Achieved solid third quarter
revenue growth of 3.8 percent
Delivered consumer revenue growth of 2.5
percent
Added nearly 2,100 Hawaiian Telcom TV
subscribers
Increased business revenue by 3.9
percent
Hawaiian Telcom Holdco, Inc. (NASDAQ:HCOM) reported financial
results for its third quarter ended September 30. The highlights
are as follows:
- Revenue of $100.9 million grew by $3.7 million, or 3.8 percent,
from $97.3 million in the same period in the prior year, resulting
in Adjusted EBITDA(1) of $31.3 million, up 7.8 percent
year-over-year.
- Consumer revenue increased 2.5 percent year-over-year to $38.1
million, driven by growth in video and high-speed Internet (HSI)
revenue of $2.1 million and $0.5 million, respectively.
- Added nearly 2,100 Hawaiian Telcom TV subscribers during the
third quarter, ending the quarter with approximately 34,000
subscribers, resulting in penetration of 18.6 percent of households
enabled.
- Fiber-enabled 8,000 households in the quarter, increasing
enabled households on O'ahu to 183,000.
- Business revenue increased 3.9 percent year-over-year to $43.4
million, driven by a $1.2 million year-over-year increase in
equipment and managed services revenue, and a 9.8 percent growth in
business data revenue.
- Accepted the full amount of the FCC's Connect America Fund –
Phase II (CAF II) support of $4.4 million annually for six years to
expand broadband availability and capabilities. CAF II support of
$2.2 million was recognized as revenue in the third quarter.
- Generated net income of $0.1 million, or $0.01 per diluted
share for the quarter, compared to $1.5 million or $0.13 per
diluted share in third quarter of 2014. The decrease was primarily
due to a $4.1 million non-cash pension expense related to employee
retirements in the quarter, and a $2.8 million anticipated
year-over-year increase in depreciation and amortization as a
result of continued significant investments to expand the Company's
next-generation broadband fiber network.
"Hawaiian Telcom performed well in the third quarter -- with
solid growth in all three channels," said Scott Barber, Hawaiian
Telcom's president and CEO. "This was the 13th consecutive quarter
of year-over-year growth in our consumer revenue and with
additional CAF funding secured we will further expand our
next-generation fiber optic network to reach more unserved and
underserved communities in Hawai'i.
"Our commercial channel experienced growth in both business and
wholesale. Increasing customer demand for high bandwidth IP-based
data, cloud services, and integrated communications solutions drove
robust growth in business revenue.
"We are keenly focused on providing Hawai'i's businesses,
residents and visitors with the next-generation products and
services they have come to expect from Hawai'i's technology leader
combined with exceptional customer service from our dedicated team
of local employees. As Hawai'i's only local full-service
communications company, backed by the strength of our
next-generation fiber network, Hawaiian Telcom is well positioned
to continue growing and increasing long-term shareholder value,"
concluded Barber.
Third Quarter 2015 Results
Third quarter revenue of $100.9 million represented a 3.8
percent increase compared with $97.3 million in the third quarter
of 2014. Revenue growth in the quarter, driven by video, equipment
and managed services, and $2.2 million of CAF II support, more than
offset the impact from a 5.9 percent decline in access lines.
Adjusted EBITDA was $31.3 million, up 7.8 percent year-over-year
primarily related to the increase in revenue.
The Company generated net income of $0.1 million, or $0.01 per
diluted share for the quarter, compared to $1.5 million, or $0.13
per diluted share in the third quarter of 2014. The decrease was
primarily due to a $4.1 million non-cash pension expense related to
employee retirements in the quarter, and a $2.8 million anticipated
year-over-year increase in depreciation and amortization as a
result of significant investments made to the Company's broadband
fiber network.
Consumer Revenue
Third quarter consumer revenue totaled $38.1 million, up 2.5
percent year-over-year driven by revenue growth from the Company's
Hawaiian Telcom TV and HSI services. Revenue growth in video and
HSI services continues to more than offset lower revenue from
legacy services, and combined video and HSI services now represent
44 percent of consumer revenue, up from 38 percent in the same
period a year ago, and 30 percent in the same period two years
ago.
