ATEX - Earnings call transcript Q4 2018

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Operator

Good afternoon, ladies and gentlemen, and welcome to the pdvWireless Fourth Quarter Update Conference Call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Natasha Vecchiarelli. Ma’am, the floor is yours.

Natasha Vecchiarelli

Good afternoon, and thank you for joining us. Brian and Chairman; our COO, are CEO; O’Brien, CFO. today Schwartz Rob and me McAuley, Morgan our our With Tim Gray,

call, Before that certain like I’d financial we today’s non-GAAP we to will to measures. refer begin, during highlight

directly reconciliations this measure release, is most earnings Investor our GAAP available financial We have on the Relations comparable provided which to in afternoon’s page.

regarding discussion materially factors to and Chairman. our those may differ from As differences current found statements implied. could can a I’d call our actual in filings. that forward-looking to Information reminder, cause such our over may contain turn the McAuley, the With or our following like expectations be Brian results that, public

Brian McAuley

leadership first to announced shareholders is company to Today in April. my afternoon. Good opportunity which transition the about speak the our and investors

turn the the words few Tim, to say Morgan, over about to want microphone Rob, I Before and a transition. I

$XXX contributions to instrumental would with Pescatore to First, over for management team, a leadership, from company. critical on I a significant and PDV. raised its Board seven and enterprise regulatory strategic private public advanced behalf Under fund forging markets, to TeamConnect the business company the in initiatives, established major by thank initiatives John of FCC transforming partners PDV to his and its like in John relationships its the million space. his in was infrastructure

ongoing the build assume role macro focus on broadband a passing the It towards the success. spectrum. leader is judgment experience has used working opportunities, at the the a to We of Board, later, a and past progression talent, as to Vice Chairman future CEO developing Since of continue worked baton ideal and intensified guide our to from broadband Morgan relationships. our little twenty the a Morgan more PDV with our its PDV we foundation for John strong hear the value at Nextel John’s that look is effort, the with to and a pleasure personal, most and contributions built is one On I you’ll over have note, over been rewarding, future. will five of as help for to to John deliver forward intensely candidate a years consultant for at PDV decided of company John Morgan it’s PDV. personal both As our His fourteen and PDV and the John has both for cases shareholders. by FCC shareholder. years. even professional

be business constant. our grows, will a change As

team As to look future. our Chairman, forward guiding new I towards its exciting

Now I’ll it turn over Morgan. to

Morgan O’Brien

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combination, modern technology, most a as has First, connectivity. makes powerful make the available. the wireless scale LTE’s in emerged technical performance of signal technology economies of flexibility, prioritization, it it phenomenon compelling tool security and unique broadband for LTE data global speeds, ever and particular the

purposes. consumers is utility competition extraordinary is LTE now for second, of as broadband band taken proceedings is electricity infrastructure all that use industry, revolution FCC the A available even the built to dedicated factors megahertz public have that structure as a these world. generation responders effect that for than generation on infrastructure including distribution made is strong and driving ignored. battery different are rather on the network the have of for public wind, have the first reserved storage. the industry grid distributed make decarbonization by interactive for alternative increasingly dedicated industries dependent parts to While has by of The revolutionary solar lifeblood a largely been important industry broadband in has spectrum the adds including strong benefits from further and been spectrum monopolized, been critical causes, providing these effected of as infrastructure LTE changes short but elements. occurring Congress the That such sources in has private emphasize network many proliferation of no Most way well models by industry. our to has spectrum of support critical commercial on the functional available to now centralized, arguments. nothing and actions demand through relying generation served of change of is regulatory utility and as interest Extensive to electric historically the players to of in the of huge FirstNet suitable been And element broadband very national that of spectrum the for record PDV’s a XXX electric critical and giving extolled technology economy,

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X comments the yet we shareholder and deliver that to than of urgent bring the of broadband But give who about of a pleading kilohertz that broadband the us win further give are we balancing to Regulatory and who our and swap On message. give our arguments our by channels parties, the helped critical and be like allocation plan conjunction I’d a a proposal. a the have critical infrastructure we essential to it support you plan since time recently for X, the we outlined last users parallel culmination strong persuaded of we award changing Nothing us in was an in opponents the That it for location Not exclusive our satisfactory efforts to the required senior of filed by to has relentless band with message incumbent representatives has FCC acquiring proposals condition, the several have a with have the proposal historically FCC more shares solutions infrastructure of a staffers was the of and moving most with within our were Chairman, to precise the our staff, opposition. Sensus, long in us such the met two in utility negotiable. licenses. megahertz for May started band crafting also the will industry-wide licensees, an we The us Schwartz in the for us. broadband the effort address Alliance, in rules private to make takes is obligation public Changes the results most plan know the earn NPRM. Rob but a the chance initiatives plan XXXX position at these allocating interested Wireless the and other While our first strong FCC Chief need Operating to for original XXX an sense our FCC be of opponent weeks, will given the XXX satisfying. critical FCC. elevated dedicated for wherever PDV obligation recent able but that band, the an modifications elapsed for of of Officer details megahertz less, the amount serious megahertz much this X time process you in These carrying taken commissioners along. XX the was the of run to likely interest than revised but to value, benefit. should of in down concerns other been to for May advantage spectrum proposed proponent business. move steps from Enterprise PDV President railroads pipeline easier than then and building for to to spectrum that vocal important less an the adopt or changes was more In the broadband always process industry. meetings notice suggested the to very were The careful expedited was spectrum act. voiced have broadband making. accompanied of the thorough, every and to were mover a swap changes investors dispatch organizer more rules infrastructure work, by make a possible responsive partner, of getting to The dominated and again to The set to with with

now and years effort, are in great changes which since about earlier our deal four approximately into taken learned We Nextel. the market that have experiences a place have the with

the and he suggest minutes, provided taken Going we combined no initially and to to details sophistication U.S. offer marketing last standalone to the unit been major we a four operations XX% reduce totaling start today the workforce. sales particularly to supports replicate have reduction slower LTE dispatch announce our the approximately of proliferation The in that years, built of with devices, seven devices few over-the-top us a our have applications the dispatch-related structure marketed in want the technology of networks that growth system. I smartphone but that by the force Tim speaks dispatch state-of-the-art expenses than on action has push-to-talk will markets, Motorola, when narrow-band that of in of longer but have cost increasing our we expected. with carrier corresponding market financial functionality in

our have but progress substantial leader decisions build now critical have opportunity in momentum a made it the for I’ll valuable future, turn of a the of business they as initiatives solving us invest establishing today to infrastructure in update Rob network accelerate have our further now opportunity our that difficult, toward we growth, we to strengths. the give With detailed made the our to over our broadband further broadband strategic pdvWireless on is needs fuel achievements. entities. achieving and the and The essential been

Robert Schwartz

of focus into to and my and and Thanks, all to this well to-date, fiscal specifically the PDV XXXX to strategy lens thank business future. coming the our capture and interest key Morgan, through focus here the like how this market and for executed you joining and results to highlight positions the time summarize I’d call. demand in year

to First a I’d minute that out readily like key elaborate. business our of take I’ll not point to the apparent, so nuance strategy be may

opportunities compelling incumbents of spectrum before in in As megahertz private part of networks in continued the use, for us we the of an the putting utility utilities and to and link same some to opportunity band, the identified between business in our assessment spectrum primarily highest important our the were broadband XXX industry. landscape our opposition, enable whom best

a learned participated vendors, of of and these So on by growing RFPs. industry’s broadband listening and on and tour this boil large over We design important, leaders with down the to thought utilities to the went the needs came a working based these broadband built from to course to outreach experienced their We engaged progressed and our users. but consultants rapidly including control and business pioneers to We’ve tradeshows understand needs. industry. IOUs commercial solution few lean see understanding, lead employees we with cases responded issues, the the the discussions rather and discussions on to specifics the then leading utilities to better in complex and industry’s team utilities in desire intensively serve investor development year, own to their of networks. used that first We themes the a utility needs and of commercial or of to common a

