GlobeNewswire Inc | Feb 23, 2021 05:02PM EST

February 23, 2021

-- Fourth Quarter and Full Year Performance Demonstrates Resilience of ATNs Telecom Services Businesses -- Alaska Communications Shareholders to Vote on ATNs Acquisition on March 12 -- Long Term Growth Strategy Focused on Developing Additional Partnership Opportunities to Leverage Operating Platform and Expertise

BEVERLY, Mass., Feb. 23, 2021 (GLOBE NEWSWIRE) -- ATN International, Inc. (Nasdaq: ATNI) today reported results for the fourth quarter and full year ended December 31, 2020.

Business Review and Outlook

Commenting on results, Michael Prior, Chief Executive Officer said, Our fourth quarter results represented a solid finish to a year of positive operating performance for ATN. In 2020, one of the more challenging business periods in recent history, our telecom operations reported a combined 19% increase in operating income and an 8% increase in EBITDA1. We attribute these results to the resilience of these businesses and the tremendous efforts of our employees, whose adoption of strict health and safety protocols enabled us to remain operational throughout the pandemic.

Our International Telecom operations continued their steady progress in the fourth quarter resulting in strong year-on-year operating performance. Demand for broadband remained robust throughout 2020, and we were pleased to see growth in our mobile subscriber base as well. Further, we made significant strides in improving operational efficiency, which included implementing new digital solutions and processes within our businesses, enhancements to our customer experience and the implementation of electronic bill paying and other services across our markets. Our international telecom operations generated significant cash flow during the year despite the pandemic, which will help support our growth initiatives moving into 2021. We are looking ahead to further improvements in our International Telecom results as our markets continue to open back up and tourism returns to more historic levels.

As expected, the year-on-year operating performance of our US Telecom operations declined slightly in 2020 as our business model transitions from one driven by wholesales wireless revenues to a more diversified mix of revenue from carrier services, including more tower rental, backhaul and maintenance services and growing enterprise broadband and private network services. Operating income and EBITDA1 for this segment trended lower as carrier service revenues that carry increased operating costs replaced higher margin wholesale wireless revenue. In addition, we incurred significant additional operating expenses related to the development of our early-stage private network business and the expansion of our fiber and broadband infrastructure and sales activities. The combination of these activities is likely to result in much higher US Telecom segment operating expenses in 2021 on flat aggregate annual revenue, excluding any contributions from the Alaska Communications acquisition. We believe these are critical investments in the future revenue potential in rural enterprise, wholesale and broadband, and in private networks, as we look to accelerate the transition of this business segment from a wholesale roaming operation to a broader communications infrastructure platform.

We are enthusiastic about our pending acquisition of Alaska Communications. This transaction will provide us entry into a new domestic market and pair us with a leading communications technology infrastructure and services provider. We expect there will be significant opportunities to drive revenue synergies around fiber infrastructure expansion, as well as to offer the latest technologies to commercial customers, including next-generation managed services and private network solutions. With the expiration of the HSR antitrust waiting period without comment, we expect the transaction to close in the second half of this year, pending favorable shareholder approval at the meeting scheduled for March 12, 2021 and the receipt of additional regulatory approvals.

ATN has a long track record of creating value as an owner and operator of communications infrastructure assets by consistently growing recurring cash flow and investing in our customer centric operating platform. We have made great progress improving and expanding that platform in recent years and our long-term growth strategy is centered on leveraging this best-in-class operating platform and working with financial partners to expand our network infrastructure under management. We will look to do this both with organic build outs of fiber, wireless and specialized networks and related services and with opportunistic strategic investments and acquisitions such as the Alaska Communications transaction, Mr. Prior concluded.

Fourth Quarter and Full Year 2020 Results

Fourth quarter 2020 consolidated revenues of $123.7 million were up 10% compared to the prior year quarters revenue of $112.1 million. The operating loss and EBITDA1 for the quarter was $14.7 million and $7.5 million, respectively, and were largely impacted by a $21.5 million loss on the sale of a majority ownership position in the Companys India-based solar business. This compares to an operating loss of $1.7 million for the prior year quarter and EBITDA1 of $22.5 million. Adjusted EBITDA2 for the quarter was $30.5 million, an increase of 7% compared to the prior years $28.5 million. Net loss attributable to ATNs stockholders for the fourth quarter was $20.5 million, or $1.29 per share, compared with the prior year periods net loss of $9.8 million, or $0.61 per share.

