shen-20250331

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


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

See accompanying notes to unaudited condensed consolidated financial statements.


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)	Three Months Ended March 31,
	2025		2024
Service revenue and other	$	87,898	$	69,248
Operating expenses:
Cost of services exclusive of depreciation and amortization	33,030		25,985
Selling, general and administrative	30,992		27,978
Restructuring, integration and acquisition	510		618
Depreciation and amortization	29,458		17,443
Total operating expenses	93,990		72,024
Operating loss	(6,092)		(2,776)
Other (expense) income:
Interest expense	(4,892)		(4,076)
Other income, net	733		1,736
Loss from continuing operations before income taxes	(10,251)		(5,116)
Income tax benefit	(1,119)		(1,026)
Loss from continuing operations	(9,132)		(4,090)
Discontinued operations:
Income from discontinued operations, net of tax	—		1,981
Gain on the sale of discontinued operations, net of tax	—		216,805
Total income from discontinued operations, net of tax	—		218,786
Net (loss) income	(9,132)		214,696
Dividends on redeemable noncontrolling interest	1,472		—
Net (loss) income attributable to common shareholders	$	(10,604)	$	214,696

Net (loss) income per share attributable to common shareholders, basic and diluted:
Loss from continuing operations	$	(0.19)	$	(0.08)
Income from discontinued operations, net of tax	—		4.33
Net (loss) income per share	$	(0.19)	$	4.25





Weighted average shares outstanding	54,959		50,520

See accompanying notes to unaudited condensed consolidated financial statements.


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in thousands)	Three Months Ended March 31,
	2025		2024
Net (loss) income	$	(9,132)	$	214,696
Other comprehensive income:
Net change in unrealized (loss) gain	(222)		1,594
Amounts reclassified to interest expense	(408)		—
Comprehensive (loss) income	(9,762)		216,290
Dividends on redeemable noncontrolling interest	1,472		—
Comprehensive (loss) income attributable to common shareholders	$	(11,234)	$	216,290

See accompanying notes to unaudited condensed consolidated financial statements.


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

	Redeemable Noncontrolling Interest			Common Stock
	Shares	Amount		Shares (no par value)	Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income		Total Shareholders’ Equity
Balance, December 31, 2024	81	$	82,464	54,605	$	147,733	$	768,997	$	1,853	$	918,583
Net loss	—	—		—	—		(9,132)		—		(9,132)
Unrealized loss on interest rate hedge, net of tax	—	—		—	—		—		(222)		(222)
Amounts reclassified from accumulated other comprehensive income to interest expense	—	—		—	—		—		(408)		(408)
Stock-based compensation	—	—		318	3,897		—		—		3,897
Common stock issued	—	—		1	14		—		—		14
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	—	—		(67)	(787)		—		—		(787)
Preferred stock dividends - paid in kind	—	1,472		—	—		(1,472)		—		(1,472)
Balance, March 31, 2025	81	$	83,936	54,857	$	150,857	$	758,393	$	1,223	$	910,473



	Redeemable Noncontrolling Interest			Common Stock
	Shares	Amount		Shares of Common Stock (no par value)	Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income		Total Shareholders’ Equity
Balance, December 31, 2023	—	$	—	50,272	$	66,933	$	584,069	$	1,668	$	652,670
Net income	—	—		—	—		214,696		—		214,696
Unrealized gain on interest rate hedge, net of tax	—	—		—	—		—		1,594		1,594
Stock-based compensation	—	—		248	4,135		—		—		4,135
Common stock issued	—	—		—	4		—		—		4
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	—	—		(73)	(1,456)		—		—		(1,456)
Balance, March 31, 2024	—	$	—	50,447	$	69,616	$	798,765	$	3,262	$	871,643

See accompanying notes to unaudited condensed consolidated financial statements.


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net (loss) income	$	(9,132)	$	214,696
Income from discontinued operations, net of tax	—		218,786
Loss from continuing operations	(9,132)		(4,090)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	28,984		17,320
Amortization of intangible assets	474		123
Stock-based compensation expense, net of amount capitalized	3,717		3,966
Deferred income taxes	(1,119)		(1,026)
Provision for credit losses	288		756
Other, net	480		(184)
Changes in assets and liabilities
Accounts receivable	2,490		1,726
Current income taxes	164		—
Operating lease assets and liabilities, net	(135)		75
Other assets	(682)		(4,495)
Accounts payable	992		(38)
Other deferrals and accruals	(5,997)		(1,218)
Net cash provided by operating activities - continuing operations	20,524		12,915
Net cash provided by operating activities - discontinued operations	—		2,243
Net cash provided by operating activities	20,524		15,158

Cash flows from investing activities:
Capital expenditures	(83,236)		(70,053)
Government grants received	6,929		2,710
Proceeds from sale of assets and other	47		—
Net cash used in investing activities - continuing operations	(76,260)		(67,343)
Net cash provided by investing activities - discontinued operations	—		305,827
Net cash (used in) provided by investing activities	(76,260)		238,484

Cash flows from financing activities:
Proceeds from credit facility borrowings	100,000		—
Principal payments on long-term debt	(2,178)		(1,312)
Taxes paid for equity award issuances	(787)		(1,456)
Payments for financing arrangements and other	(24)		(394)
Net cash provided by (used in) financing activities	97,011		(3,162)
Net increase in cash and cash equivalents	41,275		250,480
Cash and cash equivalents, beginning of period	46,272		139,255
Cash and cash equivalents, end of period	$	87,547	$	389,735

Supplemental Disclosures of Cash Flow Information
Interest paid, net of amounts capitalized	$	(4,262)	$	(3,955)
Income tax refunds received	$	164	$	—

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

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2024.

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 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.

New Accounting Standards

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

In December 2023, FASB issued ASU 2023-09 “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” This accounting update requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of adopting ASU 2023-09 on the consolidated financial statements and related disclosures. The Company does not anticipate adoption will have a material impact on the financial position, results of operations, cash flows or disclosures.

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, 2024, that would be expected to impact the Company.

Note 2. Acquisition of Horizon

On April 1, 2024 (the “Closing Date”), Shentel completed the acquisition of Horizon, pursuant to the terms of an Agreement and Plan of Merger, dated October 24, 2023, by and among Shentel, Horizon, the sellers set forth on the signature pages thereto (each, a “Seller” and collectively, the “Sellers”) and the other parties thereto (as amended by the First Amendment to Agreement and Plan of Merger, dated April 1, 2024, the “Merger Agreement”).

The total purchase price used to apply the acquisition method of accounting was $416.2 million, which consisted of $349.4 million of cash consideration paid and $71.8 million of common stock, representing the fair value of 4,100,375 shares of Shentel’s common stock issued to a selling shareholder of Horizon. In accordance with Accounting Standards Codification (ASC) 805, “Business Combinations,” the allocation of the consideration value was subject to adjustment until the Company completed its analysis, in a period of time, but not to exceed one year after the date of acquisition, or April 1, 2025, in order to provide the Company with the time to complete the valuation of its assets and liabilities. As of April 1, 2025, the Company has completed and finalized its analysis and allocation of the consideration value to assets acquired and liabilities assumed.

In connection with the acquisition, Shentel incurred integration and acquisition-related costs of $0.6 million and $0.4 million related to severance, legal, banking, information technology, and representation and warranty insurance and other similar expenses for the three months ended March 31, 2025 and 2024, respectively. These costs are recorded in restructuring, integration and acquisition expenses in the Company’s unaudited condensed consolidated statements of operations.

The Company has included the results of the operations of Horizon for financial reporting purposes for the period subsequent to the date of acquisition. The unaudited pro forma operating revenues and loss before income taxes of the Company for the three months ended March 31, 2024, as if the Horizon Transaction had occurred at the beginning of the period, were $85.1 million and $10.1 million, respectively. The pro forma results are based upon estimated valuations of the assets acquired and liabilities assumed as well as preliminary estimates of depreciation and amortization charges thereon. Other pro forma adjustments include the following:

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

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

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

Note 3. Revenue from Contracts with Customers

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Residential & SMB - Incumbent Broadband Markets1	$	43,359	$	43,809
Residential & SMB - Glo Fiber Expansion Markets2	18,444		12,118
Commercial Fiber	19,612		9,938
RLEC & Other	6,483		3,383
Service revenue and other	$	87,898	$	69,248

_______________________________________________________

1.Revenue from residential and small and medium business (“SMB”) customers in Incumbent Broadband Markets is primarily earned through the Company’s provision of data, video and voice services over primarily hybrid fiber coaxial cable and to a lesser extent fiber to the home (“FTTH”) networks in incumbent markets.

2.Revenue from residential and SMB customers in Glo Fiber Expansion Markets is primarily earned through the Company’s provision of data, video and voice services over FTTH networks in new greenfield expansion markets.

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

Shentel had $22.2 million and $27.4 million of gross trade receivables from customers as of March 31, 2025 and December 31, 2024, respectively.

Contract Assets

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

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Beginning Balance	$	10,251	$	8,633
Commission payments	1,755		851
Contract asset amortization	(897)		(717)
Ending Balance	$	11,109	$	8,767

Contract Liabilities

The Company’s contract liabilities include services that are billed in advance and recorded as deferred revenue, as well as installation fees that are charged upfront without transfer of commensurate goods or services to the customer. The Company’s current contract liabilities are included in advanced billings and customer deposits in its unaudited condensed consolidated balance sheets and the Company’s non-current contract liabilities are included in other liabilities in its unaudited condensed consolidated balance sheets.

Shentel’s current contract liability balances were $12.7 million and $12.5 million at March 31, 2025 and December 31, 2024, respectively. Shentel’s non-current contract liability balances were $10.0 million and $9.5 million as of March 31, 2025 and December 31, 2024, respectively. Shentel expects its current contract liability balances to be recognized as revenues during the twelve-month periods following the respective balance sheet dates and its non-current contract liability balances to be recognized as revenues after the twelve-month periods following the respective balance sheet dates.

Note 4. Investments

Investments consisted of the following:


(in thousands)	March 31, 2025		December 31, 2024
SERP investments at fair value	$	2,570	$	2,670
Cost method investments	12,738		12,813
Equity method investments	226		226
Total investments	$	15,534	$	15,709

SERP investments at fair value: The fair value of the SERP investments is based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy.

Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $12.0 million and $12.1 million at March 31, 2025 and December 31, 2024, respectively. Shentel recognized approximately $0.7 million and $0.3 million of patronage income in other income, net for the three months ended March 31, 2025 and 2024, respectively. The Company expects that approximately 75% of the patronage distributions will be collected in cash and 25% in equity in 2025.

Note 5. Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	March 31, 2025		December 31, 2024
Land		$	4,514	$	4,514
Land improvements	10 years	3,717		3,717
Buildings and structures	10 - 45 years	53,565		52,706
Cable and fiber	12 - 30 years	1,329,123		1,294,689
Equipment and software	4 - 12 years	421,483		417,057
Total plant in service		1,812,402		1,772,683
Plant under construction		240,695		207,428
Total property, plant and equipment		2,053,097		1,980,111
Less: accumulated depreciation and amortization		(569,301)		(541,573)
Property, plant and equipment, net		$	1,483,796	$	1,438,538

Property, plant and equipment, net increased primarily due to capital expenditures to support the Company’s Glo Fiber market expansion. The Company’s accounts payable as of March 31, 2025 and December 31, 2024 included amounts associated with capital expenditures of approximately $55.6 million and $55.1 million, respectively. Depreciation and amortization expense was $29.0 million and $17.3 million during the three months ended March 31, 2025 and 2024, respectively.

Note 6. Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:


	March 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,055	$	—	$	67,055	$	67,055	$	—	$	67,055
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	526		—		526		526		—		526
Total indefinite-lived intangibles	76,982		—		76,982		76,982		—		76,982

Finite-lived intangibles:
Subscriber relationships	42,447		(29,348)		13,099		42,447		(28,882)		13,565
Other intangibles	537		(398)		139		510		(389)		121
Total finite-lived intangibles	42,984		(29,746)		13,238		42,957		(29,271)		13,686
Total goodwill and intangible assets	$	187,021	$	(29,746)	$	157,275	$	186,994	$	(29,271)	$	157,723

Amortization expense was $0.5 million and $0.1 million during the three months ended March 31, 2025 and 2024, respectively.

