Sign In  |  Register  |  About Daly City  |  Contact Us

Daly City, CA
September 01, 2020 1:20pm
7-Day Forecast | Traffic
  • Search Hotels in Daly City

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

ATN Reports First-Quarter 2023 Results; Reiterates Outlook

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

  • Revenue grew 8% to $185.8 million
  • Increased total high-speed subscribers reached by 18%
  • Expanded broadband homes passed by high-speed digital solutions by 56%
  • Capital expenditures were $50.6 million (net of $2.1 million of reimbursables)

Adjusted EBITDA Improvements Follow Subscriber and Revenue Growth

  • Net loss increased to $(5.9) million, or $(0.44) per share; operating income increased to $0.6 million
  • Adjusted EBITDA1 increased 6% to $44.8 million

Reiterates 2023 Outlook3

  • Adjusted EBITDA expected to be in the range of $183.0 to $193.0 million
  • Capital Expenditures expected to be in the range of $160.0 to $170.0 million

Earnings Conference Call

BEVERLY, Mass., April 26, 2023 (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the quarter ended March 31, 2023.

Remarks by Michael Prior, ATN CEO

“The first quarter of 2023 marks the start of the second year of our three-year investment plan. We are already seeing the benefits of our expanded network and its associated customer additions. Broadband homes passed by high-speed solutions increased by 56% versus last year, primarily due to fiber-based network expansions in Guyana and Alaska. ATN’s first quarter revenue reached the highest level in more than a decade. As we continue to add subscribers to the network, we expect to strengthen and expand our core base of highly durable revenue and cash flow.

“We showed consistency of execution in the first quarter and were again rewarded with solid subscriber growth, high levels of customer retention and progress on our key operational and financial metrics. We expect our customer base, revenue, and Adjusted EBITDA growth trends to continue throughout 2023 and continue to track to our three-year plan.”

First Quarter 2023 Financial Results

Consolidated revenues were $185.8 million, up 8% versus $172.0 million in the year-ago quarter. This increase primarily reflects increased mobility and fixed revenues, including those from a recent acquisition, partially offset by lower legacy roaming and construction revenues.

Operating income increased to $0.6 million, from $0.1 million in the year-ago quarter. The year-over-year increase was primarily due to higher revenues, partially offset by an increase in depreciation expense from a recent acquisition and a restructuring charge associated with our legacy wholesale wireless business. Last year’s first quarter operating income included a loss on the disposition of assets.

Net loss attributable to ATN stockholders was $(5.9) million, or $(0.44) loss per share, and increased in comparison to the net loss of $(0.9) million, or $(0.13) loss per share, in the year-ago quarter due primarily to a $5.3 million increase in net interest expense compared with last year.

Adjusted EBITDA1 increased to $44.8 million, from $42.1 million in the year-ago quarter.

Segment Operating Results (in Thousands)

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

For Three Months Ended March 31, 2023 and 2022
         
 20232022202320222023202220232022
 InternationalInternationalUSUS  TotalTotal
 TelecomTelecomTelecomTelecomAll Other*All Other*ATNATN
Total Revenue:$ 90,408$ 86,787$ 95,366 $ 85,232 $ - $ - $ 185,774$ 172,019
         Mobility 26,107 23,586 1,159  1,830  -  -  27,266 25,416
         Fixed 58,891 58,347 58,902  46,113  -  -  117,793 104,460
         Carrier Services 3,690 3,402 32,084  32,989  -  -  35,774 36,391
         Construction - - 590  1,987  -  -  590 1,987
         All other 1,720 1,452 2,631  2,313  -  -  4,351 3,765
         
Operating Income (Loss)$13,825$11,802$(4,342)$(4,635)$(8,847)$(7,059)$636$108
EBITDA2$28,391$26,117$20,012 $16,647 $(8,116)$(6,106)$40,287$36,658
Adjusted EBITDA1$28,458$27,208$22,809 $19,668 $(6,469)$(4,784)$44,798$42,092
Capital Expenditures**$21,463$15,170$29,135 $18,847 $- $203 $50,598$34,220
         

* Corporate and Other refer to corporate overhead expenses and consolidating adjustments.
**Excludes government capital programs 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 and geographies in which we operate, the Company continues to deploy capital in fiber and fiber-fed high-speed data solutions to increase the Company’s fiber footprint and grow broadband subscribers.

