AST SpaceMobile Inc (ASTS) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by, welcome to the AST SpaceMobile first quarter 2024 business update call. Please be advised that today's conference is being recorded.

美好的一天，感謝您的耐心等待，歡迎參加 AST SpaceMobile 2024 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.

我現在想把今天的會議交給東道主。 Scott Wisniewski，AST SpaceMobile 首席策略長。請繼續。

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 is subject to risks and uncertainties.

謝謝大家，大家下午好。請參閱簡報的第二張投影片，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。這些陳述是基於當前的預期和假設，因此存在風險和不確定性。

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 annual report on Form 10-K for the year that ended December 31, 2023, filed with the Securities and Exchange Commission and other documents filed by AST SpaceMobile, the SEC from time to time. Also after our initial remarks, we will be starting our Q&A session with questions submitted in advance by our shareholders.

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 向美國證券交易委員會提交的截至 2023 年 12 月 31 日的 10-K 表格年度報告的風險因素部分以及 AST SpaceMobile 提交的其他文件，SEC不時。此外，在我們的初步發言之後，我們將開始問答環節，回答股東提前提出的問題。

Welcome, everyone, for those of you who may be new to our company and mission there are over 5 billion mobile phones in use today around the world for many of us still experienced gaps in coverage as we live work and travel. Additionally, there are billions of people without cellular broadband remain unconnected to the global economy.

歡迎大家，對於那些剛接觸我們公司和使命的人來說，當今世界各地正在使用超過 50 億部手機，而我們中的許多人在生活、工作和旅行時仍然經歷著覆蓋範圍的差距。此外，還有數十億沒有蜂巢寬頻的人仍然無法與全球經濟聯繫。

The markets we are pursuing are massive 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, supported by our extensive IP and patent portfolio.

我們正在追求的市場是巨大的，我們正在解決的問題很重要並且幾乎涉及我們所有人。在此背景下，AST SpaceMobile 正在建立第一個也是唯一一個全球蜂窩寬頻網路和空間，以直接與日常未修改的行動裝置進行操作，並得到我們廣泛的 IP 和專利組合的支援。

It is now my pleasure to pass it over to Chairman and CEO of Abel Avellan, who will go through our activities since the last public company.

現在我很高興將其交給阿貝爾·阿維蘭 (Abel Avellan) 董事長兼首席執行官，他將負責我們自上一上市公司以來的活動。

Thank you, Scott. We're happy to be back again with you after six weeks since our last business update call, our most important update to chair since our last call is the executions of our first definitive commercial agreement with AT&T. We have signed an agreement with AT&T through 2030 to provide a space-based satellite broadband to AT&T and their end users through our revenue share model.

謝謝你，斯科特。我們很高興在上次業務更新電話會議六週後再次與您聯繫，自上次電話會議以來我們對主席最重要的更新是執行我們與 AT&T 的第一份最終商業協議。我們與 AT&T 簽署了到 2030 年的協議，透過我們的收入分成模式向 AT&T 及其最終用戶提供天基衛星寬頻。

This is a major milestones and we look forward for the commercial service with Block 1 and beyond. As these specifically outline the product and pricing models, we will go to market with, we expect to replicate variation of these models in various markets around the world. While each may have a slightly different features, this is the spirit in which our core customers' offerings is built upon.

這是一個重要的里程碑，我們期待 Block 1 及以後的商業服務。由於這些具體概述了產品和定價模型，我們將進入市場，我們希望在世界各地的各個市場複製這些模型的變化。雖然每種產品的功能可能略有不同，但這正是我們核心客戶的產品所秉持的精神。

AT&T has been an incredible partner to us over the last few years, and we look forward to the next stage of our relationship. And in case you didn't see in the master gold broadcast a few weeks ago, you should check out the commercial that AT&T around with Ben Stiller and Jordan Speed join the benefit of our space-based cellular broadband technology.

過去幾年來，AT&T 一直是我們令人難以置信的合作夥伴，我們期待著我們關係的下一階段。如果您沒有在幾週前的黃金大師廣播中看到，您應該看看 AT&T 與 Ben Stiller 和 Jordan Speed 一起受益於我們的天基蜂窩寬頻技術的廣告。

We're incredibly BC here in Texas as we complete our first 5 commercial satellites. These 5 blue Versado will mark the beginning of our commercial operations. All necessary parts are at our facilities and being integrated into the satellite. This includes the part from the two suppliers which we discussed on the last call, but has since been resolved. Our micro completions way on their way.

令人難以置信的是，我們在德州完成了首批 5 顆商業衛星。這 5 架藍色 Versado 將標誌著我們商業營運的開始。所有必要的部件都在我們的設施中並整合到衛星中。這包括我們在上次通話中討論過的兩家供應商的部分，但此後已解決。我們的微型完成工作正在進行中。

So based on this current time line, we want to reiterate our guidance from six weeks ago that we are on target for July or August delivery of our 5 Block 1 satellites to the Cape Canaveral launch back. With our orbit and logic scheduled shortly thereafter. Of course, launch timing, subject to many factors, including several outside of our control.

因此，根據目前的時間表，我們想重申六週前的指導，即我們的目標是 7 月或 8 月向卡納維拉爾角發射場交付 5 顆 Block 1 衛星。不久後我們的軌道和邏輯就被安排好了。當然，發射時機受到許多因素的影響，其中包括一些我們無法控制的因素。

But as of today, everything is moving according to the updated schedule. We will share additional progress update as we approach the launch. We did first by satellite, we will have the ability to offer US nationwide non-container service with over 5,600 individual sales using premium low-band spectrum.

