- Revenue Exceeds $59 Million, Led by 7.8% Broadband
Growth
- Bill Bishop Appointed Permanent President & CEO, and
Laurie Butcher Named CFO
- Management Reaffirms 2019 Guidance
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today
reported financial results for the third quarter of 2019.
“We are committed to superior service and network solutions that
our customers require in Alaska and the markets we serve in the
Lower 48. By emphasizing our customer centric approach, we expect
to deliver sustainable long-term growth for our shareholders. For
the third quarter, we are pleased to report that we grew total
broadband revenue by 7.8% over last year. In addition, we grew net
income 11.3% over last year and increased our Adjusted EBITDA
margin to 26.7% for the quarter,” said Bill Bishop, President &
CEO.
“We are making progress on our deployment of a 5G fiber backhaul
network and are on track with provisioning the first route for our
100% prefunded project for one of our strategic customers. In mass
market, we grew on-base multi-dwelling units (MDUs) by an
additional 2,000 units and added our largest non-military MDU
complex to date. We are very excited about our expansion projects
and technical capabilities to stay on the forefront of requirements
for our advanced products including, our broadband satellite
offering, IP voice, and robust data and FiWi networks,” continued
Mr. Bishop.
Third Quarter 2019 Compared to Third Quarter 2018
- Total revenue was $59.1 million, compared to $58.2 million, up
1.5%.
- Business and wholesale revenue was $38.7 million, compared to
$36.4 million, up 6.3%.
- Consumer revenue was steady at $9.3 million for both
periods.
- Regulatory revenue was $11.1 million, compared to $12.6
million, a decrease of 11.9%, as expected due to the restructuring
of the Alaska Universal Service program.
- Operating expenses were $53.4 million, compared to $52.5
million.
- Operating income was $5.8 million for both periods.
- Net income was $2.0 million, compared to $1.8 million.
- Capital expenditures were $11.1 million, compared to $8.4
million, which includes planned investments to continue our 5G
wireless backhaul project.
- Adjusted EBITDA was $15.8 million, compared to $14.8
million.
- Adjusted free cash flow was $6.3 million, compared to $4.3
million.
- Cash was $26.7 million at September 30, 2019, compared to $15.0
million at December 31, 2018.
- Net debt was $156.6 million at September 30, 2019, compared to
$161.2 million at December 31, 2018.
Reconciliations of non-GAAP financial measures to GAAP financial
measures can be found in tables at the end of this release and on
the Company’s website at http://www.alsk.com in the investment data
section.
“As expected, our strong sales funnel translated into
significant revenue growth for the quarter in key areas, offsetting
the anticipated decline in regulatory revenue. We are committed to
maintaining tight financial controls, also contributing to
increases in both Adjusted EBITDA and Adjusted Free Cash Flow. In
the quarter, we completed a modest stock repurchase of one million
shares at an average price of $1.81. Additionally, the Board
determined that it was reasonable to discontinue the Section 382
tax preservation plan on October 18, 2019. We will continue to
align with our shareholders and consider ways to pursue actions
that return capital to shareholders, while staying committed to
investing in high ROI projects,” says Laurie Butcher, Chief
Financial Officer.
2019 Guidance
The Company reaffirms 2019 guidance.
- Total Revenue to be between $230 million and $235 million
- Adjusted EBITDA to be between $60 million and $62 million
- Capital Expenditures to be between $40 million and $42
million
- Adjusted Free Cash Flow to be between $10 million and $12
million
Conference Call
The Company will host a conference call and live webcast on
Thursday, November 7, 2019 at 2:00 p.m. Eastern Time to discuss the
results. Parties in the United States and Canada can access the
call at 1-800-367-2403 and enter pass code 8903749. All other
parties can access the call at 1-334-777-6978 and use the same
code.
The live webcast of the conference call will be accessible from
the "Events Calendar" section of the Company's website
(www.alsk.com). The webcast will be archived for a period of 30
days. A telephonic replay of the conference call will also be
available two hours after the call and will run until December 7,
2019 at 5:00 p.m. Eastern Time. To hear the replay, parties in the
U.S. and Canada can call 1-888-203-1112 and enter pass code
8903749. All other parties can call 1-719-457-0820 and enter pass
code 8903749.
