Shenandoah Telecommunications (SHEN) Financials

$11.56 -0.17 (-1.45%)

Closing price 04:00 PM Eastern

Extended Trading

$11.55 -0.01 (-0.09%)

As of 04:20 PM Eastern

Annual Income Statements for Shenandoah Telecommunications

This table shows Shenandoah Telecommunications' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-8.38	8.04	190
Consolidated Net Income / (Loss)	-8.38	8.04	194
Net Income / (Loss) Continuing Operations	-15	1.02	-28
Total Pre-Tax Income	-19	1.52	-38
Total Operating Income	-17	0.14	-29
Total Gross Profit	147	168	200
Total Revenue	249	269	328
Operating Revenue	249	269	328
Total Cost of Revenue	102	101	128
Operating Cost of Revenue	102	101	128
Total Operating Expenses	164	168	229
Selling, General & Admin Expense	91	99	115
Depreciation Expense	66	63	98
Impairment Charge	5.24	2.55	0.38
Restructuring Charge	1.25	2.92	15
Total Other Income / (Expense), net	-1.36	1.38	-9.44
Interest Expense	1.58	4.21	16
Other Income / (Expense), net	0.22	5.59	6.46
Income Tax Expense	-3.40	0.50	-9.67
Net Income / (Loss) Discontinued Operations	7.04	7.02	222
Preferred Stock Dividends Declared	-	-	3.43
Basic Earnings per Share	($0.17)	$0.16	$3.54
Weighted Average Basic Shares Outstanding	50.16M	50.40M	53.72M
Diluted Earnings per Share	($0.17)	$0.16	$3.54
Weighted Average Diluted Shares Outstanding	50.16M	50.72M	53.72M
Weighted Average Basic & Diluted Shares Outstanding	50.20M	50.27M	54.67M
Cash Dividends to Common per Share	$0.08	$0.09	$0.10

This table shows Shenandoah Telecommunications' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-2.73	-1.82	2.07	1.79	1.59	2.59	215	-13	-6.90	-4.54
Consolidated Net Income / (Loss)	-2.73	-1.82	2.07	1.79	1.59	2.59	215	-13	-5.26	-2.74
Net Income / (Loss) Continuing Operations	-2.73	-8.86	0.74	-1.40	-0.18	1.86	-4.09	-13	-5.30	-6.19
Total Pre-Tax Income	-2.98	-12	1.42	0.06	0.22	-0.18	-5.12	-18	-6.85	-8.09
Total Operating Income	-1.77	-12	0.31	-0.12	-0.61	0.56	-2.78	-16	-4.18	-5.75
Total Gross Profit	39	30	42	42	41	44	43	51	53	52
Total Revenue	67	52	67	67	67	68	69	86	88	85
Operating Revenue	67	52	67	67	67	68	69	86	88	85
Total Cost of Revenue	27	22	25	25	26	24	26	35	34	33
Operating Cost of Revenue	27	22	25	25	26	24	26	35	34	33
Total Operating Expenses	41	42	41	42	42	43	46	67	57	58
Selling, General & Admin Expense	22	22	26	25	23	25	29	30	28	28
Depreciation Expense	18	19	15	16	16	16	17	26	28	28
Total Other Income / (Expense), net	-1.21	0.61	1.12	0.18	0.83	-0.75	-2.34	-2.09	-2.67	-2.34
Interest Expense	-	-	0.39	0.91	1.20	1.72	4.08	4.00	3.67	4.16
Other Income / (Expense), net	-1.21	2.18	1.51	1.08	2.02	0.97	1.74	1.91	1.00	1.82
Income Tax Expense	-0.25	-2.70	0.68	1.46	0.40	-2.04	-1.03	-5.20	-1.54	-1.90
Net Income / (Loss) Discontinued Operations	-	-	1.33	3.19	1.78	0.73	219	-0.10	0.04	3.45
Basic Earnings per Share	($0.05)	($0.05)	$0.04	$0.04	$0.03	$0.05	$4.25	($0.24)	($0.13)	($0.34)
Weighted Average Basic Shares Outstanding	50.18M	50.16M	50.29M	50.37M	50.38M	50.40M	50.52M	54.73M	54.78M	53.72M
Diluted Earnings per Share	($0.05)	($0.05)	$0.04	$0.04	$0.03	$0.05	$4.21	($0.24)	($0.13)	($0.30)
Weighted Average Diluted Shares Outstanding	50.18M	50.16M	50.51M	50.37M	50.38M	50.72M	51.01M	54.73M	54.78M	53.72M
Weighted Average Basic & Diluted Shares Outstanding	50.10M	50.20M	50.25M	50.26M	50.26M	50.27M	54.55M	54.57M	54.60M	54.67M

