ATN International Inc (ATNI) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to ATN International's Fourth Quarter and Full Year 2023 earnings conference call. (Operator Instructions) I would now like to hand the call over toJustin Benincasa, Chief Financial Officer. Please go ahead.

感謝您的耐心等待，歡迎參加 ATN International 2023 年第四季和全年財報電話會議。（操作員指示）我現在想將電話轉交給財務長賈斯汀·貝寧卡薩 (Justin Benincasa)。請繼續。

Thank you, operator. And good morning, everyone. This morning, we'll be reviewing our fourth quarter and full year 2023 results and providing additional insights on 2024. I'm joined today by Brad Martin, ATN's Chief Executive Officer; and Carlos Doglioli, ATN's Incoming Chief Financial Officer, and Michael Prior, ATN's Executive Chairman, who will be available for the Q&A portion of the call.

謝謝你，接線生。大家早安。今天早上，我們將回顧 2023 年第四季和全年業績，並提供有關 2024 年的更多見解。今天，ATN 執行長布拉德馬丁 (Brad Martin) 也加入了我的行列。 ATN 即將上任的財務長 Carlos Doglioli 和 ATN 執行主席 Michael Prior 將出席電話會議的問答部分。

As a reminder, we announced our 2023 fourth quarter and full year results yesterday afternoon. After the market close, investors can find the earnings release and conference call slide presentation on our Investor Relations web. Our earnings release and the presentation 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.

提醒一下，我們昨天下午公佈了 2023 年第四季和全年業績。收盤後，投資者可以在我們的投資者關係網站上找到收益發布和電話會議幻燈片演示。我們的收益發布和簡報包含有關我們當前預期、目標和未來營運績效基本假設的前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與所描述的結果有重大差異。

Also in an effort to provide useful information for our investors.

也努力為我們的投資者提供有用的信息。

Our comments today include non-GAAP financial measures for details on these measures and reconciliations to comparable GAAP measures and further information regarding the factors that may affect our future operating results, please refer to our earnings release on our website at atn.com for the 8-K filing provided to the SEC. And now I'll turn the call over to Brad.

我們今天的評論包括非GAAP 財務指標，了解這些指標的詳細信息以及與可比GAAP 指標的對賬，以及有關可能影響我們未來經營業績的因素的更多信息，請參閱我們在atn.com 網站上發布的 8 年收益報告。-K 向 SEC 提交的文件。現在我將把電話轉給布拉德。

Thank you, Justin, and good morning, everyone. And thank you for joining us. It's a pleasure to be here for my first earnings call as ATN's CEO. I'll begin covering highlights from our Q4 and fiscal year 2023 performance and progress executing our strategy. Following that, Justin will review our financials in more detail and provide an update on our 2024 guidance. This is a significant time in ATN journey.

謝謝賈斯汀，大家早安。感謝您加入我們。很高興能作為 ATN 執行長出席我的第一次財報電話會議。我將首先介紹我們第四季度和 2023 財年的業績亮點以及執行我們策略的進展。隨後，賈斯汀將更詳細地審查我們的財務狀況，並提供 2024 年指導的最新資訊。這是 ATN 旅程中的重要時刻。

We've ended the third and final year of our strategic investment plan to expand the reach capability of our high-speed networks and to bring more high-speed data services to remote and underserved consumers and businesses. The investments we are making position A10 to continue delivering high-quality, reliable services to our customers while providing a solid foundation for growing high-speed data subscribers and recurring revenues, expanding free cash flows and delivering sustainable value creation for our stakeholders in the years ahead.

我們已經結束了戰略投資計畫的第三年，也是最後一年，該計畫旨在擴大高速網路的覆蓋範圍，並為偏遠和服務不足的消費者和企業提供更多高速數據服務。我們正在進行的投資旨在繼續為我們的客戶提供高品質、可靠的服務，同時為不斷增長的高速數據用戶和經常性收入提供堅實的基礎，擴大自由現金流並為我們的利益相關者創造可持續的價值先。

As a result, APN today is a stronger more resilient company. We concluded a solid 2023 with a strong fourth quarter, executing on our first to fiber and glass and steel investment strategy. Our continued conversion of customers to our high-speed networks and focus on margin improvements contributed to subscriber growth, higher revenue and margin expansion. In fact, both the quarter and the year, we achieved single digit revenue growth in double digit expansion of adjusted EBITDA. Justin will expand more on our financial results shortly. But first, I'd like to start with four key points that frame our 2023 performance and the opportunities ahead for ATN.

因此，今天的 APN 是一家更強大、更有彈性的公司。我們執行了第一個纖維、玻璃和鋼鐵投資策略，第四季表現強勁，為 2023 年畫下了堅實的句號。我們不斷將客戶轉向我們的高速網絡，並專注於提高利潤率，從而促進了用戶成長、收入增加和利潤率擴張。事實上，無論是季度還是年度，我們在調整後 EBITDA 兩位數擴張的同時實現了個位數收入成長。賈斯汀很快就會詳細介紹我們的財務業績。但首先，我想從四個關鍵點開始，闡述我們 2023 年的業績以及 ATN 未來的機會。

First, in 2023, we executed several important strategic milestones that are key to our success going forward. We advanced our first fiber and glass and steel investment strategy by adding fiber rich digital infrastructure in the markets we serve.

首先，2023 年，我們執行了幾個重要的策略里程碑，這些里程碑對於我們未來的成功至關重要。我們透過在我們服務的市場中添加富含纖維的數位基礎設施來推進我們的第一個纖維、玻璃和鋼鐵投資策略。

In May, we announced our long-term agreement with Verizon. We have made strong progress towards our multiyear effort to transition our large carrier customers from legacy wholesale roaming services to carrier managed services that provide ATN with greater revenue stability. We completed the integration and second wins of core addition to our operations and expanding our business in retail broadband operations domestically in 2023, we also completed initiatives to rightsize operations to better support the business into the future these actions are now complete in the U.S. and essentially completed internationally. All in all, we have enhanced our capabilities to better serve our customers and provide high-quality, reliable products and services for the coming years. As a result of these combined efforts, ATN is operating from a strong and scalable foundation as we enter 2024.

五月份，我們宣布了與 Verizon 的長期協議。經過多年的努力，我們在將大型營運商客戶從傳統批發漫遊服務轉變為營運商託管服務方面取得了巨大進展，為 ATN 提供了更高的收入穩定性。我們於2023 年完成了核心業務的整合和第二次勝利，並擴大了我們在國內零售寬頻業務的業務，我們也完成了調整業務規模的舉措，以更好地支持未來的業務，這些行動現已在美國完成，基本上國際化完成。總而言之，我們增強了能力，以便更好地服務客戶，並在未來幾年提供高品質、可靠的產品和服務。由於這些共同努力，當我們進入 2024 年時，ATN 已在強大且可擴展的基礎上運作。

Second, our first fiber and glass and steel infrastructure investments are yielding results across key operational metrics. Expanding high-speed network reach and capabilities provides a solid foundation for delivering strong recurring revenues, durable free cash flow and shareholder value over the long term.

