ATN Reports Fourth Quarter and Full Year 2024 Results; Provides 2025 Outlook
ATN International (ATNI) reported its Q4 and full-year 2024 results, showing mixed performance. Full-year revenue declined 4% to $729.1 million, while Q4 revenue dropped 9% to $180.5 million, primarily due to the conclusion of the Emergency Connectivity Fund program.
The company posted a Q4 net income of $3.6 million ($0.14 per share), benefiting from an $8.9 million tax benefit. However, full-year results showed a net loss of $26.4 million (-$2.10 per share), impacted by a $35.3 million goodwill impairment charge. Adjusted EBITDA decreased 9% to $46.2 million in Q4 and 3% to $184.1 million for the full year.
Notable operational highlights include a 3% growth in high-speed subscribers and a 16% expansion in high-speed broadband homes passed. For 2025, ATN expects revenue to remain in line with 2024 (excluding construction revenue), flat Adjusted EBITDA, and capital expenditures between $90-100 million.
ATN International (ATNI) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. Il fatturato annuale è diminuito del 4% a 729,1 milioni di dollari, mentre il fatturato del Q4 è calato del 9% a 180,5 milioni di dollari, principalmente a causa della conclusione del programma Emergency Connectivity Fund.
L'azienda ha registrato un utile netto del Q4 di 3,6 milioni di dollari (0,14 dollari per azione), beneficiando di un vantaggio fiscale di 8,9 milioni di dollari. Tuttavia, i risultati dell'anno intero hanno mostrato una perdita netta di 26,4 milioni di dollari (-2,10 dollari per azione), influenzata da un addebito per impairment di avviamento di 35,3 milioni di dollari. L'EBITDA rettificato è diminuito del 9% a 46,2 milioni di dollari nel Q4 e del 3% a 184,1 milioni di dollari per l'intero anno.
I punti salienti operativi includono una crescita del 3% degli abbonati alla banda larga ad alta velocità e una espansione del 16% delle abitazioni raggiunte dalla banda larga ad alta velocità. Per il 2025, ATN prevede che il fatturato rimarrà in linea con il 2024 (escludendo il fatturato da costruzione), EBITDA rettificato piatto e spese in conto capitale tra 90 e 100 milioni di dollari.
ATN International (ATNI) informó sus resultados del cuarto trimestre y del año completo 2024, mostrando un desempeño mixto. Los ingresos anuales cayeron un 4% a 729,1 millones de dólares, mientras que los ingresos del Q4 disminuyeron un 9% a 180,5 millones de dólares, principalmente debido a la conclusión del programa Emergency Connectivity Fund.
La compañía reportó un ingreso neto de Q4 de 3,6 millones de dólares (0,14 dólares por acción), beneficiándose de un beneficio fiscal de 8,9 millones de dólares. Sin embargo, los resultados del año completo mostraron una pérdida neta de 26,4 millones de dólares (-2,10 dólares por acción), afectada por un cargo por deterioro de goodwill de 35,3 millones de dólares. El EBITDA ajustado disminuyó un 9% a 46,2 millones de dólares en el Q4 y un 3% a 184,1 millones de dólares para el año completo.
Los puntos destacados operativos incluyen un crecimiento del 3% en suscriptores de alta velocidad y una expansión del 16% en hogares con acceso a banda ancha de alta velocidad. Para 2025, ATN espera que los ingresos se mantengan en línea con 2024 (excluyendo ingresos por construcción), EBITDA ajustado plano y gastos de capital entre 90 y 100 millones de dólares.
ATN International (ATNI)는 2024년 4분기 및 연간 실적을 발표하며 혼합된 성과를 보여주었습니다. 연간 수익은 4% 감소하여 7억 2910만 달러에 이르렀고, 4분기 수익은 9% 감소하여 1억 8050만 달러로 나타났습니다. 이는 주로 Emergency Connectivity Fund 프로그램의 종료 때문입니다.
회사는 4분기 순이익이 360만 달러 (주당 0.14달러)를 기록했으며, 890만 달러의 세금 혜택을 받았습니다. 그러나 연간 결과는 순손실이 2640만 달러 (-주당 2.10달러)로 나타났으며, 3530만 달러의 영업권 손상 차감이 영향을 미쳤습니다. 조정된 EBITDA는 4분기 9% 감소하여 4620만 달러, 연간 3% 감소하여 1억 8410만 달러로 나타났습니다.
주목할 만한 운영 하이라이트로는 고속 인터넷 가입자 3% 증가와 고속 브로드밴드 서비스 제공 가구 16% 증가가 있습니다. 2025년에는 ATN이 2024년과 비슷한 수준의 수익(건설 수익 제외)을 예상하며, 조정된 EBITDA는 제자리걸음하고, 자본 지출은 9천만에서 1억 달러 사이가 될 것으로 보입니다.
ATN International (ATNI) a publié ses résultats du quatrième trimestre et de l'année 2024, montrant des performances mitigées. Le chiffre d'affaires annuel a diminué de 4% pour atteindre 729,1 millions de dollars, tandis que le chiffre d'affaires du Q4 a chuté de 9% à 180,5 millions de dollars, principalement en raison de la conclusion du programme Emergency Connectivity Fund.
L'entreprise a affiché un revenu net de 3,6 millions de dollars au Q4 (0,14 dollar par action), bénéficiant d'un avantage fiscal de 8,9 millions de dollars. Cependant, les résultats annuels ont montré une perte nette de 26,4 millions de dollars (-2,10 dollars par action), impactée par une charge de dépréciation de goodwill de 35,3 millions de dollars. L'EBITDA ajusté a diminué de 9% à 46,2 millions de dollars au Q4 et de 3% à 184,1 millions de dollars pour l'année complète.
Les points saillants opérationnels comprennent une croissance de 3% des abonnés à la haute vitesse et une expansion de 16% des foyers desservis par la large bande à haute vitesse. Pour 2025, ATN s'attend à ce que les revenus restent en ligne avec 2024 (hors revenus de construction), un EBITDA ajusté stable et des dépenses d'investissement entre 90 et 100 millions de dollars.
ATN International (ATNI) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Jahresumsatz sank um 4% auf 729,1 Millionen Dollar, während der Umsatz im Q4 um 9% auf 180,5 Millionen Dollar fiel, hauptsächlich aufgrund des Abschlusses des Emergency Connectivity Fund-Programms.
Das Unternehmen meldete einen Nettoertrag von 3,6 Millionen Dollar im Q4 (0,14 Dollar pro Aktie), begünstigt durch einen Steuerbonus von 8,9 Millionen Dollar. Die Ergebnisse für das gesamte Jahr zeigten jedoch einen Nettoverlust von 26,4 Millionen Dollar (-2,10 Dollar pro Aktie), beeinflusst durch eine Wertminderung des Goodwills in Höhe von 35,3 Millionen Dollar. Das bereinigte EBITDA fiel im Q4 um 9% auf 46,2 Millionen Dollar und um 3% auf 184,1 Millionen Dollar für das gesamte Jahr.
Bemerkenswerte betriebliche Höhepunkte sind ein Wachstum von 3% bei den Breitbandkunden und eine Erweiterung von 16% bei den Haushalten mit Zugang zu Breitbanddiensten. Für 2025 erwartet ATN, dass der Umsatz im Einklang mit 2024 bleibt (ohne Bauumsatz), das bereinigte EBITDA stabil bleibt und die Investitionsausgaben zwischen 90 und 100 Millionen Dollar liegen.
- 3% growth in high-speed subscribers
- 16% expansion in high-speed broadband homes coverage
- 16% increase in operating cash flow year-over-year
- Q4 operating income increased to $8.7 million
- $8.9 million tax benefit in Q4
- Full-year revenue declined 4% to $729.1 million
- Q4 revenue dropped 9% to $180.5 million
- Full-year net loss of $26.4 million (-$2.10 per share)
- $35.3 million goodwill impairment charge
- Full-year operating loss of $0.8 million
- Adjusted EBITDA decreased 9% in Q4 and 3% for full year
Insights
ATN International's Q4 and full-year 2024 results reveal a company in transition amid industry headwinds. The 9% Q4 revenue decline to
Despite these headline figures, there are positive operational indicators. High-speed subscribers grew
The 2025 outlook suggests a stabilization period rather than immediate growth recovery. Management projects flat revenue (excluding construction revenue) and Adjusted EBITDA, with capital expenditures normalizing to
The company's strategic focus on its "First-to-Fiber" and "Glass & Steel" market approaches shows commitment to infrastructure-based differentiation, though current financial metrics reflect the transitional costs of this strategy. The divergent performance between International Telecom (showing momentum) and US Telecom (facing headwinds) suggests uneven market dynamics requiring segment-specific strategies.
From a technology and infrastructure perspective, ATN's current financial performance reflects the challenging transition from legacy telecom business models toward future-focused connectivity services. The
The completion of ATN's three-year strategic investment plan marks a significant inflection point. The company has laid considerable groundwork by expanding its high-speed data footprint and growing its broadband subscriber base by
The investment shift toward "monetizing the investments" signals a natural evolution from build-out to commercialization. By targeting capital expenditures at
The company's differentiated approach between international markets (showing organic growth) and domestic operations (transitioning from legacy to carrier-managed solutions) reveals a nuanced understanding of regional market dynamics. While this creates short-term revenue pressure, especially following the expiration of the Emergency Connectivity Fund (ECF) and Affordable Care Program (ACP), it positions the company toward more durable revenue streams.
The Net Debt Ratio of 2.54x bears monitoring as the company executes its transition strategy. The anticipated flat EBITDA for 2025 means debt reduction will depend primarily on working capital management rather than earnings growth. The company's ability to maintain or slightly improve this ratio while transitioning its business model will be a key indicator of successful execution.
Fourth Quarter and Full Year 2024 Financial Highlights
- Grew total high-speed subscribers by
3% - Expanded high-speed broadband homes passed by
16% - Fourth-quarter revenues declined
9% to$180.5 million year over year; Full-year revenues declined4% to$729.1 million , impacted by the conclusion of the Emergency Connectivity Fund (ECF) program - Fourth quarter operating income increased to
$8.7 million year over year; Full year operating income decreased to a loss of$0.8 million - Fourth quarter net income was
$3.6 million , or$0.14 per diluted share, including an$8.9 million tax benefit; Full-year net loss was$(26.4) million , or$(2.10) per share, including a goodwill impairment charge of$35.3 million taken in the third quarter - Fourth quarter Adjusted EBITDA1 decreased
9% year over year to$46.2 million ; Full-year Adjusted EBITDA1 decreased3% to$184.1 million - Net cash provided by operating activities expanded
16% year-over-year - Capital expenditures for the full year were
$110.4 million (net of$108.5 million reimbursements) - Net Debt Ratio3 was 2.54x at year-end 2024
2025 Outlook
- Revenue for the full year 2025 is expected to be in line with last year, excluding construction revenue
- Adjusted EBITDA2 for the full year 2025 is expected to be essentially flat with the prior year
- Capital expenditures for the full year 2025 are expected to be in the range of
$90 t o$100 million (net of reimbursements) - Net Debt Ratio3 is expected to remain flat, with a slight potential improvement exiting 2025 compared with 2024
Earnings Conference Call
- Wednesday, March 5, 2025, at 10:00 a.m. ET; web participant link:
https://edge.media-server.com/mmc/p/93i8ymna
BEVERLY, Mass., March 04, 2025 (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 fourth quarter and year ended December 31, 2024.
Remarks by Brad Martin, ATN Chief Executive Officer
"Our fourth quarter results close out a year of resilience and adaptability as we navigated an evolving industry landscape while remaining focused on disciplined execution. Despite full-year revenue declining
"Within our segments, International Telecom maintained solid momentum, driven by strong demand for high-speed broadband services and operational improvements. Meanwhile, in our US Telecom segment, we made strategic progress in expanding and upgrading our networks, strengthening our market positioning for long-term growth. We faced near-term headwinds from the expiration of subsidy programs and shifts in consumer demand. However, we remain focused on transitioning our domestic business toward sustainable revenue streams, driven by enterprise and carrier solutions.”
Fourth Quarter and Full Year 2024 Financial Results
Consolidated revenues were
Operating income was
Net income attributable to ATN stockholders in the fourth quarter of 2024 was
Adjusted EBITDA1 was
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 December 31, 2024 and 2023 | ||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| International | International | US | US | Corporate | Corporate | Total | Total | |||||||||||||||||
| Telecom | Telecom | Telecom | Telecom | and Other* | and Other* | ATN | ATN | |||||||||||||||||
| Total Revenue: | $ | 94,766 | $ | 94,467 | $ | 85,782 | $ | 104,499 | $ | - | $ | - | $ | 180,548 | $ | 198,966 | ||||||||
| Mobility | 27,544 | 27,733 | 459 | 956 | - | - | 28,003 | 28,689 | ||||||||||||||||
| Fixed | 60,870 | 60,622 | 50,808 | 58,258 | - | - | 111,678 | 118,880 | ||||||||||||||||
| Carrier Services | 3,244 | 3,675 | 30,022 | 32,216 | - | - | 33,266 | 35,891 | ||||||||||||||||
| Construction | - | - | 1,291 | 6,982 | - | - | 1,291 | 6,982 | ||||||||||||||||
| All other | 3,108 | 2,437 | 3,202 | 6,087 | - | - | 6,310 | 8,524 | ||||||||||||||||
| Operating Income (Loss) | $ | 18,830 | $ | 12,244 | $ | (1,591 | ) | $ | (1,803 | ) | $ | (8,565 | ) | $ | (7,177 | ) | $ | 8,674 | $ | 3,264 | ||||
| EBITDA (2) | $ | 31,975 | $ | 27,287 | $ | 18,091 | $ | 20,329 | $ | (8,262 | ) | $ | (6,594 | ) | $ | 41,804 | $ | 41,022 | ||||||
| Adjusted EBITDA (1) | $ | 32,343 | $ | 30,868 | $ | 19,515 | $ | 27,489 | $ | (5,632 | ) | $ | (7,341 | ) | $ | 46,226 | $ | 51,016 | ||||||
| Capital Expenditures** | $ | 15,418 | $ | 18,720 | $ | 9,281 | $ | 17,894 | $ | 4 | $ | 42 | $ | 24,703 | $ | 36,656 | ||||||||
| For the Year Ended December 31, 2024 and 2023 | ||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| International | International | US | US | Corporate | Corporate | Total | Total | |||||||||||||||||
| Telecom | Telecom | Telecom | Telecom | and Other* | and Other* | ATN | ATN | |||||||||||||||||
| Total Revenue: | $ | 377,463 | $ | 370,733 | $ | 351,612 | $ | 391,483 | $ | - | $ | - | $ | 729,075 | $ | 762,216 | ||||||||
| Mobility | 107,201 | 108,486 | 2,771 | 4,037 | - | - | 109,972 | 112,523 | ||||||||||||||||
| Fixed | 246,165 | 239,168 | 212,199 | 233,605 | - | - | 458,364 | 472,773 | ||||||||||||||||
| Carrier Services | 13,724 | 14,686 | 119,561 | 128,195 | - | - | 133,285 | 142,881 | ||||||||||||||||
| Construction | - | - | 3,900 | 10,629 | - | - | 3,900 | 10,629 | ||||||||||||||||
| All other | 10,373 | 8,393 | 13,181 | 15,017 | - | - | 23,554 | 23,410 | ||||||||||||||||
| Operating Income (Loss) | $ | 75,773 | $ | 53,420 | $ | (44,443 | ) | $ | (5,522 | ) | $ | (32,125 | ) | $ | (34,723 | ) | $ | (795 | ) | $ | 13,175 | |||
| EBITDA (2) | $ | 140,487 | $ | 112,093 | $ | 36,453 | $ | 87,455 | $ | (31,492 | ) | $ | (32,110 | ) | $ | 145,448 | $ | 167,438 | ||||||
| Adjusted EBITDA (1) | $ | 127,151 | $ | 115,955 | $ | 79,828 | $ | 99,933 | $ | (22,895 | ) | $ | (26,437 | ) | $ | 184,084 | $ | 189,451 | ||||||
| Capital Expenditures** | $ | 56,693 | $ | 76,379 | $ | 53,652 | $ | 86,918 | $ | 29 | $ | - | $ | 110,374 | $ | 163,297 | ||||||||
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments.
**Excludes government capital program amounts disbursed and amounts received.
ATN’s Strategic Plan and Key Performance Indicators
Investments to drive long-term growth and durable cash flow
The Company completed its three-year strategic plan initiated in 2022 to accelerate investments in its high-speed data footprint and grow high-speed broadband subscribers. During 2025, the Company expects to continue to invest in its long-lived assets albeit at a slower rate, while also relying on previously awarded government grants to continue to expand its domestic footprint. Moving forward, the Company is focusing on monetizing the investments made during the three-year period and improving cash flow. The Company believes these efforts will enable it to improve returns to shareholders.
