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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from      to              

Commission File Number 001-12593

ATN INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

47-0728886
(I.R.S. Employer
Identification No.)

500 Cummings Center, Suite 2450
Beverly, Massachusetts
(Address of principal executive offices)

01915
(Zip Code)

(978619-1300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

ATNI

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer 

Non-accelerated filer

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes     No  

As of August 8, 2022, the registrant had outstanding 15,763,341 shares of its common stock ($.01 par value).

ATN INTERNATIONAL, INC.

FORM 10-Q

Quarter Ended June 30, 2022

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

3

PART I—FINANCIAL INFORMATION

4

Item 1

Unaudited Condensed Consolidated Financial Statements

4

Condensed Consolidated Balance Sheets at June 30, 2022 and December 31, 2021

4

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021

5

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021

6

Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2022 and 2021

7

Condensed Consolidated Statements of Cash Flows for Six Months Ended June 30, 2022 and 2021

9

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

42-70

Item 3

Quantitative and Qualitative Disclosures About Market Risk

70

Item 4

Controls and Procedures

70

PART II—OTHER INFORMATION

70

Item 1

Legal Proceedings

70

Item 1A

Risk Factors

71

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

72

Item 5

Other Information

73

Item 6

Exhibits

74

SIGNATURES

75

CERTIFICATIONS

2

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (or the “Report”) contains forward-looking statements relating to, among other matters, our future financial performance and results of operations, including our expectations regarding the benefits of our acquisition of Alaska Communications; the impact of federal support program revenues; expectations regarding future revenue, operating income, EBITDA and capital expenditures; the competitive environment in our key markets, demand for our services and industry trends; our expectations regarding construction progress under our agreement as part of the FirstNet Transaction and the effect such progress will have on our financial results; expectations regarding litigation; our liquidity; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results.  Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) our ability to successfully transition our U.S. Telecom business away from wholesale wireless to other carrier and consumer-based services; (2) our ability to replace and remove all ZTE equipment in our U.S. network, as required by the FCC in a timely and cost-effective manner; (3) the general performance of our operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of our subscriber base and average revenue per user; (4) our ability to realize cost synergies and expansion plans for our newly acquired Alaska Communications business; (5) our ability to satisfy the needs and demands of our major carrier customers; (6) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address rapid and significant technological changes in the telecommunications industry; (7) government funding and subsidy program availability and regulation of our businesses, which may impact our revenue, expansion plans and operating costs; (8) our reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure; (9) economic, political and other risks and opportunities facing our operations, including those resulting from the pandemic, geopolitical tensions, including the invasion of Ukraine, and from inflation, including increased costs and supply chain disruptions; (10) the loss of or an inability to recruit skilled personnel in our various jurisdictions, including key members of management; (11) our ability to find investment or acquisition or disposition opportunities that fit our strategic goals; (12) the occurrence of weather events and natural catastrophes and our ability to secure the appropriate level of insurance coverage for these assets; (13) increased competition;  (14) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; (15) our continued access to capital and credit markets; and (16) our ability to successfully complete our pending acquisition of Sacred Wind Enterprises and recognize the expected benefits of such acquisition.  These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” in each of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 16, 2022, and the other reports we file from time to time with the SEC.  We undertake no obligation and have no intention to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors that may affect such forward-looking statements, except as required by law.

In this Report, the words “the Company,” “we,” “our,” “ours,” “us” and “ATN” refer to ATN International, Inc. and its subsidiaries. This Report contains trademarks, service marks and trade names that are the property of, or licensed by, ATN and its subsidiaries.

References to dollars ($) refer to US dollars unless otherwise specifically indicated.

3

PART I—FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In Thousands, Except Share Data)

June 30, 

December 31, 

    

2022

    

2021

ASSETS

Current Assets:

Cash and cash equivalents

$

71,061

$

79,601

Restricted cash

 

1,099

 

1,096

Short-term investments

 

300

 

300

Accounts receivable, net of allowances for credit losses of $15.7 million and $13.9 million, respectively

 

70,627

 

73,701

Customer receivable

6,239

4,145

Inventory, materials and supplies

 

9,238

 

10,177

Prepayments and other current assets

 

65,716

 

63,597

Total current assets

 

224,280

 

232,617

Fixed Assets:

Property, plant and equipment

 

1,801,867

 

