Fourth Quarter Financial Highlights:
ATN (NASDAQ:ATNI) today reported results for the fourth quarter and
year ended December 31, 2017. Unless otherwise indicated, the
discussion of the Company’s results is in comparison to the same
period in the prior year.
Business Review and Outlook
“Fourth quarter revenue performance was
consistent with our expectations across all of our business units
and represents a base to build upon in 2018,” said Michael Prior,
Chief Executive Officer. "Those expectations included lower
International Telecom segment revenue due to the tremendous damage
caused by the two Category 5 hurricanes that hit the Virgin Islands
in September. The Viya team, with support from ATN and
contractors, has been working around the clock to get our
hurricane-damaged U.S. Virgin Islands operations back to normal,
following progress on power restoration. As previously noted, while
we are making major progress in the first quarter, full restoration
of the wireline networks will take until mid-2018 based on recent
estimates. On a consolidated basis, our profits for the quarter
rebounded from the third quarter, as well as year-on-year, as we
recognized the full benefit on our storm-related insurance claims
and were able to reduce our group tax liabilities due to the recent
U.S. tax law changes. Those changes will benefit us moving
forward and help level the competitive playing field in a number of
international markets as well as freeing us up to more efficiently
allocate capital to the most promising investments and
operations.
“Full year 2017 results included both the
positive and negative impacts of several special items, which have
skewed year-on-year comparisons, but we have entered 2018 with much
of our business positioned for sequential improvement into
2019. We expect to see progressively better performance from
our International Telecom operations as we re-connect customers in
the U.S. Virgin Islands and continue to grow our broadband
subscriber base following fiber network expansions in other
markets.
“As previously noted, we expect our U.S. Telecom
segment’s 2018 revenues to be below 2017 levels, in the range of
$110 million to $120 million. Almost two-thirds of the projected
decrease is related to significant asset sales, notably our
Northeast wireline operation, which closed in March of 2017, and
the previously-announced sale of 100 wholesale wireless sites to a
carrier customer that is expected to close in early 2018. The
balance is attributable to lower contractual roaming rates in our
domestic wholesale business, the impact of which we expect to
partially offset through lower ongoing capital expenditures and
reduced operating expenses. Looking further ahead, we see our
existing domestic telecommunications properties as a relatively
consistent source of cash flows to fund investments and other
opportunities for growth.
“In renewable energy many of our recently
completed sites have received regulatory approval and are now
generating revenue. As we head into 2018, we expect our first
phase of completed solar power plants in India to generate revenue
of approximately $6 to $7 million per annum. We are in
discussions with funding partners and evaluating the pace and
extent of our expansion opportunities in India beyond this initial
phase.
“We generated strong operating cash flow in
2017, and increased free cash flow continues to be a focus as we
carefully analyze capital spending in our telecom businesses.
Outside of hurricane restoration costs, we expect 2018 capital
spending to be significantly lower than in the last few years,
reflecting the pending completion of several major network upgrades
in our international telecom segment and the alignment of domestic
wholesale capital investment with current market conditions.
Tax reform will lower our effective tax rate from our
historical average and will provide additional resources for
investment in organic and strategic growth,” Mr. Prior
noted.
Fourth Quarter and Full Year 2017
Financial Results
Fourth quarter 2017 revenues were $107.7
million, a 16% decrease from the $128.5 million reported for the
fourth quarter of 2016. Revenue decreases for the quarter
included approximately $17 million in reductions due to service
disruptions as a result of the September 2017 hurricanes in the
U.S. Virgin Islands in addition to the absence of revenue from our
recently exited U.S. wireline business. These reductions were
partially offset by revenue increases in our U.S. wireless
business, growth in international broadband and wireless revenues
and the ramping up of revenue generation from our solar business in
India. Adjusted EBITDA1 for the fourth quarter was $30.8
million, 7% below the prior year period, primarily associated with
the foregoing revenue decreases. Operating income for the
fourth quarter was $41.5 million due in large part to the $32.6
million from the recognition of insurance benefits from the
hurricanes partially offset by hurricane charges. Operating
income excluding hurricane charges and insurance recoveries2 for
the fourth quarter was $8.9 million.
Net income attributable to ATN’s stockholders
for the fourth quarter was $43.5 million or $2.71 per diluted
share, an increase over the prior year net income of $1.9 million
or $0.12 per diluted share. The Income Tax benefit for the
quarter reflects the recent passage of the Tax Cuts and Jobs Act of
2017 and includes a $7.4 million transition tax on foreign earnings
offset by an $18.4 million benefit from reduced federal rates on
our deferred tax liabilities. Net Income attributable to ATN
stockholders excluding hurricane charges and insurance recoveries2
for the fourth quarter was $11.0 million, or $0.69 per diluted
share.
Revenues for the full year 2017 were $481.2 million, a 5% increase
from the $457.0 million reported for the full year 2016.
Revenue increases for this period are mostly due to the full year
2017 impact of the 2016 acquisitions in Bermuda and the U.S. Virgin
Islands, partially offset by decreases in the U.S. wireless
business and the 2017 sale of the U.S. wireline business.
