SHEN Stock Cash Flow Statements

Shenandoah Telecommunications Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Shenandoah Telecommunications Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-03-31	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31

cash flows from operating activities:
net income	-9,048,000	-9,132,000	-2,744,000	-5,263,000	-12,872,000	214,696,000	2,589,000	1,593,000	1,790,000	2,066,000	-1,823,000	-2,728,000	-3,225,000	-603,000	830,000	893,058,000	53,422,000	51,521,000	-7,744,714,691,000	3,492,114,354,000	4,252,713,780,000	13,280,000	13,521,000	14,354,000	13,150,000	13,910,000	14,852,000	19,090,000	7,824,000	4,829,000	60,595,000	3,534,000	-80,000	2,341,000	-184,000	-7,596,000	-6,996,000	13,881,000	12,108,000	7,996,000	10,474,000	10,286,000	8,649,000	8,003,000	8,615,000	8,616,000	6,676,000	6,717,000	7,842,000	8,351,000	4,916,000	1,361,000	5,560,000	4,466,000	3,972,000	3,002,000	2,992,000	3,027,000	2,714,000	4,034,000	4,573,000	6,754,000	6,258,000	1,584,000	11,385,000	-4,135,000	4,792,000	5,947,000	4,071,000	3,212,000	3,384,000	2,781,000	8,545,000
income from discontinued operations, net of tax			3,446,000	41,000	-99,000	218,786,000									4,538,000	886,326,000	51,566,000	48,472,000
income from continuing operations	-9,048,000	-9,132,000	-6,190,000	-5,304,000	-12,773,000	-4,090,000					-1,823,000	-2,728,000	-3,225,000	-603,000	-3,708,000	6,732,000	1,856,000	3,049,000	-10,260,658,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	34,629,000	28,984,000	26,205,000	27,681,000	25,579,000	17,443,000	16,344,000	16,670,000	16,185,000	15,782,000		17,873,000	14,451,000	14,684,000
amortization of intangible assets	474,000	474,000																			933,605,927,000	4,868,000
stock-based compensation expense, net of amount capitalized	2,187,000	3,717,000	2,217,000	1,384,000	2,270,000	3,966,000	1,669,000	2,044,000	2,603,000	3,717,000
deferred income taxes	-3,048,000	-1,119,000	-1,991,000	-1,542,000	-5,200,000	-1,026,000	-238,000	720,000	756,000	1,735,000	-40,000	-982,000	-43,000	-349,000	17,879,000	1,133,000	-2,005,000	5,256,000			87,141,299,000	2,135,000	6,645,000	1,565,000	6,812,000	-3,378,000	8,197,000	7,336,000	-4,989,000	-4,336,000	-41,804,000	-297,000	-9,044,000	-2,910,000		-3,958,000	-51,749,000	-1,489,000	7,012,000	-3,807,000	-2,046,000	-1,610,000	9,236,000	-1,278,000	-2,970,000	-2,013,000	9,316,000	4,697,000	1,647,000	-1,394,000	10,977,000	1,633,000	-802,000	-5,304,000	9,892,000	5,502,000	1,920,000	-1,341,000	4,476,000	-52,000	705,000	-501,000	8,420,000			-6,762,000	-789,000	-368,000	-1,258,000			-617,000	-453,000
benefit from credit losses	516,000	288,000	384,000	482,000	510,000	756,000
other	-315,000	480,000	-277,000	753,000	334,000	-184,000	-943,000	-679,000	378,000	740,000	-2,462,000	-347,000	968,000	1,017,000								-27,000		-6,000											-1,605,000	-486,000	-919,000	3,039,000	-230,000	-324,000	421,000	226,000	674,000	1,183,000	275,000	-12,000	296,000	824,000	456,000	696,000	311,000	539,000	447,000	229,000	206,000	-62,000	88,000	25,000	-202,000	514,000	-128,000	189,000	477,000			516,000	-190,000	-646,000	634,000			-705,000	278,000
changes in assets and liabilities
accounts receivable	-1,335,000	2,490,000	-1,822,000	-1,595,000	-761,000	1,726,000	-1,596,000	-3,092,000	11,000	4,488,000	-1,740,000	-3,273,000	-1,460,000	5,890,000	1,358,000	-5,564,000	2,508,000	1,861,000	-6,129,000	27,384,000	-31,116,000	2,543,000	-2,770,000	-333,000	-1,434,000	-3,127,000	5,731,000	5,568,000	-14,331,000	3,271,000	10,033,000	1,222,000	3,567,000	1,629,000	6,678,000	12,235,000	-6,802,000	2,470,000	1,942,000	-2,650,000	-2,112,000	1,773,000	-3,147,000	-1,508,000	-1,622,000	52,000	-2,084,000	212,000	-952,000	230,000	-2,948,000	-1,657,000	-2,937,000	-704,000	985,000	-957,000	-1,899,000	-20,000	911,000	-1,711,000	-517,000	-1,803,000	607,000			2,119,000	688,000	-720,000	676,000	-88,000	-1,828,000	93,000	2,077,000
current income taxes	53,000	164,000	228,000	920,000			-44,000	0	432,000	24,676,000	-297,000			459,000	-18,279,000	-5,565,000	3,029,000	-4,334,000			58,538,989,000	2,149,000	-7,323,000	1,161,000	-6,450,000	7,588,000
operating lease assets and liabilities	-302,000	-135,000	-238,000	110,000	-308,000	75,000		104,000	279,000	129,000		204,000	334,000	80,000
other assets	-1,663,000	-682,000	-223,000	309,000	1,141,000	-4,495,000	2,528,000	578,000	2,967,000	-1,030,000	605,000	846,000	-537,000	-1,365,000	1,836,000	-2,317,000	-700,000	-5,824,000	163,000	-5,393,000	4,760,000	-3,489,000	-3,426,000	-6,394,000	-7,219,000	-1,460,000	-2,853,000	-17,302,000	7,985,000	-4,076,000	1,601,000	-36,000	64,000	-190,000	2,654,000	553,000	1,078,000	988,000	-2,378,000	-569,000	475,000	-3,896,000
