AST SpaceMobile, Inc. (ASTS) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AST SpaceMobile Fourth Quarter 2021 Business Update Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位好，感謝您稍候。歡迎參加 AST SpaceMobile 2021 年第四季業務更新電話會議。（接線員指示）請注意，今日會議將被錄音。（接線員指示）

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

現在我想將會議交給今天的講者，AST SpaceMobile 首席策略長 Scott Wisniewski。請開始。

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

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

During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements on this call.

在今天的電話會議中，我們可能會作出若干前瞻性陳述。這些陳述係基於目前的預期與假設，因此可能受到風險與不確定性影響。許多因素可能導致實際事件與本次電話會議中的前瞻性陳述出現重大差異。

For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's Form 10-K for the year ended December 31, 2021, and other documents filed by AST SpaceMobile with the SEC from time to time.

如需瞭解這些風險與不確定性的更多資訊，請參閱 AST SpaceMobile 截至 2021 年 12 月 31 日止年度的 Form 10-K 之「風險因素」章節，以及 AST SpaceMobile 不時向美國證券交易委員會（SEC）提交的其他文件。

Readers are cautioned not to put undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed on this call.

提醒讀者勿過度依賴前瞻性陳述，且公司明確聲明不承擔更新本次電話會議中可能討論之任何前瞻性陳述的義務。

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

此外，在我們的開場發言之後，我們將開始問答環節，回答股東事先提交的問題。

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

接下來，我想介紹董事長兼執行長 Abel Avellan，以及財務長 Tom Severson 也一同參與本次電話會議。Abel，交給你。

Thanks, Scott. This business update marked our first year as a public company. For those new to AST SpaceMobile, I would like to summarize some key achievements I'll remind you about some of our fundamentals. We're chasing a huge market opportunity to connect people everywhere at air, land and sea using our patented space-based cellular broadband technology. There are approximately 5.3 billion mobile phones worldwide, and the wireless service market generates over $1 trillion of our annual revenue. And according to GCMA (sic) [GSMA], approximately half of the world population do not have cellular broadband.

謝謝，Scott。這次業務更新標誌著我們作為上市公司的第一年。對於剛認識 AST SpaceMobile 的各位，我想總結一些關鍵成就，並提醒各位我們的一些基本面。我們正把握一個巨大的市場機會，運用我們具專利的太空基行動蜂巢式寬頻技術，在空中、陸地與海上連結世界各地的人們。全球約有 53 億支手機，而無線服務市場每年創造超過 1 兆美元的營收。並且根據 GCMA（原文如此）[GSMA]，全球約有一半人口沒有行動蜂巢式寬頻。

Our partners are industry-leading global companies like Vodafone, American Tower and Rakuten, indisputable leaders in the industry where we participate. We believe that our service is going to be indispensable, and we think that broadband connectivity is a human right that allows access to knowledge and information to the masses on a global scale.

我們的合作夥伴包括 Vodafone、American Tower 與 Rakuten 等產業領先的全球公司，皆是在我們所參與領域中無可爭議的產業領導者。我們相信我們的服務將不可或缺，並且我們認為寬頻連線是一項人權，能讓全球大眾大規模地取得知識與資訊。

By the way of a quick update, we are on schedule for the planned launch of BlueWalker 3 this summer. We now have agreements and MOUs with mobile network operators, which represent over 1.8 billion subscribers. We now have over 2,100 patent and patent pending claims.

順帶一提，簡要更新一下：我們按計畫於今年夏季發射 BlueWalker 3 的進度如期進行。我們目前已與行動網路營運商簽訂協議與合作備忘錄（MOU），所代表的用戶數超過 18 億。我們目前擁有超過 2,100 項已獲專利與專利申請中的權利項（claims）。

And over the last few months, we had achieved major milestones for the industrialization of our technology, including the acquisition and development of our 100,000 square feet second facility in Texas, together with our current 85,000 square foot headquarter. This facility increases our overall manufacturing space in Texas for a total of 185,000 square feet. We are now on a mission to industrialize our technology to allow the space-based cellular broadband connectivity to be available everywhere.

在過去幾個月中，我們在技術工業化方面達成了重大里程碑，包括在德州收購並開發我們第二座 100,000 平方英尺的廠房，並與現有 85,000 平方英尺的總部相互配合。該廠房使我們在德州的整體製造空間增加至合計 185,000 平方英尺。我們目前的使命是將技術工業化，使太空基行動蜂巢式寬頻連線能在任何地方提供。

Now moving on into BlueWalker 3 update. Let's start with a little more detail on BlueWalker 3. The satellite is on schedule for our planned summer launch, and all testing and integration are near completion. What is left for us is to store and pack this satellite into its final configuration. After the final RF testing is completed at our Midland facility. What you see in this picture is BlueWalker 3 fly microns preparing to enter final RF compatibility tests, path to launch of BlueWalker 3.

