-Alaska Communications reaffirms revenue and
free cash flow guidance-
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today
reported financial results for the third quarter of 2017.
“Our sales performance in Business and Wholesale is consistent
with our expectations and reflects a robust delivery funnel that
gives us visibility into revenue for the quarters ahead. We posted
growth in both Total revenue as well as Business and Wholesale
revenue, and continue to see growth prospects in the long-term as
demand drivers like video streaming, wireless backhaul and cloud
migration continue in their robust trajectory.
“Additionally, we are advancing our fixed wireless technology
strategy. Fixed wireless provides a capital efficient mechanism to
meet our CAF II deployment obligations as well as a strong
foundation for competitive broadband to serve our mass market
consumer and small business customers in non-CAF II areas. We look
forward to reporting progress over the upcoming quarters,” said
Anand Vadapalli, president and CEO of Alaska Communications.
Revenue Highlights: Third Quarter 2017 Compared to Third
Quarter 2016
- Total revenue:
- Revenue increased to $56.7 million, up
0.4 percent from $56.5 million.
- Total broadband revenue reached $31.3
million, representing 55.3 percent of total revenue and up 6.8
percent from $29.4 million.
- Business and wholesale:
- Comprised 61.5 percent of total
revenue.
- Revenue grew to $34.9 million, up 2.5
percent from $34.0 million.
- Broadband revenue reached $25.0
million, up 8.3 percent from $23.1 million.
- Consumer:
- Comprised 16.4 percent of total
revenue.
- Revenue was $9.3 million, down 0.7
percent from $9.4 million.
- Broadband revenue was $6.3 million, up
1.2 percent from $6.2 million.
- Regulatory:
- Comprised 22.1 percent of total
revenue.
- Revenue was $12.5 million, down 4.4
percent from $13.1 million.
Financial Metrics: Third Quarter 2017 compared to Third
Quarter 2016
- Operating income was $3.5 million,
compared to $4.1 million.
- Net income was $0.3 million in both
periods.
- Net cash provided by operating
activities was $8.6 million, compared to $9.5 million.
- Capital expenditures were $13.5
million, compared to $8.7 million.
Balance Sheet Metrics: September 30, 2017 compared to
December 31, 2016
- Cash was $11.2 million, compared to
$21.2 million, reflecting the utilization of cash in the
refinancing transactions and other changes in working capital.
- Net debt was $172.4 million, compared
to $162.8 million. This increase reflects the change in cash noted
above.
Non-GAAP Metrics: Third Quarter 2017 compared to Third
Quarter 2016
- Adjusted EBITDA was $13.0 million,
compared to $13.9 million.
- Adjusted free cash flow was ($4.2)
million, compared to $3.0 million.
Reconciliations of non-GAAP financial measures to GAAP financial
measures can be found in tables at the end of this release and on
the company’s website at http://www.alsk.com in the investment data
section.
Laurie Butcher, Alaska Communications senior vice-president of
finance, said: “Our results reflect uncertainty in the FCC’s Rural
Health Care Program causing a negative impact on revenue of $0.7
million for both the quarter and year to date and on Adjusted
EBITDA of $1.5 million for the quarter and $2.6 million year to
date. While conservatively revising Adjusted EBITDA guidance, we
continue to proactively manage operating expenses to mitigate the
impacts. With our emphasis on capital efficiency through the course
of the year, we are also reducing capital spending which will
positively impact adjusted free cash flow. We remain comfortable
with both our revenue and Adjusted FCF guidance levels for the
year.”
2017 Guidance:
- Total Revenue between $229 million and
$235 million, consistent with prior guidance
- Adjusted EBITDA between $56 million and
$59 million, reduced from $59 million and $61 million
- Capital Expenditures between $32
million and $35 million, reduced from $35 million and $38
million
- Adjusted Free Cash Flow between $4
million and $7 million, consistent with prior guidance
Conference Call
The Company will host a conference call and live webcast on
Wednesday, November 8, 2017 at 3:00 p.m. Eastern Time to discuss
the results. Parties in the United States and Canada can access the
call at 1-800-289-0459 and enter pass code 471977. All other
parties can access the call at 1-323-794-2558 and use the same
code.
The live webcast of the conference call will be accessible from
the "Events Calendar" section of the Company's website
(www.alsk.com). The webcast will be archived for a period of 90
days. A telephonic replay of the conference call will also be
available two hours after the call and will run until December 8,
2017 at 6:00 p.m. Eastern Time. To hear the replay, parties in the
U.S. and Canada can call 1-888-203-1112 and enter pass code
9115915. All other parties can call 1-719-457-0820 and enter pass
code 9115915.