但截至今天，一切都在按照更新的時間表進行。當我們接近發佈時，我們將分享更多進展更新。我們首先透過衛星實現，我們將有能力使用優質低頻段頻譜提供美國全國範圍內的非貨櫃服務，個人銷售量超過 5,600 人。

Let me spend a moment discussing our Block 1 satellites and the importance of their size and power. These first 5satellite will be the largest commercial satellites in load at orbit alongside Blue Walker three. That combine it with the processing capacity of each of them has allowed us to achieve our commercial goals with less than 100 satellites.

讓我花點時間討論一下我們的 Block 1 衛星及其尺寸和功率的重要性。這首批 5 顆衛星將與 Blue Walker 3 一起成為在軌負載的最大商業衛星。將其與每個衛星的處理能力相結合，使我們能夠用不到 100 顆衛星實現我們的商業目標。

They will enable central broadband everywhere for the fund you have in your pocket. Thanks to the technology we invented and that is on the way to become the standard the mobile network operators plan to deploy.

他們將用您口袋裡的資金為您提供無處不在的中央寬頻服務。感謝我們發明的技術，該技術即將成為行動網路營運商計劃部署的標準。

On the regulatory front, we're working closely with the FCC to secure market access approval in United States. This will, of course, be a major milestone for us. We are encouraged by the agency's recent actions to prioritize satellite-based telecommunications as evidenced by our reflagging to the United States. And the other new ruling making activities.

在監管方面，我們正在與 FCC 密切合作，以確保獲得美國的市場准入批准。當然，這對我們來說將是一個重要的里程碑。我們對該機構最近優先考慮衛星電信的行動感到鼓舞，我們重新掛旗到美國就證明了這一點。以及其他新的裁決活動。

I would be that application public notice period recently closed, which was a major milestone in the process we will continue to work closely with the FCC to advance this critical approval process. Additionally, I am very excited and we continue to advance discussions with new strategic partners using commercial prepayments alongside new commercial agreements.

我認為申請公告期最近已結束，這是過程中的一個重要里程碑，我們將繼續與 FCC 密切合作，以推進這一關鍵的審批流程。此外，我非常興奮，我們將繼續利用商業預付款以及新的商業協議與新的策略合作夥伴進行討論。

We currently have no plans for the remainder of this year to pursue an underwritten public security offerings to supplement our existing capital facilities. We also established our first government contract, one that generated motive revenue for ST in the first quarter. Our first commercial revenue and again, these represent a framework which we can utilize for future government agreements.

我們目前沒有計劃在今年剩餘時間內尋求承銷的公共證券產品來補充我們現有的資本融資。我們還簽訂了第一份政府合同，該合同為 ST 第一季帶來了動力收入。我們的第一筆商業收入再次代表了我們可以用於未來政府協議的框架。

Simultaneously, we're continuing talks with our first government customers negotiating additional services we could potentially provide to expand our existing relationships. While the core focus of our strategy is consumer cellular broadband. We do think that the government opportunity is a natural extension of our capabilities and can be very meaningful to our company over time.

同時，我們正在繼續與我們的第一批政府客戶進行談判，協商我們可能提供的額外服務，以擴大我們現有的關係。而我們策略的核心重點是消費者蜂巢寬頻。我們確實認為政府機會是我們能力的自然延伸，隨著時間的推移，對我們公司來說非常有意義。

In summary, we're making progress in all fronts operationally, commercially and regulatory, we said the foundations of enabling broadband connectivity everywhere for the fund you have in your pocket. And with that, I will pass it to Sean for the financial update.

總而言之，我們在營運、商業和監管等各個方面都取得了進展，我們說這是為您口袋裡的資金實現無處不在的寬頻連接的基礎。這樣，我會將其傳遞給肖恩以獲取最新的財務資訊。

Thanks, Abel. And good afternoon, everyone. Let's review the key operating metrics for the first quarter that are displayed on slide 6. On the first chart, we see for the first quarter of 2024, we had non-GAAP adjusted cash operating expenses of $31.1 million versus $38.6 million in the fourth quarter. Non-GAAP adjusted operating expenses exclude certain noncash operating costs, including depreciation and amortization and stock-based compensation.

謝謝，阿貝爾。大家下午好。讓我們回顧一下投影片6 中顯示的第一季的關鍵營運指標。為3860 萬美元。非公認會計原則調整後的營運費用不包括某些非現金營運成本，包括折舊和攤提以及以股票為基礎的薪資。

In line with our guidance our first quarter non-GAAP adjusted operating expenses fell by $7.5 million versus the fourth quarter. Our research and development expenses fell by $6.5 million this quarter due to the continued completion of important R&D projects. Our R&D expenses consist primarily of nonrecurring development activities for which we typically engage third-party vendors and payments are based on the completion of milestones.

根據我們的指導，我們第一季非 GAAP 調整後營運費用比第四季下降了 750 萬美元。由於重要研發項目的持續完成，本季我們的研發費用減少了 650 萬美元。我們的研發費用主要包括非經常性開發活動，我們通常會聘請第三方供應商進行這些活動，並根據里程碑的完成情況進行付款。

Our engineering services expenses also fell by $0.6 million, and our general and administrative expenses decreased by $0.4 million in the first quarter as compared to the fourth quarter. We have made a series of cost adjustments to capture about $1 million in engineering services and G&A cost savings.

