AST SpaceMobile, Inc. (ASTS) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile First Quarter 2022 Business Update Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Scott Wisniewski, Chief Strategy Officer of AST SpaceMobile. Please go ahead.

各位好，感謝您耐心等候。歡迎參加 AST SpaceMobile 2022 年第一季業務更新電話會議。請注意，今天的會議正在錄音。現在我想把會議交給今天的主講人——AST SpaceMobile 首席策略長 Scott Wisniewski。請開始。

Thank you, and good afternoon, everyone. Let me refer you to Slide 2 of the presentation, which contains our safe harbor disclaimer. 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 annual report on Form 10-K for the year that ended December 31, 2021, with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time to time.

謝謝，各位下午好。請參閱簡報第 2 頁，其中包含我們的安全港聲明。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 向美國證券交易委員會（SEC）提交之截至 2021 年 12 月 31 日止年度的 Form 10-K 年報中的「風險因素」章節，以及 AST SpaceMobile 不時向 SEC 提交的其他文件。

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 on this call. Also, after our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders.

提醒讀者勿過度依賴前瞻性陳述，且公司明確聲明不承擔更新本次電話會議中可能討論之任何前瞻性陳述的義務。此外，在我們的開場發言之後，我們將開始問答環節，先回答股東事先提交的問題。

With that, I would like to introduce Chairman and CEO of Abel Avellan, and our new Chief Financial Officer, Sean Wallace to the call as well. Abel, over to you.

接下來，我想介紹董事長兼執行長 Abel Avellan，以及我們的新任財務長 Sean Wallace 也加入本次電話會議。Abel，交給你。

Thank you, Scott. For those of you who may be new to our company, I want to take a few minutes to explain our mission on what is actually what we're doing.

謝謝你，Scott。對於可能剛認識我們公司的各位，我想花幾分鐘說明我們的使命，也就是我們實際在做什麼。

AST SpaceMobile is building the first and only global cellular broadband network in the space to operate directly with standard modifying mobile devices based on our extensive IP and patent portfolio.

AST SpaceMobile 正在建置全球第一且唯一的太空蜂巢式寬頻網路，可直接與標準、無需改裝的行動裝置運作，並以我們廣泛的智慧財產權與專利組合為基礎。

Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today 5 billion mobile subscribers and finally bring broadband to the billions who remain unconnected. We believe this to be a very large opportunity and allowed us to participate in the 1 trillion annual wireless service market.

我們的工程師與太空科學家肩負使命，要消除當今 50 億行動用戶所面臨的連線落差，並最終為仍未連網的數十億人帶來寬頻。我們認為這是一個非常龐大的機會，並使我們得以參與每年 1 兆美元的無線服務市場。

While it has been only a short 6 weeks since our last public update, we have made strong progress, and I would like to take you through that now. Turning to Slide 4, technology and industrialization update. We're on target for our planned BlueWalker 3 summer launch.

雖然距離我們上次公開更新僅短短 6 週，我們已取得強勁進展，現在我將帶各位逐一說明。請翻到第 4 頁：技術與工業化更新。我們正按計畫推進 BlueWalker 3 的夏季發射。

In preparation for this milestone, we have completed over 700 BlueWalker 3 tests to the date. Once in orbit, we're expected to test cellular broadband globally with participating cellular operators in the U.S. Japan, Europe, Africa, South America and Asia.

為了準備這個里程碑，截至目前我們已完成超過 700 項 BlueWalker 3 測試。進入軌道後，我們預計將與參與的行動營運商在全球進行蜂巢式寬頻測試，涵蓋美國、日本、歐洲、非洲、南美洲與亞洲。

This effort will be supported by ground control centers in Maryland, Colorado and Australia that have been ready to support BlueWalker 3 post-launch operations. We're also putting in space ground stations and approvals to support the planned BlueWalker 3 summer launch, including the FCC experimental license, which was recently granted by the FCC. We are on target for the completion during 2022 of our extension production facility, Site 2 in Texas to support our target of up to 6 satellites per month. We had increased to more than 2,300 patent and patent pending claims supporting a strong and expanding competitive advantage.

此項工作將由位於馬里蘭州、科羅拉多州與澳洲的地面控制中心支援，這些中心已準備好在發射後支援 BlueWalker 3 的運行。我們也正在建置太空地面站並取得相關核准，以支援計畫中的 BlueWalker 3 夏季發射，包括近期由 FCC 核發的實驗性執照。我們正按計畫於 2022 年完成我們在德州的擴建生產設施（第二廠區，Site 2），以支援我們每月最多 6 顆衛星的目標。我們的專利與專利申請中的權利項已增加至超過 2,300 項，支撐強大且持續擴張的競爭優勢。

Turning to Slide 5, business update. We have successfully added a new MOU with Globe Telecom, an operator in Philippines with 86.8 million subscribers. We then -- we have now more than 1.8 billion subscribers represented by mobile network operators with whom we have agreements and MOUs.

請翻到第 5 頁：業務更新。我們已成功新增與 Globe Telecom 的一份 MOU；Globe Telecom 是菲律賓的營運商，擁有 8,680 萬名用戶。至此——我們與之簽署協議與 MOU 的行動網路營運商所代表的用戶數已超過 18 億。

We recently received an FCC experimental license for BlueWalker 3, space-to-ground testing in the United States using 3GPP low-band cellular spectrum and Q/V-band frequencies.

我們近期取得 BlueWalker 3 的 FCC 實驗性執照，可在美國進行天地（space-to-ground）測試，使用 3GPP 低頻段蜂巢式頻譜以及 Q/V 頻段頻率。

And also recently, we had added a $75 million committed equity facility with B. Riley that provides AST with the right, but not the obligation to raise equity capital over the next 24 months.

此外，近期我們也與 B. Riley 新增一項 7,500 萬美元的承諾股權融資額度（committed equity facility），使 AST 在未來 24 個月內擁有籌集股權資本的權利，但無義務動用。

Before I hand it off, I wanted to thank our retiring CFO, Tom Severson, for all his time and for building AST SpaceMobile over the last 5 years. We have worked over the last 6 months to find the best partner for the next phase of growth to the company.

在交棒之前，我想感謝即將退休的財務長 Tom Severson，感謝他投入的時間，以及過去 5 年來協助打造 AST SpaceMobile。我們在過去 6 個月努力尋找最適合公司下一階段成長的最佳夥伴。

And I'm now happy to introduce Sean Wallace, our incoming Chief Financial Officer. He brings to the team deep telecom, financial and capital market experience to be added to the team to support our future growth. With that, let me transfer to Sean now.

我也很高興介紹即將上任的財務長 Sean Wallace。他將為團隊帶來深厚的電信、財務與資本市場經驗，以支持我們未來的成長。接下來我把時間交給 Sean。

Thanks, Abel. Sorry about that. Good afternoon, everyone, and I wanted to share my excitement about joining the AST team. As an experienced telecom CFO and banker, the work I did to understand the AST story continue to lead me to conclude that this project, given its global ambitions has the potential of making a large and profound impact on the world's connectivity ecosystem by solving what is probably the most critical problem faced in the mobile industry today, providing global cellular broadband coverage directly to standard unmodified mobile phones.

謝謝你，Abel。不好意思。各位下午好，我想分享我加入 AST 團隊的興奮之情。作為一位具經驗的電信業財務長與銀行家，我在了解 AST 故事的過程中，持續讓我得出結論：此專案以其全球願景，具備對全球連線生態系造成重大且深遠影響的潛力，因為它正在解決當今行動產業可能最關鍵的問題——直接向標準、無需改裝的手機提供全球蜂巢式寬頻覆蓋。

In support of this ambitious plan, I met a strong and innovative management team that has attracted a deep bench of talent. I was comforted by the significant strategic sponsorship of leading telecom companies such as Vodafone, American Tower and Rakuten.

