Company Quick10K Filing
Shenandoah Telecommunications
Price30.90 EPS1
Shares50 P/E28
MCap1,549 P/FCF8
Net Debt643 EBIT93
TEV2,192 TEV/EBIT24
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-23
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-05
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-06
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-08
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-08-26 Other Events
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-04-30
8-K 2020-04-21
8-K 2020-04-01
8-K 2020-02-26
8-K 2020-02-07
8-K 2019-10-31
8-K 2019-10-31
8-K 2019-10-29
8-K 2019-10-29
8-K 2019-08-12
8-K 2019-08-06
8-K 2019-08-06
8-K 2019-07-30
8-K 2019-06-24
8-K 2019-05-09
8-K 2019-05-09
8-K 2019-04-23
8-K 2019-04-16
8-K 2019-02-28
8-K 2019-02-28
8-K 2019-02-26
8-K 2018-12-03
8-K 2018-11-09
8-K 2018-11-06
8-K 2018-11-06
8-K 2018-10-30
8-K 2018-10-26
8-K 2018-10-24
8-K 2018-10-04
8-K 2018-08-07
8-K 2018-08-07
8-K 2018-06-29
8-K 2018-06-06
8-K 2018-05-08
8-K 2018-05-03
8-K 2018-05-03
8-K 2018-05-01
8-K 2018-04-03
8-K 2018-03-15
8-K 2018-03-15
8-K 2018-02-16
8-K 2018-02-01

SHEN 10Q Quarterly Report

Note 1. Basis of Presentation and Other Information
Note 2. Revenue From Contracts with Customers
Note 3. Investments
Note 4. Property, Plant and Equipment
Note 5. Goodwill and Intangible Assets
Note 6. Other Assets and Accrued Liabilities
Note 7. Leases
Note 8. Long - Term Debt
Note 9. Derivatives and Hedging
Note 10. Income Taxes
Note 11. Stock Compensation
Note 12. Commitments and Contingencies
Note 13. Segment Reporting
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits Index
EX-31.1 shenex3116302020.htm
EX-31.2 shenex3126302020.htm
EX-31.3 shenex3136302020.htm
EX-32 shenex326302020.htm

Shenandoah Telecommunications Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.91.51.10.80.40.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.70.40.1-0.1-0.4-0.72012201420172020
Ops, Inv, Fin

Document
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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended
June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from__________ to __________
Commission File No.: 000-09881
shenimagea14.jpg
SHENANDOAH TELECOMMUNICATIONS COMPANY
(Exact name of registrant as specified in its charter)
Virginia
 
54-1162807
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)

500 Shentel Way, Edinburg, Virginia    22824
(Address of principal executive offices)  (Zip Code)

(540) 984-4141
(Registrant's telephone number, including area code)
 
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Common Stock (No Par Value)
SHEN
NASDAQ Global Select Market
49,852,174
(Title of Class)
(Trading Symbol)
(Name of Exchange on which Registered)
(The number of shares of the registrant's common stock outstanding on July 24, 2020)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer 
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No 

 




SHENANDOAH TELECOMMUNICATIONS COMPANY
INDEX
 
 
Page
Numbers
PART I.
FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 3.
 
 
 
 
 
Item 4.
 
 
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
 
 
 
 
Item 1A.
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 6.
 
 
 
 
 
 
 
 
 
 
 




2




SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
June 30,
2020
 
December 31,
2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
143,712

 
$
101,651

Accounts receivable, net of allowance for doubtful accounts of $445 and $533, respectively
91,682

 
63,541

Income taxes receivable
4,452

 
10,306

Inventory, net of allowances of $40 and $66, respectively
3,295

 
5,728

Prepaid expenses and other
56,392

 
60,527

Total current assets
299,533

 
241,753

Investments
12,661

 
12,388

Property, plant and equipment, net
703,012

 
701,514

Intangible assets, net
285,081

 
314,147

Goodwill
149,070

 
149,070

Operating lease right-of-use assets
376,912

 
392,589

Deferred charges and other assets
54,311

 
53,352

Total assets
$
1,880,580

 
$
1,864,813

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Current maturities of long-term debt, net of unamortized loan fees
$
31,689

