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Note 4 - Operating Assets and Liabilities | 9 Months Ended
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Sep. 30, 2022
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, 2022 |  |  | December 31, 2021 |
Trade receivables |  | $ | 47,553 |  |  | $ | 41,947 |
Other receivables |  |  | 17,148 |  |  |  | 16,847 |
Less: Allowance for credit losses |  |  | (3,233 | ) |  |  | (2,541 | )
Total accounts receivable, net |  | $ | 61,468 |  |  | $ | 56,253 |
The changes in the allowance for credit losses were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  |  | 2022 |  |  | 2021(1) |
Beginning balance |  | $ | 3,255 |  |  | $ | 2,843 |  |  | $ | 2,541 |  |  | $ | 1,252 |
Additions - charged to costs and expenses |  |  | 2,979 |  |  |  | 2,190 |  |  |  | 6,774 |  |  |  | 4,812 |
Deductions - write-offs |  |  | (4,324 | ) |  |  | (3,580 | ) |  |  | (10,216 | ) |  |  | (7,931 | )
Recoveries collected |  |  | 1,323 |  |  |  | 1,340 |  |  |  | 4,134 |  |  |  | 4,660 |
Ending balance |  | $ | 3,233 |  |  | $ | 2,793 |  |  | $ | 3,233 |  |  | $ | 2,793 |
(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, 2022 |  |  | December 31, 2021 |
Prepaid repairs and maintenance |  | $ | 5,321 |  |  | $ | 4,788 |
Software implementation costs |  |  | 1,349 |  |  |  | 1,199 |
Prepaid insurance |  |  | 5,045 |  |  |  | 3,325 |
Prepaid rent |  |  | 3,508 |  |  |  | 2,107 |
Prepaid software |  |  | 7,540 |  |  |  | 6,982 |
Deferred commissions |  |  | 4,444 |  |  |  | 4,295 |
Interest rate swap asset |  |  | 18,994 |  |  |  | - |
Inventory |  |  | 5,137 |  |  |  | - |
All other current assets |  |  | 9,911 |  |  |  | 9,009 |
Total prepaid and other current assets |  | $ | 61,249 |  |  | $ | 31,705 |
Other noncurrent assets consisted of the following (in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
Operating lease right-of-use assets |  | $ | 10,912 |  |  | $ | 15,501 |
Deferred commissions |  |  | 8,483 |  |  |  | 8,624 |
Software implementation costs |  |  | 6,809 |  |  |  | 7,782 |
Debt issuance costs |  |  | 2,073 |  |  |  | 2,576 |
Debt investment |  |  | 2,072 |  |  |  | - |
Assets held for sale |  |  | 1,032 |  |  |  | 3,819 |
Interest rate swap asset |  |  | 54,305 |  |  |  | - |
All other noncurrent assets |  |  | 2,225 |  |  |  | 4,020 |
Total other noncurrent assets |  | $ | 87,911 |  |  | $ | 42,322 |
Accounts payable and accrued liabilities consisted of the following (in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
Accounts payable |  | $ | 39,684 |  |  | $ | 35,716 |
Accrued programming costs |  |  | 22,795 |  |  |  | 23,703 |
Accrued compensation and related benefits |  |  | 31,680 |  |  |  | 34,731 |
Accrued sales and other operating taxes |  |  | 15,826 |  |  |  | 12,872 |
Accrued franchise fees |  |  | 4,039 |  |  |  | 4,397 |
Deposits |  |  | 6,399 |  |  |  | 6,840 |
Operating lease liabilities |  |  | 3,833 |  |  |  | 5,633 |
Interest rate swap liability |  |  | - |  |  |  | 26,662 |
Accrued insurance costs |  |  | 6,267 |  |  |  | 5,542 |
Cash overdrafts |  |  | 17,207 |  |  |  | 11,517 |
Equity investment payable(1) |  |  | 3,087 |  |  |  | 13,387 |
Interest payable |  |  | 11,001 |  |  |  | 5,172 |
Income taxes payable |  |  | 14,177 |  |  |  | - |
All other accrued liabilities |  |  | 17,502 |  |  |  | 17,215 |
Total accounts payable and accrued liabilities |  | $ | 193,497 |  |  | $ | 203,387 |
(1) | Consists of the unfunded portion of the Company’s equity investment in Wisper ISP, LLC (“Wisper”). The Company funded $10.3 million of the then outstanding investment payable to Wisper during the nine months ended September 30, 2022. Refer to note 5 for details on this investment.
Other noncurrent liabilities consisted of the following (in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
Operating lease liabilities |  | $ | 6,352 |  |  | $ | 9,098 |
Accrued compensation and related benefits |  |  | 9,990 |  |  |  | 11,010 |
Deferred revenue |  |  | 8,126 |  |  |  | 6,854 |
MBI Net Option (as defined in note 5)(1) |  |  | 35,520 |  |  |  | 123,620 |
All other noncurrent liabilities |  |  | 5,035 |  |  |  | 5,959 |
Total other noncurrent liabilities |  | $ | 65,023 |  |  | $ | 156,541 |
(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 an asset of $27.0 million and a liability of $62.5 million, respectively, as of September 30, 2022 and a liability of $17.8 million and a liability of $105.8 million, respectively, as of December 31, 2021. Refer to notes 5 and 10 for further information on the MBI Net Option (as defined in note 5).

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