UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM
CURRENT REPORT
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| Item 2.02 | Results of Operations and Financial Condition. |
On February 21, 2024, ATN International, Inc. (the “Company”) issued a press release announcing financial results for the three months and year ended December 31, 2023. A copy of the press release is furnished herewith as Exhibit 99.1.
Exhibit 99.1 is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits | |
| 99.1 | Press Release of the Company, dated February 21, 2024 | |
| 104 | Cover Page Data File (formatted as inline XBRL document) |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ATN INTERNATIONAL, INC. | ||
| By: | /s/ Justin D. Benincasa | |
| Justin D. Benincasa | ||
| Chief Financial Officer | ||
| Dated February 21, 2024 | ||
| 3 |
Exhibit 99.1
ATN Reports Fourth Quarter and Full Year 2023 Results; Provides 2024 Outlook
“First-to-Fiber” and “Glass & SteelTM” Strategies Drive Year-Over-Year Growth
| · | Fourth-quarter revenues grew 4% to $199.0 million |
| · | Full-year revenues grew 5% to $762.2 million |
| · | Total high-speed broadband subscribers increased by 20% |
| · | Broadband homes passed by high-speed data services expanded by 33% |
| · | Capital expenditures for the full year were $163.3 million (net of $32.9 million reimbursements) |
Operating Income and Adjusted EBITDA1 Supported by Subscriber and Revenue Growth
| · | Fourth quarter operating income decreased 30% to $3.3 million |
| · | Full year operating income increased 66% to $13.2 million |
| · | Fourth quarter net loss was $(5.8) million, or a $(0.46) loss per share, including restructuring expenses of $6.6 million |
| · | Full-year net loss was $(14.5) million, or $(1.25) per share, including restructuring expenses of $11.2 million |
| · | Fourth quarter Adjusted EBITDA1 increased 13% to $51.0 million |
| · | Full-year Adjusted EBITDA1 increased 10% to $189.5 million |
Provides 2024 Outlook2
| · | Revenue for the full year 2024 is expected to be in the range of $750 to $770 million, excluding construction revenue |
| · | Adjusted EBITDA2 for the full year 2024 is expected to be in the range of $200 to $208 million |
| · | Capital expenditures for the full year 2024 are expected to be in the range of $110 to $120 million (net of reimbursements) |
| · | Net Debt Ratio3 is expected to be the range of 2.25x to 2.40x exiting 2024 |
Earnings Conference Call
| · | Thursday, February 22, 2024, at 10:00 a.m. ET; web participant link: |
https://edge.media-server.com/mmc/p/thasau6r/
Beverly, MA (February 21, 2024) – ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the quarter and year ended December 31, 2023.
1
Remarks by Brad Martin, ATN Chief Executive Officer
“The fourth quarter capped off a strong year for ATN as our First-to-Fiber and Glass & Steel™ investment strategies and ongoing focus on margin improvement yielded subscriber and revenue growth and profitability expansion.
“For both the quarter and the year, we generated single-digit revenue growth, while delivering a double-digit increase of Adjusted EBITDA. We also demonstrated continued growth across key operating metrics when compared with the fourth quarter of 2022, including the addition of 20% more high-speed capable broadband subscribers and 33% more broadband homes passed by high-speed data services in Q4. Since launching our strategy at the start of 2022, we have now increased high-speed capable broadband subscribers by 39%, nearly doubled the broadband homes passed by high-speed data services and expanded our fiber network reach by nearly 30%.
“Our International Telecom segment performance was highlighted by strong high-speed data subscriber growth, which drove increased fixed broadband revenues in the quarter. We remain optimistic about the growth and cash flow expansion opportunities across these markets as we continue to benefit from network and operating investments, attractive market tailwinds and our unique value proposition. Domestically, we delivered significant increases in broadband homes passed by high-speed data, as we made notable progress with several operational goals. These advancements included expanding our middle and last mile fiber networks along with increasing the capacity and reach of our next generation fixed wireless network.
“We believe that the investments we have made, which have expanded the reach and capabilities of our high-speed network, provide a solid foundation for sustainable value-creation in the years ahead. As we enter the final year of our three-year investment cycle, we are taking actions to position ATN to realize the full benefits of our investments going forward. This includes plans to reduce internally funded capital expenditures and augment network expansion with available grant funding while advancing margin improvement initiatives. In 2024, we expect to continue to grow our customer base, expand operating margins, increase EBITDA and improve cash flow generation.”
Fourth Quarter and Full Year 2023 Financial Results
Consolidated revenues were $199.0 million, up 4% versus $192.0 million in the year-ago quarter. This increase primarily reflects higher fixed and other revenues, partially offset by lower legacy wholesale roaming and consumer mobile revenue as those services were de-emphasized in the US Telecom Segment. Full-year revenues for 2023 increased 5% to $762.2 million, from $725.7 million in full year 2022.
2
Operating income was $3.3 million in the fourth quarter versus $4.7 million in the year-ago quarter. The year-over-year decrease was primarily due to $6.6 million in restructuring expenses and a $1.3 million net loss on the disposition of assets and changes in contingent consideration partially offset by the impact of the previously mentioned revenue increases. Full-year operating income for 2023 was $13.2 million, up from $7.9 million in the prior year.
Net loss attributable to ATN stockholders in the fourth quarter of 2023 was $(5.8) million, or a loss of $(0.46) per share, which included the $6.6 million in restructuring expenses. This compared with a net loss attributable to ATN stockholders of $(1.4) million, or $(0.18) loss per share, in the year-ago quarter. The decrease in net income also was affected by a $4.7 million increase in interest expense. Full year 2023 net loss was $(14.5) million, or a loss of $(1.25) per share compared to a net loss of $(5.6) million, or $(0.67) per share last year. The increase in the full year net loss reflects restructuring expenses of $11.2 million, and an increase in interest expense of $22.0 million. In all periods, the loss per share calculation includes the impact of preferred dividends that are not included in the net loss calculation.
