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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2023
SEGMENT REPORTING |
SEGMENT REPORTING | 13. SEGMENT REPORTING The Company has the following two reportable and operating segments: i) International Telecom and ii) US Telecom. The following tables provide information for each operating segment (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended September 30, 2023
​ |  | ​ | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​
​ | ​ | International | ​ | US | ​ | Corporate and | ​ | ​ | ​
​ | ​ | Telecom | ​ | Telecom | ​ | Other (1) | ​ | Consolidated
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Communication Services | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mobility - Business | ​ | $ | 3,818 | ​ | $ | 128 | ​ | $ | — | ​ | $ | 3,946
Mobility - Consumer | ​ | ​ | 23,973 | ​ | ​ | 817 | ​ | ​ | — | ​ | ​ | 24,790
Total Mobility | ​ | ​ | 27,791 | ​ | ​ | 945 | ​ | ​ | — | ​ | ​ | 28,736
Fixed - Business | ​ | ​ | 18,016 | ​ | ​ | 35,680 | ​ | ​ | — | ​ | ​ | 53,696
Fixed - Consumer | ​ | ​ | 41,967 | ​ | ​ | 22,662 | ​ | ​ | — | ​ | ​ | 64,629
Total Fixed | ​ | ​ | 59,983 | ​ |  | 58,342 | ​ |  | — | ​ |  | 118,325
Carrier Services | ​ | ​ | 3,441 | ​ | ​ | 32,319 | ​ | ​ | — | ​ | ​ | 35,760
Other | ​ |  | 1,236 | ​ | ​ | 544 | ​ | ​ | — | ​ | ​ | 1,780
Total Communication Services Revenue | ​ |  | 92,451 | ​ | ​ | 92,150 | ​ | ​ | — | ​ | ​ | 184,601
Construction | ​ | ​ | — | ​ | ​ | 2,038 | ​ | ​ | — | ​ | ​ | 2,038
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Managed Services | ​ | ​ | 1,427 | ​ | ​ | 2,970 | ​ | ​ | — | ​ | ​ | 4,397
Total other revenue | ​ | ​ | 1,427 | ​ | ​ | 2,970 | ​ | ​ | — | ​ | ​ | 4,397
Total Revenue | ​ | ​ | 93,878 | ​ | ​ | 97,158 | ​ | ​ | — | ​ | ​ | 191,036
Depreciation and amortization | ​ |  | 14,354 | ​ |  | 19,398 | ​ |  | 618 | ​ |  | 34,370
Amortization of intangibles from acquisitions | ​ | ​ | 240 | ​ | ​ | 2,884 | ​ | ​ | — | ​ | ​ | 3,124
Non-cash stock-based compensation | ​ |  | 130 | ​ |  | 23 | ​ |  | 1,803 | ​ |  | 1,956
Operating income (loss) | ​ |  | 12,800 | ​ |  | 3,017 | ​ |  | (8,981) | ​ |  | 6,836
​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended September 30, 2022
​ |  | ​ | ​ |  |  |  | ​ | ​ |  | ​ | ​
​ | ​ | International | ​ | US | ​ | Corporate and | ​ | ​ | ​
​ | ​ | Telecom | ​ | Telecom | ​ | Other (1) | ​ | Consolidated
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Communication Services | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mobility - Business | ​ | $ | 3,706 | ​ | $ | 298 | ​ | $ | — | ​ | $ | 4,004
Mobility - Consumer | ​ | ​ | 22,776 | ​ | ​ | 2,058 | ​ | ​ | — | ​ | ​ | 24,834
Total Mobility | ​ | ​ | 26,482 | ​ | ​ | 2,356 | ​ | ​ | — | ​ | ​ | 28,838
Fixed - Business | ​ | ​ | 18,578 | ​ | ​ | 32,509 | ​ | ​ | — | ​ | ​ | 51,087
Fixed - Consumer | ​ | ​ | 39,989 | ​ | ​ | 19,143 | ​ | ​ | — | ​ | ​ | 59,132
Total Fixed | ​ | ​ | 58,567 | ​ | ​ | 51,652 | ​ | ​ | — | ​ | ​ | 110,219
Carrier Services | ​ | ​ | 3,220 | ​ | ​ | 31,360 | ​ | ​ | — | ​ | ​ | 34,580
Other | ​ |  | 340 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 340
Total Communication Services Revenue | ​ |  | 88,609 | ​ | ​ | 85,368 | ​ | ​ | — | ​ | ​ | 173,977
Construction | ​ | ​ | — | ​ | ​ | 3,332 | ​ | ​ | — | ​ | ​ | 3,332
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Managed Services | ​ | ​ | 1,398 | ​ | ​ | 3,506 | ​ | ​ | — | ​ | ​ | 4,904
