ATEX Anterix

Natasha Vecchiarelli Investor Relations
Rob Schwartz President & Chief Executive Officer
Ryan Gerbrandt Chief Operating Officer
Tim Gray Chief Financial Officer
Chris Guttman-McCabe Chief Regulatory & Communications Officer
Phil Cusick JPMorgan
Simon Flannery Morgan Stanley
Walter Piecyk LightShed Partners
George Sutton Craig-Hallum
Mike Crawford B. Riley
Chase White Height Capital
Call transcript
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Good afternoon, ladies and gentlemen, and welcome to the Anterix First Quarter Fiscal Year 2022 Investor Update. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Natasha Vecchiarelli, Director of Investor Relations and Corporate Communications at Anterix. Ma'am, the floor is yours.

Natasha Vecchiarelli

Good afternoon, everyone, and welcome to the Anterix First Quarter Fiscal Year 2022 Investor Call.

Joining me today are Rob Schwartz, our President and CEO; Ryan Gerbrandt, our COO; Tim Gray, our CFO; and Chris Guttman-McCabe, our Chief Regulatory and Communications Officer.

note either today's or in associated session. please make we in begin question-and-answer statements, forward-looking our we that presentation, during may the Before prepared remarks are on may that actual results or These and materially. cause current differ are certain risks based beliefs statements and subject to to uncertainties expectations performance that our in most are factors Risk impact recent our identified may SEC filings.

we question-and-answer session. Following operator-led an our will prepared have remarks,

call, our a will addition, Relations replay transcript Rob In of at I'll discussion to conclusion Schwartz. of over President that, be With today's posted call to Investor the website. our the and and turn Anterix' CEO,

Rob Schwartz

Thanks, call. everyone, and afternoon, Natasha. for Good joining investor our QX thanks

in investment specifically also to our opportunity utility industry key points, positive, supporting improvements to highlighted recently where not only Investor key has momentum on and we of thesis. Day, that our few continuing quite I'll a from event Anterix I'll Investor we but refined heard model business reiterate you most the developing The Day further and our Just to shared of Anterix been response and had the June, our our vision investment the future since the vision fine presentation, the and this customers sector, Since of then, movement. community. a from update brief provide in then of the

to be the of full billion. from with utilities our currently the XX hearing the will prepaid potential Our we that terms. And value demand that over years about X pipeline over with majority a believe total contract prospective $X includes in of customers, to first we to anticipated forecasts XXXX. year flow now customer our prepaid contract with within sales March for contracts the X prospective pipeline, brings of the million. we're our increasing shareholders current In Based on earlier forecast allows over value fiscal the continue to begin than This contracts us cash to X significant proceeds years. $XXX next in current return our calendar previously potential opportunity ending and signing evolution prepayments XX,

as through fiscal we as millions spectrum about nationwide collected of to XX% $XXX value sign and intend expect still to fiscal monetize $XXX expect well end on with opportunities billion with value plus ability grow is collected contracted approximately the than a 'XX, $X.X our driven to contracted ahead provide by to our to utility to distributed Looking we our of new a to million point, of lease momentum spectrum have in million residual remaining renewals the this develop to our billion growing Foundational available all year-end that value. and partners. proceeds soon command more awareness explore balance sheet continue we year for of of communications proceeds and would connectivity utilities our to 'XX, By control allow across totaling potential need revenue and to assets footprint. situational platform the modern the for And cash of due beyond with $X thereafter. XX% approximately be

propelling activity. industry side low addresses specifically demand spectrum of Our is growing for XXX megahertz needs pilots band in and reflected spectrum these and offering Anterix' list a the

that we've spend of now minutes significant a Investor signs the Day. few Let's additional just discussing momentum seen since

entities experimental It's well McDonnell. & business are a utilities technology. confirm First, private Ericsson no being internally and Pilots LTE on as demonstrate longer and cases pilots build as cases. megahertz include as noting have utility, leaders, that pursuing support use used licenses investment our for often more technology applied an Electric XXX to to X to are These for Tampa additional the companies worth spectrum. Burns

they they indication are move not in momentum before throughout LTE, but an experimental past, detailed with license a every will of the the industry. good seek Ryan's utility continuing private As forward

