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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 September 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 November 9, 2021, the registrant had outstanding 15,823,785 shares of its common stock ($.01 par value).

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ATN INTERNATIONAL, INC.

FORM 10-Q

Quarter Ended September 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 September 30, 2021 and December 31, 2020

4

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020

5

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

6

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2021 and 2020

7

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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

41-69

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 and Use of Proceeds

71

Item 5

Other Information

73

Item 6

Exhibits

73

SIGNATURES

74

CERTIFICATIONS

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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 expectations regarding the benefits of our acquisition of Alaska Communications; the impact of federal support program revenues; 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; 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 and other arrangements with our carrier 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” in each 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 its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, filed with the SEC on August 9, 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.

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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, 

    

2021

    

2020

ASSETS

Current Assets:

Cash and cash equivalents

$

101,268

$

103,925

Restricted cash

 

1,096

 

1,072

Short-term investments

 

434

 

Accounts receivable, net of allowances for credit losses of $14.3 million and $12.1 million, respectively

 

70,196

 

44,152

Customer receivable

3,430

1,227

Inventory, materials and supplies

 

8,254

 

5,504

Prepayments and other current assets

 

65,027

 

49,450

Assets held for sale

34,735

Total current assets

 

249,705

 

240,065

Fixed Assets:

Property, plant and equipment

 

1,689,780

 

1,252,780

Less accumulated depreciation

 

(773,946)

 

(716,318)

Net fixed assets

 

915,834

 

536,462

Telecommunication licenses, net

 

114,766

 

114,083

Goodwill

 

60,690

 

60,691

Intangible assets, net

 

53,529

 

6,995

Operating lease right-of-use assets

 

122,422

 

63,235

Customer receivable - long term

33,096

9,614

Other assets

 

77,342

 

52,566

Total assets

$

1,627,384

$

1,083,711

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

3,762

$

3,750

Current portion of customer receivable credit facility

3,295

Accounts payable and accrued liabilities

 

134,630

 

96,205

Dividends payable

 

2,695

 

2,703

Accrued taxes

 

9,350

 

7,501

Current portion of lease liabilities

14,256

12,371

Advance payments and deposits

 

35,022

 

24,681

Liabilities held for sale

 

 

717

Total current liabilities

 

203,010

 

147,928

Deferred income taxes

 

21,776

 

10,675

Lease liabilities, excluding current portion

96,031

51,082

Other liabilities

 

135,614

 

50,617

Customer receivable credit facility, net of current portion

22,486

Long-term debt, excluding current portion

 

345,073

 

69,073

Total liabilities

 

823,990

 

329,375

Commitments and contingencies (Note 14)

Redeemable noncontrolling interests

Preferred redeemable noncontrolling interests

49,180

Common redeemable noncontrolling interests

22,640

Total redeemable noncontrolling interests

71,820

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; 17,476,542 and 17,383,898 shares issued, respectively, 15,851,336 and 15,898,477 shares outstanding, respectively

 

172

 

172

Treasury stock, at cost; 1,625,206 and 1,485,421 shares, respectively

 

(66,004)

 

(59,456)

Additional paid-in capital

 

190,824

 

187,754

Retained earnings

 

504,966

 

516,901

Accumulated other comprehensive income

 

(666)

 

278

Total ATN International, Inc. stockholders’ equity

 

629,292

 

645,649

Noncontrolling interests

 

102,282

 

108,687

Total equity

 

731,574

 

754,336

Total liabilities, redeemable noncontrolling interests and equity

$

1,627,384

$

1,083,711

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

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Unaudited)

(In Thousands, Except Per Share Data)

Three months ended September 30, 

Nine months ended September 30, 

    

2021

    

2020

    

2021

    

2020

REVENUE:

Communication services

$

155,298

$

108,721

$

378,897

$

322,865

Other

 

11,462

 

3,018

 

36,238

 

8,878

Total revenue

 

166,760

 

111,739

 

415,135

 

331,743

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

Cost of services

 

70,732

 

45,106

 

168,717

 

137,545

Cost of construction revenue

5,855

390

27,997

390

Selling, general and administrative

 

53,360

 

35,079

 

131,705

 

103,633

Transaction-related charges

 

5,696

 

31

 

7,823

 

147

Depreciation

 

28,875

 

21,157

 

68,693

 

64,705

Amortization of intangibles from acquisitions

3,480

423

4,324

1,384

(Gain) loss on disposition of long-lived assets

(256)

(4)

605

60

Total operating expenses

 

167,742

 

102,182

 

