ATN Reports Second Quarter 2018 Results
-- Sequential Earnings Growth Led By Improved International Telecom Results --
-- Rebuild of U.S.
Second Quarter Financial Highlights:
- Revenues:
$117.8 million - Adjusted EBITDA1:
$36.0 million - Operating income:
$15.8 million - Net income attributable to ATN stockholders:
$7.2 million , or$0.45 per diluted share - Cash flow from operating activities for first six months of 2018 was
$44.0 million
Business Review and Outlook
“Our second quarter operating results showed marked improvement over first quarter levels, benefitting from continued progress in our
“Specifically, investments we have made in our international telecom segment to extend and upgrade our broadband network and service offerings in several markets have resulted in positive subscriber growth and continued margin expansion. Additionally, we are pleased to report that substantially all of the network backbone is fully restored in the
“Our
“We are pleased with the second quarter results and expect to see continued positive trends in our international telecom business, supported by stable performance in domestic telecom, in the second half of this year. In addition to the organic initiatives mentioned previously, we have made investments in new platforms and technologies that we believe can develop into significant growth opportunities. While these activities increase short term operating costs, we are optimistic about their longer term potential,”
Second Quarter 2018 Financial Results
Second quarter 2018 revenues were
Revenues for the first six months of 2018 were
Second Quarter 2018 Operating Highlights
The Company has three reportable segments: (i)
International Telecom Adjusted EBITDA1 of
Renewable Energy
Renewable Energy segment revenues are generated principally by the generation and sale of energy and solar renewable energy credits from our commercial solar projects in
Balance Sheet and Cash Flow Highlights
Total cash at
Conference Call Information
ATN will host a conference call on
About ATN
ATN International, Inc. (Nasdaq:ATNI), headquartered in Beverly,
Cautionary Language Concerning Forward Looking Statements
This press release contains forward-looking statements relating to, among other matters, our future financial performance and results of operations; the estimated timeline for the rebuilding of our operations and revenues from our customers in the
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains non-GAAP financial measures. Specifically, ATN has presented the following measures in this release and in the tables included herein: Adjusted EBITDA; Operating Income excluding hurricane charges and insurance recoveries; Net income (loss) attributable to ATN’s stockholders excluding hurricane charges and insurance recoveries; and Net income (loss) per share attributable to ATN stockholders excluding hurricane charges and insurance recoveries.
Adjusted EBITDA is defined as net income attributable to ATN stockholders before bargain purchase gain, impairment of long-lived assets, restructuring charges, interest, taxes, depreciation and amortization, transaction-related charges, other income or expense, loss on damaged assets and other hurricane charges, net of insurance recovery and net income attributable to non-controlling interests.
Operating Income excluding hurricane charges and insurance recoveries is defined as Operating Income (Loss) adjusted for loss on damaged assets and other hurricane related charges, net of insurance recovery. Net income (loss) attributable to ATN stockholders excluding hurricane charges and insurance recoveries is defined as Net income (loss) attributable to ATN stockholders adjusted for loss on damaged assets and other hurricane related charges net of insurance recovery.
Net income (loss) per share attributable to ATN stockholders excluding hurricane charges and insurance recoveries is defined as net income (loss) per share attributable to ATN stockholders adjusted for loss on damaged assets and other hurricane related charges, net of insurance recovery.
The Company believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. ATN’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring our core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measure is set forth in the text of, and the accompanying tables to, this press release. While our non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.
