TABLE OF CONTENTS

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communications services, along with related information technology solutions, in the United States, Bermuda, and the Caribbean. We also have non-controlling investments in several communications and technology companies, and we continue to help grow our operations, using the cash generated from our established operating units to re-invest in our existing businesses, consider opportunities to make strategic controlling and minority investments in additional businesses that we believe have the potential for generating substantial and to returnrelatively steady cash flows over extended periods of time or have technologies or business models that might prove valuable to our investors.main operating subsidiaries or create significant longer term growth potential for us as a whole.

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At the holding company level, we oversee the allocation of capital within and among our subsidiaries, affiliates, minority investments, and stockholders. We also have developed significant operational expertise and resources that we use to augment the capabilities of our individual operating subsidiaries. Over the past 10 years, we have built a platform of resources and seek to maintain, resourcesexpertise to support our operating subsidiaries and to improve their quality of service, and customer acquisition, retention, and satisfaction while maintaining optimal operating efficiencies. We have a number of shared service functions, including billing, network and engineering and customer service, and the parent company also employs personnel with specialized skills that provide greater economies of scale and expertise than would typically be available at the operating subsidiary level.

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We were incorporated in Delaware in 1987, began trading publicly in 1991 and spun off more than half of our operations to stockholders in 1998. We actively evaluate potential acquisitions, investment opportunities and other strategic transactions, both domestic and international, that we believe have the potential for businesses that offer growth opportunities or potential strategic benefits, butrequire additional capital investment in order to execute on their business plans. We hold controlling positions with respect to some generating steady excess cash flows over extended periods of our investments and non- controlling positions in others. Ourtime. In addition, we consider non-controlling investments in earlier stage businessesfrequently that we consider strategically relevant, and which may offer a long-term growth potential for us, either individually, or as research and development businesses that can support our operating subsidiaries in new technology, product, and service development component and offerings. We have used the cash generated from our established operating units, and any asset sales, to re-invest in addition our existing businesses, to return cash to our investors, and to make strategic investments in additional businesses. We provide management, technical, financial, regulatory, and marketing services to our subsidiaries and typically receive a management fee equal to a percentage of their revenues, which is eliminated in consolidation. For further information about our financial segments and geographical information about our operating revenues and assets, see Notes 1 and 15 to the prospect of generating returns on our invested capital. For a discussion of the risks involved Consolidated Financial Statements included in our investment strategy, see “Risk Factors—We are actively evaluating investment, acquisition and other strategic opportunities, which may affect our long-term growth prospects.”this Report.

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Through December 31, 2020, we had identified three operating segments to manage and review our operations in three operating segmentsand to facilitate both our internal and investor presentations of our results. These three operating segments are as follows:

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On December 31, 2020, we announced that we entered into an Agreement and Plan of Merger (the “Alaska Merger Agreement”) with Freedom 3 Capital, LLC (“Freedom3”) to acquire all of the shares of Alaska Communications Systems Group, Inc. (“Alaska Communications”), a publicly listed company (Nasdaq:ALSK) for approximately $340 million, including the assumption of debt (the “Alaska Transaction”). Following the closing of the Alaska Transaction,

we will, through our subsidiaries, own and control approximately 51% of Alaska Communications and Freedom3, through its affiliates, will own the remaining 49%. In February 2021, the required waiting period under the Hart Scott Rodino Antitrust Improvements Act of 1976 expired, however the Alaska Transaction remains subject to customary closing terms and conditions including (i) the approval of Alaska Communications’ stockholders, (ii) the absence of certain legal impediments, and (iii) obtaining the necessary consents from the Federal Communications Commission (“FCC”) and the Regulatory Commission of Alaska.

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In January 2021, we completed the sale of 67% of the outstanding equity in our business that owns and operates distributed generation solar power projects operated under the Vibrant (“Vibrant”) name in India (the “Vibrant Transaction”). The post-sale results of our ownership interest in Vibrant will be recorded through the equity method of accounting within the Corporate and Other operating segment. As such, our consolidated financial statements will no longer include revenue and operating expenses from Vibrant, but instead, “other income (expense)” within the Corporate and Other operating segment will include our 33% share of Vibrant’s profits or losses. We will continue to present the historical results of our Renewable Energy segment for comparative purposes.

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The operations of Vibrant did not qualify as discontinued operations because the disposition did not represent a strategic shift that had a major effect on our operations and financial results.

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The following chart summarizes the operating activities of our principal subsidiaries, the segments in which we reportreported our revenue and the markets we served as of December 31, 2019: during 2020:

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Products and Services. In Bermuda, a A significant majority of our customers in our International Telecom segment subscribe to one of our prepaid plans, which require customers to purchase an amount of voice minutes, text messages or data prior to use. A smaller minority of customers subscribe to one of our postpaid plans which thatallow customers to select a plan with voice minutes, text messaging, a given amount of data and other features that recur on a monthly basis, which services are billed at the end of the service period.

period. In our other markets, a substantial majority of our customers subscribe to our prepaid plans, which require customers to purchase an amount of voice minutes, text messages or data prior to use. In most markets, we also provide certain homes and businesses with fixed wireless services including high speedinternet.​

Network.Network and Operations: We currently operate multiple advanced offer our Mobility services over our 3G (WDCMA) 4G (LTE) wireless voice network in Bermuda and data technologies the U.S. Virgin Islands. In Guyana we offer our Mobility services over our 2G (GSM), 3G (WCDMA and 4G (LTE) wireless network. As of December 2020 we owned and operated a total of 454 wireless base stations in the international markets. All of our international Mobility networks have their core supporting facilities in the home network in the US Virgin Islands,Bermuda and Guyana. Our local NOCs provide dedicated monitoring of our network to ensure quality and reliable service to our customers and during off hours, weekends and holidays our NOC in the mainland USA provides extended support to ensure we have 24 hours year round monitoring of all our wireless and wireline markets. In 2021 we will start the deployment of Volte in the markets and also trial and test some 5G wireless network deployments.

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The transport networks in all the 700, 850, 900, 1800, 1900 markets are primarily fiber based with route diversity provided by the deployment of fiber rings where possible and 2500 MHz frequency bands, including GSM/EDGE, UMTS/HSPA+, supplemental microwave deployments. The vast majority of the networks are IP Based utilizing MPLS for redundancy to provide high availability networks. Standby power is provided by back up battery and LTE. We generators. In the USVI where we have extensive backbone facilities linking experienced extreme hurricane events lots of network hardening has been added to the network such as building tower structures to 160 MPH ratings and adding underground and alternate routes where ever possible. All the markets connect to the world thought sub-sea fiber networks described in our sites, “International Telecom – Fixed – Network” section below.

switching facilities and international interconnection points. Out-of- territory connectivity is provided by leased and owned undersea fiber-based interconnections.​

Sales and Marketing.We maintain retail stores in our markets and allow customers to pay their bills and “topup”, up,” or add additional data and/or minutes to their prepaid plans, through payment terminals at local stores, business centers or our website, by purchasing prepaid calling cards, or via mobile or web-based apps. We advertise frequently through print and electronic media and radio station spots and we sponsor various events and initiatives. Our handsets, prepaid cards and prepaid accounts are also sold through independent dealers that we pay on a commission basis.

