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v3.25.4

Description of the business and summary of significant accounting policies: (Tables) | 12 Months Ended
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Dec. 31, 2025
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 asset | ​ |  | 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 allowance for credit losses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Current-period | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Provision for | ​ | Write offs | ​ | Balance at
​ |  | Beginning |  | Expected Credit |  | Charged Against |  | End of
Description | ​ ​ ​ | of Period | ​ ​ ​ | Losses | ​ ​ ​ | Allowance | ​ ​ ​ | Period
Allowance for credit losses (deducted from accounts receivable) |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Year ended December 31, 2025 |  | $ | 9,762 | ​ | $ | 3,733 | ​ | $ | (8,885) | ​ | $ | 4,610
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
Schedule of lease cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year | ​ | Year | ​ | Year | ​
​ | ​ | Ended | ​ | Ended | ​ | Ended | ​
​ | ​ ​ ​ | December 31, 2025 | ​ ​ ​ | December 31, 2024 | ​ ​ ​ | December 31, 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost amortization of right-of-use assets | ​ | $ | 54,712 | ​ | $ | 48,370 | ​ | $ | 64,698 | ​
Interest expense on finance lease liabilities | ​ | ​ | 48,016 | ​ | ​ | 40,352 | ​ | ​ | 34,940 | ​
Operating lease cost | ​ | ​ | 73,574 | ​ | ​ | 98,521 | ​ | ​ | 92,763 | ​
Total lease costs | ​ | ​ | 176,302 | ​ | ​ | 187,243 | ​ | ​ | 192,401 | ​
Other lease information | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from finance leases | ​ | $ | (46,989) | ​ | $ | (37,829) | ​ | $ | (33,080) | ​
Operating cash flows from operating leases | ​ | $ | (74,655) | ​ | $ | (102,649) | ​ | $ | (93,924) | ​
Financing cash flows from finance leases | ​ | $ | (33,843) | ​ | $ | (189,208) | ​ | $ | (77,362) | ​
Right-of-use assets obtained in exchange for new finance lease liabilities | ​ | $ | 149,058 | ​ | $ | 241,193 | ​ | $ | 232,468 | ​
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ | $ | 18,597 | ​ | $ | 12,614 | ​ | $ | 13,682 | ​
Weighted-average remaining lease term — finance leases (in years) | ​ | ​ | 16.8 | ​ | ​ | 17.1 | ​ | ​ | 11.5 | ​
Weighted-average remaining lease term — operating leases (in years) | ​ | ​ | 11.3 | ​ | ​ | 10.9 | ​ | ​ | 12.2 | ​
Weighted average discount rate — finance leases | ​ | ​ | 8.4 | % | ​ | 8.1 | % | ​ | 7.6 | %
Weighted average discount rate — operating leases | ​ | ​ | 7.6 | % | ​ | 7.8 | % | ​ | 8.1 | %
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
2026 |  | $ | 62,137 | ​ | $ | 71,002
2027 | ​ | ​ | 58,180 | ​ | ​ | 67,618
2028 | ​ | ​ | 55,856 | ​ | ​ | 66,719
2029 | ​ | ​ | 46,584 | ​ | ​ | 65,938
2030 | ​ | ​ | 28,685 | ​ | ​ | 65,629
Thereafter | ​ | ​ | 230,238 | ​ | ​ | 822,174
Total minimum lease obligations | ​ | ​ | 481,680 | ​ | ​ | 1,159,080
Less—amounts representing interest | ​ | ​ | (157,351) | ​ | ​ | (535,729)
Present value of minimum lease obligations | ​ | ​ | 324,329 | ​ | ​ | 623,351
Current maturities | ​ | ​ | (54,576) | ​ | ​ | (26,112)
Lease obligations, net of current maturities | ​ | $ | 269,753 | ​ | $ | 597,239
Schedule of future minimum payments under these finance 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
2026 |  | $ | 62,137 | ​ | $ | 71,002
2027 | ​ | ​ | 58,180 | ​ | ​ | 67,618
2028 | ​ | ​ | 55,856 | ​ | ​ | 66,719
2029 | ​ | ​ | 46,584 | ​ | ​ | 65,938
2030 | ​ | ​ | 28,685 | ​ | ​ | 65,629
Thereafter | ​ | ​ | 230,238 | ​ | ​ | 822,174
Total minimum lease obligations | ​ | ​ | 481,680 | ​ | ​ | 1,159,080
Less—amounts representing interest | ​ | ​ | (157,351) | ​ | ​ | (535,729)
Present value of minimum lease obligations | ​ | ​ | 324,329 | ​ | ​ | 623,351
Current maturities | ​ | ​ | (54,576) | ​ | ​ | (26,112)
Lease obligations, net of current maturities | ​ | $ | 269,753 | ​ | $ | 597,239
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 - 10 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | Year Ended | ​ | Year Ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Weighted-average common shares—basic | ​ | 47,928,826 | ​ | 47,627,873 | ​ | 47,373,361
Dilutive effect of stock options | ​ | — | ​ | — | ​ | 15,380
Dilutive effect of restricted stock | ​ | — | ​ | — | ​ | 448,771
Weighted-average common shares—diluted | ​ | 47,928,826 | ​ | 47,627,873 | ​ | 47,837,512
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,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
Unvested shares of restricted common stock | ​ | 2,348,875 | ​ | 1,489,277 | ​ | 1,261,623
Anti-dilutive options for common stock | ​ | 231,515 | ​ | 149,908 | ​ | 118,985
Anti-dilutive shares of restricted common stock | ​ | 745,668 | ​ | 704,070 | ​ | 11,365
​

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