Shenandoah Telecommunications (SHEN) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		50,264,466
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	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 35,966	$ 44,061
Accounts receivable, net of allowance for doubtful accounts of $767 and $776, respectively	18,851	20,615
Income taxes receivable	4,647	29,755
Prepaid expenses and other	14,394	11,509
Current assets held for sale	596	22,622
Total current assets	74,454	128,562
Investments	12,918	12,971
Property, plant and equipment, net	822,494	687,553
Goodwill and intangible assets, net	81,187	81,515
Operating lease right-of-use assets	51,832	53,859
Deferred charges and other assets	15,825	13,259
Total assets	1,058,710	977,719
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	2,412	648
Accounts payable	43,360	49,173
Advanced billings and customer deposits	13,120	12,425
Accrued compensation	10,640	9,616
Current operating lease liabilities	3,126	2,829
Accrued liabilities and other	11,763	17,906
Current liabilities held for sale	0	3,824
Total current liabilities	84,421	96,421
Long-term debt, less current maturities, net of unamortized loan fees	147,494	74,306
Other long-term liabilities:
Deferred income taxes	88,938	84,600
Asset retirement obligations	9,942	9,932
Benefit plan obligations	3,972	3,758
Non-current operating lease liabilities	49,502	50,477
Other liabilities	20,078	20,218
Total other long-term liabilities	172,432	168,985
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 50,264 and 50,110 issued and outstanding at September 30, 2023 and December 31, 2022, respectively	0	0
Additional paid in capital	65,118	57,453
Retained earnings	586,003	580,554
Accumulated other comprehensive income, net of taxes	3,242	0
Total shareholders’ equity	654,363	638,007
Total liabilities and shareholders’ equity	$ 1,058,710	$ 977,719

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 767	$ 776
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)	50,264	50,110
Common stock, shares, outstanding (in shares)	50,264	50,110

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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	$ 71,842	$ 66,924	$ 214,869	$ 197,359
Operating expenses:
Cost of services exclusive of depreciation and amortization	27,751	27,477	80,394	80,572
Selling, general and administrative	24,402	22,227	76,702	69,152
Restructuring expense	0	641	0	1,031
Impairment expense	1,532	477	2,552	4,884
Depreciation and amortization	16,670	17,873	48,637	47,008
Total operating expenses	70,355	68,695	208,285	202,647
Operating income (loss)	1,487	(1,771)	6,584	(5,288)
Other income (expense):
Other income (expense), net	826	(1,208)	2,120	(1,967)
Income (loss) before income taxes	2,313	(2,979)	8,704	(7,255)
Income tax expense (benefit)	720	(251)	3,255	(699)
Net income (loss)	1,593	(2,728)	5,449	(6,556)
Other comprehensive income:
Unrealized income on interest rate hedge, net of tax	1,115	0	3,242	0
Comprehensive income (loss)	$ 2,708	$ (2,728)	$ 8,691	$ (6,556)
Net income (loss) per share, basic and diluted:
Basic net income (loss) per share (in dollars per share)	$ 0.03	$ (0.05)	$ 0.11	$ (0.13)
Diluted net income (loss) per share (in dollars per share)	$ 0.03	$ (0.05)	$ 0.11	$ (0.13)
Weighted average shares outstanding, basic (in shares)	50,379	50,183	50,346	50,153
Weighted average shares outstanding, diluted (in shares)	50,836	50,183	50,623	50,153

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Shares of Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		49,965
Beginning balance at Dec. 31, 2021	$ 642,275		$ 49,351	$ 592,924	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(6,556)			(6,556)
Stock based compensation (in shares)		176
Stock-based compensation	7,751		7,751
Common stock issued (in shares)		1
Common stock issued	27		27
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(44)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(986)		(986)
Unrealized income on interest rate hedge, net of tax	0
Ending balance (in shares) at Sep. 30, 2022		50,098
Ending balance at Sep. 30, 2022	642,511		56,143	586,368	0
Beginning balance (in shares) at Jun. 30, 2022		50,077
Beginning balance at Jun. 30, 2022	643,370		54,274	589,096	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,728)			(2,728)
Stock based compensation (in shares)		25
Stock-based compensation	1,942		1,942
Common stock issued	11		11
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(4)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(84)		(84)
Unrealized income on interest rate hedge, net of tax	0
Ending balance (in shares) at Sep. 30, 2022		50,098
Ending balance at Sep. 30, 2022	$ 642,511		56,143	586,368	0
Beginning balance (in shares) at Dec. 31, 2022	50,110	50,110
Beginning balance at Dec. 31, 2022	$ 638,007		57,453	580,554	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,449			5,449
Stock based compensation (in shares)		220
Stock-based compensation	8,950		8,950
Common stock issued (in shares)		1
Common stock issued	32		32
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(67)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,317)		(1,317)
Unrealized income on interest rate hedge, net of tax	$ 3,242				3,242
Ending balance (in shares) at Sep. 30, 2023	50,264	50,264
Ending balance at Sep. 30, 2023	$ 654,363		65,118	586,003	3,242
Beginning balance (in shares) at Jun. 30, 2023		50,264
Beginning balance at Jun. 30, 2023	649,425		62,888	584,410	2,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,593			1,593
Stock based compensation (in shares)		0
Stock-based compensation	2,220		2,220
Common stock issued	10		10
Unrealized income on interest rate hedge, net of tax	$ 1,115				1,115
Ending balance (in shares) at Sep. 30, 2023	50,264	50,264
Ending balance at Sep. 30, 2023	$ 654,363		$ 65,118	$ 586,003	$ 3,242

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 5,449	$ (6,556)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	48,637	47,008
Stock-based compensation expense, net of amount capitalized	8,364	7,299
Impairment expense	2,552	4,884
Deferred income taxes	3,211	(1,374)
Bad debt expense	1,837	1,252
Gain on sale of FCC spectrum licenses	(1,328)	0
Other, net	439	1,638
Changes in assets and liabilities:
Accounts receivable	1,407	1,157
Current income taxes	25,108	731
Operating lease assets and liabilities, net	512	618
Other assets	2,515	(1,056)
Accounts payable	(3,431)	(608)
Other deferrals and accruals	(3,583)	1,212
Net cash provided by operating activities	91,689	56,205
Cash flows from investing activities:
Capital expenditures	(190,354)	(132,357)
Proceeds from the sale of FCC spectrum licenses	17,300	0
Proceeds from sale of investments	0	793
Proceeds from sale of assets and other	566	922
Net cash used in investing activities	(172,488)	(130,642)
Cash flows from financing activities:
Proceeds from credit facility borrowings	75,000	25,000
Payments for debt issuance costs	(300)	0
Taxes paid for equity award issuances	(1,317)	(986)
Payments for financing arrangements and other	(679)	(888)
Net cash provided by financing activities	72,704	23,126
Net decrease in cash and cash equivalents	(8,095)	(51,311)
Cash and cash equivalents, beginning of period	44,061	84,344
Cash and cash equivalents, end of period	35,966	33,033
Supplemental Disclosures of Cash Flow Information
Interest paid	5,424	243
Income tax refunds received, net	$ 25,481	$ 0