This table details how cash moves in and out of Shenandoah Telecommunications' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-40	95	-93
Net Cash From Operating Activities	75	114	63
Net Cash From Continuing Operating Activities	65	104	69
Net Income / (Loss) Continuing Operations	-15	1.02	-28
Consolidated Net Income / (Loss)	-8.38	8.04	194
Net Income / (Loss) Discontinued Operations	7.04	7.02	222
Depreciation Expense	66	63	97
Amortization Expense	0.72	0.49	1.55
Non-Cash Adjustments To Reconcile Net Income	16	14	12
Changes in Operating Assets and Liabilities, net	-1.38	26	-13
Net Cash From Discontinued Operating Activities	9.47	9.44	-6.81
Net Cash From Investing Activities	-184	-237	-339
Net Cash From Continuing Investing Activities	-184	-235	-645
Purchase of Property, Plant & Equipment	-189	-255	-319
Acquisitions	0.00	0.00	-347
Sale of Property, Plant & Equipment	1.43	0.66	2.01
Divestitures	0.00	17	0.00
Other Investing Activities, net	4.00	1.90	19
Net Cash From Discontinued Investing Activities	-0.62	-1.48	306
Net Cash From Financing Activities	69	218	184
Net Cash From Continuing Financing Activities	69	218	184
Repayment of Debt	-0.93	-0.98	-13
Payment of Dividends	-3.99	-4.52	-5.81
Issuance of Debt	75	225	125
Other Financing Activities, net	-1.08	-1.39	78
Cash Interest Paid	0.58	3.03	12

This table details how cash moves in and out of Shenandoah Telecommunications' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-0.30	11	4.34	-22	9.66	103	250	-346	-0.68	3.17
Net Cash From Operating Activities	17	19	48	21	22	22	15	2.54	24	21
Net Cash From Continuing Operating Activities	17	9.22	46	18	19	22	13	10	25	21
Net Income / (Loss) Continuing Operations	-2.73	-8.86	0.74	-1.40	-0.18	1.86	-4.09	-13	-5.30	-6.19
Consolidated Net Income / (Loss)	-2.73	-1.82	2.07	1.79	1.59	2.59	215	-13	-5.26	-2.74
Net Income / (Loss) Discontinued Operations	-	-	1.33	3.19	1.78	0.73	219	-0.10	0.04	3.45
Depreciation Expense	18	19	15	16	16	16	17	26	28	26
Non-Cash Adjustments To Reconcile Net Income	3.50	2.31	4.10	4.38	2.94	2.68	4.72	2.78	1.87	2.98
Changes in Operating Assets and Liabilities, net	-1.16	-3.70	26	-0.82	-0.09	1.18	-5.16	-5.33	0.96	-3.54
Net Cash From Discontinued Operating Activities	-	-	2.64	3.67	3.10	0.04	2.24	-7.72	-0.93	-0.41
Net Cash From Investing Activities	-42	-54	-68	-68	-37	-64	238	-422	-72	-84
Net Cash From Continuing Investing Activities	-42	-53	-67	-67	-36	-64	-67	-422	-72	-84
Purchase of Property, Plant & Equipment	-44	-57	-67	-68	-54	-66	-70	-81	-76	-93
Sale of Property, Plant & Equipment	0.64	0.51	0.10	0.41	0.06	0.09	0.00	1.72	0.13	0.16
Other Investing Activities, net	-	-	0.00	0.11	0.34	1.46	2.71	4.94	3.44	8.14
Net Cash From Financing Activities	24	46	24	25	25	145	-3.16	73	47	67
Net Cash From Continuing Financing Activities	24	46	24	25	25	145	-3.16	73	47	67
Repayment of Debt	-0.42	-0.04	-0.26	-0.33	-0.39	-	-1.71	-6.05	-2.99	-2.25
Issuance of Debt	25	50	25	25	25	150	0.00	-	50	75
Other Financing Activities, net	-0.15	-0.09	-1.16	-0.16	-	-0.07	-1.46	79	-	-0.06
Cash Interest Paid	0.24	0.34	1.33	-0.49	0.79	1.39	5.26	1.26	2.41	3.14

This table presents Shenandoah Telecommunications' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	978	1,214	1,740
Total Current Assets	129	176	95
Cash & Equivalents	44	139	46
Accounts Receivable	21	20	30
Prepaid Expenses	12	12	17
Current Deferred & Refundable Income Taxes	30	4.69	1.24
Other Current Nonoperating Assets	23	0.56	0.00
Plant, Property, & Equipment, net	688	850	1,439
Total Noncurrent Assets	162	188	207
Long-Term Investments	13	13	16
Goodwill	82	81	158
Other Noncurrent Operating Assets	67	25	34
Other Noncurrent Nonoperating Assets	-	69	0.00
Total Liabilities & Shareholders' Equity	978	1,214	1,740
Total Liabilities	340	562	739
Total Current Liabilities	96	98	115
Short-Term Debt	0.65	7.10	9.20
Accounts Payable	49	54	58
Accrued Expenses	28	19	28
Current Deferred Revenue	12	12	16
Other Current Liabilities	2.83	2.22	3.06
Other Current Nonoperating Liabilities	3.82	3.60	0.00
Total Noncurrent Liabilities	243	463	625
Long-Term Debt	74	293	408
Noncurrent Deferred Revenue	50	7.19	11
Noncurrent Deferred & Payable Income Tax Liabilities	85	88	168
Noncurrent Employee Benefit Liabilities	3.76	3.94	4.95
Other Noncurrent Operating Liabilities	20	17	34
Other Noncurrent Nonoperating Liabilities	-	54	0.00
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	0.00	82
Total Equity & Noncontrolling Interests	638	653	919
Total Preferred & Common Equity	638	653	919
Total Common Equity	638	653	919
Common Stock	57	67	148
Retained Earnings	581	584	769
Accumulated Other Comprehensive Income / (Loss)	0.00	1.67	1.85

