Anterix Inc (ATEX) 2025 Q1 法說會逐字稿

Welcome to the Anterix fiscal 2025 first quarter investor conference. (Operator Instructions) I would now like to turn the call over to your host, Natasha Vecchiarelli. You may begin.

歡迎參加 Anterix 2025 財年第一季投資者會議。（操作員說明）我現在想將電話轉接給您的主持人 Natasha Vecchiarelli。你可以開始了。

Thank you, operator, and good morning, everyone. I'm Natasha Vecchiarelli, Vice President of Investor Relations and Corporate Communications, and I welcome you to our first quarter fiscal year '25 investor update call.

謝謝接線員，大家早安。我是投資者關係和企業傳播副總裁 Natasha Vecchiarelli，歡迎您參加我們的 25 財年第一季投資者更新電話會議。

Joining us today are Rob Schwartz, President and CEO; Ryan Gerbrandt, COO; Tim Gray, CFO; and Chris Guttman-McCabe, Chief Regulatory and Communications Officer. I'm also happy to share that Tom Kuhn, our Vice Chairman, is also joining us today.

今天加入我們的是總裁兼執行長 Rob Schwartz；瑞安‧格布蘭特，營運長；提姆‧格雷，財務長；以及首席監管和通訊官 Chris Guttman-McCabe。我還很高興告訴大家，我們的副主席湯姆·庫恩今天也加入了我們。

Before turning the call over to Rob, I would like to remind you that during this conference call, we may make forward-looking statements regarding future events such as our commercial outlook, future operations, our expected or potential performance and guidance. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Investors are cautioned not to place undue reliance on forward-looking statements.

在將電話轉給 Rob 之前，我想提醒您，在本次電話會議期間，我們可能會對未來事件做出前瞻性陳述，例如我們的商業前景、未來營運、我們的預期或潛在業績和指導。這些陳述是基於目前的預期和假設，並受到風險和不確定性的影響。投資者應注意不要過度依賴前瞻性陳述。

We encourage you to review the company's SEC filings, including without limitation, the Company's Forms 10-K and 10-Q, which identify specific risk factors that may cause actual results or events to differ materially from those described in these forward-looking statements. These files can be accessed on our website. Additionally, we do not assume any obligation to update any forward-looking statements.

我們鼓勵您查看公司向SEC 提交的文件，包括但不限於公司的10-K 和10-Q 表格，其中確定了可能導致實際結果或事件與這些前瞻性聲明中描述的結果或事件存在重大差異的特定風險因素。這些文件可以在我們的網站上存取。此外，我們不承擔更新任何前瞻性陳述的義務。

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 all for joining us. And a special welcome to our distinguished guest, Tom Kuhn, who as you know, joined us as Vice Chairman in January after three decades of leading the Edison Electric Institute.

謝謝，娜塔莎。大家早安，感謝大家加入我們。特別歡迎我們尊貴的客人湯姆·庫恩（Tom Kuhn），如您所知，他在領導愛迪生電氣研究所三十年後於一月份加入我們擔任副主席。

Since our last quarterly investor call discussing our Oncore agreement was just over a month ago, I will keep today's remarks short. I'll start with a quick overview and then turn it over to Tom, who will share his industry insights and his perspectives on Anterix and our growing role within the utility sector.

由於我們上一次討論 Oncore 協議的季度投資者電話會議就在一個多月前，因此我今天的發言將保持簡短。我將首先進行快速概述，然後將其交給 Tom，他將分享他的行業見解和對 Anterix 以及我們在公用事業領域日益增長的作用的看法。

Let me start with where we are as a company as we continue to enhance our position in three key areas: our utility customer base, policy maker advocacy, and shareholder value creation.

讓我從我們公司的現狀開始，我們將繼續增強我們在三個關鍵領域的地位：我們的公用事業客戶群、政策制定者的倡議和股東價值的創造。

Regarding our utility customer base, the 900 megahertz utility broadband movement now stands strong with 7 utility customers across 15 states, the scale of which has a total footprint when combined, positions it as the fourth largest wireless carrier in the nation, covering more geography, we believe than all other private wireless broadband enterprise networks combined.

關於我們的公用事業客戶群，900兆赫公用事業寬頻運動現在勢頭強勁，擁有遍布15個州的7個公用事業客戶，其規模加起來總覆蓋範圍，使其成為美國第四大無線運營商，覆蓋更多地理區域，我們相信比所有其他專用無線寬頻企業網路的總和還要多。

We've developed a significant pipeline of customer opportunities measured in part by our demonstrated intent scorecard that provides measurable indicators of utility intent toward deploying a 900 megahertz private wireless network. We continue to collaborate with Anterix Active Ecosystem members to pursue the discovery and development of pioneering outcomes-driven products and solutions that harness 900 megahertz networks, like our CatalyX solution offering.

我們開發了一系列重要的客戶機會，部分透過我們展示的意圖記分卡進行衡量，該記分卡提供了公用事業部署 900 兆赫專用無線網路意圖的可衡量指標。我們繼續與 Anterix Active 生態系統成員合作，探索和開發利用 900 兆赫網路的開創性成果驅動型產品和解決方案，例如我們的 CatalyX 解決方案產品。

And just recently, we announced an agreement with the National Rural Telecommunications Cooperative along with seven company and Ericsson that leverages NRTC as an indirect channel to offer the benefits of our 900 megahertz spectrum to their rural cooperative utility members. This announcement underscores the growing nationwide demand from utilities for our offering regardless of ownership model or size and further demonstrates and Anterix's role in helping to shape the nationwide network of networks landscape.

