Shentel Files Q2 2024 10-Q
Ticker: SHEN · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 354963
Sentiment: neutral
Topics: 10-Q, telecommunications, financials
TL;DR
Shentel's Q2 2024 10-Q is in. Check financials for latest performance.
AI Summary
Shenandoah Telecommunications Co. (Shentel) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational updates for the second quarter of 2024. Specific financial figures and segment performance are provided, reflecting the company's ongoing business activities in the telecommunications sector.
Why It Matters
This filing provides investors and analysts with a detailed look at Shentel's financial health and operational results for the second quarter of 2024, crucial for understanding the company's current performance and future outlook.
Risk Assessment
Risk Level: medium — The company operates in the highly competitive and capital-intensive telecommunications industry, facing risks related to technological advancements, regulatory changes, and market competition.
Key Numbers
- 2024-06-30 — Period End Date (Indicates the end of the reporting quarter.)
- 2024-01-01 — Quarter Start Date (Marks the beginning of the reporting quarter.)
- 2023-06-30 — Prior Year Quarter End (For year-over-year comparison.)
Key Players & Entities
- SHENANDOAH TELECOMMUNICATIONS CO/VA/ (company) — Filer
- 20240630 (date) — Period of Report
- 20240807 (date) — Filing Date
- 0000354963 (company) — Central Index Key
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 7, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0000354963.
What is the company's primary business as indicated by its SIC code?
The company's primary business is TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE), indicated by SIC code 4813.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Filing Stats: 4,577 words · 18 min read · ~15 pages · Grade level 18.9 · Accepted 2024-08-07 08:04:23
Filing Documents
- shen-20240630.htm (10-Q) — 1206KB
- shenex31106302024.htm (EX-31.1) — 11KB
- shenex31206302024.htm (EX-31.2) — 10KB
- shenex31306302024.htm (EX-31.3) — 10KB
- shenex3206302024.htm (EX-32) — 9KB
- shen-20240630_g1.jpg (GRAPHIC) — 5KB
- 0001628280-24-035391.txt ( ) — 8325KB
- shen-20240630.xsd (EX-101.SCH) — 59KB
- shen-20240630_cal.xml (EX-101.CAL) — 149KB
- shen-20240630_def.xml (EX-101.DEF) — 262KB
- shen-20240630_lab.xml (EX-101.LAB) — 757KB
- shen-20240630_pre.xml (EX-101.PRE) — 536KB
- shen-20240630_htm.xml (XML) — 1287KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Unaudited Condensed Consolidated Balance Sheets 3 Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income 4 Unaudited Condensed Consolidated Statements of Temporary Equity and Shareholders' Equity 5 Unaudited Condensed Consolidated Statements of Cash Flows 7 Notes to Unaudited Condensed Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures about Market Risk 33
Item 3. Quantitative and Qualitative Disclosures about Market Risk 33
Controls and Procedures 33
Item 4. Controls and Procedures 33
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings 35
Item 1. Legal Proceedings 35
Risk Factors 35
Item 1A. Risk Factors 35
Unregistered Sales of Equity Securities and Use of Proceeds 35
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
Other Information
Item 5. Other Information 36
Exhibits 37
Item 6. Exhibits 37 Signatures 39 2 Table of Contents SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) June 30, 2024 December 31, 2023 ASSETS 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 — 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 — 68,915 Total assets $ 1,656,333 $ 1,214,229 LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY 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 — 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 — 56,696 Total other long-term liabilities 243,212 170,400 Commitments and contingencies (Note 15) Temporary equity: Redeemable noncontrolling interest 79,380 — 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 — — Additional paid in c