 
$
31,650

Accounts payable
26,702

 
40,295

Advanced billings and customer deposits
8,188

 
8,358

Accrued compensation
13,439

 
10,075

Current operating lease liabilities
45,005

 
42,567

Accrued liabilities and other
20,304

 
14,391

Total current liabilities
145,327

 
147,336

Long-term debt, less current maturities, net of unamortized loan fees
672,601

 
688,464

Other long-term liabilities:
 
 
 
Deferred income taxes
144,273

 
137,567

Asset retirement obligations
37,929

 
36,914

Benefit plan obligations
12,247

 
12,675

Noncurrent operating lease liabilities
332,850

 
352,439

Other liabilities
23,896

 
16,990

Total other long-term liabilities
551,195

 
556,585

Shareholders’ equity:
 
 
 
Common stock, no par value, authorized 96,000; 49,852 and 49,671 issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

Additional paid in capital
44,659

 
42,110

Retained earnings
472,537

 
430,010

Accumulated other comprehensive (loss) income, net of taxes
(5,739
)
 
308

Total shareholders’ equity
511,457

 
472,428

Total liabilities and shareholders’ equity
$
1,880,580

 
$
1,864,813


See accompanying notes to unaudited condensed consolidated financial statements.

3


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share amounts)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Revenue:
2020
 
2019
 
2020
 
2019
Service revenue and other
$
159,720

 
$
142,059

 
$
299,908

 
$
285,290

Equipment revenue
9,806

 
16,855

 
22,806

 
32,467

Total revenue
169,526

 
158,914

 
322,714

 
317,757

Operating expenses:
 
 
 
 
 
 
 
Cost of services
50,640

 
49,497

 
100,205

 
99,015

Cost of goods sold
9,658

 
15,874

 
22,329

 
30,511

Selling, general and administrative
31,394

 
27,170

 
62,385

 
55,892

Depreciation and amortization
34,832

 
42,353

 
71,743

 
83,532

Total operating expenses
126,524

 
134,894

 
256,662

 
268,950

Operating income
43,002

 
24,020

 
66,052

 
48,807

Other income (expense):
 
 
 
 
 
 
 
Interest expense
(5,044
)
 
(7,522
)
 
(11,255
)
 
(15,476
)
Other
1,573

 
1,176

 
2,306

 
2,463

Income before income taxes
39,531

 
17,674

 
57,103

 
35,794

Income tax expense
10,284

 
4,524

 
14,576

 
8,734

Net income
29,247

 
13,150

 
42,527

 
27,060

Other comprehensive income:
 
 
 
 
 
 
 
Unrealized income (loss) on interest rate hedge, net of tax
59

 
(4,212
)
 
(6,047
)
 
(6,940
)
Comprehensive income
$
29,306

 
$
8,938

 
$
36,480

 
$
20,120

 
 
 
 
 
 
 
 
Net income per share, basic and diluted:
 
 
 
 
 
 
 
Basic net income per share
$
0.59

 
$
0.26

 
$
0.85

 
$
0.54

Diluted net income per share
$
0.58

 
$
0.26

 
$
0.85

 
$
0.54

Weighted average shares outstanding, basic
49,902

 
49,848

 
49,878

 
49,812

Weighted average shares outstanding, diluted
50,082

 
50,142

 
50,039

 
50,118


See accompanying notes to unaudited condensed consolidated financial statements.



4


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(in thousands)
 
 
Shares of Common Stock (no par value)
 
Additional Paid in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Balance, March 31, 2020
 
49,842

 
$
43,158

 
$
443,290

 
$
(5,798
)
 
$
480,650

Net income
 

 

 
29,247

 

 
29,247

Other comprehensive loss, net of tax
 

 

 

 
59

 
59

Stock-based compensation
 
15

 
1,731

 

 

 
1,731

Common stock issued
 

 
7

 

 

 
7

Shares retired for settlement of employee taxes upon issuance of vested equity awards
 
(5
)
 
(237
)
 

 

 
(237
)
Balance, June 30, 2020
 
49,852

 
$
44,659

 
$
472,537

 
$
(5,739
)
 
