0001558370-23-014191 | 10-Q | XBRL Viewer

FAIR VALUE MEASUREMENTS AND INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2023

FAIR VALUE MEASUREMENTS AND INVESTMENTS

Schedule of assets and liabilities of the entity measured at fair value on a recurring basis

Assets and liabilities of the Company measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):


	June 30, 2023
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,386		1,386
Alaska Communications redeemable common units		—		(22,266)		(22,266)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(654)		(654)
Total assets and liabilities measured at fair value	$	300	$	(36,294)	$	(35,994)


	December 31, 2022
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,616		1,616
Alaska Communications redeemable common units		—		(22,557)		(22,557)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(654)		(654)
Total assets and liabilities measured at fair value	$	300	$	(36,355)	$	(36,055)

Schedule of investments




	Investments without a readily determinable fair value		Fair value investments		Equity investments		Total
Balance, December 31, 2022	$	22,590	$	1,616	$	13,963	$	38,169
Income recognized		1,786		130		585		2,501
Contributions		425		(360)		630		695
Foreign currency gain		—		—		229		229
Balance, June 30, 2023	$	24,801	$	1,386	$	15,407	$	41,594

Balance, December 31, 2021	$	17,820	$	1,925	$	28,699	$	48,444
Income (loss) recognized		—		205		(1,645)		(1,440)
Contributions / (distributions)		—		(169)		1,400		1,231
Foreign currency loss		—		—		(1,423)		(1,423)
Gain recognized		4,770		—		—		4,770
Balance, June 30, 2022	$	22,590	$	1,961	$	27,031	$	51,582

LEASES

6 Months Ended

Jun. 30, 2023

LEASES

LEASES

4. LEASES

Lessee Disclosure

The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The lease terms are generally between three and 10 years, some of which include additional renewal options.

Supplemental lease information

The components of lease expense were as follows (in thousands):


	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Operating lease cost:
Operating lease cost	$	5,763	$	6,194	$	11,744	$	12,337
Short-term lease cost		625		645		1,303		1,154
Variable lease cost		1,383		642		2,045		1,446
Total operating lease cost	$	7,771	$	7,481	$	15,092	$	14,937

Finance lease cost:
Amortization of right-of-use asset	$	804	$	782	$	1,504	$	1,579
Variable costs		227		210		430		458
Interest costs		78		95		162		197
Total finance lease cost	$	1,109	$	1,087	$	2,096	$	2,234

During the six months ended June 30, 2023 and 2022, the Company paid $9.7 million and $10.8 million, respectively, for operating lease liabilities. During the six months ended June 30, 2023 and 2022, the Company recorded $12.3 million and $5.1 million, respectively, of operating lease liabilities arising from ROU assets. During the six months ended June 30, 2023, in conjunction with the restructuring activities the Company terminated $5.6 million of lease right of use assets, $5.9 million of lease liabilities from its balance sheet, and recorded a gain of $0.3 million in the restructuring expense line of its statement of operations.

At June 30, 2023, finance leases with a cost of $31.6 million and accumulated amortization of $14.9 million were included in property, plant and equipment. During the six months ended June 30, 2023, the Company paid $0.5 million of financing cash flows, $3.4 million of investing cash flows and $0.2 million of operating cash flows for finance lease liabilities. During the six months ended June 30, 2022, the Company paid $0.6 million of financing cash flows and $0.1 million of operating cash flows for finance lease liabilities. Additionally, during the six months ended June 30, 2022, the Company disposed of a finance lease with a net book value of $1.0 million recording a loss for that amount. At June 30, 2023, finance leases had a lease liability of $6.5 million, of which $1.7 million was current.

At December 31, 2022, finance leases with a cost of $26.6 million and accumulated amortization of $13.5 million were included in property, plant and equipment.

The weighted average remaining lease terms and discount rates as of June 30, 2023 and December 31, 2022 are noted in the table below:


	June 30, 2023		December 31, 2022
Weighted-average remaining lease term
Operating leases		13.1 years		12.4 years
Financing leases		9.4 years		9.3 years

Weighted-average discount rate
Operating leases		6.4%		6.0%
Financing leases		7.1%		6.7%

Maturities of lease liabilities as of June 30, 2023 were as follows (in thousands):


	Operating Leases		Financing Leases
2023 (excluding the six months ended June 30, 2023)	$	11,716	$	1,474
2024		18,425		2,128
2025		15,101		1,020
2026		10,933		550
2027		8,736		511
Thereafter		84,450		2,651
Total lease payments		149,361		8,334
Less imputed interest		(58,470)		(1,858)
Total	$	90,891	$	6,476

Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands):


	Operating Leases		Financing Leases
2023	$	19,417	$	1,403
2024		17,836		1,342
2025		14,805		978
2026		10,505		504
2027		8,096		495
Thereafter		76,452		2,651
Total lease payments		147,111		7,373
Less imputed interest		(53,794)		(1,914)
Total	$	93,317	$	5,459

As of June 30, 2023, the Company did not have any material operating or finance leases that have not yet commenced.

Lessor Disclosure

The Company is the lessor in agreements to lease the use of its network assets including its cell sites and buildings. For the six months ended June 30, 2023 and 2022, the Company recorded $3.9 million and $2.9 million, respectively, of lease income from agreements in which the Company is the lessor. For the three months ended June 30, 2023 and 2022, the Company recorded $2.0 million and $1.9 million, respectively, of lease income. Lease income is classified as Carrier Services revenue in the statement of operations.

The following table presents the maturities of future undiscounted lease payments for the periods indicated:


2023 (excluding the six months ended June 30, 2023)	$	3,110
2024		5,917
2025		5,733
2026		5,419
2027		4,270
Thereafter		14,394
Total future lease payments	$	38,843

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Redeemable Preferred Units Total ATNI Stockholders' Equity	Redeemable Preferred Units Retained Earnings	Redeemable Preferred Units	Redeemable Common Units Total ATNI Stockholders' Equity	Redeemable Common Units Retained Earnings	Redeemable Common Units Non-Controlling Interests	Redeemable Common Units	Total ATNI Stockholders' Equity	Common Stock	Treasury Stock, at cost	Additional Paid In Capital	Retained Earnings	Other Comprehensive Income/(Loss)	Non-Controlling Interests	Total
Balance, beginning of period at Dec. 31, 2021								$ 601,250	$ 172	$ (71,714)	$ 192,132	$ 475,887	$ 4,773	$ 101,003	$ 702,253
Increase (Decrease) in Stockholders' Equity
Purchase of shares of common stock								(2,114)		(2,114)					(2,114)
Stock-based compensation								3,743			3,743			285	4,028
Dividends declared on common stock								(5,356)				(5,356)		(1,374)	(6,730)
Investments made by minority shareholders in consolidated affiliates														11	11
Repurchase of non-controlling interests								(443)			(443)			(4,057)	(4,500)
Accrued dividend - redeemable preferred units	$ (2,270)	$ (2,270)	$ (2,270)
Deemed dividend				$ (1,678)	$ (1,678)	$ 1,678
Comprehensive income:
Net income (loss)								(1,471)				(1,471)		(1,794)	(3,265)
Other comprehensive income (loss)								(542)					(542)		(542)
Comprehensive loss								(2,013)				(1,471)	(542)	(1,794)	(3,807)
Balance, end of period at Jun. 30, 2022								591,119	172	(73,828)	195,432	465,112	4,231	95,752	686,871
Balance, beginning of period at Mar. 31, 2022								594,792	172	(73,795)	193,164	470,056	5,195	98,768	693,560
Increase (Decrease) in Stockholders' Equity
Purchase of shares of common stock								(33)		(33)					(33)
Stock-based compensation								2,435			2,435			133	2,568
Dividends declared on common stock								(2,678)				(2,678)		(1,113)	(3,791)
Investments made by minority shareholders in consolidated affiliates														11	11
Repurchase of non-controlling interests								(167)			(167)			(1,850)	(2,017)
Accrued dividend - redeemable preferred units	(1,154)	(1,154)	(1,154)
Deemed dividend				(587)	(587)	587
Comprehensive income:
Net income (loss)								(525)				(525)		(784)	(1,309)
Other comprehensive income (loss)								(964)					(964)		(964)
Comprehensive loss								(1,489)				(525)	(964)	(784)	(2,273)
Balance, end of period at Jun. 30, 2022								591,119	172	(73,828)	195,432	465,112	4,231	95,752	686,871
Balance, beginning of period at Dec. 31, 2022								580,813	173	(73,825)	198,449	449,806	6,210	96,016	676,829
Increase (Decrease) in Stockholders' Equity
Purchase of shares of common stock								(8,261)		(8,261)					(8,261)
Stock-based compensation								4,255			4,255			262	4,517
Dividends declared on common stock								(6,588)				(6,588)		(1,447)	(8,035)
Repurchase of non-controlling interests								(81)			(81)			(679)	(760)
Accrued dividend - redeemable preferred units	(2,306)	(2,306)	(2,306)
Deemed dividend				(5,885)	(5,885)	6,170	$ 285
Comprehensive income:
Net income (loss)								(5,118)				(5,118)		(2,599)	(7,717)
Other comprehensive income (loss)								424					424		424
Comprehensive loss								(4,694)				(5,118)	424	(2,599)	(7,293)
Balance, end of period at Jun. 30, 2023								557,253	173	(82,086)	202,623	429,909	6,634	97,723	654,976
Balance, beginning of period at Mar. 31, 2023								567,243	173	(76,665)	200,015	437,030	6,690	97,283	664,526
Increase (Decrease) in Stockholders' Equity
Purchase of shares of common stock								(5,421)		(5,421)					(5,421)
Stock-based compensation								2,621			2,621			118	2,739
Dividends declared on common stock								(3,273)				(3,273)		(1,448)	(4,721)
Repurchase of non-controlling interests								(13)			(13)			(152)	(165)
Deemed dividend	$ (1,260)	$ (1,260)	$ (1,260)	$ (3,355)	$ (3,355)	$ 3,350	$ (5)
Comprehensive income:
Net income (loss)								767				767		(1,428)	(661)
Other comprehensive income (loss)								(56)					(56)		(56)
Comprehensive loss								711				767	(56)	(1,428)	(717)
Balance, end of period at Jun. 30, 2023								$ 557,253	$ 173	$ (82,086)	$ 202,623	$ 429,909	$ 6,634	$ 97,723	$ 654,976

LONG-TERM DEBT - Quarterly Payments Dates (Details) - 2023 CoBank Term Loan - 2023 CoBank Credit Facility	Jul. 13, 2023 USD ($)
Quarterly Payment, December 31, 2023 - June 30, 2025
Debt Instrument [Line Items]
Quarterly repayments	$ 812,500
Interest rate	2.50%
Quarterly Payment, September 30, 2025 - June 30, 2026
Debt Instrument [Line Items]
Quarterly repayments	$ 1,625,000
Interest rate	5.00%
Quarterly Payment, September 30, 2026 - June 30,2029
Debt Instrument [Line Items]
Quarterly repayments	$ 2,437,500
Interest rate	7.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

REVENUE RECOGNITION AND RECEIVABLES - Remaining Performance Obligations (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations		$ 312
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 491
Percentage of performance obligations to be satisfied	37.00%
Period to satisfy the remaining performance obligations and recognize the transaction price	24 months

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RETIREMENT PLANS - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Components of the plan's net periodic pension cost
Settlements			$ 369	$ 1,725
Pension benefits
Components of the plan's net periodic pension cost
Service cost	$ 38	$ 57	76	114
Interest cost	593	565	1,187	1,130
Expected return on plan assets	(953)	(925)	(1,905)	(1,850)
Settlements		1,725	369	1,725
Net periodic pension expense (benefit)	(322)	1,422	(273)	1,119
Postretirement benefits
Components of the plan's net periodic pension cost
Service cost	31	36	62	72
Interest cost	35	33	70	66
Net periodic pension expense (benefit)	$ 66	$ 69	$ 132	$ 138

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2023

LONG-TERM DEBT

Schedule of quarterly repayments


2023 CoBank Term Loan Quarterly Payment Dates	2023 CoBank Term Loan Quarterly Repayments
December 31, 2023 – June 30, 2025	$812,500 (2.5% per annum)
September 30, 2025 – June 30, 2026	$1,625,000 (5% per annum)
September 30, 2026 – June 30, 2029	$2,437,500 (7.5% per annum)

Schedule of future principal repayments annual maturities of the Company's debt instruments

The table below summarizes the annual maturities of the Company’s debt instruments (amounts in thousands).


									Customer
	US		International		Corporate and		Total		Receivable
	Telecom		Telecom		Other (1) (2)		Debt		Credit Facility
2023 (excluding the six months ended June 30, 2023)	$	3,834	$	3,773	$	—	$	7,607	$	3,227
2024		16,536		—		—		16,536		6,787
2025		14,969		—		—		14,969		7,083
2026		232,469		60,000		—		292,469		7,393
2027		3,723		—		—		3,723		7,718
Thereafter		14,028		—		138,000		152,028		14,794
Total		285,559		63,773		138,000		487,332		47,002
Debt Discounts		(4,899)		(295)		—		(5,194)		(543)
Book Value	$	280,660	$	63,478	$	138,000	$	482,138	$	46,459

(1)Corporate and other items refer to corporate overhead costs and consolidating adjustments.

(2)	On July 13, 2023, the Company refinanced $138.0 million of debt outstanding under the 2019 CoBank Credit Facility extending the maturity date of the revolving credit facility to July 13, 2028.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Topic 470
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+ Details

ORGANIZATION AND BUSINESS OPERATIONS (Details)	6 Months Ended
ORGANIZATION AND BUSINESS OPERATIONS (Details)	Jun. 30, 2023 segment
ORGANIZATION AND BUSINESS OPERATIONS
Number of operating segments	2

ACQUISITIONS AND DISPOSITIONS

6 Months Ended

Jun. 30, 2023

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

6. ACQUISITIONS AND DISPOSITIONS

US Telecom

Acquisition of Sacred Wind Enterprises

On November 7, 2022, the Company’s newly formed wholly owned subsidiary Alloy, Inc. (Alloy”) acquired all of the issued and outstanding stock of Sacred Wind Enterprises, Inc. (“Sacred Wind”), a rural telecommunications provider in New Mexico for $44.6 million of consideration (“Sacred Wind Transaction”). The purchase price allocation was finalized during the six months ended June 30, 2023. As part of the Sacred Wind Transaction, the Company transferred consideration of $16.7 million of cash, net of $9.4 million of cash acquired, $14.8 million of redeemable noncontrolling interests, and $3.7 million of contingent consideration. During the six months ended June 30, 2023, the Company received $1.3 million as final settlement of working capital amounts. Upon completion of the Sacred Wind Transaction, the former Sacred Wind shareholders own 6% of the Alloy equity. This equity is classified as redeemable noncontrolling interests in the Company’s financial statements because the holders have an option, beginning in 2026, to put the equity interest to a subsidiary of the Company at the then fair market value. The redeemable noncontrolling interests do not have preference relative to other equity units and participate in gains and losses in Alloy. The contingent consideration is earned based on certain operating metrics of Sacred Wind beginning in 2025 through 2027. The fair value of the contingent consideration was calculated using discounted cash flow analysis based on a range of probability weighted outcomes. The Company funded the acquisition with borrowings under its CoBank Credit Facility and assumed $31.6 million of Sacred Wind debt, to the United States of America administered through the Rural Utilities Service.

The table below represents the purchase price allocation of the total consideration transferred to the acquired assets and assumed liabilities based on management’s estimate of their acquisition date fair values (amounts in thousands):


Consideration Transferred	$	44,560
Purchase price allocation:
Cash and cash equivalents		2,619
Restricted cash		6,747
Current assets		4,888
Operating lease right of use assets		989
Fixed assets		85,255
Intangible assets		1,232
Current liabilities		(10,176)
Lease liabilities		(967)
Deferred taxes		(14,388)
Debt		(31,639)
Net assets acquired	$	44,560

The acquired fixed assets are comprised of telecommunication equipment located in the Southwest United States. The fixed assets were valued using the income and cost approaches. Cash flows were discounted between 7% and 12% based on the risk associated with the cash flows to determine fair value under the income approach. The fixed assets have useful lives ranging from 1 to 25 years. The intangible assets include a $0.6 million trade name. The estimated fair value of the trade name was determined using the relief from royalty method. The useful life of the trade name is 5 years. The acquired receivables consist of trade receivables incurred in the ordinary course of business. The Company expects to collect the full amount of the receivables. Current liabilities includes $6.5 million of deposits received under government grant programs that will be used to construct fixed assets.

The Company incurred $0.8 million of transaction-related charges pertaining to legal, accounting, consulting services, and employee related costs associated with the transaction during the year ended December 31, 2022.

GOVERNMENT SUPPORT AND SPECTRUM MATTERS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Apr. 30, 2023 USD ($)	Jul. 31, 2022 USD ($)	Jul. 15, 2022 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)
Mobility Fund [Line Items]
Revenue from contract with customer	$ 173,438	$ 166,547	$ 345,996	$ 326,460
USF, CAF II, RDOF and Other Programs \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	25,415	17,239	52,394	33,432
USF, CAF II, RDOF and Other Programs \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	24,013	14,456	49,590	27,873
USF, CAF II, RDOF and Other Programs \| International Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	1,402	2,783	$ 2,804	5,559
Universal Service Fund programs
Mobility Fund [Line Items]
Number Of Fund Disbursement Programs \| item			4
High cost support program \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	3,619	3,750	$ 7,511	7,567
High cost support program \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	2,222	989	4,716	2,045
High cost support program \| International Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	1,397	2,761	2,795	5,522
CAF II \| Grant receivable through December 2025
Mobility Fund [Line Items]
Amount that has been funded or will be funded	27,700		27,700
CAF II \| Grant receivable from January 2026 through July 2028
Mobility Fund [Line Items]
Amount that has been funded or will be funded	8,000		8,000
CAF II \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	6,815	6,822	13,630	13,644
CAF II \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	6,815	6,822	13,630	13,644
TBCP
Mobility Fund [Line Items]
Grant funds awarded during the period			139,000
Vija's annual USF support
Mobility Fund [Line Items]
Amount that has been funded or will be funded								$ 10,900	$ 16,400
Vija's annual USF support \| Grant Receivable July 2022 Through June 2023
Mobility Fund [Line Items]
Amount that has been funded or will be funded						$ 5,500
Vija's annual USF support \| Grant Receivable July 2023 Through December 2025
Mobility Fund [Line Items]
Amount that has been funded or will be funded					$ 5,500
RDOF
Mobility Fund [Line Items]
Grant Funds Expected To Be Awarded	22,700		$ 22,700
Grant Fund Term			10 years
Number Of Households To Receive Broadband Coverage \| item			10,000
RDOF \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	608	478	$ 1,216	956
RDOF \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	608	478	1,216	956
Other Programs \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	14,373	6,189	30,037	11,265
Other Programs \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	14,368	6,167	30,028	11,228
Other Programs \| International Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer	5	$ 22	9	$ 37
Remove And Replace Program
Mobility Fund [Line Items]
Receivable for costs expected to be reimbursed	$ 21,000		$ 21,000
Remove And Replace Program \| Maximum
Mobility Fund [Line Items]
Amount of cost reimbursement allocated							$ 207,000

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

12. EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

Earnings Per Share

The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to ATN International, Inc. stockholders- Basic		767		(525)		(5,118)		(1,471)
Less: Preferred dividends		(1,260)		(1,154)		(2,306)		(2,270)
Net Loss attributable to ATN International, Inc. common stockholders- Diluted	$	(493)	$	(1,679)	$	(7,424)	$	(3,741)

Denominator:
Weighted-average shares outstanding- Basic		15,719		15,749		15,726		15,736
Weighted-average shares outstanding- Diluted		15,719		15,749		15,726		15,736

Redeemable Noncontrolling Interests

In connection with certain acquisitions, the Company accounts for third-party non-controlling minority investments as redeemable noncontrolling interests, which consist of both redeemable common and, in some instances, preferred units, in its consolidated financial statements.

The common units contain put options allowing the holder to sell at a future date, the common units to a subsidiary of the Company at the then fair market value. The common units participate in the earnings and losses of the subsidiaries and are allocated their applicable share of earning and losses. After the allocation of earnings and losses, the Company estimates the fair value of the common units and adjusts the book value of the common units to that estimated fair value.

The preferred units contain put options allowing the holder to sell at a future date, the preferred units to a subsidiary of the Company at a fixed price equal to face value of the units plus unpaid dividends. The preferred units hold a distribution preference over common units and carry a fixed dividend rate.

The put options for both the common and preferred units, if any, are nonrecourse to the Company and exercisable at the earlier of a future initial public offering of the subsidiary or certain dates beginning in 2026.

For the three months ended June 30, 2023 and 2022, the Company allocated losses of $3.4 million and $0.6 million, respectively, to the redeemable common units representing their proportionate share of operating losses. For the six months ended June 30, 2023 and 2022, the Company allocated losses of $6.2 million and $1.7 million, respectively, to the redeemable common units representing their proportionate share of operating losses. The Company then compared the book value of the common units to the fair value and the fair value exceeded the book value. As a result, the book value was increased by $5.9 million and $1.7 million during the six months ended June 30, 2023 and 2022, respectively.

The following table provides a roll forward of the activity related to the Company’s redeemable noncontrolling interests for the six months ended June 30, 2023 and 2022:


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2022	$	55,152	$	37,317	$	92,469
Accrued preferred dividend		2,306		—		2,306
Allocated net loss		—		(6,170)		(6,170)
Change in fair value		—		5,879		5,879
Balance, June 30, 2023	$	57,458	$	37,026	$	94,484


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2021	$	50,296	$	22,640	$	72,936
Accrued preferred dividend		2,270		—		2,270
Allocated net loss		—		(1,678)		(1,678)
Change in fair value		—		1,678		1,678
Balance, June 30, 2022	$	52,566	$	22,640	$	75,206

ORGANIZATION AND BUSINESS OPERATIONS

6 Months Ended

Jun. 30, 2023

ORGANIZATION AND BUSINESS OPERATIONS

ORGANIZATION AND BUSINESS OPERATIONS

1.ORGANIZATION AND BUSINESS OPERATIONS

The Company provides digital infrastructure and communications services in the United States and internationally, including in the Caribbean region, with a focus on smaller markets, many of which are rural or remote, with a growing demand for infrastructure investments, Through its operating subsidiaries, it primarily provides: (i) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities; and (ii) fixed and mobile telecommunications connectivity to residential, business and government customers, including a range of high-speed internet and data services, fixed and mobile wireless solutions, and video and voice services.

At the holding company level, the Company oversees the allocation of capital within and among its subsidiaries, affiliates, new investments, and stockholders. The Company has developed significant operational expertise and resources that it uses to augment the capabilities of its individual operating subsidiaries in its local markets. The Company has built a platform of resources and expertise to support its operating subsidiaries and to improve their quality of service with greater economies of scale and expertise than would typically be available at the operating subsidiary level. The Company provides management, technical, financial, regulatory, and marketing services to its operating subsidiaries and typically receives a management fee calculated as a percentage of their revenues, which is eliminated in consolidation. The Company also actively evaluates potential acquisitions, investment opportunities and other strategic transactions, both domestic and international, and generally looks for those that it believes fit the Company’s profile of telecommunications businesses and have the potential to complement its “glass and steel” and “first to fiber” approach in markets while generating steady excess cash flows over extended periods of time. The Company uses the cash generated from its operations to re-invest in organic growth in its existing businesses, to make strategic investments in additional businesses, and to return cash to its investors through dividends or stock repurchases.

As of June 30, 2023, the Company offered the following types of services to its customers:

●

Mobility Telecommunications Services. The Company offers mobile communications services over its wireless networks and related equipment (such as handsets) to both its business and consumer customers.

●

Fixed Telecommunications Services. The Company provides fixed data and voice telecommunications services to business and consumer customers. These services include consumer broadband and high-speed data solutions for businesses. For some markets, fixed services also include video services and revenue derived from support under certain government programs.

●

Carrier Telecommunication Services. The Company delivers services to other telecommunications providers such as the leasing of critical network infrastructure, such as tower and transport facilities, wholesale roaming, site maintenance and international long-distance services.

●

Managed Services. The Company provides information technology services such as network, application, infrastructure and hosting services to both its business and consumer customers to complement its fixed services in its existing markets.

The Company has two operating segments to manage and review its operations and to facilitate investor presentations of its results. These two operating segments are as follows:

●

International Telecom. In the Company’s international markets, it offers fixed services, mobility services, carrier services and managed services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands.

●

US Telecom. In the United States, the Company offers mobility services, fixed services, carrier services, and managed services to business and consumer customers in Alaska and the western United States.

The following chart summarizes the operating activities of the Company’s principal subsidiaries, the segments in which it reports its revenue and the markets it served during the three months ended June 30, 2023:


Segment	Services	Markets	Tradenames
International Telecom	Mobility Services	Bermuda, Guyana, US Virgin Islands	One, GTT, Viya
	Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One, Logic, GTT, Viya
	Carrier Services	Bermuda, Guyana, US Virgin Islands	One, GTT, Viya, Logic
	Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	Fireminds, One, Logic, GTT, Viya
US Telecom	Mobility Services	United States (rural markets)	Choice NTUA Wireless
	Fixed Services	United States	Alaska Communications, Commnet Broadband, Choice NTUA Wireless, Sacred Wind Communications, Ethos
	Carrier Services	United States	Alaska Communications, Commnet, Essextel, Sacred Wind Communications
	Managed Services	United States	Alaska Communications, Fireminds

For further information about the Company’s financial segments and geographical information about its operating revenues and assets, see Note 13 to the Unaudited Condensed Consolidated Financial Statements included in this Report.

Restructuring Expense

In connection with the repositioning of the Company’s legacy wholesale roaming operations in its US Telecom segment, the Company recorded $0.4 million and $3.3 million restructuring charges during the three and six months ended June 30, 2023, respectively, related to the decommissioning of certain cell sites. The charge is recorded in the Restructuring Expense on the Company’s statements of operations. During the six months ended June 30, 2023, the Company paid $1.4 million, recorded a gain of $0.3 million on lease termination, and accrued $2.2 million of the restructuring expenses. In conjunction with the restructuring, the Company terminated $5.6 million of lease right of use assets and $5.9 million of lease liabilities from its balance sheet.

ACQUISITIONS AND DISPOSITIONS - Acquisition of Sacred Wind Enterprises (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 07, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Transaction-related charges		$ 438	$ 412	$ 451	$ 966
Sacred Wind Enterprises
Business Acquisition [Line Items]
Consideration Transferred	$ 44,560
Cash transferred, net of cash acquired and other	16,700
Cash acquired from acquisition	9,400
Redeemable non-controlling interest	14,800
Contingent consideration	3,700
Receivables related to working capital adjustments	$ 1,300
Business combination equity interest	6.00%
Current liabilities of deposits received under government grant programs	$ 6,500
Transaction-related charges						$ 800
Assumed debt	31,639
Sacred Wind Enterprises \| Trade name licenses
Business Acquisition [Line Items]
Intangible assets	$ 600
Intangible assets useful lives	5 years
Sacred Wind Enterprises \| Minimum \| Telecommunication Equipment
Business Acquisition [Line Items]
Discounted rate used for cash flows (as a percent)	7.00%
Useful life	1 year
Sacred Wind Enterprises \| Maximum \| Telecommunication Equipment
Business Acquisition [Line Items]
Discounted rate used for cash flows (as a percent)	12.00%
Useful life	25 years

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS - Redeemable Noncontrolling Interests Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Increase (decrease) in temporary equity
Beginning balance	$ 92,469	$ 72,936
Accrued preferred dividend	2,306	2,270
Allocated net loss	(6,170)	(1,678)
Change in fair value	5,879	1,678
Ending balance	94,484	75,206
Redeemable Common Units
Increase (decrease) in temporary equity
Beginning balance	37,317	22,640
Allocated net loss	(6,170)	(1,678)
Change in fair value	5,879	1,678
Ending balance	37,026	22,640
Redeemable Preferred Units
Increase (decrease) in temporary equity
Beginning balance	55,152	50,296
Accrued preferred dividend	2,306	2,270
Ending balance	$ 57,458	$ 52,566

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

LEASES - Components of Lease Expense and Payments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 5,763	$ 6,194	$ 11,744	$ 12,337
Short-term lease cost	625	645	1,303	1,154
Variable lease cost	1,383	642	2,045	1,446
Total operating lease cost	7,771	7,481	15,092	14,937
Finance lease cost:
Amortization of right-of-use asset	804	782	1,504	1,579
Variable costs	227	210	430	458
Interest costs	78	95	162	197
Total finance lease cost	1,109	$ 1,087	2,096	2,234
Payments for lease liabilities			9,700	10,800
Lease liabilities arising from ROU			12,300	5,100
Finance leases cost included in property, plant and equipment	31,600		31,600		$ 26,600
Accumulated amortization related to finance leases	14,900		14,900		13,500
Principal payments, finance lease liabilities			481	574
Investing cash flows for finance lease liabilities			3,400
Operating cash flows for finance lease liabilities			200	100
Finance lease, disposed				$ 1,000
Total	6,476		6,476		$ 5,459
Finance lease liability, current	$ 1,700		1,700
Repositioning of Wholesale Roaming Operations
Finance lease cost:
Right of use assets terminated			5,600
Lease liability terminated			5,900
Gain on lease termination			$ 300

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net of transferred cash	$ 0.0

FAIR VALUE MEASUREMENTS AND INVESTMENTS - Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Roll forward of investments
Beginning balance	$ 38,169	$ 48,444
Income (loss) recognized	2,501	(1,440)
Contributions / (distributions)	695	1,231
Foreign currency gain (loss)	229	(1,423)
Gain recognized		4,770
Ending balance	41,594	51,582
Investments without a readily determinable fair value
Roll forward of investments
Beginning balance	22,590	17,820
Income (loss) recognized	1,786
Contributions / (distributions)	425
Gain recognized		4,770
Ending balance	24,801	22,590
Fair value investments
Roll forward of investments
Beginning balance	1,616	1,925
Income (loss) recognized	130	205
Contributions / (distributions)	(360)	(169)
Ending balance	1,386	1,961
Equity investments
Roll forward of investments
Beginning balance	13,963	28,699
Income (loss) recognized	585	(1,645)
Contributions / (distributions)	630	1,400
Foreign currency gain (loss)	229	(1,423)
Ending balance	$ 15,407	$ 27,031

LEASES (Tables)

6 Months Ended

Jun. 30, 2023

LEASES

Summary of components of lease expense

The components of lease expense were as follows (in thousands):


	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Operating lease cost:
Operating lease cost	$	5,763	$	6,194	$	11,744	$	12,337
Short-term lease cost		625		645		1,303		1,154
Variable lease cost		1,383		642		2,045		1,446
Total operating lease cost	$	7,771	$	7,481	$	15,092	$	14,937

Finance lease cost:
Amortization of right-of-use asset	$	804	$	782	$	1,504	$	1,579
Variable costs		227		210		430		458
Interest costs		78		95		162		197
Total finance lease cost	$	1,109	$	1,087	$	2,096	$	2,234

Summary of weighted-average remaining lease term and discount rate


	June 30, 2023		December 31, 2022
Weighted-average remaining lease term
Operating leases		13.1 years		12.4 years
Financing leases		9.4 years		9.3 years

Weighted-average discount rate
Operating leases		6.4%		6.0%
Financing leases		7.1%		6.7%

Summary of maturities of operating lease liabilities

Maturities of lease liabilities as of June 30, 2023 were as follows (in thousands):


