Shenandoah Telecommunications (SHEN) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		50,056,339
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	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 53,981	$ 84,344
Accounts receivable, net of allowance for doubtful accounts of $347 and $352, respectively	15,757	22,005
Income taxes receivable	29,729	30,188
Prepaid expenses and other	26,643	29,830
Total current assets	126,110	166,367
Investments	13,284	13,661
Property, plant and equipment, net	581,541	554,162
Intangible assets, net and goodwill	89,633	89,831
Operating lease right-of-use assets	57,130	56,414
Deferred charges and other assets	15,553	10,298
Total assets	883,251	890,733
Current liabilities:
Accounts payable	21,422	28,542
Advanced billings and customer deposits	11,128	11,128
Accrued compensation	7,132	9,653
Current operating lease liabilities	3,087	3,318
Accrued liabilities and other	14,289	14,649
Total current liabilities	57,058	67,290
Other long-term liabilities:
Deferred income taxes	85,665	86,014
Asset retirement obligations	9,747	9,615
Benefit plan obligations	8,097	8,216
Non-current operating lease liabilities	52,719	51,692
Other liabilities	25,636	25,631
Total other long-term liabilities	181,864	181,168
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 50,049 and 49,965 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	0	0
Additional paid in capital	52,008	49,351
Retained earnings	592,321	592,924
Total shareholders’ equity	644,329	642,275
Total liabilities and shareholders’ equity	$ 883,251	$ 890,733

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 347	$ 352
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	96,000	96,000
Common stock, shares issued (in shares)	50,049	49,965
Common stock, shares, outstanding (in shares)	50,049	49,965

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Service revenue and other	$ 64,414	$ 59,691
Operating expenses:
Cost of services exclusive of depreciation and amortization	26,339	23,424
Selling, general and administrative	23,771	20,153
Restructuring expense	0	618
Depreciation and amortization	14,684	13,266
Total operating expenses	64,794	57,461
Operating income (loss)	(380)	2,230
Other income (expense):
Other income (expense), net	(170)	1,600
Income (loss) from continuing operations before income taxes	(550)	3,830
Income tax expense	53	885
Income (loss) from continuing operations	(603)	2,945
Total income from discontinued operations, net of tax	0	48,472
Net income (loss)	(603)	51,417
Other comprehensive income:
Unrealized income on interest rate hedge, net of tax	0	773
Comprehensive income (loss)	$ (603)	$ 52,190
Net income (loss) per share, basic and diluted:
Basic - Income (loss) from continuing operations (in dollars per share)	$ (0.01)	$ 0.06
Basic - Income from discontinued operations, net of tax (in dollars per share)	0	0.97
Basic net income (loss) per share (in dollars per share)	(0.01)	1.03
Diluted - Income (loss) from continuing operations (in dollars per share)	(0.01)	0.06
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0	0.97
Diluted net income (loss) per share (in dollars per share)	$ (0.01)	$ 1.03
Weighted average shares outstanding, basic (in shares)	50,146	49,947
Weighted average shares outstanding, diluted (in shares)	50,146	50,081

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Shares of Common Stock (no par value)	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		49,868
Beginning balance at Dec. 31, 2020	$ 577,051		$ 47,317	$ 534,440	$ (4,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	51,417			51,417
Net gain on interest rate swaps, net of tax	773				773
Stock based compensation (in shares)		109
Stock based compensation	746		746
Common stock issued	8		8
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(33)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	(1,486)		(1,486)
Ending balance (in shares) at Mar. 31, 2021		49,944
Ending balance at Mar. 31, 2021	$ 628,509		46,585	585,857	(3,933)
Beginning balance (in shares) at Dec. 31, 2021	49,965	49,965
Beginning balance at Dec. 31, 2021	$ 642,275		49,351	592,924	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(603)			(603)
Stock based compensation (in shares)		110
Stock based compensation	3,252		3,252
Common stock issued (in shares)		1
Common stock issued	8		8
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(27)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	$ (603)		(603)
Ending balance (in shares) at Mar. 31, 2022	50,049	50,049
Ending balance at Mar. 31, 2022	$ 644,329		$ 52,008	$ 592,321	$ 0

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (603)	$ 51,417
Total income from discontinued operations, net of tax	0	48,472
Income (loss) from continuing operations	(603)	2,945
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	14,684	13,266
Stock based compensation expense, net of amount capitalized	3,143	642
Deferred income taxes	(349)	0
Other, net	1,017	(202)
Changes in assets and liabilities:
Accounts receivable	5,890	1,861
Current income taxes	459	885
Operating lease assets and liabilities, net	80	(260)
Other assets	(1,365)	(5,683)
Accounts payable	(4,130)	(281)
Other deferrals and accruals	(2,760)	(4,037)
Net cash provided by operating activities - continuing operations	16,066	9,136
Net cash provided by operating activities - discontinued operations	0	75,530
Net cash provided by operating activities	16,066	84,666
Cash flows from investing activities:
Capital expenditures	(45,693)	(39,482)
Proceeds from sale of assets and other	86	14
Net cash used in investing activities - continuing operations	(45,607)	(39,468)
Net cash used in investing activities - discontinued operations	0	(882)
Net cash used in investing activities	(45,607)	(40,350)
Cash flows from financing activities:
Taxes paid for equity award issuances	(603)	(1,486)
Payments for financing arrangements and other	(219)	(496)
Net cash used in financing activities - continuing operations	(822)	(1,982)
Net cash used in financing activities - discontinued operations	0	(8,549)
Net cash used in financing activities	(822)	(10,531)
Net increase (decrease) in cash and cash equivalents	(30,363)	33,785
Cash and cash equivalents, beginning of period	84,344	195,397
Cash and cash equivalents, end of period	53,981	229,182
Cash payments for:
Interest	$ 0	$ (3,897)

