Delivered strong second quarter revenue
growth of 3.5 percentAchieved business strategic
revenue(1) growth of 35.4 percentIncreased
consumer strategic revenue(1) by 5.2 percent
Hawaiian Telcom Holdco, Inc. (NASDAQ:HCOM) reported financial
results for its second quarter ended June 30. The highlights
are as follows:
- Revenue totaled $99.5 million, up a solid 3.5 percent compared
to revenue in the second quarter of 2015.
- Business revenue increased 9.7 percent year-over-year to $46.7
million, driven by a strong 40.2 percent growth in data services
revenue and 15.3 percent growth in data center services
revenue.
- Business strategic revenue increased 35.4 percent
year-over-year to $19.8 million.
- Consumer strategic revenue increased 5.2 percent year-over-year
to $17.3 million, driven by a solid 20.7 percent growth in video
services revenue.
- Adjusted EBITDA(2) of $30.8 million, up 3.3 percent
year-over-year.
- Generated net income of $1.4 million, or $0.13 per diluted
share for the quarter, up from $0.5 million or $0.04 per diluted
share in the same period in the prior year.
- Enabled 3,000 households with fiber in the second quarter,
increasing enabled households on O‘ahu to 198,000.
- Ended the second quarter with approximately 38,600 Hawaiian
Telcom TV subscribers, increasing penetration of households enabled
to 19.5 percent.
“I am pleased with Hawaiian Telcom’s solid performance in the
quarter, with total revenue growth of 3.5 percent,” said Scott
Barber, Hawaiian Telcom’s president and CEO. “Demand for
high-bandwidth IP-based data services remains strong, resulting in
consistent strategic revenue growth over the past three years. We
continued to successfully leverage our strategic asset portfolio,
including our robust next-generation fiber network and data center
assets to deliver strong growth this quarter. Hawaiian Telcom’s
sole focus and rich history in the islands, our critical fiber
infrastructure including our 24/7 locally-based state-of-the-art
Network Operations Center and our solid positioning as Hawai‘i’s
technology leader continues to provide a concrete foundation for
organic growth and future sustainable cash flow.”
Second Quarter 2016 Results
Second quarter revenue of $99.5 million represented a 3.5
percent increase compared to $96.2 million in the second quarter of
2015. Revenue growth in the quarter was mainly driven by
strong growth in business data services and consumer video.
Adjusted EBITDA was $30.8 million, up 3.3 percent year-over-year
primarily related to the strong increase in revenue.
The Company generated net income of $1.4 million, or $0.13 per
diluted share for the quarter, up from $0.5 million or $0.04 per
diluted share in the second quarter of 2015. Net income for
last year’s second quarter was impacted by a $1.4 million non-cash
pension settlement loss related to a large number of employee
retirements during the quarter.
Business Revenue
Second quarter business revenue totaled $46.7 million, up 9.7
percent from the second quarter of 2015, primarily driven by solid
growth in data (broadband) services and data center services.
Data services revenue increased 40.2 percent year-over-year, partly
due to $2.9 million in non-recurring revenue recognized in the
quarter. This non-recurring revenue resulted from the large
government agency contract awarded last year that connected 250
statewide locations. In addition, customer demand for
IP-based data services such as Dedicated Internet Access, Ethernet,
IP-VPN and BVoIP continued to rise, as reflected in the growth of
BVoIP lines, which grew 17.0 percent year-over-year to
approximately 18,100 lines, offsetting nearly half of total legacy
voice access line decline. Revenue from data center services
increased 15.3 percent year-over-year for the second quarter,
driven by network services and hardware sales.
Increasing customer demand for higher bandwidth and integrated
communications solutions drove second quarter business strategic
revenue growth to 35.4 percent year-over-year and now represents 42
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. Excluding the $2.9 non-recurring revenue
discussed above, business strategic revenue for the quarter still
grew a solid 15.3 percent year-over-year. 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
Second quarter consumer revenue totaled $36.0 million, compared
to $36.5 million in the second quarter of 2015. Revenue
growth in the quarter from Hawaiian Telcom TV and high-bandwidth
Internet services was more than offset by the year-over-year
revenue decline in consumer legacy voice and low-bandwidth Internet
services. Second quarter consumer strategic revenue increased
5.2 percent year-over-year and now represents 48 percent of total
consumer revenue, up from 45 percent in the same period a year ago,
and 37 percent in the same period two years ago.
Video services revenue grew to $10.0 million for the quarter, up
20.7% from $8.3 million in the same period a year ago, driven by
the addition of approximately 6,700 subscribers, ending the second
quarter with approximately 38,600 subscribers in service.
During the quarter, 3,000 additional households were fiber-enabled,
increasing the total number of households enabled to 198,000 with
62 percent of those households capable of utilizing
fiber-to-the-premise technology. Hawaiian Telcom TV
penetration of households enabled increased to 19.5 percent at the
end of the first quarter, up from 18.2 percent at the end of the
second quarter of 2015.
Internet services revenue declined $0.9 million from the same
period a year ago mainly due to promotional pricing. The
Company ended the second quarter with approximately 91,800 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 25 percent over the last year and 80
percent over the last two years. As of June 30, 2016,
approximately 94 percent of all video subscribers had double- or
triple-play bundles with Internet.
Wholesale Revenue
Second quarter wholesale revenue totaled $13.2 million, compared
to $13.8 million in the second quarter 2015. The decline was
due to certain wholesale customers disconnecting lower bandwidth
legacy circuits on month-to-month rates and moving to more
efficient and cost effective fiber-based, higher bandwidth Ethernet
circuits on multi-year contracts.
Operating Expenses
Operating expenses, exclusive of non-cash and non-recurring
items which we exclude from our Adjusted EBITDA calculation,
increased 3.6 percent to $68.8 million in the second quarter.
The increase was primarily due to higher direct cost of services
related to video from rising content costs and increasing number of
subscribers, as well as higher periodic pension cost on lower
estimated pension trust asset returns. These increases were
partially offset by lower utility rates and reduced usage from
energy savings initiatives.
Capital Expenditures and Liquidity
Capital expenditures totaled $52.9 million in the six months
ended June 30, 2016, consistent with the same period in the prior
year. Approximately 87 percent of total capital expenditures
in the first half of 2016 was directed towards growth and expansion
initiatives, which include payments on the trans-Pacific cable
system, spending on enabling homes and fiber-to-the-business,
Connect America Fund Phase II build out, as well as success-based
spending to support the growth of the Company’s next-generation
services. Overall, total capital expenditures for 2016 are
expected to be in the high-$90 million range.
At the end of second quarter 2016, the Company had $26.2 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 $259.0 million, resulting in a
Net Leverage Ratio(4) as of June 30, 2016 of 2.2x.
Conference Call
The Company will host a conference call to discuss its second
quarter 2016 results at 9:00 a.m. (Hawaii Time), or 3:00 p.m.
(Eastern Time) on Monday, August 1, 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 passcode 50969955.
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 6:00 p.m. (Eastern
Time) August 8, 2016. Access the replay by dialing (855)
859-2056 or (404) 537-3406 and entering passcode 50969955.
Use of Non-GAAP Financial Measures
This press release contains information about adjusted earnings
before interest, taxes, depreciation and amortization (Adjusted
EBITDA), Net Debt, Net Leverage Ratio and Levered Free Cash Flow.
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, Net Debt, Net Leverage Ratio and Levered Free Cash Flow 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 August 1, 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 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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Operating revenues |
|
$ |
|
99,541 |
|
|
$ |
|
96,187 |
|
|
$ |
|
198,335 |
|
|
$ |
|
193,303 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (exclusive of
depreciation and amortization) |
|
|
|
40,605 |
|
|
|
|
39,219 |
|
|
|
|
83,084 |
|
|
|
|
79,402 |
|
Selling, general and
administrative |
|
|
|
29,554 |
|
|
|
|
29,767 |
|
|
|
|
59,419 |
|
|
|
|
59,499 |
|
Depreciation and amortization |
|
|
|
22,493 |
|
|
|
|
21,941 |
|
|
|
|
44,443 |
|
|
|
|
43,221 |
|
Total operating expenses |
|
|
|
92,652 |
|
|
|
|
90,927 |
|
|
|
|
186,946 |
|
|
|
|
182,122 |
|
Operating income |
|
|
|
6,889 |
|
|
|
|
5,260 |
|
|
|
|
11,389 |
|
|
|
|
11,181 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
(4,484 |
) |
|
|
|
(4,166 |
) |
|
|
|
(8,724 |
) |
|
|
|
(8,503 |
) |
Interest income and other |
|
|
|
— |
|
|
|
|
4 |
|
|
|
|
— |
|
|
|
|
11 |
|
Total other expense |
|
|
|
(4,484 |
) |
|
|
|
(4,162 |
) |
|
|
|
(8,724 |
) |
|
|
|
(8,492 |
) |
Income before income
tax provision |
|
|
|
2,405 |
|
|
|
|
1,098 |
|
|
|
|
2,665 |
|
|
|
|
2,689 |
|
Income tax
provision |
|
|
|
960 |
|
|
|
|
643 |
|
|
|
|
1,066 |
|
|
|
|
1,257 |
|
Net income |
|
$ |
|
1,445 |
|
|
$ |
|
455 |
|
|
$ |
|
1,599 |
|
|
$ |
|
1,432 |
|
Net income per common
share - |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
0.13 |
|
|
$ |
|
0.04 |
|
|
$ |
|
0.14 |
|
|
$ |
|
0.13 |
|
Diluted |
|
$ |
|
0.13 |
|
|
$ |
|
0.04 |
|
|
$ |
|
0.14 |
|
|
$ |
|
0.13 |
|
Weighted average shares
used to compute net income per common share - |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
11,511,591 |
|
|
|
|
10,797,111 |
|
|
|
|
11,493,712 |
|
|
|
|
10,744,944 |
|
Diluted |
|
|
|
11,525,850 |
|
|
|
|
11,258,178 |
|
|
|
|
11,523,215 |
|
|
|
|
11,261,535 |
|
|
Hawaiian Telcom
Holdco, Inc. |
Consolidated
Balance Sheets |
(Unaudited,
dollars in thousands, except per share amounts) |
|
|
|
June 30, |
|
December 31, |
|
|
2016 |
|
2015 |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
26,155 |
|
|
$ |
|
30,312 |
|
Receivables, net |
|
|
|
29,120 |
|
|
|
|
32,736 |
|
Material and supplies |
|
|
|
8,603 |
|
|
|
|
8,499 |
|
Prepaid expenses |
|
|
|
5,580 |
|
|
|
|
4,068 |
|
Other current assets |
|
|
|
3,184 |
|
|
|
|
2,102 |
|
Total current assets |
|
|
|
72,642 |
|
|
|
|
77,717 |
|
Property, plant and
equipment, net |
|
|
|
589,551 |
|
|
|
|
579,107 |
|
Intangible assets,
net |
|
|
|
33,779 |
|
|
|
|
34,828 |
|
Goodwill |
|
|
|
12,104 |
|
|
|
|
12,104 |
|
Deferred income taxes,
net |
|
|
|
88,331 |
|
|
|
|
89,896 |
|
Other assets |
|
|
|
6,193 |
|
|
|
|
6,043 |
|
Total assets |
|
$ |
|
802,600 |
|
|
$ |
|
799,695 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Current portion of long-term
debt |
|
$ |
|
3,000 |
|
|
$ |
|
3,000 |
|
Accounts payable |
|
|
|
50,546 |
|
|
|
|
44,841 |
|
Accrued expenses |