Operating Metrics

Operating Metrics
       
 20232022202220222022Q1 2023
 Q1Q4Q3Q2Q1 vs. Q1 2022
Broadband Homes Passed 736,300 728,900 613,600 614,200 610,100 21%
Broadband Homes Passed by HSD*301,600 275,100 219,300 199,800 193,300 56%
       
Broadband Customers216,900 210,300 205,200 204,500 204,000 6%
HSD* Broadband Customers119,800 113,000 110,700 105,600 101,800 18%
       
Fiber Route Miles11,099 10,545 9,756 9,399 9,127 22%
       
International Mobile Subscribers      
   Pre-Paid328,300 322,000 301,800 297,000 291,900 12%
   Post-Paid57,100 55,700 54,200 51,900 50,200 14%
   Total385,400 377,700 356,000 348,900 342,100 13%
       
   Blended Churn2.81%2.25%3.02%2.80%2.86% 
       

*HSD is defined as download speeds greater than 100 Mbps and HSD 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 March 31, 2023, was $61.0 million and total debt was $464.7 million, versus $76.8 million of cash, cash equivalents and restricted cash and $352.2 million of total debt at the end of the year-ago quarter.

Net cash provided by operating activities was $16.0 million at quarter-end, compared with net cash provided by operating activities of $11.4 million in the year-ago quarter.   

Capital Expenditures were $50.6 million net of $2.1 million of reimbursable capital expenditures for the first quarter of 2023, versus $34.2 million a year ago.

Quarterly Dividends and Stock Repurchases

Quarterly dividends ATN paid a quarterly dividend of $0.21 per share on April 7, 2023, on all common shares outstanding to stockholders of record as of March 31, 2023.

Stock repurchases of the Company’s common stock totaled $1.4 million in the first quarter of 2023.

Guidance and Outlook

The Company is continuing investments in its “Glass and Steel™” and “First-to-Fiber” market strategies. At the start of 2022, the Company set business targets to be achieved exiting 2024 following a three-year period of above-normal network investments. In 2023, the Company believes it remains well-positioned to achieve the growth rate targets, capital expenditure levels projected, and projected leverage ratios.

Reiterates outlook for full year 2023 ending December 31, 2023:

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


Reiterates outlook for the three-year period ending December 31, 2024:

Revenue CAGR4-6%2021-2024
Adjusted EBITDA1 CAGR8-10%2021-2024
Capital ExpenditureReturn to 10-15% of RevenueAfter 2024
Net Debt RatioApprox. 2.0xExiting 2024

Note: Revenue and Adjusted EBITDA CAGRS assume full year 2021 Alaska results and exclude construction revenue.

For the Company’s three-year outlook for Adjusted EBITDA, Net Debt 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.

Conference Call Information

Call Date: Thursday, April 27, 2023
Call Time: 10:00 a.m. ET
Webcast Link: https://edge.media-server.com/mmc/p/xxataq2m
Live Call Participant Link: https://register.vevent.com/register/BI0423a82305c04203a8dc0b9313c6d153

Webcast Link InstructionsA live audio webcast of the conference call is available 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 location approximately one hour after the live call concludes. 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, one-time impairment or special charges, and the gain (loss) on disposition of assets. To more closely align with similar calculations presented by companies in its industry, beginning in this first quarter of 2023, the Company excludes non-cash stock-based compensation in its adjustment to derive Adjusted EBITDA. Prior periods have been restated to conform to this definition change.

Net Debt is defined as total debt less cash and cash equivalents and restricted cash.

Net Debt Ratio is defined as Net Debt divided by the trailing four quarters’ ended total Adjusted EBITDA at the measurement date.

