EX-99.1 2 tm2522908d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

ATN Reports Second Quarter 2025 Results;

Reaffirms 2025 Outlook

 

Second Quarter 2025 vs. Second Quarter 2024 Financial Highlights

 

·Expanded high-speed broadband homes passed by 8%
·Grew total high-speed subscribers by 1%
·Second-quarter revenues declined 1% to $181.3 million
·Second quarter operating income decreased to $0.2 million
·Second quarter net loss was $(7.0) million, or $(0.56) per share
·Second quarter Adjusted EBITDA1 decreased 6% to $45.8 million
·Net cash provided by operating activities for the year-to-date period increased 2% to $59.8 million
·Capital expenditures for the year-to-date period were $42.0 million (net of $45.9 million reimbursements)
·Net Debt Ratio3 was 2.58x on June 30, 2025

 

Reaffirmed Outlook for Full Year 2025

 

·Revenue, excluding construction revenue, is expected to be in line with last year’s result of $725 million
·Adjusted EBITDA2 is expected to be essentially flat with the prior year result of $184 million
·Capital expenditures are expected to be in the range of $90 to $100 million (net of reimbursements)
·Net Debt Ratio3 is expected to remain flat, with a slight potential improvement exiting 2025 compared with 2.54x at the end of 2024

 

Earnings Conference Call

 

Friday, August 8, 2025, at 9:00 a.m. ET; web participant link: https://edge.media-server.com/mmc/p/734nzkmk

 

 

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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Beverly, MA (August 7, 2025) – ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the second quarter ended June 30, 2025.

 

Remarks by Brad Martin, ATN Chief Executive Officer

 

“Our second quarter results were in line with our expectations and reflect the steps we’re taking to optimize our cost structure and execute on our long-term strategy. Internationally, our segment results reflect our efforts to enhance our mobile networks and service quality to support higher data usage, grow our post-paid subscriber base and gain incremental operational efficiency. In the U.S., the wind-down of subsidy programs and our transition away from legacy consumer service technologies continues to impact year-over-year revenue performance. However, we are beginning to see sequential improvements as our focus on delivering best-in-class carrier and enterprise solutions and expanding the deployment of fiber and fiber-fed fixed-wireless in markets where we have durable consumer footholds, is generating positive traction.

 

“Across the business, our focus on simplification, operational stability, and disciplined capital allocation is driving stronger cash generation. These improvements provide a solid foundation as we move into the second half of the year.”

 

Second Quarter 2025 Financial Results

 

Consolidated revenues were $181.3 million in the second quarter, down 1% versus $183.3 million in the year-ago quarter. This decrease primarily reflects the wind-down of subsidy programs and the exit from legacy consumer solutions partially offset by an increase in construction revenue during the quarter.

 

Operating income was $0.2 million in the second quarter versus $24.3 million in the year-ago quarter. The year-ago quarter benefited from a net gain of $15.9 million from the disposition of assets versus the current year quarter loss of $2.7 million. Cost containment efforts resulted in a reduction in selling, general and administrative costs, which partially offset restructuring and reorganization expenses totaling $4.9 million in the current quarter.

 

Net loss attributable to ATN stockholders in the second quarter of 2025 was $(7.0) million, or $(0.56) loss per share versus a net income attributable to ATN stockholders of $9.0 million, or $0.50 income per diluted share, in the year-ago quarter.

 

Adjusted EBITDA1 was $45.8 million in the second quarter of 2025, down 6% from $48.7 million in the year-ago quarter.

