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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-12593

ATN INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)	47-0728886 (I.R.S. Employer Identification No.)
500 Cummings Center, Suite 2450 Beverly, Massachusetts (Address of principal executive offices)	01915 (Zip Code)

(978) 619-1300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	ATNI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ◻		Accelerated filer ⌧

Non-accelerated filer ◻		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ⌧

As of May 12, 2025, the registrant had outstanding 15,216,530 shares of its common stock ($.01 par value).

Table of Contents

ATN INTERNATIONAL, INC.

FORM 10-Q

Quarter Ended March 31, 2025


CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS		3

PART I—FINANCIAL INFORMATION		4

Item 1	Unaudited Condensed Consolidated Financial Statements	4

	Condensed Consolidated Balance Sheets at March 31, 2025 and December 31, 2024	4

	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024	5

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2025 and 2024	6

	Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2025 and 2024	7

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	8

	Notes to Unaudited Condensed Consolidated Financial Statements	9

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38-62

Item 3	Quantitative and Qualitative Disclosures About Market Risk	62

Item 4	Controls and Procedures	63

PART II—OTHER INFORMATION		63

Item 1	Legal Proceedings	63

Item 1A	Risk Factors	64

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	64

Item 5	Other Information	64

Item 6	Exhibits	65

SIGNATURES		66

CERTIFICATIONS

Table of Contents

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (or the “Report”) contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results of operations, expectations regarding its strategic investment plan, its future revenues, operating income, operating margin, cash flows, network and operating costs, EBITDA, Adjusted EBITDA, Net Debt, Net Debt Ratio, cost management initiatives, and capital investments; demand for the Company’s services and industry trends; the timing of revenue, the Company’s liquidity; the expansion of the Company’s customer base and networks; receipt of certain government grants and management’s plans, expectations 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 the Company’s operations, including operating margins, revenues, capital expenditures, the impact of cost savings initiatives, and the retention of and future growth of the Company’s subscriber base and ARPU; (2) the Company’s reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to the Company’s network infrastructure; (3) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (4) the Company’s ability to realize expansion plans for its fiber markets; (5) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (6) the Company’s ability to efficiently and cost-effectively upgrade the Company’s networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (7) the Company’s continued access to capital and credit markets on terms it deems favorable; (8) government subsidy program availability and regulation of the Company’s businesses, which may impact the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (9) the Company’s ability to successfully transition its US Telecom business away from wholesale mobility to other carrier and consumer-based services; (10) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities facing the Company’s operations, including those resulting from changes to trade policies or tariff regulations, financial market volatility and disruption, uncertain economic conditions in the U.S. and abroad, inflationary concerns, and other macroeconomic headwinds including increased costs and supply chain disruptions; (11) management transitions, and the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (12) the Company’s ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (13) the occurrence of weather events and natural catastrophes and the Company’s ability to secure the appropriate level of insurance coverage for these assets; and the impact of such events on the timing of project implementation and corresponding revenue, and (14) increased competition. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 17, 2025, and the other reports the Company files from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors that may affect such forward-looking statements, except as required by law.

In this Report, the words “the Company,” “we,” “our,” “ours,” “us” and “ATN” refer to ATN International, Inc. and its subsidiaries. This Report contains trademarks, service marks and trade names that are the property of, or licensed by, ATN and its subsidiaries.

References to dollars ($) refer to US dollars unless otherwise specifically indicated.

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In Thousands, Except Share Data)


	March 31,		December 31,
	2025		2024
ASSETS
Current Assets:
Cash and cash equivalents	$	83,452	$	73,393
Restricted cash		13,807		15,851
Short-term investments		395		300
Accounts receivable, net of allowances for credit losses of $14.3 million and $15.1 million, respectively		85,600		83,719
Government grant receivables		44,155		50,511
Customer receivable		7,713		7,986
Inventory, materials and supplies		13,642		15,191
Prepayments and other current assets		56,943		62,210
Total current assets		305,707		309,161

Fixed Assets, net		1,029,165		1,040,193
Telecommunication licenses, net		113,319		113,319
Goodwill		4,835		4,835
Intangible assets, net		10,855		11,990
Operating lease right-of-use assets		97,683		99,427
Customer receivable - long term		40,289		41,030
Other assets		105,596		107,148
Total assets	$	1,707,449	$	1,727,103
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	8,226	$	8,226
Current portion of customer receivable credit facility		8,127		8,031
Accounts payable and accrued liabilities		171,781		178,172
Dividends payable		3,652		3,627
Accrued taxes		8,089		8,234
Current portion of lease liabilities		17,164		16,188
Advance payments and deposits		46,633		44,836
Total current liabilities		263,672		267,314
Deferred income taxes		3,474		4,882
Lease liabilities, excluding current portion		73,910		77,469
Deferred revenue, long-term		53,065		55,116
Other liabilities		66,790		65,235
Customer receivable credit facility, net of current portion		34,105		36,203
Long-term debt, excluding current portion		554,158		549,130
Total liabilities		1,049,174		1,055,349
Redeemable noncontrolling interests:
Preferred redeemable noncontrolling interests		67,162		65,704
Common redeemable noncontrolling interests		10,393		10,599
Total redeemable noncontrolling interests		77,555		76,303
ATN International, Inc. Stockholders’ Equity:
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding		—		—
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 18,017,763 and 17,879,110 shares issued, respectively, 15,216,530 and 15,114,216 shares outstanding, respectively		180		179
Treasury stock, at cost; 2,801,233 and 2,764,894 shares, respectively		(103,143)		(102,413)
Additional paid-in capital		214,362		212,759
Retained earnings		350,728		368,191
Accumulated other comprehensive income		11,208		10,777
Total ATN International, Inc. stockholders’ equity		473,335		489,493
Noncontrolling interests		107,385		105,958
Total equity		580,720		595,451
Total liabilities, redeemable noncontrolling interests and equity	$	1,707,449	$	1,727,103

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Unaudited)

(In Thousands, Except Per Share Data)


	Three months ended March 31,
	2025		2024
REVENUE:
Communication services	$	174,031	$	181,268
Construction		1,046		1,586
Other		4,217		3,940
Total revenue		179,294		186,794
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of communication services and other		78,224		80,390
Cost of construction revenue		1,501		1,570
Selling, general and administrative		55,228		61,315
Stock-based compensation		1,905		1,909
Transaction-related charges		1,436		19
Restructuring and reorganization expenses		1,830		1,190
Depreciation and amortization		34,527		34,340
Amortization of intangibles from acquisitions		1,226		1,980
(Gain) loss on disposition of assets and transfers		750		(493)
Total operating expenses		176,627		182,220
Income from operations		2,667		4,574
OTHER INCOME (EXPENSE)
Interest income		272		445
Interest expense		(11,950)		(11,520)
Other income (expense)		(2,568)		172
Other expense		(14,246)		(10,903)
LOSS BEFORE INCOME TAXES		(11,579)		(6,329)
Income tax expense (benefit)		(192)		1,619
NET LOSS		(11,387)		(7,948)
Net loss attributable to noncontrolling interests, net of tax (benefit) expense of $(0.2) million and $0.3 million respectively		2,459		1,633
NET LOSS ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS	$	(8,928)	$	(6,315)
NET LOSS PER WEIGHTED AVERAGE SHARE ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS:
Basic	$	(0.69)	$	(0.50)
Diluted	$	(0.69)	$	(0.50)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		15,131		15,437
Diluted		15,131		15,437
DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK	$	0.24	$	0.24

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Unaudited)

(In Thousands)


	Three months ended March 31,
	2025		2024
Net loss	$	(11,387)	$	(7,948)
Other comprehensive income (loss):
Unrealized gain on derivatives, net of tax expense of $0 million and $0.5 million		431		1,432
Other comprehensive income, net of tax		431		1,432
Comprehensive loss		(10,956)		(6,516)
Less: Comprehensive loss attributable to noncontrolling interests		2,459		1,633
Comprehensive loss attributable to ATN International, Inc.	$	(8,497)	$	(4,883)

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Unaudited)

(In Thousands, Except Per Share Data)


	Total Equity
				Treasury		Additional				Other		ATNI		Non-
		Common		Stock,		Paid In		Retained		Comprehensive		Stockholders’		Controlling		Total
		Stock		at cost		Capital		Earnings		Income/(Loss)		Equity		Interests		Equity
Balance, December 31, 2024	$	179	$	(102,413)	$	212,759	$	368,191	$	10,777	$	489,493	$	105,958	$	595,451
Issuance of 138,013 common units		1		—		(1)		—		—		—		—		—
Purchase of 35,699 shares of common stock		—		(730)		—		—		—		(730)		—		(730)
Stock-based compensation		—		—		1,611		—		—		1,611		293		1,904
Dividends declared on common stock ($0.24 per common share)		—		—		—		(3,652)		—		(3,652)		—		(3,652)
Repurchase of noncontrolling interests		—		—		(7)		—		—		(7)		(38)		(45)
Accrued dividend - redeemable preferred units		—		—		—		(1,458)		—		(1,458)		—		(1,458)
Deemed dividend - redeemable common units		—		—		—		(3,425)		—		(3,425)		3,631		206
Comprehensive income:
Net income		—		—		—		(8,928)		—		(8,928)		(2,459)		(11,387)
Other comprehensive income		—		—		—		—		431		431		—		431
Total comprehensive income		—		—		—		(8,928)		431		(8,497)		(2,459)		(10,956)
Balance, March 31, 2025	$	180	$	(103,143)	$	214,362	$	350,728	$	11,208	$	473,335	$	107,385	$	580,720