	Operating Leases		Financing Leases
2023 (excluding the six months ended June 30, 2023)	$	11,716	$	1,474
2024		18,425		2,128
2025		15,101		1,020
2026		10,933		550
2027		8,736		511
Thereafter		84,450		2,651
Total lease payments		149,361		8,334
Less imputed interest		(58,470)		(1,858)
Total	$	90,891	$	6,476

Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands):


	Operating Leases		Financing Leases
2023	$	19,417	$	1,403
2024		17,836		1,342
2025		14,805		978
2026		10,505		504
2027		8,096		495
Thereafter		76,452		2,651
Total lease payments		147,111		7,373
Less imputed interest		(53,794)		(1,914)
Total	$	93,317	$	5,459

Summary of maturities of finance lease liabilities


	Operating Leases		Financing Leases
2023 (excluding the six months ended June 30, 2023)	$	11,716	$	1,474
2024		18,425		2,128
2025		15,101		1,020
2026		10,933		550
2027		8,736		511
Thereafter		84,450		2,651
Total lease payments		149,361		8,334
Less imputed interest		(58,470)		(1,858)
Total	$	90,891	$	6,476


	Operating Leases		Financing Leases
2023	$	19,417	$	1,403
2024		17,836		1,342
2025		14,805		978
2026		10,505		504
2027		8,096		495
Thereafter		76,452		2,651
Total lease payments		147,111		7,373
Less imputed interest		(53,794)		(1,914)
Total	$	93,317	$	5,459

Schedule of maturities of future undiscounted lease payments


2023 (excluding the six months ended June 30, 2023)	$	3,110
2024		5,917
2025		5,733
2026		5,419
2027		4,270
Thereafter		14,394
Total future lease payments	$	38,843

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Effective tax rate (as a percent)	88.50%	75.20%	43.00%	23.80%
Income tax (benefit) provisions	$ (5,087)	$ (3,971)	$ (5,827)	$ (1,018)
Pre-tax income (loss)	(5,748)	(5,280)	(13,544)	(4,283)
Net expense to record the change in valuation allowance				2,100
Benefit from the reversal of unrecognized tax positions due to statute expiration	4,000	3,300	4,000	3,300
Interest on unrecognized tax position	$ 700	$ 300	$ 1,300	$ 800

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Purchase of shares of common stock	146,134	831	217,697	57,115
Dividends declared on common stock (dollars per per share)	$ 0.21	$ 0.17	$ 0.42	$ 0.34

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (661)	$ (1,309)	$ (7,717)	$ (3,265)
Other comprehensive income:
Foreign currency translation adjustment	118	(1,680)	229	(1,423)
Reclassification of loss on pension settlement	(174)	915	195	915
Unrealized gain on derivatives		(199)		(34)
Other comprehensive income (loss) , net of tax	(56)	(964)	424	(542)
Comprehensive loss	(717)	(2,273)	(7,293)	(3,807)
Less: Comprehensive loss attributable to noncontrolling interests	1,428	784	2,599	1,794
Comprehensive income (loss) attributable to ATN International, Inc.	$ 711	$ (1,489)	$ (4,694)	$ (2,013)

FAIR VALUE MEASUREMENTS AND INVESTMENTS - Recurring (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value measurements
Total assets and liabilities measured at fair value	$ (35,994)	$ (36,055)
Short Term Investments
Fair value measurements
Investments	300	300
Other investments
Fair value measurements
Investments	1,386	1,616
Redeemable common units \| Alloy Inc
Fair value measurements
Derivative liabilities	(14,760)	(14,760)
Redeemable common units \| Alaska communications
Fair value measurements
Derivative liabilities	(22,266)	(22,557)
Warrant \| Alaska communications
Fair value measurements
Derivative liabilities	(654)	(654)
Level 1
Fair value measurements
Total assets and liabilities measured at fair value	300	300
Level 1 \| Short Term Investments
Fair value measurements
Investments	300	300
Level 3
Fair value measurements
Total assets and liabilities measured at fair value	(36,294)	(36,355)
Level 3 \| Other investments
Fair value measurements
Investments	1,386	1,616
Level 3 \| Redeemable common units \| Alloy Inc
Fair value measurements
Derivative liabilities	(14,760)	(14,760)
Level 3 \| Redeemable common units \| Alaska communications
Fair value measurements
Derivative liabilities	(22,266)	(22,557)
Level 3 \| Warrant \| Alaska communications
Fair value measurements
Derivative liabilities	$ (654)	$ (654)

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2023

LONG-TERM DEBT

LONG-TERM DEBT

8. LONG-TERM DEBT

2019 CoBank Credit Facility

On April 10, 2019, the Company entered into a credit facility, with CoBank, ACB and a syndicate of other lenders (as amended, the “2019 CoBank Credit Facility”). The 2019 CoBank Credit Facility provided for a $200 million revolving credit facility that included (i) up to $75 million for standby or trade letters of credit and (ii) up to $10 million under a swingline sub-facility. In connection with the execution of the 2023 CoBank Credit Facility, as defined below, outstanding borrowings under the 2019 CoBank Credit Facility were repaid in full.

Amounts borrowed under the 2019 CoBank Credit Facility bore interest at a rate equal to, at the Company’s option, either (i) the London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging between 1.25% to 2.25% or (ii) a base rate plus an applicable margin ranging from 0.25% to 1.25%. Swingline loans bore interest at the base rate plus the applicable margin for base rate loans. The base rate was equal to the higher of (i) 1.00% plus the higher of (x) LIBOR for an interest period of one month and (y) LIBOR for an interest period of one week; (ii) the Federal Funds Effective Rate (as defined in the 2019 CoBank Credit Facility) plus 0.50% per annum; and (iii) the Prime Rate (as defined in the 2019 CoBank Credit Facility). The applicable margin was determined based on the Total Net Leverage Ratio (as defined in the 2019 CoBank Credit Facility). Under the terms of the 2019 CoBank Credit Facility, the Company also paid a commitment fee ranging from 0.150% to 0.375% of the average daily unused portion of the 2019 CoBank Credit Facility over each calendar quarter.

As of June 30, 2023, the Company was in compliance with all of the financial covenants, had $138.0 million outstanding and had $62.0 million of availability under the 2019 CoBank Credit Facility. There were no outstanding interest rate hedge agreements under the 2019 CoBank Credit Facility as of June 30, 2023.

2023 CoBank Credit Facility

On July 13, 2023, the Company, along with certain of the Company’s subsidiaries as guarantors, entered into a new Credit Agreement with CoBank, ACB and a syndicate of other lenders (as may be amended from time to time, the “2023 CoBank Credit Facility”).

The 2023 CoBank Credit Facility provides for a five-year $170 million revolving credit facility (the “2023 CoBank Revolving Loan”) and a six-year $130 million term loan facility (the “2023 CoBank Term Loan”). The Company may use (i) up to $25 million under the 2023 CoBank Credit Facility for letters of credit, and (ii) up to $20 million under a swingline sub-facility. Upon the closing of the 2023 CoBank Credit Facility, the Company drew all of the 2023 CoBank Term Loan and approximately $13.6 million of the 2023 CoBank Revolving Loan. These borrowings were used to repay $139.5 million of debt outstanding under the 2019 CoBank Credit Facility at close.

The 2023 CoBank Term Loan must be repaid in quarterly principal payments in the amounts of set forth below, with the outstanding principal balance maturing on July 13, 2029. The 2023 CoBank Revolving Loan may be repaid at any time on or prior to its maturity on July 13, 2028. All amounts outstanding under the 2023 CoBank Credit Facility will be due and payable upon the earlier of the maturity date or the acceleration of the loans and commitments upon an event of default.


2023 CoBank Term Loan Quarterly Payment Dates	2023 CoBank Term Loan Quarterly Repayments
December 31, 2023 – June 30, 2025	$812,500 (2.5% per annum)
September 30, 2025 – June 30, 2026	$1,625,000 (5% per annum)
September 30, 2026 – June 30, 2029	$2,437,500 (7.5% per annum)

Amounts borrowed under the 2023 CoBank Credit Facility bear interest at a rate equal to, at the Company’s option, either (i) the secured overnight financing rate as administered by the Federal Reserve Bank of New York (SOFR)

plus an applicable margin ranging between 2.00% to 3.75% for the 2023 CoBank Term Loan or 1.75% to 3.50% for Revolving Loans or (ii) a base rate plus an applicable margin ranging from 1.00% to 2.75% for the Term Loan or 0.75% to 2.50% for the 2023 CoBank Revolving Loans. Swingline loans will bear interest at the base rate plus the applicable margin for base rate loans. The base rate is equal to the higher of (i) 1.00% plus the one-month SOFR rate (ii) the federal funds effective rate (as defined in the 2023 CoBank Credit Agreement) plus 0.50% per annum; and (iii) the prime rate (as defined in the 2023 CoBank Credit Agreement). The applicable margin is determined based on the ratio (as further defined in the 2023 CoBank Credit Agreement) of the Company’s indebtedness to EBITDA. Under the terms of the 2023 CoBank Credit Agreement, the Company must also pay a fee ranging from 0.25% to 0.50% of the average daily unused portion of the 2023 CoBank Credit Facility over each calendar quarter.

The 2023 CoBank Credit Agreement contains a financial covenant (as further defined in the 2023 CoBank Credit Agreement) that imposes a maximum ratio of indebtedness to EBITDA, as well as customary representations, warranties and covenants, including covenants limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes. The Total Net Leverage Ratio is measured each fiscal quarter and is required to be less than or equal to 3.25 to 1.0. The 2023 CoBank Credit Agreement also provides for events of default customary for credit facilities of this type, including but not limited to non-payment, defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.

Letter of Credit Facility

On November 14, 2022, the Company entered into a General Agreement of Indemnity to issue performance Standby Letters of Credit on behalf of the Company and its subsidiaries. As of June 30, 2023, $31.6 million of Standby Letters of Credit had been issued under this agreement.

Alaska Credit Facility

On July 22, 2021, Alaska Communications entered into a Credit Agreement (the “Alaska Credit Facility”) with Fifth Third Bank, National Association, as Administrative Agent, and a syndicate of lenders to provide a $35.0 million revolving facility (the “Alaska Revolving Facility”) and a $210.0 million initial term loan facility (the “Alaska Term Loan”).

On December 23, 2022, Alaska Communications entered into a First Amendment Agreement (the “ACS Amendment”). The ACS Amendment amends the Alaska Credit Facility to increase its Revolving Credit Commitment from $35.0 million to $75.0 million and Term Loan Commitment from $210 million to $230 million. As a part of the transaction, the Term Loan commitment was fully funded as the outstanding Revolving Credit Commitment balance was transferred.

As of June 30, 2023, Alaska Communications had drawn $19.0 million on its Revolving Credit Commitment and had $56.0 million available to draw. The Term Loan balance was $230.0 million and principal payments commence in the fourth quarter of 2023. Both facilities mature on July 22, 2026

In addition to the above changes, the ACS Amendment replaced the calculation of interest from an applicable margin applied to LIBOR with the same applicable margin applied to the Secured Overnight Financing Rate (“SOFR”) plus a 10-basis point adjustment.

The Company capitalized $7.3 million of fees associated with the Alaska Credit Facility which are being amortized over the life of the debt and $4.6 million were unamortized as of June 30, 2023.

The Alaska Credit Facility also provides for incremental facilities up to an aggregate principal amount of the greater of $70.0 million and Alaska Communications’ trailing twelve-month Consolidated EBITDA (as defined in the Alaska Credit Facility).

The key terms and conditions of the Alaska Credit Facility include the following:

●

Amounts outstanding bear an interest rate of the forward-looking SOFR rate with a one-month interest period, plus the SOFR Spread Adjustment of 10 basis points, plus a margin ranging from 3.00% to 4.00% based on Alaska Communications’ Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) or an alternate base rate may be selected at a margin that is 1% lower than the counterpart SOFR margin;

●

Principal repayments are due quarterly commencing in the fourth quarter of 2023 in quarterly amounts as follows: from the fourth quarter of 2023 through the third quarter of 2024, $1.4 million; and from the fourth quarter of 2024 through the third quarter of 2026, $2.9 million. The remaining unpaid balance is due on the final maturity date;

●

Alaska Communications is required to maintain financial ratios as defined in the Alaska Credit Facility, including (a) a maximum Consolidated Net Total Leverage Ratio of 4.00 to 1, stepping down to 3.75 to 1 beginning with the second quarter of 2024; and (b) a minimum Consolidated Fixed Charge Coverage Ratio of not less than 1.25 to 1; and

●

The Alaska Credit Facility is non-recourse to the Company and is secured by substantially all of the personal property and certain material real property owned by Alaska Communications.

Alaska Communication’s interest rate swap, which had been designated as a cash flow hedge with an interest rate of 1.6735%, expired on June 30, 2022. As of June 30, 2023, there are no outstanding interest rate hedge agreements associated with the Alaska Credit Facility.

Alaska Term Facility

On June 15, 2022, Alaska Communications Systems Holdings, the parent company of Alaska Communications, entered into a secured lending arrangement with Bristol Bay Industrial, LLC (the “Alaska Term Facility”).

The Alaska Term Facility provides for a secured delayed draw term loan in an aggregate principal amount of up to $7.5 million and the proceeds may be used to pay certain invoices from a contractor for work performed in connection with a fiber build. Interest on the Alaska Term Facility accrues at a fixed rate of 4.0% and is payable commencing on March 31, 2023. Scheduled quarterly payments of principal commenced on March 31, 2023. The Alaska Term Facility matures on June 30, 2024.

The Alaska Term Facility contains events of default customary for facilities of this type.

As of June 30, 2023, the Company had $6.8 million outstanding and no available borrowings under the Alaska Term Facility.

FirstNet Receivables Credit Facility

On March 26, 2020, Commnet Finance, a wholly owned subsidiary of Commnet Wireless, entered into a receivables credit facility with the Company, Commnet Wireless, and CoBank, ACB (the “Receivables Credit Facility”).

The Receivables Credit Facility provides for a senior secured delayed draw term loan in an aggregate principal amount of up to $75.0 million and the proceeds may be used to acquire certain receivables from Commnet Wireless. The receivables to be financed and sold under the Receivables Credit Facility, which provide the loan security, relate to the obligations of AT&T under the FirstNet Agreement.

On December 23, 2022, CoBank amended the Receivables Credit Facility and extended the delayed draw period to December 31, 2023.

The maturity date for each loan will be set by CoBank and will match the weighted average maturity of the certain receivables financed.

Interest on the loans accrue at a fixed annual interest rate to be quoted by CoBank.

The Receivables Credit Facility contains customary events of termination, representations and warranties, affirmative and negative covenants and events of default customary for facilities of this type.

As of June 30, 2023, the Company had $47.0 million outstanding, of which $6.7 million was current, and $18.0 million of availability under the Receivables Credit Facility. The Company capitalized $0.8 million in fees associated with the Receivables Credit Facility which are being amortized over the life of the debt and $0.5 million were unamortized as of June 30, 2023.

GTT Credit Facilities

On October 12, 2022, GTT received approval from Republic Bank (Guyana) Limited for a $2.9 million term facility and a $5.7 million overdraft facility (the “GTT Credit Facilities”) subject to the approval from the Minister of Finance at the Bank of Guyana that was received on March 31, 2023.

The GTT Credit Facilities are secured by real estate assets and carry a fixed interest rate of 7.5% which will be reviewed by the bank from time to time and subject to change at the bank’s discretion. The term facility is repayable over five years in equal monthly installments of principal and interest, commencing one month after funds are advanced. The overdraft facility will expire on October 11, 2023.

As of June 30, 2023, $3.8 million was outstanding under the overdraft facility and there were no outstanding amounts under the term facility.

Sacred Wind Term Debt

In connection with the Sacred Wind acquisition completed on November 7, 2022, the Company assumed $31.6 million of term debt (the “Sacred Wind Term Debt”) with the United States of America acting through the Administrator of the Rural Utilities Service (“RUS”). The loan agreements are dated as of October 23, 2006 and March 17, 2016. RUS provides financial assistance in the form of loans under the Rural Electrification Act of 1936 to furnish or improve telecommunications and/or broadband services in rural areas.

