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    ATN Reports Third Quarter 2024 Results; Updates Full-Year 2024 Outlook

    10/29/24 4:30:14 PM ET
    $ATNI
    Telecommunications Equipment
    Telecommunications
    Get the next $ATNI alert in real time by email

    "First-to-Fiber" and "Glass & SteelTM" Strategies Yield Year-Over-Year Increases in High-Speed Data Subscriber and Network Reach Metrics  

    • Total high-speed broadband subscribers increased 6% year-over-year
    • Broadband homes passed by high-speed data services expanded 20% year-over-year
    • Capital expenditures were $85.7 million (net of $71.8 million reimbursements) for the first nine months of 2024, reduced from $126.6 million (net of $14.3 million reimbursements) for the first nine months of 2023  

    Q3 2024 Results Highlighted by International Telecom Segment Fixed Revenue Growth, Cost Management Initiatives Supporting Margin Expansion

    • International Telecom segment revenues were essentially flat supported by growth in consumer and business fixed revenues and business mobility revenues
    • US Telecom segment revenues were down 13% due primarily to the anticipated conclusion of two government subsidy programs and the anticipated reduction in construction revenues
    • Third quarter net loss increased to $32.7 million, or $2.26 per diluted share inclusive of a $35.3 million non-cash goodwill impairment charge
    • Operating loss increased to $38.4 million, including the impairment charge
    • Adjusted EBITDA1 decreased 5% to $45.7 million
    • Year-to-date net cash from operations increased 9% year-over-year to $97.4 million

    Updates 2024 Outlook for Revenues, Adjusted EBITDA and Net Debt Ratio

    The Company's expectations for full-year 2024 outlook are as follows:

    • Revenue is now expected to be in the range of $720 million to $730 million, excluding construction revenue
    • Adjusted EBITDA2 is now expected to be in the range of $182 million to $188 million
    • Capital Expenditures are still expected to be in the range of $100 million to $110 million, net of reimbursements
    • Net Debt Ratio3 is now expected to be in the range of 2.3x to 2.6x exiting 2024

    Earnings Conference Call

    Wednesday October 30, 2024, at 10:00 a.m. ET; Webcast Link: https://edge.media-server.com/mmc/p/i66c89ki

    BEVERLY, Mass., Oct. 29, 2024 (GLOBE NEWSWIRE) -- ATN International, Inc. ("ATN" or the "Company") (NASDAQ:ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the quarter ended September 30, 2024.

    Remarks by Brad Martin, ATN Chief Executive Officer

    "We reported strong free cash flow from operations in the third quarter, driven by effective cost and net working capital management. Our performance continues to reflect a tale of two segments, with revenues impacted primarily by underperformance in our US Telecom segment related to the conclusion of certain government subsidy programs, slower consumer growth, and delays in enterprise sales and delivery. Based on these dynamics, and compression in market multiples, we recorded a non-cash $35 million goodwill impairment charge during the third quarter.

    "In the International Telecom segment, solid fixed revenue gains and business mobility revenue growth offset softness in consumer mobility related to competitive pressures, and we delivered Adjusted EBITDA growth. Additionally, we increased our international post-paid mobile subscriber bases both sequentially and year-over-year.

    "To reflect our expectations for near-term operating performance, we are lowering our revenue and Adjusted EBITDA guidance ranges for fiscal 2024 and increasing our expected leverage multiple exiting the year. We are taking strategic actions intended to align our cost structure with current revenue levels, while focusing on margin improvement and cash flow generation. These actions include refocusing efforts on growing our business and carrier customer revenues in the US, strengthening sales execution teams, and maximizing value from deployed assets.

    "Longer term, we remain committed to leveraging the value and longevity of our upgraded network while diligently operating the business in an effort to further expand cash flows and position ATN to deliver increased value for shareholders."

    Third Quarter 2024 Financial Results

    Consolidated revenues were $178.5 million, down 7% versus $191.0 million in the year-ago quarter. This primarily reflects the overall revenue decline in the US Telecom segment due in part to the anticipated impact of the end of the Emergency Connectivity Fund (ECF) and Affordable Care Program (ACP), and a reduction in construction revenues for the quarter.

    Operating loss was $38.4 million in the third quarter versus operating income of $6.8 million in the year-ago quarter. The decrease in operating income was primarily due to a $35.3 million non-cash goodwill impairment charge on certain US Telecom assets, $3.8 million of transaction-related charges, and $2.3 million of restructuring and reorganization expenses.

    Net loss attributable to ATN stockholders in the third quarter of 2024 was $32.7 million, or a loss of $2.26 per share compared with a net loss attributable to ATN stockholders of $3.6 million, or $0.31 loss per share, in the year-ago quarter. The year-over-year change was the result of the above-mentioned factors that increased the operating loss combined with an increase in interest expense. In all periods, the loss per share calculation includes the impact of preferred dividends that are not included in the net loss calculation.

    Adjusted EBITDA1 was $45.7 million in the third quarter of 2024, a decrease from $47.8 million in the year-ago quarter primarily due to lower US Telecom revenues.

    Segment Operating Results (in Thousands)

    The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other*.

    For Three Months Ended September 30, 2024 and 2023
             
      2024  2023  2024  2023  2024  2023  2024  2023 
     InternationalInternationalUSUSCorporate and Corporate and TotalTotal
     TelecomTelecomTelecomTelecomOther*Other*ATNATN
    Total Revenue:$ 94,281 $ 93,878 $ 84,170 $ 97,158 $ - $ - $ 178,451 $ 191,036 
    Mobility 26,809  27,791  706  946  -  -  27,515  28,737 
    Fixed 61,759  59,983  51,015  58,342  -  -  112,774  118,325 
    Carrier Services 3,272  3,441  29,430  32,319  -  -  32,702  35,760 
    Construction -  -  203  2,038  -  -  203  2,038 
    All other 2,441  2,663  2,816  3,513  -  -  5,257  6,176 
             
    Operating Income (Loss)$12,853 $12,800 $(44,333)$3,018 $(6,878)$(8,981)$(38,358)$6,837 
    EBITDA**$31,518 $27,394 $(23,912)$25,299 $(6,674)$(8,363)$932 $44,330 
    Adjusted EBITDA1$32,248 $27,502 $17,692 $26,860 $(4,270)$(6,516)$45,670 $47,846 
    Capital Expenditures***$10,489 $18,744 $13,070 $18,445 $282 $- $23,841 $37,189 
             
             
    For Nine Months Ended September 30, 2024 and 2023
             
      2024  2023  2024  2023  2024  2023  2024  2023 
     InternationalInternationalUSUSCorporate and Corporate and TotalTotal
     TelecomTelecomTelecomTelecomOther*Other*ATNATN
    Total Revenue:$ 282,697 $ 276,267 $ 265,830 $ 286,983 $ - $ - $ 548,527 $ 563,250 
    Mobility 79,657  80,754  2,312  3,081  -  -  81,969  83,835 
    Fixed 185,295  178,546  161,392  175,346  -  -  346,687  353,892 
    Carrier Services 10,481  11,011  89,539  95,978  -  -  100,020  106,989 
    Construction -  -  2,609  3,648  -  -  2,609  3,648 
    All other 7,264  5,956  9,978  8,930  -  -  17,242  14,886 
             
    Operating Income (Loss)$56,944 $41,177 $(42,852)$(3,719)$(23,559)$(27,547)$(9,467)$9,911 
    EBITDA**$108,512 $84,807 $18,361 $67,126 $(23,229)$(25,517)$103,644 $126,416 
    Adjusted EBITDA1$94,808 $85,089 $60,313 $72,443 $(17,260)$(19,097)$137,861 $138,435 
    Capital Expenditures***$39,440 $57,610 $44,371 $69,030 $1,860 $- $85,671 $126,640 
             

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

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

    ***Excludes government capital program amounts disbursed, and amounts received.

    ATN's Strategic Plan and Key Performance Indicators

    The Company is in the final quarter of its three-year strategic plan initiated in 2021 to accelerate investments in its high-speed data footprint and grow high speed broadband subscribers. During this final year of the plan, the Company is transitioning away from a period of heavy investments to focus more on margin and cash flow improvement. The Company believes these efforts will allow it to improve returns to shareholders.

    Operating Metrics

    Operating Metrics
           
     20242024202420232023Q3 2024
     Q3Q2Q1Q4Q3 vs. Q3 2023
           
    High-Speed Data* Broadband Homes Passed 399,500 396,100 386,300 367,200 333,500 20%
    High-Speed Data* Broadband Customers141,500 142,000 138,700 135,900 132,900 6%
           
    Broadband Homes Passed 798,400 803,300 789,700 768,900 746,600 7%
    Broadband Customers206,400 213,000 214,100 214,400 213,900 -4%
           
    Fiber Route Miles11,901 11,728 11,692 11,655 11,575 3%
           
    International Mobile Subscribers      
    Pre-Paid336,400 339,000 346,400 350,700 345,500 -3%
    Post-Paid58,700 57,900 57,300 57,000 55,600 6%
    Total395,100 396,900 403,700 407,700 401,100 -1%
           
    Blended Churn3.47%3.44%3.34%3.33%3.76% 
           

    *High-Speed Data is defined as download speeds 100 Mbps or greater and High-Speed Data Broadband Customers as subscribers connected to our high-speed networks regardless of the speed of plan selected.

    Note: Data may differ from prior periods to reflect more accurate data and/or changes in calculation methodology and process.

    Balance Sheet and Cash Flow Highlights

    Total cash, cash equivalents and restricted cash as of September 30, 2024, was $116.8 million and total debt was $568.9 million, versus $62.2 million of cash, cash equivalents and restricted cash and $516.9 million of total debt on December 31, 2023.

    Net cash provided by operating activities was $97.4 million for the nine months ended September 30, 2024, compared with net cash provided by operating activities of $89.5 million in the prior year period.   

    Capital expenditures were $85.7 million net of $71.8 million of reimbursable capital expenditures for the nine months ended September 30, 2024, versus $126.6 million, net of $14.3 million of reimbursable capital expenditures in the prior year period.

    Quarterly Dividends and Stock Repurchases

    Quarterly dividends of $0.24 per share were paid on October 4, 2024 on all common shares outstanding to stockholders of record as of September 30, 2024.

    Updates Full-Year 2024 Guidance and Outlook

    The Company has updated its revenue, adjusted EBITDA and net debt ratio guidance ranges and reiterated its capital expenditure guidance range for the full year ended December 31, 2024, as follows:

    Revenue (excluding construction revenue)$720 million to $730 million (previously $730 million to $750 million)Full-year 2024
    Adjusted EBITDA1$182 million to $188 million (previously $190 million to $200 million)

    Full-year 2024
    Capital Expenditures$100 million to $110 millionFull-year 2024
    Net Debt Ratio32.3x to 2.6x (previously 2.25x to 2.50x)Exiting 2024



    Longer term, the Company continues to prioritize increasing cash flow and driving positive returns through realized efficiencies that leverage ATN's high-quality assets. In 2025, the Company expects internally funded capital investments to be in the range of 10% to 15% of revenues and supported by cash flow from operations.

    For the Company's full-year 2024 outlook for Adjusted EBITDA and Net Debt Ratio, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see "Use of Non-GAAP Financial Measures" below for a full description of items excluded from the Company's expected Adjusted EBITDA and the description of the calculation of Net Debt Ratio.

    Conference Call Information

    Call Date: Wednesday, October 30, 2024

    Call Time: 10:00 a.m. ET

    Webcast Link: https://edge.media-server.com/mmc/p/i66c89ki

    Live Call Participant Link: https://register.vevent.com/register/BIbf889f89a57e4183ba9dbe6725fa759d

    Webcast Link Instructions

    You can listen to a live audio webcast of the conference call by visiting the "Webcast Link" above or the "Events & Presentations" section of the Company's Investor Relations website at https://ir.atni.com/events-and-presentations. A replay of the conference call will be available at the same locations beginning at approximately 1:00 pm ET on the same day. The Company also will provide an investor presentation as a supplement to the call on the "Events & Presentations" section of its Investor Relations website.

    About ATN

    ATN International, Inc. (NASDAQ:ATNI), headquartered in Beverly, Massachusetts, is a leading provider of digital infrastructure and communications services for all. The Company operates in the United States and internationally, including the Caribbean region, with a focus on rural and remote markets with a growing demand for infrastructure investments. The Company's operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential, business, and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities. For more information, please visit www.atni.com.

    Use of Non-GAAP Financial Measures and Definition of Terms

    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, Adjusted EBITDA, Net Debt, and Net Debt Ratio in this release and the tables included herein.

    EBITDA is defined as Operating income (loss) before depreciation and amortization expense.

    Adjusted EBITDA is defined as Operating income (loss) before depreciation and amortization expense, transaction-related charges, restructuring and reorganization expenses, one-time impairment or special charges, non-cash stock-based compensation, and the gain (loss) on disposition of assets and transfers.

    Net Debt is defined as total debt less cash and cash equivalents and restricted cash.

    Net Debt Ratio is defined as Net Debt divided by the sum of the trailing four quarters Adjusted EBITDA at the measurement date.

    The Company believes that the inclusion of these non-GAAP financial measures helps 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.

    Cautionary Language Concerning Forward-Looking Statements

    This press release contains forward-looking statements relating to, among other matters, the Company's future financial performance, business goals and objectives, and results of operations, expectations regarding its strategic investment plan, its future revenues, operating income, operating margin, cash flows, network and operating costs, EBITDA, Adjusted EBITDA, Net Debt, Net Debt Ratio, cost management initiatives, and capital investments; demand for the Company's services and industry trends; the timing of revenue, the Company's liquidity; the expansion of the Company's customer base and networks; receipt of certain government grants and management's plans, expectations 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 the Company's operations, including operating margins, revenues, capital expenditures, the impact of cost savings initiatives, the ability to expand its carrier and business customer sales, and the retention of and future growth of the Company's subscriber base and ARPU; (2) the Company's reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to the Company's network infrastructure; (3) the Company's ability to satisfy the needs and demands of the Company's major carrier customers; (4) the Company's ability to realize expansion plans for customer growth on its existing assets; (5) the adequacy and expansion capabilities of the Company's network capacity and customer service system to support the Company's customer growth; (6) the Company's ability to efficiently and cost-effectively upgrade the Company's networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (7) the Company's continued access to capital and credit markets on terms it deems favorable; (8) government subsidy program availability and regulation of the Company's businesses, which may impact the Company's telecommunications licenses, the Company's revenue and the Company's operating costs; (9) the Company's ability to successfully transition its US Telecom business away from wholesale mobility to other carrier, enterprise, and consumer-based services; (10) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities facing the Company's operations, including those resulting from the continued inflation and other macroeconomic headwinds including increased costs and supply chain disruptions; (11) management transitions, and the loss of, or an inability to recruit skilled personnel in the Company's various jurisdictions, including key members of management; (12) the Company's ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (13) the occurrence of weather events and natural catastrophes and the Company's ability to secure the appropriate level of insurance coverage for these assets; and the impact of such events on the timing of project implementation and corresponding revenue, and (14) increased competition. 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, 2023, filed with the SEC on March 15, 2024, and the other reports the Company files 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.

    Contact

     
      
    Michele SatrowskyAdam Rogers
    Corporate TreasurerInvestor Relations
    ATN International, Inc.Sharon Merrill Advisors, Inc.
    978-619-1300[email protected] 



        
     
    Table 1
    ATN International, Inc.
    Unaudited Condensed Consolidated Balance Sheets
    (in Thousands)
        
     September 30, December 31,
     2024  2023 
    Assets:   
    Cash and cash equivalents$100,689  $49,225 
    Restricted cash 16,075   12,942 
    Customer receivable 7,924   7,249 
    Other current assets 200,918   211,856 
        
    Total current assets 325,606   281,272 
        
    Property, plant and equipment, net 1,049,002   1,080,659 
    Operating lease right-of-use assets 99,231   99,335 
    Customer receivable - long term 41,925   45,676 
    Goodwill and other intangible assets, net 132,042   173,008 
    Other assets 103,575   103,764 
        
    Total assets$1,751,381  $1,783,714 
        
    Liabilities, redeemable non-controlling interests and stockholders' equity:   
    Current portion of long-term debt$7,413  $24,290 
    Current portion of customer receivable credit facility 7,935   7,110 
    Taxes payable 10,685   10,876 
    Current portion of lease liabilities 15,310   15,164 
    Other current liabilities 227,087   235,754 
        
    Total current liabilities 268,430   293,194 
        
    Long-term debt, net of current portion$561,493  $492,580 
    Customer receivable credit facility, net of current portion 38,274   38,943 
    Deferred income taxes 1,878   19,775 
    Lease liabilities 77,033   76,936 
    Other long-term liabilities 135,067   138,566 
        
    Total liabilities 1,082,175   1,059,994 
        
    Redeemable non-controlling interests 75,083   85,917 
        
    Stockholders' equity:   
    Total ATN International, Inc.'s stockholders' equity 490,795   541,073 
    Non-controlling interests 103,328   96,730 
        
    Total stockholders' equity 594,123   637,803 
        
    Total liabilities, redeemable non-controlling interests and stockholders' equity$1,751,381  $1,783,714 



            
              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,
      2024   2023   2024   2023 
    Revenues:       
    Communications services$174,422  $184,601  $533,055  $547,484 
    Construction 203   2,038   2,609   3,648 
    Other 3,826   4,397   12,863   12,118 
    Total revenue 178,451   191,036   548,527   563,250 
            
    Operating expenses (excluding depreciation and amortization unless otherwise indicated):       
    Cost of services and other 78,973   80,367   235,499   237,125 
    Cost of construction revenue 205   2,031   2,588   3,635 
    Selling, general and administrative 53,601   60,792   172,580   184,055 
    Stock-based compensation 1,831   1,956   6,521   6,473 
    Transaction-related charges 3,791   45   3,809   496 
    Restructuring and reorganization expenses 2,345   1,383   3,535   4,640 
    Depreciation 37,299   34,370   107,196   106,991 
    Amortization of intangibles from acquisitions 1,991   3,124   5,916   9,514 
    (Gain) loss on disposition of assets and transfers 1,504   132   (14,919)  410 
    Goodwill impairment 35,269   -   35,269   - 
    Total operating expenses 216,809   184,200   557,994   553,339 
            
    Operating income (loss) (38,358)  6,836   (9,467)  9,911 
            
    Other income (expense):       
    Interest expense, net (12,483)  (11,309)  (35,753)  (30,338)
    Other income (expense) (645)  213   (1,052)  2,623 
    Other income (expense), net (13,128)  (11,096)  (36,805)  (27,715)
            
    Loss before income taxes (51,486)  (4,260)  (46,272)  (17,804)
    Income tax benefit (12,035)  (542)  (10,213)  (6,369)
            
    Net loss (39,451)  (3,718)  (36,059)  (11,435)
            
    Net loss attributable to non-controlling interests, net 6,760   134   6,059   2,733 
            
    Net loss attributable to ATN International, Inc. stockholders$(32,691) $(3,584) $(30,000) $(8,702)
            
    Net loss per weighted average share attributable to ATN International, Inc. stockholders:       
            
    Basic$(2.26) $(0.31) $(2.24) $(0.80)
            
    Diluted$(2.26) $(0.31) $(2.24) $(0.80)
            
    Weighted average common shares outstanding:       
    Basic 15,114   15,601   15,268   15,666 
    Diluted 15,114   15,601   15,268   15,666 



     
    Table 3
    ATN International, Inc.
    Unaudited Condensed Consolidated Cash Flow Statements
    (in Thousands)
      
      Nine Months Ended September 30,
      2024   2023 
        
    Net loss$(36,059) $(11,435)
    Depreciation 107,196   106,991 
    Amortization of intangibles from acquisitions 5,916   9,514 
    Provision for doubtful accounts 4,209   4,014 
    Amortization of debt discount and debt issuance costs 1,915   1,806 
    (Gain) Loss on disposition of assets and transfers (14,919)  410 
    Stock-based compensation 6,521   6,472 
    Deferred income taxes (14,409)  (9,452)
    Loss on pension settlement -   369 
    Gain on equity investments (484)  (2,752)
    Loss on extinguishment of debt 760   - 
    Goodwill impairment 35,269   - 
    Decrease in customer receivable 3,076   1,185 
    Change in prepaid and accrued income taxes (3,164)  3,602 
    Change in other operating assets and liabilities 1,599   (21,240)
        
    Net cash provided by operating activities 97,426   89,484 
        
    Capital expenditures (85,672)  (126,640)
    Government capital programs:   
    Amounts disbursed (71,849)  (14,261)
    Amounts received 72,531   16,065 
    Net proceeds from sale of assets 17,910   - 
    Purchases and sales of strategic investments 790   (1,055)
    Purchases and sales of investments 505   - 
    Acquisition of business -   1,314 
    Other (573)  - 
        
    Net cash used in investing activities (66,358)  (124,577)
        
    Dividends paid on common stock (11,047)  (9,918)
    Distributions to non-controlling interests (2,226)  (1,447)
    Finance lease payments (1,357)  (932)
    Term loan - borrowings 300,000   130,000 
    Term loan - repayments (239,430)  (3,532)
    Payment of debt issuance costs (6,548)  (3,708)
    Revolving credit facilities – borrowings 90,000   126,893 
    Revolving credit facilities – repayments (94,002)  (174,292)
    Proceeds from customer receivable credit facility 5,740   4,300 
    Repayment of customer receivable credit facility (5,669)  (4,998)
    Purchases of common stock - stock-based compensation (1,932)  (1,473)
    Purchases of common stock - share repurchase plan (10,000)  (11,679)
    Repurchases of non-controlling interests, net -   (762)
        
    Net cash provided by financing activities 23,529   48,452 
        
    Net change in total cash, cash equivalents and restricted cash 54,597   13,359 
        
    Total cash, cash equivalents and restricted cash, beginning of period 62,167   59,728 
        
    Total cash, cash equivalents and restricted cash, end of period$116,764  $73,087 



     
    Table 4

    ATN International, Inc.
    Selected Segment Financial Information
    (In Thousands)
         
    For the three months ended September 30, 2024 is as follows:
         
     International Telecom US Telecom Corporate and Other *Total
         
    Statement of Operations Data:    
    Revenue    
    Mobility    
    Business$5,007 $68 $- $5,075 
    Consumer 21,802  638  -  22,440 
    Total$26,809 $706 $- $27,515 
         
    Fixed    
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    Consumer 43,067  21,440  -  64,507 
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    Carrier Services$3,272 $29,430 $- $32,702 
    Other 1,175  255  -  1,430 
         
    Total Communications Services$93,015 $81,406 $- $174,421 
         
    Construction$- $203 $- $203 
         
    Managed services$1,266 $2,561 $- $3,827 
    Total Other $1,266 $2,561 $- $3,827 
         
    Total Revenue$94,281 $84,170 $- $178,451 
         
    Depreciation$18,414 $18,681 $204 $37,299 
    Amortization of intangibles from acquisitions$251 $1,740 $- $1,991 
    Total operating expenses$81,428 $128,503 $6,878 $216,809 
    Operating income (loss)$12,853 $(44,333)$(6,878)$(38,358)
    Net (income) loss attributable to non-controlling interests$(1,893)$8,653 $- $6,760 
         
    Non GAAP measures:    
    EBITDA (2)$31,518 $(23,912)$(6,674)$932 
    Adjusted EBITDA (1)$32,248 $17,692 $(4,270)$45,670 
         
    Balance Sheet Data (at September 30, 2024):    
    Cash, cash equivalents and restricted cash$52,043 $62,772 $1,949 $116,764 
    Total current assets 149,987  167,440  8,179  325,606 
    Fixed assets, net 468,559  573,997  6,446  1,049,002 
    Total assets 695,127  967,028  89,226  1,751,381 
    Total current liabilities 96,384  140,689  31,357  268,430 
    Total debt, including current portion 59,824  316,672  192,409  568,905 
         
    * Corporate and Other refer to corporate overhead expenses and consolidating adjustments
       
    Table 4 (continued)

         
    ATN International, Inc.
    Selected Segment Financial Information
    (In Thousands)
         
    For the three months ended September 30, 2023 is as follows:
         
     International Telecom US Telecom Corporate and Other *Total
    Statement of Operations Data:    
    Revenue    
    Mobility    
    Business$3,818 $129 $- $3,947 
    Consumer 23,973  817  -  24,790 
    Total$27,791 $946 $- $28,737 
         
    Fixed    
    Business$18,016 $35,680 $- $53,696 
    Consumer 41,967  22,662  -  64,629 
    Total$59,983 $58,342 $- $118,325 
         
    Carrier Services$3,441 $32,319 $- $35,760 
    Other 1,236  544  -  1,780 
         
    Total Communications Services$92,451 $92,151 $- $184,602 
         
    Construction$- $2,038 $- $2,038 
         
    Managed services$1,427 $2,969 $- $4,396 
         
    Total Other $1,427 $2,969 $- $4,396 
         
    Total Revenue$93,878 $97,158 $- $191,036 
         
    Depreciation$14,354 $19,397 $618 $34,369 
    Amortization of intangibles from acquisitions$240 $2,884 $- $3,124 
    Total operating expenses$81,078 $94,140 $8,981 $184,199 
    Operating income (loss)$12,800 $3,018 $(8,981)$6,837 
    Net (income) loss attributable to non-controlling interests$(1,794)$1,928 $- $134 
         
    Non GAAP measures:    
    EBITDA (2)$27,394 $25,299 $(8,363)$44,330 
    Adjusted EBITDA (1)$27,502 $26,860 $(6,516)$47,846 
         
    (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
    (2) See Table 5 for reconciliation of Operating Income to EBITDA
    * Corporate and Other refer to corporate overhead expenses and consolidating adjustments
         
    Table 4 (continued)

