This management's discussion and analysis includes "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. When used in this report, the words
"anticipate," "believe," "estimate," "expect," "intend," "plan" and similar
expressions as they relate to Shenandoah Telecommunications Company or its
management are intended to identify these forward-looking statements. All
statements regarding Shenandoah Telecommunications Company's expected future
financial position and operating results, business strategy, financing plans,
forecasted trends relating to the markets in which Shenandoah Telecommunications
Company operates and similar matters, including information concerning our
response to COVID-19, are forward-looking statements. We cannot assure you that
the Company's expectations expressed or implied in these forward-looking
statements will turn out to be correct. The Company's actual results could be
materially different from its expectations because of various factors, that may
include natural disasters, pandemics and outbreaks of contagious diseases and
other adverse public health developments, such as COVID-19, changes in general
economic conditions, increases in costs, changes in regulation and other
competitive factors. Updates to the Risk Factors described in "Item 1A-Risk
Factors" as provided in our Annual Report on Form 10-K for the year ended
December 31, 2019, may be found below in Part II, under the heading "Item
1A-Risk Factors.
The following management's discussion and analysis should be read in conjunction
with the Company's Annual Report on Form 10-K for its fiscal year ended
December 31, 2019, including the unaudited condensed consolidated financial
statements and related notes included therein.

Overview

Shenandoah Telecommunications Company ("Shentel", "we", "our", "us", or the "Company"), is a provider of a comprehensive range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States. Management's Discussion and Analysis is organized around our reporting segments. Refer to Note 14, Segment Reporting, in our unaudited condensed consolidated financial statements for additional information.

Results of Operations

Three Months Ended September 30, 2020 Compared with the Three Months Ended September 30, 2019



The Company's consolidated results from operations are summarized as follows:
                                                      Three Months Ended September 30,                                     Change
($ in thousands)                          2020       % of Revenue            2019       % of Revenue               $                    %
Revenue                               $  55,173         100.0             $ 51,814         100.0                  3,359                   6.5
Operating expenses                       54,703          99.1               51,133          98.7                  3,570                   7.0
Operating income                            470           0.9                  681           1.3                   (211)                (31.0)

Other income, net                         1,083           2.0                  994           1.9                     89                   9.0
Income before taxes                       1,553           2.8                1,675           3.2                   (122)                 (7.3)
Income tax expense                          141           0.3                  507           1.0                   (366)                (72.2)
Income from continuing
operations                                1,412           2.6                1,168           2.3                    244                  20.9

Income from discontinued
operations, net of tax                   33,509          60.7               13,186          25.4                 20,323                 154.1
Net Income                            $  34,921          63.3             $ 14,354          27.7                 20,567                 143.3



Revenue
Revenue in the third quarter of 2020 increased 6.5% to $55.2 million from $51.8
million in the third quarter of 2019, due to growth of $2.0 million and $1.4
million, in the Broadband and Tower segments, respectively.
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Refer to the discussion of the results of operations for the Broadband and Tower
segments, included within this quarterly report, for additional information.

Operating expenses
Operating expenses increased approximately $3.6 million, or 7.0%, during the
three months ended September 30, 2020 compared with the three months ended
September 30, 2019. The increase was primarily due to incremental Broadband
operating expenses incurred to support the launch of our new fiber-to-the-home
service, Glo Fiber, and new fixed wireless broadband service, Beam.

Income tax expense
Income tax expense decreased approximately $0.4 million, during the three months
ended September 30, 2020 compared with the three months ended September 30,
2019, due to changes in excess tax benefits from share based compensation and
other discrete items.
Income from discontinued operations, net of tax
As discussed in the notes to our interim financial statements, the results of
our Wireless operations are now presented as discontinued operations.

Income from discontinued operations, net of tax, increased $20.3 million, or
154.1%. The increase was driven by a $10.4 million decline in depreciation and
amortization primarily as a result of ceasing depreciation and amortization of
assets held for sale, $5.5 million increase in postpaid wireless service
revenue, a $4.5 million increase in travel revenue, and $4.2 million decline due
to ceasing amortization on our right of use assets under operating leases.

Nine Months Ended September 30, 2020 Compared with the Nine Months Ended September 30, 2019



The Company's consolidated results from operations are summarized as follows:
                                                       Nine Months Ended September 30,                                        Change
($ in thousands)                          2020        % of Revenue             2019       % of Revenue               $                     %
Revenue                               $  162,643         100.0             $ 153,285         100.0                  9,358                     6.1
Operating expenses                       165,404         101.7               153,437         100.1                 11,967                     7.8
Operating income (loss)                   (2,761)         (1.7)                 (152)         (0.1)                (2,609)                1,716.4

Other income, net                          3,103           1.9                 3,328           2.2                   (225)                   (6.8)
Income before taxes                          342           0.2                 3,176           2.1                 (2,834)                  (89.2)
Income tax expense (benefit)                (684)         (0.4)                 (108)         (0.1)                  (576)                 (533.3)
Income from continuing
operations                                 1,026           0.6                 3,284           2.1                 (2,258)                  (68.8)

Income from discontinued
operations, net of tax                    76,422          47.0                38,130          24.9                 38,292                   100.4
Net Income                            $   77,448          47.6             $  41,414          27.0                 36,034                    87.0



Revenue
Revenue increased $9.4 million or 6.1%, during the nine months ended September
30, 2020 compared with the nine months ended September 30, 2019, due to growth
of $6.5 million and $3.3 million, in the Broadband and Tower segments,
respectively.

Refer to the discussion of the results of operations for the Broadband and Tower segments below for additional information.



Operating expenses
Operating expenses increased approximately $12.0 million, or 7.8%, during the
nine months ended September 30, 2020 compared with the nine months ended
September 30, 2019. The increase was primarily due to incremental Broadband
operating expenses incurred to support the launch of our new fiber-to-the-home
service, Glo Fiber, and fixed wireless broadband solution, Beam.

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Income tax expense
Income tax expense decreased approximately $0.6 million, during the nine months
ended September 30, 2020 compared with the nine months ended September 30, 2019,
due to changes in taxable income.

Income from discontinued operations, net of tax
Income from discontinued operations net of tax increased $38.3 million or
100.4%. The increase was driven by a $22.2 million decrease in depreciation and
amortization, a $19.5 million increase in travel revenue, a $7.0 million decline
in interest expense from lower borrowing rates, $4.2 million in ceasing
amortization of our right of use assets under operating leases partially offset
by $13.8 million in higher income tax expense. Certain assets acquired from
nTelos in 2016 became fully depreciated during 2020 and depreciation and
amortization of the long-lived assets within our disposal group ceased in
September 2020.

Resolution of our travel revenue dispute during June of 2020 reset the travel
fee at $1.5 million per month through 2021. As a result, we recognized
$25.5 million of travel revenue during the nine months ended September 30, 2020
for service that we have provided since May 1, 2019. Of that amount,
$12.0 million related to service provided during 2019.

Broadband



Our Broadband segment provides broadband, video and voice services to
residential and commercial customers in portions of Virginia, West Virginia,
Maryland, and Kentucky, via hybrid fiber coaxial ("HFC") cable under the brand
name of Shentel, fiber optics under the brand name of Glo Fiber and fixed
wireless network under the brand name of Beam. The Broadband segment also leases
dark fiber and provides Ethernet and Wavelength fiber optic services to
enterprise and wholesale customers throughout the entirety of our service area.
The Broadband segment also provides voice and digital subscriber line ("DSL")
telephone services to customers in Virginia's Shenandoah County as a Rural Local
Exchange Carrier ("RLEC"). These integrated networks are connected by an
approximately 6,700 fiber route mile network. This fiber optic network also
supports our Wireless segment operations, which are currently classified as
discontinued operations, and these intercompany transactions are reported at
their market value.

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The following table indicates selected operating statistics of Broadband:
                                           September 30,
                                               2020           September 30, 

2019


Broadband homes passed (1) (2)                 230,002                 206,262
Incumbent Cable                                207,655                 206,262
Glo Fiber                                       22,347                       -

Broadband customer relationships (3)           106,314                  94,356

Residential and SMB RGUs:
Broadband                                       98,764                  82,413
Incumbent Cable                                 95,962                  82,413
Glo Fiber                                        2,802                       -
Video                                           53,647                  55,015
Voice                                           33,019                  30,956
Total Cable and Glo Fiber RGUs                 185,430                 

168,384



Residential and SMB Penetration (4)
Broadband                                         42.9  %                 40.0  %
Incumbent Cable                                   46.2  %                 40.0  %
Glo Fiber penetration                             12.5  %                    -  %
Video                                             23.3  %                 26.7  %
Voice                                             15.5  %                 16.3  %

Residential and SMB ARPU (5)
Broadband                                 $      77.71       $           77.47
Incumbent Cable                           $      77.66       $           77.47
Glo Fiber                                 $      80.03       $               -
Video                                     $      93.08       $           89.32
Voice                                     $      29.61       $           30.68

Fiber route miles                                6,705                   5,864
Total fiber miles (6)                          367,154                 311,702

_______________________________________________________


(1)Homes and businesses are considered passed ("homes passed") if we can connect
them to our distribution system without further extending the transmission
lines. Homes passed is an estimate based upon the best available information.
Homes passed have access to video, broadband and voice services.
(2)Includes approximately 16,600 RLEC homes passed where we are the dual
incumbent telephone and cable provider.
(3)Customer relationships represent the number of billed customers who receive
at least one of our services.
(4)Penetration is calculated by dividing the number of users by the number of
homes passed or available homes, as appropriate.
(5)Average Revenue Per Customer calculation = (Residential & SMB Revenue *
1,000) / average customer relationships / 3 months
(6)Total fiber miles are measured by taking the number of fiber strands in a
cable and multiplying that number by the route distance. For example, a 10 mile
route with 144 fiber strands would equal 1,440 fiber miles.

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Three Months Ended September 30, 2020 Compared with the Three Months Ended September 30, 2019

Broadband results from operations are summarized as follows:


                                                               Three Months Ended September 30,                                     Change
($ in thousands)                                  2020      % of Revenue            2019        % of Revenue                $                   %
Broadband operating revenue
Cable, residential and SMB                    $  37,469         73.9             $ 33,696                69.2              3,773                 11.2
Fiber, enterprise and wholesale                   6,589         13.0                7,085                14.6               (496)                (7.0)
Rural local exchange carrier                      4,645          9.2                5,583                11.5               (938)               (16.8)
Equipment and other                               2,007          4.0                2,317                 4.8               (310)               (13.4)
Total broadband revenue                          50,710        100.0               48,681               100.0  %           2,029                  4.2
Broadband operating expenses
Cost of services                                 21,326         42.1               20,032                41.1              1,294                  6.5
Selling, general, and administrative              9,792         19.3                8,790                18.1              1,002                 11.4
Depreciation and amortization                    10,106         19.9                8,617                17.7              1,489                 17.3
Total broadband operating expenses               41,224         81.3               37,439                76.9              3,785                 10.1
Broadband operating income                    $   9,486         18.7             $ 11,242                23.1             (1,756)               (15.6)


Cable, residential and small and medium business (SMB) revenue Cable, residential and SMB revenue increased during the three months ended September 30, 2020 approximately $3.8 million, or 11.2%, primarily driven by 19.8% growth in broadband subscribers.



Fiber, enterprise and wholesale revenue
Fiber, enterprise and wholesale revenue decreased during the three months ended
September 30, 2020 approximately $0.5 million, or 7.0%, due primarily to lower
amortized revenue partially offset by growth in enterprise and backhaul
connections.
Rural local exchange carrier (RLEC) revenue
RLEC revenue decreased approximately $0.9 million, or 16.8%, compared with the
three months ended September 30, 2019 due to lower governmental support and a
decline in residential voice and data subscribers.

Cost of services
Cost of services increased $1.3 million, or 6.5%, primarily driven by higher
compensation costs due to Glo Fiber and Beam fixed wireless start-up staffing
and maintenance of the expanding network.

Selling, general and administrative
Selling, general and administrative expense increased $1.0 million or 11.4%
compared with the three months ended September 30, 2019, due to increases in
compensation expense of $1.5 million as a result of Glo Fiber and Beam fixed
wireless start-up staffing, offset by a $0.4 million reduction in bad debt
expense.

Depreciation and amortization
Depreciation and amortization increased $1.5 million or 17.3%, compared with the
three months ended September 30, 2019, primarily as a result of our network
expansion, the introduction of fiber to the home service under our brand, Glo
Fiber, and our fixed wireless broadband solution, Beam.
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Nine Months Ended September 30, 2020 Compared with the Nine Months Ended September 30, 2019

Broadband results from operations are summarized as follows:


                                                                Nine Months Ended September 30,                                      Change
($ in thousands)                                  2020       % of Revenue            2019        % of Revenue                $                   %
Broadband revenue
Cable, residential and SMB                    $  108,242         71.9             $ 99,703                69.2              8,539                  8.6
Fiber, enterprise and wholesale                   21,853         14.5               20,373                14.1              1,480                  7.3
Rural local exchange carrier                      14,607          9.7               17,305                12.0             (2,698)               (15.6)
Equipment and other                                5,928          3.9                6,732                 4.7               (804)               (11.9)
Total broadband revenue                          150,630        100.0              144,113               100.0  %           6,517                  4.5
Broadband operating expenses
Cost of services                                  61,572         40.9               59,348                41.2              2,224                  3.7
Selling, general, and administrative              28,960         19.2               24,316                16.9              4,644                 19.1
Depreciation and amortization                     30,448         20.2               27,243                18.9              3,205                 11.8
Total broadband operating expenses               120,980         80.3              110,907                77.0             10,073                  9.1
Broadband operating income                    $   29,650         19.7             $ 33,206                23.0             (3,556)               (10.7)


Cable, residential and small and medium business (SMB) revenue Cable, residential and SMB revenue increased during the nine months ended September 30, 2020 approximately $8.5 million, or 8.6%, primarily driven by 19.8% growth in broadband subscribers.



Fiber, enterprise and wholesale revenue
Fiber, enterprise and wholesale revenue increased during the nine months ended
September 30, 2020 approximately $1.5 million, or 7.3%, due primarily to an
increase in new enterprise and backhaul connections.

Rural local exchange carrier (RLEC) revenue
RLEC revenue decreased approximately $2.7 million, or 15.6%, compared with the
nine months ended September 30, 2019 due primarily to a decline in residential
voice and data subscribers, lower governmental support, lower switched access
revenue from other carriers, and lower intercompany phone service.

Cost of services
Cost of services increased $2.2 million, or 3.7%, primarily driven by higher
compensation expense to support the expansion of our network related to the
launch of our new services Glo Fiber and Beam.

Selling, general and administrative
Selling, general and administrative expense increased $4.6 million or 19.1%
compared with the nine months ended September 30, 2019, due to increases in
compensation expense of $4.1 million as a result of Glo Fiber and Beam fixed
wireless start-up staffing, higher benefit plan and incentive accruals from
strong operating results, and $0.6 million of professional fees.

Depreciation and amortization
Depreciation and amortization increased $3.2 million or 11.8%, compared with the
nine months ended September 30, 2019, primarily as a result of our network
expansion and the introduction of fiber to the home service under our brand, Glo
Fiber.
Tower

Our Tower segment owns 230 cell towers and small cell sites and leases
colocation space on the towers to wireless communications providers, including
our Wireless segment which is currently classified as a discontinued operation.
Substantially all of our owned towers are built on ground that we lease from the
respective landlords. The colocation space that we lease to our Wireless segment
is priced at our estimate of fair market value.

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The following table indicates selected operating statistics of the Tower
segment:
                                   September 30,        September 30,
                                       2020                 2019
Macro towers owned                      222                  221
Small cell sites                          8                    -
Tenants (1)                             414                  380
Average tenants per tower               1.8                  1.7

_______________________________________________________

(1)Includes 208 and 177 intercompany tenants for our Wireless segment as of September 30, 2020 and 2019, respectively.

Three Months Ended September 30, 2020 Compared with the Three Months Ended September 30, 2019

Tower results from operations are summarized as follows:


                                                                   Three Months Ended September 30,                                  Change
($ in thousands)                                         2020      % of Revenue            2019     % of Revenue              $                  %
Tower revenue                                        $   4,501        100.0             $ 3,140        100.0                1,361                43.3
Tower operating expenses                                 2,080         46.2               1,810         57.6                  270                14.9
Tower operating income                               $   2,421         53.8             $ 1,330         42.4                1,091                82.0



Revenue
Revenue increased approximately $1.4 million, or 43.3%, during the three months
ended September 30, 2020 compared with the three months ended September 30,
2019. This increase was due to a 8.9% increase in tenants and a 37.9% increase
in average revenue per tenant driven by amendments to intercompany leases
effective in the first quarter of 2020.

Operating expenses
Operating expenses were comparable with the prior year.

Nine Months Ended September 30, 2020 Compared with the Nine Months Ended September 30, 2019

Tower results from operations are summarized as follows:


                                                                    Nine Months Ended September 30,                                   Change
($ in thousands)                                         2020       % of Revenue            2019     % of Revenue              $                  %
Tower revenue                                        $   12,490        100.0             $ 9,195        100.0                3,295                35.8
Tower operating expenses                                  6,046         48.4               5,440         59.2                  606                11.1
Tower operating income                               $    6,444         51.6             $ 3,755         40.8                2,689                71.6



Revenue
Revenue increased approximately $3.3 million, or 35.8%, during the nine months
ended September 30, 2020 compared with the nine months ended September 30, 2019.
This increase was due to a 10.2% increase in tenants and a 26.0% increase in
average revenue per tenant driven by amendments to intercompany leases.

Operating expenses
Operating expenses increased approximately $0.6 million during the nine months
ended September 30, 2020 compared to the prior year period due primarily to
increases in ground lease rent.





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Non-GAAP Financial Measures

Adjusted OIBDA

Adjusted OIBDA represents Operating income from continuing operations before
depreciation, amortization of intangible assets, stock-based compensation and
certain other items of revenue, expense, gain or loss not reflective of our
operating performance, which may or may not be recurring in nature.

Adjusted OIBDA is a non-GAAP financial measure that we use to evaluate our
operating performance in comparison to our competitors. Management believes that
analysts and investors use Adjusted OIBDA as a supplemental measure of operating
performance to facilitate comparisons with other telecommunications companies.
This measure isolates and evaluates operating performance by excluding the cost
of financing (e.g., interest expense), as well as the non-cash depreciation and
amortization of past capital investments, non-cash share-based compensation
expense, and certain other items of revenue, expense, gain or loss not
reflective of our operating performance, which may or may not be recurring in
nature.

Adjusted OIBDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for operating income, net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").



The following tables reconcile Adjusted OIBDA to operating income from
continuing operations, which we consider to be the most directly comparable GAAP
financial measure:
Three Months Ended September 30, 2020
                                                                                       Corporate &
(in thousands)                                  Broadband            Tower            Eliminations            Consolidated
Operating income from continuing
operations                                     $   9,486          $  2,421          $      (11,437)         $         470
Depreciation                                       9,939               467                   1,422                 11,828
Amortization                                         167                 -                       -                    167
OIBDA                                             19,592             2,888                 (10,015)                12,465
Share-based compensation expense                       -                 -                   1,137                  1,137
Deal advisory fees                                     -                 -                   1,032                  1,032
Adjusted OIBDA                                 $  19,592          $  2,888          $       (7,846)         $      14,634

Three Months Ended September 30, 2019


                                                                                       Corporate &
(in thousands)                                  Broadband            Tower            Eliminations            Consolidated
Operating income from continuing
operations                                     $  11,242          $  1,330          $      (11,891)         $         681
Depreciation                                       8,472               691                   1,433                 10,596
Amortization                                         145                 -                       -                    145
OIBDA                                             19,859             2,021                 (10,458)                11,422
Share-based compensation expense                       -                 -                     723                    723
Adjusted OIBDA                                 $  19,859          $  2,021          $       (9,735)         $      12,145



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Nine Months Ended September 30, 2020
                                                                                       Corporate &
(in thousands)                                  Broadband            Tower            Eliminations            Consolidated
Operating income from continuing
operations                                     $  29,650          $  6,444          $      (38,855)         $      (2,761)
Depreciation                                      29,960             1,414                   4,148                 35,522
Amortization                                         488                 -                       -                    488
OIBDA                                             60,098             7,858                 (34,707)                33,249
Share-based compensation expense                       -                 -                   5,306                  5,306
Deal advisory fees                                     -                 -                   3,002                  3,002
Adjusted OIBDA                                 $  60,098          $  7,858          $      (26,399)         $      41,557

