AST SpaceMobile Inc (ASTS) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile First Quarter 2023 Business Update Call. Please be advised that today's conference is being recorded.

您好，感謝您的收看。歡迎參加 AST SpaceMobile 2023 年第一季業務更新電話會議。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your host today, Scott Wisniewski, Chief Strategy Officer of AST SpaceMobile. Please go ahead.

現在，我想將會議移交給今天的主持人，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.

謝謝大家，下午好。請允許我推薦簡報的第二張投影片，其中包含我們的安全港免責聲明。

During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's 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. Readers are cautioned not to put undue reliance on forward-looking statements and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call. Also, after our initial remarks, we will be starting our Q&A section with questions submitted in advance by our shareholders.

在今天的電話會議上，我們可能會做出某些前瞻性陳述。這些陳述是基於目前的預期和假設，因此受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上的前瞻性陳述有重大差異。有關這些風險和不確定性的更多信息，請參閱 AST SpaceMobile 提交給美國證券交易委員會的截至 2022 年 12 月 31 日的 10-K 表格年度報告中的“風險因素”部分，以及 AST SpaceMobile 不時向美國證券交易委員會提交的其他文件。敬請讀者不要過度依賴前瞻性陳述，本公司明確聲明不承擔更新本次電話會議上可能討論的前瞻性陳述的任何義務。此外，在我們最初的發言之後，我們將開始問答環節，解答股東預先提交的問題。

Now referring to Slide 3. For those of you who may be new to our company and our mission at AST SpaceMobile, there are over 5 billion mobile phones in use today around the world and yet many of us still experience gaps in coverage as we live, work and travel. On top of this, there are billions of people without cellular broadband who remain unconnected to the global economy.

現在請看投影片3。對於那些可能不熟悉我們公司以及AST SpaceMobile使命的人來說，目前全球有超過50億部手機在使用，但我們許多人在生活、工作和旅行中仍然遇到訊號覆蓋不足的問題。此外，還有數十億人沒有蜂巢寬頻，無法與全球經濟保持聯繫。

The market opportunity for us is large and the problem we are solving is important and touches nearly all of us. In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network and space to operate directly with everyday unmodified mobile devices and this is supported by our extensive IP and patent portfolio.

我們面臨的市場機會巨大，我們正在解決的問題至關重要，幾乎觸及我們所有人。在此背景下，AST SpaceMobile 正在建立首個也是唯一一個可直接與日常未經修改的行動裝置協同運作的全球蜂巢寬頻網路和空間，這得益於我們廣泛的智慧財產權和專利組合。

Over the last few weeks, we have made significant steps to confirm our technology, opening new business opportunities. It is now my pleasure to introduce Chairman and CEO, Abel Avellan, who will summarize what we've been up to since our last public update 6 weeks ago. He will be providing important context for what these activities mean to our company, our partners and our shareholders. Abel?

過去幾週，我們在技術驗證方面取得了重大進展，開啟了新的商機。現在，我很高興介紹董事長兼執行長阿貝爾·阿維蘭 (Abel Avellan)，他將總結自六週前上次公開更新以來我們所做的工作。他將提供重要的背景訊息，說明這些活動對我們公司、合作夥伴和股東的意義。阿貝爾？

Welcome to our Q1 2023 key highlights. We had an important quarter here to report. To get us started, we wanted to hit on the key messages for our update today.

歡迎閱讀我們 2023 年第一季的重點報告。我們有一個重要的季度要報告。首先，我們想先概述一下今天更新的關鍵資訊。

Number one, we have made history recently, successfully completed the first ever direct voice connection from our BlueWalker 3 test satellite to everyday to smartphones, certifying our leading position in the market we invented. This was not just a major achievement. We significantly de-risked our business and created new important opportunities for us. The success of this first call validate our technology. We now know that we can move forward with our 16 approach, confirming the ability to potentially access the over 5 billion mobile devices in circulation.

首先，我們最近創造了歷史，成功完成了從BlueWalker 3測試衛星到日常智慧型手機的首次直接語音連接，證明了我們在我們開創的市場中的領先地位。這不僅僅是一項重大成就，它還顯著降低了業務風險，並為我們創造了新的重要機會。首次通話的成功驗證了我們的技術。現在我們知道，我們可以繼續推進我們的16路語音通話方案，這證實了我們有能力接入目前流通的超過50億台行動裝置。

Lastly, the first call expand our potential opportunity to fund our business, including new options that we are always exploring. In short time, since we last spoke, AST SpaceMobile made history. We successfully completed the first ever direct voice call from our BlueWalker 3 test satellite to everyday smartphones, utilizing AT&T spectrum and using a Samsung Galaxy S22 smartphone and other phones. This was a major technical achievement. And the result of years of R&D, hundreds of millions in investments and backed by an extensive patent portfolio covering over 2,600 patents and patent pending claims.

最後，首次通話擴大了我們潛在的業務融資機會，包括我們一直在探索的新方案。自上次通話以來的短時間內，AST SpaceMobile 創造了歷史。我們成功完成了 BlueWalker 3 測試衛星與日常智慧型手機的首次直接語音通話，利用了 AT&T 頻譜，並使用了三星 Galaxy S22 智慧型手機和其他手機。這是一項重大的技術成就，也是多年研發、數億美元投資以及涵蓋 2600 多項專利和正在申請的專利的廣泛專利組合的成果。

We are proud to have AT&T one of our close network partners. As you see in this graphic on Page 5, AT&T have put us in significant historical context, comparing our achievement with the first ever phone call, first television transmission, first transmission of content over satellite among others. This is truly unbelievable.

我們很榮幸能與 AT&T 成為緊密的網路合作夥伴之一。正如您在第五頁的圖表中所見，AT&T 將我們置於重要的歷史背景中，將我們的成就與人類歷史上的第一次電話、第一次電視傳輸、第一次衛星內容傳輸等等相提並論。這真是令人難以置信。

We continue strong momentum with the wireless industry. This achievement has allowed for continued strong momentum with the largest players in the wireless ecosystem. Margherita, the CEO of Vodafone also put our achievement in important historical context versus the first-ever test message sent by Vodafone 30 years ago. And Chris who runs AT&T Network, echoed historical sentiments.

我們無線產業持續保持強勁勢頭。這項成就使無線生態系統中最大的參與者能夠繼續保持強勁勢頭。沃達豐執行長瑪格麗塔也將我們的成就與30年前沃達豐發送的第一個測試訊息進行了重要的歷史對比。 AT&T網路負責人克里斯也表達了同樣的看法。

At this point, we had approximately 40 MNOs, Mobile Network Operators, around the globe under preliminary agreements, representing the top leaders in the wireless industry. Some of these relationships are deep with a strong executive support. They are truly in the room with us helping to bring this technology to reality. And this technical milestone we have just achieved will accelerate our relationships.

目前，我們已與全球約40家行動網路營運商（MNO）達成初步協議，這些業者代表無線產業的頂尖領導者。其中一些關係深厚，並獲得了高階主管的大力支持。他們與我們攜手合作，共同將這項技術變成現實。我們剛剛取得的這項技術里程碑將加速我們之間的合作關係。

Implications of this, historical technical milestone. So what does this technology milestone means? It validates our system architecture. There's no need for us to change our approach or redesign our satellites. Specifically, we confirm that no major changes are needed to the design of our Block 1 BlueBird or our technology road map. Accordingly, we're ramping, manufacturing and material sourcing at our Midland facilities. The successful first call also confirmed that our technology works with everyday smartphones, the phone that you have in your pocket.

這歷史性技術里程碑的意義何在？它驗證了我們的系統架構。我們無需改變方法或重新設計衛星。具體來說，我們確認無需對Block 1 BlueBird的設計或技術路線圖進行重大更改。因此，我們正在米德蘭的工廠進行量產、製造和材料採購。首次通話成功也證實了我們的技術可以與日常智慧型手機（您口袋裡的手機）相容。

We also confirm our ability to integrate with existing wireless ecosystem, including spectrum. The big question for BlueWalker what comes next? And that is demonstration of 4G and 5G capabilities for download speeds, which we're ramping towards and demonstrated that we can support signal strength in line with 4G and 5G speeds.

我們也確認了我們能夠與現有無線生態系統（包括頻譜）整合的能力。 BlueWalker 的下一步計劃是什麼？那就是演示 4G 和 5G 的下載速度，我們正在朝著這個目標努力，並已證明我們能夠支援與 4G 和 5G 速度相當的訊號強度。

Testing confirms technology ability to work with everyday smartphone and devices. While older architecture will potentially target SOS or text-only features or require additional hardware to potentially work. We're building the first and only system that will use low earth orbits satellite to connect to cellphone you use today at broadband speeds. Our technology is designed to work with the over 5 billion phones in circulation on carrier spectrum and without any modification to the phones, without requiring any special frequencies, app or chipsets.

測試證實，該技術能夠與日常智慧型手機和設備相容。雖然舊架構可能僅支援 SOS 或純文字功能，或者需要額外的硬體才能正常運作。我們正在建造首個也是唯一利用低地球軌道衛星以寬頻速度連接到您目前使用的手機的系統。我們的技術旨在與營運商頻譜上超過 50 億支手機相容，無需對手機進行任何修改，也無需任何特殊頻率、應用程式或晶片組。

Our plan is that you can simply download or dial without any intermediate steps. This gives us access to the $1.1 trillion wireless industry. This is truly a game changer in a market we believe we had a very significant first-mover advantage.

我們的計劃是，您只需下載或撥號，無需任何中間步驟。這使我們能夠進入價值 1.1 兆美元的無線產業。這確實會改變市場格局，我們相信自己在這個市場上擁有非常顯著的先發優勢。

Now, moving to the update on industrialization of our patented technology. First, we have to report that our production for our next 5 Block 1 satellites are on target for a Q1 2024 launch. When it comes to the manufacturing of our satellites, we have production up and running at our facilities in Midland, Texas.

現在，我們來談談我們專利技術產業化的最新進展。首先，我們必須報告，我們接下來的5顆Block 1衛星的生產計畫正在按計畫進行，預計將於2024年第一季發射。在衛星製造方面，我們位於德克薩斯州米德蘭的工廠已經投入生產。

The pictures on this page are site 2, our second production site and represent a look at some of the initial manufacturing underway for Block 1. We remain on track for the planned launch of 5 Block 1 satellites in Q1 2024.

本頁上的圖片是站點 2，即我們的第二個生產站點，展示了 Block 1 正在進行的一些初始製造過程。我們仍按計畫在 2024 年第一季發射 5 顆 Block 1 衛星。

Now let's talk about our technology road map, which is designed to be a stage. And as we build and design new advanced satellite architecture, we continuously improve in both our unit cost or cost per gigabit delivered to end users, but also we improve the capacity that we're able to deliver into the network. So with BlueWalker 3, we have demonstrated using our current architecture, the ability to connect directly to handsets. With Block 1, there is an improvement of 10x capacity, being able to be delivered compared with BlueWalker 3 and then there's another 10x capacity improvement with the Block 2.

現在我們來談談我們的技術路線圖，這是一個階段性的設計。隨著我們建構和設計新的先進衛星架構，我們不僅不斷降低交付給終端用戶的單位成本（每千兆位元的成本），而且還提升了我們能夠交付到網路中的容量。例如，在BlueWalker 3中，我們已經展示了使用現有架構直接連接到手機的能力。與BlueWalker 3相比，Block 1的容量提升了10倍，而Block 2的容量又提升了10倍。

So what we see, we're not only improving our unitary cost, we continue to improve our technology, but we're also improving our capacity and our network capacity as we add more satellite. This is thanks to our patented technology, our integrated, our vertically integrated approach to build and design our satellites and also the fact that we own our own software firmware and custom ASICs in order to get to this point.

因此，我們看到，我們不僅在降低單位成本，還在不斷改進技術，而且隨著衛星數量的增加，我們的容量和網路容量也在不斷提升。這要歸功於我們的專利技術、我們整合的、垂直整合的衛星建造和設計方法，以及我們擁有自己的軟體韌體和客製化ASIC晶片，才得以實現這一點。

And with that, I'll move it to Sean to do the financial overview.

有了這些，我會將其交給 Sean 來做財務概覽。

Thanks, Abel. Good afternoon, everyone. Since our last earnings call, AST has made history with the first voice calls connecting everyday smartphones to our BlueWalker 3 satellite. I want to congratulate our team on this groundbreaking milestone. And it's great to see such a feat to be supported and confirmed by some of the most sophisticated wireless companies in the world, including AT&T and Vodafone.

謝謝，Abel。大家下午好。自上次財報電話會議以來，AST 創造了歷史，首次將日常智慧型手機連接到我們的 BlueWalker 3 衛星，實現了語音通話。我要祝賀我們的團隊取得這項突破性的里程碑。很高興看到這項壯舉得到了包括 AT&T 和沃達豐在內的一些全球最成熟的無線公司的支持和認可。

Beyond making wireless history, we also continue to drive our plan of execution. We made continued progress around our manufacturing milestones and we are excited about the next 12 months, which should see the launch of 5 Block 1 satellites and progress towards the initiation of commercial service.

除了創造無線領域的歷史，我們還在持續推進我們的執行計劃。我們在製造里程碑方面持續取得進展，並對未來12個月充滿期待，屆時我們將發射5顆Block 1衛星，並逐步實現商業服務。

Let's spend some time discussing a couple of our key operating metrics for the first quarter that, are displayed on Slide 11. Looking at the first chart, we see for the first quarter of 2023, we had non-GAAP adjusted operating expenses of $40.3 million versus $39.1 million in the fourth quarter of 2022. Non-GAAP adjusted operating expenses exclude non-cash operating costs, including depreciation and amortization and stock-based compensation, which totaled $3.5 million and $4.3 million for the fourth and first quarters, respectively. Our first quarter non-GAAP adjusted operating expenses increased by $1.2 million versus the fourth quarter of 2022.

讓我們來討論第一季的幾個關鍵營運指標，它們顯示在投影片11上。從第一張圖表可以看出，2023年第一季度，我們的非公認會計準則調整後營運費用為4,030萬美元，而2022年第四季為3,910萬美元。非公認會計準則調整後營運費用不包括非現金營運成本，包括折舊和攤提以及股票薪酬，第四季和第一季的非現金營運成本分別為350萬美元和430萬美元。我們第一季的非公認會計準則調整後營運費用與2022年第四季相比增加了120萬美元。

Our Research and Development expenses climbed by $1.7 million, primarily as a result of increased activity with Nokia, where we are developing our gateway infrastructure. Our engineering services expenses rose by $0.6 million. Our G&A expenses fell $1.1 million primarily as a result of cost controls and discipline. 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 pursue the construction and planned launch of 5 Block 1 BlueBird satellites in the first quarter of 2024.

我們的研發費用增加了170萬美元，主要是因為與諾基亞的合作增加，我們正在諾基亞開發網關基礎設施。我們的工程服務費用增加了60萬美元。我們的一般及行政費用減少了110萬美元，主要是由於成本控制和紀律約束。我們目前預計，非公認會計準則調整後的營運費用水準將在未來至少兩個季度保持在30%左右的高位，因為我們將繼續推進BlueBird衛星的重要研發項目，並推進5顆Block 1 BlueBird衛星的建造和計劃於2024年第一季發射。

Turning towards the second chart. Our capital expenditures for the first quarter were $13 million versus $10.4 million for the fourth quarter. This increase in capital expenditures was directly related to our focus on building the 5 Block 1 satellites. And this figure includes materials which are capitalized and the continued investment in our satellite assembly process.

