SHENANDOAH TELECOMMUNICATIONS CO/VA/

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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FY2025 · Filed Feb 26, 2026

SHEN$10.40+1.9%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

(in thousands)	2025	2024	2023
Cash flows from operating activities:
Net (loss) income	$(32,943)	$193,817	$8,038
Income from discontinued operations, net of tax	—	222,174	7,022
(Loss) income from continuing operations	(32,943)	(28,357)	1,016
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	129,677	96,908	62,878
Amortization of intangible assets	1,936	1,545	490
Provision for credit losses	1,452	2,132	2,852
Stock-based compensation expense, net of amount capitalized	9,590	9,837	10,033
Deferred income taxes	(9,463)	(9,759)	2,973
Impairment expense	—	382	2,552
Gain on sale of FCC spectrum licenses	—	—	(1,328)
Other, net	(52)	626	(462)
Changes in assets and liabilities, net of effects of business acquisition:
Accounts receivable	413	(2,452)	(143)
Current income taxes	973	1,382	25,532
Operating lease assets and liabilities, net	(914)	(361)	65
Other assets	(868)	(3,268)	4,879
Accounts payable	1,029	(2,240)	(2,959)
Other deferrals and accruals	2,441	3,004	(4,048)
Net cash provided by operating activities - continuing operations	103,271	69,379	104,330
Net cash (used in) provided by operating activities - discontinued operations	(2,273)	(6,812)	9,444
Net cash provided by operating activities	100,998	62,567	113,774
Cash flows from investing activities:
Capital expenditures	(358,919)	(319,070)	(255,070)
Government grants received	62,515	19,238	1,904
Proceeds from escrow related to business acquisition	6,471	—	—
Cash disbursed for acquisition, net of cash acquired	(5,000)	(347,411)	—
Proceeds from the sale of FCC spectrum licenses	—	—	17,300
Proceeds from sale of assets and other	269	2,010	655
Net cash used in investing activities - continuing operations	(294,664)	(645,233)	(235,211)
Net cash provided by (used in) investing activities - discontinued operations	—	305,827	(1,480)
Net cash used in investing activities	(294,664)	(339,406)	(236,691)
Cash flows from financing activities:
Principal payments on long-term debt	(592,956)	(7,044)	—
Proceeds from credit facility borrowings	816,736	125,000	225,000
Payments for debt issuance and amendment costs	(18,691)	(4,570)	(300)
Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid	—	79,380	—
Dividends paid	(6,445)	(5,805)	(4,523)
Taxes paid for equity award issuances	(1,035)	(1,727)	(1,387)
Payments for financing arrangements and other	(2,011)	(1,378)	(679)
Net cash provided by financing activities	195,598	183,856	218,111
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,932	(92,983)	95,194
Cash, cash equivalents, and restricted cash, beginning of period	46,272	139,255	44,061
Cash, cash equivalents, and restricted cash, end of period	$48,204	$46,272	$139,255
Supplemental Disclosures of Cash Flow Information
Interest paid, net of amounts capitalized	$(20,798)	$(12,075)	$(3,026)

The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of December 31, 2025 and 2024 as shown above:

(in thousands)	2025	2024
Cash and cash equivalents	$27,259	$46,272
Restricted cash	20,945	—
Cash, cash equivalents, and restricted cash	$48,204	$46,272

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.