00atni:LeaseLiabilityCurrent atni:LeaseLiabilityNoncurrentatni:LeaseLiabilityCurrent atni:LeaseLiabilityNoncurrent0000879585--12-312021Q2falseP3YP10YP3Yatni:LeaseLiabilityCurrent atni:LeaseLiabilityNoncurrentatni:LeaseLiabilityCurrent atni:LeaseLiabilityNoncurrent0.670.3300000879585us-gaap:TreasuryStockCommonMember2021-04-012021-06-300000879585us-gaap:TreasuryStockCommonMember2021-01-012021-06-300000879585us-gaap:TreasuryStockCommonMember2020-04-012020-06-300000879585us-gaap:TreasuryStockCommonMember2020-01-012020-06-300000879585us-gaap:TreasuryStockCommonMember2021-06-300000879585us-gaap:RetainedEarningsMember2021-06-300000879585us-gaap:ParentMember2021-06-300000879585us-gaap:NoncontrollingInterestMember2021-06-300000879585us-gaap:CommonStockMember2021-06-300000879585us-gaap:AdditionalPaidInCapitalMember2021-06-300000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000879585us-gaap:TreasuryStockCommonMember2021-03-310000879585us-gaap:RetainedEarningsMember2021-03-310000879585us-gaap:ParentMember2021-03-310000879585us-gaap:NoncontrollingInterestMember2021-03-310000879585us-gaap:CommonStockMember2021-03-310000879585us-gaap:AdditionalPaidInCapitalMember2021-03-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100008795852021-03-310000879585us-gaap:TreasuryStockCommonMember2020-12-310000879585us-gaap:RetainedEarningsMember2020-12-310000879585us-gaap:ParentMember2020-12-310000879585us-gaap:NoncontrollingInterestMember2020-12-310000879585us-gaap:CommonStockMember2020-12-310000879585us-gaap:AdditionalPaidInCapitalMember2020-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000879585us-gaap:TreasuryStockCommonMember2020-06-300000879585us-gaap:RetainedEarningsMember2020-06-300000879585us-gaap:ParentMember2020-06-300000879585us-gaap:NoncontrollingInterestMember2020-06-300000879585us-gaap:CommonStockMember2020-06-300000879585us-gaap:AdditionalPaidInCapitalMember2020-06-300000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000879585us-gaap:TreasuryStockCommonMember2020-03-310000879585us-gaap:RetainedEarningsMember2020-03-310000879585us-gaap:ParentMember2020-03-310000879585us-gaap:NoncontrollingInterestMember2020-03-310000879585us-gaap:CommonStockMember2020-03-310000879585us-gaap:AdditionalPaidInCapitalMember2020-03-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100008795852020-03-310000879585us-gaap:TreasuryStockCommonMember2019-12-310000879585us-gaap:RetainedEarningsMember2019-12-310000879585us-gaap:ParentMember2019-12-310000879585us-gaap:NoncontrollingInterestMember2019-12-310000879585us-gaap:CommonStockMember2019-12-310000879585us-gaap:AdditionalPaidInCapitalMember2019-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100008795852021-07-012021-06-3000008795852021-07-012021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:UsTelecommunicationsMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:ConstructionServicesMemberatni:UsTelecommunicationsMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2021-04-012021-06-300000879585atni:HighCostSupportProgramMemberatni:UsTelecommunicationsMember2021-04-012021-06-300000879585atni:HighCostSupportProgramMemberatni:InternationalTelecomMember2021-04-012021-06-300000879585atni:OtherRevenueMember2021-04-012021-06-300000879585atni:OtherCommunicationServicesMember2021-04-012021-06-300000879585atni:MobilityMember2021-04-012021-06-300000879585atni:ManagedServicesMember2021-04-012021-06-300000879585atni:FixedMember2021-04-012021-06-300000879585atni:ERateProgramAndLifelineAndRuralHealthCareSupportProgramsMember2021-04-012021-06-300000879585atni:ConstructionServicesMember2021-04-012021-06-300000879585atni:ConnectAmericaFundPhaseIiAuctionMember2021-04-012021-06-300000879585atni:CarrierServicesMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:RenewableEnergyMemberatni:RenewableEnergyMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:UsTelecommunicationsMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:RenewableEnergyMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:ConstructionServicesMemberatni:UsTelecommunicationsMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2021-01-012021-06-300000879585atni:HighCostSupportProgramMemberatni:UsTelecommunicationsMember2021-01-012021-06-300000879585atni:HighCostSupportProgramMemberatni:InternationalTelecomMember2021-01-012021-06-300000879585atni:RenewableEnergyMember2021-01-012021-06-300000879585atni:OtherRevenueMember2021-01-012021-06-300000879585atni:OtherCommunicationServicesMember2021-01-012021-06-300000879585atni:MobilityMember2021-01-012021-06-300000879585atni:ManagedServicesMember2021-01-012021-06-300000879585atni:FixedMember2021-01-012021-06-300000879585atni:ERateProgramAndLifelineAndRuralHealthCareSupportProgramsMember2021-01-012021-06-300000879585atni:ConstructionServicesMember2021-01-012021-06-300000879585atni:ConnectAmericaFundPhaseIiAuctionMember2021-01-012021-06-300000879585atni:CarrierServicesMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:RenewableEnergyMemberatni:RenewableEnergyMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:RenewableEnergyMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2020-04-012020-06-300000879585atni:HighCostSupportProgramMemberatni:UsTelecommunicationsMember2020-04-012020-06-300000879585atni:HighCostSupportProgramMemberatni:InternationalTelecomMember2020-04-012020-06-300000879585atni:RenewableEnergyMember2020-04-012020-06-300000879585atni:OtherRevenueMember2020-04-012020-06-300000879585atni:OtherCommunicationServicesMember2020-04-012020-06-300000879585atni:MobilityMember2020-04-012020-06-300000879585atni:ManagedServicesMember2020-04-012020-06-300000879585atni:FixedMember2020-04-012020-06-300000879585atni:ERateProgramAndLifelineAndRuralHealthCareSupportProgramsMember2020-04-012020-06-300000879585atni:ConnectAmericaFundPhaseIiAuctionMember2020-04-012020-06-300000879585atni:CarrierServicesMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:RenewableEnergyMemberatni:RenewableEnergyMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:RenewableEnergyMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2020-01-012020-06-300000879585atni:HighCostSupportProgramMemberatni:UsTelecommunicationsMember2020-01-012020-06-300000879585atni:HighCostSupportProgramMemberatni:InternationalTelecomMember2020-01-012020-06-300000879585atni:RenewableEnergyMember2020-01-012020-06-300000879585atni:OtherRevenueMember2020-01-012020-06-300000879585atni:OtherCommunicationServicesMember2020-01-012020-06-300000879585atni:MobilityMember2020-01-012020-06-300000879585atni:ManagedServicesMember2020-01-012020-06-300000879585atni:FixedMember2020-01-012020-06-300000879585atni:ERateProgramAndLifelineAndRuralHealthCareSupportProgramsMember2020-01-012020-06-300000879585atni:ConnectAmericaFundPhaseIiAuctionMember2020-01-012020-06-300000879585atni:CarrierServicesMember2020-01-012020-06-300000879585atni:TribalBiddingCreditMember2018-01-012018-12-310000879585srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2019-12-310000879585atni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-202021-07-200000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-01-012021-07-220000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberatni:TermLoanMemberus-gaap:SubsequentEventMember2021-01-012021-07-220000879585atni:InvestmentInPrivatelyHeldCompaniesMember2020-01-012020-03-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:RenewableEnergyMember2021-04-012021-06-300000879585atni:LegalClaimsRegardingTaxFilingsMember2021-06-300000879585atni:BreachOfContractAllegationsByTrinidadTobagoElectricCommissionMember2021-06-300000879585us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300000879585us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300000879585us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000879585us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000879585atni:BreachOfContractAllegationsByTrinidadTobagoElectricCommissionMember2015-05-012015-05-310000879585srt:MinimumMemberatni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-04-102019-04-100000879585srt:MaximumMemberatni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-04-102019-04-100000879585srt:MinimumMemberatni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberatni:AlaskaIncrementalTermLoanFacilityMemberus-gaap:SubsequentEventMember2021-07-220000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-220000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-220000879585atni:CommnetFinanceMemberatni:ReceivableCreditFacilityMemberatni:SeniorSecuredDelayedDrawTermLoanMember2020-03-260000879585atni:CreditFacilityMemberus-gaap:LetterOfCreditMember2019-04-100000879585atni:CreditFacilityMemberatni:TermLoanMember2019-04-100000879585atni:CreditFacilityMemberatni:SwinglineSubFacilityMember2019-04-100000879585atni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-06-300000879585atni:CreditFacilityMemberus-gaap:LetterOfCreditMember2021-06-300000879585srt:MinimumMember2021-06-300000879585srt:MaximumMember2021-06-300000879585atni:RenewableEnergyPartnershipMemberus-gaap:OtherInvestmentsMember2019-01-012019-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2021-06-300000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2021-06-300000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2020-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2020-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000879585us-gaap:FairValueMeasurementsRecurringMember2021-06-300000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000879585us-gaap:FairValueMeasurementsRecurringMember2020-12-310000879585atni:InvestmentInPrivatelyHeldCompaniesMemberus-gaap:OtherAssetsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300000879585atni:EquitySecurityConvertedFromDebtInstrumentMember2021-06-300000879585atni:InvestmentInPrivatelyHeldCompaniesMemberus-gaap:OtherAssetsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000879585atni:EquitySecurityConvertedFromDebtInstrumentMember2020-12-310000879585atni:RenewableEnergyPartnershipMemberus-gaap:OtherInvestmentsMember2021-06-300000879585atni:RenewableEnergyPartnershipMemberus-gaap:OtherInvestmentsMember2020-12-310000879585atni:InvestmentInPrivatelyHeldCompaniesMemberus-gaap:OtherAssetsMember2021-06-300000879585atni:InvestmentInFormerIndiaSolarOperationsMember2021-06-300000879585atni:InvestmentInFormerIndiaSolarOperationsMember2021-01-310000879585atni:InvestmentInPrivatelyHeldCompaniesMemberus-gaap:OtherAssetsMember2020-12-310000879585atni:VibrantEnergyHoldingsPte.LtdMember