First Quarter Results Impacted by Delays in Certain US Segment Carrier Services Projects and Lower Domestic Business Revenues - Form 8-K

First Quarter Results Impacted by Delays in Certain US Segment Carrier Services Projects and Lower Domestic Business Revenues

·	First quarter net loss increased to $(6.3) million, or a $(0.50) loss per share, including restructuring expenses of $1.2 million

·	Operating income increased to $4.6 million

·	Adjusted EBITDA1 decreased 3% to $43.5 million

Revises 2024 Outlook

·	Revenue for the full year 2024 is now expected to be in the range of $730 million to $750 million, excluding construction revenue

·	Adjusted EBITDA2 for the full year 2024 is now expected to be in the range of $190 million to $200 million

·	Capital Expenditures for the full year 2024 are now expected to be in the range of $100 million to $110 million, net of reimbursements

·	Net Debt Ratio3 is now expected to be in the range of 2.25x to 2.50x exiting 2024

Earnings Conference Call

·	Thursday, April 25, 2024, at 10:00 a.m. ET; web participant link: https://edge.media-server.com/mmc/p/b2afayou/

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 measure or reconciliations to such GAAP financial measure, 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.

Beverly, MA - April 24, 2024 - 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, 2024.

Remarks by Brad Martin, ATN Chief Executive Officer

"The ATN team continues to execute on our First-to-Fiber and Glass & Steel™ strategies to expand our fiber-rich digital infrastructure and next generation fixed wireless capabilities. While we saw growth in our operational metrics year-over-year, our first quarter financial results were below our expectations. In the International Telecom segment, we saw revenue and Adjusted EBITDA growth of 3%, respectively, reflecting the growth in our high-speed broadband subscribers. This growth was offset by a 2% decline in US Telecom revenues and a 9% decline in Adjusted EBITDA for the segment. The US Telecom results reflect delays in major carrier services projects and weaker than expected business revenues.

"We are revising our Fiscal Year 2024 guidance to reflect the softer than expected first quarter results and our current expectations for the balance of the year. While our International Telecom segment is expected to show continued year-on-year growth, the carrier services project delays from the first quarter are expected to create headwinds impacting the US Telecom segment throughout the year. To address this shortfall, our priorities are working to recover the project delivery schedule, pursuing and closing business revenue pipeline opportunities, and accelerating actions to drive the Company toward higher margin levels.

Additionally, we are reducing our capital expenditures for 2024 in line with the delays in certain projects and lowering our Adjusted EBITDA expectations as we prioritize improving operating cash flow. We believe that our investments are important to expand the longevity of our network and position us to enhance shareholder value over time."

First Quarter 2024 Financial Results

Consolidated revenues were $186.8 million, up 1% versus $185.8 million in the year-ago quarter. This increase primarily reflects higher fixed revenues in the International segment, as well as higher construction and other revenues, which were largely offset by lower carrier services revenue in the US Telecom Segment and a decline in consumer mobile revenue.

Operating income was $4.6 million in the first quarter versus $0.6 million in the year-ago quarter. The increase was primarily due to lower restructuring expenses and a reduction in depreciation and amortization expenses year-over-year.

Net loss attributable to ATN stockholders in the first quarter of 2024 was $(6.3) million, or a loss of $(0.50) per share compared with a net loss attributable to ATN stockholders of $(5.9) million, or $(0.44) loss per share, in the year-ago quarter. The increase in the net loss attributable to ATN stockholders was the result of an increase in interest and income tax expenses, partially offset by decreases in depreciation, amortization and restructuring expenses. In all periods, the loss per share calculation includes the impact of preferred dividends that are not included in the net loss calculation.

Adjusted EBITDA¹ decreased to $43.5 million in the first quarter of 2024 from $44.8 million in the year-ago quarter due to higher costs of services and other, which more than offset the increase in revenue.

