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Shenandoah Telecommunications Co (SHEN+0.52%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $87,599,000, an increase from $67,409,000 in the same quarter the previous year. This increase was driven by revenue from the recent acquisition of Horizon Acquisition Parent LLC.
Operating expenses for the quarter were $91,775,000, compared to $68,019,000 in the same quarter of the previous year. The increase was primarily due to costs associated with the Horizon acquisition and integration.
The company reported an operating loss of $4,176,000 for the quarter, compared to an operating loss of $610,000 in the previous year.
Interest expense for the quarter was $3,668,000, up from $1,198,000 in the previous year, due to higher outstanding debt.
Net loss for the quarter was $5,263,000, compared to net income of $1,593,000 in the previous year. After accounting for redeemable noncontrolling interest, net loss attributable to common shareholders was $6,901,000.
Cash provided by operating activities was $48,376,000 for the nine months ended September 30, 2024, while cash used in investing activities was $560,923,000, primarily due to the Horizon acquisition.
The company completed the sale of its tower portfolio for $309.9 million, which was used to fund the Horizon acquisition.
Shenandoah Telecommunications Co does not anticipate cash dividend payments to common stockholders in the near future.
The filing also details the issuance of Series A Preferred Stock and amendments to its credit agreement to support the company's strategic initiatives.
The company continues to focus on expanding its broadband network and integrating Horizon's operations to enhance service offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Shenandoah Telecommunications Co quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.