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Handsets and Accessories.We offer a diverse line of wireless devices and accessories designed to meet both thepersonal and professional needs of our customers. Our device assortment includes a wide range of smartphones including those featuring the Android™ and iOS™ operating systems in addition to a full line of feature phones, wireless hot spots and various wireless solutions for small businesses. To complement our phone offerings, we sell a complete range of original equipment manufacturer and after-market accessories that allow our customers to personalize their wireless experience, including phone protection, battery charging solutions and Bluetooth hands-free kits.

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Competition.We believe we compete for wireless retail customers in our international markets based on features,price, technology deployed, network coverage (including(including through roaming arrangements), quality of service and customer care. We compete against Digicel which is a large mobile telecommunications company and Liberty Latin America in the Caribbean region, other smaller local providers, and in some markets, against one or more US national operators.

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WirelineFixed Services

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High-speed data and related services. We offer high-speed broadband services to both residential and enterprise customers in all our International Telecom markets. We provide a number of broadband internet plans with varying speeds to address different customer needsand price requirements in our various markets. As of December 31, 2020, we had approximately 141,000 high-speed broadband customers across our markets.

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Voice services. We offer Fixed voice services that include local exchange, regional and long distance calling andvoice messaging services in Bermuda, Guyana, and the US Virgin Islands, and in other smaller markets in the Caribbean and the United States.Islands. As of December 31, 2019, 2020, we had an aggregate of approximately 167,000 169,000 access lines in service in our markets, which represent both residential and commercialenterprise subscribers. Across With respect to our international long-distance business, we also collect payments from foreign carriers for handling international long-distance calls originating from the foreign carriers’ countries and terminating on

businesses, residential customers account for approximately three-quarters of the wireline local telephone service revenue while commercial customers account for approximately one-quarter.

In Guyana, we are the exclusive licensed provider of domestic wireline local and long-distance voice and data services into and out of the country, and in the US Virgin Islands, we are the incumbent local exchange carrier and sole fixed telephony provider. With respect to our international long-distance business, wenetwork. We also collectmake payments fromto foreign carriers for handling international long-distance calls originating from the foreign carriers’ countries on one of our networks and terminating on our network. We also make payments to foreign carriers for international calls originating on one of our networks and terminating in the foreign carrier’s countries and collect from our subscribers or a local originating carrier a rate that is market-based or set by regulatory tariff.

Internet services. We offer ​high-speed Internet services with varying speeds to address different customer needs and price requirements in our various markets. As of December 31, 2019, we had approximately 130,000 Internet customers across ourmarkets.

Video services. We also offer video services over our coaxial cablein Bermuda, the Cayman Islands, and fiber-optic networks in our international markets. In the US Virgin Islands Islands. As of December 31, 2020, we are the only authorized video services operator and are a provider of video services to customers in Bermuda. As of December 31, 2019, we had approximately 38,00036,000 video customers across our markets. We have several offerings available to our video customers, including basic and tiered local and cable TV channels grouped into various content categories, such as news, sports and entertainment.

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Network.We also offer our Fixed services over our coaxial cable and fiber-optic networks in our internationalmarkets. All of our fixed Fixed access lines are digitally switched from our switching centers in the US Virgin Islands,Bermuda and Guyana. Our switching centers provide dedicated monitoring of our network to ensure quality and reliable service to ourcustomers.

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In Bermuda and the US Virgin Islands, we deliver our services via a hybrid fiber coaxial (“HFC”) cable network and continue via fiber GPON network in the Cayman Islands and Guyana. In Guyana, we also provide fixed services via DSL and FWA. These networks give us expanded Internet access coverage to transition our traditional copper network to our voice, video and data services on this network. The HFC network gives us expanded Internet access coverage to more than an average of 95% of homes in the US Virgin Islands across our markets with speeds up to 100 500 Mbps for residential customers. customers in most markets. Following Hurricanes Irma and Maria in 2017 (collectively, (collectively, the “Hurricanes”“Hurricanes”), service to our customers over the HFC network was impacted due to both the loss of power and damage to our network. While we We havesubstantially completed remediation efforts to our network it may take significant timesuch as building tower structures to return 160 MPH ratings and adding underground and alternate routes where ever possible.

to pre-hurricane revenuelevels.​

Our international voice and data networks are linked with the rest of the world principally through our ownership and investments in six undersea fiber-optic cables. In cables in the Caribbean and Atlantic regions. These cables are crucial arteries that supply access to communications services for islands and remote markets like the ones in which we operate. For example, in Guyana we co-own with Telesur, the Surinamegovernment-owned telecommunications provider in Suriname, the Suriname-Guyana Submarine Cable System with Telesur, the government-owned telecommunications provider in Suriname, that provides us with more robust redundancy, the capacity to meet growing data demands in Guyana, and the opportunity to provide new and enhanced services such as Internet service. In Bermuda, we own the Challenger Bermuda cable that provides us with capacity from Bermuda to the United States.

​service.Wealsoleasecapacityoncertainsatellitestoprovidebothinternationalandlocalbackhaulservices.

Sales and Marketing.Our businesses utilize four key sales channels: stores, telesales, business-to-business(“B2B”) channels and residential sales (inbound). The telesales department makes outbound calls to existing customers to promote bundling and other upgrade opportunities and our B2B sales channel focuses on selling data and voice products to businessand government accounts. Certain residential sales are made through inbound communications to customer service representatives who assist with a wide range of inquiries and sell different product offerings to help retain customers or improve their service with upgrades or bundles. Our revenues for our wireline Fixed services are derived from installation charges for new lines, monthly line charges, data and video services and value added services, such as hosting or enterprise voice and data solutions. For our Fixed voice wireline services, rates differ for residential and commercial customers and in certain markets, may be set by regulatory authorities.

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Competition.We compete with a limited number of other providers, including Digicel, with respect to variousproducts. We believe our breadth of services and local economies of scale provide us with a strong competitive position and the ability to win and retain an economically viable share of those markets.

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In 2016, Guyana, we acquired have an agreement with the Government of Guyana for the exclusive right to provide domestic fixed and international voice and data services. However, in October of 2020, the Government implemented new legislation to introduce legal competition into the sector.  We believe that our wireline businessesexclusive agreement continues to be valid unless and until such time as we enter into an alternative agreement with the Government. For further discussion regarding the change in Bermuda competitive landscape following the 2020 Guyana election and the US Virgin Islandsnew regulatory regime, see “—Guyana Regulation—Regulatory Developments” and “Risk Factors—Our operations in orderGuyana are subject to provide us with greater scale in those markets significant political and regulatory risk.”

the capability to offer a “quad play” of connectivity: high speed​

internet, mobility, video and voice services. In 2017, our competition in Bermuda made substantial additional wireline network investments and began offering video services and competitive high speed internet services. We believe our breadth of services and local economies of scale provide us with a strong competitive position and the ability to win and retain an economically viable share of thosemarkets.