The Sacred Wind Term Debt is secured by substantially all assets of Sacred Wind and an underlying mortgage to the United States of America. These mortgage notes are to be repaid in equal monthly installments covering principal and interest beginning after date of issue and expiring by 2035.

The Sacred Wind Term Debt contains certain restrictions on the declaration or payment of dividends, redemption of capital stock or investment in affiliated companies without the consent by the RUS noteholders. The agreements also contain a financial covenant which Sacred Wind was not in compliance with as of December 31, 2021. Sacred Wind submitted a corrective action plan to comply with the financial covenant as of December 31, 2025. On May 5, 2022, Sacred Wind’s corrective action plan was accepted by the RUS. As of June 30, 2023, the Company was in compliance with that corrective action plan.

As of June 30, 2023, $29.8 million was outstanding under the Sacred Wind Term Debt. Of that amount, $3.2 million was current and $26.6 million was long term.

Viya Debt

The Company, and certain of its subsidiaries, have entered into a $60.0 million loan agreement (the “Viya Debt”) with Rural Telephone Finance Cooperative (“RTFC”). The Viya Debt agreement contains customary representations, warranties and affirmative and negative covenants (including limitations on additional debt, guaranties, sale of assets and liens) and a financial covenant that limits the maximum ratio of indebtedness to annual operating cash flow to 3.5 to 1.0 (the “Net Leverage Ratio”). This covenant is tested on an annual basis at the end of each fiscal year. Interest is paid quarterly at a fixed rate of 4.0% per annum and principal repayment is not required until maturity on July 1, 2026. Prepayment of the Viya Debt may be subject to a fee under certain circumstances. The debt is secured by certain assets of the Company’s Viya subsidiaries and is guaranteed by us.

The Company paid a fee of $0.9 million in 2016 to lock the interest rate at 4% per annum over the term of the Viya Debt. The fee was recorded as a reduction to the Viya Debt carrying amount and is being amortized over the life of the loan.

As of June 30, 2023, $60.0 million of the Viya Debt remained outstanding and $0.3 million of the rate lock fee was unamortized.

On May 5, 2022, RTFC agreed to amend the Net Leverage Ratio to 7.0 to 1.0 through the maturity date of July 1, 2026. The Ratio is tested annually and the Company was in compliance with the Net Leverage Ratio as of December 31, 2022.

One Communications Debt

The Company had an outstanding loan from HSBC Bank Bermuda Limited (the “One Communications Debt”) which matured and was repaid in full on December 22, 2022. This loan bore interest at the one-month LIBOR plus a margin ranging between 2.5% to 2.75% per annum paid quarterly.

Debt Maturity

The table below summarizes the annual maturities of the Company’s debt instruments (amounts in thousands).


									Customer
	US		International		Corporate and		Total		Receivable
	Telecom		Telecom		Other (1) (2)		Debt		Credit Facility
2023 (excluding the six months ended June 30, 2023)	$	3,834	$	3,773	$	—	$	7,607	$	3,227
2024		16,536		—		—		16,536		6,787
2025		14,969		—		—		14,969		7,083
2026		232,469		60,000		—		292,469		7,393
2027		3,723		—		—		3,723		7,718
Thereafter		14,028		—		138,000		152,028		14,794
Total		285,559		63,773		138,000		487,332		47,002
Debt Discounts		(4,899)		(295)		—		(5,194)		(543)
Book Value	$	280,660	$	63,478	$	138,000	$	482,138	$	46,459

(1)Corporate and other items refer to corporate overhead costs and consolidating adjustments.

(2)	On July 13, 2023, the Company refinanced $138.0 million of debt outstanding under the 2019 CoBank Credit Facility extending the maturity date of the revolving credit facility to July 13, 2028.

LONG-TERM DEBT (Details) $ in Thousands					6 Months Ended
LONG-TERM DEBT (Details) $ in Thousands	Jul. 13, 2023 USD ($)	Dec. 23, 2022 USD ($)	Jul. 22, 2021 USD ($)	Apr. 10, 2019 USD ($)	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Nov. 07, 2022 USD ($)	Oct. 22, 2022 USD ($)	Jun. 15, 2022 USD ($)	May 05, 2022	Mar. 26, 2020 USD ($)	Dec. 31, 2016 USD ($)	Jul. 01, 2016 USD ($)
Long-term debt
Outstanding borrowings					$ 528,598		$ 467,248
Current portion of customer receivable credit facility					6,710		$ 6,073
Revolving credit facility - borrowings					$ 88,273	$ 49,000
Alaska credit facility \| SOFR
Long-term debt
Percentage of adjustment to applicable interest rate		10.00%
2019 CoBank Credit Facility
Long-term debt
Outstanding debt	$ 138,000
One Communications Debt \| Minimum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)					2.50%
One Communications Debt \| Maximum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)					2.75%
GTT Credit Facility
Long-term debt
Stated interest rate					7.50%
Term of debt					5 years
GTT Term Loan Facility
Long-term debt
Maximum borrowing capacity									$ 2,900
Borrowings outstanding					$ 0
GTT Overdraft Facility
Long-term debt
Maximum borrowing capacity									$ 5,700
Borrowings outstanding					3,800
Viya Debt
Long-term debt
Term loan assumed														$ 60,000
Net leverage ratio											7.0			3.5
Stated interest rate													4.00%	4.00%
Financing costs													$ 900
Outstanding debt					60,000
Unamortized financing costs					300
Revolver loan \| 2019 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity				$ 200,000
Repayments of debt	139,500
Remaining borrowing capacity					62,000
Borrowings outstanding					138,000
Revolver loan \| 2019 CoBank Credit Facility \| Minimum
Long-term debt
Commitment fee (as a percent)				0.15%
Revolver loan \| 2019 CoBank Credit Facility \| Minimum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)				1.25%
Revolver loan \| 2019 CoBank Credit Facility \| Minimum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)				0.25%
Revolver loan \| 2019 CoBank Credit Facility \| Maximum
Long-term debt
Commitment fee (as a percent)				0.375%
Revolver loan \| 2019 CoBank Credit Facility \| Maximum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)				2.25%
Revolver loan \| 2019 CoBank Credit Facility \| Maximum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)				1.25%
Letter of credit sub-facility
Long-term debt
Borrowings outstanding					31,600
Letter of credit sub-facility \| 2019 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity				$ 75,000
Letter of credit sub-facility \| 2023 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity	25,000
Swingline sub-facility \| 2019 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity				$ 10,000
Base rate before one-week or one-month LIBOR (as a percent)				1.00%
Swingline sub-facility \| 2019 CoBank Credit Facility \| Federal Funds Effective Rate
Long-term debt
Basis spread on variable rate (as a percent)				0.50%
Swingline sub-facility \| 2023 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity	$ 20,000
Base rate before one-week or one-month LIBOR (as a percent)	1.00%
Swingline sub-facility \| 2023 CoBank Credit Facility \| Federal Funds Effective Rate
Long-term debt
Basis spread on variable rate (as a percent)	0.50%
2023 CoBank Credit Facility \| 2023 CoBank Credit Facility \| Minimum
Long-term debt
Commitment fee (as a percent)	0.25%
2023 CoBank Credit Facility \| 2023 CoBank Credit Facility \| Maximum
Long-term debt
Commitment fee (as a percent)	0.50%
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity	$ 170,000
Term of debt	5 years
Revolving credit facility - borrowings	$ 13,600
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Minimum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)	1.75%
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Minimum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	0.75%
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Maximum
Long-term debt
Net leverage ratio	3.25
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Maximum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)	3.50%
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Maximum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	2.50%
2023 CoBank Term Loan \| 2023 CoBank Credit Facility
Long-term debt
Face amount of debt	$ 130,000
Term of debt	6 years
2023 CoBank Term Loan \| 2023 CoBank Credit Facility \| Minimum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)	2.00%
2023 CoBank Term Loan \| 2023 CoBank Credit Facility \| Minimum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	1.00%
2023 CoBank Term Loan \| 2023 CoBank Credit Facility \| Maximum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)	3.75%
2023 CoBank Term Loan \| 2023 CoBank Credit Facility \| Maximum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	2.75%
Senior secured delayed draw term loan \| Receivable credit facility
Long-term debt
Remaining borrowing capacity					18,000							$ 75,000
Current portion of customer receivable credit facility					6,700
Financing costs					800
Borrowings outstanding					47,000
Unamortized financing costs					500
Senior secured delayed draw term loan \| Sacred Wind Term Debt
Long-term debt
Outstanding borrowings					29,800			$ 31,600
Current portion of customer receivable credit facility					3,200
Non-current portion of customer receivable credit facility					$ 26,600
Interest rate swap \| 2019 CoBank Credit Facility
Long-term debt
Number of derivative instruments \| derivative					0
Alaska communications \| Alaska credit facility
Long-term debt
Fixed charge coverage ratio			1.25
Net total leverage ratio			4.00
Financing costs					$ 7,300
Unamortized financing costs					4,600
Consolidated EBITDA			12 months
Alaska communications \| Alaska credit facility \| SOFR
Long-term debt
Percentage of adjustment to applicable interest rate			10.00%
Alaska communications \| Alaska credit facility \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)			1.00%
Alaska communications \| Alaska credit facility \| Minimum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)			3.00%
Alaska communications \| Alaska credit facility \| Maximum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)			4.00%
Alaska communications \| Revolver loan \| Alaska credit facility
Long-term debt
Maximum borrowing capacity		$ 75,000	$ 35,000
Remaining borrowing capacity					56,000
Revolving credit facility - borrowings					19,000
Alaska communications \| Term loans \| Alaska credit facility
Long-term debt
Outstanding borrowings		$ 230,000	210,000
Borrowings outstanding					230,000
Alaska communications \| Secured delayed draw term loan \| Alaska credit facility
Long-term debt
Maximum borrowing capacity										$ 7,500
Remaining borrowing capacity					0
Outstanding borrowings					$ 6,800
Stated interest rate										4.00%
Alaska communications \| Incremental term loans \| Alaska credit facility \| Minimum
Long-term debt
Maximum borrowing capacity			$ 70,000
Alaska communications \| Designated as cash flow hedges \| Interest rate swap
Long-term debt
Interest rate (as a percent)			1.6735%
Number of derivative instruments \| derivative					0
Period of fourth quarter of 2023 To third quarter 2024 \| Alaska communications \| Alaska credit facility
Long-term debt
Periodic payment, principal			$ 1,400
Debt Instrument, From Fourth Quarter of 2024 To Third Quarter of 2026 \| Alaska communications \| Alaska credit facility
Long-term debt
Periodic payment, principal			$ 2,900
Period of second quarter of 2024 \| Alaska communications \| Alaska credit facility
Long-term debt
Net total leverage ratio			3.75

GOVERNMENT SUPPORT AND SPECTRUM MATTERS - Construction (Details) - Network Connectivity for Eligible Communities $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Mobility Fund [Line Items]
Grants awarded	$ 80,197
New grants	38,824
Construction complete	(5,075)
Transferred grants	(6,269)
Grants awarded	$ 107,677

REVENUE RECOGNITION AND RECEIVABLES - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Contract Assets and Liabilities
Contract Asset - current	$ 3,046	$ 2,932
Change in contract asset - current	$ 114
% of change in contract asset - current	3.90%
Contract Asset - noncurrent	$ 3,671	3,775
Change in contract asset - noncurrent	$ (104)
% of change in contract asset - noncurrent	(2.80%)
Contract liability- current	$ (28,444)	(27,284)
Change in contract liabilities - current	$ (1,160)
% of change in contract liabilities - current	4.30%
Contract liability- noncurrent	$ (67,840)	(72,543)
Change in contract liabilities - noncurrent	$ 4,703
% of change in contract liabilities - Noncurrent	(6.50%)
Net contract liability	$ (89,567)	$ (93,120)
Change in net contract liability	$ 3,553
% of change in net contract liability	(3.80%)
Revenue recognized related to contract liability	$ 19,200
Amortization of contract assets	$ 1,500
Retail revenue period for billing postpaid customers in advance	1 month

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2023

SEGMENT REPORTING

SEGMENT REPORTING

13. SEGMENT REPORTING

The Company has the following two reportable and operating segments: i) International Telecom and ii) US Telecom.

The following tables provide information for each operating segment (in thousands):


For the Three Months Ended June 30, 2023

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	3,507	$	114	$	—	$	3,621
Mobility - Consumer		23,349		863		—		24,212
Total Mobility		26,856		977		—		27,833
Fixed - Business		17,214		35,495		—		52,709
Fixed - Consumer		42,459		22,608		—		65,067
Total Fixed		59,673		58,103		—		117,776
Carrier Services		3,879		31,576		—		35,455
Other		448		64		—		512
Total Communication Services Revenue		90,856		90,720		—		181,576
Construction		—		1,020		—		1,020
Other
Managed Services		1,125		2,720		—		3,845
Total other revenue		1,125		2,720		—		3,845
Total Revenue		91,981		94,460		—		186,441
Depreciation and amortization		14,106		21,430		681		36,217
Amortization of intangibles from acquisitions		364		2,780		—		3,144
Non-cash stock-based compensation		109		9		2,621		2,739
Operating income (loss)		14,552		(2,394)		(9,718)		2,440


For the Three Months Ended June 30, 2022

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	3,675	$	301	$	—	$	3,976
Mobility - Consumer		21,279		1,549		—		22,828
Total Mobility		24,954		1,850		—		26,804
Fixed - Business		16,996		31,866		—		48,862
Fixed - Consumer		41,353		19,166		—		60,519
Total Fixed		58,349		51,032		—		109,381
Carrier Services		3,421		31,753		—		35,174
Other		436		—		—		436
Total Communication Services Revenue		87,160		84,635		—		171,795
Construction		—		3,297		—		3,297
Other
Managed Services		1,246		3,159		—		4,405
Total Other Revenue		1,246		3,159		—		4,405
Total Revenue		88,406		91,091		—		179,497
Depreciation		15,074		17,763		980		33,817
Amortization of intangibles from acquisitions		394		2,856		—		3,250
Non-cash stock-based compensation		56		79		2,433		2,568
Operating income (loss)		11,646		(281)		(9,643)		1,722


For the Six Months Ended June 30, 2023

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	7,083	$	286	$	—	$	7,369
Mobility - Consumer		45,880		1,850		—		47,730
Total Mobility		52,963		2,136		—		55,099
Fixed - Business		34,327		71,814		—		106,141
Fixed - Consumer		84,236		45,190		—		129,426
Total Fixed		118,563		117,004		—		235,567
Carrier Services		7,570		63,660		—		71,230
Other		848		139		—		987
Total Communication Services Revenue		179,944		182,939		—		362,883
Construction		—		1,610		—		1,610
Other
Managed Services		2,445		5,276		—		7,721
Total Other Revenue		2,445		5,276		—		7,721
Total Revenue		182,389		189,825		—		372,214
Depreciation		28,292		42,917		1,412		72,621
Amortization of intangibles from acquisitions		744		5,647		—		6,391
Non-cash stock-based compensation		176		86		4,255		4,517
Operating income (loss)		28,377		(6,737)		(18,566)		3,074


For the Six Months Ended June 30, 2022

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	7,291	$	674	$	—	$	7,965
Mobility - Consumer		41,249		3,006		—		44,255
Total Mobility		48,540		3,680		—		52,220
Fixed - Business		34,250		59,011		—		93,261
Fixed - Consumer		82,446		38,136		—		120,582
Total Fixed		116,696		97,147		—		213,843
Carrier Services		6,823		64,742		—		71,565
Other		710		—		—		710
Total Communication Services Revenue		172,769		165,569		—		338,338
Construction		—		5,283		—		5,283
Other
Managed Services		2,422		5,474		—		7,896
Total other revenue		2,422		5,474		—		7,896
Total Revenue		175,191		176,326		—		351,517
Depreciation and amortization		28,971		36,205		1,933		67,109
Amortization of intangibles from acquisitions		812		5,696		—		6,508
Non-cash stock-based compensation		116		169		3,743		4,028
Operating income (loss)		23,450		(4,914)		(16,703)		1,833

Selected balance sheet data for each of the Company’s segments as of June 30, 2023 and December 31, 2022 consists of the following (in thousands):



	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
June 30, 2023
Cash, cash equivalents, and restricted cash	$	33,332	$	25,433	$	8,457	$	67,222
Total current assets		116,153		121,908		10,035		248,096
Fixed assets, net		472,548		584,833		6,083		1,063,464
Goodwill		4,835		35,269		—		40,104
Total assets		668,185		975,997		85,787		1,729,969
Total current liabilities		88,950		123,616		28,276		240,842
Total debt		63,478		327,120		138,000		528,598
December 31, 2022
Cash, cash equivalents, and restricted cash	$	26,418	$	26,375	$	6,935	$	59,728
Total current assets		105,324		116,038		8,326		229,688
Fixed assets, net		462,447		585,969		7,538		1,055,954
Goodwill		4,835		35,269		—		40,104
Total assets		643,664		980,543		83,662		1,707,869
Total current liabilities		86,738		119,755		26,687		233,180
Total debt		59,659		308,589		99,000		467,248


	Capital Expenditures

		International		US		Corporate and
Six months ended June 30,		Telecom		Telecom		Other (1)		Consolidated
2023	$	38,906	$	57,531	$	—	$	96,437
2022		33,870		40,804		424		75,098

(1)

Corporate and other items refer to corporate overhead costs and consolidating adjustments

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2023

BASIS OF PRESENTATION

BASIS OF PRESENTATION

2. BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial information included herein is unaudited; however, the Company believes such information and the disclosures herein are adequate to make the information presented not misleading and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial position and results of operations for the periods described therein. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Results of interim periods may not be indicative of results for the full year. These condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 15, 2023.