其次，我們的首個纖維、玻璃和鋼鐵基礎設施投資正在關鍵營運指標上產生成果。擴大高速網路覆蓋範圍和能力，為長期提供強勁的經常性收入、持久的自由現金流和股東價值奠定了堅實的基礎。

Since launching our strategy at the start of 2022, we've increased high-speed broadband subscribers by 39%, nearly doubled broadband homes passed by high-speed data services and expanded our fiber network reach by nearly 50%.

自 2022 年初啟動策略以來，我們的高速寬頻用戶數量增加了 39%，高速資料服務通過的寬頻家庭數量幾乎增加了一倍，光纖網路覆蓋範圍擴大了近 50%。

Third, our performance validates ATN's strong market position. As we have said before, we play directly into what is unquestionably one of the world's most durable secular growth drivers need to be connected anytime and everywhere our network's reliability, consistency and efficiency as improved customer satisfaction as exemplified by strong subscriber growth and low churn.

第三，我們的業績證明了 ATN 強大的市場地位。正如我們之前所說，我們直接發揮世界上最持久的長期成長動力之一的作用，我們的網路的可靠性、一致性和效率需要隨時隨地連接，以提高客戶滿意度，例如強勁的用戶成長和低流失率。

Our deeply embedded relationships with local communities, customers, enterprises, governments and carriers continue to position ATN with an essential competitive advantage. And fourth, as we look to 2024 and beyond. We're committed to managing our balance sheet to maximize cash flow expansion and to realize the full benefits of our investments in the years ahead. While we plan to continue to invest in our network expansion.

我們與當地社區、客戶、企業、政府和營運商的深厚關係繼續使 ATN 具有重要的競爭優勢。第四，我們展望 2024 年及以後。我們致力於管理我們的資產負債表，以最大限度地擴大現金流，並在未來幾年實現我們投資的全部效益。同時我們計劃繼續投資我們的網路擴張。

This year, we will move down the other side of our three-year investment bell curve as we dial back internally funded capital spending. We continue to leverage our upgraded network footprint and available grant funding to augment network expansions and continue to grow our subscriber base and recurring revenue. Additionally, we will continue to advance margin improvement initiatives to manage run rate operating costs.

今年，我們將縮減三年投資鐘形曲線的另一側，減少內部資助的資本支出。我們繼續利用升級後的網路覆蓋範圍和可用贈款資金來擴大網路擴張，並繼續擴大我們的用戶群和經常性收入。此外，我們將繼續推進利潤率改善計劃，以管理運行率營運成本。

All in all, these actions position AT&T to reap the full benefits of our network investment in the years ahead, including accelerated cash flow generation and subscriber revenue growth, it higher incremental margin.

總而言之，這些行動使 AT&T 能夠在未來幾年從我們的網路投資中獲得全部收益，包括加速現金流產生和用戶收入成長，以及更高的增量利潤。

Let's turn to operational wins, providing high-speed connectivity to more customers in as many were both in underserved regions as possible is core to our mission and strategy in Q4, we continued to make great progress on this front in both the US and international markets.

讓我們轉向營運方面的勝利，為盡可能多的服務欠缺地區的客戶提供高速連接是我們第四季度使命和戰略的核心，我們在美國和國際市場上繼續在這方面取得巨大進展。

We exited 2023 with 20% more high-speed broadband subscribers and 33% more broadband home passed high-speed data services compared to the prior year. We also have had great success scaling our fiber footprint. Fiber has many advantages is more energy efficient, requires less maintenance and provide superior customer experience as we replace and decommission legacy copper networks with fiber networks, we are positioning ATN to deliver higher margin revenue over time.

到 2023 年，與前一年相比，我們的高速寬頻用戶數量增加了 20%，寬頻家庭高速數據服務數量增加了 33%。我們在擴大光纖足跡方面也取得了巨大成功。光纖具有許多優點，即更節能、需要更少的維護並提供卓越的客戶體驗，因為我們用光纖網路取代和退役傳統銅網絡，我們將 ATN 定位為隨著時間的推移提供更高的利潤收入。

We exited 2023 with 11,650 fiber route miles, 11% year over year increase and increased our fiber homes passed footprint by 32%. Now taking a closer look at operational highlights by segment, starting with our international segment, which represents about half of eighteen's revenue and includes operations in Bermuda and the Caribbean where we operate in fast-growing markets like Cayman Islands and Guyana.

到 2023 年，我們的光纖路由里程為 11,650 英里，年增 11%，我們的光纖家庭透過足跡增加了 32%。現在仔細研究按部門劃分的營運亮點，從我們的國際部門開始，該部門約佔十八家收入的一半，包括百慕達和加勒比地區的業務，我們在開曼群島和圭亞那等快速增長的市場開展業務。

Across this segment, we continue to see rapid uptake of high-speed broadband and high-speed data subscriber growth of 20% year over year. Additionally, we have seen strong mobile subscriber growth, which grew 8% in 2023 behind investments in network core upgrade densification and 5G rollout.

在這一領域，我們繼續看到高速寬頻的快速普及和高速數據用戶的年增長 20%。此外，我們也看到了行動用戶的強勁成長，在網路核心升級緻密化和 5G 推出的投資推動下，行動用戶在 2023 年成長了 8%。

We remain optimistic about the growth and free cash flow expansion opportunities across our international markets as we continue to benefit on networking and operating investments, traffic, market tailwinds and our unique value proposition. Our US segment, which serves rural communities in the West and Southwest, as well as urban and rural areas of Alaska accounts for the other half of eighteen's revenue.

我們對國際市場的成長和自由現金流擴張機會保持樂觀，因為我們繼續受益於網路和營運投資、流量、市場順風和我們獨特的價值主張。我們的美國部門為西部和西南部的農村社區以及阿拉斯加的城市和農村地區提供服務，佔十八收入的另一半。

In Q4, we achieved several key operational milestones in the US as we advanced our domestic strategy to increase broadband homes passed by high-speed data and pivot away from our legacy wireless wholesale roaming business by meeting our carrier customers' evolving business needs. We expanded our middle and last mile fiber networks, advanced the capacity and reach of our next-generation fixed wireless network, enabling 7% year-over-year growth on recurring business data revenue in the US, we continue to pursue grant funding to augment our fiber and fixed wireless high-speed network expansion in rural areas, including parts of Alaska, Arizona, Nevada and New Mexico.

