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| Table 3 | |||||||
| ATN International, Inc. | |||||||
| Unaudited Condensed Consolidated Cash Flow Statements | |||||||
| (in Thousands) | |||||||
| Year Ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Net loss | $ | (23,522 | ) | $ | (31,852 | ) | |
| Depreciation | 132,976 | 138,335 | |||||
| Amortization of intangibles from acquisitions | 4,908 | 7,907 | |||||
| Provision for doubtful accounts | 8,809 | 5,946 | |||||
| Amortization of debt discount and debt issuance costs | 2,873 | 2,681 | |||||
| (Gain) loss on dispositions, transfers and contingent consideration | 1,449 | (13,251 | ) | ||||
| Stock-based compensation | 8,543 | 8,237 | |||||
| Deferred income taxes | (8,522 | ) | (12,777 | ) | |||
| (Gain) loss on equity investments | 5,016 | (464 | ) | ||||
| Loss on extinguishment of debt | – | 760 | |||||
| Goodwill impairment | – | 35,269 | |||||
| Decrease in customer receivable | 5,106 | 3,909 | |||||
| Change in prepaid and accrued income taxes | 2,097 | (16,223 | ) | ||||
| Change in other operating assets and liabilities | (5,798 | ) | (561 | ) | |||
| Net cash provided by operating activities | 133,935 | 127,916 | |||||
| Capital expenditures | (90,022 | ) | (110,375 | ) | |||
| Government capital programs: | |||||||
| Amounts disbursed | (84,624 | ) | (108,476 | ) | |||
| Amounts received | 74,304 | 95,758 | |||||
| Net proceeds from sale of assets | 606 | 18,609 | |||||
| Purchases and sales of strategic investments | – | 790 | |||||
| Purchases and sales of employee benefit plan investments | 805 | 517 | |||||
| Purchases and sales of spectrum licenses and other intangible assets | 12,104 | (573 | ) | ||||
| Net cash used in investing activities | (86,827 | ) | (103,750 | ) | |||
| Dividends paid on common stock | (15,671 | ) | (14,674 | ) | |||
| Distributions to non-controlling interests | (2,771 | ) | (3,645 | ) | |||
| Finance lease payments | (1,487 | ) | (1,930 | ) | |||
| Term loan – borrowings | – | 300,000 | |||||
| Term loan – repayments | (8,424 | ) | (241,115 | ) | |||
| Payment of debt issuance costs | (444 | ) | (6,705 | ) | |||
| Revolving credit facilities – borrowings | 74,000 | 103,000 | |||||
| Revolving credit facilities – repayments | (60,500 | ) | (117,502 | ) | |||
| Proceeds from customer receivable credit facility | 3,450 | 5,740 | |||||
| Repayment of customer receivable credit facility | (8,182 | ) | (7,674 | ) | |||
| Purchases of common stock – stock-based compensation | (770 | ) | (1,932 | ) | |||
| Purchases of common stock – share repurchase plan | – | (10,000 | ) | ||||
| Purchases of noncontrolling interests | (150 | ) | (652 | ) | |||
| Funds payable and amounts due to customers | 1,751 | – | |||||
| Net cash (used in) provided by financing activities | (19,198 | ) | 2,911 | ||||
| Net change in total cash, cash equivalents and restricted cash | 27,910 | 27,077 | |||||
| Total cash, cash equivalents and restricted cash, beginning of period | 89,244 | 62,167 | |||||
| Total cash, cash equivalents and restricted cash, end of period | $ | 117,154 | $ | 89,244 | |||
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| Table 4 | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Selected Segment Financial Information | ||||||||||||