Basis of Presentation and Other

Basis of Presentation and Other Information	9 Months Ended
	Sep. 30, 2023
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 (“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 and Kentucky, 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. The Company 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 integrated networks are connected by a fiber network. All of these operations are contained within our Broadband reporting segment. Our Tower segment owns 220 cell towers and leases colocation space on those towers to wireless communications providers. 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, 2022. 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. 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, 2022, that would be expected to impact the Company.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers 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 income (loss). The following tables present the activity of current and non-current contract assets: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Beginning Balance $ 8,742 $ 8,427 $ 8,646 $ 8,147 Commission payments 755 983 2,439 2,630 Contract asset amortization (822) (729) (2,410) (2,096) Ending Balance $ 8,675 $ 8,681 $ 8,675 $ 8,681 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 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 $10.1 million and $9.5 million as of September 30, 2023 and December 31, 2022, respectively, and Shentel’s non-current contract liability balances were $1.0 million and $1.9 million as of September 30, 2023 and December 31, 2022, respectively. Shentel expects its current contract liability balances to be recognized within revenues during the twelve-month periods following the respective balance sheet dates and its non-current contract liability balances to be recognized within revenues after the twelve-month periods following the respective balance sheet dates. Refer to Note 14, Segment Reporting , for a summary of the Company’s revenue streams.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Investments	Investments Investments consist of the following: (in thousands) September 30, December 31, SERP investments at fair value $ 2,027 $ 1,889 Cost method investments 10,657 10,749 Equity method investments 234 333 Total investments $ 12,918 $ 12,971 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. 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. 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 $10.0 million at both September 30, 2023 and December 31, 2022, respectively. We recognized approximately $0.1 million and $13.7 thousand of patronage income in other income (expense) for the three months ended September 30, 2023 and 2022, respectively, and approximately $0.4 million and $40.5 thousand during the nine months ended September 30, 2023 and 2022, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2023. Equity Method Investments: At December 31, 2022, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). During 2023, ValleyNet ceased operations and was dissolved. In April 2023, Shentel received a payment of $0.1 million, representing Shentel’s remaining capital in the partnership, and the investment balance was derecognized from Shentel’s unaudited condensed consolidated balance sheets. Prior to the commencement of dissolution proceedings, the Company and ValleyNet purchased capacity on one another’s fiber network, through related party transactions.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2023
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 September 30, December 31, Land $ 3,521 $ 3,722 Land improvements 10 years 3,610 3,483 Buildings and structures 10 - 45 years 95,170 93,461 Cable and fiber 15 - 30 years 721,441 593,771 Equipment and software 4 - 8 years 323,422 317,347 Plant in service 1,147,164 1,011,784 Plant under construction 167,389 144,534 Total property, plant and equipment 1,314,553 1,156,318 Less: accumulated depreciation and amortization (492,059) (468,765) Property, plant and equipment, net $ 822,494 $ 687,553 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. The Company’s accounts payable as of September 30, 2023 and December 31, 2022 included amounts associated with capital expenditures of approximately $41.4 million and $43.8 million, respectively. Depreciation and amortization expense was $16.5 million and $17.7 million during the three months ended September 30, 2023 and 2022, respectively, and $48.3 million and $46.4 million during the nine months ended September 30, 2023 and 2022, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets consist of the following: September 30, 2023 December 31, 2022 (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 12,122 — 12,122 12,122 — 12,122 Railroad crossing rights 180 — 180 141 — 141 Total indefinite-lived intangibles 76,636 — 76,636 76,597 — 76,597 Finite-lived intangibles: Subscriber relationships 28,425 (27,255) 1,170 28,425 (26,910) 1,515 Other intangibles 488 (351) 137 488 (329) 159 Total finite-lived intangibles 28,913 (27,606) 1,307 28,913 (27,239) 1,674 Total goodwill and intangible assets $ 108,793 $ (27,606) $ 81,187 $ 108,754 $ (27,239) $ 81,515 Amortization expense was $0.2 million during the three months ended September 30, 2023 and 2022, and $0.4 million and $0.6 million during the nine months ended September 30, 2023 and 2022, respectively. On August 23, 2022, the Company entered into a definitive asset purchase agreement (the “Spectrum Purchase Agreement”) with a wireless carrier pursuant to which the Company agreed to sell certain Federal Communications Commission (“FCC”) spectrum licenses and leases previously utilized in the Company’s Beam branded fixed wireless service for total consideration of approximately $21.1 million, composed of $17.3 million cash and approximately $3.8 million of liabilities to be assumed by the wireless carrier (the “Spectrum Transaction”). The Spectrum Transaction closed on July 6, 2023.

Other Assets and Accrued Liabil

Other Assets and Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
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) September 30, December 31, Prepaid maintenance expenses $ 7,024 $ 7,444 Broadband contract acquisition costs 3,037 2,809 Interest rate swaps 1,321 — Other 3,012 1,256 Prepaid expenses and other $ 14,394 $ 11,509 Deferred charges and other assets, classified as long-term assets, included the following: (in thousands) September 30, December 31, Broadband contract acquisition costs $ 5,638 $ 5,837 Interest rate swaps 3,048 — Prepaid expenses and other 7,139 7,422 Deferred charges and other assets $ 15,825 $ 13,259 Accrued liabilities and other, classified as current liabilities, included the following: (in thousands) September 30, December 31, Accrued programming costs $ 2,967 $ 3,306 Pension plan — 3,341 Other current liabilities 8,796 11,259 Accrued liabilities and other $ 11,763 $ 17,906 Other liabilities, classified as long-term liabilities, included the following: (in thousands) September 30, December 31, Noncurrent portion of deferred lease revenue $ 18,387 $ 18,679 Noncurrent portion of financing leases 1,397 1,500 Other 294 39 Other liabilities $ 20,078 $ 20,218 In 2021, Shentel’s Board of Directors adopted a resolution to terminate its pension plan. The Company terminated the pension plan and all benefits were distributed in June 2023 through the combination of lump sum payments and the purchase of non-participating annuity contracts at the option of the pension plan participants. The Company made an additional $2.9 million contribution from its cash balance as a result of the settlement and recognized a settlement gain of $0.7 million in other income (expense) for the nine months ended September 30, 2023.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
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 Nine Months Ended (in thousands) 2023 2022 2023 2022 Finance lease cost Amortization of leased assets Depreciation $ 120 $ 119 $ 358 $ 357 Interest on lease liabilities Interest expense 20 21 59 63 Operating lease cost Operating expense 1 1,693 2,680 5,298 8,342 Lease cost $ 1,833 $ 2,820 $ 5,715 $ 8,762 _________________________________________ (1) Operating lease expense is presented in cost of service 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 September 30, 2023: (in thousands) Operating Leases Finance Leases Total 2023 $ 1,265 $ 20 $ 1,285 2024 5,862 178 6,040 2025 5,529 180 5,709 2026 4,682 153 4,835 2027 3,854 155 4,009 2028 and thereafter 66,096 1,359 67,455 Total lease payments 87,288 2,045 89,333 Less: Interest (34,660) (545) (35,205) Present value of lease liabilities $ 52,628 $ 1,500 $ 54,128 Other information related to operating and finance leases was as follows: September 30, December 31, Operating leases Weighted average remaining lease term (years) 19.3 19.8 Weighted average discount rate 4.9 % 4.5 % Finance leases Weighted average remaining lease term (years) 12.6 13.1 Weighted average discount rate 5.2 % 5.2 % Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Cash paid for operating lease liabilities $ 1,662 $ 1,513 $ 4,843 $ 4,616 Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) 508 1,213 2,229 3,283 The Company recognized $4.7 million and $4.0 million of operating lease revenue for the three months ended September 30, 2023 and 2022, respectively, and $13.9 million and $13.8 million of operating lease revenue for the nine months ended September 30, 2023 and 2022, 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 as of September 30, 2023: (in thousands) Operating Leases 2023 $ 4,311 2024 16,206 2025 15,126 2026 12,086 2027 10,596 2028 and thereafter 25,199 Total $ 83,524
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 Nine Months Ended (in thousands) 2023 2022 2023 2022 Finance lease cost Amortization of leased assets Depreciation $ 120 $ 119 $ 358 $ 357 Interest on lease liabilities Interest expense 20 21 59 63 Operating lease cost Operating expense 1 1,693 2,680 5,298 8,342 Lease cost $ 1,833 $ 2,820 $ 5,715 $ 8,762 _________________________________________ (1) Operating lease expense is presented in cost of service 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 September 30, 2023: (in thousands) Operating Leases Finance Leases Total 2023 $ 1,265 $ 20 $ 1,285 2024 5,862 178 6,040 2025 5,529 180 5,709 2026 4,682 153 4,835 2027 3,854 155 4,009 2028 and thereafter 66,096 1,359 67,455 Total lease payments 87,288 2,045 89,333 Less: Interest (34,660) (545) (35,205) Present value of lease liabilities $ 52,628 $ 1,500 $ 54,128 Other information related to operating and finance leases was as follows: September 30, December 31, Operating leases Weighted average remaining lease term (years) 19.3 19.8 Weighted average discount rate 4.9 % 4.5 % Finance leases Weighted average remaining lease term (years) 12.6 13.1 Weighted average discount rate 5.2 % 5.2 % Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Cash paid for operating lease liabilities $ 1,662 $ 1,513 $ 4,843 $ 4,616 Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) 508 1,213 2,229 3,283 The Company recognized $4.7 million and $4.0 million of operating lease revenue for the three months ended September 30, 2023 and 2022, respectively, and $13.9 million and $13.8 million of operating lease revenue for the nine months ended September 30, 2023 and 2022, 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 as of September 30, 2023: (in thousands) Operating Leases 2023 $ 4,311 2024 16,206 2025 15,126 2026 12,086 2027 10,596 2028 and thereafter 25,199 Total $ 83,524
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 Nine Months Ended (in thousands) 2023 2022 2023 2022 Finance lease cost Amortization of leased assets Depreciation $ 120 $ 119 $ 358 $ 357 Interest on lease liabilities Interest expense 20 21 59 63 Operating lease cost Operating expense 1 1,693 2,680 5,298 8,342 Lease cost $ 1,833 $ 2,820 $ 5,715 $ 8,762 _________________________________________ (1) Operating lease expense is presented in cost of service 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 September 30, 2023: (in thousands) Operating Leases Finance Leases Total 2023 $ 1,265 $ 20 $ 1,285 2024 5,862 178 6,040 2025 5,529 180 5,709 2026 4,682 153 4,835 2027 3,854 155 4,009 2028 and thereafter 66,096 1,359 67,455 Total lease payments 87,288 2,045 89,333 Less: Interest (34,660) (545) (35,205) Present value of lease liabilities $ 52,628 $ 1,500 $ 54,128 Other information related to operating and finance leases was as follows: September 30, December 31, Operating leases Weighted average remaining lease term (years) 19.3 19.8 Weighted average discount rate 4.9 % 4.5 % Finance leases Weighted average remaining lease term (years) 12.6 13.1 Weighted average discount rate 5.2 % 5.2 % Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Cash paid for operating lease liabilities $ 1,662 $ 1,513 $ 4,843 $ 4,616 Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) 508 1,213 2,229 3,283 The Company recognized $4.7 million and $4.0 million of operating lease revenue for the three months ended September 30, 2023 and 2022, respectively, and $13.9 million and $13.8 million of operating lease revenue for the nine months ended September 30, 2023 and 2022, 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 as of September 30, 2023: (in thousands) Operating Leases 2023 $ 4,311 2024 16,206 2025 15,126 2026 12,086 2027 10,596 2028 and thereafter 25,199 Total $ 83,524

