Anterix Inc (ATEX) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Anterix second quarter fiscal 2026 earnings conference call. (Operator Instructions). As a reminder, this conference call is being recorded.

各位女士、先生，大家好，感謝你們的耐心等待。歡迎參加 Anterix 2026 財年第二季財報電話會議。（操作說明）再次提醒，本次電話會議正在錄音。

At this time, I would like to turn the conference over to Ms. Natasha Vecchiarelli, Vice President of Investor Relations and Corporate Communications. Ma'am, please begin.

此時，我謹將會議交給投資人關係和企業傳播副總裁娜塔莎‧韋基亞雷利女士。女士，請開始。

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 fiscal 2026 second quarter investor update call. Joining me today are Scott Lang, our President and CEO; Elena Marquez, CFO; Chris Guttman-McCabe, Chief Regulatory and Communications Officer; and Ryan Gerbrandt, COO.

謝謝接線員，大家早安。我是投資人關係與企業傳播副總裁娜塔莎‧韋基亞雷利，歡迎各位參加我們 2026 財年第二季投資人更新電話會議。今天與我一同出席的有：總裁兼執行長 Scott Lang；財務長 Elena Marquez；首席監管與傳播長 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 encourage you to review our SEC filings for a detailed discussion including Forms 10-K and 10-Q, which are available on our website. We do not undertake any obligation to update forward-looking statements.

在開始之前，請注意，今天的討論可能包含有關我們前景、營運和預期業績的前瞻性陳述。這些預測基於當前假設，並存在風險和不確定性。我們建議您查閱我們向美國證券交易委員會提交的文件，其中包含詳細的討論，包括 10-K 表格和 10-Q 表格，這些文件可在我們的網站上找到。我們不承擔更新前瞻性陳述的任何義務。

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

接下來，我將把電話交給史考特。

Thanks, Natasha, and good morning, everyone. I appreciate you joining us today. October marked my one-year anniversary as CEO of Anterix, a year of hard work, and clear progress. I came to Anterix because I believe then, and I have even more conviction now that Anterix is in a unique position to be the first disruptive company in a generation to make an even greater, lasting and profound impact for the entire industry for the next generation.

謝謝娜塔莎，大家早安。感謝您今天蒞臨。10 月是我擔任 Anterix 執行長一周年紀念日，這一年我們辛勤工作，並取得了顯著進展。我加入 Anterix 是因為我當時相信，而且現在更加確信，Anterix 處於獨特的地位，能夠成為一代人中第一家顛覆性公司，為下一代整個行業帶來更大、更持久、更深刻的影響。

With a strong customer base and asset value that we believe is 10 times our current cost basis, a strong balance sheet, a light OpEx model and expansive industry partnerships, we are well positioned to deliver for the industry and our shareholders. Over the past year, we have strengthened our foundation, deepened customer relationships and positioned Anterix to expand be on spectrum while executing on our long-term strategy.

憑藉強大的客戶基礎和我們認為是當前成本基礎 10 倍的資產價值、穩健的資產負債表、輕盈的營運支出模式以及廣泛的行業合作夥伴關係，我們完全有能力為行業和股東創造價值。過去一年，我們鞏固了自身基礎，深化了客戶關係，並使 Anterix 能夠在頻譜領域不斷擴張，同時執行我們的長期策略。

Recent transactions including those led by EchoStar and others, reinforce what we have been saying all along. Spectrum is a strategic asset, not only for utilities but also for a wide range of critical infrastructure and adjacent industries. We see this opportunity clearly and are taking deliberate steps to make our company an even more powerful partner for our customers.

包括 EchoStar 等公司牽頭的近期交易在內的一系列交易，印證了我們一直以來所說的話。頻譜不僅對公用事業公司而言是一項策略資產，而且對眾多關鍵基礎設施和相關產業而言也是如此。我們清楚地看到了這個機會，並正在採取實際措施，使我們公司成為客戶更強大的合作夥伴。

With that said, momentum toward 10 megahertz continues to accelerate, and we remain engaged with the FCC with confidence and a favorable outcome for Anterix, our customers and the federal government. While 6 megahertz already stands up competitively against any available alternative today, our expansion to 10 megahertz, physicians and tariffs as the future true foundation for critical infrastructure modernization, unlocking additional opportunity for the design, build and operation of private broadband networks.