Operating Metrics
| Operating Metrics | ||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | Q4 2024 | |||||||
| Q4 | Q3 | Q2 | Q1 | Q4 | vs. Q4 2023 | |||||||
| High-Speed Data* Broadband Homes Passed | 426,100 | 399,500 | 396,100 | 386,300 | 367,200 | 16 | % | |||||
| High-Speed Data* Broadband Customers | 140,800 | 141,100 | 140,600 | 138,900 | 137,300 | 3 | % | |||||
| Broadband Homes Passed | 800,900 | 798,400 | 803,300 | 789,700 | 768,900 | 4 | % | |||||
| Broadband Customers | 203,200 | 205,900 | 211,400 | 212,500 | 212,900 | -5 | % | |||||
| Fiber Route Miles | 11,921 | 11,901 | 11,880 | 11,692 | 11,655 | 2 | % | |||||
| International Mobile Subscribers | ||||||||||||
| Pre-Paid | 329,300 | 336,400 | 339,000 | 346,400 | 350,700 | -6 | % | |||||
| Post-Paid | 59,500 | 58,700 | 57,900 | 57,300 | 57,000 | 4 | % | |||||
| Total | 388,800 | 395,100 | 396,900 | 403,700 | 407,700 | -5 | % | |||||
| Blended Churn | 3.51 | % | 3.47 | % | 3.44 | % | 3.34 | % | 3.33 | % | ||
*HSD is defined as download speeds 100 Mbps or greater and HSD Broadband Customers as subscribers connected to our high-speed networks regardless of the speed of plan selected.
Note: Data presented 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 December 31, 2024, increased to
Net cash provided by operating activities increased to
Capital expenditures were
Quarterly Dividends and Stock Repurchases
Quarterly dividends ATN paid a dividend of
Share repurchases. For the year ended December 31, 2024, the Company invested
2025 Business Outlook
"At ATN, we remain committed to maximizing the value of our investments in our “First-to-Fiber” and “Glass & Steel™” market strategies, which we launched in early 2022,” said Martin. “By aligning our capital expenditures with historical levels—targeting 10
"Looking ahead to 2025, our focus is on expanding cash flow to fully realize the benefits of these investments, positioning ATN for long-term growth and profitability.
"We anticipate international revenue growth in the low single digits in 2025, while domestic revenue will reflect our transition from legacy services to carrier-managed solutions. Although we expect that this shift will result in a short-term decline in domestic revenue, it is a necessary step toward strengthening our long-term competitive position.
"From a profitability standpoint, we expect International Adjusted EBITDA to expand in 2025, driven by revenue growth and continued cost optimization. Domestically, we are streamlining our infrastructure to align with future opportunities. While this transition will temporarily impact Adjusted EBITDA, we believe that it will ultimately create a stronger foundation for sustainable growth."
For Full Year 2025, ATN expects:
- Revenue in line with last year, excluding construction revenue
- Adjusted EBITDA to be essentially flat with the prior year
- Capital expenditures in the range of
$90 t o$100 million (net of reimbursements) - Net Debt Ratio to remain flat, with a slight potential improvement exiting 2025 compared with 2024
For the Company’s full year 2025 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 Net Debt Ratio.
Conference Call Information
Call Date: Wednesday, March 5, 2025
Call Time: 10:00 a.m. ET
Webcast Link: https://edge.media-server.com/mmc/p/93i8ymna
Live Call Participant Link: https://register.vevent.com/register/BI4ac03bb430dd4e72b948402c521017f0
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 expenses, one-time impairment or special charges, and the gain (loss) on disposition of assets and transfers. To more closely align with similar calculations presented by companies in its industry, beginning in the first quarter of 2023, the Company excluded non-cash stock-based compensation in its adjustment to derive Adjusted EBITDA. Prior periods have been restated to conform to this definition change.
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 trailing four quarters’ ended total 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 the transition of its US Telecom business, its future revenues, operating income, cash flows, network and operating costs, Adjusted EBITDA, Net Debt Ratio, and capital investments; demand for the Company’s services and industry trends - the Company’s liquidity; the expansion of the Company’s customer base; receipt of certain government grants 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 the Company’s operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of the Company’s subscriber base and ARPU; (2) 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; (3) the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (4) 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; (5) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (6) the Company’s ability to realize expansion plans for its fiber markets; (7) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (8) 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; (9) the Company’s continued access to capital and credit markets on terms it deems favorable; (10) the Company’s ability to successfully transition its US Telecom business away from wholesale mobility to other carrier and consumer-based services; (11) 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; (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 (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 Satrowsky Corporate Treasurer ATN International, Inc. 978-619-1300 | Adam Rogers Investor Relations Sharon Merrill Advisors, Inc. ATNI@investorrelations.com |
| Table 1 | |||||||
| ATN International, Inc. | |||||||
| Unaudited Condensed Consolidated Balance Sheets | |||||||
| (in Thousands) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets: | |||||||
| Cash and cash equivalents | $ | 74,687 | $ | 49,225 | |||
| Restricted cash | 15,851 | 12,942 | |||||
| Customer receivable | 7,986 | 7,249 | |||||
| Other current assets | 211,815 | 211,856 | |||||
| Total current assets | 310,339 | 281,272 | |||||
| Property, plant and equipment, net | 1,040,193 | 1,080,659 | |||||
| Operating lease right-of-use assets | 99,427 | 99,335 | |||||
| Customer receivable - long term | 41,030 | 45,676 | |||||
| Goodwill and other intangible assets, net | 130,144 | 173,008 | |||||
| Other assets | 107,148 | 103,764 | |||||
| Total assets | $ | 1,728,281 | $ | 1,783,714 | |||
| Liabilities, redeemable non-controlling interests and stockholders’ equity: | |||||||
| Current portion of long-term debt | $ | 8,226 | $ | 24,290 | |||
| Current portion of customer receivable credit facility | 8,031 | 7,110 | |||||
| Taxes payable | 8,234 | 10,876 | |||||
| Current portion of lease liabilities | 16,188 | 15,164 | |||||
| Other current liabilities | 225,621 | 235,754 | |||||
| Total current liabilities | 266,300 | 293,194 | |||||
| Long-term debt, net of current portion | $ | 549,130 | $ | 492,580 | |||
| Customer receivable credit facility, net of current portion | 36,203 | 38,943 | |||||
| Deferred income taxes | 4,882 | 19,775 | |||||
| Lease liabilities | 77,469 | 76,936 | |||||
| Other long-term liabilities | 122,543 | 138,566 | |||||
| Total liabilities | 1,056,527 | 1,059,994 | |||||
| Redeemable non-controlling interests | 76,303 | 85,917 | |||||
| Stockholders' equity: | |||||||
| Total ATN International, Inc.’s stockholders’ equity | 489,493 | 541,073 | |||||
| Non-controlling interests | 105,958 | 96,730 | |||||
| Total stockholders' equity | 595,451 | 637,803 | |||||
| Total liabilities, redeemable non-controlling interests and stockholders’ equity | $ | 1,728,281 | $ | 1,783,714 | |||
| Table 2 | ||||||||||||||||
| ATN International, Inc. | ||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||
| (in Thousands, Except per Share Data) | ||||||||||||||||
| Three Months Ended, | Year Ended, | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Communications services | $ | 174,703 | $ | 187,597 | $ | 707,758 | $ | 735,082 | ||||||||
| Construction | 1,291 | 6,982 | 3,900 | 10,629 | ||||||||||||
| Other | 4,554 | 4,387 | 17,417 | 16,505 | ||||||||||||
| Total revenue | 180,548 | 198,966 | 729,075 | 762,216 | ||||||||||||
| Operating expenses (excluding depreciation and amortization unless otherwise indicated): | ||||||||||||||||
| Cost of services and other | 76,757 | 82,598 | 312,256 | 319,723 | ||||||||||||
| Cost of construction revenue | 1,278 | 6,710 | 3,866 | 10,345 | ||||||||||||
| Selling, general and administrative | 56,288 | 58,642 | 228,869 | 242,697 | ||||||||||||
| Stock-based compensation | 1,716 | 2,063 | 8,237 | 8,535 | ||||||||||||
| Transaction-related charges | 1,038 | 54 | 4,847 | 551 | ||||||||||||
| Restructuring and reorganization expenses | - | 6,588 | 3,535 | 11,228 | ||||||||||||
| Depreciation | 31,139 | 34,636 | 138,335 | 141,627 | ||||||||||||
| Amortization of intangibles from acquisitions | 1,991 | 3,122 | 7,907 | 12,636 | ||||||||||||
| (Gain) loss on disposition of assets and transfers | 1,668 | 1,289 | (13,251 | ) | 1,699 | |||||||||||
| Goodwill impairment | - | - | 35,269 | - | ||||||||||||
| Total operating expenses | 171,875 | 195,702 | 729,870 | 749,041 | ||||||||||||
| Operating income (loss) | 8,673 | 3,264 | (795 | ) | 13,175 | |||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense, net | (12,608 | ) | (11,872 | ) | (48,362 | ) | (42,210 | ) | ||||||||
| Other income (expense) | (757 | ) | (1,128 | ) | (1,809 | ) | 1,496 | |||||||||
| Other income (expense), net | (13,365 | ) | (13,000 | ) | (50,171 | ) | (40,714 | ) | ||||||||
| Loss before income taxes | (4,692 | ) | (9,736 | ) | (50,966 | ) | (27,539 | ) | ||||||||
| Income tax benefit | (8,901 | ) | (2,417 | ) | (19,114 | ) | (8,785 | ) | ||||||||
| Net income (loss) | 4,209 | (7,319 | ) | (31,852 | ) | (18,754 | ) | |||||||||
| Net (income) loss attributable to non-controlling interests, net | (637 | ) | 1,483 | 5,423 | 4,216 | |||||||||||
| Net income (loss) attributable to ATN International, Inc. stockholders | $ | 3,572 | $ | (5,836 | ) | $ | (26,429 | ) | $ | (14,538 | ) | |||||
| Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders: | ||||||||||||||||
| Basic | $ | 0.14 | $ | (0.46 | ) | $ | (2.10 | ) | $ | (1.25 | ) | |||||
| Diluted | $ | 0.14 | $ | (0.46 | ) | $ | (2.10 | ) | $ | (1.25 | ) | |||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 15,114 | 15,436 | 15,229 | 15,595 | ||||||||||||
| Diluted | 15,127 | 15,436 | 15,229 | 15,595 | ||||||||||||
| Table 3 | |||||||
| ATN International, Inc. | |||||||
| Unaudited Condensed Consolidated Cash Flow Statements | |||||||
| (in Thousands) | |||||||
| Year Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Net loss | $ | (31,852 | ) | $ | (18,754 | ) | |
| Depreciation | 138,335 | 141,627 | |||||
| Amortization of intangibles from acquisitions | 7,907 | 12,636 | |||||
| Provision for doubtful accounts | 5,946 | 5,012 | |||||
| Amortization of debt discount and debt issuance costs | 2,681 | 2,431 | |||||
| (Gain) Loss on disposition of assets and transfers | (13,251 | ) | 1,699 | ||||
| Stock-based compensation | 8,237 | 8,535 | |||||
| Deferred income taxes | (12,777 | ) | (16,756 | ) | |||
| Loss on pension settlement | - | 369 | |||||
| Gain on equity investments | (464 | ) | (4,201 | ) | |||
| Loss on extinguishment of debt | 760 | - | |||||
| Goodwill impairment | 35,269 | - | |||||
| Decrease in customer receivable | 3,909 | (416 | ) | ||||
| Change in prepaid and accrued income taxes | (16,223 | ) | 7,801 | ||||
| Change in other operating assets and liabilities | 733 | (28,351 | ) | ||||
| Net cash provided by operating activities | 129,210 | 111,632 | |||||
| Capital expenditures | (110,375 | ) | (163,297 | ) | |||
| Government capital programs: | |||||||
| Amounts disbursed | (108,476 | ) | (32,871 | ) | |||
| Amounts received | 95,758 | 31,873 | |||||
| Net proceeds from sale of assets | 18,609 | 576 | |||||
| Purchases and sales of strategic investments | 790 | (1,055 | ) | ||||
| Purchases and sales of investments | 517 | (1,652 | ) | ||||
| Purchases and sales of businesses | - | 1,314 | |||||
| Other | (573 | ) | - | ||||
| Net cash used in investing activities | (103,750 | ) | (165,112 | ) | |||
| Dividends paid on common stock | (14,674 | ) | (13,178 | ) | |||
| Distributions to non-controlling interests | (3,607 | ) | (4,039 | ) | |||
| Finance lease payments | (1,930 | ) | (1,375 | ) | |||
| Term loan - borrowings | 300,000 | 130,000 | |||||
| Term loan - repayments | (241,115 | ) | (6,959 | ) | |||
| Payment of debt issuance costs | (6,743 | ) | (3,906 | ) | |||
| Revolving credit facilities – borrowings | 103,000 | 159,414 | |||||
| Revolving credit facilities – repayments | (117,502 | ) | (185,293 | ) | |||
| Proceeds from customer receivable credit facility | 5,740 | 7,300 | |||||
| Repayment of customer receivable credit facility | (7,674 | ) | (6,712 | ) | |||
| Purchases of common stock - stock-based compensation | (1,932 | ) | (1,473 | ) | |||
| Purchases of common stock - share repurchase plan | (10,000 | ) | (14,999 | ) | |||
| Repurchases of non-controlling interests, net | (652 | ) | (2,861 | ) | |||
| Net cash provided by financing activities | 2,911 | 55,919 | |||||
| Net change in total cash, cash equivalents and restricted cash | 28,371 | 2,439 | |||||
| Total cash, cash equivalents and restricted cash, beginning of period | 62,167 | 59,728 | |||||
| Total cash, cash equivalents and restricted cash, end of period | $ | 90,538 | $ | 62,167 | |||
| Table 4 | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Selected Segment Financial Information | ||||||||||||
| (In Thousands) | ||||||||||||
| For the three months ended December 31, 2024 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 5,048 | $ | 68 | $ | - | $ | 5,116 | ||||
| Consumer | 22,496 | 391 | - | 22,887 | ||||||||
| Total | $ | 27,544 | $ | 459 | $ | - | $ | 28,003 | ||||
| Fixed | ||||||||||||
| Business | $ | 18,148 | $ | 30,080 | $ | - | $ | 48,228 | ||||
| Consumer | 42,722 | 20,728 | - | 63,450 | ||||||||
| Total | $ | 60,870 | $ | 50,808 | $ | - | $ | 111,678 | ||||
| Carrier Services | $ | 3,244 | $ | 30,022 | $ | - | $ | 33,266 | ||||
| Other | 1,641 | 115 | - | 1,756 | ||||||||
| Total Communications Services | $ | 93,299 | $ | 81,404 | $ | - | $ | 174,703 | ||||
| Construction | $ | - | $ | 1,291 | $ | - | $ | 1,291 | ||||
| Managed services | $ | 1,467 | $ | 3,087 | $ | - | $ | 4,554 | ||||
| Total Other | $ | 1,467 | $ | 3,087 | $ | - | $ | 4,554 | ||||
| Total Revenue | $ | 94,766 | $ | 85,782 | $ | - | $ | 180,548 | ||||
| Depreciation | $ | 12,894 | $ | 17,942 | $ | 303 | $ | 31,139 | ||||
| Amortization of intangibles from acquisitions | $ | 251 | $ | 1,740 | $ | - | $ | 1,991 | ||||
| Total operating expenses | $ | 75,936 | $ | 87,373 | $ | 8,565 | $ | 171,874 | ||||
| Operating income (loss) | $ | 18,830 | $ | (1,591 | ) | $ | (8,565 | ) | $ | 8,674 | ||
