XML 35 R23.htm IDEA: XBRL DOCUMENT v3.25.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
SEGMENT REPORTING  
SEGMENT REPORTING

13. SEGMENT REPORTING

Through September 30, 2025, the Company had the following two reportable and operating segments: (i) International Telecom and (ii) US Telecom.

Operating income is the segment measure of profit or loss reported to the chief operating decision maker for purposes of assessing the segments’ performance and making capital allocation decisions. The Company believes operating income is a useful measure of its operating results as it provides relevant and useful information to investors and other users of its financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. The Company’s chief operating decision maker is its Chief Executive Officer.

​

The following tables provide information for each operating segment (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended September 30, 2025

​

    

​

​

    

​

    

​

​

​

​

​

​

​

International

​

US

​

Corporate and

​

​

​

​

​

Telecom

​

Telecom

​

Other (1)

    

Consolidated

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Communication Services

​

​

​

​

​

​

​

​

​

​

​

​

Mobility - Business

​

$

5,172

​

$

9

​

$

—

​

$

5,181

Mobility - Consumer

​

​

21,524

​

​

—

​

​

—

​

​

21,524

Total Mobility

​

​

26,696

​

​

9

​

​

—

​

​

26,705

Fixed - Business

​

​

18,663

​

​

29,935

​

​

—

​

​

48,598

Fixed - Consumer

​

​

42,714

​

​

23,164

​

​

—

​

​

65,878

Total Fixed

​

​

61,377

​

 

53,099

​

 

—

​

 

114,476

Carrier Services

​

​

3,334

​

​

30,739

​

​

—

​

​

34,073

Other

​

 

2,358

​

​

140

​

​

—

​

​

2,498

Total Communication Services Revenue

​

 

93,765

​

​

83,987

​

​

—

​

​

177,752

Construction

​

​

—

​

​

1,115

​

​

—

​

​

1,115

Other

​

​

​

​

​

​

​

​

​

​

​

​

Managed Services

​

​

1,378

​

​

2,920

​

​

—

​

​

4,298

Total other revenue

​

​

1,378

​

​

2,920

​

​

—

​

​

4,298

Total Revenue

​

​

95,143

​

​

88,022

​

​

—

​

​

183,165

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Cost of communication services and other

​

​

34,051

​

​

43,799

​

​

—

​

​

77,850

Cost of construction revenue

​

​

—

​

​

1,086

​

​

—

​

​

1,086

Selling, general and administrative

​

​

27,830

​

​

21,982

​

​

4,481

​

​

54,293

Stock-based compensation

​

​

141

​

​

28

​

​

1,797

​

​

1,966

Transaction-related charges

​

​

—

​

​

—

​

​

444

​

​

444

Restructuring and reorganization expenses

​

​

577

​

​

344

​

​

1,069

​

​

1,990

Depreciation and amortization

​

​

14,198

​

​

17,886

​

​

854

​

​

32,938

Amortization of intangibles from acquisitions

​

​

238

​

​

974

​

​

—

​

​

1,212

Loss on disposition of assets, transfers and contingent consideration

​

​

16

​

​

1,540

​

​

—

​

​

1,556

Total Operating Expenses

​

​

77,051

​

​

87,639

​

​

8,645

​

​

173,335

Income (loss) from operations

​

​

18,092

​

​

383

​

​

(8,645)

​

​

9,830

Other income (expenses)

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

​

​

​

​

​

​

​

​

​

​

157

Interest expense

​

​

​

​

​

​

​

​

​

​

​

(11,628)

Other income

​

​

​

​

​

​

​

​

​

​

​

522

Other expense

​

​

​

​

​

​

​

​

​

​

​

(10,949)

Loss before income taxes

​

​

​

​

​

​

​

​

​

​

​

(1,119)

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment disclosures:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

International

​

US

​

Corporate and

​

​

​

​

​

Telecom

​

Telecom

​

Other (1)

​

Consolidated

Net (income) loss attributable to non-controlling interests

​

​

(2,824)

​

​

3,234

​

​

—

​

​

410

​

(1)Corporate and other items refer to corporate overhead costs and consolidating adjustments and have been presented for reconciliation purposes to consolidated amounts.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended September 30, 2024

​

    

​

​

    

    

    

​

​

    

​

​

​

​

International

​

US

​

Corporate and

​

​

​

​

​

Telecom

​

Telecom

​

Other (1)