and areas Electric is operations, working uses. is Tampa understand also noting Florida-based license And helping have is Ericsson, with Let's like new a electric few CBRS us and and unique focus is education, of private X each McDonnell, with our network. us of Electric XX including several more than megahertz construction showcasing purchased & gas that consulting drive discussing and cases Anterix other Burns joins reliability in utilities the these resiliency, AMI, of other the licenses engineering, licenses. experimental cases. ultimately these utility the help in auction. FCC broadband a joins spectrum use adoption. megahertz exploring Ericsson explore leading for other a to nature a leader in to to dedicated integrated use hand-in-hand Electric communications of leaders are develop firm each of global and value XX private XXX Tampa X the experimental also key investor-owned to that licensees, is LTE XXX application, complementary of utility, as support spend moments and Tampa XXX development Motorola megahertz a worth at who utilities, per CBRS leveraged utilities features better which thought infrastructure independently bands, multiple solving solution. working who the of LTE It's and security Nokia both SCADA

attractiveness the of other as major such and awareness Ecosystem to Active our increase Anterix utilities, spectrum have underway We program. efforts to

value on and GE, program interest actively and significant the we've heard devices, ecosystem private in see including and utilities this have and with they As our team utilities of solutions solutions this can to are leaders May services a current private collaborate active wide of infrastructure and has XXX in to together a more. at of technology engaged now effort. a with Since world-class Hitachi, grown needs LTE range industry networks. future numerous coming other supporting the the These megahertz The megahertz over reminder, entities. Qualcomm vested members ecosystem support we critical and XXX provide announced that launch number technology to for LTE from about address program, leaders, many ecosystem XX in Cisco, the XX

program also new the for in announced. a relationships into to I we to we ecosystem this opportunities As relationship I highlight This press want just release outlining commercial we Federated with expect a morning, described, that Anterix. And issued previously example X develop Wireless.

of For And access those platform CBRS model. proponent you in Federated, CBRS they were service a its bringing the to in novel that's key of of who required the don't market to mid-band spectrum. SaaS the know FCC shared leading that provider for the are spectrum

use many offering release, for Federated we're spectrum -- press our beginning the today's to combined of market megahertz broadband with of shared XXX spectrum on use in dedicated discussed SaaS capacity working in already combining areas bringing band. a Wireless' logical relationship paired as This to we're and approach and As complementary low-band is incremental CBRS services needed. with an megahertz CBRS of utilities we hybrid the as coverage mid-band on a add overlay XXX are with of

the remaining value Federated kind spectrum is As to about ways Anterix for we coming identified the for year. with beyond these our of private good relationship our for on and This example sharing forward initial a developments Investor to look referenced. shareholders. XX% creates spend throughout capital-intensive XX% the options to our more We incremental operations deployments LTE of incremental opportunities we this to at build an the Day, network low utility XXX megahertz opportunity identify of of cost

earmarked LTE to private The and bill positive utility continued seeing between broadband deployments to Investment momentum rural in private are House voted and connection Act also intersection policymakers. the and now Yesterday, for pass We these Jobs modernization to Language as support their from as communications embraces consideration. well efforts. The the Senate the grid significant broadband. support of the Act. for billions legislation Infrastructure dollars moves the the the between provides

that we alone As need on past, we've to work our efforts. for be our team, Anterix the utility awareness on the That our on and another distributed at business broadband for culmination already of has for importance the few represent our hard energy Anterix' of heightening also would across said, the goal by in Washington's the granted infrastructure to legislation United has first licenses to initial we further modernize And FCC of would expect of formalization do however, interest and last the our catalyst deliver weeks, our detailed customer, bill aided helping the this team and milestone lot the offering. deliver of in of electric our the focus the this counties industry America's the in to the of securing a a a States. mission-critical needs several of sector FCC. utilities They effort broadband the shined with grid. in are Ameren. education passage, policymakers important plan; grants being decarbonization, not light Those

over well wireless Anterix the utility As our very to private we that, you to momentum much. soon. we continued de turn and With you continued forward achieve to operator solution feel mission aligned broadband the more breakthrough about open and all Thank to With questions. sharing look to to this significant progress and with the sectors. provider our I'll become call the our at tailwinds, shared intends critical it for achievements are Day, we Investor infrastructure facto


is from [Operator Phil coming Instructions] Cusick question JPMorgan. Your first from

