Globalstar Inc (GSAT) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Globalstar fourth quarter 2024, earnings conference call.

您好，感謝您的支持。歡迎參加 Globalstar 2024 年第四季財報電話會議。

(Operator Instructions).

（操作員指令）。

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發言者，財務長 Rebecca Clary。請繼續。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

Before we begin, please note that today's call contains forward-looking statements intended to fall within the safe harbor 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 most recent annual report on Form 10-K and its other SEC filings, as well as today's earnings release.

在我們開始之前，請注意，今天的電話會議包含前瞻性陳述，旨在符合證券法規定的安全港規定。可能導致結果出現重大差異的因素在 Globalstar 提交給美國證券交易委員會 (SEC) 的文件的風險因素部分進行了描述，包括其最新的 10-K 表格年度報告和其他提交給美國證券交易委員會的文件，以及今天的收益報告。

Also note that management may reference EBITDA or adjust 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 compmodelinarable 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參考 EBITDA 或調整 EBITDA，而這些是美國 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 GAAP 財務指標與收益報告中最具可比性的 GAAP 財務指標相協調，收益報告可在我們的網站上查閱。

I'll begin today by sharing our fourth quarter and full year 2024 results. I'll then turn it over to Paul who will cover key business updates.

今天，我將首先分享我們 2024 年第四季和全年的業績。然後我將把主題交給保羅，他將介紹關鍵的業務更新。

Before I get into the financials, I am pleased to share two strategic actions we have recently completed.

在討論財務狀況之前，我很高興分享我們最近完成的兩項策略行動。

In an effort to enhance our stock's liquidity and marketability, we successfully completed our uplifting to the Nasdaq Global Select market earlier this month. This milestone represents a natural evolution for Globalstar and aligns with our strategy to increase our visibility within the investment community.

為了提高我們股票的流動性和市場性，我們在本月初成功完成了向納斯達克全球精選市場的提升。這一里程碑代表了 Globalstar 的自然發展，並符合我們提高投資界知名度的策略。

In connection with our transfer to NASDAQ, we implemented our planned 1 for 15 reverse stock split, which serves multiple strategic purposes. This action realigns our outstanding shares to more normalized levels relative to our peers and optimizes our trading fundamentals through improved liquidity.

在我們轉入納斯達克的同時，我們實施了計劃中的 1:15 反向股票分割，這具有多重戰略目的。這項措施使我們的流通股數相對於同業而言調整到更正常的水平，並透過提高流動性來優化我們的交易基礎。

Importantly, our post-split shares now meet institutional minimum stock price requirements, potentially broadening our investor base. For modelling purposes, our current common shares outstanding are approximately $126.4 million. Tomorrow, we plan to file new and amended registration statements to, among other things, reflect the impact of this split.

重要的是，我們拆分後的股票現在滿足機構最低股價要求，有可能擴大我們的投資者基礎。為了建模目的，我們目前流通在外的普通股約為 1.264 億美元。明天，我們計劃提交新的和修改後的註冊聲明，以反映此次拆分的影響等。

You can also find more information related to the split in our February 7th 8-K filing.

您還可以在我們 2 月 7 日的 8-K 文件中找到更多與拆分相關的資訊。

Now turning to our results, beginning with the fourth quarter.

現在來看看我們的業績，從第四季開始。

Total revenue increased 17% to $61.2 million compared to the prior year period of $52.4 million.

總營收較去年同期的 5,240 萬美元成長 17%，達到 6,120 萬美元。

Service revenue increased 18%, driven primarily by wholesale capacity revenue. Additionally, commercial IoT increased 8% during the quarter due to an increase in both average subscribers and RO.

服務收入成長 18%，主要受批發容量收入的推動。此外，由於平均用戶數和 RO 數量的增加，商業物聯網在本季增加了 8%。

We are pleased to see continued adoption of our IOT services.

我們很高興看到我們的物聯網服務持續採用。

Fourth quarter adjusted EBITDA increased 21% to $30.4 million compared to the prior year period of $25.1 million. Adjusted EBITDA margin also increased from the prior year period due to higher revenue of $8.8 million which was offset partially by an increase in operating expenses of $3.5 million.

第四季調整後 EBITDA 為 3,040 萬美元，較去年同期的 2,510 萬美元成長 21%。調整後的 EBITDA 利潤率也較去年同期有所增加，原因是收入增加了 880 萬美元，但部分被營運費用增加 350 萬美元所抵銷。

Turning to our full year results, total revenue for the year increased 12%, reaching a record $250.3 million and exceeding the top end of our guidance range.

回顧我們的全年業績，全年總收入成長 12%，達到創紀錄的 2.503 億美元，超過了我們預期範圍的最高值。

Service revenue increased 16% year over year, driven primarily by wholesale capacity and our second full year of providing service under this contract.

