AST SpaceMobile, Inc. (ASTS) 2021 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the AST SpaceMobile Third Quarter 2021 Business Update Call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位女士、先生，大家好，歡迎參加 AST SpaceMobile 2021 年第三季業務更新電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

I would like to turn today's call over to Scott for the company. Thank you. Please go ahead.

我想把今天的電話會議交給公司代表 Scott。謝謝。請開始。

Thank you, and good afternoon, everyone. This is Scott Wisniewski, Chief Strategy Officer of AST SpaceMobile. Let me refer you to Slide 2 of the presentation, which contains our safe harbor disclaimer.

謝謝，各位下午好。我是 AST SpaceMobile 的首席策略長 Scott Wisniewski。請參閱簡報第 2 頁，其中包含我們的安全港聲明。

During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and as a result are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's Form S-1 filed in June with the Securities and Exchange Commission as well as Form 10-Q for the third quarter of 2021, and other documents filed by AST SpaceMobile with the SEC from time to time. Readers are cautioned not to put undue reliance on forward-looking statements. And the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.

在今天的電話會議中，我們可能會作出若干前瞻性陳述。這些陳述係基於目前的預期與假設，因此存在風險與不確定性。許多因素可能導致實際事件與本次電話會議中的前瞻性陳述出現重大差異。關於這些風險與不確定性的更多資訊，請參閱 AST SpaceMobile 於 6 月向美國證券交易委員會提交的 S-1 表格之「風險因素」章節，以及 2021 年第三季的 10-Q 表格，並參閱 AST SpaceMobile 不時向 SEC 提交的其他文件。提醒讀者勿過度依賴前瞻性陳述。公司亦明確聲明，對於在本次電話會議中可能討論的前瞻性陳述，不承擔任何更新義務。

With that, I would like to introduce Chairman and CEO, Abel Avellan; and Chief Financial Officer, Tom Severson, to the call as well. Abel, over to you.

接下來，我也想介紹董事長兼執行長 Abel Avellan，以及財務長 Tom Severson 一同加入本次電話會議。Abel，交給你。

Thank you, Scott. I'm really happy to be back with all of you again for our quarterly business update. But before I take you through our technology progress and industrialization, I wanted to spend a few minutes to explain the market opportunity we detect for those that are new to the AST SpaceMobile.

謝謝你，Scott。我很高興再次與各位一同參加我們的季度業務更新。不過在我帶各位了解我們的技術進展與工業化之前，我想先花幾分鐘為初次認識 AST SpaceMobile 的朋友說明我們所看到的市場機會。

Starting with the market opportunity on Page 3. As I said before, we're chasing a huge market opportunity to connect people everywhere at air, land and sea. There are over 5.2 billion mobile phones worldwide, and approximately half of the world population do not have cellular broadband on their phones.

先從第 3 頁的市場機會談起。如我先前所說，我們正在追逐一個龐大的市場機會：在空中、陸地與海上，讓人們隨處都能連線。全球有超過 52 億支行動電話，而約有一半的世界人口在手機上沒有行動寬頻服務。

Turning to Page 4. Here at AST SpaceMobile, we're building a space-based cellular broadband network that will allow you to connect your regular cellphone, the one that you have in your pocket, directly to space. We're not building this alone. We're building this with industry-leading strategic partners like Vodafone, American Tower and Rakuten. And our service is designed for use by nearly all cellular subscribers as an add-on or as their main service from their existing wireless plans.

翻到第 4 頁。在 AST SpaceMobile，我們正在建置一個以太空為基礎的行動寬頻網路，讓你可以用一般的手機——也就是你口袋裡那支——直接連到太空。我們不是單打獨鬥。我們與 Vodafone、American Tower、Rakuten 等業界領先的策略夥伴共同打造。我們的服務設計為幾乎所有行動用戶都可使用，可作為既有無線方案的加值服務，或作為其主要服務。

Now I want to move to an update on the industrialization of our technology and also on how we're doing with BlueWalker 3. There are a lot of exciting things going on with our company, and I'm eager to take you through our progress on both BlueWalker 3 and on the industrialization of our technology. I also want to present to you how we're targeting 6 satellites per month by mid-2023. Today, for the first time, we're going to take you through detailed photos of our technology and BlueWalker 3.

接下來我想更新我們技術工業化的進展，以及 BlueWalker 3 的最新狀況。我們公司目前有許多令人振奮的進展，我也很期待帶各位了解 BlueWalker 3 與技術工業化兩方面的成果。我也想向各位說明我們如何以 2023 年年中達到每月 6 顆衛星為目標。今天，我們將首次帶各位查看我們技術與 BlueWalker 3 的詳細照片。

Starting with our headquarter, we're very proud to be in Midland. We had invested a lot of time and money in preparing our facilities to be ready for the production of BlueWalker 3 and our production satellites. Our headquarter is an 85,000 square foot facility located in Midland, Texas, where we do engineering, testing and manufacturing for our space products. With all the investments that we have done and the head count that we have placed at this facility, we expect this facility to be able to produce up to 2 satellites per month. And with the expansion of a new facility, we will be able to hit our target of 6 satellites per month.

先從我們的總部談起，我們非常自豪能落腳於米德蘭（Midland）。我們投入了大量時間與資金，讓設施為 BlueWalker 3 以及量產衛星的生產做好準備。我們的總部位於德州米德蘭，面積 85,000 平方英尺，在此進行太空產品的工程設計、測試與製造。憑藉我們已完成的各項投資以及在此配置的人力，我們預期該設施可達到每月最多生產 2 顆衛星的能力。而隨著新設施的擴建，我們將能達成每月 6 顆衛星的目標。

So turning to Page 7. I want to introduce our new extension facility, a second facility in Midland, Texas, which is under contract. And with this facility, we will have the capability to produce 6 satellites per month on a highly automated process for satellite manufacturing.

