Anterix Inc. (ATEX) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Anterix fourth quarter fiscal 2026 Investor Update Call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您耐心等候。歡迎參加 Anterix 2026 會計年度第四季投資人最新進展電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I'd now like to hand the conference over to Natasha Vecchiarelli, Vice President of Investor Relations and Corporate Communications. Please go ahead.

現在我想將會議交給投資人關係與企業傳播副總裁 Natasha Vecchiarelli。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 Fourth Quarter Fiscal Year 2026 Investor Update Call. Joining me today are Scott Lang, our President and CEO; Elena Marquez, CFO; and Chris Guttman-McCabe, Chief Regulatory and Communications Officer.

謝謝，接線員，各位早安。我是 Natasha Vecchiarelli，投資人關係與企業傳播副總裁，歡迎各位參加我們 2026 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 Elena Marquez，以及法規與傳播長 Chris Guttman-McCabe。

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.

在開始之前，請注意今天的討論可能包含有關我們展望、營運及預期表現的前瞻性陳述。這些陳述係基於目前的假設，並可能受到風險與不確定性影響。

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. Please note that we do not undertake any obligation to update forward-looking statements. With that, I'll turn the call over to Scott.

我們鼓勵您查閱我們向美國證券交易委員會（SEC）提交的文件，以取得更詳細的討論內容，包括 10-K 與 10-Q 表格；相關文件可於我們網站取得。另請注意，我們不承擔更新前瞻性陳述的任何義務。接下來我把電話交給 Scott。

Thank you, Natasha, and good morning, everyone. As we close my first full fiscal year as CEO, I can tell you that Anterix has never been in a better place. Every aspect of this company is stronger and every aspect is performing. We focused this past year on setting a foundation, and that foundation has us ready for the tailwinds we are now seeing in the market.

謝謝你，Natasha，各位早安。在我擔任執行長的第一個完整會計年度即將結束之際，我可以告訴各位，Anterix 從未處於比現在更好的位置。公司各個面向都更強健，也都在發揮成效。過去一年我們專注於奠定基礎，而這個基礎讓我們已準備好迎接目前在市場上看到的順風。

Let's start with the performance of this last quarter. Activities with utilities has increased significantly just in the last 60 days. Conversations have moved from education and evaluation to now being anchored on deployment, pricing and time to value.

先從上一季的表現談起。僅在過去 60 天內，我們與公用事業客戶的活動顯著增加。對話已從教育與評估，轉為聚焦在部署、定價與價值實現時間（time to value）。

We see it in the number of active engagements, the volume of commercial discussions underway, the quality of opportunities moving through the pipeline and a notable step-up in direct pricing requests from utilities returning to the table with an increased level of intent. And with that, I am pleased to welcome Kim Kerr as our new Chief Revenue Officer.

我們從多項指標看見這點：活躍洽談數量、正在進行的商務討論量、在管線中推進的機會品質，以及公用事業客戶重新回到談判桌、並以更高意向提出直接報價需求的明顯增加。同時，我也很高興歡迎 Kim Kerr 加入，擔任我們的新任營收長（Chief Revenue Officer）。

Kim brings deep experience across telecom, infrastructure, and enterprise markets. Her mandate is clear: scale our commercial execution for the next phase of growth. But what is just as important is the broader market dynamic. And you are seeing it play out in real transactions right in front of us. Amazon's planned acquisition of Globalstar to support direct-to-device capabilities, AT&T's $23 billion purchase of EchoStar spectrum and SpaceX's acquisition of additional spectrum resources, all point to the same conclusion. Scarce licensed spectrum is becoming more valuable, not less.

Kim 在電信、基礎建設與企業市場方面擁有深厚經驗。她的任務很明確：為下一階段成長擴大我們的商業執行力。但同樣重要的是更廣泛的市場動態。而您正看到它在我們眼前的真實交易中上演。Amazon 計畫收購 Globalstar 以支援直連裝置（direct-to-device）能力、AT&T 以 230 億美元收購 EchoStar 的頻譜，以及 SpaceX 收購額外的頻譜資源，皆指向同一結論。稀缺的授權頻譜正變得更有價值，而不是更不值錢。

These are deals where the market is putting a real price on spectrum and that price is climbing. These valuations are not speculation. It is recognizing in hard dollars that spectrum is a scarce and strategic asset, which is what we have been saying for a long time. The value of spectrum is strong, demand is greater than supply, and that thesis is now coming to shape.

這些交易顯示市場正在為頻譜訂出真實價格，而且這個價格正在上升。這些估值不是投機。它以真金白銀認可：頻譜是一項稀缺且具策略性的資產——這正是我們長期以來一直在說的。頻譜價值強勁、需求大於供給，而這個論點如今正逐步成形。

This puts us in a position of strength, and we are ready for this moment. You might ask why? The answer is simple. We have done the work to derisk any licensed 900 megahertz investment from our first 11 customers and our robust ecosystem of solution developers to our strong financial position.

這讓我們處於有利位置，而我們也已準備好迎接此刻。您可能會問為什麼？答案很簡單。我們已完成相關工作，降低任何 900 兆赫授權投資的風險——從我們的前 11 家客戶、強健的解決方案開發者生態系，到我們穩健的財務狀況。

We also have a unique ability to match the needs of our customers while ensuring that we will monetize the full value of our spectrum. From allowing a utility to start with 10 megahertz or start with 6 megahertz and move to 10 megahertz, schedule payment terms to match capital availability, deploy a single use case or deploy a wide range of solutions, our flexibility to meet every utility where they are is what makes us a compelling partner.

我們也具備獨特能力，能在滿足客戶需求的同時，確保我們能將頻譜的全部價值變現。無論是讓公用事業客戶從 10 兆赫開始，或從 6 兆赫起步再提升至 10 兆赫；依資本可用性安排付款條件；部署單一使用情境或部署廣泛的解決方案；我們能在每一家公用事業客戶所處的階段與其對接的彈性，正是我們成為具吸引力合作夥伴的原因。

We recognize that many utilities are under intense pressure to address affordability, yet need and want the benefits that come with private broadband connectivity. Our flexibility is our strength. Let me go a little deeper on some recent accomplishments. Within a three-month period, we signed four new utilities, two that reinforce our strength in the great state of Texas, CPS Energy and Texas-New Mexico Power; and also two in the Northwest region, Benton PUD and Northwestern Energy.

我們理解許多公用事業正承受解決可負擔性問題的巨大壓力，但同時也需要並希望獲得私有寬頻連線所帶來的效益。我們的彈性就是我們的優勢。我再更深入分享一些近期成果。在三個月內，我們簽下四家新的公用事業客戶：其中兩家強化了我們在德州的優勢——CPS Energy 與 Texas-New Mexico Power；另外兩家位於西北地區——Benton PUD 與 Northwestern Energy。

Notably, two of these customers moved directly to 10 megahertz agreements shortly after the FCC ruling. Beyond our spectrum monetization, interest in our CatalyX offering has more than doubled since our February earnings call, evidence that customers are not only evaluating spectrum, they are committing to action. And as they do, each relationship we have grows well beyond the initial spectrum sale into the recurring revenue opportunities that run these networks.