During the three months ended March 31, 2025, the Company performed goodwill impairment monitoring procedures and identified no indicators of impairment or triggering events. As of October 1, 2024, management concluded that the estimated fair value of the broadband reporting unit exceeded the carrying value by 11%. The Company will continue to monitor its reporting unit for any triggers that could impact recoverability of goodwill.

Note 7. Other Assets and Accrued Liabilities

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


(in thousands)	March 31, 2025		December 31, 2024
Prepaid maintenance expenses	$	8,393	$	7,437
Broadband contract acquisition costs	3,366		3,165
Other	4,329		6,680
Prepaid expenses and other	$	16,088	$	17,282

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


(in thousands)	March 31, 2025		December 31, 2024
Broadband contract acquisition costs	$	7,743	$	7,086
Other	6,807		7,149
Deferred charges and other assets	$	14,550	$	14,235

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


(in thousands)	March 31, 2025		December 31, 2024
Accrued programming costs	$	3,656	$	4,227
Other	8,060		7,873
Accrued liabilities and other	$	11,716	$	12,100

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


(in thousands)	March 31, 2025		December 31, 2024
Noncurrent portion of deferred revenue	$	26,999	$	26,809
Other	5,646		6,716
Other liabilities	$	32,645	$	33,525

Note 8. Leases

The Company leases various broadband network 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 March 31,
(in thousands)		2025		2024
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	188	$	119
Interest on lease liabilities	Interest expense	24		19
Operating lease cost	Operating expense1	1,164		736
Lease cost		$	1,376	$	874

_________________________________________

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

The following table summarizes the expected maturity of lease liabilities as of March 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2025 (remainder of the year)	$	2,993	$	255	$	3,248
2026	3,186		400		3,586
2027	2,221		203		2,424
2028	1,837		158		1,995
2029	1,469		160		1,629
2030 and thereafter	7,177		1,041		8,218
Total lease payments	18,883		2,217		21,100
Less: Interest	(4,878)		(460)		(5,338)
Present value of lease liabilities	$	14,005	$	1,757	$	15,762

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


	March 31, 2025		December 31, 2024
Operating leases
Weighted average remaining lease term (years)	8.4		8.5
Weighted average discount rate	6.2	%	6.1	%
Finance leases
Weighted average remaining lease term (years)	9.0		9.0
Weighted average discount rate	5.3	%	5.3	%


	Three Months Ended March 31,
(in thousands)	2025		2024
Cash paid for operating lease liabilities	$	1,264	$	765
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	51		1,737

The Company also has other operating lease arrangements which generate revenue from leasing the excess fiber capacity of its fiber network assets. Contract terms for these arrangements can range from 1 to 40 years and are billed monthly. Lease revenue from these arrangements was $1.7 million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively. These amounts are presented in service revenue and other in the Company’s unaudited condensed consolidated statements of operations. Contractual minimum rental receipts expected under the lease agreements in place as of March 31, 2025 is as follows:


(in thousands)	Operating Leases
2025 (remainder of the year)	$	3,331
2026	3,816
2027	3,382
2028	3,168
2029	2,884
2030 and thereafter	17,156
Total	$	33,737

Note 9. Debt

Shentel Broadband Operations LLC, an indirect wholly owned subsidiary of Shentel, has a credit agreement which contains a $150 million revolving credit facility (the “Revolver”) and $525 million in delayed draw amortizing term loans, including Term Loans A-1, A-2 and A-3 in the table below (collectively, the “Term Loans” and collectively with Revolver, the “Credit Agreement”). As of March 31, 2025, the availability under our Revolver was $143.0 million. The following loans were outstanding under the Credit Agreement:


(in thousands)	March 31, 2025		December 31, 2024
Term loan A-1	$	142,645	$	144,451
Term loan A-2	148,134		148,506
Term loan A-3	225,000		125,000
Total debt	515,779		417,957
Less: unamortized loan fees	(1,232)		(1,078)
Total debt, net of unamortized loan fees	$	514,547	$	416,879

The Term Loans bear interest at one-month term SOFR plus a margin. The margin is variable and determined by the Company’s net leverage ratio. Interest is paid monthly. The weighted-average interest rate was 6.71% for the Term Loans at March 31, 2025.

Shentel is charged commitment fees on unutilized portions of its Revolver and Term Loans. The Company recorded $0.2 million and $0.1 million related to these fees for the three months ended March 31, 2025 and 2024, respectively, which are included in interest expense in the unaudited condensed consolidated statements of operations.

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Interest expense	$	7,262	$	5,383
Less: capitalized interest	(2,370)		(1,307)
Interest expense, net of capitalized interest	$	4,892	$	4,076

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. As of March 31, 2025, Term Loan A-1 was due to mature on July 1, 2026. On April 16, 2025, Shentel amended the Credit Agreement to extend the maturity date of the Revolver and Term Loan A-1 to July 1, 2027. Both Term Loan A-2 and Term Loan A-3 mature on July 1, 2028.

The April 16, 2025 amendment of Shentel’s Credit Agreement also amended certain covenant provisions, including increasing the maximum Total Net Leverage Ratio (as defined in the Credit Agreement) permitted as of the last day of any fiscal quarter to 4.75:1.00.

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of March 31, 2025:


(in thousands)	Original		As Amended
2025 (remainder of the year)	$	8,074	$	8,074
2026	141,052		10,430
2027	10,170		140,792
2028	356,483		356,483
Total	$	515,779	$	515,779

Shentel has not borrowed against its Revolver as of March 31, 2025. In the event borrowings are made in the future, the entire outstanding principal amount borrowed against the Revolver is due July 1, 2027.

Although no borrowings have been executed under the Revolver, Shentel has executed letter of credit arrangements totaling $7.0 million that reduce the available balance of the Revolver. The letter of credit arrangements were executed primarily pursuant to the requirements of the National Telecommunications and Information (“NTIA”) government grant program, discussed further in Note 14, Government Grants. These amounts are not considered borrowed, as no cash has been disbursed to Shentel or other parties.

The Credit Agreement is fully secured by a pledge and unconditional guarantee from the Company and all of its subsidiaries, except Shenandoah Telephone Company. This provides the lenders a security interest in substantially all of the assets of the Company.

Note 10. Derivatives and Hedging

Shentel has pay fixed (2.90%) receive variable (one-month term SOFR) interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contain monthly payment terms that became effective in May 2024, which extend through their maturity dates in June 2026. The Swaps are designated as cash flow hedges, representing 50% of the Company’s outstanding debt under Term Loan A-1 and Term Loan A-2. The Company uses the Swaps to manage its exposure to interest rate risk for its long-term variable-rate Term Loans.

The Swaps were determined to be highly effective hedges and therefore all change in the fair value of the Swaps was recognized in accumulated other comprehensive income.

The table below presents the fair value of the Swaps as well as their classification in the 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)	March 31, 2025		December 31, 2024
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	1,470	$	1,766
Deferred charges and other assets	187		721
Total derivatives designated as hedging instruments	$	1,657	$	2,487

The table below summarizes changes in accumulated other comprehensive income by component:


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2024	$	2,487	$	(634)	$	1,853
Net change in unrealized loss	(292)		70		(222)
Amounts reclassified to interest expense	(538)		130		(408)
Net current period other comprehensive (loss) income	(830)		200		(630)
Balance, March 31, 2025	$	1,657	$	(434)	$	1,223


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2023	$	2,241	$	(573)	$	1,668
Net change in unrealized gain	2,120		(526)		1,594
Balance, March 31, 2024	$	4,361	$	(1,099)	$	3,262

Note 11. Income Taxes

The Company files U.S. federal income tax returns and various state income tax returns. The Company is currently involved in one state income tax audit and no federal income tax audits as of March 31, 2025. The Company’s income tax returns are generally open to examination from 2021 forward. The net operating losses acquired in the acquisition of nTelos are open to examination from 2005 forward and the net operating losses acquired from Horizon are open to examination from 2013 forward.

The effective tax rates for the three months ended March 31, 2025 and 2024, 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 March 31,
(in thousands)	2025		2024
Expected tax benefit at federal statutory rate	$	(2,153)	$	(1,074)
State income tax benefit, net of federal tax effect	(553)		(262)
Excess tax deficiency from share-based compensation and other expense, net	1,587		310
Income tax benefit	$	(1,119)	$	(1,026)

The Company made no cash payments for income taxes owed during the three months ended March 31, 2025 and 2024. The Company received $0.2 million in refunds for income taxes during the three months ended March 31, 2025. The Company received no cash refunds for income taxes during the three months ended March 31, 2024.

Note 12. Redeemable Noncontrolling Interest

On April 1, 2024, Shentel Broadband Holding Inc. (“Shentel Broadband”), a wholly-owned subsidiary of Shentel, entered into an investment agreement (the “Investment Agreement”) with ECP Fiber Holdings, LP, a Delaware limited partnership (“ECP Investor”), and, solely for the limited purposes set forth therein, Hill City Holdings, LP, a Delaware limited partnership affiliated with ECP Investor. Subject to the terms and conditions set forth in the Investment Agreement, on the Closing Date, Shentel Broadband issued to ECP Investor 81,000 shares of Shentel Broadband’s 7% Series A Participating Exchangeable Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), at a purchase price of $1,000 per share in exchange for $81 million in cash. As of March 31, 2025, 100,000 shares of the Series A Preferred Stock were authorized for issuance and 81,000 shares of the Series A Preferred Stock were outstanding.

The Series A Preferred Stock is exchangeable at the option of the Investor in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share (as it may be adjusted pursuant to the terms of the Investment Agreement, the “Exchange Price”). As of March 31, 2025, the Series A Preferred Stock was exchangeable for 3,492,066 shares of Common Stock.

Dividends on the Series A Preferred Stock accrue at 7% per annum compounded and payable quarterly in arrears, and, at Shentel’s option, may be paid in cash or in kind (such dividends paid in kind, “PIK Dividends”). The Company has historically elected to issue PIK Dividends which increase the liquidation preference of the Series A Preferred Stock. As of March 31, 2025, the Series A Preferred Stock had a liquidation preference of $85.6 million.

Note 13. Stock Compensation and Earnings (Loss) per Share

Activity related to the Company’s equity compensation, which includes the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”), was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	875	$	20.63
Granted	667	$	11.90
Vested	(287)	$	21.48
Forfeited	(7)	$	20.08
Outstanding awards, March 31, 2025	1,248	$	15.76

The total fair value of RSUs vested was $3.4 million during the three months ended March 31, 2025.

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	259	$	22.96
Granted	241	$	12.31
Vested	—	$	—
Forfeited	—	$	—
Outstanding awards, March 31, 2025	500	$	17.83

Stock-based compensation expense was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Stock compensation expense	$	3,897	$	4,135
Capitalized stock compensation	(180)		(169)
Stock compensation expense, net	$	3,717	$	3,966

As of March 31, 2025, there was $14.1 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.6 years.

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


	Three Months Ended March 31,
(in thousands, except per share amounts)	2025		2024
Calculation of net (loss) income per share:
Loss from continuing operations	$	(9,132)	$	(4,090)
Total income from discontinued operations, net of tax	—		218,786
Net (loss) income	$	(9,132)	$	214,696

Amounts attributable to common shareholders
Loss from continuing operations	$	(10,604)	$	(4,090)
Total income from discontinued operations	—		218,786
Net (loss) income attributable to common shareholders	$	(10,604)	$	214,696

Basic and diluted weighted average shares outstanding	54,959		50,520

Per share amounts attributable to common shareholders
Loss from continuing operations	$	(0.19)	$	(0.08)
Income from discontinued operations, net of tax	—		4.33
Net (loss) income per share	$	(0.19)	$	4.25

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

The Company determines the dilutive impact of equity awards and the Series A Preferred Stock (on an as-converted basis) by applying the treasury stock method and the if-converted method, respectively. There were approximately 450,000 and 462,000 potentially dilutive equity awards during the three months ended March 31, 2025 and 2024, respectively; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods. There were also approximately 3,492,000 potentially dilutive shares related to the Series A Preferred Stock (on an as-converted basis) during the three months ended March 31, 2025; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company’s loss from continuing operations for the periods.