Basis of Presentation and Other

Basis of Presentation and Other Information	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Information	Basis of Presentation and Other Information 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, 2021. As discussed in Notes 1 and 16 to the audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021, the Company determined that an immaterial error existed in our previously issued financial statements. As such, the Company revised its historical unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2021. Refer to the table below for a summary of these revisions. For the Three Months Ended ($ in thousands) Pre-Adjustment Error Correction Post-Adjustment Unaudited Condensed Consolidated Statement of Comprehensive Income: Cost of services $ 23,283 $ 141 $ 23,424 Income from continuing operations before income taxes 3,971 (141) 3,830 Income tax expense 922 (37) 885 Income from continuing operations 3,049 (104) 2,945 Net income 51,521 (104) 51,417 Comprehensive income 52,294 (104) 52,190 The preparation of the unaudited condensed consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies at the date of the unaudited condensed consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ. Adoption of New Accounting Principles 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 2021 Annual Report on Form 10-K, that would be expected to impact the Company.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On July 1, 2021, pursuant to the previously announced Asset Purchase Agreement (the “Purchase Agreement”), dated May 28, 2021, between Shentel and T-Mobile, Shentel completed the sale to T-Mobile of its Wireless assets and operations for cash consideration of approximately $1.94 billion, inclusive of the approximately $60 million settlement of the waived management fees by Sprint, and net of certain transaction expenses (the “Transaction”). The assets and liabilities that transferred in the sale (the "disposal group") were presented as held for sale within our historical unaudited condensed consolidated balance sheets, and discontinued operations within our historical unaudited condensed consolidated statements of comprehensive income (loss). Income from discontinued operations, net of tax in the unaudited condensed consolidated statements of comprehensive income (loss) consist of the following: (in thousands) Three Months Ended Revenue: Service revenue and other $ 100,674 Equipment revenue 6,399 Total revenue 107,073 Operating expenses: Cost of services 19,427 Cost of goods sold 6,221 Selling, general and administrative 10,702 Severance expense 211 Total operating expenses 36,561 Operating income 70,512 Interest expense and other, net (4,384) Income before income taxes 66,128 Income tax expense 17,656 Income from discontinued operations, net of tax $ 48,472 There was no material income from discontinued operations for the three months ended March 31, 2022.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Our Broadband segment provides broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic, hybrid fiber coaxial cable, and fixed wireless networks. The Broadband segment also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). These contracts are generally cancellable at the customer’s discretion without penalty at any time. We allocate the total transaction price in these transactions based upon the standalone selling price of each distinct good or service. We generally recognize these revenues over time as customers simultaneously receive and consume the benefits of the service, with the exception of equipment sales and home wiring, which are recognized as revenue at a point in time when control transfers and when installation is complete, respectively. Installation fees, charged upfront without transfer of commensurate goods or services to the customer, are allocated to services and are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the contract, which we estimate to be one year. Additionally, the Company incurs commission expenses related to in-house and third-party vendors which are capitalized and amortized over the expected weighted average customer life which is approximately six years. Amortization of capitalized commission expenses is recorded in selling, general and administrative expenses in the Company's unaudited condensed consolidated statements of comprehensive income (loss). Below is a summary of the Broadband segment's capitalized contract acquisition costs: Three Months Ended (in thousands) 2022 2021 Beginning Balance $ 8,147 $ 7,358 Contract payments 338 1,114 Contract amortization (182) (709) Ending Balance $ 8,303 $ 7,763 Our Broadband segment also provides Ethernet and Wavelength fiber optic services to commercial fiber customers under capacity agreements, and the related revenue is recognized over time. In some cases, non-refundable upfront fees are charged for connecting commercial fiber customers to our fiber network. Those amounts are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the respective contract. A related contract liability of $3.9 million at March 31, 2022, is expected to be recognized into revenue at the rate of approximately $0.2 million per year. The Broadband segment also leases dedicated fiber optic strands to customers as part of “dark fiber” agreements, which are accounted for as leases under Accounting Standards Codification 842, Leases, ("ASC 842"). Our Tower segment leases space on owned cell towers to our Broadband segment, and to other wireless carriers. Revenue from these leases is accounted for under ASC 842. Refer to Note 12, Segment Reporting , for a summary of these revenue streams.

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Investments	Investments Investments consist of the following: (in thousands) March 31, December 31, SERP investments at fair value $ 2,173 $ 2,317 Cost method investments 10,752 11,004 Equity method investments 359 340 Total investments $ 13,284 $ 13,661 SERP Investments at Fair Value: The Supplemental Executive Retirement Plan (“SERP”) is a benefit plan that provides deferred compensation to certain employees. The Company holds the related investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation . Changes to the investments' fair value are presented in Other income (expense), while the reciprocal changes in the liability are presented in selling, general and administrative expense. At March 31, 2022 and December 31, 2021, an additional $0.8 million of SERP investments were presented as prepaid expenses and other (current assets) as we intend to liquidate certain investments to pay the current portion of our SERP obligation. Cost Method Investments : Our investment in CoBank ACB’s Class A common stock represented substantially all of our cost method investments with a balance of $10.0 million and $10.3 million at March 31, 2022 and December 31, 2021, respectively. We recognized approximately $0.1 million and $1.0 million of patronage income in other income for the three months ended March 31, 2022 and 2021, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity. Equity Method Investments: At March 31, 2022 and December 31, 2021, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). The Company and ValleyNet purchase capacity on one another’s fiber network, through related party transactions. We recognized revenue of $0.2 million during each of the three months ended March 31, 2022 and 2021. We recognized cost of service of $28.2 thousand and $0.5 million for the three months ended March 31, 2022 and 2021, respectively.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, Land $ 3,771 $ 3,771 Land improvements 10 years 3,483 3,478 Buildings and structures 10 - 45 years 96,504 96,323 Cable and fiber 15 - 30 years 476,573 453,405 Equipment and software 4 - 8 years 383,619 391,293 Plant in service 963,950 948,270 Plant under construction 105,027 79,963 Total property, plant and equipment 1,068,977 1,028,233 Less: accumulated depreciation and amortization 487,436 474,071 Property, plant and equipment, net $ 581,541 $ 554,162 Property, plant and equipment net, increases were primarily attributable to capital expenditures in the Broadband segment due to expansion of Glo Fiber assets and market expansion. Depreciation expense was $14.5 million and $13.0 million for the three months ended March 31, 2022 and 2021, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets consist of the following: March 31, 2022 December 31, 2021 (in thousands) Gross Accumulated Amortization and Other Net Gross Accumulated Amortization and Other Net Goodwill - Broadband $ 3,244 $ — $ 3,244 $ 3,244 $ — $ 3,244 Indefinite-lived intangibles: Cable franchise rights 64,334 — 64,334 64,334 — 64,334 FCC spectrum licenses 13,839 — 13,839 13,839 — 13,839 Railroad crossing rights 141 — 141 141 — 141 Total indefinite-lived intangibles 78,314 — 78,314 78,314 — 78,314 Finite-lived intangibles: FCC spectrum licenses 6,811 (751) 6,060 6,811 (672) 6,139 Subscriber relationships 28,425 (26,564) 1,861 28,425 (26,451) 1,974 Other intangibles 463 (309) 154 463 (303) 160 Total finite-lived intangibles 35,699 (27,624) 8,075 35,699 (27,426) 8,273 Total goodwill and intangible assets $ 117,257 $ (27,624) $ 89,633 $ 117,257 $ (27,426) $ 89,831 Amortization expense was $0.2 million for both the three months ended March 31, 2022 and 2021.

