ATN Reports Fourth Quarter and Full Year 2019 Results
- Continued growth in domestic and international telecom drives improved underlying operating results
- Telecom businesses well positioned to continue to deliver strong financial performance in 2020
Business Review and Outlook
“Fourth quarter operating results in our telecom segments improved considerably in most respects from last year’s levels,” said
“Positive fourth quarter comparisons in our
“US Telecom operations generated double-digit revenue growth for the quarter due to increased wholesale wireless revenue as part of the FirstNet transaction and our work on the Connect America Fund Phase II (
“Fourth quarter net income included
“Looking ahead, we believe we have entered 2020 with our core telecom businesses well positioned, and we expect them to continue to increase segment revenue and Adjusted EBITDA1 for the year. Our
Fourth Quarter and Full Year 2019 Financial Results
Fourth quarter 2019 consolidated revenues of
Revenues for the full year 2019 were
______________________________________________________________________
1 See Table 5 for reconciliation of Net Income to Adjusted EBITDA.
Fourth Quarter 2019 Operating Highlights
The Company has three reportable segments: (i)
Segment Results (in Thousands) | |||||||||||||
Three Months Ended |
|||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other |
Total | ||||||||||
Revenue | $ | 27,849 | $ | 83,079 | $ | 1,158 | $ | - | $ | 112,086 | |||
Operating Income (Loss) | $ | 2,137 | $ | 11,119 | $ | (6,492 | ) | $ | (8,503 | ) | $ | (1,739 | ) |
Adjusted EBITDA1 | $ | 8,349 | $ | 26,598 | $ | 146 | $ | (6,625 | ) | $ | 28,468 | ||
Year Ended |
|||||||||||||
Capital Expenditures | $ | 17,490 | $ | 42,029 | $ | 6,448 | $ | 6,758 | $ | 72,725 | |||
Three Months Ended |
|||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other |
Total | ||||||||||
Revenue | $ | 24,888 | $ | 78,033 | $ | 4,885 | $ | - | $ | 107,806 | |||
Operating Income (Loss) | $ | 973 | $ | 7,572 | $ | 9,753 | $ | (7,980 | ) | $ | 10,318 | ||
Adjusted EBITDA1 | $ | 6,467 | $ | 20,645 | $ | 2,948 | $ | (6,704 | ) | $ | 23,356 | ||
Year Ended |
|||||||||||||
Capital Expenditures | $ | 13,389 | $ | 160,013 | $ | 4,515 | $ | 8,004 | $ | 185,921 | |||
Renewable Energy
Renewable Energy segment revenues are principally the result of the generation and sale of energy from our commercial solar projects in India. In the fourth quarter of 2018, ATN completed the sale of its portfolio of solar projects in
Balance Sheet and Cash Flow Highlights
Total cash, cash equivalents and restricted 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 including revenue and Adjusted EBITDA expectations and capital expenditures for 2020; the competitive environment in our key markets, demand for our services and industry trends; the impact of the CAF II federal support revenues and the FirstNet transaction; our growth opportunities; our expectations for macro-economic growth in certain of our markets; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of our operations, including operating margins, revenues, capital expenditures, and the future growth and retention of our major customers and subscriber base and consumer demand for solar power; (2) our ability to maintain favorable roaming arrangements, receive roaming traffic and satisfy the needs and demands of our major wireless customers; (3) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address rapid and significant technological changes in the telecommunications industry; (4) government regulation of our businesses, which may impact our
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 included Adjusted EBITDA in this release and in the tables included herein.
Adjusted EBITDA is defined as net income attributable to ATN stockholders before (gain) loss on disposition 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.