Adjusted EBITDA1 increased to $51.0 million in the fourth quarter of 2023, up from $45.3 million in the year-ago quarter. Full-year 2023 Adjusted EBITDA1 increased to $189.5 million, up from $172.7 million in the prior year.
3
Segment Operating Results (in Thousands)
The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other.
| For Three Months Ended December 31, 2023 and 2022 |
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
| International | International | US | US | Corporate and | Corporate and | Total | Total | ||||||||||||||||||
| Telecom | Telecom | Telecom | Telecom | Other* | Other* | ATN | ATN | ||||||||||||||||||
| Total Revenue: | $ | 94,467 | $ | 90,384 | $ | 104,499 | $ | 101,631 | $ | - | $ | - | $ | 198,966 | $ | 192,015 | |||||||||
| Mobility | 27,733 | 27,409 | 956 | 1,551 | - | - | 28,689 | 28,960 | |||||||||||||||||
| Fixed | 60,622 | 58,049 | 58,258 | 56,274 | - | - | 118,880 | 114,323 | |||||||||||||||||
Carrier Services | 3,675 | 3,417 | 32,216 | 32,761 | - | - | 35,891 | 36,178 | |||||||||||||||||
| Construction | - | - | 6,982 | 7,146 | - | - | 6,982 | 7,146 | |||||||||||||||||
| All other | 2,437 | 1,509 | 6,087 | 3,853 | - | - | 8,524 | 5,362 | |||||||||||||||||
| Operating Income (Loss) | $ | 12,244 | $ | 15,124 | $ | (1,803 | ) | $ | (1,457 | ) | $ | (7,177 | ) | $ | (8,996 | ) | $ | 3,264 | $ | 4,671 | |||||
| EBITDA2 | $ | 27,287 | $ | 28,964 | $ | 20,329 | $ | 21,909 | $ | (6,594 | ) | $ | (8,214 | ) | $ | 41,022 | $ | 42,659 | |||||||
| Adjusted EBITDA1 | $ | 30,868 | $ | 29,162 | $ | 27,489 | $ | 22,955 | $ | (7,341 | ) | $ | (6,819 | ) | $ | 51,016 | $ | 45,298 | |||||||
| Capital Expenditures** | $ | 18,720 | $ | 17,115 | $ | 17,894 | $ | 32,644 | $ | 42 | $ | 410 | $ | 36,656 | $ | 50,169 | |||||||||
| For the Year Ended December 31, 2023 and 2022 |
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
| International | International | US | US | Corporate
and | Corporate
and | Total | Total | ||||||||||||||||||
| Telecom | Telecom | Telecom | Telecom | Other* | Other* | ATN | ATN | ||||||||||||||||||
| Total Revenue: | $ | 370,733 | $ | 355,581 | $ | 391,483 | $ | 370,164 | $ | - | $ | - | $ | 762,216 | $ | 725,745 | |||||||||
| Mobility | 108,486 | 102,431 | 4,037 | 7,587 | - | - | 112,523 | 110,018 | |||||||||||||||||
| Fixed | 239,168 | 233,311 | 233,605 | 205,073 | - | - | 472,773 | 438,384 | |||||||||||||||||
| Carrier Services | 14,686 | 13,459 | 128,195 | 128,864 | - | - | 142,881 | 142,323 | |||||||||||||||||
| Construction | - | - | 10,629 | 15,762 | - | - | 10,629 | 15,762 | |||||||||||||||||
| All other | 8,393 | 6,380 | 15,017 | 12,878 | - | - | 23,410 | 19,258 | |||||||||||||||||
| Operating Income (Loss) | $ | 53,420 | $ | 52,012 | $ | (5,522 | ) | $ | (5,656 | ) | $ | (34,723 | ) | $ | (38,414 | ) | $ | 13,175 | $ | 7,942 | |||||
| EBITDA2 | $ | 112,093 | $ | 110,152 | $ | 87,455 | $ | 80,808 | $ | (32,110 | ) | $ | (34,865 | ) | $ | 167,438 | $ | 156,095 | |||||||
| Adjusted EBITDA1 | $ | 115,955 | $ | 111,549 | $ | 99,933 | $ | 85,395 | $ | (26,437 | ) | $ | (24,256 | ) | $ | 189,451 | $ | 172,688 | |||||||
| Capital Expenditures** | $ | 76,379 | $ | 70,385 | $ | 86,918 | $ | 88,684 | $ | - | $ | 1,045 | $ | 163,297 | $ | 160,114 | |||||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments.
**Excludes government capital program amounts disbursed and amounts received.
ATN’s Strategic Plan and Key Performance Indicators
Investments to drive long-term growth and durable cash flow
To address the growing need for more bandwidth and reliable connectivity across all markets in which we operate, the Company continues to deploy capital in fiber and fiber-fed high-speed data solutions to increase its fiber footprint and grow broadband subscribers. At the start of 2022, the Company initiated a 3-year strategic investment plan to accelerate these investments. As ATN enters the third year of the plan, it expects to begin to reduce capital expenditures and augment network expansion with available grant funding.
