SHEN Shenandoah Telecommunications Company

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Shenandoah Telecommunications Company and its subsidiaries (collectively, “Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and hybrid fiber coaxial cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel’s Broadband business also provides voice and DSL telephone services as a Rural Local Exchange Carrier (“RLEC”) to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. These integrated networks are connected by a fiber network.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023.

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an on-going basis we evaluate significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, impairment of goodwill and indefinite-lived intangible assets, intangible assets subject to amortization, the computation of income taxes and the fair value of interest rate swaps. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions.

Horizon Transaction

On April 1, 2024 (the “Closing Date”), Shentel completed its previously announced acquisition of Horizon Acquisition Parent LLC, a Delaware limited liability company (“Horizon”), pursuant to the terms of an Agreement and Plan of Merger, dated October 24, 2023, by and among Shentel, Horizon, the sellers set forth on the signature pages thereto (each, a “Seller” and collectively, the “Sellers”) and the other parties thereto (as amended by the First Amendment to Agreement and Plan of Merger, dated April 1, 2024, the “Merger Agreement”). Subject to the terms and conditions of the Merger Agreement, on the Closing Date, Shentel acquired 100% of the outstanding equity interests of Horizon in exchange for (i) issuing 4,100,375 shares of Shentel’s common stock, no par value (“Common Stock”), to an investment fund managed by affiliates of GCM Grosvenor, which is one of the Sellers (the “Selling Shareholder”); and (ii) paying $305 million in cash consideration to the other Sellers and certain third parties, including Horizon’s existing lenders to discharge debt (collectively, the “Horizon Transaction”). Cash consideration paid also included purchase price adjustments for capital expenditure reimbursements and working capital subject to subsequent adjustments as defined in the merger agreement. The Selling Shareholder agreed to an investor rights agreement with the Company that includes among other provision, a one year lockup period for the shares of Common Stock received.

Horizon is a leading commercial fiber provider in Ohio and adjacent states serving national wireless providers, carriers, enterprises, and government, education and healthcare customers. The acquisition of Horizon will allow Shentel to advance its fiber expansion strategy by doubling the size of the Company’s commercial fiber business and adding new expansion markets for its Glo Fiber business.

Refer to Note 2, Acquisition of Horizon, for more information regarding the Horizon Transaction and its impact on the Company’s financial statements.

Series A Preferred Stock

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Contemporaneously with the execution of the Merger Agreement, on October 24, 2023, Shentel and Shentel Broadband Holding Inc., a wholly-owned subsidiary of Shentel (“Shentel Broadband”), entered into an investment agreement (the “Investment Agreement”) with ECP Fiber Holdings, LP, a Delaware limited partnership (“ECP Investor”), and, solely for the limited purposes set forth therein, Hill City Holdings, LP, a Delaware limited partnership affiliated with ECP Investor. Subject to the terms and conditions set forth in the Investment Agreement, on the Closing Date, Shentel Broadband issued to ECP Investor 81,000 shares of Shentel Broadband’s 7% Series A Participating Exchangeable Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), at a purchase price of $1,000 per share in exchange for $81 million in cash. The Series A Preferred Stock is exchangeable at the option of the Investor in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share (as it may be adjusted pursuant to the terms of the Investment Agreement, the “Exchange Price”).

As a condition to closing the transactions contemplated by the Investment Agreement and Amendment No. 3 to the Credit Agreement, Shentel completed a corporate reorganization of Shentel’s subsidiaries (the “Reorganization”). As a result of the Reorganization effected on the Closing Date, Shentel Broadband Operations LLC, a wholly-owned subsidiary of Shentel Broadband, holds or has equity interest in substantially all of the operating assets of Shentel and was assigned and assumed the Credit Agreement.

On the Closing Date, Shentel Broadband filed a certificate of designations with the Secretary of State of the State of Delaware authorizing 100,000 shares of Series A Preferred Stock and setting forth the powers, designations, preferences, rights, qualifications, limitations and restrictions of the Series A Preferred Stock (the “Certificate of Designations”). The Series A Preferred Stock ranks senior to Shentel’s Common Stock with respect to the payment of dividends and with respect to the distribution of assets upon Shentel Broadband’s liquidation, dissolution or winding up. Dividends on the Series A Preferred Stock accrue at 7% per annum compounded and payable quarterly in arrears, and, at Shentel’s option, may be paid in cash or in kind (such dividends paid in kind, “PIK Dividends”). The PIK Dividend rate is subject to increase to 8.5% and 10% after the fifth and seventh anniversaries of the Closing Date, respectively, to the extent any dividends accrued during the period from and including such anniversary dates are paid in the form of PIK Dividends.

Beginning two years after the Closing Date, Shentel may require the Investor to exchange the Series A Preferred Stock for shares of Common Stock if the price per share of the Common Stock exceeds 125% of the Exchange Price, subject to certain conditions. After five years, Shentel may redeem all of the Series A Preferred Stock for the greater of (i) $1,000 per share, plus (a) any accrued PIK Dividend amount and (b) accrued and unpaid dividends to, but excluding the redemption date (to the extent such accrued and unpaid dividends are not included in such PIK Dividend amount), and (ii) the value of the shares of Common Stock for which such Series A Preferred Stock are exchangeable.

Under the terms of the Investment Agreement, the Investor has the right to nominate a director to the Board so long as the Investor beneficially owns at least 7.5% of Shentel’s outstanding Common Stock (including on an as exchanged basis with respect to the Series A Preferred Stock).

So long as the Investor beneficially owns at least 7.5% of Shentel’s outstanding Common Stock (including on an as exchanged basis with respect to the Series A Preferred Stock), the Investor is subject to certain standstill provisions and voting covenants and has certain other rights with respect to the shares of Series A Preferred Stock, including, among others, pre-emptive, information and participation rights. The shares of Series A Preferred Stock are subject to a lock-up until the first anniversary of the Closing Date and are subject to certain other transfer restrictions.

Refer to Note 12, Redeemable Noncontrolling Interest, for more information regarding the Series A Preferred Stock and its impact on the Company’s financial statements.

Amendment No. 3 to Credit Agreement

On April 1, 2024, Shentel entered into Amendment No. 3 to Credit Agreement, Incremental Term Loan Funding Agreement, Joinder and Assignment and Assumption (the “Third Amendment”) to its existing Credit Agreement, dated as of July 1, 2021, with various financial institutions party thereto (the “Lenders”) and CoBank, ACB, as administrative agent for the Lenders (as previously amended by Amendment No. 1 to Credit Agreement, dated as of May 17, 2023, and Consent and Amendment No. 2 to Credit Agreement, dated October 24, 2023, the “Credit Agreement”).

The Third Amendment provides for, among other things, incremental delay draw term loan commitments under the Credit Agreement in an aggregate amount equal to $225 million and an increase in the revolving commitment under the Credit Agreement in an amount equal to $50 million. Refer to Note 9, Debt, for more information regarding the Credit Agreement.

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Sale of Shentel’s Tower Portfolio

On March 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company, completed the initial closing of its previously disclosed sale of substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC for $309.9 million (the “Tower Transaction”). The Company received $305.8 million, net of certain transaction costs at the time of the initial closing. At the initial close, the Company conveyed sites representing approximately 99.5% of the tower portfolio value. The Company expects to convey the remaining tower sites in the portfolio by the end of March 2025. The Tower Transaction was completed pursuant to the terms of a Purchase and Sale Agreement, dated February 29, 2024, as amended by Amendment No. 1 to the Purchase and Sale Agreement, dated March 29, 2024.

The Tower Portfolio represented substantially all of the assets and operations in Shentel’s previously reported Tower Reporting Segment and the Tower Transaction represented a strategic shift in the Company’s business. Consequently, the Tower Portfolio has been reclassified as a discontinued operation. For all periods presented, the assets and liabilities that transferred in the Tower Transaction (the “disposal group”) are presented as held for sale in our unaudited condensed consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of comprehensive (loss) income and unaudited condensed consolidated statements of cash flows. Refer to Note 16, Discontinued Operations, for more information regarding the presentation of the disposal group in the Company’s financial statements.

As a result of the sale of the Tower Portfolio, the Company has one reportable segment. Consequently, segment reporting previously disclosed is no longer applicable.

Adoption of New Accounting Standards

There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2023, that would be expected to impact the Company.

The Company accounted for the Horizon Transaction under the acquisition method of accounting, in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 805, “Business Combinations”. Under the acquisition method of accounting, the total purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed in connection with the acquisition based on their estimated fair values. Fair values are determined using the income approach, market approach and/or cost approach depending on the nature of the asset or liability being valued and the reliability of available information. The income approach estimates fair value by discounting associated lifetime expected future cash flows to their present value and relies on significant assumptions regarding future revenues, expenses, working capital levels and discount rates. The market approach estimates fair value by analyzing recent actual market transactions for similar assets or liabilities. The cost approach estimates fair value based on the expected cost to replace or reproduce the asset or liability and relies on assumptions regarding the occurrence and extent of any physical, functional and/or economic obsolescence.

The total purchase price used to apply the acquisition method was $416.2 million, which consisted of $349.4 million of cash consideration paid and $71.8 million of common stock, representing the fair value of 4,100,375 shares of Shentel’s common stock issued to a selling shareholder of Horizon. The fair value of Shentel’s common stock issued was determined on the basis of the opening market price of the common stock on the acquisition date. The purchase price is subject to adjustment for certain working capital adjustments and post-closing indemnities. The cash consideration paid was primarily financed with proceeds from the sale of Shentel’s Tower Portfolio and cash on-hand.

The allocation of the purchase price was based upon management’s preliminary valuation of the fair values of tangible and intangible assets acquired and liabilities assumed in the Horizon Transaction, with the excess recorded as goodwill. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. The fair value of acquired identifiable assets and liabilties, including but not limited to, property, plant and equipment, intangible assets, operating lease right-of-use assets, deferred tax liabilities, and non-current operating lease liabilities, and the resulting impact on goodwill recognized, are provisional pending receipt of the final valuations for these balances.

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(in thousands)						Amount
Current and other assets						$	10,465
Property, plant and equipment						386,045
Goodwill						74,630
Intangible assets						14,249
Operating lease right-of-use assets						6,631
Other long-term assets						1,843
Total assets acquired						493,863
Current liabilities						$	15,187
Deferred tax liabilities						32,218
Non-current operating lease liabilities						3,778
Government grant liabilities						16,348
Other long-term liabilities						10,138
Total liabilities assumed						77,669
Net assets acquired						$	416,194

Finalization of the purchase price allocations is dependent on final review and acceptance of the independent appraiser’s valuation report.

Current and other assets acquired include $6.1 million of accounts receivable, net of allowance for credit losses of $0.3 million. Intangible assets acquired primarily relate to customer relationships. The customer relationships are valued using the cost approach to determine the cost that would be incurred to replace these assets. These represent finite-lived intangibles which are being amortized over the assets’ useful lives, which is estimated to be ten years.

The Company has included the results of the operations of Horizon for financial reporting purposes for the period subsequent to the date of acquisition.

In connection with the acquisition, Shentel incurred acquisition-related costs of $6.7 million and $7.1 million related to banking, legal, accounting, and other similar services for the three and six months ended June 30, 2024, respectively. Shentel also incurred severance costs for employees who will not be retained permanently. These costs are recorded as integration and acquisition expenses in the Company’s unaudited condensed consolidated statements of comprehensive (loss) income.

Horizon’s revenue of $16.7 million and loss before income taxes of $7.4 million for the three months ended June 30, 2024 are included in Shentel’s unaudited condensed consolidated statements of comprehensive (loss) income for both the three and six months ended June 30, 2024. The unaudited pro forma results of the Company, as if the Horizon Transaction had occurred on January 1, 2023, are as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Operating revenues			N/A						$	83,164					$	170,876					$	166,740
Loss before income taxes			N/A						$	(3,952)					$	(26,911)					$	(7,116)

The pro forma disclosures shown above are based upon estimated preliminary valuations of the assets acquired and liabilities assumed as well as preliminary estimates of depreciation and amortization charges thereon, that may differ from the final fair values of the acquired assets and assumed liabilities and the resulting depreciation and amortization charges thereon. Other pro forma adjustments include the following:

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•historical depreciation expense was adjusted for the fair value adjustment increasing the basis of property, plant and equipment; this decrease was offset by a shorter estimated useful life to conform to the Company’s standard policy and the acceleration of depreciation on certain equipment;

•incremental amortization due to the customer-based contract rights associated with acquired customers; and

•removal of Horizon’s interest expense and amortization of deferred financing fees due to the repayment of the outstanding principal of Horizon’s debt.

The Company’s revenues by activity type are as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Residential & SMB - Incumbent Broadband Markets1			$	44,960					$	44,403					$	89,330					$	89,159
Residential & SMB - Glo Fiber Expansion Markets2			14,093						8,164						26,211						15,167
Commercial Fiber			19,921						10,253						29,298						21,951
RLEC & Other			6,825						3,824						10,208						7,532
Service revenue and other			$	85,799					$	66,644					$	155,047					$	133,809

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1.Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings.

2.Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and former Horizon markets.

Shentel updated the description for revenues previously reported as “Residential & SMB - Cable Markets” to “Residential & SMB - Incumbent Broadband Markets” and updated the description for revenues previously reported as “Residential & SMB - Glo Fiber Markets” to “Residential & SMB - Glo Fiber Expansion Markets.”

Contract Assets

The Company’s contract assets primarily include commissions incurred to acquire contracts with customers. The Company incurs commission expenses related to in-house and third-party vendors which are capitalized and amortized over the expected customer benefit period which is approximately six years. The Company’s current contract assets are included in prepaid expenses and other and the Company’s non-current contract assets are included in deferred charges and other assets in its unaudited condensed consolidated balance sheets. Amortization of capitalized commission expenses is recorded in selling, general and administrative expenses in the Company’s unaudited condensed consolidated statements of comprehensive (loss) income.

The following tables present the activity of current and non-current contract assets:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Beginning Balance			$	8,767					$	8,756					$	8,633					$	8,646
Commission payments			1,564						793						2,415						1,684
Contract asset amortization			(986)						(807)						(1,703)						(1,588)
Ending Balance			$	9,345					$	8,742					$	9,345					$	8,742

Contract Liabilities

The Company’s contract liabilities include services that are billed in advance and recorded as deferred revenue, as well as installation fees that are charged upfront without transfer of commensurate goods or services to the customer. The Company’s current contract liabilities are included in advanced billings and customer deposits in its unaudited condensed consolidated balance sheets and the Company’s non-current contract liabilities are included in other liabilities in its unaudited condensed consolidated balance sheets.

Shentel’s current contract liability balances were $11.7 million and $10.0 million at June 30, 2024 and December 31, 2023, respectively. Shentel’s non-current contract liability balances were $4.2 million and $1.0 million as of June 30, 2024 and

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December 31, 2023, respectively. Shentel expects its current contract liability balances to be recognized as revenues during the twelve-month periods following the respective balance sheet dates and its non-current contract liability balances to be recognized as revenues after the twelve-month periods following the respective balance sheet dates.

Investments consist of the following:

(in thousands)			June 30, 2024						December 31, 2023
SERP investments at fair value			$	2,451					$	2,290
Cost method investments			12,451						10,675
Equity method investments			233						233
Total investments			$	15,135					$	13,198

SERP investments at fair value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy.

Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $11.8 million and $10.1 million at June 30, 2024 and December 31, 2023, respectively. Shentel recognized approximately $0.4 million and $0.2 million of patronage income in other income for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.7 million and $0.3 million during the six months ended June 30, 2024 and 2023, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2024.

Prior to the Horizon Transaction, Horizon held a $1.6 million investment in CoBank’s Class A common stock. Consequently, the value of Shentel’s investment in CoBank increased by a corresponding amount as a result of the Horizon Transaction.

Property, plant and equipment consist of the following:

 

($ in thousands)			Estimated Useful Lives						June 30, 2024						December 31, 2023
Land									$	4,514					$	3,671
Land improvements			10 years						4,448						4,448
Buildings and structures			10 - 45 years						51,827						42,871
Cable and fiber			12 - 30 years						1,174,670						799,612
Equipment and software			4 - 12 years						407,291						331,595
Plant in service									1,642,750						1,182,197
Plant under construction									213,027						145,623
Total property, plant and equipment									1,855,777						1,327,820
Less: accumulated depreciation and amortization									(518,525)						(477,483)
Property, plant and equipment, net									$	1,337,252					$	850,337

Property, plant and equipment, net increased due primarily to capital expenditures driven by the Company’s Glo Fiber market expansion and assets acquired as a result of the Horizon Transaction. The Company’s accounts payable as of June 30, 2024 and December 31, 2023 included amounts associated with capital expenditures of approximately $54.6 million and $51.1 million, respectively. Depreciation and amortization expense was $25.1 million and $15.6 million during the three months ended June 30, 2024 and 2023, respectively, and $42.4 million and $30.7 million during the six months ended June 30, 2024 and 2023, respectively.