Note 14. Government Grants

During the three months ended March 31, 2025, the Company was awarded an additional grant of $0.4 million to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences.

The Company recognizes grant receivables at the time it becomes probable that the Company will be eligible to receive the grant, which is estimated to correspond with the date when specified build-out milestones are achieved. As a result of these programs, the Company received $6.9 million and $2.7 million in cash reimbursements during the three months ended March 31, 2025 and 2024, respectively, and had approximately $3.2 million and $0.3 million in accounts receivable as of March 31, 2025 and December 31, 2024, respectively.

Note 15. Commitments and Contingencies

We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 8, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2029.

From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with

respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not believe that the final outcome of any matters that we are currently involved in are reasonably likely to have a material adverse effect on our business, financial condition, results of operations or cash flows.

Note 16. Discontinued Operations

On March 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company, completed the initial closing of its previously disclosed sale of substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC for $309.9 million (the “Tower Transaction”). The Tower Transaction represented a strategic shift in the Company’s business and the Tower Portfolio was reclassified as a discontinued operation. As a result, for all periods presented, the operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of cash flows.

Income from discontinued operations, net of tax in the unaudited condensed consolidated statements of operations consist of the following for the period:


(in thousands)	Three Months Ended March 31,
	2024
Service revenue and other	$	4,542
Operating expenses:
Cost of services	1,059
Selling, general and administrative	572
Depreciation and amortization	222
Total operating expenses	1,853
Operating income	2,689
Other income:
Gain on sale of disposition of Tower Portfolio	294,250
Income before income taxes	296,939
Income tax expense	78,153
Income from discontinued operations, net of tax	$	218,786

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

Note 17. Segment Information

The Company operates as one segment. The accounting policies of the Company’s segment are the same as those described in the summary of significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2024.

The Company’s Chief Operating Decision Maker (“CODM”) assesses performance at a consolidated level and decides how to allocate resources based on Adjusted EBITDA from continuing operations of the Broadband business.

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

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

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

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

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


	Three Months Ended March 31,
(in thousand)	2025		2024
Service revenue and other	$	87,898	$	69,248
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization	33,030		25,985
Selling, general and administrative exclusive of stock-based compensation	27,275		24,012
Adjusted EBITDA	27,593		19,251
Stock-based compensation expense, net of amount capitalized	3,717		3,966
Restructuring, integration and acquisition	510		618
Depreciation and amortization	29,458		17,443
Interest expense	4,892		4,076
Other1	(733)		(1,736)
Income tax benefit	(1,119)		(1,026)
Loss from continuing operations	$	(9,132)	$	(4,090)

1 Other primarily includes interest income, patronage income and benefit plan gains.

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,” “may,” “will,” “should,” “could” or “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, 2024 (“2024 Form 10-K”). The forward-looking statements included in this Form 10-Q are made only as of the date of the statement. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.

The following management’s discussion and analysis should be read in conjunction with the Company’s 2024 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 in eight contiguous states in the eastern United States.

Recent Developments

Asset Purchase Agreement

The Company executed an Asset Purchase Agreement in April 2025 to acquire fiber-to-the-home assets for $5 million, passing over 1,500 homes and businesses with approximately 700 customers in Virginia. The Company expects to close on the acquisition during the summer 2025.

Amendment No. 4 to Credit Agreement

On April 16, 2025, Shentel entered into Amendment No. 4 to Credit Agreement (the “Fourth Amendment”) to the Company’s existing Credit Agreement, dated as of July 1, 2021, with various financial institutions party thereto (the “Lenders”) and CoBank, ACB, as administrative agent for the Lenders (as previously amended by Amendment No. 1 to Credit Agreement, dated as of May 17, 2023, the Consent and Amendment No. 2 to Credit Agreement, dated October 24, 2023, and the Amendment No. 3 to Credit Agreement, Incremental Term Loan Funding Agreement, Joinder and Assignment and Assumption, dated as of April 1, 2024, the “Credit Agreement”).

The Credit Agreement consists of: (i) a $150 million available revolving credit facility due July 1, 2026 (the “Revolver”), (ii) a $150 million delayed draw amortizing term loan due July 1, 2026 (“Term Loan A-1”), (iii) a $150 million delayed draw amortizing term loan due July 1, 2028, and (iv) a $225 million delayed draw amortizing term loan due July 1, 2028. Pursuant to the Fourth Amendment, the maturity date of the Revolver and Term Loan A-1 were extended to July 1, 2027. Additionally, the Fourth Amendment increased the maximum Total Net Leverage Ratio (as defined in the Credit Agreement) permitted as of the last day of any fiscal quarter to 4.75:1.00.

Results of Operations

Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024

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


	Three Months Ended March 31,								Change
($ in thousands)	2025		% of Revenue		2024		% of Revenue		$		%
External revenue
Residential & SMB - Incumbent Broadband Markets	$	43,359	49.3	%	$	43,809	63.3	%	$	(450)	(1.0)	%
Residential & SMB - Glo Fiber Expansion Markets	18,444		21.0	%	12,118		17.5	%	6,326		52.2	%
Commercial Fiber	19,612		22.3	%	9,938		14.4	%	9,674		97.3	%
RLEC & Other	6,483		7.4	%	3,383		4.9	%	3,100		91.6	%
Total revenue	87,898		100.0	%	69,248		100.0	%	18,650		26.9	%
Operating expenses
Cost of services	33,030		37.6	%	25,985		37.5	%	7,045		27.1	%
Selling, general and administrative	30,992		35.3	%	27,978		40.4	%	3,014		10.8	%
Restructuring, integration and acquisition	510		0.6	%	618		0.9	%	(108)		(17.5)	%

Depreciation and amortization	29,458		33.5	%	17,443		25.2	%	12,015		68.9	%
Total operating expenses	93,990		106.9	%	72,024		104.0	%	21,966		30.5	%
Operating loss	(6,092)		(6.9)	%	(2,776)		(4.0)	%	$	(3,316)	NMF
Other (expense) income:
Interest expense	(4,892)		(5.6)	%	(4,076)		(5.9)	%	(816)		20.0	%
Other income, net	733		0.8	%	1,736		2.5	%	(1,003)		(57.8)	%
Loss from continuing operations before income taxes	(10,251)		(11.7)	%	(5,116)		(7.4)	%	(5,135)		100.4	%
Income tax benefit	(1,119)		(1.3)	%	(1,026)		(1.5)	%	(93)		9.1	%
Loss from continuing operations	(9,132)		(10.4)	%	(4,090)		(5.9)	%	(5,042)		123.3	%
Income from discontinued operations, net of tax	—		—	%	218,786		315.9	%	(218,786)		NMF
Net (loss) income	(9,132)		(10.4)	%	214,696		310.0	%	(223,828)		NMF
Dividends on redeemable noncontrolling interest	1,472		1.7	%	—		—	%	1,472		NMF
Net (loss) income attributable to common shareholders	$	(10,604)	(12.1)	%	$	214,696	310.0	%	$	(225,300)	NMF

Residential & SMB - Incumbent Broadband Markets revenue

Revenue from residential and small and medium business (“SMB”) customers in Incumbent Broadband Markets are primarily earned through the Company’s provision of data, video and voice services over primarily hybrid fiber coaxial (“HFC”) cable and to a lesser extent fiber to the home (“FTTH”) networks in incumbent markets.

Residential & SMB - Incumbent Broadband Markets revenue decreased by $0.5 million, or 1.0%, in the three months ended March 31, 2025 compared with the three months ended March 31, 2024 due to a $2.2 million decrease in the legacy Shentel markets primarily due to lower video revenue driven by a 14.1% decline in video RGUs and lower data revenue driven by a decrease in non-recurring other revenue, partially offset by $1.7 million of revenues earned in the acquired Horizon markets.

Residential & SMB - Glo Fiber Expansion Markets revenue

Revenue from residential and SMB customers in Glo Fiber Expansion Markets are primarily earned through the Company’s provision of data, video and voice services over FTTH networks in new greenfield expansion markets.

Residential & SMB - Glo Fiber Expansion Markets revenue increased by $6.3 million, or 52.2%, in the three months ended March 31, 2025 compared with the three months ended March 31, 2024 due to a $5.6 million increase in the legacy Shentel markets and $0.7 million of revenues earned in the acquired Horizon markets. The increase in legacy Shentel markets was primarily due to a 46.3% year-over-year growth in data RGUs driven by the Company’s increase in passings.

Commercial Fiber revenue

Revenue from Commercial Fiber customers is primarily earned through the Company’s provision of high-speed Ethernet, wavelength, dark fiber leasing and managed services over fiber optic networks.

Commercial Fiber revenue increased by $9.7 million, or 97.3%, in the three months ended March 31, 2025 compared with the three months ended March 31, 2024 due to $9.9 million of revenues earned in the acquired Horizon markets and a $0.2 million decrease in the legacy Shentel markets.

RLEC & Other revenue

Shentel’s RLEC & Other revenue is primarily earned through the Company’s provision of voice and DSL telephone services over copper networks primarily in Shenandoah County, Virginia and Ross County, Ohio. Shentel also earns governmental support revenue through the federal Universal Service Fund.

RLEC & Other revenue increased by $3.1 million, or 91.6%, in the three months ended March 31, 2025 compared with the three months ended March 31, 2024 due to $2.9 million of revenues earned in the acquired Horizon markets and an increase in governmental support revenue.

Cost of services

Cost of services primarily consist of costs to acquire and deliver video programming, internal labor to maintain our network and service our customers, maintenance and third party network line expenses.

Cost of services increased by $7.0 million, or 27.1%, in the three months ended March 31, 2025 compared with the three months ended March 31, 2024 due to $7.6 million of cost of services incurred in the acquired Horizon markets, partially offset by a $0.6 million decrease in cost of services incurred in the legacy Shentel markets, driven by an decrease in programming costs due to a reduction in video RGUs.

Selling, general and administrative

Selling, general and administrative expenses consist of employee compensation, advertising, software maintenance, stock-based compensation, and operating taxes.

Selling, general and administrative expense increased by $3.0 million, or 10.8%, in the three months ended March 31, 2025 compared with the three months ended March 31, 2024 due to $3.2 million of selling, general and administrative costs incurred in the acquired Horizon markets and a $0.2 million decrease in the legacy Shentel markets driven by lower professional fees.

Restructuring, integration and acquisition

Restructuring, integration and acquisition expense in the three months ended March 31, 2025 was comparable with the three months ended March 31, 2024. Restructuring, integration and acquisition expense related primarily to costs incurred to effect the acquisition of Horizon (the “Horizon Transaction”) and integration of costs during the post-acquisition period.

Depreciation and amortization

Depreciation and amortization increased by $12.0 million, or 68.9%, in the three months ended March 31, 2025 compared with the three months ended March 31, 2024 due to $9.2 million of depreciation and amortization related to the tangible and intangible assets acquired in the Horizon Transaction and the Company’s expansion of its Glo Fiber network.

Interest expense

Interest expense increased by $0.8 million, or 20.0%, in the three months ended March 31, 2025 compared with the three months ended March 31, 2024 due to an increase in the Company’s outstanding debt.

Other income, net

Other income, net decreased by $1.0 million, or 57.8%, in the three months ended March 31, 2025 compared with the three months ended March 31, 2024 due to a decrease in interest income.

Income tax benefit

Income tax benefit in the three months ended March 31, 2025 was comparable with the three months ended March 31, 2024.

