ATN Reports Fourth Quarter and Full Year 2019 Results
Continued growth in domestic and international telecom drives improved underlying operating results
Telecom businesses well positioned to continue to deliver strong financial performance in 2020
BEVERLY, Mass., Feb. 19, 2020 (GLOBE NEWSWIRE) -- ATN International, Inc. (Nasdaq: ATNI) today reported results for the fourth quarter and full year ended December 31, 2019.
Business Review and Outlook
“Fourth quarter operating results in our telecom segments improved considerably in most respects from last year’s levels,” said Michael Prior, ATN’s Chief Executive Officer. “Consolidated telecom revenues in the fourth quarter increased at a high single-digit rate, driving higher growth in Adjusted EBITDA1.
“Positive fourth quarter comparisons in our International Telecom segment were broad-based, reflective of growth in our broadband services across our markets and the continued recovery of our US Virgin Islands operations, following the 2017 hurricanes. Our scale and investments in expanded fiber coverage and capacity, combined with the improved economic conditions in several of our markets, have put us in a strong position to deliver the data services that are in high demand.
“US Telecom operations generated double-digit revenue growth for the quarter due to increased wholesale wireless revenue as part of the FirstNet transaction and our work on the Connect America Fund Phase II (CAF II). This revenue boost and related operating income expansion more than offset additional costs related to our early-stage domestic telecom ventures.
“Fourth quarter net income included $5.8 million of charges tied to a revision to the carrying value of our solar operations in India given changing market conditions and delays in execution on certain pipeline assets. We are pleased with recent customer acquisition activities in this market and continue to evaluate potential partnering alternatives to execute on the solar energy platform that we have built in India.
“Looking ahead, we believe we have entered 2020 with our core telecom businesses well positioned, and we expect them to continue to increase segment revenue and Adjusted EBITDA1 for the year. Our International Telecom segment has a broadening revenue base, with the potential to participate in macro-economic growth in multiple markets while at the same time increasing share and driving operating efficiencies. Our US Telecom segment has made great strides towards strengthening its wholesale revenue pipeline, with potential upside coming from our ability to expand our enterprise and retail offerings. Also, while still early in the development phase, we believe our Geoverse subsidiary is well positioned to play a major role in the promising “private LTE” market. Geoverse has developed a strong platform and technical solution and is pursuing growth both through turnkey in-building deployments and working with strategic partners who are interested in utilizing Geoverse’s network solution.”
Fourth Quarter and Full Year 2019 Financial Results
Fourth quarter 2019 consolidated revenues of $112.1 million were up 4% compared to last year’s reported revenues of $107.8 million. An operating loss for the fourth quarter of 2019 of $1.7 million included $5.8 million of goodwill impairment charges and losses on disposed assets. This compares with the prior year operating income of $10.3 million, which included the $10.9 million gain mostly from the sale of the Company’s U.S. solar portfolio. Adjusted EBITDA1 was $28.5 million, an increase of 22% compared to $23.4 million in the prior year period and up 39% adjusting for the sale of U.S. solar assets included in Q4 2018. Net loss attributable to ATN’s stockholders for the fourth quarter was $9.8 million, or $0.61 per share, and included approximately $3.0 million of foreign currency losses from several of our markets. The prior year period’s net income was $1.1 million, or $0.07 per diluted share.
Revenues for the full year 2019 were $438.7 million, 3% below the $451.2 million reported for the full year 2018. Operating income for the full year 2019 was $13.4 million including $6.1 million of goodwill impairment charges and losses on disposed assets. In 2018, operating income was $61.0 million, which included $26.4 million in net gains on the sales of certain wholesale wireless assets in the U.S. and the Company’s U.S. solar portfolio. Adjusted EBITDA1 for the full year 2019 was $108.9 million, a decrease of 12% from the prior year. Net loss attributable to ATN stockholders for the full year 2019 was $10.8 million, or $0.68 per share, compared with the prior year’s net income of $19.8 million or $1.24 per diluted share. ______________________________________________________________________ 1 See Table 5 for reconciliation of Net Income to Adjusted EBITDA.
Fourth Quarter 2019 Operating Highlights
The Company has three reportable segments: (i) US Telecom; (ii) International Telecom; and (iii) Renewable Energy.