Balance, December 31, 2023	$	173	$	(90,447)	$	205,797	$	417,282	$	8,268	$	541,073	$	96,730	$	637,803
Purchase of 62,940 shares of common stock		—		(2,016)		—		—		—		(2,016)		—		(2,016)
Stock-based compensation		—		—		1,754		—		—		1,754		155		1,909
Dividends declared on common stock ($0.24 per common share)		—		—		—		(3,720)		—		(3,720)		(40)		(3,760)
Accrued dividend - redeemable preferred units		—		—		—		(1,348)		—		(1,348)		—		(1,348)
Deemed dividend - redeemable common units		—		—		—		(868)		—		(868)		3,512		2,644
Comprehensive income:
Net loss		—		—		—		(6,315)		—		(6,315)		(1,633)		(7,948)
Other comprehensive income		—		—		—		—		1,432		1,432		—		1,432
Total comprehensive income (loss)		—		—		—		(6,315)		1,432		(4,883)		(1,633)		(6,516)
Balance March 31,2024	$	173	$	(92,463)	$	207,551	$	405,031	$	9,700	$	529,992	$	98,724	$	628,716

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Unaudited)

(In Thousands)


	Three Month Ended March 31,
	2025		2024
Cash flows from operating activities:
Net loss	$	(11,387)	$	(7,948)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization		34,527		34,340
Amortization of intangibles from acquisitions		1,226		1,980
Provision for doubtful accounts		1,854		1,322
Amortization of debt issuance costs		716		625
(Gain) loss on disposition of assets and transfers		750		(493)
Stock-based compensation		1,905		1,909
Deferred income taxes		(2,520)		(2,181)
(Gain) loss on investments		4		(170)
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable and government grant receivables		(2,440)		2,183
Customer receivable		1,015		254
Accrued taxes		2,223		3,966
Materials and supplies, prepayments, and other current assets		6,004		(626)
Accounts payable and accrued liabilities and advance payments and deposits		2,567		(9,624)
Other assets		1,501		340
Other liabilities		(2,040)		(2,701)
Net cash provided by operating activities		35,905		23,176
Cash flows from investing activities:
Capital expenditures		(20,832)		(36,016)
Government capital programs
Amounts disbursed		(22,445)		(13,473)
Amounts received		17,281		10,546
Purchase of intangible assets		—		(573)
Purchase of investments - employee benefit plan		(14)		(25)
Proceeds from investments - employee benefit plan		729		201
Proceeds from sale of assets		141		3,655
Net cash used in investing activities		(25,140)		(35,685)
Cash flows from financing activities:
Dividends paid on common stock		(3,627)		(3,701)
Payment of debt issuance costs		(172)		(72)
Finance lease payments		(494)		(443)
Term loan - repayments		(1,653)		(3,801)
Revolving credit facility – borrowings		13,000		46,000
Revolving credit facility – repayments		(7,000)		(18,302)
Proceeds from customer receivable credit facility		—		3,700
Repayment of customer receivable credit facility		(2,030)		(1,804)
Purchases of common stock – stock- based compensation		(730)		(1,896)
Purchases of common stock – share repurchase plan		—		(121)
Repurchases of noncontrolling interests		(44)		—
Net cash (used in) provided by financing activities		(2,750)		19,560
Net change in cash, cash equivalents, and restricted cash		8,015		7,051
Total cash, cash equivalents, and restricted cash, beginning of period		89,244		62,167
Total cash, cash equivalents, and restricted cash, end of period	$	97,259	$	69,218
Supplemental cash flow information:
Interest paid	$	10,366	$	10,291
Taxes paid	$	1,053	$	748
Dividends declared, not paid	$	3,652	$	3,720
Noncash investing activity:
Purchases of property, plant and equipment included in accounts payable and accrued expenses
Amounts accrued for reimbursable capital expenditures from government capital programs	$	22,191	$	33,446
Amounts accrued for non-reimbursable capital expenditures	$	13,970	$	14,032

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.ORGANIZATION AND BUSINESS OPERATIONS

The Company is a leading provider of digital infrastructure and communications services with a focus on rural and remote markets in the United States and internationally, including Bermuda and the Caribbean region.

The Company has developed significant operational expertise and resources that it uses to augment its capabilities in its local markets. With this support, the Company’s operating subsidiaries can improve their quality of service with greater economies of scale and expertise than would typically be available in the size markets the Company operates in. The Company provides management, technical, financial, regulatory and marketing services to its operating subsidiaries and typically receives a management fee calculated as a percentage of their revenues, which is eliminated in consolidation. The Company also actively evaluates investment opportunities and other strategic transactions, both domestic and international, and generally looks for those that it believes fit its profile of telecommunications businesses while keeping a focus on generating excess operating cash flows over extended periods of time. The Company uses the cash generated from its operations to maintain an appropriate ratio of debt and cash on hand and to re-invest in organic growth, fund capital expenditures, return value to its stockholders through dividends or stock repurchases and make strategic investments or acquisitions.

For further information about the Company’s financial segments and geographical information about its operating revenues and assets, see Notes 1 and 12 to the Consolidated Financial Statements included in this Report.

As of March 31, 2025, the Company offered the following types of services to its customers:

●

Fixed Telecommunications Services. The Company provides fixed data and voice telecommunications services to business and consumer customers. These services include high-speed broadband for consumers and high-speed data solutions for businesses. For some markets, fixed services also include video services and revenue derived from support under certain government programs.

●

Carrier Telecommunication Services. The Company delivers services to other telecommunications providers including the leasing of critical network infrastructure such as tower and transport facilities, wholesale roaming and long-distance voice services, site maintenance and international long-distance services.

●

Mobile Telecommunications Services. The Company offers mobile communications services over its wireless networks and related equipment (such as handsets) to both business and consumer customers.

●

Managed Services. The Company provides information technology services such as network, application, infrastructure and hosting services to both its business and consumer customers to complement its fixed telecommunications services in its existing markets.

Through March 31, 2025, the Company identified two operating segments to manage and review its operations, as well as to support investor presentations of its results. These two operating segments are as follows:

●

US Telecom. In the United States, the Company offers fixed, carrier, and managed services to business customers and consumers in Alaska and the western United States. In 2024, the Company concluded the provision of mobility services to retail customers.

●

International Telecom. In its international markets, the Company offers fixed, carrier, mobility and managed services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands.

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The following chart summarizes the operating activities of the Company’s principal subsidiaries, the segments in which it reports its revenue and the markets it served during the three months ended March 31, 2025:


International Telecom			US Telecom
Services	Markets	Tradenames (1)	Services	Markets	Tradenames
Mobility Services	Bermuda, Guyana, US Virgin Islands	One Communications, Viya	Mobility Services	United States (rural markets)	Choice, Choice NTUA Wireless
Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One Communications, Logic, Viya	Fixed Services	United States	Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos Broadband, Deploycom
Carrier Services	Bermuda, Guyana, US Virgin Islands	One Communications, Viya, Essextel	Carrier Services	United States	Alaska Communications, Commnet, Sacred Wind Communications
Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	One Communications, Logic, Viya, Brava	Managed Services	United States	Alaska Communications, Choice

(1)

In 2024, the Company completed a rebranding in Guyana and GTT is now known as One Communications. The Company refers throughout this report to its business in Guyana as “OneGY.” In April 2025, the Company completed a rebranding in the US Virgin Islands and Viya is now known as One Communications. The Company will refer to Viya in future reports as “OneVI.”

In 2024, the Company undertook a rebranding of its retail services in its International Telecom segment to “One Communications” in Guyana, completed the brand implementation in the US Virgin Islands during the second quarter of 2025 and is scheduled to implement that brand in the Cayman during the first half of 2025. The Company intends to utilize the GTT and Viya brands for legacy voice services in certain markets for a period of time.

For further information about the Company’s financial segments and geographical information about its operating revenues and assets, see Note 12 to the Unaudited Condensed Consolidated Financial Statements included in this Report.

Restructuring and reorganization expense

The Company engages in restructuring and reorganization activities from time to time. These activities include contract termination and reduction in force costs and are incurred to reduce operating costs and improve the Company’s operating margins. The Company’s 2023 restructuring plan began in first quarter of 2023 and was complete in March 2024. The Company’s 2024 reorganization plan began in June 2024 and was complete in December 2024. The Company’s 2025 restructure plan began in January 2025. As of March 31, 2025, $1.6 million was accrued and payable under these restructuring and reorganization plans. A summary of the restructuring and reorganization costs is below (in thousands).


