2022, respectively. Shentel expects its current contract liability balances to be recognized within revenues during the twelve-month periods following the respective balance sheet dates and its non-current contract liability balances to be recognized within revenues after the twelve-month periods following the respective balance sheet dates.

Refer to Note 14, Segment Reporting, for a summary of the Company’s revenue streams.

Note 3. Investments

Investments consist of the following:


(in thousands)	June 30, 2023		December 31, 2022
SERP investments at fair value	$	2,116	$	1,889
Cost method investments	10,645		10,749
Equity method investments	255		333
Total investments	$	13,016	$	12,971

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. Changes to the investments' fair value are presented in Other income (expense), while the reciprocal changes in the liability are presented in selling, general and administrative expense.

Cost Method Investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $10.0 million at both June 30, 2023 and December 31, 2022, respectively. We recognized approximately $0.2 million and $0.1 million of patronage income in other income (expense) for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.3 million and $0.2 million during the six months ended June 30, 2023 and 2022, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2023.

Equity Method Investments: At December 31, 2022, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). ValleyNet has ceased operations and is in the process of being dissolved. In April 2023, Shentel received a payment of $0.1 million, representing Shentel’s remaining capital in the partnership, and the investment balance was derecognized from Shentel’s unaudited condensed consolidated balance sheets. Prior to the commencement of dissolution proceedings, the Company and ValleyNet purchased capacity on one another’s fiber network, through related party transactions.

Note 4. Property, Plant and Equipment

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	June 30, 2023		December 31, 2022
Land		$	3,722	$	3,722
Land improvements	10 years	3,483		3,483
Buildings and structures	10 - 45 years	96,175		93,461
Cable and fiber	15 - 30 years	682,218		593,771
Equipment and software	4 - 8 years	333,821		317,347
Plant in service		1,119,419		1,011,784
Plant under construction		163,610		144,534
Total property, plant and equipment		1,283,029		1,156,318
Less: accumulated depreciation and amortization		(496,583)		(468,765)
Property, plant and equipment, net		$	786,446	$	687,553

Property, plant and equipment, net increases were primarily attributable to capital expenditures in the Broadband segment due to expansion of Glo Fiber assets and market expansion. The Company’s accounts payable as of June 30, 2023 and December 31, 2022 included amounts associated with capital expenditures of approximately $38.9 million and $43.8 million, respectively. Depreciation and amortization expense was $16.2 million and $14.6 million during the three months ended June 30, 2023 and 2022, respectively, and $31.7 million and $28.7 million during the six months ended June 30, 2023 and 2022, respectively.

On August 23, 2022, the Company entered into a definitive asset purchase agreement (the “Spectrum Purchase Agreement”) with a wireless carrier pursuant to which the Company agreed to sell certain Federal Communications Commission (“FCC”) spectrum licenses and leases previously utilized in the Company’s Beam branded fixed wireless service for total consideration of approximately $21.1 million, composed of $17.3 million cash and approximately $3.8 million of liabilities to be assumed by the wireless carrier (the “Spectrum Transaction”). The Spectrum Transaction closed on July 6, 2023.

Note 5. Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


	June 30, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		76,597		—		76,597

Finite-lived intangibles:
Subscriber relationships	28,425		(27,140)		1,285		28,425		(26,910)		1,515
Other intangibles	488		(344)		144		488		(329)		159
Total finite-lived intangibles	28,913		(27,484)		1,429		28,913		(27,239)		1,674
Total goodwill and intangible assets	$	108,754	$	(27,484)	$	81,270	$	108,754	$	(27,239)	$	81,515

Amortization expense was $0.1 million and $0.2 million during the three months ended June 30, 2023 and 2022, respectively, and $0.2 million and $0.4 million during the six months ended June 30, 2023 and 2022, respectively.

As described in Note 4, Property, Plant and Equipment, the Company entered into the Spectrum Purchase Agreement to sell FCC spectrum licenses associated with Beam. As a result of the expected sale, the Company concluded that the FCC spectrum licenses met the held for sale criteria; accordingly, $13.8 million of indefinite-lived licenses and $5.9 million of finite-lived licenses are presented as held for sale, along with the corresponding $3.8 million of operating lease liabilities related to the finite-lived licenses, as of June 30, 2023 and December 31, 2022. The Company evaluated the events described here and in Note 4, Property, Plant and Equipment and determined that these events do not represent a strategic shift in the Company’s business.

Note 6. Other Assets and Accrued Liabilities

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


(in thousands)	June 30, 2023		December 31, 2022
Prepaid maintenance expenses	$	6,830	$	7,444
Broadband contract acquisition costs	3,026		2,809
Other	3,018		1,256
Prepaid expenses and other	$	12,874	$	11,509

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


(in thousands)	June 30, 2023		December 31, 2022
Broadband contract acquisition costs	$	5,716	$	5,837
Interest rate swaps	2,438		—
Prepaid expenses and other	7,403		7,422
Deferred charges and other assets	$	15,557	$	13,259

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


(in thousands)	June 30, 2023		December 31, 2022
Accrued programming costs	$	3,142	$	3,306
Pension plan	—		3,341
Other current liabilities	9,624		11,259
Accrued liabilities and other	$	12,766	$	17,906

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


(in thousands)	June 30, 2023		December 31, 2022
Noncurrent portion of deferred lease revenue	$	18,788	$	18,679
Noncurrent portion of financing leases	1,414		1,500
Other	281		39
Other liabilities	$	20,483	$	20,218

In 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).

Note 7. Leases

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

The components of lease costs were as follows:


	Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2023		2022		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119	$	238	$	238
Interest on lease liabilities	Interest expense	19		21		39		42
Operating lease cost	Operating expense1	1,762		2,999		3,605		5,662
Lease cost		$	1,901	$	3,139	$	3,883	$	5,942

_________________________________________

(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 as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

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


	June 30, 2023		December 31, 2022
Operating leases
Weighted average remaining lease term (years)	19.4		20.0
Weighted average discount rate	4.8	%	4.5	%
Finance leases
Weighted average remaining lease term (years)	12.8		13.9
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	1,497	$	1,511	$	3,181	$	3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	456		430		1,721		2,070

The Company recognized $4.7 million and $4.4 million of operating lease revenue for the three months ended June 30, 2023 and 2022, respectively, and $9.2 million and $9.8 million of operating lease revenue for the six months ended June 30, 2023 and 2022, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place as of June 30, 2023:


(in thousands)	Operating Leases
2023	$	8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$	80,369

Note 8. Debt

Our Credit Agreement, dated July 1, 2021 (the “Credit Agreement”) contains (i) a $100 million, five-year undrawn revolving credit facility (the “Revolver”), (ii) a $150 million five-year delayed draw amortizing term loan (“Term Loan A-1”) and (iii) a $150 million seven-year delayed draw amortizing term loan (“Term Loan A-2” and collectively with Term Loan A-1, the “Term Loans”). The following loans were outstanding under the Credit Agreement:


(in thousands)	June 30, 2023		December 31, 2022
Term loan A-1	$	62,500	$	37,500
Term loan A-2	62,500		37,500
Total debt	125,000		75,000
Less: unamortized loan fees	(149)		(46)
Total debt, net of unamortized loan fees	$	124,851	$	74,954

In May 2023, Shentel amended the Credit Agreement resulting in (a) a change of the floating index rate from the one-month term London Inter-Bank Offered Rate (“LIBOR”) to the one-month term Secured Overnight Financing Rate (“SOFR”), (b) an extension of the borrowing deadline under the Term Loans from June 30, 2023 to December 31, 2023, and (c) an extension of the first principal repayment date for the Term Loans from September 30, 2023 to March 31, 2024. Management evaluated the amendment and concluded that the amendment event represents a modification of the existing Credit Agreement; therefore, modification accounting was applied.

Both Term Loan A-1 and Term Loan A-2 bore interest at one-month LIBOR plus a margin of 1.50% until May 2023 and now bear interest at one-month term SOFR plus a margin of 1.50%. The margin of 1.50% is variable and determined by the Company’s net leverage ratio. The interest rate was 6.64% and 5.89% at June 30, 2023 and December 31, 2022, respectively. The Company’s cash payments for interest were $1.8 million during the three months ended June 30, 2023 and $3.1 million during the six months ended June 30, 2023. Shentel had no debt outstanding during the three and six months ended June 30, 2022; therefore, the Company made no interest payments during the three and six months ended June 30, 2022. Shentel is charged commitment fees on unutilized portions of its Revolver and Term Loans. The Company recorded $0.1 million and $0.2 million related to these fees for the three months ended June 30, 2023 and 2022, respectively, and $0.3 million and $0.4 million related to these fees for the six months ended June 30, 2023 and 2022, respectively, which is included in other income (expense), net in the unaudited condensed consolidated statements of comprehensive income (loss).

The Credit Agreement contains a borrowing deadline of December 31, 2023, after which the Company will not be able to borrow against the undrawn portion of the Term Loans.

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

Shentel’s Term Loans require quarterly payments based on a percentage of the outstanding balance. Based on the outstanding balance as of June 30, 2023, Term Loan A-1 requires quarterly principal repayments of $0.4 million from March 31, 2024 through June 30, 2024; then increasing to $0.8 million quarterly from September 30, 2024 through March 31, 2026, with the remaining balance due June 30, 2026. Based on the outstanding balance as of June 30, 2023, Term Loan A-2 requires quarterly principal repayments of $0.2 million from March 31, 2024 through March 31, 2028, with the remaining balance due June 30, 2028.

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of June 30, 2023:


(in thousands)	Amount
2023	$	—
2024	2,969
2025	3,750
2026	57,656
2027	625
2028	60,000
Total	$	125,000

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.

Note 9. Derivatives and Hedging

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

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


(in thousands)	June 30, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	428
Deferred charges and other assets	2,438
Total derivatives designated as hedging instruments	$	2,866

The hedge was determined to be highly effective and therefore all change in the fair value of the swaps was recognized through other comprehensive income. The Company recognized $2.1 million of unrealized gains, net of deferred taxes totaling $0.7 million, for the three and six months ended June 30, 2023. Since the Company did not have outstanding interest rate swaps in the prior year period, there were no gains or losses recorded for the three or six months ended June 30, 2022. Shentel expects to begin reclassifying amounts related to the Swaps from accumulated other comprehensive income to interest expense in May 2024, when the payment period of the Swaps, and thus the period containing the hedged transactions, begins.

Note 10. Income Taxes

The Company files U.S. federal income tax returns and various state income tax returns. The Company is not subject to any state or federal income tax audits as of June 30, 2023. The Company’s income tax returns are generally open to examination from 2019 forward and the net operating losses acquired in the acquisition of nTelos are open to examination from 2002 forward.

The effective tax rates for the three and six months ended June 30, 2023 and 2022, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Expected tax expense (benefit) at federal statutory	$	535	$	(783)	$	1,342	$	(898)
State income tax expense (benefit), net of federal tax effect	134		(181)		344		(213)
Excess tax deficiency from share-based compensation and other expense, net	87		463		849		663
Income tax expense (benefit)	$	756	$	(501)	$	2,535	$	(448)

The Company received $25.6 million in cash refunds for income taxes for the six months ended June 30, 2023. The Company made $0.1 million in cash payments for income taxes for the six months ended June 30, 2022.

Note 11. Stock Compensation and Earnings (Loss) per Share

The Company granted approximately 385,000 restricted stock units (“RSUs”) at a weighted average grant price of $19.05 to employees and directors during the six months ended June 30, 2023. Approximately 190,000 RSUs with a weighted average grant price of $25.01 vested and 8,000 RSUs with a weighted average grant price of $21.64 were forfeited during the six months ended June 30, 2023. The total fair value of RSUs vested was $4.8 million during the six months ended June 30, 2023. Approximately 837,000 RSUs with a weighted average grant price of $21.64 remained outstanding as of June 30, 2023.

