Company Overview - ATN International, Inc. is a leading provider of digital infrastructure and communications services, headquartered in Beverly, Massachusetts [4] - The company operates in the United States and internationally, focusing on rural and remote markets with increasing demand for infrastructure investments [4] - ATN's services include advanced wireless and wireline connectivity, high-speed Internet, data services, fixed and mobile wireless solutions, video and voice services, as well as carrier and enterprise communications services [4] Upcoming Financial Results - ATN will release its second quarter 2025 results on August 7, 2025, after market close [1] - A conference call to discuss the results will be held on August 8, 2025, at 10:00 a.m. ET [1] - The call will be accessible via a live audio webcast, with a replay available shortly after the call [2] Participation Details - Participants must register through a provided link to receive dial-in numbers and a unique PIN for the live call [3] - If participants forget their PIN or lose the registration confirmation, they can re-register to obtain a new PIN [3] Additional Information - An investor presentation will be available as a supplement to the conference call on the company's Investor Relations website [2] - For further information, the company can be contacted through its corporate treasurer or investor relations [6]

Group 1: Acquisition Overview - SPIE has signed an agreement to acquire SD Fiber, enhancing its FttX expertise in Switzerland and southern Germany [1][4] - The acquisition will allow SPIE to expand its service offerings in the fiber optic market, which is crucial for future digital infrastructure [4][5] - Upon completion, SPIE will acquire 96% of SD Fiber, with the remaining 4% retained by the current management team [7] Group 2: Company Profiles - SD Fiber specializes in deploying fiber optic networks, offering turnkey solutions from planning to maintenance [2] - The company is headquartered in Dietikon, Zurich, employs approximately 340 people, and generated revenue of around €70 million in 2024 [3] - SPIE, with 55,000 employees, achieved consolidated revenues of €9.9 billion and EBITA of €712 million in 2024 [8] Group 3: Strategic Importance - The acquisition is seen as a strategic move to strengthen SPIE's presence in the growing fiber optic market and smart metering sector [5][6] - SD Fiber's expertise in smart metering is highlighted as a significant growth area for the future [5]

Core Viewpoint - Dycom Industries, Inc. has shown strong stock performance, significantly outperforming its industry and the broader market over the past three months, with a stock price increase of 38.9% compared to the industry's 11.5% growth [1][5]. Financial Performance - In the first quarter of fiscal 2026, Dycom reported adjusted earnings and contract revenues that exceeded the Zacks Consensus Estimate, with a year-over-year revenue increase of 10.2% driven by strong contributions from AT&T and other customers [2]. - The company's backlog at the end of the fiscal first quarter reached $8.127 billion, up from $7.760 billion at the end of fiscal 2025 and $6.364 billion in the first quarter of fiscal 2025, with $4.685 billion projected to be completed in the next 12 months [11]. Growth Drivers - Dycom is experiencing growth in fiber-to-the-home projects and maintenance contracts, benefiting from customers increasing or reconfirming fiber deployment targets [10]. - The company is expanding its work with hyperscalers by connecting fiber networks and data centers, which opens new markets and enhances its digital infrastructure services [12]. - The service and maintenance segment is a steady source of recurring revenues, with significant new contracts secured during the quarter [14]. Market Position and Valuation - Dycom's stock is currently trading at a premium relative to its industry and historical metrics, with a forward 12-month price-to-earnings (P/E) ratio above the five-year average [17]. - The company's P/E ratio is higher than some industry peers, such as MasTec, EMCOR, and Fluor, which trade at 23.28X, 19X, and 15.67X, respectively [19]. Challenges - Ongoing tariffs and trade tensions pose risks for equipment costs and project margins, with expected increases in costs for offshore-sourced equipment components [20]. - Despite these challenges, Dycom's focus on fiber-to-the-home and hyperscaler initiatives supports long-term growth visibility [21].

Financial Data and Key Metrics Changes - In Q4 2024, the company reported a revenue increase of 109% year-over-year, reaching $36.5 million, and an adjusted EBITDA increase of 108% year-over-year with an adjusted EBITDA margin of 87% [3][12] - For the full year 2024, revenues grew by 51% year-over-year to $110 million, and adjusted EBITDA increased by 55% year-over-year to $97.1 million, achieving an adjusted EBITDA margin of 88% [3][12][15] - Free cash flow for Q4 2024 was approximately $26.7 million, with a free cash flow margin of 73%, while the full year generated $66.7 million of free cash flow [16][21] Business Line Data and Key Metrics Changes - Surface use royalties and revenues increased by 54% sequentially in Q4, contributing significantly to revenue growth [13] - Non-oil and gas royalty revenue accounted for nearly 90% of overall revenue in Q4, remaining flat from the prior quarter but up about 20% year-over-year [14] - Resource sales and royalties declined by 28% sequentially due to decreased brackish water sales and royalty volumes [13] Market Data and Key Metrics Changes - The company expanded its land holdings from approximately 72,000 surface acres to approximately 273,000 surface acres, with significant acquisitions in Q4 [4][5] - The acquisition of the Wolf Bone Ranch added 46,000 acres in a strategic location for oil and natural gas production, securing a minimum annual revenue commitment of $25 million for the next five years [5] Company Strategy and Development Direction - The company is focused on expanding its active land management strategy, which has proven effective in creating shareholder value [4] - Future growth opportunities are identified in digital infrastructure, renewable energy, and commercial real estate, with recent agreements for solar energy project development [6][7] - The company aims to maintain a strong balance sheet while pursuing value-enhancing land acquisitions, focusing on underutilized and under-commercialized surface [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential from digital infrastructure and the demand for data centers, particularly in West Texas [8][9] - The company reaffirmed its guidance for 2025, expecting adjusted EBITDA of $170 million to $190 million, driven by contributions from recent acquisitions and increased surface use royalties [22] Other Important Information - The company ended 2024 with $385 million of debt, up from $281.3 million at the end of Q3 2024, and total liquidity of $107 million [19][21] - A cash dividend of $0.10 per share was declared, with plans to revisit the amount quarterly [21] Q&A Session Summary Question: Surface use economic efficiency growth expectations - Management indicated that there is still significant room for improvement in surface use economic efficiency, with potential to achieve over $3,000 per acre [25][27] Question: Details on the WES agreement and third-party agreements - The WES agreement is expected to generate low to mid-teens of royalties once operational, with ongoing discussions for additional third-party agreements [29][32] Question: Data center roadmap and revenue opportunities - The data center project has a 2-year site selection period followed by a 4-year construction period, with expected revenues ramping up as construction phases come online [36][39] Question: M&A outlook and market fragmentation - The market remains fragmented with many opportunities for M&A, which continues to be a priority for capital allocation [80][82] Question: Impact of oil prices on 2025 guidance - The 2025 guidance does not incorporate significant ramps based on oil prices, as the company is insulated from commodity price fluctuations [74][75]

Investor Presentation March 2025 Forward-looking statements The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements invo ...