2021-01-310000879585atni:InvestmentInPrivatelyHeldCompaniesMember2020-03-310000879585atni:RenewableEnergyPartnershipMemberus-gaap:OtherInvestmentsMember2019-12-310000879585us-gaap:RetainedEarningsMember2021-04-012021-06-300000879585us-gaap:RetainedEarningsMember2021-01-012021-06-300000879585us-gaap:RetainedEarningsMember2020-04-012020-06-300000879585us-gaap:RetainedEarningsMember2020-01-012020-06-300000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:VibrantEnergyHoldingsPte.LtdMember2020-01-012020-12-310000879585us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2021-06-300000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-06-300000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-06-300000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-12-310000879585us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2017-07-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2021-04-012021-06-300000879585atni:CorporateAndReconcilingItemsMember2021-04-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:RenewableEnergyMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2021-01-012021-06-300000879585atni:CorporateAndReconcilingItemsMember2021-01-012021-06-300000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:RenewableEnergyMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2020-04-012020-06-300000879585atni:CorporateAndReconcilingItemsMember2020-04-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:RenewableEnergyMember2020-01-012020-06-300000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2020-01-012020-06-300000879585atni:CorporateAndReconcilingItemsMember2020-01-012020-06-300000879585atni:OneCommunicationsDebtMember2021-05-220000879585atni:DebtInstrumentFromFourthQuarterOf2024ToThirdQuarterOf2026Memberatni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-222021-07-220000879585atni:DebtInstrumentFromFourthQuarterOf2023ToThirdQuarter2024Memberatni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-222021-07-220000879585atni:ViyaDebtMember2016-12-310000879585atni:ViyaDebtMember2021-06-300000879585atni:OneCommunicationsDebtMember2021-06-300000879585srt:MinimumMemberatni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-07-222021-07-220000879585srt:MaximumMemberatni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-07-222021-07-220000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:BaseRateMember2021-07-222021-07-220000879585atni:CommnetFinanceMemberatni:ReceivableCreditFacilityMemberatni:SeniorSecuredDelayedDrawTermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-03-262020-03-260000879585atni:CommnetFinanceMemberatni:ReceivableCreditFacilityMemberatni:SeniorSecuredDelayedDrawTermLoanMemberus-gaap:BaseRateMember2020-03-262020-03-260000879585srt:MinimumMemberatni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-04-102019-04-100000879585srt:MinimumMemberatni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2019-04-102019-04-100000879585srt:MaximumMemberatni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-04-102019-04-100000879585srt:MaximumMemberatni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2019-04-102019-04-100000879585atni:CreditFacilityMemberatni:SwinglineSubFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2019-04-102019-04-100000879585srt:MinimumMemberatni:OneCommunicationsDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-05-222017-05-220000879585srt:MaximumMemberatni:OneCommunicationsDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember2017-05-222017-05-220000879585us-gaap:ConstructionMember2021-04-012021-06-300000879585atni:CommunicationServicesMember2021-04-012021-06-300000879585us-gaap:ConstructionMember2021-01-012021-06-300000879585atni:CommunicationServicesMember2021-01-012021-06-300000879585atni:CommunicationServicesMember2020-04-012020-06-300000879585atni:CommunicationServicesMember2020-01-012020-06-300000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-06-300000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-06-300000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-06-300000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-06-300000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2020-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2020-12-310000879585us-gaap:OtherAssetsMember2021-06-300000879585us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-06-300000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberus-gaap:SubsequentEventMember2021-01-012021-07-220000879585atni:AlaskaCommunicationsSystemsGroupInc.Member2021-01-012021-06-300000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberus-gaap:SubsequentEventMember2021-07-222021-07-220000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2021-06-300000879585us-gaap:OperatingSegmentsMemberatni:RenewableEnergyMember2021-06-300000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2021-06-300000879585atni:CorporateAndReconcilingItemsMember2021-06-300000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2020-12-310000879585us-gaap:OperatingSegmentsMemberatni:RenewableEnergyMember2020-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2020-12-310000879585atni:CorporateAndReconcilingItemsMember2020-12-310000879585us-gaap:EmployeeStockOptionMember2021-04-012021-06