接下來是 BlueWalker 3 的更新。我們先更詳細介紹 BlueWalker 3。該衛星按計畫於今年夏季發射，所有測試與整合已接近完成。我們剩下的工作是將這顆衛星以最終配置進行存放與包裝，並在我們位於 Midland 的廠房完成最終射頻（RF）測試之後。您在這張照片中看到的是 BlueWalker 3 的飛行微米（fly microns）正準備進入最終 RF 相容性測試，邁向 BlueWalker 3 的發射之路。

Turning to Page 5. Prior to the final environmental test, we will need to store and pack this spacecraft for the last time. This process involves towing a 693 square feet space array into a cube that fits into our launch vehicle adapter, which is then mounted into the Falcon 9.

翻到第 5 頁。在最終環境測試之前，我們需要最後一次將這艘太空器存放並包裝。此流程包含將一個 693 平方英尺的太空陣列拖曳並收納成可放入我們發射載具轉接器的立方體，之後再安裝到 Falcon 9 上。

The process of installing our satellite is an engineering challenge that has taken the company over 2 years to solve and test. After the last environmental test is completed, a process that we expect will take approximately 4 weeks, we plan to perform the final inspection on the spacecraft prior to moving it to Florida for launch.

安裝我們衛星的流程是一項工程挑戰，公司花了超過 2 年時間來解決並測試。最後一次環境測試完成後（我們預期該流程約需 4 週），我們計畫在將太空器移往佛羅里達進行發射之前，對其進行最終檢查。

After 2 years of hard work and over 2,100 patent and patent pending claims, the company is confident we have created many of the key processes designed to enable our cellular broadband system from the space, included, but not limited to, the following: the ability to design, build and produce the milestones that are the building blocks of our spacecraft; the technology to enable our space array to connect directly from space to regular and modified mobile phones; the ability to construct a system that can deploy a satellite with an aperture of 693 square feet into a cubic volume capable of use with multiple launch partners; and last but not least, we have developed the knowledge to vertically integrate the key major components of the build and construction of our spacecraft while we continue to expand our IP portfolio.

經過 2 年的努力以及超過 2,100 項已獲專利與專利申請中的權利項，公司有信心我們已建立多項關鍵流程，旨在使我們的太空蜂巢式寬頻系統得以實現，包括但不限於以下內容：設計、建造並生產作為太空器基石的各項里程碑能力；使我們的太空陣列能從太空直接連接一般與改裝手機的技術；建構一套系統，能將具有 693 平方英尺孔徑的衛星部署於可與多家發射合作夥伴相容的立方體體積中；以及最後但同樣重要的是，我們已建立將太空器建造與組裝的關鍵主要元件進行垂直整合的知識，同時持續擴充我們的智慧財產（IP）組合。

Now moving to industry update -- industrialization update. In parallel with our technology development efforts, we have also been taking steps in the industrialization of our technology.

現在進入產業更新——工業化更新。除了技術開發工作之外，我們也同步採取措施推動技術的工業化。

Expansion facility update. In December, we purchased a second facility in Texas, a short drive from our current headquarters in Midland. The property offers several buildings with high-quality shelves so we can build out our 100,000 square feet of manufacturing space. We pre-installed high-capacity cranes and additional land for more build-out, if required. This facility will help us to grow our potential monthly satellite production from 2 satellites to 6 satellites per month or possibly more.

擴建廠房更新。12 月，我們在德州購置了第二座廠房，距離我們位於 Midland 的現有總部僅短程車程。該物業提供多棟建築並配備高品質的架設結構，使我們能打造 100,000 平方英尺的製造空間。我們預先安裝了高承載起重機，並保留額外土地以便在需要時進一步擴建。此廠房將協助我們把每月衛星潛在產量從 2 顆提升至每月 6 顆，或可能更多。

And we have also been aligning our supply chain to this target. We have earmarked approximately $20 million of additional investment for the extension facility and are making great progress on the renovation. This facility will be highly automated and will focus on micron assembly and related solar panels assembly for our spacecraft. We consider the purchase and planning around the extension facility as a major step for the industrialization of our technology.

我們也已使供應鏈與此目標對齊。我們已預留約 2,000 萬美元的額外投資用於擴建廠房，並在翻新工程方面取得良好進展。該廠房將高度自動化，並將聚焦於我們太空器的微米組裝以及相關太陽能板組裝。我們認為購置並規劃此擴建廠房，是我們技術工業化的重要一步。

Now I will pass it out to Scott to provide additional business updates.

