Globalstar Inc (GSAT) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Globalstar third-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Globalstar 2024 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Rebecca Clary, CFO. Please go ahead.

現在，我想將會議交給今天的第一位演講者、財務長麗貝卡·克拉里 (Rebecca Clary)。請繼續。

Thank you, operator, and good afternoon, everyone. Before we begin, please note that today's call contains forward-looking statements intended to fall within the Safe hHrbor provided under the securities laws. Factors that could cause the results to differ materially are described in the Risk Factors section of Globalstar's SEC filings, including its annual report on Form 10-K for the financial year ending 2023 and its other SEC filings as well as today's earnings release.

謝謝接線員，大家下午好。在我們開始之前，請注意，今天的電話會議包含前瞻性陳述，旨在屬於證券法規定的安全範圍。可能導致結果出現重大差異的因素在 Globalstar 提交給 SEC 的文件中的風險因素部分有所描述，包括其截至 2023 年財年的 10-K 表年度報告、其他 SEC 文件以及今天的收益報告。

Also note that management may reference EBITDA or adjusted EBITDA on this call, which are financial measures not recognized under US GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in the earnings release, which is available on our website.

另請注意，管理層可能會在本次電話會議上引用 EBITDA 或調整後的 EBITDA，這些是美國 GAAP 不承認的財務指標。根據美國證券交易委員會 (SEC) 規則和條例的要求，這些非公認會計準則 (GAAP) 財務指標與收益報告中最具可比性的公認會計準則 (GAAP) 財務指標進行協調，收益報告可在我們的網站上查閱。

Before I get into the financials, I wanted to briefly touch on the deal we announced last week and closed on Tuesday, which extends the services agreement with our largest customer. As part of the updated agreement, we will provide a new network in addition to what we operate today and separate from the satellite scheduled to start launching next year.

在介紹財務情況之前，我想簡單談談我們上周宣布並於週二完成的交易，該交易延長了我們與最大客戶的服務協議。作為更新後的協議的一部分，我們將在現有網路的基礎上提供一個新網絡，該網絡與計劃於明年開始發射的衛星是分開的。

An existing subsidiary of ours has been repurposed as a special purpose entity to hold the new network assets. These assets will be funded by a new prepayment agreement as well as from the sale of 20% of the SPE's equity.

我們的一家現有子公司已被重新定位為特殊目的實體，以持有新的網路資產。這些資產的資金將來自新的預付款協議以及出售 20% 的 SPE 股權。

For clarity, this is not the equity of Globalstar, Inc., the parent company. More details about these terms is provided in the 8-K we filed last week, including the elements of consideration to Globalstar as the service provider.

需要清楚的是，這不是母公司 Globalstar, Inc. 的股權。我們上週提交的 8-K 文件中提供了有關這些條款的更多詳細信息，其中包括對 Globalstar 作為服務提供者的考慮要素。

Moving on to third quarter financial results. Globalstar had a strong quarter, driven by a 25% increase in total revenue from the third quarter of 2023, reaching a record $72 million for the quarter. Service revenue increased 28% over the same period, driven primarily by wholesale capacity revenue, including an out-of-period item totaling $7.5 million following the recognition of performance bonuses for 2023 and part of 2024. As previously discussed, the consideration under this arrangement can cause variability in our financial results.

繼續討論第三季的財務表現。Globalstar 本季表現強勁，得益於 2023 年第三季總營收成長 25%，達到創紀錄的 7,200 萬美元。服務收入同期成長了 28%，主要得益於批發容量收入，其中包括在確認 2023 年和 2024 年部分業績獎金後產生的總額為 750 萬美元的期外項目。如前所述，此安排下的對價可能會導致我們的財務結果改變。

As we've discussed in the past, the operating leverage of our business leads to a much greater corresponding increase in EBITDA as service revenue grows. During the third quarter, adjusted EBITDA increased 34% with a margin of 59%, up from 55% in the prior year's third quarter. The out-of-period item just discussed contributed to this increase in EBITDA margin. Excluding this item, margin would have been in line with the prior year's quarter.

