Anterix Inc (ATEX) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the Anterix Third Quarter Investor Update. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Natasha Vecchiarelli. Ma'am, the floor is yours.

大家好，歡迎來到 Anterix 第三季度投資者更新。 （操作員指示）現在我很高興將發言權交給主持人 Natasha Vecchiarelli。女士，地板是你的了。

Thank you, and good morning, everyone. I'm Natasha Vecchiarelli, Vice President of Investor Relations and Corporate Communications, and I welcome you to the Anterix third quarter conference call. Joining me today are Rob Schwartz, President and CEO; Ryan Gerbrandt, COO; Tim Gray, CFO; and Chris Guttman-McCabe, Chief Regulatory and Communications Officer.

謝謝大家，大家早上好。我是投資者關係和企業傳播副總裁 Natasha Vecchiarelli，歡迎您參加 Anterix 第三季度電話會議。今天加入我的是總裁兼首席執行官 Rob Schwartz；瑞安·格布蘭特，首席運營官；蒂姆·格雷，首席財務官；以及首席監管和通訊官 Chris Guttman-McCabe。

Before we begin, I'd like to remind you that we will make forward-looking statements during this call regarding future events and our anticipated future performance, such as our commercial outlook and guidance. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

在我們開始之前，我想提醒您，我們將在本次電話會議期間就未來事件和我們預期的未來業績（例如我們的商業前景和指導）做出前瞻性聲明。這些陳述基於當前的預期和假設，存在風險和不確定性。

Investors are cautioned not to place undue reliance on forward-looking statements. Additionally, we do not undertake any duty to update any forward-looking statements. Important factors and risks that could cause actual results to differ materially from the company's expectations are disclosed in our most recent SEC filings. These files can be accessed on our website or on the SEC's website. After Rob and Ryan provide their prepared remarks, we'll open the call for questions.

投資者應注意不要過分依賴前瞻性陳述。此外，我們不承擔更新任何前瞻性陳述的責任。我們最近向 SEC 提交的文件中披露了可能導致實際結果與公司預期存在重大差異的重要因素和風險。這些文件可以在我們的網站或 SEC 的網站上訪問。在 Rob 和 Ryan 發表準備好的發言後，我們將開始提問。

With that, I'll turn the call over to Rob.

這樣，我就把電話轉給羅布。

Thanks, Natasha. Good morning, everyone, and thank you for joining us today. As our first call of 2023, I want to take stock on where we are as a company. We fully understand that this was a difficult past year for investors, both in the markets overall and specifically for Anterix stockholders. Like any pioneering business defining a new market, when we embarked on this journey several years ago, we made some initial assumptions. Some that we got right and some that we got wrong.

謝謝，娜塔莎。大家早上好，感謝您今天加入我們。作為我們 2023 年的第一次電話會議，我想盤點一下我們公司的現狀。我們完全理解，過去的一年對於投資者來說是艱難的一年，無論是對整個市場還是對 Anterix 股東來說都是如此。就像任何定義新市場的開拓性企業一樣，當我們幾年前開始這一旅程時，我們做出了一些初步假設。有些我們做對了，有些我們做錯了。

To be clear, the value of our pipeline remains strong with potential contract proceeds of well over $3 billion. As I've said in the past, I am confident we have the right product, driven by the right team and are pursuing the right sector at the right time. Today, I'm going to talk you through a few of the lessons we've learned in this past year and describe how we've evolved our efforts to put that knowledge to use.

需要明確的是，我們的管道價值仍然強勁，潛在合同收益遠超 30 億美元。正如我過去所說，我相信我們擁有正確的產品，由正確的團隊驅動，並在正確的時間追求正確的領域。今天，我將向您介紹我們在過去一年中學到的一些經驗教訓，並描述我們如何努力運用這些知識。

We're also going to give greater transparency on our current customer progress with a measure we call demonstrated intent. And we'll discuss why we no longer intend to provide projections on contracts given the challenges of predicting contract timing.

我們還將通過我們稱之為“展示意圖”的措施，提高當前客戶進度的透明度。鑑於預測合同時間的挑戰，我們將討論為什麼我們不再打算提供合同預測。

First, as we've elaborated upon previously, the process to get to contract with utility is incredibly more complex in many cases than we originally envisioned. Leasing spectrum is deeply (inaudible) into a growing list of disparate yet significant grid modernization issues facing utility leaders, including resiliency, cyber security and decarbonization.

首先，正如我們之前所闡述的，與公用事業公司簽訂合同的過程在許多情況下比我們最初設想的要復雜得多。租賃頻譜深深地（聽不清）涉及公用事業領導者面臨的越來越多不同但重要的電網現代化問題，包括彈性、網絡安全和脫碳。

While these act as a major force to implement change, they also dramatically expand the breadth of analysis, cost and decision-making process each utility undertakes. This decision-making process requires us to obtain broad support from executives throughout the utility, including leaders in holding companies, operating companies and functional areas. While this process continues to escalate and enhance the visibility of our value proposition, it has substantially increased the complexity of their decision-making and as a result, makes timing less predictable.

雖然它們是實施變革的主要力量，但它們也極大地擴展了每個公用事業公司進行的分析、成本和決策過程的廣度。這一決策過程要求我們獲得整個公用事業公司高管的廣泛支持，包括控股公司、運營公司和職能領域的領導者。雖然這個過程不斷升級並增強我們價值主張的可見性，但它大大增加了他們決策的複雜性，從而使時間安排變得更難以預測。

Accordingly, to support this broad and complex decision-making process, we've realized that consistent and extensive education is critical. We support the utility decision-making by engaging and educating across the entire organization to get to yes, even including utility regulators and industry associations. These efforts do help ensure that we're on the right path towards completion, but they don't necessarily give us greater clarity on timing.

因此，為了支持這一廣泛而復雜的決策過程，我們意識到一致和廣泛的教育至關重要。我們通過讓整個組織（甚至包括公用事業監管機構和行業協會）參與和教育來達成共識，從而支持公用事業決策。這些努力確實有助於確保我們走在完成任務的正確道路上，但它們並不一定能讓我們更加明確時間安排。

We also continue to see that solutions are key to utility adoption. We've accordingly initiated several well-received programs. Many of our utility discussions have pivoted from spectrum to use cases that demonstrate the strategic and economic benefits of 900 megahertz private broadband and become a necessary element of business case justifications on the path to contracting.

我們還繼續看到解決方案是公用事業採用的關鍵。因此，我們啟動了幾個廣受歡迎的計劃。我們的許多公用事業討論都從頻譜轉向用例，這些用例展示了 900 兆赫私人寬帶的戰略和經濟效益，並成為簽約路徑上商業案例論證的必要要素。

We continue to widen the lens to share a range of these valuable outcomes with our potential utility customers through numerous forms, including the utility Strategic Advisory Board, the Anterix active ecosystem, Utility Broadband Alliance, EEI, EPRI and other major industry groups.

我們不斷拓寬視角，通過多種形式與潛在公用事業客戶分享一系列有價值的成果，包括公用事業戰略諮詢委員會、Anterix 活躍生態系統、公用事業寬帶聯盟、EEI、EPRI 和其他主要行業團體。

And while there is some similarity of process and procedure between utilities, each has their own distinct way of approaching a private wireless broadband opportunity, and we need to clearly identify and adapt to each of utilities processes. So while we are not seeing necessarily a shortening of the cycle time and getting the contract, we do see a strong influence from existing customers to their peers that impacts the desire and intent to move forward.

雖然公用事業公司之間的流程和程序有一些相似之處，但每個公用事業公司都有自己獨特的方式來實現私有無線寬帶機會，我們需要清楚地識別和適應每個公用事業公司的流程。因此，雖然我們不一定會縮短週期時間並獲得合同，但我們確實看到現有客戶對其同行的強烈影響，影響了前進的願望和意圖。

We set out believing that we could have some greater influence on the timing of getting a utility to contract and, therefore, an ability to predict within a range of certainty. But the reality is we can't do that with any real precision. The complexity of the unique nature of each opportunity directly impacts the timing of the process. That said, we can see with greater clarity and measure is the total scale of the market opportunity.

我們開始相信，我們可以對公用事業簽訂合同的時間產生更大的影響，從而能夠在一定範圍內進行預測。但現實是我們無法真正精確地做到這一點。每個機會的獨特性質的複雜性直接影響流程的時間安排。也就是說，我們可以更清晰地看到和衡量的是市場機會的總規模。

We are creating a market that previously did not exist. We are taking utilities through a broadband adoption process that they've not been through before. We've experienced and learned to manage through unforeseen issues causing delays like CEO successions, procurement process changes, competitive actions and more. While this pioneering role can mean a slower pace of adoption, for us, it confirms that we know we have a unique product with a unique value proposition at a unique time for the utility industry.