accounts payable	-17,000	992,000	-1,657,000	557,000	-1,102,000	-38,000	562,000	-419,000	-2,175,000	-837,000	627,000	-735,000	4,257,000	-4,130,000	8,602,000	-6,186,000	841,000	-281,000	-387,000			-4,400,000	5,798,000	712,000	1,670,000	4,641,000	536,000	-4,399,000	2,270,000	216,000	-5,930,000	9,763,000	-1,159,000	-39,399,000	38,945,000	-1,978,000	3,634,000	1,895,000	6,927,000	-1,263,000	2,916,000	-5,827,000	2,629,000	44,000	2,751,000	-384,000	-3,030,000	-1,559,000	5,259,000	-2,815,000	-3,019,000	-242,000	666,000	-2,095,000	3,853,000	-3,225,000	2,393,000	-3,617,000	4,369,000	3,012,000	-327,000	-3,526,000	4,093,000			186,000	588,000	1,001,000	-3,423,000			-612,000	-268,000
other deferrals and accruals	1,066,000	-5,997,000	2,440,000	1,446,000	336,000	-1,218,000	-962,000	2,329,000	-2,770,000	-3,142,000	-2,392,000	2,392,000	1,580,000	-2,760,000	-1,234,000	-1,341,000	185,000	-4,037,000	150,000	-1,994,000	12,625,000	-3,287,000	5,412,000	174,000	2,041,000	-5,518,000	3,081,000	-2,830,000	4,388,000	-1,919,000	-711,000	1,430,000	6,623,000	-13,101,000		-1,925,000	13,251,000	-3,559,000	1,618,000	1,309,000	159,000	-2,275,000
net cash from operating activities - continuing operations	23,197,000	20,524,000	21,003,000	25,201,000	10,260,000	12,915,000					18,690,000	17,481,000	22,658,000	16,066,000	31,881,000	3,398,000	19,038,000	9,136,000
net cash from operating activities - discontinued operations			-407,000	-929,000	-7,719,000	2,243,000										-3,944,000	49,481,000	75,530,000
net cash from operating activities	20,946,000	20,524,000	20,596,000	24,272,000	2,541,000	15,158,000	22,085,000	21,889,000	21,476,000	48,324,000	18,690,000	17,481,000	22,658,000	16,066,000		-546,000	68,519,000	84,666,000	-227,298,890,592,000	98,360,063,827,000	128,939,068,524,000	61,108,000	65,686,000	63,827,000	67,969,000	61,663,000	76,847,000	61,656,000	66,284,000	60,860,000	64,225,000	71,911,000	62,296,000	24,498,000	55,680,000	45,053,000	17,623,000	43,170,000	36,198,000	22,853,000	36,449,000	23,821,000	23,655,000	24,762,000	33,979,000	32,597,000	20,746,000	21,363,000	29,446,000	22,709,000	19,519,000	32,979,000	22,026,000	22,450,000	26,406,000	20,180,000	16,391,000	17,950,000	21,507,000	18,577,000	19,131,000	15,989,000	14,565,000			21,236,000	14,270,000	10,338,000	11,309,000
cash flows from investing activities:
capital expenditures	-86,196,000	-83,236,000	-92,618,000	-75,538,000	-80,861,000	-70,053,000	-66,196,000	-54,196,000	-68,487,000	-67,671,000	-57,252,000	-43,651,000	-43,013,000	-45,693,000	-41,301,000	-39,238,000	-40,080,000	-39,482,000	-37,710,000	-16,114,000	-34,327,000	-32,299,000	-31,754,000	-27,914,000	-34,704,000	-44,420,000
free cash flows	-65,250,000	-62,712,000	-72,022,000	-51,266,000	-78,320,000	-54,895,000	-44,111,000	-32,307,000	-47,011,000	-19,347,000	-38,562,000	-26,170,000	-20,355,000	-29,627,000		-39,784,000	28,439,000	45,184,000	-227,298,928,302,000	98,360,047,713,000	128,939,034,197,000	28,809,000	33,932,000	35,913,000	33,265,000	17,243,000
government grants received	10,352,000	6,929,000	8,144,000	3,441,000	4,943,000	2,710,000
cash disbursed for acquisition, net of cash acquired			0	0																											0					-11,158,000
proceeds from sale of assets and other	196,000	47,000	164,000	131,000			89,000	58,000	407,000	101,000	512,000	643,000	193,000	86,000	166,000	11,000	175,000	14,000	-251,730,000	-34,005,000	285,831,000	274,000	44,000
net cash from investing activities - continuing operations	-75,648,000	-76,260,000	-84,310,000	-71,966,000	-421,614,000	-67,343,000					-53,537,000	-42,215,000	-42,820,000	-45,607,000	-41,135,000	-39,227,000	-39,905,000	-39,468,000
net cash from investing activities - discontinued operations			0	0	0	305,827,000										1,944,991,000	-46,000	-882,000
net cash from investing activities	-75,648,000	-76,260,000	-84,310,000	-71,966,000	-421,614,000	238,484,000	-64,203,000	-36,838,000	-68,080,000	-67,570,000	-53,537,000	-42,215,000	-42,820,000	-45,607,000		1,905,764,000	-39,951,000	-40,350,000	-39,188,000	-48,860,000	-35,515,000	-32,025,000	-31,710,000	-44,605,000	-34,644,000	-54,375,000	-44,030,000	-29,892,000	-37,760,000	-76,118,000	-36,420,000	-40,585,000	-36,009,000	-38,481,000	-54,256,000	-51,040,000	-691,890,000	-22,827,000	-29,898,000	-14,284,000	-15,604,000	-9,476,000	-16,871,000	-18,213,000	-15,445,000	-17,109,000	-36,172,000	-32,276,000	-22,277,000	-25,838,000	-34,939,000	-20,965,000	-14,815,000	-13,202,000	-19,696,000	-20,690,000	-14,407,000	-15,818,000	-26,747,000	-164,959,000	-9,696,000	-9,339,000	-14,364,000			-9,058,000	-7,656,000	-7,422,000	-3,166,000