In Guyana, we have the exclusive right to provide domestic fixed and international voice and data services, pursuant to a license from the Government of Guyana. As the initial term of our license was scheduled to expire in December 2010, we notified the Government of Guyana of our election to renew our exclusive license for an additional 20 year term expiringin2030andreceivedreturncorrespondencefromtheGovernmentthatour exclusivelicensehad been renewed until such time that new legislation is implemented with regard to the Government’s intention to introduce competition into the sector. We believe, however, our exclusive license continues to be valid unless and until such time as we enter into an alternative agreement with the Government. See “—Guyana Regulation—Regulatory Developments” and “Risk Factors—Our exclusive license to provide local exchange and international voice and data services in Guyana is subject to significant political and regulatory risk.”

Impact of Hurricanes

During September 2017, the US Virgin Islands economy, our customer base and our operations were severely impacted by Hurricanes Irma and Maria (collectively, the “Hurricanes”). Our wireless and wireline networks and commercial operations were all severely damaged by these storms and as a result of the significant damage to the wireline network and the lack of consistent commercial power in the territory, we were unable to provide most of our wireline services, which comprise the majority of our revenue in this business, from mid-September 2017 and through most of 2018. During the year ended December 31, 2017, we recorded a net pre-tax loss within our consolidated statement of operations of $4.0 million related to the impact of the Hurricanes.  This loss consisted of $35.4 million for the write off of damaged assets, net of insurance recoveries of $34.6 million which were received in February 2018. This loss also included $3.2 million of additional operating expenses that were specifically incurred to address the impact of the Hurricanes.

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During the year ended December 31, 2018, we received $15.5 million in additional funding from the Federal Communications Commission’s (“FCC”) Universal Service Fund (“USF”) to further subsidize our operations in the US Virgin Islands that was recorded as revenue.  This level of additional funding is not expected to continue in future periods. 

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During the years ended December 31, 2019, 2018 and 2017, we spent $0.1 million, $80.2 million and $8.6 million, respectively, for network restoration and resiliency enhancements that allowed the reconnection of a significant majority of affected households and businesses.  Our wireline network restoration work is complete, however, whether our revenue recovers to pre-Hurricane levels may be impacted by population movements, the degree of the negative economic impact of the Hurricanes on the local economy, and our subscriber base’s future appetite for wireline services.

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US Telecom Segment

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WirelessCarrier & Mobility Services

Services.  In the United States, we provide wholesale wireless voice and data roaming services in rural markets to national, regional, local and selected international wireless carriers. Our largest wholesale networks are located principally in the western United States. We also offer wireless voice and data services to retail customers in certain rural markets already covered byour wholesalenetworks and in 2018, we invested in a new platform to develop in-building wireless network technology that enables building owners to capitalize on the growing demand for better indoor wireless solutions.

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Carrier Services. In the United States, we provide wholesale mobile voice and data roaming services in rural markets tonational, regional, local and selected international wireless carriers as part of our Carrier Services as well as tower rental, backhaul and maintenance services. Our largest wholesale networks are located principally in the western United States.

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We currently have roaming agreements with approximately 32 United States-based wireless service providers and, as of December 31, 2020, had roaming arrangements with each of the three US national wireless network operators: Verizon Wireless, AT&T, and T-Mobile. Other than these agreements with the national carriers, our standard roaming agreements are usually terminable within 90 days. In 2020, the three national mobile service providers together accounted for a substantial portion of our Carrier Services revenues, with AT&T and Verizon accounting for an aggregate of approximately 15% of our total consolidated revenue for the year.

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The revenue and profits of our US wholesale wireless Carrier Services business historically were primarily driven by the number of sites and base stations in operation, the amount of voice and data traffic that each of these sites generates, and the rates we receive from our carrier customers on that traffic. Many of our sites are located in popular tourist and seasonal visitor areas, which has historically resulted in higher wholesale revenues in those areas during the summer months.

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We are increasingly providing network infrastructure services as part of our expanded Carrier Services, such as tower leasing and transport facilities to our carrier partners, to supplement our historic revenue base. In July 2019, we entered into a Network Build and Maintenance Agreement (the “FirstNet Agreement”) with AT&T to build a portion of AT&T’s network for the First Responder Network Authority (“FirstNet”) as well as a commercial wireless network in or near its current operating area in the Southwestern United States (the “FirstNet Transaction”). Pursuant to the FirstNet Agreement and subject to certain limitations contained therein, all cell sites must be completed and accepted within a specified period of time, which we jointly agreed to extend with AT&T in August 2020 due to the ongoing coronavirus pandemic and other permitting related delays. We began recording construction revenue in September 2020 and have recorded $10.9 million of construction revenue during the year ended December 31, 2020. We expect to record an additional $75 million through 2022 that will be mainly offset by construction costs as sites are completed. As such, revenues from construction are expected to have minimal impact on operating income. Also pursuant to the FirstNet Agreement AT&T has the option to repay construction costs, with interest, over and eight year period.  Accordingly, we entered into a receivables credit facility with CoBank, ACB (the “Receivables Credit Facility”) in order to assist with this repayment option.  The Receivables Credit Facility provides for a senior secured delayed draw term loan in an aggregate principal amount of up to $75 million with the proceeds being used to acquire the receivables related to the construction costs.

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Following acceptance of a cell site, AT&T will own the cell site and we will assign to AT&T any third-party tower lease applicable to such cell site. If the cell site is located on a communications tower we own, AT&T will pay us pursuant to a separate lease agreement for an initial term of eight years. In addition to building the network, we will provide ongoing equipment and site maintenance and high capacity transport to and from these cell sites for an initial term ending in 2029.

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AT&T will continue to use our wholesale domestic mobile network for roaming services at a fixed rate per site during the construction period until such time as the cell site is transferred to AT&T. Thereafter, revenue from the maintenance, leasing and transport services provided to AT&T is expected to offset revenue from AT&T’s decline in usage of wholesale mobile roaming services, albeit at lower operating income margins due to the increased operating expenses associated with leasing and transport services, as compared to our wholesale mobile roaming services. We began receiving roaming revenue from the FirstNet Transaction in the third quarter of 2019 and expect overall operating income contributions from the FirstNet Transaction to continue to have a relatively steady impact going forward.

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Mobility Services. We also offer Mobility services to customers in certain rural markets already covered by our wholesale networks. In 2018, we invested in a new platform that provides comprehensive in-building cellular solutions

revenue base.to enable users and devices to roam across public carrier networks seamlessly and securely. ManyOur private 5G/LTE mobile network offering interconnects seamlessly with major mobile operators, delivering a secure, robust and flexible network and services for private applications and high-performance coverage for tenants and visitors. of our sites are located in popular tourist and seasonal visitor areas, which has resulted in higher wholesale revenues in those areas during the summer months.