Video service revenue grew to $8.7 million for the quarter, up
32.9% from $6.5 million in the same period a year ago, driven by
the addition of approximately 8,200 subscribers for a total of
approximately 34,000 subscribers at the end of the third quarter.
During the quarter, 8,000 additional households were fiber-enabled,
increasing the total number of households enabled to 183,000 with
approximately 59 percent of those households capable of utilizing
fiber-to-the-premise technology. Hawaiian Telcom TV penetration of
households enabled increased to approximately 18.6 percent at the
end of the third quarter.
Consumer HSI revenue also improved from the same period a year
ago, led by a 1.0 percent year-over-year increase in consumer HSI
subscribers to approximately 93,200 and a 4.6 percent increase in
consumer HSI ARPU due to increased adoption of higher speed
offerings. As of September 30, 2015, approximately 93 percent of
all video subscribers had double- or triple-play bundles with HSI.
Revenue increases from video and HSI continued to more than offset
legacy revenue declines related to consumer voice access and long
distance line losses.
Business Revenue
Third quarter business revenue totaled $43.4 million, up 3.9
percent from the same period a year ago, partly due to a $1.2
million year-over-year increase in equipment and managed services
revenue. Also contributing to the revenue increase was strong
growth from our next-generation services, including a 9.8 percent
year-over-year increase in business data revenue, an 11.1 percent
increase in data center revenue, and higher business HSI revenue as
a result of a 1.4 percent year-over-year increase in business HSI
customers. These increases more than offset the year-over-year
declines in legacy business access and long distance revenues.
Driven by increasing customer demand for higher bandwidth
services and integrated communications solutions, next-generation
services now represent 31 percent of business revenue, up from 29
percent in the same period a year ago, and 22 percent in the same
period two years ago.
Wholesale Revenue
Third quarter wholesale revenue totaled $17.2 million, up 9.0
percent year-over-year, primarily due to $2.2 million of CAF II
support recognized in the quarter. Wholesale carrier data revenue
declined $0.2 million year-over-year to $14.2 million, mainly due
to certain wireless carriers disconnecting lower bandwidth legacy
circuits on month-to-month contracts and moving to more efficient
fiber-based, higher bandwidth Ethernet circuits on multi-year
contracts.
Switched carrier access and subsidies revenue increased $1.6
million year-over-year to $3.0 million, mainly from the CAF II
support, partially offset by the impact of the overall decline in
voice access lines and minutes of use, along with the impact of
intercarrier compensation reform.
Operating Expenses, Capital Expenditures and
Liquidity
Operating expenses, exclusive of depreciation and amortization,
non-cash stock compensation, SystemMetrics earn-out and other
non-recurring charges, increased 2.0 percent to $69.7 million. The
increase was primarily due to higher levels of direct cost of
services related to video and equipment and managed services sales,
as well as labor overtime due to record-breaking rain in the
quarter. These increases were partially offset by lower utility
rates and reduced usage.
Capital expenditures totaled $76.7 million in the nine months
ended September 30, 2015, consistent with the same period a year
ago. Overall, total capital expenditures for 2015 are expected to
be in the high- $90 million range.
At the end of third quarter 2015, the Company had $28.8 million
in cash and cash equivalents compared to $39.9 million at the end
of 2014. The use of cash is primarily related to higher levels of
expansion-related and success-based capital expenditures, as well
as temporary uses of working capital. Net Debt(2) was $261.9
million, resulting in a Net Leverage Ratio(3) as of September 30,
2015 of 2.2x.
Conference Call
The Company will host a conference call to discuss its third
quarter 2015 results at 9:00 a.m. (Hawaii Time), or 2:00 p.m.
(Eastern Time) on Monday, November 9, 2015.
To access the call, participants should dial (877) 788-4718
(US/Canada), or (530) 379-4725 (International) ten minutes prior to
the start of the call and provide conference ID 58843332.
A live webcast of the conference call, including a slide
presentation, will be available from the Investor Relations section
of the Company's website at http://hawaiiantel.com. The webcast
will be archived at the same location.
A telephonic replay of the conference call will be available two
hours after the conclusion of the call until 11:59 p.m. (Eastern
Time) November 16, 2015. Access the replay by dialing (855)
859-2056 or (404) 537-3406 and entering conference ID 58843332.