cash flows from financing activities:
proceeds from credit facility borrowings	0	100,000,000	75,000,000				150,000,000	25,000,000	25,000,000	25,000,000
principal payments on long-term debt	-2,715,000	-2,178,000	-2,201,000	-2,225,000	-1,306,000	-1,312,000															-8,531,000	-8,530,000	-8,531,000	-19,889,000	-4,888,000	-19,889,000	-4,889,000	-22,125,000	-12,125,000	-12,125,000	-12,125,000	-12,125,000	-6,063,000	-6,062,000	-5,977,000	-6,559,000	-195,507,000	-5,750,000	-5,750,000	-5,750,000	-5,750,000	-5,750,000					0	-517,000	-721,000	-739,000		-166,773,000	-5,448,000	-5,434,000	-5,423,000	-3,061,000	-3,022,000	-3,032,000	-3,025,000	-23,336,000	-1,134,000	-1,125,000	-1,115,000			-1,085,000	-1,048,000		-1,015,000
payments for debt amendment costs			0	-180,000
proceeds from the issuance of redeemable noncontrolling interest, net of financing fees paid			0	0
taxes paid for equity award issuances	-248,000	-787,000	-56,000	0	-215,000	-1,456,000	-70,000	0	-161,000	-1,156,000	-90,000	-151,000	-232,000	-603,000	0	0	-141,000	-1,486,000	-35,000	0	-237,000	-1,945,000	1,000	0	-214,000	-2,698,000	-1,212,000	-1,000	-278,000	-1,754,000
payments for financing arrangements and other	-375,000	-24,000	-51,000	-581,000	-352,000	-394,000	0	-389,000	-27,000	-263,000	-44,000	-417,000	-252,000	-219,000	-112,000	-330,000	-255,000	-496,000
net cash from financing activities	-3,768,000	97,011,000	66,887,000	47,014,000	73,117,000	-3,162,000	145,407,000	24,611,000	24,512,000	23,581,000	45,875,000	24,432,000	-484,000	-822,000	-3,518,000	-1,621,463,000	-8,961,000	-10,531,000	-25,033,000	-9,162,000	-8,836,000	-10,502,000	-29,740,000	-19,898,000	-5,093,000	-22,515,000	-22,938,000	-22,126,000	-12,403,000	-13,879,000	-24,687,000							-7,995,000	-16,776,000	-13,418,000	-5,860,000	-6,110,000		9,000	-130,000	-123,000			-862,000	-862,000			-5,542,000	-5,479,000	-12,698,000	-3,059,000	-3,110,000	-3,028,000	-10,451,000	163,022,000	-1,129,000	-506,000	-3,065,000	-1,066,000	-12,080,000	1,235,000	-864,000		-716,000
net decrease in cash and cash equivalents				-680,000				9,662,000
cash and cash equivalents, beginning of period	0	46,272,000	0	0	0	139,255,000	0	0	0	44,061,000	0	0	0	84,344,000	0	0	0	195,397,000	-10,165,083,435,000	0	10,165,083,435,000	101,651,000	0	0	0	85,086,000	0	0	0	78,585,000
cash and cash equivalents, end of period	-58,470,000	87,547,000	3,173,000	-680,000	-345,956,000	389,735,000	103,289,000	9,662,000	-22,092,000	48,396,000	11,028,000	-302,000	-20,646,000	53,981,000	-448,200,000	283,755,000	19,607,000	229,182,000	-18,404,902,018,000	4,033,799,324,000	14,371,177,859,000	120,232,000	4,236,000	-676,000	28,232,000	69,859,000	9,879,000	9,638,000	16,121,000	49,448,000
supplemental disclosures of cash flow information
interest paid, net of amounts capitalized	-5,629,000	-4,262,000	-3,140,000	-2,409,000
income taxes paid																																						876,000	10,884,000	8,096,000	2,989,000	-850,000
net increase in cash and cash equivalents		41,275,000				250,480,000				4,335,000	11,028,000	-302,000	-20,646,000	-30,363,000	-448,200,000	283,755,000	19,607,000	33,785,000	-8,239,818,583,000	4,033,799,324,000	4,206,094,424,000	18,581,000	4,236,000	-676,000	28,232,000	-15,227,000	9,879,000	9,638,000	16,121,000	-29,137,000	3,118,000	15,693,000	19,847,000	3,734,000	8,662,000	-13,040,000	-48,589,000	12,348,000	-10,476,000	-4,849,000	14,985,000	8,235,000		6,558,000	18,404,000	15,365,000	-23,639,000	-11,447,000	6,307,000	-3,991,000		73,335,000	1,669,000	3,769,000	-5,988,000	-3,569,000	-1,127,000	-895,000	-15,691,000	16,640,000	8,306,000	6,144,000	-2,864,000	1,652,000	-5,387,000	13,413,000	5,750,000		7,427,000	-1,633,000	-1,294,000
income tax refunds received		164,000						0	451,000	25,030,000
impairment expense							0	1,532,000			357,000	477,000
gain on sale of fcc spectrum licenses							0
changes in assets and liabilities, net of effects of business acquisition:
proceeds from the sale of fcc spectrum licenses							0
refund received for deposit on fcc spectrum leases
dividends paid
adjustments to reconcile net income to net cash from operating activities, net of effects of business acquisition
changes in assets and liabilities:
income tax (paid) refunds received				428,000
