Alaska Communications Acquisition Drives 49% Year-on-Year Consolidated Revenue Growth

International Telecom Continues to Generate Subscriber and Revenue Growth

Alaska Communications Performed in Line with Expectations

Expanding Domestic Network Reach to Grow High Speed Data Revenue and Customers

BEVERLY, Mass., Oct. 27, 2021 (GLOBE NEWSWIRE) -- ATN International, Inc. (NASDAQ:ATNI) today reported results for the third quarter and nine months ended September 30, 2021.

Business Review and Outlook

Michael Prior, Chief Executive Officer, commented, "The Alaska Communications acquisition has significantly increased the scale of ATN's domestic operations and has opened additional opportunities for us to pursue growth initiatives that also provide significant social and economic benefits by bringing high speed connectivity to the communities we serve.

"The addition of approximately ten weeks of Alaska Communications operations was the major driver of a nearly three-fold increase in our US Telecom segment revenues, with fiber-based services to enterprise, government, wholesale and residential customers representing the majority of that growth. Higher FirstNet construction revenues also contributed to the increase. Additionally, we experienced growth in our legacy domestic business in the western U.S. due to higher consumer broadband revenues following our late 2020 build out of rural broadband networks under various government programs and public-private initiatives. ATN now owns and operates approximately 6,000 fiber route miles in the U.S., and with more federal government funding becoming available to help connect rural communities to true high speed data access, we have allocated additional resources to capture opportunities to build-out rural middle mile fiber networks and fiber and fixed wireless connections. This is a priority for the strategic transformation of our legacy domestic wholesale roaming business into a broader fiber-based communications platform, and it is in keeping with our corporate mission of bringing reliable and affordable access to the modern communications infrastructure to historically underbuilt areas.

"International Telecom revenue increased in the third quarter, reflecting the positive performance of several of our key international markets, where upgrades and expansions of our networks and effective marketing campaigns have resulted in continued subscriber growth. We are pleased with the third quarter and year-to-date revenue performance of this segment and see additional growth opportunities on the horizon. Higher expense levels in part reflected a difficult comparison with the unusually low operating costs we had during the pandemic and increased regulatory costs. While supply chain disruptions have not had a material effect on our business year-to-date, we continue to monitor this potential given its impact on other communications infrastructure and technology companies.

"Looking ahead, we see opportunities to drive additional revenue growth in both of our business segments. We are continuing to expand our networks and offerings in several of our International Telecom markets where we see the potential to increase penetration and market share. Domestically, in addition to rural network buildouts in the "lower 48", we continue to upgrade and extend our fiber network in Alaska, adding wholesale, enterprise and residential connections to grow our customer base utilizing that expanded network reach and capability," Mr. Prior noted.

Third Quarter 2021 Results

Third quarter 2021 consolidated revenues of $166.8 million were up 49% compared to the prior year quarter's revenue of $111.7 million. The Company closed the acquisition of Alaska Communications in late July, which contributed $46.8 million to third quarter revenues. The third quarter of 2021 had an operating loss of $1.0 million and Adjusted EBITDA² of $36.8 million, compared with the prior year quarter's operating income of $9.6 million and Adjusted EBITDA² of $31.2 million. The decrease in operating income was mostly the result of increased transaction-related fees and amortization expenses from the consolidation of Alaska Communications results. The Adjusted EBITDA² increase was due to the addition of $10.6 million from Alaska Communications, partially offset by a net decline in the International Telecom segment. The net loss attributable to ATN's stockholders for the third quarter was $2.6 million, and a $0.22 loss per share, compared with the prior year period's net income attributable to ATN's stockholders of $2.7 million, or $0.17 income per diluted share.

Third Quarter 2021 Operating Highlights

The Company recorded financial results during the third quarter of 2021 in three categories: (i) International Telecom; (ii) US Telecom; and (iii) All Other. For the purposes of the below presentation, the Company's Renewable Energy segment has been combined with Corporate and Other as "All Other".

The Company completed its acquisition of Alaska Communications on July 22, 2021, and the consolidated results are included in the Company's US Telecom segment.