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Our Credit Agreement, dated July 1, 2021 (the “Credit Agreement”) contains (i) a $100 million, five-year undrawn revolving credit facility (the “Revolver”), (ii) a $150 million five-year delayed draw amortizing term loan (“Term Loan A-1”) and (iii) a $150 million seven-year delayed draw amortizing term loan (“Term Loan A-2” and collectively with Term Loan A-1, the “Term Loans”). The following loans were outstanding under the Credit Agreement: (in thousands) September 30, December 31, Term loan A-1 $ 75,000 $ 37,500 Term loan A-2 75,000 37,500 Total debt 150,000 75,000 Less: unamortized loan fees (94) (46) Total debt, net of unamortized loan fees $ 149,906 $ 74,954 In May 2023, Shentel amended the Credit Agreement resulting in (a) a change of the floating index rate from the one-month term London Inter-Bank Offered Rate (“LIBOR”) to the one-month term Secured Overnight Financing Rate (“SOFR”), (b) an extension of the borrowing deadline under the Term Loans from June 30, 2023 to December 31, 2023, and (c) an extension of the first principal repayment date for the Term Loans from September 30, 2023 to March 31, 2024. Management evaluated the amendment and concluded that the amendment event represents a modification of the existing Credit Agreement; therefore, modification accounting was applied. Both Term Loan A-1 and Term Loan A-2 bore interest at one-month LIBOR plus a margin of 1.50% until May 2023 and now bear interest at one-month term SOFR plus a margin of 1.50%. The margin of 1.50% is variable and determined by the Company’s net leverage ratio. The interest rate was 6.92% and 5.89% at September 30, 2023 and December 31, 2022, respectively. The Company incurred interest expense of $2.3 million and $0.5 million during the three months ended September 30, 2023 and 2022, respectively, and $5.4 million and $1.2 million during the nine months ended September 30, 2023 and 2022, respectively. Shentel is charged commitment fees on unutilized portions of its Revolver and Term Loans. The Company recorded $0.1 million and $0.2 million related to these fees during the three months ended September 30, 2023 and 2022, respectively, and $0.4 million and $0.6 million related to these fees for the nine months ended September 30, 2023 and 2022, respectively. Both interest expense and commitment fees are included in other income (expense), net in the unaudited condensed consolidated statements of comprehensive income (loss). The Credit Agreement contains a borrowing deadline of December 31, 2023, after which the Company will not be able to borrow against the undrawn portion of the Term Loans. 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 September 30, 2023, Term Loan A-1 requires quarterly principal repayments of $0.5 million from March 31, 2024 through June 30, 2024; then increasing to $0.9 million quarterly from September 30, 2024 through March 31, 2026, with the remaining balance due June 30, 2026. Based on the outstanding balance as of September 30, 2023, Term Loan A-2 requires quarterly principal repayments of $0.2 million from March 31, 2024 through March 31, 2028, with the remaining balance due June 30, 2028. The following table summarizes the expected payments of Shentel’s outstanding borrowings as of September 30, 2023: (in thousands) Amount 2023 $ — 2024 3,563 2025 4,500 2026 69,187 2027 750 2028 72,000 Total $ 150,000 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.

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Sep. 30, 2023
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 beginning 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 expected outstanding debt (including expected future borrowings under the Term Loans). The Company uses the Swaps to manage its exposure to interest rate risk for its long-term variable-rate Term Loans. 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) September 30, Balance sheet line item of derivative financial instruments: Prepaid expenses and other $ 1,321 Deferred charges and other assets 3,048 Total derivatives designated as hedging instruments $ 4,369

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023. The Company’s income tax returns are generally open to examination from 2019 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 and nine months ended September 30, 2023 and 2022, 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 Nine Months Ended (in thousands) 2023 2022 2023 2022 Expected tax expense (benefit) at federal statutory $ 486 $ (626) $ 1,828 $ (1,524) State income tax expense (benefit), net of federal tax effect 124 (148) 468 (361) Revaluation of deferred tax liabilities — (108) — (108) Excess tax deficiency from share-based compensation and other expense, net 110 631 959 1,294 Income tax expense (benefit) $ 720 $ (251) $ 3,255 $ (699) The Company received $25.6 million in cash refunds for income taxes for the nine months ended September 30, 2023. The Company made no cash payments and received no cash refunds for income taxes for the nine months ended September 30, 2022.