1,748,092

Less accumulated depreciation

 

(861,594)

 

(804,883)

Net fixed assets

 

940,273

 

943,209

Telecommunication licenses, net

 

113,766

 

113,766

Goodwill

 

40,104

 

40,104

Intangible assets, net

 

37,847

 

44,294

Operating lease right-of-use assets

 

115,103

 

118,843

Customer receivable - long term

39,855

39,652

Other assets

 

84,526

 

76,119

Total assets

$

1,595,754

$

1,608,604

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

3,759

$

4,665

Current portion of customer receivable credit facility

5,326

4,620

Accounts payable and accrued liabilities

 

129,140

 

151,463

Dividends payable

 

2,680

 

2,672

Accrued taxes

 

9,261

 

5,681

Current portion of lease liabilities

16,779

16,201

Advance payments and deposits

 

36,839

 

35,642

Total current liabilities

 

203,784

 

220,944

Deferred income taxes

 

18,400

 

21,460

Lease liabilities, excluding current portion

88,828

91,719

Other liabilities

 

135,103

 

142,033

Customer receivable credit facility, net of current portion

35,243

30,148

Long-term debt, excluding current portion

 

352,319

 

327,111

Total liabilities

 

833,677

 

833,415

Commitments and contingencies (Note 14)

Redeemable noncontrolling interests:

Preferred redeemable noncontrolling interests

52,566

50,296

Common redeemable noncontrolling interests

22,640

22,640

Total redeemable noncontrolling interests

75,206

72,936

ATN International, Inc. Stockholders’ Equity:

Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding

 

 

Common stock, $0.01 par value per share; 50,000,000 shares authorized; 17,584,058 and 17,476,542 shares issued, respectively, 15,763,341 and 15,712,941 shares outstanding, respectively

 

172

 

172

Treasury stock, at cost; 1,820,716 and 1,763,601 shares, respectively

 

(73,828)

 

(71,714)

Additional paid-in capital

 

195,432

 

192,132

Retained earnings

 

465,112

 

475,887

Accumulated other comprehensive income

 

4,231

 

4,773

Total ATN International, Inc. stockholders’ equity

 

591,119

 

601,250

Noncontrolling interests

 

95,752

 

101,003

Total equity

 

686,871

 

702,253

Total liabilities, redeemable noncontrolling interests and equity

$

1,595,754

$

1,608,604

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

4

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited)

(In Thousands, Except Per Share Data)

Three months ended June 30, 

Six months ended June 30, 

    

2022

    

2021

    

2022

    

2021

 

REVENUE:

Communication services

$

171,795

$

112,964

$

338,338

$

223,599

Construction

3,297

9,325

5,283

21,632

Other

 

4,405

 

1,576

 

7,896

 

3,144

Total revenue

 

179,497

 

123,865

 

351,517

 

248,375

OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):

Cost of communication services and other

 

77,860

 

48,479

 

150,871

 

97,986

Cost of construction revenue

3,286

9,535

5,319

22,142

Selling, general and administrative

 

59,178

 

40,652

 

115,519

 

78,344

Transaction-related charges

 

412

 

1,396

 

966

 

2,126

Depreciation and amortization

 

33,817

 

19,739

 

67,109

 

39,849

Amortization of intangibles from acquisitions

3,250

416

6,508

813

(Gain) Loss on disposition of long-lived assets

(28)

743

3,392

861

Total operating expenses

 

177,775

 

120,960

 

349,684

 

242,121

Income from operations

 

1,722

 

2,905

 

1,833

 

6,254

OTHER INCOME (EXPENSE)

Interest income

46

3

40

Interest expense

 

(4,278)

 

(1,137)

 

(7,593)

(2,285)

Other income

 

(2,724)

 

(66)

 

1,474

2,309

Other income (expense), net

 

(7,002)

 

(1,157)

 

(6,116)

 

64

INCOME BEFORE INCOME TAXES

 

(5,280)

 

1,748

 

(4,283)

 

6,318

Income tax provision

 

(3,971)

 

(1,542)

 

(1,018)

 

(1,247)

NET INCOME (LOSS)

 

(1,309)

 

3,290

 

(3,265)

 

7,565

Net income (loss) attributable to noncontrolling interests, net of tax expense (benefit) of $0 million, $0.3 million, $(0.5) million, and $0.4 million, respectively.