|
|
|
16,561 |
|
|
|
|
14,491 |
|
Advance billings and customer
deposits |
|
|
|
15,958 |
|
|
|
|
17,551 |
|
Other current liabilities |
|
|
|
6,305 |
|
|
|
|
5,932 |
|
Total current liabilities |
|
|
|
92,370 |
|
|
|
|
85,815 |
|
Long-term debt |
|
|
|
282,161 |
|
|
|
|
283,046 |
|
Employee benefit
obligations |
|
|
|
100,207 |
|
|
|
|
104,597 |
|
Other liabilities |
|
|
|
17,468 |
|
|
|
|
18,538 |
|
Total liabilities |
|
|
|
492,206 |
|
|
|
|
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 June 30, 2016
and December 31, 2015, respectively |
|
|
|
115 |
|
|
|
|
115 |
|
Additional paid-in capital |
|
|
|
178,809 |
|
|
|
|
178,019 |
|
Accumulated other comprehensive
loss |
|
|
|
(29,082 |
) |
|
|
|
(29,388 |
) |
Retained earnings |
|
|
|
160,552 |
|
|
|
|
158,953 |
|
Total stockholders’
equity |
|
|
|
310,394 |
|
|
|
|
307,699 |
|
Total liabilities and
stockholders’ equity |
|
$ |
|
802,600 |
|
|
$ |
|
799,695 |
|
|
Hawaiian Telcom
Holdco, Inc. |
Consolidated
Statements of Cash Flows |
(Unaudited,
dollars in thousands) |
|
|
|
Six Months Ended |
|
|
June 30, |
|
|
2016 |
|
2015 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
|
1,599 |
|
|
$ |
|
1,432 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
44,443 |
|
|
|
|
43,221 |
|
Deferred financing
amortization |
|
|
|
1,005 |
|
|
|
|
953 |
|
Employee retirement benefits |
|
|
|
(3,896 |
) |
|
|
|
(3,565 |
) |
Provision for uncollectible
receivables |
|
|
|
2,139 |
|
|
|
|
1,634 |
|
Stock based compensation |
|
|
|
1,141 |
|
|
|
|
900 |
|
Deferred income taxes |
|
|
|
1,377 |
|
|
|
|
1,621 |
|
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
Receivables |
|
|
|
1,477 |
|
|
|
|
(3,025 |
) |
Material and supplies |
|
|
|
(104 |
) |
|
|
|
(92 |
) |
Prepaid expenses and other current
assets |
|
|
|
(2,594 |
) |
|
|
|
(1,944 |
) |
Accounts payable and accrued
expenses |
|
|
|
6,837 |
|
|
|
|
(2,037 |
) |
Advance billings and customer
deposits |
|
|
|
(1,593 |
) |
|
|
|
668 |
|
Other current liabilities |
|
|
|
(385 |
) |
|
|
|
(465 |
) |
Other |
|
|
|
(157 |
) |
|
|
|
492 |
|
Net cash provided by
operating activities |
|
|
|
51,289 |
|
|
|
|
39,793 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Capital expenditures |
|
|
|
(52,898 |
) |
|
|
|
(52,916 |
) |
Funds released from restricted cash
account |
|
|
|
— |
|
|
|
|
400 |
|
Net cash used in
investing activities |
|
|
|
(52,898 |
) |
|
|
|
(52,516 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from exercise of
warrant |
|
|
|
— |
|
|
|
|
3,341 |
|
Proceeds from installment
financing |
|
|
|
1,698 |
|
|
|
|
2,279 |
|
Repayment of capital lease and
installment financing |
|
|
|
(1,707 |
) |
|
|
|
(1,976 |
) |
Repayment of debt |
|
|
|
(1,500 |
) |
|
|
|
(1,500 |
) |
Refinancing and loan amendment
costs |
|
|
|
(688 |
) |
|
|
|
(150 |
) |
Taxes paid related to net share
settlement of equity awards |
|
|
|
(351 |
) |
|
|
|
(928 |
) |
Net cash used in
financing activities |
|
|
|
(2,548 |
) |
|
|
|
1,066 |
|
Net change in cash and
cash equivalents |
|
|
|
(4,157 |
) |
|
|
|
(11,657 |
) |
Cash and cash
equivalents, beginning of period |
|
|
|