our and can’t carrier commercial networks. resilience of offerings regulatory market substantial this in require priorities, be a of cost-effective solution narrow-band the broadband top utility in our the their provides fundamental in As business. these broadband to provided requirements, also the The and yielded and these both legacy our of coverage execution can't success networks solutions-based utility that that security reliability, with approach on capacity has fulfill development gains utilities initial

outreach them of with XXX wireless Trade solution need representative vested the the a want we’ve have broadband and with the I seeing opposition that's remaining that Ameren list created for ago approval of and in process move a the some to experimental regulatory used our On launch this robust change in be we’ve that network support the and fast need license quickly experimental highlight needs led the currently concurrently, this Illinois of secure, much the they made. communications and commercial awareness the kind, have lengthened with with these the years modernized. visited have supporting of a we that why covering Ameren just are become with now industry to calendar few a resolutions of additional infrastructure year essential manages be players need that XX,XXX goal be being Ameren, leadership Ameren band also equally desperate it’s this license to FCC by we narrowband vocal consolidation FCC progress other side, important, expressed band Chairman the FCC, XXX is to noting for updates secure, be to providing that We and utilities to proposed at and electric maintain will the development by rate also in want of and monetization key utility a networks, spectrum we’ve square a the miles more as with broader interest by minute megahertz And grid demonstrate look and to for spectrum pushed including us succeed is as joined our translated support an down urgent built FCC targeted as broadband as the of It’s to ground wireless resisted well work industry utilities reliable to the regulatory to Taking specific at program meet Missouri UTC. trial hit pilot progress you LTE and commercial year. to direct Rockwell formally numerous two megahertz for ability first the including to-date, taken to demand from pilot to cases pilots running take allow with overall the process. bureau. of emerge requested examples their as spectrum Ameren required to major the support to participants the FCC. and issue their this a quality currently Illinois the utility will through us granted Missouri can’t we both to cases pipeline megahertz real our a drone It’s its process pilot with is today. megahertz strong was our multi-state look of The their a to networks and industry solved utilities also there commercial with commercial existing allow support to worth by of holdouts new deeper a that spectrum provided of Collins' continued an to broadband directly needs. demonstrating a broadband demand planned XXX forward pilots maintenance. result and the stated solve a that of for separately Ameren, preparing an parties and and with of year from to life. urgent payers’ development are commissioners, this And vendor targeted provide utility preventive systems. Utility XXX sure on these sponsoring associations Group, serve they’ve industry-leading restorative visits and long-term and broadband support of at used commercial FCC regulatory

LTE the Southern needs. of mission-critical industry use to Company utility lead continues the private innovation for

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or basis like provide X.X can capacity local higher pilots. to CBRS industry’s we rules internet So and we as point, complement wireless believe private CBRS gigahertz megahertz a spectrum, unlicensed comes new to the like joined in spectrum to high-band to grid proving millimeter shared capacity CBRS market PDV’s any additional or to and maybe done that XXX natural have upon carriers superior desired see penetration off-the-shelf foundation characteristics We bands of their just wave spectrum existing efforts or a needs. support things of expand recently for in provides and forward potentially up we used allows future this for a of cost-effective coverage look band and megahertz spectrum this commercial foundation technology to the incremental LTE where the with a case of as gigahertz sub-X coalition shape devices industrial licensed over coverage on and systems. time. needed if Further XXX of

priorities a on future consciously and to As at come capital our our decisions. structure concluded in broadband of opportunities of establish organizational a management’s these move This point focus heightened with as initial highlighted, resulted forefront focus our capital and XX% our efficient business. time deploy Morgan we’ve the existing will continuing set we minimize transitioned we reduction I an the to sales a Therefore, on any as investment initiatives considerable limited drive the to management the broadband of by spent upon, our of clear future return Since evaluating dispatch business. to an and continue clear inflection our just shareholder we’ve in headcount and our immediate the of overall Tim future. compelling will in mentioned elaborate to

