ATN Reports Fourth Quarter and Full Year 2020 Results
- Fourth Quarter and Full Year Performance Demonstrates Resilience of ATN’s Telecom Services Businesses
- Alaska Communications’ Shareholders to Vote on ATN’s Acquisition on
March 12 - Long Term Growth Strategy Focused on Developing Additional Partnership Opportunities to Leverage Operating Platform and Expertise
Business Review and Outlook
Commenting on results,
“Our
“As expected, the year-on-year operating performance of our
“We are enthusiastic about our pending acquisition of Alaska Communications. This transaction will provide us entry into a new domestic market and pair us with a leading communications technology infrastructure and services provider. We expect there will be significant opportunities to drive revenue synergies around fiber infrastructure expansion, as well as to offer the latest technologies to commercial customers, including next-generation managed services and private network solutions. With the expiration of the HSR antitrust waiting period without comment, we expect the transaction to close in the second half of this year, pending favorable shareholder approval at the meeting scheduled for
“ATN has a long track record of creating value as an owner and operator of communications infrastructure assets by consistently growing recurring cash flow and investing in our customer centric operating platform. We have made great progress improving and expanding that platform in recent years and our long-term growth strategy is centered on leveraging this best-in-class operating platform and working with financial partners to expand our network infrastructure under management. We will look to do this both with organic build outs of fiber, wireless and specialized networks and related services and with opportunistic strategic investments and acquisitions such as the Alaska Communications transaction,”
Fourth Quarter and Full Year 2020 Results
Fourth quarter 2020 consolidated revenues of
Consolidated revenues for the full year ended
Fourth Quarter and Full Year 2020 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 | $ | 83,819 | $ | 38,700 | $ | 1,182 | $ | - | $ | 123,701 | |||
Operating Income (loss) | $ | 13,946 | $ | 1,242 | $ | (22,574 | ) | $ | (7,314 | ) | $ | (14,700 | ) |
EBITDA1 | $ | 28,112 | $ | 7,236 | $ | (21,948 | ) | $ | (5,878 | ) | $ | 7,522 | |
Adjusted EBITDA2 | $ | 28,100 | $ | 7,211 | $ | 235 | $ | (5,018 | ) | $ | 30,528 | ||
Capital Expenditures | $ | 10,456 | $ | 12,629 | $ | 816 | $ | 760 | $ | 24,661 | |||
Year Ended |
|||||||||||||
Revenue | $ | 328,633 | $ | 122,256 | $ | 4,555 | $ | - | $ | 455,444 | |||
Operating Income (loss) | $ | 58,064 | $ | 7,388 | $ | (23,749 | ) | $ | (32,523 | ) | $ | 9,180 | |
EBITDA1 | $ | 114,348 | $ | 30,713 | $ | (21,533 | ) | $ | (26,037 | ) | $ | 97,491 | |
Adjusted EBITDA2 | $ | 114,350 | $ | 30,689 | $ | 779 | $ | (25,114 | ) | $ | 120,704 | ||
Capital Expenditures | $ | 38,895 | $ | 29,883 | $ | 2,932 | $ | 3,613 | $ | 75,323 |
Segment Results (in Thousands) | |||||||||||||
Three Months Ended |
|||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other |
Total | ||||||||||
Revenue | $ | 83,079 | $ | 27,849 | $ | 1,158 | $ | - | $ | 112,086 | |||
Operating Income (loss) | $ | 11,119 | $ | 2,137 | $ | (6,492 | ) | $ | (8,503 | ) | $ | (1,739 | ) |
EBITDA1 | $ | 26,403 | $ | 8,336 | $ | (5,456 | ) | $ | (6,767 | ) | $ | 22,516 | |
Adjusted EBITDA2 | $ | 26,598 | $ | 8,349 | $ | 146 | $ | (6,625 | ) | $ | 28,468 | ||
Capital Expenditures | $ | 8,870 | $ | 8,957 | $ | 4,265 | $ | 1,145 | $ | 23,237 | |||
Year Ended |
|||||||||||||