 

784

 

(1,271)

 

1,794

 

(2,842)

NET INCOME (LOSS) ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS

$

(525)

$

2,019

$

(1,471)

$

4,723

NET INCOME (LOSS) PER WEIGHTED AVERAGE SHARE ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS:

Basic

$

(0.11)

$

0.13

$

(0.24)

$

0.30

Diluted

$

(0.11)

$

0.13

$

(0.24)

$

0.30

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

 

15,749

 

15,912

 

15,736

 

15,907

Diluted

 

15,749

 

15,921

 

15,736

 

15,930

DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK

$

0.17

$

0.17

$

0.34

$

0.34

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

5

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited)

(In Thousands)

Three months ended
June 30, 

Six months ended
June 30, 

2022

    

2021

 

2022

    

2021

Net income (loss)

$

(1,309)

$

3,290

$

(3,265)

$

7,565

Other comprehensive income (loss):

Foreign currency translation adjustment

 

(1,680)

 

(370)

 

(1,423)

 

(410)

Reclassification of loss on pension settlement, net of $(0.8) million of tax

915

915

Unrealized gain (loss) on derivatives

(199)

29

(34)

60

Other comprehensive income (loss), net of tax

 

(964)

 

(341)

 

(542)

 

(350)

Comprehensive income (loss)

 

(2,273)

 

2,949

 

(3,807)

 

7,215

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

784

 

(1,271)

 

1,794

 

(2,842)

Comprehensive income (loss) attributable to ATN International, Inc.

$

(1,489)

$

1,678

$

(2,013)

$

4,373

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

6

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited)

(In Thousands, Except Per Share Data)

Total Redeemable Noncontrolling Interests

Total Equity

Redeemable

Redeemable

Total

Treasury

Additional

Redeemable

Other

ATNI

Non-

Preferred

Common

Redeemable

Common

Stock,

Paid In

Retained

Common

Comprehensive

Stockholders’

Controlling

Total

Units

Units

Noncontrolling Interests

Stock

at cost

Capital

Earnings

Units

Income/(Loss)

Equity

Interests

Equity

Balance, March 31, 2022

$

51,412

$

22,640

$

74,052

$

172

$

(73,795)

$

193,164

$

470,056

$

$

5,195

$

594,792

$

98,768

$

693,560

Purchase of 831 shares of common stock

 

(33)

(33)

(33)

Stock-based compensation

 

2,435

2,435

133

2,568

Dividends declared on common stock ($0.17 per common share)

(2,678)

(2,678)

(1,113)

(3,791)

Investments made by minority shareholders in consolidated affiliates

 

11

11

Repurchase of noncontrolling interests

 

(167)

(167)

(1,850)

(2,017)

Accrued dividend - redeemable preferred units

1,154

1,154

(1,154)

(1,154)

(1,154)

Deemed dividend - redeemable common units

587

587

(587)

587

Comprehensive income:

Net income (loss)

(587)

(587)

 

(525)

(587)

(1,112)

(197)

(1,309)

Other comprehensive income

 

(964)

(964)

(964)

Total comprehensive income (loss)

(587)

(587)

(525)

(587)

(964)

 

(2,076)

 

(197)

 

(2,273)

Balance, June 30, 2022

$

52,566

$

22,640

$

75,206

$

172

$

(73,828)

$

195,432

$

465,112

$

$

4,231

$

591,119

$

95,752

$

686,871

Balance, March 31, 2021

$

$

$

$

172

$

(61,677)

$

186,930

$

516,897

$

$

269

$

642,591

$

99,678

$

742,269

Purchase of 37,428 shares of common stock

 

(1,711)

(1,711)

(1,711)

Stock-based compensation

 

2,150

2,150

25

2,175

Dividends declared on common stock ($0.17 per common share)

 

(2,708)

(2,708)

(958)

(3,666)

Investments made by minority shareholders in consolidated affiliates

329

329

Repurchase of noncontrolling interests

(74)

(74)

(1,085)

(1,159)

Comprehensive income:

Net income

 

2,019

2,019

1,271

3,290

Other comprehensive income (loss)

 

(341)

(341)

(341)

Total comprehensive income (loss)

2,019

(341)

 

1,678

 

1,271

 

2,949

Balance, June 30, 2021

$

$

$

$

172

$

(63,388)