正如我們過去所討論過的，隨著服務收入的成長，我們業務的營運槓桿將導致 EBITDA 相應大幅增加。第三季度，調整後的 EBITDA 成長 34%，利潤率為 59%，高於去年同期的 55%。剛剛討論的期外項目導致了 EBITDA 利潤率的提高。除此項目外，利潤率將與去年同期持平。

Moving to our balance sheet. We ended the quarter with $52 million of cash on hand, and our leverage ratio remained healthy at 2.9 times. Additionally, the agreement announced last week will impact our financial and capital structure, both currently and in the long term, including, among other things, capital for the new MSS network, the refinance of our 13% notes at a more favorable cost of capital, an acceleration of future service fees providing us with increased liquidity; and finally, additional fees following the launch of services.

前往我們的資產負債表。截至本季末，我們手頭上有 5,200 萬美元現金，槓桿率仍保持在 2.9 倍的健康水準。此外，上週宣布的協議將影響我們當前和長期的財務和資本結構，包括但不限於新 MSS 網路的資本、以更優惠的資本成本對我們的 13% 票據進行再融資、加速未來服務費的支付以便為我們提供更高的流動性；最後，服務推出後還會收取額外費用。

These fees are expected to contribute to overall revenue as provided in the last week's 8-K that is more than double our current annual run rate and generate a higher EBITDA margin. In short, we are very confident in our future and are well positioned to drive long-term shareholder value from this deal as well as our other business lines.

正如上週的 8-K 報表所示，這些費用預計將對總收入產生貢獻，即比我們目前的年運行率高出一倍以上，並產生更高的 EBITDA 利潤率。簡而言之，我們對我們的未來非常有信心，並且有能力透過這筆交易以及我們的其他業務線來推動長期股東價值。

Given the current demand environment and growth through the first nine months of the year, we are raising the low end of revenue guidance for full year 2024 for the second consecutive quarter. We now expect revenue in the range of $245 million to $250 million, and we are also raising our guidance for adjusted EBITDA margin to 54% for the full year.

鑑於當前的需求環境和今年前九個月的成長情況，我們連續第二季上調了 2024 年全年營收預期的低端。我們現在預計營收在 2.45 億美元至 2.5 億美元之間，並且我們還將全年調整後 EBITDA 利潤率預期上調至 54%。

Finally, we look forward to seeing you all at our upcoming Investor Day on Thursday, December 12. As we've continued to expand our revenue streams and increase profitability over the past year, we look forward to providing updates to our long-term growth strategy and financial framework.

最後，我們期待在 12 月 12 日星期四即將舉行的投資者日上見到大家。隨著我們在過去一年中不斷擴大收入來源並提高獲利能力，我們期待對我們的長期成長策略和財務框架進行更新。

With that, I'd like to turn the call over to Paul.

說到這裡，我想把電話轉給保羅。

Thanks, Rebecca. It's great to be on the call with all of you today. I am quite pleased with the continued momentum we're seeing in our business as our third quarter performance was quite strong.

謝謝，麗貝卡。很高興今天能和大家通話。我對我們業務持續保持的發展勢頭感到非常高興，因為我們第三季的業績非常強勁。

Let me start by emphasizing the impact that we can make as a company and what really motivates our team to excel. We are proud to bring the power and value of our network and enabling communications continuity when it's needed most. The recent hurricanes of Helene and Milton highlighted the critical need for first responders and people living in impacted areas to communicate.

首先，我想強調我們作為一家公司所能產生的影響，以及真正激勵我們團隊追求卓越的因素。我們很自豪能夠在最需要的時候發揮我們網路的強大功能和價值並實現通訊連續性。最近發生的海倫颶風和米爾頓颶風凸顯了急救人員和受災地區居民的溝通迫切需求。

We saw our network usage increase significantly during these events as communications using our satellites was widely available to mainstream devices over our fully commercial network. We're proud to play a small but critical part in supporting our customers and helping them maintain communication with loved ones and first responders during such challenging times, and our thoughts remain with all of those impacted by these natural disasters.