Revenue | $ | 324,539 | $ | 108,649 | $ | 5,534 | $ | - | $ | 438,722 | |||
Operating Income (loss) | $ | 46,921 | $ | 8,064 | $ | (7,243 | ) | $ | (34,365 | ) | $ | 13,377 | |
EBITDA1 | $ | 102,914 | $ | 31,183 | $ | (3,938 | ) | $ | (27,657 | ) | $ | 102,502 | |
Adjusted EBITDA2 | $ | 103,095 | $ | 31,359 | $ | 1,838 | $ | (27,426 | ) | $ | 108,866 | ||
Capital Expenditures | $ | 42,030 | $ | 17,489 | $ | 6,448 | $ | 6,758 | $ | 72,725 |
In 2020 the Company restructured its presentation of revenue in the Condensed Consolidated Statement of Operations and in the Selected Segment Financial Information tables. This change is intended to better align the reporting of financial performance with views of the Company’s management and industry competitors, and to facilitate discussions with investors and analysts. As a result of the sale of a majority ownership position in the Company’s
In the fourth quarter, the Company completed and activated approximately 15% of the total sites related to the network build portion of its FirstNet Agreement. Although pandemic-related restrictions delayed the overall timing of the build, the Company expects approximately 65% of the total build to be constructed and operational by the end 2021. As revenues from the build will be largely offset by construction costs, the Company does not expect a material impact on operating income or EBITDA1 from this delay.
In 2020, the Company, in partnership with the
In addition to increased construction and network operating costs, the Company expects to incur higher costs to further fund the development of its private network business. In 2020, the Company spent approximately
Also, in the fourth quarter, the Company participated in the
Renewable Energy
Renewable Energy segment revenues are principally the result of the generation and sale of electric power generated by our commercial solar projects in
In the fourth quarter of 2020 revenue was
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 the impact of the novel coronavirus pandemic on the economies of the markets we serve, our business and operations; expectations regarding future revenue, operating income, EBITDA and capital expenditures; the competitive environment in our key markets, demand for our services and industry trends; our expectations regarding construction progress under our FirstNet agreement and the effect such progress will have on our financial results; our expectations regarding the benefits and timing of our pending acquisition of Alaska Communications; our liquidity; 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; (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, the Company has included EBITDA and Adjusted EBITDA in this release and in the tables included herein.
EBITDA is defined as operating income (loss) before depreciation and amortization expense. Adjusted EBITDA is defined as operating income (loss) before depreciation and amortization expense, transaction-related charges, impairment of goodwill and the gain (loss) on disposition of assets. The Company believes that the inclusion of these non-GAAP financial measures help investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. Management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s 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 to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release. While non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating the Company’s own operating results over different periods of time, the Company urges 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 its business.
Table 1 | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(in Thousands) | |||||