Phil Cusick

already the we said that in been How $XXX ones And expect between now then? into XX, dig you many count March should I think you of have by value, contract XXXX. Maybe signed how million that? do that and

Rob Schwartz

Rob. is This

contracts the intend about mixes utilities. As sign is can to we through at of we've the kinds year. pipeline be Investor the have Day, That end all $XXX million the over the breadth of XX we talked given fiscal the incremental of

And know, Any question? to to Phil's color Ryan, add want so do anything? I that don't you

Ryan Gerbrandt

Phil. Yes, I'd happy be to,

Let a said. bit, me as Rob back little come to

the to contract of on what few in of just And how key see bit add I'll that, talked in reiterate, in a proceeds we're aggregate, qualifying Investor some $XXX in we earlier it. but very about remarks, a the get million. of of pipeline. And opportunities and So to lot we the in little points it I me terms depth hit incremental a let the the net Day of we around

builds we the really $XXX already has With the to Phil. how is phase. category, goal. that terms the seen the of from the of path in diversity around what important those already the opportunity evolution break we've goal funnel represented that negotiations, that today, of confidence in we year we're call the that terms lot of of seeing the that now evolution the we're some X to really which, of in in doubling at seeing. of over pipeline the billion, And seen late think accounts the III, where terms 'XX year-end the what are that a obviously from coming And as value But in we the operationalizing about momentum we that's in defined of as to we growth I in because addition the pipeline said, that The been in are of pipeline what and and and that million it. at we've in through we that's roughly I overall then with of take highlight into XX basis stage what into kind have away the that's of capability of think growth in the X/X over phases Phase bottom growth of different just contract So the the both Phase which representing see ultimately me frankly, the $X fiscal addition various towards the phases, the accounts phases. down what

optionality. really So not sales and see in we capture that to opportunities organization now and seeing the across all just singular the us, in be And front capture to to lean that set a interest of powerful world-class of but whole that market. front-end scaled we've creates demand we're a of able

to and As the this a term for the here fiscal term, large, $XXX we medium and when have look now as gives we 'XX. of variety goal year now of us we a think both year we to long million in the customers out diversity that and small-sized -- near actually paths

Phil Cusick

movement it's only Analyst weeks then the the know I Day, any count to II Phase but X, the types in been, of II and Phase Phase coming since or customers III? And in what, X from change there

Ryan Gerbrandt

between. time Yes. No. lot you a said, And not it's been in as of Phil,

see, that most of on with active overall categories positive dramatic not understanding the though, is more overall see the from things and ins the their customer me it as to in the we've the been a landed awareness across that measurable One coming entirety base. information from it's ecosystem So program, in we it. What of to set changes out the doing an of worth we that move AVA, a is, through think on of is market faster education had is coming of of seeing really and or playing customers business set noting. a any it. I'm had literally from technology that educating them are others, to day in that's broadening the are, us that I continuing coming into pipeline the able see this continuing they've the more coming what like seen that driving the job didn't what market trajectory as ecosystem, in is it new or They're perspective ago, heels about of organizations cycles to just day, either week some the in educated. driving of outs across terms say and into it's lot off PLT, by overall earlier. awareness just and like intersection. customers of and support aware education most industry coming that the by who've top in week, pipeline. matters because been the it I'll ecosystem of the process just applications we've fantastic A customer not with either they're hand of collectively broader coming been awareness, market really And the in all participation the directly us And a the and the what has funnel. through lot through year interest a to know time helps delivering We source a indirectly cases, they very and in It's even anymore. I'm spend fits education, entire how how thing can in

that's invest don't can through work in volume been the get executive that into we the as the to of and the work So tax, need our and skills assemble. we where time really really of able in sponsorship best we've world-class that details brass some case much to front end to to helping and team business put


Morgan Your Stanley. question next coming from is with Simon Flannery

Simon Flannery

And making X thoughts how But funds I update the with on sounds wonder, how could what's progress getting from like it with cash and terms receipts you're balance Ameren progress And the SDG&E? of you Rob, if you're And in us the them? with some latest clearing? those for stand? FCC. on the the the do of

