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Alaska Communications Reports Third Quarter 2015 Results

Increased Total Broadband Revenue 7.6 Percent, Again Delivering Industry-Leading Revenue Growth; Improved Adjusted EBITDA Remains on Track to Achieve 2015 Exit Run Rate Target


Published:

ANCHORAGE, Alaska--Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today reported financial results for the third quarter of 2015.

"Our focus on reliable broadband technologies, differentiated by customer service, resulted in strong sales and financial performance in the third quarter. Q3 Adjusted EBITDA, as expected, grew significantly, up 13.7% sequentially to $12.6 million. We expect Q4 performance will show continued strong sequential growth from revenue uplift and additional cost reductions. This supports our goal to achieve a 2015 Adjusted EBITDA exit run rate of $54 million to $56 million and strengthens our financial foundation going into 2016.

"Consistently performing to our plan over the last four years, we have transformed Alaska Communications into a pure play broadband and IT managed services provider. Our management team has strengthened our balance sheet, refinanced our debt, and achieved industry-leading growth. We are focused on our future, positioning Alaska Communications for further success in broadband and IT managed services and creating shareholder value. We are at a natural place in our evolution to provide leadership opportunities for our deeply experienced management team," said President and CEO Anand Vadapalli.

Laurie Butcher, who has been a key financial leader at Alaska Communications for many years, has been promoted to senior vice president of finance and will lead the finance organization, succeeding CFO Wayne Graham. Butcher joined Alaska Communications in 1997 and served as vice president of finance for the past 10 years. The company has also aligned its core sales and operations functions in three key areas. Bill Bishop, who has led the company's growth in business sales, has been promoted to senior vice president of business services and will lead the business and wholesale segment. Mike Todd, who has led Alaska Communications' successful network expansion, has been named senior vice president of consumer services and will lead the consumer segment. Randy Ritter, named senior vice president of shared services, previously led the company's successful entry into IT managed services.

"Collectively, our team has five decades' experience at Alaska Communications and over 100 years in the telecom sector. This extensive knowledge of the telecommunications industry and the Alaska market, along with our focus on customer experience, will serve our investors, customers and employees well," said Vadapalli.

Wayne Graham, chief financial officer, along with David Eisenberg, chief revenue officer, will be separating from Alaska Communications effective the end of November. "I thank Wayne and David for their leadership and service. Their dedication and stellar performance record helped create today's Alaska Communications," noted Vadapalli.

"I am proud of our rising executives and confident in their talent. We are in the right markets, at the right time, with the right team. We have built a platform to increase shareholder value by delivering top-line performance, growing Adjusted EBITDA and generating strong free cash flow while operating at some of the lowest leverage levels in our sector," concluded Vadapalli.

Third Quarter 2015 Revenue Highlights Compared to Third Quarter 2014

  • Total Service and Other:
    • Revenue was $54.7 million. Compared to $53.4 million, revenue grew 2.5 percent year over year.
    • Total broadband revenue reached $18.6 million, up 7.6 percent from $17.3 million.
  • Business and Wholesale:
    • Comprised 54.3 percent of total service and other revenue and is expected to continue to generate an increasing percentage of our top line performance.
    • Revenue grew to $29.7 million, up 6.2 percent from $28.0 million, led by continued strong broadband performance.
    • Broadband revenue reached $12.5 million, up 14.1 percent from $11.0 million.
  • Consumer:
    • Comprised 18.2 percent of total service and other revenue.
    • Revenue was $9.9 million, down 4.7 percent from $10.4 million, reflecting general industry trends.
    • Broadband revenue was $6.1 million, down 3.5 percent from $6.3 million.
  • Access and Other:
    • Comprised 27.5 percent of total service and other revenue.
    • Revenue grew to $15.1 million, up 0.6 percent from $15.0 million, led by an increase in equipment sales and installations.