值得注意的是，其中兩家客戶在 FCC 裁決後不久便直接轉為 10 兆赫協議。除了我們的頻譜變現之外，自 2 月的財報電話會議以來，市場對我們 CatalyX 產品的興趣已增加一倍以上，這證明客戶不僅在評估頻譜，也正在採取行動。而隨著他們推進，每一段合作關係都會遠遠超越最初的頻譜銷售，延伸至支撐這些網路運作的經常性收入機會。

We are no longer simply participating in a spectrum market. We are positioned to monetize the much larger market being built on its foundation. But that expansion is not limited to utilities. Licensed low-band spectrum is no longer simply a communications input. It is strategic infrastructure and the range of industries competing for that scarce resource continues to expand. Demand is growing.

我們不再只是參與一個頻譜市場。我們已站在有利位置，得以將建立在其基礎之上的更大市場加以變現。但這樣的擴張不僅限於公用事業。授權的低頻段頻譜不再只是通訊的投入要素。它是策略性基礎建設，而爭奪這項稀缺資源的產業範圍仍在擴大。需求正在成長。

Supply is fixed. Utilities recognize it. The broader market recognizes it. As Chris will discuss in a moment, these same dynamics are also creating new opportunities to extend the value of our spectrum position. Our work with Lynk Global is one example, exploring additional layers of resilience and coverage, including direct-to-device satellite connectivity within this broader architecture.

供給是固定的。公用事業看得很清楚。更廣泛的市場也看得很清楚。正如 Chris 稍後將討論的，這些相同的動態也正在創造新的機會，讓我們得以延伸頻譜部位的價值。我們與 Lynk Global 的合作就是一個例子，正在探索額外的韌性與覆蓋層，包括在此更廣泛架構中導入直連裝置的衛星連線能力。

So when I step back and look at the year, I see a market that has crossed an important threshold. Utilities have validated the model. Private wireless broadband has moved from evaluation to deployment. Demand is accelerating. The opportunity is expanding beyond utilities. And licensed low-band spectrum is increasingly being recognized for what it is, strategic infrastructure As we look to the next year, the table is set, and we are in a strong position to execute. With that, I will turn the call over to Chris.

因此，當我退一步回顧這一年，我看到市場已跨越一個重要門檻。公用事業已驗證此一模式。私有無線寬頻已從評估走向部署。需求正在加速。機會正擴展至公用事業之外。而授權低頻段頻譜也愈來愈被認知為其本質——策略性基礎建設。展望下一年，局勢已就緒，我們具備強勁的執行條件。接下來我把電話交給 Chris。

Thank you, Scott, and good morning, everyone. As Scott discussed, throughout the company, our focus is on enhancing and unlocking absolute shareholder value for our spectrum asset. That is why we are investigating extending the utilization and monetization of our spectrum across a broader set of use cases, including evaluating how 900 megahertz can be applied to direct-to-device satellite capabilities.

謝謝你，Scott，各位早安。如 Scott 所述，整個公司都專注於提升並釋放我們頻譜資產的絕對股東價值。因此，我們正在研究將頻譜的使用與變現延伸至更廣泛的使用情境，包括評估 900 兆赫如何應用於直連裝置的衛星能力。

With Lynk Global, we are testing how enterprise-grade satellite networks can integrate into enterprise-grade terrestrial networks. While much of the direct-to-device discussion today is consumer focused, we believe a larger long-term opportunity may be in the enterprise and critical infrastructure space, where continuous connectivity is paramount.

與 Lynk Global 合作，我們正在測試企業級衛星網路如何能整合進企業級地面網路。雖然目前許多「直連裝置」的討論聚焦於消費者市場，但我們相信更大的長期機會可能在企業與關鍵基礎設施領域，在那裡持續連線至關重要。

In this context, satellite can extend coverage where terrestrial infrastructure is not yet deployed and provide a resilient overlay where networks already exist. Our testing with Lynk will span a range of devices, including land mobile radios, smartphones, ruggedized computers, routers and edge devices that will underpin the integration of AI, and we will complete this testing across multiple geographies. Initial testing has been successful, moving this from a concept to early technical validation.

在此脈絡下，衛星可在地面基礎設施尚未部署之處延伸覆蓋，並在既有網路已存在的地方提供具韌性的疊加層。我們與 Lynk 的測試將涵蓋多種裝置，包括陸地行動無線電、智慧型手機、強固型電腦、路由器與邊緣裝置，這些將支撐 AI 的整合；我們也將在多個地理區域完成測試。初步測試已取得成功，使其從概念推進到早期技術驗證。

We are assessing how this capability could be productized through integrated solutions, stand-alone capabilities or broader ecosystem participation. The point is simple. We are in a great position to investigate every opportunity that captures value for our spectrum. With that, I will turn the call over to Elena.

我們正在評估如何透過整合式解決方案、獨立功能或更廣泛的生態系參與，將此能力產品化。重點很簡單。我們處於極佳位置，得以探索每一個能為我們頻譜創造價值的機會。接下來我把電話交給 Elena。

Thanks, Chris, and good morning, everyone. I will start by reviewing our fiscal 2026 financial results. Our balance sheet is stronger than ever, and I'm pleased to share that we generated positive cash flows in fiscal 2026. We initially anticipated $80 million in cash receipts, but due to accelerated customer deliveries and strong execution from our spectrum teams, we collected $127 million.

謝謝你，Chris，各位早安。我將先回顧我們 2026 會計年度的財務結果。我們的資產負債表比以往任何時候都更強健，我也很高興分享我們在 2026 會計年度產生了正向現金流。我們原先預期現金收款為 8,000 萬美元，但由於客戶交付加速以及我們頻譜團隊的強勁執行力，我們實際收款達 1.27 億美元。

We ended the fiscal year with no debt and over $98 million in cash, not including escrow deposits, with approximately $50 million remaining to be collected from contracts already signed. Turning to the income statement. Currently, our GAAP revenue represents the amortization of our long-term spectrum leases to customers. Our quarterly GAAP revenue increased to approximately $2 million from $1.6 million in prior quarters, driven by license deliveries to customers during the second half of our fiscal year.

我們在會計年度結束時無負債，現金超過 9,800 萬美元（不含託管存款），且已簽署合約中約有 5,000 萬美元尚待收取。接著看損益表。目前，我們的 GAAP 營收代表我們對客戶長期頻譜租賃的攤銷。受會計年度下半年向客戶交付授權所帶動，我們的季度 GAAP 營收由先前各季的 160 萬美元提升至約 200 萬美元。

Importantly, our fiscal 2026 results are largely driven by the gains on sale of spectrum, along with noncash exchange gains associated with spectrum conversions from narrowband to broadband licenses. Through fiscal year-end, we converted narrowband to broadband licenses across 219 counties, resulting in a $105 million in noncash exchange gains.

重要的是，我們 2026 會計年度的結果主要由頻譜出售收益所驅動，並包含與頻譜由窄頻轉換為寬頻授權相關的非現金交換收益。截至會計年度末，我們已在 219 個郡完成窄頻轉寬頻授權的轉換，產生 1.05 億美元的非現金交換收益。

We also sold broadband licenses to customers covering 155 counties and recorded $34.8 million in gains on sale. Coupled with lower operating expenses, this resulted in a net income and EPS positive year. In our forthcoming Form 10-K, you will also see an update to our revenue recognition policy that reflects our evolving commercial approach to best meet our customer needs.