為了支持這項宏大計畫，我見到一支強大且具創新力的管理團隊，並吸引了深厚的人才梯隊。Vodafone、American Tower 與 Rakuten 等領先電信公司的重要策略性支持，也讓我感到安心。

I was impressed by how quickly this team has developed relationships with leading MNOs across the globe that have more than 1.8 billion subscribers in total. And as we have discussed today on this call, I have to congratulate the team on its continued progress towards meeting important milestones, which indicates a strong execution capability.

我對團隊能如此迅速地與全球領先的 MNO 建立合作關係印象深刻，這些 MNO 合計擁有超過 18 億名用戶。正如我們今天在本次電話會議中所討論的，我也必須祝賀團隊在達成重要里程碑方面持續取得進展，這顯示出強勁的執行能力。

I want to provide an update on a series of activities that the company has been focused on and highlight some of the liquidity and financial metrics for the first quarter.

我想就公司近期聚焦的一系列工作提供更新，並重點說明第一季的一些流動性與財務指標。

As we have stated before, A key innovation proposed by AST is the development of an industrialized procurement and manufacturing process for our planned satellite fleet. Historically, satellites have been manufactured one at a time in job shop facilities. AST is developing a state-of-the-art assembly line process designed to enable AST to scale the procurement of parts, lower assembly costs and materially speed up the volume of production.

如同我們先前所述，AST 提出的關鍵創新之一，是為我們規劃的衛星機隊建立工業化的採購與製造流程。過去，衛星通常是在作業型工坊（job shop）中一顆一顆製造。AST 正在開發最先進的組裝產線流程，旨在讓 AST 能夠擴大零組件採購規模、降低組裝成本，並大幅加快量產速度。

These efforts are expected to enable AST to lower the cost of its satellites and enable the company to meet its goal of ultimately building up to 6 satellites per month.

預期這些努力將使 AST 降低衛星成本，並使公司能達成最終每月最多建造 6 顆衛星的目標。

As part of this goal, I would like to highlight some of the activities the team has accomplished during the first quarter. First, AST has made progress in reconfiguring its new Texas AIT facility designed to house the satellite assembly and test line. The company has retrofitted and remodeled the facility, built a clean room for critical assembly processes and the facility is now ready to house and support inventory from manufacturing as well as the assembly and testing line.

作為此目標的一部分，我想重點說明團隊在第一季完成的一些工作。首先，AST 在重新配置其位於德州的新 AIT 設施方面取得進展，該設施設計用於容納衛星組裝與測試產線。公司已對設施進行改裝與整修，為關鍵組裝流程建置無塵室；目前該設施已可容納並支援製造端的庫存，以及組裝與測試產線。

Our efforts to integrate an ERP system to support our inventory management and manufacturing process continues at pace, and we believe that the entire system will go live during the second half of this year.

我們持續加速整合 ERP 系統，以支援庫存管理與製造流程；我們相信整套系統將於今年下半年正式上線。

Just as importantly, we continue to hire experienced leadership and make human capital investments across all functions and offices. Let me discuss some of the highlights regarding our liquidity and expenditures. We ended the first quarter with $255.1 million in cash.

同樣重要的是，我們持續在各職能與各辦公室延攬具經驗的領導人才，並進行人力資本投資。接著我談談我們流動性與支出的重點。我們在第一季末的現金為 2.551 億美元。

We believe this cash is sufficient to support our cash expenditures for more than the next 12 months. As you saw from our recent announcement regarding our B. Riley committed equity facility, we continue to evaluate a variety of capital raising efforts to extend the runway of our liquidity.

我們認為這些現金足以支應未來超過 12 個月的現金支出。正如各位從我們近期關於 B. Riley 承諾股權融資額度的公告所見，我們持續評估多種籌資方案，以延長我們的流動性可支撐期間（runway）。

We are focused on exploring a wide range of options and remain confident that we have a broad set of funding opportunities. For the first quarter, we had GAAP operating expenses of $32.7 million versus $31.3 million in the fourth quarter of 2021, including non-cash operating expenses of $3.4 million and $2.7 million, respectively.

我們專注於探索廣泛的選項，並仍然有信心我們擁有多元的資金來源機會。第一季的 GAAP 營業費用為 3,270 萬美元，較 2021 年第四季的 3,130 萬美元增加，其中包含非現金營業費用分別為 340 萬美元與 270 萬美元。

We expect to continue to expand that level for the next several quarters. The $1.4 million increase in costs during the first quarter was related to increased employee costs and other research and development and engineering expenses as we ramp up the development and infrastructure investments to support the BlueBird 1 program.

我們預期在接下來幾個季度將持續擴大該水準。第一季成本增加 140 萬美元，主要與員工成本上升，以及其他研發與工程費用增加有關，因我們正加速開發並投入基礎設施建置，以支援 BlueBird 1 計畫。

For the first quarter, we made capital expenditures of $21.6 million, which includes a payment to SpaceX for BlueWalker 3 technical adjustments in connection with the previously disclosed SpaceX multi-launch services agreement. As mentioned earlier, we have substantially completed assembly and testing for BlueWalker 3 and are turning our investments towards the production of our BlueBird satellites.

第一季我們的資本支出為 2,160 萬美元，其中包含依先前已揭露之 SpaceX 多次發射服務協議，就 BlueWalker 3 技術調整支付給 SpaceX 的款項。如先前所述，我們已大致完成 BlueWalker 3 的組裝與測試，並正將投資重心轉向我們 BlueBird 衛星的量產。

And with that, I'll turn it back to Scott.

接下來我把時間交還給 Scott。

Thanks, Sean. Before we go to the queue of analyst questions, I would like to address a few of the questions submitted ahead of the call by our investors.

謝謝你，Sean。在進入分析師提問隊列之前，我想先回應幾個投資人於電話會議前預先提交的問題。

Operator, could you please start us off with the first question?

接線員，麻煩請先從第一個問題開始。

Brian from Toronto asked, when will you know definitively that the technology actually works from space?

來自多倫多的 Brian 問：你們何時能夠明確知道這項技術確實能在太空中運作？

Thank you, Brian, for the question. After we launched, we expect to within a week -- within an hour or 2 to know we were successful launched and put into the orbit that we are expecting. After that, we will wait for the right timing to basically deploy the satellite, which is basically opened the satellite into its final configuration.

謝謝你，Brian 的提問。發射之後，我們預期在一週內——其實在一到兩個小時內——就能知道是否成功發射並進入我們預期的軌道。之後，我們會等待適當時機，基本上就是展開衛星，也就是把衛星打開到其最終構型。

That would be within a week or 2 after the launch. That's obviously a major phase and it's something that we will know within a week or 2 of the launch. And after that, we go through a 6-month process of testing with the operators. We have selected locations around the globe, in the U.S., Europe, Africa, South America and Asia, including Japan, we'll be doing testing with the selected telecom partners.

這會在發射後一到兩週內完成。這顯然是一個重大階段，我們會在發射後一到兩週內知道結果。接著，我們會與營運商進行為期 6 個月的測試流程。我們已在全球選定測試地點，包括美國、歐洲、非洲、南美洲與亞洲（含日本），並將與選定的電信合作夥伴進行測試。

Christopher from Florida asked, if BW3 fails, will BB1 serve as the next test satellite to continue optimizing the new system? If not, then how long would you expect it to take to build and launch another test satellite?

來自佛羅里達的 Christopher 問：如果 BW3 失敗，BB1 是否會作為下一顆測試衛星以持續優化新系統？如果不是，你們預期需要多久才能建造並發射另一顆測試衛星？

Thank you, Chris, for the question. Well, first of all, we have built redundance into BlueWalker 3, satellite across many of these systems, and we have conducted extensive testing to position the spacecraft to success in orbit. Our BlueBird program had been advancing along side the build and test of BlueWalker 3.

謝謝你，Chris 的提問。首先，我們在 BlueWalker 3 的許多系統上都建立了冗餘設計，並已進行廣泛測試，以使太空載具在軌道上能夠成功。我們的 BlueBird 計畫也一直與 BlueWalker 3 的建造與測試同步推進。

We anticipate that our next launch after BlueWalker 3 will be a BlueBird satellite, incorporating the many lessons and advancements that we learnt during the build of BlueWalker 3. Our plan is that our production satellite phase will continue to advance with the launch of BlueBird satellites are currently planned, even in the event of any complication with BlueWalker 3, which we don't anticipate, but the next satellite will be a BlueWalker 3 followed by BB1.

我們預期在 BlueWalker 3 之後的下一次發射將會是一顆 BlueBird 衛星，並納入我們在建造 BlueWalker 3 過程中學到的諸多經驗與技術進展。我們的規劃是，即使 BlueWalker 3 出現任何狀況（我們並不預期會發生），我們的量產衛星階段仍會依目前規劃持續推進並發射 BlueBird 衛星；但下一顆衛星將會是 BlueWalker 3，之後才是 BB1。

Rick from the Netherlands asked, what is the desired situation to exercise the financing option? Is there a minimum stock price to exercise the deal? Can you elaborate more about the deal terms?

來自荷蘭的 Rick 問：行使融資選擇權的理想情況是什麼？行使該交易是否有最低股價門檻？能否更詳細說明交易條款？

Abel, why don't I take this?

Abel，要不要我來回答這題？

Yes. Go ahead.

好，你請。

Thanks. The agreement with B. Riley provides us with access of up to $75 million of additional liquidity through our committed equity facility. It's accessible over 24 months, it gives us the right, but not the obligation to sell and issue shares of our Class A common stock to B. Riley at a 3% discount to what's known as the volume-weighted average trading price for the performance measurement period.

謝謝。與 B. Riley 的協議透過我們的承諾股權融資機制，為我們提供最高 7,500 萬美元的額外流動性。該額度可在 24 個月內動用，賦予我們權利（但無義務）以所謂績效衡量期間的成交量加權平均交易價格（VWAP）再打 3% 折扣的價格，向 B. Riley 出售並發行我們的 A 類普通股。

This is a tried and through an extremely efficient way of raising incremental capital. And it's really a function with our line of maintaining regular and diverse access to various capital markets, while preserving our existing cash for building our BlueBird production satellites. It's highly flexible, but also, as I said earlier, we will continue to look at a variety of sources of capital whether it's credit or equity from governmental financial institutions, commercial partners as well as the equity debt and hybrid capital markets to continue to fund our plans going into the future.

這是一種久經驗證且極為高效率的方式，用以募集增量資本。這也符合我們一貫維持對多元資本市場之常態化與多樣化可得性的策略，同時保留現有現金以用於建造 BlueBird 量產衛星。它的彈性很高；但如我先前所說，我們也會持續評估各種資金來源，不論是來自政府金融機構、商業合作夥伴的信用或股權資金，以及股權、債務與混合型資本市場，以持續為我們未來的計畫提供資金。

Terry from Georgia asked, do you have any plans to potentially transport multiple BlueBird satellites on a single launch?

來自喬治亞州的 Terry 問：你們是否有計畫在單次發射中運送多顆 BlueBird 衛星？

Yes, we have carefully planned our launch strategy together with the development of our satellites. For us, it's critical to be able to launch multiple satellites on a single launch. And we have -- don't -- saw based on multiple launch vehicles in order to be launch agnostic, which allowed us to have access to multiple providers in order to give us flexibility.

是的，我們已將發射策略與衛星研發一併審慎規劃。對我們而言，能在單次發射中發射多顆衛星至關重要。我們也——不——是以多種運載火箭為基礎來規劃，以達到「不依賴特定火箭」的目標，讓我們能接觸多家供應商並保有彈性。

We ramp up production. We expect that we will be using large launch vehicles that can support multiple BlueBird satellites. We are very encouraged by the many large launch vehicles that are coming into service from SpaceX and other launch providers.

隨著我們提升產能，我們預期將使用可支援多顆 BlueBird 衛星的大型運載火箭。對於 SpaceX 與其他發射服務供應商陸續投入服役的多款大型運載火箭，我們感到非常振奮。

Steve from Arizona asked. Supply chain problems have been creating havoc since the pandemic began. How resilient is your supply chain? How many critical components have only a single vendor available? Have you been stockpiling these components?

來自亞利桑那州的 Steve 問：自疫情開始以來，供應鏈問題造成很大混亂。你們的供應鏈韌性如何？有多少關鍵零組件只有單一供應商可供選擇？你們是否有囤積這些零組件？

Yes. Well, supply chain is obviously is something very important. We are actively engaged with third-party vendors to secure our supply components and materials for BlueWalker satellites. We had agreements for all the major subsystems for the constellations. We have and will continue to invest in all the long lead items that we require for the system. We have also mitigated the recent supply chain by using FPGAs and systems that are configurable and available now. We will -- we feel that we can continue to execute on our plan despite any potential supply chain issues.

是的。供應鏈顯然非常重要。我們正積極與第三方供應商合作，以確保 BlueWalker 衛星所需的供應零組件與材料。我們已就星座系統的所有主要子系統簽有協議。我們已經並將持續投資於系統所需的所有長交期項目。我們也透過採用 FPGA 與目前可取得、可配置的系統，來降低近期供應鏈的影響。我們——我們認為即使面臨任何潛在供應鏈問題，仍能持續執行我們的計畫。

Steve from Arizona asked. Are neon gas shortages caused by the Russian invasion of the Ukraine, causing any concerns about semiconductor availability needed for the BlueBird builds?

來自亞利桑那州的 Steve 問：俄羅斯入侵烏克蘭導致的氖氣短缺，是否會對 BlueBird 製造所需的半導體供應造成任何疑慮？

Yes. I have said before, we're basing our satellites based on FPGA, which are basically configurable and flexible. So we are not exposed to potential market shortages of semiconductors. Delay the BlueBird ones, which we're looking our own chips will be based on using TSMC technology for our ASICs. So the first BlueBird ones will be based on FPGA, the second will be based on our own ASIC, which is part of our own development.

是的。我之前說過，我們的衛星是以 FPGA 為基礎，基本上是可配置且具彈性的。因此，我們不會暴露於半導體可能出現的市場短缺風險。至於後續的 BlueBird，我們正在研發自有晶片，將採用台積電（TSMC）技術來製作我們的 ASIC。因此，第一批 BlueBird 會以 FPGA 為基礎，第二批則會以我們自研的 ASIC 為基礎，這是我們自身研發的一部分。

Great. And with that, I'd like to thank our shareholders for submitting these questions.

很好。最後，我想感謝我們的股東提交這些問題。

Operator, let's open the call to analyst questions now.

接線員，現在請開放分析師提問。

(Operator Instructions)

（接線員指示）

Our first question comes from Bryan Kraft with Deutsche Bank.

我們的第一個問題來自德意志銀行（Deutsche Bank）的 Bryan Kraft。

I had a few. I guess, first, in light of the deal with B. Riley. Can you talk about the relative attractiveness of issuing equity versus the other capital raising alternatives you have? And how you're thinking about the timing for raising capital given the rising rate environment?