Table 1 | ||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||
(in Thousands) | ||||||
2018 | 2017 | |||||
Assets: | ||||||
Cash and cash equivalents | $ | 167,107 | $ | 207,956 | ||
Restricted cash | 1,071 | 833 | ||||
Short-term investments | 1,595 | 7,076 | ||||
Other current assets | 94,540 | 127,063 | ||||
Total current assets | 264,313 | 342,928 | ||||
Long-term restricted cash | 11,949 | 11,101 | ||||
Property, plant and equipment, net | 702,968 | 643,146 | ||||
170,324 | 171,656 | |||||
Other assets | 39,445 | 36,774 | ||||
Total assets | $ | 1,188,999 | $ | 1,205,605 | ||
Liabilities and Stockholders’ Equity: | ||||||
Current portion of long-term debt | $ | 11,268 | $ | 10,919 | ||
Taxes payable | 10,238 | 6,751 | ||||
Other current liabilities | 135,884 | 144,035 | ||||
Total current liabilities | 157,390 | 161,705 | ||||
Long-term debt, net of current portion | $ | 139,733 | $ | 144,873 | ||
Deferred income taxes | 30,755 | 31,732 | ||||
Other long-term liabilities | 41,612 | 37,072 | ||||
Total long-term liabilities | 212,100 | 213,677 | ||||
Total liabilities | 369,490 | 375,382 | ||||
Total ATN International, Inc.’s stockholders’ equity | 683,085 | 688,727 | ||||
Non-controlling interests | 136,424 | 141,496 | ||||
Total equity | 819,509 | 830,223 | ||||
Total liabilities and stockholders’ equity | $ | 1,188,999 | $ | 1,205,605 | ||
Table 2 | ||||||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||||||
(in Thousands, Except per Share Data) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Wireless | $ | 50,496 | $ | 56,546 | $ | 101,043 | $ | 115,471 | ||||||||||||
Wireline | 61,269 | 61,802 | 109,365 | 125,960 | ||||||||||||||||
Renewable energy | 6,023 | 4,897 | 11,855 | 9,929 | ||||||||||||||||
Total revenue | 117,788 | 123,245 | 222,263 | 251,360 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Termination and access fees | 28,257 | 30,922 | 54,171 | 63,924 | ||||||||||||||||
Engineering and operations | 18,409 | 19,378 | 36,561 | 39,061 | ||||||||||||||||
Sales, marketing and customer service | 8,413 | 8,729 | 16,974 | 17,765 | ||||||||||||||||
General and administrative | 26,754 | 26,011 | 52,296 | 50,370 | ||||||||||||||||
Transaction-related charges | 438 | 148 | 465 | 826 | ||||||||||||||||
Depreciation and amortization | 21,913 | 22,254 | 43,217 | 44,747 | ||||||||||||||||
(Gain) Loss on disposition of long-lived assets | (2,333 | ) | - | (2,049 | ) | 1,111 | ||||||||||||||
Loss on damaged assets and other hurricane related | ||||||||||||||||||||
charges, net of insurance recovery | 184 | - | 666 | - | ||||||||||||||||
Total operating expenses | 102,035 | 107,442 | 202,301 | 217,804 | ||||||||||||||||
Operating income | 15,753 | 15,803 | 19,962 | 33,556 | ||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense, net | (1,840 | ) | (1,806 | ) | (3,679 | ) | (3,836 | ) | ||||||||||||
Loss on deconsolidation of subsidiary | - | - | - | (529 | ) | |||||||||||||||
Other income (expense) | (1,045 | ) | (492 | ) | (1,798 | ) | (973 | ) | ||||||||||||
Other expense, net | (2,885 | ) | (2,298 | ) | (5,477 | ) | (5,338 | ) | ||||||||||||
Income before income taxes | 12,868 | 13,505 | 14,485 | 28,218 | ||||||||||||||||
Income tax expense | 2,088 | 2,596 | 6,008 | 5,724 | ||||||||||||||||
Net Income | 10,780 | 10,909 | 8,477 | 22,494 | ||||||||||||||||
Net income attributable to non-controlling interests, net | (3,564 | ) | (5,026 | ) | (6,816 | ) | (9,751 | ) | ||||||||||||
Net Income attributable to |
$ | 7,216 | $ | 5,883 | $ | 1,661 | $ | 12,743 | ||||||||||||
Net income per weighted average share attributable to |
||||||||||||||||||||
Basic Net Income | $ | 0.45 | $ | 0.36 | $ | 0.10 | $ | 0.79 | ||||||||||||
