ATNI - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the ATN International Third Quarter 2019 Earnings Conference Call. [Operator Instructions].

At this time, I would like to turn the conference over to your speaker today, Mr.

Justin Benincasa, Chief Financial Officer. Sir, please begin.

Justin Benincasa

Great. Operator. you, Thank and call everyone, results. for us joining Good to thank review our today XXXX our on morning, you third quarter With Prior, me Michael Executive here Officer. ATN's Chief is

I'll the business outlook. and call, During financial and the an on provide information the update Michael cover will relevant

future like our current Before turn our press materially and subject assumptions forward-looking concerning our I'd release objectives are over out and that regarding for his those to from cause contain results I point Michael this expectations, to underlying that call described. uncertainties differ comments. actual the and to operating call and statements to results risks could

an include our to effort information useful comments in non-GAAP to today measures. investors, Also, financial provide

comparable regarding operating release further provided GAAP measures For SEC. or on our refer at details and atni.com the our X-K future that the to information may results, affect please our website earnings to filing these measures on reconciliations the factors for to and

turn the Michael I for And call will comments. his to over

Michael Prior

right. about still always to There and about though feel realize in are you. portfolio, We a and of challenges, achieve quarter. to this lot do growth. to good like our All morning, current of greater is the Good there most much businesses potential direction to some there's the everyone. fully Thank their

repositioning its the pipeline. discussed underlying to round and International continued Telecom Telecom much and continued to operating to stabilization, took forward deliver come. capabilities buildable expectations is of growth. more U.S. solid towards Energy big on cash expansion though our out substantial Vibrant XXXX a there step and

in back expansions, the Islands. operations network in largest to return very International cash details, move the year, I'll growth the half normal years, consistent on starting and and of major are upgrades Telecom. after quarter, And the completion the And with so those recent highlights, of good here, on investments to broadband of subscriber expanding good the which the first with rebuilds trends additional Virgin segment, our revenue flows and and

to the into next because positives have than support. GAAP these quarter course, this the special expect comparisons And of fourth of quarter. benefit year's FCC quarter not We did last continue the will be quarter better fourth

and down not While any still significant next year, Data Mobile second capital a this we year-on-year, the plans for of the over which ended to similar the up subscribers current we opportunity business levels segment subs, quarter nearly expansion quarter. in the XXX,XXX, from examining segment. by pace for X%. to hand, were are see on the is existing do near-term expenditure book other support X%

very better doing Now ARPU the the talk our lower hurricane terms in season. hope Virgin And revenue rates exceed see finally many than on as this pre-storm benefit think in Islands believe low we and subs. had data hopefully, hotels largely we quarters. in to This of reopening levels, while. revenues also that the though Video and of some they in future and we a voice subs But to some were wireless should past. markets, modest impact declined we'll high be quarter a last recent coming time will this have about for I of in saw do as whole the the from a recovery, at

Turning to U.S. Telecom.

that, FirstNet of entered we build FirstNet results reminder transaction. their on this And in third July, a seasonally late into but a and build agreement as with strong, a in the also typically network. The portion from benefited AT&T quarter is maintenance segment to broader

gives a is infrastructure of visibility network reputation space and to significance next years for the of is team's agreed challenging in provide also lines. We a large our it It The over the very also us validation under backhaul demanding operating to likely operating longer. for XX us building some time critical this across AT&T stream environments and and much tower footprint. our of transaction to revenue

proud are to for this project. Commnet selected We important see

will So contributions important It's growing many areas it accomplishment was continent from and an of across players also stabilizing our a big our other subsidiary deal step and that and also a for segment. have goal towards of us real ATN. this important and had

the we the be points our hitting to not that inflection look side, potential are expect investments, for XXXX. and a called we as getting On next the these quarter of successful XXXX pace more to see and others progress some yet. growth a can or are ahead as of several pleased other one we of with we on details, Without way initiatives provide but initiatives, insight into

energy the has building given out partnering smaller amassed early as solar commercial Vibrant expect the where of to facilities fourth X examining customers year. those U.S. in comparable Tier in than to the our online on the commercial we renewable of period, are Energy business, team sale XXXX the noted, are industrial much we additional the the some In the potential of next quarter the have sector are market. meantime, segment, of considerable for India the part the and In operations pipeline execute

in flow in the visibility very So with as the this the well first strong continued the long-term especially is that U.S. of year Telecom opportunities markets The certain Telecom encouraging. see cash organic International important progress and also multiple to as in we It the comes that summary, from to contracts. have see nice businesses in half results quarter. segments was and rebound from

And Justin. that's it now, for for me

Justin Benincasa

you, right. into information. To financial All the Michael. Thank some get of

first quarter million that portfolio of adjusting hurricane segment X% Michael year's third of onetime benefited revenues U.S. the showed last continue The the a revenues trends full saw which sold of to half the year, For in federal the profits from we U.S. $X.X International support, SEC revenue the quarter transaction revenues quarter, Consistent of third from related and revenue FirstNet we with to benefiting support for improvement quarter, report the were and mentioned solar XXXX. Telecom first year. for revenue late and also million this reported improving total Recurring items earlier. of year, last the for consolidated the in $XXX.X Telecom steady increased in CAF II averages the in the half significant segment. growth over --

was million, for adjusted $XX.X in below the the Consolidated the $XX quarter million EBITDA prior year.

adjusting from for EBITDA been the However, XX% adjusted the year. FCC funding solar and up sale, onetime would have last

to the compared and year. Looking with at $XX last and were to with Telecom. reported International year -- segments starting compared adjusted million last million EBITDA $XX.X million the was million Revenues $XX.X $XX.X International

EBITDA EBITDA up XX%. revenues half strong X% be the Consistent and up FCC to year-over-year funding, the Islands. expect be -- additional and investments in the in markets, year, in Virgin in first from continued we've and improvement expanding and we subscriber in mentioned. progress, relates with last as year's recovery market where upgrading expenses we our do and Excluding would continue that make do the adjusted growth Islands of growing the of fiber U.S. U.S. post-hurricane revenue made networks the Virgin We $XX.X margins much Michael million would reducing growth share

significant would from be expected last segment this year's and free improvement this represents approximately cash which segment. year, are million in the $XXX reduction flow for be $XX to million expenditures levels Capital

the adjusted XXXX. quarter, totaled the $XX.X up million of segment, EBITDA slightly the $XX.X from million $XX.X U.S. third from $XX.X million, the million ago, Telecom was a quarter for In in revenues and up year

As the in support noted Fund the revenue transaction. America of earlier, Connect II and full increase saw the from we benefit commencement of an federal FirstNet revenue the

up small expect of construction With to through FirstNet respect the construction a the in and of million continue $XX we start quarter the piece showing these portion mid-XXXX. to agreement, fourth the approximately to of revenues revenue

impact will income. EBITDA and have by offset mainly costs However, these and revenues operating should be construction on minimal

backhaul capital the segment $XX for agreement. quarter Year-on-year infrastructure approximately investments. operating $XX with for early-stage year at developing will approximately costs million of that million million expenditures tower and estimate the as part of We the $X.X more this the associated $X business million FirstNet includes and include end between and

from the quarter not relatively for late prior $X.X the sale and -- the quarter, that professional the the segment, were reflect for did with the adjusting year, Adjusted Renewable in fees, stable In U.S. year-on-year. was consistent higher-than-normal quarter in closed the mentioned revenues up EBITDA second million we've but did slightly XXXX. portfolio third of

was in to that the an operating note, net for items million stock-based effective overall approximately million $XXX,XXX estimate in full the rate segment. the XX% the was income or tax included We for the Telecom the in rate per year. $X.X range compensation income positive $X.XX of the the includes noncash recorded quarter of items Also quarter $X.X for impact share. impact low International on which income statement effective benefiting for some quarter, quarter. discrete other the Consolidated tax had a tax XX%, -- And other was some currently

balance million, up overall, the ended we outstanding $XXX.X sheet, total cash from in quarter million the with the second million. of of $XXX and Looking debt and cash total $XX.X quarter investments at $XX.X short-term in the segments. million $X.X the others segment, and Renewable million expenditures by segment $XX.X Telecom Capital and International was was incurred of which million, year-to-date, approximately million $X.X by U.S. Energy

to Howard, up call for that, over I'll to you questions. with back open turn And the

Operator

[Operator Instructions].

from comes the comment James. Ric or question first from of Raymond Our line Prentiss

Richard Prentiss

maintenance in of a was transaction out contract the and there. you quarter, what help us tower on items piece? side, couple given Telecom the quarter Can you third good the FirstNet it the magnitude Obviously, the a benefited of U.S. called backhaul understand the

Michael Prior

I'll really moving let of in part. think it's just to not the terms but really Justin related that I out that agreements It's add of way. it,

roaming would I interim -- -- think sort as it's I think revenue. of So of it

Richard Prentiss

stations, number the going to the to it, we we we model from help going versus outside, think how Okay. about base out the that? about modeling the as contract? how us, business therefore, happens think should of think what maintenance And tower from the backhaul FirstNet Or forward, and roaming you're how and report

Michael Prior

and I I not but -- transition wind online nature the there's a not construction, standpoint to think going the of have volatility right, the as of roaming in in towers a a sort lot be have you'll of from see not we'll then -- a maintenance lot anticipate relatively of the come overall. and revenue It's relatively part least There's of a there's that. a moving to kick smooth and mean, at but around. start the we down, transport arrangement perfect, the as leasing -- doesn't

Richard Prentiss

the stabilization What And that backhaul. then level CapEx were I do committing you saying. think, at? to are kind some Because growth, the and obviously, are you of looking to and leads towers you Okay.

Michael Prior

Yes.

in EBITDA should direct build be as operating to a going a in not stabilize volatile. I think this we more it. we're impact costs capital, ended successful. pretty I I up and is saying -- steady. I we big of from think period, return think the about that place the also the different of -- mean at step it. The What a be there's economics puts related growth and feel layers to but reasonable a of on on we're is, more some invested be good growth, more talk see of will sort to to, line, this about direction, not it necessarily alluded impact that in get little some about a segment, some the really talking revenue if when is -- of really stable, Justin have work very to income, That's we time will we're It movements position and sort spend paying. us and predictable as a and transaction. that It initiatives

this say we when to really it's we're that, not referring So contract.

Richard Prentiss

involved And a about I what noncontrolling have understand write-down was been then equity help or there segment in Okay. quarter $X us that Can think with? for a bit you item. what might was million a like it little the

Michael Prior

not hold the segment under we're one Sure. It's of way I'm matters mark-to-market. accounting that we a the we it's minority our ago. sure years required much, It's to really of made -- but investments couple that -- things

we And big that a round in And a significant came with was strategic of and things have in. so one minority money financial invested there ask in us at round original position that a the and you good -- and down investor what But of new to feel some we feel about us we where very required about investment. in. the investment, our mark level coming if that

Justin Benincasa

to you them you going stuff. them them And lumpy, it's right? You'll just down, of them you'll write write a the that's up, little nature of that up write write accounting kind down, get

Michael Prior

Yes.

Justin Benincasa

the of latter. more Hopefully,

Michael Prior

Yes. Hopefully more latter, right. the of

Richard Prentiss

Great. Great.

partners strategic then we little Energy the a side? feel comment And years but Renewable quarters how might something as also think Okay. happening about discussions? on discussing far with should as Or like with Obviously, what was update about you what a it's there, talked about there more talking does Energy us? be been firm this you're discussions about side. Renewable the for and preliminary Can like

Michael Prior

feel, Ric. how Well, tell you us really

You're really good in same feel platform. the where of right position We good we're do though. way, a operating kind We feel that honestly. it's a

a We maybe said pipeline, even solid very ourselves -- build as large-scale us of we a lot have a of But see being including before, sole India. funder don't primary shovel-ready. in a or we solar

we we're we in this guarantees. think And now always, were easier in But looking execute on. position capital I model, as always partners. where think so that's And no a potentially to there's, for

Richard Prentiss

about are that Okay. think related Digital or wave. And I spectrum FCC auctions? How guys well in. think have Rural turned Opportunity I then, we rural doesn't in don't you're about looking other the assume more millimeter forms saw the that's But in areas. Fund. possibly CBRS off interests, like we the the RUDOF, the also millimeter wave how I auction should wave at work and with to what you millimeter other

Michael Prior

all. everyone We're somewhat is we at like to at but target, there's it. it look have Yes. of looking value, changing and It always still -- a moving

the right in spectrum. holding a of of out big will example, about couple of our quite auction, Virgin have a wave, you're In markets, although millimeter recent I terms key we wave millimetric that Islands, the point for

value think think you to on at some maybe, it's proposition. rural CBRS were about different. people a in we, in the priority very then us location and understand, And which see is little have for the a so obviously, a I And And other of of others on the use dynamic stretch is I examining spectrum GAA CBRS, did. extreme the markets active for you didn't basis, of need call piece, but markets, bit CBRS the basis. sort least licensing as talk when

specific our particularly that We business. to of expect to future spectrum. in looking we're of licenses at to that, auctions in-building options the respect make our use And with related

have. I think mid-band looks applications of and attractive that the we models So a for lot business

Richard Prentiss

on Right. the Anything RUDOF?

Michael Prior

not Say that, correctly. sure I'm I the understand question

Richard Prentiss

Rural with a rural kind helping Yes. lot The the recently Opportunity discussion Fund, areas? on of of FCC Digital

Michael Prior

of some going take time. I Well, at funds. those that's right. Oh, look think to one We every

serve. there. some it, initiatives realize But people III. Sorry, addition in I whatever There CAF a at to on looking places going we're at have to that that didn't lot the acronym. in we want are call you state looking There's we

some of some think take sort it's we're on going time to I but to out, it.

Operator

Greg Our next question from or comment comes from the Company. Sidoti line Burns of &

Gregory Burns

up and of on that just AT&T the of portion I follow a understanding segment to the U.S. better to get business. happening wanted Telecom what's

level? get maintenance nonrecurring? the have is from a there and a roaming is new down did kind step off this So at of hand Or now this forward? revenue we going the the here? does the new roaming and it rate higher level? revenue And of kind Or between reset any is Or

Michael Prior

to sure get their even in, material going roaming there with on. exactly that which is We'd it so I agreement is, it specifics, seasonality FirstNet what it's doing will to to our -- traffic as way of it respect and not under decline our the the future terms we customers I'm number. that in they're agreement can from seasonality In maintenance, years, too. into may sure about of So with this as kind certainly, some kicks and and not to customer think to with decline. the Greg, that move a expect in backhaul think I'm not But

So mentioned. as you

Gregory Burns

talk you is... and about growth is then subscriber why dynamic that revenue growth. And Okay. Could just that outpacing internationally, the

Michael Prior

faint. was that kind say of Greg? say Would you that you again? again, speaker Can Our

Gregory Burns

internationally, at just dynamic, that? the you revenue were that growth there. revenue just generating Can looks It up. just was like subscribers you're looking Yes, what's down, growth about driving talk

Michael Prior

Well, really, and broadband. the are that's big up, the and important subscribers subscribers

Justin Benincasa

[Indiscernible] these mobile. are on

Michael Prior

of investment That's fair. our that recent alike. a that Yes. focused lot all heavily Right. and on was fiber in of terms networks But

with growth. broadband And pleased so sub we're the

really And big And the think to any we as have go like we do execute impact, But said, that down. And Justin but as to see not to but to it's other mobile economic interjected, the there's so I way. are other have up. go rightly that's the way, potential better. numbers we'd

Gregory Burns

I lastly, out a you Geoverse, And putting together And more network. Okay. business. then had fiber about of think, release a that an press LTE business always thought as I of

just expanded? to scope discuss you So Or there that? a also component that? Can their wireless is has

Michael Prior

Yes.

you side, But connectivity. pursuing fiber about X think wireless really is be some we're I might stage. things, because have we in-building the early blending Greg, Geoverse on do things

carrier-grade secure grade. So next-gen in

talk to product. market, I LTE more private the think we wireless CBRS people some really -- that, it. than it's sophisticated but a So little the It's mean, a about that's you market, it's

Gregory Burns

Okay.

start-ups. Sorry, the I X confused kind of

Okay.

that they Or that that was that what's is projects do of of like opportunity for the kind the are -- win, business? And look one pipeline So wins? that of early have other being deployed?

Michael Prior

to it trying about of alluded them space about talking that's in quarter. to little next a give I we're talking Yes, terms why and

-- about Geoverse. we very the still good positioning. feel industry positioning are We of is The

about -- And other that growth, is And too growth. piece real building, what it's but offer than positioning a is the we're early really to kind of after. we're think, so on to So I yourself think that's to I going of big come. predictions be big we what that it's

Operator

Our National Allen Klee next line comes Securities. from or of comment question from the

Allen Klee

of that kind and roaming if it is expect roaming increases? the something -- of onetime, Telecom Or of on Can over revenues. I of run you understand rate rate this Just quarters me next is higher kind on that revenue? the following couple kind of help the kind up U.S. can you

Michael Prior

think the to financial think thing if simplest more at nomenclature, type look the is, broad of the the a see segment indicative I think made expect segment, maybe say is this I the easy do move of that think we'd just -- this X, in quarter you there than aside was the results target quarter seasonal we some the it right? last the financials, That's in we'd than from higher benefit we little And the... part.

Justin Benincasa

strong always seasonally quarter is third quarter. The our

Michael Prior

any have it But in it. didn't onetime items

Allen Klee

Okay.

bit So it I'm -- a look well, different little the number. a looking the than was quarter, you at if third better at

Okay.

Justin Benincasa

better ago It's bit a than little quarter. year the

Allen Klee

Right.

think run the of quarters? -- quarters kind to the a bit fair little it like year-over-year than is so that's going the better of kind forward, And rate

Michael Prior

Yes. laid the It's that it kind that to what to we of do expect trend release in -- out press kind we continue. of

Justin Benincasa

the and downs ups With seasonality. of that

Michael Prior

Yes. Right. Right.

Allen Klee

up Okay. your likely EBITDA because margins plateauing can low you that they're like XXs. in they where seemed stay And the doing kind that it then a bit that everything you're of of or in your go been International thoughts little over of have Telecom, at time? -- kind the think Is that

Michael Prior

right? these Virgin that in we think slowly I said think to over sure markets. Islands, I the move What is, in which past in time, in for of still a need these the piece move margins we the U.S. there's to big slowly revenue. we've expand because room markets is

time get to be but be think we see them. we'll -- there, just I one we they're -- it but over down we as will there's done. work be any won't dramatic normal So slowly in still quarter, to say can back increased do It

Allen Klee

generically just talk of kind be just think you capital, things for? ideally of would could about what then maybe allocating when you love you just to type And looking conceptually, Okay. of

Michael Prior

think competitive We think it there's if scenario. about always couple reward certain the question. and there's generally, Well, things. risk of the that's long-term broad environment, I -- mean, at a from you look I things, different a

in markets, we our the So example good is see extending have a tail a these on of earning like And investments. feel in classic made where position. investments fiber we a long those very competitive off we networks we've that

as smaller so opportunities. of investments to as we're And the there we for some other a then we'll ripe investments think always, because earlier-stage business I in lot areas and are lot that it of are kinds we of And those we're there's are presents opportunity. side make that the change, also continue the making, -- presents, a but making investments where guess, see communications risk,

we to want to And and find -- so we're of in advantage sure opportunities make some the take some initiatives. irons have of growth those we fire

would risk higher different with It's we a way risk in potentially the because cycle. investments but those much reward different. So view more rapid of equation, growth types the rewards it's is earlier

Allen Klee

U.S. it, in Okay. And new like can last of Is the that wire -- rate -- the rate? then that tell of in going In line kind has two And yes, Telecom you revenue quarters. thing. on? run dropped one last the the what's there piece run me in is

Michael Prior

run it's has that's internal revenues that margin. some wholesale the rate. that's third-party used probably new Yes, business very our before, That's associated, low we mostly but

you expense So goes on. it. it it takes also kind of If with out it of coming a see down, lot

probably it's So a good run rate.

Operator

Instructions]. [Operator

Our from comes next BWS comment line Hamed from of Financial. Khorsand question or the

Hamed Khorsand

nothing start there far So the want to FirstNet? no just as was Is with in onetime change up is to model U.S. with this the include going are margins concerned the -- as sustainable If business forward off in that the Telecom. there. --

Michael Prior

burn. the right? these through on expenses also Those going U.S. things to positives. are some a said, that swing, away. of the gets business think negative other But at grow because once in side, that right? little go We they're wholesale the the seasonality be rosier of into Again, forever, effect businesses. there FirstNet And Telecom to side will are going kind of in I full are as a least the the worst-case don't of we the no think because not of earlier-stage margins, net about. into are they scenario, the And longer -- margins we some bit Running of business talked

than it on is, the a I at side, normal probably the entire because normal higher term, near than looking little other think about the seasonality. if But segment. is for higher So there it's -- bit the of you're potential think, to the some way

Justin Benincasa

side would revenue That that. the though, too, And the of we've $X the and down talked to that will of that. because with $X -- going we're what to that construction is, on construction associated right, cost I will reported about on have business, margins of drag Right. add of

if out, that take -- you can So pull but comment. Michael's you

Michael Prior

And much numbers operating on impact it shouldn't absolute have the the on affect income. construction shouldn't really thing

Justin Benincasa

just more margin. It's of Exactly. a

Hamed Khorsand

Okay. And Liberty you then switching Island the for gears change does competitive at -- U.S. business, of up to here your Virgin business. all? your AT&T acquisition Does the landscape that

Michael Prior

right? from well I wireless wireless on assuming mean, the well really the you known I but is the mean, Liberty, what they less operator, brings. it known just side it get us. side, that Yes. AT&T they a in they're factually, So too, does, with known, standpoint, to now Caribbean. which have very U.S. approved. of obviously, Liberty AT&T, where compete is instead of a we'll see national And

So have to see. we'll

Hamed Khorsand

initiatives this quarter? And the X% the on improve then mobile Okay. lastly, decline and what kind past business are to of international, you taking

Michael Prior

a it's marketing some recognize we value it's being underlying think it's proposition. It's economics enough and -- And quality win just And on proposition network that to new not -- we're really velocity, have doing that with unfortunately, from customers creative. execution markets, we and those sales don't they in that an in because value basic markets. don't and over clearly that

marketing and distribution primarily it's think we execute we to have better that on. So

Hamed Khorsand

you Do prices reduce all? at to you got think

Michael Prior

issue. the I I don't think -- really think that's that's no, don't

Operator

question James. follow-up Raymond from Mr. from Prentiss Ric a have We

Richard Prentiss

catch wanted I I number. to make sure didn't come the back to

I you early-stage drag in and XQ? to you kind in the drag was the mentioned I number sure just it. what the think, early-stage investment then, of had I make Justin, the want to referred right quarter of was what Michael,

Justin Benincasa

a little early The under $X was stage million.

it it's a but a under by had $X we grown ago, some million. little of So year

Richard Prentiss

But more was quarter, million. like $X.X it Right. last

So it's on already better getting basis, sounds a it then? a like little sequential

Michael Prior

Yes. Yes. basis, yes. a sequential On

Richard Prentiss

then it line you to out I'm quarter reporting fourth FirstNet -- was is? that of margin about out just Will no construction calling as think mid-'XX glad much and help business how FirstNet obviously, construction, the much us Okay. in be construction understand you then And revenue called you through basically. how item that

Michael Prior

Yes. will. definitely stand Yes. out. It's going to We

So we really Yes. need to.

Richard Prentiss

would be good. That Yes.

Michael Prior

cost. the And

Richard Prentiss

prepared to of And then you does Yes. do this current early to thoughts, more Yes, more early trying for how in reference XXXX was International? mentioned, the part the Or don't near-term Was the to see U.S. that that as that the exactly. to the remarks, change through backhaul tower year in obviously, capital $XX but I million it's any work, think we forward? million as on think you look total? and $XX Just side, go spending.

Michael Prior

My International, on the payments. in about construction been a but talked talking what I of to we lot U.S. that think equation of reference was versus -- terms of is the about side we've already costs

the International. So falls of that of -- on into was focused I in lot it a think it bucket. rest falls a different But my comment

we -- about have they think made some some you the run but we particularly wire think think wireless, to it is, investments line I investment. in major that selling in those the off also room network way

Richard Prentiss

will you to million costs It a into tower feels does could $XX for for $XX some tool? this I that backhaul be that then construction the good And called XXXX. $X guess, -- look that planning as get you capitalized, be Right. of kind expensed, FirstNet million million of but out for like, domestic XXXX, still with also

Michael Prior

Yes.

And We carry of right? into probably and XXXX kind fourth see will, will towers it 'XX, increase backhaul some guidance we'll the quarter. in as of in infrastructure, into XXXX, should that if to give expect that will you But well. spend more more you on on

Richard Prentiss

I Yes. was getting That's what at.

be ramps, of to Okay. like, if it the It will this felt and more me, that you're year coming. million doing project $X

Okay.

Michael Prior

rest the the of on CapEx Exactly. Right. will, okay. you kind if to We're working hard minimize the of network, but

Richard Prentiss

Okay.

to the JVIR early-stage not on to update initiatives for I questions promise the yet. also. Looking next point quarter inflection the forward estimate

Operator

turn the queue conference this the to back closing for any over like questions in time. I'm at showing additional no management to I'd remarks.

Michael Prior

That's everybody. after care. have, fourth all you speaking we with quarter. Look forward the Take to

Operator

concludes gentlemen, conference. today's and thank for participating in the Ladies This program. you

Everyone, wonderful disconnect. now may a day. have You

ATN International (ATNI) 26 Oct 192019 Q3 Earnings call transcript