	Three months ended March 31,
		2025		2024
2023 Restructuring Plan	$	—	$	1,190
2024 Reorganization Plan		—		—
2025 Reorganization Plan		1,830		—
Total	$	1,830	$	1,190

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2. BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial information included herein is unaudited; however, the Company believes such information and the disclosures herein are adequate to make the information presented not misleading and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial position and results of operations for the periods described therein. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Results of interim periods may not be indicative of results for the full year. These condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 17, 2025.

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries in which the Company holds controlling interests and certain entities which are consolidated in accordance with the provisions of the Financial Accounting Standards Board’s (“FASB”) authoritative guidance on the consolidation of variable interest entities, since it is determined that the Company is the primary beneficiary of these entities.

Recent Accounting Pronouncements

In December 2023, the FASB released ASU 2023-09, titled "Enhancements to Income Tax Disclosures," with the aim of improving the clarity and usefulness of income tax disclosures. The update focuses primarily on enhancing disclosures related to rate reconciliation and income taxes paid. ASU 2023-09 becomes effective for annual reporting periods starting after December 15, 2024, with early adoption permitted. While the changes prescribed by ASU 2023-09 are implemented prospectively, retrospective application is also allowed. The Company has chosen not to early adopt this standard and is currently assessing its potential impact on our consolidated financial statements and accompanying disclosures.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (ASU 2023-07), which requires that a public entity disclose, on an interim and annual basis, significant segment expense categories and amounts that are regularly provided to its chief operating decision maker (CODM) and included in each reported measure of segment profit or loss. An entity must also disclose, by reportable segment, the amount and composition of other expenses. The standard requires an entity to disclose the title and position of its CODM and explain how the CODM uses these reported measures in assessing segment performance and determining how to allocate resources. The Company adopted the standard on December 31, 2024 and the disclosures are included in Note 12.

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statements Expenses (DISE)” (ASU 2024-03), which requires that a public entity provide additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with retrospective application. The standard allows early adoption of these requirements and the Company is currently evaluating the disclosure impacts of adoption.

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3. REVENUE RECOGNITION AND RECEIVABLES

Revenue Accounted for in Accordance with Other Guidance

The Company records revenue in accordance with ASC 606 from contracts with customers and ASC 842 from lease agreements, as well as government grants. Lease revenue recognized under ASC 842 is disclosed in Note 4 and government support revenue is disclosed in Note 8.

Timing of Revenue Recognition

Revenue accounted for in accordance with ASC 606 consisted of the following for the periods presented below (in thousands):


	Three months ended March 31, 2025
	International		US
	Telecom		Telecom		Total
Services transferred over time	$	89,516	$	68,705	$	158,221
Goods and services transferred at a point in time		3,512		2,906		6,418
Total revenue accounted for under ASC 606	$	93,028	$	71,611	$	164,639
Operating lease income		155		1,828		1,983
Government support revenue (1)		1,312		11,360		12,672
Total revenue	$	94,495	$	84,799	$	179,294


	Three months ended March 31, 2024
	International		US
	Telecom		Telecom		Total
Services transferred over time	$	88,560	$	78,043	$	166,603
Goods and services transferred at a point in time		3,034		3,271		6,305
Total revenue accounted for under ASC 606	$	91,594	$	81,314	$	172,908
Operating lease income		72		2,034		2,106
Government support revenue (1)		1,393		10,387		11,780
Total revenue	$	93,059	$	93,735	$	186,794

(1)

Revenue recognized from CAF II, USF and RDOF programs. Refer to Note 8.

Contract Assets and Liabilities

The Company recognizes contract assets and liabilities on its balance sheet. Contract assets represent unbilled amounts typically resulting from consumer Mobility contracts with both a multiyear service period and a promotional discount. In these contracts, the revenue recognized exceeds the amount billed to the customer. The current portion of the contract asset is recorded in prepayments and other current assets and the noncurrent portion is included in other assets on the Company’s balance sheets.

Contract liabilities consist of advance payments and billings in excess of revenue recognized. Mobility and Fixed revenue for postpaid customers is generally billed one month in advance and recognized over the period that the corresponding service is rendered to customers. To the extent the service is not provided by the reporting date the amount is recognized as a contract liability. Prepaid service, including Mobility services, sold to customers is recorded as deferred revenue prior to the commencement of services. Contract liabilities also include certain long term fixed business and carrier service customer contracts. The current portion of contract liabilities are recorded in advanced payments and deposits and the noncurrent portion is included in deferred revenue, long-term on the Company’s balance sheets.

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In July 2019, the Company entered into a Network Build and Maintenance Agreement with AT&T Mobility, LLC (“AT&T”) that was subsequently amended through March 31, 2025 (the “FirstNet Agreement”). In connection with the FirstNet Agreement, the Company is building a portion of AT&T’s network for the First Responder Network Authority in or near the Company’s current operating areas in the western United States (the “FirstNet Transaction”). The FirstNet Transaction includes construction and service performance obligations. The current portion of receivables under this agreement is recorded in customer receivable and the long-term portion is recorded in customer receivable long-term on the Company’s balance sheet.

In May 2023, the Company amended its current roaming agreement and entered into a carrier management services agreement with Verizon Wireless (the “Verizon CMS Agreement”). The transaction includes service performance obligations under which revenue is recognized over time. The Company allocates the transaction price of these agreements to each performance obligation based on the relative standalone selling price of each performance obligation in the contract. The standalone selling price is the estimated price the Company would charge for the good or service in a separate transaction with similar customers in similar circumstances.

Contract assets and liabilities consisted of the following (amounts in thousands):


	March 31, 2025		December 31, 2024			$ Change	% Change
Contract asset – current	$	3,774	$	3,920	$	(146)		(3.7)	%
Contract asset – noncurrent		4,090		5,368		(1,278)		(23.8)	%
Contract liability – current		(29,164)		(28,932)		(232)		0.8	%
Contract liability – noncurrent		(53,471)		(55,116)		1,645		(3.0)	%
Net contract liability	$	(74,771)	$	(74,760)	$	(11)		0.0	%

The Company’s net contract liability remained unchanged during the three months ended March 31, 2025. During the three months ended March 31, 2025, the Company recognized revenue of $18.3 million related to its December 31, 2024 contract liability and amortized $1.1 million of the December 31, 2024 contract asset to revenue.

Contract Acquisition Costs

The March 31, 2025 and December 31, 2024 balance sheets include contract acquisition costs of $11.2 million and $10.7 million, respectively, in other assets. During the three months ended March 31, 2025 and 2024, the Company amortized $1.8 million and $1.6 million, respectively, of contract acquisition costs.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to unsatisfied performance obligations of certain multiyear Mobility and Fixed communication services contracts, Managed Services contracts, and the Company’s Carrier Services construction and service contracts. The transaction price allocated to unsatisfied performance obligations was $595 million at March 31, 2025. The Company expects to satisfy approximately 43% of the remaining performance obligations and recognize the transaction price within 24 months and approximately $60 million annually from 2027 through 2032. The Company omits performance obligations with a duration of one year or less and variable consideration under the right to invoice or wholly unsatisfied performance obligation practical expedients from this disclosure.

Disaggregation

The Company's revenue is presented on a disaggregated basis in Note 12 based on an evaluation of disclosures outside the financial statements, information regularly reviewed by the chief operating decision makers for evaluating the financial performance of operating segments and other information that is used for performance evaluation and

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resource allocations. This includes revenue from Communication Services, Construction, and Other revenue. Communication Services revenue is further disaggregated into business and consumer Mobility, business and consumer Fixed, Carrier Services, and Other services. Other revenue is further disaggregated into Managed Services revenue.

Receivables

The Company records an estimate of future credit losses in conjunction with revenue transactions based on the information available including historical experience and management’s expectations of future conditions. Those estimates are updated as additional information becomes available. The Company’s allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics.

The Company had gross accounts receivables of $99.9 million and $98.8 million as of March 31, 2025 and December 31, 2024, respectively. The Company also recorded allowances for credit losses against these receivables of $14.3 million and $15.1 million as of March 31, 2025 and December 31, 2024, respectively.

In addition, the Company has also recorded a receivable under the FirstNet Agreement totaling $48.0 million as of March 31, 2025 of which $7.7 million was current and $40.3 million was long-term and had a receivable under that same agreement of $49.0 million as of December 31, 2024, of which $8.0 million was current and $41.0 million was long-term. As of March 31, 2025, the Company has recorded $44.2 million of receivables under certain government support agreements which include $32.3 million under the Replace and Remove Program and $11.9 million related to the Company’s participation in other government support programs. As of December 31, 2024, the Company had recorded $50.5 million of receivables under certain government support agreements which included $37.7 million under the Replace and Remove Program and $12.8 million under the Company’s participation in other government support programs (refer to Note 8).

