SEGMENT REPORTING

3 Months Ended

Mar. 31, 2024

SEGMENT REPORTING

SEGMENT REPORTING

12. 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 March 31, 2024
	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	4,808	$	74	$	—	$	4,882
Mobility - Consumer		21,229		764		—		21,993
Total Mobility		26,037		838		—		26,875
Fixed - Business		18,532		34,965		—		53,497
Fixed - Consumer		42,789		22,919		—		65,708
Total Fixed		61,321		57,884		—		119,205
Carrier Services		3,574		30,052		—		33,626
Other		818		744		—		1,562
Total Communication Services Revenue		91,750		89,518		—		181,268
Construction		—		1,586		—		1,586
Other
Managed Services		1,309		2,631		—		3,940
Total other revenue		1,309		2,631		—		3,940
Total Revenue		93,059		93,735		—		186,794
Depreciation and amortization		16,124		18,138		78		34,340
Amortization of intangibles from acquisitions		251		1,729		—		1,980
Non-cash stock-based compensation		23		132		1,754		1,909
Operating income (loss)		11,685		597		(7,708)		4,574

For the Three Months Ended March 31, 2023
	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	3,575	$	172	$	—	$	3,747
Mobility - Consumer		22,532		987		—		23,519
Total Mobility		26,107		1,159		—		27,266
Fixed - Business		17,113		36,320		—		53,433
Fixed - Consumer		41,778		22,582		—		64,360
Total Fixed		58,891		58,902		—		117,793
Carrier Services		3,690		32,084		—		35,774
Other		400		75		—		475
Total Communication Services Revenue		89,088		92,220		—		181,308
Construction		—		590		—		590
Other
Managed Services		1,320		2,556		—		3,876
Total Other Revenue		1,320		2,556		—		3,876
Total Revenue		90,408		95,366		—		185,774
Depreciation		14,186		21,487		731		36,404
Amortization of intangibles from acquisitions		380		2,867		—		3,247
Non-cash stock-based compensation		67		77		1,634		1,778
Operating income (loss)		13,825		(4,342)		(8,847)		636

Selected balance sheet data for each of the Company’s segments as of March 31, 2024 and December 31, 2023 consists of the following (in thousands):

	International		US		Corporate and
	Telecom		Telecom		Other		Consolidated
March 31, 2024
Cash, cash equivalents, and restricted cash	$	35,369	$	32,288	$	1,561	$	69,218
Total current assets		121,262		157,318		11,147		289,727
Fixed assets, net		479,325		585,979		6,178		1,071,482
Goodwill		4,835		35,269		—		40,104
Total assets		679,591		1,006,960		92,603		1,779,154
Total current liabilities		87,986		155,274		30,357		273,617
Total debt, including current portion		59,776		295,996		185,519		541,291
December 31, 2023
Cash, cash equivalents, and restricted cash	$	26,354	$	33,574	$	2,239	$	62,167
Total current assets		107,469		162,768		11,035		281,272
Fixed assets, net		481,911		593,833		4,915		1,080,659
Goodwill		4,836		35,268		—		40,104
Total assets		672,171		1,019,924		91,619		1,783,714
Total current liabilities		86,540		169,297		37,357		293,194
Total debt, including current portion		64,254		293,607		159,009		516,870

For the three months ended March 31, 2024 and 2023, the Company spent $49.5 million and $52.7 million, respectively, on capital expenditures relating to its telecommunications networks and business support systems of which $13.5 million and $2.1 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
Three months ended March 31,		Telecom		Telecom		Other (1)		Consolidated
2024	$	16,915	$	31,233	$	1,341	$	49,489
2023		21,464		31,261		—		52,725

(1) Corporate and other items refer to corporate overhead costs and consolidating adjustments