Other Assets and Accrued Liabil

Other Assets and Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
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) March 31, December 31, Deposit for FCC spectrum licenses $ 16,118 $ 16,118 Prepaid maintenance and software expenses 4,961 8,391 Broadband contract acquisition costs 2,610 2,502 SERP investments 801 801 Other 2,153 2,018 Prepaid expenses and other $ 26,643 $ 29,830 Deferred charges and other assets, classified as long-term assets, included the following: (in thousands) March 31, December 31, Broadband contract acquisition costs $ 5,693 $ 5,645 Prepaid maintenance and software expenses 9,860 4,653 Deferred charges and other assets $ 15,553 $ 10,298 Accrued liabilities and other, classified as current liabilities, included the following: (in thousands) March 31, December 31, Accrued programming costs $ 3,258 $ 3,084 Sales and property taxes payable 1,852 1,065 Restructuring accrual 905 1,761 Other current liabilities 8,274 8,739 Accrued liabilities and other $ 14,289 $ 14,649 Other liabilities, classified as long-term liabilities, included the following: (in thousands) March 31, December 31, Noncurrent portion of deferred lease revenue $ 19,449 $ 19,749 FCC spectrum license obligations 3,814 3,807 Noncurrent portion of financing leases 1,513 1,614 Other 860 461 Other liabilities $ 25,636 $ 25,631 During the third quarter of 2020, the Company was awarded certain indefinite-lived Citizens Broadband Radio Service ("CBRS") spectrum licenses to be used within the Broadband segment. The Company paid an aggregate deposit of $16.1 million with the licenses subject to final approval and issuance by the Federal Communications Commission (“FCC”). The licenses will provide us priority access rights over general access users other than incumbents, in that specific band, in accordance with the FCC’s three-tier CBRS band spectrum sharing framework. The FCC is still reviewing the Company’s final application for the licenses. The entire deposit of $16.1 million is classified within prepaid expenses and other in the Company’s consolidated balance sheets as of March 31, 2022 and December 31, 2021. In 2021, as a result of the sale of our Wireless assets and operations, we implemented a restructuring plan whereby certain employees were notified of their pending dismissal under the workforce reduction program. We made $0.8 million in severance payments related to the workforce reduction program for the three months ended March 31, 2022. There were no severance payments for the three months ended March 31, 2021.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business. At March 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%. For each of the three months ended March 31, 2022 and 2021, we recognized $2.7 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.2 million of interest and depreciation expense on finance leases for the three months ended March 31, 2022 and 2021, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.6 million and $1.5 million of operating lease payments for the three months ended March 31, 2022 and 2021, respectively. We also obtained $1.6 million and $2.7 million of leased assets in exchange for new operating lease liabilities recognized for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the expected maturity of lease liabilities at March 31, 2022: (in thousands) Operating Leases Finance Leases Total 2022 $ 3,905 $ 70 $ 3,975 2023 5,223 176 5,399 2024 4,893 178 5,071 2025 4,696 180 4,876 2026 4,211 153 4,364 2027 and thereafter 68,256 1,514 69,770 Total lease payments 91,184 2,271 93,455 Less: Interest 35,378 666 36,044 Present value of lease liabilities $ 55,806 $ 1,605 $ 57,411 We recognized $5.4 million and $2.4 million of operating lease revenue for the three months ended March 31, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). Substantially all of our lease revenue relates to fixed lease payments. Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2022: (in thousands) Operating Leases 2022 $ 12,398 2023 13,849 2024 12,840 2025 11,908 2026 8,899 2027 and thereafter 30,769 Total $ 90,663
Leases	Leases We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business. At March 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%. For each of the three months ended March 31, 2022 and 2021, we recognized $2.7 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.2 million of interest and depreciation expense on finance leases for the three months ended March 31, 2022 and 2021, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.6 million and $1.5 million of operating lease payments for the three months ended March 31, 2022 and 2021, respectively. We also obtained $1.6 million and $2.7 million of leased assets in exchange for new operating lease liabilities recognized for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the expected maturity of lease liabilities at March 31, 2022: (in thousands) Operating Leases Finance Leases Total 2022 $ 3,905 $ 70 $ 3,975 2023 5,223 176 5,399 2024 4,893 178 5,071 2025 4,696 180 4,876 2026 4,211 153 4,364 2027 and thereafter 68,256 1,514 69,770 Total lease payments 91,184 2,271 93,455 Less: Interest 35,378 666 36,044 Present value of lease liabilities $ 55,806 $ 1,605 $ 57,411 We recognized $5.4 million and $2.4 million of operating lease revenue for the three months ended March 31, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). Substantially all of our lease revenue relates to fixed lease payments. Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2022: (in thousands) Operating Leases 2022 $ 12,398 2023 13,849 2024 12,840 2025 11,908 2026 8,899 2027 and thereafter 30,769 Total $ 90,663
Leases	Leases We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business. At March 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%. For each of the three months ended March 31, 2022 and 2021, we recognized $2.7 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.2 million of interest and depreciation expense on finance leases for the three months ended March 31, 2022 and 2021, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.6 million and $1.5 million of operating lease payments for the three months ended March 31, 2022 and 2021, respectively. We also obtained $1.6 million and $2.7 million of leased assets in exchange for new operating lease liabilities recognized for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the expected maturity of lease liabilities at March 31, 2022: (in thousands) Operating Leases Finance Leases Total 2022 $ 3,905 $ 70 $ 3,975 2023 5,223 176 5,399 2024 4,893 178 5,071 2025 4,696 180 4,876 2026 4,211 153 4,364 2027 and thereafter 68,256 1,514 69,770 Total lease payments 91,184 2,271 93,455 Less: Interest 35,378 666 36,044 Present value of lease liabilities $ 55,806 $ 1,605 $ 57,411 We recognized $5.4 million and $2.4 million of operating lease revenue for the three months ended March 31, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). Substantially all of our lease revenue relates to fixed lease payments. Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2022: (in thousands) Operating Leases 2022 $ 12,398 2023 13,849 2024 12,840 2025 11,908 2026 8,899 2027 and thereafter 30,769 Total $ 90,663

