ATN International, Inc.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
ATNI$28.02+5.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0001558370-25-007345
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001558370-25-011033
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 201 previous paragraphs and 247 current paragraphs.
116 unchanged; 75 reworded; 34 added; 4 removed; 6 previous and 22 current paragraphs rearranged.
Tables are not compared: 44 previous and 65 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
International Telecom. Revenues within our International Telecom segment decreased $0.5 million, or 0.5%, to $94.9 million from $95.4 million for the three months ended June 30, 2025 and 2024, respectively. This decrease was primarily the result of decreases in Mobility, Fixed and Carrier Services revenues of $0.5 million, $0.5 million and $0.2 million, respectively, which were partially offset by a $1.1 million increase in revenues from certain ancillary services.
Current report
Operating expenses within our International Telecom segment increased by $15.7 million, or 24.9%, to $78.7 million from $63.0 million for the three months ended June 30, 2025 and 2024, respectively. Operating expenses for the three months ended June 30, 2024 included a $15.8 million gain on the disposition of long-lived assets, primarily real estate. Operating expenses for the three months ended June 30, 2025 were reduced by the result of certain cost savings initiatives, including reorganization and reductions in force that were implemented in current and previous periods partially offset by $1.4 million of restructuring and reorganization expenses that were incurred during the current period.
Current report
Operating expenses within our US Telecom segment increased $4.9 million, or 5.6%, to $91.9 million from $87.0 million for the three months ended June 30, 2025 and 2024, respectively, as a result of the recording of $2.4 million in restructuring and reorganization expenses and a $2.6 million increase in the loss on the disposition of assets and transfers. Such increases were partially offset by the result of certain cost savings initiatives, including reorganization and reductions in force that were implemented in current and previous periods.
Current report
Within our US Telecom segment, Carrier Services revenue may continue to decrease as a result of the impact of carrier service management contracts.
Current report
Cost of communication services and other increased by $1.1 million, or 1.45%, to $77.2 million from $76.1 million for the three months ended June 30, 2025 and 2024, respectively. The net increase in cost of communication services and other, within our segments, consisted of the following:
Current report
We did not incur any restructuring and reorganization expenses during the three months ended June 30, 2024.
Current report
Other income (expense). For the three months ended June 30, 2025, other income (expense) was $0.6 million of expense primarily related to losses on foreign currency transactions.
Current report
Income taxes. Our effective tax rate for the three months ended June 30, 2025 and 2024 was 29.0% and 1.8%, respectively.
Current report
We recorded an income tax expense of $0.2 million in relation to a pretax income of $11.5 million for the three months ended June 30, 2024. The effective tax rate for the three months ended June 30, 2024 was primarily impacted by the following items (i) the mix of income generated among the jurisdictions in which we operate, (ii) net expense related to valuation allowances placed on certain deferred tax assets that are not expected to be realizable based on the weight of positive and negative evidence and (iii) discrete items including a $2.4 million expense associated with the gain on sale of land in a foreign jurisdiction, a $3.7 million benefit from the reversal of an unrecognized tax position due to a statute of limitations expiration and a $0.8 million expense for interest on unrecognized tax positions.
Current report
International Telecom. Revenues within our International Telecom segment increased $1.0 million, or 0.5%, to $189.4 million from $188.4 million for the six months ended June 30, 2025 and 2024, respectively, primarily as a result of an increase in ancillary services partially offset by reductions in Mobility revenue, primarily equipment sales, and Fixed revenue.
Current report
Operating expenses within our International Telecom segment increased by $14.1 million, or 9.8%, to $158.4 million from $144.3 million for the six months ended June 30, 2025 and 2024, respectively. Operating expenses for the six months ended June 30, 2024 included a $15.8 million gain on the disposition of long-lived assets, primarily real estate. Operating expenses for the six months ended June 30, 2025 were reduced by the result of certain cost savings initiatives, including reorganization and reductions in force that were implemented in current and previous periods but offset by a $1.7 million increase in restructuring and reorganization expenses.
Current report
As a result, our International Telecom segment’s operating income decreased $13.2 million, or 29.9%, to $31.0 million from $44.1 million for the six months ended June 30, 2025 and 2024, respectively.
Current report
US Telecom. Revenue within our US Telecom segment decreased by $10.5 million, or 5.8%, to $171.2 million from $181.7 million for the six months ended June 30, 2025 and 2024, respectively, primarily as a result of a $7.4 million reduction in Fixed revenues which were negatively impacted by the April 2024 conclusion of both the Emergency Connectivity Fund and the Affordable Care Program, a $1.6 million decrease in Mobility revenue as a result of the conclusion of our providing retail mobility services under our own brand name, and a $1.1 million decrease in Carrier Services revenue primarily as the result of the transition of legacy roaming arrangements to carrier service management contracts. Partially offsetting these decreases was an increase in construction revenue of $0.9 million as a result of an increase in the number of sites completed during 2025 as compared to 2024.
Current report
Communications Services Revenue
Current report
**Mobility Revenue.**Mobility revenue decreased by $2.1 million, or 3.9%, to $52.4 million for the six months ended June 30, 2025 from $54.5 million for the six months ended June 30, 2024. The decrease in Mobility revenue, within our segments, consisted of the following:
Current report
Carrier Services Revenue. Carrier Services revenue decreased by $0.9 million, or 1.3%, to $66.4 million from $67.3 million for the six months ended June 30, 2025 and 2024, respectively. The decrease, within our segments, consisted of the following:
Current report
Construction Revenue
Current report
Other Revenue
Current report
**Managed Services Revenue.**Managed Services revenue decreased by $0.6 million, or 6.7%, to $8.4 million from $9.0 million for the six months ended June 30, 2025 and 2024, respectively. The decrease included a decrease within our International Telecom segment of $0.2 million, or 6.7%, to $2.8 million from $3.0 million for thesix months ended June 30, 2025 and 2024, respectively, as well as a decrease within our US Telecom segment of $0.4 million, or 6.6%, to $5.7 million from $6.1 million for the six months ended June 30, 2025 and 2024, respectively.
Current report
Operating Expenses
Current report
**Stock-based compensation.**Stock-based compensation for the six months ended June 30, 2025 and 2024 was $4.6 million and $4.7 million, respectively.
Current report
Depreciation and amortization expenses. Depreciation and amortization expenses decreased by $1.5 million, or 2.1%, to $68.4 million from $69.9 million for the six months ended June 30, 2025 and 2024, respectively. The net decrease in depreciation and amortization expenses, within our segments, consisted primarily of the following:
Current report
Amortization of intangibles from acquisitions.* *Amortization of intangibles from acquisitions decreased by $1.4 million to $2.5 million from $3.9 million for the six months ended June 30, 2025 and 2024, respectively.
Current report
During the six months ended June 30, 2024, we recorded a gain on the disposition of assets of $16.4 million. This gain is comprised primarily of a $15.9 million gain related to the sale of real estate within our International Telecom segment and a $0.5 million gain pertaining to the previously completed disposition of our renewable energy assets.
Current report
Interest income. Interest income was $0.4 million and $0.6 million for thesix months ended June 30, 2025 and 2024, respectively.
Current report
For the six months ended June 30, 2024, other income (expense) was $0.4 million of expense primarily related to certain employee benefit plans and losses on foreign currency transactions.
Current report
Income taxes. Our effective tax rate for the six months ended June 30, 2025 and 2024 was 16.1% and 35.0%, respectively.
Current report
We recorded an income tax benefit of $4.0 million in relation to a pretax loss of $24.6 million for the six months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2025 was primarily impacted by the following items: (i) the mix of income generated among the jurisdictions in which we operate, (ii) net expense related to valuation allowances placed on certain deferred tax assets that are not expected to be realized based on the weight of positive and negative evidence, and (iii) discrete items including a $4.9 million benefit from the reversal of an unrecognized tax position due to a statute of limitations expiration, a $1.2 million expense for interest on prior years uncertain tax positions, a $0.5 million expense associated with stock option shortfalls, and a $1.0 million benefit from the release of a capital loss carryover valuation allowance based on our conclusion that it was more likely than not that this deferred tax asset would be realized in the future.
Current report
recorded during the six months ended June 30, 2024 and increased profitability at certain less than wholly owned subsidiaries.
Current report
Each disbursement under the 2025 IDB Revolving Facility requires an established repayment date. Amounts may be prepaid with prior notice to IDB Invest.
Current report
As of June 30, 2025, OneGY had $5.0 million outstanding under the 2025 IDB Revolving Facility. There were no outstanding borrowings under the 2025 IDB Term loan as of that date.
Current report
OneVI Debt
Current report
On July 17, 2025, NCSC issued a commitment letter to amend and extend the maturity date of the loan to July 1, 2035. The interest rate will be reset on the original loan maturity date of July 1, 2026. On July 1, 2026, the loan will
Current report
be subject to a quarterly repayment schedule. The covenants tested on an annual basis will change as of December 31, 2026.
Removed paragraphs (4)
Previous report
International Telecom. Revenues within our International Telecom segment increased $1.4 million, or 1.5%, to $94.5 million from $93.1 million for the three months ended March 31, 2025 and 2024, respectively, primarily as a result of an increase in carrier services revenue due to increased roaming revenues, certain project-related revenues and revenues from ancillary services.
Previous report
Within our US Telecom segment, Carrier Services revenue may decrease as a result of the impact of recent carrier service management contracts.
Previous report
Income taxes. Our effective tax rate for the three months ended March 31, 2025 and 2024 was 1.7% and (25.6%), respectively.
Reworded paragraphs (75)
Previous wording
In July 2019, we entered into a Network Build and Maintenance Agreement with AT&T Mobility, LLC (“AT&T”) that we subsequently amended through March 31, 2025 (the “FirstNet Agreement”). In connection with the FirstNet Agreement, we are building a portion of AT&T’s network for the First Responder Network Authority (“FirstNet”) in or near our current operating areas in the western United States. Pursuant to the FirstNet Agreement and subject to certain limitations contained therein, all cell sites must be completed and accepted within a specified period of time. Since the inception of the project through March 31, 2025, we have recorded $75 million in construction revenue and expect to record approximately $8 million in additional construction revenue and related costs as sites are completed. We expect to substantially complete the build by the end of 2025. Revenues from construction are expected to have minimal impact on the Company’s operating income.
