Exhibit 99.1
March 11, 2009
John Lowber, (907) 868-5628; jlowber@gci.com
Bruce Broquet, (907) 868-6660; bbroquet@gci.com
David Morris, (907) 265-5396; dmorris@gci.com
FOR IMMEDIATE RELEASE
GCI REPORTS 2008 FINANCIAL RESULTS
| · | Consolidated revenues of $575.4 million |
| · | Adjusted EBITDA of $171.1 million |
| · | Net loss of $1.9 million or ($0.04) per diluted share |
ANCHORAGE, AK -- GCI (NASDAQ:GNCMA) today reported its 2008 results with revenues increasing to $575.4 million and earnings before interest, taxes, depreciation, amortization and adjusted for share-based compensation and non-cash contribution (adjusted EBITDA) increasing to $171.1 million. Revenues and adjusted EBITDA were record high results for the company. GCI’s results include only $1.6 million of amortization from fiber IRU agreements totaling $53.1 million for 2008. Cash receipts from these agreements totaled $46.0 million for the year.
GCI’s on-going capital investment and expansion program increased non-cash depreciation and amortization expense from the prior year by $26.8 million, an increase of 30.5 percent and resulted in a net loss of $1.9 million, or ($0.04) per diluted share for the year 2008. The 2008 net loss compares to net income of $13.7 million, or diluted earnings per share of $0.23, in 2007. GCI recorded a net loss of $4.4 million or ($0.09) per share on a diluted basis in the fourth quarter of 2008 that compares to net income of $2.6 million or $0.04 per share on a diluted basis for the fourth quarter of 2007.
GCI’s revenues for 2008 increased 10.6 percent to $575.4 million over 2007 revenues of $520.3 million. For the fourth quarter of 2008, revenues totaled $146.6 million as compared to $131.3 million in the fourth quarter of 2007, an increase of 11.7 percent. The annual and quarterly revenue increases were attributed to all business lines except for network access services. Network access revenues decreased, as expected, primarily due to the transition of AT&T Mobility traffic off of the GCI network. Revenues, as expected, were down 3.3 percent sequentially when compared to third quarter 2008 revenues of $151.7 million. The sequential decrease in revenue was primarily due to normal seasonality in the company’s voice products, an out of period Universal Service Fund (USF) payment received in the third quarter of 2008 and a fourth quarter of 2008 adjustment to certain USF revenues that were previously recorded.
Adjusted EBITDA for 2008 totaled $171.1 million, an increase of $17.4 million or 11.3 percent, over 2007 adjusted EBITDA of $153.7 million. Fourth quarter 2008 adjusted EBITDA totaled $39.9 million and compares to $38.8 million, an increase of 2.9 percent over the fourth quarter of 2007.
Sequentially, fourth quarter 2008 adjusted EBITDA totaled $39.9 million and compares to $47.8 million in the third quarter 2008. The decline in sequential adjusted EBITDA is due in part to network access services seasonality, an out of period USF payment received in the third quarter of 2008, and the incurrence of $5.5 million of unusual items including wireless transition expenses, certain increased selling, general and administrative expenses, and the aforementioned USF adjustment.
“2008 was a great year for our company,” said GCI president, Ron Duncan. “We had an ambitious agenda including the launch of a new satellite, the build out of our statewide wireless system, the transition of our wireless customers to a new network, the closing and integration of two acquisitions, the construction and turn up of two long haul regional fiber systems and the statewide expansion of our bundled service offerings. We achieved all of our goals for the year and exceeded our financial objectives.”
“We ended the year with a strong push in wireless adding 8,200 new customers in the fourth quarter of 2008 and crossing the 100,000 customer threshold in early 2009. We are more than three quarters of the way through the conversion of our existing wireless customer base and our strong sales momentum has continued into 2009.”
“Our 2008 results position us to attain our goal of $200 million of EBITDA this year. Our business continues to perform well because our customers have made GCI their preferred choice for voice, video, internet and now wireless services. Revenues from our retail services are growing strongly and have more than offset the price pressure and revenue compression that we have seen in our network access services business. We are leveraging the extensive statewide facilities that we built over 25 years to deliver more capacity across the state as our consumer and commercial customers find new uses and applications for bandwidth in every day life. With our extensive statewide investment GCI is uniquely positioned to deliver all of the communication needs for Alaska.”
“Alaska is weathering the worldwide economic storm well but it’s clear that some impact will be felt beginning with the summer tourist season and later on this year. The State will most likely need to tap some of its large cash reserves to balance the current fiscal year budget and to carry it through fiscal 2010 if energy prices don’t increase. If a global recovery fails to take hold in 2009 Alaska will feel increased adverse effects in 2010. While economic conditions should not impede our ability to achieve this year’s financial results, they could slow down our anticipated growth in subsequent years.”
GCI increased its 2008 guidance for revenues in the range of $560 million to $570 million and for adjusted EBITDA in excess of $170 million with the announcement of its third quarter results. GCI’s 2008 revenues of $575.4 million and adjusted EBITDA of $171.1 million exceeded the revised guidance.
GCI anticipates revenues of $615 million to $625 million and adjusted EBITDA of approximately $200 million for the year 2009. GCI also anticipates that it will generate free cash flow by the second half of 2009. As discussed in previous quarters, GCI will no longer be providing quarterly guidance but will instead, discuss whether the company is on track to meet its annual guidance.
Highlights
| · | GCI entered into fiber IRU agreements totaling $53.1 million for the year 2008. Cash receipts for these agreement totaled $46.0 million for the year 2008. The remaining cash payments were received in 2009. GCI amortized $1.6 million in deferred revenues from these agreements for the year 2008. |
| · | Consumer revenues for 2008 totaled $255.6 million, an increase of 14.4 percent over 2007. Revenues increased across all product lines during 2008. Fourth quarter 2008 revenues of $65.7 million increased 13.2 percent over the prior year. The revenue increases were from strong growth in video, data and wireless sales. |
| · | Network access revenues for 2008 totaled $153.8 million, a decrease of 5.8 percent as compared to 2007. The decrease is primarily attributable to the expected transition of AT&T Mobility off of our network in the second half of 2008. Fourth quarter 2008 revenues of $34.0 million decreased 12.4 percent from both the prior year and sequential quarters. |
| · | Commercial revenues for 2008 totaled $114.7 million, an increase of 9.6 percent over 2007. Fourth quarter 2008 revenues of $30.5 million increased 12.8 percent over the prior year and increased 1.0 percent on a sequential basis. |
| · | GCI local access lines totaled 140,800 at the end of the fourth quarter of 2008 representing an estimated 33 percent share of the total access lines market in Alaska. Access lines increased by 1,300 during the fourth quarter and increased by 20,700 lines for the year. The increase is due, in part, to the continued roll out of new local services market areas, further penetration of GCI’s bundled offerings in existing markets and the second quarter 2008 acquisition of United Utilities. |
| · | GCI had provisioned 99,500 access lines representing 71 percent of its total access lines on its own facilities at the end of 2008, an increase of 36,300 lines over year end 2007 and an increase of 5,000 lines compared to the end of the third quarter of 2008. |
| · | GCI had 103,300 consumer and commercial cable modem access customers at the end of the fourth quarter of 2008, an increase of 6,900 over the fourth quarter of 2007 and 2,200 sequentially over the third quarter of 2008. Average monthly revenue per cable modem totaled $40.74 for the fourth quarter of 2008 as compared to $39.23 for the third quarter of 2008, a sequential increase of 3.8 percent. |
| · | GCI had 147,700 basic video subscribers at the end of 2008, an increase of 4,400 subscribers or 3.1 percent over 2007. GCI is one of few multiple system operators that has consistently added basic subscribers over the past five years. |
| · | GCI had 96,300 wireless subscribers at the end of 2008, an increase of 8,200 subscribers over the third quarter of 2008. GCI added 19,000 wireless subscribers for the full year 2008. |
Consumer
Consumer revenues for 2008 totaled $255.6 million, an improvement of 14.4 percent over 2007. Growth occurred across all product lines. Fourth quarter 2008 revenues of $65.7 million increased 13.2 percent over the prior year and decreased 1.3 percent sequentially. The year-over-year increases were from strong growth in video, data and wireless sales. The sequential decrease in revenues is primarily due to the receipt of out of period USF payments in the third quarter of 2008 and due to a fourth quarter adjustment to certain USF revenues that were previously recorded.
