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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, 2019

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, 2019, the registrant had outstanding 15,998,204 shares of its common stock ($.01 par value).

1

ATN INTERNATIONAL, INC.

FORM 10-Q

Quarter Ended September 30, 2019

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, 2019 and December 31, 2018

4

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018

5

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2019 and 2018

6

Condensed Consolidated Statements of Equity for the Nine Months Ended September 30, 2019 and 2018

8

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018

9

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2

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

30-55

Item 3

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4

Controls and Procedures

56

PART II—OTHER INFORMATION

56

Item 1

Legal Proceedings

56

Item 1A

Risk Factors

56

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 6

Exhibits

59

SIGNATURES

60

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; estimates regarding revenues from our customers and timing of restoration of our wirelines in the US Virgin Islands following Hurricanes Irma and Maria (the “Hurricanes”); the competitive environment in our key markets, demand for our services and industry trends; the pace of expansion and improvement of our telecommunications network and renewable energy operations including our level of estimated future capital expenditures and our realization of the benefits of these investments and their impact on our customers; the anticipated timing of our build schedule and energy production of our India renewable energy projects; our pipeline of additional solar capacity; expectations regarding our revenue, expenses and financial performance; our compliance with requirements for certain grants and programs and the anticipated timing of the receipt of funds under such grants and programs, including under the new Connect USVI Fund, which will replace the Universal Service Fund; the impact of new accounting pronouncements; our satisfaction of performance obligations; the impact of litigation; the sufficiency of our cash and our expectations regarding capital expenditures; 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 commercial and industrial demand for solar power; (2) our ability to maintain favorable roaming arrangements 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 and cyber security concerns in the telecommunications industry; (4) government regulation of our businesses, which may impact our Federal Communications Commission (“FCC”) and other telecommunications licenses or our renewables business; (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) our ability to receive financial support from the government for our rebuild in the US Virgin Islands and the timing of such support, including under the new Connect USVI Fund, which will replace the Universal Service Fund; (7) economic, political and other risks facing our operations; (8) the loss of or an inability to recruit skilled personnel in our various jurisdictions, including key members of management; (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, 2018, filed with the SEC on February 28, 2019 as may be updated by our Quarterly Reports on Form 10-Q and the other reports we file from time to time with the SEC. Except as required by law, 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.

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.

Reference 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, 

    

2019

    

2018

ASSETS

Current Assets:

Cash and cash equivalents

$

165,280

$

191,836

Restricted cash

 

1,071

 

1,071

Short-term investments

 

3,250

 

393

Accounts receivable, net of allowances of $17.2 million and $16.5 million, respectively

 

44,640

 

38,305

Inventory, materials and supplies

 

5,321

 

6,305

Prepayments and other current assets

 

38,249

 

37,855

Total current assets

 

257,811

 

275,765

Fixed Assets:

Property, plant and equipment

 

1,214,031

 

1,188,916

Less accumulated depreciation

 

(608,530)

 

(562,064)

Net fixed assets

 

605,501

 

626,852

Telecommunication licenses, net

 

93,686

 

93,686

Goodwill

 

63,970

 

63,970

Customer relationships, net

 

7,865

 

9,323

Operating lease right-of-use assets

 

71,111

 

Other assets

 

62,856

 

37,708

Total assets

$

1,162,800

$

1,107,304

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

4,688

$

4,688

Accounts payable and accrued liabilities

 

95,303

 

80,873

Dividends payable

 

2,720

 

2,720

Accrued taxes

 

9,999

 

31,795

Current portion of operating lease liabilities

9,912

Advance payments and deposits

 

18,408

 

20,574

Total current liabilities

 

141,030

 

140,650

Deferred income taxes

 

3,989

 

10,276

Operating lease liabilities, excluding current portion

59,663

Other liabilities

 

56,242

 

46,760

Long-term debt, excluding current portion

 

83,577

 

86,294

Total liabilities

 

344,501

 

283,980

Commitments and contingencies (Note 15)

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; 17,308,504 and 17,274,215 shares issued, respectively, 15,998,504 and 16,002,699 shares outstanding, respectively

 

172

 

172

Treasury stock, at cost; 1,310,000 and 1,271,516 shares, respectively

 

(50,384)

 

(48,547)

Additional paid-in capital

 

186,446

 

181,778

Retained earnings

 

554,363

 

563,593

Accumulated other comprehensive income

 

(2,514)

 

(1,609)

Total ATN International, Inc. stockholders’ equity

 

688,083

 