服務收入年增 16%，主要得益於批發能力以及我們根據該合約提供服務的第二年。

Additionally, we saw record annual service revenue from our commercial IoT business in 2024, which is a testament to the growth that we are seeing with existing and new customers due to the wider variety of new use cases that have expanded our addressable market.

此外，2024 年我們的商業物聯網業務年度服務收入創下了歷史新高，這證明了由於新用例種類的增加擴大了我們的目標市場，現有客戶和新客戶都實現了成長。

As Paul will discuss, we look forward to expansion of our product offerings this year with the long awaited launch of a two-way device as announced yesterday.

正如保羅將要討論的那樣，我們期待今年擴大我們的產品供應，並推出昨天宣布的期待已久的雙向設備。

In 2024, we achieved record annual adjusted EBITDA of $135.3 million, a 16% increase year over year.

2024 年，我們實現了創紀錄的年度調整後 EBITDA，達到 1.353 億美元，年增 16%。

From a margin perspective, adjust EBITDA margin was 54% of 190 basis points from 52% in 2023.

從利潤率角度來看，調整後的EBITDA利潤率為54%，較2023年的52%上升了190個基點。

Moving to our balance sheet, we ended the year with $391.2 million of cash on hand.

從我們的資產負債表來看，截至年底，我們的現金餘額為 3.912 億美元。

Cash shows from 2024, were impacted significantly by the updated services agreements.

從 2024 年開始的現金展會受到更新的服務協議的重大影響。

Since the closing of these agreements in November of 2024, through the end of the year, the company has received a total investment from its customer of $913 million including cash payments totaling $689 million and certain in-kind asset contributions.

自 2024 年 11 月達成這些協議以來，截至年底，該公司已從客戶處獲得總計 9.13 億美元的投資，其中包括總計 6.89 億美元的現金支付和某些實物資產捐贈。

The cash payments included the proceeds from the sale of 20% equity in the Globalstar SPE subsidiary, the proceeds from the current debt repayment that were used to pay off the 2023, 13% notes, and certain advanced service payments under the infrastructure pre-payment.

現金支付包括出售 Globalstar SPE 子公司 20% 股權的收益、用於償還 2023 年 13% 票據的當前債務償還收益以及基礎設施預付款下的某些預付服務費。

A portion of the cash payments received was used to fund capital expenditures for the extended MSF network.

收到的部分現金支付用於資助擴展 MSF 網路的資本支出。

The remaining amount of approximately $320 million was held in cash and cash equivalents as of December 31, 2024, and will be used in 2025, to fund infrastructure for the extended MSS network.

截至 2024 年 12 月 31 日，剩餘約 3.2 億美元以現金和現金等價物形式持有，並將於 2025 年用於資助擴展 MSS 網路的基礎設施。

We expect additional advanced service payments under the infrastructure pre-payment to continue through the duration of the construction and launch of this new network.

我們預計，在建置和啟動這個新網路期間，基礎設施預付下的額外預付服務費將繼續存在。

This activity is more fully disclosed in our November 1st and 7th 8-K filings and in our 10-K which we plan to file with the SEC tomorrow after the markets close.

這項活動在我們 11 月 1 日和 7 日的 8-K 文件以及我們計劃在明天市場收盤後向美國證券交易委員會提交的 10-K 文件中進行了更全面的披露。

Now turning to our guidance, which we announced at our analyst and investor day on December 12th.

現在談談我們的指導，我們在 12 月 12 日的分析師和投資者日上宣布了這項指導。

For 2025, we are expecting revenue to be between $260 million and $285 million representing 9% year over year growth at the midpoint, and an adjusted EBITDA margin around 50%.

到 2025 年，我們預計營收將在 2.6 億美元至 2.85 億美元之間，相當於年增 9%，調整後的 EBITDA 利潤率約為 50%。

Our forecast to adjusted EBITDA margin reflects short-term compression driven by strategic investments to support long-term growth initiatives, primarily relating to further development of our XCOM RAN terrestrial solution and expansion of our MSS product portfolio.

我們對調整後的 EBITDA 利潤率的預測反映了由策略性投資推動的短期壓縮，以支持長期成長計劃，主要涉及進一步開發我們的 XCOM RAN 地面解決方案和擴展我們的 MSS 產品組合。

During the analyst day, we also reiterated a long range forecast reflecting the updated services agreements.

在分析師日期間，我們也重申了反映更新的服務協議的長期預測。

During the first full year of service provided over the extended MSS network, we expect total revenue to double the 2024, amount, reaching $500 million, and to generate robust margins in excess of 54%.

在透過擴展的 MSS 網路提供服務的第一個全年，我們預計總收入將比 2024 年翻一番，達到 5 億美元，並產生超過 54% 的強勁利潤率。

This forecast excludes certain key growth opportunities that are too difficult to forecast with precision, such as large terrestrial spectrum and XCOM RAN deployments. However, this in no way means we are not confident in our future contributions.