interest paid						5,262,000		2,313,000	1,784,000	1,327,000																																																													607,000
accretion of asset retirement obligations															123,000	114,000	91,000	93,000	-246,999,000	-569,376,000	816,304,000	404,000	385,000	385,000
operating lease right-of-use assets															2,148,000	761,000	1,201,000	669,000	-29,658,849,000	-2,088,162,560,000	2,117,812,450,000	12,939,000	13,316,000	12,873,000	17,610,000	7,779,000
lease liabilities															-1,488,000	-547,000	-1,369,000	-929,000	-1,177,000	20,762,000	-12,250,000	-10,402,000	-14,573,000	-10,293,000	-12,218,000	-9,662,000
payments for debt issuance costs							0	0							0	-788,000
dividends paid, net of dividends reinvested															-3,406,000
net cash from financing activities - continuing operations											45,875,000	24,432,000	-484,000	-822,000	-3,518,000	-937,968,000	-449,000	-1,982,000
net cash from financing activities - discontinued operations															0	-683,495,000	-8,512,000	-8,549,000
bad debt expense											720,000				273,000	307,000	311,000	137,000	-5,139,995,000	4,704,451,000	436,559,000	205,000	528,000	451,000	397,000	367,000	621,000	604,000	389,000	369,000
proceeds from sale of investments
depreciation															14,196,000	14,049,000	13,101,000	13,043,000	-3,552,185,536,000	-2,773,639,237,000	6,325,840,269,000	32,468,000	35,040,000	31,766,000	37,217,000	35,520,000	36,109,000	34,365,000	35,003,000	36,634,000	37,626,000	36,658,000	38,901,000	37,878,000	39,739,000	41,503,000	25,299,000	17,454,000	17,302,000	18,796,000	17,258,000	15,931,000	16,755,000	16,244,000	15,769,000	14,556,000	14,834,000	14,035,000	14,906,000	12,808,000	15,269,000	15,345,000	13,418,000	13,929,000	11,618,000	11,399,000	11,435,000	10,898,000	10,513,000	9,537,000	8,285,000	8,218,000	8,352,000			7,656,000	7,352,000	7,075,000	6,945,000	6,589,000	6,491,000	6,967,000	6,412,000
amortization															197,000	199,000	198,000	223,000	-487,568,000					4,860,000	5,136,000	5,659,000	5,664,000											285,000	281,000	322,000	406,000	406,000	421,000	487,000	827,000	831,000	854,000	957,000	1,164,000	1,164,000	1,284,000	1,449,000	1,841,000	1,878,000	1,997,000	2,374,000	3,009,000	3,040,000	3,191,000	2,666,000	112,000	109,000	162,000			127,000	156,000	150,000	143,000	436,000	121,000	149,000	125,000
restructuring expense
cash disbursed for acquisitions																							0	0	0	-10,000,000
refund received (cash disbursed) for deposit on fcc spectrum leases
proceeds from term loan borrowings
stock-based compensation expense												1,771,000
stock based compensation expense, net of amount capitalized														3,143,000	1,455,000	1,119,000	192,000	642,000	-53,056,862,000	7,860,462,000	45,199,402,000	2,905,000	659,000	851,000	593,000	1,714,000	381,000	1,171,000	1,370,000	2,037,000
cash payments for:
interest																																				8,012,000	5,027,000	1,632,000		1,768,000	1,877,000	1,905,000		1,997,000	1,976,000	1,954,000		2,086,000	2,219,000	2,171,000		1,565,000	1,537,000	1,636,000		1,728,000	1,884,000	1,988,000		1,640,000	370,000	382,000		420,000	506,000	511,000	340,000		485,000
gain from patronage and investments and other
net cash (used) provided by operating activities - discontinued operations
net cash (used) provided by operating activities
cash disbursed for deposit on fcc spectrum leases																			0
net cash provided (used) in investing activities - discontinued operations
net cash provided (used) in investing activities
share repurchases
gain from patronage and investments																395,000	-401,000	-432,000	-715,000	-360,000	103,000	-339,000
amortization of long-term debt issuance costs																					13,430,974,000	674,000	684,000	948,000	685,000	963,000	194,000	1,107,000	1,236,000	1,129,000
income from operations of discontinued operations, net of tax
net cash from operating activities – continuing operations
net cash from operating activities – discontinued operations
cash flows used in investing activities:
net cash from investing activities – continuing operations
net cash from investing activities – discontinued operations
cash flows used in financing activities:
net cash from financing activities – continuing operations
net cash from financing activities – discontinued operations
inventory																					3,776,000	-1,343,000	-1,167,000	2,005,000	674,000	-1,975,000	-302,000	1,244,000	1,954,000	-2,457,000	1,735,000	6,555,000	10,861,000	14,188,000		5,290,000
waived management fee																					1,970,709,522,000	9,798,000	9,811,000	9,696,000	9,692,000	9,628,000	9,599,000	9,558,000	9,558,000	9,048,000
deferred lease																											564,000	2,806,000	617,000	736,000
cash disbursed for fcc spectrum licenses																							0
repurchase of common stock
proceeds from revolving credit facility borrowings																											0	0	0	15,000,000
principal payments on revolving credit facility																											0	0	0	-15,000,000
proceeds from exercise of stock options and other
net gain from patronage and investments																								-954,000
proceeds from exercises of stock options																								0	9,000	72,000
proceeds from sale of assets																									55,000	53,000	300,000	93,000	184,000	263,000	624,000																	246,000				-3,104,000				250,000
(gain) loss on investments																										-250,000	387,000	-88,000	-57,000	33,000
net (gain) income from patronage and equity investments																										-890,000	-1,088,000	-748,000	-722,000	-830,000																	-210,000	-316,000	-140,000	-171,000		-126,000	-295,000	-343,000	220,000	-160,000	-13,000	186,000	33,000	52,000	-63,000	78,000	-317,000			485,000	237,000		-93,000
net benefit from retirement plans																										-38,000
accrued interest and other																										192,000		104,000
cash distributions (contributions) from investments and other																										-8,000	2,000	2,000
amortization reflected as rent expense in cost of services																											-30,000	197,000
income taxes receivable																											-2,903,000	-1,790,000	7,772,000	8,950,000	-10,434,000	-6,796,000			-600,000	600,000	713,000	6,981,000	-7,694,000	0	5,433,000	9,319,000	-12,610,000	-2,142,000	7,745,000	8,831,000	-6,262,000	-5,525,000	-2,550,000	2,466,000	-4,705,000			11,147,000	-6,025,000	-3,051,000	-3,419,000	2,576,000	-2,576,000	0	734,000	4,797,000
income taxes payable																																0	-3,958,000	3,523,000	-15,790,000	-17,970,000				1,176,000												-1,840,000						539,000		-442,000
acquisition of property, plant and equipment																											-44,332,000	-29,987,000	-37,940,000	-24,382,000	-37,054,000	-40,669,000	-30,179,000	-38,587,000	-70,381,000	-42,727,000	-39,586,000	-20,537,000	-30,035,000	-14,509,000	-15,635,000	-9,500,000
release of restricted cash
proceeds from issuance of common stock
interest, net of capitalized interest of 1,556; 1,559 and 1,374 in 2018, 2017 and 2016, respectively
income tax (refunds received) paid
capital expenditures payable																											11,582,000	5,595,000	1,045,000	5,279,000
sprint expansion																												0	0	-52,000,000
interest, net of capitalized interest of 1,187 and 1,266, respectively
income tax (refunds received) payments
amortization reflected as operating expense																													6,114,000	6,853,000	7,084,000	5,910,000	6,024,000	6,926,000	6,985,000	5,304,000
interest, net of capitalized interest of 737 and 1,035, respectively
income tax refunds received, net of taxes paid																													80,000	-3,439,000
cash flows from operating activities
amortization reflected as rent expense																														81,000	-645,000	1,580,000	335,000	258,000
net (gain) loss on disposal of equipment																														-4,000	38,000	164,000						-15,000			216,000	11,000			112,000	-425,000					362,000				-325,000
accrued interest on long-term debt																														296,000
cash flows from investing activities
cash distributions (contributions) from investments																														1,000
cash flows from financing activities
interest, net of capitalized interest of 309 and 577, respectively																														8,513,000
amortization of long term debt issuance costs																																		1,202,000	1,306,000	1,403,000	1,073,000	132,000	137,000	141,000	143,000	146,000
increase in:
cash distributions from investments, net of contributions
excess tax benefits from stock compensation
proceeds from issuances of common stock																																		5,000	5,000	420,000	139,000	2,809,000
cash and cash equivalents:
beginning																															0	0	0	36,193,000	0	0	0	76,812,000	0	0	0	68,917,000		0	0	38,316,000	0	0	0	71,086,000		0	0	15,874,000	0	0	0	27,453,000	0	0	0	12,054,000	0	0	0	5,240,000	17,245,000		13,440,000	0	0
ending																															3,118,000	15,693,000	19,847,000	39,927,000	8,662,000	-13,040,000	-48,589,000	89,160,000	-10,476,000	-4,849,000	14,985,000	77,152,000		6,558,000	18,404,000	53,681,000	-23,639,000	-11,447,000	6,307,000	67,095,000		73,335,000	1,669,000	19,643,000	-5,988,000	-3,569,000	-1,127,000	26,558,000	-15,691,000	16,640,000	8,306,000	18,198,000	-2,864,000	1,652,000	-5,387,000	18,653,000	22,995,000		20,867,000	-1,633,000	-1,294,000
supplemental cash flow information
cash paid for interest, net of capitalized interest of 1,559 in 2017, 1,374 in 2016, and 436 in 2015
accounts payable for purchases and investment in property, plant and equipment
amortization reflected as contra revenue																																5,242,000	5,343,000	4,978,000	5,147,000	5,593,000
benefit from bad debt																																593,000	466,000	420,000	1,178,000	526,000	407,000	345,000	305,000	430,000	584,000	321,000	523,000	605,000	316,000	234,000	515,000	552,000	499,000	453,000	735,000	902,000	609,000	624,000	684,000	630,000	645,000	1,284,000	618,000	478,000	189,000	177,000
straight line adjustment to management fee revenue																																4,320,000	4,434,000	4,206,000	4,287,000
stock based compensation expense																																635,000	852,000	1,566,000	451,000	613,000	909,000	1,048,000	440,000	463,000	605,000	825,000	472,000	422,000	583,000	1,147,000	398,000	495,000	620,000	425,000	417,000	429,000	593,000	403,000	383,000	433,000	592,000	310,000	253,000	260,000	137,000	142,000	178,000			116,000	-47,000	11,000	78,000			227,000	191,000
unrealized (gain) loss on investments																																								244,000	-16,000	-38,000				29,000
net (gains) income from patronage and equity investments
amortization of debt issuance costs																																1,187,000
deferred lease payable																																1,236,000	1,162,000	1,331,000	1,545,000	1,500,000	1,020,000	208,000	229,000	227,000	257,000	249,000	264,000	258,000	265,000	237,000	272,000	302,000	361,000	318,000	283,000	225,000	99,000	122,000	97,000	105,000	107,000	107,000	137,000	72,000	87,000	78,000	91,000			185,000	35,000	53,000	62,000	65,000	40,000	69,000	122,000
cash distributions from investments																																5,000	19,000	3,000	99,000	2,743,000	8,000	45,000	16,000	35,000
additional contributions to investments																																-8,000	-1,000	-14,000
amounts borrowed under debt agreements																																0	0	25,000,000	25,000,000	0																							0				5,000,000	0	0	2,000,000
cash paid for debt issuance costs																																				0	-13,297,000	-1,528,000	-60,000																				-117,000
repurchases of common stock																																-3,508,000	-372,000	-1,226,000		-914,000	-657,000	-3,526,000
interest, net of capitalized interest of 1,266 and 909, respectively
income taxes paid, net of refunds received																																4,417,000				11,055,000
unrealized (gain) on investments
net (gains) from patronage and equity investments
proceeds from sale of equipment																																	152,000	117,000		102,000	40,000	145,000	121,000	190,000	28,000	24,000	161,000	167,000					162,000	128,000			85,000	71,000	615,000	-124,000	114,000	70,000	-245,000	254,000	9,000	240,000				57,000	108,000	208,000	151,000	0	252,000
acquisition of expansion area
net cash provided by/(used in) financing activities																																	-6,440,000	17,717,000		-7,053,000
interest, net of capitalized interest of 1,035 and 454, respectively
net gain on disposal of equipment																																		-28,000
unrealized gain on investments																																		-120,000
net gains from patronage and equity investments																																		-200,000		-182,000	-105,000	-210,000	-265,000	-155,000	-183,000	-202,000		-378,000	-126,000	-163,000
cash disbursed for acquisition																																						-2,480,000
interest, net of capitalized interest of 577 and 146, respectively																																		8,380,000
excess tax benefits on stock option exercises																																																			0								0	0	0	-70,000	0	-121,000	116,000	-58,000	-44,000	-56,000	-39,000
unrealized (gains) loss on investments
interest, net of capitalized interest of 1,374 in 2016, 436 in 2015, and 373 in 2014
excess tax benefits on stock awards																																								-205,000	-93,000	-357,000		-1,000	-89,000	-305,000		-8,000	-31,000	-30,000
