Core Insights - LightPath Technologies has announced a $2.2 million order for infrared cameras from L3Harris Technologies to support the U.S. Navy's Shipboard Panoramic Electro-Optic/Infrared (SPEIR) Program [1] - The SPEIR Program aims to enhance the U.S. Navy's capabilities in anti-ship cruise missile defense and other operational areas [2] - The acquisition of G5 Infrared is expected to significantly enhance LightPath's growth in the $9 billion infrared imaging market [3] Company Overview - LightPath Technologies is a provider of next-generation optics and imaging systems for defense and commercial applications, with a focus on vertically integrated solutions [4] - The company has manufacturing facilities in Orlando, Florida, and additional locations in Texas, New Hampshire, Latvia, and China [4]

Financial Data and Key Metrics Changes - In 2024, capital expenditures decreased by 24% on a consolidated level, contributing to an increase in free cash flow [10] - Adjusted EBITDA increased by 7% for the full year on a consolidated basis [11] - Free cash flow for 2024 was $280 million, an increase of $88 million over 2023 [37] Business Line Data and Key Metrics Changes - U.S. Cellular improved subscriber results and executed a strategic review, leading to a solid year in financial and operating results [26] - Postpaid handset gross additions increased by 16% year-over-year, while postpaid handset churn decreased by 14 basis points [34] - TDS Telecom increased residential revenues by 6% due to growth in broadband connections and average revenue per connection [49] Market Data and Key Metrics Changes - U.S. Cellular's fixed wireless surpassed 150,000 customers, indicating growth in that segment [27] - Data usage by customers rose 37% year-over-year, reflecting increased demand for services [28] - TDS Telecom's total operating revenues increased by 1% in the fourth quarter and 3% for the full year [55] Company Strategy and Development Direction - The company aims to optimize its portfolio to focus on growth areas, including the fiber strategy and tower business [9][15] - TDS Telecom plans to deliver 150,000 fiber service addresses in 2025, with a target of 80% of total addresses served by fiber [61][59] - The company is focused on maintaining a culture dedicated to serving customers, associates, communities, and shareholders [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic transactions with T-Mobile and other spectrum deals, expecting to close by mid-2025 [21][38] - The company anticipates continued investments in customer retention and acquisition strategies, particularly in the fiber segment [30] - Management acknowledged challenges in the competitive environment but remains optimistic about the long-term outlook for the tower business [22] Other Important Information - The company has made significant investments in 5G mid-band deployment and fiber programs, increasing its footprint by nearly 30% over the past three years [10] - U.S. Cellular's equity method investment interests produced $169 million in cash distributions in 2024 [24] - The company expects to incur cash income tax obligations related to the gain on sale in the T-Mobile transaction in the range of $225 to $325 million [44] Q&A Session Summary Question: Why was now the right time for the leadership change? - Management indicated that the board felt it was the right time for a change due to the transformative nature of the ongoing transactions [79] Question: Will there be changes in tower reporting? - Management confirmed plans to provide AFFO reporting post-T-Mobile transaction, but structuring the tower business as a REIT is not currently on the agenda [83][85] Question: What is the long-term vision for TDS? - Management emphasized that achieving 2025 priorities will position the company well for long-term growth in both the tower and fiber business [115] Question: How will capital allocation priorities be managed? - Management noted that while specific guidance is premature, the tower business generates attractive cash flows, and there is potential for returning capital to shareholders [123] Question: What are the expectations for fiber service address growth? - Management clarified that the new fiber goals are based on ongoing expansion programs and the EA CAM program, with a focus on pacing spending according to financial capacity [89][92]

特别提示：本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创 板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临 较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 嘉兴中润光学科技股份有限公司 （浙江省嘉兴市秀洲区高照街道陶泾路 188 号） 首次公开发行股票并在科创板上市 招股说明书 保荐机构（主承销商） （注册地址：深圳市罗湖区红岭中路 1012 号国信证券大厦十六至二十六层） 嘉兴中润光学科技股份有限公司 首次公开发行股票并在科创板上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全 ...