此預測不包括某些難以精確預測的關鍵成長機會，例如大型地面頻譜和 XCOM RAN 部署。然而，這絕不意味著我們對未來的貢獻沒有信心。

I want to emphasize that these targets factor in our expectations regarding market position, growth drivers, and operational capabilities. In just over two years, our wholesale capacity partnership has transformed Globalstar with a series of significant planned network investments. These investments provide us with a foundation to deliver sustainable increased earnings while we position the company for future growth.

我想強調的是，這些目標考慮到了我們對市場地位、成長動力和營運能力的期望。在短短兩年多的時間裡，我們的批發容量合作夥伴關係透過一系列重大的計畫網路投資改變了 Globalstar。這些投資為我們實現可持續的獲利成長奠定了基礎，同時也為公司未來的成長做好了準備。

We believe we have the right strategy and execution capability to deliver on these commitments while creating sustainable long-term shareholder value.

我們相信，我們擁有正確的策略和執行能力來兌現這些承諾，同時創造可持續的長期股東價值。

Additionally, this outlook underscores several key themes.

此外，這一觀點強調了幾個關鍵主題。

First, our ability to consistently deliver strong top line growth while maintaining healthy margins.

首先，我們有能力持續實現強勁的營收成長，同時維持健康的利潤率。

Second, our disciplined approach to balancing growth investments.

第二，我們採取嚴謹的方法來平衡成長投資。

And finally, our confidence in the expanding market opportunities ahead of us.

最後，我們對未來不斷擴大的市場機會充滿信心。

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

說完這些，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'm very pleased with our strong performance in 2024, and the recent progress we've made on commercial and operational basis.

謝謝，麗貝卡。很高興今天能和大家一起通話。我對我們在 2024 年的強勁表現以及我們在商業和營運方面取得的最新進展感到非常滿意。

So, I'll start off with a high level review and then update on those topics before providing an overview of our expectations for 2025.

因此，我將首先進行高層次的回顧，然後更新這些主題，最後概述我們對 2025 年的期望。

First, I, I'll just say it was, it's great to be back at NASDAQ a few weeks ago to ring the opening bell and, it's really signifies a new stage for Globalstar. Obviously been there and experienced many milestones. NASDAQ is Actually shown by pictures on the walls and some innovations that are you know been involved in developing and that's now in the museum and we added a global star satellite model into the NASDAQ museum.

首先，我只想說，幾週前回到納斯達克敲響開市鐘真是太好了，這確實標誌著 Globalstar 進入了一個新階段。顯然去過那裡並經歷了許多里程碑。納斯達克實際上是透過牆上的圖片和一些您知道的參與開發的創新來展示的，這些創新現在都在博物館裡，我們在納斯達克博物館中添加了一個全球衛星模型。

And so this event really marked another moment that our team can be proud of.

因此，這次活動確實標誌著我們團隊值得驕傲的另一個時刻。

It's it's clear to me that Globalstar is very well positioned in both the satellite and terrestrial connectivity markets, both of which present significant growth opportunities for the company. We've invested billions of dollars in the satellite business, and we're happy to say that hundreds of millions of devices can connect to our satellites, and that number continues to grow both for our wholesale and our direct businesses.

我很清楚，Globalstar 在衛星和地面連接市場都佔據著非常有利的地位，這兩個市場都為公司帶來了巨大的成長機會。我們在衛星業務上投資了數十億美元，我們很高興地說，數億台設備可以連接到我們的衛星，而且對於我們的批發業務和直接業務來說，這個數字還在繼續增長。

Until now Globalstar's 500,000 plus deployed active units have only been able to support one-way tracking and telemetry applications. So we could do tracking around the world very well, but lack the ability to communicate back to the device for command applications. And I'm proud that our refocused product development team, whose hard work under new leadership has enabled us to deliver the full two-way satellite commercial IoT solutions.

到目前為止，Globalstar 部署的 50 萬多個現役裝置僅能夠支援單向追蹤和遙測應用。因此，我們可以很好地進行全球跟踪，但缺乏與設備通信以執行命令應用程式的能力。我為我們重新調整的產品開發團隊感到自豪，他們在新領導層的辛勤工作使我們能夠提供完整的雙向衛星商業物聯網解決方案。

We have an extremely low cost structure which leverages the investments in our wholesale business, and with our time tested uplink and our new state of the art down link, we intend to aggressively compete for subscribers in markets that already exist and are ripe for disruption.

我們擁有極低成本的結構，充分利用了我們在批發業務上的投資，並且憑藉我們經過時間考驗的上行鏈路和我們最新的先進下行鏈路，我們打算在已經存在且時機成熟的市場中積極爭奪用戶。

We believe that our globally licensed L&S bands offer a unique asset to anyone looking to deliver connectivity. Our dedicated spectrum resource, which is almost 4X, that of any other DVD player currently, and our bent pipe architecture differentiate Globalstar.