Additional Information

Shentel provides broadband internet, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and hybrid fiber coaxial cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel’s Broadband business also provides voice and DSL telephone services as a Rural Local Exchange Carrier (“RLEC”) to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. These integrated networks are connected by over 17,200 route miles of fiber.

The following table indicates selected operating statistics. Shentel updated the presentation of certain revenues and voice RGUs in the prior year to conform with changes in how management views these lines of business. This reclassification resulted in updated ARPU and voice RGUs for the prior period.:


	Three Months Ended March 31,
	2025			2024
Homes and businesses passed (1)
Incumbent Broadband Markets (4)	240,788			216,514
Glo Fiber Expansion Markets (5)	362,861			259,567
Total homes and businesses passed	603,649			476,081

Residential & Small and Medium Business ("SMB") Revenue Generating Units ("RGUs"):
Incumbent Broadband Markets (4)	111,860			108,958
Glo Fiber Expansion Markets (5)	70,565			46,729
Broadband Data	182,425			155,687
Video	38,395			40,148
Voice	26,037			24,039
Total Residential & SMB RGUs (excludes RLEC)	246,857			219,874

Residential & SMB Penetration (2)
Incumbent Broadband Markets (4)	46.5		%	50.3		%
Glo Fiber Expansion Markets (5)	19.4		%	18.0		%
Broadband Data	30.2		%	32.7		%
Video	6.4		%	8.4		%
Voice	4.5		%	5.3		%

Residential & SMB Average Revenue per User ("ARPU") (6)
Incumbent Broadband Markets (4)	$	83.31		$	83.92
Glo Fiber Expansion Markets (5)	$	77.42		$	76.93
Broadband Data	$	81.09		$	81.91
Video	$	124.46		$	116.08
Voice	$	33.09		$	34.14

Fiber route miles	17,224			10,132
Total fiber miles (3)	1,893,402			883,199

_______________________________________________________

(1)Homes and businesses are considered passed (“passings”) if we can connect them to our network without further extending the distribution system. Passings is an estimate based upon the best available information. Passings will vary among video, broadband data and voice services.

(2)Penetration is calculated by dividing the number of users by the number of passings or available homes, as appropriate.

(3)Total fiber miles are measured by taking the number of fiber strands in a cable and multiplying that number by the route distance. For example, a 10 mile route with 144 fiber strands would equal 1,440 fiber miles.

(4)Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with FTTH passings.

(5)Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and Horizon markets.

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

Financial Condition, Liquidity and Capital Resources

Sources and Uses of Cash: The Company’s principal sources of liquidity are our cash and cash equivalents, cash generated from operations, government grants and borrowings under our credit agreement, which contains a $150 million revolving credit facility (the “Revolver”) and $525 million in delayed draw amortizing term loans (the “Term Loans” and collectively with the Revolver, the “Credit Agreement”).

In 2021, Congress passed the American Rescue Plan Act and the Infrastructure Investment and Jobs Act to subsidize the deployment of high-speed broadband internet access in unserved areas. We have been awarded approximately $150.2 million in grants to serve approximately 27,100 unserved homes in the states of Virginia, Maryland, West Virginia and Ohio and to upgrade the capacity of the Ohio middle mile network. The grants will be paid to the Company as certain milestones are completed. As of March 31, 2025, the Company had $104.1 million in grants available. The Company expects to fulfill the majority of its obligations under these programs by 2026.

As of March 31, 2025, our cash and cash equivalents totaled $87.5 million, the availability under our Revolver was $143.0 million, and the remaining reimbursements available under government grants was $104.1 million, which are subject to fulfilling the terms of the agreements, for total available liquidity of approximately $334.6 million.

Net cash provided by operating activities from continuing operations was approximately $20.5 million during the three months ended March 31, 2025, representing an increase of $7.6 million compared with the prior year period, primarily driven by increases in revenue and timing of changes in working capital.

Net cash used in investing activities from continuing operations was approximately $76.3 million during the three months ended March 31, 2025, representing an increase of $8.9 million compared with the prior year period, primarily driven by a $13.2 million increase in capital expenditures driven by expansion of Glo Fiber and government-subsidized markets, partially offset by a $4.2 million increase in cash receipts from government grant programs.

Net cash provided by financing activities from continuing operations was approximately $97.0 million during the three months ended March 31, 2025, representing an increase of $100.2 million compared with the prior year period, primarily driven by an increase of $100.0 million in borrowings under the Term Loans.

Indebtedness: As of March 31, 2025, the Company’s net indebtedness was approximately $514.5 million, including $515.8 million in outstanding term loans, net of unamortized loan fees of $1.2 million. The borrowed amounts bear interest at a variable rate determined by one-month term SOFR, plus a margin based on net leverage. The weighted-average interest rate was 6.71% for the Term Loans at March 31, 2025.

Shentel’s Term Loans, which consist of Term Loan A-1, Term Loan A-2 and Term Loan A-3, have outstanding balances of $142.6 million, $148.1 million and $225.0 million, respectively. The Term Loans require quarterly payments based on a percentage of the outstanding balance. As of March 31, 2025, Term Loan A-1 was due to mature on July 1, 2026. On April 16, 2025, Shentel amended the Credit Agreement to extend the maturity date of the Revolver and Term Loan A-1 to July 1, 2027. Both Term Loan A-2 and Term Loan A-3 mature on July 1, 2028.

Refer to Note 9, Debt, in the Company’s unaudited condensed consolidated financial statements for more information about the Credit Agreement.

We expect our cash on hand, cash flows from continuing 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 three months ended March 31, 2025, our capital expenditures of $83.2 million exceeded our net cash provided by operating activities of continuing operations by $62.7 million, and we expect our capital expenditures to exceed the cash flows provided from continuing operations through 2026, as we expand our Glo Fiber broadband network.

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, changes in tariffs, 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 is critical to our ability to maintain positive cash flows 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 2024 Form 10-K for the year ended December 31, 2024.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have borrowed a total of $525 million pursuant to the variable rate delayed draw Term Loans available under the Credit Agreement. As of March 31, 2025, Shentel has borrowed the full amount available under our Term Loans A-1, A-2 and A-3.

As of March 31, 2025, the Company had $515.8 million of gross variable rate debt outstanding. The weighted-average interest rate was 6.71% for the Term Loans at March 31, 2025. An increase in market interest rates of 1.00% would add approximately $5.1 million to annual interest expense.

Shentel has pay fixed, receive variable interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contain monthly payment terms that became effective in May 2024 which extend through their maturity dates in June 2026. The Swaps are designated as cash flow hedges, representing 50% of the Company’s Term Loan A-1 and A-2 outstanding debt. The Company uses the Swaps to manage its exposure to interest rate risk for a portion of its long-term variable-rate Term Loans through interest rate swaps. Shentel effectively pays a fixed weighted-average interest rate of 2.90%, prior to interest rate margin provided under our credit facility.

ITEM 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial 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 March 31, 2025. Our certifying officers concluded that our disclosure controls and procedures were effective as of March 31, 2025.

Changes in Internal Control over Financial Reporting

Our Company’s management has extended its monitoring processes that support internal control over financial reporting to include the operations of Horizon and consideration for such has been included in our evaluation of disclosure controls and procedures. Except as noted for Horizon, there have been no changes in our internal control over financial reporting during the fiscal quarter ended March 31, 2025 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, results of operations or cash flows. 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 March 31, 2025, 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 March 31, 2025, 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
January 1 to January 31	—	$—
February 1 to February 28	67	$11.75
March 1 to March 31	—	$—
Total	67

ITEM 5. OTHER INFORMATION

During the three months ended March 31, 2025, 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

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.

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: April 30, 2025

EX-31.1 2 shenex31103312025.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: April 30, 2025

EX-31.2 3 shenex31203312025.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;

(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):

(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: April 30, 2025

EX-31.3 4 shenex31303312025.htm EX-31.3 Document

EXHIBIT 31.3

CERTIFICATION

I, Tracy Willis, 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/TRACY WILLIS

Tracy Willis, Vice President - Chief Accounting Officer

(Principal Accounting Officer)

Date: April 30, 2025

EX-32 5 shenex3203312025.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 months ended March 31, 2025 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)
			April 30, 2025

			/S/JAMES J. VOLK
			James J. Volk
			Senior Vice President – Chief Financial Officer
			(Principal Financial Officer)
			April 30, 2025

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	3 Months Ended
Cover - shares	Mar. 31, 2025	Apr. 24, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	000-09881
Entity Registrant Name	SHENANDOAH TELECOMMUNICATIONS COMPANY
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1162807
Entity Address, Address Line One	500 Shentel Way
Entity Address, City or Town	Edinburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22824
City Area Code	540
Local Phone Number	984-4141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	SHEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		54,857,145
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	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML 14 R2.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 87,547	$ 46,272
Accounts receivable, net of allowance for credit losses of $988 and $1,156, respectively	29,749	29,722
Income taxes receivable	1,080	1,244
Prepaid expenses and other	16,088	17,282
Total current assets	134,464	94,520
Investments	15,534	15,709
Property, plant and equipment, net	1,483,796	1,438,538
Goodwill and intangible assets, net	157,275	157,723
Operating lease right-of-use assets	19,834	19,548
Deferred charges and other assets	14,550	14,235
Total assets	1,825,453	1,740,273
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	10,348	9,204
Accounts payable	59,266	57,820
Advanced billings and customer deposits	16,432	16,104
Accrued compensation	11,172	16,283
Current operating lease liabilities	3,060	3,060
Accrued liabilities and other	11,716	12,100
Total current liabilities	111,994	114,571
Long-term debt, less current maturities, net of unamortized loan fees	504,199	407,675
Other long-term liabilities:
Deferred income taxes	166,397	167,716
Benefit plan obligations	4,864	4,945
Non-current operating lease liabilities	10,945	10,794
Other liabilities	32,645	33,525
Total other long-term liabilities	214,851	216,980
Commitments and contingencies (Note 15)
Temporary equity:
Redeemable noncontrolling interest	83,936	82,464
Shareholders’ equity:
Common stock, no par value, authorized $96,000; $54,857 and $54,605 issued and outstanding at March 31, 2025 and December 31, 2024, respectively	0	0
Additional paid in capital	150,857	147,733
Retained earnings	758,393	768,997
Accumulated other comprehensive income, net of taxes	1,223	1,853
Total shareholders’ equity	910,473	918,583
Total liabilities, temporary equity and shareholders’ equity	$ 1,825,453	$ 1,740,273

XML 15 R3.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 988	$ 1,156
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	54,857,000	54,605,000
Common stock, shares, outstanding (in shares)	54,857,000	54,605,000

XML 16 R4.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
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	$ 87,898	$ 69,248
Operating expenses:
Cost of services exclusive of depreciation and amortization	33,030	25,985
Selling, general and administrative exclusive of stock-based compensation	30,992	27,978
Restructuring, integration and acquisition	510	618
Depreciation and amortization	29,458	17,443
Total operating expenses	93,990	72,024
Operating loss	(6,092)	(2,776)
Other (expense) income:
Interest expense	(4,892)	(4,076)
Other income, net	733	1,736
Loss from continuing operations before income taxes	(10,251)	(5,116)
Income tax benefit	(1,119)	(1,026)
Loss from continuing operations	(9,132)	(4,090)
Discontinued operations:
Income from discontinued operations, net of tax	0	1,981
Gain on the sale of discontinued operations, net of tax	0	216,805
Total income from discontinued operations, net of tax	0	218,786
Net (loss) income	(9,132)	214,696
Dividends on redeemable noncontrolling interest	1,472	0
Net (loss) income attributable to common shareholders	$ (10,604)	$ 214,696
Net (loss) income per share attributable to common shareholders, basic and diluted:
Basic - Loss from continuing operations (in dollars per share)	$ (0.19)	$ (0.08)
Diluted - Loss from continuing operations (in dollars per share)	(0.19)	(0.08)
Basic - Income from discontinued operations, net of tax (in dollars per share)	0	4.33
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0	4.33
Basic - Net (loss) income per share (in dollars per share)	(0.19)	4.25
Diluted - Net (loss) income per share (in dollars per share)	$ (0.19)	$ 4.25
Weighted average shares outstanding, basic (in shares)	54,959	50,520
Weighted average shares outstanding, diluted (in shares)	54,959	50,520