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 not subject to any state or federal income tax audits as of March 31, 2022. The Company's income tax returns are generally open to examination from 2018 forward and the net operating losses acquired in the acquisition of nTelos are open to examination from 2002 forward. The effective tax rates for the three months ended March 31, 2022 and 2021, 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 (in thousands) 2022 2021 Expected tax expense (benefit) at federal statutory $ (115) $ 804 State income tax expense (benefit), net of federal tax effect (32) 308 Excess tax deficiency (benefit) from share based compensation and other expense, net 200 (227) Income tax expense $ 53 $ 885 The Company made no cash payments and received no cash refunds for income taxes for the three months ended March 31, 2022. The Company's cash refunds for income taxes were approximately $0.8 million for the three months ended March 31, 2021.

Stock Compensation and Earnings

Stock Compensation and Earnings per Share	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Compensation and Earnings per Share	Stock Compensation and Earnings per Share The Company granted approximately 195 thousand restricted stock units ("RSUs") to employees and approximately 48 thousand RSUs to members of the board of directors, at a market price of $21.57 per award during the three months ended March 31, 2022. Under the terms of the award agreements, the RSUs granted to employees vest ratably on an annual basis through 2026. The RSUs granted to the members of the board of directors vest fully on the first anniversary of the grant date. Additionally, approximately 97 thousand Relative Total Shareholder Return (“RTSR”) awards were granted to employees at a value of $23.83 per award. Pursuant to the terms of the RTSR awards, the Company’s stock performance over a three-year period, ending December 31, 2024, will be compared to a group of peer companies, and the actual number of shares to be issued will be determined based upon the performance of the Company’s stock as compared with that of the peer group. The actual number of shares to be issued ranges from zero (if the Company’s stock performance is in the bottom 25% of the peer group) to 150% of the awards granted (if the Company’s stock performance is in the top 25% of the peer group). The Company's stock based compensation award vesting is subject to requirements relating to continued employment with the Company through the service or performance periods, and to special vesting provisions in case of a change of control, death, disability or retirement. We utilize the treasury stock method to calculate the impact on diluted earnings per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings per share: Three Months Ended (in thousands, except per share amounts) 2022 2021 Calculation of net income (loss) per share: Income (loss) from continuing operations $ (603) $ 2,945 Total income from discontinued operations, net of tax $ — $ 48,472 Net income (loss) $ (603) $ 51,417 Basic weighted average shares outstanding 50,146 49,947 Basic net income (loss) per share - continuing operations $ (0.01) $ 0.06 Basic net income per share - discontinued operations $ — $ 0.97 Basic net income (loss) per share $ (0.01) $ 1.03 Effect of stock-based compensation awards outstanding: Basic weighted average shares outstanding 50,146 49,947 Effect from dilutive shares and options outstanding — 134 Diluted weighted average shares outstanding 50,146 50,081 Diluted net income (loss) per share - continuing operations $ (0.01) $ 0.06 Diluted net income per share - discontinued operations $ — $ 0.97 Diluted net income (loss) per share $ (0.01) $ 1.03 There were approximately 147 thousand potentially dilutive equity awards for the three months ended March 31, 2022; however, these securities 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 net loss for the period. There were fewer than 100 thousand anti-dilutive equity awards outstanding for the three months ended March 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 2026 and commitments for licenses to access Educational Broadband Service (“EBS”) spectrum channels through 2039. 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 consolidated financial statements of the Company.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Three Months Ended March 31, 2022: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 46,913 $ — $ — $ 46,913 Commercial Fiber 9,062 — — 9,062 RLEC & Other 3,689 — — 3,689 Tower lease — 4,746 — 4,746 Service revenue and other 59,664 4,746 — 64,410 Revenue for service provided to the discontinued Wireless operations 50 101 (147) 4 Total revenue 59,714 4,847 (147) 64,414 Operating expenses Cost of services 25,168 1,292 (121) 26,339 Selling, general and administrative 13,489 318 9,964 23,771 Depreciation and amortization 12,876 484 1,324 14,684 Total operating expenses 51,533 2,094 11,167 64,794 Operating income (loss) $ 8,181 $ 2,753 $ (11,314) $ (380) Three Months Ended March 31, 2021: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 42,930 $ — $ — $ 42,930 Commercial Fiber 6,385 — — 6,385 RLEC & Other 3,631 — — 3,631 Tower lease — 2,150 — 2,150 Service revenue and other 52,946 2,150 — 55,096 Revenue for service provided to the discontinued Wireless operations 2,208 2,515 (128) 4,595 Total revenue 55,154 4,665 (128) 59,691 Operating expenses Cost of services 22,277 1,248 (101) 23,424 Selling, general and administrative 10,725 234 9,194 20,153 Restructuring expense 105 — 513 618 Depreciation and amortization 11,761 481 1,024 13,266 Total operating expenses 44,868 1,963 10,630 57,461 Operating income (loss) $ 10,286 $ 2,702 $ (10,758) $ 2,230 A reconciliation of the total of the reportable segments’ operating income to consolidated income (loss) for continuing operations before income taxes is as follows: Three Months Ended (in thousands) 2022 2021 Total consolidated operating income (loss) $ (380) $ 2,230 Other income (expense), net (170) 1,600 Income (loss) from continuing operations before income taxes $ (550) $ 3,830 The Company’s chief operating decision maker (CODM) does not currently review total assets by segment since the assets are centrally managed and some of the assets are shared by the segments. Accordingly, total assets by segment are not provided.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In the fourth quarter of 2021, due to the availability of grants awarded under various governmental initiatives, and in support of rural fiber to the home ("FTTH") broadband network expansion projects, we decided to cease further expansion of our “Beam” fixed wireless edge-out strategy. The Company decided in April 2022 to cease operations for certain Beam sites encompassing approximately $4.0 million of property, plant, and equipment, net. The Company plans to continue to operate the remaining Beam sites and provide service to existing customers. We expect to finalize our plan and begin the implementation of the site decommissioning activities in the second quarter of 2022. Upon finalization of our plan to decommission certain Beam fixed wireless sites, we expect to incur approximately $4.0 million of impairment costs and approximately $1.0 million of additional termination costs during the second quarter of 2022, in our Broadband segment.