$
511,457

 
 
 
 
 
 
 
 
 
 
 
 
 
Shares of Common Stock (no par value)
 
Additional Paid in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Balance, December 31, 2019
 
49,671

 
$
42,110

 
$
430,010

 
$
308

 
$
472,428

Net income
 

 

 
42,527

 

 
42,527

Other comprehensive loss, net of tax
 

 

 

 
(6,047
)
 
(6,047
)
Stock-based compensation
 
152

 
4,716

 

 

 
4,716

Common stock issued
 

 
15

 

 

 
15

Shares retired for settlement of employee taxes upon issuance of vested equity awards
 
(47
)
 
(2,182
)
 

 

 
(2,182
)
Common stock issued to acquire non-controlling interest in nTelos
 
76

 

 

 

 

Balance, June 30, 2020
 
49,852

 
$
44,659

 
$
472,537

 
$
(5,739
)
 
$
511,457

 
 
 
 
 
 
 
 
 
 
 
 
 
Shares of Common Stock (no par value)
 
Additional Paid in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Balance, March 31, 2019
 
49,844

 
$
46,641

 
$
402,406

 
$
5,552

 
$
454,599

Net income
 

 

 
13,150

 

 
13,150

Other comprehensive loss, net of tax
 

 

 

 
(4,212
)
 
(4,212
)
Stock-based compensation
 
17

 
695

 

 

 
695

Stock options exercised
 
1

 
(94
)
 

 

 
(94
)
Common stock issued
 

 
8

 

 

 
8

Shares retired for settlement of employee taxes upon issuance of vested equity awards
 
(5
)
 
(112
)
 

 

 
(112
)
Balance, June 30, 2019
 
49,857

 
$
47,138

 
$
415,556

 
$
1,340

 
$
464,034

 
 
 
 
 
 
 
 
 
 
 
 
 
Shares of Common Stock (no par value)
 
Additional Paid in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Balance, December 31, 2018
 
49,630

 
$
47,456

 
$
388,496

 
$
8,280

 
$
444,232

Net income
 

 

 
27,060

 

 
27,060

Other comprehensive loss, net of tax
 

 

 

 
(6,940
)
 
(6,940
)
Stock-based compensation
 
184

 
2,497

 

 

 
2,497

Stock options exercised
 
29

 
81

 

 

 
81

Common stock issued
 

 
16

 

 

 
16

Shares retired for settlement of employee taxes upon issuance of vested equity awards
 
(62
)
 
(2,912
)
 

 

 
(2,912
)
Common stock issued to acquire non-controlling interest in nTelos
 
76

 

 

 

 

Balance, June 30, 2019
 
49,857

 
$
47,138

 
$
415,556

 
$
1,340

 
$
464,034


See accompanying notes to unaudited condensed consolidated financial statements.

5


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
 
 
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
 
(in thousands)
 
 
 
 
Six Months Ended
June 30, 2020
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
42,527

 
$
27,060

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
63,258

 
72,737

Amortization of intangible assets
9,336

 
10,795

Accretion of asset retirement obligations
816

 
708

Bad debt expense
436

 
764

Stock based compensation expense, net of amount capitalized
4,520

 
2,307

Deferred income taxes
8,714

 
3,434

Gain from patronage and investments
(236
)
 
(2,081
)
Amortization of long-term debt issuance costs
1,343

 
1,648

Changes in assets and liabilities:
 
 
 
Accounts receivable
(28,573
)
 
(4,561
)
Inventory, net
2,433

 
(1,301
)
Current income taxes
5,854

 
1,138

Operating lease right-of-use assets
21,178

 
25,389

Waived management fee
19,707

 
19,320

Other assets
1,271

 
(8,679
)
Accounts payable
(10,331
)
 
6,311

Lease liabilities
(22,652
)
 
(21,880
)
Other deferrals and accruals
9,338

 
(3,477
)
Net cash provided by operating activities
128,939

 
129,632

 
 
 
 
Cash flows used in investing activities:
 
 
 
Capital expenditures
$
(66,626
)
 
