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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, 2020

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 4, 2020, the registrant had outstanding 15,898,477 shares of its common stock ($.01 par value).

1

ATN INTERNATIONAL, INC.

FORM 10-Q

Quarter Ended September 30, 2020

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, 2020 and December 31, 2019

4

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

5

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019

6

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2020 and 2019

7

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

9

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2

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

31-58

Item 3

Quantitative and Qualitative Disclosures About Market Risk

58

Item 4

Controls and Procedures

58

PART II—OTHER INFORMATION

59

Item 1

Legal Proceedings

59

Item 1A

Risk Factors

59

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 6

Exhibits

61

SIGNATURES

62

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 the impact of the novel coronavirus pandemic on the economies of the markets we serve, our business and operations; expectations regarding future revenue, operating income, EBITDA and capital expenditures; the competitive environment in our key markets, demand for our services and industry trends; our liquidity; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results.  Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of our operations, including operating margins, revenues, capital expenditures, and the future growth and retention of our major customers and subscriber base and consumer demand for solar power; (2) our ability to maintain favorable roaming arrangements, receive roaming traffic and satisfy the needs and demands of our major wireless customers; (3) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address rapid and significant technological changes in the telecommunications industry; (4) government regulation of our businesses, which may impact our FCC and other telecommunications licenses or our renewables businesses; (5) our reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure; (6) economic, political and other risks and opportunities facing our operations, including those resulting from the pandemic; (7) the loss of or an inability to recruit skilled personnel in our various jurisdictions, including key members of management; (8) our ability to expand and obtain funding for our renewable energy business; (9) our ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (10) the occurrence of weather events and natural catastrophes; (11) increased competition; (12) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; (13) our continued access to capital and credit markets; and (14) the risk of currency fluctuation for those markets in which we operate. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020, as amended by Amendment No. 1 to the Annual Report on Form 10-K filed with the SEC on April 29, 2020, and the other reports we file from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors that may affect such forward-looking statements, except as required by law.

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, 

    

2020

    

2019

ASSETS

Current Assets:

Cash and cash equivalents

$

135,153

$

161,287

Restricted cash

 

1,072

 

1,071

Short-term investments

 

403

 

416

Accounts receivable, net of allowances for credit losses of $12.2 million and $12.7 million, respectively

 

43,471

 

35,904

Inventory, materials and supplies

 

5,127

 

5,253

Prepayments and other current assets

 

40,358

 

24,792

Total current assets

 

225,584

 

228,723

Fixed Assets:

Property, plant and equipment

 

1,297,519

 

1,237,555

Less accumulated depreciation

 

(708,091)

 

(631,974)

Net fixed assets

 

589,428

 

605,581

Telecommunication licenses, net

 

114,083

 

93,686

Goodwill

 

60,691

 

60,691

Customer relationships, net

 

6,266

 

7,441

Operating lease right-of-use assets

 

64,294

 

68,763

Other assets

 

53,068

 

65,841

Total assets

$

1,113,414

$

1,130,726

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

3,750

$

3,750

Accounts payable and accrued liabilities

 

82,961

 

74,093

Dividends payable

 

2,725

 

2,721

Accrued taxes

 

7,921

 

8,517

Current portion of lease liabilities

10,902

11,406

Advance payments and deposits

 

24,603

 

19,182

Total current liabilities

 

132,862

 

119,669

Deferred income taxes

 

2,602

 

8,680

Lease liabilities, excluding current portion

53,543

56,164

Other liabilities

 

49,836

 

57,454

Long-term debt, excluding current portion

 

79,973

 

82,676

Total liabilities

 

318,816

 

324,643

Commitments and contingencies (Note 13)

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; 17,383,898 and 17,324,858 shares issued, respectively, 15,898,477 and 16,001,937 shares outstanding, respectively

 

172

 

172

Treasury stock, at cost; 1,485,421 and 1,322,921 shares, respectively

 

(59,456)

 

(51,129)

Additional paid-in capital

 

191,578

 

188,471

Retained earnings

 

540,119

 

541,890

Accumulated other comprehensive income

 

(4,538)

 

(3,282)

Total ATN International, Inc. stockholders’ equity

 

667,875

 

676,122

Non-controlling interests

 

126,723

 

129,961

Total equity

 

794,598

 

806,083

Total liabilities and equity

$

1,113,414

$

1,130,726

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, 2020 AND 2019

(Unaudited)

(In Thousands, Except Per Share Data)

Three months ended September 30, 

Nine months ended September 30, 

    

2020

    

2019

    

2020

    

2019

REVENUE:

Communication services

$

108,721

$

112,840

$

322,865

$

318,473

Other

 

3,018

 

2,776

 

8,878

 