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Goodwill and intangible assets consist of the following:

			June 30, 2024																		December 31, 2023
(in thousands)			Gross Carrying Amount						Accumulated Amortization and Other						Net						Gross Carrying Amount						Accumulated Amortization and Other						Net
Goodwill			$	77,874					$	—					$	77,874					$	3,244					$	—					$	3,244
Indefinite-lived intangibles:
Cable franchise rights			64,334						—						64,334						64,334						—						64,334
FCC Spectrum licenses			12,122						—						12,122						12,122						—						12,122
Railroad crossing rights and other			528						—						528						217						—						217
Total indefinite-lived intangibles			76,984						—						76,984						76,673						—						76,673
Finite-lived intangibles:
Subscriber relationships			42,447						(27,951)						14,496						28,425						(27,370)						1,055
Other intangibles			510						(375)						135						510						(359)						151
Total finite-lived intangibles			42,957						(28,326)						14,631						28,935						(27,729)						1,206
Total goodwill and intangible assets			$	197,815					$	(28,326)					$	169,489					$	108,852					$	(27,729)					$	81,123

Prepaid expenses and other, classified as current assets, included the following:

(in thousands)			June 30, 2024						December 31, 2023
Prepaid maintenance expenses			$	7,893					$	5,157
Broadband contract acquisition costs			2,977						2,675
Interest rate swaps			2,985						1,443
Other			6,712						2,507
Prepaid expenses and other			$	20,567					$	11,782

Deferred charges and other assets, classified as long-term assets, included the following:

(in thousands)			June 30, 2024						December 31, 2023
Broadband contract acquisition costs			$	6,368					$	5,958
Interest rate swaps			1,565						798
Prepaid expenses and other			6,558						4,805
Deferred charges and other assets			$	14,491					$	11,561

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Accrued liabilities and other, classified as current liabilities, included the following:

(in thousands)			June 30, 2024						December 31, 2023
Accrued programming costs			$	3,924					$	3,209
Other current liabilities			11,340						4,538
Accrued liabilities and other			$	15,264					$	7,747

Other liabilities, classified as long-term liabilities, included the following:

(in thousands)			June 30, 2024						December 31, 2023
Noncurrent portion of deferred lease revenue			$	23,122					$	14,670
Government grant liabilities			14,809						—
Noncurrent portion of finance leases			1,562						1,395
Other			1,012						847
Other liabilities			$	40,505					$	16,912

The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:

			Classification						Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)									2024						2023						2024						2023
Finance lease cost
Amortization of leased assets			Depreciation						$	171					$	119					$	290					$	238
Interest on lease liabilities			Interest expense						24						19						43						39
Operating lease cost			Operating expense1						1,104						792						1,840						1,648
Lease cost									$	1,299					$	930					$	2,173					$	1,925

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(1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of June 30, 2024:

(in thousands)						Operating Leases						Finance Leases						Total
2024 (remainder of the year)						$	1,969					$	166					$	2,135
2025						3,523						385						3,908
2026						2,640						314						2,954
2027						1,777						164						1,941
2028						1,487						158						1,645
2029 and thereafter						8,206						1,201						9,407
Total lease payments						19,602						2,388						21,990
Less: Interest						(5,033)						(518)						(5,551)
Present value of lease liabilities						$	14,569					$	1,870					$	16,439

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Other information related to operating and finance leases was as follows:

			June 30, 2024						December 31, 2023
Operating leases
Weighted average remaining lease term (years)			8.6						7.1
Weighted average discount rate			5.9		%				5.0		%
Finance leases
Weighted average remaining lease term (years)			9.7						12.3
Weighted average discount rate			5.3		%				5.2		%

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Cash paid for operating lease liabilities			$	1,053					$	725					$	1,818					$	1,602
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)			247						194						1,984						1,687

The Company also has arrangements which generate lease revenue through operating lease agreements for the use of spare fiber capacity of its fiber network assets. Contract terms for these arrangements can range from 1 to 40 years and are billed monthly. Lease revenue from these arrangements was $1.7 million and $2.4 million for the three and six months ended June 30, 2024, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2023, respectively. These amounts are presented in service revenue and other in the Company’s unaudited condensed consolidated statements of comprehensive (loss) income. Contractual minimum rental receipts expected under the lease agreements in place as of June 30, 2024 is as follows:

(in thousands)						Operating Leases
2024 (remainder of the year)						$	2,721
2025						4,711
2026						3,945
2027						3,596
2028						3,418
2029 and thereafter						23,606
Total						$	41,997

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Shentel Broadband Operations LLC, an indirect wholly owned subsidiary of Shentel, has a credit agreement, dated as of July 1, 2021 (as amended by (i) Amendment No. 1 to Credit Agreement, dated as of May 17, 2023, (ii) Consent and Amendment No. 2 to Credit Agreement, dated as of October 24, 2023, and (iii) Amendment No. 3, dated as of April 1, 2024, the “Credit Agreement”), with various financial institutions party thereto (the “Lenders”) and CoBank, ACB, as administrative agent for the Lenders, which contains (i) a $150 million available revolving credit facility due June 2026 (the “Revolver”), (ii) a $150 million delayed draw amortizing term loan due June 2026 (“Term Loan A-1”), (iii) a $150 million delayed draw amortizing term loan due June 2028 (“Term Loan A-2”), and (iv) a $225 million delayed draw amortizing term loan due June 2028 (“Term Loan A-3” and collectively with Term Loan A-1 and Term Loan A-2, the “Term Loans”). The following loans were outstanding under the Credit Agreement:

(in thousands)			June 30, 2024						December 31, 2023
Term loan A-1			$	148,131					$	150,000
Term loan A-2			149,251						150,000
Total debt			297,382						300,000
Less: unamortized loan fees			(86)						(101)
Total debt, net of unamortized loan fees			$	297,296					$	299,899

Both Term Loan A-1 and Term Loan A-2 bore interest at one-month LIBOR plus a margin until May 2023 and now bear interest at one-month term SOFR plus a margin. The margin is variable and determined by the Company’s net leverage ratio. At June 30, 2024, Term Loan A-1 had a margin of 1.85% and Term Loan A-2 had a margin of 2.10%. Interest is paid monthly. The interest rate was 7.19% for Term Loan A-1 at June 30, 2024 and 7.44% for Term Loan A-2 at June 30, 2024. The interest rate was 6.95% for both Term Loan A-1 and Term Loan A-2 at December 31, 2023.

Interest expense recorded in Shentel’s unaudited condensed consolidated statements of comprehensive (loss) income consists of the following:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Interest expense			$	6,214					$	2,104					$	11,597					$	3,567
Less: capitalized interest			(2,218)						(1,199)						(3,525)						(2,270)
Interest expense, net of capitalized interest			$	3,996					$	905					$	8,072					$	1,297

The Credit Agreement includes various covenants, including total net leverage ratio and debt service coverage ratio financial covenants.

Shentel’s Term Loans require quarterly payments based on a percentage of the outstanding balance. Based on the outstanding balance as of June 30, 2024, Term Loan A-1 required quarterly principal repayments of 0.63% from March 31, 2024 through June 30, 2024; then increasing to 1.25% quarterly from September 30, 2024 through March 31, 2026, with the remaining balance due June 30, 2026. Based on the outstanding balance as of June 30, 2024, Term Loan A-2 requires quarterly principal repayments of 0.25% from March 31, 2024 through March 31, 2028, with the remaining balance due June 30, 2028.

Shentel has not made any borrowings under its Revolver or Term Loan A-3 as of June 30, 2024. In the event borrowings are made in the future, the entire outstanding principal amount borrowed against the Revolver is due June 30, 2026 and the entire outstanding principal amount borrowed against Term Loan A-3 is due July 1, 2028.

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of June 30, 2024:

---

(in thousands)						Amount
2024 (remainder of the year)						$	4,425
2025						8,568
2026						138,827
2027						1,450
2028						144,112
Total						$	297,382

Although no borrowings have been executed under the Revolver, Shentel has executed letter of credit arrangements totaling $7.0 million that reduce the available balance of the Revolver. The letter of credit arrangements were executed primarily pursuant to the requirements of the National Telecommunications and Information (“NTIA”) government grant program, discussed further in Note 14, Government Grants. These amounts are not considered borrowed, as no cash has been disbursed to Shentel or other parties.

The Credit Agreement is fully secured by a pledge and unconditional guarantee from the Company and all of its subsidiaries, except Shenandoah Telephone Company. This provides the lenders a security interest in substantially all of the assets of the Company.

During the second quarter of 2023, Shentel entered into pay fixed (2.90%), receive variable (one-month term SOFR) interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contain monthly payment terms that became effective in May 2024, which extend through their maturity dates in June 2026. The Swaps are designated as cash flow hedges, representing 50% of the Company’s outstanding debt under Term Loan A-1 and Term Loan A-2. The Company uses the Swaps to manage its exposure to interest rate risk for its long-term variable-rate Term Loans.

The Swaps were determined to be highly effective hedges and therefore all change in the fair value of the Swaps was recognized in other comprehensive income.

The table below presents the fair value of the Swaps as well as their classification in the unaudited condensed consolidated balance sheets. The fair value of these instruments was estimated using an income approach and observable market inputs (Level 2):

(in thousands)			June 30, 2024						December 31, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other			$	2,985					$	1,443
Deferred charges and other assets			1,565						798
Total derivatives designated as hedging instruments			$	4,550					$	2,241

---

The table below summarizes changes in accumulated other comprehensive income by component:

(in thousands)						Gain on Swaps						Income tax expense						Accumulated Other Comprehensive Income, net of taxes
Balance, March 31, 2024						$	4,361					$	(1,099)					$	3,262
Net change in unrealized gain						725						(154)						571
Amounts reclassified to interest expense						(536)						108						(428)
Net current period other comprehensive income (loss)						189						(46)						143
Balance, June 30, 2024						$	4,550					$	(1,145)					$	3,405

(in thousands)						Gain on Swaps						Income tax expense						Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2023						$	2,241					$	(573)					$	1,668
Net change in unrealized gain						2,845						(680)						2,165
Amounts reclassified to interest expense						(536)						108						(428)
Net current period other comprehensive income (loss)						2,309						(572)						1,737
Balance, June 30, 2024						$	4,550					$	(1,145)					$	3,405

(in thousands)						Gain on Swaps						Income tax expense						Accumulated Other Comprehensive Income, net of taxes
Balance, March 31, 2023						$	—					$	—					$	—
Net change in unrealized gain						2,866						(739)						2,127
Balance, June 30, 2023						$	2,866					$	(739)					$	2,127

(in thousands)						Gain on Swaps						Income tax expense						Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2022						$	—					$	—					$	—
Net change in unrealized gain						2,866						(739)						2,127
Balance, June 30, 2023						$	2,866					$	(739)					$	2,127

The Company files U.S. federal income tax returns and various state income tax returns. The Company is currently involved in one state income tax audit and no federal income tax audits as of June 30, 2024. The Company’s income tax returns are generally open to examination from 2020 forward and the net operating losses acquired in the acquisition of nTelos are open to examination from 2004 forward.

The effective tax rates for the three and six months ended June 30, 2024 and 2023, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items.

---

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Expected tax (benefit) expense at federal statutory			$	(3,775)					$	12					$	(4,849)					$	311
State income tax (benefit) expense, net of federal tax effect			(974)						3						(1,236)						80
Excess tax deficiency from share-based compensation and other expense, net			(451)						1,444						(141)						1,750
Income tax (benefit) expense			$	(5,200)					$	1,459					$	(6,226)					$	2,141

The Company made $7.3 million in payments and received $0.2 million in refunds for income taxes for the six months ended June 30, 2024. The Company received $25.6 million in cash refunds for income taxes for the six months ended June 30, 2023.

As discussed in Note 1, Basis of Presentation and Other Information, Shentel Broadband, a subsidiary of Shentel, issued 81,000 shares of Shentel Broadband’s Series A Preferred Stock in exchange for $81 million in cash. The Series A Preferred Stock has a par value of $0.01 per share. As of June 30, 2024, 100,000 shares of the Series A Preferred Stock were authorized for issuance and 81,000 shares of the Series A Preferred Stock were outstanding.

Shentel has applied the guidance in ASC 480‑10‑S99‑3A, “SEC Staff Announcement: Classification and Measurement of Redeemable Securities”, and has therefore classified the Series A Preferred Stock outside of shareholders’ equity on the Company’s unaudited condensed consolidated balance sheets because the shares contain liquidation features that are not solely within the Company's control. The Series A Preferred Stock was recorded at its fair value on the date of issuance, net of $1.6 million of issuance costs. The Company does not adjust the carrying value of the Series A Preferred Stock to the liquidation preference of such shares because of the uncertainty of whether or when a liquidation event would occur. Subsequent adjustments to increase the carrying value to the liquidation preferences will be made only when it becomes probable that such a liquidation event will occur. Furthermore, the Company classifies the Series A Preferred Stock as redeemable noncontrolling interest due to the fact that the Series A Preferred Stock is issued by its subsidiary, Shentel Broadband.

As discussed in Note 1, Basis of Presentation and Other Information, the Company must pay either a cash or PIK Dividend related to the Series A Preferred Stock on a quarterly basis. The first dividend was issued as a PIK Dividend on July 15, 2024. The PIK Dividend resulted in a $1.4 million increase in the liquidation preference of the Series A Preferred Stock.

As described in Note 1, Basis of Presentation and Other Information, the Series A Preferred Stock is exchangeable at the option of the Investor or Shentel in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share. As of June 30, 2024, the Series A Preferred Stock was exchangeable for 3,306,122 shares of Common Stock.

Activity related to the Company’s restricted stock units (“RSUs”), which includes the Company’s RSUs and performance stock units (“PSUs”), was as follows:

(in thousands, except weighted average grant price)			Number of Shares						Weighted Average Grant Price
Outstanding awards, December 31, 2023			825						$	21.16
Granted			390						$	20.21
Vested			(284)						$	21.93
Adjustments for PSU performance			(44)						$	19.31
Forfeited			(1)						$	20.83
Outstanding awards, June 30, 2024			886						$	20.63

The total fair value of RSUs vested was $5.5 million during the six months ended June 30, 2024.

---

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:

(in thousands, except weighted average grant price)			Number of Shares						Weighted Average Grant Price
Outstanding awards, December 31, 2023			293						$	25.80
Granted			136						$	22.30
Vested			—						$	—
Forfeited			—						$	—
Outstanding awards, June 30, 2024			429						$	24.69

Stock-based compensation expense was as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Stock compensation expense			$	2,538					$	2,878					$	6,673					$	6,730
Capitalized stock compensation			(268)						(275)						(437)						(410)
Stock compensation expense, net			$	2,270					$	2,603					$	6,236					$	6,320

As of June 30, 2024, there was $12.0 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.5 years.

---

The following table indicates the computation of basic and diluted earnings (loss) per share:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands, except per share amounts)			2024						2023						2024						2023
Calculation of net (loss) income per share:
Loss from continuing operations			$	(12,773)					$	(1,400)					$	(16,863)					$	(658)
Total (loss) income from discontinued operations, net of tax			(99)						3,190						218,687						4,514
Net (loss) income			$	(12,872)					$	1,790					$	201,824					$	3,856
Basic weighted average shares outstanding			54,730						50,366						52,620						50,330
Basic - Loss from continuing operations			$	(0.24)					$	(0.03)					$	(0.32)					$	(0.01)
Basic - (Loss) income from discontinued operations, net of tax			—						0.07						4.16						0.09
Basic net (loss) income per share			$	(0.24)					$	0.04					$	3.84					$	0.08
Effect of dilutive instruments outstanding:
Basic weighted average shares outstanding			54,730						50,366						52,620						50,330
Effect from dilutive shares and options outstanding			—						—						—						—
Diluted weighted average shares outstanding			54,730						50,366						52,620						50,330
Diluted - Loss from continuing operations			$	(0.24)					$	(0.03)					$	(0.32)					$	(0.01)
Diluted - (Loss) income from discontinued operations, net of tax			—						0.07						4.16						0.09
Diluted net (loss) income per share			$	(0.24)					$	0.04					$	3.84					$	0.08

As discussed in Note 12, Redeemable Noncontrolling Interest, no PIK Dividends were declared or paid during the three and six months ended June 30, 2024 and 2023; therefore, no income has been attributed to redeemable noncontrolling interest for purposes of calculating basic net income per share.