在這些活動期間，我們發現網路使用量顯著增加，因為透過我們完全商業化的網絡，主流設備可以廣泛使用衛星通訊。我們很自豪能夠在如此艱難的時刻為我們的客戶提供支持並幫助他們與親人和急救人員保持溝通，發揮雖小但至關重要的作用，我們的心與所有受到這些自然災害影響的人們同在。

Now as a key foundation underlying our efforts, the FCC approved our application to extend our existing authorization called HIBLEO-4 by 15 years to operate up to 26 replacement satellites. This reauthorization not only enhances our more than two decades of leadership in mobile satellite services, but also reaffirms our exclusive rights within the license portion of the Big LEO band.

現在，作為我們努力的重要基礎，聯邦通訊委員會批准了我們的申請，將我們現有的授權 HIBLEO-4 延長 15 年，以運行最多 26 顆替代衛星。此次重新授權不僅增強了我們二十多年來在行動衛星服務領域的領導地位，也重申了我們在 Big LEO 頻段授權部分的獨家權利。

The commission explicitly acknowledged the essential nature of our voice and data communication services, particularly highlighting our safety of life offerings. With this regulatory clarity, we are well positioned to meet growing commercial demand and continue executing on our mission of providing critical mobile satellite connectivity worldwide.

委員會明確承認了我們的語音和數據通訊服務的重要性，特別強調了我們提供的生命安全服務。憑藉這一明確的監管規定，我們有能力滿足日益增長的商業需求，並繼續履行我們的使命，即在全球範圍內提供關鍵的行動衛星連接。

We executed on several other key business objectives over the past several months, so let's get into the updates on these. As a reminder, we operate in various business categories, each leveraging the core asset of our spectrum position. These business lines are consumer wholesale, consumer retail, government, commercial IoT, XCOM RAN and n53 licensing.

在過去的幾個月裡，我們執行了其他幾個關鍵業務目標，讓我們來了解這些目標的最新進展。提醒一下，我們經營各種業務類別，每個業務類別都利用了我們頻譜地位的核心資產。這些業務線包括消費者批發、消費者零售、政府、商業物聯網、XCOM RAN 和 n53 授權。

First, a few remarks on last week's 8-K detailing an extension in our existing services agreements with our consumer wholesale customer. As part of these updated services agreements, we will provide expanded mobile satellite services, including a new satellite constellation, expanded ground infrastructure, and increased global MSS licensing.

首先，我對上週的 8-K 報告做幾點評論，該報告詳細說明了我們與消費者批發客戶現有服務協議的延期。作為這些更新的服務協議的一部分，我們將提供擴展的行動衛星服務，包括新的衛星星座、擴展的地面基礎設施和增加的全球 MSS 許可。

On balance, these efforts will enhance our capabilities in the next phase of growth in this and other space-related areas. These agreements and additional new satellites should give our current and future customers confidence that Globalstar will provide vital connectivity solutions well into the future.

總的來說，這些努力將增強我們在該領域和其他太空相關領域下一階段發展的能力。這些協議和額外的新衛星應該讓我們現有和未來的客戶相信，Globalstar 將在未來提供重要的連接解決方案。

We are excited about what this means for Globalstar's future and the vital role we will continue to play in delivering important services, and we are pleased with the value creation that this deal provides for our shareholders.

我們對這對 Globalstar 的未來意味著什麼以及我們將在提供重要服務方面繼續發揮的重要作用感到非常興奮，我們對這筆交易為我們的股東創造的價值感到滿意。

Our wholesale services are growing in both the government and consumer sectors. We are continuing the proof of concept that commenced this year for our government customer and have been working through the necessary steps to enter commercial service.

我們的批發服務在政府和消費領域都在成長。我們正在繼續為我們的政府客戶進行今年開始的概念驗證，並一直在努力完成進入商業服務所需的必要步驟。

Supporting both the consumer retail and commercial IoT businesses, we are entering alpha stage testing of the complete system that has been under development since long before I arrived at Globalstar. We expect to progress to beta testing with key customers in the upcoming quarter and have added new leadership to our product engineering teams to focus increased attention on meeting our schedules and specifications going forward.