realized loss on disposal of investments																																							0																0	0	0	27,000			-3,000	150,000
straight line adjustment to reduce management fee revenue
net income on disposal of equipment																																							6,000				236,000					67,000	67,000	100,000			-43,000	55,000			58,000	53,000		158,000	13,000	145,000
unrealized gains on investments																																						-16,000						34,000				-130,000
materials and supplies																																						-267,000	206,000	700,000	1,053,000	-1,467,000	-1,190,000	-9,000	982,000	2,138,000	-1,909,000	-796,000	-825,000	2,603,000	-2,541,000	271,000	-262,000	211,000	-2,130,000	1,266,000	-1,666,000	1,450,000	-969,000	36,000	-496,000	1,167,000	-1,224,000			665,000	22,000	-1,357,000	150,000			342,000	13,000
proceeds from sales of assets																																																		25,000				1,146,000
purchase of investment securities																																															1,000	-1,000	0	-12,000					0	0	0	-84,000	-13,000	-48,000	-23,000	-43,000	-248,000			-41,000	-63,000					-268,000	-32,000
interest, net of capitalized interest of 436 in 2015, 373 in 2014, and 396 in 2013
repurchases of stock																																								-349,000	-687,000	-763,000		-14,000	-231,000	-1,540,000	-303,000	-967,000	-175,000	-155,000		-1,000	-96,000	-47,000	0	0
proceeds from issuances of stock																																								296,000	484,000	46,000		22,000
goodwill impairment
realized (gain) loss on disposal of investments																																															0	3,000	1,000	-3,000			12,000	-48,000
unrealized (gains) losses on investments																																																			59,000				-104,000	340,000	-6,000	-98,000		-135,000	103,000	-197,000
net gain from patronage and equity investments
write-off of unamortized loan fees																																																			0
changes in assets and liabilities, exclusive of acquired businesses:
other prepaids, deferrals and accruals																																											837,000	1,327,000	68,000	-772,000	751,000	836,000	1,132,000	-2,399,000	312,000	1,622,000	-622,000	-1,959,000	1,088,000	3,085,000	693,000	-495,000	-3,260,000	4,098,000	809,000	82,000	-12,373,000			2,249,000	1,231,000	-899,000	3,335,000	-3,035,000	772,000	-3,499,000	3,642,000
realized gain on disposal of investments
purchase and construction of property, plant and equipment																																												-18,393,000					-22,458,000	-26,024,000		-21,312,000	-17,468,000	-14,831,000	-22,158,000	-20,874,000	-15,510,000	-16,121,000		-14,676,000	-9,694,000	-9,570,000
(purchase) sale of investment securities
proceeds from sale of investment securities																																												13,000	24,000	3,000	11,000	46,000	19,000	45,000	24,000	342,000	449,000	412,000	31,000	58,000	69,000	317,000	8,000	8,000	12,000	34,000
income taxes (received) paid																																																6,047,000				-10,263,000
purchase and construction of property, plant, and equipment																																														-17,196,000
cash received from sales of equipment																																														84,000
proceeds from sale of stock																																														1,112,000				2,000				2,000
income taxes (refunded) paid																																														-1,192,000
impairments on assets held for sale
proceeds from exercise of incentive stock options																																																				407,000			40,000	2,000	4,000	4,000	4,000	3,000	5,000	549,000	57,000	33,000	15,000	262,000	140,000		260,000	500,000	301,000
interest, net of capitalized interest of 396 in 2013, 486 in 2012, and 215 in 2011
income taxes paid (refunded)
write-off unamortized loan fees
cash received from sales of converged services' properties
amount borrowed under debt agreements
proceeds from stock issuances
net cash (used in) / provided by financing activities
supplemental disclosures of cash flow information cash payments for:
unrealized (gains) on investments																																																		-93,000				-161,000
cash paid (received) for:
income taxes																																																		4,302,000				-2,532,000	-1,199,000	654,000	4,284,000	509,000	432,000	4,036,000	762,000	427,000	6,223,000	1,407,000	86,000	103,000	2,000		758,000	3,682,000	2,459,000
pension settlement and curtailment expense
gain on sale of assets
net (gain) income from patronage and equity
investments
