QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from__________ to __________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Title of Class) | (Trading Symbol) | (Name of Exchange on which Registered) | (The number of shares of the registrant's common stock outstanding on July 23, 2021) |
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
Page Numbers | ||||||||||||||
PART I. | FINANCIAL INFORMATION | |||||||||||||
Item 1. | Financial Statements | |||||||||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||
Unaudited Condensed Consolidated Statements of Shareholders’ Equity | ||||||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||||||
Notes to Unaudited Condensed Consolidated Financial Statements | ||||||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |||||||||||||
Item 4. | Controls and Procedures | |||||||||||||
PART II. | OTHER INFORMATION | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||||||||
Item 6. | Exhibits | |||||||||||||
Signatures | ||||||||||||||
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $ | |||||||||||
Income taxes receivable | |||||||||||
Prepaid expenses and other | |||||||||||
Current assets held for sale | |||||||||||
Total current assets | |||||||||||
Investments | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill and Intangible assets, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Deferred charges and other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term debt, net of unamortized loan fees | $ | $ | |||||||||
Accounts payable | |||||||||||
Advanced billings and customer deposits | |||||||||||
Accrued compensation | |||||||||||
Income taxes payable | |||||||||||
Current operating lease liabilities | |||||||||||
Accrued liabilities and other | |||||||||||
Current liabilities held for sale | |||||||||||
Total current liabilities | |||||||||||
Other long-term liabilities: | |||||||||||
Deferred income taxes | |||||||||||
Asset retirement obligations | |||||||||||
Benefit plan obligations | |||||||||||
Non-current operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total other long-term liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock, | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss, net of taxes | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||
(in thousands, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Service revenue and other | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of services | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Restructuring expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income (loss) | ( | ( | |||||||||||||||||||||
Other income: | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||||||||
Income tax expense (benefit) | ( | ( | |||||||||||||||||||||
Income (loss) from continuing operations | ( | ( | |||||||||||||||||||||
Income from discontinued operations, net of tax | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Unrealized income (loss) on interest rate hedge, net of tax | ( | ||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Net income per share, basic and diluted: | |||||||||||||||||||||||
Basic - Income (loss) from continuing operations | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Basic - Income from discontinued operations, net of tax | $ | $ | $ | $ | |||||||||||||||||||
Basic net income per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted - Income (loss) from continuing operations | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Diluted - Income from discontinued operations, net of tax | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income per share | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding, basic | |||||||||||||||||||||||
Weighted average shares outstanding, diluted |
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Shares of Common Stock (no par value) | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | ||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive gain (loss), net of tax | — | — | — | |||||||||||||||||||||||||||||
Stock based compensation | — | — | ||||||||||||||||||||||||||||||
Common stock issued | — | — | — | |||||||||||||||||||||||||||||
Shares retired for settlement of employee taxes upon issuance of vested equity awards | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Shares of Common Stock (no par value) | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive gain (loss), net of tax | — | — | — | |||||||||||||||||||||||||||||
Stock based compensation | — | — | ||||||||||||||||||||||||||||||
Common stock issued | — | — | — | |||||||||||||||||||||||||||||
Shares retired for settlement of employee taxes upon issuance of vested equity awards | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Shares of Common Stock (no par value) | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | ||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive gain (loss), net of tax | — | — | — | |||||||||||||||||||||||||||||
Stock based compensation | — | — | ||||||||||||||||||||||||||||||
Common stock issued | — | — | — | |||||||||||||||||||||||||||||
Shares retired for settlement of employee taxes upon issuance of vested equity awards | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Shares of Common Stock (no par value) | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | ( | |||||||||||||||||||||||||||
Stock-based compensation | — | — | ||||||||||||||||||||||||||||||
Common stock issued | — | — | — | |||||||||||||||||||||||||||||
Shares retired for settlement of employee taxes upon issuance of vested equity awards | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Common stock issued to acquire non-controlling interest in nTelos | — | — | — | — | ||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | $ |
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in thousands) | Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Income from discontinued operations, net of tax | |||||||||||
Income (loss) from continuing operations | ( | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization | |||||||||||
Accretion of asset retirement obligations | |||||||||||
Bad debt expense | |||||||||||
Stock based compensation expense, net of amount capitalized | |||||||||||
Deferred income taxes | ( | ||||||||||
Gain from patronage and investments | ( | ( | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Current income taxes | ( | ( | |||||||||
Operating lease right-of-use assets | ( | ||||||||||
Other assets | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Lease liabilities | ( | ( | |||||||||
Other deferrals and accruals | ( | ||||||||||