Stock Compensation and Earnings

Stock Compensation and Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock Compensation and Earnings (Loss) per Share	Stock Compensation and Earnings (Loss) per Share The Company granted approximately 385,000 restricted stock units (“RSUs”) at a weighted average grant price of $19.05 to employees and directors during the nine months ended September 30, 2023. Approximately 190,000 RSUs with a weighted average grant price of $25.01 vested and 9,000 RSUs with a weighted average grant price of $21.65 were forfeited during the nine months ended September 30, 2023. The total fair value of RSUs vested was $4.8 million during the nine months ended September 30, 2023. Approximately 836,000 RSUs with a weighted average grant price of $21.21 remained outstanding as of September 30, 2023. The Company granted approximately 134,000 Relative Total Shareholder Return RSUs (“RTSRs”) awards at a weighted average grant price of $23.64 to employees during the nine months ended September 30, 2023. Approximately 30,000 RTSRs with a weighted average grant price of $56.32 vested and no RTSRs were forfeited during the nine months ended September 30, 2023. The total fair value of RTSRs vested was $1.1 million during the nine months ended September 30, 2023. Approximately 293,000 RTSRs with a weighted average grant price of $25.80 remained outstanding as of September 30, 2023. The amount of RTSRs issued are determined on the vesting date based upon the Company’s stock performance compared to a group of peer companies. The vested amounts above exclude the vesting date adjustment and issuance of RTSRs based on actual performance, which totaled approximately 13,000 RTSRs, resulting in lower shares issued upon vesting of the RTSRs than originally granted. Stock-based compensation expense was as follows: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Stock compensation expense 2,220 1,942 8,950 7,751 Capitalized stock compensation (176) (171) (586) (452) Stock compensation expense, net $ 2,044 $ 1,771 $ 8,364 $ 7,299 As of September 30, 2023, there was $10.9 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.3 years. We utilize the treasury stock method to calculate the impact on diluted earnings (loss) per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings (loss) per share: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Calculation of net income (loss) per share: Net income (loss) $ 1,593 $ (2,728) $ 5,449 $ (6,556) Basic weighted average shares outstanding 50,379 50,183 50,346 50,153 Basic net income (loss) per share $ 0.03 $ (0.05) $ 0.11 $ (0.13) Effect of stock-based compensation awards outstanding: Basic weighted average shares outstanding 50,379 50,183 50,346 50,153 Effect from dilutive shares and options outstanding 457 — 277 — Diluted weighted average shares outstanding 50,836 50,183 50,623 50,153 Diluted net income (loss) per share $ 0.03 $ (0.05) $ 0.11 $ (0.13) There were approximately 330 and 172,000 anti-dilutive equity awards outstanding during the three and nine months ended September 30, 2023, respectively. There were approximately 252,000 and 165,000 potentially dilutive equity awards for the three and nine months ended September 30, 2022, respectively; 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 periods.

Government Grants

Government Grants	9 Months Ended
	Sep. 30, 2023
Government Grants [Abstract]
Government Grants	Government GrantsDuring the nine months ended September 30, 2023, Shentel was awarded an additional $18.3 million in new grants to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences. The additional grants consisted of $9.4 million awarded under the Connect Maryland Network Infrastructure Grant Program in Maryland, $6.3 million awarded under the Virginia Telecommunications Initiative in Virginia, and $2.2 million and $0.4 million under the Major Broadband Project Strategies and Line Extension Advancement and Development programs, respectively, in West Virginia. 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 $0.4 million in cash reimbursements during the nine months ended September 30, 2023 and has recorded approximately $1.4 million in accounts receivable as of September 30, 2023. The Company did not recognize any material amounts under these programs during the nine months ended September 30, 2022 or as of December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 7, Leases . We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2026.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Shentel has presented Residential & SMB - Cable Markets and Residential & SMB - Glo Fiber Markets separately for the three and nine months ended September 30, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the three and nine months ended September 30, 2022 for comparability. Three Months Ended September 30, 2023: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB - Cable Markets $ 43,679 $ — $ — $ 43,679 Residential & SMB - Glo Fiber Markets 9,325 — — 9,325 Commercial Fiber 10,415 — — 10,415 Tower lease — 4,608 — 4,608 RLEC & Other 3,815 — — 3,815 Service revenue and other 67,234 4,608 — 71,842 Intercompany revenue and other 215 36 (251) — Total revenue 67,449 4,644 (251) 71,842 Operating expenses Cost of services 26,266 1,694 (209) 27,751 Selling, general and administrative 14,615 304 9,483 24,402 Impairment expense 1,532 — — 1,532 Depreciation and amortization 15,729 549 392 16,670 Total operating expenses 58,142 2,547 9,666 70,355 Operating income (loss) $ 9,307 $ 2,097 $ (9,917) $ 1,487 Three Months Ended September 30, 2022: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB - Cable Markets $ 43,805 $ — $ — $ 43,805 Residential & SMB - Glo Fiber Markets 4,895 — — 4,895 Commercial Fiber 9,522 — — 9,522 Tower lease — 4,610 — 4,610 RLEC & Other 4,139 — — 4,139 Service revenue and other 62,361 4,610 — 66,971 Intercompany revenue and other 25 67 (139) (47) Total revenue 62,386 4,677 (139) 66,924 Operating expenses Cost of services 26,193 1,384 (100) 27,477 Selling, general and administrative 13,946 258 8,023 22,227 Restructuring expense 169 — 472 641 Impairment expense 477 — — 477 Depreciation and amortization 16,791 445 637 17,873 Total operating expenses 57,576 2,087 9,032 68,695 Operating income (loss) $ 4,810 $ 2,590 $ (9,171) $ (1,771) Nine Months Ended September 30, 2023: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB - Cable Markets $ 132,838 $ — $ — $ 132,838 Residential & SMB - Glo Fiber Markets 24,492 — — 24,492 Commercial Fiber 32,366 — — 32,366 Tower lease — 13,861 — 13,861 RLEC & Other 11,312 — — 11,312 Service revenue and other 201,008 13,861 — 214,869 Intercompany revenue and other 321 112 (433) — Total revenue 201,329 13,973 (433) 214,869 Operating expenses Cost of services 76,447 4,265 (318) 80,394 Selling, general and administrative 46,110 1,103 29,489 76,702 Impairment expense 2,552 — — 2,552 Depreciation and amortization 45,902 1,600 1,135 48,637 Total operating expenses 171,011 6,968 30,306 208,285 Operating income (loss) $ 30,318 $ 7,005 $ (30,739) $ 6,584 Nine Months Ended September 30, 2022: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB - Cable Markets $ 131,141 $ — $ — $ 131,141 Residential & SMB - Glo Fiber Markets 12,371 — — 12,371 Commercial Fiber 27,924 — — 27,924 Tower lease — 13,971 — 13,971 RLEC & Other 11,952 — — 11,952 Service revenue and other 183,388 13,971 — 197,359 Intercompany revenue and other 124 255 (379) — Total revenue 183,512 14,226 (379) 197,359 Operating expenses Cost of services 76,801 4,054 (283) 80,572 Selling, general and administrative 41,376 982 26,794 69,152 Restructuring expense 629 — 402 1,031 Impairment expense 4,884 — — 4,884 Depreciation and amortization 42,724 1,562 2,722 47,008 Total operating expenses 166,414 6,598 29,635 202,647 Operating income (loss) $ 17,098 $ 7,628 $ (30,014) $ (5,288) A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated income (loss) before income taxes is as follows: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Total consolidated operating income (loss) $ 1,487 $ (1,771) $ 6,584 $ (5,288) Other income (expense), net 826 (1,208) 2,120 (1,967) Income (loss) before income taxes $ 2,313 $ (2,979) $ 8,704 $ (7,255) 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	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 24, 2023, Shentel entered into a definitive agreement to acquire 100% of the equity interests in Horizon Acquisition Parent LLC (“Horizon” or “Horizon Telcom”) for $385 million (the “Horizon Transaction”). Consideration will consist of $305 million in cash and $80 million of Shentel common stock. Horizon is a leading commercial fiber provider in Ohio and adjacent states serving national wireless providers, carriers, enterprises, and government, education and healthcare customers. Based in Chillicothe, Ohio, Horizon was founded in 1895 as the incumbent local exchange carrier (“ILEC”) in Ross County, Ohio and rapidly expanded its fiber network over the past 14 years. Most recently, Horizon has pursued a strategy of investing in Fiber-to-the-Home (“FTTH”) in tier 3 & 4 markets in Ohio. Financing • Shentel intends to fund the Horizon Transaction with a combination of existing cash resources, revolving credit facility capacity and an amended and upsized credit facility. The Company has received $275 million in financing commitments from CoBank, Bank of America, Citizens Bank, N.A., and Fifth Third Bank, N.A.. • GCM Grosvenor (“GCM”), a selling unit holder of Horizon, will exchange its equity interest in Horizon for 4.08 million shares of Shentel common stock with an aggregate value of $80 million based on a reference price of $19.60 resulting in GCM owning approximately 7% of Shentel’s fully diluted common shares after the transaction is closed. • Shentel has entered into a 7% Participating Exchangeable Perpetual Preferred Stock (“Preferred Stock”) investment agreement with Energy Capital Partners (“ECP”), an existing Shentel shareholder and long-time infrastructure investor, to provide $81 million of growth capital to fund the FTTH network expansion, the government grant projects and general corporate purposes. The dividend can be paid in cash or in-kind at the option of the Company. The Preferred Stock can be exchanged for Shentel common stock at an exchange price of $24.50, a 25% premium to the reference price of $19.60, under certain conditions as outlined in the investment agreement. This financing is expected to close in conjunction with the Horizon Transaction. • The Company plans to raise additional growth capital for the FTTH network expansion, government grant projects and general corporate purposes, which may include exploring strategic alternatives for its tower portfolio. The Horizon Transaction is subject to certain regulatory approvals and other customary closing conditions and is expected to close in the first half of 2024. Shentel is in the process of evaluating the impact of the Horizon Transaction on its consolidated financial statements and related disclosures.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 1,593	$ (2,728)	$ 5,449	$ (6,556)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
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

