AST SpaceMobile Inc (ASTS) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile Fourth 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 host today, Scott Wisniewski, Chief Strategy Officer of AST SpaceMobile. Please go ahead.

美好的一天，謝謝你的支持。歡迎來到 AST SpaceMobile 2022 年第四季度業務更新電話會議。請注意，今天的會議正在錄製中。我現在想把會議交給今天的主持人，AST SpaceMobile 首席戰略官 Scott Wisniewski。請繼續。

Thank you, and good morning, 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, 2022, with the Securities and Exchange Commission and other documents filed by AST SpaceMobile with the SEC from time to time.

謝謝大家，早上好。讓我向您推薦演示文稿的幻燈片 2，其中包含我們的安全港免責聲明。在今天的電話會議中，我們可能會做出某些前瞻性陳述。這些陳述基於當前的預期和假設，因此受到風險和不確定性的影響。許多因素可能導致實際事件與本次電話會議的前瞻性陳述存在重大差異。有關這些風險和不確定性的更多信息，請參閱 AST SpaceMobile 向美國證券交易委員會提交的截至 2022 年 12 月 31 日的 10-K 年度報告的風險因素部分以及 AST SpaceMobile 向美國證券交易委員會提交的其他文件美國證券交易委員會不時。

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 the call. Also, after our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders. Now referring to Slide 3. For those of you who may be new to our company and our mission, there are over 5 billion mobile phones in use today around the world, but many of us still experience gaps in coverage as we live, work and travel.

告誡讀者不要過分依賴前瞻性陳述，公司明確表示不承擔任何更新電話會議期間可能討論的前瞻性陳述的義務。此外，在我們最初的評論之後，我們將開始我們的問答部分，由我們的股東提前提交問題。現在請看幻燈片 3。對於那些可能對我們公司和我們的使命不熟悉的人來說，當今世界上有超過 50 億部手機在使用，但我們中的許多人在生活、工作和生活中仍然遇到覆蓋範圍的差距。旅行。

With this, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard unmodified mobile phones based on our extensive IP and patent portfolio. Our engineers and space scientists are on a mission to eliminate the connectivity gaps based by today's 5 billion mobile subscribers and finally bring broadband to the billions to remain unconnected. With that, it is my pleasure to now pass it over to Chairman and CEO, Abel Avellan.

有了這個，AST SpaceMobile 正在建立第一個也是唯一一個基於我們廣泛的 IP 和專利組合的標準未修改移動電話直接在太空中運行的全球蜂窩寬帶網絡。我們的工程師和太空科學家的使命是消除當今 50 億移動用戶的連接差距，並最終為數十億人提供寬帶以保持未連接狀態。有了這個，我很高興現在將它傳遞給董事長兼首席執行官 Abel Avellan。

Thank you, Scott. Good morning, everybody. Very glad to be updating you or what has happened since our last call. Before I start, I want to remind everybody that we're currently operating the first and only satellite designed to deliver space-based cellular broadband, with the largest-ever communications array deployed commercially in low earth orbits. That's a monumental achievement. We're very proud of it.

謝謝你，斯科特。大家早上好。很高興為您更新或自我們上次通話以來發生的事情。在開始之前，我想提醒大家，我們目前正在運營第一顆也是唯一一顆旨在提供天基蜂窩寬帶的衛星，以及在近地軌道上商業部署的有史以來最大的通信陣列。這是一個巨大的成就。我們為此感到非常自豪。

We're also currently testing BlueWalker 3, and with testing that we have on so far we have successfully validated key technologies to deliver cellular broadband directly to standard unmodified phones. We also have took significant steps to further industrialize our technology with in-house manufacturing of key components and electronics and secured launch services for our next five satellites. And we continue to progress the path to commercialize our services with customers, partners and regulators on a global basis.

我們目前還在測試 BlueWalker 3，通過迄今為止的測試，我們已經成功驗證了將蜂窩寬帶直接提供給標準未修改手機的關鍵技術。我們還採取了重大步驟，通過關鍵部件和電子產品的內部製造以及為我們接下來的五顆衛星提供可靠的發射服務，進一步實現技術工業化。我們將繼續推進與全球客戶、合作夥伴和監管機構一起將我們的服務商業化的道路。

Let me take you to Page 5. With BlueWalker 3, we have it in orbit, we had orbit years more than -- successfully more than 2,000 times. The pictures that you see here are the satellite fold before its launch. And then in the bottom, you see the satellite unfold on the air and then the satellite like unfold in space. This is basically around 695 square feet structure flying around the earth and pointing to the ground at around 70,000 miles per hour. Our ability to manage it, control it, terminally control it and flight it is very important and that had been a major step in our technology.

讓我帶你到第 5 頁。有了 BlueWalker 3，我們將它送入了軌道，我們在軌道上運行了多年——成功超過 2,000 次。您在這裡看到的圖片是衛星發射前的折疊。然後在底部，您會看到衛星在空中展開，然後衛星在太空中展開。這基本上是一個大約 695 平方英尺的結構，圍繞地球飛行並以每小時 70,000 英里左右的速度指向地面。我們管理它、控制它、終端控制它和飛行它的能力非常重要，這是我們技術的重要一步。

So where are we with testing BlueWalker 3? First of all, we are happy to announce that the initial test results indicate that the downlink signal strength necessary to reach 5G broadband speed can be met with our technology. We also have demonstrated our ability to deploy the largest ever communication array deployed into low earth orbit. We have demonstrated the satellite ability -- our ability to fly control and fly our satellite with the array fully deployed with a size of 693 square feet.

那麼我們在哪裡測試 BlueWalker 3？首先，我們很高興地宣布，初步測試結果表明，我們的技術可以滿足達到 5G 寬帶速度所需的下行鏈路信號強度。我們還展示了我們部署有史以來最大的近地軌道通信陣列的能力。我們已經展示了衛星能力——我們能夠控制和飛行我們的衛星，陣列完全部署，大小為 693 平方英尺。

We have demonstrated our patented technology to validate doppler and delay compensation, a key component -- a key patented component to be able to do 5G speeds, and we continue to target to complete cellular broadband speed directly to standard, unmodified phones. Page 7, update on the industrialization of our patented technology. We continue to invest in our facilities around the globe with a focus in our facilities in Texas. We have ramped up our initial manufacturing facility starting with the capability 2 satellites per month ramping up to 6 satellites per month. And we continue to have 2 main facilities in Texas in order to produce our flight satellites.

我們已經展示了我們的專利技術來驗證多普勒和延遲補償，這是一個關鍵組件——一個能夠實現 5G 速度的關鍵專利組件，我們繼續致力於將蜂窩寬帶速度直接完成到標準的、未修改的手機。第7頁，我們專利技術產業化的最新進展。我們繼續投資我們在全球的設施，重點是我們在德克薩斯州的設施。我們已經擴大了我們最初的製造設施，從每月 2 顆衛星的能力增加到每月 6 顆衛星。我們繼續在德克薩斯州擁有 2 個主要設施，以生產我們的飛行衛星。

Progress on key commercialization milestones, we continue our customer momentum. We have signed 7 new MOUs, including Saudi Telecom, Zain in Saudi Arabia. We also have announced plans to explore potential opportunity to market our services to the military and defense market. We continue to formalize our constellation plans. We have signed an agreement with NASA in order to protect both of our assets by signing the Space Act agreement. We have secured our launch agreement for our next Block 1 satellite, but also we are in negotiations for our subsequent launches, passing our first Block satellites.