與第四季相比，第一季我們的工程服務費用也減少了 60 萬美元，一般和管理費用減少了 40 萬美元。我們進行了一系列成本調整，以節省約 100 萬美元的工程服務和一般管理費用。

Turning towards the second chart in this page, our capital expenditures for the first quarter were $26.7 million versus $33.9 million for the fourth quarter. The figure was made up of some modest launch payments, capitalized direct materials for the Block 1 satellites and additional facility and production equipment for our assembly integration and test facility in Midland.

轉向本頁的第二張圖表，我們第一季的資本支出為 2,670 萬美元，而第四季為 3,390 萬美元。這一數字包括一些適度的發射付款、Block 1 衛星的資本化直接材料以及我們位於米德蘭的組裝整合和測試設施的額外設施和生產設備。

Capital expenditures trended down as we again move towards the completion of the Block 1 satellite construction. As of the end of the first quarter, we have spent over 95% of the expected amounts for the 5 Block 1 satellites. We are still projecting total spend of approximately $150 million for the 5 BB 1 satellites.

隨著我們再次接近完成 Block 1 衛星建設，資本支出呈現下降趨勢。截至第一季末，5顆Block 1衛星的支出已達到預期金額的95%以上。我們仍預期 5 顆 BB 1 衛星的總支出約為 1.5 億美元。

And on the final chart on the slide, we ended the first quarter with $212.4 million in cash. We are continuing to pursue using the balance of our senior credit facility, which has a gross amount of $51.5 million available.

在投影片的最終圖表中，我們第一季末的現金為 2.124 億美元。我們正在繼續尋求使用我們的優先信貸額度餘額，該額度的可用總額為 5,150 萬美元。

As I mentioned at the end of the of March, efforts around raising strategic capital may take precedence over the senior credit facility. And at a minimum, the continued deferment has reduced a bit of the negative carry we would have incurred if we had accessed the facility earlier. Our ability to access the facilities subject to certain conditions and approvals.

正如我在三月底提到的，圍繞籌集策略資本的努力可能優先於高級信貸安排。至少，持續的延遲減少了一些如果我們早點使用設施就會產生的負利差。我們能夠在特定條件和批准的情況下使用這些設施。

As we stated in our 10-Q. We believe this cash as well as our ability to raise capital through our existing facilities is sufficient to support our expenditures for at least the next 12 months. As we have also discussed in our 10-Q, our cost positions and capital plans are quite modular, and this characteristic provides us the flexibility to increase or decrease our rate of expenditures, depending upon changes in our build-out plans and availability of capital.

正如我們在 10-Q 所述。我們相信這筆現金以及我們透過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。正如我們在 10-Q 中討論的那樣，我們的成本狀況和資本計劃是相當模組化的，這一特徵使我們能夠根據擴建計劃和資本可用性的變化靈活地增加或減少支出率。

This flexibility provides us comfort that we can manage our liquidity profile dynamically depending on our rate of raising capital. In March, we provided guidance on our expected operating expense levels. As we discussed earlier, we have been supporting the development efforts of our two critical satellite designs, Block 1 and Block 2 are ASIC chip design and the construction of 5 BB 1 satellites.

這種靈活性讓我們感到放心，我們可以根據我們的融資率動態管理我們的流動性狀況。三月份，我們提供了預期營運費用水準的指導。正如我們之前討論的，我們一直在支援我們的兩個關鍵衛星設計的開發工作，Block 1 和 Block 2 是 ASIC 晶片設計和 5 顆 BB 1 衛星的建造。

The completion of the BB 1 work and a significant portion of the BB 2 and ASIC design work is expected to result in a material reduction in our adjusted operating expenses and future capital expenditures. This reduction in cash expenditures will be done without a material reduction in our employee headcount as most of these reductions are related to the completion of third-party work.

BB 1 工作以及大部分 BB 2 和 ASIC 設計工作的完成預計將導致我們調整後的營運費用和未來資本支出大幅減少。現金支出的減少將在我們的員工人數不會大幅減少的情況下完成，因為這些減少大部分與第三方工作的完成有關。

As I mentioned during the fourth quarter earnings call, we now project that our cash adjusted cash operating expenses will come in at around an average of $30 million per quarter for 2024 as the Block 1 design is completed and the Block 2 design approaches completion. These figures will vary depending upon manufacturing activity in each period.

正如我在第四季財報電話會議上提到的，我們現在預計，隨著Block 1 設計完成和Block 2 設計接近完成，我們的現金調整後現金營運支出將在2024 年每季平均達到3000 萬美元左右。這些數字將根據每個時期的製造活動而有所不同。

This guidance does not include the expected costs of approximately $15 million related to the tapeout and initial production of our ASIC chip. These ASIC related costs will be recognized as an R&D expense in subsequent quarters in 2024, as the milestones are completed. We also plan to reduce our outlook for capital expenditures as we reach the final investments for BB 1.

本指南不包括與 ASIC 晶片流片和初始生產相關的約 1500 萬美元的預期成本。隨著里程碑的完成，這些 ASIC 相關成本將在 2024 年後續季度確認為研發費用。當我們達到 BB 1 的最終投資時，我們也計劃降低資本支出的預期。

For the next two quarters, we expect to spend in the aggregate approximately $25 million to $40 million in capital expenditures. Any increase beyond these levels will be in conjunction with the timing of the deployment of our Block 2 satellites, which could be either in late 2024 or the first quarter of 2025. Timing of the changes in our adjusted operating expenditures and capital expenditures, as I've just described, could be delayed or may not be realized due to a variety of factors.

在接下來的兩個季度，我們預計資本支出總計約為 2,500 萬至 4,000 萬美元。任何超出這些水準的成長都將與我們的 Block 2 衛星的部署時間結合起來，這可能是在 2024 年末或 2025 年第一季。描述了，由於多種因素，可能會被延遲或可能無法實現。

As I discussed in our last earnings call, we continue to work with our advisers on developing a financing package from quasi-government sources, including export credit agencies. Satellite and other infrastructure providers have historically utilized these agencies to source cost-effective long-term debt funding of large projects.

正如我在上次財報電話會議中所討論的那樣，我們將繼續與顧問合作，制定來自準政府來源（包括出口信貸機構）的融資方案。衛星和其他基礎設施提供者歷來利用這些機構為大型專案提供具有成本效益的長期債務融資。

The key underpinning of these funding structures has been proven technology and the sale of significant capacity through long-term agreements to large creditworthy entities. We remain focused on developing a structure and creating an information package that will support our potential financings. We are encouraged by the progress we are making, but we are still in very early stages and there can be no assurance that we'll be successful in the pursuit of this type of funding.

這些融資結構的關鍵基礎是成熟的技術以及透過與大型信譽良好的實體簽訂長期協議來銷售大量產能。我們仍然專注於開發一個結構並創建一個資訊包來支持我們的潛在融資。我們對所取得的進展感到鼓舞，但我們仍處於非常早期的階段，不能保證我們會成功獲得此類資金。

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

至此，我們的財報電話會議的演示部分就完成了，我將其傳回給斯科特。

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

謝謝你，肖恩。在我們進入分析師提問隊列之前。我想回答一下投資人提出的一些問題。

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

接線員，請您先回答第一個問題。

[Linden] from New Zealand asks what milestones should investors look out for?

來自紐西蘭的[Linden]詢問投資者應該關注哪些里程碑？

Thank you. Linden, looking ahead to the remainder of 2024, I think the biggest milestones to look out for the launch and successful operation of our Block 1 satellites, market access, regulatory approval in the United States, commercial agreements with additional MNO partners and then further progress on our government program.

謝謝。 Linden，展望 2024 年剩餘時間，我認為最大的里程碑是我們的 Block 1 衛星的發射和成功運行、市場准入、美國監管部門的批准、與其他 MNO 合作夥伴的商業協議以及進一步的進展關於我們的政府計劃。

We're really set up for an exciting summer here, and we look forward to sharing updates on these milestones with you as they occur.

我們已經準備好在這裡度過一個激動人心的夏天，我們期待在這些里程碑發生時與您分享最新消息。

Jordan from North Carolina asked we reported that the FCC will be publishing the official reports in order for SCS services. Can you please explain if this rule and the FCC approval for QV spectrum backhaul or required conditions for the completion of definitive agreements with AT&T, FirstNet or other MNOs?

來自北卡羅來納州的 Jordan 詢問我們是否報告 FCC 將為 SCS 服務發布官方報告。您能否解釋一下此規則以及 FCC 對 QV 頻譜回程的批准或與 AT&T、FirstNet 或其他 MNO 完成最終協議所需的條件嗎？

Thank you, Jordan. This is certainly not a requirement for commercial agreements as demonstrated by the commercial agreement we announced today with AT&T. And when we go to the FCC or really any regulatory regulators globally, we go with our in-country partner and they further support the technology and validate the case that we're making.

謝謝你，喬丹。正如我們今天與 AT&T 宣布的商業協議所證明的那樣，這當然不是商業協議的要求。當我們去美國聯邦通信委員會或全球任何監管機構時，我們都會與國內合作夥伴一起去，他們會進一步支持該技術並驗證我們正在提出的案例。

The FCC has been moving incredibly fast here and establishing rules for direct to device. And we've been working with them for a long time on that. And we believe that this is going to ensure that our technology can be utilized once it's available commercially. And our MNO partners fully understand the process of the regulator and are even much closer to them than us. And they're comfortable that our system will be regulated and usable.

FCC 在這方面的進展速度令人難以置信，並製定了直接設備規則。我們已經與他們在這方面合作了很長時間。我們相信，這將確保我們的技術在商業化後能夠被利用。我們的 MNO 合作夥伴完全了解監管機構的流程，甚至比我們更接近他們。他們對我們的系統受到監管和可用感到放心。

Linden from New Zealand, asked is a ASCs focusing on fundraising from past partners or new partners?

來自紐西蘭的Linden，被問到ASC是專注於向過去的合作夥伴還是新的合作夥伴籌集資金？

Linden simple the question. First of all, we're very proud of the shareholder support that we have. We have Vodafone that invested three times in our company, Rakuten American Tower twice, AT&T, Google and Bell Canada have all invested. We reinforce the notion as the industry leader of this technology that we invented direct to the rise on a global basis.

林登簡單地回答了這個問題。首先，我們對股東的支持感到非常自豪。我們有沃達豐三度投資我們公司，樂天美國塔兩次投資我們公司，AT&T、Google和加拿大貝爾都投資了。我們強化了作為該技術的行業領導者的理念，我們發明的技術直接導致了全球的崛起。

We are super excited about where we are with new on all the partners. We have around 50 operators on a global basis that we have MOUs and agreements of understandings and relationships. And there's a lot of excitement from them in what do we need for the plans and for provide universal connectivity to every regular cell phone.