Rob Schwartz

continuing. jump Sure. progressing relationship and are Why Ameren with we And about don't tremendously want from But side. talk in maybe working the Tim, my SDG&E actively I view on you in receipt that individually, are the to them. both cash

and better just us think of using value getting our as LTE I sandboxes networks. are both of of for not of them -- but out the the spectrum, also really how deployment private utilities understanding

with deployment. on board working the we've across planning Ameren got are that And so teams their

That because talking great a our occasion their getting and process now coming that for granted first showed it a it and apply about momentous to the get works about under for FCC. able really heard be from on the and despite licenses us to it reasonable was obligations we licenses fulfill the the short-term us news contract. really You can rules,

about also use on with their helping active same us they vendors the that ecosystem. to with how ecosystem thinking comments They've working the and appreciate the across brought much SDG&E, cases. thing, us made see -- So board, innovative participants how drive forward. continue are together other the They nationwide we to UBBA

want well. all grow. mentioned to continue CBRS I those Tim, see just our from update that first be as utilities, with have. standpoint, relationships relationship combined specifically the to there So started -- And you the talk will to ability getting that do couple of receipts? think together for XXX cash we'll our customers to are solution Wireless bundle a valuable and some is developments Federated and I we overall, the more we I on think really think able but now hopefully

Tim Gray

clearing first, me about let Rob and Well, talk Simon. Sure.

made to we and we've with think territories the do so see clearing front front, of both what progress I continue good us. we'll in in on

working out counties put FCC. were May. in bunch Ameren line rather We for as soon SEC with several licenses the for the in be that for with the first So process And rules applying could we day broadband of the as been seamless it opened. on has the the

get to to of the set time we've next we've with that the on Rob our would Ameren few our mentioned, from as broadband first in line payment laid expect months licenses next out be So started based them. and

So like we're in that good shape with as really we feel well.

things I'll we also say, begun right Simon, calculations for to forward. a And are in for of clearing with we've the gives confidence our is anti-windfall which where all the in work FCC expected, Their overall estimate progressing even So plan us licenses, broadband on more been as with our line last costs. nationwide part thing payments. have

about So probably $XXX $XXX to the before million. talked million

is clearing this had as point. overall, hoped at So progressing we

Simon Flannery

helpful. Great. for one Maybe And Ryan. that's

into to be waiting think talked the areas. to a than bigger rather that And relating in LTE the network today, it's XXX, XG should a we've lot LTE CBRS that we as deploy about I coming license see is $X.XX? the Do of doing utilities but think now? think to $X.XX utilities is upcoming Auction the might about sort is the how for conversations XG thing I you I interesting. really know active

Rob Schwartz

utilities. with But be speaking, there the it in I'll Rob. not That's overall. say rest we it's to Simon, question. the utilities, NDAs any other on about you just we maybe band. obviously, specifically band. from of want can't just confidentially anything thinking may But hearing know utilities on the that share And that not relationship about that I'm Ryan, to aren't start the on interest considerable in Maybe step with So under broadly

Ryan Gerbrandt

Yes. the No, come conversation. We agree this question. hearing conversation are I'm find me in Obviously, anything XG to what the terms I need lot of specific rooted really also, of they But utilities of the do I part is a anticipating the understanding it can in not of road back is they functionality and some case with this they're like And at though really on coming proposition there's say, Simon. a encounter you network XG. let value time that. from pragmatic and into that put stakeholders. I'll that still of networks various in lot of pretty hype, XG evolution and more map LTE than next of network broad what the a today supporting towards need. and evolution, their and they sufficient get use of kind these brings what a the XG capabilities the

Utilities on edge, aversion. known to cutting talk also for the what the wanting kind aren't lot risk call I a We of would about landscape. be technology

there's so in value really potential capture being technology some the and capabilities a at that time wariness terms prove the And able future. and of others in letting to

the it's not to big but a blind really process been they're I today, we're And buying the think so is conversation seeing it point. focus utility either of in the that not

they're the the evolve outcome demand they that choices time, vendor the capabilities the through cases the to of the the be But the they're thinking naturally it with with looking in that In deployed, putting as can both right the terms place around various how it's when to they optionality their of ready, long-term systems, it at architecture use ecosystem making and and perspective that can very open ready. to can keep quickly. and right very, put design they're work together and at today right as


Your LightShed Piecyk next coming question Walter from Partners. with is

Walter Piecyk

meat willing the their going willing that San had Rob, know licenses, but are one bones deal? package can utilities, can and licenses as like utilities have saying priority Diego licensing? you do use you that Meaning the to some own other layer more do utility or you you GAA concept, to they San that are the the I to to package whole -- are with but Federated utilities and "Hey, opposed had cake put owned? that you on GAA GAA can like, licenses the think of you or the at licenses the and you like, Diego

Rob Schwartz

just former Yes, know CBRS The look, I their and really think is drive -- we Tarazi, as value specifically, by smart leadership dog prevented really the expertise utility Iyad that's and term can't They -- extreme elements space, former from the friend way. right? hear we a are all about I'm of and you Federated are. it and talk good and of Federated we understand also the value are really people for limitations. and your idea us, I But economic Nextel, glad relationship. because excited to doing deal, The that the what what They a of were group colleague, Anterix channel into led really you is band this ecosystem contemplate the for put FCC in does licensed the that in trailblazers is getting which in the the agreement help and about the in which we're that. they strengths So great the that both idea deployment, around were and to the them it and And us, critical scheme capable in sharing powerful of the benefit between so. the really that is spectrum on unlicensed. a is, -- both

utilities us. material -- combining benefit we've the to And customer get may building good the while really, a making getting us, say not for to of gets this and in win-win it's how really it example And relationships. a in of solution. the years group appealing invested relationship CBRS of scheme great access a ecosystem the is obviously of situations better we Federated where, overall customer, customers great more product obviously, That's spend, we this it's so the won adoption. day, of element blocks beyond. the think the see of I you absolutely value. being There's the of it licensee. CBRS building the right? licenses we'll a of as put talked were what holders, well the with top helps we Once additive unlicensed more think, Walt, license that We the right, all matters Tampa do that PAL spectrum, at the licenses, about of that XXX, at a Electric end on think auction, applications, of are translate would You the for And partners have can GAA into I but as unlicensed, that I great spending utility these it's foundational devices, be things. plenty then

as which more a of it's LTE to to that but occurs, path the new capabilities really the as is the LTE So the adopting forward we see of important job standard, CBRS solution XXX value evolution. can evolution approach beyond we more our this the add compatibility of value that helping layer through is of of think eventually they That's set, be. get piece, bands utilities, the is add build beauty an that the which capacity, cake other is that, E

Walter Piecyk

in where But guess, of electric market them obvious obviously, great the I Motorola terms nationwide. with that of market tremendous believe think Solutions and it. is Brown, Got really And perhaps like a very quarter but utilities, with broadening off. Is be just I security that segments a different is public other then that to spectrum? -- and taking Greg business in with opportunity, reported interested good question, terms I beyond utilities, might camera you, safety Motorola his are ecosystem. where very traction is the in your in

Rob Schwartz

an a they Motorola, of providers. are Nextel Anterix, even utility part of valuable very Yes, other we've partner and actively had skills relationship, you They are obviously, ours that working We're partner technology from be lot a the PDV I are with of assets to of the the we and key really long-standing of set were important them. to know, and have beginning prior. continue to ecosystem They the as think unique ecosystem. think customers complementary of

which all further about, they their utility through are of developed that experience. I So A them applications of skills talked translatable a of the for lot application FirstNet have, and been lot being into you've think networks. have skills

think we see So strong we capabilities.

remember are lot thing licensees LMR which of lot two-way here radio of to other incumbent The the are customers, were that a retuning is customers, that Motorola. a

And and very has the X-way to mission-critical be that Southern push-to-talk, a think helping their see driving those they idea communications understand migrating Company already. they mission-critical more utilities LTE to as adopted And FirstNet, push-to-talk. We I with comfortable migration in and just understand great the of that again, in of ability migration have those big that is role utility private that get LTE, and systems future as which path with understand LTE radio LMR a as partner the a so for doing utilities of is of networks, can that.