Consumer voice revenues totaled $47.0 million for the year 2008, an increase of 1.8 percent over 2007. Fourth quarter 2008 voice revenues of $11.5 million were stable when compared to the prior year quarter and were down slightly when compared to the third quarter of 2008. Growth in voice revenues for 2008 is primarily due to the increase in customers purchasing voice services in existing and newly opened markets. Consumer added 6,300 net local access lines during 2008.
Consumer long distance minutes for the year 2008 decreased 5.3 percent when compared to 2007. Fourth quarter 2008 long distance minutes declined 8.6 percent when compared to the fourth quarter of 2007 and increased 1.9 percent sequentially over the third quarter of 2008. The decrease in long distance minutes reflect national trends of wireless and internet substitution for traditional long distance wire line service.
Consumer video revenue totaled $105.2 million in 2008, an increase of 9.3 percent over 2007. Fourth quarter 2008 video revenues of $27.7 million increased 10.9 percent over the prior year and 5.5 percent sequentially. The increase in revenue is due in part to increases in subscribers and increases in video subscribers purchasing digital service and renting high definition/digital video recorder converters. Basic consumer video subscribers increased to 132,500, an increase of 4,500 subscribers or 3.5 percent for the year 2008 and increased sequentially by 1,300 subscribers.
Consumer data revenue totaled $42.7 million in 2008, an increase of 24.7 percent compared to 2007. Fourth quarter 2008 data revenues of $11.5 million increased 23.6 percent over the prior year and 6.7 percent sequentially. The increase in consumer data revenues is due to an increase in the number of cable modem customers as well as increasing average revenue per cable modem. GCI added 6,400 consumer cable modem customers over the prior year and 2,300 customers during the fourth quarter of 2008.
Consumer wireless revenues increased to $60.7 million, an increase of $13.9 million during 2008. The increase in wireless revenues is primarily due to an increase in the number of wireless customers.
Network Access
Network access revenues for 2008 totaled $153.8 million, a decrease of 5.8 percent from 2007. Fourth quarter 2008 revenues of $34.0 million decreased 12.4 percent from the prior year quarter and the sequential quarter. The decrease in revenue for 2008 is primarily attributable to the expected migration of AT&T Mobility traffic from the company’s network.
Voice revenues for 2008 totaled $79.7 million, a decrease of 17.7 percent compared to 2007. Fourth quarter 2008 voice revenues of $14.9 million decreased 32.8 percent from the prior year and decreased 24.2 percent sequentially. The annual and quarterly decrease in voice revenues is primarily due to the transition of AT&T Mobility traffic from the company’s network. The decline in sequential revenues is due in part to seasonality.
Data revenues for 2008 totaled $71.4 million, an increase of 16.7 percent compared to 2007. Fourth quarter 2008 revenue of $18.4 million increased 16.1 percent over the prior year and 1.6 percent sequentially.
Commercial
Commercial revenues for 2008 totaled $114.7 million, an increase of 9.6 percent over 2007. Commercial revenue increases were led by a $9.0 million increase in data revenues for 2008. Fourth quarter 2008 revenues of $30.5 million increased 12.8 percent over the prior year and increased 1.0 percent on a sequential basis.
Commercial data revenues in 2008 totaled $70.1 million, an increase of 14.8 percent over 2007. Fourth quarter 2008 data revenues of $19.1 million increased 15.4 percent over the prior year and increased 5.5 percent on a sequential basis.
