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ATN Reports Third-Quarter 2023 Results; Reiterates 2023 Outlook; Provides Preliminary Outlook for 2024

“First-to-Fiber” and “Glass & Steel” Strategies Drive Year Over Year Growth

  • Grew revenue 5% to $191.0 million
  • Increased total high-speed subscribers by 20%
  • Expanded broadband homes passed by high-speed data services by 52%
  • Capital expenditures were $37.2 million (net of $7.3 million of reimbursements)

Operating Income and Adjusted EBITDA Improvements Follow Subscriber and Revenue Growth

  • Net loss of $(3.6) million, or a $(0.31) loss per share; operating income increased to $6.8 million
  • Increased Adjusted EBITDA1 by 10% to $47.8 million

Reiterates 2023 Outlook2

  • Adjusted EBITDA for the full year 2023 expected to be in the range of $183 to $193 million
  • Capital expenditures for the full year 2023 expected to be in the range of $160 to $170 million (net of reimbursements)

Provides Preliminary 2024 Outlook2

  • Adjusted EBITDA for the full year 2024 expected to be in the range of $200 to $208 million
  • Capital expenditures for the full year 2024 expected to be in the range of $120 to $130 million (net of reimbursements)

Earnings Conference Call

BEVERLY, Mass., Oct. 25, 2023 (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 three and nine months ended September 30, 2023.

Remarks by Michael Prior, ATN CEO
“We continued to execute on our First-to-Fiber and Glass & Steel™ strategies in the third quarter, contributing to solid revenue growth of 5% across the enterprise,” said Michael Prior, Chief Executive Officer of ATN. “Operating income and Adjusted EBITDA also grew in the third quarter, reflecting the positive momentum of the capital investments in our markets, and we remain on track to achieve our 2023 guidance.

“In the third quarter, we achieved strong high-speed broadband subscriber growth of 20%. Additionally, our international markets saw a 13% annual increase in mobile subscribers,” Prior said. “Based on strong market tailwinds and our approach to maximizing the long-term value of our capital investments, we are excited about the prospects for growth and free cash flow expansion across ATN’s Caribbean operations.

"Domestically, we continue to expand our network reach to high-speed data subscribers and enterprise and government customers. At the same time, we are making progress on rationalizing legacy network and operating costs, with further reductions expected over the coming year. Our team won another $45 million in USDA grants to connect people in remote and rural areas to high-speed Internet, including a partnered project where a tribal entity is the direct award recipient. Grants such as these will fund further fiber network expansion in rural Alaska and the US southwest.

“As we move closer to the final year of our three-year schedule of investments, we are planning to come down the other side of the investment bell curve, positioning us to start to reap the benefits of our network investments more fully. These expected benefits include growth in our subscriber base, revenue, and operating margins alongside reduced capital expenditures, as reflected in our full-year 2024 preliminary outlook," Prior concluded.

Third Quarter 2023 Financial Results

Consolidated revenues were $191.0 million, up 5% versus $182.2 million in the year-ago quarter. This increase primarily reflects higher fixed and carrier services revenues, including those from the Sacred Wind acquisition, partially offset by lower legacy roaming and construction revenues.

Operating income rose to $6.8 million, from $1.4 million in the year-ago quarter. The year-over-year increase was primarily due to higher revenues, partially offset by an increase in operating and depreciation expenses from the Sacred Wind acquisition.

Net loss attributable to ATN stockholders was $(3.6) million, or a loss of $(0.31) per share, compared with a net loss attributable to ATN stockholders of $(2.8) million, or $(0.25) loss per share, in the year-ago quarter. The decrease in net income was due primarily to a $5.8 million increase in interest expense partially offset by a $5.4 million increase in operating income. In both periods, the loss per share calculation includes the impact of preferred dividends that are not included in the net loss calculation.

Adjusted EBITDA1 increased to $47.8 million, from $43.6 million in the year-ago quarter.

