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NTELOS Holdings Corp. Reports Fourth Quarter and Year-End 2013 Results

-Reports Full Year Retail Revenue of $317.1 million, up 11% from 2012

WAYNESBORO, Va., Feb. 27, 2014 /PRNewswire/ -- NTELOS Holdings Corp. (the "Company," NASDAQ: NTLS), a leading regional provider of nationwide wireless voice and data communications and home to the "best value in wireless," announced today operating and financial results for its fourth quarter and year ended December 31, 2013. These results supplement the preliminary information released on January 14, 2014.

Financial Highlights

  • Operating revenues increased 4% to $121.8 million for the fourth quarter 2013, compared to $117.4 million for the fourth quarter 2012. Operating revenues for the year 2013 increased 8% to $491.9 million, compared to $454.0 million for the year 2012;
  • Retail revenues, which include subscriber and equipment revenue, increased 8% to $80.8 million for the fourth quarter 2013, compared to $75.1 million for the fourth quarter 2012. Retail revenues for the year 2013 increased 11% to $317.1 million, compared to $285.1 million for the year 2012;
  • Wholesale and other revenues derived primarily from the Company's Strategic Network Alliance with Sprint were $41.0 million for the fourth quarter 2013, compared to $42.2 million for the fourth quarter 2012. Wholesale and other revenues for the year 2013 were $174.8 million (inclusive of $9.0 million related to the Sprint settlement), compared to $168.9 million for the year 2012; and
  • Adjusted EBITDA was $26.7 million for the fourth quarter 2013, compared to $33.0 million for the fourth quarter 2012. Adjusted EBITDA for the year 2013 was $150.9 million (inclusive of $9.6 million related to the Sprint settlement), up 12% from $134.7 million for the year 2012.

"During the fourth quarter, we continued to execute on our retail/wholesale strategy. Our operating results reflect the continued strength of our service offerings, resulting in the tenth consecutive quarter of positive net ports and an ending subscriber base approximately 6% above year ago levels," said James A. Hyde, CEO of NTELOS Holdings Corp. "This performance in our retail business enabled us to post a third consecutive year of strong growth in operating revenues."

Subscriber Highlights (previously released on January 14, 2014)

Total Subscribers

  • Total subscribers were 464,600 as of December 31, 2013, compared to 439,600 for the same period of 2012;
  • Total subscriber gross additions for the fourth quarter 2013 were 50,800, compared to 46,200 for the same period of 2012. Total net subscriber additions for the fourth quarter 2013 were 7,500, compared to 9,300 for the same period of 2012; and
  • Total subscriber gross additions for the year 2013 were 183,900 compared to 171,300 for the year 2012. Total net subscriber additions for the year 2013 were 25,000, compared to 25,100 for the year 2012.

Postpay Subscribers

  • Postpay subscriber gross additions for the fourth quarter 2013 were 28,700, compared to 25,100 for the fourth quarter 2012 and 20,000 for the third quarter 2013; 
  • Net postpay subscriber additions were 8,900 for the fourth quarter 2013, compared to 9,200 for the fourth quarter 2012 and 400 for the third quarter 2013;
  • Postpay churn for the fourth quarter 2013 was 2.2%, compared to 1.8% for the fourth quarter 2012; and
  • As of December 31, 2013, total postpay subscribers were 306,700.

Prepay Subscribers

  • Prepay subscriber gross additions for the fourth quarter 2013 were 22,100, compared to 21,100 for the fourth quarter 2012 and 24,500 for the third quarter 2013;
  • Net prepay subscriber additions (losses) were (1,400) for the fourth quarter 2013, compared to 100 for the fourth quarter 2012 and 1,900 for the third quarter 2013;
  • Prepay churn for the fourth quarter 2013 was 4.9%, compared to 4.9% for the fourth quarter 2012; and
  • As of December 31, 2013, total prepay subscribers were 157,900.

Mr. Hyde concluded, "We expect the wireless environment to remain very dynamic. As a result, we will continue to take decisive actions to be competitive, including the introduction of nControl—our new and innovative service offering—to attract new and retain existing customers. We believe that these actions, combined with the further rollout of our LTE network and the recently completed and successful refinancing of our bank loans, will allow us to continue to drive value for all of our key stakeholders."

Net Income

Net income after net income attributable to noncontrolling interests was $24.7 million, or $1.13 per diluted share, for the year 2013, compared to $18.4 million, or $0.86 per diluted share, for the year 2012.

Declaration of Dividend

On February 24, 2014, the Company's Board of Directors declared a quarterly cash dividend on its common stock in the amount of $0.42 per share to be paid on April 11, 2014 to stockholders of record on March 14, 2014.

Business Outlook

As previously released, for the year ending December 31, 2014, the Company expects full year 2014 Adjusted EBITDA to be between $140.0 million and $150.0 million. In addition, the Company expects its full year 2013 capital expenditures to be between $85.0 million and $95.0 million

Conference Call

The Company will host a conference call with investors and analysts to discuss its fourth quarter and year-end 2013 results this morning, February 27, 2014, at 10:00 a.m. ET. To participate, please dial 1-888-317-6016, 1-855-669-9657 in Canada and 1-412-317-6016 for international, approximately 10 minutes before the scheduled start of the call. The conference call and accompanying presentation will also be accessible live on the Investor Relations section of the Company's website at http://ir.ntelos.com.  

An archive of the conference call will be available online at http://ir.ntelos.com beginning approximately one hour after the call. A replay will also be available via telephone by dialing 1-877-344-7529, 1-855-669-9658 in Canada or 1-412-317-0088 internationally and entering access code 10039912 beginning approximately one hour after the call and continuing until March 14, 2014.

Non-GAAP Measures

Adjusted EBITDA is defined as net income attributable to NTELOS Holdings Corp. before interest, income taxes, depreciation and amortization, accretion of asset retirement obligations, gain/loss on sale of assets and derivatives, net income attributable to noncontrolling interests, other expenses/income, equity-based compensation charges, business separation charges, secondary offering cost, net loss from discontinued operations and acquisition related charges.

ARPU, or average monthly revenue per user, is computed by dividing service revenues per period by the average number of subscribers during that period.  Please see the footnotes in the exhibits for a complete definition of this measure.

Adjusted EBITDA is a key metric used by investors to determine if the Company is generating sufficient cash flows to continue to produce shareholder value, provide liquidity for future growth and continue to fund dividends.  ARPU provides management with useful information concerning the appeal of the Company's rate plans and service offerings and the Company's performance in attracting and retaining high value customers.

Adjusted EBITDA and ARPU are non-GAAP financial performance measures.  They should not be considered in isolation or as an alternative to measures determined in accordance with accounting principles generally accepted in the United States of America ("GAAP").  Please refer to the exhibits and materials posted on the Company's website for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability and use of such financial performance measures. 

About NTELOS

NTELOS Holdings Corp. (NASDAQ: NTLS), operating through its subsidiaries as "nTelos Wireless," is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage for over 464,600 retail subscribers based in Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky. The Company's licensed territories have a total population of approximately 8.0 million residents, of which its wireless network covers approximately 6.0 million residents. The Company is also the exclusive wholesale provider of wireless digital PCS services to Sprint Corporation in the Company's western Virginia and West Virginia service area for all Sprint CDMA wireless customers.

FORWARD-LOOKING STATEMENTS

Any statements contained in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words "anticipates," "believes," "expects," "intends," "plans," "estimates," "targets," "projects," "should," "may," "will" and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.  There are important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements.  We advise the reader to review in detail the cautionary statements and risk factors included in our SEC filings, including our most recent Annual Report filed on Form 10-K.

Exhibits:

  • Condensed Consolidated Balance Sheets
  • Condensed Consolidated Statements of Operations
  • Reconciliation of Net Income Attributable to NTELOS Holdings Corp. to Adjusted EBITDA
  • Key Metrics
  • ARPU Reconciliation

 

NTELOS Holdings Corp.




Condensed Consolidated Balance Sheets

(Unaudited)


(Unaudited)




December 31, 2013


December 31, 2012

(In thousands)












ASSETS




Current Assets  





Cash

$        88,441


$        76,197


Restricted cash

2,167


-


Accounts receivable, net

37,740


51,301


Inventories and supplies

23,962


9,581


Deferred income taxes

10,650


4,297


Prepaid expenses and other current assets

20,808


17,695




183,768


159,071







Securities and Investments

1,499


1,499







Property, Plant and Equipment, net 

319,376


303,103







Intangible Assets 





Goodwill

63,700


63,700


Radio spectrum licenses

131,834


132,033


Customer relationships and trademarks, net

6,985


9,996







Deferred Charges and Other Assets

9,089


10,712







Total Assets

$       716,251


$       680,114















LIABILITIES AND EQUITY  




Current Liabilities 





Current portion of long-term debt

$          5,410


$          5,429


Accounts payable

33,677


23,445


Dividends payable

9,034


-


Accrued expenses and other current liabilities

31,389


34,457




79,510


63,331







Long-Term Debt

484,956


488,650







Other Long-Term Liabilities

107,992


83,598







Equity 

43,793


44,535







Total Liabilities and Equity 

$       716,251


$       680,114

 

 

NTELOS Holdings Corp.




Condensed Consolidated Statements of Operations

Three Months Ended


Twelve Months Ended



(Unaudited)


(Unaudited)

(In thousands, except per share amounts)

December 31, 2013

December 31, 2012


December 31, 2013

December 31, 2012








Operating Revenues  

$  121,766

$  117,398


$  491,882

$  453,989








Operating Expenses 







Cost of sales and services

50,977

47,420


184,590

174,683


Customer operations 

37,513

30,691


130,650

120,150


Corporate operations 

8,426

7,848


32,304

32,756


Depreciation and amortization     

17,486

17,440


72,944

63,258


Gain on sale of intangible assets

-

-


(4,442)

-



114,402

103,399


416,046

390,847








Operating Income

7,364

13,999


75,836

63,142








Other Expense







Interest expense  

(7,504)

(6,651)


(29,743)

(22,944)


Other expense, net

(161)

(7,038)


(810)

(7,194)



(7,665)

(13,689)


(30,553)

(30,138)








Income (Loss) before Income Taxes

(301)

310


45,283

33,004








Income Taxes   

80

(454)


18,544

12,676

Net Income (Loss)

(381)

764


26,739

20,328








Net Income Attributable to Noncontrolling Interests

(403)

(443)


(2,061)

(1,941)








Net Income (Loss) Attributable to NTELOS Holdings Corp.

$       (784)

$        321


$    24,678

$    18,387















Earnings per Share Attributable to NTELOS Holdings Corp.:














Basic

$      (0.04)

$       0.02


$       1.17

$       0.88


Weighted average shares outstanding - basic 

21,061

20,922


21,026

20,889









Diluted

$      (0.04)

$       0.02


$       1.13

$       0.86


Weighted average shares outstanding - diluted

22,008

21,380


21,826

21,337








Cash Dividends Declared per Share - Common Stock

$       0.42

$       0.42


$       1.68

$       1.68

 

 

NTELOS Holdings Corp.








Reconciliation of Net Income Attributable to NTELOS Holdings Corp. to Adjusted EBITDA 






(In thousands)











 Three Months Ended 


 Twelve Months Ended 




December 31, 2013


December 31, 2012


December 31, 2013


December 31, 2012



Net income attributable to NTELOS Holdings Corp.

$                  (784)


$                   321


$              24,678


$              18,387



Net income attributable to noncontrolling interests 

403


443


2,061


1,941



Net income  

$                  (381)


$                   764


$              26,739


$              20,328













Interest expense 

7,504


6,651


29,743


22,944



Income taxes 

80


(454)


18,544


12,676



Other expense, net

161


7,038


810


7,194



Operating income

$                7,364


$              13,999


$              75,836


$              63,142













Depreciation and amortization     

17,486


17,440


72,944


63,258



Gain on sale of intangible assets

-


-


(4,442)


-



Accretion of asset retirement obligations

171


174


622


637



Equity-based compensation

1,330


1,346


5,553


6,029



Business separation and advisory charges 1 2 

375


56


375


1,660



Adjusted EBITDA

$              26,726


$              33,015


$             150,888


$             134,726












1

Charges for legal and consulting services in connection with the separation of the Company's wireless and wireline operations in 2012.




2

Charges for advisory fees for secondary offering in 2013.








 

 

NTELOS Holdings Corp.








Key Metrics







Twelve Months Ended


Quarter Ended:

12/31/2012

3/31/2013

6/30/2013

9/30/2013

12/31/2013


12/31/2012

12/31/2013

Subscribers










Beginning Subscribers

430,300

439,600

451,000

454,800

457,100


414,500

439,600


Postpay

288,900

297,400

299,700

298,700

298,000


292,400

297,400


Prepay

141,400

142,200

151,300

156,100

159,100


122,100

142,200












Gross Additions

46,200

48,500

40,100

44,500

50,800


171,300

183,900


Postpay

25,100

20,200

16,300

20,000

28,700


80,900

85,200


Prepay

21,100

28,300

23,800

24,500

22,100


90,400

98,700












Disconnections

36,900

37,100

36,300

42,200

43,300


146,200

158,900


Postpay

15,900

16,900

16,100

19,600

19,800


70,900

72,400


Prepay

21,000

20,200

20,200

22,600

23,500


75,300

86,500












Net Additions (Losses)

9,300

11,400

3,800

2,300

7,500


25,100

25,000


Postpay

9,200

3,300

200

400

8,900


10,000

12,800


Prepay

100

8,100

3,600

1,900

(1,400)