在關鍵的商業化里程碑上取得進展，我們繼續保持客戶勢頭。我們已經簽署了 7 個新的諒解備忘錄，包括沙特電信、沙特阿拉伯的 Zain。我們還宣布了探索將我們的服務推向軍事和國防市場的潛在機會的計劃。我們繼續正式確定我們的星座計劃。我們已經與 NASA 簽署了一項協議，以便通過簽署《太空法》協議來保護我們的資產。我們已經獲得了下一顆 Block 1 衛星的發射協議，但我們也在就我們的後續發射進行談判，通過我們的第一顆 Block 衛星。

And we're also driving U.S. regulatory framework. We have participated in the initial FCC ruling related to supplemental coverage from the space which will allow satellite operator to collaborate with the terrestrial service provider to expand coverage to terrestrial licensees and subscribers. And with that, I want to pass it to Scott , who will talk about our next key milestones to reach a space cellular broadband commercial services.

我們也在推動美國的監管框架。我們參與了與太空補充覆蓋相關的 FCC 初步裁決，這將允許衛星運營商與地面服務提供商合作，將覆蓋範圍擴大到地面被許可人和用戶。有了這個，我想把它傳遞給斯科特，他將談論我們實現太空蜂窩寬帶商業服務的下一個關鍵里程碑。

Thank you, Abel. Looking ahead, we want to summarize the key future milestones we're tracking ahead of initial space-based cellular broadband commercial service. First, we'll look to publish joint test results of BlueWalker 3s capabilities with our MNO customers and technology partners. We'll also be looking to manufacture and assemble the Block 1 Bluebird satellites at our Texas facilities. Alongside these steps, we will also be pursuing the completion of definitive commercial agreements with initial customers and regulatory approvals in key markets. For our Block 2 program, we'll be looking to finalize the design, including doing ASIC tape out, and then we'll be looking to launch our 5 Block 1 BlueBird satellites leading into initial commercial service using those Block 1.

謝謝你，亞伯。展望未來，我們想總結一下在最初的天基蜂窩寬帶商業服務之前我們正在追踪的未來關鍵里程碑。首先，我們將與我們的 MNO 客戶和技術合作夥伴一起發布 BlueWalker 3s 功能的聯合測試結果。我們還將尋求在德克薩斯州的工廠製造和組裝 Block 1 Bluebird 衛星。除了這些步驟之外，我們還將尋求與初始客戶達成最終商業協議並獲得主要市場的監管批准。對於我們的 Block 2 計劃，我們將尋求完成設計，包括進行 ASIC 流片，然後我們將尋求發射我們的 5 顆 Block 1 BlueBird 衛星，使用這些 Block 1 進入初始商業服務。

And with that, I'd like to hand the conversation over to our CFO, Sean Wallace.

有了這個，我想把談話交給我們的首席財務官肖恩華萊士。

Thanks, Scott. Good morning, everyone. The fourth quarter was another busy 3 months for AST. Beyond operational execution, including the unfolding of the largest commercial communications array ever deployed in low earth orbit. We also continue to march forward with our plans to integrate -- become an integrated manufacturer, assembler, integrator and tester of our own satellites.

謝謝，斯科特。大家，早安。第四季度對 AST 來說又是忙碌的三個月。超越運營執行，包括展開有史以來部署在近地軌道上的最大商業通信陣列。我們還繼續推進我們的整合計劃——成為我們自己衛星的集成製造商、組裝商、集成商和測試商。

Our Site 2 facility in Texas has been transformed into a giant clean manufacturing space with an increasing set of sophisticated equipment and a growing team that will turn components into satellites. In the finance area, we were also active as we demonstrated continued access to capital by raising over $85 million in equity in the fourth quarter, where we welcomed new investors and raised important capital for the company.

我們在得克薩斯州的 Site 2 工廠已經轉變為一個巨大的清潔製造空間，配備越來越多的精密設備和不斷壯大的團隊，他們將把組件變成衛星。在金融領域，我們也很活躍，因為我們在第四季度通過籌集超過 8500 萬美元的股權證明了持續獲得資本的機會，我們在那裡歡迎新投資者並為公司籌集了重要資金。

Overall, we remain focused on building a constellation designed to erase those mobile phone dead zones that we all suffer through and providing the productivity-enhancing technology of mobile communications to currently unconnected people across the globe. Let me move on to a discussion about some of our key operating metrics that are presented on Slide 10.

總的來說，我們仍然專注於建立一個旨在消除我們都遭受的手機盲區的星座，並為全球目前未連接的人們提供提高生產力的移動通信技術。讓我繼續討論我們在幻燈片 10 上展示的一些關鍵運營指標。

Looking at the first chart, we see for the fourth quarter of 2022, we had non-GAAP adjusted operating expenses of $39.1 million versus $38.5 million in the third quarter. Non-GAAP adjusted operating expenses, excluding noncash operating costs, including depreciation and amortization and stock-based compensation totaling $3.6 million for both the third and the fourth quarters.

看第一張圖表，我們看到 2022 年第四季度，我們的非 GAAP 調整後運營費用為 3910 萬美元，而第三季度為 3850 萬美元。非美國通用會計準則調整後的運營費用，不包括非現金運營成本，包括折舊和攤銷以及基於股票的薪酬，第三和第四季度總計 360 萬美元。

Our fourth quarter non-GAAP adjusted operating expenses increased by $0.6 million versus the third quarter. As expected, our research and development expenses increased again this quarter, mostly as a result of the achievement of certain milestones in our projects, which brought forward certain milestone payments. Our R&D expenses consist principally of nonrecurring development activities for which we typically engage third-party vendors and payments are based on completion of milestones.

我們第四季度的非 GAAP 調整後運營費用比第三季度增加了 60 萬美元。正如預期的那樣，本季度我們的研發費用再次增加，這主要是由於我們的項目實現了某些里程碑，從而帶來了某些里程碑付款。我們的研發費用主要包括我們通常聘請第三方供應商進行的非經常性開發活動，付款基於里程碑的完成。

Our other components of non-GAAP adjusted operating expenses namely engineering services and G&A are expected to remain at about the same range for the next 2 quarters and will trend up slightly over time as a result of our commercialization efforts. We currently expect that the level of non-GAAP adjusted operating expenses will remain in the high 30s for at least 2 more quarters as we continue to pursue important R&D projects for our BlueBird satellites and declined to the low 30s thereafter.

我們的非 GAAP 調整後運營費用的其他組成部分，即工程服務和 G&A 預計在接下來的兩個季度將保持在大致相同的範圍內，並且由於我們的商業化努力，將隨著時間的推移略有上升。我們目前預計，隨著我們繼續為我們的藍鳥衛星開展重要的研發項目，非 GAAP 調整後的運營費用水平將至少再維持兩個季度的 30 多歲，此後降至 30 多歲的低位。

Turning towards the second chart. Our capital expenditures for the fourth quarter were $10.4 million versus $11.3 million for the third quarter and $30.3 million for the full year. We expect that our levels of capital expenditures, which include direct material expenditures and launch costs for satellites as well as capital improvements for our manufacturing facilities and ground infrastructure will increase. As disclosed in our 10-K, we now estimate that our capital expenditures for our 5 Block 1 satellites will be between $100 million to $110 million.

轉向第二張圖表。我們第四季度的資本支出為 1040 萬美元，第三季度為 1130 萬美元，全年為 3030 萬美元。我們預計我們的資本支出水平將會增加，其中包括直接材料支出和衛星發射成本以及我們的製造設施和地面基礎設施的資本改進。正如我們的 10-K 中所披露的，我們現在估計我們用於 5 顆 Block 1 衛星的資本支出將在 1 億美元至 1.1 億美元之間。

Our capital expenditures, which have been averaging around $10 million to $11 million per quarter, will begin to increase to fund the development of our Block 1 satellites, which we currently expect to launch in the first quarter of 2024. Our estimates for the capital cost of each of our Block 2 satellites, which includes materials and launch costs, is now $16 million to $18 million. The increase in Block 2 satellite costs versus our previous estimate reflects increases in material costs and a higher estimate for future launch costs.