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We currently have roaming agreements with approximately 40 United States-based wireless service providers and, as of December 31, 2019, had roaming arrangements with each of the four US national wireless network operators: Verizon Wireless, AT&T, Sprint and T-Mobile. Other than these agreements with the national carriers, our standard roaming agreements areusually terminable within 90 days. Occasionally, we may agree or strategically decide to lower rates or build a new mobile network at a specified location as part of a long-term roaming agreement to offer our roaming partner pricing certainty in exchange for priority designation with respect to their customers’ wireless traffic. Once we complete building a rural network, we then benefit from the use of that network under existing roaming agreements with other international, national, regional, and local carriers to supplement our initial revenues. In 2019, the four national wireless service providers together accounted for a substantial portion of our wholesale wireless revenues, with AT&T and Verizon accounting for an aggregate of approximately 13% of our total consolidated revenue for the year.

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Network and Operations.Our roaming network offers mobile communications service through a digital wireless voice and data network that utilizes multiple cellular mobile technologies including UMTS/HSPA, CDMA/EvDO and LTE that often will be deployed at a single cell site location in order to maximize revenue opportunities. We provide wireless communications network products and services with owned and leased spectrum primarily in the 700 megahertz (MHz), 800 megahertz (MHz)cellular, PCS, BRS, EBS, AWS, and 1900 megahertz (MHz) spectrum ranges.CBRS spectrum. Our networks comprise base stations and radio transceivers located on owned or leased towers and buildings, telecommunications switches and owned or leased transport facilities. We design and construct our network in a manner that will provide high-quality service to substantially all types of compatible wireless devices. Network reliability is carefully considered and redundancy is employed in many aspects of our network design.

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Route diversity, redundant equipment, ring topologies and the use of emergency standby power are used to enhance network reliability and minimize service disruptions from any particular network element failure. We operate high-capacity, carrier-class digital wireless switching systems that are capable of serving multiple markets through a single mobile telephone switching office. Centralized equipment used for network and data management is located in high-availability facilities supported by multiple levels of power and network redundancy. Our systems are designed to incorporate Internet Protocol (IP) packet-based Ethernet technology, which allows for increased data capacity and a more efficient network. Interconnection between the mobile telephone switching office and the cell sites utilizes Ethernet technology over fiber or microwave links for virtually all of our 4G LTE sites.

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As of December 31, 2019, 2020, we owned and operated a total of 1,0431,044 domestic base stations on 453 owned and leased sites, a Network Operations Center (or(or “NOC”), and a switching center, andcenter. We also maintained a presence in numerous leased data centers designed to support network virtualization and provide network resiliency. Our NOC provides dedicated, 24-hour, year-round monitoring of our network to ensure quality and reliable service to our customers. In 2019, 2020, we continued to expand andimprove our network andplan to test and commercially deploy Voice Over LTE (“VoLTE”) voLTE technology by the end of 2020. VoLTE in 2021. voLTE technology allows customers to utilize a 4G LTE network for both voice and data services, and the migration of our wholesale and retail subscribers in the following years to the more efficient 4G technology from 2G/3G technologies will result in increased spectrumavailability.

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Competition.  We With respect to our Carrier Services, we compete with wirelessmobile service providers that operate networks in our markets and offerwholesale roaming services. However, the most significant competitive challenge we face in our US wholesale wireless business is the extent to which our carrier customers choose not to roam on our networks or elect to build or acquire their own infrastructure in a market in which we operate, reducing or eliminating their need for our services in those markets. We address this competitive threat mainly by providing a service that would be more costly for the carrier to provide itself, or, at least, a less attractive expenditure than alternative investments in its network or business.

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Occasionally, With respect to our Mobility services, we have entered into buildout projectscompete with existing carrier customers to help the carrier accelerate the buildoutother mobile service providers in our retail business and with a variety of a given area. Pursuant to these arrangements, we agree to incur the costproviders of building and

Renewable Energy Services

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United States

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On November 6, 2018,April 7, 2016, we acquired Vibrant, and since that time, have constructed a total of 65 MWp of distributed generation solar power projects in the states of Andhra Pradesh and Telangana based on a commercial and industrial business model, similar to our former US renewable energy operations. On January 27, 2021, we completed the sale of our US Solar Operations. The transaction hadVibrant Transaction, and we continue to retain a total value of33% interest in Vibrant. In the Vibrant Transaction we received approximately $122.6$21 million which included a cash purchase price of $65.3 millionat closing and the assumptionpotential for up to $6.3 million of approximately $57.3 millionadditional “earn out” consideration upon the satisfaction of certain conditions. The Vibrant Transaction is consistent with our strategy of seeking third party equity capital in debt.

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Prior order to the sale build a larger portfolio and achieve economies of the US Solar Operations, we owned scale and operated 29 commercial solar projects at 60 sites with an aggregate 46.93 megawatts DC peak (“MWp”) of electricity generating capacity. We owned these sites through various indirectsubsidiariesthatwereformedforthepurposeof financingthedevelopmentof,andowningandoperating, thesites.diversification benefits.

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Services. Historically, our US solar projects were in the “commercial “commercial and industrial” (“C&I”) sector of the solarmarket, which is distinguished from utilities and residential customers. Our customers or “offtakers” “offtakers” included high-credit quality corporate entities, utilities, schools, and municipalities, which purchased electricity from us under the terms of long-term power purchase agreements (“PPAs”). In the future,India, we may develop a new project portfolio of US facilities through additional investments with offtakers with strong credit ratings in markets that offer favorable government policies to encourage renewable energy projects and where our projects can generate electricity at a cost that is less than or equal to the price of purchasing power from traditional energy sources.

Infrastructure. Prior to the sale of the US Solar Operations, our Facilities were comprised of rooftop, ground-mounted and elevated solar support structure photovoltaic (“PV”) installations. Our facilities were located on our customers’ buildings, parking structures, landfill sites and other locations pursuant to leases or easements granted to us by our customers. These facilities used crystalline silicon PV modules mounted in ballasted, tracking or roof penetrating fixed-tilt configurations.

International

On April 7, 2016, we acquired a solar power development portfolio in India and since that time, have been constructing distributed generation solar power projects in the states of Andhra Pradesh and Telangana based on a commercial and industrial business model, similar to our US renewable energy operations. As of December 31, 2019, we have five power evacuating solar projects (each, a “Facility”) for a total of 52 megawatts (“MWp”). We currently have a pipeline of acquisition opportunities and new construction capacity of up to an additional 180MWp. Solar projects are capital intensive and the greatest challenge to increasing our operating portfolio is our ability to secure third party debt to fund the installation of the additional capacity. Our strategy is also to seek third party equity capital in order to build a larger portfolio and achieve economies of scale and diversification benefits. Our ability to expand our business will also depend on, among other things, our ability to acquire the required landfor the new capacity, our ability to secure agreements to sell the power on terms that our financing sources consider to be bankable, our willingness to compete with local solar businesses who may be willing to build projects with a lower risk/return profile than ours, and the need to further strengthen our systems and processes to manage the ensuing growth opportunities. For a discussion of the risks associated with executing our short and long term growth plans in India, see “ Risk Factors—Risks Related to Our Renewable EnergySegment.”

Market Opportunity. We believe solar power in India is an attractive investment opportunity for our Renewable Energy business due to the large unmet demand for electricity, coupled with ideal weather conditions for solar energy and the continued low cost to build, due to decreases in solar panel pricing and the decreasing cost of debt.