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries in which the Company holds controlling interests and certain entities which are consolidated in accordance with the provisions of the Financial Accounting Standards Board’s (“FASB”) authoritative guidance on the consolidation of variable interest entities, since it is determined that the Company is the primary beneficiary of these entities.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE:
Total revenue	$ 186,441	$ 179,497	$ 372,214	$ 351,517
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Selling, general and administrative	61,914	56,610	123,262	111,491
Stock-based compensation	2,739	2,568	4,517	4,028
Transaction-related charges	438	412	451	966
Restructuring expenses	370		3,257
Depreciation and amortization	36,217	33,817	72,621	67,109
Amortization of intangibles from acquisitions	3,144	3,250	6,391	6,508
(Gain) Loss on disposition of long-lived assets	445	(28)	278	3,392
Total operating expenses	184,001	177,775	369,140	349,684
Income from operations	2,440	1,722	3,074	1,833
OTHER INCOME (EXPENSE)
Interest income	45		227	3
Interest expense	(10,449)	(4,278)	(19,256)	(7,593)
Other income	2,216	(2,724)	2,411	1,474
Other income (expense)	(8,188)	(7,002)	(16,618)	(6,116)
LOSS BEFORE INCOME TAXES	(5,748)	(5,280)	(13,544)	(4,283)
Income tax (benefit) expense	(5,087)	(3,971)	(5,827)	(1,018)
NET LOSS	(661)	(1,309)	(7,717)	(3,265)
Net loss attributable to noncontrolling interests, net of tax (benefit) expense of $(0.7) million, $0 million, $(1.2) million and $(0.5) million respectively	1,428	784	2,599	1,794
NET INCOME (LOSS) ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS	$ 767	$ (525)	$ (5,118)	$ (1,471)
Basic (in dollars per share)	$ (0.03)	$ (0.11)	$ (0.48)	$ (0.24)
Diluted (in dollars per share)	$ (0.03)	$ (0.11)	$ (0.48)	$ (0.24)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	15,719	15,749	15,726	15,736
Diluted (in shares)	15,719	15,749	15,726	15,736
DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK	$ 0.21	$ 0.17	$ 0.42	$ 0.34
Communication services
REVENUE:
Total revenue	$ 181,576	$ 171,795	$ 362,883	$ 338,338
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of services	77,718	77,860	156,759	150,871
Construction
REVENUE:
Total revenue	1,020	3,297	1,610	5,283
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of services	1,016	3,286	1,604	5,319
Other revenue
REVENUE:
Total revenue	$ 3,845	$ 4,405	$ 7,721	$ 7,896

REVENUE RECOGNITION AND RECEIVABLES - Contract Acquisition Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Contract Acquisition Costs
Amortization of contract acquisition cost	$ 1.6	$ 0.8	$ 2.7	$ 1.6
Prepayments and other current assets
Contract Acquisition Costs
Short-term contract acquisition costs	$ 9.7		$ 9.7

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

14. COMMITMENTS AND CONTINGENCIES

Regulatory and Litigation Matters

The Company and its subsidiaries are subject to certain regulatory and legal proceedings and other claims arising in the ordinary course of business, some of which involve claims for damages and taxes that are substantial in amount. Historically, the Company’s subsidiary, GTT, has been subject to other long-standing litigation proceedings and disputes in Guyana that have not yet been resolved. The Company believes that, except for the items discussed below, for which the Company is currently unable to predict the final outcome, the disposition of matters currently pending will not have a material adverse effect on the Company’s financial position or results of operations.

Beginning in 2006, the National Frequency Management Unit (now the Telecommunications Agency , or the “NFMU/TA”) and GTT have been engaged in discussions regarding the amount of and methodology for calculation of spectrum fees payable by GTT in Guyana. Since that time, GTT has made payments of, undisputed spectrum fees as amounts invoiced by the NFMU/TA. There have been limited further discussions on the subject of a revised spectrum fee methodology with the Telecommunications Agency and GTT awaits the determination of such fees.

On May 8, 2009, a GTT competitor, Digicel, filed a lawsuit in Guyana challenging the legality of GTT’s exclusive license rights under Guyana’s constitution and GTT intervened in the suit in order to oppose Digicel’s claims. The case remains pending. The Company believes that any legal challenge to GTT’s exclusive license rights granted in 1990 is without merit and the Company continues to defend vigorously against such legal challenge.

GTT has filed several lawsuits in the High Court of Guyana asserting that, despite its denials, Digicel is engaged in international bypass in violation of GTT’s exclusive license rights, the interconnection agreement between the parties, and the laws of Guyana. Digicel filed counterclaims alleging that GTT has violated the terms of the interconnection agreement and Guyana laws. These suits, filed in 2010 and 2012, have been consolidated with Digicel’s constitutional challenge described above, however, the Company cannot accurately predict at this time when the consolidated suit will reach a court of final determination.

GTT is also involved in several legal claims regarding its tax filings with the Guyana Revenue Authority (the “GRA”) dating back to 1991 regarding the deductibility of intercompany advisory fees as well as other tax assessments. GTT’s position has been upheld by various High Court rulings made in its favor including most recently in December 2021,. GTT has maintained that it has no unpaid corporation tax due to the GRA and that any liability GTT might be found to have with respect to the disputed tax assessments, as alleged by the GRA in the aggregate amount of $32 million net of interest, would be offset in part by the amounts necessary to ensure that GTT’s return on investment was no less than 15% per annum for the relevant periods. Several High Court rulings in the favor of GTT have been appealed by the GRA and the Company believes that some adverse outcome in these or pending unheard matters could occur

In February 2020, the Company’s Alaska Communications subsidiary received a draft audit report from USAC in connection with USAC’s inquiry into Alaska Communications’ funding requests under the Rural Health Care Support Program for certain customers for the time period of July 2012 through June 2017. The draft audit report alleges violations of the FCC’s rules for establishing rural rates and urban rates, the provisioning and billing of ineligible services and products, and violations of the FCC’s competitive bidding rules. Alaska Communications has provided USAC with extensive comments in response to its draft audit report seeking correction of numerous factual and legal errors that it believed it had identified. As a result of these conversations and comments being submitted by Alaska Communications, USAC’s auditors may revise their findings, including the amounts they recommend USAC seek to recover. USAC’s auditors are expected to issue a final audit report incorporating Alaska Communications’ responses that will be sent to USAC’s Rural Health Care Division to review and determine if corrective action would be appropriate. In the event that the Company disagrees with USAC’s final audit report, the Company can appeal that decision to USAC’s Rural Health Care Division and/or the FCC. At this time, the Company cannot predict the contents or timing of the final USAC audit report, the outcome of the audit or the impact on the Company’s business, financial condition, results of operations, or liquidity and may require certain undertakings in addition to any proposed financial settlement.

Alaska Communications also received a Letter of Inquiry on March 18, 2018, and subsequent follow up information requests, from the FCC Enforcement Bureau requesting historical information regarding Alaska Communications’ participation in the FCC’s Rural Health Care Support Program. The Company is engaged in discussions with the FCC’s Enforcement Bureau and will continue to work constructively to provide it the information it is seeking. Any adverse outcome with respect to the FCC Enforcement Bureau’s inquiry may have an adverse impact the Company’s business, financial condition, results of operations, or liquidity and may require certain undertakings in addition to any proposed financial settlement.

With respect to all of the foregoing matters, the Company believes that some adverse outcome is probable and has accordingly accrued $16.0 million as of June 30, 2023 for these and other potential liabilities arising in various claims, legal actions and regulatory proceedings arising in the ordinary course of business. The Company also faces contingencies that are reasonably possible to occur that cannot currently be estimated. It is the Company’s policy to expense costs associated with loss contingencies, including any related legal fees, as they are incurred.

LEASES - Weighted average remaining lease terms and discount rates (Details)	Jun. 30, 2023	Dec. 31, 2022
LEASES
Operating leases, weighted average remaining lease term	13 years 1 month 6 days	12 years 4 months 24 days
Financing leases, weighted average remaining lease term	9 years 4 months 24 days	9 years 3 months 18 days
Operating leases, weighted average discount rate	6.40%	6.00%
Financing leases, weighted average discount rate	7.10%	6.70%

ORGANIZATION AND BUSINESS OPERATIONS - Restructuring Expenses (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charge	$ 370	$ 3,257
Repositioning of Wholesale Roaming Operations
Restructuring Cost and Reserve [Line Items]
Restructuring charge	400	3,300
Restructuring paid		1,400
Gain on lease termination		300
Restructuring expenses accrued	$ 2,200	2,200
Right of use assets terminated		5,600
Lease liability terminated		$ 5,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

REVENUE RECOGNITION AND RECEIVABLES - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 173,438	$ 166,547	$ 345,996	$ 326,460
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	167,060	154,680	333,812	308,272
Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	6,378	11,867	12,184	18,188
US Telecom \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	80,330	72,201	161,403	144,491
US Telecom \| Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	2,597	8,702	5,144	12,300
International Telecom \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	86,730	82,479	172,409	163,781
International Telecom \| Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,781	$ 3,165	$ 7,040	$ 5,888

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

ACQUISITIONS AND DISPOSITIONS (Tables)

6 Months Ended

Jun. 30, 2023

ACQUISITIONS AND DISPOSITIONS

Schedule of preliminary allocation of the total consideration transferred to the acquired assets and assumed liabilities


Consideration Transferred	$	44,560
Purchase price allocation:
Cash and cash equivalents		2,619
Restricted cash		6,747
Current assets		4,888
Operating lease right of use assets		989
Fixed assets		85,255
Intangible assets		1,232
Current liabilities		(10,176)
Lease liabilities		(967)
Deferred taxes		(14,388)
Debt		(31,639)
Net assets acquired	$	44,560

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS - Redeemable Noncontrolling Interests Narrative (Details) - Redeemable Common Units - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reconciliation from basic to diluted weighted average common shares outstanding
Allocated losses	$ 3.4	$ 0.6	$ 6.2	$ 1.7
Increased book value			$ 5.9	$ 1.7

ORGANIZATION AND BUSINESS OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2023

ORGANIZATION AND BUSINESS OPERATIONS

Schedule of the operating activities of the Company's principal subsidiaries, the segments in which the Company reports its revenue and markets served


Segment	Services	Markets	Tradenames
International Telecom	Mobility Services	Bermuda, Guyana, US Virgin Islands	One, GTT, Viya
	Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One, Logic, GTT, Viya
	Carrier Services	Bermuda, Guyana, US Virgin Islands	One, GTT, Viya, Logic
	Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	Fireminds, One, Logic, GTT, Viya
US Telecom	Mobility Services	United States (rural markets)	Choice NTUA Wireless
	Fixed Services	United States	Alaska Communications, Commnet Broadband, Choice NTUA Wireless, Sacred Wind Communications, Ethos
	Carrier Services	United States	Alaska Communications, Commnet, Essextel, Sacred Wind Communications
	Managed Services	United States	Alaska Communications, Fireminds

RETIREMENT PLANS (Tables)

6 Months Ended

Jun. 30, 2023

RETIREMENT PLANS

Schedule of components of the plan's net periodic pension cost

The Company recorded the net periodic benefit cost identified below (in thousands):


	Three months ended								Six months ended
	June 30, 2023				June 30, 2022				June 30, 2023				June 30, 2022
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	38	$	31	$	57	$	36	$	76	$	62	$	114	$	72
Non-operating expense
Interest cost		593		35		565		33		1,187		70		1,130		66
Expected return on plan assets		(953)		—		(925)		—		(1,905)		—		(1,850)		—
Settlements		—		—		1,725		—		369		—		1,725		—
Net periodic pension expense (benefit)	$	(322)	$	66	$	1,422	$	69	$	(273)	$	132	$	1,119	$	138

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 64,005	$ 54,660
Restricted cash	3,217	5,068
Short-term investments	300	300
Accounts receivable, net of allowances for credit losses of $15.9 million and $15.2 million, respectively	99,214	86,816
Customer receivable	6,625	5,803
Inventory, materials and supplies	18,719	17,902
Prepayments and other current assets	56,016	59,139
Total current assets	248,096	229,688
Fixed Assets:
Property, plant and equipment	2,041,245	1,977,978
Less accumulated depreciation	(977,781)	(922,024)
Net fixed assets	1,063,464	1,055,954
Telecommunication licenses, net	113,698	113,698
Goodwill	40,104	40,104
Intangible assets, net	25,687	31,992
Operating lease right-of-use assets	105,090	108,702
Customer receivable - long term	44,698	46,706
Other assets	89,132	81,025
Total assets	1,729,969	1,707,869
Current Liabilities:
Current portion of long-term debt	18,070	6,173
Current portion of customer receivable credit facility	6,710	6,073
Accounts payable and accrued liabilities	145,790	155,224
Dividends payable	3,273	3,310
Accrued taxes	11,107	7,335
Current portion of lease liabilities	16,472	15,457
Advance payments and deposits	39,420	39,608
Total current liabilities	240,842	233,180
Deferred income taxes	22,034	28,650
Lease liabilities, excluding current portion	80,893	83,319
Other liabilities	132,922	138,420
Customer receivable credit facility, net of current portion	39,749	39,275
Long-term debt, excluding current portion	464,069	415,727
Total liabilities	980,509	938,571
Total redeemable noncontrolling interests	94,484	92,469
ATN International, Inc. Stockholders' Equity:
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 17,702,476 and 17,584,057 shares issued, respectively, 15,664,063 and 15,763,341 shares outstanding, respectively	173	173
Treasury stock, at cost; 2,038,413 and 1,820,716 shares, respectively	(82,086)	(73,825)
Additional paid-in capital	202,623	198,449
Retained earnings	429,909	449,806
Accumulated other comprehensive income	6,634	6,210
Total ATN International, Inc. stockholders' equity	557,253	580,813
Noncontrolling interests	97,723	96,016
Total equity	654,976	676,829
Total liabilities, redeemable noncontrolling interests and equity	1,729,969	1,707,869
Redeemable Preferred Units
Current Liabilities:
Total redeemable noncontrolling interests	57,458	55,152
Redeemable Common Units
Current Liabilities:
Total redeemable noncontrolling interests	$ 37,026	$ 37,317

REVENUE RECOGNITION AND RECEIVABLES

6 Months Ended

Jun. 30, 2023

REVENUE RECOGNITION AND RECEIVABLES

REVENUE RECOGNITION AND RECEIVABLES

3. REVENUE RECOGNITION AND RECEIVABLES

Revenue Accounted for in Accordance with Other Guidance

The Company records revenue in accordance with ASC 606 from contracts with customers and ASC 842 from lease agreements, as well as government grants. Lease revenue recognized under ASC 842 is disclosed in Note 4 and government grant revenue is disclosed in Note 9.

