ATN International, Inc.

Equities

ATNI

US00215F1075

Integrated Telecommunications Services

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Apr. 24	Earnings Flash (ATNI) ATN INTERNATIONAL Posts Q1 Revenue $186.8M, vs. Street Est of $191.7M	MT
Apr. 24	ATN International, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

ATN INTERNATIONAL : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)

March 01, 2021 at 04:05 pm EST

Overview


We strive to be a leading platform for the operation of, and investment in,
smaller and specialty market communications services and technology companies.
We have a long track record of delivering critical infrastructure-based
solutions to underserved markets. Our majority-owned operating subsidiaries
provide facilities-based communications services, along with related information
technology solutions, in the United States, Bermuda, and the Caribbean. We also
have non-controlling investments in several communications and technology
companies, and we continue to consider opportunities to make controlling and
minority investments in businesses that we believe have the potential for
generating substantial and relatively steady cash flows over extended periods of
time or have technologies or business models that might prove valuable to our
main operating subsidiaries or create significant longer term growth potential
for us as a whole.



At the holding company level, we oversee the allocation of capital within and
among our subsidiaries, affiliates, minority investments, and stockholders. We
also have developed significant operational expertise and resources that we use
to augment the capabilities of our individual operating subsidiaries. Over the
past 10 years, we have built a platform of resources and expertise to support
our operating subsidiaries and to improve their quality of service, and customer
acquisition, retention, and satisfaction while maintaining optimal operating
efficiencies. We have a number of shared service functions, including billing,
network and engineering and customer service, and the parent company also
employs personnel with specialized skills that provide greater economies of
scale and expertise than would typically be available at the operating
subsidiary level.



We were incorporated in Delaware in 1987, began trading publicly in 1991 and
spun off more than half of our operations to stockholders in 1998. We actively
evaluate potential acquisitions, investment opportunities and other strategic
transactions, both domestic and international, that we believe have the
potential for generating steady excess cash flows over extended periods of time.
In addition, we consider non-controlling investments in earlier stage businesses
that we consider strategically relevant, and which may offer long-term growth
potential for us, either individually, or as research and development businesses
that can support our operating subsidiaries in new technology, product, and
service development and offerings. We have used the cash generated from our
established operating units, and any asset sales, to re-invest in our existing
businesses, to make strategic investments in additional businesses, and to
return cash to our investors. We provide management, technical, financial,
regulatory, and marketing services to our subsidiaries and typically receive a
management fee equal to a percentage of their revenues, which is eliminated in
consolidation. For further information about our financial segments and
geographical information about our operating revenues and assets, see Notes 1
and 15 to the Consolidated Financial Statements included in this Report.

Through December 31, 2020, we had identified three operating segments to manage and review our operations and to facilitate investor presentations of our results. These three operating segments are as follows:

International Telecom. Businesses contained in our international telecom

segment offer a mix of fixed data, internet and voice services ("Fixed") as

well as retail mobility ("Mobility") services to customers in Bermuda, the

Cayman Islands, Guyana and the US Virgin Islands. We offer fixed video services

? in Bermuda, the Cayman Islands, and the US Virgin Islands and managed

information technology services ("Managed Services") to enterprise customers in

all our markets. We also offer services to other telecom providers ("Carrier

Services"), such as international long-distance, transport and access services,

and roaming from such telecom providers' customers traveling in our network


   service areas.

US Telecom. In the United States, primarily in the Southwest, we offer Carrier

Services, including wholesale roaming services, the leasing of critical network

? infrastructure such as towers and transport facilities, and site maintenance.

We also provide Fixed, Mobility, and Managed Services to our retail and

enterprise customers, and private network services to enterprise customers,


   municipalities and other service providers.




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?Renewable Energy. In India, we provided distributed generation solar power to
commercial and industrial customers through January 27, 2021. Through November
6, 2018, we also provided distributed generation solar power in the United
States in Massachusetts, California and New Jersey. See Sale of Renewable Energy
Operations for further details.

The following chart summarizes the operating activities of our principal subsidiaries, the segments in which we reported our revenue and the markets we served as of December 31, 2020:






       Segment                 Services                  Markets             Tradenames
International Telecom    Mobility                 Bermuda, Guyana, US       One, GTT+,
                                                  Virgin Islands            Viya
                         Fixed                    Bermuda, Cayman
                                                  Islands, Guyana, US       One, Logic,
                                                  Virgin Islands            GTT+, Viya
                         Carrier Services         Bermuda, Guyana, US       One, GTT+,
                                                  Virgin Islands            Viya
                         Managed Services         Bermuda, Cayman           Fireminds,
                                                  Islands, US Virgin        One, Logic,
                                                  Islands, Guyana           GTT+, Viya
US Telecom               Mobility                 United States (rural      Choice,
                                                  markets)                  Choice NTUA
                                                                            Wireless,
                                                                            Geoverse
                         Fixed                    United States             Commnet,
                                                                            Choice,
                                                                            Choice NTUA
                                                                            Wireless,
                                                                            Deploycom
                         Carrier Services         United States             Commnet,
                                                                            Essextel
                         Managed Services         United States             Choice
Renewable Energy         Solar                    India                     Vibrant
                                                                            Energy






COVID-19



In March 2020, the World Health Organization declared a novel strain of
coronavirus, now referred to as COVID-19, as a pandemic, and the virus has now
spread globally to over 200 countries and territories, including the United
States and other countries in which we have substantial operations. We are
continuing to monitor and assess the effects of the COVID-19 pandemic on our
commercial operations, the safety of our employees and their families, our sales
force and customers and any potential impact on our revenue in 2021.



The preparation of the condensed consolidated financial statements requires us
to make estimates, judgments and assumptions that may affect the reported
amounts of assets, liabilities, equity, revenues and expenses and related
disclosure of contingent assets and liabilities. On an ongoing basis, we
evaluate estimates, judgments and methodologies. We assessed certain accounting
matters and estimates that generally require consideration of forecasted
financial information in context with the information and estimates reasonably
available to us and the unknown future impacts COVID-19 as of December 31, 2020
and through the date of this report. The accounting matters assessed included,
but were not limited to, our allowance for credit losses, the carrying value of
our goodwill and other long-lived assets, financial assets, valuation allowances
for tax assets and revenue recognition. We assessed the impacts of COVID-19 on
our consolidated financial statements as of and for the year ended December 31,
2020, in particular the impacts on lines of revenues, operating expenses as well
as the deferral and savings on other operating expenses and capital
expenditures. During the year ended December 31, 2020, while our International
Telecom segment experienced strengthened demand for both its Mobility and Fixed
services, its Carrier Services revenue declined as a result of a reduction in
roaming revenue due to pandemic-related travel and stay-at-home restrictions as
compared to 2019. Such restrictions also resulted in decreased Mobility and
Carrier Services revenues within our US Telecom segment during the year ended
December 31, 2020 as compared to the same period of 2019. However, in response
to certain anticipated impacts, we were able to implement operating expense
savings, particularly with respect to our International Telecom segment, that
when coupled with Company-wide travel expense savings and capital expenditure
deferrals, acted to offset much of the revenue loss or

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additional credit loss allowances caused by anticipated customer non-payment
activity in the year. As a result, our assessment did not indicate that there
was a material impact to our consolidated financial statements as of and for the
year ended December 31, 2020. However, our future assessments of the impacts of
COVID-19 into 2021 or our ability to realize continued operational expense
savings, as well as other factors, could result in material impacts to our
consolidated financial statements in future reporting periods. For example, the
local economies of many of our Caribbean markets are tourism-dependent and the
decline in global travel activity resulting from COVID-19 may continue to impact
our revenue and cash flows for certain services in these markets as our retail
and enterprise customers may be unable to pay for services, and our
international roaming revenue may decline as compared to last year. The extent
to which the COVID-19 pandemic ultimately impacts our business, financial
condition, results of operations, cash flows, and liquidity may differ from our
current estimates due to inherent uncertainties regarding the duration and
further spread of the outbreak, its severity, actions taken to contain the virus
or treat its impact, and how quickly and to what extent economic conditions
normalize and more customary operating conditions resume.

Pending Acquisition of Alaska Communications System Group, Inc.





On December 31, 2020, we announced that we entered into an Agreement and Plan of
Merger (the "Alaska Merger Agreement") with Freedom 3 Capital, LLC ("Freedom3")
to acquire all of the shares of Alaska Communications Systems Group, Inc.
("Alaska Communications"), a publicly listed company (Nasdaq:ALSK) for
approximately $340 million, including the assumption of debt (the "Alaska
Transaction"). Following the closing of the Alaska Transaction, we will, through
our subsidiaries, own and control approximately 51% of Alaska Communications and
Freedom3, through its affiliates, will own the remaining 49%. In February 2021,
the required waiting period under the Hart Scott Rodino Antitrust Improvements
Act of 1976 expired, however the Alaska Transaction remains subject to customary
closing terms and conditions including (i) the approval of Alaska
Communications' stockholders, (ii) the absence of certain legal impediments, and
(iii) obtaining the necessary consents from the Federal Communications
Commissions ("FCC") and the Regulatory Commission of Alaska.

Sale of Renewable Energy Operations

International Solar Operations


In January 2021, we completed the sale of 67% of the outstanding equity in our
business that owns and operates distributed generation solar power projects
operated under the Vibrant ("Vibrant") name in India (the "Vibrant
Transaction"). The post-sale results of our ownership interest in Vibrant will
be recorded through the equity method of accounting within the Corporate and
Other operating segment. As such, our consolidated financial statements will no
longer include revenue and operating expenses from Vibrant, but instead, "other
income (expense)" within the Corporate and Other operating segment will include
our 33% share of Vibrant's profits or losses. We will continue to present the
historical results of our Renewable Energy segment for comparative purposes.



The operations of Vibrant did not qualify as discontinued operations because the
disposition did not represent a strategic shift that had a major effect on our
operations and financial results.



US Solar Operations



On November 6, 2018, we completed the sale of our US Solar Operations business
that owned and managed distributed generation solar power projects operated
under the Ahana name in Massachusetts, California and New Jersey (the "US Solar
Transaction"). The US Solar Transaction had a total value of approximately
$122.6 million, which included a cash purchase price of $65.3 million and the
assumption of approximately $57.3 million in debt, and is subject to certain
other post-closing adjustments. Approximately $6.5 million of the purchase price
was held in escrow for a period of twelve months after the closing to secure our
indemnification obligations. We received the escrow in November 2019.



The operations sold in connection with the US Solar Transaction did not qualify
as discontinued operations because the disposition did not represent a strategic
shift that had a major effect on our operations and financial results.



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FirstNet Agreement



In July 2019 and August 2020, we entered into a Network Build and Maintenance
Agreement (the "FirstNet Agreement") and First Amendment to that agreement with
AT&T Mobility, LLC ("AT&T"), respectively, to build a portion of AT&T's network
for the First Responder Network Authority ("FirstNet") as well as a commercial
wireless network in or near our current operating area in the Southwestern
United States (the "FirstNet Transaction").  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.  We expect to
recognize construction revenue of approximately $80 million to $85 million
through 2022 that will be mainly offset by construction costs as sites are
completed. Revenues from construction are expected to have minimal impact on
operating income. Also pursuant to the FirstNet Agreement AT&T has the option to
repay construction costs, with interest, over and eight year period.
Accordingly, we entered into a receivables credit facility with CoBank, ACB (the
"Receivables Credit Facility") in order to assist with this repayment option.
The Receivables Credit Facility provides for a senior secured delayed draw term
loan in an aggregate principal amount of up to $75 million with the proceeds
being used to acquire the receivables related to the construction costs. The
network build portion of the FirstNet Agreement has continued during the
COVID-19 pandemic but the overall timing of the build schedule has been
delayed.  Subject to ongoing delays caused by COVID-19 related restrictions, we
currently expect construction revenues to continue through 2022.



Following acceptance of a cell site, AT&T will own the cell site and we will
assign to AT&T any third-party tower lease applicable to such cell site.  If the
cell site is located on a communications tower we own, AT&T will pay us pursuant
to a separate lease agreement for an initial term of eight years. In addition to
building the network, we will provide ongoing equipment and site maintenance and
high capacity transport to and from these cell sites for an initial term ending
in 2029.



AT&T will continue to use our wholesale domestic Mobility network for roaming
services at a fixed rate per site during the construction period until such time
as the cell site is transferred to AT&T.  Thereafter, revenue from the
maintenance, leasing and transport services provided to AT&T is expected to
generally offset revenue from wholesale Mobility roaming services.  We began
receiving revenue from the FirstNet Transaction in the third quarter of 2019 and
expect overall operating income contributions from the FirstNet Transaction to
have a relatively steady impact going forward.



See Sources of Cash below for a discussion regarding our March 26, 2020 credit
agreement providing the ability to finance the assets built under the FirstNet
Agreement.