30,312 |
|
|
|
|
39,885 |
|
Cash and cash
equivalents, end of period |
|
$ |
|
26,155 |
|
|
$ |
|
28,228 |
|
Supplemental disclosure
of cash flow information: |
|
|
|
|
|
|
Interest paid, net of amounts
capitalized |
|
$ |
|
6,350 |
|
|
$ |
|
7,604 |
|
|
Hawaiian Telcom
Holdco, Inc. |
Revenue by
Category and Channel (5) |
(Unaudited,
dollars in thousands) |
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
|
2016 |
|
2015 |
|
Amount |
|
Percentage |
|
Business |
|
|
|
|
|
|
|
|
|
|
|
|
Data services |
|
$ |
16,593 |
|
$ |
11,838 |
|
$ |
|
4,755 |
|
|
|
40.2 |
|
% |
Voice services |
|
|
21,690 |
|
|
23,161 |
|
|
|
(1,471 |
) |
|
|
(6.4 |
) |
% |
Data center services |
|
|
3,211 |
|
|
2,784 |
|
|
|
427 |
|
|
|
15.3 |
|
% |
Equipment and managed services |
|
|
5,178 |
|
|
4,779 |
|
|
|
399 |
|
|
|
8.3 |
|
% |
|
|
|
46,672 |
|
|
42,562 |
|
|
|
4,110 |
|
|
|
9.7 |
|
% |
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
Video services |
|
|
9,997 |
|
|
8,280 |
|
|
|
1,717 |
|
|
|
20.7 |
|
% |
Internet services |
|
|
7,328 |
|
|
8,187 |
|
|
|
(859 |
) |
|
|
(10.5 |
) |
% |
Voice services |
|
|
18,627 |
|
|
20,033 |
|
|
|
(1,406 |
) |
|
|
(7.0 |
) |
% |
|
|
|
35,952 |
|
|
36,500 |
|
|
|
(548 |
) |
|
|
(1.5 |
) |
% |
Wholesale carrier
data |
|
|
13,172 |
|
|
13,789 |
|
|
|
(617 |
) |
|
|
(4.5 |
) |
% |
Other |
|
|
3,745 |
|
|
3,336 |
|
|
|
409 |
|
|
|
12.3 |
|
% |
|
|
$ |
99,541 |
|
$ |
96,187 |
|
$ |
|
3,354 |
|
|
|
3.5 |
|
% |
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
|
2016 |
|
2015 |
|
Amount |
|
Percentage |
|
Business |
|
|
|
|
|
|
|
|
|
|
|
|
Data services |
|
$ |
31,561 |
|
$ |
23,897 |
|
$ |
|
7,664 |
|
|
|
32.1 |
|
% |
Voice services |
|
|
44,043 |
|
|
47,183 |
|
|
|
(3,140 |
) |
|
|
(6.7 |
) |
% |
Data center services |
|
|
6,268 |
|
|
5,381 |
|
|
|
887 |
|
|
|
16.5 |
|
% |
Equipment and managed services |
|
|
9,643 |
|
|
9,043 |
|
|
|
600 |
|
|
|
6.6 |
|
% |
|
|
|
91,515 |
|
|
85,504 |
|
|
|
6,011 |
|
|
|
7.0 |
|
% |
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
Video services |
|
|
19,424 |
|
|
15,802 |
|
|
|
3,622 |
|
|
|
22.9 |
|
% |
Internet services |
|
|
15,053 |
|
|
16,315 |
|
|
|
(1,262 |
) |
|
|
(7.7 |
) |
% |
Voice services |
|
|
37,682 |
|
|
40,548 |
|
|
|
(2,866 |
) |
|
|
(7.1 |
) |
% |
|
|
|
72,159 |
|
|
72,665 |
|
|
|
(506 |
) |
|
|
(0.7 |
) |
% |
Wholesale carrier
data |
|
|
26,934 |
|
|
28,122 |
|
|
|
(1,188 |
) |
|
|
(4.2 |
) |
% |
Other |
|
|
7,727 |
|
|
7,012 |
|
|
|
715 |
|
|
|
10.2 |
|
% |
|
|
$ |
198,335 |
|
$ |
193,303 |
|
$ |
|
5,032 |
|
|
|
2.6 |
|
% |
|
Hawaiian Telcom
Holdco, Inc. |
Schedule of
Adjusted EBITDA Calculation |
(Unaudited,
dollars in thousands) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
LTM Ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
Net income |
|
$ |
1,445 |
|
$ |
455 |
|
$ |
1,599 |
|
$ |
1,432 |
|
$ |
1,267 |
Income tax provision |
|
|
960 |
|
|
643 |
|
|
1,066 |
|
|
1,257 |
|
|
1,166 |
Interest expense and other income
and expense, net |
|
|
4,484 |
|
|
4,162 |
|
|
8,724 |
|
|
8,492 |
|
|
17,037 |
Depreciation and amortization |
|
|
22,493 |
|
|
21,941 |
|
|
44,443 |
|
|
43,221 |
