Fourth Quarter and Full Year 2024 Financial Highlights

Grew total high-speed subscribers by 3%Expanded high-speed broadband homes passed by 16%Fourth-quarter revenues declined 9% to $180.5 million year over year; Full-year revenues declined 4% to $729.1 million, impacted by the conclusion of the Emergency Connectivity Fund (ECF) programFourth quarter operating income increased to $8.7 million year over year; Full year operating income decreased to a loss of $0.8 millionFourth quarter net income was $3.6 million, or $0.14 per diluted share, including an $8.9 million tax benefit; Full-year net loss was $(26.4) million, or $(2.10) per share, including a goodwill impairment charge of $35.3 million taken in the third quarterFourth quarter Adjusted EBITDA1 decreased 9% year over year to $46.2 million; Full-year Adjusted EBITDA1 decreased 3% to $184.1 millionNet cash provided by operating activities expanded 16% year-over-yearCapital expenditures for the full year were $110.4 million (net of $108.5 million reimbursements)Net Debt Ratio3 was 2.54x at year-end 2024

2025 Outlook

Revenue for the full year 2025 is expected to be in line with last year, excluding construction revenueAdjusted EBITDA2 for the full year 2025 is expected to be essentially flat with the prior yearCapital expenditures for the full year 2025 are expected to be in the range of $90 to $100 million (net of reimbursements)Net Debt Ratio3 is expected to remain flat, with a slight potential improvement exiting 2025 compared with 2024

Earnings Conference Call

Wednesday, March 5, 2025, at 10:00 a.m. ET; web participant link:
https://edge.media-server.com/mmc/p/93i8ymna

BEVERLY, Mass., March  04, 2025  (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the fourth quarter and year ended December 31, 2024.

Remarks by Brad Martin, ATN Chief Executive Officer

"Our fourth quarter results close out a year of resilience and adaptability as we navigated an evolving industry landscape while remaining focused on disciplined execution. Despite full-year revenue declining 4% to $729.1 million, we continued to grow our high-speed broadband subscriber base and expand our fiber network reach. Our commitment to cost discipline, prudent working capital management, and targeted capital investments enabled us to generate a 16% increase in net cash flow from operations versus 2023 and deliver Adjusted EBITDA of $184.1 million for the year.

"Within our segments, International Telecom maintained solid momentum, driven by strong demand for high-speed broadband services and operational improvements. Meanwhile, in our US Telecom segment, we made strategic progress in expanding and upgrading our networks, strengthening our market positioning for long-term growth. We faced near-term headwinds from the expiration of subsidy programs and shifts in consumer demand. However, we remain focused on transitioning our domestic business toward sustainable revenue streams, driven by enterprise and carrier solutions.”

Fourth Quarter and Full Year 2024 Financial Results

Consolidated revenues were $180.5 million in the fourth quarter, down 9% versus $199.0 million in the year-ago quarter. This decrease primarily reflects the revenue decline in the US Telecom segment due to the impact of the end of the Emergency Connectivity Fund (ECF) and Affordable Care Program (ACP), as well as lower legacy wholesale roaming and consumer mobile revenue consistent with the strategy of de-emphasizing those services. Full-year revenues for 2024 decreased 4% to $729.1 million, from $762.2 million in the full year 2023, as a result of the aforementioned factors.

Operating income was $8.7 million in the fourth quarter versus $3.3 million in the year-ago quarter. The year-over-year increase was primarily due to lower restructuring and reorganization expenses, and a decrease in cost of services partially offset by the impact of lower revenue. Full-year operating loss for 2024 was ($0.8) million, inclusive of a $35.3 million goodwill impairment charge during the year, versus a full year operating income of $13.2 million in the prior year.

Net income attributable to ATN stockholders in the fourth quarter of 2024 was $3.6 million, or $0.14 income per diluted share versus a net loss attributable to ATN stockholders of $(5.8) million, or $(0.46) loss per share, in the year-ago quarter. The increase in net income year-over-year was primarily due to a $8.9 million income tax benefit. Full year 2024 net loss was $(26.4) million, or $(2.10) loss per share compared with a net loss of $(14.5) million, or $(1.25) loss per share last year. The increase in full year net loss reflects the goodwill impairment of $35.3 million taken in the third quarter partially offset by $13.3 million in gains on the disposition of assets and transfers. In all periods, the loss per share calculation includes the impact of preferred dividends, accrued on minority interests on subsidiary equity, that are not included in the net loss calculation.