Total Other Revenue | ​ | ​ | 1,398 | ​ | ​ | 3,506 | ​ | ​ | — | ​ | ​ | 4,904
Total Revenue | ​ | ​ | 90,007 | ​ | ​ | 92,206 | ​ | ​ | — | ​ | ​ | 182,213
Depreciation | ​ |  | 14,126 | ​ | ​ | 18,341 | ​ | ​ | 845 | ​ |  | 33,312
Amortization of intangibles from acquisitions | ​ | ​ | 380 | ​ | ​ | 2,856 | ​ | ​ | — | ​ | ​ | 3,236
Non-cash stock-based compensation | ​ |  | 54 | ​ | ​ | 132 | ​ | ​ | 1,483 | ​ |  | 1,669
Operating income (loss) | ​ |  | 13,360 | ​ | ​ | 716 | ​ | ​ | (12,637) | ​ |  | 1,439
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Nine Months Ended September 30, 2023
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | International | ​ | US | ​ | Corporate and | ​ | ​ | ​
​ | ​ | Telecom | ​ | Telecom | ​ | Other (1) | ​ | Consolidated
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Communication Services | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mobility - Business | ​ | $ | 11,484 | ​ | $ | 415 | ​ | $ | — | ​ | $ | 11,899
Mobility - Consumer | ​ | ​ | 69,270 | ​ | ​ | 2,666 | ​ | ​ | — | ​ | ​ | 71,936
Total Mobility | ​ | ​ | 80,754 | ​ | ​ | 3,081 | ​ | ​ | — | ​ | ​ | 83,835
Fixed - Business | ​ | ​ | 52,602 | ​ | ​ | 107,494 | ​ | ​ | — | ​ | ​ | 160,096
Fixed - Consumer | ​ | ​ | 125,944 | ​ | ​ | 67,852 | ​ | ​ | — | ​ | ​ | 193,796
Total Fixed | ​ | ​ | 178,546 | ​ |  | 175,346 | ​ |  | — | ​ |  | 353,892
Carrier Services | ​ | ​ | 11,011 | ​ | ​ | 95,978 | ​ | ​ | — | ​ | ​ | 106,989
Other | ​ |  | 2,084 | ​ | ​ | 684 | ​ | ​ | — | ​ | ​ | 2,768
Total Communication Services Revenue | ​ |  | 272,395 | ​ | ​ | 275,089 | ​ | ​ | — | ​ | ​ | 547,484
Construction | ​ |  | — | ​ | ​ | 3,648 | ​ | ​ | — | ​ | ​ | 3,648
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Managed Services | ​ | ​ | 3,872 | ​ | ​ | 8,246 | ​ | ​ | — | ​ | ​ | 12,118
Total Other Revenue | ​ | ​ | 3,872 | ​ | ​ | 8,246 | ​ | ​ | — | ​ | ​ | 12,118
Total Revenue | ​ | ​ | 276,267 | ​ | ​ | 286,983 | ​ | ​ | — | ​ | ​ | 563,250
Depreciation | ​ |  | 42,646 | ​ | ​ | 62,315 | ​ | ​ | 2,030 | ​ |  | 106,991
Amortization of intangibles from acquisitions | ​ | ​ | 984 | ​ | ​ | 8,530 | ​ | ​ | — | ​ | ​ | 9,514
Non-cash stock-based compensation | ​ |  | 307 | ​ | ​ | 109 | ​ | ​ | 6,057 | ​ |  | 6,473
Operating income (loss) | ​ |  | 41,177 | ​ | ​ | (3,719) | ​ | ​ | (27,547) | ​ |  | 9,911
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Nine Months Ended September 30, 2022
​ |  | ​ | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​
​ | ​ | International | ​ | US | ​ | Corporate and | ​ | ​ | ​
​ | ​ | Telecom | ​ | Telecom | ​ | Other (1) | ​ | Consolidated
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Communication Services | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mobility - Business | ​ | $ | 10,997 | ​ | $ | 973 | ​ | $ | — | ​ | $ | 11,970
Mobility - Consumer | ​ | ​ | 64,025 | ​ | ​ | 5,063 | ​ | ​ | — | ​ | ​ | 69,088
Total Mobility | ​ | ​ | 75,022 | ​ | ​ | 6,036 | ​ | ​ | — | ​ | ​ | 81,058
Fixed - Business | ​ | ​ | 52,827 | ​ | ​ | 91,521 | ​ | ​ | — | ​ | ​ | 144,348
Fixed - Consumer | ​ | ​ | 122,435 | ​ | ​ | 57,279 | ​ | ​ | — | ​ | ​ | 179,714
Total Fixed | ​ | ​ | 175,262 | ​ |  | 148,800 | ​ |  | — | ​ |  | 324,062
Carrier Services | ​ | ​ | 10,042 | ​ | ​ | 96,102 | ​ | ​ | — | ​ | ​ | 106,144
Other | ​ |  | 1,051 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,051
Total Communication Services Revenue | ​ |  | 261,377 | ​ | ​ | 250,938 | ​ | ​ | — | ​ | ​ | 512,315
