ATN International Inc (ATNI) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ATN International Q1 2025 earnings conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 ATN International 2025 年第一季財報電話會議及網路廣播。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Michele Satrowsky, Head of Investor Relations and Treasurer. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係主管兼財務主管 Michele Satrowsky。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 first-quarter 2025 results and reaffirming our 2025 outlook.

謝謝接線員，大家早安。今天和我一起參加的是 ATN 執行長布拉德馬丁 (Brad Martin)；和卡洛斯多廖利。ATN 的財務長。今天上午，我們將回顧 2025 年第一季的業績並重申我們對 2025 年的展望。

As a reminder, we announced our 2025 first 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，我們昨天下午在市場收盤後公佈了 2025 年第一季業績。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。

Our earnings release and the presentation contain forward-looking statements concerning our current expectations, objectives and underlying assumptions regarding our future operation. These statements are subject to risks and uncertainties that could cause actual results to differ from those described.

我們的收益報告和簡報包含有關我們當前預期、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不同。

Also, in an effort to provide useful information for investors, our comments today include non-GAAP financial measures. For details on these measures and reconciliation 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.atni.com or the 8-K filing provided to the SEC.

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準則財務指標。有關這些指標的詳情以及與可比 GAAP 指標的調節，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.atni.com 上的收益報告或提交給美國證券交易委員會的 8-K 文件。

Before handing the call back to Brad, I'd like to note that moving forward and in line with common practice, we plan to shift the timing of our earnings release and calls by approximately one week. The adjustment is intended to better align with the timing of our 10-Q filing.

在將電話交還給布拉德之前，我想指出，按照慣例，我們計劃將收益發布和電話會議的時間推遲大約一周。此次調整是為了更好地配合我們提交 10-Q 報告的時間。

With that, I'll hand the call over to Brad.

說完這些，我就把電話交給布萊德。

Thank you, Michele. Good morning, everyone and thank you for joining us. I'd like to start by recognizing our teams across ATN for their continued commitment and execution. In the face of industry wide shifts and macroeconomic uncertainty, we remain focused on what we can control, operational performance, discipline investment and our long-term strategy. Our Q1 results reflect that discipline.

謝謝你，米歇爾。大家早安，感謝大家的參與。首先，我要感謝 ATN 各團隊的持續承諾與執行。面對整個產業的轉變和宏觀經濟的不確定性，我們仍然專注於我們能夠控制的事情、營運績效、紀律投資和我們的長期策略。我們的第一季業績體現了這項紀律。

As expected, our top-line revenue declined year-over-year, largely due to the wind down of COVID era, government subsidy programs in the US markets. We delivered 2% adjusted EBITDA growth and cash from operations increased 55% to $35.9 million. These outcomes demonstrate early progress as we start the year and execute against our strategy. The strategic capital investments we've made over the past three years are delivering tangible returns.

正如預期的那樣，我們的營業收入同比下降，這主要是由於 COVID 時代的結束以及美國市場的政府補貼計劃。我們實現了調整後 EBITDA 成長 2%，營運現金流成長 55%，達到 3,590 萬美元。這些成果表明，我們在新的一年開始並按照策略執行時取得了初步進展。我們在過去三年中進行的策略資本投資正在帶來實際的回報。

In the first quarter, we expanded the number of broadband homes passed by high-speed data services to 427,000 households, an increase of 11% year on year and grew our high-speed subscriber base by 2% year on year. We remain confident in our long-term vision, leveraging our fiber and digital infrastructure to deliver high-value services, especially in markets where connectivity is both underbuilt and essential.

第一季度，我們透過高速數據服務覆蓋的寬頻家庭數量年增11%至42.7萬戶，高速用戶群較去年同期成長2%。我們對我們的長期願景充滿信心，利用我們的光纖和數位基礎設施提供高價值服務，特別是在連接性尚未完全建立且至關重要的市場。

And that vision is supported by a financial foundation that continues to strengthen. Let me take a moment to highlight key themes from the quarter. In our International segment, we saw improved operating efficiency, resulting in an 11% increase year on year in adjusted EBITDA.

這個願景得到了不斷加強的財務基礎的支持。請容許我花點時間來強調本季的關鍵主題。在我們的國際部門，我們的營運效率有所提高，調整後的 EBITDA 年比成長 11%。

Demand for high-speed broadband and business services remain steady. Increases in postpaid mobile subscribers and mobile data consumption continue to drive improvements in ARPU. The segment remains a strong contributor to our financial performance and a framework for how we are positioning our US business over time. Domestically, while revenue declined as expected, we remain focused on executing our strategic shift.

對高速寬頻和商業服務的需求保持穩定。後付費行動用戶和行動數據消費的增加繼續推動 ARPU 的提高。該部門仍然是我們財務表現的重要貢獻者，也是我們如何長期定位美國業務的框架。在國內，雖然收入如預期下降，但我們仍專注於執行策略轉變。

Our goal is clear, grow our base of fiber and fiber fed business and carrier solutions as we transition legacy consumer services towards fiber and fiber fed broadband solutions. We are aligning our network, go-to-market strategy and capital deployment with this long-term focus.

我們的目標很明確，隨著我們將傳統的消費者服務轉向光纖和光纖寬頻解決方案，我們的目標是擴大光纖和光纖業務和營運商解決方案的基礎。我們正在根據這個長期重點調整我們的網路、市場進入策略和資本部署。

While the near-term transition creates revenue pressure, we are building a more resilient and higher margin business for the future. Importantly, we are advancing approximately $370 million in government-funded broadband infrastructure projects. Over half of these projects are expected to be completed in 2025.

雖然短期轉型會帶來收入壓力，但我們正在為未來打造更具彈性、利潤率更高的業務。重要的是，我們正在推動約 3.7 億美元的政府資助寬頻基礎設施項目。其中超過一半的項目預計將於 2025 年完工。

These programs are essential to our longer-term US growth strategy. They enable us to expand our fiber footprint with reduced capital intensity and provide long-term upside as projects come online and begin to generate revenue. In the first quarter, we submitted additional applications under the BEAD program in the US Southwest, reinforcing our commitment to expanding broadband access in historically underserved regions.

這些計劃對於我們的長期美國成長策略至關重要。它們使我們能夠以較低的資本強度擴大我們的光纖覆蓋範圍，並在專案上線並開始產生收入時提供長期的上升空間。第一季度，我們在美國西南地區的 BEAD 計劃下提交了額外的申請，加強了我們致力於擴大歷史上服務不足地區的寬頻接入的承諾。

These efforts are a natural extension of our mission to connect people, communities and businesses with the infrastructure that enables opportunity. We also made strong progress on cash generation in Q1, reflecting disciplined cost controls and focused capital allocation.

這些努力是我們使命的自然延伸，即透過提供機會的基礎設施將人們、社區和企業聯繫起來。我們在第一季的現金產生方面也取得了顯著進展，這反映了嚴格的成本控制和有針對性的資本配置。

We are encouraged by these early results, and we are reaffirming our annual guidance as previously outlined on our Q4 earnings call. Looking ahead to the rest of 2025, our priorities remain unchanged: continue expanding high-speed broadband and business services in our international markets, while improving margin and capital efficiency, stabilize and reposition our US business around sustainable fiber and fiber fed revenue streams, and maintain a strong financial position through disciplined capital allocation and a focus on cash flow growth.

這些早期結果讓我們感到鼓舞，我們重申我們在第四季度收益電話會議上概述的年度指導。展望2025年剩餘時間，我們的重點保持不變：繼續在國際市場擴大高速寬頻和商業服務，同時提高利潤率和資本效率，圍繞可持續光纖和光纖饋送收入流穩定和重新定位我們的美國業務，並透過嚴格的資本配置和關注現金流成長來維持強勁的財務狀況。

On the broader policy front, we are also monitoring recent developments around trade and tariffs. While we do not source devices or equipment at the same scale as large national carriers, any sustained increase in tariffs on network infrastructure, including fiber-related components and electronics, could introduce cost pressure over time.

在更廣泛的政策方面，我們也關注貿易和關稅的最新發展。雖然我們採購的設備或器材的規模不如大型國家營運商，但網路基礎設施（包括光纖相關組件和電子產品）的關稅持續上漲，可能會隨著時間的推移帶來成本壓力。

That said, based on our current supply chain visibility and the fact that half of our revenue in our largest consumer markets are outside of the United States and not immediately impacted, we believe we can manage any near-term impact within our existing 2025 financial outlook.

話雖如此，基於我們目前的供應鏈可見性，以及我們最大的消費市場中有一半的收入來自美國以外且不會立即受到影響的事實，我們相信我們可以在現有的 2025 年財務展望中管理任何短期影響。

We will continue working closely with our vendors and partners to mitigate cost volatility and ensure continuity of service delivery. While we recognize that the operating environment remains dynamic from policy shifts to competitive intensity, we believe we're executing the right strategy for the long-term.

我們將繼續與我們的供應商和合作夥伴密切合作，以減輕成本波動並確保服務交付的連續性。雖然我們認識到經營環境從政策轉變到競爭強度都在不斷變化，但我們相信我們正在執行正確的長期策略。

Our focus is on monetization, operational leverage and value creation. Carlos will take you through the numbers, but I want to reiterate, we are making steady progress. We are focused on our goals, and we remain confident in ATN's future. With that, I'll turn it over to Carlos.

我們的重點是貨幣化、營運槓桿和價值創造。卡洛斯將向你們介紹這些數字，但我想重申，我們正在取得穩步進展。我們專注於我們的目標，我們對 ATN 的未來充滿信心。說完這些，我就把麥克風交給卡洛斯。

Thank you, Brad. Good morning, everyone, and thanks for joining us. Today, I'll walk through our first quarter financial results, and our outlook for the remainder of 2025. As Brad mentioned, we entered the year focused on executing with discipline, and our Q1 results reflect early signs of progress, particularly in terms of cash flow and operational efficiency.

謝謝你，布拉德。大家早安，感謝大家的參與。今天，我將介紹我們第一季的財務表現以及 2025 年剩餘時間的展望。正如布拉德所提到的，我們進入新的一年，專注於嚴格執行紀律，我們的第一季業績反映了早期進展的跡象，特別是在現金流和營運效率方面。

While the macroenvironment remains challenging, especially in our domestic markets, we believe the strategic actions taken in recent quarters, along with the benefits of our investment cycle, have strengthened our ability to serve our customers, support durable revenue generation and drive margin expansion.