Segment Results (in Thousands)
Three Months Ended December 31, 2019
US Telecom
International Telecom
Renewable Energy
Corporate and Other
Total
Revenue
$
27,849
$
83,079
$
1,158
$
-
$
112,086
Operating Income (Loss)
$
2,137
$
11,119
$
(6,492
)
$
(8,503
)
$
(1,739
)
Adjusted EBITDA1
$
8,349
$
26,598
$
146
$
(6,625
)
$
28,468
Year Ended December 31, 2019
Capital Expenditures
$
17,490
$
42,029
$
6,448
$
6,758
$
72,725
Three Months Ended December 31, 2018
US Telecom
International Telecom
Renewable Energy
Corporate and Other
Total
Revenue
$
24,888
$
78,033
$
4,885
$
-
$
107,806
Operating Income (Loss)
$
973
$
7,572
$
9,753
$
(7,980
)
$
10,318
Adjusted EBITDA1
$
6,467
$
20,645
$
2,948
$
(6,704
)
$
23,356
Year Ended December 31, 2018
Capital Expenditures
$
13,389
$
160,013
$
4,515
$
8,004
$
185,921
International Telecom
International Telecom consists of a broad range of information and communications services including wireline and wireless data, internet, voice and video service revenues from our operations in Bermuda and the Caribbean. International Telecom revenues increased 6% year-on-year mainly due to a strong increase in broadband revenues in most of our markets, including the U.S. Virgin Islands, where the market and our operations continue to recover and grow following the 2017 hurricanes. International Telecom operating income increased 47% to $11.1 million from the prior year’s quarter and Adjusted EBITDA1 increased 29% to $26.6 million from the prior year’s quarter as a result of the higher broadband revenues in multiple markets, the post-storm recovery in the U.S. Virgin Islands and improved operating margins in multiple markets.
US Telecom
US Telecom revenues consist mainly of wireless revenues from our voice and data wholesale wireless operations and our smaller retail operations in the Southwestern United States, as well as enterprise and wholesale wireline revenues. US Telecom segment revenues increased by 12% primarily due to the CAF II federal support revenues, which began earlier in 2019 and increased wholesale revenues as part of the FirstNet transaction. Work has commenced and we expect construction revenues under the network build portion of the FirstNet agreement to begin in mid-2020 and continue through mid-2021. As revenues from the build will be largely offset by construction costs, we do not expect a material impact on operating income or Adjusted EBITDA1. Operating income increased to $2.1 million from the prior year’s quarter and Adjusted EBITDA1 for this segment increased by 29% to $8.3 million. This was due to the impact of the CAF II and FirstNet revenues and was offset partially by additional operating costs related to our early stage business investments.
Renewable Energy
Renewable Energy segment revenues are principally the result of the generation and sale of energy from our commercial solar projects in India. In the fourth quarter of 2018, ATN completed the sale of its portfolio of solar projects in the United States. As a result, fourth quarter 2019 revenues were $1.2 million, compared to $4.9 million in the prior year quarter and Adjusted EBITDA1 amounted to $0.1 million, compared to $2.9 million in the fourth quarter of 2018. We finished 2019 with 52 MWs of revenue generating solar facilities compared to 49 MWs at the end of 2018 and have several activities underway to continue expanding that in 2020. The current year’s operating loss was $6.4 million and includes the impact of $5.8 million of impaired goodwill and asset dispositions. This compares to the prior year’s operating income of $9.8 million which included the $12.4 million gain on the sale of the U.S. solar portfolio.
Balance Sheet and Cash Flow Highlights
Total cash, cash equivalents and restricted cash at December 31, 2019 was $162.4 million. Additionally, the Company ended the fourth quarter with $0.4 million in short-term investments. Net cash provided by operating activities was $87.9 million for the year ended 2019, compared with $115.9 million for the prior year. The decrease in operating cash flow compared with the prior year is mostly the result of changes in net working capital activity, primarily income tax payments of $26.9 million made in 2019 and the related decrease in accrued taxes as a result of the 2018 gain on the sale of the U.S. solar portfolio. For the year ended 2019, the Company used net cash of $118.2 million for investing and financing activities compared to $142.5 million for 2018. In 2019, this included $72.7 million in capital expenditures, $10.9 million of dividends on common stock and $25.4 million for minority investments. Over the past three years the company has made minority investments totaling approximately $32.3 million in four companies, in addition to serving as the primary funding partner in three early stage controlled subsidiaries. Management expects full year 2020 capital expenditures in International Telecom to be approximately $45.0 - $50.0 million. In the US Telecom segment, we expect capital expenditures to be approximately $35.0 - $40.0 million, including $20.0 million on towers and backhaul to support the FirstNet contract. In the Renewable Energy segment, we expect $2.0 - $4.0 million of project costs in 2020 related to building additional capacity.
Conference Call Information
ATN will host a conference call on Thursday, February 20, 2020 at 9:30 a.m. Eastern Time (ET) to discuss its fourth quarter and year end 2019 results and business outlook. The call will be hosted by Michael Prior, Chairman and Chief Executive Officer, and Justin Benincasa, Chief Financial Officer. The dial-in numbers are US/Canada: (877) 734-4582 and International: (678) 905-9376, conference ID 4758768. A replay of the call will be available at ir.atni.com beginning at 1:00 p.m. (ET) on February 20, 2020.
About ATN
ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, invests in and operates communications, energy and technology businesses in the United States and internationally, including the Caribbean region and Asia-Pacific, with a particular focus on markets with a need for significant infrastructure investments and improvements. Our operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential and business customers, including a range of mobile wireless solutions, high speed internet services, video services and local exchange services, (ii) distributed solar electric power to corporate and government customers and (iii) wholesale communications infrastructure services such as terrestrial and submarine fiber optic transport, communications tower facilities, managed mobile networks, and in-building systems. For more information, please visit www.atni.com.
Cautionary Language Concerning Forward Looking Statements
This press release contains forward-looking statements relating to, among other matters, our future financial performance and results of operations including revenue and Adjusted EBITDA expectations and capital expenditures for 2020; the competitive environment in our key markets, demand for our services and industry trends; the impact of the CAF II federal support revenues and the FirstNet transaction; our growth opportunities; our expectations for macro-economic growth in certain of our markets; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of our operations, including operating margins, revenues, capital expenditures, and the future growth and retention of our major customers and subscriber base and consumer demand for solar power; (2) our ability to maintain favorable roaming arrangements, receive roaming traffic and satisfy the needs and demands of our major wireless customers; (3) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address rapid and significant technological changes in the telecommunications industry; (4) government regulation of our businesses, which may impact our FCC and other telecommunications licenses or our renewables businesses; (5) our reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure; (6) economic, political and other risks and opportunities facing our operations; (7) the loss of or an inability to recruit skilled personnel in our various jurisdictions, including key members of management; (8) our ability to expand and obtain funding for our renewable energy business; (9) our ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (10) the occurrence of weather events and natural catastrophes; (11) increased competition; (12) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; (13) our continued access to capital and credit markets; and (14) the risk of currency fluctuation for those markets in which we operate. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, filed with the SEC on November 8, 2019 and the other reports we file from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors that may affect such forward-looking statements, except as required by law.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains non-GAAP financial measures. Specifically, ATN has included Adjusted EBITDA in this release and in the tables included herein.
Adjusted EBITDA is defined as net income attributable to ATN stockholders before (gain) loss on disposition of long-lived assets, restructuring charges, interest, taxes, depreciation and amortization, transaction-related charges, other income or expense, loss on damaged assets and other hurricane charges, net of insurance recovery and net income attributable to non-controlling interests.
The Company believes that the inclusion of this non-GAAP financial measure helps investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. ATN’s management uses this non-GAAP measure, 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 measure included in this press release is not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of this non-GAAP financial measure used in this press release to the most directly comparable GAAP financial measure are set forth in the text of, and the accompanying tables to, this press release. While our non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.
