Innovate Corp (VATE) 2024 Q3 法說會逐字稿

Good afternoon and welcome to Innovate Corp Third Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference call over to Anthony Rozmuz with Investor Relations. Please go ahead.

下午好，歡迎參加 Innovate Corp 2024 年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將電話會議轉給投資者關係部門的 Anthony Rozmuz。請繼續。

Good afternoon, thank you for being with us to review Innovate's third quarter 2024 earnings results. We are joined today by Paul Voigt, Innovate's interim CEO and Mike Sena Innovate's CFO. We have posted our earnings release and our slide presentation on our website at Innovate Corp dotcom. We will begin our call with prepared remarks to be followed by Q&A session.

下午好，感謝您與我們一起回顧 Innovate 2024 年第三季的收益結果。今天與我們一起參加的是 Innovate 的臨時執行長 Paul Voigt 和 Innovate 的財務長 Mike Sena。我們已在我們的網站 Innovate Corp dotcom 上發布了我們的收益報告和幻燈片演示。我們將以準備好的發言開始我們的電話會議，然後進行問答環節。

This call is also being simulcast and will be archived on our website during this call. Management may make certain statements and assumptions which are not historical facts will be forward-looking and are being made pursuant to the safe harbor provisions of the private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks, assumptions and uncertainties and are subject to certain assumptions and risk factors that could cause Innovate's actual results differ materially from these forward-looking statements. The risk factors that could cause these differences are more fully discussed in the cautionary statement that is included in our earnings release and the slide presentation and further detailed in our 10-K and other filings with the SEC.

本次電話會議也將同步直播，並將在通話期間存檔在我們的網站上。管理層可能會做出某些非歷史事實的陳述和假設，這些陳述和假設將是前瞻性的，並根據 1995 年私人證券訴訟改革法案的安全港條款做出。任何此類前瞻性陳述都涉及風險、假設和不確定性，並受某些假設和風險因素的影響，這些假設和風險因素可能導致 Innovate 的實際結果與這些前瞻性陳述有重大差異。可能導致這些差異的風險因素在我們的收益報告和幻燈片演示中的警示聲明中有更詳細的討論，並且在我們向美國證券交易委員會提交的 10-K 和其他文件中有進一步的詳細說明。

In addition, the forward-looking statements included in this conference call are only made as of this date of this call. And as stated in our SCC reports, innovate, disclaims, any intent or obligation to update or revise these forward-looking statements except as expressly required by law management will also refer to certain non-GAAP financial measures such as adjusted EBITDA. We believe that these measures provide useful supplemental data that while not a substitute for GAAP measures allow for greater transparency in the review of our financial and operational performance at this point. It is my pleasure to turn things over to Paul Boigt.

此外，本次電話會議中所包含的前瞻性陳述僅截至本次電話會議之日作出。並且正如我們的 SCC 報告中所述，創新免責聲明，除非法律管理層明確要求，否則不會更新或修改這些前瞻性陳述的任何意圖或義務，還將參考某些非 GAAP 財務指標，例如調整後的 EBITDA。我們相信，這些指標提供了有用的補充數據，雖然不能取代 GAAP 指標，但可以提高我們目前財務和營運績效審查的透明度。我很高興將事情交給 Paul Boigt。

Good afternoon. We are pleased to report our strong third quarter financial results and we'll update you on key milestones reached that exemplify the progress across each business segment.

午安.我們很高興地報告我們強勁的第三季財務業績，我們將向您通報反映每個業務部門進展的關鍵里程碑。

Innovate delivered consolidated revenues of $242.2 million and adjusted EBITDA $16.8 million in the third quarter of 2024 DBM Global achieved revenues of $232.8 million and adjusted EBITDA of $20.9 million during the quarter DBM has seen gross margin improvement year over-year of approximately 360 basis points to 18.8% and adjusted EBITDA year-over-year by approximately 70 basis points to 9%.

Innovate 在 2024 年第三季實現綜合收入 2.422 億美元，調整後 EBITDA 1680 萬美元。 DBM Global 本季實現營收 2.328 億美元，調整後 EBITDA 2090 萬美元。

As we've discussed on previous calls, we are expecting results for the full year to come in slightly lower versus last year. DBM delivered a very strong first half. However, as expected and as we signaled on previous calls, the back half of 2024 will be lighter compared to the same period of 2023. This year has been unusual with the first half, outperforming the second half and the results for the first nine months have met our expectations aligning with results from the previous year.