The Company monitors receivables through the use of historical operating data adjusted for the expectation of future performance as appropriate. Activity in the allowance for credit losses is below (in thousands):


	Three months ended
	March 31, 2025		March 31, 2024

Balance at beginning of period	$	15,132	$	16,362
Current period provision for expected losses		1,854		1,322
Write-offs charged against the allowance		(2,887)		(903)
Recoveries collected		207		83
Balance at end of period	$	14,306	$	16,864

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4. LEASES

Lessee Disclosure

The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The lease terms are generally between three and 10 years, some of which include additional renewal options.

Supplemental lease information

The components of lease expense were as follows (in thousands):


	Three months ended
	March 31, 2025		March 31, 2024
Operating lease cost:
Operating lease cost	$	5,906	$	5,479
Short-term lease cost		1,332		691
Variable lease cost		1,955		1,429
Total operating lease cost	$	9,193	$	7,599

Finance lease cost:
Amortization of right-of-use asset	$	1,879	$	612
Variable costs		287		198
Interest costs		88		100
Total finance lease cost	$	2,254	$	910

During the three months ended March 31, 2025 and 2024, the Company paid $6.3 million and $4.8 million, respectively, for operating lease liabilities. During the three months ended March 31, 2025 and 2024, the Company recorded $5.2 million and $2.3 million, respectively, of operating lease liabilities arising from right of use assets.

At March 31, 2025, finance leases with a net book value of $27.5 million were included in fixed assets, net. During the three months ended March 31, 2025, the Company paid $0.5 million of financing cash flows and $0.1 million of operating cash flows for finance lease liabilities. During the three months ended March 31, 2024, the Company paid $0.4 million of financing cash flows and $0.1 million of operating cash flows for finance lease liabilities. At March 31, 2025, finance leases had a lease liability of $4.3 million, of which $1.0 million was current.

At December 31, 2024, finance leases with a net book value of $29.6 million were included in fixed assets, net.

The weighted average remaining lease terms and discount rates as of March 31, 2025 and December 31, 2024 are noted in the table below:


	March 31, 2025		December 31, 2024
Weighted-average remaining lease term
Operating leases		12.6 years		12.6 years
Financing leases		3.9 years		11.5 years

Weighted-average discount rate
Operating leases		6.8%		6.8%
Financing leases		7.5%		7.4%

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Maturities of lease liabilities as of March 31, 2025 were as follows (in thousands):


	Operating Leases		Financing Leases
2025 (excluding the three months ended March 31, 2025)	$	17,474	$	1,135
2026		15,799		848
2027		13,029		812
2028		9,867		620
2029		7,080		516
Thereafter		79,553		1,658
Total lease payments		142,802		5,589
Less imputed interest		(56,013)		(1,304)
Total	$	86,789	$	4,285

Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):


	Operating Leases		Financing Leases
2025	$	20,764	$	1,649
2026		15,881		847
2027		12,949		825
2028		9,901		632
2029		7,134		516
Thereafter		79,843		1,630
Total lease payments		146,472		6,099
Less imputed interest		(57,512)		(1,402)
Total	$	88,960	$	4,697

As of March 31, 2025, the Company did not have any material operating or finance leases that have not yet commenced.

Lessor Disclosure

The Company is the lessor in agreements to lease the use of its network assets including its wireless cell sites and buildings. For the three months ended March 31, 2025 and 2024, the Company recorded $2.0 million and $2.1 million, respectively, of lease income from agreements in which the Company is the lessor. Lease income is classified as Carrier Services revenue in the statement of operations.

The following table presents the maturities of future undiscounted lease payments for the periods indicated (in thousands):


2025 (excluding the three months ended March 31, 2025)	$	5,895
2026		7,634
2027		6,309
2028		5,626
2029		4,924
Thereafter		4,204
Total future lease payments	$	34,592

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5. USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates relate to the allowance for credit losses on trade receivables, useful lives of the Company’s fixed and finite-lived intangible assets, allocation of purchase price to assets acquired and liabilities assumed in business combinations, fair value of indefinite-lived intangible assets, goodwill and income taxes. Actual results could differ significantly from those estimates.

6. FAIR VALUE MEASUREMENTS AND INVESTMENTS

In accordance with the provisions of fair value accounting, a fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability, and defines fair value based upon an exit price model.

The fair value measurement guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:


Level 1		Quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset and liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 assets and liabilities include money market funds, debt and equity securities and derivative contracts that are traded in an active exchange market.

Level 2		Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes corporate obligations and non-exchange traded derivative contracts.

Level 3		Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments and intangible assets that have been impaired whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

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Assets and liabilities of the Company measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 are summarized as follows (in thousands):


	March 31, 2025
	Significant Other
	Quoted Prices in		Observable		Unobservable
	Active Markets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Short term investments	$	395	$	—	$	—	$	395
Employee benefit plan investments		2,048		—		—		2,048
Interest rate swap		—		(410)		—		(410)
Total assets and liabilities measured at fair value	$	2,443	$	(410)	$	—	$	2,033


	December 31, 2024
	Significant Other
	Quoted Prices in		Observable		Unobservable
	Active Markets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Short term investments	$	300	$	—	$	—	$	300
Employee benefit plan investments		2,768		—		—		2,768
Interest rate swap		—		(723)		—		(723)
Warrants on Alaska Communications redeemable common units		—		—		(249)		(249)
Total assets and liabilities measured at fair value	$	3,068	$	(723)	$	(249)	$	2,096

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Other Investments

The Company holds investments in equity securities consisting of noncontrolling investments in privately held companies. Historically, the investments are accounted for using equity method accounting, the measurement alternative for investments without a readily determinable fair value, or fair value. The fair value investments are valued using Level 3 inputs and the Company used the income approach to fair value the investment. The inputs consisted of a discount rate and future cash flows calculated based on the investment attributes. As of March 31, 2025, the Company’s investments are all accounted for under the measurement alternative for investments without a readily determinable value. A roll forward of the investments is below (in thousands):


	Investments without a readily determinable fair value		Fair value investments		Equity method investments		Total
Balance, December 31, 2024	$	41,956	$	—	$	—	$	41,956
Income recognized		—		—		—		—
Distributions		—		—		—		—
Sale of investment		—		—		—		—
Balance, March 31, 2025	$	41,956	$	—	$	—	$	41,956

Balance, December 31, 2023	$	41,710	$	1,197	$	—	$	42,907
Income recognized		—		19		—		19
Contributions / (distributions)		—		(140)		—		(140)
Balance, March 31, 2024	$	41,710	$	1,076	$	—	$	42,786

These investments are included with other assets on the consolidated balance sheets.

Redeemable Common Units and Warrants

The Company has issued redeemable common units, and warrants to purchase additional common units, in consolidated subsidiaries of the Company. The instruments are redeemable at the option of the holder. The common units are recorded at the higher or historical cost or fair value and the warrants to purchase common units are recorded at fair value in the Company’s financial statements. The common units are recorded in redeemable noncontrolling interest and the warrants are recorded in other liabilities on the Company’s balance sheets. The put options for the Alloy redeemable common units begin in November 2026. The put options for the Alaska Communications redeemable common units begin the earlier of a public offering or July 2028. The fair value of the Alaska Commun Units was zero at both March 31, 2025 and December 31, 2024. The fair value of the warrants to purchase Alaska common units was zero and $(0.2) million at March 31, 2025 and December 31, 2024, respectively. The Alloy common units were carried at historical cost at of $10.4 million and $10.6 million at March 31, 2025 and December 31, 2024, respectively, which exceeded its fair value. The Company calculates the fair value of the instruments using a combination of market and discounted cash flows approaches with Level 3 inputs.

Other Fair Value Disclosures

The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses approximate their fair values because of the relatively short-term maturities of these financial instruments.

The fair value of long-term debt is estimated using Level 2 inputs. At March 31, 2025, the fair value of long-term debt, including the current portion, was $569.4 million and its book value was $562.4 million. At December 31, 2024, the fair value of long-term debt, including the current portion, was $564.4 million and its book value was $557.4 million.

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The fair value of the customer receivable credit facility is estimated using Level 2 inputs. At March 31, 2025, the fair value of the customer receivable credit facility, including the current portion, was $41.3 million and its book value was $42.2 million. At December 31, 2024, the fair value of the customer receivable credit facility, including the current portion, was $42.7 million and its book value was $44.2 million.

7. LONG-TERM DEBT

2023 CoBank Credit Facility

On July 13, 2023, the Company, along with certain of its subsidiaries as guarantors, entered into a new Credit Agreement with CoBank, ACB and a syndicate of other lenders (as may be amended from time to time, the “2023 CoBank Credit Facility”). On July 10, 2024, the Company amended the 2023 CoBank Credit Facility to add certain subsidiaries as guarantors and to provide further flexibility in order to accept certain grant and government program obligations.

