ATN International Inc (ATNI) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the ATN International Q3 2025 Earnings Conference Call. [Operator Instructions]

您好，感謝您的耐心等待。歡迎參加ATN國際2025年第三季財報電話會議。 [操作說明]

I would now like to hand the conference over to your first speaker today, Michelle Citrowski, head of investor relations. Please go ahead.

現在我把會議交給今天的第一位發言人，投資者關係主管米歇爾·西特羅夫斯基。請開始吧。

Thank you, operator, and good morning, everyone. I'm joined today by Brad Martin, ATN's Chief Executive Officer, and Carlos Doglioli, ATN's Chief Financial Officer.

謝謝接線員，大家早安。今天和我一起連線的是ATN的執行長布拉德馬丁和財務長卡洛斯多格利奧利。

This morning we'll be reviewing our third quarter 2025 results and our outlook for the remainder of 2025. As a reminder, we announced our 2025 third quarter results yesterday afternoon after the market closed.

今天上午我們將回顧2025年第三季業績以及2025年剩餘時間的展望。提醒一下，我們已在昨天下午股市收盤後公佈了2025年第三季業績。

Investors can find the earnings release and conference calls slide presentation on our investor relations website.

投資者可以在我們的投資者關係網站上找到獲利報告和電話會議幻燈片簡報。

Our earnings release and the presentation contain forward-looking statements concerning our current expectations, objectives, and underlying assumptions regarding our future operations.

我們的獲利報告和簡報包含有關我們當前預期、目標和對未來營運的基本假設的前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ from those described. Also, in an effort to provide useful information for investors, our comments today include non-GAAP financial measures.

這些聲明受風險和不確定性因素的影響，實際結果可能與所述內容有差異。此外，為了向投資者提供有用的信息，我們今天的評論中包含非公認會計準則（非GAAP）財務指標。

For details on these measures and reconciliations to comparable GAAP measures and for further information regarding the factors that may affect our future operating results.

有關這些措施的詳細資訊以及與可比較GAAP措施的調節，以及有關可能影響我們未來經營績效的因素的更多資​​訊。

Please refer to our earnings release on our website ir.atni.com or the 8-K filing provided to the SEC. Now I'll turn the call over to Brad.

請參閱我們網站ir.atni.com上的獲利報告或提交給美國證券交易委員會的8-K文件。現在我將把電話交給布拉德。

Good morning and thank you for joining us to discuss ATN's third quarter 2025 results. Before I dive into our performance, I want to take a moment to recognize the exceptional work of our teams across our markets.

早安，感謝各位參加本次ATN 2025年第三季業績討論會。在深入探討我們的業績之前，我想先花一點時間表揚一下我們各個市場團隊的出色工作。

Today's results reflect their commitment to operational excellence and their dedication to building long-term value.

今天的業績體現了他們對卓越營運的承諾以及他們致力於創造長期價值的決心。

Our third quarter results show the continued execution of our strategic plan and validate the operational improvements we've been implementing across our business segments.

第三季業績顯示我們的策略計畫正在持續執行，並驗證了我們在各個業務部門實施的營運改善措施。

The 3% revenue growth and 9% increase in adjusted EBITDA year over year demonstrate the positive momentum we've been building and the effectiveness of our operational efficiency initiatives.

營收年增 3%，調整後 EBITDA 年成長 9%，這顯示我們一直在累積的正面動能以及我們提高營運效率措施的有效性。

During the third quarter we grew our high-speed broadband homes pass by 8%. And increased our total high-speed subscriber base by 1% year over year.

第三季度，我們的高速寬頻家庭用戶數量增加了 8%，高速寬頻用戶總數年增了 1%。

These operational metrics underscore the value creation potential of our fiber and broadband investments. Let me take a moment to review the performance of our two business segments in the third quarter.

這些營運指標凸顯了我們在光纖和寬頻投資方面的價值創造潛力。接下來，我將簡要回顧我們兩大業務部門在第三季的業績。

In our international segment, we continue to make steady progress on our key priorities enhancing mobile networks, improving service quality, and driving operational efficiency.

在國際業務方面，我們持續穩定地推動各項重點工作，包括增強行動網路、提高服務品質和提升營運效率。

The investments we've made in network quality and data capabilities are translating into measurable results. Better customer attention and higher average revenue per user, preparing the segment for sustained profitable growth.