Basis of Presentation and Oth_2

Basis of Presentation and Other Information (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2022, 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. 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. 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 $10.0 million at both September 30, 2023 and December 31, 2022, respectively. We recognized approximately $0.1 million and $13.7 thousand of patronage income in other income (expense) for the three months ended September 30, 2023 and 2022, respectively, and approximately $0.4 million and $40.5 thousand during the nine months ended September 30, 2023 and 2022, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2023. Equity Method Investments: At December 31, 2022, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). During 2023, ValleyNet ceased operations and was dissolved. In April 2023, Shentel received a payment of $0.1 million, representing Shentel’s remaining capital in the partnership, and the investment balance was derecognized from Shentel’s unaudited condensed consolidated balance sheets. Prior to the commencement of dissolution proceedings, the Company and ValleyNet purchased capacity on one another’s fiber network, through related party transactions.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Amortized and Capitalized Contract Cost	The following tables present the activity of current and non-current contract assets: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Beginning Balance $ 8,742 $ 8,427 $ 8,646 $ 8,147 Commission payments 755 983 2,439 2,630 Contract asset amortization (822) (729) (2,410) (2,096) Ending Balance $ 8,675 $ 8,681 $ 8,675 $ 8,681

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Schedule of Other Investments	Investments consist of the following: (in thousands) September 30, December 31, SERP investments at fair value $ 2,027 $ 1,889 Cost method investments 10,657 10,749 Equity method investments 234 333 Total investments $ 12,918 $ 12,971

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consist of the following: ($ in thousands) Estimated Useful Lives September 30, December 31, Land $ 3,521 $ 3,722 Land improvements 10 years 3,610 3,483 Buildings and structures 10 - 45 years 95,170 93,461 Cable and fiber 15 - 30 years 721,441 593,771 Equipment and software 4 - 8 years 323,422 317,347 Plant in service 1,147,164 1,011,784 Plant under construction 167,389 144,534 Total property, plant and equipment 1,314,553 1,156,318 Less: accumulated depreciation and amortization (492,059) (468,765) Property, plant and equipment, net $ 822,494 $ 687,553

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets Resulting from Acquisition	Goodwill and intangible assets consist of the following: September 30, 2023 December 31, 2022 (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 12,122 — 12,122 12,122 — 12,122 Railroad crossing rights 180 — 180 141 — 141 Total indefinite-lived intangibles 76,636 — 76,636 76,597 — 76,597 Finite-lived intangibles: Subscriber relationships 28,425 (27,255) 1,170 28,425 (26,910) 1,515 Other intangibles 488 (351) 137 488 (329) 159 Total finite-lived intangibles 28,913 (27,606) 1,307 28,913 (27,239) 1,674 Total goodwill and intangible assets $ 108,793 $ (27,606) $ 81,187 $ 108,754 $ (27,239) $ 81,515
Schedule of Finite-Lived Intangible Assets	Goodwill and intangible assets consist of the following: September 30, 2023 December 31, 2022 (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 12,122 — 12,122 12,122 — 12,122 Railroad crossing rights 180 — 180 141 — 141 Total indefinite-lived intangibles 76,636 — 76,636 76,597 — 76,597 Finite-lived intangibles: Subscriber relationships 28,425 (27,255) 1,170 28,425 (26,910) 1,515 Other intangibles 488 (351) 137 488 (329) 159 Total finite-lived intangibles 28,913 (27,606) 1,307 28,913 (27,239) 1,674 Total goodwill and intangible assets $ 108,793 $ (27,606) $ 81,187 $ 108,754 $ (27,239) $ 81,515

Other Assets and Accrued Liab_2

Other Assets and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Assets	Prepaid expenses and other, classified as current assets, included the following: (in thousands) September 30, December 31, Prepaid maintenance expenses $ 7,024 $ 7,444 Broadband contract acquisition costs 3,037 2,809 Interest rate swaps 1,321 — Other 3,012 1,256 Prepaid expenses and other $ 14,394 $ 11,509
Schedule of Other Assets, Noncurrent	Deferred charges and other assets, classified as long-term assets, included the following: (in thousands) September 30, December 31, Broadband contract acquisition costs $ 5,638 $ 5,837 Interest rate swaps 3,048 — Prepaid expenses and other 7,139 7,422 Deferred charges and other assets $ 15,825 $ 13,259
Summary of Accrued Liabilities and Other	Accrued liabilities and other, classified as current liabilities, included the following: (in thousands) September 30, December 31, Accrued programming costs $ 2,967 $ 3,306 Pension plan — 3,341 Other current liabilities 8,796 11,259 Accrued liabilities and other $ 11,763 $ 17,906
Schedule of Other Noncurrent Liabilities	Other liabilities, classified as long-term liabilities, included the following: (in thousands) September 30, December 31, Noncurrent portion of deferred lease revenue $ 18,387 $ 18,679 Noncurrent portion of financing leases 1,397 1,500 Other 294 39 Other liabilities $ 20,078 $ 20,218

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Components of Lease Costs	The components of lease costs were as follows: Classification Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Finance lease cost Amortization of leased assets Depreciation $ 120 $ 119 $ 358 $ 357 Interest on lease liabilities Interest expense 20 21 59 63 Operating lease cost Operating expense 1 1,693 2,680 5,298 8,342 Lease cost $ 1,833 $ 2,820 $ 5,715 $ 8,762 _________________________________________ (1) Operating lease expense is presented in cost of service 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: September 30, December 31, Operating leases Weighted average remaining lease term (years) 19.3 19.8 Weighted average discount rate 4.9 % 4.5 % Finance leases Weighted average remaining lease term (years) 12.6 13.1 Weighted average discount rate 5.2 % 5.2 % Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Cash paid for operating lease liabilities $ 1,662 $ 1,513 $ 4,843 $ 4,616 Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) 508 1,213 2,229 3,283
Schedule of Expected Maturity of Lease Liabilities, Operating	The following table summarizes the expected maturity of lease liabilities as of September 30, 2023: (in thousands) Operating Leases Finance Leases Total 2023 $ 1,265 $ 20 $ 1,285 2024 5,862 178 6,040 2025 5,529 180 5,709 2026 4,682 153 4,835 2027 3,854 155 4,009 2028 and thereafter 66,096 1,359 67,455 Total lease payments 87,288 2,045 89,333 Less: Interest (34,660) (545) (35,205) Present value of lease liabilities $ 52,628 $ 1,500 $ 54,128
Schedule of Expected Maturity of Lease Liabilities, Financing	The following table summarizes the expected maturity of lease liabilities as of September 30, 2023: (in thousands) Operating Leases Finance Leases Total 2023 $ 1,265 $ 20 $ 1,285 2024 5,862 178 6,040 2025 5,529 180 5,709 2026 4,682 153 4,835 2027 3,854 155 4,009 2028 and thereafter 66,096 1,359 67,455 Total lease payments 87,288 2,045 89,333 Less: Interest (34,660) (545) (35,205) Present value of lease liabilities $ 52,628 $ 1,500 $ 54,128
Schedule of Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases	Below is a summary of our minimum rental receipts under the lease agreements in place as of September 30, 2023: (in thousands) Operating Leases 2023 $ 4,311 2024 16,206 2025 15,126 2026 12,086 2027 10,596 2028 and thereafter 25,199 Total $ 83,524