The Company determines the dilutive impact of equity awards and the Series A Preferred Stock (on an as-converted basis) by applying the treasury stock method and the if-converted method, respectively. There were approximately 392,000 and 444,000 potentially dilutive equity awards during the three and six months ended June 30, 2024, respectively; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods. There were also approximately 3,306,000 potentially dilutive shares related to the Series A Preferred Stock (on an as-converted basis) during both the three and six months ended June 30, 2024; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods. There were approximately 327,000 and 239,000 potentially dilutive equity awards during the three and six months ended June 30, 2023, respectively; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods.

During the six months ended June 30, 2024, Shentel was awarded an additional grant of $0.6 million to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences.

The Company recognizes grant receivables at the time it becomes probable that the Company will be eligible to receive the grant, which is estimated to correspond with the date when specified build-out milestones are achieved. As a result of these programs, the Company received $5.0 million and $7.7 million in cash reimbursements during the three and six months ended June 30, 2024 and had approximately $2.8 million and $1.9 million in accounts receivable as of June 30, 2024 and December 31, 2023, respectively. The Company did not recognize any material amounts under these programs during the six months ended June 30, 2023.

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Prior to the Horizon Transaction, Horizon entered into agreements with the Department of Development in Ohio under the state’s Ohio Residential Broadband Expansion program. As part of these agreements, Horizon committed to expand its broadband network resulting in total project costs of $57.4 million, with government matching grants totaling $30.1 million. Approximately $18.0 million of the grant was paid to Horizon up-front, while the remainder will be paid upon the achievement of specified milestones. Shentel assumed these agreements as a result of the Horizon Transaction and is therefore obligated under these programs to continue the build-out of this network. If Shentel fails to complete the build-out, Shentel may be required to repay a portion or all of the grant that Horizon received prior to the acquisition. Consequently, the portion of the up-front grant payment associated with unfulfilled obligations is recorded in other liabilities in the Company’s unaudited condensed consolidated balance sheets. Consistent with Shentel’s existing policy for accounting for government grants, the Company reclassifies amounts from other liabilities to reduce the related property, plant and equipment as the Company fulfills its obligations under this grant program. As of June 30, 2024, $14.8 million of this liability remained in other liabilities. Horizon was also granted $27.5 million by the NTIA under its Middle Mile Grant Program. This grant was awarded post-acquisition during the three months ended June 30, 2024.

We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 8, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2027.

As discussed in Note 1, Basis of Presentation and Other Information above, the Tower Transaction represented a strategic shift in the Company’s business and the Tower Portfolio has been reclassified as a discontinued operation. As a result, for all periods presented, the assets and liabilities that transferred in the Tower Transaction disposal group are presented as held for sale in the Company’s unaudited condensed consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of comprehensive (loss) income and unaudited condensed consolidated statements of cash flows.

---

The carrying amounts of the major classes of assets and liabilities, classified as held for sale in the unaudited condensed consolidated balance sheets, were as follows:

(in thousands)									December 31, 2023
ASSETS
Property, plant and equipment, net									$	29,162
Operating lease right-of-use assets									37,616
Deferred charges and other assets									2,137
Noncurrent assets held for sale									$	68,915
LIABILITIES
Accrued liabilities and other current liabilities									$	3,602
Current liabilities held for sale									$	3,602
Deferred income taxes									$	2,483
Asset retirement obligations									9,516
Non-current operating lease liabilities									41,173
Other liabilities									3,524
Noncurrent liabilities held for sale									$	56,696

(Loss) income from discontinued operations, net of tax in the unaudited condensed consolidated statements of comprehensive (loss) income consist of the following for the periods:

(in thousands)						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Service revenue and other						$	—					$	4,753					$	4,542					$	9,329
Operating expenses:
Cost of services						—						1,379						1,059						2,571
Selling, general and administrative						—						349						572						799
Depreciation and amortization						—						538						222						1,051
Total operating expenses						—						2,266						1,853						4,421
Operating income						—						2,487						2,689						4,908
Other income:
Gain on sale of disposition of Tower Portfolio						—						—						294,250						—
Other expense						(129)						—						(129)						—
(Loss) income before income taxes						(129)						2,487						296,810						4,908
Income tax (benefit) expense						(30)						(703)						78,123						394
(Loss) income from discontinued operations, net of tax						$	(99)					$	3,190					$	218,687					$	4,514

Consummation of the sale triggered the recognition of approximately $4.4 million of incremental transaction costs during the six months ended June 30, 2024, for contingent deal advisory fees and legal expenses, which are netted against the gain on sale of disposition of Tower Portfolio.

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v3.24.2.u1

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-09881
Entity Registrant Name	SHENANDOAH TELECOMMUNICATIONS COMPANY
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1162807
Entity Address, Address Line One	500 Shentel Way
Entity Address, City or Town	Edinburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22824
City Area Code	540
Local Phone Number	984-4141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	SHEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		54,572,498
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000354963
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.24.2.u1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 43,779	$ 139,255
Accounts receivable, net of allowance for credit losses of $1,333 and $886, respectively	29,639	19,782
Income taxes receivable	5,537	4,691
Prepaid expenses and other	20,567	11,782
Current assets held for sale	0	561
Total current assets	99,522	176,071
Investments	15,135	13,198
Property, plant and equipment, net	1,337,252	850,337
Goodwill and intangible assets, net	169,489	81,123
Operating lease right-of-use assets	20,444	13,024
Deferred charges and other assets	14,491	11,561
Non-current assets held for sale	0	68,915
Total assets	1,656,333	1,214,229
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	8,726	7,095
Accounts payable	57,725	53,546
Advanced billings and customer deposits	14,928	12,394
Accrued compensation	12,308	11,749
Current operating lease liabilities	3,138	2,222
Accrued liabilities and other	15,264	7,747
Current liabilities held for sale	0	3,602
Total current liabilities	112,089	98,355
Long-term debt, less current maturities, net of unamortized loan fees	288,570	292,804
Other long-term liabilities:
Deferred income taxes	186,305	85,664
Benefit plan obligations	4,971	3,943
Non-current operating lease liabilities	11,431	7,185
Other liabilities	40,505	16,912
Non-current liabilities held for sale	0	56,696
Total other long-term liabilities	243,212	170,400
Commitments and contingencies (Note 15)
Temporary equity:
Redeemable noncontrolling interest	79,380	0
Shareholders’ equity:
Common stock, no par value, authorized $96,000; $54,572 and $50,272 issued and outstanding at June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid in capital	143,784	66,933
Retained earnings	785,893	584,069
Accumulated other comprehensive income, net of taxes	3,405	1,668
Total shareholders’ equity	933,082	652,670
Total liabilities, temporary equity and shareholders’ equity	$ 1,656,333	$ 1,214,229

v3.24.2.u1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,333	$ 886
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	54,572,000	50,272,000
Common stock, shares, outstanding (in shares)	54,572,000	50,272,000

v3.24.2.u1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service revenue and other [Member]	Service revenue and other [Member]	Service revenue and other [Member]	Service revenue and other [Member]
Service revenue and other	$ 85,799	$ 66,644	$ 155,047	$ 133,809
Operating expenses:
Cost of services exclusive of depreciation and amortization	34,541	24,753	60,526	50,183
Selling, general and administrative	30,239	25,041	58,217	51,069
Integration and acquisition	11,325	301	11,943	432
Impairment expense	0	836	0	1,020
Depreciation and amortization	25,579	15,831	43,022	30,916
Total operating expenses	101,684	66,762	173,708	133,620
Operating (loss) income	(15,885)	(118)	(18,661)	189
Other (expense) income:
Interest expense	(3,996)	(905)	(8,072)	(1,297)
Other income, net	1,908	1,082	3,644	2,591
(Loss) income from continuing operations before income taxes	(17,973)	59	(23,089)	1,483
Income tax (benefit) expense	(5,200)	1,459	(6,226)	2,141
Loss from continuing operations	(12,773)	(1,400)	(16,863)	(658)
Discontinued operations:
(Loss) income from discontinued operations, net of tax	(99)	3,190	1,882	4,514
Gain on the sale of discontinued operations, net of tax	0	0	216,805	0
Total (loss) income from discontinued operations, net of tax	(99)	3,190	218,687	4,514
Net (loss) income	(12,872)	1,790	201,824	3,856
Other comprehensive income:
Gain on interest rate hedge, net of tax	143	2,127	1,737	2,127
Comprehensive (loss) income	$ (12,729)	$ 3,917	$ 203,561	$ 5,983
Net (loss) income per share, basic and diluted:
Basic - Loss from continuing operations (in dollars per share)	$ (0.24)	$ (0.03)	$ (0.32)	$ (0.01)
Diluted - Loss from continuing operations (in dollars per share)	(0.24)	(0.03)	(0.32)	(0.01)
Basic - Income from discontinued operations, net of tax (in dollars per share)	0	0.07	4.16	0.09
Diluted - (Loss) income from discontinued operations, net of tax (in dollars per share)	0	0.07	4.16	0.09
Basic net (loss) income per share (in dollars per share)	(0.24)	0.04	3.84	0.08
Diluted net (loss) income per share (in dollars per share)	$ (0.24)	$ 0.04	$ 3.84	$ 0.08
Weighted average shares outstanding, basic (in shares)	54,730	50,366	52,620	50,330
Weighted average shares outstanding, diluted (in shares)	54,730	50,366	52,620	50,330

v3.24.2.u1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares of Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2022	0
Beginning balance at Dec. 31, 2022	$ 0
Ending balance (in shares) at Jun. 30, 2023	0
Ending balance at Jun. 30, 2023	$ 0
Beginning balance (in shares) at Dec. 31, 2022		50,110,000
Beginning balance at Dec. 31, 2022	638,007		$ 57,453	$ 580,554	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	3,856			3,856
Stock based compensation (in shares)		220,000
Stock-based compensation	6,730		6,730
Common stock issued (in shares)		1,000
Common stock issued	22		22
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(67,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,317)		(1,317)
Gain on interest rate hedge, net of tax	2,127				2,127
Ending balance (in shares) at Jun. 30, 2023		50,264,000
Ending balance at Jun. 30, 2023	$ 649,425		62,888	584,410	2,127
Beginning balance (in shares) at Mar. 31, 2023	0
Beginning balance at Mar. 31, 2023	$ 0
Ending balance (in shares) at Jun. 30, 2023	0
Ending balance at Jun. 30, 2023	$ 0
Beginning balance (in shares) at Mar. 31, 2023		50,247,000
Beginning balance at Mar. 31, 2023	642,780		60,160	582,620	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	1,790			1,790
Stock based compensation (in shares)		24,000
Stock-based compensation	2,878		2,878
Common stock issued	11		11
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(7,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(161)		(161)
Gain on interest rate hedge, net of tax	2,127				2,127
Ending balance (in shares) at Jun. 30, 2023		50,264,000
Ending balance at Jun. 30, 2023	$ 649,425		62,888	584,410	2,127
Beginning balance (in shares) at Dec. 31, 2023	0
Beginning balance at Dec. 31, 2023	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable noncontrolling interest (in shares)	81,000
Issuance of redeemable noncontrolling interest	$ 79,380
Ending balance (in shares) at Jun. 30, 2024	81,000
Ending balance at Jun. 30, 2024	$ 79,380
Beginning balance (in shares) at Dec. 31, 2023	50,272,000	50,272,000
Beginning balance at Dec. 31, 2023	$ 652,670		66,933	584,069	1,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	201,824			201,824
Stock based compensation (in shares)		285,000
Stock-based compensation	6,673		6,673
Common stock issued (in shares)		4,100,000
Common stock issued	71,849		71,849
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(85,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,671)		(1,671)
Gain on interest rate hedge, net of tax	$ 1,737				1,737
Ending balance (in shares) at Jun. 30, 2024	54,572,000	54,572,000
Ending balance at Jun. 30, 2024	$ 933,082		143,784	785,893	3,405
Beginning balance (in shares) at Mar. 31, 2024	0
Beginning balance at Mar. 31, 2024	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable noncontrolling interest (in shares)	81,000
Issuance of redeemable noncontrolling interest	$ 79,380
Ending balance (in shares) at Jun. 30, 2024	81,000
Ending balance at Jun. 30, 2024	$ 79,380
Beginning balance (in shares) at Mar. 31, 2024		50,447,000
Beginning balance at Mar. 31, 2024	871,643		69,616	798,765	3,262
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(12,872)			(12,872)
Stock based compensation (in shares)		37,000
Stock-based compensation	2,538		2,538
Common stock issued (in shares)		4,100,000
Common stock issued	71,845		71,845
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(12,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(215)		(215)
Gain on interest rate hedge, net of tax	$ 143				143
Ending balance (in shares) at Jun. 30, 2024	54,572,000	54,572,000
Ending balance at Jun. 30, 2024	$ 933,082		$ 143,784	$ 785,893	$ 3,405

v3.24.2.u1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ 201,824	$ 3,856
Income from discontinued operations, net of tax	218,687	4,514
Loss from continuing operations	(16,863)	(658)
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of business acquisition
Depreciation and amortization	43,022	30,916
Stock-based compensation expense, net of amount capitalized	6,236	6,320
Impairment expense	0	1,020
Deferred income taxes	(6,226)	2,860
Provision for credit losses	1,266	1,141
Other, net	150	(313)
Changes in assets and liabilities:
Accounts receivable	965	4,499
Current income taxes	234	25,108
Operating lease assets and liabilities, net	(233)	73
Other assets	(3,354)	2,233
Accounts payable	(1,140)	(3,012)
Other deferrals and accruals	(882)	(6,696)
Net cash provided by operating activities - continuing operations	23,175	63,491
Net cash (used in) provided by operating activities - discontinued operations	(5,476)	6,309
Net cash provided by operating activities	17,699	69,800
Cash flows from investing activities:
Capital expenditures	(150,914)	(135,261)
Government grants received	7,653	110
Cash disbursed for acquisition, net of cash acquired	(347,411)	0
Proceeds from sale of assets and other	1,715	508
Net cash used in investing activities - continuing operations	(488,957)	(134,643)
Net cash provided by (used in) investing activities - discontinued operations	305,827	(1,007)
Net cash used in investing activities	(183,130)	(135,650)
Cash flows from financing activities:
Principal payments on long-term debt	(2,618)	0
Proceeds from credit facility borrowings	0	50,000
Payments for debt amendment costs	(4,390)	(300)
Proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid	79,380	0
Taxes paid for equity award issuances	(1,671)	(1,317)
Payments for financing arrangements and other	(746)	(290)
Net cash provided by financing activities	69,955	48,093
Net decrease in cash and cash equivalents	(95,476)	(17,757)
Cash and cash equivalents, beginning of period	139,255	44,061
Cash and cash equivalents, end of period	43,779	26,304
Supplemental Disclosures of Cash Flow Information
Interest paid, net of amounts capitalized	(6,526)	(841)
Income tax (paid) refunds received, net	$ (7,085)	$ 25,481