The 2023 CoBank Credit Facility provides for a five-year $170 million revolving credit facility (the “2023 CoBank Revolving Loan”) and a six-year $130 million term loan facility (the “2023 CoBank Term Loan”). The Company may use (i) up to $25 million under the 2023 CoBank Revolving Loan for letters of credit, and (ii) up to $20 million under a swingline sub-facility. Upon the closing of the 2023 CoBank Credit Facility, the Company drew all of the 2023 CoBank Term Loan and approximately $13.6 million of the 2023 CoBank Revolving Loan. These borrowings were used to repay all of the $139.5 million of debt outstanding under a previously held credit facility, upon close.

The 2023 CoBank Term Loan has scheduled quarterly principal payments in the amounts set forth below, with the outstanding principal balance maturing on July 13, 2029. The 2023 CoBank Revolving Loan may be repaid at any time on or prior to its maturity on July 13, 2028. All amounts outstanding under the 2023 CoBank Credit Facility will be due and payable upon the earlier of the maturity date or the acceleration of the loans and commitments upon an event of default.


2023 CoBank Term Loan Quarterly Payment Dates	2023 CoBank Term Loan Quarterly Repayments
December 31, 2023 – June 30, 2025	$812,500 (2.5% per annum)
September 30, 2025 – June 30, 2026	$1,625,000 (5% per annum)
September 30, 2026 – June 30, 2029	$2,437,500 (7.5% per annum)

Amounts borrowed under the 2023 CoBank Credit Facility bear interest at a rate equal to, at the Company’s option, either (i) the secured overnight financing rate as administered by the Federal Reserve Bank of New York (SOFR) plus an applicable margin ranging between 2.00% to 3.75% for the 2023 CoBank Term Loan and 1.75% to 3.50% for Revolving Loans or (ii) a base rate plus an applicable margin ranging from 1.00% to 2.75% for the Term Loan and 0.75% to 2.50% for the 2023 CoBank Revolving Loans. Swingline loans bear interest at the base rate plus the applicable margin for base rate loans. The base rate is equal to the higher of (i) 1.00% plus the one-month SOFR rate (ii) the federal funds effective rate (as defined in the 2023 CoBank Credit Agreement) plus 0.50% per annum; or (iii) the prime rate (as defined in the 2023 CoBank Credit Agreement). The applicable margin is determined based on the ratio (as further defined in the 2023 CoBank Credit Agreement) of the Company’s maximum Total Net Leverage Ratio. Under the terms of the 2023 CoBank Credit Agreement, the Company must also pay a fee ranging from 0.25% to 0.50% on the average daily unused portion of the 2023 CoBank Credit Facility over each calendar quarter.

The 2023 CoBank Credit Agreement contains a financial covenant (as further defined in the 2023 CoBank Credit Agreement) that imposes a maximum Total Net Leverage Ratio, as well as customary representations, warranties and covenants, including covenants limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes. The maximum Total Net Leverage Ratio is measured each fiscal quarter and is required to be less than or equal to 3.25

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to 1.0. The 2023 CoBank Credit Agreement provides for events of default customary for credit facilities of this type, including but not limited to non-payment, defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.

The Company capitalized $4.5 million of fees associated with the 2023 CoBank Credit Facility which are being amortized over the life of the debt and $3.1 million were unamortized as of March 31, 2025.

The Company had $125.1 million outstanding under the 2023 CoBank Term Loan as of March 31, 2025. Under the 2023 CoBank Revolving Loan, the Company had $64.6 million outstanding and $105.4 million of availability as of March 31, 2025. The Company was in compliance with all financial covenants as of March 31, 2025.

In October 2023, the Company entered into a two year, forward starting 1-month floating to fixed SOFR interest rate swap agreement. The swap was effective November 13, 2023 in a non-amortizing notional amount of $50.0 million, has a fixed SOFR rate of 4.896% and matures on November 13, 2025. The swap agreement had a fair value of $(0.2) million and $(0.3) million as of March 31, 2025 and December 31, 2024, respectively.

Letter of Credit Facility

On November 14, 2022, the Company entered into a General Agreement of Indemnity to issue performance Standby Letters of Credit on behalf of the Company and its subsidiaries. As of March 31, 2025, $34.8 million of Standby Letters of Credit had been issued under this agreement.

2024 Alaska Credit Facility

On August 29, 2024, Alaska Communications (the “Borrower”) entered into a Credit Agreement (the “2024 Alaska Credit Agreement”) with Bank of America, N.A., as administrative agent, and a syndicate of lenders (the “2024 Alaska Credit Facility”), to provide debt financing in the form of a $300 million, five-year secured term loan facility (the “2024 Alaska Term Facility”) and a $90 million revolving facility (the “2024 Alaska Revolving Facility”).

The 2024 Alaska Term Facility proceeds were used (a) to refinance Alaska Communications’ outstanding indebtedness under the 2022 Alaska Credit Facility, as defined below, in the amount of approximately $279 million plus accrued and unpaid interest, (b) to pay fees and expenses associated with the completion of this transaction, and (c) for general corporate purposes. As of March 31, 2025, $300.0 million was outstanding under the 2024 Alaska Term Facility.

Proceeds from the 2024 Alaska Revolving Facility are to be used, subject to certain limitations, (a) to issue letters of credit to replace or backstop existing letters of credit of Alaska Communications and its direct and indirect subsidiaries, and (b) for working capital purposes, capital expenditures and other general corporate purposes. As of March 31, 2025 there were no outstanding borrowings under the 2024 Alaska Revolving Facility and $1.0 million of letters of credit were issued. As a result, $89.0 million was available under the 2024 Alaska Revolving Facility as of March 31, 2025.

The 2024 Alaska Credit Facility also provides for incremental term loans (“Incremental Term Loans”) up to an aggregate principal amount of the greater of $91 million and Alaska Communications’ trailing consolidated twelve-month EBITDA (as defined in the 2024 Alaska Credit Agreement), subject to the Borrower meeting certain conditions.

In connection with the 2024 Alaska Credit Facility, the Company incurred $6.9 million of fees and rolled over $2.1 million of fees for the 2022 Alaska Credit Facility to be amortized over the life of the debt. As of March 31, 2025, the Company had $8.0 million of unamortized fees, which are being amortized over the life of the debt, associated with the 2024 Alaska Credit Facility.

The maturity date for the 2024 Alaska Credit Facility is August 29, 2029.

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Amounts outstanding under the 2024 Alaska Credit Facility bear an interest rate of the following:


Tier / Level	Alaska Communications Total Net Leverage Ratio	Applicable Margin for Term SOFR Loans and L/C Participation Fees	Applicable Margin for Base Rate Loans and Reimbursement Obligations	Applicable Margin for Commitment Fees
I	Greater than 4.00:1.00	4.50%	3.50%	0.40%
II	Less than or equal to 4.00:1.00 but greater than 3.25:1.00	4.00%	3.00%	0.35%
III	Less than or equal to 3.25:1.00 but greater than 2.50:1.00	3.50%	2.50%	0.30%
IV	Less than or equal to 2.50:1.00	3.00%	2.00%	0.25%

Principal payments on the 2024 Alaska Term Facility are due quarterly commencing in the fourth quarter of 2026 in quarterly amounts as follows: from the fourth quarter of 2026 through the third quarter of 2027, $1,875,000; and from the fourth quarter of 2027 through the second quarter of 2029, $3,750,000. The remaining unpaid balance is due on the final maturity date. Payments on any principal amount outstanding under the Incremental Term Loans will be made in installments, on the dates and in the amounts set forth in the applicable amendment for such Incremental Term Loans. The Borrower may prepay all revolving loans under the 2024 Alaska Revolving Facility at any time without premium or penalty (other than any customary SOFR breakage costs), subject to certain notice requirements and balance restrictions.

The Borrower is required to maintain financial ratios, based on a calculation of EBITDA defined in the 2024 Alaska Credit Agreement, including (a) a maximum Consolidated Net Total Leverage Ratio of 4.75:1.00, stepping down to 4.50:1.00 beginning with the third quarter of 2027, and stepping down to 4.25:1.00 beginning with the third quarter of 2028; and (b) a minimum Consolidated Fixed Charge Coverage Ratio of not less than 1.25:1.00. Customary covenants restricting the incurrence or assumption of debt, granting or assuming liens, declaring dividends and making other restricted payments, making investments, dispositions, engaging in transactions with affiliates, changes to the nature of business, modifying organizational documents and material agreements, entering into sale and leaseback transactions, amending or making prepayments on certain subordinated debt, and entering into mergers and acquisitions.

The 2024 Alaska Credit Facility is secured by substantially all of the personal property and certain material real property owned by Alaska Communications Systems Holdings, the parent company of Alaska Communications (“Holdings”), the Borrower, and its wholly owned subsidiaries, excluding, among other things, certain federal and state licenses where a pledge is prohibited by applicable law or is permitted only with the consent of a governmental authority that has not been obtained.