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

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results of operations, expectations regarding the transition of its US Telecom business, its future revenues, operating income, cash flows, EBITDA, Adjusted EBITDA, Net Debt, Net Debt Ratio, and capital investments; demand for the Company’s services and industry trends; the Company’s liquidity; the organization of the Company’s business; our expansion into growing markets; the expansion of the Company’s customer base; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of the Company’s operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of the Company’s subscriber base and ARPU; (2) the Company’s reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to the Company’s network infrastructure; (3) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (4) the Company’s ability to realize cost synergies for its newly acquired businesses and 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 wireless to other carrier and consumer-based services; (10) increased risk of an economic downturn, political, geopolitical and other risks and opportunities facing the Company’s operations, including those resulting from the persistence of high inflation and other macroeconomic headwinds including increased costs and supply chain disruptions; (11) the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (12) the Company’s ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (13) the occurrence of weather events and natural catastrophes and the Company’s ability to secure the appropriate level of insurance coverage for these assets; and (14) increased competition. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 15, 2023, and the other reports the Company files from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors that may affect such forward-looking statements, except as required by law.

Contact

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

                

Table 1
ATN International, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in Thousands)
    
 March 31, December 31,
20232022
Assets:   
   Cash and cash equivalents$56,016 $54,660
   Restricted cash 4,961  5,068
   Customer receivable 6,083  5,803
   Other current assets 164,492  164,157
    
   Total current assets 231,552  229,688
    
   Property, plant and equipment, net 1,056,363  1,055,954
   Operating lease right-of-use assets 101,953  108,702
   Customer receivable - long term 45,681  46,706
   Goodwill and other intangible assets, net 182,626  185,794
   Other assets 81,840  81,025
    
Total assets$1,700,015 $1,707,869
    
Liabilities, redeemable non-controlling interests and stockholders’ equity:   
   Current portion of long-term debt$11,537 $6,172
   Current portion of customer receivable credit facility 6,574  6,073
   Taxes payable 13,611  7,335
   Current portion of lease liabilities 13,785  15,457
   Other current liabilities 159,877  198,143
    
   Total current liabilities 205,384  233,180
    
   Long-term debt, net of current portion$453,144 $415,727
   Customer receivable credit facility, net of current portion 41,533  39,275
   Deferred income taxes 26,697  28,650
   Lease liabilities 78,360  83,319
   Other long-term liabilities 137,148  138,420
    
Total liabilities 942,266  938,571
    
Redeemable non-controlling interests 93,223  92,468
    
Stockholders' equity   
   Total ATN International, Inc.’s stockholders’ equity 567,243  580,814
   Non-controlling interests 97,283  96,016
    
Total stockholders' equity 664,526  676,830
    
Total liabilities, redeemable non-controlling interests and stockholders’ equity$1,700,015 $1,707,869
    


   Table 2
ATN International, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, Except per Share Data)
    
 Three Months Ended,
March 31,
  2023   2022 
Revenues:   
   Communications services$181,308  $166,543 
   Construction 590   1,987 
   Other 3,876   3,489 
   Total revenue 185,774   172,019 
    
Operating expenses (excluding depreciation and amortization unless otherwise indicated):   
   Cost of services and other 79,040   73,011 
   Cost of construction revenue 588   2,033 
   Selling, general and administrative 61,348   54,882 
   Stock-based compensation 1,778   1,461 
   Transaction-related charges 13   554 
   Restructuring expenses 2,887   - 
   Depreciation 36,404   33,292 
   Amortization of intangibles from acquisitions 3,247   3,258 
   (Gain) Loss on disposition of assets (167)  3,420 
Total operating expenses 185,138   171,911 
    
Operating income 636   108 
    
Other income (expense):   
   Interest expense, net (8,625)  (3,312)
   Other income (expense) 194   4,199 
   Other income (expenses), net (8,431)  887 
    
Income (loss) before income taxes (7,795)  995 
   Income tax expense (benefit) (740)  2,952 
    
Net loss (7,055)  (1,957)
    
Net loss attributable to non-controlling interests, net 1,170   1,009 
    
Net loss attributable to ATN International, Inc. stockholders$(5,885) $(948)
    
Net loss per weighted average share attributable to ATN International, Inc. stockholders:   
    
  Basic Net Loss$(0.44) $(0.13)
    
    
  Diluted Net Loss$(0.44) $(0.13)
    
Weighted average common shares outstanding:   
   Basic 15,768   15,708 
Diluted 15,768   15,708 
    


Table 3
ATN International, Inc.
Unaudited Condensed Consolidated Cash Flow Statements
(in Thousands)
  
