ATN International, Inc. (NASDAQ: ATNI) has reported its financial results for the fourth quarter and full year 2023, along with providing an outlook for 2024. The company's "first-to-fiber" and "glass & steel™" strategies have driven year-over-year growth, with fourth-quarter revenues growing 4% to $199.0 million and full-year revenues increasing by 5% to $762.2 million.
Brad Martin, ATN's Chief Executive Officer, stated, "The fourth quarter capped off a strong year for ATN as our first-to-fiber and glass & stee investment strategies and ongoing focus on margin improvement yielded subscriber and revenue growth and profitability expansion. For both the quarter and the year, we generated single-digit revenue growth, while delivering a double-digit increase of adjusted EBITDA."
The company's 2024 outlook includes an expected revenue range of $750 to $770 million, excluding construction revenue, and an adjusted EBITDA range of $200 to $208 million for the full year 2024. ATN also anticipates capital expenditures for 2024 to be in the range of $110 to $120 million, net of reimbursements, with a projected net debt ratio of 2.25x to 2.40x exiting 2024.
The company's fourth quarter and full year 2023 financial results showed consolidated revenues of $199.0 million, reflecting a 4% increase from the year-ago quarter. Full-year revenues for 2023 increased by 5% to $762.2 million. Operating income for the fourth quarter was $3.3 million, down from $4.7 million in the year-ago quarter. However, full-year operating income increased to $13.2 million, up from $7.9 million in the prior year.
Adjusted EBITDA increased to $51.0 million in the fourth quarter of 2023, up from $45.3 million in the year-ago quarter. Full-year 2023 adjusted EBITDA increased to $189.5 million, up from $172.7 million in the prior year.
The company's strategic plan and key performance indicators include investments to drive long-term growth and durable cash flow, with a focus on deploying capital in fiber and fiber-fed high-speed data solutions to increase its fiber footprint and grow broadband subscribers.
ATN's operating metrics for 2023 showed growth in broadband homes passed by high-speed data services, an increase in high-speed capable broadband subscribers, and an expansion of the fiber network reach. The company's total cash, cash equivalents, and restricted cash as of December 31, 2023, amounted to $65.2 million, with total debt reaching $516.9 million.
The company has increased its quarterly dividend by more than 14% to $0.24 per share paid on January 5, 2024, to stockholders of record as of December 31, 2023. Additionally, ATN announced the expansion of its share repurchase program to up to $25 million of common stock.
ATN International is focusing on advancing margin improvement initiatives to position the company to realize the full benefits of its investments and more rapidly increase cash flows. The company is reiterating its preliminary adjusted EBITDA outlook for full-year 2024 and reducing the preliminary capital expenditures guidance by $10 million.
The company's full 8-K submission is available here.
