ATN Reports Third Quarter 2021 Results
Alaska Communications Acquisition Drives 49% Year-on-Year Consolidated Revenue Growth
- International Telecom Continues to Generate Subscriber and Revenue Growth
Alaska Communications Performed in Line with Expectations
Expanding Domestic Network Reach to Grow High Speed Data Revenue and Customers
Business Review and Outlook
“The addition of approximately ten weeks of
“International Telecom revenue increased in the third quarter, reflecting the positive performance of several of our key international markets, where upgrades and expansions of our networks and effective marketing campaigns have resulted in continued subscriber growth. We are pleased with the third quarter and year-to-date revenue performance of this segment and see additional growth opportunities on the horizon. Higher expense levels in part reflected a difficult comparison with the unusually low operating costs we had during the pandemic and increased regulatory costs. While supply chain disruptions have not had a material effect on our business year-to-date, we continue to monitor this potential given its impact on other communications infrastructure and technology companies.
“Looking ahead, we see opportunities to drive additional revenue growth in both of our business segments. We are continuing to expand our networks and offerings in several of our
Third Quarter 2021 Results
Third quarter 2021 consolidated revenues of
Third Quarter 2021 Operating Highlights
The Company recorded financial results during the third quarter of 2021 in three categories: (i)
The Company completed its acquisition of
Operating Results (in Thousands)
Three Months Ended |
|||||||||||
International | US | Total | |||||||||
Telecom | Telecom | All Other* | ATN | ||||||||
Revenue | $ | 85,306 | $ | 81,454 | $ | 0 | $ | 166,760 | |||
Operating Income (Loss) | $ | 13,213 | $ | (9,830 | ) | $ | (4,365 | ) | $ | (982 | ) |
EBITDA1 | $ | 26,940 | $ | 7,559 | $ | (3,126 | ) | $ | 31,373 | ||
Adjusted EBITDA2 | $ | 26,872 | $ | 16,404 | $ | (6,463 | ) | $ | 36,813 | ||
Capital Expenditures** | $ | 10,642 | $ | 17,364 | $ | 983 | $ | 28,989 |
Nine Months Ended |
|||||||||||
International | US | Total | |||||||||
Telecom | Telecom | All Other* | ATN | ||||||||
Revenue | $ | 255,342 | $ | 159,375 | $ | 418 | $ | 415,135 | |||
Operating Income (Loss) | $ | 40,999 | $ | (10,920 | ) | $ | (24,808 | ) | $ | 5,271 | |
EBITDA1 | $ | 82,341 | $ | 16,740 | $ | (20,793 | ) | $ | 78,288 | ||
Adjusted EBITDA2 | $ | 82,276 | $ | 23,820 | $ | (19,380 | ) | $ | 86,716 | ||
Capital Expenditures** | $ | 32,485 | $ | 36,157 | $ | 2,280 | $ | 70,922 |
Three Months Ended |
|||||||||||
International | US | Total | |||||||||
Telecom | Telecom | All Other* | ATN | ||||||||
Revenue | $ | 82,465 | $ | 28,097 | $ | 1,177 | $ | 111,739 | |||
Operating Income (Loss) | $ | 16,024 | $ | 2,218 | $ | (8,685 | ) | $ | 9,557 | ||
EBITDA1 | $ | 29,695 | $ | 7,947 | $ | (6,505 | ) | $ | 31,137 | ||
Adjusted EBITDA2 | $ | 29,695 | $ | 7,943 | $ | (6,474 | ) | $ | 31,164 | ||
Capital Expenditures** | $ | 8,510 | $ | 8,371 | $ | 1,816 | $ | 18,697 |
Nine Months Ended |
|||||||||||
International | US | Total | |||||||||
Telecom | Telecom | All Other* | ATN | ||||||||
Revenue | $ | 244,812 | $ | 83,557 | $ | 3,374 | $ | 331,743 | |||
Operating Income (Loss) | $ | 44,119 | $ | 6,241 | $ | (26,481 | ) | $ | 23,879 | ||
EBITDA1 | $ | 86,239 | $ | 23,572 | $ | (19,843 | ) | $ | 89,968 | ||
Adjusted EBITDA2 | $ | 86,252 | $ | 23,573 | $ | (19,650 | ) | $ | 90,175 | ||
Capital Expenditures** | $ | 28,439 | $ | 17,254 | $ | 4,969 | $ | 50,662 |
*For this table presentation, the Renewable Energy segment and Corporate and Other results were combined. See table 4 for the separate presentation of the financial performance of these items.
**Includes capital expenditures reimbursable from customers of
By the end of the third quarter of 2021, the Company had completed and activated approximately 50% of the total sites related to the network build portion of its FirstNet Agreement and expects to complete an additional 15% of the total build by the end of 2021. Revenues from the build will continue to be largely offset by construction costs.
Balance Sheet and Cash Flow Highlights
Total cash, cash equivalents and restricted cash on
Net cash provided by operating activities was
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
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. 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) | |||||
2021 | 2020 | ||||
Assets: | |||||
Cash and cash equivalents | $ | 101,268 | $ | 103,925 | |
Restricted cash | 1,096 | 1,072 | |||
Assets held-for-sale | - | 34,735 | |||
Customer receivable | 3,430 | 1,227 | |||
Other current assets | 143,911 | 99,106 | |||
Total current assets | 249,705 | 240,065 | |||
Property, plant and equipment, net | 915,834 | 536,462 | |||
Operating lease right-of-use assets | 122,422 | 63,235 | |||
Customer receivable - long term | 33,096 | 9,614 | |||
Goodwill and other intangible assets, net | 228,985 | 181,769 | |||
Other assets | 77,342 | 52,566 | |||
Total assets | $ | 1,627,384 | $ | 1,083,711 | |
Liabilities, Mezzanine Equity and Stockholders’ Equity: | |||||
Current portion of long-term debt | $ | 3,762 | $ | 3,750 | |
Current portion of customer receivable credit faciity | 3,295 | - | |||
Taxes payable | 9,350 | 7,501 | |||
Current portion of lease liabilities | 14,256 | 12,371 | |||
Liabilities held-for-sale | - | 717 | |||
Other current liabilities | 172,347 | 123,589 | |||
Total current liabilities | 203,010 | 147,928 | |||
Long-term debt, net of current portion | $ | 345,073 | $ | 69,073 | |
Customer receivable credit facility, net of current portion | 22,486 | - | |||
Deferred income taxes | 21,776 | 10,675 | |||
Lease liabilities | 96,031 | 51,082 | |||
Other long-term liabilities | 135,614 | 50,617 | |||
Total liabilities | 823,990 | 329,375 | |||
Mezzanine Equity | 71,820 | - | |||
Stockholders' Equity | |||||
Total ATN International, Inc.’s stockholders’ equity | 629,292 | 645,649 | |||
Non-controlling interests | 102,282 | 108,687 | |||
Total stockholders' equity | 731,574 | 754,336 | |||
Total liabilities, mezzanine equity and stockholders’ equity | $ | 1,627,384 | $ | 1,083,711 | |
Table 2 | |||||||||||||||
Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||
(in Thousands, Except per Share Data) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues: | |||||||||||||||
Communications services | $ | 155,298 | $ | 108,721 | $ | 378,897 | $ | 322,865 | |||||||
Other | 11,462 | 3,018 | 36,238 | 8,878 | |||||||||||
Total revenue | 166,760 | 111,739 | 415,135 | 331,743 | |||||||||||
Operating expenses (excluding depreciation and amortization unless otherwise indicated): | |||||||||||||||
Cost of services | 70,732 | 45,106 | 168,717 | 137,545 | |||||||||||
Cost of construction revenue | 5,855 | 390 | 27,997 | 390 | |||||||||||
Selling, general and administrative | 53,360 | 35,079 | 131,705 | 103,633 | |||||||||||
Transaction-related charges | 5,696 | 31 | 7,823 | 147 | |||||||||||
Depreciation | 28,875 | 21,157 | 68,693 | 64,705 | |||||||||||
Amortization of intangibles from acquisitions | 3,480 | 423 | 4,324 | 1,384 | |||||||||||
(Gain) loss on disposition of long-lived assets | (256 | ) | (4 | ) | 605 | 60 | |||||||||