我們正在創造一個以前不存在的市場。我們正在帶領公用事業公司完成他們以前從未經歷過的寬帶採用流程。我們經歷並學會瞭如何應對導致延誤的不可預見的問題，例如首席執行官繼任、採購流程變更、競爭行為等。雖然這一先鋒角色可能意味著採用速度較慢，但對我們來說，它證實了我們知道我們在公用事業行業的獨特時期擁有具有獨特價值主張的獨特產品。

All of these learnings do challenge us on how to give appropriate guidance to investors on a business in a market in which we have a high level of confidence, but not a high level of control of timing. As a result, we've determined that we should evolve the way we communicate to investors about our future customer opportunities.

所有這些經驗教訓確實對我們提出了挑戰，即如何在我們對市場充滿信心但對時機的控制能力較差的市場中為投資者提供適當的業務指導。因此，我們決定應該改進與投資者溝通未來客戶機會的方式。

We've concluded that starting today and going forward, Anterix will not provide timing projections, but instead, we'll provide what we believe is a transparent and fact-based scorecard that we've defined as demonstrated intent. What we know is that we see significant signs of customer intent before we get to contract, it's why we say that it's not a matter of if, but when. This intent is tangible. At times publicly visible and is measurable.

我們得出的結論是，從今天開始，Anterix 將不再提供時間預測，而是提供我們認為透明且基於事實的記分卡，我們將其定義為已證明的意圖。我們知道，在簽訂合同之前，我們會看到客戶意圖的重要跡象，這就是為什麼我們說這不是是否的問題，而是何時的問題。這個意圖是顯而易見的。有時是公開可見的並且是可衡量的。

I'll now turn it over to Ryan to take you through this in further detail, and then I'll wrap it up with some concluding remarks.

現在我將把它交給 Ryan，讓他更詳細地介紹這一點，然後我將用一些結論性意見來結束它。

Thanks, Rob, and good morning, everyone. Previously, I have taken this time during the call to give you details on the status of the 3 phases of our pipeline. And in addition to the pipeline on each call, we've shared many other examples of the momentum we are experiencing, whether it be in the form of experimental licenses, LOIs, participation in key industry events or additional details on specific contracts, our goal has and continues to be to provide investors with a level of transparency that demonstrates the progress we are making in moving each utility and the entire sector to execute on our goal of being the de facto private wireless broadband provider to utilities.

謝謝羅布，大家早上好。此前，我在通話期間利用這段時間向您詳細介紹了我們管道三個階段的狀態。除了每次通話中的渠道之外，我們還分享了我們正在經歷的許多其他例子，無論是實驗許可證、意向書、參與關鍵行業活動還是特定合同的其他細節，我們的目標已經並將繼續為投資者提供一定程度的透明度，以展示我們在推動每個公用事業公司和整個行業實現成為公用事業公司事實上的私人無線寬帶提供商的目標方面所取得的進展。

One of the things we have learned and have concluded is that the phases of the pipeline alone do not reflect the full picture of customer progress and confidence we see. And quite frankly, the movement through the phases doesn't align well with these quarterly updates and our goal of providing investors with a transparent, consistent and measurable way to see the combined impact and development of this important market opportunity.

我們學到並得出的結論之一是，管道的各個階段本身並不能反映我們所看到的客戶進展和信心的全貌。坦率地說，各個階段的進展與這些季度更新以及我們為投資者提供透明、一致和可衡量的方式來了解這一重要市場機會的綜合影響和發展的目標並不一致。

Today, we're going to share an additional way of quantifying and tracking our momentum. In doing so, we're not discarding the phases of our pipeline. They continue as they were designed to guide and measure our sales process. Just to be clear, we've not lost opportunities from the pipeline. The Utilities within all 3 phases still represent more than 90% of our total addressable market, totaling well over $3 billion of potential contracted proceeds with more than $500 million now in Phase III and more than $1.2 billion in Phase II. Adding just these bottom 2 phases and their total of $1.7 billion in potential proceeds to our signed deals worth over $200 million in contracted proceeds, demonstrates why we remain wildly excited about the overall value of this opportunity.

今天，我們將分享另一種量化和跟踪我們勢頭的方法。在此過程中，我們並沒有放棄管道的各個階段。它們繼續按照其設計目的來指導和衡量我們的銷售流程。需要明確的是，我們並沒有失去管道中的機會。所有三個階段的公用事業仍占我們潛在市場總額的 90% 以上，潛在合同收益總額遠超 30 億美元，其中第三階段目前超過 5 億美元，第二階段超過 12 億美元。僅將這最後兩個階段及其總計 17 億美元的潛在收益添加到我們已簽署的價值超過 2 億美元的合同收益中，就說明了為什麼我們對這一機會的整體價值仍然感到非常興奮。

Now already with the vast majority of the addressable market captured in the pipeline, we believe it's complementary to bring focus to how we measure a customer's demonstrated intent and how will we report this to you going forward. For this analysis, we track many individual metrics for every customer in our pipeline and proportionately score each based on our assessment of its importance and come up with a combined demonstrated intent score.

現在，我們已經佔領了絕大多數潛在市場，我們相信，將重點放在我們如何衡量客戶所表現出的意圖以及我們將來如何向您報告這一點上是互補的。對於此分析，我們跟踪管道中每個客戶的許多單獨指標，並根據我們對其重要性的評估按比例對每個指標進行評分，並得出綜合的展示意圖得分。

If the sum of the analysis places a utility over a certain threshold, we conclude that we have a high confidence that a customer has demonstrated intent to move forward with Anterix on a 900-megahertz contract. Today, we're sharing several of these key metrics with you. A number of these are based on publicly available information, while others are based on the information utilities have shared with us under NDA.

如果分析總和使效用超過某個閾值，我們就得出結論，我們非常有信心客戶已表現出與 Anterix 簽訂 900 兆赫茲合同的意圖。今天，我們將與您分享其中幾個關鍵指標。其中一些基於公開信息，而另一些則基於公用事業公司根據保密協議與我們共享的信息。

For the data and information that is publicly available, these metrics include things like regulatory or rate case filings or public statements of intent made through participation on panels or in interviews and articles, Membership in our Utility Strategic Advisory Board, active participation in the Utility Broadband Alliance or filing for a 900 megahertz experimental license and more.

對於公開的數據和信息，這些指標包括監管或費率案件備案或通過參加小組或訪談和文章而發表的公開意向聲明、我們的公用事業戰略諮詢委員會的成員資格、積極參與公用事業寬帶聯盟或申請 900 兆赫實驗許可證等。

For the metrics supported by private data, many are very definitive and measurable such as has the utility requested and received 900 megahertz pricing or has the utility issued an RFP where 900 megahertz is defined as the primary spectrum band. Is there a verbal agreement on deal terms? Or has the utility pursued BIL funding to support a private LTE project or one of the top indicators are we engaged in contract negotiations?

對於私人數據支持的指標，許多指標都是非常明確且可衡量的，例如公用事業公司是否請求並收到了 900 兆赫茲的定價，或者公用事業公司是否發布了 RFP，其中 900 兆赫茲被定義為主要頻段。交易條款是否有口頭協議？或者公用事業公司是否尋求 BIL 資金來支持私人 LTE 項目，或者我們是否參與合同談判的首要指標之一？

While the significance of the metrics does vary, several are highly validating all on their own. However, many of these metrics in isolation don't confirm a contract with Anterix is highly likely. It is the totality of the analysis that confirms our confidence that the utility is demonstrating considerable intent to proceed with deploying 900 megahertz spectrum. This scorecard enables us to quantify the signs that we regularly see and that you hear us referencing when we say that we see momentum is increasing.

雖然這些指標的重要性確實有所不同，但其中一些指標本身就得到了高度驗證。然而，許多單獨的指標並不能證實與 Anterix 簽訂合同的可能性很大。整個分析證實了我們的信心，即該公用事業公司正在表現出繼續部署 900 兆赫頻譜的強烈意願。該記分卡使我們能夠量化我們經常看到的跡象，當我們說我們看到動力正在增加時，您會聽到我們引用這些跡象。

At the moment, 15 utilities cross our threshold for the highest level of customer demonstrated intent, representing more than $800 million in potential contracted value. You won't be surprised to learn that these are the same set of customers we've been describing as our near-term opportunities and our projections. And that these utilities are part of the approximately $1.7 billion combined value we currently see in Phase III and II. The remainder of our pipeline customers outside of these 15 are also being tracked for their demonstrated intent. Several fall just outside the threshold with the remainder of our pipeline on a graduated set of scores.