我們也向客戶出售涵蓋 155 個郡的寬頻授權，並認列 3,480 萬美元的出售收益。再加上營運費用降低，使本年度淨利與每股盈餘（EPS）轉為正值。在即將發布的 Form 10-K 中，您也將看到我們收入認列政策的更新，以反映我們為更好滿足客戶需求而演進的商業模式。

Historically, our go-to-market strategy was centered on a long-term spectrum leases, with sales generally limited to certain complex system designated areas. As the market has matured, utilities have become increasingly focused on selecting the ownership structure that best aligns with their operational, regulatory and financial objectives.

過去，我們的市場進入策略以長期頻譜租賃為核心，銷售通常僅限於某些複雜系統指定區域。隨著市場成熟，公用事業愈來愈著重於選擇最符合其營運、監管與財務目標的所有權結構。

In response, we have evolved our commercial approach to provide greater flexibility, meeting customers where they are, and supporting deployment through either lease or sales structures. As a result, beginning with these transactions and going forward, revenue and cost of sales associated with spectrum sale agreements will be recognized on a gross basis in accordance with ASC 606.

因此，我們調整了商業策略以提供更大的彈性，在客戶所處的位置與其對接，並透過租賃或銷售結構支持其部署。因此，自這些交易起及未來，與頻譜銷售協議相關的營收與銷貨成本將依 ASC 606 以總額法認列。

Looking more strategically at our monetization opportunity, to date, we have contracted only 15% of our nationwide spectrum on a megahertz-POP basis through long-term leases and sales. Importantly, the majority of our remaining spectrum assets concentrate in some of the most valuable markets in the country, sitting within the top 20 metropolitan areas where scarcity dynamics are most acute.

從更策略性的角度看我們的變現機會，截至目前，我們僅以每 MHz-POP 計算，透過長期租賃與銷售簽約了全國頻譜的 15%。重要的是，我們剩餘的大部分頻譜資產集中在全國最具價值的一些市場，位於稀缺性最為突出的前 20 大都會區之內。

It is increasingly clear that both our historical average contract pricing and broader market comparables on a per megahertz-POP basis far exceed those implied by our current market valuation. With this context, we are pursuing all opportunities to extract maximum value for our shareholders. In closing, we're a company backed by a scarce asset in high demand with fixed supply.

愈來愈明顯的是，無論是我們歷史平均合約定價，或市場上以每 MHz-POP 計算的可比價格，都遠高於我們目前市值所隱含的水準。在此背景下，我們正追求一切機會，為股東提取最大價值。最後，我們是一家由供給固定、需求旺盛的稀缺資產所支撐的公司。

We're well positioned with a strong balance sheet and a lean model. Our focus remains on disciplined financial execution, continued spectrum monetization and capturing spectrum-adjacent recurring revenue, all aimed at delivering long-term shareholder value. With that, I'll turn it back over to Scott.

我們具備強健的資產負債表與精實的營運模式，定位良好。我們的重點仍是嚴謹的財務執行、持續的頻譜變現，以及取得與頻譜相鄰的經常性收入，目標皆在於創造長期股東價值。接下來我把話筒交回 Scott。

Thanks, Elena. Let me put all the information we just discussed into a broader context. Any device that consumes, monitors or controls the flow of critical data, whether in utilities, industrial operations, logistics networks, satellite or other mission-critical environments need secure, deterministic connectivity and that connectivity is scarce. Demand for it is expanding. The supply of spectrum that can deliver it is fixed.

謝謝你，Elena。我來把我們剛討論的所有資訊放到更宏觀的脈絡中。任何消耗、監測或控制關鍵資料流的裝置，不論是在公用事業、工業營運、物流網路、衛星或其他任務關鍵環境，都需要安全、可預期（確定性）的連線，而這種連線是稀缺的。對它的需求正在擴大。能提供它的頻譜供給是固定的。

That is the intersection we sit at and the one we have been building toward deliberately from day one. We do not see this dynamic changing. We believe it is where the most durable value in this market will be created and capturing that value for our shareholders is exactly what we intend to continue to do. We love the position we're in. Thank you for your support. Operator, we are ready for questions.

這正是我們所處的交會點，也是我們從第一天起就有意識地朝此打造的方向。我們不認為這種動態會改變。我們相信，市場中最持久的價值將在此被創造，而為股東捕捉該價值正是我們打算持續做的事。我們很喜歡我們所處的位置。感謝各位的支持。接線員，我們準備好回答問題了。

(Operator Instructions)

(接線員指示)

Sebastiano Petti, JPMorgan.

JPMorgan 的 Sebastiano Petti。

Scott, in your prepared remarks, you touched on the CatalyX conversations you're having. Any update on -- is that with existing partners? Or are you having maybe follow-on conversations about master services agreement like what you have announced with CPS Energy? And then I guess -- and then just my second question, just on the nonutility use cases.

Scott，在你準備好的發言中，你提到了你們正在進行的 CatalyX 對話。有沒有最新進展——那是與既有合作夥伴進行的嗎？或者你們是否正在就主服務協議（master services agreement）進行後續對話，像你們已宣布與 CPS Energy 的那種？然後我想——第二個問題是關於非公用事業的使用情境。

Obviously, it seems like there's opportunity growing there and interest. I mean is Anterix's appetite for some nonutility use cases growing? And is this separate or with what may come from the Lynk partnership? Or are they kind of more ingrained there?

顯然，看起來那裡的機會與興趣都在增加。我的意思是，Anterix 對某些非公用事業使用情境的意願是否正在提高？這是獨立於 Lynk 合作夥伴關係可能帶來的內容，還是會與之結合？或者它們其實更深度地交織在一起？

Okay. Thanks Sebastiano. I appreciate the questions. On the CatalyX -- first, CatalyX, I'm going to hand it over to Chris to touch on some of the use cases that what we're doing with the spectrum outside of utilities. But on CatalyX, as we've talked about, as we started to shape the product initiatives and our ARR initiatives and the service initiatives, we had the luxury of looking at our existing customer base who were standing up these networks, delivering results and understanding where some friction points are to help them move faster.

好的。謝謝你，Sebastiano。感謝你的提問。關於 CatalyX——首先，CatalyX 這部分我會交給 Chris，請他談談我們在公用事業之外如何運用頻譜的一些使用情境。但就 CatalyX 而言，正如我們談過的，當我們開始塑造產品計畫、我們的 ARR 計畫以及服務計畫時，我們有條件先檢視既有客戶群；他們正在建置這些網路、交付成果，並讓我們理解有哪些摩擦點，好幫助他們更快推進。

There were a couple that stood out. One of those were CatalyX, and it is basically the entire SIM management, giving them a single throat to choke of our superpower of spectrum, licensing, bringing devices onto the network that they are deploying.

其中有幾項特別突出。其中之一就是 CatalyX；它基本上涵蓋完整的 SIM 管理，讓他們有一個單一的對口可追責，結合我們在頻譜與授權上的核心優勢，並把裝置導入他們正在部署的網路。

Every device that gets connected to a network needs a SIM card. And we have strong skills within that. We have strong relationships within that. We have relationships within our ecosystem where we can move faster and have a more simple master service agreement that they can sign versus multiple agreements that they sign.

每一個連上網路的裝置都需要一張 SIM 卡。而我們在這方面具備很強的能力。我們在這方面也有很強的合作關係。我們在生態系中建立了合作關係，使我們能更快推進，並且提供更簡化的主服務協議（MSA），讓他們簽一份即可，而不是要簽多份協議。

So it helps them eliminate some of the friction to move faster to start getting value from the network when they've bought the network and stood up the infrastructure, the CatalyX solution has really helped. What I referred to is the fact that it has doubled the speed of this. I think we launched this a couple -- one or two quarters ago. Every customer we've talked to has wanted to learn more about it. The new prospects are wanting to learn more about it.