This table presents Shenandoah Telecommunications' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	922	1,007	1,027	1,059	1,446	1,656	1,695
Total Current Assets	118	105	79	74	426	100	98
Cash & Equivalents	33	48	26	36	390	44	43
Accounts Receivable	24	16	15	19	18	30	33
Prepaid Expenses	12	13	13	14	15	21	17
Current Deferred & Refundable Income Taxes	29	5.08	4.65	4.65	2.62	5.54	4.70
Other Current Nonoperating Assets	20	22	20	0.60	0.56	0.00	0.00
Plant, Property, & Equipment, net	641	740	786	822	896	1,337	1,385
Total Noncurrent Assets	163	163	162	162	124	220	212
Long-Term Investments	13	13	13	13	13	15	15
Goodwill	82	81	81	81	81	169	163
Other Noncurrent Operating Assets	69	68	68	68	29	35	34
Other Noncurrent Nonoperating Assets	0.00	-	-	-	0.00	0.00	0.00
Total Liabilities & Shareholders' Equity	922	1,007	1,027	1,059	1,446	1,656	1,695
Total Liabilities	280	364	378	404	574	644	688
Total Current Liabilities	79	92	82	84	91	112	123
Short-Term Debt	0.11	1.30	1.06	2.41	7.88	8.73	8.63
Accounts Payable	36	49	41	43	50	58	66
Accrued Expenses	25	23	20	22	18	28	30
Current Deferred Revenue	11	12	12	13	12	15	15
Other Current Liabilities	2.96	2.95	3.08	3.13	2.27	3.14	3.32
Other Current Nonoperating Liabilities	3.83	3.82	3.80	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	201	272	296	320	483	532	565
Long-Term Debt	25	99	124	147	291	289	336
Noncurrent Deferred Revenue	52	52	50	50	8.36	11	12
Noncurrent Deferred & Payable Income Tax Liabilities	85	86	88	89	164	186	182
Noncurrent Employee Benefit Liabilities	7.71	3.89	4.04	3.97	4.16	4.97	5.09
Other Noncurrent Operating Liabilities	22	21	20	20	16	41	31
Other Noncurrent Nonoperating Liabilities	0.00	-	-	-	0.00	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	79	81
Total Equity & Noncontrolling Interests	643	643	649	654	872	933	925
Total Preferred & Common Equity	643	643	649	654	872	933	925
Total Common Equity	643	643	649	654	872	933	925
Common Stock	56	60	63	65	70	144	145
Retained Earnings	586	583	584	586	799	786	779
Accumulated Other Comprehensive Income / (Loss)	-	-	2.13	3.24	3.26	3.41	1.00