695,387

Non-controlling interests

 

130,216

 

127,937

Total equity

 

818,299

 

823,324

Total liabilities and equity

$

1,162,800

$

1,107,304

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, 2019 AND 2018

(Unaudited)

(In thousands, Except Per Share Data)

Three months ended September 30, 

Nine months ended September 30, 

    

2019

    

2018

    

2019

    

2018

REVENUE:

Wireless

$

54,555

$

52,003

$

143,705

$

153,046

Wireline

 

59,623

 

63,717

 

178,555

 

173,083

Renewable energy

 

1,438

 

5,418

 

4,377

 

17,272

Total revenue

 

115,616

 

121,138

 

326,637

 

343,401

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

Termination and access fees

 

27,622

 

29,866

 

83,440

 

84,037

Engineering and operations

 

20,095

 

18,177

 

58,234

 

54,738

Sales, marketing and customer service

 

9,785

 

8,995

 

29,048

 

25,969

General and administrative

 

25,110

 

25,210

 

75,518

 

77,470

Transaction-related charges

 

21

 

178

 

89

 

642

Depreciation and amortization

 

22,603

 

21,384

 

64,870

 

64,602

(Gain) Loss on disposition of long-lived assets

132

(13,496)

321

(15,509)

Loss on damaged assets and other hurricane related charges, net of insurance recovery

 

 

 

666

Total operating expenses

 

105,368

 

90,314

 

311,520

 

292,615

Income from operations

 

10,248

 

30,824

 

15,117

 

50,786

OTHER INCOME (EXPENSE)

Interest income

414

568

1,860

1,420

Interest expense

 

(1,298)

 

(2,229)

 

(3,843)

(6,759)

Other expenses

 

(2,686)

 

(1,244)

 

(2,755)

(3,042)

Other income (expense), net

 

(3,570)

 

(2,905)

 

(4,738)

 

(8,381)

INCOME BEFORE INCOME TAXES

 

6,678

 

27,919

 

10,379

 

42,405

Income tax provisions

 

1,834

 

7,010

 

2,774

 

13,018

NET INCOME

 

4,844

 

20,909

 

7,605

 

29,387

Net income attributable to non-controlling interests, net of tax expense of $0.4 million, $0.5 million, $1.2 million and $1.1 million, respectively.

 

(3,459)

 

(3,887)

 

(8,657)

 

(10,705)

NET INCOME (LOSS) ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS

$

1,385

$

17,022

$

(1,052)

$

18,682

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

Basic

$

0.09

$

1.07

$

(0.07)

$

1.17

Diluted

$

0.09

$

1.06

$

(0.07)

$

1.16

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

 

16,000

 

15,958

 

15,984

 

15,987

Diluted

 

16,007

 

16,021

 

15,984

 

16,042

DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK

$

0.17

$

0.17

$

0.51

$

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, 2019 AND 2018

(Unaudited)

(In thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

 

2019

    

2018

2019

    

2018

Net income

$

4,844

$

20,909

$

7,605

$

29,387

Other comprehensive income (loss):

Foreign currency translation adjustment

 

(1,194)

 

(2,510)

 

(694)

 

(6,093)

Unrealized gain (loss) on derivatives

(38)

45

(211)

226

Other comprehensive income (loss), net of tax

 

(1,232)

 

(2,465)

 

(905)

 

(5,867)

Comprehensive income

 

3,612

 

18,444

 

6,700

 

23,520

Less: Comprehensive income attributable to non-controlling interests

 

(3,459)

 

(3,887)

 

(8,657)

 

(10,705)

Comprehensive income (loss) attributable to ATN International, Inc.

$

153

$

14,557

$

(1,957)

$

12,815

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, 2019 AND 2018

(In Thousands, Except Per Share Data)

    

    

    

    

    

Accumulated

    

Total

    

    

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, 2019

$

172

$

(50,125)

$

185,112

$

555,806

$

(1,282)

$

689,683

$

128,858

$

818,541

Issuance of 2,000 shares of common stock upon exercise of stock options

 

62

62

62

Purchase of 8,542 shares of common stock

 

(259)

(259)

(259)

Stock-based compensation

 

1,272

1,272

275

1,547

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

 

(2,828)

(2,828)

(1,885)

(4,713)

Repurchase of non-controlling interests

(491)

(491)

Comprehensive income:

Net income (loss)

 

1,385

1,385

3,459

4,844

Other comprehensive income

 

(1,232)

(1,232)

(1,232)

Total comprehensive income (loss)

 