因此，當他們買下網路並建置好基礎設施後，這有助於他們減少一些摩擦、加速推進，開始從網路取得價值；CatalyX 解決方案確實提供了很大幫助。我所指的是，它把這件事的速度提高了一倍。我想我們是在幾個——一到兩個季度前推出的。我們談過的每一位客戶都想進一步了解它。新的潛在客戶也想進一步了解它。

And so we've done an enormous amount of education. We are now establishing master service agreements within our contracts and within our deals, and it's moved from understanding it, evaluating it to priced and paper that's getting in front of our customers. And so that is what we are excited about of the increase of the interest, the education of it and the actual traction we're seeing with not only our existing customers, but all the new customers really like to see this as well.

因此我們做了大量的教育推廣。我們現在正在合約與交易中建立主服務協議（MSA），而且已經從「理解、評估」推進到「定價與文件」，並把文件送到客戶面前。所以我們對於興趣提升、教育推廣的成效，以及我們不僅在既有客戶、也在所有新客戶身上看到的實際進展感到非常振奮；新客戶也真的很想看到這個方案。

We're not a spectrum speculator. We're in this. We're building a real business and help them reach the value desperately wanted by the business executives. So that's a little bit of context there for CatalyX, especially just to address your question, Sebastiano, but also for any others that want to learn a little bit more of the history on that. But Chris, why don't you touch on the use case?

我們不是頻譜投機者。我們是認真投入其中。我們在打造一門真正的生意，並協助他們實現企業高層迫切想要的價值。以上是關於 CatalyX 的一些背景脈絡，特別是為了回應你的問題，Sebastiano，也提供給其他想多了解其歷史的人。不過 Chris，你要不要談談使用案例？

Yes. And Scott, one thing to add. The beauty of these products is we can enter into a contract with these products even before a spectrum contract, right? These can help provide, as Scott referenced, to a soft landing to a spectrum product -- I mean, to a spectrum contract. And as we look at these opportunities, clearly they are with existing customers.

好的。Scott，我再補充一點。這些產品的優點在於，我們甚至可以在頻譜合約之前，就先以這些產品簽訂合約，對吧？如 Scott 所提到的，這些產品可以協助在頻譜產品——我是說頻譜合約——上提供一個較平順的過渡。而當我們看這些機會時，很明顯它們是來自既有客戶。

We've got -- Scott hired our new Chief Product Officer, Ross Sparrow. And we've got a team in front of existing customers. And clearly, this concept of MSAs and these opportunities are being presented, integrated into and as part of our forward-looking.

我們已經——Scott 聘請了新的首席產品長 Ross Sparrow。而我們也有一個團隊在既有客戶面前推進。而且很明顯，MSA 的概念與這些機會正在被提出、被整合，並納入我們前瞻性的規劃之中。

So Sebastiano, as you asked about the other verticals and the other sectors, I want to go back to what Scott said, because I do think everyone in the spectrum world is beginning to realize this, and the quote was, any device that consumes, monitors, or controls the flow of critical data needs private connectivity. And you could apply that to any sector of the 17 critical infrastructure sectors.

所以 Sebastiano，針對你問到其他垂直領域與其他產業，我想回到 Scott 說的話，因為我確實認為頻譜圈的每個人都開始意識到這點；原話是：任何會消耗、監測或控制關鍵資料流的裝置，都需要私有連線。而你可以把這句話套用到 17 個關鍵基礎設施產業中的任何一個。

So as we look at it, yes, there are inbounds from other sectors coming to us. And yes, we do and can do an analysis of whether that makes sense. But you did, you zeroed in on that key one, which is satellite and direct-to-device. And so we've kicked off an investigation. Actual testing happened at the end of last week and into this week, and it all looks great.

因此從我們的角度來看，是的，確實有來自其他產業的主動洽詢。而且是的，我們確實會、也能做分析來判斷是否合理。但你確實點出了那個關鍵領域，也就是衛星與直連裝置（direct-to-device）。因此我們已啟動調查研究。實際測試在上週末到本週進行，一切看起來都很棒。

And so as we say, looking at -- I think Elena said it, I think Scott said it, I know I said it in our prepared remarks, we're looking at every opportunity to monetize our spectrum to the benefit and to the value of our shareholders. And clearly, that includes looking at these other verticals.

因此如同我們所說——我想 Elena 說過、我想 Scott 也說過，我也在事先準備的發言中提到——我們正在尋找每一個能將我們的頻譜變現、為股東帶來利益與價值的機會。而且很明顯，這也包括評估這些其他垂直領域。

Mike Crawford, B. Riley Securities.

B. Riley Securities 的 Mike Crawford。

First, just to circle back to the direct-to-device opportunity. How would Lynk work as its satellites, if ever launched at any scale, would traverse in and out of markets where you've licensed your spectrum to others like utilities?

首先，回到直連裝置（direct-to-device）的機會。如果 Lynk 的衛星未來真的以一定規模發射並運行，當它們穿越你已將頻譜授權給公用事業等他人的市場、進出不同市場時，Lynk 會如何運作？

Yes. Mike, so the reality is that the use of this capability is evolving, but we are comfortable that from market to market, we can have folks that are utilizing this product. And in the next market, they may or may not be. And so whether or not we have licensed a portion 15%-ish from a POPs perspective of the country, that's totally fine.

是的。Mike，實際情況是這項能力的使用方式正在演進，但我們有信心在不同市場之間，可以有人使用這個產品。而到了下一個市場，他們可能會使用、也可能不會。因此，不論我們是否已從全國 POPs 的角度授權出約 15% 的一部分，這都完全沒問題。

There's there's no issue with that from a technical perspective. And this is the reality with anyone who's going to utilize direct-to-device, right? There's -- I think, AT&T and Verizon have a petition in front of the commission right now to use a portion of low-band spectrum where they do not have nationwide licensing of that spectrum.

從技術角度來看，這沒有任何問題。而這也是任何要使用直連裝置的人都會面對的現實，對吧？我想 AT&T 和 Verizon 目前在委員會面前有一份請願，要求使用一部分低頻段頻譜，而他們並沒有該頻譜的全國性授權。

So we're comfortable that this can be a product if that's the path we go down. And we're excited. Lynk has our bands in their spectrum. We think they're a very viable entity. We're excited to work with them, and we'll see how this all plays out.

所以我們有信心，如果這是我們要走的路徑，這可以成為一項產品。而我們也很興奮。Lynk 的頻譜配置中包含我們的頻段。我們認為他們是非常可行的合作方。我們很期待與他們合作，也會看看後續如何發展。

Yes, the first round of testing has gone extremely well on it as well, Mike. We've got some of the initial results already. They're terrific and continuing to expand the number of devices and the number of tests is only going to increase now.

是的，Mike，第一輪測試的結果也非常好。我們已經拿到一些初步結果。結果非常出色，而接下來只會持續擴大裝置數量與測試數量。

Okay. And then just to switch to a few quick modeling questions. What are you planning for cash and total expenses, including stock comp for the current fiscal '27?