Timing of Revenue Recognition

Revenue accounted for in accordance with ASC 606 consisted of the following for the periods presented below.


	Three months ended				Six months ended
		June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Services transferred over time
US Telecom	$	80,330	$	72,201	$	161,403	$	144,491
International Telecom		86,730		82,479		172,409		163,781
Total		167,060		154,680		333,812		308,272
Goods and services transferred at a point in time
US Telecom		2,597		8,702		5,144		12,300
International Telecom		3,781		3,165		7,040		5,888
Total		6,378		11,867		12,184		18,188
Total revenue accounted for under ASC 606	$	173,438	$	166,547	$	345,996	$	326,460

Contract Assets and Liabilities

The Company recognizes contract assets and liabilities on its balance sheet. Contract assets represent unbilled amounts typically resulting from consumer Mobility contracts with both a multiyear service period and a promotional discount. In these contracts, the revenue recognized exceeds the amount billed to the customer. The current portion of the contract asset is recorded in prepayments and other current assets and the noncurrent portion is included in other assets on the Company’s balance sheets.

Contract liabilities consist of advance payments and billings in excess of revenue recognized. Mobility and Fixed revenue for postpaid customers is generally billed one month in advance and recognized over the period that the corresponding service is rendered to customers. To the extent the service is not provided by the reporting date the amount is recognized as a contract liability. Prepaid service, including Mobility services, sold to customers is recorded as deferred revenue prior to the commencement of services. Contract liabilities also include certain long term fixed business and carrier service customer contracts. Contract liabilities are recorded in advanced payments and deposits and other liabilities on the Company’s balance sheets.

In July 2019, the Company entered into a Network Build and Maintenance Agreement with AT&T Mobility, LLC (“AT&T”) and subsequently entered into amendments in August 2020, May 2021 and August 2022 (the “FirstNet Agreement”). In connection with the FirstNet Agreement, the Company is building a portion of AT&T’s network for the First Responder Network Authority in or near the Company’s current operating areas in the western United States (the “FirstNet Transaction”). The FirstNet Transaction includes construction and service performance obligations. The current portion of receivables under this agreement is recorded in customer receivable and the long-term portion is recorded in customer receivable long-term on the Company’s balance sheet. In May 2023, the Company amended its current roaming agreement and entered into a carrier management services agreement with Verizon Wireless (“Verizon CMS Agreement”). The transaction includes service performance obligations under which revenue is recognized over time. The Company allocates the transaction price of these agreements to each performance obligation based on the relative standalone selling price of each performance obligation in the contracts. The standalone selling price is the estimated price the Company would charge for the good or service in a separate transaction with similar customers in similar circumstances.

Contract assets and liabilities consisted of the following (amounts in thousands):


	June 30, 2023		December 31, 2022			$ Change	% Change
Contract asset – current	$	3,046	$	2,932	$	114	3.9	%
Contract asset – noncurrent		3,671		3,775		(104)	(2.8)	%
Contract liability – current		(28,444)		(27,284)		(1,160)	4.3	%
Contract liability – noncurrent		(67,840)		(72,543)		4,703	(6.5)	%
Net contract liability	$	(89,567)	$	(93,120)	$	3,553	(3.8)	%

The contract asset – current is included in prepayments and other current assets and the contract asset – noncurrent is included in other assets on the Company’s balance sheet. The contract liability – current is included in advance payments and deposits and the contract liability – noncurrent is included in other liabilities on the Company’s balance sheet. The decrease in the Company’s net contract liability was due to the timing of customer prepayments, contract billings, and recognition of deferred revenue. During the six months ended June 30, 2023, the Company recognized revenue of $19.2 million related to its December 31, 2022 contract liability and amortized $1.5 million of the December 31, 2022 contract asset to revenue.

Contract Acquisition Costs

The June 30, 2023 balance sheet includes contract acquisition costs of $9.7 million in other assets. During the three and six months ended months ended June 30, 2023, the Company amortized $1.6 million and $2.7 million, respectively, of contract acquisition costs. During the three and six months ended months ended June 30, 2022, the Company amortized $0.8 million and $1.6 million, respectively, of contract acquisition costs.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to unsatisfied performance obligations of certain multiyear Mobility contracts, which include a promotional discount, Managed Services contracts, and the Company’s Carrier Services construction and service contracts. The transaction price allocated to unsatisfied performance obligations was $491 million and $312 million at June 30, 2023 and December 31, 2022, respectively. The

increase during 2023 was related to the Verizon agreements as discussed above. The Company expects to satisfy approximately 37% of the remaining performance obligations and recognize the transaction price within 24 months and the remainder thereafter.

The Company has certain Mobility, Fixed, and Carrier Services contracts where the transaction price is allocated to remaining performance obligations. However, the Company omits these contracts from its disclosure by applying the right to invoice, one year or less, and wholly unsatisfied performance obligation practical expedients.

Disaggregation

The Company's revenue is presented on a disaggregated basis in Note 13 based on an evaluation of disclosures outside the financial statements, information regularly reviewed by the chief operating decision makers for evaluating the financial performance of operating segments and other information that is used for performance evaluation and resource allocations. This includes revenue from Communication Services, Construction, and Other revenue. Communication Services revenue is further disaggregated into business and consumer Mobility, business and consumer Fixed, Carrier Services, and Other services. Other revenue is further disaggregated into Managed Services revenue.

Receivables

The Company records an estimate of future credit losses in conjunction with the revenue transaction based on the information available including historical experience and management’s expectations of future conditions. Those estimates will be updated as additional information becomes available. The Company’s allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics.

The Company had gross accounts receivable of $166.5 million, including a receivable under the FirstNet Agreement totaling $51.3 million, of which $44.7 million was long-term, and an allowance for credit losses of $15.9 million as of June 30, 2023. The Company had gross accounts receivable of $154.5 million and a receivable under the FirstNet Agreement totaling $52.5 million, of which $46.7 million was long-term, and an allowance for credit losses of $15.2 million as of December 31, 2022. The Company monitors receivables through the use of historical operating data adjusted for the expectation of future performance as appropriate. Activity in the allowance for credit losses is below:


	Six months ended
	June 30, 2023		June 30, 2022

Balance at beginning of period	$	15,171	$	13,885
Current period provision for expected losses		2,463		3,153
Write-offs charged against the allowance		(1,878)		(1,497)
Recoveries collected		188		208
Balance at end of period	$	15,944	$	15,749

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

ACQUISITIONS AND DISPOSITIONS - Preliminary allocation (Details) - Sacred Wind Enterprises $ in Thousands	Nov. 07, 2022 USD ($)
Business Acquisition [Line Items]
Consideration Transferred	$ 44,560
Purchase price allocation:
Cash and cash equivalents	2,619
Restricted cash	6,747
Current assets	4,888
Operating lease right-of-use assets	989
Fixed assets	85,255
Intangible assets	1,232
Current liabilities	(10,176)
Lease liabilities	(967)
Deferred taxes	(14,388)
Debt	(31,639)
Net assets acquired	$ 44,560

LONG-TERM DEBT - Debt Maturity (Details) - USD ($) $ in Thousands	Jul. 13, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Book Value of Debt		$ 528,598	$ 467,248
2019 CoBank Credit Facility
Debt Instrument [Line Items]
Total debt	$ 138,000
Total Debt
Debt Instrument [Line Items]
2023 (excluding the six months ended June 30, 2023)		7,607
2024		16,536
2025		14,969
2026		292,469
2027		3,723
Thereafter		152,028
Total debt		487,332
Debt Discounts		(5,194)
Book Value of Debt		482,138
Customer receivable credit facility
Debt Instrument [Line Items]
2023 (excluding the six months ended June 30, 2023)		3,227
2024		6,787
2025		7,083
2026		7,393
2027		7,718
Thereafter		14,794
Total debt		47,002
Debt Discounts		(543)
Book Value of Debt		46,459
Corporate and Other
Debt Instrument [Line Items]
Thereafter		138,000
Total debt		138,000
Book Value of Debt		138,000	99,000
US Telecom \| Operating segments
Debt Instrument [Line Items]
Book Value of Debt		327,120	308,589
US Telecom \| Operating segments \| Total Debt
Debt Instrument [Line Items]
2023 (excluding the six months ended June 30, 2023)		3,834
2024		16,536
2025		14,969
2026		232,469
2027		3,723
Thereafter		14,028
Total debt		285,559
Debt Discounts		(4,899)
Book Value of Debt		280,660
International Telecom \| Operating segments
Debt Instrument [Line Items]
Book Value of Debt		63,478	$ 59,659
International Telecom \| Operating segments \| Total Debt
Debt Instrument [Line Items]
2023 (excluding the six months ended June 30, 2023)		3,773
2026		60,000
Total debt		63,773
Debt Discounts		(295)
Book Value of Debt		$ 63,478

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2023 USD ($)
Legal claims regarding tax filings with the Guyana Revenue Authority
Commitments and contingencies
Future payments related to disputed tax assessments	$ 32.0
Legal claims regarding tax filings with the Guyana Revenue Authority \| Minimum
Commitments and contingencies
Percentage of return on investment ensured by the government of Guyana	15.00%
Pending litigation, adverse outcome
Commitments and contingencies
Accrued contingent liability	$ 16.0

RETIREMENT PLANS

6 Months Ended

Jun. 30, 2023

RETIREMENT PLANS

RETIREMENT PLANS

10. RETIREMENT PLANS

Multi-employer Defined Benefit Plan

Pension benefits for substantially all of the Company’s Alaska-based employees are provided through the Alaska Electrical Pension Fund (“AEPF”). The Company pays a contractual hourly amount based on employee classification or base compensation to the AEPF. As a multi-employer defined benefit plan, the accumulated benefits

and plan assets are not determined for, or allocated separately to, the individual employer. This plan was not in endangered or critical status during the plan year.

Defined Benefit Plan

The Company has noncontributory defined benefit pension and noncontributory defined medical, dental, vision, and life benefit plans for eligible employees who meet certain eligibility criteria. The majority of benefits under the plans are frozen and the plans no longer allow new participants to join.

The Company recorded the net periodic benefit cost identified below (in thousands):


	Three months ended								Six months ended
	June 30, 2023				June 30, 2022				June 30, 2023				June 30, 2022
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	38	$	31	$	57	$	36	$	76	$	62	$	114	$	72
Non-operating expense
Interest cost		593		35		565		33		1,187		70		1,130		66
Expected return on plan assets		(953)		—		(925)		—		(1,905)		—		(1,850)		—
Settlements		—		—		1,725		—		369		—		1,725		—
Net periodic pension expense (benefit)	$	(322)	$	66	$	1,422	$	69	$	(273)	$	132	$	1,119	$	138

The Company was not required to make contributions to its pension plans during the three months ended June 30, 2023 and 2022. However, the Company periodically evaluates whether to make discretionary contributions. The Company funds its postretirement benefit plans as claims are made and did not make contributions to its pension plans during the six months ended June 30, 2023 and 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS - Computation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss) attributable to ATN International, Inc. stockholders- Basic	$ 767	$ (525)	$ (5,118)	$ (1,471)
Less: Preferred dividends	(1,260)	(1,154)	(2,306)	(2,270)
Net Loss attributable to ATN International, Inc. common stockholders- Diluted	$ (493)	$ (1,679)	$ (7,424)	$ (3,741)
Denominator:
Weighted-average shares outstanding- Basic	15,719	15,749	15,726	15,736
Weighted-average shares outstanding- Diluted	15,719	15,749	15,726	15,736

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

LEASES - Narrative (Details)	Jun. 30, 2023
Minimum
LEASES
Operating lease, lease term	3 years
Finance lease, lease term	3 years
Maximum
LEASES
Operating lease, lease term	10 years
Finance lease, lease term	10 years

REVENUE RECOGNITION AND RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2023

REVENUE RECOGNITION AND RECEIVABLES

Summary of revenues


	Three months ended				Six months ended
		June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Services transferred over time
US Telecom	$	80,330	$	72,201	$	161,403	$	144,491
International Telecom		86,730		82,479		172,409		163,781
Total		167,060		154,680		333,812		308,272
Goods and services transferred at a point in time
US Telecom		2,597		8,702		5,144		12,300
International Telecom		3,781		3,165		7,040		5,888
Total		6,378		11,867		12,184		18,188
Total revenue accounted for under ASC 606	$	173,438	$	166,547	$	345,996	$	326,460

Summary of contracts asset and liabilities

Contract assets and liabilities consisted of the following (amounts in thousands):


	June 30, 2023		December 31, 2022			$ Change	% Change
Contract asset – current	$	3,046	$	2,932	$	114	3.9	%
Contract asset – noncurrent		3,671		3,775		(104)	(2.8)	%
Contract liability – current		(28,444)		(27,284)		(1,160)	4.3	%
Contract liability – noncurrent		(67,840)		(72,543)		4,703	(6.5)	%
Net contract liability	$	(89,567)	$	(93,120)	$	3,553	(3.8)	%

Schedule of activity in allowances for credit losses


	Six months ended
	June 30, 2023		June 30, 2022

Balance at beginning of period	$	15,171	$	13,885
Current period provision for expected losses		2,463		3,153
Write-offs charged against the allowance		(1,878)		(1,497)
Recoveries collected		188		208
Balance at end of period	$	15,944	$	15,749

REVENUE RECOGNITION AND RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable
Gross accounts receivable	$ 166,500	$ 154,500
Customer receivable	51,300	52,500
Customer receivable - long term	44,698	46,706
Allowance for credit loss	$ 15,900	$ 15,200

USE OF ESTIMATES

6 Months Ended

Jun. 30, 2023

USE OF ESTIMATES

USE OF ESTIMATES

5. USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates relate to the allowance for credit losses on trade receivables, useful lives of the Company’s fixed and finite-lived intangible assets, allocation of purchase price to assets acquired and liabilities assumed in business combinations, fair value of indefinite-lived intangible assets, goodwill and income taxes. Actual results could differ significantly from those estimates.