我們來看第二張圖表。我們第一季的資本支出為1300萬美元，而第四季為1040萬美元。資本支出的增加與我們專注於建造5顆Block 1衛星直接相關。這個數字包括已資本化的材料以及對衛星組裝流程的持續投資。

Our capital expenditures, which have been averaging around $10 million to $13 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. Overall, we continue to expect our total capital expenditures for our 5 Block 1 satellites to be between $100 million to $110 million. As of the end of the first quarter, we have already expended $40 million of those projected amounts. In previous quarters, we had provided estimates for the capital cost of each of our Block 2 satellites, which includes materials and launch costs. In the last quarter, we estimated that the cost would be $16 million to $18 million. Going forward, we expect to provide these estimates once a year unless there are material changes as we believe annual reviews provide more meaningful views on the trends of these long-lived assets.

我們的資本支出平均每季約為 1,000 萬至 1,300 萬美元，將開始增加以資助我們的 Block 1 衛星的開發，我們目前預計這些衛星將於 2024 年第一季發射。總體而言，我們繼續預期 5 顆 Block 1 衛星的總資本支出將在 1 億至 1.1 億美元之間。截至第一季末，我們已經花費了其中的 4,000 萬美元。在前幾個季度，我們已經對每顆 Block 2 衛星的資本成本進行了估算，其中包括材料和發射成本。在上個季度，我們估計成本將在 1,600 萬至 1,800 萬美元之間。展望未來，除非發生重大變化，我們預計每年提供一次這些估算，因為我們相信年度審查可以對這些長期資產的趨勢提供更有意義的看法。

As of the end of the first quarter, we had capitalized costs totaling $92.5 million for BlueWalker 3. Based on the successful testing regimen, including the voice call I mentioned earlier, we have determined that the BlueWalker 3 is now operational for accounting purposes. And we will begin to depreciate this asset over the next 16 months. This depreciation will increase our noncash depreciation charges by over $17 million per quarter until this asset is fully depreciated.

截至第一季末，我們已將BlueWalker 3的資本化成本總計9,250萬美元。基於成功的測試方案，包括我之前提到的語音通話，我們已確定BlueWalker 3現已投入運營，符合會計準則。我們將在未來16個月內開始對該資產進行折舊。折舊將導致我們每季的非現金折舊費用增加超過1700萬美元，直到資產完全折舊為止。

And on the final chart on the slide, we ended the fourth (sic) [first] quarter just shy of $185.7 million in cash on hand. As we stated in our 10-Q, we believe this cash as well as our ability to raise capital to our existing facilities is sufficient to support our expenditures for at least the next 12 months. We have also received numerous questions about where we maintain and invest our cash. Our cash investment policy implemented last year has 3 investment objectives and I list them in order of priority: principal protection, liquidity; and lastly, returns. We currently invest most of our cash in one of the largest U.S. government money market funds in the world managed by JPMorgan Asset Management, who is our custodian of these funds.

投影片的最後一張圖表顯示，截至第四季（原文如此），我們第一季的現金餘額略低於1.857億美元。正如我們在10-Q報告中所述，我們相信這些現金以及我們為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。我們也收到了許多關於我們如何維護和投資現金的問題。我們去年實施的現金投資政策有三個投資目標，我按優先順序列出它們：本金保護、流動性；以及最後的回報。目前，我們將大部分現金投資於全球最大的美國政府貨幣市場基金之一，該基金由摩根大通資產管理公司管理，摩根大通資產管理公司是這些基金的託管人。

On the next slide, I wanted to provide some history and context on our capital raising efforts to-date. In total, since our founding, we have raised over $700 million in capital to help fund our development. I would like to point out several aspects of these capital raising efforts.

在下一張投影片中，我想介紹我們迄今為止的融資工作的歷史和背景。自成立以來，我們總共籌集了超過7億美元的資金，用於支持我們的發展。我想重點介紹一下這些融資工作的幾個面向。

In the first column, you will see that our founder and CEO, Abel invested the initial risk capital to fund the business. He remains the largest shareholder in the company and does not draw a salary. Abel's future returns and most of his management teams will be driven by the performance of AST, which means he is highly aligned with its shareholders.

在第一列中，您會看到我們的創辦人兼執行長 Abel 投入了初始風險資本來資助公司業務。他仍然是公司的最大股東，並且不領取薪水。阿貝爾的未來回報以及他的大部分管理團隊將由 AST 的業績驅動，這意味著他與股東高度一致。

The next part of the chart I would highlight is our list of strategic investors and partners. Vodafone, American Tower, the Cisneros Group and Rakuten are sophisticated world-class operators. They all have representatives that sit on our Board of Directors and they all have made 2 investments in AST.