$

189,006

$

516,208

$

$

(72)

$

641,926

$

99,260

$

741,186

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

7

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

Total Redeemable Noncontrolling Interests

Total Equity

Redeemable

Redeemable

Total

Treasury

Additional

Redeemable

Other

ATNI

Non-

Preferred

Common

Redeemable

Common

Stock,

Paid In

Retained

Common

Comprehensive

Stockholders’

Controlling

Total

Units

Units

Noncontrolling Interests

Stock

at cost

Capital

Earnings

Units

Income/(Loss)

Equity

Interests

Equity

Balance, December 31, 2021

$

50,296

$

22,640

$

72,936

$

172

$

(71,714)

$

192,132

$

475,887

$

$

4,773

$

601,250

$

101,003

$

702,253

Purchase of 57,115 shares of common stock

 

(2,114)

(2,114)

(2,114)

Stock-based compensation

 

3,743

3,743

285

4,028

Dividends declared on common stock ($0.34 per common share)

 

(5,356)

(5,356)

(1,374)

(6,730)

Investments made by minority shareholders in consolidated affiliates

 

11

11

Repurchase of noncontrolling interests

(443)

(443)

(4,057)

(4,500)

Accrued dividend - redeemable preferred units

2,270

2,270

(2,270)

(2,270)

(2,270)

Deemed dividend - redeemable common units

1,678

1,678

(1,678)

1,678

Comprehensive income:

Net income (loss)

(1,678)

(1,678)

 

(1,471)

(1,678)

(3,149)

(116)

(3,265)

Other comprehensive income (loss)

 

(542)

(542)

(542)

Total comprehensive income

(1,678)

(1,678)

(1,471)

(1,678)

(542)

 

(3,691)

 

(116)

 

(3,807)

Balance, June 30, 2022

$

52,566

$

22,640

$

75,206

$

172

$

(73,828)

$

195,432

$

465,112

$

$

4,231

$

591,119

$

95,752

$

686,871

Balance, December 31, 2020

$

$

$

$

172

$

(59,456)

$

187,754

$

516,901

$

$

278

$

645,649

$

108,687

$

754,336

Purchase of 81,406 shares of common stock

 

(3,932)

(3,932)

(3,932)

Stock-based compensation

 

3,413

3,413

98

3,511

Investments made by minority shareholders

329

329

Dividends declared on common stock ($0.34 per common share)

 

(5,416)

(5,416)

(2,488)

(7,904)

Repurchase of noncontrolling interests

(2,161)

(2,161)

(10,208)

(12,369)

Comprehensive income:

Net income

 

4,723

4,723

2,842

7,565

Other comprehensive income

 

(350)

(350)

(350)

Total comprehensive income

4,723

(350)

 

4,373

 

2,842

 

7,215

Balance, June 30, 2021

$

$

$

$

172

$

(63,388)

$

189,006

$

516,208

$

$

(72)

$

641,926

$

99,260

$

741,186

8

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(In Thousands)

Six Months Ended June 30,

2022

    

2021

Cash flows from operating activities:

Net income

$

(3,265)

$

7,565

Adjustments to reconcile net income to net cash flows provided by operating activities:

Depreciation

67,109

 

39,849

Amortization of acquisition intangibles

6,508

813

Provision for doubtful accounts

3,153

 

2,299

Amortization of debt discount and debt issuance costs

1,004

 

337

Loss on disposition of long-lived assets

3,392

861

Stock-based compensation

4,028

 

3,511

Deferred income taxes

(3,871)

 

(3,236)

Gain on equity investments

(3,401)

(1,793)

Loss on pension settlement

1,725

Unrealized gain on foreign currency

(81)

Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:

Accounts receivable

(81)

 

1,226

Customer receivable

(2,298)

(21,586)

Prepaid income taxes

6,206

 

Accrued taxes

3,227

 

(1,360)

Materials and supplies, prepayments, and other current assets

(12,868)

 

(73)

Accounts payable and accrued liabilities, advance payments and deposits and other current liabilities

(9,970)

 

(1,745)

Other assets

(3,291)

782

Other liabilities

(6,587)

 

91

Net cash provided by operating activities

 

50,720

 

27,460

Cash flows from investing activities:

Capital expenditures

 

(71,204)

 

(35,424)

Reimbursable capital expenditures

(3,894)

(6,508)

Purchases of strategic investments

(1,400)

(5,242)

Receipt of capital government grants

3,292

Sale of businesses, net of transferred cash of $0 and $0.9 million, respectively

1,835

18,597

Net cash used in investing activities

 

(74,663)

 

(25,285)

Cash flows from financing activities:

Dividends paid on common stock

 

(5,348)

 

(5,411)

Distributions to noncontrolling interests

 

(1,375)

 

(4,488)

Finance lease payment

(574)

Term loan - repayments

 

(938)

 

(1,883)

Revolving credit facility – borrowings

49,000

Revolving credit facility – repayments

(24,500)

Proceeds from customer receivable credit facility

 

8,000

 

17,582

Repayment of customer receivable credit facility

(2,258)

(384)

Purchases of common stock – stock- based compensation

(1,169)

(1,713)

Purchases of common stock – share repurchase plan

(941)

(2,219)

Investments made by minority shareholders in consolidated affiliates

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Repurchases of noncontrolling interests

(4,502)

(12,699)

Net cash provided by (used in) financing activities

 

15,406

 

(11,215)

Net change in cash, cash equivalents, and restricted cash

 

(8,537)

 

(9,040)

Total cash, cash equivalents, and restricted cash, beginning of period

 

80,697

 

104,997

Total cash, cash equivalents, and restricted cash, end of period

$

72,160

$

95,957

Purchases of property, plant and equipment included in accounts payable and accrued expenses

$

13,303

$

11,990

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

9

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.ORGANIZATION AND BUSINESS OPERATIONS

The Company is a provider of digital infrastructure and communications services in the United States and internationally, including the Caribbean region, with a focus on rural and remote markets with a growing demand for infrastructure investments. The Company’s operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential, business and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities.

At the holding company level, the Company oversees the allocation of capital within and among its subsidiaries, affiliates, new investments, and stockholders. The Company also has developed significant operational expertise and resources that it uses to augment the capabilities of its individual operating subsidiaries in its local markets. Over the past 10 years, the Company has built a platform of resources and expertise to support its operating subsidiaries and to improve their quality of service with greater economies of scale and expertise than would typically be available at the operating subsidiary level. The Company also provides management, technical, financial, regulatory, and marketing services to its operating subsidiaries and typically receives a management fee calculated as a percentage of their revenues, which is eliminated in consolidation. The Company also actively evaluates potential acquisitions, investment opportunities and other strategic transactions, both domestic and international, and generally looks for those that it believes fit the Company’s profile of telecommunications businesses and have the potential to complement its “Glass and Steel” and “fiber first” approach in markets while generating steady excess cash flows over extended periods of time. The Company uses the cash generated from its operations to re-invest in organic growth in its existing businesses, to make strategic investments in additional businesses, and to return cash to its investors through dividends or stock repurchases.

As of June 30, 2022, the Company offered the following types of services to its customers:

Mobility Telecommunications Services. The Company offers mobile communications services and equipment over its wireless networks to both its business and consumer subscribers.  

Fixed Telecommunications Services. The Company provides fixed data and voice telecommunications services to both its business and consumer subscribers in all of its markets.  These services include consumer broadband and high speed data solutions for businesses. For some markets, fixed services also include video services and revenue derived from support under certain government programs.

Carrier Telecommunication Services.  The Company delivers services to other telecommunications providers such as wholesale roaming, the leasing of critical network infrastructure such as tower and transport facilities, site maintenance and international long-distance services.

Managed Services. The Company provides information technology services such as network, application, infrastructure and hosting services to both its business and consumer customers to complement its fixed services in its existing markets.

Through June 30, 2022, the Company has identified three operating segments to manage and review its operations and to facilitate investor presentations of its results. These three operating segments are as follows:

International Telecom. In the Company’s international markets, it offers fixed services, mobility services, carrier services and managed services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands.

US Telecom. In the United States, the Company offers fixed services, carrier services, and managed services to business and consumer customers in Alaska and the western United States. In the western

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United States, the Company also provides mobility services to enterprise and consumer customers.

Renewable Energy. In India, the Company provided distributed generation solar power to commercial and industrial customers through January 27, 2021. See Disposition of International Solar Business for further details.