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, 2024 and 2023

		2024			2023			2024			2023			2024			2023			2024			2023
		International			International			US			US			Corporate and			Corporate and			Total			Total
		Telecom			Telecom			Telecom			Telecom			Other*			Other*			ATN			ATN
Total Revenue:		$	93,059			$	90,408			$	93,735			$	95,366			$	-			$	-			$	186,794			$	185,774
Mobility			26,037				26,107				838				1,159				-				-				26,875				27,266
Fixed			61,321				58,891				57,884				58,902				-				-				119,205				117,793
Carrier Services			3,574				3,690				30,052				32,084				-				-				33,626				35,774
Construction			-				-				1,586				590				-				-				1,586				590
All other			2,127				1,720				3,375				2,631				-				-				5,502				4,351
Operating Income (Loss)		$	11,685			$	13,825			$	597			$	(4,342	)		$	(7,708	)		$	(8,847	)		$	4,574			$	636
EBITDA2		$	28,060			$	28,391			$	20,463			$	20,012			$	(7,630	)		$	(8,116	)		$	40,893			$	40,287
Adjusted EBITDA1		$	29,273			$	28,458			$	20,703			$	22,809			$	(6,458	)		$	(6,469	)		$	43,518			$	44,798
Capital Expenditures**		$	16,915			$	21,463			$	17,759			$	29,135			$	1,341			$	-			$	36,015			$	50,598

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

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

ATN's Strategic Plan and Key Performance Indicators

To address the growing need for more bandwidth and reliable connectivity across all markets in which we operate, the Company initiated a three-year strategic investment plan in 2021 to accelerate investments in its high-speed data footprint and grow high speed broadband subscribers. As the Company enters the third and final year of the plan, it has begun reducing capital expenditures and expects to augment further network expansion with previously announced grant funding.

Operating Metrics

Operating Metrics

			2024				2023				2023				2023				2023				Q1 2024
			Q1				Q4				Q3				Q2				Q1				vs. Q1 2023
Broadband Homes Passed			789,700				768,900				746,600				746,800				736,300				7	%
Broadband Homes Passed by HSD*			386,300				367,200				333,500				330,500				301,600				28	%
Broadband Customers			214,000				214,400				213,900				215,500				213,900				0	%
HSD* Broadband Customers			137,700				135,900				132,900				129,100				122,600				12	%
Fiber Route Miles			11,692				11,655				11,575				11,561				11,099				5	%
International Mobile Subscribers
Pre-Paid			347,000				351,300				346,100				340,200				328,800				6	%
Post-Paid			57,300				57,000				55,600				58,600				56,400				2	%
Total			404,300				408,300				401,700				398,800				385,200				5	%
Blended Churn			3.34	%			3.33	%			3.76	%			2.69	%			2.80	%

*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 March 31, 2024, was $69.2 million and total debt was $541.3 million, versus $61.0 million of cash, cash equivalents and restricted cash and $464.7 million of total debt at the end of the year-ago quarter.

Net cash provided by operating activities was $23.2 million for the quarter ended March 31, 2024, compared with net cash provided by operating activities of $16.0 million in the year-ago quarter.

Capital expenditures were $36.0 million net of $13.5 million of reimbursable capital expenditures for the quarter ended March 31, 2024, versus $50.6 million, net of $2.1 million of reimbursable capital expenditures in the prior year period.

Quarterly Dividends and Stock Repurchases

Quarterly dividends paid were $0.24 per share on April 5, 2024, on all common shares outstanding to stockholders of record as of March 31, 2024.

Share repurchases during the first quarter of 2024 were $0.1 million.

Revises Full-Year 2024 Guidance and Outlook

The Company is revising its guidance and outlook for the full year ended December 31, 2024. ATN continues to expect internally funded capital investments to be in the range of 10-15% of revenues beginning in 2025. Management's priorities are increasing cash flow and driving positive returns through realized efficiencies that leverage ATN's high-quality network assets.

Revenue (excluding construction revenue)	$730 million to $750 million	Full year 2024
Adjusted EBITDA1	$190 million to $200 million	Full year 2024
Capital Expenditures	$100 million to $110 million	Full year 2024
Net Debt Ratio 3	2.25x to 2.50x	Exiting 2024

For the Company's full year 2024 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 the description of the calculation of Net Debt Ratio.