​

Consolidated

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Communication Services

​

​

​

​

​

​

​

​

​

​

​

​

Mobility - Business

​

$

5,007

​

$

68

​

$

—

​

$

5,075

Mobility - Consumer

​

​

21,802

​

​

638

​

​

—

​

​

22,440

Total Mobility

​

​

26,809

​

​

706

​

​

—

​

​

27,515

Fixed - Business

​

​

18,692

​

​

29,576

​

​

—

​

​

48,268

Fixed - Consumer

​

​

43,067

​

​

21,440

​

​

—

​

​

64,507

Total Fixed

​

​

61,759

​

​

51,016

​

​

—

​

​

112,775

Carrier Services

​

​

3,272

​

​

29,430

​

​

—

​

​

32,702

Other

​

 

1,175

​

​

255

​

​

—

​

​

1,430

Total Communication Services Revenue

​

 

93,015

​

​

81,407

​

​

—

​

​

174,422

Construction

​

​

—

​

​

203

​

​

—

​

​

203

Other

​

​

​

​

​

​

​

​

​

​

​

​

Managed Services

​

​

1,266

​

​

2,560

​

​

—

​

​

3,826

Total Other Revenue

​

​

1,266

​

​

2,560

​

​

—

​

​

3,826

Total Revenue

​

​

94,281

​

​

84,170

​

​

—

​

​

178,451

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Cost of communication services and other

​

​

34,428

​

​

44,545

​

​

—

​

​

78,973

Cost of construction revenue

​

​

—

​

​

205

​

​

—

​

​

205

Selling, general and administrative

​

​

27,606

​

​

21,726

​

​

4,269

​

​

53,601

Stock-based compensation

​

​

102

​

​

157

​

​

1,572

​

​

1,831

Transaction-related charges

​

​

—

​

​

3,790

​

​

1

​

​

3,791

Restructuring and reorganization expenses

​

​

298

​

​

1,168

​

​

879

​

​

2,345

Depreciation and amortization

​

​

18,414

​

​

18,681

​

​

204

​

​

37,299

Amortization of intangibles from acquisitions

​

​

251

​

​

1,740

​

​

—

​

​

1,991

(Gain) loss on disposition of assets, transfers and contingent consideration

​

​

329

​

​

1,222

​

​

(47)

​

​

1,504

Goodwill impairment

​

​

—

​

​

35,269

​

​

—

​

​

35,269

Total Operating Expenses

​

​

81,428

​

​

128,503

​

​

6,878

​

​

216,809

Income (loss) from operations

​

​

12,853

​

​

(44,333)

​

​

(6,878)

​

​

(38,358)

Other income (expenses)

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

​

​

​

​

​

​

​

​

​

​

212

Interest expense

​

​

​

​

​

​

​

​

​

​

​

(12,695)

Other expense

​

​

​

​

​

​

​

​

​

​

​

(645)

Other expense

​

​

​

​

​

​

​

​

​

​

​

(13,128)

Income before income taxes

​

​

​

​

​

​

​

​

​

​

​

(51,486)

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment disclosures:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

International

​

US

​

Corporate and

​

​

​

​

​

Telecom

​

Telecom

​

Other (1)

​

Consolidated

​

​

​

​

​

​

​

​

​

​

​

​

​

Net (income) loss attributable to non-controlling interests

​

​

(1,893)

​

​

8,653

​

​

—

​

​

6,760

​

(1)Corporate and other items refer to corporate overhead costs and consolidating adjustments and have been presented for reconciliation purposes to consolidated amounts.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Nine Months Ended September 30, 2025

​

    

​

​

    

​

    

​

​

    

​

​

​

​

International

​

US

​

Corporate and

​

​

​

​

​

Telecom

​

Telecom

​

Other (1)

​

Consolidated

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Communication Services

​

​

​

​

​

​

​

​

​

​

​

​

Mobility - Business

​

$

14,879

​

$

64

​

$

—

​

$

14,943

Mobility - Consumer

​

​

64,181

​

​

—

​

​

—

​

​

64,181

Total Mobility

​

​

79,060

​

​

64

​

​

—

​

​

79,124

Fixed - Business

​

​

55,572

​

​

88,027

​

​

—

​

​

143,599

Fixed - Consumer

​

​

128,919

​

​

68,083

​

​

—

​

​

197,002

Total Fixed

​

​

184,491

​

 

