ATN International Inc (ATNI) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ATN International Q3 2023 Earnings Conference Call and Webcast. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Justin Benincasa, CFO. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 ATN International 2023 年第三季財報電話會議和網路廣播。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人，財務長賈斯汀·貝寧卡薩 (Justin Benincasa)。請繼續。

Thank you, Kathy, and good morning, everyone. This morning, we'll review our third quarter 2023 results. I'm joined by Michael Prior, ATN's Chief Executive Officer; and by Brad Martin, our Chief Operating Officer. Michael will provide an update on the business and strategy and a high-level overview of our quarterly results. I'll cover our financials and provide additional color where necessary, and Brad is here for questions-and-answer session.

謝謝你，凱西，大家早安。今天早上，我們將回顧 2023 年第三季的業績。 ATN 執行長 Michael Prior 也加入了我的行列。以及我們的營運長布拉德馬丁 (Brad Martin)。邁克爾將提供業務和策略的最新資訊以及我們季度業績的高級概述。我將介紹我們的財務狀況，並在必要時提供額外的說明，布拉德將在這裡參加問答環節。

As a reminder, we released our third quarter results press release yesterday afternoon after the market closed. Investors can find earnings -- earnings release and results presentation on our Investor Relations website. Our earnings release and the presentation contain forward-looking statements concerning our current expectations, objectives and underlying assumptions regarding our future operating results. These statements are subject to 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 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. I'll now turn the call over to Michael for his prepared remarks.

提醒一下，我們昨天下午收盤後發布了第三季業績新聞稿。投資者可以在我們的投資者關係網站上找到收益—收益發布和業績演示。我們的收益發布和簡報包含有關我們當前預期、目標和未來營運績效基本假設的前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與所描述的結果有重大差異。此外，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原則財務指標。有關這些措施以及與可比GAAP 措施的調節的詳細信息，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。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're pleased with our third quarter performance as we continue to rapidly convert customers to our high-speed networks and work towards completing our 3-year plan at the end of 2024.

謝謝你，賈斯汀。大家早安，感謝您加入我們。我們對第三季的業績感到滿意，因為我們將繼續快速將客戶轉變為我們的高速網絡，並努力在 2024 年底完成我們的三年計畫。

Let me start by sharing 3 key takeaways from our performance. First, we continue to execute well on all fronts, delivering higher revenue and EBITDA on solid subscriber growth in both the quarter and first 9 months of 2023. Second, the infrastructure investments we've made in building out our broadband network provides the foundation for strong recurring revenues, durable discretionary cash flow and long-term shareholder value. And third, as we approach the final year of our 3-year plan, we remain committed to managing our balance sheet and spending levels to maximize free cash flow over time. So we launched our ambitious Glass and Steel and First-to-Fiber platform strategy 2 years ago, accelerating the delivery of high-speed data services to underserved consumers and businesses, primarily in rural areas.

首先讓我分享我們表現的 3 個關鍵要點。首先，我們繼續在各方面表現出色，在2023 年第一季和前9 個月的用戶成長穩定的基礎上實現更高的收入和EBITDA。其次，我們在建設寬頻網路方面進行的基礎設施投資為我們的寬頻網路建設奠定了基礎。強勁的經常性收入、持久的可自由支配現金流和長期股東價值。第三，隨著我們三年計畫的最後一年的到來，我們仍然致力於管理我們的資產負債表和支出水平，以隨著時間的推移最大限度地提高自由現金流。因此，我們在兩年前啟動了雄心勃勃的「玻璃鋼」和「率先光纖」平台策略，加速向服務不足的消費者和企業（主要是農村地區）提供高速數據服務。

And reflecting on our third quarter and year-to-date results in the context of that plan, I'm proud of the financial and operational milestones our team has accomplished towards those objectives. Justin will provide an update on our financial results, but I'll begin with our operating metrics. We achieved robust high-speed broadband subscriber growth of 20% year-on-year, highlighted by strong contributions from our international markets. Additionally, our international markets saw a 13% annual increase in mobile subscribers. In the U.S., we continue to expand our network reach to high-speed data subscribers and to enterprise and government customers. At the same time, we are making progress on rationalizing our legacy network and reducing run rate operating costs.