Diluted Net Income | $ | 0.45 | $ | 0.36 | $ | 0.10 | $ | 0.78 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic | 15,962 | 16,195 | 15,996 | 16,176 | ||||||||||||||||
Diluted | 16,010 | 16,274 | 16,047 | 16,263 | ||||||||||||||||
Table 3 | |||||||||
Unaudited Condensed Consolidated Cash Flow Statement | |||||||||
(in Thousands) | |||||||||
Six Months Ended |
|||||||||
2018 | 2017 | ||||||||
Net income | $ | 8,477 | $ | 22,494 | |||||
Depreciation and amortization | 43,217 | 44,747 | |||||||
(Gain) Loss on disposition of long-lived assets | (2,042 | ) | 1,111 | ||||||
Loss on deconsolidation of subsidiary | - | 529 | |||||||
Stock-based compensation | 3,679 | 3,786 | |||||||
Loss in equity method investments | - | 2,033 | |||||||
Deferred income taxes | (1,279 | ) | 2,379 | ||||||
Change in prepaid and accrued income taxes | 1,249 | (6,881 | ) | ||||||
Change in other operating assets and liabilities | (13,151 | ) | (6,370 | ) | |||||
Other non-cash activity | 3,885 | 1,639 | |||||||
Net cash provided by operating activities | 44,035 | 65,467 | |||||||
Capital expenditures | (40,594 | ) | (78,559 | ) | |||||
Hurricane rebuild capital expenditures | (66,654 | ) | - | ||||||
Hurricane insurance proceeds | 34,606 | - | |||||||
Sale of business, net of transferred cash of |
926 | 22,597 | |||||||
Purchases of spectrum licenses and other intangible assets, including deposits | - | (36,832 | ) | ||||||
Net proceeds from sale of assets | 4,130 | - | |||||||
Proceeds from sale of investments | 5,348 | 2,761 | |||||||
Government grants | 5,400 | - | |||||||
Net cash used in investing activities | (56,838 | ) | (90,033 | ) | |||||
Dividends paid on common stock | (5,441 | ) | (10,992 | ) | |||||
Distributions to non-controlling interests | (12,836 | ) | (3,373 | ) | |||||
Principal repayments of term loan | (4,786 | ) | (5,447 | ) | |||||
Proceeds from new borrowings | - | 8,571 | |||||||
Purchases of common stock | (3,660 | ) | (2,186 | ) | |||||
Acquisition of business, net of acquired cash of |
- | (1,178 | ) | ||||||
Repurchases of non-controlling interests | (61 | ) | (953 | ) | |||||
Investments made by minority shareholders in consolidated affiliates | - | 122 | |||||||
Other | - | (52 | ) | ||||||
Net cash used in financing activities | (26,784 | ) | (15,488 | ) | |||||
Effect of foreign currency exchange rates on total cash | (178 | ) | 207 | ||||||
Net change in total cash | (39,765 | ) | (39,847 | ) | |||||
Total cash, beginning of period | 219,890 | 288,358 | |||||||
Total cash, end of period | $ | 180,125 | $ | 248,511 | |||||
Table 4 | |||||||||||||||||
Selected Segment Financial Information | |||||||||||||||||
(In Thousands) | |||||||||||||||||
For the three months ended |
|||||||||||||||||
Telecom |
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||||
Revenue | |||||||||||||||||
Wireless | $ | 28,582 | $ | 21,914 | $ | - | $ | - | $ | 50,496 | |||||||
Wireline | 1,702 | 59,567 | - | - | 61,269 | ||||||||||||
Renewable Energy | - | - | 6,023 | - | 6,023 | ||||||||||||
Total Revenue | $ | 30,284 | $ | 81,481 | $ | 6,023 | $ | - | $ | 117,788 | |||||||
Operating Income (Loss) | $ | 7,841 | $ | 15,571 | $ | 1,927 | $ | (9,586 | ) | $ | 15,753 | ||||||
Non-controlling interest ( net income or (loss) ) | $ | (786 | ) | $ | (2,567 | ) | $ | (211 | ) | $ | - | $ | (3,564 | ) | |||
Non GAAP measure: | |||||||||||||||||
Adjusted EBITDA | $ | 12,685 | $ | 27,617 | $ | 3,826 | $ | (8,173 | ) | $ | 35,955 | ||||||
Balance Sheet Data (at |
|||||||||||||||||
Cash, cash equivalents and investments | $ | 16,241 | $ | 49,882 | $ | 12,403 | $ | 90,176 | $ | 168,702 | |||||||
Total current assets | 43,413 | 97,603 | 18,077 | 105,220 | 264,313 | ||||||||||||
Fixed assets, net | 92,435 | 442,854 | 150,022 | 17,657 | 702,968 | ||||||||||||