我們對所有合作夥伴的新進展感到非常興奮。我們在全球擁有約 50 家營運商，我們與這些營運商簽署了諒解備忘錄以及諒解和關係協議。他們對我們需要什麼計劃以及為每部普通手機提供通用連接感到非常興奮。

So we're excited we are bullish about where we are in the process with them, and we are turning more into operational agreements, a similar to what we did with AT&T that are more definitive commercial agreements and the commercial agreements, our goal, our plan to include prepayments, that's going to be fundamental for the continued build-out of our network.

因此，我們很高興我們對與他們合作的進程持樂觀態度，我們正在將更多的內容轉化為營運協議，類似於我們與A​​T&T 所做的那樣，這是更明確的商業協議和商業協議、我們的目標、我們的目標。

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

在此，我要感謝我們的股東提出這些問題。接線員，現在讓我們開始分析師提問。

(Operator Instructions)

（操作員說明）

Mike Crawford, B. Riley Securities.

麥克‧克勞福德 (Mike Crawford)，B. 萊利證券 (Riley Securities)。

Thank you. I'm glad to hear you're on track on these launch milestones. Can you provide us any additional color on how you expect to fly the first 5 bluebirds? Would that be like a string of pearls formation are more spread out? And what would it potentially enable access in, say, Bell Canada, the service area or just in the US?

謝謝。我很高興聽到您正在實現這些發布里程碑的正軌。您能否向我們提供有關您期望如何駕駛前 5 架藍鳥的任何其他資訊？是不是就像一串珍珠的形狀比較分散？它可能會在加拿大貝爾、服務區或僅在美國實現哪些訪問？

Thank you, Michael. We are facing them in a way that will prioritize United States on also some government obligations that we have the configuration when we initially have we deployed out of the launchers in and is to look barrels, there certain configurations of data.

謝謝你，麥可。我們面對它們的方式將優先考慮美國政府的一些義務，這些義務是我們最初部署發射器時所擁有的配置，並且要查看桶中的某些資料配置。

We are a tailoring for if the users of these satellites. And then as we move on time after the launch, we will spread them evenly as part of the net launches that will complement the Constellation where we're prioritizing the 53 degree inclination that give us access to a 59 degrees latitude all the way to the equator and from the equator to minus 59 degree of latitude with these configurations.

我們是為這些衛星的用戶量身打造的。然後，當我們在發射後按時進行時，我們將作為淨發射的一部分均勻地分佈它們，這將補充星座，我們優先考慮 53 度傾斜，使我們能夠一直進入 59 度緯度赤道以及從赤道到負59緯度的區域均採用這些配置。

Okay. Thank you, Abel. And then how I see the first Block 2 satellite will just be a single satellite that launches and then after that may be there in groups of four, perhaps depending on large vehicle used?

好的。謝謝你，阿貝爾。然後我如何看待第一顆 Block 2 衛星將只是一顆發射的衛星，然後可能會以四顆為一組，也許取決於所使用的大型車輛？

Yes, there will be the launch in group of four or five. We're in the process of working on that for the next batch in Block 2 or larger, I mean Block 1 already largest in objects in space in the US that will really fuel them from. I think the only thing bigger, the analysis, the ISS in Leo. So we're launching five in the summer and then we move, we're moving blocks of four on the bond to be a configuration these studies. That is the second version on the upgraded version for Block 2.

是的，發射活動將以四人或五人一組的形式進行。我們正在為 Block 2 或更大的下一批進行工作，我的意思是 Block 1 已經是美國太空中最大的物體，這將真正為它們提供燃料。我認為唯一更大的事情是分析，獅子座的國際太空站。因此，我們將在夏天推出五個，然後我們將債券上的四個區塊轉移到這些研究的配置中。這是Block 2升級版的第二個版本。

Excellent. Thank you. And then final one for me is, can you just remind us what levels of service you envision being able to provide at different quantities of satellites in your space mobile constellation?

出色的。謝謝。對我來說最後一個問題是，您能否提醒我們您設想能夠在太空移動星座中的不同數量的衛星上提供什麼級別的服務？

Yeah, the type of service that we actually can enable regardless of the number of satellite is the same. So what why it changes? How often you have an evolved view that you can use it. So we this is a broadband services, a full data service. We are working with our partners to enable voice data, Internet download. I don't know you see it, we would just where streaming videos directly from the satellite to the regular phone.

是的，無論衛星數量如何，我們實際上可以啟用的服務類型都是相同的。那為什麼會改變呢？您多久會產生一個可以使用它的進化觀點。所以我們這是一個寬頻服務，一個完整的數據服務。我們正在與我們的合作夥伴合作，實現語音數據、互聯網下載。我不知道你看到了嗎，我們只是將視訊直接從衛星傳輸到普通手機。

So this is a full broadband experience what a change we are satellite for how long you can enjoy during the day. But now with this by satellites, we would. And so across all United States, of course, there will not be available all the time, there will be no continuous service only with five satellites, but now we are more side like that, that persistence of the service keep increasing that we launch more.

因此，這是一種完整的寬頻體驗，我們是衛星，您可以在白天享受多長時間的變化。但現在有了衛星，我們就可以了。因此，在整個美國，當然不會一直可用，僅用五顆衛星就不會提供連續服務，但現在我們更傾向於這樣，服務的持久性不斷增加，我們發射了更多衛星。

Okay. Thank you very much.

