SHENANDOAH TELECOMMUNICATIONS COVA

For the period ended Dec 31, 2023. Filed Feb 21, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 21, 2024

SHEN$10.21+5.8%Stored close · as of Nov 9, 2026

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Contents

Consolidated Balance Shee

December 31, 2023 and 2022

(in thousands)	2023	2022
ASSETS
Current assets:
Cash and cash equivalents	$139,255	$44,061
Accounts receivable, net of allowance for credit losses of $886 and $776, respectively	19,782	20,615
Income taxes receivable	4,691	29,755
Prepaid expenses and other	11,782	11,509
Current assets held for sale	561	22,622
Total current assets	176,071	128,562
Investments	13,198	12,971
Property, plant and equipment, net	879,499	687,553
Goodwill and intangible assets, net	81,123	81,515
Operating lease right-of-use assets	50,640	53,859
Deferred charges and other assets	13,698	13,259
Total assets	$1,214,229	$977,719
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	$7,095	$648
Accounts payable	53,546	49,173
Advanced billings and customer deposits	13,241	12,425
Accrued compensation	11,749	9,616
Current operating lease liabilities	3,081	2,829
Accrued liabilities and other	9,643	17,906
Current liabilities held for sale	—	3,824
Total current liabilities	98,355	96,421
Long-term debt, less current maturities, net of unamortized loan fees	292,804	74,306
Other long-term liabilities:
Deferred income taxes	88,147	84,600
Asset retirement obligations	10,069	9,932
Benefit plan obligations	3,943	3,758
Non-current operating lease liabilities	48,358	50,477
Other liabilities	19,883	20,218
Total other long-term liabilities	170,400	168,985
Commitments and contingencies (Note 14)
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 50,272 and 50,110 issued and outstanding at December 31, 2023 and 2022, respectively	—	—
Additional paid in capital	66,933	57,453
Retained earnings	584,069	580,554
Accumulated other comprehensive income, net of taxes	1,668	—
Total shareholders’ equity	652,670	638,007
Total liabilities and shareholders’ equity	$1,214,229	$977,719

(in thousands, except per share amounts)	2023	2022	2021
Service revenue and other	$287,379	$267,371	$245,239
Operating expenses:
Cost of services exclusive of depreciation and amortization	106,101	107,546	102,299
Selling, general and administrative	103,631	92,392	82,451
Restructuring expense	—	1,251	1,727
Impairment expense	2,552	5,241	5,986
Depreciation and amortization	65,471	68,899	55,206
Total operating expenses	277,755	275,329	247,669
Operating income (loss)	9,624	(7,958)	(2,430)
Other income (expense):
Other income (expense), net	1,387	(1,348)	8,665
Income (loss) from continuing operations before income taxes	11,011	(9,306)	6,235
Income tax expense (benefit)	2,973	(927)	(1,694)
Income (loss) from continuing operations	8,038	(8,379)	7,929
Discontinued operations:
Income from discontinued operations, net of tax	—	—	94,667
Gain on the sale of discontinued operations, net of tax	—	—	896,235
Total income from discontinued operations, net of tax	—	—	990,902
Net income (loss)	8,038	(8,379)	998,831
Other comprehensive income (loss):
Unrealized income on interest rate hedges, net of tax	1,668	—	4,706
Comprehensive income (loss)	$9,706	$(8,379)	$1,003,537
Net income (loss) per share, basic and diluted:
Basic - Income (loss) from continuing operations	$0.16	$(0.17)	$0.16
Basic - Income from discontinued operations, net of tax	—	—	19.81
Basic net income (loss) per share	$0.16	$(0.17)	$19.97
Diluted - Income (loss) from continuing operations	$0.16	$(0.17)	$0.16
Diluted - Income from discontinued operations, net of tax	—	—	19.76
Diluted net income (loss) per share	$0.16	$(0.17)	$19.92
Weighted average shares outstanding, basic	50,396	50,155	50,026
Weighted average shares outstanding, diluted	50,715	50,155	50,149
Cash dividends declared per share	$0.09	$0.08	$18.82

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