Basis of Presentation and Oth_2

Basis of Presentation and Other Information (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Adoption of New Accounting Principles	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 2021 Annual Report on Form 10-K, that would be expected to impact the Company.
Investment	SERP Investments at Fair Value: The Supplemental Executive Retirement Plan (“SERP”) is a benefit plan that provides deferred compensation to certain employees. The Company holds the related investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation . Changes to the investments' fair value are presented in Other income (expense), while the reciprocal changes in the liability are presented in selling, general and administrative expense. At March 31, 2022 and December 31, 2021, an additional $0.8 million of SERP investments were presented as prepaid expenses and other (current assets) as we intend to liquidate certain investments to pay the current portion of our SERP obligation. Cost Method Investments : Our investment in CoBank ACB’s Class A common stock represented substantially all of our cost method investments with a balance of $10.0 million and $10.3 million at March 31, 2022 and December 31, 2021, respectively. We recognized approximately $0.1 million and $1.0 million of patronage income in other income for the three months ended March 31, 2022 and 2021, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity. Equity Method Investments: At March 31, 2022 and December 31, 2021, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). The Company and ValleyNet purchase capacity on one another’s fiber network, through related party transactions. We recognized revenue of $0.2 million during each of the three months ended March 31, 2022 and 2021. We recognized cost of service of $28.2 thousand and $0.5 million for the three months ended March 31, 2022 and 2021, respectively.

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	Refer to the table below for a summary of these revisions. For the Three Months Ended ($ in thousands) Pre-Adjustment Error Correction Post-Adjustment Unaudited Condensed Consolidated Statement of Comprehensive Income: Cost of services $ 23,283 $ 141 $ 23,424 Income from continuing operations before income taxes 3,971 (141) 3,830 Income tax expense 922 (37) 885 Income from continuing operations 3,049 (104) 2,945 Net income 51,521 (104) 51,417 Comprehensive income 52,294 (104) 52,190

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Income from discontinued operations, net of tax in the unaudited condensed consolidated statements of comprehensive income (loss) consist of the following: (in thousands) Three Months Ended Revenue: Service revenue and other $ 100,674 Equipment revenue 6,399 Total revenue 107,073 Operating expenses: Cost of services 19,427 Cost of goods sold 6,221 Selling, general and administrative 10,702 Severance expense 211 Total operating expenses 36,561 Operating income 70,512 Interest expense and other, net (4,384) Income before income taxes 66,128 Income tax expense 17,656 Income from discontinued operations, net of tax $ 48,472

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Amortized and Capitalized Contract Cost	Below is a summary of the Broadband segment's capitalized contract acquisition costs: Three Months Ended (in thousands) 2022 2021 Beginning Balance $ 8,147 $ 7,358 Contract payments 338 1,114 Contract amortization (182) (709) Ending Balance $ 8,303 $ 7,763

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Other Investments	Investments consist of the following: (in thousands) March 31, December 31, SERP investments at fair value $ 2,173 $ 2,317 Cost method investments 10,752 11,004 Equity method investments 359 340 Total investments $ 13,284 $ 13,661

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consist of the following: ($ in thousands) Estimated Useful Lives March 31, December 31, Land $ 3,771 $ 3,771 Land improvements 10 years 3,483 3,478 Buildings and structures 10 - 45 years 96,504 96,323 Cable and fiber 15 - 30 years 476,573 453,405 Equipment and software 4 - 8 years 383,619 391,293 Plant in service 963,950 948,270 Plant under construction 105,027 79,963 Total property, plant and equipment 1,068,977 1,028,233 Less: accumulated depreciation and amortization 487,436 474,071 Property, plant and equipment, net $ 581,541 $ 554,162

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Resulting from Acquisition	Goodwill and intangible assets consist of the following: March 31, 2022 December 31, 2021 (in thousands) Gross Accumulated Amortization and Other Net Gross Accumulated Amortization and Other Net Goodwill - Broadband $ 3,244 $ — $ 3,244 $ 3,244 $ — $ 3,244 Indefinite-lived intangibles: Cable franchise rights 64,334 — 64,334 64,334 — 64,334 FCC spectrum licenses 13,839 — 13,839 13,839 — 13,839 Railroad crossing rights 141 — 141 141 — 141 Total indefinite-lived intangibles 78,314 — 78,314 78,314 — 78,314 Finite-lived intangibles: FCC spectrum licenses 6,811 (751) 6,060 6,811 (672) 6,139 Subscriber relationships 28,425 (26,564) 1,861 28,425 (26,451) 1,974 Other intangibles 463 (309) 154 463 (303) 160 Total finite-lived intangibles 35,699 (27,624) 8,075 35,699 (27,426) 8,273 Total goodwill and intangible assets $ 117,257 $ (27,624) $ 89,633 $ 117,257 $ (27,426) $ 89,831
Schedule of Finite-Lived Intangible Assets	Goodwill and intangible assets consist of the following: March 31, 2022 December 31, 2021 (in thousands) Gross Accumulated Amortization and Other Net Gross Accumulated Amortization and Other Net Goodwill - Broadband $ 3,244 $ — $ 3,244 $ 3,244 $ — $ 3,244 Indefinite-lived intangibles: Cable franchise rights 64,334 — 64,334 64,334 — 64,334 FCC spectrum licenses 13,839 — 13,839 13,839 — 13,839 Railroad crossing rights 141 — 141 141 — 141 Total indefinite-lived intangibles 78,314 — 78,314 78,314 — 78,314 Finite-lived intangibles: FCC spectrum licenses 6,811 (751) 6,060 6,811 (672) 6,139 Subscriber relationships 28,425 (26,564) 1,861 28,425 (26,451) 1,974 Other intangibles 463 (309) 154 463 (303) 160 Total finite-lived intangibles 35,699 (27,624) 8,075 35,699 (27,426) 8,273 Total goodwill and intangible assets $ 117,257 $ (27,624) $ 89,633 $ 117,257 $ (27,426) $ 89,831