Net cash provided by operating activities - continuing operations | |||||||||||
Net cash provided by operating activities - discontinued operations | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Cash disbursed for deposit on FCC spectrum leases | ( | ||||||||||
Proceeds from sale of assets and other | |||||||||||
Net cash used in investing activities - continuing operations | ( | ( | |||||||||
Net cash used in investing activities - discontinued operations | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Payments for debt issuance costs | ( | ||||||||||
Taxes paid for equity award issuances | ( | ( | |||||||||
Payments for financing arrangements and other | ( | ( | |||||||||
Net cash used in financing activities - continuing operations | ( | ( | |||||||||
Net cash used in financing activities - discontinued operations | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Inventory | $ | $ | |||||||||
Prepaid expenses and other | |||||||||||
Property, plant and equipment, net | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Operating lease right-of-use assets | |||||||||||
Deferred charges and other assets | |||||||||||
Current assets held for sale | $ | $ | |||||||||
LIABILITIES | |||||||||||
Current operating lease liabilities | $ | $ | |||||||||
Accrued liabilities and other | |||||||||||
Asset retirement obligations | |||||||||||
Current liabilities held for sale | $ | $ |
(in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
Revenue: | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Service revenue and other | $ | $ | $ | $ | |||||||||||||||||||
Equipment revenue | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of services | |||||||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Restructuring expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Income from discontinued operations, net of tax | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | |||||||||||||||||||
Contract payments | |||||||||||||||||||||||
Contract amortization | ( | ( | ( | ( | |||||||||||||||||||
Ending Balance | $ | $ | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
SERP Investments at fair value | $ | $ | |||||||||
Cost method investments | |||||||||||
Equity method investments | |||||||||||
Total investments | $ | $ |
($ in thousands) | Estimated Useful Lives | June 30, 2021 | December 31, 2020 | ||||||||||||||
Land | $ | $ | |||||||||||||||
Land improvements | |||||||||||||||||
Buildings and structures | |||||||||||||||||
Cable and fiber | |||||||||||||||||
Equipment and software | |||||||||||||||||
Plant in service | |||||||||||||||||
Plant under construction | |||||||||||||||||
Total property, plant and equipment | |||||||||||||||||
Less: accumulated amortization and depreciation | |||||||||||||||||
Property, plant and equipment, net | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization and Other | Net | Gross Carrying Amount | Accumulated Amortization and Other | Net | |||||||||||||||||||||||||||||
Goodwill - Broadband | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Indefinite-lived intangibles: | |||||||||||||||||||||||||||||||||||
Cable franchise rights | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
FCC spectrum licenses | — | — | |||||||||||||||||||||||||||||||||
Railroad crossing rights | — | — | |||||||||||||||||||||||||||||||||
Total indefinite-lived intangibles | — | — | |||||||||||||||||||||||||||||||||
Finite-lived intangibles: | |||||||||||||||||||||||||||||||||||
FCC spectrum licenses | ( | ( | |||||||||||||||||||||||||||||||||
Subscriber relationships | ( | ( | |||||||||||||||||||||||||||||||||
Other intangibles | ( | ( | |||||||||||||||||||||||||||||||||
Total finite-lived intangibles | ( | ( | |||||||||||||||||||||||||||||||||
Total goodwill and intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Prepaid maintenance expenses | $ | $ | |||||||||
Broadband contract acquisition and fulfillment costs | |||||||||||
SERP investments | |||||||||||
Other | |||||||||||
Prepaid expenses and other | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Broadband contract acquisition and fulfillment costs | $ | $ | |||||||||
Prepaid expenses and other | |||||||||||
Deferred charges and other assets | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Interest rate swaps | $ | $ | |||||||||
Accrued programming costs | |||||||||||
Sales and property taxes payable | |||||||||||
Restructuring accrual | |||||||||||
Other current liabilities | |||||||||||
Accrued liabilities and other | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Noncurrent portion of deferred lease revenue | $ | $ | |||||||||
FCC spectrum license obligations | |||||||||||
Noncurrent portion of financing leases | |||||||||||
Other | |||||||||||
Other liabilities | $ | $ |
(in thousands) | Operating Leases | Finance Leases | Total | |||||||||||||||||
2021 | $ | $ | $ | |||||||||||||||||
2022 | ||||||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 and thereafter | ||||||||||||||||||||
Total lease payments | ||||||||||||||||||||
Less: Interest | ||||||||||||||||||||
Present value of lease liabilities | $ | $ | $ |
(in thousands) | Operating Leases | |||||||
2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 and thereafter | ||||||||
Total | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Term loan A-1 | $ | $ | |||||||||
Term loan A-2 | |||||||||||
Less: unamortized loan fees | |||||||||||
Total debt, net of unamortized loan fees | $ | $ |
(in thousands) | Gains (Losses) on Cash Flow Hedges | Income Tax (Expense) Benefit | Accumulated Other Comprehensive Income (Loss), net of taxes | ||||||||||||||
Balance as of December 31, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Net change in unrealized (loss) gain | ( | ( | ( | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | |||||||||||||||||
Net current period other comprehensive (loss) income | ( | ||||||||||||||||
Balance as of June 30, 2021 | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Expected tax expense (benefit) at federal statutory | $ | $ | ( | $ | $ | ( | |||||||||||||||||
State income taxes, net of federal tax effect | ( | ( | |||||||||||||||||||||
Revaluation of deferred tax liabilities | |||||||||||||||||||||||
Excess tax benefit from share based compensation and other expense, net | ( | ( | |||||||||||||||||||||
Income tax (benefit) expense | $ | $ | ( | $ | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Calculation of net income per share: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Income from discontinued operations, net of tax | $ | $ | $ | $ | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic weighted average shares outstanding | |||||||||||||||||||||||
