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ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended
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Jun. 30, 2023
ORGANIZATION AND BUSINESS OPERATIONS |
ORGANIZATION AND BUSINESS OPERATIONS | 1.ORGANIZATION AND BUSINESS OPERATIONS The Company provides digital infrastructure and communications services in the United States and internationally, including in the Caribbean region, with a focus on smaller markets, many of which are rural or remote, with a growing demand for infrastructure investments, Through its operating subsidiaries, it primarily provides: (i) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities; and (ii) fixed and mobile telecommunications 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. At the holding company level, the Company oversees the allocation of capital within and among its subsidiaries, affiliates, new investments, and stockholders. The Company has developed significant operational expertise and resources that it uses to augment the capabilities of its individual operating subsidiaries in its local markets. 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 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 “first to fiber” 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, 2023, the Company offered the following types of services to its customers: ​
| ● | Mobility Telecommunications Services. The Company offers mobile communications services over its wireless networks and related equipment (such as handsets) to both its business and consumer customers. |
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| ● | Fixed Telecommunications Services. The Company provides fixed data and voice telecommunications services to business and consumer customers. 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 the leasing of critical network infrastructure, such as tower and transport facilities, wholesale roaming, 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.
​ The Company has two operating segments to manage and review its operations and to facilitate investor presentations of its results. These two 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 mobility services, fixed services, carrier services, and managed services to business and consumer customers in Alaska and the western United States. |
​ 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, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
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, Logic
​ | ​ | Managed Services | ​ | Bermuda, Cayman Islands, US Virgin Islands, Guyana | ​ | Fireminds, One, Logic, GTT, Viya
US Telecom |  | Mobility Services |  | United States (rural markets) |  | Choice NTUA Wireless
​ | ​ | Fixed Services | ​ | United States |  | Alaska Communications, Commnet Broadband, Choice NTUA Wireless, Sacred Wind Communications, Ethos
​ | ​ | Carrier Services | ​ | United States | ​ | Alaska Communications, Commnet, Essextel, Sacred Wind Communications
​ |  | Managed Services |  | United States |  | Alaska Communications, Fireminds
​ 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. Restructuring Expense In connection with the repositioning of the Company’s legacy wholesale roaming operations in its US Telecom segment, the Company recorded $0.4 million and $3.3 million restructuring charges during the three and six months ended June 30, 2023, respectively, related to the decommissioning of certain cell sites. The charge is recorded in the Restructuring Expense on the Company’s statements of operations. During the six months ended June 30, 2023, the Company paid $1.4 million, recorded a gain of $0.3 million on lease termination, and accrued $2.2 million of the restructuring expenses. In conjunction with the restructuring, the Company terminated $5.6 million of lease right of use assets and $5.9 million of lease liabilities from its balance sheet.

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