Segment Operating Results (in Thousands)

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

For Three Months Ended September 30, 2023 and 2022
         
  2023 2022 2023  2022  2023  2022  2023 2022
 InternationalInternationalUSUSCorporate
Corporate
TotalTotal
 TelecomTelecomTelecomTelecomand Other*and Other*ATNATN
Total Revenue:$ 93,878$ 90,007$ 97,158 $ 92,206 $ - $ - $ 191,036$ 182,213
         Mobility 27,791 26,482 946  2,356  -  -  28,737 28,838
         Fixed 59,983 58,567 58,342  51,652  -  -  118,325 110,219
         Carrier Services 3,441 3,220 32,319  31,360  -  -  35,760 34,580
         Construction - - 2,038  3,332  -  -  2,038 3,332
         All other 2,663 1,738 3,513  3,506  -  -  6,176 5,244
         
Operating Income (Loss)$12,800$13,360$3,018 $716 $(8,981)$(12,637)$6,837$1,439
EBITDA2$27,394$27,866$25,300 $21,913 $(8,363)$(11,791)$44,331$37,988
Adjusted EBITDA1$27,502$27,917$26,861 $22,044 $(6,516)$(6,405)$47,847$43,556
Capital Expenditures**$18,744$19,400$18,445 $19,131 $- $209 $37,189$38,740
         
         
For Nine Months Ended September 30, 2023 and 2022
         
  2023 2022 2023  2022  2023  2022  2023 2022
 InternationalInternationalUSUSCorporateCorporateTotalTotal
 TelecomTelecomTelecomTelecomand Other*and Other*ATNATN
Total Revenue:$ 276,267$ 265,197$ 286,983 $ 268,533 $ - $ - $ 563,250$ 533,730
         Mobility 80,754 75,022 3,081  6,036  -  -  83,835 81,058
         Fixed 178,546 175,262 175,346  148,800  -  -  353,892 324,062
         Carrier Services 11,011 10,042 95,978  96,102  -  -  106,989 106,144
         Construction - - 3,648  8,615  -  -  3,648 8,615
         All other 5,956 4,871 8,930  8,980  -  -  14,886 13,851
         
Operating Income (Loss)$41,177$36,889$(3,719)$(4,199)$(27,547)$(29,418)$9,911$3,272
EBITDA2$84,807$81,190$67,126 $58,899 $(25,517)$(26,652)$126,416$113,437
Adjusted EBITDA1$85,089$82,389$72,443 $62,441 $(19,097)$(17,440)$138,435$127,390
Capital Expenditures**$57,610$53,270$69,030 $56,041 $- $633 $126,640$109,944

* 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

To address the growing need for more bandwidth and reliable connectivity across all markets in which we operate, the Company continues to deploy capital in fiber and fiber-fed high-speed data solutions to increase the Company’s fiber footprint and grow broadband subscribers.

Operating Metrics

Operating Metrics
       
 20232023202320222022Q3 2023
 Q3Q2Q1Q4Q3 vs. Q3 2022
Broadband Homes Passed 746,600 746,800 736,300 728,900 613,600 22%
Broadband Homes Passed by HSD*333,500 331,000 301,600 275,100 219,300 52%
       
Broadband Customers214,800 217,100 216,900 210,300 205,200 5%
HSD* Broadband Customers132,900 129,000 122,600 113,000 110,700 20%
       
Fiber Route Miles11,575 11,561 11,099 10,545 9,756 19%
       
International Mobile Subscribers      
   Pre-Paid346,100 340,200 328,800 322,000 301,800 15%
   Post-Paid56,100 58,900 56,900 55,700 54,200 4%
   Total402,200 399,100 385,700 377,700 356,000 13%
       
   Blended Churn3.76%2.69%2.81%2.25%3.02% 
       

*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 September 30, 2023, was $73.1 million and total debt was $498.4 million, versus $77.8 million of cash, cash equivalents and restricted cash and $355.7 million of total debt at the end of the year-ago quarter.

Net cash provided by operating activities was $89.5 million for the nine months ended September 30, 2023, compared with net cash provided by operating activities of $79.0 million in the prior year period.   

Capital expenditures were $126.6 million net of $14.3 million of reimbursable capital expenditures for the nine months ended September 30, 2023, versus $109.9 million, net of $4.0 million of reimbursable capital expenditures in the prior year period.

Quarterly Dividends and Stock Repurchases

Quarterly dividends ATN paid a quarterly dividend of $0.21 per share on October 6, 2023, on all common shares outstanding to stockholders of record as of September 30, 2023.

Stock repurchases of the Company’s common stock totaled $11.7 million in the first nine months of 2023.

Guidance and Outlook

The Company is continuing investments in its “Glass & Steel™” and “First-to-Fiber” market strategies. At the start of 2022, the Company set business targets to be achieved exiting 2024 following a three-year period of above-normal network investments. The Company is reiterating its 2023 outlook and providing preliminary guidance for the full year 2024 as network investments begin to return to more normalized levels and management continues its focus on increasing free cash flow and driving positive returns on its network investments.

Reiterates outlook for full year ending December 31, 2023:

Adjusted EBITDA1$183 million to $193 millionFull year 2023
Capital Expenditures$160 million to $170 millionFull year 2023

Provides preliminary outlook for full year ending December 31, 2024:

Adjusted EBITDA1$200 million to $208 millionFull year 2024
Capital Expenditures$120 million to $130 millionFull year 2024


For the Company’s full year 2023 and 2024 outlooks for Adjusted EBITDA, 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.

Conference Call Information

Call Date: Thursday, October 26, 2023
Call Time: 10:00 a.m. ET
Webcast Link: https://edge.media-server.com/mmc/p/3yif2rqx

Live Call Participant Linkhttps://register.vevent.com/register/BIdac10076c12d42508a2c85e814f53a36

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 mobility and fixed 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. 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, EBITDA, Adjusted EBITDA, Net Debt, Net Debt Ratio, and capital investments; demand for the Company’s services and industry trends; the Company’s liquidity; our expansion into growing markets; 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) 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) 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 (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, 2022, filed with the SEC on March 15, 2023, 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

Justin D. BenincasaIan Rhoades
Chief Financial OfficerInvestor Relations
ATN International, Inc.Sharon Merrill Advisors, Inc.
978-619-1300ATNI@investorrelations.com



Table 1
 
ATN International, Inc. 
Unaudited Condensed Consolidated Balance Sheets 
(in Thousands) 
     
 September 30, December 31, 
20232022 
Assets:    
   Cash and cash equivalents$66,063 $54,660 
   Restricted cash 7,024  5,068 
   Customer receivable 6,702  5,803 
   Other current assets 187,576  164,157 
     
   Total current assets 267,365  229,688 
     
   Property, plant and equipment, net 1,069,433  1,055,954 
   Operating lease right-of-use assets 103,002  108,702 
   Customer receivable - long term 44,623  46,706 
   Goodwill and other intangible assets, net 176,443  185,794 
   Other assets 90,360  81,025 
     
Total assets$1,751,226 $1,707,869 
     
Liabilities, redeemable non-controlling interests and stockholders’ equity:    
   Current portion of long-term debt$21,278 $6,172 
   Current portion of customer receivable credit facility 6,727  6,073 
   Taxes payable 9,463  7,335 
   Current portion of lease liabilities 16,331  15,457 
   Other current liabilities 208,858  198,143 
     
   Total current liabilities 262,657  233,180 
     
   Long-term debt, net of current portion$477,099 $415,727 
   Customer receivable credit facility, net of current portion 38,010  39,275 
   Deferred income taxes 19,198  28,650 
   Lease liabilities 80,260  83,319 
   Other long-term liabilities 133,102  138,420 
     
Total liabilities 1,010,326  938,571 
     
Redeemable non-controlling interests 95,787  92,468 
     
Stockholders' equity:    
   Total ATN International, Inc.’s stockholders’ equity 545,754  580,814 
   Non-controlling interests 99,359  96,016 
     
Total stockholders' equity 645,113  676,830 
     
Total liabilities, redeemable non-controlling interests and stockholders’ equity$1,751,226 $1,707,869 
     



Table 2 
ATN International, Inc. 
Unaudited Condensed Consolidated Statements of Operations 
(in Thousands, Except per Share Data) 
         