現在我將交給 Scott，提供更多業務更新。

Thank you, Abel. Starting on Page 9. In addition to the great technology and industrialization progress to date, the AST team also continues to advance the ball on the business side. We're building out the commercial opportunity enhancing our organization.

謝謝你，Abel。從第 9 頁開始。除了迄今為止在技術與工業化方面的重大進展外，AST 團隊也持續在業務端推進。我們正在擴大商業機會並強化組織。

On the commercial side, we recently announced a new MOU with Orange Group, an operator with over 220 million subscribers globally. This MOU will facilitate additional BlueWalker 3 testing in one African country and will also explore opportunities for further collaboration to serve their subscribers. With this signing, there are now 1.8 billion subscribers represented by mobile network operators with whom we have agreements and MOUs. And I will talk a little bit more about this opportunity in a moment.

在商業方面，我們近期宣布與 Orange Group 簽署新的合作備忘錄（MOU）；Orange Group 是一家在全球擁有超過 2.2 億用戶的營運商。該 MOU 將促成在一個非洲國家進行更多 BlueWalker 3 測試，並將探索進一步合作機會以服務其用戶。隨著此次簽署，目前與我們簽有協議與 MOU 的行動網路營運商所代表的用戶數已達 18 億。我稍後會再多談一些這項機會。

We also signed a multi-launch agreement covering BlueWalker 3, the first Bluebird satellite and a framework for future launches. This is an important milestone that brings increased certainty for our business beyond BlueWalker 3.

我們也簽署了一項多次發射協議，涵蓋 BlueWalker 3、第一顆 Bluebird 衛星，以及未來發射的框架安排。這是一項重要里程碑，為我們在 BlueWalker 3 之後的業務帶來更高的確定性。

Lastly, despite it being early days on the regulatory front, we remain active globally, both independently and together with the mobile network operators, targeting approvals for testing and commercial service, supporting our base of initial regulatory approvals for the use of V-band and 3GPP frequencies in 6 countries.

最後，儘管在監管面仍屬早期階段，我們仍在全球保持積極行動，無論是獨立推進或與行動網路營運商共同推進，皆以取得測試與商用服務的核准為目標，並在我們已取得的初始監管核准基礎上持續擴展；目前我們已在 6 個國家取得使用 V-band 與 3GPP 頻段的初始監管核准。

On the organizational side, we increased our employee count by 30 during Q4, which brings our full team to 566 comprised of 386 full-time employees and consultants and 180 dedicated third-party engineering staff as of December 31, 2021.

在組織方面，我們於第四季增加了 30 名員工，使截至 2021 年 12 月 31 日我們的完整團隊人數達到 566 人，其中包括 386 名全職員工與顧問，以及 180 名專職的第三方工程人員。

And as Abel mentioned, we also continue to actively protect our IP and increased our total patent and patent pending claims to 2,100. This IP portfolio continues to expand and provides us a competitive advantage.

此外，如 Abel 所提及，我們也持續積極保護我們的智慧財產（IP），並將已獲專利與專利申請中的權利項總數提升至 2,100 項。此 IP 組合持續擴大，並為我們提供競爭優勢。

Moving to Page 10. Given the recent activity here, we wanted to take a moment to highlight our mobile network operator relationships as they are critical to our business and our go-to-market strategy. These agreements and understandings that support the 1.8 billion subscriber number have been put in place starting in 2018 to facilitate the development of our direct to cell technology and lay out the key commercial elements of our MNO relationships. Many of the key terms of these agreements are intended to mirror agreements with our strategic partner, Vodafone, and they leverage the spectrum and technology found in the over 5 billion mobile phones in use today.

接著翻到第 10 頁。鑑於近期這裡的活動，我們想花一點時間強調我們與行動網路營運商（MNO）的合作關係，因為這些關係對我們的業務以及我們的市場進入（go-to-market）策略至關重要。支撐 18 億訂戶數的這些協議與共識自 2018 年起陸續建立，旨在促進我們「直連手機」（direct to cell）技術的發展，並界定我們與 MNO 關係中的關鍵商業要素。這些協議中的許多關鍵條款，意在對標我們與策略夥伴 Vodafone 的協議，並利用當今超過 50 億支在用手機所具備的頻譜與技術。

Ultimately, there are a few factors that we expect to drive success with our commercial relationships. First, MNOs like the solution because it will fix a real network problem amidst insatiable demand. It will improve their service, will drive new revenue and could support churn reduction goals. Users will like the solution because it will fix a real network problem. And it will be easy with no new hardware or software required, they just need to click yes when they receive a text message offering service. And the solution is a good one for AST SpaceMobile because the super wholesale model where the MNO is our customer is designed to limit our operating expenses. M&A agreements with revenue share will let us participate in the upside, and the easy sign-up process allows us to grow subscribers quickly and with limited friction costs once our network is operational.

