SEGMENT REPORTING

9 Months Ended

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