The Company granted approximately 134,000 Relative Total Shareholder Return RSUs (“RTSRs”) awards at a weighted average grant price of $23.64 to employees during the six months ended June 30, 2023. Approximately 30,000 RTSRs with a weighted average grant price of $56.32 vested and no RTSRs were forfeited during the six months ended June 30, 2023. The total fair value of RTSRs vested was $1.1 million during the six months ended June 30, 2023. Approximately 293,000 RTSRs with a weighted average grant price of $25.80 remained outstanding as of June 30, 2023. The amount of RTSRs issued are determined on the vesting date based upon the Company’s stock performance compared to a group of peer companies. The vested amounts above exclude the vesting date adjustment and issuance of RTSRs based on actual performance, which totaled approximately 13,000 RTSRs, resulting in lower shares issued upon vesting of the RTSRs than originally granted.

Stock-based compensation expense was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Stock compensation expense	2,878		2,557		6,730		5,809
Capitalized stock compensation	(275)		(172)		(410)		(281)
Stock compensation expense, net	$	2,603	$	2,385	$	6,320	$	5,528

As of June 30, 2023, there was $13.2 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.5 years.

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Calculation of net income (loss) per share:
Net income (loss)	$	1,790	$	(3,225)	$	3,856	$	(3,828)
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Basic net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Effect from dilutive shares and options outstanding	327		—		239		—
Diluted weighted average shares outstanding	50,693		50,157		50,569		50,133
Diluted net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

There were approximately 119,000 and 411,000 anti-dilutive equity awards outstanding during the three and six months ended June 30, 2023, respectively. There were approximately 212,000 and 155,000 potentially dilutive equity awards for the three and six months ended June 30, 2022; however, these securities 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 net loss for the periods.

Note 12. Government Grants

During the six months ended June 30, 2023, Shentel was awarded an additional $16.1 million in new grants to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences. The additional grants consisted of $9.4 million awarded under the Connect Maryland Network Infrastructure Grant Program in Maryland, $6.3 million awarded under the Virginia Telecommunications Initiative in Virginia, and $0.4 million under the Line Extension Advancement and Development program in West Virginia. 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. The Company has not recognized any material amounts under these programs as of June 30, 2023 and December 31, 2022.

Note 13. Commitments and Contingencies

We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 7, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2026.

From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not presently expect any litigation matters to have a material adverse impact on the Company’s financial position, results of operations and cash flows.

Note 14. Segment Reporting

Shentel has presented Residential & SMB - Cable Markets and Residential & SMB - Glo Fiber Markets separately for the three and six months ended June 30, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the three and six months ended June 30, 2022 for comparability.

Three Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	44,403	$	—	$	—	$	44,403
Residential & SMB - Glo Fiber Markets	8,164		—		—		8,164
Commercial Fiber	10,253		—		—		10,253
Tower lease	—		4,715		—		4,715
RLEC & Other	3,806		—		—		3,806
Service revenue and other	66,626		4,715		—		71,341
Intercompany revenue and other	51		38		(89)		—
Total revenue	66,677		4,753		(89)		71,341
Operating expenses
Cost of services	24,752		1,379		(55)		26,076
Selling, general and administrative	15,924		349		9,418		25,691
Impairment expense	836		—		—		836
Depreciation and amortization	15,490		538		341		16,369
Total operating expenses	57,002		2,266		9,704		68,972
Operating income (loss)	$	9,675	$	2,487	$	(9,793)	$	2,369

Three Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	43,843	$	—	$	—	$	43,843
Residential & SMB - Glo Fiber Markets	4,056		—		—		4,056
Commercial Fiber	9,340		—		—		9,340
Tower lease	—		4,615		—		4,615
RLEC & Other	4,124		—		—		4,124
Service revenue and other	61,363		4,615		—		65,978
Intercompany revenue and other	49		87		(93)		43
Total revenue	61,412		4,702		(93)		66,021
Operating expenses
Cost of services	25,440		1,378		(62)		26,756
Selling, general and administrative	13,958		406		8,726		23,090
Restructuring expense	443		—		11		454
Impairment expense	4,068		—		—		4,068
Depreciation and amortization	13,396		633		761		14,790
Total operating expenses	57,305		2,417		9,436		69,158
Operating income (loss)	$	4,107	$	2,285	$	(9,529)	$	(3,137)

Six Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	89,159	$	—	$	—	$	89,159
Residential & SMB - Glo Fiber Markets	15,167		—		—		15,167
Commercial Fiber	21,951		—		—		21,951
Tower lease	—		9,253		—		9,253
RLEC & Other	7,497		—		—		7,497
Service revenue and other	133,774		9,253		—		143,027
Intercompany revenue and other	106		76		(182)		—
Total revenue	133,880		9,329		(182)		143,027
Operating expenses
Cost of services	50,181		2,571		(109)		52,643
Selling, general and administrative	31,495		799		20,006		52,300
Impairment expense	1,020		—		—		1,020
Depreciation and amortization	30,173		1,051		743		31,967
Total operating expenses	112,869		4,421		20,640		137,930
Operating income (loss)	$	21,011	$	4,908	$	(20,822)	$	5,097

Six Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	87,336	$	—	$	—	$	87,336
Residential & SMB - Glo Fiber Markets	7,476		—		—		7,476
Commercial Fiber	18,402		—		—		18,402
Tower lease	—		9,361		—		9,361
RLEC & Other	7,813		—		—		7,813
Service revenue and other	121,027		9,361		—		130,388
Intercompany revenue and other	99		188		(240)		47
Total revenue	121,126		9,549		(240)		130,435
Operating expenses
Cost of services	50,608		2,670		(183)		53,095
Selling, general and administrative	27,430		724		18,771		46,925
Restructuring expense	460		—		(70)		390
Impairment expense	4,407		—		—		4,407
Depreciation and amortization	25,933		1,117		2,085		29,135
Total operating expenses	108,838		4,511		20,603		133,952
Operating income (loss)	$	12,288	$	5,038	$	(20,843)	$	(3,517)

A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated income (loss) before income taxes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Total consolidated operating income (loss)	$	2,369	$	(3,137)	$	5,097	$	(3,517)
Other income (expense), net	177		(589)		1,294		(759)
Income (loss) before income taxes	$	2,546	$	(3,726)	$	6,391	$	(4,276)

The Company’s chief operating decision maker (CODM) does not currently review total assets by segment since the assets are centrally managed and some of the assets are shared by the segments. Accordingly, total assets by segment are not provided.

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management’s discussion and analysis includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and similar expressions as they relate to Shenandoah Telecommunications Company or its management are intended to identify these forward-looking statements. All statements regarding Shenandoah Telecommunications Company’s expected future financial position, operating results and cash flows, business strategy, financing plans, forecasted trends relating to the markets in which Shenandoah Telecommunications Company operates and similar matters are forward-looking statements. We cannot assure you that the Company’s expectations expressed or implied in these forward-looking statements will turn out to be correct. The Company’s actual results could be materially different from its expectations because of various factors, including, but not limited to, those discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022 (“2022 Form 10-K”).

The following management’s discussion and analysis should be read in conjunction with the Company’s 2022 Form 10-K, including the consolidated financial statements and related notes included therein.

Overview

Shenandoah Telecommunications Company (“Shentel”, “we”, “our”, “us”, or the “Company”) is a provider of a comprehensive range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”) is organized around our reportable segments. Refer to Note 14, Segment Reporting, in our unaudited condensed consolidated financial statements for additional information.

Second Quarter of 2023 Developments

Debt amendment:

In May 2023, Shentel amended the Credit Agreement resulting in (a) a change of the floating index rate from the one-month term London Inter-Bank Offered Rate to the one-month term Secured Overnight Financing Rate, (b) an extension of the borrowing deadline under the Term Loans from June 30, 2023 to December 31, 2023, and (c) an extension of the first principal repayment date for the Term Loans from September 30, 2023 to March 31, 2024.

Hedging arrangements:

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

Pension plan termination:

Results of Operations

Three Months Ended June 30, 2023 Compared with the Three Months Ended June 30, 2022

The Company’s consolidated results from operations are summarized as follows:


	Three Months Ended June 30,						Change
($ in thousands)	2023		% of Revenue	2022		% of Revenue	$	%
Revenue	$	71,341	100.0	$	66,021	100.0	5,320	8.1
Operating expenses	68,972		96.7	69,158		104.8	(186)	(0.3)
Operating income (loss)	2,369		3.3	(3,137)		(4.8)	5,506	175.5

Other income (expense), net	177		0.2	(589)		(0.9)	766	(130.1)
Income (loss) before taxes	2,546		3.6	(3,726)		(5.6)	6,272	168.3
Income tax expense	756		1.1	(501)		(0.8)	1,257	250.9
Net income (loss)	$	1,790	2.5	$	(3,225)	(4.9)	5,015	(155.5)

Revenue

Revenue increased approximately $5.3 million, or 8.1%, during the three months ended June 30, 2023 compared with the three months ended June 30, 2022, primarily driven by growth of $5.3 million, or 8.6%, in the Broadband segment. Refer to the discussion of the results of operations for the Broadband and Tower segments, included within this MD&A, for additional information.

Operating expenses

Operating expenses decreased approximately $0.2 million, or 0.3%, for the three months ended June 30, 2023 compared with the three months ended June 30, 2022, primarily driven by $0.3 million and $0.2 million of lower Broadband and Tower operating expenses, respectively, partially offset by $0.3 million of incremental Corporate operating expenses.

Other income (expense), net

Other income, net increased $0.8 million, or 130.1%, for the three months ended June 30, 2023 compared with the three months ended June 30, 2022, primarily driven by a pension settlement gain resulting from the termination of Shentel’s pension plan in June 2023.

Income tax (benefit) expense

The Company recognized $0.8 million of income tax expense for the three months ended June 30, 2023, compared with $0.5 million of income tax benefit for the three months ended June 30, 2022. The $1.3 million increase in income tax expense was driven by higher pre-tax income during the three months ended June 30, 2023.

Six Months Ended June 30, 2023 Compared with the Six Months Ended June 30, 2022

The Company’s consolidated results from operations are summarized as follows:


	Six Months Ended June 30,						Change
($ in thousands)	2023		% of Revenue	2022		% of Revenue	$	%
Revenue	$	143,027	100.0	$	130,435	100.0	12,592	9.7
Operating expenses	137,930		96.4	133,952		102.7	3,978	3.0
Operating income (loss)	5,097		3.6	(3,517)		(2.7)	8,614	(244.9)

Other income (expense), net	1,294		0.9	(759)		(0.6)	2,053	(270.5)
Income (loss) before taxes	6,391		4.5	(4,276)		(3.3)	10,667	(249.5)
Income tax expense	2,535		1.8	(448)		(0.3)	2,983	665.8
Net income (loss)	$	3,856	2.7	$	(3,828)	(2.9)	7,684	(200.7)

Revenue

Revenue increased approximately $12.6 million, or 9.7%, during the six months ended June 30, 2023 compared with the six months ended June 30, 2022, primarily driven by growth of $12.8 million, or 10.5%, in the Broadband segment, partially offset by a decline of $0.2 million, or 2.3%, in the Tower segment. Refer to the discussion of the results of operations for the Broadband and Tower segments, included within this MD&A, for additional information.

Operating expenses

Operating expenses increased approximately $4.0 million, or 3.0%, for the six months ended June 30, 2023 compared with the six months ended June 30, 2022, primarily driven by $4.0 million of incremental Broadband operating expenses.

Other income (expense), net

Other income, net increased $2.1 million, or 270.5%, for the six months ended June 30, 2023 compared with the six months ended June 30, 2022, primarily driven by sales taxes refunds received and interest income related to tax refunds during the six months ended June 30, 2023, as well as a pension settlement gain resulting from the termination of Shentel’s pension plan in June 2023.

