ATN International delivered a mixed but strategically meaningful set of results for QQ4 2024 and the full year. The company reported full-year revenue of $729 million and Adjusted EBITDA of $184 million, with operating cash flow of $129.2 million and free cash flow of approximately $5.8 million. Management stressed disciplined execution through the final year of its three-year investment cycle (First to Fiber and Glass and Steel), highlighting a 32% expansion in fiber route miles, a doubling of broadband homes passed, and a 44% increase in high-speed capable customers. A material item in 2024 was a $35.3 million goodwill impairment, contributing to a full-year net loss of $26.4 million. A key strategic theme is the shift of US operations away from legacy technologies toward enterprise and carrier-driven, fiber-based revenues, supported by government grants totaling more than $370 million that are expected to monetize fully in 2026 and beyond. International telecom delivered steady revenue growth and margin expansion in 2024 (international revenue up ~2% YoY; international Adjusted EBITDA up 9.7% for the year), underscoring the potential for higher-margin, fiber-driven growth outside the US. For 2025, ATN targets revenue essentially flat versus 2024 (excluding construction), and Adjusted EBITDA roughly flat. Capex guidance is $90–$100 million after reimbursements, with net debt management aimed at leveraging reductions towards a ~2x target in the medium term. Near term, management expects a relatively flat-to-down Q1, followed by a more linear improvement through the rest of 2025 as international momentum accelerates and US restructuring takes hold. The combination of favorable international dynamics, grant-supported fiber expansion, and a credible plan to stabilize and progressively de-risk the US business supports a constructive long-term investment thesis, albeit with notable execution risk around the US transition and leverage management.