ATN International Inc (ATNI) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. Welcome to ATN International fourth-quarter 2025 earnings conference call and webcast. (Operator Instructions)

您好，感謝您耐心等候。歡迎收聽 ATN International 2025 年第四季財報電話會議與網路直播。（接線員指示）

I would now like to hand the conference over to Michele Satrowsky. You may begin.

現在我想把會議交給 Michele Satrowsky。您可以開始了。

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 fourth quarter and full year 2025 results and providing our 2026 outlook.

謝謝您，接線員，各位早安。今天與我一同出席的有 ATN 執行長 Brad Martin，以及 ATN 財務長 Carlos Doglioli。今天上午我們將回顧 2025 年第四季與全年業績，並提供 2026 年展望。

As a reminder, we announced our 2025 fourth quarter results yesterday afternoon after the market closed. Investors can find the earnings release and conference call slide presentation on our Investor Relations website.

提醒各位，我們已於昨天下午收盤後公布 2025 年第四季業績。投資人可在我們的投資人關係網站上找到財報新聞稿與電話會議簡報。

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

我們的財報新聞稿與簡報包含若干前瞻性陳述，涉及我們對未來營運的當前預期、目標及其所依據的假設。這些陳述受風險與不確定性影響，可能導致實際結果與所述內容有所差異。

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

此外，為了向投資人提供有用資訊，我們今天的評論包含非 GAAP 財務衡量指標。關於這些指標的詳細資訊、與可比 GAAP 指標的調節，以及可能影響我們未來營運結果的因素之進一步資訊，請參閱我們在 ir.atni.com 網站上的財報新聞稿，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.

現在我把電話會議交給 Brad。

Good morning, and thank you for joining us to discuss ATN's fourth quarter and full year 2025 results. Before I get into the details, I want to recognize the exceptional work of our teams across all of our markets. The progress we delivered this year, both in our financial performance and the underlying health of the business, reflects their commitment to operational excellence and to building long-term value for our customers and shareholders.

各位早安，感謝各位加入我們，一同討論 ATN 2025 年第四季與全年業績。在進入細節之前，我想先肯定我們在所有市場的團隊所展現的卓越工作表現。我們今年在財務表現與業務基本面健康度方面所取得的進展，反映了他們對營運卓越的承諾，以及為客戶與股東創造長期價值的投入。

Our fourth quarter results show the continued execution of our strategic plan and further validate the operational improvements we have been implementing across our business segments.

我們第四季的結果顯示，我們持續落實策略計畫，並進一步驗證我們在各業務部門推動的營運改善。

In the quarter, we grew revenue, expanded adjusted EBITDA and improved operating income while continuing to expand our base of high-speed broadband homes passed and high-speed subscribers.

本季我們提升營收、擴大調整後 EBITDA，並改善營業利益，同時持續擴大可提供高速寬頻服務的住戶覆蓋（homes passed）與高速用戶基礎。

For the full year, debt execution translated into higher operating profitability stronger cash generation and a business that is better aligned with our strategic focus on mobility, high-speed data and differentiated carrier and enterprise solutions.

就全年而言，嚴謹的執行帶來更高的營運獲利能力、更強的現金創造能力，並使公司更貼近我們在行動服務、高速數據，以及差異化電信業者與企業解決方案上的策略重點。

While there's still more work ahead to fully optimize the business, I believe we are on the right track. 2025 was a turning point for ATN as we shifted from stabilizing the business to clearly demonstrating progress against our strategy.

雖然要全面優化業務仍有更多工作要做，但我相信我們正走在正確的軌道上。2025 年對 ATN 而言是轉捩點，我們從穩定業務轉向清楚展現策略推進的成果。

We increased net cash provided by operating activities, reduced capital intensity while continuing to invest in our networks and grew and improved the quality and durability of our mobility and high-speed subscriber bases across our markets. At the same time, we improved operating income, expanded full year adjusted EBITDA and held revenues essentially flat year-over-year.

