Anterix Inc (ATEX) 2025 Q2 法說會逐字稿

Good morning and welcome to the Anterix fiscal year 2025 second-quarter earnings call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Anterix 2025 財年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would like now to turn the conference over to Natasha Vecchiarelli, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Natasha Vecchiarelli。請繼續。

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 second-quarter fiscal year '25 investor update call. Joining us today are Scott Lang, our newly appointed President and CEO; Tim Gray, our CFO; Ryan Gerbrandt, COO; and Chris Guttman-McCabe, Chief Regulatory and Communications Officer.

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 25 財年第二季投資者更新電話會議。今天與我們一起參加的還有我們的新任命的總裁兼執行長 Scott Lang；我們的財務長 Tim Gray； Ryan Gerbrandt，營運長；以及首席監管和通信官 Chris Guttman-McCabe。

Before turning the call over to Scott, I'd like to remind everyone that during this conference call, we may discuss forward-looking statements related to our commercial outlook, future operations, and expected performance. These statements are based on our current expectations and assumptions, but they do carry inherent risks and uncertainties. We advise investors not to place undue reliance on these forward-looking statements.

在將電話轉給斯科特之前，我想提醒大家，在本次電話會議中，我們可能會討論與我們的商業前景、未來營運和預期業績相關的前瞻性陳述。這些聲明是基於我們目前的預期和假設，但它們確實帶有固有的風險和不確定性。我們建議投資人不要過度依賴這些前瞻性陳述。

We encourage you to review our SEC filings, including our Form 10-K and 10-Q, which outline specific risk factors that could cause actual results to differ materially from those discussed today. These documents are available on our website. Please note that we do not undertake any obligation to update these forward-looking statements.

我們鼓勵您查看我們的 SEC 文件，包括我們的 10-K 表和 10-Q 表，其中概述了可能導致實際結果與今天討論的結果大不相同的具體風險因素。這些文件可在我們的網站上找到。請注意，我們不承擔更新這些前瞻性陳述的任何義務。

With that, I will turn the call over to Scott.

說完這些，我會把電話轉給史考特。

Good morning, everyone, and thank you all for joining us today for our second-quarter fiscal year 2025 earnings call. Today marks a special milestone in my professional career, as this is my first earnings call as the newly appointed President and CEO of Anterix. It is truly an honor to be leading this great organization, and I'm excited with all that lies ahead for the company.

大家早安，感謝大家今天參加我們的 2025 財年第二季財報電話會議。今天是我職業生涯中一個特殊的里程碑，因為這是我作為 Anterix 新任總裁兼執行長的第一次財報電話會議。能夠領導這個偉大的組織我真的非常榮幸，並且對公司未來的一切充滿期待。

Since taking the helm in early October, I've enjoyed getting to know our team and getting an in-depth appreciation for our company, our product, and our offering. I've also had the pleasure of meeting with a number of investors and analysts, some new faces and some that I have worked with before, as well as a range of current and future customers.

自十月初執掌以來，我很高興認識我們的團隊，並對我們的公司、我們的產品和我們的服務有了深入了解。我還很高興與許多投資者和分析師會面，其中一些是新面孔，有些是我以前合作過的，還有一系列現有和未來的客戶。

On today's call, I want to focus on two of the recurring questions I've been asked throughout these conversations, which I think will provide all of you with a picture of Anterix as I see the company and the opportunity. The first question is, why am I excited to take this job? And the second is, why would the Board choose me?

在今天的電話會議上，我想重點談談我在整個談話過程中反覆被問到的兩個問題，我認為這些問題將讓大家對 Anterix 有一個大致的了解，就像我對這家公司及其機遇的認識一樣。第一個問題是，我為什麼對接受這份工作感到興奮？第二，董事會為什麼選擇我？

Let's start with the why I would take this job. Think about it. Put yourself in my shoes. I am taking over a company that has established itself as a preeminent technology solution for the utility sector.

首先來談談我為什麼要接受這份工作。想一想。設身處地為我著想。我正在接管一家已成為公用事業領域卓越技術解決方案提供商的公司。

It has zero debt, a great balance sheet, an expansive $3 billion pipeline of customer opportunities, a seasoned thought leadership position, an exceptionally talented and committed team, and we're just getting started.

它沒有任何債務，擁有出色的資產負債表、價值 30 億美元的廣泛客戶機會、經驗豐富的思想領導地位、一支才華橫溢且盡職盡責的團隊，而我們才剛剛起步。

Dig a little deeper, and it gets even more clear as to why I or anyone would want this job. First off, it's really about our customers. They're going from the lab to actual deployments that are driving real results, validating our product offering. And they are becoming our greatest advocates.