好的。接著切換到幾個快速的模型問題。你們對目前 27 財年的現金與總費用（包含股票薪酬）有什麼規劃？

Yes. Thanks, Mike. We're obviously very fortunate to be in a very strong financial position with all of the cash that we were able to collect this year with accelerating deliveries. We have $50 million to collect still from the current customers with about $25 million coming in this current fiscal year.

是的。謝謝你，Mike。我們顯然很幸運，因為今年透過加速交付而得以收取的現金，使我們處於非常強健的財務狀況。我們仍有 5,000 萬美元將從現有客戶收取，其中約 2,500 萬美元會在本財年入帳。

We have lowered our expenses significantly, of course, from about $45 million run rate back in the first half of FY25 to well below $40 million, I want to say, $37 million, $38 million. I would expect to be at approximately $40 million OpEx at the most all in with onetime expenses in the current fiscal year.

當然，我們已大幅降低費用，從 FY25 上半年約 4,500 萬美元的年化水準，降到遠低於 4,000 萬美元；我想大約是 3,700 萬到 3,800 萬美元。我預期在本財年，即使把一次性費用都算進去，營業費用（OpEx）最多大約在 4,000 萬美元左右。

And of course, we're currently not exactly guiding on the clearing costs as we are -- it's the lever that we've always pulled up and down. And now we will be, of course, focusing on not only delivering to the current customers, but only also unlocking the value of the expanded band tied to near-term opportunities.

當然，我們目前並沒有針對清頻成本（clearing costs）提供明確指引，因為——這一直是我們可上可下調整的槓桿。而現在我們當然會聚焦於不僅交付給現有客戶，也要釋放擴展頻段在近期機會上所連結的價值。

So of course, as our pipeline continues to move, we will continue moving that up and down. But we did spend about $27 million in clearing last year. I certainly expect it to be a bit more this year, but I think it may be a placeholder for now that you could use. Does that answer your question?

因此，隨著我們的商機管線持續推進，我們也會持續上調或下調那個數字。不過我們去年在清頻上花了約 2,700 萬美元。我確實預期今年會多一些，但我想你現在可以先把它當作一個暫時的占位數字來使用。這樣有回答到你的問題嗎？

Well, yes. And then given that now you're going to recognize spectrum sale revenue on a gross basis. Is that when contracts are signed or when spectrum is delivered or a combo of both? And should we expect you to restate prior financials or not?

嗯，是的。然後鑑於你們現在將以總額基礎認列頻譜銷售收入。那是合約簽署時認列，還是頻譜交付時認列，或兩者的組合？另外，我們是否應預期你們會重編以前的財報，還是不會？

Yes. Thank you so much, Mike. Great questions, which allows me to clarify some of the points you just raised. So no, absolutely no restatement of prior periods. This is a prospective change, really driven by our go-to-market approach as it evolves, right?

是的。非常感謝你，Mike。問題問得很好，讓我可以釐清你剛才提出的一些重點。所以不會，絕對不會重編先前期間。這是一項前瞻性的變更，主要是由我們的市場進入策略隨著演進所驅動，對吧？

We're being very flexible with our customers and meeting them where they are. And our approach used to be primarily long-term leases. And now, of course, as evidenced by the last four contracts, we're very much open to sales of spectrum. And with that, we, again, had to reevaluate our GAAP accounting and this was long in the making. We're now able to recognize revenue on the gross basis from our sales.

我們對客戶非常有彈性，並在他們所在的位置與其對接。而我們過去的做法主要是長期租賃。而現在，當然，從最近四份合約可見，我們也非常願意進行頻譜銷售。因此，我們再次必須重新評估我們的 GAAP 會計處理，而這其實已醞釀很久。我們現在能夠以總額基礎認列銷售所帶來的收入。

So what you will see, again, I'm happy to provide you some guidance on this, again, guided by the current contracts. As you have seen, there's an uptick in our GAAP revenue in the fourth quarter. So now we're at about $2 million. So certainly expect that running through from our long-term leases for the four quarters in this current year.

所以你將會看到——我也很樂意在此提供一些指引——同樣是以目前合約為依據。如你所見，我們第四季的 GAAP 營收有所上升。目前大約是 200 萬美元。因此，當然可以預期，這部分將在本會計年度的四個季度中，來自我們長期租賃的收入持續反映。

However, there will be a $13 million revenue recognition related to CPS Energy contract in the fourth quarter as an addition. And that, of course, does not include any new contracts that we may sign this year. Did I answer all of your questions? Or did I miss something?

不過，第四季還會另外認列一筆與 CPS Energy 合約相關的 1,300 萬美元收入。當然，這不包含我們今年可能簽署的任何新合約。我是否回答了你所有的問題？還是我漏掉了什麼？

I'm sorry, can you just clarify again what you said about that $13 million? When is that going to be recognized? It's going to be in the fourth quarter of fiscal '27?

抱歉，你能再釐清一下你剛才提到那 1,300 萬美元的部分嗎？那筆會在什麼時候認列？會是在 27 財年的第四季嗎？

Yes. That will be in the fourth quarter of FY27, that is correct. And that is tied -- the revenue recognition will be tied to the actual delivery dates of the licenses.

是的。那會在 FY27 的第四季，沒錯。而且那筆收入認列——將會與執照的實際交付日期連動。

Okay. Perfect. And then just last one for me is given that we're 72 out of 90 days into this quarter. Is there any color -- further color you could provide on clearing costs in this one quarter as well as potential gain on sale of intangible assets or gain on exchange of narrowband for broadband licenses. Just in this one quarter, that's nearly done.

好的。完美。那我最後一個問題是，鑑於本季 90 天已經過了 72 天。你能否就本季的清頻成本，以及可能的無形資產出售利益或將窄頻執照交換為寬頻執照的交換利益，提供一些進一步的說明？就這一季、幾乎已經結束的這一季而言。

Yes. Thank you, Mike. I am seeing that our clearing costs are fairly consistent to kind of the average that we've seen in the past year quarterly. So I'm not seeing a huge uptick in the first quarter. As far as the gains on sale, I would rather not guide because with FCC, we could get a license in on the last day of the quarter that could be extremely material, right? So if I guide you, unfortunately, I could be very off, up or down. So I will continue not guiding on that.

是的。謝謝你，Mike。我看到我們的清頻成本與過去一年各季的平均水準大致一致。所以我沒有看到第一季有大幅上升。至於出售利益，我寧可不提供指引，因為在 FCC 的流程下，我們可能在季度最後一天才收到一張執照，而那可能極具重大性，對吧？所以如果我給你指引，不幸的是，我可能會非常不準，可能高也可能低。因此我會繼續不對此提供指引。

(Operator Instructions)

(接線員指示)

George Sutton, Craig-Hallum.

George Sutton，Craig-Hallum。

You mentioned a notable step-up in pricing discussions. I wondered if you could provide a little sense of how broad are you referring to that comment to be? Are you specifically referring to CatalyX? Or are you referring to the broader set of license opportunities?

你提到在定價討論上有顯著的上調。我想請你稍微說明一下，你這個評論的涵蓋範圍有多廣？你是特別指 CatalyX 嗎？還是指更廣泛的一系列執照機會？

George, it is probably -- I would say it's broader. I'd say it's CatalyX. But specifically on that point, I was referring to spectrum. I've now just entered my second -- well, yes, my second full fiscal year as CEO. So just turning the clock back four quarters. I'll go even five quarters ago compared to today or any other time that I've understood with some of the history of this company.

