- Promoted Bill Bishop to Interim President & CEO to Lead
Continued Execution of Strategic Plan
- Initiated Stock Repurchase Plan
- Signed Multi-Million Dollar, Pre-Funded Contract in
July
- Meets Company Expectations for Second Quarter
Results
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today
reported financial results for the second quarter of 2019.
“Our top priority is to drive growth revenues by leveraging our
strengths: stellar customer relationships, excellent customer
service, and superior network solutions. For example, in July, an
existing carrier customer signed another agreement to pre-fund the
further expansion of our fiber network. This strategic program and
the associated services are expected to generate significant
revenue and secure future growth opportunities. Market demand
continues to be robust. Our growth revenues combined with stable
high cost support revenues reached 70% of total revenues for the
quarter. Also, we initiated our stock repurchase plan providing
returns to stockholders. Overall, we have confidence in our
business plan based on continued market opportunities, a healthy
sales funnel, and efficient use of capital. We look forward to
reporting strong progress and profitable growth,” said Bill Bishop,
interim president & CEO of Alaska Communications.
Second Quarter 2019 Compared to Second Quarter 2018
- Total revenue was $57.4 million. This compares to $59.6
million, which included a $2.1 million favorable adjustment to
business broadband for the effect of Rural Health Care (RHC)
increases approved by the FCC in June 2018. Excluding this
adjustment, total revenue was stable year-over-year.
- Business and wholesale revenue was $37.0 million, compared to
$37.5 million, which includes the aforementioned $2.1 million
favorable RHC adjustment.
- Consumer revenue was $9.3 million, compared to $9.5
million.
- Regulatory revenue was $11.0 million, compared to $12.6
million, as expected due to the restructuring of the Alaska
Universal Service program.
- Operating expenses were $54.2 million, compared to $51.3
million, reflecting the termination in the fourth quarter of 2018
of both the furloughs and temporary wage reductions imposed in the
first quarter of 2018, as well as higher depreciation expense.
- Operating income was $3.2 million, compared to $8.3
million.
- Net income was $35 thousand, compared to $3.4 million.
- Capital expenditures were $11.9 million, compared to $8.4
million, reflecting spending in 2019 associated with the 5G
wireless backhaul project.
- Adjusted EBITDA was $13.9 million, compared to $16.9 million.
The decline reflects the aforementioned prior year RHC adjustment
and labor costs.
- Adjusted free cash flow was ($3.1) million, compared to $4.2
million, reflecting lower Adjusted EBITDA, unanticipated cash
severance expense and planned higher capital spending.
- Cash was $25.6 million at June 30, 2019, compared to $15.0
million at December 31, 2018, reflecting net proceeds from the
refinancing transaction.
- Net debt was $158.8 million at June 30, 2019, compared to
$161.2 million at December 31, 2018.
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, “The second quarter was in line with our
expectations, yet compares unfavorably to the same quarter in 2018
as the result of the $2.1 million RHC program adjustment and a $2.4
million increase in labor costs primarily associated with
non-recurring cost savings from employee furloughs and temporary
salary reductions. Adjusted Free Cash Flow in the quarter reflects
these trends and also includes $1.6 million of unanticipated CEO
severance costs. With a strong sales funnel, we expect to deliver
revenue, Adjusted EBITDA and Adjusted Free Cash Flow in the second
half of 2019 improved over first half, and with that, we reaffirm
guidance. Our cash position is very strong, and as announced in
June, we initiated a stock repurchase plan to purchase up to one
million shares. Through August 6, we have purchased over 500
thousand shares and will continue to evaluate measures to return
capital to shareholders.”
2019 Guidance
The Company reaffirms 2019 guidance.
- Total Revenue to be between $230 million and $235 million
- Adjusted EBITDA to be between $60 million and $62 million
- Capital Expenditures to be between $40 million and $42
million
- Adjusted Free Cash Flow to be between $10 million and $12
million
Conference Call
The Company will host a conference call and live webcast on
Thursday, August 8, 2019 at 2:00 p.m. Eastern Time to discuss the
results. Parties in the United States and Canada can access the
call at 1-800-458-4148 and enter pass code 5014070. All other
parties can access the call at 1-323-794-2093 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 30
days. A telephonic replay of the conference call will also be
available two hours after the call and will run until September 7,
2019 at 5:00 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
5014070. All other parties can call 1-719-457-0820 and enter pass
code 5014070.
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 and computation
of these non-GAAP measures are 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. 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 inflows of $7.2 million in the six-month period
of 2019).
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 changes in technology and
related standards, the impact of natural or man-made disasters and
accidents, Federal and Alaska Universal Service Fund changes and
our current and historical compliance with the obligations of those
programs, structural declines for voice and other legacy services,
maintenance or IT issues, third-party intellectual property claims,
potential pension shortfalls, the success or failure of future
strategic transactions, funding through the rural health care
universal service support mechanism and our ability to comply and
our history of compliance with the regulatory requirements to
receive those support payments, our ability to service our debt and
refinance as required, adverse economic conditions, our success in
providing broadband services on the Northslope and Western Alaska,
the effects of competition in our 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, labor negotiations,
employee benefit costs, our ability to control other operating
costs, disruption of our supplier’s provisioning of critical
products or services, the actions of activist shareholders, changes
in Company's relationships with large customers, unforeseen changes
in public policies, regulatory changes, 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
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Operating revenues
$
57,395
$
59,578
$
114,304
$
115,550
Operating expenses: Cost of services and sales (excluding
depreciation and amortization)
26,356
26,542
51,983
52,375
Selling, general & administrative
18,718
16,507
35,374
32,519
Depreciation and amortization
9,200
8,197
17,879
16,984
(Gain) loss on disposal of assets, net
(95
)
44
(97
)
41
Total operating expenses
54,179
51,290
105,139
101,919
Operating income
3,216
8,288
9,165
13,631
Other income and (expense): Interest expense
(3,096
)
(3,401
)
(6,152
)
(6,905
)
Loss on extinguishment of debt
(31
)
-
(2,830
)
-
Interest income
95
24
170
38
Other (expense) income, net
(122
)
(91
)
-
13
Total other income and (expense)
(3,154
)
(3,468
)
(8,812
)
(6,854
)
Income before income tax expense
62
4,820
353
6,777
Income tax expense
(46
)
(1,418
)
(144
)
(1,306
)
Net income
16
3,402
209
5,471
Less net loss attributable to noncontrolling interest
(19
)
(40
)
(53
)
(72
)
Net income attributable to Alaska Communications
$
35
$
3,442
$
262
$
5,543
Net income per share attributable to Alaska Communications:
Net income applicable to common shares
$
35
$
3,442
$
262
$
5,543
Basic and Diluted
$
0.00
$
0.06
$
0.00
$
0.10
Weighted average shares outstanding: Basic
53,799
53,111
53,591
52,897
Diluted
54,569
53,888
54,599
53,829
Schedule 2 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. CONSOLIDATED BALANCE SHEETS (Unaudited, In
Thousands Except Per Share Amounts)
June 30,
December 31,
Assets
2019
2018
Current assets: Cash and cash equivalents
$
23,920
$
13,351
Restricted cash
1,631
1,634
Short-term investments
134
134
Accounts receivable, net of allowance of $4,653 and $3,936
22,471
31,472
Materials and supplies
7,984
6,737
Prepayments and other current assets
10,674
12,169
Total current assets
66,814
65,497
Property, plant and equipment
1,405,566
1,390,622
Less: accumulated depreciation and amortization
(1,029,094
)
(1,017,442
)
Property, plant and equipment, net
376,472
373,180
Deferred income taxes
432
498
Operating lease right of use assets
80,458
-
Other assets
15,283
16,010
Total assets
$
539,459
$
455,185
Liabilities and Stockholders' Equity Current
liabilities: Current portion of long-term obligations
$
4,546
$
2,289
Accounts payable, accrued and other current liabilities
38,187
40,957
Advance billings and customer deposits
3,806
4,024
Operating lease liabilities - current
2,517
-
Total current liabilities
49,056
47,270
Long-term obligations, net of current portion
173,499
168,023
Deferred income taxes
2,348
2,315
Operating lease liabilities - noncurrent
77,937
-
Other long-term liabilities, net of current portion
66,815
67,827
Total liabilities
369,655
285,435
Commitments and contingencies Alaska Communications stockholders'
equity: Common stock, $.01 par value; 145,000 authorized
540
533
Treasury stock, 119 shares at cost
(205
)
-
Additional paid in capital
160,654
160,514
Retained earnings
10,701
10,439
Accumulated other comprehensive loss
(2,772
)
(2,675
)
Total Alaska Communications stockholders' equity
168,918
168,811
Noncontrolling interest
886
939
Total stockholders' equity
169,804
169,750
Total liabilities and stockholders' equity
$
539,459
$
455,185
Schedule 3
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, In
Thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Cash Flows from Operating Activities: Net income
$
16
$
3,402
$
209
$
5,471
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
9,200
8,197
17,879
16,984
(Gain) loss on disposal of assets, net
(95
)
44
(97
)
41
Amortization of debt issuance costs and debt discount
303
333
606
689
Loss on extinguishment of debt
31
-
2,830
-
Amortization of deferred capacity revenue
(1,133
)
(983
)
(2,259
)
(1,930
)
Stock-based compensation
(9
)
325
489
567
Income tax expense
46
1,418
144
1,306
Charge for uncollectible accounts
665
555
(32
)
1,092
Amortization of ROU asset
583
-
1,148
-
Other non-cash expense, net
123
91
244
181
Income taxes receivable
-
(36
)
-
(36
)
Changes in operating assets and liabilities
3,128
(4,409
)
7,172
(2,007
)
Net cash provided by operating activities
12,858
8,937
28,333
22,358
Cash Flows from Investing Activities: Capital expenditures
(11,869
)
(8,401
)
(20,432
)
(17,081
)
Capitalized interest
(254
)
(471
)
(609
)
(891
)
Change in unsettled capital expenditures
570
(360
)
(551
)
(1,632
)
Proceeds on sale of assets
19
-
19
-
Net cash used by investing activities
(11,534
)
(9,232
)
(21,573
)
(19,604
)
Cash Flows from Financing Activities: Repayments of
long-term debt
(10
)
(11,699
)
(171,768
)
(20,506
)
Proceeds from the issuance of long-term debt
-
7,000
180,000
14,000
Debt issuance costs and discounts
(24
)
-
(2,683
)
-
Cash paid for debt extinguishment
(30
)
-
(1,252
)
-
Cash proceeds from noncontrolling interest
-
-
-
40
Payment of withholding taxes on stock-based compensation
(143
)
-
(448
)
(410
)
Purchases of treasury stock
(149
)
-
(149
)
-
Proceeds from issuance of common stock
106
111
106
111
Net cash (used) provided by financing activities
(250
)
(4,588
)
3,806
(6,765
)
Change in cash, cash equivalents and restricted cash
1,074
(4,883
)
10,566
(4,011
)
Cash, cash equivalents and restricted cash, beginning of
period
24,477
17,040
14,985
16,168
Cash, cash equivalents and restricted cash, end of period
$
25,551
$
12,157
$
25,551
$
12,157
Supplemental Cash Flow Data: Interest paid
$
3,039
$
3,810
$
6,114
$
7,251
Income taxes paid, net
$
-
$
4
$
10
$
4
Schedule 4 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. ADJUSTED EBITDA (Unaudited, In Thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Net income
$
16
$
3,402
$
209
$
5,471
Add (subtract): Interest expense
3,096
3,401
6,152
6,905
Loss on extinguishment of debt
31
-
2,830
-
Interest income
(95
)
(24
)
(170
)
(38
)
Depreciation and amortization
9,200
8,197
17,879
16,984
Other expense (income), net
122
91
-
(13
)
(Gain) loss on disposal of assets, net
(95
)
44
(97
)
41
Income tax expense
46
1,418
144
1,306
Stock-based compensation
(9
)
325
489
567
Cash severance expense
1,595
-
1,595
-
Net loss attributable to noncontrolling interest
19
40
53
72
Adjusted EBITDA
$
13,926
$
16,894
$
29,084
$
31,295
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 inflows of $7.2 million in the
six-month period ended June 30, 2019).
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 2019 Senior
Credit Facility, 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
expense and income, loss on extinguishment of debt, depreciation
and amortization, other income and expense, gain or loss on asset
purchases or disposals, provision for income taxes, stock-based
compensation, cash severance expense for the Company's former Chief
Executive Officer and net loss attributable to noncontrolling
interest.
Schedule 5 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING
ACTIVITIES TO ADJUSTED FREE CASH FLOW (Unaudited, In
Thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Net cash provided by operating activities
$
12,858
$
8,937
$
28,333
$
22,358
Adjustments to reconcile net cash provided by operating activities
to adjusted free cash flow: Capital expenditures
(11,869
)
(8,401
)
(20,432
)
(17,081
)
Amortization of deferred capacity revenue
1,133
983
2,259
1,930
Amortization of GCI capacity revenue
(516
)
(516
)
(1,027
)
(1,027
)
Amortization of debt issuance costs and debt discount
(303
)
(333
)
(606
)
(689
)
Interest expense
3,096
3,401
6,152
6,905
Interest paid
(3,039
)
(3,810
)
(6,114
)
(7,251
)
Interest income
(95
)
(24
)
(170
)
(38
)
Income taxes receivable
-
36
-
36
Income taxes paid, net
-
(4
)
(10
)
(4
)
Charge for uncollectible
accounts
(665
)
(555
)
32
(1,092
)
Amortization of ROU asset
(583
)
-
(1,148
)
-
Other expense (income), net
122
91
-
(13
)
Net loss attributable to
noncontrolling interest
19
40
53
72
Other non-cash expense, net
(123
)
(91
)
(244
)
(181
)
Changes in operating assets and
liabilities
(3,128
)
4,409
(7,172
)
2,007
Adjusted free cash flow
$
(3,093
)
$
4,163
$
(94
)
$
5,932
Schedule 6 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. ADJUSTED FREE CASH FLOW (Unaudited, In
Thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Adjusted EBITDA
$
13,926
$
16,894
$
29,084
$
31,295
Less: Capital expenditures
(11,869
)
(8,401
)
(20,432
)
(17,081
)
Amortization of GCI capacity revenue
(516
)
(516
)
(1,027
)
(1,027
)
Cash severance expense
(1,595
)
-
(1,595
)
-
Income taxes paid, net
-
(4
)
(10
)
(4
)
Interest paid
(3,039
)
(3,810
)
(6,114
)
(7,251
)
Adjusted free cash flow*
$
(3,093
)
$
4,163
$
(94
)
$
5,932
* 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 severance expense for the Company's former Chief
Executive Officer. 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 recognized as 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) provided
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
Six Months Ended
June 30,
June 30,
2019
2018
2019
2018
Business and wholesale revenue Business broadband
$
15,437
$
17,009
$
30,704
$
30,668
Business voice and other
7,241
7,038
14,242
13,889
Managed IT services
1,517
1,191
3,176
2,456
Equipment sales and installations
1,008
1,460
1,888
2,382
Wholesale broadband
10,443
9,338
20,705
18,916
Wholesale voice and other
1,392
1,442
2,818
2,930
Total business and wholesale revenue
37,038
37,478
73,533
71,241
Growth in business and wholesale
-1.2
%
3.2
%
Consumer revenue Broadband
6,694
6,695
13,162
13,187
Voice and other
2,647
2,759
5,380
5,636
Total consumer revenue
9,341
9,454
18,542
18,823
Total business, wholesale, and consumer revenue
46,379
46,932
92,075
90,064
Growth in business, wholesale and consumer revenue
-1.2
%
2.2
%
Growth in broadband revenue
-1.4
%
2.9
%
Regulatory revenue Access
6,093
7,722
12,382
15,639
High cost support
4,923
4,924
9,847
9,847
Total regulatory revenue
11,016
12,646
22,229
25,486
Total revenue
$
57,395
$
59,578
$
114,304
$
115,550
Growth in total revenue
-3.7
%
-1.1
%
Growth Revenues: Business broadband, Managed IT services,
Equipment sales and installations, Wholesale broadband, and
Consumer broadband
Legacy Revenues: Business voice and other, Wholesale voice and
other, Consumer voice and other, and Access
CAF II Revenues: High Cost Support
Schedule 8 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. KEY OPERATING STATISTICS (Unaudited)
Three Months Ended
June 30,
March 31,
June 30,
2019
2019
2018
Voice: Business access lines
67,984
68,788
70,494
Consumer access lines
24,337
25,156
27,411
Voice ARPU business
$
27.03
$
25.21
$
25.38
Voice ARPU consumer
$
33.94
$
33.77
$
31.43
Broadband: Business connections
15,050
15,126
15,368
Consumer connections
32,401
32,840
33,432
Broadband ARPU business
$
340.77
$
334.94
$
369.46
Broadband ARPU consumer
$
68.17
$
65.39
$
66.23
Monthly Average Churn: Business voice
1.0
%
1.1
%
1.0
%
Consumer broadband
2.8
%
2.2
%
2.5
%
Consumer voice
1.5
%
1.1
%
1.4
%
Schedule 9
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. LONG
TERM DEBT AND NET DEBT (Unaudited, In Thousands)
June 30,
December 31,
2019
2018
2019 senior secured credit facility due 2024
$
180,000
$
-
Debt discount - 2019 senior secured credit facilities due 2024
(2,585
)
-
Debt issuance costs - 2019 senior secured credit facilities due
2024
(2,121
)
-
2017 senior secured credit facility due 2023
-
171,750
Debt discount - 2017 senior secured credit facilities due 2023
-
(2,024
)
Debt issuance costs - 2017 senior secured credit facilities due
2023
-
(2,182
)
Capital leases and other long-term obligations
2,751
2,768
Total debt
178,045
170,312
Less current portion
(4,546
)
(2,289
)
Long-term obligations, net of current portion
$
173,499
$
168,023
Total debt
$
178,045
$
170,312
Plus debt discounts and debt issuance costs
4,706
4,206
Gross debt
182,751
174,518
Cash and cash equivalents
(23,920
)
(13,351
)
Net debt
$
158,831
$
161,167
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190807005754/en/
Media Contact Heather Cavanaugh, 907-564-7722 Director, External
Affairs and Corporate Communications
Investor Contact Tiffany Smith, 907-564-7556 Manager, Board and
Investor Relations investors@acsalaska.com
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