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REVENUE AND RECEIVABLES

12 Months Ended

Dec. 31, 2024

REVENUE AND RECEIVABLES

REVENUE AND RECEIVABLES

3. REVENUE AND RECEIVABLES

Revenue Accounted for in Accordance with Other Guidance

The Company records revenue in accordance with ASC 606 from contracts with customers and ASC 842 from lease agreements, as well as government grants. Lease revenue recognized under ASC 842 is disclosed in Note 4 and government grant revenue is disclosed in Note 9.

Timing of Revenue Recognition

Revenue accounted for in accordance with ASC 606 consisted of the following for the periods presented below.

​

​	​	​	​	​	​	​	​	​
​	Year Ended December 31, 2024
​	International		​	US		​	​	​
​	Telecom		​	Telecom		​	Total
Services transferred over time	$	356,564	​	$	290,335	​	$	646,899
Goods and services transferred at a point in time	​	14,944	​	​	12,154	​	​	27,098
Total revenue accounted for under ASC 606	$	371,508	​	$	302,489	​	$	673,997
Operating lease income	​	381	​	​	7,991	​	​	8,372
Government grant revenue (1)	​	5,574	​	​	41,132	​	​	46,706
Total revenue	$	377,463	​	$	351,612	​	$	729,075

​

​

​	​	​	​	​	​	​	​	​
​	Year Ended December 31, 2023
​	International		​	US		​	​	​
​	Telecom		​	Telecom		​	Total
Services transferred over time	$	347,769	​	$	326,966	​	$	674,735
Goods and services transferred at a point in time	​	17,086	​	​	18,059	​	​	35,145
Total revenue accounted for under ASC 606	$	364,855	​	$	345,025	​	$	709,880
Operating lease income	​	289	​	​	7,488	​	​	7,777
Government grant revenue (1)	​	5,589	​	​	38,970	​	​	44,559
Total revenue	$	370,733	​	$	391,483	​	$	762,216

​

​

​	​	​	​	​	​	​	​	​
​	Year Ended December 31, 2022
​	International		​	US		​	​	​
​	Telecom		​	Telecom		​	Total
Services transferred over time	$	332,507	​	$	301,309	​	$	633,816
Goods and services transferred at a point in time	​	14,934	​	​	29,203	​	​	44,137
Total revenue accounted for under ASC 606	$	347,441	​	$	330,512	​	$	677,953
Operating lease income	​	278	​	​	5,975	​	​	6,253
Government grant revenue (1)	​	7,862	​	​	33,677	​	​	41,539
Total revenue	$	355,581	​	$	370,164	​	$	725,745

​

(1) Revenue recognized from government funded programs. Refer to Note 9.

​

Contract Assets and Liabilities

Contract assets and liabilities consisted of the following (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

​

$ Change

​

% Change

Contract asset – current

$

3,920

​

$

3,616

​

$

304

​

​

8.4

%

Contract asset – noncurrent

​

5,368

​

​

5,509

​

​

(141)

​

​

(2.6)

%

Contract liability – current

​

(28,932)

​

​

(30,990)

​

​

2,058

​

​

(6.6)

%

Contract liability – noncurrent

​

(55,116)

​

​

(64,035)

​

​

8,919

​

​

(13.9)

%

Net contract liability

$

(74,760)

​

$

(85,900)

​

$

11,140

​

​

(13.0)

%

​

The contract asset-current is included in prepayments and other current assets, the contract asset-noncurrent is included in other assets, the contract liability-current is included in advance payments and deposits, and the contract liability-noncurrent is included in deferred revenue, long-term on the Company’s balance sheet. The decrease in the Company’s net contract liability was due to the recognition of contract liabilities as revenue during the year ended December 31, 2024. During the year ended December 31, 2024, the Company recognized revenue of $30.5 million related to its December 31, 2023 contract liability and amortized $3.5 million of the December 31, 2023 contract asset into revenue. During the year ended December 31, 2023, the Company recognized revenue of $27.6 million related to its December 31, 2022 contract liability and amortized $3.0 million of the December 31, 2022 contract asset into revenue.

Contract Acquisition Costs

The December 31, 2024 balance sheet includes contract acquisition costs of $10.7 million in other assets. The December 31, 2023 balance sheet includes contract acquisition costs of $11.3 million. During the years ended December 31, 2024, 2023 and 2022 the Company amortized $6.6 million, $5.6 million and $3.5 million, respectively, of contract acquisition cost.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to unsatisfied performance obligations of certain multiyear mobility contracts, which include a promotional discount, and the Company’s construction and service contracts. The transaction price allocated to unsatisfied performance obligations was $598 million and $494 million at December 31, 2024 and December 31, 2023, respectively. The Company expects to satisfy approximately 43% of the remaining performance obligations and recognize the transaction price within 24 months and approximately $60 million annually from 2027 through 2032. The Company omits performance obligations with a duration of one year or less and variable consideration under the right to invoice or wholly unsatisfied performance obligation practical expedients from this disclosure.

Disaggregation

The Company's revenue is presented on a disaggregated basis in Note 14 based on an evaluation of disclosures outside the financial statements, information regularly reviewed by the chief operating decision maker for evaluating the financial performance of operating segments and other information that is used for performance evaluation and resource allocations. This includes revenue from Communication Services revenue, Construction revenue and Other revenue. Communication Services is further disaggregated into Mobility, Fixed, Carrier Services, and Other revenue. Construction revenue represents revenue generated within our US Telecom segment for the construction of network cell sites related to the FirstNet Agreement. Other revenue consists of Managed Services revenue. Each of the revenue streams is presented for the Company’s International Telecom and US Telecom segments. This disaggregation of revenue depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

Receivables

At December 31, 2024, the Company had gross receivables of $198.4 million and an allowance for credit losses of $15.1 million. Included within these amounts was a receivable under the FirstNet Agreement totaling $49.0 million, of which $8.0 million was current and $41.0 million was long-term, $37.7 million in receivables under the Replace and Remove Program, as well as $12.8 million in receivables related to the Company’s participation in certain other government funded programs. (Refer to Note 9). At December 31, 2023, the Company had gross accounts receivable of $207.9 million and an allowance for credit losses of $16.4 million. The receivable under the FirstNet Agreement totaled $52.9 million of which $7.2 million was current and $45.7 million was long-term. The December 31, 2023 receivables also includes $47.3 million in receivables under the Replace and Remove Program as well as $3.3 million related to participation in certain government funded programs. The Company monitors receivables through the use of historical operating data adjusted for expectation of future performance as appropriate. Activity in the allowance for credit losses is below:

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023
​	​	​	​	​	​	​
Balance at beginning of period		$	16,362	​	$	15,171
Current period provision for expected losses		​	5,946	​	​	5,012
Write-offs charged against the allowance		​	(7,494)	​	​	(4,340)
Recoveries collected	​	​	318	​	​	519
Balance at end of period	​	$	15,132	​	$	16,362

​

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- References

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

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