Current wording
In July 2019, we entered into a Network Build and Maintenance Agreement with AT&T Mobility, LLC (“AT&T”) that we subsequently amended through March 31, 2025 (the “FirstNet Agreement”). In connection with the FirstNet Agreement, we are building a portion of AT&T’s network for the First Responder Network Authority (“FirstNet”) in or near our current operating areas in the western United States. Pursuant to the FirstNet Agreement and subject to certain limitations contained therein, all cell sites must be completed and accepted within a specified period of time. Since the inception of the project through June 30, 2025, we have recorded $77 million in construction revenue and expect to record approximately $6 million in additional construction revenue and related costs as sites are completed. We expect to substantially complete the build by the end of 2025. Revenues from construction are expected to have minimal impact on the Company’s operating income.
Previous wording
On May 10, 2023, we entered into a Carrier Managed Services Master Agreement (the “Verizon CMS Agreement”) with Cellco Partnership d/b/a Verizon Wireless (“Verizon”), pursuant to which we will provide a variety of network, infrastructure and technical services that will help deliver next generation wireless services to Verizon’s subscribers in our current operating area in the southwestern United States.
Current wording
On May 10, 2023, we entered into a Carrier Managed Services Master Agreement (the “Verizon CMS Agreement”) with Cellco Partnership d/b/a Verizon Wireless (“Verizon”), pursuant to which we will provide a variety of network, infrastructure and technical services that will help deliver next generation wireless services to Verizon’s subscribers in our current operating areas in the southwestern United States.
Previous wording
As of March 31, 2025, we were in compliance in all material respects with our deployment and service requirements associated with such funding. If we fail to meet these obligations or require substantial additional capital
Current wording
As of June 30, 2025, we were in compliance in all material respects with requirements associated with such funding. If we fail to meet these obligations or require substantial additional capital expenditures to meet the obligations in a timely manner, our revenue, results of operations and liquidity may be materially adversely impacted.
Previous wording
We have also been awarded construction grants to build network connectivity for eligible communities. The funding of these grants, used to reimburse us for our construction costs, is generally distributed after we incur reimbursable costs. Completion deadlines began in 2025 and once these projects are constructed, we are obligated to provide service to the participants. We expect to meet all requirements associated with these grants. As of March 31, 2025, we were awarded $155.2 million of construction grants.
Current wording
We have also been awarded construction grants to build network connectivity for eligible communities. The funding of these grants, used to reimburse us for our construction costs, is generally distributed after we incur reimbursable costs. Completion deadlines began in 2025 and once these projects are constructed, we are obligated to provide service to the participants. We expect to meet all requirements associated with these grants. As of June 30, 2025, we were awarded $103.8 million of construction grants.
Previous wording
During the three months ended March 31, 2025, we disbursed capital expenditures of $1.1 million under these programs and received reimbursement of $5.9 million. These cash flows are classified as investing activities in our statement of cash flows.
Current wording
During the six months ended June 30, 2025, we disbursed capital expenditures of $12.2 million under these programs and received reimbursement of $9.4 million. These cash flows are classified as investing activities in our statement of cash flows.
Previous wording
In addition, we partner with tribal governments to obtain grants under various government grant programs including, but not limited to, the Tribal Broadband Connectivity Program (“TBCP”) and the Rural Development Broadband ReConnect Program (“ReConnect”). These programs are administered by United States government agencies to deploy broadband connectivity in certain underserved areas. We were identified as a sub recipient of grants under these programs totaling $237 million as of March 31, 2025. Through March 31, 2025, we have received $23.2 million of funding under these programs and spent $22.2 million on construction obligations. These amounts are recorded as operating cash flows in the Company’s statement of cash flows.
Current wording
In addition, we partner with tribal governments to obtain grants under various government grant programs including, but not limited to, the Tribal Broadband Connectivity Program (“TBCP”) and the Rural Development Broadband ReConnect Program (“ReConnect”). These programs are administered by United States government agencies to deploy broadband connectivity in certain underserved areas. We were identified as a sub recipient of grants under these programs totaling $239 million as of June 30, 2025. Through June 30, 2025, we have received $23.5 million of funding under these programs and spent $25.4 million on construction obligations. These amounts are recorded as operating cash flows in the Company’s statement of cash flows.
Previous wording
We have incurred total expenditures of $182.1 million related to this project, of which $13.7 million were incurred in 2025. Of these total expenditures, $152.0 million were classified as capital.
Current wording
We have incurred total expenditures of $200.5 million related to this project, of which $32.1 million were incurred in 2025. Of these total expenditures, $167.8 million were classified as capital.
Previous wording
At March 31, 2025, $19.5 million of capital expenditures were accrued and unpaid under the Replace and Remove Program. We expect to be reimbursed, within the next twelve months, for all amounts spent to date. During the three months ended March 31, 2025, we received $19.1 million of reimbursement under the program, of which $2.9 million was classified as operating cash inflows and $16.2 million was classified as investing cash inflows in our statement of cash flows.
