Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Shentel has presented Residential & SMB - Cable Markets and Residential & SMB - Glo Fiber Markets separately for the three months ended March 31, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the three months ended March 31, 2022 for comparability.

Three Months Ended March 31, 2023:

(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	44,756	$	—	$	—	$	44,756
Residential & SMB - Glo Fiber Markets	7,003		—		—		7,003
Commercial Fiber	11,698		—		—		11,698
Tower lease	—		4,538		—		4,538
RLEC & Other	3,691		—		—		3,691
Service revenue and other	67,148		4,538		—		71,686
Intercompany revenue and other	55		38		(93)		—
Total revenue	67,203		4,576		(93)		71,686
Operating expenses
Cost of services	25,429		1,192		(54)		26,567
Selling, general and administrative	15,571		450		10,588		26,609
Depreciation and amortization	14,867		513		402		15,782
Total operating expenses	55,867		2,155		10,936		68,958
Operating income (loss)	$	11,336	$	2,421	$	(11,029)	$	2,728

Three Months Ended March 31, 2022:

(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	43,492	$	—	$	—	$	43,492
Residential & SMB - Glo Fiber Markets	3,421		—		—		3,421
Commercial Fiber	9,062		—		—		9,062
Tower lease	—		4,746		—		4,746
RLEC & Other	3,689		—		—		3,689
Service revenue and other	59,664		4,746		—		64,410
Intercompany revenue and other	50		101		(147)		4
Total revenue	59,714		4,847		(147)		64,414
Operating expenses
Cost of services	25,168		1,292		(121)		26,339
Selling, general and administrative	13,489		318		9,964		23,771
Depreciation and amortization	12,876		484		1,324		14,684
Total operating expenses	51,533		2,094		11,167		64,794
Operating income (loss)	$	8,181	$	2,753	$	(11,314)	$	(380)

A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated income (loss) before income taxes is as follows:

	Three Months Ended March 31,
(in thousands)	2023		2022
Total consolidated operating income (loss)	$	2,728	$	(380)
Other income (expense), net	1,117		(170)
Income (loss) before income taxes	$	3,845	$	(550)

The Company’s chief operating decision maker (CODM) does not currently review total assets by segment since the assets are centrally managed and some of the assets are shared by the segments. Accordingly, total assets by segment are not provided.