ATN International Inc (ATNI) 2024 Q3 法說會逐字稿

Good day. And thank you for standing by.

再會。感謝您的支持。

Welcome to the ATN International Q3 2024 earnings conference call and webcast.

歡迎參加 ATN International 2024 年第三季財報電話會議和網路廣播。

(Operator Instructions)

（操作員指令）

I would now like to hand the conference over to your first speaker today. Michele Satrowsky, corporate treasurer. Please go ahead.

現在我想將會議交給今天的第一位發言者。 Michele Satrowsky，公司財務長。請繼續。

Thank you, operator and good morning, everyone. I'm joined today by Brad Martin ATN's Chief Executive Officer and Carlos Doglioli ATN's Chief Financial Officer. This morning, we'll be reviewing our third quarter, 2024 results and providing additional insights on the 2024 outlook.

謝謝接線員，大家早安。今天與我一起出席的還有 ATN 的執行長 Brad Martin 和 ATN 的財務長 Carlos Doglioli。今天上午，我們將回顧 2024 年第三季的業績，並提供更多有關 2024 年前景的見解。

As a reminder, we announced our 2024 Third quarter results yesterday afternoon. After the market closed, investors can find the earnings release and conference call slide presentation on our investor relations. Website.

提醒一下，我們昨天下午公佈了 2024 年第三季的業績。市場收盤後，投資者可以在我們的投資者關係網站上找到收益報告和電話會議幻燈片簡報。網站。

Our earnings release and the presentation contain certain forward-looking statements concerning our current expectations, objectives and underlying assumptions regarding our future operations. 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 for investors.

我們的收益報告和簡報包含一些涉及我們當前預期、目標和未來營運的基本假設的前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與描述的結果有重大差異，同時也是為了向投資者提供有用的信息。

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 Ir dot ATN I dotcom or the eight K filing provided to the FCC. And now I'll turn the call over to Brad.

我們今天的評論包括非公認會計準則 (GAAP) 財務指標，有關這些指標和與可比公認會計準則 (GAAP) 指標的對賬的詳情，以及可能影響我們未來經營業績的因素的更多信息，請參閱我們網站 Ir dot ATN I dotcom 上的收益報告或向 FCC 提交的 8K 文件。現在我將電話轉給布拉德。

Thank you, Michel. Good morning, everyone and thank you for joining us for our fiscal third quarter, 2024 earnings conference call.

謝謝你，米歇爾。大家早安，感謝您參加我們的 2024 財年第三季財報電話會議。

We remain focused on executing our strategy to leverage our upgraded network assets and manage the business prudently aiming to increase cash flow drive margin improvements and deliver sustainable value to our shareholders and customers over the long term.

我們將繼續專注於執行我們的策略，利用升級後的網路資產，審慎管理業務，旨在增加現金流，提高利潤率，並為我們的股東和客戶提供長期可持續的價值。

Looking at our Q3 performance is a tale of two segments with progress in the international segment and under performance in our US operations.

回顧我們第三季的業績，我們可以發現兩個部分：國際業務取得了進展，而美國業務表現不佳。

While there are several bright spots in the third quarter including strong free cash flow from operations, an international margin improvement driven by effective cost management. Our top and bottom line performance was affected by a few key factors.

第三季也有幾個亮點，包括強勁的經營自由現金流，以及有效的成本管理推動的國際利潤率提高。我們的營業收入和淨利潤表現受到幾個關鍵因素的影響。

These included lower levels of nonplanned prepaid consumer mobility sales, slower consumer sales execution in key us markets and other performance with enterprise and sales and delivery. Specifically in Alaska, we had expected these revenue pipelines would offset more of the anticipated impact from the conclusion of the AC P and ECF government programs. But these have not transpired at the pace projected as a result. We are updating our full year financial outlook expectations.

其中包括計劃外預付費消費者行動銷售水準較低、美國主要市場消費者銷售執行速度較慢以及企業和銷售與交付的其他表現。特別是在阿拉斯加，我們預計這些收入管道將抵消更多預期的 AC P 和 ECF 政府計劃結束的影響。但這些並未按照預期的速度實現。我們正在更新全年財務展望預期。

We are taking strategic actions to align our cost structure with current revenue levels while focusing on margin improvement and cash flow generation.

我們正在採取策略行動，使我們的成本結構與當前的收入水準保持一致，同時專注於提高利潤率並產生現金流。

These actions include advancing cost efficiency initiatives, optimizing value of our assets and leveraging our upgraded network and offerings to maintain market share and drive customer conversion to higher value services.

這些措施包括推動成本效益措施、優化資產價值、利用升級的網路和產品來維持市場份額並推動客戶轉向更高價值的服務。

With that. Let's take a look at our operational strategic highlights from the quarter within each segment starting with us silicom based on our underperformance related to the previously mentioned dynamics and compression in market multiples. We report a non cash $35 million goodwill impairment charge.

就這樣。讓我們來看看本季每個部門的營運策略亮點，從美國矽谷開始，基於與前面提到的動態和市場倍數壓縮相關的表現不佳。我們報告了3500萬美元的非現金商譽減損費用。

During the third quarter, we are assessing the best way to expand the value of the US telecom segment as we focus on the growth of our business carrier and fiber fed consumer markets. While deemphasizing certain markets for consumer, fixed wireless and mobility services.

