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REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2018
Revenue Recognition  
Summary of contracts asset and liabilities

Contract assets and liabilities consisted of the following (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2018

 

March 31, 2018

 

$ Change

 

% Change

Contract asset – current

$

1,434

$

1,309

$

125

 
10%

Contract asset – noncurrent

 

568

 

498

 

70

 
14%

Contract liabilities

 

(9,552)

 

(9,827)

 

275

 

-3%

Net contract liability

$

(7,550)

$

(8,020)

$

470

 

-6%

 

ASU 2014-09  
Revenue Recognition  
Summary of changes to the Company’s financial statements as a result of the adoption of ASC 606

The tables below identify changes to the Company’s financial statements as of June 30, 2018 and for the three months then ended as a result of the adoption of ASC 606 as compared to previous revenue guidance (amounts in thousands):

 

 

 

 

 

 

 

 

Balance Sheet – June 30, 2018

 

 

Reported

 

Change

 

Under previous guidance

Prepayments and other current assets

$
35,386

$

(2,757)

$
32,629

 

 

 

 

 

 

 

Total current assets

$
264,313

$

(2,757)

$
261,556

 

 

 

 

 

 

 

Other assets

$
39,444

$

(1,433)

$
38,011

 

 

 

 

 

 

 

Total assets

$
1,188,999

$

(4,190)

$
1,184,809

 

 

 

 

 

 

 

Advance payments and deposits

$
17,727

$

(299)

$
17,428

Accrued taxes

 
10,238

 

(142)

 
10,096

 

 

 

 

 

 

              - 

Total current liabilities

$
157,390

$

(441)

$
156,949

 

 

 

 

 

 

 

Deferred income taxes

$
30,755

$

(301)

$
30,454

 

 

 

 

 

 

 

Total liabilities

$
369,490

$

(742)

$
368,748

 

 

 

 

 

 

 

Retained earnings

$
550,872

$

(1,967)

$
548,905

Minority interest

$

136,424

$

(1,481)

$
134,943

 

 

 

 

 

 

 

Total equity

$
819,509

$

(3,448)

$
816,061

 

 

 

 

 

 

 

Total liabilities and equity

$
1,188,999

$

(4,190)

$
1,184,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2018

 

 

Six months ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported

 

Change

 

Under previous guidance

 

 

Reported

 

Change

 

Under previous guidance

Wireless revenue

$

50,496

$

(204)

$

50,292

 

$

101,043

$

(337)

$

100,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

117,788

$

(204)

$

117,584

 

$

222,263

$

(337)

$

221,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales, marketing and customer service

$

8,413

$

240

$

8,653

 

$

16,974

$

618

$

17,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

$

102,035

$

240

$

102,275

 

$

202,301

$

618

$

202,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

$

15,753

$

(444)

$

15,309

 

$

19,962

$

(955)

$

19,007

Income before taxes

 

12,868

 

(444)

 

12,424

 

 

14,485

 

(955)

 

13,530

Income tax provision

 

2,088

 

(49)

 

2,039

 

 

6,008

 

(142)

 

5,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

10,780

$

(395)

$

10,385

 

$

8,477

$

(813)

$

7,664

Net income attributable  to non-controlling interests

 

(3,564)

 

154

 

(3,410)

 

 

(6,816)

 

335

 

(6,481)

Net income attributable to ATN International, Inc. stockholders

$

7,216

$

(241)

$

6,975

 

$

1,661

$

(478)

$

1,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2018

 

 

Six months ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported

 

Change

 

Under previous guidance

 

 

Reported

 

Change

 

Under previous guidance

Net income

$

10,780

$

(395)

$

10,385

 

$

8,477

$

(813)

$

7,664

Other comprehensive loss, net of tax

 

(2,509)

 

              -

 

(2,509)

 

 

(3,402)

 

              -

 

(3,402)

Comprehensive loss

 

8,271

 

(395)

 

7,876

 

 

5,075

 

(813)

 

4,262

Less: Comprehensive income attributable to non-controlling interests

 

(3,564)

 

154

 

(3,410)

 

 

(6,816)

 

335

 

(6,481)

Comprehensive income (loss) attributable to ATN International, Inc.

$

4,707

$

(241)

$

4,466

 

$

(1,741)

$

(478)

$

(2,219)

 

 

 

 

 

 

 

 

 

Statement of Cash Flows - Six months ended June 30, 2018

 

 

 

 

 

 

 

 

 

Reported

 

Change (1)

 

Under previous guidance

Net income

$

8,477

$

(813)

$

7,664

 

 

 

 

 

 

 

Materials and supplies, prepayments and other current assets

$

1,254

$

(681)

$

573

Accrued taxes

 

1,249

 

142

 

1,391

Accounts payable and accrued liabilities, advance payments and deposits and other current liabilities

 

(2,137)

 

68

 

(2,069)

Other assets

$

(1,208)

$

(342)

$

(1,550)

 

(1)

The adoption of ASC 606 had no impact on operating cash flows, investing cash flows, financing cash flows or net change in total cash.