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ATN Reports Fourth Quarter and Full Year 2023 Results; Provides 2024 Outlook

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

  • Fourth-quarter revenues grew 4% to $199.0 million
  • Full-year revenues grew 5% to $762.2 million
  • Total high-speed broadband subscribers increased by 20%
  • Broadband homes passed by high-speed data services expanded by 33%
  • Capital expenditures for the full year were $163.3 million (net of $32.9 million reimbursements)

Operating Income and Adjusted EBITDA1 Supported by Subscriber and Revenue Growth

  • Fourth quarter operating income decreased 30% to $3.3 million
  • Full year operating income increased 66% to $13.2 million
  • Fourth quarter net loss was $(5.8) million, or a $(0.46) loss per share, including restructuring expenses of $6.6 million
  • Full-year net loss was $(14.5) million, or $(1.25) per share, including restructuring expenses of $11.2 million
  • Fourth quarter Adjusted EBITDA1 increased 13% to $51.0 million
  • Full-year Adjusted EBITDA1 increased 10% to $189.5 million

Provides 2024 Outlook2

  • Revenue for the full year 2024 is expected to be in the range of $750 to $770 million, excluding construction revenue
  • Adjusted EBITDA2 for the full year 2024 is expected to be in the range of $200 to $208 million
  • Capital expenditures for the full year 2024 are expected to be in the range of $110 to $120 million (net of reimbursements)
  • Net Debt Ratio3 is expected to be the range of 2.25x to 2.40x exiting 2024

Earnings Conference Call


BEVERLY, Mass., Feb. 21, 2024 (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the quarter and year ended December 31, 2023.

Remarks by Brad Martin, ATN Chief Executive Officer

“The fourth quarter capped off a strong year for ATN as our First-to-Fiber and Glass & Steel™ investment strategies and ongoing focus on margin improvement yielded subscriber and revenue growth and profitability expansion.

“For both the quarter and the year, we generated single-digit revenue growth, while delivering a double-digit increase of Adjusted EBITDA. We also demonstrated continued growth across key operating metrics when compared with the fourth quarter of 2022, including the addition of 20% more high-speed capable broadband subscribers and 33% more broadband homes passed by high-speed data services in Q4. Since launching our strategy at the start of 2022, we have now increased high-speed capable broadband subscribers by 39%, nearly doubled the broadband homes passed by high-speed data services and expanded our fiber network reach by nearly 30%.

“Our International Telecom segment performance was highlighted by strong high-speed data subscriber growth, which drove increased fixed broadband revenues in the quarter. We remain optimistic about the growth and cash flow expansion opportunities across these markets as we continue to benefit from network and operating investments, attractive market tailwinds and our unique value proposition. Domestically, we delivered significant increases in broadband homes passed by high-speed data, as we made notable progress with several operational goals. These advancements included expanding our middle and last mile fiber networks along with increasing the capacity and reach of our next generation fixed wireless network.

“We believe that the investments we have made, which have expanded the reach and capabilities of our high-speed network, provide a solid foundation for sustainable value-creation in the years ahead. As we enter the final year of our three-year investment cycle, we are taking actions to position ATN to realize the full benefits of our investments going forward. This includes plans to reduce internally funded capital expenditures and augment network expansion with available grant funding while advancing margin improvement initiatives. In 2024, we expect to continue to grow our customer base, expand operating margins, increase EBITDA and improve cash flow generation.”  

Fourth Quarter and Full Year 2023 Financial Results

Consolidated revenues were $199.0 million, up 4% versus $192.0 million in the year-ago quarter. This increase primarily reflects higher fixed and other revenues, partially offset by lower legacy wholesale roaming and consumer mobile revenue as those services were de-emphasized in the US Telecom Segment. Full-year revenues for 2023 increased 5% to $762.2 million, from $725.7 million in full year 2022.

Operating income was $3.3 million in the fourth quarter versus $4.7 million in the year-ago quarter. The year-over-year decrease was primarily due to $6.6 million in restructuring expenses and a $1.3 million net loss on the disposition of assets and changes in contingent consideration partially offset by the impact of the previously mentioned revenue increases. Full-year operating income for 2023 was $13.2 million, up from $7.9 million in the prior year.

Net loss attributable to ATN stockholders in the fourth quarter of 2023 was $(5.8) million, or a loss of $(0.46) per share, which included the $6.6 million in restructuring expenses. This compared with a net loss attributable to ATN stockholders of $(1.4) million, or $(0.18) loss per share, in the year-ago quarter. The decrease in net income also was affected by a $4.7 million increase in interest expense. Full year 2023 net loss was $(14.5) million, or a loss of $(1.25) per share compared to a net loss of $(5.6) million, or $(0.67) per share last year. The increase in the full year net loss reflects restructuring expenses of $11.2 million, and an increase in interest expense of $22.0 million. In all periods, the loss per share calculation includes the impact of preferred dividends that are not included in the net loss calculation.

Adjusted EBITDA1 increased to $51.0 million in the fourth quarter of 2023, up from $45.3 million in the year-ago quarter. Full-year 2023 Adjusted EBITDA1 increased to $189.5 million, up from $172.7 million in the prior year.

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, 2023 and 2022
         
  2023  2022  2023  2022  2023  2022  2023  2022 
 InternationalInternationalUSUSCorporate andCorporate andTotalTotal
 TelecomTelecomTelecomTelecomOther*Other*ATNATN
Total Revenue:$ 94,467 $ 90,384 $ 104,499 $ 101,631 $ - $ - $ 198,966 $ 192,015 
Mobility 27,733  27,409  956  1,551  -  -  28,689  28,960 
Fixed 60,622  58,049  58,258  56,274  -  -  118,880  114,323 
Carrier Services 3,675  3,417  32,216  32,761  -  -  35,891  36,178 
Construction -  -  6,982  7,146  -  -  6,982  7,146 
All other 2,437  1,509  6,087  3,853  -  -  8,524  5,362 
         
Operating Income (Loss)$12,244 $15,124 $(1,803)$(1,457)$(7,177)$(8,996)$3,264 $4,671 
EBITDA2$27,287 $28,964 $20,329 $21,909 $(6,594)$(8,214)$41,022 $42,659 
Adjusted EBITDA1$30,868 $29,162 $27,489 $22,955 $(7,341)$(6,819)$51,016 $45,298 
Capital Expenditures**$18,720 $17,115 $17,894 $32,644 $42 $410 $36,656 $50,169 
         
For the Year Ended December 31, 2023 and 2022
         
  2023  2022  2023  2022  2023  2022  2023  2022 
 InternationalInternationalUSUSCorporate andCorporate andTotalTotal
 TelecomTelecomTelecomTelecomOther*Other*ATNATN
Total Revenue:$ 370,733 $ 355,581 $ 391,483 $ 370,164 $ - $ - $ 762,216 $ 725,745 
Mobility 108,486  102,431  4,037  7,587  -  -  112,523  110,018 
Fixed 239,168  233,311  233,605  205,073  -  -  472,773  438,384 
Carrier Services 14,686  13,459  128,195  128,864  -  -  142,881  142,323 
Construction -  -  10,629  15,762  -  -  10,629  15,762 
All other 8,393  6,380  15,017  12,878  -  -  23,410  19,258 
         
Operating Income (Loss)$53,420 $52,012 $(5,522)$(5,656)$(34,723)$(38,414)$13,175 $7,942 
EBITDA2$112,093 $110,152 $87,455 $80,808 $(32,110)$(34,865)$167,438 $156,095 
Adjusted EBITDA1$115,955 $111,549 $99,933 $85,395 $(26,437)$(24,256)$189,451 $172,688 
Capital Expenditures**$76,379 $70,385 $86,918 $88,684 $- $1,045 $163,297 $160,114 

* 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 its fiber footprint and grow broadband subscribers. At the start of 2022, the Company initiated a 3-year strategic investment plan to accelerate these investments. As ATN enters the third year of the plan, it expects to begin to reduce capital expenditures and augment network expansion with available grant funding.

Operating Metrics

Operating Metrics
       
 20232023202320232022Q4 2023
 Q4Q3Q2Q1Q4 vs. Q4 2022
Broadband Homes Passed 768,900 746,600 746,800 736,300 728,900 5%
Broadband Homes Passed by HSD*367,200 333,500 331,000 301,600 275,100 33%
       
Broadband Customers214,400 213,900 215,500 214,000 210,500 2%
HSD* Broadband Customers135,900 132,900 129,100 122,600 113,000 20%
       
Fiber Route Miles11,655 11,575 11,561 11,099 10,545 11%
       
International Mobile Subscribers      
Pre-Paid351,300 346,100 340,200 328,800 322,000 9%
Post-Paid57,400 56,100 58,900 56,900 55,700 3%
Total408,700 402,200 399,100 385,700 377,700 8%
       
Blended Churn3.33%3.76%2.69%2.81%2.25% 

*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, 2023, was $65.2 million and total debt was $516.9 million, versus $59.7 million of cash, cash equivalents and restricted cash and $421.9 million of total debt at the end of last year.

Net cash provided by operating activities was $113.0 million for the year ended December 31, 2023, compared with net cash provided by operating activities of $102.9 million in the prior year period.   

Capital expenditures were $163.3 million net of $32.9 million of reimbursable capital expenditures for the year ended December 31, 2023, versus $160.1 million, net of $7.9 million of reimbursable capital expenditures in the prior year period.

Quarterly Dividends and Stock Repurchases

Quarterly dividends ATN increased its quarterly dividend by more than 14% to $0.24 per share paid on January 5, 2024, on all common shares outstanding to stockholders of record as of December 31, 2023.

Share repurchases During the fourth quarter of 2023, ATN announced the expansion of the share repurchase program to up to $25 million of common stock. This program was fully available at the start of 2024. For the year ended December 31, 2023, the Company spent $15.0 million on share repurchases.

Guidance and Outlook

ATN is continuing investments in its “First-to-Fiber” and “Glass & Steel™” market strategies established at the start of 2022. Entering the final year of our three-year investment cycle, the Company expects to reduce capital expenditures and augment network expansion with available grant funding. Management also is focused on advancing margin improvement initiatives to position ATN to realize the full benefits of these investments and more rapidly increase cash flows.

The Company is reiterating its preliminary Adjusted EBITDA guidance for full-year 2024 and reducing the preliminary capital expenditures guidance by $10 million. The Company continues to expect internally funded investments to return to lower, more normalized levels in the range of 10-15% of revenues beginning in 2025. Management continues its focus on increasing cash flow and driving positive returns on ATN International’s high-quality network assets.

Reiterates preliminary Adjusted EBITDA1 outlook, updates capital expenditure outlook, and provides additional metrics for full year ending December 31, 2024:

Revenue (excluding construction revenue)$750 million to $770 millionFull year 2024
Adjusted EBITDA1$200 million to $208 millionFull year 2024
Capital Expenditures$110 million to $120 millionFull year 2024
Net Debt Ratio32.25x to 2.40xExiting 2024


For the Company’s full year 2024 outlook 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, February 22, 2024
Call Time: 10:00 a.m. ET
Webcast Link: https://edge.media-server.com/mmc/p/thasau6r/

Live Call Participant Linkhttps://register.vevent.com/register/BIb6167f4ac3b049a28d8dd4ef47a55ab3

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 contingent consideration. In order 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, operating margin, 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 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, 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 (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)
    
 December 31, December 31,
 2023  2022 
Assets:   
Cash and cash equivalents$52,239  $54,660 
Restricted cash 12,942   5,068 
Customer receivable 7,249   5,803 
Other current assets 208,169   164,157 
    
Total current assets 280,599   229,688 
    
Property, plant and equipment, net 1,080,659   1,055,954 
Operating lease right-of-use assets 99,335   108,702 
Customer receivable - long term 45,676   46,706 
Goodwill and other intangible assets, net 173,008   185,794 
Other assets 103,764   81,025 
    
