ATN International Inc (ATNI) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ATN International Q2 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation there will be question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 ATN International 2023 年第二季度收益電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後將進行問答環節。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, ATN CFO, Justin Benincasa. Please go ahead.

現在我想將會議交給今天的發言人 ATN 首席財務官賈斯汀·貝寧卡薩 (Justin Benincasa)。請繼續。

Great. Thank you, Sean, and good morning, everyone. Today, we will review our second quarter 2023 results. With me here today is Michael Prior, ATN's Chief Executive Officer; and Brad Martin, ATN's Chief Operating Officer. Michael will provide an update on our business and strategies as well as a high-level overview of our quarterly results. I'll then cover our financials and provide additional color where necessary.

偉大的。謝謝肖恩，大家早上好。今天，我們將回顧 2023 年第二季度的業績。今天和我在一起的是 ATN 首席執行官 Michael Prior；以及 ATN 首席運營官 Brad Martin。邁克爾將提供我們業務和戰略的最新信息以及我們季度業績的高級概述。然後我將介紹我們的財務狀況，並在必要時提供額外的顏色。

As a reminder, we released our second quarter results press release last night after the market closed. Investors can find this release and the results presentation for the call on our Investor Relations website. Before I turn the call over to Michael, I'd like to point out that this call, our press release and the presentation contain forward-looking statements concerning our current expectations, objectives and underlying assumptions regarding our future operating results.

提醒一下，我們昨晚收盤後發布了第二季度業績新聞稿。投資者可以在我們的投資者關係網站上找到本新聞稿和電話會議的結果演示。在我將電話轉給邁克爾之前，我想指出，本次電話會議、我們的新聞稿和演示文稿包含有關我們當前預期、目標和有關我們未來經營業績的基本假設的前瞻性陳述。

These statements are subject to the risks and uncertainties that could cause actual results to differ materially from those described. Also in an effort to provide useful information to investors, our comments today include non-GAAP financial measures. For details on these measures and the reconciliations to comparable GAAP measures and for further information regarding the factors that may affect our future operating results, please refer to our earnings release on our website at atni.com or the 8-K filing provided to the SEC.

這些陳述存在風險和不確定性，可能導致實際結果與描述的結果存在重大差異。另外，為了向投資者提供有用的信息，我們今天的評論包括非公認會計準則的財務指標。有關這些措施的詳細信息以及與可比 GAAP 措施的調節，以及有關可能影響我們未來經營業績的因素的更多信息，請參閱我們在 atni.com 網站上發布的收益報告或向 SEC 提供的 8-K 文件。

I'll now turn the call over to Michael for his prepared remarks.

現在我將把電話轉給邁克爾，聽他準備好的發言。

Thank you, Justin. Good morning, everyone, and thank you for joining us. We capped the first half of 2023 with a strong second quarter, highlighted by robust subscriber growth and an accelerating conversion of subscribers to our high-speed networks.

謝謝你，賈斯汀。大家早上好，感謝您加入我們。我們以強勁的第二季度為 2023 年上半年畫上句號，其中突出表現是用戶的強勁增長以及用戶向我們的高速網絡的加速轉換。

Before we discuss specific operating metrics, let me share 3 key takeaways from our second quarter performance. First, we continue to execute well against our 3-year plan, delivering higher revenue and EBITDA on healthy subscriber growth. Second, we have demonstrated strong momentum on the customer front with growth in all key retail subscriber categories and some big wholesale and enterprise customer wins, such as the recent long-term agreement we announced with a national carrier in the U.S.

在我們討論具體的運營指標之前，讓我先分享一下我們第二季度業績的 3 個關鍵要點。首先，我們繼續良好地執行我們的三年計劃，在用戶健康增長的基礎上實現更高的收入和 EBITDA。其次，我們在客戶方面表現出了強勁的勢頭，所有主要零售用戶類別均實現增長，並贏得了一些大型批發和企業客戶，例如我們最近宣布與美國一家國家運營商簽訂的長期協議。

And third, with this month's renewal and expansion of our credit facilities, we continue to prudently manage our balance sheet with a focus on using future cash flow from operations to enhance liquidity and reduce debt. We're on a well-defined strategic mission to provide connectivity for all.