我們提高了營運活動提供的淨現金、降低資本密集度，同時持續投資網路，並在各市場擴大行動與高速用戶基礎，且提升其品質與持久性。同時，我們改善營業利益、擴大全年調整後 EBITDA，並使營收基本上與去年持平。

Together with the recently announced pending sale of our Southwest US portfolio of towers, this positions us to enter 2026 with greater resilience, more flexibility and with a clear focus on our core strategic objectives.

再加上近期宣布、尚待完成的美國西南部鐵塔資產組合出售案，這使我們能以更強的韌性、更高的彈性，並以清晰的核心策略目標進入 2026 年。

Let me take a moment to review the performance of our two business segments in the fourth quarter. In our International segment, our network investments and focus on service quality are driving growth in mobility and high-speed data subscribers and contributing to adjusted EBITDA expansion.

我先花點時間回顧第四季兩個業務部門的表現。在國際事業部方面，我們的網路投資與對服務品質的聚焦，正推動行動與高速數據用戶成長，並促成調整後 EBITDA 擴張。

We are seeing the benefits in better network performance, stronger customer retention and higher data usage, which together support a more durable earnings profile in these markets. We remain focused on deepening customer relationships, continuing to upgrade our networks and optimizing our operations to further enhance profitability and long-term value.

我們看到更佳的網路表現、更強的客戶留存率與更高的數據使用量所帶來的效益，這些因素共同支持這些市場更具持久性的獲利結構。我們仍將專注於深化客戶關係、持續升級網路並優化營運，以進一步提升獲利能力與長期價值。

In our US segment, we are seeing tangible benefits from the strategic shift we've been executing in response to changing industry dynamics, particularly in combat. As our large carrier customers, have expanded and matured their own product offerings. Our approach has been to deepen our role as a partner to increase carrier managed services, while steadily pivoting away from legacy subsidized and lower-margin consumer offerings in certain Southwest consumer markets.

在美國事業部方面，我們看到因應產業動態變化而推動的策略轉型已帶來具體效益，特別是在競爭方面。隨著我們的大型電信業者客戶擴張並使其自有產品供給日益成熟。我們的做法是深化我們作為合作夥伴的角色，增加電信業者託管服務（carrier managed services），同時在美國西南部部分消費市場逐步轉離傳統補貼型且毛利較低的消費者產品。

This strategy is gaining traction and we are seeing improved performance as a result, particularly in the second half of 2025. We have a durable presence in Alaska in New Mexico anchored by fiber and fiber-fed fixed wireless infrastructure, that's supporting growth in the consumer broadband and carrier services.

這項策略正逐步奏效，我們也因此看到表現改善，尤其是在 2025 年下半年。我們在阿拉斯加與新墨西哥州擁有穩固的據點，以光纖與光纖回傳的固定無線基礎設施為核心，支撐消費者寬頻與電信業者服務的成長。

Over the past year, the number of homes passed by high-speed broadband increased 25%, driven primarily by Alaska's deployment of fiber-fed fixed wireless solutions across Anchorage, Fairbanks, Juno and the Kenai Peninsula. These efforts contributed to fourth quarter revenue growth and create opportunity for additional subscriber growth.

過去一年，高速寬頻可覆蓋住戶數（homes passed）增加 25%，主要由阿拉斯加在安克拉治（Anchorage）、費爾班克斯（Fairbanks）、朱諾（Juno）與基奈半島（Kenai Peninsula）部署光纖回傳固定無線解決方案所帶動。這些努力促成第四季營收成長，並為進一步的用戶成長創造機會。

At the same time, our structural cost actions drove higher operating income and improved margins, particularly in the second half of 2025.

同時，我們的結構性成本措施帶動更高的營業利益並改善利潤率，尤其是在 2025 年下半年。

Domestically, our broadband infrastructure expansion continued to progress as planned with several government-supported projects advancing through key milestones during the quarter. These investments remain central to our long-term US growth strategy, enhancing our network capabilities and creating new revenue opportunities as deployments are completed.

在美國本土，我們的寬頻基礎設施擴張按計畫持續推進，季內有多個政府支持的專案達成關鍵里程碑。這些投資仍是我們美國長期成長策略的核心，將在部署完成後提升網路能力並創造新的營收機會。

We continue to leverage available government funding, including federal broadband programs while maintaining a careful, disciplined approach to capital deployment and aligning spend with the highest return opportunities.