XML 17 R5.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (9,132)	$ 214,696
Other comprehensive income:
Net change in unrealized (loss) gain	(222)	1,594
Amounts reclassified to interest expense	(408)	0
Comprehensive (loss) income	(9,762)	216,290
Dividends on redeemable noncontrolling interest	1,472	0
Comprehensive (loss) income attributable to common shareholders	$ (11,234)	$ 216,290

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

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
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-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

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

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

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

Revenue from Contract with Customer [Abstract]

XML 18 R6.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares of Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2023	0
Beginning balance at Dec. 31, 2023	$ 0
Ending balance (in shares) at Mar. 31, 2024	0
Ending balance at Mar. 31, 2024	$ 0
Beginning balance (in shares) at Dec. 31, 2023		50,272,000
Beginning balance at Dec. 31, 2023	652,670		$ 66,933	$ 584,069	$ 1,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	214,696			214,696
Unrealized gain (loss) on interest rate hedge, net of tax	1,594				1,594
Amounts reclassified from accumulated other comprehensive income to interest expense	0
Stock based compensation (in shares)		248,000
Stock-based compensation	4,135		4,135
Common stock issued	4		4
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(73,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,456)		(1,456)
Ending balance (in shares) at Mar. 31, 2024		50,447,000
Ending balance at Mar. 31, 2024	$ 871,643		69,616	798,765	3,262
Beginning balance (in shares) at Dec. 31, 2024	81,000
Beginning balance at Dec. 31, 2024	$ 82,464
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividends - paid in kind	$ 1,472
Ending balance (in shares) at Mar. 31, 2025	81,000
Ending balance at Mar. 31, 2025	$ 83,936
Beginning balance (in shares) at Dec. 31, 2024	54,605,000	54,605,000
Beginning balance at Dec. 31, 2024	$ 918,583		147,733	768,997	1,853
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(9,132)			(9,132)
Unrealized gain (loss) on interest rate hedge, net of tax	(222)				(222)
Amounts reclassified from accumulated other comprehensive income to interest expense	(408)				(408)
Stock based compensation (in shares)		318,000
Stock-based compensation	3,897		3,897
Common stock issued (in shares)		1,000
Common stock issued	14		14
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(67,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(787)		(787)
Preferred stock dividends - paid in kind	$ (1,472)			(1,472)
Ending balance (in shares) at Mar. 31, 2025	54,857,000	54,857,000
Ending balance at Mar. 31, 2025	$ 910,473		$ 150,857	$ 758,393	$ 1,223

XML 19 R7.htm IDEA: XBRL DOCUMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net (loss) income	$ (9,132)	$ 214,696
Income from discontinued operations, net of tax	0	218,786
Loss from continuing operations	(9,132)	(4,090)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	28,984	17,320
Amortization of intangible assets	474	123
Stock-based compensation expense, net of amount capitalized	3,717	3,966
Deferred income taxes	(1,119)	(1,026)
Provision for credit losses	288	756
Other, net	480	(184)
Changes in assets and liabilities
Accounts receivable	2,490	1,726
Current income taxes	164	0
Operating lease assets and liabilities, net	(135)	75
Other assets	(682)	(4,495)
Accounts payable	992	(38)
Other deferrals and accruals	(5,997)	(1,218)
Net cash provided by operating activities - continuing operations	20,524	12,915
Net cash provided by operating activities - discontinued operations	0	2,243
Net cash provided by operating activities	20,524	15,158
Cash flows from investing activities:
Capital expenditures	(83,236)	(70,053)
Government grants received	6,929	2,710
Proceeds from sale of assets and other	47	0
Net cash used in investing activities - continuing operations	(76,260)	(67,343)
Net cash provided by investing activities - discontinued operations	0	305,827
Net cash (used in) provided by investing activities	(76,260)	238,484
Cash flows from financing activities:
Proceeds from credit facility borrowings	100,000	0
Principal payments on long-term debt	(2,178)	(1,312)
Taxes paid for equity award issuances	(787)	(1,456)
Payments for financing arrangements and other	(24)	(394)
Net cash provided by (used in) financing activities	97,011	(3,162)
Net increase in cash and cash equivalents	41,275	250,480
Cash and cash equivalents, beginning of period	46,272	139,255
Cash and cash equivalents, end of period	87,547	389,735
Supplemental Disclosures of Cash Flow Information
Interest paid, net of amounts capitalized	(4,262)	(3,955)
Income tax refunds received	$ 164	$ 0

XML 20 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Other Information	3 Months Ended
Basis of Presentation and Other Information	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Information	Basis of Presentation and Other Information Shenandoah Telecommunications Company and its subsidiaries (collectively, “Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and hybrid fiber coaxial cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel’s Broadband business also provides voice and DSL telephone services as a Rural Local Exchange Carrier (“RLEC”) to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. These integrated networks are connected by a fiber network. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2024. 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 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. New Accounting Standards In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” (“ASU 2023-06”) which aligns the disclosure and presentation requirements of a variety of the FASB’s ASC Topics with the requirements described in the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 will become effective for each amendment on the effective date of the SEC’s corresponding disclosure rule changes; these dates are unknown as of this filing. The Company is currently assessing the impact of adopting ASU 2023-06 on the consolidated financial statements and related disclosures. In December 2023, FASB issued ASU 2023-09 “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” This accounting update requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of adopting ASU 2023-09 on the consolidated financial statements and related disclosures. The Company does not anticipate adoption will have a material impact on the financial position, results of operations, cash flows or disclosures. 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, 2024, that would be expected to impact the Company.

XML 21 R9.htm IDEA: XBRL DOCUMENT

Acquisition of Horizon	3 Months Ended
Acquisition of Horizon	Mar. 31, 2025
Business Combinations [Abstract]
Acquisition of Horizon	Acquisition of Horizon On April 1, 2024 (the “Closing Date”), Shentel completed the acquisition of Horizon, pursuant to the terms of an Agreement and Plan of Merger, dated October 24, 2023, by and among Shentel, Horizon, the sellers set forth on the signature pages thereto (each, a “Seller” and collectively, the “Sellers”) and the other parties thereto (as amended by the First Amendment to Agreement and Plan of Merger, dated April 1, 2024, the “Merger Agreement”). The total purchase price used to apply the acquisition method of accounting was $416.2 million, which consisted of $349.4 million of cash consideration paid and $71.8 million of common stock, representing the fair value of 4,100,375 shares of Shentel’s common stock issued to a selling shareholder of Horizon. In accordance with Accounting Standards Codification (ASC) 805, “Business Combinations,” the allocation of the consideration value was subject to adjustment until the Company completed its analysis, in a period of time, but not to exceed one year after the date of acquisition, or April 1, 2025, in order to provide the Company with the time to complete the valuation of its assets and liabilities. As of April 1, 2025, the Company has completed and finalized its analysis and allocation of the consideration value to assets acquired and liabilities assumed. In connection with the acquisition, Shentel incurred integration and acquisition-related costs of $0.6 million and $0.4 million related to severance, legal, banking, information technology, and representation and warranty insurance and other similar expenses for the three months ended March 31, 2025 and 2024, respectively. These costs are recorded in restructuring, integration and acquisition expenses in the Company’s unaudited condensed consolidated statements of operations. The Company has included the results of the operations of Horizon for financial reporting purposes for the period subsequent to the date of acquisition. The unaudited pro forma operating revenues and loss before income taxes of the Company for the three months ended March 31, 2024, as if the Horizon Transaction had occurred at the beginning of the period, were $85.1 million and $10.1 million, respectively. The pro forma results are based upon estimated valuations of the assets acquired and liabilities assumed as well as preliminary estimates of depreciation and amortization charges thereon. Other pro forma adjustments include the following: •historical depreciation expense was adjusted for the fair value adjustment increasing the basis of property, plant and equipment and shorter estimated useful lives to conform to the Company’s standard policy and the acceleration of depreciation on certain equipment; •incremental amortization due to the customer-based contract rights associated with acquired customers; and •removal of Horizon’s interest expense and amortization of deferred financing fees due to the repayment of the outstanding principal of Horizon’s debt.

XML 22 R10.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2025

Revenue from Contracts with Customers

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Residential & SMB - Incumbent Broadband Markets1	$	43,359	$	43,809
Residential & SMB - Glo Fiber Expansion Markets2	18,444		12,118
Commercial Fiber	19,612		9,938
RLEC & Other	6,483		3,383
Service revenue and other	$	87,898	$	69,248

_______________________________________________________

Shentel had $22.2 million and $27.4 million of gross trade receivables from customers as of March 31, 2025 and December 31, 2024, respectively.

Contract Assets

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Beginning Balance	$	10,251	$	8,633
Commission payments	1,755		851
Contract asset amortization	(897)		(717)
Ending Balance	$	11,109	$	8,767

Contract Liabilities

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (d)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

Property, Plant and Equipment [Abstract]

XML 23 R11.htm IDEA: XBRL DOCUMENT

Investments

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Investments

Investments consisted of the following:


(in thousands)	March 31, 2025		December 31, 2024
SERP investments at fair value	$	2,570	$	2,670
Cost method investments	12,738		12,813
Equity method investments	226		226
Total investments	$	15,534	$	15,709

SERP investments at fair value: The fair value of the SERP investments is based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy.

XML 24 R12.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	March 31, 2025		December 31, 2024
Land		$	4,514	$	4,514
Land improvements	10 years	3,717		3,717
Buildings and structures	10 - 45 years	53,565		52,706
Cable and fiber	12 - 30 years	1,329,123		1,294,689
Equipment and software	4 - 12 years	421,483		417,057
Total plant in service		1,812,402		1,772,683
Plant under construction		240,695		207,428
Total property, plant and equipment		2,053,097		1,980,111
Less: accumulated depreciation and amortization		(569,301)		(541,573)
Property, plant and equipment, net		$	1,483,796	$	1,438,538

XML 25 R13.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:


	March 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,055	$	—	$	67,055	$	67,055	$	—	$	67,055
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	526		—		526		526		—		526
Total indefinite-lived intangibles	76,982		—		76,982		76,982		—		76,982

Finite-lived intangibles:
Subscriber relationships	42,447		(29,348)		13,099		42,447		(28,882)		13,565
Other intangibles	537		(398)		139		510		(389)		121
Total finite-lived intangibles	42,984		(29,746)		13,238		42,957		(29,271)		13,686
Total goodwill and intangible assets	$	187,021	$	(29,746)	$	157,275	$	186,994	$	(29,271)	$	157,723

Amortization expense was $0.5 million and $0.1 million during the three months ended March 31, 2025 and 2024, respectively.

XML 26 R14.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities

3 Months Ended

Mar. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

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


(in thousands)	March 31, 2025		December 31, 2024
Prepaid maintenance expenses	$	8,393	$	7,437
Broadband contract acquisition costs	3,366		3,165
Other	4,329		6,680
Prepaid expenses and other	$	16,088	$	17,282

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


(in thousands)	March 31, 2025		December 31, 2024
Broadband contract acquisition costs	$	7,743	$	7,086
Other	6,807		7,149
Deferred charges and other assets	$	14,550	$	14,235

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


(in thousands)	March 31, 2025		December 31, 2024
Accrued programming costs	$	3,656	$	4,227
Other	8,060		7,873
Accrued liabilities and other	$	11,716	$	12,100

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


(in thousands)	March 31, 2025		December 31, 2024
Noncurrent portion of deferred revenue	$	26,999	$	26,809
Other	5,646		6,716
Other liabilities	$	32,645	$	33,525

XML 27 R15.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

The Company leases various broadband network 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 March 31,
(in thousands)		2025		2024
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	188	$	119
Interest on lease liabilities	Interest expense	24		19
Operating lease cost	Operating expense1	1,164		736
Lease cost		$	1,376	$	874

_________________________________________

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

The following table summarizes the expected maturity of lease liabilities as of March 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2025 (remainder of the year)	$	2,993	$	255	$	3,248
2026	3,186		400		3,586
2027	2,221		203		2,424
2028	1,837		158		1,995
2029	1,469		160		1,629
2030 and thereafter	7,177		1,041		8,218
Total lease payments	18,883		2,217		21,100
Less: Interest	(4,878)		(460)		(5,338)
Present value of lease liabilities	$	14,005	$	1,757	$	15,762

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


	March 31, 2025		December 31, 2024
Operating leases
Weighted average remaining lease term (years)	8.4		8.5
Weighted average discount rate	6.2	%	6.1	%
Finance leases
Weighted average remaining lease term (years)	9.0		9.0
Weighted average discount rate	5.3	%	5.3	%


	Three Months Ended March 31,
(in thousands)	2025		2024
Cash paid for operating lease liabilities	$	1,264	$	765
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	51		1,737


(in thousands)	Operating Leases
2025 (remainder of the year)	$	3,331
2026	3,816
2027	3,382
2028	3,168
2029	2,884
2030 and thereafter	17,156
Total	$	33,737

Leases

The Company leases various broadband network 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 March 31,
(in thousands)		2025		2024
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	188	$	119
Interest on lease liabilities	Interest expense	24		19
Operating lease cost	Operating expense1	1,164		736
Lease cost		$	1,376	$	874

_________________________________________

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

The following table summarizes the expected maturity of lease liabilities as of March 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2025 (remainder of the year)	$	2,993	$	255	$	3,248
2026	3,186		400		3,586
2027	2,221		203		2,424
2028	1,837		158		1,995
2029	1,469		160		1,629
2030 and thereafter	7,177		1,041		8,218
Total lease payments	18,883		2,217		21,100
Less: Interest	(4,878)		(460)		(5,338)
Present value of lease liabilities	$	14,005	$	1,757	$	15,762

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


	March 31, 2025		December 31, 2024
Operating leases
Weighted average remaining lease term (years)	8.4		8.5
Weighted average discount rate	6.2	%	6.1	%
Finance leases
Weighted average remaining lease term (years)	9.0		9.0
Weighted average discount rate	5.3	%	5.3	%


	Three Months Ended March 31,
(in thousands)	2025		2024
Cash paid for operating lease liabilities	$	1,264	$	765
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	51		1,737


(in thousands)	Operating Leases
2025 (remainder of the year)	$	3,331
2026	3,816
2027	3,382
2028	3,168
2029	2,884
2030 and thereafter	17,156
Total	$	33,737

Leases

The Company leases various broadband network 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 March 31,
(in thousands)		2025		2024
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	188	$	119
Interest on lease liabilities	Interest expense	24		19
Operating lease cost	Operating expense1	1,164		736
Lease cost		$	1,376	$	874

_________________________________________

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

The following table summarizes the expected maturity of lease liabilities as of March 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2025 (remainder of the year)	$	2,993	$	255	$	3,248
2026	3,186		400		3,586
2027	2,221		203		2,424
2028	1,837		158		1,995
2029	1,469		160		1,629
2030 and thereafter	7,177		1,041		8,218
Total lease payments	18,883		2,217		21,100
Less: Interest	(4,878)		(460)		(5,338)
Present value of lease liabilities	$	14,005	$	1,757	$	15,762

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


	March 31, 2025		December 31, 2024
Operating leases
Weighted average remaining lease term (years)	8.4		8.5
Weighted average discount rate	6.2	%	6.1	%
Finance leases
Weighted average remaining lease term (years)	9.0		9.0
Weighted average discount rate	5.3	%	5.3	%


	Three Months Ended March 31,
(in thousands)	2025		2024
Cash paid for operating lease liabilities	$	1,264	$	765
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	51		1,737


(in thousands)	Operating Leases
2025 (remainder of the year)	$	3,331
2026	3,816
2027	3,382
2028	3,168
2029	2,884
2030 and thereafter	17,156
Total	$	33,737

XML 28 R16.htm IDEA: XBRL DOCUMENT

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt


(in thousands)	March 31, 2025		December 31, 2024
Term loan A-1	$	142,645	$	144,451
Term loan A-2	148,134		148,506
Term loan A-3	225,000		125,000
Total debt	515,779		417,957
Less: unamortized loan fees	(1,232)		(1,078)
Total debt, net of unamortized loan fees	$	514,547	$	416,879

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Interest expense	$	7,262	$	5,383
Less: capitalized interest	(2,370)		(1,307)
Interest expense, net of capitalized interest	$	4,892	$	4,076

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 March 31, 2025:


(in thousands)	Original		As Amended
2025 (remainder of the year)	$	8,074	$	8,074
2026	141,052		10,430
2027	10,170		140,792
2028	356,483		356,483
Total	$	515,779	$	515,779

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

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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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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Derivatives and Hedging

3 Months Ended

Mar. 31, 2025

Derivatives and Hedging

The Swaps were determined to be highly effective hedges and therefore all change in the fair value of the Swaps was recognized in accumulated other comprehensive income.


(in thousands)	March 31, 2025		December 31, 2024
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	1,470	$	1,766
Deferred charges and other assets	187		721
Total derivatives designated as hedging instruments	$	1,657	$	2,487

The table below summarizes changes in accumulated other comprehensive income by component:


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2024	$	2,487	$	(634)	$	1,853
Net change in unrealized loss	(292)		70		(222)
Amounts reclassified to interest expense	(538)		130		(408)
Net current period other comprehensive (loss) income	(830)		200		(630)
Balance, March 31, 2025	$	1,657	$	(434)	$	1,223


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2023	$	2,241	$	(573)	$	1,668
Net change in unrealized gain	2,120		(526)		1,594
Balance, March 31, 2024	$	4,361	$	(1,099)	$	3,262

XML 30 R18.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes


	Three Months Ended March 31,
(in thousands)	2025		2024
Expected tax benefit at federal statutory rate	$	(2,153)	$	(1,074)
State income tax benefit, net of federal tax effect	(553)		(262)
Excess tax deficiency from share-based compensation and other expense, net	1,587		310
Income tax benefit	$	(1,119)	$	(1,026)

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Share-Based Payment Arrangement [Abstract]

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Redeemable Noncontrolling Interest	3 Months Ended
Redeemable Noncontrolling Interest	Mar. 31, 2025
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest On April 1, 2024, Shentel Broadband Holding Inc. (“Shentel Broadband”), a wholly-owned subsidiary of Shentel, entered into an investment agreement (the “Investment Agreement”) with ECP Fiber Holdings, LP, a Delaware limited partnership (“ECP Investor”), and, solely for the limited purposes set forth therein, Hill City Holdings, LP, a Delaware limited partnership affiliated with ECP Investor. Subject to the terms and conditions set forth in the Investment Agreement, on the Closing Date, Shentel Broadband issued to ECP Investor 81,000 shares of Shentel Broadband’s 7% Series A Participating Exchangeable Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), at a purchase price of $1,000 per share in exchange for $81 million in cash. As of March 31, 2025, 100,000 shares of the Series A Preferred Stock were authorized for issuance and 81,000 shares of the Series A Preferred Stock were outstanding. The Series A Preferred Stock is exchangeable at the option of the Investor in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share (as it may be adjusted pursuant to the terms of the Investment Agreement, the “Exchange Price”). As of March 31, 2025, the Series A Preferred Stock was exchangeable for 3,492,066 shares of Common Stock. Dividends on the Series A Preferred Stock accrue at 7% per annum compounded and payable quarterly in arrears, and, at Shentel’s option, may be paid in cash or in kind (such dividends paid in kind, “PIK Dividends”). The Company has historically elected to issue PIK Dividends which increase the liquidation preference of the Series A Preferred Stock. As of March 31, 2025, the Series A Preferred Stock had a liquidation preference of $85.6 million.

XML 32 R20.htm IDEA: XBRL DOCUMENT

Stock Compensation and Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2025

Stock Compensation and Earnings (Loss) per Share

Activity related to the Company’s equity compensation, which includes the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”), was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	875	$	20.63
Granted	667	$	11.90
Vested	(287)	$	21.48
Forfeited	(7)	$	20.08
Outstanding awards, March 31, 2025	1,248	$	15.76

The total fair value of RSUs vested was $3.4 million during the three months ended March 31, 2025.

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	259	$	22.96
Granted	241	$	12.31
Vested	—	$	—
Forfeited	—	$	—
Outstanding awards, March 31, 2025	500	$	17.83

Stock-based compensation expense was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Stock compensation expense	$	3,897	$	4,135
Capitalized stock compensation	(180)		(169)
Stock compensation expense, net	$	3,717	$	3,966

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


	Three Months Ended March 31,
(in thousands, except per share amounts)	2025		2024
Calculation of net (loss) income per share:
Loss from continuing operations	$	(9,132)	$	(4,090)
Total income from discontinued operations, net of tax	—		218,786
Net (loss) income	$	(9,132)	$	214,696

Amounts attributable to common shareholders
Loss from continuing operations	$	(10,604)	$	(4,090)
Total income from discontinued operations	—		218,786
Net (loss) income attributable to common shareholders	$	(10,604)	$	214,696

Basic and diluted weighted average shares outstanding	54,959		50,520

Per share amounts attributable to common shareholders
Loss from continuing operations	$	(0.19)	$	(0.08)
Income from discontinued operations, net of tax	—		4.33
Net (loss) income per share	$	(0.19)	$	4.25

XML 33 R21.htm IDEA: XBRL DOCUMENT

Government Grants	3 Months Ended
Government Grants	Mar. 31, 2025
Government Assistance [Abstract]
Government Grants	Government Grants During the three months ended March 31, 2025, the Company was awarded an additional grant of $0.4 million to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences. The Company recognizes grant receivables at the time it becomes probable that the Company will be eligible to receive the grant, which is estimated to correspond with the date when specified build-out milestones are achieved. As a result of these programs, the Company received $6.9 million and $2.7 million in cash reimbursements during the three months ended March 31, 2025 and 2024, respectively, and had approximately $3.2 million and $0.3 million in accounts receivable as of March 31, 2025 and December 31, 2024, respectively.

XML 34 R22.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 8, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2029. From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not believe that the final outcome of any matters that we are currently involved in are reasonably likely to have a material adverse effect on our business, financial condition, results of operations or cash flows

XML 35 R23.htm IDEA: XBRL DOCUMENT

Discontinued Operations

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Income from discontinued operations, net of tax in the unaudited condensed consolidated statements of operations consist of the following for the period:


(in thousands)	Three Months Ended March 31,
	2024
Service revenue and other	$	4,542
Operating expenses:
Cost of services	1,059
Selling, general and administrative	572
Depreciation and amortization	222
Total operating expenses	1,853
Operating income	2,689
Other income:
Gain on sale of disposition of Tower Portfolio	294,250
Income before income taxes	296,939
Income tax expense	78,153
Income from discontinued operations, net of tax	$	218,786

XML 36 R24.htm IDEA: XBRL DOCUMENT

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

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

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


	Three Months Ended March 31,
(in thousand)	2025		2024
Service revenue and other	$	87,898	$	69,248
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization	33,030		25,985
Selling, general and administrative exclusive of stock-based compensation	27,275		24,012
Adjusted EBITDA	27,593		19,251
Stock-based compensation expense, net of amount capitalized	3,717		3,966
Restructuring, integration and acquisition	510		618
Depreciation and amortization	29,458		17,443
Interest expense	4,892		4,076
Other1	(733)		(1,736)
Income tax benefit	(1,119)		(1,026)
Loss from continuing operations	$	(9,132)	$	(4,090)

1 Other primarily includes interest income, patronage income and benefit plan gains.

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
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,132)	$ 214,696

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	Mar. 31, 2025
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)	3 Months Ended
Basis of Presentation and Other Information (Policies)	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” (“ASU 2023-06”) which aligns the disclosure and presentation requirements of a variety of the FASB’s ASC Topics with the requirements described in the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 will become effective for each amendment on the effective date of the SEC’s corresponding disclosure rule changes; these dates are unknown as of this filing. The Company is currently assessing the impact of adopting ASU 2023-06 on the consolidated financial statements and related disclosures. In December 2023, FASB issued ASU 2023-09 “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” This accounting update requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of adopting ASU 2023-09 on the consolidated financial statements and related disclosures. The Company does not anticipate adoption will have a material impact on the financial position, results of operations, cash flows or disclosures. 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, 2024, that would be expected to impact the Company.
Investments	SERP investments at fair value: The fair value of the SERP investments is based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $12.0 million and $12.1 million at March 31, 2025 and December 31, 2024, respectively. Shentel recognized approximately $0.7 million and $0.3 million of patronage income in other income, net for the three months ended March 31, 2025 and 2024, respectively. The Company expects that approximately 75% of the patronage distributions will be collected in cash and 25% in equity in 2025.

