Discontinued Operations

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

On July 1, 2021, pursuant to the previously announced Asset Purchase Agreement (the “Purchase Agreement”), dated May 28, 2021, between Shentel and T-Mobile, Shentel completed the sale to T-Mobile of its Wireless assets and operations for cash consideration of approximately $1.94 billion, inclusive of the approximately $60 million settlement of the waived management fees by Sprint, and net of certain transaction expenses (the “Transaction”).

The assets and liabilities that transferred in the Transaction (the "disposal group") were presented as held for sale within our historical unaudited condensed consolidated balance sheets, and discontinued operations within our historical unaudited condensed consolidated statements of comprehensive income (loss).

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


(in thousands)	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Revenue:
Service revenue and other	$	100,402	$	201,076
Equipment revenue	5,854		12,253
Total revenue	106,256		213,329
Operating expenses:
Cost of services	18,717		38,144
Cost of goods sold	5,743		11,964
Selling, general and administrative	6,812		17,514
Severance expense	254		465
Total operating expenses	31,526		68,087
Operating income	74,730		145,242
Interest expense and other, net	(4,317)		(8,701)
Income before income taxes	70,413		136,541
Income tax expense	18,847		36,503
Income from discontinued operations, net of tax	$	51,566	$	100,038

There was no material income from discontinued operations for the three and six months ended June 30, 2022.