Conference Call Information

Call Date: Thursday, April 25, 2024
Call Time: 10:00 a.m. ET
Webcast Link:https://edge.media-server.com/mmc/p/b2afayou/

Live Call Participant Link: https://register.vevent.com/register/BI6fec0f3c48a14f5a9c9e0d48e64bc021Webcast Link Instructions
You can listen to a live audio webcast of the conference call by visiting the "Webcast Link" above or the "Events & Presentations" section of the Company's Investor Relations website at https://ir.atni.com/events-and-presentations. A replay of the conference call will be available at the same locations beginning at approximately 1:00 pm ET on the same day. The Company also will provide an investor presentation as a supplement to the call on the "Events & Presentations" section of its Investor Relations website.

About ATN

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

Use of Non-GAAP Financial Measures and Definition of Terms

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

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

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

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 sum of the trailing four quarters 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, results of operations, expectations regarding its strategic investment plan, its future revenues, operating income, operating margin, cash flows, network and operating costs, EBITDA, Adjusted EBITDA, Net Debt, Net Debt Ratio, capital investments, demand for the Company's services and industry trends; the timing of revenue, the Company's liquidity, the expansion of the Company's customer base and networks, receipt of certain government grants, and management's plans, expectations and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of the Company's operations, including operating margins, revenues, capital expenditures, ARPU, and the retention of and future growth of the Company's subscriber base; (2) the Company's reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to the Company's network infrastructure; (3) the Company's ability to satisfy the needs and demands of the Company's major carrier customers; (4) the Company's ability to realize expansion plans for its fiber markets; (5) the adequacy and expansion capabilities of the Company's network capacity and customer service system to support the Company's customer growth; (6) the Company's ability to efficiently and cost-effectively upgrade the Company's networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (7) the Company's continued access to capital and credit markets on terms it deems favorable; (8) government subsidy program availability and regulation of the Company's businesses, which may impact the Company's telecommunications licenses, the Company's revenue and the Company's operating costs; (9) the Company's ability to successfully transition its US Telecom business away from wholesale mobility to other carrier and consumer-based services; (10) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities facing the Company's operations, including those resulting from the continued inflation and other macroeconomic headwinds including increased costs and supply chain disruptions; (11) management transitions, and the loss of, or an inability to recruit skilled personnel in the Company's various jurisdictions, including key members of management; (12) the Company's ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (13) the occurrence of weather events and natural catastrophes and the Company's ability to secure the appropriate level of insurance coverage for these assets; and the impact of such events on the timing of project implementation and corresponding revenue, 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, 2023, filed with the SEC on March 15, 2024, 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	Ian Rhoades
Corporate Treasurer	Investor Relations
ATN International, Inc.	Sharon Merrill Advisors, Inc.
978-619-1300	[email protected]

Table 1

ATN International, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in Thousands)

		March 31,			December 31,
		2024			2023
Assets:
Cash and cash equivalents		$	56,467			$	49,225
Restricted cash			12,751				12,942
Customer receivable			7,506				7,249
Other current assets			213,003				211,856
Total current assets			289,727				281,272
Property, plant and equipment, net			1,071,482				1,080,659
Operating lease right-of-use assets			97,735				99,335
Customer receivable - long term			45,165				45,676
Goodwill and other intangible assets, net			171,108				173,008
Other assets			103,937				103,764
Total assets		$	1,779,154			$	1,783,714
Liabilities, redeemable non-controlling interests and stockholders' equity:
Current portion of long-term debt		$	20,476			$	24,290
Current portion of customer receivable credit facility			7,569				7,110
Taxes payable			11,642				10,876
Current portion of lease liabilities			15,674				15,164
Other current liabilities			218,256				235,754
Total current liabilities			273,617				293,194
Long-term debt, net of current portion		$	520,815			$	492,580
Customer receivable credit facility, net of current portion			40,408				38,943
Deferred income taxes			18,123				19,775
Lease liabilities			74,856				76,936
Other long-term liabilities			137,998				138,566
Total liabilities			1,065,817				1,059,994
Redeemable non-controlling interests			84,621				85,917
Stockholders' equity:
Total ATN International, Inc.'s stockholders' equity			529,992				541,073
Non-controlling interests			98,724				96,730
Total stockholders' equity			628,716				637,803
Total liabilities, redeemable non-controlling interests and stockholders' equity		$	1,779,154			$	1,783,714