Universal Service Fund

The Federal Universal Service Fund ("USF") is a subsidy program managed by the
FCC. USF funds are disbursed to telecommunication providers through four
programs: the High Cost Program; Low Income Program ("Lifeline Program");
Schools and Libraries Program ("E-Rate Program"); and Rural Health Care Support
Program. We participate in the High Cost Program, Lifeline Program, E-Rate
Program, and Rural Health Care Support Program as further described below. All
of these funding programs are subject to certain operational and reporting
compliance requirements. The Company believes it is in compliance with all
applicable requirements.



During the years ended December 31, 2020, 2019 and 2018, we recorded
$16.4 million, $16.4 million, and $16.5 million, respectively, of revenue from
High Cost Support in our International Telecom segment for its US Virgin Islands
operations under the "Viya" name. In addition, we recorded revenue of $15.5
million during the year ended December 31, 2018, from additional funding
authorized by the FCC following the Hurricanes. In 2018, the FCC initiated a
proceeding to reform the High Cost Program in the US Virgin Islands and Puerto
Rico in which it proposed to allocate USF funding of up to $18.7 million per
year (inclusive of the $16.4 million per year currently allocated to Viya) for
10 years to supplant the $16.4 million that Viya currently receives per year.
While Viya applied for Connect USVI Fund support allocated for the US Virgin
Islands, on November 16, 2020, the FCC announced that Viya was not the recipient
of the provisional award and that the FCC had provisionally accepted a bid of
approximately $8.6 million per year for a term of 10 years. Viya has challenged
this decision and its challenge remains pending before the FCC. If Viya's
challenge is not granted, pursuant to the terms of the program, Viya's USF
support will be reduced, to two-thirds

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of the legacy total amount, or $10.9 million, during the first year following
the finalization of the award and to one-third of the legacy total amount, or
$5.5 million, during the second year. Thereafter, Viya will not receive
high-cost USF support.



Also, during each year ended December 31, 2020, 2019 and 2018, we recorded $1.2
million of High Cost Support revenue in our US Telecom segment. We are subject
to certain operational, reporting and construction requirements as a result of
this funding and we believe that we are in compliance with all of these
requirements.



In August 2018, we were awarded $79.9 million over 10 years under the Connect
America Fund Phase II Auction. In connection with this award, we are required to
provide Fixed broadband and voice services to certain eligible areas in the
United States. We are also subject to operational and reporting requirements
under the program and we expect to incur additional capital expenditures to
comply with these requirements. We have determined the award is a revenue grant,
and as a result we will record the funding as revenue upon receipt. The Company
recorded $7.6 million and $5.3 million of revenue in the years ended December
31, 2020 and 2019, respectively, from the Connect America Fund Phase II program.



We also receive construction grants to build network connectivity for eligible
communities.  The funding is used to reimburse construction costs and is
distributed upon completion of a project.  As of December 31, 2020, we were
awarded approximately $15.8 million of grants. We were awarded an additional
construction grant of $1.0 million in 2020. As of December 31, 2020, we have
completed our construction obligations on $10.2 million of these projects and
$6.6 million of such construction obligations remain with completion deadlines
beginning in September 2021.  Once these projects are constructed, we are
obligated to provide service to the participants. We receive funds upon
construction completion. During 2020, we received $2.9 million, which was used
to offset operating activities. During 2019, we received $5.4 million, of which
$3.1 million was a reimbursement of capital expenditures and $2.3 million offset
operating activities. We expect to meet all requirements associated with these
grants.


We also receive funding to provide discounted telecommunication services to
eligible customers under the E-Rate, Lifeline, and Rural Health Care Support
Programs. During the years ended December 31, 2020, 2019, and 2018, we recorded
revenue of $10.0 million, $6.1 million, and $8.2 million, respectively, in the
aggregate from these programs. We are subject to certain operational and
reporting requirements under the above mentioned programs and we believe that we
are in compliance with all of these requirements.



CARES Act



During the fourth quarter of 2020, we received $16.3 million of funding under
the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The
funding was utilized to construct network infrastructure in our US Telecom
segment. The construction was completed in the fourth quarter of 2020 and was
recorded as a reduction to property, plant and equipment and subsequently will
be recorded as a reduction to depreciation expense.



Tribal Bidding Credit



As part of the broadcast television spectrum incentive auction, the FCC
implemented a tribal lands bidding credit to encourage deployment of wireless
services utilizing 600 MHz spectrum on the lands of federally recognized
tribes.  We received a bidding credit of $7.4 million under this program in
2018.  A portion of these funds will be used to offset network capital costs and
a portion will be used to offset the costs of supporting the networks.  We
currently estimate that we will use $5.8 million to offset capital costs,
consequently reducing future depreciation expense and $1.6 million to offset the
cost of supporting the network which will reduce future operating expense.
Through December 31, 2020, we have spent $5.8 million on capital expenditures
and have recorded $0.2 million in offsets to the cost of supporting the network.
The credits are subject to certain requirements, including deploying service by
January 2021 and meeting minimum coverage metrics.  If the requirements are not
met the funds may be subject to claw back provisions.  We currently expect to
comply with all applicable requirements related to these funds.



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CBRS Auction



During the third quarter of 2020, we participated in the FCC's Citizens
Broadband Radio Service (CBRS) auction for Priority Access Licenses (PALs) in
the 3.5 GHz spectrum band. These PALs are licensed on a county-by-county basis
and are awarded for a 10-year renewable term. We were a winning bidder for PALs
located strategically throughout the United States at a total cost of
approximately $20.4 million. In connection with the awarded licenses, we will
have to achieve certain CBRS spectrum build out obligations. We currently expect
to comply with all applicable requirements related to these licenses.



Platform Investment

During the second quarter of 2018, we invested in a new platform, based in the
United States, to develop in-building wireless network technology that enables
building owners to capitalize on the growing demand for better indoor wireless
solutions.



RDOF



In the 2020 Rural Digital Opportunity Fund Phase I Auction ("RDOF"), pending the
FCC's conclusion of the award process, we expect to receive approximately $20.1
million over 10 years to provide broadband coverage to over 10,000 households.
Once confirmed, we will be obligated to provide broadband and voice services to
certain eligible areas in the United States.



Impact of Hurricanes


During September 2017, the US Virgin Islands economy, our customer base and our
operations were severely impacted by Hurricanes Irma and Maria (collectively,
the "Hurricanes"). Our wireless and wireline networks and commercial operations
were all severely damaged by these storms and as a result of the significant
damage to the wireline network and the lack of consistent commercial power in
the territory, we were unable to provide most of our wireline services, which
comprise the majority of our revenue in this business, from mid-September 2017
and through most of 2018.


During the year ended December 31, 2018, the Company received $15.5 million in
one-time additional funding from the FCC's USF to further subsidize its
operations in the US Virgin Islands. This amount was recorded as revenue during
the year ended December 31, 2018.



During the years ended December 31, 2019 and 2018, we spent $0.1 million and
$80.2 million, respectively, for network restoration and resiliency enhancements
that allowed the reconnection of a significant majority of affected US Virgin
Islands households and businesses.



Presentation of Revenue



Effective January 1, 2020, we changed our presentation of revenue in the
Consolidated Income Statements and in the Selected Segment Financial Information
tables. This change is intended to better align our financial performance with
the views of management and industry competitors, and to facilitate a more
constructive dialogue with the investment community.



Specifically, the previously disclosed revenue categories of wireless and
wireline revenue are being represented as Mobility, Fixed and Carrier Services
revenue within our segment information and are included within communications
services revenue within our Income Statements. Managed Services revenue, which
was previously a component of wireline revenue, is now included in other revenue
along with revenue from our Renewable Energy operations.





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Selected Segment Financial Information

The following represents selected segment information for the years ended December 31, 2020 and 2019 (in thousands):





                                    For the Year Ended December 31, 2020

                              International         US        Renewable      Corporate and
                                 Telecom         Telecom        Energy         Other (1)        Consolidated
Revenue
Communication Services
Mobility                     $        83,136    $    9,626    $        -    $             -    $       92,762
Fixed                                230,375        22,269             -                  -           252,644
Carrier Services                       7,120        79,448             -                  -            86,568
Other                                  1,535             -             -                  -             1,535
Total Communication
Services Revenue                     322,166       111,343             -                  -           433,509
Other
Renewable Energy                           -             -         4,555                  -             4,555
Managed Services                       6,467             -             -                  -             6,467
Construction                               -        10,913             -                  -            10,913
Total Other Revenue                    6,467        10,913         4,555                  -            21,935
Total Revenue                        328,633       122,256         4,555                  -           455,444

Operating income (loss)               58,064         7,388      (23,749)           (32,523)             9,180





                                         For the Year Ended December 31, 2019

                                         International        US        Renewable      Corporate and
                                            Telecom         Telecom       Energy         Other (1)        Consolidated
Revenue
Communication Services
Mobility                                $        84,560    $  10,532    $        -    $             -    $       95,092
Fixed                                           224,534       14,211             -                  -           238,745
Carrier Services                                  9,070       83,906             -                  -            92,976
Other                                             1,295            -             -                  -             1,295


Total Communication Services Revenue            319,459      108,649


     -                  -           428,108
Other
Renewable Energy                                      -            -         5,534                  -             5,534
Managed Services                                  5,080            -             -                  -             5,080
Total Other Revenue                               5,080            -         5,534                  -            10,614
Total Revenue                                   324,539      108,649         5,534                  -           438,722

Operating income (loss)                          46,921        8,064       (7,243)           (34,365)            13,377

(1) Reconciling items refer to corporate overhead costs and consolidating


     adjustments.

A year-to-date comparison of our segment results is as follows:

International Telecom. Revenues within our International Telecom segment
increased $4.1 million, or 1.3%, to $328.6 million from $324.5 million for the
year ended December 31, 2020 and 2019, respectively, as a result of an increase
in broadband services in many of our international telecom markets which more
than offset the impact of the

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reduction in Carrier Services and Mobility services (including handset sale revenues) as a result of COVID-19 related travel and stay-at-home restrictions.





Operating expenses within our International Telecom segment decreased by $7.1
million, or 2.6%, to $270.5 million from $277.6 million for the year ended
December 31, 2020 and 2019, respectively. The decrease was primarily the result
of the impact of COVID-19 and other cost reduction measures which reduced
roaming, advertising, contract labor and facility costs throughout all of our
markets within this segment.

As a result, our International Telecom segment's operating income increased $11.2 million, or 23.9%, to $58.1 million from $46.9 million for the year ended December 31, 2020 and 2019, respectively.

US Telecom. Revenue within our US Telecom segment increased by $13.7 million, or
12.6%, to $122.3 million from $108.6 million for the year ended December 31,
2020 and 2019, respectively, primarily as a result of an increase in
construction revenue from the FirstNet Transaction and an increase in Fixed
revenues, including broadband services and funding from the Connect America


Fund
Phase II program.



Operating expenses within our US Telecom segment increased $14.4 million, or
14.3%, to $114.9 million from $100.5 million for the year ended December 31,
2020 and 2019, respectively, as a result of construction costs and other
expenses being incurred in connection with the FirstNet Transaction partially
offset by the impact of COVID-19 related travel and stay-at-home restrictions.

As a result of the above, our US Telecom segment's operating income decreased $0.7 million, or 8.6%, to $7.4 million from $8.1 million for the year ended December 31, 2020 and 2019, respectively.





Renewable Energy. Revenue within our Renewable Energy segment decreased $0.9
million, or 16.4%, to $4.6 million from $5.5 million for the year ended December
31, 2020 and 2019, respectively, primarily as a result of a decrease in
production as a result of the impact of COVID-19.

Operating expenses within our Renewable Energy segment increased to $28.3 million from $6.2 million for the year ended December 31, 2020 and 2019 as a result of the loss recorded on the Vibrant Transaction of $21.5 million.

As a result of the above, our Renewable Energy segment's operating loss increased to $23.7 million for the year ended December 31, 2020 as compared to a loss of $0.7 million for the year ended December 31, 2019.

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The following represents a year over year discussion and analysis of our results
of operations for the years ended December 31, 2020 and 2019 (in thousands):


                                                            Year Ended            Amount of      Percent
                                                          December 31,            Increase       Increase
                                                        2020          2019       (Decrease)     (Decrease)

REVENUE:
Communication services                               $  433,509    $  428,108    $     5,401           1.3 %
Other                                                    21,935        10,614         11,321         106.7
Total revenue                                           455,444       438,722         16,722           3.8
OPERATING EXPENSES (excluding depreciation and
amortization unless otherwise indicated):
Termination and access fees                             111,763       112,943        (1,180)         (1.0)
Construction costs                                       10,616             -         10,616         100.0
Engineering and operations                               73,350        77,649        (4,299)         (5.5)
Sales, marketing and customer services                   37,557        38,730        (1,173)         (3.0)
General and administrative                              101,454       100,534            920           0.9
Transaction-related charges                               1,641           244          1,397         572.5
Depreciation and amortization                            88,311        89,125          (814)         (0.9)
Goodwill impairment                                           -         3,279        (3,279)         100.0
Loss on disposition of long-lived assets                 21,572         2,841         18,731         659.3
Total operating expenses                                446,264       425,345         20,919           4.9
Income from operations                                    9,180        13,377        (4,197)        (31.4)
OTHER INCOME (EXPENSE):
Interest income                                             421         2,263        (1,842)        (81.4)
Interest expense                                        (5,347)       (5,010)          (337)           6.7
Other expense                                           (4,161)       (4,558)            397         (8.7)
Other expense, net                                      (9,087)       (7,305)        (1,782)          24.4
INCOME BEFORE INCOME TAXES                                   93         6,072        (5,979)        (98.5)
Income tax expense                                          801         4,105        (3,304)        (80.5)
NET INCOME                                                (708)         1,967        (2,675)       (136.0)
Net income attributable to non-controlling
interests, net of tax:                                 (13,414)      (12,773)          (641)           5.0
NET INCOME (LOSS) ATTRIBUTABLE TO ATN
INTERNATIONAL, INC. STOCKHOLDERS                     $ (14,122)    $ (10,806)    $   (3,316)          30.7 %






Communications services


Mobility revenue. Our Mobility revenue consists of retail revenue generated
within both our International Telecom and US Telecom segments by providing
mobile voice and data services over our wireless networks and the sale of
related equipment such as handsets and other accessories to our subscribers.
Mobility revenue decreased by $2.8 million, or 2.2%, to $92.8 million for the
year ended December 31, 2020 from $95.1 million for the year ended December 31,
2019. The decrease in Mobility revenue, within our segments, consisted of the
following:

International Telecom. Within our International Telecom segment, Mobility

revenue decreased by $1.5 million, or 1.8%, to $83.1 million for the year ended

? December 31, 2020 from $84.6 million for the year ended December 31, 2019. The

impact of COVID-19 related travel and stay-at-home restrictions resulted in a


   decrease in our Mobility services as well as our equipment sales.

US Telecom. Mobility revenue within our US Telecom segment decreased by $0.9

million, or 8.6%, to $9.6 million from $10.5 million for the year ended

? December 31, 2020 and 2019, respectively. This decrease is related to a

decrease in subscribers within our retail Mobility operations which was

primarily related to the impact of COVID-19.




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We expect that Mobility revenue within both our International and US Telecom
segments may continue to decline if the COVID-19 related travel restrictions
continue for an extended period of time or become more severe so as to result in
significant business interruptions and retail store closures.



Fixed communications revenue. Fixed communications revenue is primarily
generated by internet, voice, and video service revenues provided to retail and
enterprise customers over our wireline networks. Fixed revenue within our US
Telecom segment also includes revenue from the Connect America Fund Phase II
program award. Fixed communications revenue increased by $13.9 million, or 5.8%,
to $252.6 million from $238.7 million for the year ended December 31, 2020 and
2019, respectively. The increase in Fixed communications revenue, within our
segments, consisted of the following:

International Telecom. Within our International Telecom segment, Fixed

communications revenue increased by $5.9 million, or 2.6%, to $230.4 million

from $224.5 million, for the year ended December 31, 2020 and 2019,

? respectively, primarily as a result of an increase in Fixed broadband services

in order to enable remote working and better connectivity during the COVID-19

pandemic. This increase was partially offset by a decrease in revenue from

certain enterprise customers, such as hotels, which were impacted by the

effects of COVID-19 related travel restrictions and stay-at-home restrictions.

US Telecom. Fixed communications revenue within our US Telecom segment

increased by $8.1 million, or 57.0%, to $22.3 million from $14.2 million for

the year ended December 31, 2020 and 2019, respectively. This increase was

? related to an increase in usage to support remote working and better

connectivity during the COVID-19 pandemic and an increase related to the

Connect America Fund Phase II program award which began during mid-2019, as


   well as an increase in subscribers.




We expect that Fixed revenue within our International Telecom segment may
decline as a result of the response, such as long delays in the return of
tourism activity, to the COVID-19 pandemic which could result in significant
business interruptions that might impact our customers' ability to pay for our
services. Fixed revenue may also decline in many of our international markets as
a result of a decline in video revenues due to subscribers using alternative
methods to receive video content.



We expect that Fixed revenue within the US Telecom segment may also decline as a
result of our customers' inability to pay for our services if COVID-19 related
travel restrictions continue for an extended period of time or become more
severe. However, those declines may be partially offset by the stable nature of
our federal support contracts, such as the Connect America Fund Phase II program
award, which are expected to provide steady and predictable revenues.



Carrier Services revenue. Carrier Services revenue is generated by both our
International Telecom and US Telecom segments. Within our International Telecom
segment, Carrier Services revenue includes international long-distance services,
roaming revenues generated by other carriers' customers roaming into our retail
markets, transport services and access services provided to other
telecommunications carriers. Within our US Telecom segment, Carrier Services
revenue includes services provided under the FirstNet Transaction, wholesale
roaming revenues, the provision of network switching services, tower lease
revenue and other services provided to carriers. Carrier Services revenue
decreased by $6.4 million, or 6.9%, to $86.6 million from $93.0 million for the
year ended December 31, 2020 and 2019, respectively. The decrease, within our
segments, consisted of the following:

International Telecom. Within our International Telecom segment, Carrier

Services revenue decreased by $2.0 million, or 22.0%, to $7.1 million from $9.1

million for the year ended December 31, 2020 and 2019, respectively, as a

? result of decreased roaming revenues within most of our International Telecom

markets as a result of the travel and stay-at-home restrictions implemented in


   response to COVID-19.

US Telecom. Carrier Services revenue within our US Telecom segment decreased by

? $4.5 million, or 5.4%, to $79.4 million from $83.9 million, for the year ended

December 31, 2020 and 2019, respectively, primarily as a result of the 2020


   restructuring of certain carrier contracts.


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Within our International Telecom segment, we expect that Carrier Services
revenue may continue to decline if COVID-19 related travel restrictions continue
for an extended period of time or become more severe. Also within our
International Telecom segment, we expect that Carrier Services revenue from our
international long-distance business in Guyana will continue to decrease as
consumers seek to use alternative technology services to place calls. In
addition, such revenue may decline as the result of the implementation, by the
Government of Guyana, of recently-passed legislation which terminates our right
to be the exclusive provider of domestic fixed and international long-distance
service in Guyana. While the loss of our exclusive rights may cause an immediate
reduction in our Carrier Services revenue, the complete impact of the new
legislation to our operations will not be fully known until the Government of
Guyana makes the terms and conditions of licenses, issued to two of our
competitors, available to us. Over the longer term, such declines may be offset
by increased revenue from broadband services to consumers and enterprises in
Guyana, an increase in regulated local calling rates in Guyana or possible
economic growth within that country. See Note 14 to the Condensed Consolidated
Financial Statements included in this report.



Within our US Telecom segment, we expect Carrier Services revenue to decrease as
we progress through the construction phase of the FirstNet Transaction and from
the impact of continued reduced contractual rates and imposed revenue caps. We
believe that maintaining roaming and other Carrier Services favorable to our
carrier customers allows us to preserve revenue for a longer period of time
while creating the potential for long-lived shared infrastructure solutions for
carriers in areas they may consider to be non-strategic.



The most significant competitive factor we face within our US Telecom segment is
the extent to which our carrier customers in our wholesale Mobility business
choose to roam on our networks and lease our tower space and transport services
or elect to build or acquire their own infrastructure in a market, reducing or
eliminating their need for our services in those markets. We also face
competition from other providers of such shared infrastructure solutions. In the
past, we have entered into buildout projects with existing carrier customers to
help these customers accelerate the buildout of a given area in exchange for the
carrier's agreement to lease us spectrum in that area and enter into a contract
with specific pricing and terms. Historically, these arrangements have differed
from our FirstNet Transaction and have typically included a purchase right in
favor of the carrier to purchase that portion of the network for a predetermined
price, depending on when the right to purchase is exercised.



Other communications services revenue. Other communications services revenue
includes miscellaneous services that the operations within our International
Telecom segment provide to retail subscribers. Other communications services
revenue increased to $1.5 million from $1.3 million for the year ended December
31, 2020 and 2019, respectively.



Other revenue


Renewable energy revenue. Renewable energy revenue includes the generation of
power through Power Purchase Agreements ("PPAs") from our solar plants in
India. Our PPAs, which are typically priced at or below local retail electricity
rates and allow our customers to secure electricity at predictable and stable
prices over the duration of their long-term contracts, provide us with
high-quality contracted cash flows.



Renewable energy revenue decreased by $0.9 million, or 16.4%, to $4.6 million
from $5.5 million for the year ended December 31, 2020 and 2019, respectively,
primarily as a result of a decreases in production due to the impact of
COVID-19.

As a result of the Vibrant Transaction, we will no longer record renewable energy revenue after recording a nominal amount in the first quarter of 2021.





Managed Services revenue. Managed Services revenue is generated primarily in our
International Telecom segment and includes network, application, infrastructure,
and hosting services.



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Managed Services revenue increased by $1.4 million, or 27.5%, to $6.5 million
from $5.1 million for the year ended December 31, 2020 and 2019, respectively,
primarily as a result of an increase in consulting and hosting services as


well
as equipment sales.


We expect that Managed Services revenue may continue to increase but could be
negatively impacted if COVID-19 related travel restrictions continue for an
extended period of time or become more severe so as to result in significant
business interruptions to our customers.



Construction revenue. Construction revenue represents revenue generated within
our US Telecom segment for the construction of network cell sites related to the
FirstNet Agreement. During the year ended December 31, 2020, we recognized $10.9
million of construction revenue. We expect the construction phase of the
FirstNet Agreement to continue through 2022.



Operating expenses



Termination and access fee expenses. Termination and access fee expenses are
charges that we incur for voice and data transport circuits (in particular, the
circuits between our Mobility sites and our switches), internet capacity, video
programming costs, access fees we pay to terminate our calls, telecommunication
spectrum fees and direct costs associated with our Managed Services and
technology business and our renewable energy operations. Termination and access
fees also include bad debt reserves and the cost of handsets and customer resale
equipment incurred by our retail businesses.

Termination and access fees decreased by $1.1 million, or 1.0%, to $111.8 million from $112.9 million for the year ended December 31, 2020 and 2019, respectively. The net decrease in termination and access fees, within our segments, consisted of the following:

International Telecom. Within our International Telecom segment, termination

and access fees decreased by $0.3 million, or 0.4%, to $73.4 million from $73.7

million, for the year ended December 31, 2020 and 2019, respectively. This

decrease was primarily related to a decrease in the cost of retail

telecommunication equipment sales as many of our retail stores were closed

? during much of 2020 as a result of the impact of COVID-19. The decreases were

partially offset by increases in our managed information technology services

business as a result of an increase in the volume and cost of its equipment

sales as well as increases within our US Virgin Islands operations which

incurred certain variable termination and access fees in 2020 that were not


   incurred during 2019 as a result of the impact of the Hurricanes.

US Telecom. Termination and access fees within our US Telecom segment increased

by $0.7 million, or 1.8%, to $39.6 million from $38.9 million for the year

ended December 31, 2020 and 2019, respectively. This increase was primarily a

? result of an increase in data transport costs in connection with the FirstNet

Transaction partially offset by decreases in our wholesale long-distance voice


   services businesses.

Renewable Energy. Termination and access fees within our Renewable Energy

? segment decreased $0.2 million, or 50.0%, to $0.2 million from $0.4 million for


   the year ended December 31, 2020 and 2019, respectively.


We expect that termination and access fee expenses may increase within all of
our segments due to an expected increase in roaming and other termination costs
when the COVID-19 related travel restrictions are lifted. Within the US Telecom
segment, we expect an increase in termination and access fees due to the
anticipated expansion of our early stage private network business, expenses
associated with our recent funding award under the CARES Act, and as a result of
our performance under the FirstNet Transaction during the construction phase
which is expected to continue through 2022.

Construction costs. Construction costs include the expenses incurred in connection with constructing and making the FirstNet sites available for delivery to ATT in accordance with our FirstNet Agreement. Construction costs, all of which are incurred within our US Telecom segment, were $10.6 million during the year ended December 31, 2020

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and were incurred in connection with the FirstNet Transaction. We expect the construction phase of the FirstNet Agreement to continue through 2022.





Engineering and operations expenses. Engineering and operations expenses include
the expenses associated with developing, operating, upgrading and supporting our
telecommunications networks and renewable energy operations, including the
salaries and benefits paid to employees directly involved in the development and
operation of those businesses.



