Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today
reported financial results for the second quarter of 2018.
“We reported strong second quarter results, with both the
Business and Wholesale and the Consumer units posting top line
growth. Business and Wholesale exceeded sales expectations for the
first half of 2018, reflecting excellent execution and setting the
foundation for revenue growth in the remainder of the year.
“We are seeing success in resolving the uncertainties around the
Rural Healthcare (RHC) program. The FCC announced an increase in
funding for the overall program while also approving our contracted
rates for the prior funding year.
“Diverse revenue streams and the strength of our core business
supported by continued improvements in the Alaska macro-economic
climate bode well for Alaska Communications. The outlook for the
rest of the year is strong for both top and bottom line
performance. We look forward to reporting our continued progress,”
said Anand Vadapalli, president and CEO of Alaska
Communications.
Revenue Highlights: Second Quarter 2018 Compared to Second
Quarter 2017
- Total revenue:
- Revenue was $59.6 million, compared to
$58.5 million.
- Total broadband revenue was $33.0
million, compared to $32.4 million.
- Business and Wholesale:
- Comprised 62.9 percent of total
revenue.
- Revenue was $37.5 million, compared to
$36.6 million.
- Broadband revenue was $26.3 million,
compared to $25.9 million.
- Consumer:
- Comprised 15.9 percent of total
revenue.
- Revenue was $9.5 million, compared to
$9.3 million.
- Broadband revenue was $6.7 million,
compared to $6.5 million.
- Regulatory:
- Comprised 21.2 percent of total
revenue.
- Revenue was $12.6 million, compared to
$12.7 million.
Financial Metrics: Second Quarter 2018 compared to Second
Quarter 2017
- Operating income was $8.3 million,
compared to $5.8 million.
- Net income was $3.4 million, compared
to a net loss of $2.8 million.
- Net cash provided by operating
activities was $8.9 million, compared to $11.8 million.
- Capital expenditures were $8.4 million,
compared to $5.4 million.
Balance Sheet Metrics: June 30, 2018 compared to December 31,
2017
- Cash was $12.2 million, compared to
$16.2 million.
- Net debt was $174.7 million, compared
to $177.2 million.
Non-GAAP Metrics: Second Quarter 2018 compared to Second
Quarter 2017
- Adjusted EBITDA was $16.9 million,
compared to $14.8 million.
- Adjusted free cash flow was $4.2
million, compared to $2.9 million.
Reconciliations of non-GAAP financial measures to GAAP financial
measures can be found in tables at the end of this release.
Laurie Butcher, Alaska Communications senior vice-president of
finance, said, “In the second quarter, we retired our convertible
debt, further simplified our balance sheet and delivered strong
financial results. Also, with the announcement of the RHC funding
increase in June, we reversed previously recorded reserves and
expect to begin receiving cash payments in the third quarter. These
strong results and continued opportunities give us great confidence
in our business and we expect to be at the high end of our 2018
guidance.”
2018 Guidance
The company reaffirms guidance as follows:
- Total Revenue between $225 million and
$230 million
- Adjusted EBITDA between $55 million and
$58 million
- Capital Expenditures between $33
million and $35 million
- Adjusted Free Cash Flow between $5
million and $8 million
Conference Call
The Company will host a conference call and live webcast on
Tuesday, August 7, 2018 at 2:00 p.m. Eastern Time to discuss the
results. Parties in the United States and Canada can access the
call at 1-800-683-1658 and enter pass code 987673. All other
parties can access the call at 1-334-647-4509 and use the same
code. On the call, the management team will answer questions
submitted in advance.
The live webcast of the conference call will be accessible from
the "Events Calendar" section of the Company's website
(www.alsk.com). The webcast will be archived for a period of 90
days. A telephonic replay of the conference call will also be
available two hours after the call and will run until September 6,
2018 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
6811228. All other parties can call 1-719-457-0820 and enter pass
code 6811228.
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 outflows of $2.0 million in the six-month period
of 2018).
Forward-Looking Statements
This press release includes certain "forward-looking
statements," as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's beliefs as well as on a number of assumptions
concerning future events made using information currently available
to management. Readers are cautioned not to put undue reliance on
such forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors, many of which are outside the Company’s control. Such
factors include, without limitation, Federal and Alaska Universal
Service Fund changes, funding through the rural health care
universal service support mechanism and our ability to comply with
the regulatory requirements to receive those support payments,
adverse economic conditions, 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, our ability to service our debt and refinance as required,
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, the impact of natural or man-made disasters, changes
in Company's relationships with large customers, unforeseen changes
in public policies, regulatory changes, changes in technology and
standards, our internal control over financial reporting, and
changes in accounting standards or policies, which could affect
reported financial results. For further information regarding risks
and uncertainties associated with the Company’s business, please
refer to the Company's SEC filings, including, but not limited to,
the sections entitled "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in
our annual report on Form 10-K and quarterly reports on Form 10-Q.
Copies of the Company's SEC filings may be obtained by contacting
its investor relations department at (907) 564-7556 or by visiting
its investor relations website at www.alsk.com.
Schedule
1 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
CONSOLIDATED SCHEDULE OF OPERATIONS (Unaudited, In
Thousands Except Per Share Amounts) Three Months
Ended Six Months Ended June 30,
June 30, 2018
2017 2018
2017 Operating revenues $ 59,578
$ 58,536 $ 115,550 $ 115,267 Operating expenses: Cost of
services and sales (excluding depreciation and amortization) 26,542
26,454 52,375 51,596 Selling, general & administrative 16,507
17,284 32,519 35,223 Depreciation and amortization 8,197 9,028
16,984 17,931 Loss on disposal of assets, net
44 14
41 33 Total
operating expenses
51,290
52,780 101,919
104,783 Operating income 8,288
5,756 13,631 10,484 Other income and (expense): Interest
expense (3,401 ) (3,913 ) (6,905 ) (7,758 ) Loss on extinguishment
of debt - (5,158 ) - (7,434 ) Interest income 24 7 38 14 Other
(expense) income, net
(91 )
(154 ) 13
(308 ) Total other income and
(expense)
(3,468 )
(9,218 ) (6,854
) (15,486 )
Income (loss) before income tax (expense) benefit 4,820 (3,462 )
6,777 (5,002 ) Income tax (expense) benefit
(1,418 ) 632
(1,306 ) 1,464
Net income (loss) 3,402 (2,830 ) 5,471 (3,538 )
Less net loss attributable to noncontrolling interest
(40 ) (32
) (72 )
(64 ) Net income (loss)
attributable to Alaska Communications
$
3,442 $ (2,798
) $ 5,543
$ (3,474 ) Net income
(loss) per share attributable to Alaska Communications: Net income
(loss) applicable to common shares
$
3,442 $ (2,798
) $ 5,543
$ (3,474 ) Basic and
Diluted
$ 0.06 $
(0.05 ) $ 0.10
$ (0.07 )
Weighted average shares outstanding: Basic
53,111 52,341
52,897 52,177
Diluted
53,888
52,341 53,829
52,177
Schedule 2 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. CONSOLIDATED BALANCE SHEETS (Unaudited, In
Thousands Except Per Share Amounts) June 30,
December 31, Assets 2018
2017 Current assets: Cash and cash
equivalents $ 10,388 $ 4,354 Restricted cash 1,769 11,814 Accounts
receivable, net of allowance of $3,041 and $2,729 39,815 32,535
Materials and supplies 7,005 7,046 Prepayments and other current
assets
5,443 6,115
Total current assets 64,420 61,864 Property, plant
and equipment 1,373,336 1,357,929 Less: accumulated depreciation
and amortization
(1,005,431 )
(991,816 ) Property, plant and
equipment, net 367,905 366,113 Deferred income taxes 1,311
3,394 Other assets
18,828
11,415 Total assets
$
452,464 $ 442,786
Liabilities and Stockholders' Equity Current
liabilities: Current portion of long-term obligations $ 6,841 $
17,030 Accounts payable, accrued and other current liabilities
35,926 36,148 Advance billings and customer deposits
4,492 4,213 Total
current liabilities 47,259 57,391 Long-term obligations, net
of current portion 173,331 168,959 Deferred income taxes 1,972 596
Other long-term liabilities, net of current portion
64,256 61,330 Total
liabilities
286,818
288,276 Commitments and contingencies Alaska
Communications stockholders' equity: Common stock, $.01 par value;
145,000 authorized 532 525 Additional paid in capital 159,230
158,969 Retained earnings (accumulated deficit) 6,902 (3,579 )
Accumulated other comprehensive loss
(1,977
) (2,396 ) Total
Alaska Communications stockholders' equity 164,687 153,519
Noncontrolling interest
959
991 Total stockholders' equity
165,646 154,510
Total liabilities and stockholders' equity
$
452,464 $ 442,786
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, 2018 2017
2018 2017 Cash Flows from
Operating Activities: Net income (loss) $ 3,402 $ (2,830 ) $ 5,471
$ (3,538 )
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 8,197 9,028 16,984 17,931 Loss on the
disposal of assets, net 44 14 41 33 Amortization of debt issuance
costs and debt discount 333 512 689 1,537 Loss on extinguishment of
debt - 5,158 - 7,434 Amortization of deferred capacity revenue (983
) (870 ) (1,930 ) (1,717 ) Stock-based compensation 325 (29 ) 567
581 Income tax expense (benefit) 1,418 (632 ) 1,306 (1,464 ) Charge
for uncollectible accounts 555 1,544 1,092 1,633 Other non-cash
expense, net 91 143 181 288 Change in income tax payable or
receivable (36 ) - (36 ) 574 Changes in operating assets and
liabilities
(4,409 )
(271 ) (2,007
) (6,227 ) Net cash
provided by operating activities
8,937
11,767 22,358
17,065 Cash Flows from Investing
Activities: Capital expenditures (8,401 ) (5,374 ) (17,081 )
(10,522 ) Capitalized interest (471 ) (220 ) (891 ) (463 ) Change
in unsettled capital expenditures (360 ) (818 ) (1,632 ) (2,043 )
Proceeds on sale of assets
-
1 -
4 Net cash used by investing activities
(9,232 ) (6,411
) (19,604 )
(13,024 ) Cash Flows from
Financing Activities: Repayments of long-term debt (11,699 )
(87,207 ) (20,506 ) (174,013 ) Proceeds from the issuance of
long-term debt 7,000 3,000 14,000 183,000 Debt issuance costs and
discounts - (291 ) - (5,508 ) Cash paid for debt extinguishment -
(3,966 ) - (5,279 ) Cash proceeds from noncontrolling interest - -
40 - Payment of withholding taxes on stock-based compensation - -
(410 ) (599 ) Proceeds from issuance of common stock
111 119
111 119 Net cash
used by financing activities
(4,588
) (88,345 )
(6,765 ) (2,280
) Change in cash, cash equivalents and
restricted cash (4,883 ) (82,989 ) (4,011 ) 1,761 Cash, cash
equivalents and restricted cash, beginning of period
17,040 107,895
16,168 23,145
Cash, cash equivalents and restricted cash, end of period
$ 12,157 $
24,906 $ 12,157
$ 24,906
Supplemental Cash Flow Data: Interest paid $ 3,810 $ 6,059 $ 7,251
$ 7,595 Income taxes paid (refunded), net $ 4 $ 2 $ 4 $ (572 )
Schedule 4 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. ADJUSTED EBITDA (Unaudited, In Thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2018 2017
2018 2017 Net income
(loss) $ 3,402 $ (2,830 ) $ 5,471 $ (3,538 ) Add (subtract):
Interest expense 3,401 3,913 6,905 7,758 Loss on extinguishment of
debt - 5,158 - 7,434 Interest income (24 ) (7 ) (38 ) (14 )
Depreciation and amortization 8,197 9,028 16,984 17,931 Other
expense (income), net 91 154 (13 ) 308 Loss on the disposal of
assets, net 44 14 41 33 Income tax expense (benefit) 1,418 (632 )
1,306 (1,464 ) Stock-based compensation 325 (29 ) 567 581 Net loss
attributable to noncontrolling interest
40
32 72
64 Adjusted EBITDA
$
16,894 $ 14,801
$ 31,295 $
29,093
NonGAAP Measures:
The Company provides certain non-GAAP financial information,
including Adjusted EBITDA, Adjusted Free Cash Flow and Net Debt.
Adjusted EBITDA eliminates the effects of period to period changes
in costs that are not directly attributable to the underlying
performance of the Company’s business operations and is used by
Management and the Company’s Board of Directors to evaluate current
operating financial performance, analyze and evaluate strategic and
operational decisions and better evaluate comparability between
periods. Adjusted Free Cash Flow is a non-GAAP liquidity measure
used by Management to assess the Company’s ability to generate cash
and plan for future operating and capital actions. Adjusted EBITDA
and Adjusted Free Cash Flow are common measures utilized by our
peers (other telecommunications companies) and we believe they
provide useful information to investors and analysts about the
Company’s operating results, financial condition and cash flows.
Net Debt provides Management and the Board of Directors with a
measure of the Company’s current leverage position.
The Company does not provide reconciliations of guidance for
Adjusted EBITDA to Net Income, and Adjusted Free Cash Flow to Net
Cash Provided by Operating Activities, in reliance on the
unreasonable efforts exception provided under Item 10(e)(1)(i)(B)
of Regulation S-K. The Company does not forecast certain items
required to develop the comparable GAAP financial measures. These
items are charges and benefits for uncollectible accounts, certain
other non-cash expenses, unusual items typically excluded from
Adjusted EBITDA and Adjusted Free Cash Flow, and changes in
operating assets and liabilities (generally the most significant of
these items, representing cash outflows of $2.0 million in the
six-month period ended June 30, 2018).
Adjusted EBITDA and Adjusted Free Cash Flow are not GAAP
measures and should not be considered a substitute for net income,
net cash provided by operating activities, or net cash provided or
used. Adjusted EBITDA as computed above is not consistent with the
definition of Consolidated EBITDA referenced in our 2017 Senior
Credit Agreement and 2015 Senior Credit Agreements, and other
companies may not calculate Non-GAAP measures in the same manner we
do.
Adjusted EBITDA is defined as net income (loss) before interest,
loss on extinguishment of debt, depreciation and amortization,
other (income) expense, gain or loss on asset purchases or
disposals, income taxes, stock-based compensation, 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, 2018 2017
2018 2017 Net cash
provided by operating activities $ 8,937 $ 11,767 $ 22,358 $ 17,065
Adjustments to reconcile net cash provided
by operating activities to adjusted free cash flow:
Capital expenditures (8,401 ) (5,374 ) (17,081 ) (10,522 )
Amortization of deferred capacity revenue 983 870 1,930 1,717
Amortization of GCI capacity revenue (516 ) (516 ) (1,027 ) (1,027
) Amortization of debt issuance costs and debt discount (333 ) (512
) (689 ) (1,537 ) Interest expense 3,401 3,913 6,905 7,758 Interest
paid (3,810 ) (6,059 ) (7,251 ) (7,595 ) Interest income (24 ) (7 )
(38 ) (14 ) Income taxes receivable (payable) 36 - 36 (574 ) Income
taxes (paid) refunded, net (4 ) (2 ) (4 ) 572 Charge for
uncollectible accounts (555 ) (1,544 ) (1,092 ) (1,633 ) Other
expense (income), net 91 154 (13 ) 308 Net loss attributable to
noncontrolling interest 40 32 72 64 Other non-cash expense, net (91
) (143 ) (181 ) (288 ) Changes in operating assets and liabilities
4,409 271
2,007 6,227
Adjusted free cash flow
$ 4,163
$ 2,850 $
5,932 $ 10,521
Schedule 6 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. ADJUSTED FREE CASH FLOW (Unaudited, In
Thousands) Three Months Ended Six Months
Ended June 30, June 30,
2018 2017
2018 2017 Adjusted
EBITDA $ 16,894 $ 14,801 $ 31,295 $ 29,093 Less: Capital
expenditures (8,401 ) (5,374 ) (17,081 ) (10,522 ) Amortization of
GCI capacity revenue (516 ) (516 ) (1,027 ) (1,027 ) Income taxes
(paid) refunded, net (4 ) (2 ) (4 ) 572 Interest paid
(3,810 ) (6,059
) (7,251 )
(7,595 ) Adjusted free cash flow*
$ 4,163 $
2,850 $ 5,932
$ 10,521 * 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, and amortization of GCI
capacity revenue. Amortization of deferred revenue associated with
our interconnection agreement with GCI is excluded from Adjusted
Free Cash Flow because no cash was received by the Company in
connection with this agreement. Amortization of all other deferred
revenue, including that associated with other IRU capacity
arrangements, is included in Adjusted Free Cash Flow because cash
was received by the Company, typically at contract inception, and
is being amortized to revenue over the term of the relevant
agreement.