George，這大概——我會說更廣泛一些。我會說包含 CatalyX。但就那一點而言，我指的是頻譜。我現在剛進入我擔任 CEO 的第二——嗯，是的，第二個完整會計年度。所以把時間往回推四個季度。我甚至可以回推到五個季度前，拿來跟今天或我從公司歷史所理解的任何其他時點相比。

The number of active large utilities, small utilities, it's really a range. There are some utilities that are smaller utilities that range single-digit millions and some utilities at the other end of the range, the larger utilities, that are nine-digit numbers. So the range on that is very broad. The diversity is very strong, and it's well represented in each of those categories from smaller to larger.

目前活躍的大型公用事業公司、小型公用事業公司數量，涵蓋範圍其實很廣。有些較小的公用事業公司規模在數百萬美元的個位數區間，而在另一端，較大的公用事業公司則是九位數的金額。所以這個範圍非常寬。多樣性非常強，而且從小到大各類別都有很好的代表性。

The consistency is give us some indicative pricing, strong interest of getting to 5x5, strong interest in the methodical approach we can give them to bite off 3x3 with their pathway and committed to 5x5. Our commitment is we want to monetize the entire 5x5. That is what we are doing. That's what we have. We're confident in it.

一致性在於：他們會給我們一些指標性的定價、對達到 5x5 有強烈興趣、也對我們能提供的循序漸進方法很有興趣——先有系統地採用 3x3，並在其路徑上承諾走向 5x5。我們的承諾是要將整個 5x5 變現。這就是我們正在做的事。這就是我們所擁有的。我們對此有信心。

The utilities consistently want it. They see it as a scarce and strategic asset. So everybody we're talking to is really aligned on getting to the 5x5, and they like our affordability and the phased approach that we can get them there without any risk of a stranded asset from where they are today and where they get there with this affordability challenge that's in front of them.

公用事業公司一貫都想要它。他們把它視為稀缺且具策略性的資產。所以我們正在對談的每一方，基本上都一致希望走向 5x5；他們也喜歡我們的可負擔性，以及我們能以分階段方式協助他們達成，而不會在他們目前狀態與未來達成之間，因為眼前的可負擔性挑戰而產生任何資產閒置（stranded asset）的風險。

And so I would tell you, George, there's a lot of excitement within the company and with the team with the activity and the responses and the requests we're getting from utilities. And then of course, on the other side of that is the excitement last week that we just got out of the satellite initial test with Lynk.

所以我會告訴你，George，公司內部和團隊對於這些活動、回應，以及我們從公用事業公司收到的需求請求，都非常興奮。然後當然，另一方面，上週我們剛完成與 Lynk 的衛星初始測試，這也令人振奮。

And some of the other dynamics we're seeing in the market of the demand for spectrum. And it is only continuing to grow. We continue to see that will continue to grow. The supply is fixed. So that's maybe a little longer answer than you were looking for, but I would say that we feel like we're in a really good place, and the energy here is very strong.

以及我們在市場上看到的其他動態——對頻譜的需求。而且這個需求只會持續成長。我們也持續看到它將會繼續成長。供給是固定的。所以這可能比你想要的答案更長一些，但我會說我們覺得自己處在非常好的位置，而且這裡的動能非常強。

So last quarter, you made it pretty clear that pricing in effect was going up. You were eliminating new accelerator program deals. Can you just give us an update on what remains in terms of accelerator opportunities? Are you still honoring anyone who started those discussions at that time?

所以在上一季，你們很清楚地表示定價實際上正在上調。你們也在取消新的 accelerator 計畫交易。你能否更新一下，目前還剩下哪些 accelerator 機會？你們是否仍會履行當時已開始討論的對象？

We do not have any broad agreements out there. The accelerator pricing is over. That has not been renewed. We do not intend to renew that. And the pricing that we're doing now is very customized by each utility, each demand, the value of each market.

我們目前沒有任何廣泛性的協議在外。accelerator 的定價已經結束。那沒有再續。我們也不打算續。而我們現在採用的定價，會依各家公用事業公司、各自需求，以及各市場的價值來高度客製化。

So it's a very customized approach that we are working with every opportunity, whether it's in the alternative industries we're looking at that is reached out to us or whether it's specifically with utilities, the size of the utility, it's really a customized approach. The more recent deals that we announced were very strong pricing and they wanted to go to 5x5 ASAP.

因此，對於我們正在推進的每一個機會，無論是我們正在評估、對方主動接洽的替代產業，或是特別針對公用事業（包含公用事業的規模），我們採取的都是高度客製化的方法。我們最近宣布的交易定價非常強勁，而且他們希望盡快轉到 5x5。

So it really ranges, but the net of the answer is there are no new accelerator deals that are active right now. That program is closed. And the other one, the pricing is very strong. And we have flexibility, but we also have a very scarce asset that we can -- we will be paid accordingly for that asset.

所以情況差異很大，但總結來說，目前沒有任何新的加速器（accelerator）交易在進行中。那個計畫已經結束。至於另一個，定價非常強勁。我們有彈性，但我們也擁有一項非常稀缺的資產——我們會就該資產獲得相應的報酬。

But I look at our current appreciation of where we are, and Elena touched on this, the price per POP backed into our enterprise value now gives us an enormous amount of headroom before we even begin to touch the value of our spectrum and the pricing we're putting on the table as a result of the demand, the scarcity, of what we have and the value, the nature of its strategic value that it brings to the utilities.

但我看我們目前的估值水準——Elena 也提到這點——以我們現在的企業價值倒推的每 POP 價格，讓我們在甚至還沒開始觸及頻譜價值之前，就已經有非常大的上行空間；而我們之所以能提出目前的定價，是因為需求、稀缺性，以及我們所擁有資產的價值，還有它為公用事業帶來的策略性價值本質。

Got you. One question on the product side. So I know Ross is in the in the midst of hopefully finding 10 products in terms of things that you can offer into the ecosystem. And we've basically announced two-thirds if you include satellite. Elena has talked about an 8:1 revenue opportunity relative to your license value that you would receive. Can you just give us a sense of what is a rational expectation for you to see in a typical market over time relative to that 8:1 opportunity?

了解。我有一個關於產品面的問題。我知道 Ross 正在努力（希望）找出 10 個產品，也就是你們能在生態系中提供的項目。如果把衛星也算進去，我們基本上已經宣布了三分之二。Elena 談到相對於你們可取得的牌照價值，有 8:1 的營收機會。你能否讓我們了解一下，隨著時間推移，在一個典型市場中，相對於這個 8:1 機會，你們合理的期待會是什麼？

You're referring specifically to the adjacent new product's ARR.

你是特別指相鄰新產品的 ARR（年度經常性收入）嗎？

Correct.

沒錯。

Okay. Ross and I had a -- we talked very deeply on this. What we will not do is chase every rat. There's a lot of opportunities. There could be a lot of -- we could chase a lot of rabbits right now. We're not going to do that. We are singularly focused on building products and reducing friction that helps us sell spectrum and helps utilities get the value of spectrum faster.

