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REVENUE RECOGNITION AND RECEIVABLES | 9 Months Ended
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Sep. 30, 2025
REVENUE RECOGNITION AND RECEIVABLES |
REVENUE RECOGNITION AND RECEIVABLES | 3. REVENUE RECOGNITION AND RECEIVABLES The Company records revenue in accordance with the FASB’s Accounting Standard Codification (“ASC”) Topic 606, “Revenue Recognition” (“ASC 606”), from contracts with customers and ASC Topic 842, “Leases” (“ASC 842”), from lease agreements, as well as government grants. Lease revenue recognized under ASC 842 is disclosed in Note 4 and government support revenue is disclosed in Note 8. Timing of Revenue Recognition Revenue recognized consisted of the following for the periods presented below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended September 30, 2025 | ​ | Three months ended September 30, 2024
​ | ​ | International | ​ | US | ​ | ​ | ​ | ​ | International | ​ | US | ​ | ​ | ​
​ | ​ | Telecom |  | Telecom |  | Total |  | Telecom |  | Telecom |  | Total
Services transferred over time | ​ | $ | 89,842 | ​ | $ | 70,785 | ​ | $ | 160,627 | ​ | $ | 89,139 | ​ | $ | 69,856 | ​ | $ | 158,995
Goods and services transferred at a point in time | ​ | ​ | 3,735 | ​ | ​ | 2,565 | ​ | ​ | 6,300 | ​ | ​ | 3,591 | ​ | ​ | 2,016 | ​ | ​ | 5,607
Total revenue accounted for under ASC 606 | ​ | $ | 93,577 | ​ | $ | 73,350 | ​ | $ | 166,927 | ​ | $ | 92,730 | ​ | $ | 71,872 | ​ | $ | 164,602
Operating lease income | ​ | ​ | 203 | ​ | ​ | 2,271 | ​ | ​ | 2,474 | ​ | ​ | 157 | ​ | ​ | 1,918 | ​ | ​ | 2,075
Government support revenue (1) | ​ | ​ | 1,363 | ​ | ​ | 12,401 | ​ | ​ | 13,764 | ​ | ​ | 1,394 | ​ | ​ | 10,380 | ​ | ​ | 11,774
Total revenue | ​ | $ | 95,143 | ​ | $ | 88,022 | ​ | $ | 183,165 | ​ | $ | 94,281 | ​ | $ | 84,170 | ​ | $ | 178,451
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine months ended September 30, 2025 | ​ | Nine months ended September 30, 2024
​ | ​ | International | ​ | US | ​ | ​ | ​ | ​ | International | ​ | US | ​ | ​ | ​
​ | ​ | Telecom |  | Telecom |  | Total |  | Telecom |  | Telecom |  | Total
Services transferred over time | ​ | $ | 269,554 | ​ | $ | 208,965 | ​ | $ | 478,519 | ​ | $ | 267,970 | ​ | $ | 219,728 | ​ | $ | 487,698
Goods and services transferred at a point in time | ​ | ​ | 10,355 | ​ | ​ | 9,177 | ​ | ​ | 19,532 | ​ | ​ | 10,243 | ​ | ​ | 8,935 | ​ | ​ | 19,178
Total revenue accounted for under ASC 606 | ​ | $ | 279,909 | ​ | $ | 218,142 | ​ | $ | 498,051 | ​ | $ | 278,213 | ​ | $ | 228,663 | ​ | $ | 506,876
Operating lease income | ​ | ​ | 579 | ​ | ​ | 5,926 | ​ | ​ | 6,505 | ​ | ​ | 304 | ​ | ​ | 5,989 | ​ | ​ | 6,293
Government support revenue (1) | ​ | ​ | 4,045 | ​ | ​ | 35,159 | ​ | ​ | 39,204 | ​ | ​ | 4,180 | ​ | ​ | 31,178 | ​ | ​ | 35,358
Total revenue | ​ | $ | 284,533 | ​ | $ | 259,227 | ​ | $ | 543,760 | ​ | $ | 282,697 | ​ | $ | 265,830 | ​ | $ | 548,527
​
| (1) | Revenue recognized from CAF II, USF and RDOF programs (each as defined below). Refer to Note 8.