cash paid to acquire prepaid subscriber rights
cash paid to acquire businesses
non-cash impairment charge
realized (gains) losses on investments
cash received from sales of converged services’ properties
impairment on assets held for sale																																																															0			17,545,000
interest, net of capitalized interest of 215 in 2011, 488 in 2010, and 541 in 2009
pension settlement and curtailment expenses																																																												0
realized (gain) on sale of directory
cash paid for acquisition of business
cash received on sale of directory
loss on disposal of equipment
purchase and construction of plant and equipment																																																															-15,560,000			-9,077,000	-7,757,000
cash paid to acquire prepaid subscriber base
interest, net of capitalized interest of 488 in 2010, 541 in 2009, and 748 in 2008
gain on sale of cable assets
unrealized gain on investments carried at fair value
net income on disposal of investments
proceeds from sales of equipment
proceeds from sale of cable assets
proceeds from investment securities
repurchase of stock
interest, net of capitalized interest of 541 in 2009, 748 in 2008, and 20 in 2007
loss on disposal of assets																																																																		257,000	42,000	518,000	28,000	333,000	559,000	370,000	134,000
realized losses on investments carried at fair value																																																																		181,000	39,000
unrealized (gains) losses on investments carried at fair value																																																																		-96,000
proceeds from investment activities																																																																		3,000	56,000	316,000	141,000	25,000	17,000	11,391,000	56,000
principal payments on long—term debt
three months ended june 30, 2008
cost of goods and services
total operating expenses
operating income
income from continuing operations before income taxes
income tax expense
net income from continuing operations
six months ended june 30, 2008
unrealized losses on investments carried at fair value																																																																			158,000
cash flows from operating activities from continuing operations
adjustments to reconcile net income to net cash from operating activities from continuing operations:
cumulative effect of change in accounting principle																																																																						0	0	0	77,000
unrealized loss on investments carried at fair value
net gain on disposal of investments																																																																								0	-10,542,000
net cash from operating activities from continuing operations																																																																						9,144,000	9,508,000	5,320,000	10,378,000
acquisition of businesses, net of cash acquired
net cash from investing activities from continuing operations																																																																								6,491,000	-5,540,000
payments on lines of credit
net cash from financing activities from continuing operations
net cash from continuing operations																																																																						-1,633,000	-1,294,000
net cash from operating activities from discontinued operations
interest, net of capitalized interest of 20 in 2007, 19 in 2006, and 20 in 2005
cumulative effect of change in accounting principle, net of taxes
purchase and construction of plant and equipment, net of retirements																																																																				-5,361,000	-3,458,000			-4,703,000	-5,564,000
net payments on lines of credit
proceeds from issuance of long-term debt
net payments of lines of credit
repurchase of stock from drip participants
interest, net of capitalized interest of 19 in 2006; 20 in 2005, and 30 in 2004
net (income) income from patronage and equity investments
net income from patronage and equity investments																																																																									25,000
shenandoah telecommunications company and subsidiaries
unaudited condensed consolidated statements of cash flows
income from discontinued operations
net (gain) loss on disposal of investments
net cash from investing activities from discontinued operations
interest, net of capitalized interest of 20 in 2005; 30 in 2004, and 26 in 2003

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