Total operating expenses | 167,742 | 102,182 | 409,864 | 307,864 | |||||||||||
Operating income (loss) | (982 | ) | 9,557 | 5,271 | 23,879 | ||||||||||
Other income (expense): | |||||||||||||||
Interest expense, net | (3,396 | ) | (1,243 | ) | (5,640 | ) | (3,664 | ) | |||||||
Other income (expense) | (385 | ) | (2,031 | ) | 1,923 | (4,341 | ) | ||||||||
Other income (expense), net | (3,781 | ) | (3,274 | ) | (3,717 | ) | (8,005 | ) | |||||||
Income (loss) before income taxes | (4,763 | ) | 6,283 | 1,554 | 15,874 | ||||||||||
Income tax expense (benefit) | (288 | ) | 92 | (1,535 | ) | (1,057 | ) | ||||||||
Net Income (loss) | (4,475 | ) | 6,191 | 3,089 | 16,931 | ||||||||||
Net (income) loss attributable to non-controlling interests, net | 1,856 | (3,530 | ) | (986 | ) | (10,538 | ) | ||||||||
Net income (loss) attributable to |
$ | (2,619 | ) | $ | 2,661 | $ | 2,103 | $ | 6,393 | ||||||
Net income (loss) per weighted average share attributable to |
|||||||||||||||
Basic Net Income | $ | (0.22 | ) | $ | 0.17 | $ | 0.08 | $ | 0.40 | ||||||
Diluted Net Income | $ | (0.22 | ) | $ | 0.17 | $ | 0.08 | $ | 0.40 | ||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 15,860 | 15,962 | 15,891 | 15,946 | |||||||||||
Diluted | 15,860 | 16,011 | 15,901 | 15,991 | |||||||||||
Table 3 | |||||||
Unaudited Condensed Consolidated Cash Flow Statement | |||||||
(in Thousands) | |||||||
Nine Months Ended |
|||||||
2021 | 2020 | ||||||
Net income | $ | 3,089 | $ | 16,931 | |||
Depreciation | 68,693 | 64,705 | |||||
Amortization of intangibles from acquisitions | 4,324 | 1,384 | |||||
Provision for doubtful accounts | 3,303 | 4,452 | |||||
Amortization of debt discount and debt issuance costs | 767 | 395 | |||||
Loss on disposition of assets and assets held-for-sale | 605 | 60 | |||||
Stock-based compensation | 5,116 | 4,608 | |||||
Deferred income taxes | (5,939 | ) | (6,078 | ) | |||
(Gain) loss on equity investments | (647 | ) | 3,360 | ||||
Unrealized (gain) loss on foreign currency | (81 | ) | 449 | ||||
Increase in customer receivable | (25,684 | ) | - | ||||
Change in prepaid and accrued income taxes | (2,106 | ) | 620 | ||||
Change in other operating assets and liabilities | (3,724 | ) | (19,295 | ) | |||
Net cash provided by operating activities | 47,716 | 71,591 | |||||
Capital expenditures | (62,222 | ) | (48,792 | ) | |||
Reimbursable capital expenditures | (8,700 | ) | (1,870 | ) | |||
Purchase of businesses, net of |
(340,152 | ) | - | ||||
Purchases of intangible assets, including deposits | - | (20,396 | ) | ||||
Purchases of strategic investments | (6,399 | ) | (2,768 | ) | |||
Purchases of short-term investments | - | (116 | ) | ||||
Receipt of government grants | 7,094 | - | |||||
Proceeds from strategic investments | - | 11,969 | |||||
Sale of business, net of transferred cash of |
18,597 | - | |||||
Net cash used in investing activities | (391,782 | ) | (61,973 | ) | |||
Dividends paid on common stock | (8,118 | ) | (8,166 | ) | |||
Distributions to non-controlling interests | (4,823 | ) | (6,503 | ) | |||
Principal repayments of term loan | (2,821 | ) | (2,814 | ) | |||
New borrowings, net of repayments | 285,000 | - | |||||
Proceeds from mezzanine equity | 71,533 | - | |||||
Payment of debt issuance costs | (6,568 | ) | (1,096 | ) | |||
Proceeds from customer receivable credit facility | 27,540 | - | |||||
Repayment of customer receivable credit facility | (1,005 | ) | - | ||||
