SHENANDOAH TELECOMMUNICATIONS COMPANY SHEN Cash Flow

Shenandoah telecommunications company (SHEN)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent
54,305	54,935	56,266	57,446	53,922	46,595	92,338	80,338	70,632	66,390	5,611	-5,519	-12,435	-895	11,397	26,989	44,459	40,864	37,405	37,412	35,553	33,883	31,910	30,624	29,851	29,586	27,826	22,470	20,188	16,303	15,359	17,000	14,432	12,993	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
136,491	139,543	140,612	143,211	140,997	142,111	143,628	146,005	149,819	151,063	153,176	157,937	144,419	123,995	101,558	78,851	70,810	69,287	68,740	66,188	64,699	63,324	61,403	59,194	58,331	56,583	57,018	58,328	56,840	57,961	54,310	50,364	48,381	45,350	0	0	0
Amortization of intangible assets
19,744	20,535	21,319	22,122	23,100	24,294	25,714	25,961	25,871	25,944	25,845	25,239	26,331	19,690	12,986	8,004	1,294	1,415	1,555	1,720	2,141	2,566	2,999	3,469	3,806	4,139	4,569	5,061	5,738	6,452	7,165	8,090	9,258	10,420	0	0	0
Amortization reflected as contra revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accretion of asset retirement obligations
0	-	-	-	0	-	-	-	-	761	2,901	1,321	986	728	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bad debt expense
1,581	1,743	1,836	1,989	1,981	1,983	2,062	2,051	2,128	2,179	2,657	2,590	2,531	2,456	1,583	1,487	1,664	1,640	1,858	2,033	1,765	1,678	1,670	1,617	1,800	2,019	2,239	2,589	2,699	2,870	2,819	2,547	2,583	3,243	0	0	0
Straight line adjustment to management fee revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock based compensation expense, net of amount capitalized
5,008	3,817	3,539	3,859	4,636	4,959	5,105	4,569	4,051	3,580	3,504	3,482	3,539	3,021	3,010	2,860	2,556	2,333	2,667	2,494	2,302	2,624	2,248	2,453	2,660	1,938	1,957	1,891	1,864	1,842	1,808	1,812	1,811	1,718	0	0	0
Excess tax benefits on stock option exercises
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	655	451	447	395	427	434	376	101	69	167	136	106	0	0	0	-	-	-	-
Deferred income taxes
17,157	11,644	13,196	17,646	6,514	6,208	-43,793	-50,105	-54,829	-54,055	-7,930	-11,591	-54,296	-52,875	-50,184	-50,033	-330	-451	1,773	4,302	3,378	2,975	3,055	9,030	13,647	14,266	15,927	12,863	10,414	6,504	5,419	9,288	12,010	15,973	0	0	0
Net (gain) loss on disposal of equipment
-	-	-	-	-	-	-	-	-	-	-	-	36	-	138	-20	-209	-235	-465	-2,515	-2,411	-1,975	-2,258	-273	-228	-753	-596	-581	-471	-426	261	1,459	1,358	1,360	0	0	0
(Gain) loss on investments
-	-	-	-	-	-	-	-	297	-	271	247	247	143	229	-112	-163	-141	-281	-71	16	-51	198	362	269	391	174	198	123	191	354	-140	-69	-132	0	0	0
Realized loss on disposal of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1	30	32	21	66	35	36	48	-27	0	0	0
Gain from patronage and investments
3,968	4,769	3,736	3,618	3,423	3,113	3,555	3,587	4,088	3,458	2,613	1,927	785	795	762	735	813	805	725	948	891	852	877	815	829	837	757	567	722	894	544	578	296	-233	0	0	0
Amortization of long-term debt issuance costs
2,991	3,280	2,790	2,949	3,500	3,666	4,641	4,721	4,668	4,741	4,878	5,094	4,984	3,914	2,745	1,483	553	567	582	594	602	605	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Accrued interest and other
-	-	-	-	-	-	-	-	696	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,877	2,039	3,379	566	543	2,029	1,902	1,515	982	644	806	1,663	2,287	2,002	1,993	1,526	1,421	820	461	257	0	0	0