好的。非常感謝。

Bryan Kraft, Deutsche Bank.

布萊恩·克拉夫特，德意志銀行。

Hey, good afternoon, guys. I just wanted to ask you on the AT&T agreement. Can you talk about what the key elements of the agreement structure are on that consistent with the 50 50 revenue share model you've talked about historically, is this just formalizing the end of the year you already had or the terms any different? And is there any impact on the $20 million in prepaid revenue that you'll be getting from AT&T later this year? In other words, will there be additional prepaid revenue that maybe is coming as part of this agreement? Thank you?

嘿，下午好，夥計們。我只是想問你有關 AT&T 協議的問題。您能否談談協議結構的關鍵要素是什麼，與您歷史上討論過的 50 50 收入分成模式一致，這只是正式確定您已經擁有的年底還是條款有什麼不同？今年稍後您將從 AT&T 獲得的 2000 萬美元預付費收入是否會受到影響？換句話說，作為該協議的一部分，是否會有額外的預付費收入？謝謝你？

Yeah. Well, first of all, super, super happy with having and to complete a definitive agreement with AT&T. This is a long comment. A project for us is the conclusion of all the test pricing discovery and understanding of the usage. We believe there is a significant part of the population that will be willing to pay for the service and they move in and out of connectivity in the US.

是的。嗯，首先，我非常非常高興能夠與 AT&T 達成最終協議。這是一個很長的評論。我們的一個專案是所有測試定價發現和對用法的理解的結論。我們相信有很大一部分人願意為這項服務付費，並且他們會進出美國的網路連線。

And so we are a multitude of packages. We are disclosing that together with AT&T. So I'm not going to be able to disclose the packages, but their packages, we'll get that for you to a revenue share we historically have this because these packages allow users to get text, voice, a full broadband Internet and is priced accordingly, depending on the amount of service that the user is willing to pay.

所以我們是一個眾多的包。我們正在與 AT&T 一起披露這一點。因此，我無法透露這些套餐，但他們的套餐，我們將為您提供收入分成，我們歷史上有這樣的套餐，因為這些套餐允許用戶獲得文本、語音、完整的寬頻互聯網，並且是根據用戶願意支付的服務金額相應定價。

It is designed to be used everywhere in North America and to offer a broadband experience, it's on how much would otherwise be independent of the use of the space. It's friction less so the user doesn't need any special phone. It doesn't need any special, a package. It will be all what all what you will see is a different thing, same symbol in the 5G icon with NS something similar that indicate that you're on satellite.

它旨在在北美各地使用並提供寬頻體驗，其程度與空間的使用無關。它的摩擦較小，因此用戶不需要任何特殊的電話。它不需要任何特殊的包。您將看到的一切都將是不同的事情，5G 圖示中的符號與 NS 類似，表明您在衛星上。

But other than that, the user doesn't need to do anything. So we're very excited about these AT&T had on significant amount of market stories of how to price it together with us on how to position it in order to maximize the take on the service.

但除此之外，用戶不需要做任何事。因此，我們對 AT&T 提供的大量市場故事感到非常興奮，這些故事涉及如何定價，以及如何定位它，以最大限度地提高服務的利用率。

Thanks, Abel. anything on the prepaid revenue, is it still just the $20 million? Or I just was curious if there is any incremental financing coming from this. And then I guess the other follow-up I had is just on, can you give us a sense as to when you think this service will actually be available? What will that be sometime next year, how you're thinking about that?

謝謝，阿貝爾。預付費收入還是只有2000萬美元嗎？或者我只是好奇是否有任何增量融資來自於此。然後我想我的另一個後續行動才剛開始，您能否告訴我們您認為這項服務何時真正可用？明年的某個時候會發生什麼，你對此有何看法？

Sure. I'll jump in. First on the deal structure, I think about walk through some of the finer points, but this is a term through 2030. This is the definitive agreement, which means that it's a document that's the legal vehicle through which revenue will be brought in with all the detailed SLAs and other legal requirements and a real commercial agreement. So it's very powerful from that perspective because it means that both companies have aligned around how this offering will occur in many ways. So that's the key element.

當然。我會插話。 SLA 和其他法律要求以及真正的商業協議一起提交。因此，從這個角度來看，它非常強大，因為這意味著兩家公司已經在許多方面就如何提供這項服務達成了一致。這就是關鍵要素。

In terms of prepayments, we reiterated the prepayment that came in in January, right. So there's no new economics or disagreement right now, other than laying out the vehicle through which we'll be able to generate revenue on our services is available, and I'll I'll refer back to Abel's comments on the go to market strategy and doing that jointly with our customer.

在預付款方面，我們重申了一月的預付款，對吧。因此，現在沒有新的經濟學或分歧，除了製定我們能夠透過我們的服務產生收入的工具之外，我將回顧阿貝爾關於進入市場策略的評論並與我們的客戶共同做到這一點。

We're not prepared to announce a timeline, but as we've said, these five satellites going up, our commercial satellites. They have 10 times the capabilities of Blue Walker 3. And after several months of preparations, you know, they will be commercial ready. So this is something for us. It's technology driven, and we want to get this up as fast as possible.