4
Operating Metrics
| Operating Metrics | |||||||||||||||||||
| 2023 | 2023 | 2023 | 2023 | 2022 | Q4 2023 | ||||||||||||||
| Q4 | Q3 | Q2 | Q1 | Q4 | vs. Q4 2022 | ||||||||||||||
| Broadband Homes Passed | 768,900 | 746,600 | 746,800 | 736,300 | 728,900 | 5 | % | ||||||||||||
| Broadband Homes Passed by HSD* | 367,200 | 333,500 | 331,000 | 301,600 | 275,100 | 33 | % | ||||||||||||
| Broadband Customers | 214,400 | 213,900 | 215,500 | 214,000 | 210,500 | 2 | % | ||||||||||||
| HSD* Broadband Customers | 135,900 | 132,900 | 129,100 | 122,600 | 113,000 | 20 | % | ||||||||||||
| Fiber Route Miles | 11,655 | 11,575 | 11,561 | 11,099 | 10,545 | 11 | % | ||||||||||||
| International Mobile Subscribers | |||||||||||||||||||
| Pre-Paid | 351,300 | 346,100 | 340,200 | 328,800 | 322,000 | 9 | % | ||||||||||||
| Post-Paid | 57,400 | 56,100 | 58,900 | 56,900 | 55,700 | 3 | % | ||||||||||||
| Total | 408,700 | 402,200 | 399,100 | 385,700 | 377,700 | 8 | % | ||||||||||||
| Blended Churn | 3.33 | % | 3.76 | % | 2.69 | % | 2.81 | % | 2.25 | % | |||||||||
*HSD is defined as download speeds 100 Mbps or greater and HSD Broadband Customers as subscribers connected to our high-speed networks regardless of the speed of plan selected.
Note: Data presented may differ from prior periods to reflect more accurate data and/or changes in calculation methodology and process.
Balance Sheet and Cash Flow Highlights
Total cash, cash equivalents and restricted cash as of December 31, 2023, was $65.2 million and total debt was $516.9 million, versus $59.7 million of cash, cash equivalents and restricted cash and $421.9 million of total debt at the end of last year.
Net cash provided by operating activities was $113.0 million for the year ended December 31, 2023, compared with net cash provided by operating activities of $102.9 million in the prior year period.
Capital expenditures were $163.3 million net of $32.9 million of reimbursable capital expenditures for the year ended December 31, 2023, versus $160.1 million, net of $7.9 million of reimbursable capital expenditures in the prior year period.
5
Quarterly Dividends and Stock Repurchases
Quarterly dividends ATN increased its quarterly dividend by more than 14% to $0.24 per share paid on January 5, 2024, on all common shares outstanding to stockholders of record as of December 31, 2023.
Share repurchases During the fourth quarter of 2023, ATN announced the expansion of the share repurchase program to up to $25 million of common stock. This program was fully available at the start of 2024. For the year ended December 31, 2023, the Company spent $15.0 million on share repurchases.
Guidance and Outlook
ATN is continuing investments in its “First-to-Fiber” and “Glass & Steel™” market strategies established at the start of 2022. Entering the final year of our three-year investment cycle, the Company expects to reduce capital expenditures and augment network expansion with available grant funding. Management also is focused on advancing margin improvement initiatives to position ATN to realize the full benefits of these investments and more rapidly increase cash flows.
The Company is reiterating its preliminary Adjusted EBITDA guidance for full-year 2024 and reducing the preliminary capital expenditures guidance by $10 million. The Company continues to expect internally funded investments to return to lower, more normalized levels in the range of 10-15% of revenues beginning in 2025. Management continues its focus on increasing cash flow and driving positive returns on ATN International’s high-quality network assets.
Reiterates preliminary Adjusted EBITDA1 outlook, updates capital expenditure outlook, and provides additional metrics for full year ending December 31, 2024:
| Revenue (excluding construction revenue) | $750 million to $770 million | Full year 2024 | ||
| Adjusted EBITDA1 | $200 million to $208 million | Full year 2024 | ||
| Capital Expenditures | $110 million to $120 million | Full year 2024 | ||
| Net Debt Ratio 3 | 2.25x to 2.40x | Exiting 2024 |
For the Company’s full year 2024 outlook for Adjusted EBITDA, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a full description of items excluded from the Company’s expected Adjusted EBITDA.
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Conference Call Information
Call
Date: Thursday, February 22, 2024
Call Time: 10:00 a.m. ET
Webcast Link: https://edge.media-server.com/mmc/p/thasau6r/
Live Call Participant Link: https://register.vevent.com/register/BIb6167f4ac3b049a28d8dd4ef47a55ab3
Webcast
Link Instructions
You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the "Events &
Presentations" section of the Company's Investor Relations website at https://ir.atni.com/events-and-presentations. A replay
of the conference call will be available at the same locations beginning at approximately 1:00 pm ET on the same day. The Company
also will provide an investor presentation as a supplement to the call on the “Events & Presentations” section of
its Investor Relations website.
About ATN
ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, is a leading provider of digital infrastructure and communications services for all. The Company operates in the United States and internationally, including the Caribbean region, with a focus on rural and remote markets with a growing demand for infrastructure investments. The Company’s operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential, business, and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities. For more information, please visit www.atni.com.
Use of Non-GAAP Financial Measures and Definition of Terms
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, Adjusted EBITDA, Net Debt, and Net Debt Ratio in this release and the tables included herein.
EBITDA is defined as Operating income (loss) before depreciation and amortization expense.
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Adjusted EBITDA is defined as Operating income (loss) before depreciation and amortization expense, transaction-related charges, restructuring expenses, one-time impairment or special charges, and the gain (loss) on disposition of assets and contingent consideration. In order to more closely align with similar calculations presented by companies in its industry, beginning in the first quarter of 2023, the Company excluded non-cash stock-based compensation in its adjustment to derive Adjusted EBITDA. Prior periods have been restated to conform to this definition change.
Net Debt is defined as total debt less cash and cash equivalents and restricted cash.
Net Debt Ratio is defined as Net Debt divided by the trailing four quarters’ ended total Adjusted EBITDA at the measurement date.
The Company believes that the inclusion of these non-GAAP financial measures helps 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.