第三，隨著本月信貸額度的更新和擴大，我們繼續審慎管理我們的資產負債表，重點是利用未來經營現金流來增強流動性並減少債務。我們肩負著一項明確的戰略使命，即為所有人提供連接。

Through our Glass & Steel and First-to-Fiber strategies, we are focusing on regions including Alaska, the Western U.S. the rural tribal lands out there and the Caribbean. Validating the success of those strategies, our high-speed subscriber base and international mobile subscriber base each grew by double digits in the quarter. A testimony to the quality of our value proposition and strong sales and marketing execution.

通過我們的玻璃與鋼鐵和先行纖維戰略，我們重點關注阿拉斯加、美國西部、農村部落土地和加勒比地區等地區。我們的高速用戶群和國際移動用戶群在本季度均實現了兩位數增長，驗證了這些戰略的成功。證明了我們的價值主張的質量以及強大的銷售和營銷執行力。

Homes passed by our high-speed data networks increased 10% sequentially at the end of the second quarter. This represents a 66% annual increase and was driven primarily by the rapid expansion of our fiber networks in Guyana and the United States. This, in turn, led to a 22% year-on-year increase in high-speed subscribers.

截至第二季度末，通過我們高速數據網絡的家庭數量環比增長了 10%。這意味著年增長率為 66%，主要是由於我們在圭亞那和美國的光纖網絡的快速擴張所致。這反過來又導致高速用戶同比增長 22%。

In our International segment, we exited the quarter with more than 399,000 mobile subscribers. A 14% increase from the same period last year. Justin will provide more color on the operating segments in his prepared remarks, but our results underscore the fact that we're on a strong competitive footing as we move into the second half of this year and beyond.

在我們的國際部門，本季度末我們的移動用戶數量超過 399,000 名。比去年同期增長14%。賈斯汀將在他準備好的講話中提供有關運營部門的更多信息，但我們的業績強調了這樣一個事實：隨著我們進入今年下半年及以後，我們處於強大的競爭地位。

Among ATN's unique competitive advantages is that we have made the right investments to scale our business and provide customers with an unsurpassed portfolio of services. In our Island and Caribbean markets, we have repeatedly been the first to provide advanced high-speed data services, whether fixed or mobile. In the Western U.S., we undertook a difficult multiyear effort now nearly complete to transition from providing wholesale roaming services to providing a suite of infrastructure and network services to our large carrier customers. And to that, we are actively layering on fixed fiber and other high-speed data services to local businesses, schools, healthcare facilities and consumers.

ATN 獨特的競爭優勢之一是我們進行了正確的投資來擴展我們的業務並為客戶提供無與倫比的服務組合。在我們的島嶼和加勒比市場，我們多次率先提供先進的高速數據服務，無論是固定還是移動。在美國西部，我們進行了多年的艱難努力，現已接近完成，從提供批發漫遊服務過渡到為我們的大型運營商客戶提供一套基礎設施和網絡服務。為此，我們正在積極為當地企業、學校、醫療機構和消費者提供固定光纖和其他高速數據服務。

As part of that evolution, in May, we were excited to announce a long-term agreement with Verizon Wireless, under which we will provide an array of network infrastructure and technical services. The initial term of the agreement is 7 years and includes automatic renewals for up to 2 additional 3-year periods. This long-term contract reinforces the value of our Glass & Steel strategy and the differentiated services we offer to the market.

作為這一發展的一部分，五月份，我們很高興地宣布與 Verizon Wireless 達成一項長期協議，根據該協議，我們將提供一系列網絡基礎設施和技術服務。該協議的初始期限為 7 年，並包括最多 2 個額外 3 年期的自動續約。這份長期合同強化了我們玻璃與鋼鐵戰略的價值以及我們向市場提供的差異化服務。

The agreement leverages our operating capabilities and network assets across more than 50,000 square miles of the Western United States to deliver superior high-speed connectivity at an attractive cost to our customer.

該協議利用我們在美國西部超過 50,000 平方英里的運營能力和網絡資產，以對我們的客戶具有吸引力的成本提供卓越的高速連接。

Also, in our U.S. operations, our teams continue to excel at securing government subsidies and support as part of our focus on delivering advanced high-speed connectivity to rural and remote communities. In the second quarter, we were awarded a $10 million grant to subsidize the build of a fiber and fixed wireless network, which will pass more than 11,000 unserved and underserved locations in New Mexico.