-300000879585us-gaap:EmployeeStockOptionMember2021-01-012021-06-300000879585us-gaap:EmployeeStockOptionMember2020-04-012020-06-300000879585us-gaap:EmployeeStockOptionMember2020-01-012020-06-300000879585atni:CommnetFinanceMemberatni:ReceivableCreditFacilityMemberatni:SeniorSecuredDelayedDrawTermLoanMember2021-01-012021-06-3000008795852020-06-3000008795852019-12-310000879585us-gaap:ParentMember2021-04-012021-06-300000879585us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000879585us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000879585us-gaap:ParentMember2021-01-012021-06-300000879585us-gaap:NoncontrollingInterestMember2021-01-012021-06-300000879585us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300000879585us-gaap:ParentMember2020-04-012020-06-300000879585us-gaap:NoncontrollingInterestMember2020-04-012020-06-300000879585us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000879585us-gaap:ParentMember2020-01-012020-06-300000879585us-gaap:NoncontrollingInterestMember2020-01-012020-06-300000879585us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-3000008795852021-08-090000879585atni:TribalBiddingCreditMember2020-01-012020-12-310000879585srt:MinimumMemberatni:OneCommunicationsDebtMember2017-05-220000879585atni:TribalBiddingCreditMember2021-04-012021-06-300000879585atni:UniversalServiceFundProgramMember2021-01-012021-06-300000879585atni:LitigationProceedingsAndDisputesInGuyanaMember2020-10-052020-10-050000879585atni:ContingencyRelatedToSpectrumFeesMember2011-01-012011-12-310000879585atni:LegalClaimsRegardingTaxFilingsMembersrt:MinimumMember2021-01-012021-06-300000879585atni:CitizensBroadbandRadioServiceAuctionMember2020-07-012020-09-300000879585atni:HighCostSupportProgramMemberatni:GrantReductionDuringFirstYearMemberatni:InternationalTelecomMember2020-11-162020-11-160000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMember2020-01-012020-12-310000879585atni:CaresActMember2021-06-300000879585atni:TribalBiddingCreditMember2020-12-310000879585atni:TribalBiddingCreditMember2021-01-012021-06-300000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMember2020-12-310000879585atni:ERateMember2021-01-012021-06-300000879585atni:CaresActMember2021-01-012021-06-300000879585atni:CaresActMember2020-01-012021-06-300000879585atni:ERateMember2020-01-012020-12-310000879585atni:CaresActMember2020-01-012020-12-310000879585atni:ConnectAmericaFundPhaseIiAuctionMember2018-01-012018-12-310000879585atni:EquitySecurityConvertedFromDebtInstrumentMember2021-01-012021-06-300000879585us-gaap:OtherInvestmentsMember2021-01-012021-06-300000879585atni:InvestmentInPrivatelyHeldCompaniesMember2021-01-012021-06-300000879585atni:InvestmentInFormerIndiaSolarOperationsMember2021-01-012021-06-3000008795852021-04-012021-06-3000008795852020-04-012020-06-3000008795852020-01-012020-06-300000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:VibrantEnergyHoldingsPte.LtdMember2021-12-012021-12-310000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:VibrantEnergyHoldingsPte.LtdMember2021-01-012021-06-300000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:VibrantEnergyHoldingsPte.LtdMember2020-12-012021-06-300000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:VibrantEnergyHoldingsPte.LtdMember2021-01-310000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:VibrantEnergyHoldingsPte.LtdMember2021-01-012021-01-310000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:VibrantEnergyHoldingsPte.LtdMember2021-03-310000879585us-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-04-012021-06-300000879585us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-06-300000879585us-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-04-012020-06-300000879585us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-06-300000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:SubsequentEventMember2021-01-012021-07-220000879585atni:DebtInstrumentFromSecondQuarterOf2024Memberatni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-222021-07-220000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-222021-07-220000879585atni:ViyaDebtMember2018-12-310000879585atni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-04-100000879585srt:MinimumMemberatni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-04-100000879585srt:MaximumMemberatni:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-04-100000879585atni:ViyaDebtMember2016-07-010000879585atni:CreditFacilityMemberatni:SwinglineSubFacilityMember2019-04-102019-04-100000879585atni:CommnetFinanceMemberatni:ReceivableCreditFacilityMemberatni:SeniorSecuredDelayedDrawTermLoanMember2021-06-300000879585atni:FirstnetAgreementMember2021-06-300000879585atni:FirstnetAgreementMember2020-12-310000879585atni:ERateMember2021-09-012021-09-300000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberus-gaap:SubsequentEventMember2021-07-220000879585atni:HighCostSupportProgramMemberatni:GrantReductionDuringSecondYearMemberatni:InternationalTelecomMember2020-11-162020-11-160000879585atni:HighCostSupportProgramMemberatni:GrantReductionDuringFirstYearMember2020-11-162020-11-1600008795852021-01-012021-06-3000008795852021-06-3000008795852020-12-31iso4217:USDxbrli:pureatni:itemutr:MWxbrli:sharesiso4217:USDxbrli:sharesatni:segment