Operating Results (in Thousands)

Three Months Ended September 30, 2021

	International		US						Total
	Telecom		Telecom			All Other*			ATN
Revenue	$	85,306	$	81,454		$	0		$	166,760
Operating Income (Loss)	$	13,213	$	(9,830	)	$	(4,365	)	$	(982	)
EBITDA¹	$	26,940	$	7,559		$	(3,126	)	$	31,373
Adjusted EBITDA²	$	26,872	$	16,404		$	(6,463	)	$	36,813
Capital Expenditures**	$	10,642	$	17,364		$	983		$	28,989

Nine Months Ended September 30, 2021

	International		US						Total
	Telecom		Telecom			All Other*			ATN
Revenue	$	255,342	$	159,375		$	418		$	415,135
Operating Income (Loss)	$	40,999	$	(10,920	)	$	(24,808	)	$	5,271
EBITDA¹	$	82,341	$	16,740		$	(20,793	)	$	78,288
Adjusted EBITDA²	$	82,276	$	23,820		$	(19,380	)	$	86,716
Capital Expenditures**	$	32,485	$	36,157		$	2,280		$	70,922

Three Months Ended September 30, 2020

	International		US					Total
	Telecom		Telecom		All Other*			ATN
Revenue	$	82,465	$	28,097	$	1,177		$	111,739
Operating Income (Loss)	$	16,024	$	2,218	$	(8,685	)	$	9,557
EBITDA¹	$	29,695	$	7,947	$	(6,505	)	$	31,137
Adjusted EBITDA²	$	29,695	$	7,943	$	(6,474	)	$	31,164
Capital Expenditures**	$	8,510	$	8,371	$	1,816		$	18,697

Nine Months Ended September 30, 2020

	International		US					Total
	Telecom		Telecom		All Other*			ATN
Revenue	$	244,812	$	83,557	$	3,374		$	331,743
Operating Income (Loss)	$	44,119	$	6,241	$	(26,481	)	$	23,879
EBITDA¹	$	86,239	$	23,572	$	(19,843	)	$	89,968
Adjusted EBITDA²	$	86,252	$	23,573	$	(19,650	)	$	90,175
Capital Expenditures**	$	28,439	$	17,254	$	4,969		$	50,662

*For this table presentation, the Renewable Energy segment and Corporate and Other results were combined. See table 4 for the separate presentation of the financial performance of these items.

**Includes capital expenditures reimbursable from customers of $2,192 and $8,700 for the three and nine months ended September 30, 2021, respectively and $502 and $1,870 for the three and nine months ended September 30, 2020, respectively.

International Telecom

International Telecom revenues are generated by delivery of a broad range of communications and managed IT services, including data, voice and video services from the Company's fixed and mobile network operations in Bermuda and the Caribbean, and include direct government payments as part of the FCC high-cost support program in the USVI. International Telecom revenues were $85.3 million for the quarter, a 3% increase year-on-year mainly due to subscriber and ARPU growth which drove increases in mobility and fixed revenues in multiple markets, partially offset by the loss of $1.4 million in FCC high-cost support in the USVI. Carrier services revenues also increased as travel and tourism increased in the U.S. Virgin Islands. Operating expenses increased in most of the markets compared with the prior year as operating expenses returned to normalized pre-pandemic levels and due to the introduction of higher regulatory fees in Guyana earlier in 2021. As a result, when compared with the prior year quarter, operating income of $13.2 million and Adjusted EBITDA² of $26.9 million decreased by 18% and 10%, respectively, for the third quarter of 2021.

US Telecom

US Telecom revenues consist of broadband, carrier services, managed IT services, fixed enterprise, and mobile retail revenues from the Company's networks and operations in Alaska and in the western United States, including various government programs such as CAF II, E-Rate, Lifeline and rural healthcare support programs. US Telecom segment revenues were $81.5 million in the quarter, up $53.4 million from the prior year period. This increase was mostly due to the addition of $46.8 million of revenues from Alaska Communications, as well as $6.0 million of increased construction revenue related to the FirstNet contract build. Adjusted EBITDA²for the quarter was $16.4 million compared to the prior year period's Adjusted EBITDA²of $7.9 million. This increase was driven by the addition of the Alaska Communications results of $10.6 million partially offset by approximately $2.0 million of additional expenses in our private network operations. For the segment, the current period's operating loss was $9.8 million compared to the prior year's operating income of $2.2 million, primarily due to $8.8 million of transaction-related fees and amortization expense related to the Alaska Communications acquisition and the additional expenses in our private network operations.