我們持續運用可取得的政府資金，包括聯邦寬頻計畫，同時維持審慎且自律的資本配置方式，並將支出與最高報酬機會對齊。

We also recently advanced several important strategic initiatives. First, we received notice of provisional BEAD awards and preliminary commitments totaling more than $150 million in key markets such as New Mexico and Alaska, expanding our opportunity to pass additional homes with fiber and high-speed broadband in underserved communities and reinforcing our position as a partner of choice in these regions.

我們近期也推進了數項重要的策略性計畫。首先，我們收到 BEAD 暫定獎項通知與初步承諾，總額超過 1.5 億美元，涵蓋新墨西哥州與阿拉斯加等關鍵市場，擴大我們以光纖與高速寬頻在服務不足社區覆蓋更多住戶（pass additional homes）的機會，並強化我們在這些地區作為首選合作夥伴的地位。

We're approaching these programs selectively and expect to invest approximately 10% to 15% of total project costs with our own capital, ensuring that BEAD supported builds align with our financial return thresholds and long-term infrastructure strategy.

我們將以選擇性的方式參與這些計畫，並預期以自有資本投入約占總專案成本的 10% 至 15%，以確保 BEAD 支持的建置符合我們的財務報酬門檻與長期基礎設施策略。

We currently expect these initiatives to begin contributing to our business results in 2027 and beyond. In addition, we completed the sale of certain US spectrum assets, allowing us to unlock value and further optimize our operations, reinforcing our focus on infrastructure and service-based revenue streams.

我們目前預期這些計畫將於 2027 年及之後開始對我們的營運成果做出貢獻。此外，我們完成出售部分美國頻譜資產，使我們得以釋放價值並進一步優化營運，強化我們對基礎設施與服務型營收來源的聚焦。

Taken together, these actions support the long-term growth potential of our US business and demonstrate our ability to attract incremental government funding for network expansion and monetize non-core assets in a disciplined way.

綜合而言，這些行動支持我們美國業務的長期成長潛力，並展現我們有能力吸引額外政府資金以擴張網路，同時以自律的方式將非核心資產變現。

Just after year-end, we took another important step with the announced pending sale of our Southwest US tower portfolio for up to $297 million in total cash consideration. Upon full completion, we expect the divestiture to modestly reduce revenue and EBITDA associated with those assets while providing meaningful proceeds to strengthen our balance sheet and support our long-term growth plans. This transaction unlocks value from an asset we've built over many years and importantly, allows us to sharpen our focus across ATN on our mobility, broadband and carrier services business.

在年末剛過不久，我們又邁出重要一步，宣布擬出售我們美國西南部鐵塔資產組合，總現金對價最高可達 2.97 億美元。在交易完全完成後，我們預期該項處分將使與這些資產相關的營收與 EBITDA 略為下降，但將帶來可觀的資金，用以強化資產負債表並支持我們的長期成長計畫。這筆交易釋放了我們多年來建立的資產價值；更重要的是，使我們能在 ATN 全面更聚焦於行動、寬頻與電信業者服務業務。

Combined with the operational improvements we delivered in 2025, the tower sale increases our financial flexibility and enhances our ability to invest in sustainable long-term value creation. Throughout 2025, we did what we said we would do, advance our strategic plan to improve the profitability and cash generation of our operations, maintain high-quality revenue streams and customer relationships, optimize our operating structure and strengthen the balance sheet.

再加上我們在 2025 年所交付的營運改善，鐵塔出售案提升了我們的財務彈性，並強化我們投資於可持續的長期價值創造的能力。在整個 2025 年，我們做到了我們所承諾的：推進策略計畫以提升營運的獲利能力與現金創造能力，維持高品質的營收來源與客戶關係，優化營運架構，並強化資產負債表。

We also grew our mobility and high-speed subscriber base across our markets. These outcomes reinforce our confidence that we are building a stronger, more efficient ATN.

我們也在各個市場擴大了行動與高速寬頻用戶基礎。這些成果進一步強化了我們的信心，證明我們正在打造一家更強大、更高效率的 ATN。

Looking ahead, we are encouraged by the steady momentum across our business segments and remain focused on disciplined execution. Our priority for 2026 is to convert the network and system investments we have made over the past several years into margin expansion, cash flow and further balance sheet strength.