歸根結底，我們預期有幾項因素將推動我們商業合作關係的成功。第一，MNO 喜歡這個解決方案，因為在需求永無止境的情況下，它能解決真實的網路問題；它將提升其服務、帶來新的營收，並可能支持降低流失率（churn reduction）的目標。用戶也會喜歡這個解決方案，因為它同樣能解決真實的網路問題，而且使用上很容易：不需要任何新的硬體或軟體，只要在收到提供服務的簡訊時點選「是」即可。此外，這個解決方案對 AST SpaceMobile 也很有利，因為以 MNO 為客戶的「超級批發」（super wholesale）模式旨在限制我們的營運費用。採用分潤的 M&A 協議將使我們能參與上行收益，而簡便的註冊流程也讓我們在網路投入營運後，能以有限的摩擦成本快速擴大訂戶。

Now with that, it is my pleasure to hand it off to Tom for the financial update.

接下來，我很高興把時間交給 Tom 進行財務更新。

Thank you, Scott. Since our last business update, our team has been preparing the BlueWalker 3 test satellite for our summer launch, and we've been executing on the setup of the company's industrial infrastructure to be able to meet our goal of producing 6 satellites per month during 2023.

謝謝你，Scott。自上次業務更新以來，我們的團隊一直在為今年夏季發射做準備，將 BlueWalker 3 測試衛星整備就緒；同時，我們也在推進公司工業化基礎設施的建置，以達成 2023 年每月生產 6 顆衛星的目標。

To this end, we are laser focused on the build-out in preparation of our facilities. At our new Midland AIT facility, we expect to complete the first phase of the cleanroom build-out during Q2 and are making other investments to construct what will be a state-of-the-art satellite production line with automated machining processes. We are also working on the build-out of our network operations center and satellite operations center, which will be located at our 16,000 square foot engineering office located in Lanham, Maryland.

為此，我們高度聚焦於設施擴建與前置準備。在我們新的 Midland AIT 設施，我們預期在第二季完成無塵室建置的第一階段，並進行其他投資，以打造具備自動化加工流程的最先進衛星生產線。我們也在建置網路營運中心與衛星營運中心，兩者將設於馬里蘭州 Lanham 的 16,000 平方英尺工程辦公室內。

Simultaneously, we are also integrating our ERP and enterprise systems, which will support the industrial manufacturing environment for the production of our BlueBird satellites. Also in preparation for production, our supply chain team continues to make solid progress with the procurement of long lead time subsystems and componentry for our BlueBird satellites. Based on our progress to date, we continue to reaffirm our cost estimates to build and launch the first 20 satellites with an average cost in the $13 million to $15 million range per satellite. And for the full constellation, we are still targeting to be able to build and launch 168 satellites for an average cost per satellite of approximately $11 million.

同時，我們也在整合 ERP 與企業系統，以支援 BlueBird 衛星的工業化製造環境。為了量產做準備，我們的供應鏈團隊也持續在 BlueBird 衛星長交期子系統與零組件的採購上取得扎實進展。基於目前的進度，我們持續重申：建造並發射首批 20 顆衛星的成本估算不變，平均每顆約在 1,300 萬至 1,500 萬美元區間。至於完整星座，我們仍以建造並發射 168 顆衛星為目標，平均每顆成本約 1,100 萬美元。

Now to move on to the Q4 financials and current operating expense trends. We ended 2021 with $321.8 million of cash and $5 million of total debt, which was incurred in connection with the Q4 purchase of our new AIT facility in Midland, Texas. During the fourth quarter, our cash operating expenses, including engineering services, R&D and G&A, increased to $28.5 million, an increase of $7.5 million compared to the prior quarter. This was due to increases across R&D, engineering and G&A.

接著談第四季財務與目前營運費用趨勢。我們在 2021 年底的現金為 3.218 億美元，總負債為 500 萬美元；該負債係與第四季購置位於德州 Midland 的新 AIT 設施相關。第四季期間，我們的現金營運費用（包含工程服務、研發與一般及行政費用（G&A））增加至 2,850 萬美元，較前一季增加 750 萬美元，主要來自研發、工程與 G&A 的全面上升。

These increases resulted from the company's efforts relating to the completion of the BlueWalker 3 satellite and the preparation for the BlueBird satellite production, investments in our engineering team, expenses relating to the setup of our supply chain for our BlueBird satellites and other improvements to our operating infrastructure.

