to travel with Sprint, the impact on net travel and reseller revenue would have been a reduction of $1.5
million had the $0.041 rate been in effect in 2003.  Beginning in 2007, the Sprint travel and reseller rate
will be changed annually to equal 90% of Sprint’s retail yield from the prior year.  Sprint’s retail yield
will be determined based on Sprint’s average revenue per PCS user for voice services divided by the
average minutes of use per user.
41 ■ 2003 ANNUAL REPORT
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS