Achieved first quarter revenue growth of
1.7 percentDelivered business strategic revenue(1)
growth of 23.0 percentIncreased consumer strategic
revenue(1) by 9.6 percent
Hawaiian Telcom Holdco, Inc. (NASDAQ:HCOM) reported financial
results for its first quarter ended March 31. The highlights
are as follows:
- Revenue of $98.8 million grew by $1.7 million, or 1.7 percent,
from $97.1 million in the same period in the prior year, resulting
in Adjusted EBITDA(2) of $28.1 million.
- Business revenue increased 4.4 percent year-over-year to $44.8
million, driven by a 24.1 percent growth in data services revenue
and 17.7 percent growth in data center services revenue.
- Business strategic revenue increased 23.0 percent
year-over-year to $18.0 million.
- Consumer strategic revenue increased 9.6 percent year-over-year
to $17.2 million, driven by 25.3 percent growth in video services
revenue.
- Enabled 5,000 households with fiber in the first quarter,
increasing enabled households on O‘ahu to 195,000.
- Ended the first quarter with approximately 37,100 Hawaiian
Telcom TV subscribers, increasing penetration of households enabled
to 19.0 percent.
- Generated net income of $0.2 million, or $0.01 per diluted
share for the quarter, compared to $1.0 million or $0.09 per
diluted share in first quarter 2015.
“Hawaiian Telcom’s first quarter results reflect our
continued success in delivering the right mix of strategic products
and services that meet our customers’ unique and ever evolving
needs,” said Scott Barber, Hawaiian Telcom’s president and
CEO. “We are proud to be the go-to partner for Hawai‘i’s
businesses as they search for solutions to help their businesses
thrive and grow. From high-bandwidth data services to
integrated communications solutions including equipment,
connectivity, colocation, and a myriad of cloud services, Hawaiian
Telcom is a proven leader in this solutions-based approach.
As a result, our business revenue achieved a solid 4.4 percent
growth year-over-year, driven by a 23 percent growth in business
strategic services.
“Our annual business event in April, Hawaiian Telcom University,
has grown to become Hawai‘i’s premiere technology expo and
conference featuring both local and national experts, including
Microsoft, Salesforce, Fortinet and Accenture. This year’s
event, themed ‘The Future of Digital’, drew a record crowd of 500
attendees from local small-medium sized businesses to government
and large enterprises. This event helps to underscore
Hawaiian Telcom as Hawai‘i’s Technology Leader and as a trusted
strategic business partner.
“Not only have our fiber investments provided us with the
infrastructure necessary to compete in today’s digital landscape,
but it has also positively transformed our growth trajectory for
the future, with Hawaiian Telcom TV and high-bandwidth Internet in
the consumer channel, next-generation IP-based services in the
business channel, and wireless backhaul in the wholesale channel.
Across all three customer channels, today we are seen as a
fiber-based entertainment, communications and IT solutions
company. We continue to make steady progress on our strategic
initiatives and remain confident that our investments in fiber,
both in the state and trans-Pacific, have and will continue to
enable us to grow revenue organically and generate sustainable free
cash flow in the near future.”
First Quarter 2016 Results
First quarter revenue of $98.8 million represented a 1.7 percent
increase compared to $97.1 million in the first quarter of
2015. Revenue growth in the quarter, mainly driven by
business data services and consumer video, more than offset the
impact of voice access line declines. First quarter Adjusted
EBITDA was $28.1 million, a decrease of $1.0 million
year-over-year, primarily due to approximately $0.7 million
increase in costs for the remaining repair work related to the
record-breaking rains encountered in the second half of 2015.
The Company generated net income of $0.2 million, or $0.01 per
diluted share for the quarter, compared to $1.0 million, or $0.09
per diluted share in the first quarter of 2015. The
year-over-year decrease was primarily due to higher cost of
revenues, including the rain-related costs, as well as higher
depreciation and amortization expense from the Company’s continued
fiber network investments in the first quarter of 2016.
Business Revenue
First quarter business revenue totaled $44.8 million, up 4.4
percent from first quarter 2015, primarily driven by strong growth
in data services and data center services. Data services
revenue increased 24.1 percent year-over-year, driven by one-time
charges from two large institutional customers, as well as higher
customer demand for IP-based data services such as Dedicated
Internet Access, IP-VPN and BVoIP, as reflected in the growth in
data lines and BVoIP lines. Business data lines increased 1.7
percent year-over-year to approximately 20,000 lines. BVoIP
lines grew 24.5 percent to approximately 17,300 lines, offsetting
nearly half of voice access line decline. Revenue from data
center services increased 17.7 percent for the first quarter,
driven by hardware sales, network and colocation
services.
Increasing customer demand for higher bandwidth and integrated
communications solutions drove first quarter business strategic
revenue growth to 23 percent year-over-year and now represents 40
percent of total reported business revenue, compared to 34 percent
in the same period a year ago, and 31 percent in the same period
two years ago. Revenue increases from business strategic
services and equipment and managed services more than offset the
year-over-year decline in business legacy voice services.
Consumer Revenue
First quarter consumer revenue totaled $36.2 million, consistent
with the first quarter of 2015. Revenue growth in the quarter
from Hawaiian Telcom TV and high-bandwidth Internet services offset
the year-over-year revenue decline in consumer legacy voice and
low-bandwidth Internet services. First quarter consumer
strategic revenue increased 9.6 percent year-over-year and now
represents 47 percent of total consumer revenue, up from 43 percent
in the same period a year ago, and 35 percent in the same period
two years ago.
Video services revenue grew to $9.4 million for the quarter, up
25.3% from $7.5 million in the same period a year ago, driven by
the addition of approximately 7,400 subscribers, ending the first
quarter with approximately 37,100 subscribers in service.
During the quarter, 5,000 additional households were fiber-enabled,
increasing the total number of households enabled to 195,000 with
61 percent of those households capable of utilizing
fiber-to-the-premise technology. Hawaiian Telcom TV
penetration of households enabled increased to 19.0 percent at the
end of the first quarter, up from 17.9 percent at the end of the
first quarter of 2015.
Internet services revenue declined $0.4 million from the same
period a year ago mainly due to promotional pricing. The
Company ended the first quarter with approximately 92,800 Internet
subscribers and customer adoption of higher speed offerings
continued to increase. The number of customers on 21 Mbps to
1 Gbps speeds increased by more than 30 percent over the last year
and nearly doubled over the last two years. As of March 31,
2016, approximately 94 percent of all video subscribers had double-
or triple-play bundles with Internet.
Wholesale Revenue
First quarter wholesale revenue totaled $13.8 million, compared
to $14.3 million in the first quarter 2015. The decline was
due to one-time charges in the first quarter of 2015, as well as
the effect of selected wireless carriers disconnecting lower
bandwidth legacy circuits on month-to-month rates and moving to
more efficient fiber-based, higher bandwidth Ethernet circuits on
multi-year contracts.
Operating Expenses
Operating expenses, exclusive of depreciation and amortization,
non-cash stock compensation, SystemMetrics earn-out and other
non-recurring charges, increased 4.0 percent to $70.7 million in
the first quarter. The increase was primarily due to higher
direct cost of services related to video from rising content costs
and increased number of subscribers, as well as $0.7 million
increase in costs for the rain-related repair work discussed
above. Excluding these rain-related costs, operating expenses
would have been $70.0 million in the first quarter. Cost
increases in the quarter were partially offset by lower electricity
rates and reduced usage from energy savings initiatives.
Capital Expenditures and Liquidity
Capital expenditures totaled $28.1 million in the first quarter
2016 compared to $29.2 million in the first quarter 2015.
Over 90 percent of total capital expenditures in the first quarter
2016 was directed towards growth and expansion initiatives, which
include payments on our trans-Pacific cable system and
success-based spending to support the growth of the Company’s
next-generation services such as Hawaiian Telcom TV,
fiber-to-the-business initiative, as well as the large government
agency contract connecting 250 locations that the Company was
awarded in 2015. Overall, total capital expenditures for 2016
are expected to be in the high-$90 million range.
At the end of first quarter 2016, the Company had $20.9 million
in cash and cash equivalents compared to $30.3 million at the end
of 2015. The use of cash is primarily related to higher
levels of expansion-related and success-based capital
expenditures. Net Debt(3) was $264.9 million, resulting in a
Net Leverage Ratio(4) as of March 31, 2016 of 2.2x.
Conference Call
The Company will host a conference call to discuss its first
quarter 2016 results at 8:00 a.m. (Hawaii Time), or 2:00 p.m.
(Eastern Time) on Thursday, May 5, 2016.
To access the call, participants should dial (877) 456-0428
(US/Canada), or (615) 247-0082 (International) ten minutes prior to
the start of the call and provide conference ID 95576843.
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 5:00 p.m. (Eastern
Time) May 12, 2016. Access the replay by dialing (855)
859-2056 or (404) 537-3406 and entering conference ID
95576843.
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 2015 Annual
Report on Form 10-K. The information contained in this release is
as of May 5, 2016. 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) Consumer strategic
revenue, as defined by the Company, includes video
services and consumer Internet services revenues.
Business strategic revenue, as defined by the
Company, includes data services and data center services
revenues. Data services include Dedicated Internet Access,
Ethernet and other business data services, business Internet, and
BVoIP. Data center services include physical colocation,
virtual colocation, network services, security, cloud services, and
various related telephony services.
(2) 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.
(3) 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.
(4) 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.
(5) In the fourth quarter 2015, we
revised the presentation of volume information and operating
revenue to provide more meaningful information. Prior period
information has been revised to reflect the current
presentation. Total revenue has not changed from that
previously reported but the classification by channel has been
modified and we now present product information by channel as
well.
(6) 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 |
|
|
|
|
March 31, |
|
|
|
|
2016 |
|
2015 |
|
|
Operating revenues |
|
$ |
|
98,794 |
|
|
$ |
|
97,114 |
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of revenues (exclusive of
depreciation and amortization) |
|
|
|
42,479 |
|
|
|
|
40,183 |
|
|
|
Selling, general and
administrative |
|
|
|
29,865 |
|
|
|
|
29,732 |
|
|
|
Depreciation and amortization |
|
|
|
21,950 |
|
|
|
|
21,280 |
|
|
|
Total operating expenses |
|
|
|
94,294 |
|
|
|
|
91,195 |
|
|
|
Operating income |
|
|
|
4,500 |
|
|
|
|
5,919 |
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
(4,240 |
) |
|
|
|
(4,337 |
) |
|
|
Interest income and other |
|
|
|
— |
|
|
|
|
7 |
|
|
|
Total other expense |
|
|
|
(4,240 |
) |
|
|
|
(4,330 |
) |
|
|
Income before income
tax provision |
|
|
|
260 |
|
|
|
|
1,589 |
|
|
|
Income tax
provision |
|
|
|
106 |
|
|
|
|
614 |
|
|
|
Net income |
|
$ |
|
154 |
|
|
$ |
|
975 |
|
|
|
Net income per common
share - |
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
0.01 |
|
|
$ |
|
0.09 |
|
|
|
Diluted |
|
$ |
|
0.01 |
|
|
$ |
|
0.09 |
|
|
|
Weighted average shares
used to compute net income per common share - |
|
|
|
|
|
|
|
|
Basic |
|
|
|
11,475,834 |
|
|
|
|
10,692,198 |
|
|
|
Diluted |
|
|
|
11,500,308 |
|
|
|
|
11,272,922 |
|
|
|
Hawaiian Telcom Holdco, Inc. |
|
Consolidated Balance Sheets |
|
(Unaudited, dollars in thousands, except per
share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2016 |
|
2015 |
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
20,852 |
|
|
$ |
|
30,312 |
|
|
Receivables, net |
|
|
|
31,490 |
|
|
|
|
32,736 |
|
|
Material and supplies |
|
|
|
9,916 |
|
|
|
|
8,499 |
|
|
Prepaid expenses |
|
|
|
4,244 |
|
|
|
|
4,068 |
|
|
Other current assets |
|
|
|
3,175 |
|
|
|
|
2,102 |
|
|
Total current assets |
|
|
|
69,677 |
|
|
|
|
77,717 |
|
|
Property, plant and
equipment, net |
|
|
|
582,271 |
|
|
|
|
579,107 |
|
|
Intangible assets,
net |
|
|
|
34,304 |
|
|
|
|
34,828 |
|
|
Goodwill |
|
|
|
12,104 |
|
|
|
|
12,104 |
|
|
Deferred income taxes,
net |
|
|
|
89,561 |
|
|
|
|
89,896 |
|
|
Other assets |
|
|
|
6,452 |
|
|
|
|
6,043 |
|
|
Total assets |
|
$ |
|
794,369 |
|
|
$ |
|
799,695 |
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
Current portion of long-term
debt |
|
$ |
|
3,000 |
|
|
$ |
|
3,000 |
|
|
Accounts payable |
|
|
|
43,544 |
|
|
|
|
44,841 |
|
|
Accrued expenses |
|
|
|
13,202 |
|
|
|
|
14,491 |
|
|
Advance billings and customer
deposits |
|
|
|
18,143 |
|
|
|
|
17,551 |
|
|
Other current liabilities |
|
|
|
5,023 |
|
|
|
|
5,932 |
|
|
Total current liabilities |
|
|
|
82,912 |
|
|
|
|
85,815 |
|
|
Long-term debt |
|
|
|
282,775 |
|
|
|
|
283,046 |
|
|
Employee benefit
obligations |
|
|
|
102,503 |
|
|
|
|
104,597 |
|
|
Other liabilities |
|
|
|
17,946 |
|
|
|
|
18,538 |
|
|
Total liabilities |
|
|
|
486,136 |
|
|
|
|
491,996 |
|
|
Commitments and
contingencies (Note 11) |
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
Common stock, par value of $0.01
per share, 245,000,000 shares authorized and 11,511,591
and 11,466,398 shares issued and outstanding at March 31, 2016
and December 31, 2015, respectively |
|
|
|
115 |
|
|
|
|
115 |
|
|
Additional paid-in capital |
|
|
|
178,246 |
|
|
|
|
178,019 |
|
|
Accumulated other comprehensive
loss |
|
|
|
(29,235 |
) |
|
|
|
(29,388 |
) |
|
Retained earnings |
|
|
|
159,107 |
|
|
|
|
158,953 |
|
|
Total stockholders’
equity |
|
|
|
308,233 |
|
|
|
|
307,699 |
|
|
Total liabilities and
stockholders’ equity |
|
$ |
|
794,369 |
|
|
$ |
|
799,695 |
|
|
Hawaiian Telcom Holdco, Inc. |
|
Consolidated Statements of Cash
Flows |
|
(Unaudited, dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2016 |
|
2015 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
Net income |
|
$ |
|
154 |
|
|
$ |
|
975 |
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
21,950 |
|
|
|
|
21,280 |
|
|
Deferred financing
amortization |
|
|
|
492 |
|
|
|
|
472 |
|
|
Employee retirement benefits |
|
|
|
(1,846 |
) |
|
|
|
(1,952 |
) |
|
Provision for uncollectible
receivables |
|
|
|
1,039 |
|
|
|
|
1,248 |
|
|
Stock based compensation |
|
|
|
579 |
|
|
|
|
375 |
|
|
Deferred income taxes |
|
|
|
240 |
|
|
|
|
837 |
|
|
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
|
Receivables |
|
|
|
207 |
|
|
|
|
(943 |
) |
|
Material and supplies |
|
|
|
(1,417 |
) |
|
|
|
(91 |
) |
|
Prepaid expenses and other current
assets |
|
|
|
(1,249 |
) |
|
|
|
(121 |
) |
|
Accounts payable and accrued
expenses |
|
|
|
965 |
|
|
|
|
(3,782 |
) |
|
Advance billings and customer
deposits |
|
|
|
592 |
|
|
|
|
484 |
|
|
Other current liabilities |
|
|
|
(278 |
) |
|
|
|
(185 |
) |
|
Other |
|
|
|
(512 |
) |
|
|
|
336 |
|
|
Net cash provided by
operating activities |
|
|
|
20,916 |
|
|
|
|
18,933 |
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
(28,139 |
) |
|
|
|
(29,172 |
) |
|
Net cash used in
investing activities |
|
|
|
(28,139 |
) |
|
|
|
(29,172 |
) |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Repayment of debt |
|
|
|
(750 |
) |
|
|
|
(750 |
) |
|
Proceeds from installment
financing |
|
|
— |
|
|
|
354 |
|
|
Repayment of capital lease and
installment financing |
|
|
|
(1,135 |
) |
|
|
|
(1,382 |
) |
|
Taxes paid related to net share
settlement of equity awards |
|
|
|
(352 |
) |
|
|
|
(928 |
) |
|
Net cash used in
financing activities |
|
|
|
(2,237 |
) |
|
|
|
(2,706 |
) |
|
Net change in cash and
cash equivalents |
|
|
|
(9,460 |
) |
|
|
|
(12,945 |
) |
|
Cash and cash
equivalents, beginning of period |
|
|
|
30,312 |
|
|
|
|
39,885 |
|
|
Cash and cash
equivalents, end of period |
|
$ |
|
20,852 |
|
|
$ |
|
26,940 |
|
|
Supplemental disclosure
of cash flow information: |
|
|
|
|
|
|
|
Interest paid, net of amounts
capitalized |
|
$ |
|
2,492 |
|
|
$ |
|
3,953 |
|
|
Hawaiian Telcom Holdco, Inc. |
Revenue by Category and Channel
(5) |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
March 31, |
|
Change |
|
|
|
2016 |
|
2015 |
|
Amount |
|
Percentage |
|
Business |
|
|
|
|
|
|
|
|
|
|
|
|
Data services |
|
$ |
14,968 |
|
$ |
12,059 |
|
$ |
|
2,909 |
|
|
|
24.1 |
|
% |
Voice services |
|
|
22,352 |
|
|
24,021 |
|
|
|
(1,669 |
) |
|
|
(6.9 |
) |
% |
Data center services |
|
|
3,057 |
|
|
2,597 |
|
|
|
460 |
|
|
|
17.7 |
|
% |
Equipment and managed services |
|
|
4,465 |
|
|
4,265 |
|
|
|
200 |
|
|
|
4.7 |
|
% |
|
|
|
44,842 |
|
|
42,942 |
|
|
|
1,900 |
|
|
|
4.4 |
|
% |
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
Video services |
|
|
9,426 |
|
|
7,522 |
|
|
|
1,904 |
|
|
|
25.3 |
|
% |
Internet services |
|
|
7,725 |
|
|
8,128 |
|
|
|
(403 |
) |
|
|
(5.0 |
) |
% |
Voice services |
|
|
19,054 |
|
|
20,516 |
|
|
|
(1,462 |
) |
|
|
(7.1 |
) |
% |
|
|
|
36,205 |
|
|
36,166 |
|
|
|
39 |
|
|
|
0.1 |
|
% |
Wholesale carrier
data |
|
|
13,762 |
|
|
14,333 |
|
|
|
(571 |
) |
|
|
(4.0 |
) |
% |
Other |
|
|
3,985 |
|
|
3,673 |
|
|
|
312 |
|
|
|
8.5 |
|
% |
|
|
$ |
98,794 |
|
$ |
97,114 |
|
$ |
|
1,680 |
|
|
|
1.7 |
|
% |
Hawaiian Telcom Holdco, Inc. |
Schedule of Adjusted EBITDA
Calculation |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
LTM Ended |
|
|
March 31, |
|
March 31, |
|
|
2016 |
|
2015 |
|
2016 |
Net income |
|
$ |
154 |
|
$ |
975 |
|
$ |
279 |
Income tax provision |
|
|
106 |
|
|
614 |
|
|
849 |
Interest expense and other income
and expense, net |
|
|
4,240 |
|
|
4,330 |
|
|
16,715 |
Depreciation and amortization |
|
|
21,950 |
|
|
21,280 |
|
|
88,549 |
EBITDA |
|
|
26,450 |
|
|
27,199 |
|
|
106,392 |
Non-cash stock and other
performance-based compensation |
|
|
779 |
|
|
375 |
|
|
1,988 |
SystemMetrics earn-out |
|
|
515 |
|
|
272 |
|
|
501 |
Non-recurring costs |
|
|
390 |
|
|
476 |
|
|
2,378 |
Pension settlement loss |
|
|
— |
|
|
850 |
|
|
7,238 |
Adjusted EBITDA |
|
$ |
28,134 |
|
$ |
29,172 |
|
$ |
118,497 |
Hawaiian Telcom Holdco, Inc. |
Schedule of Levered Free Cash Flow
(6) |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
LTM Ended |
|
|
March 31, |
|
March 31, |
|
|
2016 |
|
2015 |
|
2016 |
Adjusted EBITDA |
|
$ |
|
28,134 |
|
|
$ |
|
29,172 |
|
|
$ |
|
118,497 |
|
Cash interest expense |
|
|
|
(2,492 |
) |
|
|
|
(3,953 |
) |
|
|
|
(14,717 |
) |
Capital expenditures |
|
|
|
(28,139 |
) |
|
|
|
(29,172 |
) |
|
|
|
(98,001 |
) |
Levered Free Cash
Flow |
|
$ |
|
(2,497 |
) |
|
$ |
|
(3,953 |
) |
|
$ |
|
5,779 |
|
Hawaiian Telcom Holdco, Inc. |
Schedule of Net Leverage Ratio |
(Unaudited, dollars in thousands) |
|
|
|
|
|
Long-term debt as of
March 31, 2016 |
|
$ |
|
285,775 |
|
|
Less cash on hand |
|
|
|
(20,852 |
) |
|
Total net debt as of
March 31, 2016 |
|
$ |
|
264,923 |
|
|
|
|
|
|
|
LTM Adjusted EBITDA as
of March 31, 2016 |
|
$ |
|
118,497 |
|
|
Net leverage ratio as
of March 31, 2016 |
|
|
|
2.2 |
|
x |
Hawaiian Telcom Holdco, Inc. |
Volume Information (5) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
Change |
|
|
|
2016 |
|
2015 |
|
Number |
|
Percentage |
|
Business |
|
|
|
|
|
|
|
|
|
Data lines |
|
19,954 |
|
19,624 |
|
|
330 |
|
|
|
1.7 |
|
% |
BVoIP lines |
|
17,281 |
|
13,875 |
|
|
3,406 |
|
|
|
24.5 |
|
% |
Voice access lines |
|
166,073 |
|
173,425 |
|
|
(7,352 |
) |
|
|
(4.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
Video subscribers |
|
37,108 |
|
29,721 |
|
|
7,387 |
|
|
|
24.9 |
|
% |
Internet lines |
|
92,820 |
|
93,090 |
|
|
(270 |
) |
|
|
(0.3 |
) |
% |
Voice access lines |
|
147,375 |
|
165,074 |
|
|
(17,699 |
) |
|
|
(10.7 |
) |
% |
Homes enabled for video |
|
195,000 |
|
166,000 |
|
|
29,000 |
|
|
|
17.5 |
|
% |
|
|
March 31, |
|
December 31, |
|
Change |
|
|
|
2016 |
|
2015 |
|
Number |
|
Percentage |
|
Business |
|
|
|
|
|
|
|
|
|
Data lines |
|
19,954 |
|
20,081 |
|
|
(127 |
) |
|
|
(0.6 |
) |
% |
BVoIP lines |
|
17,281 |
|
16,749 |
|
|
532 |
|
|
|
3.2 |
|
% |
Voice access lines |
|
166,073 |
|
168,058 |
|
|
(1,985 |
) |
|
|
(1.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
Video subscribers |
|
37,108 |
|
35,876 |
|
|
1,232 |
|
|
|
3.4 |
|
% |
Internet lines |
|
92,820 |
|
93,002 |
|
|
(182 |
) |
|
|
(0.2 |
) |
% |
Voice access lines |
|
147,375 |
|
151,996 |
|
|
(4,621 |
) |
|
|
(3.0 |
) |
% |
Homes enabled for video |
|
195,000 |
|
190,000 |
|
|
5,000 |
|
|
|
2.6 |
|
% |
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