Fourth Quarter Results
ATN International, Inc. (Nasdaq: ATNI) today reported results for
the fourth quarter and full year ended December 31, 2018.
Business Review and Outlook
“Results for the fourth quarter were mixed, with
our International Telecom operations performing well, and our U.S.
Telecom operations managing through difficult market conditions,”
noted Michael Prior, Chief Executive Officer.
“Our International Telecom segment experienced
strong revenue and Adjusted EBITDA1 growth, reflecting market
share gains and progress in achieving operating efficiencies, and
the slow but steady recovery of our U.S. Virgin Islands business
following the 2017 hurricanes. Investments in network upgrades and
fiber to the home programs have improved our subscriber metrics and
revenue and strengthened our competitive position in key markets
heading into 2019.
“As anticipated, the decline in fourth quarter
Adjusted EBITDA1 for our U.S. Telecom segment from last year
was more pronounced than in prior periods, with close to one-half
of the reduction due to the sale of 100 wholesale sites, the
end of FCC Mobility Fund I program subsidies, and higher expenses
relating to our early stage business investments. The other factor
causing the year-on-year Adjusted EBITDA1 decline was a further
decrease in wholesale wireless revenue, which has led to lower
segment margins over the last several quarters. In 2018, we reduced
our domestic capital expenditures by 40% to improve returns, and we
continue to discuss additional ways to utilize our network and
operational capabilities with our large carrier customers. In
October 2018, we were notified that we were awarded $80 million in
funding over the next 10 years as part of the Connect America Fund
II program to bring fixed wireless broadband and voice services to
rural areas in the U.S. in or around our existing mobile network
operating footprint. We expect this funding to begin to
benefit our U.S. Telecom segment results starting in the second
half of this year.
“While 2018 brought challenges for ATN, there
were several accomplishments worth noting. We succeeded in
producing a consolidated adjusted EBITDA margin2 of 28% for the
full year despite the headwinds of re-building our network in the
USVI and of adapting to lower returns in our domestic wireless
business; we produced higher year-on-year revenue and
expanded margins in all of our major International Telecom
businesses, and completed multiple major network builds in those
markets; we made two early stage greenfield
infrastructure investments, that we believe offer significant
growth potential; and, we completed an opportunistic sale of our
U.S. solar operations, that enabled us to capture an attractive
return on an investment we made four years earlier. Looking
ahead, our priorities for 2019 include generating momentum behind
one or more of our U.S. Telecom growth initiatives, accelerating
the business recovery in the US Virgin Islands, and delivering an
increase in total cash flow from our International Telecom
segment,” Mr. Prior concluded.
Fourth Quarter and Full Year 2018
Financial Results
Fourth quarter 2018 revenues of $107.8 million
were similar to 2017 levels of $107.7 million. The $11.1
million or 17% increase in International Telecom revenues offset a
$10.0 million or 29% decline in U.S. Telecom revenues, of which
approximately 60% of the decline was due to lower wholesale roaming
traffic and the remaining 40% reflects several transactional items
that were not comparable on a year-on-year basis. Adjusted
EBITDA1 for the fourth quarter of 2018 was $23.4 million, or 24%
below the prior year period, primarily due to the revenue declines
in the U.S. Telecom segment. Operating income for the fourth
quarter was $10.3 million, which included a net gain of $10.9
million mostly from the sale of the Company’s U.S. solar portfolio.
In last year’s fourth quarter, operating income was $41.5 million,
inclusive of the net benefit of $32.6 million in insurance
recoveries from the 2017 hurricanes in the U.S. Virgin
Islands. Net income attributable to ATN’s stockholders for
the fourth quarter was $1.1 million, or $0.07 per diluted share
compared with the prior year period’s $43.5 million or $2.71 per
diluted share.
Revenues for the full year 2018 were $451.2
million, 6% below the $481.2 million reported for the full year
2017. Adjusted EBITDA1 for the full year 2018 was
$124.2 million, a decrease of 16% from the prior year.
Operating income for the full year 2018 was $61.0 million, which
included $26.4 million in net gains on the sales of certain
wholesale wireless assets in the U.S. and the Company’s U.S. solar
portfolio. In 2017, operating income was $55.3 million, which
included $4.0 million of net losses from damaged assets and other
hurricane-related charges, net of insurance recovery. Net
income attributable to ATN stockholders for the full year 2018 was
$19.8 million or $1.24 per diluted share, compared with the prior
year’s $31.5 million or $1.94 per diluted share.
Fourth Quarter 2018 Operating
Highlights
The Company has three reportable segments: (i)
U.S. Telecom; (ii) International Telecom; and (iii) Renewable
Energy.
Segment Results |
|
Three Months Ended December 31, 2018 (in
Thousands) |
|
US Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate andOther |
Total |
Revenue |
$ |
24,888 |
$ |
78,033 |
$ |
4,885 |
$ |
- |
$ |
107,806 |
Adjusted EBITDA1 |
$ |
6,467 |
$ |
20,645 |
$ |
2,948 |
$ |
(6,704) |
$ |
23,356 |
Operating Income |
$ |
973 |
$ |
7,572 |
$ |
9,753 |
$ |
(7,980) |
$ |
10,318 |
|
Full Year Ended December 31, 2018 (in
Thousands) |
Annual Capital Expenditures |
$ |
13,389 |
$ |
160,013 |
$ |
4,515 |
$ |
8,004 |
$ |
185,921 |
|
Three Months Ended December 31, 2017 (in
Thousands) |
|
US Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate andOther |
Total |
Revenue |
$ |
34,844 |
$ |
66,931 |
$ |
5,927 |
$ |
- |
$ |
107,702 |
Adjusted EBITDA1 |
$ |
16,793 |
$ |
16,748 |
$ |
3,637 |
$ |
(6,400) |
$ |
30,778 |
Operating Income |
$ |
10,798 |
$ |
36,316 |
$ |
1,910 |
$ |
(7,544) |
$ |
41,480 |
|
|
|
Full Year Ended December 31, 2017 (in
Thousands) |
Annual Capital Expenditures |
$ |
22,230 |
$ |
80,912 |
$ |
32,728 |
$ |
6,501 |
$ |
142,371 |
U.S. Telecom
U.S. Telecom revenues consist mainly of wireless
revenues from our voice and data wholesale roaming operations and
our smaller retail operations in the Southwestern United States, as
well as enterprise and wholesale wireline revenues. The
decline in U.S. Telecom segment revenues reflected a 29% revenue
decline in U.S. wireless revenues to $23.1 million, primarily due
to the lower wholesale roaming traffic, and the completion of the
sale of approximately 100 wholesale wireless cell sites early in
the third quarter of 2018. In addition to these factors, the
decline in U.S. Telecom Adjusted EBITDA1 was due to the
completion of our Mobility Fund I program obligation and cessation
of the related expense offsets and the additional operating costs
related to early stage business investments made in 2018.
International Telecom
International Telecom consists of a broad range
of information and communications services including wireline and
wireless data, internet, voice and video service revenues from our
operations in Bermuda and the Caribbean. International
Telecom revenues increased 17% year-on-year mainly due to broadband
and wireless revenues increases in several of our businesses.
This includes the U.S. Virgin Islands, where we continued to
recover from the 2017 hurricanes. While we expect continued
sequential revenue improvement in 2019, exclusive of the additional
non-recurring FCC support received in 2018, the level of damage to
the U.S. Virgin Islands economy, coupled with losses due to
accelerated “cord cutting” and alternative offerings, may impact
our ability to fully return to pre-storm levels in that
market. During 2018, we made substantial investments in
re-building our USVI network with expanded resiliency and
capabilities. International Telecom Adjusted EBITDA1 increased 23%
primarily as a result of higher revenues in several of our markets
alongside improving cost containment.
Renewable Energy
Renewable Energy segment revenues are
principally the result of the generation and sale of energy and
solar renewable energy credits from our commercial solar projects
in India, and the United States. During the fourth quarter of
2018, ATN completed the sale of its United States portfolio of
solar projects, which produced a gain on sale of $12.5 million. As
a result, the operating results of these projects are reflected
only through November 8, 2018, which caused the year-on-year
declines in revenues and Adjusted EBITDA1. Year-on-year revenue and
Adjusted EBITDA1 comparisons for this segment will be negative for
most of 2019 as a result of this transaction.
Balance Sheet and Cash Flow
Highlights
Total cash at December 31, 2018 was $192.9
million. Additionally, the Company ended the fourth quarter
with $0.4 million in short-term investments. Net cash
provided by operating activities was $115.9 million for the full
year 2018, compared with $145.7 million for the prior year
period. The decrease in net cash provided by operating
activities was primarily due to lower Adjusted EBITDA1 in the U.S.
Telecom segment partially offset by increases in the International
Telecom segment. For full year 2018, the Company used net
cash of $142.6 million for investing and financing
activities. This included $80.2 million of capital
expenditures for network repairs and resiliency enhancements to the
network following the 2017 hurricanes in the U.S. Virgin Islands
which were partially offset by $34.6 million of insurance proceeds,
$105.8 million in other capital expenditures and $18.8 million in
partner distributions. Partially offsetting these
expenditures was the $48.3 million of net proceeds (excluding
escrow amounts) from the sale of solar assets in the United
States. Management currently estimates International Telecom
capital expenditures will be between $50.0 million to $55.0 million
in 2019, and approximately $100.0 million lower than 2018. In
the U.S. Telecom segment, we expect capital expenditures to be
similar to 2018 levels excluding new initiatives and early stage
business spending.
Conference Call Information
ATN will host a conference call on Thursday,
February 21, 2019 at 9:30 a.m. Eastern Time (ET) to discuss its
fourth quarter 2018 results. The call will be hosted by Michael
Prior, Chairman and Chief Executive Officer, and Justin Benincasa,
Chief Financial Officer. The dial-in numbers are US/Canada: (877)
734-4582 and International: (678) 905-9376, conference ID 6978317.
A replay of the call will be available at ir.atni.com beginning at
1:00 p.m. (ET) on February 21, 2019.
About ATN
ATN International, Inc. (Nasdaq: ATNI),
headquartered in Beverly, Massachusetts, invests in and
operates communications, energy and technology businesses in the
United States and internationally, including the Caribbean region
and Asia-Pacific, with a particular focus on markets with a need
for significant infrastructure investments and improvements. Our
operating subsidiaries today primarily provide: (i) advanced
wireless and wireline connectivity to residential and business
customers, including a range of mobile wireless solutions, high
speed internet services, video services and local exchange
services, (ii) distributed solar electric power to corporate and
government customers and (iii) wholesale communications
infrastructure services such as terrestrial and submarine fiber
optic transport, communications tower facilities, managed mobile
networks, and in-building systems. For more information, please
visit www.atni.com.