Current wording
At June 30, 2025, $17.0 million of capital expenditures were accrued and unpaid under the Replace and Remove Program. We expect to be reimbursed, within the next twelve months, for all amounts spent to date. During the six months ended June 30, 2025, we received $37.0 million of reimbursement under the program, of which $5.1 million was classified as operating cash inflows and $31.9 million was classified as investing cash inflows in our statement of cash flows.
Previous wording
(1) Corporate and other items refer to corporate overhead costs and consolidating adjustments.
Current wording
(1) Corporate and other items refer to corporate overhead costs and consolidating adjustments and have been presented for reconciliation purposes to consolidated amounts.
Previous wording
As a result, our International Telecom segment’s operating income increased $3.1 million, or 26.5%, to $14.8 million from $11.7 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
As a result, our International Telecom segment’s operating income decreased $16.2 million, or 50.0%, to $16.2 million from $32.4 million for the three months ended June 30, 2025 and 2024, respectively.
Previous wording
US Telecom. Revenue within our US Telecom segment decreased by $8.9 million, or 9.5%, to $84.8 million from $93.7 million for the three months ended March 31, 2025 and 2024, respectively, primarily as a result of a $6.2 million reduction in Fixed revenues which were negatively impacted by the conclusion of both the Emergency Connectivity Fund and the Affordable Care Program, both of which provided revenue through April 2024. In addition, the US Telecom segment’s Carrier Services revenue decreased by $0.9 million primarily as the result of the transition of legacy roaming arrangements to carrier service management contracts, construction revenue declined by $0.6 million as a result of a decrease in the number of sites completed during 2025 as compared to 2024 and Mobility revenue decreased $0.8 million within our retail operations as a result of our conclusion of our providing retail mobility services under our own brand name to retail customers.
Current wording
US Telecom. Revenue within our US Telecom segment decreased by $1.5 million, or 1.7%, to $86.4 million from $87.9 million for the three months ended June 30, 2025 and 2024, respectively, primarily as a result of a $1.1 million reduction in Fixed revenues which were negatively impacted by the conclusion of both the Emergency Connectivity Fund and the Affordable Care Program, both of which provided revenue through April 2024. In addition, the US Telecom segment’s Carrier Services revenue decreased by $0.3 million primarily as the result of the transition of legacy roaming arrangements to carrier service management contracts, and Mobility revenue decreased $0.8 million within our retail operations as a result of our conclusion of our providing retail mobility services under our own brand name to retail customers. Partially offsetting these decreases was the increase in construction revenue of $1.4 million as a result of an increase in the number of sites completed during the three months ended June 30, 2025 as compared to the same period of 2024.
Previous wording
As a result of the above, our US Telecom segment’s operating income decreased to a loss of $2.4 million from income of $0.6 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
As a result of the above, our US Telecom segment’s operating income decreased to a loss of $5.5 million from income of $0.9 million for the three months ended June 30, 2025 and 2024, respectively.
Previous wording
**Mobility Revenue.**Our Mobility revenue consists of revenue generated within both our International Telecom and US Telecom segments by providing business and retail mobile voice and data services over our wireless networks as well as through the sale and repair services of related equipment, such as handsets and other accessories, to our subscribers.
Current wording
**Mobility Revenue.**Our Mobility revenue consists of revenue generated within our International Telecom segment by providing business and retail mobile voice and data services over our wireless networks as well as through the sale and repair services of related equipment, such as handsets and other accessories, to our subscribers. Wholesale Mobility revenue is recorded under Carrier Services Revenue.
Previous wording
Mobility revenue decreased by $0.8 million, or 3.0%, to $26.1 million for the three months ended March 31, 2025 from $26.9 million for the three months ended March 31, 2024. The decrease in Mobility revenue, within our segments, consisted of the following:
Current wording
Mobility revenue decreased by $1.3 million, or 4.7%, to $26.3 million for the three months ended June 30, 2025 from $27.6 million for the three months ended June 30, 2024. The decrease in Mobility revenue, within our segments, consisted of the following:
Previous wording
Fixed revenue decreased by $6.2 million, or 5.2%, to $113.0 million from $119.2 million for the three months ended March 31, 2025 and 2024, respectively. This decrease primarily pertained to a decrease in Fixed revenue from business customers and consisted of the following:
Current wording
Fixed revenue decreased by $1.6 million, or 1.4%, to $113.1 million from $114.7 million for the three months ended June 30, 2025 and 2024, respectively. This decrease primarily pertained to a decrease in Fixed revenue from business customers and consisted of the following:
Previous wording
Fixed revenue within our International Telecom segment may continue to increase as we expect the popularity of video and audio streaming, the demand for cloud services and smart home, business and city solutions to increase the demand for broadband and other data services from consumers, businesses and governments. However, such increases may be offset by a decrease in demand for our legacy services due to subscribers using alternative methods to receive video and audio content.
Current wording
Fixed revenue within our International Telecom segment may increase due to the popularity of video and audio streaming, the demand for cloud services and smart home, business and city solutions to increase the demand for broadband and other data services from consumers, businesses and governments. However, such increases may be offset by a decrease in demand for our legacy services due to subscribers using alternative methods to receive video and audio content.