v3.24.2.u1

Basis of Presentation and Other Information	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Information	Basis of Presentation and Other Information Shenandoah Telecommunications Company and its subsidiaries (collectively, “Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and hybrid fiber coaxial cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel’s Broadband business also provides voice and DSL telephone services as a Rural Local Exchange Carrier (“RLEC”) to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. These integrated networks are connected by a fiber network. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an on-going basis we evaluate significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, impairment of goodwill and indefinite-lived intangible assets, intangible assets subject to amortization, the computation of income taxes and the fair value of interest rate swaps. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. Horizon Transaction On April 1, 2024 (the “Closing Date”), Shentel completed its previously announced acquisition of Horizon Acquisition Parent LLC, a Delaware limited liability company (“Horizon”), pursuant to the terms of an Agreement and Plan of Merger, dated October 24, 2023, by and among Shentel, Horizon, the sellers set forth on the signature pages thereto (each, a “Seller” and collectively, the “Sellers”) and the other parties thereto (as amended by the First Amendment to Agreement and Plan of Merger, dated April 1, 2024, the “Merger Agreement”). Subject to the terms and conditions of the Merger Agreement, on the Closing Date, Shentel acquired 100% of the outstanding equity interests of Horizon in exchange for (i) issuing 4,100,375 shares of Shentel’s common stock, no par value (“Common Stock”), to an investment fund managed by affiliates of GCM Grosvenor, which is one of the Sellers (the “Selling Shareholder”); and (ii) paying $305 million in cash consideration to the other Sellers and certain third parties, including Horizon’s existing lenders to discharge debt (collectively, the “Horizon Transaction”). Cash consideration paid also included purchase price adjustments for capital expenditure reimbursements and working capital subject to subsequent adjustments as defined in the merger agreement. The Selling Shareholder agreed to an investor rights agreement with the Company that includes among other provision, a one year lockup period for the shares of Common Stock received. Horizon is a leading commercial fiber provider in Ohio and adjacent states serving national wireless providers, carriers, enterprises, and government, education and healthcare customers. The acquisition of Horizon will allow Shentel to advance its fiber expansion strategy by doubling the size of the Company’s commercial fiber business and adding new expansion markets for its Glo Fiber business. Refer to Note 2, Acquisition of Horizon, for more information regarding the Horizon Transaction and its impact on the Company’s financial statements. Series A Preferred Stock Contemporaneously with the execution of the Merger Agreement, on October 24, 2023, Shentel and Shentel Broadband Holding Inc., a wholly-owned subsidiary of Shentel (“Shentel Broadband”), entered into an investment agreement (the “Investment Agreement”) with ECP Fiber Holdings, LP, a Delaware limited partnership (“ECP Investor”), and, solely for the limited purposes set forth therein, Hill City Holdings, LP, a Delaware limited partnership affiliated with ECP Investor. Subject to the terms and conditions set forth in the Investment Agreement, on the Closing Date, Shentel Broadband issued to ECP Investor 81,000 shares of Shentel Broadband’s 7% Series A Participating Exchangeable Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), at a purchase price of $1,000 per share in exchange for $81 million in cash. The Series A Preferred Stock is exchangeable at the option of the Investor in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share (as it may be adjusted pursuant to the terms of the Investment Agreement, the “Exchange Price”). As a condition to closing the transactions contemplated by the Investment Agreement and Amendment No. 3 to the Credit Agreement, Shentel completed a corporate reorganization of Shentel’s subsidiaries (the “Reorganization”). As a result of the Reorganization effected on the Closing Date, Shentel Broadband Operations LLC, a wholly-owned subsidiary of Shentel Broadband, holds or has equity interest in substantially all of the operating assets of Shentel and was assigned and assumed the Credit Agreement. On the Closing Date, Shentel Broadband filed a certificate of designations with the Secretary of State of the State of Delaware authorizing 100,000 shares of Series A Preferred Stock and setting forth the powers, designations, preferences, rights, qualifications, limitations and restrictions of the Series A Preferred Stock (the “Certificate of Designations”). The Series A Preferred Stock ranks senior to Shentel’s Common Stock with respect to the payment of dividends and with respect to the distribution of assets upon Shentel Broadband’s liquidation, dissolution or winding up. Dividends on the Series A Preferred Stock accrue at 7% per annum compounded and payable quarterly in arrears, and, at Shentel’s option, may be paid in cash or in kind (such dividends paid in kind, “PIK Dividends”). The PIK Dividend rate is subject to increase to 8.5% and 10% after the fifth and seventh anniversaries of the Closing Date, respectively, to the extent any dividends accrued during the period from and including such anniversary dates are paid in the form of PIK Dividends. Beginning two years after the Closing Date, Shentel may require the Investor to exchange the Series A Preferred Stock for shares of Common Stock if the price per share of the Common Stock exceeds 125% of the Exchange Price, subject to certain conditions. After five years, Shentel may redeem all of the Series A Preferred Stock for the greater of (i) $1,000 per share, plus (a) any accrued PIK Dividend amount and (b) accrued and unpaid dividends to, but excluding the redemption date (to the extent such accrued and unpaid dividends are not included in such PIK Dividend amount), and (ii) the value of the shares of Common Stock for which such Series A Preferred Stock are exchangeable. Under the terms of the Investment Agreement, the Investor has the right to nominate a director to the Board so long as the Investor beneficially owns at least 7.5% of Shentel’s outstanding Common Stock (including on an as exchanged basis with respect to the Series A Preferred Stock). So long as the Investor beneficially owns at least 7.5% of Shentel’s outstanding Common Stock (including on an as exchanged basis with respect to the Series A Preferred Stock), the Investor is subject to certain standstill provisions and voting covenants and has certain other rights with respect to the shares of Series A Preferred Stock, including, among others, pre-emptive, information and participation rights. The shares of Series A Preferred Stock are subject to a lock-up until the first anniversary of the Closing Date and are subject to certain other transfer restrictions. Refer to Note 12, Redeemable Noncontrolling Interest, for more information regarding the Series A Preferred Stock and its impact on the Company’s financial statements. Amendment No. 3 to Credit Agreement On April 1, 2024, Shentel entered into Amendment No. 3 to Credit Agreement, Incremental Term Loan Funding Agreement, Joinder and Assignment and Assumption (the “Third Amendment”) to its existing Credit Agreement, dated as of July 1, 2021, with various financial institutions party thereto (the “Lenders”) and CoBank, ACB, as administrative agent for the Lenders (as previously amended by Amendment No. 1 to Credit Agreement, dated as of May 17, 2023, and Consent and Amendment No. 2 to Credit Agreement, dated October 24, 2023, the “Credit Agreement”). The Third Amendment provides for, among other things, incremental delay draw term loan commitments under the Credit Agreement in an aggregate amount equal to $225 million and an increase in the revolving commitment under the Credit Agreement in an amount equal to $50 million. Refer to Note 9, Debt, for more information regarding the Credit Agreement. Sale of Shentel’s Tower Portfolio On March 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company, completed the initial closing of its previously disclosed sale of substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC for $309.9 million (the “Tower Transaction”). The Company received $305.8 million, net of certain transaction costs at the time of the initial closing. At the initial close, the Company conveyed sites representing approximately 99.5% of the tower portfolio value. The Company expects to convey the remaining tower sites in the portfolio by the end of March 2025. The Tower Transaction was completed pursuant to the terms of a Purchase and Sale Agreement, dated February 29, 2024, as amended by Amendment No. 1 to the Purchase and Sale Agreement, dated March 29, 2024. The Tower Portfolio represented substantially all of the assets and operations in Shentel’s previously reported Tower Reporting Segment and the Tower Transaction represented a strategic shift in the Company’s business. Consequently, the Tower Portfolio has been reclassified as a discontinued operation. For all periods presented, the assets and liabilities that transferred in the Tower Transaction (the “disposal group”) are presented as held for sale in our unaudited condensed consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of comprehensive (loss) income and unaudited condensed consolidated statements of cash flows. Refer to Note 16, Discontinued Operations, for more information regarding the presentation of the disposal group in the Company’s financial statements. As a result of the sale of the Tower Portfolio, the Company has one reportable segment. Consequently, segment reporting previously disclosed is no longer applicable. Adoption of New Accounting Standards There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2023, that would be expected to impact the Company.

v3.24.2.u1

Acquisition of Horizon	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Acquisition of Horizon	Acquisition of Horizon The Company accounted for the Horizon Transaction under the acquisition method of accounting, in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 805, “Business Combinations”. Under the acquisition method of accounting, the total purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed in connection with the acquisition based on their estimated fair values. Fair values are determined using the income approach, market approach and/or cost approach depending on the nature of the asset or liability being valued and the reliability of available information. The income approach estimates fair value by discounting associated lifetime expected future cash flows to their present value and relies on significant assumptions regarding future revenues, expenses, working capital levels and discount rates. The market approach estimates fair value by analyzing recent actual market transactions for similar assets or liabilities. The cost approach estimates fair value based on the expected cost to replace or reproduce the asset or liability and relies on assumptions regarding the occurrence and extent of any physical, functional and/or economic obsolescence. The total purchase price used to apply the acquisition method was $416.2 million, which consisted of $349.4 million of cash consideration paid and $71.8 million of common stock, representing the fair value of 4,100,375 shares of Shentel’s common stock issued to a selling shareholder of Horizon. The fair value of Shentel’s common stock issued was determined on the basis of the opening market price of the common stock on the acquisition date. The purchase price is subject to adjustment for certain working capital adjustments and post-closing indemnities. The cash consideration paid was primarily financed with proceeds from the sale of Shentel’s Tower Portfolio and cash on-hand. The allocation of the purchase price was based upon management’s preliminary valuation of the fair values of tangible and intangible assets acquired and liabilities assumed in the Horizon Transaction, with the excess recorded as goodwill. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. The fair value of acquired identifiable assets and liabilties, including but not limited to, property, plant and equipment, intangible assets, operating lease right-of-use assets, deferred tax liabilities, and non-current operating lease liabilities, and the resulting impact on goodwill recognized, are provisional pending receipt of the final valuations for these balances. (in thousands) Amount Current and other assets $ 10,465  Property, plant and equipment 386,045  Goodwill 74,630  Intangible assets 14,249  Operating lease right-of-use assets 6,631  Other long-term assets 1,843  Total assets acquired 493,863  Current liabilities $ 15,187  Deferred tax liabilities 32,218  Non-current operating lease liabilities 3,778  Government grant liabilities 16,348  Other long-term liabilities 10,138  Total liabilities assumed 77,669  Net assets acquired $ 416,194  Finalization of the purchase price allocations is dependent on final review and acceptance of the independent appraiser’s valuation report. Current and other assets acquired include $6.1 million of accounts receivable, net of allowance for credit losses of $0.3 million. Intangible assets acquired primarily relate to customer relationships. The customer relationships are valued using the cost approach to determine the cost that would be incurred to replace these assets. These represent finite-lived intangibles which are being amortized over the assets’ useful lives, which is estimated to be ten years. The Company has included the results of the operations of Horizon for financial reporting purposes for the period subsequent to the date of acquisition. In connection with the acquisition, Shentel incurred acquisition-related costs of $6.7 million and $7.1 million related to banking, legal, accounting, and other similar services for the three and six months ended June 30, 2024, respectively. Shentel also incurred severance costs for employees who will not be retained permanently. These costs are recorded as integration and acquisition expenses in the Company’s unaudited condensed consolidated statements of comprehensive (loss) income. Horizon’s revenue of $16.7 million and loss before income taxes of $7.4 million for the three months ended June 30, 2024 are included in Shentel’s unaudited condensed consolidated statements of comprehensive (loss) income for both the three and six months ended June 30, 2024. The unaudited pro forma results of the Company, as if the Horizon Transaction had occurred on January 1, 2023, are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating revenues N/A $ 83,164  $ 170,876  $ 166,740  Loss before income taxes N/A $ (3,952) $ (26,911) $ (7,116) The pro forma disclosures shown above are based upon estimated preliminary valuations of the assets acquired and liabilities assumed as well as preliminary estimates of depreciation and amortization charges thereon, that may differ from the final fair values of the acquired assets and assumed liabilities and the resulting depreciation and amortization charges thereon. Other pro forma adjustments include the following: •historical depreciation expense was adjusted for the fair value adjustment increasing the basis of property, plant and equipment; this decrease was offset by a shorter estimated useful life to conform to the Company’s standard policy and the acceleration of depreciation on certain equipment; •incremental amortization due to the customer-based contract rights associated with acquired customers; and •removal of Horizon’s interest expense and amortization of deferred financing fees due to the repayment of the outstanding principal of Horizon’s debt.

v3.24.2.u1

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company’s revenues by activity type are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Residential & SMB - Incumbent Broadband Markets1 $ 44,960  $ 44,403  $ 89,330  $ 89,159  Residential & SMB - Glo Fiber Expansion Markets2 14,093  8,164  26,211  15,167  Commercial Fiber 19,921  10,253  29,298  21,951  RLEC & Other 6,825  3,824  10,208  7,532  Service revenue and other $ 85,799  $ 66,644  $ 155,047  $ 133,809  _______________________________________________________ 1.Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings. 2.Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and former Horizon markets. Shentel updated the description for revenues previously reported as “Residential & SMB - Cable Markets” to “Residential & SMB - Incumbent Broadband Markets” and updated the description for revenues previously reported as “Residential & SMB - Glo Fiber Markets” to “Residential & SMB - Glo Fiber Expansion Markets.” Contract Assets The Company’s contract assets primarily include commissions incurred to acquire contracts with customers. The Company incurs commission expenses related to in-house and third-party vendors which are capitalized and amortized over the expected customer benefit period which is approximately six years. The Company’s current contract assets are included in prepaid expenses and other and the Company’s non-current contract assets are included in deferred charges and other assets in its unaudited condensed consolidated balance sheets. Amortization of capitalized commission expenses is recorded in selling, general and administrative expenses in the Company’s unaudited condensed consolidated statements of comprehensive (loss) income. The following tables present the activity of current and non-current contract assets: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Beginning Balance $ 8,767  $ 8,756  $ 8,633  $ 8,646  Commission payments 1,564  793  2,415  1,684  Contract asset amortization (986) (807) (1,703) (1,588) Ending Balance $ 9,345  $ 8,742  $ 9,345  $ 8,742  Contract Liabilities The Company’s contract liabilities include services that are billed in advance and recorded as deferred revenue, as well as installation fees that are charged upfront without transfer of commensurate goods or services to the customer. The Company’s current contract liabilities are included in advanced billings and customer deposits in its unaudited condensed consolidated balance sheets and the Company’s non-current contract liabilities are included in other liabilities in its unaudited condensed consolidated balance sheets. Shentel’s current contract liability balances were $11.7 million and $10.0 million at June 30, 2024 and December 31, 2023, respectively. Shentel’s non-current contract liability balances were $4.2 million and $1.0 million as of June 30, 2024 and December 31, 2023, respectively. Shentel expects its current contract liability balances to be recognized as revenues during the twelve-month periods following the respective balance sheet dates and its non-current contract liability balances to be recognized as revenues after the twelve-month periods following the respective balance sheet dates.

v3.24.2.u1

Investments	6 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Investments	Investments Investments consist of the following: (in thousands) June 30, 2024 December 31, 2023 SERP investments at fair value $ 2,451  $ 2,290  Cost method investments 12,451  10,675  Equity method investments 233  233  Total investments $ 15,135  $ 13,198  SERP investments at fair value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $11.8 million and $10.1 million at June 30, 2024 and December 31, 2023, respectively. Shentel recognized approximately $0.4 million and $0.2 million of patronage income in other income for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.7 million and $0.3 million during the six months ended June 30, 2024 and 2023, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2024. Prior to the Horizon Transaction, Horizon held a $1.6 million investment in CoBank’s Class A common stock. Consequently, the value of Shentel’s investment in CoBank increased by a corresponding amount as a result of the Horizon Transaction.

v3.24.2.u1

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consist of the following:   ($ in thousands) Estimated Useful Lives June 30, 2024 December 31, 2023 Land $ 4,514  $ 3,671  Land improvements 10 years 4,448  4,448  Buildings and structures 10 - 45 years 51,827  42,871  Cable and fiber 12 - 30 years 1,174,670  799,612  Equipment and software 4 - 12 years 407,291  331,595  Plant in service   1,642,750  1,182,197  Plant under construction   213,027  145,623  Total property, plant and equipment   1,855,777  1,327,820  Less: accumulated depreciation and amortization (518,525) (477,483) Property, plant and equipment, net   $ 1,337,252  $ 850,337  Property, plant and equipment, net increased due primarily to capital expenditures driven by the Company’s Glo Fiber market expansion and assets acquired as a result of the Horizon Transaction. The Company’s accounts payable as of June 30, 2024 and December 31, 2023 included amounts associated with capital expenditures of approximately $54.6 million and $51.1 million, respectively. Depreciation and amortization expense was $25.1 million and $15.6 million during the three months ended June 30, 2024 and 2023, respectively, and $42.4 million and $30.7 million during the six months ended June 30, 2024 and 2023, respectively.