儘管如此，邁向 10 兆赫茲的步伐仍在加快，我們將繼續與 FCC 保持溝通，並充滿信心地期待 Anterix、我們的客戶和聯邦政府都能獲得有利的結果。雖然 6 兆赫茲足以與當今任何可用的替代方案相媲美，但我們向 10 兆赫茲的擴展，以及醫生和資費作為未來關鍵基礎設施現代化的真正基礎，將為私有寬頻網路的設計、建設和運營釋放更多機會。

Utilities have entrusted Anterix with this mission to lead solutions that are designed to simplify and accelerate deployments that will capture meaningful incremental value for shareholders. This expansion marks more than the evolution of our spectrum position. It defines our intent to own a larger share of the infrastructure market by being the partner utilities rely upon to connect, secure and modernize the nation's most critical systems.

公用事業公司已委託 Anterix 承擔這項使命，引領旨在簡化和加速部署的解決方案，從而為股東創造有意義的增量價值。這次擴張不僅標誌著我們頻譜位置的演變。它明確了我們的意圖，即透過成為公用事業公司賴以連接、保護和現代化國家最關鍵系統的合作夥伴，來佔據更大的基礎設施市場份額。

Through our partnerships with leading utilities both those already deploying private networks using our technology and those in our active pipeline, we have seen what works, the unique challenges that utilities face and where they need the most support. That insight is shaping the next chapter of Anterix, expanding beyond spectrum, unlocking incremental opportunity and helping utilities modernize critical infrastructure while driving sustainable growth for our stakeholders.

透過與領先的公用事業公司（包括已經使用我們的技術部署專用網路的公司和正在積極籌備中的公司）的合作，我們已經了解了哪些方法有效，公用事業公司面臨的獨特挑戰以及他們最需要支持的地方。這項洞察正在塑造 Anterix 的下一個篇章，使其業務範圍超越頻譜，釋放增量機遇，並幫助公用事業公司實現關鍵基礎設施的現代化，同時為我們的利害關係人推動永續成長。

Building on this foundation, I want to highlight two initiatives where we see significant opportunity to scale. Together, these two offerings represent an annual market opportunity of roughly $1 billion, positioning us to capture a share that we believe will be important for our customers and deliver value for our shareholders. The first initiative I'd like to highlight is TowerX as recently announced.

在此基礎上，我想重點介紹兩項我們認為具有巨大擴展潛力的舉措。這兩項產品加起來代表著每年約 10 億美元的市場機會，使我們能夠佔據我們認為對客戶至關重要的市場份額，並為我們的股東創造價值。我想重點介紹的第一個項目是最近宣布的 TowerX。

TowerX is a first of its kind tower optimization and access program providing utilities with prenegotiated leasing terms standardized pricing and end-to-end support services. Launched together with one of the nation's largest tower companies, Crown Castle, utilities have access to a broad network of tower infrastructure, including Crown Castle's 40,000-plus sites, enabling faster deployment of 900 megahertz private wireless networks.

TowerX 是首個此類鐵塔優化和接入計劃，為公用事業公司提供預先協商的租賃條款、標準化定價和端到端支援服務。該公司與美國最大的鐵塔公司之一 Crown Castle 聯合推出，公用事業公司可以利用包括 Crown Castle 的 40,000 多個站點在內的廣泛的鐵塔基礎設施網絡，從而更快地部署 900 兆赫茲專用無線網絡。

While TowerX accelerates the physical deployment of private networks by simplifying site access and infrastructure readiness, our second offering, CatalyX is designed to fuel adoption, helping utilities deploy their private networks faster. CatalyX was created to meet the clear first step needs customers identified for adopting private wireless networks.

TowerX 透過簡化站點存取和基礎設施準備來加速專用網路的實體部署，而我們的第二個產品 CatalyX 旨在促進採用，幫助公用事業公司更快部署其專用網路。CatalyX 的創建是為了滿足客戶在採用專用無線網路時明確提出的第一步需求。

This streamlined customer-driven solution, enables utilities to connect and manage devices immediately, even before securing spectrum while simplifying operations, reducing friction and ensuring multiple layers of security. Built on cutting-edge SIM and eSIM management in collaboration with a top-tier roaming solution partner CatalyX capitalizes on Anterix' deep customer relationships and ecosystem strengths to generate significant customer value and create new growth avenues for the company.