這些增加主要源於公司為完成 BlueWalker 3 衛星以及為 BlueBird 衛星量產做準備所做的努力，包括對工程團隊的投資、為 BlueBird 衛星建立供應鏈的相關費用，以及對營運基礎設施的其他改善。

During the fourth quarter, our cash G&A costs were $10.7 million, and we expect that our quarterly G&A costs will remain roughly in this range through the end of 2022.

第四季，我們的現金 G&A 成本為 1,070 萬美元；我們預期至 2022 年底前，季度 G&A 成本大致將維持在此區間。

During the fourth quarter, our cash engineering costs were $9.9 million, and we expect to continue to see these costs continue to ramp during 2022 as our AIT team prepares for the manufacture of our BlueBird satellites. We will also continue to invest in our in-house electronics design and development team focused on our BlueBird satellites and ground infrastructure. To give you a sense of scale, our engineering and AIT employees and consultants grew from 241 at the end of Q3 to 287 at the end of Q4. We plan to continue to build this team to approximately 350 by the end of 2022.

第四季，我們的現金工程成本為 990 萬美元；隨著 AIT 團隊為 BlueBird 衛星製造做準備，我們預期 2022 年這些成本將持續攀升。我們也將持續投資於專注 BlueBird 衛星與地面基礎設施的自有電子設計與開發團隊。讓各位了解規模：我們的工程與 AIT 員工及顧問人數，從第三季末的 241 人增加到第四季末的 287 人。我們計畫在 2022 年底前，將該團隊擴編至約 350 人。

In terms of our CapEx, to date, we've invested approximately $80 million for the build and launch of the BlueWalker 3 satellite, and our capital investments for BlueWalker 3 are substantially complete. Total investments in our property and equipment were $31.9 million through the end of the fourth quarter, and this includes the $8 million purchase of our new AIT facility in Midland, Texas. The company now has approximately 185,000 square feet of industrial space in Midland. And once the cleanroom build-out of the new AIT facility is complete, we will have approximately 100,000 square feet of ISO 8 cleanroom manufacturing capacity. We believe these facilities will be sufficient to support our manufacturing target to complete 6 production satellites per month during 2023.

就資本支出（CapEx）而言，截至目前我們已投入約 8,000 萬美元用於 BlueWalker 3 衛星的建造與發射，而 BlueWalker 3 的資本投入已大致完成。截至第四季末，我們在不動產與設備上的總投資為 3,190 萬美元，其中包含以 800 萬美元購置位於德州 Midland 的新 AIT 設施。公司目前在 Midland 擁有約 185,000 平方英尺的工業空間。待新 AIT 設施的無塵室建置完成後，我們將擁有約 100,000 平方英尺、符合 ISO 8 等級的無塵室製造產能。我們相信這些設施足以支援我們在 2023 年達成每月完成 6 顆量產衛星的製造目標。

Finally, as we ready BlueWalker 3 for its planned launch this summer and prepare the company for full-scale manufacturing, we are confident in the ability of our amazing team to execute our plans and deliver our game-changing technology.

最後，隨著我們為 BlueWalker 3 今年夏季的既定發射做準備，並讓公司邁向全面量產，我們對這支優秀團隊執行計畫、交付具顛覆性的技術充滿信心。

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

接下來，我把時間交回給 Scott。

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

在進入分析師提問隊列之前，我想先回應幾個投資人在會議前提交的問題。接線員，請先從第一個問題開始。

We have a question from Steve from Arizona asked, the date for both Bluebird 1 and BlueBird 2 were redacted from the launch services agreement. Will you be sharing those dates during the earnings report?

我們收到一個問題：來自亞利桑那州的 Steve 提問，Bluebird 1 與 BlueBird 2 的日期在發射服務協議中被遮蔽（redacted）了。你們會在財報電話會議中分享這些日期嗎？

Steve , thank you for your question. Well, let me start by saying that we plan to start production of BlueBird 1 satellites later this year, and we seek to ramp up our production capacity during 2023 towards our goal of producing 6 satellites per month. And then the multi-launch agreement recently signed, it was designed to provide us the flexibility, and we begin to launch our BlueBird production satellites in 2023.

Steve，謝謝你的提問。我先說明，我們計畫在今年稍晚開始 BlueBird 1 衛星的生產，並希望在 2023 年提升產能，朝每月生產 6 顆衛星的目標邁進。至於最近簽署的多次發射協議，其設計目的在於提供我們彈性，而我們將於 2023 年開始發射 BlueBird 量產衛星。

We have a question from Kevin from California asked, retail investors seem confused on whether or not it's possible to launch BW3 without SEC approval. Can you clarify whether or not SEC approval is required for the planned summer launch?