156,110

​

 

—

​

 

340,601

Carrier Services

​

​

10,660

​

​

89,772

​

​

—

​

​

100,432

Other

​

 

6,186

​

​

314

​

​

—

​

​

6,500

Total Communication Services Revenue

​

 

280,397

​

​

246,260

​

​

—

​

​

526,657

Construction

​

 

—

​

​

4,377

​

​

—

​

​

4,377

Other

​

​

​

​

​

​

​

​

​

​

​

​

Managed Services

​

​

4,136

​

​

8,590

​

​

—

​

​

12,726

Total Other Revenue

​

​

4,136

​

​

8,590

​

​

—

​

​

12,726

Total Revenue

​

​

284,533

​

​

259,227

​

​

—

​

​

543,760

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Cost of communication services and other

​

​

102,768

​

​

130,471

​

​

—

​

​

233,239

Cost of construction revenue

​

​

—

​

​

4,770

​

​

—

​

​

4,770

Selling, general and administrative

​

​

82,839

​

​

67,057

​

​

15,788

​

​

165,684

Stock-based compensation

​

​

498

​

​

155

​

​

5,903

​

​

6,556

Transaction-related charges

​

​

—

​

​

—

​

​

2,072

​

​

2,072

Restructuring and reorganization expenses

​

​

3,468

​

​

2,835

​

​

2,424

​

​

8,727

Depreciation and amortization

​

​

44,729

​

​

54,020

​

​

2,578

​

​

101,327

Amortization of intangibles from acquisitions

​

​

740

​

​

2,924

​

​

—

​

​

3,664

Loss on disposition of assets, transfers and contingent consideration

​

​

429

​

​

4,562

​

​

—

​

​

4,991

Total Operating Expenses

​

​

235,471

​

​

266,794

​

​

28,765

​

​

531,030

Income (loss) from operations

​

​

49,062

​

​

(7,567)

​

​

(28,765)

​

​

12,730

Other income (expenses)

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

​

​

​

​

​

​

​

​

​

​

561

Interest expense

​

​

​

​

​

​

​

​

​

​

​

(36,388)

Other expense

​

​

​

​

​

​

​

​

​

​

​

(2,637)

Other expense

​

​

​

​

​

​

​

​

​

​

​

(38,464)

Loss before income taxes

​

​

​

​

​

​

​

​

​

​

​

(25,734)

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment disclosures:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

International

​

US

​

Corporate and

​

​

​

​

​

Telecom

​

Telecom

​

Other (1)

​

Consolidated

Net (income) loss attributable to non-controlling interests

​

​

(6,605)

​

​

11,709

​

​

—

​

​

5,104

​

(1)Corporate and other items refer to corporate overhead costs and consolidating adjustments and have been presented for reconciliation purposes to consolidated amounts.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Nine Months Ended September 30, 2024

​

    

​

​

    

​

    

​

​

​

​

​

​

​

International

​

US

​

Corporate and

​

​

​

​

​

Telecom

​

Telecom

​

Other (1)

    

Consolidated

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Communication Services

​

​

​

​

​

​

​

​

​

​

​

​

Mobility - Business

​

$

14,747

​

$

209

​

$

—

​

$

14,956

Mobility - Consumer

​

​

64,910

​

​

2,103

​

​

—

​

​

67,013

Total Mobility

​

​

79,657

​

​

2,312

​

​

—

​

​

81,969

Fixed - Business

​

​

55,939

​

​

95,359

​

​

—

​

​

151,298

Fixed - Consumer

​

​

129,356

​

​

66,033

​

​

—

​

​

195,389

Total Fixed

​

​

185,295

​

 

161,392

​

 

—

​

 

346,687

Carrier Services

​

​

10,481

​

​

89,539

​

​

—

​

​

100,020

Other

​

 

3,038

​

​

1,341

​

​

—

​

​

4,379

Total Communication Services Revenue

​

 

278,471

​

​

254,584

​

​

—

​

​

533,055

Construction

​

​

—

​

​

2,609

​

​

—

​

​

2,609

Other

​

​

​

​

​

​

​

​

​

​

​

​

Managed Services

​

​

4,226

​

​

8,637

​

​

—

​

​

12,863

Total other revenue

​

​

4,226

​

​

8,637

​

​

—

​

​

12,863

Total Revenue

​

​

282,697

​

​

265,830

​

​

—

​

​

548,527

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Cost of communication services and other

​

​

102,395

​

​

133,253

​

​

(149)

​

​

235,499

Cost of construction revenue

​

​

—

​

​

2,588

​

​

—

​

​

2,588

Selling, general and administrative

​

​

85,494

​

​

69,677

​

​

17,409

​

​

172,580

Stock-based compensation

​

​

319

​

​

483

​

​

5,719

​

​

6,521

Transaction-related charges

​

​

—

​

​

3,789

​

​

20

​

​

3,809

Restructuring and reorganization expenses

​

​

1,489

​

​

1,167

​

​

879

​

​

3,535

Depreciation and amortization

​

​

50,814

​

​

56,052

​

​

330

​

​

107,196

Amortization of intangibles from acquisitions

​

​

754

​

​

5,162

​

​

—

​

​

5,916

(Gain) loss on disposition of assets, transfers and contingent consideration

​

​

(15,512)

​

​

1,242

​

​

(649)

​

​

(14,919)

Goodwill impairment

​

​

—

​

​

35,269

​

​

—

​

​

35,269

Total Operating Expenses

​

​

225,753

​

​

308,682

​

​

23,559

​

​

557,994

Income (loss) from operations

​

​

56,944

​

​

(42,852)

​

​

(23,559)

​

​

(9,467)

Other income (expenses)

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

​

​

​

​

​

​

​

​

​

​

799

Interest expense

​

​

​

​

​

​

​

​

​

​

​

(36,552)

Other expense

​

​

​

​

​

​

​

​

​

​

​

(1,052)

Other expense

​

​

​

​

​

​

​

​

​

​

​

(36,805)

Loss before income taxes

​

​

​

​

​

​

​

​

​

​

​

(46,272)

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment disclosures:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

International

​

US

​

Corporate and

​

​

​

​

​

Telecom

​

Telecom

​

Other (1)

​

Consolidated

Net (income) loss attributable to non-controlling interests

​

​

(8,467)

​

​

14,526

​

​

—

​

​

6,059

​

(1)Corporate and other items refer to corporate overhead costs and consolidating adjustments and have been presented for reconciliation purposes to consolidated amounts.

​

​

Selected balance sheet data for each of the Company’s segments as of September 30, 2025 and December 31, 2024 consists of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

International

​

US

​

Corporate and

​

​

​

​

    

Telecom

    

Telecom

    

Other

    

Consolidated

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Cash, cash equivalents, and restricted cash

​

$

70,619

​

$

44,066

​

$

4,955

​

$

119,640

Total current assets

​

​

169,112

​

​

144,433

​

​

13,623

​

​

327,168

Fixed assets, net

​

​

450,779

​

​

540,114

​

​

6,585

​

​

997,478

Goodwill

​

 

4,835

​

 

—

​

 

—

​

​

4,835

Total assets

​

 

701,369

​

 

894,053

​

 

103,259

​

​

1,698,681

Total current liabilities

​

​

98,709

​

​

118,428

​

​

42,598

​

​

259,735

Total debt, including current portion

​

​

59,926

​

​

324,578

​

​

195,102

​

​

579,606

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Cash, cash equivalents, and restricted cash

​

$

35,231

​

$

51,604

​

$

2,409

​

$

89,244

Total current assets

​

​

129,866

​

​

168,754

​

​

10,541

​

​

309,161

Fixed assets, net

​

​

466,861

​

​

565,625

​

​

7,707

​

​

1,040,193

Goodwill

​

 

4,835

​

 

—

​

 

—

​

​

4,835

Total assets

​

 

675,642

​

 

957,914

​

 

93,547

​

​

1,727,103

Total current liabilities

​

​

85,588

​

​

147,490

​

​

34,236

​

​

267,314

Total debt, including current portion

​

​

59,850

​

​

316,241

​

​

181,265

​

​

557,356

​

For the nine months ended September 30, 2025 and 2024, the Company spent $128.2 million and $157.5 million, respectively, on capital expenditures relating to its telecommunications networks and business support systems, of which $67.3 million and $71.8 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

2025

​

$

30,241

​

$

97,987

​

$

—

​

$

128,228

2024

​

​

39,440

​

​

116,220

​

​

1,861

​

​

157,521

​

(1)Corporate and other items refer to corporate overhead costs and consolidating adjustments and have been presented for reconciliation purposes to consolidated amounts.