我有幾個問題。我想先就與 B. Riley 的交易來問：你們能否談談，相較於其他募資替代方案，發行股權的相對吸引力如何？以及在升息環境下，你們如何思考募資時點？

And then, I guess, a little bit separately, if you could share any additional specificity around timing for the BlueWalker 3 launch? I know you said this summer. I was wondering if you could narrow that at all.

另外，能否就 BlueWalker 3 的發射時程提供更具體的資訊？我知道你們說是今年夏天，我想知道是否能再縮小範圍。

And then finally, what does the timing look like at this point for the BlueBird commercial satellite launches?

最後，目前 BlueBird 商用衛星的發射時程大概會是什麼樣子？

Thanks, Bryan. I'll take that. You want to take that?

謝謝，Bryan。我來回答。你要回答嗎？

Go ahead, Scott.

你說吧，Scott。

Bryan, I guess I'll take the first question on the use of equity and the use of equity versus other capital. I think for us, as we said, we have a diverse set of available sources of capital. And I think at this stage, we're eager to put a few of those in place small pieces, equity.

Bryan，我先回答第一個關於使用股權、以及股權相對於其他資金來源的問題。我想對我們而言，如同我們所說，我們有多元且可用的資金來源。而在這個階段，我們希望先把其中幾個小額的部分到位，包括股權。

And as Sean alluded to, other sources of capital, too. So for us, this is a flexible tool. It's something we can use at our election, and it's something that we want to use to make sure we can preserve our capital, $255 million at quarter's end for BlueBird's. So I think this is a good thing to have in our back pocket, and we'll use it as we see fit and other small pieces of capital this year are also available to us.

正如 Sean 提到的，還有其他資金來源也是如此。對我們來說，這是一個彈性的工具；我們可以自行選擇是否使用；而我們也希望確保能保留我們的資金——季末現金為 2.55 億美元——用於 BlueBird。因此，我認為把它當作備用工具是件好事；我們會視情況使用，而今年也還有其他小額資金來源可供我們運用。

The second question, I think, was on BlueWalker 3 timing specificity. I'll give a little bit of clarity on that. I mean the way to think about our timing, Bryan, is the satellite needs to leave for the launch pad, call it, up to 4 weeks before we launch. You can go a little tighter, but that's how we think about our internal planning.

第二個問題我想是關於 BlueWalker 3 時程的更具體說明。我稍微釐清一下。Bryan，理解我們時程的方式是：衛星需要在發射前大約 4 週送往發射場。當然也可以再更緊一些，但這是我們內部規劃的方式。

And as we work towards that, the satellite is going through final testing and we felt comfortable reaffirming our summer timeline. We're not waiting on any parts or subsystems at this point. And as we've talked about before, we have contractual commitments with SpaceX on timing within a range, but final timing is always subject to various steps and considerations and changes can occur.

在我們朝著那個目標努力的同時，衛星正在進行最終測試，我們也有信心重申我們的夏季時程。目前我們不需要等待任何零件或子系統。並且如同我們先前談到的，我們與 SpaceX 在一定範圍內的時程上有合約承諾，但最終時點一向取決於各種步驟、考量因素，且可能會發生變動。

So for us, the process of managing that timeline is a very detailed, very technical launch checklist and we are doing that as highest priority to the company right now. So for us, we look forward to updating everybody in due course, but we reaffirm the summer timeline.

因此對我們而言，管理該時程的流程是一份非常細緻、非常技術性的發射檢查清單，而我們目前正以公司最高優先順序在執行。就我們來說，我們期待在適當時機向大家更新，但我們重申夏季時程不變。

And then the last question was on BlueBird timing. I'll jump in there. No change from our last call. We're very focused on building and investing in our infrastructure. Abel mentioned, Site 2, and we're working towards the goal of getting those 2 facilities and our supply chain to deliver up to 6 satellites a month, and that's a goal that we have to achieve for 2023.

接著最後一個問題是關於 BlueBird 的時程。我來補充一下。相較於我們上次電話會議沒有任何變化。我們非常專注於建置並投資我們的基礎設施。Abel 提到的第 2 號廠址（Site 2），我們正朝著目標推進，讓這兩座設施以及我們的供應鏈能夠每月交付最多 6 顆衛星，這是我們必須在 2023 年達成的目標。

So for us, we're raising towards that goal. And our intent will be to ramp up to that level during 2023. And thereafter, 2024 is a very important year to scale the constellation and achieve global coverage.

因此對我們而言，我們正朝著該目標邁進。我們的意圖是在 2023 年期間逐步提升到那個水準。其後，2024 年將是擴大星座規模並實現全球覆蓋非常重要的一年。

When would we expect the first BlueBirds to be launched actually?

那麼我們預期第一批 BlueBird 實際會在何時發射？

So we're starting construction of those this year on top of the investment that we're making now, and we haven't announced yet in 2023 when we plan to launch our first one.

我們今年會在目前投資的基礎上開始建造這些衛星，而我們尚未公布 2023 年計畫在何時發射第一顆。

Our next question comes from Chris Quilty with Quilty Analytics.

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

Just wanted to clarify, I did not ask the Christopher from Florida question before. First question, as you roll out the testing on the BlueBird satellite, what do you have to invest in terms of CapEx? And what is the staging to build out the sort of gateway infrastructure for testing?

我想先澄清一下，我之前並沒有問那個「來自佛羅里達的 Christopher」的問題。第一個問題，當你們展開 BlueBird 衛星的測試時，在資本支出（CapEx）方面需要投入多少？以及為了測試而建置閘道（gateway）基礎設施的分階段規劃是什麼？

Chris, are you referring to gateways for BlueWalker 3 or gateway for the constellation?

Chris，你指的是 BlueWalker 3 的閘道，還是星座系統的閘道？

Just for BlueWalker.

只針對 BlueWalker。

Okay. So for BlueWalker, basically, we have 3 ground control centers, Maryland, Colorado and Australia. And then we have approximately 20 gateway stations that are pretty much getting online as we speak to basically get access to the spacecraft for telemeter control reasons.

好的。就 BlueWalker 而言，基本上我們有 3 個地面控制中心，分別在馬里蘭、科羅拉多以及澳洲。然後我們大約有 20 個閘道站，幾乎正在我們說話的同時陸續上線，主要是為了遙測與控制（telemetry/control）而能夠存取太空器。

And then we have -- as you know, we recently got the SEC approval for our testing. So we have gateways here in Midland and in Hawaii for access in the United States, our Q/V gateways. And also, we have been assigned for spectrum for do testing directly to the cell phones through the experimental license that we just got. So all of that is on time for our planned launch this summer. And it will be designed to basically take broadband capability directly to the handsets using our next satellite launch.

另外，如你所知，我們最近取得了 SEC 對我們測試的核准。因此我們在美國有位於 Midland 與夏威夷的閘道，用於在美國境內的存取，也就是我們的 Q/V 閘道。此外，我們也透過剛取得的實驗執照，獲配頻譜以進行直接對手機的測試。因此所有這些都按計畫進行，以配合我們今年夏季的預定發射。其設計目的，是透過我們下一次的衛星發射，將寬頻能力直接帶到手持裝置。

Got it. And can you remind us, as you move to the BlueBirds, who handles that ground station CapEx? Is that fronted by your partners? Or is AST responsible for that spending?