Income tax (benefit) expense

The Company recognized $2.5 million of income tax expense for the six months ended June 30, 2023, compared with $0.4 million of income tax benefit for the six months ended June 30, 2022. The $3.0 million increase in income tax expense was driven by higher pre-tax income during the six months ended June 30, 2023.

Broadband

Our Broadband segment provides broadband internet, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via hybrid fiber coaxial cable under the brand name of Shentel, and fiber optics under the brand name of Glo Fiber. The Broadband segment also leases dark fiber and provides Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. The Broadband segment also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). These integrated networks are connected by over 9,000 route miles of fiber.

The following table indicates selected operating statistics of our Broadband segment:


	June 30, 2023			June 30, 2022
Broadband homes and businesses passed (1)	396,035			324,186
Cable Markets	213,188			211,681
Glo Fiber Markets	182,847			112,505

Residential & Small and Medium Business ("SMB") RGUs:
Broadband Data	142,247			125,003
Cable Markets	109,404			107,878
Glo Fiber Markets	32,843			17,125
Video	44,800			49,027
Voice	40,313			39,535
Total Residential & SMB RGUs (excludes RLEC)	227,360			213,565

Residential & SMB Penetration (2)
Broadband Data	35.9		%	38.6		%
Cable Markets	51.3		%	51.0		%
Glo Fiber Markets	18.0		%	15.2		%
Video	11.3		%	15.1		%
Voice	10.7		%	12.9		%

Residential & SMB ARPU (3)
Broadband Data	$	81.03		$	79.94
Cable Markets	$	82.55		$	80.82
Glo Fiber Markets	$	75.63		$	74.49
Video	$	106.21		$	103.16
Voice	$	25.35		$	25.95

Fiber route miles	9,082			7,906
Total fiber miles (4)	767,173			589,923

_______________________________________________________

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

(4)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.

Three Months Ended June 30, 2023 Compared with the Three Months Ended June 30, 2022

Broadband results from operations are summarized as follows:


	Three Months Ended June 30,						Change
($ in thousands)	2023		% of Revenue	2022		% of Revenue	$	%
Broadband operating revenue
Residential & SMB - Cable Markets (1)	$	44,403	66.6	$	43,843	71.4	560	1.3
Residential & SMB - Glo Fiber Markets (1)	8,164		12.2	4,056		6.6	4,108	101.3
Commercial Fiber	10,255		15.4	9,343		15.2	912	9.8
RLEC & Other	3,855		5.8	4,170		6.8	(315)	(7.6)
Total broadband revenue	66,677		100.0	61,412		100.0	5,265	8.6
Broadband operating expenses
Cost of services	24,752		37.1	25,440		41.4	(688)	(2.7)
Selling, general, and administrative	15,924		23.9	13,958		22.7	1,966	14.1
Restructuring expense	—		—	443		0.7	(443)	(100.0)
Impairment expense	836		1.3	4,068		6.6	(3,232)	(79.4)
Depreciation and amortization	15,490		23.2	13,396		21.8	2,094	15.6
Total broadband operating expenses	57,002		85.5	57,305		93.3	(303)	(0.5)
Broadband operating income	$	9,675	14.5	$	4,107	6.7	5,568	135.6

_________________________________________

(1)Shentel has presented Residential & SMB - Cable Markets and Residential & SMB - Glo Fiber Markets separately for the three months ended June 30, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the three months ended June 30, 2022 for comparability.

Residential & SMB - Cable Markets revenue

Residential & SMB - Cable Markets revenue for the three months ended June 30, 2023 increased approximately $0.6 million, or 1.3%, compared with the three months ended June 30, 2022, primarily driven by 1.4% year-over-year growth in data Revenue Generating Units (“RGUs”) and 2.1% increase in data ARPU driven by increased customer demand for higher speed data service.

Residential & SMB - Glo Fiber Markets revenue

Residential & SMB - Glo Fiber Markets revenue for the three months ended June 30, 2023 increased approximately $4.1 million, or 101.3%, compared with the three months ended June 30, 2022, primarily driven by 91.8% year-over-year growth in data RGUs driven by the Company’s expansion of Glo Fiber.

Commercial Fiber revenue

Commercial Fiber revenue for the three months ended June 30, 2023 increased approximately $0.9 million, or 9.8%, compared with the three months ended June 30, 2022, primarily driven by $0.5 million in recurring revenue driven by 19.6% increase in connections and $0.4 million in T-Mobile non-recurring early termination fees. T-Mobile disconnected 22 backhaul circuits during the three months ended June 30, 2023 as part of their previously announced rationalization of the former Sprint network. The Company expects 151 additional backhaul disconnects in 2023 as part of the network rationalization.

Cost of services

Cost of services for the three months ended June 30, 2023, decreased approximately $0.7 million, or 2.7%, compared with the three months ended June 30, 2022, primarily driven by lower payroll costs due to higher capitalized labor and lower medical benefit costs, partially offset by higher line costs due to the expansion of the network into new markets and mobile switching centers of wireless carrier customers.

Selling, general and administrative

Selling, general and administrative expense for the three months ended June 30, 2023, increased $2.0 million, or 14.1%, compared with the three months ended June 30, 2022, primarily driven by higher advertising costs associated with the Company’s expansion of Glo Fiber and a change in strategy to drive more gross subscriber additions to low cost sales channels, as well as higher bad debt expense.

Impairment expense

The Company recorded impairment charges of $0.8 million during the three months ended June 30, 2023, compared with $4.1 million of impairment charges for the three months ended June 30, 2022. Impairment charges for the three months ended June 30, 2023 were primarily a result of colocation lease right-of-use assets that are no longer expected to be used and have no alternative use, while impairment charges in the three months ended June 30, 2022 were primarily a result of the Company’s expected decommissioning of Beam fixed wireless sites.

Depreciation and amortization

Depreciation and amortization increased $2.1 million, or 15.6%, compared with the three months ended June 30, 2022, primarily driven by the Company’s expansion of its Glo Fiber network.

Six Months Ended June 30, 2023 Compared with the Six Months Ended June 30, 2022

Broadband results from operations are summarized as follows:


	Six Months Ended June 30,						Change
($ in thousands)	2023		% of Revenue	2022		% of Revenue	$	%
Broadband operating revenue
Residential & SMB - Cable Markets (1)	$	89,159	66.6	$	87,336	72.1	1,823	2.1
Residential & SMB - Glo Fiber Markets (1)	15,167		11.3	7,476		6.2	7,691	102.9
Commercial Fiber	21,955		16.4	18,407		15.2	3,548	19.3
RLEC & Other	7,599		5.7	7,907		6.5	(308)	(3.9)
Total broadband revenue	133,880		100.0	121,126		100.0	12,754	10.5
Broadband operating expenses
Cost of services	50,181		37.5	50,608		41.8	(427)	(0.8)
Selling, general, and administrative	31,495		23.5	27,430		22.6	4,065	14.8
Restructuring expense	—		—	460		0.4	(460)	(100.0)
Impairment expense	1,020		0.8	4,407		3.6	(3,387)	(76.9)
Depreciation and amortization	30,173		22.5	25,933		21.4	4,240	16.3
Total broadband operating expenses	112,869		84.3	108,838		89.9	4,031	3.7
Broadband operating income	$	21,011	15.7	$	12,288	10.1	8,723	71.0

_________________________________________

(1)Shentel has presented Residential & SMB - Cable Markets and Residential & SMB - Glo Fiber Markets separately for the six months ended June 30, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the six months ended June 30, 2022 for comparability.

Residential & SMB - Cable Markets revenue

Residential & SMB - Cable Markets revenue for the six months ended June 30, 2023 increased approximately $1.8 million, or 2.1%, compared with the six months ended June 30, 2022, primarily driven by 1.4% year-over-year growth in data RGUs and 2.1% increase in data ARPU driven by increased customer demand for higher speed data service.

Residential & SMB - Glo Fiber Markets revenue

Residential & SMB - Glo Fiber Markets revenue for the six months ended June 30, 2023 increased approximately $7.7 million, or 102.9%, compared with the six months ended June 30, 2022, primarily driven by 91.8% year-over-year growth in data RGUs driven by the Company’s expansion of Glo Fiber.

Commercial Fiber revenue

Commercial Fiber revenue for the six months ended June 30, 2023 increased approximately $3.5 million, or 19.3%, compared with the six months ended June 30, 2022, primarily driven by $2.5 million in T-Mobile non-recurring early termination fees and $0.9 million in recurring revenue driven by 18.3% increase in connections. T-Mobile disconnected 210 backhaul circuits during the six months ended June 30, 2023 as part of their previously announced rationalization of the former Sprint network. The Company expects 151 additional backhaul disconnects in 2023 as part of the network rationalization.

Cost of services

Cost of services for the six months ended June 30, 2023, decreased approximately $0.4 million, or 0.8%, compared with the six months ended June 30, 2022, primarily driven by lower payroll costs due to higher capitalized labor and lower medical benefit costs, partially offset by higher line costs due to the expansion of the network into new markets and mobile switching centers of wireless carrier customers.

Selling, general and administrative

Selling, general and administrative expense for the six months ended June 30, 2023, increased $4.1 million, or 14.8%, compared with the six months ended June 30, 2022, primarily driven by higher advertising costs associated with the Company’s expansion of Glo Fiber and a change in strategy to drive more gross subscriber additions to low cost sales channels, higher information technology costs as a result of the Company’s investment in upgraded systems, and higher operating taxes associated with increased network assets associated with the expansion of Glo Fiber.

Impairment expense

The Company recorded impairment charges of $1.0 million during the six months ended June 30, 2023, compared with $4.4 million of impairment charges recorded during the six months ended June 30, 2022. Impairment charges for the six months ended June 30, 2023 were primarily a result of colocation lease right-of-use assets that are no longer expected to be used and have no alternative use, while impairment charges in the six months ended June 30, 2022 were primarily a result of the Company’s expected decommissioning of Beam fixed wireless sites.

Depreciation and amortization

Depreciation and amortization increased $4.2 million, or 16.3%, compared with the six months ended June 30, 2022, primarily driven by the Company’s expansion of its Glo Fiber network.

Tower

Our Tower segment owns cell towers and leases colocation space on the towers to wireless communications providers. Substantially all of our owned towers are built on ground that we lease from the respective landlords.

The following table indicates selected operating statistics of the Tower segment:


	June 30, 2023	June 30, 2022
Macro tower sites	222	223
Tenants	448	465
Average tenants per tower	1.9	2.0

Three Months Ended June 30, 2023 Compared with the Three Months Ended June 30, 2022

Tower results from operations are summarized as follows:


	Three Months Ended June 30,						Change
($ in thousands)	2023		% of Revenue	2022		% of Revenue	$	%
Tower revenue	$	4,753	100.0	$	4,702	100.0	51	1.1
Tower operating expenses	2,266		47.7	2,417		51.4	(151)	(6.2)
Tower operating income	$	2,487	52.3	$	2,285	48.6	202	8.8

Revenue

Revenue for the three months ended June 30, 2023 was consistent with revenue for the three months ended June 30, 2022.

Operating expenses

Operating expenses decreased approximately $0.2 million, or 6.2% for the three months ended June 30, 2023 compared with the three months ended June 30, 2022, primarily driven by lower depreciation and professional service costs.