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following loans were outstanding under the Credit Agreement: (in thousands) September 30, December 31, Term loan A-1 $ 75,000 $ 37,500 Term loan A-2 75,000 37,500 Total debt 150,000 75,000 Less: unamortized loan fees (94) (46) Total debt, net of unamortized loan fees $ 149,906 $ 74,954
Maturities of Long-term Debt	The following table summarizes the expected payments of Shentel’s outstanding borrowings as of September 30, 2023: (in thousands) Amount 2023 $ — 2024 3,563 2025 4,500 2026 69,187 2027 750 2028 72,000 Total $ 150,000

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2023
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) September 30, Balance sheet line item of derivative financial instruments: Prepaid expenses and other $ 1,321 Deferred charges and other assets 3,048 Total derivatives designated as hedging instruments $ 4,369

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Reconciliation of Income Taxes	The effective tax rates for the three and nine months ended September 30, 2023 and 2022, 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 Nine Months Ended (in thousands) 2023 2022 2023 2022 Expected tax expense (benefit) at federal statutory $ 486 $ (626) $ 1,828 $ (1,524) State income tax expense (benefit), net of federal tax effect 124 (148) 468 (361) Revaluation of deferred tax liabilities — (108) — (108) Excess tax deficiency from share-based compensation and other expense, net 110 631 959 1,294 Income tax expense (benefit) $ 720 $ (251) $ 3,255 $ (699)

Stock Compensation and Earnin_2

Stock Compensation and Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock compensation expense	Stock-based compensation expense was as follows: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Stock compensation expense 2,220 1,942 8,950 7,751 Capitalized stock compensation (176) (171) (586) (452) Stock compensation expense, net $ 2,044 $ 1,771 $ 8,364 $ 7,299
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 Nine Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Calculation of net income (loss) per share: Net income (loss) $ 1,593 $ (2,728) $ 5,449 $ (6,556) Basic weighted average shares outstanding 50,379 50,183 50,346 50,153 Basic net income (loss) per share $ 0.03 $ (0.05) $ 0.11 $ (0.13) Effect of stock-based compensation awards outstanding: Basic weighted average shares outstanding 50,379 50,183 50,346 50,153 Effect from dilutive shares and options outstanding 457 — 277 — Diluted weighted average shares outstanding 50,836 50,183 50,623 50,153 Diluted net income (loss) per share $ 0.03 $ (0.05) $ 0.11 $ (0.13)

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Selected Financial Data for Segments	Three Months Ended September 30, 2023: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB - Cable Markets $ 43,679 $ — $ — $ 43,679 Residential & SMB - Glo Fiber Markets 9,325 — — 9,325 Commercial Fiber 10,415 — — 10,415 Tower lease — 4,608 — 4,608 RLEC & Other 3,815 — — 3,815 Service revenue and other 67,234 4,608 — 71,842 Intercompany revenue and other 215 36 (251) — Total revenue 67,449 4,644 (251) 71,842 Operating expenses Cost of services 26,266 1,694 (209) 27,751 Selling, general and administrative 14,615 304 9,483 24,402 Impairment expense 1,532 — — 1,532 Depreciation and amortization 15,729 549 392 16,670 Total operating expenses 58,142 2,547 9,666 70,355 Operating income (loss) $ 9,307 $ 2,097 $ (9,917) $ 1,487 Three Months Ended September 30, 2022: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB - Cable Markets $ 43,805 $ — $ — $ 43,805 Residential & SMB - Glo Fiber Markets 4,895 — — 4,895 Commercial Fiber 9,522 — — 9,522 Tower lease — 4,610 — 4,610 RLEC & Other 4,139 — — 4,139 Service revenue and other 62,361 4,610 — 66,971 Intercompany revenue and other 25 67 (139) (47) Total revenue 62,386 4,677 (139) 66,924 Operating expenses Cost of services 26,193 1,384 (100) 27,477 Selling, general and administrative 13,946 258 8,023 22,227 Restructuring expense 169 — 472 641 Impairment expense 477 — — 477 Depreciation and amortization 16,791 445 637 17,873 Total operating expenses 57,576 2,087 9,032 68,695 Operating income (loss) $ 4,810 $ 2,590 $ (9,171) $ (1,771) Nine Months Ended September 30, 2023: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB - Cable Markets $ 132,838 $ — $ — $ 132,838 Residential & SMB - Glo Fiber Markets 24,492 — — 24,492 Commercial Fiber 32,366 — — 32,366 Tower lease — 13,861 — 13,861 RLEC & Other 11,312 — — 11,312 Service revenue and other 201,008 13,861 — 214,869 Intercompany revenue and other 321 112 (433) — Total revenue 201,329 13,973 (433) 214,869 Operating expenses Cost of services 76,447 4,265 (318) 80,394 Selling, general and administrative 46,110 1,103 29,489 76,702 Impairment expense 2,552 — — 2,552 Depreciation and amortization 45,902 1,600 1,135 48,637 Total operating expenses 171,011 6,968 30,306 208,285 Operating income (loss) $ 30,318 $ 7,005 $ (30,739) $ 6,584 Nine Months Ended September 30, 2022: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB - Cable Markets $ 131,141 $ — $ — $ 131,141 Residential & SMB - Glo Fiber Markets 12,371 — — 12,371 Commercial Fiber 27,924 — — 27,924 Tower lease — 13,971 — 13,971 RLEC & Other 11,952 — — 11,952 Service revenue and other 183,388 13,971 — 197,359 Intercompany revenue and other 124 255 (379) — Total revenue 183,512 14,226 (379) 197,359 Operating expenses Cost of services 76,801 4,054 (283) 80,572 Selling, general and administrative 41,376 982 26,794 69,152 Restructuring expense 629 — 402 1,031 Impairment expense 4,884 — — 4,884 Depreciation and amortization 42,724 1,562 2,722 47,008 Total operating expenses 166,414 6,598 29,635 202,647 Operating income (loss) $ 17,098 $ 7,628 $ (30,014) $ (5,288)
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated	A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated income (loss) before income taxes is as follows: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Total consolidated operating income (loss) $ 1,487 $ (1,771) $ 6,584 $ (5,288) Other income (expense), net 826 (1,208) 2,120 (1,967) Income (loss) before income taxes $ 2,313 $ (2,979) $ 8,704 $ (7,255)

Basis of Presentation and Oth_3

Basis of Presentation and Other Information (Details)	9 Months Ended
	Sep. 30, 2023 cell_site
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of cell towers built	220

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
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]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 9.5
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 10.1
Performance obligation period	1 year
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		$ 1.9
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1
Performance obligation period	1 year

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 8,742	$ 8,427	$ 8,646	$ 8,147
Commission payments	755	983	2,439	2,630
Contract asset amortization	(822)	(729)	(2,410)	(2,096)
Ending Balance	$ 8,675	$ 8,681	$ 8,675	$ 8,681

Investments - Other Investments

Investments - Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments [Abstract]
SERP investments at fair value	$ 2,027	$ 1,889
Cost method investments	10,657	10,749
Equity method investments	234	333
Total investments	$ 12,918	$ 12,971

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value		$ 2,027,000		$ 2,027,000		$ 1,889,000
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value		10,000,000		10,000,000
Other nonoperating income (expense)		$ 100,000	$ 13,700	$ 400,000	$ 40,500
Percentage of patronage credit paid in cash		88%		88%
Percentage of patronage credit paid in share		12%		12%
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage		20%		20%		20%
Distribution of capital	$ 100,000