並在該計劃的背景下反思我們第三季度和今年迄今為止的業績，我為我們的團隊為實現這些目標所實現的財務和營運里程碑感到自豪。賈斯汀將提供我們財務業績的最新信息，但我將從我們的營運指標開始。我們的高速寬頻用戶實現了年比 20% 的強勁成長，國際市場的強勁貢獻凸顯了這一點。此外，我們的國際市場行動用戶每年成長 13%。在美國，我們持續將網路覆蓋範圍擴大到高速數據用戶以及企業和政府客戶。同時，我們在合理化遺留網路和降低運行率營運成本方面取得了進展。

We recently were recipients or sub recipients of nearly $45 million in federal grants to connect people in underserved rural and tribal areas to high-speed internet networks. These program grants follow on the more than $155 million in grants awarded to us and our partners over the previous 12 months and will subsidize the funding for fiber and fixed wireless high-speed network expansion in rural areas of the United States, including parts of Alaska, Arizona, Nevada and New Mexico. The network builds funded by these and potential additional brands are likely to extend over the next several years, paving the way for us to expand our network reach and grow our customer and revenue base, even as the pace of our self-funded capital expenditures decreased as planned.

我們最近獲得了近 4500 萬美元的聯邦撥款，用於將服務不足的農村和部落地區的人們連接到高速網路。這些計劃贈款是在過去12 個月向我們和我們的合作夥伴提供的超過1.55 億美元贈款的基礎上提供的，將為美國農村地區（包括阿拉斯加部分地區）的光纖和固定無線高速網路擴展提供資金補貼、亞利桑那州、內華達州和新墨西哥州。由這些和潛在的其他品牌資助的網絡建設可能會在未來幾年內擴展，為我們擴大網絡覆蓋範圍、擴大客戶和收入基礎鋪平道路，即使我們自籌資本支出的步伐有所下降正如計劃。

And for those of you who are new to ATN, we derive about half of our revenue from customers in the U.S., principally from rural communities in the West and Southwest and both urban and rural areas of Alaska. The other half of our revenue comes from Bermuda and the Caribbean, following to some fast-growing markets like Guyana. We're seeing strong mobile subscriber growth and a rapid uptake of high-speed broadband. Based on the positive dynamics and our approach to maximizing the long-term value of our capital investments, we are encouraged about the opportunities across our markets in the quarters and years ahead.

對於那些剛接觸 ATN 的人來說，我們大約一半的收入來自美國的客戶，主要來自西部和西南部的農村社區以及阿拉斯加的城市和農村地區。我們的另一半收入來自百慕達和加勒比地區，其次是圭亞那等一些快速成長的市場。我們看到行動用戶的強勁成長和高速寬頻的快速普及。基於正面的動態以及我們最大化資本投資長期價值的方法，我們對未來幾季和幾年的市場機會感到鼓舞。

ATN is all about high-speed data connections. We play directly into what is unquestionably one of the world's most durable secular growth drivers, the need to be connected anytime and everywhere. And the demand for that connectivity at increasingly higher speed is only going to accelerate. Our network's reliability, consistency and efficiency provide ATN with an essential competitive advantage and long-lasting assets that will only benefit us as the drive towards greater connectivity continues. And now I'll hand the call back to you, Justin.

ATN 致力於高速資料連線。我們直接利用了毫無疑問的世界上最持久的長期成長動力之一，即隨時隨地連結的需求。對越來越高速度的連線的需求只會加速。我們網路的可靠性、一致性和效率為 ATN 提供了重要的競爭優勢和持久的資產，隨著對更大連接的不斷推動，這些資產只會使我們受益。現在我會把電話轉給你，賈斯汀。

Great. Thanks, Michael. As a reminder, all the financials we'll be mentioning during today's call can be found in our accompanying slide presentation that we've added to our website, along with some additional financial tables.

偉大的。謝謝，麥可。提醒一下，我們在今天的電話會議中提到的所有財務數據都可以在我們添加到我們網站的隨附幻燈片簡報中找到，以及一些其他財務表格。

ATN's Q3 revenues grew 5% to $191 million, highlighting the steady momentum we've built as a result of our network investments in the past few years. Fixed broadband revenue was the strongest contributor to our top line growth, followed by carrier services and mobility.

ATN 第三季營收成長了 5%，達到 1.91 億美元，凸顯了我們過去幾年網路投資所建立的穩定動能。固定寬頻收入是我們營收成長的最大貢獻者，其次是營運商服務和行動性。

Moving down the P&L. Operating income grew to $6.8 million from $1.4 million in the prior year. Adjusted EBITDA grew 10% to $47.8 million, driven by the strong performance in our domestic businesses. The total net loss for the quarter was $3.6 million or $0.31 per share compared to a net loss of $2.8 million or $0.25 per share in Q3 of 2022. The higher net loss in the quarter was primarily driven by a $5.8 million increase in interest expense offsetting the $5.4 million increase in operating income.

損益表向下移動。營業收入從前一年的 140 萬美元增至 680 萬美元。受國內業務強勁表現的推動，調整後 EBITDA 成長 10%，達到 4,780 萬美元。本季淨虧損總額為360 萬美元，即每股0.31 美元，而2022 年第三季的淨虧損為280 萬美元，即每股0.25 美元。本季淨虧損較高，主要是由於利息費用增加580萬美元抵銷了營業收入增加 540 萬美元。

Looking at the segment performance for the quarter. The International segment revenues grew 4% to nearly $94 million, while adjusted EBITDA was down slightly to $27.5 million. Operating expenses for the segment were unusually high in the quarter for a number of reasons including the addition of sales support resources that are helping drive the stronger subscriber and revenue growth. We also saw elevated expenses in a few other operating categories, including regulatory fees, and we expect those costs will come down in the coming quarters. For the first time, we exceeded 400,000 international mobile subscribers while also delivering strong high-speed broadband subscriber growth. As I mentioned, subscriber growth was helped by the increased on-the-ground operation support that are capitalizing on the investments we've made to expand and upgrade our network.

看看本季的分部業績。國際部門營收成長 4%，達到近 9,400 萬美元，而調整後的 EBITDA 略有下降，至 2,750 萬美元。該部門本季的營運支出異常高，原因有很多，其中包括銷售支援資源的增加，這有助於推動更強勁的用戶和收入成長。我們還發現其他一些營運類別的費用增加，包括監管費用，我們預計這些成本將在未來幾季下降。我們的國際行動用戶數量首次突破 40 萬，同時寬頻用戶也實現了強勁的高速成長。正如我所提到的，用戶成長得益於實地營運支援的增加，這些支援利用了我們為擴展和升級網路而進行的投資。

Mobile churn was up in the quarter as expected, resulting from the wind down of the temporary COVID-related MiFi program supported by the education department in the Virgin Islands.

由於維京群島教育部門支持的與新冠病毒相關的臨時 MiFi 計畫逐漸結束，本季行動用戶流失率如預期上升。

Turning to the Domestic segment. Revenues grew 5% or $5 million to $97 million in the quarter. The increase reflected the strong performance of fixed and carrier service revenue growth, driven by increased enterprise and emergency connectivity fund revenue in Alaska and by the acquisition of Sacred Wind. As expected, this was slightly offset by a reduction in legacy roaming and construction revenues. Adjusted EBITDA in the segment rose 22% or nearly $5 million to $26.9 million. The strong EBITDA performance was driven by higher revenues and several ongoing cost reduction initiatives. As we mentioned in the last 2 quarters, ATN is focused on rightsizing the cost structure necessary to support the business into the future and improve overall operating margins.

轉向國內市場。本季營收成長 5%，即 500 萬美元，達到 9,700 萬美元。這一成長反映出固定和營運商服務收入成長的強勁表現，這得益於阿拉斯加企業和緊急連接基金收入的增加以及對 Sacred Wind 的收購。正如預期的那樣，這被傳統漫遊和建設收入的減少略微抵消。該部門調整後的 EBITDA 成長了 22%，即近 500 萬美元，達到 2,690 萬美元。強勁的 EBITDA 業績是由收入增加和多項持續的成本削減措施推動的。正如我們在過去兩個季度所提到的，ATN 專注於調整必要的成本結構，以支援未來的業務並提高整體營運利潤率。

As a result, we recorded a $1.4 million restructuring cost in the quarter and $4.6 million year-to-date, reflecting mainly costs associated with decommissioning network and reduction in force expenses. We expect the majority of our operational review to be complete in the fourth quarter and do not anticipate any further restructuring costs into 2024.