Engineering and operations expenses decreased by $4.2 million, or 5.5%, to $73.4
million from $77.6 million for the year ended December 31, 2020 and 2019,
respectively. The net decrease in engineering and operations expenses, within
our segments, consisted of the following:

International Telecom. Within our International Telecom segment, engineering

and operations expenses decreased by $4.9 million, or 7.9%, to $57.1 million

? from $62.0 million, for the year ended December 31, 2020 and 2019,

respectively. This decrease was recognized within all of our international

markets as a result of the impact of the COVID-19 pandemic which caused a

reduction in contract labor, site repairs and maintenance and travel costs.

US Telecom. Engineering and operations expenses increased within our US Telecom

segment by $0.8 million, or 5.3%, to $15.8 million from $15.0 million, for the

year ended December 31, 2020 and 2019, respectively, primarily in order to

? support the construction phase of the FirstNet Transaction and our expanding

early stage private network business. This increase was partially offset by the

impact of the COVID-19 pandemic which caused a reduction in contract labor,


   site repairs and maintenance and travel costs.

Corporate Overhead. Engineering and operations expenses within our corporate

? overhead decreased by $0.3 million, or 42.9%, to $0.4 million from $0.7 million


   for the year ended December 31, 2020 and 2019, respectively.


We expect engineering and operating expenses to continue to increase in our US
Telecom segment due to the anticipated expansion of our early-stage private
network business, expenses associated with our recent funding awarded under the
CARES Act, and expenses incurred during the construction phase of the FirstNet
Transaction which we expect to continue through 2022. We also expect that
engineering and operations expenses to increase within all of our segments when
COVID-19 related restrictions are lifted.



Sales and marketing expenses. Sales and marketing expenses include salaries and
benefits we pay to sales personnel, customer service expenses, sales commissions
and the costs associated with the development and implementation of our
promotion and marketing campaigns.

Sales and marketing expenses decreased by $1.1 million, or 3.0%, to $37.6 million from $38.7 million for the year ended December 31, 2020 and 2019, respectively. The net decrease in sales and marketing expenses, within our segments, consisted of the following:

International Telecom. Within our International Telecom segment, our sales and

marketing expenses decreased by $3.0 million, or 9.1%, to $30.1 million from

? $33.1 million for the year ended December 31, 2020 and 2019, respectively. This

decrease was incurred within all of our international markets primarily as a

result of a reduction in advertising and promotions and the impact of COVID-19


   restrictions.




   US Telecom. Sales and marketing expenses increased within our US Telecom

segment by $1.7 million, or 29.8%, to $7.4 million from $5.7 million, for the

year ended December 31, 2020 and 2019, respectively, primarily as a result of

? increased spending in our retail business within our US Mobility operations and

within our expanding early stage private network business. These increases were


   partially offset by the impact of COVID-19 related travel and stay-at-home
   restrictions.




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Within our US Telecom segment, sales and marketing expenses may increase as a
result of the expansion of our early stage private network and retail
businesses. We also expect sales and marketing expenses to increase in both our
International and US Telecom segments when COVID-19 related travel restrictions
are lifted.



General and administrative expenses. General and administrative expenses include
salaries, benefits and related costs for general corporate functions including
executive management, finance and administration, legal and regulatory,
facilities, information technology and human resources. General and
administrative expenses also include internal costs associated with our
performance of due-diligence in connection with acquisition activities.

General and administrative expenses increased by $1.0 million, or 0.9%, to $101.5 million from $100.5 million for the year ended December 31, 2020 and 2019, respectively. The net increase in general and administrative expenses, within our segments, consisted of the following:

International Telecom. General and administrative expenses increased within our

International Telecom segment by $1.1 million, or 2.1%, to $53.7 million from

$52.6 million, for the year ended December 31, 2020 and 2019, respectively. The

? increase was the result of increased expenditures in information technology to

further enhance our network security partially offset by the impact of COVID-19


   related restrictions which resulted in a reduction in travel and certain
   facility costs such as utilities.

US Telecom. General and administrative expenses increased by $0.4 million, or

2.3%, to $18.1 million from $17.7 million for the year ended December 31, 2020

? and 2019, respectively, primarily as a result of an increase within our

early-stage-private network business to support its expanding operations

partially offset by certain cost reduction measures within our US Mobility


   business and the impact of COVID-19 related restrictions on travel.

Renewable Energy. General and administrative expenses within our Renewable

Energy segment increased by $0.3 million, or 9.1%, to $3.6 million from $3.3

? million for the year ended December 31, 2020 and 2019, respectively, as a

result of the expansion of operations partially offset by the impact of

COVID-19 related restrictions on travel.

Corporate Overhead. General and administrative expenses within our corporate

overhead decreased by $0.8 million, or 3.0%, to $26.1 million from $26.9

? million, for the year ended December 31, 2020 and 2019, respectively, primarily

related to certain cost reduction measures including reduced professional fees

along with the impact of COVID-19, partially offset by an increase in

information technology expenditures to further enhance our network security.






Within our US Telecom segment, we expect to incur increased general and
administrative expenses to support our early-stage private network operations as
well as expenses associated with our recent funding awarded under the CARES Act.
In addition, we expect general and administrative expenses within our
International and US Telecom segments as well as our Corporate Overhead segment
to increase as COVID-19 related travel restrictions are lifted and as we work to
further enhance our network security.



As a result of the Vibrant Transaction, we will no longer record general and
administrative expenses within our Renewable Energy segment after recording a
nominal amount in the first quarter of 2021.



Transaction-related charges. Transaction-related charges include the external
costs, such as legal, tax, accounting and consulting fees directly associated
with acquisition and disposition-related activities, which are expensed as
incurred. Transaction-related charges do not include internal costs, such as
employee salary and travel-related expenses, incurred in connection with
acquisitions or dispositions or any integration-related costs.



We incurred $1.6 million and $0.2 million of transaction-related charges during
the year ended December 31, 2020 and 2019, respectively. The transaction-related
charges incurred during 2020 were primarily related to the Vibrant Transaction
and the Alaska Transaction.



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 Depreciation and amortization expenses. Depreciation and amortization expenses
represent the depreciation and amortization charges we record on our property
and equipment and on certain intangible assets.



Depreciation and amortization expenses decreased by $0.8 million, or 0.9%, to
$88.3 million from $89.1 million for the year ended December 31, 2020 and 2019,
respectively.  The net decrease in depreciation and amortization expenses,
within our segments, consisted primarily of the following:

International Telecom. Depreciation and amortization expenses increased within

our International Telecom segment by $0.3 million, or 0.5%, to $56.3 million

? from $56.0 million, for the year ended December 31, 2020 and 2019,

respectively. This increase was a result of recent upgrades and expansions to

this segment's network assets partially offset by certain assets becoming fully


   depreciated in recent periods.

US Telecom. Depreciation and amortization expenses increased within our US

Telecom segment by $0.3 million, or 1.3%, to $23.4 million from $23.1 million,

? for the year ended December 31, 2020 and 2019, respectively, primarily as a

result of capital expenditures within our US Mobility and early-stage private


   business.

Renewable Energy. Depreciation and amortization expenses within our Renewable

? Energy segment decreased $1.1 million, or 33.3%, to $2.2 million from $3.3


   million for the year ended December 31, 2020 and 2019, respectively, as a
   result of certain assets becoming fully depreciated in recent periods.

Corporate Overhead. Depreciation and amortization expenses decreased within our

? corporate overhead by $0.3 million, or 4.5%, to $6.4 million from $6.7 million,

for the year ended December 31, 2020 and 2019, respectively, primarily as a


   result of certain assets becoming fully depreciated in recent periods.




We expect depreciation and amortization expense to increase in our International
Telecom, US Telecom and Corporate Overhead segments as we acquire tangible
assets to expand or upgrade our telecommunications networks. As a result of the
Vibrant Transaction, we will no longer record depreciation and amortization
within our Renewable Energy segment after recording a nominal amount in the
first quarter of 2021.



Goodwill impairment. During the year ended December 31, 2019, we recorded a $3.3
million goodwill impairment charge within our Renewable Energy segment. See Note
8 to the Consolidated Financial Statements in this Report.

Loss on disposition of long-lived assets. During the year ended December 31, 2020, we recorded a loss on the disposition of long-lived assets of $21.6 million, primarily related to the Vibrant Transaction.

During the year ended December 31, 2019, we recorded a $2.8 million loss on the disposition of long-lived assets primarily in connection with certain asset disposals and partner settlement agreements within our Renewable Energy segment.

Interest income. Interest income represents interest earned on our cash, cash equivalents, restricted cash and short term investment balances.





Interest income decreased $1.9 million to $0.4 million from $2.3 million for the
year ended December 31, 2020 and 2019, respectively, as a result of a reduction
in the balances of our cash, cash equivalents and short-term investments as well
as our return on those balances.



Interest expense.  We incur interest expense on the Viya Debt and the One
Communications Debt (each as defined below), as well as commitment fees, letter
of credit fees and the amortization of debt issuance costs on our 2019 Credit
Facility (as defined below). Beginning on March 26, 2020, we also began
incurring interest expense, related to the amortization of debt issuance costs,
on the Receivables Credit Facility (as defined below).



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Interest expense increased by $0.3 million, or 6.7%, to $5.3 million from $5.0
million for the year ended December 31, 2020 and December 31, 2019,
respectively, primarily as a result of the amortization of debt issuance costs
related to the Receivables Credit Facility partially offset by a reduction


in
our long-term debt.

We expect that interest expense may increase in future periods as a result of future borrowings under the Receivables Credit Facility.

Other expenses. Other expenses represents miscellaneous non-operational income earned and expenses incurred.


For the year ended December 31, 2020, other expenses was $4.1 million which was
primarily related to $3.4 million of losses related to non-controlling
investments and $1.4 million relating to losses on foreign currency
transactions. These expenses were partially offset by $0.6 million of income
recognized on certain employee benefit plans.



For the year ended December 31, 2019, other expense was $4.6 million which was
primarily related to a $4.7 million write down of a non-controlling equity
investment and $1.6 million relating to a net loss on foreign currency
transactions.  These expenses were partially offset by $1.0 million of income
recognized on certain employee benefit plans.

We expect that the impact of foreign currency fluctuations may decline as a result of the Vibrant Transaction as we will no longer be exposed to fluctuations in the value of the Indian Rupee.


Income taxes. Our effective tax rate for the years ended December 31, 2020 and
2019 was 858.3% and 67.6%, respectively.  On March 27, 2020, the U.S. federal
government enacted the CARES Act. The CARES Act, among other things, allows NOLs
incurred in 2018, 2019, and 2020 to be carried back to each of the five
preceding taxable years to generate a refund of previously paid income taxes.
Our effective tax rate for the year ended December 31, 2020 was primarily
impacted by the following items:  (i) a $3.1 million net benefit attributable to
the remeasurement of domestic losses at a higher tax rate due to carryback
provisions as provided by the CARES Act (ii) a $2.1 million net increase of
unrecognized tax positions, (iii) a $1.5 million net increase for permanently
non-deductible expenses, (iv) a $21.5 million loss on the sale of Vibrant with
no tax benefit, and (v) the mix of income generated among the jurisdictions in
which we operate along with the exclusion of losses in jurisdictions where we
cannot benefit from those losses as required by ASC 740-270-30-36(a), primarily
in the US Virgin Islands.



The effective tax rate for the year ended December 31, 2019 was primarily
impacted by the following items: (i) a $3.9 million net increase of unrecognized
tax positions, (ii) a $3.8 million net increase for permanently non-deductible
expenses, (iii) a $1.2 million deferred tax benefit related to an investment tax
credit, and (iv) the mix of income generated among the jurisdictions in which we
operate along with the exclusion of losses in jurisdictions where we cannot
benefit from those losses as required by ASC 740-270-30-36(a), primarily in


the
US Virgin Islands and India.


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
applications 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.



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Net income attributable to non-controlling interests, net of tax. Net income
attributable to non-controlling interests, net of tax reflected an allocation of
$13.4 million and $12.8 million of income generated by our less than wholly
owned subsidiaries for the year ended December 31, 2020 and 2019, respectively,
an increase of $0.6 million, or 5.5%. Changes in net income attributable to
non-controlling interests, net of tax, within our segments, consisted of the
following:

International Telecom. Net income attributable to non-controlling interests,

net of tax decreased by $0.2 million, or 2.1%, to $9.5 million from $9.7

million for the year ended December 31, 2020 and 2019, respectively, primarily

? as a result of an increase in profitability at certain less than wholly owned

subsidiaries offset by an increase in our ownership in those subsidiaries as


   well as a decrease in profitability in other less than wholly owned
   subsidiaries.

US Telecom. Net income attributable to non-controlling interests, net of tax

increased by $1.0 million, or 32.3%, to $4.1 million from $3.1 million for the

? year ended December 31, 2020 and 2019, respectively, primarily as a result of

increased profitability at certain less than wholly owned subsidiaries within


   our US Mobility retail operations.