The 2024 Alaska Credit Agreement contains usual and customary affirmative and negative covenants of the parties for credit facilities of this type or as otherwise deemed appropriate by the administrative agent, subject to customary exceptions and materiality standards.

The Company is not a guarantor under the 2024 Alaska Credit Agreement, and the lenders have no recourse against the Company in the event of an occurrence of an “Event of Default.”

2022 Alaska Credit Facility

On December 23, 2022, Alaska Communications entered into a Credit Agreement (the “2022 Alaska Credit Facility”) with Fifth Third Bank, National Association, as Administrative Agent, and a syndicate of lenders to provide a Revolving Credit Commitment of $75.0 million (the “2022 Alaska Revolving Facility”) and Term Loan Commitment of $230.0 million (the “2022 Alaska Term Loan”).

The key terms and conditions of the 2022 Alaska Credit Facility included the following:

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●

Amounts outstanding bore an interest rate of the forward-looking SOFR rate with a one-month interest period, plus the SOFR Spread Adjustment of 10 basis points, plus a margin ranging from 3.00% to 4.00% based on Alaska Communications’ Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) or at an alternate base rate at a margin that is 1% lower than the counterpart SOFR margin;

●

Principal repayments of $1.4 million were made quarterly commencing with the fourth quarter of 2023;

●

Alaska Communications was required to maintain financial ratios as defined in the 2022 Alaska Credit Facility, including (a) a maximum Consolidated Net Total Leverage Ratio of 4.00 to 1, stepping down to 3.75 to 1 beginning with the second quarter of 2024; and (b) a minimum Consolidated Fixed Charge Coverage Ratio of not less than 1.25 to 1. In addition to these financial ratios, Alaska Communications was subject to customary representations, warranties and covenants, including limitations on additional indebtedness, liens, consolidations, mergers, assets sales, advances, investments and loans, transactions with affiliates, sale and leaseback transactions, subordinated indebtedness, and changes in the nature of its business; and

●

The 2022 Alaska Credit Facility was non-recourse to the Company and was secured by substantially all of the personal property and certain material real property owned by Alaska Communications.

On August 29, 2024, all outstanding amounts under the 2022 Alaska Credit Facility were repaid in full using the proceeds received upon the completion of the 2024 Alaska Credit Facility.

Alaska Term Facility

On June 15, 2022, Holdings entered into a secured lending arrangement with Bristol Bay Industrial, LLC (the “Alaska Term Facility”).

The Alaska Term Facility provided for a secured delayed draw term loan in an aggregate principal amount of up to $7.5 million and the proceeds were used to pay certain invoices from a contractor for work performed in connection with a fiber build. Interest on the Alaska Term Facility accrued at a fixed rate of 4.0% and scheduled quarterly payments of principal commenced on March 31, 2023. The Alaska Term Facility was repaid in full during the three months ended June 30, 2024.

Alaska Interest Rate Swap Agreements

In November 2023, Alaska Communications entered into two forward starting 1-month floating to fixed SOFR interest rate swap agreements. The total non-amortizing notional amount of the agreements is $200.0 million, with fixed SOFR rates of 4.8695% and 4.8980% and both agreements mature on June 30, 2025. The swap agreements had an aggregate fair value of $(0.2) million and $(0.5) million as of March 31, 2025 and December 31, 2024, respectively.

FirstNet Receivables Credit Facility

On March 26, 2020, Commnet Finance, a wholly owned subsidiary of Commnet Wireless, entered into a receivables credit facility with Commnet Wireless, and CoBank, ACB (the “Receivables Credit Facility”).

The Receivables Credit Facility provides for a senior secured delayed draw term loan in an aggregate principal amount of up to $75.0 million and the proceeds may be used to acquire certain receivables from Commnet Wireless. The receivables to be financed and sold under the Receivables Credit Facility, which provides the loan security, relate to the obligations of AT&T under the FirstNet Agreement.

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On December 27, 2024, CoBank amended the Receivables Credit Facility and extended the delayed draw period to December 31, 2025.

The maturity date for each loan will be set by CoBank and will match the weighted average maturity of the certain receivables financed.

Interest on the loans accrue at a fixed annual interest rate to be quoted by CoBank.

The Receivables Credit Facility contains customary events of termination, representations and warranties, affirmative and negative covenants and events of default customary for facilities of this type.

As of March 31, 2025, Commnet Wireless had $42.6 million outstanding, of which $8.1 million was classified as being current and $34.5 million as long-term on the Company’s balance sheet, and $9.2 million of availability under the Receivables Credit Facility. Commnet Wireless capitalized $0.8 million in fees associated with the Receivables Credit Facility which are being amortized over the life of the debt and $0.3 million were unamortized as of March 31, 2025.

OneGY Credit Facilities

On October 12, 2022, OneGY entered into a $2.9 million term facility and a $5.7 million overdraft facility (the “Guyana Credit Facilities”) with Republic Bank (Guyana) Limited.

The OneGY Credit Facilities were secured by real estate assets and carried a fixed interest rate of 7.5%. On November 29, 2024, the overdraft facility and term facility were canceled at the request of OneGY.

Sacred Wind Term Debt

The Sacred Wind Term Debt with the United States of America, acting through the Administrator of the Rural Utilities Service (“RUS”) which provides financial assistance in the form of loans under the Rural Electrification Act of 1936 to furnish or improve telecommunications and/or broadband services in rural areas, is secured by substantially all of the assets of Sacred Wind and is an underlying mortgage to the United States of America. These mortgage notes are to be repaid in equal monthly installments covering principal and interest beginning after date of issue and expiring by 2035.

The Sacred Wind Term Debt contains certain restrictions on the declaration or payment of dividends, redemption of capital stock or investment in affiliated companies without the consent of the RUS noteholders. The agreements also contain a financial covenant which Sacred Wind was not in compliance with as of December 31, 2024. Sacred Wind submitted a corrective action plan to comply with the financial covenant by December 31, 2028. The corrective action plan was accepted by the RUS and, as of March 31, 2025, the Company was in compliance with that corrective action plan.

As of March 31, 2025, $24.0 million was outstanding under the Sacred Wind Term Debt. Of that amount, $3.4 million was current and $20.6 million was long term.

The mortgage notes carry fixed interest rates ranging from 0.88% to 5.0%.

Viya Debt

The Company, and certain of its subsidiaries, have entered into a $60.0 million loan agreement (the “Viya Debt”) with National Cooperative Services Corporation (“NCSC”). The Viya Debt agreement contains customary representations, warranties, and affirmative and negative covenants (including limitations on additional debt, guaranties,

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sale of assets and liens) and a financial covenant that limits the maximum ratio of indebtedness to annual operating cash flow to 3.5 to 1.0 (the “Net Leverage Ratio”). This covenant is tested on an annual basis at the end of each fiscal year. Interest is paid quarterly at a fixed rate of 4.0% per annum and principal repayment is not required until maturity on July 1, 2026. Prepayment of the Viya Debt may be subject to a fee under certain circumstances. The debt is secured by certain assets of the Viya subsidiaries and is guaranteed by the Company.

The Company paid a fee of $0.9 million in 2016 to lock the interest rate at 4% per annum over the term of the Viya Debt. The fee was recorded as a reduction to the Viya Debt carrying amount and is being amortized over the life of the loan.

As of March 31, 2025, $60.0 million of the Viya Debt remained outstanding and $0.1 million of the rate lock fee was unamortized.

On May 5, 2022, the Net Leverage Ratio was amended to 7.0 to 1.0 through the maturity date of July 1, 2026. The Ratio is tested annually, and the Company was in compliance with the Net Leverage Ratio as of December 31, 2024.

IDB Credit Facilities

On May 8, 2025, OneGY entered into a Credit Agreement (the “2025 IDB Credit Facilities”) with Inter-American Investment Corporation (IDB Invest) to provide a Revolving Credit Commitment of $10.0 million (the “2025 IDB Revolving Facility”) and Term Loan Commitment of up to $30.0 million (the “2025 IDB Term Loan”). The debt is secured by certain assets of OneGY and is not guaranteed by the Company.

Beginning in the second quarter of 2027, the 2025 IDB Term Loan must be repaid in quarterly principal payments in the amounts set forth below, with the outstanding principal balance maturing on the tenth anniversary of the effective date. The 2025 IDB Revolving Loan may be repaid at any time on or prior to its maturity of 360 days after the first disbursement date.


2025 IDB Term Loan Quarterly Payment Dates	2025 IDB Term Loan Quarterly Repayments
June 22, 2027 – December 22, 2030	5.0% bi-annually
June 22, 2031 – December 22, 2034	7.5% bi-annually

Amounts borrowed under the 2025 IDB Credit Facilities bear interest at a rate equal to the applicable secured overnight financing rate as administered by the Federal Reserve Bank of New York (SOFR) plus an applicable margin ranging of 2.4% for the Revolving Facility and 3.0% for the Term Loans. In the case of the IDB Term Loan, there is a prepayment fee equal to 1% until the first anniversary, 0.5% until the second anniversary, and 0.0% thereafter.