為了支援消費者零售和商業物聯網業務，我們正在進入完整系統的 alpha 階段測試，該系統在我加入 Globalstar 之前就已開始開發。我們預計將在下一季與主要客戶進行 Beta 測試，並為我們的產品工程團隊增加了新的領導，以更加集中精力滿足我們未來的時間表和規格。

With XCOM RAN, we announced earlier in the quarter a strategic partnership with Liquid Intelligent Technologies, a leading technology group operating across Africa, the Middle East, and Gulf regions. This collaboration grants Liquid exclusive distribution rights for our XCOM RAN private network 5G access solution in these high-growth markets with some potential expansion to include our satellite Band 53 spectrum and IoT solutions.

透過 XCOM RAN，我們在本季早些時候宣布與 Liquid Intelligent Technologies 建立戰略合作夥伴關係，後者是一家業務遍及非洲、中東和海灣地區的領先技術集團。此次合作授予 Liquid 我們的 XCOM RAN 私有網路 5G 存取解決方案在這些高成長市場的獨家分銷權，並可能擴展到包括我們的衛星 Band 53 頻譜和物聯網解決方案。

This partnership is expected to not only expand our global footprint, but also positions us to capture significant opportunities in these rapidly growing markets where reliable, high-performance wireless applications are increasingly essential. This additional channel augments our targeted direct sales of XCOM RAN into our large retail customer, and that effort continues to progress well.

此次合作不僅有望擴大我們的全球影響力，還將使我們能夠在這些快速成長的市場中抓住重大機遇，在這些市場中，可靠、高效能的無線應用變得越來越重要。這額外的管道增強了我們針對大型零售客戶直接銷售 XCOM RAN 的能力，而且這項工作正在繼續順利進展。

We'll also be adding a small number of business and -- sorry, sales and business development resources to grow our pipeline of customers for XCOM RAN. We're making progress in adding Band n53 support to the XCOM RAN, which should be available in the coming months. We also continue to expand the ecosystem with new radio vendors and modules.

我們還將增加少量業務和銷售和業務開發資源，以擴大 XCOM RAN 的客戶管道。我們在為 XCOM RAN 添加 Band n53 支援方面取得了進展，該支援將在未來幾個月內推出。我們也將繼續透過新的無線電供應商和模組擴大生態系統。

While CBRS has done a good job of developing the market for private wireless, and we're seeing many opportunities to offer these same users an increase in capacity and reliability by including our Band n53 spectrum. High-value autonomous deployments like ports, mines and other industrial facilities offer Band n53 a large and growing opportunity.

雖然 CBRS 在開發私人無線市場方面做得很好，但我們看到了許多機會，透過納入我們的 Band n53 頻譜，可以為這些用戶提供更高的容量和可靠性。港口、礦山和其他工業設施等高價值自主部署為 Band n53 提供了巨大且不斷增長的機會。

I'm really pleased with the significant progress we've made over the quarter and through the first nine months of the year. We are in a stronger position as an innovator in the industry, and we believe we have positioned the company to succeed over the long term.

我對我們在本季度以及今年前九個月取得的重大進展感到非常高興。作為行業創新者，我們處於更有利的地位，我們相信我們已經為公司取得了長期成功做好了準備。

Strategic actions in our operations, coupled with new developments of our technology and expansions with customers will propel us into a new phase of growth. We're excited to provide more details on our strategy at our upcoming Investor Day and how we will expect to capitalize on the growth opportunities in front of us.

我們營運中的策略行動，加上我們技術的新發展和客戶的擴張將推動我們進入新的成長階段。我們很高興在即將到來的投資者日提供有關我們策略的更多細節，以及我們如何利用我們面前的成長機會。

I'll now turn the call back to the operator for Q&A, and thanks, everybody.

我現在將電話轉回給接線生進行問答，謝謝大家。

(Operator Instructions) Walter Piecyk, LightShed Partners.