Use of Non-GAAP Financial Measures
This press release contains information about adjusted earnings
before interest, taxes, depreciation and amortization (Adjusted
EBITDA) and Net Debt. These are non-GAAP financial measures used by
Hawaiian Telcom management when evaluating results of operations.
Management believes these measures also provide users of the
financial statements with additional and useful comparisons of
current results of operations with past and future periods.
Non-GAAP financial measures should not be construed as being more
important than comparable GAAP measures. Detailed reconciliations
of Adjusted EBITDA and Net Debt to comparable GAAP financial
measures have been included in the tables distributed with this
release and are available in the Investor Relations section of
www.hawaiiantel.com.
Forward-Looking Statements
In addition to historical information, this release includes
certain statements and predictions that constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. In particular, any statement, projection or
estimate that includes or references the words "believes",
"anticipates", "intends", "expected", or any similar expression
falls within the safe harbor of forward-looking statements
contained in the Reform Act. Actual results or outcomes may differ
materially from those indicated or suggested by any such
forward-looking statement for a variety of reasons, including, but
not limited to: failures in Hawaiian Telcom's critical back office
systems and IT infrastructure; breach of the our data security
systems; increases in the amount of capital expenditures required
to execute our business plan; the loss of certain outsourcing
agreements, or the failure of any third party to perform under
these agreements; our ability to sell capacity on the new submarine
fiber cable project; adverse changes to applicable laws and
regulations; the failure to adequately adapt to technological
changes in the telecommunications industry, including changes in
consumer technology preferences; adverse economic conditions in
Hawai'i; the availability of lump sum distributions under our union
pension plan; limitations on the ability to utilize net operating
losses due to an ownership change under Internal Revenue Code
Section 382; the inability to service our indebtedness; limitations
imposed on our business from restrictive covenants in the credit
agreements; and severe weather conditions and natural disasters.
More information on potential risks and uncertainties is available
in recent filings with the Securities and Exchange Commission,
including Hawaiian Telcom's 2014 Annual Report on Form 10-K. The
information contained in this release is as of November 9, 2015. It
is anticipated that subsequent events and developments may cause
estimates to change, and the Company undertakes no duty to update
forward-looking statements.
About Hawaiian Telcom
Hawaiian Telcom (NASDAQ:HCOM), headquartered in Honolulu, is
Hawai'i's technology leader, providing integrated communications,
broadband, data center and entertainment solutions for business and
residential customers. With roots in Hawai'i beginning in 1883, the
Company offers a full range of services including Internet, video,
voice, wireless, data network solutions and security, colocation,
and managed and cloud services supported by the reach and
reliability of its next generation fiber network and a 24/7
state-of-the-art network operations center. With employees
statewide sharing a commitment to innovation and a passion for
delivering superior service, Hawaiian Telcom provides an Always
OnSM customer experience. For more information, visit
www.hawaiiantel.com.
(1) Adjusted EBITDA is EBITDA plus non-cash
stock compensation, SystemMetrics earn-out and other non-recurring
costs not expected to occur regularly in the ordinary course of
business. EBITDA is defined as net income plus interest expense
(net of interest income and other), income taxes, depreciation and
amortization and gain on sale of property. The Company
believes both of these non-GAAP measures, Adjusted EBITDA and
EBITDA, are meaningful performance measures for investors because
they are used by our Board and management to evaluate performance,
enhance comparability between periods and make operating
decisions. Our use of Adjusted EBITDA and EBITDA may not be
comparable to similarly titled measures used by other companies in
the telecommunications industry. A detailed reconciliation of
adjusted Adjusted EBITDA and EBITDA to comparable GAAP financial
measures has been included in the tables distributed with this
release.
(2) Net Debt provides a useful measure of
liquidity and financial health. The Company defines Net Debt as the
sum of the face amount of short-term and long-term debt and
unamortized premium and/or discount, offset by cash and cash
equivalents. A detailed reconciliation of Net Debt has been
included in the tables distributed with this release.
(3) Net Leverage Ratio is defined by the
Company as Net Debt divided by Last Twelve Months Adjusted
EBITDA. A detailed reconciliation of Net Leverage Ratio has
been included in the tables distributed with this release.