REVENUE RECOGNITION AND RECEIVABLES - Allowance for Credit Losses Rollforward - (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
REVENUE RECOGNITION AND RECEIVABLES
Beginning Balance	$ 15,171	$ 13,885
Current period provision for expected losses	2,463	3,153
Write-offs charged against the allowance	(1,878)	(1,497)
Recoveries collected	188	208
Ending Balance	$ 15,944	$ 15,749

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2023

SEGMENT REPORTING

Schedule of information for each operating segment

The following tables provide information for each operating segment (in thousands):


For the Three Months Ended June 30, 2023

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	3,507	$	114	$	—	$	3,621
Mobility - Consumer		23,349		863		—		24,212
Total Mobility		26,856		977		—		27,833
Fixed - Business		17,214		35,495		—		52,709
Fixed - Consumer		42,459		22,608		—		65,067
Total Fixed		59,673		58,103		—		117,776
Carrier Services		3,879		31,576		—		35,455
Other		448		64		—		512
Total Communication Services Revenue		90,856		90,720		—		181,576
Construction		—		1,020		—		1,020
Other
Managed Services		1,125		2,720		—		3,845
Total other revenue		1,125		2,720		—		3,845
Total Revenue		91,981		94,460		—		186,441
Depreciation and amortization		14,106		21,430		681		36,217
Amortization of intangibles from acquisitions		364		2,780		—		3,144
Non-cash stock-based compensation		109		9		2,621		2,739
Operating income (loss)		14,552		(2,394)		(9,718)		2,440


For the Three Months Ended June 30, 2022

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	3,675	$	301	$	—	$	3,976
Mobility - Consumer		21,279		1,549		—		22,828
Total Mobility		24,954		1,850		—		26,804
Fixed - Business		16,996		31,866		—		48,862
Fixed - Consumer		41,353		19,166		—		60,519
Total Fixed		58,349		51,032		—		109,381
Carrier Services		3,421		31,753		—		35,174
Other		436		—		—		436
Total Communication Services Revenue		87,160		84,635		—		171,795
Construction		—		3,297		—		3,297
Other
Managed Services		1,246		3,159		—		4,405
Total Other Revenue		1,246		3,159		—		4,405
Total Revenue		88,406		91,091		—		179,497
Depreciation		15,074		17,763		980		33,817
Amortization of intangibles from acquisitions		394		2,856		—		3,250
Non-cash stock-based compensation		56		79		2,433		2,568
Operating income (loss)		11,646		(281)		(9,643)		1,722


For the Six Months Ended June 30, 2023

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	7,083	$	286	$	—	$	7,369
Mobility - Consumer		45,880		1,850		—		47,730
Total Mobility		52,963		2,136		—		55,099
Fixed - Business		34,327		71,814		—		106,141
Fixed - Consumer		84,236		45,190		—		129,426
Total Fixed		118,563		117,004		—		235,567
Carrier Services		7,570		63,660		—		71,230
Other		848		139		—		987
Total Communication Services Revenue		179,944		182,939		—		362,883
Construction		—		1,610		—		1,610
Other
Managed Services		2,445		5,276		—		7,721
Total Other Revenue		2,445		5,276		—		7,721
Total Revenue		182,389		189,825		—		372,214
Depreciation		28,292		42,917		1,412		72,621
Amortization of intangibles from acquisitions		744		5,647		—		6,391
Non-cash stock-based compensation		176		86		4,255		4,517
Operating income (loss)		28,377		(6,737)		(18,566)		3,074


For the Six Months Ended June 30, 2022

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	7,291	$	674	$	—	$	7,965
Mobility - Consumer		41,249		3,006		—		44,255
Total Mobility		48,540		3,680		—		52,220
Fixed - Business		34,250		59,011		—		93,261
Fixed - Consumer		82,446		38,136		—		120,582
Total Fixed		116,696		97,147		—		213,843
Carrier Services		6,823		64,742		—		71,565
Other		710		—		—		710
Total Communication Services Revenue		172,769		165,569		—		338,338
Construction		—		5,283		—		5,283
Other
Managed Services		2,422		5,474		—		7,896
Total other revenue		2,422		5,474		—		7,896
Total Revenue		175,191		176,326		—		351,517
Depreciation and amortization		28,971		36,205		1,933		67,109
Amortization of intangibles from acquisitions		812		5,696		—		6,508
Non-cash stock-based compensation		116		169		3,743		4,028
Operating income (loss)		23,450		(4,914)		(16,703)		1,833

Schedule of segment balance sheet data and capital expenditures

Selected balance sheet data for each of the Company’s segments as of June 30, 2023 and December 31, 2022 consists of the following (in thousands):



	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
June 30, 2023
Cash, cash equivalents, and restricted cash	$	33,332	$	25,433	$	8,457	$	67,222
Total current assets		116,153		121,908		10,035		248,096
Fixed assets, net		472,548		584,833		6,083		1,063,464
Goodwill		4,835		35,269		—		40,104
Total assets		668,185		975,997		85,787		1,729,969
Total current liabilities		88,950		123,616		28,276		240,842
Total debt		63,478		327,120		138,000		528,598
December 31, 2022
Cash, cash equivalents, and restricted cash	$	26,418	$	26,375	$	6,935	$	59,728
Total current assets		105,324		116,038		8,326		229,688
Fixed assets, net		462,447		585,969		7,538		1,055,954
Goodwill		4,835		35,269		—		40,104
Total assets		643,664		980,543		83,662		1,707,869
Total current liabilities		86,738		119,755		26,687		233,180
Total debt		59,659		308,589		99,000		467,248


	Capital Expenditures

		International		US		Corporate and
Six months ended June 30,		Telecom		Telecom		Other (1)		Consolidated
2023	$	38,906	$	57,531	$	—	$	96,437
2022		33,870		40,804		424		75,098

(1)

Corporate and other items refer to corporate overhead costs and consolidating adjustments

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (7,717)	$ (3,265)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization	72,621	67,109
Amortization of intangibles from acquisitions	6,391	6,508
Provision for doubtful accounts	2,463	3,153
Amortization of debt discount and debt issuance costs	1,162	1,004
Loss on disposition of long-lived assets	278	3,392
Stock-based compensation	4,517	4,028
Deferred income taxes	(6,616)	(3,871)
Loss on pension settlement	369	1,725
Gain on equity investments	(2,501)	(3,401)
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable	1,311	(81)
Customer receivable	1,186	(2,298)
Prepaid income taxes	739	6,206
Accrued taxes	2,563	3,227
Materials and supplies, prepayments, and other current assets	220	(12,868)
Accounts payable and accrued liabilities, advance payments and deposits and other current liabilities	(6,860)	(9,970)
Other assets	(4,552)	(3,291)
Other liabilities	(5,245)	(6,587)
Net cash provided by operating activities	60,329	50,720
Cash flows from investing activities:
Capital expenditures	(89,451)	(71,204)
Government capital programs - Amounts disbursed	(6,986)	(3,894)
Government capital programs - Amounts received	593
Purchases of strategic investments	(1,055)	(1,400)
Sale of businesses, net of transferred cash of $0		1,835
Acquisition of businesses	1,314
Net cash used in investing activities	(95,585)	(74,663)
Cash flows from financing activities:
Dividends paid on common stock	(6,633)	(5,348)
Distributions to noncontrolling interests	(1,447)	(1,375)
Payment of debt issuance costs	(159)
Finance lease payment	(481)	(574)
Term loan - repayments	(2,335)	(938)
Revolving credit facility - borrowings	88,273	49,000
Revolving credit facility - repayments	(26,500)	(24,500)
Proceeds from customer receivable credit facility	4,300	8,000
Repayment of customer receivable credit facility	(3,247)	(2,258)
Purchases of common stock - stock- based compensation	(1,433)	(1,169)
Purchases of common stock - share repurchase plan	(6,828)	(941)
Investments made by minority shareholders in consolidated affiliates		11
Repurchases of noncontrolling interests	(760)	(4,502)
Net cash provided by financing activities	42,750	15,406
Net change in cash, cash equivalents, and restricted cash	7,494	(8,537)
Total cash, cash equivalents, and restricted cash, beginning of period	59,728	80,697
Total cash, cash equivalents, and restricted cash, end of period	67,222	72,160
Noncash investing activity:
Amounts accrued for reimbursable capital expenditures from Government capital programs	11,296	103
Amounts accrued for non-reimbursable capital expenditures	$ 20,433	$ 13,200

INCOME TAXES

6 Months Ended

Jun. 30, 2023

INCOME TAXES

INCOME TAXES

11. INCOME TAXES

The Company’s effective tax rate for the three months ended June 30, 2023 and 2022 was 88.5% and 75.2 % respectively.

The Company recorded an income tax benefit of $5.1 million in relation to a pretax loss of $5.7 million for the three months ended June 30, 2023. The effective tax rate for the three months ended June 30, 2023 was primarily impacted by the following items (i) the mix of income generated among the jurisdictions in which the Company operates, (ii) net expense related to valuation allowances placed on certain deferred tax assets that are not expected to be realizable based on the weight of positive and negative evidence and (iii) discrete items including a $4.0 million benefit from the reversal of an unrecognized tax position due to a statute of limitations expiration and a $0.7 million expense for interest on unrecognized tax positions.

The Company recorded an income tax benefit of $4.0 million in relation to a pretax loss of $5.3 million for the three months ended June 30, 2022. The effective tax rate for the three months ended June 30, 2022 was primarily impacted by the following items (i) the mix of income generated among the jurisdictions in which the Company operates and (ii) discrete items including a $3.3 million benefit from the reversal of an unrecognized tax position due to a statute of limitations expiration and a $0.3 million expense for interest on unrecognized tax positions.

The Company’s effective tax rate for the six months ended June 30, 2023 and 2022 was 43.0% and 23.8%, respectively.

The Company recorded an income tax benefit of $5.8 million in relation to a pretax loss of $13.5 million for the six months ended June 30, 2023. The effective tax rate for the six months ended June 30, 2023 was primarily impacted by the following items (i) the mix of income generated among the jurisdictions in which the Company operates, (ii) net expense related to valuation allowances placed on certain deferred tax assets that are not expected to be realizable based on the weight of positive and negative evidence and (iii) discrete items including a $4.0 million benefit from the reversal of an unrecognized tax position due to a statute of limitations expiration, and a $1.3 million expense for interest on unrecognized tax positions.

The Company recorded an income tax benefit of $1.0 million in relation to a pretax loss of $4.3 million for the six months ended June 30, 2022. The effective tax rate for the six months ended June 30, 2022 was primarily impacted by the following items (i) the mix of income generated among the jurisdictions in which the Company operates, (ii) a $2.1 million net expense recognized discretely to record a valuation allowance on certain deferred tax assets that are not expected to be realizable based on the weight of positive and negative evidence and (iii) discrete items including a $3.3 million benefit from the reversal of an unrecognized tax position due to a statute of limitations expiration, and a $0.8 million expense for interest on unrecognized tax positions.

The Company’s effective tax rate is based upon estimated income before provision for income taxes for the year, composition of the income in different countries, and adjustments, if any, in the applicable quarterly periods for potential tax consequences, benefits and/or resolutions of tax contingencies. The Company’s consolidated tax rate will continue to be impacted by any transactional or one-time items in the future and the mix of income in any given year generated among the jurisdictions in which the Company operates. While the Company believes it has adequately provided for all tax positions, amounts asserted by taxing authorities could materially differ from the Company’s accrued positions as a result of uncertain and complex applications of tax law and regulations. Additionally, the recognition and measurement of certain tax benefits include estimates and judgments by management. Accordingly, the Company could record additional provisions or benefits for US federal, state, and foreign tax matters in future periods as new information becomes available.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 21
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 17
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS (Tables)

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

Schedule of computation of basic and diluted earnings per share

The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to ATN International, Inc. stockholders- Basic		767		(525)		(5,118)		(1,471)
Less: Preferred dividends		(1,260)		(1,154)		(2,306)		(2,270)
Net Loss attributable to ATN International, Inc. common stockholders- Diluted	$	(493)	$	(1,679)	$	(7,424)	$	(3,741)

Denominator:
Weighted-average shares outstanding- Basic		15,719		15,749		15,726		15,736
Weighted-average shares outstanding- Diluted		15,719		15,749		15,726		15,736

Schedule of rollforward activity related to the Company's redeemable noncontrolling interests

The following table provides a roll forward of the activity related to the Company’s redeemable noncontrolling interests for the six months ended June 30, 2023 and 2022:


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2022	$	55,152	$	37,317	$	92,469
Accrued preferred dividend		2,306		—		2,306
Allocated net loss		—		(6,170)		(6,170)
Change in fair value		—		5,879		5,879
Balance, June 30, 2023	$	57,458	$	37,026	$	94,484


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2021	$	50,296	$	22,640	$	72,936
Accrued preferred dividend		2,270		—		2,270
Allocated net loss		—		(1,678)		(1,678)
Change in fair value		—		1,678		1,678
Balance, June 30, 2022	$	52,566	$	22,640	$	75,206

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment reporting
Number of reportable segments \| segment			2
Revenue
Revenue	$ 186,441	$ 179,497	$ 372,214	$ 351,517
Depreciation and amortization	36,217	33,817	72,621	67,109
Amortization of intangibles from acquisitions	3,144	3,250	6,391	6,508
Non-cash stock-based compensation	2,739	2,568	4,517	4,028
Operating income (loss)	2,440	1,722	3,074	1,833
Segment Assets
Cash, cash equivalents, and restricted cash	67,222	72,160	67,222	72,160	$ 59,728	$ 80,697
Total current assets	248,096		248,096		229,688
Fixed assets, net	1,063,464		1,063,464		1,055,954
Goodwill	40,104		40,104		40,104
Total assets	1,729,969		1,729,969		1,707,869
Total current liabilities	240,842		240,842		233,180
Total debt	528,598		528,598		467,248
Capital Expenditures
Capital expenditures			96,437	75,098
Communication services
Revenue
Revenue	181,576	171,795	362,883	338,338
Mobility
Revenue
Revenue	27,833	26,804	55,099	52,220
Mobility - Business
Revenue
Revenue	3,621	3,976	7,369	7,965
Mobility - Consumer
Revenue
Revenue	24,212	22,828	47,730	44,255
Fixed
Revenue
Revenue	117,776	109,381	235,567	213,843
Fixed - Business
Revenue
Revenue	52,709	48,862	106,141	93,261
Fixed - Consumer
Revenue
Revenue	65,067	60,519	129,426	120,582
Carrier services
Revenue
Revenue	35,455	35,174	71,230	71,565
Other communication services
Revenue
Revenue	512	436	987	710
Construction.
Revenue
Revenue	1,020	3,297	1,610	5,283
Other revenue
Revenue
Revenue	3,845	4,405	7,721	7,896
Managed Services
Revenue
Revenue	3,845	4,405	7,721	7,896
Corporate and Other
Revenue
Depreciation and amortization	681	980	1,412	1,933
Non-cash stock-based compensation	2,621	2,433	4,255	3,743
Operating income (loss)	(9,718)	(9,643)	(18,566)	(16,703)
Segment Assets
Cash, cash equivalents, and restricted cash	8,457		8,457		6,935
Total current assets	10,035		10,035		8,326
Fixed assets, net	6,083		6,083		7,538
Total assets	85,787		85,787		83,662
Total current liabilities	28,276		28,276		26,687
Total debt	138,000		138,000		99,000
Capital Expenditures
Capital expenditures				424
International Telecom \| Operating segments
Revenue
Revenue	91,981	88,406	182,389	175,191
Depreciation and amortization	14,106	15,074	28,292	28,971
Amortization of intangibles from acquisitions	364	394	744	812
Non-cash stock-based compensation	109	56	176	116
Operating income (loss)	14,552	11,646	28,377	23,450
Segment Assets
Cash, cash equivalents, and restricted cash	33,332		33,332		26,418
Total current assets	116,153		116,153		105,324
Fixed assets, net	472,548		472,548		462,447
Goodwill	4,835		4,835		4,835
Total assets	668,185		668,185		643,664
Total current liabilities	88,950		88,950		86,738
Total debt	63,478		63,478		59,659
Capital Expenditures
Capital expenditures			38,906	33,870
International Telecom \| Operating segments \| Communication services
Revenue
Revenue	90,856	87,160	179,944	172,769
International Telecom \| Operating segments \| Mobility
Revenue
Revenue	26,856	24,954	52,963	48,540
International Telecom \| Operating segments \| Mobility - Business
Revenue
Revenue	3,507	3,675	7,083	7,291
International Telecom \| Operating segments \| Mobility - Consumer
Revenue
Revenue	23,349	21,279	45,880	41,249
International Telecom \| Operating segments \| Fixed
Revenue
Revenue	59,673	58,349	118,563	116,696
International Telecom \| Operating segments \| Fixed - Business
Revenue
Revenue	17,214	16,996	34,327	34,250
International Telecom \| Operating segments \| Fixed - Consumer
Revenue
Revenue	42,459	41,353	84,236	82,446
International Telecom \| Operating segments \| Carrier services
Revenue
Revenue	3,879	3,421	7,570	6,823
International Telecom \| Operating segments \| Other communication services
Revenue
Revenue	448	436	848	710
International Telecom \| Operating segments \| Other revenue
Revenue
Revenue	1,125	1,246	2,445	2,422
International Telecom \| Operating segments \| Managed Services
Revenue
Revenue	1,125	1,246	2,445	2,422
US Telecom \| Operating segments
Revenue
Revenue	94,460	91,091	189,825	176,326
Depreciation and amortization	21,430	17,763	42,917	36,205
Amortization of intangibles from acquisitions	2,780	2,856	5,647	5,696
Non-cash stock-based compensation	9	79	86	169
Operating income (loss)	(2,394)	(281)	(6,737)	(4,914)
Segment Assets
Cash, cash equivalents, and restricted cash	25,433		25,433		26,375
Total current assets	121,908		121,908		116,038
Fixed assets, net	584,833		584,833		585,969
Goodwill	35,269		35,269		35,269
Total assets	975,997		975,997		980,543
Total current liabilities	123,616		123,616		119,755
Total debt	327,120		327,120		$ 308,589
Capital Expenditures
Capital expenditures			57,531	40,804
US Telecom \| Operating segments \| Communication services
Revenue
Revenue	90,720	84,635	182,939	165,569
US Telecom \| Operating segments \| Mobility
Revenue
Revenue	977	1,850	2,136	3,680
US Telecom \| Operating segments \| Mobility - Business
Revenue
Revenue	114	301	286	674
US Telecom \| Operating segments \| Mobility - Consumer
Revenue
Revenue	863	1,549	1,850	3,006
US Telecom \| Operating segments \| Fixed
Revenue
Revenue	58,103	51,032	117,004	97,147
US Telecom \| Operating segments \| Fixed - Business
Revenue
Revenue	35,495	31,866	71,814	59,011
US Telecom \| Operating segments \| Fixed - Consumer
Revenue
Revenue	22,608	19,166	45,190	38,136
US Telecom \| Operating segments \| Carrier services
Revenue
Revenue	31,576	31,753	63,660	64,742
US Telecom \| Operating segments \| Other communication services
Revenue
Revenue	64		139
US Telecom \| Operating segments \| Construction.
Revenue
Revenue	1,020	3,297	1,610	5,283
US Telecom \| Operating segments \| Other revenue
Revenue
Revenue	2,720	3,159	5,276	5,474
US Telecom \| Operating segments \| Managed Services
Revenue
Revenue	$ 2,720	$ 3,159	$ 5,276	$ 5,474

