XML 31 R20.htm IDEA: XBRL DOCUMENT v3.23.2
Segment Reporting
6 Months Ended
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)BroadbandTowerCorporate & EliminationsConsolidated
External revenue
Residential & SMB - Cable Markets$44,403 $— $— $44,403 
Residential & SMB - Glo Fiber Markets8,164 — — 8,164 
Commercial Fiber10,253 — — 10,253 
Tower lease— 4,715 — 4,715 
RLEC & Other3,806 — — 3,806 
Service revenue and other66,626 4,715 — 71,341 
Intercompany revenue and other51 38 (89)— 
Total revenue66,677 4,753 (89)71,341 
Operating expenses
Cost of services24,752 1,379 (55)26,076 
Selling, general and administrative15,924 349 9,418 25,691 
Impairment expense836 — — 836 
Depreciation and amortization15,490 538 341 16,369 
Total operating expenses57,002 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)BroadbandTowerCorporate & EliminationsConsolidated
External revenue
Residential & SMB - Cable Markets$43,843 $— $— $43,843 
Residential & SMB - Glo Fiber Markets4,056 — — 4,056 
Commercial Fiber9,340 — — 9,340 
Tower lease— 4,615 — 4,615 
RLEC & Other4,124 — — 4,124 
Service revenue and other61,363 4,615 — 65,978 
Intercompany revenue and other49 87 (93)43 
Total revenue61,412 4,702 (93)66,021 
Operating expenses
Cost of services25,440 1,378 (62)26,756 
Selling, general and administrative13,958 406 8,726 23,090 
Restructuring expense443 — 11 454 
Impairment expense4,068 — — 4,068 
Depreciation and amortization13,396 633 761 14,790 
Total operating expenses57,305 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)BroadbandTowerCorporate & EliminationsConsolidated
External revenue
Residential & SMB - Cable Markets$89,159 $— $— $89,159 
Residential & SMB - Glo Fiber Markets15,167 — — 15,167 
Commercial Fiber21,951 — — 21,951 
Tower lease— 9,253 — 9,253 
RLEC & Other7,497 — — 7,497 
Service revenue and other133,774 9,253 — 143,027 
Intercompany revenue and other106 76 (182)— 
Total revenue133,880 9,329 (182)143,027 
Operating expenses
Cost of services50,181 2,571 (109)52,643 
Selling, general and administrative31,495 799 20,006 52,300 
Impairment expense1,020 — — 1,020 
Depreciation and amortization30,173 1,051 743 31,967 
Total operating expenses112,869 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)BroadbandTowerCorporate & EliminationsConsolidated
External revenue
Residential & SMB - Cable Markets$87,336 $— $— $87,336 
Residential & SMB - Glo Fiber Markets7,476 — — 7,476 
Commercial Fiber18,402 — — 18,402 
Tower lease— 9,361 — 9,361 
RLEC & Other7,813 — — 7,813 
Service revenue and other121,027 9,361 — 130,388 
Intercompany revenue and other99 188 (240)47 
Total revenue121,126 9,549 (240)130,435 
Operating expenses
Cost of services50,608 2,670 (183)53,095 
Selling, general and administrative27,430 724 18,771 46,925 
Restructuring expense460 — (70)390 
Impairment expense4,407 — — 4,407 
Depreciation and amortization25,933 1,117 2,085 29,135 
Total operating expenses108,838 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)2023202220232022
Total consolidated operating income (loss) $2,369 $(3,137)$5,097 $(3,517)
Other income (expense), net177 (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.