我們在網路品質和數據能力方面的投入正在轉化為可衡量的成果。更好的客戶服務和更高的用戶平均收入，為該業務板塊的持續獲利成長奠定了基礎。

Third quarter revenues were up 1% with adjusted EBITDA growing 3%. The stronger EBITDA of growth reflects the operational leverage we're achieving through improved efficiency initiatives.

第三季營收成長1%，調整後EBITDA成長3%。 EBITDA的強勁成長反映了我們透過提高效率措施所實現的營運槓桿效應。

We remain focused on driving sustainable value across our international markets by deepening customer engagement, optimizing operations, and enhancing profitability.

我們將繼續專注於透過深化客戶互動、優化營運和提高獲利能力，在國際市場創造永續價值。

In our US segment, We're seeing tangible benefits from our investments in carrier and enterprise solutions with new site activations from our carrier managed services efforts and continued momentum in our fiberfed deployments.

在美國市場，我們對營運商和企業解決方案的投資已經帶來了切實的好處，營運商管理服務帶來的新站點啟動以及光纖部署的持續成長勢頭都證明了這一點。

We're particularly encouraged by gains in Alaska's enterprise revenue and consumer fixed wireless wins, demonstrating improved operational execution and stronger pipeline conversions compared with last year.

阿拉斯加企業收入和消費者固定無線業務的成長尤其令我們感到鼓舞，這表明與去年相比，營運執行力有所提高，業務轉換率也有所提高。

Third quarter revenues in the US segment increased 4.6% year over year, with sequential improvement driven primarily by carrier services growth.

美國業務第三季營收年增 4.6%，季增主要得益於營運商服務的成長。

Adjusted EBITDA for the quarter was up 19.6% compared with the same quarter last year, reflecting both our strategic transition from legacy revenue streams to higher growth, higher margin services.

本季調整後 EBITDA 比去年同期成長 19.6%，反映了我們從傳統收入來源向更高成長、更高利潤率的服務進行的策略轉型。

And recovery from a challenging third quarter last year. We remain focused on our key priorities expanding fiber and fiber fed fixed wireless across markets where we have a durable consumer presence while growing our base of business and carrier solutions.

從去年充滿挑戰的第三季復甦。我們將繼續專注於關鍵優先事項，即在擁有穩固客戶基礎的市場擴展光纖和光纖到戶固定無線網絡，同時拓展我們的企業和營運商解決方案業務。

We are aligning our network strategy and capital deployment with this long-term vision, and while the transition continues, we're building the foundation for a more resilient, higher margin domestic business.

我們正在調整網路策略和資本部署，以配合這個長期願景。在轉型過程中，我們正在為打造更具韌性、利潤更高的國內業務奠定基礎。

Domestically, our broadband infrastructure expansion continues to progress as planned, with several government funded projects advancing through key milestones during the quarter.

在國內，我們的寬頻基礎設施擴建工作繼續按計劃推進，幾個政府資助的項目在本季度取得了關鍵里程碑式的進展。

These fiber network investments remain central to our long-term US growth strategy, enhancing our network capabilities while creating new revenue opportunities as deployments reach completion.

這些光纖網路投資仍然是我們長期美國成長策略的核心，隨著部署的完成，它們將增強我們的網路能力，同時創造新的收入機會。

We continue to actively monitor federal broadband policy developments and funding mechanisms, including BEE, which offer opportunities to further penetrate underserved areas.

我們將繼續積極關注聯邦寬頻政策發展和資金機制，包括BEE（寬頻能源效率法案），這些都為進一步滲透到服務不足的地區提供了機會。

As always, we're maintaining our careful approach to capital deployment while positioning ATN for additional infrastructure opportunities.

一如既往，我們保持謹慎的資本部署方式，同時為 ATN 爭取更多基礎建設機會。

Across our international operations, we are tracking geopolitical developments and the conclusion of hurricane season in our Caribbean markets, with business continuity and network resilience remaining key priorities.

在我們的國際業務中，我們正在密切關注地緣政治發展以及加勒比海市場颶風季的結束情況，業務連續性和網路彈性仍然是關鍵優先事項。

Our network teams work collaboratively with local authorities and partners to address potential disruptions while maintaining our service standards.

