SHENANDOAH TELECOMMUNICATIONS COVA

For the period ended Dec 31, 2024. Filed Feb 20, 2025.

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FY2024 · Filed Feb 20, 2025

SHEN$9.65-0.7%Stored close · as of Nov 6, 2026

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Contents

Consolidated Balance Shee

December 31, 2024 and 2023

(in thousands)	2024	2023
ASSETS
Current assets:
Cash and cash equivalents	$46,272	$139,255
Accounts receivable, net of allowance for credit losses of $1,156 and $886, respectively	29,722	19,782
Income taxes receivable	1,244	4,691
Prepaid expenses and other	17,282	11,782
Current assets held for sale	—	561
Total current assets	94,520	176,071
Investments	15,709	13,198
Property, plant and equipment, net	1,438,538	850,337
Goodwill and intangible assets, net	157,723	81,123
Operating lease right-of-use assets	19,548	13,024
Deferred charges and other assets	14,235	11,561
Non-current assets held for sale	—	68,915
Total assets	$1,740,273	$1,214,229
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	$9,204	$7,095
Accounts payable	57,820	53,546
Advanced billings and customer deposits	16,104	12,394
Accrued compensation	16,283	11,749
Current operating lease liabilities	3,060	2,222
Accrued liabilities and other	12,100	7,747
Current liabilities held for sale	—	3,602
Total current liabilities	114,571	98,355
Long-term debt, less current maturities, net of unamortized loan fees	407,675	292,804
Other long-term liabilities:
Deferred income taxes	167,716	88,147
Benefit plan obligations	4,945	3,943
Non-current operating lease liabilities	10,794	7,185
Other liabilities	33,525	16,912
Non-current liabilities held for sale	—	54,213
Total other long-term liabilities	216,980	170,400
Commitments and contingencies (Note 16)
Temporary equity:
Redeemable noncontrolling interest	82,464	—
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 54,605 and 50,272 issued and outstanding at December 31, 2024 and 2023, respectively	—	—
Additional paid in capital	147,733	66,933
Retained earnings	768,997	584,069
Accumulated other comprehensive income, net of taxes	1,853	1,668
Total shareholders’ equity	918,583	652,670
Total liabilities, temporary equity and shareholders’ equity	$1,740,273	$1,214,229

(in thousands, except per share amounts)	2024	2023	2022
Service revenue and other	$328,058	$269,131	$248,911
Operating expenses:
Cost of services exclusive of depreciation and amortization	128,112	100,850	102,279
Selling, general and administrative	115,193	99,304	91,113
Restructuring, integration and acquisition	14,509	2,915	1,251
Impairment expense	382	2,552	5,241
Depreciation and amortization	98,453	63,368	66,483
Total operating expenses	356,649	268,989	266,367
Operating (loss) income	(28,591)	142	(17,456)
Other (expense) income:
Interest expense	(15,897)	(4,212)	(1,577)
Other income, net	6,461	5,587	215
(Loss) income from continuing operations before income taxes	(38,027)	1,517	(18,818)
Income tax (benefit) expense	(9,670)	501	(3,400)
(Loss) income from continuing operations	(28,357)	1,016	(15,418)
Discontinued operations:
Income from discontinued operations, net of tax	1,957	7,022	7,039
Gain on the sale of discontinued operations, net of tax	220,217	—	—
Total income from discontinued operations, net of tax	222,174	7,022	7,039
Net income (loss)	193,817	8,038	(8,379)
Dividends on redeemable noncontrolling interest	3,429	—	—
Net income (loss) attributable to common shareholders	$190,388	$8,038	$(8,379)
Net income (loss) per share attributable to common shareholders, basic and diluted:
Basic - (Loss) income from continuing operations	$(0.59)	$0.02	$(0.31)
Basic - Income from discontinued operations, net of tax	4.13	0.14	0.14
Basic net income (loss) per share	$3.54	$0.16	$(0.17)
Diluted - (Loss) income from continuing operations	$(0.59)	$0.02	$(0.31)
Diluted - Income from discontinued operations, net of tax	4.13	0.14	0.14
Diluted net income (loss) per share	$3.54	$0.16	$(0.17)
Weighted average shares outstanding, basic	53,722	50,396	50,155
Weighted average shares outstanding, diluted	53,722	50,715	50,155
Cash dividends declared per common share	$0.10	$0.09	$0.08

SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)	2024	2023	2022
Net income (loss)	$193,817	$8,038	$(8,379)
Other comprehensive income (loss):
Net change in unrealized gain	1,850	1,668	—
Amounts reclassified to interest expense	(1,665)	—	—
Comprehensive income (loss)	194,002	9,706	(8,379)
Dividends on redeemable noncontrolling interest	3,429	—	—
Comprehensive income (loss) attributable to common shareholders	$190,573	$9,706	$(8,379)

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