Previous wording
Within our US Telecom segment, we expect Fixed revenue to decrease in the short term as a result of the impact of the expiration of the Emergency Connectivity Fund and Affordable Care Program. Over time, we expect these decreases to be partially offset by increases in other business revenue in Alaska and our western United States operations as we further deploy fiber and fiber-fed broadband with organic and government grants to access to both consumers and businesses.
Current wording
Within our US Telecom segment, Fixed revenue from business customers in Alaska and our western United States operations may increase as we further deploy fiber and fiber-fed broadband with capital investment and government grant funding, which will increase access for both consumers and businesses.
Previous wording
Carrier Services revenue decreased by $0.5 million, or 1.5%, to $33.1 million from $33.6 million for the three months ended March 31, 2025 and 2024, respectively. The decrease, within our segments, consisted of the following:
Current wording
Carrier Services revenue decreased by $0.5 million, or 1.5%, to $33.2 million from $33.7 million for the three months ended June 30, 2025 and 2024, respectively. The decrease, within our segments, consisted of the following:
Previous wording
**Other Communications Services Revenue.**Other Communications Services revenue includes project-related revenue generated within both our International and US Telecom segments and ancillary services that the operations within our International Telecom segment provide to its retail subscribers. Other Communications Services revenue increased $0.2 million, or 12.5%, to $1.8 million from $1.6 million for the three months ended March 31, 2025 and 2024, respectively, as a result of an increase in project-related revenue and revenue from ancillary services in our International Telecom segment partially offset by a reduction in certain non-recurring project-related revenue being recognized in our US Telecom segment.
Current wording
**Other Communications Services Revenue.**Other Communications Services revenue includes project-related revenue generated within both our International and US Telecom segments and ancillary services that the operations within our International Telecom segment provide to its retail subscribers. Other Communications Services revenue increased $0.8 million, or 57.1%, to $2.2 million from $1.4 million for the three months ended June 30, 2025 and 2024, respectively, as a result of an increase in revenue from ancillary services in our International Telecom segment partially offset by a reduction in certain non-recurring project-related revenue being recognized in our US Telecom segment.
Previous wording
Other Communication Services revenue may increase in future periods as the demand for ancillary services increase but may be partially offset by a decrease in project-related revenues as the projects are completed.
Current wording
Other Communication Services revenue may increase in future periods as the demand for ancillary services increase but may be partially offset by a decrease in project-related revenues as those projects are completed.
Previous wording
Managed Services revenue increased by $0.3 million, or 7.7%, to $4.2 million from $3.9 million for the three months ended March 31, 2025 and 2024, respectively. The increases, within our segments, which were driven by a continued effort to sell our Managed Services solution to primarily business customers, consisted of the following:
Current wording
Managed Services revenue decreased by $0.9 million, or 17.6%, to $4.2 million from $5.1 million for the three months ended June 30, 2025 and 2024, respectively. The decreases, within our segments consisted of the following:
Previous wording
International Telecom. Managed Services revenue in our International Telecom segment increased $0.1 million, or 7.7%, to $1.4 million from $1.3 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
International Telecom. Managed Services revenue in our International Telecom segment decreased $0.4 million, or 23.5%, to $1.3 million from $1.7 million for the three months ended June 30, 2025 and 2024, respectively.
Previous wording
US Telecom. Within our US Telecom segment, Managed Services revenue increased $0.2 million, or 7.7%, to $2.8 million from $2.6 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
US Telecom. Within our US Telecom segment, Managed Services revenue decreased $0.5 million, or 14.7%, to $2.9 million from $3.4 million for the three months ended June 30, 2025 and 2024, respectively.
Previous wording
periods as well as a reduction in the costs associated with the Emergency Connectivity Fund program which concluded during the second quarter of 2024.
Current wording
costs associated with the Emergency Connectivity Fund program which concluded during the second quarter of 2024.
Previous wording
Cost of construction revenue. Cost of construction revenue includes the expenses incurred in connection with the construction of and the delivery to AT&T of cell sites in accordance with our FirstNet Agreement. During the three months ended March 31, 2025 and 2024, cost of construction revenue decreased to $1.5 million from $1.6 million, respectively, as a result of a decrease in the number of sites completed during 2025 as compared to 2024. We expect to substantially complete the build by the end of 2025.
Current wording
Cost of construction revenue. Cost of construction revenue includes the expenses incurred in connection with the construction of and the delivery to AT&T of cell sites in accordance with our FirstNet Agreement. During the three months ended June 30, 2025 and 2024, cost of construction revenue increased to $2.2 million from $0.8 million, respectively, as a result of an increase in the number of sites completed during 2025 as compared to 2024. We expect to substantially complete the build by the end of 2025.
