Attached files
file | filename |
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EX-99.2 - Q2 2018 EARNINGS RELEASE PRESENTATION - CINCINNATI BELL INC | cbb2q18presentation.htm |
EX-99.1 - Q2 2018 EARNINGS RELEASE - CINCINNATI BELL INC | earningsreleaseq22018.htm |
8-K - CINCINNATI BELL INC. 8-K - CINCINNATI BELL INC | a8-kearningsreleaseshellq2.htm |
Hawaiian Telcom Holdco, Inc.
Consolidated Statements of Income (Loss)
(Unaudited, dollars in thousands, except per share amounts)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating revenues | $ | 89,081 | $ | 91,298 | $ | 178,304 | $ | 185,808 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization) | 41,881 | 40,181 | 83,970 | 81,372 | ||||||||||||
Selling, general and administrative | 29,225 | 26,713 | 56,849 | 56,343 | ||||||||||||
Depreciation and amortization | 23,875 | 21,742 | 47,208 | 43,012 | ||||||||||||
Total operating expenses | 94,981 | 88,636 | 188,027 | 180,727 | ||||||||||||
Operating income (loss) | (5,900 | ) | 2,662 | (9,723 | ) | 5,081 | ||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (5,646 | ) | (3,819 | ) | (9,785 | ) | (7,812 | ) | ||||||||
Retirement plan | 710 | 105 | 1,422 | (1,660 | ) | |||||||||||
Loss on early extinguishment of debt | — | (4,826 | ) | — | (4,826 | ) | ||||||||||
Total other expense | (4,936 | ) | (8,540 | ) | (8,363 | ) | (14,298 | ) | ||||||||
Loss before income tax benefit | (10,836 | ) | (5,878 | ) | (18,086 | ) | (9,217 | ) | ||||||||
Income tax benefit | (172 | ) | (2,402 | ) | (1,686 | ) | (3,788 | ) | ||||||||
Net loss | $ | (10,664 | ) | $ | (3,476 | ) | $ | (16,400 | ) | $ | (5,429 | ) |
Hawaiian Telcom Holdco, Inc.
Revenue by Category and Channel
(Unaudited, dollars in thousands)
Three Months Ended | |||||||||||||||
June 30, | Change | ||||||||||||||
2018 | 2017 | Amount | Percentage | ||||||||||||
Business | |||||||||||||||
Data services: | |||||||||||||||
Ethernet and routed network services | $ | 4,205 | $ | 4,336 | $ | (131 | ) | (3.0 | )% | ||||||
Dedicated Internet access | 1,939 | 2,086 | (147 | ) | (7.0 | )% | |||||||||
Internet services | 3,056 | 3,313 | (257 | ) | (7.8 | )% | |||||||||
BVoIP | 4,295 | 3,577 | 718 | 20.1 | % | ||||||||||
Legacy data services | 1,495 | 1,690 | (195 | ) | (11.5 | )% | |||||||||
Total data services | 14,990 | 15,002 | (12 | ) | (0.1 | )% | |||||||||
Voice services | 19,344 | 20,733 | (1,389 | ) | (6.7 | )% | |||||||||
Hosted and managed services | 1,575 | 1,642 | (67 | ) | (4.1 | )% | |||||||||
Equipment and related services | 4,193 | 4,274 | (81 | ) | (1.9 | )% | |||||||||
40,102 | 41,651 | (1,549 | ) | (3.7 | )% | ||||||||||
Consumer | |||||||||||||||
Video services | 11,260 | 10,806 | 454 | 4.2 | % | ||||||||||
Internet services | 7,547 | 6,619 | 928 | 14.0 | % | ||||||||||
Voice services | 14,720 | 16,406 | (1,686 | ) | (10.3 | )% | |||||||||
33,527 | 33,831 | (304 | ) | (0.9 | )% | ||||||||||
Wholesale carrier data | 12,629 | 12,601 | 28 | 0.2 | % | ||||||||||
Other | 2,823 | 3,215 | (392 | ) | (12.2 | )% | |||||||||
$ | 89,081 | $ | 91,298 | $ | (2,217 | ) | (2.4 | )% |
Six Months Ended | |||||||||||||||
June 30, | Change | ||||||||||||||
2018 | 2017 | Amount | Percentage | ||||||||||||
Business | |||||||||||||||
Data services: | |||||||||||||||
Ethernet and routed network services | $ | 8,275 | $ | 9,127 | $ | (852 | ) | (9.3 | )% | ||||||
Dedicated Internet access | 4,018 | 4,689 | (671 | ) | (14.3 | )% | |||||||||
Internet services | 6,175 | 6,667 | (492 | ) | (7.4 | )% | |||||||||
BVoIP | 8,397 | 6,903 | 1,494 | 21.6 | % | ||||||||||
Legacy data services | 2,971 | 3,233 | (262 | ) | (8.1 | )% | |||||||||
Total data services | 29,836 | 30,619 | (783 | ) | (2.6 | )% | |||||||||
Voice services | 38,996 | 41,991 | (2,995 | ) | (7.1 | )% | |||||||||
Hosted and managed services | 3,174 | 3,174 | — | — | % | ||||||||||
Equipment and related services | 7,222 | 9,717 | (2,495 | ) | (25.7 | )% | |||||||||
79,228 | 85,501 | (6,273 | ) | (7.3 | )% | ||||||||||
Consumer | |||||||||||||||
Video services | 22,485 | 21,400 | 1,085 | 5.1 | % | ||||||||||
Internet services | 14,652 | 13,300 | 1,352 | 10.2 | % | ||||||||||
Voice services | 29,992 | 33,393 | (3,401 | ) | (10.2 | )% | |||||||||
67,129 | 68,093 | (964 | ) | (1.4 | )% | ||||||||||
Wholesale carrier data | 26,561 | 25,430 | 1,131 | 4.4 | % | ||||||||||
Other | 5,385 | 6,784 | (1,399 | ) | (20.6 | )% | |||||||||
$ | 178,303 | $ | 185,808 | $ | (7,505 | ) | (4.0 | )% |
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, | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | ||||||||||||||||
Net loss | $ | (10,664 | ) | $ | (3,476 | ) | $ | (16,400 | ) | $ | (5,429 | ) | $ | (118,212 | ) | |||||
Income tax provision (credit) | (172 | ) | (2,402 | ) | (1,686 | ) | (3,788 | ) | 90,104 | |||||||||||
Expense, Net | 4,936 | 8,540 | 8,363 | 14,298 | 17,608 | |||||||||||||||
Operating income (loss) | (5,900 | ) | 2,662 | (9,723 | ) | 5,081 | (10,500 | ) | ||||||||||||
Depreciation and amortization | 23,875 | 21,742 | 47,208 | 43,012 | 92,620 | |||||||||||||||
Retirement plan expenses | 710 | 105 | 1,422 | (1,660 | ) | 779 | ||||||||||||||
Non-cash stock and other performance-based compensation | 857 | 731 | 1,428 | 1,456 | 2,799 | |||||||||||||||
SystemMetrics earn-out | — | 32 | — | 32 | — | |||||||||||||||
Pension settlement loss | — | 314 | — | 2,270 | 1,730 | |||||||||||||||
Severance | 89 | — | 89 | 1,743 | 89 | |||||||||||||||
Merger-related expenses | 731 | — | 936 | — | 3,347 | |||||||||||||||
Other special items | 1,398 | 839 | 2,217 | 1,553 | 3,197 | |||||||||||||||
Adjusted EBITDA | $ | 21,760 | $ | 26,425 | $ | 43,577 | $ | 53,487 | $ | 94,061 |
Hawaiian Telcom Holdco, Inc.
Capital Expenditures
(Unaudited, dollars in thousands)
Three Months Ended | Six Months Ended | LTM Ended | |||||||||||||
June 30, | June 30, | June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | |||||||||||
Capital expenditures | (27,688 | ) | (25,388 | ) | (52,024 | ) | (52,630 | ) | (94,650 | ) | |||||
Hawaiian Telcom Holdco, Inc.
Volume Information
(Unaudited)
June 30, | Change | |||||||||||
2018 | 2017 | Number | Percentage | |||||||||
Business | ||||||||||||
Data lines | 18,011 | 18,917 | (906 | ) | (4.8 | )% | ||||||
BVoIP lines | 23,433 | 20,666 | 2,767 | 13.4 | % | |||||||
Voice access lines | 144,606 | 155,743 | (11,137 | ) | (7.2 | )% | ||||||
Consumer | ||||||||||||
Video subscribers | 47,423 | 43,235 | 4,188 | 9.7 | % | |||||||
Internet lines | 93,886 | 90,073 | 3,813 | 4.2 | % | |||||||
Voice access lines | 114,982 | 127,134 | (12,152 | ) | (9.6 | )% | ||||||
Homes enabled for video | 207,000 | 204,000 | 3,000 | 1.5 | % |
June 30, | March 31, | Change | ||||||||||
2018 | 2018 | Number | Percentage | |||||||||
Business | ||||||||||||
Data lines | 18,011 | 18,112 | (101 | ) | (0.6 | )% | ||||||
BVoIP lines | 23,433 | 23,259 | 174 | 0.7 | % | |||||||
Voice access lines | 144,606 | 146,752 | (2,146 | ) | (1.5 | )% | ||||||
Consumer | ||||||||||||
Video subscribers | 47,423 | 45,747 | 1,676 | 3.7 | % | |||||||
Internet lines | 93,886 | 93,104 | 782 | 0.8 | % | |||||||
Voice access lines | 114,982 | 118,496 | (3,514 | ) | (3.0 | )% | ||||||
Homes enabled for video | 207,000 | 207,000 | — | — | % |