Good day, and thank you for standing by. Welcome to the ATN International second quarter 2022 earnings conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. I would now like to hand the conference over to your speaker today, Mr. Justin Benincasa, Chief Financial Officer of the company. Please go ahead, sir. Great. Thank you, operator, and good morning, everyone. Today, we'll be reviewing our second quarter 2022 earnings results. With me here is Michael Prior, ATN's Chief Executive Officer. Michael will be providing an update on the business and strategy as well as high-level overview on our quarterly results. I will cover the relevant financial information and provide additional color where necessary. As a reminder, we released our second quarter earnings press release last night after market close. Investors can find the release and summary slides on this call or on our Investor Relations website. Before I turn the call over to Michael, I'd like to point out that this call, our press release and slides contain forward-looking statements concerning our current expectations, objectives, and underlying assumptions regarding our future operating results. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Also, in an effort to provide useful information to investors, our comments today include non-GAAP financial measures. 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, please refer to our earnings release on our website at atni.com or to the 8-K provided to the SEC. I will now turn the call over to Michael for his prepared remarks. Thank you, Justin, and welcome everyone to our second quarter 2022 earnings call. We delivered solid results in the second quarter, driven by strong performances across our businesses and geographies. In line with our three-year plan, we are making progress in several business areas to lay the foundation for our long-term growth and expansion. A few highlights from the quarter help to illustrate this point. First, we have completed our initial year of operating Alaska Communications. We are pleased to announce that full integration is complete, with the acquisition expanding our overall U.S. footprint and adding roughly 50% to our total segment revenues. I am grateful for the work of the ATN and Alaska teams in achieving this milestone. It was a large and complex undertaking, and we don't take success for granted. Second, we won a grant for approximately $10 million to deliver connectivity to homes and businesses in an area of Northern Arizona. Third, we invested more in increasing our infrastructure footprint and subscriber count in a number of markets, and in particular, Guyana. Last but not least, we announced yesterday that we have entered into an agreement to acquire the largest private broadband provider in New Mexico, about which I will say more shortly. As noted on prior calls, 2022 marks the first year under our new growth strategy. This strategy is underpinned by our twin pillars of Glass and Steel and being First to Fiber. Glass and Steel represents our goal to build and own modern core digital infrastructure, while being First to Fiber expresses our commitment to being the first to bring high-speed connectivity to a market. Our growth strategy complements and enhances our differentiated approach, focused on entering and servicing rural and remote markets with high connectivity demand. Many of these markets are characterized by lower socioeconomic demographics or harsh natural environments, creating a critical need for our solutions. Our deep experience, robust operating platform, and preference for partnering with local stakeholders allows us to enter many of these markets and deliver lasting change. This approach also has positive business implications. By focusing on serving customers first and providing an essential service, we can cultivate sticky relationships with lasting, durable cash flows. These cash flows are the lifeblood of our business, allowing us to reinvest in other growing markets that meet our criteria for traditionally underbuilt environments with low penetration. As mentioned, we recently won a grant for approximately $10 million in support of our Southern Apache County Fiber to the Home project. This funding will allow us to deliver the promise of fiber to more than 11,000 residents and 4,000 homes and businesses in Southern Apache County. This is an area of the U.S. that is currently suffering from significantly higher unemployment and poverty than the national average, and we are hopeful that the dramatic improvement in the availability of high-speed connectivity our project will deliver will help to alleviate those conditions. High-speed connectivity can have a very positive impact on communities like this today by offering access to life-changing opportunities such as remote employment, the ability to sell goods or services through e-commerce marketplaces, distance learning, and telehealth. By focusing on what's most important and putting our customers first, we have continued to make solid progress across our key metrics. At the end of the second quarter, we had passed approximately 570,000 homes with our broadband networks and had