The Company believes that the inclusion of this non-GAAP financial measure 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 this non-GAAP measure, 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 measure included in this press release is not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of this non-GAAP financial measure used in this press release to the most directly comparable GAAP financial measure are 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) | |||||
2019 | 2018 | ||||
Assets: | |||||
Cash and cash equivalents | $ | 161,287 | $ | 191,836 | |
Restricted cash | 1,071 | 1,071 | |||
Short-term investments | 416 | 393 | |||
Other current assets | 65,949 | 82,465 | |||
Total current assets | 228,723 | 275,765 | |||
Property, plant and equipment, net | 605,581 | 626,852 | |||
Operating lease right-of-use assets | 68,763 | - | |||
161,818 | 166,979 | ||||
Other assets | 65,110 | 37,708 | |||
Total assets | $ | 1,129,995 | $ | 1,107,304 | |
Liabilities and Stockholders’ Equity: | |||||
Current portion of long-term debt | $ | 3,750 | $ | 4,688 | |
Taxes payable | 8,517 | 31,795 | |||
Current portion of operating lease liabilities | 11,406 | - | |||
Other current liabilities | 95,996 | 104,167 | |||
Total current liabilities | 119,669 | 140,650 | |||
Long-term debt, net of current portion | $ | 82,676 | $ | 86,294 | |
Deferred income taxes | 7,949 | 10,276 | |||
Operating lease liabilities | 56,164 | - | |||
Other long-term liabilities | 57,454 | 46,760 | |||
Total liabilities | 323,912 | 283,980 | |||
Total ATN International, Inc.’s stockholders’ equity | 676,122 | 695,387 | |||
Non-controlling interests | 129,961 | 127,937 | |||
Total equity | 806,083 | 823,324 | |||
Total liabilities and stockholders’ equity | $ | 1,129,995 | $ | 1,107,304 | |
Table 2 | |||||||||||||||
Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||
(in Thousands, Except per Share Data) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Wireless | $ | 49,782 | $ | 45,778 | $ | 193,488 | $ | 198,824 | |||||||
Wireline | 61,146 | 57,143 | 239,700 | 230,225 | |||||||||||
Renewable energy | 1,158 | 4,885 | 5,534 | 22,158 | |||||||||||
Total revenue | 112,086 | 107,806 | 438,722 | 451,207 | |||||||||||
Operating expenses: | |||||||||||||||
Termination and access fees | 29,503 | 30,441 | 112,943 | 114,478 | |||||||||||
Engineering and operations | 19,415 | 18,292 | 77,649 | 73,031 | |||||||||||
Sales, marketing and customer service | 9,682 | 9,238 | 38,730 | 35,207 | |||||||||||
General and administrative | 25,018 | 26,479 | 100,534 | 104,267 | |||||||||||
Transaction-related charges | 155 | 2,000 | 244 | 2,642 | |||||||||||
Restructuring charges | - | 752 | - | 515 | |||||||||||
Depreciation and amortization | 24,255 | 21,117 | 89,125 | 85,719 | |||||||||||
(Gain) loss on disposition of assets | 2,518 | (10,916 | ) | 2,841 | (26,425 | ) | |||||||||
Impairment of goodwill | 3,279 | - | 3,279 | - | |||||||||||
Loss on damaged assets and other hurricane related charges | - | 85 | - | 750 | |||||||||||
Total operating expenses | 113,825 | 97,488 | 425,345 | 390,184 | |||||||||||
Operating income (loss) | (1,739 | ) | 10,318 | 13,377 | 61,023 | ||||||||||
Other income (expense): | |||||||||||||||
Interest expense, net | (764 | ) | (823 | ) | (2,747 | ) | (6,162 | ) | |||||||
Other income (expense) | (1,803 | ) | 1,841 | (4,558 | ) | (1,119 | ) | ||||||||
