ATN International (ATNI) 2026年第三季法說會：調升 EBITDA 展望

重點摘要

• ATN International 公布 2026 年第三季營收為 1.83 億美元，與去年同期持平。若排除出售美國電信塔資產組合的影響，通訊服務營收原本將成長 1%。
• 營業利益成長 32% 至 1,300 萬美元。歸屬於 ATN 股東的淨利從去年同期的約 400 萬美元（即每股 0.18 美元）增至約 1,900 萬美元，稀釋後每股盈餘為 1.09 美元。
• 調整後 EBITDA 為 5,000 萬美元，利潤率為 27.3%。若排除出售電信塔的影響，調整後 EBITDA 原本將較去年同期成長 6%。
• 國際業務營收成長 2% 至 9,700 萬美元，調整後 EBITDA 成長 9% 至 3,600 萬美元，利潤率擴張 240 個基點至 37.4%。
• 管理階層目前預期 2026 全年調整後 EBITDA 將達到先前 1.83 億至 1.93 億美元財測區間的高標，甚至略為超出。
• 現金、約當現金及受限制現金總計 3.51 億美元。淨槓桿率由 2025 年底的 2.36 倍降至 0.94 倍，主要得益於出售電信塔所得款項用於償還債務。

關鍵財務數據

業務與營運表現

國際市場月租型行動用戶增加 4%，反映出更理想的客戶結構。計費系統升級是預付型用戶減少的主因。國際市場的高速寬頻覆蓋家戶數亦較去年同期成長 4%。

在蓋亞那，ATN 擴大了光纖網路覆蓋並提高固網客戶營收。該公司亦投資其行動網路、增加月租型用戶與消費性行動業務營收、淘汰 2G 網路，並依既定進度逐步除役銅纜網路。

開曼群島在住宅寬頻與企業服務方面均實現成長。ATN 還取得了一份委外代管服務合約，該合約與 Dart 出資興建的 STEM 專屬設施規劃案相關。管理階層表示，百慕達在行動與寬頻領域維持領先地位。

美屬維京群島依然充滿挑戰，主因是電網不穩定以及寬頻競爭加劇。ATN 表示將持續專注於鞏固其寬頻市場地位並提升客戶體驗。

在整個美國部門方面，高速寬頻覆蓋家戶數成長 4%，用戶數成長 7%。管理階層表示，受惠於更強大的商業執行力、定價紀律、光纖採用率提升、更高滲透率以及流失率降低，阿拉斯加與西南部地區均呈現成長。

阿拉斯加持續受惠於固網業務與電信營運商服務的表現。ATN 計劃藉由所獲得的 BEAD 計畫補助，進一步擴大寬頻存取範圍並推進網路現代化。在西南部地區，公司仍專注於執行政府資助的光纖專案，並將網路投資轉化為客戶與營收成長。

管理階層財測指引

管理階層更新了 2026 全年調整後 EBITDA 展望，預計將達到先前公布之 1.83 億至 1.93 億美元區間的高標，甚至略為超出。

扣除可報銷支出後的全年資本支出，預計仍將維持在 1.05 億至 1.15 億美元之間。

ATN 預期第四季美國電信塔出售案的影響與第三季相當。預計未來七個月內將陸續完成後續站點交割，且在首次交割時遞延的站點有望帶來最高達 3,000 萬美元的額外收益。

風險與關注焦點

• 寬頻與預付型行動業務的競爭加劇。管理階層指出，美屬維京群島是寬頻競爭加劇最為明顯的市場。
• 星鏈 (Starlink) 已進駐部分市場，但管理階層表示，截至目前為止對 ATN 的加勒比海業務尚未造成重大影響。
• 美屬維京群島持續面臨與電網不穩定相關的營運挑戰。
• 美屬維京群島失去政府補助仍是較去年同期的逆風因素，預計還將面臨一個季度的不利基期比較。
• 政府計畫的撥款時程可能造成季度波動。西南部地區約 50 萬美元的補助款在第三季延遲發放，管理階層預期將在未來一到兩季內恢復正常。
• 第三季獲利受惠於一筆與境外實體相關的非經常性稅務項目。管理階層表示常態稅率約為 15% 至 20%，每年現金稅支出約為 400 萬至 500 萬美元。

分析師問答重點

管理階層表示，正透過更聚焦於月租型客戶來應對預付型行動業務的競爭，這支撐了多數市場的用戶成長。在寬頻方面，儘管在美屬維京群島面臨更大壓力，ATN 仍將其光纖與光纖同軸混合 (HFC) 基礎設施視為競爭優勢。

在美國方面，管理階層將阿拉斯加與西南部的寬頻成長歸功於商業執行力與定價紀律的調整。光纖採用率與滲透率改善，同時客戶流失率下降。

在獲利能力方面，管理階層並未提供長期利潤率目標，但表示國際與國內市場的利潤率長期而言均應有所改善。第三季國際業務調整後 EBITDA 利潤率季增約 200 個基點，年增 240 個基點。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Good day, and thank you for standing by. Welcome to the ATN International Q3 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Michele Satrowsky. Please go ahead.