接著翻到第 7 頁。我想介紹我們的新擴充設施，也就是位於德州米德蘭的第二座設施，目前已簽約。透過這座設施，我們將具備以高度自動化的衛星製造流程，每月生產 6 顆衛星的能力。

So today we're pleased to announce that we have entered into an agreement to purchase an additional 100,000 square foot facility in Midland. In addition to the added capacity, we also have a plan to make the facility highly automated. With additional investment, the facility will provide us the potential capacity to reach our production goal of 6 spacecrafts per month, and this is a big, big deal for us. The 2 facilities are a couple of miles apart, both connected by train to provide us a lot of options for ground transportation of components of the assembled satellites.

今天我們很高興宣布，我們已簽署協議，將在米德蘭購置一座額外 100,000 平方英尺的設施。除了新增產能之外，我們也規劃讓該設施高度自動化。在進一步投資後，該設施將使我們具備達成每月 6 艘太空載具（spacecrafts）生產目標的潛在產能，這對我們而言是非常、非常重要的一步。兩座設施相距約數英里，且皆可透過鐵路連接，為我們提供許多已組裝衛星零組件的地面運輸選項。

Altogether, the 2 facilities will provide us access to 185,000 total square footage of manufacturing capacity in Texas. I want to show you a picture of our final assembly integration and testing where we are actually building our BlueWalker 3. And also, we plan to use it as a facility to build our BB1.

總體而言，兩座設施將使我們在德州擁有合計 185,000 平方英尺的製造產能。我想向各位展示我們最終總裝、整合與測試（final assembly integration and testing）的照片，我們正是在那裡實際打造 BlueWalker 3；同時，我們也計畫將其作為建造 BlueBird 1（BB1）的設施。

Here is a recent photo of our main clean room in Midland, where we will do our final assembly, integration and testing of our satellites. Currently, this facility is used for integration and test of BlueWalker 3. And then next year, we will use it for BlueBird 1 (BB1) next year.

這是我們位於米德蘭的主要無塵室近期照片，我們將在此進行衛星的最終組裝、整合與測試。目前，該設施用於 BlueWalker 3 的整合與測試。

On Page 9, you would see final assembly, integration, testing and delivery of our satellites. In addition to the main clean room, there's a lot of other interesting activities going on at our manufacturing facilities.

在第 9 頁，你會看到我們衛星的最終組裝、整合、測試與交付流程。除了主要無塵室之外，我們的製造設施還有許多其他有趣的作業正在進行。

Starting from the top left, you will see the LVA, launch vehicle adapter, that hold the satellite during launch prior to deployment in space. This is the equipment that holds the microns, which is the modular system that we use to build our phased array and then deploy into space to unfold the service.

從左上角開始，你會看到 LVA（launch vehicle adapter，發射載具轉接器），它在發射期間、於太空部署前用來固定衛星。這是用來承載 microns 的設備；microns 是我們用來建構相控陣列（phased array）的模組化系統，之後在太空中展開以啟用服務。

Middle top of the page is preparing for the assembly line. Top right where we do full satellite radio frequency testing. On the bottom left, it is the satellite STM, STM means system thermal mechanical, basically being tested and verified. And on the bottom right, that is satellite shipping container arriving to Midland, which we will take the satellite to Cape Canaveral for a launch with SpaceX on Falcon 9.

頁面上方中間是為組裝產線做準備。右上角是我們進行整星射頻（radio frequency）測試的地方。左下角是衛星 STM；STM 指 system thermal mechanical，也就是系統熱—機測試，基本上是在進行測試與驗證。右下角是運抵米德蘭的衛星運輸貨櫃；我們將把衛星運往卡納維爾角（Cape Canaveral），由 SpaceX 的獵鷹 9 號（Falcon 9）執行發射。

So a lot of pieces are coming together nicely, and there have been a lot of lessons learned as we are prepared in parallel for our production satellites, and as we build our capacity to produce 6 satellites every month.

因此，許多環節正順利地整合到一起；在我們同步為量產衛星做準備、並建立每月生產 6 顆衛星的產能之際，我們也累積了許多經驗與教訓。

Page 10, shifting to assembly of the microns. The microns, it is the building block of our satellites that represent approximately 90% of the cost of them. And this is where the magic of connectivity to cellular phones happens. These are identical parts that form the phased array and are the modular components that make the large phased array of BlueWalker 3 and our production satellites. Importantly, we have all components now on hand, either are all purchased or manufactured by us.

第 10 頁，轉到微單元（micron）的組裝。微單元是我們衛星的基本構件，約占其成本的 90%。而這正是與行動電話連線的「魔法」發生之處。這些是相同的零件，構成相控陣列，並且是模組化元件，用以形成 BlueWalker 3 與我們量產衛星的大型相控陣列。重要的是，我們現在已備齊所有元件，全部都已採購完成或由我們自行製造。

The picture on the top page shows components coming into the micron assembly line and several staging areas. We are vertically integrated with nearly all components assembled by us. This is a very, very significant competitive advantage as we control the technology with 1,600 patent and patent claims, but we also control our costs by being able to assemble completely our technology by ourselves.

頁面上方的圖片顯示元件進入微單元組裝產線以及數個暫存區。我們在垂直整合方面做得很深，幾乎所有元件都由我們自行組裝。這是一項非常、非常重大的競爭優勢：我們不僅以 1,600 件專利與專利主張掌握技術，也透過能夠完全自行組裝我們的技術來控制成本。

Moving to Page 11, BlueWalker 3 micron testing. So testing and automation of our facilities is extremely important. So the ability to verify on the ground that BlueWalker 3 will be able to connect directly to handset is a prerequisite for us to launch, and it's something that we have passed. We will be launching BlueWalker 3 on a Falcon 9 from Cape Canaveral. And then after the satellite launch, it will be followed by a Tesla.

來到第 11 頁，BlueWalker 3 的微單元測試。因此，對我們的設施進行測試與自動化極其重要。能在地面驗證 BlueWalker 3 可直接連接到手機，是我們發射前的先決條件，而這項測試我們已通過。我們將從卡納維爾角以 Falcon 9 發射 BlueWalker 3。然後在衛星發射之後，將由一個 Tesla 接續。

The first part of the plan is the deployment, basically to demonstrate that we have deployed something that we have tested on the ground for over 1.5 years. We will also have the ability to record the deployment and verify that all the testing that we have done on the ground match with what we see in the space.

計畫的第一部分是展開（deployment），基本上是要證明：我們已成功展開一個在地面測試超過 1.5 年的系統。我們也將能夠記錄展開過程，並驗證我們在地面所做的所有測試，與我們在太空中看到的結果一致。

Lastly, after the deployment is exercised and recorded by the cameras on board, we will be doing network integration testing with our network operators. The first thing will be to calibrate the array to transmit to the ground and then interconnect to our operators in the U.S., Europe, Japan, Africa over a period that will be approximately 6 months, not only to interconnect our network to theirs, but also to test the service for voice, text, data, and high-speed connectivity at 4G and 5G speed.

最後，在展開由機載攝影機執行並完成錄影後，我們將與網路營運商進行網路整合測試。第一步是校準陣列以對地傳輸，接著在約 6 個月期間內，與我們在美國、歐洲、日本、非洲的營運商互連；不僅要讓我們的網路與他們的網路互通，也要測試語音、簡訊、數據，以及以 4G 與 5G 速度提供的高速連線服務。

The size of BlueWalker 3 is 693 square foot phased array. We believe that we will be one of the largest phased array antennas deployed into orbit ever. The satellite will be located at 400 kilometers. It is in an orbital inclination of 53 degrees. It will move on a speed of 17,000 miles per hour and will circle the Earth in less than 90 minutes.

BlueWalker 3 的尺寸為 693 平方英尺的相控陣列。我們相信，這將是有史以來部署到軌道上的最大相控陣列天線之一。該衛星將位於 400 公里高度。其軌道傾角為 53 度。它將以每小時 17,000 英里的速度運行，並在不到 90 分鐘內繞地球一圈。

BlueWalker 3 is the finalization of our R&D and basically demonstrates everything that we already have tested and verified on the ground: The ability to deploy a phased array of this size, the ability to connect directly to a handset, and the ability to perform broadband connectivity at 4G/5G speeds directly from space on timing for BlueWalker 3.

BlueWalker 3 是我們研發工作的收尾，基本上展示了我們已在地面測試並驗證的一切：能夠展開如此尺寸的相控陣列、能夠直接連接到手機，以及能夠從太空直接以 4G/5G 速度進行寬頻連線——這些都將按 BlueWalker 3 的時程完成。

We had discussed we're using SpaceX as a launch provider for BlueWalker 3. And the current launch window with SpaceX runs from March 2022 through April 2022. We have the option to pick an alternate launch window if we give SpaceX notice by December 1, 2021, and pay a rebooking fee. We have not yet determined if we will rebook. If we determine that we are going to exercise our right to rebook the launch, which is likely, we plan the target of BlueWalker 3 launch within a month of the original launch window. However, any alternative launch will be subject to mutual agreement and coordination with SpaceX.

我們先前已討論，BlueWalker 3 將使用 SpaceX 作為發射服務提供商。而目前與 SpaceX 的發射窗口為 2022 年 3 月至 2022 年 4 月。若我們在 2021 年 12 月 1 日前通知 SpaceX 並支付改期費用，我們可選擇替代的發射窗口。我們尚未決定是否改期。若我們決定行使改期發射的權利（這很可能會發生），我們計畫將 BlueWalker 3 的發射目標安排在原始發射窗口後的一個月內。然而，任何替代發射都需與 SpaceX 共同同意並協調。

We have made some significant progress on BlueWalker 3, and our team has invested years and effort to get to this point. And we want to make sure that we have fully completed our test program for BlueWalker 3 before we go to the launch site.

我們在 BlueWalker 3 上已取得一些重大進展，而我們的團隊投入了多年的時間與努力才走到這一步。我們希望在前往發射場之前，確保已完整完成 BlueWalker 3 的測試計畫。

Then let's talk about with who we would partner to launch our satellite. For BlueWalker 3, we are planning to launch on Falcon 9 out of Cape Canaveral, but we are designing BB1 and all our satellites to be multi-launch. In other words, we can use many of the leading launch providers to accommodate our satellites, up to 15 of them, in a single launch.

接著談談我們會與誰合作來發射衛星。就 BlueWalker 3 而言，我們計畫從卡納維爾角以 Falcon 9 發射，但我們在設計 BB1 以及所有衛星時，都採用可多家火箭發射（multi-launch）的設計。換言之，我們可以使用多家領先的發射服務商，在單次發射中搭載我們的衛星，最多可達 15 顆。

Before I pass it to Scott, I want to talk about the business. I want to basically remind everybody, especially for those that are new to SpaceMobile, the difference between our approach and any other approach to space.

在我交給 Scott 之前，我想談談商業面。我想基本上提醒大家，特別是對 SpaceMobile 還不熟悉的新朋友，我們的方法與其他任何太空方案之間的差異。

The first one is the way we launch, build and use satellites. We are the only satellite system that connects directly to handsets or regular cellphones. And that is a very, very large opportunity. As I explained before, 90% of the air surfers do not have access to cellular connectivity. In that 90% of the air surfers, there is 5 billion people that move in and out of connectivity. There is half of the world population that don't have broadband into their phone. And there's approximately 0.25 billion people that do not have any access whatsoever. So we are the only space system that has direct connectivity to regular cellphones.

第一個差異在於我們發射、建造與使用衛星的方式。我們是唯一能直接連接到手機或一般行動電話的衛星系統。而這是一個非常、非常巨大的機會。如我先前所說，90% 的「air surfers」無法取得行動網路連線。在這 90% 的「air surfers」中，有 50 億人會在有無連線之間進出切換。全球有一半人口的手機沒有寬頻。並且約有 2.5 億人完全沒有任何連線可用。因此，我們是唯一能直接連接到一般行動電話的太空系統。

That makes us very different than other approaches. Other approaches are very valid, but they are different. You have direct to proprietary mobile phones. These are systems that require a special phone. The phone is typically very expensive and low capacity. And despite all those impairments, those systems generate approximately $2 billion of annual revenue.

這使我們與其他方法非常不同。其他方法也很有價值，但它們不同。例如直接連接到專有（proprietary）的行動電話。這些系統需要特殊手機。該手機通常非常昂貴且容量低。儘管有這些限制，這些系統仍可創造約 20 億美元的年營收。

And then you have also broadband connectivity into an antenna, which is also something more similar to WiFi or broadband connectivity to a terminal. So if we were talking about a planet where everything comes from space, the connection to antennas is likely what you have in your home. And we will be equivalent to the cellular service that we have today with your cellular providers, but everywhere in the planet.

另外還有把寬頻連線提供到天線端的方式，這更類似 WiFi，或是把寬頻連到一個終端設備。因此，如果我們談的是一個所有連線都來自太空的星球，連到天線的方式很可能就像你家中的連線。而我們將等同於你今天透過行動電信業者所使用的行動服務，但可覆蓋地球上的每一個角落。

So with this, I want to pass it to Scott. He will talk a little bit more in detail the differentiation of our product and some of the packages that we're expecting to offer in conjunction with our network partners and operators.

因此，接下來我想交給 Scott。他將更詳細地說明我們產品的差異化，以及我們預期將與網路合作夥伴與營運商共同提供的一些方案組合。

Great. Thank you, Abel.

很好。謝謝你，Abel。

Starting on Page 16, I'm really excited to cover a few topics with everyone today. First, like many of you, we have watched a steady increase in activity, public attention and investment in the space tech over the past year. With this backdrop, AST SpaceMobile is the only pure play for investors in LEO broadband. And as Abel highlighted, but it's worth repeating, we are playing in a very large market with a solution that is applicable to over 5 billion mobile phones and a related $1 trillion addressable market.

從第16頁開始，我很期待今天和各位一起討論幾個主題。首先，和許多人一樣，我們在過去一年看到太空科技領域的活動、公共關注度與投資穩步增加。在此背景下，AST SpaceMobile 是投資人投資 LEO 寬頻的唯一純標的。而且如 Abel 所強調的，但值得重申的是，我們所處的是一個非常龐大的市場，解決方案可適用於超過50億支手機，以及相應的1兆美元可服務市場。

We're jointly going to market with industry giants. These are leading mobile network operators who have hundreds of millions of subscribers. And importantly, we're not competing with them.

我們正與產業巨頭共同推向市場。這些是領先的行動網路營運商，擁有數億名用戶。而且重要的是，我們不與他們競爭。

We have a revenue share business model designed to allow users to sign up with a simple text message. And we have approximately $360 million in cash on hand to fund business operations in the first phase of our production satellite.

我們採用收益分成的商業模式，設計上讓用戶只需透過一則簡訊即可註冊。此外，我們手上約有3.6億美元現金，可用於資助第一階段量產衛星的營運。

With that basis, we'll spend a moment on how we plan to go to market on Page 17. To recall, our customers will be the mobile network operators, who will make our services available to their subscribers under a revenue share business model. Based on country and subscriber mix, we have a lot of flexibility on how to modify their service. The framework options you see on this page are some of the packages we're discussing with the mobile network operators and are designed to not only provide a highly valuable service to their subscribers but also limit friction of adoption.

基於上述，我們將在第17頁花點時間說明我們的市場推進計畫。回顧一下，我們的客戶將是行動網路營運商，他們會在收益分成模式下，將我們的服務提供給其用戶。依據國家與用戶組合，我們在如何調整其服務方面具有很大的彈性。你在本頁看到的框架選項，是我們正與行動網路營運商討論的一些方案套組，設計目的不僅是為其用戶提供高價值服務，也能降低採用摩擦。

First, you can see our Day Pass option illustrated on the phone on the right side of the page. When a subscriber is out of coverage, that moment when they've lost connectivity and need it most, that's precisely when they would receive a text on their phone. You may have experienced something like this from your current operator when you travel abroad. This is a very low friction customer acquisition process linked to an immediate payment. It's a very efficient way to drive adoption of our service, and it's also great marketing.

首先，你可以在頁面右側手機示意圖中看到我們的「日票」選項。當用戶處於無覆蓋狀態，也就是失去連線且最需要連線的那一刻，他們就會在手機上收到一則簡訊。你在出國旅行時，可能也曾從目前的營運商遇到類似情況。這是一個低摩擦的客戶獲取流程，並與即時付款連結。這是推動我們服務採用的高效率方式，同時也是很好的行銷。

Over time, we expect that many subscribers will see through the useful service and want to have it as a monthly add-on to their plan. This would create a recurring revenue stream on a monthly add-on basis. And enterprise packages for corporate or power users may also have a lot of interest in some markets.

隨著時間推進，我們預期許多用戶會因為這項實用服務而希望將其作為月費方案的加購項目。這將以月加購的形式創造經常性收入來源。此外，針對企業客戶或重度用戶的企業套裝方案，在某些市場也可能有很高的興趣。

Lastly, we think a stand-alone plan can make sense, particularly in areas where there's no real cellular coverage today. We see these use cases as the biggest opportunities. But given the flexibility of our technology, there are a lot of other services that can be built around the SpaceMobile network, including emergency connectivity during natural disasters when ground networks are overwhelmed.

