Good morning, ladies and gentlemen, and welcome to pdvWireless Second 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.

Thank you, Catherine. Good afternoon everyone and thank you for joining us. With me today are Brian McAuley, our Chairman; Morgan O'Brien, our CEO; Rob Schwartz, our President and COO; and Tim Gray, our CFO. Before we begin, I'd like to highlight that during our call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings release, which can be found on our Investor Relations page. Please also note that our discussion may contain forward-looking statements, and our actual results may differ materially from those implied. Information regarding factors that could cause such differences can be found in our public filings. With that, I'd like to turn the call over to Morgan O'Brien.

Thanks, Natasha. Good morning, everyone. Since my last opportunity of updating you in August, we have seen some positive developments on the regulatory front. The first of these was on September 13, when the FCC by public notice announced a temporary filing freeze effective that day on applications for new or expanded use of the 900 megahertz band frequencies. As a reminder, this FCC freeze followed the July comments of Chairman, Pai at the congressional oversight hearing where he stated that his team was quote drafting an NPRM to follow up on the NOI. The explicit rationale given for the freeze the notice of inquiry dating from August of 2017 and the need is “To preserve the current landscape of authorized operations pending commission action as part of its ongoing inquiry into potential rule changes to promote next generation technologies and services in the bad.” The opposition of a freeze such as this is quite common when the FCC is moving toward a ruling and it's intended to prohibit the filing of applications fueled by speculation. We therefore deem as a corroborating facts to what we understand to be actively pending action on our petition. The application free s that the process is moving forward and that is a good thing. But we believe that another FCC action that took place two weeks later is even more encouraging. At a White House 5G Summit held on September 28, FCC Chairman, Pie alongside the National Economic Council Director, Larry Kudlow announced what he described as the FCC's 5G FAST Plan, where FAST is an acronym for Facilitate America Superiority in 5G Technology. The Chairman's plan announced specific actions that the FCC was taking including acting to improve use of low band spectrum, services with targeted changes to the 600, 800 and…

Thanks, Morgan and good afternoon, everyone. As Morgan just covered a top priority, our continuing progress on our FCC regulatory process, I'd like to focus my time to provide updates on our other two top priorities. First a commercial broadband business development and second creating an organizational infrastructure to implement and operate that business. As you just heard, we were increasing enthusiastic and confident about our continued regulatory progress. So given this increased confidence and near-term positive outcome, we are focusing even more of our resource on driving the development of our growing broadband customer pipeline and simultaneously building the organizational platform, products and operations to support our broadband commercial service offering. We continue to see increasing market demand from industrial customers for private broadband networks that leverage standards based LTE technology utilizing our low band 900 megahertz spectrum. Numerous market forces are driving enterprise customers to seek private broadband network options, including the current momentum of the large vendor and customer ecosystem building around the CBRS 3.5 gigahertz midband offering. We see this as a perfect complement to our low band offering, which is necessity for any wide area coverage and we believe will continue to generate instant parties for PDV. And more specifically we are currently working with several investor run utilities supporting their pilots and initial deployments each at various stages of development. Since last quarter’s call our pilot with Amarin the investor owned utility in Illinois in Missouri officially went on air meaning that they have initially constructed and are transmitting over broadband channels in the 900 megahertz band leveraging PDV spectrum. This was made possible by the FCC granting an experimental broadband license to Amarin a few months ago. Amarin is continuing to work with Nokia and PDV to jointly implement a network with an…

Thanks, Rob. Good afternoon, everyone. During our second quarter fiscal of 2019, we started to see the benefits of the restructuring plan we previously put in place, as both our operating expenses and the cash burn of our TeamConnect and pdvConnect businesses saw significant decreases. These reductions due cutbacks in staff and other costs associated with these businesses. We're made to prioritize our investments toward the future deployment of broadband at 900 megahertz. We continue to review our operating expenses to identify areas for future savings. In addition, I've tasked an internal team to look at strategic options, including a divestiture of both the TeamConnect and pdvConnect businesses. During the quarter, our cash position decrease by $5.3 million, which included $500,000 in restructuring related spent. Keep in mind that our goal for fiscal year 2019 is to have lower cash spend in fiscal 2018 before considering any restructuring related costs or spectrum acquisitions. Based on the first half of the fiscal year, we expect this to be achievable even while increasing our broadband investments. As of September 30, 2018, the company had $85.6 million in available cash is debt free. Our headcount has down over 30% from its peak of just over 100 employees earlier this calendar year to 65 today. These reductions are mainly due to the cutbacks mentioned earlier, but also include changes made to realign our G&A functions to better support our broadband growth initiatives. As Rob mentioned, our recruiting and hiring is focused on hiring key people to enhance our broadband and commercial capabilities. And we do expect headcount to grow again, as we continue to add these additional competencies. Looking at our results for the fiscal quarter -- second fiscal quarter ended September 30, 2018, the company reported a net loss of $11.8 million or negative $0.81 per share versus a net loss of $8.2 million or negative $0.57 per share for the same quarter in the previous year. The second quarter included $4.1 million of restructuring related charges, including severance and stock compensation expense due to the business changes I mentioned earlier. Adjusted EBITDA for the fourth quarter was negative $7.6 million, compared with negative $5.6 million for the same period in the prior year. The decrease in adjusted EBITDA over our previous year due to increased investment in our broadband initiatives and $2.3 million in restructuring related charges. I'll finish by saying that we are updating our go forward financial plan based on our commercial development progress. Assuming the FCC issues an NPRM, as Morgan mentioned earlier, we are planning to hold an Investor Day following the release of the NPRM to share additional details on the investment thesis for the next phase of PDV's business. We'll take some time to digest the NPRM after its released and we’ll release details on the Investor Day shortly thereafter. That concludes our prepared remarks. I'll now turn it back over to the operator for questions.

Ladies and gentlemen, the floor is now open for questions. [Operator Instructions] Your first question is coming from Mike Crawford. Your line is live.

Thank you. We've seen the experimental license that Southern Link filed. And I was hoping you could give some more color on exactly what additional spectrum options for expanded LTE network operations Southern would want to explore with you in 900 megahertz that they can't get already in 800 megahertz?

Sure. Hi, Mike, this is Rob. A couple things on that filing, one is obviously they filed it now probably over 45 days ago, I haven’t count exactly, but we expect it to be granted shortly. As you know, Southern historically operated Nigen [ph] network, same network as Nextel same technology and they continue to operate that now as they've got mission critical customers themselves and some third parties on that. So from their standpoint they're looking for the ability to have a clear 3 by 3 megahertz of spectrum to be able to deploy certain technologies that they can't do on their existing spectrum. So I can't go too far into it, because I think it's really have to talk to Southern specifically and were typical under an MDA about disclosure. But for them it's really just an added value of having additional spectrum capacity.

Okay, great. And then perhaps you or Morgan could go into just a little bit more color of how the low band 900 megahertz could; A, what possibly could happen with some 5G implementation in the CBRS band?

Sure, so I think Morgan, went into the -- our inclusion in the 5G FAST Plan that was recently announced by Chairman Pie. From our standpoint the complement of just like every global carrier, when you first build out coverage, and coverage meaning the need to cover more than just a small campus or in a building. But when you look at the footprints of investor owned utilities, they're typically covering major metropolitan areas in a lot of the large IOUs that are covering multiple states. And so to cover areas where not just where the cellular carriers typically recovering, but you're talking about where there is transmission lines, generation equipment you need a spectrum band that can cost effectively cover broad areas. And historically and based on the physics of low band, when we low band we talked about spectrum under 1 gigahertz. You really need something that's under a gigahertz to be able to have that kind of spectrum efficiency. Otherwise you really need to have a multiple of self-sites built out and that brings both the capital cost to building those and the operating cost of operating those sites, site rent, backhaul, et cetera. So when you look at the evolution of any major carrier they all started with low band to build coverage and then overtime have gone up the spectrum band to be able to add capacity in spot areas where they need additional capacity urban cores within building, stadiums, et cetera. So for our view when companies start to become aware of CBRS and we think it's a great opportunity and it's a great band to be able to do coverage in limited areas. The awareness of private LTE, which is really the same concept that CBRS is being generated on. As soon as they becomes an awareness that they need to cover a broader areas and the just campus or a building they're going to look for a complemented band of spectrum. We are in our one of our pilot deployments, I think, I mentioned previously doing an overlay of our low band 900 with an overlay of CBRS on top of that to understand the interaction and how we can use CBRS potentially our customers can to add additional capacity if and when necessary.

Okay, thank you. And then just last question gets down to timing, which I know you can't control. We assume one day we'll wake up and see that in post or through circulation there will be NPRM. Do you think there is any additional heads up that anyone should look for or just it’s kind of stay tuned every day?

Mike, its Morgan. I think it's stay tuned. We're optimistic that we're going to see something between now and the end of the year, as you know. As you approach Thanksgiving and Christmas regulatory processes tend to slowdown as people take vacations. But I like to think that the FAST and the commission’s statement about that was more than an acronym that they actually meant they were going to do these things quickly as in past. So that's the approach we're taking with them as they're looking for something that can be done fasts, how about this?

Okay, thank you very much.

Your next question is coming from George Sutton. Your line is live.

Thank you. And the details have been very helpful. So I just wanted to ask a little bit more on the FAST Plan. So having read through that it's very clear there are opportunities are right down central for you. I'm just curious with a broadened look at spectrum more holistic look at spectrum, could that change some of the timing from your perspective?

That's not what we understand to be the case, we understand that we are on our own track and it's a good track. As I said before, if I were on the [indiscernible] of the FCC, I'd be looking around for things that we could talk about that had been done after that concrete actions so we could take that I would know what the repercussions are and I would know what the pros and cons are all the things that are an advantage to a proceeding such as ours, which is regrettably more mature than I'd like it to be.

Understand. And relative to the freeze, it's interesting to see some of the pushback the FCC is getting on the freeze given the critical infrastructure nature of this. Do you feel that that helps accelerate some of the time frame given those pressures?

Sure, yes.

Yes. If you look George, freezes out unusual at this stage of a process when we believe that there is going to be some action. So we see that as a both a positive sign, but also we think that the pressure of those existing licensees that need access and flexibility we think also puts pressure on the need to take action.

So I think that they didn't input -- they knew the freeze would not be popular, but it's kind of an necessary evil in today's world. But now that it's out there I think there's every reason for the commission to act promptly so that that freeze can be lifted.

Understand, okay. And then last question. I appreciate the concept of an Investor Day and I think that's great. I love to make my flights well in advance. Can you just give me a sense of when I should be booking my flight?

George that's a great question. And it all comes down to when that NPRM comes out because we do want to have time to digest that and see how and if it impacts, what we're thinking about the future plan. So it's tough to say and give you an exact date until we have a view of when that NPRM is going to be out. So I wish I had a better answer than that, but that's kind of where we are right now. Are there still 14 day fares.

I think it's fair to say at least a couple of weeks' notice.

I understand, I am kidding. That's great. Thanks, guys.

Thanks, George.

[Operator Instructions] we have no further questions in queue at this time.

Okay, well thanks everybody. We appreciate everybody’s interesting and availability for this call and we look forward talking everybody soon.

Thank you very much.