Other income (expense), net | (2,567 | ) | 1,018 | (7,305 | ) | (7,281 | ) | ||||||||
Income before income taxes | (4,306 | ) | 11,336 | 6,072 | 53,742 | ||||||||||
Income tax expense | 1,331 | 5,851 | 4,105 | 18,870 | |||||||||||
Net Income (Loss) | (5,637 | ) | 5,485 | 1,967 | 34,872 | ||||||||||
Net income attributable to non-controlling interests, net | (4,116 | ) | (4,352 | ) | (12,773 | ) | (15,057 | ) | |||||||
Net income (loss) attributable to |
$ | (9,753 | ) | $ | 1,133 | $ | (10,806 | ) | $ | 19,815 | |||||
Net income (loss) per weighted average share attributable to |
|||||||||||||||
Basic Net Income (Loss) | $ | (0.61 | ) | $ | 0.07 | $ | (0.68 | ) | $ | 1.24 | |||||
Diluted Net Income (Loss) | $ | (0.61 | ) | $ | 0.07 | $ | (0.68 | ) | $ | 1.24 | |||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 16,000 | 15,981 | 15,983 | 15,988 | |||||||||||
Diluted | 16,000 | 16,025 | 15,983 | 16,042 | |||||||||||
Table 3 | |||||||
Unaudited Condensed Consolidated Cash Flow Statement | |||||||
(in Thousands) | |||||||
Year Ended |
|||||||
2019 | 2018 | ||||||
Net income | $ | 1,967 | $ | 34,872 | |||
Depreciation and amortization | 89,125 | 85,719 | |||||
Provision for doubtful accounts | 5,816 | 5,134 | |||||
(Gain) Loss on disposition of assets | 2,841 | (26,425 | ) | ||||
Stock-based compensation | 6,384 | 6,420 | |||||
Deferred income taxes | (2,192 | ) | (23,242 | ) | |||
Loss on equity investments | 4,724 | - | |||||
Impairment of goodwill | 3,279 | - | |||||
Unrealized loss on foreign currency | 362 | 1,342 | |||||
Change in prepaid and accrued income taxes | (14,472 | ) | 32,236 | ||||
Change in other operating assets and liabilities | (10,431 | ) | (1,262 | ) | |||
Other non-cash activity | 500 | 1,071 | |||||
Net cash provided by operating activities | 87,903 | 115,865 | |||||
Capital expenditures | (72,602 | ) | (105,769 | ) | |||
Hurricane rebuild capital expenditures | (123 | ) | (80,152 | ) | |||
Hurricane insurance proceeds | - | 34,606 | |||||
Purchases of strategic investments | (25,362 | ) | (3,000 | ) | |||
Proceeds from sale of short-term investments | 8,141 | 6,564 | |||||
Purchase of short-term investments | (8,028 | ) | (138 | ) | |||
Proceeds from sale of assets | - | 6,900 | |||||
Sale of business, net of transferred cash of |
6,572 | 48,270 | |||||
Government grants | 3,140 | 5,400 | |||||
Net cash used in investing activities | (88,262 | ) | (87,319 | ) | |||
Dividends paid on common stock | (10,880 | ) | (10,866 | ) | |||
Distributions to non-controlling interests | (7,161 | ) | (18,780 | ) | |||
Principal repayments of term loan | (4,700 | ) | (9,795 | ) | |||
Payment of debt issuance costs | (1,340 | ) | - | ||||
Stock-based compensation share repurchases | (1,649 | ) | (4,622 | ) | |||
Purchases of common stock - share buyback | (162 | ) | (1,576 | ) | |||
Repurchases of non-controlling interests | (4,504 | ) | (9,663 | ) | |||
Investments made by minority shareholders | 488 | - | |||||
Other | - | 72 | |||||
Net cash used in financing activities | (29,908 | ) | (55,230 | ) | |||
Effect of foreign currency exchange rates on total cash, cash equivalents and restricted cash | (282 | ) | (299 | ) | |||
Net change in total cash, cash equivalents and restricted cash | (30,549 | ) | (26,983 | ) | |||
Total cash, cash equivalents and restricted cash, beginning of period | 192,907 | 219,890 | |||||
Total cash, cash equivalents and restricted cash, end of period | $ | 162,358 | $ | 192,907 | |||