 Three Months Ended, Nine Months Ended, 
September 30, September 30, 
  2023   2022   2023   2022  
Revenues:        
   Communications services$184,601  $173,977  $547,484  $512,315  
   Construction 2,038   3,332   3,648   8,615  
   Other 4,397   4,904   12,118   12,800  
   Total revenue 191,036   182,213   563,250   533,730  
         
Operating expenses (excluding depreciation and amortization unless otherwise indicated):        
   Cost of services and other 80,367   78,949   237,125   229,821  
   Cost of construction revenue 2,031   3,321   3,635   8,640  
   Selling, general and administrative 60,792   56,387   184,055   167,879  
   Stock-based compensation 1,956   1,669   6,473   5,696  
   Transaction-related charges 45   3,416   496   4,381  
   Restructuring expenses 1,383   -   4,640   -  
   Depreciation 34,370   33,312   106,991   100,421  
   Amortization of intangibles from acquisitions 3,124   3,236   9,514   9,744  
   Loss on disposition of assets 132   484   410   3,876  
Total operating expenses 184,200   180,774   553,339   530,458  
         
Operating income 6,836   1,439   9,911   3,272  
         
Other income (expense):        
   Interest expense, net (11,309)  (5,475)  (30,338)  (13,066) 
   Other income 213   1,904   2,623   3,379  
   Other income (expense), net (11,096)  (3,571)  (27,715)  (9,687) 
         
Loss before income taxes (4,260)  (2,132)  (17,804)  (6,415) 
   Income tax benefit (542)  (360)  (6,369)  (1,378) 
         
Net loss (3,718)  (1,772)  (11,435)  (5,037) 
         
Net (income) loss attributable to non-controlling interests, net 134   (1,011)  2,733   782  
         
Net loss attributable to ATN International, Inc. stockholders$(3,584) $(2,783) $(8,702) $(4,255) 
         
Net loss per weighted average share attributable to ATN International, Inc. stockholders:        
         
  Basic and Diluted Net Loss$(0.31) $(0.25) $(0.80) $(0.49) 
         
         
Weighted average common shares outstanding:        
   Basic 15,601   15,763   15,666   15,746  
Diluted 15,601   15,763   15,666   15,746  
         



Table 3
 
ATN International, Inc. 
Unaudited Condensed Consolidated Cash Flow Statements 
(in Thousands) 
   
  Nine Months Ended September 30, 
  2023   2022  
     
   Net Loss$(11,435) $(5,037) 
   Depreciation 106,991   100,421  
   Amortization of intangibles from acquisitions 9,514   9,744  
   Provision for doubtful accounts 4,014   4,969  
   Amortization of debt discount and debt issuance costs 1,806   1,512  
   Loss on disposition of long-lived assets 410   3,876  
   Stock-based compensation 6,472   5,696  
   Deferred income taxes (9,452)  (6,619) 
   Loss on pension settlement 369   1,725  
   Gain on equity investments (2,752)  (5,617) 
   Increase (decrease) in customer receivable 1,185   (4,399) 
   Change in prepaid and accrued income taxes 3,602   8,369  
   Change in other operating assets and liabilities (21,240)  (35,665) 
     
       Net cash provided by operating activities 89,484   78,975  
     
   Capital expenditures (126,640)  (109,944) 
   Government capital programs:    
        Amounts disbursed (14,261)  (4,015) 
        Amounts received 16,065   2,668  
   Proceeds from sale of investments -   15,745  
   Spectrum deposit refund -   1,136  
   Proceeds from dispositions of long-lived assets -   683  
   Purchases of strategic investments (1,055)  (2,750) 
   Purchases and sales of businesses 1,314   1,835  
     
       Net cash used in investing activities (124,577)  (94,642) 
     
   Dividends paid on common stock (9,918)  (8,028) 
   Distributions to non-controlling interests (1,447)  (1,375) 
   Business combination contingent consideration -   (1,718) 
   Finance leases (932)  (820) 
   Term loan - borrowings 130,000   711  
   Term loan - repayments (3,532)  (953) 
   Payment of debt issuance costs (3,708)  -  
   Revolving credit facilities – borrowings 126,893   68,000  
   Revolving credit facilities – repayments (174,292)  (45,000) 
   Proceeds from customer receivable credit facility 4,300   12,225  
   Repayment of customer receivable credit facility (4,998)  (3,543) 
   Purchases of common stock - stock-based compensation (1,473)  (1,169) 
   Purchases of common stock - share repurchase plan (11,679)  (942) 
   Repurchases of non-controlling interests, net (762)  (4,609) 
     
       Net cash provided by financing activities 48,452   12,779  
     
Net change in total cash, cash equivalents and restricted cash 13,359   (2,888) 
     
Total cash, cash equivalents and restricted cash, beginning of period 59,728   80,697  
     
Total cash, cash equivalents and restricted cash, end of period$73,087  $77,809  
     



Table 4   
ATN International, Inc. 
Selected Segment Financial Information 
(In Thousands) 
      
For the three months ended September 30, 2023 is as follows: 
      
 International
Telecom
US Telecom Corporate
and Other *
Total 
      
Statement of Operations Data:     
Revenue     
   Mobility     
        Business$3,818 $129 $- $3,947  
        Consumer 23,973  817  -  24,790  
        Total$27,791 $946 $- $28,737  
      
   Fixed     
        Business$18,016 $35,680 $- $53,696  
        Consumer 41,967  22,662  -  64,629  
        Total$59,983 $58,342 $- $118,325  
      
  Carrier Services$3,441 $32,319 $- $35,760  
  Other 1,236  544  -  1,780  
      
Total Communications Services$92,451 $92,151 $- $184,602  
      
Construction$- $2,038 $- $2,038  
      
  Managed services$1,427 $2,969 $- $4,396  
Total Other $1,427 $2,969 $- $4,396  
      
Total Revenue$93,878 $97,158 $- $191,036  
      
Depreciation$14,354 $19,398 $618 $34,370  
Amortization of intangibles from acquisitions$240 $2,884 $- $3,124  
Total operating expenses$81,078 $94,140 $8,981 $184,199  
Operating income (loss)$12,800 $3,018 $(8,981)$6,837  
Net (income) loss attributable to non-controlling interests$(1,794)$1,928 $- $134  
      
Non GAAP measures:     
EBITDA (2)$27,394 $25,300 $(8,363)$44,331  
Adjusted EBITDA (1)$27,502 $26,861 $(6,516)$47,847  
      
Balance Sheet Data (at September 30, 2023):     
Cash, cash equivalents and restricted cash$35,588 $31,677 $5,821 $73,086  
Total current assets 115,888  143,280  8,197  267,365  
Fixed assets, net 476,355  587,623  5,455  1,069,433  
Total assets 671,285  996,413  83,528  1,751,226  
Total current liabilities 82,178  148,351  32,127  262,656  
Total debt, including current portion 63,210  285,843  149,326  498,379  
      
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments   
      
    Table 4 (continued) 
 
ATN International, Inc. 
Selected Segment Financial Information 
(In Thousands) 
      
For the three months ended September 30, 2022 is as follows: 
      
 International
Telecom
US Telecom Corporate
and Other *
Total 
Statement of Operations Data:     
Revenue     
   Mobility     
        Business$3,706 $298 $- $4,004  
        Consumer 22,776  2,058  -  24,834  
        Total$26,482 $2,356 $- $28,838  
      
   Fixed     
        Business$18,578 $32,509 $- $51,087  
        Consumer 39,989  19,143  -  59,132  
        Total$58,567 $51,652 $- $110,219  
      
  Carrier Services$3,220 $31,360 $- $34,580  
  Other 340  -  -  340  
      
Total Communications Services$88,609 $85,368 $- $173,977  
      
Construction$- $3,332 $- $3,332  
      
  Managed services$1,398 $3,506 $- $4,904  
      
Total Other $1,398 $3,506 $- $4,904  
      
Total Revenue$90,007 $92,206 $- $182,213  
      
Depreciation$14,126 $18,341 $846 $33,313  
Amortization of intangibles from acquisitions$380 $2,856 $- $3,236  
Total operating expenses$76,647 $91,490 $12,637 $180,774  
Operating income (loss)$13,360 $716 $(12,637)$1,439  
Net (income) loss attributable to non-controlling interests$(2,391)$1,380 $- $(1,011) 
      
