Shenandoah telecommunications company (SHEN)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent

13,280

13,521

14,354

13,150

13,910

14,852

15,534

9,626

6,583

60,595

3,534

-80

2,341

-184

-7,596

-6,996

13,881

12,108

7,996

10,474

10,286

8,649

8,003

8,615

8,616

6,676

6,717

7,842

8,351

4,916

1,361

5,560

4,466

3,972

3,002

2,992

3,027

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation

32,468

35,040

31,766

37,217

35,520

36,109

34,365

35,003

36,634

37,626

36,742

38,817

37,878

39,739

41,503

25,299

17,454

17,302

18,796

17,258

15,931

16,755

16,244

15,769

14,556

14,834

14,035

14,906

12,808

15,269

15,345

13,418

13,929

11,618

11,399

11,435

10,898

Amortization of intangible assets

4,868

4,880

4,860

5,136

5,659

5,664

5,663

6,114

6,853

7,084

5,910

6,024

6,926

6,985

5,304

7,116

285

281

322

406

406

421

487

827

831

854

957

1,164

1,164

1,284

1,449

1,841

1,878

1,997

2,374

3,009

3,040

Amortization reflected as contra revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,593

3,290

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accretion of asset retirement obligations

404

-

-

-

350

-

-

-

-

-1,412

1,580

335

258

728

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Bad debt expense

205

528

451

397

367

621

604

389

369

700

593

466

420

1,178

526

407

345

305

430

584

321

523

605

316

234

515

552

499

453

735

902

609

624

684

630

645

1,284

Straight line adjustment to management fee revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,281

3,406

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock based compensation expense, net of amount capitalized

2,905

659

851

593

1,714

381

1,171

1,370

2,037

527

635

852

1,566

451

613

909

1,048

440

463

605

825

774

290

413

1,147

398

495

620

425

417

429

593

403

383

433

592

310

Excess tax benefits on stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

205

93

357

0

1

89

305

32

8

31

30

0

106

0

0

-

-

-

-

Deferred income taxes

2,135

6,645

1,565

6,812

-3,378

8,197

6,015

-4,320

-3,684

-41,804

-297

-9,044

-2,910

4,321

-3,958

-51,749

-1,489

7,012

-3,807

-2,046

-1,610

9,236

-1,278

-2,970

-2,013

9,316

4,697

1,647

-1,394

10,977

1,633

-802

-5,304

9,892

5,502

1,920

-1,341

Net (gain) loss on disposal of equipment

-

-

-

-

-

-

-

-

-

-

-

-

28

-

156

-27

15

-6

-2

-216

-11

-236

-2,052

-112

425

-519

-67

-67

-100

-362

-52

43

-55

325

1,146

-58

-53

(Gain) loss on investments

-

-

-

-

-

-

-

-

-33

-

121

67

120

-37

97

67

16

49

-244

16

38

-91

-34

103

-29

158

130

10

93

-59

154

-65

161

104

-340

6

98

Realized loss on disposal of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-3