這種以客戶為中心的精簡解決方案，使公用事業公司能夠在確保頻譜之前立即連接和管理設備，同時簡化操作、減少摩擦並確保多層安全。基於尖端的 SIM 和 eSIM 管理技術，並與頂級漫遊解決方案合作夥伴 CatalyX 合作，利用 Anterix 深厚的客戶關係和生態系統優勢，為客戶創造顯著價值，並為公司開闢新的成長途徑。

Together, these opportunities position Anterix to accelerate adoption, broaden customer engagement, and lead the transformation of the nation's grid. Backed by our exclusive 900-megahertz spectrum, proven deployment tools and unmatched industry partnerships. We are empowering utilities to enable connected intelligence, securely, reliably and at scale, delivering real lasting value for our customers, and our shareholders.

這些機會共同使 Anterix 能夠加速技術應用，擴大客戶參與度，並引領國家電網的轉型。憑藉我們獨有的 900 兆赫頻譜、成熟的部署工具和無與倫比的產業合作夥伴關係。我們正在賦能公用事業公司，使其能夠安全、可靠、大規模地實現互聯智能，從而為我們的客戶和股東創造真正持久的價值。

And finally, before I turn the call over to Elena, I want to give a quick update on new customers. We continue to make strong progress on negotiations with customers that are participating in the accelerator program and are also pleased to share that we recently were selected after a competitive procurement process to begin contract negotiations on a spectrum opportunity with one operating company that is part of a two operating company organization with the goal to scale across their entire footprint.

最後，在把電話交給艾琳娜之前，我想快速報告新客戶的狀況。我們與參與加速器計畫的客戶在談判中繼續取得強勁進展，並且很高興地宣布，經過競爭性採購流程，我們最近被選中與一家營運公司（隸屬於兩家營運公司組織）就頻譜機會展開合約談判，目標是在其整個業務範圍內擴大規模。

With that, Elena, welcome to your first earnings call as our new CFO. The floor is yours.

艾琳娜，歡迎你作為我們新任財務長參加你的第一次財報電話會議。現在輪到你發言了。

Thanks, Scott. I'm honored to take on the CFO role at such a transformative time for Anterix. I'm excited to continue partnering with this talented team as we drive our strategy forward, deliver on key initiatives and create meaningful long-term value for our shareholders. As Anterix' new CFO, I want to set the stage for looking at Anterix differently, not as a typical EBITDA or revenue-driven business.

謝謝你，斯科特。我很榮幸能在 Anterix 經歷如此變革的時期擔任財務長一職。我很高興能繼續與這支才華洋溢的團隊合作，共同推動我們的策略，落實關鍵舉措，並為我們的股東創造有意義的長期價值。身為 Anterix 的新任財務官，我希望大家能以不同的視角看待 Anterix，而不是將其視為典型的以 EBITDA 或收入為導向的企業。

Our value is not solely in our quarterly earnings. It is in the strategic spectrum asset that we're actively monetizing and the long-term high-margin cash flows, our 900-megahertz spectrum generates. This is a balance sheet and free cash flow story. Every spectrum transaction, deployment partnership and network solution we execute enhances value and creates optionality for growth.

我們的價值不僅體現在季度收益上。我們正在積極實現戰略頻譜資產的貨幣化，以及我們900兆赫頻譜產生的長期高利潤現金流。這是一篇關於資產負債表和自由現金流的文章。我們執行的每一筆頻譜交易、每一次部署合作和每個網路解決方案都能提升價值，並為成長創造更多選擇。

Digging a bit deeper, today, our spectrum assets are carried on our balance sheet at $325 million, far below their true monetization potential. The 85% of our spectrum yet to be monetized is valued in the range of roughly 1.5 to well over $4 billion based on 600 megahertz and AWS 3 auction prices with all of our current contracts falling in that range.

深入分析一下，目前我們的頻譜資產在資產負債表上的估值為 3.25 億美元，遠低於其真正的貨幣化潛力。我們尚未貨幣化的 85% 頻譜的價值是根據 600 兆赫茲和 AWS 3 拍賣價格計算，大約在 15 億美元到超過 40 億美元之間，我們目前的所有合約都在這個範圍內。

The cement headroom provides us with unmatched pricing power and a path to unlocking billions in additional value from our spectrum asset alone. Combined with the new low capital-intensive solutions and services Scott outlined, including TowerX and CatalyX. We're expanding and improving our financial profile. We are focused on growing top line revenue and unlocking even greater value.

