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Description of the business: (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Description of the business: |
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 which were 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 diluted weighted average shares | ​
​ | ​ | ​ | ​ | ​
​ |  | Three Months |  | Three Months
​ | ​ | Ended | ​ | Ended
​ |  | March 31, 2025 |  | March 31, 2024
Weighted-average common shares - basic | ​ | 47,676,735 | ​ | 47,416,268
Dilutive effect of stock options | ​ | — | ​ | —
Dilutive effect of restricted stock | ​ | — | ​ | —
Weighted-average common shares - diluted | ​ | 47,676,735 | ​ | 47,416,268
Schedule of details unvested shares of restricted common stock as well as the anti-dilutive effects of stock options and restricted stock awards outstanding | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Three Months | ​ | Three Months
​ | ​ | Ended | ​ | Ended
​ |  | March 31, 2025 |  | March 31, 2024
Unvested shares of restricted common stock | ​ | 1,661,185 | ​ | 1,602,845
Anti-dilutive options for common stock | ​ | 137,945 | ​ | 194,990
Anti-dilutive shares of restricted common stock | ​ | 789,335 | ​ | 115,341
​
Schedule of stockholders' (deficit) equity | The following details the changes in stockholders’ (deficit) equity for the three months ended March 31, 2025 and 2024, respectively (in thousands except share data):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Additional | ​ | Other | ​ | ​ | ​ | ​ | Total
​ | ​ | Common Stock | ​ | Paid-in | ​ | Comprehensive | ​ | Accumulated | ​ | Stockholders’
​ |  | Shares |  | Amount |  | Capital |  | Income (Loss) |  | Equity (Deficit) |  | Equity
Balance at December 31, 2023 | ​ | 48,608,569 | ​ | $ | 49 | ​ | $ | 606,755 | ​ | $ | (14,385) | ​ | $ | 17,137 | ​ | $ | 609,556
Forfeitures of shares granted to employees | ​ | (37,379) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Equity-based compensation | ​ | — | ​ | ​ | — | ​ | ​ | 7,616 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,616
Foreign currency translation | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,034) | ​ | ​ | — | ​ | ​ | (5,034)
Issuances of common stock | ​ | 439,090 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Exercises of options | ​ | 3,207 | ​ | ​ | — | ​ | ​ | 164 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 164
Dividends paid | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (46,351) | ​ | ​ | (46,351)
Net loss | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (65,307) | ​ | ​ | (65,307)
Balance at March 31, 2024 | ​ | 49,013,487 | ​ | $ | 49 | ​ | $ | 614,535 | ​ | $ | (19,419) | ​ | $ | (94,521) | ​ | $ | 500,644
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Common Stock | ​ | Paid-in | ​ | Comprehensive | ​ | Accumulated | ​ | Stockholders’
​ |  | Shares |  | Amount |  | Capital |  | Loss |  | Deficit |  | Equity
Balance at December 31, 2024 | ​ | 49,034,925 | ​ | $ | 49 | ​ | $ | 629,829 | ​ | $ | (30,685) | ​ | $ | (376,345) | ​ | $ | 222,848
Forfeitures of shares granted to employees |  | (10,260) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Equity-based compensation |  | — | ​ | ​ | — | ​ | ​ | 9,298 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,298
Foreign currency translation |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,752 | ​ | ​ | — | ​ | ​ | 11,752
Issuances of common stock |  | 310,598 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Exercises of options |  | 2,047 | ​ | ​ | — | ​ | ​ | 121 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 121
Dividends paid |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (49,133) | ​ | ​ | (49,133)
Net loss |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (52,042) | ​ | ​ | (52,042)
Balance at March 31, 2025 |  | 49,337,310 | ​ | $ | 49 | ​ | $ | 639,248 | ​ | $ | (18,933) | ​ | $ | (477,520) | ​ | $ | 142,844
​
Schedule of revenue for termination fees | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months |  | Three Months
​ | ​ | Ended | ​ | Ended
(in thousands) | ​ | March 31, 2025 | ​ | March 31, 2024
Service revenue recognized from deferred revenue balance at beginning of period | ​ | $ | 2,252 | ​ | $ | 3,085
Amortization expense for contract costs | ​ |  | 5,373 | ​ | ​ | 4,733