         
    ATN International, Inc.
    Selected Segment Financial Information
    (In Thousands)
         
    For the nine months ended September 30, 2024 is as follows:
         
     International Telecom US Telecom Corporate and Other *Total
         
    Statement of Operations Data:    
    Revenue    
    Mobility    
    Business$14,747 $209 $- $14,956 
    Consumer 64,910  2,103  -  67,013 
    Total$79,657 $2,312 $- $81,969 
         
    Fixed    
    Business$55,939 $95,359 $- $151,298 
    Consumer 129,356  66,033  -  195,389 
    Total$185,295 $161,392 $- $346,687 
         
    Carrier Services$10,481 $89,539 $- $100,020 
    Other 3,038  1,341  -  4,379 
         
    Total Communications Services$278,471 $254,584 $- $533,055 
         
    Construction$- $2,609 $- $2,609 
         
    Managed services$4,226 $8,637 $- $12,863 
    Total Other $4,226 $8,637 $- $12,863 
         
    Total Revenue$282,697 $265,830 $- $548,527 
         
    Depreciation$50,814 $56,052 $330 $107,196 
    Amortization of intangibles from acquisitions$754 $5,161 $- $5,915 
    Total operating expenses$225,753 $308,682 $23,559 $557,994 
    Operating income (loss)$56,944 $(42,852)$(23,559)$(9,467)
    Net (income) loss attributable to non-controlling interests$(8,467)$14,526 $- $6,059 
         
    Non GAAP measures:    
    EBITDA (2)$108,512 $18,361 $(23,229)$103,644 
    Adjusted EBITDA (1)$94,808 $60,313 $(17,260)$137,861 
         
    * Corporate and Other refer to corporate overhead expenses and consolidating adjustments
     
    Table 4 (continued)

         
    ATN International, Inc.
    Selected Segment Financial Information
    (In Thousands)
         
    For the nine months ended September 30, 2023 is as follows:
         
     International Telecom US Telecom Corporate and Other *Total
         
    Statement of Operations Data:    
    Revenue    
    Mobility    
    Business$11,484 $415 $- $11,899 
    Consumer 69,270  2,666  -  71,936 
    Total$80,754 $3,081 $- $83,835 
         
    Fixed    
    Business$52,602 $107,494 $- $160,096 
    Consumer 125,944  67,852  -  193,796 
    Total$178,546 $175,346 $- $353,892 
         
    Carrier Services$11,011 $95,978 $- $106,989 
    Other 2,084  684  -  2,768 
         
    Total Communications Services$272,395 $275,089 $- $547,484 
         
    Construction$- $3,648 $- $3,648 
         
    Managed services$3,872 $8,246 $- $12,118 
         
    Total Other $3,872 $8,246 $- $12,118 
         
    Total Revenue$276,267 $286,983 $- $563,250 
         
    Depreciation$42,646 $62,315 $2,030 $106,991 
    Amortization of intangibles from acquisitions$984 $8,530 $- $9,514 
    Total operating expenses$235,090 $290,702 $27,547 $553,339 
    Operating income (loss)$41,177 $(3,719)$(27,547)$9,911 
    Net (income) loss attributable to non-controlling interests$(5,650)$8,383 $- $2,733 
         
    Non GAAP measures:    
    EBITDA (2)$84,807 $67,126 $(25,517)$126,416 
    Adjusted EBITDA (1)$85,089 $72,443 $(19,097)$138,435 
         
    Balance Sheet Data (at December 31, 2023):    
    Cash, cash equivalents and restricted cash$26,354 $33,574 $2,239 $62,167 
    Total current assets 107,469  162,768  11,035  281,272 
    Fixed assets, net 481,911  593,833  4,915  1,080,659 
    Total assets 672,171  1,019,924  91,619  1,783,714 
    Total current liabilities 86,540  169,297  37,357  293,194 
    Total debt, including current portion 64,254  293,607  159,009  516,870 
         
    (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
    (2) See Table 5 for reconciliation of Operating Income to EBITDA
    * Corporate and Other refer to corporate overhead expenses and consolidating adjustments



     
    Table 5

    ATN International, Inc.
    Reconciliation of Non-GAAP Measures
    (In Thousands)
         
    For the three months ended September 30, 2024 is as follows:
         
     International Telecom US Telecom Corporate and Other *Total
         
         
    Operating income (loss)$12,853 $(44,333)$(6,878)$(38,358)
    Depreciation expense 18,414  18,681  204  37,299 
    Amortization of intangibles from acquisitions 251  1,740  -  1,991 
    EBITDA$ 31,518 $ (23,912)$ (6,674)$ 932 
         
