ATN International reported QQ2 2024 revenue of $183.3 million, down 2% year over year, driven primarily by the expiration of the Emergency Connectivity Fund (ECF) in the US. The company delivered a notable offset: adjusted EBITDA rose 6% YoY to $48.7 million, supported by stronger International Telecom performance and ongoing cost-management actions. Management emphasized progress on its First-to-Fiber and Glass & Steel investment programs, with International Telecom delivering growth in key metrics (e.g., high-speed data homes passed up 2% YoY to 257k; broadband subscribers up 9% YoY; international business solutions revenue up >10% YoY; mobility revenue up ~40% YoY). The US segment faced revenue headwinds linked to ECF/ACP wind-down, but management highlighted minimal ACP impact to profitability in 2024 and reiterated a focus on higher-value revenue opportunities and cost discipline.
Management reaffirmed the full-year 2024 outlook: revenue of $730–$750 million, adjusted EBITDA of $190–$200 million, and capex of $100–$110 million, with a target to exit the year at a net debt ratio of 2.25–2.5x. The company also completed the sale of a non-core international real estate asset (undeveloped land), realizing a gain that aided liquidity and helped fund capital returns. ATN intends to normalize CapEx in 2025 while leveraging government grant programs to augment growth. Overall, the quarter reinforces ATN’s strategy to drive durable, recurring revenue through asset-light, fiber-led infrastructure investments while maintaining prudent balance sheet management.