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
June 30, 2024.
Remarks by Brad Martin, ATN Chief
Executive Officer
“We are making progress in our efforts to
leverage our investments to deliver top line growth while improving
operating efficiency. Our second quarter performance is driving the
business toward that goal as we increased consolidated Adjusted
EBITDA by 6%, delivered International Telecom segment top-line and
Adjusted EBITDA growth, and benefited from our cost management
efforts. Our US Telecom segment’s performance was in line with our
expectations, reflecting the impact of the expiration of the ECF
program, as previously signaled.″
“We continue to enhance the performance and
longevity of ATN’s network and improve the quality of our revenue
streams through the execution of our First-to-Fiber and Glass &
Steel™ strategies. In the second quarter, we grew homes passed
by high-speed broadband and had a healthy conversion of subscribers
to our high-value high-speed broadband networks. In mobility, we
continue to convert our mobility subscriber base to higher margin
pre-paid and post-paid plans, expand data usage, and increase
business subscribers.”
“Looking ahead, we are reiterating our fiscal
year 2024 outlook based on our first half performance and the
progress we are making executing to our plan. As we near the end of
our three-year strategy, we are focusing on maximizing the
investments in our upgraded network assets while supporting further
expansion at more normalized capex levels supplemented by U.S.
government funded infrastructure programs. We believe that our
high-speed network expansion and ongoing focus on margin
improvement provides a solid foundation for driving strong,
sustainable recurring revenues, durable free cash flow, and
enhanced shareholder value over the long-term.”
Second Quarter 2024 Financial Results
Consolidated revenues were
$183.3 million, down 2% versus $186.4 million in the year-ago
quarter. This decrease primarily reflects the impact of the end of
the ECF program in the US Telecom segment, which offset the
increase in fixed revenues in the International Telecom
segment.
Operating income was $24.3
million in the second quarter versus $2.4 million in the year-ago
quarter. The increase in operating income was primarily due to a
$15.9 million gain on the disposition of a non-core asset, a $4.3
million reduction in year-over-year selling, general and
administrative expenses, and a $1.9 million reduction in
depreciation and amortization expense.
Net income attributable to ATN
stockholders in the second quarter of 2024 was $9.0
million, or income of $0.50 per diluted share compared with a net
income attributable to ATN stockholders of $0.8 million, or $(0.03)
loss per share, in the year-ago quarter. The increase
year-over-year was the result of an increase in operating income,
which more than offset the increase in interest expense. In all
periods, the income or loss per share calculation includes the
impact of preferred dividends that are not included in the net
income (loss) calculation.
Adjusted
EBITDA1 increased to $48.7
million in the second quarter of 2024 from $45.8 million in the
year-ago quarter due to lower operating expenses, which more than
offset the decrease in revenue.
Segment Operating Results (in Thousands)
The Company recorded financial results in three
categories: (i) International Telecom; (ii) US Telecom; and (iii)
Corporate and Other*.
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For Three Months Ended June 30, 2024 and 2023 |
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|
2024 |
2023 |
2024 |
|
2023 |
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|
2024 |
|
|
2023 |
|
2024 |
2023 |
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|
International |
International |
US |
US |
Corporate and |
Corporate and |
Total |
Total |
|
|
|
Telecom |
Telecom |
Telecom |
Telecom |
Other* |
Other* |
ATN |
ATN |
|
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Total Revenue: |
$ |
95,357 |
|
$ |
91,981 |
|
$ |
87,924 |
|
$ |
94,460 |
|
$ |
- |
|
$ |
- |
|
$ |
183,281 |
|
$ |
186,441 |
|
|
|
Mobility |
|
26,811 |
|
|
26,856 |
|
|
769 |
|
|
977 |
|
|
- |
|
|
- |
|
|
27,580 |
|
|
27,833 |
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Fixed |
|
62,215 |
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|
59,673 |
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|
52,491 |
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|
58,103 |
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- |
|
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- |
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|
114,706 |
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|
117,776 |
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Carrier Services |
|
3,636 |
|
|
3,879 |
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|
30,056 |
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|
31,576 |
|
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- |
|
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- |
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33,692 |
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35,455 |
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Construction |
|
- |
|
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- |
|
|
820 |
|
|
1,020 |
|
|
- |
|
|
- |
|
|
820 |
|
|
1,020 |
|
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All other |
|
2,695 |
|
|
1,573 |
|
|
3,788 |
|
|
2,784 |
|
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- |
|
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- |
|
|
6,483 |
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|
4,357 |
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Operating Income (Loss) |
$ |
32,405 |
|
$ |
14,552 |
|
$ |
884 |
|
$ |
(2,394 |
) |
$ |
(8,973 |
) |
$ |
(9,720 |
) |
$ |
24,316 |
|
$ |
2,438 |
|
|
|
EBITDA** |
$ |
48,934 |
|
$ |
29,022 |
|
$ |
21,811 |
|
$ |
21,816 |
|
$ |
(8,926 |
) |
$ |
(9,039 |
) |
$ |
61,819 |
|
$ |
41,799 |
|
|
|
Adjusted EBITDA1 |
$ |
33,285 |
|
$ |
29,128 |
|
$ |
21,919 |
|
$ |
22,776 |
|
$ |
(6,534 |
) |
$ |
(6,113 |