我們的資本支出平均每季度約為 1000 萬至 1100 萬美元，將開始增加以資助我們目前預計在 2024 年第一季度發射的 Block 1 衛星的開發。我們對資本成本的估計我們每顆 Block 2 衛星的成本（包括材料和發射成本）現在為 1600 萬至 1800 萬美元。 Block 2 衛星成本的增加與我們之前的估計相比反映了材料成本的增加和對未來發射成本的更高估計。

The projected cost of these satellites could be adversely affected by a number of factors, including inflation, supply chain disruptions, design changes and increases in the cost of electronic components, assembly equipment, launch costs, salaries and other aspects of our satellite design and assembly activities, could increase the cost of design, assemble and launch our satellites. These estimated cost trends are preliminary estimates based on certain assumptions and information currently available to us and are subject to change based on numerous factors described earlier as well as delays in the development of components and materials, launch costs and other factors.

這些衛星的預計成本可能會受到多種因素的不利影響，包括通貨膨脹、供應鏈中斷、設計變更以及電子元件、組裝設備、發射成本、工資和我們衛星設計和組裝的其他方面的成本增加活動，可能會增加設計、組裝和發射我們衛星的成本。這些估計的成本趨勢是基於我們當前可用的某些假設和信息的初步估計，並且可能會根據前面描述的眾多因素以及組件和材料開發的延遲、啟動成本和其他因素而發生變化。

And on the final chart on the slide, we ended the fourth quarter just shy of $240 million in cash on hand, up from approximately $200 million at the end of the third quarter. As we stated in our 10-K, we believe this cash as well as our ability to raise capital through other existing facilities is sufficient to support our expenditures for at least the next 12 months. In addition, we continue to evaluate other sources of cash and liquidity to supplement our activities. We understand the capital-intensive nature of our project, and we are highly focused on exploring a wide range of options in order to fund our efforts.

在幻燈片的最後一張圖表中，我們在第四季度結束時手頭現金略低於 2.4 億美元，高於第三季度末的約 2 億美元。正如我們在 10-K 中所述，我們相信這筆現金以及我們通過其他現有設施籌集資金的能力足以支持我們至少未來 12 個月的支出。此外，我們繼續評估其他現金和流動資金來源以補充我們的活動。我們了解我們項目的資本密集型性質，並且我們高度專注於探索廣泛的選擇，以便為我們的努力提供資金。

As described in our 10-K, a key strategy of AST is to develop our constellation on a modular basis, focusing our satellite capacity on the most attractive commercial markets in conjunction with our mobile network operator partners. I am encouraged by the progress that the team has made and I'm excited about the company's future as we transition from the development phase to commercial satellite production. Thank you for your continued support of the SpaceMobile mission. And with that, I'll turn it back to Scott.

正如我們的 10-K 中所述，AST 的一個關鍵戰略是在模塊化的基礎上開發我們的星座，與我們的移動網絡運營商合作夥伴一起將我們的衛星容量集中在最具吸引力的商業市場上。我對團隊取得的進步感到鼓舞，並且隨著我們從開發階段過渡到商業衛星生產，我對公司的未來感到興奮。感謝您一直以來對 SpaceMobile 任務的支持。有了這個，我會把它轉回給斯科特。

Thank you, Sean. Before we go to the queue of analyst questions, we'd like to address a few of the questions submitted ahead of the call by our investors. Operator, could you please start us off with the first question.

謝謝你，肖恩。在我們進入分析師問題隊列之前，我們想解決我們的投資者在電話會議之前提交的一些問題。接線員，你能從第一個問題開始嗎？

Bob from Washington asked, are you satisfied with where testing progress and time lines are at right now?

華盛頓的鮑勃問，你對現在的檢測進度和時間線滿意嗎？

Well, we are never satisfied, but we're very, very encouraged by what we have learned so far during the testing. We have validated our architecture, our end-to-end, and we have validated our ability to provide satellite cellular broadband with our architecture. We have done something that nobody has done before. We have building infrastructure alongside with this capability, and we are also protected with IP, which is very significant, and we are also very advanced in commercialization of our satellites. So fundamentally, we're happy where we are at this point.

好吧，我們永遠不會滿意，但我們對到目前為止在測試過程中學到的東西感到非常非常鼓舞。我們已經驗證了我們的架構，我們的端到端，並且我們已經驗證了我們通過我們的架構提供衛星蜂窩寬帶的能力。我們做了一些以前沒有人做過的事情。除了這種能力，我們還建設了基礎設施，我們也受到知識產權的保護，這非常重要，我們在衛星商業化方面也非常先進。所以從根本上說，我們很高興我們現在所處的位置。

Jay from California asked, where is AST SpaceMobile on the production of the 20 full-sized BlueBirds for a function and constellation? Will the 5 BW3 sized satellites to be launched later this year be included in that constellation?

來自加州的 Jay 問，AST SpaceMobile 在哪裡生產 20 個全尺寸 BlueBirds 用於功能和星座？今年晚些時候發射的 5 顆 BW3 大小的衛星是否會包含在該星座中？

That's right. The first Block 1 BlueBird still not only offer initial services on their own, but we expect their capabilities will be incorporated into the overall constellation as we build it out. Our Block 2 satellites, which will leverage our custom ASIC, they're going to offer significant upgrade to the RF capabilities versus Block 1, but these 2 networks are designed to be compatible. And in terms of timing, we currently plan to launch and deploy Block 2 BlueBird satellites in a phase approach beginning in 2024 after the launch of the Block 1 BlueBird satellite.

這是正確的。第一個 Block 1 BlueBird 仍然不僅自己提供初始服務，而且我們希望在我們構建它時將它們的功能整合到整個星座中。我們的 Block 2 衛星將利用我們的定制 ASIC，與 Block 1 相比，它們將對 RF 功能進行重大升級，但這兩個網絡旨在兼容。在時間安排方面，我們目前計劃在 Block 1 BlueBird 衛星發射後，從 2024 年開始分階段發射和部署 Block 2 BlueBird 衛星。

Luke from Connecticut asked, how should we think about military use and potential revenue?

來自康涅狄格州的盧克問道，我們應該如何考慮軍事用途和潛在收入？

First of all, I want to reiterate that our focus is providing cellular broadband globally for people that live, work in places where they not reach to connectivity that allow us to participate in the $1 trillion wireless market, and we think that that's our core business, connecting those 5 billion phones that moving and on a connectivity every day. However, we have making considerations to also participate in large government-related opportunities for both security and defense opportunities, in particular in the United States.

首先，我想重申，我們的重點是在全球範圍內為生活和工作在無法連接的地方的人們提供蜂窩寬帶，這使我們能夠參與價值 1 萬億美元的無線市場，我們認為這是我們的核心業務，連接每天移動和連接的 50 億部手機。然而，我們正在考慮參與大型政府相關的安全和國防機會，特別是在美國。

Jay from California asked, in our recent economic environment with VC money, capital constraints and higher interest rates, where does AST SpaceMobile expect to receive funding for the production of the 20 full-size BlueBirds and beyond?