Six Months Ended June 30, 2023 Compared with the Six Months Ended June 30, 2022

Tower results from operations are summarized as follows:


	Six Months Ended June 30,						Change
($ in thousands)	2023		% of Revenue	2022		% of Revenue	$	%
Tower revenue	$	9,329	100.0	$	9,549	100.0	(220)	(2.3)
Tower operating expenses	4,421		47.4	4,511		47.2	(90)	(2.0)
Tower operating income	$	4,908	52.6	$	5,038	52.8	(130)	(2.6)

Revenue

Revenue decreased approximately $0.2 million, or 2.3%, for the six months ended June 30, 2023 compared with the six months ended June 30, 2022, primarily driven by lower application fee revenue.

Operating expenses

Operating expenses for the six months ended June 30, 2023 were consistent with operating expenses for the six months ended June 30, 2022.

Financial Condition, Liquidity and Capital Resources

Sources and Uses of Cash: Our principal sources of liquidity are our cash and cash equivalents, cash generated from operations, and borrowings under our Credit Agreement, dated July 1, 2021 and as amended in May 2023 (the “Credit Agreement”).

In 2021, Congress passed the American Rescue Plan Act to subsidize the deployment of high-speed broadband internet access in unserved areas. We have been awarded approximately $87.5 million in grants to serve approximately 27,600 unserved homes in the states of Virginia, West Virginia and Maryland. The grants will be paid to the Company as certain milestones are completed. The Company expects to its fulfill its performance obligations during the period from 2023 to 2025.

As of June 30, 2023, our cash and cash equivalents totaled $26.3 million and the availability under our delayed draw term loans and revolving line of credit was $275.0 million, for total available liquidity of $301.3 million.

Operating activities generated approximately $69.8 million of cash during the six months ended June 30, 2023, representing an increase of $31.1 million compared with the prior year period, driven primarily by tax refunds received during the six months ended June 30, 2023 and changes in working capital, partially offset by settlement of Shentel’s pension plan.

Net cash used in investing activities increased $47.2 million during the six months ended June 30, 2023, compared with the six months ended June 30, 2022, primarily driven by a $47.5 million increase in capital expenditures as a result of higher spending in the Broadband segment to enable our Glo Fiber market expansion.

Net cash provided by financing activities was $48.1 million during the six months ended June 30, 2023, compared with net cash used in financing activities of $1.3 million for the six months ended June 30, 2022. The change was primarily driven by $50.0 million borrowed under the Company’s team loans during the six months ended June 30, 2023, partially offset by increases in cash paid for taxes associated with equity award issuances.

The Company has received approximately $29.0 million in net cash refunds for income and sales taxes during the six months ended June 30, 2023.

Indebtedness: During the six months ended June 30, 2023, we borrowed $50.0 million under each of the delayed draw term loan facilities available under the Credit Agreement for a total of $125.0 million. The commitments of the lenders under the Credit Agreement to make these term loans to us expire on December 31, 2023. After this date, we will not be able to borrow any undrawn portion of the term loan commitments. We expect to borrow the remaining $175.0 million available under these term loans by December 31, 2023 to fund planned capital expenditures to continue our Glo Fiber network expansion. As of June 30, 2023, the Company’s indebtedness totaled approximately $124.9 million, net of unamortized loan fees of $0.1 million, with an annualized overall weighted average effective interest rate of approximately 5.71%.

The Company will be required to commence making principal repayments of these term loans on March 31, 2024. The amount of these principal repayments is calculated as a percentage of the principal amount of the term loans outstanding. Based on the principal amounts outstanding as of June 30, 2023, (i) the first term loan will require quarterly principal repayments of $0.4 million from March 31, 2024 through June 30, 2024, then increasing to $0.8 million quarterly from September 30, 2024 through March 31, 2026, with the remaining balance due June 30, 2026, and (ii) the second term loan will require quarterly principal repayments of $0.2 million from March 31, 2024 through March 31, 2028, with the remaining balance due June 30, 2028. These repayment amounts, as well as our interest expense, will increase to the extent we borrow any of the remaining $175.0 million available under the term loans by the borrowing deadline as we expect.

Refer to Note 8, Debt, for more information about the Credit Agreement.

As of June 30, 2023, the Company was in compliance with the financial covenants in our Credit Agreement.

We expect our cash on hand, cash flow from operations, and availability of funds from our Credit Agreement as well as government grants will be sufficient to meet our anticipated liquidity needs for business operations for the next twelve months. There can be no assurance that we will continue to generate cash flows at or above current levels.

During the second quarter of 2023, our capital expenditures of $136.2 million exceeded our net cash provided by operating activities by $66.4 million, and we expect our capital expenditures will continue to exceed the cash flow provided from operations through 2025, as we expand our Glo Fiber broadband network to potentially reach over 450,000 passings. During 2023, we anticipate funding $260 to $300 million in capital expenditures primarily related to continuing our network expansion for Glo Fiber and government subsidized unserved homes with net cash provided by operating activities, proceeds from our delayed draw term loans and government grants.

The actual amount and timing of our future capital requirements may differ materially from our estimates depending on the demand for our products and services, new market developments and expansion opportunities.

Our cash flows from operations could be adversely affected by events outside our control, including, without limitation, 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. Our ability to attract and maintain a sufficient customer base, particularly in our Broadband markets, is critical to our ability to maintain a positive cash flow from operations. The foregoing events individually or collectively could affect our results.

Critical Accounting Policies

There have been no material changes to the critical accounting policies previously disclosed in Part II, Item 8 of our 2022 Form 10-K for the year ended December 31, 2022.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have borrowed a total of $125.0 million pursuant to the variable rate delayed draw term loans available under the Credit Agreement, and we expect to continue to borrow under our Credit Agreement as needed to fund the Company’s future capital expenditures. We expect to draw an additional $175.0 million against the Credit Agreement by December 31, 2023. Fluctuations in interest rates on future borrowings could result in increased market risk.

As of June 30, 2023, the Company had $125.0 million of gross variable rate debt outstanding, bearing interest at an annualized weighted average effective rate of 5.71%. An increase in market interest rates of 1.00% would add approximately $1.2 million to annual interest expense.

In May 2023, Shentel entered into pay fixed, receive variable interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contain monthly payment terms beginning in May 2024 which extend through their maturity dates in June 2026. The Swaps are designated as a cash flow hedge, representing 50% of the Company’s expected outstanding debt (including expected future borrowings under the Term Loans). The Company uses the Swaps to manage its exposure to interest rate risk for its long-term variable-rate Term Loans through interest rate swaps. When the Swaps' payments term begins, Shentel will effectively pay a fixed weighted-average interest rate of 2.90%, prior to margin added associated with our credit facility.

ITEM 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer (the certifying officers) have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of June 30, 2023. Our certifying officers concluded that our disclosure controls and procedures were effective as of June 30, 2023.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during the fiscal quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

ITEM 1. LEGAL PROCEEDINGS

We are currently involved in, and may in the future become involved in, legal proceedings, claims and investigations in the ordinary course of our business. Although the results of these legal proceedings, claims and investigations cannot be predicted with certainty, we do 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 or results of operations. Regardless of final outcomes, however, any such proceedings, claims, and investigations may nonetheless impose a significant burden on management and employees and be costly to defend, with unfavorable preliminary or interim rulings.

ITEM 1A. RISK FACTORS

We discuss in our Annual Report on Form 10-K various risks that may materially affect our business. We use this section to update this discussion to reflect material developments since our Form 10-K was filed. As of June 30, 2023, the Company has not identified any needed updates to the risk factors included in our most recent Form 10-K.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

None.

Use of Proceeds from Registered Securities

None.

Purchases of Equity Securities by the Issuer or Affiliated Purchasers

In conjunction with the vesting of stock awards or exercise of stock options, the grantees may surrender awards necessary to cover the statutory tax withholding requirements and any amounts required to cover stock option strike prices associated with the transaction. The following table provides information about shares surrendered during the quarter ended June 30, 2023, to settle employee tax withholding obligations related to the vesting of stock awards.


(in thousands, except per share amounts)	Number of Shares Surrendered	Average Price Paid per Share
April 1 to April 30	—	$—
May 1 to May 31	—	$—
June 1 to June 30	8	$20.56
Total	8

ITEM 5. OTHER INFORMATION

During the three months ended June 30, 2023, none of our officers or directors adopted or terminated any “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408 of Regulation S-K.

ITEM 6. Exhibits Index


Exhibit No.	Exhibit Description

10.1	Amendment No. 1 to Credit Agreement, dated May 17, 2023, among Shenandoah Telecommunications Company, certain of its subsidiaries, CoBank ACB, as administrative agent, and the other lenders party thereto.

31.1*	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

31.2*	Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

31.3*	Certification of Principal Accounting Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

32**	Certifications pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. § 1350.

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* Filed herewith

** This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (Securities Act), or the Exchange Act.

Revenue from Contract with Customer [Abstract]

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


			/s/ James J. Volk
			James J. Volk
			Senior Vice President and Chief Financial Officer (Principal Financial Officer)
			Date: August 2, 2023

EX-31.1 2 shenex31106302023.htm EX-31.1 Document

EXHIBIT 31.1

CERTIFICATION

I, Christopher E. French, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Shenandoah Telecommunications Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:

(1)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(2)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(3)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(4)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(1)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(2)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/S/ CHRISTOPHER E. FRENCH

Christopher E. French, President and Chief Executive Officer

(Principal Executive Officer)

Date: August 2, 2023

EX-31.2 3 shenex31206302023.htm EX-31.2 Document

EXHIBIT 31.2

CERTIFICATION

I, James J. Volk, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Shenandoah Telecommunications Company;

(2)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/S/JAMES J. VOLK

James J. Volk, Senior Vice President – Chief Financial Officer

(Principal Financial Officer)

Date: August 2, 2023

EX-31.3 4 shenex31306302023.htm EX-31.3 Document

EXHIBIT 31.3

CERTIFICATION

I, Dennis Romps, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Shenandoah Telecommunications Company;

(2)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/S/DENNIS ROMPS

Dennis Romps, Vice President - Chief Accounting Officer

(Principal Accounting Officer)

Date: August 2, 2023

EX-32 5 shenex3206302023.htm EX-32 Document

EXHIBIT 32

Written Statement of Chief Executive Officer and Chief Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Each of the undersigned, the President and Chief Executive Officer and the Senior Vice President - Chief Financial Officer, of Shenandoah Telecommunications Company (the “Company”), hereby certifies that, on the date hereof:

(1) The quarterly report on Form 10-Q of the Company for the three and six months ended June 30, 2023 filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) Information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


			/S/CHRISTOPHER E. FRENCH
			Christopher E. French
			President and Chief Executive Officer
			(Principal Executive Officer)
			August 2, 2023

			/S/JAMES J. VOLK
			James J. Volk
			Senior Vice President – Chief Financial Officer
			(Principal Financial Officer)
			August 2, 2023

The foregoing certification is being furnished solely pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 (the “Exchange Act”) and 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document. This certification shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to liability under that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act except to the extent this Exhibit 32 is expressly and specifically incorporated by reference in any such filing.

