Anterix Inc (ATEX) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Anterix fiscal third quarter 2025 investor update call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Natasha Vecchiarelli. Please go ahead.

您好，感謝您的支持。歡迎參加 Anterix 2025 財年第三季投資者更新電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。[操作員指示]。請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者娜塔莎·韋基亞雷利 (Natasha Vecchiarelli)。請繼續。

Thank you, operator and good morning everyone. I'm Natasha Vaccarelli, Vice President of Investor relations and corporate communications and I'd like to welcome you to our third quarter fiscal year '25 investor update call. Joining me today are Scott Lang our President and CEO, Ryan Gerbrandt our COO, Timothy Gray our CFO and Christopher Guttman- Mccabe, our 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 Vaccarelli，歡迎您參加我們 25 財年第三季投資者更新電話會議。今天與我一起出席的有我們的總裁兼執行長 Scott Lang、我們的營運長 Ryan Gerbrandt、我們的財務長 Timothy Gray 以及我們的首席監管和通訊長 Christopher Guttman-Mccabe。

Before I turn the call over to Scott, I'd like to remind everyone that during this call, we may discuss forward-looking statements regarding our commercial outlook future operations and expected performance. These statements are based on our current expectations and assumptions but they involve risks and uncertainties that could cause actual results to differ materially.

在我將電話轉給斯科特之前，我想提醒大家，在這次通話中，我們可能會討論有關我們的商業展望、未來營運和預期業績的前瞻性陳述。這些聲明是基於我們目前的預期和假設，但它們涉及可能導致實際結果大不相同的風險和不確定性。

We encourage investors to review our SEC filings, including our form 10K and 10Q for a detailed discussion of the risk factors that could impact our results. These documents are available on our website. Finally, please note that we do not undertake any obligation to update these forward-looking statements. With that, I'll now turn the call over to Scott.

我們鼓勵投資者查看我們向美國證券交易委員會提交的文件，包括我們的 10K 和 10Q 表格，以詳細了解可能影響我們業績的風險因素。這些文件可在我們的網站上找到。最後，請注意，我們不承擔更新這些前瞻性陳述的任何義務。說完這些，我現在將電話轉給斯科特。

Good morning everyone and thank you for joining us today for our third quarter fiscal year 2025 earnings call. I'm now 4 full months into the job, and I have a solid idea of who we are as a company, what works well and where we can improve. Today I'm going to share with you my thoughts about what we have accomplished, where we are going, and how we are going to get there.

大家早安，感謝您今天參加我們的 2025 財年第三季財報電話會議。我已經工作了整整四個月，我很清楚我們是一家甚麼樣的公司，哪些方面做得好，哪些方面可以改進。今天，我將與大家分享我對我們已經取得的成就、我們要去的地方以及我們將如何實現目標的想法。

First, what we have accomplished. Just a few weeks ago, we had the great opportunity to announce a $13.5 million dollar expansion agreement with the Lower Colorado River Authority, an existing customer. LCRA's additional broadband licenses will extend its broadband coverage to 102 counties in Texas.

首先，我們已經取得了什麼成就。就在幾週前，我們有幸與現有客戶科羅拉多河下游管理局宣布了一項價值 1,350 萬美元的擴建協議。LCRA 的額外寬頻許可證將使其寬頻覆蓋範圍擴大到德州的 102 個縣。

When their coverage is combined with our partnerships with other Texas-based utilities, 93% of the counties in the state of Texas will now be covered by our 900 megahertz broadband spectrum. The total coverage across the 15 states where we have contracted with utilities now make us larger than US Cellular. This gives you a sense of the incredible scale of 900 megahertz private LTE deployments.

當他們的覆蓋範圍與我們與其他德克薩斯州公用事業公司的合作夥伴關係相結合時，德克薩斯州 93% 的縣將被我們的 900 兆赫寬頻頻譜覆蓋。目前，我們已經與 15 個州的公用事業公司簽訂了合同，其總覆蓋範圍已經超過了 US Cellular。這讓您感受到 900 兆赫私人 LTE 部署的驚人規模。

We also had a fantastic movement on the 5x5 megahertz joint petition we filed at the FCC with 9 other organizations, including 7 utilities 6 of which are already experiencing the benefits of our broadband solutions.

我們也與其他 9 個組織（包括 7 家公用事業公司）一起向 FCC 提交了 5x5 兆赫聯合請願書，並取得了巨大的進展，其中 6 家已經體驗到了我們寬頻解決方案帶來的好處。

Under the leadership of Chairman Carr and former Chair-woman Rosenworsel, along with Commissioner Symington, the FCC adopted a notice of proposed rulemaking, moving the 900 MHz band closer to a 5x5 offering.

在主席卡爾、前主席羅森沃塞爾和委員西明頓的領導下，FCC 通過了擬議規則制定通知，將 900 MHz 頻段更接近 5x5 頻段。

While 3x3 can satisfy the demands of utilities today and for years to come, this 5 by 5 expansion will give utilities a roadmap to even greater capabilities over the decades that follow.

雖然 3x3 可以滿足公用事業當前和未來幾年的需求，但這種 5x5 擴展將為公用事業提供未來幾十年更強大功能的路線圖。

Additionally, we have identified key areas where we can immediately achieve significant cost reductions of approximately 20% annually without compromising operational efficiency.

此外，我們還確定了可以在不影響營運效率的情況下立即實現每年約 20% 的大幅成本削減的關鍵領域。

These measures not only lead to immediate savings but also position us for long-term financial strength, ensuring that we can continue to deliver value to shareholders and customers while improving the bottom line.

這些措施不僅可以立即節省開支，還可以增強我們的長期財務實力，確保我們能夠繼續為股東和客戶提供價值，同時提高獲利水準。

Finally, in line with our commitment to delivering value to shareholders, we have returned roughly $4 million back to shareholders through our share repurchase program in our third quarter.

最後，根據我們向股東提供價值的承諾，我們在第三季透過股票回購計畫向股東返還了約 400 萬美元。

This decision reflects our confidence in the company's business strategy, our belief that our stock is currently undervalued in the market. For example, our market capitalization reflects a fraction of the rate at which we have sold our spectrum to date.

這項決定反映了我們對公司經營策略的信心，以及我們認為我們的股票目前在市場上被低估的信念。例如，我們的市值僅反映了我們迄今為止出售頻譜的速度的一小部分。

This fuels our belief that we can and will be aggressive on pricing and focused on winning new contracts with the scale and proven ecosystem that we have developed.

這增強了我們的信念：我們能夠並且將會積極定價，並專注於利用我們已經開發的規模和成熟的生態系統來贏得新合約。

But the picture of what we have done is much greater than the quarter alone. With our 7 customers deploying across 15 states, 900 MHz private LTE has moved from the lab to the field. These utility leaders are deploying solutions and seeing measurable results developed by our 120 plus member ecosystem.

但我們所做的工作遠不止本季所取得的成就。隨著我們的 7 位客戶在 15 個州部署，900 MHz 私有 LTE 從實驗室走向現場。這些公用事業領導者正在部署解決方案，並看到我們的 120 多個成員生態系統所取得的可衡量的成果。

Our customers, our partners, and our team have placed the Anaric's name at the forefront of utility innovation, working with leading organizations such as EPRI, the National Labs, the Department of Energy, and more. We clearly are the market leader in driving advanced broadband spectrum solutions across the utility sector.