Adjusted EBITDA1 was $46.2 million in the fourth quarter of 2024, down from $51.0 million in the year-ago quarter. Full-year 2024 Adjusted EBITDA1 was $184.1 million, down from $189.5 million in the prior year.

Segment Operating Results (in Thousands)

The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other.

For Three Months Ended December 31, 2024 and 2023  2024  2023  2024  2023  2024  2023  2024  2023  InternationalInternationalUSUSCorporateCorporateTotalTotal TelecomTelecomTelecomTelecomand Other*and Other*ATNATNTotal Revenue:$ 94,766 $ 94,467 $ 85,782 $ 104,499 $ - $ - $ 180,548 $ 198,966  Mobility 27,544  27,733  459  956  -  -  28,003  28,689  Fixed 60,870  60,622  50,808  58,258  -  -  111,678  118,880  Carrier Services 3,244  3,675  30,022  32,216  -  -  33,266  35,891  Construction -  -  1,291  6,982  -  -  1,291  6,982  All other 3,108  2,437  3,202  6,087  -  -  6,310  8,524  Operating Income (Loss)$18,830 $12,244 $(1,591)$(1,803)$(8,565)$(7,177)$8,674 $3,264 EBITDA (2)$31,975 $27,287 $18,091 $20,329 $(8,262)$(6,594)$41,804 $41,022 Adjusted EBITDA (1)$32,343 $30,868 $19,515 $27,489 $(5,632)$(7,341)$46,226 $51,016 Capital Expenditures**$15,418 $18,720 $9,281 $17,894 $4 $42 $24,703 $36,656   For the Year Ended December 31, 2024 and 2023  2024  2023  2024  2023  2024  2023  2024  2023  InternationalInternationalUSUSCorporateCorporateTotalTotal TelecomTelecomTelecomTelecomand Other*and Other*ATNATNTotal Revenue:$ 377,463 $ 370,733 $ 351,612 $ 391,483 $ - $ - $ 729,075 $ 762,216  Mobility 107,201  108,486  2,771  4,037  -  -  109,972  112,523  Fixed 246,165  239,168  212,199  233,605  -  -  458,364  472,773  Carrier Services 13,724  14,686  119,561  128,195  -  -  133,285  142,881  Construction -  -  3,900  10,629  -  -  3,900  10,629  All other 10,373  8,393  13,181  15,017  -  -  23,554  23,410  Operating Income (Loss)$75,773 $53,420 $(44,443)$(5,522)$(32,125)$(34,723)$(795)$13,175 EBITDA (2)$140,487 $112,093 $36,453 $87,455 $(31,492)$(32,110)$145,448 $167,438 Adjusted EBITDA (1)$127,151 $115,955 $79,828 $99,933 $(22,895)$(26,437)$184,084 $189,451 Capital Expenditures**$56,693 $76,379 $53,652 $86,918 $29 $- $110,374 $163,297

* Corporate and Other refer to corporate overhead expenses and consolidating adjustments.
**Excludes government capital program amounts disbursed and amounts received.

ATN’s Strategic Plan and Key Performance Indicators

Investments to drive long-term growth and durable cash flow

The Company completed its three-year strategic plan initiated in 2022 to accelerate investments in its high-speed data footprint and grow high-speed broadband subscribers. During 2025, the Company expects to continue to invest in its long-lived assets albeit at a slower rate, while also relying on previously awarded government grants to continue to expand its domestic footprint. Moving forward, the Company is focusing on monetizing the investments made during the three-year period and improving cash flow. The Company believes these efforts will enable it to improve returns to shareholders.