了解。那你能提醒我們一下嗎？當你們轉向 BlueBirds 時，地面站的資本支出由誰負責？是由你們的合作夥伴先行負擔，還是由 AST 負責這筆支出？

Yes, we had an agreement with American Tower for having to carry neutral locations where we actually place the gateways. Typically, the gateways CapEx, the NOVs, the court and interconnection of all of that, it is actually part of the agreement to be fulfilled by the operator.

是的，我們與 American Tower 有協議，提供我們放置閘道的中立場址（neutral locations）。通常，閘道的資本支出（CapEx）、NOVs、機房（court）以及互連等相關項目，依協議是由營運商負責履行。

We do install the actual gateways the antennas typically in a carrier-neutral location either owned by American Tower or owned by the operator itself.

我們確實會安裝實際的閘道天線，通常是在由 American Tower 擁有或由營運商本身擁有的電信中立場址（carrier-neutral location）。

Great. And can you remind us how do you eventually migrate once you go through the experimental testing on both the gateway feeder links and obviously, the user links to a fully operational FCC, ITU approved usage of the spectrum?

很好。那你能提醒我們一下嗎？當你們完成閘道回傳鏈路（gateway feeder links）以及使用者鏈路（user links）的實驗性測試後，最終要如何遷移到完全可營運、且獲 FCC 與 ITU 核准的頻譜使用？

Yes. Well, we have our filings on the ITU and then, as you know, every country provide their own approvals for the use of our spectrum or the use of the seller-operator spectrum. So in the case of United States, we have the gateways that will be co-located in American Tower locations.

可以。我們已在 ITU 提交申請文件；此外，如你所知，每個國家都會就我們頻譜的使用，或行動營運商頻譜的使用，提供各自的核准。在美國的情況下，我們的閘道將與 American Tower 的場址共址。

Those gateways, they are subject to their own license. They are using satellite spectrum, V-band, Q/V-band in order to connect from the gateways up to the satellite. And then we will work with our partner -- operator -- with our partner cellular operator to use their spectrum in the area where they don't have the respect to deploy. That's the basic setup. That is what we have been doing very actively in many countries, starting with the country that will be first in operations.

這些閘道本身需要各自的執照。它們使用衛星頻譜，也就是 V 頻段、Q/V 頻段，來連接閘道與衛星。接著我們會與合作夥伴——營運商——也就是我們的合作行動營運商，一起使用其頻譜，在他們無法部署的區域提供服務。這就是基本架構。我們已在許多國家非常積極地推動這件事，從將最先開始營運的國家起。

And that seems to be a process -- a regulatory process that is working for us. We're very encouraged by the experimental license we got from the FCC. But we continue country by country, getting these grants for operations of our system.

而這看起來是一個——一個對我們有效的監管流程。我們對 FCC 核發給我們的實驗執照感到非常鼓舞。但我們仍會逐國推進，取得這些授權，以便讓我們的系統投入營運。

And specific to the Q/V-band gateway feeder links, that's a relatively new deployment, I think EchoStar is also using that on their Jupiter 3. What have you done in terms of testing, either ground testing or optimally the satellite testing to ensure the strength of those feeder links?

針對 Q/V 頻段的閘道回傳鏈路，這是一種相對新的部署，我想 EchoStar 在他們的 Jupiter 3 上也在使用。你們在測試方面做了哪些工作——不論是地面測試，或理想情況下的衛星測試——以確保這些回傳鏈路的強度？

Yes. Just to put it in context, I mean, these feeder links are for the gateways. You get -- in the United States, you need 2. 3 for redundancy, to add redundancy. And the coverage area of these links are very, very small within a few kilometers.

是的。先提供一些背景，這些回傳鏈路是用於閘道的。在美國，你需要 2 個；為了備援，會用到 3 個以增加冗餘。而這些鏈路的覆蓋範圍非常非常小，僅在幾公里之內。

So it's -- they are basically designed where you place your gateways and then you get universal coverage through the cellular spectrum. V-band is very attractive because of the amount of capacity that has allowed us to group a significant amount of cellular spectrum into the gateways where we interconnect to the cellular operators.

因此，它們基本上是依你放置閘道的位置來設計，然後再透過行動頻譜取得普遍覆蓋。V 頻段非常有吸引力，因為其容量使我們能把相當大量的行動頻譜匯聚到閘道，在那裡與行動營運商進行互連。

And we have done -- we have actually installations of these type of gateways already. We have the equipment that we have procured to basically access this spectrum. And we will continue testing them with the launch of BlueWalker 3 and with the experimental license that we got from the FCC.

而我們已經——我們其實已經完成這類閘道的安裝。我們也已採購設備，用以存取這段頻譜。我們將在 BlueWalker 3 發射後，並配合我們從 FCC 取得的實驗執照，持續對其進行測試。

And just if I can, one final question due to the Ukraine war, there's been a bit of a shortage of access on Antonov aircraft, which are typically moved to -- used to transport satellites. Were you planning on using air transport? Or given your location in Texas where you're already planning on using ground transport for the satellites?

如果可以的話，最後一個問題：由於烏克蘭戰爭，Antonov 飛機的可用性有些短缺，而這類飛機通常用來運送衛星。你們原本計畫使用空運嗎？還是考量你們位於德州、原本就計畫用陸運來運送衛星？

No, we're planning to use ground transportation. The container for BlueWalker 3 is actually -- already built. We will be talking from Midland to Cape Canaveral. It will be 1 day, 1.5 day trip. We also are in contact with the city also to bring train rails into the facility, we plan to connect it to the train system that we get towards our 6 satellites per month capability. But at the beginning, our baseline launch are based on U.S. launches, and we plan to use ground transportation for that.

不，我們計畫使用陸運。BlueWalker 3 的運輸貨櫃其實——已經製作完成。我們會從 Midland 運到卡納維爾角（Cape Canaveral），大約是 1 天到 1.5 天的行程。我們也正在與市政府聯繫，將鐵路軌道引入設施；隨著我們朝每月 6 顆衛星的產能邁進，我們計畫把它連接到鐵路系統。但在初期，我們的基準發射是以美國境內的發射為主，因此我們計畫使用陸運。

Our next question comes from Andres Coello with Scotiabank.

下一個問題來自豐業銀行（Scotiabank）的 Andres Coello。

I'm wondering if you could comment on how your MOUs with wireless carriers all over the world, will actually translate into a business opportunity once all the testing is over, if everything goes well. How did you translate the MOUs, for example, in Latin America with Millicom, Telefónica and other players? How do you translate them into a business opportunity? Or put it differently, if those MOUs imply an obligation by the wireless carrier to actually start working with you. Just any comment around the MOUs.

我想請你們評論一下：你們與全球各地無線營運商簽署的 MOU，在所有測試結束、且一切順利的情況下，實際上會如何轉化為商業機會？例如在拉丁美洲，你們與 Millicom、Telefónica 以及其他業者的 MOU，如何轉化為商業機會？或者換個方式問，這些 MOU 是否意味著無線營運商有義務實際開始與你們合作？請就 MOU 相關事項提供一些看法。

Yes. Okay. Well, the terms of the MOUs barrier partner by partner, participating MNO -- by participating MNO. By and large, they're basically based on a revenue share, where we share the revenue that is being generated by our service inside the operator's network. So the operator retain the retail capability, they market and they sell the service.

好的。MOU 的條款會因合作夥伴而異、也會因參與的行動網路營運商（MNO）而異。整體而言，多數是以分潤為基礎，也就是我們分享在營運商網路內由我們服務所產生的收入。因此營運商保留零售端能力，由他們行銷並銷售服務。

The advertising service is through sending a text message to the user when the user gets out of coverage or by other means in the retail capability. They provide the spectrum. We provide the network. And based on that, there is a split on the revenue that is generated by that.

所謂的宣傳服務，是在使用者離開覆蓋範圍時，透過發送簡訊或其他方式在零售端觸達使用者。他們提供頻譜；我們提供網路。基於此，對由該服務所產生的收入進行分配。

So when we count number of subs that we can access through the MOUs. When we say we have access to around 1.8 billion subscribers, what we are referring to is that the operators which we have agreements or MOUs, they do have 1.8 billion subscribers, and that -- those subscribers become accessible to us through this revenue share agreement.

因此，當我們計算透過這些 MOU 我們可觸及的用戶數時。當我們說我們可觸及約 18 億名訂戶時，我們指的是：與我們簽有協議或 MOU 的營運商本身擁有 18 億名訂戶，而——透過這項分潤協議——這些訂戶就成為我們可觸及的對象。

Then there is a retail pricing that's agreed between us, between the operators ourselves, that it depends on what the kind of service is. If it's -- whatever you go plan, whatever you're located, you get a service through SpaceMobile, that service get priced on a retail basis based on the contrary, and other factors. And then you have also the services that are target to serve people that live and work in places where there is no connectivity all the time So the fundamental is 90% of the air surface do not have several broadband. Within that 90% of the air surface, you have half of the world population that do not have cellular broadband and you have 3/4 of 1 billion people approximately without noticing. That's how we capitalize these agreements with our MNO through our technology.

接著，會有我們與營運商之間所同意的零售定價，這取決於服務類型。如果是——不論你使用什麼方案、不論你位於何處，你透過 SpaceMobile 取得服務，該服務會依據合約條款及其他因素，以零售方式定價。然後，我們也有一些服務是針對那些生活與工作在並非隨時都有連線的地方的人。基本事實是：地表面積的 90% 沒有行動寬頻覆蓋。在這 90% 的地表面積中，有一半的世界人口沒有行動寬頻，並且大約有 10 億人中的 3/4 處於未被覆蓋的狀態。這就是我們如何透過技術，與我們的 MNO 夥伴將這些協議商業化。

But just to clarify, if the testing is successful, the MOUs create an obligation by the carrier to start using your services? Or if your understanding is just optional. I mean once you deliver the positive testings, and once you have your constellation ready, is there a clear commitment towards working with you? Or can they still pull out?

但我想釐清一下：如果測試成功，這些 MOU 是否會讓電信業者負有開始使用你們服務的義務？還是你們的理解只是可選的？也就是說，一旦你們交付正面的測試結果，且星座準備就緒，是否有明確承諾要與你們合作？或者他們仍然可以退出？

Sure. I'll take this one. So our commitments and our agreements and MOUs vary. Some of them are binding agreements, but some of them are not. The purpose of these agreements, of course, is to align interests. We've been signing these since 2018 and to ensure that they participate in the development of the technology and regulatory approvals and also thinking through the business side as Abel took us through.

當然。我來回答這題。我們的承諾、協議與 MOU 各不相同。有些是具約束力的協議，但有些不是。這些協議的目的，當然，是為了讓各方利益一致。我們自 2018 年起就開始簽署這些協議，以確保他們參與技術開發與監管核准流程，也同時從商業面進行思考，如同 Abel 剛才帶大家走過的內容。

At this point, though, as we get closer to launching service in each country, there will be definitive commercial agreements put in place typical for the telecom industry. Those are not ones that you saw in years in advance, they don't generate good terms for the seller or the capacity in that case.

不過在目前這個階段，隨著我們更接近在各國推出服務，將會建立電信產業典型的、明確的商業合約。這些合約不會像你看到的那種提前多年簽的文件；提前多年簽通常不會為賣方或（在那種情況下的）容量安排帶來好的條款。

So we have some agreements that are binding and the others are MOUs. And those are agreements that we want to make into more definitive commercial agreements with clear pricing levels and clear SLAs among other terms. So that is a next step before we launch commercial service in any given country.

所以我們有一些具約束力的協議，其他則是 MOU。而我們希望把這些 MOU 轉換成更明確的商業合約，包含清楚的定價水準、清楚的 SLA（服務水準協議）以及其他條款。因此，在任何特定國家啟動商用服務之前，這會是下一步。

Our next question comes from Landon Park with Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的 Landon Park。

I was wondering if we could start out just in terms of the opportunities that you guys see ahead. How are you guys thinking about the non-consumer market in terms of the opportunity there, whether it's on the government military side or the enterprise side what type of role do you think you can play in those markets? And do you also expect to be eligible to potentially receive any funding from the B program here in the U.S.?

我想先從你們所看到的前方機會談起。你們如何看待非消費者市場的機會——不論是政府/軍方端或企業端——你們認為自己能在那些市場扮演什麼角色？另外，你們是否也預期有資格在美國可能獲得 B 計畫的任何資金？

Okay. Well, we obviously see that a significant number of other opportunities besides the consumer opportunity. However, we believe that the largest opportunity is the 5 billion people that move in connectivity every day and the 3/4 of 1 billion people that live and work in places where there is nothing.

好的。我們顯然看到除了消費者機會之外，還有相當多其他機會。然而，我們認為最大的機會在於：每天在移動中需要連線的 50 億人，以及生活與工作在什麼都沒有的地方的大約 10 億人中的 3/4。

But having said that, there is IoT, defense and other type of opportunities that are going to be available to us, obviously, providing universal connectivity in countries, in whole continents, in areas where there is not any other means of connectivity directly to handsets, a very, very large opportunity that goes beyond the consumer opportunity.

但即便如此，IoT、國防以及其他類型的機會也將對我們開放；顯然，在各國、整個大陸、以及沒有任何其他連線手段的區域，直接向手機提供普及連線，這是一個非常、非常龐大的機會，且不僅限於消費者市場。

To your question, yes, we plan to participate in the progress from the FCC, as it relates to extending 5E universally in the United States, we do believe that, that's important for the country. There's a lot of political will to make sure that every city can get connectivity, regardless where they live and work, both on a fixed type of connections and more into what we do, which is on a wireless cellular connection.

針對你的問題，是的，我們計畫參與 FCC 的相關進程，特別是與在美國普及延伸 5G 相關的部分；我們確實認為這對國家很重要。政治意願很強，確保每一個社區都能取得連線，不論人們生活與工作在哪裡——既包括固定式連線，也包括更接近我們所做的，也就是無線行動蜂巢式連線。

So yes, we do have plan to connect. All our models are primarily based on the retail, consumer opportunity, but of course, there's many other verticals that we will be able to tap as we develop our network.

所以是的，我們確實有連接的計畫。我們所有模型主要仍以零售、消費者機會為基礎，但當然，隨著我們建置網路，我們也能切入許多其他垂直領域。

Just a follow up on that. Are there any particular use cases that stand out to you as particularly attractive within the government and enterprise markets? And is there any -- do you think that some of those markets would offer higher yield on your capacity against the consumer market? Or how are you thinking about that?

就此再追問一下：在政府與企業市場中，有沒有任何特定的使用情境在你看來特別具吸引力？另外，你是否認為其中一些市場相較於消費者市場，可能在你們的容量上帶來更高的收益率？你們是如何思考這點的？

Yes. It's Scott here. So as Abel said, it's a little unique for a satellite company to be going after this new market, right? The wireless market. And it's a very large market relative to legacy satellite opportunities even if some of those opportunities are nice. So we really like the mass market opportunity. It's one that our MNO partners are really key towards. But when many of our MNO partners are also very good at those other verticals you're talking about.