好的。Ross 和我對這件事做了——我們深入討論過。我們不會去追每一隻老鼠。機會很多。現在可能有很多——我們也可以去追很多兔子。但我們不會那樣做。我們會專注於打造產品、降低摩擦，來幫助我們銷售頻譜，並幫助公用事業更快取得頻譜的價值。

The first two we identified were CatalyX and the tower access and the agreement we established with Crown Castle for a nationwide tower access. There are a couple of new ones that Ross is doing a terrific job with his team, that we're in early stages of discussing that existing customers have highlighted that we're starting to hear about and see in the market.

我們最先鎖定的兩項是 CatalyX，以及塔台存取（tower access）——也就是我們與 Crown Castle 達成的全國性塔台存取協議。另外還有幾個新的項目，Ross 和他的團隊做得非常出色；我們正處於與既有客戶所提出的需求進行早期討論的階段，我們也開始在市場上聽到並看到這些需求。

It's early for me to indicate what those are today, but there are a couple of early-stage things we're looking at. But we also want to deliver on some of the ones we've already launched, and they're doing a really nice job where it's turning into paper, it's turning into real clarity, it's turning into a real value proposition that the utilities can put their teeth into.

現在就指出那些是什麼，對我來說還太早，但我們確實在看幾個早期階段的項目。不過我們也希望把已經推出的一些產品交付到位；目前它們進展很好，正在落實成文件、形成清晰的內容，並轉化為真正的價值主張，讓公用事業能夠具體理解並採用。

So I'd love to give you a number of what we expect that to look like this year. It's a little early. I'd like to see a couple of these wins turn into a real financial P&L business model, and then we'll be ready. But it has become part of the metric this team is accountable to deliver to our Board and to, therefore, to our investors.

所以我很想給你一個我們預期今年會長成什麼樣子的數字。但現在還有點早。我希望先看到其中幾個勝利案例轉化為真正的財務損益（P&L）商業模式，之後我們就會準備好了。但這已經成為這個團隊必須向董事會交付、也因此向投資人交代的一項衡量指標。

So for the first time, this company now has a performance metric that we are being measured by the team that this is an important aspect of our company because it helps us sell spectrum. It helps our customer be successful, and it also addresses a broader opportunity that Elena and Chris referred to. But I think we'll be in a place where we can start sharing some specifics. I don't want to put a time on it, but that would be our goal.

因此，這是公司第一次有一項績效指標：團隊會被衡量這件事是否做成——因為這是公司很重要的一環，能幫助我們銷售頻譜。它能幫助客戶成功，也能回應 Elena 和 Chris 提到的更廣泛機會。但我認為我們會到一個可以開始分享一些具體內容的階段。我不想給出時間點，但那會是我們的目標。

So finally, just more of a comment, that you mentioned single-digit million opportunities and then 9-figure opportunities. If we're taking a poll, I would prefer the 9-figure opportunities.

最後算是一個評論：你提到有個別數百萬美元等級的機會，也有九位數等級的機會。如果要投票的話，我會偏好九位數的機會。

I, too.

我也是。

We like all of our children. We love all of our children.

我們喜歡我們所有的孩子。我們愛我們所有的孩子。

Yes, we love it all. So listen, it's all good. We're really in a good place. We like where we're at. There's been a lot of work by this team. I just -- I can't say enough about how hard this team is working and how thoughtful, engaged our Board is, and our customers at the table, and really the teamwork going on, not just within the company, but just all of our ecosystem partners. It really has taken a village and everybody's working nicely together. And it's nice to see that there's good progress and good excitement for good reason across the company.

是的，我們全都喜歡。所以你聽著，一切都很好。我們真的處在一個很好的位置。我們喜歡目前的狀態。這個團隊做了大量工作。我只是——我怎麼稱讚都不為過，這個團隊工作有多努力，以及我們的董事會有多用心、投入；我們的客戶也在桌上一起參與，真正的團隊合作正在發生，不只是在公司內部，也包括我們所有的生態系夥伴。這真的需要整個社群一起投入，而大家合作得很好。很高興看到公司各處都有充分理由的良好進展與令人振奮的動能。

Adam Kelsey, Titan Partners.

Adam Kelsey，Titan Partners。

Scott, staying on the topic of the $8 per dollar multiplier that was referenced. As the 5x5 configuration evolves and the D2D opportunities scale, do you have any comments on how that $8 multiplier may change?

Scott，延續剛才提到的每 1 美元對應 8 美元的倍數（$8 per dollar multiplier）話題。隨著 5x5 配置演進、以及 D2D 機會擴大規模，你對這個 8 美元倍數可能如何變化，有沒有什麼看法？

Is this -- are you referring to the $8 that gets unlocked as a result of every dollar of spectrum that gets purchased?

你是——你指的是每購買 1 美元頻譜就會解鎖 8 美元的那個 $8 嗎？

Correct. I'm curious if that $8 would probably increase now that you're going from 3x3 to 5x5 and now that we have the D2D opportunity.

沒錯。我想知道，現在你們從 3x3 走到 5x5，再加上 D2D 機會，這個 $8 是否可能會提高。

I think everybody is going to want to comment on that. It's pretty exciting as we start to think about it. The notion and the context of the work we did to put the $8 on the table is that the amount of companies and investment necessary, whether it's a D2D or whether it's a satellite company that's enabling D2D or I mentioned logistics and mentioned some of the other industries out there and specifically for utilities, that the number of dollars that gets -- starts we see flowing around us as a result of standing up these network infrastructures is pretty significant.

我想大家都會想對此發表看法。當我們開始思考這件事時，確實相當令人興奮。我們當初把 $8 擺到桌面上的概念與脈絡是：無論是 D2D，或是支援 D2D 的衛星公司——我也提到物流以及其他一些產業，尤其是公用事業——為了建置這些網路基礎設施所需要投入的公司與資本規模相當可觀；而我們看到，因為這些網路基礎設施的建立，周邊開始流動的資金數量非常可觀。

Some of those dollars, we think, should run through us and specifically the CatalyX and the TowerX because it adds a great value to the market to any customer to have those running through us. There are a couple of others that, as I mentioned, that Ross and his team are looking at and we'll be very deliberate on understanding what those are.

其中一部分資金，我們認為應該要透過我們來流轉，特別是 CatalyX 和 TowerX，因為讓這些服務透過我們提供，對市場與任何客戶都能帶來很大的價值。另外還有幾個，如我所提到的，Ross 和他的團隊正在評估；我們會非常審慎地去理解那些會是什麼。

Whether that $8 grows or not, I'm not ready to put a number on that. We did quite a bit of work. We didn't just grab a number out of the air for the $8. So we'll do the same amount of math as we start to see progress as a result with the successful milestones we hit last year on the Lynk test.

至於這個 $8 會不會成長，我現在還不準備給出一個數字。我們做了相當多的工作。我們不是隨便憑空抓一個 $8 的數字。因此，當我們開始看到進展——尤其是去年在 Lynk 測試上達成成功里程碑所帶來的成果——我們也會用同樣程度的數學推導來評估。

Now as we test more devices and we study that more as the impact that our spectrum can create on satellite, direct-to-device and others, we'll revisit the $8, but I don't see the $8 going down. I see it's fairly well the foundation under the $8 and potentially going up. But Chris, do you wanna add anything to that?

現在，隨著我們測試更多裝置，並進一步研究我們的頻譜可能對衛星、直連裝置（direct-to-device）等所造成的影響，我們會再回頭檢視每台 8 美元（$8）的定價，但我不認為這個 8 美元會下降。我認為 8 美元相當程度上會成為基礎，甚至有可能往上調。不過 Chris，你要不要補充一下？

Yes. No, Scott, I agree with everything you said. Adam, I do love the way you're looking at it, right? There is an element of if you build it, they will come in the sense that we were at DISTRIBUTECH, we had our -- four of our customers on a panel, they all talked about crossing over in the next few years, 1 million devices on their network, right?