Other Assets and Accrued Liab_2

Other Assets and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Assets	Prepaid expenses and other, classified as current assets, included the following: (in thousands) March 31, December 31, Deposit for FCC spectrum licenses $ 16,118 $ 16,118 Prepaid maintenance and software expenses 4,961 8,391 Broadband contract acquisition costs 2,610 2,502 SERP investments 801 801 Other 2,153 2,018 Prepaid expenses and other $ 26,643 $ 29,830
Schedule of Other Assets, Noncurrent	Deferred charges and other assets, classified as long-term assets, included the following: (in thousands) March 31, December 31, Broadband contract acquisition costs $ 5,693 $ 5,645 Prepaid maintenance and software expenses 9,860 4,653 Deferred charges and other assets $ 15,553 $ 10,298
Summary of Accrued Liabilities and Other	Accrued liabilities and other, classified as current liabilities, included the following: (in thousands) March 31, December 31, Accrued programming costs $ 3,258 $ 3,084 Sales and property taxes payable 1,852 1,065 Restructuring accrual 905 1,761 Other current liabilities 8,274 8,739 Accrued liabilities and other $ 14,289 $ 14,649
Other Noncurrent Liabilities	Other liabilities, classified as long-term liabilities, included the following: (in thousands) March 31, December 31, Noncurrent portion of deferred lease revenue $ 19,449 $ 19,749 FCC spectrum license obligations 3,814 3,807 Noncurrent portion of financing leases 1,513 1,614 Other 860 461 Other liabilities $ 25,636 $ 25,631

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Expected Maturity of Lease Liabilities, Operating	The following table summarizes the expected maturity of lease liabilities at March 31, 2022: (in thousands) Operating Leases Finance Leases Total 2022 $ 3,905 $ 70 $ 3,975 2023 5,223 176 5,399 2024 4,893 178 5,071 2025 4,696 180 4,876 2026 4,211 153 4,364 2027 and thereafter 68,256 1,514 69,770 Total lease payments 91,184 2,271 93,455 Less: Interest 35,378 666 36,044 Present value of lease liabilities $ 55,806 $ 1,605 $ 57,411
Expected Maturity of Lease Liabilities, Financing	The following table summarizes the expected maturity of lease liabilities at March 31, 2022: (in thousands) Operating Leases Finance Leases Total 2022 $ 3,905 $ 70 $ 3,975 2023 5,223 176 5,399 2024 4,893 178 5,071 2025 4,696 180 4,876 2026 4,211 153 4,364 2027 and thereafter 68,256 1,514 69,770 Total lease payments 91,184 2,271 93,455 Less: Interest 35,378 666 36,044 Present value of lease liabilities $ 55,806 $ 1,605 $ 57,411
Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases	Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2022: (in thousands) Operating Leases 2022 $ 12,398 2023 13,849 2024 12,840 2025 11,908 2026 8,899 2027 and thereafter 30,769 Total $ 90,663

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Reconciliation of Income Taxes	Three Months Ended (in thousands) 2022 2021 Expected tax expense (benefit) at federal statutory $ (115) $ 804 State income tax expense (benefit), net of federal tax effect (32) 308 Excess tax deficiency (benefit) from share based compensation and other expense, net 200 (227) Income tax expense $ 53 $ 885

Stock Compensation and Earnin_2

Stock Compensation and Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table indicates the computation of basic and diluted earnings per share: Three Months Ended (in thousands, except per share amounts) 2022 2021 Calculation of net income (loss) per share: Income (loss) from continuing operations $ (603) $ 2,945 Total income from discontinued operations, net of tax $ — $ 48,472 Net income (loss) $ (603) $ 51,417 Basic weighted average shares outstanding 50,146 49,947 Basic net income (loss) per share - continuing operations $ (0.01) $ 0.06 Basic net income per share - discontinued operations $ — $ 0.97 Basic net income (loss) per share $ (0.01) $ 1.03 Effect of stock-based compensation awards outstanding: Basic weighted average shares outstanding 50,146 49,947 Effect from dilutive shares and options outstanding — 134 Diluted weighted average shares outstanding 50,146 50,081 Diluted net income (loss) per share - continuing operations $ (0.01) $ 0.06 Diluted net income per share - discontinued operations $ — $ 0.97 Diluted net income (loss) per share $ (0.01) $ 1.03

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Selected Financial Data for Segments	Three Months Ended March 31, 2022: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 46,913 $ — $ — $ 46,913 Commercial Fiber 9,062 — — 9,062 RLEC & Other 3,689 — — 3,689 Tower lease — 4,746 — 4,746 Service revenue and other 59,664 4,746 — 64,410 Revenue for service provided to the discontinued Wireless operations 50 101 (147) 4 Total revenue 59,714 4,847 (147) 64,414 Operating expenses Cost of services 25,168 1,292 (121) 26,339 Selling, general and administrative 13,489 318 9,964 23,771 Depreciation and amortization 12,876 484 1,324 14,684 Total operating expenses 51,533 2,094 11,167 64,794 Operating income (loss) $ 8,181 $ 2,753 $ (11,314) $ (380) Three Months Ended March 31, 2021: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 42,930 $ — $ — $ 42,930 Commercial Fiber 6,385 — — 6,385 RLEC & Other 3,631 — — 3,631 Tower lease — 2,150 — 2,150 Service revenue and other 52,946 2,150 — 55,096 Revenue for service provided to the discontinued Wireless operations 2,208 2,515 (128) 4,595 Total revenue 55,154 4,665 (128) 59,691 Operating expenses Cost of services 22,277 1,248 (101) 23,424 Selling, general and administrative 10,725 234 9,194 20,153 Restructuring expense 105 — 513 618 Depreciation and amortization 11,761 481 1,024 13,266 Total operating expenses 44,868 1,963 10,630 57,461 Operating income (loss) $ 10,286 $ 2,702 $ (10,758) $ 2,230
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	A reconciliation of the total of the reportable segments’ operating income to consolidated income (loss) for continuing operations before income taxes is as follows: Three Months Ended (in thousands) 2022 2021 Total consolidated operating income (loss) $ (380) $ 2,230 Other income (expense), net (170) 1,600 Income (loss) from continuing operations before income taxes $ (550) $ 3,830