  Three Months Ended March 31,
  2023   2022 
    
   Net Loss$(7,055) $(1,957)
   Depreciation 36,404   33,292 
   Amortization of intangibles from acquisitions 3,247   3,258 
   Provision for doubtful accounts 1,378   1,913 
   Amortization of debt discount and debt issuance costs 569   501 
   (Gain) loss on disposition of long-lived assets (167)  3,420 
   Stock-based compensation 1,778   1,461 
   Deferred income taxes (1,953)  191 
   Loss on pension settlement 369   - 
   (Gain) loss on equity investments (315)  (4,222)
   Increase in customer receivable 745   (746)
   Change in prepaid and accrued income taxes 7,632   8,969 
   Change in other operating assets and liabilities (26,620)  (34,692)
    
       Net cash provided by operating activities 16,012   11,388 
    
   Capital expenditures (50,598)  (34,220)
   Government capital programs:   
        Amounts disbursed (2,127)  (248)
        Amounts received 593   - 
   Net purchases of investments (630)  - 
    
       Net cash used in investing activities (52,762)  (34,468)
    
   Dividends paid on common stock (3,310)  (2,672)
   Distributions to non-controlling interests -   (263)
   Finance lease repayments (249)  (338)
   Term loan - repayments (1,171)  (938)
   Payment of debt issuance costs (119)  - 
   Revolving credit facilities – borrowings 57,553   36,500 
   Revolving credit facilities – repayments (14,000)  (15,500)
   Proceeds from customer receivable credit facility 4,300   8,000 
   Repayment of customer receivable credit facility (1,570)  (1,003)
   Purchases of common stock - stock-based compensation (1,433)  (1,136)
   Purchases of common stock - share repurchase plan (1,407)  (941)
   Repurchases of non-controlling interests, net (595)  (2,481)
    
       Net cash provided by used in financing activities 37,999   19,228 
    
Net change in total cash, cash equivalents and restricted cash 1,249   (3,852)
    
Total cash, cash equivalents and restricted cash, beginning of period 59,728   80,697 
    
Total cash, cash equivalents and restricted cash, end of period$60,977  $76,845 
    



    Table 4
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)
     
For the three months ended March 31, 2023 is as follows:
     
 International
Telecom
US Telecom Corporate and
Other *
Total
     
Statement of Operations Data:    
Revenue    
   Mobility    
        Business$3,575 $172 $- $3,747
        Consumer 22,532  987  -  23,519
        Total$26,107 $1,159 $- $27,266
     
   Fixed    
        Business$17,113 $36,320 $- $53,433
        Consumer 41,778  22,582  -  64,360
        Total$58,891 $58,902 $- $117,793
     
  Carrier Services$3,690 $32,084 $- $35,774
  Other 400  75  -  475
     
Total Communications Services$89,088 $92,220 $- $181,308
     
Construction$- $590 $- $590
     
  Managed services$1,320 $2,556 $- $3,876
Total Other $1,320 $2,556 $- $3,876
     
Total Revenue$90,408 $95,366 $- $185,774
     
Depreciation$14,186 $21,487 $731 $36,404
Amortization of intangibles from acquisitions$380 $2,867 $- $3,247
Total operating expenses$76,583 $99,708 $8,847 $185,138
Operating income (loss)$13,825 $(4,342)$(8,847)$636
Stock-based compensation$67 $77 $1,634 $1,778
Non-controlling interest ( net income or (loss) )$(1,807)$2,977 $- $1,170
     
Non GAAP measures:    
EBITDA (2)$28,391 $20,012 $(8,116)$40,287
Adjusted EBITDA (1)$28,458 $22,809 $(6,469)$44,798
     
Balance Sheet Data (at March 31, 2023):    
Cash, cash equivalents and restricted cash$31,737 $23,021 $6,219 $60,977
Total current assets 113,711  110,108  7,733  231,552
Fixed assets, net 468,961  580,633  6,769  1,056,363
Total assets 658,621  959,395  81,999  1,700,015
Total current liabilities 88,967  96,844  19,573  205,384
Total debt, including current portion 63,235  279,446  122,000  464,681
     
* 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 March 31, 2022 is as follows:
     
 International
Telecom
US Telecom Corporate and
Other *
Total
Statement of Operations Data:    
Revenue    
   Mobility    
        Business$3,616 $374 $- $3,990
        Consumer 19,970  1,456  -  21,426
        Total$23,586 $1,830 $- $25,416
     