Table 4 | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the three months ended |
|||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | ||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Wireless | $ | 27,172 | $ | 22,610 | $ | - | $ | - | $ | 49,782 | |||||
Wireline | 677 | 60,469 | - | - | 61,146 | ||||||||||
Renewable Energy | - | - | 1,158 | - | 1,158 | ||||||||||
Total Revenue | $ | 27,849 | $ | 83,079 | $ | 1,158 | $ | - | $ | 112,086 | |||||
Operating Income (Loss) | $ | 2,137 | $ | 11,119 | $ | (6,492 | ) | $ | (8,503 | ) | $ | (1,739 | ) | ||
Stock-based compensation | $ | - | $ | 100 | $ | 87 | $ | 1,316 | $ | 1,503 | |||||
Non-controlling interest ( net income or (loss) ) | $ | (1,186 | ) | $ | (2,924 | ) | $ | (6 | ) | $ | - | $ | (4,116 | ) | |
Non GAAP measure: | |||||||||||||||
Adjusted EBITDA (1) | $ | 8,349 | $ | 26,598 | $ | 146 | $ | (6,625 | ) | $ | 28,468 | ||||
Balance Sheet Data (at |
|||||||||||||||
Cash, cash equivalents and investments | $ | 38,240 | $ | 43,125 | $ | 25,054 | $ | 55,284 | 161,703 | ||||||
Total current assets | 54,207 | 91,497 | 27,534 | 55,485 | 228,723 | ||||||||||
Fixed assets, net | 69,184 | 466,523 | 48,421 | 21,453 | 605,581 | ||||||||||
Total assets | 222,356 | 647,228 | 76,723 | 183,688 | 1,129,995 | ||||||||||
Total current liabilities | 24,905 | 77,644 | 2,745 | 14,375 | 119,669 | ||||||||||
Total debt | - | 86,426 | - | - | 86,426 | ||||||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the three months ended |
|||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | ||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Wireless | $ | 23,110 | $ | 22,668 | $ | - | $ | - | $ | 45,778 | |||||
Wireline | 1,778 | 55,365 | - | - | 57,143 | ||||||||||
Renewable Energy | - | - | 4,885 | - | 4,885 | ||||||||||
Total Revenue | $ | 24,888 | $ | 78,033 | $ | 4,885 | $ | - | $ | 107,806 | |||||
Operating Income (Loss) | $ | 973 | $ | 7,572 | $ | 9,753 | $ | (7,980 | ) | $ | 10,318 | ||||
Stock-based compensation | - | 19 | 19 | 1,310 | 1,348 | ||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (414 | ) | $ | (2,544 | ) | $ | (1,394 | ) | $ | - | $ | (4,352 | ) | |
Non GAAP measure: | |||||||||||||||
Adjusted EBITDA (1) | $ | 6,467 | $ | 20,645 | $ | 2,948 | $ | (6,704 | ) | $ | 23,356 | ||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the year ended |
|||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | ||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Wireless | $ | 105,434 | $ | 88,054 | $ | - | $ | - | $ | 193,488 | |||||
Wireline | 3,214 | 236,486 | - | - | 239,700 | ||||||||||
Renewable Energy | - | - | 5,534 | - | 5,534 | ||||||||||
Total Revenue | $ | 108,648 | $ | 324,540 | $ | 5,534 | $ | - | $ | 438,722 | |||||
Operating Income (Loss) | $ | 8,064 | $ | 46,921 | $ | (7,243 | ) | $ | (34,365 | ) | $ | 13,377 | |||
Stock-based compensation | $ | - | 405 | 87 | 5,892 | $ | 6,384 | ||||||||
Non-controlling interest ( net income or (loss) ) | $ | (3,050 | ) | $ | (9,734 | ) | $ | 11 | $ | - | $ | (12,773 | ) | ||
Non GAAP measure: | |||||||||||||||
Adjusted EBITDA (1) | $ | 31,359 | $ | 103,095 | $ | 1,838 | $ | (27,426 | ) | $ | 108,866 | ||||
Statement of Cash Flows Data: | |||||||||||||||
Capital expenditures | $ | 17,490 | $ | 42,029 | $ | 6,448 | $ | 6,758 | $ | 72,725 | |||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the year ended |