Consolidated revenues for the full year ended December 31, 2020 were $455.4 million and were up 4% compared the full year of 2019. Operating income for the full year ended December 31, 2020 was $9.2 million compared with $13.4 million in the prior year. EBITDA1 and Adjusted EBITDA2 for the full year was $97.5 million and $120.7 million, respectively, compared with the prior years $102.5 million and $108.9 million, respectively. Net loss attributable to ATNs stockholders for full year 2020 was $14.1 million, or $0.89 per share, compared with the prior year periods net loss of $10.8 million, or $0.68 per share.

Fourth Quarter and Full Year 2020 Operating Highlights

The Company has three reportable segments: (i) International Telecom; (ii) US Telecom; and (iii) Renewable Energy.

Segment Results (in Thousands) Three Months Ended December 31, 2020 International US Renewable Corporate Total Telecom Telecom Energy and OtherRevenue $ 83,819 $ 38,700 $ 1,182 $ - $ 123,701 Operating Income $ 13,946 $ 1,242 $ (22,574 ) $ (7,314 ) $ (14,700 )(loss)EBITDA^1 $ 28,112 $ 7,236 $ (21,948 ) $ (5,878 ) $ 7,522 Adjusted EBITDA^2 $ 28,100 $ 7,211 $ 235 $ (5,018 ) $ 30,528 Capital $ 10,456 $ 12,629 $ 816 $ 760 $ 24,661 Expenditures Year Ended December 31, 2020Revenue $ 328,633 $ 122,256 $ 4,555 $ - $ 455,444 Operating Income $ 58,064 $ 7,388 $ (23,749 ) $ (32,523 ) $ 9,180 (loss)EBITDA^1 $ 114,348 $ 30,713 $ (21,533 ) $ (26,037 ) $ 97,491 Adjusted EBITDA^2 $ 114,350 $ 30,689 $ 779 $ (25,114 ) $ 120,704 Capital $ 38,895 $ 29,883 $ 2,932 $ 3,613 $ 75,323 Expenditures

Segment Results (in Thousands) Three Months Ended December 31, 2019 International US Renewable Corporate Total Telecom Telecom Energy and OtherRevenue $ 83,079 $ 27,849 $ 1,158 $ - $ 112,086 Operating Income $ 11,119 $ 2,137 $ (6,492 ) $ (8,503 ) $ (1,739 )(loss)EBITDA^1 $ 26,403 $ 8,336 $ (5,456 ) $ (6,767 ) $ 22,516 Adjusted EBITDA^2 $ 26,598 $ 8,349 $ 146 $ (6,625 ) $ 28,468 Capital $ 8,870 $ 8,957 $ 4,265 $ 1,145 $ 23,237 Expenditures Year Ended December 31, 2019Revenue $ 324,539 $ 108,649 $ 5,534 $ - $ 438,722 Operating Income $ 46,921 $ 8,064 $ (7,243 ) $ (34,365 ) $ 13,377 (loss)EBITDA^1 $ 102,914 $ 31,183 $ (3,938 ) $ (27,657 ) $ 102,502 Adjusted EBITDA^2 $ 103,095 $ 31,359 $ 1,838 $ (27,426 ) $ 108,866 Capital $ 42,030 $ 17,489 $ 6,448 $ 6,758 $ 72,725 Expenditures

In 2020 the Company restructured its presentation of revenue in the Condensed Consolidated Statement of Operations and in the Selected Segment Financial Information tables. This change is intended to better align the reporting of financial performance with views of the Companys management and industry competitors, and to facilitate discussions with investors and analysts. As a result of the sale of a majority ownership position in the Companys India-based solar business, beginning in the second quarter of 2021, the Company will discontinue reporting current activity under a separate Renewable Energy operating segment.

International Telecom

International Telecom revenues are generated by delivery of a broad range of communications services, including data, voice and video services from the Companys fixed and mobile network operations in Bermuda and the Caribbean. International Telecom revenues were $83.8 million for the quarter, a 1% increase year-on-year mainly due to increases in fixed broadband and mobility revenues in multiple markets partially offset by lower carrier services revenues related to lower roaming traffic due to continued travel restrictions. Compared to the prior year quarter, operating income increased 25% to $13.9 million and EBITDA1 increased 6% to $28.1 million, respectively, primarily from lower operating costs in addition to the increased revenues in the quarter. During the fourth quarter of 2020 we increased the Companys equity ownership in One Communications, the Companys Bermuda and Cayman based subsidiary, through the purchase of an additional approximate 10% stake, increasing the Companys total ownership to approximately 70%, which was accretive to overall Company earnings this quarter and is expected to continue to be accretive to earnings in 2021.