此外，在我們的美國業務中，我們的團隊在確保政府補貼和支持方面繼續表現出色，這是我們致力於為農村和偏遠社區提供先進高速連接的一部分。第二季度，我們獲得了 1000 萬美元的撥款，用於補貼光纖和固定無線網絡的建設，該網絡將覆蓋新墨西哥州 11,000 多個無服務和服務不足的地點。

We expect more awards in coming quarters as we follow on the more than $150 million in grants awarded to us and our partners last year for fiber expansions in Alaska and the Lower 48. The network builds funded by these in future grants are likely to extend over the next several years, which should in turn provide a continuing opportunity for customer and revenue growth.

繼去年向我們和我們的合作夥伴提供超過 1.5 億美元的贈款，用於阿拉斯加和下 48 州的光纖擴張之後，我們預計未來幾個季度會獲得更多獎項。未來贈款資助的網絡建設可能會持續到未來幾年，這將為客戶和收入增長提供持續的機會。

In the first 1.5 years of our 3-year fiber expansion plan, we've made meaningful yet prudent capital investments to ensure the quality and durability of our network. As we approach the latter stages of this plan, we expect to dial back our capital spending, while using our upgraded network footprint to continue to grow our subscriber base and recurring revenue.

在我們三年光纖擴張計劃的前 1.5 年裡，我們進行了有意義且審慎的資本投資，以確保我們網絡的質量和耐用性。隨著我們接近該計劃的後期階段，我們預計將縮減資本支出，同時利用升級後的網絡覆蓋範圍繼續擴大我們的用戶群和經常性收入。

Another important recent achievement was the completion in July of a $300 million debt refinancing that extends and expands our senior secured credit facilities. Justin will add some details about this shortly. But in light of the current credit market environment, the agreement is a testament to the support of our bank group and the strength of our business and track record.

最近的另一項重要成就是 7 月份完成了 3 億美元的債務再融資，擴大了我們的高級擔保信貸額度。賈斯汀很快就會添加一些相關細節。但鑑於當前的信貸市場環境，該協議證明了我們銀行集團的支持以及我們的業務實力和往績記錄。

Before I conclude, let me address potential investor inquiries and then pass onto (inaudible) media coverage about the use of lead-covered cabling in the telecommunications industry. Last week, we issued a news release detailing our preliminary findings. We believe that our network in the U.S. contains less than 10 miles of lead sheet copper cables, and our network outside of the U.S. contains approximately 20 miles of lead sheet copper cables.

在結束之前，讓我回答潛在投資者的詢問，然後轉達（聽不清）有關電信行業使用鉛覆蓋佈線的媒體報導。上週，我們發布了一份新聞稿，詳細介紹了我們的初步調查結果。我們認為，我們在美國的網絡包含不到 10 英里的鉛片銅電纜，而我們在美國以外的網絡包含大約 20 英里的鉛片銅電纜。

To the best of our knowledge, substantially all of this conduit is buried underground, and none of it is underwater. While we do not expect this to be a significant financial or operating issue for ATN, the health and safety of our employees and the communities, where we operate is always a key priority for all of us at ATN and so we'll take this matter seriously as we evaluate next steps.

據我們所知，基本上所有這些管道都埋在地下，並且沒有一個位於水下。雖然我們預計這不會成為 ATN 的重大財務或運營問題，但我們員工和我們運營所在社區的健康和安全始終是 ATN 所有人的首要任務，因此我們將處理此事在我們評估後續步驟時認真對待。

In summary, we begin the second half of 2023 with positive momentum driven by growing revenue, improved margins and expanding subscriber bases. Our upward trajectory provides us with the ability to lean into our commitment to pay our capital spending as our 3-year plan approaches completion next year.

總之，在收入增長、利潤率提高和用戶基礎擴大的推動下，我們在 2023 年下半年開始呈現積極勢頭。隨著我們的三年計劃明年即將完成，我們的上升軌跡使我們有能力兌現支付資本支出的承諾。

And with that, I'll hand the call back over to you, Justin.

這樣，我會將電話轉回給你，賈斯汀。

Great. Thanks, Michael. I'd like to provide some color on our second quarter results, specifically where we're seeing positive momentum driven by our recent investments and how we see our balance sheet taking shape given our recent refinancing and our longer-term capital allocation goals.

偉大的。謝謝，邁克爾。我想對我們第二季度的業績進行一些說明，特別是我們最近的投資推動了積極的勢頭，以及考慮到我們最近的再融資和長期資本配置目標，我們如何看待我們的資產負債表的形成。

Before I begin, I should know you can view our financial tables in the earnings release issued yesterday afternoon and in our accompanying presentation posted on the Investor Relations section of our website.