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Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results of operations, expectations regarding the transition of its US Telecom business, its future revenues, operating income, operating margin, cash flows, network and operating costs, Adjusted EBITDA, Net Debt Ratio, and capital investments; demand for the Company’s services and industry trends; the Company’s liquidity; the expansion of the Company’s customer base and networks; receipt of certain government grants and management’s plans, expectations 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 the Company’s operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of the Company’s subscriber base and ARPU; (2) the Company’s reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to the Company’s network infrastructure; (3) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (4) the Company’s ability to realize expansion plans for its fiber markets; (5) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (6) the Company’s ability to efficiently and cost-effectively upgrade the Company’s networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (7) the Company’s continued access to capital and credit markets on terms it deems favorable; (8) government subsidy program availability and regulation of the Company’s businesses, which may impact the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (9) the Company’s ability to successfully transition its US Telecom business away from wholesale mobility to other carrier and consumer-based services; (10) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities facing the Company’s operations, including those resulting from the continued inflation and other macroeconomic headwinds including increased costs and supply chain disruptions; (11) management transitions, and the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (12) the Company’s ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (13) the occurrence of weather events and natural catastrophes and the Company’s ability to secure the appropriate level of insurance coverage for these assets; and (14) increased competition. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 15, 2023, and the other reports the Company files from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors that may affect such forward-looking statements, except as required by law.
Contact
| Justin D. Benincasa | Ian Rhoades |
| Chief Financial Officer | Investor Relations |
| ATN International, Inc. | Sharon Merrill Advisors, Inc. |
| 978-619-1300 | ATNI@investorrelations.com |
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Table 1
ATN International, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in Thousands)
| December 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | 52,239 | $ | 54,660 | ||||
| Restricted cash | 12,942 | 5,068 | ||||||
| Customer receivable | 7,249 | 5,803 | ||||||
| Other current assets | 208,169 | 164,157 | ||||||
| Total current assets | 280,599 | 229,688 | ||||||
| Property, plant and equipment, net | 1,080,659 | 1,055,954 | ||||||
| Operating lease right-of-use assets | 99,335 | 108,702 | ||||||
| Customer receivable - long term | 45,676 | 46,706 | ||||||
| Goodwill and other intangible assets, net | 173,008 | 185,794 | ||||||
| Other assets | 103,764 | 81,025 | ||||||
| Total assets | $ | 1,783,041 | $ | 1,707,869 | ||||
| Liabilities, redeemable non-controlling interests and stockholders’ equity: | ||||||||
| Current portion of long-term debt | $ | 24,290 | $ | 6,172 | ||||
| Current portion of customer receivable credit facility | 7,110 | 6,073 | ||||||
| Taxes payable | 10,876 | 7,335 | ||||||
| Current portion of lease liabilities | 15,164 | 15,457 | ||||||
| Other current liabilities | 235,081 | 198,143 | ||||||
| Total current liabilities | 292,521 | 233,180 | ||||||
| Long-term debt, net of current portion | $ | 492,580 | $ | 415,727 | ||||
| Customer receivable credit facility, net of current portion | 38,943 | 39,275 | ||||||
| Deferred income taxes | 19,775 | 28,650 | ||||||
| Lease liabilities | 76,936 | 83,319 | ||||||
| Other long-term liabilities | 138,566 | 138,420 | ||||||
| Total liabilities | 1,059,321 | 938,571 | ||||||
| Redeemable non-controlling interests | 85,917 | 92,468 | ||||||
| Stockholders' equity: | ||||||||
| Total ATN International, Inc.’s stockholders’ equity | 541,073 | 580,814 | ||||||
| Non-controlling interests | 96,730 | 96,016 | ||||||
| Total stockholders' equity | 637,803 | 676,830 | ||||||
| Total liabilities, redeemable non-controlling interests and stockholders’ equity | $ | 1,783,041 | $ | 1,707,869 | ||||
| 10 |
Table 2
ATN International, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, Except per Share Data)
| Three Months Ended, | Year Ended, | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenues: | ||||||||||||||||
| Communications services | $ | 187,597 | $ | 179,906 | $ | 735,082 | $ | 692,221 | ||||||||
| Construction | 6,982 | 7,146 | 10,629 | 15,762 | ||||||||||||
| Other | 4,387 | 4,963 | 16,505 | 17,762 | ||||||||||||
| Total revenue | 198,966 | 192,015 | 762,216 | 725,745 | ||||||||||||
| Operating expenses (excluding depreciation and amortization unless otherwise indicated): | ||||||||||||||||
| Cost of services and other | 82,598 | 83,075 | 319,723 | 312,896 | ||||||||||||
| Cost of construction revenue | 6,710 | 7,123 | 10,345 | 15,763 | ||||||||||||
| Selling, general and administrative | 58,642 | 56,519 | 242,697 | 224,398 | ||||||||||||
| Stock-based compensation | 2,063 | 1,710 | 8,535 | 7,406 | ||||||||||||
| Transaction-related charges | 54 | 417 | 551 | 4,798 | ||||||||||||
| Restructuring expenses | 6,588 | - | 11,228 | - | ||||||||||||
| Depreciation | 34,636 | 34,716 | 141,627 | 135,137 | ||||||||||||
| Amortization of intangibles from acquisitions | 3,122 | 3,272 | 12,636 | 13,016 | ||||||||||||
| (Gain) loss on disposition of assets and contingent consideration | 1,289 | 512 | 1,699 | 4,389 | ||||||||||||
| Total operating expenses | 195,702 | 187,344 | 749,041 | 717,803 | ||||||||||||
| Operating income | 3,264 | 4,671 | 13,175 | 7,942 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense, net | (11,872 | ) | (7,177 | ) | (42,210 | ) | (20,243 | ) | ||||||||
| Other income (expense) | (1,128 | ) | 866 | 1,496 | 4,245 | |||||||||||
| Other income (expense), net | (13,000 | ) | (6,311 | ) | (40,714 | ) | (15,998 | ) | ||||||||
| Loss before income taxes | (9,736 | ) | (1,640 | ) | (27,539 | ) | (8,056 | ) | ||||||||
| Income tax expense (benefit) | (2,417 | ) | 906 | (8,785 | ) | (473 | ) | |||||||||
| Net loss | (7,319 | ) | (2,546 | ) | (18,754 | ) | (7,583 | ) | ||||||||
| Net loss attributable to non-controlling interests, net | 1,483 | 1,156 | 4,216 | 1,938 | ||||||||||||
| Net loss attributable to ATN International, Inc. stockholders | $ | (5,836 | ) | $ | (1,390 | ) | $ | (14,538 | ) | $ | (5,645 | ) | ||||
| Net loss per weighted average share attributable to ATN International, Inc. stockholders: | ||||||||||||||||
| Basic and Diluted Net Loss | $ | (0.46 | ) | $ | (0.18 | ) | $ | (1.25 | ) | $ | (0.67 | ) | ||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 15,436 | 15,763 | 15,595 | 15,751 | ||||||||||||
| Diluted | 15,436 | 15,763 | 15,595 | 15,751 | ||||||||||||
| 11 |
Table 3
ATN International, Inc.