Commercial data revenues in 2008 were comprised of $38.6 million in monthly recurring charges for data services and $31.5 million in charges billed on a time and materials basis largely for personnel providing on-site customer support. This latter category can vary significantly based on project activity. For 2008 monthly recurring revenues increased by $2.9 million when compared to 2007. Fourth quarter monthly recurring revenues of $9.9 million compared to $9.1 million in the fourth quarter of 2007 and $9.8 million in the third quarter of 2008.
Managed Broadband
Managed broadband revenues for 2008 totaled $37.0 million, an increase of 28.7 percent compared to 2007. Fourth quarter 2008 revenue of $10.1 million increased 33.7 percent over the prior year and decreased 1.9 percent sequentially.
Regulated Operations
Regulated operations revenues for 2008 totaled $14.3 million and its adjusted EBITDA totaled $3.6 million for 2008. Regulated operations has 12,100 local access lines at the end of the fourth quarter of 2008, a decrease of 200 access lines from the third quarter of 2008.
Other Items
Total selling, general and administrative expenses (SG&A) for 2008 totaled $210.3 million an increase of 19.7 percent as compared to 2007. Fourth quarter SG&A totaled $59.2 million, an increase of 34.7 percent from the fourth quarter of 2007, and 5.0 percent as compared to the third quarter 2008. The increase in SG&A expense is due in part to the United Utilities acquisition, increasing health care costs, costs associated with the conversion of wireless phones to our own facilities, and certain increased compensation expenses.
During 2008, capital expenditures, including a $98.6 million satellite capital lease, totaled $328.6 million as compared to $154.5 million in 2007.
GCI will hold a conference call to discuss its 2008 and fourth quarter results on Thursday, March 12, 2009 beginning at 2 p.m. (Eastern). To access the briefing on March 12, dial 800-779-1166 (International callers should dial 630-395-0256) and identify your call as “GCI.” In addition to the conference call, GCI will make available net conferencing. To access the call via net conference, log on to www.gci.com and follow the instructions. A replay of the call will be available for 72-hours by dialing 888-568-0043, access code 7461 (International callers should dial 203-369-3452.)
GCI is the largest telecommunications company in Alaska. The company’s cable plant, which provides voice, video, and broadband data services, passes 90 percent of Alaska households. GCI operates Alaska’s most extensive terrestrial / subsea fiber optic network which connects not only Anchorage but also Fairbanks, and Juneau / Southeast Alaska to the lower 48 states with a diversely routed, protected fiber network. The company’s satellite network provides communications services to small towns and communities throughout rural Alaska. GCI is now in the process of constructing Alaska’s first truly statewide mobile wireless network, which will seamlessly link urban and rural Alaska for the first time in the state’s history.
A pioneer in bundled services, GCI is the top provider of voice, data, and video services to Alaska consumers with a 70 percent share of the consumer broadband market. GCI is also the leading provider of communications services to enterprise customers, particularly large enterprise customers with complex data networking needs. More information about the company can be found at www.gci.com.
The foregoing contains forward-looking statements regarding the company’s expected results that are based on management’s expectations as well as on a number of assumptions concerning future events. Actual results might differ materially from those projected in the forward looking statements due to uncertainties and other factors, many of which are outside GCI’s control. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained in GCI’s cautionary statement sections of Form 10-K and 10-Q filed with the Securities and Exchange Commission.