Previous wording
Selling, general and administrative expenses decreased by $6.1 million, or 10.0%, to $55.2 million from $61.3 million for the three months ended March 31, 2025 and 2024, respectively. The decreases in selling, general and administrative expenses occurred within all of our segments and were primarily related to certain cost containment initiatives, including reorganizations and reductions in force, that were implemented in the current and previous periods. The impact to each of our segments, consisted of the following:
Current wording
Selling, general and administrative expenses decreased by $1.5 million, or 2.6%, to $56.2 million from $57.7 million for the three months ended June 30, 2025 and 2024, respectively. The decreases in selling, general and administrative expenses occurred within all of our segments and were primarily related to certain cost containment initiatives, including reorganizations and reductions in force, that were implemented in the current and previous periods. The impact to each of our segments, consisted of the following:
Previous wording
Stock-based compensation for the three months ended March 31, 2025 and 2024 was consistent at $1.9 million.
Current wording
Stock-based compensation for the three months ended June 30, 2025 and 2024 was $2.7 million and $2.8 million, respectively.
Previous wording
We incurred $1.4 million and a nominal amount of transaction-related charges during the three months ended March 31, 2025 and 2024, respectively.
Current wording
We incurred $0.2 million and a nominal amount of transaction-related charges during the three months ended June 30, 2025 and 2024, respectively.
Previous wording
**Restructuring and reorganization expenses.**In our efforts to advance our cost management actions to drive higher operating efficiencies and margins, we incurred certain restructuring and reorganization expenses, primarily reductions in force, totaling $1.5 million, $0.1 million and $0.2 million within our International Telecom segment, US Telecom segment and Corporate and Other segment, respectively, during the three months ended March 31, 2025.
Current wording
**Restructuring and reorganization expenses.**In our efforts to advance our cost management actions to drive higher operating efficiencies and margins, we incurred certain restructuring and reorganization expenses, primarily reductions in force, totaling $1.4 million, $2.4 million and $1.2 million within our International Telecom segment, US Telecom segment and Corporate and Other segment, respectively, during the three months ended June 30, 2025.
Previous wording
Depreciation and amortization expenses increased by $0.2 million, or 0.6%, to $34.5 million from $34.3 million for the three months ended March 31, 2025 and 2024, respectively. The net increase in depreciation and amortization expenses, within our segments, consisted primarily of the following:
Current wording
Depreciation and amortization expenses decreased by $1.7 million, or 4.8%, to $33.9 million from $35.6 million for the three months ended June 30, 2025 and 2024, respectively. The net decrease in depreciation and amortization expenses, within our segments, consisted primarily of the following:
Previous wording
Amortization of intangibles from acquisitions decreased by $0.8 million to $1.2 million from $2.0 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Amortization of intangibles from acquisitions decreased by $0.7 million to $1.2 million from $1.9 million for the three months ended June 30, 2025 and 2024, respectively.
Previous wording
(Gain) loss on disposition of assets and transfers. During the three months ended March 31, 2025, we recorded a net loss on the disposition of assets of $0.8 million. Of this net loss, $0.3 million and $0.5 million was recognized within our International and US Telecom segments, respectively.
Current wording
(Gain) loss on disposition of assets and transfers. During the three months ended June 30, 2025, we recorded a net loss on the disposition of assets of $2.7 million. Of this net loss, $0.1 million and $2.6 million were recognized within our International and US Telecom segments, respectively.
Previous wording
During the three months ended March 31, 2024, we recorded a gain on the disposition of assets of $0.5 million primarily relating to the previously completed disposition of our renewable energy assets.
Current wording
During the three months ended June 30, 2024, we recorded a gain on the disposition of assets of $15.9 million primarily relating to the sale of real estate in our International Telecom segment.
Previous wording
Interest income. Interest income represents interest earned on our cash, cash equivalents, restricted cash and short-term investment balances. Interest income was $0.3 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Interest income. Interest income represents interest earned on our cash, cash equivalents, restricted cash and short-term investment balances. Interest income was $0.1 million for the three months ended June 30, 2025 and 2024.
Previous wording
Interest expense. We incur interest expense on the 2023 CoBank Credit Facility, the 2024 Alaska Credit Facilities, the FirstNet Receivables Credit Facility, the OneGY Credit Facilities, the Sacred Wind Term Debt and the Viya Debt. In addition, interest expense includes commitment fees, letter of credit fees and the amortization of debt issuance costs.
Current wording
Interest expense. We incur interest expense on the 2023 CoBank Credit Facility, the 2024 Alaska Credit Facilities, the FirstNet Receivables Credit Facility, the OneGY Credit Facilities, the Sacred Wind Term Debt and the OneVI Debt. In addition, interest expense includes commitment fees, letter of credit fees and the amortization of debt issuance costs.
Previous wording
Interest expense increased to $12.0 million from $11.5 million for the three months ended March 31, 2025 and 2024, respectively, as additional interest expense was incurred as a result of an increase in borrowings under our credit facilities.
Current wording
Interest expense increased to $12.8 million from $12.3 million for the three months ended June 30, 2025 and 2024, respectively, as additional interest expense was incurred as a result of an increase in borrowings under our credit facilities.
Previous wording
For the three months ended March 31, 2024, other income (expenses) was $0.2 million of income primarily related to certain employee benefit plans partially offset by losses on foreign currency transactions.