| Net (income) loss attributable to non-controlling interests | $ | (4,377 | ) | $ | 3,740 | $ | - | $ | (637 | ) | ||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 31,975 | $ | 18,091 | $ | (8,262 | ) | $ | 41,804 | |||
| Adjusted EBITDA (1) | $ | 32,343 | $ | 19,515 | $ | (5,632 | ) | $ | 46,226 | |||
| Balance Sheet Data (at December 31, 2024): | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 36,526 | $ | 51,604 | $ | 2,408 | $ | 90,538 | ||||
| Total current assets | 131,044 | 168,754 | 10,541 | 310,339 | ||||||||
| Fixed assets, net | 466,861 | 565,625 | 7,707 | 1,040,193 | ||||||||
| Total assets | 676,820 | 957,914 | 93,547 | 1,728,281 | ||||||||
| Total current liabilities | 86,766 | 145,298 | 34,236 | 266,300 | ||||||||
| Total debt, including current portion | 59,850 | 316,242 | 181,264 | 557,356 | ||||||||
| * 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 December 31, 2023 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 4,768 | $ | 112 | $ | - | $ | 4,880 | ||||
| Consumer | 22,965 | 844 | - | 23,809 | ||||||||
| Total | $ | 27,733 | $ | 956 | $ | - | $ | 28,689 | ||||
| Fixed | ||||||||||||
| Business | $ | 18,606 | $ | 35,827 | $ | - | $ | 54,433 | ||||
| Consumer | 42,016 | 22,431 | - | 64,447 | ||||||||
| Total | $ | 60,622 | $ | 58,258 | $ | - | $ | 118,880 | ||||
| Carrier Services | $ | 3,675 | $ | 32,216 | $ | - | $ | 35,891 | ||||
| Other | 982 | 3,155 | - | 4,137 | ||||||||
| Total Communications Services | $ | 93,012 | $ | 94,585 | $ | - | $ | 187,597 | ||||
| Construction | $ | - | $ | 6,982 | $ | - | $ | 6,982 | ||||
| Managed services | $ | 1,455 | $ | 2,932 | $ | - | $ | 4,387 | ||||
| Total Other | $ | 1,455 | $ | 2,932 | $ | - | $ | 4,387 | ||||
| Total Revenue | $ | 94,467 | $ | 104,499 | $ | - | $ | 198,966 | ||||
| Depreciation | $ | 14,774 | $ | 19,279 | $ | 583 | $ | 34,636 | ||||
| Amortization of intangibles from acquisitions | $ | 269 | $ | 2,853 | $ | - | $ | 3,122 | ||||
| Total operating expenses | $ | 82,223 | $ | 106,302 | $ | 7,177 | $ | 195,702 | ||||
| Operating income (loss) | $ | 12,244 | $ | (1,803 | ) | $ | (7,177 | ) | $ | 3,264 | ||
| Net (income) loss attributable to non-controlling interests | $ | (1,455 | ) | $ | 2,938 | $ | - | $ | 1,483 | |||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 27,287 | $ | 20,329 | $ | (6,594 | ) | $ | 41,022 | |||
| Adjusted EBITDA (1) | $ | 30,868 | $ | 27,489 | $ | (7,341 | ) | $ | 51,016 | |||
| (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 year ended December 31, 2024 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 19,794 | $ | 277 | $ | - | $ | 20,071 | ||||
| Consumer | 87,407 | 2,494 | - | 89,901 | ||||||||
| Total | $ | 107,201 | $ | 2,771 | $ | - | $ | 109,972 | ||||
| Fixed | ||||||||||||
| Business | $ | 74,087 | $ | 125,439 | $ | - | $ | 199,526 | ||||
| Consumer | 172,078 | 86,760 | - | 258,838 | ||||||||
| Total | $ | 246,165 | $ | 212,199 | $ | - | $ | 458,364 | ||||
| Carrier Services | $ | 13,724 | $ | 119,561 | $ | - | $ | 133,285 | ||||
| Other | 4,680 | 1,457 | - | 6,137 | ||||||||
| Total Communications Services | $ | 371,770 | $ | 335,988 | $ | - | $ | 707,758 | ||||
| Construction | $ | - | $ | 3,900 | $ | - | $ | 3,900 | ||||
| Managed services | $ | 5,693 | $ | 11,724 | $ | - | $ | 17,417 | ||||
| Total Other | $ | 5,693 | $ | 11,724 | $ | - | $ | 17,417 | ||||
| Total Revenue | $ | 377,463 | $ | 351,612 | $ | - | $ | 729,075 | ||||
| Depreciation | $ | 63,708 | $ | 73,995 | $ | 633 | $ | 138,336 | ||||
| Amortization of intangibles from acquisitions | $ | 1,006 | $ | 6,901 | $ | - | $ | 7,907 | ||||
| Total operating expenses | $ | 301,690 | $ | 396,055 | $ | 32,125 | $ | 729,870 | ||||
| Operating income (loss) | $ | 75,773 | $ | (44,443 | ) | $ | (32,125 | ) | $ | (795 | ) | |
| Net (income) loss attributable to non-controlling interests | $ | (12,844 | ) | $ | 18,267 | $ | - | $ | 5,423 | |||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 140,487 | $ | 36,453 | $ | (31,492 | ) | $ | 145,448 | |||
| Adjusted EBITDA (1) | $ | 127,151 | $ | 79,828 | $ | (22,895 | ) | $ | 184,084 | |||
| * 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 year ended December 31, 2023 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 16,333 | $ | 527 | $ | - | $ | 16,860 | ||||
| Consumer | 92,153 | 3,510 | - | 95,663 | ||||||||
| Total | $ | 108,486 | $ | 4,037 | $ | - | $ | 112,523 | ||||
| Fixed | ||||||||||||
| Business | $ | 71,215 | $ | 143,322 | $ | - | $ | 214,537 | ||||
| Consumer | 167,953 | 90,283 | - | 258,236 | ||||||||
| Total | $ | 239,168 | $ | 233,605 | $ | - | $ | 472,773 | ||||
| Carrier Services | $ | 14,686 | $ | 128,195 | $ | - | $ | 142,881 | ||||
| Other | 3,066 | 3,839 | - | 6,905 | ||||||||
| Total Communications Services | $ | 365,406 | $ | 369,676 | $ | - | $ | 735,082 | ||||
| Construction | $ | - | $ | 10,629 | $ | - | $ | 10,629 | ||||
| Managed services | $ | 5,327 | $ | 11,178 | $ | - | $ | 16,505 | ||||
| Total Other | $ | 5,327 | $ | 11,178 | $ | - | $ | 16,505 | ||||