最後，我們認為獨立方案也有其合理性，特別是在目前根本沒有真正行動網路覆蓋的地區。我們將這些使用情境視為最大的機會。但鑑於我們技術的彈性，還有許多其他服務可圍繞 SpaceMobile 網路建立，包括在天然災害期間、地面網路不堪負荷時提供緊急連線。

Now before I hand it off to Tom, on Page 18, I want to take you through a handful of other business updates. On the commercial side, we are happy to announce the signing of 3 additional MOUs this quarter, including MTN Group, YTL in Malaysia, and Somcable in Somaliland. For those of you who don't know, MTN Group is one of the top 10 mobile network operators globally with nearly 300 million subscribers, including a #1 position in Nigeria, a country with a population of over 200 million. With many of our other mobile network operator partners, we are focused on test plans to use BlueWalker 3 to configure their infrastructure for commercial-grade interconnection with our network.

現在在交棒給 Tom 之前，我想在第18頁帶各位快速看幾項其他業務更新。在商務面，我們很高興宣布本季又簽署了3份額外的 MOU（合作備忘錄），包括 MTN Group、馬來西亞的 YTL，以及索馬利蘭的 Somcable。如果各位不熟悉，MTN Group 是全球前十大行動網路營運商之一，擁有近3億名用戶，其中在奈及利亞排名第一；奈及利亞人口超過2億。與我們其他多家行動網路營運商夥伴一樣，我們正專注於測試計畫，使用 BlueWalker 3 來配置其基礎設施，以實現與我們網路的商用等級互連。

On the organizational side, a few further updates building on what Abel took you through in Midland. We've also signed a lease to expand our technology center in Maryland. This site has 16,000 square feet for engineering offices and will be the future home of our Satellite Operations Center and Network Operations Center.

在組織面，延續 Abel 在 Midland 向各位介紹的內容，我們還有幾項進一步更新。我們也已簽署租約，以擴充我們在馬里蘭州的技術中心。該據點有16,000平方英尺的工程辦公空間，未來將作為我們的衛星營運中心與網路營運中心所在地。

In terms of people, we continue to grow, and our employee hiring plan to support scaled production and network operations added 40 new full-time employees in the third quarter. This brings the total AST SpaceMobile team to over 500 people. This includes 301 full-time employees as well as other full-time contractors and third-party engineering service providers.

在人員方面，我們持續成長；為支援規模化生產與網路營運的招募計畫，在第三季新增了40名全職員工。這使 AST SpaceMobile 團隊總人數超過500人。其中包括301名全職員工，以及其他全職承包人員與第三方工程服務供應商。

Lastly, as Abel mentioned, we remain active safeguarding our technology advantage, increasing our patent and patent pending claims to over 1,600. This represents the competitive moat around our tech.

最後，如 Abel 所提到的，我們仍積極維護我們的技術優勢，將已取得與申請中的專利主張增加至1,600項以上。這代表圍繞我們技術的競爭護城河。

Now with that, it is my pleasure to hand it off to Tom.

那麼，接下來我很高興把時間交給 Tom。

Thank you, Scott.

謝謝你，Scott。

First, I would like to also welcome everyone to our third quarter business update call. As a reminder, we became a public company on April 6 of this year and raised $416 million from new investors and our pre-transaction investors, including Rakuten, Vodafone, American Tower and Cisneros. We ended the quarter with $360.4 million in cash, and the company is currently debt free.

首先，我也想歡迎各位參加我們第三季業務更新電話會議。提醒一下，我們在今年4月6日成為上市公司，並從新投資人以及交易前投資人（包括樂天、Vodafone、American Tower 和 Cisneros）募集了4.16億美元。本季末我們持有3.604億美元現金，公司目前無負債。

Okay, now to turn to the financial highlights for the third quarter. As you may recall, we compare our operating results on a sequential quarter-over-quarter basis. It allows us to better discuss current trends and provide a baseline for future trends.

好的，接著來看第三季的財務重點。如各位所記得的，我們以逐季（QoQ）的方式比較營運結果。這讓我們能更好地討論當前趨勢，並為未來趨勢提供基準。

During the third quarter, our cash operating expenses, including engineering services, R&D, and G&A decreased to $22.2 million, a decrease of $2.3 million compared to the prior quarter. This decrease was primarily due to R&D expenses, which decreased $4.7 million compared to the prior quarter. Our R&D costs primarily relate to our agreements with third-party technology partners and will fluctuate quarter-to-quarter as milestones are achieved. We expect our future quarterly R&D costs to be on average in the $9 million to $10 million range through the end of 2022.

第三季期間，我們的現金營運費用（包括工程服務、研發以及一般與行政費用）降至2,220萬美元，較前一季減少230萬美元。這一下降主要來自研發費用，較前一季減少470萬美元。我們的研發成本主要與我們和第三方技術夥伴的協議相關，並會隨著里程碑達成而在各季之間波動。我們預期未來各季研發成本平均將落在900萬至1,000萬美元區間，並持續至2022年底。

During the third quarter, our G&A costs were $9.3 million and remained relatively flat compared to the prior quarter. We expect that our quarterly G&A costs will remain in this range through the end of 2022.

第三季期間，我們的一般與行政（G&A）成本為930萬美元，與前一季相比大致持平。我們預期各季 G&A 成本將維持在此區間，直到2022年底。

Engineering Services increased by $2.2 million during the third quarter. And we expect to continue to see our quarterly engineering costs increase as we ramp up our assembly, integration and testing team in preparation for full-scale manufacturing at our facilities in Midland, Texas.

第三季工程服務費用增加了220萬美元。隨著我們擴編組裝、整合與測試（AIT）團隊，為在德州米德蘭（Midland）設施進行全面量產做準備，我們預期各季工程成本將持續上升。

The head count of our engineering and AIT employees and full-time consultants grew from 193 at the end of Q2 to 241 at the end of Q3. And we expect this to grow to approximately 300 by the end of 2022 as we near the completion of the R&D phase and prepare for full-scale manufacturing of our production satellites.

我們的工程與 AIT 員工以及全職顧問的人數，從第二季末的193人增加到第三季末的241人。隨著研發階段接近完成並準備進入量產衛星的全面製造，我們預期到2022年底將成長至約300人。

In terms of our CapEx, to date we've invested $56.7 million in the construction of the BlueWalker 3 satellite. And we expect to incur an additional $10 million to $12 million to bring the project to completion. A significant portion of the total cost of BlueWalker 3 is largely comprised of nonrecurring engineering development, and to a lesser extent, satellite componentry and launch costs.

就我們的資本支出（CapEx）而言，截至目前我們已在 BlueWalker 3 衛星的建造上投資 5,670 萬美元。我們預期還將額外發生 1,000 萬至 1,200 萬美元，以使該專案完成。BlueWalker 3 總成本中的相當大一部分主要由一次性工程研發（NRE）構成，其次才是衛星零組件與發射成本。

Total investments in our property and equipment were $19.9 million through the end of the third quarter. And we're happy to report that the build-out of our AIT facility in Midland, Texas, is complete. Now with 35,000 square feet of production-ready ISO 8 clean room, we're currently utilizing our Midland, Texas facility to assemble, integrate and test the BlueWalker 3 satellite.

截至第三季末，我們在不動產及設備上的總投資為 1,990 萬美元。我們也很高興報告，我們位於德州米德蘭（Midland）的 AIT 設施擴建已完成。目前擁有 35,000 平方英尺、可投入生產的 ISO 8 無塵室，我們正利用德州米德蘭的設施來組裝、整合並測試 BlueWalker 3 衛星。

In addition, in October we entered into an agreement to purchase an additional facility located just a few miles from our existing facility in Midland. This new facility has an ideal footprint to accommodate the assembly and integration of our production satellites and will provide an additional 75,000 square feet of ISO 8 clean room manufacturing capacity. The new facility purchase is $8 million, and we expect to close on the purchase in Q4. We estimate that we will invest an additional $3 million to $4 million to get the facility production-ready, and we plan to complete this build-out during the first half of 2022.

此外，我們於 10 月簽署協議，購買一處距離我們在米德蘭既有設施僅數英里的額外廠房。這座新設施的空間配置非常理想，可容納我們量產衛星的組裝與整合，並將額外提供 75,000 平方英尺的 ISO 8 無塵室製造產能。該新設施的購置價格為 800 萬美元，我們預期將於第四季完成交割。我們估計還將額外投資 300 萬至 400 萬美元，使該設施達到可投入生產的狀態，並計畫在 2022 年上半年完成此擴建。

Once completed, we will have a total of 110,000 square feet of ISO 8 clean room space in Midland, Texas. We believe these facilities will be sufficient to support our manufacturing goal to complete 6 production satellites per month by mid-2023.

完成後，我們在德州米德蘭將合計擁有 110,000 平方英尺的 ISO 8 無塵室空間。我們相信，這些設施足以支援我們的製造目標：在 2023 年年中前達成每月完成 6 顆量產衛星。

Finally, we continue to ramp up the procurement process for our BlueBird 1 production satellites. As we progress in the procurement process, we reaffirm our cost estimates to build and launch the first 20 satellites with an average cost in the $13 million to $15 million range per satellite. And for the full constellation of 168 satellites, our average cost per satellite is currently expected to be in the $10 million to $11.5 million range per satellite. As we prepare the company for full-scale manufacturing over the next few quarters, we remain ever confident in the ability of our amazing team to execute our plan and deliver our technology.

最後，我們持續加速 BlueBird 1 量產衛星的採購流程。隨著採購流程推進，我們重申成本估算：建造並發射首批 20 顆衛星，每顆平均成本約為 1,300 萬至 1,500 萬美元。而就完整的 168 顆星座而言，目前預期每顆衛星的平均成本約為 1,000 萬至 1,150 萬美元。在未來幾季我們為公司全面量產做準備之際，我們對這支卓越團隊執行計畫並交付技術的能力始終充滿信心。

And with that, operator, let's open the call to questions.

那麼，接線員，讓我們開放提問。

(Operator Instructions) Your first question comes from the line of Bryan Kraft from Deutsche Bank.

(接線員指示) 第一個問題來自德意志銀行（Deutsche Bank）的 Bryan Kraft。

This is Ben on for Bryan. Just wondering if you could provide a little bit more color on the construction and development process for BlueWalker 3 relative to your expectations? And just curious if there's anything that changed this quarter around how you think about the timing for that build-out and eventual launch? And then I've got a follow-up.

我是 Ben，代 Bryan 提問。想請問您能否就 BlueWalker 3 的建造與開發流程相較於你們原先預期的情況，提供更多細節說明？另外也想了解，本季在你們對該建置進度與最終發射時程的看法上，是否有任何變化？我還有一個追問。

We basically are progressing as per expectations. We are in the final stage of building, assembling and testing BlueWalker 3. We have all parts on hand.

基本上我們的進度符合預期。我們正處於 BlueWalker 3 建造、組裝與測試的最後階段。我們已備齊所有零件。

We have an ability to rebook the launch in December. We have not made a determination if we will do that. However, we think if we do an exercise of that option, it'll be within a few months or a month of the original date. However, that is contingent to agreement with SpaceX and in coordination with SpaceX.

我們有能力將發射重新預訂在 12 月。我們尚未決定是否要這麼做。不過我們認為，若行使該選項，時間將會在原定日期前後幾個月或一個月內。然而，這取決於與 SpaceX 的協議，並需與 SpaceX 協調配合。

But the satellite, we have spent a significant amount of time testing the satellite, in particular the deployment. We're very, very confident at this point on the deployment mechanism for the satellite. And we're working very hard to be on time. However, we will not launch until we have full confidence that we have passed all tests. The major test, which is, do we know if the satellite will connect directly to a handset, has been passed.