是的。不，Scott，我同意你說的每一點。Adam，我很喜歡你看待這件事的方式，對吧？某種程度上確實有「你把它建起來，他們就會來」的元素；就像我們在 DISTRIBUTECH 時，我們有——四位客戶在同一個座談小組，他們都談到在未來幾年內，他們的網路上將跨越到 100 萬台裝置，對吧？

And so we can all, I think, envision a future where what these networks are being used for and the products that are being developed will evolve. I think Scott's right. Specifically, we're not we're not going to revisit the $8 yet, but six months ago, we weren't talking at all about a product being satellite connectivity direct-to-device, right? And no one was in the private network utility space.

因此我想我們都能想像一個未來：這些網路的用途，以及正在開發的產品，都會持續演進。我認為 Scott 說得對。具體來說，我們目前還不會重新檢視 8 美元（$8），但六個月前，我們根本沒有在談一個產品會是「衛星連線直連裝置（direct-to-device）」，對吧？而且當時也沒有人在私有網路的公用事業（utility）領域。

So the reality of connectivity opportunities is changing, and we're excited to be where we are. Our teams are sitting with existing and future customers extensively talking about these expenditures coming up. So we're excited about where we are, but it is all evolving as we are sitting here.

所以，連線機會的現實正在改變，而我們對目前所處的位置感到興奮。我們的團隊正與現有及未來客戶進行大量交流，深入討論接下來將發生的這些支出。因此我們對現況感到振奮，但此刻一切仍在持續演進。

Great. And one follow-up for me. Scott, you also mentioned ongoing conversations or at least initial conversations with nonutility potential customers. I know way back when we were undergoing the first initial NPRM, there were several nonutility customers that were in support of the R&O. Curious if you'd characterize some of these conversations as a continuance from those initial efforts or new nonutility customers coming to the table.

很好。我還有一個追問。Scott，你也提到與非公用事業（non-utility）的潛在客戶有持續對話，或至少是初步對話。我記得很久以前，在我們進行第一輪初始 NPRM 時，有幾個非公用事業客戶是支持 R&O 的。想請教你會如何描述這些對話：是延續當初那些初始努力的延伸，還是有新的非公用事業客戶加入討論？

I would say it's both. Chris and I are looking and going through our list here of companies, and it's a little bit of both. And it's not surprising that the ones that have always been out there had a need for connectivity as part of their really critical aspects of their business and just driving more connectivity. The new ones coming into play, certainly, the FCC clearance to 5x5 has hit the radar screen of companies that really are excited about engaging with us on our journey and seeing our products. So it's a little bit of both, I would say.

我會說兩者都有。Chris 和我正在看並整理我們這裡的公司名單，確實是兩者兼具。而且不意外的是，那些一直以來就存在的公司，因為其業務中非常關鍵的環節需要連線能力，所以一直有這方面需求，也在推動更多連線。至於新加入的那些，FCC 將頻寬核准到 5x5 這件事，確實已進入一些公司的雷達；他們很期待在我們的旅程中與我們互動並了解我們的產品。所以我會說兩者都有。

Yes. And Adam, we're leading, but also listening and following, right? So we have customers who are thinking of standing up and -- well, not thinking, are pursuing and deploying a network and are looking at providing connectivity to like-minded entities within their footprint, right?

是的。而且 Adam，我們一方面在帶頭，但同時也在傾聽並跟進，對吧？所以我們有一些客戶正在規劃建立——其實不是在想，而是在推進並部署一張網路，並且希望在其覆蓋範圍內，向理念相近的實體提供連線能力，對吧？

So that alone is driving interest. When you look at LCRA, they are looking at providing service, they've been very public about this, to entities within their service territory and their service footprint. So I think you're going to see -- you're going to begin to get a sense of what those entities are, who they are, what sectors they represent. And some of it's just happening organically with our customer base.

光是這一點就帶動了興趣。以 LCRA 來看，他們正在考慮提供服務——而且他們對外也很公開——給其服務區域與服務覆蓋範圍內的各類實體。所以我認為你將會看到——你會開始逐步感受到那些實體是哪些、他們是誰、他們代表哪些產業部門。其中有一部分就是在我們的客戶基礎中自然地發生。

That concludes today's question-and-answer session. I'd like to turn the call back to Scott Lang for closing remarks.

以上為今天的問答環節。接下來我想把電話交回給 Scott Lang 作結語。

Thank you, everyone, for joining. Again, we love where we're at. I've had the opportunity to get in front of a lot of customers over this last quarter. Many times, the customers are bringing many people from different parts of the organization. Our story is resonating.

謝謝各位參與。再次強調，我們很喜歡目前所處的位置。在過去這一季，我有機會面對許多客戶。很多時候，客戶會帶來組織內不同部門的許多人一起參與。我們的故事正在引起共鳴。

We're available now. We're proven. We give them flexibility as our strength message. They love that flexibility is our strength and a pathway for them to be successful with real customers showing real value from these business cases. A full ecosystem coming to the table that helps them get past just a spectrum decision, but really delivering those results.

我們現在已可供使用。我們已被驗證。我們以「提供彈性」作為我們的核心優勢訊息。他們很喜歡「彈性就是我們的強項」，而且這是一條讓他們成功的路徑；有真實客戶從這些商業案例中展現出真實價值。完整的生態系一起上桌，協助他們不只是做出頻譜選擇，而是真正交付那些成果。

So when we compare that and the ability for us to put a business case on the table, it really addresses the acute affordability challenges for the industry, but also offers us tremendous ability to take care of our shareholders, take care of our customers and continue to grow is a very powerful message that evolves with their company.

因此，當我們把這些做比較，以及我們能把商業案例擺上桌的能力，這確實能回應產業迫切的可負擔性挑戰，同時也讓我們具備極大的能力去照顧股東、照顧客戶並持續成長；這是一個非常有力的訊息，並會隨著他們公司的發展而演進。

And the ability for us now with the strength of our ecosystem and the migration happening with devices can give them confidence there is no stranded asset that they're going to leave behind and to back that up with their time line of how they want to deploy the networks that's right for them is a very powerful message. And so we love where we're at. There's a lot more demand than there is supply. We have some really good existing customers that are helping us out and really advocating for this.

而且，憑藉我們生態系的強度，以及裝置端正在發生的遷移，我們現在能讓他們更有信心：不會有任何他們將被迫留下的「閒置資產」（stranded asset）；同時也能配合他們想要部署最適合自身的網路之時間表來支撐這一點，這是一個非常有力的訊息。所以我們很喜歡目前所處的位置。需求遠大於供給。我們有一些非常好的既有客戶正在協助我們，並且真正為此發聲、倡議。

And as the new prospects get around the table, they start to share that excitement and that gets even more exciting for us. So I want to thank everybody for support, and we look forward to keeping you in touch with our progress. Have a great day.

而當新的潛在客戶坐到桌前時，他們開始分享那份興奮，這也讓我們更加振奮。因此我要感謝大家的支持，我們也期待持續向各位更新我們的進展。祝各位有美好的一天。

This concludes today's conference. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。