 

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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 June 30, 2025 and 2024

 

   2025   2024   2025   2024   2025   2024   2025   2024 
   International   International   US   US   Corporate and   Corporate and   Total   Total 
   Telecom   Telecom   Telecom   Telecom   Other*   Other*   ATN   ATN 
Total Revenue:  $94,894   $95,357   $86,406   $87,924   $-   $-   $181,300   $183,281 
Mobility   26,323    26,811    8    769    -    -    26,331    27,580 
Fixed   61,749    62,215    51,359    52,491    -    -    113,108    114,706 
Carrier Services   3,423    3,636    29,806    30,056    -    -    33,229    33,692 
Construction   -    -    2,216    820    -    -    2,216    820 
All other   3,399    2,695    3,017    3,788    -    -    6,416    6,483 
                                         
Operating Income (Loss)  $16,221   $32,405   $(5,533)  $884   $(10,455)  $(8,973)  $233   $24,316 
EBITDA (2)  $31,626   $48,934   $13,292   $21,811   $(9,596)  $(8,926)  $35,322   $61,819 
Adjusted EBITDA (1)  $33,274   $33,285   $18,262   $21,919   $(5,744)  $(6,534)  $45,792   $48,670 
Capital Expenditures**  $9,466   $12,035   $11,718   $13,540   $-   $238   $21,184   $25,813 

 

For Six Months Ended June 30, 2025 and 2024

 

   2025   2024   2025   2024   2025   2024   2025   2024 
   International   International   US   US   Corporate and   Corporate and   Total   Total 
   Telecom   Telecom   Telecom   Telecom   Other*   Other*   ATN   ATN 
Total Revenue:  $189,390   $188,416   $171,204   $181,660   $-   $-   $360,594   $370,076 
Mobility   52,363    52,848    46    1,606    -    -    52,409    54,454 
Fixed   123,115    123,536    103,019    110,376    -    -    226,134    233,912 
Carrier Services   7,326    7,209    59,033    60,109    -    -    66,359    67,318 
Construction   -    -    3,262    2,406    -    -    3,262    2,406 
All other   6,586    4,823    5,844    7,163    -    -    12,430    11,986 
                                         
Operating Income (Loss)  $30,970   $44,090   $(7,948)  $1,482   $(20,122)  $(16,682)  $2,900   $28,890 
EBITDA (2)  $62,004   $76,993   $30,135   $42,275   $(18,397)  $(16,557)  $73,742   $102,711 
Adjusted EBITDA (1)  $65,665   $62,558   $35,774   $42,622   $(11,308)  $(12,992)  $90,131   $92,188 
Capital Expenditures**  $20,269   $28,951   $21,745   $31,300   $2   $1,579   $42,016   $61,830 

 

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

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

 

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Operating Metrics

 

Operating Metrics

 

   2025   2025   2024   2024   2024   Q2 2025 
   Q2   Q1   Q4   Q3   Q2   vs. Q2 2024 
High-Speed Data* Broadband Homes Passed   427,500    427,300    426,100    399,500    396,100   8%
High-Speed Data* Broadband Customers   141,900    141,300    140,800    141,100    140,600   1%
                              
Broadband Homes Passed   803,400    801,500    800,900    798,400    798,300   1%
Broadband Customers   200,300    199,800    203,200    205,900    211,400   -5%
                              
Fiber Route Miles   11,957    11,944    11,921    11,901    11,880   1%
                              
International Mobile Subscribers                             
Pre-Paid   332,300    332,300    329,300    336,400    339,000   -2%
Post-Paid   60,200    59,600    59,500    58,700    57,900   4%
Total   392,500    391,900    388,800    395,100    396,900   -1%
                              
Blended Churn   3.09%   3.32%   3.51%   3.47%   3.44%    

 

*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 June 30, 2025, increased to $113.3 million and total debt was $583.4 million, versus $89.2 million of cash, cash equivalents and restricted cash and $557.4 million of total debt on December 31, 2024. The Company’s Net Debt3 ratio was 2.58x on June 30, 2025.

 

Net cash provided by operating activities increased to $59.8 million for the six months ended June 30, 2025, compared with net cash provided by operating activities of $58.4 million in the prior year period primarily the result of working capital improvements.

 

Capital expenditures for the six months ending June 30, 2025 were $42.0 million net of $45.9 million of reimbursable capital expenditures compared to $61.8 million net of $46.2 million of reimbursable capital expenditures in the prior year period.

 

Quarterly Dividends and Stock Repurchases

 

Quarterly dividends increased 15% to $0.275 per share and were paid on July 7, 2025, on all common shares outstanding to stockholders of record as of June 30, 2025.

 

4

 

 

Share repurchases, in the quarter ended June 30, 2025, the Company did not repurchase any shares.

 

2025 Business Outlook

 

“As we enter the second half of the year, we remain focused on disciplined execution and delivering on our strategic priorities,” said Martin. “While revenue reflects the impact of the discontinued subsidy programs and the exit of services based on legacy technologies in our U.S. business, we’re seeing improved operational efficiency across the organization. Our teams are managing costs effectively, capital spending remains aligned with our expectations, and we believe we are well-positioned to meet our full-year objectives. With continued focus, we are reaffirming our 2025 guidance and remain confident in our ability to generate long-term value.”

 

ATN reaffirmed its expectations for the Full Year 2025:

 

·Revenue, excluding construction revenue, is expected to be in line with 2024’s result of $725 million
·Adjusted EBITDA1 is expected to be essentially flat with 2024’s result of $184 million
·Capital expenditures are expected to be in the range of $90 to $100 million (net of reimbursements) compared with the full year 2024 total of $110.4 million
·Net Debt Ratio3 is expected to remain flat, with a slight potential improvement exiting 2025 compared with 2024’s result of 2.54x

 

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: Friday, August 8, 2025
Call Time: 9:00 a.m. ET
Webcast Link:  https://edge.media-server.com/mmc/p/734nzkmk

 

Live Call Participant Linkhttps://register-conf.media-server.com/register/BI2e5e4d582ca04d33aa94bba527f70909

 

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Webcast Link Instructions

 

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

 

About ATN

 

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

 

Use of Non-GAAP Financial Measures and Definition of Terms

 

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains non-GAAP financial measures. Specifically, the Company has included EBITDA, Adjusted EBITDA, Net Debt, and Net Debt Ratio in this release and the tables included herein.

 

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

 

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

 

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.

 

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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 and cost-effective 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 grow its US Telecom businesses through carrier mobility and broadband and consumer-based broadband 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, 2024, filed with the SEC on March 17, 2025, 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 Adam Rogers
Corporate Treasurer Investor Relations
ATN International, Inc. Sharon Merrill Advisors, Inc.
IR@atni.com ATNI@investorrelations.com
978-619-1300  

 

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Table 1

 

ATN International, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in Thousands)

 

   June 30,   December 31, 
   2025   2024 
Assets:          
Cash and cash equivalents  $98,965   $73,393 
Restricted cash   14,350    15,851 
Customer receivable   8,184    7,986 
Other current assets   206,253    211,931 
           
Total current assets   327,752    309,161 
           
Property, plant and equipment, net   1,010,631    1,040,193 
Operating lease right-of-use assets   102,299    99,427 
Customer receivable - long term   39,052    41,030 
Goodwill and other intangible assets, net   120,045    130,144 
Other assets   107,227    107,148 
           
Total assets  $1,707,006   $1,727,103 
           
Liabilities, redeemable non-controlling interests and stockholders’ equity:          
Current portion of long-term debt  $14,851   $8,226 
Current portion of customer receivable credit facility   8,221    8,031 
Taxes payable   11,080    8,234 
Current portion of lease liabilities   15,231    16,188 
Other current liabilities   219,641    226,635 
           
Total current liabilities   269,024    267,314 
           
Long-term debt, net of current portion  $568,548   $549,130 
Customer receivable credit facility, net of current portion   32,000    36,203 
Lease liabilities   78,784    77,469 
Other long-term liabilities   112,163    125,233 
           
Total liabilities   1,060,519    1,055,349 
           
Redeemable non-controlling interests   78,715    76,303 
           
Stockholders' equity:          
Total ATN International, Inc.’s stockholders’ equity   458,719    489,493 
Non-controlling interests   109,053    105,958 
           
Total stockholders' equity   567,772    595,451 
           
Total liabilities, redeemable non-controlling interests and stockholders’ equity  $1,707,006   $1,727,103 

 

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Table 2

 

ATN International, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, Except per Share Data)

 