Total assets | 195,587 | 611,654 | 184,255 | 197,503 | 1,188,999 | ||||||||||||
Total current liabilities | 44,618 | 79,484 | 12,378 | 20,910 | 157,390 | ||||||||||||
Total debt | - | 92,774 | 58,227 | - | 151,001 | ||||||||||||
Selected Segment Financial Information | |||||||||||||||||
(In Thousands) | |||||||||||||||||
For the three months ended |
|||||||||||||||||
Telecom |
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||||
Revenue | |||||||||||||||||
Wireless | $ | 34,921 | $ | 21,625 | $ | - | $ | - | $ | 56,546 | |||||||
Wireline | 2,057 | 59,745 | - | - | 61,802 | ||||||||||||
Renewable Energy | - | - | 4,897 | - | 4,897 | ||||||||||||
Total Revenue | $ | 36,978 | $ | 81,370 | $ | 4,897 | $ | - | $ | 123,245 | |||||||
Operating Income (Loss) | $ | 13,147 | $ | 10,765 | $ | 846 | $ | (8,955 | ) | $ | 15,803 | ||||||
Non-controlling interest ( net income or (loss) ) | $ | (1,756 | ) | $ | (3,024 | ) | $ | (246 | ) | $ | - | $ | (5,026 | ) | |||
Non GAAP measure: | |||||||||||||||||
Adjusted EBITDA | $ | 19,393 | $ | 23,899 | $ | 2,676 | $ | (7,763 | ) | $ | 38,205 | ||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||||
Selected Segment Financial Information | |||||||||||||||||
(In Thousands) | |||||||||||||||||
For the six months ended |
|||||||||||||||||
Telecom |
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||||
Revenue | |||||||||||||||||
Wireless | $ | 55,983 | $ | 45,060 | $ | - | $ | - | $ | 101,043 | |||||||
Wireline | 2,800 | 106,565 | - | - | 109,365 | ||||||||||||
Renewable Energy | - | - | 11,855 | - | 11,855 | ||||||||||||
Total Revenue | $ | 58,783 | $ | 151,625 | $ | 11,855 | $ | - | $ | 222,263 | |||||||
Operating Income (Loss) | $ | 13,065 | $ | 21,211 | $ | 3,863 | $ | (18,177 | ) | $ | 19,962 | ||||||
Non-controlling interest ( net income or (loss) ) | $ | (1,469 | ) | $ | (4,836 | ) | $ | (511 | ) | $ | - | $ | (6,816 | ) | |||
Non GAAP measure: | |||||||||||||||||
Adjusted EBITDA | $ | 24,677 | $ | 45,410 | $ | 7,565 | $ | (15,391 | ) | $ | 62,261 | ||||||
Statement of Cash Flow Data: | |||||||||||||||||
Capital expenditures | $ | 7,266 | $ | 95,520 | $ | 1,388 | $ | 3,074 | $ | 107,248 | |||||||
Selected Segment Financial Information | |||||||||||||||||
(In Thousands) | |||||||||||||||||
For the six months ended |
|||||||||||||||||
Telecom |
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||||
Revenue | |||||||||||||||||
Wireless | $ | 72,623 | $ | 42,848 | $ | - | $ | - | $ | 115,471 | |||||||
Wireline | 8,148 | 117,812 | - | - | 125,960 | ||||||||||||
Renewable Energy | - | - | 9,929 | - | 9,929 | ||||||||||||
Total Revenue | $ | 80,771 | $ | 160,660 | $ | 9,929 | $ | - | $ | 251,360 | |||||||
Operating Income (Loss) | $ | 28,533 | $ | 20,691 | $ | 2,287 | $ | (17,955 | ) | $ | 33,556 | ||||||
Non-controlling interest ( net income or (loss) ) | $ | (4,153 | ) | $ | (5,033 | ) | $ | (565 | ) | $ | - | $ | (9,751 | ) | |||
Non GAAP measure: | |||||||||||||||||
Adjusted EBITDA | $ | 42,561 | $ | 46,821 | $ | 5,571 | $ | (14,713 | ) | $ | 80,240 | ||||||
Statement of Cash Flow Data: | |||||||||||||||||
Capital expenditures | $ | 12,602 | $ | 37,129 | $ | 25,535 | $ | 3,293 | $ | 78,559 | |||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||||
Selected Segment Financial Information | |||||||||||||||||
(In Thousands) | |||||||||||||||||
For the year ended |
|||||||||||||||||
Telecom |
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Balance Sheet Data (at |
|||||||||||||||||
Cash, cash equivalents and investments | $ | 19,585 | $ | 110,700 | $ | 8,120 | $ | 76,627 | $ | 215,032 | |||||||
Total current assets | 40,975 | 190,396 | 18,060 | 93,497 | 342,928 | ||||||||||||
Fixed assets, net | 99,462 | 367,485 | 158,447 | 17,752 | 643,146 | ||||||||||||