我們相信，我們獲得全球許可的 L&S 頻段為任何尋求提供連線的人提供了獨特的資產。我們的專用頻譜資源幾乎是目前任何其他 DVD 播放器的 4 倍，而且我們的彎管架構使 Globalstar 與眾不同。

Everyone else has to borrow spectrum or put up more larger satellites to match where we already are, and we're not standing still.

其他人必須借用頻譜或發射更多更大的衛星才能達到我們現有的水平，而我們並沒有停滯不前。

It's an exciting time in D2D. We've been a leader in the space with our transformational deal and we will continue to innovate.

這是 D2D 的一個激動人心的時刻。憑藉我們的轉型交易，我們已成為該領域的領導者，並且我們將繼續創新。

And of course with any new technology that's rapidly evolving comes a lot of speculation, so I just want to take the opportunity to address a few inquiries we've received.

當然，任何快速發展的新技術都會引發很多猜測，所以我只想藉此機會回答我們收到的一些詢問。

First of all, we've been in development with our wholesale customer since long before other providers made their direct to sell announcements. We made the first commercial D2D service years ago and we've been successfully operating it since that time with progressively improved features.

首先，早在其他供應商發布直接銷售公告之前，我們就已經與批發客戶展開合作。我們多年前就推出了首個商業 D2D 服務，並且從那時起就一直成功地經營該服務，並逐步改進其功能。

We believe that speculation about the capabilities of other services has been overstated. No other direct to cellular service provider is currently supporting hundreds of millions of devices with years of experience operating at commercial scale, and none of them deployed outside the US across contiguous bands.

我們認為，對其他服務能力的猜測被誇大了。目前，還沒有其他直接蜂窩服務供應商支援擁有多年商業規模營運經驗的數億台設備，而且這些設備都沒有在美國境外的連續頻段部署。

While it's early days for others, we're in development for our next constellation. We've extended our initial contract with our customers, funding a significant investment for new and improved satellite constellations. The structure of our relationship is one in which we pre-sold at certain capacity, and our revenues are unaffected by utilization, except, of course, to the extent that additional satellites may be needed to provide increased capacity or capabilities in the future.

雖然對於其他人來說還處於早期階段，但我們正在開發下一個星座。我們延長了與客戶的初始合同，為新的和改進的衛星星座提供了大量投資。我們的關係結構是以一定容量預售，我們的收入不受利用率的影響，當然，除非將來可能需要額外的衛星來提供更大的容量或能力。

As for the speculation around the regulatory landscape and the potential for sharing our spectrum, I just want to say that we've been at this for a long time. Globalstar has worked successfully with various administrations for over 25 years, and these systems take years to plan and operate for decades. And there are now hundreds of millions of consumers globally who have access to life saving and convenient connectivity through our constellation. Our spectrum is being actively used to provide these and other important services available globally. And that's what regulators want to see, and the regulatory landscape has fostered a wave of innovation in the satellite industry.

至於圍繞著監管環境和共享頻譜的可能性的猜測，我只想說我們已經在這個領域努力了很長時間。Globalstar 已與各個政府部門成功合作了 25 年多，這些系統需要多年的規劃和數十年的運作。現在全球有數億消費者可以透過我們的星座獲得拯救生命的便利連結。我們的頻譜正在被積極用於在全球範圍內提供這些和其他重要服務。這正是監管機構希望看到的，監管環境也催生了衛星產業的創新浪潮。

As recent announcements have shown, there is no lack of competition in the provision of direct cellular services. We provide mission critical connectivity that saves lives, and we continue to launch new technologies using our spectrum. Our bent pipe satellite architecture is uniquely suited to enable the rapid deployment of new innovations, and the certainty of our spectrum position for over 30 years has enabled us and our customers to make billions of dollars of investments in satellites, ground networks, and research and development.

正如最近的公告所顯示，直接蜂窩服務的提供並不缺乏競爭。我們提供拯救生命的關鍵任務連接，並繼續利用我們的頻譜推出新技術。我們的彎管衛星架構非常適合快速部署新的創新，而且我們30多年來對頻譜位置的確定性使我們和我們的客戶能夠在衛星、地面網路和研發方面投入數十億美元。

We believe we're well positioned with our arrangement, with our wholesale capacity customer, and with the current and future growth opportunities. Our unique financial arrangement provides network funding enabling us to create valuable capacity solutions at a very competitive price point.

我們相信，憑藉我們的安排、批發能力客戶以及當前和未來的成長機會，我們處於有利地位。我們獨特的財務安排提供了網路資金，使我們能夠以極具競爭力的價格創造有價值的容量解決方案。

Even with our spectrum van and wholesale agreements, we do remain considerably smaller than certain of our direct competitors, and we're working to close that GAAP and are now well positioned to do so aggressively.