) |
$ |
48,670 |
|
$ |
45,791 |
|
|
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Capital Expenditures*** |
$ |
12,035 |
|
$ |
17,408 |
|
$ |
13,540 |
|
$ |
21,450 |
|
$ |
238 |
|
$ |
(5 |
) |
$ |
25,813 |
|
$ |
38,853 |
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For Six Months Ended June 30, 2024 and 2023 |
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2024 |
2023 |
2024 |
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2023 |
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|
2024 |
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|
2023 |
|
2024 |
2023 |
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International |
International |
US |
US |
Corporate and |
Corporate and |
Total |
Total |
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Telecom |
Telecom |
Telecom |
Telecom |
Other* |
Other* |
ATN |
ATN |
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Total Revenue: |
$ |
188,416 |
|
$ |
182,389 |
|
$ |
181,660 |
|
$ |
189,825 |
|
$ |
- |
|
$ |
- |
|
$ |
370,076 |
|
$ |
372,214 |
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Mobility |
|
52,848 |
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|
52,963 |
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|
1,606 |
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|
2,136 |
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|
- |
|
|
- |
|
|
54,454 |
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|
55,099 |
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Fixed |
|
123,536 |
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|
118,563 |
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|
110,376 |
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|
117,004 |
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- |
|
|
- |
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|
233,912 |
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|
235,567 |
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Carrier Services |
|
7,209 |
|
|
7,570 |
|
|
60,109 |
|
|
63,660 |
|
|
- |
|
|
- |
|
|
67,318 |
|
|
71,230 |
|
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Construction |
|
- |
|
|
- |
|
|
2,406 |
|
|
1,610 |
|
|
- |
|
|
- |
|
|
2,406 |
|
|
1,610 |
|
|
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All other |
|
4,823 |
|
|
3,293 |
|
|
7,163 |
|
|
5,415 |
|
|
- |
|
|
- |
|
|
11,986 |
|
|
8,708 |
|
|
|
|
|
|
|
|
|
|
|
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Operating Income (Loss) |
$ |
44,090 |
|
$ |
28,377 |
|
$ |
1,482 |
|
$ |
(6,737 |
) |
$ |
(16,682 |
) |
$ |
(18,566 |
) |
$ |
28,890 |
|
$ |
3,074 |
|
|
|
EBITDA** |
$ |
76,993 |
|
$ |
57,413 |
|
$ |
42,275 |
|
$ |
41,826 |
|
$ |
(16,557 |
) |
$ |
(17,154 |
) |
$ |
102,711 |
|
$ |
82,085 |
|
|
|
Adjusted EBITDA1 |
$ |
62,558 |
|
$ |
57,586 |
|
$ |
42,622 |
|
$ |
45,583 |
|
$ |
(12,992 |
) |
$ |
(12,581 |
) |
$ |
92,188 |
|
$ |
90,588 |
|
|
|
Capital Expenditures*** |
$ |
28,951 |
|
$ |
38,906 |
|
$ |
31,299 |
|
$ |
50,584 |
|
$ |
1,579 |
|
$ |
(40 |
) |
$ |
61,829 |
|
$ |
89,450 |
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* 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 half-way through the final year
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 reducing capital expenditures to approach more
normalized spending levels and plans to augment further network
expansion with previously announced and future grant funding.
Operating Metrics
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Operating Metrics |
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2024 |
2024 |
2023 |
2023 |
2023 |
Q2 2024 |
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Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
vs. Q2 2023 |
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High-Speed Data* Broadband Homes Passed |
403,500 |
|
386,300 |
|
367,200 |
|
333,500 |
|
330,500 |
|
22 |
% |
|
|
|
High-Speed Data* Broadband Customers |
141,000 |
|
137,700 |
|
135,900 |
|
132,900 |
|
129,100 |
|
9 |
% |
|
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|
|
|
|
|
|
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Broadband Homes Passed |
803,300 |
|
789,700 |
|
768,900 |
|
746,600 |
|
746,800 |
|
8 |
% |
|
|
|
Broadband Customers |
212,900 |
|
214,000 |
|
214,400 |
|
213,900 |
|
215,500 |
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-1 |
% |
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Fiber Route Miles |
11,728 |
|
11,692 |
|
11,655 |
|
11,575 |
|
11,561 |
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1 |
% |
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International Mobile Subscribers |
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|
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Pre-Paid |
339,000 |
|
346,400 |
|
350,700 |
|
345,500 |
|
339,600 |
|
-0 |
% |
|
|
|
Post-Paid |
57,900 |
|
57,300 |
|
57,000 |
|
55,600 |
|
58,600 |
|
-1 |
% |
|
|
|
Total |
396,900 |
|
403,700 |
|
407,700 |
|
401,100 |
|
398,200 |
|
-0 |
% |
|
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|
|
|
|
|
|
|
|
|
|
|
Blended Churn |
3.44 |
% |
3.34 |
% |
3.33 |
% |
3.76 |
% |
2.69 |
% |
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*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 June 30, 2024, was $73.3 million and total debt
was $540.8 million, versus $67.2 million of cash, cash equivalents
and restricted cash and $482.1 million of total debt at the end of
the year-ago quarter.
Net cash provided by operating
activities was $53.5 million for the six months ended June
30, 2024, compared with net cash provided by operating activities
of $60.3 million in the prior year period.
Capital expenditures were $61.8
million net of $46.2 million of reimbursable capital expenditures
for the six months ended June 30, 2024, versus $89.5 million, net
of $7.0 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 July 10, 2024, on all common shares
outstanding to stockholders of record as of June 30, 2024.
Share repurchases made by the
Company during the second quarter of 2024 totaled $9.9 million.
There is $15 million remaining under the share repurchase program
authorized in December 2023.
Reaffirms Full-Year 2024 Guidance and
Outlook
The Company is reaffirming its guidance and
outlook for the full-year ended December 31, 2024, as follows:
Revenue (excluding construction revenue) |
$730 million to $750 million |
Full-year 2024 |
Adjusted EBITDA1 |
$190 million to $200 million |
Full-year 2024 |
Capital Expenditures |
$100 million to $110 million |
Full-year 2024 |
Net Debt Ratio 3 |
2.25x to 2.50x |
Exiting 2024 |
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Longer term, the Company continues to prioritize
increasing cash flow and driving positive returns through realized
efficiencies that leverage ATN’s high-quality network assets. In
2025, the Company expects internally funded capital investments to
be in the range of 10% to 15% of revenues.
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: Thursday, July 25,
2024Call Time: 10:00 a.m. ETWebcast
Link:
https://edge.media-server.com/mmc/p/x3cd8cb6
Live Call Participant
Link: https://register.vevent.com/register/BIbb2582646cf142d1bebb5428692491b1
Webcast Link InstructionsYou 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 expenses,
one-time impairment or special charges, non-cash stock-based
compensation, and the gain (loss) on disposition of assets.
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, 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 its fiber markets; (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 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 SatrowskyCorporate TreasurerATN International,
Inc.978-619-1300 |
Ian RhoadesInvestor RelationsSharon Merrill Advisors,
Inc.ATNI@investorrelations.com |
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Table 1 |
|
|
ATN International, Inc. |
|
|
Unaudited Condensed Consolidated Balance
Sheets |
|
|
(in Thousands) |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2024 |
2023 |
|
|
Assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
58,932 |
|
$ |
49,225 |
|
|
Restricted cash |
|
14,321 |
|
|
12,942 |
|
|
Customer receivable |
|
7,746 |
|
|
7,249 |
|
|
Other current assets |
|
214,897 |
|
|
211,856 |
|
|
|
|
|
|
|
|
Total current assets |
|
295,896 |
|
|
281,272 |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
1,061,322 |
|
|
1,080,659 |
|
|
Operating lease right-of-use assets |
|
97,738 |
|
|
99,335 |
|
|
Customer receivable - long term |
|
43,761 |
|
|
45,676 |
|
|
Goodwill and other intangible assets, net |
|
169,210 |
|
|
173,008 |
|
|
Other assets |
|
104,414 |
|
|
103,764 |
|
|
|
|
|
|
|
|
Total assets |
$ |
1,772,341 |
|
$ |
1,783,714 |
|
|
|
|
|
|
|
|
Liabilities, redeemable non-controlling interests and stockholders’
equity: |
|
|
|
|
|
Current portion of long-term debt |
$ |
16,573 |
|
$ |
24,290 |
|
|
Current portion of customer receivable credit facility |
|
7,659 |
|
|
7,110 |
|
|
Taxes payable |
|
11,994 |
|
|
10,876 |
|
|
Current portion of lease liabilities |
|
15,074 |
|
|
15,164 |
|
|
Other current liabilities |
|
217,585 |
|
|
235,754 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
268,885 |
|
|
293,194 |
|
|
|
|
|
|
|
|
Long-term debt, net of current portion |
$ |
524,262 |
|
$ |
492,580 |
|
|
Customer receivable credit facility, net of current portion |
|
38,442 |
|
|
38,943 |
|
|
Deferred income taxes |
|
17,754 |
|
|
19,775 |
|
|
Lease liabilities |
|
75,592 |
|
|
76,936 |
|
|
Other long-term liabilities |
|
135,316 |
|
|
138,566 |
|
|
|
|
|
|
|
|
Total liabilities |
|
1,060,251 |
|
|
1,059,994 |
|
|
|
|
|
|
|
|
Redeemable non-controlling interests |
|
83,325 |
|
|
85,917 |
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Total ATN International, Inc.’s stockholders’ equity |
|
526,771 |
|
|
541,073 |
|
|
Non-controlling interests |
|
101,994 |
|
|
96,730 |
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
628,765 |
|
|
637,803 |
|
|
|
|
|
|
|
|
Total liabilities, redeemable non-controlling interests and
stockholders’ equity |
$ |
1,772,341 |
|
$ |
1,783,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2 |
|
|
ATN International, Inc. |
|
|
Unaudited Condensed Consolidated Statements of
Operations |
|
|
(in Thousands, Except per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended, |
|
Six Months Ended, |
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Communications services |
|
|
$ |
177,365 |
|
|
$ |
181,576 |
|
|
$ |
358,633 |
|
|
$ |
362,883 |
|
|
|
Construction |
|
|
|
820 |
|
|
|
1,020 |
|
|
|
2,406 |
|
|
|
1,610 |
|
|
|
Other |
|
|
|
5,096 |
|
|
|
3,845 |
|
|
|
9,037 |
|
|
|
7,721 |
|
|
|
Total revenue |
|
|
|
183,281 |
|
|
|
186,441 |
|
|
|
370,076 |
|
|
|
372,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (excluding depreciation and amortization unless
otherwise indicated): |
|
|
|
|
|
|
|
|
|
|
|
Cost of services and other |
|
|
|
76,137 |
|
|
|
77,718 |
|
|
|
156,527 |
|
|
|
156,759 |
|
|
|
Cost of construction revenue |
|
|
|
|
813 |
|
|
|
1,016 |
|
|
|
2,382 |
|
|
|
1,604 |
|
|
|
Selling, general and administrative |
|
|
|
57,661 |
|
|
|
61,914 |
|
|
|
118,979 |
|
|
|
123,262 |
|
|
|
Stock-based compensation |
|
|
|
|
2,781 |
|
|
|
2,739 |
|
|
|
4,690 |
|
|
|
4,517 |
|
|
|
Transaction-related charges |
|
|
|
- |
|
|
|
438 |
|
|
|
19 |
|
|
|
451 |
|
|
|
Restructuring expenses |
|
|
|
|
- |
|
|
|
370 |
|
|
|
1,190 |
|
|
|
3,257 |
|
|
|
Depreciation |
|
|
|
|
35,558 |
|
|
|
36,217 |
|
|
|
69,897 |
|
|
|
72,621 |
|
|
|
Amortization of intangibles from acquisitions |
|
|
|
|
1,945 |
|
|
|
3,144 |
|
|
|
3,924 |
|
|
|
6,391 |
|
|
|
(Gain) loss on disposition of assets |
|
|
|
|
(15,930 |
) |
|
|
445 |
|
|
|
(16,422 |
) |
|
|
278 |
|
|
|
Total operating expenses |
|
|
|
158,965 |
|
|
|
184,001 |
|
|
|
341,186 |
|
|
|
369,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
24,316 |
|
|
|
2,440 |
|
|
|
28,890 |
|
|
|
3,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
(12,196 |
) |
|
|
(10,404 |
) |
|
|
(23,271 |
) |
|
|
(19,029 |
) |
|
|
Other income (expense) |
|
|
|
(579 |
) |
|
|
2,216 |
|
|
|
(406 |
) |
|
|
2,411 |
|
|
|
Other income (expense), net |
|
|
|
(12,775 |
) |
|
|
(8,188 |
) |
|
|
(23,677 |
) |
|
|
(16,618 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
|
11,541 |
|
|
|
(5,748 |
) |
|
|
5,213 |
|
|
|
(13,544 |
) |
|
|
Income tax expense (benefit) |
|
|
|
204 |
|
|
|
(5,087 |
) |
|
|
1,822 |
|
|
|
(5,827 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
11,337 |
|
|
|
(661 |
) |
|
|
3,391 |
|
|
|
(7,717 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to non-controlling interests,
net |
|
|
|
|
(2,334 |
) |
|
|
1,428 |
|
|
|
(701 |
) |
|
|
2,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to ATN International, Inc.
stockholders |
|
|
$ |
9,003 |
|
|
$ |
767 |
|
|
$ |
2,690 |
|
|
$ |
(5,118 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per weighted average share attributable to ATN
International, Inc. stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
$ |
0.50 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
$ |
0.50 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
15,254 |
|
|
|
15,719 |
|
|
|
15,346 |
|
|
|
15,726 |
|
|
|
Diluted |
|
|
|
|
15,255 |
|
|
|
15,719 |
|
|
|
15,360 |
|
|
|
15,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 |
|
ATN International, Inc. |
|
Unaudited Condensed Consolidated Cash Flow
Statements |
|
(in Thousands) |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,391 |
|
|
$ |
(7,717 |
) |
|
Depreciation |
|
69,897 |
|
|
|
72,621 |
|
|
Amortization of intangibles from acquisitions |
|
3,924 |
|
|
|
6,391 |
|
|
Provision for doubtful accounts |
|
2,855 |
|
|
|
2,463 |
|
|
Amortization of debt discount and debt issuance costs |
|
1,249 |
|
|
|
1,162 |
|
|
(Gain) Loss on disposition of assets |
|
(16,422 |
) |
|
|
278 |
|
|
Stock-based compensation |
|
4,690 |
|
|
|
4,517 |
|
|
Deferred income taxes |
|
(2,550 |
) |
|
|
(6,616 |
) |
|
Loss on pension settlement |
|
- |
|
|
|
369 |
|
|
Gain on equity investments |
|
(218 |
) |
|
|
(2,501 |
) |
|
Decrease in customer receivable |
|
1,418 |
|
|
|
1,186 |
|
|
Change in prepaid and accrued income taxes |
|
273 |
|
|
|
3,302 |
|
|
Change in other operating assets and liabilities |
|
(14,975 |
) |
|
|
(15,126 |
) |
|
|
|
|
|
|
Net cash provided by operating activities |
|
53,532 |
|
|
|
60,329 |
|
|
|
|
|
|
|
Capital expenditures |
|
(61,830 |
) |
|
|
(89,451 |
) |
|
Government capital programs: |
|
|
|
|
Amounts disbursed |
|
(46,198 |
) |
|
|
(6,986 |
) |
|
Amounts received |
|
48,564 |
|
|
|
593 |
|
|
Net proceeds from sale of assets |
|
17,910 |
|
|
|
- |
|
|
Purchases of spectrum licenses and other intangible assets |
|
(573 |
) |
|
|
- |
|
|
Purchases and sales of investments |
|
162 |
|
|
|
(1,055 |
) |
|
Acquisition of business |
|
- |
|
|
|
1,314 |
|
|
|
|
|
|
|
Net cash used in investing activities |
|
(41,965 |
) |
|
|
(95,585 |
) |
|
|
|
|
|
|
Dividends paid on common stock |
|
(7,421 |
) |
|
|
(6,633 |
) |
|
Distributions to non-controlling interests |
|
(2,116 |
) |
|
|
(1,447 |
) |
|
Finance lease payments |
|
(915 |
) |
|
|
(481 |
) |
|
Term loan - repayments |
|
(12,112 |
) |
|
|
(2,335 |
) |
|
Payment of debt issuance costs |
|
(974 |
) |
|
|
(159 |
) |
|
Revolving credit facilities – borrowings |
|
75,000 |
|
|
|
88,273 |
|
|
Revolving credit facilities – repayments |
|
(40,002 |
) |
|
|
(26,500 |
) |
|
Proceeds from customer receivable credit facility |
|
3,700 |
|
|
|
4,300 |
|
|
Repayment of customer receivable credit facility |
|
(3,709 |
) |
|
|
(3,247 |
) |
|
Purchases of common stock - stock-based compensation |
|
(1,932 |
) |
|
|
(1,433 |
) |
|
Purchases of common stock - share repurchase plan |
|
(10,000 |
) |
|
|
(6,828 |
) |
|
Repurchases of non-controlling interests, net |
|
- |
|
|
|
(760 |
) |
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
(481 |
) |
|
|
42,750 |
|
|
|
|
|
|
|
Net change in total cash, cash equivalents and restricted cash |
|
11,086 |
|
|
|
7,494 |
|
|
|
|
|
|
|
Total cash, cash equivalents and restricted cash, beginning of
period |
|
62,167 |
|
|
|
59,728 |
|
|
|
|
|
|
|
Total cash, cash equivalents and restricted cash, end of
period |
$ |
73,253 |
|
|
$ |
67,222 |
|
|
|
|
|
|
|
|
|
|
|
Table 4 |
|
|
ATN International, Inc. |
|
|
Selected Segment Financial Information |
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
For the three months ended June 30, 2024 is as follows: |
|
|
|
|
|
|
|
|
|
|
International Telecom |
US Telecom |
Corporate and Other * |
Total |
|
|
|
|
|
|
|
|
|
Statement of Operations Data: |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Mobility |
|
|
|
|
|
|
Business |
$ |
4,932 |
|
$ |
68 |
|
$ |
- |
|
$ |
5,000 |
|
|
|
Consumer |
|
21,879 |
|
|
701 |
|
|
- |
|
|
22,580 |
|
|
|
Total |
$ |
26,811 |
|
$ |
769 |
|
$ |
- |
|
$ |
27,580 |
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
|
|
|
|
Business |
$ |
18,715 |
|
$ |
30,817 |
|
$ |
- |
|
$ |
49,532 |
|
|
|
Consumer |
|
43,500 |
|
|
21,674 |
|
|
- |
|
|
65,174 |
|
|
|
Total |
$ |
62,215 |
|
$ |
52,491 |
|
$ |
- |
|
$ |
114,706 |
|
|
|
|
|
|
|
|
|
|
Carrier Services |
$ |
3,636 |
|
$ |
30,056 |
|
$ |
- |
|
$ |
33,692 |
|
|
|
Other |
|
1,045 |
|
|
342 |
|
|
- |
|
|
1,387 |
|
|
|
|
|
|
|
|
|
|
Total Communications Services |
$ |
93,707 |
|
$ |
83,658 |
|
$ |
- |
|
$ |
177,365 |
|
|
|
|
|
|
|
|
|
|
Construction |
$ |
- |
|
$ |
820 |
|
$ |
- |
|
$ |
820 |
|
|
|
|
|
|
|
|
|
|
Managed services |
$ |
1,650 |
|
$ |
3,446 |
|
$ |
- |
|
$ |
5,096 |
|
|
|
Total Other |
$ |
1,650 |
|
$ |
3,446 |
|
$ |
- |
|
$ |
5,096 |
|
|
|
|
|
|
|
|
|
|
Total Revenue |
$ |
95,357 |
|
$ |
87,924 |
|
$ |
- |
|
$ |
183,281 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
$ |
16,277 |
|
$ |
19,234 |
|
$ |
47 |
|
$ |
35,558 |
|
|
|
Amortization of intangibles from acquisitions |
$ |
252 |
|
$ |
1,693 |
|
$ |
- |
|
$ |
1,945 |
|
|
|
Total operating expenses |
$ |
62,952 |
|
$ |
87,040 |
|
$ |
8,973 |
|
$ |
158,965 |
|
|
|
Operating income (loss) |
$ |
32,405 |
|
$ |
884 |
|
$ |
(8,973 |
) |
$ |
24,316 |
|
|
|
Net (income) loss attributable to non-controlling interests |
$ |
(5,137 |
) |
$ |
2,803 |
|
$ |
- |
|
$ |
(2,334 |
) |
|
|
|
|
|
|
|
|
|
Non GAAP measures: |
|
|
|
|
|
|
EBITDA (2) |
$ |
48,934 |
|
$ |
21,811 |
|
$ |
(8,926 |
) |
$ |
61,819 |
|
|
|