This table displays calculated financial ratios and metrics derived from Shenandoah Telecommunications' official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	1.50%	8.12%	21.90%
EBITDA Growth	-19.85%	40.32%	10.46%
EBIT Growth	-376.52%	133.23%	-486.28%
NOPAT Growth	-295.42%	100.78%	-21,144.13%
Net Income Growth	-100.84%	195.93%	2,311.26%
EPS Growth	-100.85%	194.12%	2,112.50%
Operating Cash Flow Growth	129.85%	51.91%	-45.01%
Free Cash Flow Firm Growth	38.94%	-43.92%	-288.49%
Invested Capital Growth	17.06%	23.75%	71.97%
Revenue Q/Q Growth	-4.25%	-0.77%	-0.23%
EBITDA Q/Q Growth	-3.67%	-1.78%	-1.23%
EBIT Q/Q Growth	-80.21%	167.46%	-94.52%
NOPAT Q/Q Growth	-32.35%	104.39%	-123.52%
Net Income Q/Q Growth	-62.57%	121.68%	-2.68%
EPS Q/Q Growth	-70.00%	166.67%	-9.00%
Operating Cash Flow Q/Q Growth	121.56%	3.08%	-2.32%
Free Cash Flow Firm Q/Q Growth	79.48%	-0.02%	-7.48%
Invested Capital Q/Q Growth	5.18%	4.46%	4.91%
Profitability Metrics	-	-	-
Gross Margin	58.91%	62.53%	60.95%
EBITDA Margin	19.78%	25.67%	23.27%
Operating Margin	-7.01%	0.05%	-8.72%
EBIT Margin	-6.93%	2.13%	-6.75%
Profit (Net Income) Margin	-3.37%	2.99%	59.08%
Tax Burden Percent	44.53%	529.86%	-509.68%
Interest Burden Percent	109.15%	26.48%	171.83%
Effective Tax Rate	0.00%	33.03%	0.00%
Return on Invested Capital (ROIC)	-2.07%	0.01%	-1.87%
ROIC Less NNEP Spread (ROIC-NNEP)	-9.84%	11.79%	85.29%
Return on Net Nonoperating Assets (RNNOA)	0.76%	1.23%	25.31%
Return on Equity (ROE)	-1.31%	1.25%	23.44%
Cash Return on Invested Capital (CROIC)	-17.79%	-21.22%	-54.79%
Operating Return on Assets (OROA)	-1.85%	0.52%	-1.50%
Return on Assets (ROA)	-0.90%	0.73%	13.12%
Return on Common Equity (ROCE)	-1.31%	1.25%	22.27%
Return on Equity Simple (ROE_SIMPLE)	-1.31%	1.23%	21.10%
Net Operating Profit after Tax (NOPAT)	-12	0.10	-20
NOPAT Margin	-4.91%	0.04%	-6.10%
Net Nonoperating Expense Percent (NNEP)	7.77%	-11.78%	-87.16%
Return On Investment Capital (ROIC_SIMPLE)	-1.71%	0.01%	-1.50%
Cost of Revenue to Revenue	41.09%	37.47%	39.05%
SG&A Expenses to Revenue	36.60%	36.90%	35.11%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	65.92%	62.47%	69.66%
Earnings before Interest and Taxes (EBIT)	-17	5.73	-22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	49	69	76
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.23	1.65	0.75
Price to Tangible Book Value (P/TBV)	1.41	1.89	0.90
Price to Revenue (P/Rev)	3.16	4.01	2.10
Price to Earnings (P/E)	0.00	134.25	3.62
Dividend Yield	0.51%	0.42%	0.79%
Earnings Yield	0.00%	0.74%	27.65%
Enterprise Value to Invested Capital (EV/IC)	1.26	1.56	0.83
Enterprise Value to Revenue (EV/Rev)	3.23	4.56	3.43
Enterprise Value to EBITDA (EV/EBITDA)	16.35	17.75	14.75
Enterprise Value to EBIT (EV/EBIT)	0.00	214.09	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	12,896.88	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.75	10.78	18.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.12	0.46	0.42
Long-Term Debt to Equity	0.12	0.45	0.41
Financial Leverage	-0.08	0.10	0.30
Leverage Ratio	1.46	1.70	1.79
Compound Leverage Factor	1.59	0.45	3.07
Debt to Total Capital	10.51%	31.48%	29.40%
Short-Term Debt to Total Capital	0.09%	0.74%	0.65%
Long-Term Debt to Total Capital	10.42%	30.74%	28.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	5.82%
Common Equity to Total Capital	89.49%	68.52%	64.78%
Debt to EBITDA	1.52	4.34	5.46
Net Debt to EBITDA	0.36	2.13	4.65
Long-Term Debt to EBITDA	1.51	4.24	5.34
Debt to NOPAT	-6.13	3,153.40	-20.83
Net Debt to NOPAT	-1.47	1,550.37	-17.73
Long-Term Debt to NOPAT	-6.08	3,078.79	-20.37
Altman Z-Score	2.46	2.14	1.31
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	4.99%
Liquidity Ratios	-	-	-
Current Ratio	1.33	1.79	0.83
Quick Ratio	0.67	1.62	0.66
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-105	-151	-588
Operating Cash Flow to CapEx	39.93%	44.72%	19.73%
Free Cash Flow to Firm to Interest Expense	-66.63	-35.90	-36.96
Operating Cash Flow to Interest Expense	47.49	27.01	3.94
Operating Cash Flow Less CapEx to Interest Expense	-71.44	-33.39	-16.01
Efficiency Ratios	-	-	-
Asset Turnover	0.27	0.25	0.22
Accounts Receivable Turnover	11.68	13.32	13.25
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.40	0.35	0.29
Accounts Payable Turnover	2.63	1.96	2.30
Days Sales Outstanding (DSO)	31.25	27.39	27.54
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	138.67	185.88	158.64
Cash Conversion Cycle (CCC)	-107.42	-158.49	-131.11
Capital & Investment Metrics	-	-	-
Invested Capital	637	788	1,356
Invested Capital Turnover	0.42	0.38	0.31
Increase / (Decrease) in Invested Capital	93	151	567
Enterprise Value (EV)	805	1,227	1,126
Market Capitalization	787	1,079	689
Book Value per Share	$12.74	$12.98	$16.82
Tangible Book Value per Share	$11.11	$11.37	$13.93
Total Capital	713	953	1,418
Total Debt	75	300	417
Total Long-Term Debt	74	293	408
Net Debt	18	147	355
Capital Expenditures (CapEx)	188	254	317
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11	-54	-57
Debt-free Net Working Capital (DFNWC)	33	85	-11
Net Working Capital (NWC)	32	78	-20
Net Nonoperating Expense (NNE)	-3.84	-7.94	-214
Net Nonoperating Obligations (NNO)	-0.88	136	355
Total Depreciation and Amortization (D&A)	66	63	98
Debt-free, Cash-free Net Working Capital to Revenue	-4.53%	-20.23%	-17.41%
Debt-free Net Working Capital to Revenue	13.17%	31.51%	-3.31%
Net Working Capital to Revenue	12.91%	28.88%	-6.11%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($0.17)	$0.16	$3.54
Adjusted Weighted Average Basic Shares Outstanding	50.16M	50.40M	53.72M
Adjusted Diluted Earnings per Share	($0.17)	$0.16	$3.54
Adjusted Weighted Average Diluted Shares Outstanding	50.16M	50.72M	53.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.20M	50.27M	54.67M
Normalized Net Operating Profit after Tax (NOPAT)	-7.67	3.76	-9.59
Normalized NOPAT Margin	-3.08%	1.40%	-2.92%
Pre Tax Income Margin	-7.56%	0.56%	-11.59%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	-10.93	1.36	-1.39
NOPAT to Interest Expense	-7.75	0.02	-1.26
EBIT Less CapEx to Interest Expense	-129.86	-59.04	-21.34
NOPAT Less CapEx to Interest Expense	-126.68	-60.38	-21.20
Payout Ratios	-	-	-
Dividend Payout Ratio	-47.63%	56.27%	3.00%
Augmented Payout Ratio	-47.63%	56.27%	3.00%