Table 1
ATN International, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in Thousands)
December 31,
December 31,
2019
2018
Assets:
Cash and cash equivalents
$
161,287
$
191,836
Restricted cash
1,071
1,071
Short-term investments
416
393
Other current assets
65,949
82,465
Total current assets
228,723
275,765
Property, plant and equipment, net
605,581
626,852
Operating lease right-of-use assets
68,763
-
Goodwill and other intangible assets, net
161,818
166,979
Other assets
65,110
37,708
Total assets
$
1,129,995
$
1,107,304
Liabilities and Stockholders’ Equity:
Current portion of long-term debt
$
3,750
$
4,688
Taxes payable
8,517
31,795
Current portion of operating lease liabilities
11,406
-
Other current liabilities
95,996
104,167
Total current liabilities
119,669
140,650
Long-term debt, net of current portion
$
82,676
$
86,294
Deferred income taxes
7,949
10,276
Operating lease liabilities
56,164
-
Other long-term liabilities
57,454
46,760
Total liabilities
323,912
283,980
Total ATN International, Inc.’s stockholders’ equity
676,122
695,387
Non-controlling interests
129,961
127,937
Total equity
806,083
823,324
Total liabilities and stockholders’ equity
$
1,129,995
$
1,107,304
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,
2019
2018
2019
2018
Revenues:
Wireless
$
49,782
$
45,778
$
193,488
$
198,824
Wireline
61,146
57,143
239,700
230,225
Renewable energy
1,158
4,885
5,534
22,158
Total revenue
112,086
107,806
438,722
451,207
Operating expenses:
Termination and access fees
29,503
30,441
112,943
114,478
Engineering and operations
19,415
18,292
77,649
73,031
Sales, marketing and customer service
9,682
9,238
38,730
35,207
General and administrative
25,018
26,479
100,534
104,267
Transaction-related charges
155
2,000
244
2,642
Restructuring charges
-
752
-
515
Depreciation and amortization
24,255
21,117
89,125
85,719
(Gain) loss on disposition of assets
2,518
(10,916
)
2,841
(26,425
)
Impairment of goodwill
3,279
-
3,279
-
Loss on damaged assets and other hurricane related charges
-
85
-
750
Total operating expenses
113,825
97,488
425,345
390,184
Operating income (loss)
(1,739
)
10,318
13,377
61,023
Other income (expense):
Interest expense, net
(764
)
(823
)
(2,747
)
(6,162
)
Other income (expense)
(1,803
)
1,841
(4,558
)
(1,119
)
Other income (expense), net
(2,567
)
1,018
(7,305
)
(7,281
)
Income before income taxes
(4,306
)
11,336
6,072
53,742
Income tax expense
1,331
5,851
4,105
18,870
Net Income (Loss)
(5,637
)
5,485
1,967
34,872
Net income attributable to non-controlling interests, net
(4,116
)
(4,352
)
(12,773
)
(15,057
)
Net income (loss) attributable to ATN International, Inc. stockholders
$
(9,753
)
$
1,133
$
(10,806
)
$
19,815
Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders:
Sale of business, net of transferred cash of $0 and $11.5 million, respectively
6,572
48,270
Government grants
3,140
5,400
Net cash used in investing activities
(88,262
)
(87,319
)
Dividends paid on common stock
(10,880
)
(10,866
)
Distributions to non-controlling interests
(7,161
)
(18,780
)
Principal repayments of term loan
(4,700
)
(9,795
)
Payment of debt issuance costs
(1,340
)
-
Stock-based compensation share repurchases
(1,649
)
(4,622
)
Purchases of common stock - share buyback
(162
)
(1,576
)
Repurchases of non-controlling interests
(4,504
)
(9,663
)
Investments made by minority shareholders
488
-
Other
-
72
Net cash used in financing activities
(29,908
)
(55,230
)
Effect of foreign currency exchange rates on total cash, cash equivalents and restricted cash
(282
)
(299
)
Net change in total cash, cash equivalents and restricted cash
(30,549
)
(26,983
)
Total cash, cash equivalents and restricted cash, beginning of period
192,907
219,890
Total cash, cash equivalents and restricted cash, end of period
$
162,358
$
192,907
Table 4
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
For the three months ended December 31, 2019 is as follows:
US Telecom
International Telecom