來自加利福尼亞州的 Jay 問，在我們最近的風險投資資金、資本限制和更高利率的經濟環境中，AST SpaceMobile 期望從哪裡獲得資金來生產 20 架全尺寸 BlueBirds 及更多？

Thank you, Jay. As we have stated during our earnings presentation and disclosed in our 10-K, we believe we have enough cash on hand and other resources to fund the next 12 months of operations, including the construction launch of 5 Block 1 satellites, which are targeted to be launched in the first quarter of 2024. In addition to this liquidity, we have been working hard to develop other sources of cash and liquidity in order to supplement our future activities, including the construction of 20 BB1 satellites. This activity includes exploring a wide range of instruments, including structured debt, (inaudible) government financing, the public debt markets, the potential to presell capacity to important customers and selling equity in both private and public transactions. We are optimistic that we have a window of many quarters to determine the best financing alternatives and are hopeful that our access to capital will continue to remain strong, especially if we're able to continue to execute our strategy.

謝謝你，傑伊。正如我們在收益報告中所述並在我們的 10-K 中披露的那樣，我們相信我們手頭有足夠的現金和其他資源來資助未來 12 個月的運營，包括 5 顆 Block 1 衛星的建造發射，這些衛星的目標是將於 2024 年第一季度發射。除了這種流動性之外，我們一直在努力開發其他現金和流動性來源，以補充我們未來的活動，包括建造 20 顆 BB1 衛星。這項活動包括探索廣泛的工具，包括結構性債務、（聽不清）政府融資、公共債務市場、向重要客戶預售能力的潛力以及在私人和公共交易中出售股權。我們樂觀地認為，我們有多個季度的窗口來確定最佳融資方案，並希望我們獲得資本的渠道將繼續保持強勁，特別是如果我們能夠繼續執行我們的戰略。

And with that, I'd like to thank our shareholders for submitting these questions. Operator, let's open the call to analyst questions now.

就此，我要感謝我們的股東提出這些問題。接線員，讓我們現在打開分析師問題的電話。

(Operator Instructions) Our first questions come from the line of Mike Crawford with B. Riley.

（操作員說明）我們的第一個問題來自 Mike Crawford 和 B. Riley。

Thank you for the update this morning. Regarding regulatory framework, what do you want to see from the final report in order -- from the FCC regarding supplemental coverage from space?

感謝您今天早上的更新。關於監管框架，您希望從 FCC 關於太空補充覆蓋的最終報告中看到什麼？

Well, I think the step that the FCC has taken are very, very encouraging for our plants. First of all, facilitate the partnership between terrestrial cellular providers and cellular -- and the space-based system like ours. So that would provide a framework that will be leading here in the United States. It will facilitate. It will streamline the process. That it is at least our expectation. And also, our expectation is that other country will follow the lead of the United States with what the FCC is doing here. So we're very pleased with that process. Of course, that process is ongoing. And actually, the actual final shape of that process remains to be seen, but we're very encouraged with the initiative of the FCC on the process as the years put forward to standardize and facilitate regulatory framework for systems like ours.

好吧，我認為 FCC 採取的步驟對我們的工廠非常非常鼓舞人心。首先，促進地面蜂窩供應商和蜂窩——以及像我們這樣的天基系統之間的伙伴關係。因此，這將提供一個在美國領先的框架。會方便的。它將簡化流程。這至少是我們的期望。而且，我們的期望是其他國家將效仿美國 FCC 在這裡所做的事情。所以我們對這個過程非常滿意。當然，這個過程正在進行中。實際上，該過程的實際最終形式仍有待觀察，但隨著多年來為標準化和促進像我們這樣的系統的監管框架而提出的過程，我們對 FCC 的倡議感到非常鼓舞。

Okay. And then do you have any greater understanding of what level of revenue you'll be able to generate with the first 5 Block 1 satellites and then separately once you have 20 satellites?

好的。然後，您是否對前 5 顆 Block 1 衛星以及擁有 20 顆衛星後分別產生的收入水平有更深入的了解？

Mike, it's Scott here. So we referenced on our milestones page signing a definitive commercial agreements, and we've begun those discussions with initial customers and we're not going to provide guidance on revenue, of course. But the first 5 satellites, we do believe will have stand-alone revenue. It's not the focus, of course. We focused on that as a first phase, but we do believe there's revenue there, both for service and other related things we can sell to those MNO customers as -- and then there's also the government opportunities, which government market is quite often in the satellite world, an early contributor to revenue in the overall company cycle. So between those 2, we think there's revenue there. We don't give guidance on how much. And on the Block 2 BlueBirds, it's -- those are the ones that will get us to a near continuous service and profitability and cash flow positive.

邁克，我是斯科特。因此，我們在里程碑頁面上提到了簽署最終商業協議，我們已經開始與初始客戶進行這些討論，當然我們不會提供收入指導。但是前 5 顆衛星，我們相信會有獨立的收入。當然，這不是重點。我們將其作為第一階段重點關注，但我們確實相信那裡有收入，包括服務和我們可以出售給那些 MNO 客戶的其他相關東西——然後還有政府機會，政府市場經常在satellite world 是整個公司週期中收入的早期貢獻者。因此，在這兩者之間，我們認為那裡有收入。我們沒有給出多少的指導。在 Block 2 BlueBirds 上，它是——那些將使我們獲得近乎持續的服務、盈利能力和正現金流的那些。

Our next questions come from the line of Chris Quilty with Quilty Analytics.

我們的下一個問題來自 Quilty Analytics 的 Chris Quilty。

I was wondering if you could elaborate on the testing that you did and specifically, pretty encouraging that you're seeing the ability to get to 5G speeds, maybe if you can add a little color on how you do that testing and draw that conclusion?

我想知道你是否可以詳細說明你所做的測試，特別是，非常令人鼓舞的是你看到了達到 5G 速度的能力，也許你可以添加一點顏色來說明你如何進行測試並得出結論？

What we have done so far on our testing basically indicated that we will be able to get to 4G and G5 speeds. We have achieved that. We have achieved -- to get to that conclusion by basically mentioning the signal strength that we're able to get in each direction of the connection. We are there in the downlink. So we know that we will be able to get 5G speeds in our system. More importantly, also, we have validated the whole architecture, including the doppler and delay compensation. So basically, at this point, the end-to-end architecture is validated. We're not done with the testing, we continue these tests to be taken. We plan to -- in due course, we plan to announce results in conjunction with our telco partners.

到目前為止，我們所做的測試基本上表明我們將能夠達到 4G 和 G5 速度。我們已經做到了。我們已經實現 - 通過基本上提到我們能夠在連接的每個方向獲得的信號強度來得出這個結論。我們在下行鏈路中。所以我們知道我們將能夠在我們的系統中獲得 5G 速度。更重要的是，我們還驗證了整個架構，包括多普勒和延遲補償。所以基本上，在這一點上，端到端架構已經過驗證。我們還沒有完成測試，我們將繼續進行這些測試。我們計劃 - 在適當的時候，我們計劃與我們的電信合作夥伴一起公佈結果。

And how would you make that announcement? Would there be a press release or sort of study released?

你將如何宣布這一消息？是否會發布新聞稿或某種研究報告？

Chris, we, of course, don't want to get ahead of that announcement, but we think it's -- this is an incredible milestone, not just for us, but kind of you saw our partner post us alongside Alexander Grand Bell. So we -- that's perhaps a little strong, but we think this is a very big moment in being able to demonstrate broadband from a satellite directly to and unmodified phone, 1 of 5 billion in the world. We think that's a very big announcement, and that's one worthy of a big announcement, but we don't want to get ahead of that too much, Chris.

