ATN International Inc (ATNI) 2025 Q2 法說會逐字稿

Good day everyone and welcome to ATN International second-quarter 2025 earnings conference call and webcast. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加ATN國際2025年第二季財報電話會議及網路直播。 （操作說明）請注意，本次會議正在錄音。

Now it's my pleasure to turn the call over to the VP Corporate Treasurer, Michele Satrowsky. Please proceed.

現在我很高興將電話交給公司副總裁兼財務主管米歇爾·薩特羅夫斯基女士。請開始。

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 second quarter 2025 results and reaffirming our 2025 outlook.

謝謝接線員，大家早安。今天和我一起主持節目的是ATN執行長布拉德馬丁和財務長卡洛斯多格利奧利。今天上午，我們將回顧2025年第二季的業績，並重申我們對2025年的展望。

As a reminder, we announced our 2025 second quarter results yesterday afternoon after the market closed. Investors can find the earnings release and conference call slide 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 operation. These statements are subject to risks and uncertainties that could cause actual results to differ from those described.

提醒各位投資者，我們已於昨日下午股市收盤後公佈了2025年第二季業績。投資人可造訪我們的投資者關係網站查看業績發布稿和電話會議簡報。業績發布稿和簡報包含有關我們當前預期、目標和未來營運基本假設的前瞻性陳述。這些陳述受風險和不確定性因素的影響，實際結果可能與所述內容有差異。

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，我們今天的評論中包含非GAAP財務指標。有關這些指標的詳細資訊、與可比GAAP指標的調節表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上的盈利報告或提交給美國證券交易委員會（SEC）的8-K文件。

Now I'll turn the call over to Brad.

現在我把電話交給布拉德。

Good morning and thank you for joining us today. Let me begin by recognizing our dedicated team across ATNs for their unwavering focus on execution and continued progress in advancing our long-term strategic priorities.

早安，感謝各位今天蒞臨。首先，我要感謝ATN團隊全體成員的辛勤付出，感謝他們始終如一地專注於執行，並在推進我們的長期戰略重點方面取得了持續進展。

Our future results were in line with our expectations and reflect the steps we're taking to optimize our cost structure.

我們未來的業績符合預期，並反映了我們為優化成本結構所採取的措施。

As expected, revenue declined 1% year over year, primarily due to the wind down of subsidy programs.

正如預期的那樣，收入年減了 1%，主要原因是補貼計畫的逐步結束。

While adjusted Eva data decreased 6%, net cash from operations rose 2% to approximately $60 million.

儘管調整後的EVA數據下降了6%，但經營活動產生的淨現金成長了2%，達到約6,000萬美元。

Across the business, are focused on simplification, operational stability, and disciplined capital allocation is driving stronger cash generation.

整個業務都在致力於簡化流程、維持營運穩定，並採取嚴格的資本配置措施，以推動更強勁的現金流。

Consistent with our commitment to delivering sustainable returns to shareholders, I'm pleased to highlight that our board of directors approved a 15% increase in our quarterly dividend, raising it up to 27.$0.05 per share.

為了履行我們為股東帶來可持續回報的承諾，我很高興地宣布，我們的董事會批准將季度股息提高 15%，達到每股 27.005 美元。

This reflects the confidence we have in the underlying strength and resilience of our cash flow.

這體現了我們對自身現金流實力和韌性的信心。

It also reinforces our commitment to delivering sustainable value to shareholders while maintaining a disciplined approach to capital allocation.

這也強化了我們致力於為股東創造永續價值，同時保持嚴謹的資本配置方式的承諾。

The strategic investments we've made continue to deliver returns.

我們進行的策略投資持續帶來回報。

In the 2nd quarter, we expanded the number of broadband homes passed by high-speed data services by 8%.

第二季度，高速數據服務覆蓋的寬頻家庭數量增加了 8%。

And grew our high speed subscriber base by 1% year over year.

高速用戶數量較去年同期成長 1%。

We remain firmly committed to our long-term strategy, capitalizing on our fiber, fiber-fed, and broader network infrastructure to deliver essential high-value services in underserved markets.

我們將繼續堅定不移地致力於我們的長期策略，充分利用我們的光纖、光纖饋送和更廣泛的網路基礎設施，為服務不足的市場提供重要的高價值服務。

This vision is underpinned by a solid and strengthening financial foundation.

這個願景建立在穩固且不斷增強的財務基礎上。

Let me take a moment to review the performance of our two business segments in the 2nd quarter.

請容許我花一點時間回顧我們兩大業務部門在第二季的表現。

In our international segment, we continue to make steady progress on our strategic priorities, enhancing mobile networks, improving subscriber and service quality, and driving operational efficiency.

在國際業務方面，我們持續穩定地推動策略重點工作，包括增強行動網路、提高用戶和服務品質以及提升營運效率。

These efforts are translating into tangible results.

這些努力正在轉化為切實可見的成果。

Adjusted EIA for the segment remained essentially flat compared to last year, reflecting the balance between strategic investment and discipline cost management.

該部門的調整後 EIA 與去年基本持平，反映了戰略投資和嚴格的成本管理之間的平衡。

Importantly, we are seeing improvements in the quality of our mobile consumer base.

重要的是，我們看到行動用戶群體的品質正在提高。

In our largest mobile market, Postpa subscribers grew by 4% year over year, and we continue to experience positive momentum in the number of customers purchasing and consuming data plans, which rose by 25% year over year.

在我們最大的行動市場，Postpa 用戶年增 4%，購買和使用數據套餐的客戶數量也持續保持積極成長勢頭，較去年同期成長 25%。

We've also delivered 2 consecutive quarters of improvement in customer retention.

我們在客戶留存率方面也連續兩個季度取得了進步。

Mobile churn rates declined by more than 5% for the second quarter in a row, driven by better network performance, automation, and a sharper focus on operational execution.

行動用戶流失率連續第二季下降超過 5%，這得益於網路效能的提升、自動化以及對營運執行的更加重視。

While overall consumer fixed revenue remained flat, we saw encouraging signs of stabilization and growth.

儘管整體消費者固定收入保持不變，但我們看到了令人鼓舞的穩定和成長跡象。

High-speed data APU and subscriber churns both improved by 3% year over year, offsetting the ongoing decline in legacy services.

高速資料 APU 和用戶流失率均較去年同期下降 3%，抵銷了傳統服務持續下滑的影響。

Our focus remains on driving sustainable value across our international footprints by deepening customer engagement, optimizing operations, enhancing profitability.

我們將繼續專注於透過深化客戶互動、優化營運、提高獲利能力，在我們的國際業務範圍內創造永續價值。

In the US segment, our performance continues to reflect the anticipated impacts of discontinued subsidy programs and the continued phase out of legacy consumer service technologies.

在美國市場，我們的業績持續反映出補貼計畫終止和傳統消費者服務技術持續淘汰的預期影響。

Despite these now headwinds, we are seeing early signs of progress.

儘管目前面臨這些不利因素，但我們已經看到了取得進展的早期跡象。

The demand for carrier services such as backhaul is strong and we are progressing nicely on our carrier manage services bills.

對回程等營運商服務的需求強勁，我們的營運商管理服務帳單進展順利。

Additionally, we have seen improvement in our sales execution, specifically in the rural healthcare marketplace.

此外，我們的銷售執行情況也有所改善，尤其是在農村醫療保健市場。

Although this segment is primarily focused on business and wholesale markets, we have made progress in delivering fiber and fiber fed high-speed data broadband services.

雖然該業務板塊主要面向商業和批發市場，但我們在提供光纖和光纖饋送的高速資料寬頻服務方面取得了進展。

Our consumer broadband subscriber base grew more than 10% this quarter, and we are seeing positive trend in our poop.