# # #
| GENERAL COMMUNICATION, INC. AND SUBSIDIARIES | |
| CONSOLIDATED BALANCE SHEETS | |
| | | | | | | | | | |
| | | | | | | | | | |
| (Amounts in thousands) | | (Unaudited) | | | | | | | |
| | | December 31, | | | | | | | |
| Assets | | 2008 | | | | | | 2007 | |
| | | | | | | | | | |
| Current assets: | | | | | | | | | |
| Cash and cash equivalents | | $ | 29,904 | | | | | | | 13,074 | |
| | | | | | | | | | | | |
| Receivables | | | 113,136 | | | | | | | 97,913 | |
| Less allowance for doubtful receivables | | | 2,582 | | | | | | | 1,657 | |
| Net receivables | | | 110,554 | | | | | | | 96,256 | |
| | | | | | | | | | | | |
| Deferred income taxes | | | 7,843 | | | | | | | 5,734 | |
| Inventories | | | 7,085 | | | | | | | 2,541 | |
| Prepaid expenses | | | 5,960 | | | | | | | 5,356 | |
| Investment securities | | | 1,563 | | | | | | | - | |
| Other current assets | | | 647 | | | | | | | 717 | |
| Total current assets | | | 163,556 | | | | | | | 123,678 | |
| | | | | | | | | | | | |
| Property and equipment in service, net of depreciation | | | 793,051 | | | | | | | 504,273 | |
| Construction in progress | | | 54,098 | | | | | | | 69,409 | |
| Net property and equipment | | | 847,149 | | | | | | | 573,682 | |
| | | | | | | | | | | | |
| Cable certificates | | | 191,565 | | | | | | | 191,565 | |
| Goodwill | | | 66,868 | | | | | | | 42,181 | |
| Wireless licenses | | | 25,967 | | | | | | | 25,757 | |
| Other intangible assets, net of amortization | | | 22,976 | | | | | | | 11,769 | |
| Deferred loan and senior notes costs, net of amortization | | | 6,496 | | | | | | | 6,202 | |
| Other assets | | | 10,724 | | | | | | | 9,399 | |
| Total other assets | | | 324,596 | | | | | | | 286,873 | |
| Total assets | | $ | 1,335,301 | | | | | | | 984,233 | |
| | | | | | | | | | | | |
| | | | | | | | | | (Continued) | |
| GENERAL COMMUNICATION, INC. AND SUBSIDIARIES | | |
| CONSOLIDATED BALANCE SHEETS | | |
| (Continued) | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| (Amounts in thousands) | | (Unaudited) | | | | | | | | |
| | | December 31, | | | | | | | | |
| Liabilities, Minority Interest, and Stockholders' Equity | | 2008 | | | | | | 2007 | |
| | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | |
| Current maturities of obligations under long-term debt and capital leases | | $ | 12,857 | | | | | | | 2,375 | �� |
| Accounts payable | | | 40,497 | | | | | | | 35,747 | |
| Accrued payroll and payroll related obligations | | | 22,632 | | | | | | | 16,329 | |
| Deferred revenue | | | 22,095 | | | | | | | 16,600 | |
| Accrued liabilities | | | 11,043 | | | | | | | 7,536 | |
| Accrued interest | | | 10,224 | | | | | | | 8,927 | |
| Subscriber deposits | | | 1,262 | | | | | | | 877 | |
| Total current liabilities | | | 120,610 | | | | | | | 88,391 | |
| | | | | | | | | | | | |
| Long-term debt | | | 708,406 | | | | | | | 536,115 | |
| Obligations under capital leases, excluding current maturities | | | 94,029 | | | | | | | 2,290 | |
Obligation under capital lease due to related party, excluding current maturity | | | 1,868 | | | | | | | 469 | |
| Deferred income taxes | | | 86,187 | | | | | | | 84,294 | |
| Long-term deferred revenue | | | 49,998 | | | | | | | 845 | |
| Other liabilities | | | 15,288 | | | | | | | 12,396 | |
| Total liabilities | | | 1,076,386 | | | | | | | 724,800 | |
| | | | | | | | | | | | |
| Minority interest | | | - | | | | | | | 6,478 | |
| | | | | | | | | | | | |
| Commitments and contingencies | | | | | | | | | | | |
| Stockholders’ equity: | | | | | | | | | | | |