About Alaska Communications
Alaska Communications (NASDAQ: ALSK) is the leading provider of
advanced broadband and managed IT services for businesses and
consumers in Alaska. The company operates a highly reliable,
advanced statewide data network with the latest technology and the
most diverse undersea fiber optic system connecting Alaska to the
contiguous U.S. For more information, visit
www.alaskacommunications.com or www.alsk.com.
Non-GAAP Measures
In an effort to provide investors with additional information
regarding our financial results, we have provided certain non-GAAP
financial information, including Adjusted EBITDA, Adjusted Free
Cash Flow and Net Debt. Adjusted EBITDA eliminates the effects of
period to period changes in costs that are not directly
attributable to the underlying performance of the Company’s
business operations and is used by Management and the Company’s
Board of Directors to evaluate current operating financial
performance, analyze and evaluate strategic and operational
decisions and better evaluate comparability between periods.
Adjusted Free Cash Flow is a non-GAAP liquidity measured used by
Management and the Company’s Board of Directors to assess the
Company’s ability to generate cash and plan for future operating
and capital actions. Adjusted EBITDA and Adjusted Free Cash Flow
are common measures utilized by our peers (other telecommunications
companies) and we believe they provide useful information to
investors and analysts about the Company’s operating results,
financial condition and cash flows. Net Debt provides Management
and the Company’s Board of Directors with a measure of the
Company’s current leverage position. The definition of these
non-GAAP measures is provided on Schedules 4, 6 and 9 to this press
release. Adjusted EBITDA and Adjusted Free Cash Flow should not be
considered a substitute for Net Income, Net Cash Provided by
Operating Activities and other measures of financial performance
recorded in accordance with GAAP. Reconciliations of our non-GAAP
measures to our nearest GAAP measures can be found in the tables in
this release and on our website in the investment data section.
Other companies may not calculate non-GAAP measures in the same
manner as Alaska Communications. The Company does not provide
reconciliations of guidance for Adjusted EBITDA to Net Income, and
Adjusted Free Cash Flow to Net Cash from Operating Activities, in
reliance on the unreasonable efforts exception provided under Item
10(e)(1)(i)(B) of Regulation S-K. The Company does not forecast
certain items required to develop the comparable GAAP financial
measures. These items are charges and benefits for uncollectible
accounts, certain other non-cash expenses, unusual items typically
excluded from Adjusted EBITDA and Adjusted Free Cash Flow, and
changes in operating assets and liabilities (generally the most
significant of these items, representing cash outflows of $7.7
million in the nine-month period of 2017).
Forward-Looking Statements
This press release includes certain "forward-looking
statements," as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's beliefs as well as on a number of assumptions
concerning future events made using information currently available
to management. Readers are cautioned not to put undue reliance on
such forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors, many of which are outside the Company’s control. Such
factors include, without limitation, Federal and Alaska Universal
Service Fund changes including Rural Health Care Program funding
limitations, adverse economic conditions, the effects of
competition in our markets, unforeseen challenges when entering new
markets, our relatively small size compared with our competitors,
the Company’s ability to compete, manage, integrate, market,
maintain, and attract sufficient customers for its products and
services, adverse changes in labor matters, including workforce
levels, our ability to service our debt and refinance as required,
labor negotiations, including renegotiating our collective
bargaining agreement, employee benefit costs, our ability to
control other operating costs, disruption of our supplier’s
provisioning of critical products or services, the impact of
natural or man-made disasters, changes in Company's relationships
with large customers, unforeseen changes in public policies,
regulatory changes, changes in technology and standards, our
internal control over financial reporting, and changes in
accounting standards or policies, which could affect reported
financial results. For further information regarding risks and
uncertainties associated with the Company’s business, please refer
to the Company's SEC filings, including, but not limited to, the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
annual report on Form 10-K and quarterly reports on Form 10-Q.
Copies of the Company's SEC filings may be obtained by contacting
its investor relations department at (907) 564-7556 or by visiting
its investor relations website at www.alsk.com.
Schedule 1
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. CONSOLIDATED
SCHEDULE OF OPERATIONS (Unaudited, In Thousands Except Per
Share Amounts) Three Months
Ended Nine Months Ended September
30, September 30,
2017 2016
2017 2016
Operating revenues $ 56,703 $ 56,483 $ 171,970 $ 169,073
Operating expenses:
Cost of services and sales (excluding
depreciation and amortization)
26,690 25,393 78,286 77,064 Selling, general & administrative
17,261 18,110 52,792 53,036 Depreciation and amortization 9,193
8,748 27,124 25,908 Loss on disposal of assets, net
40 132
73 284 Total
operating expenses
53,184
52,383 158,275
156,292 Operating income 3,519
4,100 13,695 12,781 Other income and (expense): Interest
expense (3,577 ) (3,869 ) (11,335 ) (11,590 ) Loss on
extinguishment of debt (93 ) - (7,527 ) (336 ) Interest income
13 7
27 18 Total other
income and (expense)
(3,657 )
(3,862 )
(18,835 ) (11,908
) (Loss) income before income tax benefit
(expense) (138 ) 238 (5,140 ) 873 Income tax benefit
(expense)
422 82
1,886 (217
) Net income (loss) 284 320 (3,254 ) 656
Less net loss attributable to noncontrolling interest
(36 ) (34
) (100 )
(101 ) Net income (loss)
attributable to Alaska Communications
$
320 $ 354
$ (3,154 ) $
757 Basic and Diluted
$
0.01 $ 0.01
$ (0.06 ) $
0.01 Weighted average shares
outstanding: Basic
52,434
51,340 52,159
51,105 Diluted
53,794
52,454 52,159
52,130 Schedule 2
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited, In Thousands
Except Per Share Amounts) September 30,
December 31, Assets 2017
2016 Current assets: Cash and cash
equivalents $ 11,224 $ 21,228 Restricted cash 11,927 1,917 Accounts
receivable, net of allowance of $2,165 and $1,115 24,976 25,062
Materials and supplies 5,635 4,917 Prepayments and other current
assets
7,522 5,995
Total current assets 61,284 59,119 Property, plant
and equipment 1,367,927 1,349,899 Less: accumulated depreciation
and amortization
(1,001,953 )
(983,050 ) Property, plant and
equipment, net 365,974 366,849 Deferred income taxes 16,542
14,718 Other assets
1,864
1,674 Total assets
$
445,664 $ 442,360
Liabilities and Stockholders' Equity Current
liabilities: Current portion of long-term obligations $ 17,251 $
1,973 Accounts payable, accrued and other current liabilities
37,767 38,180 Advance billings and customer deposits
4,353 4,167 Total
current liabilities 59,371 44,320 Long-term obligations, net
of current portion 170,414 177,626 Other long-term liabilities, net
of current portion
59,642
61,538 Total liabilities
289,427 283,484
Commitments and contingencies Alaska Communications stockholders'
equity: Common stock, $.01 par value; 145,000 authorized 524 515
Additional paid in capital 158,184 159,474 (Accumulated deficit)
retained earnings (1,057 ) 752 Accumulated other comprehensive loss
(2,434 )
(2,910 ) Total Alaska Communications
stockholders' equity 155,217 157,831 Noncontrolling interest
1,020 1,045 Total
stockholders' equity
156,237
158,876 Total liabilities and
stockholders' equity
$ 445,664
$ 442,360 Schedule 3
ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited,
In Thousands) Three Months Ended Nine Months
Ended September 30, September
30, 2017 2016
2017 2016 Cash Flows from
Operating Activities: Net income (loss) $ 284 $ 320 $ (3,254 ) $
656
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 9,193 8,748 27,124 25,908 Loss on the
disposal of assets, net 40 132 73 284 Amortization of debt issuance
costs and debt discount 414 1,014 1,951 3,035 Loss on
extinguishment of debt 93 - 7,527 336 Amortization of deferred
capacity revenue (884 ) (862 ) (2,601 ) (2,564 ) Stock-based
compensation 261 700 842 2,147 Deferred income tax (benefit)
expense (374 ) 48 (1,840 ) 543 Tax deficiencies from share-based
payments - - - (51 ) Charge for uncollectible accounts 929 89 2,562
166 Other non-cash expense, net 142 52 430 466 Income taxes payable
(receivable) 3 (130 ) 577 (852 ) Changes in operating assets and
liabilities
(1,478 )
(633 ) (7,703
) (1,710 ) Net cash
provided by operating activities
8,623
9,478 25,688
28,364 Cash Flows from Investing
Activities: Capital expenditures (13,532 ) (8,689 ) (24,054 )
(22,351 ) Capitalized interest (309 ) (263 ) (772 ) (811 ) Change
in unsettled capital expenditures 4,050 (25 ) 2,007 (9,181 )
Proceeds on sale of assets
2
1 6
2,664 Net cash used by investing activities
(9,789 )
(8,976 ) (22,813
) (29,679 )
Cash Flows from Financing Activities: Repayments of long-term debt
(365 ) (869 ) (174,378 ) (12,355 ) Proceeds from the issuance of
long-term debt - - 183,000 - Debt issuance costs and discounts (51
) - (5,559 ) (44 ) Cash paid for debt extinguishment (243 ) -
(5,522 ) (150 ) Cash proceeds from noncontrolling interest 75 - 75
75 Payment of withholding taxes on stock-based compensation (2 ) -
(601 ) (472 ) Proceeds from issuance of common stock
(3 ) 2
116 130 Net cash
used by financing activities
(589
) (867 )
(2,869 ) (12,816
) Change in cash, cash equivalents and
restricted cash (1,755 ) (365 ) 6 (14,131 ) Cash, cash
equivalents and restricted cash, beginning of period
24,906 24,059
23,145 37,825
Cash, cash equivalents and restricted cash, end of period
$ 23,151 $
23,694 $ 23,151
$ 23,694
Supplemental Cash Flow Data: Interest paid $ 3,279 $ 1,653 $ 10,874
$ 8,012 Income taxes (refunded) paid, net $ (52 ) $ - $ (624 ) $
577
Schedule 4 ALASKA COMMUNICATIONS SYSTEMS
GROUP, INC. ADJUSTED EBITDA (Unaudited, In
Thousands) Three Months
Ended Nine Months Ended September
30, September 30,
2017 2016
2017 2016 Net income
(loss) $ 284 $ 320 $ (3,254 ) $ 656 Add (subtract): Interest
expense 3,577 3,869 11,335 11,590 Loss on extinguishment of debt 93
- 7,527 336 Interest income (13 ) (7 ) (27 ) (18 ) Depreciation and
amortization 9,193 8,748 27,124 25,908 Loss on disposal of assets,
net 40 132 73 284 Income tax (benefit) expense (422 ) (82 ) (1,886
) 217 Stock-based compensation 261 700 842 2,147 Long-term cash
incentives - 180 - 585 Pension adjustment - (41 ) - - Net loss
attributable to noncontrolling interest
36
34 100
101 Adjusted EBITDA
$ 13,049 $
13,853 $ 41,834
$ 41,806
NonGAAP Measures:
The Company provides certain non-GAAP financial information,
including Adjusted EBITDA, Adjusted Free Cash Flow and Net Debt.
Adjusted EBITDA eliminates the effects of period to period changes
in costs that are not directly attributable to the underlying
performance of the Company’s business operations and is used by
Management and the Company’s Board of Directors to evaluate current
operating financial performance, analyze and evaluate strategic and
operational decisions and better evaluate comparability between
periods. Adjusted Free Cash Flow is a non-GAAP liquidity measure
used by Management to assess the Company’s ability to generate cash
and plan for future operating and capital actions. Adjusted EBITDA
and Adjusted Free Cash Flow are common measures utilized by our
peers (other telecommunications companies) and we believe they
provide useful information to investors and analysts about the
Company’s operating results, financial condition and cash flows.
Net Debt provides Management and the Board of Directors with a
measure of the Company’s current leverage position.
The Company does not provide reconciliations of guidance for
Adjusted EBITDA to Net Income, and Adjusted Free Cash Flow to Net
Cash Provided by Operating Activities, in reliance on the
unreasonable efforts exception provided under Item 10(e)(1)(i)(B)
of Regulation S-K. The Company does not forecast certain items
required to develop the comparable GAAP financial measures. These
items are charges and benefits for uncollectible accounts, certain
other non-cash expenses, unusual items typically excluded from
Adjusted EBITDA and Adjusted Free Cash Flow, and changes in
operating assets and liabilities (generally the most significant of
these items, representing cash outflows of $7.7 million in the
nine-month period ended September 30, 2017).
Adjusted EBITDA and Adjusted Free Cash Flow are not GAAP
measures and should not be considered a substitute for net income,
net cash provided by operating activities, or net cash provided or
used. Adjusted EBITDA as computed above is not consistent with the
definition of Consolidated EBITDA referenced in our 2017 Senior
Credit Agreement and 2015 Senior Credit Agreements, and other
companies may not calculate Non-GAAP measures in the same manner we
do.
Adjusted EBITDA is defined as net income (loss) before interest,
loss on extinguishment of debt, depreciation and amortization, gain
or loss on asset purchases or disposals, income taxes, stock-based
compensation, pension adjustments, net loss attributable to
noncontrolling interest and expenses under the Company’s long term
cash incentive plan (“LTCI”). LTCI expenses are considered part of
an interim compensation structure, which ended in 2016, to mitigate
the dilutive impact of additional share issuances for executive
compensation.
Schedule 5 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITES TO
ADJUSTED FREE CASH FLOW (Unaudited, In Thousands)
Three Months Ended Nine Months
Ended September 30, September
30, 2017 2016
2017 2016 Net cash
provided by operating activities $ 8,623 $ 9,478 $ 25,688 $ 28,364
Adjustments to reconcile net cash provided
by operating activities to adjusted free cash flow:
Capital expenditures (13,532 ) (8,689 ) (24,054 ) (22,351 ) Payment
for North Slope fiber network - - - (5,500 ) Proceeds on sale of
fiber to joint venture partner - - - 2,650 Amortization of deferred
capacity revenue 884 862 2,601 2,564 Amortization of GCI capacity
revenue (522 ) (522 ) (1,549 ) (1,547 ) Amortization of debt
issuance costs and debt discount (414 ) (1,014 ) (1,951 ) (3,035 )
Interest expense 3,577 3,869 11,335 11,590 Interest paid (3,279 )
(1,653 ) (10,874 ) (8,012 ) Interest income (13 ) (7 ) (27 ) (18 )
Income tax (benefit) expense (422 ) (82 ) (1,886 ) 217 Income taxes
(payable) receivable (3 ) 130 (577 ) 852 Income taxes refunded
(paid), net 52 - 624 (577 ) Deferred income tax benefit (expense)
374 (48 ) 1,840 (543 ) Tax deficiencies from share-based payments -
- - 51 Charge for uncollectible accounts (929 ) (89 ) (2,562 ) (166
) Long-term cash incentives - 180 - 585 Pension adjustment - (41 )
- - Net loss attributable to noncontrolling interest 36 34 100 101
Other non-cash expense, net (142 ) (52 ) (430 ) (466 ) Changes in
operating assets and liabilities
1,478
633 7,703
1,710 Adjusted free cash flow
$ (4,232 ) $
2,989 $ 5,981
$ 6,469 Schedule 6
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. ADJUSTED FREE
CASH FLOW (Unaudited, In Thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2017 2016
2017 2016 Adjusted
EBITDA $ 13,049 $ 13,853 $ 41,834 $ 41,806 Less: Capital
expenditures (13,532 ) (8,689 ) (24,054 ) (22,351 ) Payment for
North Slope fiber network - - - (5,500 ) Proceeds on sale of fiber
to joint venture partner - - - 2,650 Amortization of GCI capacity
revenue (522 ) (522 ) (1,549 ) (1,547 ) Income taxes refunded
(paid), net 52 - 624 (577 ) Interest paid
(3,279 ) (1,653
) (10,874 )
(8,012 ) Adjusted free cash flow*
$ (4,232 ) $
2,989 $ 5,981
$ 6,469
* Quarterly Adjusted Free Cash Flow fluctuates and should not be
viewed as an indicator of annual performance. Onetime events,
seasonality of capital spend and the timing of interest payments
may result in negative Adjusted Free Cash Flow in one or more
quarters.
NonGAAP Measures:
Adjusted Free Cash Flow is a non-GAAP liquidity measure and is
defined as Adjusted EBITDA, less recurring operating cash
requirements which include capital expenditures, cash income taxes
refunded or paid, cash interest paid, amortization of GCI capacity
revenue, and cash receipts and payments associated with the
purchase of the North Slope fiber network and establishment of our
joint venture with QHL. Amortization of deferred revenue associated
with our interconnection agreement with GCI is excluded from
Adjusted Free Cash Flow because no cash was received by the Company
in connection with this agreement. Amortization of all other
deferred revenue, including that associated with other IRU capacity
arrangements, is included in Adjusted Free Cash Flow because cash
was received by the Company, typically at contract inception, and
is being amortized to revenue over the term of the relevant
agreement.