Adjusted EBITDA (1) |
$ |
33,285 |
|
$ |
21,919 |
|
$ |
(6,534 |
) |
$ |
48,670 |
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data (at June 30, 2024): |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash |
$ |
33,563 |
|
$ |
36,448 |
|
$ |
3,242 |
|
$ |
73,253 |
|
|
|
Total current assets |
|
130,572 |
|
|
155,822 |
|
|
9,502 |
|
|
295,896 |
|
|
|
Fixed assets, net |
|
475,862 |
|
|
579,092 |
|
|
6,368 |
|
|
1,061,322 |
|
|
|
Total assets |
|
683,111 |
|
|
997,592 |
|
|
91,638 |
|
|
1,772,341 |
|
|
|
Total current liabilities |
|
91,529 |
|
|
145,856 |
|
|
31,500 |
|
|
268,885 |
|
|
|
Total debt, including current portion |
|
59,801 |
|
|
298,375 |
|
|
182,659 |
|
|
540,835 |
|
|
|
|
|
|
|
|
|
|
* 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 June 30, 2023 is as follows: |
|
|
|
|
|
|
|
|
|
|
International Telecom |
US Telecom |
Corporate and Other * |
Total |
|
|
Statement of Operations Data: |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Mobility |
|
|
|
|
|
|
Business |
$ |
3,507 |
|
$ |
114 |
|
$ |
- |
|
$ |
3,621 |
|
|
|
Consumer |
|
23,349 |
|
|
863 |
|
|
- |
|
|
24,212 |
|
|
|
Total |
$ |
26,856 |
|
$ |
977 |
|
$ |
- |
|
$ |
27,833 |
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
|
|
|
|
Business |
$ |
17,214 |
|
$ |
35,495 |
|
$ |
- |
|
$ |
52,709 |
|
|
|
Consumer |
|
42,459 |
|
|
22,608 |
|
|
- |
|
|
65,067 |
|
|
|
Total |
$ |
59,673 |
|
$ |
58,103 |
|
$ |
- |
|
$ |
117,776 |
|
|
|
|
|
|
|
|
|
|
Carrier Services |
$ |
3,879 |
|
$ |
31,576 |
|
$ |
- |
|
$ |
35,455 |
|
|
|
Other |
|
448 |
|
|
64 |
|
|
- |
|
|
512 |
|
|
|
|
|
|
|
|
|
|
Total Communications Services |
$ |
90,856 |
|
$ |
90,720 |
|
$ |
- |
|
$ |
181,576 |
|
|
|
|
|
|
|
|
|
|
Construction |
$ |
- |
|
$ |
1,020 |
|
$ |
- |
|
$ |
1,020 |
|
|
|
|
|
|
|
|
|
|
Managed services |
$ |
1,125 |
|
$ |
2,720 |
|
$ |
- |
|
$ |
3,845 |
|
|
|
|
|
|
|
|
|
|
Total Other |
$ |
1,125 |
|
$ |
2,720 |
|
$ |
- |
|
$ |
3,845 |
|
|
|
|
|
|
|
|
|
|
Total Revenue |
$ |
91,981 |
|
$ |
94,460 |
|
$ |
- |
|
$ |
186,441 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
$ |
14,106 |
|
$ |
21,430 |
|
$ |
681 |
|
$ |
36,217 |
|
|
|
Amortization of intangibles from acquisitions |
$ |
364 |
|
$ |
2,780 |
|
$ |
- |
|
$ |
3,144 |
|
|
|
Total operating expenses |
$ |
77,429 |
|
$ |
96,854 |
|
$ |
9,720 |
|
$ |
184,003 |
|
|
|
Operating income (loss) |
$ |
14,552 |
|
$ |
(2,394 |
) |
$ |
(9,720 |
) |
$ |
2,438 |
|
|
|
Net (income) loss attributable to non-controlling interests |
$ |
(2,050 |
) |
$ |
3,478 |
|
$ |
- |
|
$ |
1,428 |
|
|
|
|
|
|
|
|
|
|
Non GAAP measures: |
|
|
|
|
|
|
EBITDA (2) |
$ |
29,022 |
|
$ |
21,816 |
|
$ |
(9,039 |
) |
$ |
41,799 |
|
|
|
Adjusted EBITDA (1) |
$ |
29,128 |
|
$ |
22,776 |
|
$ |
(6,113 |
) |
$ |
45,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATN International, Inc. |
|
|
Selected Segment Financial Information |
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2024 is as follows: |
|
|
|
|
|
|
|
|
|
|
International Telecom |
US Telecom |
Corporate and Other * |
Total |
|
|
|
|
|
|
|
|
|
Statement of Operations Data: |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Mobility |
|
|
|
|
|
|
Business |
$ |
9,740 |
|
$ |
141 |
|
$ |
- |
|
$ |
9,881 |
|
|
|
Consumer |
|
43,108 |
|
|
1,465 |
|
|
- |
|
|
44,573 |
|
|
|
Total |
$ |
52,848 |
|
$ |
1,606 |
|
$ |
- |
|
$ |
54,454 |
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
|
|
|
|
Business |
$ |
37,247 |
|
$ |
65,783 |
|
$ |
- |
|
$ |
103,030 |
|
|
|
Consumer |
|
86,289 |
|
|
44,593 |
|
|
- |
|
|
130,882 |
|
|
|
Total |
$ |
123,536 |
|
$ |
110,376 |
|
$ |
- |
|
$ |
233,912 |
|
|
|
|
|
|
|
|
|
|
Carrier Services |
$ |
7,209 |
|
$ |
60,109 |
|
$ |
- |
|
$ |
67,318 |
|
|
|
Other |
|
1,863 |
|
|
1,086 |
|
|
- |
|
|
2,949 |
|
|
|
|
|
|
|
|
|
|
Total Communications Services |
$ |
185,456 |
|
$ |
173,177 |
|
$ |
- |
|
$ |
358,633 |
|
|
|
|
|
|
|
|
|
|
Construction |
$ |
- |
|
$ |
2,406 |
|
$ |
- |
|
$ |
2,406 |
|
|
|
|
|
|
|
|
|
|
Managed services |
$ |
2,960 |
|
$ |
6,077 |
|
$ |
- |
|
$ |
9,037 |
|
|
|
Total Other |
$ |