正如我們在之前的電話會議上討論的那樣，我們預計全年業績將略低於去年。DBM 上半年表現非常強勁。然而，正如預期的那樣，正如我們在先前的電話會議中所暗示的那樣，2024 年下半年的業務將比 2023 年同期更加輕鬆。今年是不尋常的一年，上半年的表現優於下半年，前九個月的業績符合我們的預期，與去年同期的業績一致。

While third quarter quarter sales were lighter than expectations. This was offset by higher margins in the quarter. We still expect adjusted EBITDA to be slightly lower than last year results DB MS total adjusted backlog which takes into consideration awarded but not yet signed contracts increased to $1.1 billion. At the end of the third quarter, there continues to be high volume of bidding opportunities in the commercial market today. Although many projects have not yet been released to start construction.

而第三季的銷售量則低於預期。但本季的利潤率較高抵銷了這一影響。我們仍預期調整後的 EBITDA 將略低於去年的業績，DB MS 總調整後積壓訂單（考慮到已授予但尚未簽署的合約）增加至 11 億美元。第三季末，今日商業市場投標機會依然較多。儘管不少項目尚未公佈開工。

Moving on to Life sciences, R2 posted another strong financial quarter and made significant commercial progress. Year-to-date worldwide, top line sales reached $5.7 million a record high, R2's top line sales grew 217% for the first nine months ended September 30th 2024 compared to the same period last year and also already 73% higher than top line sales for the full year 2023. System unit sales worldwide saw a massive increase of 416% growth from third quarter 2023 to third quarter 2024, R2 is also secured a robust backlog of over 60 systems worldwide positioning the company well as it heads into the fourth quarter.

在生命科學領域，R2 又取得了強勁的財務季度業績並取得了重大的商業進展。今年迄今，R2 全球營收達到 570 萬美元，創歷史新高，截至 2024 年 9 月 30 日的前九個月，R2 的營收與去年同期相比增長了 217%，並且已經比 2023 年全年的營收高出 73%。從 2023 年第三季到 2024 年第三季度，全球系統單位銷售額大幅成長了 416%，R2 在全球範圍內也獲得了超過 60 個系統的強勁積壓訂單，為公司進入第四季度做好了準備。

Since its commercial launch R2 has sold systems into multiple countries outside the US including Canada, Mexico, UAE Saudi Arabia, Qatar, Hong Kong, Japan, Singapore, Vietnam and China. R2 plans to expand its international footprint in months to come. R2 is also pleased to announce the launch of a partnership with its very first national account chain.

自商業推出以來，R2 的系統已銷往美國以外的多個國家，包括加拿大、墨西哥、阿聯酋沙烏地阿拉伯、卡達、香港、日本、新加坡、越南和中國。R2 計劃在未來幾個月擴大其國際影響力。R2 也很高興地宣布與其首個全國帳戶連鎖店建立合作夥伴關係。

Glacial providers continue to see incredible results using glacial skin devices, evidenced by 168% growth in patients treated and the increase in average monthly utilization by 58% for glacial provider. Over the same period, glacial brand awareness has a significant impact on sales and we have seen repeated and continued growth in this area throughout 2024 exceeding industry competitor growth by 1429%. Our two experienced year over year growth of 4086% increase in social mentions 498% increase in web users and 100 and 4% increase in patient provider searches.

冰川提供者繼續使用冰川皮膚設備看到令人難以置信的效果，證據是接受治療的患者數量增加了 168%，冰川提供者的平均每月使用率增加了 58%。在同一時期，品牌知名度的下降對銷售產生了重大影響，我們看到該領域在 2024 年反覆持續成長，超過行業競爭對手的成長 1429%。我們兩家公司的社群提及量年增了 4086%，網路用戶量增加了 498%，患者提供者搜尋量增加了 100% 和 4%。

We are extremely pleased with the progress and momentum of R2. They are well positioned in the market and have enough product capabilities to meet the current demand. Meta beacon remains dedicated to collaborating with the FDA as they conduct substantive review of the kidney monitoring program meta beacon continues to see great opportunities in the market for real time monitoring of kidney function.

我們對 R2 的進展和發展勢頭感到非常高興。他們在市場上佔據有利地位，並擁有足夠的產品能力來滿足當前的需求。Meta beacon 仍然致力於與 FDA 合作，對腎臟監測計劃進行實質審查，並繼續在腎臟功能即時監測市場上看到巨大的機會。

The transdermal GFR in the first in kind product for real time assessment of kidney function, which is unlike any current methodologies in the market. And finally, spectrum continues to achieve strong financial results with the launch of new networks and expanded coverage with existing customers.

透皮 GFR 是第一種用於即時評估腎功能的產品，它不同於市場上任何現有的方法。最後，隨著新網路的推出和現有客戶覆蓋範圍的擴大，頻譜繼續實現強勁的財務業績。

The quarter was highlighted by an improvement in profitability once again with adjusted EBITDA of $1.7 million in the third quarter, a $2 million improvement year-over-year, year-to-date spectrum has delivered $4.8 million and adjusted EBITDA. A significant increase compared to $900,000 through the first nine months of 2023.

本季的亮點是獲利能力再次提升，第三季調整後 EBITDA 為 170 萬美元，較去年同期增加 200 萬美元，年初至今，Spectre 已實現 480 萬美元的調整後 EBITDA。與 2023 年前 9 個月的 90 萬美元相比，有大幅成長。

New launches once again drove higher revenue growth in the quarter of note, free TV's network defy launched in the third quarter. Broadcasting continues to see many OTA network opportunities on the horizon of 2025 as streaming networks explore over the air coverage. Broadcasting also continues to make progress on discussions with prospective strategic partners in pursuit of new spectrum related revenue opportunities in ATSC 3.0 light housing data casting and 5G Broadcasting.

新服務的推出再次推動了本季更高的營收成長，免費電視網於第三季推出。隨著串流網路探索無線覆蓋，廣播在 2025 年將繼續看到許多 OTA 網路機會。廣播部門也繼續與潛在策略合作夥伴進行討論，以尋求在 ATSC 3.0 輕型房屋數據廣播和 5G 廣播方面新的頻譜相關的收入機會。

We are very happy with the operational results of all three of our segments. DBM's margin continues to be strong and business has a robust pipeline well positioned for 2025 at Pansend. Our team made significant progress in way of growth and we continue to make progress at meta beacon and spectrum's profitability has improved dramatically in the quarter and year-to-date.

我們對三個部門的營運表現都非常滿意。DBM 的利潤率持續保持強勁，且業務在 Pansend 擁有強大的產品線，為 2025 年做好了準備。我們的團隊在成長方面取得了重大進展，我們在元信標方面繼續取得進展，並且 Spectrum 的盈利能力在本季度和今年迄今為止得到了顯著提高。

We continue to see the benefits. Firsthand of the strong management teams in place at each of our business segments. With the right path forward is evidenced by key milestones achieved so far in 2024 addressing our capital structure remains a primary focus. We are consistently making headway in exploring strategic alternatives. When non cash flowing businesses, we are encouraged by 2024 milestones we have seen at our non cash flowing businesses as we work to execute on a strategy, a strategy to address the capital structure.

我們不斷看到其好處。我們每個業務部門都有強大的管理團隊。我們的前進道路是正確的，這一點可以從 2024 年迄今取得的關鍵里程碑中看出，解決我們的資本結構仍然是主要關注點。我們在探索戰略選擇方面不斷取得進展。當無現金流業務時，我們對 2024 年里程碑的鼓舞，我們在無現金流業務中看到，我們正在努力執行一項策略，一項解決資本結構的策略。

Our strategy requires patience within our established time frame to ensure we maximize the value of these assets. We maintain optimism about the overall M&A market and remain encouraged by the positive market indicators along with ongoing progress and momentum around these assets. With that, I'll turn it over to Mike Sena, our CFO for a review of our financials and capital structure.

我們的策略要求在既定的時間範圍內保持耐心，以確保最大限度地提高這些資產的價值。我們對整體併購市場保持樂觀，並受到積極的市場指標以及這些資產的持續進展和勢頭的鼓舞。接下來，我將把任務交給我們的財務長 Mike Sena，讓他審查我們的財務和資本結構。

Thanks Paul consolidated total revenue for the third quarter of 2024 was $242.2 million. A decrease of 35.5% compared to $375.3 million in the prior year period. The decrease is primarily driven by our infrastructure segment which is partially offset by increases at our life sciences and spectrum segments.

感謝保羅 2024 年第三季的合併總收入為 2.422 億美元。與去年同期的 3.753 億美元相比下降了 35.5%。下降主要是由我們的基礎設施部門造成的，但被生命科學和頻譜部門的成長部分抵消。

Net loss attributable to the common stockholders and participating preferred stockholders for the third quarter of 2024 was $15.3 million or a $1.18 per fully diluted share compared to a net loss of $7.3 million or $0.93 per fully diluted share in the prior year period, which has been retroactively adjusted to reflect the one for 10 reverse stock split affected on August 8th 2024 total adjusted but it was $16.8 million in the third quarter of 2024. A decrease from $22.1 million in the prior year period.

2024 年第三季歸屬於普通股股東和參與優先股股東的淨虧損為 1530 萬美元，即每股完全攤薄虧損 1.18 美元，而去年同期的淨虧損為 730 萬美元，即每股完全攤薄虧損 0.93 美元，已追溯調整以 2024 年 8 月 8 日總虧損80 萬美元。較去年同期的 2,210 萬美元有所下降。

The decrease is driven by the infrastructure segment which is partially offset by our spectrum life sciences and non operating corporate segments at infrastructure revenue decreased 37% to $232.8 million from $369.3 million in the prior year quarter. The decrease was primarily driven by the timing and size of projects of banker steel and DBMG's commercial structural steel fabrication and erection business, both of which had increased activity in the comparable period on certain large commercial construction projects that are at that are now at or near completion in the current period.

下降主要由基礎設施部門造成，但被我們的頻譜生命科學和非營運公司部門的部分抵消，基礎設施收入從去年同期的 3.693 億美元下降 37% 至 2.328 億美元。下降的主要原因是 Banker Steel 和 DBMG 商業結構鋼製造和安裝業務的專案時間和規模，這兩家公司在某些大型商業建築專案的活動在可比較期間都有所增加，這些專案目前已完成或接近完成。

This is partially offset by an increase in the industrial maintenance and repair business as a result of an increase in project work infrastructure of just either. But for the third quarter of 2024 decreased to $20.9 million from $30.8 million in the prior year period. The decrease was driven by lower revenue at both BBMGS commercial structural steel fabrication and erection business and beggar steel partially offset by higher margins due to timing of projects that are now at or near completion as well as low margins of the construction modeling and detail business.

由於專案工作基礎設施的增加，工業維護和維修業務的成長部分抵消了這一增長。但 2024 年第三季的營收從去年同期的 3,080 萬美元下降至 2,090 萬美元。造成這一下降的主要原因是BBMGS商業結構鋼製造和安裝業務以及乞丐鋼的收入下降，但由於專案時間表目前已完成或接近完成，利潤率較高，以及建築建模和細節業務的利潤率較低，部分抵消了這一下降。

This was partially offset by an increase in revenue and margins at the industrial maintenance and repair business and a decrease in recurring SG&A expenses primarily as a result of a decrease due to timing of compensation related expenses in the current year period as of September 30 2024. And in line with our expectation reported backlog was $916.1 million and adjusted backlog which takes into consideration awarded but not yet signed contracts was$1.1 billion compared to reported backlog of $1.1 billion and adjusted backlog of $1.2 billion. At the end of 2023 DBMG ended the quarter with $176.8 million in principal amount of debt which is an increase of $3 million from the second quarter, primarily driven by an increase in the credit line due to normal working capital fluctuations which was partially offset by normal debt amortization payments.

這部分被工業維護和維修業務的收入和利潤率的增加以及經常性銷售、一般和行政費用的減少所抵消，這主要是由於截至 2024 年 9 月 30 日的本年度期間薪酬相關費用的時間安排導致的減少。並且與我們的預期一致，報告的積壓訂單為 9.161 億美元，考慮到已授予但尚未簽署的合同，調整後的積壓訂單為 11 億美元，而報告的積壓訂單為 11 億美元，調整後的積壓訂單為 12 億美元。截至 2023 年底，DBMG 的債務本金為 1.768 億美元，比第二季增加了 300 萬美元，這主要是由於正常營運資金波動導致信用額度增加，但部分被正常的債務攤銷支付所抵消。

DB MG has been able to reduce its debt obligations since this time a year ago through line reduction as invested working capital has continued to return to the business. A trend that began at the end of 2023 as backlog stabilizes working capital needs have flattened throughout 2024 and expect to continue as such as a reminder DB MG has reduced its outstanding debt by approximately $56 million in the last 12 months.

由於投入的營運資本持續回流到企業，DB MG 自去年此時起就已能夠透過削減債務來減少其債務負擔。隨著積壓訂單穩定，營運資金需求始於 2023 年底的趨勢在 2024 年全年趨於平穩，預計這種趨勢將持續下去，提醒大家 DB MG 在過去 12 個月內減少了約 5,600 萬美元的未償還債務。

At Life Sciences revenue increased 400% to $3 million from $600,000 in the prior year quarter. The increase in revenue was attributable to R2. Primarily due to an increase in Glacial FX system sales in North America which launched during the third quarter of 2023 an increase in consumable sales, incremental glacial spa unit sales outside of North America and the launch of the Glacial FX system outside North America. Subsequent to the prior period.

生命科學部門的營收從去年同期的 60 萬美元成長了 400%，達到 300 萬美元。收入的增加歸功於 R2。主要是由於 2023 年第三季推出的 Glacial FX 系統在北美銷量增加，消耗品銷量增加，北美以外地區的冰川水療單位銷量增加以及 Glacial FX 系統在北美以外地區的推出。在前一期間之後。

Life sciences adjusted EBITDA losses decreased for the quarter which is primarily due to few fewer equity method losses recognized for more investment in meta beacon and Triple Ring and an increase in gross profit at our year driven by the increase in revenue, which is partially offset by a slight increase in recurring SG&A expenses at spectrum revenue was $6.4 million an increase of $1 million compared to the third quarter of 2023 primarily driven by network launches and expanded coverage with existing customers which is partially offset by the termination of a small number of smaller networks and individual markets. Subsequent to the comparable period, spectrum reported adjusted EBITA in the third quarter, increased to $1.7 million from a loss of $300,000 in the prior quarter.

生命科學調整後 EBITDA 虧損本季減少，主要由於對 meta beacon 和 Triple Ring 的投資增加而確認的權益法損失減少，以及本年度毛利潤增加（受收入增加推動），但部分被經常性銷售、一般及行政開支的小幅增加所抵消。終止所抵消。與同期相比，Spectrum 報告第三季調整後的 EBITA 從上一季的 30 萬美元虧損增至 170 萬美元。

The increase is primarily due to the increase in revenue and unrepeated severance in the prior year period, non operating corporate adjusted but the losses were $2.8 million for the third quarter of 2024, a $1.3 million improvement from the third quarter of 2023. The improvement was primarily driven by unrepeated severance in the prior year period.

成長的主要原因是去年同期營收增加和非重複遣散費，非經營性公司調整後，但 2024 年第三季的虧損為 280 萬美元，比 2023 年第三季改善了 130 萬美元。這項改善主要歸因於去年同期未出現重複的遣散費。

At the end of the third quarter, the company had $51 million of cash and cash equivalents excluding restricted cash compared to $80.8 million. As of December 31 2023 on a stand alone basis. As of September 30 2024 our non operating corporate segment had cash and cash equivalents of $20.2 million compared to $2.5 million at the end of 2023. As announced earlier in the year, we received notice that we were not in compliance with NYSC listing requirements as our stock price has fallen below $1 per share as a result of the reverse stock split. We were notified by the NYSC that as of August 26th, we have regained our compliance.

第三季末，該公司的現金和現金等價物（不包括受限現金）為 5,100 萬美元，去年同期為 8,080 萬美元。截至 2023 年 12 月 31 日，以獨立基礎計算。截至 2024 年 9 月 30 日，我們的非經營性公司部門的現金和現金等價物為 2,020 萬美元，而 2023 年底為 250 萬美元。正如今年稍早宣布的那樣，我們收到通知，由於反向股票分割導致我們的股價已跌至每股 1 美元以下，我們不符合紐約證券交易所的上市要求。我們收到紐約州合規委員會的通知，截至 8 月 26 日，我們已恢復合規。

As of September 30 2024 innovate had total principal outstanding indebtedness of $699.2 million down $23.6 million from $722.8 million at the end of 2023. Driven by the decrease in infrastructure's outstanding debt, a decrease in corporate debt as a result of the partial redemption of the CG IC note and partial convertible note repurchases which partially offset which is partially offset by R two's extension with Lancer Capital, which capitalize interest payments into the principal balance with that operator. We'd now like to open the call up for questions.

截至 2024 年 9 月 30 日，Innovate 的未償還本金債務總額為 6.992 億美元，較 2023 年底的 7.228 億美元下降了 2,360 萬美元。由於基礎設施未償還債務的減少，由於部分贖回 CG IC 票據和部分可轉換票據回購導致公司債務減少，這部分抵消了 R two 與 Lancer Capital 的延期，將利息支付資本化為與該運營商的本金餘額。我們現在開始回答問題。

Thank you. Ladies and gentlemen, we will now begin the question and answer session. (Operator Instructions) For your first question. Your first question comes from the line of Brian Charles from R.W. Pressprich. Your line is now open. Please go ahead.