克里斯，我們當然不想提前宣布，但我們認為這是一個令人難以置信的里程碑，不僅對我們來說，而且你看到我們的合作夥伴將我們與亞歷山大大貝爾並列。所以我們 - 這可能有點強大，但我們認為這是一個非常重要的時刻，能夠展示從衛星直接到未經修改的電話的寬帶，世界上有 50 億部電話。我們認為這是一個非常重要的公告，值得一個重大公告，但我們不想提前太多，Chris。

Okay. Just to make sure I get the White House announcement. So the other question I had was concerning the agreement -- Space Act Agreement with NASA, which is surprised it slipped by those are not necessarily easy to process. When was that concluded? And was there any impact on operations or how you would operate based upon that agreement?

好的。只是為了確保我收到白宮的公告。所以我的另一個問題是關於協議——與 NASA 的《太空法案協議》，令人驚訝的是，這些協議未必容易處理。什麼時候結束的？對運營或您將如何根據該協議運營有任何影響嗎？

Yes. The agreement with NASA, Chris, is basically an agreement to share information of where our assets or our space assets are, where their space assets are. Basically had procedure how to manage information between us. So basically simply to facilitate the operation of constellation. And we don't see any particular change in how we're planning to operate.

是的。與美國國家航空航天局達成的協議，克里斯，基本上是一項關於共享我們的資產或我們的空間資產所在位置、他們的空間資產所在位置的信息的協議。基本上有了程序如何管理我們之間的信息。所以基本上只是為了方便星座的操作。而且我們沒有看到我們計劃的運營方式有任何特別的變化。

There have been significant learnings of how to actually do this with successfully flying in (inaudible) the largest communication array ever deploy into LEO. And this is just simply one step into how to industrialize and continue to add satellites that we build them.

通過成功飛入（聽不清）有史以來部署到 LEO 的最大通信陣列，人們已經學到瞭如何實際做到這一點的重要知識。這只是如何實現工業化並繼續增加我們製造的衛星的第一步。

And Chris, we put that press release out right before the holidays, December 16.

克里斯，我們在 12 月 16 日假期前發布了該新聞稿。

I'll snuck it out. Well, congratulations. And final question, can you elaborate what you're seeing in the launch market? Obviously, the big ED3 launch order that Amazon placed last year has put some constraint on the heavy lift market. Are you still targeting Falcon Heavy as a primary launch vehicle waiting for Starship? Or are there other alternatives?

我會偷偷拿出來的。嗯，恭喜。最後一個問題，您能否詳細說明您在發射市場上看到的情況？顯然，亞馬遜去年下達的 ED3 發布大訂單對重型起重機市場造成了一些限制。您是否仍將 Falcon Heavy 作為等待 Starship 的主要運載火箭？或者還有其他選擇嗎？

Chris, as you probably know, we already secured our next launch with Falcon 9 for the next 5 satellites in a single launch. But we also announced that we're leaving our options option and we had -- based on significant amount of new entries into the market that start coming up in 2024, 2025. And we are evaluating and we're working with basically all of them that has the ability to launch more than 10 tons into space with a single launch.

克里斯，正如你可能知道的那樣，我們已經在單次發射中為接下來的 5 顆衛星確保了下一次獵鷹 9 號發射。但我們還宣布，我們將保留我們的選擇權選項，並且我們已經 - 基於 2024 年、2025 年開始出現的大量新進入市場的人。我們正在評估並且我們正在與基本上所有這些人合作它有能力通過單次發射將超過 10 噸的重物送入太空。

Our next questions come from the line of Mathieu Robilliard with Barclays.

我們的下一個問題來自巴克萊銀行的 Mathieu Robilliard。

Congratulations on all the progress. I had a few questions. The first one is around regulation, and there was a question about the FCC, but I was also interested to know what progress you've been making in terms of getting regulatory approval in other markets? And there's also news about the German regulator reportedly asking you for cutting the signal once you cover the Europe at this stage. I don't know if there's any comment that you want to make about that? So that would be my first question.

祝賀所有的進步。我有幾個問題。第一個是關於監管，有一個關於 FCC 的問題，但我也很想知道你們在其他市場獲得監管批准方面取得了哪些進展？還有消息稱，據報導德國監管機構要求您在此階段覆蓋歐洲後切斷信號。不知道你對此有何評論？所以這是我的第一個問題。

It's Scott here. On the global progress with regulatory, the U.S. has been the one that's had the most significant movement this quarter. Of course, that's why we've profiled it, and we think the U.S. is important market in the world and one that we're very happy is taking a constructive approach. Globally, we've had several licenses for both 3GPP and V-band in place for some time now in about half a dozen markets globally. And we have many other regulatory conversations going on. It's a little more traditional for markets to progress closer to service. So we expect more movement on that as the year progresses.

我是斯科特。就全球監管進展而言，美國是本季度變化最大的國家。當然，這就是我們對其進行分析的原因，我們認為美國是世界上重要的市場，我們很高興採取建設性的方式。在全球範圍內，我們已經在全球大約六個市場獲得了 3GPP 和 V 波段的多項許可已有一段時間了。我們正在進行許多其他監管對話。市場向服務靠攏更傳統一些。因此，我們預計隨著時間的推移會有更多進展。

But we've also been really focused on test licenses. Some of that's not public, some of it's done behind the scenes before it's granted. And so with in prep -- test licenses, of course, so that we can continue our BlueWalker 3 test campaign through the course of the year. So that's good signals there, nothing's really changed. The receptivity we get from regulators is it's pretty positive based on the increased attention that nonterrestrial has got in the last couple of years. Others have kind of done that spade work for us. And then also the fact that this is just a great outcome for regulators, right? It's using existing assets more efficiently, it's connecting the unconnected. It's resolving political objective country by country by country. So I think globally, we still feel good. And in the second part of your question, Germany. So we were not contacted by the German regulator on that topic. So I don't think we have any other further comments that we've not filed for approval in Germany.

但我們也一直專注於測試許可證。有些是不公開的，有些是在獲得批准之前在幕後完成的。當然，還有準備中的測試許可證，這樣我們就可以在一年中繼續我們的 BlueWalker 3 測試活動。所以這是很好的信號，沒有什麼真正改變。我們從監管機構那裡得到的接受度是非常積極的，因為在過去幾年中非陸地受到越來越多的關注。其他人已經為我們做了一些工作。然後還有一個事實，即這對監管機構來說是一個很好的結果，對吧？它更有效地使用現有資產，連接未連接的資源。它正在逐個國家解決政治目標問題。所以我認為在全球範圍內，我們仍然感覺良好。在你問題的第二部分，德國。因此，德國監管機構沒有就該主題與我們聯繫。所以我認為我們沒有任何其他未在德國申請批准的進一步意見。

Great. That's very clear. Then I had a question about the testing, and I don't know how much you want or can share at this stage. But to understand a bit what are the next milestones in terms of what you need to test and work on testing with BlueWalker 3, it'd be up leading. And I don't know if you can share any sense of timing in terms of how long could this take?

偉大的。這很清楚。然後我有一個關於測試的問題，我不知道你在這個階段想要或可以分享多少。但要了解下一個里程碑是什麼，您需要測試什麼並使用 BlueWalker 3 進行測試，它會處於領先地位。我不知道你是否可以就這需要多長時間分享任何時間感？

Great. I think the key thing that we tried to emphasize was the validation of the end-to-end architecture, right? And that's key because the reason why this challenge has not been solved before and why we think others will struggle to solve it in a meaningful way because there's a lot of components to the end-to-end architecture.