   Three Months Ended,   Six Months Ended, 
   June 30,   June 30, 
   2025   2024   2025   2024 
Revenues:                
Communications services  $174,874   $177,365   $348,905   $358,633 
Construction   2,216    820    3,262    2,406 
Other   4,210    5,096    8,427    9,037 
Total revenue   181,300    183,281    360,594    370,076 
                     
Operating expenses (excluding depreciation and amortization unless otherwise indicated):                    
Cost of services and other   77,165    76,137    155,389    156,527 
Cost of construction revenue   2,183    813    3,684    2,382 
Selling, general and administrative   56,160    57,661    111,390    118,979 
Stock-based compensation   2,685    2,781    4,590    4,690 
Transaction-related charges   193    -    1,628    19 
Restructuring and reorganization expenses   4,907    -    6,737    1,190 
Depreciation   33,863    35,558    68,390    69,897 
Amortization of intangibles from acquisitions   1,226    1,945    2,452    3,924 
(Gain) loss on disposition of assets and transfers   2,685    (15,930)   3,434    (16,422)
Total operating expenses   181,067    158,965    357,694    341,186 
                     
Operating income (loss)   233    24,316    2,900    28,890 
                     
Other income (expense):                    
Interest expense, net   (12,678)   (12,196)   (24,356)   (23,271)
Other income (expense)   (591)   (579)   (3,158)   (406)
Other income (expense), net   (13,269)   (12,775)   (27,514)   (23,677)
                     
Loss before income taxes   (13,036)   11,541    (24,614)   5,213 
Income tax expense (benefit)   (3,776)   204    (3,967)   1,822 
                     
Net income (loss)   (9,260)   11,337    (20,647)   3,391 
                     
Net (income) loss attributable to non-controlling interests, net   2,234    (2,334)   4,693    (701)
                     
Net income (loss) attributable to ATN International, Inc. stockholders  $(7,026)  $9,003   $(15,954)  $2,690 
                     
Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders:                    
                     
Basic  $(0.56)  $0.50   $(1.25)  $(0.00)
                     
Diluted  $(0.56)  $0.50   $(1.25)  $(0.00)
                     
Weighted average common shares outstanding:                    
Basic   15,223    15,254    15,177    15,346 
Diluted   15,223    15,255    15,177    15,346 

 

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COMPANY CONFIDENTIAL

 

Table 3

 

ATN International, Inc.

Unaudited Condensed Consolidated Cash Flow Statements

(in Thousands)

 

   Six Months Ended June 30, 
   2025   2024 
Net loss  $(20,647)  $3,391 
Depreciation   68,390    69,897 
Amortization of intangibles from acquisitions   2,452    3,924 
Provision for doubtful accounts   4,135    2,855 
Amortization of debt discount and debt issuance costs   1,435    1,249 
(Gain) loss on disposition of assets and transfers   3,434    (16,422)
Stock-based compensation   4,590    4,690 
Deferred income taxes   (5,432)   (2,550)
(Gain) loss on equity investments   (133)   (218)
Decrease in customer receivable   1,780    1,418 
Change in prepaid and accrued income taxes   1,666    273 
Change in other operating assets and liabilities   (1,827)   (10,097)
           
Net cash provided by operating activities   59,843    58,410 
           
Capital expenditures   (42,016)   (61,830)
Government capital programs:          
Amounts disbursed   (45,906)   (46,198)
Amounts received   41,364    43,686 
Net proceeds from sale of assets   221    17,910 
Purchases and sales of employee benefit plan investments   701    162 
Purchases of spectrum licenses and other intangible assets   -    (573)
           
Net cash used in investing activities   (45,636)   (46,843)
           
Dividends paid on common stock   (7,279)   (7,421)
Distributions to non-controlling interests   (1,404)   (2,116)
Finance lease payments   (974)   (915)
Term loan - repayments   (3,314)   (12,112)
Payment of debt issuance costs   (280)   (974)
Revolving credit facilities – borrowings   41,000    75,000 
Revolving credit facilities – repayments   (13,000)   (40,002)
Proceeds from customer receivable credit facility   -    3,700 
Repayment of customer receivable credit facility   (4,071)   (3,709)
Purchases of common stock - stock-based compensation   (770)   (1,932)
Purchases of common stock - share repurchase plan   -    (10,000)
Purchases of noncontrolling interests   (44)   - 
           
Net cash (used) provided by financing activities   9,864    (481)
           
Net change in total cash, cash equivalents and restricted cash   24,071    11,086 
           
Total cash, cash equivalents and restricted cash, beginning of period   89,244    62,167 
           
Total cash, cash equivalents and restricted cash, end of period  $113,315   $73,253 

 

Company Confidential

 

10

 

 

Table 4

 

ATN International, Inc.

Selected Segment Financial Information

(In Thousands)

 

For the three months ended June 30, 2025 is as follows:

 

   International
Telecom
   US Telecom   Corporate and
Other  *
   Total 
Statement of Operations Data:                    
Revenue                    
Mobility                    
Business  $4,857   $8   $-   $4,865 
Consumer   21,466    -    -    21,466 
Total  $26,323   $8   $-   $26,331 
                     
Fixed                    
Business  $18,416   $28,854   $-   $47,270 
Consumer   43,333    22,505    -    65,838 
Total  $61,749   $51,359   $-   $113,108 
                     
Carrier Services  $3,423   $29,806   $-   $33,229 
Other   2,088    118    -    2,206 
                     
Total Communications Services  $93,583   $81,291   $-   $174,874 
                     
Construction  $-   $2,216   $-   $2,216 
                     
Managed services  $1,311   $2,899   $-   $4,210 
Total Other  $1,311   $2,899   $-   $4,210 
                     
Total Revenue  $94,894   $86,406   $-   $181,300 
                     
Depreciation  $15,154   $17,850   $859   $33,863 
Amortization of intangibles from acquisitions  $251   $975   $-   $1,226 
Total operating expenses  $78,673   $91,939   $10,455   $181,067 
Operating income (loss)  $16,221   $(5,533)  $(10,455)  $233 
Net (income) loss attributable to non-controlling interests  $(2,307)  $4,541   $-   $2,234 
                     
Non GAAP measures:                    
EBITDA (2)  $31,626   $13,292   $(9,596)  $35,322 
Adjusted EBITDA (1)  $33,274   $18,262   $(5,744)  $45,792 
                     
Balance Sheet Data (at June 30, 2025):                    
Cash, cash equivalents and restricted cash  $66,726   $44,865   $1,724   $113,315 
Total current assets   164,452    153,829    9,471    327,752 
Fixed assets, net   455,402    548,040    7,189    1,010,631 
Total assets   701,302    914,121    91,583    1,707,006 
Total current liabilities   100,323    132,017    36,684    269,024 
Total debt, including current portion   64,900    320,474    198,025    583,399 

 

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

 

11

 

 

Table 4 (continued)

 

ATN International, Inc.

Selected Segment Financial Information

(In Thousands)

 

For the three months ended June 30, 2024 is as follows:

 

   International
Telecom
   US Telecom   Corporate and
Other  *
   Total 
Statement of Operations Data:                    
Revenue                    
Mobility                    
Business  $4,932   $68   $-   $5,000 
Consumer   21,879    701    -    22,580 
Total  $26,811   $769   $-   $27,580 
                     
Fixed                    
Business  $18,715   $30,817   $-   $49,532 
Consumer   43,500    21,674    -    65,174 
Total  $62,215   $52,491   $-   $114,706 
                     
Carrier Services  $3,636   $30,056   $-   $33,692 
Other   1,045    342    -    1,387 
                     
Total Communications Services  $93,707   $83,658   $-   $177,365 
                     
Construction  $-   $820   $-   $820 
                     
Managed services  $1,650   $3,446   $-   $5,096 
                     
Total Other  $1,650   $3,446   $-   $5,096 
                     
Total Revenue  $95,357   $87,924   $-   $183,281 
                     
Depreciation  $16,277   $19,234   $47   $35,558 
Amortization of intangibles from acquisitions  $252   $1,693   $-   $1,945 
Total operating expenses  $62,952   $87,040   $8,973   $158,965 
Operating income (loss)  $32,405   $884   $(8,973)  $24,316 
Net (income) loss attributable to non-controlling interests  $(5,137)  $2,803   $-   $(2,334)
                     