(4) Levered Free Cash Flow provides a
useful measure of operational performance and liquidity. The
Company defines Levered Free Cash Flow as Adjusted EBITDA less cash
interest expense and capital expenditures. A detailed
reconciliation of Levered Free Cash Flow has been included in the
tables distributed with this release.
Hawaiian Telcom Holdco,
Inc. |
Consolidated Statements
of Income |
(Unaudited, dollars in
thousands, except per share amounts) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
September
30, |
|
2015 |
2014 |
2015 |
2014 |
Operating revenues |
$ 100,905 |
$ 97,252 |
$ 294,208 |
$ 291,109 |
Operating expenses: |
|
|
|
|
Cost of revenues (exclusive of
depreciation and amortization) |
41,013 |
42,621 |
120,415 |
124,858 |
Selling, general and administrative |
33,146 |
28,294 |
92,645 |
86,280 |
Depreciation and amortization |
22,551 |
19,717 |
65,772 |
57,321 |
Total operating expenses |
96,710 |
90,632 |
278,832 |
268,459 |
Operating income |
4,195 |
6,620 |
15,376 |
22,650 |
Other income (expense): |
|
|
|
|
Interest expense |
(4,148) |
(4,103) |
(12,651) |
(12,401) |
Interest income and other |
4 |
13 |
15 |
27 |
Total other expense |
(4,144) |
(4,090) |
(12,636) |
(12,374) |
Income before income tax provision |
51 |
2,530 |
2,740 |
10,276 |
Income tax provision (credit) |
(54) |
1,014 |
1,204 |
4,155 |
Net income |
$ 105 |
$ 1,516 |
$ 1,536 |
$ 6,121 |
Net income per common share - |
|
|
|
|
Basic |
$ 0.01 |
$ 0.14 |
$ 0.14 |
$ 0.58 |
Diluted |
$ 0.01 |
$ 0.13 |
$ 0.14 |
$ 0.54 |
Weighted average shares used to compute net
income per common share - |
|
|
|
|
Basic |
11,040,299 |
10,586,690 |
10,844,478 |
10,567,036 |
Diluted |
11,318,641 |
11,311,691 |
11,275,655 |
11,329,328 |
|
|
Hawaiian Telcom Holdco,
Inc. |
Consolidated Balance
Sheets |
(Unaudited, dollars in
thousands, except per share amounts) |
|
|
September 30, |
December 31, |
|
2015 |
2014 |
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 28,845 |
$ 39,885 |
Receivables, net |
33,580 |
32,662 |
Material and supplies |
9,126 |
9,337 |
Prepaid expenses |
5,085 |
3,598 |
Deferred income taxes |
6,481 |
6,840 |
Other current assets |
3,633 |
3,481 |
Total current assets |
86,750 |
95,803 |
Property, plant and equipment, net |
572,242 |
565,956 |
Intangible assets, net |
35,454 |
37,328 |
Goodwill |
12,104 |
12,104 |
Deferred income taxes |
82,917 |
81,626 |
Other assets |
10,133 |
9,151 |
Total assets |
$ 799,600 |
$ 801,968 |
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Current portion of long-term debt |
$ 3,000 |
$ 3,000 |
Accounts payable |
44,707 |
50,499 |
Accrued expenses |
15,331 |
19,399 |
Advance billings and customer
deposits |
16,540 |
14,686 |
Other current liabilities |
6,630 |
6,790 |
Total current liabilities |
86,208 |
94,374 |
Long-term debt |
287,752 |
289,423 |
Employee benefit obligations |
102,762 |
99,366 |
Other liabilities |
17,467 |
14,271 |
Total liabilities |
494,189 |
497,434 |
Commitments and contingencies
(Note 11) |
|
|
Stockholders' equity |
|
|
