Business Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segment Information

12. Business Segment Information

The Network segment serves customers in the Greater Cincinnati region through our altafiber brand and services customers in Hawaii through our Hawaiian Telcom brand. In May 2022, the Company acquired Agile and includes Agile’s financial results in the Network segment. As of June 30, 2024, we operate our business through one segment. The Network segment is a strategic business unit that offer distinct products and services and is aligned with the Company's internal management structure and reporting.

The Network segment provides products and services that can be categorized as Data, Video, Voice or Other. Data products include high-speed internet access, digital subscriber lines, ethernet, SONET, dedicated internet access, wavelength, digital signal and IRU. Video services provide our customers access to over 400 entertainment channels, over 150 high-definition channels, parental controls, HD DVR, Video On-Demand and access to a live TV streaming application. Voice represents traditional voice lines as well as fiber voice lines, consumer and business long distance, switched access and digital trunking. Other services consist of revenue generated from wiring projects for enterprise customers, advertising, directory assistance, maintenance, information services, net hardware sales in Hawaii and subsidized fiber build project revenue related to extending the Company’s fiber network in the Greater Cincinnati territory subsidized through our UniCity program and in Hawaii subsidized through a customer contract.

Certain corporate administrative expenses have been allocated to the Network segment based upon the nature of the expense.

Selected financial data for the Company’s business segment information is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in millions)	2024			2023			2024			2023
Revenue
Network	$	272.8		$	275.3		$	544.4		$	551.2
Total revenue	$	272.8		$	275.3		$	544.4		$	551.2
Operating (loss) income
Network	$	4.2		$	(4.0	)	$	8.0		$	(33.8	)
Corporate		(6.4	)		(4.0	)		(13.0	)		(13.4	)
Total operating loss	$	(2.2	)	$	(8.0	)	$	(5.0	)	$	(47.2	)
Expenditures for long-lived assets*
Network	$	132.7		$	153.4		$	288.0		$	295.4
Corporate		—			0.1			—			0.2
Total expenditures for long-lived assets	$	132.7		$	153.5		$	288.0		$	295.6
Depreciation and amortization
Network	$	80.2		$	90.3		$	157.6		$	203.1
Corporate		0.1			0.1			0.1			0.2
Total depreciation and amortization	$	80.3		$	90.4		$	157.7		$	203.3

* Includes cost of acquisitions

(dollars in millions)	June 30, 2024		December 31, 2023
Assets
Network	$	3,701.5	$	3,597.2
Total assets from discontinued operations		915.0		1,030.2
Corporate and eliminations		229.0		128.1
Total assets	$	4,845.5	$	4,755.5