First Quarter 2025 vs. First Quarter 2024 Financial Highlights

Expanded high-speed broadband homes passed by 11%Grew total high-speed subscribers by 2%Revenues declined 4% to $179.3 millionOperating income decreased to $2.7 millionNet loss was $(8.9) million, or $(0.69) per shareAdjusted EBITDA1 increased 2% to $44.3 millionNet cash provided by operating activities increased 55% to $35.9 millionCapital expenditures were $20.8 million (net of $22.4 million reimbursements)Net Debt Ratio3 was 2.52x on March 31, 2025

Reaffirmed Outlook for Full Year 2025

Revenue, excluding construction revenue, is expected to be in line with last year’s result of $725 millionAdjusted EBITDA2 is expected to be essentially flat with the prior year result of $184 millionCapital expenditures are expected to be in the range of $90 to $100 million (net of reimbursements)Net Debt Ratio3 is expected to remain flat, with a slight potential improvement exiting 2025 compared with 2.54x at the end of 2024

Earnings Conference Call
Thursday, May 1, 2025, at 10:00 a.m. ET; web participant link: https://edge.media-server.com/mmc/p/xdo8izcv

BEVERLY, Mass., April  30, 2025  (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the first quarter ended March 31, 2025.

Remarks by Brad Martin, ATN Chief Executive Officer

“Our first quarter results reflect steady operational execution as we continue navigating a dynamic industry landscape. While revenues declined year-over-year due to the wind-down of subsidy programs, we delivered a modest year-over-year increase in Adjusted EBITDA supported by disciplined cost management. We also improved free cash flow, reflecting both focused capital management and the contribution of our network enhancements and expansion initiatives.

“Internationally, we maintained positive momentum with consistent demand for high-speed services and continued operational efficiency contributing to a year-over-year increase in Adjusted EBITDA. Domestically, we are executing on our transition strategy, aligning our networks with business and carrier solutions to create a more sustainable revenue base. While these actions are having a near-term impact on revenue, we remain confident they will expand margins and cash generation over time.

“As we move forward, we remain focused on monetizing the investments made during our recent three-year strategic capital spending cycle supported by ongoing cost management and efficiency initiatives. These efforts reinforce our confidence in delivering sustained long-term value for our shareholders.”

First Quarter 2025 Financial Results

Consolidated revenues were $179.3 million in the first quarter, down 4% versus $186.8 million in the year-ago quarter. This decrease primarily reflects the revenue decline in the US Telecom segment due to the impact of the end of the Emergency Connectivity Fund (ECF) and Affordable Care Program (ACP), as previously disclosed.

Operating income was $2.7 million in the first quarter versus $4.6 million in the year-ago quarter. Year-over-year cost containment efforts resulted in a reduction in selling, general and administrative costs. These improvements were offset by lower revenues and increases in transaction-related charges, restructuring and reorganization expenses and losses on the disposition of assets and transfers.

Net loss attributable to ATN stockholders in the first quarter of 2025 was $(8.9) million, or $(0.69) loss per share versus a net loss attributable to ATN stockholders of $(6.3) million, or $(0.50) loss per share, in the year-ago quarter.

Adjusted EBITDA1 was $44.3 million in the first quarter of 2025, up 2% from $43.5 million in the year-ago quarter.

Segment Operating Results (in Thousands)

The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other.

For Three Months Ended March 31, 2025 and 2024  2025  2024  2025  2024  2025  2024  2025  2024  InternationalInternationalUSUSCorporate and Corporate and TotalTotal TelecomTelecomTelecomTelecomOther*Other*ATNATNTotal Revenue:$ 94,496 $ 93,059 $ 84,798 $ 93,735 $ - $ - $ 179,294 $ 186,794 Mobility 26,041  26,037  39  838  -  -  26,080  26,875 Fixed 61,365  61,321  51,659  57,884  -  -  113,024  119,205 Carrier Services 3,904  3,574  29,227  30,052  -  -  33,131  33,626 Construction -  -  1,046  1,586  -  -  1,046  1,586 All other 3,186  2,127  2,827  3,375  -  -  6,013  5,502  Operating Income (Loss)$14,750 $11,685 $(2,415)$597 $(9,668)$(7,708)$2,667 $4,574 EBITDA (2)$30,378 $28,060 $16,844 $20,463 $(8,803)$(7,630)$38,419 $40,893 Adjusted EBITDA (1)$32,390 $29,273 $17,515 $20,703 $(5,566)$(6,458)$44,339 $43,518 Capital Expenditures**$10,803 $16,915 $10,026 $17,759 $2 $1,341 $20,831 $36,015  * Corporate and Other refer to corporate overhead expenses and consolidating adjustments.**Excludes government capital program amounts disbursed and amounts received.