是的，我是 Scott。正如 Abel 所說，對一家衛星公司而言，切入這個新市場——也就是無線市場——有點獨特。而相較於傳統衛星機會，無線市場規模非常大，即便傳統衛星的一些機會也不錯。因此我們非常喜歡大眾市場的機會；我們的 MNO 夥伴在其中扮演關鍵角色。不過，我們許多 MNO 夥伴在你提到的其他垂直領域也很強。

They're developing IoT government, enterprise depending on the company and depending on the region. So there are opportunities that are really strong. We've intentionally not highlighted which ones might be best because we want to focus on the mass market opportunity, but the interest is strong there. We get inbounds on resiliency, obviously, emergency backup.

他們正在發展 IoT、政府、企業等業務，取決於公司與區域。因此那裡確實有很強的機會。我們刻意沒有特別強調哪些可能最好，因為我們想聚焦在大眾市場機會，但那方面的興趣非常強。我們也收到關於韌性（resiliency）的主動詢問，當然也包括緊急備援。

And then, of course, the fact that our network functions without a terminal remains a real cornerstone of a lot of the interest and noninterest we get even outside of the mass market opportunity.

然後，當然，我們的網路在不需要終端設備的情況下即可運作，這一點仍然是我們收到大量興趣（以及不感興趣）回饋的核心基石，甚至是在大眾市場機會之外也是如此。

Great. Moving on to just some follow-ups on the questions regarding the feeder links. How many feeder links will each satellite have? And what is the channel sort of size in terms of gigahertz for those feeder lines?

很好。接著針對關於饋入鏈路（feeder links）問題的一些追問：每顆衛星會有多少條饋入鏈路？而這些饋入鏈路的通道頻寬大約是多少（以 GHz 計）？

Yes. We have, per satellite, up to 4 feeder links. Each feeder link is around 10 gigahertz per polarization. We have 2 polarizations on -- per antenna, on the spacecraft and then they down -- connect down to the gateways in country. Typically, depending on the size of the country, we have between 2 or 3 gateways or locations where we bring down those feeder links into the core network of the operators.

是的。每顆衛星最多可有 4 條饋入鏈路。每條饋入鏈路每個極化約 10 GHz。我們在——每個天線、在航天器上——有 2 個極化，然後把訊號下——下傳連接到各國的閘道站。通常，取決於國家大小，我們會有 2 到 3 個閘道站或站點，將這些饋入鏈路下傳接入營運商的核心網路。

Okay. So it's up to 4 lengths of 10 gigahertz and 2 polarizations. What type of modulation level do you think you can do in your feeder links?

好的。所以最多 4 條、每條 10 GHz，且有 2 個極化。你認為你們在饋入鏈路上可以做到什麼樣的調變等級？

Well, the way that the system is designed is basically to be a transparent being former. So basically the same modulations that we have coming from the phone app to the spacecraft and then translated into frequency to bring it down to the gateway. So are the classical modulation that you will see on the downlink from the spacecraft to the phone and from the phone to the spacecraft.

嗯，系統的設計方式基本上是做成透明轉發器（transparent bent-pipe）。也就是說，從手機端到航天器的調變方式，然後再做頻率轉換把它下傳到閘道站。因此，這些就是你會在航天器到手機的下行、以及手機到航天器的上行所看到的典型調變。

So there is actually -- it's a bent pipe, it's the same modulation that you get on the UE.

所以實際上——它是一個 bent pipe（透明轉發），你在 UE 上看到的是同樣的調變。

I'm just wondering what -- so the feeder links will have the same -- so what is that modulation or how -- and what's the -- you're expecting?

我只是想確認——所以饋入鏈路會使用相同的——那具體是什麼調變？或是——你們預期的——是什麼？

Right. So it depends on many factors, but it's somewhere in the downlink between 3 bits per hertz to 6 bits per hertz and between 1.5 and 2 bits per hertz on the uplink.

對。所以這取決於很多因素，但下行大約介於每赫茲 3 bit 到 6 bit，而上行則介於每赫茲 1.5 bit 到 2 bit。

Great. That's -- the uplink being the feeder link, you're saying?

很好。那——你說的上行是指饋入鏈路的上行，對嗎？

The uplink is the -- is from the phone into the spacecraft.

上行是——從手機到航天器。

Okay. Great. And on the BlueBird program, I can't -- I don't know if you reiterated the expense guidance up top. But given the expense issues we've seen in other parts of the industry. So what gives you the confidence that you're not going to see some amount of inflation come through over time? And do you think that there's any reasonable risk of that occurring over the next 12, 24 months?

好的，了解。再談 BlueBird 計畫，我不確定你是否在一開始重申了費用指引。但考量到我們在產業其他部分看到的成本問題，是什麼讓你有信心不會隨時間出現某種程度的通膨傳導？你認為在接下來 12 到 24 個月內，發生這種情況是否存在任何合理風險？

Well, first of all, I mean, for our technology, we are highly vertically integrated. We have control of mostly every component that is in the spacecraft from reaction wheels, torques, flight computers, the micron in cells, which is a self-contained system, solar panels.

嗯，首先，我的意思是，就我們的技術而言，我們在垂直整合方面程度很高。我們幾乎掌控太空船中的每一個元件，從反作用輪、扭矩器、飛行電腦、micron in cells（這是一個自成一體的系統）、到太陽能板。

So our -- we are as vertically integrated as we think makes sense in order to keep costs and keep control of the cost, our costs, at this point, is very well known, not only with the build of BlueWalker 3, but this is a substantial advancement that we have and the agreement that we had in place for the provisioning of parts for the constellation.

所以我們——我們在我們認為合理的範圍內做到高度垂直整合，以便控制成本並維持對成本的掌控。就目前而言，我們的成本非常清楚，不僅來自 BlueWalker 3 的建造經驗；此外，我們也在星座系統零組件供應的既有協議之下，取得了相當大的進展。

So on the last call, we reiterate our cost bases for BlueWalker -- for the BlueBird satellites. So we see no change in those at this point.

所以在上一次電話會議中，我們重申了 BlueWalker——也就是 BlueBird 衛星的成本基礎。因此，我們目前看不到這些成本有任何變化。

So do you see that -- is there any significant risk in your mind to the upside over the next year? Or you feel quite confident in those expense numbers?

那麼你是否認為——在你看來，未來一年在成本上行方面有任何重大風險？還是你對這些費用數字相當有信心？

We feel quite confident given where we are on the procurement phase of those parts.

鑑於我們在這些零組件的採購階段所處的位置，我們相當有信心。

Great. And Sean, just one last question for you. Can you just go more into what attracted you to the company and perhaps any sort of diligence that you did on your side to get comfortable with the opportunity that the company has discussed.

很好。Sean，我最後還有一個問題。你能否再多談談是什麼吸引你加入這家公司，以及你這邊做了哪些盡職調查，讓你對公司所談到的機會感到放心？

I think, I gave you an overview. I mean it's tough to do this over a call, but it's -- I had -- I have extensive contacts in the industry as a banker for quite a long time. So I did a lot of industry checks, was able to talk with industry experts who had either been in the industry or analyze the industry.

我想我已經給了你一個概述。我的意思是，在電話上要完整說明確實不容易，但——我作為投行人士做了很長一段時間，並且在產業內有廣泛的人脈。因此我做了很多產業查核，能夠與產業專家交流，這些人要麼曾在產業內工作過，要麼長期分析這個產業。

I spent time with a number of wireless operators who knew about the project. And it was a variety of market, technology, regulatory and getting to know the team and understanding it. And as I see it in my career, I saw almost 10 or 15 different projects to try to do something similar, but always had a challenge of a very, very expensive and customer equipment to take the downlink from the satellite.