Table of Contents

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 June 30, 2021

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 August 9, 2021, the registrant had outstanding 15,864,072 shares of its common stock ($.01 par value).

1

Table of Contents

ATN INTERNATIONAL, INC.

FORM 10-Q

Quarter Ended June 30, 2021

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 June 30, 2021 and December 31, 2020

4

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020

5

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2021 and 2020

6

Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2021 and 2020

7

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

9

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2

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

33-60

Item 3

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4

Controls and Procedures

60

PART II—OTHER INFORMATION

61

Item 1

Legal Proceedings

61

Item 1A

Risk Factors

61

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 5

Other Information

67

Item 6

Exhibits

67

SIGNATURES

68

CERTIFICATIONS

2

Table of Contents

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, and on 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 expectations regarding construction progress under our FirstNet agreement and the effect such progress will have on our financial results; our expectations regarding the benefits of our acquisition of Alaska Communications; the impact of federal support program revenues; 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) the general performance of our operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of our subscriber base, including growth in our private networks business; (2) our ability to successfully integrate our newly acquired Alaska Communications business with our own and realize cost synergies and expansion plans; (3) our ability to maintain favorable roaming arrangements, receive roaming traffic and satisfy the needs and demands of our major wireless customers; (4) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address rapid and significant technological changes in the telecommunications industry; (5) government regulation of our businesses, which may impact our FCC and other telecommunications licenses; (6) our reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure; (7) economic, political and other risks and opportunities facing our operations, including those resulting from the pandemic; (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 and our ability to secure the appropriate level of insurance coverage for these assets; (11) increased competition;  (12) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; and (13) 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” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2021, 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

Table of Contents

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)

June 30, 

December 31, 

    

2021

    

2020

ASSETS

Current Assets:

Cash and cash equivalents

$

94,885

$

103,925

Restricted cash

 

1,072

 

1,072

Accounts receivable, net of allowances for credit losses of $13.5 million and $12.1 million, respectively

 

40,644

 

44,152

Customer receivable

4,094

1,227

Inventory, materials and supplies

 

6,837

 

5,504

Prepayments and other current assets

 

52,313

 

49,450

Assets held for sale

34,735

Total current assets

 