Disclosure of accounting policy for investment in financial asset.

Revenue from Contract with Customer [Abstract]

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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Revenues by Activity Type

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Residential & SMB - Incumbent Broadband Markets1	$	43,359	$	43,809
Residential & SMB - Glo Fiber Expansion Markets2	18,444		12,118
Commercial Fiber	19,612		9,938
RLEC & Other	6,483		3,383
Service revenue and other	$	87,898	$	69,248

_______________________________________________________

Schedule of Amortized and Capitalized Contract Cost

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Beginning Balance	$	10,251	$	8,633
Commission payments	1,755		851
Contract asset amortization	(897)		(717)
Ending Balance	$	11,109	$	8,767

XML 41 R29.htm IDEA: XBRL DOCUMENT

Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Schedule of Other Investments

Investments consisted of the following:


(in thousands)	March 31, 2025		December 31, 2024
SERP investments at fair value	$	2,570	$	2,670
Cost method investments	12,738		12,813
Equity method investments	226		226
Total investments	$	15,534	$	15,709

XML 42 R30.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	March 31, 2025		December 31, 2024
Land		$	4,514	$	4,514
Land improvements	10 years	3,717		3,717
Buildings and structures	10 - 45 years	53,565		52,706
Cable and fiber	12 - 30 years	1,329,123		1,294,689
Equipment and software	4 - 12 years	421,483		417,057
Total plant in service		1,812,402		1,772,683
Plant under construction		240,695		207,428
Total property, plant and equipment		2,053,097		1,980,111
Less: accumulated depreciation and amortization		(569,301)		(541,573)
Property, plant and equipment, net		$	1,483,796	$	1,438,538

XML 43 R31.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Resulting from Acquisition

Goodwill and intangible assets consisted of the following:


	March 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,055	$	—	$	67,055	$	67,055	$	—	$	67,055
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	526		—		526		526		—		526
Total indefinite-lived intangibles	76,982		—		76,982		76,982		—		76,982

Finite-lived intangibles:
Subscriber relationships	42,447		(29,348)		13,099		42,447		(28,882)		13,565
Other intangibles	537		(398)		139		510		(389)		121
Total finite-lived intangibles	42,984		(29,746)		13,238		42,957		(29,271)		13,686
Total goodwill and intangible assets	$	187,021	$	(29,746)	$	157,275	$	186,994	$	(29,271)	$	157,723

Schedule of Finite-Lived Intangible Assets

Goodwill and intangible assets consisted of the following:


	March 31, 2025						December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,055	$	—	$	67,055	$	67,055	$	—	$	67,055
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	526		—		526		526		—		526
Total indefinite-lived intangibles	76,982		—		76,982		76,982		—		76,982

Finite-lived intangibles:
Subscriber relationships	42,447		(29,348)		13,099		42,447		(28,882)		13,565
Other intangibles	537		(398)		139		510		(389)		121
Total finite-lived intangibles	42,984		(29,746)		13,238		42,957		(29,271)		13,686
Total goodwill and intangible assets	$	187,021	$	(29,746)	$	157,275	$	186,994	$	(29,271)	$	157,723

XML 44 R32.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

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


(in thousands)	March 31, 2025		December 31, 2024
Prepaid maintenance expenses	$	8,393	$	7,437
Broadband contract acquisition costs	3,366		3,165
Other	4,329		6,680
Prepaid expenses and other	$	16,088	$	17,282

Schedule of Other Assets, Noncurrent

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


(in thousands)	March 31, 2025		December 31, 2024
Broadband contract acquisition costs	$	7,743	$	7,086
Other	6,807		7,149
Deferred charges and other assets	$	14,550	$	14,235

Schedule of Accrued Liabilities and Other

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


(in thousands)	March 31, 2025		December 31, 2024
Accrued programming costs	$	3,656	$	4,227
Other	8,060		7,873
Accrued liabilities and other	$	11,716	$	12,100

Schedule of Other Noncurrent Liabilities

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


(in thousands)	March 31, 2025		December 31, 2024
Noncurrent portion of deferred revenue	$	26,999	$	26,809
Other	5,646		6,716
Other liabilities	$	32,645	$	33,525

XML 45 R33.htm IDEA: XBRL DOCUMENT

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Components of Lease Costs

The components of lease costs were as follows:


	Classification	Three Months Ended March 31,
(in thousands)		2025		2024
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	188	$	119
Interest on lease liabilities	Interest expense	24		19
Operating lease cost	Operating expense1	1,164		736
Lease cost		$	1,376	$	874

_________________________________________

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

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


	March 31, 2025		December 31, 2024
Operating leases
Weighted average remaining lease term (years)	8.4		8.5
Weighted average discount rate	6.2	%	6.1	%
Finance leases
Weighted average remaining lease term (years)	9.0		9.0
Weighted average discount rate	5.3	%	5.3	%


	Three Months Ended March 31,
(in thousands)	2025		2024
Cash paid for operating lease liabilities	$	1,264	$	765
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	51		1,737

Schedule of Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities as of March 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2025 (remainder of the year)	$	2,993	$	255	$	3,248
2026	3,186		400		3,586
2027	2,221		203		2,424
2028	1,837		158		1,995
2029	1,469		160		1,629
2030 and thereafter	7,177		1,041		8,218
Total lease payments	18,883		2,217		21,100
Less: Interest	(4,878)		(460)		(5,338)
Present value of lease liabilities	$	14,005	$	1,757	$	15,762

Schedule of Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities as of March 31, 2025:


(in thousands)	Operating Leases		Finance Leases		Total
2025 (remainder of the year)	$	2,993	$	255	$	3,248
2026	3,186		400		3,586
2027	2,221		203		2,424
2028	1,837		158		1,995
2029	1,469		160		1,629
2030 and thereafter	7,177		1,041		8,218
Total lease payments	18,883		2,217		21,100
Less: Interest	(4,878)		(460)		(5,338)
Present value of lease liabilities	$	14,005	$	1,757	$	15,762

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

Contractual minimum rental receipts expected under the lease agreements in place as of March 31, 2025 is as follows:


(in thousands)	Operating Leases
2025 (remainder of the year)	$	3,331
2026	3,816
2027	3,382
2028	3,168
2029	2,884
2030 and thereafter	17,156
Total	$	33,737

XML 46 R34.htm IDEA: XBRL DOCUMENT

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt


(in thousands)	March 31, 2025		December 31, 2024
Term loan A-1	$	142,645	$	144,451
Term loan A-2	148,134		148,506
Term loan A-3	225,000		125,000
Total debt	515,779		417,957
Less: unamortized loan fees	(1,232)		(1,078)
Total debt, net of unamortized loan fees	$	514,547	$	416,879

Schedule of Interest Income and Interest Expense Disclosure

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


	Three Months Ended March 31,
(in thousands)	2025		2024
Interest expense	$	7,262	$	5,383
Less: capitalized interest	(2,370)		(1,307)
Interest expense, net of capitalized interest	$	4,892	$	4,076

Maturities of Long-term Debt

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of March 31, 2025:


(in thousands)	Original		As Amended
2025 (remainder of the year)	$	8,074	$	8,074
2026	141,052		10,430
2027	10,170		140,792
2028	356,483		356,483
Total	$	515,779	$	515,779

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]

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Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Derivative Instruments Fair Value


(in thousands)	March 31, 2025		December 31, 2024
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	1,470	$	1,766
Deferred charges and other assets	187		721
Total derivatives designated as hedging instruments	$	1,657	$	2,487

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below summarizes changes in accumulated other comprehensive income by component:


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2024	$	2,487	$	(634)	$	1,853
Net change in unrealized loss	(292)		70		(222)
Amounts reclassified to interest expense	(538)		130		(408)
Net current period other comprehensive (loss) income	(830)		200		(630)
Balance, March 31, 2025	$	1,657	$	(434)	$	1,223


(in thousands)	Gain on Swaps		Income tax expense		Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2023	$	2,241	$	(573)	$	1,668
Net change in unrealized gain	2,120		(526)		1,594
Balance, March 31, 2024	$	4,361	$	(1,099)	$	3,262

XML 48 R36.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes


	Three Months Ended March 31,
(in thousands)	2025		2024
Expected tax benefit at federal statutory rate	$	(2,153)	$	(1,074)
State income tax benefit, net of federal tax effect	(553)		(262)
Excess tax deficiency from share-based compensation and other expense, net	1,587		310
Income tax benefit	$	(1,119)	$	(1,026)

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

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of restricted stock shares activity

Activity related to the Company’s equity compensation, which includes the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”), was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	875	$	20.63
Granted	667	$	11.90
Vested	(287)	$	21.48
Forfeited	(7)	$	20.08
Outstanding awards, March 31, 2025	1,248	$	15.76

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2024	259	$	22.96
Granted	241	$	12.31
Vested	—	$	—
Forfeited	—	$	—
Outstanding awards, March 31, 2025	500	$	17.83

Schedule of stock compensation expense

Stock-based compensation expense was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Stock compensation expense	$	3,897	$	4,135
Capitalized stock compensation	(180)		(169)
Stock compensation expense, net	$	3,717	$	3,966

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 March 31,
(in thousands, except per share amounts)	2025		2024
Calculation of net (loss) income per share:
Loss from continuing operations	$	(9,132)	$	(4,090)
Total income from discontinued operations, net of tax	—		218,786
Net (loss) income	$	(9,132)	$	214,696

Amounts attributable to common shareholders
Loss from continuing operations	$	(10,604)	$	(4,090)
Total income from discontinued operations	—		218,786
Net (loss) income attributable to common shareholders	$	(10,604)	$	214,696

Basic and diluted weighted average shares outstanding	54,959		50,520

Per share amounts attributable to common shareholders
Loss from continuing operations	$	(0.19)	$	(0.08)
Income from discontinued operations, net of tax	—		4.33
Net (loss) income per share	$	(0.19)	$	4.25

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Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

Income from discontinued operations, net of tax in the unaudited condensed consolidated statements of operations consist of the following for the period:


(in thousands)	Three Months Ended March 31,
	2024
Service revenue and other	$	4,542
Operating expenses:
Cost of services	1,059
Selling, general and administrative	572
Depreciation and amortization	222
Total operating expenses	1,853
Operating income	2,689
Other income:
Gain on sale of disposition of Tower Portfolio	294,250
Income before income taxes	296,939
Income tax expense	78,153
Income from discontinued operations, net of tax	$	218,786

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Schedule of Selected Financial Data for Segments

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

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


	Three Months Ended March 31,
(in thousand)	2025		2024
Service revenue and other	$	87,898	$	69,248
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization	33,030		25,985
Selling, general and administrative exclusive of stock-based compensation	27,275		24,012
Adjusted EBITDA	27,593		19,251
Stock-based compensation expense, net of amount capitalized	3,717		3,966
Restructuring, integration and acquisition	510		618
Depreciation and amortization	29,458		17,443
Interest expense	4,892		4,076
Other1	(733)		(1,736)
Income tax benefit	(1,119)		(1,026)
Loss from continuing operations	$	(9,132)	$	(4,090)

1 Other primarily includes interest income, patronage income and benefit plan gains.

XML 52 R40.htm IDEA: XBRL DOCUMENT

Acquisition of Horizon (Details) - Horizon Transaction - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2025	Mar. 31, 2024
Business Acquisition [Line Items]
Aggregate purchase price	$ 416.2
Cash consideration	349.4
Value of shares issued	$ 71.8
Equity interest issued (in shares)	4,100,375
Integration and acquisition costs		$ 0.6	$ 0.4
Operating revenues			85.1
Loss before income taxes			$ (10.1)

XML 53 R41.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers - Revenues By Activity Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 87,898	$ 69,248
Residential & SMB - Incumbent Broadband Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	43,359	43,809
Residential & SMB - Glo Fiber Expansion Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	18,444	12,118
Commercial Fiber
Disaggregation of Revenue [Line Items]
Service revenue and other	19,612	9,938
RLEC & Other
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 6,483	$ 3,383

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.