即使我們簽訂了頻譜貨車和批發協議，我們的規模仍然比某些直接競爭對手小得多，我們正在努力接近該 GAAP，並且現在已做好準備積極地實現這一目標。

Now the terrestrial side of the business. Globalstar's band n53 and XCOM RAN capabilities present partners with valuable mission critical applications and connectivity solutions that are high performance and reliable. The XCOM RAN team has met every technical milestone put in front of them and have continued to develop technologies that will allow us to better serve our customers. We're believers in the future of automation in both consumer, industrial enterprise, and defense environments, and all benefit from connectivity solutions. That we are well suited to deliver.

現在討論的是陸地業務。Globalstar 的 n53 頻段和 XCOM RAN 功能為合作夥伴提供了高效能、可靠的寶貴關鍵任務應用程式和連接解決方案。XCOM RAN 團隊已經實現了他們面前的每個技術里程碑，並繼續開發技術，以便我們更好地服務客戶。我們相信，未來消費者、工業企業和國防環境都將自動化，並且都將受益於連接解決方案。我們非常適合實現這一目標。

Also, the band n53 ecosystem has advanced with XCOM RAN and other technologies and ready to generate cash. We're expanding the sales force both internally and externally to push both band n53 and XCOM RAN out into the world and expect to make tangible progress this year.

此外，n53 生態系統已透過 XCOM RAN 和其他技術取得進展，並準備產生現金。我們正在擴大內部和外部的銷售隊伍，以將 n53 頻段和 XCOM RAN 推向世界，並期望今年取得實際進展。

Now to update on some of the projects we've discussed, first and very importantly, we detailed in our November 1, Form 8-K an updated service agreement with our wholesale customer which demonstrates continued investment in support of product and service development.

現在更新我們討論過的一些項目，首先，也是非常重要的一點，我們在 11 月 1 日的 8-K 表格中詳細說明了與批發客戶簽訂的更新服務協議，這表明我們持續投資以支持產品和服務開發。

While there are other options, our team and our assets continue to be the chosen partner. Under these updated agreements, we'll maintain 100% of all terrestrial, MSS, and other revenue while continuing to allocate 85% of our network capacity for satellite services to the customer across both existing and new satellites. The remaining 15% capacity will continue serving our direct MSS customers, ensuring we maintain our commitment to our diverse and growing customer base.

雖然還有其他選擇，但我們的團隊和資產仍然是我們選擇的合作夥伴。根據更新後的協議，我們將保留所有地面、MSS 和其他收入的 100%，同時繼續透過現有和新衛星向客戶分配 85% 的衛星服務網路容量。剩餘 15% 的容量將繼續為我們的直接 MSS 客戶提供服務，確保我們保持對多元化且不斷增長的客戶群的承諾。

Further, we've achieved a major milestone in our partnership with Parsons Corporation, successfully demonstrating our software defined satellite communications solution using our low Earth orbit constellation. This first of its kind demonstration in North America represents a breakthrough in providing mission critical solutions for our congested environments, particularly in the public sector and defense applications. Proof of concept initiated in early 2024 is advancing towards commercial service positioning us to capture significant opportunities in these high value markets.

此外，我們與帕森斯公司的合作取得了重要的里程碑，成功展示了使用我們的低地球軌道星座的軟體定義衛星通訊解決方案。這是北美首次此類演示，代表著在為擁擠環境提供關鍵任務解決方案方面取得了突破，特別是在公共部門和國防應用領域。2024 年初啟動的概念驗證正在向商業服務邁進，使我們能夠抓住這些高價值市場的重大機會。

As we have said, this opportunity has the potential to be a significant annual contributor to revenue and cash flow, and our confident in it, our confidence in it remains high. Our technology leadership continues to strengthen as evidenced by our successful completion of the first 5G data call on our band n53 spectrum, achieving impressive speeds of 100 megabits per second download and 60 megabits per second upload and 10 megahertz of spectrum.

正如我們所說，這個機會有可能成為年度收入和現金流的重要貢獻者，我們對此充滿信心，我們對此仍然充滿信心。我們的技術領先地位不斷加強，這體現在我們成功完成了 n53 頻段的首次 5G 數據呼叫，實現了令人印象深刻的每秒 100 兆比特的下載速度、每秒 60 兆比特的上傳速度和 10 兆赫的頻譜。

This breakthrough enables advanced applications such as robotics, autonomous vehicles, and augmented reality while offering our partners a versatile, fully licensed channel for enhanced wireless connectivity.

這項突破使得機器人、自動駕駛汽車和擴增實境等先進應用成為可能，同時為我們的合作夥伴提供了一個多功能、完全授權的管道，以增強無線連接。

On the regulatory front, we enhanced our long-term operational foundation with a 15 year renewal of our blanket mobile Earth terminal authorization from the FCC, ensuring continued authority to operate our mobile Earth terminals with satellites throughout the United States and its territories. This builds upon the company winning terrestrial authority in Mexico ear earlier in the fourth quarter.

在監管方面，我們透過向聯邦通訊委員會 (FCC) 續簽為期 15 年的綜合行動地球終端授權，增強了我們的長期營運基礎，確保我們能夠繼續在美國及其領土範圍內使用衛星運營移動地球終端。這是在該公司第四季初贏得墨西哥陸地管轄權的基礎上取得的。

Collectively, these developments reinforce our position as a leader in satellite communications and innovative spectrum solutions while expanding our market reach and strengthening revenue potential across multiple sectors.

總的來說，這些發展鞏固了我們在衛星通訊和創新頻譜解決方案領域的領先地位，同時擴大了我們的市場範圍並增強了多個領域的收入潛力。

In summary, we believe we're well positioned to continue to execute on our long term growth strategy. We're seeing results from investments we've made so far and are excited for 2025 in the years ahead. We've spent a significant amount of time identifying markets that we can grow in and designing proprietary solutions to address the needs of customers for years ahead.

總之，我們相信我們已做好準備繼續執行我們的長期成長策略。我們已經看到了迄今為止所進行的投資的成果，並對未來的 2025 年充滿期待。我們花了大量時間來確定我們可以發展的市場，並設計專有解決方案來滿足未來幾年客戶的需求。

Further to this, we've been increasing our team at GlobalStar with professionals that know how to win, grow, and scale businesses, and I cannot be more excited about our future.

此外，我們一直在擴大 GlobalStar 的團隊，招募懂得如何贏得、發展和擴大業務規模的專業人士，我對我們的未來感到無比興奮。

And finally, I just want to thank all my colleagues at Globalstar for their dedication and hard work in 2024. So I'll turn the call back to the operator for a Q&A and thanks everybody.

最後，我只想感謝 Globalstar 的所有同事在 2024 年的奉獻和辛勤工作。因此，我將把電話轉回給接線員進行問答，並感謝大家。

Thank you. At this time, we will conduct the question and answer session.

謝謝。此時，我們將進行問答環節。

(Operator Instructions).

（操作員指令）。

First question comes from the line of Mike Crawford with B.Riley Securities. Go ahead, Mike, your line is open.

第一個問題來自 B.Riley Securities 的 Mike Crawford。繼續吧，麥克，你的線路已經開通。

Thank you, we did see the, constellation details, for the extended MSS network constellation with.

謝謝，我們確實看到了擴展 MSS 網路星座的星座細節。

Over 50 software defined Aurora satellites that have I believe what you refer to is state of the art gun link where you're requesting to have alternating levels of power that you can put down. Is that correct? And can you help explain what that attribute brings?

我相信，超過 50 顆軟體定義的 Aurora 衛星都配備了最先進的槍式鏈路，您請求的是有可放下的交替功率等級。對嗎？您能解釋一下該屬性帶來了什麼嗎？

I mean, so those Aurora satellites have have beam forming capabilities.

我的意思是，那些 Aurora 衛星具有波束形成能力。

And obviously, yeah, we've been able to control power, and it's a digital satellite, so there's the processing that can be done is minimal, but it does allow us to direct signals to different antenna elements.

顯然，是的，我們已經能夠控制功率，而且它是一顆數位衛星，因此可以進行的處理很少，但它確實允許我們將訊號引導到不同的天線元件。

Okay, thank you.

好的，謝謝。

And then, is there any update you can give on the timing of when these satellites might start to launch or be fully deployed or we we do know now that.

然後，您能否提供有關這些衛星何時開始發射或全面部署的最新消息，或我們現在知道的具體時間。

There's been, design, of the architecture for almost a year and a half now, I think, so any update on timing of when this could potentially launch.

我認為，該架構的設計已經進行了將近一年半了，因此，關於其可能推出的時間有任何更新嗎？

Yeah we haven't given an update on that yet.

是的，我們還沒有對此做出更新。

Unfortunately.

很遺憾。

And --then related there's a number of new ground infrastructure and gateways you'll be putting in place so is that something that's going to be occurring this year?

然後，你們將建立許多新的地面基礎設施和網關，這些是今年會發生的事嗎？

That's all all underway. We're, there's a lot of stuff that has to be done for gateways, particularly when they're greenfield.

這一切都正在進行中。我們需要為網關做很多事情，特別是當它們還是綠地時。

So, it starts with finding the right place and acquiring the land if it's a.

因此，首先要找到合適的地點並獲取土地。

From the ground up, built from ground up or finding the right teleports and just a lot of stuff that needs to be done and then there's all the issues of getting the right amount of connectivity and redundancy and resilience and all those things. So, that that process is fairly long term, so yeah, so that's all that stuff is underway.