Nine Months Ended September 30, 2019


                                                                                       Corporate &
(in thousands)                                  Broadband            Tower            Eliminations            Consolidated
Operating income from continuing
operations                                     $  33,206          $  3,755          $      (37,113)         $        (152)
Depreciation                                      26,936             2,102                   4,462                 33,500
Amortization                                         307                 -                       -                    307
OIBDA                                             60,449             5,857                 (32,651)                33,655
Share-based compensation expense                       -                 -                   2,769                  2,769
Adjusted OIBDA                                 $  60,449          $  5,857          $      (29,882)         $      36,424

Financial Condition, Liquidity and Capital Resources



Sources and Uses of Cash: Our principal sources of liquidity are our cash and
cash equivalents, cash generated from operations, proceeds available under our
revolving line of credit, and proceeds from dispositions.

As of September 30, 2020 our cash and cash equivalents totaled $184.1 million
and the availability under our revolving line of credit was $75.0 million, for
total available liquidity of $259.1 million.

•The Company generated approximately $44.8 million of net cash from continuing
operations during the nine months ended September 30, 2020, consistent with the
nine months ended September 30, 2019.
•Discontinued operations contributed $182.5 million driven by strong results for
our Wireless operations, including a $19.5 million increase due to the
resolution of our travel revenue dispute with Sprint.

Net cash used in investing activities from continuing operations increased
$23.1 million during the nine months ended September 30, 2020, compared with the
nine months ended September 30, 2019 due to the following:
•$33.9 million increase in capital expenditures due primarily to higher spending
in the Broadband segment primarily driven by our Glo Fiber market expansion.
•$10.0 million decline in acquisitions. In 2019, the Company acquired Big Sandy
Broadband, Inc. for $10.0 million.
•Net cash used in investing activities from discontinued operations decreased
$40.4 million to $17.8 million during the nine months ended September 30, 2020,
due to completion of the nTelos and Parkersburg network expansions in the first
half of 2019 and postponement of Richmond Sliver territory expansion projects.

Net cash used in financing activities from continuing operations during the nine
months ended September 30, 2020, consistent with the nine months ended September
30, 2019.

Indebtedness: As of September 30, 2020, the Company's indebtedness totaled
approximately $696.4 million, net of unamortized loan fees of $10.1 million,
with an annualized overall weighted average interest rate of approximately 2.3%.
Cash proceeds to be received, in connection with the completion of the sale of
the Wireless segment operating assets and operations, are required to be used to
repay our outstanding indebtedness. Principal payments on our debt are thus
presented as cash used to finance our discontinued operations. Refer to Note 9,
Debt, for information about the Company's Credit Facility and financial
covenants.

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Borrowing Capacity: As of September 30, 2020, the Company's outstanding debt
principal, under the Credit Facility, totaled $706.4 million, with an estimated
annualized effective interest rate of 2.3% after considering the impact of the
interest rate swap contracts and unamortized loan costs.

As of September 30, 2020, we were in compliance with the financial covenants in our Credit Facility agreement.



We expect our cash on hand, available funds under our revolving credit facility,
proceeds received from dispositions, and our cash flow from continuing
operations will be sufficient to meet our anticipated liquidity needs for
business operations for the next twelve months. There can be no assurance that
we will continue to generate cash flows at or above current levels or that we
will be able to maintain our ability to borrow under our credit facility.
Thereafter, capital expenditures will likely be required to continue planned
capital upgrades to the broadband networks, tower infrastructure and to provide
increased capacity to meet expected growth in demand for our products and
services. The actual amount and timing of our future capital requirements may
differ materially from our estimate depending on the demand for our products and
services, including the outcome of a potential sale of our wireless segment to
T-Mobile, new market developments and expansion opportunities.

Our proceeds from dispositions and cash flows from continuing operations could
be adversely affected by events outside our control, including, without
limitation, changes in overall economic conditions, regulatory requirements,
changes in technologies, demand for our products and services, availability of
labor resources and capital, changes in our relationship with Sprint, natural
disasters, pandemics and outbreaks of contagious diseases and other adverse
public health developments, such as COVID-19, and other conditions. Our ability
to attract and maintain a sufficient customer base, particularly in our
Broadband markets, is critical to our ability to maintain a positive cash flow
from operations. The foregoing events individually or collectively could affect
our results.

Critical Accounting Policies

There have been no material changes to the critical accounting policies as previously disclosed in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2019.

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