US Telecom

US Telecom revenues consist mainly of carrier services revenues and fixed and mobile retail revenues from the Companys networks and operations in the western United States, as well as revenue from providing private networks for connectivity and automation to business and government customers nationwide. US Telecom segment revenues were $38.7 million in the quarter, an increase of 39% from the prior year period due mostly to $10.5 million of FirstNet construction revenues, along with increased government program-based fixed revenues partially offset by contractual reductions in carrier services revenues. Operating income and EBITDA1 for this segment of $1.2 million and $7.2 million, respectively, each decreased by approximately $1.0 million from the prior years quarter as a result of the revenue impact of contractual reductions in carrier services revenues and increased operating expenses.

In the fourth quarter, the Company completed and activated approximately 15% of the total sites related to the network build portion of its FirstNet Agreement. Although pandemic-related restrictions delayed the overall timing of the build, the Company expects approximately 65% of the total build to be constructed and operational by the end 2021. As revenues from the build will be largely offset by construction costs, the Company does not expect a material impact on operating income or EBITDA1 from this delay.

In 2020, the Company, in partnership with the Navajo Tribal Utility Authority (NTUA), was awarded approximately $18.0 million under the CARES Act to construct 85 sites to expand broadband coverage on the Navajo Nation. Most of the sites were completed late in the fourth quarter and as a result did not impact operating expenses in 2020. However,the Company expects operating costs in 2021 to outpace revenue increases as customers are added to the network. The Company expects increased annual operating costs of $10.0 - $12.0 million in 2021 to service the CARES sites and the completed FirstNet sites coming on line. As the FirstNet sites are completed, the increase in operating costs should be partially mitigated by lower network capital spending.

In addition to increased construction and network operating costs, the Company expects to incur higher costs to further fund the development of its private network business. In 2020, the Company spent approximately $6.0 million of net incremental operating expenses investing in its early-stage private network business and expects to increase annual net spending on this businessto $12.0 million in 2021 as it seeks to bolster product development and bring in sales and marketing resources. The incremental network operating costs combined with the incremental private network business spend are expected to contribute to significantly lower EBITDA for this segment in 2021 as compared to 2020.

Also, in the fourth quarter, the Company participated in the Rural Digital Opportunity Fund auction and pending the FCCs conclusion of the award process, expects to receive approximately $20.1 million over 10 years to provide broadband coverage to over 10,000 households.

Renewable Energy

Renewable Energy segment revenues are principally the result of the generation and sale of electric power generated by our commercial solar projects in India under the Vibrant Energy name. As previously announced, the Company entered into an agreement during the fourth quarter to sell 67% of the outstanding equity interests of the Vibrant Energy business for consideration of approximately $21.0 million at closing and the potential for up to $6.3 million of additional earn out consideration. The Company consummated the transaction in January 2021 and retained a 33% ownership interest in Vibrant Energy. As a result of the transaction, all of the net assets and net liabilities of Vibrant Energy were classified as current held-for-sale assets and liabilities at December 31, 2020, and the Company recorded a corresponding $21.5 million loss on this sale during the fourth quarter of 2020. The consummation of the transaction resulted in the discontinuation of the Companys Renewable Energy Segment and as a result, the Company will report future results of its continued ownership interest in Vibrant Energy through the equity method of accounting.

In the fourth quarter of 2020 revenue was $1.2 million, consistent with the prior year. The current quarters operating loss and EBITDA1 of $22.6 million and $21.9 million, respectively, includes the loss on the sale of Vibrant Energy. Adjusted EBITDA2 for this segment was approximately $0.2 million in both the current and prior years quarter.

