SHENANDOAH TELECOMMUNICATIONS COVA
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $193,817 | $8,038 | $(8,379) |
| Income from discontinued operations, net of tax | 222,174 | 7,022 | 7,039 |
| (Loss) income from continuing operations | (28,357) | 1,016 | (15,418) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 96,908 | 62,878 | 65,759 |
| Amortization of intangible assets | 1,545 | 490 | 724 |
| Provision for credit losses | 2,132 | 2,852 | 1,972 |
| Stock-based compensation expense, net of amount capitalized | 9,837 | 10,033 | 8,528 |
| Deferred income taxes | (9,759) | 2,973 | (1,414) |
| Impairment expense | 382 | 2,552 | 5,241 |
| Gain on sale of FCC spectrum licenses | — | (1,328) | — |
| Other, net | 626 | (462) | 499 |
| Changes in assets and liabilities, net of effects of business acquisition: | |||
| Accounts receivable | (2,452) | (143) | (583) |
| Current income taxes | 1,382 | 25,532 | 1,054 |
| Operating lease assets and liabilities, net | (361) | 65 | 232 |
| Other assets | (3,268) | 4,879 | 348 |
| Accounts payable | (2,240) | (2,959) | 79 |
| Other deferrals and accruals | 3,004 | (4,048) | (1,594) |
| Net cash provided by operating activities - continuing operations | 69,379 | 104,330 | 65,427 |
| Net cash (used in) provided by operating activities - discontinued operations | (6,812) | 9,444 | 9,468 |
| Net cash provided by operating activities | 62,567 | 113,774 | 74,895 |
| Cash flows from investing activities: | |||
| Capital expenditures | (319,070) | (255,070) | (188,989) |
| Government grants received | 19,238 | 1,904 | — |
| Cash disbursed for acquisition, net of cash acquired | (347,411) | — | — |
| 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 | 2,010 | 655 | 1,434 |
| Net cash used in investing activities - continuing operations | (645,233) | (235,211) | (183,559) |
| Net cash provided by (used in) investing activities - discontinued operations | 305,827 | (1,480) | (620) |
| Net cash used in investing activities | (339,406) | (236,691) | (184,179) |
| Cash flows from financing activities: | |||
| Principal payments on long-term debt | (7,044) | — | — |
| Proceeds from credit facility borrowings | 125,000 | 225,000 | 75,000 |
| Payments for debt amendment costs | (4,570) | (300) | — |
| Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid | 79,380 | — | — |
| Dividends paid | (5,805) | (4,523) | (3,991) |
| Taxes paid for equity award issuances | (1,727) | (1,387) | (1,076) |
| Payments for financing arrangements and other | (1,378) | (679) | (932) |
| Net cash provided by financing activities | 183,856 | 218,111 | 69,001 |
| Net (decrease) increase in cash and cash equivalents | (92,983) | 95,194 | (40,283) |
| Cash and cash equivalents, beginning of period | 139,255 | 44,061 | 84,344 |
| Cash and cash equivalents, end of period | $46,272 | $139,255 | $44,061 |
| Supplemental Disclosures of Cash Flow Information | |||
| Interest paid, net of amounts capitalized | $(12,075) | $(3,026) | $(580) |
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