就在最近，我們宣布與國家農村電信合作社以及七家公司和愛立信達成協議，利用 NRTC 作為間接管道，向其農村合作公用事業成員提供我們的 900 兆赫頻譜的好處。這項公告強調了全國範圍內公用事業公司對我們產品的需求不斷增長，無論所有權模式或規模如何，並進一步證明了 Anterix 在幫助塑造全國網路格局中的作用。

On the regulatory front, we continue to engage with key policymakers, both at the federal level, including numerous competitions for the FCC 900 megahertz 5/5 proceeding and at the state level, working closely with utilities before various public utility commissions. With each, we are continuing to increase awareness of the significant benefits that 900 megahertz private wireless broadband can unlock for the utility sector, and we believe the messages are being well received.

在監管方面，我們繼續與聯邦層級的主要政策制定者接觸，包括FCC 900 兆赫茲5/5 程序的眾多競爭，以及州層面的關鍵政策制定者，在各個公用事業委員會之前與公用事業公司密切合作。透過每項活動，我們不斷提高人們對 900 兆赫私人無線寬頻可為公用事業部門帶來的巨大優勢的認識，並且我們相信這些資訊受到了好評。

And now turning to our shareholders. At the heart of our strategy and our mission to actualize it, we maintain our focus on efforts that enhance shareholder value. Our number-1 priority is continuing to drive our customer pipeline towards spectrum transactions. With that, we also remain focused on continuing development of our team, including our three newest board members, targeted use of our share repurchase program, and identifying opportunities within the product and solutions space.

現在轉向我們的股東。作為我們策略和實現策略使命的核心，我們始終致力於提高股東價值。我們的第一要務是繼續推動我們的客戶管道走向頻譜交易。因此，我們也繼續專注於我們團隊的持續發展，包括我們的三名最新董事會成員，有針對性地使用我們的股票回購計劃，以及在產品和解決方案領域尋找機會。

Our goal is to continue to enhance our position within each of these three areas by executing on our mission: delivering secure scalable solutions enabled by private wireless broadband connectivity for the benefit of utilities and the communities that they serve.

我們的目標是透過執行我們的使命來繼續增強我們在這三個領域中的地位：提供由專用無線寬頻連線支援的安全可擴展解決方案，以造福公用事業及其所服務的社區。

And with that, I'll turn it over to Tom.

有了這個，我會把它交給湯姆。

Well, thanks, Rob. And good morning, everyone. It is a great honor for me to join you today as Anterix's Vice Chairman and to share some thoughts. And I've got to say that even before joining in January, I have seen a growing need in the utility industry for the more secure and resilient broadband communications solution that Anterix is spearheading. I am very excited to help make it a reality.

嗯，謝謝，羅布。大家早安。我很榮幸今天能夠以 Anterix 副主席的身份與大家分享一些想法。我必須說，即使在一月份加入之前，我就已經看到公用事業行業對 Anterix 率先推出的更安全、更有彈性的寬頻通訊解決方案的需求不斷增長。我很高興能夠幫助實現這一目標。

My experience leading the Edison Electric Institute for more than three decades created a tremendous amount of pride in the electric power industry and pride in the industry's people at every level. We make incredible things happen every day. Throughout my EEI career, I said many times that the electric power sector is leading a profound transformation. This transformation continues to unfold every day.

我領導愛迪生電氣研究所三十多年的經驗讓我對電力產業以及產業各個層級的人員感到無比自豪。我們每天都讓不可思議的事情發生。在我的EEI職業生涯中，我多次說過，電力產業正在引領一場深刻的變革。這種轉變每天都在持續展開。

Today, carbon emissions from the US electric power sector are now as low as they were nearly 50 years ago, while electricity use is more than double. The industry's commitment to advancing security preparedness and resilience also has never been stronger. Furthermore, demand for electricity is rising strongly, with forecasts calling for even more growth. Data centers, artificial intelligence, electric heating, electric transportation, and the Renaissance in domestic manufacturing, all mean that demand will increase more rapidly than it any point in the past three decades.

如今，美國電力產業的碳排放量已降至近 50 年前的水平，但用電量卻增加了一倍以上。該行業對推進安全準備和復原能力的承諾也從未如此堅定。此外，電力需求正在強勁成長，預計還會出現進一步成長。資料中心、人工智慧、電力供暖、電動運輸以及國內製造業的復興，都意味著需求的成長速度將超過過去三十年的任何時候。

Enabling this transformation to a cleaner, more resilient, more secure and more electrified economy requires tremendous investments. Despite the headwinds of higher inflation and interest rates, the electric power sector continues to make record high capital investments. Over the past decade, US investor-owned electric companies alone have invested more than $1 trillion critical energy infrastructure. This includes about $170 billion in 2023 alone to make the grid stronger, smarter, cleaner, more dynamic, and more secure.

實現向更清潔、更有彈性、更安全和更電氣化的經濟轉型需要大量投資。儘管面臨通膨和利率上升的不利因素，電力產業的資本投資仍創下歷史新高。在過去十年中，光是美國投資者擁有的電力公司就投資了超過 1 兆美元的關鍵能源基礎設施。其中包括僅在 2023 年就投入約 1700 億美元，用於使電網更強大、更聰明、更清潔、更有活力、更安全。

These investments reflect the industry's deep commitment to transforming our energy economy and with the uncertain macroeconomic conditions we are all facing, how utilities prioritize their capital investments is more crucial than ever for these investments to bear the most fruit.