| Total Revenue | $ | 370,733 | $ | 391,483 | $ | - | $ | 762,216 | ||||
| Depreciation | $ | 57,420 | $ | 81,594 | $ | 2,613 | $ | 141,627 | ||||
| Amortization of intangibles from acquisitions | $ | 1,253 | $ | 11,383 | $ | - | $ | 12,636 | ||||
| Total operating expenses | $ | 317,313 | $ | 397,005 | $ | 34,723 | $ | 749,041 | ||||
| Operating income (loss) | $ | 53,420 | $ | (5,522 | ) | $ | (34,723 | ) | $ | 13,175 | ||
| Net (income) loss attributable to non-controlling interests | $ | (7,105 | ) | $ | 11,321 | $ | - | $ | 4,216 | |||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 112,093 | $ | 87,455 | $ | (32,110 | ) | $ | 167,438 | |||
| Adjusted EBITDA (1) | $ | 115,955 | $ | 99,933 | $ | (26,437 | ) | $ | 189,451 | |||
| 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 December 31, 2024 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 18,830 | $ | (1,591 | ) | $ | (8,565 | ) | $ | 8,674 | ||
| Depreciation expense | 12,894 | 17,942 | 303 | 31,139 | ||||||||
| Amortization of intangibles from acquisitions | 251 | 1,740 | - | 1,991 | ||||||||
| EBITDA | $ | 31,975 | $ | 18,091 | $ | (8,262 | ) | $ | 41,804 | |||
| Stock-based compensation | 35 | 137 | 1,544 | 1,716 | ||||||||
| Transaction-related charges | - | - | 1,038 | 1,038 | ||||||||
| (Gain) Loss on disposition of assets and transfers | 333 | 1,287 | 48 | 1,668 | ||||||||
| ADJUSTED EBITDA | $ | 32,343 | $ | 19,515 | $ | (5,632 | ) | $ | 46,226 | |||
| For the three months ended December 31, 2023 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 12,244 | $ | (1,803 | ) | $ | (7,177 | ) | $ | 3,264 | ||
| Depreciation expense | 14,774 | 19,279 | 583 | 34,636 | ||||||||
| Amortization of intangibles from acquisitions | 269 | 2,853 | - | 3,122 | ||||||||
| EBITDA | $ | 27,287 | $ | 20,329 | $ | (6,594 | ) | $ | 41,022 | |||
| Stock-based compensation | 125 | 137 | 1,801 | 2,063 | ||||||||
| Restructuring and reorganization expenses | 3,491 | 3,097 | - | 6,588 | ||||||||
| Transaction-related charges | - | 38 | 16 | 54 | ||||||||
| (Gain) Loss on disposition of assets and transfers | (35 | ) | 3,888 | (2,564 | ) | 1,289 | ||||||
| ADJUSTED EBITDA | $ | 30,868 | $ | 27,489 | $ | (7,341 | ) | $ | 51,016 | |||
| Table 5 (continued) | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Reconciliation of Non-GAAP Measures | ||||||||||||
| (In Thousands) | ||||||||||||
| For the year ended December 31, 2024 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 75,773 | $ | (44,443 | ) | $ | (32,125 | ) | $ | (795 | ) | |
| Depreciation expense | 63,708 | 73,995 | 633 | 138,336 | ||||||||
| Amortization of intangibles from acquisitions | 1,006 | 6,901 | - | 7,907 | ||||||||
| EBITDA | $ | 140,487 | $ | 36,453 | $ | (31,492 | ) | $ | 145,448 | |||
| Stock-based compensation | 354 | 621 | 7,261 | 8,236 | ||||||||
| Restructuring and reorganization expenses | 1,489 | 1,167 | 879 | 3,535 | ||||||||
| Transaction-related charges | - | 3,789 | 1,058 | 4,847 | ||||||||
| (Gain) Loss on disposition of assets and transfers | (15,179 | ) | 2,529 | (601 | ) | (13,251 | ) | |||||
| Goodwill impairment | - | 35,269 | - | 35,269 | ||||||||
| ADJUSTED EBITDA | $ | 127,151 | $ | 79,828 | $ | (22,895 | ) | $ | 184,084 | |||
| For the year ended December 31, 2023 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 53,420 | $ | (5,522 | ) | $ | (34,723 | ) | $ | 13,175 | ||
| Depreciation expense | 57,420 | 81,594 | 2,613 | 141,627 | ||||||||
| Amortization of intangibles from acquisitions | 1,253 | 11,383 | - | 12,636 | ||||||||
| EBITDA | $ | 112,093 | $ | 87,455 | $ | (32,110 | ) | $ | 167,438 | |||
| Stock-based compensation | 431 | 247 | 7,857 | 8,535 | ||||||||
| Restructuring and reorganization expenses | 3,491 | 7,737 | - | 11,228 | ||||||||
| Transaction-related charges | - | 171 | 380 | 551 | ||||||||
| (Gain) Loss on disposition of assets and transfers | (60 | ) | 4,323 | (2,564 | ) | 1,699 | ||||||
| ADJUSTED EBITDA | $ | 115,955 | $ | 99,933 | $ | (26,437 | ) | $ | 189,451 | |||
| Table 6 | ||||||||
| ATN International, Inc. | ||||||||
| Non GAAP Measure - Net Debt Ratio | ||||||||
| (in Thousands) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Current portion of long-term debt * | $ | 8,226 | $ | 24,290 | ||||
| Long-term debt, net of current portion * | 549,130 | 492,580 | ||||||
| Total debt | $ | 557,356 | $ | 516,870 | ||||
| Less: Cash, cash equivalents and restricted cash | 90,538 | 62,167 | ||||||
| Net Debt | $ | 466,818 | $ | 454,703 | ||||
| Adjusted EBITDA - for the four quarters ended | $ | 184,084 | $ | 189,451 | ||||
| Net Debt Ratio | 2.54 | 2.40 | ||||||
| * Excludes Customer receivable credit facility | ||||||||
________________________
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 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
3 Please see “Use of Non-GAAP Financial Measures” below for a full definition of Net Debt Ratio.
FAQ
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