Balance Sheet and Cash Flow Highlights

Total cash, cash equivalents and restricted cash at December 31, 2020 was $105.0 million. Net cash provided by operating activities was $86.3 million for the full year ended December 31, 2020, compared with $87.9 million for the prior year. The slight decline in operating cash flow compared with the prior year is the result of an increase in current year working capital investments made as part of the FirstNet construction project partially offset by lower current year tax payments and improved current year operating income when adjusting for the non-cash impact of the recorded loss on the sale of Vibrant Energy. For the year ended December 31, 2020, the Company used net cash of $143.6 million for investing and financing activities compared to $118.2 million for the prior year. In the current year, the net use of cash was primarily from $75.3 million in capital expenditures of which $15.6 million was or is expected to be reimbursed, $28.9 million of repurchases of minority equity interests in our subsidiaries, $20.4 million in purchases of FCC spectrum, $13.8 million of principal repayments of term loans, $10.9 million of dividends to Company stockholders, $10.4 million in minority partner distributions and $8.3 million of Company share repurchases. These uses of investing and financing cash were partially offset by $16.3 million of government grants received and $12.0 million received for a tax refund from a renewable energy tax equity investment. As anticipated, a portion of our 2020 capital spending projects were delayed in 2020 due to the pandemic and are now expected to take place in 2021. Accordingly, management expects full year 2021 capital expenditures in International Telecom to be approximately $45.0 to $55.0 million. In the US Telecom segment, the Company expects capital expenditures to be approximately $40.0 to $50.0 million, including $25.0 to $30.0 million on towers and backhaul.

Conference Call Information

ATN will host a conference call on Wednesday, February 24, 2021 at 9:30 a.m. Eastern Time (ET) to discuss its fourth quarter and full year results and business outlook. The call will be hosted by Michael Prior, Chairman and Chief Executive Officer, and Justin Benincasa, Chief Financial Officer. The dial-in numbers are US/Canada: (877) 734-4582 and International: (678) 905-9376, conference ID 8883323. A replay of the call will be available at ir.atni.com beginning at approximately 1:00 p.m. (ET) on Wednesday, February 24, 2021.

About ATN

ATN International, Inc.(Nasdaq: ATNI), headquartered inBeverly, Massachusetts, invests in and operates communications, energy and technology businesses inthe United Statesand internationally, including theCaribbeanregion, with a particular focus on markets with a need for significant infrastructure investments and improvements. Our operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential and business customers, including a range of high-speed internet services, mobile wireless solutions, video services and local exchange services, and (ii) wholesale communications infrastructure services such as terrestrial and submarine fiber optic transport, communications tower facilities, managed mobile networks, and in-building wireless systems. For more information, please visitwww.atni.com.

Cautionary Language Concerning Forward Looking Statements

This press release contains forward-looking statements relating to, among other matters, our future financial performance and results of operations, including the impact of the novel coronavirus pandemic on the economies of the markets we serve, our business and operations; expectations regarding future revenue, operating income, EBITDA and capital expenditures; the competitive environment in our key markets, demand for our services and industry trends; our expectations regarding construction progress under our FirstNet agreement and the effect such progress will have on our financial results; our expectations regarding the benefits and timing of our pending acquisition of Alaska Communications; our liquidity; and managements 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 our operations, including operating margins, revenues, capital expenditures, and the future growth and retention of our major customers and subscriber base; (2) our ability to maintain favorable roaming arrangements, receive roaming traffic and satisfy the needs and demands of our major wireless customers; (3) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to addressrapid and significant technological changes in the telecommunications industry; (4) government regulation of our businesses, which may impact our FCC and other telecommunications licenses; (5) our reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure; (6) economic, political and other risks and opportunities facing our operations, including those resulting from the pandemic; (7) the loss of or an inability to recruit skilled personnel in our various jurisdictions, including key members of management; (8) our ability to successfully complete our pending acquisition of Alaska Communications and recognize the expected benefits of such acquisition; (9) our ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (10) the occurrence of weather events and natural catastrophes and our ability to secure the appropriate level of insurance coverage for these assets; (11) increased competition; (12) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; (13) our continued access to capital and credit markets; and (14) the risk of currency fluctuation for those markets in which we operate. 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 Companys Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020, as amended by Amendment No. 1 to the Annual Report on Form 10-K filed with the SEC on April 29, 2020, and the other reports we file 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.

Use of Non-GAAP Financial Measures

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 and Adjusted EBITDA in this release and in 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, impairment of goodwill and the gain (loss) on disposition of assets. The Company believes that the inclusion of these non-GAAP financial measures help 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 Companys 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 Companys 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.