We consider India to be an attractive market for solar power without the need to rely on governmental subsidies. While we currently expect the landscape for solar power to change over time in India, and potentially materially as the market matures, we believe that the core principle behind our investment in our Indian solar business, that solar power cancompetewithfossilfuelsonalevelplayingfieldfor thelong-term,remainsvalid.

EmployeesHuman Capital

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As of December 31, 2019,2020, we had approximately 1,700 employees, of whom approximately 1,000 were employed by our international subsidiaries, and approximately 700 were employed in the United States (including in the US Virgin Islands). At the holding company level, we employ our executive management team and staff. Approximately half of our Guyana and US Virgin IslandIslands full-time work forces are represented by unions. In addition, approximatelyApproximately 20% of our Bermuda full-time workforce is also represented by unions.

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We rely heavily on local management teams to run our subsidiary operating units.  Many of the markets in which we operate are small and remote, and in some cases are subject to government restrictions on granting work visas, all of which makes it difficult to attract and retain talented and qualified managers and staff in those markets.  We work hard to maintain positive and productive working environments and we believe we have good relations with our employees.employees and management teams. 

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It is our objective to maintain a respectful and diverse corporate culture.  Our culture is driven by our core values, including a demonstrated commitment to inclusion and diversity. Across our core businesses in all our markets, approximately 30% of senior management and an additional 40% of middle management identify as persons of color, including Afro-Caribbean, Latinx, Indo-Caribbean and other races or ethnicities and approximately 15% of senior management and an additional 40% of middle management are women. We are also committed to the principal of equal pay for equal work.

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Regulation

Telecom Regulation​

Our wireless and wireline telecommunicationscommunications and video services operations are subject to extensive governmental regulation in each of the jurisdictions in which we provide services. Our wireless and wireline operations and our video services operations in the United States and the US Virgin Islands are governed by the Communications Act of 1934, as amended (“Communications Act”), the implementing regulations adopted thereunder by the FCC, including the Telecommunications Act of 1996, as well as judicial and regulatory decisions interpreting and implementing the Communications Act, and other federal, state, and local statutes and regulations. Our operations are also governed by certain foreign laws and regulations.

The following summary of regulatory developments and legislation does not purport to describe all present and proposed federal, state, local, and foreign regulation and legislation that may affect our businesses. Legislative or regulatory requirements currently applicable to our businesses may change in the future and legislative or regulatory requirements may be adopted by those jurisdictions that currently have none. Any such changes could impose new obligations on us that wouldcould adversely affect our operating results.

US Federal Telecom Regulation

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Wireless Services

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The FCC regulates, among other things, the licensed and unlicensed use of radio spectrum; the ownership, lease, transfer of control and assignment of wireless licenses; the ongoing technical, operational and service requirements applicable to such licenses; the timing, nature and scope of network construction; the provision of certain services, such as enhanced 911 (“E 911”); and the interconnection of communications networks in the United States.States.

Licenses. We provide our wireless services pursuant to various commercial mobile radio services (“CMRS”) licenses, including cellular, broadband Personal Communications Services (“PCS”), 600 MHz Band, 700 MHz Band, Advanced Wireless Service (“AWS”), Broadband Radio Service (“BRS”) and Educational Broadband Service (“EBS”) licenses granted by the FCC, and pursuant to leases of spectrumlicenses from FCC licensed operators. Some of these licenses are site based while others cover specified geographic market areas, e.g., Cellular Market Areas, and Basic Trading Areas, and Partial Economic Areas, as defined by the FCC. The specific radio frequencies, the authorized spectrum amounts, and certain of the technical and service rules vary depending on the licensed service. The FCC generally allocates CMRS

licenses through periodic auctions, after determining how many licenses to make available in particular frequency ranges, the applicable service rules, and the terms on which the license auction will be conducted. Such licenses are also available via secondary market mechanisms, using procedures and regulations set forth by the FCC. The FCC has recently conducted auctions of high-band and mid-band spectrum, and is considering holding a further mid-band spectrum auction in 2021. In the FCC’s 2020 auction of Citizens Broadband Radio Service (“CBRS”) Priority Access Licenses (“PAL”) in the millimeter wave bands,3.5 GHz band, we won licenses in 590 U.S. counties, and has announced plansexpect these licenses to begin auctions of mid-band spectrumbe issued in 2020.2021. There is no certainty as to whether any of this spectrumthese licenses will be used for wireless services competitive with our services or as to the likelihood that we will acquire spectrum licenses made available in any future auction.

additional scrutiny would also be triggered if a proposed transaction results in a material change in the post transaction market share in a particular market as measured by the Herfindahl Hirschman Index. We are well below the spectrum aggregation screen in the majority of geographic areas in which we hold or have access to licenses, and thus we may be able to acquire additional spectrum either from the FCC in an auction or from third parties in private transactions in most locations in which we operate. However, we could trigger the spectrum screen if we attempt to acquire significant additional spectrum in the US Virgin Islands. Similarly, our competitors may be able to strengthen their operations by making additional acquisitions of spectrum in our markets or by further consolidating theindustry.

maximum message lengths, alert preservation, alerts regarding threats to police officers, and support for non-Englishnon- English messages.

Wireless and Wireline Services

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Universal Service. In general, all telecommunications providers are obligated to contribute to the USF, which is used to promote the availability of qualifying telecommunications and broadband service to individuals and families qualifying for federal assistance, households located in rural and high cost areas and to schools, libraries, and rural health care providers. Contributions to the federal USF are based on end-user interstate and international telecommunications revenue. Some states have similar programs that also require contribution. The FCC has suggested that it may examine the way in which it collects carrier contributions to the USF, including a proposal to base collections on the number of telephone numbers or network connections in use by each carrier, and some states have changed or are considering changing their contribution methodologies. We contribute to the USF as required by the rules throughout the US, and receive funds from the USF for providing service in rural areas of the United States, including the US Virgin Islands.

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The collection of USF fees and distribution of USF support is under continual review by state and federal legislative and regulatory bodies, and changes to these programs could affect our revenues. We are subject to audit by the Universal Service Administration Company with respect to our contributions and our receipts of universal service funding. We believe we are substantially compliant with all FCC and state regulations related to the receipt and collection of universal service support.

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In November 2011, the FCC released an order reforming the USF program for high-cost areas.areas in the continental U.S. As part of the USF reforms, the FCC created a new program, the Connect America Fund.

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In August 2018, we were awarded $79.9 million over 10 years under a portion of the Connect America Fund program called the Connect America Fund Phase II Auction. The funding requires us to provide fixedFixed broadband and voice services to certain eligible areas in the United States. We are subject to operational and reporting requirements under the program. Funding began in the second quarter of 2019 and we record the amounts received as revenue in our financial statements. In the 2020 Rural Digital Opportunity Fund Phase I Auction, pending the FCC’s conclusion of the award process, we expect to receive approximately $20.1 million over 10 years to provide broadband coverage to over 10,000 households. Once confirmed, we will be obligated to provide broadband and voice services to certain eligible areas in the United States.