本季我們的消費者寬頻用戶數量成長超過 10%，而且我們的糞便也呈現正面的成長趨勢。

We remain focused on the strategic transformation, expanding fiber and fiber-ed fixed wireless across markets where we have durable consumer market presence while growing our base of business and carrier solutions.

我們將繼續專注於策略轉型，在我們擁有穩固消費市場地位的市場中擴展光纖和光纖固定無線業務，同時擴大我們的企業和營運商解決方案基礎。

We are aligning our network order market approach and capital investments with this long term vision.

我們將調整網路訂單市場策略和資本投資，以符合這個長期願景。

So the transition continues to weigh on revenue, we are laying the foundation for a more resilient and higher margin domestic business.

因此，轉型仍在持續影響收入，我們正在為打造更具韌性、利潤率更高的國內業務奠定基礎。

We are moving forward with more than $300 million in broadband infrastructure initiatives backed by government funding, with more than half of these projects slated for completion in 2025.

我們正在推動超過 3 億美元的寬頻基礎設施項目，這些項目均由政府資助，其中一半以上項目計劃於 2025 年完成。

These projects are a key pillar of our long-term US growth strategy.

這些項目是我們美國長期成長策略的關鍵支柱。

Allowing us to broaden our fiber network more efficiently and positioning us for future revenue gains as they come online.

這將使我們能夠更有效率地擴展光纖網絡，並為未來上線後的收入成長做好準備。

On the policy side, we continue to closely track evolving subsidy programs, FCC policy advancement, and trade and tariff developments. We remain confident in our ability to absorb any short-term effects within the parameters of our current 2025 financial guidance.

在政策方面，我們將繼續密切關注不斷變化的補貼計劃、聯邦通信委員會（FCC）的政策進展以及貿易和關稅動態。我們仍有信心在目前2025年財務預期範圍內應對任何短期影響。

We're actively collaborating with vendor ecosystem.

我們正積極與供應商生態系統合作。

Local and federal regulators and state broadband offices to manage outcomes in the best interests of ATM shareholders.

地方和聯邦監管機構以及州寬頻辦公室將以 ATM 股東的最大利益為出發點來管理結果。

Looking ahead, our improved cash generation in the first half reflects the discipline approach we continue to take toward both cost management and capital deployment, positioning as well for the second half of the year.

展望未來，上半年現金流的改善反映了我們持續採取的成本管理和資本部署的嚴謹態度，也為下半年的發展奠定了基礎。

These early results reinforce our confidence and path forward, and we are reaffirming our full year guidance as outlined during our 4th quarter earnings call.

這些初步結果增強了我們的信心和前進方向，我們重申了在第四季度財報電話會議上概述的全年業績指引。

As we look for the remainder of 2025, our strategic priorities remain clear.

展望 2025 年剩餘時間，我們的策略重點依然明確。

Continue improving quality and efficiency of our operations, especially in international markets where we see strong demand and steady performance.

我們將繼續提高營運品質和效率，尤其是在我們看到強勁需求和穩定業績的國際市場。

Advance the transition of our US business by growing fiber and carrier services while managing the phase out of non-strategic legacy products.

透過發展光纖和營運商服務，推動我們美國業務的轉型，同時逐步淘汰非策略性傳統產品。

And maintaining financial discipline to support long term value creation.

並保持財務紀律以支持長期價值創造。

While macroeconomic conditions and competitive dynamics remain fluid, our results this quarter demonstrate we are moving in the right direction, strengthening our operational base and positioning ATM for durable growth.

儘管宏觀經濟狀況和競爭格局仍不明朗，但我們本季的業績表明，我們正朝著正確的方向前進，不斷加強營運基礎，並為ATM的持續成長奠定了基礎。

With that, I'll turn it over to Carlos to review the numbers.

接下來，我將把工作交給卡洛斯，讓他來審核這些數據。

Thank you, Brad.

謝謝你，布拉德。

Good morning everyone, and thanks for joining us.

各位早安，感謝各位的收看。

Today I'll walk through our second quarter financial results and outlook for the back half of 2025.