Total assets | 200,142 | 629,007 | 192,406 | 184,050 | 1,205,605 | ||||||||||||
Total current liabilities | 41,248 | 91,887 | 14,754 | 13,816 | 161,705 | ||||||||||||
Total debt | - | 94,577 | 61,215 | - | 155,792 | ||||||||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||||
Selected Segment Operational Data | |||||||||||||||||
Quarter ended | |||||||||||||||||
2017 * | 2017 * | 2017 | 2018 | 2018 | |||||||||||||
Wireless - Total Domestic Base Stations | 1,041 | 1,061 | 1,100 | 1,122 | 1,121 | ||||||||||||
International Telecom Operational Data: | |||||||||||||||||
Wireline - Voice / Access lines | 174,600 | 172,300 | 171,200 | 169,500 | 168,700 | ||||||||||||
Wireline - Data Subscribers | 101,700 | 102,400 | 104,900 | 105,900 | 110,200 | ||||||||||||
Wireline - Video Subscribers | 47,200 | 46,700 | 45,700 | 44,500 | 43,400 | ||||||||||||
Wireless - Subscribers | 302,900 | 302,000 | 307,200 | 310,800 | 308,100 | ||||||||||||
* Adjusted subscriber counts for the sales of |
|||||||||||||||||
Table 5 | ||||||||||||||||
Reconciliation of Non-GAAP Measures | ||||||||||||||||
(In Thousands) | ||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA for the Three Months Ended |
||||||||||||||||
Three Months Ended |
||||||||||||||||
Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
International Telecom |
||||||||||||||||
Net income attributable to |
$ | 7,216 | ||||||||||||||
Net income attributable to non-controlling interests, net of tax | 3,564 | |||||||||||||||
Income tax expense | 2,088 | |||||||||||||||
Other (income) expense, net | 1,045 | |||||||||||||||
Interest expense, net | 1,840 | |||||||||||||||
Operating income | $ | 7,841 | $ | 15,571 | $ | 1,927 | $ | (9,586 | ) | $ | 15,753 | |||||
Depreciation and amortization | 6,835 | 11,794 | 1,899 | 1,385 | 21,913 | |||||||||||
(Gain) Loss on disposition of long-lived assets | (2,401 | ) | 68 | - | - | (2,333 | ) | |||||||||
Loss on damaged assets and other hurricane related charges, net of insurance recovery | - | 184 | - | - | 184 | |||||||||||
Transaction-related charges | 410 | - | - | 28 | 438 | |||||||||||
Adjusted EBITDA | $ | 12,685 | $ | 27,617 | $ | 3,826 | $ | (8,173 | ) | $ | 35,955 | |||||
Three Months Ended |
||||||||||||||||
Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
International Telecom |
||||||||||||||||
Net Income attributable to |
$ | 5,883 | ||||||||||||||
Net income attributable to non-controlling interests, net of tax | 5,026 | |||||||||||||||
Income tax expense | 2,596 | |||||||||||||||
Other (income) expense, net | 492 | |||||||||||||||
Interest expense, net | 1,806 | |||||||||||||||
Operating income | $ | 13,147 | $ | 10,765 | $ | 846 | $ | (8,955 | ) | $ | 15,803 | |||||
Depreciation and amortization | 6,246 | 13,134 | 1,830 | 1,044 | 22,254 | |||||||||||
Transaction-related charges | - | - | - | 148 | 148 | |||||||||||
Adjusted EBITDA | $ | 19,393 | $ | 23,899 | $ | 2,676 | $ | (7,763 | ) | $ | 38,205 | |||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA for the Six Months Ended |
||||||||||||||||
Six Months Ended |
||||||||||||||||
Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
International Telecom |
||||||||||||||||
Net income attributable to |
$ | 1,661 | ||||||||||||||
Net income attributable to non-controlling interests, net of tax | 6,816 | |||||||||||||||
Income tax expense | 6,008 | |||||||||||||||
Other (income) expense, net | 1,798 | |||||||||||||||
Interest expense, net | 3,679 | |||||||||||||||
Operating income | $ | 13,065 | $ | 21,211 | $ | 3,863 | $ | (18,177 | ) | $ | 19,962 | |||||
Depreciation and amortization | 13,348 | 23,465 | 3,673 | 2,731 | 43,217 | |||||||||||
(Gain) Loss on disposition of long-lived assets | (2,146 | ) | 68 | 29 | - | (2,049 | ) | |||||||||
