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ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended
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Jun. 30, 2022
ORGANIZATION AND BUSINESS OPERATIONS |
ORGANIZATION AND BUSINESS OPERATIONS | 1.ORGANIZATION AND BUSINESS OPERATIONS ​ The Company is a provider of digital infrastructure and communications services in the United States and internationally, including the Caribbean region, with a focus on rural and remote markets with a growing demand for infrastructure investments. The Company’s operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential, business and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities. ​ At the holding company level, the Company oversees the allocation of capital within and among its subsidiaries, affiliates, new investments, and stockholders. The Company also has developed significant operational expertise and resources that it uses to augment the capabilities of its individual operating subsidiaries in its local markets. Over the past 10 years, the Company has built a platform of resources and expertise to support its operating subsidiaries and to improve their quality of service with greater economies of scale and expertise than would typically be available at the operating subsidiary level. The Company also provides management, technical, financial, regulatory, and marketing services to its operating subsidiaries and typically receives a management fee calculated as a percentage of their revenues, which is eliminated in consolidation. The Company also actively evaluates potential acquisitions, investment opportunities and other strategic transactions, both domestic and international, and generally looks for those that it believes fit the Company’s profile of telecommunications businesses and have the potential to complement its “Glass and Steel” and “fiber first” approach in markets while generating steady excess cash flows over extended periods of time. The Company uses the cash generated from its operations to re-invest in organic growth in its existing businesses, to make strategic investments in additional businesses, and to return cash to its investors through dividends or stock repurchases. ​ As of June 30, 2022, the Company offered the following types of services to its customers: ​
| ● | Mobility Telecommunications Services. The Company offers mobile communications services and equipment over its wireless networks to both its business and consumer subscribers. |
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| ● | Fixed Telecommunications Services. The Company provides fixed data and voice telecommunications services to both its business and consumer subscribers in all of its markets. These services include consumer broadband and high speed data solutions for businesses. For some markets, fixed services also include video services and revenue derived from support under certain government programs. |
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| ● | Carrier Telecommunication Services. The Company delivers services to other telecommunications providers such as wholesale roaming, the leasing of critical network infrastructure such as tower and transport facilities, site maintenance and international long-distance services. |
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| ● | Managed Services. The Company provides information technology services such as network, application, infrastructure and hosting services to both its business and consumer customers to complement its fixed services in its existing markets.
​ Through June 30, 2022, the Company has identified three operating segments to manage and review its operations and to facilitate investor presentations of its results. These three operating segments are as follows: ​
| ● | International Telecom. In the Company’s international markets, it offers fixed services, mobility services, carrier services and managed services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands.
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| ● | US Telecom. In the United States, the Company offers fixed services, carrier services, and managed services to business and consumer customers in Alaska and the western United States. In the western |
|  | United States, the Company also provides mobility services to enterprise and consumer customers. |
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| ● | Renewable Energy. In India, the Company provided distributed generation solar power to commercial and industrial customers through January 27, 2021. See Disposition of International Solar Business for further details. |
​ The following chart summarizes the operating activities of the Company’s principal subsidiaries, the segments in which it reports its revenue and the markets it served during the three months ended June 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Segment |  | Services |  | Markets |  | Tradenames
International Telecom |  | Mobility Services |  | Bermuda, Guyana, US Virgin Islands |  | One, GTT+, Viya
​ | ​ | Fixed Services |  | Bermuda, Cayman Islands, Guyana, US Virgin Islands |  | One, Logic, GTT, Viya
​ | ​ | Carrier Services | ​ | Bermuda, Guyana, US Virgin Islands | ​ | One, GTT+, Viya
​ | ​ | Managed Services | ​ | Bermuda, Cayman Islands, US Virgin Islands, Guyana | ​ | Fireminds, One, Logic, GTT, Viya
US Telecom |  | Mobility Services |  | United States (rural markets) |  | Choice, Choice NTUA Wireless, Geoverse
​ | ​ | Fixed Services | ​ | United States |  | Alaska Communications, Commnet, Choice, Choice NTUA Wireless
​ | ​ | Carrier Services | ​ | United States | ​ | Alaska Communications, Commnet, Essextel
​ |  | Managed Services |  | United States |  | Alaska Communications, Choice
Renewable Energy (1) | ​ | Solar | ​ | India | ​ | Vibrant Energy
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| (1) | See Disposition of International Solar Business for further details.
​ For further information about the Company’s financial segments and geographical information about its operating revenues and assets, see Note 13 to the Unaudited Condensed Consolidated Financial Statements included in this Report. ​ COVID-19 ​ The Company continues to monitor and assess the effects of the ongoing COVID-19 pandemic on its commercial operations, the safety of its employees and their families, its sales force and customers. ​ The preparation of the condensed consolidated financial statements requires the Company to make estimates, judgments and assumptions, which are evaluated on an ongoing basis, which may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted financial information in context with the information and estimates reasonably available to the Company and the unknown future impacts of COVID-19 as of June 30, 2022 and through the date of this report. The accounting matters assessed included, but were not limited to, the allowance for credit losses, the carrying value of goodwill and other long-lived assets, financial assets, valuation allowances for tax assets and revenue recognition. ​ The Company’s assessment of the impact of COVID-19 on its operations did not indicate that there was a material adverse impact to its consolidated financial statements as of and for the three and six months ended June 30, 2022. However, future assessments of the impacts of COVID-19, as well as other factors, including the possible reinstatement of certain COVID-19 travel-related and stay-at-home restrictions, could result in material adverse impacts to its consolidated financial statements in future reporting periods. For example, the Company may experience difficulty in procuring network or retail equipment, such as handsets for subscribers, as a result of COVID-19 restrictions and related supply chain challenges. In addition, there is increased uncertainty related to predicting subscribers’ procurement behavior for services.

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