因此，本季我們記錄了 140 萬美元的重組成本，年初至今為 460 萬美元，主要反映了與退役網絡和減少人力費用相關的成本。我們預計大部分營運審查將在第四季度完成，並且預計 2024 年不會出現任何進一步的重組成本。

Looking now at capital expenditures. Year-to-date, through September 30, we invested $126.6 million, net of $14.3 million in reimbursable costs, consistent with our Glass and Steel and First-to-Fiber strategies. We're on track to be within our 2023 CapEx guidance for spending between $160 million and $170 million. Within the U.S. segment, CapEx spending during Q3 was $18.4 million. That was primarily related to fiber expansion in Alaska and the Lower 48. Internationally, CapEx spending was $18.7 million in Q3, which focused on the continuing fiber deployment in Guyana.

現在來看看資本支出。年初至今，截至 9 月 30 日，我們投資了 1.266 億美元，扣除了 1,430 萬美元的可報銷成本，這與我們的玻璃鋼戰略和先行纖維戰略一致。我們預計在 2023 年資本支出指引範圍內實現 1.6 億至 1.7 億美元的支出。在美國市場，第三季的資本支出為 1,840 萬美元。這主要與阿拉斯加和下 48 個州的光纖擴張有關。在國際上，第三季的資本支出為 1,870 萬美元，主要用於圭亞那的持續光纖部署。

In our earnings news release issued yesterday afternoon, we provided preliminary full year 2024 outlook. Our preliminary '24 adjusted EBITDA outlook anticipates a range of between $200 million to $208 million and our preliminary CapEx spending outlook anticipates a range of $120 million to $130 million. The increase in adjusted EBITDA, combined with the slower pace in our network investments will increase free cash flow as we move into 2024. Consistent with past guidance, our CapEx guidance is net of reimbursable expenses. While ATN is slowing down its rate of capital expenditures going into 2024, we expect the grants we received and expect to receive will further expand our network investments and ultimately extend our network reach and revenue potential.

在昨天下午發布的收益新聞稿中，我們提供了 2024 年全年的初步展望。我們初步的 24 年調整後 EBITDA 展望預計在 2 億美元到 2.08 億美元之間，我們初步的資本支出展望預計在 1.2 億美元到 1.3 億美元之間。進入 2024 年，調整後 EBITDA 的增加，加上我們網路投資步伐的放緩，將增加自由現金流。與過去的指導一致，我們的資本支出指導扣除了可報銷費用。雖然到 2024 年 ATN 正在放緩資本支出速度，但我們預計我們收到和預期收到的贈款將進一步擴大我們的網路投資，並最終擴大我們的網路覆蓋範圍和收入潛力。

Turning to other balance sheet and cash flow highlights. We ended the quarter with cash and cash equivalents of $73 million and net cash provided by operating activities was $89.5 million year-to-date. At the end of the third quarter, our total debt outstanding was $498 million and our consolidated net debt to adjusted EBITDA ratio remained at 2.3x. As we move into 2024 and expand free cash, we expect to maintain a healthy leverage ratio and financial flexibility. And with that, I'll hand it back to Michael.

轉向其他資產負債表和現金流亮點。截至本季末，我們的現金和現金等價物為 7,300 萬美元，年初至今營運活動提供的淨現金為 8,950 萬美元。截至第三季末，我們的未償債務總額為 4.98 億美元，合併淨債務與調整後 EBITDA 的比率維持在 2.3 倍。隨著我們進入 2024 年並擴大自由現金，我們預計將保持健康的槓桿率和財務靈活性。然後，我會把它交還給麥可。

Thank you, Justin. Our performance across both the broadband and mobile areas of our business has us in a good place as we look towards the final quarter of 2023 and beyond. I'm excited about the opportunities in front of us. As planned, our Glass and Steel and First-to-Fiber strategies have contributed to our recurring revenue and adjusted EBITDA growth. As we move closer to 2024, we are focused on executing on the opportunity we have developed, expanding free cash flow as we come down the other side of the investment bell-curve and growing subscribers and revenue at higher incremental unit margins, which should expand our operating margins and magnify the benefit of the normalizing capital spend levels. We expect the fiber investments in particular, to have a long tail, delivering sustained strong operating cash flows for years to come. And now I'll turn it back to you, operator, to open the line for questions.