這些投資反映了該行業對能源經濟轉型的堅定承諾，在我們都面臨著不確定的宏觀經濟條件的情況下，公用事業公司如何優先考慮其資本投資對於這些投資取得最大成果比以往任何時候都更加重要。

I believe that private wireless broadband investments are among the most critical investments for utilities to make at this juncture of the transformation. The solutions that utilities can provide via a broadband-enabled electric grid will advance the resilient clean energy future electricity customers want and expect.

我認為，私人無線寬頻投資是公用事業公司在轉型關鍵時刻最重要的投資之一。公用事業公司可以透過寬頻電網提供的解決方案將推動未來電力客戶想要和期望的彈性清潔能源。

For more than a century, our nation's utilities have been in the business of serving customers and communities. The challenges are effectively meeting their customer expectations today and for the years and decades ahead are causing utilities to look at every part of their operations as a candidate for transformation. Altogether, these considerations help to describe and unpack what we mean when we say that the modern grid requires modern communications.

一個多世紀以來，我們國家的公用事業公司一直致力於為客戶和社區提供服務。這些挑戰正在有效地滿足當今客戶的期望，並在未來幾年和幾十年內促使公用事業公司將其營運的每個部分視為轉型的候選人。總而言之，當我們說現代電網需要現代通訊時，這些考慮因素有助於描述和解釋我們的意思。

From a technology perspective, the 900 megahertz movement is making broadband connectivity a reality for the modern grid for the enormous implications for every part of the system. This powerful technology or family of technologies, united and and powered by private broadband networks helps utilities to address their greatest challenges and opportunities.

從技術角度來看，900兆赫茲的發展正在使寬頻連接成為現代電網的現實，對系統的每個部分都產生了巨大的影響。這種強大的技術或技術系列由專用寬頻網路聯合並提供支持，可幫助公用事業公司應對最大的挑戰和機會。

900 megahertz private wireless broadband network helps to enable diverse use cases that range from enhancing cyber and physical security to defending against wildfires, to enabling greater interoperability, doing power restoration and mutual assistance activities and integrating more carbon-free energy resources, and this where utilities are able to use their network to target their mission-critical objectives.

900兆赫專用無線寬頻網路有助於實現多種用例，從增強網路和實體安全到防禦野火，再到實現更大的互通性、進行電力恢復和互助活動以及整合更多無碳能源，而這正是公用事業公司的優勢能夠利用他們的網路來實現他們的關鍵任務目標。

Fundamentally, this broadband movement is well underway, and I believe it is foundational to achieving the growing requirements of the modernized electric grid to effectively serve the needs of our communities, including security, resilience, and decarbonization goals. And I am very, very excited to be in a position to help encourage continuous efforts to actualize these important outcomes for our nation's utility industry.

從根本上說，這項寬頻運動正在順利進行，我相信它是實現現代化電網日益增長的要求的基礎，以有效滿足我們社區的需求，包括安全、彈性和脫碳目標。我非常非常興奮能夠幫助鼓勵不斷努力，為我們國家的公用事業行業實現這些重要成果。

With that, I'll turn it back over to Rob.

有了這個，我會把它轉回給羅布。

Thanks, Tom. Anterix's overall strategy to date has enabled us to deliver game-changing solutions to many of our nation's leading utilities. And as a result, we're prime to continues to successfully execute our mission. Anterix has the right people, the right partners, and the right solutions to help our nation's utilities on their electric grid modernization journeys. We're proud of what we've accomplished to date and are excited about what's in store for the future.

謝謝，湯姆。迄今為止，Anterix 的整體策略使我們能夠為美國許多領先的公用事業公司提供改變遊戲規則的解決方案。因此，我們有能力繼續成功執行我們的使命。Anterix 擁有合適的人才、合適的合作夥伴和合適的解決方案來幫助我們國家的公用事業公司踏上電網現代化之旅。我們對迄今為止所取得的成就感到自豪，並對未來的發展感到興奮。

With that, I'll turn it over to the operator to open the call for questions.

這樣，我會將其轉交給接線員以開始提問。

(Operator Instructions) Mike Crawford, B. Riley Securities.

（操作員指示）Mike Crawford，B. Riley Securities。

Thank you. Could you just tell us a little bit more about this new NRTC partnership? How does that affect your DI scorecard? And are there any pricing mechanisms involved in this agreement that would facilitate easier individual negotiations with any particular rural utility?

謝謝。您能否告訴我們更多有關 NRTC 合作夥伴關係的資訊？這對您的 DI 記分卡有何影響？該協議中是否涉及任何定價機制，以方便與任何特定農村公用事業公司的單獨談判？

Sure. Good morning, Mike. Thanks for the good question. We're excited about the NRTC agreement on multiple levels. First is, it really is an expansion of our 900 megahertz capabilities into rural America. And for us, the cooperatives play a key role in the fabric of the energy sector across the nation. And so this important relationship with NRTC brings a lot of that. And just, you know, NRTC as a party, has been around for decades, happens to be led by some former Nextel folks that we know well from our past experience.

當然。早上好，麥克。謝謝你提出的好問題。我們對 NRTC 在多個層面上達成的協議感到興奮。首先，這確實是將我們的 900 兆赫茲能力擴展到美國農村。對我們來說，合作社在全國能源產業的結構中發揮關鍵作用。因此，與 NRTC 的重要關係帶來了許多好處。只是，你知道，NRTC 作為一個政黨已經存在了幾十年，碰巧由一些前 Nextel 人員領導，我們從過去的經驗中非常了解他們。

But importantly, they really serve a broad level of capabilities and they're specifically driving to the needs of rural utilities and the communities they're serving. And that's shown success in the past as they pushed the appropriate AMI solutions and supported them. They were one of the largest distributors of one of the primary vendors of AMI in earlier years. They have supported rural fiber and other key communications build-outs.

但重要的是，它們確實提供了廣泛的功能，並且專門滿足農村公用事業及其所服務社區的需求。這在過去已經取得了成功，因為他們推動了適當的 AMI 解決方案並為其提供支援。早年，他們是 AMI 主要供應商之一的最大分銷商之一。他們支援農村光纖和其他關鍵通訊建設。

And so as an operating partner to their cooperative members, which as you saw, there's 1,500 plus members that's been a critical part of their role. We're excited about it too because we're partnering in that relationship also with Southern Company who, as you know, I always describe as the crystal ball, as really the leader in deploying and capturing the important critical value out of private LTE. And also their key vendor, Ericsson is part of that relationship as well. And so I think between all of us, we're really excited about providing an easier solution, leveraging 900 megahertz to that full community.

因此，作為其合作成員的營運合作夥伴，如您所見，有 1,500 多名成員，這是他們角色的關鍵部分。我們也對此感到興奮，因為我們也與 Southern Company 建立了合作夥伴關係，如您所知，我總是將其描述為水晶球，是部署和捕獲專用 LTE 重要價值的真正領導者。他們的主要供應商愛立信也是這種關係的一部分。因此，我認為我們所有人都非常高興能提供一個更簡單的解決方案，為整個社區利用 900 兆赫茲。

I think a couple of key points there that I think they think that are critical -- the way in which this service is going to be offered -- you ask about pricing, we will continue to garner what we believe to be fair market value for our spectrum in these future transactions as they move forward. And so we have a -- this is really a cost effective indirect channel for us as we look at the ability to get to thousands of utilities through this valuable channel and relationship that we have here. And really be able to continue to stitch together the fabric of a nationwide network of utility networks.

我認為有幾個關鍵點，我認為他們認為至關重要——提供這項服務的方式——你問定價，我們將繼續獲得我們認為公平的市場價值隨著這些未來交易的進展，我們的範圍。因此，我們擁有一個——這對我們來說確實是一個具有成本效益的間接管道，因為我們著眼於透過我們在這裡擁有的這一有價值的管道和關係接觸到數千家公用事業公司的能力。並且真正能夠繼續將全國性的公用事業網絡的結構縫合在一起。

So that's maybe in summary. Ryan, anything you want to add to that?

這也許就是總結。瑞安，你還有什麼要補充的嗎？

Yeah. Just a couple of things. Good morning Mike. What excites me about this, that Rob highlighted is, the ability to effectively capture go to market strategies for a channel. With some 1,500 members across the co-op landscape in the US, the NRTC organization has a strong track record and a relationship. They're a co-op themselves. They are a member-driven organization that has strong relationships and ties. And there's some unique needs -- when you start moving down market from the IOUs where our front end focus is really on -- there's some new ways that really co-ops need to look at how they ultimately embrace and go forward with a solution like this.

是的。只是幾件事。早上好，麥克。羅布強調，令我興奮的是，有效捕捉通路進入市場策略的能力。NRTC 組織在美國合作社領域擁有約 1,500 名成員，擁有良好的記錄和良好的關係。他們本身就是一個合作社。他們是一個成員驅動的組織，擁有牢固的關係和紐帶。還有一些獨特的需求——當你開始從我們前端重點真正關注的借方市場轉向下游市場時——合作社確實需要採取一些新的方式來考慮他們最終如何接受並推進像這樣的解決方案。

And that's where NRTC's expertise is, putting those pieces together and so we're very much looking at it, that way in terms of how we help build scale, putting NRTC in the front end as a channel. And so as a result, we don't see it having a direct impact to how we manage our direct channel through DI. We're going to keep that focused on our IOUs and as we get some work underneath us, behind us within NRTC, we will establish, how we want to continue to keep progress reporting on that channel.

這就是 NRTC 的專業知識所在，將這些部分整合在一起，因此我們非常關注它，即我們如何幫助建​​立規模，將 NRTC 作為一個管道放在前端。因此，我們認為它不會對我們透過 DI 管理直接管道的方式產生直接影響。我們將把重點放在我們的欠條上，當我們在 NRTC 內部進行一些工作時，我們將確定我們希望如何繼續在該管道上報告進度。

Okay. Thank you very much. Just one final question for me -- maybe more for Tim, but it's nice to see you got in the first $10 million from Oncore. Is the company still expecting just another $10 million of cash coming in from spectrum deliveries in this fiscal year, and then a $34 million early or a $39 million, I think, early in next fiscal year?

好的。非常感謝。最後還有一個問題要問我——也許對 Tim 來說更多，但很高興看到您從 Oncore 獲得了第一筆 1000 萬美元。該公司仍預計本財年從頻譜交付中再獲得 1,000 萬美元現金，然後在下財年年初獲得 3,400 萬美元或 3,900 萬美元？

Yeah, Mike, you're correct. So it's about $10 million for the rest of this fiscal year. But we've got a significant amount coming in next year, including about $92.5 million from Oncore of the total of about $176 million that we have not collected yet. So we're going to see all of the proceeds from Oncore in by the end of our next fiscal year.

是的，麥克，你是對的。因此，本財年剩餘時間的資金約為 1,000 萬美元。但明年我們將收到一大筆款項，其中包括來自 Oncore 的約 9,250 萬美元，而我們尚未收到的總額約為 1.76 億美元。因此，我們將在下一財政年度結束時看到 Oncore 的所有收益。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thank you, Mike.