 

Financial Highlights from Third Quarter 2015

  • Completed the refinancing of our senior loan facility on September 14, 2015, entering into $100 million of senior secured financing, including a $10 million undrawn revolving loan. The company has no debt maturities prior to 2018.
  • Reported continued benefits from the wind down of the wireless business resulting in increased Adjusted EBITDA to $12.6 million, up from $11.1 million in Q2. The remaining wind down activities and the resulting benefits will be completed in Q4.
  • Total debt was $188.7 million, and cash balances were $42.1 million at September 30, 2015.

"During Q3, we achieved several financial milestones. We refinanced our senior debt facility, lowered our cost structure and turned up record sales activities that are expected to result in a strong Q4. The management team is focused on building on this success with an increasing focus on not only top-line and Adjusted EBITDA performance, but driving free cash flow growth in 2016," said CFO Wayne Graham.

2015 Guidance

The company reaffirmed 2015 guidance as follows:

  • Total service and other revenue of approximately $220 million
  • Run rate Adjusted EBITDA exiting 2015 of $54 million to $56 million
  • Net capital expenditures range of $34 million to $36 million1
  • Net debt at year end of approximately $159 million

1. The purchase of the North Slope Network is not included in capital spending guidance. Schedule 5 presents the impact of this investment on overall capital spending results for the year.

Conference Call

The company will host a conference call and live webcast on Thursday, November 5, 2015 at 3:00 p.m. Eastern Standard Time to discuss the results. The live webcast will include a slide presentation. Parties in the U.S. and Canada can access the call at 1-888-523-1208 and enter pass code 737999. All other parties can access the call at 1-719-955-1569.

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 90 days. A replay of the call will be available two hours after the call and will run until December 7, 2015, at 4:00 p.m. EST. To hear the replay, parties in the U.S. and Canada can call 1-888-203-1112 and enter pass code 1306436. All other parties can call 1-719-457-0820 and enter pass code 1306436.

 

About Alaska Communications

Alaska Communications (NASDAQ: ALSK) is the leading provider of advanced broadband and IT managed 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, in particular with regards to our liquidity and capital resources, we have disclosed certain non-GAAP financial information such as Adjusted EBITDA, Free Cash Flow and Net Debt, which management utilizes to assess performance and believes provides useful information to investors. The definition of these non-GAAP measures are on Schedules 4 and 5 to this press release. Adjusted EBITDA, and Free Cash Flow are non-GAAP measures and should not be considered a substitute for 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 on our website at http://www.alsk.com in the investment data section. Other companies may not calculate non-GAAP measures in the same manner as ACS.

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 ACS' control. Such factors include, without limitation, Universal Service Fund changes, 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, labor negotiations, and benefits costs, disruption of our suppliers' provisioning of critical products or services, the impact of natural or man-made disasters, changes in Company's relationships with large customers, unforeseen changes in public policies, and changes in accounting policies, which could result in an impact on earnings. For further information regarding risks and uncertainties associated with ACS' 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,

      2015       2014         2015       2014  
                   
Operating revenues:                  
Operating revenues, non-affiliates   $ 54,735     $ 76,683       $ 175,611     $ 232,031  
Operating revenues, affiliates     -       1,782         575       5,323  
Total operating revenues     54,735       78,465         176,186       237,354  
                   
Operating expenses:                  
Cost of services and sales, non-affiliates     24,673       31,416         81,056       91,274  
Cost of services and sales, affiliates     -       13,534         4,961       43,295  
Selling, general & administrative     20,387       25,017         70,982       74,926  
Depreciation and amortization     8,475       8,585         25,491       25,850  
(Gain) loss on disposal of assets, net     (6,978 )     (199 )       (46,364 )     612  
Earnings from equity method investments     -       (11,556 )       (3,056 )     (29,247 )
                   
Total operating expenses     46,557       66,797         133,070       206,710  
                   
Operating income     8,178       11,668         43,116       30,644  
                   
Other income and expense:                  
Interest expense     (4,077 )     (8,615 )       (18,381 )     (26,144 )
Loss on extinguishment of debt     (2,250 )     -         (2,250 )     -  
Interest income     14       28         56       42  
Total other income and expense     (6,313 )     (8,587 )

 

    (20,575 )     (26,102 )
                   
Income before income tax expense     1,865       3,081         22,541       4,542  
                   
Income tax expense     (663 )     (1,203 )       (9,982 )     (1,964 )
                   
Net income     1,202       1,878         12,559       2,578  
                   

Less net loss attributable to non-controlling interest

    (37 )     -         (56 )     -  
                   

Net income attributable to ACS

  $ 1,239     $ 1,878       $ 12,615     $ 2,578  
                   
Net income per share:                  
Basic and Diluted   $ 0.02     $ 0.04       $ 0.25     $ 0.05  
                   
Weighted average shares outstanding:                  
Basic     50,399       49,498         50,191       49,265  
Diluted     51,588       50,155         51,246       49,730  
                   

 

           
          Schedule 2
           
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited, In Thousands Except Per Share Amounts)
           
    September 30,     December 31,
Assets     2015         2014  
           
Current assets:          
Cash and cash equivalents   $ 42,104       $ 31,709  
Restricted cash     2,052         467  
Accounts receivable, net of allowance of $2,022 and $2,338     24,506         30,900  
Materials and supplies     4,927         4,321  
Prepayments and other current assets     7,846         6,575  
Deferred income taxes     12,943         104,245  
Current assets held-for-sale     -         9,565  
Total current assets     94,378         187,782  
           
Property, plant and equipment     1,332,184         1,333,134  
Less: accumulated depreciation and amortization     (967,140 )       (976,401 )
Property, plant and equipment, net     365,044         356,733  
           
Deferred income taxes     5,047         -  
Equity method investments     -         252,067  
Non-current assets held-for-sale     -         14,664  
Other assets     1,843         301  
Total assets   $ 466,312       $ 811,547  
           
Liabilities and Stockholders' Equity (Deficit)          
Current liabilities:          
Current portion of long-term obligations   $ 3,249       $ 15,521  
Accounts payable, accrued and other current liabilities, non-affiliates     58,030         54,373  
Accounts payable, accrued and other current liabilities, affiliates, net *     -         4,853  
Advance billings and customer deposits     4,603         4,490  
Current liabilities held-for-sale     -         18,728  
Total current liabilities     65,882         97,965  
           
Long-term obligations, net of current portion     185,403         413,978  
Deferred income taxes     -         81,267  
Other long-term liabilities, net of current portion     61,776         24,370  
Non-current liabilities held-for-sale     -         2,107  
Deferred AWN capacity revenue, net of current portion     -         56,734  
Total liabilities     313,061         676,421  
Commitments and contingencies          
Stockholders' equity (deficit):          
Common stock, $.01 par value; 145,000 authorized     504         497  
Additional paid in capital     156,724         154,368  
Accumulated deficit     (1,973 )       (14,588 )
Accumulated other comprehensive loss     (3,120 )       (5,151 )
Total ACS stockholders' equity     152,135         135,126  

Non-controlling interest

    1,116         -  
Total stockholders' equity     153,251         135,126  
           
Total liabilities and stockholders' equity   $ 466,312       $ 811,547  
           
* Affiliate balances are related to activity with our equity method investment in AWN.
On February 2, 2015 we sold our interest in AWN.
           

 

                   
                  Schedule 3
                   
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, In Thousands)
                   
    Three Months Ended     Nine Months Ended
    September 30,     September 30,
      2015       2014         2015       2014  
Cash Flows from Operating Activities:                  
Net income   $ 1,202     $ 1,878       $ 12,559     $ 2,578  

Adjustments to reconcile net income to net cash provided by operating activities:

                 
                 
Depreciation and amortization     8,475       8,585         25,491       25,850  
Gain on wireless sale     (7,092 )     -         (48,232 )     -  
Loss (gain) on the disposal of assets, net     114       (199 )       1,868       612  
Unrealized gain on ineffective hedge     (278 )     -         (820 )     -  
Amortization of debt issuance costs and debt discount     1,019       1,260         5,690       3,926  
Amortization of ineffective hedge     -       362         1,970       1,276  
Loss on extinguishment of debt     2,250       -         2,250       -  
Cash paid for debt extinguishment     (391 )     -         (391 )     -  
Amortization of deferred capacity revenue     (693 )     (809 )       (2,162 )     (2,819 )
Stock-based compensation     619       684         1,898       1,877  
Deferred income tax expense     6,965       961         3,571       1,708  
Provision for uncollectible accounts     66       1,467         1,385       2,942  
Cash distribution from equity method investments     -       11,556         3,056       29,247  
Earnings from equity method investments     -       (11,556 )       (3,056 )     (29,247 )
Other non-cash expense, net     274       111         817       318  
Income taxes payable     (6,302 )     -         1,736       -  
Changes in operating assets and liabilities     7,127       5,538         (2,521 )     1,623  
Net cash provided by operating activities     13,355       19,838         5,109       39,891  
                   
Cash Flows from Investing Activities:                  
Capital expenditures     (12,083 )     (16,042 )       (38,216 )     (33,916 )
Capitalized interest     (444 )     (720 )       (1,232 )     (2,082 )
Change in unsettled capital expenditures     2,713       3,114         3,387       (1,300 )
Cash received in acquisition of business     -       -         -       68  
Proceeds on wireless sale     7,092       -         285,160       -  
Proceeds on sale of assets     3       136         3,129       136  
Return of capital from equity investment     -       944         1,875       8,286  
Net change in restricted accounts     (1,357 )     -         (1,357 )     -  
Net cash (used) provided by investing activities     (4,076 )     (12,568 )       252,746       (28,808 )
                   
Cash Flows from Financing Activities:                  
Repayments of long-term debt     (90,553 )     (5,280 )       (333,390 )     (24,022 )
Proceeds from the issuance of long-term debt     90,061       -         90,061       -  
Debt issuance costs     (3,513 )     -         (4,555 )     -  
Cash paid in acquisition of business     -       (795 )       (291 )     (795 )
Cash proceeds from non-controlling interest     -       -         250       -  
Payment of withholding taxes on stock-based compensation     -       (3 )       (402 )     (586 )
Excess tax benefit from share-based payments     -       -         733       -  
Proceeds from issuance of common stock     (1 )     -         134       132  
Net cash used by financing activities     (4,006 )     (6,078 )       (247,460 )     (25,271 )
                   
Change in cash and cash equivalents     5,273       1,192         10,395       (14,188 )
                   
Cash and cash equivalents, beginning of period     36,831       27,659         31,709       43,039  
                   
Cash and cash equivalents, end of period   $ 42,104     $ 28,851       $ 42,104     $ 28,851  
                   
Supplemental Cash Flow Data:                  
Interest paid   $ 2,179     $ 6,008       $ 11,120     $ 22,036  
Income taxes paid, net   $ -     $ 206       $ 3,942     $ 220  
                   

 

                   
                  Schedule 4
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
ADJUSTED EBITDA
(Unaudited, In Thousands)
                   
    Three Months Ended     Nine Months Ended
    September 30,     September 30,
      2015       2014         2015       2014  
                   
Net income   $ 1,202     $ 1,878       $ 12,559     $ 2,578  
Add (subtract):                  
Interest expense     4,077       8,615         18,381       26,144  
Loss on extinguishment of debt     2,250       -         2,250       -  
Interest income     (14 )     (28 )       (56 )     (42 )
Depreciation and amortization     8,475       8,585         25,491       25,850  
Loss (gain) on disposal of assets, net     114       (199 )       1,868       612  
Earnings from equity method investment in TekMate     -       -         -       (12 )
Earnings from equity method investment in AWN     -       (11,556 )       (3,056 )     (29,235 )
Gain on sale of assets     (7,092 )     -         (48,232 )     -  
AWN distributions received/receivable, net     -       12,500         765       37,500  
AWN distributions received for the prior period     -       (4,167 )       -       (4,167 )
AWN distributions receivable within 12 days     -       4,167         -       4,167  
Income tax expense     663       1,203         9,982       1,964  
Stock-based compensation     619       684         1,898       1,877  
Long-term cash incentives     714       587         1,356       1,572  
Pension adjustment     210       -         210       -  

Earthquake-related expense

    -       1,228         -       1,228  

Net loss attributable to non-controlling interest

    37       -         56       -  
Wireless sale transaction-related and wind down costs     1,321       28         12,629       240  
                   
Adjusted EBITDA   $ 12,576     $ 23,525       $ 36,101     $ 70,276  
                   

Non-GAAP Measures:

In an effort to provide investors with additional information regarding the Company's results as determined by GAAP, the Company also discloses certain non-GAAP information which management utilizes to assess recurring performance and believes provides useful information to investors regarding baseline operating results.

 

The Company has disclosed Adjusted EBITDA as net income before interest, loss on extinguishment of debt, depreciation and amortization, gain or loss on asset purchases or disposals, earnings on equity method investments, gain on the sale of our wireless operations, provisions for taxes, wireless transaction-related costs, loss attributable to non-controlling interest, stock-based compensation, pension adjustments, earthquake-related expenses and expenses under the company's long-term cash incentive plan ("LTCI"). LTCI expenses are considered part of an interim compensation structure to mitigate the dilutive impact of additional share issuances for executive compensation. Distributions from AWN are included in Adjusted EBITDA.

 

 

                   
                  Schedule 5
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
FREE CASH FLOW
(Unaudited, In Thousands)
                   
    Three Months Ended     Nine Months Ended
    September 30,     September 30,
      2015       2014         2015       2014  
                   
Adjusted EBITDA   $ 12,576     $ 23,525       $ 36,101     $ 70,276  
                   
Less:                  

Capital expenditures

    (12,083 )     (16,042 )       (27,216 )     (33,916 )
Milestone billings for fiber build project for a carrier customer     -       2,000         2,500       2,000  

Net capital expenditures

    (12,083 )     (14,042 )       (24,716 )     (31,916 )
                   
Purchase of North Slope fiber network                  
Acquisition price     -       -         (11,000 )     -  
Less: 50% due in 2016     -       -         5,500       -  
Less: proceeds on sale of fiber to JV partner     -       -         2,650       -  
Less: other cash proceeds     -       -         400       -  
Net North Slope purchase     -       -         (2,450 )     -  
                   
Amortization of GCI/AWN capacity revenue     (520 )     (647 )       (1,649 )     (2,337 )

Earthquake-related expense

    -       (1,228 )       -       (1,228 )
Cash interest expense     (2,179 )     (6,008 )       (11,120 )     (22,036 )
                   
Free cash flow   $ (2,206 )   $ 1,600       $ (3,834 )   $ 12,759  
                   

Non-GAAP Measures:

In an effort to provide investors with additional information regarding the Company's results as determined by GAAP, the Company also discloses certain non-GAAP information which management utilizes to assess recurring performance and believes provides useful information to investors regarding baseline operating results.

 

Free cash flow ("FCF") is defined as Adjusted EBITDA, less recurring operating cash requirements which include capital expenditures, net of cash received for a fiber build for carrier customer, less cash interest expense, earthquake-related expenses, significant non-cash revenue associated with our interconnection agreement with AWN and GCI, and in Q2 2015 the purchase of the North Slope fiber network.

 
ACS continues to have net operating losses and is not a significant taxpayer on ordinary income. Income taxes paid in 2015 are related to the Wireless retail sale and are not included in free cash flow.
 

 

                   
                  Schedule 6
                   
                   
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
REVENUE GROWTH
(Unaudited, In Thousands)
                   
    Three Months Ended     Nine Months Ended
    September 30,     September 30,
Service revenue:     2015       2014       2015       2014  
Business and wholesale customers                  
Voice   $ 5,562     $ 5,666     $ 16,544     $ 16,948  
Broadband     12,506       10,962       36,569       32,658  
Managed IT services     708       1,007       2,247       2,540  
Other     2,108       1,800       5,708       5,256  
Wholesale     8,816       8,544       26,932       24,723  
Business and wholesale service revenue     29,700       27,979       88,000       82,125  
                   
Consumer customers                  
Voice     3,487       3,686       10,257       11,399  
Broadband     6,114       6,336       19,136       18,441  
Other     337       409       873       1,191  
Consumer service revenue     9,938       10,431       30,266       31,031  
                   
Total service revenue     39,638       38,410       118,266       113,156  
Growth in service revenue     3.2 %           4.5 %    
Growth in broadband service revenue     7.6 %           9.0 %    
                   
Other revenue:                  
Equipment sales and installations     1,757       1,310       4,667       3,421  
Access     8,420       8,771       25,477       26,732  
High cost support     4,920       4,922       14,761       18,271  
Total service and other revenue     54,735       53,413       163,171       161,580  
Growth in service and other revenue     2.5 %           1.0 %    
Growth excluding equipment sales     1.7 %           0.2 %    
                   
Wireless and AWN related revenue:                  
Service revenue, equipment sales and other    

-

      19,685       6,300       58,856  
Transition services     -       -       4,769       -  
CETC     -       4,720       1,654       14,581  
Amortization of deferred AWN capacity revenue     -       647       292       2,337  
                   
Total wireless & AWN related revenue     -       25,052       13,015       75,774  
                   
Total revenue   $ 54,735     $ 78,465     $ 176,186     $ 237,354  
                   
                   
Adjusted for prior year access reserve releases:                  
Total service and other revenue     54,735       53,413       163,171       161,580  
Prior year access reserve releases     -       -       -       (3,502 )
Adjusted total service and other revenue     54,735       53,413       163,171       158,078  
Growth in service and other revenue     2.5 %           3.2 %    
                   

 

                 
                Schedule 7
                 
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
KEY OPERATING STATISTICS
(Unaudited)
                 
        Three Months Ended
        September 30,   June 30,   September 30,
        2015   2015   2014
                 
Voice:            
Consumer access lines     39,016     40,888     45,177
Business access lines     78,164     78,544     79,563
                 
Voice ARPU consumer   $ 29.09   $ 26.73   $ 26.73
Voice ARPU business   $ 23.66   $ 23.53   $ 23.65
                 
Broadband:            
Consumer connections     33,488     34,895     38,257
Business connections (2)     19,125     18,976     18,765
                 
ARPU consumer   $ 59.16   $ 60.37   $ 54.18
ARPU business (1) (2)   $ 218.54   $ 218.90   $ 195.04
                 
(1)  

Business broadband ARPU was restated to reflect the movement of Managed IT services revenue into a separate category.

(2)   How we calculate broadband connections has changed to exclude certain internal use circuits. Historical amounts have been restated to reflect appropriate comparisons period over period.
   
     

 

           
          Schedule 8
           
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.

Long-Term Debt and Net Debt

(Unaudited, In Thousands)
           
    September 30,     December 31,
      2015         2014  
2015 senior secured credit facilities due 2018   $ 90,000       $ -  
Debt issuance costs - 2015 senior secured credit facilities due 2018     (3,824 )       -  
2010 senior credit facility term loan due 2016     -         322,700  
Debt discount - 2010 senior credit facility term loan due 2016     -         (1,014 )
Debt issuance costs - 2010 senior credit facility term loan due 2016     -         (2,810 )
6.25% convertible notes due 2018     104,000         114,000  
Debt discount - 6.25% convertible notes due 2018     (5,141 )       (7,242 )
Debt issuance costs - 6.25% convertible notes due 2018     (1,132 )       (1,659 )
Capital leases and other long-term obligations     4,749         5,524  
Total debt     188,652         429,499  
Less current portion     (3,249 )       (15,521 )
Long-term obligations, net of current portion   $ 185,403       $ 413,978  
           
Total debt   $ 188,652       $ 429,499  
Plus debt discounts and debt issuance costs     10,097         12,725  
Gross debt     198,749         442,224  
Cash and cash equivalents     (42,104 )       (31,709 )
Net debt   $ 156,645       $ 410,515  
           
Midpoint of 2015 run rate Adjusted EBITDA guidance     55,000        
           
Net debt year end guidance     159,000        
           
Net leverage at 2015 year end guidance   2.9x      

 

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