153

 

3,459

 

3,612

Balance, September 30, 2019

$

172

$

(50,384)

$

186,446

$

554,363

$

(2,514)

$

688,083

$

130,216

$

818,299

Balance, June 30, 2018

$

170

$

(40,268)

$

172,170

$

550,872

$

141

$

683,085

$

136,424

$

819,509

Issuance of 2,200 shares of common stock upon exercise of stock options

 

72

72

72

Purchase of 261 shares of common stock

 

(17)

(17)

(17)

Stock-based compensation

 

1,392

1,392

1,392

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

 

(2,714)

(2,714)

(2,511)

(5,225)

Repurchase of non-controlling interests

1,280

1,280

(6,408)

(5,128)

Comprehensive income:

Net income

 

17,022

17,022

3,887

20,909

Other comprehensive loss

 

(2,465)

(2,465)

(2,465)

Total comprehensive income

 

14,557

 

3,887

 

18,444

Balance, September 30, 2018

$

170

$

(40,285)

$

174,914

$

565,180

$

(2,324)

$

697,655

$

131,392

$

829,047

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, 2019 AND 2018

(In Thousands, Except Per Share Data)

    

    

    

    

    

Accumulated

    

Total

    

    

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, 2018

$

172

$

(48,547)

$

181,778

$

563,593

$

(1,609)

$

695,387

$

127,937

$

823,324

Issuance of 2,000 shares of common stock upon exercise of stock options

 

62

62

62

Purchase of 28,393 shares of common stock

 

(1,837)

(1,837)

(1,837)

Stock-based compensation

 

4,606

4,606

275

4,881

Dividends declared on common stock ($0.51 per common share)

 

(8,178)

(8,178)

(5,788)

(13,966)

Repurchase of non-controlling interests

(1,353)

(1,353)

Investments made by minority shareholders in consolidated affiliates

488

488

Comprehensive income:

Net income (loss)

 

(1,052)

(1,052)

8,657

7,605

Other comprehensive income

 

(905)

(905)

(905)

Total comprehensive income (loss)

 

(1,957)

 

8,657

 

6,700

Balance, September 30, 2019

$

172

$

(50,384)

$

186,446

$

554,363

$

(2,514)

$

688,083

$

130,216

$

818,299

Balance, December 31, 2017

$

170

$

(36,110)

$

167,973

$

552,948

$

3,746

$

688,727

$

141,496

$

830,223

Issuance of 14,700 shares of common stock upon exercise of stock options

 

571

571

571

Purchase of 73,183 shares of common stock

 

(4,175)

(4,175)

(4,175)

Stock-based compensation

 

5,071

5,071

5,071

Dividends declared on common stock ($0.51 per common share)

 

(8,115)

(8,115)

(15,487)

(23,602)

Repurchase of non-controlling interests

1,273

1,273

(6,469)

(5,196)

Cumulative effect adjustment due to adoption of new accounting pronouncements

26

1,665

(203)

1,488

1,147

2,635

Comprehensive income:

Net income

 

18,682

18,682

10,705

29,387

Other comprehensive loss

 

(5,867)

(5,867)

(5,867)

Total comprehensive income

 

12,815

 

10,705

 

23,520

Balance, September 30, 2018

$

170

$

(40,285)

$

174,914

$

565,180

$

(2,324)

$

697,655

$

131,392

$

829,047

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

8

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(Unaudited)

(In thousands)

Nine Months Ended September 30,

2019

    

2018

Cash flows from operating activities:

Net income

$

7,605

$

29,387

Adjustments to reconcile net income to net cash flows provided by operating activities:

Depreciation and amortization

64,870

 

64,602

Provision for doubtful accounts

3,796

 

4,199

Amortization of debt discount and debt issuance costs

420

 

591

Stock-based compensation

4,881

 

5,071

Deferred income taxes

(6,287)

 

(3,062)

Loss on non-controlling equity investment

2,131

(Gain) loss on disposition of long-lived assets

321

(15,509)

Unrealized loss on foreign currency

233

1,951

Other non-cash activity

28

246

Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:

Accounts receivable

(10,193)

 

(7,257)

Materials and supplies, prepayments, and other current assets

(5,507)

 

(715)

Prepaid income taxes

5,158

 

3,147

Accounts payable and accrued liabilities, advance payments and deposits and other current liabilities

6,324

 

6,926

Accrued taxes

(19,047)

 

7,410

Other assets

(2,041)

139

Other liabilities

4,155

 

888

Net cash provided by operating activities