v3.24.2.u1

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets consist of the following:   June 30, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization and Other Net Gross Carrying Amount Accumulated Amortization and Other Net Goodwill $ 77,874  $ —  $ 77,874  $ 3,244  $ —  $ 3,244  Indefinite-lived intangibles: Cable franchise rights 64,334  —  64,334  64,334  —  64,334  FCC Spectrum licenses 12,122  —  12,122  12,122  —  12,122  Railroad crossing rights and other 528  —  528  217  —  217  Total indefinite-lived intangibles 76,984  —  76,984  76,673  —  76,673  Finite-lived intangibles: Subscriber relationships 42,447  (27,951) 14,496  28,425  (27,370) 1,055  Other intangibles 510  (375) 135  510  (359) 151  Total finite-lived intangibles 42,957  (28,326) 14,631  28,935  (27,729) 1,206  Total goodwill and intangible assets $ 197,815  $ (28,326) $ 169,489  $ 108,852  $ (27,729) $ 81,123  Shentel recognized $74.6 million of goodwill, $14.0 million of subscriber relationships and $0.2 million of other intangible assets as a result of the Horizon Transaction. The goodwill recognized primarily consists of synergies expected from combining the operations of Horizon and Shentel and intangible assets acquired that do not qualify for separate recognition, including an assembled workforce. None of the goodwill recognized is expected to be deductible for income tax purposes. Amortization expense was $0.5 million and $0.1 million during the three months ended June 30, 2024 and 2023, respectively, and $0.6 million and $0.2 million during the six months ended June 30, 2024 and 2023, respectively.

v3.24.2.u1

Other Assets and Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Assets and Accrued Liabilities	Other Assets and Accrued Liabilities Prepaid expenses and other, classified as current assets, included the following: (in thousands) June 30, 2024 December 31, 2023 Prepaid maintenance expenses $ 7,893  $ 5,157  Broadband contract acquisition costs 2,977  2,675  Interest rate swaps 2,985  1,443  Other 6,712  2,507  Prepaid expenses and other $ 20,567  $ 11,782  Deferred charges and other assets, classified as long-term assets, included the following: (in thousands) June 30, 2024 December 31, 2023 Broadband contract acquisition costs $ 6,368  $ 5,958  Interest rate swaps 1,565  798  Prepaid expenses and other 6,558  4,805  Deferred charges and other assets $ 14,491  $ 11,561  Accrued liabilities and other, classified as current liabilities, included the following: (in thousands) June 30, 2024 December 31, 2023 Accrued programming costs $ 3,924  $ 3,209  Other current liabilities 11,340  4,538  Accrued liabilities and other $ 15,264  $ 7,747  Other liabilities, classified as long-term liabilities, included the following: (in thousands) June 30, 2024 December 31, 2023 Noncurrent portion of deferred lease revenue $ 23,122  $ 14,670  Government grant liabilities 14,809  —  Noncurrent portion of finance leases 1,562  1,395  Other 1,012  847  Other liabilities $ 40,505  $ 16,912

v3.24.2.u1

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business. The components of lease costs were as follows: Classification Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Finance lease cost Amortization of leased assets Depreciation $ 171  $ 119  $ 290  $ 238  Interest on lease liabilities Interest expense 24  19  43  39  Operating lease cost Operating expense1 1,104  792  1,840  1,648  Lease cost $ 1,299  $ 930  $ 2,173  $ 1,925  _________________________________________ (1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility. The following table summarizes the expected maturity of lease liabilities as of June 30, 2024: (in thousands) Operating Leases Finance Leases Total 2024 (remainder of the year) $ 1,969  $ 166  $ 2,135  2025 3,523  385  3,908  2026 2,640  314  2,954  2027 1,777  164  1,941  2028 1,487  158  1,645  2029 and thereafter 8,206  1,201  9,407  Total lease payments 19,602  2,388  21,990  Less: Interest (5,033) (518) (5,551) Present value of lease liabilities $ 14,569  $ 1,870  $ 16,439  Other information related to operating and finance leases was as follows: June 30, 2024 December 31, 2023 Operating leases Weighted average remaining lease term (years) 8.6 7.1 Weighted average discount rate 5.9  % 5.0  % Finance leases Weighted average remaining lease term (years) 9.7 12.3 Weighted average discount rate 5.3  % 5.2  % Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cash paid for operating lease liabilities $ 1,053  $ 725  $ 1,818  $ 1,602  Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) 247  194  1,984  1,687  The Company also has arrangements which generate lease revenue through operating lease agreements for the use of spare fiber capacity of its fiber network assets. Contract terms for these arrangements can range from 1 to 40 years and are billed monthly. Lease revenue from these arrangements was $1.7 million and $2.4 million for the three and six months ended June 30, 2024, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2023, respectively. These amounts are presented in service revenue and other in the Company’s unaudited condensed consolidated statements of comprehensive (loss) income. Contractual minimum rental receipts expected under the lease agreements in place as of June 30, 2024 is as follows: (in thousands) Operating Leases 2024 (remainder of the year) $ 2,721  2025 4,711  2026 3,945  2027 3,596  2028 3,418  2029 and thereafter 23,606  Total $ 41,997
Leases	Leases The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business. The components of lease costs were as follows: Classification Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Finance lease cost Amortization of leased assets Depreciation $ 171  $ 119  $ 290  $ 238  Interest on lease liabilities Interest expense 24  19  43  39  Operating lease cost Operating expense1 1,104  792  1,840  1,648  Lease cost $ 1,299  $ 930  $ 2,173  $ 1,925  _________________________________________ (1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility. The following table summarizes the expected maturity of lease liabilities as of June 30, 2024: (in thousands) Operating Leases Finance Leases Total 2024 (remainder of the year) $ 1,969  $ 166  $ 2,135  2025 3,523  385  3,908  2026 2,640  314  2,954  2027 1,777  164  1,941  2028 1,487  158  1,645  2029 and thereafter 8,206  1,201  9,407  Total lease payments 19,602  2,388  21,990  Less: Interest (5,033) (518) (5,551) Present value of lease liabilities $ 14,569  $ 1,870  $ 16,439  Other information related to operating and finance leases was as follows: June 30, 2024 December 31, 2023 Operating leases Weighted average remaining lease term (years) 8.6 7.1 Weighted average discount rate 5.9  % 5.0  % Finance leases Weighted average remaining lease term (years) 9.7 12.3 Weighted average discount rate 5.3  % 5.2  % Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cash paid for operating lease liabilities $ 1,053  $ 725  $ 1,818  $ 1,602  Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) 247  194  1,984  1,687  The Company also has arrangements which generate lease revenue through operating lease agreements for the use of spare fiber capacity of its fiber network assets. Contract terms for these arrangements can range from 1 to 40 years and are billed monthly. Lease revenue from these arrangements was $1.7 million and $2.4 million for the three and six months ended June 30, 2024, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2023, respectively. These amounts are presented in service revenue and other in the Company’s unaudited condensed consolidated statements of comprehensive (loss) income. Contractual minimum rental receipts expected under the lease agreements in place as of June 30, 2024 is as follows: (in thousands) Operating Leases 2024 (remainder of the year) $ 2,721  2025 4,711  2026 3,945  2027 3,596  2028 3,418  2029 and thereafter 23,606  Total $ 41,997
Leases	Leases The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business. The components of lease costs were as follows: Classification Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Finance lease cost Amortization of leased assets Depreciation $ 171  $ 119  $ 290  $ 238  Interest on lease liabilities Interest expense 24  19  43  39  Operating lease cost Operating expense1 1,104  792  1,840  1,648  Lease cost $ 1,299  $ 930  $ 2,173  $ 1,925  _________________________________________ (1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility. The following table summarizes the expected maturity of lease liabilities as of June 30, 2024: (in thousands) Operating Leases Finance Leases Total 2024 (remainder of the year) $ 1,969  $ 166  $ 2,135  2025 3,523  385  3,908  2026 2,640  314  2,954  2027 1,777  164  1,941  2028 1,487  158  1,645  2029 and thereafter 8,206  1,201  9,407  Total lease payments 19,602  2,388  21,990  Less: Interest (5,033) (518) (5,551) Present value of lease liabilities $ 14,569  $ 1,870  $ 16,439  Other information related to operating and finance leases was as follows: June 30, 2024 December 31, 2023 Operating leases Weighted average remaining lease term (years) 8.6 7.1 Weighted average discount rate 5.9  % 5.0  % Finance leases Weighted average remaining lease term (years) 9.7 12.3 Weighted average discount rate 5.3  % 5.2  % Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cash paid for operating lease liabilities $ 1,053  $ 725  $ 1,818  $ 1,602  Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) 247  194  1,984  1,687  The Company also has arrangements which generate lease revenue through operating lease agreements for the use of spare fiber capacity of its fiber network assets. Contract terms for these arrangements can range from 1 to 40 years and are billed monthly. Lease revenue from these arrangements was $1.7 million and $2.4 million for the three and six months ended June 30, 2024, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2023, respectively. These amounts are presented in service revenue and other in the Company’s unaudited condensed consolidated statements of comprehensive (loss) income. Contractual minimum rental receipts expected under the lease agreements in place as of June 30, 2024 is as follows: (in thousands) Operating Leases 2024 (remainder of the year) $ 2,721  2025 4,711  2026 3,945  2027 3,596  2028 3,418  2029 and thereafter 23,606  Total $ 41,997

v3.24.2.u1

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Shentel Broadband Operations LLC, an indirect wholly owned subsidiary of Shentel, has a credit agreement, dated as of July 1, 2021 (as amended by (i) Amendment No. 1 to Credit Agreement, dated as of May 17, 2023, (ii) Consent and Amendment No. 2 to Credit Agreement, dated as of October 24, 2023, and (iii) Amendment No. 3, dated as of April 1, 2024, the “Credit Agreement”), with various financial institutions party thereto (the “Lenders”) and CoBank, ACB, as administrative agent for the Lenders, which contains (i) a $150 million available revolving credit facility due June 2026 (the “Revolver”), (ii) a $150 million delayed draw amortizing term loan due June 2026 (“Term Loan A-1”), (iii) a $150 million delayed draw amortizing term loan due June 2028 (“Term Loan A-2”), and (iv) a $225 million delayed draw amortizing term loan due June 2028 (“Term Loan A-3” and collectively with Term Loan A-1 and Term Loan A-2, the “Term Loans”). The following loans were outstanding under the Credit Agreement: (in thousands) June 30, 2024 December 31, 2023 Term loan A-1 $ 148,131  $ 150,000  Term loan A-2 149,251  150,000  Total debt 297,382  300,000  Less: unamortized loan fees (86) (101) Total debt, net of unamortized loan fees $ 297,296  $ 299,899  Both Term Loan A-1 and Term Loan A-2 bore interest at one-month LIBOR plus a margin until May 2023 and now bear interest at one-month term SOFR plus a margin. The margin is variable and determined by the Company’s net leverage ratio. At June 30, 2024, Term Loan A-1 had a margin of 1.85% and Term Loan A-2 had a margin of 2.10%. Interest is paid monthly. The interest rate was 7.19% for Term Loan A-1 at June 30, 2024 and 7.44% for Term Loan A-2 at June 30, 2024. The interest rate was 6.95% for both Term Loan A-1 and Term Loan A-2 at December 31, 2023. Interest expense recorded in Shentel’s unaudited condensed consolidated statements of comprehensive (loss) income consists of the following: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Interest expense $ 6,214  $ 2,104  $ 11,597  $ 3,567  Less: capitalized interest (2,218) (1,199) (3,525) (2,270) Interest expense, net of capitalized interest $ 3,996  $ 905  $ 8,072  $ 1,297  The Credit Agreement includes various covenants, including total net leverage ratio and debt service coverage ratio financial covenants. Shentel’s Term Loans require quarterly payments based on a percentage of the outstanding balance. Based on the outstanding balance as of June 30, 2024, Term Loan A-1 required quarterly principal repayments of 0.63% from March 31, 2024 through June 30, 2024; then increasing to 1.25% quarterly from September 30, 2024 through March 31, 2026, with the remaining balance due June 30, 2026. Based on the outstanding balance as of June 30, 2024, Term Loan A-2 requires quarterly principal repayments of 0.25% from March 31, 2024 through March 31, 2028, with the remaining balance due June 30, 2028. Shentel has not made any borrowings under its Revolver or Term Loan A-3 as of June 30, 2024. In the event borrowings are made in the future, the entire outstanding principal amount borrowed against the Revolver is due June 30, 2026 and the entire outstanding principal amount borrowed against Term Loan A-3 is due July 1, 2028. The following table summarizes the expected payments of Shentel’s outstanding borrowings as of June 30, 2024: (in thousands) Amount 2024 (remainder of the year) $ 4,425  2025 8,568  2026 138,827  2027 1,450  2028 144,112  Total $ 297,382  Although no borrowings have been executed under the Revolver, Shentel has executed letter of credit arrangements totaling $7.0 million that reduce the available balance of the Revolver. The letter of credit arrangements were executed primarily pursuant to the requirements of the National Telecommunications and Information (“NTIA”) government grant program, discussed further in Note 14, Government Grants. These amounts are not considered borrowed, as no cash has been disbursed to Shentel or other parties. The Credit Agreement is fully secured by a pledge and unconditional guarantee from the Company and all of its subsidiaries, except Shenandoah Telephone Company. This provides the lenders a security interest in substantially all of the assets of the Company.

v3.24.2.u1

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging During the second quarter of 2023, Shentel entered into pay fixed (2.90%), receive variable (one-month term SOFR) interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contain monthly payment terms that became effective in May 2024, which extend through their maturity dates in June 2026. The Swaps are designated as cash flow hedges, representing 50% of the Company’s outstanding debt under Term Loan A-1 and Term Loan A-2. The Company uses the Swaps to manage its exposure to interest rate risk for its long-term variable-rate Term Loans. The Swaps were determined to be highly effective hedges and therefore all change in the fair value of the Swaps was recognized in other comprehensive income. The table below presents the fair value of the Swaps as well as their classification in the unaudited condensed consolidated balance sheets. The fair value of these instruments was estimated using an income approach and observable market inputs (Level 2): (in thousands) June 30, 2024 December 31, 2023 Balance sheet line item of derivative financial instruments: Prepaid expenses and other $ 2,985  $ 1,443  Deferred charges and other assets 1,565  798  Total derivatives designated as hedging instruments $ 4,550  $ 2,241  The table below summarizes changes in accumulated other comprehensive income by component: (in thousands) Gain on Swaps Income tax expense Accumulated Other Comprehensive Income, net of taxes Balance, March 31, 2024 $ 4,361  $ (1,099) $ 3,262  Net change in unrealized gain 725  (154) 571  Amounts reclassified to interest expense (536) 108  (428) Net current period other comprehensive income (loss) 189  (46) 143  Balance, June 30, 2024 $ 4,550  $ (1,145) $ 3,405  (in thousands) Gain on Swaps Income tax expense Accumulated Other Comprehensive Income, net of taxes Balance, December 31, 2023 $ 2,241  $ (573) $ 1,668  Net change in unrealized gain 2,845  (680) 2,165  Amounts reclassified to interest expense (536) 108  (428) Net current period other comprehensive income (loss) 2,309  (572) 1,737  Balance, June 30, 2024 $ 4,550  $ (1,145) $ 3,405  (in thousands) Gain on Swaps Income tax expense Accumulated Other Comprehensive Income, net of taxes Balance, March 31, 2023 $ —  $ —  $ —  Net change in unrealized gain 2,866  (739) 2,127  Balance, June 30, 2023 $ 2,866  $ (739) $ 2,127  (in thousands) Gain on Swaps Income tax expense Accumulated Other Comprehensive Income, net of taxes Balance, December 31, 2022 $ —  $ —  $ —  Net change in unrealized gain 2,866  (739) 2,127  Balance, June 30, 2023 $ 2,866  $ (739) $ 2,127

v3.24.2.u1

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company files U.S. federal income tax returns and various state income tax returns. The Company is currently involved in one state income tax audit and no federal income tax audits as of June 30, 2024. The Company’s income tax returns are generally open to examination from 2020 forward and the net operating losses acquired in the acquisition of nTelos are open to examination from 2004 forward. The effective tax rates for the three and six months ended June 30, 2024 and 2023, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items.   Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Expected tax (benefit) expense at federal statutory $ (3,775) $ 12  $ (4,849) $ 311  State income tax (benefit) expense, net of federal tax effect (974) 3  (1,236) 80  Excess tax deficiency from share-based compensation and other expense, net (451) 1,444  (141) 1,750  Income tax (benefit) expense $ (5,200) $ 1,459  $ (6,226) $ 2,141  The Company made $7.3 million in payments and received $0.2 million in refunds for income taxes for the six months ended June 30, 2024. The Company received $25.6 million in cash refunds for income taxes for the six months ended June 30, 2023.