Operating Metrics

Operating Metrics  20242024202420242023Q4 2024 Q4Q3Q2Q1Q4 vs. Q4 2023 High-Speed Data* Broadband Homes Passed 426,100 399,500 396,100 386,300 367,200 16%High-Speed Data* Broadband Customers140,800 141,100 140,600 138,900 137,300 3% Broadband Homes Passed 800,900 798,400 803,300 789,700 768,900 4%Broadband Customers203,200 205,900 211,400 212,500 212,900 -5% Fiber Route Miles11,921 11,901 11,880 11,692 11,655 2% International Mobile Subscribers  Pre-Paid329,300 336,400 339,000 346,400 350,700 -6% Post-Paid59,500 58,700 57,900 57,300 57,000 4% Total388,800 395,100 396,900 403,700 407,700 -5%  Blended Churn3.51%3.47%3.44%3.34%3.33%

*HSD is defined as download speeds 100 Mbps or greater and HSD Broadband Customers as subscribers connected to our high-speed networks regardless of the speed of plan selected.

Note: Data presented may differ from prior periods to reflect more accurate data and/or changes in calculation methodology and process.

Balance Sheet and Cash Flow Highlights

Total cash, cash equivalents and restricted cash as of December 31, 2024, increased to $90.5 million and total debt was $557.4 million, versus $62.2 million of cash, cash equivalents and restricted cash and $516.9 million of total debt at the end of last year.

Net cash provided by operating activities increased to $129.2 million for the year ended December 31, 2024, compared with net cash provided by operating activities of $111.6 million in the prior year period.

Capital expenditures were $110.4 million net of $108.5 million of reimbursable capital expenditures for the year ended December 31, 2024, versus $163.3 million net of $32.9 million of reimbursable capital expenditures in the prior year period.

Quarterly Dividends and Stock Repurchases

Quarterly dividends ATN paid a dividend of $0.24 per share on January 5, 2025, on all common shares outstanding to stockholders of record as of December 31, 2024.

Share repurchases. For the year ended December 31, 2024, the Company invested $10.0 million in share repurchases. No shares were repurchased in the fourth quarter of 2024.

2025 Business Outlook

"At ATN, we remain committed to maximizing the value of our investments in our “First-to-Fiber” and “Glass & Steel™” market strategies, which we launched in early 2022,” said Martin. “By aligning our capital expenditures with historical levels—targeting 10-15% of revenues—and leveraging available grant funding, we are driving sustainable network expansion while maintaining financial discipline.

"Looking ahead to 2025, our focus is on expanding cash flow to fully realize the benefits of these investments, positioning ATN for long-term growth and profitability.

"We anticipate international revenue growth in the low single digits in 2025, while domestic revenue will reflect our transition from legacy services to carrier-managed solutions. Although we expect that this shift will result in a short-term decline in domestic revenue, it is a necessary step toward strengthening our long-term competitive position.

"From a profitability standpoint, we expect International Adjusted EBITDA to expand in 2025, driven by revenue growth and continued cost optimization. Domestically, we are streamlining our infrastructure to align with future opportunities. While this transition will temporarily impact Adjusted EBITDA, we believe that it will ultimately create a stronger foundation for sustainable growth."

For Full Year 2025, ATN expects:

Revenue in line with last year, excluding construction revenueAdjusted EBITDA to be essentially flat with the prior yearCapital expenditures in the range of $90 to $100 million (net of reimbursements)Net Debt Ratio to remain flat, with a slight potential improvement exiting 2025 compared with 2024

For the Company’s full year 2025 outlook for Adjusted EBITDA and Net Debt Ratio, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a full description of items excluded from the Company’s expected Adjusted EBITDA and Net Debt Ratio.

Conference Call Information

Call Date: Wednesday, March 5, 2025
Call Time: 10:00 a.m. ET
Webcast Link:https://edge.media-server.com/mmc/p/93i8ymna

Live Call Participant Link: https://register.vevent.com/register/BI4ac03bb430dd4e72b948402c521017f0

Webcast Link Instructions
You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the "Events & Presentations" section of the Company's Investor Relations website at https://ir.atni.com/events-and-presentations. A replay of the conference call will be available at the same locations beginning at approximately 1:00 pm ET on the same day. The Company also will provide an investor presentation as a supplement to the call on the “Events & Presentations” section of its Investor Relations website.

