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v3.23.2

Segment Reporting | 6 Months Ended
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Jun. 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 six months ended June 30, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the three and six months ended June 30, 2022 for comparability. Three Months Ended June 30, 2023:
(in thousands) | Broadband |  | Tower |  | Corporate & Eliminations |  | Consolidated
External revenue |  |  |  |  |  |  |
Residential & SMB - Cable Markets | $ | 44,403 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,403 |
Residential & SMB - Glo Fiber Markets | 8,164 |  |  | — |  |  | — |  |  | 8,164 |
Commercial Fiber | 10,253 |  |  | — |  |  | — |  |  | 10,253 |
Tower lease | — |  |  | 4,715 |  |  | — |  |  | 4,715 |
RLEC & Other | 3,806 |  |  | — |  |  | — |  |  | 3,806 |
Service revenue and other | 66,626 |  |  | 4,715 |  |  | — |  |  | 71,341 |
Intercompany revenue and other | 51 |  |  | 38 |  |  | (89) |  |  | — |
Total revenue | 66,677 |  |  | 4,753 |  |  | (89) |  |  | 71,341 |
Operating expenses |  |  |  |  |  |  |
Cost of services | 24,752 |  |  | 1,379 |  |  | (55) |  |  | 26,076 |
Selling, general and administrative | 15,924 |  |  | 349 |  |  | 9,418 |  |  | 25,691 |
Impairment expense | 836 |  |  | — |  |  | — |  |  | 836 |
Depreciation and amortization | 15,490 |  |  | 538 |  |  | 341 |  |  | 16,369 |
Total operating expenses | 57,002 |  |  | 2,266 |  |  | 9,704 |  |  | 68,972 |
Operating income (loss) | $ | 9,675 |  |  | $ | 2,487 |  |  | $ | (9,793) |  |  | $ | 2,369 |
Three Months Ended June 30, 2022:
(in thousands) | Broadband |  | Tower |  | Corporate & Eliminations |  | Consolidated
External revenue |  |  |  |  |  |  |
Residential & SMB - Cable Markets | $ | 43,843 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,843 |
Residential & SMB - Glo Fiber Markets | 4,056 |  |  | — |  |  | — |  |  | 4,056 |
Commercial Fiber | 9,340 |  |  | — |  |  | — |  |  | 9,340 |
Tower lease | — |  |  | 4,615 |  |  | — |  |  | 4,615 |
RLEC & Other | 4,124 |  |  | — |  |  | — |  |  | 4,124 |
Service revenue and other | 61,363 |  |  | 4,615 |  |  | — |  |  | 65,978 |
Intercompany revenue and other | 49 |  |  | 87 |  |  | (93) |  |  | 43 |
Total revenue | 61,412 |  |  | 4,702 |  |  | (93) |  |  | 66,021 |
Operating expenses |  |  |  |  |  |  |
Cost of services | 25,440 |  |  | 1,378 |  |  | (62) |  |  | 26,756 |
Selling, general and administrative | 13,958 |  |  | 406 |  |  | 8,726 |  |  | 23,090 |
Restructuring expense | 443 |  |  | — |  |  | 11 |  |  | 454 |
Impairment expense | 4,068 |  |  | — |  |  | — |  |  | 4,068 |
Depreciation and amortization | 13,396 |  |  | 633 |  |  | 761 |  |  | 14,790 |
Total operating expenses | 57,305 |  |  | 2,417 |  |  | 9,436 |  |  | 69,158 |
Operating income (loss) | $ | 4,107 |  |  | $ | 2,285 |  |  | $ | (9,529) |  |  | $ | (3,137) |
Six Months Ended June 30, 2023:
(in thousands) | Broadband |  | Tower |  | Corporate & Eliminations |  | Consolidated
External revenue |  |  |  |  |  |  |
Residential & SMB - Cable Markets | $ | 89,159 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,159 |
Residential & SMB - Glo Fiber Markets | 15,167 |  |  | — |  |  | — |  |  | 15,167 |
Commercial Fiber | 21,951 |  |  | — |  |  | — |  |  | 21,951 |
Tower lease | — |  |  | 9,253 |  |  | — |  |  | 9,253 |
RLEC & Other | 7,497 |  |  | — |  |  | — |  |  | 7,497 |
Service revenue and other | 133,774 |  |  | 9,253 |  |  | — |  |  | 143,027 |
Intercompany revenue and other | 106 |  |  | 76 |  |  | (182) |  |  | — |
Total revenue | 133,880 |  |  | 9,329 |  |  | (182) |  |  | 143,027 |
Operating expenses |  |  |  |  |  |  |
Cost of services | 50,181 |  |  | 2,571 |  |  | (109) |  |  | 52,643 |
Selling, general and administrative | 31,495 |  |  | 799 |  |  | 20,006 |  |  | 52,300 |
Impairment expense | 1,020 |  |  | — |  |  | — |  |  | 1,020 |
Depreciation and amortization | 30,173 |  |  | 1,051 |  |  | 743 |  |  | 31,967 |
Total operating expenses | 112,869 |  |  | 4,421 |  |  | 20,640 |  |  | 137,930 |
Operating income (loss) | $ | 21,011 |  |  | $ | 4,908 |  |  | $ | (20,822) |  |  | $ | 5,097 |
Six Months Ended June 30, 2022:
(in thousands) | Broadband |  | Tower |  | Corporate & Eliminations |  | Consolidated
External revenue |  |  |  |  |  |  |
Residential & SMB - Cable Markets | $ | 87,336 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,336 |
Residential & SMB - Glo Fiber Markets | 7,476 |  |  | — |  |  | — |  |  | 7,476 |
Commercial Fiber | 18,402 |  |  | — |  |  | — |  |  | 18,402 |
Tower lease | — |  |  | 9,361 |  |  | — |  |  | 9,361 |
RLEC & Other | 7,813 |  |  | — |  |  | — |  |  | 7,813 |
Service revenue and other | 121,027 |  |  | 9,361 |  |  | — |  |  | 130,388 |
Intercompany revenue and other | 99 |  |  | 188 |  |  | (240) |  |  | 47 |
Total revenue | 121,126 |  |  | 9,549 |  |  | (240) |  |  | 130,435 |
Operating expenses |  |  |  |  |  |  |
Cost of services | 50,608 |  |  | 2,670 |  |  | (183) |  |  | 53,095 |
Selling, general and administrative | 27,430 |  |  | 724 |  |  | 18,771 |  |  | 46,925 |
Restructuring expense | 460 |  |  | — |  |  | (70) |  |  | 390 |
Impairment expense | 4,407 |  |  | — |  |  | — |  |  | 4,407 |
Depreciation and amortization | 25,933 |  |  | 1,117 |  |  | 2,085 |  |  | 29,135 |
Total operating expenses | 108,838 |  |  | 4,511 |  |  | 20,603 |  |  | 133,952 |
Operating income (loss) | $ | 12,288 |  |  | $ | 5,038 |  |  | $ | (20,843) |  |  | $ | (3,517) |
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 June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Total consolidated operating income (loss) | $ | 2,369 |  |  | $ | (3,137) |  |  | $ | 5,097 |  |  | $ | (3,517) |
Other income (expense), net | 177 |  |  | (589) |  |  | 1,294 |  |  | (759) |
Income (loss) before income taxes | $ | 2,546 |  |  | $ | (3,726) |  |  | $ | 6,391 |  |  | $ | (4,276) |
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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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