This table displays calculated financial ratios and metrics derived from Shenandoah Telecommunications' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.52%	-17.65%	4.27%	0.94%	0.72%	31.74%	3.10%	28.74%	29.95%	25.77%
EBITDA Growth	-2.25%	-22.86%	20.87%	54.88%	17.73%	98.25%	-3.99%	-30.15%	39.74%	28.16%
EBIT Growth	-401.21%	-331.92%	430.00%	125.87%	147.47%	115.38%	-157.30%	-1,549.90%	-324.75%	-356.18%
NOPAT Growth	-122.18%	-54.01%	159.90%	227.51%	141.69%	104.64%	-1,319.50%	-497.13%	-665.63%	-1,120.21%
Net Income Growth	-100.31%	-230.03%	442.62%	155.50%	158.39%	242.02%	10,291.87%	-819.11%	-430.38%	-205.99%
EPS Growth	-100.28%	-350.00%	500.00%	166.67%	160.00%	200.00%	10,425.00%	-700.00%	-533.33%	-700.00%
Operating Cash Flow Growth	3,301.65%	104.63%	200.78%	-5.22%	25.22%	18.16%	-68.63%	-88.17%	10.89%	-6.74%
Free Cash Flow Firm Growth	-285.28%	41.92%	52.52%	17.51%	70.54%	-48.88%	-24.00%	-302.01%	-264.01%	-278.67%
Invested Capital Growth	489.19%	17.06%	14.82%	23.72%	24.60%	23.75%	15.68%	73.97%	71.24%	71.97%
Revenue Q/Q Growth	1.37%	-22.97%	-4.07%	-0.78%	1.15%	0.75%	-15.27%	23.90%	2.10%	-2.50%
EBITDA Q/Q Growth	38.87%	-41.15%	-10.63%	-2.77%	5.56%	-0.90%	-26.32%	-29.27%	111.20%	-9.11%
EBIT Q/Q Growth	20.05%	-235.21%	188.49%	-46.89%	46.68%	8.63%	-117.57%	-1,243.94%	77.26%	-23.82%
NOPAT Q/Q Growth	43.54%	-587.07%	108.53%	1,657.21%	-81.54%	-23.61%	-124.83%	-472.23%	73.71%	-37.79%
Net Income Q/Q Growth	15.41%	33.17%	213.33%	-13.36%	-11.01%	62.52%	8,192.62%	-106.00%	59.11%	47.86%
EPS Q/Q Growth	16.67%	0.00%	180.00%	0.00%	-25.00%	66.67%	8,320.00%	-105.70%	45.83%	-130.77%
Operating Cash Flow Q/Q Growth	-22.85%	6.92%	158.56%	-55.56%	1.92%	0.90%	-31.37%	-83.24%	855.21%	-15.15%
Free Cash Flow Firm Q/Q Growth	-207.93%	79.89%	9.87%	-58.18%	-9.96%	-1.63%	27.48%	-412.84%	0.43%	-5.72%
Invested Capital Q/Q Growth	4.23%	5.18%	4.00%	8.51%	4.98%	4.46%	-3.09%	63.18%	3.33%	4.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.94%	57.89%	62.14%	62.86%	61.03%	64.07%	62.48%	59.74%	60.71%	61.16%
EBITDA Margin	22.26%	17.00%	25.44%	24.93%	26.01%	25.59%	23.69%	13.52%	27.97%	26.07%
Operating Margin	-2.65%	-23.60%	0.46%	-0.18%	-0.90%	0.83%	-4.01%	-18.51%	-4.77%	-6.74%
EBIT Margin	-4.45%	-19.37%	2.70%	1.45%	2.10%	2.26%	-1.50%	-16.29%	-3.63%	-4.61%
Profit (Net Income) Margin	-4.08%	-3.54%	3.08%	2.69%	2.36%	3.81%	310.04%	-15.00%	-6.01%	-3.21%
Tax Burden Percent	91.57%	15.77%	145.19%	3,033.90%	737.50%	-1,430.39%	-4,196.56%	71.62%	76.88%	33.91%
Interest Burden Percent	100.00%	115.79%	78.40%	6.12%	15.28%	-11.78%	491.92%	128.59%	215.42%	205.64%
Effective Tax Rate	0.00%	0.00%	47.93%	2,472.88%	184.72%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-1.36%	-6.96%	0.10%	1.75%	0.31%	0.22%	-1.14%	-4.06%	-1.07%	-1.44%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.85%	-20.50%	-7.94%	-25.61%	3.69%	3.47%	-509.18%	-5.20%	-2.28%	-0.92%
Return on Net Nonoperating Assets (RNNOA)	0.38%	1.58%	0.29%	-0.15%	0.18%	0.36%	28.67%	-0.96%	-0.53%	-0.27%
Return on Equity (ROE)	-0.98%	-5.38%	0.40%	1.60%	0.49%	0.58%	27.54%	-5.02%	-1.60%	-1.72%
Cash Return on Invested Capital (CROIC)	-144.57%	-17.79%	-14.62%	-21.66%	-22.23%	-21.22%	-13.89%	-54.65%	-53.40%	-54.79%
Operating Return on Assets (OROA)	-1.04%	-5.16%	0.77%	0.41%	0.57%	0.56%	-0.35%	-3.75%	-0.87%	-1.02%
Return on Assets (ROA)	-0.96%	-0.94%	0.88%	0.76%	0.65%	0.94%	73.18%	-3.45%	-1.43%	-0.71%
Return on Common Equity (ROCE)	-0.98%	-5.38%	0.40%	1.60%	0.49%	0.58%	27.54%	-4.78%	-1.53%	-1.63%
Return on Equity Simple (ROE_SIMPLE)	-0.80%	0.00%	-0.89%	-0.11%	0.55%	0.00%	25.32%	22.08%	21.52%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.24	-8.52	0.16	2.80	0.52	0.39	-1.94	-11	-2.92	-4.03
NOPAT Margin	-1.85%	-16.52%	0.24%	4.20%	0.77%	0.58%	-2.81%	-12.96%	-3.34%	-4.72%
