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

12 Months Ended

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

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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

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of Period

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Losses

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Allowance

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Period

Allowance for credit losses (deducted from accounts receivable)

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Year ended December 31, 2025

$

9,762

​

$

3,733

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$

(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

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​	​	​	​	​	​	​
​	​	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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