Purchases of common stock - stock-based compensation | (1,713 | ) | (1,733 | ) | |||
Proceeds from stock option exercises | 383 | - | |||||
Purchases of common stock - share repurchase plan | (4,836 | ) | (6,589 | ) | |||
Repurchases of non-controlling interests | (13,139 | ) | (8,763 | ) | |||
Net cash provided by (used in) financing activities | 341,433 | (35,664 | ) | ||||
Effect of foreign currency exchange rates on total cash, cash equivalents and restricted cash | - | (87 | ) | ||||
Net change in total cash, cash equivalents and restricted cash | (2,633 | ) | (26,133 | ) | |||
Total cash, cash equivalents and restricted cash, beginning of period | 104,997 | 162,358 | |||||
Total cash, cash equivalents and restricted cash, end of period | $ | 102,364 | $ | 136,225 | |||
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 | |||||||||||||||
Business | $ | 1,422 | $ | 231 | $ | - | $ | - | $ | 1,653 | |||||
Consumer | 22,423 | 1,909 | - | - | 24,332 | ||||||||||
Total | $ | 23,845 | $ | 2,140 | $ | - | $ | - | $ | 25,985 | |||||
Fixed | |||||||||||||||
Business | $ | 16,549 | $ | 21,681 | $ | - | $ | - | $ | 38,230 | |||||
Consumer | 40,870 | 15,484 | - | - | 56,354 | ||||||||||
Total | $ | 57,419 | $ | 37,165 | $ | - | $ | - | $ | 94,584 | |||||
Carrier Services | $ | 2,557 | $ | 31,939 | $ | - | $ | - | $ | 34,496 | |||||
Other | 233 | - | - | - | 233 | ||||||||||
Total Communications Services | $ | 84,054 | $ | 71,244 | $ | - | $ | - | $ | 155,298 | |||||
Managed services | $ | 1,252 | $ | 3,793 | $ | - | $ | - | $ | 5,045 | |||||
Construction | - | 6,417 | - | - | 6,417 | ||||||||||
Total Other | $ | 1,252 | $ | 10,210 | $ | - | $ | - | $ | 11,462 | |||||
Total Revenue | $ | 85,306 | $ | 81,454 | $ | - | $ | - | $ | 166,760 | |||||
Depreciation | $ | 13,308 | $ | 14,327 | $ | - | $ | 1,240 | $ | 28,875 | |||||
Amortization of intangibles from acquisitions | $ | 418 | $ | 3,062 | $ | - | $ | - | $ | 3,480 | |||||
Total operating expenses | $ | 72,093 | $ | 91,284 | $ | 55 | $ | 4,310 | $ | 167,742 | |||||
Operating Income (Loss) | $ | 13,213 | $ | (9,830 | ) | $ | (55 | ) | $ | (4,310 | ) | $ | (982 | ) | |
Stock-based compensation | $ | 36 | $ | 101 | $ | - | $ | 1,468 | $ | 1,605 | |||||
Non-controlling interest ( net income or (loss) ) | $ | (2,337 | ) | $ | 4,193 | $ | - | $ | - | $ | 1,856 | ||||
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 26,939 | $ | 7,559 | $ | (55 | ) | $ | (3,070 | ) | $ | 31,373 | |||
Adjusted EBITDA (2) | $ | 26,872 | $ | 16,404 | $ | (56 | ) | $ | (6,407 | ) | $ | 36,813 | |||
Balance Sheet Data (at |
|||||||||||||||
Cash, cash equivalents and investments | $ | 52,106 | $ | 38,143 | $ | 2,476 | $ | 8,543 | $ | 101,268 | |||||
Total current assets | 116,271 | 116,852 | 6,322 | 10,260 | 249,705 | ||||||||||
Fixed assets, net | 448,062 | 457,154 | - | 10,618 | 915,834 | ||||||||||
Total assets | 650,023 | 870,281 | 20,500 | 86,580 | 1,627,384 | ||||||||||
Total current liabilities | 84,092 | 93,612 | 356 | 24,950 | 203,010 | ||||||||||
Total debt | 70,142 | 239,474 | - | 65,000 | 374,616 | ||||||||||
* 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 | |||||||||||||||
Business | $ | 1,108 | $ | 136 | $ | - | $ | - | $ | 1,244 | |||||
Consumer | 20,298 | 2,296 | - | - | 22,594 | ||||||||||
Total | $ | 21,406 | $ | 2,432 | $ | - | $ | - | $ | 23,838 | |||||
Fixed | |||||||||||||||
Business | $ | 16,516 | $ | 1,954 | $ | - | $ | - | $ | 18,470 | |||||
Consumer | 40,848 | 3,465 | - | - | 44,313 | ||||||||||
Total | $ | 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 | |||||
Depreciation | $ | 13,248 | $ | 5,729 | $ | 491 | $ | 1,689 | $ | 21,157 | |||||
Amortization of intangibles from acquisitions | $ | 423 | $ | - | $ | - | $ | - | $ | 423 | |||||
Total operating expenses | $ | 66,441 | $ | 25,879 | $ | 1,275 | $ | 8,587 | $ | 102,182 | |||||
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 | ||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the nine months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Mobility | |||||||||||||||
Business | $ | 3,917 | $ | 1,149 | $ | - | $ | - | $ | 5,066 | |||||
Consumer | 64,503 | 6,258 | - | - | 70,761 | ||||||||||
Total | $ | 68,420 | $ | 7,407 | $ | - | $ | - | $ | 75,827 | |||||
Fixed | |||||||||||||||
Business | $ | 50,037 | $ | 26,409 | $ | - | $ | - | $ | 76,446 | |||||
Consumer | 125,255 | 23,004 | - | - | 148,259 | ||||||||||
Total | $ | 175,292 | $ | 49,413 | $ | - | $ | - | $ | 224,705 | |||||
Carrier Services | $ | 6,963 | $ | 70,713 | $ | - | $ | - | $ | 77,676 | |||||
Other | 689 | - | - | - | 689 | ||||||||||
Total Communications Services | $ | 251,364 | $ | 127,533 | $ | - | $ | - | $ | 378,897 | |||||
Renewable Energy | $ | - | $ | - | $ | 418 | $ | - | $ | 418 | |||||
Managed services | 3,978 | 3,793 | - | - | 7,771 | ||||||||||
Construction | - | 28,049 | - | - | 28,049 | ||||||||||
Total Other | $ | 3,978 | $ | 31,842 | $ | 418 | $ | - | $ | 36,238 | |||||
Total Revenue | $ | 255,342 | $ | 159,375 | $ | 418 | $ | - | $ | 415,135 | |||||
Depreciation | $ | 40,080 | $ | 24,598 | $ | 188 | $ | 3,827 | $ | 68,693 | |||||
Amortization of intangibles from acquisitions | $ | 1,262 | $ | 3,062 | $ | - | $ | - | $ | 4,324 | |||||
Total operating expenses | $ | 214,343 | $ | 170,295 | $ | 1,906 | $ | 23,320 | $ | 409,864 | |||||
Operating Income (Loss) | $ | 40,999 | $ | (10,920 | ) | $ | (1,488 | ) | $ | (23,320 | ) | $ | 5,271 | ||
Stock-based compensation | $ | 83 | $ | - | $ | 22 | $ | 4,911 | $ | 5,016 | |||||
Non-controlling interest ( net income or (loss) ) | $ | (5,857 | ) | $ | 4,075 | $ | 796 | $ | - | $ | (986 | ) | |||
Non GAAP measures: | |||||||||||||||
EBITDA (1) | $ | 82,341 | $ | 16,740 | $ | (1,300 | ) | $ | (19,493 | ) | $ | 78,288 | |||
Adjusted EBITDA (2) | $ | 82,276 | $ | 23,820 | $ | (110 | ) | $ | (19,270 | ) | $ | 86,716 | |||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments | |||||||||||||||
Selected Segment Financial Information | |||||||||||||||
(In Thousands) | |||||||||||||||
For the nine months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Statement of Operations Data: | |||||||||||||||
Revenue | |||||||||||||||
Mobility | |||||||||||||||
Business | $ | 3,136 | $ | 140 | $ | - | $ | - | $ | 3,276 | |||||
Consumer | 57,468 | 7,063 | - | - | 64,531 | ||||||||||
Total | $ | 60,604 | $ | 7,203 | $ | - | $ | - | $ | 67,807 | |||||
Fixed | |||||||||||||||
Business | $ | 51,115 | $ | 6,676 | $ | - | $ | - | $ | 57,791 | |||||
Consumer | 121,305 | 8,505 | - | - | 129,810 | ||||||||||
Total | $ | 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 | |||||
Depreciation | $ | 40,736 | $ | 17,331 | $ | 1,590 | $ | 5,048 | $ | 64,705 | |||||
Amortization of intangibles from acquisitions | $ | 1,384 | $ | - | $ | - | $ | - | $ | 1,384 | |||||
Total operating expenses | $ | 200,693 | $ | 77,316 | $ | 4,549 | $ | 25,306 | $ | 307,864 | |||||
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 | |||||||||||||||