The 2025 IDB Credit Agreement contains a financial covenant that imposes on OneGY a maximum Net Financial Debt to EBITDA Ratio and a maximum Debt to Equity ratio and a minimum EBITDA to Net Financial Expense Ratio, as well as customary representations, warranties and covenants The 2025 IDB Credit Agreement provides for events of default customary for credit facilities of this type, including but not limited to non-payment, defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.

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Debt Maturity

The table below summarizes the annual maturities of the Company’s debt instruments (amounts in thousands).


									Customer
	US		International		Corporate and		Total		Receivable
Amounts Maturing During	Telecom		Telecom		Other		Debt		Credit Facility
April 1, 2025 through December 31, 2025	$	2,628	$	—	$	3,945	$	6,573	$	6,000
Year ending December 31, 2026		5,469		60,000		8,125		73,594		8,409
Year ending December 31, 2027		13,098		—		9,750		22,848		8,807
Year ending December 31, 2028		18,858		—		74,370		93,228		9,229
Year ending December 31, 2029		277,749		—		93,555		371,304		6,041
Thereafter		6,239		—		—		6,239		4,084
Total		324,041		60,000		189,745		573,786		42,570
Debt Discounts		(8,180)		(125)		(3,097)		(11,402)		(338)
Book Value as of March 31, 2025	$	315,861	$	59,875	$	186,648	$	562,384	$	42,232

8. GOVERNMENT SUPPORT AND SPECTRUM MATTERS

Universal Service Fund and Other Domestic Funding Programs

The Company recognizes revenue from several government funded programs including but not limited to, as follows:

●

The Company receives federal USF support under the Alaska Connect Fund (“ACF”). Beginning January 1, 2025, the Company began receiving $25.6 million per year and expects such annual funding to continue until December 31, 2028. Beginning in 2029 and continuing through 2034, the amount of ACF support will be determined by FCC staff taking into consideration broadband deployment funded through the Broadband Equity Access and Deployment Program. The ACF replaced the $19.7 million per year that the Company had previously received in Connect America Fund II support in Alaska;

●

As part of the Enhanced Alternative Connect America Model funding available to the Company’s operations in the southwest, we are estimated to receive approximately $109 million over the next 14 years, through 2038, with approximately $9 million annually through 2030 before a gradual step down to $6 million annually in 2038;

●

The Company receives $8.0 million per year in Connect America Fund II support in the rural southwest until July 2028;

●

The Company receives $5.5 million annually in the US Virgin Islands through December 31, 2025, subject to the requirement to enhance network resiliency and operations in those markets;

●

The Company was awarded $2.3 million annually in the western United States through December 31, 2031 as part of the Rural Digital Opportunity Fund Phase I (“RDOF”) auction. In exchange for this support, we committed to deploy voice and broadband service to covered areas within six years and to provide service in those areas for ten years. In 2024, we transferred $1.3 million of the annual awards to other providers and returned $0.3 million of the annual awards to the FCC; and

●

The Company receives state USF support in Alaska of approximately $2.5 million annually.

As of March 31, 2025, the Company was in compliance in all material respects with its requirements associated

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with such funding.

Additionally, the Company recognized revenue from the FCC’s Affordable Connectivity Program (“ACP”) and the Emergency Connectivity Fund (“ECF”) in 2024 that expired in the second quarter of 2024. The Company has a liability of $4.9 million accrued related to transferring its RDOF awards as of March 31, 2025. The Company expects to complete the transfers in the second half of 2025.

Revenue recognized from the USF High Cost Program, including the CAF II, ACF, E-ACAM, and RDOF programs, is recognized as revenue from government grants. Revenue from other programs is recognized in accordance with ASC 606.

The Company recorded the amounts below as communication services revenue for the reported periods (in thousands):


	Three months ended
	March 31, 2025

	US Telecom		International Telecom		Total

High cost support	$	3,115	$	1,312	$	4,427
CAF II		8,170		—		8,170
RDOF		75		—		75
RHC		4,363		—		4,363
Other		1,636		5		1,641
Total	$	17,359	$	1,317	$	18,676


	Three months ended
	March 31, 2024

	US Telecom		International Telecom		Total

High cost support	$	3,455	$	1,393	$	4,848
CAF II		6,787		—		6,787
RDOF		145		—		145
ECF		6,813		—		6,813
RHC		3,437		—		3,437
Other		6,701		315		7,016
Total	$	27,338	$	1,708	$	29,046

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Construction Grants

The Company has also been awarded construction grants to build network connectivity for eligible communities. The funding of these grants, used to reimburse the Company for its construction costs, is generally distributed upon completion of a project. Completion deadlines begin in 2025 and once these projects are constructed, the Company is obligated to provide service to the participants. The Company expects to meet all requirements associated with these grants. A roll forward of the Company’s grant awards is below (in thousands).


		Amount
Grants awarded, December 31, 2024	$	150,189
New grants		14,520
Construction complete		(8,610)
Transferred grants		(879)
Grants awarded, March 31, 2025	$	155,220

In addition, the Company partners with tribal governments to obtain grants under various government grant programs including, but not limited to, the Tribal Broadband Connectivity Program ("TBCP") and the Rural Development Broadband ReConnect Program (“ReConnect”). These programs are administered by United States government agencies to deploy broadband connectivity in certain underserved areas. The Company was identified as a sub recipient of grants under these programs totaling $237 million as of March 31, 2025. Under these grants the Company expects to enter into agreements to construct and operate the networks for the grant recipient. Once construction is complete the Company will hold a long-term lease to operate the network. The operating agreement will require the Company to meet certain minimum service requirements. Through March 31, 2025, the Company has received $23.2 million of funding under these programs and spent $22.2 million on construction obligations. These amounts are recorded as operating cash flows in the Company’s statement of cash flows.

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Replace and Remove Program

In July 2022, the Company was approved to participate in the Federal Communication Commission’s Secure and Trusted Communications Networks Reimbursement Program (the “Replace and Remove Program”), designed to reimburse providers of advanced communications services for reasonable costs incurred in the required removal, replacement, and disposal of communications equipment and services in their networks that has been deemed to pose a national security risk. Pursuant to the Replace and Remove Program, our eligible subsidiaries were initially allocated up to approximately $207 million to replace, remove and securely destroy such communications equipment and services in the Company’s networks in the western United States and in the US Virgin Islands, however, in December 2024 this program was fully funded for an increased allocation to the Company of an aggregate amount of approximately $517 million. The Replace and Remove Program requires each of the Company’s participating subsidiaries to complete the project no later than a specified deadline, which was recently extended to the second quarter of 2026.

A summary of the amounts spent and reimbursed under the Replace and Remove Program is below (in thousands):


	Capital		Operating		Total

Total spend, December 31, 2024	$	140,949	$	27,446	$	168,395
Amounts spent		11,051		2,625		13,676
Total spend, March 31, 2025	$	152,000	$	30,071	$	182,071

Total reimbursements, December 31, 2024	$	(103,540)	$	(27,181)	$	(130,721)
Reimbursements received		(16,211)		(2,890)		(19,101)
Total reimbursements, March 31, 2025	$	(119,751)	$	(30,071)	$	(149,822)

Amount pending reimbursement	$	32,249	$	-	$	32,249


	Capital		Operating		Total

Total spend, December 31, 2023	$	49,262	$	15,126	$	64,388
Amounts spent		11,734		4,568		16,302
Total spend, March 31, 2024	$	60,996	$	19,694	$	80,690

Total reimbursements, December 31, 2023	$	(12,773)	$	(4,354)	$	(17,127)
Reimbursements received		(8,586)		(5,843)		(14,429)
Total reimbursements, March 31, 2024	$	(21,359)	$	(10,197)	$	(31,556)

Amount pending reimbursement	$	39,637	$	9,497	$	49,134

At March 31, 2025, $19.5 million of the capital expenditures spent under the Replace and Remove Program were accrued and unpaid. The Company expects to be reimbursed, within the next twelve months, for all amounts spent to date. Amounts identified as capital are recorded as investing cash flows and amounts identified as operating are recorded as operating cash flows in the Company’s statement of cash flows.

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9. RETIREMENT PLANS

Multi-employer Defined Benefit Plan

Pension benefits for substantially all of the Company’s Alaska-based employees are provided through the Alaska Electrical Pension Fund (“AEPF”). The Company pays a contractual hourly amount based on employee classification or base compensation to the AEPF. As a multi-employer defined benefit plan, the accumulated benefits and plan assets are not determined for, or allocated separately to, the individual employer. This plan was not in endangered or critical status during the plan year.