至於衛星本身，我們已投入大量時間進行測試，特別是展開（deployment）。就目前而言，我們對衛星的展開機構非常、非常有信心。我們也正非常努力確保如期進行。然而，在我們完全有信心通過所有測試之前，我們不會發射。最主要的測試，也就是我們是否知道衛星能直接連線到手機，已經通過。

And in terms of the main modules, which we call microns, are they going to be performing as expected? Yes, they are. We are in the middle to follow that as we speak.

至於主要模組，我們稱之為 microns，它們是否會如預期運作？是的，會。我們此刻正在進行中並持續追蹤。

Got it. And then just around the testing, can you give us a little bit more detail around the timing for when those tests will take place and when we'll receive them? And how much cushion do you guys need between receiving those test results and then finalizing the commercial satellites and then launching them?

了解。另外關於測試部分，能否再提供一些更詳細的時程資訊：這些測試何時會進行、我們何時會收到結果？以及在收到測試結果與最終定案商用衛星、再到發射之間，你們需要預留多少緩衝時間？

You're referring to BlueWalker 3 or you're talking in general?

你指的是 BlueWalker 3，還是一般性的問題？

Well, I'm staying for the BlueWalker 3 test. When can we expect to get updates on that? And then when you're building in the test results from BlueWalker 3 for the commercial satellite, I assume that there's a certain amount of time you need to build in the results from the tests and to tweak that.

我主要是指 BlueWalker 3 的測試。我們何時可以期待收到相關更新？另外，當你們把 BlueWalker 3 的測試結果納入商用衛星的設計時，我假設你們需要一定的時間把測試結果納入並進行調整。

Sure. Well, if you're referring to when we launch, the first thing that will happen is we will verify the deployment of basically the satellite deploy. That will happen within weeks of the launch. We have to determine the appropriate time to do the deployment. But when we initiate the deployment, that will be very quick, and that will be recorded in our cameras.

當然。如果你指的是我們發射之後的時程，第一件事會是驗證基本上衛星的展開。這會在發射後數週內發生。我們必須決定進行展開的適當時間點。但一旦我們啟動展開，過程會非常快速，並會由我們的攝影機記錄下來。

After that, we start a testing campaign with our network operators in the Americas, Africa, Europe and Japan, where we test and integrate the satellite capability with their networks. And that is a process that takes approximately 6 months. But at that point, we are verifying not only the functionality of the satellite, but we're also integrating our satellite architecture to the network operators. And that's kind of the process that we follow after we launch for testing of the spacecraft.

之後，我們會與美洲、非洲、歐洲與日本的網路營運商展開一系列測試活動，在其網路中測試並整合衛星能力。這個流程大約需要 6 個月。在那個階段，我們不僅是在驗證衛星的功能性，同時也在把我們的衛星架構整合到網路營運商端。這大致就是我們在發射後對太空載具進行測試所遵循的流程。

Your next question comes from the line of Chris Quilty from Quilty Analytics.

下一個問題來自 Quilty Analytics 的 Chris Quilty。

Abel, I wanted to follow up on the test schedule. I believe BlueWalker 3 is using FPGAs. And I think the testing data eventually gets fed into the development of an ASIC, which would come -- I'm assuming, is that at the end of the 6-month testing campaign? And if you can verify that. And then what would be your expectations for how long it would take to begin manufacturing those ASICs in volume? And I guess given current supply chain issues, how sure are you or assured of your supply chain?

Abel，我想追問一下測試時程。我相信 BlueWalker 3 使用的是 FPGA。而我認為測試數據最終會回饋到 ASIC 的開發中；我假設那會是在為期 6 個月的測試活動結束時，對嗎？如果可以的話請你確認一下。接著，你預期要多久才能開始大量生產這些 ASIC？另外，考量目前供應鏈問題，你們對供應鏈的把握或確信程度如何？

Yes. Chris, so BlueWalker 3 is based on an FPGA. That allowed us to incorporate the learnings of the operation of BlueWalker 3 into our subsequent satellites. Our first initial subsequent satellites are going to be also based on an FPGA, even though that we run in parallel the 2 programs, the FPGA program and the ASIC program.

是的。Chris，所以 BlueWalker 3 是以 FPGA 為基礎。這讓我們能把 BlueWalker 3 的運行經驗與學習成果，納入後續衛星的設計中。我們第一批後續的初始衛星也將以 FPGA 為基礎，儘管我們同時並行推進兩個計畫：FPGA 計畫與 ASIC 計畫。

We are very advanced on the ASIC. However, we're not dependent on it for our initial satellites. And the reason on the FPGA is basically to be able to reprogram the technology even when the satellites are flying, obviously something that you cannot do with the ASIC.

我們在 ASIC 方面已經非常先進。不過，我們的初始衛星並不依賴它。而採用 FPGA 的原因，基本上是為了即使衛星在軌飛行時也能重新編程技術；顯然，這是 ASIC 做不到的。

So we're taking our time with the ASIC. The gain of the ASIC will be obviously the cost of the particular component and also power. But we will be initially operating based on the FPGA's architecture that we are using, or a very similar architecture to the FPGA architecture that we are using on BlueWalker 3.

所以我們在 ASIC 上會更從容一些。ASIC 的優勢顯然在於特定元件的成本以及功耗。但我們一開始將以我們正在使用的 FPGA 架構來運行，或採用與我們在 BlueWalker 3 上使用的 FPGA 架構非常相近的架構。

Got it. And that would presumably account for why the early satellites cost more in addition to learning curve for latter satellites?

了解。那這大概也能解釋為什麼早期衛星除了後續衛星的學習曲線之外，成本也會更高？

Absolutely. So if you see our business plan, the initial satellite cost more than the later part of the satellites, but the functionality will be equivalent.

完全正確。所以如果你看我們的商業計畫，初期衛星的成本會高於後期衛星，但功能將是等同的。

Great. And sticking with the supply chain issues and the setup of the new facility, are there any specialized machine tools or equipment that you might need for the facility that would slow your ability to bring it into operation? Or are you dealing with primarily standardized equipment?