儘管宏觀環境依然充滿挑戰，尤其是在我們的國內市場，但我們相信，最近幾季採取的策略行動以及投資週期帶來的好處增強了我們服務客戶、支持持久創收和推動利潤率擴張的能力。

With that, let's now review our P&L results for the first quarter in more detail. Total company revenue for the quarter was $179.3 million, down 4% year over year. As expected, this decline reflects the wind down of the Emergency Connectivity Fund and Affordable Care Program. Operating income for the quarter decreased to $2.7 million as cost management actions and ongoing efficiency efforts across the business were offset by increases in transaction-related expenses, losses on asset transfers and restructuring and reorganization expenses. Net loss for the first quarter was $8.9 million or $0.69 per share.

現在，讓我們更詳細地回顧一下第一季的損益結果。本季公司總營收為 1.793 億美元，年減 4%。正如預期的那樣，這一下降反映了緊急連通基金和平價醫療計劃的減少。本季營業收入下降至 270 萬美元，因為整個業務的成本管理措施和持續的效率努力被交易相關費用、資產轉移損失以及重組和改組費用的增加所抵消。第一季淨虧損為 890 萬美元，即每股 0.69 美元。

This compares with the prior year's net loss of $6.3 million and $0.50 per share, as the factors influencing operating income similarly impacted net loss for the period. Adjusted EBITDA was $44.3 million, up 2% from the prior year, supported by continued growth and margin expansion in our International segment, partially offset by the anticipated decline in our US segment. Looking now at the segment's performance. Beginning with our International segment.

相比之下，去年的淨虧損為 630 萬美元，每股虧損 0.50 美元，因為影響營業收入的因素同樣影響了該期間的淨虧損。調整後的 EBITDA 為 4,430 萬美元，較上年增長 2%，這得益於我們國際部門的持續增長和利潤率擴大，但被我們美國部門的預期下滑部分抵消。現在來看該部門的表現。從我們的國際部分開始。

Q1 revenues increased to $94.5 million from $93.1 million in the first quarter of the previous year, driven partially by carrier services growth. Adjusted EBITDA for the International segment increased to $32.4 million for the quarter compared to $29.3 million in the same period last year.

第一季營收從去年同期的 9,310 萬美元增至 9,450 萬美元，部分原因是營運商服務的成長。本季國際部門的調整後 EBITDA 增至 3,240 萬美元，去年同期為 2,930 萬美元。

Cost containment efforts and operational improvements contributed to the quarter's performance. In our Domestic segment, first quarter revenues were $84.8 million, down 9.5% year over year. As previously mentioned, revenue was impacted by the conclusion of the ECF and ACP programs.

成本控制措施和營運改善促進了本季的業績。在我們的國內部門，第一季營收為 8,480 萬美元，年減 9.5%。如前所述，收入受到 ECF 和 ACP 計劃結束的影響。

The lower revenue led to a decrease in adjusted EBITDA to $17.5 million, down 15.4% compared with the same quarter last year. Moving on to the balance sheet and cash flow highlights. We ended the quarter with $97.3 million in cash, up from $89.2 million at year-end. Total debt stood at $562.4 million, and our net debt ratio was 2.52 times. Net cash provided by operating activities increased 55% year over year to $35.9 million, driven by working capital management efforts.

營收下降導致調整後 EBITDA 降至 1,750 萬美元，與去年同期相比下降 15.4%。繼續討論資產負債表和現金流量重點。本季末，我們的現金為 9,730 萬美元，高於去年年底的 8,920 萬美元。總負債為 5.624 億美元，淨負債比率為 2.52 倍。在營運資本管理的推動下，經營活動提供的淨現金年增 55%，達到 3,590 萬美元。

Capital expenditures in Q1 totaled $20.8 million, net of $22.4 million in reimbursable capital spending. This compares to $36 million in CapEx and $13.5 million in reimbursable in the prior year's quarter. This reduction in expenditures reflects the shift in our framework to increase operational cash flow supplemented by available grant funding. We returned capital to our shareholders through $3.6 million in dividends during the first quarter of 2025. With that, let's move to our outlook for 2025.

第一季的資本支出總計 2,080 萬美元，扣除可報銷資本支出 2,240 萬美元。相較之下，去年同期的資本支出為 3,600 萬美元，可報銷金額為 1,350 萬美元。支出的減少反映了我們的框架的轉變，即增加營運現金流，並輔以可用的補助金。我們在 2025 年第一季透過 360 萬美元的股息向股東返還了資本。有了這些，我們來展望一下 2025 年。

We are reaffirming the outlook for 2025 that we provided in our fourth-quarter release. We continue to expect revenue for the year to be in line with 2024, excluding construction revenue, adjusted EBITDA to be essentially flat with last year.

我們重申我們在第四季度報告中提供的 2025 年展望。我們繼續預計今年的收入將與 2024 年持平，不包括建築收入，調整後的 EBITDA 將與去年基本持平。

Net capital expenditures between $90 million and $100 million. Net debt ratio to remain flat to year-end 2024 with a slight potential improvement exiting the year. As we look ahead to the balance of the year, we continue to expect the second half to contribute a larger share of full-year results.

