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Business Segment Information (Tables)
12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Selected Financial Data for the Company's Business Segment Information

Our business segment information is as follows:

 

 

Successor

 

 

 

Predecessor

 

 

 

Year Ended

 

 

Year Ended

 

 

September 8, 2021 to

 

 

 

January 1, 2021 to

 

(dollars in millions)

 

December 31, 2023

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

September 7, 2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Network

 

$

1,002.9

 

 

$

994.3

 

 

$

303.8

 

 

 

$

664.2

 

IT Services and Hardware

 

 

838.7

 

 

 

827.9

 

 

 

259.3

 

 

 

 

492.4

 

Intersegment

 

 

(24.3

)

 

 

(26.2

)

 

 

(8.7

)

 

 

 

(17.9

)

Total revenue

 

$

1,817.3

 

 

$

1,796.0

 

 

$

554.4

 

 

 

$

1,138.7

 

Intersegment revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

Network

 

$

16.4

 

 

$

19.3

 

 

$

6.5

 

 

 

$

13.1

 

IT Services and Hardware

 

 

7.9

 

 

 

6.9

 

 

 

2.2

 

 

 

 

4.8

 

Total intersegment revenue

 

$

24.3

 

 

$

26.2

 

 

$

8.7

 

 

 

$

17.9

 

Operating (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

Network

 

$

(52.7

)

 

$

(56.2

)

 

$

(6.3

)

 

 

$

78.3

 

IT Services and Hardware

 

 

(7.1

)

 

 

(8.4

)

 

 

4.0

 

 

 

 

25.2

 

Corporate

 

 

(22.9

)

 

 

(32.7

)

 

 

(6.8

)

 

 

 

(75.8

)

Total operating (loss) income

 

$

(82.7

)

 

$

(97.3

)

 

$

(9.1

)

 

 

$

27.7

 

Expenditures for long-lived assets*

 

 

 

 

 

 

 

 

 

 

 

 

 

Network

 

$

627.5

 

 

$

524.9

 

 

$

114.8

 

 

 

$

199.8

 

IT Services and Hardware

 

 

25.5

 

 

 

30.1

 

 

 

13.9

 

 

 

 

15.9

 

Corporate

 

 

0.2

 

 

 

0.1

 

 

 

1,620.7

 

 

 

 

 

Total expenditures for long-lived assets

 

$

653.2

 

 

$

555.1

 

 

$

1,749.4

 

 

 

$

215.7

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

Network

 

$

355.3

 

 

$

393.3

 

 

$

113.0

 

 

 

$

166.9

 

IT Services and Hardware

 

 

94.0

 

 

 

103.5

 

 

 

31.4

 

 

 

 

27.9

 

Corporate

 

 

0.3

 

 

 

0.3

 

 

 

0.2

 

 

 

 

0.1

 

Total depreciation and amortization

 

$

449.6

 

 

$

497.1

 

 

$

144.6

 

 

 

$

194.9

 

*Includes cost of acquisitions in the years ended December 31, 2023 and 2022 and in the Predecessor and Successor periods in 2021 and the purchase of perpetual licenses in the year ended December 31, 2022.

 

 

 

 

 

As of December 31,

 

(dollars in millions)

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

 

 

Network

 

 

 

$

3,537.6

 

 

$

3,218.5

 

IT Services and Hardware

 

 

 

 

1,088.7

 

 

 

812.2

 

Corporate and eliminations

 

 

 

 

125.7

 

 

 

404.9

 

Total assets

 

 

 

$

4,752.0

 

 

$

4,435.6