ATN International(US:ATNI)2024-10-29 23:31Financial Performance - Q3 2024 consolidated revenues were $178.5 million, down 7% from $191.0 million in the year-ago quarter[8]. - Third quarter net loss increased to $32.7 million, or $2.26 per diluted share, including a $35.3 million non-cash goodwill impairment charge[2]. - Adjusted EBITDA decreased by 5% to $45.7 million compared to $47.8 million in the year-ago quarter[11]. - Total revenue for Q3 2024 was $178,451,000, a decrease of 6.5% compared to $191,036,000 in Q3 2023[33]. - Communications services revenue decreased to $174,422,000 from $184,601,000, representing a decline of 5.6% year-over-year[33]. - Operating income for Q3 2024 was a loss of $38,358,000, compared to a profit of $6,836,000 in Q3 2023[33]. - Net loss attributable to ATN International, Inc. stockholders was $32,691,000 for Q3 2024, compared to a loss of $3,584,000 in Q3 2023[33]. - Total revenue for the nine months ended September 30, 2024, reached $548,527,000, comprising $282,697,000 from International Telecom and $265,830,000 from US Telecom[39]. - Total revenue for the nine months ended September 30, 2023, was $563,250,000, with a breakdown of $276,267,000 from International Telecom and $286,983,000 from US Telecom[40]. Guidance and Expectations - Full-year 2024 revenue is now expected to be in the range of $720 million to $730 million, excluding construction revenue[3]. - Adjusted EBITDA for 2024 is now expected to be in the range of $182 million to $188 million[3]. - Updated revenue guidance for full-year 2024 is $720 million to $730 million, down from the previous range of $730 million to $750 million[22]. - Adjusted EBITDA guidance for full-year 2024 is revised to $182 million to $188 million, previously $190 million to $200 million[22]. - The Company expects internally funded capital investments to be 10% to 15% of revenues in 2025[22]. Subscriber and Service Metrics - Total high-speed broadband subscribers increased by 6% year-over-year[2]. - High-Speed Data Broadband Homes Passed increased by 20% year-over-year to 399,500 in Q3 2024[16]. - High-Speed Data Broadband Customers grew by 6% year-over-year to 141,500 in Q3 2024[16]. - Blended churn rate increased slightly to 3.47% in Q3 2024 from 3.44% in Q2 2024[16]. Cash and Debt Position - Total cash and cash equivalents as of September 30, 2024, was $116.8 million, up from $62.2 million on December 31, 2023[19]. - Total debt increased to $568.9 million as of September 30, 2024, compared to $516.9 million on December 31, 2023[19]. - Net cash provided by operating activities for the nine months ended September 30, 2024, was $97.4 million, compared to $89.5 million in the prior year[19]. - Cash, cash equivalents, and restricted cash increased significantly to $116.764 million from $62.167 million, marking an increase of approximately 87.6%[46]. - Net debt decreased slightly to $452.142 million from $454.703 million, indicating a reduction of about 0.6%[46]. - The net debt ratio remains stable at 2.39 compared to 2.40 in the previous period, indicating consistent leverage levels[46]. Capital Expenditures - Capital expenditures for 2024 are still expected to be in the range of $100 million to $110 million, net of reimbursements[3]. - Capital expenditures for the nine months ended September 30, 2024, were $85.7 million, down from $126.6 million in the prior year[20]. - The company disbursed $71,849,000 under government capital programs during the nine months ended September 30, 2024, compared to $14,261,000 in the same period of 2023[34]. Impairments and Equity - Goodwill impairment of $35,269,000 was recorded in Q3 2024, with no impairment reported in Q3 2023[33]. - Stockholders' equity decreased to $594,123,000 from $637,803,000, a decline of 6.8%[32]. - The company reported a goodwill impairment of $35,269,000 during the nine months ended September 30, 2024[34].