A drill bit includes a bit head defining a longitudinal axis, an adjustable cutter blade having a cutting element, and a blade ramp extending transversely relative to the longitudinal axis and arranged to radially adjust the adjustable cutter blade when the adjustable cutter blade moves axially along a side of the bit head. The drill bit further includes a gauge pad coupled to the adjustable cutter blade and a gauge pad ramp extending transversely relative to the longitudinal axis and arranged to radially adjust the gauge pad when the gauge pad moves axially along the side of the bit head.