Net benefit from retirement plans
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities:
Accounts receivable
1,994	7,664	-837	-6,738	6,159	-239	-4,541	-195	-18,093	-16,451	-13,096	-24,109	-13,740	-14,581	-9,845	5,040	350	1,047	6,136	4,994	4,504	6,225	5,162	3,442	2,772	2,594	3,458	5,327	7,312	8,246	4,313	3,613	2,575	1,891	0	0	0
Inventory, net
-169	463	-402	359	-921	-439	-2,476	-7,787	-16,694	-33,339	-7,450	-6,185	15,833	30,288	5,928	10,518	-1,692	-492	904	1,613	1,684	-1,921	-1,202	-415	1,392	927	1,559	492	-71	2,321	1,910	915	2,319	1,080	0	0	0
Current income taxes
10,463	5,024	-24,662	-27,613	-28,567	-12,029	25,366	33,952	28,088	19,138	0	0	0	-	-	-	-	-7,058	-2,142	581	-2,312	-1,824	-8,172	-5,370	5,506	11,871	10,314	-7,706	891	-7,790	-6,470	9,076	1,348	9,919	0	0	0
Operating lease right-of-use assets
56,738	51,578	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Waived management fee
38,997	38,827	38,615	38,477	38,343	37,763	37,152	36,555	35,920	36,056	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
20,528	18,499	17,926	23,957	11,224	16,246	11,792	-597	4,853	-1,439	-2,492	-3,081	-4,095	-5,273	-241	881	1,484	6,368	3,289	3,316	3,014	-1,055	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable
3,780	12,821	7,559	2,448	3,048	-1,377	-7,843	6,319	2,890	-36,725	8,150	-3,591	1,202	42,496	10,478	11,193	10,475	2,753	-1,545	-238	-403	5,040	-619	-2,222	286	-2,145	-2,134	-817	-5,410	-4,690	2,182	-801	926	-596	0	0	0
Lease liabilities
-47,486	-46,746	0	0	0	-	-	-	-	0	-16,225	-34,195	-3,023	435	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Deferred lease
-	-	-	-	-	4,723	757	-813	-268	327	5,274	5,538	5,396	4,273	2,957	1,684	921	962	997	1,028	1,036	1,024	1,032	1,076	1,172	1,253	1,264	1,187	925	729	543	423	431	416	0	0	0
Other deferrals and accruals
4,536	2,109	-2,480	-5,422	-3,466	329	-1,312	2,788	5,311	-5,964	-6,161	-9,418	-13,283	-3,648	-1,015	2,219	-473	811	-671	-57	-925	405	2,054	967	2,808	1,354	-119	667	-1,087	-647	129	1,592	2,907	4,371	0	0	0
Net cash provided by operating activities
258,590	259,145	270,306	268,135	266,450	265,647	253,025	263,280	259,292	222,930	224,785	197,927	142,854	161,526	131,644	109,444	138,670	119,321	106,778	108,687	106,217	114,993	112,084	108,685	104,152	94,264	93,037	104,653	97,233	96,974	103,861	91,062	85,426	80,927	0	0	0
Cash flows used in investing activities:
Capital expenditures
126,671	138,792	151,370	153,443	156,679	136,641	129,363	140,045	132,284	146,489	179,816	181,874	191,281	173,231	132,885	104,667	80,716	69,679	56,679	60,563	60,536	68,232	87,441	101,350	108,200	117,028	116,226	105,236	100,246	89,053	75,769	75,331	73,373	74,663	0	0	0
Cash disbursed for acquisitions
0	10,000	10,000	10,000	10,000	52,000	52,000	52,000	58,000	6,000	7,764	18,922	654,874	657,354	655,590	644,432	2,480	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Additional contributions to investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	12	13	12	12	0	0	0	0	84	0	0	0
Proceeds from sale of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25	3,913	563	2,682	3,803	1,977	5,331	4,132	2,986	0	0	0
Proceeds from sale of assets and other
429	200	458	502	623	841	1,177	1,172	1,140	994	5,579	5,594	5,482	5,510	0	0	0	-	0	0	0	-	696	264	287	331	0	0	0	-	-	647	676	675	0	0	0