淨資本支出在 9,000 萬美元至 1 億美元之間。到 2024 年底，淨負債比率將保持平穩，年底前可能會略有改善。展望今年的業績，我們仍預計下半年將為全年業績貢獻更大的份額。

This reflects the timing of revenue stabilization efforts in the US segment and the continued ramp-up in our international markets. As part of our continued cost containment initiatives, we anticipate incurring further reorganization and restructuring expenses in the second quarter. In summary, we're executing on a clear set of priorities, improving cash flow, transitioning our US business and leveraging the strategic capital investments we've made in recent years.

這反映了我們美國分部收入穩定努力的時機以及我們國際市場的持續成長。作為我們持續成本控制措施的一部分，我們預計第二季將產生進一步的重組和重建費用。總而言之，我們正在執行一系列明確的優先事項，改善現金流，轉型我們的美國業務，並利用我們近年來所做的戰略資本投資。

While we're not immune to broader market headwinds, we believe our strategy is sound, our balance sheet is strong, and we remain committed to delivering long-term value for shareholders. Thank you. And now, I'll hand the call back over to Brad.

雖然我們無法免受更廣泛的市場逆風的影響，但我們相信我們的策略是合理的，我們的資產負債表是強勁的，我們仍然致力於為股東創造長期價值。謝謝。現在，我將把電話轉回給布拉德。

Thanks, Carlos. Before we open the call for questions, I want to leave you with a clear message. We are focused on execution, committed to financial discipline and confident in the strategy we've put in place. This is a year of transition, and we're beginning to see encouraging signs, improved cash flow, progress on our grant-funded builds and consistent performance internationally. Our long-term goal remains the same, to create a stronger, more efficient and more resilient ATN.

謝謝，卡洛斯。在我們開始提問之前，我想先給你們留下一個明確的訊息。我們專注於執行，致力於財務紀律，並對我們所製定的策略充滿信心。這是轉型的一年，我們開始看到令人鼓舞的跡象，現金流得到改善，撥款建設取得進展，國際上表現穩定。我們的長期目標始終如一，那就是創造一個更強大、更有效率、更具彈性的 ATN。

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

接線員，我們想開始回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Ric Prentiss, Raymond James & Associates.

瑞克普倫蒂斯 (Ric Prentiss)，雷蒙詹姆斯 (Raymond James) 及合夥人。

Thanks. Good morning everybody.

謝謝。大家早安。

(multiple speakers)

（多位發言者）

I appreciate the comments on monitoring trade and tariffs and it feels like your supply chains are good for this year. How much of the -- like we obviously have talked to a lot of the big tel cos, AT&T and Verizon reported last week, and they felt that they were pretty insulated from it because a lot of the electronic components are smaller compared -- Do you buy your fiber from outside the United States? Or is it really just more of the electronics side that you're exposed to?

我很欣賞監控貿易和關稅的評論，感覺今年你們的供應鏈很好。有多少——就像我們顯然已經與許多大型電信公司談過的那樣，AT＆T 和 Verizon 上週報告說，他們覺得自己不會受到太大影響，因為許多電子元件相比之下更小——你們是從美國以外購買光纖的嗎？或者您實際上只是接觸了更多電子產品方面的東西？

So Rick, so we have -- a lot of our construction materials or fiber construction are sourced in the US. And that's part of the reason, yes, we've looked at our bill of materials for our build for 2025, and understand the dynamics and quite a significant portion of that is sourced locally.

里克，我們的許多建築材料或纖維建築材料都來自美國。是的，這是部分原因，我們研究了 2025 年建造的材料清單，了解了動態，其中相當一部分是從當地採購的。

So the electronics and the variations of where those electronics are coming from, whether it be China, Taiwan, Thailand, Vietnam, from the major vendors like Cisco and others, are something we're watching closely.

因此，我們正密切關注電子產品以及這些電子產品的來源地，無論是中國、台灣、泰國、越南，或是思科等主要供應商。

There are a lot of projects in place now that purchase orders have already been built and issued, and we are -- and those are really immune. We have major programs that are dependent upon vendors like Ericsson with a lot of manufacturing done in Mexico, that are exempt in the USMCA exemption.

現在有許多項目已經建成並發出了採購訂單，而我們——這些項目確實不受任何影響。我們的主要項目依賴愛立信等供應商，這些供應商的許多製造業務都在墨西哥完成，並且受到 USMCA 豁免條款的約束。

So it's dynamic, as we all know, and we're watching it very closely. But a really important dynamic for us is that our largest consumer markets with handsets that have a lot of manufacturing in China, are all in our international markets.

眾所周知，它是動態的，我們正在密切關注它。但對我們來說真正重要的動態是，我們最大的手機消費市場都在我們的國際市場上，而這些手機的製造大部分在中國進行。

So those are generally exempt from these tariffs. So anyway, so we -- like we said in the prepared remarks, we can -- we're planning that 2025 we're going to be able to absorb any variations that we see within our guidance.

因此這些產品一般都免關稅。所以無論如何，就像我們在準備好的評論中所說的那樣，我們可以——我們計劃在 2025 年能夠吸收我們在指導中看到的任何變化。

Okay. And then remind us obviously, trade and tariffs have impacted interest rates, they have impacted FX rates. Remind us how the US dollar, being a US reporting company, what kind of FX exposure do you have in your international markets when you bring it back to U.S.?

好的。然後顯然提醒我們，貿易和關稅影響了利率，影響了外匯匯率。提醒我們一下，作為一家美國報告公司，當你將美元帶回美國時，你在國際市場上會面臨什麼樣的外匯風險？

So Rick, this is Carlos. So the majority of the markets where we operate internationally are pegged to dollars. I think in Guyana we haven't seen any significant fluctuation so far, probably even the fact that right now they're being able to kind of be exporting a significant amount of oil out of the market. So that allows them to have a little bit of a buffer there. So we haven't seen yet any significant impact from that front.

里克，這是卡洛斯。因此，我們在國際上經營的大多數市場都與美元掛鉤。我認為到目前為止我們還沒有看到圭亞那有任何重大波動，甚至可能現在他們能夠從市場上出口大量石油。這樣他們就可以有一點緩衝。因此，我們尚未看到這方面的任何重大影響。

Okay. Good. And then obviously, we're seeing a lot of roll-ups of fiber companies and private multiples being higher than public multiples. How are you viewing the marketplace as far as that private versus public multiples and some of the roll-ups that might be occurring?

好的。好的。顯然，我們看到許多光纖公司合併，私人本益比高於公共本益比。就私人和公共倍數以及可能發生的一些匯總而言，您如何看待市場？

Yeah. So we are watching those dynamics, too, Rick. And ultimately, it is a vibrant market. And there are a lot of players that are performing well in the fiber space. There are players that have got some headwinds. But, look, we recognize that dynamic, and that's something that we're always trying to understand how we can best unlock value for our investors.

是的。所以我們也在關注這些動態，瑞克。最終，這是一個充滿活力的市場。而且有許多參與者在光纖領域表現良好。有些球員遇到了一些阻力。但是，你看，我們認識到了這種動態，我們一直在努力了解如何才能最好地為我們的投資者釋放價值。

Okay. And the last one for me. You mentioned some of the government funding. Is that something that's going to find its way through kind of gross CapEx reimbursement and net CapEx? Is that something that's going to find its way on to the revenue in the shorter term versus the longer term?

好的。對我來說這是最後一個。您提到了一些政府資金。這是否會透過總資本支出補償和淨資本支出來解決？這是否會在短期內而不是長期內對收入產生影響？

Help us understand that $370 million of government funding and half of it in '25, how you think that might play into your financials?

請幫我們了解 3.7 億美元的政府資金，其中一半是在 25 年提供的，您認為這會對您的財務狀況產生什麼影響？

Yeah. So I mean, just to clarify a couple of points on that. So of the $370 million, about half of the projects will be complete, or expected to be complete this year. And to clarify, we had many of those projects going on even in 2024 under the construction date. So our reimbursable CapEx as of last -- for 2024 was around $108 million, I believe for the year.

是的。所以我的意思是，只是想澄清幾點。因此，在這 3.7 億美元中，大約一半的項目將在今年完成，或預計將在今年完成。需要澄清的是，我們的許多項目甚至在 2024 年就已開工。因此，截至去年—我相信 2024 年，我們的可報銷資本支出約為 1.08 億美元。

This -- you see similar ratios. We have quite a bit of reimbursable this year as well. So those programs, Rick, really -- there are some programs that will be going live in mid to late Q3. We will see some revenue, but that's in our plan right now. The significant monetization of those is going to be in our out years '26, '27, where we see the larger benefits on the monetization.

這——你會看到相似的比例。我們今年也有相當多的可報銷金額。所以，里克，這些程序實際上——有些程序將在第三季中後期上線。我們會看到一些收入，但這是我們目前的計劃。這些產品的顯著貨幣化將出現在 2026 年和 2027 年，屆時我們將看到貨幣化帶來的更大收益。

And to be clear, $370 million, a significant portion of that are some very large subsea and remote regional fiber projects in Alaska. So obviously, these would not get built without these subsidies. So they are definitely opening up opportunities, but there's not an equivalency of that -- the size of the grant to the size of the economic value. But those will certainly be something we'll be taking advantage of here in '26 and we'll provide more visibility when we guide to that next year.

需要明確的是，這 3.7 億美元中很大一部分用於阿拉斯加的一些非常大的海底和偏遠地區的光纖計畫。顯然，如果沒有這些補貼，這些項目就無法建成。因此，他們確實在創造機會，但資助金額和經濟價值規模之間並不成比例。但這些肯定是我們在 26 年會利用的東西，而且我們將在明年提供指導時提供更多的可見性。

Thanks.

謝謝。

Thank you. Greg Burns, Sidoti.

謝謝。格雷格·伯恩斯，西多蒂。

Good morning, Just to follow up on the government grant funding. You mentioned the $370 million that you've won already, but you also, I guess, mentioned some bids you have in -- under the BEAD program. Can you just talk about the relative size of what the opportunity is there?

早安，我只是想跟進政府撥款的情況。您提到您已經贏得了 3.7 億美元，但我想您也提到了您在 BEAD 計劃下的一些投標。您能否談談那裡的機會的相對大小？

Yeah. So BEAD is something that we are participating in the Southwest, as we mentioned. The dynamics with BEAD, Greg, are obviously fluid. So there are dynamics with NTIA and the funding mechanisms that need to be effectively passed through. There is a commerce memo that's scheduled for May 15, that we're watching closely that are -- that is going to clarify some of the dynamics in the new administration around BEAD.

是的。正如我們所提到的，BEAD 是我們在西南部參與的一個計畫。格雷格，BEAD 的動態顯然很流暢。因此，NTIA 和融資機制之間存在著動態關係，需要有效地執行。我們正在密切關注定於 5 月 15 日發布的商務備忘錄——它將澄清新政府在 BEAD 方面的一些動態。

So the general theme we're seeing is there are delays. Most states are delaying the award timing or even the submission timing. One dynamic that we are seeing, which is positive is that the basic financial and technical requirements for the programs are going unchanged.

因此，我們看到的總體情況是存在延遲。大多數州都在推遲授予時間，甚至提交時間。我們看到的一個積極動態是，這些項目的基本財務和技術要求保持不變。

So that allows us to leverage the work we've done around planning for those projects. But, yes, at a high level, of the 6 states we operate, there's $4 billion approximately of BEAD funding that is effectively provisioned for those states.

這樣我們就可以利用我們為這些專案規劃所做的工作。但是，是的，從高層次來看，在我們運營的 6 個州中，大約有 40 億美元的 BEAD 資金有效地提供給了這些州。

So we obviously won't participate in all of that. But in areas, our view Greg, is we're going to look at it very strategically where it can build on to strategic network footprint that we have today, where we have good distribution and middle mile network because remember, many states, this is really to connect the end user. So it's really a fiber-to-the-home preference. Some states do allow for middle mile reimbursement. So we're trying to take advantage of that where that is possible.

所以我們顯然不會參與所有這些。但在某些領域，格雷格，我們的觀點是，我們將從戰略角度來看待它，它可以建立在我們今天擁有的戰略網絡足跡之上，我們擁有良好的分銷和中間一英里網絡，因為請記住，在許多州，這實際上是為了連接最終用戶。所以這其實是一種光纖到府的偏好。一些州確實允許中間一英里報銷。因此，我們正在盡力利用這一點。

And lifetime exchange is another important dynamic, which offsets the match and the capital intensity for ATN. So we're looking at all the variations. There are -- and we do expect that we'll be learning more about the grants that we've submitted here in the coming months.

終身交換是另一個重要的動力，它抵消了 ATN 的匹配和資本強度。因此我們正在研究所有的變化。有——我們確實希望在未來幾個月內能夠更多地了解我們在這裡提交的贈款。

And it will be an important dynamic for our continued investment in fiber. But the dynamics right now are watching this memo coming out on the [15th] from commerce, that will likely help the states finalize timing of their final submissions and awards.

這將成為我們繼續投資光纖的重要動力。但目前的動態是關注商務部將於 [15] 發布的這份備忘錄，這可能會幫助各州確定最終提交和授予的時間。

All right. Great. And then just lastly, in terms of monetizing the investments, the organic investments you've already made over the last couple of years, can you just talk about -- maybe give us an update on some of the changes you're making in terms of leadership processes to improve your sales motion? And are you seeing any, maybe green shoots or progress in terms of those monetization efforts?

好的。偉大的。最後，關於投資貨幣化，關於過去幾年您已經進行的有機投資，您能否談談——也許可以向我們介紹一下您在領導流程方面為改善銷售動態所做的一些改變？您是否看到了這些貨幣化努力的任何綠芽或進展？

Yeah. So as we've talked, we have -- we've got two new leadership teams in our two US markets and really that started here in Q1. And look, we're encouraged by some early progress. Obviously, new leadership brings in new focus.

是的。正如我們所說的那樣，我們在美國兩個市場都有了兩個新的領導團隊，這實際上是從第一季開始的。瞧，一些早期的進展令我們感到鼓舞。顯然，新的領導層帶來了新的關注點。

But there are -- one of the key themes we are seeing is that there is a growing carrier demand for access and transport in the markets that we operate. That's a very good sign. That's one of the key services we provide in the US markets. So that's a very positive dynamic that we continue to maximize for the business, but that is a growing pipeline.

但我們看到的一個關鍵主題是，在我們營運的市場中，營運商對存取和運輸的需求日益增長。這是一個非常好的跡象。這是我們在美國市場提供的關鍵服務之一。因此，這是一個非常積極的動態，我們將繼續最大限度地促進業務發展，但這是一個不斷成長的管道。

We have had a more successful USAC season this year. So these are programs that renew every one to two years, and that season is in Q1. We did better this year. Those will be projects built and we will start to monetize in the second half of this year. Again, all built into our current forecast.

今年我們的 USAC 賽季更加成功。這些節目每隔一到兩年更新一次，更新季是在第一季。今年我們做得更好了。這些項目將會建成，我們將在今年下半年開始獲利。再次強調，所有這些都已納入我們當前的預測中。

But again, a little bit better performance there, which is encouraging. So -- but the teams are taking a focus. I think that's one of the really important areas, really renewed focus on how we're approaching this conversion of legacy technologies to remind folks, we exited our retail mobile operations, which is a pretty long process, but that was effective as of -- effectively January 1. And we have legacy broadband, DSL and legacy fixed wireless that we're looking to convert to fiber or fiber fed fixed wireless.

但同樣，那裡的表現稍好一些，這是令人鼓舞的。所以——但是團隊正在集中註意力。我認為這是一個非常重要的領域，我們真正重新關注的是如何處理傳統技術的轉換，以提醒大家，我們退出了零售行動業務，這是一個相當漫長的過程，但從 1 月 1 日起生效。我們擁有傳統的寬頻、DSL 和傳統的固定無線，我們希望將其轉換為光纖或光纖饋送的固定無線。

And we are making some progress. It's still a relatively smaller component of the revenue streams for our US markets, but we are encouraged by some of that progress. And internationally, we continue to unlock the leverage of the investments that we've made. We've seen some good -- improved performance in inbound roaming.

我們正在取得一些進展。它仍然是我們美國市場收入來源中相對較小的一部分，但我們對其中的一些進展感到鼓舞。在國際上，我們繼續發揮我們所做投資的槓桿作用。我們已經看到了一些好的方面——入境漫遊性能的改善。

That's based upon the improvements we've made with data capacity in our 5G networks. So that's, again, a good progress sign we've seen here in Q1, and we still see significant data demand and data plan growth in our largest mobile market in Guyana, which is again another positive sign which is impacting ARPUs.

這是基於我們對 5G 網路資料容量所做的改進。因此，這再次表明我們在第一季看到了一個良好的進展跡象，而且我們最大的行動市場圭亞那的數據需求和數據計劃仍然顯著增長，這再次表明了對 ARPU 產生影響的另一個積極跡象。

Alright. Great. Thank you.

好吧。偉大的。謝謝。

Thank you. Ric Prentiss, Raymond James and Associates.

謝謝。瑞克普倫蒂斯 (Ric Prentiss)，雷蒙德詹姆斯 (Raymond James) 和合夥人。

Hey, thanks for the opportunity to follow up. Back on the BEAD funding, a follow-up on the previous question. What are you hearing as far as NTIA confirmation? And will that slow anything down? Or can Congress just move forward and then NTIA will kind of implement it? But how is the NTIA leadership transition affecting you?

嘿，謝謝你給我跟進的機會。回到 BEAD 資助問題，這是對上一個問題的後續回答。關於 NTIA 的確認，您聽到了什麼消息？這會減慢任何速度嗎？或者國會可以先採取行動，然後由 NTIA 來實施？但是 NTIA 領導層的過渡對您有何影響？

There's a lot going on. I mean there are several bills right now, Rick, as you know, they're in front of Congress that relate to a lot of different topics. I think a couple went through the house just this week. So there's everything from spectrum authority to some of the newer rules around the NTIA BEAD program. So look, the primary impact we're seeing right now is the delay in the BEAD program.

有很多事情發生。我的意思是，里克，正如你所知，現在有幾項法案正在國會審議中，涉及許多不同的主題。我認為本週就有一對夫婦走進了這所房子。因此，涉及從頻譜權限到 NTIA BEAD 計劃的一些較新的規則的所有內容。所以，我們現在看到的主要影響是 BEAD 計劃的延遲。

Effectively, all of the subsidy programs we participate in and reimbursable CapEx programs, all of that has been on time, as expected here in Q1. So that is all moving as expected, and we don't foresee any impact on this service subsidy programs like CAF or reimbursable programs that we've already won. But BEAD is the primary, and we're watching that closely. There are states that are further ahead that people are moving forward with some early builds. Our states have not yet granted any funds yet.

實際上，我們參與的所有補貼計劃和可報銷的資本支出計劃都已按時完成，正如第一季所預期的那樣。所以一切都按預期進行，我們預計這不會對我們已經贏得的 CAF 或可報銷計劃等服務補貼計劃產生任何影響。但 BEAD 是主要的，我們正在密切關注。有些州走得更遠，人們正在推進一些早期建設。我們的各州尚未提供任何資金。

So the fund flow is still something that is an important dynamic in that we expect that to be delayed, as you've read in the press. So that's the primary dynamic. And the timing of those delays could impact the ability to monetize those BEAD builds in which half of '26 or which half of '27. So that's what we're watching closely to our outward forecast.

因此，資金流動仍然是一個重要的動態，正如您在媒體上看到的那樣，我們預計資金流動將會延遲。這就是主要的動力。這些延遲的時間可能會影響 26 年上半年或 27 年上半年 BEAD 建構的貨幣化能力。因此，我們正在密切關注外部預測。

And speaking of '26 and '27, I know too early to get official guidance, but how are you feeling about the prospects of being able to grow, businesses? Obviously, we were down from '23 to '24, we're flattish from '24 to '25. What does it take to be able to get growth or could there be further declines then?

說到 26 年和 27 年，我知道現在得到官方指導還為時過早，但您對企業成長前景有何看法？顯然，從 2023 年到 2024 年，我們的業績有所下滑，而從 2024 年到 2025 年，我們的業績則基本持平。要怎樣才能實現成長，或是否會出現進一步的衰退？

So some of the things I mentioned, Rick, are encouraging signs. So in our US markets and remind the primary dynamic for revenue shifts and even the shift was the loss of this ECF program, this COVID era funding program. So again with that in mind, the fundamentals for carrier demand. Again, mind you that our primary revenue streams in the US markets where we had some of these headwinds are carrier business and wholesale.

所以，里克，我提到的一些事情都是令人鼓舞的跡象。因此，在我們的美國市場，提醒收入轉變的主要動力，甚至轉變是這個 ECF 計劃、這個 COVID 時代的融資計劃的損失。因此，再次考慮到這一點，這是承運人需求的基本面。再次提醒您，我們在美國市場面臨的一些不利因素的主要收入來源是營運商業務和批發業務。

So, the demand we're starting to see for the support of transport, and that's coming from the carrier success in the areas where they're adding on effectively fixed wireless, or where they're seeing improved performance around fiber, we sell transport services and we sell obviously this carrier managed services which are power services. So we expect as they are improving. Their footprint, we are going to continue to leverage.

因此，我們開始看到對傳輸支援的需求，這是由於營運商在增加有效固定無線或看到光纖性能改善的領域取得的成功，我們銷售傳輸服務，顯然我們銷售這種運營商管理服務，即電力服務。因此我們期待他們不斷進步。我們將繼續利用他們的足跡。

Our wholesale arrangements to see that growth. And again, the pipeline build is encouraging. On the consumer side in those markets, we are still in a transition as we talked about legacy services to new fiber and fiber fed services. That was behind the '24. We are seeing some encouraging signs a relatively small base.

我們的批發安排看到了這種增長。管道建​​設再次令人鼓舞。在這些市場的消費者方面，我們仍處於從傳統服務過渡到新光纖和光纖供給服務的階段。那是在 24 之後。我們看到了一些令人鼓舞的跡象，基數相對較小。

But we are continually improving that footprint. Programs like the programs that we have under way now for grants, which include fibers of the home and middle mile, all things are going to help us monetize as we go forward.

但我們正在不斷改善這一足跡。我們現在正在進行的撥款項目包括家庭光纖和中間一英里光纖等，所有這些都將幫助我們在未來實現貨幣化。

So we see in the US, the opportunity based on grants and based on carrier demand. They can approved, but the effective demand for broadband is still pervasive, which is a great sign for our business. Our belief is if we can provide that broadband on durable assets, we've got a great business to run in the long term.

因此，我們在美國看到了基於補助金和營運商需求的機會。他們可以批准，但寬頻的有效需求仍然普遍，這對我們的業務來說是一個好兆頭。我們相信，如果我們能夠在耐用資產上提供寬頻，那麼從長遠來看，我們將擁有一項偉大的業務。

Okay. And then for Carlos, talk to us a little bit about the balance sheet. Obviously, rates are bouncing around, but how are you thinking about managing the interest cost, particularly as it affects the free cash flow?

好的。然後請卡洛斯向我們簡單介紹一下資產負債表。顯然，利率正在波動，但您如何考慮管理利息成本，特別是它對自由現金流的影響？

Yeah. I think, Rick, we continue to work on improving margins and that way continue to work on delevering. We're -- so you can see that as part of the kind of the cost structure how we've been moving it, lowering CapEx.

是的。里克，我認為我們將繼續努力提高利潤率，並以此繼續努力去槓桿。所以您可以看到，作為成本結構的一部分，我們一直在降低資本支出。

So all those elements that we have been acting on from the beginning of -- actually from 2023 on, we believe are going to continue to help us in to improve leverage, reduce our interest expenses and then also provide improved capital allocation optionality.

因此，我們相信，從 2023 年開始我們一直在採取的所有這些因素將繼續幫助我們提高槓桿率，降低利息支出，並提供更好的資本配置選擇性。

And what time frame is that capital allocation changes look like? Is it able to show up in '26 or is it thinking it's '27?

資本配置變化的時間架構是怎麼樣的？它能在 '26 年出現嗎？還是它認為它是 '27 年？

I think, we believe that we're going to continue to improve the position, we think that, if we continue to March towards, that, improving the margins, as we go into 2026, certainly there, there'll be more options for optionality per capita location.

我認為，我們相信我們將繼續改善這一地位，我們認為，如果我們繼續朝著這一目標前進，提高利潤率，那麼當我們進入 2026 年時，肯定會有更多的人均地點可選性。

Okay, great. Thanks for the follow ups.

好的，太好了。感謝您的跟進。

Okay, I am showing no further questions at this time. I would now like to turn it back to Brad Martin for closing remarks.

好的，我現在沒有其他問題了。現在我想請布拉德馬丁作最後發言。

Thank you, operator. Thank you all for joining us today. We look forward to continuing our discussions, and with many of you in the coming months. Appreciate all your time and support. Have a good day.

謝謝您，接線生。感謝大家今天的參與。我們期待在未來幾個月繼續與你們進行討論。感謝您所有的時間和支持。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。該計劃確實就此結束。您現在可以斷開連線。