我們收到一個問題：來自加州的 Kevin 提問，散戶投資人似乎對於在沒有 SEC 核准的情況下是否能發射 BW3 感到困惑。你能否釐清：今年夏季的既定發射是否需要 SEC 核准？

Thank you, Kevin , for the question. First of all, we believe the SEC will come through on time for our summer launch. However, if it's necessary -- we don't think that it will be necessary, but if it's necessary, we can start testing outside the United States. We do not think that the SEC is a prerequisite for our summer launch.

Kevin，謝謝你的提問。首先，我們相信 SEC 會及時完成，以配合我們今年夏季的發射。不過，如果有必要——我們認為不太可能有必要，但如果真的有必要——我們可以在美國境外開始測試。我們不認為 SEC 是我們夏季發射的先決條件。

We have a question from Bryan from Toronto asked, will you be competing directly with LEO constellation providers like SpaceX, Starlink and rural undeserved markets?

我們收到一個問題：來自多倫多的 Bryan 提問，你們是否會與 SpaceX、Starlink 等 LEO 星座供應商，以及偏遠且服務不足的市場直接競爭？

Bryan , thank you for the question. No, we don't see SpaceX, OneWeb and other LEO systems as a competition to our system. The way that we like to explain it is we see ourselves as a cellular -- broadband cellular system to provide connectivity directly to handsets, where we see the other systems as WiFi or broadband connectivity using terminals to connect homes or other type of locations. So we do not see us in direct competition with the other LEO systems.

Bryan，謝謝你的提問。不會，我們不把 SpaceX、OneWeb 及其他 LEO 系統視為我們系統的競爭對手。我們常用的說法是：我們把自己定位為一個蜂巢式——寬頻蜂巢式系統，提供直接連到手機的連線能力；而我們認為其他系統更像是透過終端設備為家庭或其他地點提供 WiFi 或寬頻連線。因此，我們不認為自己與其他 LEO 系統存在直接競爭。

We have a question from Chan from Nevada asked, can you give an updated all-in cost for building a single BlueBird?

我們收到來自內華達州 Chan 的提問：能否提供建造單一 BlueBird 的最新全包成本？

I'll take that one. This is Tom. Thanks for your question, Chan . We continue to reaffirm our current cost estimate to build and launch the first 20 BlueBirds to be in the $13 million to $15 million per satellite range. We take materials and componentry into cost -- into consideration during the design process, and our approach is more akin to an automotive manufacturer where we benefit from the scale of production rather than a legacy satellite manufacturing model. Since our last business update, we made solid progress in the supply chain negotiations. And based on our progress to date, we are currently on track to beat targeted costs. Thanks, Chan .

我來回答。這裡是 Tom。感謝你的提問，Chan。我們持續重申目前的成本估算：建造並發射首批 20 顆 BlueBird 的成本，預計每顆衛星約為 1,300 萬至 1,500 萬美元。我們在設計過程中會將材料與零組件成本納入考量；我們的做法更接近汽車製造商，能受益於量產規模，而非傳統衛星製造模式。自上次業務更新以來，我們在供應鏈談判方面取得了扎實進展。依據目前進度，我們正朝著低於目標成本的方向推進。謝謝你，Chan。

We have a question from Chan from Nevada asked, is Phase 1 fully funded? If yes or no, what are your plans for raising capital beyond calling warrants?

我們收到來自內華達州 Chan 的提問：第一階段（Phase 1）是否已完全到位資金？若是或否，除了行使認股權證（warrants）之外，你們有哪些籌資計畫？

I'll take this one as well. Mr. Chan , thank you again for your question. Let me start by saying that our balance sheet has a strong cash position with $322 million on the balance sheet at year-end, and one of our core corporate finance principles is to always maintain a strong balance sheet with a strong cash position. But we currently estimate the capital asset investments required to manufacture and launch the first 20 BlueBird satellites to be between approximately $260 million and $300 million, which is expected to be incurred during 2022 and 2023.

我也來回答這題。Chan 先生，再次感謝你的提問。首先，我們的資產負債表現金部位強勁，年末資產負債表上有 3.22 億美元現金；而我們的核心公司財務原則之一，就是始終維持強健的資產負債表與充裕的現金部位。不過，我們目前估計，製造並發射首批 20 顆 BlueBird 衛星所需的資本性資產投資約為 2.60 億至 3.00 億美元，預計將在 2022 年與 2023 年期間發生。

Also, let me point out that until we are self-funding, through operating cash flow, we will be monitoring market conditions, and our goal is to opportunistically raise additional capital with the most advantageous terms possible. And we are continuously assessing various financing options. Our current expectation is that we will seek to raise additional capital before we launch the SpaceMobile service commercially.