（操作員指示）Walter Piecyk，LightShed Partners。

Thanks. You had mentioned the activity that you saw during the hurricane. I was wondering if you could, in any way, quantify that because there was another company that quantified text messaging in that area, which seemed, I think, relatively high. We didn't see any videos or any examples of it being used, but any quantification on an aggregate level would be great.

謝謝。您曾提到颶風期間看到的活動。我想知道您是否可以以任何方式量化這一點，因為有另一家公司對該領域的簡訊進行了量化，我認為該量化似乎相對較高。我們沒有看到任何影片或任何使用範例，但任何總體層面的量化都會很棒。

And then also with the latest software update to the consumer product using your satellite, can you also give a sense of location of usage, not specifically like, hey, it's happening in this state or that state, but more of in the middle of the desert versus evenly distributed usage across the US.

然後，此外，透過使用衛星對消費產品進行最新的軟體更新，您是否還可以提供使用位置的感覺，不是具體地，例如，嘿，它發生在這個州或那個州，而是更多地發生在沙漠中部，而不是均勻分佈在美國各地的使用情況。

So the way that we see the utilization is through parameters off of the satellite in terms of power usage, transmitted power and things like that. So I don't -- I mean, the quantification of it is not really that useful. I don't think people have a very good sense of power transmitted off of a satellite. But I would -- just to say that it did go up dramatically, and we were using the satellite capabilities quite significantly.

因此，我們了解利用率的方式是透過衛星的參數，如電力使用情況、傳輸功率等。所以我不知道—我的意思是，量化它並不是那麼有用。我認為人們對衛星傳輸的能量沒有很好的認識。但我想說的是，它確實大幅上升，而且我們正在大量使用衛星功能。

In terms of locations and so forth, I can't really get into information related to the customer. So I think I won't be able to talk to that. I would say, though, along with what you were mentioning about the other claims, we had people that work for us in those regions trying to use the services and had been told by people from those companies that they were unable to get access, and we -- our people were not able to get access. So I also heard those numbers. We also were not able to substantiate those numbers based off of what we could see.

就位置等而言，我實際上無法獲得與客戶相關的資訊。所以我認為我無法談論這個問題。不過，我想說，除了您提到的其他說法之外，我們在那些地區工作的人員曾嘗試使用這些服務，但被那些公司的人告知，他們無法獲得訪問權限，而我們的人員也無法獲得訪問權限。所以我也聽到了這些數字。我們也無法根據所見所聞來證實這些數字。

Got it. And then in terms of the new announcement and what it implies in terms of the new constellation with presumably new technology and presumably better services. I understand it's obviously -- first, you have to execute on the satellites for next year and then this one comes after that.

知道了。然後就新公告而言，它對新星座意味著什麼，可能包括新技術和更好的服務。我明白，顯然，首先你必須執行明年的衛星計劃，然後再執行這項計劃。

How soon does it start to generate customer interest or inquiries saying like, oh, you've got this new constellation, you're going to have this capacity that you have available to you. Let's talk about -- like when do those conversations begin to give you a sense of the incremental revenue that you can start to ramp on that next constellation?

它多久會開始引起客戶的興趣或詢問，例如，哦，你有了這個新的星座，你將擁有這種可用的能力。讓我們來談談—例如，這些對話什麼時候開始讓您感受到在下一個星座上可以開始增加的增量收入？

So obviously, it's early days in terms of our ability to disclose specifics to partners on the capabilities that we'll be getting with our 15%, but we have started some of those discussions. So it's more around choosing the precise services that we will provide over it, whether they're extensions of existing services or new things.

因此顯然，就我們向合作夥伴披露我們將透過 15% 的股份獲得的具體能力而言，現在還為時過早，但我們已經開始了一些討論。因此，更重要的是選擇我們將提供的精確服務，無論它們是現有服務的擴展還是新事物。

And as you know, we have quite a good technology team. So there's a lot of work being done, and we've hired people specifically to work on those capabilities, but I don't have something specific to tell you today. There's -- there are quite a number of things that we will be able to do with the new constellation, though.

