Anterix Inc. (ATEX) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to Anterix fiscal fourth quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference may be recorded.

各位好，感謝您稍候。歡迎參加 Anterix 2025 會計年度第四季財報電話會議。(接線員指示) 請注意，今天的會議可能會被錄音。

I will now hand the conference over to your first speaker host, Natasha Vecchiarelli, please go ahead.

現在我將把會議交給第一位發言人暨主持人 Natasha Vecchiarelli。請開始。

Thank you, operator, and good morning everyone. I'm Natasha Vecchiarelli, Vice President of Investor Relations and Corporate Communications. Welcome to our fiscal '25 fourth quarter investor update call. Joining me today are Scott Lang, President and CEO; Tim Gray, CFO; Chris Guttman-McCabe, Chief Regulatory and Communications Officer; and Ryan Gerbrandt, COO.

謝謝您，接線員，各位早安。我是 Natasha Vecchiarelli，投資人關係與企業傳播副總裁。歡迎參加我們 2025 會計年度第四季投資人最新進展電話會議。今天與我一同出席的有總裁兼執行長 Scott Lang、財務長 Tim Gray、法規與傳播長 Chris Guttman-McCabe，以及營運長 Ryan Gerbrandt。

Before we begin, please note that today's discussion may include forward-looking statements regarding our outlook, operations, and expected performance. These are based on current assumptions and subject to risks and uncertainties. We do not undertake any obligation to update forward-looking statements. We encourage you to review our SEC filings, including Form 10-K and 10-Q, for a detailed discussion of these risks, which are available on our website.

在開始之前，請注意今天的討論可能包含有關我們展望、營運與預期表現的前瞻性陳述。這些陳述係基於目前假設，並受風險與不確定性影響。我們不承擔更新任何前瞻性陳述的義務。我們建議您查閱我們向 SEC 提交的文件，包括 Form 10-K 與 10-Q，以了解這些風險的詳細討論；相關文件可於我們網站取得。

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

接下來，我把電話交給 Scott。

Good morning, everyone. I am excited to give you a brief update on the progress we've made since our last earnings call where we announced three important initiatives to drive growth for Anterix that will return value to our shareholders, our employees, and deliver great benefits to our customers. First, we committed to focus on optimizing our cost structure and streamlining our operations. We are already seeing these benefits that Tim will cover in detail shortly.

各位早安。我很高興向各位簡要更新自上次財報電話會議以來我們所取得的進展；當時我們宣布了三項重要成長倡議，旨在推動 Anterix 成長，為股東與員工創造價值，並為客戶帶來重大效益。第一，我們承諾聚焦於最佳化成本結構並精簡營運。我們已經開始看到這些效益，Tim 稍後會更詳細說明。

Second, we launched AnterixAccelerator, designed to test the correlation between price and action in the industry. We are very pleased with how this initiative has ramped up during the quarter. As of today, we are oversubscribed with utilities that are in active discussions and negotiations for the $250 million of spectrum we made available as part of the program. What we are seeing is clear. The demand for 900 megahertz LTE continues to be strong.

第二，我們推出 AnterixAccelerator，旨在測試產業中價格與行動之間的關聯性。我們對這項倡議在本季的加速推進感到非常滿意。截至今天，針對我們在該計畫中提供的 2.5 億美元頻譜，正在積極洽談與協商的公用事業客戶需求已超額認購。我們所看到的情況非常明確。對 900 兆赫 LTE 的需求仍然強勁。

And finally, the strategic review process that Morgan Stanley is leading has been active and continues. We entered it from a position of strength with zero debt, nearly $150 million in outstanding contracted proceeds, a $3 billion pipeline, a proven deployment model, and a disciplined cost structure. We have no predetermined outcome, particularly at our current market cap. This initiative continues and we will keep you updated as appropriate.