圖表中接下來我想重點介紹的是我們的策略投資者和合作夥伴名單。沃達豐、美國鐵塔、西斯內羅斯集團和樂天都是經驗豐富的世界級營運商。他們都有代表在我們的董事會任職，並且都對 AST 進行了兩次投資。

The next column I would highlight is our sale of our stake in Nano. We identified, invested in and helped grow the space company. When we determined this company was no longer strategic to AST, we decided to sell this asset, recognizing a 9x return on invested capital.

接下來我想重點介紹的是我們賣了在 Nano 的股份。我們甄選、投資並幫助這家太空公司成長。當我們確定這家公司對 AST 不再具有戰略意義時，我們決定出售這項資產，並獲得了 9 倍的投資報酬率。

And finally, on the fundraising chart, I would highlight that we tend to target our fundraising efforts as we de-risk our business through the successful completion of milestones. Our recent equity raise in the fourth quarter was completed following the successful launch of BlueWalker 3 and the subsequent unfolding of its large-scale array.

最後，關於融資圖表，我想強調的是，我們傾向於透過成功完成里程碑來降低業務風險，從而精準地進行融資。我們最近在第四季度進行的股權融資，是在BlueWalker 3成功發射及其大規模陣列部署之後完成的。

We believe that investors will continue to see our milestone achievements as good times to consider new or additional investments in us. As we contemplate raising additional capital for AST, we are working very hard to explore a variety, a wide variety of sources of capital designed to fund our operations in an efficient manner. And while these efforts are preliminary, and there can be no assurance that additional funds will be available to us on favorable terms or at all, we are encouraged by these initial efforts.

我們相信，投資人將繼續將我們所取得的里程碑式成就視為考慮對我們進行新的或追加投資的良機。在考慮為 AST 籌集更多資金的同時，我們正在努力探索各種資金來源，以高效的方式為我們的營運提供資金。雖然這些努力尚處於初步階段，我們無法保證我們能夠以優惠條件獲得額外資金，甚至無法保證我們能夠獲得資金，但這些初步努力仍然鼓舞著我們。

On the debt side, we are exploring raising capital with export/import agencies, structured debt providers and over time, potentially accessing the debt capital markets or loan markets. We believe that the modularity of our business plan creates the potential to reach operating cash flow with a modest portion of our planned constellation.

在債務方面，我們正在探索與進出口機構、結構性債務提供者進行融資，並可能在未來進入債務資本市場或貸款市場。我們相信，我們業務計劃的模組化設計，使得我們只需投入少量的計劃資金即可實現營運現金流。

Producing operating cash flow before completing our constellation may enable us to access the debt markets to support the build-out of our constellation. Another area we are focusing on is raising capital through players in the wireless ecosystem. A key component of our strategy is to develop close relationships with important parts of the wireless industry, including MNOs, electronics manufacturers, space companies and others.

在完成星座建設前產生營運現金流，或許能讓我們進入債券市場，支持星座建設。我們關注的另一個領域是透過無線生態系統中的參與者籌集資金。我們策略的關鍵組成部分是與無線產業的重要參與者建立密切的關係，包括行動網路營運商、電子產品製造商、航太公司等。

We believe we are developing the next growth leg in the wireless industry. And we are working with these strategic players to evaluate their interest in helping us commercialize our business and fund our plan.

我們相信，我們正在開發無線產業的下一個​​成長點。我們正在與這些策略參與者合作，評估他們對幫助我們實現業務商業化和資助我們計劃的興趣。

And with that, this completes the presentation component of our earnings call, and I pass it back to Scott.

這樣，我們的收益電話會議的演示部分就完成了，我將其交還給斯科特。

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

謝謝，肖恩。在開始分析師提問之前，我想先回答投資人在電話會議前提出的幾個問題。

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

接線生，您能先問我們第一個問題嗎？

[Joe Zaya] from Michigan asked, how does AST SpaceMobile plan to maintain their lead in the D2D market?

來自密西根州的 [Joe Zaya] 問道，AST SpaceMobile 計劃如何保持其在 D2D 市場的領先地位？

Thank you, [Zaya], for the question. Well, first, we are the first and only space-based cellular broadband system. Second, we invented this new cellular broadband market and hold over 2,600 patent and patent pending claims. Third, we are currently operating the largest communication array in low earth orbit for commercial use and have validated our technology in orbit. We're far ahead of any other system with approximately 40 wireless operators around the world on the preliminary agreements and agreements of understanding. These relationships continue to accelerate. And we continue to meet our technical milestones. Fourth, we have a system that worked with the fund in due pocket to support access to over 5 billion phones in circulation today. And in fact, we are deeply invested in vertical integration. We own our own ASIC development software and literally, we start with metal and composite and manufacture the majority of our satellite parts. We believe all these points provide us with a strong lead in this market for years to come. Thank you.

感謝[Zaya]的提問。首先，我們是第一個也是唯一一個基於太空的蜂巢式寬頻系統。其次，我們開創了這個新的蜂巢寬頻市場，擁有超過2600項專利和正在申請的專利。第三，我們目前正在運作最大的低地球軌道商業通訊陣列，並已在軌驗證了我們的技術。我們與全球約40家無線營運商就初步協議和諒解協議達成了協議，遙遙領先其他任何系統。這些合作關係仍持續加速發展。我們也在不斷實現技術里程碑。第四，我們擁有一個與資金充足的系統，可以支援目前超過50億支手機的存取。事實上，我們在垂直整合方面投入了大量資金。我們擁有自己的ASIC開發軟體，而且我們從金屬和複合材料入手，製造大部分衛星零件。我們相信，所有這些因素都將使我們在未來幾年在這個市場上保持強大的領先地位。謝謝。

[Landon] from New Zealand asked, what are some upcoming FCC milestones that investors should look out that are relevant to AST?

