Q2 2024 ATN International Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA grew by 6% year-over-year, driven by strong performance in the International Telecom segment.
- International Telecom segment saw a 4% increase in revenue and a $4.2 million growth in adjusted EBITDA.
- High-speed data broadband customers increased by 22% year-over-year, with high-speed data subscribers up by 9%.
- Completed the sale of a non-core international real estate asset, resulting in a $15.9 million gain.
- Continued focus on cost management led to lower SG&A expenses and improved operating efficiency.
- Overall revenue declined by 2% due to the expiration of the Emergency Connectivity Fund program.
- US Telecom revenue saw a year-over-year decline, impacting overall performance.
- Churn in legacy low-speed broadband networks as new high-speed networks are deployed.
- Net cash provided by operating activities decreased due to higher interest expenses from increased debt levels.
- Temporary headwinds from the expiration of government programs like the Affordable Connectivity Program.
Good day, and thank you for standing by, and welcome to the ATN International Q2 2024 Earnings Conference Call and Webcast. (Operator Instructions) I would now like to hand the conference over to your speaker today, Mr. Michele Satrowsky, Corporate Treasurer and Head of Investor Relations. Please go ahead.
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. This morning, we'll be reviewing our second quarter 2024 results. As a reminder, we announced our 2024 second quarter results yesterday afternoon after the market closed. Investors can find the earnings release and conference call slide presentation on our Investor Relations website.
Our earnings release and the presentation contains certain forward-looking statements concerning our current expectations, objectives, and underlying assumptions regarding our future operating results. These
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