Atn International, Inc. · NASDAQ:ATNI
Atn International — Q1 2024 Earnings Presentation
22 slides from Atn International's earnings presentation, Apr 25, 2024
Slide 1: Q1 2024 Earnings Call
Nasdaq: ATNI Q1 2024 Earnings Call April 25, 2024
Slide 2: A Message from ATN's Leadership
A Message from ATN’s Leadership “The ATN team continues to execute on our First-to-Fiber and Glass & Steel strategies to expand our fiber-rich digital infrastructure and next generation fixed wireless capabilities. While we saw growth in our operational metrics year-over-year, our first quarter fina
Slide 3: Our Investment Strategy is Yielding Growth Across Key Metrics
Our Investment Strategy is Yielding Growth Across Key Metrics Q1 2024 Operational Metrics Key Performance Indicators >11,692 >789k 214k >137k >404k Fiber Broadband Broadband HSD International Mobile Route Miles Homes Passed Customers Customers Subscribers +5% YOY +7% YOY Flat YOY +12% YOY +5% YOY No
Slide 4: Q1 Total Revenues up 1% and Adjusted EBITDA down -3% YoY
Q1 Total Revenues up 1% and Adjusted EBITDA1 down -3% YoY International Telecom +3% Revenue and +3% Adj. EBITDA2 Strong HSD subscriber growth (+12% YoY) and pricing power drove increased fixed broadband Q1 ‘24 Revenue Q1 ‘24 Adj. EBITDA revenues (+4% YoY) Solid (+5% YoY) mobile subscriber growth
Slide 5: Q1 Revenue, Operating Income, EBITDA, & Adjusted EBITDA
Q1 Revenue, Operating Income, EBITDA2, & Adjusted EBITDA1 Revenue Operating Income EBITDA2 Adjusted EBITDA1 +1% $186 $187 +2% -3% $40 $41 $45 $44 +619% $0.6 $4.6 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 (Figures shown in millions) Note: Q1 FY24 Operating Income and EBITDA2 wer
Slide 6: Q1 Revenue & Adjusted EBITDA by Segment
Q1 Revenue & Adjusted EBITDA1 by Segment (Figures shown in millions) US Telecom International Telecom Revenue Adjusted EBITDA1 Revenue Adjusted EBITDA1 +3% -2% $90 $93 $95 $94 +3% -9% $28 $29 $23 $21 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 6
Slide 7: Strong Balance Sheet Supports Fiber-driven Growth CapEx
Strong Balance Sheet Supports Fiber-driven Growth CapEx We are well-capitalized and committed to managing debt levels and expanding operating cash flow $69M $109M $36M Cash Position Undrawn Revolver Capacity Q1 ’24 CapEx $541M Net Debt Ratio4 - 2.5x Debt Position • As of March 31, 2024. • Debt posit
Slide 8: ATN International – 2024 Outlook
ATN International – 2024 Outlook Updated 4/24/2024 Full Year 2024 Guidance3 Current Prior Revenue $730M to $750M $750M to $770M Adjusted EBITDA1 $190M to $200M $200M to $208M CapEx $100M to $110M $110M to $120M Net Debt Ratio3 2.25x to 2.50x exiting 2024 2.25x to 2.40x exiting 2024 3 For the Company
Slide 9: 2024 Strategic Priorities
2024 Strategic Priorities Advance efforts to close incremental opportunities that leverage ATN’s 1 expanded and upgraded network Grow high-speed network subscriber base and further expand ATN’s 2 fiber footprint with targeted projects albeit at a slower rate Leverage grants won and pursue additional
Slide 10: About ATN International
About ATN International
Slide 11: Our Mission: To digitally empower people and communities
Our Mission: To digitally empower people and communities so that they can connect with the world and prosper
Slide 12: ATN At-A-Glance
ATN At-A-Glance ~ $1 Billion FY23 Revenue: F Y 2 3 Ad j u s t e d Enterprise Value $762M E B I T D A 1 : $189M 2,400 ~32% 35+ years Leading Provider Employees Insider Ownership Operating Experience of Critical Communications Infrastructure & Services in Rural and Remote I N T E R N AT I O N AL ( ~ 4
Slide 13: Our Core Capabilities Drive Sustainable Competitive Advantages
Our Core Capabilities Drive Sustainable Competitive Advantages Targeting Underbuilt Deeply Localized Aligned with Market Segments Operations Growth Trends Focus on market segments • Global digital transformation Strong local management with high unmet demand for • Growing need for reliable connectiv
Slide 14: Positioning ATN to Accelerate Free Cash Flow Generation
Completing 3-Year Investment Plan to Expand High-Speed Network Reach: Positioning ATN to Accelerate Free Cash Flow Generation Glass & SteelTM Strategy Build & own advanced digital infrastructure. • Adapt to meet customer connectivity needs 3-Year • Capitalize on available government programs Buildin
Slide 15: Thank You
Thank You IR Website: ir.atni.com IR Email: ir@atni.com 15
Slide 16: Footnotes
Footnotes 1. See Table 5 for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure. 2. See Table 5 for reconciliation of Operating Income to EBITDA, a non-GAAP measure. 3. For the Company’s full year 2024 outlook dated 4/24/24 for Adjusted EBITDA, Net Debt and Net Debt Ratio, the
Slide 17: Operating Results (in Thousands)
Operating Results (in Thousands) For Three Months Ended March 31, 2024 and 2023 2024 2023 2024 2023 2024 2023 2024 2023 International International US US Other* Other* Total Total Telecom Telecom Telecom Telecom Other* Other* ATN ATN Total Revenue: $ 93,059 $ 90,408 $ 93,735 $ 95,366 $ - $ - $ 186,7
Slide 18: Operating Metrics
Operating Metrics Operating Metrics 2024 2023 2023 2023 2023 Q1 2024 Q1 Q4 Q3 Q2 Q1 vs. Q1 2023 Broadband Homes Passed 789,700 768,900 746,600 746,800 736,300 7% Broadband Homes Passed by HSD* 386,300 367,200 333,500 330,500 301,600 28% Broadband Customers 214,000 214,400 213,900 215,500 213,900 0%
Slide 19: Unaudited Condensed Consolidated Statements of Operations and Balance Sheets
Table 2 Table 1 ATN International, Inc. ATN International, Inc. Unaudited Condensed Consolidated Statements of Operations Unaudited Condensed Consolidated Balance Sheets (in Thousands, Except per Share Data) (in Thousands) Three Months Ended, March 31, December 31, March 31, 2024 2023 2024 2023 Asse
Slide 20: Cash Flow Statements and Selected Segment Financial Information
Table 3 Table 4 ATN International, Inc. ATN International, Inc. Unaudited Condensed Consolidated Cash Flow Statements Selected Segment Financial Information (in Thousands) (In Thousands) For the three months ended March 31, 2024 is as follows: Three Months Ended March 31, 2024 2023 International Cor
Slide 21: Selected Segment Financial Information (continued)
Table 4 (continued) ATN International, Inc. Selected Segment Financial Information (In Thousands) For the three months ended March 31, 2023 is as follows: International Corporate and Telecom US Telecom Other * Total Statement of Operations Data: Revenue Mobility Business $ 3,575 $ 172 $ - $ 3,747 Co
Slide 22: Reconciliation of Non-GAAP Measures
Table 5 Table 6 ATN International, Inc. Reconciliation of Non-GAAP Measures (In Thousands) ATN International, Inc. Non GAAP Measure - Net Debt Ratio For the three months ended March 31, 2024 is as follows: (in Thousands) International Corporate and Telecom US Telecom Other * Total March 31, December