Contract Assets and Liabilities In July 2019, the Company entered into a Network Build and Maintenance Agreement with AT&T Mobility, LLC (“AT&T”) that was subsequently amended through March 31, 2025 (the “FirstNet Agreement”). In connection with the FirstNet Agreement, the Company is building a portion of AT&T’s network for the First Responder Network Authority in or near the Company’s current operating areas in the western United States (the “FirstNet Transaction”). The FirstNet Transaction includes construction and service performance obligations. The current portion of receivables under the FirstNet Agreement is recorded in customer receivable, and the long-term portion is recorded in customer receivable long-term on the Company’s balance sheet. Contract assets and liabilities consisted of the following (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | September 30, 2025 | ​ | December 31, 2024 | ​ | ​ | $ Change | ​ | % Change
Contract asset – current | $ | 3,456 | ​ | $ | 3,920 | ​ | $ | (464) | ​ | ​ | (11.8) | %
Contract asset – noncurrent | ​ | 4,933 | ​ | ​ | 5,368 | ​ | ​ | (435) | ​ | ​ | (8.1) | %
Contract liability – current | ​ | (28,226) | ​ | ​ | (28,932) | ​ | ​ | 706 | ​ | ​ | (2.4) | %
Contract liability – noncurrent | ​ | (49,483) | ​ | ​ | (55,116) | ​ | ​ | 5,633 | ​ | ​ | (10.2) | %
Net contract liability | $ | (69,320) | ​ | $ | (74,760) | ​ | $ | 5,440 | ​ | ​ | (7.3) | %
​ The decrease in the Company’s net contract liability was due to the timing of customer prepayments, contract billings, and recognition of deferred revenue. During the nine months ended September 30, 2025, the Company recognized revenue of $26.0 million related to its December 31, 2024 contract liability and amortized $3.1 million of the December 31, 2024 contract asset to revenue. During the nine months ended September 30, 2024, the Company recognized revenue of $26.2 million related to its December 31, 2023 contract liability and amortized $3.7 million of the December 31, 2023 contract asset to revenue. Contract Acquisition Costs The September 30, 2025 and December 31, 2024 balance sheets include contract acquisition costs of $11.4 million and $10.7 million, respectively, in other assets. During the three and nine months ended September 30, 2025, the Company amortized $1.8 million and $5.2 million, respectively, of contract acquisition costs. During the three and nine months ended September 30, 2024, the Company amortized $1.7 million and $4.9 million, respectively, of contract acquisition costs. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to unsatisfied performance obligations of certain multiyear Mobility and Fixed communication services contracts, Managed Services contracts, and the Company’s Carrier Services construction and service contracts. The transaction price allocated to unsatisfied performance obligations was $586 million at September 30, 2025. The Company expects to satisfy approximately 45% of the remaining performance obligations and recognize the transaction price within 24 months and ap p r o xim a t e l y $60 million annually from 2027 through 2032. The Company omits performance obligations associated with a contract 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 13 based on an evaluation of disclosures outside the financial statements, information regularly reviewed by the chief operating decision makers 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, Construction, and Other revenue. Communication Services revenue is further disaggregated into business and consumer Mobility, business and consumer Fixed, Carrier Services, and Other services. Other revenue is further disaggregated into Managed Services revenue. Receivables The Company records an estimate of future credit losses in conjunction with revenue transactions based on the information available including historical experience and management’s expectations of future conditions. Those estimates are updated as additional information becomes available. The Company’s allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics. The Company had gross accounts receivables of $96.6 million and $98.8 million as of September 30, 2025 and December 31, 2024, respectively. The Company also recorded allowances for credit losses against these receivables of $15.3 million and $15.1 million as of September 30, 2025 and December 31, 2024, respectively. In addition, the Company also recorded a receivable under the FirstNet Agreement totaling $45.9 million as of September 30, 2025, of which $9.1 million was current and $36.8 million was long-term, and had a receivable under that same agreement of $49.0 million as of December 31, 2024, of which $8.0 million was current and $41.0 million was long-term. As of September 30, 2025, the Company had recorded $36.7 million of receivables under certain government support agreements, which included $25.3 million under the Replace and Remove Program and $11.4 million related to the Company’s participation in other government support programs. As of December 31, 2024, the Company had recorded $50.5 million of receivables under certain government support agreements, which included $37.7 million under the Replace and Remove Program and $12.8 million under the Company’s participation in other government support programs (refer to Note 8). ​ The Company monitors receivables through the use of historical operating data adjusted for the expectation of future performance as appropriate. Activity in the allowance for credit losses is below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine months ended
​ |  | September 30, 2025 |  | September 30, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of period |  | $ | 15,132 | ​ | $ | 16,362
Current period provision for expected losses |  | ​ | 6,495 | ​ | ​ | 4,209
Write-offs charged against the allowance |  | ​ | (7,286) | ​ | ​ | (5,511)
Recoveries collected | ​ | ​ | 940 | ​ | ​ | 255
Balance at end of period | ​ | $ | 15,281 | ​ | $ | 15,315
​

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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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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