ATN International (ATNI) delivered a solid Q4 2023 results and continued execution of its three-year strategic plan to expand high-speed network reach via the First-to-Fiber and Glass and Steel initiatives. In Q4, total revenue of $198.97 million rose 4% year over year (before construction revenue), while Adjusted EBITDA increased 13% to $51.0 million, signaling meaningful margin expansion driven by higher fixed revenues and ongoing efficiency improvements. For the full year, revenue reached $762.2 million (up 6% ex-construction), and Adjusted EBITDA rose 10% to $189.5 million, supported by continued margin initiatives across both International and Domestic segments. Net losses persisted in 2023 (-$14.5 million for the year; -$5.8 million in Q4), largely influenced by a $6.6 million restructuring charge in Q4 and higher interest expense, underscoring ongoing balance-sheet optimization and cost discipline as the company transitions toward higher recurring revenues and free cash flow generation. ATN’s capital allocation remained constructive, with nearly $200 million of 2023 capex, grant funding totaling $91.2 million in 2023, and a stronger balance sheet (net debt to Adjusted EBITDA around 2.4x). The 2024 outlook calls for revenue in the $750–$770 million range (ex-construction), Adjusted EBITDA of $200–$208 million, capex of $110–$120 million, and a net debt ratio target of 2.25x–2.40x by year-end, aided by government grants and selective internal investments. Management framed 2024 as a year to consolidate network gains, accelerate cash flow expansion, and further monetize the upgraded fiber footprint, while continuing to optimize the balance sheet and shareholder value through dividends and share repurchases.