Total assets$1,783,041  $1,707,869 
    
Liabilities, redeemable non-controlling interests and stockholders’ equity:   
Current portion of long-term debt$24,290  $6,172 
Current portion of customer receivable credit facility 7,110   6,073 
Taxes payable 10,876   7,335 
Current portion of lease liabilities 15,164   15,457 
Other current liabilities 235,081   198,143 
    
Total current liabilities 292,521   233,180 
    
Long-term debt, net of current portion$492,580  $415,727 
Customer receivable credit facility, net of current portion 38,943   39,275 
Deferred income taxes 19,775   28,650 
Lease liabilities 76,936   83,319 
Other long-term liabilities 138,566   138,420 
    
Total liabilities 1,059,321   938,571 
    
Redeemable non-controlling interests 85,917   92,468 
    
Stockholders' equity:   
Total ATN International, Inc.’s stockholders’ equity 541,073   580,814 
Non-controlling interests 96,730   96,016 
    
Total stockholders' equity 637,803   676,830 
    
Total liabilities, redeemable non-controlling interests and stockholders’ equity$1,783,041  $1,707,869 
    


       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,
  2023   2022   2023   2022 
Revenues:       
Communications services$187,597  $179,906  $735,082  $692,221 
Construction 6,982   7,146   10,629   15,762 
Other 4,387   4,963   16,505   17,762 
Total revenue 198,966   192,015   762,216   725,745 
        
Operating expenses (excluding depreciation and amortization unless otherwise indicated):       
Cost of services and other 82,598   83,075   319,723   312,896 
Cost of construction revenue 6,710   7,123   10,345   15,763 
Selling, general and administrative 58,642   56,519   242,697   224,398 
Stock-based compensation 2,063   1,710   8,535   7,406 
Transaction-related charges 54   417   551   4,798 
Restructuring expenses 6,588   -   11,228   - 
Depreciation 34,636   34,716   141,627   135,137 
Amortization of intangibles from acquisitions 3,122   3,272   12,636   13,016 
(Gain) loss on disposition of assets and contingent consideration 1,289   512   1,699   4,389 
Total operating expenses 195,702   187,344   749,041   717,803 
        
Operating income 3,264   4,671   13,175   7,942 
        
Other income (expense):       
Interest expense, net (11,872)  (7,177)  (42,210)  (20,243)
Other income (expense) (1,128)  866   1,496   4,245 
Other income (expense), net (13,000)  (6,311)  (40,714)  (15,998)
        
Loss before income taxes (9,736)  (1,640)  (27,539)  (8,056)
Income tax expense (benefit) (2,417)  906   (8,785)  (473)
        
Net loss (7,319)  (2,546)  (18,754)  (7,583)
        
Net loss attributable to non-controlling interests, net 1,483   1,156   4,216   1,938 
        
Net loss attributable to ATN International, Inc. stockholders$(5,836) $(1,390) $(14,538) $(5,645)
        
Net loss per weighted average share attributable to ATN International, Inc. stockholders:       
        
Basic and Diluted Net Loss$(0.46) $(0.18) $(1.25) $(0.67)
        
Weighted average common shares outstanding:       
Basic 15,436   15,763   15,595   15,751 
Diluted 15,436   15,763   15,595   15,751 
        


Table 3
ATN International, Inc.
Unaudited Condensed Consolidated Cash Flow Statements
(in Thousands)
  
  Year Ended December 31,
  2023   2022 
    
Net Loss$(18,754) $(7,583)
Depreciation 141,627   135,137 
Amortization of intangibles from acquisitions 12,636   13,016 
Provision for doubtful accounts 5,012   6,693 
Amortization of debt discount and debt issuance costs 2,431   2,014 
(Gain) Loss on disposition of assets and contingent consideration 1,699   4,387 
Stock-based compensation 8,535   7,406 
Deferred income taxes (16,756)  (7,452)
Loss on pension settlement 369   1,725 
Gain on equity investments (2,839)  (5,656)
Decrease in customer receiveable (416)  (8,713)
Change in prepaid and accrued income taxes 7,801   9,187 
Change in other operating assets and liabilities (28,351)  (47,249)
    
Net cash provided by operating activities 112,994   102,912 
    
Capital expenditures (163,297)  (160,114)
Government capital programs:   
Amounts disbursed (32,871)  (7,905)
Amounts received 31,873   2,853 
Proceeds from sale of investments -   15,745 
Spectrum sales and refunds 576   1,136 
Proceeds from dispositions of long-lived assets -   1,067 
Purchase of spectrum -   (1,068)
Purchases of strategic investments (1,055)  (2,750)
Purchases and sales of businesses 1,314   (16,209)
    
Net cash used in investing activities (163,460)  (167,245)
    
Dividends paid on common stock (13,178)  (10,708)
Distributions to non-controlling interests (4,040)  (3,531)
Contingent consideration paid for business acquisitions -   (1,718)
Finance lease payments (1,375)  (1,069)
Term loan - borrowings 130,000   20,000 
Term loan - repayments (6,959)  (5,222)
Payment of debt issuance costs (3,906)  (873)
Revolving credit facilities – borrowings 159,414   115,250 
Revolving credit facilities – repayments (185,292)  (72,250)
Proceeds from customer receivable credit facility 7,300   15,425 
Repayment of customer receivable credit facility (6,712)  (4,960)
Purchases of common stock - stock-based compensation (1,473)  (1,169)
Purchases of common stock - share repurchase plan (14,999)  (942)
Repurchases of non-controlling interests, net (2,861)  (4,869)
    
Net cash provided by financing activities 55,919   43,364 
    
Net change in total cash, cash equivalents and restricted cash 5,453   (20,969)
    
Total cash, cash equivalents and restricted cash, beginning of period 59,728   80,697 
    
Total cash, cash equivalents and restricted cash, end of period$65,181  $59,728 
    


Table 4
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 
     
Balance Sheet Data (at December 31, 2023):    
Cash, cash equivalents and restricted cash$26,354 $33,574 $5,252 $65,180 
Total current assets 107,469  162,095  11,035  280,599 
Fixed assets, net 481,911  593,833  4,915  1,080,659 
Total assets 672,171  1,019,251  91,619  1,783,041 
Total current liabilities 86,540  168,624  37,357  292,521 
Total debt, including current portion 64,254  293,607  159,009  516,870 
     
* 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, 2022 is as follows:
     
 International Telecom US Telecom Corporate and Other *Total
Statement of Operations Data:    
Revenue    
Mobility    
Business$3,833 $256 $- $4,089 
Consumer 23,576  1,295  -  24,871 
Total$27,409 $1,551 $- $28,960 
     
Fixed    
Business$17,076 $35,215 $- $52,291 
Consumer 40,973  21,059  -  62,032 
Total$58,049 $56,274 $- $114,323 
     
Carrier Services$3,417 $32,761 $- $36,178 
Other 399  46  -  445 
     
Total Communications Services$89,274 $90,632 $- $179,906 
     
Construction$- $7,146 $- $7,146 
     
Managed services$1,110 $3,853 $- $4,963 
     
Total Other $1,110 $3,853 $- $4,963 
     
Total Revenue$90,384 $101,631 $- $192,015 
     
Depreciation$13,460 $20,474 $782 $34,716 
Amortization of intangibles from acquisitions$380 $2,892 $- $3,272 
Total operating expenses$75,260 $103,088 $8,996 $187,344 
Operating income (loss)$15,124 $(1,457)$(8,996)$4,671 
Net (income) loss attributable to non-controlling interests$(1,783)$2,939 $- $1,156 
     
Non GAAP measures:    
EBITDA (2)$28,964 $21,909 $(8,214)$42,659 
Adjusted EBITDA (1)$29,162 $22,955 $(6,819)$45,298 
     
(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 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 
     
     
* 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, 2022 is as follows:
     
 International Telecom US Telecom Corporate and Other *Total
     
Statement of Operations Data:    
Revenue    
Mobility    
Business$14,830 $1,228 $- $16,058 
Consumer 87,601  6,359  -  93,960 
Total$102,431 $7,587 $- $110,018 
     