今天我將介紹我們第二季的財務表現以及 2025 年下半年的展望。

Our 2nd quarter results were consistent with our expectations and reflect discipline execution across our operations.

第二季業績符合預期，反映了我們營運各環節的嚴格執行。

While year over year revenue comparisons continue to reflect headwinds on a quarter over quarter basis, we're seeing improved top line momentum.

儘管同比營收仍反映出季度環比成長面臨不利因素，但我們看到營收成長動能有所改善。

And benefit from our focus on operational efficiency, cost control, and capital discipline.

您將受益於我們對營運效率、成本控制和資本紀律的重視。

With that, let's now review our P&L results.

接下來，讓我們來回顧一下損益結果。

Total company revenue for the quarter was 181.3 million, down 1% year over year.

該季度公司總營收為 1.813 億美元，年減 1%。

As expected, this decline reflects the wind down of certain subsidy programs and the decommissioning of Legacy mobile consumer services partially offset by an increase in construction revenue during the quarter.

正如預期的那樣，這一下降反映了某些補貼計劃的逐步取消和傳統行動消費者服務的停用，但部分被本季建築收入的成長所抵消。

Operating income for the second quarter decreased to 0.2 million.

第二季營業收入下降至 20 萬。

Versus 24.3 million in the year ago period.

而去年同期為2430萬。

A year ago, quarter included a 15.9 million gain from the disposition of assets in one of our international markets.

一年前的季度包括從我們某國際市場處置資產中獲得的 1590 萬美元收益。

The quarter's results reflect ongoing cost containment efforts, leading to a reduction in selling general and administrative costs.

本季業績反映了持續的成本控制措施，從而降低了銷售、一般及行政成本。

These savings were partially offset by 4.9 million in restructuring and reorganization charges.

這些節省的部分被 490 萬的重組和改組費用抵消了。

Net loss for the 2nd quarter was 7 million or $0.56 per share. This compares with the prior year's net income of $9 million or $0.50 per share, as the factors influencing operating income similarly impacted the net loss of the period.

第二季淨虧損為700萬美元，即每股虧損0.56美元。相較之下，上年同期淨利為900萬美元，即每股獲利0.50美元，影響營業收入的因素同樣也影響了本季的淨虧損。

Adjusted EV that was 45.8 million, down 6% from the prior year, mainly due to the impact of lower US telecom revenues.

調整後的企業價值為 4,580 萬，較上年下降 6%，主因是美國電信收入下降的影響。

Turning now to segment performance.

接下來分析細分市場表現。

Beginning with our international segments.

首先從我們的國際業務開始。

Future revenues were essentially flat at approximately 95 million as growth in fiber and fibered services was offset by a decline in legacy technology services and lower mobility equipment sales.

由於光纖和光纖服務的成長被傳統技術服務的下滑和行動裝置銷售的減少所抵消，未來收入基本持平，約為 9,500 萬美元。

During the quarter, we recorded restructuring and reorganization charges of 1.4 million, reflecting our ongoing efforts to simplify the organization and better position the business to improve margins over time.

本季度，我們提列了 140 萬的重組和改組費用，這反映了我們為簡化組織結構、更好地定位業務以逐步提高利潤率而持續做出的努力。

Adjusted EIA for the international segment was essentially flat at 33.3 million for the quarter, reflecting our continued focus on cost containment.

國際業務部門的調整後 EIA 本季基本持平，為 3,330 萬美元，反映出我們持續關注成本控制。

In our domestic segment, second quarter revenues were 86.4 million, down 1.7% year over year.

在國內業務方面，第二季營收為 8,640 萬美元，年減 1.7%。

As previously mentioned, revenue was impacted by the conclusion of the ECF and ACP programs, as well as the decommissioning of our legacy consumer mobility solutions.

如前所述，收入受到 ECF 和 ACP 計劃結束以及我們傳統消費者出行解決方案停用的影響。

This year over year decline was partially upset by an increase in construction revenues.

年比下降的趨勢部分被建築業收入的成長所抵消。

In addition, we continue to gain traction in our carrier service revenue as we replace legacy roaming contracts with carrier managed service solutions.

此外，隨著我們用運營商管理的服務解決方案取代傳統的漫遊合同，我們的運營商服務收入也持續增長。

During the quarter, we took restructuring and reorganization actions resulting in charges of 2.4 million as part of our strategy to improve operational efficiency and drive marginal improvements over time.

本季度，我們採取了重組和改組措施，產生了 240 萬的費用，這是我們提高營運效率和隨著時間的推移推動逐步改進的策略的一部分。

A for the quarter was 18.3 million, down 16.7% compared with the same quarter last year, primarily due to revenue performance and the timing of certain expenses in the prior year.

本季A為1830萬，比去年同期下降16.7%，主要原因是上一年的收入表現和某些費用的發生時間。

Moving on to the balance sheet and cash flow highlights.

接下來是資產負債表和現金流量表的重點內容。

We ended the quarter with 113.3 million in cash, up from 97.3 million at the end of Q1.

本季末，我們的現金餘額為 1.133 億美元，高於第一季末的 9,730 萬美元。

Total debts to that 583.4 million and our net debt ratio was 2.58 times.

總負債為 5.834 億，淨負債比率為 2.58 倍。

Net cash provided by offering activities for the first half of the year, increased 2% year over year to approximately 60 million driven largely by working capital improvements.

上半年發行活動產生的淨現金年增 2% 至約 6,000 萬，主要得益於營運資本的改善。

Capital expenditures for the first half of 2025 totaled 42 million net of 45.9 million in reimbursable capital spending.

2025 年上半年資本支出總額為 4,200 萬，扣除 4,590 萬可報銷資本支出後淨額為 4,200 萬。

This compares to 61.8 million in CapEx and 46.2 million in reimbursables in the first half of last year, reflecting our plan to moderate spending and enhanced operational cash flow.

相較之下，去年上半年資本支出為 6,180 萬，可報銷支出為 4,620 萬，這反映了我們控制支出和增強營運現金流的計畫。

We returned 7.3 million in capital to our shareholders in the form of dividends during the first half of 2025.

2025年上半年，我們以股利的形式向股東返還了730萬資本。

With that, let's move to our outlook for 2025.

接下來，讓我們展望一下2025年。

We are reaffirming the outlook for 2025 that we provided in our fourth quarter release.

我們重申在第四季報告中對 2025 年的展望。

We continue to expect.

我們繼續期待。

Revenue for the year to be in line with 2024 of $725 million excluding construction revenue.

本年度收入將與 2024 年的 7.25 億美元持平，不包括建築收入。

Adjusted IIDA to be essentially flat with last year's 184 million.

經調整後的IIDA與去年的1.84億基本持平。

Net capital expenditures between 90 and 100 million, down from 110.3 million in 2024.

淨資本支出在 9,000 萬至 1 億美元之間，低於 2024 年的 1.103 億美元。

A net debt ratio to remain flat to year end 2024 with a slight potential improvement exiting the year.

淨負債比率預計到 2024 年底將保持不變，年底前可能會略有改善。

We see positive momentum in the business as our efforts to stabilize revenues, gain operational efficiencies, and increased cash flow are beginning to gain traction.

我們看到業務發展勢頭良好，我們在穩定收入、提高營運效率和增加現金流方面的努力開始取得成效。

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.

展望今年剩餘時間，我們仍預計下半年將對全年業績做出更大貢獻。

The size of these quarters restructuring and reorganization charges was greater than originally expected.

這些季度的重組和改組費用規模比最初預期的要大。

And as we accelerated some action as planned for the upcoming quarters into the 2nd quarter.

因此，我們加快了部分原計劃在第二季開始實施的行動。

As a result, we expect to incur residual reorganization and restructuring expenses in the 3rd quarter as we complete organizational transitions, although at a lower level than in the 2nd quarter.

因此，我們預計在第三季完成組織過渡時會產生一些剩餘的重組和結構調整費用，儘管金額會低於第二季。

To wrap up, we're executing against a clear set of priorities.

總而言之，我們正在按照一套明確的優先事項執行工作。

Managing costs, strengthening cash flow, and positioning our network and services for sustainable growth.

控製成本，增強現金流，並為我們的網路和服務定位，以實現永續成長。

Our continued operational discipline and focus give us confidence in our ability to meet our 2025 targets and deliver long-term value to our shareholders.

我們持續的營運紀律和專注使我們有信心實現 2025 年目標，並為股東創造長期價值。

Thank you.

謝謝。

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

現在我把電話交還給布萊德。

Thanks, Carlos. Before we open the call for questions, I want to leave you with a clear takeaway. We are focused on disciplined execution, grounded in financial responsibility, and confident in the strategic path we've chosen.

謝謝卡洛斯。在正式開始提問環節之前，我想先給大家留下一個明確的訊息：我們專注於嚴謹的執行，以財務責任為基礎，並且對我們選擇的戰略道路充滿信心。

This is a year of transition, we're beginning to see encouraging momentum.

今年是變革之年，我們開始看到令人鼓舞的勢頭。

We're generating stronger cash flow, advancing our grant funded bills, and digitally empowering people and communities so they can connect to the world and prosper.

我們正在創造更強勁的現金流，推進由撥款資助的帳單，並透過數位化賦予個人和社區，使他們能夠與世界連接並繁榮發展。

Our long term objective remains unchanged to build a stronger, more efficient, and more resilient ATM for the future.

我們的長期目標始終不變，即為未來打造更強大、更有效率、更具韌性的ATM機。

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

我們希望就該操作員的問題進行提問。

(Operator Instructions) Ric Prentiss, Raymond James.

（操作說明）Ric Prentiss，Raymond James。

Yes, good morning.

是的，早安。

Everybody.

所有人。

Hi. Hey.

嗨。嘿。

A couple of questions on my side. First is, what was the impact of the one triple B bill on you guys, anything on cash taxes, anything on, other aspects of the bill?

我這邊有幾個問題。首先，這項名為「三B法案」的法案對你們有什麼影響？例如現金稅方面，或法案的其他方面？

Ari, this is Carlos. Thanks for the question. At this point, it hasn't had an impact, given our jurisdictions and tax positions, we're not expecting an impact in the short term. We're looking into it, but that's the current re. We like some of the elements, obviously the, 100% point depreciation and some of those other elements, but at this point, we're not expecting a.

阿里，我是卡洛斯。感謝你的提問。目前來看，鑑於我們所在的司法管轄區和稅務狀況，這個問題還沒有產生影響，我們預計短期內不會受到影響。我們正在調查此事，但目前的情況就是這樣。我們當然喜歡其中的一些要素，例如100%的折舊率以及其他一些要素，但目前我們預計不會產生影響。

Short-term impact.

短期影響。

Okay. Related question is, there obviously is a fiber race going on in the United States.

好的。相關的問題是，顯然美國正在進行一場纖維產業競賽。

Other companies have talked about the bill driving, increased pacing of fiber deployment.

其他公司也談到了帳單推動、加快光纖部署步伐。

How is that going to impact you all from a standpoint of either competition or access to labor and materials as fiber kind of becomes a heated up spot.

從競爭或勞動力和材料取得的角度來看，隨著纖維產業逐漸成為熱點領域，這將對你們產生怎樣的影響？

Yeah, Rick, I mean those certainly, those policies to help to really help expedite permitting are are going to be very helpful for us. So, where we operate and build, we build a lot of Bureau of Land Management land, so these can be very slow permitting regulatory process. So we do expect that's going to help speed up pace, so we are looking forward to that, but that's still to be seen.

是的，里克，我的意思是，這些旨在加快審批流程的政策肯定會對我們非常有幫助。因為我們運作和建造的許多項目都位於土地管理局的土地上，所以這些土地的審批流程可能非常緩慢。我們預計這些政策將有助於加快審批速度，我們對此充滿期待，但這還有待觀察。

And as far as access to labor supply, materials, all that, there's starting to be a little bit of buzz in the community about it it's going to tighten up stuff if everybody starts trying to race ahead.

至於勞動力供應、材料等等方面，社區裡已經開始有人議論紛紛，如果大家都開始競相搶先機，情況就會變得更加緊張。

And we're not seeing that right in fact we're seeing people coming to us quite regularly looking for work. So, no, we've not seen that yet. That could essential be a constraint as things move forward, right now we're seeing that there's enough capacity to fill our needs.

事實上，我們並沒有看到這種情況，反而常常有人來找工作。所以，不，我們目前還沒有看到這種情況。隨著事態發展，這可能會成為一個限制因素，但就目前而言，我們看到的產能足以滿足我們的需求。

Okay, last one for me, it's a kind of a bizarre question, but since you do have fiber.

好的，最後一個問題，這個問題有點奇怪，但既然你攝取了纖維。

Have you ever looked into the possibility of could the fiber portion of the business be converted into a re type of structure, real estate investment trust for for taxation purposes? Still trying to figure out, obviously towers are very readable, data centers that we see fiber as another digital infrastructure category that some people are trying to ponder is it something that could be turned into a re structure?

您是否考慮過將光纖業務部分轉換為房地產投資信託基金（REIT）之類的結構，以達到稅務目的？我還在思考這個問題，顯然，基地台很容易理解，而我們將光纖視為另一種數位基礎設施，有些人正在考慮它是否可以轉換為RE結構？

So at this point, Rick, yeah, that, that's not something we've looked at. So there are, as you mentioned, there are certainly opportunities and towers beyond, and there are other mechanisms out there, asset-backed securitization, that you knowlecom's taken advantage of, but from we perspective, not yet.

所以，里克，是的，目前我們還沒有考慮過這個問題。正如你所提到的，當然還有很多機會和發展空間，也存在其他機制，例如資產支持證券化，Knowlecom 也已經利用了這些機制，但就我們而言，目前還沒有。

Okay. Thanks, guys. Have a good day.

好的。謝謝各位。祝你們今天過得愉快。

Gregory Burns, Sidoti.

格雷戈里·伯恩斯，西多蒂。

Good Morning, In the US markets, in the US markets, do you have a line of sight on when we might see the inflection of, growth in the fiber lead newer services finally offsetting the declines you're seeing in those legacy services and getting back to.

早安，在美國市場，您認為光纖業務的成長何時才能扭轉局面，引領新興服務的發展，最終抵銷傳統服務的下滑並使其恢復正常？

Growth in that part of the business?

該業務板塊是否有成長？

Yeah, so certainly, our, as we mentioned, we're certainly going in the transition stage in our US market, something we're watching very closely, we are optimistic with the process with progress we've made with our farmer builds, and we are seeing, demand, from the carriers starting to increase, so we are seeing a decent pipeline. We are also seeing, some better execution. Within our sales organizations and areas like world healthcare, so again we are expecting to see, some improvements here in the second half of the year. We typically do see a better second half with federal funding and state funding cycles and the, consumer Q4 strength, so we are expecting to continue to see improvements, but again the pipeline building. And getting through and Carlos's prepared remarks, I referenced the year-to-date CapEx, 42 million, in addition to the 40, almost 46 million of reimbursable, that's all US, so there's quite a bit of activity, quite a bit of capital intensity happening in the US market. So yeah, we have not guided, beyond the 25 window. We'll be guided for 26 Q4 earnings. Call, but ultimately, we are hopeful and we are seeing the demand that that is going to start to lift, and we're working diligently to deliver that.

是的，正如我們之前提到的，我們在美國市場正處於轉型階段，我們對此密切關注。我們對農場建設方面取得的進展感到樂觀，我們看到來自保險公司的需求開始成長，因此我們看到了良好的專案儲備。我們也看到銷售團隊和全球醫療保健等領域的執行力有所提高，因此我們預計下半年情況會有所改善。通常情況下，隨著聯邦和州政府撥款週期的結束以及第四季度消費者需求的強勁增長，下半年業績會更好，因此我們預計業績將繼續改善，項目儲備也會不斷增加。在卡洛斯的發言中，我提到了今年迄今的資本支出為4200萬美元，加上4000萬美元到近4600萬美元的可報銷支出，這些都來自美國，因此美國市場相當活躍，資本密集度也很高。是的，我們沒有給出25年後的業績指引。我們預計第四季獲利將在26年公佈。但最終，我們充滿希望，我們看到了需求開始回升，我們正在努力滿足這項需求。

Alright, and then internationally and on the mobile side I know the focus is on growing those higher valued postpaid subs but it looks like the.

好的，然後是國際市場和行動裝置方面，我知道重點是發展那些高價值的後付費用戶，但看起來…

The competitive pressures of ease somewhat maybe a little bit on the the.

競爭壓力在某種程度上可能會對…產生一些影響。

The pre-paid side.

預付費方。

Has there been any changes in the competitive dynamics or is the market just.

競爭格局是否發生了變化？或者市場依然保持平衡？

Kind of stabilized to a level where you're not going to see the types of declines we saw there over the last year or so.

目前已經趨於穩定，不會再出現過去一年左右我們所看到的那種下跌趨勢。

Yeah, I look, I.

是的，我看了看。

Still think there's competitive pressures, Greg. So yeah, I do think the initial new entrant in our largest market, that was disruptive last year, even even in late 23. We think that is normalized to a degree again, our focus has been let's get the quality of our subscriber base. Moving and that's true in all markets so data consumption data plan expansion, which we're seeing, contract expansion which we're seeing in our more mature markets, so that has been the thesis we're happy with that thesis, but the competitive pressures are still there, and what we're seeing is the impact really on pre-paid, that's really where the competitors come into these markets. But we're happy with where we're going, we are really a #1, #2 position in most of these markets, so it's really a defense play going forward. So that's why it's important that we see the good trends of data consumption, again, we're happy with that process.

格雷格，我仍然認為有競爭壓力。是的，我認為去年在我們最大的市場，甚至在2023年底，新進入者確實造成了衝擊。我們認為這種情況已經在某種程度上恢復正常，我們的重點一直是提升用戶群的品質。這一點在所有市場都適用，包括數據消費、數據套餐擴展（我們看到了這一點）、合約擴展（我們在更成熟的市場中看到了這一點）。這就是我們一直以來的策略，我們對這個策略感到滿意。但競爭壓力依然存在，我們看到的是預付費市場受到的衝擊，競爭對手正是從預付費市場進入這些市場的。但我們對目前的發展狀況感到滿意，我們在大多數市場都佔據第一或第二的位置，所以未來我們主要採取的是防禦策略。因此，看到數據消費的良好趨勢非常重要，我們對這一趨勢感到滿意。

Alright, thank you.

好的，謝謝。

Thank you. And as a reminder to ask a question, simply press 11 to get in the queue.

謝謝。再次提醒，如果您想提問，只需按11即可排隊。

As I see no further questions in the queue, I will turn the call back to Brad Martin for final comments.

由於隊列中沒有其他問題，我將把電話轉回給布拉德馬丁做最後的總結。

Great, thank you, operator, and thank you all for joining us today. We appreciate your continued engagement as we execute our strategy. Look forward to sharing more progress towards ahead. Have a great day.

太好了，謝謝接線員，也謝謝各位今天參與我們的活動。感謝大家在我們執行策略的過程中給予的持續支持。期待與大家分享更多進展。祝大家今天愉快。

Thank you.

謝謝。

And with that, ladies and gentlemen, we conclude our program today.

女士們、先生們，今天的節目到此結束。

Thank you for joining. You may.

感謝您的參與。您可以。

And you may now disconnect.

您現在可以斷開連線了。