Construction | ​ | ​ | — | ​ | ​ | 8,615 | ​ | ​ | — | ​ | ​ | 8,615
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Managed Services | ​ | ​ | 3,820 | ​ | ​ | 8,980 | ​ | ​ | — | ​ | ​ | 12,800
Total other revenue | ​ | ​ | 3,820 | ​ | ​ | 8,980 | ​ | ​ | — | ​ | ​ | 12,800
Total Revenue | ​ | ​ | 265,197 | ​ | ​ | 268,533 | ​ | ​ | — | ​ | ​ | 533,730
Depreciation and amortization | ​ |  | 43,109 | ​ | ​ | 54,546 | ​ | ​ | 2,766 | ​ |  | 100,421
Amortization of intangibles from acquisitions | ​ | ​ | 1,192 | ​ | ​ | 8,552 | ​ | ​ | — | ​ | ​ | 9,744
Non-cash stock-based compensation | ​ |  | 170 | ​ | ​ | 301 | ​ | ​ | 5,225 | ​ |  | 5,696
Operating income (loss) | ​ |  | 36,889 | ​ | ​ | (4,199) | ​ | ​ | (29,418) | ​ |  | 3,272
​ ​ Selected balance sheet data for each of the Company’s segments as of September 30, 2023 and December 31, 2022 consists of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ |  | ​ |  |  | ​ | ​
​ | ​ | International | ​ | US | ​ | Corporate and | ​ | ​ | ​
​ | ​ | Telecom | ​ | Telecom | ​ | Other (1) | ​ | Consolidated
September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, cash equivalents, and restricted cash | ​ | $ | 35,588 | ​ | $ | 31,678 | ​ | $ | 5,821 | ​ | $ | 73,087
Total current assets | ​ | ​ | 115,888 | ​ | ​ | 143,280 | ​ | ​ | 8,197 | ​ | ​ | 267,365
Fixed assets, net | ​ | ​ | 476,355 | ​ | ​ | 587,623 | ​ | ​ | 5,455 | ​ | ​ | 1,069,433
Goodwill | ​ |  | 4,835 | ​ |  | 35,269 | ​ |  | — | ​ | ​ | 40,104
Total assets | ​ |  | 671,285 | ​ |  | 996,413 | ​ |  | 83,528 | ​ | ​ | 1,751,226
Total current liabilities | ​ | ​ | 82,178 | ​ | ​ | 148,352 | ​ | ​ | 32,127 | ​ | ​ | 262,657
Total debt, including current portion | ​ | ​ | 63,209 | ​ | ​ | 285,842 | ​ | ​ | 149,326 | ​ | ​ | 498,377
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, cash equivalents, and restricted cash | ​ | $ | 26,418 | ​ | $ | 26,375 | ​ | $ | 6,935 | ​ | $ | 59,728
Total current assets | ​ | ​ | 105,324 | ​ | ​ | 116,038 | ​ | ​ | 8,326 | ​ | ​ | 229,688
Fixed assets, net | ​ | ​ | 462,447 | ​ | ​ | 585,969 | ​ | ​ | 7,538 | ​ | ​ | 1,055,954
Goodwill | ​ |  | 4,835 | ​ |  | 35,269 | ​ |  | — | ​ | ​ | 40,104
Total assets | ​ |  | 643,664 | ​ |  | 980,543 | ​ |  | 83,662 | ​ | ​ | 1,707,869
Total current liabilities | ​ | ​ | 86,738 | ​ | ​ | 119,755 | ​ | ​ | 26,687 | ​ | ​ | 233,180
Total debt, including current portion | ​ | ​ | 59,659 | ​ | ​ | 263,241 | ​ | ​ | 99,000 | ​ | ​ | 421,900
​ For the nine months ended September 30, 2023 and 2022, the Company spent $140.9 million and $114.0 million, respectively, on capital expenditures relating to its telecommunications networks and business support systems of which $14.3 million and $4.0 million, respectively, are reimbursable under various government programs. The following notes the Company’s capital expenditures, by operating segment, for these periods (in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Capital Expenditures
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | ​ | International | ​ | ​ | US | ​ | ​ | Corporate and | ​ | ​ | ​
Nine months ended September 30, | ​ | ​ | Telecom | ​ | ​ | Telecom | ​ | ​ | Other (1) | ​ | ​ | Consolidated
2023 | ​ | $ | 57,610 | ​ | $ | 83,291 | ​ | $ | — | ​ | $ | 140,901
2022 | ​ | ​ | 53,270 | ​ | ​ | 60,056 | ​ | ​ | 633 | ​ | ​ | 113,959
​
| (1) | Corporate and other items refer to corporate overhead costs and consolidating adjustments

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