| Common stock (no par): | | | | | | | | | | | |
Class A. Authorized 100,000 shares; issued 50,062 and 50,437 shares at December 31, 2008 and 2007, respectively; outstanding 49,593 and 49,425 shares at December 31, 2008 and 2007, respectively | | | 151,262 | | | | | | | 155,980 | |
| | | | | | | | | | | | |
Class B. Authorized 10,000 shares; issued 3,203 and 3,257 shares at December 31, 2008 and 2007, respectively; outstanding 3,201 and 3,255 shares at December 31, 2008 and 2007, respectively; convertible on a share-per-share basis into Class A common stock | | | 2,706 | | | | | | | 2,751 | |
| | | | | | | | | | | | |
Less cost of 471 and 473 Class A and Class B common shares held in treasury at December 31, 2008 and 2007, respectively | | | (2,462 | ) | | | | | | (3,448 | ) |
| | | | | | | | | | | | |
| Paid-in capital | | | 27,233 | | | | | | | 20,132 | |
| Retained earnings | | | 80,176 | | | | | | | 77,540 | |
| Total stockholders' equity | | | 258,915 | | | | | | | 252,955 | |
| | | | | | | | | | | | |
| Total liabilities, minority interest, and stockholders' equity | | $ | 1,335,301 | | | | | | | 984,233 | |
| GENERAL COMMUNICATION, INC. AND SUBSIDIARIES | |
| CONSOLIDATED STATEMENTS OF OPERATIONS | | | | |
| YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006 | |
| | | | | | | | | | |
| | | (Unaudited) | | | | | | | |
| (Amounts in thousands, except per share amounts) | | 2008 | | | 2007 | | | 2006 | |
| | | | | | | | | | |
| Revenues | | $ | 575,442 | | | | 520,311 | | | | 477,482 | |
| | | | | | | | | | | | | |
Cost of goods sold (exclusive of depreciation and amortization shown separately below) | | | 203,058 | | | | 195,799 | | | | 169,107 | |
| Selling, general and administrative expenses | | | 210,306 | | | | 175,752 | | | | 158,950 | |
| Depreciation and amortization expense | | | 114,369 | | | | 87,615 | | | | 82,099 | |
| Operating income | | | 47,709 | | | | 61,145 | | | | 67,326 | |
| | | | | | | | | | | | | |
| Other income (expense): | | | | | | | | | | | | |
| Interest expense | | | (48,303 | ) | | | (34,407 | ) | | | (34,413 | ) |
| Interest and investment income | | | 576 | | | | 544 | | | | 1,841 | |
| Amortization and write-off of loan fees | | | (2,060 | ) | | | (1,423 | ) | | | (964 | ) |
| Minority Interest | | | 1,503 | | | | 36 | | | | 463 | |
| Other | | | (217 | ) | | | - | | | | - | |
| Other expense, net | | | (48,501 | ) | | | (35,250 | ) | | | (33,073 | ) |
| | | | | | | | | | | | | |
Income (loss) before income tax expense and cumulative effect of a change in accounting principle | | | (792 | ) | | | 25,895 | | | | 34,253 | |
| | | | | | | | | | | | | |
| Income tax expense | | | 1,077 | | | | 12,162 | | | | 15,797 | |
| | | | | | | | | | | | | |
Income (loss) before cumulative effect of a change in accounting principle | | | (1,869 | ) | | | 13,733 | | | | 18,456 | |
| | | | | | | | | | | | | |
Cumulative effect of a change in accounting principle, net of income tax expense of $44 | | | - | | | | - | | | | 64 | |
| | | | | | | | | | | | | |
| Net income (loss) | | $ | (1,869 | ) | | | 13,733 | | | | 18,520 | |
| | | | | | | | | | | | | |
| Basic net income (loss) per share of Class A and Class B common stock: | | | | | | | | | |
Income (loss) before cumulative effect of a change in accounting principle | | $ | (0.04 | ) | | | 0.26 | | | | 0.34 | |
| Cumulative effect of a change in accounting principle | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | (0.04 | ) | | | 0.26 | | | | 0.34 | |
| | | | | | | | | | | | | |
| Diluted net income (loss) per share of Class A and Class B common stock: | | | | | | | | | |
Income (loss) before cumulative effect of a change in accounting principle | | $ | (0.04 | ) | | | 0.23 | | | | 0.33 | |
| Cumulative effect of a change in accounting principle | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | (0.04 | ) | | | 0.23 | | | | 0.33 | |
| | | | | | | | | | | | | |
| Common shares used to calculate basic EPS | | | 52,321 | | | | 52,951 | | | | 53,777 | |
| | | | | | | | | | | | | |
| Common shares used to calculate diluted EPS | | | 52,321 | | | | 54,581 | | | | 55,325 | |
| GENERAL COMMUNICATION, INC. AND SUBSIDIARIES | |
| SUPPLEMENTAL SCHEDULES | |
| (Unaudited) | |
| (Amounts in thousands) | |
| | | Fourth Quarter 2008 | | | Fourth Quarter 2007 | | |
| | | | | | Network | | | Managed | | | Regulated | | | | | | Network | | | Managed | | | Regulated | |
| | | Consumer | | | Access | | | Commercial | | | Broadband | | | Operations | | | Totals | | | Consumer | | | Access | | | Commercial | | | Broadband | | | Operations | | | Totals | |
| Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Voice | | $ | 11,482 | | | | 14,918 | | | | 7,307 | | | | - | | | | 6,465 | | | | 40,172 | | | $ | 11,501 | | | | 22,192 | | | | 7,021 | | | | - | | | | - | | | | 40,714 | |
| Video | | | 27,682 | | | | - | | | | 2,636 | | | | - | | | | - | | | | 30,318 | | | | 24,955 | | | | - | | | | 2,100 | | | | - | | | | - | | | | 27,055 | |
| Data | | | 11,465 | | | | 18,439 | | | | 19,135 | | | | 10,094 | | | | - | | | | 59,133 | | | | 9,277 | | | | 15,882 | | | | 16,576 | | | | 7,549 | | | | - | | | | 49,284 | |
| Wireless | | | 15,022 | | | | 621 | | | | 1,381 | | | | - | | | | - | | | | 17,024 | | | | 12,243 | | | | 704 | | | | 1,300 | | | | - | | | | - | | | | 14,247 | |
| Total | | | 65,651 | | | | 33,978 | | | | 30,459 | | | | 10,094 | | | | 6,465 | | | | 146,647 | | | | 57,976 | | | | 38,778 | | | | 26,997 | | | | 7,549 | | | | - | | | | 131,300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold | | | 20,889 | | | | 8,041 | | | | 16,214 | | | | 2,310 | | | | 1,444 | | | | 48,898 | | | | 21,289 | | | | 11,500 | | | | 14,852 | | | | 2,376 | | | | - | | | | 50,017 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Contribution | | | 44,762 | | | | 25,937 | | | | 14,245 | | | | 7,784 | | | | 5,021 | | | | 97,749 | | | | 36,687 | | | | 27,278 | | | | 12,145 | | | | 5,173 | | | | - | | | | 81,283 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Less SG&A | | | 30,165 | | | | 12,493 | | | | 9,910 | | | | 3,548 | | | | 3,114 | | | | 59,230 | | | | 22,459 | | | | 10,045 | | | | 8,840 | | | | 2,638 | | | | - | | | | 43,982 | |
Add other income | | | (217 | ) | | | - | | | | - | | | | - | | | | | | | | (217 | ) | | | 4 | | | | 4 | | | | 2 | | | | - | | | | - | | | | 10 | |
| EBITDA | | | 14,380 | | | | 13,444 | | | | 4,335 | | | | 4,236 | | | | 1,907 | | | | 38,302 | | | | 14,232 | | | | 17,237 | | | | 3,307 | | | | 2,535 | | | | - | | | | 37,311 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Add share-based compensation | | | 683 | | | | 580 | | | | 334 | | | | 134 | | | | - | | | | 1,731 | | | | 516 | | | | 540 | | | | 288 | | | | 110 | | | | - | | | | 1,454 | |
Add non-cash contribution adjustment | | | (66 | ) | | | (59 | ) | | | (25 | ) | | | (10 | ) | | | - | | | | (160 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Adjusted EBITDA | | $ | 14,997 | | | | 13,965 | | | | 4,644 | | | | 4,360 | | | | 1,907 | | | | 39,873 | | | $ | 14,748 | | | | 17,777 | | | | 3,595 | | | | 2,645 | | | | - | | | | 38,765 | |