最後，由摩根士丹利主導的策略檢視流程已啟動並持續進行。我們在零負債、近 1.5 億美元尚未收取的已簽約款項、30 億美元的商機管線、經驗證的部署模式，以及嚴謹的成本結構等優勢基礎上進入該流程。我們沒有預設結果，尤其是在我們目前的市值水準下。此項倡議仍在進行中，我們將在適當時機向各位更新。

Before I introduce Chris to give us an update on the FCC process, I want to address a question that we've been asked about other spectrum choices that may become available to the utility industry. One of those that might be more well known is at 800 megahertz.

在我介紹 Chris 為我們更新 FCC 流程之前，我想回應一個我們被問到的問題：公用事業產業可能會有其他可用的頻譜選擇。其中一個較為人所熟知的選項是在 800 兆赫。

We are confident that our economics, along with our market leadership of actual deployments and our long term commitment to the industry will continue to be the utility's preferred choice. To reinforce this, our current 3 by 3 offering is being deployed at scale and is already delivering the robust and powerful bandwidth the utilities need to meet today's demands and support virtually any use case well into the future.

我們有信心，我們的經濟效益，加上我們在實際部署方面的市場領先地位，以及我們對產業的長期承諾，將持續成為公用事業的首選。為了強化這一點，我們目前的 3 乘 3 方案正在大規模部署，並已提供公用事業所需的強健且高效的頻寬，以滿足當前需求，並在未來很長一段時間內支援幾乎任何使用情境。

But as we have said before, we are not standing still. We are pushing forward. Our momentum toward a 5 by 5 future is accelerating, unlocking even greater potential for the digital grid. We are in a strong position as the market leader. We will continue to be aggressive to drive value for this company, and I am excited for our future.

但正如我們先前所說，我們不會停滯不前。我們正在持續推進。我們朝向 5 乘 5 未來的動能正在加速，為數位電網釋放更大的潛力。作為市場領導者，我們處於有利位置。我們將持續積極行動，為公司創造價值，我對我們的未來感到振奮。

With that, I will hand it over to Chris.

接下來，我把電話交給 Chris。

Thank you, Scott, and good morning, everyone. I'm excited about the momentum we've seen since the last investor call. To recap, earlier in 2025, the FCC developed and adopted a notice of proposed rulemaking to modify the 900 megahertz rules to allow for a 5 by 5 megahertz opportunity.

謝謝你，Scott，各位早安。我對自上次投資人電話會議以來所看到的動能感到振奮。回顧一下，在 2025 年稍早，FCC 制定並通過一項擬議規則制定通知（notice of proposed rulemaking），以修改 900 兆赫規則，允許 5 乘 5 兆赫的機會。

Since our last call, both the initial comment period and the reply comment period have now officially closed. What came through loud and clear in those filings was a chorus of support. From multiple utilities, 20 technology companies like Ericsson, GE, Nokia, and mor, as well as multiple industry associations, all calling for an evolution of the band to support the growing demand for private, secure, dedicated wireless networks.

自上次電話會議以來，初始意見徵詢期與回覆意見徵詢期現已正式結束。在這些提交文件中，清楚且一致傳達的是一片支持聲浪。來自多家公用事業、20 家科技公司（如 Ericsson、GE、Nokia 等）以及多個產業協會，皆呼籲推動該頻段演進，以支援對私有、安全、專用無線網路日益成長的需求。

Again, we're excited about the current status of the proceeding and believe there is a real opportunity to cement the United States as a global leader in smart grid communications as well as private network deployments by authorizing this next phase of broadband innovation.

我們再次對目前程序的進展感到振奮，並相信透過核准這一下一階段的寬頻創新，美國有真正的機會鞏固其在智慧電網通訊以及私有網路部署方面的全球領導地位。

The case has been made, the record is strong, and we're optimistic about a forward-looking outcome. As stewards of the 900 megahertz band, we will continue to engage with the FCC and with stakeholders in the proceeding in this final stage of the process, urging a timely and favorable outcome. We thank Chairman Carr for his leadership and the commission for its hard work to date, and we look forward to updating you as this proceeding moves towards a conclusion.

論點已充分提出，紀錄也相當扎實，我們對具前瞻性的結果保持樂觀。作為 900 兆赫頻段的管理者，在流程最後階段，我們將持續與 FCC 及程序中的利害關係人互動，促請及時且有利的結果。我們感謝 Carr 主席的領導以及委員會迄今的辛勤工作，並期待在此程序邁向結論時向各位更新。

With that, I'll turn it over to Tim to walk through our financial performance.

接下來，我把電話交給 Tim，請他說明我們的財務表現。

Thanks, Chris, and good morning all. As a reminder, in our fiscal 25, we executed key spectrum sales agreements with Encore and LCRA. Two critical steps in expanding 900 megahertz broadband coverage across Texas. We've now contracted spectrum that covers 93% of Texas counties, creating a powerful regional deployment model that can be replicated nationwide. In addition, these deals for a combined $116 million represent our best year of contracted proceeds.

謝謝你，Chris，各位早安。提醒各位，在我們 2025 會計年度，我們與 Encore 及 LCRA 簽署了關鍵的頻譜銷售協議。這是擴大德州 900 兆赫寬頻覆蓋的兩項關鍵步驟。我們目前已簽約的頻譜覆蓋德州 93% 的郡（counties），建立了一個強大的區域部署模式，可在全美複製。此外，這些交易合計 1.16 億美元，代表我們已簽約款項表現最佳的一年。

We also received milestone payments of $44 million from Encore; and $8.5 million from Ameren. And successfully accelerated delivery of spectrum to a customer ahead of schedule, resulting in an additional $34 million in cash received at the end of January. We closed the fourth quarter of fiscal year '25 with over $47 million in cash and no debt, a position we view as a meaningful strategic advantage.

我們也收到來自 Encore 的 4,400 萬美元里程碑款，以及來自 Ameren 的 850 萬美元。並成功將頻譜交付提前於原定時程提供給一位客戶，使我們在 1 月底額外收到 3,400 萬美元現金。我們在 2025 會計年度第四季結束時，現金超過 4,700 萬美元且無負債；我們認為這是一項具實質意義的策略優勢。

Additionally, we have approximately $150 million of contracted proceeds outstanding with the $80 million expected in fiscal '26. These are not potential deals. They're binding commitments that provide clear visibility and confidence in our future cash flow.

此外，我們目前仍有約 1.5 億美元的已簽約應收款項尚未收取，其中預計在 2026 會計年度可收取 8,000 萬美元。這些不是潛在交易。這些是具約束力的承諾，為我們未來現金流提供清晰的可見度與信心。

As Scott mentioned, We undertook a thorough review of our cost structure and implemented targeted changes to strengthen our long-term financial discipline. These efforts resulted in roughly a $4 million reduction to our operating expense run rate from the first half of fiscal '25, enhancing both efficiency and cash flow. Importantly, we achieve these savings without impacting our ability to serve our customers or advance strategic priorities. We're now operating leaner and continue to be well positioned to execute.

如 Scott 所提到的，我們對成本結構進行了全面檢視，並實施了有針對性的調整，以強化我們長期的財務紀律。這些努力使我們相較於 2025 會計年度上半年，營運費用的常態化支出水準（run rate）約降低 400 萬美元，同時提升效率與現金流。重要的是，我們在達成這些節省的同時，並未影響我們服務客戶或推進策略優先事項的能力。我們現在以更精實的方式運作，並持續處於良好位置以落實執行。

As we look toward FY26, we are entering the year with a healthy cash position, $80 million in contracted payments expected during the fiscal year, a streamlined cost structure that enhances cash generation, and a capital-light model where customer funded deployments allow us to scale without incurring significant caps. We will continue to focus on monetizing our pipeline, expanding our customer base, and delivering value through both strategic execution and financial discipline.

展望 2026 會計年度，我們在年初即具備健康的現金部位、預計於該會計年度內可收取的 8,000 萬美元已簽約款項、可提升現金創造能力的精簡成本結構，以及以資本支出較輕（capital-light）的模式運作——由客戶出資的部署使我們得以在不產生重大資本支出（capex）的情況下擴張。我們將持續聚焦於將管線變現、擴大客戶基礎，並透過策略執行與財務紀律雙軌並進來交付價值。

With that, let's open the line for questions.

接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

George Sutton, Craig-Hallum.

George Sutton，Craig-Hallum。

Thank you. I think the real meaningful update is the fact that you're oversubscribed on the $250 million accelerator program. Can you just give us a sense of what are the incentives? I assume there's multiple players involved. Is this a first come, first serve scenario? Can you just walk through how these customers are thinking of it?

謝謝。我認為真正有意義的更新是，你們的 2.5 億美元加速器計畫（Accelerator program）出現超額認購。你們能否說明一下激勵措施是什麼？我猜應該有多個參與方。這是先到先得的情況嗎？能否帶我們了解一下這些客戶是如何看待這件事的？

Hey George, good to hear from you. It's Scott here. Yeah, we launched this and we've been -- at the last quarterly earnings call we've been very pleased with the energy this has picked up. And there's a number of players involved, the negotiations are very active and we couldn't be really more pleased. There were -- just to give you an idea, there were well over a dozen utilities that participated in it.

嗨 George，很高興聽到你的聲音。我是 Scott。是的，我們推出這個計畫後——在上一季的財報電話會議上，我們就對它帶動的熱度感到非常滿意。目前有多個參與方，談判非常積極，我們再滿意不過。舉例來說，參與的公用事業公司遠超過一打。

And the demand for private LTE 900 megahertz was very strong, and we learned a tremendous amount and I would also say every one of those utilities have continued to stay engaged and in active conversations and then a large number of them have continued all the way through to where we're actually negotiating.

而且，對 900 兆赫私人 LTE 的需求非常強勁；我們也學到非常多。我也想說，這些公用事業公司每一家都持續保持投入並進行積極對話，其中有相當多一路推進到我們實際進入談判的階段。

And you could imagine to see that kind of a ramp up in one quarter in the utility industry. I think is pretty well in my entire career nearly unheard of one quarter for the utility industry to kind of rally and get behind the demand. And as we said in the prepared remarks, kind of testing this correlation between economics and action, and we couldn't feel better about the position that we're in with the economics we can bring to the table and the powerful results that we're seeing with our existing customers, and how much robustness that they're seeing from the network.

你可以想像，在公用事業產業中，能在一個季度內看到這樣的快速升溫。我想在我整個職涯中，幾乎從未見過公用事業產業能在一個季度內就如此凝聚並支持這樣的需求。正如我們在事先準備的講稿中所說，我們某種程度是在測試「經濟性與行動」之間的關聯；而我們對目前所處的位置感到非常振奮——我們能提供的經濟性，以及既有客戶所看到的強勁成果，還有他們從網路中感受到的高韌性。

So it's been active. We've been very pleased. The conversations and the negotiations are very active and we're pleased with where we're at.

所以進展很活躍。我們非常滿意。對話與談判都非常積極，我們也對目前的進度感到滿意。

So you have a partner program in addition to your program that is part of the Accelerator program. Have some of these utilities begun to engage with some of the partners as a result? And is that part of the negotiation?

所以，除了你們自己的計畫之外，你們還有一個合作夥伴計畫，也是加速器計畫的一部分。其中一些公用事業公司是否因此開始與部分合作夥伴接洽？而這是否也納入談判的一部分？

There have been other companies that have participated in the Accelerator program. I'll let Ryan speak to a couple of those in a moment. I would tell you, we're not going to get into exactly which ones or where they're at in their own negotiations.

確實有其他公司參與了加速器計畫。我稍後會請 Ryan 談談其中幾家。但我想先說，我們不會具體說明是哪些公司，或他們各自談判進展到哪個階段。

But I will tell you that the consistent theme is the C-level exposure of the importance of making network first decision really tea up the additional players that are getting involved with bringing these holistic solutions live and standing these networks up.

但我可以告訴你，一個一致的主題是：高層（C-level）對於做出「網路優先」決策重要性的認知與曝光，確實促成更多參與方加入，來推動這些整體性解決方案落地，並把這些網路建置起來。

So -- but Ryan, you want to talk about a couple of specific companies that have kind of jumped in and been part of the program?

所以——Ryan，你要不要談談幾家具體公司，哪些算是加入並成為這個計畫一部分的？

Yeah, hey, I'd be happy to. Good morning, George. And yeah, what you're noting is we have recognized kind of as we initiated the Accelerator program still consistent with what we've said before is that spectrum still is just one part of the overall decision making that we're really trying to bring utilities through where, spectrum is the first of several that they have to make. And it was critical as we were contemplating how to help them through that process to encompass as much of the kind of larger technology partners as necessary to help facilitate that.

好的，當然樂意。早安，George。你提到的重點是：我們在啟動加速器計畫時就已認知到，這仍與我們先前所說一致——頻譜仍只是整體決策的一部分，而我們真正想帶領公用事業公司走過的決策流程中，頻譜只是他們必須做出的多個決策中的第一個。因此，當我們思考如何協助他們走完這個流程時，將足夠多的更大型技術合作夥伴納入其中，以協助促成推進，是非常關鍵的。

And we were delighted to have Ericsson, Nokia, and GE jump in as you saw on the announcement who defined really what were bespoke products to this project, to this program, meaning that they were unique, that these were unique packages specifically targeted to provide a level of support and acceleration to these utilities, and as part of the conversations across the overarching aspects of the program -- of the Accelerator program.

我們很高興 Ericsson、Nokia 與 GE 加入——如你在公告中所見——他們為這個專案、這個計畫定義了真正量身打造（bespoke）的產品，也就是說，這些是獨特的套裝方案，專門針對公用事業公司提供一定程度的支援與加速；並且作為整體計畫——加速器計畫——各項對話的一部分。

Super. One last question. So I'm curious how the 5 by 5 could potentially slow somewhat for those who are requiring that as sort of their launch thought process. So hypothetically, if I'm a potential customer, I want to take advantage of this program, but I also know that 5 by 5 is really my requirement. Can I still be involved in this program or how does that work?

很好。最後一個問題。我很好奇，對於那些把 5 by 5 視為啟動前提的人來說，5 by 5 的進度若可能稍微放慢，會如何影響他們。假設我是潛在客戶，我想利用這個計畫，但我也知道 5 by 5 是我的必要條件。我仍然可以參與這個計畫嗎？或這會怎麼運作？

George, great question. We haven't seen any hesitation from utilities to jump in with 3 by 3 when they're seeing the results coming in from our existing deployments and the -- how much power that is still remaining in these current deployments, that are being pushed and there's still room.

George，問得很好。當公用事業公司看到我們既有部署所帶來的成果，以及——在目前這些部署中仍保有的可用容量與效能（仍在被推動使用且仍有空間）時，我們並沒有看到他們對以 3 by 3 先行加入有任何猶豫。

And having said that, I would say they're all excited about our 5 by 5 plan, and the more they learn about it, it makes them even more comfortable. The 3 by 3 is more than enough bandwidth for the many years ahead. They see of any use case they can throw at it, but the trajectory to 5 by 5 is very powerful for us and but we haven't seen anybody hesitate the concern with the just 3 by 3 at this point in time.

話雖如此，我會說他們都對我們的 5 by 5 規劃感到興奮，而且了解越多，就越覺得安心。3 by 3 的頻寬在未來很多年都綽綽有餘。他們認為任何使用情境都能在其上運作；但邁向 5 by 5 的路徑對我們而言非常有力。不過就目前而言，我們還沒有看到有人因為只有 3 by 3 而有所遲疑或擔憂。

Okay. Thanks, guys.

好的。謝謝，各位。

Thank you, George.

謝謝你，George。

(Operator Instructions)

(接線員指示)

Mike Crawford, B. Riley Securities.

B. Riley Securities 的 Mike Crawford。

Hello, Mike.

你好，Mike。

Morning. Thank you. Who else has recently joined your Anterix Active Ecosystem besides Digi International, which put out some news in that regard a couple of days ago.

早安。謝謝。除了 Digi International（他們在幾天前就此發布了一些消息）之外，最近還有哪些公司加入了你們的 Anterix Active Ecosystem？

Ryan, do you want to take that?

Ryan，你要回答這題嗎？

Yeah, I could speak a little bit to it. I don't know the full list of kind of who joined recently. I mean, he's probably noticing, Mike. I mean, we've continued to focus on in partnership with our advisory board, and their direction of utility executives of what is necessary as we continue to strategically grow that. And so I anticipate we're going to continue to see a handful of new come in. I think we're somewhere 140, 140 plus, of total participants in the program right now.

好，我可以稍微談一下。我不確定最近加入者的完整名單。我是說，他大概有注意到，Mike。我們持續與我們的諮詢委員會合作，並依循他們（由公用事業高階主管組成）對於我們在策略性擴大生態系時所需事項的指引來推進。因此我預期我們會持續看到有一些新成員加入。我想目前整個計畫的參與者大約在 140 位、140 位以上。

The Digi announcement you saw was actually a product offering that they put out, specifically an IoT edge gateway that was capable of supporting some edge computing capacity, a great innovation. I mean, I think this is where we're going to continue to see the intersection of a lot of the AI, kind of edge conversation and what we're trying to do. It's a natural evolution of these use cases where connectivity really provides data and real-time access to enable those kinds of more sophisticated solutions as we see it start playing out in the market.

你看到的 Digi 公告其實是他們推出的一項產品方案，特別是一款 IoT 邊緣閘道器，能支援部分邊緣運算能力，是很棒的創新。我是說，我認為這正是我們將持續看到許多 AI 與邊緣相關討論交會、並與我們正在做的事情相互融合的地方。這些使用案例的自然演進是：連線能力真正提供資料與即時存取，從而支援更複雜的解決方案；我們也看到它開始在市場上逐步展開。

So seeing those product lines come in natively, kind of off the shelf supporting 900 is exactly what we would expect to see with a growing ecosystem and ultimately being able to put all things in. So we're pretty excited about it overall.

因此，看到這些產品線以原生方式導入、以現成產品支援 900（MHz），正是我們在生態系成長時所預期會看到的，最終也能把所有東西整合進來。所以整體而言我們非常振奮。

Okay, thank you. And if Grain Management acquires this 800 megahertz spectrum and targets utilities, what would happen if that entity negotiated the deal, what's the utility in the region where you have spectrum? Then what would be -- what would you -- what would be the fallback, I guess, strategy to deploy your spectrum in a region where where in instances like that might occur?

好的，謝謝。另外，如果 Grain Management 收購這個 800 兆赫頻譜並鎖定公用事業客戶，那如果該實體談成了交易——也就是在你們擁有頻譜的區域內的公用事業——那麼會發生什麼？那麼在你們的頻譜所在區域若出現這類情況，你們的備援（fallback）策略、也就是部署你們頻譜的策略會是什麼？

Well, there were a lot of ifs there. We -- the more spectrum, the better. We like where we are positioned with 900 megahertz. We like where we are with our proven deployments. And when I talk about proven deployments, remember seven utilities, $400 million of contracts have now moved over the last few years from lab to field. And they are now providing references for these next wave of utilities that are in the queue and we're negotiating with to expand the 900.

嗯，這裡面有很多「如果」。我們——頻譜越多越好。我們喜歡我們在 900 兆赫的定位。我們也喜歡我們已驗證的部署成果。我所說的已驗證部署，請記得：過去幾年，七家公用事業、4 億美元的合約，已經從實驗室走向現場。而且它們現在正在為下一波排隊中的公用事業提供參考案例；我們也正與這些客戶談判，以擴大 900（MHz）的應用。

Our economics are extremely powerful of what we can bring to the table. When we look at the current market cap and the accelerator program, we still have dry powder, and we're going to continue to be aggressive as the market leader to continue to show our market leadership across this industry.