另外我要指出，在我們能透過營運現金流自給自足之前，我們會持續觀察市場狀況；我們的目標是在最有利的條件下把握時機籌集額外資金。我們也在持續評估各種融資選項。目前我們預期，會在 SpaceMobile 服務商業化發射之前尋求籌集額外資金。

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

接著，我想感謝股東們提交這些問題。接線員，現在請開放分析師提問。

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

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

Can you talk about how much certainty the SpaceX agreement gives you as it relates to securing launch capacity for the BlueBird satellites in Phase 1?

你能談談 SpaceX 協議在確保第一階段 BlueBird 衛星發射運力方面，能帶來多大程度的確定性嗎？

And then a couple other related to that. With some of the launch capacity seemingly coming out of the industry due to the war in Ukraine, how can you be so confident in your satellite build plus launch costs staying on plan? I think, Tom, you reiterated the cost that you had previously disclosed.

另外還有幾個相關問題。由於俄烏戰爭，產業中似乎有部分發射運力退出市場；在這種情況下，你們為何仍能如此有信心讓衛星建造加上發射成本維持在原計畫之內？我想 Tom 你重申了先前披露的成本。

And then lastly, will there be any additional payments due this year related to the BlueWalker 3 launch beyond the $23 million that you already paid?

最後，今年是否還會有與 BlueWalker 3 發射相關的額外付款，超過你們已支付的 2,300 萬美元？

Well, regarding the launch -- the multi-launch agreement with SpaceX, that was done to secure the initial launches of our BB1, our operational production spacecrafts. And also, they were also addressing the BlueWalker 3 launch at the same time. So we had BlueWalker 3, BB1 and the first multi-launch on this agreement with the SpaceX. That's something that we'd like to do 6 months to a year ahead of time, and that's what we had addressed with the agreement with SpaceX.

好的，關於發射——與 SpaceX 的多次發射協議，是為了確保我們 BB1（也就是我們的營運量產衛星）的初期發射。同時，該協議也一併涵蓋 BlueWalker 3 的發射。因此在與 SpaceX 的這份協議中，我們同時處理了 BlueWalker 3、BB1，以及第一個多次發射安排。這類事情我們通常希望提前 6 個月至 1 年完成規劃，而這正是我們與 SpaceX 協議所要解決的。

How far -- how much of the BlueBird launches are sort of covered in the agreement? And I think that the, when you announced the agreement, it alluded to a framework for future launches. So I was just wondering what kind of certainty or confidence that gives you in the availability of launch capacity. I don't know if you could say anything there, but I was just curious about that.

那麼——BlueBird 的發射有多少是被這份協議涵蓋的？我記得你們宣布協議時提到未來發射的框架。我想了解這在發射運力可用性方面，能給你們帶來什麼樣的確定性或信心。我不確定你是否能多說一些，但我只是好奇。

Yes. This is Scott here. We can't say much more than was disclosed, but SpaceX is currently doing more launches than anyone in the world, right? So they offer the most rides to space. And this agreement gave us flexibility around timing and rebooking and those sorts of things as well as making an early payment for the first satellite and then a reservation payment for another launch. So it gave us increased flexibility at the end of the day.

是的，我是 Scott。我們無法透露超出已披露內容的更多細節，但 SpaceX 目前的發射次數是全球最多的，對吧？因此他們提供最多的「搭載」進入太空的機會。這份協議也讓我們在時程、改期（rebooking）等方面更具彈性；同時包含對第一顆衛星的提前付款，以及對另一個發射的預留付款。總之，它在最終結果上提升了我們的彈性。

Okay. And can you answer the last part of the question that I had asked about the additional payments on BlueWalker 3? Just curious from a cash flow perspective.

好的。那你能回答我最後一部分關於 BlueWalker 3 額外付款的問題嗎？我主要是從現金流角度好奇。

Yes. Sure, Bryan. This is Tom. We're substantially complete with all the payments with BlueWalker 3. Currently, we have about $80 million invested, and there may be a few million more to finish up, but nothing material.

可以。當然，Bryan。我是 Tom。BlueWalker 3 的所有付款基本上已接近完成。目前我們已投入約 8,000 萬美元，可能還需要再支付幾百萬美元來收尾，但沒有任何重大金額。

Okay. And Tom, I know you reiterated the costs on -- the build and launch costs for your satellites. Do you view there being any more risk to that just given the falling out of some of the industry capacity because of the Russia-Ukraine war? Or you still have a lot of confidence in that at this point?

