SHENANDOAH TELECOMMUNICATIONS CO/VA/

Listed Company

SHENCIK 0000354963NasdaqLarge AcceleratedTelephone Communications (No Radiotelephone)VirginiaFY ends Dec 31

Period

FY 2025

Revenue

$357.85M

Net Income

—

Total Assets

$1.91B

Equity

$880.78M

Shares Out

55.30M

Op. Cash Flow

$101.00M

Business

Shenandoah Telecommunications Company provides broadband services via extensive fiber-optic and hybrid fiber-coaxial networks. The company offers residential and commercial broadband internet, video and voice services, high-speed Ethernet, dark fiber leasing, wavelength services and managed network solutions under the Glo Fiber, Glo Fiber Business and Shentel brands. Key business units include its integrated Broadband business (including FTTH and cable operations), enterprise/wholesale fiber services and regulated Rural Local Exchange Carrier (RLEC) voice services. It serves customers across portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana through direct retail, wholesale and carrier channels.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Service revenue and other	358	328	269	249	245
Cost of services exclusive of depreciation and amortization	130	128	101	102	102
Selling, general and administrative	118	115	99	91	82
Restructuring, integration and acquisition	1	15	3	1	2
Depreciation and amortization	132	99	66	66	—
Total operating expenses	381	357	269	266	248
Operating (loss) income	−23	−29	142,000	−17	−2
Interest expense	−25	−16	−4	−2	—
Other income, net	7	6	6	215,000	9
(Loss) income from continuing operations before income taxes	−42	−38	2	−19	6
Income tax (benefit) expense	−9	−10	501,000	−3	−2
(Loss) income from continuing operations	−33	−28	1	−15	8
Income from discontinued operations, net of tax	0	2	7	7	95
Gain on the sale of discontinued operations, net of tax	0	220	0	0	896
Total income from discontinued operations, net of tax	0	222	7	7	991
Net (loss) income	−33	194	8	−8	—
Dividends on redeemable noncontrolling interest	6	3	0	0	—
Net (loss) income attributable to common shareholders	−39	190	8	−8	—
Basic - (Loss) income from continuing operations (in dollars per share)	−0.71	−0.59	0.02	−0.31	0.16
Basic - Income from discontinued operations, net of tax (in dollars per share)	0	4.13	0.14	0.14	19.81
Basic net (loss) income per share (in dollars per share)	−0.71	3.54	0.16	−0.17	19.97
Diluted - (Loss) income from continuing operations (in dollars per share)	−0.71	−0.59	0.02	−0.31	0.16
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0	4.13	0.14	0.14	19.76
Diluted net (loss) income per share (in dollars per share)	−0.71	3.54	0.16	−0.17	19.92
Weighted average shares outstanding, basic (in shares)	55	54	50	50	50
Weighted average shares outstanding, diluted (in shares)	55	54	51	50	50
Cash dividends declared per common share (in dollars per share)	0.11	0.1	0.09	0.08	18.82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	27	46	139	44	84
Restricted cash and cash equivalents	21	0	—	—	—
Accounts receivable, net of allowance for credit losses of $829 and $1,156, respectively	31	30	20	21	22
Income taxes receivable	3	1	5	30	30
Prepaid expenses and other	15	17	12	12	30
Total current assets	97	95	176	129	166
Investments	17	16	13	13	14
Property, plant and equipment, net	1,602	1,439	850	688	554
Goodwill	68	67	—	—	—
Intangible assets, net	89	91	—	—	—
Operating lease right-of-use assets	20	20	13	54	56
Deferred charges and other assets	19	14	12	13	10
Total assets	1,911	1,740	1,214	978	891
Current maturities of long-term debt, net of unamortized loan fees	0	9	7	648,000	0
Accounts payable	61	58	54	49	29
Advanced billings and customer deposits	17	16	12	12	11
Accrued compensation	13	16	12	10	10
Current operating lease liabilities	3	3	2	3	3
Accrued liabilities and other	14	12	8	18	15
Total current liabilities	108	115	98	96	67
Long-term debt, less current maturities, net of unamortized loan fees	628	408	293	74	0
Deferred income taxes	158	168	88	85	86
Benefit plan obligations	4	5	4	4	8
Non-current operating lease liabilities	11	11	7	50	52
Other liabilities	32	34	17	20	26
Total other long-term liabilities	205	217	170	169	181
Commitments and contingencies (Note 16)	—	—	—	—	—
Redeemable noncontrolling interest	89	82	0	—	—
Common stock, no par value, authorized 96,000; 54,899 and 54,605 issued and outstanding at December 31, 2025 and 2024, respectively	0	0	0	0	0
Additional paid in capital	157	148	67	57	49
Retained earnings	724	769	584	581	593
Accumulated other comprehensive income, net of taxes	0	2	2	0	0
Total shareholders equity	881	919	653	638	642
Total liabilities, temporary equity and shareholders equity	1,911	1,740	1,214	978	891

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net (loss) income	−33	194	8	−8	—
Depreciation and amortization	130	97	63	66	—
Amortization of intangible assets	2	2	490,000	724,000	817,000
Provision for credit losses	1	2	3	2	1
Stock-based compensation expense, net of amount capitalized	10	10	10	9	3
Deferred income taxes	−9	−10	3	−1	22
Impairment expense	0	382,000	3	—	—
Gain on sale of FCC spectrum licenses	0	0	−1	0	0
Other, net	−52,000	626,000	−462,000	499,000	2
Accounts receivable	413,000	−2	−143,000	−583,000	163,000
Current income taxes	973,000	1	26	1	−25
Operating lease assets and liabilities, net	−914,000	−361,000	65,000	232,000	5
Other assets	−868,000	−3	5	348,000	−7
Accounts payable	1	−2	−3	79,000	3
Other deferrals and accruals	2	3	−4	−2	−6
Net cash provided by operating activities - continuing operations	103	69	104	65	63
Net cash (used in) provided by operating activities - discontinued operations	−2	−7	9	9	−314
Net cash provided by operating activities	101	63	114	75	−251
Capital expenditures	−359	−319	−255	−189	−160
Government grants received	63	19	2	0	0
Proceeds from escrow related to business acquisition	6	0	0	—	—
Cash disbursed for acquisition, net of cash acquired	−5	−347	0	0	0
Proceeds from the sale of FCC spectrum licenses	0	0	17	0	0
Proceeds from sale of assets and other	269,000	2	655,000	1	366,000
Net cash used in investing activities - continuing operations	−295	−645	−235	−184	−160
Net cash provided by (used in) investing activities - discontinued operations	0	306	−1	−620,000	1,944
Net cash used in investing activities	−295	−339	−237	−184	1,784
Principal payments on long-term debt	−593	−7	0	0	—
Proceeds from credit facility borrowings	817	125	225	75	0
Payments for debt issuance and amendment costs	−19	−5	−300,000	0	−841,000
Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid	0	79	0	0	—
Dividends paid	−6	−6	−5	−4	−940
Taxes paid for equity award issuances	−1	−2	−1	−1	−2
Payments for financing arrangements and other	−2	−1	−679,000	−932,000	−1
Net cash provided by financing activities	196	184	218	69	−1,644
Net increase (decrease) in cash, cash equivalents, and restricted cash	2	−93	95	−40	−111
Interest paid, net of amounts capitalized	−21	−12	−3	−580,000	—

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