2,960 |
|
$ |
6,077 |
|
$ |
- |
|
$ |
9,037 |
|
|
|
|
|
|
|
|
|
|
Total Revenue |
$ |
188,416 |
|
$ |
181,660 |
|
$ |
- |
|
$ |
370,076 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
$ |
32,400 |
|
$ |
37,372 |
|
$ |
125 |
|
$ |
69,897 |
|
|
|
Amortization of intangibles from acquisitions |
$ |
503 |
|
$ |
3,421 |
|
$ |
- |
|
$ |
3,924 |
|
|
|
Total operating expenses |
$ |
144,326 |
|
$ |
180,178 |
|
$ |
16,682 |
|
$ |
341,186 |
|
|
|
Operating income (loss) |
$ |
44,090 |
|
$ |
1,482 |
|
$ |
(16,682 |
) |
$ |
28,890 |
|
|
|
Net (income) loss attributable to non-controlling interests |
$ |
(6,574 |
) |
$ |
5,872 |
|
$ |
- |
|
$ |
(702 |
) |
|
|
|
|
|
|
|
|
|
Non GAAP measures: |
|
|
|
|
|
|
EBITDA (2) |
$ |
76,993 |
|
$ |
42,275 |
|
$ |
(16,557 |
) |
$ |
102,711 |
|
|
|
Adjusted EBITDA (1) |
$ |
62,558 |
|
$ |
42,622 |
|
$ |
(12,992 |
) |
$ |
92,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 six months ended June 30, 2023 is as follows: |
|
|
|
|
|
|
|
|
|
|
International Telecom |
US Telecom |
Corporate and Other * |
Total |
|
|
|
|
|
|
|
|
|
Statement of Operations Data: |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Mobility |
|
|
|
|
|
|
Business |
$ |
7,083 |
|
$ |
286 |
|
$ |
- |
|
$ |
7,369 |
|
|
|
Consumer |
|
45,880 |
|
|
1,850 |
|
|
- |
|
|
47,730 |
|
|
|
Total |
$ |
52,963 |
|
$ |
2,136 |
|
$ |
- |
|
$ |
55,099 |
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
|
|
|
|
Business |
$ |
34,327 |
|
$ |
71,814 |
|
$ |
- |
|
$ |
106,141 |
|
|
|
Consumer |
|
84,236 |
|
|
45,190 |
|
|
- |
|
|
129,426 |
|
|
|
Total |
$ |
118,563 |
|
$ |
117,004 |
|
$ |
- |
|
$ |
235,567 |
|
|
|
|
|
|
|
|
|
|
Carrier Services |
$ |
7,570 |
|
$ |
63,660 |
|
$ |
- |
|
$ |
71,230 |
|
|
|
Other |
|
848 |
|
|
139 |
|
|
- |
|
|
987 |
|
|
|
|
|
|
|
|
|
|
Total Communications Services |
$ |
179,944 |
|
$ |
182,939 |
|
$ |
- |
|
$ |
362,883 |
|
|
|
|
|
|
|
|
|
|
Construction |
$ |
- |
|
$ |
1,610 |
|
$ |
- |
|
$ |
1,610 |
|
|
|
|
|
|
|
|
|
|
Managed services |
$ |
2,445 |
|
$ |
5,276 |
|
$ |
- |
|
$ |
7,721 |
|
|
|
|
|
|
|
|
|
|
Total Other |
$ |
2,445 |
|
$ |
5,276 |
|
$ |
- |
|
$ |
7,721 |
|
|
|
|
|
|
|
|
|
|
Total Revenue |
$ |
182,389 |
|
$ |
189,825 |
|
$ |
- |
|
$ |
372,214 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
$ |
28,292 |
|
$ |
42,917 |
|
$ |
1,412 |
|
$ |
72,621 |
|
|
|
Amortization of intangibles from acquisitions |
$ |
744 |
|
$ |
5,646 |
|
$ |
- |
|
$ |
6,390 |
|
|
|
Total operating expenses |
$ |
154,012 |
|
$ |
196,562 |
|
$ |
18,566 |
|
$ |
369,140 |
|
|
|
Operating income (loss) |
$ |
28,377 |
|
$ |
(6,737 |
) |
$ |
(18,566 |
) |
$ |
3,074 |
|
|
|
Net (income) loss attributable to non-controlling interests |
$ |
(3,856 |
) |
$ |
6,455 |
|
$ |
- |
|
$ |
2,599 |
|
|
|
|
|
|
|
|
|
|
Non GAAP measures: |
|
|
|
|
|
|
EBITDA (2) |
$ |
57,413 |
|
$ |
41,826 |
|
$ |
(17,154 |
) |
$ |
82,085 |
|
|
|
Adjusted EBITDA (1) |
$ |
57,586 |
|
$ |
45,583 |
|
$ |
(12,581 |
) |
$ |
90,588 |
|
|
|
|
|
|
|
|
|
|
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 June 30, 2024 is as follows: |
|
|
|
|
|
|
|
|
International Telecom |
US Telecom |
Corporate and Other * |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
32,405 |
|
$ |
884 |
|
$ |
(8,973 |
) |
$ |
24,316 |
|
|
Depreciation expense |
|
16,277 |
|
|
19,234 |
|
|
47 |
|
|
35,558 |
|
|
Amortization of intangibles from acquisitions |
|
252 |
|
|
1,693 |
|
|
- |
|
|
1,945 |
|
|
EBITDA |
$ |
48,934 |
|
$ |
21,811 |
|
$ |
(8,926 |
) |
$ |
61,819 |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
193 |
|
|
196 |
|
|
2,392 |
|
|
2,781 |
|
|
(Gain) Loss on disposition of assets |
|
(15,842 |
) |
|
(88 |
) |
|
- |
|
|
(15,930 |
) |
|
ADJUSTED EBITDA |
$ |
33,285 |
|
$ |
21,919 |
|
$ |
(6,534 |
) |
$ |
48,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, 2023 is as follows: |
|
|
|
|
|
|
|
|
International Telecom |
US Telecom |
Corporate and Other * |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
14,552 |
|
$ |
(2,394 |
) |
$ |
(9,720 |
) |
$ |
2,438 |
|
|
Depreciation expense |
|
14,106 |
|
|
21,430 |