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Our business in the US Virgin Islands also benefits from USF support. Our US Virgin Islands wireline business has historically received, and continues to receive, annual support of approximately $16.4 million. In addition, after the devastation caused by the Hurricanes in September 2017, the FCC provided approximately $9.7 million in recovery support in November 2017, and an additional $7.3 million in recovery support in August 2018. In 2018, the FCC initiated a proceeding to reform the USF program for high cost in the US Virgin Islands and Puerto Rico in which it proposed to allocate USF funding of up to $18.7 million per year (inclusive of the $16.4 million per year currently allocated to Viya) for 10 years to support fixed voice and broadband providersservices in the US Virgin Islands through a new Connect USVI Fund.

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In September 2019, the FCC adopted an order in this proceeding establishing a new competitive proposal process for awarding the Connect USVI Fund support. The support that will supplant the $16.4 million that Viya currently receives per year. While Viya has sought FCC reconsideration of certain aspects of this new process. It is difficult to predict when the competitive proposal process will occur, whether Viya will be selected as aapplied for Connect USVI Fund support recipient, or, if so, how much support Viya will receive going forward. Viya may experience a significant reduction in USF support inallocated for the US Virgin Islands, if iton November 16, 2020, the FCC announced that Viya was not the recipient of the provisional award and that the FCC had provisionally accepted a bid of approximately $8.6 million per year for a term of 10 years. Viya has challenged this decision and its challenge remains pending before the FCC. If Viya’s challenge is not selectedgranted, pursuant to the terms of the program, Viya’s USF support will be a Connect USVI Fund support recipient,reduced, to 2/3 of the legacy total amount, or $10.9 million during the first year following the finalization of the award and to 1/3 of the legacy total amount, or $5.5 million, during the second year. Thereafter, Viya may experience a material reduction in support even if it is selected.will not receive high-cost USF support.

by July 1, 2017, and most remaining obligations will cease byceased on July 1, 2020. As a result, this type of intercarrier compensation is no longer material to our business.

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Net Neutrality. In January 2018, the FCC released a decision rescinding various “net neutrality” requirements, governingwhich had governed how broadband Internet access providers arewere permitted to offer broadband service, whichservice. This decision largely eliminated itsthe FCC’s regulation of our ability to block, throttle, or prioritize specific types of Internet traffic.traffic, and put a revised transparency-centered regulatory regime in place. Under the current2018 decision’s approach, however, broadband Internet access providers still must publicly disclose detailed information regarding their service offerings, Internet traffic management processes, and other practices affecting broadband customers. The FCC also held that states are preempted from enacting their own versions of these or similar requirements. A federal appeals court upheld most of the FCC’sFCC��s 2018 decision, but it reversed the FCC’s blanket preemption of state broadband rules. The court also (1) held that state broadband laws only may be preempted on a case-by-case basis when they conflict with state or federal policy.policy, and (2) remanded certain issues to the FCC. The court also directedsubsequently declined to rehear the case, and no party sought review by the U.S. Supreme Court. In October 2020, the FCC to further consider certain otheraffirmed its 2018 decision after addressing the issues related to its broadband regulatory framework, and we cannot predict whetherremanded by the FCC will adopt further regulations in response to this judicial remand. A number of advocacy groups and states have petitioned the court for rehearing. We cannot predict what, if any, action the court will take in response to these petitions or whether further appeals will ensue. In the meantime,court. Meanwhile, a number of states have adopted – or are considering – state-level net neutrality requirements. These efforts include enacted legislation and executive orders dating back to 2018. Some of thesestate efforts are currently subject to legal challenge by broadband providers and/or the United States government in federal district court. These legal challenges were paused during the appellate proceedings on the FCC’s 2018 decision, but have now resumed. We cannot predict with any certainty the likely timing or outcome of these or future challenges, or how state or federal efforts to adopt net neutrality requirements will continue to evolve.

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Telecommunications Privacy Regulations. We are subject to federal regulations relating to privacy and data security that impact all parts of our business. Certain federal statutory and regulatory privacy and data security requirements apply to our telecommunications and cable services. Other parts of our business are subject to privacy and data security oversight by other federal regulators, including the Federal Trade Commission. In addition, federal and state regulators have adopted or are considering adopting new privacy laws. For instance, the state of California has enacted atwo broad new privacy statute,statutes, the first effective January 1, 2020, and the second effective January 1, 2023 although we do not believe that it isthey are applicable to our business. Such state privacy regulations could impact at least some of our operations. In addition, the US Congress is actively discussing establishing a new privacy regime that would impose a uniform privacy framework across the United States and its territories. We believe that we comply with all currently applicable requirements, but we cannot predict the timeline for any future changes of law in this area or the impact of any such changes on our businesses.

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CALEA. Under certain circumstances, federal law also requires telecommunications carriers to provide law enforcement agencies with capacity and technical capabilities to support lawful wiretaps pursuant to the Communications Assistance for Law Enforcement Act (“CALEA”). Federal law also requires compliance with wiretap related record keeping and personnel related obligations. The FCC has adopted rules that apply CALEA obligations to high-speed Internet access and VoIP services. We believe that we are in compliance with all such requirements currently applicable to us. Maintaining compliance with these law enforcement requirements may impose additional capital spending obligations on us to make necessary system upgrades.

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Obligations Due to Economic Stimulus Grants

Grants. One of our subsidiaries has received awards from the Broadband Technology Opportunities Program (“BTOP”) of the US Department of Commerce (“DOC”) pursuant to the American Recovery and Reinvestment Act of 2009 (“ARRA”). As a BTOP sub-recipient, we are subject to the various terms and conditions included in the agency’s Notice of Funds Availability published in the Federal Register on July 9, 2009. We are also required to comply with other terms and conditions of the individual DOC grants. We believe that we are currently in material compliance with all BTOP and DOC requirements applicable to our grants.

products and services, and our wireless businesses are subject to minimal state regulatory requirements. However, the states in which we operate maintain nominal oversight jurisdiction. For example, states may regulate the “terms and conditions” of a CMRS provider’s service other than rates. States and localities also assess taxes and fees on wireless carriers.

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The location and construction of our wireless transmission towers and antennas are subject to state and local environmental regulation, as well as state or local zoning, land use and other regulation. Before we can put a system into commercial operation or expand a system, we must obtain all necessary zoning and building permit approvals for the cell site and tower locations. The time needed to obtain zoning approvals and requisite permits varies from market to market and state to state. Likewise, variations exist in local zoning processes. If zoning approval or requisite state permits cannot be obtained, or if environmental rules make construction impossible or infeasible on a particular site, our network design might be adversely affected, network design costs could increase and the service provided to our customers might belimited.