Fixed    
Business$69,903 $126,735 $- $196,638 
Consumer 163,408  78,338  -  241,746 
Total$233,311 $205,073 $- $438,384 
     
Carrier Services$13,459 $128,864 $- $142,323 
Other 1,450  46  -  1,496 
     
Total Communications Services$350,651 $341,570 $- $692,221 
     
Construction$- $15,762 $- $15,762 
     
Managed services$4,930 $12,832 $- $17,762 
     
Total Other $4,930 $12,832 $- $17,762 
     
Total Revenue$355,581 $370,164 $- $725,745 
     
Depreciation$56,568 $75,020 $3,549 $135,137 
Amortization of intangibles from acquisitions$1,572 $11,444 $- $13,016 
Total operating expenses$303,569 $375,820 $38,414 $717,803 
Operating income (loss)$52,012 $(5,656)$(38,414)$7,942 
Net (income) loss attributable to non-controlling interests$(6,613)$8,552 $- $1,939 
     
Non GAAP measures:    
EBITDA (2)$110,152 $80,808 $(34,865)$156,095 
Adjusted EBITDA (1)$111,549 $85,395 $(24,256)$172,688 
     
Balance Sheet Data (at December 31, 2022):    
Cash, cash equivalents and restricted cash$26,417 $26,375 $6,935 $59,727 
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 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 expenses 3,491  3,097  -  6,588 
Transaction-related charges -  38  16  54 
(Gain) Loss on disposition of assets and contingent consideration (35) 3,888  (2,564) 1,289 
ADJUSTED EBITDA$ 30,868 $ 27,489 $ (7,341)$ 51,016 
     
For the three months ended December 31, 2022 is as follows:
     
 International Telecom US Telecom Corporate and Other *Total
     
Operating income (loss)$15,124 $(1,457)$(8,996)$4,671 
Depreciation expense 13,460  20,474  782  34,716 
Amortization of intangibles from acquisitions 380  2,892  -  3,272 
EBITDA$ 28,964 $ 21,909 $ (8,214)$ 42,659 
     
Stock-based compensation 70  86  1,554  1,710 
Transaction-related charges -  576  (159) 417 
(Gain) Loss on disposition of assets and contingent consideration 128  384  -  512 
ADJUSTED EBITDA$ 29,162 $ 22,955 $ (6,819)$ 45,298 
     
Table 5 (continued)
     
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
     
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 expenses 3,491  7,737  -  11,228 
Transaction-related charges -  171  380  551 
(Gain) Loss on disposition of assets and contingent consideration (60) 4,323  (2,564) 1,699 
ADJUSTED EBITDA$ 115,955 $ 99,933 $ (26,437)$ 189,451 
     
For the year ended December 31, 2022 is as follows:
     
 International Telecom US Telecom Corporate and Other *Total
     
Operating income (loss)$52,012 $(5,656)$(38,414) 7,942 
Depreciation expense 56,568  75,020  3,549  135,137 
Amortization of intangibles from acquisitions 1,572  11,444  -  13,016 
EBITDA$ 110,152 $ 80,808 $ (34,865)$ 156,095 
     
Stock-based compensation 240  387  6,779  7,406 
Transaction-related charges -  1,669  3,129  4,798 
(Gain) Loss on disposition of assets and contingent consideration 1,157  2,531  701  4,389 
ADJUSTED EBITDA$ 111,549 $ 85,395 $ (24,256)$ 172,688 
     


Table 6
    
ATN International, Inc.
Non GAAP Measure - Net Debt Ratio
(in Thousands)
    
    
 December 31, December 31,
  2023  2022 
    
    
Current portion of long-term debt *$24,290  $6,172 
Long-term debt, net of current portion * 492,580   415,727 
    
Total debt$516,870  $421,899 
    
Less: Cash, cash equivalents and restricted cash 65,181   59,728 
    
Net Debt$451,689  $362,171 
    
    
Adjusted EBITDA - for the four quarters ended$189,451  $172,688 
    
    
Net Debt Ratio 2.38   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.

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


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