在開始之前，我應該知道您可以在昨天下午發布的收益報告以及我們網站投資者關係部分發布的隨附演示文稿中查看我們的財務表格。

Starting with the P&L. Total Q2 consolidated revenues increased by 4%, operating income improved to $2.4 million, up from $1.7 million last year, while adjusted EBITDA rose 10% or $4.1 million, driven by strong subscriber growth across the International segment and enterprise growth in the U.S. segment. Total net income for the quarter increased to $800,000 or a loss of $0.03 per share. The loss per share calculation includes the impact of preferred dividends that are not included in the net income calculation.

從損益表開始。第二季度總合併收入增長了 4%，營業收入從去年的 170 萬美元增至 240 萬美元，而調整後的 EBITDA 增長了 10%，即 410 萬美元，這得益於國際部門用戶的強勁增長和美國部門企業增長的推動。該季度淨利潤總額增至 800,000 美元，即每股虧損 0.03 美元。每股虧損計算包括未計入淨利潤計算的優先股股息的影響。

Now looking at the segments breakdown. International revenues rose 4% in the quarter, while adjusted EBITDA was up 7%. This increase was the product of strong broadband and mobile subscriber growth partially offset by the previously discussed step-down in federal high-cost support subsidies for the U.S. Virgin Islands. This will not impact the year-over-year comparisons following this quarter. We continue to benefit from strong revenue and subscriber growth across all international geographies, fueled by our network upgrades and expansions, superior customer care and consistent execution by our local teams.

現在看看細分市場。本季度國際收入增長 4%，調整後 EBITDA 增長 7%。這一增長是寬帶和移動用戶強勁增長的結果，部分被之前討論的美屬維爾京群島聯邦高成本支持補貼的逐步減少所抵消。這不會影響本季度之後的同比比較。在我們的網絡升級和擴展、卓越的客戶服務以及本地團隊的一致執行的推動下，我們繼續受益於所有國際地區強勁的收入和用戶增長。

These efforts have increased the number of homes passed by high-speed data solutions and allowed us to migrate many legacy copper/DSL customers to more durable frame fiber services. As Michael noted, we have also continued growing our international mobile subscriber base to nearly 400,000 customers. We will continue to carefully monitor expenses and capitalize on opportunities to make our networks and operation more efficient as we work to push operating margins higher in the segment.

這些努力增加了採用高速數據解決方案的家庭數量，並使我們能夠將許多傳統銅線/DSL 客戶遷移到更耐用的框架光纖服務。正如 Michael 指出的那樣，我們的國際移動用戶群也不斷擴大，目前已擁有近 400,000 名客戶。我們將繼續仔細監控支出，並利用機會提高我們的網絡和運營效率，努力提高該領域的運營利潤率。

In the U.S. segment, revenues were up 4% from growth in fixed revenues driven by strong enterprise sales in Alaska and the addition of Sacred Wind. This revenue growth was partially offset by a reductions in the legacy roaming revenues and lower FirstNet construction revenue.

在美國市場，由於阿拉斯加強勁的企業銷售和 Sacred Wind 的加入所推動的固定收入增長，收入增長了 4%。這一收入增長部分被傳統漫遊收入的減少和 FirstNet 建設收入的下降所抵消。

Adjusted EBITDA was up 10%, resulting from strong performance in the Lower 48, helped by the Sacred Wind acquisition and overall operating expense improvements. Our repositioning of the [balance] business around the Glass & Steel strategy is working. The Verizon contract Michael noted previously, reflects this transition from the legacy wholesale roaming business to providing infrastructure and technical services to the major carriers. These carrier service contracts will provide stable long-term recurring revenue.

調整後的 EBITDA 增長了 10%，這得益於 48 個州的強勁業績，以及 Sacred Wind 收購和整體運營費用改善的幫助。我們圍繞玻璃和鋼鐵戰略對[平衡]業務的重新定位正在發揮作用。邁克爾之前指出的 Verizon 合同反映了從傳統批發漫遊業務向向主要運營商提供基礎設施和技術服務的轉變。這些運營商服務合同將提供穩定的長期經常性收入。

For the first half of 2022, we invested $89.5 million in CapEx, net of $7 million in reimbursable costs as we tactically deploy capital into our networks consistent with our Glass & Steel and First-to-Fiber business strategies. As expected, our CapEx spending trended higher in the first quarter of the year and we still expect full year 2023 spending to be in the $160 million to $170 million range that we guided to.