目前，有 15 家公用事業公司跨越了我們的最高客戶意向門檻，代表著超過 8 億美元的潛在合同價值。您不會感到驚訝，因為這些客戶與我們一直描述為我們的近期機會和預測的客戶是同一組。這些公用事業是我們目前在第三階段和第二階段看到的約 17 億美元總價值的一部分。除了這 15 家之外，我們還在跟踪其他管道客戶的意圖。其中一些剛好超出了閾值，而我們管道的其餘部分則按照分級分數進行計算。

Each quarter going forward, we plan to report on the progress of our demonstrated intent scorecard against our pipeline so that you can measure our progress. To give you some more color on the 15 across the threshold, 13 in this category have specifically named and made accountable, a senior executive sponsor with the capability to progress a deal through their process. Nine have made public statements on industry panels or interviews about their development of private LTE for their utility, including recently as reported on panels at DistribuTECH.

未來的每個季度，我們計劃根據我們的管道報告我們展示的意圖記分卡的進展情況，以便您可以衡量我們的進展情況。為了讓您對跨越門檻的 15 家公司有更多了解，這一類別中的 13 家公司專門任命了一位高級執行發起人並對其負責，他們有能力通過他們的流程推進交易。九家公司已在行業小組或採訪中就他們為其公用事業開發專用 LTE 發表了公開聲明，包括最近在 DistribuTECH 小組中報導的內容。

Nine, whom we've had and continue to have discussions on 900 megahertz spectrum deal terms and 6 that have already established regulatory filings or rate cases to fund their pending private LTE program. Five of the group have already released their completed network infrastructure RFPs, either identifying 900 megahertz as the sole source spectrum option or as the exclusive low-band option in a hybrid network model and 5 have 900 megahertz experimental licenses, notably highlighting the different journeys utilities continue to take in their pursuit of private LTE.

我們已經並繼續就 900 兆赫頻譜交易條款與 9 家進行了討論，還有 6 家已經提交了監管文件或進行了評級案例，以資助其懸而未決的私人 LTE 計劃。其中 5 家已經發布了完整的網絡基礎設施 RFP，要么將 900 兆赫茲確定為唯一的源頻譜選項，要么作為混合網絡模型中的唯一低頻段選項，5 家擁有 900 兆赫茲實驗許可證，特別強調了不同的旅程公用事業繼續追求私有 LTE。

While these are just part of the indicators we see in track, the intentions are obvious. For an industry that is generally risk-averse and very deliberate, the full range of data we are tracking and the indications of intent we are seeing is very meaningful, and I hope gives you a level of confidence in our momentum and future contracts.

雖然這些只是我們所看到的指標的一部分，但其意圖是顯而易見的。對於一個普遍規避風險且非常深思熟慮的行業來說，我們正在跟踪的全方位數據和我們看到的意圖跡象非常有意義，我希望讓您對我們的勢頭和未來合同有一定程度的信心。

And lastly, before I pass it back to Rob, I'd be remiss not to mention last week's seminal Utility Technology Event DistribuTECH. With over 12,000 attendees and having communication networks as a main track topic with at least a dozen specific sessions, it once again has proven the elevated role a broadband network has taken across the utility landscape. The fact that more than 30 of our technology partners were present and collaborating with customers and our booth is amazing. It is a testament to the importance of the Anterix Active ecosystem that we have built in a sign of the power of and demand for our solution.

最後，在我把它傳回給 Rob 之前，如果我不提及上週的開創性公用事業技術活動 DistribuTECH，那就太失職了。與會者人數超過 12,000 人，並將通信網絡作為主要議題，舉辦了至少十幾個具體會議，再次證明了寬帶網絡在整個公用事業領域所發揮的重要作用。我們的 30 多家技術合作夥伴出席了會議並與客戶和我們的展位進行了合作，這一事實令人驚嘆。這證明了我們建立的 Anterix Active 生態系統的重要性，體現了我們解決方案的力量和需求。

I'm proud of all of the accomplishments of our team at Anterix and the combined contributions of our entire ecosystem, who remain steadfast focused on ensuring private broadband networks, unlock the most significant outcomes possible to ensure we are able to address the generational challenges faced with today's electric grid.

我為 Anterix 團隊取得的所有成就以及整個生態系統的共同貢獻感到自豪，他們始終堅定地專注於確保私有寬帶網絡，盡可能取得最重大的成果，以確保我們能夠應對所面臨的幾代人的挑戰與今天的電網。

I'll now turn it back over to Rob.

我現在將把它轉回給羅布。

Thanks, Ryan. We hope that by presenting you with the transparent details on how we measure demonstrated intent, we provided a clear picture about how we measure movement with the individual utilities and throughout the sector and how we define our confidence. While we are moving away from just updating the pipeline and for making any timing projections, we will continue to share with you details regarding how we are progressing with this new framework. In this last year, we've made great headway in that effort. We closed our largest customer to date Xcel.

謝謝，瑞安。我們希望通過向您提供有關我們如何衡量已表明意圖的透明詳細信息，我們可以清楚地了解我們如何衡量各個公用事業公司和整個行業的變化以及我們如何定義我們的信心。雖然我們不再只是更新管道和進行任何時間預測，但我們將繼續與您分享有關我們如何使用這個新框架取得進展的詳細信息。去年，我們在這方面取得了巨大進展。我們關閉了迄今為止最大的客戶 Xcel。

Our active ecosystem grew to over 100 members with a robust collection of leading vendors that all have a stake in making 900 megahertz private broadband solutions more valuable to the utility sector and beyond. We put in place several groundbreaking initiatives designed to enhance the value of 900 megahertz to utilities, including the launch of our platform, the creation of the Utility Strategic Advisory Board and the introduction of our first product catalysts.

我們活躍的生態系統已發展到擁有 100 多個成員，擁有強大的領先供應商集合，所有這些供應商都致力於使 900 兆赫私人寬帶解決方案對公用事業行業及其他領域更具價值。我們實施了多項突破性舉措，旨在提高 900 兆赫茲對公用事業公司的價值，包括推出我們的平台、成立公用事業戰略諮詢委員會以及推出我們的首款產品催化劑。

We saw an incredible increase in engagement and demand across the whole sector reflected in the largest participation in the Utility Broadband Alliance Conference and an extremely successful DistribuTECH event just this last week, but I know some of our investors actually had the opportunity to experience firsthand.

我們看到整個行業的參與度和需求出現了令人難以置信的增長，這體現在上周公用事業寬帶聯盟會議的最大參與度和極其成功的 DistribuTECH 活動上，但我知道我們的一些投資者實際上有機會親身體驗。

And before we move to Q&A, I want to share some additional good news. This morning, we announced that Jeff Altman, a long-time Anterix investor and Founder of Owl Creek has been appointed to our Board of Directors. We've had a long and constructive relationship with Jeff and the Owl Creek team since our first equity offering. I've gotten to know Jeff over the years and through our regular conversations, the Owl Creek team's direct investor input has been very helpful to us. I'm looking forward to incorporating Jeff's insight directly into our Board's discussions as we continue to grow and expand in this important year.

在我們進行問答之前，我想分享一些額外的好消息。今天早上，我們宣布 Anterix 的長期投資者兼 Owl Creek 創始人 Jeff Altman 已被任命為我們的董事會成員。自從我們首次發行股票以來，我們與 Jeff 和 Owl Creek 團隊建立了長期且建設性的關係。我多年來認識 Jeff，通過我們的定期對話，Owl Creek 團隊的直接投資者意見對我們非常有幫助。我期待著將傑夫的見解直接納入董事會的討論中，因為我們將在這一重要的一年中繼續發展和擴張。

That concludes our prepared remarks. I'll now turn it back over to the operator for questions.

我們準備好的發言到此結束。我現在將把它轉回接線員詢問問題。

(Operator Instructions) Your first question is coming from James Ratcliffe from Evercore ISI.

（操作員說明）您的第一個問題來自 Evercore ISI 的 James Ratcliffe。

Just sort of in a big picture sense. I remember a couple of years ago, when the company was first going public and the like. The story was very heavily essentially sell the spectrum or release it on a long-term basis and go home effectively, that long-term business was just catching the checks. It sounds like it's much become notably more involved and more of a service provider. So can you give us an idea of just sort of long term what this business looks like and how involved do you expect to be in the operations of your customers?

只是從大局來看。我記得幾年前，當公司第一次上市之類的時候。這個故事本質上是出售頻譜或長期釋放頻譜，然後有效地回家，長期業務只是抓住支票。聽起來它的參與度明顯提高了，而且更像是一個服務提供商。那麼，您能否向我們介紹一下這項業務的長期情況以及您希望如何參與客戶的運營？

(technical difficulty) I think about what you said with regards to the (inaudible) so are we getting that side (inaudible). From our state crystal clear, the key parts of our business are...

（技術困難）我想一下你所說的關於（聽不清）的內容，那麼我們是否站在了那一邊（聽不清）。從我們的狀態可以清楚地看出，我們業務的關鍵部分是……

(technical difficulty)

（技術難度）

I can hear you, but they're static.

我能聽到你說話，但它們是靜止的。

Okay. But I'm going to answer your question -- look, we've always talked about very valuable spectrum action (technical difficulty)

好的。但我要回答你的問題——看，我們一直在談論非常有價值的頻譜行動（技術難度）

The first one, absolutely spectrum in a valuable with a facility sector to identify and develop that (technical difficulty)

第一個，絕對是一個有價值的設施領域的頻譜，以識別和開發它（技術難度）

At the same time is the strong of that marketplace, growing by on just the spectrum value as we've talked about together overall different companies into an active system program that are focused on evaluable and pro (technical difficulty)

與此同時，該市場的實力也很強，僅依靠頻譜價值來增長，正如我們已經將不同的公司一起討論到一個活躍的系統計劃中，該計劃專注於可評估和專業（技術難度）

So that could be a quick structure, service plication data at all of those bringing us the opportunity beyond spectrum. (technical difficulty)

因此，這可能是一個快速的結構，服務複製數據為我們帶來了超越頻譜的機會。 （技術難度）

But none of it is from our primary business currently, which is signing contracts that spectrum. But to be clear, we do see beyond that. And then we talk historically, our networking (technical difficulty)

但這些都不是我們目前的主要業務，即簽署各種合同。但需要明確的是，我們確實看到了更深層的內容。然後我們從歷史上講，我們的網絡（技術難度）

Ladies and gentlemen, we will reconnect our speaker (technical difficulty)

女士們先生們，我們將重新連接我們的揚聲器（技術難度）

Once again, ladies and gentlemen, please you may stay on the line while I reconnect the speaker to the (technical difficulty)

再次，女士們先生們，請在我將揚聲器重新連接到（技術困難）時保持在線。

Now we are back and we apologize...

現在我們回來了，我們道歉......

Yes, I can hear you.

是的，我能聽到你的聲音。

Okay. Sorry about that. So we still come background noise. I can recommend the conference back to you for future calls. So I think I answered your -- initial part of you question, are you able to hear that (technical difficulty)

好的。對於那個很抱歉。所以我們仍然會聽到背景噪音。我可以向您推薦該會議，以便您以後致電。所以我想我回答了你問題的最初部分，你能聽到嗎（技術難度）

Your next question is coming from Simon Flannery from Morgan Stanley.

您的下一個問題來自摩根士丹利的西蒙·弗蘭納里。

Great. All right. Well, hopefully, we can get through this. One, the demonstrated interest is helpful. The first thing is, did anything change in the last 3 months to move to this? Because A lot of the issues that you've talked about, Rob, have been something that we've heard from you for a few months now. So was there something or is it just a turn of the calendar and saying, we'll have a different approach? And maybe to that point, maybe, Ryan, just if we were to look at demonstrated interest 3 months ago, I don't know if you have a historical kind of reference point for that, but would we still be at the $800 million, give or take? Or has there been any change in that? And I know you talked about a handful of demonstrated targets that were very close to the finish line. Any updates on that would be great.

偉大的。好的。好吧，希望我們能渡過難關。第一，表現出的興趣是有幫助的。第一件事是，在過去 3 個月裡有什麼變化嗎？因為羅布，您談到的很多問題都是我們幾個月來從您那裡聽到的。那麼，是否有什麼事情發生，或者只是日曆的轉變，我們會採取不同的方法？也許到那時，也許，Ryan，如果我們看看 3 個月前表現出的興趣，我不知道你是否有一個歷史參考點，但我們是否仍然處於 8 億美元的水平，給予還是索取？或者這方面有什麼變化嗎？我知道您談到了一些非常接近終點線的演示目標。任何有關這方面的更新都會很棒。

Great. And again, I apologize for the connectivity challenges here. There's a joke in there some about how many telecommunications investors and executives it takes to connect the phone call. What's changed? It's just the continued evolution. You're absolutely right. We've been talking about these issues and recognize them and learning a lot from the customers. For us, what we realized is our goal of -- our mission of becoming a de facto provider of these services to utilities. I consider that to be the war that we're winning and the progress we're making what's challenging and more so all the time is predicting the timing of the individual battles to get us there. And so we really decided it just doesn't make sense for us to provide those projections on contracts going forward. But instead really focusing on what we see as a much more transparent and fact-based scorecard focusing on our demonstrated intent.

偉大的。再次，我對這裡的連接挑戰表示歉意。那裡有一個笑話，說需要多少電信投資者和高管才能接通電話。發生了什麼變化？這只是持續的演變。你是絕對正確的。我們一直在討論這些問題並認識到它們，並從客戶那裡學到了很多東西。對於我們來說，我們意識到我們的目標是——我們的使命是成為公用事業公司這些服務的事實上的提供商。我認為這是我們正在贏得的戰爭和我們正在取得的進展，這是具有挑戰性的，更重要的是，一直在預測各個戰鬥的時間安排，以幫助我們實現這一目標。因此，我們確實認為，對未來的合同提供這些預測是沒有意義的。但真正關注的是我們認為更加透明和基於事實的記分卡，重點關注我們所表現出的意圖。

And just one thing before I pass over to Ryan. I mean, what's unusual in this kind of conservative audience of utility executives is to see them well ahead of a contracting process and demonstrating this intent through so many kinds of factors that we're going to go through. There's well over 20 factors that we measure in this demonstrated intent. But let me let Ryan talk about that a little further and maybe the historic reference point.

在我把話題交給瑞安之前，只有一件事。我的意思是，對於這種保守的公用事業高管受眾來說，不同尋常的是，他們在簽訂合同之前就看到了他們，並通過我們將要經歷的多種因素來展示這一意圖。我們在這個明確的意圖中衡量了 20 多個因素。但讓我讓瑞安進一步談談這個問題，也許還有歷史參考點。

Simon. Yes. So as we've seen kind of as we've been tracking the opportunities through and just for a little bit of a reflection, as I said in the prepared remarks, we're continuing the activities that go along with the pipeline. And what we found is these different indicators of a tech play out through many of the phases of the pipeline but that the pipeline itself in just having 3 categories, is overly granular in terms of how we can provide information and transparency view. So these elements give us more granularity and more ability to be able to track the change over time.

西蒙.是的。因此，正如我們所看到的，我們一直在跟踪機會，只是為了一點反思，正如我在準備好的發言中所說，我們正在繼續與管道相關的活動。我們發現，技術的這些不同指標會在管道的許多階段發揮作用，但管道本身只有 3 個類別，在我們如何提供信息和透明度視圖方面過於細化。因此，這些元素為我們提供了更多的粒度和更強的能力來跟踪隨時間的變化。

And absolutely we've seen significant changes over the -- looking back over the last 3, 6, 9 months. A couple of the things that I'll highlight a few of the metrics didn't even exist at categories, frankly, until some of the initiatives played out for ourselves in the market. For example, with the activities that we've seen with UBBA or (inaudible), where we see speakers, that we just came out of the event last week. And so again, a significant amount of utilities out in the public speaking about what they're doing opportunistically with their private LTE network. Same thing with like VIL funding, which is another one that I referenced in terms of active engagement that we're seeing with Utilities pursuing their opportunities with funding associated with broadband networks.

回顧過去 3、6、9 個月，我們確實看到了重大變化。坦率地說，我要強調的一些指標甚至不存在於類別中，直到一些舉措在市場上為我們自己發揮作用。例如，我們在 UBBA 或（聽不清）的活動中看到了演講者，我們上周剛剛結束了活動。同樣，大量公用事業公司再次公開談論他們正在利用其專用 LTE 網絡進行的機會主義活動。 VIL 資金也是如此，這是我在積極參與方面提到的另一項資金，我們看到公用事業公司通過與寬帶網絡相關的資金尋求機會。

We've also seen more regulatory filings progress rented. Those don't happen quite as often as we see with some of the other metrics, but there are consistent signs we continue to see as they're putting those publications out and making their financing available around what they're trying to do with broadband.

我們還看到更多的監管備案進展。這些情況並不像我們在其他一些指標中看到的那麼頻繁，但我們繼續看到一致的跡象，因為他們正在發布這些出版物並圍繞他們試圖用寬帶做的事情提供融資。

Now specifically to your other question around the other deals that we've been talking about. Obviously, we've spoken about 4 deals in contract to get some transparency to what we're seeing in the near-term opportunities in the pipeline. One of those, as we've discussed on the last call, was clearly Xcel. The other 3, as you would anticipate, are clearly front and center in this highest category of demonstrated intent and we're continuing to see good progress. In fact, a couple of data points on those coming out of our model, 2 of them specifically do have the rate cases [bundled] all of them have capital plans in place that are driving their internal programs for PLT and one is pursuing an infrastructure RFP, but we do continue to see good progress on those as they're continuing to work through their individual processes and the pursuit of broadband.

現在具體回答您關於我們一直在討論的其他交易的其他問題。顯然，我們已經討論了合同中的 4 項交易，以便讓我們在近期機會中看到的情況具有一定的透明度。正如我們在上次電話會議中所討論的，其中之一顯然是 Xcel。正如您所預料的那樣，其他 3 個顯然處於這一最高類別的展示意圖的前沿和中心，並且我們將繼續看到良好的進展。事實上，我們模型中的一些數據點，其中 2 個確實有[捆綁]費率案例，所有這些都制定了資本計劃，推動其內部 PLT 計劃，其中一個正在尋求基礎設施RFP，但我們確實繼續看到這些方面取得了良好進展，因為他們正在繼續完成各自的流程並追求寬帶。

And Simon, just to wrap up, what I want to make sure is really clear here is that we've never been more excited about the opportunity and this demonstrated intent we're seeing. We've talked a lot qualitatively over the past calls about all of these elements. But what really wanted to do was to be able to roll this up into a scorecard to really measure this demonstrated intent. For those of you, I know several investors, I mentioned were at DistribuTECH just last week. I mean if you can see the level of interest, excitement and engagement of utilities and the ecosystem. There were over 10,000 people at this show the recognition of Anterix's Solution set, the recognition of the need for this to enable so many important use cases. The awareness now that there's a need for connecting the dots between all of these disparate systems that the communication is a vital piece of that.

西蒙，總結一下，我想確定的是，我們對這個機會和我們所看到的這種明確的意圖感到前所未有的興奮。我們在過去的電話會議中就所有這些要素進行了很多定性討論。但真正想做的是能夠將其匯總到記分卡中，以真正衡量所表現出的意圖。對於你們這些人來說，我認識幾位投資者，我上週提到過他們在 DistribuTECH。我的意思是，如果你能看到公用事業和生態系統的興趣、興奮和參與程度。此次展會上有超過 10,000 名觀眾對 Anterix 的解決方案集表示認可，並認識到需要該解決方案來實現如此多的重要用例。現在人們意識到需要將所有這些不同系統之間的點連接起來，通信是其中至關重要的一部分。

It's clear evidence of the success we're having in moving the industry forward. And that's what this -- the intention of this demonstrated intent is just to be able to show a measurement of the success that we're seeing with the customers.

這清楚地證明了我們在推動行業向前發展方面所取得的成功。這就是這個——這種展示意圖的目的只是為了能夠展示我們與客戶一起看到的成功的衡量標準。

Great. And one quick follow-up. If you take the [$800 million] and the [$15 million], you get [$53 million] average contract size. I think you sort of said [60] was your median. I mean, it's not far off that. But -- is there any changes there? And I thought that you said in the past you might see some new records in terms of some bigger-than-average deals being signed than what you've done so far in the not-too-distant future?

偉大的。還有一個快速跟進。如果你考慮[8億美元]和[1500萬美元]，你會得到[5300萬美元]平均合同規模。我認為你說 [60] 是你的中位數。我的意思是，距離那不遠了。但是——有什麼變化嗎？我想你過去說過，在不久的將來，你可能會看到一些新的記錄，比如簽署一些高於平均水平的交易，而不是你迄今為止所做的事情？

Absolutely. No change there at all, Simon, all still in play. Obviously, there are larger deals that are still out there. But absolutely, there's a disbursement of those values across a variety of different deal sizes.

絕對地。西蒙，根本沒有任何變化，一切仍在發揮作用。顯然，還有更大的交易仍在進行中。但絕對的是，這些價值會在各種不同的交易規模中進行支付。

(Operator Instructions) Your next question is coming from George Sutton from Craig-Hallum.

（操作員說明）您的下一個問題來自 Craig-Hallum 的 George Sutton。

One of the key takeaways for me at DistribuTECH was the robustness of the ecosystem and in particular, the (inaudible) and the utility provisioning system, the easy button. Are those types of things that make it a lot easier for the utility to actually provision and actually move forward? Are those doing anything to accelerate the conversations?

對我來說，DistribuTECH 的關鍵收穫之一是生態系統的穩健性，特別是（聽不清）和實用程序配置系統、簡單按鈕。這些類型的事情是否使公用事業公司更容易實際配置並實際推進？他們是否採取了任何措施來加速對話？

Great question, George. It was great to see you last week. Thanks for making the trip out to San Diego for DistribuTECH. You're spot on. Look, first of all, the ecosystem overall, right, as I mentioned, not just over 100 companies that we actually brought together in an event out at DistribuTECH, but also well over 30 of them at our booth showing the valuable use cases. That is exactly what drives decision-making, right? It's not about megahertz, it's not about spectrum, it's not about infrastructure. It's about the solution set that are being brought with this network with a private broadband network, what it can enable.

好問題，喬治。上週很高興見到你。感謝您專程前往聖地亞哥參加 DistribuTECH。你說得對。首先看一下整個生態系統，正如我所提到的，不僅有超過 100 家公司在 DistribuTECH 的活動中聚集在一起，而且還有超過 30 家公司在我們的展位上展示了有價值的用例。這正是推動決策的因素，對嗎？這與兆赫無關，與頻譜無關，與基礎設施無關。這是關於該網絡與專用寬帶網絡帶來的解決方案集以及它可以實現的功能。

And so in our booth, you could see enablement of cybersecurity vendors with over half a dozen vendors demonstrating the specific capabilities. And just to be clear, if you were there, we had CTOs, all levels of executives coming through there, being able to see that and understand connecting the dots, having those aha moments that we saw, this is the value that's being brought by this broadband wireless network and why they need it.

因此，在我們的展位上，您可以看到網絡安全供應商的支持，超過六家供應商展示了特定的功能。需要明確的是，如果您在場，我們有首席技術官，各級管理人員都經過那裡，能夠看到這一點並理解將各個點聯繫起來，擁有我們看到的那些頓悟時刻，這就是所帶來的價值這個寬帶無線網絡以及他們為什麼需要它。

It went into mutual aid resiliency. And so we had these categorizing ways to really be able to demonstrate, you call it the easy button, but it's exactly that, that these networks that were built. I mean one specific CTO who already moved forward with their system said to us, can you come in and talk to our leadership about all the other things that this network that we've already put in place can do because I don't think they have any idea about all the capabilities. And so it really has become kind of a Swiss Army knife of functionality, often pulled through with one primary use case, and that's how they're justifying it. But what really is starting to come to fruition is the multiple blades of value on all the capabilities that this network can provide. And we're seeing that absolutely creating a growing momentum and understanding of what private LTE enables for utilities.

它進入了互助彈性。所以我們有這些分類方法來真正能夠演示，你稱之為簡單按鈕，但正是這些網絡被構建起來。我的意思是，一位已經推進了他們的系統的首席技術官對我們說，你能進來和我們的領導層談談我們已經建立的這個網絡可以做的所有其他事情嗎，因為我認為他們做不到對所有功能有任何了解。因此，它確實已經成為一種功能性瑞士軍刀，通常可以通過一個主要用例來完成，這就是他們證明其合理性的方式。但真正開始實現的是該網絡可以提供的所有功能的多個價值刀片。我們看到，這絕對創造了不斷增長的勢頭，並加深了人們對專用 LTE 為公用事業帶來的影響的理解。

One other question related to use cases. It was clear in talking to both utilities and some of your partners that these recent transformer attacks and concerned about security have really highlighted a use case that private LTE serves very well. Could you talk about that in terms of how common that's become in your conversations and perhaps could accelerate some conversations?

另一個與用例相關的問題。在與公用事業公司和一些合作夥伴的交談中可以清楚地看出，最近的這些變壓器攻擊和對安全性的擔憂確實凸顯了專用 LTE 服務非常好的用例。您能否談談這在你們的對話中變得多麼普遍，並且可能會加速某些對話？

George, Ryan here. I mean, as you heard, certainly at the show and certainly from us before, security tends to elevate as one of probably the top 1, if not top 2 things that we here driving the need for private. And whether that be in the form of cyber, which we also had on display at DistribuTECH, which is clearly looking at more how do we add a more robust capability to the existing inherent technology advantages that LTE brings. But in addition to that, you're right, kind of the physical security side of the use case. This is a conversation that I'm hearing come up more and more Obviously, the -- I live in North Carolina and seeing the impact of the physical attack on the substations there and the ability for that to highlight the urgency and a utility decision-makers mind is apparent.

喬治，瑞安在這裡。我的意思是，正如您在展會上以及之前從我們那裡聽到的那樣，安全性往往會被提升為我們這裡推動隱私需求的首要任務之一（如果不是首要的兩項）。無論是網絡形式，我們也在 DistribuTECH 上展示過，這顯然更多地關注我們如何為 LTE 帶來的現有固有技術優勢添加更強大的功能。但除此之外，你是對的，用例的物理安全方面。這是我越來越多地聽到的對話，顯然，——我住在北卡羅來納州，看到了物理攻擊對那裡變電站的影響，以及強調緊迫性和公用事業決策的能力——製作者的心思顯而易見。

And we've run into that now into a few different places where similar attacks have happened or utility members in sharing their experiences and lessons learned are really focusing on how to enhance their capabilities. There's a lot of advanced technology out there that's already in the realm of either video for physical security or proximity detection, motion detection that can help utilities with more proactively managing the physical security around the borders and offenses of the substations, but I'm sure will become part of a set of use cases that ultimately move forward.

我們現在已經在幾個不同的地方遇到了類似的攻擊，或者公用事業成員在分享他們的經驗和教訓時真正關注的是如何增強他們的能力。在物理安全視頻或接近檢測、運動檢測領域已經有很多先進技術，可以幫助公用事業公司更主動地管理邊界周圍的物理安全和變電站的攻擊行為，但我確信將成為最終向前發展的一組用例的一部分。

Your next question is coming from Mike Crawford from B. Riley Securities.

您的下一個問題來自 B. Riley Securities 的 Mike Crawford。

At DistribuTECH one of your executive, Steve Ryan, Vice President of Ecosystem and Partnerships spoke on a panel with Ericsson regarding First Energy Corporation, which is $44 billion IOU that uses 700 megahertz spectrum for LTE. So is FirstEnergy one that fell out of your pipeline? Or is that one that's additionally considering 900 megahertz?

在 DistribuTECH，你們的一位高管、生態系統和合作夥伴副總裁 Steve Ryan 在與愛立信的一次小組討論中就 First Energy Corporation 發表了講話，該公司的 IOU 價值 440 億美元，使用 700 兆赫頻譜用於 LTE。那麼 FirstEnergy 是不是已經從你的管道中消失了呢？還是另外考慮 900 兆赫？

Without talking about any utility specifically under NDA, the 700 megahertz, I would say, alternative was something that was a legacy spectrum available before we have broadband. And my perspective, as most folks who committed to that we're doing so prior to our offering. We have not lost anybody in our pipeline to date since we've had availability of our spectrum to that alternative at this time.

在不談論 NDA 下的任何實用程序的情況下，我想說的是，700 兆赫茲是我們擁有寬帶之前可用的遺留頻譜。我的觀點是，正如大多數致力於此的人一樣，我們在提供產品之前就這樣做了。迄今為止，我們還沒有失去任何人，因為我們此時已經擁有了替代方案的頻譜。

And I'm glad you mentioned our presence on that panel. At DistribuTECH, we had numerous executives really being able to talk about various topics. And importantly, as you said, with utility executives really talking about the value they're getting from broadband. There's always choices, narrowband choices, like 700 and broadband like 900 and so we see the -- to us, there are a lot of things that probably are interim solutions. But in the long term, broadband is really the only thing will provide the breadth of capabilities that will be required to solve the growing list of challenges from cybersecurities we just talked about, resiliency and importantly, the decarbonization of connecting of all the distributed energy sources.

我很高興您提到我們在該小組中的存在。在 DistribuTECH，我們有許多高管真正能夠談論各種主題。重要的是，正如您所說，公用事業高管確實在談論他們從寬帶中獲得的價值。總是有選擇，窄帶選擇，如 700 和寬帶選擇，如 900，所以我們看到——對我們來說，有很多東西可能是臨時解決方案。但從長遠來看，寬帶確實是唯一能夠提供解決我們剛才談到的網絡安全、彈性以及重要的是所有分佈式能源連接脫碳等日益增長的挑戰所需的廣泛能力的東西。 。

Yes, Mike, let me just add, it's Ryan here. I mean we categorize, when you hear about the evolution of this utility networking. Obviously, there's a lot of legacy systems out there. And a big part of that legacy portfolio are what we describe as narrowband. And narrowband, leveraging 700 megahertz is one example, the mesh networks or the dedicated SCADA networks or other examples but they all fit into that category. And absolutely, I see them as actually opportunity creating as utilities have experienced what the limitations are of those systems in terms of what they can do and how do they drive future growth of digitization of assets over time and definitely continue to see kind of how broadband then becomes a complement and/or a life cycle replacement to those technologies as we start looking to higher end, more broadband intensive or lower latency demanding applications starts really driving the conversation towards where broadband LTE comes into play.

是的，邁克，我補充一下，我是瑞安。我的意思是，當您聽說這種公用事業網絡的演變時，我們會進行分類。顯然，那裡有很多遺留系統。傳統產品組合的很大一部分就是我們所說的窄帶。利用 700 兆赫茲的窄帶就是一個例子，網狀網絡或專用 SCADA 網絡或其他例子，但它們都屬於這一類別。當然，我認為它們實際上是創造的機會，因為公用事業公司已經體驗到了這些系統在功能方面的局限性，以及它們如何隨著時間的推移推動資產數字化的未來增長，並且肯定會繼續看到寬帶如何發展。隨著我們開始尋找更高端、寬帶密集度更高或延遲更低的應用程序，這些技術將成為這些技術的補充和/或生命週期替代品，並開始真正推動寬帶 LTE 發揮作用的對話。

Okay. And then I have one final question. So given that NextNav has pivoted from transmitting its tariff point timing signal from over GPS to over LTE using its 900 megahertz spectrum, which it has 8 megahertz what percent of your customers do you think would benefit from considering a 5x5 LTE solution if that was available versus just the 3x3 that you're offering?

好的。我還有最後一個問題。因此，考慮到 NextNav 已從通過 GPS 傳輸關稅點計時信號轉向使用 900 兆赫頻譜通過 LTE（該頻譜有 8 兆赫），您認為如果有 5x5 LTE 解決方案可用，您認為您的客戶中有多少會受益於考慮 5x5 LTE 解決方案與您提供的 3x3 相比？

Yes. So Mike, I know we've talked about this before. You should assume that we actively follow all other spectrum opportunities and are always seeking opportunities for expansion of our business model. Specifically, our understanding is there's some technical and encumbrance challenges that, that band doesn't -- can't really be used for the same sort of unencumbered private broadband systems on LTE, 4G, 5G but I know we've had a conversation about that before and happy to take any more of that off-line, if you'd like.

是的。邁克，我知道我們之前已經討論過這個問題。您應該假設我們積極關注所有其他頻譜機會，並始終尋求擴展我們業務模式的機會。具體來說，我們的理解是存在一些技術和阻礙挑戰，該頻段實際上不能用於 LTE、4G、5G 上的同類無阻礙專用寬帶系統，但我知道我們已經進行了對話如果您願意的話，我們很樂意將其離線。

Yes, Rob, I'll just -- I mean I'll jump in, it's Chris. And as we look at spectrum opportunities, and that's the core of who we are. If we see opportunities to enhance our spectrum position, we look at it, we investigated, Mike, the one you're referencing, it's not in our band. It wouldn't roll up to 5x5.

是的，羅布，我會——我的意思是我會插話，我是克里斯。當我們關注頻譜機會時，這就是我們的核心。如果我們看到有機會提高我們的頻譜地位，我們就會關注它，我們會進行調查，邁克，你提到的那個，它不在我們的頻段內。它不會捲成 5x5。

So we appreciate the team at NextNAV, but that's not an opportunity that we see gives us additional value. And -- but we do look at -- we're open mind and we look at all sorts of potential opportunities to expand our spectrum portfolio.

因此，我們感謝 NextNAV 的團隊，但這並不是一個能給我們帶來額外價值的機會。而且——但我們確實關注——我們持開放態度，我們關注各種潛在機會來擴大我們的頻譜組合。

(Operator Instructions) Your next question is coming from Walter Piecyk from LightShed.

（操作員說明）您的下一個問題來自 LightShed 的 Walter Piecyk。

I think Ryan may have answered this, under Simon's question, but the words didn't quite penetrate my brain. So let me try and ask it a different way. When will your spectrum or the spectrum you used to own or you're currently leasing be used in a radio by any of those of your existing customers, if that's not already happening?

我想瑞安可能在西蒙的提問下回答了這個問題，但這些話並沒有完全進入我的大腦。所以讓我嘗試用不同的方式提問。如果尚未發生，您的頻譜或您曾經擁有或當前租賃的頻譜什麼時候會被您現有的客戶在無線電中使用？

Yes. So well, I got to start a conversation with sharing my sympathies on the Eagle. I know Chris feel that well.

是的。好吧，我必須開始一段對話，表達我對老鷹的同情。我知道克里斯感覺很好。

And my sympathy is on your conference call, maybe you guys should switch to Zoom. Is this like some formal Microsoft teams.

我對你們的電話會議表示同情，也許你們應該改用 Zoom。這是像一些正式的微軟團隊嗎？

I think so. But just to answer your question, our spectrum is already in use in radios, if that's what you're asking. I mean several of our customers have already deployed, ran and are already operating sites. Am I understanding your question correctly?

我想是這樣。但為了回答你的問題，我們的頻譜已經在無線電中使用，如果這就是你所問的。我的意思是，我們的一些客戶已經部署、運行並正在運營站點。我正確理解你的問題嗎？

Yes, that's perfect. So then you have this opportunity to show these other utility companies that it's in use in a network or what further development is required of the existing customers, to provide an adequate use case to get people off the hump, if that's part of the issue of why they're not moving forward with whatever next step you needed to move forward on.

是的，那就完美了。因此，您有機會向其他公用事業公司展示它正在網絡中使用，或者現有客戶需要進行哪些進一步開發，以提供足夠的用例來幫助人們擺脫困境（如果這是問題的一部分）為什麼他們不繼續進行您需要繼續進行的下一步。

Yes. I think, look, the complexity of decision-making is a lot more than just piloted, but piloting is a unique aspect of the utility journey. Most Utilities still want to stand up and kick the tires on their own systems. All I've got to say with this -- the beauty of this sector is that they absolutely are working together. I mean through the Utility Broadband Alliance, through our own efforts with the Utility Strategic Advisory Board, we've met with numerous utilities this past week at DistribuTECH and they are all hosting and inviting in their brother and their fellow utilities to come see their deployments and talk about it. We were happen to be in San Diego where San Diego Gas & Electric is, and they've already deployed a private LTE systems and they had this (inaudible) from other utilities that could go and see.

是的。我認為，決策的複雜性不僅僅是試點，但試點是公用事業旅程的一個獨特方面。大多數公用事業公司仍然希望站出來並在自己的系統上進行嘗試。我想說的是——這個行業的美妙之處在於他們絕對是在共同努力。我的意思是，通過公用事業寬帶聯盟，通過我們自己與公用事業戰略諮詢委員會的努力，我們上週在 DistribuTECH 會見了許多公用事業公司，他們都在主持並邀請他們的兄弟和其他公用事業公司來查看他們的部署並談論它。我們碰巧在聖地亞哥，聖地亞哥天然氣和電力公司所在的地方，他們已經部署了專用 LTE 系統，並且他們從其他可以去看看的公用事業公司那裡得到了這個（聽不清）。

And it's not just seeing the physical assets out there, it's what we were talking about earlier, it's about the end-to-end connectivity. So in San Diego's case, they're showing that they're deploying wildfire mitigating sensors to be able to depower lines before they hit the ground. They're showing that they're connecting a battery storage facilities that they're rapidly deploying and they can provision private LTE much faster than anything else they've ever had in their arsenal.

這不僅僅是看到那裡的物理資產，這也是我們之前討論的，它是關於端到端的連接。因此，在聖地亞哥的案例中，他們表明他們正在部署野火緩解傳感器，以便能夠在線路落地之前切斷其電源。他們展示了他們正在連接正在快速部署的電池存儲設施，並且他們可以比他們的武器庫中任何其他設備更快地提供私有 LTE。

And so it's not just about kicking the tires on the wireless network. It's about understanding the use cases that are being enabled. But it's absolutely a catalyst to getting through the process, but there's a lot of other complicated steps, right? These are large complex organizations that you have holding company executives that need to understand and opine on this. You've got operating company executives often that have to do the same and functional areas.

因此，這不僅僅是測試無線網絡的問題。這是關於理解正在啟用的用例。但這絕對是完成整個過程的催化劑，但還有很多其他復雜的步驟，對嗎？這些都是大型複雜的組織，您的控股公司高管需要了解這一點並對此發表意見。運營公司的高管經常必須從事相同的職能領域。

And this is because, as I said earlier, this is not just a spectrum decision or a private LTE decision. These are often embedded in large rate cases that also include the cost of upgrades of the network overall, that's the electric grid. And so that could be anything from reclosers to AMI systems to cybersecurity capabilities that are embedded into the rate cases, along with our spectrum purchase decisions.

這是因為，正如我之前所說，這不僅僅是頻譜決策或私有 LTE 決策。這些通常嵌入在大費率案例中，其中還包括整個網絡（即電網）的升級成本。因此，這可能是從重合器到 AMI 系統，再到嵌入到費率案例中的網絡安全功能，以及我們的頻譜購買決策。

I think it was SPGEP, whatever it is, that also bought CBRS, do you have any visibility in terms of where they are with that deployment? How, if at all, it's been integrated with the lower band spectrum and just any visibility on that?

我認為 SPGEP（無論是什麼）也購買了 CBRS，您對他們的部署情況有了解嗎？如果有的話，它是如何與較低頻段頻譜集成以及對此的可見性的？

Yes. A couple of thoughts. One is, without getting into any of the specifics of kind of how they're deploying, I've compared it before, but having just met with that team this past week in San Diego, it's absolutely a complement. It's like having again, WiFi in your offices and you walk outside and you're using a cellular network. CBRS as a specific great broadband capability. But as you know, very limited range at the band where it is.

是的。有幾點想法。一是，在不深入了解他們如何部署的任何細節的情況下，我之前已經比較過它，但上周剛剛在聖地亞哥與該團隊會面，這絕對是一個補充。這就像你的辦公室裡有 WiFi，當你走到外面時，你正在使用蜂窩網絡。 CBRS 作為一種特殊的寬帶功能。但如您所知，其所在頻段的範圍非常有限。

And so it's an overlay. It's a capability. If you're in a substation or in an area where you need more capacity as an overlay, it can be used licensed or unlicensed, as you know. But for covering wide areas as they said, the underlying spectrum is -- it has to be low band. As you know, from your past, they need to be able to cover vast areas of territories often where there is no other cellular coverage, you need low band to cost effectively do that. And that's really been the model that they've used and why they have the complement.

所以這是一個疊加。這是一種能力。如您所知，如果您位於變電站或需要更多容量作為覆蓋的區域，則可以在許可或未許可的情況下使用它。但正如他們所說，為了覆蓋廣闊的區域，基礎頻譜必須是低頻段。如您所知，從過去來看，它們需要能夠覆蓋通常沒有其他蜂窩覆蓋的大片地區，您需要低頻段才能經濟有效地做到這一點。這確實是他們使用的模型，也是他們擁有補充的原因。

And by the way, it's no different than the other complement of fiber, right? Fiber is a great tool and an asset that a lot of utilities have and it complements their communications offering, but it's expensive and gets to very high-value assets, can't give you the breadth of coverage that you get out of private broadband wireless.

順便說一句，它與其他纖維補充品沒有什麼不同，對吧？光纖是一種很好的工具，也是許多公用事業公司所擁有的資產，它補充了他們的通信產品，但它價格昂貴，並且需要非常高價值的資產，無法為您提供私人寬帶無線的覆蓋範圍。

Got it. I know in the discussions that you have with these utility companies that they use spectrum consultants, lawyers, whatever. I'm just curious if in those discussions or those consultants has part of that analysis involved the potential interest by LEO constellations to use low-band spectrum as dedicated spectrum. It's obviously supplement phones. We saw what Apple has done initially with Globalstar. We see with Iridium and their discussions with Qualcomm. I understand that's not something that you necessarily want your spectrum to be used for because if your focus on the utility companies. But as it relates to the discussion of valuation and demand for spectrum bands, narrow and low I'm just curious if that has entered into that dialogue over the past year, 6 months?

知道了。我在與這些公用事業公司的討論中知道，他們使用頻譜顧問、律師等。我只是好奇在這些討論或那些顧問中是否有部分分析涉及低地球軌道星座使用低頻段頻譜作為專用頻譜的潛在興趣。這顯然是補充電話。我們看到了蘋果最初在 Globalstar 上所做的事情。我們看到了 Iridium 以及他們與高通的討論。我知道您不一定希望使用頻譜，因為如果您專注於公用事業公司。但由於它涉及對狹窄和低頻段的估值和需求的討論，我只是好奇這是否已進入過去一年（6 個月）的對話？

Yes. I don't -- I wouldn't say we've seen it. Anyway it's a relatively new phenomenon in the carrier space, and clearly, everyone is scrambling for their own solution to complement terrestrial wireless with some form of satellite coverage. You understand that these critical infrastructure companies, including utilities have used satellite for remote capabilities for a long time and so it's not necessarily new to them. Clearly, the breadth of availability and the integration, I think, into LTE is where it's capable.

是的。我不——我不會說我們已經看到了。不管怎樣，這在運營商領域是一個相對較新的現象，顯然，每個人都在爭先恐後地尋找自己的解決方案，以某種形式的衛星覆蓋來補充地面無線。您知道，這些關鍵基礎設施公司（包括公用事業公司）長期以來一直使用衛星來實現遠程功能，因此這對他們來說不一定是新鮮事。顯然，我認為，可用性的廣度以及與 LTE 的集成正是它的能力所在。

I think it's a complement. When we talk about our new product of (inaudible) as an example, which is really giving utilities the ability to integrate their own private networks into public networks and be able to seamlessly migrate between them when necessary, whether it's for even on-ramp as they're building out their systems or for backup. I see satellite just being able to add to some of that resiliency, we'll see how well integrated and where the costs end up. But I think generally...

我認為這是一個補充。當我們以（聽不清）的新產品為例時，它確實使公用事業公司能夠將自己的專用網絡集成到公共網絡中，並能夠在必要時在它們之間無縫遷移，無論是在入口匝道還是在他們正在構建自己的系統或用於備份。我認為衛星能夠增加一些彈性，我們將看到集成的程度以及成本的最終結果。但我認為一般...

I don't think I asked the question properly. Let me try again. I think I worded it poorly as usual, but -- it was not about like whether the utilities are considering integrating satellite connectivity. It was more to the extent of if there's a dialogue about, "Hey, am I paying you $1 a pop, $1.50, $3 like anything, supply and demand of a limited asset is impacted by the what supply and demand, there's a fixed amount of supply, but if there's now potentially increased demand because of the interest to implementing some of these spectrum bits into LEO constellations. Theoretically, that should drive up the valuation discussion. I just kind of proceed forward. Is that not happening?

我認為我沒有正確地提出這個問題。讓我再嘗試一次。我認為我像往常一樣措辭不好，但是——這與公用事業公司是否考慮整合衛星連接無關。更重要的是，如果有這樣的對話，“嘿，我付給你 1 美元一次，1.50 美元，3 美元之類的東西嗎？有限資產的供需受到供需的影響，有一個固定的金額供應量，但如果現在由於有興趣將其中一些頻譜位應用到低地球軌道星座中，需求可能會增加。理論上，這應該會推動估值討論。我只是繼續前進。這不會發生嗎？

Question -- I think there's no doubt that the demand for the spectrum has never been stronger, right? And we continue to see increased interest across other sectors as well for private systems, whether it's terrestrial or satellite. So I think the rising tide of demand and obviously the scarcity of low-band specifically absolutely continues to support valuation conversations. And yes, you're spot on in that regard.

問題——我認為毫無疑問，對頻譜的需求從未如此強烈，對嗎？我們繼續看到其他部門以及私營系統的興趣不斷增加，無論是地面還是衛星。因此，我認為需求的上漲以及低頻段的稀缺絕對會繼續支持估值對話。是的，你在這方面是正確的。

And then just one final one for Chris. Biden, I think, talked a bit about infrastructure, I guess. I perceive some of that in his words. And then I think (inaudible) has talked about in terms of fixed -- in the fixed broadband world fiber, the government funding of a lot of stuff. Can you just refresh us on if things seem to be moving forward with a lot of these large funding programs, stuff that may start to have an impact that did not have an impact in 2022?

然後是克里斯的最後一件事。我想，拜登談到了一些基礎設施問題。我從他的話中看出了一些。然後我認為（聽不清）已經談到了固定方面——在固定寬帶世界光纖中，政府資助了很多東西。您能否向我們介紹一下，許多此類大型融資計劃是否正在取得進展，這些計劃可能會開始產生 2022 年尚未產生影響的影響？

Yes. Yes. Great question. I'm going to hit it at the macro, then go into the micro really quickly. At the macro level, everything that we see, whether it is the State of the Union from President Biden, whether it's the work we did to get language into the legislation, which was in there and then came out in the form of the Department of Energy RFPs and NTIA broadband RFPs all of that macro messaging about the importance of communications to a modern grid. We like to say a modern grid needs modern communication. So all of that macro messaging from policymakers. And I spent the entire day yesterday at (inaudible) and there are discussions happening there. So at the state regulatory level. So all of that macro messaging is fantastic.

是的。是的。很好的問題。我將從宏觀角度出發，然後快速進入微觀層面。在宏觀層面上，我們看到的一切，無論是拜登總統的國情咨文，還是我們為將語言納入立法所做的工作，這些內容都在立法中，然後以國務院的形式出現。能源 RFP 和 NTIA 寬帶 RFP 都傳達了有關通信對現代電網重要性的宏觀信息。我們想說現代電網需要現代通信。所有這些宏觀信息都來自政策制定者。昨天我花了一整天的時間在（聽不清）那裡進行了討論。所以在國家監管層面。所以所有這些宏觀信息都很棒。

At the micro level, we did. I think it's fair to say we did participate in the production and submission of a number of concept papers with regard to the IIJA, BIL, GRIP funding opportunities. And so we were part of it. And as we have more information -- when we have more information to share, we'll put that out there, but we're seeing it at the individual utility and utility organization level interest in private LTE as part of the concept papers for these different programs. So I'm happy, I know we are happy collectively that it's progressed the way that it's had from macro messaging to micro opportunities and we're excited to see where it goes from here. Remember, a bunch of these programs are 5-year programs.

在微觀層面上，我們做到了。我認為可以公平地說，我們確實參與了許多有關 IIJA、BIL、GRIP 資助機會的概念文件的製作和提交。所以我們也是其中的一部分。隨著我們掌握更多信息，當我們有更多信息要分享時，我們會將其公開，但我們在個人公用事業和公用事業組織層面上看到了對私有 LTE 的興趣，作為這些概念文件的一部分不同的程序。所以我很高興，我知道我們集體很高興它從宏觀消息傳遞到微觀機會的進展方式，我們很高興看到它的發展方向。請記住，其中許多項目都是 5 年期項目。

So what we see come out of DOE over the next 6 to 12 months in terms of full answers can be replicated or enhanced over the next several years.

因此，我們看到能源部在未來 6 到 12 個月內給出的完整答案可以在未來幾年內復製或增強。

So these organizations have those resources to recognize that? Or is that you and your team kind of basically going to these people and educate them and saying, look, you've got this money that's there that can be part of this project to help you move forward? Or is it like door #3, where they're like it's part of working into our cost basis, so that would complicate things. So let's stay away from that rather than involve that stuff and just work it into the cost basis which they're able to do.

那麼這些組織有那些資源來認識到這一點？或者你和你的團隊基本上是去找這些人並教育他們並說，看，你有這筆錢可以成為這個項目的一部分來幫助你前進？還是像第三扇門一樣，他們認為這是我們成本基礎的一部分，所以這會讓事情變得複雜。因此，讓我們遠離這一點，而不是涉及這些東西，並將其納入他們能夠做到的成本基礎中。

Yes. No, it's -- again, a great question. So it's a little bit of all of the above. So I'll take the first half of the question. We do with a great team internally. They proactively have conversations with both individual utilities and some of the utility focused organizations. We've integrated some third parties and so some consulting firms and some others who can help them put together products and these concept papers and submissions. And then what we like to say is we sort of set the table with our work on the legislation. Some utilities participate and sit down and enjoy that opportunity and others choose the path that you just said that dollar from the federal government offsets a potential dollar that can be capitalized and they can earn a return on. So it's sort of a combination of all of the above.

是的。不，這又是一個很好的問題。所以這只是上述所有內容的一點點。那麼我將回答問題的前半部分。我們內部有一支優秀的團隊。他們主動與各個公用事業公司和一些以公用事業公司為中心的組織進行對話。我們整合了一些第三方、一些諮詢公司和其他一些可以幫助他們整合產品以及這些概念文件和提交內容的公司。然後我們想說的是，我們在立法方面的工作已經奠定了基礎。一些公用事業公司參與並坐下來享受這個機會，而另一些公用事業公司則選擇你剛才所說的聯邦政府的美元抵消了可以資本化的潛在美元的路徑，他們可以從中獲得回報。所以它是上述所有內容的組合。

Thank you. That concludes our Q&A session. I will now hand the conference back to Rob Schwartz for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在我將把會議交還給羅布·施瓦茨 (Rob Schwartz) 致閉幕詞。請繼續。

Thanks, operator, and thank you everybody for the patience on the call today with our difficulties. Just summarizing, we couldn't be any more excited both about the opportunity and the pipeline and really being able to share this new measurement of what I think of as utilities demonstrated intent but also the sign of our confidence in a much more statistical way. And we're happy to take any follow-on questions and looking forward to the conversations in the weeks as follows. So thanks again. Have a good day.

謝謝接線員，也感謝大家今天在電話中對我們的困難表現出的耐心。總而言之，我們對這個機會和管道感到非常興奮，並且真正能夠分享這種新的衡量標準，我認為公用事業公司表現出了意圖，但也以更加統計的方式表明了我們的信心。我們很樂意回答任何後續問題，並期待在接下來的幾週內進行對話。所以再次感謝。祝你有美好的一天。

Thank you, everyone. This concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝大家。今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。