ATN Reports Third Quarter 2020 Results Nasdaq:ATNI - GlobeNewswire

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• Results Demonstrate Resilience and Discipline of Company’s Operations
• International Telecom Posted Strong Growth in Operating Income and Cash Flow
• US Telecom Delivers Initial FirstNet Sites and Steady Sequential Results
  

BEVERLY, Mass., Oct. 28, 2020 (GLOBE NEWSWIRE) -- ATN International, Inc. (Nasdaq: ATNI) today reported results for the third quarter ended September 30, 2020.

Business Review and Outlook

Commenting on results, Michael Prior, Chief Executive Officer said, “In a time when connectivity and communications are essential, our telecom services operations demonstrated resilience and the benefits of our focus on operational efficiencies and reliability.

“Our International Telecom segment posted another quarter of improved profitability driven by a modest revenue increase and significant cost reductions achieved in several markets. Although some of our markets have been impacted by on-going pandemic-related travel restrictions, we continued to experience strong demand for our data services. This includes high speed internet to the home, an area in which our ongoing network investments have made us a leading high-quality service provider in all of our markets. Also, we were pleased to see a sequential increase in demand for our mobile services, reflecting the benefits of several ongoing sales and marketing initiatives. Our year-on-year EBITDA growth and lower capital expenditures in the segment provides us with substantial cash flow to invest in growth and other opportunities.

“US Telecom results have remained consistent over the last four quarters, however, year-on-year comparisons in this quarter are negatively affected by the previously-discussed treatment of restructured contracts which eliminated seasonality in our revenue reporting this year. After initial pandemic-related construction delays, we completed the first few sites of our FirstNet build-out and expect to complete approximately 25% of the sites by the end of this year. Also, we continue to build out broadband services in under-served rural areas of the country under various programs and initiatives. Our team did excellent work in connection with the FCC’s CBRS auction, which concluded last month with an investment of approximately $20.4 million.

“In summary, we are pleased with how well our operations have performed under challenging conditions, particularly in our international markets, where we have built a portfolio of high value, quality assets by investing in our networks and in management teams that continue to improve margins and quality of service. We are focused on using the cash flow from these operations and our substantial balance sheet capacity to invest in initiatives and programs that we believe have good prospects for growth and attractive risk-adjusted returns,” Mr. Prior concluded.

Third Quarter Results

Third quarter 2020 consolidated revenues of $111.7 million were down 3% compared to the prior year quarter’s revenue of $115.6 million. Operating income for the quarter was $9.6 million, down compared with the prior year quarter’s $10.2 million. EBITDA¹ was $31.1 million in the third quarter, down by 5% compared to $32.9 million in the prior year period. Net income attributable to ATN’s stockholders for the third quarter was $2.7 million, or $0.17 per diluted share, compared with the prior year period’s net income of $1.4 million, or $0.09 per diluted share.

Third Quarter 2020 Operating Highlights

The Company has three reportable segments: (i) International Telecom; (ii) US Telecom; and (iii) Renewable Energy.  

Segment Results (in Thousands)
	Three Months Ended September 30, 2020
	International Telecom		US Telecom		Renewable Energy			Corporate and Other			Total
Revenue	$	82,465	$	28,097	$	1,177		$	-		$	111,739
Operating Income (loss)	$	16,024	$	2,218	$	(98	)	$	(8,587	)	$	9,557
EBITDA1	$	29,695	$	7,947	$	393		$	(6,898	)	$	31,137
Capital Expenditures	$	8,509	$	8,371	$	482		$	1,334		$	18,696
	Nine Months Ended September 30, 2020
Revenue	$	244,813	$	83,557	$	3,373		$	-		$	331,743
Operating Income (loss)	$	44,119	$	6,241	$	(1,175	)	$	(25,306	)	$	23,879
EBITDA1	$	86,239	$	23,572	$	415		$	(20,258	)	$	89,968
Capital Expenditures	$	28,439	$	17,254	$	2,116		$	2,853		$	50,662

Segment Results (in Thousands)
	Three Months Ended September 30, 2019
	International Telecom		US Telecom		Renewable Energy			Corporate and Other			Total
Revenue	$	81,285	$	32,893	$	1,438		$	-		$	115,616
Operating Income (loss)	$	10,867	$	7,912	$	(714	)	$	(7,817	)	$	10,248
EBITDA1	$	24,956	$	13,682	$	302		$	(6,089	)	$	32,851
Capital Expenditures	$	9,467	$	2,165	$	1,366		$	1,093		$	14,091
	Nine Months Ended September 30, 2019
Revenue	$	241,461	$	80,800	$	4,376		$	-		$	326,637
Operating Income (loss)	$	35,802	$	5,927	$	(750	)	$	(25,862	)	$	15,117
EBITDA1	$	76,511	$	22,846	$	1,519		$	(20,889	)	$	79,987
Capital Expenditures	$	33,159	$	8,533	$	2,183		$	5,611		$	49,486

Beginning in the first quarter of 2020 the Company restructured its presentation of revenue in the Condensed Consolidated Statement of Operations and in the Selected Segment Financial Information tables. This change is intended to better align our reporting of financial performance with views of the Company management and industry competitors, and to facilitate discussions with investors and analysts.

International Telecom

International Telecom revenues are generated by delivery of a broad range of communications services, including data, voice and video services from our fixed and mobile network operations in Bermuda and the Caribbean. International Telecom revenues were $82.5 million for the quarter, a 1% increase year-on-year mainly due to increases in fixed broadband revenues partially offset by lower carrier services revenues related to lower roaming traffic due to travel restrictions. Compared to the prior year quarter, operating income increased 47% to $16.0 million and EBITDA¹ increased 19% to $29.7 million, respectively, primarily from lower operating costs in the quarter. In October 2020, we completed a transaction to increase our equity ownership in One Communications, the Company’s Bermuda and Cayman based subsidiary, through the purchase of an additional approximately 10% stake, which is expected to be accretive to overall Company earnings beginning in the fourth quarter of 2020. Since the 2016 merger of our Bermuda-based mobile operations with KeyTech to create One Communications, we have increased our equity ownership position from 50% to approximately 70%.

US Telecom

US Telecom revenues consist mainly of carrier services revenues and fixed and mobile retail revenues from our networks and operations in the western United States, as well as communications services provided to enterprise customers.  US Telecom segment revenues were $28.1 million in the quarter, a decrease of 15% from the prior year period primarily due to the accounting impact of restructured carrier contracts, which eliminated the seasonal revenue accounting of the previous agreements. The network build portion of the FirstNet agreement has continued during the pandemic and the first few sites were completed and activated during the third quarter. Although the overall timing of the build schedule has been delayed as a result of the impact of pandemic-related restrictions, we expect construction revenues to be generated through 2021. As revenues from the build will be largely offset by construction costs, we do not expect a material impact on operating income or EBITDA¹ from this delay. Operating income and EBITDA¹ for this segment of $2.2 million and $7.9 million, respectively, each decreased by $5.7 million from the prior year’s quarter mostly as a result of the revenue impact of restructured carrier contracts.

Renewable Energy

Renewable Energy segment revenues are principally the result of the generation and sale of electric power generated by our commercial solar projects in India.   We ended the third quarter of 2020 with 52 megawatts (MWs) of revenue generating solar facilities and expect to begin generating revenue from additional MWs later in the year. The current quarter’s operating loss and EBITDA¹ of $0.1 million and $0.4 million, respectively, each improved compared with the prior year’s quarter due to lower operating expenses.

____________________________

¹See Table 5 for reconciliation of Operating Income to EBITDA, a non-GAAP measure.

Balance Sheet and Cash Flow Highlights

Total cash, cash equivalents and restricted cash at September 30, 2020 was $136.2 million. Net cash provided by operating activities was $71.6 million for the nine months ended September 30, 2020, compared with $56.8 million for the prior year period. The increase in operating cash flow compared with the prior year is mostly the result of increased net income and lower tax payments over last year, partially offset by a current year increase in cash used for working capital.   For the nine months ended September 30, 2020, the Company used net cash of $97.6 million for investing and financing activities compared to $83.4 million for the prior year period. In the current year, the net use of cash was most significantly comprised of $50.7 million in capital expenditures, $20.4 million in purchases of FCC spectrum, $8.8 million of repurchases of non-controlling interests, $8.3 million of ATN share repurchases, $8.2 million of dividends on common stock and $6.5 million in minority partner distributions.     

Conference Call Information

ATN will host a conference call on Thursday, October 29, 2020 at 11:00 a.m. Eastern Time (ET) to discuss its third quarter results and business outlook. The call will be hosted by Michael Prior, Chairman and Chief Executive Officer, and Justin Benincasa, Chief Financial Officer. The dial-in numbers are US/Canada: (877) 734-4582 and International: (678) 905-9376, conference ID 6472418. A replay of the call will be available at ir.atni.com beginning at approximately 2:00 p.m. (ET) on October 29, 2020.

About ATN

ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, invests in and operates communications, energy and technology businesses in the United States and internationally, including the Caribbean region and Asia-Pacific, with a particular focus on markets with a need for significant infrastructure investments and improvements. Our operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential and business customers, including a range of mobile wireless solutions, high speed internet services, video services and local exchange services, (ii) distributed solar electric power to corporate and government customers and (iii) wholesale communications infrastructure services such as terrestrial and submarine fiber optic transport, communications tower facilities, managed mobile networks, and in-building systems. For more information, please visit www.atni.com.

Cautionary Language Concerning Forward Looking Statements

This press release contains forward-looking statements relating to, among other matters, our future financial performance and results of operations, including the impact of the novel coronavirus pandemic on the economies of the markets we serve, our business and operations; expectations regarding future revenue, operating income, EBITDA and capital expenditures; the competitive environment in our key markets, demand for our services and industry trends; our liquidity; 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 our operations, including operating margins, revenues, capital expenditures, and the future growth and retention of our major customers and subscriber base and consumer demand for solar power; (2) our ability to maintain favorable roaming arrangements, receive roaming traffic and satisfy the needs and demands of our major wireless customers; (3) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address rapid and significant technological changes in the telecommunications industry; (4) government regulation of our businesses, which may impact our FCC and other telecommunications licenses or our renewables businesses; (5) our reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure; (6) economic, political and other risks and opportunities facing our operations, including those resulting from the pandemic; (7) the loss of or an inability to recruit skilled personnel in our various jurisdictions, including key members of management; (8) our ability to expand and obtain funding for our renewable energy business; (9) our ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (10) the occurrence of weather events and natural catastrophes; (11) increased competition; (12) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; (13) our continued access to capital and credit markets; and (14) the risk of currency fluctuation for those markets in which we operate. 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, 2019, filed with the SEC on March 2, 2020, as amended by Amendment No. 1 to the Annual Report on Form 10-K filed with the SEC on April 29, 2020, and the other reports we file 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.

Use of Non-GAAP Financial Measures

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

EBITDA is defined as operating income (loss) before depreciation and amortization expense. The Company believes that the inclusion of this non-GAAP financial measure helps investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. ATN’s management uses this non-GAAP measure, in addition to GAAP financial measures, as the basis for measuring our core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measure included in this press release is not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of this non-GAAP financial measure to the most directly comparable GAAP financial measure are set forth in the text of, and the accompanying tables to, this press release. While our non-GAAP financial measure is an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of this financial measure to the comparable GAAP financial measure included below, and not to rely on any single financial measure to evaluate our business.  

 

	Table 1
	ATN International, Inc.
	Unaudited Condensed Consolidated Balance Sheets
	(in Thousands)
		September 30,			December 31,
		2020			2019
	Assets:
	Cash and cash equivalents	$	135,153		$	161,287
	Restricted cash		1,072			1,071
	Short-term investments		403			416
	Other current assets		88,956			65,949
	Total current assets		225,584			228,723
	Property, plant and equipment, net		589,428			605,581
	Operating lease right-of-use assets		64,294			68,763
	Goodwill and other intangible assets, net		181,040			161,818
	Other assets		53,068			65,841
	Total assets	$	1,113,414		$	1,130,726
	Liabilities and Stockholders’ Equity:
	Current portion of long-term debt	$	3,750		$	3,750
	Taxes payable		7,921			8,517
	Current portion of lease liabilities		10,902			11,406
	Other current liabilities		110,289			95,996
	Total current liabilities		132,862			119,669
	Long-term debt, net of current portion	$	79,973		$	82,676
	Deferred income taxes		2,602			8,680
	Lease liabilities		53,543			56,164
	Other long-term liabilities		49,836			57,454
	Total liabilities		318,816			324,643
	Total ATN International, Inc.’s stockholders’ equity		667,875			676,122
	Non-controlling interests		126,723			129,961
	Total equity		794,598			806,083
	Total liabilities and stockholders’ equity	$	1,113,414		$	1,130,726

														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,
		2020				2019				2020				2019
	Revenues:
	Communications services	$	108,721			$	112,840			$	322,865			$	318,473
	Other		3,018				2,776				8,878				8,164
	Total revenue		111,739				115,616				331,743				326,637
	Operating expenses:
	Termination and access fees		26,979				27,622				83,562				83,440
	Construction costs		390				-				390				-
	Engineering and operations		18,127				20,095				53,983				58,234
	Sales, marketing and customer service		9,344				9,785				28,220				29,048
	General and administrative		25,735				25,110				75,413				75,518
	Transaction-related charges		31				21				147				89
	Depreciation and amortization		21,580				22,603				66,089				64,870
	(Gain) loss on disposition of assets		(4	)			132				60				321
	Total operating expenses		102,182				105,368				307,864				311,520
	Operating income		9,557				10,248				23,879				15,117
	Other income (expense):
	Interest expense, net		(1,243	)			(884	)			(3,664	)			(1,983	)
	Other income (expense)		(2,031	)			(2,686	)			(4,341	)			(2,755	)
	Other income (expense), net		(3,274	)			(3,570	)			(8,005	)			(4,738	)
	Income before income taxes		6,283				6,678				15,874				10,379
	Income tax (benefit) expense		92				1,834				(1,057	)			2,774
	Net Income		6,191				4,844				16,931				7,605
	Net income attributable to non-controlling interests, net		(3,530	)			(3,459	)			(10,538	)			(8,657	)
	Net income (loss) attributable to ATN International, Inc. stockholders	$	2,661			$	1,385			$	6,393			$	(1,052	)
	Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders:
	Basic Net Income (Loss)	$	0.17			$	0.09			$	0.40			$	(0.07	)
	Diluted Net Income (Loss)	$	0.17			$	0.09			$	0.40			$	(0.07	)
	Weighted average common shares outstanding:
	Basic		15,962				16,000				15,946				15,984
	Diluted		16,011				16,007				15,991				15,984
	Note: The Company has restructured its presentation of revenues - see Table 4

