Shenandoah Telecom Reports Q3 2024 Results
Ticker: SHEN · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 354963
Sentiment: neutral
Topics: quarterly-report, telecommunications, financials
TL;DR
Shentel's Q3 revenue up slightly to $446.5M YTD. Steady performance.
AI Summary
Shenandoah Telecommunications Co. reported its Q3 2024 results, with total operating revenue for the nine months ending September 30, 2024, reaching $446.5 million. This represents a slight increase compared to the same period in 2023. The company's financial statements also detail changes in retained earnings and accumulated other comprehensive income.
Why It Matters
This filing provides insight into the financial performance of Shenandoah Telecommunications, a key player in the telecommunications sector, impacting investors and the broader market.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.
Key Numbers
- $446.5M — Total Operating Revenue (YTD) (Represents revenue for the first nine months of 2024.)
- 2024-09-30 — Reporting Period End (Indicates the end date for the financial data presented.)
Key Players & Entities
- SHENANDOAH TELECOMMUNICATIONS CO/VA/ (company) — Filer
- 20240930 (date) — Reporting period end date
- $446.5 million (dollar_amount) — Total operating revenue for nine months ended September 30, 2024
FAQ
What was Shenandoah Telecommunications' total operating revenue for the nine months ended September 30, 2024?
The total operating revenue for the nine months ended September 30, 2024, was $446.5 million.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
In which state is Shenandoah Telecommunications incorporated?
Shenandoah Telecommunications is incorporated in Virginia (VA).
What is the company's primary business address?
The company's business address is 500 Shentel Way, Edinburg, VA 22824.
What is the SIC code for Shenandoah Telecommunications?
The Standard Industrial Classification (SIC) code is 4813, which corresponds to Telephone Communications (No Radio Telephone).
Filing Stats: 4,569 words · 18 min read · ~15 pages · Grade level 19.2 · Accepted 2024-11-07 07:32:21
Filing Documents
- shen-20240930.htm (10-Q) — 1254KB
- shenex31109302024.htm (EX-31.1) — 11KB
- shenex31209302024.htm (EX-31.2) — 10KB
- shenex3209302024.htm (EX-32) — 9KB
- shen-20240930_g1.jpg (GRAPHIC) — 5KB
- 0001628280-24-045986.txt ( ) — 8516KB
- shen-20240930.xsd (EX-101.SCH) — 61KB
- shen-20240930_cal.xml (EX-101.CAL) — 157KB
- shen-20240930_def.xml (EX-101.DEF) — 264KB
- shen-20240930_lab.xml (EX-101.LAB) — 774KB
- shen-20240930_pre.xml (EX-101.PRE) — 548KB
- shen-20240930_htm.xml (XML) — 1334KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Unaudited Condensed Consolidated Balance Sheets 3 Unaudited Condensed Consolidated Statements of Operations 4 Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income 5 Unaudited Condensed Consolidated Statements of Temporary Equity and Shareholders' Equity 6 Unaudited Condensed Consolidated Statements of Cash Flows 8 Notes to Unaudited Condensed Consolidated Financial Statements 9
Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Quantitative and Qualitative Disclosures about Market Risk 34
Item 3. Quantitative and Qualitative Disclosures about Market Risk 34
Controls and Procedures 34
Item 4. Controls and Procedures 34
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings 36
Item 1. Legal Proceedings 36
Risk Factors 36
Item 1A. Risk Factors 36
Unregistered Sales of Equity Securities and Use of Proceeds 36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36
Other Information
Item 5. Other Information 36
Exhibits 37
Item 6. Exhibits 37 Signatures 38 2 Table of Contents SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 43,099 $ 139,255 Accounts receivable, net of allowance for credit losses of $ 1,574 and $ 886 , respectively 32,526 19,782 Income taxes receivable 4,700 4,691 Prepaid expenses and other 17,189 11,782 Current assets held for sale — 561 Total current assets 97,514 176,071 Investments 15,369 13,198 Property, plant and equipment, net 1,385,355 850,337 Goodwill and intangible assets, net 162,822 81,123 Operating lease right-of-use assets 20,738 13,024 Deferred charges and other assets 13,011 11,561 Non-current assets held for sale — 68,915 Total assets $ 1,694,809 $ 1,214,229 LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt, net of unamortized loan fees $ 8,628 $ 7,095 Accounts payable 65,952 53,546 Advanced billings and customer deposits 15,212 12,394 Accrued compensation 16,030 11,749 Current operating lease liabilities 3,317 2,222 Accrued liabilities and other 13,994 7,747 Current liabilities held for sale — 3,602 Total current liabilities 123,133 98,355 Long-term debt, less current maturities, net of unamortized loan fees 335,931 292,804 Other long-term liabilities: Deferred income taxes 181,613 85,664 Benefit plan obligations 5,091 3,943 Non-current operating lease liabilities 11,657 7,185 Other liabilities 31,008 16,912 Non-current liabilities held for sale — 56,696 Total other long-term liabilities 229,369 170,400 Commitments and contingencies (Note 15) Temporary equity: Redeemable noncontrolling interest 81,018 — Shareholders' equity: Common stock, no par value, authorized 96,000 ; 54,573 and 50,272 issued and outstanding at September 30, 2024 and December 31, 2023, respectively — — Additional