|||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | ||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Wireless | $ | 108,878 | $ | 89,946 | $ | - | $ | - | $ | 198,824 | |||||
Wireline | 6,602 | 223,623 | - | - | 230,225 | ||||||||||
Renewable Energy | - | - | 22,158 | - | 22,158 | ||||||||||
Total Revenue | $ | 115,480 | $ | 313,569 | $ | 22,158 | $ | - | $ | 451,207 | |||||
Operating Income (Loss) | $ | 36,813 | $ | 45,022 | $ | 13,440 | $ | (34,252 | ) | $ | 61,023 | ||||
Stock-based compensation | - | 88 | 105 | 6,227 | 6,420 | ||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (3,183 | ) | $ | (9,753 | ) | $ | (2,121 | ) | $ | - | $ | (15,057 | ) | |
Non GAAP measure: | |||||||||||||||
Adjusted EBITDA (1) | $ | 44,676 | $ | 94,463 | $ | 13,638 | $ | (28,554 | ) | $ | 124,223 | ||||
Statement of Cash Flows Data: | |||||||||||||||
Capital expenditures | $ | 13,389 | $ | 160,013 | $ | 4,515 | $ | 8,004 | $ | 185,921 | |||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
at |
|||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | ||||||||||||
Balance Sheet Data (at |
|||||||||||||||
Cash, cash equivalents and investments | $ | 19,118 | $ | 32,390 | $ | 62,678 | $ | 78,043 | $ | 192,229 | |||||
Total current assets | 36,801 | 75,304 | 80,553 | 83,107 | 275,765 | ||||||||||
Fixed assets, net | 78,102 | 482,770 | 45,599 | 20,381 | 626,852 | ||||||||||
Total assets | 172,634 | 622,454 | 130,427 | 181,789 | 1,107,304 | ||||||||||
Total current liabilities | 15,783 | 82,575 | 3,465 | 38,827 | 140,650 | ||||||||||
Total debt | - | 90,970 | 12 | - | 90,982 | ||||||||||
(1) See Table 5 for reconciliation of Net Income to Adjusted EBITDA | |||||||||||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Quarter ended | |||||||||||||||
2018** | 2019 | 2019 | 2019 | 2019 | |||||||||||
US Telecom Operational Data: | |||||||||||||||
Total Domestic Base Stations | 1,045 | 1,046 | 1,048 | 1,048 | 1,043 | ||||||||||
International Telecom Operational Data: | |||||||||||||||
Voice / Access lines* | 171,100 | 171,200 | 171,200 | 170,200 | 167,300 | ||||||||||
High Speed Data Subscribers* | 120,100 | 123,600 | 124,700 | 127,200 | 129,900 | ||||||||||
Video Subscribers | 41,700 | 41,000 | 39,700 | 38,600 | 38,200 | ||||||||||
Wireless * | 300,400 | 293,500 | 290,400 | 284,800 | 283,700 | ||||||||||
* Counts were adjusted for all periods presented based upon a change in methodology and process | |||||||||||||||
** For 2018 quarter, subscribers for voice, data and video in the |
|||||||||||||||
Table 5 |
|||||||||||||||
Reconciliation of Non-GAAP Measures | |||||||||||||||
(In Thousands) | |||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA for the Three Months Ended |
|||||||||||||||
Three Months Ended |
|||||||||||||||
US Telecom |
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||
Net income (loss)attributable to |
$ | (9,753 | ) | ||||||||||||
Net income attributable to non-controlling interests, net of tax | 4,116 | ||||||||||||||
Income tax expense | 1,331 | ||||||||||||||
Other (income) expense, net | 1,803 | ||||||||||||||
Interest expense, net | 764 | ||||||||||||||
Operating income | $ | 2,137 | $ | 11,119 | $ | (6,492 | ) | $ | (8,503 | ) | $ | (1,739 | ) | ||
Depreciation and amortization | 6,199 | 15,284 | 1,036 | 1,736 | 24,255 | ||||||||||
(Gain) Loss on disposition of assets | 13 | 195 | 2,310 | - | 2,518 | ||||||||||