水泥儲備為我們提供了無與倫比的定價權，並為我們僅從頻譜資產中釋放數十億美元的額外價值鋪平了道路。結合 Scott 概述的新型低資本密集解決方案和服務，包括 TowerX 和 CatalyX。我們正在擴大規模，並改善我們的財務狀況。我們專注於提升營收，並釋放更大的價值。

With both of these products, we're taking recognized market leaders who are part of our active ecosystem and partnering with them to capture new revenue. Turning to our results. We closed our second quarter of fiscal 2026 with approximately $39 million in cash and no debt. Looking ahead, we have approximately $114 million in contracted proceeds to be received with over $60 million of proceeds projected to come primarily in the fourth quarter of fiscal year 2026.

透過這兩款產品，我們與業內公認的市場領導者（他們也是我們活躍生態系統的一部分）合作，以獲取新的收入。接下來來看看我們的結果。截至 2026 財年第二季末，我們擁有約 3,900 萬美元現金，且無任何債務。展望未來，我們預計將有約 1.14 億美元的合約收益將陸續收到，其中超過 6,000 萬美元的收益預計將主要在 2026 財年第四季到帳。

Notably, on the contracted proceeds front, during the quarter, we received $29 million in milestone customer payments. Additionally, we continue to successfully deliver spectrum to customers ahead of schedule, thanks to the outstanding coordination between our teams and our utility partners. Through the second quarter of our fiscal year 2026, we received $19 million in accelerated payments, raising our projected cash proceeds for the current fiscal year to $100 million from the $80 million we previously guided on.

值得注意的是，在合約款項方面，本季我們收到了 2,900 萬美元的里程碑客戶付款。此外，由於我們團隊和公用事業合作夥伴之間的出色協調，我們繼續提前向客戶成功交付頻譜。截至 2026 財年第二季度，我們收到了 1,900 萬美元的加速付款，使我們本財年的預期現金收益從先前預期的 8,000 萬美元增加到 1 億美元。

Turning to our income statement. We see the benefits of our OpEx reductions and our continued financial discipline, setting the foundation to deliver strong results. Additionally, we recorded a total gain of $71 million in the quarter, consisting of $60 million from the exchange of narrowband to broadband licenses across 99 counties and $11 million from the sale and delivery of broadband licenses in 26 counties.

接下來來看看我們的損益表。我們看到了營運成本削減和持續財務紀律帶來的好處，這為強勁的業績奠定了基礎。此外，本季我們錄得總收益 7,100 萬美元，其中包括 99 個縣窄帶轉寬頻許可證的 6,000 萬美元收益，以及 26 個縣寬頻許可證的銷售和交付的 1,100 萬美元收益。

These record high onetime gains demonstrate our continued ability to monetize our spectrum assets and deliver on our commitments to current and prospective customers.

這些創紀錄的一次性收益表明我們持續有能力將頻譜資產貨幣化，並履行我們對現有客戶和潛在客戶的承諾。

With that, I will turn it back to Scott.

這樣，我就把麥克風交還給史考特了。

Thank you, Elena. I am betting on us. We are building a new enteric leaner, more focused and positioned to deliver long-term growth and value for customers and shareholders alike. The progress we have made this year is real, and the opportunity ahead is exciting. To reinforce this conviction I invested in Anterix in the open market following last quarter's earnings call, and I plan to be doing that again in the near future.

謝謝你，艾琳娜。我看好我們。我們正在打造一個全新的精實企業，更加專注，並致力於為客戶和股東帶來長期成長和價值。我們今年的進步是實實在在的，未來的機會令人振奮。為了強化這種信念，我在上個季度財報電話會議後在公開市場上投資了 Anterix，並且我計劃在不久的將來再次這樣做。

On behalf of our leadership team and the entire Anterix organization, thank you for your continued confidence and support. We will now open the line for questions.

我謹代表我們的領導團隊和整個 Anterix 組織，感謝您一直以來的信任與支持。現在我們將開放提問通道。

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

（操作員說明）Mike Crawford，B. Riley Securities。

A couple of quick questions on the balance sheet. One, in income statement. What are these wireless licenses that you entered into agreement with an incumbent for in June and you have $28 million that you need to pay in. For which licenses?

關於資產負債表，我有幾個簡單的問題。第一，在損益表中。你們在六月與一家現有業者簽訂了無線牌照協議，需要支付 2800 萬美元，這些牌照是什麼？適用於哪些許可證？

Elena, do you want to take that?

艾琳娜，你想拿那個嗎？

I'm here. She might be on mute. So there were disclosures regarding this in the last two Qs, but I don't know the number you guys are talking about this.

我在這裡。她可能處於靜音狀態。所以，過去兩季都有關於這方面的揭露，但我不知道你們說的數字是多少。

Sorry, Mike. Give Elena and --

抱歉，麥克。給埃琳娜和--

Can you hear us?

你們聽得到我們說話嗎？

Yes.

是的。

Okay. Perfect. Apologies, we're on the right line now. Yes, Mike. Thank you for the question. So I'll start and then I'll pass it over to Chris for some additional insight. So yes, you will see in the disclosure that we have a total commitment for this clearing arrangement of about $20 million. So as far as the financial impact for the quarter, we have funded a $14 million escrow for this agreement, and you will also see it in our disclosures.

好的。完美的。抱歉，我們現在走對了線。是的，麥克。謝謝你的提問。那我先開始，然後把話題交給克里斯，讓他提供一些補充見解。是的，您將在披露文件中看到，我們為此項清算安排的總承諾金額約為 2000 萬美元。因此，就本季的財務影響而言，我們已為此協議設立了 1,400 萬美元的託管帳戶，您也將在我們的揭露文件中看到這一點。

Out of which, only about $5.5 million have been so far expanded with about $8.5 million left, and we expect that likely this will be -- the Escrow should fund this for the rest of the year. There may be -- maybe a slight additional spend, but I will pass it over to Chris for the additional color.

其中，目前僅增加了約 550 萬美元，還剩下約 850 萬美元，我們預計這很可能——託管帳戶應該會為今年剩餘的時間提供資金。可能會稍微多花一點錢，但我會把這筆錢交給克里斯，讓他幫我添加額外的顏色。

Yes, thanks. Thanks, Elena. Hey, Mike. So this is part of our clearing. This is the clearing of a complex system. It allows us to deliver for an existing customer, but it also unlocks a range of opportunities in that footprint, potentially for other broadband customers. So this is part of our anticipated, sort of clearing pathway and clearing costs and we're still in line and in budget for our clearing estimates that we made multiple years ago, and we're still on path for that.

好的，謝謝。謝謝你，艾琳娜。嘿，麥克。所以這是我們清理工作的一部分。這是對複雜系統的清理。它不僅使我們能夠為現有客戶提供服務，而且還為該地區的其他寬頻客戶釋放了一系列機會。所以，這是我們預期的清算途徑和清算成本的一部分，我們仍然符合幾年前所做的清算估算，並且仍在預算之內，我們仍然朝著這個方向前進。

Okay. And in August, I think you spoke of being 80% through clearing. Is that --

好的。8月的時候，我想你說過已經完成80%的清算工作了。是嗎？--

Yes. We're now north of that. We're closer to 85% of incumbents cleared. We could actually go to FCC licensing on 90% of the counties in the United States now. And as we've talked about in the past, we continue to clear both strategically and opportunistically. And we're still right in line. We're still delivering actually, not only on time but early our licenses to our existing customers, and this is all sort of part of that.

是的。我們現在位於那個位置的北面。我們已經接近85%的現任官員獲得通過。現在我們實際上可以對美國 90% 的縣進行 FCC 許可審批。正如我們過去所討論過的，我們將繼續進行策略性清理和機會性清理。我們仍然排在隊伍的最前面。事實上，我們不僅按時，而且還提前向現有客戶交付了許可證，而這一切都是其中的一部分。

Okay. Thank you. And then, just as these licenses get exchanged from narrowband to broadband. You have these kind of noncash -- well, noncash changes on your balance sheet and income statement. And in the past, the company has been reticent to try to put any kind of scale or scope on that are you able to do so now for the rest of this year or in the future altogether?

好的。謝謝。然後，就像這些許可證從窄帶轉移到寬頻一樣。你的資產負債表和損益表上會出現這類非現金變動。過去，該公司一直不願嘗試對該項目進行任何規模或範圍的評估。您現在能否在今年剩餘時間或未來完全實現這一目標？

No, Mike. Thanks for asking again. But again, right, we're not able to provide guidance simply because we work right partner with FCC, and it all depends on the timing of licensing and we will not guide on this.

不，麥克。謝謝你再次提問。但是，沒錯，我們無法提供指導，因為我們與 FCC 是直接合作夥伴，一切都取決於許可證發放的時間，我們不會就此提供指導。

Okay. And then final question is in -- once -- the company in the past has reached contract negotiation stages for a complex system. Is there any time frame around when that process might conclude and lead to actual transaction?

好的。最後一個問題是──一旦──公司過去曾就一個複雜的系統進行合約談判。這個過程大概什麼時候能完成並最終達成交易？

Yes, Mike, it's Chris again. So we've cleared 6 of the 11 complex systems. We're working on the seventh right now. We have a path for each of the remaining complex systems, and we'll move forward with them, again, sort of strategically and opportunistically. So not all six and even the seventh are always tied to a near-term spectrum contracting opportunity.

是的，麥克，又是克里斯。我們已經清除了11個複雜系統中的6個。我們現在正在製作第七部。我們已經為剩下的每個複雜系統制定了發展路徑，我們將繼續推進這些路徑，同樣，我們將採取某種策略性和機會主義的方式。因此，並非所有六個甚至第七個都總是與近期頻譜合約機會相關。

It's not always a one-for-one, particularly with the complex systems, we are particularly strategic and opportunistic. And so it's not a one-to-one. So clearing one doesn't necessarily mean that there's a contract falling right behind it. And so we'll continue to tackle them that way. But the reality is it's how we tackle all of the incumbents, including the remaining 15-ish percent that are still in place.

並非總是一對一的，尤其是在複雜的系統中，我們特別注重策略和機會主義。所以這不是一對一的關係。所以，完成一項合約並不一定代表緊接著的就是另一項合約。所以我們會繼續用這種方式來解決這些問題。但現實是，我們要對付所有現任官員，包括剩下的大約 15% 的現任官員。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Scott, you kind of buried the lead at the end of your prepared comments. So -- and congratulations on moving at least a bit forward with two operator deals. I wondered if you could give us a better sense of where that stands and what kind of population is involved?

史考特，你把重點放在了準備好的發言稿的最後。所以——恭喜你們至少在與兩家業者的合作協議上取得了一點進展。我想請您更詳細地介紹一下目前的狀況以及涉及的人群類型？

Good morning, George. Thank you for that. Well, it's a fairly large IOU. I can't give you the specifics on it at this time under NDA, but it's a fairly large utility. And as we mentioned, it has two large operating groups, one of which is taking the lead to select us, work with us, did that standing up, demonstrate the power of the broadband networks.

早上好，喬治。謝謝。嗯，這是一筆數額相當大的欠條。由於保密協議的限制，我現在無法透露具體細節，但它是一個相當大的公用事業項目。正如我們之前提到的，它有兩個大型營運集團，其中一個集團率先選擇我們，與我們合作，並且從一開始就展現了寬頻網路的強大功能。

And then we see that deploying across both operating companies, but it is a nice sizable contract opportunity.

然後我們看到，這項部署將在兩家營運公司之間進行，但這確實是一個相當不錯的、規模可觀的合約機會。

So you mentioned your asset value being 10 times your current cost basis, and I'm not sure what you're referring to as your cost basis. Are you referring to the $325 million in your balance sheet? Are you referring to the initial cost of the spectrum. Could you just give us a little more clarity there?

您提到您的資產價值是當前成本基礎的 10 倍，但我不太明白您所說的成本基礎指的是什麼。您指的是資產負債表上的3.25億美元嗎？您指的是頻譜的初始成本嗎？能再詳細解釋一下嗎？

Yes. I another -- Elena, you go first and then I'll weigh in.

是的。我再補充一句──艾琳娜，你先說，然後我再發表意見。

Thanks so much, Scott. Yes, so $325 million just refers to the balance sheet. But ultimately, within the balance sheet number, right, there's still some of that broadband conversion. So ultimately, our cost base is even lower than that. So ultimately, we're referring to our -- the market value of our assets being about 10 times the balance sheet.

非常感謝你，斯科特。是的，所以3.25億美元只是指資產負債表上的金額。但最終，從資產負債表的數字來看，寬頻轉換仍然有所反映。所以最終，我們的成本基礎甚至比這還要低。所以歸根究底，我們指的是──我們資產的市場價值大約是資產負債表的 10 倍。

10 times the balance sheet. Okay, great. Scott, the Edison Institute Conference was a bit of a buzz. You're basically talking about the utility market for the CEO there saying they're going to spend $1 trillion over the next five-years. So we're really serving arguably the highest demand market in the country, and they don't have modernized systems.