Basic net income (loss) per share - continuing operations | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Basic net income per share - discontinued operations | $ | $ | $ | $ | |||||||||||||||||||
Basic net income per share | $ | $ | $ | $ | |||||||||||||||||||
Effect of stock-based compensation awards outstanding: | |||||||||||||||||||||||
Basic weighted average shares outstanding | |||||||||||||||||||||||
Effect from dilutive shares and options outstanding | |||||||||||||||||||||||
Diluted weighted average shares outstanding | |||||||||||||||||||||||
Diluted net income (loss) per share - continuing operations | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Diluted net income per share - discontinued operations | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income per share | $ | $ | $ | $ |
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | |||||||||||||||||||
External revenue | |||||||||||||||||||||||
Residential & SMB | $ | $ | $ | — | $ | ||||||||||||||||||
Commercial Fiber | — | ||||||||||||||||||||||
RLEC & Other | — | ||||||||||||||||||||||
Tower lease | — | ||||||||||||||||||||||
Service revenue and other | — | ||||||||||||||||||||||
Revenue for service provided to the discontinued Wireless operations | ( | ||||||||||||||||||||||
Total revenue | ( | ||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Cost of services | ( | ||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Restructuring expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | ( | $ |
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | |||||||||||||||||||
External revenue | |||||||||||||||||||||||
Residential & SMB | $ | $ | $ | — | $ | ||||||||||||||||||
Commercial Fiber | — | ||||||||||||||||||||||
RLEC & Other | — | ||||||||||||||||||||||
Tower lease | — | ||||||||||||||||||||||
Service revenue and other | — | ||||||||||||||||||||||
Revenue for service provided to the discontinued Wireless operations | ( | ||||||||||||||||||||||
Total revenue | ( | ||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Cost of services | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | ( | $ | ( |
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | |||||||||||||||||||
External revenue | |||||||||||||||||||||||
Residential & SMB | $ | $ | $ | — | $ | ||||||||||||||||||
Commercial Fiber | — | ||||||||||||||||||||||
RLEC & Other | — | ||||||||||||||||||||||
Tower lease | — | ||||||||||||||||||||||
Service revenue and other | — | ||||||||||||||||||||||
Revenue for service provided to the discontinued Wireless operations | ( | ||||||||||||||||||||||
Total revenue | ( | ||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Cost of services | ( | ||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Restructuring expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | ( | $ |
(in thousands) | Broadband | Tower | Corporate & Eliminations | Consolidated | |||||||||||||||||||
External revenue | |||||||||||||||||||||||
Residential & SMB | $ | $ | $ | — | $ | ||||||||||||||||||
Commercial Fiber | — | ||||||||||||||||||||||
RLEC & Other | — | ||||||||||||||||||||||
Tower lease | — | ||||||||||||||||||||||
Service revenue and other | — | ||||||||||||||||||||||
Revenue for service provided to the discontinued Wireless operations | ( | ||||||||||||||||||||||
Total revenue | ( | ||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Cost of services | ( | ||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Total consolidated operating income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Other income, net | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | $ | ( | $ | $ | ( |
Three Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | % of Revenue | 2020 | % of Revenue | $ | % | ||||||||||||||||||||||||||
Revenue | $ | 60,700 | 100.0 | $ | 54,336 | 100.0 | 6,364 | 11.7 | ||||||||||||||||||||||||
Operating expenses | 57,997 | 95.5 | 56,203 | 103.4 | 1,794 | 3.2 | ||||||||||||||||||||||||||
Operating income (loss) | 2,703 | 4.5 | (1,867) | (3.4) | 4,570 | 244.8 | ||||||||||||||||||||||||||
Other income, net | 1,338 | 2.2 | 1,271 | 2.3 | 67 | 5.3 | ||||||||||||||||||||||||||
Income (loss) before taxes | 4,041 | 6.7 | (596) | (1.1) | 4,637 | 778.0 | ||||||||||||||||||||||||||
Income tax expense (benefit) | 2,185 | 3.6 | (60) | (0.1) | 2,245 | 3,741.7 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 1,856 | 3.1 | (536) | (1.0) | 2,392 | 446.3 | ||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 51,566 | 85.0 | 29,783 | 54.8 | 21,783 | 73.1 | ||||||||||||||||||||||||||
Net income | $ | 53,422 | 88.0 | $ | 29,247 | 53.8 | 24,175 | 82.7 |
Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | % of Revenue | 2020 | % of Revenue | $ | % | ||||||||||||||||||||||||||
Revenue | $ | 120,391 | 100.0 | $ | 107,470 | 100.0 | 12,921 | 12.0 | ||||||||||||||||||||||||
Operating expenses | 115,317 | 95.8 | 110,701 | 103.0 | 4,616 | 4.2 | ||||||||||||||||||||||||||
Operating income (loss) | 5,074 | 4.2 | (3,231) | (3.0) | 8,305 | 257.0 | ||||||||||||||||||||||||||
Other income, net | 2,938 | 2.4 | 2,020 | 1.9 | 918 | 45.4 | ||||||||||||||||||||||||||
Income (loss) before taxes | 8,012 | 6.7 | (1,211) | (1.1) | 9,223 | 761.6 | ||||||||||||||||||||||||||
Income tax expense (benefit) | 3,107 | 2.6 | (825) | (0.8) | 3,932 | 476.6 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 4,905 | 4.1 | (386) | (0.4) | 5,291 | 1,370.7 | ||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 100,038 | 83.1 | 42,913 | 39.9 | 57,125 | 133.1 | ||||||||||||||||||||||||||
Net income | $ | 104,943 | 87.2 | $ | 42,527 | 39.6 | 62,416 | 146.8 |
June 30, 2021 | June 30, 2020 | |||||||||||||
Broadband homes and businesses passed (1) | 278,952 | 220,442 | ||||||||||||
Incumbent Cable (2) | 210,787 | 207,269 | ||||||||||||
Glo Fiber | 46,368 | 13,173 | ||||||||||||
Beam | 21,797 | — | ||||||||||||
Broadband customer relationships (3) | 116,987 | 101,816 | ||||||||||||
Residential & SMB RGUs: | ||||||||||||||
Broadband Data | 111,475 | 92,695 | ||||||||||||
Incumbent Cable (2) | 103,465 | 91,364 | ||||||||||||
Glo Fiber | 7,169 | 1,331 | ||||||||||||
Beam | 841 | — | ||||||||||||
Video (2) | 51,355 | 53,153 | ||||||||||||
Voice (2) | 34,664 | 32,252 | ||||||||||||
Total Residential & SMB RGUs (excludes RLEC) | 197,494 | 178,100 | ||||||||||||
Residential & SMB Penetration (4) | ||||||||||||||
Broadband Data | 40.0 | % | 42.0 | % | ||||||||||
Incumbent Cable | 49.1 | % | 44.1 | % | ||||||||||
Glo Fiber | 15.5 | % | 10.1 | % | ||||||||||