Loss on damaged assets and other hurricane related charges, net of insurance recovery | - | 666 | - | - | 666 | |||||||||||
Transaction-related charges | 410 | - | - | 55 | 465 | |||||||||||
Adjusted EBITDA | $ | 24,677 | $ | 45,410 | $ | 7,565 | $ | (15,391 | ) | $ | 62,261 | |||||
Six Months Ended |
||||||||||||||||
Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
International Telecom |
||||||||||||||||
Net Income attributable to |
$ | 12,743 | ||||||||||||||
Net income attributable to non-controlling interests, net of tax | 9,751 | |||||||||||||||
Income tax expense | 5,724 | |||||||||||||||
Other (income) expense, net | 973 | |||||||||||||||
Loss on deconsolidation of subsidiary | 529 | |||||||||||||||
Interest expense, net | 3,836 | |||||||||||||||
Operating income | $ | 28,533 | $ | 20,691 | $ | 2,287 | $ | (17,955 | ) | $ | 33,556 | |||||
Depreciation and amortization | 12,797 | 26,250 | 3,284 | 2,416 | 44,747 | |||||||||||
Loss on disposition of long-lived assets | 1,231 | (120 | ) | - | - | 1,111 | ||||||||||
Transaction-related charges | - | - | - | 826 | 826 | |||||||||||
Adjusted EBITDA | $ | 42,561 | $ | 46,821 | $ | 5,571 | $ | (14,713 | ) | $ | 80,240 | |||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||||||
Table 6 | |||||||
(In Thousands) | |||||||
Reconciliation of GAAP measures to Non-GAAP measures | |||||||
Reconciliation of Operating Income (Loss) to Operating Income excluding hurricane charges and insurance recoveries, Net Income (Loss) attributable to ATN stockholders to Net Income (Loss) attributable to ATN stockholders excluding hurricane charges and insurance recoveries and Net Income (Loss) per share attributable to ATN stockholders to Net Income (Loss) per share attributable to ATN stockholders excluding hurricane charges and insurance recoveries | |||||||
For the Three Months Ended |
|||||||
Operating Income (Loss) | Net Income (Loss) Attributable to ATN Stockholders |
Net Income (Loss) per share Attributable to ATN Stockholders |
|||||
GAAP - As reported | $ | 15,753 | $ | 7,216 | $ | 0.45 | |
Adjust for: Loss on damaged assets and other hurricane related charges, net of insurance recovery | 184 | 184 | 0.01 | ||||
Tax effect | - | - | - | ||||
Non-GAAP | $ | 15,937 | $ | 7,400 | $ | 0.46 | |
For the Three Months Ended |
|||||||
Operating Income (Loss) | Net Income (Loss) Attributable to ATN Stockholders |
Net Income (Loss) per share Attributable to ATN Stockholders |
|||||
GAAP - As reported | $ | 15,803 | $ | 5,883 | $ | 0.36 | |
Adjust for: Loss on damaged assets and other hurricane related charges, net of insurance recovery | - | - | - | ||||
Tax effect | - | - | - | ||||
Non-GAAP | $ | 15,803 | $ | 5,883 | $ | 0.36 | |
For the Six Months Ended |
|||||||
Operating Income (Loss) | Net Income (Loss) Attributable to ATN Stockholders |
Net Income (Loss) per share Attributable to ATN Stockholders |
|||||
GAAP - As reported | $ | 19,962 | $ | 1,661 | $ | 0.10 | |
Adjust for: Loss on damaged assets and other hurricane related charges, net of insurance recovery | 666 | 666 | 0.04 | ||||
Tax effect | - | - | - | ||||
Non-GAAP | $ | 20,628 | $ | 2,327 | $ | 0.14 | |
For the Six Months Ended |
|||||||
Operating Income (Loss) | Net Income (Loss) Attributable to ATN Stockholders |
Net Income (Loss) per share Attributable to ATN Stockholders |
|||||
GAAP - As reported | $ | 33,556 | $ | 12,743 | $ | 0.78 | |
Adjust for: Loss on damaged assets and other hurricane related charges, net of insurance recovery | - | - | - | ||||
Tax effect | - | - | - | ||||
Non-GAAP | $ | 33,556 | $ | 12,743 | $ | 0.78 | |
_______________________
1 See Table 5 for reconciliation of Net Income to Adjusted EBITDA.
CONTACT:
978-619-1300
Chief Executive Officer
Chief Financial Officer
Source: ATN International, Inc.