    Stock-based compensation 102  157  1,571  1,830 
    Restructuring and reorganization expenses 299  1,167  879  2,345 
    Transaction-related charges -  3,789  1  3,790 
    (Gain) Loss on disposition of assets and transfers 329  1,222  (47) 1,504 
    Goodwill impairment -  35,269  -  35,269 
    ADJUSTED EBITDA$ 32,248 $ 17,692 $ (4,270)$ 45,670 
         
         
    For the three months ended September 30, 2023 is as follows:
         
     International Telecom US Telecom Corporate and Other *Total
         
         
    Operating income (loss)$12,800 $3,018 $(8,981)$6,837 
    Depreciation expense 14,354  19,397  618  34,369 
    Amortization of intangibles from acquisitions 240  2,884  -  3,124 
    EBITDA$ 27,394 $ 25,299 $ (8,363)$ 44,330 
         
    Stock-based compensation 130  23  1,802  1,955 
    Restructuring and reorganization expenses -  1,383  -  1,383 
    Transaction-related charges -  -  45  45 
    (Gain) Loss on disposition of assets and transfers (22) 155  -  133 
    ADJUSTED EBITDA$ 27,502 $ 26,860 $ (6,516)$ 47,846 
         
    Table 5 (continued)

    ATN International, Inc.
    Reconciliation of Non-GAAP Measures
    (In Thousands)
         
    For the nine months ended September 30, 2024 is as follows:
         
     International Telecom US Telecom Corporate and Other *Total
         
         
    Operating income (loss)$56,944 $(42,852)$(23,559)$(9,467)
    Depreciation expense 50,814  56,052  330  107,196 
    Amortization of intangibles from acquisitions 754  5,161  -  5,915 
    EBITDA$ 108,512 $ 18,361 $ (23,229)$ 103,644 
         
    Stock-based compensation 319  484  5,718  6,521 
    Restructuring and reorganization expenses 1,489  1,167  879  3,535 
    Transaction-related charges -  3,789  20  3,809 
    (Gain) Loss on disposition of assets and transfers (15,512) 1,243  (648) (14,917)
    Goodwill impairment -  35,269  -  35,269 
    ADJUSTED EBITDA$ 94,808 $ 60,313 $ (17,260)$ 137,861 
         
         
    For the nine months ended September 30, 2023 is as follows:
         
     International Telecom US Telecom Corporate and Other *Total
         
         
    Operating income (loss)$41,177 $(3,719)$(27,547)$9,911 
    Depreciation expense 42,646  62,315  2,030  106,991 
    Amortization of intangibles from acquisitions 984  8,530  -  9,514 
    EBITDA$ 84,807 $ 67,126 $ (25,517)$ 126,416 
         
    Stock-based compensation 307  109  6,057  6,473 
    Restructuring and reorganization expenses -  4,640  -  4,640 
    Transaction-related charges -  133  363  496 
    (Gain) Loss on disposition of assets and transfers (25) 435  -  410 
    ADJUSTED EBITDA$ 85,089 $ 72,443 $ (19,097)$ 138,435 



        
    Table 6

        
    ATN International, Inc.
    Non GAAP Measure - Net Debt Ratio
    (in Thousands)
        
        
     September 30, December 31,
      2024  2023 
        
        
    Current portion of long-term debt *$7,413  $24,290 
    Long-term debt, net of current portion * 561,493   492,580 
        
    Total debt$568,906  $516,870 
        
    Less: Cash, cash equivalents and restricted cash 116,764   62,167 
        
    Net Debt$452,142  $454,703 
        
        
    Adjusted EBITDA - for the four quarters ended$188,877  $189,451 
        
        
    Net Debt Ratio 2.39   2.40 
        
        
    * Excludes Customer receivable credit facility
     

    _____________________________________

    1
    See Table 5 for reconciliation of Operating Income to Adjusted EBITDA and Adjusted EBITDA margin, non-GAAP measures.

    2 For the Company's Adjusted EBITDA Guidance, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measure or reconciliations to such GAAP financial measure, on a forward-looking basis. Please see "Use of Non-GAAP Financial Measures" below for a full description of items excluded from the Company's expected Adjusted EBITDA

    3 Please see "Use of Non-GAAP Financial Measures" below for a full definition of Net Debt Ratio.





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