Cautionary Language Concerning Forward
Looking Statements
This press release contains forward-looking
statements relating to, among other matters, our future financial
performance and results of operations; the competitive environment
in our key markets, demand for our services and industry trends;
our growth opportunities; our priorities for 2019; the pace of
expansion and improvement of our telecommunications network and
renewable energy operations including our level of estimated future
capital expenditures and our realization of the benefits of these
investments; our future financial expectations; the estimated
timeline for an increase in revenues from our customers in the U.S.
Virgin Islands following the hurricanes; our ability and timing to
receive financial support from the government for our rebuild in
the U.S. Virgin Islands and the timing of such support; the
anticipated timing of our build schedule and energy production of
our India renewable energy projects; and management’s plans and
strategy for the future. These forward-looking statements are based
on estimates, projections, beliefs, and assumptions and are not
guarantees of future events or results. Actual future events
and results could differ materially from the events and results
indicated in these statements as a result of many factors,
including, among others, (1) the general performance of our
operations, including operating margins, revenues, capital
expenditures, and the future growth and retention of our major
customers and subscriber base and consumer demand for solar power;
(2) our ability to maintain favorable roaming arrangements
and satisfy the needs and demands of our major wireless customers;
(3) our ability to efficiently and cost-effectively upgrade our
networks and IT platforms to address rapid and significant
technological changes in the telecommunications industry; (4)
government regulation of our businesses, which may impact our FCC
and other telecommunications licenses or our renewables businesses;
(5) our reliance on a limited number of key suppliers and vendors
for timely supply of equipment and services relating to our network
infrastructure; (6) our ability to restore our networks and
customer services in the U.S. Virgin Islands, including obtaining
government or other support necessary to do so; (7) economic,
political and other risks facing our operations; (8) the loss of or
an inability to recruit skilled personnel in our various
jurisdictions, including key members of management; (9) our ability
to expand our renewable energy business; (10) our ability to find
investment or acquisition or disposition opportunities that fit the
strategic goals of the Company; (11) the occurrence of weather
events and natural catastrophes; (12) increased competition;
(13) the adequacy and expansion capabilities of our network
capacity and customer service system to support our customer
growth; (14) our continued access to capital and credit markets;
and (15) the risk of currency fluctuation for those markets in
which we operate. 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, 2017, filed with the SEC on March 1, 2018 and the other reports
we file 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.
Use of Non-GAAP Financial
Measures
In addition to financial measures prepared in
accordance with generally accepted accounting principles (GAAP),
this press release also contains non-GAAP financial measures.
Specifically, ATN has presented the following measures in this
release and in the tables included herein: Adjusted EBITDA;
Adjusted EBITDA margin; Operating Income excluding hurricane
charges; Net income (loss) attributable to ATN’s stockholders
excluding hurricane charges; and Net income (loss) per share
attributable to ATN stockholders excluding hurricane
charges.
Adjusted EBITDA is defined as net income
attributable to ATN stockholders before (gain) loss on disposition
of long-lived assets, restructuring charges, interest, taxes,
depreciation and amortization, transaction-related charges, other
income or expense, loss on damaged assets and other hurricane
charges, net of insurance recovery and net income attributable to
non-controlling interests.
Adjusted EBITDA margin is defined as Adjusted
EBITDA divided by Total revenue.
Operating Income excluding hurricane charges is
defined as Operating Income (Loss) adjusted for loss on damaged
assets and other hurricane related charges. Net income (loss)
attributable to ATN stockholders excluding hurricane charges is
defined as Net income (loss) attributable to ATN stockholders
adjusted for loss on damaged assets and other hurricane related
charges.
Net income (loss) per share attributable to ATN
stockholders excluding hurricane charges is defined as net income
(loss) per share attributable to ATN stockholders adjusted for loss
on damaged assets and other hurricane related charges.
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.
ATN’s management uses these non-GAAP measures, in addition to GAAP
financial measures, as the basis for measuring our core operating
performance and comparing such performance to that of prior
periods. The non-GAAP financial 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 used in this
press release to the most directly comparable GAAP financial
measure is set forth in the text of, and the accompanying tables
to, this press release. While our non-GAAP financial measures
are an important tool for financial and operational decision-making
and for evaluating our own operating results over different periods
of time, we urge investors to review the reconciliation of these
financial measures to the comparable GAAP financial measures
included below, and not to rely on any single financial measure to
evaluate our business.
________________________
1 See Table 5 for reconciliation of Net Income to Adjusted
EBITDA.2 See Table 5 for reconciliation of Net Income Margin
to Adjusted EBITDA Margin.
|
|
|
|
Table 1 |
|
|
ATN International, Inc. |
|
|
Unaudited Condensed Consolidated Balance
Sheets |
|
|
(in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2018 |
|
2017 |
|
|
Assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
191,836 |
|
$ |
207,956 |
|
|
Restricted cash |
|
|
1,071 |
|
|
833 |
|
|
Short-term investments |
|
|
393 |
|
|
7,076 |
|
|
Other
current assets |
|
|
82,465 |
|
|
127,063 |
|
|
|
|
|
|
|
|
|
|
|
Total
current assets |
|
|
275,765 |
|
|
342,928 |
|
|
|
|
|
|
|
|
|
|
|
Long-term
restricted cash |
|
|
- |
|
|
11,101 |
|
|
Property,
plant and equipment, net |
|
|
626,852 |
|
|
643,146 |
|
|
Goodwill
and other intangible assets, net |
|
|
166,979 |
|
|
171,656 |
|
|
Other
assets |
|
|
37,708 |
|
|
36,774 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,107,304 |
|
$ |
1,205,605 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Current
portion of long-term debt |
|
$ |
4,688 |
|
$ |
10,919 |
|
|
Taxes
payable |
|
|
28,695 |
|
|
6,751 |
|
|
Other
current liabilities |
|
|
107,267 |
|
|
144,035 |
|
|
|
|
|
|
|
|
|
|
|
Total
current liabilities |
|
|
140,650 |
|
|
161,705 |
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt, net of current portion |
|
$ |
86,294 |
|
$ |
144,873 |
|
|
Deferred
income taxes |
|
|
10,276 |
|
|
31,732 |
|
|
Other
long-term liabilities |
|
|
46,760 |
|
|
37,072 |
|
|
|
|
|
|
|
|
|
|
|
Total
long-term liabilities |
|
|
143,330 |
|
|
213,677 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
283,980 |
|
|
375,382 |
|
|
|
|
|
|
|
|
|
|
|
Total ATN
International, Inc.’s stockholders’ equity |
|
|
695,387 |
|
|
688,727 |
|
|
Non-controlling interests |
|
|
127,937 |
|
|
141,496 |
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
823,324 |
|
|
830,223 |
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
|
$ |
1,107,304 |
|
$ |
1,205,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
|
2018 |
|
2017 |
|
|
2018 |
|
2017 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Wireless |
|
$ |
45,778 |
|
$ |
56,725 |
|
|
$ |
198,824 |
|
$ |
232,501 |
|
|
Wireline |
|
57,143 |
|
45,050 |
|
|
230,225 |
|
227,827 |
|
|
Renewable energy |
|
4,885 |
|
5,927 |
|
|
22,158 |
|
20,865 |
|
|
Total revenue |
|
107,806 |
|
107,702 |
|
|
451,207 |
|
481,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Termination and access fees |
|
30,441 |
|
26,146 |
|
|
114,478 |
|
120,624 |
|
|
Engineering and operations |
|
18,292 |
|
16,733 |
|
|
73,031 |
|
74,614 |
|
|
Sales, marketing and customer service |
|
9,238 |
|
9,008 |
|
|
35,207 |
|
35,184 |
|
|
General and administrative |
|
26,479 |
|
25,037 |
|
|
104,267 |
|
102,294 |
|
|
Transaction-related charges |
|
2,000 |
|
123 |
|
|
2,642 |
|
1,009 |
|
|
Restructuring charges |
|
|
752 |
|
1,169 |
|
|
515 |
|
1,169 |
|
|
Depreciation and amortization |
|
|
21,117 |
|
21,028 |
|
|
85,719 |
|
86,934 |
|
|
(Gain)
Loss on disposition of assets |
|
|
(10,916) |
|
(412) |
|
|
(26,425) |
|
101 |
|
|
Loss on
damaged assets and other hurricane related |
|
|
|
|
|
|
|
|
|
|
|
|
charges, net of insurance recovery |
|
85 |
|
(32,610) |
|
|
750 |
|
3,956 |
|
|
Total
operating expenses |
|
97,488 |
|
66,222 |
|
|
390,184 |
|
425,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
10,318 |
|
41,480 |
|
|
61,023 |
|
55,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(823) |
|
(1,880) |
|
|
(6,162) |
|
(7,225) |
|
|
Loss on deconsolidation of subsidiary |
|
- |
|
- |
|
|
- |
|
(529) |
|
|
Other income (expense) |
|
1,841 |
|
1,590 |
|
|
(1,119) |
|
(1) |
|
|
Other income (expense), net |
|
1,018 |
|
(290) |
|
|
(7,281) |
|
(7,755) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
11,336 |
|
41,190 |
|
|
53,742 |
|
47,553 |
|
|
Income tax expense (benefit) |
|
5,851 |
|
(6,180) |
|
|
18,870 |
|
(1,341) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
5,485 |
|
47,370 |
|
|
34,872 |
|
48,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to non-controlling interests, net |
|
(4,352) |
|
(3,871) |
|
|
(15,057) |
|
(17,406) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to ATN International, Inc.
stockholders |
|
$ |
1,133 |
|
$ |
43,499 |
|
|
$ |
19,815 |
|
$ |
31,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per weighted average share attributable to ATN
International, Inc. stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net
Income |
|
|
$ |
0.07 |
|
$ |
2.71 |
|
|
$ |
1.24 |
|
$ |
1.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Net Income |
|
$ |
0.07 |
|
$ |
2.71 |
|
|
$ |
1.24 |
|
$ |
1.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
15,981 |
|
16,023 |
|
|
15,988 |
|
16,138 |
|
|
Diluted |
|
|
16,025 |
|
16,073 |
|
|
16,042 |
|
16,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 |
|
|
ATN International, Inc. |
|
|
Unaudited Condensed Consolidated Cash Flow
Statement |
|
|
(in Thousands) |
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Net income |
$ |
34,872 |
|
$ |
48,894 |
|
|
Depreciation and
amortization |
85,719 |
|
86,934 |
|
|
Provision for
doubtful accounts |
5,134 |
|
3,993 |
|
|
(Gain) Loss on
disposition of assets |
(26,425) |
|
101 |
|
|
Loss on
deconsolidation of subsidiary |
- |
|
529 |
|
|
Stock-based
compensation |
6,420 |
|
6,977 |
|
|
Loss on damaged
assets and other hurricane related charges |
- |
|
35,443 |
|
|
Insurance
recovery related to hurricane claims |
- |
|
(34,606) |
|
|
Loss in equity
method investments |
- |
|
2,033 |
|
|
(Gain) loss on
sale of investments |
- |
|
(826) |
|
|
Deferred income
taxes |
(23,242) |
|
(13,505) |
|
|
Change in
prepaid and accrued income taxes |
29,136 |
|
(389) |
|
|
Change in other
operating assets and liabilities |
1,838 |
|
10,262 |
|
|
Other non-cash
activity |
2,413 |
|
(115) |
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
115,865 |
|
145,725 |
|
|
|
|
|
|
|
|
Capital
expenditures |
(105,769) |
|
(133,786) |
|
|
Hurricane
rebuild capital expenditures |
(80,152) |
|
(8,585) |
|
|
Hurricane
insurance proceeds |
34,606 |
|
- |
|
|
Acquisition of
businesses |
- |
|
(1,183) |
|
|
Sales of
businesses, net of transferred cash of $11.5 and $2.1 million |
48,270 |
|
22,381 |
|
|
Purchases of
spectrum licenses and other intangible assets, including
deposits |
- |
|
(36,832) |
|
|
Net proceeds
from sale of assets |
6,900 |
|
- |
|
|
Strategic
investments |
(3,000) |
|
(18,107) |
|
|
Proceeds from
sale of investments |
- |
|
3,794 |
|
|
Sale of short
term investments |
6,564 |
|
- |
|
|
Purchase of
securities |
(138) |
|
- |
|
|
Government
grants |
5,400 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
(87,319) |
|
(172,318) |
|
|
|
|
|
|
|
|
Dividends paid
on common stock |
(10,866) |
|
(19,227) |
|
|
Distributions to
non-controlling interests |
(18,780) |
|
(6,858) |
|
|
Principal
repayments of term loan |
(9,795) |
|
(9,355) |
|
|
Proceeds from
new borrowings |
- |
|
8,571 |
|
|
Purchases of
common stock |
(6,198) |
|
(12,855) |
|
|
Repurchases of
non-controlling interests |
(9,663) |
|
(2,025) |
|
|
Other |
72 |
|
(352) |
|
|
|
|
|
|
|
|
Net cash used in financing activities |
(55,230) |
|
(42,101) |
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange rates on total cash |
(299) |
|
226 |
|
|
|
|
|
|
|
|
Net change in total
cash |
(26,983) |
|
(68,468) |
|
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash, beginning of period |
219,890 |
|
288,358 |
|
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash, end of period |
$ |
192,907 |
|
$ |
219,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 |
|
ATN International, Inc. |
|
Selected Segment Financial
Information |
|
(In Thousands) |
|
|
|
|
|
|
|
|
For the three months ended December 31, 2018 is as
follows: |
|
|
|
|
|
|
|
|
|
U.S. Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate
andOther * |
Total |
|
|
|
|
|
|
|
|
Statement of
Operations Data: |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Wireless |
$ |
23,110 |
$ |
22,668 |
$ |
- |
$ |
- |
$ |
45,778 |
|
Wireline |
1,778 |
55,365 |
- |
|
- |
57,143 |
|
Renewable
Energy |
- |
- |
4,885 |
|
- |
4,885 |
|
Total
Revenue |
$ |
24,888 |
$ |
78,033 |
$ |
4,885 |
$ |
- |
$ |
107,806 |
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
973 |
$ |
7,572 |
$ |
9,753 |
$ |
(7,980) |
$ |
10,318 |
|
Non-controlling
interest ( net income or (loss) ) |
$ |
(414) |
$ |
(2,544) |
$ |
(1,394) |
$ - |
$ |
(4,352) |
|
|
|
|
|
|
|
|
Non GAAP
measure: |
|
|
|
|
|
|
Adjusted EBITDA
(1) |
$ |
6,467 |
$ |
20,645 |
$ |
2,948 |
$ |
(6,704) |
$ |
23,356 |
|
|
|
|
|
|
|
|
Balance Sheet
Data (at December 31, 2018): |
|
|
|
|
|
|
Cash, cash equivalents
and investments |
$ |
19,118 |
$ |
32,390 |
$ |
62,678 |
$ |
78,043 |
$ |
192,229 |
|
Total current
assets |
36,801 |
75,304 |
80,553 |
83,107 |
275,765 |
|
Fixed assets, net |
78,102 |
482,770 |
45,599 |
20,381 |
626,852 |
|
Total assets |
172,634 |
622,454 |
130,427 |
181,789 |
1,107,304 |
|
Total current
liabilities |
15,783 |
82,575 |
3,465 |
38,827 |
140,650 |
|
Total debt |
- |
90,970 |
12 |
- |
90,982 |
|
|
|
|
|
|
|
|
ATN International, Inc. |
|
Selected Segment Financial
Information |
|
(In Thousands) |
|
|
|
|
|
|
|
|
For the three months ended December 31, 2017 is as
follows: |
|
|
|
|
|
|
|
|
|
U.S. Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate
andOther * |
Total |
|
|
|
|
|
|
|
|
Statement of
Operations Data: |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Wireless |
$ |
32,631 |
$ |
24,094 |
$ |
- |
$ |
- |
$ |
56,725 |
|
Wireline |
2,213 |
42,837 |
|
- |
|
- |
45,050 |
|
Renewable
Energy |
- |
- |
|
5,927 |
|
- |
5,927 |
|
Total
Revenue |
$ |
34,844 |
$ |
66,931 |
$ |
5,927 |
$ |
- |
$ |
107,702 |
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
10,798 |
$ |
36,316 |
$ |
1,910 |
$ |
(7,544) |
$ |
41,480 |
|
Non-controlling
interest ( net income or (loss) ) |
$ |
(1,679) |
$ |
(1,902) |
$ |
(290) |
$ - |
$ |
(3,871) |
|
|
|
|
|
|
|
|
Non GAAP
measure: |
|
|
|
|
|
|
Adjusted EBITDA
(1) |
$ |
16,793 |
$ |
16,748 |
$ |
3,637 |
$ |
(6,400) |
$ |
30,778 |
|
|
|
|
|
|
|
|
Balance Sheet
Data (at December 31, 2017): |
|
|
|
|
|
|
Cash, cash equivalents
and investments |
$ |
19,585 |
$ |
110,700 |
$ |
8,120 |
$ |
76,627 |
$ |
215,032 |
|
Total current
assets |
40,975 |
190,396 |
18,060 |
93,497 |
342,928 |
|
Fixed assets, net |
99,462 |
367,485 |
158,447 |
17,752 |
643,146 |
|
Total assets |
200,142 |
629,007 |
192,406 |
184,050 |
1,205,605 |
|
Total current
liabilities |
41,248 |
91,887 |
14,754 |
13,816 |
161,705 |
|
Total debt |
- |
94,577 |
61,215 |
- |
155,792 |
|
|
|
|
|
|
|
|
(1) See Table 5 for reconciliation of Net Income to Adjusted
EBITDA |
|
|
|
|
|
* Corporate and Other refer to corporate overhead
expenses and consolidating adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATN International, Inc. |
|
Selected Segment Financial
Information |
|
(In Thousands) |
|
|
|
|
|
|
|
|
For the year ended December 31, 2018 is as
follows: |
|
|
|
|
|
|
|
|
|
U.S. Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate
andOther * |
Total |
|
|
|
|
|
|
|
|
Statement of
Operations Data: |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Wireless |
$ |
108,878 |
$ |
89,946 |
$ |
- |
$ |
- |
$ |
198,824 |
|
Wireline |
6,602 |
223,623 |
|
- |
|
- |
230,225 |
|
Renewable
Energy |
- |
- |
|
22,158 |
|
- |
22,158 |
|
Total
Revenue |
$ |
115,480 |
$ |
313,569 |
$ |
22,158 |
$ |
- |
$ |
451,207 |
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
36,813 |
$ |
45,022 |
$ |
13,440 |
$ |
(34,252) |
$ |
61,023 |
|
Non-controlling
interest ( net income or (loss) ) |
$ |
(3,183) |
$ |
(9,753) |
$ |
(2,121) |
$ - |
$ |
(15,057) |
|
|
|
|
|
|
|
|
Non GAAP
measure: |
|
|
|
|
|
|
Adjusted EBITDA
(1) |
$ |
44,676 |
$ |
94,463 |
$ |
13,639 |
$ |
(28,554) |
$ |
124,224 |
|
|
|
|
|
|
|
|
Statement of
Cash Flow Data: |
|
|
|
|
|
|
Capital
expenditures |
$ |
13,389 |
$ |
160,013 |
$ |
4,515 |
$ |
8,004 |
$ |
185,921 |
|
|
|
|
|
|
|
|
ATN International, Inc. |
|
Selected Segment Financial
Information |
|
(In Thousands) |
|
|
|
|
|
|
|
|
For the year ended December 31, 2017 is as
follows: |
|
|
|
|
|
|
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate
andOther * |
Total |
|
|
|
|
|
|
|
|
Statement of
Operations Data: |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Wireless |
$ |
143,028 |
$ |
89,473 |
$ |
- |
$ |
- |
$ |
232,501 |
|
Wireline |
12,695 |
215,132 |
|
- |
|
- |
227,827 |
|
Renewable
Energy |
- |
- |
|
20,865 |
|
- |
20,865 |
|
Total
Revenue |
$ |
155,723 |
$ |
304,605 |
$ |
20,865 |
$ |
- |
$ |
481,193 |
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
55,317 |
$ |
28,308 |
$ |
5,179 |
$ |
(33,496) |
$ |
55,308 |
|
Non-controlling
interest ( net income or (loss) ) |
$ |
(7,100) |
$ |
(9,178) |
$ |
(1,128) |
$ |
- |
$ |
(17,406) |
|
|
|
|
|
|
|
|
Non GAAP
measure: |
|
|
|
|
|
|
Adjusted EBITDA
(1) |
$ |
81,049 |
$ |
83,696 |
$ |
11,847 |
$ |
(28,115) |
$ |
148,477 |
|
|
|
|
|
|
|
|
Statement of
Cash Flow Data: |
|
|
|
|
|
|
Capital
expenditures |
$ |
22,230 |
$ |
80,912 |
$ |
32,728 |
$ |
6,501 |
$ |
142,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Table 5 for reconciliation of Net Income to Adjusted
EBITDA |
|
* Corporate and Other refer to corporate overhead
expenses and consolidating adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATN International, Inc. |
|
Selected Segment Financial
Information |
|
(In Thousands) |
|
|
Quarter ended |
|
|
December 31, |
March 31, |
June 30, |
September 30, |
December 31, |
|
|
2017 |
2018 |
2018 |
2018 |
2018 |
|
|
|
|
|
|
|
|
U.S. Telecom
Operational Data: |
|
|
|
|
|
|
Wireless - Total
Domestic Base Stations |
1,100 |
1,122 |
1,121 |
1,035 |
1,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Telecom Operational Data: |
|
|
|
|
|
|
Wireline - Voice /
Access lines* |
162,600 |
165,100 |
167,900 |
170,400 |
171,100 |
|
Wireline - Data
Subscribers* |
109,600 |
112,000 |
114,900 |
116,800 |
119,800 |
|
Wireline - Video
Subscribers |
47,300 |
46,200 |
45,000 |
43,600 |
41,700 |
|
Wireless -
Subscribers* |
308,100 |
310,000 |
308,700 |
300,500 |
300,400 |
|
|
|
|
|
|
|
|
*
Subscriber counts were adjusted for all periods presented based
upon a change in methodology |
|
|
|
|
|
|
|
|
|
|
|
|
Table 5 |
|
|
|
|
ATN International, Inc. |
|
|
Reconciliation of Non-GAAP
Measures |
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Adjusted
EBITDA for the Three Months Ended December 31, 2018 and
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate and Other
* |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to ATN International, Inc.
stockholders |
|
|
|
|
$ |
1,133 |
|
|
|
|
Net income attributable to non-controlling interests, net of
tax |
|
|
|
|
4,352 |
|
|
|
|
Income tax expense |
|
|
|
|
5,851 |
|
|
|
|
Other (income) expense, net |
|
|
|
|
(1,841) |
|
|
|
|
Interest expense, net |
|
|
|
|
823 |
|
|
|
|
Operating income |
$ |
973 |
$ |
7,572 |
$ |
9,753 |
$ |
(7,980) |
$ |
10,318 |
|
|
|
|
Depreciation and amortization |
5,602 |
12,983 |
1,097 |
1,435 |
21,117 |
|
|
|
|
Restructuring charges |
- |
- |
752 |
- |
752 |
|
|
|
|
(Gain) Loss on disposition of assets |
(134) |
5 |
(10,787) |
- |
(10,916) |
|
|
|
|
Loss on damaged assets and other hurricane related charges , net of
insurance recovery |
- |
85 |
- |
- |
85 |
|
|
|
|
Transaction-related charges |
26 |
- |
2,133 |
(159) |
2,000 |
|
|
|
|
Adjusted EBITDA |
$ |
6,467 |
$ |
20,645 |
$ |
2,948 |
$ |
(6,704) |
$ |
23,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2017 |
|
|
|
|
|
U.S.Telecom |
|
|
Corporate andOther
* |
Total |
|
|
|
InternationalTelecom |
RenewableEnergy |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) attributable to ATN International, Inc.
stockholders |
|
|
|
|
$ |
43,499 |
|
|
|
|
Net income attributable to non-controlling interests, net of
tax |
|
|
|
|
3,871 |
|
|
|
|
Income tax benefit |
|
|
|
|
(6,180) |
|
|
|
|
Other expense, net |
|
|
|
|
(1,590) |
|
|
|
|
Interest expense, net |
|
|
|
|
1,880 |
|
|
|
|
Operating income |
$ |
10,798 |
$ |
36,316 |
$ |
1,910 |
$ |
(7,544) |
$ |
41,480 |
|
|
|
|
Depreciation and amortization |
6,502 |
11,669 |
1,727 |
1,130 |
21,028 |
|
|
|
|
(Gain) Loss on disposition of assets |
(507) |
95 |
- |
- |
(412) |
|
|
|
|
Loss on damaged assets and other hurricane related charges, net of
insurance recovery |
- |
(32,610) |
- |
- |
(32,610) |
|
|
|
|
Restructuring charges |
- |
1,169 |
- |
- |
1,169 |
|
|
|
|
Transaction-related charges |
- |
109 |
- |
14 |
123 |
|
|
|
|
Adjusted EBITDA |
$ |
16,793 |
$ |
16,748 |
$ |
3,637 |
$ |
(6,400) |
$ |
30,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Corporate and Other refer to corporate overhead expenses and
consolidating adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Adjusted
EBITDA For the Year Ended December 31, 2018 and 2017 and Net Income
Margin to Adjusted EBITDA Margin for the Year Ended December 31,
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Adjusted EBITDA |
|
Reconciliation of Net Income Margin to Adjusted EBITDA
Margin |
|
|
U.S. Telecom |
|
|
RenewableEnergy |
Corporate andOther
* |
Total |
|
|
|
|
|
InternationalTelecom |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
|
|
|
|
|
$ |
451,207 |
|
Net income attributable to ATN International, Inc.
stockholders |
|
|
|
|
$ |
19,815 |
|
Net income margin |
4% |
|
Net income attributable to non-controlling interests, net of
tax |
|
|
|
|
15,057 |
|
|
3% |
|
Income tax expense |
|
|
|
|
18,870 |
|
|
4% |
|
Other (income) expense, net |
|
|
|
|
1,119 |
|
|
0% |
|
Interest expense, net |
|
|
|
|
6,162 |
|
|
1% |
|
Operating income |
$ |
36,813 |
$ |
45,022 |
$ |
13,440 |
$ |
(34,252) |
$ |
61,023 |
|
Operating income
margin |
14% |
|
Depreciation and amortization |
24,615 |
48,889 |
6,589 |
5,625 |
85,718 |
|
|
19% |
|
Restructuring charges |
- |
(236) |
752 |
- |
516 |
|
|
0% |
|
(Gain) Loss on disposition of assets |
(17,188) |
38 |
(9,275) |
- |
(26,425) |
|
|
-6% |
|
Loss on damaged assets and other hurricane related charges , net of
insurance recovery |
- |
750 |
- |
- |
750 |
|
|
0% |
|
Transaction-related charges |
436 |
- |
2,133 |
73 |
2,642 |
|
|
1% |
|
Adjusted EBITDA |
$ |
44,676 |
$ |
94,463 |
$ |
13,639 |
$ |
(28,554) |
$ |
124,224 |
|
Adjusted EBITDA
margin |
28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate andOther
* |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to ATN International, Inc.