| (In Thousands) | ||||||||||||
| For the three months ended December 31, 2025 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 5,297 | $ | 2 | $ | – | $ | 5,299 | ||||
| Consumer | 23,251 | (11 | ) | – | 23,240 | |||||||
| Total | $ | 28,548 | $ | (9 | ) | $ | – | $ | 28,539 | |||
| Fixed | ||||||||||||
| Business | $ | 18,505 | $ | 29,989 | $ | – | $ | 48,494 | ||||
| Consumer | 42,823 | 21,958 | – | 64,781 | ||||||||
| Total | $ | 61,328 | $ | 51,947 | $ | – | $ | 113,275 | ||||
| Carrier Services | $ | 3,005 | $ | 31,377 | $ | – | $ | 34,382 | ||||
| Other | 3,227 | 158 | – | 3,385 | ||||||||
| Total Communications Services | $ | 96,108 | $ | 83,473 | $ | – | $ | 179,581 | ||||
| Construction | $ | – | $ | 449 | $ | – | $ | 449 | ||||
| Managed services | $ | 1,241 | $ | 2,945 | $ | – | $ | 4,186 | ||||
| Total Other | $ | 1,241 | $ | 2,945 | $ | – | $ | 4,186 | ||||
| Total Revenue | $ | 97,349 | $ | 86,867 | $ | – | $ | 184,216 | ||||
| Depreciation | $ | 13,297 | $ | 17,549 | $ | 802 | $ | 31,648 | ||||
| Amortization of intangibles from acquisitions | $ | 263 | $ | 981 | $ | – | $ | 1,244 | ||||
| Total operating expenses | $ | 79,437 | $ | 81,016 | $ | 8,060 | $ | 168,513 | ||||
| Operating income (loss) | $ | 17,912 | $ | 5,851 | $ | (8,060 | ) | $ | 15,703 | |||
| Net (income) loss attributable to non-controlling interests | $ | 367 | $ | 3,146 | $ | – | $ | 3,513 | ||||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 31,472 | $ | 24,381 | $ | (7,258 | ) | $ | 48,595 | |||
| Adjusted EBITDA (1) | $ | 32,710 | $ | 21,607 | $ | (4,341 | ) | $ | 49,976 | |||
| Balance Sheet Data (at December 31, 2025): | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 79,165 | $ | 35,915 | $ | 2,074 | $ | 117,154 | ||||
| Total current assets | 165,341 | 141,592 | 20,943 | 327,876 | ||||||||
| Fixed assets, net | 451,303 | 533,443 | 7,021 | 991,767 | ||||||||
| Total assets | 701,579 | 881,968 | 89,707 | 1,673,254 | ||||||||
| Total current liabilities | 95,055 | 120,535 | 45,259 | 260,849 | ||||||||
| Total debt, including current portion | 59,952 | 329,036 | 176,180 | 565,168 | ||||||||
| * Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||
| Table 4 (continued) | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Selected Segment Financial Information | ||||||||||||
| (In Thousands) | ||||||||||||
| For the three months ended December 31, 2024 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 5,048 | $ | 68 | $ | – | $ | 5,116 | ||||
| Consumer | 22,496 | 391 | – | 22,887 | ||||||||
| Total | $ | 27,544 | $ | 459 | $ | – | $ | 28,003 | ||||
| Fixed | ||||||||||||
| Business | $ | 18,148 | $ | 30,080 | $ | – | $ | 48,228 | ||||
| Consumer | 42,722 | 20,728 | – | 63,450 | ||||||||
| Total | $ | 60,870 | $ | 50,808 | $ | – | $ | 111,678 | ||||
| Carrier Services | $ | 3,244 | $ | 30,022 | $ | – | $ | 33,266 | ||||
| Other | 1,641 | 115 | – | 1,756 | ||||||||
| Total Communications Services | $ | 93,299 | $ | 81,404 | $ | – | $ | 174,703 | ||||
| Construction | $ | – | $ | 1,291 | $ | – | $ | 1,291 | ||||
| Managed services | $ | 1,467 | $ | 3,087 | $ | – | $ | 4,554 | ||||