199,845

 

240,065

Fixed Assets:

Property, plant and equipment

 

1,276,517

 

1,252,780

Less accumulated depreciation

 

(750,232)

 

(716,318)

Net fixed assets

 

526,285

 

536,462

Telecommunication licenses, net

 

114,083

 

114,083

Goodwill

 

60,690

 

60,691

Customer relationships, net

 

5,233

 

5,913

Operating lease right-of-use assets

 

62,287

 

63,235

Customer receivable - long term

28,333

9,614

Other assets

 

69,818

 

53,648

Total assets

$

1,066,574

$

1,083,711

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

3,750

$

3,750

Current portion of Customer receivable credit facility

2,335

Accounts payable and accrued liabilities

 

84,811

 

96,205

Dividends payable

 

2,707

 

2,703

Accrued taxes

 

7,496

 

7,501

Current portion of lease liabilities

12,871

12,371

Advance payments and deposits

 

22,602

 

24,681

Liabilities held for sale

 

 

717

Total current liabilities

 

136,572

 

147,928

Deferred income taxes

 

7,439

 

10,675

Lease liabilities, excluding current portion

51,306

51,082

Other liabilities

 

48,455

 

50,617

Customer receivable credit facility, net of current portion

14,322

Long-term debt, excluding current portion

 

67,294

 

69,073

Total liabilities

 

325,388

 

329,375

Commitments and contingencies (Note 14)

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; 17,466,542 and 17,383,898 shares issued, respectively, 15,899,714 and 15,898,477 shares outstanding, respectively

 

172

 

172

Treasury stock, at cost; 1,566,828 and 1,485,421 shares, respectively

 

(63,388)

 

(59,456)

Additional paid-in capital

 

189,006

 

187,754

Retained earnings

 

516,208

 

516,901

Accumulated other comprehensive income

 

(72)

 

278

Total ATN International, Inc. stockholders’ equity

 

641,926

 

645,649

Non-controlling interests

 

99,260

 

108,687

Total equity

 

741,186

 

754,336

Total liabilities and equity

$

1,066,574

$

1,083,711

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

4

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Unaudited)

(In Thousands, Except Per Share Data)

Three months ended June 30, 

Six months ended June 30, 

    

2021

    

2020

    

2021

    

2020

REVENUE:

Communication services

$

112,964

$

106,240

$

223,599

$

214,145

Other

 

10,901

 

2,858

 

24,776

 

5,859

Total revenue

 

123,865

 

109,098

 

248,375

 

220,004

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

Cost of services

 

48,479

 

45,837

 

97,986

 

92,439

Cost of construction revenue

9,535

22,142

Selling, general and administrative

 

40,652

 

34,125

 

78,344

 

68,552

Transaction-related charges

 

1,396

 

72

 

2,126

 

116

Depreciation and amortization

 

20,155

 

21,991

 

40,662

 

44,509

Loss on disposition of long-lived assets

743

49

861

64

Total operating expenses

 

120,960

 

102,074

 

242,121

 

205,680

Income from operations

 

2,905

 

7,024

 

6,254

 

14,324

OTHER INCOME (EXPENSE)

Interest income

46

66

40

309

Interest expense

 

(1,137)

 

(1,574)

 

(2,285)

(2,730)

Other income (expense)

 

(66)

 

590

 

2,309

(2,310)

Other income (expense), net

 

(1,157)

 

(918)

 

64

 

(4,731)

INCOME BEFORE INCOME TAXES

 

1,748

 

6,106

 

6,318

 

9,593

Income tax provisions

 

(1,542)

 

(2,258)

 

(1,247)

 

(1,149)

NET INCOME

 

3,290

 

8,364

 

7,565

 

10,742

Net income attributable to non-controlling interests, net of tax expense of $0.3 million, $0.2 million, $0.4 million, and $0.6 million, respectively.