2022 年上半年，我們在資本支出上投資了 8950 萬美元，扣除了 700 萬美元的可償還成本，因為我們根據玻璃與鋼鐵和先行光纖業務戰略，戰術性地將資本部署到我們的網絡中。正如預期的那樣，我們的資本支出在今年第一季度呈上升趨勢，我們仍然預計 2023 年全年支出將在我們指導的 1.6 億至 1.7 億美元範圍內。

Within the U.S. segment, CapEx spending was $50.6 million, which was primarily related to fiber expansions in Alaska and the Lower 48. Internationally, CapEx spending was $38.9 million, which focused on the continuing fiber deployment in Guyana as well as mobile network investments.

在美國市場，資本支出為 5060 萬美元，主要與阿拉斯加和美國 48 個州的光纖擴張有關。在國際市場，資本支出為 3890 萬美元，主要用於圭亞那的持續光纖部署以及移動網絡投資。

As demonstrated by our 22% growth in IP data subscribers, these strategies are delivering measurable results. The network investments we're making are materializing at plan, leading to steady recurring revenues, and we're focused on ensuring that these investments will continue to significantly benefit the communities we serve and deliver long-term returns for our shareholders.

正如我們的 IP 數據用戶增長 22% 所證明的那樣，這些策略正在帶來可衡量的成果。我們正在進行的網絡投資正在按計劃實現，帶來穩定的經常性收入，我們致力於確保這些投資將繼續顯著造福我們所服務的社區，並為我們的股東帶來長期回報。

At the same time, we're also working to enhance our financial flexibility and strengthen the balance sheet. As of the end of Q2, our total debt outstanding was $482.1 million, and our net debt leverage ratio stood at 2.3x. In July, we completed the financing of our credit facility and lengthened our maturity profile. We turned out the outstanding borrowings into a 6-year facility and renewed our revolver -- revolving credit facility for another 5 years. This facility will allow us to maintain financial flexibility as we approach the end of our 3-year capital investment cycle.

與此同時，我們還努力提高財務靈活性並強化資產負債表。截至第二季度末，我們的未償債務總額為 4.821 億美元，淨債務槓桿率為 2.3 倍。七月，我們完成了信貸安排的融資並延長了我們的期限。我們將未償還的借款轉為 6 年期貸款，並將我們的循環信貸貸款再延長 5 年。該設施將使我們能夠在三年資本投資週期即將結束時保持財務靈活性。

As we look out past the year, you noted in our outlook with lower capital expenditures and increasing operating cash flows, we expect to reduce our net leverage ratio by the end of 2024. Turning to other balance sheet and cash flow highlights. We ended the quarter with cash and cash equivalent of $67 million. Net cash provided by operating activities was $60 million in the first half of 2023. Also in the first half of the year, we reduced capital liabilities by approximately $15 million, driven primarily by the reduction in account payables.

當我們展望過去的一年時，您在我們的展望中指出，隨著資本支出降低和運營現金流增加，我們預計到 2024 年底將降低我們的淨槓桿率。轉向其他資產負債表和現金流亮點。本季度結束時，我們的現金及現金等價物為 6700 萬美元。 2023 年上半年，經營活動提供的淨現金為 6000 萬美元。同樣在上半年，我們減少了約 1500 萬美元的資本負債，這主要是由於應付賬款的減少。

In summary, we're performing well and our business plan is working. Our CapEx investments are driving positive subscriber and operating metrics and financial results that are improving each quarter. As we start planning for 2024, we'll be focused on increasing free cash flow to further strengthen our balance sheet and continue to work on improving operating margins.

總而言之，我們表現良好，我們的業務計劃正在發揮作用。我們的資本支出投資正在推動積極的用戶和運營指標以及財務業績，並且每個季度都在改善。當我們開始規劃 2024 年時，我們將專注於增加自由現金流，以進一步強化我們的資產負債表，並繼續努力提高營業利潤率。

We remain focused on executing our core strategy, and we appreciate your support as we move into the last phase of our network investment campaign. We're excited about the progress we've made in expanding and enhancing our network with high-quality assets, providing ATN with a foundation for durable cash -- future cash flows and a strong balance sheet. And with that, I'll turn it back over to Michael.