Net Nonoperating Expense Percent (NNEP)	-0.51%	13.54%	8.04%	27.36%	-3.38%	-3.25%	508.05%	1.14%	1.21%	-0.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.19%	-	-	-	0.04%	-	-	-	-0.30%
Cost of Revenue to Revenue	41.06%	42.11%	37.86%	37.14%	38.97%	35.93%	37.52%	40.26%	39.29%	38.84%
SG&A Expenses to Revenue	33.21%	42.72%	38.95%	37.57%	34.05%	37.04%	41.30%	35.24%	31.97%	33.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	61.59%	81.50%	61.68%	63.03%	61.94%	63.24%	66.48%	78.26%	65.48%	67.90%
Earnings before Interest and Taxes (EBIT)	-2.98	-9.99	1.82	0.96	1.41	1.54	-1.04	-14	-3.18	-3.94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	8.77	17	17	18	17	16	12	25	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.32	1.23	1.48	1.50	1.57	1.65	1.00	0.95	0.83	0.75
Price to Tangible Book Value (P/TBV)	1.51	1.41	1.69	1.71	1.79	1.89	1.10	1.17	1.00	0.90
Price to Revenue (P/Rev)	3.25	3.16	3.52	3.59	3.78	4.01	3.02	2.89	2.33	2.10
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	282.66	134.25	3.96	4.32	3.87	3.62
Dividend Yield	111.47%	0.51%	0.42%	0.41%	0.39%	0.42%	0.52%	0.55%	0.64%	0.79%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.35%	0.74%	25.27%	23.13%	25.83%	27.65%
Enterprise Value to Invested Capital (EV/IC)	1.36	1.26	1.49	1.47	1.49	1.56	1.00	0.97	0.88	0.83
Enterprise Value to Revenue (EV/Rev)	3.17	3.23	3.66	3.91	4.15	4.56	2.66	3.92	3.44	3.43
Enterprise Value to EBITDA (EV/EBITDA)	16.13	16.35	16.01	15.63	16.01	17.75	10.21	17.19	14.65	14.75
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	525.65	214.09	94.23	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	12,896.88	163.82	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	10.75	9.24	9.99	10.20	10.78	9.53	19.60	17.67	18.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.12	0.16	0.19	0.23	0.46	0.34	0.29	0.34	0.42
Long-Term Debt to Equity	0.04	0.12	0.15	0.19	0.23	0.45	0.33	0.29	0.33	0.41
Financial Leverage	-0.45	-0.08	-0.04	0.01	0.05	0.10	-0.06	0.19	0.23	0.30
Leverage Ratio	1.72	1.46	1.47	1.48	1.53	1.70	1.62	1.61	1.66	1.79
Compound Leverage Factor	1.72	1.69	1.15	0.09	0.23	-0.20	7.97	2.08	3.57	3.67
Debt to Total Capital	3.74%	10.51%	13.46%	16.12%	18.64%	31.48%	25.52%	22.70%	25.51%	29.40%
Short-Term Debt to Total Capital	0.02%	0.09%	0.18%	0.14%	0.30%	0.74%	0.67%	0.67%	0.64%	0.65%
Long-Term Debt to Total Capital	3.73%	10.42%	13.28%	15.99%	18.34%	30.74%	24.84%	22.03%	24.87%	28.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.06%	6.00%	5.82%
Common Equity to Total Capital	96.26%	89.49%	86.54%	83.88%	81.36%	68.52%	74.48%	71.24%	68.50%	64.78%
Debt to EBITDA	0.49	1.52	1.62	1.84	2.13	4.34	3.96	4.23	4.46	5.46
Net Debt to EBITDA	-0.41	0.36	0.62	1.26	1.44	2.13	-1.39	3.39	3.70	4.65
Long-Term Debt to EBITDA	0.49	1.51	1.60	1.83	2.10	4.24	3.86	4.10	4.35	5.34
Debt to NOPAT	-2.71	-6.13	-19.64	-41.94	-69.26	3,153.40	63.65	-46.04	-38.48	-20.83
Net Debt to NOPAT	2.26	-1.47	-7.55	-28.73	-46.67	1,550.37	-22.28	-36.92	-31.95	-17.73
Long-Term Debt to NOPAT	-2.69	-6.08	-19.38	-41.58	-68.15	3,078.79	61.97	-44.69	-37.52	-20.37
Altman Z-Score	3.02	2.48	2.67	2.60	2.55	2.13	2.16	1.64	1.48	1.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.78%	4.88%	4.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.49	1.33	1.13	0.96	0.88	1.79	4.68	0.89	0.79	0.83
Quick Ratio	0.72	0.67	0.70	0.51	0.65	1.62	4.48	0.66	0.61	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-504	-101	-85	-135	-149	-151	-106	-543	-541	-572
Operating Cash Flow to CapEx	40.65%	33.30%	71.73%	31.87%	40.52%	33.65%	21.64%	3.21%	32.19%	22.28%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-217.81	-149.24	-123.97	-87.90	-25.97	-135.87	-147.38	-137.48
Operating Cash Flow to Interest Expense	0.00	0.00	123.28	23.73	18.27	12.86	3.72	0.64	6.62	4.95
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-48.58	-50.73	-26.82	-25.37	-13.47	-19.17	-13.94	-17.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.27	0.29	0.28	0.27	0.25	0.24	0.23	0.24	0.22