Michele Satrowsky

Thank you, operator, and good morning, everyone. I'm joined today by Naji Khoury, ATN's Chief Executive Officer; and Carlos Doglioli, ATN's Chief Financial Officer. This morning, we'll be reviewing our third quarter 2026 results and updating our 2026 outlook. As a reminder, we announced our 2026 third quarter results yesterday 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 contain certain forward-looking statements concerning our current expectations, objectives, and underlying assumptions regarding our future operations. 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 our investors, our comments today include non-GAAP financial measures. For details on those measures and reconciliations to comparable GAAP measures, and for further information regarding the factors that may affect our future operating results, please refer to our earnings release on our website at ir.atni.com or the 8-K filing provided to the SEC.

I would now like to turn the call over to Naji.

Naji Khoury

Thank you, Michele, and good morning, everyone.

During the third quarter, I continued to spend time in our markets listening to employees, customers, and investors. Those conversations reinforced my belief that the best way to unlock the potential of each market is to stay close to our customers and simplify how we operate. We have a clear sense of where we want to go over the next several years, and while the work will take time, we are focused on making steady progress. I am confident that a more customer-focused organization will be better positioned to drive growth, improve profitability, and create lasting value.

I'll begin with a high-level overview of our quarterly performance and then discuss developments across our markets, including the opportunities we see ahead.

Now let's turn to Slide 3. During the third quarter, consolidated revenue and adjusted EBITDA remained flat year-over-year, while operating income and earnings per share increased even with the impact of the second quarter U.S. tower portfolio sale. Excluding the impact of the sale, communications services revenue would have increased by 1% and adjusted EBITDA by 6%. Strong performance in international segments amid a heightened competitive environment, together with continued improvement in our U.S. segment, particularly Alaska, reflect the benefits of our strategic initiatives and underscore the resilience of our business. These results demonstrate how targeted capital deployment and disciplined execution continue to support operating performance. Based on our performance to date and expectations for the remainder of the year, we are updating our full year outlook and now anticipate adjusted EBITDA will be at the high end or modestly above our previously communicated guidance range. Our strong financial position provides flexibility for future investment while we remain focused on long-term shareholder value.

Turning now to the international segment on Slide 4. Mobility subscriber trends reflect a favorable shift in customer mix, with postpaid subscribers increasing 4%. A recent billing system upgrade was the primary driver of the prepaid subscriber loss in the quarter. Since last year, we have expanded our high-speed broadband footprint, growing homes passed by 4%. While our international operations remain predominantly consumer-focused, we continue to see opportunity to broaden our business services reach.

Now let me provide you a brief update on each of our international markets. In Guyana, we continue to expand the fiber footprint, increasing homes passed and growing fixed customer revenue. We believe the country's economic expansion will continue to create new demand for connectivity and more opportunities for business offerings. We have also invested in our mobile network, enhancing our service offering and growing both our postpaid subscriber base and consumer mobility revenues. In conjunction with the investment, we have decommissioned the 2G network and are on track to decommission the copper network. Lastly, we recently announced a partnership with IDB Lab to expand access to digital financial services for Guyana's unbanked and underbanked population.

In the Cayman Islands, our business continues to build momentum with growth across both residential broadband and business services. As we invest in growing our customer base, the team's deep roots in the community and focus on execution continue to strengthen our competitive position and support growth. We recently were awarded a managed services contract in connection with the planned development of a purpose-built STEM facility financed by Dart.

In the U.S. Virgin Islands, the market dynamics are complex and challenging, driven primarily by an unstable power grid. We remain focused on reinforcing our leading position in broadband while improving customer experience.

In Bermuda, solid execution continues to support our market-leading position in mobility and broadband services.

Now moving to Slide 5. Across the U.S. segment, high-speed broadband homes passed increased 4% year-over-year, while high-speed broadband subscribers increased 7%. We continue to see opportunities to modernize our network, expand our reach through government-funded broadband initiatives, migrate customers from legacy networks to higher-performance platforms.

In Alaska, strong fixed business and carrier services performance continued this quarter. Looking forward, we have an opportunity to build on our BEAD win by expanding broadband access and continuing the modernization of our network. We also see meaningful opportunities in the residential market as we expand our reach and improve execution with Courtland Madock in place as of September 1 as the new CEO.

Across our Southwest markets, we remain focused on expanding our fiber footprint and increasing penetration as we leverage government-supported projects. Our focus has been, and will continue to be, executing these projects effectively and converting network investments into sustainable customer and revenue growth. The progress across our markets reflects our continued focus on execution, operational improvements and disciplined investments. While realizing the potential of these opportunities will take time, we believe the actions we've taken today are strengthening the business and positioning it for sustainable growth and long-term value creation.

In closing, I would like to thank our teams across all markets for their commitment and hard work. Their efforts continue to drive meaningful progress across the business and were instrumental in delivering this quarter's results.

With that, I'll turn it over to Carlos to walk us through our financial results for the quarter.

Carlos Doglioli

Thank you, Naji, and good morning, everyone. Let me walk you through the third quarter 2026 results and review our updated full-year outlook.

Turning to Slide 6. Total revenue for the third quarter was flat at $183 million. Strong performance across several areas helped offset the anticipated impact created by the U.S. tower portfolio sale during the quarter. Isolating this impact, the revenue would have grown by 1%, as Naji highlighted in his opening remarks. Operating income for the quarter increased $3 million, or 32%, to $13 million compared to the same quarter last year. The improvement was driven primarily by lower depreciation and amortization and lower losses on asset dispositions.

These items partially offset the expected increase in cost of services resulting from the U.S. tower portfolio sale.

On the bottom line, we reported net income attributable to ATN stockholders of approximately $19 million, or $1.09 per share on a diluted basis, which compares to last year's third quarter net income of approximately $4 million, or $0.18 per diluted share. The year-over-year improvement reflects higher operating income, lower interest expense, and a greater tax benefit. Adjusted EBITDA for the quarter was $50 million and relatively flat compared to the prior year period, with adjusted EBITDA margin holding steady at 27.3%. Excluding the impact of the U.S. tower portfolio sale, adjusted EBITDA would have increased 6% year-over-year, highlighting the focus on improving profitability.

Let me turn now to the segment performance. Starting on Slide 7. In our international segment, we continue to deliver year-over-year revenue growth and margin expansion. Total revenue increased 2% to $97 million, while adjusted EBITDA grew 9% to $36 million, and adjusted EBITDA margin increased by 240 basis points to 37.4%. Growth in ancillary communication services, together with certain non-recurring items in carrier services and mobility, helped to offset the previously disclosed loss of government support in the U.S. Virgin Islands. We have one remaining quarter of unfavorable year-over-year comparisons related to this item. Revenue growth combined with favorable operating expense timing contributed to the expansion in adjusted EBITDA margin.

Now turning to Slide 8. In our domestic segment, revenue was $86 million, down 2%, or nearly $2 million year-over-year. Growth in carrier services and fixed business revenue partly helped offset the revenue decline anticipated and announced following the U.S. tower portfolio sale as well as lower construction activity. Communication service revenues would have increased by 1% when excluding the $1.4 million in foregone tower rent revenue resulting from the transaction.

Adjusted EBITDA for the quarter was approximately $19 million, and the adjusted EBITDA margin was 21.7% and consistent with the second quarter post-sale level. Adjusted EBITDA would have increased 2% and the adjusted EBITDA margin would have expanded 60 basis points, excluding the $1.5 million increase in operating costs and the reduction in tower rent revenue resulting from the U.S. tower portfolio sale. We expect a similar impact in the fourth quarter, which is built into our outlook. As discussed last quarter, we continue to expect subsequent closings to occur over the next 7 months with the potential for up to an additional $30 million in proceeds from remaining sites deferred at the initial closing.

With that, let's turn to Slide 9 to go over leverage and liquidity. We ended the quarter with $351 million in cash, cash equivalents, and restricted cash, representing an increase of $234 million from year-end. Total debt declined to $538 million and our net leverage ratio improved to 0.94x from 2.36x at year-end 2025. The improvement was driven primarily by the debt reduction enabled by proceeds from the initial close of the tower sale earlier in the year. As a reminder, approximately 45% of our debt is currently insulated from interest rate fluctuations. In addition, roughly 3/4 of our outstanding debt is ring-fenced at the subsidiary level and is non-recourse to the ATN parent company.

For the first 9 months of the year, net cash from operating activities was $77 million compared with $98 million in the prior-year period. The decrease primarily reflects working capital timing.

Turning to Slide 10. Capital expenditures for the first 9 months of the year were $66 million, a $5 million increase versus the same period last year. The reimbursable CapEx spend was $35 million versus $67 million last year, reflecting the variable timing of our government programs. As a reminder, our capital expenditure plans are managed on a full-year basis, and while quarterly spending may fluctuate, we continue to expect capital expenditures for the full year to remain within our guided range.

Now turning to Slide 11. Quarterly cash dividends of $0.29 per share paid on October 9 reflected the 5.5% increase approved by the Board in June. In July, the Board authorized an expansion of the share repurchase program to $30 million, and the full amount remained available as of September 30, 2026.

Turning now to Slide 12 for our outlook for 2026. We updated the full year 2026 adjusted EBITDA expectations to be at the high end of or modestly above the previously communicated range of $183 million to $193 million. We also expect capital expenditures, net of reimbursable spending, to remain in the range of $105 million to $115 million for the year.

In closing, we delivered another quarter of solid execution. While we faced heightened competition and some operational challenges during the quarter, we delivered stable revenue and adjusted EBITDA results. Combined with the strength of our balance sheet, we remain well-positioned to invest in our operations, maintain financial flexibility and create long-term value for shareholders.

With that financial overview, I will now turn the call to the operator for questions.

Operator

[Operator Instructions] Our first question comes from Greg Burns from Sidoti.

分析師問答

Gregory Burns

Can you just give us a little bit more color on the increased -- the higher competition that you're seeing in certain international markets, which markets particularly, and maybe which services are seeing the most competition?

Naji Khoury

Greg, this is Naji. Yes, I mean, we're seeing heightened competition across the markets. It's mostly in broadband and in prepaid. The dynamic is quite different. On the mobile side, we see a lot of activity on prepaid, and we've been offsetting a lot of that with focusing on postpaid, which has worked really well for us in mostly all the markets. So we're really strong about our mobile positioning.

On the broadband side, we hold good position in most of the markets. There are some markets where we have a bit more competition than others, but we feel we're in a good position, either with a fiber network or an HFC network. So we have a good position, and some of the markets have a higher penetration than others, but that's a dynamic of different markets. But there's a bit of higher competition, and you might ask about Starlink. We're seeing some of it, but so far it has not been a significant impact on our business, specifically in the Caribbean.

Gregory Burns

Okay. So from a broadband perspective, it's across the markets. There's not one particular market where you're seeing increased competition?

Naji Khoury

We did mention in our release there was a bit of higher competition in the Virgin Islands. We see it as well, but we've been able to manage it well. But that would be the single market I would point out, yes.

Gregory Burns

Okay. All right. And then in the U.S., looks like you're gaining some traction, had good broadband subscriber growth. Was that in Alaska or the Southwest or across those markets? And maybe could you highlight maybe some of the commercial go-to-market changes you're making to grow the consumer side of that business?

Naji Khoury

Yes. Listen, it is in fact in both markets, in the Southwest and Alaska. Heavy focus on commercial execution, price discipline. So the team has shifted a bit the way we do things on the ground. We're seeing improvement on our fiber uptake. We're seeing improvement on our penetration. We're seeing also a decrease in churn. So all the key metrics, or all the leading indicator metrics are heading in the right direction. So yes we're happy with some of the results on the domestic side, absolutely.

Gregory Burns

Okay. In the press release, you mentioned the timing of subsidy payments in the U.S. Can you just give us a little more color on that, how much that was, and is that expected to hit in the fourth quarter?

Carlos Doglioli

Greg, this is Carlos. Yes, it was probably what we usually recognize for -- it's in Southwest, mostly this timing of some of those monthly payments. We expect those to regularize over the next quarter or 2. So if there's an impact, we expect that it's really going to be more like timing and we should get back on track and that regularizes.

Gregory Burns

How big was the number this quarter?

Carlos Doglioli

I would say it was probably around like -- it's got to be around like $0.5 million.

Gregory Burns

Okay. And then can you just give us a little bit more detail on the tax benefit this quarter, and what is a normalized tax rate we should be considering going forward?

Carlos Doglioli

I think from a tax perspective, given the different jurisdictions, we continue to focus on kind of the cash tax, which will remain around $4 million or $5 million. The benefit that we had in Q3 was a discrete benefit related to a foreign entity. So it's a non-recurring item. The regular rate we have is between 15% and 20%, but again from a cash perspective it remains around that $4 million or $5 million annually.

Gregory Burns

Okay, great. And then just lastly, obviously strong margin performance internationally, and even better than, I think, expected in the U.S. considering the sale of the towers. What are your views on kind of the margin profiles of both those businesses and where you could get them over time given the current scale or the current revenue trends you're seeing in those businesses?

Naji Khoury

As we said it before, we haven't guided to a specific number, but we did mention that we're seeing an improvement in the profitability, and you see sequential quarter on the international side by about 200 basis points. So we are in the right trend. We're seeing a good trend in the international market. We're seeing a good trend in the domestic market. We haven't guided a specific number, but you can easily assume that the number will improve over time. So more to come, but at this stage that's how much I can tell you.

Operator

I'm showing no further questions at this time. I would now like to turn it back to Naji for closing remarks.

Naji Khoury

Thank you, operator, and thank you again for joining us today and for your continued interest in ATN. We look forward to updating you on our continued progress during our fourth quarter earnings call in early March. Thank you.

Operator

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