Non GAAP measures:     
EBITDA (2)$27,866 $21,913 $(11,791)$37,988  
Adjusted EBITDA (1)$27,917 $22,044 $(6,405)$43,556  
      
      
(1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA   
(2) See Table 5 for reconciliation of Operating Income to EBITDA    
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments   
      
      
      
    Table 4 (continued)  
 
ATN International, Inc. 
Selected Segment Financial Information 
(In Thousands) 
      
For the nine months ended September 30, 2023 is as follows: 
      
 International
Telecom
US Telecom Corporate
and Other *
Total 
      
Statement of Operations Data:     
Revenue     
   Mobility     
        Business$11,484 $415 $- $11,899  
        Consumer 69,270  2,666  -  71,936  
        Total$80,754 $3,081 $- $83,835  
      
   Fixed     
        Business$52,602 $107,494 $- $160,096  
        Consumer 125,944  67,852  -  193,796  
        Total$178,546 $175,346 $- $353,892  
      
  Carrier Services$11,011 $95,978 $- $106,989  
  Other 2,084  684  -  2,768  
      
Total Communications Services$272,395 $275,089 $- $547,484  
      
Construction$- $3,648 $- $3,648  
      
  Managed services$3,872 $8,246 $- $12,118  
Total Other $3,872 $8,246 $- $12,118  
      
Total Revenue$276,267 $286,983 $- $563,250  
      
Depreciation$42,646 $62,315 $2,030 $106,991  
Amortization of intangibles from acquisitions$984 $8,530 $- $9,514  
Total operating expenses$235,090 $290,702 $27,547 $553,339  
Operating income (loss)$41,177 $(3,719)$(27,547)$9,911  
Net (income) loss attributable to non-controlling interests$(5,650)$8,383 $- $2,733  
      
Non GAAP measures:     
EBITDA (2)$84,807 $67,126 $(25,517)$126,416  
Adjusted EBITDA (1)$85,089 $72,443 $(19,097)$138,435  
      
      
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments   
      
    Table 4 (continued)  
 
ATN International, Inc. 
Selected Segment Financial Information 
(In Thousands) 
      
For the nine months ended September 30, 2022 is as follows: 
      
 International
Telecom
US Telecom Corporate
and Other *
Total 
      
Statement of Operations Data:     
Revenue     
   Mobility     
        Business$10,997 $973 $- $11,970  
        Consumer 64,025  5,063  -  69,088  
        Total$75,022 $6,036 $- $81,058  
      
   Fixed     
        Business$52,827 $91,521 $- $144,348  
        Consumer 122,435  57,279  -  179,714  
        Total$175,262 $148,800 $- $324,062  
      
  Carrier Services$10,042 $96,102 $- $106,144  
  Other 1,051  -  -  1,051  
      
Total Communications Services$261,377 $250,938 $- $512,315  
      
Construction$- $8,615 $- $8,615  
      
  Managed services$3,820 $8,980 $- $12,800  
      
Total Other $3,820 $8,980 $- $12,800  
      
Total Revenue$265,197 $268,533 $- $533,730  
      
Depreciation$43,109 $54,546 $2,766 $100,421  
Amortization of intangibles from acquisitions$1,192 $8,552 $- $9,744  
Total operating expenses$228,308 $272,732 $29,418 $530,458  
Operating income (loss)$36,889 $(4,199)$(29,418)$3,272  
Net (income) loss attributable to non-controlling interests$(4,830)$5,612 $- $782  
      
Non GAAP measures:     
EBITDA (2)$81,190 $58,899 $(26,652)$113,437  
Adjusted EBITDA (1)$82,389 $62,441 $(17,440)$127,390  
      
Balance Sheet Data (at December 31, 2022):     
Cash, cash equivalents and restricted cash$26,418 $26,375 $6,935 $59,728  
Total current assets 105,324  116,038  8,326  229,688  
Fixed assets, net 462,447  585,969  7,538  1,055,954  
Total assets 643,664  980,543  83,662  1,707,869  
Total current liabilities 86,738  119,756  26,686  233,180  
Total debt, including current portion 59,659  263,240  99,000  421,899  
      
