SEGMENT REPORTING

6 Months Ended

Jun. 30, 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 June 30, 2024
	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	4,932	$	68	$	—	$	5,000
Mobility - Consumer		21,879		701		—		22,580
Total Mobility		26,811		769		—		27,580
Fixed - Business		18,715		30,817		—		49,532
Fixed - Consumer		43,500		21,674		—		65,174
Total Fixed		62,215		52,491		—		114,706
Carrier Services		3,636		30,056		—		33,692
Other		1,045		342		—		1,387
Total Communication Services Revenue		93,707		83,658		—		177,365
Construction		—		820		—		820
Other
Managed Services		1,650		3,446		—		5,096
Total other revenue		1,650		3,446		—		5,096
Total Revenue		95,357		87,924		—		183,281
Depreciation and amortization		16,277		19,234		47		35,558
Amortization of intangibles from acquisitions		252		1,693		—		1,945
Stock-based compensation		193		196		2,392		2,781
Operating income (loss)		32,405		884		(8,973)		24,316

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

For the Three Months Ended June 30, 2023
	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	3,507	$	114	$	—	$	3,621
Mobility - Consumer		23,349		863		—		24,212
Total Mobility		26,856		977		—		27,833
Fixed - Business		17,214		35,495		—		52,709
Fixed - Consumer		42,459		22,608		—		65,067
Total Fixed		59,673		58,103		—		117,776
Carrier Services		3,879		31,576		—		35,455
Other		448		64		—		512
Total Communication Services Revenue		90,856		90,720		—		181,576
Construction		—		1,020		—		1,020
Other
Managed Services		1,125		2,720		—		3,845
Total Other Revenue		1,125		2,720		—		3,845
Total Revenue		91,981		94,460		—		186,441
Depreciation and amortization		14,106		21,430		681		36,217
Amortization of intangibles from acquisitions		364		2,780		—		3,144
Stock-based compensation		109		9		2,621		2,739
Operating income (loss)		14,552		(2,394)		(9,718)		2,440

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

For the Six Months Ended June 30, 2024
	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	9,740	$	141	$	—	$	9,881
Mobility - Consumer		43,108		1,465		—		44,573
Total Mobility		52,848		1,606		—		54,454
Fixed - Business		37,247		65,783		—		103,030
Fixed - Consumer		86,289		44,593		—		130,882
Total Fixed		123,536		110,376		—		233,912
Carrier Services		7,209		60,109		—		67,318
Other		1,863		1,086		—		2,949
Total Communication Services Revenue		185,456		173,177		—		358,633
Construction		—		2,406		—		2,406
Other
Managed Services		2,960		6,077		—		9,037
Total Other Revenue		2,960		6,077		—		9,037
Total Revenue		188,416		181,660		—		370,076
Depreciation and amortization		32,400		37,372		125		69,897
Amortization of intangibles from acquisitions		503		3,421		—		3,924
Stock-based compensation		217		327		4,146		4,690
Operating income (loss)		44,090		1,482		(16,682)		28,890

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

For the Six Months Ended June 30, 2023
	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	7,083	$	286	$	—	$	7,369
Mobility - Consumer		45,880		1,850		—		47,730
Total Mobility		52,963		2,136		—		55,099
Fixed - Business		34,327		71,814		—		106,141
Fixed - Consumer		84,236		45,190		—		129,426
Total Fixed		118,563		117,004		—		235,567
Carrier Services		7,570		63,660		—		71,230
Other		848		139		—		987
Total Communication Services Revenue		179,944		182,939		—		362,883
Construction		—		1,610		—		1,610
Other
Managed Services		2,445		5,276		—		7,721
Total other revenue		2,445		5,276		—		7,721
Total Revenue		182,389		189,825		—		372,214
Depreciation and amortization		28,292		42,917		1,412		72,621
Amortization of intangibles from acquisitions		744		5,647		—		6,391
Stock-based compensation		176		86		4,255		4,517
Operating income (loss)		28,377		(6,737)		(18,566)		3,074

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

Selected balance sheet data for each of the Company’s segments as of June 30, 2024 and December 31, 2023 consists of the following (in thousands):

	International		US		Corporate and
	Telecom		Telecom		Other		Consolidated
June 30, 2024
Cash, cash equivalents, and restricted cash	$	33,563	$	36,448	$	3,242	$	73,253
Total current assets		130,572		155,822		9,502		295,896
Fixed assets, net		475,862		579,092		6,368		1,061,322
Goodwill		4,835		35,269		—		40,104
Total assets		683,111		997,592		91,638		1,772,341
Total current liabilities		91,529		145,856		31,500		268,885
Total debt, including current portion		59,801		298,375		182,659		540,835
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 six months ended June 30, 2024 and 2023, the Company spent $108.0 million and $96.4 million, respectively, on capital expenditures relating to its telecommunications networks and business support systems of which $46.2 million and $7.0 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
Six months ended June 30,		Telecom		Telecom		Other (1)		Consolidated
2024	$	28,951	$	77,498	$	1,579	$	108,028
2023		38,906		57,531		—		96,437

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