Adjusted EBITDA1 for the full year 2017 was $148.6 million, an
increase of 1% from the prior year. Operating income for the
full year 2017 was $55.5 million compared with $49.8 million of
operating income in the prior year. Net income for the full
year attributable to ATN stockholders was $31.5 million or $1.94
per diluted share, as compared to the prior year $12.1 million and
$0.75 per diluted share.
Fourth Quarter 2017 Operating
Highlights
The Company has three reportable segments: (i)
U.S. Telecom; (ii) International Telecom; and (iii) Renewable
Energy.
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. Total
U.S. Telecom segment revenues were $34.8 million in the fourth
quarter of 2017, an 11% decrease from the $39.0 million reported in
the fourth quarter of 2016. U.S. wireless revenues increased
4% to $32.1 million compared with $30.9 million in the prior year
quarter due mostly to increased wholesale traffic. U.S.
wireline revenues decreased to $2.2 million from $7.7 million in
the prior year quarter primarily as a result of the sale of our
Northeastern U.S. wireline business in early March 2017. The
Company ended the fourth quarter of 2017 with 1,100 domestic base
stations in service compared to 1,006 at the end of 2016.
U.S. Telecom Adjusted EBITDA1 of $16.8 million
in the fourth quarter of 2017 increased 2% compared to the prior
year’s $16.4 million. The increase was mainly due to the
growth in wireless revenues and reductions in wireless operating
expenses.
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 including the U.S. Virgin
Islands. International Telecom revenues were $66.9 million in the
fourth quarter of 2017, a 21% decrease from the $84.7 million
reported in the fourth quarter of 2016. While some of the
reduction in revenues is due to the sale of businesses in St.
Maarten and the British Virgin Islands earlier in 2017 and despite
some offsetting increases in certain markets, the bulk of the
decline was due to the extensive network storm-driven service
outages in the U.S. Virgin Islands. The first quarter of 2018
will also see significantly lower revenue for this segment given
the continued impacts of the hurricanes. We expect revenue in
the second quarter to recover throughout the period, though the
level of damage to the Virgin Islands economy may mean it is some
time before we see a return to pre-storm levels in that
market. We are carefully evaluating the scope and other
aspects of our investments in network restoration in light of the
situation.
International Telecom Adjusted EBITDA1 of $16.8
million in the fourth quarter decreased 17% from $20.1 million in
the prior year period. The decrease is primarily the result
of the revenue impact from service outages resulting from the
hurricanes in the U.S. Virgin Islands.
Renewable Energy
Renewable Energy segment revenues are generated
principally by the generation and sale of energy and solar
renewable energy credits from our commercial solar projects in the
United States and India. For the fourth quarter of 2017,
revenues from our renewable energy business were $5.9 million, and
increased 23% from the $4.8 million in the prior year due mainly to
commencement of revenue generation from newly completed solar power
plants in India. The growth in India power production revenue
drove an increase in Adjusted EBITDA1 for the Renewable Energy
segment to $3.6 million in the fourth quarter, up $0.9 million from
the prior year’s quarter.
Balance Sheet and Cash Flow
Highlights
Cash and short-term investments at December 31,
2017 were $215.0 million. Net cash provided by operating
activities was $145.7 million for the full year of 2017, compared
with $111.7 million for the full year of 2016. The increase
in net cash provided by operating activities is largely due to
lower acquisition related charges and a $22.5 million funding of a
pension obligation in lieu of purchase consideration paid to the
seller of 2016 U.S. Virgin Islands acquisition, offset partially by
changes in working capital. During 2017, the Company used
cash of $20.5 million for investments in new assets and businesses
and received $22.4 million from the sales and dispositions of other
business lines. Capital expenditures for the year totaled
$142.4 million. Included in the total was $103.1 million of
capital expenditures in the domestic and international telecom
segments, including $13.3 million incurred for hurricane
restorations, and $30.9 million for the construction of solar
facilities in India. The Company expects full year 2018 capital
expenditures for its domestic and international telecom businesses
to be $65 million to $80 million excluding hurricane restoration
costs in the U.S. Virgin Islands. Hurricane restoration
capital expenditures are expected to be between $35 million and $45
million in 2018. We estimate capital expenditures of
approximately $5 million to $7 million will be spent to finish the
initial phase of India renewables construction, however continued
expansion in the market is largely dependent on our ability to
secure local financing and the timing and terms and conditions
which are difficult to estimate at this time.
In the year ended December 31, 2017, the Company
repurchased 201,932 shares of common stock totaling $10.6 million
under its share repurchase program and paid $19.2 million in
dividends.
Conference Call Information
ATN will host a conference call on Thursday,
February 22, 2018 at 9:30 a.m. Eastern Time (ET) to discuss its
fourth quarter 2017 results. The call will be hosted by Michael
Prior, President 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 1685639.
A replay of the call will be available at ir.atni.com beginning at
1:00 p.m. (ET) on February 22, 2018.
About ATN
ATN International, Inc. (Nasdaq:ATNI),
headquartered in Beverly, Massachusetts, provides
telecommunications services to rural, niche and other under-served
markets and geographies in the United
States, Bermuda and the Caribbean and owns and
operates solar power systems in various locations in the
United States and India. Through our operating subsidiaries, we (i)
provide both 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) provide distributed solar electric power to
corporate and municipal customers and (iii) are the owner and
operator of terrestrial and submarine fiber optic transport
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 estimated timeline for
restoration of our U.S. Virgin Islands operations; our estimates of
total losses due to Hurricanes Irma and Maria; the competitive
environment in our key markets, demand for our services and
industry trends; 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; the
anticipated timing of our build schedule and the commencement of
energy production of our India renewable energy projects;
anticipated effects of recent U.S. tax changes; 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) our ability to restore our
networks and services to our customers in the U.S. Virgin Islands
in an efficient and timely manner; (2) our ability to execute
planned network expansions and upgrades in our various markets; (3)
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; (4) government regulation of our
businesses, which may impact our FCC and other telecommunications
licenses or our renewables business; (5) economic, political and
other risks facing our operations; (6) our ability to maintain
favorable roaming arrangements and satisfy the needs and demands of
our major wireless customers; (7) our ability to efficiently and
cost-effectively upgrade our networks and IT platforms to
address rapid and significant technological changes in the
telecommunications industry; (8) the loss of or an inability to
recruit skilled personnel in our various jurisdictions, including
key members of management; (9) our ability to find investment or
acquisition or disposition opportunities that fit the strategic
goals of the Company; (10) increased competition; (11) our ability
to expand our renewable energy business; (12) our reliance on a
limited number of key suppliers and vendors for timely supply of
equipment and services relating to our network infrastructure; (13)
the adequacy and expansion capabilities of our network capacity and
customer service system to support our customer growth; (14) the
occurrence of weather events and natural catastrophes; (15) our
continued access to capital and credit markets; (16) the risk of
currency fluctuation for those markets in which we operate and (17)
our ability to realize the value that we believe exists in our
businesses. 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, 2016, filed with the SEC on March 1, 2017 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.
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:
Adjusted EBITDA; Operating Income excluding hurricane charges
and insurance recoveries; Net income (loss) attributable to
ATN’s stockholders excluding hurricane charges and insurance
recoveries and; Net income (loss) per share attributable to ATN
stockholders excluding hurricane charges and insurance
recoveries. Adjusted EBITDA is defined as net income
attributable to ATN stockholders before bargain purchase gain,
impairment 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. Operating Income excluding
hurricane charges and insurance recoveries is defined as Operating
Income (Loss) adjusted for loss on damaged assets and other
hurricane related charges, net of insurance recovery. Net
income (loss) attributable to ATN stockholders excluding
hurricane charges and insurance recoveries is defined as Net Income
(Loss) attributable to ATN stockholders adjusted for loss on
damaged assets and other hurricane related charges net of insurance
recovery. Net income (loss) per share attributable to ATN
stockholders excluding hurricane charges and insurance recoveries
is defined as net income (loss) per share attributable to ATN
stockholders adjusted for loss on damaged assets and other
hurricane related charges, net of insurance recovery. 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 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.
1 See Table 5 for reconciliation of Net Income to Adjusted
EBITDA.2 See Table 6 for reconciliation of Operating Income (Loss),
Net Income (Loss) Attributable to ATN Stockholders and Net Income
(Loss) Attributable to ATN Stockholders per share to Operating
Income excluding hurricane charges and insurance recoveries, Net
Income Attributable to ATN Stockholders excluding hurricane charges
and insurance recoveries and Diluted Income per share Attributable
to ATN Stockholders excluding hurricane charges and insurance
recoveries, respectively.
Contact:
978-619-1300Michael T. PriorChief Executive
Officer
Justin D. BenincasaChief Financial Officer
|
|
|
Table 1 |
|
ATN International, Inc. |
|
Unaudited Condensed Consolidated Balance
Sheets |
|
(in Thousands) |
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
2017 |
2016 |
|
Assets: |
|
|
|
|
Cash and cash
equivalents |
$ |
207,956 |
|
$ |
269,721 |
|
Restricted
cash |
|
833 |
|
|
524 |
|
Short-term
investments |
|
7,076 |
|
|
9,237 |
|
Other current
assets |
|
127,062 |
|
|
87,887 |
|
|
|
|
|
|
Total current
assets |
|
342,927 |
|
|
367,369 |
|
|
|
|
|
|
Long-term
restricted cash |
|
11,101 |
|
|
18,113 |
|
Property, plant
and equipment, net |
|
643,146 |
|
|
647,712 |
|
Goodwill and
other intangible assets, net |
|
171,657 |
|
|
126,193 |
|
Other
assets |
|
35,580 |
|
|
38,831 |
|
|
|
|
|
|
Total assets |
$ |
1,204,411 |
|
$ |
1,198,218 |
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity: |
|
|
|
|
Current portion
of long-term debt |
$ |
10,919 |
|
$ |
12,440 |
|
Taxes
payable |
|
7,126 |
|
|
13,531 |
|
Other current
liabilities |
|
144,035 |
|
|
124,134 |
|
|
|
|
|
|
Total current
liabilities |
|
162,080 |
|
|
150,105 |
|
|
|
|
|
|
Long-term debt,
net of current portion |
$ |
144,873 |
|
$ |
144,383 |
|
Deferred income
taxes |
|
30,162 |
|
|
46,622 |
|
Other long-term
liabilities |
|
37,073 |
|
|
47,939 |
|
|
|
|
|
|
Total long-term
liabilities |
|
212,108 |
|
|
238,944 |
|
|
|
|
|
|
Total liabilities |
|
374,188 |
|
|
389,049 |
|
|
|
|
|
|
Total ATN
International, Inc.’s stockholders’ equity |
|
688,727 |
|
|
677,055 |
|
Non-controlling
interests |
|
141,496 |
|
|
132,114 |
|
|
|
|
|
|
Total equity |
|
830,223 |
|
|
809,169 |
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
1,204,411 |
|
$ |
1,198,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Wireless |
|
$ |
54,096 |
|
|
$ |
51,498 |
|
|
|
$ |
222,040 |
|
|
$ |
228,798 |
|
|
|
Wireline |
|
|
44,195 |
|
|
|
65,777 |
|
|
|
|
225,763 |
|
|
|
188,019 |
|
|
|
Renewable
energy |
|
|
|
5,702 |
|
|
|
4,672 |
|
|
|
|
20,467 |
|
|
|
21,608 |
|
|
|
Equipment and other |
|
|
3,709 |
|
|
|
6,585 |
|
|
|
|
12,923 |
|
|
|
18,578 |
|
|
|
Total revenue |
|
|
107,702 |
|
|
|
128,532 |
|
|
|
|
481,193 |
|
|
|
457,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Termination and access fees |
|
|
21,761 |
|
|
|
33,618 |
|
|
|
|
107,520 |
|
|
|
111,491 |
|
|
|
Engineering and operations |
|
|
16,733 |
|
|
|
19,793 |
|
|
|
|
74,614 |
|
|
|
60,414 |
|
|
|
Sales, marketing and customer service |
|
|
9,008 |
|
|
|
8,439 |
|
|
|
|
35,184 |
|
|
|
30,253 |
|
|
|
Equipment expense |
|
|
4,385 |
|
|
|
4,200 |
|
|
|
|
13,104 |
|
|
|
14,951 |
|
|
|
General and administrative |
|
|
24,997 |
|
|
|
29,381 |
|
|
|
|
102,134 |
|
|
|
91,905 |
|
|
|
Transaction-related charges |
|
|
123 |
|
|
|
123 |
|
|
|
|
1,009 |
|
|
|
16,279 |
|
|
|
Restructuring
charges |
|
|
|
1,169 |
|
|
|
- |
|
|
|
|
1,169 |
|
|
|
1,785 |
|
|
|
Depreciation and
amortization |
|
|
|
21,028 |
|
|
|
23,067 |
|
|
|
|
86,934 |
|
|
|
75,980 |
|
|
|
Impairment of
long-lived assets |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
11,425 |
|
|
|
Bargain purchase
gain |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(7,304 |
) |
|
|
(Gain) loss on
sale of assets |
|
|
|
(412 |
) |
|
|
- |
|
|
|
|
101 |
|
|
|
27 |
|
|
|
Loss on damaged
assets and other hurricane related |
|
|
|
|
|
|
|
|
|
|
|
|
charges, net of insurance recovery |
|
|
(32,610 |
) |
|
|
- |
|
|
|
|
3,956 |
|
|
|
- |
|
|
|
Total
operating expenses |
|
|
66,182 |
|
|
|
118,621 |
|
|
|
|
425,725 |
|
|
|
407,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
41,520 |
|
|
|
9,911 |
|
|
|
|
55,468 |
|
|
|
49,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(1,920 |
) |
|
|
(1,377 |
) |
|
|
|
(7,225 |
) |
|
|
(4,123 |
) |
|
|
Loss
on deconsolidation of subsidiary |
|
|
- |
|
|
|
- |
|
|
|
|
(529 |
) |
|
|
- |
|
|
|
Other income (expense) |
|
|
1,590 |
|
|
|
(944 |
) |
|
|
|
(161 |
) |
|
|
(300 |
) |
|
|
Other expense, net |
|
|
(330 |
) |
|
|
(2,321 |
) |
|
|
|
(7,915 |
) |
|
|
(4,423 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
41,190 |
|
|
|
7,590 |
|
|
|
|
47,553 |
|
|
|
45,374 |
|
|
|
Income tax expense (benefit) |
|
|
(6,180 |
) |
|
|
3,982 |
|
|
|
|
(1,341 |
) |
|
|
21,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
47,370 |
|
|
|
3,608 |
|
|
|
|
48,894 |
|
|
|
24,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to non-controlling interests, net |
|
|
|
(3,871 |
) |
|
|
(1,713 |
) |
|
|
|
(17,406 |
) |
|
|
(12,113 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to ATN International, Inc.