我們能帶到桌面上的經濟效益非常強。當我們看目前的市值與加速器計畫時，我們仍有充足的資金火力（dry powder），而且我們會持續以市場領導者的姿態積極進取，持續在整個產業展現我們的市場領導地位。

Regarding 800, I think it could become an alternative. It could become a choice, but we think we're going to be in a great position to continue to be the preferred choice for utilities when they look at it holistically from a -- what they're seeing and what we're seeing in the field, but any use cases on the near term horizon and the economics that we bring to the table, and the fact that our current 3 by 3 is very powerful.

至於 800，我認為它可能會成為替代方案。它可能會成為一個選項，但我們認為，當公用事業從整體角度來看——從他們在現場看到的、以及我們在現場看到的；再到短期可見的使用案例與我們帶來的經濟效益；以及我們目前的 3x3 非常有力——我們將會處於非常有利的位置，持續成為公用事業的首選。

All the device manufacturers are completely behind it. There is no pause in our plan to get the 5 by 5. And in fact, as Chris shared in our prepared remarks, we are very pleased with the progress of that. So I guess that would be my -- I hopefully that kind of starts to frame of how we're thinking about it, Mike.

所有裝置製造商都完全支持。我們取得 5x5 的計畫沒有任何停頓。事實上，正如 Chris 在事先準備的發言中分享的，我們對此進展非常滿意。所以我想這就是我的——希望這能開始勾勒出我們對此的思考方式，Mike。

Yeah, thank you. And then just maybe final question for me is how -- it's nice that you have this $150 million $160 million of contracted proceeds coming in, in the next couple of years. Do you have any goal for how much you would like to add to that in deals signed in the next say 12 to 18 months?

是的，謝謝。然後我最後一個問題可能是：你們未來幾年將有 1.5 億到 1.6 億美元的已簽約合約款項進帳，這很好。那你們是否有目標：在接下來例如 12 到 18 個月內，希望透過新簽的交易把這個數字再增加多少？

Tim, do you want to talk a little bit about kind of how we're looking at our next 12 months, the rest of this fiscal year, please?

Tim，你能不能談一下我們如何看待接下來 12 個月、以及本會計年度剩餘期間的規劃？

Sure. So Mike, our internal goals are to grow from the $116 million that we had last year, which was the best year that we've had. We believe with the Accelerator program we're going to be able to do that quite successfully. Not going to give any specific set of numbers, but we think we project that we will be able to grow a pretty significant percentage from the $116 million that we did last year in contract proceeds.

當然。所以 Mike，我們內部目標是要在去年 1.16 億美元的基礎上成長；那是我們表現最好的一年。我們相信透過加速器計畫，我們將能相當成功地做到這點。我不會提供任何具體數字，但我們預期在合約款項方面，能在去年 1.16 億美元的基礎上成長相當可觀的百分比。

Okay, all right. Thank you very much.

好的，好。非常感謝。

Thanks for the question, Mike. Have a great day.

謝謝你的提問，Mike。祝你有美好的一天。

Thank you. And I will now turn the call back over to Mr. Scott Lang for any closing remarks.

謝謝。接下來我把電話交回給 Scott Lang 先生，請他做結語。

I want to do a call out for our customers that are really teamed up with us in full partnership to drive this movement across the industry. I want to thank my team and the Anterix team that are continuing to drive great results that I have the pleasure of seeing every single day, all of our partners and and the and the customers that we're in conversations with and negotiations with.

我想特別點名感謝我們的客戶，他們真正與我們以完整的夥伴關係並肩合作，推動這股在整個產業的變革。我也要感謝我的團隊與 Anterix 團隊，他們持續推動出色成果，我每天都有幸親眼見證；也感謝我們所有合作夥伴，以及我們正在對話與談判中的客戶。

We're excited to be great partners and great stewards in the industry. And I look forward to checking in with all of you in the next quarter or so when continue to share the progress that we're making in the company. And that's it for now, and I hope you all have a great day. Thank you.

我們很高興能成為產業中優秀的合作夥伴與盡責的管理者。我期待在下一季左右再與各位聯繫，持續分享我們在公司所取得的進展。目前就到這裡，也祝各位有美好的一天。謝謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。