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In 2018,recent years, the FCC completed several related proceedings in which it adoptedhas taken actions to help expedite the deployment of wireless network infrastructure. Those actions include limiting state and local regulations governing the construction or modification of towers and the installation of small cells and other facilities within and outside public rights-of-way when the FCC determines those regulations can be barriers to deployment. Among other things, the FCC established new shorter shot clocks for completion of local reviews of small wireless facility applications, and eliminated federal environmentalrequired that fees which states and historic preservation reviewlocalities may charge for the location of small wireless facilities. Thesecells in rights-of-way must be cost-based. Several of the FCC’s most recent decisions were challenged in court by variousindividual localities and those appeals are pending.organizations representing local governments. While some of the FCC’s actions have been upheld, others have been vacated or remanded, and others remain subject to petitions for reconsideration or appeal. We cannot predict with certainty the likely timing or outcome of these court challenges. If the FCC’s actions are upheld, we expect them to materially limit state regulation that otherwise could encumber our ability to expand our wireless network coverage.

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US Virgin Islands Regulation

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Virgin Islands Public Service Commission

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In addition to the regulations described above, our operations in the US Virgin Islands are also subject to the US Virgin Islands Public Utilities Code, pursuant to which the Virgin Islands Public Service Commission (“PSC”) regulates certain telecommunications and cable TV services that Viya provides in the US Virgin Islands. Among other things, the PSC establishes the rates and fees that we may charge local exchange residential and enterprise customers in theUSVirginIslandsforcertainwirelinetelecommunicationsservices.ThePSCisrequiredbyUSVirginIslandslawto review local utility rates every five years. In June 2016, the PSC adopted an order increasing the rates and fees that we may charge subject to certain conditions and future obligations and certain of our subsidiaries entered into a transfer of control agreement with the PSC on July 1, 2016, which imposes certain operational and reporting obligations on the Viya companies. We believe that we have satisfied these requirements. Further, as a condition to Viya’s receipt of USF funds from the FCC, the PSC is required to certify on an annual basis that Viya is in compliance with certain eligible telecommunication carrier (“ETC”) obligations. We believe that we comply with all such obligations but cannot predict the outcome of future PSC proceedings relating to Viya’s ETCstatus.

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Virgin Islands Research and Technology Park

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Our video, internet and wireless companies in the US Virgin Islands also receive tax benefits as qualifying participants in the US Virgin Islands’ Research & Technology Park (“RTPark”) program. RTPark was chartered with the goal of promoting technology-based economic development in the territory and offering attractive economic incentives to companies that contribute to the development of the Virgin Islands through local employment and sourcing, as well as significant contributions to both the economy and the non-profit sectors of the community. As part of the program, our participating entities currently receive a 100% tax exemption applied against gross receipts, property, and excise taxes as well as a 90% exemption against income taxes and a reduction in customs duties from 6% to 1%. These benefits resulted in tax exemptions of approximately $1.9 million and $1.8 million during the yearyears ended December 31, 2019. 2020 and 2019, respectively.

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In order to qualify, we are required to maintain certain capital investments over the first five years of the agreement, pay monthly management fees of 0.4% of tenant company revenue, make annual charitable contributions to the University of the Virgin Islands, purchase products and services locally when feasible and provide in-kind services toRTPark.

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Guyana RegulationRegulation

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Our subsidiary, Guyana Telephone & Telegraph Limited (“GTT”), in which we hold an 80% interest, is subject to regulation in Guyana under the provisions of GTT’s License from the Government of Guyana, the Guyana Public Utilities Commission Act of 19992016 as amended (or “PUC Law”) and the Guyana Telecommunications Act 1990of 2016 (or “Telecommunications Law”). The Ministry of Telecommunications, an agency of the Government of Guyana, has formal authority over telecommunications licensing and related issues. The Public Utilities Commission of Guyana (or “PUC”) is an independent statutory body with the principal responsibility for regulating telecommunications rates and services in Guyana. The MinistryTelecommunications Agency (or “TA”) advises and makes recommendations to the Minister of Telecommunications, an agency of the Government of Guyana,implements policy and has formal authority over telecommunications licensingprincipal responsibility for operating licenses and related issues.frequency authorizations.

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Licenses. GTT provides domestic fixedFixed (both wireline and wireless) and international voice and data services in Guyana pursuant to a licenselicenses from the Government of Guyana granting GTT the exclusive right to provide the following: public telephone, radio telephone, and pay telephone services;a variety of domestic fixedFixed services (both wireline and wireless); and international voice and data services; sale of advertising in any telephone directories; and switched or non-switched private line service. The license, which wasservices. These licenses were issued in December 1990, had an initial 20-year term.October 2020. Pursuant to the license,licenses, GTT also provides mobile wireless telephone service in Guyana on a non-exclusive basis pursuant to an initial twenty-Guyana.

year term. In November 2009, GTT notified the Government of its election to renew both the exclusive and non-exclusive license grants for an additional 20 year term expiring in 2030. In exercising this option, GTT reiterated to the Government that GTT and the Company would be willing to voluntarily relinquish the exclusivity aspect of GTT’s licenses, but only as part of an alternative agreement with the Government. On December 15, 2010, the Government, through the Office of the President, sent a letter to GTT indicating that GTT’s license was renewed until such time as a new legislative and regulatory regime to reform the telecommunications sector in Guyana is brought into force; however, GTT formally notified the Government that it is entitled to an unconditional renewal of both the exclusive and non​-exclusive license grants for an additional period of 20 years or until such time as GTT and the Company enter into an alternative agreement with the Government.

which impact our exclusivity rightsoperations, administrative reporting and other rights under our existing agreement and license. However, thereservices. There can be no assurance that those discussionsthese regulations will be concluded before the Government issues new licenses as contemplated by the legislation or at all,effectively implemented, or that they will satisfactorily address the Company’s contractual exclusivity rights. Although we believe that we would be entitled to damages or other compensation for any involuntary termination of our contractual exclusivity rights, we cannot guarantee that we would prevailadministered in a proceeding to enforce our rights or that our actions would effectively halt any unilateral action by the Government.fair and transparent manner.

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FCC Rule-Making and International Long-Distance Rates. The actions of foreign telecommunications regulators, especially the FCC in the United States, can affect the settlement or termination rate payable by foreign carriers to GTT for incoming international voice calls. While the FCC continues to monitor and evaluate termination rate levels and benchmarks, we cannot predict when and if the FCC will further reduce settlement rates or the effect lower rates will have on revenue in our International Telecom segment.

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Bermuda Regulation

In 2013, the Government​

The Regulatory Authority of Bermuda implemented(the “RA”) is the primary regulator of our operations in Bermuda.  The relevant legislation is the Regulatory Authority Act 2011 and the Electronic Communications Act of 2011 (“ECA”), which empowered2011.  Pursuant to these statutes, the regulatory authority of Bermuda (the “Regulatory Authority”) to regulate theRA is responsible for regulating all electronic communications sectorservices in Bermuda, including the broadband, mobile and allowed communications service providers to enter new linesvideo services we offer.  The statutory framework provides the RA powers in respect of business as a means of increasinglicensing, consumer protections, ex post competition inissues, and the sector. As part of the Regulatory Authority’s core mandate, it must review the relevant markets, determine the existenceidentification and remedying of significant market power and implement any necessary remedies in the public interest.  As part of its initial market review, the Regulatory Authority  imposed regulatory and other fees and adopted additional regulation that has increased the regulatory costs incurred by our Bermuda operations. In 2017, the Regulatory Authority commenced another market review process as required by the ECA. In 2020, that market review process is expected to continue. We cannot now accurately predict the outcome of the ongoing market review, nor can we determine the competitive impact on our Bermuda business and its ability to grow.

