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ORGANIZATION AND BUSINESS OPERATIONS | 9 Months Ended
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Sep. 30, 2024
ORGANIZATION AND BUSINESS OPERATIONS |
ORGANIZATION AND BUSINESS OPERATIONS | 1.ORGANIZATION AND BUSINESS OPERATIONS The Company is a leading provider of digital infrastructure and communications services with a focus on rural and remote markets in the United States, and internationally, including Bermuda and the Caribbean region. The Company has developed significant operational expertise and resources that it uses to augment its capabilities in its local markets. With this support, the Company’s operating subsidiaries are able to improve their quality of service with greater economies of scale and expertise than would typically be available in the size markets they operate in. 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 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 the Company’s “First-to-Fiber” and “Glass & Steel™” approach in markets while keeping a focus on generating excess operating cash flows over extended periods of time. The Company uses the cash generated from its operations to maintain an appropriate ratio of debt and cash on hand to fund growth, capital expenditures, return cash to its stockholders through dividends or stock repurchases, and make strategic investments or acquisitions. For further information about the Company’s financial segments and geographical information about its operating revenues and assets, see Notes 1 and 13 to the Consolidated Financial Statements included in this Report. As of September 30, 2024, the Company offered the following types of services to its customers: ​
| ● | Mobile Telecommunications Services. The Company offers mobile communications services over its wireless networks and related equipment, such as handsets, to both business and consumer customers. |
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| ● | Fixed Telecommunications Services. The Company provides fixed data and voice telecommunications services and related equipment, such as modems, 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 including the leasing of critical network infrastructure such as tower and transport facilities, wholesale roaming and long distance voice services, 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 September 30, 2024, the Company identified 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 fixed services, carrier services, and managed |
|  | services to business customers and consumers in Alaska and the western United States. As of September 30, 2024, the Company provided mobility services to retail customers in 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 September 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
International Telecom | US Telecom
Services |  | Markets | ​ | Tradenames | Services |  | Markets | ​ | Tradenames
Mobility Services | ​ | Bermuda, Guyana, US Virgin Islands | ​ | One, GTT, Viya, Brava | Mobility Services |  | United States (rural markets) | ​ | Choice, Choice NTUA Wireless
Fixed Services | ​ | Bermuda, Cayman Islands, Guyana, US Virgin Islands | ​ | One, Logic, GTT, Viya, Brava | Fixed Services | ​ | United States | ​ | Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos, Deploycom
Carrier Services | ​ | Bermuda, Guyana, US Virgin Islands | ​ | One, Essextel, GTT, Viya | Carrier Services | ​ | United States | ​ | Alaska Communications, Commnet, Sacred Wind Communications
Managed Services | ​ | Bermuda, Cayman Islands, US Virgin Islands, Guyana | ​ | Fireminds, One, Logic, GTT, Viya, Brava | Managed Services |  | United States | ​ | Alaska Communications, Choice
​ In September 2024, the Company undertook a rebranding of its retail services in its International Telecom segment to “One Communications” in Guyana, and is scheduled to implement that brand in the Cayman Islands and U.S. Virgin Islands in the first half of 2025. The Company intends to utilize the GTT and Viya brands for legacy voice services in certain markets for a period of time. 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 and reorganization expense 2023 Restructuring In order to reduce the Company’s US Telecom and International Telecom segments’ cost structure, the Company has incurred certain network termination and reduction in force costs totaling $12.4 million during the restructuring program which began in the first quarter of 2023 and ended March 31, 2024. Of this amount, $1.2 million and $4.6 million were recorded during the nine months ended September 30, 2024 and 2023, respectively. A summary of the costs is below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | US | ​ | ​ | International | ​ | ​ | ​
​ | ​ | ​ | Telecom | ​ | ​ | Telecom | ​ | ​ | Total
Employee termination benefits | ​ | $ | 1,960 | ​ | $ | 4,681 | ​ | $ | 6,641
Contract termination costs | ​ | ​ | 5,777 | ​ | ​ | — | ​ | ​ | 5,777
Total | ​ | $ | 7,737 | ​ | $ | 4,681 | ​ | $ | 12,418
​ The charge is recorded in Restructuring and reorganization expenses on the Company’s Consolidated Statements of Operations. During the nine months ended September 30, 2024, the Company paid $5.7 million of the restructuring costs. In total, since the first quarter of 2023 and through September 30, 2024, the Company paid $11.4 million, recorded a gain of $0.3 million on lease termination, and $1.3 million of the restructuring costs remain accrued. In conjunction with the restructuring, the Company terminated certain leases and removed $5.6 million of lease right of use assets and $5.9 million of lease liabilities from its balance sheet. 2024 Reorganization In our efforts to advance our cost management actions to drive higher operating margins, the Company initiated a corporate reorganization to reduce operating expenses. Under this initiative, the Company incurred $2.3 million of employee severance costs and termination costs during the three months ended September 30, 2024. Of this $2.3 million, $0.7 million was paid with the remaining $1.6 million being accrued for as of September 30, 2024. Asset Dispositions and Transfers During the nine months ended September 30, 2024, the Company’s International Telecom segment disposed of a non-core fixed asset of real property recording a gain of $15.7 million on the transaction. The Company received cash proceeds of $17.8 million which was offset by the asset’s book value of $0.5 million and $1.6 million of transaction costs.

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