Walter Piecyk

safety that sector do Is is do opportunity, their -- safety utility of what that's that So a safety there that to to opportunity guys like I see your grab that LTE a other to -- question a if well to terms utilities, base. an them in the and is, great some Is spectrum, of like these in think? but with? a looking feet Motorola that you're wants want LTE utilities spectrum. integrate -- is ecosystem. the realistic existing something And else them spectrum targeting market so customers, guess these maybe Obviously, that in customers, and to at? for this for sales you if to public public you someone different is segments nonutility that they their this radios drive to same or described, selling though, radios, basically industry good that value I to industry

Rob Schwartz


clear, we critical our utility those I is the think of of for getting into without circles space always right? concentric specific see in as users We've but a infrastructure had we said, Motorola's us, can objectives, of we of lot as vendors bullseye, the usage additional and how the do get about discussions, networks. being these talk complementary, ecosystem lots we to other

ways. for -- I folks users other of yes, lot really sectors, in of but it's we're there's substitutes So complementary now, think a us

as resiliency of and of And the that go start I networks, saying, example, Company further network to safety private territory a public host allow that in have want eventually battery that gas, network utilities, always ahead putting we're our greater you so networks. Link with as becomes customers needs other and each their backup, having because that uniquely these to a network, that pieces on as network They to individual well. deployed they use nationwide other of in infrastructure they they've it cybersecurity, a back because example greater start on an they're further critical valuable That's things greater network going municipal reliability Southern And network. co-ops the bring utility of of the asset. to service Southern and and and individual entities their of -- taken together way built LTE networks because even through longer

I yes, benefit an networks. share this for think, that share I of infrastructure likely, network more there's of costs, a of together, substitute opportunity work the find but to other nationwide think So complementary segments, ways critical it's they


question Craig-Hallum. next is coming Your with Sutton from George

George Sutton

rural a Or wondering I'm we've larger complementary? in if that broadband concentric industry, opportunity? talked would folks be line getting your the circle larger -- And be, to that we're definition, that a by hearing of focus that same on Along concept as incremental would opportunity.

Rob Schwartz

question. the for thanks George,

So we've talked about rural broadband.

partners. published a values a topic conjunction in broadband. promoting From on fact, rural about been In view, of work be what's soon number recently out our the a key couple of to going we've of with paper there's

Those are to of infrastructure and networks. and a build LTE the private that's to already fiber build for utilities of But towers rural broadband. pull a lot private coverage. being get their utilities unlocking serve third-party LTE, leveraged to they infrastructure for critical as assets piece start opportunity more As communications more have

and do National of with individually want their see, those the And want how we utilities talking the enable number and parties networks. build Edison the that about industry so to rural of from association, utilities to facilitate then capabilities, leveraging we've to happen. lot from been happening to to themselves, ISPs Electric, Regulators, of to broadband a they NARUC, State Association A

they how their series a want that. to about do And individual of on so utilities we're to models talking

less these users leasing I utilities that one those customers infrastructure those to those the want interest. and I serve that elsewhere. want said want to of but that to they that that things rural those be supporting in going fiber investing in communities, to see sure think these to or utilities they're us deployment migration to don't because make models, and it's customers, other in that serve and end a rural their to of they towers want utilities using keep their think are going because likely to it's cities communities, And residents to broadband their most are could to their enable power especially

And so very important. it's

of sure wrote mile legislation I'm I I'm both the of the it and about you really a as to last a about, mile, think into again But capital sure, lot the And in middle what a and investment broadband important of the you fiber of mile George, infrastructure. lot that for their is that piece middle end heard it, we'll see well, puts the user. fiber support of Middle a support too think rural putting being to investment in lot into broadband. legislation. utilities are as Mile I and their the about talked

George Sutton

webinars you've with NARUC, it in these just mentioned, Can sense know is in looking conjunction I with all of opportunities approvals you're multiple give could that of you sense their a conducted some accelerate future. at? Our us their your the comfort You of commissioners. different

Rob Schwartz

in But wireless start of think Guttman-McCabe, I that. spent and you to all it well. Chris, a maybe the of our we the want also as in about, just but about Rural lot Broadband do talked Chief on to Officer the communications Yes, importance completing as time we I could important supporting, overall, wants elaborate? these broadband educating the of assets, importance to Regulatory Chris jump

Chris Guttman-McCabe

context Thanks, of on to the an of do educate communications key term, trying George. Rob. them, first -- to sort to -- between education. of door the knock Yes. advanced when on particularly tend I and modernization the it a Thanks, think which grid is we we We in about Rob tend intersection We hit platform. the policymaker,

the and our over we've strides. at that's great I so couple And of been made goal last think years NARUC

unserve through and network there's wireless the broadband evolve mile process to And had fiber components rural particularly really education on talk and modernization they public from focus them component. we've grid on also them our component. a to as begin to seen about utility now focusing been and digital the divide them NARUC closing commissioners middle a communications we've this broadband Rob referenced, As And about being as as them include about talk watch only individually and the begin the and talking about of well. talking fiber

headway. as the is So what great just in saw of come really we Senate, And I that out think made we've referenced. That helps. Rob I some think mirrored

on circular work rate state legislative it's federal us we've I customers think and the at will done us. the did federal at at cases front pursue somewhat work more perhaps help will that they importantly, in help we as our And level NARUC the nature helped level. the the utility

George Sutton

question last for And me. Super.

of much Can excited has You of a a had X of off San cases. ability that, about course, been creates of that to issues from And use shut power just which line of talked Gas is use use country utilities. and about ground these I the discussions avoid the cases, Electric Diego fairly would the hits therefore, having pace & before the recently. specifically? case discuss all many it our sense that you fires. accelerated fire of

Rob Schwartz

conductor can in. talk a Yes. jump not if Ryan, to I bit, want you little falling do about

Ryan Gerbrandt

one. Yes, let me take that

as variety of a complementary geographies And season in are the of of to the their Coast. So again, obviously it it's across West the of middle in challenges. falling kind the right. wildfire facing put urgency, all of that with here the part other strategies supports proactive out lot you're I And the San when conductor are application mean technology the wildfire a Diego obviously, of similar essence mitigation of utilities a we absolutely wildfire focus has lot on plans. protection, we a wildfires, the to limit able source drop detect be line utility potential phase power of to the a grid of to proactive transmission the be to touches publicized a line distribution the effectively it source able the down it to for or is emission that just potential to that a becomes ability causing as if is able fire. of the be technology that power for the ground, utilities see to really from down power And line. line designed

broadband, are the Now obviously, enable are necessary assets, actually we're an kind terms critical. technology the The in across system. in of needs it real ability private what to requirements near to of a that important is the it time And low that communication various quite about solution of to latency communicate are, alignment LTE. talking

of just to are, And going I see And continue kinds so we're sure we conversations as I'm other about it. and anticipate to technologies. do similar

wildfire. towards to caused really the but resiliency can continue able As fires. and all and environmental innovative to the industry, line more particularly need with same legislation recognized find to to support it technologies we and the of help redundancy some utility technology-based with of to out grid set of that to an more funding prevent to of came reiterate Act Senate, try together not again, like And to move dealing stimulate the the nation's come the disasters Infrastructure solutions of these be as utilities sort the of issues,

So is I catalyst, I would that there additional, is that there. don't I say, out guess know,


is Your Crawford from with coming B. Riley. next Mike question

Mike Crawford

X then Given to all Why wouldn't a the the in cash you're expecting years. shareholders to to collect to next return Anterix REIT? convert X and

Rob Schwartz

Mike. the question, for Thanks

we Just mean And next obviously, we're We place. it -- as do at the talked for NOLs very as point. Tim, positive. of this our of we've years. towards the trend about you opportunity Tim our detail how us to kind prepayment over planning at before, being capital the as have Investor this in returning Day, And see couple maybe give want I contemplate to thinking said on

Tim Gray

Yes, we quite get question. one And Mike. good often. that And

So get impact NOLs million the next us we taxable through right with got in now, how in and the proceeds we've $XXX coming that see several federal over income. that will they years

to to And have advisers look and trying figure I if and forward so say we're a analyze whether with be path not and want the fully to best our we runway that one, REIT. for that's we two, at some us. then or examining possible; out with that, possibility would

more as through So looking forward on it's we're but move to something the actively at. process, come we that

Mike Crawford

your probably then would Canada a following wildly that? private came to thought portion make customers I spectrum gigahertz itself of lease relatively network. But there from that of any successful cost deploy this what small overall X.X know has X broadband And in in been is investment spectrum accrue Xx, to that auction people would utilities reaction