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		50,263,953
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000354963
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML 13 R2.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 26,304	$ 44,061
Accounts receivable, net of allowance for doubtful accounts of $726 and $776, respectively	15,344	20,615
Income taxes receivable	4,647	29,755
Prepaid expenses and other	12,874	11,509
Current assets held for sale	19,742	22,622
Total current assets	78,911	128,562
Investments	13,016	12,971
Property, plant and equipment, net	786,446	687,553
Goodwill and intangible assets, net	81,270	81,515
Operating lease right-of-use assets	52,258	53,859
Deferred charges and other assets	15,557	13,259
Total assets	1,027,458	977,719
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	1,056	648
Accounts payable	41,238	49,173
Advanced billings and customer deposits	12,359	12,425
Accrued compensation	7,532	9,616
Current operating lease liabilities	3,076	2,829
Accrued liabilities and other	12,766	17,906
Current liabilities held for sale	3,804	3,824
Total current liabilities	81,831	96,421
Long-term debt, less current maturities, net of unamortized loan fees	123,795	74,306
Other long-term liabilities:
Deferred income taxes	87,830	84,600
Asset retirement obligations	10,187	9,932
Benefit plan obligations	4,035	3,758
Non-current operating lease liabilities	49,872	50,477
Other liabilities	20,483	20,218
Total other long-term liabilities	172,407	168,985
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 50,264 and 50,110 issued and outstanding at June 30, 2023 and December 31, 2022, respectively	0	0
Additional paid in capital	62,888	57,453
Retained earnings	584,410	580,554
Accumulated other comprehensive income, net of taxes	2,127	0
Total shareholders’ equity	649,425	638,007
Total liabilities and shareholders’ equity	$ 1,027,458	$ 977,719

XML 14 R3.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 726	$ 776
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	96,000	96,000
Common stock, shares issued (in shares)	50,264	50,110
Common stock, shares, outstanding (in shares)	50,264	50,110

XML 15 R4.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service revenue and other [Member]	Service revenue and other [Member]	Service revenue and other [Member]	Service revenue and other [Member]
Service revenue and other	$ 71,341	$ 66,021	$ 143,027	$ 130,435
Operating expenses:
Cost of services exclusive of depreciation and amortization	26,076	26,756	52,643	53,095
Selling, general and administrative	25,691	23,090	52,300	46,925
Restructuring expense	0	454	0	390
Impairment expense	836	4,068	1,020	4,407
Depreciation and amortization	16,369	14,790	31,967	29,135
Total operating expenses	68,972	69,158	137,930	133,952
Operating income (loss)	2,369	(3,137)	5,097	(3,517)
Other income (expense):
Other income (expense), net	177	(589)	1,294	(759)
Income (loss) before income taxes	2,546	(3,726)	6,391	(4,276)
Income tax expense (benefit)	756	(501)	2,535	(448)
Net income (loss)	1,790	(3,225)	3,856	(3,828)
Other comprehensive income:
Unrealized income on interest rate hedge, net of tax	2,127	0	2,127	0
Comprehensive income (loss)	$ 3,917	$ (3,225)	$ 5,983	$ (3,828)
Net income (loss) per share, basic and diluted:
Basic net income (loss) per share (in dollars per share)	$ 0.04	$ (0.06)	$ 0.08	$ (0.08)
Diluted net income (loss) per share (in dollars per share)	$ 0.04	$ (0.06)	$ 0.08	$ (0.08)
Weighted average shares outstanding, basic (in shares)	50,366	50,157	50,330	50,133
Weighted average shares outstanding, diluted (in shares)	50,693	50,157	50,569	50,133

XML 16 R5.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Shares of Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		49,965
Beginning balance at Dec. 31, 2021	$ 642,275		$ 49,351	$ 592,924	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,828)			(3,828)
Stock based compensation (in shares)		151
Stock-based compensation	5,809		5,809
Common stock issued (in shares)		1
Common stock issued	16		16
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(40)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(902)		(902)
Ending balance (in shares) at Jun. 30, 2022		50,077
Ending balance at Jun. 30, 2022	643,370		54,274	589,096	0
Beginning balance (in shares) at Mar. 31, 2022		50,049
Beginning balance at Mar. 31, 2022	644,329		52,008	592,321	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,225)			(3,225)
Stock based compensation (in shares)		41
Stock-based compensation	2,557		2,557
Common stock issued	8		8
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(13)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(299)		(299)
Ending balance (in shares) at Jun. 30, 2022		50,077
Ending balance at Jun. 30, 2022	$ 643,370		54,274	589,096	0
Beginning balance (in shares) at Dec. 31, 2022	50,110	50,110
Beginning balance at Dec. 31, 2022	$ 638,007		57,453	580,554	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,856			3,856
Stock based compensation (in shares)		220
Stock-based compensation	6,730		6,730
Common stock issued (in shares)		1
Common stock issued	22		22
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(67)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,317)		(1,317)
Other comprehensive income, net of tax	$ 2,127				2,127
Ending balance (in shares) at Jun. 30, 2023	50,264	50,264
Ending balance at Jun. 30, 2023	$ 649,425		62,888	584,410	2,127
Beginning balance (in shares) at Mar. 31, 2023		50,247
Beginning balance at Mar. 31, 2023	642,780		60,160	582,620	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,790			1,790
Stock based compensation (in shares)		24
Stock-based compensation	2,878		2,878
Common stock issued	11		11
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(7)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(161)		(161)
Other comprehensive income, net of tax	$ 2,127				2,127
Ending balance (in shares) at Jun. 30, 2023	50,264	50,264
Ending balance at Jun. 30, 2023	$ 649,425		$ 62,888	$ 584,410	$ 2,127

XML 17 R6.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 3,856	$ (3,828)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,967	29,135
Stock-based compensation expense, net of amount capitalized	6,320	5,528
Impairment expense	1,020	4,407
Deferred income taxes	2,491	(392)
Other, net	1,118	1,985
Changes in assets and liabilities:
Accounts receivable	4,499	4,430
Current income taxes	25,108	0
Operating lease assets and liabilities, net	408	414
Other assets	1,937	(1,902)
Accounts payable	(3,012)	127
Other deferrals and accruals	(5,912)	(1,180)
Net cash provided by operating activities	69,800	38,724
Cash flows from investing activities:
Capital expenditures	(136,158)	(88,706)
Proceeds from sale of assets and other	508	279
Net cash used in investing activities	(135,650)	(88,427)
Cash flows from financing activities:
Proceeds from credit facility borrowings	50,000	0
Payments for debt issuance costs	(300)	0
Taxes paid for equity award issuances	(1,317)	(835)
Payments for financing arrangements and other	(290)	(471)
Net cash provided by (used in) financing activities	48,093	(1,306)
Net decrease in cash and cash equivalents	(17,757)	(51,009)
Cash and cash equivalents, beginning of period	44,061	84,344
Cash and cash equivalents, end of period	26,304	33,335
Supplemental Disclosures of Cash Flow Information
Interest paid	3,111	0
Income tax refunds received, net	$ 25,481	$ 0

XML 18 R7.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Other Information	6 Months Ended
Basis of Presentation and Other Information	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Information	Basis of Presentation and Other Information Shenandoah Telecommunications Company and its subsidiaries (“Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic and hybrid fiber coaxial cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. The Company also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). These integrated networks are connected by a fiber network. All of these operations are contained within our Broadband reporting segment. Our Tower segment owns 222 cell towers and leases colocation space on those towers to wireless communications providers. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an on-going basis we evaluate significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, impairment of goodwill and indefinite-lived intangible assets, intangible assets subject to amortization, the computation of income taxes and the fair value of interest rate swaps. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. Adoption of New Accounting Standards There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022, that would be expected to impact the Company.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2023

Revenue from Contracts with Customers

Contract Assets

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Beginning Balance	$	8,756	$	8,303	$	8,646	$	8,147
Commission payments	793		1,309		1,684		1,647
Contract asset amortization	(807)		(1,185)		(1,588)		(1,367)
Ending Balance	$	8,742	$	8,427	$	8,742	$	8,427

Contract Liabilities

Refer to Note 14, Segment Reporting, for a summary of the Company’s revenue streams.

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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Property, Plant and Equipment [Abstract]

XML 20 R9.htm IDEA: XBRL DOCUMENT

Investments

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Investments

Investments consist of the following:


(in thousands)	June 30, 2023		December 31, 2022
SERP investments at fair value	$	2,116	$	1,889
Cost method investments	10,645		10,749
Equity method investments	255		333
Total investments	$	13,016	$	12,971

XML 21 R10.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	June 30, 2023		December 31, 2022
Land		$	3,722	$	3,722
Land improvements	10 years	3,483		3,483
Buildings and structures	10 - 45 years	96,175		93,461
Cable and fiber	15 - 30 years	682,218		593,771
Equipment and software	4 - 8 years	333,821		317,347
Plant in service		1,119,419		1,011,784
Plant under construction		163,610		144,534
Total property, plant and equipment		1,283,029		1,156,318
Less: accumulated depreciation and amortization		(496,583)		(468,765)
Property, plant and equipment, net		$	786,446	$	687,553

XML 22 R11.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


	June 30, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		76,597		—		76,597

Finite-lived intangibles:
Subscriber relationships	28,425		(27,140)		1,285		28,425		(26,910)		1,515
Other intangibles	488		(344)		144		488		(329)		159
Total finite-lived intangibles	28,913		(27,484)		1,429		28,913		(27,239)		1,674
Total goodwill and intangible assets	$	108,754	$	(27,484)	$	81,270	$	108,754	$	(27,239)	$	81,515

XML 23 R12.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities

6 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

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


(in thousands)	June 30, 2023		December 31, 2022
Prepaid maintenance expenses	$	6,830	$	7,444
Broadband contract acquisition costs	3,026		2,809
Other	3,018		1,256
Prepaid expenses and other	$	12,874	$	11,509

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


(in thousands)	June 30, 2023		December 31, 2022
Broadband contract acquisition costs	$	5,716	$	5,837
Interest rate swaps	2,438		—
Prepaid expenses and other	7,403		7,422
Deferred charges and other assets	$	15,557	$	13,259

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


(in thousands)	June 30, 2023		December 31, 2022
Accrued programming costs	$	3,142	$	3,306
Pension plan	—		3,341
Other current liabilities	9,624		11,259
Accrued liabilities and other	$	12,766	$	17,906

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


(in thousands)	June 30, 2023		December 31, 2022
Noncurrent portion of deferred lease revenue	$	18,788	$	18,679
Noncurrent portion of financing leases	1,414		1,500
Other	281		39
Other liabilities	$	20,483	$	20,218

XML 24 R13.htm IDEA: XBRL DOCUMENT

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

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

The components of lease costs were as follows:


	Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2023		2022		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119	$	238	$	238
Interest on lease liabilities	Interest expense	19		21		39		42
Operating lease cost	Operating expense1	1,762		2,999		3,605		5,662
Lease cost		$	1,901	$	3,139	$	3,883	$	5,942

_________________________________________

(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 as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

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


	June 30, 2023		December 31, 2022
Operating leases
Weighted average remaining lease term (years)	19.4		20.0
Weighted average discount rate	4.8	%	4.5	%
Finance leases
Weighted average remaining lease term (years)	12.8		13.9
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	1,497	$	1,511	$	3,181	$	3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	456		430		1,721		2,070

Below is a summary of our minimum rental receipts under the lease agreements in place as of June 30, 2023:


(in thousands)	Operating Leases
2023	$	8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$	80,369

Leases

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

The components of lease costs were as follows:


	Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2023		2022		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119	$	238	$	238
Interest on lease liabilities	Interest expense	19		21		39		42
Operating lease cost	Operating expense1	1,762		2,999		3,605		5,662
Lease cost		$	1,901	$	3,139	$	3,883	$	5,942

_________________________________________

(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 as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

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


	June 30, 2023		December 31, 2022
Operating leases
Weighted average remaining lease term (years)	19.4		20.0
Weighted average discount rate	4.8	%	4.5	%
Finance leases
Weighted average remaining lease term (years)	12.8		13.9
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	1,497	$	1,511	$	3,181	$	3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	456		430		1,721		2,070

Below is a summary of our minimum rental receipts under the lease agreements in place as of June 30, 2023:


(in thousands)	Operating Leases
2023	$	8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$	80,369

Leases

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

The components of lease costs were as follows:


	Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2023		2022		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119	$	238	$	238
Interest on lease liabilities	Interest expense	19		21		39		42
Operating lease cost	Operating expense1	1,762		2,999		3,605		5,662
Lease cost		$	1,901	$	3,139	$	3,883	$	5,942

_________________________________________

(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 as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

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


	June 30, 2023		December 31, 2022
Operating leases
Weighted average remaining lease term (years)	19.4		20.0
Weighted average discount rate	4.8	%	4.5	%
Finance leases
Weighted average remaining lease term (years)	12.8		13.9
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	1,497	$	1,511	$	3,181	$	3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	456		430		1,721		2,070

Below is a summary of our minimum rental receipts under the lease agreements in place as of June 30, 2023:


(in thousands)	Operating Leases
2023	$	8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$	80,369

XML 25 R14.htm IDEA: XBRL DOCUMENT

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt


(in thousands)	June 30, 2023		December 31, 2022
Term loan A-1	$	62,500	$	37,500
Term loan A-2	62,500		37,500
Total debt	125,000		75,000
Less: unamortized loan fees	(149)		(46)
Total debt, net of unamortized loan fees	$	124,851	$	74,954

The Credit Agreement contains a borrowing deadline of December 31, 2023, after which the Company will not be able to borrow against the undrawn portion of the Term Loans.