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 Operational Information | |||||||||||||||
(In Thousands) | |||||||||||||||
at |
|||||||||||||||
Quarter ended | |||||||||||||||
2020 | 2020 | 2021 | 2021 | 2021 | |||||||||||
International Telecom Operational Data: | |||||||||||||||
Mobile - Subscribers * | |||||||||||||||
Pre-Paid | 244,700 | 257,200 | 261,900 | 273,400 | 276,400 | ||||||||||
Post-Paid | 43,100 | 44,700 | 45,500 | 46,400 | 49,300 | ||||||||||
Total | 287,800 | 301,900 | 307,400 | 319,800 | 325,700 | ||||||||||
Mobile - Churn | 1.77 | % | 2.18 | % | 2.28 | % | 2.21 | % | 2.67 | % | |||||
Fixed - Subscribers* | |||||||||||||||
Broadband | 136,800 | 140,100 | 142,900 | 143,000 | 143,900 | ||||||||||
Video | 35,800 | 35,800 | 35,300 | 33,600 | 33,100 | ||||||||||
Voice | 163,700 | 164,300 | 165,500 | 165,800 | 166,200 | ||||||||||
* 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) | $ | 13,213 | $ | (9,830 | ) | $ | (55 | ) | $ | (4,310 | ) | $ | (982 | ) | |
Depreciation expense | 13,308 | 14,327 | - | 1,240 | 28,875 | ||||||||||
Amortization of intangibles from acquisitions | 418 | 3,062 | - | - | 3,480 | ||||||||||
EBITDA | $ | 26,939 | $ | 7,559 | $ | (55 | ) | $ | (3,070 | ) | $ | 31,373 | |||
Transaction-related charges | - | 9,033 | - | (3,337 | ) | $ | 5,696 | ||||||||
(Gain) Loss on disposition of assets | (67 | ) | (188 | ) | (1 | ) | - | $ | (257 | ) | |||||
ADJUSTED EBITDA | $ | 26,872 | $ | 16,404 | $ | (56 | ) | $ | (6,407 | ) | $ |
36,813 | |||
Revenue | 85,306 | 81,454 | - | - | 166,760 | ||||||||||
ADJUSTED EBITDA MARGIN | 31.5 | % | 20.1 | % | NA | NA | 22.1 | % | |||||||
For the three months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 16,024 | $ | 2,218 | $ | (98 | ) | $ | (8,587 | ) | $ | 9,557 | |||
Depreciation expense | 13,248 | 5,729 | 491 | 1,689 | 21,157 | ||||||||||
Amortization of intangibles from acquisitions | 423 | - | - | - | 423 | ||||||||||
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 | % | ||||||
Reconciliation of Non-GAAP Measures | |||||||||||||||
(In Thousands) | |||||||||||||||
For the nine months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 40,999 | $ | (10,920 | ) | $ | (1,488 | ) | $ | (23,320 | ) | $ | 5,271 | ||
Depreciation expense | 40,080 | 24,598 | 188 | 3,827 | 68,693 | ||||||||||
Amortization of intangibles from acquisitions | 1,262 | 3,062 | - | - | 4,324 | ||||||||||
EBITDA | $ | 82,341 | $ | 16,740 | $ | (1,300 | ) | $ | (19,493 | ) | $ | 78,288 | |||
Transaction-related charges | - | 7,257 | 566 | - | 7,823 | ||||||||||
(Gain) Loss on disposition of assets | (65 | ) | (177 | ) | 624 | 223 | 605 | ||||||||
ADJUSTED EBITDA | $ | 82,276 | $ | 23,820 | $ | (110 | ) | $ | (19,270 | ) | $ | 86,716 | |||
Revenue | 255,342 | 159,375 | 418 | - | 415,135 | ||||||||||
ADJUSTED EBITDA MARGIN | 32.2 | % | 14.9 | % | -26.4 | % | NA | 20.9 | % | ||||||
For the nine months ended |
|||||||||||||||
Renewable Energy | Corporate and Other * | Total | |||||||||||||
Operating income (loss) | $ | 44,119 | $ | 6,241 | $ | (1,175 | ) | $ | (25,306 | ) | $ | 23,879 | |||
Depreciation expense | 40,736 | 17,331 | 1,590 | 5,048 | 64,705 | ||||||||||
Amortization of intangibles from acquisitions | 1,384 | - | - | - | 1,384 | ||||||||||
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 | % |
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.
Contact: | 978-619-1300 |
Chairman and | |
Chief Executive Officer | |
Chief Financial Officer |
Source: ATN International, Inc.