The Company’s access revenue may be adversely impacted by legislative or regulatory actions that decrease access
rates or exempt certain traffic from paying access to the Company’s regulated telephone network.  The Federal
Communications Commission is currently reviewing the issue of Voice Over Internet Protocol (VOIP) as it relates to
access charges.  An unfavorable finding may have an adverse effect on the Company’s telephone operations.
The current competitive nature of the wireless industry may prompt major wireless providers to strive for financial
improvements through industry consolidation.  Such consolidation could include Sprint.  It is not clear to what extent
consolidation may occur or which companies will be involved, but certain consolidation transactions may have an
adverse impact on the operating results and valuation of the Company’s wireless operations.
marketing Sprint PCS.  If financial difficulties are experienced by Sprint or any Affiliate, it could have an adverse
impact on the Company’s results.
55 ■ 2003 ANNUAL REPORT
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Company’s PCS network is part of Sprint’s nationwide wireless network.  The network is owned and operated by
Sprint and its Affiliates.  The financial viability of Sprint and its Affiliates is critical to the success of operating and