About Alaska
Communications
Alaska Communications (NASDAQ: ALSK) is the leading provider of
advanced broadband and managed IT services for businesses and
consumers in Alaska. The Company operates a highly reliable,
advanced statewide data network with the latest technology and the
most diverse undersea fiber optic system connecting Alaska to the
contiguous U.S. For more information, visit
www.alaskacommunications.com or www.alsk.com.
Non-GAAP Measures
In an effort to provide investors with additional information
regarding our financial results, we have provided certain non-GAAP
financial information, including Adjusted EBITDA, Adjusted Free
Cash Flow and Net Debt. Adjusted EBITDA eliminates the effects of
period to period changes in costs that are not directly
attributable to the underlying performance of the Company’s
business operations and is used by Management and the Company’s
Board of Directors to evaluate current operating financial
performance, analyze and evaluate strategic and operational
decisions and better evaluate comparability between periods.
Adjusted Free Cash Flow is a non-GAAP liquidity measured used by
Management and the Company’s Board of Directors to assess the
Company’s ability to generate cash and plan for future operating
and capital actions. Adjusted EBITDA and Adjusted Free Cash Flow
are common measures utilized by our peers (other telecommunications
companies) and we believe they provide useful information to
investors and analysts about the Company’s operating results,
financial condition and cash flows. Net Debt provides Management
and the Company’s Board of Directors with a measure of the
Company’s current leverage position. The definition and computation
of these non-GAAP measures are provided on Schedules 4, 6 and 9 to
this press release. Adjusted EBITDA and Adjusted Free Cash Flow
should not be considered a substitute for Net Income, Net Cash
Provided by Operating Activities and other measures of financial
performance recorded in accordance with GAAP. Reconciliations of
our non-GAAP measures to our nearest GAAP measures can be found in
the tables in this release. Other companies may not calculate
non-GAAP measures in the same manner as Alaska Communications. The
Company does not provide reconciliations of guidance for Adjusted
EBITDA to Net Income, and Adjusted Free Cash Flow to Net Cash from
Operating Activities, in reliance on the unreasonable efforts
exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The
Company does not forecast certain items required to develop the
comparable GAAP financial measures. These items are charges and
benefits for uncollectible accounts, certain other non-cash
expenses, unusual items typically excluded from Adjusted EBITDA and
Adjusted Free Cash Flow, and changes in operating assets and
liabilities (generally the most significant of these items,
representing cash inflows of $8.6 million in the nine-month period
of 2019).
Forward-Looking Statements
This press release includes certain "forward-looking
statements," as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's beliefs as well as on a number of assumptions
concerning future events made using information currently available
to management. Readers are cautioned not to put undue reliance on
such forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors, many of which are outside the Company’s control. Such
factors include, without limitation changes in technology and
related standards, the impact of natural or man-made disasters and
accidents, Federal and Alaska Universal Service Fund changes and
our current and historical compliance with the obligations of those
programs, structural declines for voice and other legacy services,
maintenance or IT issues, third-party intellectual property claims,
potential pension shortfalls, the success or failure of future
strategic transactions, funding through the rural health care
universal service support mechanism and our ability to comply and
our history of compliance with the regulatory requirements to
receive those support payments, our ability to service our debt and
refinance as required, adverse economic conditions, our success in
providing broadband services on the Northslope and Western Alaska,
the effects of competition in our markets, our relatively small
size compared with our competitors, the Company’s ability to
compete, manage, integrate, market, maintain, and attract
sufficient customers for its products and services, adverse changes
in labor matters, including workforce levels, labor negotiations,
employee benefit costs, our ability to control other operating
costs, disruption of our supplier’s provisioning of critical
products or services, the actions of activist shareholders, changes
in Company's relationships with large customers, unforeseen changes
in public policies, regulatory changes, our internal control over
financial reporting, and changes in accounting standards or
policies, which could affect reported financial results. For
further information regarding risks and uncertainties associated
with the Company’s business, please refer to the Company's SEC
filings, including, but not limited to, the sections entitled "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our annual report on Form
10-K and quarterly reports on Form 10-Q. Copies of the Company's
SEC filings may be obtained by contacting its investor relations
department at (907) 564-7556 or by visiting its investor relations
website at www.alsk.com.
Schedule 1 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. CONSOLIDATED SCHEDULE OF OPERATIONS (Unaudited,
In Thousands Except Per Share Amounts) Three Months
Ended Nine Months Ended September 30,
September 30,
2019
2018
2019
2018
Operating revenues
$
59,128
$
58,229
$
173,432
$
173,779
Operating expenses: Cost of services and sales (excluding
depreciation and amortization)
26,785
27,220
78,768
79,595
Selling, general & administrative
16,832
16,879
52,206
49,398
Depreciation and amortization
9,546
8,352
27,425
25,336
Loss on disposal of assets, net
198
15
101
56
Total operating expenses
53,361
52,466
158,500
154,385
Operating income
5,767
5,763
14,932
19,394
Other income and (expense): Interest expense
(2,997
)
(3,286
)
(9,149
)
(10,191
)
Loss on extinguishment of debt
-
-
(2,830
)
-
Interest income
121
36
291
74
Other income, net
192
66
192
79
Total other income and (expense)
(2,684
)
(3,184
)
(11,496
)
(10,038
)
Income before income tax expense
3,083
2,579
3,436
9,356
Income tax expense
(1,084
)
(774
)
(1,228
)
(2,080
)
Net income
1,999
1,805
2,208
7,276
Less net loss attributable to noncontrolling interest
(23
)
(12
)
(76
)
(84
)
Net income attributable to Alaska Communications
$
2,022
$
1,817
$
2,284
$
7,360
Net income per share attributable to Alaska Communications:
Net income applicable to common shares
$
2,022
$
1,817
$
2,284
$
7,360
Basic and Diluted
$
0.04
$
0.03
$
0.04
$
0.14
Weighted average shares outstanding: Basic
53,328
53,184
53,503
52,994
Diluted
53,991
54,116
54,405
53,887
Schedule 2 ALASKA COMMUNICATIONS SYSTEMS
GROUP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited,
In Thousands Except Per Share Amounts) September
30, December 31, Assets
2019
2018
Current assets: Cash and cash equivalents
$
25,046
$
13,351
Restricted cash
1,631
1,634
Short-term investments
134
134
Accounts receivable, net of allowance of $4,807 and $3,936
25,438
31,472
Materials and supplies
9,185
6,737
Prepayments and other current assets
13,191
12,169
Total current assets
74,625
65,497
Property, plant and equipment
1,414,940
1,390,622
Less: accumulated depreciation and amortization
(1,036,422
)
(1,017,442
)
Property, plant and equipment, net
378,518
373,180
Deferred income taxes
-
498
Operating lease right of use assets
80,748
-
Other assets
12,354
16,010
Total assets
$
546,245
$
455,185
Liabilities and Stockholders' Equity Current
liabilities: Current portion of long-term obligations
$
5,674
$
2,289
Accounts payable, accrued and other current liabilities
40,317
40,957
Advance billings and customer deposits
3,791
4,024
Operating lease liabilities - current
2,626
-
Total current liabilities
52,408
47,270
Long-term obligations, net of current portion
171,541
168,023
Deferred income taxes
2,823
2,315
Operating lease liabilities - noncurrent
78,362
-
Other long-term liabilities, net of current portion
71,250
67,827
Total liabilities
376,384
285,435
Commitments and contingencies Alaska Communications stockholders'
equity: Common stock, $.01 par value; 145,000 authorized
540
533
Treasury stock, 1,000 shares at cost
(1,812
)
-
Additional paid in capital
160,931
160,514
Retained earnings
12,723
10,439
Accumulated other comprehensive loss
(3,384
)
(2,675
)
Total Alaska Communications stockholders' equity
168,998
168,811
Noncontrolling interest
863
939
Total stockholders' equity
169,861
169,750
Total liabilities and stockholders' equity
$
546,245
$
455,185
Schedule 3 ALASKA COMMUNICATIONS SYSTEMS
GROUP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, In Thousands) Three Months Ended
Nine Months Ended September 30, September 30,
2019
2018
2019
2018
Cash Flows from Operating Activities: Net income
$
1,999
$
1,805
$
2,208
$
7,276
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
9,546
8,352
27,425
25,336
Loss on disposal of assets, net
198
15
101
56
Amortization of debt issuance costs and debt discount
305
333
911
1,022
Loss on extinguishment of debt
-
-
2,830
-
Amortization of deferred capacity revenue
(1,141
)
(1,067
)
(3,400
)
(2,997
)
Stock-based compensation
277
642
766
1,209
Income tax expense
1,084
774
1,228
2,080
Charge for uncollectible accounts
307
1,279