|
|
681 |
|
|
36,217 |
|
|
Amortization of intangibles from acquisitions |
|
364 |
|
|
2,780 |
|
|
- |
|
|
3,144 |
|
|
EBITDA |
$ |
29,022 |
|
$ |
21,816 |
|
$ |
(9,039 |
) |
$ |
41,799 |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
109 |
|
|
9 |
|
|
2,621 |
|
|
2,739 |
|
|
Restructuring expenses |
|
- |
|
|
370 |
|
|
- |
|
|
370 |
|
|
Transaction-related charges |
|
- |
|
|
133 |
|
|
305 |
|
|
438 |
|
|
(Gain) Loss on disposition of assets |
|
(3 |
) |
|
448 |
|
|
- |
|
|
445 |
|
|
ADJUSTED EBITDA |
$ |
29,128 |
|
$ |
22,776 |
|
$ |
(6,113 |
) |
$ |
45,791 |
|
|
|
|
|
|
|
|
|
|
|
|
Table 5 (continued) |
ATN International, Inc. |
|
Reconciliation of Non-GAAP Measures |
|
(In Thousands) |
|
|
|
|
|
|
|
For the six months ended June 30, 2024 is as follows: |
|
|
|
|
|
|
|
|
International Telecom |
US Telecom |
Corporate and Other * |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
44,090 |
|
$ |
1,482 |
|
$ |
(16,682 |
) |
$ |
28,890 |
|
|
Depreciation expense |
|
32,400 |
|
|
37,372 |
|
|
125 |
|
|
69,897 |
|
|
Amortization of intangibles from acquisitions |
|
503 |
|
|
3,421 |
|
|
- |
|
|
3,924 |
|
|
EBITDA |
$ |
76,993 |
|
$ |
42,275 |
|
$ |
(16,557 |
) |
$ |
102,711 |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
217 |
|
|
327 |
|
|
4,146 |
|
|
4,690 |
|
|
Restructuring expenses |
|
1,190 |
|
|
- |
|
|
- |
|
|
1,190 |
|
|
Transaction-related charges |
|
- |
|
|
- |
|
|
19 |
|
|
19 |
|
|
(Gain) Loss on disposition of assets |
|
(15,842 |
) |
|
20 |
|
|
(600 |
) |
|
(16,422 |
) |
|
ADJUSTED EBITDA |
$ |
62,558 |
|
$ |
42,622 |
|
$ |
(12,992 |
) |
$ |
92,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2023 is as follows: |
|
|
|
|
|
|
|
|
International Telecom |
US Telecom |
Corporate and Other * |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
28,377 |
|
$ |
(6,737 |
) |
$ |
(18,566 |
) |
$ |
3,074 |
|
|
Depreciation expense |
|
28,292 |
|
|
42,917 |
|
|
1,412 |
|
|
72,621 |
|
|
Amortization of intangibles from acquisitions |
|
744 |
|
|
5,646 |
|
|
- |
|
|
6,390 |
|
|
EBITDA |
$ |
57,413 |
|
$ |
41,826 |
|
$ |
(17,154 |
) |
$ |
82,085 |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
176 |
|
|
86 |
|
|
4,255 |
|
|
4,517 |
|
|
Restructuring expenses |
|
- |
|
|
3,257 |
|
|
- |
|
|
3,257 |
|
|
Transaction-related charges |
|
- |
|
|
133 |
|
|
318 |
|
|
451 |
|
|
(Gain) Loss on disposition of assets |
|
(3 |
) |
|
281 |
|
|
- |
|
|
278 |
|
|
ADJUSTED EBITDA |
$ |
57,586 |
|
$ |
45,583 |
|
$ |
(12,581 |
) |
$ |
90,588 |
|
|
|
|
|
|
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Table 6 |
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|
ATN International, Inc. |
|
Non GAAP Measure - Net Debt Ratio |
|
(in Thousands) |
|
|
|
|
|
|
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|
June 30, |
|
December 31, |
|
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|
|
|
|
|
2024 |
2023 |
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt * |
|
|
|
|
$ |
16,573 |
|
$ |
24,290 |
|
|
|
Long-term debt, net of current portion * |
|
|
|
|
|
524,262 |
|
|
492,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt |
|
|
|
|
$ |
540,835 |
|
$ |
516,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Cash, cash equivalents and restricted cash |
|
|
|
|
|
73,253 |
|
|
62,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt |
|
|
|
|
$ |
467,582 |
|
$ |
454,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Adjusted EBITDA - for the four quarters ended |
|
|
|
|
$ |
191,050 |
|
$ |
189,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt Ratio |
|
|
|
|
|
2.45 |
|
|
2.40 |
|
|
|
|
|
|
|
|
|
|
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* Excludes Customer receivable credit facility |
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|
1 See Table 5 for reconciliation of Operating Income to Adjusted
EBITDA, a non-GAAP measure.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 EBITDA3 Please see “Use of Non-GAAP
Financial Measures” below for a full definition of Net Debt
Ratio.
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