About ATN

ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, is a leading provider of digital infrastructure and communications services for all. The Company operates in the United States and internationally, including the Caribbean region, with a focus on rural and remote markets with a growing demand for infrastructure investments. The Company’s operating subsidiaries today primarily provide: (i) advanced wireless and wireline 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; and (ii) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities. For more information, please visit www.atni.com.

Use of Non-GAAP Financial Measures and Definition of Terms

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains non-GAAP financial measures. Specifically, the Company has included EBITDA, Adjusted EBITDA, Net Debt, and Net Debt Ratio in this release and the tables included herein.

EBITDA is defined as Operating income (loss) before depreciation and amortization expense.

Adjusted EBITDA is defined as Operating income (loss) before depreciation and amortization expense, transaction-related charges, restructuring expenses, one-time impairment or special charges, and the gain (loss) on disposition of assets and transfers. To more closely align with similar calculations presented by companies in its industry, beginning in the first quarter of 2023, the Company excluded non-cash stock-based compensation in its adjustment to derive Adjusted EBITDA. Prior periods have been restated to conform to this definition change.

Net Debt is defined as total debt less cash and cash equivalents and restricted cash.

Net Debt Ratio is defined as Net Debt divided by the trailing four quarters’ ended total Adjusted EBITDA at the measurement date.

The Company believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. Management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release. While non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating the Company’s own operating results over different periods of time, the Company urges investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results of operations, expectations regarding the transition of its US Telecom business, its future revenues, operating income, cash flows, network and operating costs, Adjusted EBITDA, Net Debt Ratio, and capital investments; demand for the Company’s services and industry trends - the Company’s liquidity; the expansion of the Company’s customer base; receipt of certain government grants and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of the Company’s operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of the Company’s subscriber base and ARPU; (2) government subsidy program availability and regulation of the Company’s businesses, which may impact the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (3) the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (4) the Company’s reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to the Company’s network infrastructure; (5) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (6) the Company’s ability to realize expansion plans for its fiber markets; (7) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (8) the Company’s ability to efficiently and cost-effectively upgrade the Company’s networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (9) the Company’s continued access to capital and credit markets on terms it deems favorable; (10) the Company’s ability to successfully transition its US Telecom business away from wholesale mobility to other carrier and consumer-based services; (11) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities facing the Company’s operations, including those resulting from the continued inflation and other macroeconomic headwinds including increased costs and supply chain disruptions; (12) the Company’s ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (13) the occurrence of weather events and natural catastrophes and the Company’s ability to secure the appropriate level of insurance coverage for these assets; and (14) increased competition. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 15, 2024, and the other reports the Company files from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors that may affect such forward-looking statements, except as required by law.

Contact

Michele Satrowsky
Corporate Treasurer
ATN International, Inc.
978-619-1300 Adam Rogers
Investor Relations
Sharon Merrill Advisors, Inc.
[email protected]

Table 1ATN International, Inc.Unaudited Condensed Consolidated Balance Sheets(in Thousands)  December 31, December 31, 2024  2023 Assets: Cash and cash equivalents$74,687  $49,225 Restricted cash 15,851   12,942 Customer receivable 7,986   7,249 Other current assets 211,815   211,856  Total current assets 310,339   281,272  Property, plant and equipment, net 1,040,193   1,080,659 Operating lease right-of-use assets 99,427   99,335 Customer receivable - long term 41,030   45,676 Goodwill and other intangible assets, net 130,144   173,008 Other assets 107,148   103,764  Total assets$1,728,281  $1,783,714  Liabilities, redeemable non-controlling interests and stockholders’ equity: Current portion of long-term debt$8,226  $24,290 Current portion of customer receivable credit facility 8,031   7,110 Taxes payable 8,234   10,876 Current portion of lease liabilities 16,188   15,164 Other current liabilities 225,621   235,754  Total current liabilities 266,300   293,194  Long-term debt, net of current portion$549,130  $492,580 Customer receivable credit facility, net of current portion 36,203   38,943 Deferred income taxes 4,882   19,775 Lease liabilities 77,469   76,936 Other long-term liabilities 122,543   138,566  Total liabilities 1,056,527   1,059,994  Redeemable non-controlling interests 76,303   85,917  Stockholders' equity: Total ATN International, Inc.’s stockholders’ equity 489,493   541,073 Non-controlling interests 105,958   96,730  Total stockholders' equity 595,451   637,803  Total liabilities, redeemable non-controlling interests and stockholders’ equity$1,728,281  $1,783,714