我們的網路團隊與地方當局和合作夥伴協同合作，在應對潛在中斷的同時，維持我們的服務標準。

To support these strategic and operational initiatives, we remain focused on the strength of our cash flow from operations to support our business initiatives while preserving the financial flexibility needed to capitalize on growth opportunities.

為了支持這些策略和營運舉措，我們將繼續專注於維持強勁的營運現金流，以支持我們的業務舉措，同時保持必要的財務靈活性，以抓住成長機會。

Looking ahead, we're encouraged by the steady momentum across our business segments and remain focused on executing our operational road map.

展望未來，我們對各業務板塊的穩定發展勢頭感到鼓舞，並將繼續專注於執行我們的營運路線圖。

The revenue growth in our domestic operations led by carrier managed services expansion and targeted enterprise sales execution reinforces our confidence in the direction we set while internationally we're seeing stabilization in mobility trends and improving operational metrics.

國內業務的收入成長主要得益於營運商管理服務的擴張和有針對性的企業銷售執行，這增強了我們對既定方向的信心；而在國際上，我們看到行動趨勢趨於穩定，營運指標也在不斷改善。

With 3 quarters of solid execution behind us, we are refining our adjusted EBITDA outlook while reaffirming our guidance for revenue, capital expenditure, and net debt ratio.

經過三個季度的穩健執行，我們正在完善調整後的 EBITDA 預期，同時重申我們對收入、資本支出和淨債務比率的指引。

We're methodically strengthening our operational foundation and improving our cost structure to position the business for sustainable growth as we move towards 2026.

我們正在有條不紊地加強營運基礎，並改進成本結構，以使業務在邁向 2026 年的過程中實現永續成長。

We remain confident in our ability to generate long-term value for our shareholders. With that, I'll turn it over to Carlos for a detailed review of our financial performance.

我們依然對為股東創造長期價值的能力充滿信心。接下來，我將把發言權交給卡洛斯，讓他詳細回顧我們的財務表現。

Thank you, Brad, and good morning, everyone. I would also like to echo Brad's recognition of our team. Their discipline execution has been critical in our third quarter results, as well as in our stabilization efforts to better position us for the future.

謝謝布拉德，大家早安。我也想贊同布拉德對我們團隊的讚揚。他們嚴謹的執行力對我們第三季的業績以及我們為未來發展所做的穩定努力都至關重要。

I'll walk you through our third quarter financial performance in more detail. Total revenues for the third quarter were USD183.2 million, representing a 3% increase from USD178.5 million in the prior year quarter.

我將更詳細地向您介紹我們第三季的財務表現。第三季總營收為1.832億美元，比去年同期的1.785億美元成長了3%。

This growth was driven by increases across multiple revenue streams including fixed services, carrier services, construction, and other revenue categories which more than offset the expected decline in mobility revenues as we continue our transition away from legacy products.

這一成長得益於多個收入來源的成長，包括固定服務、營運商服務、建築和其他收入類別，這些成長足以抵消隨著我們繼續從傳統產品轉型而導致的行動收入的預期下降。

Operating income improved significantly to USD9.8 million in the third quarter compared to an operating loss of USD38.4 million in the same quarter last year.

第三季營業收入大幅改善至 980 萬美元，去年同期營業虧損為 3,840 萬美元。

While this improvement was primarily driven by a USD35.3 million goodwill impairment charge in Q3 2024, our underlying operational performance improved year over year.

雖然這項改善主要得益於 2024 年第三季 3,530 萬美元的商譽減損支出，但我們的基本營運表現較去年同期有所改善。

Key drivers of the year over year improvement included a USD5.1 million reduction in depreciation and amortization expenses.

年比改善的主要驅動因素包括折舊和攤提費用減少了 510 萬美元。

Reflecting our disciplined capital allocation strategy. And the natural completion of certain asset depreciation schedules.

這反映了我們嚴謹的資本配置策略，以及某些資產折舊計畫的自然完成。

A USD3.3 million reduction in transaction related charges compared to the prior year and a USD1.1 million improvement in cost of services through our ongoing cost reduction and containment initiatives.