Basis of Presentation and Oth_3

Basis of Presentation and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of services	$ 26,339	$ 23,424
Income from continuing operations before income taxes	(550)	3,830
Income tax expense	53	885
Income (loss) from continuing operations	(603)	2,945
Net income	(603)	51,417
Comprehensive income	$ (603)	52,190
Pre-Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of services		23,283
Income from continuing operations before income taxes		3,971
Income tax expense		922
Income (loss) from continuing operations		3,049
Net income		51,521
Comprehensive income		52,294
Error Correction
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of services		141
Income from continuing operations before income taxes		(141)
Income tax expense		(37)
Income (loss) from continuing operations		(104)
Net income		(104)
Comprehensive income		$ (104)

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Millions	Jul. 01, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Waived management fees	$ 60
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds	$ 1,940

Discontinued Operations - Incom

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Discontinued Operations, Held-for-sale $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Revenue:
Revenue	$ 107,073
Operating expenses:
Selling, general and administrative	10,702
Severance expense	211
Total operating expenses	36,561
Operating income	70,512
Interest expense and other, net	(4,384)
Income before income taxes	66,128
Income tax expense	17,656
Income from discontinued operations, net of tax	48,472
Service revenue and other
Revenue:
Revenue	100,674
Equipment revenue
Revenue:
Revenue	6,399
Cost of services
Operating expenses:
Cost of services and cost of goods sold	19,427
Cost of goods sold
Operating expenses:
Cost of services and cost of goods sold	$ 6,221

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Weighted average customer life	6 years
Remaining performance obligations	$ 3.9
Revenue remaining performance obligation, per year	$ 0.2

Revenue from Contracts with C_4

Revenue from Contracts with Customers Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 8,147	$ 7,358
Contract payments	338	1,114
Contract amortization	(182)	(709)
Ending Balance	$ 8,303	$ 7,763

Investments - Other Investments

Investments - Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments [Abstract]
SERP investments at fair value	$ 2,173	$ 2,317
Cost method investments	10,752	11,004
Equity method investments	359	340
Total investments	$ 13,284	$ 13,661

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
SERP investments	$ 801,000		$ 801,000
SERP investments at fair value	2,173,000		2,317,000
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	10,000,000		$ 10,300,000
Other nonoperating income (expense)	$ 100,000	$ 1,000,000
Percentage of patronage credit paid in cash	75.00%
Percentage of patronage credit paid in share	25.00%
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	20.00%		20.00%
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	$ 200,000
Related party costs	$ 28,200	$ 500,000

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,068,977		$ 1,028,233
Less: accumulated depreciation and amortization	487,436		474,071
Property, plant and equipment, net	581,541		554,162
Depreciation expense	14,500	$ 13,000
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 3,771		3,771
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 3,483		3,478
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 96,504		96,323
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	$ 476,573		453,405
Cable and fiber | Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	15 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	$ 383,619		391,293
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	8 years
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 963,950		948,270
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 105,027		$ 79,963

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 78,314	$ 78,314
Gross carrying amount	35,699	35,699
Accumulated amortization and other	(27,624)	(27,426)
Total	8,075	8,273
Total intangible assets, gross carrying amount	117,257	117,257
Intangible assets, net	89,633	89,831
Goodwill - Broadband
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	3,244	3,244
Goodwill	3,244	3,244
FCC spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	6,811	6,811
Accumulated amortization and other	(751)	(672)
Total	6,060	6,139
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,425	28,425
Accumulated amortization and other	(26,564)	(26,451)
Total	1,861	1,974
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	463	463
Accumulated amortization and other	(309)	(303)
Total	154	160
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	13,839	13,839
Railroad crossing rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 141	$ 141

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.2	$ 0.2

Other Assets and Accrued Liab_3

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deposit for FCC spectrum licenses	$ 16,118	$ 16,118
Prepaid maintenance and software expenses	4,961	8,391
Broadband contract acquisition costs	2,610	2,502
SERP investments	801	801
Other	2,153	2,018
Prepaid expenses and other	$ 26,643	$ 29,830

Other Assets and Accrued Liab_4

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 5,693	$ 5,645
Prepaid maintenance and software expenses	9,860	4,653
Deferred charges and other assets	$ 15,553	$ 10,298

Other Assets and Accrued Liab_5

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,258	$ 3,084
Sales and property taxes payable	1,852	1,065
Restructuring accrual	905	1,761
Other current liabilities	8,274	8,739
Accrued liabilities and other	$ 14,289	$ 14,649

Other Assets and Accrued Liab_6

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 19,449	$ 19,749
FCC spectrum license obligations	3,814	3,807
Noncurrent portion of financing leases	1,513	1,614
Other	860	461
Other liabilities	$ 25,636	$ 25,631

Other Assets and Accrued Liab_7

Other Assets and Accrued Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2020	Dec. 31, 2021
Workforce Reduction Program
Business Acquisition [Line Items]
Payments for restructuring	$ 800	$ 0
FCC spectrum licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired	$ 16,100		$ 16,100	$ 16,100

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease, weighted average remaining lease term	20 years
Operating lease, weighted average discount rate, percent	4.40%
Finance lease, weighted average remaining lease term	14 years
Finance lease, weighted average discount rate, percent	5.20%
Operating lease, cost	$ 2.7	$ 1.4
Finance lease, cost	0.1	0.2
Operating lease, payments	1.6	1.5
Right-of-use asset obtained in exchange for operating lease liability	1.6	2.7
Sublease income	$ 5.4	$ 2.4

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Mar. 31, 2022USD ($)
Operating Leases
2022	$ 3,905
2023	5,223
2024	4,893
2025	4,696
2026	4,211
2027 and thereafter	68,256
Total lease payments	91,184
Less: Interest	35,378
Present value of lease liabilities	55,806
Finance Leases
2022	70
2023	176
2024	178
2025	180
2026	153
2027 and thereafter	1,514
Total lease payments	2,271
Less: Interest	666
Present value of lease liabilities	1,605
Total
2022	3,975
2023	5,399
2024	5,071
2025	4,876
2026	4,364
2027 and thereafter	69,770
Total lease payments	93,455
Less: Interest	36,044
Present value of lease liabilities	$ 57,411