Table 2ATN International, Inc.Unaudited Condensed Consolidated Statements of Operations(in Thousands, Except per Share Data)  Three Months Ended, Year Ended, December 31, December 31, 2024   2023   2024   2023 Revenues: Communications services $174,703  $187,597  $707,758  $735,082 Construction  1,291   6,982   3,900   10,629 Other  4,554   4,387   17,417   16,505 Total revenue  180,548   198,966   729,075   762,216  Operating expenses (excluding depreciation and amortization unless otherwise indicated): Cost of services and other  76,757   82,598   312,256   319,723 Cost of construction revenue  1,278   6,710   3,866   10,345 Selling, general and administrative  56,288   58,642   228,869   242,697 Stock-based compensation  1,716   2,063   8,237   8,535 Transaction-related charges  1,038   54   4,847   551 Restructuring and reorganization expenses  -   6,588   3,535   11,228 Depreciation  31,139   34,636   138,335   141,627 Amortization of intangibles from acquisitions  1,991   3,122   7,907   12,636 (Gain) loss on disposition of assets and transfers  1,668   1,289   (13,251)  1,699 Goodwill impairment  -   -   35,269   - Total operating expenses  171,875   195,702   729,870   749,041  Operating income (loss)  8,673   3,264   (795)  13,175  Other income (expense): Interest expense, net  (12,608)  (11,872)  (48,362)  (42,210)Other income (expense)  (757)  (1,128)  (1,809)  1,496 Other income (expense), net  (13,365)  (13,000)  (50,171)  (40,714) Loss before income taxes  (4,692)  (9,736)  (50,966)  (27,539)Income tax benefit  (8,901)  (2,417)  (19,114)  (8,785) Net income (loss)  4,209   (7,319)  (31,852)  (18,754) Net (income) loss attributable to non-controlling interests, net  (637)  1,483   5,423   4,216  Net income (loss) attributable to ATN International, Inc. stockholders $3,572  $(5,836) $(26,429) $(14,538) Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders:  Basic $0.14  $(0.46) $(2.10) $(1.25) Diluted $0.14  $(0.46) $(2.10) $(1.25) Weighted average common shares outstanding: Basic  15,114   15,436   15,229   15,595 Diluted  15,127   15,436   15,229   15,595

Table 3ATN International, Inc.Unaudited Condensed Consolidated Cash Flow Statements(in Thousands)  Year Ended December 31, 2024   2023  Net loss$(31,852) $(18,754)Depreciation 138,335   141,627 Amortization of intangibles from acquisitions 7,907   12,636 Provision for doubtful accounts 5,946   5,012 Amortization of debt discount and debt issuance costs 2,681   2,431 (Gain) Loss on disposition of assets and transfers (13,251)  1,699 Stock-based compensation 8,237   8,535 Deferred income taxes (12,777)  (16,756)Loss on pension settlement -   369 Gain on equity investments (464)  (4,201)Loss on extinguishment of debt 760   - Goodwill impairment 35,269   - Decrease in customer receivable 3,909   (416)Change in prepaid and accrued income taxes (16,223)  7,801 Change in other operating assets and liabilities 733   (28,351) Net cash provided by operating activities 129,210   111,632  Capital expenditures (110,375)  (163,297)Government capital programs: Amounts disbursed (108,476)  (32,871)Amounts received 95,758   31,873 Net proceeds from sale of assets 18,609   576 Purchases and sales of strategic investments 790   (1,055)Purchases and sales of investments 517   (1,652)Purchases and sales of businesses -   1,314 Other (573)  -  Net cash used in investing activities (103,750)  (165,112) Dividends paid on common stock (14,674)  (13,178)Distributions to non-controlling interests (3,607)  (4,039)Finance lease payments (1,930)  (1,375)Term loan - borrowings 300,000   130,000 Term loan - repayments (241,115)  (6,959)Payment of debt issuance costs (6,743)  (3,906)Revolving credit facilities – borrowings 103,000   159,414 Revolving credit facilities – repayments (117,502)  (185,293)Proceeds from customer receivable credit facility 5,740   7,300 Repayment of customer receivable credit facility (7,674)  (6,712)Purchases of common stock - stock-based compensation (1,932)  (1,473)Purchases of common stock - share repurchase plan (10,000)  (14,999)Repurchases of non-controlling interests, net (652)  (2,861) Net cash provided by financing activities 2,911   55,919  Net change in total cash, cash equivalents and restricted cash 28,371   2,439  Total cash, cash equivalents and restricted cash, beginning of period 62,167   59,728  Total cash, cash equivalents and restricted cash, end of period$90,538  $62,167