See Schedule 3 for Net cash provided by operating activities,
Net cash used by investing activities, and Net cash used by
financing activities.
See Schedule 5 for the reconciliation of net cash provided by
operating activities to Adjusted Free Cash Flow.
Schedule
7 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
REVENUE BY CUSTOMER GROUP (Unaudited, In Thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2018 2017
2018 2017 Business and
wholesale revenue Business broadband $ 17,009 $ 16,954 $ 30,668 $
33,235 Business voice and other 7,038 6,601 13,889 13,232 Managed
IT services 1,191 1,151 2,456 2,058 Equipment sales and
installations 1,460 1,343 2,382 2,117 Wholesale broadband 9,338
8,941 18,916 17,258 Wholesale voice and other
1,442 1,612
2,930 3,241 Total
business and wholesale revenue
37,478
36,602 71,241
71,141 Growth in business and wholesale 2.4 % 0.1 %
Consumer revenue Broadband 6,695 6,460 13,187 12,878 Voice and
other
2,759 2,802
5,636 5,712
Total consumer revenue
9,454
9,262 18,823
18,590 Total business, wholesale, and consumer
revenue
46,932
45,864 90,064
89,731 Growth in business, wholesale and consumer
revenue 2.3 % 0.4 % Growth in broadband revenue 2.1 % -0.9 %
Regulatory revenue Access 7,722 7,748 15,639 15,689 High cost
support
4,924 4,924
9,847 9,847
Total regulatory revenue
12,646
12,672 25,486
25,536 Total revenue
$
59,578 $ 58,536
$ 115,550 $
115,267 Growth in total revenue 1.8 % 0.2 %
Schedule 8
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. KEY OPERATING
STATISTICS (Unaudited) Three Months Ended
June 30, March 31, June 30,
2018 2018
2017 Voice: Business access lines
70,494 71,002 72,972 Consumer access lines 27,411 28,221 31,542
Voice ARPU business $ 25.38 $ 24.76 $ 23.20 Voice ARPU
consumer $ 31.43 $ 31.57 $ 27.81
Broadband: Business
connections 15,368 15,306 15,475 Consumer connections 33,432 33,675
34,675 Broadband ARPU business $ 369.46 $ 297.38 $ 367.93
Broadband ARPU consumer $ 66.23 $ 63.77 $ 61.57
Monthly
Average Churn: Business voice 1.0 % 1.0 % 1.0 % Consumer
broadband 2.5 % 2.4 % 2.7 % Consumer voice 1.4 % 1.5 % 1.5 %
Schedule 9 ALASKA
COMMUNICATIONS SYSTEMS GROUP, INC. LONG TERM DEBT AND NET
DEBT (Unaudited, In Thousands) June 30,
December 31, 2018
2017 2017 senior secured credit facility due
2023 $ 175,050 $ 178,350 Debt discount - 2017 senior secured credit
facilities due 2023 (2,345 ) (2,668 ) Debt issuance costs - 2017
senior secured credit facilities due 2023 (2,525 ) (2,869 ) 6.25%
convertible notes due 2018 - 10,044 Debt discount - 6.25%
convertible notes due 2018 - (18 ) Debt issuance costs - 6.25%
convertible notes due 2018 - (4 ) Revolving credit facility loan
7,000 - Capital leases and other long-term obligations
2,992 3,154 Total
debt 180,172 185,989 Less current portion
(6,841 ) (17,030
) Long-term obligations, net of current portion
$ 173,331 $
168,959 Total debt $ 180,172 $ 185,989
Plus debt discounts and debt issuance costs
4,870 5,559 Gross
debt 185,042 191,548 Cash and cash equivalents (10,388 ) (4,354 )
Restricted cash held for 6.25% convertible notes due 2018
- (10,044 )
Net debt
$ 174,654 $
177,150
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180806005541/en/
Alaska Communications Systems Group, Inc.Media Contact:Heather
Cavanaugh, 907-564-7722orInvestor Contact:Tiffany Smith,
907-564-7556investors@acsalaska.com
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