如你所知，我們擁有一支非常優秀的技術團隊。因此，我們有大量工作要做，並且我們已經聘請了專門的人員來負責這些功能，但是今天我還沒有什麼具體的事情可以告訴你們。不過，利用新的星座我們可以做很多事。

And then just an update on the satellite launches for next year, everything on track? And any more specific timing you want to provide on that?

然後是關於明年衛星發射的最新消息，一切都很順利嗎？您想提供更具體的時間安排嗎？

We haven't updated the timing on that, but things continue to progress according to our expectations.

我們還沒有更新具體時間，但事情正在按照我們的預期繼續進展。

Got it. Thank you. Thanks a lot.

知道了。謝謝。多謝。

Simon Flannery, Morgan Stanley.

摩根士丹利的西蒙·弗蘭納裡。

Alright, thank you. Good evening. Congrats on the new extended service agreement. Can you help us understand where we are on contracting for the satellites? Is there a deal with a vendor already? And how should we think about time line? It seems like this is normally a two- or three-year cycle.

好的，謝謝。晚安.恭喜新的延長服務協議。您能幫助我們了解衛星合約的進度嗎？已經和供應商達成協議了嗎？那我們該如何思考時間線呢？這似乎通常是一個兩到三年的週期。

I know you said the revenues will double after the year after the satellites are deployed, but any sense you could give us around that?

我知道您說過衛星部署一年後收入將會翻一番，您能給我們一些相關資訊嗎？

And I guess, Rebecca, an interim point, you said previously the revenues would step up when the replacement satellites were launched. Is that still the expectation? Or is that superseded by this new deal?

我想，麗貝卡，作為一個臨時的觀點，你之前說過，當替代衛星發射時，收入就會增加。這仍然是我們的期望嗎？或者說這個新政將被取代嗎？

In terms of the work on the new satellites, these things take a reasonably long period of time. So we are in work already, but we haven't given any specifics about who or where we are in that progress. Rebecca?

就新衛星的工作而言，這些事情需要相當長的時間。因此我們已經開始工作了，但是我們還沒有透露有關我們是誰或我們處於哪個階段的具體資訊。麗貝卡？

And then on the revenue. Yes, Simon, just real quick on the revenue. The step-up in 2025 following the first launch of the MDA satellites has not been impacted by the new agreement.

然後是收入。是的，西蒙，很快就能了解收入狀況。新協定不會對 2025 年 MDA 衛星首次發射後的升級造成影響。

Okay. Great. And if we just think about run rate, is it fair to strip out the $7.5 million from this quarter and think of that as being your run rate going forward into Q4 and beyond? Or might there be other lumpy onetime benefits in the coming quarters as well of that size?

好的。偉大的。如果我們只考慮運行率，那麼從本季中剔除 750 萬美元，並將其視為第四季度及以後的運行率是否公平？或者未來幾季還會有其他同樣規模的一次性福利？

There might still be variability as we've seen for several quarters over the past couple of years. But -- and yes, that is appropriate. The $7.5 million is basically 2023 and then first half 2024. So if you're just looking at the third quarter in isolation, you should strip that out.

正如我們在過去幾年的幾個季度中所看到的那樣，可能仍會存在變化。但是——是的，這是合適的。750 萬美元基本上是 2023 年，然後是 2024 年上半年。因此，如果您只是孤立地看第三季度，那麼您應該將其剔除。

Perfect. And then just one last one. I know you referenced us to the 8-K, and I'm sure we'll get more on December 12. But could you just help us a little bit with the cash in and out from this deal as you go forward and get the money and then pay for the satellite constellation? Just if you give us a simple sense of what comes in, what goes out over the coming several years.

完美的。還有最後一個。我知道您向我們提到了 8-K，我相信我們會在 12 月 12 日得到更多資訊。但是，在您接下來獲取資金並支付衛星星座費用的過程中，您能否透過這筆交易的現金流入和流出來幫助我們一點呢？請您簡單地為我們介紹一下未來幾年的收入和支出狀況。

So with the new deal, it's funded by the prepayment agreement, the $1.1 billion infrastructure prepayment and then the $400 million sale of 20% equity in the SPE. So that $1.5 billion will come in, in advance of the CapEx needed on a quarterly basis. And so it will come in and out pretty quickly, right, over the next few years during the construction period.