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

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of June 30, 2023:


(in thousands)	Amount
2023	$	—
2024	2,969
2025	3,750
2026	57,656
2027	625
2028	60,000
Total	$	125,000

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Derivative Instruments and Hedging Activities Disclosure [Abstract]

XML 26 R15.htm IDEA: XBRL DOCUMENT

Derivatives and Hedging

6 Months Ended

Jun. 30, 2023

Derivatives and Hedging


(in thousands)	June 30, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	428
Deferred charges and other assets	2,438
Total derivatives designated as hedging instruments	$	2,866

XML 27 R16.htm IDEA: XBRL DOCUMENT

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Expected tax expense (benefit) at federal statutory	$	535	$	(783)	$	1,342	$	(898)
State income tax expense (benefit), net of federal tax effect	134		(181)		344		(213)
Excess tax deficiency from share-based compensation and other expense, net	87		463		849		663
Income tax expense (benefit)	$	756	$	(501)	$	2,535	$	(448)

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Share-Based Payment Arrangement [Abstract]

XML 28 R17.htm IDEA: XBRL DOCUMENT

Stock Compensation and Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2023

Stock Compensation and Earnings (Loss) per Share

Stock-based compensation expense was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Stock compensation expense	2,878		2,557		6,730		5,809
Capitalized stock compensation	(275)		(172)		(410)		(281)
Stock compensation expense, net	$	2,603	$	2,385	$	6,320	$	5,528


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Calculation of net income (loss) per share:
Net income (loss)	$	1,790	$	(3,225)	$	3,856	$	(3,828)
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Basic net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Effect from dilutive shares and options outstanding	327		—		239		—
Diluted weighted average shares outstanding	50,693		50,157		50,569		50,133
Diluted net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

XML 29 R18.htm IDEA: XBRL DOCUMENT

Government Grants	6 Months Ended
Government Grants	Jun. 30, 2023
Government Grants [Abstract]
Government Grants	Government GrantsDuring the six months ended June 30, 2023, Shentel was awarded an additional $16.1 million in new grants to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences. The additional grants consisted of $9.4 million awarded under the Connect Maryland Network Infrastructure Grant Program in Maryland, $6.3 million awarded under the Virginia Telecommunications Initiative in Virginia, and $0.4 million under the Line Extension Advancement and Development program in West Virginia. 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. The Company has not recognized any material amounts under these programs as of June 30, 2023 and December 31, 2022.

XML 30 R19.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 7, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2026.From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not presently expect any litigation matters to have a material adverse impact on the Company’s financial position, results of operations and cash flows

XML 31 R20.htm IDEA: XBRL DOCUMENT

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

Three Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	44,403	$	—	$	—	$	44,403
Residential & SMB - Glo Fiber Markets	8,164		—		—		8,164
Commercial Fiber	10,253		—		—		10,253
Tower lease	—		4,715		—		4,715
RLEC & Other	3,806		—		—		3,806
Service revenue and other	66,626		4,715		—		71,341
Intercompany revenue and other	51		38		(89)		—
Total revenue	66,677		4,753		(89)		71,341
Operating expenses
Cost of services	24,752		1,379		(55)		26,076
Selling, general and administrative	15,924		349		9,418		25,691
Impairment expense	836		—		—		836
Depreciation and amortization	15,490		538		341		16,369
Total operating expenses	57,002		2,266		9,704		68,972
Operating income (loss)	$	9,675	$	2,487	$	(9,793)	$	2,369

Three Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	43,843	$	—	$	—	$	43,843
Residential & SMB - Glo Fiber Markets	4,056		—		—		4,056
Commercial Fiber	9,340		—		—		9,340
Tower lease	—		4,615		—		4,615
RLEC & Other	4,124		—		—		4,124
Service revenue and other	61,363		4,615		—		65,978
Intercompany revenue and other	49		87		(93)		43
Total revenue	61,412		4,702		(93)		66,021
Operating expenses
Cost of services	25,440		1,378		(62)		26,756
Selling, general and administrative	13,958		406		8,726		23,090
Restructuring expense	443		—		11		454
Impairment expense	4,068		—		—		4,068
Depreciation and amortization	13,396		633		761		14,790
Total operating expenses	57,305		2,417		9,436		69,158
Operating income (loss)	$	4,107	$	2,285	$	(9,529)	$	(3,137)

Six Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	89,159	$	—	$	—	$	89,159
Residential & SMB - Glo Fiber Markets	15,167		—		—		15,167
Commercial Fiber	21,951		—		—		21,951
Tower lease	—		9,253		—		9,253
RLEC & Other	7,497		—		—		7,497
Service revenue and other	133,774		9,253		—		143,027
Intercompany revenue and other	106		76		(182)		—
Total revenue	133,880		9,329		(182)		143,027
Operating expenses
Cost of services	50,181		2,571		(109)		52,643
Selling, general and administrative	31,495		799		20,006		52,300
Impairment expense	1,020		—		—		1,020
Depreciation and amortization	30,173		1,051		743		31,967
Total operating expenses	112,869		4,421		20,640		137,930
Operating income (loss)	$	21,011	$	4,908	$	(20,822)	$	5,097

Six Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	87,336	$	—	$	—	$	87,336
Residential & SMB - Glo Fiber Markets	7,476		—		—		7,476
Commercial Fiber	18,402		—		—		18,402
Tower lease	—		9,361		—		9,361
RLEC & Other	7,813		—		—		7,813
Service revenue and other	121,027		9,361		—		130,388
Intercompany revenue and other	99		188		(240)		47
Total revenue	121,126		9,549		(240)		130,435
Operating expenses
Cost of services	50,608		2,670		(183)		53,095
Selling, general and administrative	27,430		724		18,771		46,925
Restructuring expense	460		—		(70)		390
Impairment expense	4,407		—		—		4,407
Depreciation and amortization	25,933		1,117		2,085		29,135
Total operating expenses	108,838		4,511		20,603		133,952
Operating income (loss)	$	12,288	$	5,038	$	(20,843)	$	(3,517)

A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated income (loss) before income taxes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Total consolidated operating income (loss)	$	2,369	$	(3,137)	$	5,097	$	(3,517)
Other income (expense), net	177		(589)		1,294		(759)
Income (loss) before income taxes	$	2,546	$	(3,726)	$	6,391	$	(4,276)

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.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 1,790	$ (3,225)	$ 3,856	$ (3,828)

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

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
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

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Basis of Presentation and Other Information (Policies)	6 Months Ended
Basis of Presentation and Other Information (Policies)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022, that would be expected to impact the Company.
Investments	SERP Investments at Fair Value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. Changes to the investments' fair value are presented in Other income (expense), while the reciprocal changes in the liability are presented in selling, general and administrative expense. Cost Method Investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $10.0 million at both June 30, 2023 and December 31, 2022, respectively. We recognized approximately $0.2 million and $0.1 million of patronage income in other income (expense) for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.3 million and $0.2 million during the six months ended June 30, 2023 and 2022, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2023. Equity Method Investments: At December 31, 2022, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). ValleyNet has ceased operations and is in the process of being dissolved. In April 2023, Shentel received a payment of $0.1 million, representing Shentel’s remaining capital in the partnership, and the investment balance was derecognized from Shentel’s unaudited condensed consolidated balance sheets. Prior to the commencement of dissolution proceedings, the Company and ValleyNet purchased capacity on one another’s fiber network, through related party transactions.

Disclosure of accounting policy for investment in financial asset.

Revenue from Contract with Customer [Abstract]

XML 35 R24.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Amortized and Capitalized Contract Cost

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Beginning Balance	$	8,756	$	8,303	$	8,646	$	8,147
Commission payments	793		1,309		1,684		1,647
Contract asset amortization	(807)		(1,185)		(1,588)		(1,367)
Ending Balance	$	8,742	$	8,427	$	8,742	$	8,427

XML 36 R25.htm IDEA: XBRL DOCUMENT

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Schedule of Other Investments

Investments consist of the following:


(in thousands)	June 30, 2023		December 31, 2022
SERP investments at fair value	$	2,116	$	1,889
Cost method investments	10,645		10,749
Equity method investments	255		333
Total investments	$	13,016	$	12,971

XML 37 R26.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	June 30, 2023		December 31, 2022
Land		$	3,722	$	3,722
Land improvements	10 years	3,483		3,483
Buildings and structures	10 - 45 years	96,175		93,461
Cable and fiber	15 - 30 years	682,218		593,771
Equipment and software	4 - 8 years	333,821		317,347
Plant in service		1,119,419		1,011,784
Plant under construction		163,610		144,534
Total property, plant and equipment		1,283,029		1,156,318
Less: accumulated depreciation and amortization		(496,583)		(468,765)
Property, plant and equipment, net		$	786,446	$	687,553

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Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Resulting from Acquisition

Goodwill and intangible assets consist of the following:


	June 30, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		76,597		—		76,597

Finite-lived intangibles:
Subscriber relationships	28,425		(27,140)		1,285		28,425		(26,910)		1,515
Other intangibles	488		(344)		144		488		(329)		159
Total finite-lived intangibles	28,913		(27,484)		1,429		28,913		(27,239)		1,674
Total goodwill and intangible assets	$	108,754	$	(27,484)	$	81,270	$	108,754	$	(27,239)	$	81,515

Schedule of Finite-Lived Intangible Assets

Goodwill and intangible assets consist of the following:


	June 30, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		76,597		—		76,597

Finite-lived intangibles:
Subscriber relationships	28,425		(27,140)		1,285		28,425		(26,910)		1,515
Other intangibles	488		(344)		144		488		(329)		159
Total finite-lived intangibles	28,913		(27,484)		1,429		28,913		(27,239)		1,674
Total goodwill and intangible assets	$	108,754	$	(27,484)	$	81,270	$	108,754	$	(27,239)	$	81,515

XML 39 R28.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

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


(in thousands)	June 30, 2023		December 31, 2022
Prepaid maintenance expenses	$	6,830	$	7,444
Broadband contract acquisition costs	3,026		2,809
Other	3,018		1,256
Prepaid expenses and other	$	12,874	$	11,509

Schedule of Other Assets, Noncurrent

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


(in thousands)	June 30, 2023		December 31, 2022
Broadband contract acquisition costs	$	5,716	$	5,837
Interest rate swaps	2,438		—
Prepaid expenses and other	7,403		7,422
Deferred charges and other assets	$	15,557	$	13,259

Summary of Accrued Liabilities and Other

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


(in thousands)	June 30, 2023		December 31, 2022
Accrued programming costs	$	3,142	$	3,306
Pension plan	—		3,341
Other current liabilities	9,624		11,259
Accrued liabilities and other	$	12,766	$	17,906

Schedule of Other Noncurrent Liabilities

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


(in thousands)	June 30, 2023		December 31, 2022
Noncurrent portion of deferred lease revenue	$	18,788	$	18,679
Noncurrent portion of financing leases	1,414		1,500
Other	281		39
Other liabilities	$	20,483	$	20,218