Defined Benefit Plan

The Company has noncontributory defined benefit pension and noncontributory defined medical, dental, vision, and life benefit plans for eligible employees who meet certain eligibility criteria. The majority of benefits under the plans are frozen and the plans no longer allow new participants to join.

The Company recorded the net periodic benefit cost identified below (in thousands):


	Three months ended
	March 31, 2025				March 31, 2024
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	20	$	19	$	22	$	16
Non-operating expense
Interest cost		795		49		824		45
Expected return on plan assets		(749)		—		(729)		—
Amortization of unrecognized actuarial gain		(44)		(14)		(11)		(28)
Settlements		—		—		—		—
Net periodic pension expense (benefit)	$	22	$	54	$	106	$	33

The Company was not required to make contributions to its pension plans during the three months ended March 31, 2025 and 2024. However, the Company periodically evaluates whether to make discretionary contributions. The Company funds its postretirement benefit plans as claims are made and did not make contributions to its pension plans during the three months ended March 31, 2025 and 2024.

10. INCOME TAXES

The Company’s effective tax rate for the three months ended March 31, 2025 and 2024 was 1.7% and (25.6%) respectively.

The Company recorded an income tax benefit of $0.2 million in relation to a pretax loss of $11.6 million for the three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2025 was primarily impacted by the following items (i) the mix of income generated among the jurisdictions in which the Company operates, (ii) net expense related to valuation allowances placed on certain deferred tax assets that are not expected to be realized based on the weight of positive and negative evidence, and (iii) discrete expenses including $0.6 million for interest on prior years uncertain tax positions and $0.5 million expense associated with shortfalls from share-based compensation.

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The Company recorded an income tax expense of $1.6 million in relation to a pretax loss of $6.3 million for the three months ended March 31, 2024. The effective tax rate for the three months ended March 31, 2024 was primarily impacted by the following items: (i) the mix of income generated among the jurisdictions in which the Company operates, (ii) net expense related to valuation allowances placed on certain deferred tax assets that are not expected to be realizable based on the weight of positive and negative evidence, (iii) forecasted tax impact of global intangible low-taxed income (“GILTI”) inclusion, and (iv) discrete items including expense of $1.5 million to record an uncertain tax position for the current year, and expense of $0.7 million for interest on uncertain tax positions for prior years.

The Company’s effective tax rate is based upon estimated income before provision for income taxes for the year, composition of the income in different countries, and adjustments, if any, in the applicable quarterly periods for potential tax consequences, benefits and/or resolutions of tax contingencies. The Company’s consolidated tax rate will continue to be impacted by any transactional or one-time items in the future and the mix of income in any given year generated among the jurisdictions in which the Company operates. While the Company believes it has adequately provided for all tax positions, amounts asserted by taxing authorities could materially differ from the Company’s accrued positions as a result of uncertain and complex application of tax law and regulations. Additionally, the recognition and measurement of certain tax benefits include estimates and judgments by management. Accordingly, the Company could record additional provisions or benefits for US federal, state, and foreign tax matters in future periods as new information becomes available.

11. EARNINGS PER SHARE AND REDEEMABLE NONCONTROLLING INTERESTS

Earnings Per Share

The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share (in thousands):


	Three months ended March 31,
	2025		2024
Numerator:
Net loss attributable to ATN International, Inc. stockholders- Basic		(8,928)		(6,315)
Less: Preferred dividends		(1,458)		(1,348)
Net loss attributable to ATN International, Inc. common stockholders- Diluted	$	(10,386)	$	(7,663)

Denominator:
Weighted-average shares outstanding- Basic		15,131		15,437
Weighted-average shares outstanding- Diluted		15,131		15,437

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Redeemable Noncontrolling Interests

In connection with certain acquisitions, the Company accounts for third-party non-controlling minority investments as redeemable noncontrolling interests, which consist of both redeemable common and, in some instances, preferred units, in its consolidated financial statements.

The common units contain put options allowing the holder to sell at a future date, the common units to a subsidiary of the Company at the then fair market value. The common units participate in the earnings and losses of the subsidiaries and are allocated their applicable share of earnings and losses. After the allocation of earnings and losses, the Company estimates the fair value of the common units and records the common units at the higher of the book value or the estimated fair value of the common units.

The preferred units contain put options allowing the holder to sell at a future date, the preferred units to a subsidiary of the Company at a fixed price equal to face value of the units plus unpaid dividends. The preferred units hold a distribution preference over common units and carry a fixed dividend rate.

The put options for both the common and preferred units, if any, are nonrecourse to the Company. The put options for the Alloy common units are exercisable beginning in 2026 and the put options for the Alaska Communications common and preferred units are exercisable at the earlier of a future initial public offering of the subsidiary or July 2028.

For the three months ended March 31, 2025 and 2024, the Company allocated losses of $3.6 million and $3.5 million, respectively, to the redeemable common units representing their proportionate share of operating losses. The Company then compared the book value of the common units to the fair value. As a result, the book value was increased by $3.4 million and $0.9 million during the three months ended March 31, 2025 and 2024, respectively. The fair value of the Alaska common units was zero at both March 31, 2025 and December 31, 2024. The Alloy common units were carried at historical cost at of $10.4 million and $10.6 million at March 31, 2025 and December 31, 2024, respectively, which exceeded its fair value.

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The following table provides a roll forward of the activity related to the Company’s redeemable noncontrolling interests for the three months ended March 31, 2025 and 2024 (in thousands):


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2024	$	65,704	$	10,599	$	76,303
Accrued preferred dividend		1,458		—		1,458
Allocated net loss		—		(3,631)		(3,631)
Change in fair value		—		3,425		3,425
Balance, March 31, 2025	$	67,162	$	10,393	$	77,555


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2023	$	60,094	$	25,823	$	85,917
Accrued preferred dividend		1,348		—		1,348
Allocated net loss		—		(3,512)		(3,512)
Change in fair value		—		868		868
Balance, March 31, 2024	$	61,442	$	23,179	$	84,621

12. SEGMENT REPORTING

Through March 31, 2025, the Company has the following two reportable and operating segments: (i) International Telecom and (ii) US Telecom.

Operating income is the segment measure of profit or loss reported to the chief operating decision maker for purposes of assessing the segments' performance and making capital allocation decisions. The Company believes operating income is a useful measure of its operating results as it provides relevant and useful information to investors and other users of its financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. The Company’s chief operating decision maker is its Chief Executive Officer.

The following tables provide information for each operating segment (in thousands):

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For the Three Months Ended March 31, 2025

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	4,849	$	39	$	—	$	4,888
Mobility - Consumer		21,192		—		—		21,192
Total Mobility		26,041		39		—		26,080
Fixed - Business		18,493		29,244		—		47,737
Fixed - Consumer		42,872		22,415		—		65,287
Total Fixed		61,365		51,659		—		113,024
Carrier Services		3,904		29,227		—		33,131
Other		1,740		56		—		1,796
Total Communication Services Revenue		93,050		80,981		—		174,031
Construction		—		1,046		—		1,046
Other
Managed Services		1,446		2,771		—		4,217
Total other revenue		1,446		2,771		—		4,217
Total Revenue		94,496		84,798		—		179,294

Operating Expenses
Cost of communication services and other		34,963		43,261		—		78,224
Cost of construction revenue		—		1,501		—		1,501
Selling, general and administrative		27,143		22,521		5,564		55,228
Stock-based compensation		215		78		1,612		1,905
Transaction-related charges		—		—		1,436		1,436
Restructuring and reorganization expenses		1,506		134		190		1,830
Depreciation and amortization		15,377		18,284		866		34,527
Amortization of intangibles from acquisitions		251		975		—		1,226
(Gain) loss on disposition of assets and transfers		291		459		—		750
Total Operating Expenses		79,746		87,213		9,668		176,627
Income from operations		14,750		(2,415)		(9,668)		2,667
Other income (expenses)
Interest income								272
Interest expense								(11,950)
Other income								(2,568)
Other expense								(14,246)
Loss before income taxes								(11,579)

Other segment disclosures:
	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Net (income) loss attributable to non-controlling interests		(1,474)		3,933		—		2,459

(1)

Corporate and other items refer to corporate overhead costs and consolidating adjustments.

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For the Three Months Ended March 31, 2024

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	4,808	$	74	$	—	$	4,882
Mobility - Consumer		21,229		764		—		21,993
Total Mobility		26,037		838		—		26,875
Fixed - Business		18,532		34,965		—		53,497
Fixed - Consumer		42,789		22,919		—		65,708
Total Fixed		61,321		57,884		—		119,205
Carrier Services		3,574		30,052		—		33,626
Other		818		744		—		1,562
Total Communication Services Revenue		91,750		89,518		—		181,268
Construction		—		1,586		—		1,586
Other
Managed Services		1,309		2,631		—		3,940
Total Other Revenue		1,309		2,631		—		3,940
Total Revenue		93,059		93,735

ATN International, Inc. 10-Q