stockholders |
|
$ |
43,499 |
|
|
$ |
1,895 |
|
|
|
$ |
31,488 |
|
|
$ |
12,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
net income per weighted average share attributable to ATN
International, Inc. stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
$ |
2.71 |
|
|
$ |
0.12 |
|
|
|
$ |
1.95 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
net income per weighted average share attributable to ATN
International, Inc. stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
2.71 |
|
|
$ |
0.12 |
|
|
|
$ |
1.94 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
16,023 |
|
|
|
16,139 |
|
|
|
|
16,138 |
|
|
|
16,131 |
|
|
|
Diluted |
|
|
|
16,073 |
|
|
|
16,223 |
|
|
|
|
16,210 |
|
|
|
16,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 |
|
|
ATN International, Inc. |
|
|
Unaudited Condensed Consolidated Cash Flow
Statement |
|
|
(in Thousands) |
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
48,894 |
|
|
$ |
24,214 |
|
|
|
Depreciation and
amortization |
|
86,934 |
|
|
|
75,980 |
|
|
|
Stock-based
compensation |
|
6,984 |
|
|
|
6,410 |
|
|
|
Hurricane
insurance recovery |
|
(34,606 |
) |
|
|
- |
|
|
|
Loss on damaged
assets from hurricanes |
|
35,443 |
|
|
|
- |
|
|
|
Equity in
earnings |
|
2,033 |
|
|
|
- |
|
|
|
Bargain purchase
gain |
|
- |
|
|
|
(7,304 |
) |
|
|
Impairment of
long-lived assets |
|
- |
|
|
|
11,425 |
|
|
|
Deferred income
taxes |
|
(14,216 |
) |
|
|
(5,636 |
) |
|
|
Pension funding
required by Innovative acquisition |
|
- |
|
|
|
(22,494 |
) |
|
|
Change in
prepaid and accrued income taxes |
|
322 |
|
|
|
21,547 |
|
|
|
Change in other
operating assets and liabilities |
|
10,259 |
|
|
|
3,962 |
|
|
|
Other non-cash
activity |
|
3,678 |
|
|
|
3,552 |
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
145,725 |
|
|
|
111,656 |
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
(142,371 |
) |
|
|
(124,282 |
) |
|
|
Acquisition of
businesses, net of acquired cash of $0 and $12.6 million |
|
(20,470 |
) |
|
|
(146,395 |
) |
|
|
Sale of
business, net of transferred cash of $2.1 million |
|
22,381 |
|
|
|
- |
|
|
|
Purchases of
spectrum licenses and other intangible assets, including
deposits |
|
(36,832 |
) |
|
|
(10,860 |
) |
|
|
Acquisition of
non-controlling interest in subsidiary |
|
- |
|
|
|
(7,045 |
) |
|
|
Purchase of
marketable securities |
|
- |
|
|
|
(2,000 |
) |
|
|
Purchase of
short-term investments |
|
- |
|
|
|
(7,422 |
) |
|
|
Proceeds from
sale of investments |
|
3,797 |
|
|
|
1,424 |
|
|
|
Change in
restricted cash |
|
6,702 |
|
|
|
(12,108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in investing activities |
|
(166,793 |
) |
|
|
(308,688 |
) |
|
|
|
|
|
|
|
|
Dividends paid
on common stock |
|
(19,227 |
) |
|
|
(20,965 |
) |
|
|
Distributions to
non-controlling interests |
|
(6,858 |
) |
|
|
(8,632 |
) |
|
|
Principal
repayments of term loan |
|
(9,355 |
) |
|
|
(33,564 |
) |
|
|
Proceeds from
new borrowings |
|
8,571 |
|
|
|
125,800 |
|
|
|
Purchases of
common stock |
|
(12,855 |
) |
|
|
(4,114 |
) |
|
|
Investments made
by minority shareholders in consolidated affiliates |
|
122 |
|
|
|
22,409 |
|
|
|
Other |
|
(1,321 |
) |
|
|
(5,600 |
) |
|
|
|
|
|
|
|
|
Net cash
provided by (used in) financing activities |
|
(40,923 |
) |
|
|
75,334 |
|
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange rates on cash and cash equivalents |
|
226 |
|
|
|
(626 |
) |
|
|
|
|
|
|
|
|
Net change in cash and
cash equivalents |
|
(61,765 |
) |
|
|
(122,324 |
) |
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
269,721 |
|
|
|
392,045 |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period |
$ |
207,956 |
|
|
$ |
269,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 |
|
|
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 |
$ |
32,138 |
|
$ |
21,958 |
|
$ |
- |
|
$ |
- |
|
$ |
54,096 |
|
|
|
Wireline |
|
2,213 |
|
|
41,982 |
|
|
- |
|
|
- |
|
|
44,195 |
|
|
|
Renewable
Energy |
|
- |
|
|
- |
|
|
5,702 |
|
|
- |
|
|
5,702 |
|
|
|
Equipment and
Other |
|
493 |
|
|
2,991 |
|
|
225 |
|
|
- |
|
|
3,709 |
|
|
|
Total
Revenue |
$ |
34,844 |
|
$ |
66,931 |
|
$ |
5,927 |
|
$ |
- |
|
$ |
107,702 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
10,798 |
|
$ |
36,356 |
|
$ |
1,910 |
|
$ |
(7,544 |
) |
$ |
41,520 |
|
|
|
Non-controlling
interest ( net income or (loss) ) |
$ |
(1,679 |
) |
$ |
(1,902 |
) |
$ |
(290 |
) |
$ |
- |
|
$ |
(3,871 |
) |
|
|
|
|
|
|
|
|
|
|
Non GAAP
measure: |
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
16,793 |
|
$ |
16,788 |
|
$ |
3,637 |
|
$ |
(6,400 |
) |
$ |
30,818 |
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Data (at December 31, 2017): |
|
|
|
|
|
|
|
Cash, cash equivalents
and investments |
$ |
19,585 |
|
$ |
110,702 |
|
$ |
8,120 |
|
$ |
76,625 |
|
$ |
215,032 |
|
|
|
Total current
assets |
|
40,975 |
|
|
190,385 |
|
|
18,060 |
|
|
93,507 |
|
|
342,927 |
|
|
|
Fixed assets, net |
|
99,462 |
|
|
367,484 |
|
|
158,447 |
|
|
17,753 |
|
|
643,146 |
|
|
|
Total assets |
|
200,142 |
|
|
629,006 |
|
|
192,407 |
|
|
182,856 |
|
|
1,204,411 |
|
|
|
Total current
liabilities |
|
41,248 |
|
|
91,887 |
|
|
14,754 |
|
|
14,191 |
|
|
162,080 |
|
|
|
Total debt |
|
- |
|
|
94,577 |
|
|
61,215 |
|
|
- |
|
|
155,792 |
|
|
|
|
|
|
|
|
|
|
|
ATN International, Inc. |
|
|
Selected Segment Financial
Information |
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, 2016 is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate
andOther * |
Total |
|
|
|
|
|
|
|
|
|
|
Statement of
Operations Data: |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Wireless |
$ |
30,859 |
|
$ |
20,639 |
|
$ |
- |
|
$ |
- |
|
$ |
51,498 |
|
|
|
Wireline |
|
7,655 |
|
|
58,122 |
|
|
- |
|
|
- |
|
|
65,777 |
|
|
|
Renewable
Energy |
|
- |
|
|
- |
|
|
4,672 |
|
|
- |
|
|
4,672 |
|
|
|
Equipment and
Other |
|
510 |
|
|
5,941 |
|
|
134 |
|
|
- |
|
|
6,585 |
|
|
|
Total
Revenue |
$ |
39,024 |
|
$ |
84,702 |
|
$ |
4,806 |
|
$ |
- |
|
$ |
128,532 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
9,485 |
|
$ |
7,010 |
|
$ |
488 |
|
$ |
(7,072 |
) |
$ |
9,911 |
|
|
|
Non-controlling
interest ( net income or (loss) ) |
$ |
(946 |
) |
$ |
(478 |
) |
$ |
(289 |
) |
$ |
- |
|
$ |
(1,713 |
) |
|
|
|
|
|
|
|
|
|
|
Non GAAP
measure: |
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
16,446 |
|
$ |
20,126 |
|
$ |
2,762 |
|
$ |
(6,233 |
) |
$ |
33,101 |
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Data (at December 31, 2016): |
|
|
|
|
|
|
|
Cash, cash equivalents
and investments |
$ |
22,235 |
|
$ |
97,681 |
|
$ |
27,378 |
|
$ |
131,664 |
|
$ |
278,958 |
|
|
|
Total current
assets |
|
50,983 |
|
|
143,201 |
|
|
37,440 |
|
|
135,745 |
|
|
367,369 |
|
|
|
Fixed assets, net |
|
129,274 |
|
|
372,741 |
|
|
130,268 |
|
|
15,429 |
|
|
647,712 |
|
|
|
Total assets |
|
240,006 |
|
|
597,454 |
|
|
190,253 |
|
|
170,505 |
|
|
1,198,218 |
|
|
|
Total current
liabilities |
|
23,162 |
|
|
95,502 |
|
|
12,603 |
|
|
18,838 |
|
|
150,105 |
|
|
|
Total debt |
|
- |
|
|
91,316 |
|
|
65,507 |
|
|
- |
|
|
156,823 |
|
|
|
|
|
|
|
|
|
|
|
* 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, 2017 is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate
andOther * |
Total |
|
|
|
|
|
|
|
|
|
|
Statement of
Operations Data: |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Wireless |
$ |
140,636 |
|
$ |
81,404 |
|
$ |
- |
|
$ |
- |
|
$ |
222,040 |
|
|
|
Wireline |
|
12,656 |
|
|
213,107 |
|
|
- |
|
|
- |
|
|
225,763 |
|
|
|
Renewable
Energy |
|
- |
|
|
- |
|
|
20,467 |
|
|
- |
|
|
20,467 |
|
|
|
Equipment and
Other |
|
2,432 |
|
|
10,092 |
|
|
399 |
|
|
- |
|
|
12,923 |
|
|
|
Total
Revenue |
$ |
155,724 |
|
$ |
304,603 |
|
$ |
20,866 |
|
$ |
- |
|
$ |
481,193 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
55,317 |
|
$ |
28,468 |
|
$ |
5,179 |
|
$ |
(33,496 |
) |
$ |
55,468 |
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest ( net income or (loss) ) |
$ |
(7,100 |
) |
$ |
(9,178 |
) |
$ |
(1,128 |
) |
$ |
- |
|
$ |
(17,406 |
) |
|
|
|
|
|
|
|
|
|
|
Non GAAP
measure: |
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
81,049 |
|
$ |
83,856 |
|
$ |
11,847 |
|
$ |
(28,115 |
) |
$ |
148,637 |
|
|
|
|
|
|
|
|
|
|
|
Statement of
Cash Flow Data: |
|
|
|
|
|
|
|
Capital
expenditures |
$ |
22,230 |
|