Table 1ATN International, Inc.Unaudited Condensed Consolidated Balance Sheets(in Thousands) December December 31, 31, 2020 2019Assets: Cash and cash equivalents $ 103,925 $ 161,287Restricted cash 1,072 1,071Short-term investments - 416Assets held-for-sale 34,735 -Other current assets 100,333 65,949 Total current assets 240,065 228,723 Property, plant and equipment, net 536,462 605,581Operating lease right-of-use assets 63,235 68,763Goodwill and other intangible assets, net 180,687 161,818Other assets 63,262 65,841 Total assets $ 1,083,711 $ 1,130,726 Liabilities and Stockholders? Equity: Current portion of long-term debt $ 3,750 $ 3,750Taxes payable 7,501 8,517Current portion of lease liabilities 12,371 11,406Liabilities held-for-sale 717 -Other current liabilities 123,589 95,996 Total current liabilities 147,928 119,669 Long-term debt, net of current portion $ 69,073 $ 82,676Deferred income taxes 10,675 8,680Lease liabilities 51,082 56,164Other long-term liabilities 50,617 57,454 Total liabilities 329,375 324,643 Total ATN International, Inc.?s stockholders? 645,649 676,122equityNon-controlling interests 108,687 129,961 Total equity 754,336 806,083 Total liabilities and stockholders? equity $ 1,083,711 $ 1,130,726

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, 2020 2019 2020 2019 Revenues: Communications $ 110,644 $ 109,636 $ 433,509 $ 428,108 servicesOther 13,057 2,450 21,935 10,614 Total revenue 123,701 112,086 455,444 438,722 Operating expenses: Termination and 28,201 29,503 111,763 112,943 access feesConstruction costs 10,226 - 10,616 - Engineering and 19,366 19,415 73,350 77,649 operationsSales, marketing 9,337 9,682 37,557 38,730 and customer serviceGeneral and 26,043 25,018 101,454 100,534 administrativeTransaction-related 1,494 155 1,641 244 chargesDepreciation and 22,222 24,255 88,311 89,125 amortization(Gain) loss ondisposition of assets and 21,512 2,518 21,572 2,841 assets held-for-saleImpairment of - 3,279 - 3,279 goodwillTotal operating expenses 138,401 113,825 446,264 425,345 Operating income (loss) (14,700 ) (1,739 ) 9,180 13,377 Other income (expense): Interest expense, (1,262 ) (764 ) (4,926 ) (2,747 )netOther income 181 (1,803 ) (4,161 ) (4,558 )(expense)Other income (1,081 ) (2,567 ) (9,087 ) (7,305 )(expense), net Income (loss) before (15,781 ) (4,306 ) 93 6,072 income taxesIncome tax 1,858 1,331 801 4,105 (benefit) expense Net Income (loss) (17,639 ) (5,637 ) (708 ) 1,967 Net income attributableto non-controlling (2,876 ) (4,116 ) (13,414 ) (12,773 )interests, net Net income (loss)attributable to ATN $ (20,515 ) $ (9,753 ) $ (14,122 ) $ (10,806 )International, Inc.stockholders Net income (loss) perweighted average shareattributable to ATN International, Inc.stockholders: Basic Net Income $ (1.29 ) $ (0.61 ) $ (0.89 ) $ (0.68 )(Loss) Diluted Net Income $ (1.29 ) $ (0.61 ) $ (0.89 ) $ (0.68 )(Loss) Weighted average common shares outstanding:Basic 15,898 16,000 15,923 15,983 Diluted 15,898 16,000 15,923 15,983 Note: The Company has restructured its presentation of revenues - see Table 4



Table 3ATN International, Inc.Unaudited Condensed Consolidated Cash Flow Statement(in Thousands) Year Ended December 31, 2020 2019 Net income $ (708 ) $ 1,967 Depreciation and amortization 88,311 89,125 Provision for doubtful accounts 5,010 5,816 Amortization of debt discount and debt 530 542 issuance costs(Gain) Loss on disposition of assets and 21,572 2,841 assets held-for-saleStock-based compensation 5,912 6,384 Deferred income taxes (7,317 ) (2,192 )Loss on investments 3,427 4,724 Impairment of goodwill - 3,279 Unrealized loss on foreign currency 357 362 Change in prepaid and accrued income taxes 3,017 (14,472 )Change in other operating assets and (33,827 ) (10,431 )liabilitiesOther non-cash activity - (42 ) Net cash provided by operating 86,284 87,903 activities Capital expenditures (75,323 ) (72,725 )Purchases of intangible assets, including (20,396 ) - depositsPurchases of strategic investments (2,768 ) (25,362 )Proceeds from strategic investments 11,969 - Receipt of government grants 16,316 3,140 Sale of business, net of transferred cash - 6,572 of $0 and $0 million, respectivelyPurchase of short-term investments (116 ) (8,028 )Proceeds from sale of short-term 120 8,141 investments Net cash used in investing (70,198 ) (88,262 )activities Dividends paid on common stock (10,891 ) (10,880 )Distributions to non-controlling interests (10,368 ) (7,161 )Principal repayments of term loan (13,751 ) (4,700 )Payment of debt issuance costs (1,096 ) (1,340 )Purchases of common stock - stock-based (1,733 ) (1,649 )compensationPurchases of common stock - share (6,589 ) (162 )repurchase planRepurchases of non-controlling interests (28,939 ) (4,504 )Investments made by minority shareholders - 488 Net cash used in financing (73,367 ) (29,908 )activities Effect of foreign currency exchange rates on (80 ) (282 )total cash, cash equivalents and restricted cash Net change in total cash, cash equivalents and (57,361 ) (30,549 )restricted cash Total cash, cash equivalents and restricted 162,358 192,907 cash, beginning of period Total cash, cash equivalents and restricted $ 104,997 $ 162,358 cash, end of period