Table 2

ATN International, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, Except per Share Data)

		Three Months Ended, March 31,
		2024			2023
Revenues:
Communications services		$	181,268			$	181,308
Construction			1,586				590
Other			3,940				3,876
Total revenue			186,794				185,774
Operating expenses (excluding depreciation and amortization unless otherwise indicated):
Cost of services and other			80,390				79,040
Cost of construction revenue			1,570				588
Selling, general and administrative			61,315				61,348
Stock-based compensation			1,909				1,778
Transaction-related charges			19				13
Restructuring expenses			1,190				2,887
Depreciation			34,340				36,404
Amortization of intangibles from acquisitions			1,980				3,247
Gain loss on disposition of assets			(493	)			(167	)
Total operating expenses			182,220				185,138
Operating income			4,574				636
Other income (expense):
Interest expense, net			(11,075	)			(8,625	)
Other income			172				194
Other income (expense), net			(10,903	)			(8,431	)
Loss before income taxes			(6,329	)			(7,795	)
Income tax expense (benefit)			1,619				(740	)
Net loss			(7,948	)			(7,055	)
Net loss attributable to non-controlling interests, net			1,633				1,170
Net loss attributable to ATN International, Inc. stockholders		$	(6,315	)		$	(5,885	)
Net loss per weighted average share attributable to ATN International, Inc. stockholders:
Basic and Diluted Net Loss		$	(0.50	)		$	(0.44	)
Weighted average common shares outstanding:
Basic			15,437				15,768
Diluted			15,437				15,768

Table 3

ATN International, Inc.

Unaudited Condensed Consolidated Cash Flow Statements

(in Thousands)

		Three Months Ended March 31,
		2024			2023
Net Loss		$	(7,948	)		$	(7,055	)
Depreciation			34,340				36,404
Amortization of intangibles from acquisitions			1,980				3,247
Provision for doubtful accounts			1,322				1,378
Amortization of debt discount and debt issuance costs			625				569
Gain on disposition of assets			(493	)			(167	)
Stock-based compensation			1,910				1,778
Deferred income taxes			(2,181	)			(1,953	)
Loss on pension settlement			-				369
Gain on equity investments			(170	)			(315	)
Decrease in customer receivable			254				745
Change in prepaid and accrued income taxes			3,966				7,632
Change in other operating assets and liabilities			(10,429	)			(26,620	)
Net cash provided by operating activities			23,176				16,012
Capital expenditures			(36,016	)			(50,598	)
Government capital programs:
Amounts disbursed			(13,473	)			(2,127	)
Amounts received			10,546				593
Net proceeds from sale of assets			3,655				-
Purchases of spectrum licenses and other intangible assets			(573	)			-
Purchases and sales of investments			176				-
Purchases of strategic investments			-				(630	)
Net cash used in investing activities			(35,685	)			(52,762	)
Dividends paid on common stock			(3,701	)			(3,310	)
Finance lease payments			(443	)			(249	)
Term loan - repayments			(3,801	)			(1,171	)
Payment of debt issuance costs			(72	)			(119	)
Revolving credit facilities - borrowings			46,000				57,553
Revolving credit facilities - repayments			(18,302	)			(14,000	)
Proceeds from customer receivable credit facility			3,700				4,300
Repayment of customer receivable credit facility			(1,804	)			(1,570	)
Purchases of common stock - stock-based compensation			(1,896	)			(1,433	)
Purchases of common stock - share repurchase plan			(121	)			(1,407	)
Repurchases of non-controlling interests, net			-				(595	)
Net cash provided by financing activities			19,560				37,999
Net change in total cash, cash equivalents and restricted cash			7,051				1,249
Total cash, cash equivalents and restricted cash, beginning of period			62,167				59,728
Total cash, cash equivalents and restricted cash, end of period		$	69,218			$	60,977

Table 4

ATN International, Inc.