Renewable Energy
Corporate and Other *
Total
Statement of Operations Data:
Revenue
Wireless
$
27,172
$
22,610
$
-
$
-
$
49,782
Wireline
677
60,469
-
-
61,146
Renewable Energy
-
-
1,158
-
1,158
Total Revenue
$
27,849
$
83,079
$
1,158
$
-
$
112,086
Operating Income (Loss)
$
2,137
$
11,119
$
(6,492
)
$
(8,503
)
$
(1,739
)
Stock-based compensation
$
-
$
100
$
87
$
1,316
$
1,503
Non-controlling interest ( net income or (loss) )
$
(1,186
)
$
(2,924
)
$
(6
)
$
-
$
(4,116
)
Non GAAP measure:
Adjusted EBITDA (1)
$
8,349
$
26,598
$
146
$
(6,625
)
$
28,468
Balance Sheet Data (at December 31, 2019):
Cash, cash equivalents and investments
$
38,240
$
43,125
$
25,054
$
55,284
161,703
Total current assets
54,207
91,497
27,534
55,485
228,723
Fixed assets, net
69,184
466,523
48,421
21,453
605,581
Total assets
222,356
647,228
76,723
183,688
1,129,995
Total current liabilities
24,905
77,644
2,745
14,375
119,669
Total debt
-
86,426
-
-
86,426
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
For the three months ended December 31, 2018 is as follows:
US Telecom
International Telecom
Renewable Energy
Corporate and Other *
Total
Statement of Operations Data:
Revenue
Wireless
$
23,110
$
22,668
$
-
$
-
$
45,778
Wireline
1,778
55,365
-
-
57,143
Renewable Energy
-
-
4,885
-
4,885
Total Revenue
$
24,888
$
78,033
$
4,885
$
-
$
107,806
Operating Income (Loss)
$
973
$
7,572
$
9,753
$
(7,980
)
$
10,318
Stock-based compensation
-
19
19
1,310
1,348
Non-controlling interest ( net income or (loss) )
$
(414
)
$
(2,544
)
$
(1,394
)
$
-
$
(4,352
)
Non GAAP measure:
Adjusted EBITDA (1)
$
6,467
$
20,645
$
2,948
$
(6,704
)
$
23,356
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
For the year ended December 31, 2019 is as follows:
US Telecom
International Telecom
Renewable Energy
Corporate and Other *
Total
Statement of Operations Data:
Revenue
Wireless
$
105,434
$
88,054
$
-
$
-
$
193,488
Wireline
3,214
236,486
-
-
239,700
Renewable Energy
-
-
5,534
-
5,534
Total Revenue
$
108,648
$
324,540
$
5,534
$
-
$
438,722
Operating Income (Loss)
$
8,064
$
46,921
$
(7,243
)
$
(34,365
)
$
13,377
Stock-based compensation
$
-
405
87
5,892
$
6,384
Non-controlling interest ( net income or (loss) )
$
(3,050
)
$
(9,734
)
$
11
$
-
$
(12,773
)
Non GAAP measure:
Adjusted EBITDA (1)
$
31,359
$
103,095
$
1,838
$
(27,426
)
$
108,866
Statement of Cash Flows Data:
Capital expenditures
$
17,490
$
42,029
$
6,448
$
6,758
$
72,725
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
For the year ended December 31, 2018 is as follows:
US Telecom
International Telecom
Renewable Energy
Corporate and Other *
Total
Statement of Operations Data:
Revenue
Wireless
$
108,878
$
89,946
$
-
$
-
$
198,824
Wireline
6,602
223,623
-
-
230,225
Renewable Energy
-
-
22,158
-
22,158
Total Revenue
$
115,480
$
313,569
$
22,158
$
-
$
451,207
Operating Income (Loss)
$
36,813
$
45,022
$
13,440
$
(34,252
)
$
61,023
Stock-based compensation
-
88
105
6,227
6,420
Non-controlling interest ( net income or (loss) )
$
(3,183
)
$
(9,753
)
$
(2,121
)
$
-
$
(15,057
)
Non GAAP measure:
Adjusted EBITDA (1)
$
44,676
$
94,463
$
13,638
$
(28,554
)
$
124,223
Statement of Cash Flows Data:
Capital expenditures
$
13,389
$
160,013
$
4,515
$
8,004
$
185,921
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
at December 31, 2018
US Telecom
International Telecom
Renewable Energy
Corporate and Other *
Total
Balance Sheet Data (at December 31, 2018):
Cash, cash equivalents and investments
$
19,118
$
32,390
$
62,678
$
78,043
$
192,229
Total current assets
36,801
75,304
80,553
83,107
275,765
Fixed assets, net
78,102
482,770
45,599
20,381
626,852
Total assets
172,634
622,454
130,427
181,789
1,107,304
Total current liabilities
15,783
82,575
3,465
38,827
140,650
Total debt
-
90,970
12
-
90,982
(1) See Table 5 for reconciliation of Net Income to Adjusted EBITDA
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
Quarter ended
December 31,
March 31,
June 30,
September 30,