8,164

Total revenue

 

111,739

 

115,616

 

331,743

 

326,637

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

Termination and access fees

 

26,979

 

27,622

 

83,562

 

83,440

Construction costs

390

390

Engineering and operations

 

18,127

 

20,095

 

53,983

 

58,234

Sales, marketing and customer service

 

9,344

 

9,785

 

28,220

 

29,048

General and administrative

 

25,735

 

25,110

 

75,413

 

75,518

Transaction-related charges

 

31

 

21

 

147

 

89

Depreciation and amortization

 

21,580

 

22,603

 

66,089

 

64,870

(Gain) Loss on disposition of long-lived assets

(4)

132

60

321

Total operating expenses

 

102,182

 

105,368

 

307,864

 

311,520

Income from operations

 

9,557

 

10,248

 

23,879

 

15,117

OTHER INCOME (EXPENSE)

Interest income

118

414

427

1,860

Interest expense

 

(1,361)

 

(1,298)

 

(4,091)

(3,843)

Other income (expense)

 

(2,031)

 

(2,686)

 

(4,341)

(2,755)

Other income (expense), net

 

(3,274)

 

(3,570)

 

(8,005)

 

(4,738)

INCOME BEFORE INCOME TAXES

 

6,283

 

6,678

 

15,874

 

10,379

Income tax provisions

 

92

 

1,834

 

(1,057)

 

2,774

NET INCOME

 

6,191

 

4,844

 

16,931

 

7,605

Net income attributable to non-controlling interests, net of tax expense of $0.2 million, $0.4 million, $0.8 million, $1.2 million, respectively.

 

(3,530)

 

(3,459)

 

(10,538)

 

(8,657)

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

$

2,661

$

1,385

$

6,393

$

(1,052)

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

Basic

$

0.17

$

0.09

$

0.40

$

(0.07)

Diluted

$

0.17

$

0.09

$

0.40

$

(0.07)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

 

15,962

 

16,000

 

15,946

 

15,984

Diluted

 

16,011

 

16,007

 

15,990

 

15,984

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, 2020 AND 2019

(Unaudited)

(In Thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

 

2020

    

2019

2020

2019

Net income

$

6,191

$

4,844

$

16,931

$

7,605

Other comprehensive income (loss):

Foreign currency translation adjustment

 

1,521

 

(1,194)

 

(1,113)

 

(694)

Unrealized gain (loss) on derivatives

35

(38)

(143)

(211)

Other comprehensive income (loss), net of tax

 

1,556

 

(1,232)

 

(1,256)

 

(905)

Comprehensive income

 

7,747

 

3,612

 

15,675

 

6,700

Less: Comprehensive income attributable to non-controlling interests

 

(3,530)

 

(3,459)

 

(10,538)

 

(8,657)

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

$

4,217

$

153

$

5,137

$

(1,957)

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, 2020 AND 2019

(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, 2020

$

172

$

(55,316)

$

189,785

$

540,183

$

(6,094)

$

668,730

$

128,913

$

797,643

Purchase of 80,754 shares of common stock upon exercise of stock options

 

(4,140)

(4,140)

(4,140)

Stock-based compensation

 

1,793

1,793

94

1,887

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

 

(2,725)

(2,725)

(962)

(3,687)

Repurchase of non-controlling interests

(4,852)

(4,852)

Comprehensive income:

Net income

 

2,661

2,661

3,530

6,191

Other comprehensive income

 

1,556

1,556

1,556

Total comprehensive income

 

4,217

 

3,530

 

7,747

Balance, September 30, 2020

$

172

$

(59,456)

$

191,578

$

540,119

$

(4,538)

$

667,875

$

126,723

$

794,598

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 upon exercise of stock options

 

(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 (loss):

Net income

 

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

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, 2020 AND 2019

(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, 2019

$

172

$

(51,129)

$

188,471

$

541,890

$

(3,282)

$

676,122

$

129,961

$

806,083

Purchase of 161,500 shares of common stock

 

(8,327)

(8,327)

(8,327)

Stock-based compensation

 

4,419

4,419

189

4,608

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

 

(8,164)

(8,164)

(6,514)

(14,678)

Repurchase of non-controlling interests

(1,312)

(1,312)

(7,451)

(8,763)

Comprehensive income:

Net income

 

6,393

6,393

10,538

16,931

Other comprehensive loss

 

(1,256)

(1,256)

(1,256)

Total comprehensive income

 

5,137

 

10,538

 

15,675

Balance, September 30, 2020

$

172

$

(59,456)

$

191,578

$

540,119

$

(4,538)

$

667,875

$

126,723

$

794,598

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 (loss):

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

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, 2020 AND 2019

(Unaudited)

(In Thousands)