Selected Segment Financial Information

(In Thousands)

For the three months ended March 31, 2024 is as follows:

		International Telecom			US Telecom			Corporate and Other *			Total
Statement of Operations Data:
Revenue
Mobility
Business		$	4,808			$	74			$	-			$	4,882
Consumer			21,229				764				-				21,993
Total		$	26,037			$	838			$	-			$	26,875
Fixed
Business		$	18,532			$	34,965			$	-			$	53,497
Consumer			42,789				22,919				-				65,708
Total		$	61,321			$	57,884			$	-			$	119,205
Carrier Services		$	3,574			$	30,052			$	-			$	33,626
Other			818				744				-				1,562
Total Communications Services		$	91,750			$	89,518			$	-			$	181,268
Construction		$	-			$	1,586			$	-			$	1,586
Managed services		$	1,309			$	2,631			$	-			$	3,940
Total Other		$	1,309			$	2,631			$	-			$	3,940
Total Revenue		$	93,059			$	93,735			$	-			$	186,794
Depreciation		$	16,124			$	18,138			$	78			$	34,340
Amortization of intangibles from acquisitions		$	251			$	1,728			$	-			$	1,979
Total operating expenses		$	81,374			$	93,138			$	7,708			$	182,220
Operating income (loss)		$	11,685			$	597			$	(7,708	)		$	4,574
Net (income) loss attributable to non-controlling interests		$	(1,436	)		$	3,069			$	-			$	1,633
Non GAAP measures:
EBITDA (2)		$	28,060			$	20,463			$	(7,630	)		$	40,893
Adjusted EBITDA (1)		$	29,273			$	20,703			$	(6,458	)		$	43,518
Balance Sheet Data (at March 31, 2024):
Cash, cash equivalents and restricted cash		$	35,369			$	32,288			$	1,561			$	69,218
Total current assets			121,262				157,318				11,147				289,727
Fixed assets, net			479,325				585,979				6,178				1,071,482
Total assets			679,591				1,006,960				92,603				1,779,154
Total current liabilities			87,986				155,274				30,357				273,617
Total debt, including current portion			59,776				295,996				185,519				541,291

* 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, 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
Net (income) loss attributable to non-controlling interests		$	(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

(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

Balance Sheet Data (at December 31, 2023):
Cash, cash equivalents and restricted cash		$	26,354			$	33,574			$	2,239			$	62,167
Total current assets			107,469				162,768				11,035				281,272
Fixed assets, net			481,911				593,833				4,915				1,080,659
Total assets			672,171				1,019,924				91,619				1,783,714
Total current liabilities			86,540				169,297				37,357				293,194
Total debt, including current portion			64,254				293,607				159,009				516,870

Table 5

ATN International, Inc.

Reconciliation of Non-GAAP Measures

(In Thousands)

For the three months ended March 31, 2024 is as follows:

		International Telecom			US Telecom			Corporate and Other *			Total
Operating income (loss)		$	11,685			$	597			$	(7,708	)		$	4,574
Depreciation expense			16,124				18,138				78				34,340
Amortization of intangibles from acquisitions			251				1,728				-				1,979
EBITDA		$	28,060			$	20,463			$	(7,630	)		$	40,893
Stock-based compensation			23				132				1,754				1,909
Restructuring expenses			1,190				-				-				1,190
Transaction-related charges			-				-				19				19
(Gain) Loss on disposition of assets			-				108				(601	)			(493	)
ADJUSTED EBITDA		$	29,273			$	20,703			$	(6,458	)		$	43,518

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

Table 6

ATN International, Inc.

Non GAAP Measure - Net Debt Ratio

(in Thousands)

			March 31,				December 31,
			2024				2023
Current portion of long-term debt *		$	20,476			$	24,290
Long-term debt, net of current portion *			520,815				492,580
Total debt		$	541,291			$	516,870
Less: Cash, cash equivalents and restricted cash			69,218				62,167
Net Debt		$	472,073			$	454,703
Adjusted EBITDA - for the four quarters ended		$	188,172			$	189,451
Net Debt Ratio			2.51				2.40

* Excludes Customer receivable credit facility

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