Rob Schwartz

value. We in market saw bio, is our well view talk occur -- that calculation value. think discussion new go Mike. of obviously, question, look, on any conversations being market and spectrum value about Good in these always note fair the transactions between the of these I fair your explained. that And we data And our points into

those shown as getting market surprised is significant good discussions to our good pretty to we're the over external to and and what value know, use continue high fair you continue not other think strong both value. to We're and time, a internally value as line. has of which, see in to historically experts, drive So trend assume spectrum, watermarks negotiations we over our positioning you to using should that increase in

Mike Crawford


interest it's the So X you're of but only the versus weeks, been sign I paid a up haven't prices seen know about line couple lower any what somewhere, on just to talking accelerated you carriers dotted north? like big given

Rob Schwartz

to don't because Gerbrand, disparaging Canada. want I Ryan Officer, anything is Canada our say from Operating about Chief

it's So to trend where have there? all trend data other and but important another clearly of anything anything -- one add but point, positive points. the an it's want context not you data show of I to spectrum. important the think just the comparables, It's you in it's upward an like Ryan,

Ryan Gerbrandt

nail that Canada, their I'm quality prices scarce there's have just mean you I process working as utilities doesn't support though the transactions the of helps is, doubt, But that still from lot itself spectrum than at I'll the we only auction in are the utilities seeing see here. the seeing to confirm and we're other we're their that's nature a a this, And still, -- in on change spectrum what at. the the much a no considerations, it even conversations seeing. what that size the good process obviously, hit urgency through than that's lot the conversations on the I'm a other and that No stakeholdering process, I necessary think deal buying head. they confident said, is They're through. justification are in into offering and the way go transaction, but in there's promoting going you of of larger


Your next question is Height with coming from White Chase Capital.

Chase White

discussions or providers or the and you Federated and one, guys First like you Federated conversation general other just similar agreement the more a driving And together? in Google any SaaS coming Amdocs are that with ones utilities the was the were or for collaborations?

Rob Schwartz

known Chase, almost relationship, of a since Iyad is probably, and So they colleague started of Federated former we've CEO Tarazi, genesis on friend. our their colleague the Nextel ours again, and

from And beginning. them with so we've the working been

that arrangement have And so with thinking about complementary we aspect of this the them.

service office able we it's driven and do in you cellular. outside see exclusive better great kind from We solely way want the SaaS aspect and that, integrated very, said, product to Federated. WiFi use cover you long-standing are right? has as of do team they offering been a and territories, XXX. much. wide was It's beginning Federated I it gets soon CBRS CBRS it you're see the that So of nothing I there's a because so very start campuses. in need It to your works home foundational aspect. -- They've you go well and the got like And spectrum the That's mid-band. to buildings we've using compare following us by But always complementary this from beginning. as complementary as and that you Our or really ours a to nothing on bring Federated on strong with providers, lot But shared is marketplace. we create from it that's customers. a utility focused offer in that view what there's of choice to of to with think solution people. them very But how very a to spectrum relations there's about be utility to a help strong, particularly standpoint, have a having

we're about the excited so relationship. And

Chase White

assuming up received where roll be terms leases it of cash And over to shareholders, is to in the these will returning they of you've that are sounds contract, like you started in Great. that upfront. pretty guys thinking what they're more once time, Ameren stages the capital similar much to

the of you see creditworthiness or to smooth do out take returns? the these Given on accelerate capital an utilities, opportunity to leverage

Rob Schwartz

looking always structure. returns our we're at investors, capital optimizing financial Look, for our including our

the what companies. want else -- And there? for Tim, I through if history, said would Tim context use So sense consider. it right through to anything of both at could we other something our at talk days premature would look the about us we to and what probably in -- it's think time, of the Nextel add earlier do. be of leverage our you clearly, makes planning, we you But in we're what can early would about financial it the

Tim Gray

that, our to see Anterix for best things the at what's toolkit would use Chase, into only for I our yes, all and going can the and shareholders. we look we're both put add No,

so come forward on as contracts. And thoughts these our more we move to that on with


lines I back time. Rob floor remarks. like now the questions at further from turn the closing would no to have We this to for Schwartz

Rob Schwartz

Thanks, to interest. Have Catherine, good everyone, We talking and a the forward you look for to continued and thanks, time again soon. day. all


conference call. This does gentlemen. and ladies you, Thank conclude today's

day. may Thank phone lines participation. wonderful this time, You for and your a have disconnect your you at