$ |
80,912 |
|
$ |
32,728 |
|
$ |
6,501 |
|
$ |
142,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATN International, Inc. |
|
|
Selected Segment Financial
Information |
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2016 is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporate
andOther * |
Total |
|
|
|
|
|
|
|
|
|
|
Statement of
Operations Data: |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Wireless |
$ |
148,053 |
|
$ |
80,745 |
|
$ |
- |
|
$ |
- |
|
$ |
228,798 |
|
|
|
Wireline |
|
26,448 |
|
|
161,571 |
|
|
- |
|
|
- |
|
|
188,019 |
|
|
|
Renewable
Energy |
|
- |
|
|
- |
|
|
21,608 |
|
|
- |
|
|
21,608 |
|
|
|
Equipment and
Other |
|
2,225 |
|
|
15,960 |
|
|
393 |
|
|
- |
|
|
18,578 |
|
|
|
Total
Revenue |
$ |
176,726 |
|
$ |
258,276 |
|
$ |
22,001 |
|
$ |
- |
|
$ |
457,003 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
49,078 |
|
$ |
35,436 |
|
$ |
(246 |
) |
$ |
(34,471 |
) |
$ |
49,797 |
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest ( net income or (loss) ) |
$ |
(5,834 |
) |
$ |
(4,389 |
) |
$ |
(1,890 |
) |
$ |
- |
|
$ |
(12,113 |
) |
|
|
|
|
|
|
|
|
|
|
Non GAAP
measure: |
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
84,625 |
|
$ |
74,358 |
|
$ |
14,885 |
|
$ |
(25,880 |
) |
$ |
147,988 |
|
|
|
|
|
|
|
|
|
|
|
Statement of
Cash Flow Data: |
|
|
|
|
|
|
|
Capital
expenditures |
$ |
31,983 |
|
$ |
62,808 |
|
$ |
22,615 |
|
$ |
6,876 |
|
$ |
124,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Corporate and Other refer to corporate overhead
expenses and consolidating adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATN International, Inc. |
|
|
Selected Segment Operational
Data |
|
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
|
|
December 31, |
March 31, |
June 30, |
September 30, |
December 31, |
|
|
|
2016 * |
2017 * |
2017 * |
2017 * |
2017 |
|
|
|
|
|
|
|
|
|
|
U.S. Telecom
Operational Data: |
|
|
|
|
|
|
|
Wireless - Total
Domestic Base Stations |
|
1,006 |
|
|
1,019 |
|
|
1,041 |
|
|
1,061 |
|
|
1,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Telecom Operational Data: |
|
|
|
|
|
|
|
Wireline - Voice /
Access lines |
|
179,700 |
|
|
176,900 |
|
|
174,600 |
|
|
172,300 |
|
|
171,200 |
|
|
|
Wireline - Data
Subscribers |
|
97,400 |
|
|
99,900 |
|
|
101,700 |
|
|
102,400 |
|
|
104,900 |
|
|
|
Wireline - Video
Subscribers |
|
48,600 |
|
|
47,900 |
|
|
47,200 |
|
|
46,700 |
|
|
45,700 |
|
|
|
Wireless -
Subscribers |
|
304,700 |
|
|
302,900 |
|
|
302,900 |
|
|
302,000 |
|
|
307,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Adjusted
subscriber counts for the sales of St. Maarten and British Virgin
Islands, and the transfer of ownership of Aruba business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2017 and
2016 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2017 |
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporateand Other * |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income 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 (income) expense, net |
|
|
|
|
|
(1,590 |
) |
|
|
Interest expense, net |
|
|
|
|
|
1,920 |
|
|
|
Operating income |
$ |
10,798 |
|
$ |
36,356 |
|
$ |
1,910 |
|
$ |
(7,544 |
) |
$ |
41,520 |
|
|
|
Depreciation and amortization |
|
6,502 |
|
|
11,669 |
|
|
1,727 |
|
|
1,130 |
|
|
21,028 |
|
|
|
(Gain) loss on sale of assets |
|
(507 |
) |
|
95 |
|
|
- |
|
|
- |
|
|
(412 |
) |
|
|
Loss on damaged assets and other hurricanerelated 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 |
|
$ |
16,788 |
|
$ |
3,637 |
|
$ |
(6,400 |
) |
$ |
30,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2016 |
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporateand Other * |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to ATN International, Inc.stockholders |
|
|
|
|
$ |
1,895 |
|
|
|
Net Income attributable to non-controlling interests,net of
tax |
|
|
|
|
|
1,713 |
|
|
|
Income tax expense |
|
|
|
|
|
3,982 |
|
|
|
Other (income) expense, net |
|
|
|
|
|
944 |
|
|
|
Interest expense, net |
|
|
|
|
|
1,377 |
|
|
|
Operating income |
$ |
9,485 |
|
$ |
7,010 |
|
$ |
488 |
|
$ |
(7,072 |
) |
$ |