Table 4ATN International, Inc.Selected Segment Financial Information(In Thousands) For the three months ended December 31, 2024 is as follows:  International
Telecom US Telecom Corporate and
Other *Total Statement of Operations Data: Revenue Mobility Business$5,048 $68 $- $5,116 Consumer 22,496  391  -  22,887 Total$27,544 $459 $- $28,003  Fixed Business$18,148 $30,080 $- $48,228 Consumer 42,722  20,728  -  63,450 Total$60,870 $50,808 $- $111,678  Carrier Services$3,244 $30,022 $- $33,266 Other 1,641  115  -  1,756  Total Communications Services$93,299 $81,404 $- $174,703  Construction$- $1,291 $- $1,291  Managed services$1,467 $3,087 $- $4,554 Total Other $1,467 $3,087 $- $4,554  Total Revenue$94,766 $85,782 $- $180,548  Depreciation$12,894 $17,942 $303 $31,139 Amortization of intangibles from acquisitions$251 $1,740 $- $1,991 Total operating expenses$75,936 $87,373 $8,565 $171,874 Operating income (loss)$18,830 $(1,591)$(8,565)$8,674 Net (income) loss attributable to non-controlling interests$(4,377)$3,740 $- $(637) Non GAAP measures: EBITDA (2)$31,975 $18,091 $(8,262)$41,804 Adjusted EBITDA (1)$32,343 $19,515 $(5,632)$46,226  Balance Sheet Data (at December 31, 2024): Cash, cash equivalents and restricted cash$36,526 $51,604 $2,408 $90,538 Total current assets 131,044  168,754  10,541  310,339 Fixed assets, net 466,861  565,625  7,707  1,040,193 Total assets 676,820  957,914  93,547  1,728,281 Total current liabilities 86,766  145,298  34,236  266,300 Total debt, including current portion 59,850  316,242  181,264  557,356  * Corporate and Other refer to corporate overhead expenses and consolidating adjustments   Table 4 (continued) ATN International, Inc.Selected Segment Financial Information(In Thousands) For the three months ended December 31, 2023 is as follows:  International
Telecom US Telecom Corporate and
Other *TotalStatement of Operations Data: Revenue Mobility Business$4,768 $112 $- $4,880 Consumer 22,965  844  -  23,809 Total$27,733 $956 $- $28,689  Fixed Business$18,606 $35,827 $- $54,433 Consumer 42,016  22,431  -  64,447 Total$60,622 $58,258 $- $118,880  Carrier Services$3,675 $32,216 $- $35,891 Other 982  3,155  -  4,137  Total Communications Services$93,012 $94,585 $- $187,597  Construction$- $6,982 $- $6,982  Managed services$1,455 $2,932 $- $4,387  Total Other $1,455 $2,932 $- $4,387  Total Revenue$94,467 $104,499 $- $198,966  Depreciation$14,774 $19,279 $583 $34,636 Amortization of intangibles from acquisitions$269 $2,853 $- $3,122 Total operating expenses$82,223 $106,302 $7,177 $195,702 Operating income (loss)$12,244 $(1,803)$(7,177)$3,264 Net (income) loss attributable to non-controlling interests$(1,455)$2,938 $- $1,483  Non GAAP measures: EBITDA (2)$27,287 $20,329 $(6,594)$41,022 Adjusted EBITDA (1)$30,868 $27,489 $(7,341)$51,016  (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA (2) See Table 5 for reconciliation of Operating Income to EBITDA * Corporate and Other refer to corporate overhead expenses and consolidating adjustments    ATN International, Inc.Selected Segment Financial Information(In Thousands) For the year ended December 31, 2024 is as follows:  International
