Brad Martin: Yes. So there are a number of plans and activities in process. And we have a robust pipeline that we built. There is a more standard profile of win rate and customer acquisition rate built into our forecast for 2024. And we are aggressively pursuing. As I mentioned in the previous comment, there is quite a bit of backlog that we just really need to convert over. So there is a — which impacts multiple segments. But we are aggressively going after an addressable pipeline. We are going after a backlog of construction opportunities to be able to pull in revenues in 2024. So we feel confident in the guidance we’ve given, and we have a well-risk-adjusted pipeline.
Hamed Khorsand: And my question as well is, you’re spending a lot of money adding, homes passed and so forth. Then why is that not showing up as far as customers are concerned? I mean, your broadband customers went down sequentially. I mean, it seems like you’re just wasting money at this point.
Brad Martin: So on that point, right, so we have had very good success in the investments we’ve made in international markets. And we’ve shown very good broadband year-over-year sequential growth. A dynamic that is in the numbers for this quarter, there was a significant amount of builds that took place in late ’23 and even into early 2024. And those are — that’s a pipeline, an opportunity for ATN or companies to go after and to penetrate. So in our U.S. markets, we mentioned a pretty significant move more recently. So it really is an opportunity. And we have to go execute on the commercial side to fill up that network.
Operator: [Operator Instructions] Our next question comes from Robert Beauregard from Global Alpha Capital Management.
Robert Beauregard: Yes. So this is — clearly, we had discussed when you — when we last met this stock price and the extreme reaction to what really is a slight downward revision, but nothing broken about the business. You’re now selling at 0.7x tangible book. I mean, the market right now is not very kind to small cap illiquid stocks. Are you seriously giving thoughts to just privatizing the Company and embarking on a process to create shareholder value? I mean, this is nice to say, but the stock is down from $80 to $20. And clearly, there’s something that the market just doesn’t have the patience for your building, and the results will come later, your fiber-to-Glass & Steel strategy. I mean, I think at this point, you guys have to conduct, in all fairness to long-term shareholders, to conduct a process to sell the Company or privatize it.
I’m looking to some kind of commitment that you will look at least and discuss it with the board. That’s why I’m on this conference call with other analysts with over 7% of the stock.
Carlos Doglioli: Robert, this is Carlos. So we appreciate your comments, obviously, and we’ll take that to the Board and discuss it with them.
Robert Beauregard: Like I said, the market is just not kind to small cap. It’s nothing ATN. It’s the whole small cap complex. I mean, there’s tons of money out there with private equity and strategic buyers. And these kind of multiples, a discount to book tangible assets. I mean, you have to consider these options.
Carlos Doglioli: Yes. Understood.
Operator: Our final question today is from Rick Prentiss with Raymond James.
Richard Prentiss: We were going to ask the private-public question as well, so glad that got asked. I’ll take my question then for the follow-up. Brad, can you help us understand operationally then the backlog? What has caused contracts to go into backlog? What will allow them to get out of backlog into producing? Is it weather? Is it construction? Is it supply chain? What exactly has put items into backlog and what specifically will get them out of backlog?
Brad Martin: Yes. So Rick, there is a component of weather in the winter months in these markets. We operate in rural Alaska and the Rocky Mountains as well in the U.S. market. So there is a dynamic of coming into the true build season that will enable us more predictability on delivery. And we think there’s an opportunity to accelerate. But the dynamics of working with larger carriers and some movements and requirements can always put delays into programs unexpectedly. But we are working diligently. We have a good line of sight on all this backlog. And we do think there’s opportunity to pull this backlog in that’s reflected in our new guidance. And we’ll continue to work very hard to do that.
Richard Prentiss: Is there anything supply chain or labor oriented you’re always looking to see. Obviously, we’ve come out of COVID, but there’s still some lingering effects out there. But is there anything specific beside the weather and other items that you’d call out? What’s the long pole in the tent that has to be addressed, do you think, the biggest one?
Brad Martin: It’s a great question. So no, we are not seeing significant impacts on supply delays. It’s something that has improved in certain areas. If it has not improved, we’ve hedged to ensure that we can deliver. So it’s really not supply or labor. So again, there are always dynamics with these large programs. And we really need to make sure that when we can influence decisions to move things more quickly, we are influencing those. So we’ve got a long experience of doing this. We think there is an opportunity to really continue to move this forward. Unfortunately, just the impact of ’24, there will be revenue that shifts into ’25.
Richard Prentiss: So it does feel like just a calendar year shift and we should see stuff on ’25. How about longer term visibility on the business? Previous guidance had kind of given some revenue thoughts on where the business could head. I know you haven’t done that today, but how comfortable are you on looking at kind of longer term trends to the business? Kind of the private question as well. Investors are trying to get a sense of visibility and growth in a small cap name.