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

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XML 54 R42.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gross trade receivables	$ 22.2	$ 27.4
Weighted-average customer benefit period	6 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 12.5
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 12.7
Performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
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]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 10.0
Performance obligation period		1 year

XML 55 R43.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 10,251	$ 8,633
Commission payments	1,755	851
Contract asset amortization	(897)	(717)
Ending Balance	$ 11,109	$ 8,767

XML 56 R44.htm IDEA: XBRL DOCUMENT

Investments - Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Investments [Abstract]
SERP investments at fair value	$ 2,570	$ 2,670
Cost method investments	12,738	12,813
Equity method investments	226	226
Total investments	$ 15,534	$ 15,709

XML 57 R45.htm IDEA: XBRL DOCUMENT

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 2,570		$ 2,670
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	12,000		$ 12,100
Other nonoperating income (expense)	$ 700	$ 300
Percentage of patronage credit paid in cash	75.00%
Percentage of patronage credit paid in share	25.00%

XML 58 R46.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 2,053,097	$ 1,980,111
Less: accumulated depreciation and amortization	(569,301)	(541,573)
Property, plant and equipment, net	1,483,796	1,438,538
Total plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	1,812,402	1,772,683
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 4,514	4,514
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 3,717	3,717
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 53,565	52,706
Buildings and structures \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Buildings and structures \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	45 years
Cable and fiber
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,329,123	1,294,689
Cable and fiber \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	12 years
Cable and fiber \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	30 years
Equipment and software
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 421,483	417,057
Equipment and software \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	4 years
Equipment and software \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	12 years
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 240,695	$ 207,428

XML 59 R47.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Accounts payable	$ 59,266		$ 57,820
Depreciation and amortization	29,000	$ 17,300
Goodwill
Property, Plant and Equipment [Line Items]
Accounts payable	$ 55,600		$ 55,100

XML 60 R48.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,982	$ 76,982
Gross carrying amount	42,984	42,957
Accumulated amortization and other	(29,746)	(29,271)
Total	13,238	13,686
Total intangible assets, gross carrying amount	187,021	186,994
Intangible assets, net	157,275	157,723
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	42,447	42,447
Accumulated amortization and other	(29,348)	(28,882)
Total	13,099	13,565
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	537	510
Accumulated amortization and other	(398)	(389)
Total	139	121
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	64,334	64,334
FCC Spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	12,122	12,122
Railroad crossing rights and other
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	526	526
Goodwill
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	67,055	67,055
Goodwill, net	$ 67,055	$ 67,055

XML 61 R49.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Oct. 01, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.5	$ 0.1
Estimated fair value of goodwill exceeded the carrying value, percentage			11.00%

XML 62 R50.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 8,393	$ 7,437
Broadband contract acquisition costs	3,366	3,165
Other	4,329	6,680
Prepaid expenses and other	$ 16,088	$ 17,282

XML 63 R51.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 7,743	$ 7,086
Other	6,807	7,149
Deferred charges and other assets	$ 14,550	$ 14,235

XML 64 R52.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,656	$ 4,227
Other	8,060	7,873
Accrued liabilities and other	$ 11,716	$ 12,100

XML 65 R53.htm IDEA: XBRL DOCUMENT

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred revenue	$ 26,999	$ 26,809
Other	5,646	6,716
Other liabilities	$ 32,645	$ 33,525

XML 66 R54.htm IDEA: XBRL DOCUMENT

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Amortization of leased assets	$ 188	$ 119
Interest on lease liabilities	24	19
Operating lease cost	1,164	736
Lease cost	$ 1,376	$ 874

XML 67 R55.htm IDEA: XBRL DOCUMENT

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Operating Leases
2025 (remainder of the year)	$ 2,993
2026	3,186
2027	2,221
2028	1,837
2029	1,469
2030 and thereafter	7,177
Total lease payments	18,883
Less: Interest	(4,878)
Present value of lease liabilities	14,005
Finance Leases
2025 (remainder of the year)	255
2026	400
2027	203
2028	158
2029	160
2030 and thereafter	1,041
Total lease payments	2,217
Less: Interest	(460)
Present value of lease liabilities	1,757
Total
2025 (remainder of the year)	3,248
2026	3,586
2027	2,424
2028	1,995
2029	1,629
2030 and thereafter	8,218
Total lease payments	21,100
Less: Interest	(5,338)
Present value of lease liabilities	$ 15,762

XML 68 R56.htm IDEA: XBRL DOCUMENT

Leases - Other Information Related to Operating and Finance Leases (Details)	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease, weighted average remaining lease term	8 years 4 months 24 days	8 years 6 months
Operating lease, weighted average discount rate, percent	6.20%	6.10%
Finance lease, weighted average remaining lease term	9 years	9 years
Finance lease, weighted average discount rate, percent	5.30%	5.30%

XML 69 R57.htm IDEA: XBRL DOCUMENT

Leases - Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Operating Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,264	$ 765
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	$ 51	$ 1,737

XML 70 R58.htm IDEA: XBRL DOCUMENT

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sublease income	$ 1.7	$ 0.7
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lessor contract term	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lessor contract term	40 years

XML 71 R59.htm IDEA: XBRL DOCUMENT

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Leases [Abstract]
2025 (remainder of the year)	$ 3,331
2026	3,816
2027	3,382
2028	3,168
2029	2,884
2030 and thereafter	17,156
Total	$ 33,737

XML 72 R60.htm IDEA: XBRL DOCUMENT

Debt - Narrative (Details)	3 Months Ended
Debt - Narrative (Details)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Apr. 16, 2025
Debt Instrument [Line Items]
Commitment fees	$ 200,000	$ 100,000
Delayed Draw Amortizing Term Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 525,000,000
Weighted-average interest rate	6.71%
Revolving Credit Facility and Delayed Draw Amortizing Term Loans
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 143,000,000
Credit Agreement \| Subsequent Event \| Line of Credit
Debt Instrument [Line Items]
Total net leverage ratio			4.75
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000
Long-term line of credit	$ 7,000,000.0

XML 73 R61.htm IDEA: XBRL DOCUMENT

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 515,779	$ 417,957
Less: unamortized loan fees	(1,232)	(1,078)
Total debt, net of unamortized loan fees	514,547	416,879
Term loan A-1
Debt Instrument [Line Items]
Total debt	142,645	144,451
Term loan A-2
Debt Instrument [Line Items]
Total debt	148,134	148,506
Term loan A-3
Debt Instrument [Line Items]
Total debt	$ 225,000	$ 125,000

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- Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Debt- Interest Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Debt Disclosure [Abstract]
Interest expense	$ 7,262	$ 5,383
Less: capitalized interest	(2,370)	(1,307)
Interest expense, net of capitalized interest	$ 4,892	$ 4,076

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Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Apr. 16, 2025	Mar. 31, 2025
Maturities of Long-term Debt [Abstract]
2025 (remainder of the year)		$ 8,074
2026		141,052
2027		10,170
2028		356,483
Total		$ 515,779
Subsequent Event
Maturities of Long-term Debt [Abstract]
2025 (remainder of the year)	$ 8,074
2026	10,430
2027	140,792
2028	356,483
Total	$ 515,779

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Derivatives and Hedging - Narrative (Details) - Interest rate swaps - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Derivatives, Fair Value [Line Items]
Derivative, fixed interest rate	2.90%
Payments for derivative instruments	$ 150.0
Expected outstanding debt		50.00%

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Derivatives and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 1,657	$ 2,487
Designated as Hedging Instrument \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	1,470	1,766
Designated as Hedging Instrument \| Deferred charges and other assets
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 187	$ 721

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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Derivatives and Hedging - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 918,583	$ 652,670
Ending balance	910,473	871,643
Swaps
AOCI Attributable to Parent, Before Tax [Roll Forward]
Balance in the beginning	2,487	2,241
Net change in unrealized loss	(292)	2,120
Amounts reclassified to interest expense	538
Net current period other comprehensive (loss) income	(830)
Balance in the ending	1,657	4,361
AOCI Attributable to Parent, Tax [Roll Forward]
Balance in the beginning	(634)	(573)
Net change in unrealized loss	70	(526)
Amounts reclassified to interest expense	130
Net current period other comprehensive (loss) income	200
Balance in the ending	(434)	(1,099)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,853	1,668
Net change in unrealized loss	(222)	1,594
Amounts reclassified to interest expense	(408)
Net current period other comprehensive (loss) income	(630)
Ending balance	$ 1,223	$ 3,262

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Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax benefit at federal statutory rate	$ (2,153)	$ (1,074)
State income tax benefit, net of federal tax effect	(553)	(262)
Excess tax deficiency from share-based compensation and other expense, net	1,587	310
Income tax benefit	$ (1,119)	$ (1,026)

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

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Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income taxes paid, net	$ 0	$ 0
Income tax refunds received	$ 200,000

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Redeemable Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2025
Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)		100,000
Preferred stock, shares outstanding (in shares)		81,000
Preferred stock, liquidation preference value		$ 85.6
Shentel Broadband Holding Inc. \| Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)		3,492,066
Shentel Broadband Holding Inc. \| Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Issuance of redeemable noncontrolling interest (in shares)	81,000
Dividend percentage	7.00%	7.00%
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 81.0
Shentel Broadband Holding Inc. \| Series A Preferred Stock \| Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Purchase price (in dollars per share)	$ 1,000
Conversion price per share (in dollars per share)	$ 24.50

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Stock Compensation and Earnings (Loss) per Share - RSU & RTSR (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Outstanding awards (in shares) \| shares	875
Granted (in shares) \| shares	667
Vested (in shares) \| shares	(287)
Forfeited (in shares) \| shares	(7)
Outstanding awards (in shares) \| shares	1,248
Weighted Average Grant Price
Outstanding awards (in usd per share) \| $ / shares	$ 20.63
Granted (in usd per share) \| $ / shares	11.90
Vested (in usd per share) \| $ / shares	21.48
Forfeited (in usd per share) \| $ / shares	20.08
Outstanding awards (in usd per share) \| $ / shares	$ 15.76
Relative Total Shareholder Return Awards
Number of Shares
Outstanding awards (in shares) \| shares	259
Granted (in shares) \| shares	241
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding awards (in shares) \| shares	500
Weighted Average Grant Price
Outstanding awards (in usd per share) \| $ / shares	$ 22.96
Granted (in usd per share) \| $ / shares	12.31
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	0
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Stock Compensation and Earnings (Loss) per Share - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, nonvested awards, compensation cost not yet recognized	$ 14.1
Compensation, nonvested awards, cost not yet recognized, period for recognition	2 years 7 months 6 days
Anti-dilutive awards outstanding (fewer than)(in shares)	450	462
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	3,492
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested in period	$ 3.4

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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