我們不准備宣佈時間表，但正如我們所說，這五顆衛星是我們的商業衛星。它們的能力是 Blue Walker 3 的 10 倍。所以這對我們來說是有意義的。它是技術驅動的，我們希望盡快實現這一點。

Yeah, while using these buy-side later, we are already seeing the starting zone initial revenue with the government with Blue Walker 3, and they will continue on AT&T and others, hopefully will disclose soon. We'll start using this size chart as a commercial operating satellites and of course, that revenue plan to increase significantly as we add more centers.

是的，在稍後使用這些買方時，我們已經看到 Blue Walker 3 與政府的初始收入，他們將繼續在 AT&T 和其他公司上，希望很快就會披露。我們將開始使用這個尺寸表作為商業營運衛星，當然，隨著我們添加更多中心，收入計劃將顯著增加。

But we will start monetizing these satellites commercially in the US and in all key regions, as we continue progressing on signing a definitive agreements with the operators. On those different agreements we expect them to do our prepayment features that are a key part of how we keep continue financing the constellation.

但隨著我們繼續與營運商簽署最終協議，我們將開始在美國和所有關鍵地區將這些衛星商業化。在這些不同的協議中，我們希望他們能夠實現我們的預付款功能，這是我們繼續為該星座提供資金的關鍵部分。

Yes. Thanks very much.

是的。非常感謝。

Andres Coello, Scotiabank.

安德烈斯·科埃洛，豐業銀行。

Yeah, thank you for taking my question. You just mentioned other regions, I guess that is in the 5 satellites will cover the United States. They can also cover parts of Europe and perhaps Japan, perhaps part of Northern Mexico. So I'm just wondering if that is covering the US also gives you capabilities in other parts of the world for these 5 satellites. Thank you.

是的，謝謝你回答我的問題。你剛才提到了其他地區，我猜想就是這5顆衛星將覆蓋美國。它們還可以涵蓋歐洲的部分地區，或許還有日本，或許還有墨西哥北部的部分地區。所以我只是想知道覆蓋美國是否也能讓您在世界其他地區使用這 5 顆衛星。謝謝。

Yeah, that is correct. I mean the 5 satellite have there included a 53 real inclination. What they mean is they pass the circle deal there on constantly and they cover everything plus minus 59 degrees latitude from Canada, all the way to Argentina in the Americas from a cover of South Africa all the way to Northern Europe and Japan.

是的，這是正確的。我的意思是，5 顆衛星的實際傾角為 53。他們的意思是，他們不斷地在那裡傳遞環形協議，涵蓋從加拿大到負59度緯度的所有地區，一直到美洲的阿根廷，從南非一直到北歐和日本。

So yes, these are they have lower coverage and we're starting with five. We are you know, we're very careful of where we are initiating services with a customer. We're prioritizing customers that are signing definitive agreements with prepayments on, but we have the ability to do that globally in the US, Europe, in Africa, in Asia and thus our prioritizing the usage of these very valuable assets.

所以是的，這些是他們的覆蓋率較低，我們從五個開始。如您所知，我們非常謹慎地向客戶提供服務。我們優先考慮那些簽署預付款最終協議的客戶，但我們有能力在美國、歐洲、非洲、亞洲等全球範圍內做到這一點，因此我們優先考慮使用這些非常有價值的資產。

Understood and just confirming it already a string of parallels, correct that the configuration is going to be a string of parallels?

理解並只是確認它已經是一串平行線，正確的是配置將是一串平行線？

At the beginning, yes, we are more satellite. We're going to we want to be facing them out in the plants where we're putting them up.

一開始，是的，我們更多的是衛星。我們希望在我們放置它們的植物中面對它們。

Okay. Thank you.

好的。謝謝。

Chris Schoell, UBS.

克里斯‧舍爾，瑞銀集團。

Great. Thank you for taking the questions. Just a few follow-ups. As you think about measuring success on the first 5 Block 1 satellites. Any guardrails you can give in terms of expected revenue generation and over what time frame?

偉大的。感謝您提出問題。只是一些後續行動。當您考慮衡量前 5 顆 Block 1 衛星的成功。您可以在預期創收方面以及在多長時間內提供任何護欄？

And then second question, historically, we've seen the wireless carriers bundled value added services into their premium offerings. Do you think a similar hard bundle approach can be taken with your service Or do you still expect that customers will need to opt in?

第二個問題，從歷史上看，我們已經看到無線營運商將增值服務捆綁到他們的優質產品中。您認為您的服務可以採用類似的硬捆綁方法嗎？

We are basing our offerings and us up on our own service to the user. Of course, every country every operator has their own plan under the old methodology of how to monetize the service or how to differentiate it in each of the respective markets. But fundamentally, this is an add-on service with a very low friction to opt in and start paying for it.

我們的產品和服務是基於我們為使用者提供的服務。當然，每個國家/地區的每個運營商在如何將服務貨幣化或如何在每個各自的市場中實現差異化的舊方法下都有自己的計劃。但從根本上來說，這是一項附加服務，選擇加入並開始付費的阻力非常小。

The customer side, as I said earlier, there's a need to basically not anything in order that is auto connectivity and that is willing to pay for getting that connectivity. And so when you think about it, you get your monthly bill, it's a line item you monthly. We have that it will be a space model. And as you move from around the years and in places where there is no connectivity or the connectivity is not good enough.