來自紐西蘭的 [Landon] 問道，投資者應該關注哪些與 AST 相關的 FCC 里程碑事件？

Thank you. I'll take that one. We have been in front of the FCC for several years now talking about the potential for cellular connectivity from space and also the unique capabilities that our technology is designed support. More recently, over the last 6 months, the FCC has taken a handful of steps that we support, including starting a rule-making process, specifically for cellular connectivity from space. And they've also dedicated more resources to reviewing space applications by putting in place a stand-alone space bureau.

謝謝。我接受這個問題。幾年來，我們一直在聯邦通訊委員會（FCC）面前討論太空蜂窩連接的潛力，以及我們的技術旨在支援的獨特功能。最近，在過去的六個月裡，FCC採取了一些我們支持的措施，包括啟動專門針對太空蜂窩連接的規則制定流程。他們還設立了一個獨立的太空局，投入了更多資源來審查太空申請。

And then just last week, we took important steps on 2 different regulatory processes with the FCC. First, we and AT&T made filings regarding a spectrum lease agreement between us, one that covers the vast majority of AT&T's low-band spectrum assets. This filing requested a waiver to lease AT&T spectrum to us for space mobile service. And second, we and AT&T and others also submitted comments to the ongoing rule-making process for supplemental coverage from space.

就在上週，我們與聯邦通訊委員會（FCC）在兩項不同的監管程序上邁出了重要一步。首先，我們和AT&T就我們之間的頻譜租賃協議提交了申請，該協議涵蓋了AT&T的絕大多數低頻段頻譜資產。該申請要求豁免將AT&T的頻譜租賃給我們用於太空移動服務。其次，我們和AT&T以及其他公司也就正在進行的太空補充覆蓋規則制定程序提交了意見。

[Brian] from Connecticut asked, there are some concern about finding confirming launch dates and costs. Can you provide details of the ongoing discussions with large service providers?

來自康乃狄克州的[Brian]問道，大家對於確定發布日期和成本有些擔憂。您能否提供與大型服務提供者正在進行的談判的細節？

Scott, I'll take this. Thanks, [Brian]. We signed an agreement in February of this year to launch our Block 1 satellites on a dedicated SpaceX Falcon 9 rocket in the first quarter of 2024. In terms of future launches for Block 2, we are in active discussions with a variety of operators who we feel have enough capacity and manifest openings to support our plans.

史考特，我接了。謝謝，[布萊恩]。我們今年2月簽署了一項協議，將於2024年第一季使用SpaceX獵鷹9號專用火箭發射我們的Block 1衛星。關於Block 2的未來發射，我們正在與多家業者積極洽談，我們認為這些業者擁有足夠的運能和充足的空置空間來支持我們的計畫。

In order to increase our flexibility, we have also developed a configuration which makes our Block 2 design compatible with multiple launch vehicles. And look, as the launch market evolved, we believe we are a very interesting customer to launch providers who are looking for anchor customers, who have the volume and cadence to drive their business.

為了提高靈活性，我們還開發了一種配置，使我們的Block 2設計能夠相容於多種運載火箭。而且，隨著發射市場的發展，我們相信，對於那些正在尋找核心客戶、擁有足夠的數量和節奏來推動業務發展的發射供應商來說，我們是一個非常有吸引力的客戶。

[Landon] from New Zealand asked how many months post-launch are BB1's expected to need before they begin commercial service?

來自紐西蘭的 [Landon] 詢問 BB1 發射後預計需要幾個月才能開始商業服務？

Thank you, [Landon]. After all the learnings that we have had with BlueWalker 3 which, including the initial deployment, initial flight optimization and then the initial broadcasting of cellular signals, we estimate that it will take 3 to 4 months to activate for commercial service post launch separation. That includes the in-orbit acceptance test of the space craft and the initial fine-tune of the system prior to starting utilizing the service interacting directly with end users.

謝謝[Landon]。基於我們對BlueWalker 3的所有經驗，包括初始部署、初始飛行優化以及初始蜂窩信號廣播，我們估計發射後啟動商業服務需要3到4個月的時間。這包括太空船的在軌驗收測試，以及在開始使用該服務與最終用戶直接互動之前對系統的初步微調。

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

最後，我要感謝各位股東提交這些問題。接線員，現在開始分析師提問環節。

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

（操作員指示）我們的第一個問題來自 B. Riley 的 Mike Crawford。

With BlueWalker 3, I know you started the optimization process by turning on kind of 1 micron of the array at a time until doing those first calls. But with a fully integrated array, how would you characterize the capacity that you now expect to achieve with that satellite and what you maybe theoretically thought you would get out of that satellite prior to launch and then kind of where we are on that process today with that BlueWalker 3 satellite?