謝謝你，賈斯汀。展望 2023 年最後一個季度及以後，我們在寬頻和行動業務領域的表現使我們處於有利位置。我對我們面前的機會感到興奮。按照計劃，我們的玻璃和鋼鐵以及先行纖維策略為我們的經常性收入和調整後的 EBITDA 成長做出了貢獻。隨著 2024 年的臨近，我們專注於抓住我們已經開發的機會，在投資鐘形曲線的另一邊擴大自由現金流，並以更高的單位利潤增量增加用戶和收入，這應該會擴大我們的營業利潤率並放大了資本支出水準正常化的好處。我們預計光纖投資將具有長尾效應，在未來幾年內帶來持續強勁的營運現金流。現在我將把它轉回給您，接線員，以打開提問線路。

(Operator Instructions) Our first question will come from Ric Prentiss with Raymond James.

（操作員說明）我們的第一個問題將由 Ric Prentiss 和 Raymond James 提出。

A couple of questions. First, appreciate the preliminary 2024 guidance always helps. Help us understand what your level of visibility is in giving that? And kind of what the puts and takes are as far as what you're excited about and what you're concerned about.

有幾個問題。首先，欣賞 2024 年初步指導總是有幫助的。請幫助我們了解您在提供此資訊時的可見度如何？就你所興奮的和你所關心的而言，看跌期權和賣出期權是什麼。

I think to answer the last part first. I mean, I think we feel pretty good about that, and it is preliminary, but I think we feel we will be given a relatively tight range if we didn't feel pretty good about landing in that area. The puts and takes are we have a huge portion of our revenue is recurring, just naturally recurring if not a lot of volatility. So the puts and takes are kind of smaller things. We have one example is we have a contract that we know about that's COVID-related $27 million annual contract in the U.S. side that is going to expire or scheduled to expire at the end of the first quarter. And we've taken that into account, that would be sort of on the negative side. On the positive side, we're pretty confident in the continued subscriber growth and continued organic revenue growth rates on the back of it. And then I would say it's kind of right down the middle in terms of our expectations on that, but not heroic by any means.

我想先回答最後一部分。我的意思是，我認為我們對此感覺很好，而且這是初步的，但我認為如果我們對降落在該區域感覺不太好，我們感覺我們將被給予一個相對較小的範圍。看跌期權和認沽期權是我們收入的很大一部分是經常性的，即使沒有很大的波動，也是自然循環的。所以看跌期權和看跌期權是一些較小的事情。舉個例子，據我們所知，美國方面與新冠疫情相關的價值 2700 萬美元的年度合約即將到期或計劃於第一季末到期。我們已經考慮到了這一點，這將是一種消極的一面。從積極的一面來看，我們對用戶的持續成長和隨之而來的持續的有機收入成長率非常有信心。然後我想說，就我們對此的期望而言，這有點中間，但無論如何都不是英雄。

Okay. Speaking of revenue, you guys don't provide a revenue guidance. Any thoughts on why that is? Is it just that you're managing towards the margin, different businesses can have different profiles? Or just wondering when on the revenue guidance as well -- since so much is recurring.

好的。說到收入，你們沒有提供收入指導。有什麼想法嗎？難道只是為了利潤而管理，不同的企業可以有不同的概況嗎？或者只是想知道收入指引何時公佈——因為很多事情都是重複發生的。

Yes. We didn't because I think there's more things moving. It's a lot easier to focus on EBITDA, which leads on CapEx, which leads us to the most important number, which is free cash flow. So we're really focused it there. So -- but as I said, I don't -- I think other than that one example I gave, I think you kind of -- we kind of expect to see revenue growth at similar rates than what we've been experiencing.

是的。我們沒有這樣做，因為我認為還有更多事情正在發生。專注於 EBITDA 會容易得多，它領先於資本支出，而資本支出則讓我們得到最重要的數字，即自由現金流。所以我們真的把重點集中在那裡。所以 - 但正如我所說，我不 - 我認為除了我舉的那個例子之外，我認為你有點 - 我們期望看到收入以與我們經歷過的類似的速度增長。

And that $27 million COVID-related contract that was in the U.S.

還有那份在美國價值 2700 萬美元的新冠病毒相關合約。

Yes, yes. That's an annual rate. So 3/4 of that will fall away in basically next year.

是的是的。那是年利率。所以基本上明年 3/4 就會消失。

Yes. Okay. And obviously, we really do like free cash flow -- at EBITDA minus CapEx kind of simple free cash flow. Justin, you mentioned healthy leverage. Where do we think you want to run leverage at over the mid- to long-term versus the 2.3x where you're at?

是的。好的。顯然，我們確實喜歡自由現金流——即 EBITDA 減去資本支出，即簡單的自由現金流。賈斯汀，您提到了健康的槓桿作用。我們認為，與目前的 2.3 倍相比，您希望中​​長期槓桿率處於什麼水平？

I think we will -- our goal is to still get leverage down in that 2x range, right? So some of that's going to be driven by free cash flow and other can be driven by just growth in EBITDA. But our goal long-term is to keep driving it down from the 2.3x level or it's closer to 2x.

我認為我們會 - 我們的目標是將槓桿率降低到 2 倍範圍內，對嗎？因此，其中一些將由自由現金流驅動，而另一些則由 EBITDA 的成長驅動。但我們的長期目標是繼續將其從 2.3 倍降低或接近 2 倍。

Okay. And obviously, financial flexibility seems to tee up a lot of shareholder returns. How should we think about -- how you're thinking about stock buyback stock somewhat illiquid dividends, which are usually hopefully forever, just as we think about where financial flexibility might go or M&A.

好的。顯然，財務靈活性似乎可以帶來大量股東回報。我們應該如何考慮——你如何考慮股票回購股票流動性較差的股息，通常希望這些股息是永遠的，就像我們考慮財務靈活性可能走向何處或併購一樣。

Yes. I think we're primarily focused on the shareholder side as opposed to M&A. We've been investing a lot in the business and it's time to sort of deliver on that. I think on the stock buybacks, I think through September 30, we were at nearly $12 million this year, and that leaves us with at the end of September, we would have had about $7.5 million left in existing program. So typically, in December timeframe and sometimes at other times, the Board will kind of look at those sort of capital allocation decisions, dividends, buybacks and all the rest.

是的。我認為我們主要關注股東方面而不是併購。我們已經在業務上投入了大量資金，現在是時候兌現這一目標了。我認為在股票回購方面，截至 9 月 30 日，我們今年的回購規模接近 1,200 萬美元，到 9 月底，現有計畫還剩下約 750 萬美元。因此，通常情況下，在 12 月的時間範圍內，有時在其他時間，董事會會考慮此類資本分配決策、股利、回購等。

This question comes from the line of Hamed Khorsand with BWS Financial. We'll go to another question or just one moment -- this question comes from the line of Greg Burns with Sidoti.

這個問題來自 BWS Financial 的 Hamed Khorsand。我們將討論另一個問題，或者只是一會兒——這個問題來自格雷格·伯恩斯（Greg Burns）和西多蒂（Sidoti）的台詞。

I just had a couple of questions about the segment margins. First, on the international side, that increase in spending you saw this quarter. It sounded like some was unusual with some was maybe structurally higher spending to drive growth. Could you just kind of break those apart and maybe what kind of -- are you expecting margins to expand from here? Or is this a good level to think about for the business going forward?

我只是有幾個關於細分市場利潤的問題。首先，在國際方面，本季支出有所增加。聽起來有些不尋常，有些可能是結構性較高的支出來推動成長。您能否將它們分開，或者您是否期望利潤率從這裡開始擴大？或者說，對於未來的業務來說，這是一個值得思考的好層次嗎？

We are expecting margins to expand, but maybe Brad, I'll let you give a little more color on international.

我們預期利潤率會擴大，但也許布拉德，我會讓你在國際方面提供更多的色彩。

Yes. So from a margin expansion perspective, we'll continue to grow margin through continually adding subscribers and revenue on our existing fixed cost-based assets that we've been investing in. And we have, combined with the continued decommissioning of legacy networks, [CSL] and Legacy Mobile.

是的。因此，從利潤擴張的角度來看，我們將透過不斷增加我們一直投資的現有固定成本資產的用戶和收入來繼續增加利潤。並且，結合傳統網路的持續退役，[ CSL] 和傳統移動。

And I think just -- I'm not sure we answered you on the most recent quarter was what -- some of it was related to the sales side, but some of the things like regulatory fees and we're focused on bringing those costs down.

我認為 - 我不確定我們在最近一個季度的回答是什麼 - 其中一些與銷售方面有關，但有些與監管費用有關，我們專注於帶來這些成本向下。

Okay. And I think CapEx was closer to $70 million, $80 million annually before I guess you embarked on the current fiber initiatives. Is that a good level to think of like where more steady-state maintenance or run rate CapEx is once we get past 24, maybe it's higher now because you have Alaska -- just how should we think about where CapEx is going to be heading over the next couple of years?