Unaudited Condensed Consolidated Cash Flow Statements
(in Thousands)
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Net Loss | $ | (18,754 | ) | $ | (7,583 | ) | ||
| Depreciation | 141,627 | 135,137 | ||||||
| Amortization of intangibles from acquisitions | 12,636 | 13,016 | ||||||
| Provision for doubtful accounts | 5,012 | 6,693 | ||||||
| Amortization of debt discount and debt issuance costs | 2,431 | 2,014 | ||||||
| (Gain) Loss on disposition of assets and contingent consideration | 1,699 | 4,387 | ||||||
| Stock-based compensation | 8,535 | 7,406 | ||||||
| Deferred income taxes | (16,756 | ) | (7,452 | ) | ||||
| Loss on pension settlement | 369 | 1,725 | ||||||
| Gain on equity investments | (2,839 | ) | (5,656 | ) | ||||
| Decrease in customer receivable | (416 | ) | (8,713 | ) | ||||
| Change in prepaid and accrued income taxes | 7,801 | 9,187 | ||||||
| Change in other operating assets and liabilities | (28,351 | ) | (47,249 | ) | ||||
| Net cash provided by operating activities | 112,994 | 102,912 | ||||||
| Capital expenditures | (163,297 | ) | (160,114 | ) | ||||
| Government capital programs: | ||||||||
| Amounts disbursed | (32,871 | ) | (7,905 | ) | ||||
| Amounts received | 31,873 | 2,853 | ||||||
| Proceeds from sale of investments | - | 15,745 | ||||||
| Spectrum sales and refunds | 576 | 1,136 | ||||||
| Proceeds from disposiitions of long-lived assets | - | 1,067 | ||||||
| Purchase of spectrum | - | (1,068 | ) | |||||
| Purchases of strategic investments | (1,055 | ) | (2,750 | ) | ||||
| Purchases and sales of businesses | 1,314 | (16,209 | ) | |||||
| Net cash used in investing activities | (163,460 | ) | (167,245 | ) | ||||
| Dividends paid on common stock | (13,178 | ) | (10,708 | ) | ||||
| Distributions to non-controlling interests | (4,040 | ) | (3,531 | ) | ||||
| Contingent consideration paid for business acquisitions | - | (1,718 | ) | |||||
| Finance lease payments | (1,375 | ) | (1,069 | ) | ||||
| Term loan - borrowings | 130,000 | 20,000 | ||||||
| Term loan - repayments | (6,959 | ) | (5,222 | ) | ||||
| Payment of debt issuance costs | (3,906 | ) | (873 | ) | ||||
| Revolving credit facilities – borrowings | 159,414 | 115,250 | ||||||
| Revolving credit facilities – repayments | (185,292 | ) | (72,250 | ) | ||||
| Proceeds from customer receivable credit facility | 7,300 | 15,425 | ||||||
| Repayment of customer receivable credit facility | (6,712 | ) | (4,960 | ) | ||||
| Purchases of common stock - stock-based compensation | (1,473 | ) | (1,169 | ) | ||||
| Purchases of common stock - share repurchase plan | (14,999 | ) | (942 | ) | ||||
| Repurchases of non-controlling interests, net | (2,861 | ) | (4,869 | ) | ||||
| Net cash provided by financing activities | 55,919 | 43,364 | ||||||
| Net change in total cash, cash equivalents and restricted cash | 5,453 | (20,969 | ) | |||||
| Total cash, cash equivalents and restricted cash, beginning of period | 59,728 | 80,697 | ||||||
| Total cash, cash equivalents and restricted cash, end of period | $ | 65,181 | $ | 59,728 | ||||
| 12 |
| Table 4 |
| ATN International, Inc. | ||||
| Selected Segment Financial Information | ||||
| (In Thousands) | ||||
| For the three months ended December 31, 2023 is as follows: | ||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||||||
| Statement of Operations Data: | ||||||||||||||||
| Revenue | ||||||||||||||||
| Mobility | ||||||||||||||||
| Business | $ | 4,768 | $ | 112 | $ | - | $ | 4,880 | ||||||||
| Consumer | 22,965 | 844 | - | 23,809 | ||||||||||||
| Total | $ | 27,733 | $ | 956 | $ | - | $ | 28,689 | ||||||||
| Fixed | ||||||||||||||||
| Business | $ | 18,606 | $ | 35,827 | $ | - | $ | 54,433 | ||||||||
| Consumer | 42,016 | 22,431 | - | 64,447 | ||||||||||||
| Total | $ | 60,622 | $ | 58,258 | $ | - | $ | 118,880 | ||||||||
| Carrier Services | $ | 3,675 | $ | 32,216 | $ | - | $ | 35,891 | ||||||||
| Other | 982 | 3,155 | - | 4,137 | ||||||||||||
| Total Communications Services | $ | 93,012 | $ | 94,585 | $ | - | $ | 187,597 | ||||||||
| Construction | $ | - | $ | 6,982 | $ | - | $ | 6,982 | ||||||||
| Managed services | $ | 1,455 | $ | 2,932 | $ | - | $ | 4,387 | ||||||||