Common stock, par value of $0.01 per
share, 245,000,000 shares authorized and 11,122,880
and 10,673,292 shares issued and outstanding at
September 30, 2015 and December 31, 2014, respectively |
111 |
107 |
Additional paid-in capital |
174,005 |
170,521 |
Accumulated other comprehensive loss |
(28,094) |
(23,947) |
Retained earnings |
159,389 |
157,853 |
Total stockholders' equity |
305,411 |
304,534 |
Total liabilities and stockholders'
equity |
$ 799,600 |
$ 801,968 |
|
|
|
|
Hawaiian Telcom Holdco,
Inc. |
|
Consolidated Statements
of Cash Flows |
|
(Unaudited, dollars in
thousands) |
|
|
|
|
Nine Months
Ended |
|
|
September
30, |
|
|
2015 |
2014 |
|
Cash flows from operating activities: |
|
|
|
Net income |
$ 1,536 |
$ 6,121 |
|
Adjustments to reconcile net income to net
cash provided by operating activities |
|
|
|
Depreciation and amortization |
65,772 |
57,321 |
|
Employee retirement benefits |
(3,315) |
(10,557) |
|
Provision for uncollectibles |
2,640 |
2,493 |
|
Stock based compensation |
1,087 |
3,066 |
|
Deferred income taxes |
1,633 |
4,770 |
|
Changes in operating assets and
liabilities: |
|
|
|
Receivables |
(3,558) |
(1,350) |
|
Material and supplies |
211 |
(685) |
|
Prepaid expenses and other current
assets |
(2,538) |
(1,421) |
|
Accounts payable and accrued
expenses |
(3,222) |
1,296 |
|
Advance billings and customer
deposits |
4,054 |
(50) |
|
Other current liabilities |
(693) |
(568) |
|
Other |
1,988 |
1,380 |
|
Net cash provided by operating
activities |
65,595 |
61,816 |
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
(76,732) |
(76,474) |
|
Funds released from restricted cash
account |
400 |
— |
|
Net cash used in investing activities |
(76,332) |
(76,474) |
|
Cash flows from financing activities: |
|
|
|
Proceeds from stock issuance |
3,342 |
— |
|
Loan refinancing costs |
(150) |
— |
|
Proceeds from installment financing |
2,779 |
2,085 |
|
Repayment of capital lease and
installment financing |
(3,083) |
(2,014) |
|
Repayment of debt |
(2,250) |
(2,250) |
|
Taxes paid related to net share
settlement of equity awards |
(941) |
(1,021) |
|
Net cash used in financing activities |
(303) |
(3,200) |
|
Net change in cash and cash equivalents |
(11,040) |
(17,858) |
|
Cash and cash equivalents, beginning of
period |
39,885 |
49,551 |
|
Cash and cash equivalents, end of period |
$ 28,845 |
$ 31,693 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Interest paid, net of amounts
capitalized |
$ 11,234 |
$ 11,033 |
|
|
|
Hawaiian Telcom Holdco,
Inc. |
Revenue by Category and
Channel |
(Unaudited, dollars in
thousands) |
|
|
Three Months
Ended |
|
|
September
30, |
Change |
|
2015 |
2014 |
Amount |
Percentage |
Telecommunication Services |
|
|
|
|
Local voice service |
$ 31,080 |
$ 32,668 |
$(1,588) |
(4.9)% |
Network access services |
|
|
|
|
Business data |
7,103 |
6,470 |
633 |
9.8% |
Wholesale carrier data |
14,245 |
14,416 |
(171) |
(1.2)% |
Subscriber line access charge |
8,527 |
8,786 |
(259) |
(2.9)% |
Switched carrier access and
subsidies |
2,988 |