Net loss attributable to ATN International, Inc. stockholders. Net loss attributable to ATN International, Inc. stockholders was $14.1 million and $10.8 million for the year ended December 31, 2020 and 2019, respectively.

On a per diluted share basis, net loss was $0.89 and $0.68 per diluted share for the year ended December 31, 2020 and 2019, respectively.

Selected Segment Financial Information

The following represents selected segment information for the years ended December 31, 2019 and 2018 (in thousands):






                                    For the Year Ended December 31, 2019

                              International         US        Renewable      Corporate and
                                 Telecom         Telecom        Energy         Other (1)        Consolidated
Revenue
Communication Services
Mobility                     $        84,560    $   10,532    $        -    $             -    $       95,092
Fixed                                224,534        14,211             -                  -           238,745
Carrier Services                       9,070        83,906             -                  -            92,976
Other                                  1,295             -             -                  -             1,295
Total Communication
Services Revenue                     319,459       108,649             -                  -           428,108
Other
Renewable Energy                           -             -         5,534                  -             5,534
Managed Services                       5,080             -             -                  -             5,080
Total Other Revenue                    5,080             -         5,534                  -            10,614
Total Revenue                        324,539       108,649         5,534                  -           438,722

Operating income (loss)               46,921         8,064       (7,243)           (34,365)            13,377




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                                     For the Year Ended December 31, 2018

                              International         US         Renewable      Corporate and
                                 Telecom         Telecom        Energy          Other (1)        Consolidated
Revenue
Communication Services
Mobility                     $        85,152    $   11,759    $         -    $             -    $       96,911
Fixed                                213,765         7,860              -                  -           221,625
Carrier Services                       8,846        95,861              -                  -           104,707
Other                                  2,080             -              -                  -             2,080
Total Communication
Services Revenue                     309,843       115,480              -                  -           425,323
Other
Renewable Energy                           -             -         22,158                  -            22,158
Managed Services                       3,726             -              -                  -             3,726
Total Other Revenue                    3,726             -         22,158                  -            25,884
Total Revenue                        313,569       115,480         22,158                  -           451,207

Operating income (loss)               45,022        36,813         13,440           (34,252)            61,023

(1) Reconciling items refer to corporate overhead costs and consolidating

adjustments.

A year-to-date comparison of our segment results is as follows:

International Telecom. Revenues within our International Telecom segment
increased $10.9 million, or 3.5%, to $324.5 million from $313.6 million for the
year ended December 31, 2019 and 2018, respectively, as a result of an increase
in broadband revenues in many of our international telecom markets. In addition,
the year ended December 31, 2018 includes $15.5 million of non-recurring funding
from the USF to help our US Virgin Islands operations recover from the impact of
the Hurricanes.



Operating expenses within our International Telecom segment increased by $9.0
million, or 3.4%, to $277.6 million from $268.6 million for the year ended
December 31, 2019 and 2018, respectively. The increase was primarily the result
of increased expenses in the US Virgin Islands as their operations became more
normalized following the impact of the Hurricanes.

As a result, our International Telecom segment's operating income increased $1.9 million, or 4.2%, to $46.9 million from $45.0 million for the year ended December 31, 2019 and 2018, respectively.

US Telecom. Revenue within our US Telecom segment decreased by $6.9 million, or
6.0%, to $108.6 million from $115.5 million for the year ended December 31,


2019
and 2018, respectively.



Carrier Services revenue decreased by $12.0 million, or 12.5%, to $83.9 million
from $95.9 million for the year ended December 31, 2019 and 2018, respectively.
This decrease was primarily the result of the July 2018 sale of approximately
100 cell sites, which generated $4.3 million in revenue during the year ended
December 31, 2018, and a reduction in wholesale traffic.



Fixed communications revenue increased $6.3 million, or 79.7%, to $14.2 million
from $7.9 million for the year ended December 31, 2019 and 2018, respectively,
as a result of increased revenue from the Connect America Fund Phase II program
and an increase in subscribers.



Operating expenses within our US Telecom segment increased $21.9 million, or
27.8%, to $100.6 million from $78.7 million for the year ended December 31, 2019
and 2018, respectively. This increase in operating expenses was primarily
related to the $15.2 million gain on the July 2018 sale of approximately 100
cell sites, the completion of the

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Phase I Mobility Fund support in 2018 which was recorded as a $3.5 million offset to expenses during the year ended December 31, 2018 and an increase within our early-stage private network business which began operations in mid-2018.





As a result of the above, our US Telecom segment's operating income decreased
$28.7 million, or 78.0%, to $8.1 million from $36.8 million for the year ended
December 31, 2019 and 2018, respectively.



Renewable Energy. Revenue within our Renewable Energy segment decreased $16.7
million, or 75.2%, to $5.5 million from $22.2 million for the year ended
December 31, 2019 and 2018, respectively, primarily as a result the US Solar
Transaction.



Operating expenses within our Renewable Energy segment increased by $4.0
million, or 45.2%, to $12.8 million from $8.8 million for the year ended
December 31, 2019 and 2018. For the year ended December 31, 2019, operating
expenses within our renewable energy segment includes a $3.3 million impairment
of intangibles and a $2.6 million loss on the settlement of certain partner
settlement agreements. During the year ended December 31, 2018, operating
expenses within our renewable energy segment included a $4.0 million loss on the
settlement of certain agreements and transaction-related charges associated with
the US Solar Transaction of $2.1 million. Those charges were offset by the gain
on the US Solar Transaction of $12.4 million. The remaining decrease of $8.4
million was related to the US operations which were sold with the US Solar
Transaction.

As a result of the above, our Renewable Energy segment's operating income decreased by $20.6 million to a loss of $7.2 million compared to income of $13.4 million for the year ended December 31, 2019 and 2018, respectively.





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The following represents a year over year discussion and analysis of our results
of operations for the years ended December 31, 2019 and 2018 (in thousands):





                                                       Year Ended            Amount of      Percent
                                                      December 31,           Increase       Increase
                                                    2019         2018       (Decrease)     (Decrease)
REVENUE:


Communication services                           $  428,108   $  425,323

$     2,785           0.7 %
Other                                                10,614       25,884       (15,270)        (59.0)
Total revenue                                       438,722      451,207       (12,485)         (2.8)
OPERATING EXPENSES (excluding depreciation
and amortization unless otherwise indicated):
Termination and access fees                         112,943      114,478        (1,535)         (1.3)
Engineering and operations                           77,649       73,031          4,618           6.3
Sales and marketing                                  38,730       35,207          3,523          10.0
General and administrative                          100,534      104,267        (3,733)         (3.6)
Transaction-related charges                             244        2,642        (2,398)        (90.8)
Restructuring charges                                     -          515          (515)       (100.0)


Depreciation and amortization                        89,125       85,719          3,406           4.0
Goodwill impairment                                   3,279            -          3,279         100.0
(Gain) loss on disposition of long-lived
assets                                                2,841     (26,425)         29,266       (110.8)
Loss on damaged assets and other hurricane
related charges, net of insurance recovery                -          750


      (750)       (100.0)
Total operating expenses                            425,345      390,184         35,161           9.0
Income from operations                               13,377       61,023       (47,646)        (78.1)
OTHER INCOME (EXPENSE):
Interest income                                       2,263        1,811            452          25.0
Interest expense                                    (5,010)      (7,973)          2,963        (37.2)
Other expense, net                                  (4,558)      (1,119)        (3,439)         307.3
Other income and expense, net                       (7,305)      (7,281)           (24)           0.3
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES                                          6,072       53,742       (47,670)        (88.7)
Income tax provisions (benefit)                       4,105       18,870       (14,765)        (78.2)
NET INCOME                                            1,967       34,872       (32,905)        (94.4)
Net income attributable to noncontrolling
interests, net of tax:                             (12,773)     (15,057)          2,284        (15.2)
NET INCOME ATTRIBUTABLE TO ATN
INTERNATIONAL, INC. STOCKHOLDERS                 $ (10,806)   $   19,815

$  (30,621)       (154.5) %




Communications services



Mobility revenue. Mobility revenue decreased by $1.8 million, or 1.9%, to $95.1
million for the year ended December 31, 2019 from $96.9 million for the year
ended December 31, 2018. The decrease in Mobility revenue, within our segments,
consisted of the following:

International Telecom. Within our International Telecom segment, Mobility

revenue decreased by $0.6 million, or 0.7%, to $84.6 million for the year ended

? December 31, 2019 from $85.2 million for the year ended December 31, 2018. The

decrease was the result of a decrease in subscribers within some of our

international markets partially offset by an increase in subscribers within


   other markets.

US Telecom. Mobility revenue within our US Telecom segment decreased by $1.3

? million, or 11.0%, to $10.5 million from $11.8 million for the year ended

December 31, 2019 and 2018, respectively. This decrease was


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  primarily related to a decrease in enterprise revenue and a reduction in
  subscribers within some of our US retail markets.




Fixed communications revenue. Fixed revenue within our US Telecom segment also
includes revenue from the Connect America Fund Phase II program award. Fixed
communications revenue increased by $17.1 million, or 7.7%, to $238.7 million
from $221.6 million for the year ended December 31, 2019 and 2018, respectively.
The net increase in Fixed communications revenue, within our segments, consisted
of the following:

International Telecom. Within our International Telecom segment, Fixed

communications revenue increased by $10.7 million, or 5.0%, to $224.5 million

from $213.8 million, for the year ended December 31, 2019 and 2018,

? respectively, primarily as a result of an increase in broadband revenues in

many of our international telecom markets partially offset by $15.5 million of

additional non-recurring funding from the USF, received during the year ended

December 31, 2018, to help our US Virgin Islands operations recover from the


   impact of the Hurricanes.




   US Telecom. Fixed communications revenue within our US Telecom segment

increased by $6.3 million, or 79.7%, to $14.2 million from $7.9 million for the

? year ended December 31, 2019 and 2018, respectively. This increase was related

to an increase related to the Connect America Fund Phase II program award which


   began during mid-2019 and an increase in subscribers.




Carrier Services revenue. Within our US Telecom segment, Carrier Services
revenue includes services provided under the FirstNet Transaction, wholesale
roaming revenues, the provision of network switching services, tower lease
revenue and other services provided to carriers. Carrier Services revenue
decreased by $11.7 million, or 11.2%, to $93.0 million from $104.7 million for
the year ended December 31, 2019 and 2018, respectively. The decrease, within
our segments, consisted of the following:

International Telecom. Within our International Telecom segment, Carrier

Services revenue increased by $0.3 million, or 3.4%, to $9.1 million from $8.8

million for the year ended December 31, 2019 and 2018, respectively, primarily

? as a result of a decrease in roaming rates and traffic as a result of fewer

customers from other carriers roaming on our network in 2019 as compared to


   2018.

US Telecom. Carrier Services revenue within our US Telecom segment decreased by

? $12.0 million, or 12.5%, to $83.9 million from $95.9 million, for the year


   ended December 31, 2019 and 2018, respectively, primarily as a result of a
   decrease in wholesale traffic and the July 2018 sale of 100 cell sites.




Other communications services revenue. Other communications services revenue
includes miscellaneous services that our operations within our International
Telecom segment provide to retail subscribers. Other communications services
revenue increased to $1.3 million from $2.1 million for the year ended December
31, 2019 and 2018, respectively.



Other revenue



Renewable energy revenue. Renewable energy revenue decreased by $16.7 million,
or 75.0%, to $5.5 million from $22.2 million for the year ended December 31,
2019 and 2018, respectively, primarily as a result of the impact of the US


Solar
Transaction.



Managed Services revenue. Managed Services revenue increased by $1.4 million, or
37.8%, to $5.1 million from $3.7 million for the year ended December 31, 2019
and 2018, respectively, primarily as a result of an increase in consulting


services and equipment sales.



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Operating expenses


Termination and access fee expenses. Termination and access fees decreased by
$1.6 million, or 1.3%, to $112.9 million from $114.5 million for the year ended
December 31, 2019 and 2018, respectively. The net decrease in termination and
access fees, within our segments, consisted of the following:

International Telecom. Within our International Telecom segment, termination

and access fees decreased by $0.3 million, or 0.4%, to $73.7 million from $74.0

million, for the year ended December 31, 2019 and 2018, respectively. Our US

? Virgin Islands operations incurred an increase in programming and other

variable costs of $2.6 million that were not incurred during 2018 as a result


   of the impact of the Hurricanes. This increase was offset by an expense
   decrease in other markets as a result of a decline in subscribers.

