ATN International, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ATN International, Inc. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

ATN International, Inc. (ATNI) filed a Annual Report (10-K) with the SEC on March 15, 2024. ATN International, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Telephone Communications. The filing includes information on various financial statement items and disclosures. The company's principal executive offices are located at 500 Cummings Center, Beverly, MA 01915.

Why It Matters

For investors and stakeholders tracking ATN International, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of ATN International's financial health, operational activities, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial data and disclosures within the 10-K are essential for stakeholders to understand the company's financial position, risks, and compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — ATN International, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight significant positive or negative trends without further analysis of the specific financial data within the report.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess ATN International's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240315 — Filing Date (Filed as of date)
• 4813 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (State of incorporation)
• 470728886 — IRS Number (IRS number)
• 9786191300 — Business Phone (Business phone number)
• 001-12593 — SEC File Number (SEC file number)
• 24754108 — Film Number (Film number)

Key Players & Entities

• ATN International, Inc. (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240315 (date) — Filing date
• 500 CUMMINGS CENTER (address) — Business address
• BEVERLY (location) — Business address city
• MA (location) — Business address state
• 01915 (postal_code) — Business address zip
• ATLANTIC TELE NETWORK INC /DE (company) — Former company name

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date the 10-K was officially filed with the SEC.

Filing Documents

• atni-20231231x10k.htm (10-K) — 5051KB
• atni-20231231xex10d45.htm (EX-10.45) — 177KB
• atni-20231231xex10d46.htm (EX-10.46) — 36KB
• atni-20231231xex21d1.htm (EX-21.1) — 15KB
• atni-20231231xex23d1.htm (EX-23.1) — 2KB
• atni-20231231xex31d1.htm (EX-31.1) — 17KB
• atni-20231231xex31d2.htm (EX-31.2) — 17KB
• atni-20231231xex32d1.htm (EX-32.1) — 8KB
• atni-20231231xex32d2.htm (EX-32.2) — 8KB
• atni-20231231xex97d1.htm (EX-97.1) — 62KB
• atni-20231231x10k005.jpg (GRAPHIC) — 57KB
• atni-20231231x10k006.jpg (GRAPHIC) — 34KB
• 0001558370-24-003375.txt (&nbsp;) — 24611KB
• atni-20231231.xsd (EX-101.SCH) — 117KB
• atni-20231231_cal.xml (EX-101.CAL) — 161KB
• atni-20231231_def.xml (EX-101.DEF) — 568KB
• atni-20231231_lab.xml (EX-101.LAB) — 1154KB
• atni-20231231_pre.xml (EX-101.PRE) — 870KB
• atni-20231231x10k_htm.xml (XML) — 5900KB

Business

Business 1 Strategy 1 Overview 2 Human Capital 10 US Federal Regulation 11 US State Regulation 15 US Virgin Islands Regulation 15 Guyana Regulation 16 Bermuda Regulation 16 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 29 Information About Our Executive Officers 30 PART II 31 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Overview 33 Results of Operations: Years Ended December 31, 2023 and 2022 40 Regulatory and Tax Issues 47 Liquidity and Capital Resources 47 Recent Accounting Pronouncements 58 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 59 Item 9A.

Controls and Procedures

Controls and Procedures 59 Evaluation of Disclosure Controls and Procedures 59 Management's Report on Internal Control over Financial Reporting 59 Changes in Internal Control over Financial Reporting 60 Item 9B. Other Information 60 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 60 PART III 60 Item 10. Directors, Executive Officers and Corporate Governance 60 Item 11.

Executive Compensation

Executive Compensation 63 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63 Item 13. Certain Relationships and Related Transactions, and Director Independence 63 Item 14. Principal Accountant Fees and Services 63 PART IV 63 Item 15. Exhibits, Financial Statement Schedules 63 Item 16. Form 10-K Summary 68

Signatures

Signatures 68 Index to Consolidated Financial Statements F-1 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Report") contains forward-looking statements relating to, among other matters, our future financial performance and results of operations; the impact of federal support program revenues; expectations regarding future revenue, operating income, EBITDA and capital expenditures; the competitive environment in our key markets, demand for our services and industry trends; expectations regarding litigation; our liquidity; and management's plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of our operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of our subscriber base and ARPU; (2) our ability to replace and remove all prohibited mobile telecommunications equipment in our U.S. network on the timeframe and at the cost approved by the FCC; (3) our ability to satisfy the needs and demands of our major carrier customers; (4) government funding program availability and regulation of our businesses, which may impact our revenue, operating costs, and telecommunications licenses; (5) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; (6) our ability to efficiently and cost-effectively upgrade our networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (7) continued access to capital and credit markets on terms we deem favorable; (8) our reliance on a limited number of key

BUSINESS

ITEM 1. BUSINESS Strategy We believe that access to reliable, high-quality communications services for data, voice and video is fundamental to the economic growth and well-being of every community and should be easy and ubiquitous. Our strategy is informed by our mission which is to digitally empower people and communities so that they can connect with the world and prosper. 1 Table of Contents We seek to do so by providing our customers with critical communication technologies that enable rural and remote communities to access reliable, high-speed broadband access through fiber or fiber-like services. These services are essential for allowing these communities to access such things as healthcare, education, and economic opportunities. At the start of 2022, we launched a 3-year strategy to deploy capital into fiber and fiber-fed high-speed data solutions to increase our network reach and grow broadband subscribers. The key elements of our strategy are the following: Glass & Steel . We have been focused on building and owning advanced digital infrastructure to adapt to meet our customer connectivity needs. This investment period has been focused on advancing our carrier managed services business enabling us to utilize critical infrastructure while transitioning away from legacy wholesale services business. First-to-Fiber . We pursue a "first-to-fiber" strategy targeting underbuilt or historically underserved markets to "close the digital divide" in our rural or remote markets. We use a variety of technologies to accomplish this while ensuring a viable return on our investment. In addition to deploying our own capital, we utilize federal, state, local or tribal government funding incentives and programs. As of December 31, 2023, we have approximately 768,900 homes passed by our broadband services, 214,400 broadband customers, and 11,655 fiber route miles. Operational Efficiencies . We are focused on improving operational efficiencies to reduce operatin

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View this 10-K filing on SEC EDGAR