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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates as one segment. The accounting policies of the Company’s segment are the same as those described in the summary of significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2024.

During the third quarter of 2025, in conjunction with the change in Shentel’s Chief Executive Officer, the Company evaluated and concluded that the Chief Executive Officer role continues to represent the Company’s Chief Operating Decision Maker (“CODM”). The Company’s CODM assesses company performance at a consolidated level and decides how to allocate resources based on Earnings before Interest, Taxes, Depreciation and Amortization, as adjusted for certain non-recurring items, (“Adjusted EBITDA”) from continuing operations of the Broadband business.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

The CODM uses (loss) income from continuing operations and Adjusted EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the operations of the Company or for other purposes, such as for acquisitions or to pay dividends.

Adjusted EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA to analyze the Company’s growth by monitoring current results versus prior year results. The analyses are used in assessing performance of the Company and in establishing management’s compensation.

Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as income or loss from continuing operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment expense, other income (expense), net, interest income, interest expense, income tax expense (benefit), stock compensation expense, transaction costs related to acquisition and disposition events (including professional advisory fees, integration costs, and related compensatory matters), restructuring expense, tax on equity award vesting and exercise events, and other non-comparable items. The Company believes that the exclusion of the expense and income items eliminated in calculating Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of the
Company’s core operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to the Company’s ongoing operations. Accordingly, the Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating the Company’s operating results.

The following table summarizes the Company’s revenue, loss from continuing operations, Adjusted EBITDA and significant expenses:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousand)2025202420252024
Service revenue and other$89,796 $87,599 $266,262 $242,646 
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization32,384 34,415 98,038 94,941 
Selling, general and administrative exclusive of stock-based compensation27,725 26,622 82,556 78,603 
Adjusted EBITDA29,687 26,562 85,668 69,102 
Stock-based compensation expense, net of amount capitalized2,066 1,384 7,970 7,620 
Restructuring, integration and acquisition293 1,673 1,009 13,616 
Depreciation and amortization34,492 27,681 99,053 70,703 
Interest expense6,789 3,668 17,684 11,740 
Other1
(1,589)(998)(5,337)(4,642)
Income tax benefit(2,974)(1,542)(7,141)(7,768)
Loss from continuing operations$(9,390)$(5,304)$(27,570)$(22,167)

1 Other primarily includes a gain on escrow settlement, patronage income, interest income, and benefit plan gains.