資產負債表的10倍。好的，太好了。史考特，愛迪生研究所會議引起了不小的轟動。你基本上是在談論公用事業市場，那位執行長說他們將在未來五年內花費 1 兆美元。所以，我們其實是在服務全國需求最高的市場，而他們的系統卻沒有現代化。

I wondered if you could just talk about having Tom as your CEO, former Edison, CEO and just the broad sort of interest that you're getting relative to these very, very busy utility systems.

我想請您談談湯姆擔任您的首席執行官，他曾是愛迪生公司的首席執行官，以及您在這些非常繁忙的公用事業系統中所獲得的廣泛關注。

Yes. Great question, George. So first of all, I've worked with Tom for 20 years. He's phenomenal. He's just a terrific chair of our company, and spokesperson. He certainly has made a huge impact on the back of his tenure at EEI, which is when I met him back 20 years ago.

是的。喬治，問得好。首先，我和湯姆共事了20年。他太棒了。他是我們公司一位非常出色的董事長和發言人。他在EEI任職期間確實產生了巨大的影響，我20年前就是在EEI認識他的。

The connectivity platform, as we've talked about historically and something I've been focused on for a good part of most of my career, is the first and most strategic part of a utilities decision when they think about the long-term nature of the flexibility and the security of the number of devices and the scale of the devices to offer these services to their customers.

連接平台，正如我們過去一直討論的那樣，也是我職業生涯中大部分時間一直關注的領域，是公用事業公司在考慮為客戶提供這些服務的靈活性、安全性以及設備數量和規模的長期性時，做出決策的首要且最具戰略意義的部分。

And so while the utilities are making investments, large investments around data center builds, new generation. Underneath that are enormous amount of population that demands and will require connectivity and new devices that are coming into the system. So as those devices come into the system, there's a common theme with all of them. How do I get connected to the grid?

因此，儘管公用事業公司正在進行投資，特別是圍繞資料中心建設和新一代發電設施的大規模投資。背後是龐大的人口群體，他們需要並將繼續需要網路連接以及即將進入系統的新設備。因此，當這些設備進入系統時，它們都有一個共同的主題。我該如何接入電網？

How do I have real-time secure connectivity to the grid, which leads us right back to a foundational step of building the wireless network infrastructure underneath that. And so I think this has clearly become a board-level conversation, a strategic conversation that our partners and our utilities, and our clients, our existing clients and our prospective clients see that this is something that is critical to their future.

如何實現與電網的即時安全連接？這又讓我們回到建構底層無線網路基礎架構的基礎步驟。因此，我認為這顯然已經演變成一場董事會層面的對話，一場策略對話，我們的合作夥伴、我們的公用事業公司、我們的客戶、現有客戶和潛在客戶都認為，這對他們的未來至關重要。

So I think it is continuing to be one of the top of mind, which is why we even see this progress with a new utility progress with the existing customers and their deployment, which is the launch of TowerX and CatalyX and the interest in the strong demand and negotiations we're having with new prospects.

所以我認為它仍然是人們最關心的問題之一，這也是為什麼我們能夠看到新的公用事業公司在現有客戶及其部署方面取得進展，例如推出 TowerX 和 CatalyX，以及人們對強勁需求的興趣，以及我們與潛在客戶進行的談判。

(Operator Instructions) I'm showing no additional questions in the queue. I would like to turn the conference back over to Mr. Scott Lang for any closing remarks.

（操作員指示）隊列中沒有其他問題。我謹將會議交還給史考特·朗先生，請他作總結發言。

I'd like to thank everyone for joining us today, and I'd especially like to call out to our existing customers who have been just absolutely terrific to work with as we've shaped these new initiatives. And I would especially like to call out appreciation of the team who's just working really hard and made the progress that we've made in these last few months, and we look forward to keeping you updated on our progress as we move forward. Have a great day, everyone, and we will be talking with you again soon. Thank you.

我要感謝今天在場的各位，尤其要感謝我們現有的客戶，在製定這些新措施的過程中，與他們合作非常愉快。我尤其要感謝團隊的辛勤付出，正是他們的努力才讓我們在過去的幾個月裡取得瞭如此大的進步。我們期待在接下來的工作中繼續向大家報告我們的進展。祝大家今天過得愉快，我們很快會再和大家聯絡。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝各位參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。