15,100

12,200












Ending Subscribers

439,600

451,000

454,800

457,100

464,600


439,600

464,600


Postpay

297,400

299,700

298,700

298,000

306,700


297,400

306,700


Prepay

142,200

151,300

156,100

159,100

157,900


142,200

157,900












Churn, net

2.8%

2.8%

2.7%

3.1%

3.1%


2.9%

2.9%


Postpay

1.8%

1.9%

1.8%

2.2%

2.2%


2.0%

2.0%


Prepay

4.9%

4.6%

4.4%

4.8%

4.9%


4.6%

4.7%





















Other Items




















ARPU

$    52.78

$  53.87

$  53.82

$  54.29

$    54.11


$    50.57

$    54.02


Postpay

$    61.19

$  62.67

$  63.48

$  64.62

$    63.91


$    57.82

$    63.67


Prepay

$    35.41

$  35.85

$  35.04

$  34.80

$    35.56


$    35.31

$    35.30












Data ARPU

$    21.03

$  21.86

$  22.14

$  22.35

$    24.73


$    20.00

$    22.78












Licensed Population (millions)

7.9

7.9

7.9

7.9

8.0


7.9

8.0












Covered Population (millions)

6.0

6.0

6.0

6.0

6.0


6.0

6.0












Total Cell Sites

1,429

1,431

1,432

1,434

1,444


1,429

1,444












SNA Revenues (000's)

$  40,747

$40,152

$39,607

$48,644

$  39,326


$162,645

$167,729

 

 

NTELOS Holdings Corp.








ARPU Reconciliation

 Three Months Ended 


 Twelve Months Ended 

Average Monthly Revenue per User (ARPU) 1 

 December 31, 2013 


 December 31, 2012 


 December 31, 2013 


 December 31, 2012 

(In thousands, except for subscribers and ARPU)

















Operating Revenues

$                121,766


$                117,398


$                491,882


$                453,989

Less: Equipment revenue from sales to new customers

(3,691)


(3,808)


(13,911)


(15,041)

Less: Equipment revenue from sales to existing customers

(2,882)


(3,315)


(11,340)


(15,037)

Less: Wholesale, other and adjustments

(40,525)


(41,488)


(172,764)


(165,765)










 Gross subscriber revenue  

74,668


68,787


293,867


258,146










Less:  prepay subscriber revenue

(16,494)


(14,823)


(63,826)


(56,330)

Less:  adjustments to prepay subscriber revenue

(462)


(237)


(1,474)


(1,706)

 Gross postpay subscriber revenue   

$                  57,712


$                  53,727


$                228,567


$                200,110










Prepay subscriber revenue

16,494


14,823


63,826


56,330

Plus:  adjustments to prepay subscriber revenue

462


237


1,474


1,706

 Gross prepay subscriber revenue 

$                  16,956


$                  15,060


$                  65,300


$                  58,036










Average number of subscribers

459,968


434,457


453,300


425,377

 Total ARPU   

$                   54.11


$                   52.78


$                   54.02


$                   50.57










Average number of postpay subscribers

301,028


292,668


299,161


288,428

 Postpay ARPU   

$                   63.91


$                   61.19


$                   63.67


$                   57.82










Average number of prepay subscribers

158,940


141,789


154,138


136,949

 Prepay ARPU 

$                   35.56


$                   35.41


$                   35.30


$                   35.31










Gross subscriber revenue  

74,668


68,787


293,867


258,146

Less: voice and other feature revenue

(40,544)


(41,379)


(169,952)


(156,032)

 Data revenue  

$                  34,124


$                  27,408


$                123,915


$                102,114










Average number of subscribers

459,968


434,457


453,300


425,377

 Total Data ARPU   

$                   24.73


$                   21.03


$                   22.78


$                   20.00










Gross postpay subscriber revenue

57,712


53,727


228,567


200,110

Less: postpay voice and other feature revenue

(33,368)


(34,651)


(142,142)


(130,601)

 Postpay data revenue  

$                  24,344


$                  19,076


$                  86,425


$                  69,509










Gross prepay subscriber revenue

16,956


15,060


65,300


58,036

Less: prepay voice and other feature revenue

(7,176)


(6,728)


(27,810)


(25,431)

 Prepay data revenue  

$                   9,780


$                   8,332


$                  37,490


$                  32,605










Average number of postpay subscribers

301,028


292,668


299,161


288,428

 Postpay data ARPU   

$                   26.96


$                   21.73


$                   24.07


$                   20.08










Average number of prepay subscribers

158,940


141,789


154,138


136,949

Prepay data ARPU

$                   20.51


$                   19.59


$                   20.27


$                   19.84






1

Average monthly revenue per user (ARPU) is computed by dividing service revenues per period by the average number of subscribers during that period. ARPU as defined may not be similar to ARPU measures of other companies, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company's consolidated statements of operations. The Company closely monitors the effects of new rate plans and service offerings on ARPU in order to determine their effectiveness.  ARPU provides management useful information concerning the appeal of NTELOS rate plans and service offerings and the Company's performance in attracting and retaining high-value customers. 

Investor Relations Contacts:

Jeffrey Goldberger / Rob Fink
KCSA Strategic Communications
P: 212-896-1249 / 212-896-1206
Email: [email protected] / [email protected]

SOURCE NTELOS Holdings Corp.

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"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...