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Description of the business and summary of significant accounting policies: (Tables)

12 Months Ended

Dec. 31, 2024

Description of the business and summary of significant accounting policies:

Schedule of acquisition-date fair value of consideration to be received from the transaction

​

​	​	​	​
(In thousands)		May 1, 2023
Working capital payments made to the Seller, net of severance reimbursements (a)	​	$	37,532
Purchase Agreement payment to be received from the Seller, net of discount of $8,392 (b)	​		19,723
Amounts due from the Seller – IP Transit Services Agreement, net of discount of $79,610 (c)	​		620,390
Total to be received from the Seller	​		640,113
Total net consideration to be received from the Seller (d)	​		602,581

(a) Includes $61.1 million paid to the Seller on the Closing Date and $5.0 million paid in April 2024. Additionally, includes an offsetting $28.6 million in total severance reimbursement payments received from the Seller recorded as measurement period adjustments of:

● $16.2 million during the three months ended December 31, 2023;

● $4.3 million during the three months ended March 31, 2024; and

● $8.0 million during the three months ended June 30, 2024.

(b) Under the Purchase Agreement, 50.0% of the assumed short-term operating lease liabilities totaling $28.1 million are to be paid to the Company from the Seller in four equal installments in months 55-58 from the Closing Date and was recorded at their present value resulting in a discount of $8.4 million. During the three months ended March 31, 2024, the Working Capital Adjustment, net of discount, was adjusted by $17.0 million to reflect the conclusion of the determination of amounts due from the Seller from the Short-term Lease Payment.

(c) The IP Transit Services Agreement payments totaling $700.0 million were recorded at their present value resulting in a discount of $79.6 million. The $700.0 million is to be paid to the Company from the Seller in equal monthly payments of $29.2 million in months 1-12 and $8.3 million in months 13-54.

(d) Cash consideration was $1.

Schedule of fair values for each major class of assets acquired and liabilities assumed at the closing date

​

​	​	​	​
​		May 1, 2023
Assets		​
Current assets:		​
Cash and cash equivalents	​	$	47,074
Accounts receivable	​		39,948
Prepaid expenses and other current assets	​		22,777
Total current assets	​	​	109,799
Total property and equipment	​		965,715
Right-of-use leased assets	​		304,982
IPv4 intangible assets	​		458,000
Other intangible assets	​		16,000
Deposits and other assets	​		7,521
Total assets	​	$	1,862,017
Liabilities	​
Current liabilities:	​
Accounts payable	​	$	13,313
Accrued and other current liabilities	​		25,344
Current maturities, operating lease liabilities	​		74,562
Current maturities, finance lease liabilities	​		39,559
Total current liabilities	​		152,778
Operating lease liabilities, net of current maturities	​		251,573
Finance lease liabilities, net of current maturities	​		121,342
Deferred income tax liabilities	​		474,891
Other long-term liabilities	​		35,366
Total liabilities	​		1,035,950
Fair value of net assets acquired	​	$	826,067
Gain on bargain purchase	​
Fair value of net assets acquired	​	$	826,067
Total net consideration to be received from the Seller, net of discounts - see table above	​		602,581
Gain on bargain purchase	​	$	1,428,648

Schedule of proforma information

​

​	​	​	​	​	​	​
​	​	Year		​	Year
​	​	Ended		​	Ended
(In thousands) (unaudited)		December 31, 2023			December 31, 2022
Service revenue	​	$	1,121,680	​	$	1,170,904
Operating loss from continuing operations	​		(314,440)	​		(711,036)
Net income	​		1,123,620	​		621,571

Schedule of allowance for credit losses

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Current-period

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Balance at

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Provision for

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Write offs

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Balance at

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Beginning

Expected Credit

Charged Against

End of

Description

of Period

Losses

Allowance

Period

Allowance for credit losses (deducted from accounts receivable)

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Year ended December 31, 2024

$

3,677

​

$

13,572

​

$

(7,487)

​

$

9,762

Year ended December 31, 2023

$

2,303

​

$

10,475

​

$

(9,101)

​

$

3,677

Year ended December 31, 2022

$

1,510

​

$

4,318

​

$

(3,525)

​

$

2,303

Schedule of lease cost

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 replaced most existing lease accounting guidance. The Company has elected to apply certain practical expedients under ASU 2016-02, including not separating lease and non-lease components on its finance and operating leases, not reassessing whether any existing contracts contained leases, not reconsidering lease classification, not reassessing initial direct costs and using hindsight in determining the reasonably certain term of its leases.

