SHEN SHENANDOAH TELECOMMUNICATIONS CO/VA/

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2017: $1M, Q2 2017: $1M, Q1 2017: $4M, Q3 2016: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $1M vs trailing avg $2M (-39%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-365M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Missing shares repurchased or outstanding data

Are officers and directors buying stock with their own money on the open market?

16 open-market purchases by 2 insiders

• ECP Fiber Holdings GP, LLC () bought 1,803 shares at $13.34 on 2025-09-11
• ECP ControlCo, LLC () bought 1,803 shares at $13.34 on 2025-09-11
• ECP Fiber Holdings GP, LLC () bought 13,541 shares at $13.29 on 2025-09-10
• ECP ControlCo, LLC () bought 13,541 shares at $13.29 on 2025-09-10
• ECP ControlCo, LLC () bought 362 shares at $13.39 on 2025-09-09
• ECP Fiber Holdings GP, LLC () bought 362 shares at $13.39 on 2025-09-09
• ECP ControlCo, LLC () bought 147 shares at $13.46 on 2025-09-08
• ECP Fiber Holdings GP, LLC () bought 147 shares at $13.46 on 2025-09-08
• ECP ControlCo, LLC () bought 3,000 shares at $13.45 on 2025-09-05
• ECP Fiber Holdings GP, LLC () bought 3,000 shares at $13.45 on 2025-09-05

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters and 16 insider purchases by 2 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $2M, sold $0M in the last 90 days (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected