ATN Reports Second Quarter 2021 Results
Second Quarter 2021 Results Show Steady Performance
- International Telecom Continues to Generate Revenue and Subscriber Growth
- US Telecom Results Include Forecasted Increase in Operating Costs
Alaska Communications Acquisition Expected to Contribute Revenues of
Business Review and Outlook
“We see multiple opportunities to drive revenue growth by building on a strong base of contracted revenue and leveraging our expansive fiber network in
The Company expects Alaska Communications to contribute revenues of
“In our
“Since our founding in 1987, ATN has focused on bringing connectivity and resource solutions to historically under-served markets. We are exceedingly proud of our record of providing the latest, high quality communications infrastructure and services to communities that have long been overlooked by the larger players. We are pleased to see the growing investor interest in businesses that deliver positive social impacts to the communities they serve, and we believe the Alaska Communications acquisition reinforces our commitment to this strategy,”
Second Quarter 2021 Results
Second quarter 2021 consolidated revenues of
Second Quarter 2021 Operating Highlights
The Company has three reportable segments: (i)
The Company completed its acquisition of Alaska Communications Systems on
Segment Results (in Thousands)
Three Months Ended |
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International | US | Corp & | Total | |||||||||||||
Telecom | Telecom | All Other* | ATN | Communications | ||||||||||||
Revenue | ||||||||||||||||
Operating Income (Loss) | ( |
) | ( |
) | ||||||||||||
EBITDA1,3 | ( |
) | ||||||||||||||
Adjusted EBITDA2,4 | ( |
) | ||||||||||||||
Capital Expenditures** | ||||||||||||||||
Six Months Ended |
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International | US | Corp & | Total | |||||||||||||
Telecom | Telecom | All Other* | ATN | Communications | ||||||||||||
Revenue | ||||||||||||||||
Operating Income (Loss) | ( |
) | ( |
) | ||||||||||||
EBITDA1,3 | ( |
) | ||||||||||||||
Adjusted EBITDA2,4 | ( |
) | ||||||||||||||
Capital Expenditures** |
*Corporate and All Other segment in this presentation includes both the Renewable Energy operating segment and the Corporate and Other segment.
**Includes reimbursable capital expenditures of
By the end of the second quarter of 2021, the Company had completed and activated approximately 40% of the total sites related to the network build portion of its FirstNet Agreement and expects to complete an additional 25% of the total build by the end of 2021. As revenues from the build will be largely offset by construction costs, the Company does not expect a material impact on operating income from this activity.
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, and on our business and operations; expectations regarding future revenues, 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 of our acquisition of Alaska Communications; the impact of federal support program revenues; our liquidity; the organization of our business; 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 retention of and future growth of our subscriber base, including growth in our private networks business; (2) our ability to successfully integrate our newly acquired Alaska Communications business with our own and realize cost synergies and expansion plans; (3) our ability to maintain favorable roaming arrangements, receive roaming traffic and satisfy the needs and demands of our major wireless customers; (4) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address rapid and significant technological changes in the telecommunications industry; (5) 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. The Company has defined Adjusted EBITDA as operating income (loss) before depreciation and amortization expense, transaction-related charges and the gain (loss) on disposition of assets. Alaska Communications has defined Adjusted EBITDA as operating income (loss) before depreciation and amortization expense, transaction and termination costs, the loss on disposal of assets, stock-based compensation and the net loss attributable to non-controlling interest. 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.
In the case of the Alaska Communications Acquisition contribution of Adjusted EBITDA guidance, we are unable to provide a formal reconciliation from operating income to Adjusted EBITDA as result of the impact of the cost of ongoing integration activities, transaction costs and the impact of purchase accounting on depreciation and amortization expenses over the period. The company will provide all actual operating income to Adjusted EBITDA reconciliations in its reporting for the third quarter of 2021.
Table 1 | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(in Thousands) | |||||
2021 | 2020 | ||||
Assets: | |||||
Cash and cash equivalents | $ | 94,885 | $ | 103,925 | |
Restricted cash | 1,072 | 1,072 | |||
Assets held-for-sale | - | 34,735 | |||
Customer receivable | 4,094 | 1,227 | |||
Other current assets | 99,794 | 99,106 | |||
Total current assets | 199,845 | 240,065 | |||
Property, plant and equipment, net | 526,285 | 536,462 | |||
Operating lease right-of-use assets | 62,287 | 63,235 | |||
Customer receivable - long term | 28,333 | 9,614 | |||
Goodwill and other intangible assets, net | 180,006 | 180,687 | |||
Other assets | 69,818 | 53,648 | |||
Total assets | $ | 1,066,574 | $ | 1,083,711 | |
Liabilities and Stockholders’ Equity: | |||||
Current portion of long-term debt | $ | 3,750 | $ | 3,750 | |
Current portion of customer receivable credit facility | 2,335 | - | |||
Taxes payable | 7,496 | 7,501 | |||
Current portion of lease liabilities | 12,871 | 12,371 | |||
Liabilities held-for-sale | - | 717 | |||
Other current liabilities | 110,120 | 123,589 | |||
Total current liabilities | 136,572 | 147,928 | |||
Long-term debt, net of current portion | $ | 67,294 | $ | 69,073 | |
Customer receivable credit facility, net of current portion | 14,322 | - | |||
Deferred income taxes | 7,439 | 10,675 | |||
Lease liabilities | 51,306 | 51,082 | |||
Other long-term liabilities | 48,455 | 50,617 | |||
Total liabilities | 325,388 | 329,375 | |||
Total ATN International, Inc.’s stockholders’ equity | 641,926 | 645,649 | |||
Non-controlling interests | 99,260 | 108,687 | |||
Total equity | 741,186 | 754,336 | |||
Total liabilities and stockholders’ equity | $ | 1,066,574 | $ | 1,083,711 | |
Table 2 | ||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||
(in Thousands, Except per Share Data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||||
Communications services | $ | 112,964 | $ | 106,240 | $ | 223,599 | $ | 214,145 | ||||||||
Other | 10,901 | 2,858 | 24,776 | 5,859 | ||||||||||||
Total revenue | 123,865 | 109,098 | 248,375 | 220,004 | ||||||||||||
Operating expenses (excluding depreciation and amortization unless otherwise indicated): | ||||||||||||||||
Cost of services | 48,479 | 45,837 | 97,986 | 92,439 | ||||||||||||
Cost of construction revenue | 9,535 | - | 22,142 | - | ||||||||||||
Selling, general and administrative | 40,652 | 34,125 | 78,344 | 68,552 | ||||||||||||
Transaction-related charges | 1,396 | 72 | 2,126 | 116 | ||||||||||||
Depreciation and amortization | 20,155 | 21,991 | 40,662 | 44,509 | ||||||||||||
Loss on disposition of long-lived assets | 743 | 49 | 861 | 64 | ||||||||||||
Total operating expenses | 120,960 | 102,074 | 242,121 | 205,680 | ||||||||||||
Operating income | 2,905 | 7,024 | 6,254 | 14,324 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense, net | (1,091 | ) | (1,508 | ) | (2,245 | ) | (2,421 | ) | ||||||||
Other income (expense) | (66 | ) | 590 | 2,309 | (2,310 | ) | ||||||||||
Other income (expense), net | (1,157 | ) | (918 | ) | 64 | (4,731 | ) | |||||||||
Income before income taxes | 1,748 | 6,106 | 6,318 | 9,593 | ||||||||||||
Income tax benefit | (1,542 | ) | (2,258 | ) | (1,247 | ) | (1,149 | ) | ||||||||
Net Income | 3,290 | 8,364 | 7,565 | 10,742 | ||||||||||||
Net income attributable to non-controlling interests, net | (1,271 | ) | (3,618 | ) | (2,842 | ) | (7,009 | ) | ||||||||
Net income attributable to |
$ | 2,019 | $ | 4,746 | $ | 4,723 | $ | 3,733 | ||||||||
Net income per weighted average share attributable to |
||||||||||||||||
Basic Net Income | $ | 0.13 | $ | 0.30 | $ | 0.30 | $ | 0.23 | ||||||||
Diluted Net Income | $ | 0.13 | $ | 0.30 | $ | 0.30 | $ | 0.23 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 15,912 | 15,970 | 15,907 | 15,958 | ||||||||||||
Diluted | 15,921 | 16,004 | 15,930 | 15,993 | ||||||||||||
Table 3 | |||||||
Unaudited Condensed Consolidated Cash Flow Statement | |||||||
(in Thousands) | |||||||
Six Months Ended |
|||||||
2021 | 2020 | ||||||
Net income | $ | 7,565 | $ | 10,742 | |||
Depreciation and amortization | 40,662 | 44,509 | |||||
Provision for doubtful accounts | 2,299 | 3,397 | |||||
Amortization of debt discount and debt issuance costs | 337 | 260 | |||||
Loss on disposition of assets and assets held-for-sale | 861 | 64 | |||||
Stock-based compensation | 3,511 | 2,721 | |||||
Deferred income taxes | (3,236 | ) | (3,204 | ) | |||
(Gain) loss on equity investments | (1,793 | ) | 1,412 | ||||
Unrealized (gain) loss on foreign currency | (81 | ) | 780 | ||||
Increase in customer receivable | (21,586 | ) | - | ||||
Change in prepaid and accrued income taxes | (1,360 | ) | (1,439 | ) | |||
Change in other operating assets and liabilities | 281 | (18,867 | ) | ||||
Net cash provided by operating activities | 27,460 | 40,375 | |||||
Capital expenditures | (35,424 | ) | (30,597 | ) | |||
Reimbursable capital expenditures | (6,508 | ) | (1,368 | ) | |||
Purchases of intangible assets, including deposits | - | (20,000 | ) | ||||
Purchases of strategic investments | (5,242 | ) | (2,768 | ) | |||
Receipt of government grants | 3,292 | - | |||||
Sale of business, net of transferred cash of |
18,597 | - | |||||
Net cash used in investing activities | (25,285 | ) | (54,733 | ) | |||
Dividends paid on common stock | (5,411 | ) | (5,443 | ) | |||
Distributions to non-controlling interests | (4,488 | ) | (5,541 | ) | |||
Principal repayments of term loan | (1,883 | ) | (1,876 | ) | |||
Payment of debt issuance costs | - | (1,059 | ) | ||||
Proceeds from customer receivable credit facility | 17,582 | - | |||||
Repayment of customer receivable credit facility | (384 | ) | - | ||||
Purchases of common stock - stock-based compensation | (1,713 | ) | (1,733 | ) | |||
Purchases of common stock - share repurchase plan | (2,219 | ) | (2,449 | ) | |||
Repurchases of non-controlling interests | (12,699 | ) | (3,911 | ) | |||
Net cash used in financing activities | (11,215 | ) | (22,012 | ) | |||
Effect of foreign currency exchange rates on total cash, cash equivalents and restricted cash | - | (118 | ) | ||||
Net change in total cash, cash equivalents and restricted cash | (9,040 | ) | (36,488 | ) | |||
Total cash, cash equivalents and restricted cash, beginning of period | 104,997 | 162,358 | |||||
Total cash, cash equivalents and restricted cash, end of period | $ | 95,957 | $ | 125,870 | |||
Table 4 | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the three months ended |
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Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Mobility | $ | 22,754 | $ | 2,407 | $ | - | $ | - | $ | 25,161 | |||||
Fixed | 59,126 | 5,877 | - | - | 65,003 | ||||||||||
Carrier services | 2,523 | 20,038 | - | - | 22,561 | ||||||||||
Other | 239 | - | - | - | 239 | ||||||||||
Total communications services | $ | 84,642 | $ | 28,322 | $ | - | $ | - | $ | 112,964 | |||||
Renewable Energy | $ | - | $ | - | $ | - | $ | - | $ | - | |||||
Managed Services | 1,576 | - | - | - | 1,576 | ||||||||||
Construction | - | 9,325 | - | - | 9,325 | ||||||||||
Total Other | $ | 1,576 | $ | 9,325 | $ | - | $ | - | $ | 10,901 | |||||
Total Revenue | $ | 86,218 | $ | 37,647 | $ | - | $ | - | $ | 123,865 | |||||
Operating Income (Loss) | $ | 14,643 | $ | (556 | ) | $ | (771 | ) | $ | (10,411 | ) | $ | 2,905 | ||
Stock-based compensation | 10 | - | - | 2,165 | 2,175 | ||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (1,829 | ) | $ | 558 | $ | - | $ | - | $ | (1,271 | ) | |||
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 28,433 | $ | 4,523 | $ | (771 | ) | $ | (9,125 | ) | $ | 23,060 | |||
Adjusted EBITDA (2) | $ | 28,437 | $ | 4,545 | $ | (54 | ) | $ | (7,729 | ) | $ | 25,199 | |||
Balance Sheet Data (at |
|||||||||||||||
Cash, cash equivalents and investments | $ | 48,301 | $ | 26,041 | $ | 5,350 | $ | 15,193 | $ | 94,885 | |||||
Total current assets | 108,346 | 65,043 | 9,287 | 17,169 | 199,845 | ||||||||||
Fixed assets, net | 447,261 | 68,064 | - | 10,960 | 526,285 | ||||||||||
Total assets | 640,162 | 308,514 | 22,170 | 95,728 | 1,066,574 | ||||||||||
Total current liabilities | 81,709 | 33,624 | 1,126 | 20,113 | 136,572 | ||||||||||
Total debt | 71,044 | 16,657 | - | - | 87,701 | ||||||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the three months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Mobility | $ | 19,062 | $ | 2,367 | $ | - | $ | - | $ | 21,429 | |||||
Fixed | 56,567 | 4,937 | - | - | 61,504 | ||||||||||
Carrier services | 1,897 | 20,856 | - | - | 22,753 | ||||||||||
Other | 554 | - | - | - | 554 | ||||||||||
Total communications services | $ | 78,080 | $ | 28,160 | $ | - | $ | - | $ | 106,240 | |||||
Renewable Energy | $ | - | $ | - | $ | 874 | $ | - | $ | 874 | |||||
Managed Services | 1,984 | - | - | - | 1,984 | ||||||||||
Total Other | $ | 1,984 | $ | - | $ | 874 | $ | - | $ | 2,858 | |||||
Total Revenue | $ | 80,064 | $ | 28,160 | $ | 874 | $ | - | $ | 109,098 | |||||
Operating Income (Loss) | $ | 14,617 | $ | 1,826 | $ | (620 | ) | $ | (8,799 | ) | $ | 7,024 | |||
Stock-based compensation | 28 | - | 131 | 1,402 | 1,561 | ||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (2,464 | ) | $ | (1,061 | ) | $ | (93 | ) | $ | - | $ | (3,618 | ) | |
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 28,749 | $ | 7,543 | $ | (134 | ) | $ | (7,143 | ) | $ | 29,015 | |||
Adjusted EBITDA (2) | $ | 28,749 | $ | 7,546 | $ | (18 | ) | $ | (7,141 | ) | $ | 29,136 | |||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the six months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Mobility | $ | 44,575 | $ | 5,267 | $ | - | $ | - | $ | 49,842 | |||||
Fixed | 117,873 | 12,248 | - | - | 130,121 | ||||||||||
Carrier services | 4,406 | 38,774 | - | - | 43,180 | ||||||||||
Other | 456 | - | - | - | 456 | ||||||||||
Total communications services | $ | 167,310 | $ | 56,289 | $ | - | $ | - | $ | 223,599 | |||||
Renewable Energy | $ | - | $ | - | $ | 418 | $ | - | $ | 418 | |||||
Managed Services | 2,726 | - | - | - | 2,726 | ||||||||||
Construction | - | 21,632 | - | - | 21,632 | ||||||||||
Total Other | $ | 2,726 | $ | 21,632 | $ | 418 | $ | - | $ | 24,776 | |||||
Total Revenue | $ | 170,036 | $ | 77,921 | $ | 418 | $ | - | $ | 248,375 | |||||
Operating Income (Loss) | $ | 27,786 | $ | (1,090 | ) | $ | (1,433 | ) | $ | (19,009 | ) | $ | 6,254 | ||
Stock-based compensation | 47 | - | 22 | 3,442 | 3,511 | ||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (3,520 | ) | $ | (118 | ) | $ | 796 | $ | - | $ | (2,842 | ) | ||
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 55,402 | $ | 9,182 | $ | (1,245 | ) | $ | (16,423 | ) | $ | 46,916 | |||
Adjusted EBITDA (2) | $ | 55,405 | $ | 9,193 | $ | (55 | ) | $ | (14,640 | ) | $ | 49,903 | |||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the six months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Mobility | $ | 39,198 | $ | 4,770 | $ | - | $ | - | $ | 43,968 | |||||
Fixed | 115,056 | 9,762 | - | - | 124,818 | ||||||||||
Carrier services | 3,541 | 40,927 | - | - | 44,468 | ||||||||||
Other | 891 | - | - | - | 891 | ||||||||||
Total communications services | $ | 158,686 | $ | 55,459 | $ | - | $ | - | $ | 214,145 | |||||
Renewable Energy | $ | - | $ | - | $ | 2,196 | $ | - | $ | 2,196 | |||||
Managed Services | 3,663 | - | - | - | 3,663 | ||||||||||
Total Other | $ | 3,663 | $ | - | $ | 2,196 | $ | - | $ | 5,859 | |||||
Total Revenue | $ | 162,349 | $ | 55,459 | $ | 2,196 | $ | - | $ | 220,004 | |||||
Operating Income (Loss) | $ | 28,005 | $ | 4,019 | $ | (1,077 | ) | $ | (16,623 | ) | $ | 14,324 | |||
Stock-based compensation | (9 | ) | - | 131 | 2,599 | 2,721 | |||||||||
Non-controlling interest ( net income or (loss) ) | $ | (5,009 | ) | $ | (2,094 | ) | $ | 94 | $ | - | $ | (7,009 | ) | ||
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 56,453 | $ | 15,621 | $ | 23 | $ | (13,264 | ) | $ | 58,833 | ||||
Adjusted EBITDA (2) | $ | 56,466 | $ | 15,626 | $ | 153 | $ | (13,232 | ) | $ | 59,013 | ||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
at |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
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 | ||||||||||
(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 | |||||||||||||||
2020 | 2020 | 2020 | 2021 | 2021 | |||||||||||
International Telecom Operational Data: | |||||||||||||||
Mobile - Subscribers * | |||||||||||||||
Pre-Paid | 235,000 | 244,700 | 257,200 | 261,900 | 273,400 | ||||||||||
Post-Paid | 40,100 | 43,100 | 44,700 | 45,500 | 46,400 | ||||||||||
Total | 275,100 | 287,800 | 301,900 | 307,400 | 319,800 | ||||||||||
Mobile - Churn | 2.55 | % | 1.77 | % | 2.18 | % | 2.28 | % | 2.21 | % | |||||
Fixed - Subscribers* | |||||||||||||||
Broadband | 134,800 | 136,800 | 140,100 | 142,900 | 143,000 | ||||||||||
Video | 36,300 | 35,800 | 35,800 | 35,300 | 33,600 | ||||||||||
Voice | 163,900 | 163,700 | 164,300 | 165,500 | 165,800 | ||||||||||
* 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) | $ | 14,643 | $ | (556 | ) | $ | (771 | ) | $ | (10,411 | ) | $ | 2,905 | ||
Depreciation and amortization expense | 13,790 | 5,079 | - | 1,286 | 20,155 | ||||||||||
EBITDA | $ | 28,433 | $ | 4,523 | $ | (771 | ) | $ | (9,125 | ) | 23,060 | ||||
Transaction-related charges | - | - | - | 1,396 | 1,396 | ||||||||||
(Gain) Loss on disposition of assets | 4 | 22 | 717 | - | 743 | ||||||||||
ADJUSTED EBITDA | $ | 28,437 | $ | 4,545 | $ | (54 | ) | $ | (7,729 | ) | 25,199 | ||||
Revenue | 86,218 | 37,647 | - | - | 123,865 | ||||||||||
ADJUSTED EBITDA MARGIN | 33.0 | % | 12.1 | % | NA | NA | 20.3 | % | |||||||
For the three months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 14,617 | $ | 1,826 | $ | (620 | ) | $ | (8,799 | ) | $ | 7,024 | |||
Depreciation and amortization expense | 14,132 | 5,717 | 486 | 1,656 | 21,991 | ||||||||||
EBITDA | $ | 28,749 | $ | 7,543 | $ | (134 | ) | $ | (7,143 | ) | 29,015 | ||||
Transaction-related charges | - | - | 70 | 2 | 72 | ||||||||||
(Gain) Loss on disposition of assets | - | 3 | 46 | - | 49 | ||||||||||
ADJUSTED EBITDA | $ | 28,749 | $ | 7,546 | $ | (18 | ) | $ | (7,141 | ) | 29,136 | ||||
Revenue | 80,064 | 28,160 | 874 | - | 109,098 | ||||||||||
ADJUSTED EBITDA MARGIN | 35.9 | % | 26.8 | % | -2.1 | % | NA | 26.7 | % | ||||||
Reconciliation of Non-GAAP Measures | |||||||||||||||
(In Thousands) | |||||||||||||||
For the six months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 27,786 | $ | (1,090 | ) | $ | (1,433 | ) | $ | (19,009 | ) | $ | 6,254 | ||
Depreciation and amortization expense | 27,616 | 10,272 | 188 | 2,586 | 40,662 | ||||||||||
EBITDA | $ | 55,402 | $ | 9,182 | $ | (1,245 | ) | $ | (16,423 | ) | 46,916 | ||||
Transaction-related charges | - | - | 566 | 1,560 | 2,126 | ||||||||||
(Gain) Loss on disposition of assets | 3 | 11 | 624 | 223 | 861 | ||||||||||
ADJUSTED EBITDA | $ | 55,405 | $ | 9,193 | $ | (55 | ) | $ | (14,640 | ) | 49,902 | ||||
Revenue | 170,036 | 77,921 | 418 | - | 248,375 | ||||||||||
ADJUSTED EBITDA MARGIN | 32.6 | % | 11.8 | % | -13.2 | % | NA | 20.1 | % | ||||||
For the six months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 28,005 | $ | 4,019 | $ | (1,077 | ) | $ | (16,623 | ) | $ | 14,324 | |||
Depreciation and amortization expense | 28,448 | 11,602 | 1,100 | 3,359 | 44,509 | ||||||||||
EBITDA | $ | 56,453 | $ | 15,621 | $ | 23 | $ | (13,264 | ) | 58,833 | |||||
Transaction-related charges | - | - | 84 | 32 | 116 | ||||||||||
(Gain) Loss on disposition of assets | 13 | 5 | 46 | - | 64 | ||||||||||
ADJUSTED EBITDA | $ | 56,466 | $ | 15,626 | $ | 153 | $ | (13,232 | ) | 59,013 | |||||
Revenue | 162,349 | 55,459 | 2,196 | - | 220,004 | ||||||||||
ADJUSTED EBITDA MARGIN | 34.8 | % | 28.2 | % | 7.0 | % | NA | 26.8 | % | ||||||
Table 6 | ||
Reconciliation of Non-GAAP Measures | ||
(In Thousands) | ||
For the three months ended |
||
Alaska Communications | ||
Total | ||
Operating income (loss) | $ | 1,903 |
Depreciation and amortization expense | 11,343 | |
EBITDA | 13,246 | |
Transaction and termination costs | 1,683 | |
Loss on disposal of assets, net | 307 | |
Stock-based compensation | 353 | |
ADJUSTED EBITDA | 15,589 | |
For the six months ended |
||
Alaska Communications | ||
Total | ||
Operating income (loss) | $ | 4,861 |
Depreciation and amortization expense | 22,391 | |
EBITDA | 27,252 | |
Transaction and termination costs | 2,606 | |
Loss on disposal of assets, net | 391 | |
Stock-based compensation | 742 | |
Net loss attributable to noncontrolling interest | 22 | |
ADJUSTED EBITDA | 31,013 | |
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.
3 See Table 6 for reconciliation of Alaska Communications Operating Income to EBITDA, a non-GAAP measure
4 See Table 6 for reconciliation of Alaska Communications Operating Income to Adjusted EBITDA, a non-GAAP measure
Contact: | 978-619-1300 |
Chairman and Chief Executive Officer | |
Chief Financial Officer |
Source: ATN International, Inc.