(79,124
)
Cash disbursed for acquisitions

 
(10,000
)
Cash disbursed for deposit on FCC spectrum leases
(1,200
)
 

Proceeds from sale of assets and other
286

 
105

Net cash used in investing activities
(67,540
)
 
(89,019
)
 
 
 
 
Cash flows used in financing activities:
 
 
 
Principal payments on long-term debt
$
(17,061
)
 
(24,777
)
Taxes paid for equity award issuances
(2,182
)
 
(2,912
)
Other
(95
)
 
81

Net cash used in financing activities
(19,338
)
 
(27,608
)
Net increase (decrease) in cash and cash equivalents
42,061

 
13,005

Cash and cash equivalents, beginning of period
101,651

 
85,086

Cash and cash equivalents, end of period
$
143,712

 
$
98,091

See accompanying notes to unaudited condensed consolidated financial statements.

6


SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1Basis of Presentation and Other Information

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2019.

The preparation of the unaudited interim consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies at the date of the unaudited interim consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ.

T-Mobile Acquisition of Sprint
On April 1, 2020, T-Mobile US, Inc. (“T-Mobile”) announced the completion of its business combination with Sprint Corporation (“Sprint”) and subsequently delivered to the Company a notice of Network Technology Conversion, Brand Conversion and Combination Conversion (a “Conversion Notice”) pursuant to the terms of our affiliate agreement. The 90-day period following receipt of the Conversion Notice for the parties to negotiate mutually agreeable terms and conditions under which the Company would continue as an affiliate of T-Mobile, expired on June 30, 2020. The affiliate agreement further provides that, if T-Mobile and the Company have not negotiated a mutually acceptable agreement within the initial 90-day period, then T-Mobile would have a period of 60 days thereafter to exercise an option to purchase the assets of our Wireless operations for 90% of the "Entire Business Value," (as defined under our affiliate agreement and determined pursuant to the appraisal process under the affiliate agreement); this period will expire on August 31, 2020. If T-Mobile does not exercise its purchase option, the Company would then have a 60-day period to exercise an option to purchase the legacy T-Mobile network and subscribers in our service area. If the Company does not exercise its purchase option, T-Mobile must sell or decommission its legacy network and customers in our service area. The outcome of these proceedings could significantly impact our business operations and financial statements.

T-Mobile has not exercised its purchase option to date, and Shentel is not committed to a plan to sell our wireless segment that is probable of closing within one year. Accordingly, our wireless segment continues to be presented in continuing operations.

We continue to operate as an affiliate of Sprint Corporation, which is a wholly-owned indirect subsidiary of T-Mobile and thus continue to refer to our relationship with Sprint below.

Our Sprint affiliate agreement required T-Mobile to comply with certain restrictive operating requirements during the 90 day period following their Conversion Notice which ended on June 30, 2020.  T-Mobile publicly announced on July 22, 2020 its intention to begin integration of the brands, rate plans, sales and network on August 2, 2020.  Although the impact to Sprint customers in our affiliate area is uncertain at this point in time, the integration plans are likely to adversely affect our Wireless segment operating and financial results in future periods. 


Revision of Prior Period Financial Statements
In connection with the preparation of our unaudited condensed consolidated financial statements for the three months ended March 31, 2020, we determined that certain errors existed in our previously issued financial statements. Specifically:
Prepaid and other assets, as of December 31, 2019, were understated by $2.7 million, deferred tax liabilities were understated by $0.7 million, and retained earnings were understated by $2.0 million as the result of a failure to properly account for handsets that were utilized as demo phones in certain wireless retail stores within our area of operation. All of the impact to retained earnings is attributable to 2017 and prior years.
Property, plant and equipment, net, and deferred income tax liabilities as of December 31, 2019 were understated by $1.4 million and $0.4 million, respectively. Depreciation expense was overstated by $1.4 million for the year and quarter ended December 31, 2019. Income tax expense and net income were understated by $0.4 million and $1.0 million, respectively, for the year and quarter ended December 31, 2019.