December 31,
2018**
2019
2019
2019
2019
US Telecom Operational Data:
Total Domestic Base Stations
1,045
1,046
1,048
1,048
1,043
International Telecom Operational Data:
Voice / Access lines*
171,100
171,200
171,200
170,200
167,300
High Speed Data Subscribers*
120,100
123,600
124,700
127,200
129,900
Video Subscribers
41,700
41,000
39,700
38,600
38,200
Wireless *
300,400
293,500
290,400
284,800
283,700
* Counts were adjusted for all periods presented based upon a change in methodology and process
** For 2018 quarter, subscribers for voice, data and video in the U.S. Virgin Islands are included as active and in the subscriber count, but many were not billed post-hurricane
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, 2019 and 2018
Three Months Ended December 31, 2019
US Telecom
International Telecom
Renewable Energy
Corporate and Other *
Total
Net income (loss)attributable to ATN International, Inc. stockholders
$
(9,753
)
Net income attributable to non-controlling interests, net of tax
4,116
Income tax expense
1,331
Other (income) expense, net
1,803
Interest expense, net
764
Operating income
$
2,137
$
11,119
$
(6,492
)
$
(8,503
)
$
(1,739
)
Depreciation and amortization
6,199
15,284
1,036
1,736
24,255
(Gain) Loss on disposition of assets
13
195
2,310
-
2,518
Impairment of intangible assets
-
-
3,279
-
3,279
Transaction-related charges
-
-
13
142
155
Adjusted EBITDA
$
8,349
$
26,598
$
146
$
(6,625
)
$
28,468
Three Months Ended December 31, 2018
US Telecom
International Telecom
Renewable Energy
Corporate and Other *
Total
Net Income (loss) attributable to ATN International, Inc. stockholders
$
1,133
Net income attributable to non-controlling interests, net of tax
4,352
Income tax expense
5,851
Other expense, net
(1,841
)
Interest expense, net
823
Operating income
$
973
$
7,572
$
9,753
$
(7,980
)
$
10,318
Depreciation and amortization
5,602
12,983
1,097
1,435
21,117
Restructuring charges
-
-
752
-
752
(Gain) loss on disposition of assets
(134
)
5
(10,787
)
-
(10,916
)
Loss on damaged assets and other hurricane related charges, net of insurance recovery
-
85
-
-
85
Transaction-related charges
26
-
2,133
(159
)
2,000
Adjusted EBITDA
$
6,467
$
20,645
$
2,948
$
(6,704
)
$
23,356
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
Reconciliation of Net Income to Adjusted EBITDA for the Year Ended December 31, 2019 and 2018
Year Ended December 31, 2019
US Telecom
International Telecom
Renewable Energy
Corporate and Other *
Total
Net income (loss) attributable to ATN International, Inc. stockholders
$
(10,806
)
Net income attributable to non-controlling interests, net of tax
12,773
Income tax expense
4,105
Other (income) expense, net
4,558
Interest expense, net
2,747
Operating income
$
8,064
$
46,921
$
(7,243
)
$
(34,365
)
$
13,377
Depreciation and amortization
23,119
55,993
3,305
6,708
89,125
(Gain) Loss on disposition of long-lived assets
176
181
2,484
-
2,841
Impairment of intangible assets
-
-
3,279
-
3,279
Transaction-related charges
-
-
13
231
244
Adjusted EBITDA
$
31,359
$
103,095
$
1,838
$
(27,426
)
$
108,866
Year Ended December 31, 2018
US Telecom
International Telecom
Renewable Energy
Corporate and Other *
Total
Net Income attributable to ATN International, Inc. stockholders
$
19,815
Net income attributable to non-controlling interests, net of tax
15,057
Income tax expense
18,870
Other (income) expense, net
1,119
Interest expense, net
6,162
Operating income
$
36,813
$
45,022
$
13,440
$
(34,252
)
$
61,023
Depreciation and amortization
24,615
48,889
6,589
5,625
85,718
Restructuring charges
-
(236
)
751
-
515
(Gain) Loss on disposition of long-lived assets
(17,188
)
38
(9,275
)
-
(26,425
)
Loss on damaged assets and other hurricane related charges, net of insurance recovery
-
750
-
-
750
Transaction-related charges
436
-
2,133
73
2,642
Adjusted EBITDA
$
44,676
$
94,463
$
13,638
$
(28,554
)
$
124,223
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments