information for the Company to record the appropriate revenue and expenses for the periods reflected.
The Company’s PCS business has operated in a net travel receivable position for several years.  The Company received
$6.0 million in net travel in 2003, compared to $5.8 million in 2002, and $4.0 million in 2001. This relationship could
change due to service plan changes, subscriber travel habit changes and other changes beyond the control of the
Company.
SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 42
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS