ATN Reports Third Quarter 2020 Results
- Results Demonstrate Resilience and Discipline of Company’s Operations
- International Telecom Posted Strong Growth in Operating Income and Cash Flow
- US Telecom Delivers Initial FirstNet Sites and Steady Sequential Results
Business Review and Outlook
Commenting on results,
“Our
“US Telecom results have remained consistent over the last four quarters, however, year-on-year comparisons in this quarter are negatively affected by the previously-discussed treatment of restructured contracts which eliminated seasonality in our revenue reporting this year. After initial pandemic-related construction delays, we completed the first few sites of our FirstNet build-out and expect to complete approximately 25% of the sites by the end of this year. Also, we continue to build out broadband services in under-served rural areas of the country under various programs and initiatives. Our team did excellent work in connection with the FCC’s CBRS auction, which concluded last month with an investment of approximately
“In summary, we are pleased with how well our operations have performed under challenging conditions, particularly in our international markets, where we have built a portfolio of high value, quality assets by investing in our networks and in management teams that continue to improve margins and quality of service. We are focused on using the cash flow from these operations and our substantial balance sheet capacity to invest in initiatives and programs that we believe have good prospects for growth and attractive risk-adjusted returns,”
Third Quarter Results
Third quarter 2020 consolidated revenues of
Third Quarter 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 | $ | 82,465 | $ | 28,097 | $ | 1,177 | $ | - | $ | 111,739 | ||
Operating Income (loss) | $ | 16,024 | $ | 2,218 | $ | (98 | ) | $ | (8,587 | ) | $ | 9,557 |
EBITDA1 | $ | 29,695 | $ | 7,947 | $ | 393 | $ | (6,898 | ) | $ | 31,137 | |
Capital Expenditures | $ | 8,509 | $ | 8,371 | $ | 482 | $ | 1,334 | $ | 18,696 | ||
Nine Months Ended |
||||||||||||
Revenue | $ | 244,813 | $ | 83,557 | $ | 3,373 | $ | - | $ | 331,743 | ||
Operating Income (loss) | $ | 44,119 | $ | 6,241 | $ | (1,175 | ) | $ | (25,306 | ) | $ | 23,879 |
EBITDA1 | $ | 86,239 | $ | 23,572 | $ | 415 | $ | (20,258 | ) | $ | 89,968 | |
Capital Expenditures | $ | 28,439 | $ | 17,254 | $ | 2,116 | $ | 2,853 | $ | 50,662 |
Segment Results (in Thousands) | ||||||||||||
Three Months Ended |
||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other |
Total | |||||||||
Revenue | $ | 81,285 | $ | 32,893 | $ | 1,438 | $ | - | $ | 115,616 | ||
Operating Income (loss) | $ | 10,867 | $ | 7,912 | $ | (714 | ) | $ | (7,817 | ) | $ | 10,248 |
EBITDA1 | $ | 24,956 | $ | 13,682 | $ | 302 | $ | (6,089 | ) | $ | 32,851 | |
Capital Expenditures | $ | 9,467 | $ | 2,165 | $ | 1,366 | $ | 1,093 | $ | 14,091 | ||
Nine Months Ended |
||||||||||||
Revenue | $ | 241,461 | $ | 80,800 | $ | 4,376 | $ | - | $ | 326,637 | ||
Operating Income (loss) | $ | 35,802 | $ | 5,927 | $ | (750 | ) | $ | (25,862 | ) | $ | 15,117 |
EBITDA1 | $ | 76,511 | $ | 22,846 | $ | 1,519 | $ | (20,889 | ) | $ | 79,987 | |
Capital Expenditures | $ | 33,159 | $ | 8,533 | $ | 2,183 | $ | 5,611 | $ | 49,486 |
Beginning in the first quarter of 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 our reporting of financial performance with views of the Company management and industry competitors, and to facilitate discussions with investors and analysts.
International Telecom
US Telecom
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 India. We ended the third quarter of 2020 with 52 megawatts (MWs) of revenue generating solar facilities and expect to begin generating revenue from additional MWs later in the year. The current quarter’s operating loss and EBITDA1 of
____________________________
1See Table 5 for reconciliation of Operating Income to EBITDA, a non-GAAP measure.
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 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 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 EBITDA in this release and in the tables included herein.
EBITDA is defined as operating income (loss) before depreciation and amortization expense. 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 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 measure is 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 this financial measure to the comparable GAAP financial measure included below, and not to rely on any single financial measure to evaluate our business.
Table 1 | |||||||
Unaudited Condensed Consolidated Balance Sheets | |||||||
(in Thousands) | |||||||
2020 | 2019 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 135,153 | $ | 161,287 | |||
Restricted cash | 1,072 | 1,071 | |||||
Short-term investments | 403 | 416 | |||||
Other current assets | 88,956 | 65,949 | |||||
Total current assets | 225,584 | 228,723 | |||||
Property, plant and equipment, net | 589,428 | 605,581 | |||||
Operating lease right-of-use assets | 64,294 | 68,763 | |||||
181,040 | 161,818 | ||||||
Other assets | 53,068 | 65,841 | |||||
Total assets | $ | 1,113,414 | $ | 1,130,726 | |||
Liabilities and Stockholders’ Equity: | |||||||
Current portion of long-term debt | $ | 3,750 | $ | 3,750 | |||
Taxes payable | 7,921 | 8,517 | |||||
Current portion of lease liabilities | 10,902 | 11,406 | |||||
Other current liabilities | 110,289 | 95,996 | |||||
Total current liabilities | 132,862 | 119,669 | |||||
Long-term debt, net of current portion | $ | 79,973 | $ | 82,676 | |||
Deferred income taxes | 2,602 | 8,680 | |||||
Lease liabilities | 53,543 | 56,164 | |||||
Other long-term liabilities | 49,836 | 57,454 | |||||
Total liabilities | 318,816 | 324,643 | |||||
Total ATN International, Inc.’s stockholders’ equity | 667,875 | 676,122 | |||||
Non-controlling interests | 126,723 | 129,961 | |||||
Total equity | 794,598 | 806,083 | |||||
Total liabilities and stockholders’ equity | $ | 1,113,414 | $ | 1,130,726 |
Table 2 | |||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||||
(in Thousands, Except per Share Data) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Revenues: | |||||||||||||||||
Communications services | $ | 108,721 | $ | 112,840 | $ | 322,865 | $ | 318,473 | |||||||||
Other | 3,018 | 2,776 | 8,878 | 8,164 | |||||||||||||
Total revenue | 111,739 | 115,616 | 331,743 | 326,637 | |||||||||||||
Operating expenses: | |||||||||||||||||
Termination and access fees | 26,979 | 27,622 | 83,562 | 83,440 | |||||||||||||
Construction costs | 390 | - | 390 | - | |||||||||||||
Engineering and operations | 18,127 | 20,095 | 53,983 | 58,234 | |||||||||||||
Sales, marketing and customer service | 9,344 | 9,785 | 28,220 | 29,048 | |||||||||||||
General and administrative | 25,735 | 25,110 | 75,413 | 75,518 | |||||||||||||
Transaction-related charges | 31 | 21 | 147 | 89 | |||||||||||||
Depreciation and amortization | 21,580 | 22,603 | 66,089 | 64,870 | |||||||||||||
(Gain) loss on disposition of assets | (4 | ) | 132 | 60 | 321 | ||||||||||||
Total operating expenses | 102,182 | 105,368 | 307,864 | 311,520 | |||||||||||||
Operating income | 9,557 | 10,248 | 23,879 | 15,117 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest expense, net | (1,243 | ) | (884 | ) | (3,664 | ) | (1,983 | ) | |||||||||
Other income (expense) | (2,031 | ) | (2,686 | ) | (4,341 | ) | (2,755 | ) | |||||||||
Other income (expense), net | (3,274 | ) | (3,570 | ) | (8,005 | ) | (4,738 | ) | |||||||||
Income before income taxes | 6,283 | 6,678 | 15,874 | 10,379 | |||||||||||||
Income tax (benefit) expense | 92 | 1,834 | (1,057 | ) | 2,774 | ||||||||||||
Net Income | 6,191 | 4,844 | 16,931 | 7,605 | |||||||||||||
Net income attributable to non-controlling interests, net | (3,530 | ) | (3,459 | ) | (10,538 | ) | (8,657 | ) | |||||||||
Net income (loss) attributable to |
$ | 2,661 | $ | 1,385 | $ | 6,393 | $ | (1,052 | ) | ||||||||
Net income (loss) per weighted average share attributable to |
|||||||||||||||||
Basic Net Income (Loss) | $ | 0.17 | $ | 0.09 | $ | 0.40 | $ | (0.07 | ) | ||||||||
Diluted Net Income (Loss) | $ | 0.17 | $ | 0.09 | $ | 0.40 | $ | (0.07 | ) | ||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 15,962 | 16,000 | 15,946 | 15,984 | |||||||||||||
Diluted | 16,011 | 16,007 | 15,991 | 15,984 | |||||||||||||
Note: The Company has restructured its presentation of revenues - see Table 4 |
Table 3 | |||||||||
Unaudited Condensed Consolidated Cash Flow Statement | |||||||||
(in Thousands) | |||||||||
Nine Months Ended |
|||||||||
2020 | 2019 | ||||||||
Net income | $ | 16,931 | $ | 7,605 | |||||
Depreciation and amortization | 66,089 | 64,870 | |||||||
Provision for doubtful accounts | 4,452 | 3,796 | |||||||
(Gain) Loss on disposition of assets | 60 | 321 | |||||||
Stock-based compensation | 4,608 | 4,881 | |||||||
Deferred income taxes | (6,078 | ) | (6,287 | ) | |||||
Loss on investments | 3,360 | 2,131 | |||||||
Change in prepaid and accrued income taxes | 620 | (13,889 | ) | ||||||
Change in other operating assets and liabilities | (19,295 | ) | (7,262 | ) | |||||
Other non-cash activity | 844 | 681 | |||||||
Net cash provided by operating activities | 71,591 | 56,847 | |||||||
Capital expenditures | (50,662 | ) | (49,486 | ) | |||||
Purchases of intangible assets, including deposits | (20,396 | ) | - | ||||||
Purchases of strategic investments | (2,768 | ) | (10,285 | ) | |||||
Purchase of short-term investments | (116 | ) | (8,028 | ) | |||||
Sale of strategic investments | 11,969 | - | |||||||
Sale of short-term investments | - | 5,141 | |||||||
Net cash used in investing activities | (61,973 | ) | (62,658 | ) | |||||
Dividends paid on common stock | (8,166 | ) | (8,160 | ) | |||||
Distributions to non-controlling interests | (6,503 | ) | (5,760 | ) | |||||
Principal repayments of term loan | (2,814 | ) | (2,825 | ) | |||||
Payment of debt issuance costs | (1,096 | ) | (1,340 | ) | |||||
Stock-based compensation share repurchases | (1,733 | ) | (1,607 | ) | |||||
Purchases of common stock - share buyback | (6,589 | ) | (162 | ) | |||||
Repurchases of non-controlling interests | (8,763 | ) | (1,353 | ) | |||||
Investments made by minority shareholders | - | 488 | |||||||
Net cash used in financing activities | (35,664 | ) | (20,719 | ) | |||||
Effect of foreign currency exchange rates on total cash, cash equivalents and restricted cash | (87 | ) | (26 | ) | |||||
Net change in total cash, cash equivalents and restricted cash | (26,133 | ) | (26,556 | ) | |||||
Total cash, cash equivalents and restricted cash, beginning of period | 162,358 | 192,907 | |||||||
Total cash, cash equivalents and restricted cash, end of period | $ | 136,225 | $ | 166,351 |
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** | ||||||||||||||||
Mobility | $ | 21,406 | $ | 2,432 | $ | - | $ | - | $ | 23,838 | ||||||
Fixed | 57,364 | 5,419 | - | - | 62,783 | |||||||||||
Carrier services | 1,851 | 19,852 | - | - | 21,703 | |||||||||||
Other | 397 | - | - | - | 397 | |||||||||||
Total communications services | $ | 81,018 | $ | 27,703 | $ | - | $ | - | $ | 108,721 | ||||||
Renewable Energy | $ | - | $ | - | $ | 1,177 | $ | - | $ | 1,177 | ||||||
Managed Services | 1,447 | - | - | - | 1,447 | |||||||||||
Construction | - | 394 | - | - | 394 | |||||||||||
Total Other | $ | 1,447 | $ | 394 | $ | 1,177 | $ | - | $ | 3,018 | ||||||
Total Revenue | $ | 82,465 | $ | 28,097 | $ | 1,177 | $ | - | $ | 111,739 | ||||||
Operating Income (Loss) | $ | 16,024 | $ | 2,218 | $ | (98 | ) | $ | (8,587 | ) | $ | 9,557 | ||||
Stock-based compensation | 29 | - | 66 | 1,792 | 1,887 | |||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (2,762 | ) | $ | (786 | ) | $ | 18 | $ | - | $ | (3,530 | ) | |||
Non GAAP measures: | ||||||||||||||||
EBITDA (1) | $ | 29,695 | $ | 7,947 | $ | 393 | $ | (6,898 | ) | $ | 31,137 | |||||
Adjusted EBITDA (2) | $ | 29,695 | $ | 7,943 | $ | 393 | $ | (6,867 | ) | $ | 31,164 | |||||
Balance Sheet Data (at |
||||||||||||||||
Cash, cash equivalents and investments | $ | 67,701 | $ | 25,177 | $ | 22,376 | $ | 20,302 | $ | 135,556 | ||||||
Total current assets | 124,515 | 59,801 | 25,290 | 15,978 | 225,584 | |||||||||||
Fixed assets, net | 452,303 | 77,017 | 45,773 | 14,335 | 589,428 | |||||||||||
Total assets | 664,307 | 233,288 | 71,757 | 144,062 | 1,113,414 | |||||||||||
Total current liabilities | 71,254 | 36,898 | 909 | 23,801 | 132,862 | |||||||||||
Total debt | 83,723 | - | - | - | 83,723 | |||||||||||
* 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 |
||||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Statement of Operations Data: | ||||||||||||||||
Revenue** | ||||||||||||||||
Mobility | $ | 21,364 | $ | 2,601 | $ | - | $ | - | $ | 23,965 | ||||||
Fixed | 55,845 | 4,304 | - | - | 60,149 | |||||||||||
Carrier services | 2,403 | 25,988 | - | - | 28,391 | |||||||||||
Other | 335 | - | - | - | 335 | |||||||||||
Total communications services | $ | 79,947 | $ | 32,893 | $ | - | $ | - | $ | 112,840 | ||||||
Renewable Energy | $ | - | $ | - | $ | 1,438 | $ | - | $ | 1,438 | ||||||
Managed Services | 1,338 | - | - | - | 1,338 | |||||||||||
Total Other | $ | 1,338 | $ | - | $ | 1,438 | $ | - | $ | 2,776 | ||||||
Total Revenue | $ | 81,285 | $ | 32,893 | $ | 1,438 | $ | - | $ | 115,616 | ||||||
Operating Income (Loss) | $ | 10,867 | $ | 7,912 | $ | (714 | ) | $ | (7,817 | ) | $ | 10,248 | ||||
Stock-based compensation | 285 | - | - | 1,263 | 1,548 | |||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (2,154 | ) | $ | (1,342 | ) | $ | 37 | $ | - | $ | (3,459 | ) | |||
Non GAAP measures: | ||||||||||||||||
EBITDA (1) | $ | 24,956 | $ | 13,682 | $ | 302 | $ | (6,089 | ) | $ | 32,851 | |||||
Adjusted EBITDA (2) | $ | 24,956 | $ | 13,779 | $ | 337 | $ | (6,068 | ) | $ | 33,004 | |||||
* 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 nine months ended |
||||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Statement of Operations Data: | ||||||||||||||||
Revenue** | ||||||||||||||||
Mobility | $ | 60,604 | $ | 7,203 | $ | - | $ | - | $ | 67,807 | ||||||
Fixed | 172,420 | 15,181 | - | - | 187,601 | |||||||||||
Carrier services | 5,392 | 60,779 | - | - | 66,171 | |||||||||||
Other | 1,286 | - | - | - | 1,286 | |||||||||||
Total communications services | $ | 239,702 | $ | 83,163 | $ | - | $ | - | $ | 322,865 | ||||||
Renewable Energy | $ | - | $ | - | $ | 3,374 | $ | - | $ | 3,374 | ||||||
Managed Services | 5,110 | - | - | - | 5,110 | |||||||||||
Construction | - | 394 | - | - | 394 | |||||||||||
Total Other | $ | 5,110 | $ | 394 | $ | 3,374 | $ | - | $ | 8,878 | ||||||
Total Revenue | $ | 244,812 | $ | 83,557 | $ | 3,374 | $ | - | $ | 331,743 | ||||||
Operating Income (Loss) | $ | 44,119 | $ | 6,241 | $ | (1,175 | ) | $ | (25,306 | ) | $ | 23,879 | ||||
Stock-based compensation | 20 | - | 197 | 4,391 | 4,608 | |||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (7,770 | ) | $ | (2,880 | ) | $ | 112 | $ | - | $ | (10,538 | ) | |||
Non GAAP measures: | ||||||||||||||||
EBITDA (1) | $ | 86,239 | $ | 23,572 | $ | 415 | $ | (20,258 | ) | $ | 89,968 | |||||
Adjusted EBITDA (2) | $ | 86,252 | $ | 23,573 | $ | 545 | $ | (20,195 | ) | $ | 90,175 | |||||
* 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 nine months ended |
||||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Statement of Operations Data: | ||||||||||||||||
Revenue** | ||||||||||||||||
Mobility | $ | 62,766 | $ | 8,095 | $ | - | $ | - | $ | 70,861 | ||||||
Fixed | 166,925 | 9,885 | - | - | 176,810 | |||||||||||
Carrier services | 6,970 | 62,820 | - | - | 69,790 | |||||||||||
Other | 1,012 | - | - | - | 1,012 | |||||||||||
Total communications services | $ | 237,673 | $ | 80,800 | $ | - | $ | - | $ | 318,473 | ||||||
Renewable Energy | $ | - | $ | - | $ | 4,376 | $ | - | $ | 4,376 | ||||||
Managed Services | 3,788 | - | - | - | 3,788 | |||||||||||
Total Other | $ | 3,788 | $ | - | $ | 4,376 | $ | - | $ | 8,164 | ||||||
Total Revenue | $ | 241,461 | $ | 80,800 | $ | 4,376 | $ | - | $ | 326,637 | ||||||
Operating Income (Loss) | $ | 35,802 | $ | 5,927 | $ | (750 | ) | $ | (25,862 | ) | $ | 15,117 | ||||
Stock-based compensation | 306 | - | - | 4,575 | 4,881 | |||||||||||
Non-controlling interest ( net income or (loss) ) | $ | (6,810 | ) | $ | (1,864 | ) | $ | 17 | $ | - | $ | (8,657 | ) | |||
Non GAAP measures: | ||||||||||||||||
EBITDA (1) | $ | 76,511 | $ | 22,846 | $ | 1,519 | $ | (20,889 | ) | $ | 79,987 | |||||
Adjusted EBITDA (2) | $ | 76,497 | $ | 23,007 | $ | 1,693 | $ | (20,800 | ) | $ | 80,397 | |||||
* 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 |
||||||||||||||||
International Telecom |
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 | 55,484 | 228,723 | |||||||||||
Fixed assets, net | 466,523 | 69,184 | 48,421 | 21,452 | 605,581 | |||||||||||
Total assets | 647,228 | 222,356 | 76,723 | 184,419 | 1,130,726 | |||||||||||
Total current liabilities | 77,644 | 24,905 | 2,745 | 14,374 | 119,669 | |||||||||||
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 | 2019 | 2020 | 2020 | 2020 | ||||||||||||
International Telecom Operational Data: | ||||||||||||||||
Mobile - Subscribers * | 285,000 | 284,100 | 282,100 | 276,400 | 289,100 | |||||||||||
Fixed - Data Subscribers * | 124,700 | 127,500 | 131,300 | 135,500 | 137,500 | |||||||||||
Fixed - Video Subscribers * | 38,900 | 38,400 | 38,100 | 36,400 | 35,800 | |||||||||||
Fixed - Voice | 164,900 | 164,800 | 166,700 | 167,100 | 167,900 | |||||||||||
* 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 |
||||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Operating income (loss) | $ | 16,024 | $ | 2,218 | $ | (98 | ) | $ | (8,587 | ) | $ | 9,557 | ||||
Depreciation and amortization expense | 13,671 | 5,729 | 491 | 1,689 | 21,580 | |||||||||||
EBITDA | $ | 29,695 | $ | 7,947 | $ | 393 | $ | (6,898 | ) | 31,137 | ||||||
Transaction-related charges | - | - | - | 31 | 31 | |||||||||||
(Gain) Loss on disposition of assets | - | (4 | ) | - | - | (4 | ) | |||||||||
ADJUSTED EBITDA | $ | 29,695 | $ | 7,943 | $ | 393 | $ | (6,867 | ) | 31,164 | ||||||
Revenue | 82,465 | 28,097 | 1,177 | - | 111,739 | |||||||||||
ADJUSTED EBITDA MARGIN | 36.0 | % | 28.3 | % | 33.4 | % | NA | 27.9 | % | |||||||
For the three months ended |
||||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Operating income (loss) | $ | 10,867 | $ | 7,912 | $ | (714 | ) | $ | (7,817 | ) | $ | 10,248 | ||||
Depreciation and amortization expense | 14,089 | 5,770 | 1,016 | 1,728 | 22,603 | |||||||||||
EBITDA | $ | 24,956 | $ | 13,682 | $ | 302 | $ | (6,089 | ) | 32,851 | ||||||
Transaction-related charges | - | - | - | 21 | 21 | |||||||||||
(Gain) Loss on disposition of assets | - | 97 | 35 | - | 132 | |||||||||||
ADJUSTED EBITDA | $ | 24,956 | $ | 13,779 | $ | 337 | $ | (6,068 | ) | 33,004 | ||||||
Revenue | 81,285 | 32,893 | 1,438 | - | 115,616 | |||||||||||
ADJUSTED EBITDA MARGIN | 30.7 | % | 41.9 | % | 23.4 | % | NA | 28.5 | % | |||||||
Reconciliation of Non-GAAP Measures | ||||||||||||||||
(In Thousands) | ||||||||||||||||
For the nine months ended |
||||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Operating income (loss) | $ | 44,119 | $ | 6,241 | $ | (1,175 | ) | $ | (25,306 | ) | $ | 23,879 | ||||
Depreciation and amortization expense | 42,120 | 17,331 | 1,590 | 5,048 | 66,089 | |||||||||||
EBITDA | $ | 86,239 | $ | 23,572 | $ | 415 | $ | (20,258 | ) | 89,968 | ||||||
Transaction-related charges | - | - | 84 | 63 | 147 | |||||||||||
(Gain) Loss on disposition of assets | 13 | 1 | 46 | - | 60 | |||||||||||
ADJUSTED EBITDA | $ | 86,252 | $ | 23,573 | $ | 545 | $ | (20,195 | ) | 90,175 | ||||||
Revenue | 244,812 | 83,557 | 3,374 | - | 331,743 | |||||||||||
ADJUSTED EBITDA MARGIN | 35.2 | % | 28.2 | % | 16.2 | % | NA | 27.2 | % | |||||||
For the nine months ended |
||||||||||||||||
International Telecom |
Renewable Energy |
Corporate and Other * |
Total | |||||||||||||
Operating income (loss) | $ | 35,802 | $ | 5,927 | $ | (750 | ) | $ | (25,862 | ) | $ | 15,117 | ||||
Depreciation and amortization expense | 40,709 | 16,919 | 2,269 | 4,973 | 64,870 | |||||||||||
EBITDA | $ | 76,511 | $ | 22,846 | $ | 1,519 | $ | (20,889 | ) | 79,987 | ||||||
Transaction-related charges | - | - | - | 89 | 89 | |||||||||||
(Gain) Loss on disposition of assets | (14 | ) | 161 | 174 | - | 321 | ||||||||||
ADJUSTED EBITDA | $ | 76,497 | $ | 23,007 | $ | 1,693 | $ | (20,800 | ) | 80,397 | ||||||
Revenue | 241,461 | 80,800 | 4,376 | - | 326,637 | |||||||||||
ADJUSTED EBITDA MARGIN | 31.7 | % | 28.5 | % | 38.7 | % | NA | 24.6 | % |
CONTACT: | 978-619-1300 |
Chairman and | |
Chief Executive Officer | |
Chief Financial Officer |
Source: ATN International, Inc.