Exhibit 99.1
Recast Segment Financial Data
In 2016, Atlantic Tele-Network, Inc. (the “Company”) announced a change in its segment reporting structure. During the first quarter of 2016, the Company’s chief operating decision maker changed the information he regularly reviews to allocate resources and assess performance. As a result, beginning in 2016, the Company will report its financial performance based on three reportable segments: U.S. Telecom, International Telecom, and Renewable Energy. The U.S. Telecom segment consists of the Company’s U.S. wireless and U.S. wireline business activities. The International Telecom segment consists of the Company’s international wireless and wireline business activities, which currently operate in Guyana, Bermuda, U.S. Virgin Islands, and Aruba. The Renewable Energy segment consists of the Company’s renewable energy business activities.
The following tables set forth an unaudited recast of segment revenue, depreciation and amortization, operating income (loss), fixed asset, and capital expenditures data for the periods identified (in thousands). The recasting of previously issued financial information does not present a restatement of previously issued financial statements and does not affect the Company’s reported net income, earnings per share, total assets, or stockholders’ equity for any of the previously reported periods.
For the Three Months Ended March 31, 2014
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
|
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Wireless |
| $ | 28,392 |
| $ | 23,148 |
| $ | — |
| $ | — |
| $ | 51,540 |
|
Wireline |
| 6,824 |
| 14,706 |
| — |
| — |
| 21,530 |
| |||||
Equipment and Other |
| 238 |
| 1,866 |
| — |
| — |
| 2,104 |
| |||||
Total Revenue |
| 35,454 |
| 39,720 |
| — |
| — |
| 75,174 |
| |||||
Depreciation and amortization |
| 4,443 |
| 6,921 |
| — |
| 616 |
| 11,980 |
| |||||
Non-cash stock-based compensation |
| — |
| — |
| — |
| 1,058 |
| 1,058 |
| |||||
Operating income (loss) |
| 12,515 |
| 9,061 |
| — |
| (5,328 | ) | 16,248 |
| |||||
For the Three Months Ended June 30, 2014
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
|
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Wireless |
| $ | 37,456 |
| $ | 22,422 |
| $ | — |
| $ | — |
| $ | 59,878 |
|
Wireline |
| 6,838 |
| 14,445 |
| — |
| — |
| 21,283 |
| |||||
Equipment and Other |
| 273 |
| 1,835 |
| — |
| — |
| 2,108 |
| |||||
Total Revenue |
| 44,567 |
| 38,702 |
| — |
| — |
| 83,269 |
| |||||
Depreciation and amortization |
| 4,639 |
| 7,007 |
| — |
| 1,284 |
| 12,930 |
| |||||
Non-cash stock-based compensation |
| — |
| — |
| — |
| 1,323 |
| 1,323 |
| |||||
Operating income (loss) |
| 21,685 |
| 7,146 |
| — |
| (7,224 | ) | 21,607 |
| |||||
For the Three Months Ended September 30, 2014
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
|
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Wireless |
| $ | 44,306 |
| $ | 21,557 |
| $ | — |
| $ | — |
| $ | 65,863 |
|
Wireline |
| 6,282 |
| 15,249 |
| — |
| — |
| 21,531 |
| |||||
Equipment and Other |
| 347 |
| 1,652 |
| — |
| — |
| 1,999 |
| |||||
Total Revenue |
| 50,935 |
| 38,458 |
| — |
| — |
| 89,393 |
| |||||
Depreciation and amortization |
| 4,850 |
| 6,993 |
| — |
| 999 |
| 12,842 |
| |||||
Non-cash stock-based compensation |
| — |
| — |
| — |
| 1,002 |
| 1,002 |
| |||||
Operating income (loss) |
| 27,114 |
| 7,296 |
| — |
| (6,252 | ) | 28,158 |
| |||||
For the Three Months Ended December 31, 2014
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
|
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Wireless |
| $ | 42,886 |
| $ | 21,523 |
| $ | — |
| $ | — |
| $ | 64,409 |
|
Wireline |
| 6,211 |
| 14,729 |
| — |
| — |
| 20,940 |
| |||||
Equipment and Other |
| 338 |
| 2,375 |
| 449 |
| — |
| 3,162 |
| |||||
Total Revenue |
| 49,435 |
| 38,627 |
| 449 |
| — |
| 88,511 |
| |||||
Depreciation and amortization |
| 5,138 |
| 7,158 |
| 105 |
| 1,081 |
| 13,482 |
| |||||
Non-cash stock-based compensation |
| — |
| — |
| — |
| 940 |
| 940 |
| |||||
Operating income (loss) |
| 24,205 |
| 5,171 |
| (2,218 | ) | (7,595 | ) | 19,563 |
| |||||
For the Three Months Ended March 31, 2015
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
|
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Wireless |
| $ | 35,843 |
| $ | 21,172 |
| $ | — |
| $ | — |
| $ | 57,015 |
|
Wireline |
| 5,993 |
| 14,600 |
| — |
| — |
| 20,593 |
| |||||
Renewable energy |
| — |
| — |
| 5,289 |
| — |
| 5,289 |
| |||||
Equipment and Other |
| 540 |
| 1,901 |
| — |
| — |
| 2,441 |
| |||||
Total Revenue |
| 42,376 |
| 37,673 |
| 5,289 |
| — |
| 85,338 |
| |||||
Depreciation and amortization |
| 5,503 |
| 6,911 |
| 1,204 |
| 1,133 |
| 14,751 |
| |||||
Non-cash stock-based compensation |
| — |
| — |
| 181 |
| 1,043 |
| 1,224 |
| |||||
Operating income (loss) |
| 16,775 |
| 6,179 |
| 2,652 |
| (6,455 | ) | 19,151 |
| |||||
For the Three Months Ended June 30, 2015
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
|
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Wireless |
| $ | 40,103 |
| $ | 20,223 |
| $ | — |
| $ | — |
| $ | 60,326 |
|
Wireline |
| 6,679 |
| 15,410 |
| — |
| — |
| 22,089 |
| |||||
Renewable energy |
| — |
| — |
| 5,290 |
| — |
| 5,290 |
| |||||
Equipment and Other |
| 698 |
| 1,923 |
| — |
| — |
| 2,621 |
| |||||
Total Revenue |
| 47,480 |
| 37,556 |
| 5,290 |
| — |
| 90,326 |
| |||||
Depreciation and amortization |
| 5,657 |
| 6,399 |
| 1,204 |
| 1,212 |
| 14,472 |
| |||||
Non-cash stock-based compensation |
| — |
| — |
| 29 |
| 1,424 |
| 1,453 |
| |||||
Operating income (loss) |
| 23,122 |
| 10,332 |
| 2,691 |
| (7,413 | ) | 28,732 |
| |||||
For the Three Months Ended September 30, 2015
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
|
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Wireless |
| $ | 47,047 |
| $ | 20,392 |
| $ | — |
| $ | — |
| $ | 67,439 |
|
Wireline |
| 6,243 |
| 15,572 |
| — |
| — |
| 21,815 |
| |||||
Renewable energy |
| — |
| — |
| 5,052 |
| — |
| 5,052 |
| |||||
Equipment and Other |
| 535 |
| 1,941 |
| — |
| — |
| 2,476 |
| |||||
Total Revenue |
| 53,825 |
| 37,905 |
| 5,052 |
| — |
| 96,782 |
| |||||
Depreciation and amortization |
| 5,715 |
| 6,400 |
| 1,205 |
| 1,270 |
| 14,590 |
| |||||
Non-cash stock-based compensation |
| — |
| — |
| 29 |
| 1,126 |
| 1,155 |
| |||||
Operating income (loss) |
| 24,218 |
| 4,928 |
| 2,694 |
| (9,316 | ) | 22,524 |
| |||||
For the Three Months Ended December 31, 2015
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
|
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Wireless |
| $ | 32,397 |
| $ | 19,865 |
| $ | — |
| $ | — |
| $ | 52,262 |
|
Wireline |
| 6,326 |
| 15,662 |
| — |
| — |
| 21,988 |
| |||||
Renewable energy |
| — |
| — |
| 5,409 |
| — |
| 5,409 |
| |||||
Equipment and Other |
| 582 |
| 2,682 |
| — |
| — |
| 3,264 |
| |||||
Total Revenue |
| 39,305 |
| 38,209 |
| 5,409 |
| — |
| 82,923 |
| |||||
Depreciation and amortization |
| 5,365 |
| 5,173 |
| 1,207 |
| 1,332 |
| 13,077 |
| |||||
Non-cash stock-based compensation |
| — |
| — |
| 28 |
| 1,115 |
| 1,143 |
| |||||
Operating income (loss) |
| 10,344 |
| 6,761 |
| (1,317 | ) | (7,600 | ) | 8,188 |
| |||||
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
|
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
| |||||
Net fixed assets |
| $ | 108,023 |
| $ | 135,562 |
| $ | 111,342 |
| $ | 14,655 |
| $ | 369,582 |
|
Goodwill |
| 39,639 |
| 5,438 |
| — |
| — |
| 45,077 |
| |||||
Total assets |
| 230,823 |
| 276,734 |
| 130,124 |
| 287,349 |
| 925,030 |
| |||||
March 31, 2015 |
|
|
|
|
|
|
|
|
|
|
| |||||
Net fixed assets |
| 108,265 |
| 130,730 |
| 110,138 |
| 14,254 |
| 363,387 |
| |||||
Goodwill |
| 39,639 |
| 5,438 |
| — |
| — |
| 45,077 |
| |||||
Total assets |
| 238,087 |
| 266,963 |
| 126,585 |
| 293,148 |
| 924,783 |
| |||||
June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
| |||||
Net fixed assets |
| 111,621 |
| 127,878 |
| 108,945 |
| 13,988 |
| 362,432 |
| |||||
Goodwill |
| 39,639 |
| 5,438 |
| — |
| — |
| 45,077 |
| |||||
Total assets |
| 237,372 |
| 274,305 |
| 122,080 |
| 303,398 |
| 937,155 |
| |||||
September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
| |||||
Net fixed assets |
| 114,224 |
| 130,422 |
| 107,754 |
| 13,615 |
| 366,015 |
| |||||
Goodwill |
| 39,639 |
| 5,438 |
| — |
| — |
| 45,077 |
| |||||
Total assets |
| 238,702 |
| 280,944 |
| 122,667 |
| 304,145 |
| 946,458 |
| |||||
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
| |||||
Net fixed assets |
| 119,596 |
| 133,262 |
| 106,560 |
| 14,085 |
| 373,503 |
| |||||
Goodwill |
| 39,639 |
| 5,438 |
| — |
| — |
| 45,077 |
| |||||
Total assets |
| 227,707 |
| 278,770 |
| 122,788 |
| 315,739 |
| 945,004 |
| |||||
Capital Expenditures 2014
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
Three months ended |
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
March 31, 2014 |
| $ | 5,767 |
| $ | 2,542 |
| $ | — |
| $ | 427 |
| $ | 8,736 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
June 30, 2014 |
| 10,054 |
| 5,488 |
| — |
| 826 |
| 16,368 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
September 30, 2014 |
| 13,000 |
| 2,752 |
| — |
| 843 |
| 16,595 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
December 31, 2014 |
| 9,305 |
| 5,928 |
| — |
| 1,368 |
| 16,601 |
| |||||
Capital Expenditures 2015
|
| U.S. |
| International |
| Renewable |
| Reconciling |
|
|
| |||||
Three months ended |
| Telecom |
| Telecom |
| Energy |
| Items |
| Consolidated |
| |||||
March 31, 2015 |
| $ | 7,871 |
| $ | 5,209 |
| $ | — |
| $ | 732 |
| $ | 13,812 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
June 30, 2015 |
| 9,204 |
| 4,056 |
| 12 |
| 947 |
| 14,219 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
September 30, 2015 |
| 10,557 |
| 6,532 |
| 14 |
| 897 |
| 18,000 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
December 31, 2015 |
| 9,956 |
| 7,007 |
| 12 |
| 1,747 |
| 18,722 |
| |||||