我們仍然專注於執行我們的核心戰略，在我們進入網絡投資活動的最後階段時，我們感謝您的支持。我們對在利用優質資產擴展和增強網絡方面取得的進展感到興奮，為 ATN 提供了持久現金的基礎——未來現金流和強大的資產負債表。有了這個，我會把它轉回給邁克爾。

Thanks, Justin. So I'm excited about ATN's future. Through prudent and strategic investments, we are positioning ourselves for sustained growth and exceptional performance. Our Glass & Steel and First-to-Fiber strategies are delivering measurable results across our business and creating demonstrable value for our stockholders. And now operator, I'll turn it back over to you for questions.

謝謝，賈斯汀。所以我對 ATN 的未來感到興奮。通過審慎的戰略投資，我們為持續增長和卓越業績做好了準備。我們的玻璃鋼和先行纖維戰略正在為我們的業務帶來可衡量的成果，並為我們的股東創造明顯的價值。現在接線員，我將把它轉回給您提問。

(Operator Instructions) And our first question comes from Ric Prentiss with Raymond James Financial.

（操作員說明）我們的第一個問題來自 Raymond James Financial 的 Ric Prentiss。

Couple of quick questions. One, I think I know the answer to. But in the press release, you talked about your recent acquisition, but was that the November acquisition of Sacred Wind? Or was there another acquisition in the recently.

幾個簡單的問題。一，我想我知道答案。但在新聞稿中，您談到了最近的收購，但那是11月份收購的Sacred Wind嗎？或者最近是否有另一項收購。

It was, yes, maybe that was a little confusing. But yes, it was the last year's acquisition of Sacred Wind.

是的，也許這有點令人困惑。但沒錯，這是去年對聖風的收購。

Okay. All right. And then in regards to the contract with Verizon, you mentioned network, infrastructure, technical services. This is not like a FirstNet contract, though with construction. This is kind of more shifting from roaming to recurring revenues. Is that the way we should think of this?

好的。好的。關於與 Verizon 的合同，您提到了網絡、基礎設施、技術服務。這與 FirstNet 合同不同，儘管有構造。這更多地是從漫遊收入向經常性收入的轉變。我們應該這樣想嗎？

Yes. There will be no construction revenue, Rick, just -- but it does incorporate the other services that come into the FirstNet contract. Like the backhaul of tower leases, technical services, that stuff. But you're right, it directionally, that's what it will be a very much more consistent recurring revenue.

是的。瑞克，不會有任何建設收入——但它確實包含了 FirstNet 合同中的其他服務。比如塔租賃的回程、技術服務等等。但你是對的，從方向上來說，這將是一個更加穩定的經常性收入。

Right. Okay. Because obviously, your guidance was ex-construction revenue. So I wanted to make sure we didn't have any of that with the Verizon contract.

正確的。好的。因為顯然，您的指導是前建築收入。所以我想確保我們與 Verizon 的合同中沒有任何此類內容。

Yes. No.

是的。不。

And obviously, the tower companies have seen some pretty big pullback in their services business or what they call the services business. Crown actually getting out of the installation business on a recent 8-K that they filed. How should we think about the kind of the nature of what you're performing? And is it more recurring? Or is there aspects that would be similar to what Crown and this morning American Tower said there was -- have been some pullbacks in their services abrupt pullbacks in their services business?

顯然，鐵塔公司的服務業務或他們所說的服務業務出現了相當大的回調。 Crown 實際上已經退出了他們最近提交的 8-K 安裝業務。我們應該如何思考你正在表演的性質？而且這種情況是否更頻繁發生？或者是否存在類似於皇冠和美國鐵塔今天早上所說的類似情況——他們的服務出現了一些縮減——服務業務突然縮減？

No, it's built into the contract, right? So it's -- there's a committed level across all the years of the contract. And I think what's possibly different. I don't know their business as well, but -- it's really -- we have a great value proposition in these areas, right? We have people on the ground. We're close to it. It is far and difficult often for the field tech forces of these big carriers to administer. So I think we're in a great position with those services, and it's a good value proposition.

不，這已經寫在合同里了，對嗎？所以，在合同的所有年份裡都有一個承諾水平。我認為可能有什麼不同。我也不了解他們的業務，但是——確實——我們在這些領域有很大的價值主張，對吧？我們有人在現場。我們已經很接近了。這些大型運營商的現場技術力量往往很難進行管理。所以我認為我們在這些服務方面處於有利地位，而且這是一個很好的價值主張。

And I can probably help a little on that too, Rick, where this is all contracted revenue, right? I suppose I know that some of the services that they might be buying at the tower companies is kind of build a site to do some work -- incremental. This is our contract.