對於BlueWalker 3，我知道您一開始的優化過程是每次啟動大約1微米的陣列，直到接到第一批電話。但是，如果陣列完全集成，您現在預計該衛星能夠達到的容量是多少？在發射前，您理論上預計該衛星的容量是多少？那麼，BlueWalker 3衛星目前在優化過程中處於什麼階段？

Basically separate, deployed, light, pointing [Nadir] to the earth. And that's our end-to-end doppler delay compensator, our patented doppler delay compensator. Then we start the process started up the array on new element to the full type of elements. And before, we have completed all that process culminating into an end-to-end connectivity directly to Samsung devices, but others as well. And at this point, also, we have completed measurements of signal strength at the full array level where we are getting around 3 bits per hertz sufficient to support 4G and 5G data rate speeds, which was the intended purpose of battery.

基本上是獨立部署的輕型天線，指向地球的[天底]。這就是我們的端對端多普勒延遲補償器，也是我們專利的多普勒延遲補償器。然後，我們開始將陣列從新元件擴展到全類型的元件。之前，我們已經完成了所有流程，最終實現了與三星設備以及其他設備的端到端連接。目前，我們也完成了全陣列訊號強度的測量，訊號強度約為每赫茲3比特，足以支援4G和5G資料速率，這正是電池的預期用途。

And just to clarify, the order of magnitude improvement in capacity you expect with the Block 1 BlueBird, is that per satellite? Or is that sort of the block of 5?

需要澄清的是，您預期 BlueBird Block 1 容量提升的數量級是針對每顆衛星而言的嗎？還是針對 5 顆衛星？

No, that is first satellite. I mean each satellite in Block 1, it will have 10x capacity of what we can get with BlueWalker 3. Block 2, we have another 10x to 100x capacity improvement back compared to BlueWalker 3. This allowed us to really continue adding significant cost reduction per unit cost delivered to the cellphone. And that is thanks to our vertical integration. So we're fully vertically integrated. We don't know the software or the hardware, all the custom ASICs that allow to get to 2 points. Also that, combined with the size of our array that allowed us to basically scale significantly the capacity that we continue to develop our technology from low volume to get that.

不，那是第一顆衛星。我的意思是，Block 1 中的每顆衛星，其容量都將是 BlueWalker 3 的 10 倍。 Block 2 的容量比 BlueWalker 3 提升了 10 倍到 100 倍。這使我們能夠持續顯著降低交付給手機的單位成本。這要歸功於我們的垂直整​​合。所以我們是完全垂直整合的。我們不懂軟體或硬件，也不懂所有能達到 2 個點的客製化 ASIC。此外，結合我們陣列的規模，我們能夠大幅擴展容量，我們一直在從小規模開始開發我們的技術，以實現這一目標。

Okay. And the last question for me just relates to beam forming. So you can dynamically points where you want to put the power down to make a connection. And I'm wondering if you could share how accurate you're able to do that versus expectations and then signal strength, say, in the center of a beam versus on the edge once you're trying to support multiple calls from a same locale.

好的。最後一個問題與波束成形有關。也就是說，您可以動態地指向您想要降低功率的位置以建立連接。我想知道您能否分享一下，您能夠做到這一點的準確性與預期相比如何，然後當您嘗試支援來自同一區域的多個呼叫時，例如在波束中心和邊緣的訊號強度如何。

Yes. So one of the key features of our technology, the ability to reuse the real spectrum. So basically, the ability to direct very precisely the signal into a particular direction where there is no terrestrial signals. That allowed us to basically use spectrum from the global terrestrial operators in areas where they don't have a deployed or where it doesn't work properly. So that has been demonstrated with BlueWalker 3. But we recently have leased -- we have filed an agreement with the commission with the SEC of actually our usage of spectrum in combination with AT&T, which is actually in use of its feature, allowing us to basically precisely the point the signals into the direction where the direct footprint is not in use or it's not working properly.

是的。我們技術的關鍵特性之一就是能夠重複使用現有頻譜。簡單來說，就是能夠將訊號精準地引導到沒有地面訊號的特定方向。這使得我們能夠在全球地面運營商尚未部署或無法正常運作的地區使用他們的頻譜。 BlueWalker 3 已經證明了這一點。但我們最近租賃了——我們已經向美國證券交易委員會提交了一份協議，該協議實際上涉及我們與 AT&T 合作使用頻譜，AT&T 正在使用其頻譜功能，這使我們能夠精準地將訊號引導到直接覆蓋區域未被使用或無法正常運作的方向。

So the precision of that is within 1 degrees-1.5 degrees to 2.5 degrees depending on the size of the array. And it is designed to dynamically reallocate the spectrum as our system is software-defined system that allows us to turn on and on and actually point capacity as is needed by the operator.

因此，精度在1度、1.5度到2.5度之間，取決於陣列的大小。我們的系統是軟體定義的系統，因此可以動態地重新分配頻譜，這使我們能夠根據營運商的需要不斷開啟並實際指向容量。

Our next question is from the line of Caleb Henry with Quilty Space.