從頭開始，從頭開始建造或找到正確的傳送點以及需要完成的許多事情，然後還有獲得適當數量的連接、冗餘和彈性等所有問題。所以，這個過程是相當長期的，是的，所有這些事情都在進行中。

Okay, thank you. I'll just ask one more switching gears to XCOM brand. So, we do know that initially that you, were designing that to work with unlicensed CBRS Spectrum. Now I believe you're done incorporating band n53 into the solution more natively, but is there any progress on your one? Large retail customer or other customers that we could look to or maybe hold forth as some guide posts to look for accomplishments that we can measure you against in this year.

好的，謝謝。我只想再問一次關於 XCOM 品牌的轉換問題。所以，我們確實知道，最初你們的設計是為了與未經授權的 CBRS 頻譜配合使用。現在我相信您已經將 n53 頻段更原生地融入解決方案中，但是您的解決方案有什麼進展嗎？我們可以參考大型零售客戶或其他客戶，或將其作為一些指導方針，以尋找我們今年可以衡量您的成就。

Yeah, I mean, it's like I've said before and I experienced this in Qualcomm too. Like if you have a lead customer for a new technology, you keep building, it's a great [tailwind], but you, you're subject to the customer's decision on when they decide to push the button and roll out, and it doesn't necessarily have to do with just the communication system. So, we're in the place where we've done a tremendous amount of work. We've built out to the technical requirements. And actually now what a bunch of the team is working on is being able to cost reduce, come down the cost curve so that we can be even more effective and more competitive with other potential solutions so we don't have to just be at the high end of the market but also kind of across, being competitive with Wi Fi or mesh Wi Fi solutions that we see or other 5G small cell kind of solutions so we're really focused in on that as we sort of wait for the customer to make their own decisions about roll out and then of course we're also working on kind of the pipeline of of other opportunities as well.

是的，就像我之前說過的，我在高通也經歷過這種情況。例如，如果你有一個新技術的主要客戶，你就會繼續開發，這是一個很好的[順風]，但是，你必須服從客戶的決定，他們決定何時按下按鈕並推出，而這不一定只與通訊系統有關。所以，我們已經完成了大量的工作。我們已經滿足了技術要求。實際上，現在團隊正在努力降低成本，降低成本曲線，以便我們能夠更加有效，並比其他潛在解決方案更具競爭力，這樣我們就不必只處於高端市場，而且還要跨領域競爭，與我們看到的 Wi-Fi 或網狀 Wi-Fi 解決方案或其他 5G 小型蜂窩解決方案競爭，所以我們真正專注於此，因為我們在等待客戶自己推出的決定，然後我們正在尋找其他機會。

All right, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

One moment for our next question.

請稍等片刻，回答我們的下一個問題。

The next question comes from the line of Simon Flannery with Morgan Stanley. Go ahead, your line is open.

下一個問題來自摩根士丹利的西蒙·弗蘭納裡。繼續吧，您的線路已開通。

Right, thank you very much. Good evening, Rebecca, you talked about EBITDA margins facing some short term pressures, and you have the long term guidance of getting back to the sort of mid-50s or so. So should we think about 25 being the trough on EBITDA margins and then gradually improving or is it more it'll sort of stay here until you get the extended MSS.

好的，非常感謝。晚上好，麗貝卡，您談到了 EBITDA 利潤率面臨一些短期壓力，而您的長期指導是回到 50 年代中期左右的水平。那麼，我們是否應該認為 25 是 EBITDA 利潤率的低谷，然後逐漸改善，或者它會一直停留在這裡，直到獲得延長的 MSS。

And related to that and any color you can give us on Capex free cash flow for 2025.

與此相關，您能否為我們提供任何有關 2025 年資本支出自由現金流的資訊？

And then a second one for Paul just on the expanded MSS you obviously have the MDA deal publicly it'd just be really helpful if you could give us any color on what the timeline looks like, it's 3 years, a kind of a reasonable estimate of, from kind of signing the contract to when we start to see the the constellation get launched and deployed. Thanks.

然後我想問保羅第二個問題，關於擴展的 MSS，您顯然已經公開了 MDA 協議，如果您能告訴我們時間表的具體情況，那將非常有幫助，這是一個合理的估計，從簽署合同到我們開始看到星座發射和部署，一共需要 3 年。謝謝。

Thanks for the question, Simon. So on the first one for the margin compression, I would say it's in the 12 to 18 month timeline, so certainly not waiting on the extended MSS network to be deployed since the investments are more related to XCOM RAN and MSS product development, so those we expect to generate revenue in the, kind of shorter time frame.

謝謝你的提問，西蒙。因此，關於利潤率壓縮的第一個問題，我認為是在 12 到 18 個月的時間範圍內，所以肯定不會等待擴展的 MSS 網路部署，因為投資更多地與 XCOM RAN 和 MSS 產品開發相關，因此我們預計這些投資將在較短的時間內產生收入。

And then your second question, sorry, I'm free cash flow.

然後是你的第二個問題，抱歉，我是自由現金流。

Yeah, just any color you could give us on how Capex free cash might look like this year.