By the end of the third quarter of 2021, the Company had completed and activated approximately 50% of the total sites related to the network build portion of its FirstNet Agreement and expects to complete an additional 15% of the total build by the end of 2021. Revenues from the build will continue to be largely offset by construction costs.

Balance Sheet and Cash Flow Highlights

Total cash, cash equivalents and restricted cash on September 30, 2021 totaled $102.4 million. On July 22, 2021 the Company completed the acquisition of Alaska Communications for approximately $339.5 million. The acquisition was funded through a draw under the Company's existing revolving credit facility of which $65.0 million is outstanding, an equity contribution from our financial partner and proceeds from Alaska Communications new credit agreement that is non-recourse to the Company. At the end of the quarter, Alaska Communications had outstanding a $210.0 million term loan facility and $10.0 million drawn under its $35.0 million revolving facility.

Net cash provided by operating activities was $47.7 million for the nine months ended September 30, 2021, compared with $71.6 million for the prior year period. The decline in operating cash flow compared with the prior year is mostly the result of a current year decrease in operating income and a $25.7 million increase in the FirstNet construction customer receivable. For the nine months ended September 30, 2021, the Company used net cash of $50.3 million for investing and financing activities compared to $97.6 million for the prior year period. The net use of cash was primarily attributable to $339.5 million used to purchase Alaska Communications offset by net borrowings of $285.0 million and $71.5 million of partner equity contributions, mentioned above, $70.9 million in capital expenditures, $13.1 million of purchases of minority equity interests in our subsidiaries, $13.0 million in repurchases of Company common stock and dividends to Company stockholders, and $4.8 million in minority partner distributions. These uses of cash were partially offset by $7.1 million in grants received, $18.6 million in net proceeds received from the completion of the Vibrant Energy equity sale and $27.5 million in new borrowings under the FirstNet receivables credit facility.

Conference Call Information

ATN will host a conference call on Thursday, October 28, 2021 at 10:00 a.m. Eastern Time (ET) to discuss its third quarter results and business outlook. The call will be hosted by Michael Prior, Chairman and Chief Executive Officer, and Justin Benincasa, Chief Financial Officer. The dial-in numbers are US/Canada: (877) 734-4582 and International: (678) 905-9376, conference ID 7087676. A replay of the call will be available at ir.atni.com beginning at approximately 1:00 p.m. (ET) on Thursday, October 28, 2021.

About ATN

ATN International, Inc. (NASDAQ:ATNI), headquartered in Beverly, Massachusetts, operates communications and technology businesses in the United States and internationally, including the Caribbean region, with a particular focus on markets with a need for growing demand for infrastructure investments and technology improvements. Our operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential and business customers, including a range of high-speed internet and data services, fixed and mobile wireless solutions, video and voice services, and (ii) carrier and enterprise communication services, wholesale communications infrastructure services such as terrestrial and submarine fiber optic transport, communications tower facilities, managed mobile networks, and in-building wireless systems. For more information, please visit www.atni.com.

Cautionary Language Concerning Forward Looking Statements

This press release contains forward-looking statements relating to, among other matters, our future financial performance and results of operations, including the impact of the novel coronavirus pandemic on the economies of the markets we serve, and on our business and operations; expectations regarding future revenues, operating income, EBITDA and capital expenditures; the competitive environment in our key markets, demand for our services and industry trends; our expectations regarding construction progress under our FirstNet agreement and the effect such progress will have on our financial results; our expectations regarding the benefits of our acquisition of Alaska Communications; the impact of federal support program revenues; our liquidity; the organization of our business; and management's plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of our operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of our subscriber base, including growth in our private networks business; (2) our ability to successfully integrate our newly acquired Alaska Communications business with our own and realize cost synergies and expansion plans; (3) our ability to satisfy the needs and demands of our major wireless customers; (4) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address rapid and significant technological changes in the telecommunications industry; (5) government regulation of our businesses, which may impact our telecommunications licenses, our revenue and our operating costs; (6) our reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure; (7) economic, political and other risks and opportunities facing our operations, including those resulting from the pandemic; (8) the loss of, or an inability to recruit skilled personnel in our various jurisdictions, including key members of management; (9) our ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (10) the occurrence of weather events and natural catastrophes and our ability to secure the appropriate level of insurance coverage for these assets; (11) increased competition; (12) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; and (13) our continued access to capital and credit markets. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2021, those set forth under Item 1A "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, filed with the SEC on August 9, 2021 and the other reports we file from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors that may affect such forward-looking statements, except as required by law.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains non-GAAP financial measures. Specifically, the Company has included EBITDA and Adjusted EBITDA in this release and in the tables included herein.

EBITDA is defined as operating income (loss) before depreciation and amortization expense. The Company has defined Adjusted EBITDA as operating income (loss) before depreciation and amortization expense, transaction-related charges and the gain (loss) on disposition of assets. The Company believes that the inclusion of these non-GAAP financial measures help investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. Management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company's core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release. While non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating the Company's own operating results over different periods of time, the Company urges investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.


Table 1
ATN International, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in Thousands)

	September 30,		December 31,
	2021		2020
Assets:
Cash and cash equivalents	$	101,268	$	103,925
Restricted cash		1,096		1,072
Assets held-for-sale		-		34,735
Customer receivable		3,430		1,227
Other current assets		143,911		99,106

Total current assets		249,705		240,065

Property, plant and equipment, net		915,834		536,462
Operating lease right-of-use assets		122,422		63,235
Customer receivable - long term		33,096		9,614
Goodwill and other intangible assets, net		228,985		181,769
Other assets		77,342		52,566

Total assets	$	1,627,384	$	1,083,711

Liabilities, Mezzanine Equity and Stockholders' Equity:
Current portion of long-term debt	$	3,762	$	3,750
Current portion of customer receivable credit faciity		3,295		-
Taxes payable		9,350		7,501
Current portion of lease liabilities		14,256		12,371
Liabilities held-for-sale		-		717
Other current liabilities		172,347		123,589
Total current liabilities		203,010		147,928

Long-term debt, net of current portion	$	345,073	$	69,073
Customer receivable credit facility, net of current portion		22,486		-
Deferred income taxes		21,776		10,675
Lease liabilities		96,031		51,082
Other long-term liabilities		135,614		50,617

Total liabilities		823,990		329,375

Mezzanine Equity		71,820		-

Stockholders' Equity
Total ATN International, Inc.'s stockholders' equity		629,292		645,649
Non-controlling interests		102,282		108,687

Total stockholders' equity		731,574		754,336

Total liabilities, mezzanine equity and stockholders' equity	$	1,627,384	$	1,083,711

										Table 2
ATN International, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, Except per Share Data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2021			2020			2021			2020
Revenues:
Communications services	$	155,298		$	108,721		$	378,897		$	322,865
Other		11,462			3,018			36,238			8,878
Total revenue		166,760			111,739			415,135			331,743

Operating expenses (excluding depreciation and amortization unless otherwise indicated):
Cost of services		70,732			45,106			168,717			137,545
Cost of construction revenue		5,855			390			27,997			390
Selling, general and administrative		53,360			35,079			131,705			103,633
Transaction-related charges		5,696			31			7,823			147
Depreciation		28,875			21,157			68,693			64,705
Amortization of intangibles from acquisitions		3,480			423			4,324			1,384
(Gain) loss on disposition of long-lived assets		(256	)		(4	)		605			60
Total operating expenses		167,742			102,182			409,864			307,864

Operating income (loss)		(982	)		9,557			5,271			23,879

Other income (expense):
Interest expense, net		(3,396	)		(1,243	)		(5,640	)		(3,664	)
Other income (expense)		(385	)		(2,031	)		1,923			(4,341	)
Other income (expense), net		(3,781	)		(3,274	)		(3,717	)		(8,005	)

Income (loss) before income taxes		(4,763	)		6,283			1,554			15,874
Income tax expense (benefit)		(288	)		92			(1,535	)		(1,057	)

Net Income (loss)		(4,475	)		6,191			3,089			16,931

Net (income) loss attributable to non-controlling interests, net		1,856			(3,530	)		(986	)		(10,538	)

Net income (loss) attributable to ATN International, Inc. stockholders	$	(2,619	)	$	2,661		$	2,103		$	6,393

Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders:

Basic Net Income	$	(0.22	)	$	0.17		$	0.08		$	0.40


Diluted Net Income	$	(0.22	)	$	0.17		$	0.08		$	0.40

Weighted average common shares outstanding:
Basic		15,860			15,962			15,891			15,946
Diluted		15,860			16,011			15,901			15,991

Table 3
ATN International, Inc.
Unaudited Condensed Consolidated Cash Flow Statement
(in Thousands)

	Nine Months Ended September 30,
		2021			2020

Net income	$	3,089		$	16,931
Depreciation		68,693			64,705
Amortization of intangibles from acquisitions		4,324			1,384
Provision for doubtful accounts		3,303			4,452
Amortization of debt discount and debt issuance costs		767			395
Loss on disposition of assets and assets held-for-sale		605			60
Stock-based compensation		5,116			4,608
Deferred income taxes		(5,939	)		(6,078	)
(Gain) loss on equity investments		(647	)		3,360
Unrealized (gain) loss on foreign currency		(81	)		449
Increase in customer receivable		(25,684	)		-
Change in prepaid and accrued income taxes		(2,106	)		620
Change in other operating assets and liabilities		(3,724	)		(19,295	)

Net cash provided by operating activities		47,716			71,591

Capital expenditures		(62,222	)		(48,792	)
Reimbursable capital expenditures		(8,700	)		(1,870	)
Purchase of businesses, net of $11.9 million of acquired cash		(340,152	)		-
Purchases of intangible assets, including deposits		-			(20,396	)
Purchases of strategic investments		(6,399	)		(2,768	)
Purchases of short-term investments		-			(116	)
Receipt of government grants		7,094			-
Proceeds from strategic investments		-			11,969
Sale of business, net of transferred cash of $0.9 million and $0 million, respectively		18,597			-

Net cash used in investing activities		(391,782	)		(61,973	)

Dividends paid on common stock		(8,118	)		(8,166	)
Distributions to non-controlling interests		(4,823	)		(6,503	)
Principal repayments of term loan		(2,821	)		(2,814	)
New borrowings, net of repayments		285,000			-
Proceeds from mezzanine equity		71,533			-
Payment of debt issuance costs		(6,568	)		(1,096	)
Proceeds from customer receivable credit facility		27,540			-
Repayment of customer receivable credit facility		(1,005	)		-
Purchases of common stock - stock-based compensation		(1,713	)		(1,733	)
Proceeds from stock option exercises		383			-
Purchases of common stock - share repurchase plan		(4,836	)		(6,589	)
Repurchases of non-controlling interests		(13,139	)		(8,763	)

Net cash provided by (used in) financing activities		341,433			(35,664	)

Effect of foreign currency exchange rates on total cash, cash equivalents and restricted cash		-			(87	)

Net change in total cash, cash equivalents and restricted cash		(2,633	)		(26,133	)

Total cash, cash equivalents and restricted cash, beginning of period		104,997			162,358

Total cash, cash equivalents and restricted cash, end of period	$	102,364		$	136,225

													Table 4
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)

For the three months ended September 30, 2021 is as follows:

	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total

Statement of Operations Data:
Revenue
Mobility
Business	$	1,422		$	231		$	-		$	-		$	1,653
Consumer		22,423			1,909			-			-			24,332
Total	$	23,845		$	2,140		$	-		$	-		$	25,985

Fixed
Business	$	16,549		$	21,681		$	-		$	-		$	38,230
Consumer		40,870			15,484			-			-			56,354
Total	$	57,419		$	37,165		$	-		$	-		$	94,584

Carrier Services	$	2,557		$	31,939		$	-		$	-		$	34,496
Other		233			-			-			-			233

Total Communications Services	$	84,054		$	71,244		$	-		$	-		$	155,298

Managed services	$	1,252		$	3,793		$	-		$	-		$	5,045
Construction		-			6,417			-			-			6,417