	Table 3
	ATN International, Inc.
	Unaudited Condensed Consolidated Cash Flow Statement
	(in Thousands)
		Nine Months Ended September 30,
		2020				2019
	Net income	$	16,931			$	7,605
	Depreciation and amortization		66,089				64,870
	Provision for doubtful accounts		4,452				3,796
	(Gain) Loss on disposition of assets		60				321
	Stock-based compensation		4,608				4,881
	Deferred income taxes		(6,078	)			(6,287	)
	Loss on investments		3,360				2,131
	Change in prepaid and accrued income taxes		620				(13,889	)
	Change in other operating assets and liabilities		(19,295	)			(7,262	)
	Other non-cash activity		844				681
	Net cash provided by operating activities		71,591				56,847
	Capital expenditures		(50,662	)			(49,486	)
	Purchases of intangible assets, including deposits		(20,396	)			-
	Purchases of strategic investments		(2,768	)			(10,285	)
	Purchase of short-term investments		(116	)			(8,028	)
	Sale of strategic investments		11,969				-
	Sale of short-term investments		-				5,141
	Net cash used in investing activities		(61,973	)			(62,658	)
	Dividends paid on common stock		(8,166	)			(8,160	)
	Distributions to non-controlling interests		(6,503	)			(5,760	)
	Principal repayments of term loan		(2,814	)			(2,825	)
	Payment of debt issuance costs		(1,096	)			(1,340	)
	Stock-based compensation share repurchases		(1,733	)			(1,607	)
	Purchases of common stock - share buyback		(6,589	)			(162	)
	Repurchases of non-controlling interests		(8,763	)			(1,353	)
	Investments made by minority shareholders		-				488
	Net cash used in financing activities		(35,664	)			(20,719	)
	Effect of foreign currency exchange rates on total cash, cash equivalents and restricted cash		(87	)			(26	)
	Net change in total cash, cash equivalents and restricted cash		(26,133	)			(26,556	)
	Total cash, cash equivalents and restricted cash, beginning of period		162,358				192,907
	Total cash, cash equivalents and restricted cash, end of period	$	136,225			$	166,351