Table 4ATN International, Inc.Selected Segment Financial Information(In Thousands) For the three months ended December 31, 2020 is as follows: International US Telecom Renewable Corporate and Total Telecom Energy Other * Statement of Operations Data:Revenue** Mobility $ 22,532 $ 2,424 $ - $ - $ 24,956 Fixed 57,955 7,088 - - 65,043 Carrier 1,728 18,669 - - 20,397 servicesOther 248 - - - 248 Totalcommunications $ 82,463 $ 28,181 $ - $ - $ 110,644 services Renewable $ - $ - $ 1,182 $ - $ 1,182 EnergyManaged 1,356 - - - 1,356 ServicesConstruction - 10,519 - - 10,519 Total Other $ 1,356 $ 10,519 $ 1,182 $ - $ 13,057 Total $ 83,819 $ 38,700 $ 1,182 $ - $ 123,701 Revenue Operating Income $ 13,946 $ 1,242 $ (22,574 ) $ (7,314 ) $ (14,700 )(Loss)Stock-based 29 15 66 1,194 1,304 compensationNon-controllinginterest ( net $ (8 ) $ (1,171 ) $ 24 $ (1,721 ) $ (2,876 )income or (loss) ) Non GAAP measures: EBITDA (1) $ 28,112 $ 7,236 $ (21,948 ) $ (5,878 ) $ 7,522 Adjusted EBITDA $ 28,100 $ 7,211 $ 235 $ (5,018 ) $ 30,528 (2) Balance Sheet Data(at December 31, 2020):Cash, cashequivalents and $ 45,848 $ 26,921 $ 4,311 $ 26,845 $ 103,925 investmentsTotal current 107,315 65,806 39,057 27,887 240,065 assetsFixed assets, net 449,888 73,717 - 12,857 536,462 Total assets 642,834 265,797 39,045 136,035 1,083,711 Total current 80,875 43,200 1,038 22,815 147,928 liabilitiesTotal debt 72,823 - - - 72,823 * Corporate and Other refer to corporate overhead expenses and consolidating adjustments ** The Company restructured its presentation of revenue to better alignfinancial reporting with industry competitors, and the viewofinvestors and companymanagement. ATN International, Inc.Selected Segment Financial Information(In Thousands) For the three months ended December 31, 2019 is as follows: International US Telecom Renewable Corporate and Total Telecom Energy Other * Statement of Operations Data:Revenue** Mobility $ 21,794 $ 2,437 $ - $ - $ 24,231 Fixed 57,609 4,326 - - 61,935 Carrier 2,100 21,086 - - 23,186 servicesOther 284 - - - 284 Totalcommunications $ 81,787 $ 27,849 $ - $ - $ 109,636 services Renewable $ - $ - $ 1,158 $ - $ 1,158 EnergyManaged 1,292 - - - 1,292 ServicesTotal Other $ 1,292 $ - $ 1,158 $ - $ 2,450 Total $ 83,079 $ 27,849 $ 1,158 $ - $ 112,086 Revenue Operating Income $ 11,119 $ 2,137 $ (6,492 ) $ (8,503 ) $ (1,739 )(Loss)Stock-based 100 - 87 1,316 1,503 compensationNon-controllinginterest ( net $ (2,924 ) $ (1,186 ) $ (6 ) $ - $ (4,116 )income or (loss) ) Non GAAP measures: EBITDA (1) $ 26,403 $ 8,336 $ (5,456 ) $ (6,767 ) $ 22,516 Adjusted EBITDA $ 26,598 $ 8,349 $ 146 $ (6,625 ) $ 28,468 (2) * Corporate and Other refer to corporate overhead expenses and consolidating adjustments ** The Company restructured its presentation of revenue to better alignfinancial reporting with industry competitors, and the viewofinvestors and companymanagement. ATN International, Inc.Selected Segment Financial Information(In Thousands)For the year ended December 31, 2020 is as follows: International US Telecom Renewable Corporate and Total Telecom Energy Other *Statement of Operations Data:Revenue** Mobility $ 83,136 $ 9,626 $ - $ - $ 92,762 Fixed 230,375 22,269 - - 252,644 Carrier 7,120 79,448 - - 86,568 servicesOther 1,535 - - - 1,535 Totalcommunications $ 322,166 $ 111,343 $ - $ - $ 433,509 services Renewable $ - $ - $ 4,555 $ - $ 4,555 