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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from      to              

Commission File Number 001-12593

ATN INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

47-0728886
(I.R.S. Employer
Identification No.)

500 Cummings Center, Suite 2450
Beverly, Massachusetts
(Address of principal executive offices)

01915
(Zip Code)

(978619-1300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

ATNI

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer 

Non-accelerated filer

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes     No  

As of November 8, 2023, the registrant had outstanding 15,421,481 shares of its common stock ($.01 par value).

ATN INTERNATIONAL, INC.

FORM 10-Q

Quarter Ended September 30, 2023

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

3

PART I—FINANCIAL INFORMATION

4

Item 1

Unaudited Condensed Consolidated Financial Statements

4

Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022

4

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022

5

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022

6

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2023 and 2022

7

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

9

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

39-69

Item 3

Quantitative and Qualitative Disclosures About Market Risk

69

Item 4

Controls and Procedures

70

PART II—OTHER INFORMATION

70

Item 1

Legal Proceedings

70

Item 1A

Risk Factors

70

Item 2

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

70

Item 5

Other Information

71

Item 6

Exhibits

72

SIGNATURES

73

CERTIFICATIONS

2

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (or the “Report”) contains forward-looking statements relating to, among other matters, our future financial performance and results of operations, including our the impact of federal support program revenues; 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 expectations regarding construction progress under our carrier managed services agreements and the effect such progress will have on our financial results; expectations regarding litigation; 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) our ability to timely and cost effectively completed our Replace and Remove program; (2) the general performance of our operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of our subscriber base and average revenue per user; (3) our ability to realize cost synergies and expansion plans for our newly acquired businesses; (4) our ability to satisfy the needs and demands of our major carrier customers; (5) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address rapid and significant technological changes in the telecommunications industry; (6) the impact of geopolitical conditions, including the Israel-Hamas war and the ongoing war in Ukraine and related sanctions; (7) government funding and subsidy program availability and regulation of our businesses, which may impact our revenue, expansion plans and operating costs; (8) our reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure; (9) economic, political and other risks and opportunities facing our operations; (10) the loss of or an inability to recruit skilled personnel in our various jurisdictions, including key members of management; (11) our ability to find investment or acquisition or disposition opportunities that fit our strategic goals and at a reasonable cost of capital; (12) the occurrence of weather events and natural catastrophes and our ability to secure the appropriate level of insurance coverage for our assets; (13) increased competition;  (14) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; and (15) our continued access to capital and credit markets.  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” in each of our 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 we file from time to time with the SEC.  The Company undertakes no obligation and have 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.

In this Report, the words “the Company,” “we,” “our,” “ours,” “us” and “ATN” refer to ATN International, Inc. and its subsidiaries. This Report contains trademarks, service marks and trade names that are the property of, or licensed by, ATN and its subsidiaries.

References to dollars ($) refer to US dollars unless otherwise specifically indicated.

3

PART I—FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In Thousands, Except Share Data)

September 30, 

December 31, 

    

2023

    

2022

ASSETS

Current Assets:

Cash and cash equivalents

$

62,063

$

54,660

Restricted cash

 

11,024

 

5,068

Short-term investments

 

300

 

300

Accounts receivable, net of allowances for credit losses of $16.6 million and $15.2 million, respectively

 

112,731

 

86,816

Customer receivable

6,702

5,803

Inventory, materials and supplies

 

18,139

 

17,902

Prepayments and other current assets

 

56,406

 

59,139

Total current assets

 

267,365

 

229,688

Fixed Assets:

Property, plant and equipment

 

2,078,886

 

1,977,978

Less accumulated depreciation

 

(1,009,453)

 

(922,024)

Net fixed assets

 

1,069,433

 

1,055,954

Telecommunication licenses, net

 

113,698

 

113,698

Goodwill

 

40,104

 

40,104

Intangible assets, net

 

22,641

 

31,992

Operating lease right-of-use assets

 

103,002

 

108,702

Customer receivable - long term

44,623

46,706

Other assets

 

90,360

 

81,025

Total assets

$

1,751,226

$

1,707,869

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

21,278

$

6,173

Current portion of customer receivable credit facility

6,727

6,073

Accounts payable and accrued liabilities

 

155,170

 

155,224

Dividends payable

 

3,260

 

3,310

Accrued taxes

 

9,463

 

7,335

Current portion of lease liabilities

16,331

15,457

Advance payments and deposits

 

50,428

 

39,608

Total current liabilities

 

262,657

 

233,180

Deferred income taxes

 

19,198

 

28,650

Lease liabilities, excluding current portion

80,260

83,319

Other liabilities

 

133,102

 

138,420

Customer receivable credit facility, net of current portion

38,010

39,275

Long-term debt, excluding current portion

 

477,099

 

415,727

Total liabilities

 

1,010,326

 

938,571

Redeemable noncontrolling interests:

Preferred redeemable noncontrolling interests

58,761

55,152

Common redeemable noncontrolling interests

37,026

37,317

Total redeemable noncontrolling interests

95,787

92,469

ATN International, Inc. Stockholders’ Equity:

Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding

 

 

Common stock, $0.01 par value per share; 50,000,000 shares authorized; 17,702,476 and 17,584,057 shares issued, respectively, 15,522,140 and 15,763,341 shares outstanding, respectively

 

173

 

173

Treasury stock, at cost; 2,180,336 and 1,820,716 shares, respectively

 

(86,977)

 

(73,825)

Additional paid-in capital

 

204,425

 

198,449

Retained earnings

 

420,150

 

449,806

Accumulated other comprehensive income

 

7,983

 

6,210

Total ATN International, Inc. stockholders’ equity

 

545,754

 

580,813

Noncontrolling interests

 

99,359

 

96,016

Total equity

 

645,113

 

676,829

Total liabilities, redeemable noncontrolling interests and equity

$

1,751,226

$

1,707,869

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

4

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)

(In Thousands, Except Per Share Data)

Three months ended September 30, 

Nine months ended September 30, 

    

2023

    

2022

    

2023

    

2022

REVENUE:

Communication services

$

184,601

$

173,977

$

547,484

$

512,315

Construction

2,038

3,332

3,648

8,615

Other

 

4,397

 

4,904

 

12,118

 

12,800

Total revenue

 

191,036

 

182,213

 

563,250

 

533,730

OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):

Cost of communication services and other

 

80,367

 

78,949

 

237,125

 

229,821

Cost of construction revenue

2,031

3,321

3,635

8,640

Selling, general and administrative

 

60,792

 

56,387

 

184,055

 

167,879

Stock-based compensation

1,956

1,669

6,473

5,696

Transaction-related charges

 

45

 

3,416

 

496

 

4,381

Restructuring expenses

1,383

4,640

Depreciation and amortization

 

34,370

 

33,312

 

106,991

 

100,421

Amortization of intangibles from acquisitions

3,124

3,236

9,514

9,744

Loss on disposition of long-lived assets

132

484

410

3,876

Total operating expenses

 

184,200

 

180,774

 

553,339

 

530,458

Income from operations

 

6,836

 

1,439

 

9,911

 

3,272

OTHER INCOME (EXPENSE)

Interest income

136

38

362

41

Interest expense

 

(11,445)

 

(5,513)

 

(30,700)

(13,107)

Other income

 

213

 

1,904

 

2,623

3,379

Other income (expense)

 

(11,096)

 

(3,571)

 

(27,715)

 

(9,687)

LOSS BEFORE INCOME TAXES

 

(4,260)

 

(2,132)

 

(17,804)

 

(6,415)

Income tax benefit

 

(542)

 

(360)

 

(6,369)

 

(1,378)

NET LOSS

 

(3,718)

 

(1,772)

 

(11,435)

 

(5,037)

Net (income) loss attributable to noncontrolling interests, net of tax (benefit) expense of $(0.6) million, $(0.8) million, $(1.8) million and $(1.3) million respectively

 

134

 

(1,011)

 

2,733

 

782

NET LOSS ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS

$

(3,584)

$

(2,783)

$

(8,702)

$

(4,255)

NET LOSS PER WEIGHTED AVERAGE SHARE ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS:

Basic

$

(0.31)

$

(0.25)

$

(0.80)

$

(0.49)

Diluted

$

(0.31)

$

(0.25)

$

(0.80)

$

(0.49)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

 

15,601

 

15,763

 

15,666

 

15,746

Diluted

 

15,601

 

15,763

 

15,666

 

15,746

DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK

$

0.21

$

0.17

$

0.63

$

0.51

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

5

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)