| Total Other | $ | 1,455 | $ | 2,932 | $ | - | $ | 4,387 | ||||||||
| Total Revenue | $ | 94,467 | $ | 104,499 | $ | - | $ | 198,966 | ||||||||
| Depreciation | $ | 14,774 | $ | 19,279 | $ | 583 | $ | 34,636 | ||||||||
| Amortization of intangibles from acquisitions | $ | 269 | $ | 2,853 | $ | - | $ | 3,122 | ||||||||
| Total operating expenses | $ | 82,223 | $ | 106,302 | $ | 7,177 | $ | 195,702 | ||||||||
| Operating income (loss) | $ | 12,244 | $ | (1,803 | ) | $ | (7,177 | ) | $ | 3,264 | ||||||
| Net (income) loss attributable to non-controlling interests | $ | (1,455 | ) | $ | 2,938 | $ | - | $ | 1,483 | |||||||
| Non GAAP measures: | ||||||||||||||||
| EBITDA (2) | $ | 27,287 | $ | 20,329 | $ | (6,594 | ) | $ | 41,022 | |||||||
| Adjusted EBITDA (1) | $ | 30,868 | $ | 27,489 | $ | (7,341 | ) | $ | 51,016 | |||||||
| Balance Sheet Data (at December 31, 2023): | ||||||||||||||||
| Cash, cash equivalents and restricted cash | $ | 26,354 | $ | 33,574 | $ | 5,252 | $ | 65,180 | ||||||||
| Total current assets | 107,469 | 162,095 | 11,035 | 280,599 | ||||||||||||
| Fixed assets, net | 481,911 | 593,833 | 4,915 | 1,080,659 | ||||||||||||
| Total assets | 672,171 | 1,019,251 | 91,619 | 1,783,041 | ||||||||||||
| Total current liabilities | 86,540 | 168,624 | 37,357 | 292,521 | ||||||||||||
| Total debt, including current portion | 64,254 | 293,607 | 159,009 | 516,870 | ||||||||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
13
| Table 4 (continued) |
| ATN International, Inc. | ||||
| Selected Segment Financial Information | ||||
| (In Thousands) | ||||
| For the three months ended December 31, 2022 is as follows: | ||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||||||
| Statement of Operations Data: | ||||||||||||||||
| Revenue | ||||||||||||||||
| Mobility | ||||||||||||||||
| Business | $ | 3,833 | $ | 256 | $ | - | $ | 4,089 | ||||||||
| Consumer | 23,576 | 1,295 | - | 24,871 | ||||||||||||
| Total | $ | 27,409 | $ | 1,551 | $ | - | $ | 28,960 | ||||||||
| Fixed | ||||||||||||||||
| Business | $ | 17,076 | $ | 35,215 | $ | - | $ | 52,291 | ||||||||
| Consumer | 40,973 | 21,059 | - | 62,032 | ||||||||||||
| Total | $ | 58,049 | $ | 56,274 | $ | - | $ | 114,323 | ||||||||
| Carrier Services | $ | 3,417 | $ | 32,761 | $ | - | $ | 36,178 | ||||||||
| Other | 399 | 46 | - | 445 | ||||||||||||
| Total Communications Services | $ | 89,274 | $ | 90,632 | $ | - | $ | 179,906 | ||||||||
| Construction | $ | - | $ | 7,146 | $ | - | $ | 7,146 | ||||||||
| Managed services | $ | 1,110 | $ | 3,853 | $ | - | $ | 4,963 | ||||||||
| Total Other | $ | 1,110 | $ | 3,853 | $ | - | $ | 4,963 | ||||||||
| Total Revenue | $ | 90,384 | $ | 101,631 | $ | - | $ | 192,015 | ||||||||
| Depreciation | $ | 13,460 | $ | 20,474 | $ | 782 | $ | 34,716 | ||||||||
| Amortization of intangibles from acquisitions | $ | 380 | $ | 2,892 | $ | - | $ | 3,272 | ||||||||
| Total operating expenses | $ | 75,260 | $ | 103,088 | $ | 8,996 | $ | 187,344 | ||||||||
| Operating income (loss) | $ | 15,124 | $ | (1,457 | ) | $ | (8,996 | ) | $ | 4,671 | ||||||
| Net (income) loss attributable to non-controlling interests | $ | (1,783 | ) | $ | 2,939 | $ | - | $ | 1,156 | |||||||
| Non GAAP measures: | ||||||||||||||||
| EBITDA (2) | $ | 28,964 | $ | 21,909 | $ | (8,214 | ) | $ | 42,659 | |||||||
| Adjusted EBITDA (1) | $ | 29,162 | $ | 22,955 | $ | (6,819 | ) | $ | 45,298 | |||||||
(1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
(2) See Table 5 for reconciliation of Operating Income to EBITDA
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
14
| Table 4 (continued) |
| ATN International, Inc. | ||||
| Selected Segment Financial Information | ||||
| (In Thousands) | ||||
| For the year ended December 31, 2023 is as follows: | ||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||||||
| Statement of Operations Data: | ||||||||||||||||
| Revenue | ||||||||||||||||
| Mobility | ||||||||||||||||
| Business | $ | 16,333 | $ | 527 | $ | - | $ | 16,860 | ||||||||
| Consumer | 92,153 | 3,510 | - | 95,663 | ||||||||||||
| Total | $ | 108,486 | $ | 4,037 | $ | - | $ | 112,523 | ||||||||
| Fixed | ||||||||||||||||