與前一年相比，交易相關費用減少了 330 萬美元，透過我們持續的成本削減和控制措施，服務成本降低了 110 萬美元。

Net income attributable to ATN stockholders for the third quarter was USD4.3 million or USD0.18 per share. This compares with the prior year's net loss of USD32.7 million or USD2.26 per share.

第三季歸屬於ATN股東的淨利為430萬美元，即每股0.18美元。相較之下，上年同期淨虧損為3,270萬美元，即每股虧損2.26美元。

Adjusted EBITDA increased 9% to USD49.9 million compared to USD45.7 million in the prior year quarter. This improvement is the result of the company-wide efforts to improve cost management and drive margin expansion.

調整後的 EBITDA 較上年同期的 4,570 萬美元成長 9% 至 4,990 萬美元。這一增長得益於公司上下為改善成本管理和提升利潤率所做的努力。

Turning now to segment performance, our international segment continues to deliver solid performance with Q3 revenues up 1%. To approximately USD95 million and adjusted, it is a growing 3% to USD33.3 million.

接下來看各業務板塊的業績表現，我們的國際業務板塊持續保持穩健成長，第三季營收成長1%，達到約9,500萬美元；經調整後，營收成長3%，達到3,330萬美元。

The investments we've made in network quality and data capabilities are translating into measurable results. Retention, sequential increase in postpaid customer base, and higher average revenue per user.

我們在網路品質和數據能力方面的投入正在轉化為可衡量的成果：用戶留存率提高、後付費用戶群持續增長以及每用戶平均收入增加。

Combined with our cost management actions, these efforts are positioned in this segment for adjusted EBITDA growth.

結合我們的成本管理措施，這些努力將使該業務板塊實現調整後 EBITDA 成長。

In the US telecom segment, third quarter revenues, excluding construction revenues were USD87 million, up 3.5% year over year. With improvement driven by carrier services and fixed business revenue growth.

美國電信業務第三季營收（不計建築業務營收）為8,700萬美元，較去年同期成長3.5%。這主要得益於營運商服務和固定業務營收的成長。

Adjusted EBITDA for the quarter was USD21.2 million, up 19.6% compared with the same quarter last year. Our balance sheet position strengthened during the quarter.

本季調整後 EBITDA 為 2,120 萬美元，較去年同期成長 19.6%。本季我們的資產負債表狀況得到改善。

Total cash equivalent and restricted cash increased to USD119.6 million at September 30, 2025, up from USD89.2 million on December 31, 2024.

截至 2025 年 9 月 30 日，現金等價物和受限現金總額增至 1.196 億美元，高於 2024 年 12 月 31 日的 8,920 萬美元。

Total debt was USD579.6 million, resulting in a net debt ratio of 2.47 times, improving sequentially from 2.58 times at the end of the second quarter.

總負債為 5.796 億美元，淨負債比率為 2.47 倍，較第二季末的 2.58 倍改善。

Our disciplined capital allocation continued during the quarter. Capital expenditures for the nine months ended September 30, 2025, total USD60.9 million.

本季我們繼續保持了嚴格的資本配置策略。截至2025年9月30日的九個月內，資本支出總額為6,090萬美元。

Net of USD57.3 million in reimbursable capital spending compared to USD85.7 million in capex and USD71.8 million in reimbursables in the prior year period.

扣除 5,730 萬美元的可報銷資本支出後，去年同期資本支出為 8,570 萬美元，可報銷支出為 7,180 萬美元。

We also maintained our quarterly dividend of USD27.5 per share paid in October. This dividend reflects our confidence in sustainable cash flow generation and our commitment to consistent shareholder returns.

我們維持了10月派發的每股27.5美元的季度股利。這項股利體現了我們對永續現金流的信心以及對股東持續回報的承諾。

Based on our improved year-to-date performance and outlook for the fourth quarter. We are refining our adjusted EBITDA guidance for full year 2025 while reaffirming our other key financial metrics.

基於我們年初至今的業績改善以及對第四季度的展望，我們正在調整2025年全年調整後EBITDA預期，同時重申其他關鍵財務指標。

Revenue, excluding construction revenue is expected to be in line with 2024's result of USD725 million. Adjusted EBITDA is expected to be flat to slightly above 2024's result of USD184 million.