v3.24.2.u1

Redeemable Noncontrolling Interest	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest As discussed in Note 1, Basis of Presentation and Other Information, Shentel Broadband, a subsidiary of Shentel, issued 81,000 shares of Shentel Broadband’s Series A Preferred Stock in exchange for $81 million in cash. The Series A Preferred Stock has a par value of $0.01 per share. As of June 30, 2024, 100,000 shares of the Series A Preferred Stock were authorized for issuance and 81,000 shares of the Series A Preferred Stock were outstanding. Shentel has applied the guidance in ASC 480‑10‑S99‑3A, “SEC Staff Announcement: Classification and Measurement of Redeemable Securities”, and has therefore classified the Series A Preferred Stock outside of shareholders’ equity on the Company’s unaudited condensed consolidated balance sheets because the shares contain liquidation features that are not solely within the Company's control. The Series A Preferred Stock was recorded at its fair value on the date of issuance, net of $1.6 million of issuance costs. The Company does not adjust the carrying value of the Series A Preferred Stock to the liquidation preference of such shares because of the uncertainty of whether or when a liquidation event would occur. Subsequent adjustments to increase the carrying value to the liquidation preferences will be made only when it becomes probable that such a liquidation event will occur. Furthermore, the Company classifies the Series A Preferred Stock as redeemable noncontrolling interest due to the fact that the Series A Preferred Stock is issued by its subsidiary, Shentel Broadband. As discussed in Note 1, Basis of Presentation and Other Information, the Company must pay either a cash or PIK Dividend related to the Series A Preferred Stock on a quarterly basis. The first dividend was issued as a PIK Dividend on July 15, 2024. The PIK Dividend resulted in a $1.4 million increase in the liquidation preference of the Series A Preferred Stock. As described in Note 1, Basis of Presentation and Other Information, the Series A Preferred Stock is exchangeable at the option of the Investor or Shentel in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share. As of June 30, 2024, the Series A Preferred Stock was exchangeable for 3,306,122 shares of Common Stock.

v3.24.2.u1

Stock Compensation and Earnings (Loss) per Share	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Compensation and Earnings (Loss) per Share	Stock Compensation and Earnings (Loss) per Share Activity related to the Company’s restricted stock units (“RSUs”), which includes the Company’s RSUs and performance stock units (“PSUs”), was as follows: (in thousands, except weighted average grant price) Number of Shares Weighted Average Grant Price Outstanding awards, December 31, 2023 825  $ 21.16  Granted 390  $ 20.21  Vested (284) $ 21.93  Adjustments for PSU performance (44) $ 19.31  Forfeited (1) $ 20.83  Outstanding awards, June 30, 2024 886  $ 20.63  The total fair value of RSUs vested was $5.5 million during the six months ended June 30, 2024. Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows: (in thousands, except weighted average grant price) Number of Shares Weighted Average Grant Price Outstanding awards, December 31, 2023 293  $ 25.80  Granted 136  $ 22.30  Vested —  $ —  Forfeited —  $ —  Outstanding awards, June 30, 2024 429  $ 24.69  Stock-based compensation expense was as follows:   Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Stock compensation expense $ 2,538  $ 2,878  $ 6,673  $ 6,730  Capitalized stock compensation (268) (275) (437) (410) Stock compensation expense, net $ 2,270  $ 2,603  $ 6,236  $ 6,320  As of June 30, 2024, there was $12.0 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.5 years. The following table indicates the computation of basic and diluted earnings (loss) per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Calculation of net (loss) income per share: Loss from continuing operations $ (12,773) $ (1,400) $ (16,863) $ (658) Total (loss) income from discontinued operations, net of tax (99) 3,190  218,687  4,514  Net (loss) income $ (12,872) $ 1,790  $ 201,824  $ 3,856  Basic weighted average shares outstanding 54,730  50,366  52,620  50,330  Basic - Loss from continuing operations $ (0.24) $ (0.03) $ (0.32) $ (0.01) Basic - (Loss) income from discontinued operations, net of tax —  0.07  4.16  0.09  Basic net (loss) income per share $ (0.24) $ 0.04  $ 3.84  $ 0.08  Effect of dilutive instruments outstanding: Basic weighted average shares outstanding 54,730  50,366  52,620  50,330  Effect from dilutive shares and options outstanding —  —  —  —  Diluted weighted average shares outstanding 54,730  50,366  52,620  50,330  Diluted - Loss from continuing operations $ (0.24) $ (0.03) $ (0.32) $ (0.01) Diluted - (Loss) income from discontinued operations, net of tax —  0.07  4.16  0.09  Diluted net (loss) income per share $ (0.24) $ 0.04  $ 3.84  $ 0.08  As discussed in Note 12, Redeemable Noncontrolling Interest, no PIK Dividends were declared or paid during the three and six months ended June 30, 2024 and 2023; therefore, no income has been attributed to redeemable noncontrolling interest for purposes of calculating basic net income per share. The Company determines the dilutive impact of equity awards and the Series A Preferred Stock (on an as-converted basis) by applying the treasury stock method and the if-converted method, respectively. There were approximately 392,000 and 444,000 potentially dilutive equity awards during the three and six months ended June 30, 2024, respectively; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods. There were also approximately 3,306,000 potentially dilutive shares related to the Series A Preferred Stock (on an as-converted basis) during both the three and six months ended June 30, 2024; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods. There were approximately 327,000 and 239,000 potentially dilutive equity awards during the three and six months ended June 30, 2023, respectively; however, these shares were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's loss from continuing operations for the periods.

v3.24.2.u1

Government Grants	6 Months Ended
	Jun. 30, 2024
Government Assistance [Abstract]
Government Grants	Government Grants During the six months ended June 30, 2024, Shentel was awarded an additional grant of $0.6 million to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences. The Company recognizes grant receivables at the time it becomes probable that the Company will be eligible to receive the grant, which is estimated to correspond with the date when specified build-out milestones are achieved. As a result of these programs, the Company received $5.0 million and $7.7 million in cash reimbursements during the three and six months ended June 30, 2024 and had approximately $2.8 million and $1.9 million in accounts receivable as of June 30, 2024 and December 31, 2023, respectively. The Company did not recognize any material amounts under these programs during the six months ended June 30, 2023. Prior to the Horizon Transaction, Horizon entered into agreements with the Department of Development in Ohio under the state’s Ohio Residential Broadband Expansion program. As part of these agreements, Horizon committed to expand its broadband network resulting in total project costs of $57.4 million, with government matching grants totaling $30.1 million. Approximately $18.0 million of the grant was paid to Horizon up-front, while the remainder will be paid upon the achievement of specified milestones. Shentel assumed these agreements as a result of the Horizon Transaction and is therefore obligated under these programs to continue the build-out of this network. If Shentel fails to complete the build-out, Shentel may be required to repay a portion or all of the grant that Horizon received prior to the acquisition. Consequently, the portion of the up-front grant payment associated with unfulfilled obligations is recorded in other liabilities in the Company’s unaudited condensed consolidated balance sheets. Consistent with Shentel’s existing policy for accounting for government grants, the Company reclassifies amounts from other liabilities to reduce the related property, plant and equipment as the Company fulfills its obligations under this grant program. As of June 30, 2024, $14.8 million of this liability remained in other liabilities. Horizon was also granted $27.5 million by the NTIA under its Middle Mile Grant Program. This grant was awarded post-acquisition during the three months ended June 30, 2024.

v3.24.2.u1

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 8, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2027. From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not presently expect any litigation matters to have a material adverse impact on the Company’s financial position, results of operations and cash flows

v3.24.2.u1

Discontinued Operations	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations As discussed in Note 1, Basis of Presentation and Other Information above, the Tower Transaction represented a strategic shift in the Company’s business and the Tower Portfolio has been reclassified as a discontinued operation. As a result, for all periods presented, the assets and liabilities that transferred in the Tower Transaction disposal group are presented as held for sale in the Company’s unaudited condensed consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of comprehensive (loss) income and unaudited condensed consolidated statements of cash flows. The carrying amounts of the major classes of assets and liabilities, classified as held for sale in the unaudited condensed consolidated balance sheets, were as follows: (in thousands) December 31, 2023 ASSETS Property, plant and equipment, net $ 29,162  Operating lease right-of-use assets 37,616  Deferred charges and other assets 2,137  Noncurrent assets held for sale $ 68,915  LIABILITIES Accrued liabilities and other current liabilities $ 3,602  Current liabilities held for sale $ 3,602  Deferred income taxes $ 2,483  Asset retirement obligations 9,516  Non-current operating lease liabilities 41,173  Other liabilities 3,524  Noncurrent liabilities held for sale $ 56,696  (Loss) income from discontinued operations, net of tax in the unaudited condensed consolidated statements of comprehensive (loss) income consist of the following for the periods: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Service revenue and other $ —  $ 4,753  $ 4,542  $ 9,329  Operating expenses: Cost of services —  1,379  1,059  2,571  Selling, general and administrative —  349  572  799  Depreciation and amortization —  538  222  1,051  Total operating expenses —  2,266  1,853  4,421  Operating income —  2,487  2,689  4,908  Other income: Gain on sale of disposition of Tower Portfolio —  —  294,250  —  Other expense (129) —  (129) —  (Loss) income before income taxes (129) 2,487  296,810  4,908  Income tax (benefit) expense (30) (703) 78,123  394  (Loss) income from discontinued operations, net of tax $ (99) $ 3,190  $ 218,687  $ 4,514  Consummation of the sale triggered the recognition of approximately $4.4 million of incremental transaction costs during the six months ended June 30, 2024, for contingent deal advisory fees and legal expenses, which are netted against the gain on sale of disposition of Tower Portfolio.

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (12,872)	$ 1,790	$ 201,824	$ 3,856

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.2.u1

Basis of Presentation and Other Information (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Sale of Shentel’s Tower portfolio	Sale of Shentel’s Tower Portfolio On March 29, 2024, Shenandoah Mobile, LLC, a wholly-owned subsidiary of Shenandoah Telecommunications Company, completed the initial closing of its previously disclosed sale of substantially all of Shentel’s tower portfolio and operations (“Tower Portfolio”) to Vertical Bridge Holdco, LLC for $309.9 million (the “Tower Transaction”). The Company received $305.8 million, net of certain transaction costs at the time of the initial closing. At the initial close, the Company conveyed sites representing approximately 99.5% of the tower portfolio value. The Company expects to convey the remaining tower sites in the portfolio by the end of March 2025. The Tower Transaction was completed pursuant to the terms of a Purchase and Sale Agreement, dated February 29, 2024, as amended by Amendment No. 1 to the Purchase and Sale Agreement, dated March 29, 2024. The Tower Portfolio represented substantially all of the assets and operations in Shentel’s previously reported Tower Reporting Segment and the Tower Transaction represented a strategic shift in the Company’s business. Consequently, the Tower Portfolio has been reclassified as a discontinued operation. For all periods presented, the assets and liabilities that transferred in the Tower Transaction (the “disposal group”) are presented as held for sale in our unaudited condensed consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of comprehensive (loss) income and unaudited condensed consolidated statements of cash flows. Refer to Note 16, Discontinued Operations, for more information regarding the presentation of the disposal group in the Company’s financial statements. As a result of the sale of the Tower Portfolio, the Company has one reportable segment. Consequently, segment reporting previously disclosed is no longer applicable.
Adoption of New Accounting Standards	Adoption of New Accounting Standards There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2023, that would be expected to impact the Company.
Investments	SERP investments at fair value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. Cost method investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $11.8 million and $10.1 million at June 30, 2024 and December 31, 2023, respectively. Shentel recognized approximately $0.4 million and $0.2 million of patronage income in other income for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.7 million and $0.3 million during the six months ended June 30, 2024 and 2023, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2024. Prior to the Horizon Transaction, Horizon held a $1.6 million investment in CoBank’s Class A common stock. Consequently, the value of Shentel’s investment in CoBank increased by a corresponding amount as a result of the Horizon Transaction.

v3.24.2.u1

Acquisition of Horizon (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The allocation of the purchase price was based upon management’s preliminary valuation of the fair values of tangible and intangible assets acquired and liabilities assumed in the Horizon Transaction, with the excess recorded as goodwill. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. The fair value of acquired identifiable assets and liabilties, including but not limited to, property, plant and equipment, intangible assets, operating lease right-of-use assets, deferred tax liabilities, and non-current operating lease liabilities, and the resulting impact on goodwill recognized, are provisional pending receipt of the final valuations for these balances. (in thousands) Amount Current and other assets $ 10,465  Property, plant and equipment 386,045  Goodwill 74,630  Intangible assets 14,249  Operating lease right-of-use assets 6,631  Other long-term assets 1,843  Total assets acquired 493,863  Current liabilities $ 15,187  Deferred tax liabilities 32,218  Non-current operating lease liabilities 3,778  Government grant liabilities 16,348  Other long-term liabilities 10,138  Total liabilities assumed 77,669  Net assets acquired $ 416,194
Business Acquisition, Pro Forma Information	The unaudited pro forma results of the Company, as if the Horizon Transaction had occurred on January 1, 2023, are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating revenues N/A $ 83,164  $ 170,876  $ 166,740  Loss before income taxes N/A $ (3,952) $ (26,911) $ (7,116)

v3.24.2.u1

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenues by Activity Type	The Company’s revenues by activity type are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Residential & SMB - Incumbent Broadband Markets1 $ 44,960  $ 44,403  $ 89,330  $ 89,159  Residential & SMB - Glo Fiber Expansion Markets2 14,093  8,164  26,211  15,167  Commercial Fiber 19,921  10,253  29,298  21,951  RLEC & Other 6,825  3,824  10,208  7,532  Service revenue and other $ 85,799  $ 66,644  $ 155,047  $ 133,809  _______________________________________________________ 1.Incumbent Broadband Markets consists of Shentel Incumbent Cable Markets and Horizon Incumbent Telephone Markets with Fiber-To-The-Home (“FTTH”) passings. 2.Glo Fiber Expansion Markets consists of FTTH passings in greenfield expansion markets in the Shentel and former Horizon markets.
Schedule of Amortized and Capitalized Contract Cost	The following tables present the activity of current and non-current contract assets: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Beginning Balance $ 8,767  $ 8,756  $ 8,633  $ 8,646  Commission payments 1,564  793  2,415  1,684  Contract asset amortization (986) (807) (1,703) (1,588) Ending Balance $ 9,345  $ 8,742  $ 9,345  $ 8,742

v3.24.2.u1

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Schedule of Other Investments	Investments consist of the following: (in thousands) June 30, 2024 December 31, 2023 SERP investments at fair value $ 2,451  $ 2,290  Cost method investments 12,451  10,675  Equity method investments 233  233  Total investments $ 15,135  $ 13,198

v3.24.2.u1

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consist of the following:   ($ in thousands) Estimated Useful Lives June 30, 2024 December 31, 2023 Land $ 4,514  $ 3,671  Land improvements 10 years 4,448  4,448  Buildings and structures 10 - 45 years 51,827  42,871  Cable and fiber 12 - 30 years 1,174,670  799,612  Equipment and software 4 - 12 years 407,291  331,595  Plant in service   1,642,750  1,182,197  Plant under construction   213,027  145,623  Total property, plant and equipment   1,855,777  1,327,820  Less: accumulated depreciation and amortization (518,525) (477,483) Property, plant and equipment, net   $ 1,337,252  $ 850,337

v3.24.2.u1

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets Resulting from Acquisition	Goodwill and intangible assets consist of the following:   June 30, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization and Other Net Gross Carrying Amount Accumulated Amortization and Other Net Goodwill $ 77,874  $ —  $ 77,874  $ 3,244  $ —  $ 3,244  Indefinite-lived intangibles: Cable franchise rights 64,334  —  64,334  64,334  —  64,334  FCC Spectrum licenses 12,122  —  12,122  12,122  —  12,122  Railroad crossing rights and other 528  —  528  217  —  217  Total indefinite-lived intangibles 76,984  —  76,984  76,673  —  76,673  Finite-lived intangibles: Subscriber relationships 42,447  (27,951) 14,496  28,425  (27,370) 1,055  Other intangibles 510  (375) 135  510  (359) 151  Total finite-lived intangibles 42,957  (28,326) 14,631  28,935  (27,729) 1,206  Total goodwill and intangible assets $ 197,815  $ (28,326) $ 169,489  $ 108,852  $ (27,729) $ 81,123
Schedule of Finite-Lived Intangible Assets	Goodwill and intangible assets consist of the following:   June 30, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization and Other Net Gross Carrying Amount Accumulated Amortization and Other Net Goodwill $ 77,874  $ —  $ 77,874  $ 3,244  $ —  $ 3,244  Indefinite-lived intangibles: Cable franchise rights 64,334  —  64,334  64,334  —  64,334  FCC Spectrum licenses 12,122  —  12,122  12,122  —  12,122  Railroad crossing rights and other 528  —  528  217  —  217  Total indefinite-lived intangibles 76,984  —  76,984  76,673  —  76,673  Finite-lived intangibles: Subscriber relationships 42,447  (27,951) 14,496  28,425  (27,370) 1,055  Other intangibles 510  (375) 135  510  (359) 151  Total finite-lived intangibles 42,957  (28,326) 14,631  28,935  (27,729) 1,206  Total goodwill and intangible assets $ 197,815  $ (28,326) $ 169,489  $ 108,852  $ (27,729) $ 81,123