展望未來，我們對各業務部門穩健的動能感到鼓舞，並將持續專注於紀律嚴明的執行。我們 2026 年的優先事項，是將過去數年在網路與系統上的投資轉化為利潤率擴張、現金流以及資產負債表的進一步強化。

We are entering the year with positive momentum in both our International and US business segments with a more efficient operating model. We are maintaining a disciplined approach to capital allocation and leveraging available government funding to support continued network growth while enhancing returns.

我們以更高效率的營運模式，帶著國際與美國兩大業務部門的正向動能進入新的一年。我們將維持資本配置的紀律，並善用可取得的政府資金以支持網路持續成長，同時提升報酬。

The pending tower sale is a key milestone in unlocking asset value and strengthening of our balance sheet, and we intend to use the added flexibility to support our highest priority growth opportunities.

即將完成的鐵塔出售是釋放資產價值並強化資產負債表的重要里程碑；我們打算運用新增的彈性來支持我們最優先的成長機會。

Before I turn it over to Carlos for a detailed review of our financial performance, I want to leave you with a clear takeaway. Our 2025 results show that ATN is stronger, more efficient and better positioned than it was a year ago. We remain confident in our ability to build on this progress and generate long-term value for our shareholders.

在我把時間交給 Carlos 進行財務表現的詳細回顧之前，我想先留給各位一個明確的重點。我們 2025 年的成果顯示，ATN 比一年前更強大、更有效率，且具備更佳的定位。我們仍對在此基礎上持續推進、並為股東創造長期價值的能力充滿信心。

With that, I'll hand it over to Carlos for a detailed review of our financial performance.

接下來，我把時間交給 Carlos，請他詳細回顧我們的財務表現。

Thank you, Brad, and good morning, everyone. Let me walk you through the 2025 results and provide some context on our 2026 outlook. Our fourth quarter capped a year of improved financial performance, especially in the second half of the year.

謝謝你，Brad，各位早安。我將帶各位回顧 2025 年的成果，並就我們對 2026 年的展望提供一些背景。第四季為我們財務表現改善的一年畫下句點，尤其是下半年表現更為明顯。

Total revenues for the fourth quarter grew 2% to $184.2 million compared with $180.5 million in the prior year quarter. Excluding construction and other revenues, communication service revenues increased 3% driven by growth across multiple service offerings.

第四季總營收較去年同期的 1.805 億美元成長 2%，至 1.842 億美元。若排除工程建設及其他收入，通訊服務收入成長 3%，主要由多項服務產品的成長所帶動。

For the full year, revenues were essentially flat at $728 million and in line with our expectations. Increases in carrier services, construction and other revenues offset decreases in mobility and fixed revenues driven in part by our transition away from legacy offerings in our US markets.

全年營收基本持平，為 7.28 億美元，符合我們的預期。電信業者服務、工程建設及其他收入的增加，抵銷了行動與固網收入的下滑；其中部分原因是我們在美國市場逐步轉型、退出傳統（legacy）產品。

Operating income was $15.7 million in the fourth quarter, up from $8.7 million in the same period last year. The improvement reflects the benefit of cost management efforts, including reductions in selling, general and administrative expenses and gains on asset dispositions.

第四季營業利益為 1,570 萬美元，高於去年同期的 870 萬美元。改善主要反映成本管理措施的效益，包括銷售、一般及管理費用的降低，以及資產處分收益。

For the full year, operating income increased to $28.4 million compared with an operating loss of $0.8 million in 2024, which included a $35.3 million goodwill impairment charge. Net loss attributable to ATN stockholders in the fourth quarter was $3.3 million or $0.32 per share compared with net income of $3.6 million or $0.14 per diluted share in the prior year quarter.

全年營業利益增至 2,840 萬美元，相較之下 2024 年為營業損失 80 萬美元；2024 年包含 3,530 萬美元的商譽減損費用。第四季歸屬 ATN 股東的淨損為 330 萬美元（每股 0.32 美元），相較去年同期為淨利 360 萬美元（稀釋後每股 0.14 美元）。

The change reflects the absence of an $8.9 million tax benefit that positively impacted Q4 2024, along with higher other expense resulting from marking a minority equity investment to market in 2025.