Non GAAP measures:                    
EBITDA (2)  $48,934   $21,811   $(8,926)  $61,819 
Adjusted EBITDA (1)  $33,285   $21,919   $(6,534)  $48,670 
                     
                     
Balance Sheet Data (at December 31, 2024):                    
Cash, cash equivalents and restricted cash  $35,231   $51,604   $2,408   $89,243 
Total current assets   129,866    168,754    10,541    309,161 
Fixed assets, net   466,861    565,625    7,707    1,040,193 
Total assets   675,642    957,914    93,547    1,727,103 
Total current liabilities   85,588    147,490    34,236    267,314 
Total debt, including current portion   59,850    316,242    181,264    557,356 

 

(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

 

12

 

 

ATN International, Inc.

Selected Segment Financial Information

(In Thousands)

 

For the six months ended June 30, 2025 is as follows:

 

   International
Telecom
   US Telecom   Corporate and
Other  *
   Total 
Statement of Operations Data:                    
Revenue                    
Mobility                    
Business  $9,706   $46   $-   $9,752 
Consumer   42,657    -    -    42,657 
Total  $52,363   $46   $-   $52,409 
                     
Fixed                    
Business  $36,909   $58,099   $-   $95,008 
Consumer   86,206    44,920    -    131,126 
Total  $123,115   $103,019   $-   $226,134 
                     
Carrier Services  $7,326   $59,033   $-   $66,359 
Other   3,829    174    -    4,003 
                     
Total Communications Services  $186,633   $162,272   $-   $348,905 
                     
Construction  $-   $3,262   $-   $3,262 
                     
Managed services  $2,757   $5,670   $-   $8,427 
Total Other  $2,757   $5,670   $-   $8,427 
                     
Total Revenue  $189,390   $171,204   $-   $360,594 
                     
Depreciation  $30,531   $36,134   $1,725   $68,390 
Amortization of intangibles from acquisitions  $503   $1,949   $-   $2,452 
Total operating expenses  $158,420   $179,152   $20,122   $357,694 
Operating income (loss)  $30,970   $(7,948)  $(20,122)  $2,900 
Net (income) loss attributable to non-controlling interests  $(3,781)  $8,475   $-   $4,694 
                     
Non GAAP measures:                    
EBITDA (2)  $62,004   $30,135   $(18,397)  $73,742 
Adjusted EBITDA (1)  $65,665   $35,774   $(11,308)  $90,131 

 

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

 

13

 

 

Table 4 (continued)

 

ATN International, Inc.

Selected Segment Financial Information

(In Thousands)

 

For the six months ended June 30, 2024 is as follows:

 

   International
Telecom
   US Telecom   Corporate and
Other  *
   Total 
Statement of Operations Data:                    
Revenue                    
Mobility                    
Business  $9,740   $141   $-   $9,881 
Consumer   43,108    1,465    -    44,573 
Total  $52,848   $1,606   $-   $54,454 
                     
Fixed                    
Business  $37,247   $65,783   $-   $103,030 
Consumer   86,289    44,593    -    130,882 
Total  $123,536   $110,376   $-   $233,912 
                     
Carrier Services  $7,209   $60,109   $-   $67,318 
Other   1,863    1,086    -    2,949 
                     
Total Communications Services  $185,456   $173,177   $-   $358,633 
                     
Construction  $-   $2,406   $-   $2,406 
                     
Managed services  $2,960   $6,077   $-   $9,037 
                     
Total Other  $2,960   $6,077   $-   $9,037 
                     
Total Revenue  $188,416   $181,660   $-   $370,076 
                     
Depreciation  $32,400   $37,372   $125   $69,897 
Amortization of intangibles from acquisitions  $503   $3,421   $-   $3,924 
Total operating expenses  $144,326   $180,178   $16,682   $341,186 
Operating income (loss)  $44,090   $1,482   $(16,682)  $28,890 
Net (income) loss attributable to non-controlling interests  $(6,574)  $5,872   $-   $(702)
                     
Non GAAP measures:                    
EBITDA (2)  $76,993   $42,275   $(16,557)  $102,711 
Adjusted EBITDA (1)  $62,558   $42,622   $(12,992)  $92,188 

 

 

(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

 

14

 

 

Table 5

 

ATN International, Inc.