不計建築收入，預計營收將與2024年的7.25億美元持平。調整後EBITDA預計將與2024年的1.84億美元持平或略有成長。

Capital expenditures are expected to be in the range of USD90million to USD100 million net of reimbursements, down from 2024's USD110.4 million.

預計資本支出（扣除報銷款項後）將在 9,000 萬美元至 1 億美元之間，低於 2024 年的 1.104 億美元。

Net debt ratio is expected to remain flat with full year 2024 at approximately 2.54 times with potential for slight improvement exiting 2025.

預計到 2024 年全年淨負債比率將保持穩定，約 2.54 倍，2025 年底可能會略有改善。

Our refined guidance reflects our continued focus on cost containment and enhanced capital efficiency initiatives that we have been executing over the past quarters.

我們調整後的業績指引反映了我們過去幾季以來持續關注成本控制和提高資本效率的措施。

We expect some residual activity from these efforts in the fourth quarter, resulting in minor reorganization and restructuring costs anticipated to be less than USD1 million.

我們預計這些努力將在第四季度產生一些剩餘活動，從而導致較小的重組和結構調整成本，預計將低於 100 萬美元。

We remain confident in our execution capabilities and our path towards sustainable long-term value creation. With that financial overview, I'll turn the call back to Brad for closing comments before we open it up for questions.

我們對自身的執行能力以及實現可持續長期價值創造的道路仍然充滿信心。財務概覽完畢，接下來我將把電話轉回給布萊德，請他做總結發言，之後我們將開放提問環節。

Before we open the call for questions, I want to leave you with a clear takeaway. We are focused on disciplined execution grounded in financial responsibility and confident in strategic path we set.

在正式開始提問環節之前，我想先給大家留下明確的訊息。我們專注於嚴謹的執行，以財務責任為基礎，並對我們所製定的策略方向充滿信心。

Our revenue and adjusted EBITDA improvements demonstrate that our key initiatives are gaining traction and translating into stronger performance.

我們的收入和調整後 EBITDA 的改善表明，我們的關鍵舉措正在取得成效，並轉化為更強勁的業績。

These results underscore our ability to execute effectively while adapting to evolving industry dynamics. Our long-term objective remains unchanged to build a stronger, more efficient, and more resilient ATM that delivers sustainable value for our shareholders.

這些成果凸顯了我們在適應不斷變化的產業動態的同時，仍能高效執行各項任務的能力。我們的長期目標始終不變，即打造一個更強大、更有效率、更具韌性的ATM系統，為股東創造永續的價值。

The foundation we've built through operational stability and strategic investments positions us well to achieve this goal. With that operator we'd like to open it up for questions.

我們透過營運穩定性和策略投資所奠定的基礎，使我們能夠更好地實現這一目標。對於該運營商，我們歡迎大家提出問題。

Thank you. [Operator Instructions]

謝謝。 [操作說明]

Our first question comes from the line of Greg Burns of Sidoti. Your line is now open.

我們的第一個問題來自Sidoti公司的Greg Burns。您的提問通道已開放。

Morning. Are you being impacted in any way by the government shutdown? Is it affecting any Awards for government subsidy programs or maybe like the rural healthcare market in Alaska, are you seeing any impact from the shutdown on any of those areas?

早安.政府停擺是否對您有任何影響？它是否影響政府補貼計畫的撥款，或者像阿拉斯加的農村醫療保健市場之類的領域，您是否看到停擺對這些領域有任何影響？

Hey Greg, good morning. Yeah, really all payments, we've not seen any impact, regards to payments on programs, subsidies that we are typically participate in, and we expect, no impacts here really through Q4.

嗨，格雷格，早安。是的，就我們通常參與的項目和補貼的支付而言，我們目前還沒有看到任何影響，而且我們預計到第四季度也不會受到任何影響。

On that, if things pervade in the future longer, things like permitting, we do a lot on Bureau of Land Management lands. Permitting things into '26 could, pose some challenges, but as of right now.

關於這一點，如果這種情況在未來持續更長時間，例如審批許可之類的工作，我們在土地管理局的土地上做了很多工作。將審批許可工作延長到2026年可能會帶來一些挑戰，但就目前而言…

No. Okay, and it's not delaying the any like new awards or is there any other impact to maybe. New business development. No.