Cash distributions (contributions) from investments and other
-	-	-	-	-	-	-	-	-26	-	-5,695	-2,955	-2,929	-2,895	2,704	-4	-9	-54	41	19	40	43	51	84	79	121	134	430	860	1,227	1,234	950	570	475	0	0	0
Net cash used in investing activities
-142,984	-165,334	-177,654	-162,941	-166,057	-187,800	-180,190	-190,883	-189,132	-151,495	-179,731	-190,186	-835,667	-820,013	-785,255	-748,499	-82,613	-69,262	-56,235	-60,164	-60,005	-67,638	-86,939	-101,002	-107,834	-116,563	-115,330	-104,019	-96,557	-83,921	-68,678	-68,403	-67,995	-70,611	0	0	0
Cash flows used in financing activities:
Principal payments on long-term debt
41,838	53,197	49,555	51,791	59,028	51,264	58,500	48,500	42,438	36,375	30,227	24,661	214,105	213,793	213,566	212,757	23,000	23,000	23,000	17,250	11,500	5,750	0	517	1,238	1,977	2,719	168,975	173,702	178,397	183,078	19,366	16,940	14,538	0	0	0
Repurchase of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	4,648	-	1,799	1,464	1,008	1,785	2,088	3,041	2,985	1,600	1,296	330	251	143	144	143	139	92	0	0	0
Proceeds from revolving credit facility borrowings
-	-	-	-	-	15,000	0	0	15,000	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from credit facility borrowings
-	-	-	-	-	-	-	-	-	25,000	50,000	50,000	885,000	860,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on revolving credit facility
-	-	-	-	-	15,000	15,000	15,000	15,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from stock compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	679	655	451	447	395	427	434	376	101	69	167	136	106	0	0	0	-	-	-	-
Taxes paid for equity award issuances
2,158	2,911	4,124	4,125	4,189	3,245	2,338	5,845	5,939	5,411	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	0
Payments for debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	14,910	14,885	22,705	9,408	7,880	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options and other
-	-	-	-	-	0	0	0	0	-	-	-	569	3,373	3,549	3,425	3,770	1,007	827	553	81	1,147	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-65,233	-77,246	-70,444	-72,672	-79,982	-71,346	-73,095	-66,602	-60,639	-29,043	2,882	11,462	643,580	617,868	593,854	587,489	-44,049	-42,164	-41,898	-28,471	-22,741	-16,754	-8,457	-9,000	-9,732	-10,471	-10,399	51,456	46,776	42,159	37,602	-26,778	-24,346	-21,895	0	0	0
Net increase in cash and cash equivalents
50,373	16,565	22,208	32,522	20,411	6,501	-260	5,795	9,521	42,392	47,936	19,203	-49,233	-40,619	-59,757	-51,566	12,008	7,895	8,645	20,052	23,471	30,601	16,688	-1,317	-13,414	-32,770	-32,692	52,090	47,452	55,212	72,785	-4,119	-6,915	-11,579	0	0	0
Supplemental Cash Flow Information [Abstract]
Interest, net of capitalized interest of $1,556; $1,559 and $1,374 in 2018, 2017 and 2016, respectively
-	-	-	-	-	-	-	-	-	-	32,450	31,613	27,935	21,187	15,905	9,661	6,511	6,784	7,171	7,400	7,499	7,548	7,528	7,617	7,860	8,077	8,336	7,815	7,133	6,598	6,214	6,377	6,724	7,076	0	0	0
Income tax (refunds received) paid, net
-	-	-	-	-	-	-	-	-	-	40,699	47,337	44,107	44,983	34,735	31,776	22,845	21,119	18,643	19,952	17,575	17,233	9,978	6,620	11,989	17,483	25,339	9,029	4,352	-2,482	-12,690	-1,773	1,207	4,248	0	0	0
Non-cash investing and financing activities
Capital expenditures payable
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-