因此，新交易的資金來自預付款協議、11 億美元的基礎設施預付款以及隨後以 4 億美元出售 SPE 20% 的股權。因此，我們將提前收到 15 億美元的資金，以支付每季所需的資本支出。所以，在接下來的幾年裡，在建設期間，它會很快地進出。

Okay. Great. And then there was also the debt refinancing.

好的。偉大的。然後還有債務再融資。

Yes. So that is the 8-K that I think was filed this morning before market. As that 8-K stated, that money has come in and has gone out to fully repurchase those notes.

是的。所以我認為這就是今天早上市場開市前提交的 8-K 文件。正如 8-K 報告所述，這些資金已進出，用於全額回購這些票據。

Great. Thanks a lot.

偉大的。多謝。

Logan Lillehaug, Craig-Hallum.

洛根·利勒豪格、克雷格·哈勒姆。

Hey. Good afternoon, guys, and nice results here today. I want to start on the Liquid Intelligent deal that you guys referenced there. First, do you have any sense or can you give us any sense as to when that might hit the financials? And is that a strategy that you guys will look to maybe duplicate here over the next few years?

嘿。大家下午好，今天的成績不錯。我想開始談談你們提到的 Liquid Intelligent 交易。首先，您是否知道或能否告訴我們這何時會對財務造成影響？你們是否會考慮在未來幾年複製這項策略？

So we're in the process of working through some proof of concepts with them. And the proof of concepts are really intended to train their team up because obviously, these systems are complex. So that will happen prior to us announcing other customers. But you will see us coming reasonably soon other -- sorry, proof-of-concept opportunities with them.

因此，我們正在與他們一起研究一些概念驗證。概念驗證的實際目的是培訓他們的團隊，因為這些系統顯然很複雜。所以這會在我們宣布其他客戶之前發生。但是您很快就會看到我們與他們一起推出其他概念驗證機會。

And in terms of duplicating that, yes. I mean, it's our intention to use value-added resellers. We obviously do that on the satellite side as well. And one main reason is because a lot of these are deep vertical applications.

從複製的角度來看，是的。我的意思是，我們打算使用加值經銷商。我們顯然也在衛星方面這樣做。其中一個主要原因是其中許多都是深度垂直應用。

And while we have spent a lot of time understanding and co-developing the solution for the micro fulfillment centers, we don't expect with the size of the team, both on the development and sales side, to become experts in every deep vertical. And so having partners that have those -- have that expertise has been useful to us in the past on the space side, and we expect it will be the same on the terrestrial side.

雖然我們花了很多時間來了解和共同開發微型履行中心的解決方案，但我們並不期望憑藉開發和銷售方面的團隊規模成為每個深度垂直領域的專家。因此，擁有具備這些專業知識的合作夥伴在過去的太空領域對我們很有幫助，我們預計在地面領域也會如此。

Got it. Thank you. That is all for me.

知道了。謝謝。對我來說這就是全部了。

(Operator Instructions) Griffin Boss, B. Riley Securities.

（操作員指示） Griffin Boss，B. Riley Securities。

Hi, good afternoon. Thanks for taking my questions. FFirst one for me. Rebecca, just curious, you talked about the out-of-period performance bonuses driving some of that outsized result. Was this something that was anticipated or incorporated into the prior guidance? Or can we look at that onetime item as being the majority of the reason you're pushing the low end of guidance up?

嗨，下午好。感謝您回答我的問題。對我來說是第一個。麗貝卡，只是好奇，你談到了期外績效獎金推動了部分超額表現。這是先前預期或已納入指導的內容嗎？或者我們可以把那個一次性項目看成是你提高指導低點的主要原因嗎？

It was -- well, first of all, there's several performance bonuses that are available to us under the agreements, as we've talked about before. I don't remember exactly how much this particular bonus was included. We probably included at the midpoint. And so it might have been a factor in lifting that bottom end, but it wasn't the only factor.