我們的下一個問題來自 Quilty Space 的 Caleb Henry。

A few questions from me. I noticed in your 10-Q last quarter and this quarter that the description of the total Constellation size is now 95 satellites, not 110. So I was wondering if you could walk us through some of the changes to the architecture that, are now based on a slightly smaller constellation.

我有幾個問題。我注意到，在你們上個季度和本季的10-Q報告中，對衛星星座總規模的描述現在是95顆衛星，而不是110顆。所以，我想請您介紹一下現在基於略小規模的星座架構的一些變化。

Well, we have now confirmation of the signal strength by elevation. And we were to service some markets on how to do this and also we feel that with the signal strength by elevation, which is basically what relates to the number of satellites that you need for continued service on a global basis. Now we're confirming that we need around 90 satellites for global broadband connectivity directly to handsets on a lower basis, as some what it said on a global basis.

嗯，我們現在已經透過海拔高度確認了訊號強度。我們之前曾為一些市場提供過類似的服務，我們也認為透過海拔高度確認訊號強度，基本上與在全球範圍內持續提供服務所需的衛星數量有關。現在，我們確認需要大約90顆衛星來實現全球寬頻連接，以較低的基準（也就是在全球範圍內）直接連接到手機。

Okay. And can you also going to share -- it looks like there's 25 BlueWalker 3, kind of closed before the transition to the BlueBird. So kind of -- is there a reason why that transition was made as well?

好的。能分享一下嗎？看起來有25台BlueWalker 3，在過渡到BlueBird之前就停產了。那麼，這次過渡有什麼原因嗎？

No, there is 5 which are in construction, that's what we call Block 1. They have a 10x capacity improvement even though that they are the same size of BlueWalker 3. If the follow-on next batch of satellites 25, both twos, they are larger than the current BlueWalker 3. The reason for being larger in combination with our custom ASICs is the ability to have another 10x capacity improvement in terms of total amount of user in amount of gigabytes that each of the satellite will support, but we continue to add them into the constellation.

不，有 5 顆衛星正在建造中，我們稱之為 Block 1。儘管它們的大小與 BlueWalker 3 相同，但它們的容量卻提高了 10 倍。如果後續的下一批衛星有 25 顆，都是兩顆，那麼它們將比目前的 BlueWalker 3 更大。與我們客製化的 ASIC 結合使用時，之所以要更大，是因為能夠在總用戶數量（以千兆位元組為單位）方面再實現 10 倍的容量提升，每顆衛星將支援這些用戶，但我們會繼續將它們添加到星座中。

Okay. And does that mean between the slightly larger satellites and the -- it gets better than expected quality of the spectrum usage. Does that mean that you're going to get more than 9 to 13 gigabits per satellite? I think that was the previous benchmark.

好的。這是否意味著，衛星尺寸稍大一些，頻譜使用品質會比預期更好？這是否意味著每顆衛星將獲得超過9到13千兆位元的速率？我認為這是之前的基準。

We're not providing guidance. But we took to the new capacity. But we still within the range that we have provided before.

我們沒有提供指導。但我們採用了新的產能。但我們仍在之前提供的範圍內。

Okay. And then my last question is just if you could provide an update on the ASICs. I think during the last call, you said those were nearing completion. Do you have a sense of -- are those done and is finalized today? Or if not, how far away do you expect that to be?

好的。我的最後一個問題是，您能否提供一下 ASIC 的最新進展？我記得上次電話會議中您說過這些 ASIC 已經接近完成。您覺得這些 ASIC 是否已經完成，並且今天就最終確定了？如果沒有，您預計還要多久才能完成？

Yes. We are at the very last end of the development nearing entering to the phase when you go to PayPal, which is the last phase of development. This is to have been validated. The ASIC basically is a very similar approach and use the background of what we have done on BlueWalker 3 on SPGA. That allowed us to basically confirm our way of implementing our calibration and our beam forming in the Walker and then hardcoded in the ASICs that were development.

是的。我們正處於開發的最後階段，即將進入PayPal的最終階段。這已經得到驗證。 ASIC基本上採用了非常類似的方法，並藉鑒了我們在SPGA上為BlueWalker 3所做的工作。這使我們能夠基本確認在Walker中實現校準和波束成形的方法，然後在正在開發的ASIC中進行硬編碼。

So we're in the last stage of the ASIC. But we count in on them for our block tools, which are going to be larger without ASICs. And that again, that give us a 10x capacity improvement as compared to recurring sales and construction programs.

所以，我們正處於 ASIC 的最後階段。但我們的區塊工具依賴它們，如果沒有 ASIC，這些工具的規模將會更大。這再次使我們的產能比經常性的銷售和建設項目提高了 10 倍。

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

目前我沒有其他問題。我想將電話轉回給管理階層，請他們做最後發言。

Thank you, operator. As Abel discussed, this was a historic quarter for us completing the first ever space-based voice calls using every day unmodified smartphones. We really appreciate everyone for joining the call. And we appreciate you're supporting us. Thank you.

謝謝接線生。正如阿貝爾所說，這對我們來說是一個歷史性的季度，我們首次使用日常使用的未經改裝的智慧型手機完成了太空語音通話。我們非常感謝大家的參與，也感謝大家的支持。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝大家。今天的會議到此結束。您可以掛斷電話了。感謝您的參與。