The following chart summarizes the operating activities of the Company’s principal subsidiaries, the segments in which it reports its revenue and the markets it served during the three months ended June 30, 2022:

Segment

   

Services

   

Markets

   

Tradenames

International Telecom

 

Mobility Services

 

Bermuda, Guyana, US Virgin Islands

 

One, GTT+, Viya

Fixed Services

 

Bermuda, Cayman Islands, Guyana, US Virgin Islands

 

One, Logic, GTT, Viya

Carrier Services

Bermuda, Guyana, US Virgin Islands

One, GTT+, Viya

Managed Services

Bermuda, Cayman Islands, US Virgin Islands, Guyana

Fireminds, One, Logic, GTT, Viya

US Telecom

 

Mobility Services

 

United States (rural markets)

 

Choice, Choice NTUA Wireless, Geoverse

Fixed Services

United States

 

Alaska Communications, Commnet, Choice, Choice NTUA Wireless

Carrier Services

United States

Alaska Communications, Commnet, Essextel

 

Managed Services

 

United States

 

Alaska Communications, Choice

Renewable Energy (1)

Solar

India

Vibrant Energy

(1) See Disposition of International Solar Business for further details.

For further information about the Company’s financial segments and geographical information about its operating revenues and assets, see Note 13 to the Unaudited Condensed Consolidated Financial Statements included in this Report.

COVID-19

The Company continues to monitor and assess the effects of the ongoing COVID-19 pandemic on its commercial operations, the safety of its employees and their families, its sales force and customers.

The preparation of the condensed consolidated financial statements requires the Company to make estimates, judgments and assumptions, which are evaluated on an ongoing basis, which may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities.  The Company assessed certain accounting matters and estimates that generally require consideration of forecasted financial information in context with the information and estimates reasonably available to the Company and the unknown future impacts of COVID-19 as of June 30, 2022 and through the date of this report. The accounting matters assessed included, but were not limited to, the allowance for credit losses, the carrying value of goodwill and other long-lived assets, financial assets, valuation allowances for tax assets and revenue recognition.

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The Company’s assessment of the impact of COVID-19 on its operations did not indicate that there was a material adverse impact to its consolidated financial statements as of and for the three and six months ended June 30, 2022. However, future assessments of the impacts of COVID-19, as well as other factors, including the possible reinstatement of certain COVID-19 travel-related and stay-at-home restrictions, could result in material adverse impacts to its consolidated financial statements in future reporting periods. For example, the Company may experience difficulty in procuring network or retail equipment, such as handsets for subscribers, as a result of COVID-19 restrictions and related supply chain challenges.  In addition, there is increased uncertainty related to predicting subscribers’ procurement behavior for services.

2. BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial information included herein is unaudited; however, the Company believes such information and the disclosures herein are adequate to make the information presented not misleading and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial position and results of operations for the periods described therein. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Results of interim periods may not be indicative of results for the full year. These condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 16, 2022.

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries in which the Company holds controlling interests and certain entities which are consolidated in accordance with the provisions of the Financial Accounting Standards Board’s (“FASB”) authoritative guidance on the consolidation of variable interest entities, since it is determined that the Company is the primary beneficiary of these entities.

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Presentation of Revenue

Effective October 1, 2021, the Company’s statement of operations separately reflects Construction revenue. All periods presented have been adjusted to conform to these presentation updates.

Presentation of Operating Expenses

Effective January 1, 2021, the Company changed its presentation of operating expenses in the Condensed Consolidated Statements of Operations by combining the previously disclosed Termination and Access Fees with Engineering and Operations as the newly represented Costs of Communication Services and Other. In addition, the previously disclosed Sales, Marketing and Customer Service expenses are now combined with the previously disclosed General and Administrative expenses within the newly represented Selling, General and Administrative expenses. The change in presentation was made to better align the Company’s results with industry standards.  Cost of construction services continues to be broken out separately and all depreciation and amortization continues to be shown separately.

Recent Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company prospectively adopted this accounting standard in 2021. The adoption of ASC 2021-08 will result in the recognition of larger deferred revenue balances in future acquisitions.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which required entities to make specific annual disclosures about transactions with a government. The new standard is effective for fiscal years beginning after December 15, 2021. The adoption of ASU 2021-10 did not have a material impact on the Company’s disclosures. Going forward the Company will evaluate the disclosure requirements based on its participation in government programs.

3. REVENUE RECOGNITION AND RECEIVABLES