US Telecom. Termination and access fees within our US Telecom segment remained

consistent at $38.9 million for the year ended December 31, 2019 and 2018. This

consistency was primarily a result of increased circuit costs in 2019 offset by

the $2.1 million impact of the sale of approximately 100 cell sites during July

? 2018, the $3.5 million impact of the completion of the Phase I Mobility Fund

support in 2018 which recorded such amounts as an offset to termination and

access fees as well as a decrease in termination costs within our wholesale


   long-distance service as a result of a decline in traffic volume.

Renewable Energy. Termination and access fees within our Renewable Energy

? segment decreased $1.4 million, or 77.8%, to $0.4 million from $1.8 million for

the year ended December 31, 2019 and 2018, respectively, as a result of the US


   Solar Transaction.

Engineering and operations expenses. Engineering and operations expenses increased by $4.6 million, or 6.3%, to $77.6 million from $73.0 million for the year ended December 31, 2019 and 2018, respectively. The net increase in engineering and operations expenses, within our segments, consisted of the following:

International Telecom. Within our International Telecom segment, engineering

and operations expenses increased by $2.5 million, or 4.2%, to $62.0 million

? from $59.5 million, for the year ended December 31, 2019 and 2018,

respectively. This increase was primarily related to an increase in expenses

within most of our international markets, primarily related to the expansion


   and upgrades of our networks.

US Telecom. Engineering and operations expenses increased within our US Telecom

segment by $2.3 million, or 18.1%, to $15.0 million from $12.7 million, for the

? year ended December 31, 2019 and 2018, respectively, primarily as a result of a

$2.1 million increase in these expenses in order to support our upgraded
   networks.

Renewable Energy. During 2018, our Renewable Energy segment recorded $0.1

? million of engineering and operations expenses. This segment did not incur any


   engineering and operations expenses during 2019.

Corporate Overhead. Engineering and operations expenses within our corporate

? overhead remained consistent at $0.7 million for the year ended December 31,


   2019 and 2018.

Sales and marketing expenses. Sales and marketing expenses increased by $3.5 million, or 10.0%, to $38.7 million from $35.2 million for the year ended December 31, 2019 and 2018, respectively. The net increase in sales and marketing expenses, within our segments, consisted of the following:

International Telecom. Within our International Telecom segment, our sales and

? marketing expenses increased by $1.0 million, or 3.1%, to $33.1 million from

$32.1 million for the year ended December 31, 2019 and 2018, respectively. The


   increase was incurred within most of our international markets.




   US Telecom. Sales and marketing expenses increased within our US Telecom

segment by $2.6 million, or 83.9%, to $5.7 million from $3.1 million, for the

? year ended December 31, 2019 and 2018, respectively, primarily as a result of

our early-stage private network business, which began operations in mid-2018.





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General and administrative expenses.  General and administrative expenses
decreased by $3.7 million, or 3.6%, to $100.5 million from $104.3 million for
the year ended December 31, 2019 and 2018, respectively. The net decrease in
general and administrative expenses, within our segments, consisted of the
following:

International Telecom. General and administrative expenses decreased within our

International Telecom segment by $0.9 million, or 1.7%, to $52.6 million from

? $53.5 million, for the year ended December 31, 2019 and 2018, respectively. The

decrease was primarily related to cost reduction measures within both our

Managed Services and technology platform businesses as well as certain markets


   within this segment.

US Telecom. General and administrative expenses increased by $1.7 million, or

? 10.6%, to $17.7 million from $16.0 million for the year ended December 31, 2019


   and 2018, respectively, primarily due to our early-stage private network
   business and to support our operations.

Renewable Energy. General and administrative expenses within our Renewable

Energy segment decreased by $3.3 million, or 50.0%, to $3.3 million from $6.6

? million for the year ended December 31, 2019 and 2018, respectively. This

decrease was primarily related to the US Solar Transaction partially offset by


   an increase in such expenses within our international operations.

Corporate Overhead. General and administrative expenses within our corporate

overhead decreased by $1.2 million, or 4.3%, to $26.9 million from $28.1

? million, for the year ended December 31, 2019 and 2018, respectively, primarily

related to certain cost reduction measures, partially offset by an increase in


   information technology expenditures to further enhance our network security.




Transaction-related charges.  We incurred $0.2 million of transaction-related
costs during the year ended December 31, 2019. During the year ended December
31, 2018, we incurred $2.6 million of transaction-related charges relating to
our early-stage private network and large-scale fiber network businesses.



Restructuring charges. Restructuring charges are costs incurred as a result of
reorganizing our operations from acquisition or disposition activities. During
the year ended December 31, 2018, we incurred $0.5 million of restructuring
charges which were primarily related to the US Solar Transaction. There were no
restructuring charges incurred during 2019.



 Depreciation and amortization expenses.  Depreciation and amortization expenses
increased by $3.4 million, or 4.0%, to $89.1 million from $85.7 million for the
year ended December 31, 2019 and 2018, respectively.  The net increase in
depreciation and amortization expenses, within our segments, consisted primarily
of the following:

International Telecom. Depreciation and amortization expenses increased within

our International Telecom segment by $7.1 million, or 14.5%, to $56.0 million

from $48.9 million, for the year ended December 31, 2019 and 2018,

? respectively. This increase was recognized throughout all of our international

markets as a result of upgrades and expansions to this segment's network assets

including the network repairs and resiliency enhancements in the US Virgin


   Islands which were impacted by the Hurricanes.

US Telecom. Depreciation and amortization expenses decreased within our US

Telecom segment by $1.5 million, or 6.1%, to $23.1 million from $24.6 million,

for the year ended December 31, 2019 and 2018, respectively, primarily as a

? result of the completion of the July 2018 sale of approximately 100 cell sites

within our US wireless operations. We recorded approximately $1.9 million of

depreciation expense in 2018 related to the 100 disposed cell sites. This

decrease was partially offset by the effects of additional capital expenditures


   within this segment during 2018 and 2019.

Renewable Energy. Depreciation and amortization expenses within our Renewable

Energy segment decreased by $3.3 million, or 50.0%, to $3.3 million from $6.6

? million for the year ended December 31, 2019 and 2018, respectively. Of this


   decrease, $4.3 million was the result of the impact of the US Solar
   Transaction. This


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  decrease was partially offset by an increase, as a result of capital
  expenditures, in our international operations of $1.0 million.

Corporate Overhead. Depreciation and amortization expenses increased by $1.1

? million, or 19.6%, to $6.7 million from $5.6 million for the year ended

December 31, 2019 and 2018, respectively, as a result of certain shared

services assets being placed into service.

Goodwill impairment. During the year ended December 31, 2019, we recorded a $3.3
million goodwill impairment charge within our Renewable Energy segment. See Note
8 to the Consolidated Financial Statements in this Report.

(Gain) loss on disposition of long-lived assets. During the year ended December 31, 2019, we recorded a $2.8 million loss on the disposition of long-lived assets primarily in connection with certain asset disposals and partner settlement agreements within our Renewable Energy segment.





During the year ended December 31, 2018, we recorded a gain on the disposition
of long-lived assets of $26.4 million. Within our US Telecom segment, we
recorded a gain of $17.2 million primarily as the result of a $15.2 million gain
on the sale of approximately 100 cell sites and a $2.9 million gain on the sale
of certain telecommunication licenses. Within our Renewable Energy segment, we
recorded a gain on the US Solar Transaction of $12.4 million. These gains were
partially offset by a $3.2 million loss recorded in connection with certain
asset disposals and partner settlement agreements within our Renewable Energy
segment and a $1.1 million loss on the disposal of miscellaneous assets within
our US wireless operations.


Loss on damaged assets and other Hurricane-related charges. During the year
ended December 31, 2018, we incurred $0.8 million in expenses associated with
the procurement of continued building maintenance, security services, the supply
of alternative power and related professional fees.

Interest income. Interest income increased $0.5 million, or 25.0%, to $2.3 million from $1.8 million for the year ended December 31, 2019 and 2018, respectively, as the higher rate of return on our cash, cash equivalents and short-term investments was partially offset by a decrease in those balances.


Interest expense.  Interest expense decreased by $3.0 million, or 37.2%, to $5.0
million from $8.0 million for the year ended December 31, 2019 and December 31,
2018, respectively, primarily as a result of the US Solar Transaction and the
effects of the April 2019 amendment to our primary credit facility.



During the year ended December 31, 2019, we incurred interest expense on the
Viya Debt and the One Communications Debt as well as commitment fees, letter of
credit fees and the amortization of debt issuance costs on our outstanding
credit facilities. During the year ended December 31, 2018, we also incurred
$2.9 million of interest expense on the Ahana Debt which was assumed by the
acquirer in November 2018 as a part of the US Solar Transaction.



Other expenses.  For the year ended December 31, 2019, other expenses were $4.6
million which was primarily related to a $4.7 million write down of previously
acquired non-controlling equity investments and $1.6 million relating to a net
loss on foreign currency transactions.  These expenses were partially offset by
$1.0 million of income recognized on certain employee benefit plans.

For the year ended December 31, 2018, we recorded $1.1 million of other expenses which were primarily related to $2.4 million in losses on foreign currency transactions partially offset by $1.3 million in income related to certain employee benefit plans.


Income taxes.  Our effective tax rate for the years ended December 31, 2019 and
2018 was 67.6% and 35.1%, respectively.  The effective tax rate for the year
ended December 31, 2019 was primarily impacted by the following items:  (i) a
$3.9 million net increase of unrecognized tax positions, (ii) a $3.8 million net
increase for permanently non-deductible expenses, (iii) a $1.2 million deferred
tax benefit related to an investment tax credit, and (iv) the mix of income
generated among the jurisdictions in which we operate along with the exclusion
of losses in jurisdictions where

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we cannot benefit from those losses as required by ASC 740-270-30-36(a), primarily in the US Virgin Islands and India.





The effective tax rate for the year ended December 31, 2018 was primarily
impacted by the following items: (i) a $10.6 million net increase of
unrecognized tax positions, (ii) a $4.7 million net benefit to record a return
to accrual adjustment, (iii) a $1.2 million benefit to recognize a capital loss
carryover due to capital gains on sale of wireless licenses, (iv) a $1.4 million
net benefit to record a valuation allowance release on an indefinite lived
intangible asset, (v) a $1.7 million provision associated with the intercompany
sale of assets from the US to the US Virgin Islands, and (vi) the mix of income
generated among the jurisdictions in which we operate along with the exclusion
of losses in jurisdictions where we cannot benefit from those losses as required
by ASC 740-270-30-36(a), primarily in the US Virgin Islands and India.



Our effective tax rate is based upon 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 applications of tax laws 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.



Net income attributable to non-controlling interests, net of tax. Net income
attributable to non-controlling interests, net of tax reflected an allocation of
$12.8 million and $15.1 million of income generated by our less than wholly
owned subsidiaries for the year ended December 31, 2019 and 2018, respectively,
a decrease of $2.3 million, or 15.2%. Changes in net income attributable to
non-controlling interests, net of tax, within our segments, consisted of the
following:

International Telecom. Net income attributable to non-controlling interests,

net of tax decreased by $0.1 million, or 1.0%, to $9.7 million from $9.8

? million for the year ended December 31, 2019 and 2018, respectively, primarily

as a result of a decrease in non-controlling ownership interests partially


   offset by an increase in profitability at certain less than wholly owned
   subsidiaries.

US Telecom. Net income attributable to non-controlling interests, net of tax

decreased by $0.1 million, or 3.1%, to $3.1 million from $3.2 million for the

? year ended December 31, 2019 and 2018, respectively, primarily as a result of

decreased profitability at certain less than wholly owned subsidiaries within


   our US wireless retail operations.

Renewable Energy. As a result of the US Solar Transaction, no allocation of

? income or losses was recorded to non-controlling interests during the year

ended December 31, 2019. Net income attributable to non-controlling interests,


   net of tax, was $2.1 million during the year ended December 31, 2018.


Net income (loss) attributable to ATN International, Inc. stockholders. Net
income (loss) attributable to ATN International, Inc. stockholders was a loss of
$10.8 million and income of $19.8 million for the years ended December 31,


2019
and 2018, respectively.



On a per diluted share basis, net income (loss) per diluted share was a loss of
$0.68 and income of $1.24 per diluted share for the year ended December 31,


2019
and 2018, respectively.

Regulatory and Tax Issues





We are involved in a number of regulatory and tax proceedings. A material and
adverse outcome in one or more of these proceedings could have a material
adverse impact on our financial condition and future operations.  For a
discussion of ongoing proceedings, see Note 14 to the Consolidated Financial
Statements in this Report.

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CARES Act



On March 27, 2020, the CARES Act was enacted in response to the COVID-19
pandemic. The CARES Act, among other things, permits NOL carryovers and
carrybacks to offset 100% of taxable income for taxable years beginning before
2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to
be carried back to each of the five preceding taxable years to generate a refund
of previously paid income taxes. Certain provisions of the CARES Act impact our
income tax provision computations.