Property, Plant and Equipment -

Property, Plant and Equipment - Table (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,314,553	$ 1,156,318
Less: accumulated depreciation and amortization	(492,059)	(468,765)
Property, plant and equipment, net	822,494	687,553
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 3,521	3,722
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 3,610	3,483
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 95,170	93,461
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	$ 721,441	593,771
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	$ 323,422	317,347
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	$ 1,147,164	1,011,784
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 167,389	$ 144,534

Property, Plant and Equipment_2

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accounts payable	$ 43,360		$ 43,360		$ 49,173
Depreciation and amortization	16,500	$ 17,700	48,300	$ 46,400
Goodwill - Broadband
Property, Plant and Equipment [Line Items]
Accounts payable	$ 41,400		$ 41,400		$ 43,800

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,636	$ 76,597
Gross carrying amount	28,913	28,913
Accumulated amortization and other	(27,606)	(27,239)
Total	1,307	1,674
Total intangible assets, gross carrying amount	108,793	108,754
Intangible assets, net	81,187	81,515
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,425	28,425
Accumulated amortization and other	(27,255)	(26,910)
Total	1,170	1,515
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	488	488
Accumulated amortization and other	(351)	(329)
Total	137	159
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
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	180	141
Goodwill - Broadband
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	3,244	3,244
Goodwill	$ 3,244	$ 3,244

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 06, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 200	$ 200	$ 400	$ 600
Proceeds from the sale of FCC spectrum licenses				$ 17,300	$ 0
Spectrum Purchase Agreements | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Finite-Lived Intangible Assets [Line Items]
Sale proceeds	$ 21,100
Proceeds from the sale of FCC spectrum licenses	17,300
Discontinued operation, liabilities assumed by acquirer	3,800
Gain on sale	$ 1,300
Spectrum Purchase Agreements | Disposal Group, Held-for-sale, Not Discontinued Operations
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived license						$ 13,800
Finite-lived license						5,900
Operating lease liabilities						$ 3,800

Other Assets and Accrued Liab_3

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 7,024	$ 7,444
Broadband contract acquisition costs	3,037	2,809
Interest rate swaps	1,321	0
Other	3,012	1,256
Prepaid expenses and other	$ 14,394	$ 11,509

Other Assets and Accrued Liab_4

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 5,638	$ 5,837
Interest rate swaps	3,048	0
Prepaid expenses and other	7,139	7,422
Deferred charges and other assets	$ 15,825	$ 13,259

Other Assets and Accrued Liab_5

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 2,967	$ 3,306
Pension plan	0	3,341
Other current liabilities	8,796	11,259
Accrued liabilities and other	$ 11,763	$ 17,906

Other Assets and Accrued Liab_6

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 18,387	$ 18,679
Noncurrent portion of financing leases	1,397	1,500
Other	294	39
Other liabilities	$ 20,078	$ 20,218

Other Assets and Accrued Liab_7

Other Assets and Accrued Liabilities - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Employer contributions	$ 2.9
Other comprehensive income (loss), defined benefit plan, settlement and curtailment gain (loss), after tax		$ 0.7

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Amortization of leased assets	$ 120	$ 119	$ 358	$ 357
Interest on lease liabilities	20	21	59	63
Operating lease cost	1,693	2,680	5,298	8,342
Lease cost	$ 1,833	$ 2,820	$ 5,715	$ 8,762

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Operating Leases
2023	$ 1,265
2024	5,862
2025	5,529
2026	4,682
2027	3,854
2028 and thereafter	66,096
Total lease payments	87,288
Less: Interest	(34,660)
Present value of lease liabilities	52,628
Finance Leases
2023	20
2024	178
2025	180
2026	153
2027	155
2028 and thereafter	1,359
Total lease payments	2,045
Less: Interest	(545)
Present value of lease liabilities	1,500
Total
2023	1,285
2024	6,040
2025	5,709
2026	4,835
2027	4,009
2028 and thereafter	67,455
Total lease payments	89,333
Less: Interest	(35,205)
Present value of lease liabilities	$ 54,128

Leases - Other Information Rela

Leases - Other Information Related to Operating and Finance Leases (Details)	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, weighted average remaining lease term	19 years 3 months 18 days	19 years 9 months 18 days
Operating lease, weighted average discount rate, percent	4.90%	4.50%
Finance lease, weighted average remaining lease term	12 years 7 months 6 days	13 years 1 month 6 days
Finance lease, weighted average discount rate, percent	5.20%	5.20%

Leases - Operating Lease (Detai

Leases - Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,662	$ 1,513	$ 4,843	$ 4,616
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	$ 508	$ 1,213	$ 2,229	$ 3,283

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Sublease income	$ 4.7	$ 4	$ 13.9	$ 13.8

Leases - Maturity of Lease Li_2

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 4,311
2024	16,206
2025	15,126
2026	12,086
2027	10,596
2028 and thereafter	25,199
Total	$ 83,524

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		3 Months Ended			9 Months Ended		12 Months Ended	18 Months Ended	48 Months Ended
	Jul. 01, 2021	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Mar. 31, 2026	Mar. 31, 2028
Debt Instrument [Line Items]
Basis spread on variable rate					6.92%		5.89%
Interest expense			$ 2,300,000	$ 500,000	$ 5,400,000	$ 1,200,000
Line of credit facility, commitment fee amount			$ 100,000	$ 200,000	$ 400,000	$ 600,000
Term loan A-1
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	5 years
Term loan A-1 | Forecast
Debt Instrument [Line Items]
Quarterly principal payment period one		$ 500,000						$ 900,000
Term loan A-1 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Term loan A-1 | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Term loan A-2
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	7 years
Term loan A-2 | Forecast
Debt Instrument [Line Items]
Quarterly principal payment period one									$ 200,000
Term loan A-2 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Term loan A-2 | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Term of credit facility	5 years

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 150,000	$ 75,000
Less: unamortized loan fees	(94)	(46)
Total debt, net of unamortized loan fees	149,906	74,954
Term loan A-1
Debt Instrument [Line Items]
Total debt	75,000	37,500
Term loan A-2
Debt Instrument [Line Items]
Total debt	$ 75,000	$ 37,500

Debt - Maturities of Long-term

Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Maturities of Long-term Debt [Abstract]
2023	$ 0
2024	3,563
2025	4,500
2026	69,187
2027	750
2028	72,000
Total debt, net of unamortized loan fees	$ 150,000	$ 75,000

Derivatives and Hedging - Narra

Derivatives and Hedging - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives, Fair Value [Line Items]
Unrealized gain (loss) on derivatives, net	$ 1,100	$ 0	$ 3,200	$ 0
Tax on unrealized gain (loss) on derivatives	$ (400)		$ (1,100)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, variable interest rate	2.90%		2.90%
Payments for derivative instruments	$ 150,000		$ 150,000
Expected outstanding debt	50%		50%

Derivatives and Hedging - Sched

Derivatives and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 4,369
Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	1,321
Designated as Hedging Instrument | Deferred Charges and Other Assets, Net
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 3,048

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax expense (benefit) at federal statutory	$ 486	$ (626)	$ 1,828	$ (1,524)
State income tax expense (benefit), net of federal tax effect	124	(148)	468	(361)
Revaluation of deferred tax liabilities	0	(108)	0	(108)
Excess tax deficiency from share-based compensation and other expense, net	110	631	959	1,294
Income tax expense (benefit)	$ 720	$ (251)	$ 3,255	$ (699)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Income tax refunds received, net	$ 25.6

Stock Compensation and Earnin_3

Stock Compensation and Earnings (Loss) per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	330	252,000	172,000	165,000
Compensation, nonvested awards, compensation cost not yet recognized	$ 10.9		$ 10.9
Compensation, nonvested awards, cost not yet recognized, period for recognition			2 years 3 months 18 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			385,000
Granted (in dollars per share)			$ 19.05
Vested in period (in shares)			190,000
Vested (in usd per share)			$ 25.01
Fair value of awards vested in period			$ 4.8
Cancelled (in shares)			9,000
Cancelled (in usd per share)			$ 21.65
Options outstanding (in shares)	836,000		836,000
Outstanding (in usd per share)	$ 21.21		$ 21.21
Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			134,000
Granted (in dollars per share)			$ 23.64
Vested in period (in shares)			30,000
Vested (in usd per share)			$ 56.32
Fair value of awards vested in period			$ 1.1
Options outstanding (in shares)	293,000		293,000
Outstanding (in usd per share)	$ 25.80		$ 25.80
Anti-dilutive awards outstanding (fewer than)(in shares)			13,000