Beam | 3.9 | % | — | % | ||||||||||
Video | 18.4 | % | 24.1 | % | ||||||||||
Voice | 14.4 | % | 16.5 | % | ||||||||||
Residential & SMB ARPU (5) | ||||||||||||||
Broadband Data | $ | 78.05 | $ | 77.93 | ||||||||||
Incumbent Cable | $ | 78.30 | $ | 77.90 | ||||||||||
Glo Fiber | $ | 73.92 | $ | 82.25 | ||||||||||
Beam | $ | 72.38 | $ | — | ||||||||||
Video | $ | 100.06 | $ | 93.49 | ||||||||||
Voice | $ | 28.85 | $ | 29.51 | ||||||||||
Fiber route miles | 7,041 | 6,478 | ||||||||||||
Total fiber miles (6) | 440,236 | 346,969 |
Three Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | % of Revenue | 2020 | % of Revenue | $ | % | ||||||||||||||||||||||||||
Broadband operating revenue | ||||||||||||||||||||||||||||||||
Residential & SMB | $ | 43,989 | 78.2 | $ | 37,684 | 75.2 | 6,305 | 16.7 | ||||||||||||||||||||||||
Commercial Fiber | 8,523 | 15.2 | 8,376 | 16.7 | 147 | 1.8 | ||||||||||||||||||||||||||
RLEC & Other | 3,715 | 6.6 | 4,073 | 8.1 | (358) | (8.8) | ||||||||||||||||||||||||||
Total broadband revenue | 56,227 | 100.0 | 50,133 | 100.0 | % | 6,094 | 12.2 | |||||||||||||||||||||||||
Broadband operating expenses | ||||||||||||||||||||||||||||||||
Cost of services | 23,127 | 41.1 | 20,861 | 41.6 | 2,266 | 10.9 | ||||||||||||||||||||||||||
Selling, general, and administrative | 12,806 | 22.8 | 9,465 | 18.9 | 3,341 | 35.3 | ||||||||||||||||||||||||||
Restructuring expense | 27 | — | — | — | 27 | — | ||||||||||||||||||||||||||
Depreciation and amortization | 11,775 | 20.9 | 10,307 | 20.6 | 1,468 | 14.2 | ||||||||||||||||||||||||||
Total broadband operating expenses | 47,735 | 84.9 | 40,633 | 81.1 | 7,102 | 17.5 | ||||||||||||||||||||||||||
Broadband operating income | $ | 8,492 | 15.1 | $ | 9,500 | 18.9 | (1,008) | (10.6) |
Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | % of Revenue | 2020 | % of Revenue | $ | % | ||||||||||||||||||||||||||
Broadband operating revenue | ||||||||||||||||||||||||||||||||
Residential & SMB | $ | 86,919 | 78.0 | $ | 74,693 | 74.8 | 12,226 | 16.4 | ||||||||||||||||||||||||
Commercial Fiber | 17,002 | 15.3 | 16,735 | 16.7 | 267 | 1.6 | ||||||||||||||||||||||||||
RLEC & Other | 7,460 | 6.7 | 8,491 | 8.5 | (1,031) | (12.1) | ||||||||||||||||||||||||||
Total broadband revenue | 111,381 | 100.0 | 99,919 | 100.0 | % | 11,462 | 11.5 | |||||||||||||||||||||||||
Broadband operating expenses | ||||||||||||||||||||||||||||||||
Cost of services | 45,263 | 40.6 | 40,247 | 40.3 | 5,016 | 12.5 | ||||||||||||||||||||||||||
Selling, general, and administrative | 23,531 | 21.1 | 19,169 | 19.2 | 4,362 | 22.8 | ||||||||||||||||||||||||||
Restructuring expense | 132 | 0.1 | — | — | 132 | — | ||||||||||||||||||||||||||
Depreciation and amortization | 23,536 | 21.1 | 20,341 | 20.4 | 3,195 | 15.7 | ||||||||||||||||||||||||||
Total broadband operating expenses | 92,462 | 83.0 | 79,757 | 79.8 | 12,705 | 15.9 | ||||||||||||||||||||||||||
Broadband operating income | $ | 18,919 | 17.0 | $ | 20,162 | 20.2 | (1,243) | (6.2) |
June 30, 2021 | June 30, 2020 | |||||||||||||
Macro tower sites | 223 | 220 | ||||||||||||
Tenants (1) | 448 | 413 | ||||||||||||
Average tenants per tower | 1.9 | 1.8 |
Three Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | % of Revenue | 2020 | % of Revenue | $ | % | ||||||||||||||||||||||||||
Tower revenue | $ | 4,614 | 100.0 | $ | 4,259 | 100.0 | % | 355 | 8.3 | |||||||||||||||||||||||
Tower operating expenses | 2,105 | 45.6 | 2,030 | 47.7 | 75 | 3.7 | ||||||||||||||||||||||||||
Tower operating income | $ | 2,509 | 54.4 | $ | 2,229 | 52.3 | 280 | 12.6 |
Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | % of Revenue | 2020 | % of Revenue | $ | % | ||||||||||||||||||||||||||
Tower revenue | $ | 9,279 | 100.0 | $ | 7,989 | 100.0 | % | 1,290 | 16.1 | |||||||||||||||||||||||
Tower operating expenses | 4,068 | 43.8 | 3,965 | 49.6 | 103 | 2.6 | ||||||||||||||||||||||||||
Tower operating income | $ | 5,211 | 56.2 | $ | 4,024 | 50.4 | 1,187 | 29.5 |
($ in thousands, except per share amounts) | Number of Shares Surrendered | Average Price Paid per Share | ||||||||||||
April 1 to April 30 | — | $ | — | |||||||||||
May 1 to May 31 | 588 | $ | 50.62 | |||||||||||
June 1 to June 30 | 2,224 | 50.00 | ||||||||||||
Total | 2,812 |
Exhibit No. | Exhibit Description | ||||||||||
Asset Purchase Agreement, dated May 28, 2021, between Shenandoah Telecommunications Company and T-Mobile USA, Inc. (incorporated by reference from Exhibit 2.1 to the Company's Current Report on Form 8-K filed on June 1, 2021). | |||||||||||
Credit Agreement, dated July 1, 2021, by and among Shenandoah Telecommunications Company, certain of its subsidiaries as guarantors, CoBank ACB, as administrative agent, and the other lenders party thereto (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 1, 2021). | |||||||||||
31.1* | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | ||||||||||
31.2* | Certification of Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | ||||||||||
32** | Certifications pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. § 1350. | ||||||||||
(101) | Formatted in Inline XBRL (Extensible Business Reporting Language) | ||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document | ||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SHENANDOAH TELECOMMUNICATIONS COMPANY | |||||
/s/James J. Volk | |||||
James J. Volk | |||||
Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |||||
Date: July 29, 2021 |
/S/CHRISTOPHER E. FRENCH | |||||
Christopher E. French | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
July 29, 2021 | |||||
/S/JAMES J. VOLK | |||||
James J. Volk | |||||
Senior Vice President – Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) | |||||
July 29, 2021 |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 502 | $ 614 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 96,000,000 | 96,000,000 |
Common stock, shares issued (in shares) | 49,950,000 | 49,868,000 |
Common Stock, Shares, Outstanding (in shares) | 49,950,000 | 49,868,000 |
Basis of Presentation and Other Information |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Other Information | Basis of Presentation and Other Information 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, 2020. The preparation of the unaudited interim consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies at the date of the unaudited interim condensed consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ. Adoption of New Accounting Principles 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 2020 Annual Report on Form 10-K, that would be expected to impact the Company.
