ATN International (ATNI) reported Q3 2024 total revenue of $178.5 million, down 7% year over year and 2.6% quarter over quarter, with an operating loss of $38.4 million largely driven by a non-cash goodwill impairment charge of $35.3 million in the US Telecom segment. Net loss was $32.7 million ($2.26 per share) versus a loss of $3.6 million a year ago, reflecting the combination of revenue headwinds from the conclusion of the ACP/ECF programs, higher interest expense, and transaction-related costs tied to debt refinancing in Alaska. Management emphasized a two‑segment narrative: International momentum with margin expansion and cash flow strength, and ongoing US market headwinds requiring cost rationalization and asset optimization. In International, revenue was essentially flat at $94.3 million, but adjusted EBITDA rose to $32.2 million (+17.3% YoY), underscoring the benefits from prior restructuring and ongoing premiumization of the subscriber base (e.g., higher ARPU data cohorts and a 5G rollout). In the US Domestic segment, revenue declined to $84.2 million (-13% YoY) with adjusted EBITDA of $17.7 million (-34.1% YoY) as ACP/ECF tailwinds faded and construction revenues softened. Net leverage remained elevated, with a net debt level of $606.8 million and total debt of $707.5 million at quarter end, and cash balance of $116.8 million, underscoring continued focus on balance sheet discipline. Management issued updated guidance for 2024: revenue $720–$730 million and Adjusted EBITDA $182–$188 million, with capex of $100–$110 million net of reimbursed amounts; the company still targets leverage closer to 2x over the medium term and sees meaningful upside from International margin expansion and accelerated cash flow in 2025 and beyond. The call also highlighted strategic actions to optimize costs, repurpose assets, and leverage BEAD/government funding, while continuing to push higher‑margin services in international markets and to selectively monetize non-core spectrum assets in the US. Overall, ATNI’s near‑term confidence rests on international profitability and cash flow resilience, tempered by US market challenges and a disciplined capital allocation plan aimed at reducing leverage toward a 2x target in the medium term.