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Note 4 - Operating Assets and Liabilities | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Operating Assets and Liabilities [Text Block] | 4. OPERATING ASSETS AND LIABILITIES Accounts receivable consisted of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Trade receivables |  | $ | 50,826 |  |  | $ | 32,795 |
Other receivables |  |  | 7,960 |  |  |  | 7,225 |
Less: Allowance for credit losses |  |  | (2,793 | ) |  |  | (1,252 | )
Total accounts receivable, net |  | $ | 55,993 |  |  | $ | 38,768 |
The changes in the allowance for credit losses were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021(1) |  |  | 2020 |
Beginning balance |  | $ | 2,843 |  |  | $ | 9,399 |  |  | $ | 1,252 |  |  | $ | 1,201 |
Additions - charged to costs and expenses |  |  | 2,190 |  |  |  | (796 | ) |  |  | 4,812 |  |  |  | 7,278 |
Deductions - write-offs |  |  | (3,580 | ) |  |  | (6,482 | ) |  |  | (7,931 | ) |  |  | (9,720 | )
Recoveries collected |  |  | 1,340 |  |  |  | 1,102 |  |  |  | 4,660 |  |  |  | 4,464 |
Ending balance |  | $ | 2,793 |  |  | $ | 3,223 |  |  | $ | 2,793 |  |  | $ | 3,223 |
(1) | Additions include $1.4 million of additional reserves assumed in the Hargray Acquisition.
Prepaid and other current assets consisted of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Prepaid repairs and maintenance |  | $ | 4,716 |  |  | $ | 1,013 |
Software implementation costs |  |  | 1,202 |  |  |  | 1,035 |
Prepaid insurance |  |  | 4,856 |  |  |  | 2,200 |
Prepaid rent |  |  | 3,275 |  |  |  | 1,471 |
Prepaid software |  |  | 5,217 |  |  |  | 4,544 |
Deferred commissions |  |  | 4,159 |  |  |  | 4,026 |
All other current assets |  |  | 9,621 |  |  |  | 3,602 |
Total prepaid and other current assets |  | $ | 33,046 |  |  | $ | 17,891 |
Other noncurrent assets consisted of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Operating lease right-of-use assets |  | $ | 16,544 |  |  | $ | 13,408 |
Deferred commissions |  |  | 7,732 |  |  |  | 5,798 |
Software implementation costs |  |  | 8,487 |  |  |  | 6,879 |
Debt issuance costs |  |  | 2,746 |  |  |  | 3,249 |
All other noncurrent assets |  |  | 3,497 |  |  |  | 4,209 |
Total other noncurrent assets |  | $ | 39,006 |  |  | $ | 33,543 |
Accounts payable and accrued liabilities consisted of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Accounts payable |  | $ | 40,520 |  |  | $ | 22,686 |
Accrued programming costs |  |  | 24,122 |  |  |  | 20,279 |
Accrued compensation and related benefits |  |  | 48,130 |  |  |  | 26,467 |
Accrued sales and other operating taxes |  |  | 13,777 |  |  |  | 7,425 |
Accrued franchise fees |  |  | 4,078 |  |  |  | 4,021 |
Deposits |  |  | 12,819 |  |  |  | 6,300 |
Operating lease liabilities |  |  | 5,612 |  |  |  | 3,772 |
Interest rate swap liability |  |  | 30,596 |  |  |  | 30,646 |
Accrued insurance costs |  |  | 6,515 |  |  |  | 7,292 |
Cash overdrafts |  |  | 11,639 |  |  |  | 8,847 |
Equity investment payable(1) |  |  | 13,387 |  |  |  | 13,387 |
Interest payable |  |  | 10,703 |  |  |  | 4,128 |
Amount due to Hargray(2) |  |  | - |  |  |  | 6,822 |
All other accrued liabilities |  |  | 17,209 |  |  |  | 12,067 |
Total accounts payable and accrued liabilities |  | $ | 239,107 |  |  | $ | 174,139 |
(1) | Consists of the unfunded portion of the Company’s equity investment in Wisper ISP, LLC (“Wisper”). Refer to note 5 for details on this transaction.
(2) | Consists of amounts due to Hargray in connection with transition services provided as part of the Anniston Exchange (as defined in note 5). Refer to note 5 for details on this transaction.
Other noncurrent liabilities consisted of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Operating lease liabilities |  | $ | 10,132 |  |  | $ | 8,701 |
Accrued compensation and related benefits |  |  | 14,027 |  |  |  | 10,086 |
Deferred revenue |  |  | 6,387 |  |  |  | 4,981 |
MBI Net Option (as defined in note 5)(1) |  |  | 114,700 |  |  |  | 73,310 |
All other noncurrent liabilities |  |  | 3,613 |  |  |  | 3,549 |
Total other noncurrent liabilities |  | $ | 148,859 |  |  | $ | 100,627 |
(1) | Represents the net value of the Company’s call and put options associated with the remaining equity interests in MBI (as defined in note 5), consisting of a liability of $16.0 million and a liability of $98.7 million, respectively, as of September 30, 2021 and an asset of $0.7 million and a liability of $74.0 million, respectively, as of December 31, 2020. Refer to notes 5 and 10 for further information on the MBI Net Option (as defined in note 5).

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