| Business | $ | 71,215 | $ | 143,322 | $ | - | $ | 214,537 | ||||||||
| Consumer | 167,953 | 90,283 | - | 258,236 | ||||||||||||
| Total | $ | 239,168 | $ | 233,605 | $ | - | $ | 472,773 | ||||||||
| Carrier Services | $ | 14,686 | $ | 128,195 | $ | - | $ | 142,881 | ||||||||
| Other | 3,066 | 3,839 | - | 6,905 | ||||||||||||
| Total Communications Services | $ | 365,406 | $ | 369,676 | $ | - | $ | 735,082 | ||||||||
| Construction | $ | - | $ | 10,629 | $ | - | $ | 10,629 | ||||||||
| Managed services | $ | 5,327 | $ | 11,178 | $ | - | $ | 16,505 | ||||||||
| Total Other | $ | 5,327 | $ | 11,178 | $ | - | $ | 16,505 | ||||||||
| Total Revenue | $ | 370,733 | $ | 391,483 | $ | - | $ | 762,216 | ||||||||
| Depreciation | $ | 57,420 | $ | 81,594 | $ | 2,613 | $ | 141,627 | ||||||||
| Amortization of intangibles from acquisitions | $ | 1,253 | $ | 11,383 | $ | - | $ | 12,636 | ||||||||
| Total operating expenses | $ | 317,313 | $ | 397,005 | $ | 34,723 | $ | 749,041 | ||||||||
| Operating income (loss) | $ | 53,420 | $ | (5,522 | ) | $ | (34,723 | ) | $ | 13,175 | ||||||
| Net (income) loss attributable to non-controlling interests | $ | (7,105 | ) | $ | 11,321 | $ | - | $ | 4,216 | |||||||
| Non GAAP measures: | ||||||||||||||||
| EBITDA (2) | $ | 112,093 | $ | 87,455 | $ | (32,110 | ) | $ | 167,438 | |||||||
| Adjusted EBITDA (1) | $ | 115,955 | $ | 99,933 | $ | (26,437 | ) | $ | 189,451 | |||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
15
| Table 4 (continued) |
| ATN International, Inc. | ||||
| Selected Segment Financial Information | ||||
| (In Thousands) | ||||
| For the year ended December 31, 2022 is as follows: | ||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||||||
| Statement of Operations Data: | ||||||||||||||||
| Revenue | ||||||||||||||||
| Mobility | ||||||||||||||||
| Business | $ | 14,830 | $ | 1,228 | $ | - | $ | 16,058 | ||||||||
| Consumer | 87,601 | 6,359 | - | 93,960 | ||||||||||||
| Total | $ | 102,431 | $ | 7,587 | $ | - | $ | 110,018 | ||||||||
| Fixed | ||||||||||||||||
| Business | $ | 69,903 | $ | 126,735 | $ | - | $ | 196,638 | ||||||||
| Consumer | 163,408 | 78,338 | - | 241,746 | ||||||||||||
| Total | $ | 233,311 | $ | 205,073 | $ | - | $ | 438,384 | ||||||||
| Carrier Services | $ | 13,459 | $ | 128,864 | $ | - | $ | 142,323 | ||||||||
| Other | 1,450 | 46 | - | 1,496 | ||||||||||||
| Total Communications Services | $ | 350,651 | $ | 341,570 | $ | - | $ | 692,221 | ||||||||
| Construction | $ | - | $ | 15,762 | $ | - | $ | 15,762 | ||||||||
| Managed services | $ | 4,930 | $ | 12,832 | $ | - | $ | 17,762 | ||||||||
| Total Other | $ | 4,930 | $ | 12,832 | $ | - | $ | 17,762 | ||||||||
| Total Revenue | $ | 355,581 | $ | 370,164 | $ | - | $ | 725,745 | ||||||||
| Depreciation | $ | 56,568 | $ | 75,020 | $ | 3,549 | $ | 135,137 | ||||||||
| Amortization of intangibles from acquisitions | $ | 1,572 | $ | 11,444 | $ | - | $ | 13,016 | ||||||||
| Total operating expenses | $ | 303,569 | $ | 375,820 | $ | 38,414 | $ | 717,803 | ||||||||
| Operating income (loss) | $ | 52,012 | $ | (5,656 | ) | $ | (38,414 | ) | $ | 7,942 | ||||||
| Net (income) loss attributable to non-controlling interests | $ | (6,613 | ) | $ | 8,552 | $ | - | $ | 1,939 | |||||||
| Non GAAP measures: | ||||||||||||||||
| EBITDA (2) | $ | 110,152 | $ | 80,808 | $ | (34,865 | ) | $ | 156,095 | |||||||
| Adjusted EBITDA (1) | $ | 111,549 | $ | 85,395 | $ | (24,256 | ) | $ | 172,688 | |||||||
| Balance Sheet Data (at December 31, 2022): | ||||||||||||||||
| Cash, cash equivalents and restricted cash | $ | 26,417 | $ | 26,375 | $ | 6,935 | $ | 59,727 | ||||||||
| Total current assets | 105,324 | 116,038 | 8,326 | 229,688 | ||||||||||||
| Fixed assets, net | 462,447 | 585,969 | 7,538 | 1,055,954 | ||||||||||||
| Total assets | 643,664 | 980,543 | 83,662 | 1,707,869 | ||||||||||||
| Total current liabilities | 86,738 | 119,756 | 26,686 | 233,180 | ||||||||||||
| Total debt, including current portion | 59,659 | 263,240 | 99,000 | 421,899 | ||||||||||||
(1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
(2) See Table 5 for reconciliation of Operating Income to EBITDA
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