偉大的。我認為我們試圖強調的關鍵是端到端架構的驗證，對嗎？這很關鍵，因為這個挑戰之前沒有得到解決的原因以及為什麼我們認為其他人會努力以有意義的方式解決它，因為端到端架構有很多組件。

Being able to transmit and do that initial end-to-end testing was a real key validation for us as well as flying the satellite and mechanical unfolding. So having those in our back pocket and getting the initial signal strength test that Abel pointed to on the downlink was very encouraging for us. These things that are happening in real time. This is something that's never been done before. And is pass by pass every 90 minutes, we make advancements. So we see the pieces and the testing continues for now.

能夠傳輸並進行初始端到端測試對我們來說是一個真正的關鍵驗證，以及飛行衛星和機械展開。因此，將這些放在我們的後兜並獲得 Abel 在下行鏈路上指出的初始信號強度測試對我們來說非常鼓舞人心。這些事情是實時發生的。這是以前從未有人做過的事情。並且每 90 分鐘經過一次，我們就會取得進步。所以我們看到了碎片，測試現在仍在繼續。

And then maybe a last question in terms of the CapEx and specifically, the unit cost of the BlueBird satellites. I know you said in the past that the next batch of satellites could have something more emerging use and more scalable in terms of the production. And so I was wondering if that was still how you thought about it and future satellites you did cost could (inaudible) be a bit lower than the one for BlueBird 5 -- sorry, BlueBird 1?

然後可能是關於資本支出的最後一個問題，特別是藍鳥衛星的單位成本。我知道你過去說過，下一批衛星可能會有更多新興用途，並且在生產方面更具可擴展性。所以我想知道這是否仍然是您的想法，您所做的未來衛星的成本可能（聽不清）會比 BlueBird 5 低一點——抱歉，BlueBird 1？

Do you want to take that, Scott?

你想接受嗎，斯科特？

Yes, please. So the range of our estimates for the for the first sets of satellites start from $15 million to $17 million to $16 million to $18 million, about a 6% increase. A lot of that increase is a function of some changes in some of our estimates of what we think our launch vehicle costs will be. Candidly, we have tried to be very conservative on what we think our material costs will be as well as our launch costs. And we have basically predicted our costs based on current costs for our materials and for launches. We agree with you that, overtime, we're going to continue to see, hopefully, very, very rapid reductions in the cost per kilograms for launch vehicles as well as the benefits of scale in our manufacturing and purchasing capabilities to bring that number down, but we are trying to be conservative. And so we're just using sort of near line of sight to provide you that estimate. Hopefully, will be good news if we get better scale and better cost and launch vehicles.

是的，請。因此，我們對第一組衛星的估計範圍從 1500 萬美元到 1700 萬美元到 1600 萬美元到 1800 萬美元，大約增加了 6%。大部分增長是我們對運載火箭成本的一些估計發生變化的結果。坦率地說，對於我們認為我們的材料成本和發射成本，我們試圖非常保守。我們基本上已經根據我們的材料和發射的當前成本預測了我們的成本。我們同意你的看法，隨著時間的推移，我們將繼續看到，希望運載火箭的每公斤成本非常、非常迅速地下降，以及我們製造和採購能力的規模化帶來的好處，以降低這一數字，但我們正在努力保持保守。所以我們只是使用近視線來為您提供估計。如果我們獲得更好的規模、更好的成本和運載火箭，希望這將是個好消息。

Our next questions come from the line of Bryan Kraft with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Kraft。

I had a few, if you don't mind. I guess, first, I wanted to just ask you what regions will the Block 1 and Block 2 satellites cover? I'm assuming that, that will be equatorial regions, but I wanted to see how you're thinking about that. Maybe I'll throw the second one in at the same time, which is, at this point, when do you expect revenue to really begin to ramp in a meaningful way? Is that maybe early 2025 after the first 25 satellites in orbit and operating? Or will it take longer before we start to see that ramp up?

如果你不介意的話，我有幾個。我想，首先，我只想問你 Block 1 和 Block 2 衛星將覆蓋哪些區域？我假設那將是赤道地區，但我想看看你是怎麼想的。也許我會同時投入第二個，也就是說，在這一點上，你預計收入什麼時候真正開始以有意義的方式增長？在前 25 顆衛星進入軌道並運行之後，這可能是 2025 年初嗎？或者我們需要更長的時間才能看到這種增長？

I'll jump in first. So in terms of initial markets for Block 1, we have not announced that. And the reason why, believe it or not, you can actually change that. Where the satellites focus pretty late in the cycle because it's just a matter of inclination that you launch into. But of course, we have some pretty good sense and the U.S. market is the most valuable telecom market in the world. But that's a decision prioritization that is -- will be made with our partners and there'll be strategic considerations. But those initial markets for Block 1, we expect well service globally in some way. And yes, we expect revenue on those for sure.

我先跳進去因此，就 Block 1 的初始市場而言，我們尚未宣布。不管你信不信，你實際上可以改變它的原因。衛星在周期中很晚才聚焦的地方，因為這只是你發射時的傾斜度問題。但當然，我們有一些很好的判斷力，美國市場是世界上最有價值的電信市場。但這是一個決定的優先次序——將與我們的合作夥伴一起做出，並且會有戰略考慮。但是對於 Block 1 的那些初始市場，我們希望以某種方式在全球範圍內提供良好的服務。是的，我們肯定會從中獲得收入。

In terms of revenue ramp, the Block 1 revenue will be a 2024 event, and then Block 2 revenue will continue to ramp alongside it. For us, it's important that we're not selling services based on satellites. We're selling services based on the abilities and coverage. And so as we start to put agreements in place, they'll kind of -- they'll forecast the expectation of additional coverage and additional capabilities, and we'll be able to leg into that kind of automatic clear as we go. So really 2024 for initial revenue from Block 1 and Block 2, we'll chase as quickly as we can.

就收入增長而言，Block 1 收入將是 2024 年的事件，然後 Block 2 收入將繼續隨之增長。對我們來說，重要的是我們不銷售基於衛星的服務。我們根據能力和覆蓋範圍銷售服務。因此，當我們開始製定協議時，他們會有點 - 他們會預測對額外覆蓋範圍和額外功能的期望，並且我們將能夠在我們進行時進入那種自動清除。因此，對於 Block 1 和 Block 2 的初始收入，真的是 2024 年，我們將盡快追逐。

Well, maybe just -- I mean, without getting into specific markets, I guess one thing I just wanted to understand is there's really 2 types of markets, right? There's Western markets where you're providing fill in coverage for people primarily who are roaming off the grid. And then there are markets where you're providing primary broadband service, right, because there's not terrestrial service available, which I think is a big part of your mission. I guess I was just curious as to whether the first 2 blocks of satellites will focus on providing that primary broadband service? Or if it will be more in the developed markets like the U.S. where you're providing complementary service to terrestrial networks?

好吧，也許只是——我的意思是，在沒有進入特定市場的情況下，我想我只是想了解一件事，那就是真的有兩種類型的市場，對吧？在西方市場，您主要為離網漫遊的人們提供補充覆蓋。然後是您提供主要寬帶服務的市場，對吧，因為沒有可用的地面服務，我認為這是您使命的重要組成部分。我想我只是好奇前兩塊衛星是否會專注於提供主要寬帶服務？或者，如果在美國這樣的發達市場，你會更多地為地面網絡提供補充服務？

Yes. We are taking a dramatic and strategic approach where we focus the satellites, and that depends on the agreements that we have. I mean, obviously, our ability to provide connectivity for both type of markets, developed markets where people, most of the time, have connectivity, but moving out of connectivity when it's hiking or in a row that do not have connectivity or simply driving between New York and the Hamptons and heat an area where there's no connectivity.