409,864

 

307,864

Income from operations

 

(982)

 

9,557

 

5,271

 

23,879

OTHER INCOME (EXPENSE)

Interest income

42

118

83

427

Interest expense

 

(3,438)

 

(1,361)

 

(5,723)

(4,091)

Other income (expense)

 

(385)

 

(2,031)

 

1,923

(4,341)

Other income (expense), net

 

(3,781)

 

(3,274)

 

(3,717)

 

(8,005)

INCOME (LOSS) BEFORE INCOME TAXES

 

(4,763)

 

6,283

 

1,554

 

15,874

Income tax provision (benefit)

 

(288)

 

92

 

(1,535)

 

(1,057)

NET INCOME (LOSS)

 

(4,475)

 

6,191

 

3,089

 

16,931

(Net income) loss attributable to noncontrolling interests, net of tax expense (benefit) of $(1.2) million, $0.2 million, $(0.8) million, and $0.8 million, respectively.

 

1,856

 

(3,530)

 

(986)

 

(10,538)

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

$

(2,619)

$

2,661

$

2,103

$

6,393

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

Basic

$

(0.22)

$

0.17

$

0.08

$

0.40

Diluted

$

(0.22)

$

0.17

$

0.08

$

0.40

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

 

15,860

 

15,962

 

15,891

 

15,946

Diluted

 

15,860

 

16,011

 

15,901

 

15,990

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.

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Unaudited)

(In Thousands)

Three months ended
September 30, 

Nine months ended
September 30, 

2021

    

2020

 

2021

    

2020

Net income (loss)

$

(4,475)

$

6,191

$

3,089

$

16,931

Other comprehensive income (loss):

Foreign currency translation adjustment

 

(604)

 

1,521

 

(1,014)

 

(1,113)

Unrealized gain (loss) on derivatives

10

35

70

(143)

Other comprehensive income (loss), net of tax

 

(594)

 

1,556

 

(944)

 

(1,256)

Comprehensive income (loss)

 

(5,069)

 

7,747

 

2,145

 

15,675

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

1,856

 

(3,530)

 

(986)

 

(10,538)

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

$

(3,213)

$

4,217

$

1,159

$

5,137

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

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Unaudited)

(In Thousands, Except Per Share Data)

Total Redeemable Noncontrolling Interests

Total Equity

Redeemable

Redeemable

Total

Treasury

Additional

Redeemable

Other

ATNI

Non-

Preferred

Common

Redeemable

Common

Stock,

Paid In

Retained

Common

Comprehensive

Stockholders’

Controlling

Total

Units

Units

Noncontrolling Interests

Stock

at cost

Capital

Earnings

Units

Income/(Loss)

Equity

Interests

Equity

Balance, June 30, 2021

$

$

$

$

172

$

(63,388)

$

189,006

$

516,208

$

$

(72)

$

641,926

$

99,260

$

741,186

Issuance of 48,334 preferred units

48,334

48,334

Issuance of 23,199 common units

22,640

22,640

 

Purchase of 58,378 shares of common stock

 

(2,616)

(2,616)

(2,616)

Stock-based compensation

 

1,435

1,435

99

1,534

Exercise of stock options

 

383

383

383

Noncontrolling interests in acquired entity

 

470

470

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

(2,694)

(2,694)

(335)

(3,029)

Accrued dividend on redeemable preferred

846

846

 

(846)

(846)

(846)

Repurchase of noncontrolling interests

 

(439)

(439)

Deemed dividend - redeemable common units

5,083

5,083

(5,083)

5,083

Comprehensive income:

Net income (loss)

(5,083)

(5,083)

 

(2,619)

(5,083)

(7,702)

3,227

(4,475)

Other comprehensive income (loss)

 

(594)

(594)

(594)

Total comprehensive income (loss)

(2,619)

(5,083)

(594)

 

(8,296)

 

3,227

 

(5,069)

Balance, September 30, 2021

$

49,180

$

22,640

$

71,820

$

172

$

(66,004)

$

190,824

$

504,966

$

$

(666)

$

629,292

$

102,282

$

731,574

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

 

(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 noncontrolling 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

2,661

1,556

 

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

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

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Unaudited)

(In Thousands, Except Per Share Data)

Total Redeemable Noncontrolling Interests

Total Equity

Redeemable

Redeemable

Total

Treasury

Additional

Redeemable

Other

ATNI

Non-

Preferred

Common

Redeemable

Common

Stock,

Paid In

Retained

Common

Comprehensive

Stockholders’

Controlling

Total

Units