(In Thousands)

Three months ended
September 30, 

Nine months ended
September 30, 

2023

    

2022

    

2023

    

2022

Net loss

$

(3,718)

$

(1,772)

$

(11,435)

$

(5,037)

Other comprehensive income:

Foreign currency translation adjustment

 

 

(391)

 

229

 

(1,814)

Reclassification of foreign currency losses on investment

1,349

1,349

Reclassification of loss on pension settlement, net of $(0.2) and $(0.8) million of tax

195

915

Unrealized gain on derivatives

(34)

Other comprehensive income (loss), net of tax

 

1,349

 

(391)

 

1,773

 

(933)

Comprehensive loss

 

(2,369)

 

(2,163)

 

(9,662)

 

(5,970)

Less: Comprehensive (income) loss attributable to noncontrolling interests

 

134

 

(1,011)

 

2,733

 

782

Comprehensive loss attributable to ATN International, Inc.

$

(2,235)

$

(3,174)

$

(6,929)

$

(5,188)

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

6

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)

(In Thousands, Except Per Share Data)

Total Equity

Treasury

Additional

Other

ATNI

Non-

Common

Stock,

Paid In

Retained

Comprehensive

Stockholders’

Controlling

Total

Stock

at cost

Capital

Earnings

Income/(Loss)

Equity

Interests

Equity

Balance, June 30, 2023

$

173

$

(82,086)

$

202,623

$

429,909

$

6,634

$

557,253

$

97,723

$

654,976

Purchase of 141,923 shares of common stock

 

(4,891)

(4,891)

(4,891)

Stock-based compensation

 

1,802

1,802

154

1,956

Dividends declared on common stock ($0.21 per common share)

(3,260)

(3,260)

(3,260)

Repurchase of noncontrolling interests

 

4

4

Accrued dividend - redeemable preferred units

(1,303)

(1,303)

(1,303)

Deemed dividend - redeemable common units

(1,612)

(1,612)

1,612

Comprehensive income:

Net loss

 

(3,584)

(3,584)

(134)

(3,718)

Other comprehensive income

 

1,349

1,349

1,349

Total comprehensive income (loss)

(3,584)

1,349

 

(2,235)

 

(134)

 

(2,369)

Balance, September 30, 2023

$

173

$

(86,977)

$

204,425

$

420,150

$

7,983

$

545,754

$

99,359

$

645,113

Balance, June 30, 2022

$

172

$

(73,828)

$

195,432

$

465,112

$

4,231

$

591,119

$

95,752

$

686,871

Stock-based compensation

1,481

1,481

186

1,667

Dividends declared on common stock ($0.17 per common share)

(2,681)

(2,681)

(2,681)

Investments made by minority shareholders in consolidated affiliates

11

11

Repurchase of noncontrolling interests

(10)

(10)

(120)

(130)

Accrued dividend - redeemable preferred units

(1,192)

(1,192)

(1,192)

Deemed dividend - redeemable common units

(1,083)

(1,083)

1,083

Comprehensive income:

Net income (loss)

 

(2,783)

(2,783)

1,011

(1,772)

Other comprehensive income (loss)

 

(391)

(391)

(391)

Total comprehensive income (loss)

(2,783)

(391)

 

(3,174)

 

1,011

 

(2,163)

Balance, September 30, 2022

$

172

$

(73,828)

$

196,903

$

457,373

$

3,840

$

584,460

$

97,923

$

682,383

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

7

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)

(In Thousands, Except Per Share Data)

Total Equity

Treasury

Additional

Other

ATNI

Non-

Common

Stock,

Paid In

Retained

Comprehensive

Stockholders’

Controlling

Total

Stock

at cost

Capital

Earnings

Income/(Loss)

Equity

Interests

Equity

Balance, December 31, 2022

$

173

$

(73,825)

$

198,449

$

449,806

$

6,210

$

580,813

$

96,016

$

676,829

Purchase of 359,620 shares of common stock

 

(13,152)

(13,152)

(13,152)

Stock-based compensation

 

6,057

6,057

416

6,473

Dividends declared on common stock ($0.63 per common share)

 

(9,864)

(9,864)

(1,447)

(11,311)

Repurchase of noncontrolling interests

(81)

(81)

(681)

(762)