GOVERNMENT SUPPORT AND SPECTRUM MATTERS

6 Months Ended

Jun. 30, 2023

GOVERNMENT SUPPORT AND SPECTRUM MATTERS

GOVERNMENT SUPPORT AND SPECTRUM MATTERS

9. GOVERNMENT SUPPORT AND SPECTRUM MATTERS

Universal Service Fund and Connect America Fund Phase II Programs

The Company recognizes revenue from several government funded programs including the Universal Service Fund (“USF”), a subsidy program managed by the Federal Communications Commission (“FCC”), the Alaska Universal Service Fund (“AUSF”), a similar program managed by the Regulatory Commission of Alaska (the “RCA”), and the Emergency Connectivity Fund (“ECF”), a program to help schools and libraries support remote learning in underserved communities. USF funds are disbursed to telecommunication providers through four programs: the High Cost Program; the Low Income Program (“Lifeline Program”); the Schools and Libraries Program (“E-Rate Program”); and the Rural Health Care Support Program.

The Company also recognizes revenue from the Connect America Fund Phase II program (“CAF II”) which offers subsidies to carriers to expand broadband coverage in designated areas. Under CAF II, the Company’s US Telecom segment will receive an aggregate of $27.7 million annually through December 2025 and an aggregate of $8.0 million annually from January 2026 through July 2028.

All of the programs are subject to certain operational and reporting compliance requirements. The Company believes it is in compliance with these requirements as of June 30, 2023. Revenue recognized from the USF and CAFII programs is recognized as revenue from government grants. Revenue from other programs is recognized in accordance with ASC 606.

RDOF (“Rural Digital Opportunities Fund”)

The Company expects to receive approximately $22.7 million over 10 years to provide broadband and voice coverage to over 10,000 households in the United States (not including Alaska) under the 2020 Rural Digital Opportunity

Fund Phase I Auction (“RDOF”). Revenue recognized from the RDOF program is recognized as revenue from government grants.

The Company recorded the amounts below as communication services revenue for the reported periods:


	Three months ended						Three months ended
	June 30, 2023						June 30, 2022

	US Telecom		International Telecom		Total		US Telecom		International Telecom		Total

High cost support	$	2,222	$	1,397	$	3,619	$	989	$	2,761	$	3,750
CAF II		6,815		—		6,815		6,822		—		6,822
RDOF		608		—		608		478		—		478
Other Programs		14,368		5		14,373		6,167		22		6,189
Total	$	24,013	$	1,402	$	25,415	$	14,456	$	2,783	$	17,239


	Six months ended						Six months ended
	June 30, 2023						June 30, 2022

	US Telecom		International Telecom		Total		US Telecom		International Telecom		Total

High cost support	$	4,716	$	2,795	$	7,511	$	2,045	$	5,522	$	7,567
CAF II		13,630		—		13,630		13,644		—		13,644
RDOF		1,216		—		1,216		956		—		956
Other Programs		30,028		9		30,037		11,228		37		11,265
Total	$	49,590	$	2,804	$	52,394	$	27,873	$	5,559	$	33,432

In 2018, the FCC initiated a proceeding to replace the High Cost Program support received by Viya in the US Virgin Islands with a new Connect USVI Fund. On November 16, 2020, the FCC announced that Viya was not the recipient of the Connect USVI Fund award and authorized funding to be issued to the new awardee in June 2021. Pursuant to the terms of the program and effective in July 2021, Viya’s annual USF support was reduced from $16.4 million to $10.9 million. In July 2022, this support was reduced to $5.5 million for the annual period through June 2023. In April of 2023, the FCC issued an order extending the high cost support in the US Virgin Islands at the current $5.5 million per year received from July 2023 through December 31, 2025. In connection with this order, the FCC requires that the Company maintain its current footprint for voice and broadband services in the US Virgin Islands.

Construction Grants

The Company has also been awarded construction grants to build network connectivity for eligible communities. The funding of these grants, used to reimburse the Company for its construction costs, is distributed upon completion of a project. Completion deadlines begin in September 2023 and once these projects are constructed, the Company is obligated to provide service to the participants. The Company expects to meet all requirements associated with these grants, with the exception of grants the Company has transferred to third parties, as described below. A roll forward of the Company’s grant awards is below (in thousands).


	Amount
Grants awarded, December 31, 2022	$	80,197
New grants		38,824
Construction complete		(5,075)
Transferred grants		(6,269)
Grants awarded, June 30, 2023	$	107,677

In addition, the Company partners with tribal governments to obtain grants under the Tribal Broadband Connectivity Program ("TBCP"). The TBCP is a program administered by the National Telecommunications and Information Administration to deploy broadband connectivity on tribal lands. The Company was identified as a sub recipient of TBCP grants totaling $139.0 million as of June 30, 2023.

Replace and Remove Program

On July 15, 2022, the Company was notified that it was an approved participant in the Federal Communication Commission’s Secure and Trusted Communications Networks Reimbursement Program (the “Replace and Remove Program”), designed to reimburse providers of communications services for reasonable costs incurred in the required removal, replacement, and disposal of covered communications equipment or services, that have been deemed to pose a national security risk, from their networks. Pursuant to the Replace and Remove Program, the Company was allocated up to approximately $207 million in reimbursement amounts to cover documented and approved costs to remove and securely destroy all ZTE communications equipment and services in its U.S. networks and replace such equipment. The Replace and Remove Program requires that the Company complete the project no later than one year from submitting its initial reimbursement request, or July 2024. At this time, the Company anticipates that it will be able to meet the deadlines and requirements of the program. At June 30, 2023, the Company established a receivable, included in accounts receivable on the balance sheet, for $21.0 million of costs for which it expects to be reimbursed under the program.

BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Non-controlling interest income tax expense (benefit)	$ (0.7)	$ 0.0	$ (1.2)	$ (0.5)

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

15. SUBSEQUENT EVENTS

See Footnote 8 for a discussion of the Company’s new 2023 CoBank Credit Facility which the Company entered into on July 13, 2023.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 09, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	001-12593
Entity Registrant Name	ATN INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0728886
Entity Address, Address Line One	500 Cummings Center
Entity Address, Address Line Two	Suite 2450
Entity Address, City or Town	Beverly
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01915
City Area Code	978
Local Phone Number	619-1300
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ATNI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,601,801
Entity Central Index Key	0000879585
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances (in dollars)	$ 15.9	$ 15.2
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	17,702,476	17,584,057
Common stock, shares outstanding	15,664,063	15,763,341
Treasury stock, shares	2,038,413	1,820,716

GOVERNMENT SUPPORT AND SPECTRUM MATTERS (Tables)

6 Months Ended

Jun. 30, 2023

Disaggregation of Revenue [Line Items]

Summary of revenues


	Three months ended				Six months ended
		June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Services transferred over time
US Telecom	$	80,330	$	72,201	$	161,403	$	144,491
International Telecom		86,730		82,479		172,409		163,781
Total		167,060		154,680		333,812		308,272
Goods and services transferred at a point in time
US Telecom		2,597		8,702		5,144		12,300
International Telecom		3,781		3,165		7,040		5,888
Total		6,378		11,867		12,184		18,188
Total revenue accounted for under ASC 606	$	173,438	$	166,547	$	345,996	$	326,460

Network Connectivity for Eligible Communities

Disaggregation of Revenue [Line Items]

Schedule of grant funds


	Amount
Grants awarded, December 31, 2022	$	80,197
New grants		38,824
Construction complete		(5,075)
Transferred grants		(6,269)
Grants awarded, June 30, 2023	$	107,677

Communication services

Disaggregation of Revenue [Line Items]

Summary of revenues


	Three months ended						Three months ended
	June 30, 2023						June 30, 2022

	US Telecom		International Telecom		Total		US Telecom		International Telecom		Total

High cost support	$	2,222	$	1,397	$	3,619	$	989	$	2,761	$	3,750
CAF II		6,815		—		6,815		6,822		—		6,822
RDOF		608		—		608		478		—		478
Other Programs		14,368		5		14,373		6,167		22		6,189
Total	$	24,013	$	1,402	$	25,415	$	14,456	$	2,783	$	17,239


	Six months ended						Six months ended
	June 30, 2023						June 30, 2022

	US Telecom		International Telecom		Total		US Telecom		International Telecom		Total

High cost support	$	4,716	$	2,795	$	7,511	$	2,045	$	5,522	$	7,567
CAF II		13,630		—		13,630		13,644		—		13,644
RDOF		1,216		—		1,216		956		—		956
Other Programs		30,028		9		30,037		11,228		37		11,265
Total	$	49,590	$	2,804	$	52,394	$	27,873	$	5,559	$	33,432

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LEASES - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
2023 (excluding the six months ended June 30, 2023)	$ 11,716		$ 11,716
Year 1	18,425		18,425		$ 19,417
Year 2	15,101		15,101		17,836
Year 3	10,933		10,933		14,805
Year 4	8,736		8,736		10,505
Year 5					8,096
Thereafter	84,450		84,450
Thereafter					76,452
Total lease payments	149,361		149,361		147,111
Less imputed interest	(58,470)		(58,470)		(53,794)
Total	$ 90,891		$ 90,891		$ 93,317
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Lease Liability, Current, Lease Liability, Noncurrent		Lease Liability, Current, Lease Liability, Noncurrent		Lease Liability, Current, Lease Liability, Noncurrent
Finance lease liability
2023 (excluding the six months ended June 30, 2023)	$ 1,474		$ 1,474
Year 1	2,128		2,128		$ 1,403
Year 2	1,020		1,020		1,342
Year 3	550		550		978
Year 4	511		511		504
Year 5					495
Thereafter					2,651
Thereafter	2,651		2,651
Total lease payments	8,334		8,334		7,373
Less imputed interest	(1,858)		(1,858)		(1,914)
Total	$ 6,476		$ 6,476		$ 5,459
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Lease Liability, Current, Lease Liability, Noncurrent		Lease Liability, Current, Lease Liability, Noncurrent		Lease Liability, Current, Lease Liability, Noncurrent
Maturities of future undiscounted lease payments
2023 (excluding the six months ended June 30, 2023)	$ 3,110		$ 3,110
2024	5,917		5,917
2025	5,733		5,733
2026	5,419		5,419
2027	4,270		4,270
Thereafter	14,394		14,394
Total future lease payments	38,843		38,843
Network asset
Finance lease liability
Lease income	$ 2,000	$ 1,900	$ 3,900	$ 2,900

FAIR VALUE MEASUREMENTS AND INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Fair value measurements
Long-term debt	$ 528.6	$ 467.2
Level 2 \| Total
Fair value measurements
Long-term debt	$ 534.3	$ 473.7

FAIR VALUE MEASUREMENTS AND INVESTMENTS

6 Months Ended

Jun. 30, 2023

FAIR VALUE MEASUREMENTS AND INVESTMENTS

FAIR VALUE MEASUREMENTS AND INVESTMENTS

7. FAIR VALUE MEASUREMENTS AND INVESTMENTS

In accordance with the provisions of fair value accounting, a fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability, and defines fair value based upon an exit price model.

The fair value measurement guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:


Level 1		Quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset and liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 assets and liabilities include money market funds, debt and equity securities and derivative contracts that are traded in an active exchange market.

Level 2		Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes corporate obligations and non-exchange traded derivative contracts.

Level 3		Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments and intangible assets that have been impaired whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Assets and liabilities of the Company measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):


	June 30, 2023
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,386		1,386
Alaska Communications redeemable common units		—		(22,266)		(22,266)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(654)		(654)
Total assets and liabilities measured at fair value	$	300	$	(36,294)	$	(35,994)


	December 31, 2022
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,616		1,616
Alaska Communications redeemable common units		—		(22,557)		(22,557)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(654)		(654)
Total assets and liabilities measured at fair value	$	300	$	(36,355)	$	(36,055)

Other Investments

The Company holds investments in equity securities consisting of noncontrolling investments in privately held companies. The investments are accounted for using equity method accounting, the measurement alternative for investments without a readily determinable fair value, or fair value. The fair value investments are valued using level 3 inputs and the Company used the income approach to fair value the investment. The inputs consisted of a discount rate and future cash flows calculated based on the investment attributes. A roll forward of the investments is below:




	Investments without a readily determinable fair value		Fair value investments		Equity investments		Total
Balance, December 31, 2022	$	22,590	$	1,616	$	13,963	$	38,169
Income recognized		1,786		130		585		2,501
Contributions		425		(360)		630		695
Foreign currency gain		—		—		229		229
Balance, June 30, 2023	$	24,801	$	1,386	$	15,407	$	41,594

Balance, December 31, 2021	$	17,820	$	1,925	$	28,699	$	48,444
Income (loss) recognized		—		205		(1,645)		(1,440)
Contributions / (distributions)		—		(169)		1,400		1,231
Foreign currency loss		—		—		(1,423)		(1,423)
Gain recognized		4,770		—		—		4,770
Balance, June 30, 2022	$	22,590	$	1,961	$	27,031	$	51,582

These investments are included with other assets on the consolidated balance sheets.

Redeemable Common Units and Warrants

The Company has issued redeemable common units, and warrants to purchase additional common units, in consolidated subsidiaries of the Company. The instruments are redeemable at the option of the holder. Both the common units and warrants to purchase common units are recorded at fair value in the Company’s financial statements. The common units are recorded in redeemable noncontrolling interest and the warrants are recorded in other liabilities on the Company’s balance sheets. The put options for the Alloy redeemable common units begin in 2026. The put options for the Alaska Communications redeemable common units begin the earlier of a public offering or 2028. The Company calculates the fair value of the instruments using a market approach with Level 3 inputs.

Other Fair Value Disclosures

The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses approximate their fair values because of the relatively short-term maturities of these financial instruments.

The fair value of long-term debt is estimated using Level 2 inputs. At June 30, 2023, the fair value of long-term debt, including the current portion, was $534.3 million and its book value was $528.6 million. At December 31, 2022, the fair value of long-term debt, including the current portion, was $473.7 million and its book value was $467.2 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details