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year		​	Year		​	Year		​
​	​	Ended		​	Ended		​	Ended		​
​		December 31, 2024			December 31, 2023			December 31, 2022		​
​	​	​	​	​	​	​	​	​	​	​
Finance lease cost amortization of right-of-use assets	​	$	48,370	​	$	64,698	​	$	28,915	​
Interest expense on finance lease liabilities	​	​	40,352	​	​	34,940	​	​	23,317	​
Operating lease cost	​	​	98,521	​	​	92,763	​	​	18,331	​
Total lease costs	​	​	187,243	​	​	192,401	​	​	70,563	​
Other lease information	​	​		​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities	​	​	​	​	​	​	​	​	​	​
Operating cash flows from finance leases	​	$	(37,829)	​	$	(33,080)	​	$	(23,317)	​
Operating cash flows from operating leases	​	$	(102,649)	​	$	(93,924)	​	$	(18,836)	​
Financing cash flows from finance leases	​	$	(189,208)	​	$	(77,362)	​	$	(45,472)	​
Right-of-use assets obtained in exchange for new finance lease liabilities	​	$	241,193	​	$	232,468	​	$	107,875	​
Right-of-use assets obtained in exchange for new operating lease liabilities	​	$	12,614	​	$	13,682	​	$	11,168	​
Weighted-average remaining lease term — finance leases (in years)	​	​	17.1	​	​	11.5	​	​	13.5	​
Weighted-average remaining lease term — operating leases (in years)	​	​	10.9	​	​	12.2	​	​	16.6	​
Weighted average discount rate — finance leases	​	​	8.1	%	​	7.6	%	​	8.6	%
Weighted average discount rate — operating leases	​	​	7.8	%	​	8.1	%	​	5.4	%

​

Schedule of future minimum payments under these operating lease agreements

The future minimum payments under these operating lease and finance lease agreements are as follows (in thousands):

​

​	​	​	​	​	​	​
​		Operating			Finance
For the twelve months ending December 31,	​	Leases		​	Leases
2025		$	65,584	​	$	63,299
2026	​	​	60,803	​	​	58,328
2027	​	​	57,429	​	​	58,361
2028	​	​	54,957	​	​	57,402
2029	​	​	45,777	​	​	56,357
Thereafter	​	​	246,763	​	​	715,349
Total minimum lease obligations	​	​	531,313	​	​	1,009,096
Less—amounts representing interest	​	​	(172,137)	​	​	(470,710)
Present value of minimum lease obligations	​	​	359,176	​	​	538,386
Current maturities	​	​	(57,172)	​	​	(21,225)
Lease obligations, net of current maturities	​	$	302,004	​	$	517,161

Schedule of depreciation and amortization periods

​

​	​	​
Type of asset		Depreciation or amortization period
Indefeasible rights of use (IRUs)		Shorter of useful life or the IRU lease agreement; generally, 15 to 20 years
Network equipment		2 to 8 years
Leasehold improvements		Shorter of lease term, including reasonably assured renewal periods, or useful life
Software		5 years
Owned buildings		16 to 40 years
Office and other equipment		2 to 7 years
Asset retirement obligations	​	4 years
System infrastructure		5 to 40 years

Schedule of diluted weighted average shares

The following details the determination of the diluted weighted-average shares:

​

​	​	​	​	​	​	​
​	​	Year Ended	​	Year Ended	​	Year Ended
​	​	December 31,	​	December 31,	​	December 31,
​		2024		2023		2022
Weighted-average common shares—basic	​	47,627,873		47,373,361	​	46,875,992
Dilutive effect of stock options	​	—		15,380	​	16,064
Dilutive effect of restricted stock	​	—		448,771	​	315,242
Weighted-average common shares—diluted	​	47,627,873		47,837,512	​	47,207,298

​

Schedule of details unvested shares of restricted common stock as well as the anti-dilutive effects of stock options and restricted stock awards outstanding

​

​	​	​	​	​	​	​
​		December 31,		December 31,		December 31,
​	​	2024	​	2023	​	2022
Unvested shares of restricted common stock	​	1,489,277	​	1,261,623	​	1,164,021
Anti-dilutive options for common stock	​	149,908	​	118,985	​	105,556
Anti-dilutive shares of restricted common stock	​	704,070	​	11,365	​	541,608

​

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