Total Other	$	1,252		$	10,210		$	-		$	-		$	11,462

Total Revenue	$	85,306		$	81,454		$	-		$	-		$	166,760

Depreciation	$	13,308		$	14,327		$	-		$	1,240		$	28,875
Amortization of intangibles from acquisitions	$	418		$	3,062		$	-		$	-		$	3,480
Total operating expenses	$	72,093		$	91,284		$	55		$	4,310		$	167,742
Operating Income (Loss)	$	13,213		$	(9,830	)	$	(55	)	$	(4,310	)	$	(982	)
Stock-based compensation	$	36		$	101		$	-		$	1,468		$	1,605
Non-controlling interest ( net income or (loss) )	$	(2,337	)	$	4,193		$	-		$	-		$	1,856

Non GAAP measures:
EBITDA (1)	$	26,939		$	7,559		$	(55	)	$	(3,070	)	$	31,373
Adjusted EBITDA (2)	$	26,872		$	16,404		$	(56	)	$	(6,407	)	$	36,813

Balance Sheet Data (at September 30, 2021):
Cash, cash equivalents and investments	$	52,106		$	38,143		$	2,476		$	8,543		$	101,268
Total current assets		116,271			116,852			6,322			10,260			249,705
Fixed assets, net		448,062			457,154			-			10,618			915,834
Total assets		650,023			870,281			20,500			86,580			1,627,384
Total current liabilities		84,092			93,612			356			24,950			203,010
Total debt		70,142			239,474			-			65,000			374,616

* Corporate and Other refer to corporate overhead expenses and consolidating adjustments


ATN International, Inc.
Selected Segment Financial Information
(In Thousands)

For the three months ended September 30, 2020 is as follows:

	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total

Statement of Operations Data:
Revenue
Mobility
Business	$	1,108		$	136		$	-		$	-		$	1,244
Consumer		20,298			2,296			-			-			22,594
Total	$	21,406		$	2,432		$	-		$	-		$	23,838

Fixed
Business	$	16,516		$	1,954		$	-		$	-		$	18,470
Consumer		40,848			3,465			-			-			44,313
Total	$	57,364		$	5,419		$	-		$	-		$	62,783

Carrier Services	$	1,851		$	19,852		$	-		$	-		$	21,703
Other		397			-			-			-			397

Total Communications Services	$	81,018		$	27,703		$	-		$	-		$	108,721

Renewable Energy	$	-		$	-		$	1,177		$	-		$	1,177
Managed services		1,447			-			-			-			1,447
Construction		-			394			-			-			394

Total Other	$	1,447		$	394		$	1,177		$	-		$	3,018

Total Revenue	$	82,465		$	28,097		$	1,177		$	-		$	111,739

Depreciation	$	13,248		$	5,729		$	491		$	1,689		$	21,157
Amortization of intangibles from acquisitions	$	423		$	-		$	-		$	-		$	423
Total operating expenses	$	66,441		$	25,879		$	1,275		$	8,587		$	102,182
Operating Income (Loss)	$	16,024		$	2,218		$	(98	)	$	(8,587	)	$	9,557
Stock-based compensation	$	29		$	-		$	66		$	1,792		$	1,887
Non-controlling interest ( net income or (loss) )	$	(2,762	)	$	(786	)	$	18		$	-		$	(3,530	)

Non GAAP measures:
EBITDA (1)	$	29,695		$	7,947		$	393		$	(6,898	)	$	31,137
Adjusted EBITDA (2)	$	29,695		$	7,943		$	393		$	(6,867	)	$	31,164

* Corporate and Other refer to corporate overhead expenses and consolidating adjustments



ATN International, Inc.
Selected Segment Financial Information
(In Thousands)

For the nine months ended September 30, 2021 is as follows:

	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total

Statement of Operations Data:
Revenue
Mobility
Business	$	3,917		$	1,149		$	-		$	-		$	5,066
Consumer		64,503			6,258			-			-			70,761
Total	$	68,420		$	7,407		$	-		$	-		$	75,827

Fixed
Business	$	50,037		$	26,409		$	-		$	-		$	76,446
Consumer		125,255			23,004			-			-			148,259
Total	$	175,292		$	49,413		$	-		$	-		$	224,705

Carrier Services	$	6,963		$	70,713		$	-		$	-		$	77,676
Other		689			-			-			-			689

Total Communications Services	$	251,364		$	127,533		$	-		$	-		$	378,897

Renewable Energy	$	-		$	-		$	418		$	-		$	418
Managed services		3,978			3,793			-			-			7,771
Construction		-			28,049			-			-			28,049