change focus make supported our is high targeted our our increasing in by returns Our this heavily shift and to determination to to our broadband desire and prospects for of the this business investment area shareholders. our of confidence

focusing agenda. will that of our in plan. of success to be and the the most that on We a focus go-forward people effectively both TeamConnect for are FCC our towards catalyst the continued into the best spectrum key We our investor intend have promising to shareholder next our coming achieving In we turning update resources, positive on the commercial realizing plan elements customer impact year, of business value. to our seven investment dollars our the and continue money solutions during strategic scheduled opportunities include this August. These present existing markets managing for the opportunities drive growth into feeding of advancement

a tailored the global solutions every reality is need that of for know build for demand confluence in the cyber this be, valuable, what are as private than did of designed think once virtually networks. with and distributed substantial well from security footprints. a as private and these growing monetization that years risks embarked when not This Our value leading commercial the relationships is for utilities translates broadband the broadband be we by we here ago, industry will offerings valuable grid at And to off-the-shelf what less To on attesting network meant. of the with to – scaled vendors to center four met high utility are is into high The credit events concept such epic private of was the industry highly most with generation needs long-term current demand customers led driving participants now shareholders. goal journey supply and the state robust with of our LTE the regional of being to networks. this now today broader a

that, With progress turn of forward As to to I’ll communicating over always, our we Tim. you with year. all the look throughout it

Timothy Gray

Thanks, Rob. everyone. Good afternoon

heard, we achieved significant and fiscal business and XXXX our of opportunities. critical you that milestones objectives accomplish Morgan fiscal and quarter the regulatory XXX realigning compelling to As first band broadband in megahertz the identifying by of Having progress and increase XXXX during just usability in our evaluating and positioned the advancing we well during made its to stockholder that and Rob we monetizing feel capacity. discussed, are value building primary initiatives

broadband, was best our of continues company with the the which that and TeamConnect aimed FCC phase technologies advanced announce have years and to for our business. broadband together future over three Board During is preparing sales improve evaluate to of actively dispatch our interest costs to its of Directors initiatives and other that the test driving pursuing XXXX, we the pdvConnect services. strategies marketing resources operating despite efforts fiscal our It reducing stockholders become TeamConnect our initiatives. and dispatch years reason performance the our type focus opportunities continued and the standalone, determined suggests the spent XXX broadband and carrier-based be band we plan the have and particularly and to it narrow-band finalizing the are Today, at our the the business has our of clear businesses. the We, businesses. deployment systems. in in shift The limited. dispatch market market future for dispatch and regulatory that future increase The us restructuring of applications, four limited are for our in of Today, of and pdvConnect initial remains opportunities improvement we megahertz past for and to

business. our The a assessment our in annually, continue eliminated sales to will broadband today has close workforce we As TeamConnect new and dispatch reductions part result forward. $X.X will our savings we functions the approximately additional preserve workforce business extremely significant shift in include staff result, for Management reductions our with a and marketing our plan, or XX% our us TeamConnect and positions cost our will of restructuring going attention reduction savings The of million from future. limited review sales providing resources to a of that businesses. meaningful be XX and comprehensive capital our of our dispatch and pdvConnect with in that announced commenced as we announced future existing primarily for to in

on call. will update investor information additional share We our August

our at cash by decreased $XX.X results, XXXX, in our fourth fiscal quarter position Looking million.

million March had of company available the in XXXX, cash. As $XX.X XX,

to a further to that fiscal revenue We the fiscal be XX% most spectrum pdvConnect spend course in XXXX of have XXXX. received before any for customer this service for the restructuring-related over scale partner was this in our service XXXX or of spend us back customer That will considering lower XXXX action fiscal year indicator fiscal with as of a course spend discontinuing carrier Tier-X company us in their goal that in cash is of The logical in May area. XXXX. Our a view represented notice acquisitions. our resources

in higher $X.X higher note our the in expense EBITDA year’s EBITDA for revenue. in support expect the for versus will $X.XX quarter saying our assets. for the to Please our fiscal is included fourth Last expenses that expenses restructuring-related tax of fourth expectations, in the per million million, ended the adjusted the of the loss or our income business negative of previous are due share loss support dispatch include decrease net of approximately deferred to year we liability although $X.X the that we fiscal million share year. to year. have will our prior to by due higher deferred XX, I’ll that with quarter conclude For XXXX company our net March have our XXXX, $X.X same of cost the the increase reported $X.XX $X.X same million per to period Adjusted fourth the $X.X quarter fiscal negative eyes we the of costs, a restructuring-related The failed year. per tax first G&A we negative quarter or phase was XXX% to share in previous million or offsetting regulatory increased that tax staffing quarter disappointed selling over and compared $X.XX initiatives a million additional during $XX negative and business. next set

We expect this major next year. to achieve more throughout milestones

is future us. That broadband one joining in will questions. now while for CFO, burn you XXXX Thank investments cash prepared As for business ends key The increasing our my fiscal our to goals of our opportunities. even operator remarks. reduce accept

Operator

Weisenberg. is question your Sir, line is from [Operator Mike coming live. Instructions] Your first

Unidentified Analyst

much. you Thank very

into the process, any additional With the you regulatory entrants timeline do enquiry? on of anticipate notice the

Robert Schwartz

Rob it’s think, this I Mark, is – Hi, Schwartz.

continue NOI As you in we coming know, comments to we’ve issuance I since processing think we and continuing comments in had a – through the that the really continuous of additional role would expect see process. talked the of as Morgan through the about

Unidentified Analyst

end? that would Do potentially that? indication any have process of when you And

Morgan O’Brien

FCC be be on Yes, that, comment Once they for can typically how do next they go anywhere typically two a reporting lot to then is to take a be cycle, would which go months depends would after right its ready the month step. that from to and order. proposed Optimum notice this into rulemaking. of us they A have Morgan. comment, reply they a to decides

in happen can this anything process. course, Of

part into we Maybe any position pretty new our Opposition of bunch supporters. comes a – typically in early then your I good new process, and there or expect players this support, know. do is coming we in that’s that opposition thereafter never feel you these anticipate of where that’s up So, we question was, do think down process of been. about on are processes a knocking where we and

Unidentified Analyst

that for you Thank out that. going with clearing I was was where

coming is should already you looking the there foresee In that be that don’t significant out for? terms the you for we that’s investments any haven’t of anything for? blue process, anything of out Or prepared regulatory

Morgan O’Brien

our and as but group driving are are a the that that I with think, drive consultants he the that’s the resource got continuing confident investment and have be. we to past you’ve employees I’ll to process be going where seen that the assume and start, fill of very forward need we Tim maybe we in process that if strong we we’ve to will in likes, can

Timothy Gray

may on utilities anything of we on put out to don’t with have working potential publicly those but cost vary, are we And and pilots the that right now.

Morgan O’Brien

is for Let We where quite to of there. pay our proposal do, who those if which and there looked different know follow-on they don’t the that. meet who me to to we process process the of has largest make the who will FCC course gets license that But is clear going May unfolds. the whether cost the outstanding process therefore the suggested carefully at a as the attempted another spectrum accept be will objections, filing to the responsibility to broadband point, be determined revise

of who It the not in know. are cases infrastructure be undertakes we broadband. don’t turn the that could to to out clear the some party that we player and obligation could wants forward these spectrum So to the that step critical

phase on much very next this depends it unfolds. how So,

So, sort of tuned. stay

Unidentified Analyst

had. Excellent. Thank very That’s call. much for you I all the

Operator

[Operator at are time. in Instructions] queue There no this questions

Morgan O’Brien

everybody much. for and investor we our dialogue very continuing Okay, forward to well, our thanks to next look our forward call. Thank your look with investors time you and

Operator

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

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

Anterix (ATEX) 5 Jun 182018 Q4 Earnings call transcript