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Composition of Certain Balance Sheet Accounts | 3 Months Ended
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Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Composition of Certain Balance Sheet Accounts | 4. Composition of Certain Balance Sheet Accounts Inventories consist primarily of telecommunications systems and parts and are recorded at the lower of average cost or net realizable value. We evaluate the need for write-downs associated with obsolete, slow-moving and nonsalable inventory by reviewing net realizable inventory values on a periodic basis. As a result of our determination to participate in the FCC Reimbursement Program (as defined and described in Note 16, “Government Assistance”), the Company wrote down the net realizable value of certain inventory by approximately $1.3 million for the three-month period ended March 31, 2023. The write-off charge is included in Cost of equipment revenue in our Unaudited Condensed Consolidated Statements of Operations. Inventories as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Work-in-process component parts |  | $ | 36,362 |  |  | $ | 34,840 |
Finished goods |  |  | 18,134 |  |  |  | 14,653 |
Total inventory |  | $ | 54,496 |  |  | $ | 49,493 |
Prepaid expenses and other current assets as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Interest rate caps and receivable |  | $ | 27,113 |  |  | $ | 28,496 |
Contract assets |  |  | 6,796 |  |  |  | 6,494 |
Prepaid inventories |  |  | 2,917 |  |  |  | 2,901 |
Other |  |  | 9,433 |  |  |  | 7,209 |
Total prepaid expenses and other current assets |  | $ | 46,259 |  |  | $ | 45,100 |
Property and equipment as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Office equipment, furniture, fixtures and other |  | $ | 17,457 |  |  | $ | 17,242 |
Leasehold improvements |  |  | 15,419 |  |  |  | 15,357 |
Network equipment |  |  | 180,934 |  |  |  | 179,363 |
|  |  | 213,810 |  |  |  | 211,962 |
Accumulated depreciation |  |  | (109,125 | ) |  |  | (107,367 | )
Total property and equipment, net |  | $ | 104,685 |  |  | $ | 104,595 |
Other non-current assets as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Contract assets, net of allowances of $487 and $501, respectively |  | $ | 12,530 |  |  | $ | 13,376 |
Interest rate caps |  |  | 17,639 |  |  |  | 25,578 |
Revolving credit facility deferred financing costs |  |  | 1,338 |  |  |  | 1,445 |
Other |  |  | 2,971 |  |  |  | 2,956 |
Total other non-current assets |  | $ | 34,478 |  |  | $ | 43,355 |
Accrued liabilities as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Accrued interest |  | $ | 10,008 |  |  | $ | 9,878 |
Operating leases |  |  | 9,445 |  |  |  | 9,094 |
Employee compensation and benefits |  |  | 8,502 |  |  |  | 19,235 |
Network equipment |  |  | 8,434 |  |  |  | 8,748 |
Warranty reserve |  |  | 2,800 |  |  |  | 2,300 |
Taxes |  |  | 2,272 |  |  |  | 2,282 |
Other |  |  | 7,839 |  |  |  | 8,519 |
Total accrued liabilities |  | $ | 49,300 |  |  | $ | 60,056 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI https://asc.fasb.org/topic&trid=2122208 + Details
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