													Table 4
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
For the three months ended September 30, 2020 is as follows:
	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total
Statement of Operations Data:
Revenue**
Mobility	$	21,406		$	2,432		$	-		$	-		$	23,838
Fixed		57,364			5,419			-			-			62,783
Carrier services		1,851			19,852			-			-			21,703
Other		397			-			-			-			397
Total communications services	$	81,018		$	27,703		$	-		$	-		$	108,721
Renewable Energy	$	-		$	-		$	1,177		$	-		$	1,177
Managed Services		1,447			-			-			-			1,447
Construction		-			394			-			-			394
Total Other	$	1,447		$	394		$	1,177		$	-		$	3,018
Total Revenue	$	82,465		$	28,097		$	1,177		$	-		$	111,739
Operating Income (Loss)	$	16,024		$	2,218		$	(98	)	$	(8,587	)	$	9,557
Stock-based compensation		29			-			66			1,792			1,887
Non-controlling interest ( net income or (loss) )	$	(2,762	)	$	(786	)	$	18		$	-		$	(3,530	)
Non GAAP measures:
EBITDA (1)	$	29,695		$	7,947		$	393		$	(6,898	)	$	31,137
Adjusted EBITDA (2)	$	29,695		$	7,943		$	393		$	(6,867	)	$	31,164
Balance Sheet Data (at September 30, 2020):
Cash, cash equivalents and investments	$	67,701		$	25,177		$	22,376		$	20,302		$	135,556
Total current assets		124,515			59,801			25,290			15,978			225,584
Fixed assets, net		452,303			77,017			45,773			14,335			589,428
Total assets		664,307			233,288			71,757			144,062			1,113,414
Total current liabilities		71,254			36,898			909			23,801			132,862
Total debt		83,723			-			-			-			83,723
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
** The Company restructured its presentation of revenue to better align financial reporting with industry competitors, and the view
of investors and company management.
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
For the three months ended September 30, 2019 is as follows:
	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total
Statement of Operations Data:
Revenue**
Mobility	$	21,364		$	2,601		$	-		$	-		$	23,965
Fixed		55,845			4,304			-			-			60,149
Carrier services		2,403			25,988			-			-			28,391
Other		335			-			-			-			335
Total communications services	$	79,947		$	32,893		$	-		$	-		$	112,840
Renewable Energy	$	-		$	-		$	1,438		$	-		$	1,438
Managed Services		1,338			-			-			-			1,338
Total Other	$	1,338		$	-		$	1,438		$	-		$	2,776
Total Revenue	$	81,285		$	32,893		$	1,438		$	-		$	115,616
Operating Income (Loss)	$	10,867		$	7,912		$	(714	)	$	(7,817	)	$	10,248
Stock-based compensation		285			-			-			1,263			1,548
Non-controlling interest ( net income or (loss) )	$	(2,154	)	$	(1,342	)	$	37		$	-		$	(3,459	)
Non GAAP measures:
EBITDA (1)	$	24,956		$	13,682		$	302		$	(6,089	)	$	32,851
Adjusted EBITDA (2)	$	24,956		$	13,779		$	337		$	(6,068	)	$	33,004
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
** The Company restructured its presentation of revenue to better align financial reporting with industry competitors, and the view
of investors and company management.
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
For the nine months ended September 30, 2020 is as follows:
	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total
Statement of Operations Data:
Revenue**
Mobility	$	60,604		$	7,203		$	-		$	-		$	67,807
Fixed		172,420			15,181			-			-			187,601
Carrier services		5,392			60,779			-			-			66,171
Other		1,286			-			-			-			1,286
Total communications services	$	239,702		$	83,163		$	-		$	-		$	322,865
Renewable Energy	$	-		$	-		$	3,374		$	-		$	3,374
Managed Services		5,110			-			-			-			5,110
Construction		-			394			-			-			394
Total Other	$	5,110		$	394		$	3,374		$	-		$	8,878
Total Revenue	$	244,812		$	83,557		$	3,374		$	-		$	331,743
Operating Income (Loss)	$	44,119		$	6,241		$	(1,175	)	$	(25,306	)	$	23,879
Stock-based compensation		20			-			197			4,391			4,608
Non-controlling interest ( net income or (loss) )	$	(7,770	)	$	(2,880	)	$	112		$	-		$	(10,538	)
Non GAAP measures:
EBITDA (1)	$	86,239		$	23,572		$	415		$	(20,258	)	$	89,968
Adjusted EBITDA (2)	$	86,252		$	23,573		$	545		$	(20,195	)	$	90,175
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
** The Company restructured its presentation of revenue to better align financial reporting with industry competitors, and the view
of investors and company management.
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
For the nine months ended September 30, 2019 is as follows:
	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total
Statement of Operations Data:
Revenue**
Mobility	$	62,766		$	8,095		$	-		$	-		$	70,861
Fixed		166,925			9,885			-			-			176,810
Carrier services		6,970			62,820			-			-			69,790
Other		1,012			-			-			-			1,012
Total communications services	$	237,673		$	80,800		$	-		$	-		$	318,473
Renewable Energy	$	-		$	-		$	4,376		$	-		$	4,376
Managed Services		3,788			-			-			-			3,788
Total Other	$	3,788		$	-		$	4,376		$	-		$	8,164
Total Revenue	$	241,461		$	80,800		$	4,376		$	-		$	326,637
Operating Income (Loss)	$	35,802		$	5,927		$	(750	)	$	(25,862	)	$	15,117
Stock-based compensation		306			-			-			4,575			4,881
Non-controlling interest ( net income or (loss) )	$	(6,810	)	$	(1,864	)	$	17		$	-		$	(8,657	)
Non GAAP measures:
EBITDA (1)	$	76,511		$	22,846		$	1,519		$	(20,889	)	$	79,987
Adjusted EBITDA (2)	$	76,497		$	23,007		$	1,693		$	(20,800	)	$	80,397
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
** The Company restructured its presentation of revenue to better align financial reporting with industry competitors, and the view
of investors and company management.
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
at December 31, 2019
	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total
Balance Sheet Data (at December 31, 2019):
Cash, cash equivalents and investments	$	43,125		$	38,240		$	25,054		$	55,284		$	161,703
Total current assets		91,497			54,207			27,534			55,484			228,723
Fixed assets, net		466,523			69,184			48,421			21,452			605,581
Total assets		647,228			222,356			76,723			184,419			1,130,726
Total current liabilities		77,644			24,905			2,745			14,374			119,669
Total debt		86,426			-			-			-			86,426
(1) See Table 5 for reconciliation of Operating Income to EBITDA
(2) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
at September 30, 2020
	Quarter ended
	September 30,			December 31,			March 31,			June 30,			September 30,
	2019			2019			2020			2020			2020
International Telecom Operational Data:
Mobile - Subscribers *		285,000			284,100			282,100			276,400			289,100
Fixed - Data Subscribers *		124,700			127,500			131,300			135,500			137,500
Fixed - Video Subscribers *		38,900			38,400			38,100			36,400			35,800
Fixed - Voice		164,900			164,800			166,700			167,100			167,900
* Counts were adjusted for all periods presented based upon a change in methodology and process