好的。我認為在您開始實施目前的光纖計劃之前，每年的資本支出接近 7000 萬美元、8000 萬美元。這是一個很好的水平，可以想像一旦我們超過24 點，更多的穩態維護或運行率資本支出就在哪裡，也許現在更高，因為你有阿拉斯加——我們應該如何考慮資本支出將走向何方未來幾年？

Yes. I think if you look -- I think we think of it as a percentage of revenue, right? And we've been running well above 15%, which is sort of what we would call the top end of the normal range in recent years as we've been embarked on these programs. So we would expect it to start not only to move into that range but move down the range, not trying to give you a number on 25% at this point, but I think that's the direction of travel.

是的。我想如果你看一下——我認為我們將其視為收入的百分比，對吧？我們的運行率一直遠高於 15%，這就是我們近年來開始實施這些計劃時所稱的正常範圍的上限。因此，我們預計它不僅會開始進入該範圍，還會向下移動，此時不會試圖給您 25% 的數字，但我認為這就是前進的方向。

Typically, in our experience in a lot of the markets we've been in for many years after a period of excess, we usually pretty down 10% can be below that in individual markets for a while after that kind of expenditure. And of course, like everybody else, part of the belief in fiber investment is that it has a lower maintenance cost, and it's got a long run rate of long technologically useful life in the business. So the fundamentals of what we're investing in, I think, should lend us down to the lower end of that range without again, trying to give you a 25% number.

通常情況下，根據我們在許多市場的經驗，經過一段時間的過度支出後，我們通常會在一段時間內將價格降低 10%，低於個別市場的水平。當然，與其他人一樣，人們對光纖投資的部分信念是它具有較低的維護成本，並且在業務中具有較長的技術使用壽命的長期運行率。因此，我認為，我們投資的基本面應該會讓我們降至該範圍的下限，而不再試圖給你一個 25% 的數字。

Yes. And just to clarify, too, Greg, I think your $70 million, $80 million was probably somewhat pre Alaska.

是的。格雷格，我想澄清一下，我認為你的 7000 萬美元、8000 萬美元可能是阿拉斯加之前的。

Our next question -- this question is from Hamed Khorsand with BWS Financial.

我們的下一個問題——這個問題來自 BWS Financial 的 Hamed Khorsand。

I know something must be wrong there, operator.

我知道那裡肯定出了什麼問題，接線員。

Yes, you may need to unmute Hamed or we can try someone else. Thank you.

是的，您可能需要取消 Hamed 的靜音，或者我們可以嘗試其他人。謝謝。

Yes. We'll have to come back to him, I guess, if get that fixed.

是的。我想，如果問題解決，我們就必須回到他身邊。

Yes. So we have another question from Ric Prentiss with Raymond James.

是的。里克普倫蒂斯（Ric Prentiss）和雷蒙德詹姆斯（Raymond James）向我們提出了另一個問題。

Just open air time, I'll take it.

只是露天時間，我會接受的。

We can't have dead airtime. You know that, right?

我們不能讓廣播時間停滯不前。你知道，對吧？

Exactly, exactly. Can you hear me now. The follow-up questions I had is, first, a lot of interest in the industry about fixed wireless, high-speed Internet. How do you all think about your markets domestically and internationally about do you have the capacity to offer fixed wireless? Is there an interest out there? Can it reduce churn? Just kind of opine on fixed wireless and I have one more follow-up.

完全正確。你聽得到我嗎。我的後續問題是，首先，業界對固定無線、高速網路很感興趣。你們如何看待你們的國內和國際市場，你們是否有能力提供固定無線服務？那裡有興趣嗎？它可以減少客戶流失嗎？只是對固定無線的一種看法，我還有一個後續行動。

Yes, I think it's absolutely part of the mix in all our markets really. And it varies, right? An area like Bermuda, it's a very little part of the mix. It's fairly densely populated. We've got high-speed connections to virtually every home. But even in some places like Cayman and in parts of Cayman we are bringing fiber towers and using fixed wireless solutions because the economics are better, and it's typically used in partly populated areas if we have a good enough spectrum availability or and technology availability, we can deliver high capacity to each user.