我們的客戶、合作夥伴和團隊將 Anaric 的品牌置於公用事業創新的前沿，並與 EPRI、國家實驗室、能源部等領先組織合作。我們顯然是推動公用事業領域先進寬頻頻譜解決方案的市場領導者。

And that leads me to my second area of focus, where we are going. First, I would like to share my thoughts on where we the industry are going and secondly, where we and Anderix are going.

這就引出了我所關注的第二個領域，也就是我們要去的地方。首先，我想分享我對我們這個產業的發展方向的看法，其次，我想分享我們和 Anderix 的發展方向的看法。

The industry has been delivering more intelligence to the edge of the grid for decades. I saw this personally during the nation's movement to cross a bridge they had never crossed with AMI that is connected nearly every home and business.

幾十年來，該行業一直致力於向電網邊緣提供更多智慧。在全國掀起一場跨越從未跨越的橋樑的運動中，我親眼目睹了這一點，AMI 連結了幾乎每個家庭和企業。

Silver Spring Networks, where I was the CEO prior to Anterix, became the leader in this movement because we thought network first, device second. We distributed the most powerful intelligence that was possible to the edge of the grid. Today, nearly 20 years later, the intelligence and demands at the edge of the grid have advanced. The need of utilities to drive more innovation to the edge has never been greater.

在加入 Anterix 之前，我曾擔任 Silver Spring Networks 的首席執行官，該公司成為了這場運動的領導者，因為我們認為網絡第一，設備第二。我們將最強大的情報分發到電網邊緣。如今，近20年過去了，電網邊緣的智慧化和需求已經得到了很大的提高。公用事業對於推動更多創新的需求從未如此強烈。

AI as an example, will require even more edge devices to deliver more critical information that must be connected faster more securely and even more ubiquitously than ever before.

以人工智慧為例，它將需要更多的邊緣設備來傳遞更多關鍵訊息，這些訊息必須比以往更快、更安全、更普遍地連接。

Private wireless networks are at the forefront of providing the digital foundation to continue to deliver critical intelligence to the edge of the grid. And Terex has prepared for this moment. We are the de facto private broadband wireless network leader. We will engage our vast ecosystem of 120+ companies and our scale with 7 of the leading utilities that are demonstrating successful use cases today.

私人無線網路處於提供數位基礎的前沿，可以繼續向電網邊緣提供關鍵情報。特雷克斯已經為這一刻做好了準備。我們是事實上的私人寬頻無線網路領導者。我們將利用我們由 120 多家公司組成的龐大生態系統以及我們的規模，與目前展示成功用例的 7 家領先公用事業公司合作。

It is our integrated offering, not just our spectrum that is driving this evolution. We are bringing a village of technology partners, service providers, policymakers, and utility partners to join us.

推動這項變革的不僅是我們的頻譜，還有我們的綜合產品。我們正在召集一批技術合作夥伴、服務提供者、政策制定者和公用事業合作夥伴加入我們。

We will take this experience of best practices, use cases, deployments, and partnerships to ensure every utility has a successful and timely path to value. As I highlighted earlier with the LCRA deal, we have 93% of Texas under contract. Those utilities will reap the benefit of 900 MHz broadband starting now.

我們將利用最佳實踐、用例、部署和合作夥伴關係的經驗，確保每個公用事業都能成功且及時地實現價值。正如我之前在 LCRA 協議中強調的那樣，我們已與 93% 的德州簽訂了合約。這些公用事業將從現在開始享受 900 MHz 寬頻的好處。

This multi-utility regional deployment will serve as a powerful example of what this village can deliver and be a template for other regions across the country. Our goal is to enable scale, scope, and solution benefits from region to region throughout the entire country.

此項多功能區域部署將成為該村莊服務能力的有力例證，並成為全國其他地區的樣板。我們的目標是實現全國各個地區之間的規模、範圍和解決方案優勢。

So how are we going to get there? I'm excited to further elaborate on two significant initiatives which we announced yesterday. The first initiative is with the village that I referred to earlier as the recognized market leader in private wireless broadband for utilities, and Terex this week has launched a new industry engagement initiative to address and shorten the time value for utilities.

那我們要如何才能實現這個目標呢？我很高興進一步闡述我們昨天宣布的兩項重要措施。第一項舉措是與我之前提到的村莊合作，該村莊是公用事業私人無線寬頻領域公認的市場領導者，特雷克斯本週啟動了一項新的行業參與計劃，以解決和縮短公用事業的時間價值。

The next wave of utilities that are ready to move forward are joining current customers and multiple key vendors of the Anterix ecosystem to learn from our collective experience and plan for the successful implementation of private 900 megahertz broadband wireless networks.

下一波準備前進的公用事業公司正在加入 Anterix 生態系統的現有客戶和多個主要供應商，以學習我們的集體經驗並規劃成功實施私有 900 兆赫寬頻無線網路。

This initiative will include an aggressive review of pricing. Payment terms, collaboration on additional products and services with our ecosystem, and more. I am pleased with the significant early reception of the industry's participation in this initiative. Convening this group of utilities and solution providers to understand their needs.

這項措施將包括積極審查定價。付款條件、與我們的生態系統合作開發附加產品和服務等等。我很高興看到業界對這項倡議的參與早期就獲得了巨大的迴響。召集這群公用事業公司和解決方案提供者來了解他們的需求。

And then evolving our product offering to match those needs is an invaluable and unique offering that only Anterix can provide. And so this leads me to the 2nd initiative. The work we have done over the last 10 years has created a great deal of interest in private LTE.

然後不斷改進我們的產品以滿足這些需求，這是只有 Anterix 才能提供的寶貴而獨特的服務。因此，這引出了我的第二個倡議。我們在過去 10 年中所做的工作引起了人們對私人 LTE 的極大興趣。

Not surprisingly, we have had some inbound strategic interest to participate with us in our efforts. Accordingly, we have launched a strategic review process. We have turned to Morgan Stanley, the leaders in this field to consider all potential opportunities that will accelerate our efforts. To date, we have built a great company that is positioned to drive growth, executing on nearly $400 million of contracts to deploy 900 MHz private wireless broadband networks.

毫不奇怪，有一些來自國外的戰略利益人士希望與我們一起參與我們的努力。因此，我們啟動了策略審查流程。我們已向該領域的領導者摩根士丹利尋求幫助，以考慮所有能夠加速我們努力的潛力。迄今為止，我們已經建立了一家致力於推動成長的偉大公司，並執行了近 4 億美元的合約來部署 900 MHz 私人無線寬頻網路。

Zero debt, approximately $150 million of proceeds still to collect from these signed contracts, a strong pipeline of opportunities and a very modest yet efficient expense base that is dialed in to drive our growth and performance.

零債務，從這些已簽署的合約中仍可獲得約 1.5 億美元的收益，強大的機會管道以及非常適度但高效的支出基礎，可推動我們的成長和業績。

With Morgan Stanley, we will examine these opportunities carefully with our goal to deliver strong performance and results for our shareholders and for our customers. I'm excited for what we have accomplished, where we are going, and how we are going to get there. With that, I'll now turn it over to Chris.

我們將與摩根士丹利一起仔細研究這些機會，我們的目標是為股東和客戶帶來強勁的業績和成果。我對於我們所取得的成就、我們所要去的地方以及我們將如何實現目標感到興奮。現在，我將把發言權交給克里斯。

All right. Good morning, everyone. Thank you, Scott. It's an exciting day. I'm going to turn to an update on our activity with the FCC. I am very pleased to share with you the significant progress that we have made on the 5x5 joint petition that was filed with the FCC.

好的。大家早安。謝謝你，斯科特。這是令人興奮的一天。我將介紹一下我們與聯邦通訊委員會 (FCC) 合作的最新情況。我很高興與大家分享我們向聯邦通訊委員會提交的 5x5 聯合請願書所取得的重大進展。

On January 15th, the FCC issued a notice of proposed rulemaking that proposes to expand the 900 megahertz broadband segment from its current 3x3 configuration to a more robust 5 megahertz by 5 megahertz configuration.

1 月 15 日，FCC 發布了擬議規則制定通知，提議將 900 兆赫寬頻段從目前的 3x3 配置擴展為更強大的 5 兆赫 x 5 兆赫配置。

To provide context, the FCC had previously considered this expansion in its original 2020 rulemaking, but deemed it premature at that time.

為了提供背景信息，FCC 此前曾在其最初的 2020 年規則制定中考慮過這一擴展，但當時認為為時過早。

While there still is work to do to move the proceeding to a report in order, the FCC's decision to adopt this NPRRM is a powerful endorsement of not only the 900 megahertz private utility broadband movement but also the critical role that advanced grid communications play in our economy.

儘管仍有工作要做才能使程序按順序進入報告階段，但聯邦通信委員會決定採用這項 NPRRM，這不僅是對 900 兆赫私人公用事業寬頻運動的有力支持，也是對先進電網通訊在我們經濟中發揮的關鍵作用的有力支持。

The proposed 5 by 5 expansion marks a major milestone for both Anterix and our utility customers, as it will open up new opportunities for utility broadband users and use cases, as well as strengthen our partnerships with our ecosystem.

擬議的 5x5 擴建計劃對於 Anterix 和我們的公用事業客戶來說都是一個重要的里程碑，因為它將為公用事業寬頻用戶和用例開闢新的機會，並加強我們與生態系統的合作夥伴關係。

It will also provide greater flexibility to meet the growing demand for secure private wireless networks, not only for utilities but for other critical infrastructure and enterprise businesses across the country. You just heard Scott highlight our role as a utility partner.

它還將提供更大的靈活性，以滿足對安全私人無線網路日益增長的需求，不僅適用於公用事業，也適用於全國其他關鍵基礎設施和企業業務。您剛剛聽到斯科特強調了我們作為公用事業合作夥伴的角色。

We see the work that we do with the global standards bodies, the module and chipset manufacturers and this work at the FCC as an embodiment of our long-term partner approach. At Anterix, we are committed to serving as the steward of the 900 megahertz band, ensuring it continues to serve the evolving needs of utilities and the critical infrastructure sector for years to come.

我們將與全球標準機構、模組和晶片組製造商以及 FCC 的合作視為我們長期合作夥伴方式的體現。在 Anterix，我們致力於擔任 900 兆赫頻段的管理者，確保它在未來幾年繼續滿足公用事業和關鍵基礎設施部門不斷變化的需求。

Looking ahead, the FCC will seek public comment on the NPRRM within 60 days after publication of the Federal Register, and then reply comments 30 days after that. We will continue to work with the more than 30 organizations that filed comments in support of the petition to engage in this important process and proceeding. And we look forward to providing you with updates as they develop. Now I'll turn the floor over to Tim to review our quarterly financial performance.

展望未來，FCC 將在《聯邦公報》發布後 60 天內就 NPRRM 徵求公眾意見，並在此之後 30 天回覆意見。我們將繼續與 30 多個支持該請願書的組織合作，參與這項重要進程和活動。我們期待為您提供最新進展。現在我將請提姆來回顧我們的季度財務表現。

Thanks, Chris and good morning everyone. And Terex's third quarter results for fiscal year '25 reflect a solid financial position. We've provided a comprehensive overview in our 10K filing, which was filed yesterday and is available on our website. I'll now briefly highlight some of the key takeaways from this quarter's performance and some developments of note following the conclusion of the quarter.

謝謝，克里斯，大家早安。特雷克斯 25 財年第三季的業績反映出其穩健的財務狀況。我們在昨天提交的 10K 文件中提供了全面的概述，該文件可在我們的網站上查閱。現在，我將簡要介紹本季表現的一些關鍵要點以及本季結束後的一些值得注意的發展。

As a result of strategic initiatives with select customers aimed at accelerating delivery ahead of contract timelines, we successfully delivered to a customer the next tranche of spectrum ahead of our initial contracted delivery date.

透過與特定客戶採取旨在提前於合約期限交付的策略舉措，我們成功地在最初合約交付日期之前向客戶交付了下一批頻譜。

This has led to an incremental cash increase of $34 million which was received at the end of January. Combined with the approximately $29 million in cash on our balance sheet as of December 31, '24. We remain well positioned and well capitalized.

這導致現金增量增加 3,400 萬美元，並於 1 月底收到。加上截至 24 年 12 月 31 日我們資產負債表上的約 2,900 萬美元現金。我們仍處於有利地位且資本充足。

It's important to note that of the approximately $150 million in uncollected contract proceeds, we are scheduled to receive roughly $80 million during our fiscal year ending March 31, 2026.

值得注意的是，在未收取的約 1.5 億美元合約收益中，我們計劃在截至 2026 年 3 月 31 日的財政年度內收到約 8,000 萬美元。

These incoming proceeds not only support our ongoing operations, but also position us to continue returning value to shareholders. On the cost side, we have successfully identified an operational expense run rate reduction of approximately 20% from our annualized run rate from our second quarter this fiscal year. Which will further enhance our efficiency and increase our cash flows.

這些收益不僅支持我們的持續運營，而且使我們能夠繼續為股東帶來價值。在成本方面，我們成功地確定了營運費用運行率從本財年第二季的年度運行率中降低了約 20%。這將進一步提高我們的效率並增加我們的現金流。

These reductions have already impacted our third quarter results and our general and administrative expenses. These cost savings are associated mainly with significant reductions in consultant and professional services. Regarding our share repurchase program, we have returned approximately $6.5 million to shareholders year-to-date in fiscal '25. Including $4.4 million in the third quarter.

這些削減已經影響了我們第三季的業績以及我們的一般和行政費用。這些成本的節省主要與顧問和專業服務費用的大幅減少有關。關於我們的股票回購計劃，25 財年迄今，我們已向股東返還約 650 萬美元。其中第三季為 440 萬美元。

As we've previously mentioned, our approach to share repurchases remains opportunistic and we will continue to calibrate the amount of buybacks based on cash flow and market conditions.

正如我們之前提到的，我們的股票回購方式仍然是機會主義的，我們將繼續根據現金流量和市場狀況調整回購數量。

With our current cash position and substantial contracted proceeds outstanding, Anterix remains in a strong financial position to execute on our strategic priorities and continue returning value to our shareholders. With that, I'll turn it back over to Scott.

憑藉我們目前的現金狀況和大量未償還的合約收益，Anterix 仍然擁有強大的財務狀況來執行我們的策略重點並繼續為我們的股東帶來價值。說完這些，我會把發言權交還給史考特。

Thanks, Tim. I look forward to addressing any questions you might have on these topics. With that we will now open the call for questions. Operator, please open the call for questions.

謝謝，蒂姆。我期待解答您就這些主題提出的任何問題。好了，我們現在開始問問題。接線員，請打開電話詢問。

Thank you. As a reminder to ask a question, [Operator Instructions]. Please stand by while we compile the Q&A roster. One moment for our first question. And our first question will come from the line of George Sutton from Craig-Hallum. Your line is open.

謝謝。提醒大家一個問題，[操作員指示]。請稍候，我們正在編制問答名單。請稍等片刻，回答我們的第一個問題。我們的第一個問題來自 Craig-Hallum 的 George Sutton。您的線路已開通。

Thank you. Good morning. So, interesting obviously to receive the interest from the outside. I just wanted to look at it from the lens of the fact we're moving closer to 5 by 5 from 3 by 3. Your equity value really hadn't changed much at all and You also look at it as a fraction currently of of where you're selling your spectrum. So obviously that suggests significant discounts to the ultimate value. Is that where you think the genesis of this interest has come from?

謝謝。早安.因此，顯然引起外界的興趣是件很有趣的事。我只是想從事實的角度來看這個問題，我們正從 3x3 向 5x5 靠攏。您的股權價值實際上根本沒有發生太大變化，而且您也可以將其視為當前出售頻譜的一小部分。顯然，這意味著最終價值將大幅折扣。您認為這種興趣是從那裡來的嗎？

I, thanks for the question, George. I think it comes from that and I also think it comes from a question of the fact that we have built such a large ecosystem. That we have 7 customers that have moved from the lab to the field and are talking very publicly about the performance and the use cases of what they can do with private broadband 900 megahertz spectrum.

我，謝謝你的提問，喬治。我認為這源自於此，我也認為這是源自於我們已經建立瞭如此龐大的生態系統。我們有 7 位客戶已經從實驗室轉向現場，並公開談論他們可以使用私人寬頻 900 兆赫頻譜的性能和用例。

I think it comes from the pipeline. And so I think it comes from our industry strength and the 10 years of what we've done and the fact that we've got this pathway to 5 by 5, even though 3 by 3, as I mentioned in my remarks, more than satisfies everything that they could possibly do for years. The 5 by 5 is just one more step further along.

我認為它來自管道。因此，我認為這源於我們的行業實力和我們十年來所做的工作，以及我們已經找到了實現 5x5 的途徑，儘管 3x3，正如我在發言中提到的那樣，已經遠遠超出了他們多年來所能做的一切。5 x 5 只是向前踏了一步。

And so when I look at the, and I'll just jump in front of the question I'm sure is on people's mind and that I'm, I've been getting and we're going to get is what kind of companies and they really range from financials to strategic. There's no one common theme of the interest that we've had.

因此，當我看到這些時，我就會直接跳到這個問題前面，我確信這個問題一直縈繞在人們的腦海中，而我一直在思考並且我們將要思考的是，這些公司到底是什麼樣的，它們的範圍從財務到戰略。我們的興趣沒有一個共同的主題。

But the common interest is the fact that we have become such a market leader and a and a big cast and a leadership and influenceible where this industry is calling its embrace and wireless spot there. Networks and then you combine that obviously with our financial position of signing $400 million of contracts. There's $150 million of proceeds left to come. There's no debt. The pipeline is good.

但共同點是，我們已經成為市場領導者、龐大的陣容、領導力和影響力，在這個行業中享有盛譽，並且擁有無線領域的地位。網絡，然後你顯然將其與我們簽署 4 億美元合約的財務狀況結合起來。還剩下 1.5 億美元的收益尚未到帳。沒有債務。管道很好。

I think all of those things, when you look at the market cap of where this company's been, yeah, I think that is a combination of all those things is what's spurred the external interest.

我認為所有這些因素，當你看看這家公司的市值時，是的，我認為所有這些因素的結合激發了外界的興趣。

So one other thing on your industry initiative, I can certainly appreciate it has been a very slow moving utility market that we serve. I am not really clear the motivations for the utilities to move quicker from this initiative or what is spurring this that that's just, I'm not really clear about that.

關於您的行業舉措還有一件事，我當然可以理解，我們所服務的公用事業市場發展非常緩慢。我不太清楚公用事業公司加快這項舉措的動機是什麼，或者是什麼促使了這一舉措，我對此不太清楚。

Is the question what is spurring us to do this now or what would what's, I'm trying to just make sure I.

問題是，是什麼促使我們現在這樣做，或者是什麼，我只是想確保我這樣做。

Think I'm trying to think from the position of a utility who naturally moves very slow we are through this initiative trying to get them to move more rapidly. I'm trying to understand what's going to drive them to do so from this initiative.

我認為我試圖從一個自然行動非常緩慢的公用事業公司的角度來思考，我們透過這項舉措試圖讓他們行動得更快。我試著去了解是什麼促使他們採取這項舉措。

Yeah, I only can speak from my own experience.

是的，我只能根據自己的經驗來談。

When I referred back to the Silver Spring Network's time and in the first several years, it was really hard to get those first one or two companies up and going but once we did and they were able to communicate the performance and the power of distributing intelligence at the edge and speaking more broadly about that, there became a wave of just most utilities got on board with it.

當我回顧 Silver Spring Network 的時代和最初幾年時，讓最初的一兩家公司起步並運行起來真的很困難，但是一旦我們做到了，他們就能夠傳達邊緣分佈式智能的性能和威力，並更廣泛地談論這一點，然後大多數公用事業公司都紛紛加入進來。

And I think we're seeing that some of that now. We've now gone from the lab to the field and it's been in the field in some cases for close to a year and those utilities are getting more vocal and more clear about the use cases and the performance of this spectrum of what it's delivering in the field and I think that's being heard. And, I came 4 months ago.

我認為我們現在已經看到了其中的一些。現在我們已經從實驗室進入了現場，在某些情況下已經在現場使用了將近一年，這些公用事業公司對其在現場提供的用例和性能越來越清晰，我認為這已經得到了重視。而且，我四個月前就來了。

And I will just tell you there is a sense of urgency when I look at the executives around this table with me right now and our board and the fact that I didn't come here to build another 15 or 20 year career, but we came here to deliver on this position of where we currently are and I am seeing a pretty strong interest of the next wave of utilities.

我想告訴你們，當我看到現在坐在我身邊的這些高管和董事會時，我感到了一種緊迫感，事實上，我來這裡不是為了再發展 15 年或 20 年的職業生涯，而是為了實現我們目前的現狀，我看到了他們對下一波公用事業的濃厚興趣。

As an example, we reached out to a number of utilities that are next up in the pipeline. There was near immediate responses, yes I want to participate in this and I've directed and I'm supporting this team to be as aggressive as we need to be on price creativity, the ecosystem we bring to the table and making sure we give them a as frictionless as possible way to come on board and catch up with the first 7 that have already signed up and in some cases are 2 and 3 years ahead.

舉例來說，我們聯繫了多家即將啟動的公用事業公司。幾乎立即就得到了回應，是的，我想參與其中，我已經指導並支持這個團隊盡可能積極地發揮價格創造力和我們帶來的生態系統，並確保我們為他們提供盡可能順暢的方式來加入並趕上已經簽約的前 7 家公司，在某些情況下，這些公司領先了 2 到 3 年。

So that is a combination of all that, I think is what has gotten us to the point where now is the time to go get started.

所以，我認為所有這些因素的結合讓我們現在到了開始行動的時候了。

Perfect. No, I.Appreciate the time. That's it for me. Thanks.

完美的。不，我很感激您的時間。對我來說就是這樣。謝謝。

Guys. Okay, thank you very much. Thanks.

夥計們。好的，非常感謝。謝謝。

Thank you. One moment for our next question. Our next question line of Mike Crawford from B. Riley Securities. The line is open.