 

(1,271)

 

(3,618)

 

(2,842)

 

(7,009)

NET INCOME ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS

$

2,019

$

4,746

$

4,723

$

3,733

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

Basic

$

0.13

$

0.30

$

0.30

$

0.23

Diluted

$

0.13

$

0.30

$

0.30

$

0.23

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

 

15,912

 

15,970

 

15,907

 

15,958

Diluted

 

15,921

 

16,004

 

15,930

 

15,993

DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK

$

0.17

$

0.17

$

0.34

$

0.34

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

5

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Unaudited)

(In Thousands)

Three months ended
June 30, 

Six months ended
June 30, 

2021

    

2020

 

2021

    

2020

Net income

$

3,290

$

8,364

$

7,565

$

10,742

Other comprehensive income (loss):

Foreign currency translation adjustment

 

(370)

 

1,782

 

(410)

 

(2,644)

Unrealized gain (loss) on derivatives

29

8

60

(168)

Other comprehensive income (loss), net of tax

 

(341)

 

1,790

 

(350)

 

(2,812)

Comprehensive income

 

2,949

 

10,154

 

7,215

 

7,930

Less: Comprehensive income attributable to non-controlling interests

 

(1,271)

 

(3,618)

 

(2,842)

 

(7,009)

Comprehensive income attributable to ATN International, Inc.

$

1,678

$

6,536

$

4,373

$

921

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

6

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020

(Unaudited)

(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, March 31, 2021

$

172

$

(61,677)

$

186,930

$

516,897

$

269

$

642,591

$

99,678

$

742,269

Purchase of 37,428 shares of common stock

 

(1,711)

(1,711)

(1,711)

Stock-based compensation

 

2,150

2,150

25

2,175

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

 

(2,708)

(2,708)

(958)

(3,666)

Repurchase of non-controlling interests

(74)

(74)

(1,085)

(1,159)

Investments made by minority shareholders in consolidated affiliates

329

329

Comprehensive income:

Net income

 

2,019

2,019

1,271

3,290

Other comprehensive income

 

(341)

(341)

(341)

Total comprehensive income

 

1,678

 

1,271

 

2,949

Balance, June 30, 2021

$

172

$

(63,388)

$

189,006

$

516,208

$

(72)

$

641,926

$

99,260

$

741,186

Balance, March 31, 2020

$

172

$

(54,358)

$

189,667

$

538,161

$

(7,884)

$

665,758

$

127,321

$

793,079

Purchase of 17,854 shares of common stock upon exercise of stock options

 

(958)

(958)

(958)

Stock-based compensation

 

1,418

1,418

131

1,549

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

 

(2,724)

(2,724)

(1,321)

(4,045)

Repurchase of non-controlling interests

(1,300)

(1,300)

(836)

(2,136)

Comprehensive income:

Net income

 

4,746

4,746

3,618

8,364

Other comprehensive income

 

1,790

1,790

1,790

Total comprehensive income

 

6,536

 

3,618

 

10,154

Balance, June 30, 2020

$

172

$

(55,316)

$

189,785

$

540,183

$

(6,094)

$

668,730

$

128,913

$

797,643

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

7

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Unaudited)

(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, 2020

$

172

$

(59,456)

$

187,754

$

516,901

$

278

$

645,649

$

108,687

$

754,336

Purchase of 81,406 shares of common stock

 

(3,932)

(3,932)

(3,932)

Stock-based compensation

 

3,413

3,413

98

3,511

Dividends declared on common stock ($0.34 per common share)

 

(5,416)

(5,416)

(2,488)

(7,904)

Repurchase of non-controlling interests

(2,161)

(2,161)

(10,208)

(12,369)

Investments made by minority shareholders in consolidated affiliates

329

329

Comprehensive income:

Net income

 

4,723

4,723

2,842

7,565

Other comprehensive loss

 

(350)

(350)

(350)

Total comprehensive income

 

4,373

 

2,842

 

7,215

Balance, June 30, 2021

$

172

$

(63,388)

$

189,006

$

516,208

$

(72)

$

641,926

$

99,260

$

741,186

Balance, December 31, 2019

$

172

$

(51,129)

$

188,471

$

541,890

$

(3,282)

$

676,122

$

129,961

$

806,083

Issuance of restricted shares of common stock

Purchase of 80,746 shares of common stock

 

(4,187)

(4,187)

(4,187)

Stock-based compensation

 

2,614

2,614

107

2,721

Dividends declared on common stock ($0.34 per common share)

 

(5,440)

(5,440)

(5,553)

(10,993)

Repurchase of non-controlling interests

(1,300)

(1,300)

(2,611)

(3,911)

Comprehensive income:

Net income

 

3,733

3,733

7,009

10,742

Other comprehensive income

 

(2,812)

(2,812)

(2,812)

Total comprehensive income

 

921

 

7,009

 

7,930

Balance, June 30, 2020