|
|
89,101 |
EBITDA |
|
|
29,382 |
|
|
27,201 |
|
|
55,832 |
|
|
54,402 |
|
|
108,571 |
Non-cash stock and other
performance-based compensation |
|
|
789 |
|
|
525 |
|
|
1,568 |
|
|
900 |
|
|
2,252 |
SystemMetrics earn-out |
|
|
216 |
|
|
272 |
|
|
731 |
|
|
544 |
|
|
445 |
Non-recurring costs |
|
|
396 |
|
|
394 |
|
|
786 |
|
|
869 |
|
|
2,381 |
Pension settlement loss |
|
|
— |
|
|
1,397 |
|
|
— |
|
|
2,248 |
|
|
5,840 |
Adjusted EBITDA |
|
$ |
30,783 |
|
$ |
29,789 |
|
$ |
58,917 |
|
$ |
58,963 |
|
$ |
119,489 |
|
Hawaiian Telcom
Holdco, Inc. |
Schedule of
Levered Free Cash Flow (6) |
(Unaudited,
dollars in thousands) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
LTM Ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
Adjusted EBITDA |
|
$ |
|
30,783 |
|
|
$ |
|
29,789 |
|
|
$ |
|
58,917 |
|
|
$ |
|
58,963 |
|
|
$ |
|
119,489 |
|
Cash interest expense |
|
|
|
(3,858 |
) |
|
|
|
(3,651 |
) |
|
|
|
(6,350 |
) |
|
|
|
(7,604 |
) |
|
|
|
(14,924 |
) |
Capital expenditures |
|
|
|
(24,759 |
) |
|
|
|
(23,744 |
) |
|
|
|
(52,898 |
) |
|
|
|
(52,916 |
) |
|
|
|
(99,016 |
) |
Levered Free Cash
Flow |
|
$ |
|
2,166 |
|
|
$ |
|
2,394 |
|
|
$ |
|
(331 |
) |
|
$ |
|
(1,557 |
) |
|
$ |
|
5,549 |
|
|
Hawaiian Telcom
Holdco, Inc. |
Schedule of Net
Leverage Ratio |
(Unaudited,
dollars in thousands) |
|
Long-term debt as of
June 30, 2016 |
|
$ |
|
285,161 |
|
|
Less cash on hand |
|
|
|
(26,155 |
) |
|
Total net debt as of
June 30, 2016 |
|
$ |
|
259,006 |
|
|
|
|
|
|
|
LTM Adjusted EBITDA as
of June 30, 2016 |
|
$ |
|
119,489 |
|
|
Net leverage ratio as
of June 30, 2016 |
|
|
|
2.2 |
|
x |
|
Hawaiian Telcom
Holdco, Inc. |
Volume
Information (5) |
(Unaudited) |
|
|
|
June 30, |
|
Change |
|
|
|
2016 |
|
2015 |
|
Number |
|
Percentage |
|
Business |
|
|
|
|
|
|
|
|
|
Data lines |
|
19,851 |
|
19,759 |
|
|
92 |
|
|
|
0.5 |
|
% |
BVoIP lines |
|
18,101 |
|
15,469 |
|
|
2,632 |
|
|
|
17.0 |
|
% |
Voice access lines |
|
163,860 |
|
170,506 |
|
|
(6,646 |
) |
|
|
(3.9 |
) |
% |
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
Video subscribers |
|
38,593 |
|
31,921 |
|
|
6,672 |
|
|
|
20.9 |
|
% |
Internet lines |
|
91,820 |
|
93,338 |
|
|
(1,518 |
) |
|
|
(1.6 |
) |
% |
Voice access lines |
|
143,441 |
|
160,819 |
|
|
(17,378 |
) |
|
|
(10.8 |
) |
% |
Homes enabled for video |
|
198,000 |
|
175,000 |
|
|
23,000 |
|
|
|
13.1 |
|
% |
|
|
June 30, |
|
March 31, |
|
Change |
|
|
|
2016 |
|
2016 |
|
Number |
|
Percentage |
|
Business |
|
|
|
|
|
|
|
|
|
Data lines |
|
19,851 |
|
19,954 |
|
|
(103 |
) |
|
|
(0.5 |
) |
% |
BVoIP lines |
|
18,101 |
|
17,281 |
|
|
820 |
|
|
|
4.7 |
|
% |
Voice access lines |
|
163,860 |
|
166,073 |
|
|
(2,213 |
) |
|
|
(1.3 |
) |
% |
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
Video subscribers |
|
38,593 |
|
37,108 |
|
|
1,485 |
|
|
|
4.0 |
|
% |
Internet lines |
|
91,820 |
|
92,820 |
|
|
(1,000 |
) |
|
|
(1.1 |
) |
% |
Voice access lines |
|
143,441 |
|
147,375 |
|
|
(3,934 |
) |
|
|
(2.7 |
) |
% |
Homes enabled for video |
|
198,000 |
|
195,000 |
|
|
3,000 |
|
|
|
1.5 |
|
% |
Investor 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