275
2,371
Amortization of ROU asset
568
-
1,716
-
Other non-cash expense, net
(192
)
(13
)
52
168
Income taxes receivable
(65
)
(1
)
(65
)
(37
)
Changes in operating assets and liabilities
1,401
12,402
8,573
10,395
Net cash provided by operating activities
14,287
24,521
42,620
46,879
Cash Flows from Investing Activities: Capital expenditures
(11,124
)
(8,351
)
(31,556
)
(25,432
)
Capitalized interest
(374
)
(565
)
(983
)
(1,456
)
Change in unsettled capital expenditures
1,134
(179
)
583
(1,811
)
Proceeds on sale of assets
1
1
20
1
Net cash used by investing activities
(10,363
)
(9,094
)
(31,936
)
(28,698
)
Cash Flows from Financing Activities: Repayments of
long-term debt
(1,135
)
(8,658
)
(172,903
)
(29,164
)
Proceeds from the issuance of long-term debt
-
-
180,000
14,000
Debt issuance costs and discounts
-
-
(2,683
)
-
Cash paid for debt extinguishment
-
-
(1,252
)
-
Cash proceeds from noncontrolling interest
-
-
-
40
Payment of withholding taxes on stock-based compensation
-
-
(448
)
(410
)
Purchases of treasury stock
(1,663
)
-
(1,812
)
-
Proceeds from issuance of common stock
-
-
106
111
Net cash (used) provided by financing activities
(2,798
)
(8,658
)
1,008
(15,423
)
Change in cash, cash equivalents and restricted cash
1,126
6,769
11,692
2,758
Cash, cash equivalents and restricted cash, beginning of
period
25,551
12,157
14,985
16,168
Cash, cash equivalents and restricted cash, end of period
$
26,677
$
18,926
$
26,677
$
18,926
Supplemental Cash Flow Data: Interest paid
$
3,122
$
3,472
$
9,236
$
10,723
Income taxes paid, net
$
-
$
-
$
10
$
4
Schedule 4 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. ADJUSTED EBITDA (Unaudited, In Thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
Net income
$
1,999
$
1,805
$
2,208
$
7,276
Add (subtract): Interest expense
2,997
3,286
9,149
10,191
Loss on extinguishment of debt
-
-
2,830
-
Interest income
(121
)
(36
)
(291
)
(74
)
Depreciation and amortization
9,546
8,352
27,425
25,336
Other income, net
(192
)
(66
)
(192
)
(79
)
Loss on disposal of assets, net
198
15
101
56
Income tax expense
1,084
774
1,228
2,080
Stock-based compensation
277
642
766
1,209
Cash severance expense
-
-
1,595
-
Net loss attributable to noncontrolling interest
23
12
76
84
Adjusted EBITDA
$
15,811
$
14,784
$
44,895
$
46,079
NonGAAP Measures:
The Company provides certain non-GAAP financial information,
including Adjusted EBITDA, Adjusted Free Cash Flow and Net Debt.
Adjusted EBITDA eliminates the effects of period to period changes
in costs that are not directly attributable to the underlying
performance of the Company’s business operations and is used by
Management and the Company’s Board of Directors to evaluate current
operating financial performance, analyze and evaluate strategic and
operational decisions and better evaluate comparability between
periods. Adjusted Free Cash Flow is a non-GAAP liquidity measure
used by Management to assess the Company’s ability to generate cash
and plan for future operating and capital actions. Adjusted EBITDA
and Adjusted Free Cash Flow are common measures utilized by our
peers (other telecommunications companies) and we believe they
provide useful information to investors and analysts about the
Company’s operating results, financial condition and cash flows.
Net Debt provides Management and the Board of Directors with a
measure of the Company’s current leverage position.
The Company does not provide reconciliations of guidance for
Adjusted EBITDA to Net Income, and Adjusted Free Cash Flow to Net
Cash Provided by Operating Activities, in reliance on the
unreasonable efforts exception provided under Item 10(e)(1)(i)(B)
of Regulation S-K. The Company does not forecast certain items
required to develop the comparable GAAP financial measures. These
items are charges and benefits for uncollectible accounts, certain
other non-cash expenses, unusual items typically excluded from
Adjusted EBITDA and Adjusted Free Cash Flow, and changes in
operating assets and liabilities (generally the most significant of
these items, representing cash inflows of $8.6 million in the
nine-month period ended September 30, 2019).