不。好的，這不會延遲任何新的獎項頒發，也不會對其他方面產生任何影響，例如新的業務拓展。不會。

So, I mean the one of the primary areas we referenced in the call is bead, and you know bead is still in the review cycle, under NTIA, expected, results from that will be in January, so we're still expecting those schedules to be held, but no impact as of yet.

所以，我的意思是，我們在通話中提到的主要領域之一是BEAD，你知道BEAD仍在NTIA的審查週期中，預計結果將在1月份公佈，所以我們仍然預計這些計劃會按計劃進行，但目前還沒有產生任何影響。

Okay. And you kind of mentioned maybe better pipeline conversion or execution in Alaska.

好的。你剛才也提到了阿拉斯加的管道改造或執行可能需要改進。

Can you just maybe talk about some of the initiatives you put in place Over the last year or so, To kind of get The close rates and the improvement in the execution in Alaska.

您能否談談過去一年左右您為提高阿拉斯加的成交率和執行力而採取的一些舉措？

Up and you know what you've done and you know what you're seeing there in terms of results from those initiatives.

振作起來，你就知道自己做了什麼，也知道這些措施取得了哪些成果。

Yeah, so a couple of fronts there, Greg, and we've had, a new team in Alaska. There has been new management in the last year.

是的，格雷格，我們面臨幾個方面的挑戰，阿拉斯加那邊也組了新團隊。去年管理層也換了。

So, with any new leadership team, they come in and really establish, their ground game on the ground, and we're happy with what the team is doing there.

所以，任何新的領導團隊都會上任後真正建立起自己的基層運作，我們會對團隊在這方面所做的工作感到滿意。

We are, we have been, in the process of working with key partnerships with the LEO operators, to help address more of the, some of the rural healthcare opportunities that are in that market.

我們正在與 LEO 營運商的關鍵合作夥伴合作，以幫助解決該市場中更多的一些農村醫療保健機會。

It's a pretty large part of the telecom market in Alaska. And again, that's, and that's, some of the progress we're seeing here this year.

這在阿拉斯加的電信市場中佔據了相當大的份額。而且，這也是我們今年在這裡看到的一些進展。

Okay, and then just lastly in terms of cash flow, it's obviously improving nicely this year. What are your priorities going forward? Are you okay with where the leverage is on the business or do you want to bring that down?

好的，最後再說說現金流方面，今年的情況顯然好轉了很多。您未來的工作重點是什麼？您對目前的業務槓桿率滿意嗎？還是想降低槓桿率？

Or do you have other, Priorities for the for the improved cash flow that you're seeing.

或者，對於您所看到的現金流改善，您還有其他優先事項嗎？

Hey Greg, this is Carlos. So, look we're happy with the way the cash flow is trending, as you say, the operating cash flow is doing well and the, and with a more normalized level of CapEx we expect to continue to trend, leverage, down.

嗨，格雷格，我是卡洛斯。你看，我們對現金流的趨勢感到滿意，正如你所說，經營現金流表現良好，而且隨著資本支出水準更加正常化，我們預期槓桿率將繼續下降。

And at the same time, we are, very pleased with the support that we're getting to the business with some of the, grants and, reimbursable programs that we have there.

同時，我們對公司透過一些補助金和報銷計畫所獲得的支持感到非常滿意。

So, we believe that things are working the way we have, been expecting and, we should continue to be able to push, leverage down.

所以，我們相信事情正按照我們預期的方式發展，我們應該能夠繼續推動並降低成本。

Okay, great, thank you.

好的，太好了，謝謝。

Thank you. I am showing no further questions at this time, so I would like to turn it back to Brad Martin, Chief Executive Officer, for closing remarks.

謝謝。目前我沒有其他問題要問，現在請執行長布拉德馬丁作總結發言。

Thank you, operator, and thank you all for joining us today. We appreciate your continued engagement as we execute our strategy. We look forward to sharing more progress on our fourth quarter call.

謝謝接線員，也謝謝各位今天參加我們的電話會議。感謝大家在我們執行策略的過程中給予的持續支持。我們期待在第四季財報電話會議上與大家分享更多進展。

Have a great day.

祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。本次會議到此結束，您可以斷開連線了。