XML 40 R29.htm IDEA: XBRL DOCUMENT

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Components of Lease Costs

The components of lease costs were as follows:


	Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2023		2022		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119	$	238	$	238
Interest on lease liabilities	Interest expense	19		21		39		42
Operating lease cost	Operating expense1	1,762		2,999		3,605		5,662
Lease cost		$	1,901	$	3,139	$	3,883	$	5,942

_________________________________________

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

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


	June 30, 2023		December 31, 2022
Operating leases
Weighted average remaining lease term (years)	19.4		20.0
Weighted average discount rate	4.8	%	4.5	%
Finance leases
Weighted average remaining lease term (years)	12.8		13.9
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	1,497	$	1,511	$	3,181	$	3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	456		430		1,721		2,070

Schedule of Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

Schedule of Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

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

Below is a summary of our minimum rental receipts under the lease agreements in place as of June 30, 2023:


(in thousands)	Operating Leases
2023	$	8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$	80,369

XML 41 R30.htm IDEA: XBRL DOCUMENT

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following loans were outstanding under the Credit Agreement:


(in thousands)	June 30, 2023		December 31, 2022
Term loan A-1	$	62,500	$	37,500
Term loan A-2	62,500		37,500
Total debt	125,000		75,000
Less: unamortized loan fees	(149)		(46)
Total debt, net of unamortized loan fees	$	124,851	$	74,954

Maturities of Long-term Debt

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of June 30, 2023:


(in thousands)	Amount
2023	$	—
2024	2,969
2025	3,750
2026	57,656
2027	625
2028	60,000
Total	$	125,000

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

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

XML 42 R31.htm IDEA: XBRL DOCUMENT

Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Derivative Instruments Fair Value


(in thousands)	June 30, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	428
Deferred charges and other assets	2,438
Total derivatives designated as hedging instruments	$	2,866

XML 43 R32.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Expected tax expense (benefit) at federal statutory	$	535	$	(783)	$	1,342	$	(898)
State income tax expense (benefit), net of federal tax effect	134		(181)		344		(213)
Excess tax deficiency from share-based compensation and other expense, net	87		463		849		663
Income tax expense (benefit)	$	756	$	(501)	$	2,535	$	(448)

XML 44 R33.htm IDEA: XBRL DOCUMENT

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

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock compensation expense

Stock-based compensation expense was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Stock compensation expense	2,878		2,557		6,730		5,809
Capitalized stock compensation	(275)		(172)		(410)		(281)
Stock compensation expense, net	$	2,603	$	2,385	$	6,320	$	5,528

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Calculation of net income (loss) per share:
Net income (loss)	$	1,790	$	(3,225)	$	3,856	$	(3,828)
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Basic net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Effect from dilutive shares and options outstanding	327		—		239		—
Diluted weighted average shares outstanding	50,693		50,157		50,569		50,133
Diluted net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

XML 45 R34.htm IDEA: XBRL DOCUMENT

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Selected Financial Data for Segments

Three Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	44,403	$	—	$	—	$	44,403
Residential & SMB - Glo Fiber Markets	8,164		—		—		8,164
Commercial Fiber	10,253		—		—		10,253
Tower lease	—		4,715		—		4,715
RLEC & Other	3,806		—		—		3,806
Service revenue and other	66,626		4,715		—		71,341
Intercompany revenue and other	51		38		(89)		—
Total revenue	66,677		4,753		(89)		71,341
Operating expenses
Cost of services	24,752		1,379		(55)		26,076
Selling, general and administrative	15,924		349		9,418		25,691
Impairment expense	836		—		—		836
Depreciation and amortization	15,490		538		341		16,369
Total operating expenses	57,002		2,266		9,704		68,972
Operating income (loss)	$	9,675	$	2,487	$	(9,793)	$	2,369

Three Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	43,843	$	—	$	—	$	43,843
Residential & SMB - Glo Fiber Markets	4,056		—		—		4,056
Commercial Fiber	9,340		—		—		9,340
Tower lease	—		4,615		—		4,615
RLEC & Other	4,124		—		—		4,124
Service revenue and other	61,363		4,615		—		65,978
Intercompany revenue and other	49		87		(93)		43
Total revenue	61,412		4,702		(93)		66,021
Operating expenses
Cost of services	25,440		1,378		(62)		26,756
Selling, general and administrative	13,958		406		8,726		23,090
Restructuring expense	443		—		11		454
Impairment expense	4,068		—		—		4,068
Depreciation and amortization	13,396		633		761		14,790
Total operating expenses	57,305		2,417		9,436		69,158
Operating income (loss)	$	4,107	$	2,285	$	(9,529)	$	(3,137)

Six Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	89,159	$	—	$	—	$	89,159
Residential & SMB - Glo Fiber Markets	15,167		—		—		15,167
Commercial Fiber	21,951		—		—		21,951
Tower lease	—		9,253		—		9,253
RLEC & Other	7,497		—		—		7,497
Service revenue and other	133,774		9,253		—		143,027
Intercompany revenue and other	106		76		(182)		—
Total revenue	133,880		9,329		(182)		143,027
Operating expenses
Cost of services	50,181		2,571		(109)		52,643
Selling, general and administrative	31,495		799		20,006		52,300
Impairment expense	1,020		—		—		1,020
Depreciation and amortization	30,173		1,051		743		31,967
Total operating expenses	112,869		4,421		20,640		137,930
Operating income (loss)	$	21,011	$	4,908	$	(20,822)	$	5,097

Six Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	87,336	$	—	$	—	$	87,336
Residential & SMB - Glo Fiber Markets	7,476		—		—		7,476
Commercial Fiber	18,402		—		—		18,402
Tower lease	—		9,361		—		9,361
RLEC & Other	7,813		—		—		7,813
Service revenue and other	121,027		9,361		—		130,388
Intercompany revenue and other	99		188		(240)		47
Total revenue	121,126		9,549		(240)		130,435
Operating expenses
Cost of services	50,608		2,670		(183)		53,095
Selling, general and administrative	27,430		724		18,771		46,925
Restructuring expense	460		—		(70)		390
Impairment expense	4,407		—		—		4,407
Depreciation and amortization	25,933		1,117		2,085		29,135
Total operating expenses	108,838		4,511		20,603		133,952
Operating income (loss)	$	12,288	$	5,038	$	(20,843)	$	(3,517)

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated income (loss) before income taxes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Total consolidated operating income (loss)	$	2,369	$	(3,137)	$	5,097	$	(3,517)
Other income (expense), net	177		(589)		1,294		(759)
Income (loss) before income taxes	$	2,546	$	(3,726)	$	6,391	$	(4,276)

XML 46 R35.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Other Information (Details)	6 Months Ended
Basis of Presentation and Other Information (Details)	Jun. 30, 2023 cell_site
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of cell towers built	222

XML 47 R36.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Weighted-average customer benefit period	6 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 9.5
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 9.4
Performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 1.9
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1.3
Performance obligation period	1 year

XML 48 R37.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 8,756	$ 8,303	$ 8,646	$ 8,147
Commission payments	793	1,309	1,684	1,647
Contract asset amortization	(807)	(1,185)	(1,588)	(1,367)
Ending Balance	$ 8,742	$ 8,427	$ 8,742	$ 8,427

XML 49 R38.htm IDEA: XBRL DOCUMENT

Investments - Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
SERP investments at fair value	$ 2,116	$ 1,889
Cost method investments	10,645	10,749
Equity method investments	255	333
Total investments	$ 13,016	$ 12,971

XML 50 R39.htm IDEA: XBRL DOCUMENT

Investments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value		$ 2,116		$ 2,116		$ 1,889
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value		10,000		10,000		$ 10,000
Other nonoperating income (expense)		$ 200	$ 100	$ 300	$ 200
Percentage of patronage credit paid in cash		88.00%		88.00%
Percentage of patronage credit paid in share		12.00%		12.00%
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage		20.00%		20.00%		20.00%
Distribution of capital	$ 100

XML 51 R40.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment - Table (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,283,029	$ 1,156,318
Less: accumulated depreciation and amortization	(496,583)	(468,765)
Property, plant and equipment, net	786,446	687,553
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 3,722	3,722
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 3,483	3,483
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 96,175	93,461
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	$ 682,218	593,771
Cable and fiber \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	15 years
Cable and fiber \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	30 years
Equipment and software
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 333,821	317,347
Equipment and software \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	4 years
Equipment and software \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	8 years
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,119,419	1,011,784
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 163,610	$ 144,534

XML 52 R41.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 23, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accounts payable		$ 41,238		$ 41,238		$ 49,173
Depreciation and amortization		16,200	$ 14,600	31,700	$ 28,700
Asset Purchase Agreement
Property, Plant and Equipment [Line Items]
Asset acquisition, consideration transferred	$ 21,100
Payments to acquire productive assets	17,300
Asset acquisition, consideration transferred, liabilities incurred	$ 3,800
Goodwill - Broadband
Property, Plant and Equipment [Line Items]
Accounts payable		$ 38,900		$ 38,900		$ 43,800

XML 53 R42.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,597	$ 76,597
Gross carrying amount	28,913	28,913
Accumulated amortization and other	(27,484)	(27,239)
Total	1,429	1,674
Total intangible assets, gross carrying amount	108,754	108,754
Intangible assets, net	81,270	81,515
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,425	28,425
Accumulated amortization and other	(27,140)	(26,910)
Total	1,285	1,515
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	488	488
Accumulated amortization and other	(344)	(329)
Total	144	159
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
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	141	141
Goodwill - Broadband
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	3,244	3,244
Goodwill	$ 3,244	$ 3,244

XML 54 R43.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 0.1	$ 0.2	$ 0.2	$ 0.4
Spectrum Purchase Agreements \| Disposal Group, Held-for-sale, Not Discontinued Operations
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived license					$ 13.8
Finite-lived license					5.9
Operating lease liabilities	$ 3.8		$ 3.8		$ 3.8

XML 55 R44.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 6,830	$ 7,444
Broadband contract acquisition costs	3,026	2,809
Other	3,018	1,256
Prepaid expenses and other	$ 12,874	$ 11,509

XML 56 R45.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 5,716	$ 5,837
Interest rate swaps	2,438	0
Prepaid expenses and other	7,403	7,422
Deferred charges and other assets	$ 15,557	$ 13,259

XML 57 R46.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,142	$ 3,306
Pension plan	0	3,341
Other current liabilities	9,624	11,259
Accrued liabilities and other	$ 12,766	$ 17,906

XML 58 R47.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 18,788	$ 18,679
Noncurrent portion of financing leases	1,414	1,500
Other	281	39
Other liabilities	$ 20,483	$ 20,218

XML 59 R48.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities - Narrative (Details) $ in Millions	1 Months Ended
	Jun. 30, 2023 USD ($)
Other Liabilities Disclosure [Abstract]
Employer contributions	$ 2.9
Other comprehensive income (loss), defined benefit plan, settlement and curtailment gain (loss), after tax	$ 0.7

XML 60 R49.htm IDEA: XBRL DOCUMENT

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Amortization of leased assets	$ 119	$ 119	$ 238	$ 238
Interest on lease liabilities	19	21	39	42
Operating lease cost	1,762	2,999	3,605	5,662
Lease cost	$ 1,901	$ 3,139	$ 3,883	$ 5,942

XML 61 R50.htm IDEA: XBRL DOCUMENT

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating Leases
2023	$ 2,534
2024	5,750
2025	5,421
2026	4,601
2027	3,750
2028 and thereafter	64,996
Total lease payments	87,052
Less: Interest	(34,104)
Present value of lease liabilities	52,948
Finance Leases
2023	55
2024	178
2025	180
2026	153
2027	155
2028 and thereafter	1,359
Total lease payments	2,080
Less: Interest	(565)
Present value of lease liabilities	1,515
Total
2023	2,589
2024	5,928
2025	5,601
2026	4,754
2027	3,905
2028 and thereafter	66,355
Total lease payments	89,132
Less: Interest	(34,669)
Present value of lease liabilities	$ 54,463