Current wording
For the three months ended June 30, 2024, other income (expense) was $0.6 million of expense primarily related to expenses for certain employee benefit plans and losses on foreign currency transactions.
Previous wording
We recorded an income tax benefit of $0.2 million in relation to a pretax loss of $11.6 million for the three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2025 was primarily impacted by the following items: (i) the mix of income generated among the jurisdictions in which we operate, (ii) net expense related to valuation allowances placed on certain deferred tax assets that are not expected to be realized based on the weight of positive and negative evidence, and (iii) discrete expenses including $0.6 million for interest on prior years uncertain tax positions and $0.5 million expense associated with stock option shortfalls.
Current wording
We recorded an income tax benefit of $3.8 million in relation to a pretax loss of $13.0 million for the three months ended June 30, 2025. The effective tax rate for the three months ended June 30, 2025 was primarily impacted by the following items: (i) the mix of income generated among the jurisdictions in which we operate, (ii) net expense related to valuation allowances placed on certain deferred tax assets that are not expected to be realized based on the weight of positive and negative evidence, and (iii) discrete items including a $4.9 million benefit from the reversal of an unrecognized tax position due to a statute of limitations expiration, a $0.6 million expense for interest on prior years uncertain tax positions, and a $1.0 million benefit from the release of a capital loss carryover valuation allowance based on our conclusion that it was more likely than not that this deferred tax asset would be realized in the future.
Previous wording
Net loss attributable to noncontrolling interests, net of tax. Net loss attributable to noncontrolling interests, net of tax reflected an allocation of $2.5 million and $1.6 million of losses generated by our less than wholly owned subsidiaries for the three months ended March 31, 2025 and 2024, respectively. Changes in net loss attributable to noncontrolling interests, net of tax, within our segments, consisted of the following:
Current wording
Net (income) loss attributable to noncontrolling interests, net of tax. Net loss attributable to noncontrolling interests, net of tax reflected an allocation of $2.2 million of losses and $2.3 million of income generated by our less than wholly owned subsidiaries for the three months ended June 30, 2025 and 2024, respectively. Changes in net income (loss) attributable to noncontrolling interests, net of tax, within our segments, consisted of the following:
Previous wording
On a per diluted share basis, net loss was $0.69 per diluted share for the three months ended March 31, 2025 as compared to $0.50 per diluted share for the three months ended March 31, 2024. Such per share amounts were negatively impacted by accrued preferred dividends of $1.5 million and $1.3 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
On a per diluted share basis, net loss was $0.56 per diluted share for the three months ended June 30, 2025 as compared to income of $0.50 per diluted share for the three months ended June 30, 2024. Such per share amounts were negatively impacted by accrued preferred dividends of $1.5 million and $1.4 million for the three months ended June 30, 2025 and 2024, respectively.
Showing the first 40 of 75 pairs. Open the source sections for the rest.
Rearranged current paragraphs (22)
Current report — wording carried from elsewhere
Construction revenue represents revenue generated within our US Telecom segment for the construction of network cell sites related to the FirstNet Agreement. During the three months ended June 30, 2025 and 2024, Construction revenue increased to $2.2 million from $0.8 million, respectively, primarily as a result of an increase in the number of sites completed during 2025 as compared to 2024. We expect to substantially complete the build related to the FirstNet Agreement by the end of 2025.
Current report — wording carried from elsewhere
**Net income (loss) attributable to ATN International, Inc. stockholders.**Net income (loss) attributable to ATN International, Inc. stockholders was a loss of $7.0 million for the three months ended June 30, 2025 as compared to income of $9.0 million for the three months ended June 30, 2024.
Current report — wording carried from elsewhere
The following represents selected segment information for the six months ended June 30, 2025 and 2024 (in thousands):
Current report — wording carried from elsewhere
A comparison of our segment results for the six months ended June 30, 2025 and 2024 is as follows:
Current report — wording carried from elsewhere
As a result of the above, our US Telecom segment’s operating income decreased to a loss of $7.9 million from income of $1.5 million for the six months ended June 30, 2025 and 2024, respectively.
Current report — wording carried from elsewhere
The following represents a year over year discussion and analysis of our results of operations for the six months ended June 30, 2025 and 2024 (in thousands):
Current report — wording carried from elsewhere
**Fixed Revenue.**Fixed revenue decreased by $7.8 million, or 3.3%, to $226.1 million from $233.9 million for the six months ended June 30, 2025 and 2024, respectively. This decrease primarily pertained to a decrease in Fixed revenue from business customers and consisted of the following:
Current report — wording carried from elsewhere
**Other Communications Services Revenue.**Other Communications Services revenue increased $1.1 million, or 37.9%, to $4.0 million from $2.9 million for the six months ended June 30, 2025 and 2024, respectively, as a result of an increase in project-related revenue and revenue from ancillary services in our International Telecom segment partially offset by a reduction in certain non-recurring project-related revenue being recognized in our US Telecom segment.