是的。我們正在採取一種引人注目的戰略方法，我們將重點放在衛星上，這取決於我們達成的協議。我的意思是，很明顯，我們有能力為兩種類型的市場提供連通性，即發達市場，人們在大多數情況下都具有連通性，但在遠足或連續沒有連通性或只是在兩者之間行駛時會脫離連通性紐約和漢普頓，並加熱一個沒有連通性的區域。

And as you indicated, also developing countries where people work and live in places where there is no broadband connectivity at all. So we're approaching both. The ARPU of the developed market is higher. The U.S. market is the largest telco market in the world. And we are taking decisions of where we focus these initial assets as per the agreement that we are working and negotiating with our telco partners. So they will be -- to answer your question is, it will be driven by the commercial agreements that we're negotiating.

正如你所指出的，還有發展中國家，那裡的人們工作和生活在根本沒有寬帶連接的地方。所以我們正在接近兩者。發達市場的ARPU更高。美國市場是世界上最大的電信市場。我們正在根據我們正在與我們的電信合作夥伴合作和談判的協議，決定我們將這些初始資產集中在哪裡。所以他們將 - 回答你的問題是，它將由我們正在談判的商業協議驅動。

Got it. That makes sense. And then my other question is, on the financing side, what's the potential for securing financing through one or more of your MNO partners? I mean with so many large, well-funded partners, you wouldn't need a lot of participation among companies to make a modest investment to finish the build out or at least get you through the next phase on the Block 2 satellites. And I guess I was wondering how realistic that might be as an option and maybe that plays into some of the prioritization discussion, too, about where you focus first?

知道了。這就說得通了。然後我的另一個問題是，在融資方面，通過一個或多個 MNO 合作夥伴獲得融資的潛力有多大？我的意思是，有了這麼多資金雄厚的大型合作夥伴，你不需要公司之間的大量參與來進行適度的投資來完成建設，或者至少讓你通過 Block 2 衛星的下一階段。我想我想知道作為一個選項可能有多現實，也許這也會影響一些優先級討論，關於你首先關注的地方？

No, I think you -- you're absolutely right. That the -- we are strategic for our telco partners. We actually partnered with them in solving a major problem for them, which is coverage, and specifically, the coverage has become more expensive for them, which is the last portion of their territories where there's no broadband services. We will explore that as much as we can. And we will work with them and we have been working since inception. So that's what we're working with our existing shareholders and strategic partners as part of our development of our constellation.

不，我認為你——你是絕對正確的。那 - 我們對我們的電信合作夥伴具有戰略意義。實際上，我們與他們合作為他們解決了一個主要問題，即覆蓋範圍，具體來說，覆蓋範圍對他們來說變得更加昂貴，這是他們領土上沒有寬帶服務的最後一部分。我們將盡可能多地探索這一點。我們將與他們合作，我們從一開始就一直在努力。因此，這就是我們與現有股東和戰略合作夥伴合作的內容，作為我們星座開發的一部分。

Do you want to add something there, Sean? It sounds like you're trying to jump in.

你想在那裡添加一些東西嗎，肖恩？聽起來你想跳進去。

No, I think Abel said it best. I mean, I think as we move along and derisk this business, it's very clear in our conversations with our MNO partners that this is a great -- this is a business that attacks their capital expenditure problems. They need to build fewer towers. They probably need to buy less spectrum and they're going to help their ARPU, which all will drive their return on invested capital. So it's a very interesting business that's complementary to their existing platform and is going to be able them to grow without having to spend a lot of money. So we do agree with you that over time, as we derisk and improve the technology, that there's going to be a lot of -- we hope there would be a lot of companies to be very interested investing alongside this.

不，我認為亞伯說得最好。我的意思是，我認為當我們繼續前進並降低這項業務的風險時，在我們與 MNO 合作夥伴的對話中非常清楚，這是一個很好的 - 這是一個解決他們的資本支出問題的業務。他們需要建造更少的塔。他們可能需要購買更少的頻譜，他們將幫助他們的 ARPU，所有這些都將推動他們的投資回報。因此，這是一項非常有趣的業務，可以補充他們現有的平台，並且能夠讓他們在無需花費大量資金的情況下實現增長。所以我們確實同意你的看法，隨著時間的推移，隨著我們降低風險並改進技術，將會有很多 - 我們希望會有很多公司對此非常有興趣進行投資。

Our next questions come from the line of Landon Park with Morgan Stanley.

我們的下一個問題來自蘭登公園與摩根士丹利的合作。

I'm wondering if we can just start off on the testing you mentioned. Can you maybe just define what 5G speed sort of means when you're talking about that? And is the testing indicating that you'll have a reliable enough connection for consistent voice services as well?

我想知道我們是否可以開始您提到的測試。當你談論這個時，你能不能定義一下 5G 速度意味著什麼？測試是否表明您也將擁有足夠可靠的連接來提供一致的語音服務？

Well, first of all, the -- when we refer to 5G, we refer to what the FCC basically state of 5G, 5G or 4G speeds. So that what we use as a reference.

嗯，首先，當我們提到 5G 時，我們指的是 FCC 對 5G、5G 或 4G 速度的基本狀態。以便於我們作為參考。

Is that what, 30 megabits or...

那是什麼，30 兆或...

In that order, yes. So the -- in order to provide broadband directly to a handset, you need to have the ability to calibrate, be inform, track, doppler and delay compensate, which we do with our patented approach to do that directly to a regular handset. So at this moment, we have all the evidence that we get and all signal strength to achieve that.

按照這個順序，是的。因此 - 為了直接向手機提供寬帶，您需要具備校準、通知、跟踪、多普勒和延遲補償的能力，我們使用我們的專利方法直接向普通手機提供這些功能。所以此時此刻，我們擁有我們獲得的所有證據和實現這一目標的所有信號強度。

As I said before, we are not completed. We still steps to finish to do that end-to-end connectivity to reform, but we have basically validated the whole architecture at this point. And yes, this will support voice, VoLTE, text, data, video, video streaming and anything that you can do with a 5G device and the rest of architecture. Of course, with the limitations of our wireless infrastructure and obviously, that capacity needs to be administrated carefully in order to maximize the number of users per satellite. But in principle, we estimate that we will be able to support all applications that you currently have on the terrestrial networks.

正如我之前所說，我們還沒有完成。我們仍在逐步完成端到端的連接改革，但此時我們已經基本驗證了整個架構。是的，這將支持語音、VoLTE、文本、數據、視頻、視頻流以及您可以使用 5G 設備和其他架構進行的任何操作。當然，由於我們無線基礎設施的局限性，顯然需要謹慎管理該容量，以最大限度地增加每顆衛星的用戶數量。但原則上，我們估計我們將能夠支持您目前在地面網絡上的所有應用程序。

Understood. And talking about the BlueBirds, I think you previously indicated that you expect the full size production satellites to have 9 to 13 gigabits of capacity. Has the testing given any indications of potential upside or downside versus those numbers that you had previously given?

明白了。談到藍鳥，我想你之前曾表示你希望全尺寸生產衛星具有 9 到 13 吉比特的容量。與您之前給出的數字相比，測試是否給出了任何潛在的上行或下行跡象？

Well, we indicated -- I mean, the first block, they are the same size of BlueWalker 3, they're FPGA base. The next generation -- the Block 2s are our ASIC base. We have done a tremendous amount of progress on that. We will be taking out that ASIC pretty soon, and we estimate a tenfold increase in capacity per satellite when we incorporate the ASIC into our technology. Our testing at this point have been mostly focused in BlueWalker 3 and basically enabling end-to-end connectivity with all the impairment that a LEO system will have, which is the core of our technology.