v3.24.2.u1

Other Assets and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Assets	Prepaid expenses and other, classified as current assets, included the following: (in thousands) June 30, 2024 December 31, 2023 Prepaid maintenance expenses $ 7,893  $ 5,157  Broadband contract acquisition costs 2,977  2,675  Interest rate swaps 2,985  1,443  Other 6,712  2,507  Prepaid expenses and other $ 20,567  $ 11,782
Schedule of Other Assets, Noncurrent	Deferred charges and other assets, classified as long-term assets, included the following: (in thousands) June 30, 2024 December 31, 2023 Broadband contract acquisition costs $ 6,368  $ 5,958  Interest rate swaps 1,565  798  Prepaid expenses and other 6,558  4,805  Deferred charges and other assets $ 14,491  $ 11,561
Schedule of Accrued Liabilities and Other	Accrued liabilities and other, classified as current liabilities, included the following: (in thousands) June 30, 2024 December 31, 2023 Accrued programming costs $ 3,924  $ 3,209  Other current liabilities 11,340  4,538  Accrued liabilities and other $ 15,264  $ 7,747
Schedule of Other Noncurrent Liabilities	Other liabilities, classified as long-term liabilities, included the following: (in thousands) June 30, 2024 December 31, 2023 Noncurrent portion of deferred lease revenue $ 23,122  $ 14,670  Government grant liabilities 14,809  —  Noncurrent portion of finance leases 1,562  1,395  Other 1,012  847  Other liabilities $ 40,505  $ 16,912

v3.24.2.u1

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows: Classification Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Finance lease cost Amortization of leased assets Depreciation $ 171  $ 119  $ 290  $ 238  Interest on lease liabilities Interest expense 24  19  43  39  Operating lease cost Operating expense1 1,104  792  1,840  1,648  Lease cost $ 1,299  $ 930  $ 2,173  $ 1,925  _________________________________________ (1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility. Other information related to operating and finance leases was as follows: June 30, 2024 December 31, 2023 Operating leases Weighted average remaining lease term (years) 8.6 7.1 Weighted average discount rate 5.9  % 5.0  % Finance leases Weighted average remaining lease term (years) 9.7 12.3 Weighted average discount rate 5.3  % 5.2  % Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cash paid for operating lease liabilities $ 1,053  $ 725  $ 1,818  $ 1,602  Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) 247  194  1,984  1,687
Schedule of Expected Maturity of Lease Liabilities, Operating	The following table summarizes the expected maturity of lease liabilities as of June 30, 2024: (in thousands) Operating Leases Finance Leases Total 2024 (remainder of the year) $ 1,969  $ 166  $ 2,135  2025 3,523  385  3,908  2026 2,640  314  2,954  2027 1,777  164  1,941  2028 1,487  158  1,645  2029 and thereafter 8,206  1,201  9,407  Total lease payments 19,602  2,388  21,990  Less: Interest (5,033) (518) (5,551) Present value of lease liabilities $ 14,569  $ 1,870  $ 16,439
Schedule of Expected Maturity of Lease Liabilities, Financing	The following table summarizes the expected maturity of lease liabilities as of June 30, 2024: (in thousands) Operating Leases Finance Leases Total 2024 (remainder of the year) $ 1,969  $ 166  $ 2,135  2025 3,523  385  3,908  2026 2,640  314  2,954  2027 1,777  164  1,941  2028 1,487  158  1,645  2029 and thereafter 8,206  1,201  9,407  Total lease payments 19,602  2,388  21,990  Less: Interest (5,033) (518) (5,551) Present value of lease liabilities $ 14,569  $ 1,870  $ 16,439
Schedule of Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases	Contractual minimum rental receipts expected under the lease agreements in place as of June 30, 2024 is as follows: (in thousands) Operating Leases 2024 (remainder of the year) $ 2,721  2025 4,711  2026 3,945  2027 3,596  2028 3,418  2029 and thereafter 23,606  Total $ 41,997

v3.24.2.u1

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	(in thousands) June 30, 2024 December 31, 2023 Term loan A-1 $ 148,131  $ 150,000  Term loan A-2 149,251  150,000  Total debt 297,382  300,000  Less: unamortized loan fees (86) (101) Total debt, net of unamortized loan fees $ 297,296  $ 299,899
Maturities of Long-term Debt	The following table summarizes the expected payments of Shentel’s outstanding borrowings as of June 30, 2024: (in thousands) Amount 2024 (remainder of the year) $ 4,425  2025 8,568  2026 138,827  2027 1,450  2028 144,112  Total $ 297,382
Interest Income and Interest Expense Disclosure	Interest expense recorded in Shentel’s unaudited condensed consolidated statements of comprehensive (loss) income consists of the following: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Interest expense $ 6,214  $ 2,104  $ 11,597  $ 3,567  Less: capitalized interest (2,218) (1,199) (3,525) (2,270) Interest expense, net of capitalized interest $ 3,996  $ 905  $ 8,072  $ 1,297

v3.24.2.u1

Derivatives and Hedging (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments Fair Value	The table below presents the fair value of the Swaps as well as their classification in the unaudited condensed consolidated balance sheets. The fair value of these instruments was estimated using an income approach and observable market inputs (Level 2): (in thousands) June 30, 2024 December 31, 2023 Balance sheet line item of derivative financial instruments: Prepaid expenses and other $ 2,985  $ 1,443  Deferred charges and other assets 1,565  798  Total derivatives designated as hedging instruments $ 4,550  $ 2,241
Schedule of Accumulated Other Comprehensive Income (Loss)	The table below summarizes changes in accumulated other comprehensive income by component: (in thousands) Gain on Swaps Income tax expense Accumulated Other Comprehensive Income, net of taxes Balance, March 31, 2024 $ 4,361  $ (1,099) $ 3,262  Net change in unrealized gain 725  (154) 571  Amounts reclassified to interest expense (536) 108  (428) Net current period other comprehensive income (loss) 189  (46) 143  Balance, June 30, 2024 $ 4,550  $ (1,145) $ 3,405  (in thousands) Gain on Swaps Income tax expense Accumulated Other Comprehensive Income, net of taxes Balance, December 31, 2023 $ 2,241  $ (573) $ 1,668  Net change in unrealized gain 2,845  (680) 2,165  Amounts reclassified to interest expense (536) 108  (428) Net current period other comprehensive income (loss) 2,309  (572) 1,737  Balance, June 30, 2024 $ 4,550  $ (1,145) $ 3,405  (in thousands) Gain on Swaps Income tax expense Accumulated Other Comprehensive Income, net of taxes Balance, March 31, 2023 $ —  $ —  $ —  Net change in unrealized gain 2,866  (739) 2,127  Balance, June 30, 2023 $ 2,866  $ (739) $ 2,127  (in thousands) Gain on Swaps Income tax expense Accumulated Other Comprehensive Income, net of taxes Balance, December 31, 2022 $ —  $ —  $ —  Net change in unrealized gain 2,866  (739) 2,127  Balance, June 30, 2023 $ 2,866  $ (739) $ 2,127

v3.24.2.u1

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Reconciliation of Income Taxes	The effective tax rates for the three and six months ended June 30, 2024 and 2023, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items.   Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Expected tax (benefit) expense at federal statutory $ (3,775) $ 12  $ (4,849) $ 311  State income tax (benefit) expense, net of federal tax effect (974) 3  (1,236) 80  Excess tax deficiency from share-based compensation and other expense, net (451) 1,444  (141) 1,750  Income tax (benefit) expense $ (5,200) $ 1,459  $ (6,226) $ 2,141

v3.24.2.u1

Stock Compensation and Earnings (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of restricted stock shares activity	Activity related to the Company’s restricted stock units (“RSUs”), which includes the Company’s RSUs and performance stock units (“PSUs”), was as follows: (in thousands, except weighted average grant price) Number of Shares Weighted Average Grant Price Outstanding awards, December 31, 2023 825  $ 21.16  Granted 390  $ 20.21  Vested (284) $ 21.93  Adjustments for PSU performance (44) $ 19.31  Forfeited (1) $ 20.83  Outstanding awards, June 30, 2024 886  $ 20.63  Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows: (in thousands, except weighted average grant price) Number of Shares Weighted Average Grant Price Outstanding awards, December 31, 2023 293  $ 25.80  Granted 136  $ 22.30  Vested —  $ —  Forfeited —  $ —  Outstanding awards, June 30, 2024 429  $ 24.69
Schedule of stock compensation expense	Stock-based compensation expense was as follows:   Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Stock compensation expense $ 2,538  $ 2,878  $ 6,673  $ 6,730  Capitalized stock compensation (268) (275) (437) (410) Stock compensation expense, net $ 2,270  $ 2,603  $ 6,236  $ 6,320
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table indicates the computation of basic and diluted earnings (loss) per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Calculation of net (loss) income per share: Loss from continuing operations $ (12,773) $ (1,400) $ (16,863) $ (658) Total (loss) income from discontinued operations, net of tax (99) 3,190  218,687  4,514  Net (loss) income $ (12,872) $ 1,790  $ 201,824  $ 3,856  Basic weighted average shares outstanding 54,730  50,366  52,620  50,330  Basic - Loss from continuing operations $ (0.24) $ (0.03) $ (0.32) $ (0.01) Basic - (Loss) income from discontinued operations, net of tax —  0.07  4.16  0.09  Basic net (loss) income per share $ (0.24) $ 0.04  $ 3.84  $ 0.08  Effect of dilutive instruments outstanding: Basic weighted average shares outstanding 54,730  50,366  52,620  50,330  Effect from dilutive shares and options outstanding —  —  —  —  Diluted weighted average shares outstanding 54,730  50,366  52,620  50,330  Diluted - Loss from continuing operations $ (0.24) $ (0.03) $ (0.32) $ (0.01) Diluted - (Loss) income from discontinued operations, net of tax —  0.07  4.16  0.09  Diluted net (loss) income per share $ (0.24) $ 0.04  $ 3.84  $ 0.08

v3.24.2.u1

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	The carrying amounts of the major classes of assets and liabilities, classified as held for sale in the unaudited condensed consolidated balance sheets, were as follows: (in thousands) December 31, 2023 ASSETS Property, plant and equipment, net $ 29,162  Operating lease right-of-use assets 37,616  Deferred charges and other assets 2,137  Noncurrent assets held for sale $ 68,915  LIABILITIES Accrued liabilities and other current liabilities $ 3,602  Current liabilities held for sale $ 3,602  Deferred income taxes $ 2,483  Asset retirement obligations 9,516  Non-current operating lease liabilities 41,173  Other liabilities 3,524  Noncurrent liabilities held for sale $ 56,696  (Loss) income from discontinued operations, net of tax in the unaudited condensed consolidated statements of comprehensive (loss) income consist of the following for the periods: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Service revenue and other $ —  $ 4,753  $ 4,542  $ 9,329  Operating expenses: Cost of services —  1,379  1,059  2,571  Selling, general and administrative —  349  572  799  Depreciation and amortization —  538  222  1,051  Total operating expenses —  2,266  1,853  4,421  Operating income —  2,487  2,689  4,908  Other income: Gain on sale of disposition of Tower Portfolio —  —  294,250  —  Other expense (129) —  (129) —  (Loss) income before income taxes (129) 2,487  296,810  4,908  Income tax (benefit) expense (30) (703) 78,123  394  (Loss) income from discontinued operations, net of tax $ (99) $ 3,190  $ 218,687  $ 4,514

v3.24.2.u1

Basis of Presentation and Other Information - Horizon Transaction (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Apr. 01, 2024	Jun. 30, 2024	Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Issuance of redeemable noncontrolling interest (in shares)		81,000	81,000
Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase in maximum borrowing capacity	$ 50.0
Term Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase in maximum borrowing capacity	$ 225.0
Energy Capital Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period for conversion of preferred stock	2 years
Preferred stock conversion common stock price trigger percentage	125.00%
Preferred stock redemption period	5 years
Energy Capital Partners | Shentel Broadband Holding Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of shares owned	7.50%
Series A Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)		100,000	100,000
Shentel Broadband Holding Inc. | Fifth Anniversary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Paid in kind dividend percentage	8.50%
Shentel Broadband Holding Inc. | Seventh Anniversary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Paid in kind dividend percentage	10.00%
Shentel Broadband Holding Inc. | Series A Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Dividend percentage	7.00%
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	100,000
Issuance of redeemable noncontrolling interest (in shares)	81,000
Shentel Broadband Holding Inc. | Series A Preferred Stock | Energy Capital Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price (in dollars per share)	$ 1,000
Conversion price per share (in dollars per share)	$ 24.50
Issuance of redeemable noncontrolling interest (in shares)	81,000
Horizon Acquisition Parent LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Equity interest issued (in shares)	4,100,375
Cash consideration	$ 349.4
Horizon Acquisition Parent LLC | Other Sellers and Certain Third Parties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration	$ 305.0
Horizon Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lockup period	1 year

v3.24.2.u1

Basis of Presentation and Other Information - Sale of Shentel’s Tower Portfolio (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Mar. 29, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reportable segments | segment	1
Discontinued Operations, Held-for-sale | Tower Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds		$ 309.9
Proceeds from sale of real estate portfolio	$ 305.8
Percentage of portfolio		99.50%

v3.24.2.u1

Acquisition of Horizon - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Apr. 01, 2024	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Allowance for doubtful accounts		$ 1,333	$ 1,333	$ 886
Horizon Acquisition Parent LLC
Business Acquisition [Line Items]
Aggregate purchase price	$ 416,200
Cash consideration	349,400
Value of shares issued	$ 71,800
Equity interest issued (in shares)	4,100,375
Allowance for doubtful accounts	$ 300
Integration and acquisition		6,700	$ 7,100
Operating revenues		16,700
Loss before income taxes		$ 7,400
Accounts receivable	$ 6,100
Estimated useful life, acquired intangible asset	10 years

v3.24.2.u1

Acquisition of Horizon - Schedule of Preliminary Purchase Price Allocation (Details) - Horizon Transaction - USD ($) $ in Thousands	Jun. 30, 2024	Apr. 01, 2024
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Current and other assets		$ 10,465
Property, plant and equipment		386,045
Goodwill	$ 74,630
Intangible assets		14,249
Operating lease right-of-use assets		6,631
Other long-term assets		1,843
Total assets acquired		493,863
Current liabilities		15,187
Deferred tax liabilities		32,218
Non-current operating lease liabilities		3,778
Government grant liabilities		16,348
Other long-term liabilities		10,138
Total liabilities assumed		77,669
Net assets acquired		$ 416,194

v3.24.2.u1

Acquisition of Horizon - Unaudited Pro forma Results of the Company (Details) - Horizon Transaction - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition, Pro Forma Information [Abstract]
Operating revenues	$ 83,164	$ 170,876	$ 166,740
Loss before income taxes	$ (3,952)	$ (26,911)	$ (7,116)

v3.24.2.u1

Revenue from Contracts with Customers - Revenues By Activity Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 85,799	$ 66,644	$ 155,047	$ 133,809
Residential & SMB - Incumbent Broadband Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	44,960	44,403	89,330	89,159
Residential & SMB - Glo Fiber Expansion Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	14,093	8,164	26,211	15,167
Commercial Fiber
Disaggregation of Revenue [Line Items]
Service revenue and other	19,921	10,253	29,298	21,951
RLEC & Other
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 6,825	$ 3,824	$ 10,208	$ 7,532

v3.24.2.u1

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Weighted-average customer benefit period	6 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 10.0
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 11.7
Performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 1.0
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4.2
Performance obligation period	1 year