Liquidity and Capital Resources





Historically, we have met our operational liquidity needs through a combination
of cash-on-hand and internally generated funds and have funded capital
expenditures and acquisitions with a combination of internally generated funds,
cash-on-hand, proceeds from dispositions, borrowings under our credit facilities
and seller financings. We believe our current cash, cash equivalents, short term
investments and availability under our current credit facility will be
sufficient to meet our cash needs for at least the next twelve months for
working capital needs and capital expenditures.

Total liquidity. As of December 31, 2020, we had approximately $105.0 million in
cash, cash equivalents and restricted cash. Of this amount, $39.7 million was
held by our foreign subsidiaries and is indefinitely invested outside the United
States. In addition, we had approximately $72.8 million of debt, net of
unamortized deferred financing costs, as of December 31, 2020. How and when we
deploy our balance sheet capacity will figure prominently in our longer-term
growth prospects and stockholder returns.

Uses of Cash


Acquisitions and investments. We funded our acquisitions with a combination of
cash-on-hand, borrowings under our credit facilities as well as equity investor
and seller financings.

Alaska Transaction. We have secured a commitment for certain debt financing in connection with the Alaska Transaction. See Pending Acquisition of Alaska Communications System Group, Inc.



We continue to explore opportunities to expand our telecommunications business
or acquire new businesses and telecommunications licenses in the United States,
the Caribbean and elsewhere. Such acquisitions may require external financing.
While there can be no assurance as to whether, when or on what terms we will be
able to acquire any such businesses or licenses or make such investments, such
acquisitions may be accomplished through the issuance of shares of our capital
stock, payment of cash or incurrence of additional debt. From time to time, we
may raise capital ahead of any definitive use of proceeds to allow us to move
more quickly and opportunistically if an attractive investment materializes.

Cash used in investing activities. Cash used in investing activities was $70.2
million and $88.3 million for the year ended December 31, 2020 and 2019,
respectively. The net decrease in cash used for investing activities of $18.1
million was primarily related to a $34.6 million reduction in the net cash used
for strategic investments offset by the increase in the usage of cash for the
acquisition of telecommunications licenses of $20.4 million and capital
expenditures of $2.6 million. During the year ended December 31, 2020, we also
received an additional $13.2 million in government grants as compared to 2019
and cash from investing activities for the year ended December 31, 2019 includes
$6.4 million received as part of the US Solar Transaction.



 Cash used in financing activities.  Cash used in financing activities was $73.4
million and $29.9 million during the year ended December 31, 2020 and 2019,
respectively. The increase in cash used for financing activities of $43.5
million was primarily related to a $24.4 million increase in cash used to
acquire non-controlling interests in One Communications (our subsidiary in
Bermuda and the Cayman Islands), a $9.1 million increase in the repayments of
long-term debt, a $6.4 million increase in cash used for the repurchase of our
Common Stock under the 2016 Repurchase Plan (as defined below) and a $3.2
million increase in the distributions made to minority shareholders.

Working Capital. Historically, we have internally funded our working capital needs. Pursuant to the FirstNet Agreement AT&T has the option to repay construction costs, with interest, over an eight year period. To fund the

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working capital needs created by AT&T's option to extend its payment terms, we completed the Receivables Credit Facility, as discussed below, on March 26, 2020.


Capital expenditures. Historically, a significant use of our cash has been for
capital expenditures to expand and upgrade our telecommunications networks and
to expand our renewable energy operations.

For the year ended December 31, 2020 and 2019, we spent approximately $75.3
million and $72.7 million, respectively, on capital expenditures. The following
notes our capital expenditures, by operating segment, for these periods (in
thousands):


                                                          Capital Expenditures

                              International         US          Renewable      Corporate and
Year ended December 31,          Telecom         Telecom         Energy


     Other (1)        Consolidated
2020                       $         38,895   $    29,883    $      2,932   $          3,613   $        75,323
2019                                 42,029        17,490           6,448              6,758            72,725

(1) Corporate and other items refer to corporate overhead costs and consolidating


    adjustments.




We are continuing to invest in our telecommunication networks along with our
operating and business support systems in many of our markets.  Such investments
include the upgrade and expansion of both our Mobility and Fixed
telecommunications networks as well as our service delivery platforms. For 2021,
we expect International Telecom capital expenditures to be approximately $45
million to $55 million. In the US Telecom segment, we expect capital
expenditures to be approximately $40 million to $50 million for 2021 including
$20 million to $30 million related to towers and backhaul in conjunction with
the FirstNet Agreement.



 We expect to fund our current capital expenditures primarily from our current
cash balances, cash generated from operations and our existing credit facilities
including the FirstNet Receivables Credit Facility.



 Income taxes. We have historically used cash-on-hand to make payments for
income taxes. Our policy is to allocate capital where we believe we will get the
best returns and to date has been to indefinitely reinvest the undistributed
earnings of our foreign subsidiaries. As we continue to reinvest our remaining
foreign earnings, outside of dividends from Guyana made in 2020, no additional
provision for income taxes has been made on accumulated earnings of foreign
subsidiaries.



Dividends. We use cash-on-hand to make dividend payments to our stockholders
when declared by our Board of Directors. For the three months ended December 31,
2020, our Board of Directors declared $2.7 million of dividends to our
stockholders which includes a $0.17 per share dividend declared on December 14,
2020 and paid on January 8, 2021. We have declared quarterly dividends for


the
last 88 fiscal quarters.



Stock Repurchase Plan. On September 19, 2016, our Board of Directors authorized
the repurchase of up to $50.0 million of our Common Stock from time to time on
the open market or in privately negotiated transactions (the "2016 Repurchase
Plan"). We repurchased $6.6 million and $0.2 million of our Common Stock under
the 2016 Repurchase Plan during the year ended December 31, 2020 and 2019,
respectively. As of December 31, 2020, we have $30.9 million authorized and
available for share repurchases under the 2016 Repurchase Plan.

Debt Service and Other Contractual Commitments Table. The following table discloses aggregate information about our debt, lease and other obligations as of December 31, 2020 and the periods in which payments are due:





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                                                Less Than                                        More Than


Contractual Obligations             Total        1 Year        1 - 3 Years


    4 - 5 Years       5 Years

                                                               (In thousands)
Debt                              $  72,823    $     3,750    $       9,590    $           -    $    59,483
Pension and postretirement
benefit obligations                  57,311         20,077            8,068            8,429         20,737
Operating lease obligations          73,632         15,211           26,667


          18,660         13,094
Total                             $ 203,766    $    39,038    $      44,325    $      27,089    $    93,314

We have omitted uncertain income tax liabilities from this table due to the
inherent uncertainty regarding the timing of potential issue resolution.
Specifically, either the underlying positions have not been fully developed
enough under audit to quantify at this time or the years relating to the issues
for certain jurisdictions are not currently under audit.  At December 31, 2020,
we had $40.8 million of gross unrecognized uncertain tax benefits of which $35.8
million is included in "Other Liabilities" and $5.0 million is included in
"Accrued Taxes" in the consolidated balance sheet.

Sources of Cash





Cash provided by operations. Cash provided by operating activities was $86.3
million for the year ended December 31, 2020 as compared to $87.9 million for
the year ended December 31, 2019. The decrease of $1.6 million was primarily
related to an increase in working capital investments made as a part of the
FirstNet construction project partially offset by lower tax payments and
improved operating income, net of the impact of the Vibrant Transaction.



Credit facility.  On April 10, 2019, we entered into the 2019 Credit Facility,
with CoBank, ACB and a syndicate of other lenders (the "2019 Credit Facility").
The 2019 Credit Facility provides for a $200 million revolving credit facility
that includes (i) up to $75 million for standby or trade letters of credit and
(ii) up to $10 million under a swingline sub-facility.  Approximately $16.0
million of performance letters of credit have been issued and remain outstanding
and undrawn as of December 31, 2020.  The 2019 Credit Facility matures on April
10, 2024.



Amounts borrowed under the 2019 Credit Facility bear interest at a rate equal
to, at our option, either (i) the London Interbank Offered Rate ("LIBOR") plus
an applicable margin ranging between 1.25% to 2.25% or (ii) a base rate plus an
applicable margin ranging from 0.25% to 1.25%.  Swingline loans bear interest at
the base rate plus the applicable margin for base rate loans. The base rate is
equal to the higher of (i) 1.00% plus the higher of (x) LIBOR for an interest
period of one month and (y) LIBOR for an interest period of one week; (ii) the
Federal Funds Effective Rate (as defined in the 2019 Credit Facility) plus 0.50%
per annum; and (iii) the Prime Rate (as defined in the 2019 Credit Facility).
The applicable margin is determined based on the Total Net Leverage Ratio (as
defined in the 2019 Credit Facility). Under the terms of the 2019 Credit
Facility, we must also pay a fee ranging from 0.150% to 0.375% of the average
daily unused portion of the 2019 Credit Facility over each calendar quarter.



 The 2019 Credit Facility contains customary representations, warranties and
covenants, including a financial covenant that imposes a maximum ratio of
indebtedness to EBITDA as well as covenants limiting additional indebtedness,
liens, guaranties, mergers and consolidations, substantial asset sales,
investments and loans, sale and leasebacks, transactions with affiliates and
fundamental changes.  Our investments in "unrestricted" subsidiaries and certain
dividend payments to our stockholders are not limited unless the Total Net
Leverage Ratio is equal to or greater than 1.75 to 1.0.  The Total Net Leverage
Ratio is measured each fiscal quarter and is required to be less than or equal
to 2.75 to 1.0.  In the event of a Qualifying Acquisition (as defined in the
2019 Credit Facility), the Total Net Leverage Ratio increases to 3.25 to 1.0 for
the subsequent three fiscal quarters.



The 2019 Credit Facility also provides for the incurrence by us of incremental
term loan facilities, when combined with increases to revolving loan
commitments, in an aggregate amount not to exceed $200 million (the
"Accordion").  Amounts borrowed under the Accordion are also subject to proforma
compliance with a net leverage ratio financial covenant.

As of December 31, 2020, we were in compliance with all of the financial covenants, had no outstanding borrowings and, net of the $16.0 million of outstanding performance letters of credit, had $184.0 million of availability under the 2019 Credit Facility.



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FirstNet Receivables Credit Facility

On March 26, 2020, Commnet Finance, a wholly owned subsidiary of Commnet Wireless, entered into receivables credit facility with the Company, Commnet Wireless, and CoBank, ACB (the "Receivables Credit Facility").


The Receivables Credit Facility provides for a senior secured delayed draw term
loan in an aggregate principal amount of up to $75 million and the proceeds may
be used to acquire certain receivables from Commnet Wireless.  The receivables
to be financed and sold under the Receivables Credit Facility, which provide the
loan security, relate to the obligations of AT&T under the FirstNet Agreement.
The delayed draw period will expire on December 31, 2021.

The maturity date for each loan will be set by CoBank and will match the weighted average maturity of the certain receivables financed.

Interest on the loans accrues at a rate based on (i) LIBOR plus 2.50%, (ii) a base rate plus 1.50% or (iii) a fixed annual interest rate to be quoted by CoBank

The Receivables Credit Facility contains customary events of termination, representations and warranties, affirmative and negative covenants and events of default customary for facilities of this type.

As of December 31, 2020, we had no outstanding borrowings under the Receivables Credit Facility.





Viya Debt


We, and certain of our subsidiaries, have entered into a $60.0 million loan
agreement (the "Viya Debt") with Rural Telephone Finance Cooperative ("RTFC").
The Viya Debt agreement contains customary representations, warranties and
affirmative and negative covenants (including limitations on additional debt,
guaranties, sale of assets and liens) and a financial covenant that limits the
maximum ratio of indebtedness to annual operating cash flow to 3.5 to 1.0 (the
"Net Leverage Ratio"). This covenant is tested on an annual basis at the end of
each fiscal year. Interest is paid quarterly at a fixed rate of 4.0% and
principal repayment is not required until maturity on July 1, 2026. Prepayment
of the Viya Debt may be subject to a fee under certain circumstances. The debt
is secured by certain assets of our Viya subsidiaries and is guaranteed by
us.  With RTFC's consent, we funded the restoration of Viya's network, following
the Hurricanes in 2017, through an intercompany loan arrangement with a $75.0
million limit.  We were not in compliance with the Net Leverage Ratio covenant
of the Viya Debt agreement for the year ending December 31, 2020 and received a
waiver from the RTFC on February 25, 2021.



We paid a fee of $0.9 million in 2016 to lock the interest rate at 4% per
annum over the term of the Viya Debt. The fee was recorded as a reduction to the
Viya Debt carrying amount and is being amortized over the life of the loan.

As of December 31, 2020, $60.0 million of the Viya Debt remained outstanding and $0.5 million of the rate lock fee was unamortized.