謝謝你，麥克。

Walter Piecyk, LightShed Partners.

沃爾特·皮西克 (Walter Piecyk)，LightShed 合夥人。

I don't know if Chris is there, but maybe you could just frame up for us, remind us what it was like under a Trump administration in terms of programs that would help to upgrade the infrastructure in our country at utilities -- many things is, obviously very bad.

我不知道克里斯是否在場，但也許你可以為我們編造一個框架，提醒我們在川普政府統治下的項目如何，這些項目將有助於升級我們國家的公用事業基礎設施——很多事情是，顯然非常糟糕。

And then similarly, you may know of who Kamala could put in the key positions that might have -- again, situations where there's incremental funding or perhaps sticks to try and improve our infrastructure. It just seems odd that under the current administration, there hasn't been more given the demands where they want EVs to be and where the existing infrastructure is today.

同樣，您可能知道卡馬拉可以將誰放在關鍵職位上，這些職位可能會出現增量資金或可能堅持嘗試改善我們的基礎設施的情況。奇怪的是，在現任政府的領導下，考慮到他們希望電動車的發展以及現有基礎設施的現狀，並沒有更多的要求。

So I just was hoping that if Chris could just give us like a 10,000 foot view on how that might play out under either administration.

所以我只是希望克里斯能給我們一個一萬英尺的視野，看看在任何一屆政府的領導下，情況會如何發展。

Hey, Walter. I would say, first of all, what we're working on -- let me take it down to Anterix for a moment. What we're working on is incredibly not political. I mean, our first vote -- original report and order was under a Republican administration and it was a 5-0 vote. The processing of all of the licenses in the last several years have been happening under a Democratic administration at the FCC, and that's been fantastic.

嘿，沃特。我想說，首先，我們正在做什麼——讓我先向 Anterix 報告一下。我們正在做的事情與政治無關。我的意思是，我們的第一次投票——最初的報告和命令是在共和黨政府的領導下進行的，結果是 5 比 0 的投票。過去幾年所有許可證的處理都是在聯邦通訊委員會的民主黨政府領導下進行的，這真是太棒了。

So we don't see any difference, whether Kamala Harris wins it or Donald Trump wins the election. Now, I think that's probably also true with regard to infrastructure, the goals of driving infrastructure investments. Now we probably will see less federal money coming in if Donald Trump wins. I think the Republicans weren't super excited about the bipartisan infrastructure legislation that brought in hundreds of billions.

因此，無論卡馬拉·哈里斯贏得選舉還是唐納德·特朗普贏得選舉，我們都看不出有什麼區別。現在，我認為對於基礎設施以及推動基礎設施投資的目標而言，情況可能也是如此。現在，如果唐納德·川普獲勝，我們可能會看到更少的聯邦資金流入。我認為共和黨人對帶來數千億美元收入的兩黨基礎設施立法並不是非常興奮。

So I think we'll probably see less focus in terms of tax-based revenue dollars flowing to public companies. But I do think you could see things like tax credits and other ways to drive and stimulate infrastructure investments. But my guess is you're going to see, particularly over the next several months, you'll see another tranche of funding coming out from the GRIP funds. And so you're seeing a lot of that money that was built up behind the dam is starting to flow out from infrastructure projects.

因此，我認為我們可能會減少對流向上市公司的基於稅收的收入的關注。但我確實認為你可以看到稅收抵免和其他方法來推動和刺激基礎設施投資。但我的猜測是，您會看到，特別是在接下來的幾個月裡，您會看到 GRIP 基金提供另一筆資金。所以你會看到大壩背後累積的大量資金開始從基礎設施項目中流出。

And those are net benefits to us, whether a utility gets it to deploy private wireless or it helps offset something that we're going to use capital for in another area and it frees up capital for private or it's about deploying new transmission lines or new distribution lines. All of those things are going to benefit and are going to be enhanced by a private wireless, or wireless broadband network.

這些都是對我們的淨收益，無論公用事業公司是否能夠部署專用無線網絡，或者它有助於抵消我們將在另一個領域使用資本的東西，它為私人釋放資本，或者它是關於部署新的傳輸線路或新的配電線路。所有這些都將受益並透過專用無線或無線寬頻網路增強。

So we're excited whenever dollars go out to the utilities because we think it's a net benefit for us. And I think we look at the future as either party winning, it's going to be fine for Anterix.

因此，每當美元流向公用事業公司時，我們都會感到興奮，因為我們認為這對我們來說是淨收益。我認為我們展望未來，無論哪一方獲勝，對 Anterix 來說都會很好。

I guess I understand that in the context of what you were saying under the Trump administration, but I think -- drill down on Kamala administration. I mean, it seems to me that under Biden, agencies weren't filled for weeks, months, years. It was just kind of -- I don't know what the politically correct term is, but I guess things weren't getting done. Is there -- you see it -- is she drawing on the same people? Or are we going to have some improvements and maybe some more proactivity that is going to ultimately benefit you guys or really push on some upgrades in the utility?

我想我理解你在川普政府期間所說的話，但我認為 - 深入研究卡馬拉政府。我的意思是，在我看來，在拜登的領導下，各機構在數週、數月、數年內都沒有填補空缺。這只是——我不知道政治正確這個詞是什麼，但我猜事情還沒完成。你看，她是否在藉鏡同一個人？或者我們會進行一些改進，也許會採取更多主動行動，最終使你們受益，或真正推動實用程式的一些升級？

Is there any reason to be incrementally optimistic that you have a more competent administration, potentially?

有沒有理由對你可能有一個更稱職的政府感到越來越樂觀？

Sure. And seeing that we're always operating the political realm, I won't -- I will say that Walt said that he hopes for a more confident (multiple speakers)

當然。看到我們總是在政治領域運作，我不會——我會說沃爾特說他希望有一個更有自信的人（多個發言者）

No, I know, I'm teasing. But the reality is, she will absolutely benefit from having the starting point of the Biden folks in the agencies, and then can replace if she desires at obviously her own pace, right? She should begin with a full -- FCC shall begin with a full FERC, an already operational and operating DOE, department of energy, things like that.

不，我知道，我是在開玩笑。但現實是，她絕對會受益於在機構中擁有拜登人的起點，然後如果她願意按照自己的節奏顯然可以取代，對嗎？她應該從一個完整的——FCC 開始，一個完整的 FERC、一個已經投入運作的能源部、能源部等等。

So that's the net benefit that she would have, as if Biden was still running and he won. So she can begin with that underpinning and then go from there and change out what she wants and accelerate the areas where she wants to accelerate activity. Certainly she can do that. But she is beginning at the 50 yard line, right?

這就是她將獲得的淨收益，就好像拜登仍在競選並且他贏了一樣​​。因此，她可以從這個基礎開始，然後從那裡開始改變她想要的東西，並加速她想要加速活動的領域。她當然可以做到。但她是從 50 碼線開始的，對嗎？

Yeah. And then, Rob, I don't want to trying to create a new concern in the market, because -- that's what I think -- I just want to ask the question because I've seen it impact us and many other names. But there's the constellations that are getting built. I mean, primarily StarLink, maybe Amazon when Kuiper gets going. But it's just -- there's I think it's sometimes an investor perception that it just wiped out all forms of connectivity and some of the concerns I hear are pretty aggressive in that regard.

是的。然後，羅布，我不想試圖在市場上引起新的關注，因為——這就是我的想法——我只是想問這個問題，因為我看到它影響了我們和許多其他名字。但星座正在建設中。我的意思是，主要是 StarLink，當柯伊伯啟動時也許是亞馬遜。但我認為有時投資者會認為它消除了所有形式的連接，而我聽到的一些擔憂在這方面相當激進。

Can you just refresh us on -- in your conversations with utilities, how they view that as a piece in their overall puzzle of making sure that they've got the right connectivity in their network? And (multiple speakers) risk, if any, that provides you guys?

您能否向我們介紹一下，在您與公用事業公司的對話中，他們如何將其視為確保網路中正確連接的整體難題中的一部分？（多位發言者）風險（如果有的話）會為你們帶來什麼？

Absolutely. It's a great question. You and I've been around long enough for decades watching the cycle of focus on various forms of communication to serve the nation, whether it's wireline, fiber, wireless, satellite. In my view, all play an important role in the solution set for industrial users. But there's nothing, that as a substitute, provides the level of control, low latency, broadband capabilities for the specific needs of the utilities as well as wireless. But I'm certain that satellite, as fiber does today, as wireline has in the past, will play a complementary role for my view in getting to coverage in some ways, in some of the areas.

絕對地。這是一個很好的問題。幾十年來，你和我一直關注著為國家服務的各種通訊形式的循環，無論是有線、光纖、無線還是衛星。在我看來，所有這些都在為工業用戶提供的解決方案中發揮著重要作用。但沒有什麼可以替代，可以提供控制水平、低延遲、寬頻功能來滿足公用事業以及無線的特定需求。但我確信衛星，就像今天的光纖，就像過去的有線一樣，將以某種方式在某些領域實現覆蓋，對我的觀點發揮補充作用。

Clearly, there's a a heavy competition in that space, as you said, with all the different parties that are moving forward and trying to provide solutions to bring mobility solutions to the fringe areas where there isn't capabilities now, but I think from a cost effectiveness and a resiliency, and importantly, latency, because a lot of things we're talking about from a solution standpoint, you have to have latency that's often is greater -- a lower latency, a faster path of data travel than satellite can offer.

顯然，正如您所說，該領域存在激烈的競爭，所有各方都在向前邁進，並試圖提供解決方案，將行動解決方案帶到現在沒有能力的邊緣地區，但我認為從成本角度來看有效性和彈性，而且重要的是延遲，因為我們從解決方案的角度討論的很多事情，你必須有通常更大的延遲——比衛星可以提供的更低的延遲、更快的數據傳輸路徑。

I think those are all part of the reasons why utilities are choosing to build and operate and control their own networks in the way they are. So I think satellite is a great technology, but it will be a complement more than anything else. And I think just like other solutions that we add to our toolkit, I could see in the future that that would make sense for us in our customers to look at using that as a complement to where they don't have wireless built out. (multiple speakers)

我認為這些都是公用事業公司選擇以現有方式建構、運作和控制自己的網路的部分原因。所以我認為衛星是一項偉大的技術，但它比其他任何東西都更能起到補充作用。我認為，就像我們添加到工具包中的其他解決方案一樣，我可以看到，將來這對我們的客戶來說是有意義的，考慮將其用作他們沒有無線網路的補充。（多個發言者）

I think that I would certainly agree with Rob and Chris that we work on a bipartisan basis and -- but we have bipartisan support for building infrastructure. The electric companies are spending a record amount this year over $190 billion to do it on. We are accelerating that even more with respect to the infrastructure -- bipartisan infrastructure bill and the Inflation Reduction Act. And I think that we're working with both Republicans and Democrats on their conventions and on their campaigns to get the message across.

我想我當然會同意羅布和克里斯的觀點，即我們在兩黨合作的基礎上開展工作，而且我們在建設基礎設施方面得到了兩黨的支持。電力公司今年為此花費了創紀錄的超過 1,900 億美元的資金。在基礎設施方面，我們正在加快步伐——兩黨基礎設施法案和《通貨膨脹削減法案》。我認為我們正在與共和黨和民主黨在大會和競選活動中合作，以傳達這一訊息。

What's really going to propel things so much is two things: one is the accelerating electricity growth, as Rob indicated that data centers --

真正推動事情發展的有兩件事：一是電力成長加速，正如 Rob 指出的那樣，資料中心--

That's why I was asking the question, because we all have to own generators now. Because I mean all, despite all that investment you just referenced, everyone's electricity's constantly going down and we only want to put more demands on it with additional EVs.

這就是我問這個問題的原因，因為我們現在都必須擁有發電機。因為我的意思是，儘管您剛才提到了所有這些投資，但每個人的電力都在不斷下降，我們只想透過額外的電動車對其提出更多要求。

Absolutely, Walt. And I think that in addition to that, you see the extreme weather, which is a challenge for utilities too and modern communications really helps to deal with it with respect to mutual assistance programs and on wildfires and on integrating new sources of electricity into it, whether they be virtual power power plants through demand-side management programs or the all the different -- so there's going to be a debate over clean energy and how much cleaner energy versus fossil fuels we're going to use.

當然，沃爾特。我認為除此之外，你會看到極端天氣，這對公用事業來說也是一個挑戰，而現代通訊確實有助於在互助計劃、野火以及將新電力資源融入其中方面解決這一問題，無論它們是透過需求面管理計畫實現的虛擬發電廠還是其他各種發電廠——因此，將會出現關於清潔能源以及我們將使用多少清潔能源與化石燃料的爭論。

Quite frankly, utilities are going to need both to move forward here to meet this increasing demand. And I think that Anterix is very, very well positioned because they have the relationships in the industry. They have the technology and they know how to address the use cases that the customers are going to want.

坦白說，公用事業公司將需要兩者都向前發展，以滿足不斷增長的需求。我認為 Anterix 的定位非常非常好，因為他們在行業中擁有關係。他們擁有技術，並且知道如何解決客戶想要的用例。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員說明）George Sutton，Craig-Hallum。

Thank you. I wanted to address my first question to Ryan. Obviously no changes in the DI scorecard quarter over quarter. I know that doesn't mean there hasn't been movement. We had talked previously about things like fire mitigation really driving potential demand and a speedier process, things like Hawaii. And obviously, not wanting to go through an event like that. Have those had any impact on the speed in terms of the discussions that you're seeing?

謝謝。我想向瑞安提出第一個問題。顯然，DI 記分卡季度環比沒有變化。我知道這並不意味著沒有任何動靜。我們之前曾討論過諸如火災緩解等真正推動潛在需求和更快進程的事情，例如夏威夷。顯然，我不想經歷這樣的事件。這些對您所看到的討論的速度有任何影響嗎？

Yeah. Hey, thanks, Good morning, George. Just quickly back on the DI side. You're right, we didn't see any change in what we reported. And again, this has changed over the last several weeks since we all connected on the Oncore deal, but just reflecting on where we're at, continue to have 18 utilities sitting above the DI threshold, about $1 billion. When we did report in June, a set of new indicators where there is 10 new DI indicators accumulated through that time, we've had about three more in the short period since then.

是的。嘿，謝謝，早安，喬治。很快就回到 DI 這邊。你是對的，我們沒有看到我們報告的內容有任何變化。再說一次，自從我們都參與 Oncore 交易以來，過去幾週情況發生了變化，但只要反思一下我們所處的位置，仍然有 18 家公用事業公司位於 DI 門檻之上，約合 10 億美元。當我們在 6 月報告一組新指標時，當時累積了 10 個新 DI 指標，此後的短時間內我們又增加了大約 3 個指標。

So definitely continuing to see progress in deals that are both sitting above the line and opportunities that are sitting below the line as we're continuing to develop them through. Now to the macro forces, what I think Tom and Robert just spoke, we're speaking about, I think fit right within that lens as well, wildfires or another one where certainly we've talked a lot about the role that broadband played and support in San Diego and their wildfire mitigation strategy.

因此，隨著我們繼續開發這些交易，肯定會繼續看到線上交易和線下機會的進展。現在談到宏觀力量，我認為湯姆和羅伯特剛才談到的，我們正在談論的，我認為也適合這個鏡頭，野火或其他我們當然已經談論了很多關於寬頻所扮演的角色的問題，對聖地亞哥的支持及其野火緩解策略。

I think it's fair to say every one of those initiatives that sits on the front of mind with many of the executive officers within utilities starts to build momentum around how do they proactively get themselves ready to be able to address it. But I'd add the other environmental factors absolutely do the same thing. When we see hurricanes come through, unfortunately, you're probably seeing it still play out in the media in Texas right now.

我認為可以公平地說，公用事業公司許多高管首先考慮的每項舉措都開始圍繞如何主動做好準備來解決這一問題建立動力。但我想補充一點，其他環境因素絕對會產生同樣的效果。不幸的是，當我們看到颶風襲來時，您可能現在仍在德克薩斯州的媒體上看到它。

After Beryl came through and the impact that it had in Houston and CenterPoint Energy, that drives another conversation in the industry, which is helpful to be able to extract the areas of focus that we have as a company and how by putting modern solutions together, built around broadband, can really be supportive to address so many of these critical issues. That brings stakeholders to the table, which helps our conversations with all of these folks as we're continuing develop the market opportunity.

Beryl 的出現以及它對休士頓和 CenterPoint Energy 的影響之後，引發了業界的另一場對話，這有助於我們能夠提取出我們作為一家公司的重點領域以及如何將現代解決方案組合在一起，圍繞寬頻建置的技術確實可以支援解決許多關鍵問題。這讓利害關係人參與進來，這有助於我們在繼續開發市場機會時與所有這些人進行對話。

Got you. The next question, if I could for Tim, probably the most common question I get from clients is, why not a more aggressive strategy to buyback the stock with the thought being given what we have in our pipeline with obviously a pretty good sense of the future. You would argue the stock should be materially higher once these things are announced, you have money coming in from very high credit worthy customers. So sensibly you could even lever up a little bit to accelerate the process. Just curious why we haven't been more aggressive there.

明白你了。下一個問題，如果我可以為蒂姆，我從客戶那裡得到的最常見的問題可能是，為什麼不採取更積極的策略來回購股票，考慮到我們在管道中擁有的東西，顯然對股票有很好的認識。你可能會說，一旦這些事情公佈，股價應該會大幅上漲，因為你的資金來自信用度很高的客戶。因此，明智的是，您甚至可以稍微提高一點以加速這一過程。只是好奇為什麼我們沒有在那裡更加積極主動。

Thanks, George. Thanks, for the question. As we've previously said, we're going to base our quarterly purchases off of cash receipts coming in each quarter, looking at what we've got in our future spend, et cetera, that's going to move up and down on a quarter by quarter basis were some quarters like this. Most recent one are at the lower end, and some quarters like the previous two were at the higher end of the scale that we've had in the recent past.

謝謝，喬治。謝謝你的提問。正如我們之前所說，我們將根據每季的現金收入進行季度採購，看看我們未來的支出等等，這將在一個季度上下波動按季度計算，有些季度是這樣的。最近一個季度處於較低端，而像前兩個季度這樣的一些季度則處於我們最近所經歷的較高端。

We're going to continue to move forward with that positioning, although I wouldn't rule out any leveraging or anything that we may do to be more aggressive as we move forward. But as of right now, that's not in our immediate plans,.We'll continue to move forward as we have.

我們將繼續推進這一定位，儘管我不排除任何槓桿作用或我們在前進過程中可能採取的任何措施，以變得更加積極主動。但截至目前，這不在我們近期的計劃中。像我們一樣繼續前進。

Got you. Finally, thanks to Walt for reminding me I need to go buy a generator. (laughter)

明白你了。最後，感謝沃特提醒我我需要去買一台發電機。（笑聲）

Thanks, George.

謝謝，喬治。

Jerome Darling, JP Morgan.

傑羅姆·達林，摩根大通。

Good morning. Thanks for taking my question. Could you provide an update on what you're seeing in terms of 5/5 proceedings? Anything you can share in terms of return comments, sentiment around the process would be helpful. Thanks.

早安.感謝您提出我的問題。您能否提供有關 5/5 訴訟程序的最新情況？您可以分享的任何關於回饋意見、流程情緒的內容都會有所幫助。謝謝。

Thanks, Jerome, and good morning. Chris, that's a perfect question for you to take.

謝謝傑羅姆，早安。克里斯，這是一個適合你回答的問題。

Yeah, thanks, Rob. And Thanks, Jerome. Everything to date has been very positive. About 30-plus companies weighed in in support of the preceding. No one opposed it. A few entities did what they should have done, which is just make sure that they get ultimately protected from an interference perspective, which obviously we would and will and have done. And so, all positive.

是的，謝謝，羅布。謝謝，傑羅姆。到目前為止，一切都非常積極。大約有 30 多家公司發表意見支持上述觀點。沒有人反對。有些實體做了他們應該做的事情，這只是確保他們最終得到保護，免受干擾，顯然我們願意、將會並且已經這樣做了。所以，一切都是正面的。

We've had a few more positive comments trickle in over the last couple of weeks and now we're working with the FCC and our goal is to get out to the next phase and Notice of Proposed Rulemaking as soon as possible, but everything is moving in a positive direction at the moment, fingers crossed.

在過去的幾周里，我們收到了更多積極的評論，現在我們正在與 FCC 合作，我們的目標是盡快進入下一階段和擬議規則制定通知，但一切都還沒有定論。的方向發展，祈禱吧。

I've been doing this for a long time. I've not seen a proceeding where you've had no opposition. And so we just got to keep moving forward. And our goal is really to get this front and center with the Chairwoman and trying to get a Notice of Proposed Rulemaking out as soon as possible.

我已經這樣做很久了。我還沒見過沒有人反對的訴訟程序。所以我們必須繼續前進。我們的目標實際上是與主席一起討論這個問題，並努力盡快發布擬議規則制定通知。

Great. Thank you.

偉大的。謝謝。

I'm seeing no further questions. I'll turn the call back over to Rob Schwartz.

我沒有看到任何進一步的問題。我會將電話轉回給羅布·施瓦茨。

Thank you, Bob, and thank you all for joining us this morning. We look forward to talking to all of you soon. And we're excited about our progress and looking forward to continuing to announce more successful activities in the future. Take care.

謝謝你，鮑勃，也謝謝大家今天早上加入我們。我們期待盡快與大家交談。我們對我們的進展感到興奮，並期待在未來繼續宣布更多成功的活動。小心。

That concludes today's conference call. Thank you for joining, and have a pleasant day.

今天的電話會議到此結束。感謝您的加入，祝您有個愉快的一天。