Accounts Receivable Turnover	10.69	11.68	17.09	16.82	12.78	13.32	16.99	13.72	12.80	13.25
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.45	0.40	0.41	0.39	0.37	0.35	0.35	0.29	0.30	0.29
Accounts Payable Turnover	4.09	2.63	3.04	2.94	2.61	1.96	2.15	2.35	2.28	2.30
Days Sales Outstanding (DSO)	34.13	31.25	21.36	21.70	28.56	27.39	21.49	26.60	28.52	27.54
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	89.15	138.67	120.22	124.35	139.75	185.88	169.58	155.10	160.12	158.64
Cash Conversion Cycle (CCC)	-55.02	-107.42	-98.86	-102.64	-111.19	-158.49	-148.09	-128.50	-131.60	-131.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	606	637	663	719	755	788	767	1,251	1,292	1,356
Invested Capital Turnover	0.73	0.42	0.44	0.42	0.40	0.38	0.41	0.31	0.32	0.31
Increase / (Decrease) in Invested Capital	503	93	86	138	149	151	104	532	538	567
Enterprise Value (EV)	825	805	990	1,058	1,126	1,227	769	1,209	1,132	1,126
Market Capitalization	846	787	951	973	1,025	1,079	873	891	765	689
Book Value per Share	$12.83	$12.74	$12.80	$12.92	$13.02	$12.98	$17.25	$17.11	$16.96	$16.82
Tangible Book Value per Share	$11.20	$11.11	$11.18	$11.31	$11.40	$11.37	$15.65	$14.00	$13.97	$13.93
Total Capital	667	713	743	774	804	953	1,170	1,310	1,351	1,418
Total Debt	25	75	100	125	150	300	299	297	345	417
Total Long-Term Debt	25	74	99	124	147	293	291	289	336	408
Net Debt	-21	18	38	86	101	147	-105	238	286	355
Capital Expenditures (CapEx)	43	56	67	67	54	66	70	79	75	92
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5.87	-11	-35	-28	-44	-54	-47	-48	-60	-57
Debt-free Net Working Capital (DFNWC)	39	33	14	-1.86	-7.56	85	343	-3.84	-17	-11
Net Working Capital (NWC)	39	32	12	-2.92	-9.97	78	335	-13	-26	-20
Net Nonoperating Expense (NNE)	1.49	-6.69	-1.91	1.01	-1.08	-2.19	-217	1.75	2.34	-1.28
Net Nonoperating Obligations (NNO)	-37	-0.88	20	70	100	136	-105	238	286	355
Total Depreciation and Amortization (D&A)	18	19	15	16	16	16	17	26	28	26
Debt-free, Cash-free Net Working Capital to Revenue	2.26%	-4.53%	-12.89%	-10.40%	-16.05%	-20.23%	-16.14%	-15.43%	-18.28%	-17.41%
Debt-free Net Working Capital to Revenue	14.96%	13.17%	5.03%	-0.69%	-2.79%	31.51%	118.50%	-1.24%	-5.17%	-3.31%
Net Working Capital to Revenue	14.92%	12.91%	4.55%	-1.08%	-3.67%	28.88%	115.78%	-4.07%	-7.79%	-6.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.05)	($0.05)	$0.04	$0.04	$0.03	$0.05	$4.25	($0.24)	($0.13)	($0.34)
Adjusted Weighted Average Basic Shares Outstanding	50.18M	50.16M	50.29M	50.37M	50.38M	50.40M	50.52M	54.73M	54.78M	53.72M
Adjusted Diluted Earnings per Share	($0.05)	($0.05)	$0.04	$0.04	$0.03	$0.05	$4.21	($0.24)	($0.13)	($0.30)
Adjusted Weighted Average Diluted Shares Outstanding	50.18M	50.16M	50.51M	50.69M	50.84M	50.72M	51.01M	54.73M	54.78M	53.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.10M	50.20M	50.25M	50.26M	50.26M	50.27M	54.55M	54.57M	54.60M	54.67M
Normalized Net Operating Profit after Tax (NOPAT)	-0.46	-8.52	0.16	0.71	1.45	0.39	-1.94	-3.19	-1.75	-4.03
Normalized NOPAT Margin	-0.68%	-16.52%	0.24%	1.07%	2.15%	0.58%	-2.81%	-3.72%	-2.00%	-4.72%
Pre Tax Income Margin	-4.45%	-22.43%	2.12%	0.09%	0.32%	-0.27%	-7.39%	-20.95%	-7.82%	-9.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	4.63	1.07	1.18	0.89	-0.26	-3.50	-0.87	-0.95
NOPAT to Interest Expense	0.00	0.00	0.41	3.09	0.43	0.23	-0.48	-2.78	-0.80	-0.97
EBIT Less CapEx to Interest Expense	0.00	0.00	-167.22	-73.39	-43.91	-37.33	-17.44	-23.30	-21.42	-23.19
NOPAT Less CapEx to Interest Expense	0.00	0.00	-171.45	-71.37	-44.66	-38.00	-17.66	-22.59	-21.36	-23.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-47.63%	0.00%	0.00%	0.00%	56.27%	0.00%	0.00%	0.00%	3.00%
Augmented Payout Ratio	0.00%	-47.63%	0.00%	0.00%	0.00%	56.27%	0.00%	0.00%	0.00%	3.00%