v3.24.2.u1

Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 8,767	$ 8,756	$ 8,633	$ 8,646
Commission payments	1,564	793	2,415	1,684
Contract asset amortization	(986)	(807)	(1,703)	(1,588)
Ending Balance	$ 9,345	$ 8,742	$ 9,345	$ 8,742

v3.24.2.u1

Investments - Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments [Abstract]
SERP investments at fair value	$ 2,451	$ 2,290
Cost method investments	12,451	10,675
Equity method investments	233	233
Total investments	$ 15,135	$ 13,198

v3.24.2.u1

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 2,451		$ 2,451			$ 2,290
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	11,800		11,800		$ 1,600	$ 10,100
Other nonoperating income (expense)	$ 400	$ 200	$ 700	$ 300
Percentage of patronage credit paid in cash	88.00%		88.00%
Percentage of patronage credit paid in share	12.00%		12.00%

v3.24.2.u1

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,855,777	$ 1,327,820
Less: accumulated depreciation and amortization	(518,525)	(477,483)
Property, plant and equipment, net	1,337,252	850,337
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 4,514	3,671
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 4,448	4,448
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 51,827	42,871
Buildings and structures | Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Buildings and structures | Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	45 years
Cable and fiber
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,174,670	799,612
Cable and fiber | Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	12 years
Cable and fiber | Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	30 years
Equipment and software
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 407,291	331,595
Equipment and software | Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	4 years
Equipment and software | Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	12 years
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,642,750	1,182,197
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 213,027	$ 145,623

v3.24.2.u1

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accounts payable	$ 57,725		$ 57,725		$ 53,546
Depreciation and amortization	25,100	$ 15,600	42,400	$ 30,700
Goodwill
Property, Plant and Equipment [Line Items]
Accounts payable	$ 54,600		$ 54,600		$ 51,100

v3.24.2.u1

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,984	$ 76,673
Gross carrying amount	42,957	28,935
Accumulated amortization and other	(28,326)	(27,729)
Total	14,631	1,206
Total intangible assets, gross carrying amount	197,815	108,852
Intangible assets, net	169,489	81,123
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	42,447	28,425
Accumulated amortization and other	(27,951)	(27,370)
Total	14,496	1,055
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	510	510
Accumulated amortization and other	(375)	(359)
Total	135	151
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	64,334	64,334
FCC Spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	12,122	12,122
Railroad crossing rights and other
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	528	217
Goodwill
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	77,874	3,244
Goodwill	$ 77,874	$ 3,244

v3.24.2.u1

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 0.5	$ 0.1	$ 0.6	$ 0.2
Horizon Acquisition Parent LLC
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 74.6		74.6
Horizon Acquisition Parent LLC | Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired			14.0
Horizon Acquisition Parent LLC | Other intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired			$ 0.2

v3.24.2.u1

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 7,893	$ 5,157
Broadband contract acquisition costs	2,977	2,675
Interest rate swaps	2,985	1,443
Other	6,712	2,507
Prepaid expenses and other	$ 20,567	$ 11,782

v3.24.2.u1

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 6,368	$ 5,958
Interest rate swaps	1,565	798
Prepaid expenses and other	6,558	4,805
Deferred charges and other assets	$ 14,491	$ 11,561

v3.24.2.u1

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,924	$ 3,209
Other current liabilities	11,340	4,538
Accrued liabilities and other	$ 15,264	$ 7,747

v3.24.2.u1

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 23,122	$ 14,670
Government grant liabilities		0
Noncurrent portion of finance leases	1,562	1,395
Other	1,012	847
Other liabilities	$ 40,505	$ 16,912

v3.24.2.u1

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Amortization of leased assets	$ 171	$ 119	$ 290	$ 238
Interest on lease liabilities	24	19	43	39
Operating lease cost	1,104	792	1,840	1,648
Lease cost	$ 1,299	$ 930	$ 2,173	$ 1,925

v3.24.2.u1

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases
2024 (remainder of the year)	$ 1,969
2025	3,523
2026	2,640
2027	1,777
2028	1,487
2029 and thereafter	8,206
Total lease payments	19,602
Less: Interest	(5,033)
Present value of lease liabilities	14,569
Finance Leases
2024 (remainder of the year)	166
2025	385
2026	314
2027	164
2028	158
2029 and thereafter	1,201
Total lease payments	2,388
Less: Interest	(518)
Present value of lease liabilities	1,870
Total
2024 (remainder of the year)	2,135
2025	3,908
2026	2,954
2027	1,941
2028	1,645
2029 and thereafter	9,407
Total lease payments	21,990
Less: Interest	(5,551)
Present value of lease liabilities	$ 16,439

v3.24.2.u1

Leases - Other Information Related to Operating and Finance Leases (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, weighted average remaining lease term	8 years 7 months 6 days	7 years 1 month 6 days
Operating lease, weighted average discount rate, percent	5.90%	5.00%
Finance lease, weighted average remaining lease term	9 years 8 months 12 days	12 years 3 months 18 days
Finance lease, weighted average discount rate, percent	5.30%	5.20%

v3.24.2.u1

Leases - Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,053	$ 725	$ 1,818	$ 1,602
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	$ 247	$ 194	$ 1,984	$ 1,687

v3.24.2.u1

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sublease income	$ 1.7	$ 0.6	$ 2.4	$ 1.3
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lessor contract term	1 year		1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lessor contract term	40 years		40 years

v3.24.2.u1

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remainder of the year)	$ 2,721
2025	4,711
2026	3,945
2027	3,596
2028	3,418
2029 and thereafter	23,606
Total	$ 41,997

v3.24.2.u1

Debt - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended	18 Months Ended	48 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Mar. 31, 2026	Mar. 31, 2028	Dec. 31, 2023	Jul. 01, 2021
Term loan A-1
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 150,000,000
Basis spread on variable rate		1.85%
Quarterly principal payment percentage	0.63%
Line of Credit Facility, Interest Rate at Period End	7.19%	7.19%			6.95%
Term loan A-1 | Forecast
Debt Instrument [Line Items]
Quarterly principal payment percentage			1.25%
Term loan A-2
Debt Instrument [Line Items]
Maximum borrowing capacity						150,000,000
Basis spread on variable rate		2.10%
Line of Credit Facility, Interest Rate at Period End	7.44%	7.44%			6.95%
Term loan A-2 | Forecast
Debt Instrument [Line Items]
Quarterly principal payment percentage				0.25%
Term Loan A-3
Debt Instrument [Line Items]
Maximum borrowing capacity						225,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 150,000,000

v3.24.2.u1

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 297,382	$ 300,000
Less: unamortized loan fees	(86)	(101)
Total debt, net of unamortized loan fees	297,296	299,899
Term loan A-1
Debt Instrument [Line Items]
Total debt	148,131	150,000
Term loan A-2
Debt Instrument [Line Items]
Total debt	$ 149,251	$ 150,000

v3.24.2.u1

Debt - Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Maturities of Long-term Debt [Abstract]
2024 (remainder of the year)	$ 4,425
2025	8,568
2026	138,827
2027	1,450
2028	144,112
Total debt, net of unamortized loan fees	$ 297,382

v3.24.2.u1

Debt- Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Interest expense	$ 6,214	$ 2,104	$ 11,597	$ 3,567
Less: capitalized interest	(2,218)	(1,199)	(3,525)	(2,270)
Interest expense	$ 3,996	$ 905	$ 8,072	$ 1,297

v3.24.2.u1

Derivatives and Hedging - Narrative (Details) - Interest rate swaps $ in Millions	Jun. 30, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Derivative, variable interest rate	2.90%
Payments for derivative instruments	$ 150.0
Expected outstanding debt	50.00%

v3.24.2.u1

Derivatives and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 4,550	$ 2,241
Designated as Hedging Instrument | Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	2,985	1,443
Designated as Hedging Instrument | Deferred charges and other assets
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 1,565	$ 798

v3.24.2.u1

Derivatives and Hedging - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 871,643	$ 642,780	$ 652,670	$ 638,007
Net change in unrealized gain	143	2,127	1,737	2,127
Net current period other comprehensive income (loss)	143	2,127	1,737	2,127
Ending balance	933,082	649,425	933,082	649,425
Gain on Swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4,361	0	2,241	0
Net change in unrealized gain	725	2,866	2,845	2,866
Amounts reclassified to interest expense	(536)		(536)
Net current period other comprehensive income (loss)	189		2,309
Ending balance	4,550	2,866	4,550	2,866
Income tax expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,099)	0	(573)	0
Net change in unrealized gain	(154)	(739)	(680)	(739)
Amounts reclassified to interest expense	108		108
Net current period other comprehensive income (loss)	(46)		(572)
Ending balance	(1,145)	(739)	(1,145)	(739)
Accumulated Other Comprehensive Income, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3,262	0	1,668	0
Net change in unrealized gain	571	2,127	2,165	2,127
Amounts reclassified to interest expense	(428)		(428)
Net current period other comprehensive income (loss)	143	2,127	1,737	2,127
Ending balance	$ 3,405	$ 2,127	$ 3,405	$ 2,127

v3.24.2.u1

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax (benefit) expense at federal statutory	$ (3,775)	$ 12	$ (4,849)	$ 311
State income tax (benefit) expense, net of federal tax effect	(974)	3	(1,236)	80
Excess tax deficiency from share-based compensation and other expense, net	(451)	1,444	(141)	1,750
Income tax (benefit) expense	$ (5,200)	$ 1,459	$ (6,226)	$ 2,141

v3.24.2.u1

Income Taxes - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (paid) refunds received, net	$ 7.3
Income tax (paid) refunds received, net	$ 0.2	$ 25.6

v3.24.2.u1

Redeemable Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Jul. 15, 2024	Apr. 01, 2024	Jun. 30, 2024	Jun. 30, 2024
Redeemable Noncontrolling Interest [Line Items]
Issuance of redeemable noncontrolling interest (in shares)			81,000	81,000
Issuance of redeemable noncontrolling interest			$ 79,380	$ 79,380
Convertible preferred stock, shares issued upon conversion (in shares)			3,306,122	3,306,122
Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, par value (in dollars per share)		$ 0.01
Preferred stock, shares authorized (in shares)			100,000	100,000
Preferred stock, shares outstanding (in shares)			81,000	81,000
Payments of stock issuance costs				$ 1,600
Series A Preferred Stock | Subsequent Event
Redeemable Noncontrolling Interest [Line Items]
Dividends, preferred stock, paid-in-kind	$ 1,400
Shentel Broadband Holding Inc. | Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Issuance of redeemable noncontrolling interest (in shares)		81,000
Issuance of redeemable noncontrolling interest		$ 81,000
Preferred stock, par value (in dollars per share)		$ 0.01
Preferred stock, shares authorized (in shares)		100,000
Shentel Broadband Holding Inc. | Series A Preferred Stock | Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Issuance of redeemable noncontrolling interest (in shares)		81,000
Issuance of redeemable noncontrolling interest		$ 81,000
Conversion price per share (in dollars per share)		$ 24.50

v3.24.2.u1

Stock Compensation and Earnings (Loss) per Share - RSU & RTSR (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Outstanding awards (in shares) | shares	825
Granted (in shares) | shares	390
Vested (in shares) | shares	(284)
Adjustments for PSU performance (in shares) | shares	(44)
Forfeited (in shares) | shares	(1)
Outstanding awards (in shares) | shares	886
Weighted Average Grant Price
Outstanding awards (in usd per share) | $ / shares	$ 21.16
Granted (in usd per share) | $ / shares	20.21
Vested (in usd per share) | $ / shares	21.93
Adjustments for PSU performance (in usd per share) | $ / shares	19.31
Forfeited (in usd per share) | $ / shares	20.83
Outstanding awards (in usd per share) | $ / shares	$ 20.63
Relative Total Shareholder Return Awards
Number of Shares
Outstanding awards (in shares) | shares	293
Granted (in shares) | shares	136
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Outstanding awards (in shares) | shares	429
Weighted Average Grant Price
Outstanding awards (in usd per share) | $ / shares	$ 25.80
Granted (in usd per share) | $ / shares	22.30
Vested (in usd per share) | $ / shares	0
Forfeited (in usd per share) | $ / shares	0
Outstanding awards (in usd per share) | $ / shares	$ 24.69

v3.24.2.u1

Stock Compensation and Earnings (Loss) per Share - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, nonvested awards, compensation cost not yet recognized	$ 12.0		$ 12.0
Compensation, nonvested awards, cost not yet recognized, period for recognition			2 years 6 months
Anti-dilutive awards outstanding (fewer than)(in shares)	392	327	444	239
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	3,306		3,306
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested in period			$ 5.5

v3.24.2.u1

Stock Compensation and Earnings (Loss) per Share - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 2,538	$ 2,878	$ 6,673	$ 6,730
Capitalized stock compensation	(268)	(275)	(437)	(410)
Stock compensation expense, net	$ 2,270	$ 2,603	$ 6,236	$ 6,320

v3.24.2.u1

Stock Compensation and Earnings (Loss) per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Loss from continuing operations	$ (12,773)	$ (1,400)	$ (16,863)	$ (658)
Income from discontinued operations, net of tax	(99)	3,190	218,687	4,514
Net (loss) income	$ (12,872)	$ 1,790	$ 201,824	$ 3,856
Weighted average shares outstanding, basic (in shares)	54,730	50,366	52,620	50,330
Basic - Loss from continuing operations (in dollars per share)	$ (0.24)	$ (0.03)	$ (0.32)	$ (0.01)
Basic - (Loss) income per share - discontinued operations (in dollars per share)	0	0.07	4.16	0.09
Basic net (loss) income per share (in dollars per share)	$ (0.24)	$ 0.04	$ 3.84	$ 0.08
Effect from dilutive shares and options outstanding (in shares)	0	0	0	0
Diluted weighted average shares (in shares)	54,730	50,366	52,620	50,330
Diluted - Loss from continuing operations (in dollars per share)	$ (0.24)	$ (0.03)	$ (0.32)	$ (0.01)
Diluted - (Loss) income from discontinued operations, net of tax (in dollars per share)	0	0.07	4.16	0.09
Diluted net (loss) income per share (in dollars per share)	$ (0.24)	$ 0.04	$ 3.84	$ 0.08

v3.24.2.u1

Government Grants (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Government Assistance [Line Items]
Increase (decrease) in grants receivable			$ 600
Government grants received		$ 5,000	7,653	$ 110
Grants receivable		2,800	2,800		$ 1,900
Government assistance, liability, noncurrent		14,809	14,809
OHIO
Government Assistance [Line Items]
Project costs	$ 57,400
Government assistance award amount	30,100
Government grant paid to Horizon up-front	$ 18,000
Middle Mile Grant Program
Government Assistance [Line Items]
Government assistance award amount		$ 27,500	$ 27,500

v3.24.2.u1

Discontinued Operations - Carrying Amounts of the Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Non-current assets held for sale	$ 0	$ 68,915
LIABILITIES
Current liabilities held for sale	0	3,602
Non-current liabilities held for sale	$ 0	56,696
Discontinued Operations, Held-for-sale
ASSETS
Property, plant and equipment, net		29,162
Operating lease right-of-use assets		37,616
Deferred charges and other assets		2,137
Non-current assets held for sale		68,915
LIABILITIES
Accrued liabilities and other current liabilities		3,602
Current liabilities held for sale		3,602
Deferred income taxes		2,483
Asset retirement obligations		9,516
Non-current operating lease liabilities		41,173
Other liabilities		3,524
Non-current liabilities held for sale		$ 56,696

v3.24.2.u1

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Selling, general and administrative	$ 0	$ 349	$ 572	$ 799
Depreciation and amortization	0	538	222	1,051
Total operating expenses	0	2,266	1,853	4,421
Operating income	0	2,487	2,689	4,908
Other (expense) income:
Gain on sale of disposition of Tower Portfolio	0	0	294,250	0
Other expense	(129)	0	(129)	0
(Loss) income before income taxes	(129)	2,487	296,810	4,908
Income tax (benefit) expense	(30)	(703)	78,123	394
(Loss) income from discontinued operations, net of tax	(99)	3,190	218,687	4,514
Service revenue and other
Revenues:
Revenue	0	4,753	4,542	9,329
Cost of services
Operating expenses:
Cost of services and cost of goods sold	$ 0	$ 1,379	$ 1,059	$ 2,571

v3.24.2.u1

Discontinued Operations - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Incremental selling costs	$ 4.4

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