GOVERNMENT SUPPORT AND SPECTRUM MATTERS (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| GOVERNMENT SUPPORT AND SPECTRUM MATTERS |
|
| Summary of revenues |
Revenue recognized consisted of the following for the periods presented below (in thousands): | | | | | | | | | | | | Three months ended March 31, 2026 | | | International | | US | | | | | | Telecom | | Telecom | | Total | Services transferred over time | | $ | 92,170 | | $ | 70,686 | | $ | 162,856 | Goods and services transferred at a point in time | | | 3,676 | | | 1,416 | | | 5,092 | Total revenue accounted for under ASC 606 | | $ | 95,846 | | $ | 72,102 | | $ | 167,948 | Operating lease income | | | 212 | | | 2,241 | | | 2,453 | Government support revenue (1) | | | — | | | 11,818 | | | 11,818 | Total revenue | | $ | 96,058 | | $ | 86,161 | | $ | 182,219 |
| | | | | | | | | | | | Three months ended March 31, 2025 | | | International | | US | | | | | | Telecom | | Telecom | | Total | Services transferred over time | | $ | 89,516 | | $ | 68,705 | | $ | 158,221 | Goods and services transferred at a point in time | | | 3,512 | | | 2,906 | | | 6,418 | Total revenue accounted for under ASC 606 | | $ | 93,028 | | $ | 71,611 | | $ | 164,639 | Operating lease income | | | 155 | | | 1,828 | | | 1,983 | Government support revenue (1) | | | 1,312 | | | 11,360 | | | 12,672 | Total revenue | | $ | 94,495 | | $ | 84,799 | | $ | 179,294 |
| (1) | Revenue recognized from CAF II and USF programs (each as defined below). Refer to Note 9. |
|
| Communication services |
|
| GOVERNMENT SUPPORT AND SPECTRUM MATTERS |
|
| Summary of revenues |
The Company recorded the amounts below as communication services revenue for the reported periods (in thousands): | | | | | | | | | | Three months ended | | March 31, 2026 | | | | | | | | | | | US Telecom | | International Telecom | | Total | | | | | | | | | | High cost support | $ | 3,475 | | $ | — | | $ | 3,475 | CAF II (including ACF) | | 8,268 | | | — | | | 8,268 | RDOF | | 75 | | | — | | | 75 | RHC | | 6,318 | | | — | | | 6,318 | Other | | 1,442 | | | 3 | | | 1,445 | Total | $ | 19,578 | | $ | 3 | | $ | 19,581 |
| | | | | | | | | | Three months ended | | March 31, 2025 | | | | | | | | | | | US Telecom | | International Telecom | | Total | | | | | | | | | | High cost support | $ | 3,115 | | $ | 1,312 | | $ | 4,427 | CAF II (including ACF) | | 8,170 | | | — | | | 8,170 | RDOF | | 75 | | | — | | | 75 | RHC | | 4,363 | | | — | | | 4,363 | Other | | 1,636 | | | 5 | | | 1,641 | Total | $ | 17,359 | | $ | 1,317 | | $ | 18,676 |
|
| Network Connectivity for Eligible Communities |
|
| GOVERNMENT SUPPORT AND SPECTRUM MATTERS |
|
| Schedule of grant funds |
The Company is currently reviewing funding available under the BEAD grant program. A roll forward of the Company’s grant awards is below (in thousands). | | | | Amount | Grants awarded, December 31, 2025 | $ | 98,826 | New grants | | 2,041 | Construction complete | | — | Grants awarded, March 31, 2026 | $ | 100,867 |
|
| Remove And Replace Program |
|
| GOVERNMENT SUPPORT AND SPECTRUM MATTERS |
|
| Schedule of grant funds |
A summary of the amounts spent and reimbursed under the Replace and Remove Program is below (in thousands): | | | | | | | | | | Capital | | Operating | | Total | | | | | | | | | | Total spend, December 31, 2025 | $ | 194,897 | | $ | 38,799 | | $ | 233,696 | Amounts spent | | 6,304 | | | 2,133 | | | 8,437 | Amounts transferred | | (9,030) | | | — | | | (9,030) | Total spend, March 31, 2026 | $ | 192,171 | | $ | 40,932 | | $ | 233,103 | | | | | | | | | | Total reimbursements, December 31, 2025 | $ | (163,122) | | $ | (38,682) | | $ | (201,804) | Reimbursements received | | (8,179) | | | (1,085) | | | (9,264) | Total reimbursements, March 31, 2026 | $ | (171,301) | | $ | (39,767) | | $ | (211,068) | | | | | | | | | | Amount pending reimbursement | $ | 20,870 | | $ | 1,165 | | $ | 22,035 |
| | | | | | | | | | Capital | | Operating | | Total | | | | | | | | | | Total spend, December 31, 2024 | $ | 140,949 | | $ | 27,446 | | $ | 168,395 | Amounts spent | | 11,051 | | | 2,625 | | | 13,676 | Total spend, March 31, 2025 | $ | 152,000 | | $ | 30,071 | | $ | 182,071 | | | | | | | | | | Total reimbursements, December 31, 2024 | $ | (103,540) | | $ | (27,181) | | $ | (130,721) | Reimbursements received | | (16,211) | | | (2,890) | | | (19,101) | Total reimbursements, March 31, 2025 | $ | (119,751) | | $ | (30,071) | | $ | (149,822) | | | | | | | | | | Amount pending reimbursement | $ | 32,249 | | $ | - | | $ | 32,249 |
|