很好。延續供應鏈問題與新設施的建置，請問設施是否需要任何專用機床或設備，可能會拖慢你們投入運作的速度？還是你們主要使用的是標準化設備？

Primarily standardized equipment. We are automating a lot of the production line. So BlueWalker 3, you see the way of assembly and testing is very manual, as it is our first experimental satellite. The subsequent satellites are all fully automated -- and we'll not say fully automated with every step, but the main steps of the assembly are automated.

主要是標準化設備。我們正在將大量產線自動化。所以 BlueWalker 3，你看到的組裝與測試方式非常仰賴人工，因為它是我們第一顆實驗性衛星。後續衛星將全面自動化——我們不會說每一步都完全自動化，但組裝的主要步驟是自動化的。

We are in the process. We just closed on the facility. We're in the process of basically sourcing those equipment. We will be able to report on those in the next quarter or 2. But we don't see any major problem with that.

我們正在進行中。我們剛完成該設施的交割。目前基本上正在採購那些設備。我們將能在接下來一到兩個季度就此進度進行報告。但我們不認為這會有任何重大問題。

And regarding the supply chain, I mean, as I said before, we have all parts on hand at this point for BlueWalker 3. And we're already purchasing the long lead items for BB1 as part of the process of launching the first production satellite.

至於供應鏈，如我之前所說，目前 BlueWalker 3 的所有零件我們都已備齊。並且，作為發射第一顆量產衛星流程的一部分，我們也已開始採購 BB1 的長交期項目。

Great. And I guess for Scott, I think you mentioned 3 new MOUs, and I just wanted to confirm that's now up to 22. And I think you gave last time also a sense of what sort of population is covered by that as well as how many licenses you hold and population covered?

很好。我想問 Scott，你提到新增了 3 份新的 MOU，我只是想確認這樣總數是否已到 22 份。另外我記得你上次也提到，這些合作大概涵蓋多少人口，以及你們持有多少牌照與涵蓋人口？

Sure. So by way of update, we're not giving the exact number, but that's the general area. Adding these 3 new MNOs does continue to grow our subscriber accounts with MNOs we have agreements with. So that number is now 1.5 billion.

當然。更新一下，我們不提供精確數字，但大致就在那個範圍。新增這 3 家新的 MNO，確實持續增加我們與已簽署協議之 MNO 的用戶帳戶規模。所以這個數字現在是 15 億。

And in terms of regulatory approvals, we continue to work approvals globally. And that stands at 6 countries fully approved with 360 million pop covered.

在監管核准方面，我們持續在全球推進核准。目前已有 6 個國家取得完整核准，涵蓋 3.6 億人口。

Great. And what does the pipeline look like? Or what sort of activity are you doing internally in terms of number of people our reaching out to potential new MNOs? I mean how does that process look like? I mean how aggressively do you have to reach out to those customers? And are you growing the actual staff to do that? Or do you wait until you get further down the demonstration and operation path?

很好。那你們的案源管線看起來如何？或者就內部活動而言，你們有多少人正在接觸潛在的新 MNO？我的意思是，這個流程大概是怎麼運作的？你們需要多積極地主動接觸這些客戶？你們是否在擴編實際人力來做這件事？還是會等到示範與營運路徑更往後一些再說？

Yes. Chris, I mean 1.5 billion subscribers represent roughly 20% of the addressable market, which is addressed through agreements of MOUs that we have. So ourselves, I mean we're mostly scientists and engineers building satellites. It's not that we need a battalion of people to continue to increase the numbers of MNOs. I mean this is a service when one MNO in a country has it, the other MNO needs to get it, as it's something that greatly differentiates one MNO from another.

是的。Chris，15 億用戶大約代表可服務市場的 20%，這是透過我們已簽署的 MOU 協議所涵蓋的。至於我們自己，我們多數是建造衛星的科學家與工程師。我們不需要一大批人才能持續增加 MNO 的數量。這是一種服務：當某個國家的一家 MNO 有了，其他 MNO 也會需要，因為它能大幅區隔一家 MNO 與另一家 MNO。

So the way that we have approached it is cover the large ones in each of the regions, partnering with them to test our service and integrated to our service, start discussion with them when appropriate about the packages that they will be using to promote the services to the end users. We believe in low friction to getting access to our service. So for that, it's something very important that the MNOs get committed to basically advertise our service through a text message when people get out of service and make it part of their packages.

因此我們的做法是：在各區域先覆蓋每個區域的大型業者，與他們合作測試我們的服務並完成與我們服務的整合，並在適當時機與他們討論他們將用來向終端用戶推廣服務的方案組合。我們相信取得我們服務的門檻應該要低、摩擦要小。因此，非常重要的一點是，MNO 必須承諾：當用戶離開服務範圍時，透過簡訊來宣傳我們的服務，並把它納入他們的資費方案中。

So that's where we're concentrating. We're concentrating more in quality rather than quantity. And we believe that we have taken a significant part of the market very early on in our life cycle.

所以我們的重點放在這裡。我們更重視品質而非數量。我們相信在公司生命週期的很早期，就已經取得了相當可觀的市場份額。

(Operator Instructions) There are no further questions at this time. I would now like to turn the call over to the company.

(接線員指示) 目前沒有其他問題。我現在把電話交回公司。

Thank you, operator. Our company is building a space-based cellular broadband network designed for use with the phone in your pocket today, extending cellular coverage beyond what was ever thought possible. I want to thank everyone for joining today, and I hope you have a great rest of the week. Bye.

謝謝你，接線員。我們公司正在建置一個太空基的行動寬頻網路，設計目標是可直接搭配你口袋裡今天正在使用的手機，將行動通訊覆蓋延伸到過去從未想像過的範圍。感謝各位今天的參與，也祝大家本週接下來一切順利。再見。

This concludes today's conference call. You may all disconnect.

今天的電話會議到此結束。各位可以掛線。