approximately 9,400 fiber route miles across those markets. We've also had approximately 205,000 broadband subscribers, with 52% of those subscribers utilizing or capable of being connected to our higher-speed services. Turning briefly to quarterly results. In the second quarter of 2022, we grew our total revenues by 45% year-over-year and Adjusted EBITDA by 55%. This was mainly due to our expansion in the U.S. alongside network upgrades and customer additions across both our domestic and international operations. Our international segment remains reliable and highly productive. We continue to focus on maintaining and improving our market share in more mature markets and leveraging those cash flows to reinvest in other markets that are earlier in their growth cycles, such as Alaska, Guyana, and Southwestern U.S. These cash flows are also providing us with the flexibility to further upgrade our existing network infrastructure in other key areas. Our international segment's mobile business also continued to perform well. At the end of the second quarter, our total segment mobile subscriber base was approximately 349,000, a 9% increase from a year ago, and with a faster rate of growth in the postpaid portion of that base. In the U.S., Alaska continued to be a steady and solid contributor, consistent with what we have seen over the past several quarters. We are generally happy with the progress made at this one-year mark of the acquisition, having, as I mentioned before, successfully integrated operations, and that helped us achieve greater synergies, increase market share, upgrade our capabilities, and improve resiliency. Going forward, we expect to increase the pace of investment and commercial activity as we look to satisfy more unmet demand. We also have remained strategically active in the U.S. with our recent announcement to reacquire Sacred Wind, the largest privately owned broadband company in New Mexico. We expect Sacred Wind's operations to integrate with those of our existing operations in that region, and this acquisition is aligned with our broader corporate strategy. It's also in line with our strategy and continued transformation toward becoming a leading provider of broadband, fiber, and other infrastructure-based services to the carrier, business, government, and consumer segments in and around our longtime operating area in the Southwestern and Mountain West regions. We expect the combination to expand our footprint, our capabilities, and our development pipeline in the region. This investment will also further our mission of delivering positive social impact within the communities we serve, which includes those living in the tribal lands of that region. We are excited to be working with the team at Sacred Wind, and we look forward to providing more customers in New Mexico with affordable and reliable broadband connectivity. I would also like to congratulate our team in Arizona for their work with rural and remote tribal communities near the Grand Canyon. After completing our middle mile and local fiber build, we began delivering connectivity services to these communities in the second quarter. We are pleased to see the positive impact of our solutions in these communities and notably, their school systems. In summary, we have continued to make good progress in both U.S. and international markets, growing our network footprint with state-of-the-art broadband connectivity and increasing our overall subscriber count. Our Glass and Steel and fiber-first strategy are complementing our existing business capabilities well, and we are confident in our long-term success profile. Overall, we expect the investments that we have made in the first half of 2022 to support our annual and multiyear EBITDA growth projections. With that, I'll hand over the call to Justin for our financial results. Great. Thanks, Michael. In the second quarter of 2022, total consolidated revenues were $179.5 million, up 45% year-over-year. Operating income was $1.7 million versus $2.9 million last year, and Adjusted EBITDA was $39.2 million, up 55% year-over-year. The increase in revenue and Adjusted EBITDA was mostly due to the addition of Alaska, while the year-over-year decline in operating income was due to the increases in network operating costs and sales and marketing expenses in our international segment and higher depreciation expense related to the acquisition of Alaska. Now turning to our segment breakdown. In international, revenues were $88.4 million, increasing 3% year-over-year. Mobile subscriber growth and higher carrier services revenues from increased travel to the U.S. Virgin Islands and Bermuda all contributed to the segment revenue growth. These revenue increases were partially offset by the scheduled step-down in federal high-cost revenue support subsidies for the U.S. Virgin Islands, which we've noted previously. The next step-down of $1.4 million is scheduled to occur in the third quarter of 2022. Adjusted EBITDA for the segment was $27.1 million in the quarter, down slightly from $28.4 million a year ago. This was due to higher operating costs, which offset the increase in segment revenues and the impact of the federal support step down I previously mentioned. In addition, we're investing more in sales and marketing and customer support capabilities, as well as network enhancements as we aim to grow the size and quality of our subscriber base at a more rapid pace. In our U.S. segment, revenues were $91.1 million in the quarter, more than doubling once again on a year-over-year basis due to our consolidation of Alaska's results. In the U.S., approximately 70% of our service revenues were derived from business and carrier services. FirstNet construction contributed $3.3 million to the segment revenues in the quarter, and we've completed approximately 65% of the sites and now expect to complete 85% of the build by the end of 2022, which is down slightly from our prior forecast of 90%. This is mainly due to the timing of permitting and approvals, which are moving slower than we had originally projected. Quarterly Adjusted EBITDA in the segment was $20.6 million versus $4.5 million a year ago, mainly driven by the consolidation of Alaska. Net loss for the second quarter was $0.5 million or a loss of $0.11 per share, compared with net income of $2 million or $0.13 per diluted share in the same period a year ago. Included in the loss this quarter was a one-time charge of $1.7 million related to dissolving a defined benefit plan. We reported $40.6 million in CapEx for the quarter, which includes $3.7 million of government and grant reimbursable items. The breakdown between U.S. Telecom and International Telecom CapEx was $21.7 million and $18.7 million respectively. Now turning to our balance sheet and cash flows. We ended the quarter with total cash and cash equivalents of $71.1 million. In addition, for the first half of the year, cash provided by operating activities was $50.7 million, up from $27.5 million a year ago. Over the same period, we utilized approximately $33 million of cash to fund various working capital items, including prepaid circuits and FirstNet construction costs, as well as reducing payables and accrued balances. At the end of the second quarter, our total debt outstanding was $356 million. This amount includes $214.7 million of Alaska non-recourse debt and excludes $40.6 million related to the FirstNet customer receivable financing facility. With a consolidated net debt to EBITDA ratio of under 2x, including non-recourse and parent level debt, we continue to benefit from our balance sheet strength and resulting flexibility. In summary, we delivered solid results this quarter while continuing to invest in those areas that support our long-term growth strategies. This includes expanding our fiber coverage, upgrading our networks, and further penetrating into existing markets such as Guyana. In terms of overall expense profile, we are seeing some increased inflationary pressure in various OpEx categories, including labor and customer handset and equipment, as well as CapEx increases for cable and wiring costs. Nonetheless, we remain confident in our underlying business prospects, and we're reiterating our full-year guidance for 2022 as well as our 2024 financial objectives. Thank you, everyone. I'll now turn the call back to Michael for his closing comments. Thank you, Justin. We delivered a strong performance across our businesses and markets in the second quarter. Both at home and abroad, we continue to strengthen our operations and position ourselves for enduring growth. Additionally, we are pleased to have announced the acquisition of Sacred Wind Enterprises, and we look forward to working with the team to deliver more opportunity through our solutions in the days ahead. Now, operator, we'd like to open it up for questions. Yes, sir. Ladies and gentlemen, if you have a question or comment at this time, please press star one one on your telephone keypad. Again, to ask a question at this time, please press star one one. Please stand by while we compile the Q&A roster. Our first question or comment comes from the line of Hamed Khorsand from BWS Financial. Your line is open. Good morning. Could you just talk about the opportunistic approach that you have with the Sacred Wind? What made it so compelling to actually act now, and what your plans are with this acquisition? Yeah, I think, really this is a something we'd call kind of a bolt-on acquisition, and the advantage of it is it really helps us accelerate the expansion of the transformation we've talked about in our forward business strategy in the lower 48 and in that region. You know, it's broadband infrastructure assets in an adjacent market. We know of them. We think there's a good mesh of culture and team. And we think it's, you know, it's a great strategic complement for our subsidiary in that area. You know, they also have an attractive pipeline in an area that we're interested in pursuing. They've done a good job of developing, you know, fiber growth development. They're also, as are our teams, quite adept at winning, you know, solutions where it's public-private partnerships. There's some subsidies and incentives to connect people and communities. You know, it's a nice mesh with what we're trying to do with that business, and we think it's really an acceleration of the organic plan. Okay. On that note, what are your goals with CapEx? Will it continue to be basically at the same level of EBITDA for the next couple of years with all the grant opportunity out there, or could the company begin to generate free cash flow again? Well, I think, you know, we'll stand by that, you know, that broader guidance we've given about, you know, what we're expecting and where that leaves us from a balance sheet standpoint. We, you know, we talked a lot about that a couple of quarters ago. One thing I would say is that with these grants, they're largely not impactful to sort of net CapEx, right? There can be sometimes, as in this Arizona thing, we have something like a 10% match on our part. The grants themselves and I think some of them in the future probably will come through as, you know, contra CapEx, or something. It might actually serve to reduce it. It is the critical part of where we want to expand and how we want to expand. Maybe the sort of higher level answer to your question is, it's just in a number of our markets, we think now is the time, right? Now is the time to be first to fiber to provide the needs. There's just really strong demand. I think we will continue to invest in that program. Okay. My last question is, are you able to comment on the media reports that you hired Goldman Sachs? No, we don't. As many companies, we have a long-standing corporate policy not to comment on those types of rumors. Okay, thank you. Yep. Thank you. Our next question or comment comes from the line of Ric Prentiss from Raymond James. Mr. Prentiss, your line is open. Thanks. Good morning, everybody. Morning, Ric. Hey, I want to follow on the lines, so there's a lot of award and grant process out there. Can you update us on what's happening in Alaska? I think we saw some headlines that they've been moving forward on some funding of projects. Have you been successful there? Maybe an update on the FCC, Huawei rip and replace. I think there's been some progress there as far as what the government was thinking about. Just other states in general, how should we think about where you're at teeing up awards and grants? Sure. I'll do the rip and replace last because that's somewhat complex. In terms of larger grants and your question on Alaska, we have, you know, we've had some success. You know, we've launched service actually on some of the earlier programs there. I would say that there's more sort of pending and what we think is pretty late stages of approval and review in dollar amount of grants than we have now. As I'm sure you appreciate, but it's worth emphasizing for everybody, is I would be careful at looking at dollar value of grants and translating that, you know, on a level basis into economic impact. You know, some of the programs we've applied to do or solutions we've applied to deliver in a place like Alaska are very expensive to do, and therefore, the grant or the subsidy would, you know, could be very large. That doesn't mean that it's, you know, larger than, you know, in any one situation than, say, a $10 million grant we just mentioned, you know, to run fiber to 4,000 homes. We look at these things in terms of the total cost of ownership to deliver it over time and what we can expect to receive. I just wanna emphasize that. The second thing I would add to that is that I think we're, you know, we're early in it because as you know, the BEAD program, the $42 billion, that really is yet to be. It's just early innings of grants flowing out of that. That's coming through the states, from the federal government, through the states and sometimes smaller entities, counties, et cetera, to then, you know, green light projects and make awards. So I think there's going to be quite a lot of activity in that for the next, you know, number of quarters, and we're certainly participating in multiple markets. I, if I'll pause there if you wanna have a follow-up on that, and then otherwise I can answer the rip and replace question. No, let's go on. Let's go to the FCC. Okay. As you probably saw in the news, we had all our subsidiaries approved for something like $525 million of estimates in the rip and replace, so as we call it. The approved prorated allocation for that was about 40% of that amount, so a little over $200 million. The way it works without getting into too much complexity, first of all, we're very pleased because the approval was very close to what we submitted. We're glad our team did a good job. Now this is a reimbursement program, you know, and we're ready to step up to the obligations and participate in the program. In terms of the gap in funding, right now, I believe at least the committee in the House had approved a bill to fill the gap, which would fund all the approvals at the full amount, or more or less. I think, you know, we're hopeful. What we've seen so far is there seems to be strong bipartisan support. This is a program, you know, that was championed by both sides of the aisle as important to the country. We expect it to get done, but, you know, we're still evaluating that. We're also—there's also plenty of discussions with us, between us and other participants and the FCC on exactly how all the timing works, you know, for application, you know, for when you start the replacing, when you're reimbursed, and so on. We're still working through those details and getting clarifications. Roughly, any idea of the timeframe of the replacement ahead of the reimbursement? No. You mean in terms of, you know, cash flow? Are you talking about cash flow? Cash out and cash in? Yeah. Is it, you know, would it be like a six-month lag, a one-year lag, a quarter lag? Yeah. I don't know. That's obviously something we're- Yeah. -tracking. Yeah. We're really actively trying to manage that, Ric, because it's, these are obviously big numbers, right? Yeah. How much, you know, the timing of the ins and outs is critical, and something we're working through right now. Every participant is doing the same. The other thing I should say, though, is some of our vendors, you know, some of the bigger vendors, bigger names that would participate in this, we, you know, we are putting in place or have put in place in the contracts a sort of pass-through, which is when we get paid, you get paid. So we can alleviate that with those sorts of agreements as well. That makes sense. Okay. On another line, operationally, things came in kind of where we were looking for, but the corporate other category did come in a little higher on an EBITDA loss standpoint. How should we think about what happened in the quarter? What's the right run rate as we think about that kind of corporate other line item, and what all goes into there? Yeah. I mean, the biggest drivers in that line item are the shared service organizations and corporate. I would say Q1 was lower, a lower quarter. Q2 was a higher quarter, and that was some of the non-cash comp charges. But what I would think about going forward is we'll be a little bit, you know, a little bit under the $8 million run rate, I think, in the back half of the year or quarter. Okay. Q2 was high, Q1 was lower. Like I said, a little under eight or so. A little under eight going forward. As you guys calculate toward Adjusted EBITDA, do you take out all the non-cash items anyway then when you get to Adjusted EBITDA? No. Not on the comp, we don't take out. We take out, you know, transaction-related charges. Gotcha. If we wanted to get to a cash EBITDA, we'd have to make some adjustments. Yes. On that with the non-cash charge. With the non-cash comp charges. Okay. Last one for me. Actually, there's two, sorry. There's a lot of companies that are obviously pursuing a first-to-fiber strategy, so very important to stay aware of your marketplaces to make sure there's not multiple people trying to be first to market. How are you guys monitoring the markets you're in? As you think about some of these other companies that are involved in a first-to-fiber strategy, a lot of those are private companies. What are the advantages to being a public company versus the advantages of being a private company going after these investment pursuits? You know, I'm not sure. You know, from an operational standpoint, I'm not sure there's any advantage. For some of the smaller ones, there might be some disadvantages if you're trying to work with the government programs. Yeah, but just the difference typically is, you know, we have more sort of current explaining and updating to do of our long-term plans and what the value is we see than a private company that's received financing to do just that. That's the main difference. In terms of your broader question of, you know, how do we keep an eye on it, I would say very carefully, right? We've always been very sensitive to the sort of risk of oversupply of infrastructure to a market, right? We've largely gone after places with undersupply, and we continue to you know, watch very carefully what else might be done. In most of our markets, we've been there for a long time. We have a very good understanding of what's going on and who the players are. It's a little more tricky if you read the headlines in some of the, you know, mainland U.S. markets, to you know, ascertain. When you drill down, again, we pretty much know the local players and and we see, you know, when we see the announcements by both larger players and small. But we'll be very vigilant. It's always a key part of our thought process, as we you know, green light projects or not. Okay. The last one for me then was on the New Mexico deal with Sacred Wind. The purchase price looks like, what, about a 5.7 multiple if there's $57 million of cash and assumed debt and about $10 million of estimated annual EBITDA, which seems a bit low for a cable property. There's rumors in the marketplace of Altice maybe selling suddenly for some pretty high multiples. How should we think about the multiple you paid? What's the growth you expect out of that project? Is there a need then for some significant CapEx investment? Sure. You know, one thing I can say, right, if you looked at the information we provided earlier, the, you know, that, the cash and the debt, $25 million in cash and roughly $32 million in debt assumed. There's also some, the sellers are also gonna take a small minority stake in the combined entity. There's some earn-out mechanisms or opportunities for the sellers as well. What I can say to give you a value sense, and then I'll talk about the opportunity. From a value standpoint, our, the way we look at it in the mix of consideration, it's pretty consistent with where we are trading today, and that's before synergies. You know, the growth is really part of the synergy. I think there's two layers of that. There definitely are some cost synergies available, but this is more about revenue. It's about developing their pipeline. Now they have a track record of doing that pretty much with organic cash flow. A lot of it, you know, we think, you know, can be done with that. There may be some opportunities as we integrate to accelerate or to broaden the footprint, and that might require additional CapEx. We're not, you know, we're not sort of updating any of that at this point in time. Kind of the growth rate you see in those markets? I think there's a good one. They are, you know, they're not a cable provider. Their origins were as a small LEC, and so they had some copper plant, and then they started building out fiber in both existing and new communities. There is some, you know, copper fiber conversion potential that we will examine, but we're probably more focused on the expansion in new fiber builds. You know, for the size of the business, I think, again, it's gonna be integrated with our Commnet subsidiary, but we, you know, we think it could be a significant contributor to growth. Yep. Okay. Thanks for the color. Cheers guys. Thank you. Thank you. Our next question or comment comes from the line of Greg Burns from Sidoti. Mr. Burns, your line is open. Morning. Just when we think about your fiber investments, the penetration on the number of homes passed. Is the focus now just on expanding the network and then you'll turn to, you know, trying to increase penetration? Like, how should we think about the trajectory of broadband penetration in the markets that you're covering? Where do you think you could get that to? It looks like about 35% or so now. How high do you think that could go over time? Yeah, I think we will continue to. First of all, we'll continue to add to total number of broadband customers we expect. Most of what we add, you know, really will be what we call, you know, the high-speed data, and, you know, we say that's 100 Mb downloads and up. In most cases, well above that. We have two things that we're doing that you appreciate is, one, we are taking our existing broadband customers at lower speed and converting them to higher speed networks and higher speed services. There's plenty of that left to do in the markets, and that's why we provide those metrics. There'll be the new markets add-ons, new areas, new communities, that will pretty much come straight into the high-speed data portion of it. I'm not gonna give you a sort of a target penetration rate. It's just we expect to continue to, you know, grow that number, and it's a key metric for us. Okay. Is there any update on Guyana? Any, I don't know, changes in the trajectory of that market? Anything you could provide there, by way of, you know, an update. Yeah, I think, I would say, on the positive side, and it's largely positive, the continued growth and, you know, build out of fiber that's going well. The costs are in line with our expectations on the, you know, the actual builds. The take rates continue to be strong. The ARPU they come in at continue to be strong. That's all positive. On the mobile side, we, you know, we continue to grow mobile subscribers in that market. We think we have more room to run, both because of macroeconomic growth and population growth that we expect to see, and market share. The one thing to say there, though, there's two on the other side of that, but more minor is, you know, costs are running high, and some of that is having both the legacy and the newer stuff, you know, overlapping each other. So there's opportunity in the future to optimize that. It's also, you know, as you build into new communities and so on, you have the higher fixed costs to start. You have the marketing and sales initiatives to go, you know, rapidly load people onto the new services. At the beginning, that's not great for margins. As you grow, every new sub, every new customer comes in as a higher incremental margin. That will right itself in our expectation. The last thing to notice is that, you know, the ARPU are a little low still, and we're a little lower on the mobile side. Again, we expect those to grow over time. In fact, we expect them to grow significantly over the next few years. There is some, you know, probably economic headwinds going on now, you know, for the time being in terms of. Okay. People's purchasing power. Yep. Okay, great. Thank you. Sure. Thank you. No questions in the queue at this time. I'll turn this back over to Michael for any closing remarks. All right. Thank you, operator. Appreciate that. Thank you all for joining us this morning. We genuinely appreciate your time and interest in ATN. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Speakers stand by.