深入挖掘一下，我們就會更清楚為什麼我或任何人想要這份工作。首先，這確實與我們的客戶有關。他們從實驗室走向實際部署，獲得真實的結果，驗證我們的產品。他們正在成為我們最堅定的支持者。

As we witnessed again last week at the Utility Broadband Alliance event, next it's about our spectrum asset. We have managed to enhance the value by making it 5G capable and have jointly filed with nine other organizations a petition with the FCC to expand our offering from 3/3 megahertz to 5/5 megahertz.

正如我們上週在公用事業寬頻聯盟活動上再次見證的那樣，接下來是關於我們頻譜資產。我們已成功透過使其具備 5G 功能來提升其價值，並與其他九個組織聯合向美國聯邦通信委員會 (FCC) 提交了一份請願書，要求將我們的產品範圍從 3/3 兆赫擴展到 5/5 兆赫。

And regarding our market positioning, AMI became a movement that nearly touches every home and business with advanced technology. It unlocked ways for utilities to deliver a better experience and more value to every customer in the United States.

就我們的市場定位而言，AMI 已成為一項利用先進技術觸及幾乎每個家庭和企業的運動。它為公用事業公司開闢了向美國每位客戶提供更好體驗和更多價值的方法。

There is a similar movement underway that we will look back on, fueled by artificial intelligence and edge computing, that won't only touch every home and business, but also every device that controls, monitors, or protects the flow of power across the United States.

我們將回顧正在進行的類似運動，在人工智慧和邊緣運算的推動下，它不僅會觸及每個家庭和企業，還會觸及控制、監控或保護美國電力流動的每個設備。

The powerful connectivity that Anterix provides will enable this movement to happen. The totality of what I see is incredible. All of this with a market capitalization that I believe is far below the value of what this company has achieved.

Anterix 提供的強大連接性將使這項運動成為可能。我所看到的一切簡直令人難以置信。我認為，這一切的市值都遠低於該公司所取得的成就的價值。

The opportunities that are in front of us to drive growth and enhance shareholder value are significant. It was an easy decision for me to say yes to the board. So why me? Without sounding boastful, I believe I am uniquely qualified. I've been here before.

我們面臨著推動成長和提高股東價值的巨大機會。我很容易就向董事會表示同意。那為什麼是我呢？這不是在自吹自擂，但我相信自己有獨一無二的資格。我以前來過這裡。

I understand the complexities of working with the utility sector, but also recognize the incredible opportunities that this sector can deliver for our customers, for our partners, for our company, and absolutely for our shareholders. And I know how to run a company that is driving technology change.

我了解與公用事業部門合作的複雜性，但也意識到該部門可以為我們的客戶、我們的合作夥伴、我們的公司以及我們的股東帶來難以置信的機會。我知道如何經營一家推動科技變革的公司。

The experiences and relationships that I have cultivated over my career have allowed me to step into this role with a roadmap and a vision for success. I have been working around the energy and telecom space for over 30 years.

我在職業生涯中累積的經驗和關係使我能夠帶著路線圖和成功願景擔任這一職位。我從事能源和電信領域工作已有 30 多年。

During my tenure as CEO and Executive Chairman of Silver Spring Networks, I helped guide the development of the smart grid network evolution for utilities and created deep, long-lasting relationships within the sector.

在擔任 Silver Spring Networks 執行長兼執行主席期間，我協助指導了公用事業智慧電網網路演進的發展，並在該領域建立了深厚、持久的關係。

Ultimately, this led to successfully positioning Silver Spring as an innovative leader within the utility sector, placing advanced wireless metering into more than 50 million homes and businesses across the country while working with almost every utility in the nation.

最終，這使得 Silver Spring 成功地成為公用事業領域的創新領導者，在與全國幾乎所有公用事業公司合作的同時，將先進的無線計量引入全國 5000 多萬個家庭和企業。

Silver Spring went public in 2013 and was subsequently purchased by Itron in 2018, with the technology still being used today. We have moved from the smart meter to the smart grid. Anterix is perfectly positioned to enable this smarter future.

Silver Spring 於 2013 年上市，隨後於 2018 年被 Itron 收購，該技術至今仍在使用。我們已經從智慧電錶轉向智慧電網。Anterix 完全有能力實現這個更聰明的未來。

Just this week, the Wall Street Journal featured an article about the need for this smarter future, and for me, highlighted the opportunity it presents for Anterix. Bottom line, the reason I'm here is because I see significant opportunities for Anterix, for the utility sector, and for our shareholders.

就在本週，《華爾街日報》刊登了一篇有關這種更聰明未來需求的文章，對我來說，這篇文章強調了它為 Anterix 帶來的機會。總而言之，我來這裡的原因是因為我看到了 Anterix、公用事業部門和我們的股東面臨的重大機會。

As I outline my near-term priorities for the coming months, I want to share a few key areas of focus. I have worked very closely with our sales team to understand the current position of our pipeline. It is incredible to think about the success we've had, and yet recognize the amazing opportunity still in front of us.

當我概述未來幾個月的短期優先事項時，我想分享幾個重點領域。我與我們的銷售團隊密切合作，以了解我們管道的當前狀況。想想我們已經取得的成功，真是令人難以置信，同時我們意識到眼前仍然有驚人的機會。

So what is next, turning to my top near-term priorities? First, we're going to be laser-focused on driving spectrum transactions. We are revisiting every element of our sales process. A key priority of mine is to expand relationships with both existing and prospective customers. Our strong customer base represents a powerful opportunity to advocate for our technology and enhance our brand visibility within the industry.

那麼，下一步是什麼？首先，我們將集中精力推動頻譜交易。我們正在重新檢視銷售流程的每個要素。我的一個主要任務是擴大與現有客戶和潛在客戶的關係。我們強大的客戶基礎為我們宣傳我們的技術並提高我們在行業內的品牌知名度提供了強大的機會。

Next, I've asked Tim to review our operating budget to identify opportunities for efficiencies and reduce our overall annual cash spend. We're then going to execute on these findings. And as we continue to focus on the task of driving contracts and reducing spending where it makes sense, I see an opportunity to increase our share buyback effort.

接下來，我要求蒂姆審查我們的營運預算，以找出提高效率的機會並減少我們的年度整體現金支出。然後我們將根據這些發現採取行動。隨著我們繼續專注於推動合約和減少合理支出的任務，我看到了增加股票回購力度的機會。

We have a robust buyback plan in place. I want to make sure that we pursue every opportunity to put that plan to work. At the current share price, I believe this is a great use of our contracted proceeds and can help drive significant shareholder value.

我們制定了強而有力的回購計畫。我想確保我們抓住一切機會使該計劃得以實施。以目前的股價來看，我相信這是對我們合約收益的極大利用，並有助於提高股東價值。

Before I wrap up, I want to share that these last two weeks alone confirmed everything I thought about the company when I said yes to this opportunity. The UBBA Summit took place last week, where leading utilities and the industry ecosystem come together with a specific and valuable focus of sharing experiences, use cases, and plans to build private wireless broadband networks.

在結束之前，我想分享的是，僅僅在過去的兩個星期裡，當我答應這個機會時，就證實了我對公司的所有想法。UBBA 高峰會於上週舉行，領先的公用事業公司和行業生態系統齊聚一堂，重點分享建造私人無線寬頻網路的經驗、用例和計劃。

This year, Evergy, an Anterix customer, hosted this dynamic sold out event, which took place in Kansas City with over 600 participants in place, including representatives from more than 30 utilities and increased C-level participation. To put it in perspective, the utilities that were in attendance represented more than 60% of our spectrum value.

今年，Anterix 的客戶 Evergy 主辦了這場充滿活力、門票銷售一空的活動，活動在堪薩斯城舉行，參與者超過 600 人，其中包括來自 30 多家公用事業公司的代表，並且還有更多的 C 級參與者。從整體來看，出席會議的公用事業占我們頻譜價值的 60% 以上。

The summit featured insightful discussions on the vital role of private networks, with many of our customers sharing their journeys in adopting 900 megahertz private wireless broadband as the backbone of their network deployments.

高峰會就私人網路的重要角色進行了深入的討論，我們的許多客戶分享了他們採用 900 兆赫私人無線寬頻作為網路部署骨幹的經驗。

Our booth highlighted several mission-critical use cases, reinforcing our leadership position in this space. The event was invaluable and provided a platform for collaboration and innovation, setting the stage for our future growth.

我們的展位重點展示了幾個關鍵任務用例，鞏固了我們在該領域的領導地位。這次活動非常有價值，為我們未來的發展奠定了基礎，為我們合作和創新提供了一個平台。

And earlier this week, I attended the Edison Electric Institute Financial Conference in Florida. It was awesome to be there and to visit with many of the utilities and people that I have worked with throughout my career.

本週早些時候，我參加了在佛羅裡達州舉行的愛迪生電氣協會財務會議。能夠來到這裡並拜訪許多我職業生涯中曾合作過的公用事業單位和人士真是太棒了。

In these conversations, we discussed how Anterix is perfectly suited to meet the challenge that they now have in front of them to help them continue to deliver secure, reliable, cost-effective service for every customer in the United States.

在這些對話中，我們討論了 Anterix 如何完美地應對他們當前面臨的挑戰，以幫助他們繼續為美國的每位客戶提供安全、可靠、經濟高效的服務。

And so when I said earlier that these events confirmed everything that I believe about this opportunity, it is these personal conversations that reinforce my excitement to be leading the Anterix team.

所以當我之前說這些事件證實了我對這個機會的所有信念時，正是這些個人對話增強了我領導 Anterix 團隊的興奮之情。

With that, I will turn over to Tim and then we'll rejoin to share some closing remarks.

說完這些，我會把麥克風交給提姆，然後我們會重新聚在一起，發表一些結束語。

Thanks, Scott. Before I begin, I want to share that I've had the opportunity to get to know Scott over the course of the past few weeks, and I am truly looking forward to working with him as we execute on the priorities that he outlined. It's also important to note that our balance sheet and our future incoming proceeds will continue to provide the opportunity for us to enhance shareholder value.

謝謝，斯科特。在開始之前，我想分享一下，在過去的幾周里，我有機會認識了斯科特，我真的很期待與他合作，執行他所概述的優先事項。值得注意的是，我們的資產負債表和未來的收益將繼續為我們提供提升股東價值的機會。

Turning to our results, Anterix concluded its second quarter of fiscal year '25 in strong financial position. We detailed these results in our 10-Q, which was filed yesterday and is available on our website. I will spend a few moments here reviewing some of the key highlights from this quarter.

回顧我們的業績，Anterix 25 財年第二季的財務狀況強勁。我們在昨天提交的 10-Q 報告中詳細說明了這些結果，您可以在我們的網站上查閱。我將花一些時間在這裡回顧一下本季度的一些主要亮點。

We ended our second quarter of fiscal year 2025 with more than $43 million in cash and no debt on our balance sheet. We continue to strongly believe that being debt-free is a significant advantage for Anterix. It is also important to note that we still have more than $168 million in contracted proceeds to be received over the next several years related to signed contracts, with roughly $110 million to be received by the end of our fiscal 2026, which positions us to continue to return value to our shareholders.

截至 2025 財年第二季度，我們的資產負債表上擁有超過 4,300 萬美元的現金，且沒有債務。我們始終堅信，無債務對 Anterix 來說是一個顯著的優勢。另外值得注意的是，未來幾年我們仍有超過 1.68 億美元的與簽署合約相關的合約收益可收到，到 2026 財年末我們將收到約 1.1 億美元，這使我們能夠繼續為股東帶來價值回報。

Turning to some of the priorities that Scott mentioned, with regards to our share repurchase program, we will be pursuing additional opportunities to increase cash flow to fund additional buybacks in the nearer term. One example of this is that our team is actively working with certain customers at their request to deliver spectrum earlier than contractually required, which will help accelerate payment timing into this fiscal year.

談到斯科特提到的一些優先事項，關於我們的股票回購計劃，我們將尋求更多機會增加現金流，為近期的額外回購提供資金。其中一個例子是，我們的團隊正在根據某些客戶的要求積極與他們合作，以比合約要求更早的方式交付頻譜，這將有助於加快本財年的付款時間。

In addition, we are also taking a hard look at our operating expenses to drive efficiencies. I expect to have more to share on these initiatives on our next quarterly call. Let me conclude by reiterating that with the cash on our balance sheet and roughly $168 million in contracted payments to be received over the next several years, we're clearly in a solid financial position.

此外，我們也正在認真審視營運費用，以提高效率。我希望在下次季度電話會議上分享更多有關這些舉措的資訊。最後，我要重申，憑藉我們資產負債表上的現金和未來幾年將收到的約 1.68 億美元的合約付款，我們的財務狀況顯然十分穩健。

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

說完這些，我會把話題轉回給史考特。

Thanks, Tim. With the right people, strong partnerships, and innovative solutions, we are committed to supporting our nation's utilities in their electric grid modernization efforts. We take great pride in our accomplishments to-date and are excited about the opportunities that lie ahead. I look forward to sharing more insights with you in our upcoming discussions.

謝謝，蒂姆。憑藉合適的人才、強大的合作夥伴關係和創新的解決方案，我們致力於支持國家公用事業公司的電網現代化。我們對迄今為止所取得的成就感到非常自豪，並對未來的機會感到興奮。我期待在我們即將進行的討論中與您分享更多見解。

With that, we'll now open the call to questions. Brian and Chris will also be joining Tim and I to provide additional perspectives as well. Operator, please open the call for questions.

現在，我們開始回答問題。Brian 和 Chris 也將加入 Tim 和我，提供更多觀點。接線員，請打開電話詢問問題。

We will now begin the question and answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

George Sutton, Craig Hallum.

喬治·薩頓、克雷格·哈勒姆。

And in our intro call, one of the points you made I thought was helpful and I'd like you to go into a little more detail. Is at Silver Spring, you were working with a lot of these same utilities who had no tech at that time. You were providing them some initial tech. You are now in a position to take old technology and deliver to those same customers new technology. Can you just talk about the differences in those two?

在我們的介紹電話中，我認為您提出的觀點之一很有幫助，我希望您能更詳細地講解一下。在 Silver Spring，你與許多當時沒有技術的公用事業公司合作。您正在向他們提供一些初始技術。現在您可以採用舊技術並向同一客戶提供新技術。您能談談這兩者的差異嗎？

Yes, I remember the conversation we had and back in 20 years ago, sometimes it's hard to imagine, it was 20 years ago. We truly pushed the limit of technology that was available to us. We leveraged the unlicensed spectrum of 902 to 928, and that technology still in use today, is touched, as I had mentioned in the prepared remarks, more than 50 million homes and businesses across the United States. And the movement we saw was very real.

是的，我記得我們 20 年前的對話，有時很難想像，那是 20 年前的事了。我們確實突破了現有技術的極限。我們利用了 902 至 928 的未經授權頻譜，這項技術至今仍在使用，正如我在準備好的演講中提到的那樣，它影響到了全美超過 5000 萬個家庭和企業。我們看到的運動非常真實。

And now we're seeing even more demand, more use cases, higher level, a higher bar that customers have of what they expect from the utilities and the solutions that we have now to extend that, to make it more secure, more robust, that are really unlocked with the bandwidth that Anterix has and our 5G capability that was not available 20 years ago. So when I've started these conversations and having these conversations with our current clients, with prospective clients, the light goes on.

現在，我們看到了更多的需求、更多的用例、更高的水平，客戶對公用事業和解決方案的期望值更高，我們現在可以擴展這些期望值，使其更安全、更穩健，這些期望值是透過 Anterix 的頻寬和我們 20 年前無法實現的 5G 功能真正實現的。因此，當我開始這些對話並與我們現有的客戶和潛在客戶進行這些對話時，靈感就亮了。

And I think that the challenges that we face, getting the utility, the momentum to move from very low technology prior to 2004 to embracing change and crossing, I used to think of it as crossing the bridge. They had never crossed. And the bridge was connectivity to their point of sale device. I couldn't imagine back then ever running a business that you weren't connected other than a monthly manual read to your point of sale device. That changed. Now the bar has gotten higher. And the needs and the demands for customers to protect the grid is much more valuable and at a higher risk today.

我認為，我們面臨的挑戰是獲得實用性，從 2004 年之前的技術水平非常低轉向擁抱變化和跨越的動力，我過去認為這就像是過橋一樣。他們從未跨越過。這座橋樑就是與他們的銷售點設備的連結。那時，我無法想像自己會如何經營一家除了每月手動讀取銷售點設備之外沒有任何網路連線的企業。那已經改變了。如今，標準已經變得更高了。如今，客戶保護電網的需求和要求變得更加重要，風險也更大。

What's available in the market, solutions available in the market can be unlocked with the kind of capability that Anterix brings to the table with 5G connection. I think that's kind of captured some of the conversations you and I had, George. And since then, that was week one, about a month ago. And since then, those conversations have become real conversations just earlier this week on the back of the EEI. And I believe there's a natural progression that they really understand that.

市面上現有的產品和解決方案都可以透過 Anterix 透過 5G 連接提供的功能來解鎖。喬治，我認為這大概概括了你我之間的一些對話。從那時起，就是第一周，大約一個月前。自那時起，這些對話就已成為本週早些時候在歐洲經濟研究所 (EEI) 的支持下真正的對話。我相信他們會自然而然地真正理解這一點。

Super. My other question is for Tim. And I have been on record as a believer that a more aggressive share buyback program makes sense. So I'm interested in hearing about the delivery of spectrum earlier than contracted. Just can you walk through the economic logic behind that? Is it much different? I just wanted to make sure we fully appreciated this concept.

極好的。我的另一個問題是問提姆的。我一直堅信更積極的股票回購計畫是有意義的。因此，我有興趣了解提前交付頻譜的情況。您能解釋一下這背後的經濟邏輯嗎？有很大不同嗎？我只是想確保我們充分理解這個概念。

Yes, George, it's really being driven by the customer and their desire to move their networks along faster, deploy the Spectrum faster. And so we've had customers so actively ask us to deliver faster than was contractually obligated, which will result in cash flow coming in earlier. So right now, our current projection is that in our fourth quarter of this current fiscal year, we'll receive another roughly $35 million that we had planned on to come in next fiscal year. So with that additional cash flow in this fiscal year, we feel stronger that we can be much more aggressive with the buyback program in the nearer term. And I think you'll see those results there out as we release our numbers going forward over the next few quarters.

是的，喬治，這實際上是由客戶以及他們希望更快地發展網路、更快地部署 Spectrum 的願望所驅動。因此，我們的客戶積極要求我們比合約規定的時間更快地交貨，這將導致現金流更早到來。因此現在，我們目前的預測是，在本財政年度的第四季度，我們將再收到約 3,500 萬美元，這筆錢是我們計劃在下一個財政年度收到的。因此，有了本財年的額外現金流，我們更有信心在近期內可以更積極地實施回購計畫。我認為，當我們在未來幾季發布數據時，您就會看到這些結果。

Hey, George, it's Chris, and Tim referenced this, and I know you know this. But one of the things that makes our offering so unique is the ability to do exactly what Tim just described, right? The ability to be flexible, to sort of turn on a dime if a customer wants to accelerate or evolve their delivery decisions, and it's one of the things that, again, makes our offering unique, is the ability to match what we deliver to what the utility directly needs.

嘿，喬治，我是克里斯，蒂姆提到了這一點，我知道你知道這一點。但是，我們的產品之所以如此獨特，原因之一就是我們能夠做到蒂姆剛才描述的事情，對嗎？我們具有靈活性，如果客戶想要加速或改善他們的交付決策，我們可以立即做出改變，這也是我們的服務獨一無二的原因之一，即我們能夠將我們提供的服務與公用事業公司的直接需求相匹配。

(Operator Instructions)

（操作員指令）

Mike Crawford, B. Riley.

麥克克勞福德、B.萊利。

Thank you. Just to follow up on that, Tim, that's $35 million you're talking about in fiscal Q4. Is that plus the $10 million that had been expected in that quarter or $35 million altogether in that quarter?

謝謝。提姆，只是為了跟進這個問題，你談論的是財政第四季的 3500 萬美元。這是加上該季度預期的 1000 萬美元，還是該季度總計 3500 萬美元？

So it's $35 million altogether in that quarter, Mike. So we've already received about $18 million this year, and the $35 million will put us in the low 50s for the fiscal year on what we know based on contracts that we've signed will be receiving this fiscal year.

所以該季度的總金額是 3500 萬美元，麥克。因此，我們今年已經收到了大約 1800 萬美元，而根據我們簽訂的合同，3500 萬美元將使我們本財年的支出達到 50 萬美元出頭。

Okay, excellent. And then, Scott, can you share any low hanging fruit that you've identified as you revisit your sales process?

好的，非常好。然後，史考特，您能否分享一下在重新審視銷售流程時發現的任何容易實現的成果？

What was the first part of the question, Mike?

麥克，問題的第一部分是什麼？

Well, you said you're revisiting every element of your sales process, so as you embark upon this investigation of your sales process, is there anything that you've identified already that you think you can improve upon?

好吧，您說您正在重新審視銷售流程的每個要素，那麼當您開始調查銷售流程時，您是否已經發現了任何您認為可以改進的地方？

Yes, there it is. One thing that comes to mind is when we met as an entire group a couple of weeks ago, and we were going around the room and the testimonials I was hearing them talk about with our current clients and our prospects, while they were good, as I poked on that, the real story started to come out as we layered that back, and said, well, why was it fantastic? What was unique about us? And we started to come up with these very long examples of why Anterix was uniquely positioned that nobody could offer the kind of security, the kind of ubiquity, the kind of control and protection that Anterix has with our 5G platform.

是的，就在那裡。我想到的一件事是，幾個星期前，我們整個團隊開會時，我們在房間裡走來走去，我聽到他們談論我們現有客戶和潛在客戶的評價，雖然這些評價都很好，但當我深入研究這些評價時，真正的故事開始浮出水面，我們層層回顧，然後說，好吧，為什麼它這麼棒呢？我們有何獨特之處？我們開始想出很多很長的例子來解釋為什麼 Anterix 擁有獨特的優勢，沒有人能夠提供 Anterix 在我們的 5G 平台上所擁有的那種安全性、那種無處不在性、那種控制和保護。

It reminded me of many of the things, the challenges we faced at Silver Spring 20 years ago when everybody thought this would just be a carrier-led solution. And the fact is, utilities love to own their private networks. They love to be able to call upon that connectivity when they need it the most. And carriers cannot offer that. And carriers cannot offer the flexibility of pricing that we can offer. So those were some of the things, Mike, as we started to get into it and get into the details of the use cases, the benefits, the value that Anterix has. And so that was really something that stands out to me that we are going to work on and take into the market. And then that builds upon the getting our clients to be our biggest advocates.

這讓我想起了很多事情，20 年前我們在 Silver Spring 面臨的挑戰，當時每個人都認為這只是一個由營運商主導的解決方案。事實上，公用事業公司喜歡擁有自己的私人網路。他們喜歡在最需要的時候能夠呼叫這種連結。而運營商無法提供此項服務。而且承運商無法提供我們所能提供的定價彈性。所以，Mike，這些就是我們開始深入研究並深入了解用例、好處和 Anterix 的價值的細節時的一些內容。所以這對我來說確實是一件非常突出的事情，我們將努力將其推向市場。而這一切都建立在讓客戶成為我們最大支持者的基礎上。

And I've seen this movie before. Utilities, they don't necessarily compete with each other, but they really do like to use each other's reference and brag about the things that they're doing. And this company has a great opportunity to put our customers on stage explaining how they're taking this from the lab to actual deployments, which we saw last week at UBBA. And I'm going to ask, Ryan was there, we had a lot of folks there. Maybe, Ryan, you want to add a couple of those stories that you've heard from UBBA?

我以前看過這部電影。公用事業公司不一定會相互競爭，但他們確實喜歡互相參考並吹噓他們正在做的事情。這家公司有很好的機會讓我們的客戶站上舞台解釋他們如何將其從實驗室帶到實際部署，我們上週在 UBBA 看到了這一點。我要問的是，瑞安在那兒，我們有很多人在那裡。瑞安，也許你想添加幾個你從 UBBA 聽到的故事？

Yes, I'd be happy to. And good morning, Mike. Yes, UBBA, I mean, as you guys know, we've been tracking for a while, a trade organization that we founded with some like-minded partners, several years ago now, and then turned it over as a nonprofit with a utility run board that just continued to be a real remarkable organization where the entire lifecycle of this conversation and the ability for utilities to share their testimonials, their experiences, their lessons learned, frankly, it's been fantastic. And last week in Kansas City was no exception.

是的，我很樂意。早上好，麥克。是的，UBBA，我的意思是，正如你們所知，我們已經跟踪了一段時間，這是我們幾年前與一些志同道合的合作夥伴共同創立的一個貿易組織，然後將其轉變為一個擁有公用事業運行委員會的非營利組織，它繼續成為一個真正卓越的組織，在這個組織中，這場對話的整個生命週期以及公用事業分享他們的證言、經驗和經驗教訓的能力，坦率地說。上週在堪薩斯城發生的事情也不例外。

And like with anything, the organization has really evolved with the lifecycle as we've seen these deployments played out. So, conversations that we were having two years ago were really about understanding technology. This year, I got to say the focus was really on trying to learn and experience the successes that so many different customers are having, by having their networks being deployed, having devices in the field and getting applications onboarded.

正如任何事物一樣，隨著我們看到這些部署的展開，組織確實隨著生命週期而發展。所以，我們兩年前的對話其實是為了了解科技。今年，我想說的重點實際上是嘗試學習和體驗許多不同客戶所取得的成功，透過部署他們的網路、在現場使用設備以及讓應用程式上線。

Evergy, as the host utility, did a remarkable job, really sharing their experiences and the key applications that they saw, they had a booth on display that everybody was surrounding and able to engage with and talk to them about showcasing real applications that they're already taking value of that 900 MHz LT was able to unlock and these fall in the domain, Mike, of things like SCADA, FLISR, which is fault location isolation and service restoration, really an advanced kind of grid application. They were showing security cameras, device management, pull tilt sensors, different line sensors.

作為主辦公用事業公司，Evergy 做得非常出色，他們真正地分享了他們的經驗和他們看到的關鍵應用，他們設立了一個展位，每個人都圍過來，與他們互動，討論展示他們已經利用 900 MHz LT 能夠解鎖的實際應用，這些應用屬於 SCADA、FLISR 等領域，即故障位置隔離和服務恢復，這確實是一種先進的電網應用。他們展示了安全攝影機、設備管理、拉傾斜感測器和不同的線路感測器。

These are kind of the building blocks of the bread and butter, you know, of what we think about when we when we articulate smart technology that needs to get enabled on the grid. And there will be thousands and thousands of these kinds of devices as the grid continues to modernize and utilities put them on it. And that's just one example of the many conversations we had over three days in Kansas City. But I'm excited by Scott's idea as well. I've said it before. There's no better salesperson in the industry than your past customer who's raving your successes and our ability to capture that excitement, get that voice out there in front of the next in line is going to be a very powerful tool for us to lean into.

您知道，這些都是我們在闡述需要在電網上啟用的智慧技術時所考慮的基本要素。隨著電網不斷現代化以及公用事業單位在電網中安裝此類設備，將會有成千上萬台這樣的設備。這只是我們在堪薩斯城三天裡進行的眾多對話中的一個例子。但我對斯科特的想法也感到興奮。我之前就說過了。在這個行業中，沒有比對你的成功讚不絕口的老客戶更好的銷售人員了，我們捕捉這種興奮、將這種聲音傳達給下一位客戶的能力將成為我們依賴的非常強大的工具。

And Mike, I'll just pile on some of the exciting use cases that are now going and in the lab and will ultimately be deployed around AI and intelligence at the last mile of the grid. And what is exciting for me to see is the technology we deployed unlocked a manual occasional data point to hundreds and thousands of data points per day. The AI chips that are being tested at the endpoint that we enable because of our spectrum and our security and that connectivity takes it to millions, and the amount of information that unlocks, the value that that brings, the security of the way utilities can now protect their grid is very exciting. And I think that we will continue to see that deployed and tested and talked about as the utilities start to embrace it in their deployments.

麥克，我只想列舉一些現在正在進行和在實驗室中的令人興奮的用例，這些用例最終將圍繞電網最後一英里的人工智慧和智慧進行部署。令我興奮的是，我們部署的技術將手動偶爾的數據點解鎖為每天數百和數千個數據點。由於我們的頻譜和安全性，我們在端點測試的人工智慧晶片以及連接性使其數量達到數百萬，而解鎖的資訊量、帶來的價值以及公用事業現在保護其電網的方式的安全性都非常令人興奮。我認為，隨著公用事業公司開始在其部署中採用它，我們將繼續看到它的部署、測試和討論。

Thank you. One last question for me. Any changes in perspective from the FCC under potentially a Brendon Kraham administration as you look to seek approval to offer 5/5 LTE instead of just 3/3?

謝謝。最後一個問題。在 Brendon Kraham 執政期間，FCC 的觀點是否會改變？

Chris and I have had some great conversations with it. And he and his team are doing a terrific job. Chris, why don't you respond to that, please?

克里斯和我對此進行了一些精彩的對話。他和他的團隊做得非常出色。克里斯，你為何不對此作出回應呢？

Yes. Thanks, Scott. And hey, Mike. I think the first thing to recall is our initial 3/3 was a five vote. And one of the commissioners that voted for it was Commissioner Carr. So I don't see anything about our multi-party petition that is political nature. And I'm excited to see the movement of the petition through the process. And I believe we will very likely get the support of Commissioner Carr if he moves into the acting chair and ultimately the chair role.

是的。謝謝，斯科特。嘿，麥克。我認為首先要回想的是，我們最初的 3/3 是五票。投票支持該提案的委員之一是卡爾委員。因此，我不認為我們的多黨請願有任何政治性質。我很高興看到請願書的進展。我相信，如果卡爾委員擔任代理主席並最終擔任主席，我們很可能會得到他的支持。

So I'm excited. He and his team have been strong supporters of what we were able to do. You could just go back to his statements, four or five years ago where he said, this band is small, but we at the FCC can help make it mighty. I think we've delivered on that. So I'm -- as the evolution happens on January 20th, I think we're well-positioned, not just Anterix, but our nine co petitioners to help move this forward.

所以我很興奮。他和他的團隊一直大力支持我們的工作。你可以回顧他四、五年前的聲明，他說，這個樂團規模很小，但我們 FCC 可以幫助它變得強大。我認為我們已經實現了這個目標。因此，隨著 1 月 20 日事態的發展，我認為我們處於有利地位，不僅是 Anterix，還有我們的 9 位共同請願者，可以幫助推動此事的進展。

This concludes our question and answer session. I would like to turn the conference back over to Mr. Scott Lang for any closing remarks.

我們的問答環節到此結束。我想將會議交還給史考特·朗先生，請他作最後發言。

I would like to conclude today with thanking all of you for your support. And stay tuned. We're excited to be here. I'm excited to be here and look forward to following up with many of you over the coming weeks. Have a great rest of your week, everybody.

今天最後，我想感謝大家的支持。請繼續關注。我們很高興來到這裡。我很高興來到這裡，並期待在接下來的幾週內與大家交流。祝大家本週剩餘時間過得愉快。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。