Frequently Asked Questions About Shenandoah Telecommunications' Financials

When does Shenandoah Telecommunications's financial year end?

According to the most recent income statement we have on file, Shenandoah Telecommunications' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Shenandoah Telecommunications' net income changed over the last 2 years?

Shenandoah Telecommunications' net income appears to be on an upward trend, with a most recent value of $193.82 million in 2024, falling from -$8.38 million in 2022. The previous period was $8.04 million in 2023. Check out Shenandoah Telecommunications' forecast to explore projected trends and price targets.

What is Shenandoah Telecommunications's operating income?

Shenandoah Telecommunications's total operating income in 2024 was -$28.59 million, based on the following breakdown:

Total Gross Profit: $199.95 million
Total Operating Expenses: $228.54 million

How has Shenandoah Telecommunications revenue changed over the last 2 years?

Over the last 2 years, Shenandoah Telecommunications' total revenue changed from $248.91 million in 2022 to $328.06 million in 2024, a change of 31.8%.

How much debt does Shenandoah Telecommunications have?

Shenandoah Telecommunications' total liabilities were at $739.23 million at the end of 2024, a 31.6% increase from 2023, and a 117.6% increase since 2022.

How much cash does Shenandoah Telecommunications have?

In the past 2 years, Shenandoah Telecommunications' cash and equivalents has ranged from $44.06 million in 2022 to $139.26 million in 2023, and is currently $46.27 million as of their latest financial filing in 2024.

How has Shenandoah Telecommunications' book value per share changed over the last 2 years?

Over the last 2 years, Shenandoah Telecommunications' book value per share changed from 12.74 in 2022 to 16.82 in 2024, a change of 32.1%.

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This page (NASDAQ:SHEN) was last updated on 5/7/2025 by MarketBeat.com Staff

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Shenandoah Telecommunications (SHEN) Financials

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