EnergyManaged 6,467 - - - 6,467 ServicesConstruction - 10,913 - - 10,913 Total Other $ 6,467 $ 10,913 $ 4,555 $ - $ 21,935 Total $ 328,633 $ 122,256 $ 4,555 $ - $ 455,444 Revenue Operating Income $ 58,064 $ 7,388 $ (23,749 ) $ (32,523 ) $ 9,180 (Loss)Stock-based 49 15 262 5,585 5,911 compensationNon-controllinginterest ( net $ (9,499 ) $ (4,051 ) $ 136 $ - $ (13,414 )income or (loss) ) Non GAAP measures: EBITDA (1) $ 114,348 $ 30,713 $ (21,533 ) $ (26,037 ) $ 97,491 Adjusted EBITDA $ 114,350 $ 30,689 $ 779 $ (25,114 ) $ 120,704 (2) * Corporate and Other refer to corporate overhead expenses and consolidating adjustments ** The Company restructured its presentation of revenue to better alignfinancial reporting with industry competitors, and the viewofinvestors and companymanagement. ATN International, Inc.Selected Segment Financial Information(In Thousands)For the year ended December 31, 2019 is as follows: International US Telecom Renewable Corporate and Total Telecom Energy Other * Statement of Operations Data:Revenue** Mobility $ 84,560 $ 10,532 $ - $ - $ 95,092 Fixed 224,534 14,211 - - 238,745 Carrier 9,070 83,906 - - 92,976 servicesOther 1,295 - - - 1,295 Totalcommunications $ 319,459 $ 108,649 $ - $ - $ 428,108 services Renewable $ - $ - $ 5,534 $ - $ 5,534 EnergyManaged 5,080 - - - 5,080 ServicesTotal Other $ 5,080 $ - $ 5,534 $ - $ 10,614 Total $ 324,539 $ 108,649 $ 5,534 $ - $ 438,722 Revenue Operating Income $ 46,921 $ 8,064 $ (7,243 ) $ (34,365 ) $ 13,377 (Loss)Stock-based 405 - 87 5,892 6,384 compensationNon-controllinginterest ( net $ (9,734 ) $ (3,050 ) $ 11 $ - $ (12,773 )income or (loss) ) Non GAAP measures: EBITDA (1) $ 102,914 $ 31,183 $ (3,938 ) $ (27,657 ) $ 102,502 Adjusted EBITDA $ 103,095 $ 31,359 $ 1,838 $ (27,426 ) $ 108,866 (2) * Corporate and Other refer to corporate overhead expenses and consolidating adjustments ** The Company restructured its presentation of revenue to better alignfinancial reporting with industry competitors, and the viewofinvestors and companymanagement. ATN International, Inc.Selected Segment Financial Information(In Thousands)at December 31, 2019 International US Telecom Renewable Corporate and Total Telecom Energy Other * Balance Sheet Data(at December 31, 2019):Cash, cashequivalents and $ 43,125 $ 38,240 $ 25,054 $ 55,284 $ 161,703 investmentsTotal current 91,497 54,207 27,534 55,485 228,724 assetsFixed assets, net 466,523 69,184 48,421 21,453 605,582 Total assets 647,228 222,356 76,723 184,419 1,130,726 Total current 77,644 24,905 2,745 14,375 119,670 liabilitiesTotal debt 86,426 - - - 86,426 (1) See Table 5 forreconciliation of Operating Income to EBITDA(2) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA* Corporate and Other refer to corporate overhead expenses and consolidating adjustments ATN International, Inc.Selected Segment Financial Information(In Thousands)at December 31, 2020 Quarter ended December 31, March 31, June 30, September 30, December 31, 2019 2020 2020 2020 2020 InternationalTelecom Operational Data:Mobile - 284,100 282,100 276,400 289,100 303,700 Subscribers *Fixed - Data 127,500 131,300 135,500 137,500 140,800 Subscribers *Fixed - Video 38,400 38,100 36,400 35,800 35,800 Subscribers *Fixed - Voice 164,800 166,700 167,100 167,900 168,700 * Counts were adjusted for all periods presented based upon a change in methodology and process