Adjusted EBITDA and Adjusted Free Cash Flow are not GAAP
measures and should not be considered a substitute for net income,
net cash provided by operating activities, or net cash provided or
used. Adjusted EBITDA as computed above is not consistent with the
definition of Consolidated EBITDA referenced in our 2019 Senior
Credit Facility, and other companies may not calculate Non-GAAP
measures in the same manner we do.
Adjusted EBITDA is defined as net income (loss) before interest
expense and income, loss on extinguishment of debt, depreciation
and amortization, other income and expense, gain or loss on asset
purchases or disposals, provision for income taxes, stock-based
compensation, cash severance expense for the Company's former Chief
Executive Officer and net loss attributable to noncontrolling
interest.
Schedule 5 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO
ADJUSTED FREE CASH FLOW (Unaudited, In Thousands)
Three Months Ended Nine Months Ended September
30, September 30,
2019
2018
2019
2018
Net cash provided by operating activities
$
14,287
$
24,521
$
42,620
$
46,879
Adjustments to reconcile net cash provided by operating activities
to adjusted free cash flow: Capital expenditures
(10,942
)
(8,351
)
(31,374
)
(25,432
)
Capital expenditures for prefunded projects
(182
)
-
(182
)
-
Milestone payments received for prefunded projects
5,285
1,850
5,285
1,850
Amortization of deferred capacity revenue
1,141
1,067
3,400
2,997
Amortization of GCI capacity revenue
(522
)
(522
)
(1,549
)
(1,549
)
Amortization of debt issuance costs and debt discount
(305
)
(333
)
(911
)
(1,022
)
Interest expense
2,997
3,286
9,149
10,191
Interest paid
(3,122
)
(3,472
)
(9,236
)
(10,723
)
Interest income
(121
)
(36
)
(291
)
(74
)
Income taxes receivable
65
1
65
37
Income taxes paid, net
-
-
(10
)
(4
)
Charge for uncollectible
accounts
(307
)
(1,279
)
(275
)
(2,371
)
Amortization of ROU asset
(568
)
-
(1,716
)
-
Other income, net
(192
)
(66
)
(192
)
(79
)
Net loss attributable to
noncontrolling interest
23
12
76
84
Other non-cash expense, net
192
13
(52
)
(168
)
Changes in operating assets and
liabilities
(1,401
)
(12,402
)
(8,573
)
(10,395
)
Adjusted free cash flow
$
6,328
$
4,289
$
6,234
$
10,221
Schedule 6 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
ADJUSTED FREE CASH FLOW (Unaudited, In Thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2019
2018
2019
2018
Adjusted EBITDA
$
15,811
$
14,784
$
44,895
$
46,079
Less: Capital expenditures excluding prefunded projects
(10,942
)
(8,351
)
(31,374
)
(25,432
)
Amortization of GCI capacity revenue
(522
)
(522
)
(1,549
)
(1,549
)
Cash severance expense
-
-
(1,595
)
-
Income taxes paid, net
-
-
(10
)
(4
)
Interest paid
(3,122
)
(3,472
)
(9,236
)
(10,723
)
1,225
2,439
1,131
8,371
Impact of prefunded projects: Capital expenditures for prefunded
projects
(182
)
-
(182
)
-
Milestone payments received for prefunded projects
5,285
1,850
5,285
1,850
5,103
1,850
5,103
1,850
Adjusted free cash flow*
$
6,328
$
4,289
$
6,234
$
10,221
* Quarterly Adjusted Free Cash Flow fluctuates and should not be
viewed as an indicator of annual performance. Onetime events,
seasonality of capital spend and the timing of interest payments
may result in negative Adjusted Free Cash Flow in one or more
quarters.
NonGAAP Measures:
Adjusted Free Cash Flow is a non-GAAP liquidity measure and is
defined as Adjusted EBITDA, less recurring operating cash
requirements which include capital expenditures, cash income taxes
refunded or paid, cash interest paid, amortization of GCI capacity
revenue, cash severance expense for the Company's former Chief
Executive Officer, and cash receipts and payments, deferred costs
and amortized revenue and expense associated with certain prefunded
special projects as defined in the 2019 Senior Credit Facility.
Amortization of deferred revenue associated with our
interconnection agreement with GCI is excluded from Adjusted Free
Cash Flow because no cash was received by the Company in connection
with this agreement. Amortization of all other deferred revenue,
including that associated with other IRU capacity arrangements, is
included in Adjusted Free Cash Flow because cash was received by
the Company, typically at contract inception, and is being
recognized as revenue over the term of the relevant agreement.