Leases - Maturity of Lease Li_2

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022	$ 12,398
2023	13,849
2024	12,840
2025	11,908
2026	8,899
2027 and thereafter	30,769
Total	$ 90,663

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax expense (benefit) at federal statutory	$ (115)	$ 804
State income tax expense (benefit), net of federal tax effect	(32)	308
Excess tax deficiency (benefit) from share based compensation and other expense, net	200	(227)
Income tax expense	$ 53	$ 885

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Proceeds from income tax refunds	$ 0	$ 800,000

Stock Compensation and Earnin_3

Stock Compensation and Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Income (loss) from continuing operations	$ (603)	$ 2,945
Total income from discontinued operations, net of tax	0	48,472
Net income (loss)	$ (603)	$ 51,417
Basic weighted average shares outstanding (in shares)	50,146	49,947
Basic net income per share - continuing operations (in dollars per share)	$ (0.01)	$ 0.06
Basic net income per share - discontinued operations (in dollars per share)	0	0.97
Basic net income (loss) per share (in dollars per share)	$ (0.01)	$ 1.03
Effect from dilutive shares and options outstanding (in shares)	0	134
Diluted weighted average shares outstanding (in shares)	50,146	50,081
Diluted net income per share - continuing operations (in dollars per share)	$ (0.01)	$ 0.06
Diluted net income per share - discontinued operations (in dollars per share)	0	0.97
Diluted net income (loss) per share (in dollars per share)	$ (0.01)	$ 1.03

Stock Compensation and Earnin_4

Stock Compensation and Earnings per Share - Narrative (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	147,000	100,000
Relative Total Shareholder Return Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)	150.00%
Relative Total Shareholder Return Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, issued (in shares)	0
Employees | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	195,000
Employees | Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	97,000
Granted (in dollars per share)	$ 23.83
Directors | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	48,000
Employees And Directors | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 21.57

Segment Reporting - Selected Fi

Segment Reporting - Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
External revenue
Service revenue and other	$ 64,414	$ 59,691
Operating expenses
Cost of services exclusive of depreciation and amortization	26,339	23,424
Selling, general and administrative	23,771	20,153
Restructuring expense	0	618
Depreciation and amortization	14,684	13,266
Operating income (loss)	(380)	2,230
Operating Segments
Operating expenses
Selling, general and administrative	23,771	20,153
Restructuring expense		618
Depreciation and amortization	14,684	13,266
Total operating expenses	64,794	57,461
Operating income (loss)	(380)	2,230
Operating Segments | Broadband
External revenue
Service revenue and other	59,714	55,154
Operating expenses
Selling, general and administrative	13,489	10,725
Restructuring expense		105
Depreciation and amortization	12,876	11,761
Total operating expenses	51,533	44,868
Operating income (loss)	8,181	10,286
Operating Segments | Tower
External revenue
Service revenue and other	4,847	4,665
Operating expenses
Selling, general and administrative	318	234
Restructuring expense		0
Depreciation and amortization	484	481
Total operating expenses	2,094	1,963
Operating income (loss)	2,753	2,702
Intersegment Eliminations
External revenue
Service revenue and other	4	4,595
Intersegment Eliminations | Broadband
External revenue
Service revenue and other	50	2,208
Intersegment Eliminations | Tower
External revenue
Service revenue and other	101	2,515
Intersegment Eliminations | Corporate & Eliminations
External revenue
Service revenue and other	(147)	(128)
Corporate, Non-Segment
Operating expenses
Selling, general and administrative	9,964	9,194
Restructuring expense		513
Depreciation and amortization	1,324	1,024
Total operating expenses	11,167	10,630
Operating income (loss)	(11,314)	(10,758)
Residential & SMB | Operating Segments
External revenue
Service revenue and other	46,913	42,930
Residential & SMB | Operating Segments | Broadband
External revenue
Service revenue and other	46,913	42,930
Residential & SMB | Operating Segments | Tower
External revenue
Service revenue and other	0	0
Commercial Fiber | Operating Segments
External revenue
Service revenue and other	9,062	6,385
Commercial Fiber | Operating Segments | Broadband
External revenue
Service revenue and other	9,062	6,385
Commercial Fiber | Operating Segments | Tower
External revenue
Service revenue and other	0	0
RLEC & Other | Operating Segments
External revenue
Service revenue and other	3,689	3,631
RLEC & Other | Operating Segments | Broadband
External revenue
Service revenue and other	3,689	3,631
RLEC & Other | Operating Segments | Tower
External revenue
Service revenue and other	0	0
Tower lease | Operating Segments
External revenue
Service revenue and other	4,746	2,150
Tower lease | Operating Segments | Broadband
External revenue
Service revenue and other	0	0
Tower lease | Operating Segments | Tower
External revenue
Service revenue and other	4,746	2,150
Service revenue and other | Operating Segments
External revenue
Service revenue and other	64,410	55,096
Service revenue and other | Operating Segments | Broadband
External revenue
Service revenue and other	59,664	52,946
Service revenue and other | Operating Segments | Tower
External revenue
Service revenue and other	4,746	2,150
Cost of services | Operating Segments
Operating expenses
Cost of services exclusive of depreciation and amortization	26,339	23,424
Cost of services | Operating Segments | Broadband
Operating expenses
Cost of services exclusive of depreciation and amortization	25,168	22,277
Cost of services | Operating Segments | Tower
Operating expenses
Cost of services exclusive of depreciation and amortization	1,292	1,248
Cost of services | Corporate, Non-Segment
Operating expenses
Cost of services exclusive of depreciation and amortization	$ (121)	$ (101)

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Operating income (loss)	$ (380)	$ 2,230
Other income (expense), net	(170)	1,600
Income (loss) from continuing operations before income taxes	$ (550)	$ 3,830

Subsequent Events (Details)

Subsequent Events (Details) - Forecast $ in Millions	3 Months Ended
	Jun. 30, 2022USD ($)
Subsequent Event [Line Items]
Impairment of long-lived assets to be disposed of	$ 4
Termination costs	$ 1