| Total Other | $ | 1,467 | $ | 3,087 | $ | – | $ | 4,554 | ||||
| Total Revenue | $ | 94,766 | $ | 85,782 | $ | – | $ | 180,548 | ||||
| Depreciation | $ | 12,894 | $ | 17,942 | $ | 303 | $ | 31,139 | ||||
| Amortization of intangibles from acquisitions | $ | 251 | $ | 1,740 | $ | – | $ | 1,991 | ||||
| Total operating expenses | $ | 75,936 | $ | 87,373 | $ | 8,565 | $ | 171,874 | ||||
| Operating income (loss) | $ | 18,830 | $ | (1,591 | ) | $ | (8,565 | ) | $ | 8,674 | ||
| Net (income) loss attributable to non-controlling interests | $ | (4,377 | ) | $ | 3,740 | $ | – | $ | (637 | ) | ||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 31,975 | $ | 18,091 | $ | (8,262 | ) | $ | 41,804 | |||
| Adjusted EBITDA (1) | $ | 32,343 | $ | 19,515 | $ | (5,632 | ) | $ | 46,226 | |||
| Balance Sheet Data (at December 31, 2024): | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 35,232 | $ | 51,604 | $ | 2,408 | $ | 89,244 | ||||
| Total current assets | 129,866 | 168,754 | 10,541 | 309,161 | ||||||||
| Fixed assets, net | 466,861 | 565,625 | 7,707 | 1,040,193 | ||||||||
| Total assets | 675,642 | 957,914 | 93,547 | 1,727,103 | ||||||||
| Total current liabilities | 85,588 | 147,490 | 34,236 | 267,314 | ||||||||
| Total debt, including current portion | 59,850 | 316,242 | 181,264 | 557,356 | ||||||||
| (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA | ||||||||||||
| (2) See Table 5 for reconciliation of Operating Income to EBITDA | ||||||||||||
| * Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Selected Segment Financial Information | ||||||||||||
| (In Thousands) | ||||||||||||
| For the year ended December 31, 2025 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 20,176 | $ | 66 | $ | – | $ | 20,242 | ||||
| Consumer | 87,432 | (38 | ) | – | 87,394 | |||||||
| Total | $ | 107,608 | $ | 28 | $ | – | $ | 107,636 | ||||
| Fixed | ||||||||||||
| Business | $ | 74,077 | $ | 118,043 | $ | – | $ | 192,120 | ||||
| Consumer | 171,742 | 90,042 | – | 261,784 | ||||||||
| Total | $ | 245,819 | $ | 208,085 | $ | – | $ | 453,904 | ||||
| Carrier Services | $ | 13,665 | $ | 121,149 | $ | – | $ | 134,814 | ||||
| Other | 9,413 | 472 | – | 9,885 | ||||||||
| Total Communications Services | $ | 376,505 | $ | 329,734 | $ | – | $ | 706,239 | ||||
| Construction | $ | – | $ | 4,825 | $ | – | $ | 4,825 | ||||
| Managed services | $ | 5,376 | $ | 11,535 | $ | – | $ | 16,911 | ||||
| Total Other | $ | 5,376 | $ | 11,535 | $ | – | $ | 16,911 | ||||
| Total Revenue | $ | 381,881 | $ | 346,094 | $ | – | $ | 727,975 | ||||
| Depreciation | $ | 58,026 | $ | 71,569 | $ | 3,381 | $ | 132,976 | ||||
| Amortization of intangibles from acquisitions | $ | 1,004 | $ | 3,904 | $ | – | $ | 4,908 | ||||
| Total operating expenses | $ | 314,908 | $ | 347,809 | $ | 36,824 | $ | 699,541 | ||||
| Operating income (loss) | $ | 66,973 | $ | (1,715 | ) | $ | (36,824 | ) | $ | 28,434 | ||
| Net (income) loss attributable to non-controlling interests | $ | (6,238 | ) | $ | 14,854 | $ | – | $ | 8,616 | |||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 126,003 | $ | 73,758 | $ | (33,443 | ) | $ | 166,318 | |||
| Adjusted EBITDA (1) | $ | 131,636 | $ | 78,536 | $ | (20,128 | ) | $ | 190,044 | |||
| * Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||
| Table 4 (continued) | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Selected Segment Financial Information | ||||||||||||
| (In Thousands) | ||||||||||||
| For the year ended December 31, 2024 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Statement of Operations Data: | ||||||||||||
| Revenue | ||||||||||||
| Mobility | ||||||||||||
| Business | $ | 19,794 | $ | 277 | $ | – | $ | 20,071 | ||||
| Consumer | 87,407 | 2,494 | – | 89,901 | ||||||||
| Total | $ | 107,201 | $ | 2,771 | $ | – | $ | 109,972 | ||||
| Fixed | ||||||||||||
| Business | $ | 74,087 | $ | 125,439 | $ | – | $ | 199,526 | ||||
| Consumer | 172,078 | 86,760 | – | 258,838 | ||||||||
| Total | $ | 246,165 | $ | 212,199 | $ | – | $ | 458,364 | ||||
| Carrier Services | $ | 13,724 | $ | 119,561 | $ | – | $ | 133,285 | ||||
| Other | 4,680 | 1,457 | – | 6,137 | ||||||||
| Total Communications Services | $ | 371,770 | $ | 335,988 | $ | – | $ | 707,758 | ||||
| Construction | $ | – | $ | 3,900 | $ | – | $ | 3,900 | ||||
| Managed services | $ | 5,693 | $ | 11,724 | $ | – | $ | 17,417 | ||||
| Total Other | $ | 5,693 | $ | 11,724 | $ | – | $ | 17,417 | ||||
| Total Revenue | $ | 377,463 | $ | 351,612 | $ | – | $ | 729,075 | ||||
| Depreciation | $ | 63,708 | $ | 73,995 | $ | 633 | $ | 138,336 | ||||
| Amortization of intangibles from acquisitions | $ | 1,006 | $ | 6,901 | $ | – | $ | 7,907 | ||||
| Total operating expenses | $ | 301,690 | $ | 396,055 | $ | 32,125 | $ | 729,870 | ||||
| Operating income (loss) | $ | 75,773 | $ | (44,443 | ) | $ | (32,125 | ) | $ | (795 | ) | |
| Net (income) loss attributable to non-controlling interests | $ | (12,844 | ) | $ | 18,267 | $ | – | $ | 5,423 | |||
| Non GAAP measures: | ||||||||||||
| EBITDA (2) | $ | 140,487 | $ | 36,453 | $ | (31,492 | ) | $ | 145,448 | |||
| Adjusted EBITDA (1) | $ | 127,151 | $ | 79,828 | $ | (22,895 | ) | $ | 184,084 | |||
| (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA | ||||||||||||
| (2) See Table 5 for reconciliation of Operating Income to EBITDA | ||||||||||||
| * Corporate and Other refer to corporate overhead expenses and consolidating adjustments | ||||||||||||
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| Table 5 | ||||||||||||
| ATN International, Inc. | ||||||||||||
| Reconciliation of Non-GAAP Measures | ||||||||||||
| (In Thousands) | ||||||||||||
| For the three months ended December 31, 2025 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 17,912 | $ | 5,851 | $ | (8,060 | ) | $ | 15,703 | |||
| Depreciation expense | 13,297 | 17,549 | 802 | 31,648 | ||||||||
| Amortization of intangibles from acquisitions | 263 | 981 | – | 1,244 | ||||||||
| EBITDA | $ | 31,472 | $ | 24,381 | $ | (7,258 | ) | $ | 48,595 | |||
| Stock-based compensation | 141 | 28 | 1,818 | 1,987 | ||||||||
| Transaction-related charges | – | – | 1,504 | 1,504 | ||||||||
| Restructuring and reorganization expenses | 337 | 2,093 | (999 | ) | 1,431 | |||||||
| (Gain) Loss on dispositions, transfers and contingent consideration | 760 | (4,895 | ) | 594 | (3,541 | ) | ||||||
| ADJUSTED EBITDA | $ | 32,710 | $ | 21,607 | $ | (4,341 | ) | $ | 49,976 | |||