變動主要反映 2024 年第四季有 890 萬美元的稅務利益帶來正面影響，但 2025 年並未出現；此外，2025 年因將一項少數股權投資按市價評價，導致其他費用增加。

For the full year, our net loss narrowed to $14.9 million or $1.38 per share versus a net loss of $26.4 million or $2.10 per share in 2024. Adjusted EBITDA for the fourth quarter was $50 million, up 8% from $46.2 million in the prior year quarter.

全年淨損收斂至 1,490 萬美元（每股 1.38 美元），相較 2024 年淨損 2,640 萬美元（每股 2.10 美元）。第四季調整後 EBITDA 為 5,000 萬美元，較去年同期的 4,620 萬美元成長 8%。

For the full year, adjusted EBITDA increased 3% to $190 million compared with $184.1 million in 2024. The year-over-year growth in both the quarter and the full year reflects our ongoing focus on cost management and margin improvement.

全年調整後 EBITDA 較 2024 年的 1.841 億美元成長 3%，至 1.90 億美元。無論是單季或全年，年增成長皆反映我們持續專注於成本管理與利潤率改善。

Turning now to segment performance. Our International segment continued to deliver top line growth and margin expansion in 2025. The combination of targeted capital investments in support of our commercial progress and disciplined cost management, contributed to higher adjusted EBITDA even as we navigated heightened competitive dynamics in certain markets.

接著看各事業部門表現。我們的國際事業部在 2025 年持續實現營收成長與利潤率擴張。在支持商業進展的精準資本投資與紀律性的成本管理相結合下，即使我們在部分市場面對更激烈的競爭態勢，調整後 EBITDA 仍有所提升。

Specifically for the fourth quarter, International revenues increased nearly 3% to $97.3 million from $94.8 million in the prior year quarter. And for the full year 2025, revenue was up 1% to $381.9 million from $377.5 million for full year 2024. Adjusted EBITDA for the International segment increased 1% to $32.7 million for the fourth quarter and approximately 4% to $131.6 million for the full year.

就第四季而言，國際事業部營收較去年同期的 9,480 萬美元增加近 3%，至 9,730 萬美元。而 2025 年全年營收較 2024 年全年的 3.775 億美元成長 1%，至 3.819 億美元。國際事業部調整後 EBITDA 第四季成長 1% 至 3,270 萬美元，全年約成長 4% 至 1.316 億美元。

In our domestic segment, during the fourth quarter, revenues increased 1% to $86.9 million from $85.8 million in the prior year quarter. And for the full year 2025, revenue declined just under 2% to $346.1 million compared with $351.6 million for full year 2024. Adjusted EBITDA for the domestic segment increased 11% to $21.6 million for the fourth quarter and declined approximately 2% to $78.5 million for the full year.

在國內事業部方面，第四季營收較去年同期的 8,580 萬美元成長 1%，至 8,690 萬美元。而 2025 年全年營收較 2024 年全年的 3.516 億美元下滑略低於 2%，至 3.461 億美元。國內事業部調整後 EBITDA 第四季成長 11% 至 2,160 萬美元，全年則約下滑 2% 至 7,850 萬美元。

Our results for this segment reflect the impact of transitioning away from legacy and subsidy-driven revenue streams in the first half of the year and the benefit of stronger performance in carrier solutions in the second half supported by continued margin improvement efforts.

該事業部的成果反映：上半年我們逐步轉型、退出傳統及補貼驅動的收入來源所帶來的影響；以及下半年在持續推動利潤率改善的支持下，電信業者解決方案業務表現轉強所帶來的效益。

Let me now turn to the balance sheet and cash flow highlights. Total cash, cash equivalents and restricted cash increased to $117.2 million at December 31, 2025, compared with $89.2 million at the end of 2024. Total debt was $565.2 million versus $557.4 million a year ago, resulting in a net debt ratio of 2.36 times as of year-end, an improvement from 2.54 times at December 31, 2024.

接下來談資產負債表與現金流重點。截至 2025 年 12 月 31 日，現金、約當現金及受限制現金合計增至 1.172 億美元，較 2024 年底的 8,920 萬美元增加。總負債為 5.652 億美元，較一年前的 5.574 億美元增加；年末淨負債比率為 2.36 倍，較 2024 年 12 月 31 日的 2.54 倍改善。

Just as a reminder, approximately 60% of total debt resides at the subsidiary level and is nonrecourse to ATN parent. Net cash provided by operating activities increased 5% year-over-year to $133.9 million driven in part by improved working capital management. Capital expenditures for the full year were $90 million, net of $84.6 million in reimbursable capital expenditures compared with $110.4 million, net of $108.5 million in reimbursement in 2024.

提醒一下，約 60% 的總負債位於子公司層級，且對 ATN 母公司為無追索權（nonrecourse）。營運活動提供的淨現金較去年同期成長 5% 至 1.339 億美元，部分受惠於營運資金管理改善。全年資本支出為 9,000 萬美元（已扣除 8,460 萬美元可報銷的資本支出），相較 2024 年為 1.104 億美元（已扣除 1.085 億美元的報銷）。

Our capital spending for the year was in the lower end of our guidance range, driven by the timing of some investments that are now expected and incorporated in our 2026 outlook. The year-over-year reduction in net capital spending also reflects our commitment to maintaining more normalized levels of CapEx. We maintained our quarterly dividend of $0.275 per share paid on January 9, 2026, to shareholders of record as of December 31, 2025. We did not repurchase any shares during the quarter.

我們今年的資本支出落在指引區間的低端，主要受部分投資時點影響；這些投資目前預期將發生，並已納入我們對 2026 年的展望。淨資本支出年減亦反映我們致力於維持較為常態化的資本支出（CapEx）水準。我們維持每股 0.275 美元的季度股利，並已於 2026 年 1 月 9 日支付給截至 2025 年 12 月 31 日的在冊股東。本季我們未進行任何庫藏股回購。

Turning to the 2026 outlook. As Brad mentioned, earlier this month, we announced that our Comnet subsidiaries agreed to sell a portfolio of 214 Southwestern US towers and related operations to an affiliate of Everest infrastructure partners were up to $297 million in an all-cash transaction. We continue to expect the initial closing to occur in the second quarter of 2026, with gross proceeds of approximately $250 million to $270 million with additional closings occurring over the following 12 months tied to construction and operational milestones.

接著談 2026 年展望。如 Brad 所提到，本月稍早我們宣布，旗下 Comnet 子公司已同意以全現金交易方式，將美國西南部 214 座鐵塔組合及相關營運出售給 Everest Infrastructure Partners 的關係企業，交易金額最高可達 2.97 億美元。我們仍預期首次交割將於 2026 年第二季完成，總收入約 2.50 億至 2.70 億美元；後續交割將在接下來 12 個月內陸續進行，並與建設及營運里程碑掛鉤。

For full year 2026 and excluding any impact from the pending sale of our US tower portfolio, we expect adjusted EBITDA to increase modestly from 2025 levels to a range of $190 million to $200 million. Our 2026 outlook incorporates a headwind of approximately $5 million related to the conclusion of high-cost funding support for our US Virgin Island market.

就2026年全年而言，且不包含我們待完成出售美國鐵塔資產組合的任何影響，我們預期調整後EBITDA將較2025年水準小幅增加，至1.90億至2.00億美元的區間。我們對2026年的展望包含約500萬美元的不利因素，與美屬維京群島市場高成本資金支持結束有關。

Based on current expectations of the second quarter timing of the initial closing for the tower sale, we would anticipate a reduction of approximately $6 million to $8 million to that annual adjusted EBITDA outlook. We also expect capital expenditures to remain within a disciplined range of $105 million to $115 million net of reimbursable expenditures and reflective of the timing of some investments initially expected in 2025.

基於目前對鐵塔出售初次交割預計在第二季完成的時點判斷，我們預期該年度調整後EBITDA展望將減少約600萬至800萬美元。我們也預期資本支出將維持在審慎的1.05億至1.15億美元區間（扣除可報銷支出），並反映部分原先預計於2025年進行之投資時點的調整。

Together, with available government funding, this supports continued network growth while maintaining our focus on cash generation and managing leverage. We plan to revisit and update our 2026 outlook as appropriate after the initial closing of the tower portfolio sale.

綜合可用的政府資金，這將在維持我們對現金創造與槓桿管理的聚焦下，支持網路持續成長。在鐵塔資產組合出售完成初次交割後，我們將視情況重新檢視並更新2026年展望。

Before handing the call back to Brad, let me provide some insight into how we expect the quarters to play out in 2026. In the first quarter, we expect adjusted EBITDA to improve compared with the prior year period, and we expect the second half of the year to deliver the majority of our annual results, consistent with our typical business seasonality.

在把電話交回給Brad之前，讓我先說明我們預期2026年各季度的走勢。第一季我們預期調整後EBITDA將較去年同期改善；而我們預期下半年將貢獻全年成果的大部分，這與我們一貫的業務季節性一致。

As part of the actions embedded in our plan to achieve our adjusted EBITDA outlook for the year, we expect to incur restructuring and reorganization expenses of $3 million to $4 million in the first half, with most of those costs occurring in the first quarter.

作為我們計畫中為達成全年調整後EBITDA展望所包含的行動之一，我們預期上半年將發生300萬至400萬美元的重整與組織調整費用，其中多數成本將發生在第一季。

Looking ahead, our financial focus remains unchanged: drive operating efficiencies to support margin expansion, continue to allocate capital in a disciplined way, maintain a healthy balance sheet and expand cash flow. We believe our 2025 results and 2026 outlook show progress toward our long-term objectives and in line with maximizing shareholder value.

展望未來，我們的財務重點維持不變：推動營運效率以支持利潤率擴張、持續以審慎方式配置資本、維持健全的資產負債表並擴大現金流。我們相信，2025年的成果與2026年的展望顯示我們正朝長期目標邁進，並符合最大化股東價值的方向。

With that financial overview, I will turn the call back to Brad for closing comments before we open it up for questions.

以上為財務概述，我將把電話交回給Brad，請他在開放提問前做結語。

Thanks, Carlos. To summarize, we closed 2025 with solid operating momentum, stronger cash generation and a more focused, higher quality revenue mix that supports our long-term strategy. We are entering 2026 with a healthier balance sheet, more efficient cost structure and a clear line of sight to further benefits of our strategic initiatives and the pending tower transaction.

謝謝你，Carlos。總結來說，我們以穩健的營運動能、更強的現金創造能力，以及更聚焦、品質更高的營收組合結束了2025年，這支持我們的長期策略。我們以更健康的資產負債表、更有效率的成本結構進入2026年，並能清楚看見我們策略性舉措以及待完成的鐵塔交易所帶來的進一步效益。

With that, we'll now open the call for questions.

接下來，我們將開放提問。

(Operator Instructions) Greg Burns, Sidoti.

（接線員指示）Greg Burns，Sidoti。

Could you just help us understand maybe how the sale of the tower assets might impact the -- your business model in the US, does that in any way impact your ability to provide managed services to carriers?

你能否協助我們了解，出售鐵塔資產可能會如何影響你們在美國的商業模式？這是否會以任何方式影響你們向電信業者提供代管服務的能力？

Yes. So really it's an unchanged business model. Today, we provide our carrier-related services on third-party towers and owned towers, almost about half and half. So really, the continuation of the business model will remain we'll just be doing more on third-party towers.

是的。所以基本上商業模式不會改變。目前我們在第三方鐵塔與自有鐵塔上提供與電信業者相關的服務，大約各占一半。因此商業模式將持續不變，只是我們會在第三方鐵塔上執行更多業務。

All right. Great. And then I see you continuing to grow your high-speed data subscribers, total broadband subscribers continue to decline. Are we getting to -- are we nearing a point where maybe some of these legacy services that you're turning down or deemphasizing stop -- stopped detracting from the overall growth of that business? Or what should we expect next year in terms of maybe your view on the broadband subscriber growth?

好的。很好。另外我看到你們的高速數據用戶持續成長，但整體寬頻用戶仍在下滑。我們是否已接近某個時間點，讓你們正在關閉或降低比重的這些傳統服務不再——不再拖累該業務的整體成長？或者就明年而言，你們對寬頻用戶成長的看法應該是什麼？

So Greg, yes, as you mentioned, some of the broadband reductions have been, from us, shutting down legacy services. That is inclusive of legacy copper services in some markets where we've overbuilt and shutdown services and decided not to rebuild in areas.

Greg，是的，如你所提到，部分寬頻用戶的減少是因為我們關閉了傳統服務。這包括在某些市場中，我們已完成覆蓋建設後關閉傳統銅纜服務，並決定在部分區域不再重建。

And similarly, in areas in the Southwest where we've taken down where we had unprofitable areas, and we decided to not necessarily compete at the consumer level, as we mentioned in my prepared remarks. We will be continuing to partner with major carriers. We do have BEAD outcomes, I spoke to in my remarks. We do expect that to be a key driver in the out years to expand our high-speed subscriber base and obviously expand our assets and facilities.

同樣地，在西南部一些地區，我們撤出了原本不具獲利性的區域，並決定不一定要在消費者端層面競爭，正如我在事先準備的發言中所提到的。我們將持續與主要電信業者合作。我們也有BEAD的結果，我在發言中有提到。我們預期這將在未來幾年成為擴大高速用戶基礎的關鍵驅動因素，並且顯然也會擴大我們的資產與設施。

Okay. And with the expansion of the high-speed data, the reach of your network in Alaska. Can you just talk about maybe some of the changes you've made in your go-to-market or sales strategy to kind of start to accelerate maybe the penetration and growth of your services?

好的。隨著高速數據的擴張，以及你們在阿拉斯加的網路覆蓋範圍提升。你能否談談你們在市場進入策略或銷售策略上做了哪些改變，以開始加速你們服務的滲透率與成長？

Yes. So Alaska -- our Alaska market has been historically heavily weighted towards enterprise and carrier. In this past year, we announced a pretty large build-out of a fixed wireless solution. We have been building fiber facilities, fiber to the home in certain areas in Alaska as well.

是的。阿拉斯加——我們的阿拉斯加市場歷來在企業與電信業者客戶方面占比較高。在過去一年，我們宣布了相當大規模的固定無線解決方案建設。我們也在阿拉斯加部分地區建置光纖設施，包括光纖到府。

We do have a new leadership team in Alaska in the last couple of years. We do have -- we are investing in back office platforms to make our -- to effectively enhance the customer interaction. So it's something we're targeting and continuing to focus on improving our ability to execute there. But we have work to do. We did see some progress in the back half of the year on subscriber acquisition, specifically in Alaska, albeit starting on a small base, but we did actually show 11% year-over-year improvement in our high-speed data subscribers.

過去幾年我們在阿拉斯加也有新的領導團隊。我們也正在投資後台平台，以有效提升客戶互動體驗。因此這是我們鎖定並持續聚焦、以提升當地執行能力的方向。但我們仍有工作要做。我們確實在下半年看到用戶獲取方面的一些進展，特別是在阿拉斯加；雖然基期較小，但我們的高速數據用戶數仍實現了年增11%的改善。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Brad for closing remarks.

各位女士先生，我這邊顯示隊列中沒有其他問題。現在我想把電話交回給Brad做結語。

Thank you, operator. Thank you all again for joining us today and for your questions. We're encouraged by the progress we've made in 2025. We're confident in the path that we're on. We're focused on executing against the priorities we've outlined on today's call.

謝謝你，接線員。再次感謝各位今天加入我們並提出問題。我們對2025年所取得的進展感到鼓舞。我們對目前所走的路徑充滿信心。我們將專注於落實今天電話會議中所概述的優先事項。

Weeks and months ahead, our teams have been meeting with many of you at conferences and one-on-one meetings. We look forward to continuing the dialogue and continue updating you on our progress as we move to 2026. Thanks, and have a great day.

在接下來的幾週與幾個月，我們的團隊已在各項會議以及一對一會面中與許多各位交流。我們期待持續對話，並在邁向2026年的過程中持續向各位更新我們的進展。謝謝，祝各位有美好的一天。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。