我也花時間與多家了解該專案的無線營運商交流。這涵蓋了市場、技術、監管等多個面向，同時也去認識團隊並理解其能力。以我職涯所見，我看過將近 10 到 15 個不同的專案嘗試做類似的事情，但總是卡在一個問題：從衛星接收下行訊號所需的客戶端設備非常、非常昂貴。

And this is an incredibly exciting opportunity to do something where you'll be able to go after the entire cellular market and continue to help the 3 billion people around the world who don't have that gap. So a lot of work and discussions with industry people, regulatory, finance, et cetera, and made me very, very comfortable. It's exciting opportunity.

而這是一個極其令人振奮的機會：你將能夠切入整個行動通訊市場，並持續幫助全球約 30 億仍存在連線缺口的人口。因此，透過大量與產業人士、監管、財務等方面的工作與討論，讓我非常、非常放心。這是一個令人興奮的機會。

(Operator Instructions)

（接線員指示）

Our next question comes from Griffin Boss with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Griffin Boss。

So staying in on competition, Link is really the only player out there at the moment at least that I know of. And I understand it's a very large market, but are you seeing them in the market at all?

那麼延續競爭的話題，Link 目前至少就我所知，算是唯一的競爭者。雖然我理解這是一個非常大的市場，但你們在市場上有看到他們的存在嗎？

Or have they come up in your conversations with MNOs? Just any color you could provide on that front? And then similarly, on the MNO front, I believe you've said your partnership with Vodafone includes 5-year exclusivity. I was just curious, could you remind me, does that exclusivity timeline begin when commercial service starts?

或者他們是否在你們與行動網路營運商（MNO）的對話中被提及？你能否就這方面提供一些說明？另外同樣在 MNO 方面，我記得你們說與 Vodafone 的合作包含 5 年的排他性。我想請你提醒一下：這個排他性期間是從商業服務開始時起算嗎？

Sure. Griffin, I'll take that. So second one, first. With Vodafone, you're correct, the 5-year mutual exclusivity in their 24 different markets around the world that starts at service initiation. So it was signed years ago, but that 5-year period starts with service initiation.

當然。Griffin，我來回答。先回答第二個問題。關於 Vodafone，你說得沒錯，在其遍布全球 24 個不同市場中，雙方有 5 年的互相排他性，並且是從服務啟動時開始起算。也就是說，協議雖然是多年前簽署的，但這 5 年期間是從服務啟動開始。

And in terms of other players that we run into, we don't really run into other players at this time. I think we've had success building the relationships with the mobile network operators from the early stages of the company. It's an opportunity, like Sean highlighted, that is really differentiated in and the mobile network operators who have -- many of them have bad experiences with satellites historically saw this as solving a lot of the problems in the past.

至於我們遇到的其他競爭者，目前我們其實沒有真正遇到其他玩家。我認為我們從公司早期就成功建立了與行動網路營運商的關係。正如 Sean 強調的，這是一個高度差異化的機會；而許多行動網路營運商過去在衛星領域有不太好的經驗，因此他們認為我們的方案能解決過去很多問題。

And so it's one that's always resonated well, and you can see that in the success we've had adding more and more mobile network operators over the last few months, some of whom have over 100 or multiple hundreds of subscribers under their belt today.

因此這一直都很能引起共鳴，你也可以從我們在過去幾個月成功新增越來越多行動網路營運商看出來，其中一些營運商目前就已擁有超過 1 億或數億等級的用戶規模。

So I think our opportunity resonates very well. I think as we approach our summer launch and plan for our constellation next year and the year after, the volume with the mobile network operators is growing, and that's really exciting to see. But we don't -- when we're working with the mobile network operators and thinking about the opportunity, it's not really one that they're benchmarking against anyone else at this time.

所以我認為我們的機會非常能引起共鳴。隨著我們接近今年夏季的發射，以及規劃明年與後年的星座部署，與行動網路營運商的合作量正在成長，看到這點非常令人振奮。但我們——當我們與行動網路營運商合作並思考這個機會時，目前他們其實不太會拿它去和其他任何人做對標比較。

Got it. That's really helpful. And sort of sticking to the MNOs and jumping back a little bit in time here, but I know Verizon and T-Mobile had both filed petitions back at the end of 2020. I think November 2020 it was. Do -- did the FCC to deny the AST service. And to the extent you guys can speak about ongoing conversations or anything like that, have you had any progress with either of those 2 MNOs since then. I mean, as you've -- I mean, obviously, you guys have come to numerous agreements with other MNOs since then.

了解，這很有幫助。再回到 MNO 的話題並稍微回溯一下時間，我知道 Verizon 和 T-Mobile 在 2020 年底都曾提出請願，我想是 2020 年 11 月，要求 FCC 否決 AST 的服務。就你們能談的範圍內，關於持續的對話或任何相關進展，自那之後你們與這兩家 MNO 是否有任何進展？我的意思是——顯然自那之後你們已與其他多家 MNO 達成了多項協議。

I didn't know if that more so validated the service to them and if you guys had sort of struck up conversations again at all?

我想知道這是否在某種程度上反而讓他們更認可這項服務，以及你們是否有再次展開對話？

Sure. So I think the filings around the FCC docket were not unexpected more than a year ago now where folks typically lay out their positions relative to where they sit in the market. We think the U.S. market supports multiple providers for us for sure, and that's something that we want to approach.

當然。我認為在 FCC 案件卷宗中的那些提交文件，在一年多前其實並不令人意外，因為各方通常會陳述其相對於自身市場位置的立場。我們認為美國市場肯定能支持多家供應商，這也是我們希望切入的方向。

But we've not announced any conversations with any of those U.S. providers. And it's -- but I think our solution fits really well. And the U.S. market, in particular, is very interesting for our solution given the nature of the country and the distribution of coverage today. So I think the big 3, I'll certainly have a need for ourselves.

但我們尚未宣布與任何這些美國業者的對話。不過我認為我們的解決方案非常契合。尤其是美國市場，考量到國土特性以及目前覆蓋分布的情況，對我們的方案而言特別有吸引力。所以我認為三大業者肯定會需要我們的服務。

Got it. Okay. That's great. And then just one more quick one for me. Sean mentioned earlier that you were substantially completed with the BW3 investment. And I know on the last business update call, you said we should assume a little more than $80 million of overall investment in that. So I just wanted to make sure I understood correctly.

了解。好的，很好。那我最後再問一個很快的問題。Sean 先前提到你們在 BW3 的投資上已經「大致完成」。我記得在上一次業務更新電話會議中，你們說整體投資金額應假設略高於 8,000 萬美元。所以我想確認我理解正確。

When you say you're substantially completed with that investment, does that mean as of right now or at the end of Q1? I'm just trying to get a better sense of whether we should assume any additional investments for BW3 in Q2 at all?

當你說你們在該投資上已大致完成時，是指截至目前為止，還是截至第一季末？我只是想更清楚了解，我們是否需要假設第二季還會有任何 BW3 的額外投資？

That was referring to as of today.

那是指截至今天。

At this time, I'm showing no further questions. I would now like to turn the call back over to management for closing remarks.

目前我這邊顯示沒有進一步的問題。現在我想把電話交回管理層作結語。

Great. Thank you, operator. Our company is building a space-based cellular broadband network designed for use of the phone in your pocket today. I want to thank everyone for joining both the shareholders and the research analysts for their questions. And I hope everyone has a great rest of the week.

很好。謝謝你，接線員。我們公司正在建置一個以太空為基礎的行動寬頻網路，設計目標是讓你今天口袋裡的手機就能使用。我想感謝所有與會者，包括股東與研究分析師提出的問題。也祝大家本週剩餘時間一切順利。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。