7


We evaluated these errors under the U.S. Securities and Exchange Commission's ("SEC's") authoritative guidance on materiality and the quantification of the effect of prior period misstatements on financial statements, and we have determined that the impact of these errors on our prior period consolidated financial statements is immaterial. However, since the correction of these errors in the first quarter of 2020 could have become material to our results of operations for the year ending December 31, 2020, we revised our prior period financial statements to correct these errors herein. For the year and quarter ended December 31, 2019, the correction of these errors resulted in a $0.02 increase in both basic and diluted earnings per share.

Adoption of New Accounting Principles

There have been no developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company's unaudited condensed consolidated financial statements and note disclosures, from those disclosed in the Company's 2019 Annual Report on Form 10-K, that would be expected to impact the Company except for the following:

The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses ("ASC 326"): Measurement of Credit Losses on Financial Instruments, as of January 1, 2020 using the modified retrospective transition method. ASC 326 requires the application of a current expected credit loss (“CECL”) impairment model to financial assets measured at amortized cost including trade accounts receivable, net investments in leases, and certain off-balance-sheet credit exposures. Under the CECL model, lifetime expected credit losses on such financial assets are measured and recognized at each reporting date based on historical, current, and forecasted information. Furthermore, the CECL model requires financial assets with similar risk characteristics to be analyzed on a collective basis. There was no significant impact to condensed consolidated financial statements upon adoption.

The Company adopted ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software ("ASC 350"): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, as of January 1, 2020. ASC 350 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Upon adoption of the standard, implementation costs were capitalized in the period incurred and will be amortized over the term of the hosting arrangement. There was no significant impact to condensed consolidated financial statements upon adoption.

In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference London Interbank Offering Rate (LIBOR) or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and therefore would not require reassessment of a previous accounting determination. The Company's Credit Agreement and interest rate swaps have LIBOR as a reference rate. We plan to apply the accounting relief as relevant contract modifications are made to our Credit Agreement and interest rate swap contracts during the course of the reference rate reform transition period. The optional relief can be applied beginning January 1, 2020, and ending December 31, 2022.

Note 2. Revenue from Contracts with Customers
 
Refer to Note 13, Segment Reporting, for a summary of our revenue streams, which are discussed further below.

Wireless Segment Revenue

Historically we earned $1.5 million in monthly fees for services that we provided to Sprint customers who pass through our network, ("travel revenue"). On April 30, 2019, the agreed upon pricing for this service expired, and Sprint suspended further payments. At that time, we ceased recognition of travel revenue until an agreement on pricing could be reached, but continued to provide this service to Sprint’s customers. In October 2019, we initiated binding arbitration with Sprint pursuant to the terms of our affiliate agreement. During June 2020, the arbitrators reset the fee to $1.5 million per month pricing through December 31, 2021. As a result, we recognized $21.0 million of travel revenue during the three and six months ended June 30, 2020 for service that we have provided since May 1, 2019. We collected payment of this amount in July of 2020. We recognized $1.5 million and $6.0 million in travel revenue for the three and six month periods ended June 30, 2019, respectively.


8


Below is a summary of the Wireless segment's contract asset:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands)
 
2020
 
2019
 
2020
 
2019
Beginning Balance
 
$
86,198

 
$
70,371

 
$
84,663

 
$
65,674

Contract payments
 
14,937

 
17,565

 
33,182

 
35,716

Contract amortization against revenue
 
(17,456
)
 
(14,147
)
 
(34,166
)
 
(27,601
)
Ending Balance
 
$
83,679

 
$
73,789

 
$
83,679

 
$
73,789



Our Wireless contract asset is reduced by an estimated obligation to refund amounts that Sprint is later unable to collect from its subscribers. This refund obligation totaled $10.0 million at June 30, 2020 and $7.0 million at December 31, 2019. A change to Sprint’s collection policies extended the timeline to write-off a delinquent subscriber's invoice from four to five months. This had the effect of increasing the cash that we collected from Sprint during the period, but also extended the timeframe under which we can be required to refund those amounts. This drove a $1.8 million increase in the refund obligation, but had no impact on our recognition of revenue. The remaining $1.2 million increase was recognized as contra revenue and was driven by changes in expected credit losses, primarily as a result of COVID-19 and Sprint's participation in the Keep Americans Connected pledge.

Broadband Segment Revenue

Below is a summary of the Broadband segment's capitalized contract acquisition costs:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands)
 
2020
 
2019
 
2020
 
2019
Beginning Balance
 
$
11,663

 
$
10,409

 
$
11,005

 
$
10,091

Contract payments
 
2,248

 
1,457

 
3,933

 
3,156

Contract amortization
 
(1,131
)
 
(1,390
)
 
(2,158
)
 
(2,771
)
Ending Balance
 
$
12,780

 
$
10,476

 
$
12,780

 
$
10,476



Future performance obligations
On June 30, 2020, the Company had approximately $3.1 million allocated to unsatisfied performance obligations that will be satisfied at the rate of approximately $0.8 million per year.

Note 3.  Investments

Investments consist of the following:
(in thousands)
June 30,
2020
 
December 31,
2019
SERP investments at fair value
$
2,096

 
$
2,278

Cost method investments
9,993

 
9,497

Equity method investments
572

 
613

Total investments
$
12,661

 
$
12,388



SERP Investments at Fair Value: The Supplemental Executive Retirement Plan (“SERP”) is a benefit plan that provides deferred compensation to certain employees. The Company holds the related investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710 Compensation. Changes to the investments' fair value are presented in Other income (expense), while the reciprocal changes in the liability are presented in selling, general and administrative expense.

Cost Method Investments:  Our investment in CoBank’s Class A common stock represented substantially all of our cost method investments with a balance of $9.2 million and $8.7 million at June 30, 2020 and December 31, 2019, respectively. We recognized

9


approximately $1.0 million and $0.9 million of patronage income in Other income (expense) in the three months ended June 30, 2020 and 2019, respectively, and approximately $2.0 million and $1.8 million in the six months ended June 30, 2020 and 2019, respectively. Historically, approximately 75% of the patronage distributions were in cash and 25% in equity.

Equity Method Investments: At June 30, 2020, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). The Company and ValleyNet purchase capacity on one another’s fiber network. We recognized revenue of $0.3 million from providing service to ValleyNet during both of the three months ended June 30, 2020 and 2019, and approximately $0.5 million during both of the six months ended June 30, 2020 and 2019. We recognized cost of service of $0.6 million and $0.8 million for the use of ValleyNet’s network during the three months ended June 30, 2020 and 2019, respectively, and approximately $1.4 million and $1.5 million in the six months ended June 30, 2020 and 2019, respectively.

Note 4Property, Plant and Equipment

Property, plant and equipment consisted of the following:
($ in thousands)
Estimated Useful Lives
 
June 30,
2020
 
December 31,
2019
Land
 
 
 
 
 
$
7,485

 
$
6,976

Buildings and structures
10
-
40
years
 
239,772

 
232,730

Cable and fiber
15
-
40
years
 
354,819

 
334,260

Equipment and software
3
-
20
years
 
887,584

 
867,898

Plant in service
 
 
 
 
 
1,489,660

 
1,441,864

Plant under construction
 
 
 
 
 
71,388

 
56,827

Total property, plant and equipment
 
 
 
 
 
1,561,048

 
1,498,691

Less: accumulated amortization and depreciation
 
 
 
 
 
858,036

 
797,177

Property, plant and equipment, net
 
 
 
 
 
$
703,012

 
$
701,514



Note 5. Goodwill and Intangible Assets

There were no changes to goodwill during the three and six months ended June 30, 2020.

Other intangible assets consisted of the following:
 
June 30, 2020
 
December 31, 2019
(in thousands)
Gross
Carrying
Amount
 
Accumulated Amortization and Other
 
Net
 
Gross
Carrying
Amount
 
Accumulated Amortization and Other
 
Net
Indefinite-lived intangibles:
 
 
 
 
 
 
 
 
 
 
 
Cable franchise rights
$
64,334

 
$

 
$
64,334

 
$
64,334

 
$

 
$
64,334

FCC spectrum licenses
13,839

 

 
13,839

 
13,839

 

 
13,839

Railroad crossing rights
141