1,401 |
1,587 |
113.3% |
|
32,863 |
31,073 |
1,790 |
5.8% |
High Speed Internet |
11,513 |
10,909 |
604 |
5.5% |
Video |
8,677 |
6,531 |
2,146 |
32.9% |
Long distance services |
5,137 |
5,554 |
(417) |
(7.5)% |
Equipment and managed services |
5,993 |
4,818 |
1,175 |
24.4% |
Wireless |
406 |
515 |
(109) |
(21.2)% |
Other |
2,474 |
2,699 |
(225) |
(8.3)% |
|
98,143 |
94,767 |
3,376 |
3.6% |
Data center colocation |
2,762 |
2,485 |
277 |
11.1% |
|
$ 100,905 |
$ 97,252 |
$ 3,653 |
3.8% |
Channel |
|
|
|
|
Business |
$ 43,362 |
$ 41,728 |
$ 1,634 |
3.9% |
Consumer |
38,080 |
37,141 |
939 |
2.5% |
Wholesale |
17,234 |
15,817 |
1,417 |
9.0% |
Other |
2,229 |
2,566 |
(337) |
(13.1)% |
|
$ 100,905 |
$ 97,252 |
$ 3,653 |
3.8% |
|
|
|
|
|
|
|
Nine Months
Ended |
|
|
September
30, |
Change |
|
2015 |
2014 |
Amount |
Percentage |
Telecommunication Services |
|
|
|
|
Local voice services |
$ 93,714 |
$ 98,806 |
$ (5,092) |
(5.2)% |
Network access services |
|
|
|
|
Business data |
20,812 |
19,806 |
1,006 |
5.1% |
Wholesale carrier data |
42,368 |
43,082 |
(714) |
(1.7)% |
Subscriber line access charge |
25,745 |
26,985 |
(1,240) |
(4.6)% |
Switched carrier access and
subsidies |
5,506 |
4,440 |
1,066 |
24.0% |
|
94,431 |
94,313 |
118 |
0.1% |
High Speed Internet |
34,183 |
32,206 |
1,977 |
6.1% |
Video |
24,479 |
16,759 |
7,720 |
46.1% |
Long distance services |
15,550 |
17,176 |
(1,626) |
(9.5)% |
Equipment and managed services |
15,037 |
14,030 |
1,007 |
7.2% |
Wireless |
1,283 |
1,646 |
(363) |
(22.1)% |
Other |
7,388 |
8,960 |
(1,572) |
(17.5)% |
|
286,065 |
283,896 |
2,169 |
0.8% |
Data center colocation |
8,143 |
7,213 |
930 |
12.9% |
|
$ 294,208 |
$291,109 |
$ 3,099 |
1.1% |
Channel |
|
|
|
|
Business |
$ 126,118 |
$126,308 |
$ (190) |
(0.2)% |
Consumer |
113,494 |
109,312 |
4,182 |
3.8% |
Wholesale |
47,874 |
47,523 |
351 |
0.7% |
Other |
6,722 |
7,966 |
(1,244) |
(15.6)% |
|
$ 294,208 |
$291,109 |
$ 3,099 |
1.1% |
|
Hawaiian Telcom Holdco,
Inc. |
Schedule of Adjusted
EBITDA Calculation |
(Unaudited, dollars in
thousands) |
|
|
Three Months
Ended |
Nine Months
Ended |
LTM Ended |
|
September
30, |
September
30, |
September 30, |
|
2015 |
2014 |
2015 |
2014 |
2015 |
Net income |
$ 105 |
$ 1,516 |
$ 1,536 |
$ 6,121 |
$ 3,513 |
Income tax provision |
(54) |
1,014 |
1,204 |
4,155 |
2,958 |
Interest expense and other income and
expense, net |
4,144 |
4,090 |
12,636 |
12,374 |
16,724 |
Depreciation and amortization |
22,551 |
19,717 |
65,772 |
57,321 |
86,465 |
EBITDA |
26,746 |
26,337 |
81,148 |
79,971 |
109,660 |
Non-cash stock compensation |
186 |
967 |
1,086 |
3,066 |
2,194 |
SystemMetrics earn-out |
(350) |
271 |
194 |
815 |
466 |
Non-recurring costs |
550 |
402 |
1,419 |
2,046 |
1,821 |
Pension settlement loss |
4,118 |
— |
6,366 |
— |
6,366 |
Severance costs |
— |
— |
— |
— |
197 |
Wavecom integration costs |
— |
74 |
— |
252 |
87 |
Storm Iselle costs |
— |
943 |
— |
943 |
134 |
Adjusted EBITDA |
$ 31,250 |
$ 28,994 |
$ 90,213 |
$ 87,093 |
$ 120,925 |
|
|
|
Hawaiian Telcom Holdco,