9,911 |
|
|
|
Depreciation and amortization |
|
6,961 |
|
|
13,116 |
|
|
1,345 |
|
|
1,645 |
|
|
23,067 |
|
|
|
Transaction-related charges |
|
- |
|
|
- |
|
|
929 |
|
|
(806 |
) |
|
123 |
|
|
|
Adjusted EBITDA |
$ |
16,446 |
|
$ |
20,126 |
|
$ |
2,762 |
|
$ |
(6,233 |
) |
$ |
33,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Corporate and Other refer to corporate overhead expenses and
consolidating adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Adjusted
EBITDA for the Year Ended December 31, 2017 and 2016 |
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporateand Other * |
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 benefit |
|
|
|
|
|
(1,341 |
) |
|
|
Loss on deconsolidation of subsidiary |
|
|
|
|
|
529 |
|
|
|
Other expense, net |
|
|
|
|
|
161 |
|
|
|
Interest expense, net |
|
|
|
|
|
7,225 |
|
|
|
Operating income |
$ |
55,317 |
|
$ |
28,468 |
|
$ |
5,179 |
|
$ |
(33,496 |
) |
$ |
55,468 |
|
|
|
Depreciation and amortization |
|
25,601 |
|
|
50,007 |
|
|
6,668 |
|
|
4,658 |
|
|
86,934 |
|
|
|
(Gain) loss on sale of assets |
|
131 |
|
|
(30 |
) |
|
- |
|
|
- |
|
|
101 |
|
|
|
Loss on damaged assets and other hurricanerelated 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 |
|
$ |
83,856 |
|
$ |
11,847 |
|
$ |
(28,115 |
) |
$ |
148,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2016 |
|
|
|
U.S.Telecom |
InternationalTelecom |
RenewableEnergy |
Corporateand Other * |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to ATN International, Inc.stockholders |
|
|
|
|
$ |
12,101 |
|
|
|
Net Income attributable to non-controlling interests,net of
tax |
|
|
|
|
|
12,113 |
|
|
|
Income tax expense |
|
|
|
|
|
21,160 |
|
|
|
Other expense, net |
|
|
|
|
|
300 |
|
|
|
Interest expense, net |
|
|
|
|
|
4,123 |
|
|
|
Operating income |
$ |
49,078 |
|
$ |
35,436 |
|
$ |
(246 |
) |
$ |
(34,471 |
) |
$ |
49,797 |
|
|
|
Depreciation and amortization |
|
24,471 |
|
|
40,492 |
|
|
4,987 |
|
|
6,030 |
|
|
75,980 |
|
|
|
Impairment of long-lived asset |
|
11,076 |
|
|
349 |
|
|
- |
|
|
- |
|
|
11,425 |
|
|
|
Bargain purchase gain |
|
- |
|
|
(7,304 |
) |
|
- |
|
|
- |
|
|
(7,304 |
) |
|
|
(Gain) loss on sale of assets |
|
- |
|
|
27 |
|
|
- |
|
|
- |
|
|
27 |
|
|
|
Restructuring charges |
|
- |
|
|
1,785 |
|
|
- |
|
|
- |
|
|
1,785 |
|
|
|
Transaction-related charges |
|
- |
|
|
3,573 |
|
|
10,144 |
|
|
2,561 |
|
|
16,278 |
|
|
|
Adjusted EBITDA |
$ |
84,625 |
|
$ |
74,358 |
|
$ |
14,885 |
|
$ |
(25,880 |
) |
$ |
147,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
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 and insurance
recoveries, Net Income (Loss) attributable to ATN stockholders to
Net Income (Loss) attributable to ATN stockholders excluding
hurricane charges and insurance recoveries and Net Income (Loss)
per share attributable to ATN stockholders to Net Income (Loss) per
share attributable to ATN stockholders excluding hurricane charges
and insurance recoveries |
|
|
|
|
|
|
For the Three Months Ended December 31, 2017 is as
follows: |
|
|
|
|
|
|
|
Operating Income (Loss) |
Net Income (Loss)Attributable to
ATNStockholders |
Net Income (Loss) pershare Attributable to
ATNStockholders |
|
|
|
|
|
|
GAAP - As reported |
$ |
41,520 |
|
$ |
43,499 |
|
$ |
2.71 |
|
|
Adjust for: Loss
on damaged assets and otherhurricane related charges, net of
insurance recovery |
|
(32,610 |
) |
|
(32,610 |
) |
|
(2.03 |
) |
|
Tax effect |
|
- |
|
|
69 |
|
|
0.00 |
|
|
|
Non-GAAP |
$ |
8,910 |
|
$ |
10,958 |
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2017 is as
follows: |
|
|
|
|
|
|
Operating Income (Loss) |
Net Income (Loss)Attributable to
ATNStockholders |
Net Income (Loss) pershare Attributable to
ATNStockholders |
|
|
|
|
|
|
GAAP - As reported |
$ |
55,468 |
|
$ |
31,488 |
|
$ |
1.94 |
|
|
Adjust for: Loss
on damaged assets and otherhurricane related charges, net of
insurance recovery |
|
3,956 |
|
|
3,956 |
|
|
0.24 |
|
|
Tax effect |
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
Non-GAAP |
$ |
59,424 |
|
$ |
35,444 |
|
$ |
2.18 |
|
|
|
|
|
|
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