好的。Tom，我知道你重申了衛星的建造與發射成本。鑑於俄烏戰爭導致部分產業運力退出，你是否認為這方面的風險變得更高？還是你目前仍然很有信心？

Well, at the moment, we don't. We -- that's the reason why we addressed this agreement in advance. And also, we see all the significant amount of launch capacity coming into the market from a multitude of sources, and this agreement is a good bridge into that.

嗯，就目前而言，我們不這麼認為。我們——這也是我們提前處理這份協議的原因。另外，我們也看到市場上將有大量發射運力從多個來源進入，而這份協議是銜接到那些運力的一座良好橋樑。

Our next question comes from the line of Griffin Boss from B. Riley Securities.

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

First off, so given the recent 3GPP Release 17 standard and related to that, the focus of 5G supporting nonterrestrial networks, I was hoping you guys could help us understand how, if at all, this affects your technology.

首先，鑑於近期 3GPP Release 17 標準，以及其中聚焦於 5G 支援非地面網路（nonterrestrial networks），我希望你們能協助我們理解：這對你們的技術是否、以及在多大程度上會產生影響。

Well, I think all the advances in 3GPP are really supportive of our technology. At the end of the day, in order to have broadband connectivity directly to a handset, you need a large satellite with all the patents and IP that we own, around 2,100 patent claims. So we see something that is actually beneficial for us. It helped us to source, innovate from more vendors, but we think that our IP and our unique capability to connect directly to a handset directly from space is something that is unique for us. And all this is a proof that our technology is the way to go when you want to connect directly from the handset.

我認為 3GPP 的所有進展都非常支持我們的技術。歸根結底，要實現直接對手機終端的寬頻連線，你需要一顆大型衛星，以及我們所擁有的所有專利與智慧財產權（IP），約 2,100 項專利權利要求。因此我們認為這其實對我們有利。它也幫助我們能從更多供應商取得資源並進行創新；但我們的 IP，以及從太空直接連到手機的獨特能力，對我們而言是獨一無二的。而這些也證明，當你想要直接連到手機時，我們的技術路線是正確的。

Got it. Appreciate that color. And then I was curious, too, with the rise in LEO satellite deployments, there's obviously a lot of talk and concern in the industry about the implications of orbital debris and Kessler syndrome. I'm wondering if you could help us understand how you're thinking about this and whether or not you anticipate any issues down the line from a regulatory perspective as it relates to your time line for deploying the full constellation of 170-some-odd satellites.

了解，感謝補充說明。另外我也好奇，隨著 LEO 低地球軌道衛星部署增加，產業顯然有很多討論與擔憂，關於軌道碎片與凱斯勒症候群（Kessler syndrome）的影響。我想請你們說明你們如何看待這件事，以及從監管角度來看，是否預期未來會出現任何問題，特別是關於你們部署完整星座（約 170 多顆衛星）的時間表。

Yes. I mean the first thing that I would say, different than any other proposed technology, we don't need thousands of satellites. We need only a few hundreds of them. And also a feature on our satellite, it is that we had a very thin profile in the direction of movement that really do not make us more prone to any collisions than any other regular LEO satellite. So that has been incorporated in the design by, a, reducing the number of required satellites to provide global service -- broadband space-based global service; and also, the profile of the spacecraft in order to be very thin in the velocity track in order to basically not be prone to collisions.

是的。我想我首先要說的是，與其他任何提案技術不同，我們不需要數千顆衛星；我們只需要數百顆。此外，我們衛星的一項特性是：在運動方向上具有非常薄的外形輪廓，這使得我們並不比其他一般 LEO 衛星更容易發生碰撞。因此這已被納入設計中：第一，透過減少提供全球服務——也就是太空基寬頻全球服務——所需的衛星數量；第二，透過讓航天器在速度軌跡方向的外形輪廓非常薄，從而基本上不易發生碰撞。

(Operator Instructions) At this time, I'm showing no further questions. I would like to turn the call back over to AST SpaceMobile for closing remarks.

（接線員指示）目前我這邊顯示沒有其他問題。我想把電話交回 AST SpaceMobile 進行結語。

Thank you, operator. Our company is building a space-based cellular broadband network designed for use of the phone in your pocket today.

謝謝你，接線員。我們公司正在建置一個太空基的行動蜂巢式寬頻網路，設計目標是讓你今天口袋裡的手機就能使用。

I want to thank everyone for joining, both the shareholders and the analysts for their questions, and I hope everybody has a great rest of the week.

我要感謝各位與會者，包含股東與分析師提出的問題，也希望大家本週剩下的時間一切順利。

Thank you. See you next time.

謝謝。下次見。

Thank you.

謝謝。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。