-1

3

31

-1

-12

48

0

0

0

-27

Gain from patronage and investments

339

1,734

954

941

1,140

701

836

746

830

1,143

868

1,247

200

298

182

105

210

265

155

183

202

185

378

126

163

210

316

140

171

130

126

295

343

-220

160

13

-186

Amortization of long-term debt issuance costs

674

684

948

685

963

194

1,107

1,236

1,129

1,169

1,187

1,183

1,202

1,306

1,403

1,073

132

137

141

143

146

152

153

151

149

-

-

-

-

-

-

-

-

-

-

-

-

Accrued interest and other

-

-

-

-

-

-

-

-

373

-

779

761

93

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-486

-919

3,039

243

-324

421

226

220

1,162

294

-161

-313

824

456

696

311

539

447

229

206

-62

88

25

Net benefit from retirement plans

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Accounts receivable

-2,543

2,770

333

1,434

3,127

-5,731

-5,568

14,331

-3,271

-10,033

-1,222

-3,567

-1,629

-6,678

-12,235

6,802

-2,470

-1,942

2,650

2,112

-1,773

3,147

1,508

1,622

-52

2,084

-212

952

-230

2,948

1,657

2,937

704

-985

957

1,899

20

Inventory, net

1,343

1,167

-2,005

-674

1,975

302

-1,244

-1,954

2,457

-1,735

-6,555

-10,861

-14,188

24,154

-5,290

11,157

267

-206

-700

-1,053

1,467

1,190

9

-982

-2,138

1,909

796

825

-2,603

2,541

-271

262

-211

2,130

-1,266

1,666

-1,450

Current income taxes

-2,149

2,725

1,161

8,726

-7,588

-26,961

-1,790

7,772

8,950

10,434

6,796

1,908

0

-

-

-

-

7,694

0

-5,433

-9,319

12,610

2,723

-8,326

-8,831

6,262

5,525

2,550

-2,466

4,705

-12,495

11,147

-11,147

6,025

3,051

3,419

-2,576

Operating lease right-of-use assets

12,939

13,316

12,873

17,610

7,779

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Waived management fee

9,798

9,811

9,696

9,692

9,628

9,599

9,558

9,558

9,048

8,988

8,961

8,923

9,184

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

3,489

3,426

6,394

7,219

1,460

2,853

12,425

-5,514

6,482

-1,601

36

-64

190

-2,654

-553

-1,078

-988

2,378

569

-475

3,896

-701

596

-777

-173

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable

-4,400

5,798

712

1,670

4,641

536

-4,399

2,270

216

-5,930

9,763

-1,159

-39,399

38,945

-1,978

3,634

1,895

6,927

-1,263

2,916

-5,827

2,629

44

2,751

-384

-3,030

-1,559

5,259

-2,815

-3,019

-242

666

-2,095

3,853

-3,225

2,393

-3,617

Lease liabilities

-10,402

-14,573

-10,293

-12,218

-9,662

-

-

-

-

435

0

-3,958

3,523

-15,790

-17,970

27,214

6,981

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-539

539

Deferred lease

-

-

-

-

-

564

2,806

617

736

-3,402

1,236

1,162

1,331

1,545

1,500

1,020

208

229

227

257

249

264

258

265

237

272

302

361

318

283

225

99

122

97

105

107

107

Other deferrals and accruals

-3,287

5,412

174

2,237

-5,714

823

-2,768

4,193

-1,919

-818

1,332

6,716

-13,194

-1,015

-1,925

2,851

-3,559

1,618

1,309

159

-2,275

136

1,923

-709

-945

1,785

836

1,132

-2,399

312

1,622

-622

-1,959

1,088

3,085

693

-495

Net cash provided by operating activities

61,108

65,686

63,827

67,969

61,663

76,847

61,656

66,284

60,860

64,225

71,911

62,296

24,498

66,080

45,053

7,223

43,170

36,198

22,853

36,449

23,821

23,655

24,762

33,979

32,597

20,746

21,363

29,446

22,709

19,519

32,979

22,026

22,450

26,406

20,180

16,390

17,951

Cash flows used in investing activities:
Capital expenditures

32,299

31,754

27,914

34,704

44,420

44,332

29,987

37,940

24,382

37,054

40,669

30,179

38,587

70,381

42,727

39,586

20,537

30,035

14,509

15,635

9,500

17,035

18,393

15,608

17,196

36,244

32,302

22,458

26,024

35,442

21,312

17,468

14,831

22,158

20,874

15,510

16,121

Cash disbursed for acquisitions

0

0

0

0

10,000

0

0

0

52,000

0

0

6,000

0

1,764

11,158

641,952

2,480

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Additional contributions to investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-1

1

0

12

0

0

0

0

0

0

0

84

Proceeds from sale of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-246

246

0

25

3,642

-3,104

2,119

1,146

1,816

250

920

0

Proceeds from sale of assets and other

274

44

48

63

45

302

92

184

263

638

87

152

117

5,223

102

40

145

-

190

28

24

-

167

139

84

306

-265

162

128

-

-

85

71

615

-124

114

70

Cash distributions (contributions) from investments and other

-

-

-

-

-

-

-

-

-1

-

3

-18

11

-5,691

2,743

8

45

-92

35

3

0

3

13

24

3

11

46

19

45

24

342

449

412

31

58

69

317

Net cash used in investing activities

-32,025

-31,710

-44,605

-34,644

-54,375

-44,030

-29,892

-37,760

-76,118

-36,420

-40,585

-36,009

-38,481

-64,656

-51,040

-681,490

-22,827

-29,898

-14,284

-15,604

-9,476

-16,871

-18,213

-15,445

-17,109

-36,172

-32,276

-22,277

-25,838

-34,939

-20,965

-14,815

-13,202

-19,696

-20,690

-14,407

-15,818

Cash flows used in financing activities:
Principal payments on long-term debt

8,530

8,531

19,889

4,888

19,889

4,889

22,125

12,125

12,125

12,125

12,125

6,063

6,062

5,977

6,559

195,507

5,750

5,750

5,750

5,750

5,750

5,750

0

0

0

0

517

721

739

742

166,773

5,448

5,434

5,423

3,061

3,022

3,032

Repurchase of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

914

657

3,526

-

349

687

763

0

14

231

1,540

303

967

175

155

-1

1

96

47

0

0

92

0

Proceeds from revolving credit facility borrowings

-

-

-

-

-

0

0

0

15,000

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from credit facility borrowings

-

-

-

-

-

-

-

-

-

0

0

0

25,000

25,000

0

835,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on revolving credit facility

-

-

-

-

-

0

0

0

15,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

24

205

93

357

0

1

89

305

32

8

31

30

0

106

0

0

-

-

-

-

Taxes paid for equity award issuances

1,945

-1

0

214

2,698

1,212

1

278

1,754

305

3,508

372

1,226

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

-

407

2

2

-

-

-

4

Payments for debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

85

0

13,297

1,528

60

7,820

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options and other

-

-

-

-

-

0

0

0

0

-

-

-

5

5

420

139

2,809

181

296

484

46

1

22

12

1,112

-

-

-

-

-

-

-

-

-

-

-

-

Other

-27

-

-

-

72

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-10,502

-29,740

-19,898

-5,093

-22,515

-22,938

-22,126

-12,403

-13,879

-24,687

-15,633

-6,440

17,717

7,238

-7,053

625,678

-7,995

-16,776

-13,418

-5,860

-6,110

-16,510

9

-130

-123

-8,213

-534

-862

-862

-8,141

61,321

-5,542

-5,479

-12,698

-3,059

-3,110

-3,028

Net increase in cash and cash equivalents

18,581

4,236

-676

28,232

-15,227

9,879

9,638

16,121

-29,137

3,118

15,693

19,847

3,734

8,662

-13,040

-48,589

12,348

-10,476

-4,849

14,985

8,235

-9,726

6,558

18,404

15,365

-23,639

-11,447

6,307

-3,991

-23,561

73,335

1,669

3,769

-5,988

-3,569

-1,127

-895

Supplemental Cash Flow Information [Abstract]
Interest, net of capitalized interest of $1,556; $1,559 and $1,374 in 2018, 2017 and 2016, respectively

-

-

-

-

-

-

-

-

-

-

8,849

8,705

8,380

6,516

8,012

5,027

1,632

1,234

1,768

1,877

1,905

1,621

1,997

1,976

1,954

1,601

2,086

2,219

2,171

1,860

1,565

1,537

1,636

1,476

1,728

1,884

1,988

Income tax (refunds received) paid, net

-

-

-

-

-

-

-

-

-

-

4,417

15,150

0

21,132

11,055

11,920

876

10,884

8,096

2,989

-850

8,408

9,405

612

-1,192

1,153

6,047

5,981

4,302

9,009

-10,263

1,304

-2,532

-1,199

654

4,284

509

Non-cash investing and financing activities
Capital expenditures payable

-

-

-

-

-

-

-

-

-

-

-767

-1,799

6,366

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-