我也許也可以在這方面提供一點幫助，里克，這都是合同收入，對嗎？我想我知道他們可能會在鐵塔公司購買的一些服務是建立一個站點來完成一些增量工作。這是我們的合同。

Okay. Good. Good. And 1.5 years, 2 years ago, as you were setting out on the 3-year journey, you mentioned capital intensity would come down. You're suggesting that as well. But you also thought that there could be focus on shareholder returns, stock buybacks, dividends, how should we think about now that you're kind of getting to the second half of this process, how you're thinking about that financial flexibility and shareholder return prospects?

好的。好的。好的。 1.5年、2年前，當您踏上3年的旅程時，您提到資本密集度會下降。你也這麼建議。但您也認為可以關注股東回報、股票回購、股息，既然您已經進入了這個過程的後半部分，我們應該如何考慮，您如何考慮財務靈活性和股東回報前景？

Yes. Well, I mean, I think we sent a bit of a signal on that last year, when we increased the dividend after many years of holding it flat. So last December. And as we near the end of this 3-year build period, we definitely are looking at all the ways to create value for shareholders. So I think we'll have financial flexibility, and we expect to see operating cash flow expand and free cash flow after CapEx to expand. So that should present us with that opportunity.

是的。嗯，我的意思是，我認為我們去年發出了一些信號，當時我們在多年保持不變後增加了股息。所以去年12月。當我們的三年建設期即將結束時，我們肯定正在尋找為股東創造價值的所有方法。因此，我認為我們將具有財務靈活性，並且我們預計在資本支出擴大後，運營現金流會擴大，自由現金流也會擴大。所以這應該給我們提供這個機會。

One moment for our next question. (Operator Instructions) And our next question comes from Hamed Khorsand from BWS Financial.

請稍等一下我們的下一個問題。 （操作員說明）我們的下一個問題來自 BWS Financial 的 Hamed Khorsand。

This is Waheed calling in for Hamed. First question, are there any near-term headwinds from your new North American wireless carrier contract?

我是瓦希德呼叫哈米德。第一個問題，您的新北美無線運營商合同近期是否存在任何阻力？

No. I'm not sure what those would be. But no, I can't think of any near-term headwinds.

不，我不確定那些會是什麼。但不，我想不出任何近期的阻力。

Okay. And then just with interest rates going up, is there an impact on your capital expenditure plans, since you are carrying a larger debt balance of higher interest rates?

好的。那麼隨著利率的上升，是否會對您的資本支出計劃產生影響，因為您的債務餘額更大且利率更高？

We've not had to -- or felt we had to adjust our capital spending plans based on interest expense, but interest expense has gone up. That's true. And we do look across the gamut of capital allocation, where the opportunities are, what the returns look like, what our competitors might be doing. So I would say interest rates and cost of capital certainly enters into the equation.

我們沒有必要——或者覺得我們必鬚根據利息支出調整我們的資本支出計劃，但利息支出已經上升。這是真的。我們確實會審視資本配置的各個方面，機會在哪裡，回報是什麼樣的，我們的競爭對手可能會做什麼。所以我想說，利率和資本成本肯定會納入考慮範圍。

And our next question comes again from Ric Prentiss with Raymond James Financial.

我們的下一個問題再次來自 Raymond James Financial 的 Ric Prentiss。

I'll give everybody time to get questions in. But can you give us an update on your thoughts on BEAD and timing and when obviously, it's going to be bought state by state. But just kind of give us an update on what you're thinking on the government subsidies and beat in particular.

我會給大家時間提出問題。但是您能否告訴我們您對 BEAD 的最新想法和時間安排，以及顯然，它將逐州購買。但請告訴我們您對政府補貼和特別優惠的最新看法。

Yes. I think I'll ask Brad Martin to talk to that.

是的。我想我會請布拉德·馬丁談談這個問題。

Sure. Thanks, Mike. Thanks, Ric. Yes. So recently, in late June, again the 6 days we operate in, we're announced -- they were worth $4.2 billion in programs. So the deadlines for the state submission is end of the year. So our teams are working with local state broadband offices to identify those projects. And It's important to us that those projects are sustainable financially and obviously have a long-term sustainable operational profile. But we have a team in each of those states working (inaudible) so we do expect to continue to do well, to update on that.