|
Discontinued Operations |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations On August 26, 2020, Sprint Corporation ("Sprint"), an indirect subsidiary of T-Mobile US, Inc., ("T-Mobile"), on behalf of and as the direct or indirect owner of Sprint PCS, delivered notice to the Company exercising its option to purchase the assets and operations of our Wireless operations for 90% of the “Entire Business Value” (as defined under our affiliate agreement and determined pursuant to the appraisal process set forth therein). Shortly thereafter, the Company committed to a plan to sell the discontinued Wireless operations. 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 Company’s Wireless assets and operations were classified as discontinued operations after Sprint delivered notice to the Company exercising its option to purchase the Wireless assets and operations on August 26, 2020. The assets and liabilities that transferred in the sale were presented as held for sale within our unaudited condensed consolidated balance sheets, and discontinued operations within our unaudited condensed consolidated statements of comprehensive income. This disposal group excludes the accounts receivable and certain current liabilities generated by our Wireless operations because they are expected to be settled separately from the sale. Such accounts receivable totaled $49.1 million and $51.7 million at June 30, 2021 and December 31, 2020, respectively, and such current liabilities totaled $8.0 million and $6.1 million at June 30, 2021 and December 31, 2020, respectively. The transaction is structured as an asset sale for income tax purposes. As a result, no current or deferred tax assets or liabilities are included within the disposal group. While our long-term debt does not transfer in the sale, its provisions required us to repay all of the debt upon consummation of the sale. Our debt is therefore presented outside of the disposal group as a current liability. Our related interest rate swap liabilities are also presented outside of the disposal group as a current liability, because management terminated them at consummation. Because repayment of the debt is contractually triggered by the sale, the related interest expense is presented within discontinued operations under the relevant authoritative guidance. The carrying amounts of the major classes of assets and liabilities, which are classified as held for sale in the consolidated balance sheets, are as follows:
Income from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following:
Under the relevant authoritative guidance, consummation of the sale will trigger or accelerate the recognition of certain expense related to contingent deal advisory fees, severance costs, recognition of our interest rate swap losses in net income, and loss on debt extinguishment. We estimate these expenses to be approximately $34 million.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers Our Broadband segment provides broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic, hybrid fiber coaxial cable, and fixed wireless networks. The Broadband segment 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 contracts are generally cancellable at the customer’s discretion without penalty at any time. We allocate the total transaction price in these transactions based upon the standalone selling price of each distinct good or service. We generally recognize these revenues over time as customers simultaneously receive and consume the benefits of the service, with the exception of equipment sales and home wiring, which are recognized as revenue at a point in time when control transfers and when installation is complete, respectively. Installation fees, charged upfront without transfer of commensurate goods or services to the customer, are allocated to services and are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the contract, which we estimate to be about one year. Additionally, the Company incurs commission and installation costs related to in-house and third-party vendors which are capitalized and amortized over the expected weighted average customer life which is approximately six years. Our Broadband segment also provides Ethernet and Wavelength fiber optic services to commercial fiber customers under capacity agreements, and the related revenue is recognized over time. In some cases, non-refundable upfront fees are charged for connecting commercial fiber customers to our fiber network. Those amounts are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the respective contract. A related contract liability of $3.7 million at June 30, 2021, is expected to be recognized into revenue at the rate of approximately $0.2 million per year. The Broadband segment also leases dedicated fiber optic strands to customers as part of “dark fiber” agreements, which are accounted for as leases under Accounting Standards Codification 842, Leases, ("ASC 842"). Our Tower segment leases space on owned cell towers to our Wireless and Broadband segments, and to other wireless carriers. Revenue from these leases is accounted for under ASC 842. Refer to Note 14, Segment Reporting, for a summary of these revenue streams. Below is a summary of the Broadband segment's capitalized contract acquisition and fulfillment costs:
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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investments consist of the following:
SERP Investments at Fair Value: The Supplemental Executive Retirement Plan (“SERP”) is a benefit plan that provides deferred compensation to certain employees. The Company holds the related investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation. 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. At June 30, 2021, an additional $0.8 million of SERP investments were presented as prepaid expenses and other (current assets) as we intend to liquidate certain investments to pay the current portion of our SERP obligation. Cost Method Investments: Our investment in CoBank ACB’s Class A common stock represented substantially all of our cost method investments with a balance of $10.3 million and $9.8 million at June 30, 2021 and December 31, 2020, respectively. We recognized approximately $1.0 million of patronage income in Other income (expense) during both of the three months ended June 30, 2021 and 2020, respectively, and approximately $2.0 million during both of the six months ended June 30, 2021 and 2020, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity. Equity Method Investments: At June 30, 2021, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). The Company and ValleyNet purchase capacity on one another’s fiber network. We recognized revenue of $0.2 million and $0.3 million from providing service to ValleyNet during the three months ended June 30, 2021 and 2020, respectively, and $0.4 million and $0.5 million during the six months ended June 30, 2021 and 2020, respectively. We recognized cost of service of $0.6 million for the use of ValleyNet’s network during both of the three months ended June 30, 2021 and 2020, and $1.1 million and $1.4 million during the six months ended June 30, 2021 and 2020, respectively.
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following:
Property, plant and equipment net, increased due primarily to capital expenditures in the Broadband segment driven by our Glo Fiber and Beam market expansions.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Other intangible assets consisted of the following:
For the six months ended June 30, 2021 and 2020, amortization expense was approximately $0.4 million and $0.3 million, respectively.
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Other Assets and Accrued Liabilities |
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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:
Deferred charges and other assets, classified as long-term assets, included the following:
Accrued liabilities and other, classified as current liabilities, included the following:
Other liabilities, classified as long-term liabilities, included the following:
During the three months ended March 31, 2021, we implemented a restructuring plan whereby certain employees will leave the Company by 2022. At the onset of the plan we recognized a restructuring accrual for severance benefits payable to impacted employees totaling $0.8 million. During the three months ended June 30, 2021, we paid approximately $0.6 million of severance benefits and we recognized additional expenses of $0.04 million and $0.3 million, presented in continuing and discontinued operations, respectively. For the six months ended June 30, 2021, $0.7 million and $0.5 million of expense is presented in continuing and discontinued operations, respectively.