是的，我認為這絕對是我們所有市場組合的一部分。而且它有所不同，對嗎？像百慕達這樣的地區，它只是其中的一小部分。人口相當密集。我們幾乎為每個家庭提供了高速連線。但即使在開曼群島和開曼群島的部分地區，我們也會引入光纖塔並使用固定無線解決方案，因為經濟性更好，如果我們有足夠好的頻譜可用性或技術可用性，它通常用於部分人口稠密的地區，我們可以提供每個使用者高容量。

And we've been working with technologies that have really improved the customer experience across the board. And on the U.S. as well, in the U.S., we kind of have always called it sort of hills and towns. So even in the rural areas, we're going to tend to bring fiber to the towns and then we'll bring fiber to the towers into the businesses. And -- but the people live in the hills, ranch in the hill or something. If we're going to connect them, it would be typically through a fixed wireless solution. And we have a number of areas where we have a fair amount of capacity on fixed wireless network investments we've made in the U.S. that we expect to be loading subscribers on in the quarters to come.

我們一直在研究真正全面改善客戶體驗的技術。在美國也是如此，在美國，我們一直稱之為丘陵和城鎮。因此，即使在農村地區，我們也會傾向於將光纖引入城鎮，然後將光纖引入塔樓和企業。而且──但是人們住在山上，山上有牧場什麼的。如果我們要連接它們，通常會透過固定無線解決方案。我們在美國的許多地區都擁有相當數量的固定無線網路投資容量，預計將在未來幾季增加用戶。

Okay. And the other question is, one of the other topics (inaudible) recently has been direct-to-device satellite connectivity into smartphones -- you guys have had some views into some of the satellite world, but what are your thoughts on where direct-to-device plays out what role in a (inaudible)?

好的。另一個問題是，最近的另一個主題（聽不清楚）是智慧型手機的直接設備衛星連接——你們對衛星世界有一些看法，但是你們對直接連接的想法是什麼？ to-device 在（聽不見清）中扮演什麼角色？

I mean I think it's going to be great. It's a great tool, and it's a great functionality, right? So I just think where we are an operator, that's the functionality we'd like to deliver to our customers. And where we are not a mobile operator. I think it's good for our customer base in our areas. It's probably -- it's good for some of our workers who are out there in remote areas. So I think it's here to come. I mean how big usage it is a totally different question. But in terms of available functionality, I think it's watch people get used to it, they're going -- everyone is going to want it.

我的意思是我認為這會很棒。這是一個很棒的工具，而且功能也很棒，對吧？所以我只是認為我們作為運營商，這就是我們希望向客戶提供的功能。我們不是行動電信商。我認為這對我們地區的客戶群有好處。這對我們在偏遠地區的一些工人來說可能是件好事。所以我認為它即將到來。我的意思是它的使用量有多大是一個完全不同的問題。但就可用功能而言，我認為人們會習慣它，他們會——每個人都會想要它。

I don't know, Brad, if you had anything to add to that or...

我不知道，布拉德，你是否還有什麼要補充的，或者…

No, fully agree. And that will continue to evolve. But we definitely see a great use case for that.

不，完全同意。而且這種情況還會持續發展。但我們確實看到了一個很好的用例。

And it seems like the ecosystem really is to get the chipset -- the satellite operators, the chipset, the phone and the operator kind of all congealed and working together. Is that a fair thought or...

看起來生態系統確實是為了讓晶片組——衛星運營商、晶片組、電話和運營商都凝結起來並一起工作。這是一個公平的想法還是......

I don't know if I know enough. I know -- I do think it's got to have some of that. I mean we were involved in XCom, which did that is [global sat], right, which is working with Apple, I believe. And so those are -- and there's other providers who are doing that. So it seems to me it does have to be sort of a multipronged effort.

我不知道我是否了解得夠多。我知道——我確實認為它必須有一些。我的意思是我們參與了 XCom，它是[全球衛星]，對吧，我相信它正在與蘋果合作。這些都是——而且還有其他提供者正在這樣做。所以在我看來，這確實必須是多管齊下的努力。

Any further questions, operator?

接線生還有其他問題嗎？

I'm showing no further questions at this point. So I'd like to now turn it back to Michael -- prior for closing remarks.

此時我不會提出任何進一步的問題。所以我現在想把它轉回邁克爾——之前他做結束語。

Okay. Well, thank you. Thank you all for joining us on the third quarter call. That's a good one.

好的。嗯，謝謝。感謝大家參加第三季的電話會議。這是一件好事。

Take care, everybody.

大家保重。

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

感謝您參加今天的會議。程式到此結束。您現在可以斷開連線。