See Schedule 3 for Net cash provided by operating activities,
Net cash used by investing activities, and Net cash used by
financing activities.
See Schedule 5 for the reconciliation of net cash provided by
operating activities to Adjusted Free Cash Flow.
Schedule 7 ALASKA
COMMUNICATIONS SYSTEMS GROUP, INC. REVENUE BY CUSTOMER
GROUP (Unaudited, In Thousands) Three Months
Ended Nine Months Ended September
30, September 30,
2017 2016
2017 2016 Business and
wholesale revenue Business broadband $ 16,026 $ 15,140 $ 49,261 $
43,712 Business voice and other 6,686 7,113 19,918 21,225 Managed
IT services 1,020 1,072 3,078 2,971 Equipment sales and
installations 600 819 2,717 4,503 Wholesale broadband 8,994 7,970
26,252 23,359 Wholesale voice and other
1,562
1,920 4,803
5,678 Total business and wholesale
revenue
34,888
34,034 106,029
101,448 Growth in business and wholesale 2.5 % 4.5 %
Consumer revenue Broadband 6,322 6,245 19,200 18,621 Voice and
other
2,986 3,124
8,698 9,765
Total consumer revenue
9,308
9,369 27,898
28,386 Total business, wholesale, and consumer
revenue
44,196
43,403 133,927
129,834 Growth in business, wholesale and consumer
revenue 1.8 % 3.2 % Growth in broadband revenue 6.8 % 10.5 %
Regulatory revenue Access 7,584 8,158 23,273 24,316 High cost
support
4,923 4,922
14,770 14,923
Total regulatory revenue
12,507
13,080 38,043
39,239 Total revenue
$
56,703 $ 56,483
$ 171,970 $
169,073 Growth in total revenue 0.4 % 1.7 %
Schedule 8 ALASKA COMMUNICATIONS
SYSTEMS GROUP, INC. KEY OPERATING STATISTICS
(Unaudited) Three Months Ended September
30, June 30, September 30,
2017 2017
2016 Voice: Business access lines
72,068 72,972 74,328 Consumer access lines 30,361 31,542 34,319
Voice ARPU business $ 23.51 $ 23.20 $ 23.78 Voice ARPU
consumer $ 30.68 $ 27.81 $ 28.25
Broadband: Business
connections 15,334 15,475 15,321 Consumer connections 34,295 34,675
33,922 Broadband ARPU business $ 345.78 $ 367.93 $ 328.83
Broadband ARPU consumer $ 60.80 $ 61.57 $ 61.03
Churn: Business voice 1.2 % 1.0 % 1.4 % Consumer broadband
3.1 % 2.7 % 2.7 % Consumer voice 1.7 % 1.5 % 1.7 %
Schedule 9 ALASKA COMMUNICATIONS SYSTEMS
GROUP, INC. LONG TERM DEBT AND NET DEBT (Unaudited,
In Thousands) September 30, December 31,
2017 2016 2017 senior
secured credit facility due 2023 $ 180,000 $ - Debt discount - 2017
senior secured credit facilities due 2023 (2,834 ) - Debt issuance
costs - 2017 senior secured credit facilities due 2023 (3,047 ) -
2015 senior secured credit facilities due 2018 - 86,750 Debt
issuance costs - 2015 senior secured credit facilities due 2018 -
(1,738 ) 6.25% convertible notes due 2018 10,044 94,000 Debt
discount - 6.25% convertible notes due 2018 (74 ) (2,271 ) Debt
issuance costs - 6.25% convertible notes due 2018 (16 ) (467 )
Capital leases and other long-term obligations
3,592 3,325 Total
debt 187,665 179,599 Less current portion
(17,251 ) (1,973
) Long-term obligations, net of current portion
$ 170,414 $
177,626 Total debt $ 187,665 $ 179,599
Plus debt discounts and debt issuance costs
5,971 4,476 Gross
debt 193,636 184,075 Cash and cash equivalents (11,224 ) (21,228 )
Restricted cash held for 6.25% convertible notes due 2018
(10,044 ) -
Net debt
$ 172,368 $
162,847
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171108005503/en/
Alaska CommunicationsInvestor Contact:Tiffany Smith,
907-564-7556Manager, Board and Investor
Relationsinvestors@acsalaska.comorMedia Contact:Hannah Blankenship,
907-564-1326Manager, Corporate
CommunicationsHannah.Blankenship@acsalaska.com
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