2020 | 2019 | ||||
Assets: | |||||
Cash and cash equivalents | $ | 103,925 | $ | 161,287 | |
Restricted cash | 1,072 | 1,071 | |||
Short-term investments | - | 416 | |||
Assets held-for-sale | 34,735 | - | |||
Other current assets | 100,333 | 65,949 | |||
Total current assets | 240,065 | 228,723 | |||
Property, plant and equipment, net | 536,462 | 605,581 | |||
Operating lease right-of-use assets | 63,235 | 68,763 | |||
Goodwill and other intangible assets, net | 180,687 | 161,818 | |||
Other assets | 63,262 | 65,841 | |||
Total assets | $ | 1,083,711 | $ | 1,130,726 | |
Liabilities and Stockholders’ Equity: | |||||
Current portion of long-term debt | $ | 3,750 | $ | 3,750 | |
Taxes payable | 7,501 | 8,517 | |||
Current portion of lease liabilities | 12,371 | 11,406 | |||
Liabilities held-for-sale | 717 | - | |||
Other current liabilities | 123,589 | 95,996 | |||
Total current liabilities | 147,928 | 119,669 | |||
Long-term debt, net of current portion | $ | 69,073 | $ | 82,676 | |
Deferred income taxes | 10,675 | 8,680 | |||
Lease liabilities | 51,082 | 56,164 | |||
Other long-term liabilities | 50,617 | 57,454 | |||
Total liabilities | 329,375 | 324,643 | |||
Total ATN International, Inc.’s stockholders’ equity | 645,649 | 676,122 | |||
Non-controlling interests | 108,687 | 129,961 | |||
Total equity | 754,336 | 806,083 | |||
Total liabilities and stockholders’ equity | $ | 1,083,711 | $ | 1,130,726 | |
Table 2 | |||||||||||||||
Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||
(in Thousands, Except per Share Data) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues: | |||||||||||||||
Communications services | $ | 110,644 | $ | 109,636 | $ | 433,509 | $ | 428,108 | |||||||
Other | 13,057 | 2,450 | 21,935 | 10,614 | |||||||||||
Total revenue | 123,701 | 112,086 | 455,444 | 438,722 | |||||||||||
Operating expenses: | |||||||||||||||
Termination and access fees | 28,201 | 29,503 | 111,763 | 112,943 | |||||||||||
Construction costs | 10,226 | - | 10,616 | - | |||||||||||
Engineering and operations | 19,366 | 19,415 | 73,350 | 77,649 | |||||||||||
Sales, marketing and customer service | 9,337 | 9,682 | 37,557 | 38,730 | |||||||||||
General and administrative | 26,043 | 25,018 | 101,454 | 100,534 | |||||||||||
Transaction-related charges | 1,494 | 155 | 1,641 | 244 | |||||||||||
Depreciation and amortization | 22,222 | 24,255 | 88,311 | 89,125 | |||||||||||
(Gain) loss on disposition of assets and assets held-for-sale | 21,512 | 2,518 | 21,572 | 2,841 | |||||||||||
Impairment of goodwill | - | 3,279 | - | 3,279 | |||||||||||
Total operating expenses | 138,401 | 113,825 | 446,264 | 425,345 | |||||||||||
Operating income (loss) | (14,700 | ) | (1,739 | ) | 9,180 | 13,377 | |||||||||
Other income (expense): | |||||||||||||||
Interest expense, net | (1,262 | ) | (764 | ) | (4,926 | ) | (2,747 | ) | |||||||
Other income (expense) | 181 | (1,803 | ) | (4,161 | ) | (4,558 | ) | ||||||||
Other income (expense), net | (1,081 | ) | (2,567 | ) | (9,087 | ) | (7,305 | ) | |||||||
Income (loss) before income taxes | (15,781 | ) | (4,306 | ) | 93 | 6,072 | |||||||||
Income tax (benefit) expense | 1,858 | 1,331 | 801 | 4,105 | |||||||||||
Net Income (loss) | (17,639 | ) | (5,637 | ) | (708 | ) | 1,967 | ||||||||
Net income attributable to non-controlling interests, net | (2,876 | ) | (4,116 | ) | (13,414 | ) | (12,773 | ) | |||||||
Net income (loss) attributable to |
$ | (20,515 | ) | $ | (9,753 | ) | $ | (14,122 | ) | $ | (10,806 | ) | |||
Net income (loss) per weighted average share attributable to |
|||||||||||||||
Basic Net Income (Loss) | $ | (1.29 | ) | $ | (0.61 | ) | $ | (0.89 | ) | $ | (0.68 | ) | |||
Diluted Net Income (Loss) | $ | (1.29 | ) | $ | (0.61 | ) | $ | (0.89 | ) | $ | (0.68 | ) | |||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 15,898 | 16,000 | 15,923 | 15,983 | |||||||||||
Diluted | 15,898 | 16,000 | 15,923 | 15,983 | |||||||||||
Note: The Company has restructured its presentation of revenues - see Table 4 | |||||||||||||||
Table 3 | |||||||
Unaudited Condensed Consolidated Cash Flow Statement | |||||||
(in Thousands) | |||||||
Year Ended |
|||||||
2020 | 2019 | ||||||
Net income | $ | (708 | ) | $ | 1,967 | ||
Depreciation and amortization | 88,311 | 89,125 | |||||
Provision for doubtful accounts | 5,010 | 5,816 | |||||
Amortization of debt discount and debt issuance costs | 530 | 542 | |||||
(Gain) Loss on disposition of assets and assets held-for-sale | 21,572 | 2,841 | |||||
Stock-based compensation | 5,912 | 6,384 | |||||
Deferred income taxes | (7,317 | ) | (2,192 | ) | |||
Loss on investments | 3,427 | 4,724 | |||||
Impairment of goodwill | - | 3,279 | |||||
Unrealized loss on foreign currency | 357 | 362 | |||||
Change in prepaid and accrued income taxes | 3,017 | (14,472 | ) | ||||
Change in other operating assets and liabilities | (33,827 | ) | (10,431 | ) | |||
Other non-cash activity | - | (42 | ) | ||||
Net cash provided by operating activities | 86,284 | 87,903 | |||||
Capital expenditures | (75,323 | ) | (72,725 | ) | |||
Purchases of intangible assets, including deposits | (20,396 | ) | - | ||||
Purchases of strategic investments | (2,768 | ) | (25,362 | ) | |||
Proceeds from strategic investments | 11,969 | - | |||||
Receipt of government grants | 16,316 | 3,140 | |||||
Sale of business, net of transferred cash of |
- | 6,572 | |||||
Purchase of short-term investments | (116 | ) | (8,028 | ) | |||
Proceeds from sale of short-term investments | 120 | 8,141 | |||||
Net cash used in investing activities | (70,198 | ) | (88,262 | ) | |||
Dividends paid on common stock | (10,891 | ) | (10,880 | ) | |||
Distributions to non-controlling interests | (10,368 | ) | (7,161 | ) | |||
Principal repayments of term loan | (13,751 | ) | (4,700 | ) | |||
Payment of debt issuance costs | (1,096 | ) | (1,340 | ) | |||
Purchases of common stock - stock-based compensation | (1,733 | ) | (1,649 | ) | |||
Purchases of common stock - share repurchase plan | (6,589 | ) | (162 | ) | |||
Repurchases of non-controlling interests | (28,939 | ) | (4,504 | ) | |||
Investments made by minority shareholders | - | 488 | |||||
Net cash used in financing activities | (73,367 | ) | (29,908 | ) | |||
Effect of foreign currency exchange rates on total cash, cash equivalents and restricted cash | (80 | ) | (282 | ) | |||
Net change in total cash, cash equivalents and restricted cash | (57,361 | ) | (30,549 | ) | |||
Total cash, cash equivalents and restricted cash, beginning of period | 162,358 | 192,907 | |||||
Total cash, cash equivalents and restricted cash, end of period | $ | 104,997 | $ | 162,358 | |||
Table 4 | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the three months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue** | |||||||||||||||
Mobility | $ | 22,532 | $ | 2,424 | $ | - | $ | - | $ | 24,956 | |||||
Fixed | 57,955 | 7,088 | - | - | 65,043 | ||||||||||
Carrier services | 1,728 | 18,669 | - | - | 20,397 | ||||||||||
Other | 248 | - | - | - | 248 | ||||||||||
Total communications services | $ | 82,463 | $ | 28,181 | $ | - | $ | - | $ | 110,644 | |||||
Renewable Energy | $ | - | $ | - | $ | 1,182 | $ | - | $ | 1,182 | |||||
Managed Services | 1,356 | - | - | - | 1,356 | ||||||||||
Construction | - | 10,519 | - | - | 10,519 | ||||||||||
Total Other | $ | 1,356 | $ | 10,519 | $ | 1,182 | $ | - | $ | 13,057 | |||||
Total Revenue | $ | 83,819 | $ | 38,700 | $ | 1,182 | $ | - | $ | 123,701 | |||||
Operating Income (Loss) | $ | 13,946 | $ | 1,242 | $ | (22,574 | ) | $ | (7,314 | ) | $ | (14,700 | ) | ||
Stock-based compensation | 29 | 15 | 66 | 1,194 | 1,304 | ||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (8 | ) | $ | (1,171 | ) | $ | 24 | $ | (1,721 | ) | $ | (2,876 | ) | |
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 28,112 | $ | 7,236 | $ | (21,948 | ) | $ | (5,878 | ) | $ | 7,522 | |||
Adjusted EBITDA (2) | $ | 28,100 | $ | 7,211 | $ | 235 | $ | (5,018 | ) | $ | 30,528 | ||||
Balance Sheet Data (at |
|||||||||||||||
Cash, cash equivalents and investments | $ | 45,848 | $ | 26,921 | $ | 4,311 | $ | 26,845 | $ | 103,925 | |||||
Total current assets | 107,315 | 65,806 | 39,057 | 27,887 | 240,065 | ||||||||||
Fixed assets, net | 449,888 | 73,717 | - | 12,857 | 536,462 | ||||||||||
Total assets | 642,834 | 265,797 | 39,045 | 136,035 | 1,083,711 | ||||||||||
Total current liabilities | 80,875 | 43,200 | 1,038 | 22,815 | 147,928 | ||||||||||
Total debt | 72,823 | - | - | - | 72,823 | ||||||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
** The Company restructured its presentation of revenue to better align financial reporting with industry competitors, and the view | |||||||||||||||
of investors and company management. | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the three months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue** | |||||||||||||||
Mobility | $ | 21,794 | $ | 2,437 | $ | - | $ | - | $ | 24,231 | |||||
Fixed | 57,609 | 4,326 | - | - | 61,935 | ||||||||||
Carrier services | 2,100 | 21,086 | - | - | 23,186 | ||||||||||
Other | 284 | - | - | - | 284 | ||||||||||
Total communications services | $ | 81,787 | $ | 27,849 | $ | - | $ | - | $ | 109,636 | |||||
Renewable Energy | $ | - | $ | - | $ | 1,158 | $ | - | $ | 1,158 | |||||
Managed Services | 1,292 | - | - | - | 1,292 | ||||||||||
Total Other | $ | 1,292 | $ | - | $ | 1,158 | $ | - | $ | 2,450 | |||||
Total Revenue | $ | 83,079 | $ | 27,849 | $ | 1,158 | $ | - | $ | 112,086 | |||||
Operating Income (Loss) | $ | 11,119 | $ | 2,137 | $ | (6,492 | ) | $ | (8,503 | ) | $ | (1,739 | ) | ||
Stock-based compensation | 100 | - | 87 | 1,316 | 1,503 | ||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (2,924 | ) | $ | (1,186 | ) | $ | (6 | ) | $ | - | $ | (4,116 | ) | |
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 26,403 | $ | 8,336 | $ | (5,456 | ) | $ | (6,767 | ) | $ | 22,516 | |||
Adjusted EBITDA (2) | $ | 26,598 | $ | 8,349 | $ | 146 | $ | (6,625 | ) | $ | 28,468 | ||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
** The Company restructured its presentation of revenue to better align financial reporting with industry competitors, and the view | |||||||||||||||
of investors and company management. | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the year ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue** | |||||||||||||||
Mobility | $ | 83,136 | $ | 9,626 | $ | - | $ | - | $ | 92,762 | |||||
Fixed | 230,375 | 22,269 | - | - | 252,644 | ||||||||||
Carrier services | 7,120 | 79,448 | - | - | 86,568 | ||||||||||
Other | 1,535 | - | - | - | 1,535 | ||||||||||
Total communications services | $ | 322,166 | $ | 111,343 | $ | - | $ | - | $ | 433,509 | |||||
Renewable Energy | $ | - | $ | - | $ | 4,555 | $ | - | $ | 4,555 | |||||
Managed Services | 6,467 | - | - | - | 6,467 | ||||||||||
Construction | - | 10,913 | - | - | 10,913 | ||||||||||
Total Other | $ | 6,467 | $ | 10,913 | $ | 4,555 | $ | - | $ | 21,935 | |||||
Total Revenue | $ | 328,633 | $ | 122,256 | $ | 4,555 | $ | - | $ | 455,444 | |||||
Operating Income (Loss) | $ | 58,064 | $ | 7,388 | $ | (23,749 | ) | $ | (32,523 | ) | $ | 9,180 | |||
Stock-based compensation | 49 | 15 | 262 | 5,585 | 5,911 | ||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (9,499 | ) | $ | (4,051 | ) | $ | 136 | $ | - | $ | (13,414 | ) | ||
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 114,348 | $ | 30,713 | $ | (21,533 | ) | $ | (26,037 | ) | $ | 97,491 | |||
Adjusted EBITDA (2) | $ | 114,350 | $ | 30,689 | $ | 779 | $ | (25,114 | ) | $ | 120,704 | ||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
** The Company restructured its presentation of revenue to better align financial reporting with industry competitors, and the view | |||||||||||||||
of investors and company management. | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the year ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue** | |||||||||||||||
Mobility | $ | 84,560 | $ | 10,532 | $ | - | $ | - | $ | 95,092 | |||||
Fixed | 224,534 | 14,211 | - | - | 238,745 | ||||||||||
Carrier services | 9,070 | 83,906 | - | - | 92,976 | ||||||||||
Other | 1,295 | - | - | - | 1,295 | ||||||||||
Total communications services | $ | 319,459 | $ | 108,649 | $ | - | $ | - | $ | 428,108 | |||||
Renewable Energy | $ | - | $ | - | $ | 5,534 | $ | - | $ | 5,534 | |||||
Managed Services | 5,080 | - | - | - | 5,080 | ||||||||||
Total Other | $ | 5,080 | $ | - | $ | 5,534 | $ | - | $ | 10,614 | |||||
Total Revenue | $ | 324,539 | $ | 108,649 | $ | 5,534 | $ | - | $ | 438,722 | |||||
Operating Income (Loss) | $ | 46,921 | $ | 8,064 | $ | (7,243 | ) | $ | (34,365 | ) | $ | 13,377 | |||
Stock-based compensation | 405 | - | 87 | 5,892 | 6,384 | ||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (9,734 | ) | $ | (3,050 | ) | $ | 11 | $ | - | $ | (12,773 | ) | ||
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 102,914 | $ | 31,183 | $ | (3,938 | ) | $ | (27,657 | ) | $ | 102,502 | |||
Adjusted EBITDA (2) | $ | 103,095 | $ | 31,359 | $ | 1,838 | $ | (27,426 | ) | $ | 108,866 | ||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
** The Company restructured its presentation of revenue to better align financial reporting with industry competitors, and the view | |||||||||||||||
of investors and company management. | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
at |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Balance Sheet Data (at |
|||||||||||||||
Cash, cash equivalents and investments | $ | 43,125 | $ | 38,240 | $ | 25,054 | $ | 55,284 | $ | 161,703 | |||||
Total current assets | 91,497 | 54,207 | 27,534 | 55,485 | 228,724 | ||||||||||
Fixed assets, net | 466,523 | 69,184 | 48,421 | 21,453 | 605,582 | ||||||||||
Total assets | 647,228 | 222,356 | 76,723 | 184,419 | 1,130,726 | ||||||||||
Total current liabilities | 77,644 | 24,905 | 2,745 | 14,375 | 119,670 | ||||||||||
Total debt | 86,426 | - | - | - | 86,426 | ||||||||||
(1) See Table 5 for reconciliation of Operating Income to EBITDA | |||||||||||||||
(2) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA | |||||||||||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
at |
|||||||||||||||
Quarter ended | |||||||||||||||
2019 | 2020 | 2020 | 2020 | 2020 | |||||||||||
International Telecom Operational Data: | |||||||||||||||
Mobile - Subscribers * | 284,100 | 282,100 | 276,400 | 289,100 | 303,700 | ||||||||||
Fixed - Data Subscribers * | 127,500 | 131,300 | 135,500 | 137,500 | 140,800 | ||||||||||
Fixed - Video Subscribers * | 38,400 | 38,100 | 36,400 | 35,800 | 35,800 | ||||||||||