Stock Compensation and Earnin_4

Stock Compensation and Earnings (Loss) per Share - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 2,220	$ 1,942	$ 8,950	$ 7,751
Capitalized stock compensation	(176)	(171)	(586)	(452)
Stock compensation expense, net	$ 2,044	$ 1,771	$ 8,364	$ 7,299

Stock Compensation and Earnin_5

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Net income (loss)	$ 1,593	$ (2,728)	$ 5,449	$ (6,556)
Basic weighted average shares outstanding (in shares)	50,379	50,183	50,346	50,153
Basic net income (loss) per share (in dollars per share)	$ 0.03	$ (0.05)	$ 0.11	$ (0.13)
Effect from dilutive shares and options outstanding (in shares)	457	0	277	0
Diluted weighted average shares outstanding (in shares)	50,836	50,183	50,623	50,153
Diluted net income (loss) per share (in dollars per share)	$ 0.03	$ (0.05)	$ 0.11	$ (0.13)

Government Grants (Details)

Government Grants (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Other Income [Line Items]
Increase (decrease) in grants receivable	$ 18.3
Cash reimbursements	0.4
Grants receivable	1.4
Maryland
Other Income [Line Items]
Increase (decrease) in grants receivable	9.4
West Virginia | Major Broadband Project Strategies
Other Income [Line Items]
Increase (decrease) in grants receivable	2.2
West Virginia | Line Extension Advancement and Development Programs
Other Income [Line Items]
Increase (decrease) in grants receivable	0.4
VIRGINIA
Other Income [Line Items]
Increase (decrease) in grants receivable	$ 6.3

Segment Reporting - Selected Fi

Segment Reporting - Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
External revenue
Service revenue and other	$ 71,842	$ 66,924	$ 214,869	$ 197,359
Operating expenses
Cost of services	27,751	27,477	80,394	80,572
Selling, general and administrative	24,402	22,227	76,702	69,152
Restructuring expense	0	641	0	1,031
Impairment expense	1,532	477	2,552	4,884
Depreciation and amortization	16,670	17,873	48,637	47,008
Total operating expenses	70,355	68,695	208,285	202,647
Operating income (loss)	1,487	(1,771)	6,584	(5,288)
Operating Segments | Broadband
External revenue
Service revenue and other	67,449	62,386	201,329	183,512
Operating expenses
Selling, general and administrative	14,615	13,946	46,110	41,376
Restructuring expense		169		629
Impairment expense	1,532	477	2,552	4,884
Depreciation and amortization	15,729	16,791	45,902	42,724
Total operating expenses	58,142	57,576	171,011	166,414
Operating income (loss)	9,307	4,810	30,318	17,098
Operating Segments | Tower
External revenue
Service revenue and other	4,644	4,677	13,973	14,226
Operating expenses
Selling, general and administrative	304	258	1,103	982
Restructuring expense		0		0
Impairment expense	0	0	0	0
Depreciation and amortization	549	445	1,600	1,562
Total operating expenses	2,547	2,087	6,968	6,598
Operating income (loss)	2,097	2,590	7,005	7,628
Intersegment Eliminations
External revenue
Service revenue and other	0	(47)	0	0
Intersegment Eliminations | Broadband
External revenue
Service revenue and other	215	25	321	124
Intersegment Eliminations | Tower
External revenue
Service revenue and other	36	67	112	255
Intersegment Eliminations | Corporate & Eliminations
External revenue
Service revenue and other	(251)	(139)	(433)	(379)
Corporate, Non-Segment
Operating expenses
Selling, general and administrative	9,483	8,023	29,489	26,794
Restructuring expense		472		402
Impairment expense	0	0	0	0
Depreciation and amortization	392	637	1,135	2,722
Total operating expenses	9,666	9,032	30,306	29,635
Operating income (loss)	(9,917)	(9,171)	(30,739)	(30,014)
Residential & SMB - Cable Markets
External revenue
Service revenue and other	43,679	43,805	132,838	131,141
Residential & SMB - Cable Markets | Operating Segments | Broadband
External revenue
Service revenue and other	43,679	43,805	132,838	131,141
Residential & SMB - Cable Markets | Operating Segments | Tower
External revenue
Service revenue and other	0	0	0	0
Residential & SMB - Glo Fiber Markets
External revenue
Service revenue and other	9,325	4,895	24,492	12,371
Residential & SMB - Glo Fiber Markets | Operating Segments | Broadband
External revenue
Service revenue and other	9,325	4,895	24,492	12,371
Residential & SMB - Glo Fiber Markets | Operating Segments | Tower
External revenue
Service revenue and other	0	0	0	0
Commercial Fiber
External revenue
Service revenue and other	10,415	9,522	32,366	27,924
Commercial Fiber | Operating Segments | Broadband
External revenue
Service revenue and other	10,415	9,522	32,366	27,924
Commercial Fiber | Operating Segments | Tower
External revenue
Service revenue and other	0	0	0	0
Tower lease
External revenue
Service revenue and other	4,608	4,610	13,861	13,971
Tower lease | Operating Segments | Broadband
External revenue
Service revenue and other	0	0	0	0
Tower lease | Operating Segments | Tower
External revenue
Service revenue and other	4,608	4,610	13,861	13,971
RLEC & Other
External revenue
Service revenue and other	3,815	4,139	11,312	11,952
RLEC & Other | Operating Segments | Broadband
External revenue
Service revenue and other	3,815	4,139	11,312	11,952
RLEC & Other | Operating Segments | Tower
External revenue
Service revenue and other	0	0	0	0
Service revenue and other
External revenue
Service revenue and other	71,842	66,971	214,869	197,359
Service revenue and other | Operating Segments | Broadband
External revenue
Service revenue and other	67,234	62,361	201,008	183,388
Service revenue and other | Operating Segments | Tower
External revenue
Service revenue and other	4,608	4,610	13,861	13,971
Cost of services
Operating expenses
Cost of services	27,751	27,477	80,394	80,572
Cost of services | Operating Segments | Broadband
Operating expenses
Cost of services	26,266	26,193	76,447	76,801
Cost of services | Operating Segments | Tower
Operating expenses
Cost of services	1,694	1,384	4,265	4,054
Cost of services | Corporate, Non-Segment
Operating expenses
Cost of services	$ (209)	$ (100)	$ (318)	$ (283)

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Total consolidated operating income (loss)	$ 1,487	$ (1,771)	$ 6,584	$ (5,288)
Other income (expense), net	826	(1,208)	2,120	(1,967)
Income (loss) before income taxes	$ 2,313	$ (2,979)	$ 8,704	$ (7,255)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, shares in Thousands, $ in Thousands	Oct. 24, 2023 USD ($) $ / shares shares
Subsequent Event [Line Items]
Percentage of premium on share price	25%
GCM Grosvenor | Shenandoah Telecommunications Company
Subsequent Event [Line Items]
Percentage of shares owned	7%
Energy Capital Partners
Subsequent Event [Line Items]
Growth capital	$ 81,000
Conversion price per share (in dollars per share) | $ / shares	$ 24.50
Energy Capital Partners | Participating Exchangeable Perpetual Preferred Stock
Subsequent Event [Line Items]
Dividend percentage	7%
Revolving Credit Facility, Amended and Upsized Credit Facility
Subsequent Event [Line Items]
Proceeds from credit facility	$ 275,000
Horizon Acquisition Parent LLC
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired	100%
Aggregate purchase price	$ 385,000
Cash consideration	305,000
Value of shares issued	$ 80,000
Shares issued for acquisition (in shares) | shares	4,080
Value of shares issued for acquisition	$ 80,000
Reference price per share (in dollars per share) | $ / shares	$ 19.60