Inc. |
Schedule of Levered
Free Cash Flow (4) |
(Unaudited, dollars in
thousands) |
|
|
Three Months
Ended |
Nine Months
Ended |
LTM Ended |
|
September
30, |
September
30, |
September 30, |
|
2015 |
2014 |
2015 |
2014 |
2015 |
Adjusted EBITDA |
$31,250 |
$28,994 |
$90,213 |
$87,093 |
$120,925 |
Cash interest expense |
(3,630) |
(3,600) |
(11,234) |
(11,033) |
(14,868) |
Capital expenditures |
(23,816) |
(25,159) |
(76,732) |
(76,474) |
(96,964) |
Levered Free Cash Flow |
$ 3,804 |
$ 235 |
$ 2,247 |
$ (414) |
$ 9,093 |
|
|
Hawaiian Telcom Holdco,
Inc. |
Schedule of Net
Leverage Ratio |
(Unaudited, dollars in
thousands) |
|
|
Long-term debt as of September 30, 2015 |
$290,752 |
|
Less cash on hand |
(28,845) |
|
Total Net Debt as of September 30, 2015 |
$ 261,907 |
|
|
|
|
LTM Adjusted EBITDA as of September 30,
2015 |
$120,925 |
|
Net Leverage Ratio as of September 30,
2015 |
2.2 |
x |
|
|
|
|
Hawaiian Telcom Holdco,
Inc. |
|
Volume
Information |
|
(Unaudited) |
|
|
|
|
September 30, |
September 30, |
Change |
|
|
2015 |
2014 |
Number |
Percentage |
|
Voice access lines |
|
|
|
|
|
Residential |
156,311 |
173,656 |
(17,345) |
(10.0)% |
|
Business |
185,393 |
189,207 |
(3,814) |
(2.0)% |
|
Public |
3,589 |
3,954 |
(365) |
(9.2)% |
|
|
345,293 |
366,817 |
(21,524) |
(5.9)% |
|
High Speed Internet lines |
|
|
|
|
|
Residential |
93,202 |
92,265 |
937 |
1.0% |
|
Business |
19,835 |
19,552 |
283 |
1.4% |
|
Wholesale |
727 |
853 |
(126) |
(14.8)% |
|
|
113,764 |
112,670 |
1,094 |
1.0% |
|
Long distance lines |
|
|
|
|
|
Residential |
98,637 |
109,702 |
(11,065) |
(10.1)% |
|
Business |
75,375 |
78,207 |
(2,832) |
(3.6)% |
|
|
174,012 |
187,909 |
(13,897) |
(7.4)% |
|
Video services |
|
|
|
|
|
Subscribers |
34,009 |
25,766 |
8,243 |
32.0% |
|
Homes Enabled |
183,000 |
152,000 |
31,000 |
20.4% |
|
|
|
|
|
|
|
September 30, |
June 30, |
Change |
|
|
2015 |
2015 |
Number |
Percentage |
|
|
|
|
|
|
|
Voice access lines |
|
|
|
|
|
Residential |
156,311 |
160,819 |
(4,508) |
(2.8)% |
|
Business |
185,393 |
185,975 |
(582) |
(0.3)% |
|
Public |
3,589 |
3,638 |
(49) |
(1.3)% |
|
|
345,293 |
350,432 |
(5,139) |
(1.5)% |
|
|
|
|
|
|
|
High Speed Internet lines |
|
|
|
|
|
Residential |
93,202 |
93,338 |
(136) |
(0.1)% |
|
Business |
19,835 |
19,759 |
76 |
0.4% |
|
Wholesale |
727 |
749 |
(22) |
(2.9)% |
|
|
113,764 |
113,846 |
(82) |
(0.1)% |
|
|
|
|
|
|
|
Long distance lines |
|
|
|
|
|
Residential |
98,637 |
101,648 |
(3,011) |
(3.0)% |
|
Business |
75,375 |
75,719 |
(344) |
(0.5)% |
|
|
174,012 |
177,367 |
(3,355) |
(1.9)% |
|
|
|
|
|
|
|
Video services |
|
|
|
|
|
Subscribers |
34,009 |
31,921 |
2,088 |
6.5% |
|
Homes Enabled |
183,000 |
175,000 |
8,000 |
4.6% |
|
CONTACT: Investor Relations Contact:
Ngoc Nguyen
(808) 546-3475
ngoc.nguyen@hawaiiantel.com
Media Contact:
Su Shin
(808) 546-2344
su.shin@hawaiiantel.com
Hawaiian Telcom Holdco, Inc. (delisted) (NASDAQ:HCOM)
過去 株価チャート
から 6 2024 まで 7 2024
Hawaiian Telcom Holdco, Inc. (delisted) (NASDAQ:HCOM)
過去 株価チャート
から 7 2023 まで 7 2024