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Leases |
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Leases | Leases We lease various telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments, such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company's incremental borrowing rate in order to measure the lease liability and right of use asset. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate. At June 30, 2021, our operating leases had a weighted average remaining lease term of 21.0 years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of 13.8 years and a weighted average discount rate of 5.2%. During each of the three months ended June 30, 2021 and 2020, we recognized $2.0 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.1 million of interest and depreciation expense on finance leases during the three months ended June 30, 2021 and 2020, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.3 million and $1.0 million of operating lease payments during the three months ended June 30, 2021 and 2020, respectively. We also obtained $2.4 million and $1.5 million of leased assets in exchange for new operating lease liabilities recognized during the three months ended June 30, 2021 and 2020, respectively. The following table summarizes the expected maturity of lease liabilities at June 30, 2021:
We recognized $2.3 million and $2.1 million of operating lease revenue during the three months ended June 30, 2021 and 2020, 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 consolidated statements of comprehensive income. 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 at June 30, 2021:
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Leases | Leases We lease various telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments, such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company's incremental borrowing rate in order to measure the lease liability and right of use asset. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate. At June 30, 2021, our operating leases had a weighted average remaining lease term of 21.0 years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of 13.8 years and a weighted average discount rate of 5.2%. During each of the three months ended June 30, 2021 and 2020, we recognized $2.0 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.1 million of interest and depreciation expense on finance leases during the three months ended June 30, 2021 and 2020, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.3 million and $1.0 million of operating lease payments during the three months ended June 30, 2021 and 2020, respectively. We also obtained $2.4 million and $1.5 million of leased assets in exchange for new operating lease liabilities recognized during the three months ended June 30, 2021 and 2020, respectively. The following table summarizes the expected maturity of lease liabilities at June 30, 2021:
We recognized $2.3 million and $2.1 million of operating lease revenue during the three months ended June 30, 2021 and 2020, 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 consolidated statements of comprehensive income. 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 at June 30, 2021:
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Leases | Leases We lease various telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments, such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company's incremental borrowing rate in order to measure the lease liability and right of use asset. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate. At June 30, 2021, our operating leases had a weighted average remaining lease term of 21.0 years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of 13.8 years and a weighted average discount rate of 5.2%. During each of the three months ended June 30, 2021 and 2020, we recognized $2.0 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.1 million of interest and depreciation expense on finance leases during the three months ended June 30, 2021 and 2020, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.3 million and $1.0 million of operating lease payments during the three months ended June 30, 2021 and 2020, respectively. We also obtained $2.4 million and $1.5 million of leased assets in exchange for new operating lease liabilities recognized during the three months ended June 30, 2021 and 2020, respectively. The following table summarizes the expected maturity of lease liabilities at June 30, 2021:
We recognized $2.3 million and $2.1 million of operating lease revenue during the three months ended June 30, 2021 and 2020, 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 consolidated statements of comprehensive income. 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 at June 30, 2021:
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Debt |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The prior Credit Agreement included a $75 million, five-year undrawn revolving credit facility, as well as the following term loans:
Term Loan A-1 bore interest at one-month LIBOR plus a margin of 1.50%, while Term Loan A-2 bore interest at one-month LIBOR plus a margin of 1.75%. LIBOR resets monthly. Our cash payments for interest were $7.7 million and $10.3 million during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the Company was in compliance with the financial covenants in its credit agreements. As discussed in Note 2, Discontinued Operations, upon consummation of the Transaction, the Company used approximately $681 million of the proceeds received from the sale to fully repay all outstanding principal amounts under, and terminate, the Credit Agreement. New Credit Agreement: On July 1, 2021, we entered into a new Credit Agreement (the “New Credit Agreement”) with various financial institutions party thereto (the “Lenders”). The New Credit Agreement provides for three credit facilities (collectively, the “Facilities”), in an aggregate amount equal to $400 million: (i) a $100 million five-year revolving credit facility (the “Revolver”), (ii) a $150 million five-year delay draw amortizing term loan (the “Term Loan A-1”) and (iii) a $150 million seven-year delay draw amortizing term loan (the “Term Loan A-2” and, together with the Term Loan A-1, the “Term Loans”). The New Credit Agreement includes a provision under which the Company may request that additional term loans be made to it in an amount not to exceed the sum of (1) the greater of (a) $75 million and (b) 100% of Consolidated EBITDA (as defined in the New Credit Agreement), calculated on a pro forma basis in accordance with the New Credit Agreement, plus (2) an additional unlimited amount subject to a maximum Total Net Leverage Ratio (as defined in the New Credit Agreement) of 4.00:1.00, calculated on a pro forma basis in accordance with the New Credit Agreement, subject to the receipt of commitments from one or more lenders for any such additional term loans and other customary conditions. The availability of the Facilities to the Company is subject to the satisfaction or waiver of certain customary conditions set forth in the New Credit Agreement. The Company may use the proceeds from the Revolver and the Term Loans to finance capital expenditures, provide working capital, and for other general corporate purposes of the Company and its subsidiaries, including the payment of fees and expenses in connection with the foregoing. Rate quotations provided by a group of banks that sustain LIBOR will no longer be required after 2021. As a result, it is uncertain whether LIBOR will continue to be quoted after 2021. Our term loans and revolver identify LIBOR as a reference rate and mature after 2021. Alternative reference rates that replace LIBOR may not yield the same or similar economic results over the terms of the financial instruments. The transition from LIBOR could result in us paying higher or lower interest rates on our current LIBOR-indexed term loans. Our New Credit Agreement includes provisions that provide for the identification of a LIBOR replacement rate. Due to the uncertainty regarding the transition from LIBOR-indexed financial instruments, including when it will happen, and the manner in which an alternative reference rate will apply, we cannot yet reasonably estimate the expected financial impact of the LIBOR transition.
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Derivatives and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging | Derivatives and Hedging The Company's interest rate swaps are pay-fixed (1.16%), receive-variable (one month LIBOR) that hedged approximately 27% of outstanding debt with outstanding notional amounts totaling $180.4 million and $289.4 million as of June 30, 2021 and December 31, 2020, respectively. The fair value of these instruments was estimated using an income approach and observable market inputs. The hedge was determined to be highly effective and therefore all of the change in its fair value was recognized through other comprehensive income. As discussed in Note 2, Discontinued Operations, upon consummation of the Transaction, the Company used approximately $3 million of the proceeds received from the sale to fully satisfy its obligations under, and terminate, the interest rate swaps. The table below summarizes changes in accumulated other comprehensive income (loss) by component:
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Income Taxes |
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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 June 30, 2021. The Company's returns are generally open to examination from 2017 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 months ended June 30, 2021 and 2020, 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.
The Company's cash payments for income taxes were approximately $21.0 million in the six months ended June 30, 2021. The Company had no significant cash payments or refunds for income taxes during the six months ended June 30, 2020.
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Earnings per Share |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share We utilize the treasury stock method to calculate the impact on diluted earnings per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings per share:
There were fewer than 200 thousand anti-dilutive awards outstanding during the three and six months ended June 30, 2021 and 2020.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
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 8, Leases. We are also committed to make annual payments of approximately $108.0 thousand on our FCC spectrum license obligation through 2039. The Company is subject to claims and legal actions that may arise in the ordinary course of business. The Company does not believe that any of these pending claims or legal actions are either probable or reasonably possible of a material loss.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The divestiture of our Wireless operations represents a strategic shift in the Company’s business and qualifies as a discontinued operation. As a result, the operating results and cash flows related to the Wireless segment have been reflected as discontinued operations in our Unaudited Condensed Consolidated Statements of Comprehensive Income and the Unaudited Condensed Consolidated Statements of Cash Flows. The tables below reflect the results of operations of the Company's reportable segments in continuing operations, consistent with internal reporting used by the Company. Three Months Ended June 30, 2021:
Three Months Ended June 30, 2020:
Six Months Ended June 30, 2021:
Six Months Ended June 30, 2020:
A reconciliation of the total of the reportable segments’ operating income to consolidated income before taxes is as follows:
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Sale of Wireless assets and operations. On July 1, 2021, we completed the sale of Wireless assets and operations to T-Mobile. Refer to Note 2, Discontinued Operations, for additional information. Termination of Prior Credit Agreement. On July 1, 2021, we terminated the prior credit agreement concurrent with the sale of Wireless assets and operations to T-Mobile. Refer to Note 9, Debt, for additional information. Entry into New Credit Agreement. On July 1, 2021, we entered into the New Credit Agreement post-termination of the prior credit agreement. Refer to Note 9, Debt, for additional information. Termination of Interest Rate Swaps. On July 1, 2021, we terminated the interest rate swaps. Refer to Note 10, Derivatives and Hedging, for additional information. Declaration of the Special Dividend. On July 2, 2021, the Company’s Board of Directors declared a special dividend of $18.75 per share on the issued and outstanding shares of the Company’s common stock (the “Special Dividend”). The Special Dividend is payable on August 2, 2021 to shareholders of record as of the close of business on July 13, 2021. Since the Special Dividend is more than 25% of the current share price, in accordance with NASDAQ rules, the ex-dividend date will be August 3, 2021, the first business day after the payment date. The Company currently expects approximately $14.5 million of the Special Dividend to be reinvested in shares of the Company’s common stock via the Company’s Dividend Reinvestment Plan. The reinvested dividends are expected to be used to purchase shares of the Company’s common stock in market transactions during the thirty days following the dividend payment date. The total payout to Shentel shareholders, before any reinvestment via the Company’s Dividend Reinvestment Plan, will be approximately $937 million.
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Basis of Presentation and Other Information (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Adoption of New Accounting Principles | 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 2020 Annual Report on Form 10-K, that would be expected to impact the Company. |
Investment | SERP Investments at Fair Value: The Supplemental Executive Retirement Plan (“SERP”) is a benefit plan that provides deferred compensation to certain employees. The Company holds the related investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation. 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. At June 30, 2021, an additional $0.8 million of SERP investments were presented as prepaid expenses and other (current assets) as we intend to liquidate certain investments to pay the current portion of our SERP obligation. Cost Method Investments: Our investment in CoBank ACB’s Class A common stock represented substantially all of our cost method investments with a balance of $10.3 million and $9.8 million at June 30, 2021 and December 31, 2020, respectively. We recognized approximately $1.0 million of patronage income in Other income (expense) during both of the three months ended June 30, 2021 and 2020, respectively, and approximately $2.0 million during both of the six months ended June 30, 2021 and 2020, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity. Equity Method Investments: At June 30, 2021, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). The Company and ValleyNet purchase capacity on one another’s fiber network. We recognized revenue of $0.2 million and $0.3 million from providing service to ValleyNet during the three months ended June 30, 2021 and 2020, respectively, and $0.4 million and $0.5 million during the six months ended June 30, 2021 and 2020, respectively. We recognized cost of service of $0.6 million for the use of ValleyNet’s network during both of the three months ended June 30, 2021 and 2020, and $1.1 million and $1.4 million during the six months ended June 30, 2021 and 2020, respectively.
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Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | The carrying amounts of the major classes of assets and liabilities, which are classified as held for sale in the consolidated balance sheets, are as follows:
Income from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following:
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Revenue from Contracts with Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized and Capitalized Contract Cost | Below is a summary of the Broadband segment's capitalized contract acquisition and fulfillment costs:
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | Investments consist of the following:
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment consisted of the following:
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Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Resulting from Acquisition | Other intangible assets consisted of the following:
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Schedule of Finite-Lived Intangible Assets | Other intangible assets consisted of the following:
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Other Assets and Accrued Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Prepaid expenses and other, classified as current assets, included the following:
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Schedule of Other Assets, Noncurrent | Deferred charges and other assets, classified as long-term assets, included the following:
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Summary of Accrued Liabilities and Other | Accrued liabilities and other, classified as current liabilities, included the following:
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Other Noncurrent Liabilities | Other liabilities, classified as long-term liabilities, included the following:
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Leases (Tables) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Maturity of Lease Liabilities, Operating | The following table summarizes the expected maturity of lease liabilities at June 30, 2021:
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Expected Maturity of Lease Liabilities, Financing | The following table summarizes the expected maturity of lease liabilities at June 30, 2021:
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Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases | Below is a summary of our minimum rental receipts under the lease agreements in place at June 30, 2021:
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | The prior Credit Agreement included a $75 million, five-year undrawn revolving credit facility, as well as the following term loans:
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Derivatives and Hedging (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below summarizes changes in accumulated other comprehensive income (loss) by component:
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Income Taxes |
|
Earnings per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table indicates the computation of basic and diluted earnings per share:
|
Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Financial Data for Segments | The tables below reflect the results of operations of the Company's reportable segments in continuing operations, consistent with internal reporting used by the Company. Three Months Ended June 30, 2021:
Three Months Ended June 30, 2020:
Six Months Ended June 30, 2021:
Six Months Ended June 30, 2020:
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of the total of the reportable segments’ operating income to consolidated income before taxes is as follows:
|
Discontinued Operations - Carrying Amounts of the Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
ASSETS | ||
Current assets held for sale | $ 1,101,193 | $ 1,133,294 |
LIABILITIES | ||
Current liabilities held for sale | 423,008 | 452,202 |
Discontinued Operations, Held-for-sale | ||
ASSETS | ||
Inventory | 1,823 | 5,746 |
Prepaid expenses and other | 42,562 | 47,003 |
Property, plant and equipment, net | 298,471 | 299,647 |
Intangible assets, net | 155,748 | 176,459 |
Goodwill | 146,383 | 146,383 |
Operating lease right-of-use assets | 417,754 | 421,586 |
Deferred charges and other assets | 38,452 | 36,470 |
Current assets held for sale | 1,101,193 | 1,133,294 |
LIABILITIES | ||
Current operating lease liabilities | 383,633 | 409,887 |
Accrued liabilities and other | 5,202 | 8,770 |
Asset retirement obligations | 34,173 | 33,545 |
Current liabilities held for sale | $ 423,008 | $ 452,202 |
Revenue from Contracts with Customers - Narrative (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Weighted average customer life | 6 years |
Remaining performance obligations | $ 3.7 |