Table 5ATN International, Inc.Reconciliation of Non-GAAP Measures(In Thousands) For the three months ended December 31, 2020 is as follows: International US Telecom Renewable Corporate and Total Telecom Energy Other * Operating income $ 13,946 $ 1,242 $ (22,574 ) $ (7,314 ) $ (14,700 )(loss)Depreciation andamortization 14,166 5,994 626 1,436 22,222 expenseEBITDA $ 28,112 $ 7,236 $ (21,948 ) $ (5,878 ) 7,522 Transaction-related - - 634 860 1,494 charges(Gain) Loss ondisposition of (12 ) (25 ) 21,549 - 21,512 assetsADJUSTED EBITDA $ 28,100 $ 7,211 $ 235 $ (5,018 ) 30,528 Revenue 83,819 38,700 1,182 - 123,701 ADJUSTED EBITDA 33.5 % 18.6 % 19.9 % NA 24.7 %MARGIN For the three months ended December 31, 2019 is as follows: International US Telecom Renewable Corporate and Total Telecom Energy Other * Operating income $ 11,119 $ 2,137 $ (6,492 ) $ (8,503 ) $ (1,739 )(loss)Depreciation andamortization 15,284 6,199 1,036 1,736 24,255 expenseEBITDA $ 26,403 $ 8,336 $ (5,456 ) $ (6,767 ) 22,516 Transaction-related - - 13 142 155 chargesImpairment - - 3,279 - 3,279 ofgoodwill(Gain) Loss ondisposition of 195 13 2,310 - 2,518 assetsADJUSTED EBITDA $ 26,598 $ 8,349 $ 146 $ (6,625 ) 28,468 Revenue 83,079 27,849 1,158 - 112,086 ADJUSTED EBITDA 32.0 % 30.0 % 12.6 % NA 25.4 %MARGIN ATN International, Inc.Reconciliation of Non-GAAP Measures(In Thousands) For the year ended December 31, 2020 is as follows: International US Telecom Renewable Corporate and Total Telecom Energy Other * Operating income $ 58,064 $ 7,388 $ (23,749 ) $ (32,523 ) $ 9,180 (loss)Depreciation andamortization 56,284 23,325 2,216 6,486 88,311 expenseEBITDA $ 114,348 $ 30,713 $ (21,533 ) $ (26,037 ) 97,491 Transaction-related - - 718 923 1,641 charges(Gain) Loss ondisposition of 2 (24 ) 21,594 - 21,572 assetsADJUSTED EBITDA $ 114,350 $ 30,689 $ 779 $ (25,114 ) 120,704 Revenue 328,633 122,256 4,555 - 455,444 ADJUSTED EBITDA 34.8 % 25.1 % 17.1 % NA 26.5 %MARGIN For the year ended December 31, 2019 is as follows: International US Telecom Renewable Corporate and Total Telecom Energy Other * Operating income $ 46,921 $ 8,064 $ (7,243 ) $ (34,365 ) $ 13,377 (loss)Depreciation andamortization 55,993 23,119 3,305 6,708 89,125 expenseEBITDA $ 102,914 $ 31,183 $ (3,938 ) $ (27,657 ) 102,502 Transaction-related - - 13 231 244 chargesImpairment - - 3,279 - 3,279 ofgoodwill(Gain) Loss ondisposition of 181 176 2,484 - 2,841 assetsADJUSTED EBITDA $ 103,095 $ 31,359 $ 1,838 $ (27,426 ) 108,866 Revenue 324,539 108,649 5,534 - 438,722 ADJUSTED EBITDA 31.8 % 28.9 % 33.2 % NA 24.8 %MARGIN



CONTACT: 978-619-1300 Michael T. Prior Chairman and Chief Executive Officer Justin D. Benincasa Chief Financial Officer

1 See Table 5 for reconciliation of Operating Income to EBITDA, a non-GAAP measure.2 See Table 5 for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.