Telecom US Telecom Corporate and
Other *Total Statement of Operations Data: Revenue Mobility Business$19,794 $277 $- $20,071 Consumer 87,407  2,494  -  89,901 Total$107,201 $2,771 $- $109,972  Fixed Business$74,087 $125,439 $- $199,526 Consumer 172,078  86,760  -  258,838 Total$246,165 $212,199 $- $458,364  Carrier Services$13,724 $119,561 $- $133,285 Other 4,680  1,457  -  6,137  Total Communications Services$371,770 $335,988 $- $707,758  Construction$- $3,900 $- $3,900  Managed services$5,693 $11,724 $- $17,417 Total Other $5,693 $11,724 $- $17,417  Total Revenue$377,463 $351,612 $- $729,075  Depreciation$63,708 $73,995 $633 $138,336 Amortization of intangibles from acquisitions$1,006 $6,901 $- $7,907 Total operating expenses$301,690 $396,055 $32,125 $729,870 Operating income (loss)$75,773 $(44,443)$(32,125)$(795)Net (income) loss attributable to non-controlling interests$(12,844)$18,267 $- $5,423  Non GAAP measures: EBITDA (2)$140,487 $36,453 $(31,492)$145,448 Adjusted EBITDA (1)$127,151 $79,828 $(22,895)$184,084  * Corporate and Other refer to corporate overhead expenses and consolidating adjustments   Table 4 (continued) ATN International, Inc.Selected Segment Financial Information(In Thousands) For the year ended December 31, 2023 is as follows:  International
Telecom US Telecom Corporate and
Other *Total Statement of Operations Data: Revenue Mobility Business$16,333 $527 $- $16,860 Consumer 92,153  3,510  -  95,663 Total$108,486 $4,037 $- $112,523  Fixed Business$71,215 $143,322 $- $214,537 Consumer 167,953  90,283  -  258,236 Total$239,168 $233,605 $- $472,773  Carrier Services$14,686 $128,195 $- $142,881 Other 3,066  3,839  -  6,905  Total Communications Services$365,406 $369,676 $- $735,082  Construction$- $10,629 $- $10,629  Managed services$5,327 $11,178 $- $16,505  Total Other $5,327 $11,178 $- $16,505  Total Revenue$370,733 $391,483 $- $762,216  Depreciation$57,420 $81,594 $2,613 $141,627 Amortization of intangibles from acquisitions$1,253 $11,383 $- $12,636 Total operating expenses$317,313 $397,005 $34,723 $749,041 Operating income (loss)$53,420 $(5,522)$(34,723)$13,175 Net (income) loss attributable to non-controlling interests$(7,105)$11,321 $- $4,216  Non GAAP measures: EBITDA (2)$112,093 $87,455 $(32,110)$167,438 Adjusted EBITDA (1)$115,955 $99,933 $(26,437)$189,451  Balance Sheet Data (at December 31, 2023): Cash, cash equivalents and restricted cash$26,354 $33,574 $2,239 $62,167 Total current assets 107,469  162,768  11,035  281,272 Fixed assets, net 481,911  593,833  4,915  1,080,659 Total assets 672,171  1,019,924  91,619  1,783,714 Total current liabilities 86,540  169,297  37,357  293,194 Total debt, including current portion 64,254  293,607  159,009  516,870  (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA (2) See Table 5 for reconciliation of Operating Income to EBITDA * Corporate and Other refer to corporate overhead expenses and consolidating adjustments