謝謝。請稍等片刻，回答我們的下一個問題。我們的下一個問題是來自 B. Riley Securities 的 Mike Crawford。線路已開通。

Thank you in December the Commonwealth [Ason] finally got approval for its rate case. When, how long would that typically what would be the time frame would typically take from to move from that to actual spectrum license?

感謝聯邦政府 [Ason] 在 12 月終於獲得了其利率案的批准。從那時到獲得實際的頻譜許可通常需要多長時間？

Hey Mike, I'm going to ask Brian, he's sitting here with me to jump in. Yeah.

嘿，麥克，我要去問布萊恩，他正坐在我旁邊，等我加入。是的。

Good morning Mike. Frankly, I wouldn't say there's necessarily a single outcome, that I've seen kind of over time with kind of how the utilities proceed obviously getting regulatory support was a was a big step and it is for a lot of utilities that go down that path to be able to get moving. Then they can go a variety of different paths in terms of how they ultimately go forward the different options that they're exploring and how they ultimately support driving procurement.

早上好，麥克。坦白說，我不會說必然會有一個單一的結果，隨著時間的推移，我看到公用事業公司的發展方式顯然獲得監管支持是一大步，對於許多沿著這條道路前進的公用事業公司來說，這能夠順利開展。然後，他們可以採取各種不同的路徑，就他們最終如何推進他們正在探索的不同選擇以及他們最終如何支持推動採購。

So, unfortunately, I don't have a crystal ball, to give a precise answer in terms of timing. But like any other utility, look at the bigger picture in terms of clearly as Scott had laid out the growing market demand is something that is driving,

因此，不幸的是，我沒有水晶球，無法給出時間方面的精確答案。但與任何其他公用事業一樣，從更大角度來看，正如斯科特所指出的，不斷增長的市場需求是推動因素，

I'll say the overwhelming support and initiatives that we're seeing across the entire market. This isn't completely dis-enjointed from the program that we're rolling out to capture that moment in time with a lot of these utilities. There's there's so many external influences that you're driving their need and their urgency and as they've been seeing and measuring the successes of the previous utilities are positive reasons why hopefully we continue to see that grow continuing while we're tracking what, what's going on with excellent.

我想說的是，我們在整個市場上看到了壓倒性的支持和舉措。這與我們正在推出的利用許多實用程式來捕捉那個時刻的計劃並不完全脫節。有這麼多的外部影響，你在推動他們的需求和緊迫性，正如他們所看到和衡量以前的公用事業的成功一樣，這些都是積極的原因，希望我們能夠繼續看到這種增長持續下去，同時我們正在追踪正在發生的事情，優秀。

Okay, and then just more broadly I think you've already. Done deals covering close to 43 million population in the US at by our calculations about $1.52 dollars and megahertz [po] an aggregate on the the eight deals to date and can you just remind us, or inform us what like the kind of goal posts would be between the prior two auctions that you've used to maybe inform some of these discussions for the remaining 236 million or whatever pops that that that you you cover and potentially could reach with your spectrum.

好的，從更廣泛的角度來看，我認為你已經這樣做了。根據我們的計算，迄今為止的八筆交易總計花費約 1.52 美元和兆赫，覆蓋了美國近 4,300 萬人口。您能否提醒我們，或告訴我們，在之前的兩次拍賣中，您曾就剩餘的 2.36 億人口或您所覆蓋的、可能透過您的頻譜觸及的任何人口，制定過什麼樣的目標？

I want to make sure we've answered the can you, what's the specific question that you've got?

我想確保我們已經回答了您的問題，您具體有什麼問題？

Well, initially when you're.

嗯，最初當你。

Right, by the way, on the on average per op, I'd say that's pretty close to what our math is.

好的，順便說一下，就平均每次操作而言，我認為這與我們的計算結果非常接近。

And, but obviously, rural Texas is a low, has a low fare market value for that service area but downtown, Midtown Manhattan would be have a high area. So if you take all the remaining population in the country, like what would be the goal posts that you're, that you've been working towards. Maybe framed in prior AWS 3 and 600 megahertz auctions or or where discussions are today.

但顯然，德州農村地區的票價市場價值較低，而市中心、曼哈頓中城的票價市場價值較高。因此，如果您考慮到該國所有剩餘人口，那麼您一直在努力實現的目標是什麼。也許是在之前的 AWS 3 和 600 兆赫拍賣中，或者在今天的討論中。

Hey Mike, it's Chris. Yeah, those are the goalposts, right? Those are the logical comparables. And then we put into play, what are more recent transactions and things like that. I think what is new is what Scott referenced, which is we have room. When you look at our current market cap, and the market pricing of our stock and you interpolate extrapolate that back or forward or interpolate it back to a current price per megahertz pop for that market cap, we've got a lot of room to be creative in pricing and still drive extraordinary.

嘿，麥克，我是克里斯。是的，這些就是目標，對吧？這些都是合乎邏輯的可比較性。然後，我們開始考慮最近的交易和諸如此類的事情。我認為新的一點是斯科特提到的，那就是我們有空間。當您查看我們當前的市值和股票的市場定價，然後將其向前或向後推算，或將其推回到該市值的當前每兆赫價格時，我們在定價方面有很大的創意空間，並且仍然能夠推動非凡的發展。

Value both to our shareholders, but also to the utility sector. And so yeah, those are the goalposts that we use when we talk about fair market value. And yes, you're actually obviously very correct in using sort of the real estate analogy right? Manhattan, New York is a different price point. Than than Manhattan, Texas or Manhattan, Kansas. So, but what Scott has authorized and is pushing us to do is to be, as creative as we can be with our offering in order to make the move. I think the word Scott you just used was frictionless. Make the move for utilities frictionless.

不僅對我們的股東有價值，對公用事業部門也有價值。是的，這些就是我們在談論公平市場價值時所使用的目標。是的，您使用房地產類比顯然非常正確，對嗎？紐約曼哈頓的價格則有所不同。比德州曼哈頓或堪薩斯州曼哈頓更甚。所以，史考特已經授權並敦促我們做的是，盡可能發揮創造力，提供可行的解決方案，以實現這一目標。我認為你剛才使用的“斯科特”這個詞是無摩擦的。使公用事業的運作變得順暢。

Oh, okay, thank you, maybe I'll just try one last question. So if if not if and when you get an ability to offer 5 by 5 solution, there's certain markets where your spectrum holdings, I think already would make you very able to do that and others where it would be more difficult so is there any way you could try to bifurcate areas like I don't know like Boston where other people have Spectrum Holdings or or or different markets where where you're in a position would be in a position to move quickly and and kind of frame that for us at all.

哦，好的，謝謝，也許我只想問最後一個問題。因此，如果您有能力提供 5x5 解決方案，那麼在某些市場中，您的頻譜持有量已經可以讓您非常有能力做到這一點，而在其他市場中，做到這一點會更加困難，因此，您是否可以嘗試分叉某些區域，例如我不知道的波士頓，那裡的其他人擁有 Spectrum Holdings，或者或其他市場，在這些市場中，您可以快速建立一個框架。

Yeah, again Mike, it's Chris. I'll take it.

是的，又是麥克，我是克里斯。我要買它。

For a very significant percentage of the country from a county perspective, we could move forward, pretty quickly. And then for the rest of the markets, we're going to take it opportunity by opportunity. So as a utility wants to first of all obviously. A lot of work between now and a 5x5 report in order. But if that were to happen to the benefit of I would say spectrum policy and the utility sector we would enlist our fantastic spectrum teams who have already cleared more than 70% of the incumbents in the 3 by 3, and they would get to work on clearing for the 5x5.

從縣的角度來看，對於全國很大一部分地區來說，我們可以相當快速地取得進展。對於其餘市場，我們將抓住每一個機會。因此，作為公用事業公司，顯然首先要做到這一點。從現在開始還有很多工作要做，以便能夠完成一份 5x5 的報告。但如果這種情況真的發生，我認為對頻譜政策和公用事業部門有利，那麼我們將招募我們出色的頻譜團隊，他們已經清除了 3x3 中 70% 以上的現有頻譜，他們將開始為 5x5 進行清除工作。

I, we're very comfortable. That our team has that capability and they have the authority to cut the deals that we will ultimately need to cut to get us to 5x5 as we have contracts in place that where the utility wants to go to 5x5. One of the things that makes our offering really unique is the ability for utilities to do this incrementally.

我，我們很舒服。我們的團隊擁有這種能力，他們有權達成最終需要達成的交易，以使我們達到 5x5，因為我們已經簽訂了公用事業公司希望達到 5x5 的合約。我們的產品真正獨特的地方之一是公用事業公司能夠逐步實現這一目標。

Right, they can start with 3 by 3, hopefully fingers crossed. Ultimately they can go to 5 by 5. They can pay us in a way that matches their budget with zero debt, we're able to be flexible on how to structure these contracts and Ryan and our sales team have been very successful in creating a bespoke deal for each utility. And then just adding 5 by 5 to the mix gives us even sort of greater opportunity to be flexible and to be creative with our customers.

好的，他們可以從 3 乘 3 開始，希望一切順利。最終他們可以達到 5x5 的水平。他們可以以符合其預算的方式向我們付款，且無任何債務，我們可以靈活地制定這些合約的結構，而 Ryan 和我們的銷售團隊非常成功地為每家公用事業公司創建了客製化交易。然後只需將 5 x 5 添加到組合中，我們就能擁有更大的機會為客戶提供靈活性和創造力。

Oh, okay, thank you very much.

噢，好的，非常感謝。

Thank you, Mike.

謝謝你，麥克。

Thank you one moment for the next question.

謝謝您的回答，請回答下一個問題。

Our next question line of Jonathan Chaplin from New Street Research. Your line is open.

我們的下一個問題是來自 New Street Research 的 Jonathan Chaplin。您的線路已開通。

Hey, thanks. Good morning. Thanks for taking the question, a couple actually, so for the counties where you've already signed deals on the 3 by 3.

嘿，謝謝。早安.感謝您回答這個問題，實際上有幾個問題，所以對於已經簽署了 3 by 3 協議的縣來說。

Would the, would those customers get access to the 5x5 once it's sort of delivered automatically, or would they, would you expect incremental payments from them to get access to that? And would it be on the sort of the same megahertzop basis as as the deals that they've already signed?

那麼，這些客戶在 5x5 自動交付後是否能夠使用 5x5，或者您是否希望他們支付增量費用才能使用 5x5？這是否會像他們已經簽署的協議一樣，採用相同的兆赫基礎？

I'll take the, I'll take that and then I might ask Chris or Tim can jump in but I would say that yes, I would say there would be demand for them to gobble up the 5 by 5 just to have it for future strategic reasons over the decades to come.

我會接受，我會接受，然後我可能會問克里斯或蒂姆是否可以加入，但我會說是的，我會說他們會有需求吞併 5 by 5，只是為了在未來幾十年出於未來的戰略原因。

I would say yes, there would be a value is associated with that 5 by 5 that we would be looking to negotiate and that they would be very interested to be at the table with us negotiating that.

我想說是的，5 x 5 是有價值且我們希望進行談判的，而且他們非常有興趣與我們一起進行談判。

Specifically regarding the pricing for that, it's too early to say. We will need to do some work on it. We need, we would we will deal with that when that time comes and I do believe it's when that time will come. We'll sit down with it and and make sure it's the right value pricing to encourage utilities to expand their their availability to the 5x5.

至於具體定價，現在說還太早。我們需要對此做一些工作。我們需要，我們會在那個時候處理這個問題，我確實相信那個時候會到來。我們將坐下來討論這個問題，並確保它具有正確的價值定價，以鼓勵公用事業公司將其可用性擴展到 5x5。

And I get that you sort of haven't had any of these negotiations yet and so it's sort of really difficult to know, but as you're thinking that the utility of a 5x 5 is so much greater that the incremental 22 megahertz gets a higher price than what you've already done or does it work in the opposite way where if you've already bought 3, you get a volume discount on the incremental 2.

我知道您還沒有進行過任何此類談判，因此這確實很難知道，但正如您所想，5x5 的效用要大得多，以至於增量 22 兆赫的價格會比您已經購買的價格更高，或者它是否以相反的方式工作，即如果您已經購買了 3 個，那麼您將在增量 2 上獲得批量折扣。

I would say it's, I'm not, I, the volume discount are your words, I don't think they're necessarily mine but I would say more spectrum is better than less spectrum. The 3 by 3, certainly with our 7 customers, the number of testimonials and use cases they're blown away by the fraction of the bandwidth they're using in the 3 by 3. That's what gives us confidence that There's years of bandwidth there that's left, but the 5 by 5 is valuable and I think they would they would want that. So there'd be a price to pay for that. And I think we would love for them to have it.

我想說的是，我不是，我，批量折扣是你的話，我不認為它們一定是我的話，但我想說更多的頻譜比更少的頻譜更好。對於 3 by 3，當然有 7 位客戶，他們對 3 by 3 中使用的頻寬比例感到非常驚訝，他們的評價和使用案例數量也非常多。這讓我們有信心，那裡還有多年的頻寬可用，但 5 x 5 很有價值，我認為他們會想要它。因此，這是需要付出代價的。我想我們也希望他們能擁有它。

And I think I hope that answers your question fully but there's a lot there that, we don't want to get ahead of ourselves, as Chris said there's some work to be done. We are very pleased with the speed at which the which it is going through the process right now. We anticipate will continue to go well. It's hard for us to predict if that's going to be in the near term or medium term, and when that time comes as it gets closer we will be able to communicate more. With all of you regarding what that means to us and updating your models.

我希望這能完全回答你的問題，但還有很多事情要做，我們不想操之過急，正如克里斯所說，還有一些工作要做。我們對目前進程的速度感到非常滿意。我們預計情況將持續順利發展。我們很難預測這將是在短期還是中期，當那個時間越來越近時，我們將能夠進行更多的交流。與你們所有人討論這對我們意味著什麼並更新你們的模型。

Is there any way to, is there anyone else in those markets that might be interested in the 2x2? Is there any way to create bidding tension, for the incremental piece?

有沒有辦法，這些市場中還有其他人可能對 2x2 感興趣嗎？對於增量部分，有沒有什麼方法可以創造投標緊張？

You, hey, Jonathan, it's Chris. The way the rules are proposed right now, the structure for applying is the same, right? So in the, overwhelming 95+% of the counties that will be in Turks. And, but I'm going to take your question in sort of a different way. We are laser focused on the utility sector. That doesn't mean that there are not inbounds from oil and oil and gas and pipeline and other uses and use cases.

你，嘿，喬納森，我是克里斯。目前提出的規則方式、申請的架構是一樣的，對嗎？因此，絕大多數 95% 以上的縣都會被土耳其人佔領。但是，我將以不同的方式回答你的問題。我們專注於公用事業領域。這並不意味著沒有來自石油、天然氣、管道和其他用途和使用案例的入境。

In fact, one of our utility customers, their goal specifically is to serve other users within their footprint. Whether it be similarly situated utilities things like that. And so this additional capacity will give them that capability and and so that's where we see it.

事實上，我們的一個公用事業客戶，他們的目標就是為其覆蓋範圍內的其他用戶提供服務。是否還有類似情況的公用事業之類的。因此，這種額外的容量將賦予他們這種能力，這就是我們所看到的。

But with regard to sort of applying for the expand from the 3 by 3 to the 5x5. Obviously we have to wait for the proceeding to come to fruition but the way it's set up right now is the entity that has more than half of the spectrum in the market licensed is the entity that gets to move forward and for the majority overwhelming majority of counties that would be [Anars] vast vast majority, and that's how it would play. We look at this as our evergreen commitment to the utility marketplace and also to this block of spectrum.

但對於從 3x3 擴展到 5x5 的應用來說。顯然，我們必須等待程式取得成果，但目前的設定方式是，擁有市場上超過一半頻譜許可的實體才是可以向前邁進的實體，對於絕大多數縣來說，這將是[Anars]絕大多數，這就是它的運作方式。我們將此視為對公用事業市場以及此頻譜的永久承諾。

My last question on this, would you be expected to pay the FCC anything for the remaining 2 by 2?

我的最後一個問題是，您是否需要為剩餘的 2x2 向 FCC 支付任何費用？

Jonathan, say that again.

喬納森，再說一次。

Would you be expected to pay for the the incremental spectrum and and what would be the cost of it?

您是否需要為增量頻譜付費？其成本是多少？

Yeah, and so the way the again the rules proposed to to continue the same structure and under the current 3x3 structure there's an unjust enrichment payment that that the licensee Anterix makes and it is based on 600 megahertz auction prices, and they propose to to continue that in the next phase.

是的，規則再次提議繼續採用相同的結構，並且在當前的 3x3 結構下，許可證持有者 Anterix 進行了不當得利支付，並且該支付基於 600 兆赫的拍賣價格，他們提議在下一階段繼續這樣做。

So any spectrum that comes off the shelf, that's the payment. So there is, there's no, we purposefully structured this to make it easy for the FCC to move forward, to give them another tool in their toolbox for spectrum planning and spectrum allocation and assignment and that includes making sure that there's no windfall no unjust enrichment.

因此，任何現成的頻譜都是一種付款。所以，沒有，我們特意建造了這個結構，以便 FCC 能夠輕鬆地向前邁進，為他們提供另一個用於頻譜規劃和頻譜分配的工具箱，其中包括確保沒有意外之財，沒有不當得利。

Got it. Thanks, guys. I really appreciate all the questions.

知道了。謝謝大家。我非常感謝大家提出的問題。

Yes, thank you for your question.

是的，謝謝你的提問。

Thank you. As a reminder that's 11 for questions, 11.

謝謝。提醒一下，問題有 11 個，11 個。

Our next question will come line of Jerome Darling from JPMorgan. Your line is open.

我們的下一個問題來自摩根大通的傑羅姆·達林。您的線路已開通。

Hello, Jerome.

你好，傑羅姆。

Hey guys, thanks for taking the question and congrats on the quarter. I'd like to see the cost controls here, the 20% reduction for fiscal year '26 is encouraging. How should we think about CapEx both in fiscal 4Q and for 2026? And then I guess on the 5x5, perhaps asking the question a little bit differently, how should investors kind of think about The value of the entire deal pipeline assuming 5x5 approval. You guys in the past have spoken about 60+ customers valued at $3 billion assuming 5x5 gets fully approved. One, can you serve more than that 60+ customers, and do you see a value in the pipeline of greater than $3 billion. Thank You.

嘿，大家好，感謝您提出這個問題，並祝賀本季取得佳績。我想看看這裡的成本控制情況，26財年20%的削減令人鼓舞。我們該如何看待第四財季和 2026 年的資本支出？然後我想，在 5x5 上，也許可以稍微不同地問這個問題，假設 5x5 獲得批准，投資者應該如何看待整個交易管道的價值。你們過去曾談到，假設 5x5 獲得完全批准，那麼它將擁有 60 多個客戶，價值 30 億美元。首先，您能否為超過 60 位客戶提供服務，並且您是否認為該管道的價值超過 30 億美元。謝謝。

Tim, do you want to take that first one regarding the, OPEC and the CapEx, please?

提姆，你想先談談關於歐佩克和資本支出的問題嗎？

Yeah sure, Scott, and Jerome, thanks for the question. Just so the immediate savings that I talked about quarter to quarter was about $1.5 million with the majority of that coming out of G&A expenses as I discussed, and we expect to see continued savings as we move forward on the OPEC.

是的，斯科特和傑羅姆，謝謝你們的提問。因此，我所說的季度直接節省約為 150 萬美元，其中大部分來自我所討論的一般及行政費用，我們預計隨著 OPEC 的推進，節省金額將繼續增加。

CapEx, the clearing we will remain consistent next year, probably in the $15 to $20 million dollar range, dependent on timing of customers, timing of spectrum delivery, etc. But that's our current view and I would expect this quarter that we're currently in to be about $5 million maybe a little less than that for what we're going to spend on clearing.

資本支出，即清理費用，明年我們將保持一致，可能在 1500 萬到 2000 萬美元的範圍內，取決於客戶的時間、頻譜交付的時間等。但這是我們目前的看法，我預計本季我們在清理上的支出約為 500 萬美元，可能比這個數字略低。

And then on the 3 by 3 and 5 by 5.

然後是 3x3 和 5x5。

Yeah, okay yeah, regarding that I would say, it's the 400 million that we've signed today. Represents call it 15% of the total value when we look at the total value of remaining pots across the United States. It's a very large number. 5 by 5 makes that number larger.

是的，好的，關於這一點我想說的是，我們今天已經簽了 4 億美元。當我們查看全美剩餘大麻的總價值時，這佔總價值的 15%。這是一個非常大的數字。 5 乘以 5 會使這個數字變得更大。

And between those two things, which is why I'm so emphatic on recognizing that as the market leader, we have a responsibility with our existing customers and those pinned up customers that are next to drive that leadership position and bring this aggressively into the market.

正是在這兩件事之間，我才如此強調認識到，作為市場領導者，我們對現有客戶和那些即將推動這一領導地位並積極將其推向市場的固定客戶負有責任。

So, where that lands I'm not prepared to give you an exact number today other than say it's a very large number. And it's right there at our fingertips and anything we can do to help this next wave of utilities move faster, we are going to do it and we have a lot of room to be able to do that. And just one last comment on that and I'm kind of looking at across the table at Ryan our COO.

因此，對於這個數字的具體數字，我今天還不準備給出，只能說這是一個非常大的數字。它就在我們的指尖，我們可以做任何事情來幫助下一波公用事業更快地發展，我們將會這樣做，我們有很大的空間來做到這一點。最後再說一句，我正在看著桌子對面的我們的營運長瑞安 (Ryan)。

We decided to launch this just over the last few days, and we reached out to some of the largest most respected utilities really in the industry that are up next that have shown an interest that we've been talking with and we put this out there in front of them a formal process where they get to really learn about the use cases, the deployments of what utilities are doing so far with 3x3.

我們決定在過去幾天推出這個產品，並且我們聯繫了業內一些最大的、最受尊敬的公用事業公司，他們對我們一直在談論的產品表現出了興趣，我們把這個產品擺在他們面前，讓他們真正了解用例，以及公用事業公司迄今為止使用 3x3 的部署情況。

And whatever we can do to take it off the table of what's holding them up of helping them understand both sides of the spectrum decision of pricing is one on commercial structure, commercial flexibility is another. And I was, I think we were both really, we were optimistic that people would want to participate in this, but it was near immediate yes responses to put the time and their best talent at the table to work with our team and our best talent, and that process is going to show us a lot over the next few months.

無論我們做什麼，都可以讓他們明白阻礙他們做出決定的因素，幫助他們理解定價決策的兩面性，一是商業結構，二是商業彈性。我認為我們雙方都非常樂觀地認為人們會願意參與其中，但幾乎立刻就得到了肯定的答复，願意投入時間和他們最好的人才與我們的團隊和我們最好的人才一起工作，這個過程將在接下來的幾個月裡向我們展示很多東西。

As to where this is and I think there we have the room, we have the flexibility to be aggressive on pricing. As I said, our market cap is still a fraction of what we've seen, even the lowest prices that we've had to go to, and if that's what it takes, then we're going to drive that value into the market. And see some performance from it. Brian, do you want to add anything to that?

至於這一點，我認為我們有空間，我們有彈性，可以積極定價。正如我所說，我們的市值仍然只是我們所見的一小部分，即使是我們必須達到的最低價格，如果需要的話，那麼我們將把這個價值推向市場。並觀察它的一些表現。布萊恩，你還有什麼要補充的嗎？

I think it's a big part. I mean, I summarize it like this Jerome kind of the reaction that we've gotten and the interest we've gotten immediately to be able to participate, is highly related to kind of the demand side and where we've seen the accumulation of all the activities and the shared experiences, including the 7 customers and their success stories hitting the market over the last 4years to 5 years.

我認為這是很重要的一部分。我的意思是，我像傑羅姆這樣總結，我們所得到的反應以及我們立即獲得的參與興趣與需求方高度相關，並且我們看到了所有活動和共享經驗的積累，包括 7 個客戶和他們在過去 4 到 5 年內進入市場的成功案例。

And you just can't underestimate kind of the importance that utilities who have been in this process for a while going through their understanding of the use cases spending time at organizations like Utility Broadband Alliance, getting prepared to go to distribute tech who understand, at a very deep level that broadband and its importance are critical as they look towards the future of either securing.

而且你不能低估公用事業公司的重要性，他們已經參與了這個過程一段時間，了解了用例，花時間在公用事業寬頻聯盟等組織，準備分發技術，他們非常深入地了解寬頻及其重要性，因為他們著眼於未來的安全。

The grid enhancing reliability and resiliency connecting to like the point earlier, those those 40 million pops represent 20 million actual people, their homes, right, the consumers that this energy provides and their interest in participating, I think is very encouraging, as they want to engage with us directly in a more formal way under the under the context of this program.

電網增強了可靠性和彈性，就像之前提到的那樣，這 4000 萬人口代表著 2000 萬實際人口，他們的家庭，對，這種能源提供的消費者以及他們的參與興趣，我認為這是非常令人鼓舞的，因為他們希望在該計劃的背景下以更正式的方式與我們直接接觸。

To be able to explore not just the 3 by 3, but the journey to the 5x5, and that'll educate us a lot more, in terms of how we make sure we're meeting them where they are to, optimize the offering for everybody's interest and value creation for all shareholders.

不僅能夠探索 3x3，還能探索 5x5 的歷程，這將使我們學到更多，包括如何確保在他們需要的地方與他們會面，優化產品以滿足每個人的利益，並為所有股東創造價值。

And one thing I just want to add right, so, Jonathan asked a question, Mike asked a question. Jerome, you asked a question about 5 by 5 value. We worked hard with 9 other organizations to put together a petition that is a win, right? And it was very purposeful. It is clearly valuable to Anne Tars and And Scott referenced that, it's, it could be an order of magnitude, right?

我只想補充一點，喬納森問了一個問題，麥克問了一個問題。傑羅姆，你問了一個關於 5 x 5 值的問題。我們與其他 9 個組織一起努力，整理了一份請願書，這是一場勝利，對嗎？這是非常有目的性的。這對 Anne Tars 和 Scott 來說顯然很有價值，它可能是一個數量級，對嗎？

But it is clearly a valuable value to Antarctica. But it is also extremely valuable to our utilities and our utility customers, as evidenced by 30 entities filing in support. But let's not lose fact of the reality that it is valuable to the FCC in terms of really good spectrum policy and it's also valuable to the US Treasury. They're getting revenue for spectrum that sat on their books for the last 50. Years and so when we look at this is architected in a way that makes it, a positive outcome for all the elements of the folks that are engaged and impacted by this and that, that's been our goal.

但它對南極洲來說顯然具有寶貴的價值。但它對我們的公用事業和公用事業客戶也極為有價值，30個實體提交支援申請就是明證。但我們不要忽視一個現實，即就真正良好的頻譜政策而言，它對聯邦通訊委員會 (FCC) 很有價值，對美國財政部也很有價值。他們從過去 50 年一直持有的頻譜中獲取收入。多年來，當我們以某種方式看待這個問題時，它會為所有參與其中並受到其影響的人帶來積極的結果，這就是我們的目標。

Thank you.

謝謝。

Thank you. Showing no further questions in the queue, I'd like to turn the call back over to our CEO Scott Lang for Gloworks.

謝謝。由於隊列中沒有其他問題，我想將電話轉回給 Gloworks 的執行長 Scott Lang。

Thank you everyone for participating today. I want to do a call out to our existing customers, to the industry leaders that are going to be joining our effort on the 5x5 and the 3x3 move to broadband wireless networks to call out to my team, all of our partners.

感謝大家今天的參與。我想呼籲我們現有的客戶、將加入我們 5x5 和 3x3 寬頻無線網路努力的行業領導者、呼籲我的團隊和我們所有的合作夥伴。

I'm really fortunate to be here at this point in time. At Anterix and on the back of the 10 years of investment and hard work that went into it by our team and our investors and the entire ecosystem to get us here. When I look at this just 4 months in there's a lot to like market leadership, $400 million of contracts, $150 million left to collect from those contracts no debt great customers, big advocates, big pipeline.

我真的很幸運能在此時此刻來到這裡。在 Anterix，我們的團隊、投資者和整個生態系統經過 10 年的投資和努力才讓我們走到了今天。當我回顧這短短 4 個月時，我發現有很多值得稱道的市場領導地位，4 億美元的合同，還有 1.5 億美元的收入可以從這些合同中收回，沒有債務，有優秀的客戶，強大的支持者，龐大的渠道。

Strong partners and a path on 5x5 that the innovation can continue to stay healthy for many decades to come. So it's a good place to be. I appreciate everybody turning in today and we'll look forward to updating you and keeping you updated on our progress as we move forward. Have a good day.

強大的合作夥伴和 5x5 路徑確保創新在未來幾十年內能夠繼續保持健康。所以這是一個好地方。我感謝大家今天的到來，我們期待向你們通報我們的進展。祝你有美好的一天。

Thank you for your participation in today's conference. This doesn't include the program. You may now disconnect. Everyone have a great day.

感謝大家參加今天的會議。這不包括該程序。您現在可以斷開連線。祝大家有個愉快的一天。