One Communications Debt



We have an outstanding loan from HSBC Bank Bermuda Limited (the "One
Communications Debt") which is scheduled to mature on May 22, 2022 and bears
interest at the one-month LIBOR plus a margin ranging between 2.5% to 2.75%,
paid quarterly.


The One Communications Debt contains customary representations, warranties and
affirmative and negative covenants (including limitations on additional debt,
guaranties, sale of assets and liens) and financial covenants, tested annually
as of and for the twelve months ended December 31st, that limit the ratio of
tangible net worth to long term debt and total net debt to EBITDA and require a
minimum debt service coverage ratio (as defined in the One Communications Debt
agreement). We were in compliance with our covenants as of December 31, 2020.

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As a condition of the One Communications Debt, we were required to enter into a
hedging arrangement with a notional amount equal to at least 30% of the
outstanding loan balance and a term corresponding to the term of the One
Communications Debt. As such, we entered into an amortizing interest rate swap
that has been designated as a cash flow hedge, which had an original notional
amount of $11.0 million, has an interest rate of 1.874%, and expires in March
2022. As of December 31, 2020, the swap had an unamortized notional amount


of
$7.3 million.

We capitalized $0.3 million of fees associated with the One Communications Debt which are being amortized over the life of the debt and are recorded as a reduction to the debt carrying amount.

As of December 31, 2020, $13.4 million of the One Communications Debt was outstanding and $0.1 million of the capitalized fees remained unamortized.





Ahana Debt

On November 6, 2018, we consummated the US Solar Transaction which included the transfer of the Ahana Debt (as defined below) to the purchaser.





Prior to our US Solar Transaction, our US solar operations issued $20.6 million
in aggregate principal amount of 4.427% senior notes due in 2029 (the "Series A
Notes") and $45.2 million in aggregate principal amount of 5.327% senior notes
due in 2031 (the "Series B Notes").  These operations also issued a note to
Public Service Electricity and Gas which bore interest at a rate of 11.3% due in
2027 (the "PSE&G Loan" and collectively with the Series A Notes and Series


B
Notes, the "Ahana Debt").

For the Series A Notes and Series B Notes, interest and principal were payable semi-annually, until their respective maturity dates, and were secured by certain US solar assets and guaranteed by certain subsidiaries.

Repayment of the PSE&G Loan could have been made in either cash or Solar Renewable Energy Credits ("SRECs") at our discretion, with the value of the SRECs being fixed at the time of the loan's closing. Historically, we had made all repayments of the PSE&G Loan using SRECs.


 We capitalized $2.8 million of fees associated with the Ahana Debt which were
recorded as a reduction to the debt carrying amount and amortized over the


life
of the notes.

Factors Affecting Sources of Liquidity



Internally generated funds. The key factors affecting our internally generated
funds are demand for our services, competition, regulatory developments,
economic conditions in the markets where we operate our businesses and industry
trends within the telecommunications and renewable energy industries.

Restrictions under Credit Facility. Our 2019 Credit Facility contains customary representations, warranties and covenants, including covenants limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes.





In addition, the 2019 Credit Facility contains a financial covenant that imposes
a maximum ratio of indebtedness to EBITDA. As of December 31, 2020, we were in
compliance with all of the financial covenants of the 2019 Credit Facility.



Capital markets. Our ability to raise funds in the capital markets depends on,
among other things, general economic conditions, the conditions of the
telecommunications and renewable energy industries, our financial performance,
the state of the capital markets and our compliance with SEC requirements for
the offering of securities. On May 12, 2020, we filed a "universal" shelf
registration statement with the SEC, which automatically became effective upon
filing. This filing registered potential future offerings of our securities.



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Foreign Currency



We translate the assets and liabilities of our foreign subsidiaries from their
respective functional currencies, primarily the Indian Rupee and the Guyana
Dollar, to US Dollars at the appropriate rates as of the balance sheet date.
Changes in the carrying value of these assets and liabilities attributable to
fluctuations in rates are recognized in foreign currency translation adjustment,
a component of accumulated other comprehensive income on our balance sheet.
Income statement accounts are translated using the monthly average exchange
rates during the year. Monetary assets and liabilities denominated in a currency
that is different from a reporting entity's functional currency must first be
remeasured from the applicable currency to the legal entity's functional
currency. The effect of this remeasurement process is reported in other income
within our income statement. During the year ended December 31, 2020 and 2019,
we recorded $1.4 million and $1.6 million, respectively, in losses on foreign
currency transactions. With the completion of the Vibrant Transaction, we will
no longer have exposure to the Indian Rupee. We will continue to assess the
impact of our exposure to the Guyana Dollar.



Inflation

We do not believe that inflation has had a significant impact on our consolidated operations in any of the periods presented in this Report.

Critical Accounting Estimates



We have based our discussion and analysis of our financial condition and results
of operations on our Consolidated Financial Statements, which have been prepared
in accordance with accounting principles generally accepted in the United States
of America ("GAAP"). We base our estimates on our operating experience and on
various conditions existing in the market and we believe them to be reasonable
under the circumstances. Our estimates form the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ materially from these estimates under
different assumptions or conditions.

We have identified the critical accounting estimates that we believe require
significant judgment in the preparation of our Consolidated Financial
Statements. We consider these accounting estimates to be critical because
changes in the assumptions or estimates we have selected have the potential of
materially impacting our financial statements.

Revenue Recognition. In determining the appropriate amount of revenue to
recognize for a particular transaction, we apply the criteria established by the
authoritative guidance for revenue recognition and defer those items that do not
meet the recognition criteria. As a result of the cutoff times of our billing
cycles, we are often required to estimate the amount of revenues earned but not
billed from the end of each billing cycle to the end of each reporting period.
These estimates are based primarily on rate plans in effect and historical
evidence with each customer or carrier. Adjustments affecting revenue can and
occasionally do occur in periods subsequent to the period when the services were
provided, billed and recorded as revenue, however, historically, these
adjustments have not been material.



We apply our judgment when assessing the ultimate realization of receivables,
including assessing the probability of collection and the current credit-
worthiness of customers. We establish an allowance for credit losses on trade
receivables sufficient to cover probable and reasonably estimable losses. Our
estimate of the allowance for credit losses on trade receivables considers
collection experience, aging of the accounts receivable, the credit quality of
the customer and, where necessary, other macro-economic factors.

Goodwill and Long-Lived Intangible Assets. In accordance with the authoritative
guidance regarding the accounting for impairments or disposals of long-lived
assets and the authoritative guidance for the accounting for goodwill and other
intangible assets, we evaluate the carrying value of our long-lived assets,
including property and equipment, whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. An
impairment loss exists when estimated undiscounted cash flows attributable to
non-current assets subject to depreciation and amortization and discounted cash
flows for intangible assets not subject to amortization are less than their
carrying amount. For long lived assets other than goodwill, if an asset is


deemed to be impaired, the

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amount of the impairment loss recognized represents the excess of the asset's
carrying value as compared to its estimated fair value, based on management's
assumptions and projections.

Our estimates of the future cash flows attributable to our long-lived assets and
the fair value of our businesses involve significant uncertainty. Those
estimates are based on management's assumptions of future results, growth trends
and industry conditions. If those estimates are not met, we could have
additional impairment charges in the future, and the amounts may be material.

We also assess the carrying value of goodwill and indefinite-lived intangible
assets on an annual basis or more frequently if events or changes in
circumstances indicate that the carrying value of goodwill may not be
recoverable. The carrying value of each reporting unit, including goodwill
assigned to that reporting unit, is compared to its fair value. If the carrying
value of the reporting unit, including goodwill, exceeds the fair value of the
reporting unit, an impairment charge is recorded equal to the excess, but not
more than the total amount of goodwill allocated to the reporting unit.

We assess the recoverability of the value of our telecommunications licenses
using either a market or income approach. We believe that our telecommunications
licenses generally have an indefinite life based on historical ability to renew
such licenses, that such renewals may be obtained indefinitely and at little
cost, and that the related technology used is not expected to be replaced in the
foreseeable future. If the value of these assets was impaired by some factor,
such as an adverse change in the subsidiary's operating market, we may be
required to record an impairment charge. We test the impairment of our
telecommunications licenses annually or more frequently if events or changes in
circumstances indicate that such assets might be impaired. The impairment test
consists of a comparison of the fair value of telecommunications licenses with
their carrying amount on a license by license basis.

We performed our annual impairment assessment of our goodwill and
telecommunications licenses as of October 1, 2020 for all of our reporting units
and determined that no impairment relating to our goodwill or telecommunications
licenses existed during the year ended December 31, 2020.

During the year ended December 31, 2019, we recorded a $3.3 million goodwill impairment charge within our Renewable Energy segment. See Note 8 to the Consolidated Financial Statements in this Report.





Contingencies. We are subject to proceedings, lawsuits, tax audits and other
claims related to lawsuits and other legal and regulatory proceedings that arise
in the ordinary course of business as further described in Note 14 to the
Consolidated Financial Statements included in this Report. We are required to
assess the likelihood of any adverse judgments or outcomes to these matters as
well as the potential ranges of probable losses. A determination of the amount
of loss accruals required, if any, for these contingencies is made after careful
analysis of each individual issue. We consult with legal counsel and other
experts where necessary in connection with our assessment of any contingencies.
The required accrual for any such contingency may change materially in the
future due to new developments or changes in each matter. We estimate these
contingencies amounted to approximately $44.1 million at December 31, 2020.

believe that some adverse outcome is probable and have accordingly accrued $5.0 million as of December 31, 2020 for these matters.

Recent Accounting Pronouncements

See Note 2 to the Consolidated Financial Statements included in this Report.

Latest news about ATN International, Inc.

Earnings Flash (ATNI) ATN INTERNATIONAL Posts Q1 Revenue $186.8M, vs. Street Est of $191.7M	Apr. 24	MT
ATN International, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	Apr. 24	CI
ATN International Keeps Quarterly Dividend at $0.24 Per Share, Payable on April 5 to Shareholders of Record on March 31	Mar. 18	MT
ATN International, Inc. Declares Quarterly Dividend, Payable on April 5, 2024	Mar. 18	CI
ATN International, Inc. Reiterates Revenue Guidance for the Year 2024	Mar. 14	CI
ATN International Affiliate Alaska Communications Appoints COO	Mar. 04	MT
North American Morning Briefing : Traders Await -2-	Feb. 26	DJ
Raymond James Upgrades ATN International to Strong Buy From Outperform, Adjusts Price Target to $40 From $39	Feb. 23	MT
Tranche Update on ATN International, Inc.'s Equity Buyback Plan announced on September 19, 2016.	Feb. 22	CI
Transcript : ATN International, Inc., Q4 2023 Earnings Call, Feb 22, 2024	Feb. 22
Earnings Flash (ATNI) ATN INTERNATIONAL Posts Q4 Revenue $199M, vs. Street Est of $192.6M	Feb. 21	MT
ATN International, Inc. Provides Revenue Guidance for the Year 2024	Feb. 21	CI
ATN International, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	Feb. 21	CI
ATN International, Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	Feb. 21	CI
ATN International Boosts Share Buyback Plan, Dividend; Shares Rise Nearly 8%	Dec. 15	MT
ATN International Boosts Share Buyback Plan, Dividend	Dec. 15	MT
ATN International, Inc. Declares Quarterly Dividend, Payable on January 5, 2024	Dec. 14	CI
ATN International, Inc. announces an Increase in Equity Buyback.	Dec. 13	CI
Atn International, Inc. Announces Management Changes	Nov. 16	CI
Atn International, Inc. Announces CEO Changes	Nov. 16	CI
ATN International, Inc. Announces CFO Changes	Nov. 16	CI
ATN International CEO Prior to Become Executive Chairman, COO Martin To Be New CEO	Nov. 15	MT
Tranche Update on ATN International, Inc.'s Equity Buyback Plan announced on September 19, 2016.	23-10-26	CI
Transcript : ATN International, Inc., Q3 2023 Earnings Call, Oct 26, 2023	23-10-26
Earnings Flash (ATNI) ATN INTERNATIONAL Posts Q3 Revenue $191M, vs. Street Est of $190.8M	23-10-25	MT

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Company Profile

ATN International, Inc. is a provider of digital infrastructure and communications services. The Company operates in the United States and internationally, including the Caribbean region. Its segments include International Telecom and US Telecom. The International Telecom segment provides mobility services, fixed services, carrier services, and managed services in Bermuda, the Cayman Islands, Guyana, and the US Virgin Islands. The US Telecom segment provides fixed services, carrier services, mobility services, and managed services in Alaska and parts of the western United States. Through its subsidiaries, it provides advanced wireless and wireline connectivity to residential, business, and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities.

Sector

Integrated Telecommunications Services

Calendar

10:00am - Q1 2024 Earnings Call

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Ratings for ATN International, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C-

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Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28.72 USD

Average target price

48.67 USD

Spread / Average Target

+69.45%

Consensus

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Company calendar

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