Total Other	$	3,978		$	31,842		$	418		$	-		$	36,238

Total Revenue	$	255,342		$	159,375		$	418		$	-		$	415,135

Depreciation	$	40,080		$	24,598		$	188		$	3,827		$	68,693
Amortization of intangibles from acquisitions	$	1,262		$	3,062		$	-		$	-		$	4,324
Total operating expenses	$	214,343		$	170,295		$	1,906		$	23,320		$	409,864
Operating Income (Loss)	$	40,999		$	(10,920	)	$	(1,488	)	$	(23,320	)	$	5,271
Stock-based compensation	$	83		$	-		$	22		$	4,911		$	5,016
Non-controlling interest ( net income or (loss) )	$	(5,857	)	$	4,075		$	796		$	-		$	(986	)

Non GAAP measures:
EBITDA (1)	$	82,341		$	16,740		$	(1,300	)	$	(19,493	)	$	78,288
Adjusted EBITDA (2)	$	82,276		$	23,820		$	(110	)	$	(19,270	)	$	86,716

* Corporate and Other refer to corporate overhead expenses and consolidating adjustments


ATN International, Inc.
Selected Segment Financial Information
(In Thousands)

For the nine months ended September 30, 2020 is as follows:

	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total

Statement of Operations Data:
Revenue
Mobility
Business	$	3,136		$	140		$	-		$	-		$	3,276
Consumer		57,468			7,063			-			-			64,531
Total	$	60,604		$	7,203		$	-		$	-		$	67,807

Fixed
Business	$	51,115		$	6,676		$	-		$	-		$	57,791
Consumer		121,305			8,505			-			-			129,810
Total	$	172,420		$	15,181		$	-		$	-		$	187,601

Carrier Services	$	5,392		$	60,779		$	-		$	-		$	66,171
Other		1,286			-			-			-			1,286

Total Communications Services	$	239,702		$	83,163		$	-		$	-		$	322,865

Renewable Energy	$	-		$	-		$	3,374		$	-		$	3,374
Managed services		5,110			-			-			-			5,110
Construction		-			394			-			-			394

Total Other	$	5,110		$	394		$	3,374		$	-		$	8,878

Total Revenue	$	244,812		$	83,557		$	3,374		$	-		$	331,743

Depreciation	$	40,736		$	17,331		$	1,590		$	5,048		$	64,705
Amortization of intangibles from acquisitions	$	1,384		$	-		$	-		$	-		$	1,384
Total operating expenses	$	200,693		$	77,316		$	4,549		$	25,306		$	307,864
Operating Income (Loss)	$	44,119		$	6,241		$	(1,175	)	$	(25,306	)	$	23,879
Stock-based compensation	$	20		$	-		$	197		$	4,391		$	4,608
Non-controlling interest ( net income or (loss) )	$	(7,770	)	$	(2,880	)	$	112		$	-		$	(10,538	)

Non GAAP measures:
EBITDA (1)	$	86,239		$	23,572		$	415		$	(20,258	)	$	89,968
Adjusted EBITDA (2)	$	86,252		$	23,573		$	545		$	(20,195	)	$	90,175

* Corporate and Other refer to corporate overhead expenses and consolidating adjustments


ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
at December 31, 2020

	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total


Balance Sheet Data (at December 31, 2020):
Cash, cash equivalents and investments	$	45,848		$	26,921		$	4,311		$	26,845		$	103,925
Total current assets		107,315			65,806			39,057			27,887			240,065
Fixed assets, net		449,888			73,717			-			12,857			536,462
Total assets		642,834			265,797			39,045			136,035			1,083,711
Total current liabilities		80,875			43,200			1,038			22,815			147,928
Total debt		72,823			-			-			-			72,823


(1) See Table 5 for reconciliation of Operating Income to EBITDA
(2) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments



ATN International, Inc.
Selected Segment Operational Information
(In Thousands)
at September 30, 2021

	Quarter ended
	September 30,			December 31,			March 31,			June 30,			September 30,
		2020			2020			2021			2021			2021

International Telecom Operational Data:

Mobile - Subscribers *
Pre-Paid		244,700			257,200			261,900			273,400			276,400
Post-Paid		43,100			44,700			45,500			46,400			49,300
Total		287,800			301,900			307,400			319,800			325,700

Mobile - Churn		1.77	%		2.18	%		2.28	%		2.21	%		2.67	%

Fixed - Subscribers*
Broadband		136,800			140,100			142,900			143,000			143,900
Video		35,800			35,800			35,300			33,600			33,100
Voice		163,700			164,300			165,500			165,800			166,200


* Counts were adjusted for all periods presented based upon a change in methodology and process

													Table 5
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)

For the three months ended September 30, 2021 is as follows:

	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total


Operating income (loss)	$	13,213		$	(9,830	)	$	(55	)	$	(4,310	)	$	(982	)
Depreciation expense		13,308			14,327			-			1,240			28,875
Amortization of intangibles from acquisitions		418			3,062			-			-			3,480
EBITDA	$	26,939		$	7,559		$	(55	)	$	(3,070	)	$	31,373

Transaction-related charges		-			9,033			-			(3,337	)	$	5,696
(Gain) Loss on disposition of assets		(67	)		(188	)		(1	)		-		$	(257	)
ADJUSTED EBITDA	$	26,872		$	16,404		$	(56	)	$	(6,407	)	$	36,813

Revenue		85,306			81,454			-			-			166,760
ADJUSTED EBITDA MARGIN		31.5	%		20.1	%	NA			NA				22.1	%


For the three months ended September 30, 2020 is as follows:

	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total


Operating income (loss)	$	16,024		$	2,218		$	(98	)	$	(8,587	)	$	9,557
Depreciation expense		13,248			5,729			491			1,689			21,157
Amortization of intangibles from acquisitions		423			-			-			-			423
EBITDA	$	29,695		$	7,947		$	393		$	(6,898	)	$	31,137

Transaction-related charges		-			-			-			31			31
(Gain) Loss on disposition of assets		-			(4	)		-			-			(4	)
ADJUSTED EBITDA	$	29,695		$	7,943		$	393		$	(6,867	)	$	31,164

Revenue		82,465			28,097			1,177			-			111,739
ADJUSTED EBITDA MARGIN		36.0	%		28.3	%		33.4	%	NA				27.9	%


ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)

For the nine months ended September 30, 2021 is as follows:

	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total


Operating income (loss)	$	40,999		$	(10,920	)	$	(1,488	)	$	(23,320	)	$	5,271
Depreciation expense		40,080			24,598			188			3,827			68,693
Amortization of intangibles from acquisitions		1,262			3,062			-			-			4,324
EBITDA	$	82,341		$	16,740		$	(1,300	)	$	(19,493	)	$	78,288

Transaction-related charges		-			7,257			566			-			7,823
(Gain) Loss on disposition of assets		(65	)		(177	)		624			223			605
ADJUSTED EBITDA	$	82,276		$	23,820		$	(110	)	$	(19,270	)	$	86,716

Revenue		255,342			159,375			418			-			415,135
ADJUSTED EBITDA MARGIN		32.2	%		14.9	%		-26.4	%	NA				20.9	%


For the nine months ended September 30, 2020 is as follows:

	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total


Operating income (loss)	$	44,119		$	6,241		$	(1,175	)	$	(25,306	)	$	23,879
Depreciation expense		40,736			17,331			1,590			5,048			64,705
Amortization of intangibles from acquisitions		1,384			-			-			-			1,384
EBITDA	$	86,239		$	23,572		$	415		$	(20,258	)	$	89,968

Transaction-related charges		-			-			84			63			147
(Gain) Loss on disposition of assets		13			1			46			-			60
ADJUSTED EBITDA	$	86,252		$	23,573		$	545		$	(20,195	)	$	90,175

Revenue		244,812			83,557			3,374			-			331,743
ADJUSTED EBITDA MARGIN		35.2	%		28.2	%		16.2	%	NA				27.2	%

¹ See Table 5 for reconciliation of Operating Income to EBITDA, a non-GAAP measure.

² See Table 5 for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.

Contact:	978-619-1300
	Michael T. Prior
	Chairman and
	Chief Executive Officer

	Justin D. Benincasa
	Chief Financial Officer

ATN Reports Third Quarter 2021 Results