正如我之前所說，客戶方面基本上不需要任何東西來實現自動連接，並且願意為獲得該連接付費。因此，當您考慮一下時，您會收到每月的帳單，這是您每月的一個行項目。我們知道它將是一個太空模型。當您從幾年前搬到沒有連接或連接不夠好的地方。

And then just a follow-up, maybe just on the first 5 satellites. Any sort of guardrails you're thinking of in terms of the revenue generation and how quickly that can scale into end of this year?

然後只是後續行動，也許只是前 5 顆衛星。您在創收方面考慮的任何形式的護欄以及到今年年底可以多快擴展？

Hey Chris, we're not only providing revenue guidance at this time, but these first 5 satellites are commercial ready. We've talked about our government customer. Obviously, we announced a commercial agreement today, there's revenue potential that's real on this for aside satellites. But again, it's not our focus, right? We believe that the big opportunity that as we scale the system so to a certain extent, are not focused on the revenue opportunity for the first five, but you'll start to see it come in, but you'll see our focus beyond what is service look like with more satellites.

嘿，克里斯，我們此時不僅提供收入指導，而且前 5 顆衛星已做好商業準備。我們已經討論過我們的政府客戶。顯然，我們今天宣布了一項商業協議，對於衛星而言，這確實具有收入潛力。但話又說回來，這不是我們的重點，對吧？我們相信，當我們將系統擴展到一定程度時，巨大的機會並不集中在前五個的收入機會上，但你會開始看到它的出現，但你會看到我們的重點超出了服務看起來就像有更多衛星一樣。

And that's I'll point you back to the agreement today is all about how do you provide a mass market solution to a broad consumer base, right and that's where the focus will be. That's where the big revenue opportunity is for us. And so we won't be as focused on just the first five will be focused on continuing to build out the constellation.

我將向您指出今天的協議主要是關於如何為廣泛的消費者群體提供大眾市場解決方案，這就是焦點所在。這對我們來說就是巨大的收入機會。因此，我們不會只關注前五個，而是專注於繼續建造這個星座。

Okay, great. Thank you.

好的，太好了。謝謝。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂，奎爾蒂空間。

Morning, gentlemen, I was hoping you could give an update on your [FX] developments?

早安，先生們，我希望您能介紹一下您的 [FX] 進度？

Yeah, Chris, I mean, we are in we have been tape-out for four if Montana have already caught up with the process will run three months, three to four months on a we are ready to receive our chip and this chip will have another 10 times increase in the processing capacity of our satellites.

是的，克里斯，我的意思是，我們已經進行了四個流片，如果蒙大拿州已經趕上了，這個過程將持續三個月，三到四個月，我們準備好接收我們的晶片，而該晶片將有我們衛星的處理能力又增加了 10 倍。

As a reminder, Blue Walker 3 had a hundred megahertz processing bandwidth, a Block 1 satellites that we have now and we're planning to launch very quickly here are they out of 10 times dock capacity using FPGAs on the next-generation of the Block 2, we had another 10 times increase a 10 gigahertz approximately bandwidth per satellite.

提醒一下，Blue Walker 3 擁有 100 兆赫茲的處理頻寬，這是我們現在擁有的 Block 1 衛星，我們計劃在下一代 Block 上使用 FPGA 快速發射，它們超出了 10 倍的塢站容量2、我們又將每顆衛星的頻寬增加了10 倍，大約為10 GHz。

And so they're very significant in step up on it. But we're using, you know, we have the ability to keep using our FPGAs for long as needed it. But we are in the tail end process of receiving our chip.

因此，他們在這方面的努力非常重要。但我們正在使用，您知道，我們有能力根據需要長期使用我們的 FPGA。但我們正處於接收晶片的最後階段。

Great. And on the operating expenses, it looks like you've made some nice reductions in the current quarter, a good run rate or some of the cost cutting effects going to accrue as the year plays out?

偉大的。在營運費用方面，看起來你們在本季進行了一些不錯的削減，良好的運行率或隨著今年的結束會產生一些成本削減效果？

I'll take that. Yeah.

我會接受的。是的。

Yeah, Sean, what do you think.

是的，肖恩，你覺得怎麼樣。

Yeah, as Abel mentioned in March, we are going to probably average somewhere around $30 million. We came in a little over $31 million a quarter. I guess the one caveat is there's $15 million of expenses that cannot be paid for, but hadn't been run through the income statement on an effect. But we have targeted these two R&D engineering services and GA and keep it around a $30 million run rate probably through the end of the year.

是的，正如 Abel 在 3 月提到的那樣，我們的平均成本可能約為 3000 萬美元。我們每季的營收略高於 3,100 萬美元。我想需要注意的是，有 1500 萬美元的費用無法支付，但尚未在損益表中進行計算。但我們的目標是這兩項研發工程服務和通用航空，並可能在年底前將其運行費用保持在 3000 萬美元左右。

Great. And Abel that you get a picture with Ben Stiller?

偉大的。亞伯你和班史提勒合照了嗎？

Well, we want to do invite our investors to launch. Let's say, he's available.

好吧，我們想邀請我們的投資者來啟動。假設他有空。

Thank you, gentlemen.

謝謝你們，先生們。

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

謝謝。此時，我不會提出任何進一步的問題。我想將電話轉回給管理層以結束。

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

謝謝你，接線生。我們公司正在建造一個天基蜂窩寬頻網絡，專為當今口袋裡的手機而設計。我要感謝大家與股東和分析師一起提出問題，並希望大家本週休息愉快。謝謝。

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

今天的會議到此結束，您現在可以掛斷電話了。感謝您的參與。