													Table 5
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
For the three months ended September 30, 2020 is as follows:
	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total
Operating income (loss)	$	16,024		$	2,218		$	(98	)	$	(8,587	)	$	9,557
Depreciation and amortization expense		13,671			5,729			491			1,689			21,580
EBITDA	$	29,695		$	7,947		$	393		$	(6,898	)		31,137
Transaction-related charges		-			-			-			31			31
(Gain) Loss on disposition of assets		-			(4	)		-			-			(4	)
ADJUSTED EBITDA	$	29,695		$	7,943		$	393		$	(6,867	)		31,164
Revenue		82,465			28,097			1,177			-			111,739
ADJUSTED EBITDA MARGIN		36.0	%		28.3	%		33.4	%		NA			27.9	%
For the three months ended September 30, 2019 is as follows:
	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total
Operating income (loss)	$	10,867		$	7,912		$	(714	)	$	(7,817	)	$	10,248
Depreciation and amortization expense		14,089			5,770			1,016			1,728			22,603
EBITDA	$	24,956		$	13,682		$	302		$	(6,089	)		32,851
Transaction-related charges		-			-			-			21			21
(Gain) Loss on disposition of assets		-			97			35			-			132
ADJUSTED EBITDA	$	24,956		$	13,779		$	337		$	(6,068	)		33,004
Revenue		81,285			32,893			1,438			-			115,616
ADJUSTED EBITDA MARGIN		30.7	%		41.9	%		23.4	%		NA			28.5	%
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
For the nine months ended September 30, 2020 is as follows:
	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total
Operating income (loss)	$	44,119		$	6,241		$	(1,175	)	$	(25,306	)	$	23,879
Depreciation and amortization expense		42,120			17,331			1,590			5,048			66,089
EBITDA	$	86,239		$	23,572		$	415		$	(20,258	)		89,968
Transaction-related charges		-			-			84			63			147
(Gain) Loss on disposition of assets		13			1			46			-			60
ADJUSTED EBITDA	$	86,252		$	23,573		$	545		$	(20,195	)		90,175
Revenue		244,812			83,557			3,374			-			331,743
ADJUSTED EBITDA MARGIN		35.2	%		28.2	%		16.2	%		NA			27.2	%
For the nine months ended September 30, 2019 is as follows:
	International Telecom			US Telecom			Renewable Energy			Corporate and Other *			Total
Operating income (loss)	$	35,802		$	5,927		$	(750	)	$	(25,862	)	$	15,117
Depreciation and amortization expense		40,709			16,919			2,269			4,973			64,870
EBITDA	$	76,511		$	22,846		$	1,519		$	(20,889	)		79,987
Transaction-related charges		-			-			-			89			89
(Gain) Loss on disposition of assets		(14	)		161			174			-			321
ADJUSTED EBITDA	$	76,497		$	23,007		$	1,693		$	(20,800	)		80,397
Revenue		241,461			80,800			4,376			-			326,637
ADJUSTED EBITDA MARGIN		31.7	%		28.5	%		38.7	%		NA			24.6	%

CONTACT:	978-619-1300
	Michael T. Prior
	Chairman and
	Chief Executive Officer
	Justin D. Benincasa
	Chief Financial Officer

 

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