Schedule of lease cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months |  | Three Months
​ | ​ | Ended |  | Ended
(Amounts in thousands) |  | March 31, 2025 |  | March 31, 2024
Finance lease cost |  | ​ |  | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 13,916 | ​ | $ | 11,564
Interest expense on finance lease liabilities | ​ |  | 11,106 | ​ | ​ | 10,411
Operating lease cost | ​ |  | 17,444 | ​ | ​ | 24,251
Total lease costs | ​ | $ | 42,466 | ​ | $ | 46,226
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months |  | Three Months | ​
​ | ​ | Ended | ​ | Ended | ​
​ | ​ | March 31, 2025 | ​ | March 31, 2024 | ​
Other lease information (amounts in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from finance leases | ​ | $ | (9,723) | ​ | $ | (10,419) | ​
Operating cash flows from operating leases | ​ | ​ | (18,665) | ​ | ​ | (24,729) | ​
Financing cash flows from finance leases | ​ | ​ | (8,003) | ​ | ​ | (23,235) | ​
Right-of-use assets obtained in exchange for new finance lease liabilities | ​ | ​ | 38,961 | ​ | ​ | 54,423 | ​
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ | ​ | 7,873 | ​ | ​ | 5,151 | ​
Weighted-average remaining lease term — finance leases (in years) | ​ | ​ | 17.2 | ​ | ​ | 14.2 | ​
Weighted-average remaining lease term — operating leases (in years) | ​ | ​ | 11.1 | ​ | ​ | 12.3 | ​
Weighted-average discount rate — finance leases | ​ | ​ | 8.1 | % | ​ | 7.7 | %
Weighted-average discount rate — operating leases | ​ | ​ | 7.6 | % | ​ | 8.1 | %
​
Schedule of future minimum payments under these operating lease agreements | The future minimum payments under operating lease and finance lease agreements are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating |  | Finance
For the Twelve Months Ending March 31 | ​ | Leases | ​ | Leases
2026 |  | $ | 63,812 | ​ | $ | 65,639
2027 | ​ | ​ | 59,932 | ​ | ​ | 61,187
2028 | ​ | ​ | 57,551 | ​ | ​ | 61,327
2029 | ​ | ​ | 55,098 | ​ | ​ | 59,928
2030 | ​ | ​ | 39,579 | ​ | ​ | 59,748
Thereafter | ​ | ​ | 245,191 | ​ | ​ | 759,496
Total minimum lease obligations | ​ | ​ | 521,163 | ​ | ​ | 1,067,325
Less—amounts representing interest | ​ | ​ | (169,326) | ​ | ​ | (498,788)
Present value of minimum lease obligations | ​ | ​ | 351,837 | ​ | ​ | 568,537
Current maturities | ​ | ​ | (55,973) | ​ | ​ | (24,685)
Lease obligations, net of current maturities | ​ | $ | 295,864 | ​ | $ | 543,852
Schedule of future minimum payments under and finance lease agreements | The future minimum payments under operating lease and finance lease agreements are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating |  | Finance
For the Twelve Months Ending March 31 | ​ | Leases | ​ | Leases
2026 |  | $ | 63,812 | ​ | $ | 65,639
2027 | ​ | ​ | 59,932 | ​ | ​ | 61,187
2028 | ​ | ​ | 57,551 | ​ | ​ | 61,327
2029 | ​ | ​ | 55,098 | ​ | ​ | 59,928
2030 | ​ | ​ | 39,579 | ​ | ​ | 59,748
Thereafter | ​ | ​ | 245,191 | ​ | ​ | 759,496
Total minimum lease obligations | ​ | ​ | 521,163 | ​ | ​ | 1,067,325
Less—amounts representing interest | ​ | ​ | (169,326) | ​ | ​ | (498,788)
Present value of minimum lease obligations | ​ | ​ | 351,837 | ​ | ​ | 568,537
Current maturities | ​ | ​ | (55,973) | ​ | ​ | (24,685)
Lease obligations, net of current maturities | ​ | $ | 295,864 | ​ | $ | 543,852
Schedule of allowance for credit losses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Current-period |  | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Provision for | ​ | Write offs | ​ | ​ | ​
​ | ​ | Beginning | ​ | Expected Credit | ​ | Charged Against | ​ | Ending
Description | ​ | Balance | ​ | Losses | ​ | Allowance | ​ | Balance
Allowance for credit losses (deducted from accounts receivable) (in thousands) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Three months ended March 31, 2025 | ​ | $ | 9,762 | ​ | $ | 4,051 | ​ | $ | (4,620) | ​ | $ | 9,193
Three months ended March 31, 2024 | ​ | ​ | 3,677 | ​ | $ | 2,595 | ​ | $ | (684) | ​ | $ | 5,588
Schedule of fair value of accounts receivable at the acquisition date | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months |  | Three Months
​ | ​ | Ended | ​ | Ended
(in thousands) | ​ | March 31, 2025 | ​ | March 31, 2024
Net bad debt expense | ​ | $ | 2,064 | ​ | $ | 2,595
Bad debt recoveries | ​ |  | 1,987 | ​ | ​ | 296

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