Current report — wording carried from elsewhere
**Cost of communication services and other.**Cost of communication services and other are charges that we incur for voice and data transport circuits, internet capacity, video programming costs, access fees we pay to terminate our calls, telecommunication spectrum fees and direct costs associated within our managed services businesses. These
Current report — wording carried from elsewhere
costs also include expenses associated with developing, operating, upgrading and supporting our telecommunications networks, including the salaries and benefits paid to employees directly involved in the development and operation of those businesses, as well as credit loss allowances and the cost of handsets and customer resale equipment incurred by our retail businesses.
Current report — wording carried from elsewhere
Cost of communication services in both our International and US Telecom segments may decrease as a result of the ongoing cost reduction initiatives that commenced in previous periods, but such decrease may be partially offset by future inflationary pressure.
Current report — wording carried from elsewhere
Cost of construction revenue. During the six months ended June 30, 2025 and 2024, cost of construction revenue decreased to $3.7 million from $2.4 million, respectively, as a result of a decrease in the number of sites completed during 2025 as compared to 2024. We expect to substantially complete the build by the end of 2025.
Current report — wording carried from elsewhere
Transaction-related charges. We incurred $1.6 million and a nominal amount of transaction-related charges during the six months ended June 30, 2025 and 2024, respectively.
Current report — wording carried from elsewhere
**Restructuring and reorganization expenses.**In our efforts to advance our cost management actions to drive higher operating efficiencies and margins, we incurred certain restructuring and reorganization expenses, primarily reductions in force, totaling $2.9 million, $2.5 million and $1.4 million within our International Telecom segment, US Telecom segment and Corporate and Other segment, respectively, during the six months ended June 30, 2025.
Current report — wording carried from elsewhere
We expect depreciation and amortization expenses to decrease as a result of an expected decline in capital expenditures and as a result of some of our previously acquired assets becoming fully depreciated.
Current report — wording carried from elsewhere
(Gain) loss on disposition of assets and transfers. During thesix months ended June 30, 2025, we recorded a net loss on the disposition of assets of $3.4 million. Of this net loss, $0.4 million and $3.0 million were recognized within our International and US Telecom segments, respectively.
Current report — wording carried from elsewhere
Interest expense. Interest expense increased to $24.8 million from $23.9 million for thesix months ended June 30, 2025 and 2024, respectively, as additional interest expense was incurred as a result of an increase in borrowings under our credit facilities.
Current report — wording carried from elsewhere
Our effective tax rate is based upon estimated income before provision for income taxes for the year, composition of the income in different countries, and adjustments, if any, in the applicable quarterly periods for potential tax consequences, benefits and/or resolutions of tax contingencies. Our consolidated tax rate will continue to be impacted by any transactional or one-time items in the future and the mix of income in any given year generated among the jurisdictions in which we operate. While we believe we have adequately provided for all tax positions, amounts asserted by taxing authorities could materially differ from our accrued positions as a result of uncertain and complex application of tax law and regulations. Additionally, the recognition and measurement of certain tax benefits include estimates and judgments by management. Accordingly, we could record additional provisions or benefits for US federal, state, and foreign tax matters in future periods as new information becomes available.
Current report — wording carried from elsewhere
Net (income) loss attributable to noncontrolling interests, net of tax. Net (income) loss attributable to noncontrolling interests, net of tax reflected an allocation of $4.7 million of losses and $0.7 million of income generated by our less than wholly owned subsidiaries for the six months ended June 30, 2025 and 2024, respectively. Changes in net loss attributable to noncontrolling interests, net of tax, within our segments, consisted of the following:
Current report — wording carried from elsewhere
On a per diluted share basis, net loss was $1.25 per diluted share for the six months ended June 30, 2025 as compared to break even per diluted share for the six months ended June 30, 2024. Such per share amounts were negatively impacted by accrued preferred dividends of $3.0 million and $2.7 million for thesix months ended June 30, 2025 and 2024, respectively.
Current report — wording carried from elsewhere
*Cash used in investing activities.*Cash used in investing activities decreased by $1.2 million to $45.6 million from $46.8 million for the six months ended June 30, 2025 and 2024, respectively. This year-over-year increase in cash
Current report — wording carried from elsewhere
Expense Ratio, as well as customary representations, warranties and covenants The 2025 IDB Credit Agreement provides for events of default customary for credit facilities of this type, including but not limited to non-payment, defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
expenditures to meet the obligations in a timely manner, our revenue, results of operations and liquidity may be materially adversely impacted.
Previous report — wording carried elsewhere
We continue to explore opportunities to expand our telecommunications business or acquire new businesses in the United States, the Caribbean and elsewhere. Such acquisitions may require external financing. While there can be no
Previous report — wording carried elsewhere
The 2023 CoBank Credit Agreement contains a financial covenant (as further defined in the 2023 CoBank Credit Agreement) that imposes a maximum Total Net Leverage Ratio, as well as customary representations, warranties
Previous report — wording carried elsewhere
had $8.0 million of unamortized fees, which are being amortized over the life of the debt, associated with the 2024 Alaska Credit Facility.
Previous report — wording carried elsewhere
On October 12, 2022 , OneGY entered into a $2.9 million term facility and a $5.7 million overdraft facility (the “Guyana Credit Facilities”) with Republic Bank (Guyana) Limited.
Previous report — wording carried elsewhere
defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.