16
Table 5
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
For the three months ended December 31, 2023 is as follows:
| International Telecom | US Telecom | Corporate
and Other * | Total | |||||||||||||
| Operating income (loss) | $ | 12,244 | $ | (1,803 | ) | $ | (7,177 | ) | $ | 3,264 | ||||||
| Depreciation expense | 14,774 | 19,279 | 583 | 34,636 | ||||||||||||
| Amortization of intangibles from acquisitions | 269 | 2,853 | - | 3,122 | ||||||||||||
| EBITDA | $ | 27,287 | $ | 20,329 | $ | (6,594 | ) | $ | 41,022 | |||||||
| Stock-based compensation | 125 | 137 | 1,801 | 2,063 | ||||||||||||
| Restructuring expenses | 3,491 | 3,097 | - | 6,588 | ||||||||||||
| Transaction-related charges | - | 38 | 16 | 54 | ||||||||||||
| (Gain) Loss on disposition of assets and contingent consideration | (35 | ) | 3,888 | (2,564 | ) | 1,289 | ||||||||||
| ADJUSTED EBITDA | $ | 30,868 | $ | 27,489 | $ | (7,341 | ) | $ | 51,016 | |||||||
For the three months ended December 31, 2022 is as follows:
| International Telecom | US Telecom | Corporate
and Other * | Total | |||||||||||||
| Operating income (loss) | $ | 15,124 | $ | (1,457 | ) | $ | (8,996 | ) | $ | 4,671 | ||||||
| Depreciation expense | 13,460 | 20,474 | 782 | 34,716 | ||||||||||||
| Amortization of intangibles from acquisitions | 380 | 2,892 | - | 3,272 | ||||||||||||
| EBITDA | $ | 28,964 | $ | 21,909 | $ | (8,214 | ) | $ | 42,659 | |||||||
| Stock-based compensation | 70 | 86 | 1,554 | 1,710 | ||||||||||||
| Transaction-related charges | - | 576 | (159 | ) | 417 | |||||||||||
| (Gain) Loss on disposition of assets and contingent consideration | 128 | 384 | - | 512 | ||||||||||||
| ADJUSTED EBITDA | $ | 29,162 | $ | 22,955 | $ | (6,819 | ) | $ | 45,298 | |||||||
| 17 |
Table 5 (continued)
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
For the year ended December 31, 2023 is as follows:
| International Telecom | US Telecom | Corporate
and Other * | Total | |||||||||||||
| Operating income (loss) | $ | 53,420 | $ | (5,522 | ) | $ | (34,723 | ) | $ | 13,175 | ||||||
| Depreciation expense | 57,420 | 81,594 | 2,613 | 141,627 | ||||||||||||
| Amortization of intangibles from acquisitions | 1,253 | 11,383 | - | 12,636 | ||||||||||||
| EBITDA | $ | 112,093 | $ | 87,455 | $ | (32,110 | ) | $ | 167,438 | |||||||
| Stock-based compensation | 431 | 247 | 7,857 | 8,535 | ||||||||||||
| Restructuring expenses | 3,491 | 7,737 | - | 11,228 | ||||||||||||
| Transaction-related charges | - | 171 | 380 | 551 | ||||||||||||
| (Gain) Loss on disposition of assets and contingent consideration | (60 | ) | 4,323 | (2,564 | ) | 1,699 | ||||||||||
| ADJUSTED EBITDA | $ | 115,955 | $ | 99,933 | $ | (26,437 | ) | $ | 189,451 | |||||||
For the year ended December 31, 2022 is as follows:
| International Telecom | US Telecom | Corporate
and Other * | Total | |||||||||||||
| Operating income (loss) | $ | 52,012 | $ | (5,656 | ) | $ | (38,414 | ) | 7,942 | |||||||
| Depreciation expense | 56,568 | 75,020 | 3,549 | 135,137 | ||||||||||||
| Amortization of intangibles from acquisitions | 1,572 | 11,444 | - | 13,016 | ||||||||||||
| EBITDA | $ | 110,152 | $ | 80,808 | $ | (34,865 | ) | $ | 156,095 | |||||||
| Stock-based compensation | 240 | 387 | 6,779 | 7,406 | ||||||||||||
| Transaction-related charges | - | 1,669 | 3,129 | 4,798 | ||||||||||||
| (Gain) Loss on disposition of assets and contingent consideration | 1,157 | 2,531 | 701 | 4,389 | ||||||||||||
| ADJUSTED EBITDA | $ | 111,549 | $ | 85,395 | $ | (24,256 | ) | $ | 172,688 | |||||||
| 18 |
Table 6
ATN International, Inc.
Non GAAP Measure - Net Debt Ratio
(in Thousands)
| December 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Current portion of long-term debt * | $ | 24,290 | $ | 6,172 | ||||
| Long-term debt, net of current portion * | 492,580 | 415,727 | ||||||
| Total debt | $ | 516,870 | $ | 421,899 | ||||
| Less: Cash, cash equivalents and restricted cash | 65,181 | 59,728 | ||||||
| Net Debt | $ | 451,689 | $ | 362,171 | ||||
| Adjusted EBITDA - for the four quarters ended | $ | 189,451 | $ | 172,688 | ||||
| Net Debt Ratio | 2.38 | 2.10 | ||||||
* Excludes Customer receivable credit facility
| 19 |