首先，正如我們之前談到的，根據協議，我們可以獲得幾個績效獎金。我不記得這個特別獎金具體包括多少。我們可能會將其包括在中點。所以，這可能是提升底端的一個因素，但不是唯一因素。

Okay, got it. Thanks for that. And then just more broadly on the global retail customer, you mentioned that's progressing. Is there any more detail you could provide on that? Is it progressing as you expected?

好的，明白了。謝謝。然後更廣泛地談論全球零售客戶，您提到這正在取得進展。能提供更多詳細資訊嗎？進展是否符合你的預期？

Or is there any expectation of when you might, say, move forward to whatever the next stage of that rollout could be?

或者您預期何時可以進入該計劃的下一階段？

I mean, it's going very well. We have been in the process of upgrading certain of the capabilities that were requirements for a broader rollout, and that's gone well. And I think that the customer is quite pleased with where we stand and see the progress that we're making as positive. So we are, I think, in quite a good position to move forward with them.

我的意思是，一切都很順利。我們一直在升級更廣泛推廣所需的某些功能，而且進展順利。我認為客戶對我們的現狀非常滿意並且認為我們所取得的進展是積極的。因此我認為，我們處於非常有利的位置，可以與他們一起前進。

We're actually more waiting on some of their internal processes at this point in time and hope that we will soon be able to discuss more progress on that. But the internal aspect of it has gone extremely well, and we have been meeting the dates to provide the additional capabilities that they had asked us for.

事實上，我們目前正在等待他們的一些內部流程，並希望很快就能討論更多相關進展。但它的內部方面進展非常順利，而且我們已經按時提供了他們要求的額外功能。

Okay. Got it. Thanks, Paul. And then just last one quickly for me. You were talking earlier about alpha stage testing and progressing to beta testing, Paul. And I think you said in the upcoming quarter, you expect to progress to beta testing. Is that 4Q or upcoming as in first quarter of 2025?

好的。知道了。謝謝，保羅。然後對我來說只剩下最後一個了。保羅，您之前談到了 alpha 階段測試以及 beta 測試的進展。我認為您說過，在即將到來的季度，您將有望進入 Beta 測試階段。那是第四季還是即將到來的 2025 年第一季？

1Q, yeah.

1Q，是的。

Okay. All right. Thank you. Appreciate it.

好的。好的。謝謝。非常感謝。

Yeah. Thank you.

是的。謝謝。

Thank you. I'm showing no further questions at this time, so I would like to turn it back to Paul Jacobs for closing remarks.

謝謝。我目前沒有其他問題，因此我想將發言時間交還給保羅‧雅各布斯 (Paul Jacobs)，請他作最後發言。

I just want to thank everyone again for being on the call. Obviously, a very exciting time for the company. Lots of opportunity ahead of us. And what I'm quite proud of is as I look across all of the areas, we are doing things that our customers appreciate and therefore, we are building these long-term relationships with a lot of mutual support.

我只想再次感謝大家參加電話會議。顯然，這對公司來說是一個非常令人興奮的時刻。我們面前有很多機會。令我感到非常自豪的是，縱觀所有領域，我們所做的事情得到了客戶讚賞，因此，我們在相互支持下建立了長期的合作關係。

And that is a testament to how the team has done. So I want to also say thank you to the whole Globalstar team and also thank you for all the work saving lives in some of these events that have happened.

這也證明了團隊的表現。因此，我還要向整個 Globalstar 團隊表示感謝，也感謝你們在發生的某些事件中為挽救生命所做的一切工作。

We look forward to seeing all of you on the call or as many of you as can make it at the upcoming Investor Day. And so that will be another opportunity to interact and get your questions and answer those as well. So thanks, everyone, and we look forward to seeing you soon.

我們期待在電話會議上見到大家，或是在即將到來的投資者日見到盡可能多的人。這將是另一個互動的機會，了解您的問題並給出答案。謝謝大家，我們期待很快見到你們。

This does conclude the program for today. You may now disconnect.

今天的節目就到此結束。您現在可以斷開連線。