Reconciliation of Non-GAAP Measures

(In Thousands)

 

For the three months ended June 30, 2025 is as follows:

 

   International
Telecom
   US Telecom   Corporate and
Other  *
   Total 
Operating income (loss)  $16,221   $(5,533)  $(10,455)  $233 
Depreciation expense   15,154    17,850    859    33,863 
Amortization of intangibles from acquisitions   251    975    -    1,226 
EBITDA  $31,626   $13,292   $(9,596)  $35,322 
                     
Stock-based compensation   141    50    2,494    2,685 
Transaction-related charges   -    -    193    193 
Restructuring and reorganization expenses   1,385    2,357    1,165    4,907 
(Gain) Loss on disposition of assets and transfers   122    2,563    -    2,685 
ADJUSTED EBITDA  $33,274   $18,262   $(5,744)  $45,792 

 

For the three months ended June 30, 2024 is as follows:

 

   International
Telecom
   US Telecom   Corporate and
Other  *
   Total 
Operating income (loss)  $32,405   $884   $(8,973)  $24,316 
Depreciation expense   16,277    19,234    47    35,558 
Amortization of intangibles from acquisitions   252    1,693    -    1,945 
EBITDA  $48,934   $21,811   $(8,926)  $61,819 
                     
Stock-based compensation   193    196    2,392    2,781 
(Gain) Loss on disposition of assets and transfers   (15,842)   (88)   -    (15,930)
ADJUSTED EBITDA  $33,285   $21,919   $(6,534)  $48,670 

 

For the six months ended June 30, 2025 is as follows:

 

   International
Telecom
   US Telecom   Corporate and
Other  *
   Total 
Operating income (loss)  $30,970   $(7,948)  $(20,122)  $2,900 
Depreciation expense   30,531    36,134    1,725    68,390 
Amortization of intangibles from acquisitions   503    1,949    -    2,452 
EBITDA  $62,004   $30,135   $(18,397)  $73,742 
                     
Stock-based compensation   357    127    4,106    4,590 
Transaction-related charges   -    -    1,628    1,628 
Restructuring and reorganization expenses   2,891    2,491    1,355    6,737 
(Gain) Loss on disposition of assets and transfers   413    3,021    -    3,434 
ADJUSTED EBITDA  $65,665   $35,774   $(11,308)  $90,131 

 

For the six months ended June 30, 2024 is as follows:

 

   International
Telecom
   US Telecom   Corporate and
Other  *
   Total 
Operating income (loss)  $44,090   $1,482   $(16,682)   28,890 
Depreciation expense   32,400    37,372    125    69,897 
Amortization of intangibles from acquisitions   503    3,421    -    3,924 
EBITDA  $76,993   $42,275   $(16,557)  $102,711 
                     
Stock-based compensation   217    327    4,146    4,690 
Restructuring and reorganization expenses   1,190    -    -    1,190 
Transaction-related charges   -    -    19    19 
(Gain) Loss on disposition of assets and transfers   (15,842)   20    (600)   (16,422)
ADJUSTED EBITDA  $62,558   $42,622   $(12,992)  $92,188 

 

15

 

 

Table 6

 

ATN International, Inc.

Non GAAP Measure - Net Debt Ratio

(in Thousands)

 

   June 30,   December 31, 
   2025   2024 
Current portion of long-term debt  *  $14,851   $8,226 
Long-term debt, net of current portion  *   568,548    549,130 
           
Total debt  $583,399   $557,356 
           
Less: Cash, cash equivalents and restricted cash   113,315    89,244 
           
Net Debt  $470,084   $468,112 
           
Adjusted EBITDA - for the four quarters ended  $182,027   $184,084 
           
Net Debt Ratio   2.58    2.54 

 

*  Excludes Customer receivable credit facility

 

16