Fixed - Voice | 164,800 | 166,700 | 167,100 | 167,900 | 168,700 | ||||||||||
* Counts were adjusted for all periods presented based upon a change in methodology and process | |||||||||||||||
Table 5 | |||||||||||||||
Reconciliation of Non-GAAP Measures | |||||||||||||||
(In Thousands) | |||||||||||||||
For the three months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 13,946 | $ | 1,242 | $ | (22,574 | ) | $ | (7,314 | ) | $ | (14,700 | ) | ||
Depreciation and amortization expense | 14,166 | 5,994 | 626 | 1,436 | 22,222 | ||||||||||
EBITDA | $ | 28,112 | $ | 7,236 | $ | (21,948 | ) | $ | (5,878 | ) | 7,522 | ||||
Transaction-related charges | - | - | 634 | 860 | 1,494 | ||||||||||
(Gain) Loss on disposition of assets | (12 | ) | (25 | ) | 21,549 | - | 21,512 | ||||||||
ADJUSTED EBITDA | $ | 28,100 | $ | 7,211 | $ | 235 | $ | (5,018 | ) | 30,528 | |||||
Revenue | 83,819 | 38,700 | 1,182 | - | 123,701 | ||||||||||
ADJUSTED EBITDA MARGIN | 33.5 | % | 18.6 | % | 19.9 | % | NA |
24.7 | % | ||||||
For the three months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 11,119 | $ | 2,137 | $ | (6,492 | ) | $ | (8,503 | ) | $ | (1,739 | ) | ||
Depreciation and amortization expense | 15,284 | 6,199 | 1,036 | 1,736 | 24,255 | ||||||||||
EBITDA | $ | 26,403 | $ | 8,336 | $ | (5,456 | ) | $ | (6,767 | ) | 22,516 | ||||
Transaction-related charges | - | - | 13 | 142 | 155 | ||||||||||
Impairment of goodwill | - | - | 3,279 | - | 3,279 | ||||||||||
(Gain) Loss on disposition of assets | 195 | 13 | 2,310 | - | 2,518 | ||||||||||
ADJUSTED EBITDA | $ | 26,598 | $ | 8,349 | $ | 146 | $ | (6,625 | ) | 28,468 | |||||
Revenue | 83,079 | 27,849 | 1,158 | - | 112,086 | ||||||||||
ADJUSTED EBITDA MARGIN | 32.0 | % | 30.0 | % | 12.6 | % | NA |
25.4 | % | ||||||
Reconciliation of Non-GAAP Measures | |||||||||||||||
(In Thousands) | |||||||||||||||
For the year ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 58,064 | $ | 7,388 | $ | (23,749 | ) | $ | (32,523 | ) | $ | 9,180 | |||
Depreciation and amortization expense | 56,284 | 23,325 | 2,216 | 6,486 | 88,311 | ||||||||||
EBITDA | $ | 114,348 | $ | 30,713 | $ | (21,533 | ) | $ | (26,037 | ) | 97,491 | ||||
Transaction-related charges | - | - | 718 | 923 | 1,641 | ||||||||||
(Gain) Loss on disposition of assets | 2 | (24 | ) | 21,594 | - | 21,572 | |||||||||
ADJUSTED EBITDA | $ | 114,350 | $ | 30,689 | $ | 779 | $ | (25,114 | ) | 120,704 | |||||
Revenue | 328,633 | 122,256 | 4,555 | - | 455,444 | ||||||||||
ADJUSTED EBITDA MARGIN | 34.8 | % | 25.1 | % | 17.1 | % | NA |
26.5 | % | ||||||
For the year ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 46,921 | $ | 8,064 | $ | (7,243 | ) | $ | (34,365 | ) | $ | 13,377 | |||
Depreciation and amortization expense | 55,993 | 23,119 | 3,305 | 6,708 | 89,125 | ||||||||||
EBITDA | $ | 102,914 | $ | 31,183 | $ | (3,938 | ) | $ | (27,657 | ) | 102,502 | ||||
Transaction-related charges | - | - | 13 | 231 | 244 | ||||||||||
Impairment of goodwill | - | - | 3,279 | - | 3,279 | ||||||||||
(Gain) Loss on disposition of assets | 181 | 176 | 2,484 | - | 2,841 | ||||||||||
ADJUSTED EBITDA | $ | 103,095 | $ | 31,359 | $ | 1,838 | $ | (27,426 | ) | 108,866 | |||||
Revenue | 324,539 | 108,649 | 5,534 | - | 438,722 | ||||||||||
ADJUSTED EBITDA MARGIN | 31.8 | % | 28.9 | % | 33.2 | % | NA |
24.8 | % |
CONTACT: | 978-619-1300 |
Chairman and | |
Chief Executive Officer | |
Chief Financial Officer |
1 See Table 5 for reconciliation of Operating Income to EBITDA, a non-GAAP measure.
2 See Table 5 for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.
Source: ATN International, Inc.