| For the three months December 31, 2024 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 18,830 | $ | (1,591 | ) | $ | (8,565 | ) | $ | 8,674 | ||
| Depreciation expense | 12,894 | 17,942 | 303 | 31,139 | ||||||||
| Amortization of intangibles from acquisitions | 251 | 1,740 | – | 1,991 | ||||||||
| EBITDA | $ | 31,975 | $ | 18,091 | $ | (8,262 | ) | $ | 41,804 | |||
| Stock-based compensation | 35 | 137 | 1,544 | 1,716 | ||||||||
| Transaction-related charges | – | – | 1,038 | 1,038 | ||||||||
| (Gain) Loss on dispositions, transfers and contingent consideration | 333 | 1,287 | 48 | 1,668 | ||||||||
| ADJUSTED EBITDA | $ | 32,343 | $ | 19,515 | $ | (5,632 | ) | $ | 46,226 | |||
| For the year ended December 31, 2025 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 66,973 | $ | (1,715 | ) | $ | (36,824 | ) | $ | 28,434 | ||
| Depreciation expense | 58,026 | 71,569 | 3,381 | 132,976 | ||||||||
| Amortization of intangibles from acquisitions | 1,004 | 3,904 | – | 4,908 | ||||||||
| EBITDA | $ | 126,003 | $ | 73,758 | $ | (33,443 | ) | $ | 166,318 | |||
| Stock-based compensation | 639 | 183 | 7,721 | 8,543 | ||||||||
| Transaction-related charges | – | – | 3,576 | 3,576 | ||||||||
| Restructuring and reorganization expenses | 3,805 | 4,928 | 1,424 | 10,157 | ||||||||
| (Gain) Loss on dispositions, transfers and contingent consideration | 1,189 | (333 | ) | 594 | 1,450 | |||||||
| ADJUSTED EBITDA | $ | 131,636 | $ | 78,536 | $ | (20,128 | ) | $ | 190,044 | |||
| For the year ended December 31, 2024 is as follows: | ||||||||||||
| International Telecom | US Telecom | Corporate and Other * | Total | |||||||||
| Operating income (loss) | $ | 75,773 | $ | (44,443 | ) | $ | (32,125 | ) | (795 | ) | ||
| Depreciation expense | 63,708 | 73,995 | 633 | 138,336 | ||||||||
| Amortization of intangibles from acquisitions | 1,006 | 6,901 | – | 7,907 | ||||||||
| EBITDA | $ | 140,487 | $ | 36,453 | $ | (31,492 | ) | $ | 145,448 | |||
| Stock-based compensation | 354 | 621 | 7,261 | 8,236 | ||||||||
| Transaction-related charges | – | 3,789 | 1,058 | 4,847 | ||||||||
| Restructuring and reorganization expenses | 1,489 | 1,167 | 879 | 3,535 | ||||||||
| Goodwill impairment | – | 35,269 | – | 35,269 | ||||||||
| (Gain) Loss on dispositions, transfers and contingent consideration | (15,179 | ) | 2,529 | (601 | ) | (13,251 | ) | |||||
| ADJUSTED EBITDA | $ | 127,151 | $ | 79,828 | $ | (22,895 | ) | $ | 184,084 | |||
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| Table 6 | |||||||
| ATN International, Inc. | |||||||
| Non GAAP Measure – Net Debt Ratio | |||||||
| (in Thousands) | |||||||
| December 31, | December 31, | ||||||
| 2025 | 2024 | ||||||
| Current portion of long-term debt * | $ | 13,596 | $ | 8,226 | |||
| Long-term debt, net of current portion * | 551,571 | 549,130 | |||||
| Total debt | $ | 565,167 | $ | 557,356 | |||
| Less: Cash, cash equivalents and restricted cash | 117,154 | 89,244 | |||||
| Net Debt | $ | 448,013 | $ | 468,112 | |||
| Adjusted EBITDA – for the four quarters ended | $ | 190,044 | $ | 184,084 | |||
| Net Debt Ratio | 2.36 | 2.54 | |||||
| * Excludes Customer receivable credit facility | |||||||
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