stockholders |
|
|
|
|
$ |
31,488 |
|
|
|
|
Net income attributable to non-controlling interests, net of
tax |
|
|
|
|
17,406 |
|
|
|
|
Income tax expense |
|
|
|
|
(1,341) |
|
|
|
|
Other expense, net |
|
|
|
|
1 |
|
|
|
|
Loss on deconsolidation of subsidiary |
|
|
|
|
529 |
|
|
|
|
Interest expense, net |
|
|
|
|
7,225 |
|
|
|
|
Operating income |
$ |
55,317 |
$ |
28,308 |
$ |
5,179 |
$ |
(33,496) |
$ |
55,308 |
|
|
|
|
Depreciation and amortization |
25,601 |
50,007 |
6,668 |
4,658 |
86,934 |
|
|
|
|
(Gain) Loss on disposition of assets |
131 |
(30) |
- |
- |
101 |
|
|
|
|
Loss on damaged assets and other hurricane related charges , net of
insurance recovery |
- |
3,956 |
- |
- |
3,956 |
|
|
|
|
Restructuring charges |
- |
1,169 |
- |
- |
1,169 |
|
|
|
|
Transaction-related charges |
- |
286 |
- |
723 |
1,009 |
|
|
|
|
Adjusted EBITDA |
$ |
81,049 |
$ |
83,696 |
$ |
11,847 |
$ |
(28,115) |
$ |
148,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Corporate and Other refer to corporate overhead expenses and
consolidating adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
Table 6 |
|
ATN International, Inc. |
|
(In Thousands) |
|
Reconciliation of GAAP measures to Non-GAAP
measures |
|
|
|
|
|
|
Reconciliation of Operating Income (Loss) to
Operating Income excluding hurricane charges, Net Income (Loss)
attributable to ATN stockholders to Net Income (Loss) attributable
to ATN stockholders excluding hurricane charges and Net Income
(Loss) per share attributable to ATN stockholders to Net Income
(Loss) per share attributable to ATN stockholders excluding
hurricane charges |
|
|
|
|
|
|
For the Three Months Ended December 31, 2018 is as
follows: |
|
|
|
|
|
|
|
Operating Income (Loss) |
Net Income (Loss)Attributable to
ATNStockholders |
Net Income (Loss) pershare
Attributable to ATNStockholders |
|
|
|
|
|
|
GAAP - As reported |
$ |
10,318 |
$ |
1,133 |
$ |
0.07 |
|
Adjust for: Loss
on damaged assets and other hurricane related charges, net of
insurance recovery |
85 |
85 |
0.01 |
|
Tax effect |
- |
- |
- |
|
Non-GAAP |
$ |
10,403 |
$ |
1,218 |
$ |
0.08 |
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2017 is as
follows: |
|
|
|
|
|
|
|
Operating Income(Loss) |
Net Income (Loss)Attributable to ATNStockholders |
Net Income (Loss)per share Attributable to ATN|Stockholders |
|
|
|
|
|
|
GAAP - As reported |
$ |
41,480 |
$ |
43,499 |
$ |
2.71 |
|
Adjust for: Loss
on damaged assets and other hurricane related charges, net of
insurance recovery |
(32,610) |
(32,610) |
(2.03) |
|
Tax effect |
- |
69 |
0.00 |
|
Non-GAAP |
$ |
8,870 |
$ |
10,958 |
$ |
0.69 |
|
|
For the Year Ended December 31, 2018 is as
follows: |
|
|
|
|
|
|
|
Operating Income(Loss) |
Net Income (Loss)Attributable to ATNStockholders |
Net Income
(Loss)per share Attributable to ATNStockholders |
|
|
|
|
|
|
GAAP - As reported |
$ |
61,023 |
$ |
19,815 |
$ |
1.24 |
|
Adjust for: Loss
on damaged assets and other hurricane related charges, net of
insurance recovery |
750 |
750 |
0.05 |
|
Tax effect |
- |
- |
- |
|
Non-GAAP |
$ |
61,773 |
$ |
20,565 |
$ |
1.29 |
|
|
|
|
|
|
For the Year Ended December 31, 2017 is as
follows: |
|
|
|
|
|
|
|
Operating Income(Loss) |
Net Income (Loss)Attributable to ATNStockholders |
Net Income (Loss)per share Attributable to ATNStockholders |
|
|
|
|
|
|
GAAP - As reported |
$ |
55,308 |
$ |
31,488 |
$ |
1.94 |
|
Adjust for: Loss
on damaged assets and other hurricane related charges, net of
insurance recovery |
3,956 |
3,956 |
0.24 |
|
Tax effect |
- |
- |
0.00 |
|
Non-GAAP |
$ |
59,264 |
$ |
35,444 |
$ |
2.19 |
|
Contact:
978-619-1300Michael T. PriorChairman andChief Executive Officer
Justin D. BenincasaChief Financial Officer
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