   Fixed    
        Business$17,254 $27,145 $- $44,399
        Consumer 41,093  18,968  -  60,061
        Total$58,347 $46,113 $- $104,460
     
  Carrier Services$3,402 $32,989 $- $36,391
  Other 276  -  -  276
     
Total Communications Services$85,611 $80,932 $- $166,543
     
Construction$- $1,987 $- $1,987
     
  Managed services$1,176 $2,313 $- $3,489
     
Total Other $1,176 $2,313 $- $3,489
     
Total Revenue$86,787 $85,232 $- $172,019
     
Depreciation$13,897 $18,442 $953 $33,292
Amortization of intangibles from acquisitions$418 $2,840 $- $3,258
Total operating expenses$74,985 $89,867 $7,059 $171,911
Operating income (loss)$11,802 $(4,635)$(7,059)$108
Stock-based compensation$60 $90 $1,310 $1,460
Non-controlling interest ( net income or (loss) )$(1,519)$2,528 $- $1,009
     
Non GAAP measures:    
EBITDA (2)$26,117 $16,647 $(6,106)$36,658
Adjusted EBITDA (1)$27,208 $19,668 $(4,784)$42,092
     
     
     
Balance Sheet Data (at December 31, 2022):    
Cash, cash equivalents and restricted cash$26,418 $26,375 $6,935 $59,728
Total current assets 105,324  116,038  8,326  229,688
Fixed assets, net 462,447  585,969  7,538  1,055,954
Total assets 643,664  980,543  83,662  1,707,869
Total current liabilities 86,738  119,756  26,686  233,180
Total debt, including current portion 59,659  263,240  99,000  421,899
     
(1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA  
(2) See Table 5 for reconciliation of Operating Income to EBITDA   
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments 
     
     



    Table 5
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
     
For the three months ended March 31, 2023 is as follows:
     
 International
Telecom
US Telecom Corporate and
Other *
Total
     
     
Operating income (loss)$13,825$(4,342)$(8,847)$636 
Depreciation expense 14,186 21,487  731  36,404 
Amortization of intangibles from acquisitions 380 2,867  -  3,247 
EBITDA$ 28,391$ 20,012 $ (8,116)$ 40,287 
     
Stock-based compensation 67 77  1,634  1,778 
Restructuring expenses - 2,887  -  2,887 
Transaction-related charges - -  13  13 
(Gain) Loss on disposition of assets - (167) -  (167)
ADJUSTED EBITDA$ 28,458$ 22,809 $ (6,469)$ 44,798 
     
     
     
For the three months ended March 31, 2022 is as follows:
     
 International
Telecom
US Telecom Corporate and
Other *
Total
     
     
Operating income (loss)$11,802$(4,635)$(7,059)$108 
Depreciation expense 13,897 18,442  953  33,292 
Amortization of intangibles from acquisitions 418 2,840  -  3,258 
EBITDA$ 26,117$ 16,647 $ (6,106)$ 36,658 
     
Stock-based compensation 60 90  1,310  1,460 
Transaction-related charges - 542  12  554 
(Gain) Loss on disposition of assets 1,031 2,389  -  3,420 
ADJUSTED EBITDA$ 27,208$ 19,668 $ (4,784)$ 42,092 
     



   Table 6
    
ATN International, Inc.
Non GAAP Measure - Net Debt Ratio
(in Thousands)
    
    
 March 31, December 31,
 20232022
    
    
Current portion of long-term debt *$11,537 $6,172
Long-term debt, net of current portion * 453,144  415,727
    
Total debt$464,681 $421,899
    
Less: Cash, cash equivalents and restricted cash 60,977  59,728
    
Net Debt$403,704 $362,171
    
    
Adjusted EBITDA - for the four quarters ended$175,393 $172,688
    
    
Net Debt Ratio 2.30  2.10
    
    
* Excludes Customer receivable credit facility   
    

1 See Table 5 for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.
2 See Table 5 for reconciliation of Operating Income to EBITDA, a non-GAAP measure.
3 For the Company’s three-year outlook for Adjusted EBITDA, Net Debt 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.


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 DalyCity.com & California Media Partners, LLC. All rights reserved.