BusinessWire

Alaska Communications Reports Second Quarter 2020 Results

  • Increased total revenue 3.6% year over year, driven by 12.1% fiber and broadband growth to business customers
  • Continued investment delivers total fiber miles to over 155K, including expansion with wireless carriers and fiber to the home
  • Reported Net Income attributable to Alaska Communications of $2.4 million, and Adjusted Free Cash Flow of $8.6 million
  • Increased Adjusted EBITDA to $16.5 million from $13.9 million year over year
  • Driven by market demand, the first Azure Stack Hub in Alaska to be located in Company data center
  • Reaffirms guidance despite COVID-19 impacts

ANCHORAGE, Alaska--(BUSINESS WIRE)--Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today reported financial results for the second quarter ended June 30, 2020.


“During the second quarter 2020, our superior network and established partnerships delivered strong performance despite the pandemic, led by Business and Wholesale broadband growth of 12.1%, nearly all of which is fiber based revenue. We continue to strategically augment our existing fiber-based network, which includes the North Slope, a complete ring around the state of Alaska, the Pacific Northwest and two under-sea cables to the Lower 48.”

“In addition, we are strengthening our fiber infrastructure with several strategic initiatives to drive long-term growth. With interest from anchor customers, we will be the first Alaska provider of locally hosted Microsoft Azure Stack Hub cloud services, enriching users’ computing experience with greater flexibility, increased reliability and lower latency. Leveraging our marine assets, we won our first subsea 100Gb IRU to a carrier customer in April. In addition, we are enhancing our consumer platform, and with our fixed-wireless CAF II program, we now offer high-speed broadband access to over 16,000 rural Alaskans,” said Bill Bishop, president & CEO.

Three Months Ended June 30, 2020 Compared to 2019

  • Total revenue was $59.5 million, compared to $57.4 million, an increase of 3.6%.
    • Business and wholesale revenue was $40.0 million, compared to $37.0 million, up 8.1%.
    • Consumer revenue was $9.2 million, compared to $9.3 million, a decrease of 1.8%.
    • Regulatory revenue was $10.3 million, compared to $11.0 million, a decrease of 6.9%.
  • Operating expenses were $53.4 million, compared to $54.2 million.
  • Operating income was $6.1 million, compared to $3.2 million.
  • Net income attributable to Alaska Communications was $2.4 million, compared to $35 thousand.
  • Capital expenditures were $10.9 million, compared to $11.9 million, or excluding prefunded projects $7.8 million, compared to $11.9 million.
  • Adjusted EBITDA was $16.5 million, compared to $13.9 million.
  • Adjusted Free Cash Flow was $8.6 million, compared with Adjusted Free Cash Outflow of $3.1 million, or excluding prefunded projects $5.4 million, compared to an outflow of $3.1 million.

Balance Sheet Highlights

  • Cash was $46.0 million at June 30, 2020, compared to $28.3 million at December 31, 2019.
  • Net debt was $131.7 million at June 30, 2020, compared to $153.8 million at December 31, 2019.

Six Months Ended June 30, 2020 Compared to 2019

  • Total revenue was $117.7 million, compared to $114.3 million, an increase of 3.0%.
    • Business and wholesale revenue was $78.8 million, compared to $73.5 million, up 7.2%.
    • Consumer revenue was $18.3 million, compared to $18.5 million, a decrease of 1.2%.
    • Regulatory revenue was $20.6 million, compared to $22.2 million, a decrease of 7.3%.
  • Operating expenses were $105.8 million, compared to $105.1 million.
  • Operating income was $11.9 million, compared to $9.2 million.
  • Net income attributable to Alaska Communications was $4.8 million, compared to $0.3 million.
  • Capital expenditures were $18.4 million, compared to $20.4 million, or excluding prefunded projects $14.7 million, compared to $20.4 million.
  • Adjusted EBITDA was $32.6 million, compared to $29.1 million.
  • Adjusted Free Cash Flow was $18.7 million, compared with Adjusted Free Cash Outflow of $0.1 million, or excluding prefunded projects $11.2 million, compared to an outflow of $0.1 million.

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.

Laurie Butcher, Alaska Communications’ chief financial officer, said, “We are pleased with our revenue performance, reflecting the success of our sales and delivery teams in key strategic verticals. Regarding capital spending, we have taken a conservative approach in the first half of the year. As our fiber growth projects began to ramp up during the second quarter, we expect capital spending on growth projects to increase in the latter half of the year resulting in total year expenditures consistent with our 2020 guidance. To date, we are encouraged we have not seen material negative impacts from COVID-19. On the contrary, we benefited from the CARES Act determination to accelerate AMT tax refunds, which will positively impact adjusted free cash flow in 2020. While the long-term impact of COVID remains unclear, we are confident in our strategic plan for growth and affirm our 2020 guidance.”

Special Dividend Paid

On June 18, 2020, Alaska Communications paid a one-time cash dividend of $0.09 per share, or $4.8 million, to shareholders of record as of April 20, 2020. This reflects the board’s confidence in the company’s strong performance over the past several years and management’s ability to drive business and wholesale revenue growth.

Russell 2000 and 3000 Index

Effective June 29, 2020, Alaska Communications was added as a member of the small-cap Russell 2000® Index, the broad-market Russell 3000® Index and the appropriate growth and value indexes.

2020 Guidance

Management maintains its 2020 financial guidance as follows:

  • Total Revenue to be between $232 million and $237 million
  • Adjusted EBITDA to be between $63 million and $65 million
  • Capital Expenditures excluding prefunded projects to be between $39 million and $43 million
  • Adjusted Free Cash Flow excluding prefunded projects to be between $8 million and $10 million

Conference Call

The Company will host a conference call and live webcast on Thursday, August 6, 2020 at 2:00 p.m. Eastern Time to discuss the results. Parties in the United States and Canada can access the call at 1-800-437-2398 and enter pass code 9971095. All other parties can access the call at 1-323-289-6576 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 September 5, 2020 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 9971095. All other parties can call 1-719-457-0820 and enter pass code 9971095.

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.

Revenue Category Definitions

Growth Revenues are defined as business broadband, managed IT services, equipment sales and installations, wholesale broadband and consumer broadband. Legacy Revenues are defined as business voice and other, Wholesale voice and other, consumer voice and other, and Access. CAF II Revenues are defined as high cost support.

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 $21.2 million in the six-month period of 2020).

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 impacts of the COVID-19 pandemic on the economy of Alaska and on the Company, 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 North Slope 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 Six Months Ended
June 30, June 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 
 
Operating revenues

$

59,456

 

$

57,395

 

$

117,722

 

$

114,304

 

 
Operating expenses:
Cost of services and sales (excluding depreciation and amortization)

 

27,134

 

 

26,356

 

 

54,248

 

 

51,983

 

Selling, general & administrative

 

16,225

 

 

18,718

 

 

31,619

 

 

35,374

 

Depreciation and amortization

 

10,033

 

 

9,200

 

 

19,873

 

 

17,879

 

Loss (gain) on disposal of assets, net

 

14

 

 

(95

)

 

100

 

 

(97

)

 
Total operating expenses

 

53,406

 

 

54,179

 

 

105,840

 

 

105,139

 

 
Operating income

 

6,050

 

 

3,216

 

 

11,882

 

 

9,165

 

 
Other income and (expense):
Interest expense

 

(2,739

)

 

(3,096

)

 

(5,698

)

 

(6,152

)

Loss on extinguishment of debt

 

-

 

 

(31

)

 

-

 

 

(2,830

)

Interest income

 

68

 

 

95

 

 

143

 

 

170

 

Other income (expense), net

 

33

 

 

(122

)

 

414

 

 

-

 

Total other income and (expense)

 

(2,638

)

 

(3,154

)

 

(5,141

)

 

(8,812

)

 
Income before income tax expense

 

3,412

 

 

62

 

 

6,741

 

 

353

 

 
Income tax expense

 

(996

)

 

(46

)

 

(1,956

)

 

(144

)

 
Net income

 

2,416

 

 

16

 

 

4,785

 

 

209

 

 
Less net loss attributable to noncontrolling interest

 

(24

)

 

(19

)

 

(42

)

 

(53

)

 
Net income attributable to Alaska Communications

$

2,440

 

$

35

 

$

4,827

 

$

262

 

 
Net income per share attributable to Alaska Communications:
Net income applicable to common shares

$

2,440

 

$

35

 

$

4,827

 

$

262

 

 
Basic

$

0.05

 

$

0.00

 

$

0.09

 

$

0.00

 

Diluted

$

0.04

 

$

0.00

 

$

0.09

 

$

0.00

 

 
Weighted average shares outstanding:
Basic

 

53,976

 

 

53,799

 

 

53,799

 

 

53,591

 

Diluted

 

54,342

 

 

54,569

 

 

54,295

 

 

54,599

 

Schedule 2
 
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited, In Thousands Except Per Share Amounts)
 
June 30, December 31,
Assets

 

2020

 

 

2019

 

 
Current assets:
Cash and cash equivalents

$

44,379

 

$

26,662

 

Restricted cash

 

1,628

 

 

1,631

 

Short-term investments

 

134

 

 

134

 

Accounts receivable, net of allowance of $4,117 and $4,627

 

27,989

 

 

34,354

 

Materials and supplies

 

8,056

 

 

8,900

 

Prepayments and other current assets

 

13,591

 

 

9,617

 

Total current assets

 

95,777

 

 

81,298

 

 
Property, plant and equipment

 

1,436,987

 

 

1,424,904

 

Less: accumulated depreciation and amortization

 

(1,055,336

)

 

(1,042,546

)

Property, plant and equipment, net

 

381,651

 

 

382,358

 

 
Operating lease right of use assets

 

88,232

 

 

80,991

 

Other assets

 

10,191

 

 

12,598

 

Total assets

$

575,851

 

$

557,245

 

 
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term obligations

$

9,059

 

$

8,906

 

Accounts payable, accrued and other current liabilities

 

43,929

 

 

39,108

 

Advance billings and customer deposits

 

3,639

 

 

3,761

 

Operating lease liabilities - current

 

10,065

 

 

2,795

 

Total current liabilities

 

66,692

 

 

54,570

 

 
Long-term obligations, net of current portion

 

163,589

 

 

167,476

 

Deferred income taxes

 

5,497

 

 

4,403

 

Operating lease liabilities - noncurrent

 

79,117

 

 

78,767

 

Other long-term liabilities, net of current portion

 

89,268

 

 

78,520

 

Total liabilities

 

404,163

 

 

383,736

 

Commitments and contingencies
Alaska Communications stockholders' equity:
Common stock, $.01 par value; 145,000 authorized

 

548

 

 

541

 

Treasury stock, 1,000 shares at cost

 

(1,812

)

 

(1,812

)

Additional paid in capital

 

162,240

 

 

161,844

 

Retained earnings

 

15,342

 

 

15,367

 

Accumulated other comprehensive loss

 

(5,434

)

 

(3,277

)

Total Alaska Communications stockholders' equity

 

170,884

 

 

172,663

 

Noncontrolling interest

 

804

 

 

846

 

Total stockholders' equity

 

171,688

 

 

173,509

 

 
Total liabilities and stockholders' equity

$

575,851

 

$

557,245

 

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,

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Cash Flows from Operating Activities:
Net income

$

2,416

 

$

16

 

$

4,785

 

$

209

 

Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization

 

10,033

 

 

9,200

 

 

19,873

 

 

17,879

 

Loss (gain) on disposal of assets, net

 

14

 

 

(95

)

 

100

 

 

(97

)

Amortization of debt issuance costs and debt discount

 

294

 

 

303

 

 

644

 

 

606

 

Loss on extinguishment of debt

 

-

 

 

31

 

 

-

 

 

2,830

 

Amortization of deferred capacity revenue

 

(1,711

)

 

(1,133

)

 

(3,071

)

 

(2,259

)

Stock-based compensation

 

409

 

 

(9

)

 

718

 

 

489

 

Deferred income tax expense

 

996

 

 

46

 

 

1,950

 

 

138

 

Charge for uncollectible accounts

 

(165

)

 

665

 

 

(394

)

 

(32

)

Amortization of ROU asset

 

679

 

 

583

 

 

1,257

 

 

1,148

 

Other non-cash (income) expense, net

 

(33

)

 

123

 

 

(66

)

 

244

 

Changes in operating assets and liabilities

 

11,678

 

 

3,128

 

 

21,176

 

 

7,178

 

Net cash provided by operating activities

 

24,610

 

 

12,858

 

 

46,972

 

 

28,333

 

 
Cash Flows from Investing Activities:
Capital expenditures

 

(10,949

)

 

(11,869

)

 

(18,412

)

 

(20,432

)

Capitalized interest

 

(315

)

 

(254

)

 

(631

)

 

(609

)

Change in unsettled capital expenditures

 

3,057

 

 

570

 

 

(702

)

 

(551

)

Proceeds on sale of assets

 

-

 

 

19

 

 

-

 

 

19

 

Net cash used by investing activities

 

(8,207

)

 

(11,534

)

 

(19,745

)

 

(21,573

)

 
Cash Flows from Financing Activities:
Repayments of long-term debt

 

(1,138

)

 

(10

)

 

(4,378

)

 

(171,768

)

Proceeds from the issuance of long-term debt

 

-

 

 

-

 

 

-

 

 

180,000

 

Debt issuance costs and discounts

 

-

 

 

(24

)

 

-

 

 

(2,683

)

Cash paid for debt extinguishment

 

-

 

 

(30

)

 

-

 

 

(1,252

)

Payment of cash dividend on common stock

 

(4,820

)

 

-

 

 

(4,820

)

 

-

 

Payment of withholding taxes on stock-based compensation

 

-

 

 

(143

)

 

(439

)

 

(448

)

Purchases of treasury stock

 

-

 

 

(149

)

 

-

 

 

(149

)

Proceeds from issuance of common stock

 

124

 

 

106

 

 

124

 

 

106

 

Net cash (used) provided by financing activities

 

(5,834

)

 

(250

)

 

(9,513

)

 

3,806

 

 
Change in cash, cash equivalents and restricted cash

 

10,569

 

 

1,074

 

 

17,714

 

 

10,566

 

 
Cash, cash equivalents and restricted cash, beginning of period

 

35,438

 

 

24,477

 

 

28,293

 

 

14,985

 

 
Cash, cash equivalents and restricted cash, end of period

$

46,007

 

$

25,551

 

$

46,007

 

$

25,551

 

 
Supplemental Cash Flow Data:

Interest paid

$

2,789

 

$

3,039

 

$

5,708

 

$

6,114

 

Dividends payable at June 30, 2020

$

32

 

$

-

 

$

32

 

$

-

 

Income taxes paid, net

$

-

 

$

-

 

$

-

 

$

10

 

Schedule 4
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
ADJUSTED EBITDA
(Unaudited, In Thousands)
 
Three Months Ended Six Months Ended
June 30, June 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 
Net income

$

2,416

 

$

16

 

$

4,785

 

$

209

 

Add (subtract):
Interest expense

 

2,739

 

 

3,096

 

 

5,698

 

 

6,152

 

Loss on extinguishment of debt

 

-

 

 

31

 

 

-

 

 

2,830

 

Interest income

 

(68

)

 

(95

)

 

(143

)

 

(170

)

Depreciation and amortization

 

10,033

 

 

9,200

 

 

19,873

 

 

17,879

 

Other (income) expense, net

 

(33

)

 

122

 

 

(414

)

 

-

 

Loss (gain) on disposal of assets, net

 

14

 

 

(95

)

 

100

 

 

(97

)

Income tax expense

 

996

 

 

46

 

 

1,956

 

 

144

 

Stock-based compensation

 

409

 

 

(9

)

 

718

 

 

489

 

Cash severance expense

 

-

 

 

1,595

 

 

-

 

 

1,595

 

Net loss attributable to noncontrolling interest

 

24

 

 

19

 

 

42

 

 

53

 

 
Adjusted EBITDA

$

16,530

 

$

13,926

 

$

32,615

 

$

29,084

 

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 $21.2 million in the six-month period ended June 30, 2020).

 

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 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, and net loss attributable to noncontrolling interest.
Schedule 5
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITES TO ADJUSTED FREE CASH FLOW
(Unaudited, In Thousands)
 
Three Months Ended Six Months Ended
June 30, June 30,

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

 
Net cash provided by operating activities

$

24,610

 

$

12,858

 

$

46,972

 

$

28,333

 

Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow:
Capital expenditures excluding prefunded projects

 

(7,827

)

 

(11,869

)

 

(14,663

)

 

(20,432

)

Capital expenditures for prefunded projects

 

(3,122

)

 

-

 

 

(3,749

)

 

-

 

Milestone payments received for prefunded projects

 

6,640

 

 

-

 

 

11,780

 

 

-

 

Deferred cost of sales for prefunded projects

 

175

 

 

-

 

 

175

 

 

-

 

Amortization of revenue for prefunded projects

 

(482

)

 

-

 

 

(709

)

 

-

 

Amortization of deferred capacity revenue

 

1,711

 

 

1,133

 

 

3,071

 

 

2,259

 

Amortization of GCI capacity revenue

 

(516

)

 

(516

)

 

(1,032

)

 

(1,027

)

Amortization of debt issuance costs and debt discount

 

(294

)

 

(303

)

 

(644

)

 

(606

)

Interest expense

 

2,739

 

 

3,096

 

 

5,698

 

 

6,152

 

Interest paid

 

(2,789

)

 

(3,039

)

 

(5,708

)

 

(6,114

)

Interest income

 

(68

)

 

(95

)

 

(143

)

 

(170

)

Deferred income tax expense

 

(996

)

 

(46

)

 

(1,950

)

 

(138

)

Income tax expense

 

996

 

 

46

 

 

1,956

 

 

144

 

Income taxes paid, net

 

-

 

 

-

 

 

-

 

 

(10

)

Charge for uncollectible accounts

 

165

 

 

(665

)

 

394

 

 

32

 

Amortization of ROU asset

 

(679

)

 

(583

)

 

(1,257

)

 

(1,148

)

Other (income) expense, net

 

(33

)

 

122

 

 

(414

)

 

-

 

Net loss attributable to noncontrolling interest

 

24

 

 

19

 

 

42

 

 

53

 

Other non-cash income (expense), net

 

33

 

 

(123

)

 

66

 

 

(244

)

Changes in operating assets and liabilities

 

(11,678

)

 

(3,128

)

 

(21,176

)

 

(7,178

)

Adjusted free cash flow

$

8,609

 

$

(3,093

)

$

18,709

 

$

(94

)


Contacts

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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