Anterix Inc.

Now, my afternoon, ladies and gentlemen, and welcome to the Antarex third quarter update conference call. At this time, all participants have been placed on the 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. Good afternoon, everyone, and thank you for joining us. With me today are Brian McCauley, our chairman, Morgan O'Brien, our CEO, Rob Schwartz, our president and COO, and Tim Gray, our CFO. Before we begin, please note that any statements we make during this call that are not based on historical facts constitute forward-looking statements, and our actual results could differ materially from those implied. Information regarding the risk factors that could cause such differences can be found in our public filings, including our most recently filed Form 10-Q for the quarter ended December 31, 2019. A copy of our recent 10Q can be found on our investor relations webpage. With that, I'd like to turn the call over to Morgan O'Brien.

Morgan O' Thank you, Natasha, and thank you, everybody, for joining us this afternoon. The last time we had a chance to review with investors our progress on the FCC regulatory front, we said that all signs were pointing to the fact that a decision was getting close. Those signs continue. and we believe that the staff of the Wireless Bureau has virtually completed its analysis of the issues and has made recommendations on the proceeding to the chairman. We do not rule out the possibility, as happened on the issuance of the NPRM, that the matter could be handled by circulation, a process where each commissioner has the opportunity to vote on the item outside of a formal open meeting session. We share our investors' impatience with the process but the most important thing is to get a ruling that works well for our principal objective, which is to meet the needs of the electric utilities and other critical infrastructure enterprises for broadband at 900 megahertz. I thought it might be useful to spend a few minutes outlining just how far we've come. Starting in 2014, This was a quest by a single small player to revamp completely the 30-year status quo at 900 megahertz. Previous efforts by the FCC to make improvements had been defeated by incumbents and by their trade associations, including EWA. The FCC environment then and now was hostile to speculators who bought spectrums licensed under one set of rules, and then tried to change the rules to allow a flip of the spectrum for profit. Aligned against change were the electric utilities, the railroads, oil and gas, vendors linked to the incumbents like Motorola, Harris and Kenwood and a half dozen or so major trade associations like Edison Electric, UTC, API and the Association of American Railroads. If the FCC were to create a broadband portion of the band, we believe that the minimum useful block size, in a commercial sense, would be 3 by 3 megahertz. So that meant all other incumbents would have to move into the new 2 by 2, created from the remaining spectrum in the band. From the standpoint of a capital raise, or as it turned out, raises, we would be swimming upstream in an investor environment focused on huge new blocks of spectrum. 5G, and the consumer versus enterprise value spectrum. Where are we now, five years later? Motorola and AAR are among the influential parties now on the record supporting a broadband proposal. Importantly, Edison Electric Institute, by far the most influential trade association for the utilities, moved away from its earlier participation in an effort opposing the rulemaking and now is playing a very constructive role, particularly in ABBA, but also in other efforts to make broadband available for its members. Suffice it to say that even some of the most relentless opponents of change have revised their positions either to embrace the new broadband opportunity or to concede its existence and to try to nibble around the edges, a particular advantage to themselves. Interix is now recognized at major industry events as the new and innovative player that's delivering on private LTE. While we wait for the FCC to act, a few new things on the record are particularly encouraging. On December 5, 2019, at the House Subcommittee on Communications and Technology hearing on accountability and oversight of the FCC, Chairman Pai was asked the following question. One promising innovation in wildfire mitigation is the falling line conductor. It uses low latency private LTE networks to depower a broken line before it hits the ground. It becomes a fire hazard. Do you have a view on how such technologies can help mitigate wildfire threats and the need for preemptive electrical shutoffs? When will the FCC complete its 900 megahertz proceeding that impacts the ability of utilities to use such technologies? Chairman Pai's response was, I agree that new technologies can help mitigate public safety emergencies such as wildfires. Robust next-generation broadband networks can encourage the development of such technologies. That is why the FCC is pursuing a comprehensive strategy to facilitate America's superiority in 5G technology, which is the 5G Fast Plan. The plan includes three key components.