Operating Metrics

Operating Metrics  20252024202420242024Q1 2025 Q1Q4Q3Q2Q1 vs. Q1 2024 High-Speed Data* Broadband Homes Passed 427,300 426,100 399,500 396,100 386,300 11%High-Speed Data* Broadband Customers141,300 140,800 141,100 140,600 138,900 2% Broadband Homes Passed 801,500 800,900 798,400 798,300 789,700 1%Broadband Customers199,800 203,200 205,900 211,400 212,500 -6% Fiber Route Miles11,944 11,921 11,901 11,880 11,692 2% International Mobile Subscribers Pre-Paid332,300 329,300 336,400 339,000 346,400 -4%Post-Paid59,600 59,500 58,700 57,900 57,300 4%Total391,900 388,800 395,100 396,900 403,700 -3% Blended Churn3.32%3.51%3.47%3.44%3.34% *HSD is defined as download speeds 100 Mbps or greater and HSD Broadband Customers as subscribers connected to our high-speed networks regardless of the speed of plan selected. Note: Data presented may differ from prior periods to reflect more accurate data and/or changes in calculation methodology and process.

Balance Sheet and Cash Flow Highlights

Total cash, cash equivalents and restricted cash as of March 31, 2025 increased to $97.3 million and total debt was $562.4 million, versus $89.2 million of cash, cash equivalents and restricted cash and $557.4 million of total debt on December 31, 2024. The Company’s Net Debt3 ratio was 2.52x on March 31, 2025.

Net cash provided by operating activities increased to $35.9 million for the quarter ended March 31, 2025, compared with net cash provided by operating activities of $23.2 million in the prior year period primarily as a result of working capital improvements.

Capital expenditures were $20.8 million net of $22.4 million of reimbursable capital expenditures for the quarter ended March 31, 2025, versus $36.0 million net of $13.5 million of reimbursable capital expenditures in the prior year period.

Quarterly Dividends and Stock Repurchases

Quarterly dividends ATN paid a dividend of $0.24 per share on April 7, 2025, on all common shares outstanding to stockholders of record as of March 31, 2025.

Share repurchases. For the quarter ended March 31, 2025, the Company did not repurchase any shares.

2025 Business Outlook

“In 2025, our priority is expanding cash flow and fully capturing the benefits of the strategic investments we’ve made over the past three years,” said Martin. “While domestic revenue will reflect our deliberate transition away from legacy services, our International segment is positioned to deliver profitable growth. Across the business, we are maintaining disciplined capital spending, leveraging available grant funding, and optimizing cost structures to support sustainable performance improvements.”

ATN reaffirmed its expectations for the Full Year 2025:

Revenue, excluding construction revenue, is expected to be in line with 2024’s result of $725 millionAdjusted EBITDA2 is expected to be essentially flat with 2024’s result of $184 millionCapital expenditures are expected to be in the range of $90 to $100 million (net of reimbursements)Net Debt Ratio3 is expected to remain flat, with a slight potential improvement exiting 2025 compared with 2024’s result of 2.54x

For the Company’s full year 2025 outlook for Adjusted EBITDA and Net Debt Ratio, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a full description of items excluded from the Company’s expected Adjusted EBITDA and Net Debt Ratio.

Conference Call Information

Call Date: Thursday, May 1, 2025
Call Time: 10:00 a.m. ET
Webcast Link:https://edge.media-server.com/mmc/p/xdo8izcv

Live Call Participant Link: https://register-conf.media-server.com/register/BId6b6354b10124b4fb2c1d82771c67755

Webcast Link Instructions
You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the "Events & Presentations" section of the Company's Investor Relations website at https://ir.atni.com/events-and-presentations. A replay of the conference call will be available at the same locations beginning at approximately 1:00 pm ET on the same day. The Company also will provide an investor presentation as a supplement to the call on the “Events & Presentations” section of its Investor Relations website.

About ATN

ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, is a leading provider of digital infrastructure and communications services for all. The Company operates in the United States and internationally, including the Caribbean region, with a focus on rural and remote markets with a growing demand for infrastructure investments. The Company’s operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential, business, and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities. For more information, please visit www.atni.com.

Use of Non-GAAP Financial Measures and Definition of Terms

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains non-GAAP financial measures. Specifically, the Company has included EBITDA, Adjusted EBITDA, Net Debt, and Net Debt Ratio in this release and the tables included herein.

EBITDA is defined as Operating income (loss) before depreciation and amortization expense.

Adjusted EBITDA is defined as Operating income (loss) before depreciation and amortization expense, transaction-related charges, restructuring and reorganization expenses, one-time impairment or special charges, the gain (loss) on disposition of assets and transfers, and non-cash stock-based compensation.

Net Debt is defined as total debt less cash and cash equivalents and restricted cash.

Net Debt Ratio is defined as Net Debt divided by the trailing four quarters ended total Adjusted EBITDA at the measurement date.

The Company believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. Management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release. While non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating the Company’s own operating results over different periods of time, the Company urges investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results of operations, expectations regarding the transition of its US Telecom business, its future revenues, operating income, cash flows, network and operating costs, Adjusted EBITDA, Net Debt Ratio, and capital investments; demand for the Company’s services and industry trends - the Company’s liquidity; the expansion of the Company’s customer base; receipt of certain government grants and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1) the general performance of the Company’s operations, including operating margins, revenues, capital expenditures, and the retention of and future growth of the Company’s subscriber base and ARPU; (2) government subsidy program availability and regulation of the Company’s businesses, which may impact the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (3) the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (4) the Company’s reliance on a limited number of key suppliers and vendors for timely and cost-effective supply of equipment and services relating to the Company’s network infrastructure; (5) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (6) the Company’s ability to realize expansion plans for its fiber markets; (7) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (8) the Company’s ability to efficiently and cost-effectively upgrade the Company’s networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (9) the Company’s continued access to capital and credit markets on terms it deems favorable; (10) the Company’s ability to successfully grow its US Telecom businesses through carrier mobility and broadband and consumer-based broadband services; (11) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities facing the Company’s operations, including those resulting from the continued inflation and other macroeconomic headwinds including increased costs and supply chain disruptions; (12) the Company’s ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (13) the occurrence of weather events and natural catastrophes and the Company’s ability to secure the appropriate level of insurance coverage for these assets; and (14) increased competition. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 17, 2025, and the other reports the Company files from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors that may affect such forward-looking statements, except as required by law.

Contact  Michele SatrowskyAdam RogersCorporate TreasurerInvestor RelationsATN International, Inc.Sharon Merrill Advisors, [email protected]

Table 1ATN International, Inc.Unaudited Condensed Consolidated Balance Sheets(in Thousands)  March 31, December 31, 2025  2024 Assets: Cash and cash equivalents$83,452  $73,393 Restricted cash 13,807   15,851 Customer receivable 7,713   7,986 Other current assets 200,735   211,931  Total current assets 305,707   309,161  Property, plant and equipment, net 1,029,165   1,040,193 Operating lease right-of-use assets 97,683   99,427 Customer receivable - long term 40,289   41,030 Goodwill and other intangible assets, net 129,009   130,144 Other assets 105,596   107,148  Total assets$1,707,449  $1,727,103  Liabilities, redeemable non-controlling interests and stockholders’ equity: Current portion of long-term debt$8,226  $8,226 Current portion of customer receivable credit facility 8,127   8,031 Taxes payable 8,089   8,234 Current portion of lease liabilities 17,164   16,188 Other current liabilities 222,066   226,635  Total current liabilities 263,672   267,314  Long-term debt, net of current portion$554,158  $549,130 Customer receivable credit facility, net of current portion 34,105   36,203 Deferred income taxes 3,474   4,882 Lease liabilities 73,910   77,469 Other long-term liabilities 119,855   120,351  Total liabilities 1,049,174   1,055,349  Redeemable non-controlling interests 77,555   76,303  Stockholders' equity: Total ATN International, Inc.’s stockholders’ equity 473,335   489,493 Non-controlling interests 107,385   105,958  Total stockholders' equity 580,720   595,451  Total liabilities, redeemable non-controlling interests and stockholders’ equity$1,707,449  $1,727,103

Table 2ATN International, Inc.Unaudited Condensed Consolidated Statements of Operations(in Thousands, Except per Share Data)  Three Months Ended,March 31, 2025   2024 Revenues: Communications services$174,031  $181,268 Construction 1,046   1,586 Other 4,217   3,940 Total revenue 179,294   186,794  Operating expenses (excluding depreciation and amortization unless otherwise indicated): Cost of services and other 78,224   80,390 Cost of construction revenue 1,501   1,570 Selling, general and administrative 55,228   61,315 Stock-based compensation 1,905   1,909 Transaction-related charges 1,436   19 Restructuring and reorganization expenses 1,830   1,190 Depreciation 34,527   34,340 Amortization of intangibles from acquisitions 1,226   1,980 (Gain) loss on disposition of assets and transfers 750   (493)Total operating expenses 176,627   182,220  Operating income (loss) 2,667   4,574  Other income (expense): Interest expense, net (11,678)  (11,075)Other income (expense) (2,568)  172 Other income (expense), net (14,246)  (10,903) Loss before income taxes (11,579)  (6,329)Income tax expense (benefit) (192)  1,619  Net income (loss) (11,387)  (7,948) Net (income) loss attributable to non-controlling interests, net 2,459   1,633  Net income (loss) attributable to ATN International, Inc. stockholders$(8,928) $(6,315) Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders:  Basic$(0.69) $(0.50) Diluted$(0.69) $(0.50) Weighted average common shares outstanding: Basic 15,131   15,437 Diluted 15,131   15,437

Table 3ATN International, Inc.Unaudited Condensed Consolidated Cash Flow Statements(in Thousands)  Three Months Ended March 31, 2025   2024  Net loss$(11,387) $(7,948)Depreciation 34,527   34,340 Amortization of intangibles from acquisitions 1,226   1,980 Provision for doubtful accounts 1,854   1,322 Amortization of debt discount and debt issuance costs 716   625 (Gain) loss on disposition of assets and transfers 750   (493)Stock-based compensation 1,905   1,909 Deferred income taxes (2,520)  (2,181)(Gain) loss on equity investments 4   (170)Decrease in customer receivable 1,015   254 Change in prepaid and accrued income taxes 2,223   3,966 Change in other operating assets and liabilities 5,592   (10,428) Net cash provided by operating activities 35,905   23,176  Capital expenditures (20,832)  (36,016)Government capital programs: Amounts disbursed (22,445)  (13,473)Amounts received 17,281   10,546 Net proceeds from sale of assets 141   3,655 Purchases and sales of employee benefit plan investments 715   176 Purchases of spectrum licenses and other intangible assets -   (573) Net cash used in investing activities (25,140)  (35,685) Dividends paid on common stock (3,627)  (3,701)Finance lease payments (494)  (443)Term loan - repayments (1,653)  (3,801)Payment of debt issuance costs (172)  (72)Revolving credit facilities – borrowings 13,000   46,000 Revolving credit facilities – repayments (7,000)  (18,302)Proceeds from customer receivable credit facility -   3,700 Repayment of customer receivable credit facility (2,030)  (1,804)Purchases of common stock - stock-based compensation (730)  (1,896)Purchases of common stock - share repurchase plan -   (121)Purchases of noncontrolling interests (44)  -  Net cash (used) provided by financing activities (2,750)  19,560  Net change in total cash, cash equivalents and restricted cash 8,015   7,051  Total cash, cash equivalents and restricted cash, beginning of period 89,244   62,167  Total cash, cash equivalents and restricted cash, end of period$97,259  $69,218

Table 4ATN International, Inc.Selected Segment Financial Information(In Thousands) For the three months ended March 31, 2025 is as follows:  International Telecom US Telecom Corporate and Other *Total Statement of Operations Data: Revenue Mobility Business$4,849 $39 $- $4,888 Consumer 21,192  -  -  21,192 Total$26,041 $39 $- $26,080  Fixed Business$18,493 $29,244 $- $47,737 Consumer 42,872  22,415  -  65,287 Total$61,365 $51,659 $- $113,024  Carrier Services$3,904 $29,227 $- $33,131 Other 1,740  56  -  1,796  Total Communications Services$93,050 $80,981 $- $174,031  Construction$- $1,046 $- $1,046  Managed services$1,446 $2,771 $- $4,217 Total Other $1,446 $2,771 $- $4,217  Total Revenue$94,496 $84,798 $- $179,294  Depreciation$15,377 $18,284 $865 $34,526 Amortization of intangibles from acquisitions$251 $975 $- $1,226 Total operating expenses$79,746 $87,213 $9,668 $176,627 Operating income (loss)$14,750 $(2,415)$(9,668)$2,667 Net (income) loss attributable to non-controlling interests$(1,474)$3,933 $- $2,459  Non GAAP measures: EBITDA (2)$30,378 $16,844 $(8,803)$38,419 Adjusted EBITDA (1)$32,390 $17,515 $(5,566)$44,339  Balance Sheet Data (at March 31, 2025): Cash, cash equivalents and restricted cash$51,615 $44,529 $1,116 $97,260 Total current assets 150,933  146,714  8,060  305,707 Fixed assets, net 461,077  559,816  8,272  1,029,165 Total assets 689,243  926,372  91,834  1,707,449 Total current liabilities 96,590  130,274  36,808  263,672 Total debt, including current portion 59,875  315,862  186,647  562,384  * Corporate and Other refer to corporate overhead expenses and consolidating adjustments  Table 4 (continued) ATN International, Inc.Selected Segment Financial Information(In Thousands) For the three months ended March 31, 2024 is as follows:  International Telecom US Telecom Corporate and Other *TotalStatement of Operations Data: Revenue Mobility Business$4,808 $74 $- $4,882 Consumer 21,229  764  -  21,993 Total$26,037 $838 $- $26,875  Fixed Business$18,532 $34,965 $- $53,497 Consumer 42,789  22,919  -  65,708 Total$61,321 $57,884 $- $119,205  Carrier Services$3,574 $30,052 $- $33,626 Other 818  744  -  1,562  Total Communications Services$91,750 $89,518 $- $181,268  Construction$- $1,586 $- $1,586  Managed services$1,309 $2,631 $- $3,940  Total Other $1,309 $2,631 $- $3,940  Total Revenue$93,059 $93,735 $- $186,794  Depreciation$16,124 $18,138 $78 $34,340 Amortization of intangibles from acquisitions$251 $1,728 $- $1,979 Total operating expenses$81,374 $93,138 $7,708 $182,220 Operating income (loss)$11,685 $597 $(7,708)$4,574 Net (income) loss attributable to non-controlling interests$(1,436)$3,069 $- $1,633  Non GAAP measures: EBITDA (2)$28,060 $20,463 $(7,630)$40,893 Adjusted EBITDA (1)$29,273 $20,703 $(6,458)$43,518  Balance Sheet Data (at December 31, 2024): Cash, cash equivalents and restricted cash$35,231 $51,604 $2,408 $89,243 Total current assets 129,866  168,754  10,541  309,161 Fixed assets, net 466,861  565,625  7,707  1,040,193 Total assets 675,642  957,914  93,547  1,727,103 Total current liabilities 85,588  147,490  34,236  267,314 Total debt, including current portion 59,850  316,242  181,264  557,356   (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA(2) See Table 5 for reconciliation of Operating Income to EBITDA* Corporate and Other refer to corporate overhead expenses and consolidating adjustments

Table 5ATN International, Inc.Reconciliation of Non-GAAP Measures(In Thousands) For the three months ended March 31, 2025 is as follows:  International Telecom US Telecom Corporate and Other *Total  Operating income (loss)$14,750 $(2,415)$(9,668)$2,667 Depreciation expense 15,377  18,284  865  34,526 Amortization of intangibles from acquisitions 251  975  -  1,226 EBITDA$ 30,378 $ 16,844 $ (8,803)$ 38,419  Stock-based compensation 215  78  1,611  1,904 Transaction-related charges -  -  1,436  1,436 Restructuring and reorganization expenses 1,506  134  190  1,830 (Gain) Loss on disposition of assets and transfers 291  459  -  750 ADJUSTED EBITDA$ 32,390 $ 17,515 $ (5,566)$ 44,339    For the three months ended March 31, 2024 is as follows:  International Telecom US Telecom Corporate and Other *Total  Operating income (loss)$11,685 $597 $(7,708)$4,574 Depreciation expense 16,124  18,138  78  34,340 Amortization of intangibles from acquisitions 251  1,728  -  1,979 EBITDA$ 28,060 $ 20,463 $ (7,630)$ 40,893  Stock-based compensation 23  132  1,754  1,909 Restructuring and reorganization expenses 1,190  -  -  1,190 Transaction-related charges -  -  19  19 (Gain) Loss on disposition of assets and transfers -  108  (601) (493)ADJUSTED EBITDA$ 29,273 $ 20,703 $ (6,458)$ 43,518

Table 6 ATN International, Inc.Non GAAP Measure - Net Debt Ratio(in Thousands)   March 31, December 31, 2025  2024   Current portion of long-term debt *$8,226  $8,226 Long-term debt, net of current portion * 554,158   549,130  Total debt$562,384  $557,356  Less: Cash, cash equivalents and restricted cash 97,259   89,244  Net Debt$465,125  $468,112   Adjusted EBITDA - for the four quarters ended$184,906  $184,084   Net Debt Ratio 2.52   2.54   * Excludes Customer receivable credit facility

1 See Table 5 for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure.

2 For the Company’s Adjusted EBITDA Guidance, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a full description of items excluded from the Company’s expected Adjusted EBITDA

3 Please see “Use of Non-GAAP Financial Measures” below for a full definition of Net Debt Ratio.