SHENANDOAH TELECOMMUNICATIONS COVA
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
SHEN$10.40+1.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| (in thousands) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income (loss) | $8,038 | $(8,379) | $998,831 |
| Income from discontinued operations, net of tax | — | — | 990,902 |
| Income (loss) from continuing operations | 8,038 | (8,379) | 7,929 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 64,981 | 68,175 | 54,389 |
| Amortization of intangible assets | 490 | 724 | 817 |
| Accretion of asset retirement obligations | 621 | 531 | 421 |
| Provision for credit losses | 2,898 | 1,972 | 1,028 |
| Stock-based compensation expense, net of amount capitalized | 10,033 | 8,528 | 3,408 |
| Deferred income taxes | 2,973 | (1,414) | 22,263 |
| Impairment expense | 2,552 | 5,241 | 5,986 |
| Gain on sale of FCC spectrum licenses | (1,328) | — | — |
| Other, net | (504) | 427 | 2,208 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (189) | (583) | 163 |
| Current income taxes | 25,064 | 434 | (25,149) |
| Operating lease right-of-use assets | 3,614 | 6,322 | 4,779 |
| Other assets | 5,043 | (451) | (7,005) |
| Accounts payable | (2,869) | 19 | 2,976 |
| Lease liabilities | (3,098) | (5,471) | (4,333) |
| Other deferrals and accruals | (4,545) | (1,180) | (6,427) |
| Net cash provided by operating activities - continuing operations | 113,774 | 74,895 | 63,453 |
| Net cash used in operating activities - discontinued operations | — | — | (314,387) |
| Net cash provided by (used in) operating activities | 113,774 | 74,895 | (250,934) |
| Cash flows from investing activities: | |||
| Capital expenditures | (256,550) | (189,609) | (160,101) |
| Government grants received | 1,904 | — | — |
| Proceeds from the sale of FCC spectrum licenses | 17,300 | — | — |
| Refund received for deposit on FCC spectrum leases | — | 3,996 | — |
| Proceeds from sale of assets and other | 655 | 1,434 | 366 |
| Net cash used in investing activities - continuing operations | (236,691) | (184,179) | (159,735) |
| Net cash provided by investing activities - discontinued operations | — | — | 1,944,089 |
| Net cash (used in) provided by investing activities | (236,691) | (184,179) | 1,784,354 |
| Cash flows from financing activities: | |||
| Proceeds from credit facility borrowings | 225,000 | 75,000 | — |
| Payments for debt issuance costs | (300) | — | (841) |
| Dividends paid, net of dividends reinvested | (4,523) | (3,991) | (940,256) |
| Taxes paid for equity award issuances | (1,387) | (1,076) | (1,627) |
| Payments for financing arrangements and other | (679) | (932) | (1,193) |
| Net cash provided by (used in) financing activities - continuing operations | 218,111 | 69,001 | (943,917) |
| Net cash used in financing activities - discontinued operations | — | — | (700,556) |
| Net cash provided by (used in) financing activities | 218,111 | 69,001 | (1,644,473) |
| Net increase (decrease) in cash and cash equivalents | 95,194 | (40,283) | (111,053) |
| Cash and cash equivalents, beginning of period | 44,061 | 84,344 | 195,397 |
| Cash and cash equivalents, end of period | $139,255 | $44,061 | $84,344 |
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