第四季度，我們在美國實現了幾個關鍵的營運里程碑，因為我們推進了國內策略，以增加高速資料傳輸的寬頻家庭，並透過滿足營運商客戶不斷變化的業務需求來擺脫我們傳統的無線批發漫遊業務。我們擴展了中間和最後一英里光纖網絡，提高了下一代固定無線網路的容量和覆蓋範圍，使美國的經常性業務數據收入同比增長 7%，我們將繼續尋求贈款資金以增強我們在農村地區的光纖和固定無線高速網路擴張，包括阿拉斯加、亞利桑那州、內華達州和新墨西哥州的部分地區。

In Q4, we were recipients of nearly $4 million in federal grants, bringing total awarded grants to us and our partners to $91.2 million in 2023. Also in Q4, we renewed our agreement with the Alternative Connect America model program or ATM, locking in the continuation of the subsidy funding to serve locations into Mexico and the amount of $118 million over the next 15 years.

第四季度，我們獲得了近 400 萬美元的聯邦撥款，到 2023 年，我們和我們的合作夥伴獲得的撥款總額達到 9,120 萬美元。同樣在第四季度，我們續簽了與 Alternative Connect America 模式計劃或 ATM 的協議，鎖定了繼續為墨西哥地區提供服務的補貼資金以及未來 15 年 1.18 億美元的金額。

As it relates to grants and external funding, I want to clarify a few key points first one of our core competencies at ATN is our deep understanding of the mechanics of grants and third party funding. We have a long track record of using discretion to ensure the grants we participated are economically viable. Second network builds funded by these future grants are expected to extend over the next several years. As a result, these funds will support our continued network expansion and customer revenue growth, even as the pace of our self-funded capital decreases as planned.

由於它涉及贈款和外部資金，我想澄清幾個關鍵點，首先，我們 ATN 的核心競爭力之一是我們對贈款和第三方資助機制的深刻理解。我們在使用自由裁量權以確保我們參與的贈款在經濟上可行方面有著悠久的記錄。由這些未來贈款資助的第二個網路建設預計將在未來幾年內延伸。因此，這些資金將支持我們持續的網路擴張和客戶收入成長，即使我們的自籌資金步伐按計劃下降。

And third, ATN is well positioned to compete for the $4.2 billion of being telecom infrastructure funding allocated to six states that we operate in. We're actively working in jurisdictions on opportunities that align with our business strategy.

第三，ATN 處於有利地位，可以競爭分配給我們開展業務的六個州的 42 億美元電信基礎設施資金。我們正在各個司法管轄區積極尋找符合我們業務策略的機會。

In conclusion, our strategy to expand high-speed network reach capabilities while managing cost through margin improvement initiatives positions APN to reap the benefits of our investment for years to come.

總之，我們的策略是擴大高速網路覆蓋能力，同時透過利潤改善計畫來管理成本，使 APN 能夠在未來幾年從我們的投資中獲益。

Looking ahead to 2024, it's all about continued execution of our plan. Our priorities remain to continue growing high-speed data network subscriber base and expanding our fiber footprint through targeted internal funded investments, albeit at a slower pace as we come down the backside of our three-year investment bell curve to pursue economically viable grants to augment these internal investments to advance margin improvement initiatives and to manage our balance sheet to maximize cash flow and increase shareholder value.

展望 2024 年，我們的重點是繼續執行我們的計劃。我們的首要任務仍然是繼續擴大高速數據網路用戶群，並透過有針對性的內部資助投資擴大我們的光纖覆蓋範圍，儘管隨著我們沿著三年投資鐘形曲線的後部走下去，尋求經濟上可行的贈款以擴大我們的光纖覆蓋範圍，但步伐會放緩。這些內部投資旨在推進利潤改善計劃並管理我們的資產負債表，以最大限度地提高現金流並增加股東價值。

And with that, I'll hand the call back to you, Justin.

這樣，我會把電話轉給你，賈斯汀。

Great. Thank you, Brad and strong fourth quarter and full year performance reflects our team's hard work executing against our three year strategic investment plan. In 2023, we achieved consistent top line growth and even stronger adjusted EBITDA growth well in line with our guidance for the year.

偉大的。謝謝布拉德，第四季度和全年的強勁表現反映了我們團隊為執行我們的三年戰略投資計劃而付出的辛勤工作。2023 年，我們實現了持續的營收成長，甚至更強勁的調整後 EBITDA 成長，與我們當年的指導一致。

Turning to the P&L highlights from in Q4, total company revenue of $199 million grew 4% before construction revenue compared to the same period in 2022. Higher fixed revenue was driven by growth in rural broadband revenue and high-speed data subscribers.

轉向第四季度的損益表亮點，公司總收入為 1.99 億美元，不計建築收入，與 2022 年同期相比增長了 4%。固定收入的增加是由農村寬頻收入和高速數據用戶的成長所推動的。

The quarter also benefited from $3.1 million of nonrecurring revenue associated with engineering services we provided on a fiber deployment. For the full year, revenue totaled $762.2 million. This represents a 6% increase over the prior year, excluding construction revenue from both periods, reflecting the momentum of our strategic network investments.

該季度還受益於我們在光纖部署方面提供的工程服務相關的 310 萬美元非經常性收入。全年收入總計 7.622 億美元。在扣除兩個時期的建築收入後，這比前一年增長了 6%，反映了我們戰略網絡投資的勢頭。

Operating income in the fourth quarter was $3.3 million versus $4.7 million in Q4 of 2022. Year over year decrease was due to a $6.6 million restructuring charge related to our ongoing efforts to better align our cost structure to the future needs of the business and a $1.3 million net loss on the disposition of assets and changes in contingent consideration.

第四季的營業收入為 330 萬美元，而 2022 年第四季的營業收入為 470 萬美元。年比下降的原因是我們不斷努力使成本結構更好地適應未來業務需求，從而產生了 660 萬美元的重組費用，以及資產處置和或有對價變化帶來的 130 萬美元淨損失。

Full year operating income for 2023 increased to $13.2 million, which was negatively impacted by restructuring charges of $11.2 million. This compares to operating income of $7.9 million in the prior year. Adjusted EBITDA growth was exceptionally strong for both the fourth quarter and the full year increasing 13% to $51 million for the quarter and 10% to $189.5 million for the full year.

2023 年全年營業收入增至 1,320 萬美元，受到 1,120 萬美元重組費用的負面影響。相比之下，上一年的營業收入為 790 萬美元。第四季和全年調整後 EBITDA 成長異常強勁，季度成長 13%，達到 5,100 萬美元，全年成長 10%，達到 1.895 億美元。

This performance was fueled by strength across both segments as we benefited from higher revenue and our ongoing margin expansion initiatives.

這一業績是由兩個部門的實力推動的，因為我們受益於更高的收入和持續的利潤擴張計劃。

Net loss in Q4 was $5.8 million or a loss of $0.46 per share compared with prior year's net loss of $1.4 million or a loss of $0.18 per share for the quarter was affected by the restructuring charge and a year-over-year increase in interest and of $4.7 million. For the full year, the net loss was $14.5 million or $1.25 per share, which included the restructuring charge of $11.2 million in higher interest expense year over year. This compares to a full year 2022 net loss of $5.6 million or $0.67 per share.

第四季淨虧損為 580 萬美元，即每股虧損 0.46 美元，而去年同期淨虧損為 140 萬美元，即每股虧損 0.18 美元，這是受到重組費用以及利息和利息同比增長的影響。470萬美元。全年淨虧損為 1,450 萬美元，即每股 1.25 美元，其中包括同比增加的利息費用 1,120 萬美元的重組費用。相比之下，2022 年全年淨虧損為 560 萬美元，即每股 0.67 美元。

Looking now at the segment performance, the international segment delivered revenue growth of 5% in the quarter and 4% for the full year. As Brad mentioned, we saw strong high-speed data subscriber growth that drove increased fixed broadband revenues. Mobile revenues in the segment were flat in the quarter as strong subscriber growth for the segment was offset by a lower RPU than some of our bigger prepaid market.

現在來看看該部門的業績，國際部門本季營收成長 5%，全年營收成長 4%。正如布拉德所提到的，我們看到高速數據用戶的強勁成長推動了固定寬頻收入的成長。本季該細分市場的行動收入持平，因為該細分市場強勁的用戶成長被低於我們一些較大預付費市場的 RPU 所抵消。

Adjusted EBITDA for the international segment increased 6% for the quarter and 4% for the full year. In our Domestic segment, total Q4 revenue grew 3%, driven by the growth in fixed revenue and engineering services. As I previously noted, on a full year basis, domestic revenue increased by 6% as we benefited from strong fixed revenue growth related to greater enterprise and emergency connectivity fund revenue in Alaska as well as the Sincor Wind acquisition.

國際部門調整後 EBITDA 本季成長 6%，全年成長 4%。在我們的國內業務部門，受固定收入和工程服務成長的推動，第四季總收入成長了 3%。正如我之前指出的，全年國內收入成長了 6%，因為我們受益於阿拉斯加企業和緊急連接基金收入的增加以及 Sincor Wind 收購帶來的強勁固定收入成長。

Carrier revenues were flat both for the quarter and the year. As Brad mentioned, moving into 2024, we will have transitioned the bulk of the carrier service revenue from the legacy wholesale roaming revenue, so offering a suite of infrastructure and network services to our large carrier customers in the EU.

營運商營收本季和全年均持平。正如 Brad 所提到的，進入 2024 年，我們將把大部分營運商服務收入從傳統的批發漫遊收入中轉移出來，從而為歐盟的大型營運商客戶提供一套基礎設施和網路服務。

Adjusted EBITDA for the domestic segment was very strong, up 20% for the quarter, well outpacing our revenue growth and up 17% for the year as we benefited from margin expansion efforts that we've been a bit of focus throughout the year.

國內業務的調整後 EBITDA 非常強勁，本季成長 20%，遠遠超過我們的營收成長，全年成長 17%，因為我們受益於我們全年關注的利潤擴張工作。

Moving on to the balance sheet and cash flow highlights. We exited the year with a net debt to adjusted EBITDA ratio of 2.4 times and total debt outstanding of $517 million. Net cash provided by operating activities was $113 million for the year, up from [$103 million] in the prior year period as the funding of working capital improved in 2023. Maintaining the strength of our balance sheet remains a top priority for ATN, and we expect to continue expanding cash flow as we leverage the benefit of our investments made earn on our networks over the past few years.

接下來是資產負債表和現金流的亮點。今年結束時，我們的淨債務與調整後 EBITDA 的比率為 2.4 倍，未償債務總額為 5.17 億美元。由於 2023 年營運資本融資有所改善，本年度經營活動提供的現金淨額為 1.13 億美元，高於去年同期的 [1.03 億美元]。維持資產負債表的實力仍然是 ATN 的首要任務，我們預計將繼續擴大現金流，因為我們將利用過去幾年在我們的網路上獲得的投資收益。

Turning now to capital expenditures, in line with our three-year strategic investment plan. For the full year 2023, we invested nearly $200 million, expanding both the reach and quality of our networks in all our markets of the nearly $200 million invested CapEx funded through operations was $163.3 million and $32.9 million was funded through reimbursable government programs.

現在談談資本支出，這符合我們的三年策略投資計畫。2023 年全年，我們投資了近2 億美元，擴大了我們在所有市場的網路覆蓋範圍和質量，其中透過營運提供的近2 億美元投資資本支出為1.633 億美元，3,290 萬美元透過可償還政府計劃提供資金。

These investments have upgraded the capabilities of our networks and enabled our teams to greatly expand the reach of our fiber facilities that ATM can leverage for years to come. As provided in our guidance, our CapEx spending through operations is expected to decrease substantially in 2024 and continue you move lower into 2025.

這些投資升級了我們的網路功能，使我們的團隊能夠大幅擴大 ATM 可以在未來幾年利用的光纖設施的覆蓋範圍。正如我們的指南所述，我們的營運資本支出預計將在 2024 年大幅下降，並在 2025 年繼續下降。

\We expect to augment this more normalized CapEx spending levels with government subsidy grant programs and funding returning capital to shareholders remains a capital allocation priority. In 2023, ATN returned $15 million to shareholders through our share repurchase program, and we paid out an additional $13.2 million in debt. In December, we announced the Board of Directors' decision to increase the quarterly dividend 14% year over year to $0.24 per share and the expansion of our share repurchase program, allowing the Company to repurchase up to an additional $25 million of common shares.

\我們預計透過政府補貼計畫來提高這種更正常化的資本支出水平，並且向股東返還資本的資金仍然是資本配置的優先事項。2023 年，ATN 透過股票回購計畫向股東返還 1,500 萬美元，並額外支付了 1,320 萬美元的債務。12 月，我們宣布董事會決定將季度股息年增 14% 至每股 0.24 美元，並擴大股票回購計劃，使公司能夠額外回購最多 2,500 萬美元的普通股。

Turning now to our full year 2024 outlook for the full year, we expect total Company revenues in the range of $750 million to $770 million, excluding construction revenue. As a reminder, a $27 million annual COVID related government contract is scheduled to expire at the end of the first quarter in our US segment, which will affect year-over-year revenue growth comparisons beginning in Q2.

現在轉向我們對 2024 年全年的展望，我們預計公司總收入在 7.5 億至 7.7 億美元之間，不包括建築收入。提醒一下，我們美國部門的 2700 萬美元年度新冠肺炎相關政府合約計劃於第一季末到期，這將影響第二季開始的年收入成長比較。

We expect other revenue growth to offset that reduction as we move through the year. We continue to expect adjusted EBITDA for the full year within our previously provided preliminary guidance ranges $200 million to $208 million as we move through 2024 and begin to expand cash flow, we expect to exit the year with a net debt to ratio of between 2.25 times and 2.4 times, as I mentioned previously, maintaining healthy debt levels as a top priority for eight 10, and our goal remains to continue to bring leverage closer to two times over the medium term.

我們預計，隨著這一年的推移，其他收入成長將抵消這一減少。隨著我們進入2024 年並開始擴大現金流，我們仍然預計全年調整後EBITDA 在我們之前提供的初步指導範圍內2 億至2.08 億美元之間，我們預計今年結束時的淨債務比率將在2.25倍之間正如我之前提到的，2.4 倍，保持健康的債務水平是 8 個 10 的首要任務，我們的目標仍然是在中期內繼續將槓桿率提高到接近兩倍。

Turning now to our capital expenditure guidance. After reviewing our 2024 projects and the status of grant funding, we are eligible for, we have lowered our capital expenditure outlook by $10 million to a new range of $110 million to $120 million as a result of the investments. We've made ATMs in an excellent position. We'll expand cash flow and fuel profitable growth in the years to come.

現在轉向我們的資本支出指引。在審查了我們有資格獲得的 2024 年項目和贈款資金狀況後，由於投資，我們已將資本支出前景下調了 1000 萬美元，至 1.1 億至 1.2 億美元的新範圍。我們在 ATM 機方面處於非常有利的地位。我們將在未來幾年擴大現金流並推動獲利成長。

Finally, as announced at the end of last year and this will be my last earnings call as CFO before I retire, reflecting on my past 18 years with ATN, I'm proud of the organization that we've built and the incredible progress this entire company has made together over the year. I truly valued my partnership with Michael over the past 18 years and the great team of financial executives and our system. Kathy, who supported us both for much of that time.

最後，正如去年年底所宣布的那樣，這將是我退休前作為首席財務官的最後一次財報電話會議，回顧我在ATN 的過去18 年，我為我們建立的組織以及我們所取得的令人難以置信的進步感到自豪整個公司在這一年共同努力。我非常珍惜過去 18 年與 Michael 的合作夥伴關係以及優秀的財務主管團隊和我們的系統。凱西，大部分時間都支持我們兩個。

I'd also like to express my gratitude for the opportunity to connect as many of you, our shareholders and analysts that cover, etc. And I truly appreciate the support you've provided me over the years having worked closely with Brad for several years. I have the utmost confidence that he is the right leader for ATN at this stage in our transformation.

我還想對有機會與你們、我們的股東和分析師等進行聯繫表示感謝。我非常感謝你們多年來與布拉德密切​​合作所提供的支持。我堅信他是 ATN 現階段轉型的正確領導者。

Additionally, in my time with Carlos, I can assure you he is a seasoned leader with strong industry knowledge, financial and operational operational experience and a collaborative approach to business as the full confidence, Brad and Carlos will seamless and lead agents through the completion of a three year strategy and a set of compelling vision for AT&T next phase of growth.

此外，在我與卡洛斯共事期間，我可以向您保證，他是一位經驗豐富的領導者，擁有豐富的行業知識、財務和營運經驗以及協作的業務方法，因為布拉德和卡洛斯充滿信心，將無縫地領導代理商完成AT&T 下一階段成長的三年策略和一系列令人信服的願景。

Before opening up in questions, I'd like to just turn the call over to Carlos, who has a few words to say.

在開始提問之前，我想先將電話轉給卡洛斯，他有幾句話要說。

Thanks, Justin, and hello, everyone. It is an honor to be here today. ATN is a solid company that has been definitely a foundation for the continued creation of shareholder value. Since joining ATN in January, I've been impressed with the thoroughness of ATN's finance team, the strength and experience of the leadership team and the clarity of the organization's mission and strategy. I am grateful for the holiday time that I have spent with Justin and I look forward to building on the disciplined financial foundation. He has established to continue to generate value for our investors and stakeholders for years to come. I look forward to meeting with many of you in the months ahead. And with that, I turn the call back over to Brad.

謝謝賈斯汀，大家好。今天很榮幸來到這裡。ATN 是一家實力雄厚的公司，絕對是持續創造股東價值的基礎。自從一月加入 ATN 以來，ATN 財務團隊的嚴謹、領導團隊的實力和經驗以及組織使命和策略的明確性給我留下了深刻的印象。我很感激與賈斯汀一起度過的假期，並期待在嚴格的財務基礎上再接再厲。他決心在未來幾年繼續為我們的投資者和利害關係人創造價值。我期待在未來幾個月與你們中的許多人見面。說完，我把電話轉回給布萊德。

Thanks, Justin and Carlos. And we are very excited for AT and future to our first fiber and glass and steel investment strategies and ongoing focus on margin improvement. We are laying the foundation for durable long-term growth in the years ahead.

謝謝賈斯汀和卡洛斯。我們對 AT 以及未來我們的第一個纖維、玻璃和鋼鐵投資策略以及對利潤率改善的持續關注感到非常興奮。我們正在為未來幾年的持久長期成長奠定基礎。

The ATN value proposition continues to resonate with customers around the globe. Our teams remain energized, execute on our promise to help low and underbuilt communities advance their quality of life reliable, high-quality digital connectivity.

ATN 的價值主張持續引起全球客戶的共鳴。我們的團隊仍然充滿活力，履行我們的承諾，幫助低收入和欠發達社區提高他們的生活品質可靠、高品質的數位連結。

With that, operator, we'd like to open up for questions.

接線員，我們想就此提出問題。

(Operator Instructions) Rick Prentiss, Raymond James.

（操作員說明）Rick Prentiss、Raymond James。

Yes, thanks. Good morning, Justin, and wish you well in retirement We enjoyed working with you and Dr. Carlos look forward to giving you guys better.

對了謝謝。早上好，賈斯汀，祝您退休後一切順利。我們很高興與您一起工作，卡洛斯博士期待為你們提供更好的服務。

Thanks, Ray.

謝謝，雷。

Thanks.

謝謝。

Right at their first question, Justin, you called out that you've got this COVID program that's expiring in 1Q 24. Can you remind us what line item is that revenue in domestic? How much was that in 23? And how much will it be in 1Q 24 because obviously it's affecting the revenue growth rate of 24 versus 23?

Justin，當他們提出第一個問題時，您指出您的新冠病毒計劃將於 24 年第一季到期。您能提醒我們國內收入是哪一項嗎？23年的時候多少錢？24 年第一季會是多少，因為顯然它會影響 24 年與 23 年的收入成長率？

Yes, it's a fixed revenue. So it's reported in Texas. They're pretty consistent number to that. But again, it's a $27 million program. It is kind of pro rata over the quarter. So it will have a pro rata program on Q1, then it will drop off.

是的，這是固定收入。據德克薩斯州報道。他們的數量與此相當一致。但同樣，這是一個耗資 2700 萬美元的項目。這是按季度比例計算的。因此，它將在第一季按比例計劃，然後就會下降。

So it's roughly a $21 million impact next year.

因此明年的影響約為 2100 萬美元。

to $21 million for three quarters worth of 24 is what we know direct,

我們直接知道，價值 24 的四分之三的價值為 2100 萬美元，

right?

正確的？

So we'll have some we'll have it in Q1. But then it drops.

所以我們會在第一季推出一些產品。但隨後它就會下降。

Right, right.

是的是的。

Okay. And is that a super high margin business in terms of how would that affect was into EBITDA?

好的。就其對 EBITDA 的影響而言，這是一項超高利潤業務嗎？

Yes, we definitely are accounted for in our guidance.

是的，我們的指導中肯定會考慮到這一點。

It did have a significant cost that came what has caused that came with it, but it did it did it did MRs because.

它確實產生了巨大的成本，但它確實做到了，因為它做了 MR。

When we think about we didn't normalize for that now, obviously, so it will be split $21 million in there. The revenue growth rate from 23 to 24 seems somewhat muted. Can you help us understand you've spent all this CapEx. You've got these exciting adds high-speed broadband in both of your regions.

顯然，我們現在並沒有對此進行正常化，因此我們將在那裡分攤 2,100 萬美元。從 23 歲到 24 歲的收入成長率似乎有些緩慢。您能否幫助我們了解您已經花費了所有這些資本支出。您在這兩個地區都獲得了這些令人興奮的新增高速寬頻。

How should we think about kind of where you want to head with revenue growth on a more normalized basis absent this COVID program

如果沒有這個新冠病毒計劃，我們應該如何考慮在更正常化的基礎上實現收入成長的方向

I still think that you know that we can be in that range that we guided to a while back right in the 4% to 6% range of view of revenue growth this year. The drop of any program definitely muted at the obviously fit.

我仍然認為您知道我們可以處於我們不久前指導的今年收入增長 4% 至 6% 的範圍內。任何程序的下降肯定會在明顯適合的情況下被靜音。

Okay. And then, margin, you touched on margin improvements a couple of times in your comments, what should we think of this? What's the target you want to get to? And is it varied between domestic and international where where should we think you're trying to drive this this both to as far as up margin improvement?

好的。然後，利潤率，您在評論中多次提到利潤率的提高，我們應該對此有何看法？你想要達到的目標是什麼？國內和國際之間的情況是否有所不同，我們認為您應該在哪裡努力推動這兩個方面以提高利潤率？

Is that correct so to your question, yes, it's obviously a key area of focus for the business. The current guidance on that we provided for 2024 includes a lot of these initiatives. And look, we always are measuring ourselves against benchmarks to the industry but we are we are guiding beyond that. I think we are what we guide to 24 is a reflection on a continued focus that started through my course of my tenure here, my operational and will continue to be a key focus of the business as we move forward.

您的問題是否正確？是的，這顯然是業務關注的關鍵領域。我們為 2024 年提供的當前指導包括許多此類舉措。看，我們總是根據行業基準來衡量自己，但我們正在超越這個基準。我認為我們對 24 小時的指導反映了我在任職過程中持續關注的重點，我的運營，並將繼續成為我們前進過程中業務的關鍵焦點。

It's a guidance 24. So it kind of assumes maybe a 27% margin?

這是指導24。那麼假設利潤率可能為 27%？

Yes, that yes, you use the midpoint, I think on that one.

是的，是的，你使用中點，我想就那個。

Yes, I would just say it's in both segments, Stuart we're working on.

是的，我只想說這兩個部分都有，斯圖爾特，我們正在努力。

Okay. The last question for me then on the CapEx, obviously getting back to more normal growth levels in 25, somewhere between 10% and 15% of total revenues, ex construction on what would cause it to go to the low end of that range. What would cause it to go to the high end of the range. And obviously, I think that assumes that any government funding is separate and that gets netted out?

好的。我的最後一個問題是關於資本支出，顯然會在 25 年恢復到更正常的成長水平，佔總收入的 10% 到 15% 之間，排除什麼因素會導致其達到該範圍的低端。什麼會導致它達到範圍的高端。顯然，我認為假設任何政府資金都是獨立的並且被扣除？

Yeah so it's a great question, Rick.

是的，這是一個很好的問題，瑞克。

And that you specified the range, the major dynamics that move CapEx timing are really around success in the year. We do have markets where the markets we serve can be very complex to plan. Some of the timing because of complexity due to weather, for example, but a big mover is the timing on that grants already awarded grant programs that come in similar to the business.

而且您指定了範圍，推動資本支出時機的主要動力實際上是圍繞今年的成功展開的。我們確實有一些市場，我們所服務的市場規劃起來可能非常複雜。例如，一些時間安排是由於天氣造成的複雜性，但一個重大推動因素是已經授予與業務類似的資助計劃的時間表。

So those can move specifically by state by by program it does vary significantly so that potentially could drive it to a lower low. So overall, more level, but it would be really specific to each individual market such as pressure management.

因此，這些可能會根據州、計劃而具體變化，但它確實有很大差異，因此有可能將其推至更低的低點。總的來說，層次更高，但它確實針對每個單獨的市場，例如壓力管理。

(Operator Instructions) Greg Burns, Sidoti.

（操作員說明）Greg Burns，Sidoti。

Morning when you look at the broad broadband penetration rates, home per homes passed versus subscriber growth. Still the subscriber growth is lagging the homes passed growth by a little bit.

早上，當您查看廣泛的寬頻普及率時，會發現每戶家庭的成長率與用戶成長率之間的關係。但用戶成長仍略落後於家庭用戶成長。

Can you just talk about maybe your plans for some marketing promotion or any activities or programs you might have in place to to continue to increase that broadband penetration?

您能否談談您的一些行銷推廣計劃或您可能採取的任何活動或計劃，以繼續提高寬頻普及率？

Yes, great question. So certainly penetration as quickly as possible. Always the core focus on any infrastructure build generally, we have we look at every single situation competitively the different types of products, different types of competitive solutions across the portfolio. So we are everywhere looking at how do we move the needle more quickly had we tried to presell.

是的，很好的問題。所以肯定要盡快滲透。始終將核心重點放在任何基礎設施建設上，我們會在整個產品組合中以不同類型的產品、不同類型的競爭性解決方案來競爭地看待每種情況。因此，我們到處都在研究如何在嘗試預售時更快地取得進展。

I mean, we certainly tried to leverages may techniques as possible to shorten that, that timing, but it does vary significantly market by market based on those competitive dynamics and the technology funding that we are coming off a year of significant investment phase in growing that growing that base of homes passed provides us great opportunity to continue to expand.

我的意思是，我們當然嘗試利用盡可能多的技術來縮短這個時間，但基於這些競爭動態和我們即將結束一年的重大投資階段的技術資金，每個市場的時間確實有很大差異。擴大通過的房屋基礎為我們提供了繼續擴張的絕佳機會。

Okay. then in Guyana, there's some Rivers saber rattling going on down there. What is your exposure there to maybe the disputed regions and maybe field, I guess what the risk is to you that maybe something escalates in that region?

好的。然後在圭亞那，里弗斯正在那裡進行一些劍拔弩張的活動。您對爭議地區和領域的接觸程度如何，我猜您可能面臨該地區局勢升級的風險是什麼？

Yes, I will not. I will start on that answer.

是的，我不會。我將從這個答案開始。

And Michael, who's been closer to can chime in. But generally, this is something we obviously watch very closely. It's something that we stay very close to the other major U.S. investors in that market. And the Exxon CEO spoke to this in your earnings calls?

距離更近的邁克爾也可以插話。但總的來說，這顯然是我們非常密切關注的事情。在這一點上，我們與該市場的其他主要美國投資者保持著非常密切的關係。埃克森美孚執行長在您的財報電話會議上談到了這一點？

Well, I spoke to the fact that they think it's a general low risk, but it's something that we watch very closely and we make sure that the teams are aligned. The general disputed general disputed area is an area where very little of our infrastructure resides. It's a very unpopular portion of Guyana, but something we're watching closely as things develop. And we are we're certainly making sure we have we have our teams aligned around what we effectively. I'm wiring with our governments and our business partners.

嗯，我談到了這樣一個事實：他們認為這是一個普遍的低風險，但我們非常密切地關注這一點，並確保團隊保持一致。一般爭議地區是我們的基礎設施很少的地區。這是圭亞那非常不受歡迎的地區，但隨著事態的發展，我們正在密切關注。我們當然會確保我們的團隊圍繞著我們有效的事情保持一致。我正在與我們的政府和商業夥伴聯繫。

Michael, I think I think you.

邁克爾，我想我想你。

Yes, this is Michael. I don't I don't think there's much to add. I would just emphasize that it's really around around interruption for Guyana, which we certainly don't hope. And we don't hope we hope that there's nothing like in any kind of even minor military action.

是的，這是邁克爾。我不認為有什麼好補充的。我只是強調，這確實是圭亞那的中斷，我們當然不希望如此。我們不希望任何類型的軍事行動都不會發生這樣的事情，即使是很小的軍事行動。

We don't we don't get the sense that that's likely from everyone we talk to, but who knows. But but the point is that from a pure economic and business standpoint, as Brad said, review all of our operations very, very little in that region that Venezuela is claiming.

我們不知道，我們沒有感覺到這可能來自我們交談過的每個人，但誰知道呢。但重點是，正如布拉德所說，從純粹的經濟和商業角度來看，對我們在委內瑞拉聲稱擁有主權的地區的所有業務進行審查非常非常少。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Hamed Khorsand, BWS.

（操作員說明）Hamed Khorsand，BWS。

Good morning. So first off, just wanted to ask you are there was a sequential bump in U.S. related revenue have by about $7 million or so. How much of that is you're able to retain and going forward, I understand that the grant money is coming off in Q2.

早安.首先，我想問一下，美國相關收入是否連續增加了約 700 萬美元左右。你能保留多少並繼續前進，我知道補助金將在第二季發放。

But outside of that, how much of that is realistically, I mean,

但除此之外，其中有多少是現實的，我的意思是，

they knew that there was a there was an engineering service revenue, right that I spoke about in my part of the opening of about $3 million or so. But I think they generally I think a lot of that's sustainable, but for the fact of the the ECS drop-off that I noted as well.

他們知道工程服務收入大約是 300 萬美元左右，正如我在開幕式中談到的那樣。但我認為他們總體上認為其中許多都是可持續的，但我也注意到了 ECS 下降的事實。

Okay and then could you provide a little bit more details about the restructuring that you took the and why you decided you had to take it down?

好的，那麼您能否提供更多有關您進行的重組的詳細資訊以及您決定取消該重組的原因？

Yes, what month the recession was really and your kind of cost reduction initiatives, right in terms of workforce and leases and things like that we took off. So they're out there. They're predominantly is all onetime charges associated with exiting those those costs that answers your question.

是的，經濟衰退實際上是在哪一個月，以及您採取的成本削減舉措，就勞動力和租賃等方面而言，我們已經起飛了。所以他們就在那裡。它們主要是與退出那些回答您的問題的費用相關的所有一次性費用。

But I guess I was asking why now what was the impediment?

但我想我是在問為什麼現在障礙是什麼？

It's really it's really part of the initiative to just kind of more efficiently run the business and improve margin.

這實際上是更有效地經營業務並提高利潤率的舉措的一部分。

Got it and my last question was last earnings call you were talking about the churn going up in mobile that came down. What was the net result of that as far as the improvement you've seen, is that because better marketing the consumer, there's happy with the mobile service they have the mobile phones they have I know in the past you've talked about they have two phones and now they're back on.

明白了，我的最後一個問題是上次財報電話會議，你談到了行動領域客戶流失率的上升和下降。就你所看到的改進而言，最終的結果是什麼，因為更好地行銷消費者，他們對行動服務感到滿意，他們擁有他們擁有的手機，我知道你過去談到他們擁有兩部手機現在又恢復正常了。

Yes, I know I don't think that generally there was a dynamic this year in one of our significant prepaid market towards was the competitor that came in with a free offering with new network much, much smaller competitor that did have an impact did effectively have some some positive impact for subscribers on data consumption. So that was one of the dynamics that was effectively a six month free promotion period. So that's something that that promotional period has ended.

是的，我知道，我認為今年我們重要的預付費市場之一總體上沒有出現動態，競爭對手是透過新網路提供免費服務的競爭對手，但規模小得多的競爭對手確實產生了有效的影響對訂戶的數據消費產生一些正面影響。這就是有效的六個月免費促銷期的動力之一。所以這就是促銷期間已經結束的事情。

Okay, great. Congrats just on the retirement.

好的，太好了。剛退休，恭喜你。

Thank you.

謝謝。

(Operator Instructions) Rick Prentiss, Raymond James.

（操作員說明）Rick Prentiss、Raymond James。

Ray, it's just we can't let you go that easily. We'll get a few more questions here. On your last call. I did you have any exposure to the ACP program? Is that what you're referring to in the COVID world? Or what was your exposure to ACP.

雷，只是我們不能那麼輕易放你走。我們會在這裡收到更多問題。在你最後一次通話時。您是否接觸過 ACP 計劃？這就是你所說的新冠病毒世界嗎？或您接觸 ACP 的情況是多少。

Eric, I guess that that was novel referring to as the COVID, that was a different program called emergency connectivity ton ACP. We are watching this closely.

艾瑞克，我想這很新穎，指的是新冠肺炎，這是一個不同的計劃，稱為 ACP 緊急連接。我們正在密切關注此事。

We do have some exposure to ACP.

我們確實接觸過 ACP。

It's not huge overall to ATN. We are still working to quantify quantify the overall impact in options help mitigate.

整體來說對於 ATN 來說並不大。我們仍在努力量化有助於減輕影響的整體影響。

We got them. Do you know how many subs you have to really to kind of show us what that ballpark numbers?

我們得到了他們。你知道你需要多少替補才能真正向我們展示大概的數字嗎？

Yeah, we haven't given that breakout yet. So I think we're right with this more time for us to quantify the

是的，我們還沒有給出突破。所以我認為我們有更多的時間來量化

anticipated at Microsoft April, right?

預計微軟四月發布，對嗎？

Yes, I think that yes.

是的，我認為是的。

The other question for me is on free cash flow. Looks like they're on the cusp of turning the corner to be positive free cash flow on you talked a little bit about maybe cash taxes and interest, which would be the other items compared to see EBITDA and CapEx, but are you feeling pretty good that maybe even early this year, you get to that free cash flow positive dynamic? And then what kind of progress from there?

我的另一個問題是自由現金流。看起來他們正處於轉折點，成為正自由現金流，因為你談到了可能的現金稅和利息，這將是與 EBITDA 和資本支出相比的其他項目，但你感覺很好嗎甚至可能在今年年初，您就可以實現自由現金流的積極動態？那麼接下來會有什麼樣的進展呢？

Yes, I mean, we're definitely striving to increase free cash flow, right? We're repeating that message over over. And I think in terms of interest into So with that kind of our priority items to keep driving down leverage. I'm going to help on the interest cost. I think in terms of interest expense, you kind of seen that in the core.

是的，我的意思是，我們肯定會努力增加自由現金流，對吧？我們正在重複這一訊息。我認為，就我們對此類優先事項的興趣而言，我們將繼續降低槓桿率。我會幫忙解決利息費用。我認為就利息支出而言，您已經看到了核心。

That's yes, that's kind of a deal to work right now where we are cash taxes for better for worse these days are pretty limited, but our goal is to keep keep expanding that free cash flow bring down leverage return to shareholders.

是的，這是一項目前可行的交易，目前我們的現金稅無論好壞都相當有限，但我們的目標是繼續擴大自由現金流，降低股東的槓桿回報。

And we don't usually include in our valuation free cash flow.

我們通常不會將自由現金流納入我們的估值中。

But are there any unusual working capital items coming up?

但是否會出現任何不尋常的營運資金項目？

Is there nothing out of the ordinary that we are watching like with the with the government reimbursement programs. So we've got some working capital already tied up in those programs, right? As we go through the arc that the replacement removed. And but we're watching that and we're trying to manage that closely. But that could be a little bit of a there's some work for us does not not to grow that part of the working capital too much put it out there because there we have to we kind of have to spend it before we get reimbursed.

我們正在觀察的政府報銷計畫是否有什麼不尋常的地方？所以我們已經在這些計劃中投入了一些營運資金，對吧？當我們穿過替換物移除的弧線時。但我們正在關注這一點，並努力密切管理。但這可能是一點點，我們需要做一些工作，不能不把這部分營運資金增加太多，因為我們必須在得到報銷之前花掉它。

What's the lag as far as from spending to reimbursing?

從支出到報銷的延遲時間是多少？

Is that six, nine months?

是六、九個月嗎？

Is it I know it's probably in a shorter period than Navidea is order.

我知道它的週期可能比 Navidea 的訂單週期短。

Yes, it does vary by program briefly. We have seen much better than that. But some of these programs, certainly the more sizable ones require a lot of details for those reimbursement. So so but it has been it has been measured in weeks, which is good for them. And there have been some program that allowed for prepositioning getting effectively a six month pre-positioning of invoicing.

是的，它確實因程序而略有不同。我們已經看到了比這更好的情況。但其中一些項目，尤其是規模較大的項目，需要大量報銷細節。如此，但它是以幾週為單位來衡量的，這對他們來說是有好處的。並且已經有一些計劃允許預先定位有效地獲得六個月的發票預先定位。

And the trick for us is how to manage how fast we're constructing and seeking reimbursement to, right. So there's a lot of management involved in that. Obviously, it's worth adding that it's worth adding to that, just that we've also entered into agreements on some of the big vendor contracts that you get paid when we get paid kind of thing that would require a bank account.

對我們來說，訣竅是如何管理我們的建造速度和尋求補償，對吧。因此，這涉及到許多管理人員。顯然，值得補充的是，值得補充的是，我們還就一些大型供應商合約簽訂了協議，當我們收到需要銀行帳戶的付款時，您會收到付款。

And the higher reimbursements are probably coming from states instead of the U.S. had it is mostly US federal government, but there are some statements about the ones we're working on now, right?

如果主要是美國聯邦政府的話，更高的報銷可能來自各州而不是美國，但有一些關於我們現在正在研究的聲明，對嗎？

Because if our government can get something done in weeks, that's I suppose.

因為我想如果我們的政府能夠在幾週內完成一些事情。

Yes, it's hard.

是的，這很難。

And last one for me was just on the leverage guidance changed a little bit previously was get to approximately two by end of 24. And now it's kind of in the two, two five to two, four out. We were at two to anyone in our model. Was that just kind of a fine tuning of of kind of the OEM when you get to that closer to two range or is there anything specific different from prior guidance?

對我來說，最後一個問題只是關於槓桿指導，之前有一點改變，到 24 年底達到大約 2。現在是二、二、五比二、四出局。在我們的模型中，我們對任何人都是二分。當您接近兩個範圍時，這是否只是 OEM 類型的微調，或者與先前的指導有什麼具體不同嗎？

And now finally, I think it's a little bit of fine-tuning how much working capital we might have tied up in some of the reimbursement programs. So but that's that's where the fine tuning was.

最後，我認為需要對我們可能在某些報銷計劃中佔用的營運資金進行一些微調。但這就是微調的地方。

Great. Thanks.

偉大的。謝謝。

And Justin and again, best wishes.

賈斯汀再次致以最美好的祝福。

Thank you, Rick. Appreciate it. Thanks for all the support over the years.

謝謝你，瑞克。欣賞它。感謝大家多年來的支持。

Thank you.

謝謝。

As there are no further questions in queue, I would now like to turn the call over to Brad Martin, ATN's Chief Executive Officer, for closing remarks.

由於沒有其他問題了，我現在想將電話轉給 ATN 執行長 Brad Martin 致閉幕詞。

Thank you operator, and thank you all for joining us today, and we will be participating in Sidoti small-cap Virtual Investor Conference on March 14th and look forward to meeting with many of you there. I would like to take a moment to thank Justin for his leadership, his commitment, long term tenure to ATN. Wish you all the best in your retirement and congrats and I thank you again for your time for that. Operator, I'll turn it back to you.

感謝營運商，感謝大家今天加入我們，我們將參加 3 月 14 日舉行的 Sidoti 小型股虛擬投資者會議，並期待與你們中的許多人見面。我想花點時間感謝 Justin 的領導、承諾以及對 ATN 的長期任職。祝您退休後一切順利，並祝賀您，我再次感謝您抽出寶貴的時間。接線員，我會把它還給你。

So this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。