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）對於您的第一個問題。您的第一個問題來自 R.W. Pressprich 的 Brian Charles。您的線路現已開通。請繼續。

Thanks for taking my question, couple of questions. I'm just wondering, I know you're waiting for approval from the FDA and maybe you can, do you have any color on like the communication that you've had with the FDA? Is it ongoing? Are they asking for more material or you're just sort of in waiting mode until they come back with it?

感謝您回答我的問題，我有幾個問題。我只是想知道，我知道您正在等待 FDA 的批准，也許您可以，您是否了解與 FDA 溝通的情況？它還在進行中嗎？他們是否要求提供更多材料，或者你只是在等待他們回來？

No, we, we continue to work with the FDA. I mean, you know, we can't really get too far into the details, but we continue working with the FDA as we work towards hopefully getting approval.

不，我們將繼續與 FDA 合作。我的意思是，你知道，我們不能透露太多細節，但我們會繼續與 FDA 合作，希望獲得批准。

Okay, so have there been any developments that you were not expecting or are things just sort of progressing as expected.

好的，那麼有沒有什麼您意想不到的發展，或者事情是否只是按照預期進展。

As soon as we have something to update the market with? We, we certainly will you know, we, we need to you know, we need to just continue through the process and as the FDA gets comfortable, you know, that time will come and we'll obviously update the market when we can.

一旦我們有了新東西就可以向市場更新嗎？我們肯定會的，我們需要繼續這個過程，當 FDA 感到放心時，那個時候就會到來，我們當然會在可能的時候更新市場情況。

Well, good enough. Then over to DBM Global, it looks like the, you know, your year end guidance or full year guidance is coming in pretty much as expected. Is it with the bump in the backlog? Is it too soon to talk about 2025? And what that profile might look like in terms of revenue and even done it?

嗯，夠好了。然後談到 DBM Global，看起來，您知道，您的年終指導或全年指導與預期基本一致。是不是因為積壓工作增加了？談論 2025 年是否太早了？那麼從收入方面來看，這個概況可能是什麼樣的呢？

It it is, I mean, look, we, you know, are expecting, as we kind of said in the beginning of the year, we expect the backlog to kind of settle in around that, around this area. It's continued to do that throughout the year. We continue to see a lot of activity in the market. There has been some holdback in releasing jobs. But you know, we're, we're expecting at some point those to get released. And I think, you know, we have great confidence in the DB M team and, you know, their ability to win projects at a with a good profit.

是的，我的意思是，你看，我們預計，正如我們在年初所說的那樣，我們預計積壓問題將在這個區域內得到解決。這一現象持續了整整一年。我們繼續看到市場上活躍的氣氛。就業崗位釋放遇到了一些阻礙。但你知道，我們期待它們在某個時候被釋放。而且我認為，我們對 DB M 團隊非常有信心，他們有能力以豐厚的利潤贏得專案。

Okay, thanks. And then finally, I I know sort of the monetization of Life Sciences could help refinance the the whole co-notes that are coming up. Are there other avenues you're also exploring as you wait for?

好的，謝謝。最後，我知道生命科學的貨幣化可以幫助即將發行的全部共同票據進行再融資。在等待期間，您是否仍在探索其他途徑？

Yeah, I mean, we continue to explore strategic alternatives with the non cash flowing assets and we are looking at a host of other other ways to address the capital structure. But you know, I think as we continue to make progress on these initiatives, we're very happy with the way everything is our operating subs are performing. As you, you know, we kind of noted off to it had a great quarter. Spectrum continues to continues to improve and the infrastructure is coming in as we kind of expected.

是的，我的意思是，我們繼續探索非現金流動資產的策略替代方案，我們正在尋找許多其他方法來解決資本結構問題。但你知道，我認為，隨著我們在這些舉措上不斷取得進展，我們對我們的營運潛艇的一切表現感到非常滿意。如您所知，我們注意到這是一個非常棒的季度。頻譜持續改善，基礎設施也正如我們所預期的。

Okay, fair enough. Thanks, I'll get back in.

好吧，夠公平。謝謝，我會回來的。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

There are no further questions at this time. Please continue, Mr. Paul Voigt.

目前沒有其他問題。請繼續，保羅‧沃格特先生。

Yeah, we appreciate everybody's support, time and patience again. All of our platforms are performing very well and hopefully we'll have some very, very positive news in the very near future for everyone. Thanks again.

是的，我們再次感謝大家的支持、時間和耐心。我們所有的平台都運作良好，希望在不久的將來我們能為大家帶來一些非常非常正面的消息。再次感謝。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。