Revenue remaining performance obligation, per year | $ 0.2 |
Revenue from Contracts with Customers Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Capitalized Contract Cost [Roll Forward] | ||||
Beginning Balance | $ 15,215 | $ 11,663 | $ 14,669 | $ 11,005 |
Contract payments | 1,410 | 2,248 | 3,215 | 3,933 |
Contract amortization | (1,335) | (1,131) | (2,594) | (2,158) |
Ending Balance | $ 15,290 | $ 12,780 | $ 15,290 | $ 12,780 |
Investments - Other Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments [Abstract] | ||
SERP Investments at fair value | $ 2,228 | $ 2,687 |
Cost method investments | 11,025 | 10,536 |
Equity method investments | 540 | 546 |
Total investments | $ 13,793 | $ 13,769 |
Investments - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Schedule of Equity Method Investments [Line Items] | |||||
SERP investments | $ 844 | $ 844 | $ 0 | ||
SERP Investments at fair value | 2,228 | 2,228 | 2,687 | ||
CoBank | |||||
Schedule of Equity Method Investments [Line Items] | |||||
SERP Investments at fair value | 10,300 | 10,300 | $ 9,800 | ||
Other nonoperating income (expense) | $ 1,000 | $ 1,000 | $ 2,000 | $ 2,000 | |
Percentage of patronage credit paid in cash | 75.00% | 75.00% | |||
Percentage of patronage credit paid in share | 25.00% | 25.00% | |||
Valley Network Partnership | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest, percentage | 20.00% | 20.00% | |||
Equity Method Investee | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue from related parties | $ 200 | $ 300 | $ 400 | 500 | |
Related party costs | $ 600 | $ 1,100 | $ 1,400 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 0.4 | $ 0.3 |
Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Prepaid maintenance expenses | $ 6,913 | $ 4,018 |
Broadband contract acquisition and fulfillment costs | 4,100 | 4,417 |
SERP investments | 844 | 0 |
Other | 1,328 | 1,196 |
Prepaid expenses and other | $ 13,185 | $ 9,631 |
Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Broadband contract acquisition and fulfillment costs | $ 11,189 | $ 10,252 |
Prepaid expenses and other | 4,908 | 1,398 |
Deferred charges and other assets | $ 16,097 | $ 11,650 |
Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Interest rate swaps | $ 2,601 | $ 4,048 |
Accrued programming costs | 3,102 | 2,868 |
Sales and property taxes payable | 1,990 | 1,072 |
Restructuring accrual | 608 | 0 |
Other current liabilities | 5,635 | 5,881 |
Accrued liabilities and other | $ 13,936 | $ 13,869 |
Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Noncurrent portion of deferred lease revenue | $ 18,374 | $ 18,687 |
FCC spectrum license obligations | 3,826 | 3,845 |
Noncurrent portion of financing leases | 1,586 | 1,492 |
Other | 203 | 881 |
Other liabilities | $ 23,989 | $ 24,905 |
Other Assets and Accrued Liabilities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2021 |
|
Other Liabilities Disclosure [Abstract] | |||||
Restructuring Reserve | $ 800 | ||||
Payments for restructuring | $ 600 | ||||
Restructuring expense | 43 | $ 0 | $ 661 | $ 0 | |
Discontinued operations expense | $ 254 | $ 0 | $ 465 | $ 0 |
Leases - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 21 years | |
Operating lease, weighted average discount rate, percent | 4.50% | |
Finance lease, weighted average remaining lease term | 13 years 9 months 18 days | |
Finance lease, weighted average discount rate, percent | 5.20% | |
Operating lease, cost | $ 2.0 | $ 1.4 |
Finance lease, cost | 0.1 | 0.1 |
Operating lease, payments | 1.3 | 1.0 |
Right-of-use asset obtained in exchange for operating lease liability | 2.4 | 1.5 |
Sublease income | $ 2.3 | $ 2.1 |
Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Operating Leases | |
2021 | $ 2,625 |
2022 | 4,981 |
2023 | 4,517 |
2024 | 4,177 |
2025 | 3,966 |
2026 and thereafter | 66,543 |
Total lease payments | 86,809 |
Less: Interest | 35,288 |
Present value of lease liabilities | 51,521 |
Finance Leases | |
2021 | 93 |
2022 | 175 |
2023 | 176 |
2024 | 179 |
2025 | 181 |
2026 and thereafter | 1,551 |
Total lease payments | 2,355 |
Less: Interest | 675 |
Present value of lease liabilities | 1,680 |
Total | |
2021 | 2,718 |
2022 | 5,156 |
2023 | 4,693 |
2024 | 4,356 |
2025 | 4,147 |
2026 and thereafter | 68,094 |
Total lease payments | 89,164 |
Less: Interest | 35,963 |
Present value of lease liabilities | $ 53,201 |
Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
2021 | $ 4,195 |
2022 | 7,741 |
2023 | 6,202 |
2024 | 5,021 |
2025 | 3,934 |
2026 and thereafter | 7,417 |
Total | $ 34,510 |
Debt - Credit Agreement (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Total | $ 680,857 | $ 697,918 |
Less: unamortized loan fees | 8,256 | 9,455 |
Total debt, net of unamortized loan fees | 672,601 | 688,463 |
Term loan A-1 | ||
Debt Instrument [Line Items] | ||
Total | 214,870 | 229,437 |
Term loan A-2 | ||
Debt Instrument [Line Items] | ||
Total | $ 465,987 | $ 468,481 |
Derivatives and Hedging - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Derivative [Line Items] | ||
Payments for derivative instruments | $ 3.0 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount of interest rate swaps | $ 180.4 | $ 289.4 |
Interest Rate Swap, May 2016 | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Interest rate | 1.16% | |
Percentage hedged | 27.00% |
Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Expected tax expense (benefit) at federal statutory | $ 849 | $ (125) | $ 1,683 | $ (254) |
State income taxes, net of federal tax effect | 154 | (27) | 469 | (55) |
Revaluation of deferred tax liabilities | 1,046 | 0 | 1,046 | 0 |
Excess tax benefit from share based compensation and other expense, net | 136 | 92 | (91) | (516) |
Income tax (benefit) expense | $ 2,185 | $ (60) | $ 3,107 | $ (825) |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Proceeds from income tax refunds | $ 21.0 | $ 0.0 |
Earnings per Share - Narrative (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||||
Anti-dilutive awards outstanding (fewer than)(in shares) | 200 | 200 | 200 | 200 |
Commitments and Contingencies Narrative (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
FCC spectrum licenses | |
Other Commitments [Line Items] | |
Other commitment, annual payments | $ 108 |
Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ||||
Operating income (loss) | $ 2,703 | $ (1,867) | $ 5,074 | $ (3,231) |
Other income, net | 1,338 | 1,271 | 2,938 | 2,020 |
Income (loss) from continuing operations before income taxes | $ 4,041 | $ (596) | $ 8,012 | $ (1,211) |
Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Millions |
Jul. 02, 2021
USD ($)
$ / shares
|
---|---|
Subsequent Event [Line Items] | |
Dividends payable (in dollars per share) | $ / shares | $ 18.75 |
Dividends payable | $ 937.0 |
Forecast | |
Subsequent Event [Line Items] | |
Anticipated reinvestment | $ 14.5 |
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