在第三季度，我們正在評估擴大美國電信部門價值的最佳方式，因為我們專注於商業營運商和光纖消費市場的成長。同時淡化某些消費者、固定無線和行動服務市場。

We believe there is significant opportunity to maximize the value of our existing and recently enhanced assets, improve our underlying cost structures and augment company funded capital investments with available government funding such as the B program to support a return to more normalized capital spending levels, our reimbursable capital expenditures increased significantly year-to-date in Q3.

我們相信，我們有很大的機會最大化現有資產和最近增值的資產的價值，改善我們的基礎成本結構，並利用可用的政府資金（如 B 計劃）增加公司資助的資本投資，以支持恢復到更正常化的資本支出水平，我們的可報銷資本支出在今年第三季度大幅增加。

This is due in part to the start of our construction phase in the previously announced grant wins totaling more than $280 million.

部分原因是我們先前宣布的總額超過 2.8 億美元的資助項目的建設階段已經開始。

These fiber based projects will further enhance the longevity of our assets and addressable markets to deliver future value for the business.

這些基於光纖的項目將進一步延長我們資產的壽命和潛在市場，為企業帶來未來價值。

Well, there is more work to do in our US telecom segment to stabilize and grow revenues and profitability. We are confident in our ability to leverage our position as a trusted partner with our carrier customers. Our recently strengthened executive sales leadership in our existing fiber based network assets to improve performance, turning now to our international segment.

嗯，我們在美國電信部門還有很多工作要做，以穩定和增加收入和獲利能力。我們有信心發揮我們作為營運商客戶值得信賴的合作夥伴的地位。我們最近加強了現有光纖網路資產的高階主管銷售領導力，以提高業績，現在轉向我們的國際部門。

While revenue remains flat, we achieve double digit growth and adjusted EBITA.

雖然營收保持平穩，但我們實現了兩位數的成長和調整後的 EBITA。

We experienced growth in sales for consumer and business fixed customers as well as business mobility.

我們的消費者和商業固定客戶以及商業行動客戶的銷售額均有所成長。

This was offset by consumer mobility revenue declines in Guyana primarily due to competitive headwinds impacting low arcu prepaid customers operationally, we saw continued strength in our international markets with the conversion of subscribers onto our high speed network with high speed data subscribers up 4% compared with last year in international mobility.

這被圭亞那消費者行動收入的下降所抵消，這主要由於競爭不利因素在營運上影響了低arcu預付費客戶，我們看到國際市場繼續保持強勁，用戶轉換到我們的高速網絡，高速數據用戶與去年相比在國際移動方面增長了4％。

We continue to make progress in the quality of our subscriber base by transitioning customers to higher margin services which we believe will make them more resilient.

我們透過將客戶轉向利潤率更高的服務來不斷提高用戶群的質量，我們相信這將使他們更具彈性。

This progress is reflected in combined post pay and prepaid plan revenue growth of 5.7% quarter over quarter and 28.3% year over year, we have now launched five G in two of our international markets and in Q3 60% of our total mobility revenue came from these two new five G capable networks.

這一進步體現在後付費和預付費計劃總收入環比增長 5.7%、同比增長 28.3%，我們現在已經在我們的兩個國際市場推出了 5G，第三季度我們 60% 的總行動收入來自這兩個新的 5G 網路。

These upgrades were essential to the improvements in the quality shifts we have seen in our subscriber base, a major milestone we achieved in Q3 and an important strategic step in our evolution. With the launch of our new unified brand in our largest international market.

這些升級對於我們用戶群品質的提升至關重要，這是我們在第三季實現的重要里程碑，也是我們發展過程中重要的策略一步。隨著我們在最大的國際市場推出新的統一品牌。

One communications was rolled out in Guyana to drive a common brand strategy and efficiencies across our Caribbean markets. We expect the centralized go to market approach will enable the ATN International team to further strengthen their already dominant. Number one or number two market positions in mobile and in fixed through common technology architecture.

我們在圭亞那推行了一項通訊措施，以推動我們在加勒比海市場的共同品牌策略和效率。我們預期集中化的行銷方式將使 ATN 國際團隊進一步鞏固其已經佔據的主導地位。透過通用技術架構，在行動和固定市場中佔據第一或第二的位置。

And we continue to improve profitability and cash flow.

我們持續提高獲利能力和現金流。

Before turning the call to Carlos, I want to reiterate that our priorities have not changed. We remain focused on capitalizing on our enhanced network capabilities and localized operations to capture high value revenue opportunities all while managing the business carefully to expand margins and improve cash flows.

在將電話轉給卡洛斯之前，我想重申我們的優先事項沒有改變。我們將繼續專注於利用我們增強的網路能力和在地化營運來抓住高價值的收入機會，同時謹慎管理業務以擴大利潤率和改善現金流。

As we near the end of our three year first to fiber and glass and steel investment cycle, we're reducing capital expenditures although we continue to fund targeted network expansions through both internal resource and government grant programs.

隨著我們三年的光纖、玻璃和鋼材投資週期即將結束，我們正在減少資本支出，儘管我們繼續透過內部資源和政府補助計劃為有針對性的網路擴張提供資金。

Additionally, we remain committed to a disciplined approach to manage our balance sheet with a long term goal of gradually reducing leverage.

此外，我們仍致力於採取嚴謹的方法來管理我們的資產負債表，長期目標是逐步降低槓桿率。

While we're adjusting our expectations for 2024 we remain focused on executing our long term strategy while acting nimbly to adapt to the near term headwinds.

在調整 2024 年預期的同時，我們仍專注於執行我們的長期策略，同時靈活應對短期不利因素。

We're committed to positioning the company for sustainable long term growth and value creation for our shareholders. We could not achieve this without the dedicated and hard working ATM team as well as the continued trust of our customers and partners.

我們致力於使公司實現可持續的長期成長並為股東創造價值。如果沒有 ATM 團隊的辛勤奉獻以及客戶和合作夥伴的持續信任，我們就不可能實現這一目標。

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

說完這些，我就把電話交給你，卡洛斯。

Thank you, Brad.

謝謝你，布拉德。

Good morning, everyone and thanks for joining us today.

大家早安，感謝大家今天的參與。

Our focus remains on managing the business with an emphasis on optimizing value by improving cash flow and expanding margins through cost management, driving positive returns on our high quality assets.

我們的重點仍然是管理業務，強調透過改善現金流量和透過成本管理來擴大利潤率來優化價值，從而推動優質資產的正回報。

Although we faced topline headwinds primarily in our domestic markets, there were some highlights in the quarter, most notably stronger year over year free cash generation from operations and improved margins in our international segment.

儘管我們主要在國內市場面臨營收阻力，但本季也有一些亮點，最明顯的是營運產生的自由現金流同比增長，國際部門的利潤率提高。

Let's review our third quarter financial results in more detail.

讓我們更詳細地回顧一下第三季的財務表現。

Total company revenue of $178.5 million was down 7% compared with the same period in 2023.

公司總收入為 1.785 億美元，與 2023 年同期相比下降了 7%。

The step down in revenue primarily reflects the conclusion of the emergency connectivity fund and affordable care programs mostly impacting the US Telecom segment as well as a year over year reduction in construction revenues operating loss in the third quarter was $38.4 million versus operating income of $6.8 million in Q3 of 2023.

收入下降主要反映了緊急連接基金和平價醫療計劃的結束，這些計劃主要影響了美國電信部門，以及建築收入的同比減少，第三季度的營業虧損為 3840 萬美元，而 2023 年第三季度的營業收入為 680 萬美元。

The operating loss includes a non cash, $35.3 million goodwill impairment charge we took in the quarter which reflects the current us market dynamics. Brad spoke about and the compression of market multiples Q3 operating income was also impacted by $3.8 million in transaction fees related to our previously announced debt refinancing in Alaska and $2.3 million of restructuring and reorganization expenses related to the cost management efforts mentioned during our Q2 call net loss was $32.7 million or $2.26 per share.

營業虧損包括我們本季承擔的 3,530 萬美元非現金商譽減損費用，這反映了當前美國市場的動態。布拉德談到，市場倍數的壓縮第三季度的營業收入也受到與我們先前宣布的阿拉斯加債務再融資相關的 380 萬美元交易費用和與我們在第二季度電話會議上提到的成本管理工作相關的 230 萬美元重組和改組費用的影響，淨虧損為 3270 萬美元，即每股 2.26 美元。

This compares with a per year net loss of $3.6 million or $0.31 per share. The difference was mostly mostly driven by the aforementioned factors as well as an increase in interest expense adjusted EBITA for the third quarter was $45.7 million down 5% from the year ago period, primarily as a result of the decline in revenues and margins in the US telecom segment.

相比之下，每年淨虧損為 360 萬美元，即每股 0.31 美元。這一差異主要是由於上述因素以及利息支出的增加所致，第三季調整後的 EBITA 為 4,570 萬美元，較去年同期下降 5%，這主要是由於美國電信部門的收入和利潤率下降所致。

Looking now at the segment's performance beginning with our international segment, revenues of $94.3 million were essentially flat compared with the third quarter of last year. As the softness in consumer mobility revenues related to competitive pressures were offset by solid fixed revenue gains. And business mobility revenue growth adjusted EBITA grew to $32.2 million compared with $27.5 million in the third quarter of last year, an increase of 17.3%.

現在從國際部門開始看一下該部門的表現，9,430 萬美元的收入與去年第三季相比基本持平。由於競爭壓力導致的消費者行動收入疲軟被穩健的固定收入成長所抵消。商業行動收入調整後的 EBITA 成長至 3,220 萬美元，而去年第三季的 2,750 萬美元則成長了 17.3%。

This growth reflects the continued benefit from previous restructuring efforts which we expect to favorably impact year over year Q4 results in the international segment.

這一增長反映了先前重組努力的持續效益，我們預計這將對國際部門第四季度的同比業績產生積極影響。

The quarter was also impacted by one time re rebranding investments we made in support of our common brand launch in Guyana as well as hurricane related costs in our domestic segment.

本季度也受到了我們為支持在圭亞那推出共同品牌而進行的一次性品牌重塑投資以及國內部門的颶風相關成本的影響。

Third quarter revenues were $84.2 million down 13% year over year. Primarily due to the conclusion of the ECF and A TP government programs as well as a reduction in construction revenues adjusted EBITA for the domestic segment was $17.7 million down 34.1% compared with the prior year. Primarily due to the revenue related headwinds and higher direct costs.

第三季營收為 8,420 萬美元，年減 13%。主要是由於 ECF 和 A TP 政府專案的結束以及建築收入的減少，國內部門的調整後 EBITA 為 1,770 萬美元，較前一年下降 34.1%。主要是由於與收入相關的阻力和更高的直接成本。

Moving on to the balance sheet and cash flow highlights.

繼續討論資產負債表和現金流量重點。

We ended the quarter with a net debt ratio of 2.39 times on total debt outstanding of $561 million.

截至本季末，我們的淨負債比率為 2.39 倍，未償還債務總額為 5.61 億美元。

Our net cash provided by operating activities was strong at $97.4 million for the first nine months of 2024. Up from the $89.5 million in the prior year period.

2024 年頭 9 個月，我們的營運活動淨現金強勁，達到 9,740 萬美元。

This was driven primarily by our efforts to improve our working capital position to attention to cash collection cycles.

這主要得益於我們努力改善營運資本狀況並關注現金回款週期。

The transaction related fees I mentioned earlier are associated with the August refinancing of our Alaska facility.

我之前提到的交易相關費用與我們阿拉斯加工廠八月的再融資有關。

The market conditions allowed us to increase our availability and extend the maturity to 2029 turning now to capital expenditures CapEx during the first nine months of the year totaled $85.7 million net of $71.8 million of reimbursable capital expenditures.

市場條件使我們能夠增加可用性並將到期日延長至 2029 年，現在轉向資本支出，今年前九個月的資本支出總額為 8570 萬美元，扣除 7180 萬美元的可報銷資本支出。

This compares with $126.6 million net of $14.3 million in reimbursable capital expenditures in the prior year.

相較之下，前一年的可報銷資本支出為 1.266 億美元，扣除 1,430 萬美元。

It is important to point out that as you can see from the numbers, we continue to see government support as an important component in the enhancement of our infrastructure in the rural US.

值得指出的是，從數據中可以看出，我們仍然將政府支持視為加強美國農村基礎設施的重要組成部分。

During Q3, we returned capital to our shareholders through $3.6 million in dividends.

第三季度，我們透過 360 萬美元的股息向股東返還了資本。

With that, let's move to our guidance for the remainder of 2024.

因此，讓我們來製定 2024 年剩餘時間的指導。

Today, we are updating our outlook for full year 2024 to reflect current expectations for near term operating performance revenues for the full year are now expected in the range of $720million to $730 million compared with our previous range of $730million to $750 million adjusted EBITA is now expected in the range of $182million to $188 million for the full year compared with our previous range of $190million to $200 million.

今天，我們更新了 2024 年全年展望，以反映當前對近期運營業績的預期：目前預計全年收入在 7.2 億至 7.3 億美元之間，而之前的範圍為 7.3 億至 7.5 億美元；目前預計全年調整後 EBITA 在 1.82 億至 1.88 億美元之間，而之前的範圍為 1.9 億至 2 億美元。

We continue to expect capital expenditures in the range of $100million to $110 million net over revised amounts.

我們繼續預期資本支出淨額將在修訂後的 1 億美元至 1.1 億美元之間。

And with the revised adjusted EBITA expectations, we now expect to exit the year with an end depth ratio of 2.3 to 2.6 times.

根據修改後的調整後 EBITA 預期，我們目前預計今年末深度比率將達到 2.3 至 2.6 倍。

We continue to monitor the net debt ratio with the objective to bring down leverage closer to two times over the medium term.

我們將繼續監控淨負債比率，目標是在中期內將槓桿率降至接近兩倍。

In conclusion, we continue to see positive momentum in our international business.

總而言之，我們的國際業務繼續呈現積極勢頭。

We believe that this is solid and well positioned to recover from the competitive dynamics experienced in the past two quarters in the US. We remain focused on driving margin and cash flow improvement.

我們相信，這是穩固的，並且有利於從美國過去兩個季度經歷的競爭態勢中恢復過來。我們仍然專注於提高利潤率和現金流。

As we navigate headwinds, we are confident we are taking the appropriate strategic actions to solidify our execution in the US market and adapt the business to the evolving market environment.

在克服困難的同時，我們有信心採取適當的策略行動，鞏固我們在美國市場的執行力，並使業務適應不斷變化的市場環境。

Thank you again for your time today and we look forward to updating you on our progress in the coming months.

再次感謝您今天的時間，我們期待在未來幾個月向您通報我們的進展。

I'll now hand the call back over to Brad.

我現在將電話轉回給布拉德。

Thanks Carlos.

謝謝卡洛斯。

We are confident that our strategy will enable a TN to deliver value to our shareholders, employees, customers, partners and local communities. For the long term, our upgraded and expanded footprint skill team and dedication to our mission empower us to provide essential connectivity to our customers, expand in our markets and achieve profitable growth, increased cash flow and value creation for our shareholders.

我們相信，我們的策略將使 TN 為我們的股東、員工、客戶、合作夥伴和當地社區創造價值。從長遠來看，我們升級和擴大的足跡技能團隊以及對我們使命的奉獻精神使我們能夠為客戶提供必要的連接，擴大我們的市場並實現盈利性增長，增加現金流並為股東創造價值。

With that operator. We'd like to open it up for questions.

和那個操作員一起。我們願意接受提問。

Thank you so much.

太感謝了。

(Operator Instructions)

（操作員指令）

Our first question comes from the line of Rick Prentiss with Raymond James. Your line is now open.

我們的第一個問題來自 Raymond James 的 Rick Prentiss。您的線路現已開通。

Thanks. Good morning, everybody.

謝謝。大家早安。

I'm Rick.

我是里克。

Hey,

嘿，

Obviously a tough quarter on the US Telecom side mentioned addressing margins on that side. Should we think that there's, is this like force cut? So we're going to see a kind of a restructuring charge coming or, or what kind of time frame? Does it take to kind of address and right size, the cost given the revenues haven't really replaced the AC P and the ECF programs.

顯然，美國電信方面經歷了一個艱難的季度，需要解決該方面的利潤問題。我們是否應該認為，這就像強制切斷嗎？那麼我們將會看到某種重組費用的到來，或是什麼樣的時間框架呢？是否需要某種地址和正確的規模，考慮到收入的成本並沒有真正取代 AC P 和 ECF 計劃。

Hey, Rick, this is Carlos I'll take this one. Thanks for the question. You know, as we talked about it in Q2 and we reiterate a little bit, you know, this quarter.

嘿，里克，這是卡洛斯，我接手這個。謝謝你的提問。你知道，正如我們在第二季度談論過的那樣，我們在本季重申了這一點。

You know, some of the efforts that we have been pursuing across the different segments or are already kind of reflecting, you know, into the numbers. You saw some of the restructuring and reorganization charges, some efforts that are related to the US segment are embedded there.

您知道，我們在不同領域所做的一些努力已經反映在數字中。您看到了一些重組和改組費用，一些與美國部門相關的努力都包含在那裡。

And some of the benefits that we did in the in international as well. You saw them flowing through the numbers as well. In terms of some of the more structural changes that we are pursuing those, you know, naturally, take a little more time and we expect to see more of those benefits into 2025 and beyond. So, that's kind of the, the process we're pursuing.

我們在國際上也取得了一些成績。您也看到它們在數字中流動。就我們正在推行的一些結構性變革而言，自然需要更多時間，我們預計在 2025 年及以後會看到更多的好處。所以，這就是我們正在追求的進程。

Okay. And then, I think we continue to kind of see a deemphasis of fixed wireless and, and mobility spectrum.

好的。然後，我認為我們繼續看到固定無線和移動頻譜的不再重要。

It's certainly an asset. We've seen us cellular propose a sale of a third of its spectrum to T Mobile. In that merger, there's the announcement of Verizon buying proposing to buy a significant chunk of low band spectrum from us. M how should we think about your spectrum position? Is that something that might be an asset to monetize and ballpark wise? I think we had you guys down at somewhere north of $100 million megahertz pops, let me just talk a little bit about spectrum asset.

這無疑是一項資產。我們看到 US Cellular 提議將其三分之一的光譜出售給 T Mobile。在那次合併中，Verizon 宣布擬向我們購買大量低頻段頻譜。 M 我們該如何看待你的光譜位置？這是否是一種可以貨幣化並大致可行的東西？我想我們已經把你們討論到 1 億美元兆赫茲資產的某個地方了，讓我來談談頻譜資產。

So, so yeah, so spectrum certainly has been a key piece of our business within our US market being a legacy mobile operator. You know, we are always looking at opportunities and how we can, we can take advantage of non strategic assets. You know, we talked about a deal last quarter, a small deal for spectrum that best year.

所以，是的，作為一家傳統行動營運商，頻譜無疑是我們在美國市場業務的關鍵部分。你知道，我們一直在尋找機會並尋找如何利用非戰略資產。你知道，我們上個季度談到了一項交易，這是一項關於當年最佳頻譜的小交易。

So it's something that we're always looking at, how do we extract the highest value from? We obviously are still using spectrum, you know, for, for certain service lines. But the certainly the exhibit of our VTM mobility, which is something that, that is in process as we speak. May, we will certainly be something that we look at and something that we are always looking to, how we can optimize that particular asset base.

所以這是我們一直在關注的問題：如何從中提取最高價值？顯然，我們仍在為某些服務線路使用頻譜。但肯定的是，我們的 VTM 移動性正在展示，這是我們所說的正在進行的事情。梅，我們肯定會關注並且一直在尋找如何優化特定資產基礎的方法。

Is there a way to kind of size, how much spectrum you have or how much might be non core not supporting of? Is there some way to kind of put a ballpark goal post on it?

有沒有辦法確定規模，有多少頻譜或有多少可能是非核心不支援的？有沒有辦法可以在上面放置一個大致的球門柱？

No, I'm not, not directly that that's an evolving dynamic. So that's not something we have here.

不，我不是直接地認為這是一個不斷發展的動態。所以這不是我們這裡所擁有的東西。

Okay. And, and Carlo, you mentioned that the you know, construction revenues were down year over year, it's fairly low margin business. But how should we think about first net or other construction projects as far as what's left to go the rest of this year as we look into 25?

好的。而且卡洛，您提到，建築收入年減，這是利潤率相當低的業務。但是，當我們展望 25 個專案時，就今年剩餘的時間而言，我們應該如何考慮第一個網路或其他建設專案？

I think at this point, Rick, we have approximately of $8 million of remaining revenues there. But given some of the public publicly known dynamics with some of the equipment choices, etcetera that, that are, are impacting the timing. We see most of that coming in 2025.

里克，我認為目前我們大約還剩餘 800 萬美元的收入。但考慮到一些公眾所知的動態以及一些設備選擇等，這些都會影響時間安排。我們預計其中大部分將在 2025 年實現。

Okay. And on the international front. One more on us side, you mentioned a leader, a sales leadership change. What does that person bring to the table or persons that that you're looking for them to, to change? What's kind of the top mission for the new sales leadership?

好的。在國際方面也是如此。我們這邊還有一個問題，您提到了領導、銷售領導的變動。這個人能帶來什麼或你希望他們改變什麼？新銷售領導層的首要任務是什麼？

Yeah, so, so like I mentioned in my prepared remarks, I mean, we have had some challenges with, with execution on, on both delivery and pipeline conversion. So we are really looking for and we have multiple new positions, you know, filled around enterprise and carrier sales. So that's an area of driving discipline, process, driving discipline, pipeline management with in a very mature enterprise market.

是的，就像我在準備好的發言中提到的那樣，我們在執行方面，包括交付和管道轉換方面都遇到了一些挑戰。所以我們確實在尋找並且我們有多個新職位，圍繞企業和運營商銷售。因此，這是一個非常成熟的企業市場中的驅動紀律、流程、驅動紀律和管道管理的領域。

so, we are bringing in, you know, new resourcing to help enhance our, our overall capacity and capability to deliver.

所以，我們正在引入新的資源來幫助提高我們的整體能力和交付能力。

And last one for me, I think you mentioned on the international front that and this is part of it, but there could be some beneficial items coming into four Q versus three Q because you had some hurricane costs and some rebranding costs. Can you help us kind of size? What kind of improvements we might see in four Q versus three Q on the international side?

對我來說最後一個問題，我想您提到了國際方面的問題，這是其中的一部分，但是與第三季度相比，第四季度可能會有一些有利的項目，因為您有一些颶風成本和一些品牌重塑成本。可以幫我們量一下尺寸嗎？從國際方面來看，四節制和三節制相比，我們會看到哪些改進？

II I would say, you know, like the way we think about it is, you know, there were, there were over a million dollars of expenses related to some of the, the order specific items that we mentioned during our, our, our remarks. But that, you know, in terms of the, you know, Q4, we don't specifically give, you know, guidance on, on segment by segment on quarter by quarter, but only the numbers, you know, you see that there's, there's, there's been benefits from some of the efforts that we pursued. And those are, are including the guidance.

II 我想說，你知道，我們是這樣想的，你知道，我們在發言中提到的一些具體訂單項目涉及超過一百萬美元的費用。但是，就第四季度而言，我們並沒有具體給出每個部門、每個季度的指引，而只是提供數字，你看，我們所做的一些努力已經帶來了效益。這些都包括指導。

Okay, very good thanks.

好的，非常感謝。

Thank you so much.

太感謝了。

One moment for our next question.

請稍候，回答下一個問題。

Our next question comes from the line of Greg Burns with Sidoti your line is now open.

我們的下一個問題來自 Sidoti 的 Greg Burns，您的線路現已開通。

Morning in the US.

美國的早晨。

How do you, I guess characterize the demand environment relative to maybe where, where you thought it was six to 12 months ago because I'm just trying to kind of maybe better understand how much of this is just execution on your part or maybe versus maybe a shift in, in the market dynamics which you weren't, weren't expecting where you maybe competitors are getting more competitive on pricing or offering or what not.

我想您如何描述當前的需求環境，相對於 6 到 12 個月前您認為的情況，因為我只是想要更好地理解這在多大程度上只是您的執行力，或者可能是您沒有預料到的市場動態的轉變，您的競爭對手在定價或供應等方面的競爭力可能正在增強。

Yes. So, really, I think there's to distinguish between the two cars, consumer and enterprise. They are again, very different dynamics happening in those in those markets. So on the, so maybe on the enterprise care and wholesale a lot of the, we do see strong demand and that is something, a lot of the delays that we've had or misses that we've had have been more on delayed deals. Has not necessarily been, the majority is certainly delayed deals, not necessarily lost deals.

是的。所以，我認為有必要區分消費者汽車和企業汽車。再次，這些市場中發生的動態非常不同。因此，也許在企業護理和批發方面，我們確實看到了強勁的需求，而我們所遇到的許多延遲或錯過更多的是由於交易延遲。不一定，大多數肯定是延遲的交易，不一定是丟失的交易。

We obviously had some lost deals, but we do see the demand for broadband services on the wholesale side continuing to, to, to grow. So that's something that is encouraging for the business moving forward. On the consumer side, Greg, there are, you know, a lot of dynamics and they'll specifically speak to the Southwest where we had, you know, the larger largest impact on the AC P shut down.

我們顯然失去了一些交易，但我們確實看到批發方面對寬頻服務的需求持續成長。這對於業務未來發展來說是一件令人鼓舞的事。格雷格，在消費者方面，你知道，有很多動態，他們會特別談到西南部，你知道，AC P 關閉對我們影響最大。

That is a, there are a lot couple dynamics. One, we are, we have been in the process of de emphasizing and shutting down some of our legacy fixed wireless broadband service areas. Part of that is due to R&R. Part of that is just due to the remote nature and the profitability of certain sites.

那是，有很多情侶動態。首先，我們正在逐漸淡化並關閉一些傳統的固定無線寬頻服務區域。部分原因在於 R&R。部分原因只是由於某些地點的偏遠性質和盈利能力。

that has been that has been a unique focus for us to, to rationalize where we have network and rationalize operations from a competitive market. It has changed. You know, the fixed wireless access progress you see from the major carriers that is a product set, that is a new competitive dynamic as they overbuild.

這一直是我們關注的獨特焦點，即合理化我們的網絡，並在競爭激烈的市場中合理化運作。它已經改變了。您知道，主要營運商在固定無線存取方面取得了進展，這是一套產品，隨著他們過度建設，這是一種新的競爭態勢。

A dynamic for us is we actually get to participate in that because we sell through our carrier remaining services, services to those carriers, we provide back call to lease that flows through our, our enterprise and carrier lines of service. So that's an area where we are trying to focus where we have what we consider nextgen fixed wireless technology.

對我們來說，一個動態是我們實際上可以參與其中，因為我們透過我們的營運商銷售剩餘服務，向這些營運商提供服務，我們提供流經我們企業和營運商服務線的回撥租賃服務。所以這是我們試圖關注的領域，我們所擁有的正是我們所認為的下一代固定無線技術。

This is, you know, north of 100 megabit to 500 megabits to gigabit style solutions. We think those are very competitive with the M&O fixed wireless service offerings. So when we talk about refocusing our efforts and it's where we have superior technology because very difficult to compete with, with the inferior technology against the quality of those brands.

您知道，這是從 100 兆位元到 500 兆位元再到千兆位元的解決方案。我們認為這些與 M&O 固定無線服務產品相比非常有競爭力。因此，當我們談到重新集中精力時，我們擁有更先進的技術，因為很難與那些技術較差的品牌的品質競爭。

Got.It. Yes. And then I guess maybe this some of what you just said kind of leads to my next question. But I just want to understand the dynamic between I see the high speed data subscribers are growing but total broadband subscribers are declining. So, is that due to this dynamic of network optimization?

知道了。是的。然後我想也許您剛才說的一些內容可以引出我的下一個問題。但我只是想了解其中的動態，我看到高速數據用戶數量正在增長，但寬頻用戶總量卻在下降。那麼，這是由於網路優化的動態嗎？

That's exactly it. Yes, we have, it's a combination not only of fixed wireless network rationalization but even fixed. We have legacy copper network that has been shutting down as we have built over, built with fiber in some of our markets. Yeah.

正是如此。是的，我們有，它不僅是固定無線網路合理化甚至是固定的組合。我們擁有傳統的銅纜網絡，但隨著我們在某些​​市場上採用光纖進行建設，這些網路已關閉。是的。

Okay. Thank you.

好的。謝謝。

Thank you so much.

太感謝了。

(Operator Instructions) Our next question comes from the line of Hamed Khorsand with BWS Financial. Your line is now open.

（操作員指示）我們的下一個問題來自 BWS Financial 的 Hamed Khorsand。您的線路現已開通。

Hey, good morning. Just some follow up here. I mean, I think all year you've been talking about this, loss of the ECF and AC P programs. So if you could just, you know, help me understand why that impact that you've been, you know, talking about all year. Now all of a sudden is you weren't ready for, you know, subscriber losses and you know, softness and consumer.

嘿，早安。這裡僅介紹一些後續內容。我的意思是，我認為你們一整年都在談論這個問題，ECF 和 AC P 計劃的損失。所以如果你能幫助我理解為什麼會出現你整年都在談論的這種影響。現在你突然就沒有準備好面對用戶的流失、疲軟和消費者的疲軟。

So, yeah, so let me distinguish between the two programs. So ECF was a program that, that went away earlier this year, we spoke about the, the, the failure to fill that pipeline to backfill that pipeline on some deals in, in one of our markets. So that has been a con the, the ability to backfill that pipeline is one of the dynamics we've been working towards all year.

是的，所以讓我區分這兩個程序。因此，ECF 是今年稍早取消的計劃，我們談到了在我們的某個市場中未能填補某些交易管道的問題。所以這是一個缺點，填補這條管道的能力是我們全年一直努力的動力之一。

So that's a distinguish between AC P AC P generally, we have from a subscriber ma maintenance of subscriber base through that transition actually roughly came in line with our expectations. A dynamic with AC P that we did not predict our largest market, which is in the Southwest of AC P subscribers, which which lost about 28% of their, of their consumer subscriber base. We were projecting, keeping about keeping about losing about 30%.

因此，這就是 AC P 與 AC P 之間的區別，一般來說，我們從用戶群的維護情況來看，透過這項轉變，實際上大致符合我們的預期。我們沒有預測到 AC P 的動態，我們最大的市場是位於 AC P 用戶的西南地區，該市場失去了約 28％ 的消費者用戶群。我們預計損失將持續約 30%。

So we actually a little better than we had planned, but we did not plan for was the amount of work required to retain those customers. There was a four month period where we were out reaching out to every customer renewing them.

因此，我們的表現實際上比計劃的要好一些，但我們沒有計劃的是留住這些客戶所需的工作量。有四個月的時間，我們一直在聯繫每一位續約的客戶。

And that had an impact on the ability to sell new. So that was something that we did not foresee as, as impactful in the, in one of our Southwest markets. So that's a distinction between AC P and ECF. But they were ultimately big programs. AC P was really announced after the start of the year. ECF we knew about late last year.

這對新產品的銷售能力產生了影響。所以這是我們沒有預見的，對西南市場有這麼大的影響。這就是 AC P 和 ECF 之間的差異。但它們最終都是大型專案。 AC P 實際上是在年初之後才公佈的。我們在去年年底就知道了 ECF。

So that was something we were planning for. And that is still a dynamic of filling that significant pipeline, both revenue and EBITA is, is something that we're working towards.

這就是我們正在計劃的事情。這仍然是填補重要管道的動力，無論是收入還是 EBITA，都是我們正在努力實現的目標。

Okay. And then specifically to Alaska, do you feel like the market is just too mature and saturated with competition to, you know, win more enterprise customers there?

好的。然後具體到阿拉斯加，您是否覺得那裡的市場過於成熟和競爭飽和，無法贏得更多的企業客戶？

No, we don't, we, you know, the market dynamics are market ics that we like. We've got really great assets in that market. We've got great relationships in that market. So we don't see that as the challenge. We see that the challenge as some execution challenges, delivery delays has been a big dynamic that has been a challenge in that market. And that's been the biggest impact on the performance to date and through the forecasted year.

不，我們不知道，你知道，市場動態是我們喜歡的市場策略。我們在那個市場擁有非常優質的資產。我們在該市場建立了良好的關係。所以我們不認為這是一個挑戰。我們認為挑戰在於一些執行上的挑戰，交付延遲一直是該市場面臨的一大挑戰。這對迄今為止以及預測年度的表現產生了最大的影響。

Okay. My last question is on Guyana Yeah, I remember talking about, you know, the restrategizing your approach to mobile, there. Is it still a focus on post pay or are you just focusing more on higher RPU kind of subscribers?

好的。我的最後一個問題是關於圭亞那的，是的，我記得我曾經談論過重新制定你們的行動策略。您仍然關注後付費嗎，還是只關注更高 RPU 類型的用戶？

Yes. So the the focus in that market is continuing to upgrade the customer base to higher services and the primary focus is is data. So we talk about plan based revenue. These are, these are data plan customers that are getting a component of data along with their voice.

是的。因此，該市場的重點是繼續為客戶群升級更高級的服務，而主要重點是數據。因此我們討論基於計劃的收入。這些都是數據計劃客戶，他們在獲取語音的同時也獲取數據組件。

And that's where we've seen significant growth in the last year. So we are seeing the quality and importantly, we're seeing the consumption of data for a market like Guyana. I mean, that's a really important dynamic. We're seeing the consumption of data in Guyana really going up. That, that is where I think we're very well positioned with, with the quality of the network we've delivered there.

這就是我們在去年看到顯著成長的地方。因此，我們看到了質量，更重要的是，我們看到了圭亞那等市場的數據消耗。我的意思是，這是一個非常重要的動態。我們發現圭亞那的數據消耗量確實在上升。我認為，憑藉我們在那裡提供的優質網絡，我們處於非常有利的地位。

And broadly, the demand for ubiquitous data access is a very good market dynamic that we are, we're, we're happy seeing the results, what we are continuing to lose are very low arpu voice customers to a new competitor in that market.

總體而言，對無處不在的數據存取的需求是一個非常好的市場動態，我們很高興看到這一結果，但我們卻不斷失去那些非常低的 arpu 語音客戶，而這些客戶都流向了該市場上的新競爭對手。

And that's something that is we, we do think that that will the impact of that will we start to live as we get into 25. But ultimately, that's the dynamic that we're, we're fighting. And I think ultimately, we believe that data consumption trend is a great trend for us.

我們確實認為，當我們進入 25 歲時，這將對我們開始的生活產生影響。我認為最終我們相信數據消費趨勢對我們來說是一個巨大的趨勢。

Okay. Thank you.

好的。謝謝。

Thank you so much.

太感謝了。

I am showing no further questions at this time.

我目前沒有其他問題。

I would now like to turn the call back over to Brad Martin for closing remarks.

現在我想將電話轉回給布萊德馬丁，請他作最後發言。

Thank you, operator. Thank you all for joining us today. We look forward to speaking with many of you in the months ahead. Thank you again for your time.

謝謝您，接線生。感謝大家今天的參與。我們期待在未來的幾個月與你們交談。再次感謝您的時間。

Have a good day.

祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program you may now disconnect.

感謝大家參加今天的會議。這確實完成了該程序，您現在可以斷開連接。