Renewable Energy Services Regulation

India Regulation

The Electricity Act, 2003concerns.

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On September 1, 2020, the RA completed its second market review and affirmed its determination that we have significant market power in certain broadband and mobile services.  As a consequence, we are subject to, and have initiated a legal challenge of, a series of ex ante remedies that include wholesale obligations, price caps, accounting separation and reporting obligations in addition to the ex post competition rules that generally apply.  The Electricity Act, 2003 (the “Electricity Act”) regulatesex-ante remedies are burdensome and, governs the generation, transmission, distribution, tradingif implemented, will require financial, operational, legal and use of electricity in India. Under the Electricity Act, the transmission, distribution and trade of electricity are regulated activities that require licenses from the Central Electricity Regulatory Commission, State Electricity Regulatory Commissions, or “SERCs,” or the joint commission (constituted by an agreement entered into by

Failure of network or information technology systems, including as a result of security breaches, could have an adverse impacteffect on our business.

We are highly dependent on our information technology (“IT”) systems for the operation of our network, our facilities, delivery of services to our customers and the compilation of our financial conditionresults. Failure of these IT systems, through cyberattacks, breaches of security, or resultsotherwise, may cause disruptions to our operations. There can be no assurance that we will be able to successfully prevent a material security breach stemming from future cyberattacks.  Our inability to operate our network, facilities and back office systems as a result of such events, even for a limited period of time, may result in significant expenses and impact the timely and accurate delivery of our services or other information. Other risks that may also cause interruptions in service or reduced capacity for our customers include power loss, increasing reliance on cloud-storage providers (which may themselves be subject to cyberattack or breach), capacity limitations, software defects and breaches of security by computer viruses, break-ins or otherwise. Specifically, we have seen a rise in ransomware attacks in recent years. Telecommunications providers are increasingly being targeted by cyber criminals not necessarily for data about their own business, but access to the data of market participants in potentially more lucrative industries. Disruptions in our networks and the unavailability of our services or our inability to efficiently and effectively complete necessary technology or systems upgrades, or conversions could lead to a loss of customers, damage to our reputation and violation of the terms of our licenses and contracts with customers. Additionally, breaches of security may lead to unauthorized access to our customer or employee information processed and stored in, and transmitted through, our IT systems. We may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures arising from operational and security risks, including notification under data privacy laws and regulations, and we may be subject to litigation, regulatory penalties and financial losses.  These failures could also lead to significant negative publicity.

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Inclement weather and changes in meteorological conditions may materially disrupt our operations.

Viya,Many of the areas in which we operate have experienced severe weather conditions over the years including hurricanes, tornadoes, blizzards, fires, damaging storms and floods. Such events may materially disrupt and adversely affect our subsidiary operating video, internet, wireless and landline services inbusiness operations, such as the US Virgin Islands, currently receives high-cost Universal Service Fund (“USF”) support inimpacts of the US Virgin Islands of approximately $16.4 million per year. In addition, after the devastation caused by the Hurricanes in September 2017, the FCC provided approximately $15.4 million in accelerated USF support and in fixed and mobile recovery support through August 2018. The FCC, in response to the damage caused by the Hurricanes and as part of its general USF reform, has established a Connect USVI Fund budget for fixed networks of up to $18.7 million per year for 10 years and a budget for mobile networks of up to $4.4 million per year for 3 years in the US Virgin Islands. The Connect USVI Fund for fixed networks will replace the legacy high-cost USF support for the US Virgin Islands that Viya historically has been awarded and any entity that provided voice or broadband servicehurricanes in the US Virgin Islands in June 2018 is eligible2017, which we assessed caused damage and losses to submit a competitive proposal.

We expectour wireline and wireless networks of approximately $100 million in operating losses and network rebuilding costs prior to participate in both the fixedinsurance and mobile network components of the USVI Connect Fund support assignment processes and we currently anticipate that the new fixed network fund recipient(s) will be determined as early asany other recovery assistance. Major hurricanes also passed directly over Bermuda in the second halfpast decade, causing damage to our network and to the island’s infrastructure. Guyana and Cayman have suffered from severe rains and flooding in the past as well.  These types of 2020.  Thereevents can also cause major disruption and harm to the communities and markets we serve, which can have a material adverse effect on our business.  We cannot be no guaranteesure that these types of events will not have an impact in the future or that we can procure insurance coverage against these types of severe weather events under reasonable business terms and conditions, or that any insurance coverage we are able to maintain will be selected by the FCCadequately compensate us for all damage and economic losses resulting from natural catastrophes.  In addition, it may take significant time to receive fixed network funding for either of the coverage territories. Under the mechanism usedreturn to allocate mobile funding,pre-storm levels following any such storm or meteorological event.  If we currently expectare unable to receiverestore service on a portion of the mobile funding but cannot be certain at this stage of the amount or timing of receipt of such funding.  Any reduction in the overall amount of USF support we receive as a result of the USVI Connect Fund proceeding relative to historical levels of high-cost USF support we have receivedtimely and cost-effective basis, it could negatively affectharm our efforts to build, maintainreputation and operate networks in the US Virgin Islands and our ability to provide services supported by USF funds.  For example, we could be selected to receive fixed network funding in neither coverage territory or in one coverage territory but not the other, meaning that another entity will have received funding for such territory; or we might be selected to receive funding in both coverage territories but at a funding level that is significantly below our historical high-cost USF support levels.  Each of these potential outcomes could have a material adverse effect on our business, financial condition or results of operations in our International Telecom segment through continued loss of revenue and customer attrition and increased competition. In the event that Viya does not receive any funding in a territory, we will have to consider whether we provide further investment or operational resources to Viya or that territory.

We may have difficulty securing video services content from third parties desirable to our customers on terms and conditions favorable to us.competitors.

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We have secured licensing agreements with numerous content providersIn addition, the impacts of climate change may exacerbate the risk of significant damage in the areas in which we operate. For example, rising ocean temperatures in the Atlantic Ocean may result in the intensification of hurricanes over time.  Heat waves and severe drought may lead to allowstronger and more frequent wildfires that could threaten our various video servicestowers and installed equipment or result in loss of power. Rising sea levels and associated flooding may impact our retail and enterprise customers that operate businesses to offer a wide array of popular programming to our subscribers. Typically, we make long-term commitments relating to these rights in advance even though we cannot predicton the popularitycoasts of the servicesUnited States and in our island markets. As the frequency or ratingsduration of more intense weather events increase, the likelihood of significant damage also increases.  After major events such as hurricanes, earthquakes or wild fires, which can cause significant destruction to the power grid, our ability to access sites and facilities, obtain fuel and receive sufficient fuel supplies in order to provide power for stand-by generators is often severely limited, and in many cases, is not possible for extended periods of time. Our ability to access ports in order to obtain relief and supplies for affected areas will also likely be significantly hampered for extended periods of time.