當然。謝謝，邁克。謝謝，里克。是的。因此，最近，在 6 月底，也就是我們運營的 6 天裡，我們宣布了價值 42 億美元的項目。因此，州提交的截止日期是今年年底。因此，我們的團隊正在與當地州寬帶辦公室合作來確定這些項目。對我們來說重要的是，這些項目在財務上是可持續的，並且顯然具有長期可持續的運營狀況。但我們在每個州都有一個團隊在工作（聽不清），所以我們確實希望繼續做得很好，並更新這一點。

And on the states you're working in, is it still fiber preferred, has to be fiber, is fixed wireless a potential out there for some of the funding?

在您工作的州，它仍然是光纖首選嗎？必須是光纖嗎？固定無線是否有可能獲得一些資金？

Yes. So it's been a mix of both. I mean it's certainly a preference for fiber. That's certainly the BEAD program. But there are opportunities to serve with fixed wireless, but the preference is certainty fiber.

是的。所以它是兩者的混合體。我的意思是，這肯定是對纖維的偏好。這當然是BEAD 計劃。但有機會使用固定無線服務，但優先選擇確定性光纖。

And given the contract with Verizon Wireless, are you working on any others out there and kind of how you view the -- your footprint might bring to where there is an essence, hopefully, someday a 4 carrier marketplace again in the U.S.

考慮到與 Verizon Wireless 的合同，您是否正在從事其他方面的工作，以及您如何看待 - 您的足跡可能會帶來一個本質的地方，希望有一天，美國再次出現 4 運營商市場。

Yes. No, we -- we talk to speak to all the carriers, and we're looking at that. And I think I'll repeat the phrase before. I mean I do think we have a good value proposition. And I think every 1 of the national carriers is looking, as you know well, is looking very carefully at costs and how to do things more efficiently from a cost standpoint. And I think our sort of form of shared infrastructure, shared network services can be part of that equation.

是的。不，我們 - 我們正在與所有運營商交談，我們正在考慮這一點。我想我會重複之前的那句話。我的意思是，我確實認為我們有一個很好的價值主張。正如您所知，我認為每一家國家航空公司都在非常仔細地考慮成本以及如何從成本的角度更有效地開展工作。我認為我們的共享基礎設施、共享網絡服務的形式可以成為這個等式的一部分。

Okay. Last 1 for me. Obviously, this year, you provided the CapEx guidance, you provided the EBITDA guidance. Longer term, you have revenue guidance in there as well. Should we expect as we round out this year and start thinking about specific '24 guidance. Where is your head out as far as what you might be providing, not the number itself, obviously, but just kind of what metrics you'd be helping the Street get a hand on?

好的。最後1對我來說。顯然，今年，您提供了資本支出指導，您提供了 EBITDA 指導。從長遠來看，你也有收入指導。我們是否應該在今年結束時期待並開始考慮具體的“24 指導方針”？就您可能提供的內容而言，您的頭腦在哪裡，顯然不是數字本身，而是您將幫助華爾街掌握哪些指標？

Ric, it's -- you're a little thing, but I think you were asking what metrics we would be providing towards the '24 guidance?

Ric，你是個小東西，但我想你是在問我們將為 24 小時指南提供哪些指標？

Yes, exactly. Yes.

對，就是這樣。是的。

I mean, I think we expect to do the same. First of all, the -- it's at last the most important guidance are the 2 big components of free cash flow. So EBITDA and CapEx and so with that, we haven't, as you know, to this date, given any guidance on subscriber metrics or fiber metrics or things like that. Not to say we would never do it, but I think we'd be focused on those key metrics, if I'm understanding your question correctly.

我的意思是，我認為我們也希望這樣做。首先，最重要的指導是自由現金流的兩大組成部分。因此，EBITDA 和資本支出等等，如您所知，到目前為止，我們還沒有提供有關訂戶指標或光纖指標或類似指標的任何指導。並不是說我們永遠不會這樣做，但我認為如果我正確理解你的問題，我們會專注於這些關鍵指標。

Yes, you did.

是的，你做到了。

Showing no further questions at this time. I would now like to turn the conference back to Michael Prior for closing remarks. .

目前沒有顯示更多問題。現在我想請邁克爾·普賴爾 (Michael Prior) 致閉幕詞。 。

Alright. Well, thank you, everybody. I appreciate you joining us today, see you in another quarter.

好吧。嗯，謝謝大家。感謝您今天加入我們，我們下個季度見。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。