See Schedule 3 for Net cash provided by operating activities,
Net cash used by investing activities, and Net cash (used) provided
by financing activities.
See Schedule 5 for the reconciliation of net cash provided by
operating activities to Adjusted Free Cash Flow.
Schedule 7 ALASKA COMMUNICATIONS SYSTEMS
GROUP, INC. REVENUE BY CUSTOMER GROUP (Unaudited, In
Thousands) Three Months Ended Nine Months
Ended September 30, September 30,
2019
2018
2019
2018
Business and wholesale revenue Business broadband
$
15,654
$
15,368
$
46,358
$
46,036
Business voice and other
7,200
7,199
21,442
21,088
Managed IT services
1,789
1,480
4,965
3,936
Equipment sales and installations
942
1,488
2,830
3,870
Wholesale broadband
11,284
9,305
31,989
28,221
Wholesale voice and other
1,870
1,525
4,688
4,455
Total business and wholesale revenue
38,739
36,365
112,272
107,606
Growth in business and wholesale
6.5
%
4.3
%
Consumer revenue Broadband
6,718
6,539
19,880
19,726
Voice and other
2,567
2,719
7,947
8,355
Total consumer revenue
9,285
9,258
27,827
28,081
Total business, wholesale, and consumer revenue
48,024
45,623
140,099
135,687
Growth in business, wholesale and consumer revenue
5.3
%
3.3
%
Growth in broadband revenue
7.8
%
4.5
%
Regulatory revenue Access
6,181
7,682
18,563
23,321
High cost support
4,923
4,924
14,770
14,771
Total regulatory revenue
11,104
12,606
33,333
38,092
Total revenue
$
59,128
$
58,229
$
173,432
$
173,779
Growth in total revenue
1.5
%
-0.2
%
Growth Revenues: Business broadband, Managed IT services,
Equipment sales and installations, Wholesale broadband, and
Consumer broadband
Legacy Revenues: Business voice and other, Wholesale voice and
other, Consumer voice and other, and Access
CAF II Revenues: High Cost Support
Schedule 8 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. KEY OPERATING STATISTICS (Unaudited)
Three Months Ended September 30, June 30,
September 30,
2019
2019
2018
Voice: Business access lines
67,606
67,984
70,110
Consumer access lines
23,565
24,337
26,497
Voice ARPU business
$
27.10
$
27.03
$
25.35
Voice ARPU consumer
$
33.98
$
33.94
$
32.05
Broadband: Business connections
14,942
15,050
15,368
Consumer connections
31,466
32,407
32,773
Broadband ARPU business
$
346.97
$
340.77
$
332.37
Broadband ARPU consumer
$
69.87
$
68.16
$
65.58
Monthly Average Churn: Business voice
0.7
%
1.0
%
0.8
%
Consumer broadband
3.0
%
2.8
%
2.8
%
Consumer voice
1.4
%
1.5
%
1.4
%
Schedule 9 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. LONG TERM DEBT AND NET DEBT (Unaudited, In
Thousands) September 30, December 31,
2019
2018
2019 senior secured credit facility due 2024
$
178,875
$
-
Debt discount - 2019 senior secured credit facilities due 2024
(2,408
)
-
Debt issuance costs - 2019 senior secured credit facilities due
2024
(1,992
)
-
2017 senior secured credit facility due 2023
-
171,750
Debt discount - 2017 senior secured credit facilities due 2023
-
(2,024
)
Debt issuance costs - 2017 senior secured credit facilities due
2023
-
(2,182
)
Capital leases and other long-term obligations
2,740
2,768
Total debt
177,215
170,312
Less current portion
(5,674
)
(2,289
)
Long-term obligations, net of current portion
$
171,541
$
168,023
Total debt
$
177,215
$
170,312
Plus debt discounts and debt issuance costs
4,400
4,206
Gross debt
181,615
174,518
Cash and cash equivalents
(25,046
)
(13,351
)
Net debt
$
156,569
$
161,167
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191106005893/en/
Media Contact Heather Cavanaugh, 907-564-7722 Director, External
Affairs and Corporate Communications
Investor Contact Tiffany Smith, 907-564-7556 Manager, Board and
Investor Relations investors@acsalaska.com
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