Impairment of intangible assets | - | - | 3,279 | - | 3,279 | ||||||||||
Transaction-related charges | - | - | 13 | 142 | 155 | ||||||||||
Adjusted EBITDA | $ | 8,349 | $ | 26,598 | $ | 146 | $ | (6,625 | ) | $ | 28,468 | ||||
Three Months Ended |
|||||||||||||||
US Telecom |
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||
Net Income (loss) attributable to |
$ | 1,133 | |||||||||||||
Net income attributable to non-controlling interests, net of tax | 4,352 | ||||||||||||||
Income tax expense | 5,851 | ||||||||||||||
Other expense, net | (1,841 | ) | |||||||||||||
Interest expense, net | 823 | ||||||||||||||
Operating income | $ | 973 | $ | 7,572 | $ | 9,753 | $ | (7,980 | ) | $ | 10,318 | ||||
Depreciation and amortization | 5,602 | 12,983 | 1,097 | 1,435 | 21,117 | ||||||||||
Restructuring charges | - | - | 752 | - | 752 | ||||||||||
(Gain) loss on disposition of assets | (134 | ) | 5 | (10,787 | ) | - | (10,916 | ) | |||||||
Loss on damaged assets and other hurricane related charges, net of insurance recovery | - | 85 | - | - | 85 | ||||||||||
Transaction-related charges | 26 | - | 2,133 | (159 | ) | 2,000 | |||||||||
Adjusted EBITDA | $ | 6,467 | $ | 20,645 | $ | 2,948 | $ | (6,704 | ) | $ | 23,356 | ||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA for the Year Ended |
|||||||||||||||
Year Ended |
|||||||||||||||
US Telecom |
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||
Net income (loss) attributable to |
$ | (10,806 | ) | ||||||||||||
Net income attributable to non-controlling interests, net of tax | 12,773 | ||||||||||||||
Income tax expense | 4,105 | ||||||||||||||
Other (income) expense, net | 4,558 | ||||||||||||||
Interest expense, net | 2,747 | ||||||||||||||
Operating income | $ | 8,064 | $ | 46,921 | $ | (7,243 | ) | $ | (34,365 | ) | $ | 13,377 | |||
Depreciation and amortization | 23,119 | 55,993 | 3,305 | 6,708 | 89,125 | ||||||||||
(Gain) Loss on disposition of long-lived assets | 176 | 181 | 2,484 | - | 2,841 | ||||||||||
Impairment of intangible assets | - | - | 3,279 | - | 3,279 | ||||||||||
Transaction-related charges | - | - | 13 | 231 | 244 | ||||||||||
Adjusted EBITDA | $ | 31,359 | $ | 103,095 | $ | 1,838 | $ | (27,426 | ) | $ | 108,866 | ||||
Year Ended |
|||||||||||||||
US Telecom |
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||
Net Income attributable to |
$ | 19,815 | |||||||||||||
Net income attributable to non-controlling interests, net of tax | 15,057 | ||||||||||||||
Income tax expense | 18,870 | ||||||||||||||
Other (income) expense, net | 1,119 | ||||||||||||||
Interest expense, net | 6,162 | ||||||||||||||
Operating income | $ | 36,813 | $ | 45,022 | $ | 13,440 | $ | (34,252 | ) | $ | 61,023 | ||||
Depreciation and amortization | 24,615 | 48,889 | 6,589 | 5,625 | 85,718 | ||||||||||
Restructuring charges | - | (236 | ) | 751 | - | 515 | |||||||||
(Gain) Loss on disposition of long-lived assets | (17,188 | ) | 38 | (9,275 | ) | - | (26,425 | ) | |||||||
Loss on damaged assets and other hurricane related charges, net of insurance recovery | - | 750 | - | - | 750 | ||||||||||
Transaction-related charges | 436 | - | 2,133 | 73 | 2,642 | ||||||||||
Adjusted EBITDA | $ | 44,676 | $ | 94,463 | $ | 13,638 | $ | (28,554 | ) | $ | 124,223 | ||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Contact: | 978-619-1300 |
Chairman and | |
Chief Executive Officer | |
Chief Financial Officer |
Source: ATN International, Inc.