Table 5ATN International, Inc.Reconciliation of Non-GAAP Measures(In Thousands) For the three months ended December 31, 2024 is as follows:  International
Telecom US Telecom Corporate and
Other *Total  Operating income (loss)$18,830 $(1,591)$(8,565)$8,674 Depreciation expense 12,894  17,942  303  31,139 Amortization of intangibles from acquisitions 251  1,740  -  1,991 EBITDA$ 31,975 $ 18,091 $ (8,262)$ 41,804  Stock-based compensation 35  137  1,544  1,716 Transaction-related charges -  -  1,038  1,038 (Gain) Loss on disposition of assets and transfers 333  1,287  48  1,668 ADJUSTED EBITDA$ 32,343 $ 19,515 $ (5,632)$ 46,226   For the three months ended December 31, 2023 is as follows:  International
Telecom US Telecom Corporate and
Other *Total  Operating income (loss)$12,244 $(1,803)$(7,177)$3,264 Depreciation expense 14,774  19,279  583  34,636 Amortization of intangibles from acquisitions 269  2,853  -  3,122 EBITDA$ 27,287 $ 20,329 $ (6,594)$ 41,022  Stock-based compensation 125  137  1,801  2,063 Restructuring and reorganization expenses 3,491  3,097  -  6,588 Transaction-related charges -  38  16  54 (Gain) Loss on disposition of assets and transfers (35) 3,888  (2,564) 1,289 ADJUSTED EBITDA$ 30,868 $ 27,489 $ (7,341)$ 51,016    Table 5 (continued)ATN International, Inc.Reconciliation of Non-GAAP Measures(In Thousands) For the year ended December 31, 2024 is as follows:  International Telecom US Telecom Corporate and Other *Total  Operating income (loss)$75,773 $(44,443)$(32,125)$(795)Depreciation expense 63,708  73,995  633  138,336 Amortization of intangibles from acquisitions 1,006  6,901  -  7,907 EBITDA$ 140,487 $ 36,453 $ (31,492)$ 145,448  Stock-based compensation 354  621  7,261  8,236 Restructuring and reorganization expenses 1,489  1,167  879  3,535 Transaction-related charges -  3,789  1,058  4,847 (Gain) Loss on disposition of assets and transfers (15,179) 2,529  (601) (13,251)Goodwill impairment -  35,269  -  35,269 ADJUSTED EBITDA$ 127,151 $ 79,828 $ (22,895)$ 184,084   For the year ended December 31, 2023 is as follows:  International Telecom US Telecom Corporate and Other *Total  Operating income (loss)$53,420 $(5,522)$(34,723)$13,175 Depreciation expense 57,420  81,594  2,613  141,627 Amortization of intangibles from acquisitions 1,253  11,383  -  12,636 EBITDA$ 112,093 $ 87,455 $ (32,110)$ 167,438  Stock-based compensation 431  247  7,857  8,535 Restructuring and reorganization expenses 3,491  7,737  -  11,228 Transaction-related charges -  171  380  551 (Gain) Loss on disposition of assets and transfers (60) 4,323  (2,564) 1,699 ADJUSTED EBITDA$ 115,955 $ 99,933 $ (26,437)$ 189,451

Table 6ATN International, Inc.Non GAAP Measure - Net Debt Ratio(in Thousands)  December 31, December 31, 2024   2023   Current portion of long-term debt * $8,226  $24,290 Long-term debt, net of current portion *  549,130   492,580  Total debt $557,356  $516,870  Less: Cash, cash equivalents and restricted cash  90,538   62,167  Net Debt $466,818  $454,703   Adjusted EBITDA - for the four quarters ended $184,084  $189,451   Net Debt Ratio  2.54   2.40  * Excludes Customer receivable credit facility

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1 See Table 5 for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.

2 For the Company’s Adjusted EBITDA Guidance, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a full description of items excluded from the Company’s expected Adjusted EBITDA

3 Please see “Use of Non-GAAP Financial Measures” below for a full definition of Net Debt Ratio.