(1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA   
(2) See Table 5 for reconciliation of Operating Income to EBITDA    
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments   
      



Table 5
 
ATN International, Inc. 
Reconciliation of Non-GAAP Measures 
(In Thousands) 
      
For the three months ended September 30, 2023 is as follows: 
      
 International
Telecom
US Telecom Corporate
and Other *
Total 
      
      
Operating income (loss)$12,800 $3,018 $(8,981)$6,837 
Depreciation expense 14,354  19,398  618  34,370 
Amortization of intangibles from acquisitions 240  2,884  -  3,124 
EBITDA$ 27,394 $ 25,300 $ (8,363)$ 44,331 
      
Stock-based compensation 130  23  1,802  1,955 
Restructuring expenses -  1,383  -  1,383 
Transaction-related charges -  -  45  45 
(Gain) Loss on disposition of assets (22) 155  -  133 
ADJUSTED EBITDA$ 27,502 $ 26,861 $ (6,516)$ 47,847 
      
      
      
For the three months ended September 30, 2022 is as follows: 
      
 International
Telecom
US Telecom Corporate
and Other *
Total 
      
      
Operating income (loss)$13,360 $716 $(12,637)$1,439 
Depreciation expense 14,126  18,341  846  33,313 
Amortization of intangibles from acquisitions 380  2,856  -  3,236 
EBITDA$ 27,866 $ 21,913 $ (11,791)$ 37,988 
      
Stock-based compensation 54  132  1,483  1,669 
Transaction-related charges -  212  3,203  3,415 
(Gain) Loss on disposition of assets (3) (213) 700  484 
ADJUSTED EBITDA$ 27,917 $ 22,044 $ (6,405)$ 43,556 
      
      
    Table 5 (continued) 
 
ATN International, Inc. 
Reconciliation of Non-GAAP Measures 
(In Thousands) 
      
For the nine months ended September 30, 2023 is as follows: 
      
 International
Telecom
US Telecom Corporate
and Other *
Total 
      
      
Operating income (loss)$41,177 $(3,719)$(27,547)$9,911 
Depreciation expense 42,646  62,315  2,030  106,991 
Amortization of intangibles from acquisitions 984  8,530  -  9,514 
EBITDA$ 84,807 $ 67,126 $ (25,517)$ 126,416 
      
Stock-based compensation 307  109  6,057  6,473 
Restructuring expenses -  4,640  -  4,640 
Transaction-related charges -  133  363  496 
(Gain) Loss on disposition of assets (25) 435  -  410 
ADJUSTED EBITDA$ 85,089 $ 72,443 $ (19,097)$ 138,435 
      
      
      
For the nine months ended September 30, 2022 is as follows: 
      
 International
Telecom
US Telecom Corporate
and Other *
Total 
      
      
Operating income (loss)$36,889 $(4,199)$(29,418) 3,272 
Depreciation expense 43,109  54,546  2,766  100,421 
Amortization of intangibles from acquisitions 1,192  8,552  -  9,744 
EBITDA$ 81,190 $ 58,899 $ (26,652)$ 113,437 
      
Stock-based compensation 170  301  5,225  5,696 
Transaction-related charges -  1,094  3,287  4,381 
(Gain) Loss on disposition of assets 1,029  2,147  700  3,876 
ADJUSTED EBITDA$ 82,389 $ 62,441 $ (17,440)$ 127,390 
      



Table 6
ATN International, Inc.
Non GAAP Measure - Net Debt Ratio
(in Thousands)
    
    
 September 30, December 31,
 20232022
    
    
Current portion of long-term debt *$21,278 $6,172
Long-term debt, net of current portion * 477,099  415,727
    
Total debt$498,377 $421,899
    
Less: Cash, cash equivalents and restricted cash 73,087  59,728
    
Net Debt$425,290 $362,171
    
    
Adjusted EBITDA - for the four quarters ended$183,734 $172,688
    
    
Net Debt Ratio 2.31  2.10
    
    
* 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


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