XML 62 R51.htm IDEA: XBRL DOCUMENT

Leases - Other Information Related to Operating and Finance Leases (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, weighted average remaining lease term	19 years 4 months 24 days	20 years
Operating lease, weighted average discount rate, percent	4.80%	4.50%
Finance lease, weighted average remaining lease term	12 years 9 months 18 days	13 years 10 months 24 days
Finance lease, weighted average discount rate, percent	5.20%	5.20%

XML 63 R52.htm IDEA: XBRL DOCUMENT

Leases - Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Operating Lease (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,497	$ 1,511	$ 3,181	$ 3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	$ 456	$ 430	$ 1,721	$ 2,070

XML 64 R53.htm IDEA: XBRL DOCUMENT

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Sublease income	$ 4.7	$ 4.4	$ 9.2	$ 9.8

XML 65 R54.htm IDEA: XBRL DOCUMENT

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$ 80,369

XML 66 R55.htm IDEA: XBRL DOCUMENT

Debt - Narrative (Details) - USD ($)		3 Months Ended				6 Months Ended		18 Months Ended	48 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 01, 2021	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2026	Mar. 31, 2028
Debt Instrument [Line Items]
Basis spread on variable rate				5.89%		6.64%
Interest paid			$ 1,800,000		$ 0	$ 3,111,000	$ 0
Long-term line of credit					0		0
Line of credit facility, commitment fee amount			$ 100,000		$ 200,000	$ 300,000	$ 400,000
Term loan A-1
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	5 years
Term loan A-1 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment period one		$ 400,000						$ 800,000
Term loan A-1 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Term loan A-1 \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Term loan A-2
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	7 years
Term loan A-2 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment period one									$ 200,000
Term loan A-2 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Term loan A-2 \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Term of credit facility	5 years

XML 67 R56.htm IDEA: XBRL DOCUMENT

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 125,000	$ 75,000
Less: unamortized loan fees	(149)	(46)
Total debt, net of unamortized loan fees	124,851	74,954
Term loan A-1
Debt Instrument [Line Items]
Total debt	62,500	37,500
Term loan A-2
Debt Instrument [Line Items]
Total debt	$ 62,500	$ 37,500

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

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Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Maturities of Long-term Debt [Abstract]
2023	$ 0
2024	2,969
2025	3,750
2026	57,656
2027	625
2028	60,000
Total	$ 125,000	$ 75,000

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

XML 69 R58.htm IDEA: XBRL DOCUMENT

Derivatives and Hedging - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivatives, Fair Value [Line Items]
Unrealized gain (loss) on derivatives, net	$ 2,100	$ 0	$ 2,100	$ 0
Tax on unrealized gain (loss) on derivatives	$ (700)		$ (700)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, variable interest rate	2.90%		2.90%
Payments for derivative instruments	$ 150,000		$ 150,000
Expected outstanding debt	50.00%		50.00%

XML 70 R59.htm IDEA: XBRL DOCUMENT

Derivatives and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 2,866
Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	428
Designated as Hedging Instrument \| Deferred Charges and Other Assets, Net
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 2,438

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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Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax expense (benefit) at federal statutory	$ 535	$ (783)	$ 1,342	$ (898)
State income tax expense (benefit), net of federal tax effect	134	(181)	344	(213)
Excess tax deficiency from share-based compensation and other expense, net	87	463	849	663
Income tax expense (benefit)	$ 756	$ (501)	$ 2,535	$ (448)

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

XML 72 R61.htm IDEA: XBRL DOCUMENT

Income Taxes - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax refunds received, net	$ 25.6
Income tax refunds received, net		$ 0.1

XML 73 R62.htm IDEA: XBRL DOCUMENT

Stock Compensation and Earnings (Loss) per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	119,000	212,000	411,000	155,000
Compensation, nonvested awards, compensation cost not yet recognized	$ 13.2		$ 13.2
Compensation, nonvested awards, cost not yet recognized, period for recognition			2 years 6 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			385,000
Granted (in dollars per share)			$ 19.05
Vested in period (in shares)			190,000
Vested (in usd per share)			$ 25.01
Fair value of awards vested in period			$ 4.8
Cancelled (in shares)			8,000
Cancelled (in usd per share)			$ 21.64
Options outstanding (in shares)	837,000		837,000
Outstanding (in usd per share)	$ 21.64		$ 21.64
Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			134,000
Granted (in dollars per share)			$ 23.64
Vested in period (in shares)			30,000
Vested (in usd per share)			$ 56.32
Fair value of awards vested in period			$ 1.1
Options outstanding (in shares)	293,000		293,000
Outstanding (in usd per share)	$ 25.80		$ 25.80
Anti-dilutive awards outstanding (fewer than)(in shares)			13,000

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Stock Compensation and Earnings (Loss) per Share - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 2,878	$ 2,557	$ 6,730	$ 5,809
Capitalized stock compensation	(275)	(172)	(410)	(281)
Stock compensation expense, net	$ 2,603	$ 2,385	$ 6,320	$ 5,528

XML 75 R64.htm IDEA: XBRL DOCUMENT

Stock Compensation and Earnings (Loss) per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Net income (loss)	$ 1,790	$ (3,225)	$ 3,856	$ (3,828)
Basic weighted average shares outstanding (in shares)	50,366	50,157	50,330	50,133
Basic net income (loss) per share (in dollars per share)	$ 0.04	$ (0.06)	$ 0.08	$ (0.08)
Effect from dilutive shares and options outstanding (in shares)	327	0	239	0
Diluted weighted average shares outstanding (in shares)	50,693	50,157	50,569	50,133
Diluted net income (loss) per share (in dollars per share)	$ 0.04	$ (0.06)	$ 0.08	$ (0.08)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

XML 76 R65.htm IDEA: XBRL DOCUMENT

Government Grants (Details) $ in Millions	6 Months Ended
Government Grants (Details) $ in Millions	Jun. 30, 2023 USD ($)
Other Income [Line Items]
Increase (decrease) in grants receivable	$ 16.1
Maryland
Other Income [Line Items]
Increase (decrease) in grants receivable	9.4
West Virginia
Other Income [Line Items]
Increase (decrease) in grants receivable	0.4
VIRGINIA
Other Income [Line Items]
Increase (decrease) in grants receivable	$ 6.3

XML 77 R66.htm IDEA: XBRL DOCUMENT

Segment Reporting - Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
External revenue
Service revenue and other	$ 71,341	$ 66,021	$ 143,027	$ 130,435
Operating expenses
Cost of services	26,076	26,756	52,643	53,095
Selling, general and administrative	25,691	23,090	52,300	46,925
Restructuring expense	0	454	0	390
Impairment expense	836	4,068	1,020	4,407
Depreciation and amortization	16,369	14,790	31,967	29,135
Operating income (loss)	2,369	(3,137)	5,097	(3,517)
Operating Segments
Operating expenses
Selling, general and administrative	25,691	23,090	52,300	46,925
Restructuring expense		454		390
Impairment expense	836	4,068	1,020	4,407
Depreciation and amortization	16,369	14,790	31,967	29,135
Total operating expenses	68,972	69,158	137,930	133,952
Operating income (loss)	2,369	(3,137)	5,097	(3,517)
Operating Segments \| Broadband
External revenue
Service revenue and other	66,677	61,412	133,880	121,126
Operating expenses
Selling, general and administrative	15,924	13,958	31,495	27,430
Restructuring expense		443		460
Impairment expense	836	4,068	1,020	4,407
Depreciation and amortization	15,490	13,396	30,173	25,933
Total operating expenses	57,002	57,305	112,869	108,838
Operating income (loss)	9,675	4,107	21,011	12,288
Operating Segments \| Tower
External revenue
Service revenue and other	4,753	4,702	9,329	9,549
Operating expenses
Selling, general and administrative	349	406	799	724
Restructuring expense		0		0
Impairment expense	0	0	0	0
Depreciation and amortization	538	633	1,051	1,117
Total operating expenses	2,266	2,417	4,421	4,511
Operating income (loss)	2,487	2,285	4,908	5,038
Intersegment Eliminations
External revenue
Service revenue and other	0	43	0	47
Intersegment Eliminations \| Broadband
External revenue
Service revenue and other	51	49	106	99
Intersegment Eliminations \| Tower
External revenue
Service revenue and other	38	87	76	188
Intersegment Eliminations \| Corporate & Eliminations
External revenue
Service revenue and other	(89)	(93)	(182)	(240)
Corporate, Non-Segment
Operating expenses
Selling, general and administrative	9,418	8,726	20,006	18,771
Restructuring expense		11		(70)
Impairment expense	0	0	0	0
Depreciation and amortization	341	761	743	2,085
Total operating expenses	9,704	9,436	20,640	20,603
Operating income (loss)	(9,793)	(9,529)	(20,822)	(20,843)
Residential & SMB - Cable Markets \| Operating Segments
External revenue
Service revenue and other	44,403	43,843	89,159	87,336
Residential & SMB - Cable Markets \| Operating Segments \| Broadband
External revenue
Service revenue and other	44,403	43,843	89,159	87,336
Residential & SMB - Cable Markets \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Residential & SMB - Glo Fiber Markets \| Operating Segments
External revenue
Service revenue and other	8,164	4,056	15,167	7,476
Residential & SMB - Glo Fiber Markets \| Operating Segments \| Broadband
External revenue
Service revenue and other	8,164	4,056	15,167	7,476
Residential & SMB - Glo Fiber Markets \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Commercial Fiber \| Operating Segments
External revenue
Service revenue and other	10,253	9,340	21,951	18,402
Commercial Fiber \| Operating Segments \| Broadband
External revenue
Service revenue and other	10,253	9,340	21,951	18,402
Commercial Fiber \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Tower lease \| Operating Segments
External revenue
Service revenue and other	4,715	4,615	9,253	9,361
Tower lease \| Operating Segments \| Broadband
External revenue
Service revenue and other	0	0	0	0
Tower lease \| Operating Segments \| Tower
External revenue
Service revenue and other	4,715	4,615	9,253	9,361
RLEC & Other \| Operating Segments
External revenue
Service revenue and other	3,806	4,124	7,497	7,813
RLEC & Other \| Operating Segments \| Broadband
External revenue
Service revenue and other	3,806	4,124	7,497	7,813
RLEC & Other \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Service revenue and other \| Operating Segments
External revenue
Service revenue and other	71,341	65,978	143,027	130,388
Service revenue and other \| Operating Segments \| Broadband
External revenue
Service revenue and other	66,626	61,363	133,774	121,027
Service revenue and other \| Operating Segments \| Tower
External revenue
Service revenue and other	4,715	4,615	9,253	9,361
Cost of services \| Operating Segments
Operating expenses
Cost of services	26,076	26,756	52,643	53,095
Cost of services \| Operating Segments \| Broadband
Operating expenses
Cost of services	24,752	25,440	50,181	50,608
Cost of services \| Operating Segments \| Tower
Operating expenses
Cost of services	1,379	1,378	2,571	2,670
Cost of services \| Corporate, Non-Segment
Operating expenses
Cost of services	$ (55)	$ (62)	$ (109)	$ (183)

XML 78 R67.htm IDEA: XBRL DOCUMENT

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Total consolidated operating income (loss)	$ 2,369	$ (3,137)	$ 5,097	$ (3,517)
Other income (expense), net	177	(589)	1,294	(759)
Income (loss) before income taxes	$ 2,546	$ (3,726)	$ 6,391	$ (4,276)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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