好吧，我們指出——我的意思是，第一個塊，它們與 BlueWalker 3 的大小相同，它們是 FPGA 基礎。下一代——Block 2 是我們的 ASIC 基礎。我們在這方面取得了巨大進展。我們很快就會淘汰那個 ASIC，我們估計當我們將 ASIC 納入我們的技術時，每顆衛星的容量會增加十倍。我們在這一點上的測試主要集中在 BlueWalker 3 上，並且基本上實現了端到端連接，並具有 LEO 系統將具有的所有損傷，這是我們技術的核心。

Understood. So is the 9 to 13 gigabits for the full-size ASIC-based satellites. Is that still the right range we should be thinking about?

明白了。基於 ASIC 的全尺寸衛星的 9 到 13 吉比特也是如此。這仍然是我們應該考慮的正確範圍嗎？

Yes.

是的。

Okay. And then just last one for me. I'm wondering if you've had any discussions with MSS spectrum license holders for potential partnership. I think there's certain obvious benefits to having a global unified band that can potentially be embedded in smartphones moving forward. Have you given any thoughts to potentially pursuing a partnership along those lines?

好的。然後給我最後一個。我想知道您是否與 MSS 頻譜許可證持有人就潛在的合作夥伴關係進行過任何討論。我認為擁有一個可以嵌入智能手機中的全球統一頻段有一些明顯的好處。您是否考慮過可能沿著這些方向建立夥伴關係？

Well, what I can say at this moment, our satellite has the ability to support both 3GPP and MSS spectrum. We have designed that from the very beginning, both our ASIC, our antennas, our transmitters, our receivers, which take years to develop, they already incorporate a capability for a multitude of bands, no one in particular. But our view is that the real business and the biggest potential, it is reducing the spectrum from the MNO, for a very, very simple reason. There is gigahertz capacity or spectrum allocated to cellular and the very few tends to megahertz allocated to MSS. So our view is focus on 3GPP spectrum that we reuse from terrestrial in a chirp manner or in a dedicated manner in order to assure a weaker connectivity per country. But having said that, that doesn't discard our capacity and our ability to also overlay MSS spectrum to what we believe is the core and the most important market, which is reuse in 3GPP spectrum.

好吧，我現在可以說的是，我們的衛星有能力同時支持 3GPP 和 MSS 頻譜。我們從一開始就設計了，我們的 ASIC、我們的天線、我們的發射器、我們的接收器，這些都需要多年的開發，它們已經包含了多種頻段的能力，沒有一個是特定的。但我們的觀點是，真正的業務和最大的潛力是減少 MNO 的頻譜，原因非常非常簡單。有千兆赫容量或頻譜分配給蜂窩，極少數傾向於兆赫分配給 MSS。因此，我們的觀點是關注我們以線性調頻方式或專用方式從地面重用的 3GPP 頻譜，以確保每個國家/地區的連接性較弱。但話說回來，這並沒有放棄我們的能力，也沒有放棄我們將 MSS 頻譜覆蓋到我們認為是核心和最重要的市場的能力，即 3GPP 頻譜的重用。

So just a follow-up there. So when we think about use cases in terms of potentially being fringe use cases and populated suburban areas where there are fill dead spots, but they're relatively small. Would you be able to use carrier spectrum in small dead spots like that? Or will it create interference issues with the terrestrial networks?

所以只是那裡的後續行動。因此，當我們考慮可能是邊緣用例和人口稠密的郊區的用例時，那裡有填充死角，但它們相對較小。你能在這樣的小死角使用載波頻譜嗎？還是會對地面網絡造成乾擾？

Yes. We had an approach with the 3GPP spectrum, which is shared with terrestrial that one of the big advantages of having a very large array allowed us to geographically distinct and reuse the spectrum. So we don't need dedicated spectrum on a national basis. We can parse it out by regions, by sales, by beams. And then we work with the operators in basically a frequency plan that allowed us to cover the very small holes in the network as of the very large holes in the network. So that's the way how we do it. Of course, we do this in complete coordination and with the cellular operator, which is at the end, beholder of the spectrum.

是的。我們採用了 3GPP 頻譜的方法，該頻譜與地面共享，擁有非常大的陣列的一大優勢使我們能夠在地理上區分和重用頻譜。所以我們不需要在全國范圍內使用專用頻譜。我們可以按地區、按銷售額、按波束來解析它。然後我們與運營商合作，基本上製定了一個頻率計劃，使我們能夠覆蓋網絡中非常小的漏洞以及網絡中非常大的漏洞。所以我們就是這樣做的。當然，我們是在完全協調的情況下與處於頻譜末端的蜂窩運營商一起完成這項工作的。

How small -- I mean, are those -- because I mean, some of these gaps are very, very small and in relatively populated suburban areas. So how tight can you get your beam in terms of filling in some of those gaps?

有多小——我的意思是，那些——因為我的意思是，其中一些差距非常非常小，而且位於人口相對稠密的郊區。那麼，在填補其中一些空白方面，您的光束能有多緊呢？

Yes. It is not only by separating through the beams. So our beams get to around 24 kilometers, and that's a matter of 24 or 12 depending on the band. And then easy gaps are smaller than that, then basically, it's a frequency plan coordination that is done together with the operator. So it's basically trigonal spectrum into those areas. So when we think about it, we think about it 3GPP dedicated spectrum and 3GPP nondedicated or chirp spectrum, but both 3GPP spectrum already owned and operated by the operators.

是的。這不僅僅是通過橫梁分離。所以我們的波束到達大約 24 公里，根據波段，這是 24 或 12 的問題。然後容易的差距比這更小，那麼基本上，這是與運營商一起完成的頻率計劃協調。所以它基本上是那些區域的三角光譜。因此，當我們考慮它時，我們會考慮 3GPP 專用頻譜和 3GPP 非專用或線性調頻頻譜，但這兩個 3GPP 頻譜已經由運營商擁有和運營。

So under that scenario, the operator would have to vacate certain frequencies in those small pockets on a wider basis in order to allow you to operate, right? Is that allow under the way FCC rules are being written?

因此，在這種情況下，運營商將不得不在更廣泛的基礎上騰出那些小口袋中的某些頻率，以便讓您運營，對嗎？在編寫 FCC 規則的情況下是否允許這樣做？

Yes.

是的。

Because that's how it would function?

因為這就是它的運作方式？

Yes, that's our expectation. Our expectation is that, that the operators with our system, they will be able to, in the most efficient way that exists today, given the size of our arrays, we'll be able to chirp spectrum in a dedicated or a chirp manner in order to cover every single gap in there correspondent territory.

是的，這是我們的期望。我們的期望是，使用我們系統的操作員，他們將能夠以當今最有效的方式，鑑於我們陣列的大小，我們將能夠以專用或線性調頻方式調頻頻譜為了彌補相應地區的每一個空白。

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

謝謝。目前，我沒有進一步提問。我現在想將電話轉回給 Scott Wisniewski，請他發表任何結束語。

Thank you, everyone. And our company is building the first and only space-based cellular broadband network and is designed for use of the phone in your pocket today. We're very excited for the path ahead for AST SpaceMobile. Thank you to our shareholders and analysts for their questions, and have a great weekend, everybody.

謝謝大家。我們公司正在建設第一個也是唯一一個基於太空的蜂窩寬帶網絡，並且專為今天您口袋裡的電話使用而設計。我們對 AST SpaceMobile 的未來之路感到非常興奮。感謝我們的股東和分析師提出的問題，祝大家週末愉快。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路。享受你剩下的一天。