是的，您可以告訴我們今年資本支出自由現金的狀況如何。

Okay, so the operating cash, it was really strong in 2024, and you'll see more details of that when we file the the 10-K tomorrow but we we did have up a little bit of color in the earnings release, as we, there's kind of each phase of the wholesale arrangement has its own nuances, so for phase two, some of that Capex is funded out front and shows up in financing and then it'll get reimbursed over time. And then for the, extended MSS network we have funding that we're receiving today. A lot of that is hitting, operating cash flow because it's deferred revenue, so advanced service payments that we'll earn over the course of the satellite's life. So it's very much a timing issue and kind of how you think about reimbursable Capex when you're computing, free cash flow.

好的，所以 2024 年的營運現金非常強勁，當我們明天提交 10-K 時，您會看到更多詳細信息，但我們在收益報告中確實添加了一些色彩，因為批發安排的每個階段都有其自己的細微差別，因此對於第二階段，部分資本支出是預先資助的，並顯示在融資中，然後會隨著時間的推移得到償還。然後，對於擴展的 MSS 網絡，我們今天收到了資金。其中很大一部分影響了經營現金流，因為這是遞延收入，也就是我們將在衛星的整個生命週期中獲得的預付服務費。因此，這很大程度上是一個時間問題，以及在計算自由現金流時如何考慮可償還的資本支出。

Hopefully that will be helpful.

希望這會有所幫助。

-The modeling as back up, yeah, I know there's a lot of moving parts.

- 建模作為後備，是的，我知道有很多活動部件。

Right.

正確的。

So yeah sorry I thought you were done, go ahead.

是的，很抱歉，我以為你已經完成了，繼續吧。

No, I was just going to talk to the next question, so finish up.

不，我正要談論下一個問題，所以請結束。

No, I was just going to get a little bit more colors Simon. So we've incurred about $250 million to date under the phase two satellites and $155 million of that has been funded by our customer that number and the balance by us and through operating cash flow and and the objective through that funding agreement is to Pay for the upfront Capex 50/50, right? So, we've probably got another $150 million to get through that first launch of the satellites, and again, that will be split evenly. Hopefully that's helpful, with the launch still expected to happen in 2025.

不，我只是想多加一點顏色，西蒙。因此，到目前為止，我們已經在第二階段衛星上花費了大約 2.5 億美元，其中 1.55 億美元由我們的客戶資助，其餘部分由我們透過營運現金流支付，並且透過該融資協議的目標是支付前期資本支出 50/50，對嗎？因此，我們可能還需要 1.5 億美元來完成衛星的首次發射，而這筆資金將再次平均分配。希望這會有所幫助，預計發射仍將於 2025 年進行。

Okay.

好的。

Thank you.

謝謝。

Alright then on the MSS timeline like I said to Mike, I mean we can't really, we haven't updated that and announced that and certainly customers that work with us are sensitive to the timing of their service launches, so yeah, I can't really comment too much on that.

好的，那麼關於 MSS 時間表，就像我對 Mike 所說的那樣，我的意思是我們實際上無法更新或宣布這一點，而且與我們合作的客戶肯定對他們的服務發佈時間很敏感，所以是的，我無法對此發表太多評論。

Okay, understood thank you.

好的，明白了，謝謝。

Maybe just one more on the two way IoT. It was nice to see that coming through and it sounds like there's a nice opportunity there. When does that become material to the numbers? Is that something we'll see in 2025 or is it still going to be small for a couple of years until that scales?

也許關於雙向物聯網還有更多內容。很高興看到這一點，聽起來這是一個很好的機會。什麼時候這對數字來說才會變得重要？這是我們會在 2025 年看到的事情嗎？還是說在形成規模之前，它的規模還會再小幾年？

I mean we're expecting to start. --We're, I mean we're in beta right now, so as we went into data with customers we were looking for customers that could, rapidly turn on but I would say you know this year I think it's you know the beginning of the ramp and then I would say next year we would expect to get very well into the deployment of it but you know if it turns out that somebody's got something that hits. We're, we are set up for manufacturing and that's, that will be ready to go. It's a little bit dependent on our partners building out their particular applications with it. Obviously some of our customers that we're talking to have two way based devices already, so in some cases relatively easy for them to swap a modem in. And so we're hopeful that some of those can come to market sooner, but I can't commit to that at this point.

我的意思是我們期待開始。 - 我的意思是我們現在處於測試階段，所以當我們與客戶一起獲取數據時，我們正在尋找可以快速啟動的客戶，但我想說，你知道今年我認為這是增長的開始，然後我想說明年我們期望很好地部署它，但你知道如果事實證明有人得到了一些成功的東西。我們已經做好了製造準備，一切準備就緒。這有點依賴我們的合作夥伴利用它來建立他們的特定應用程式。顯然，我們正在交談的一些客戶已經擁有雙向設備，因此在某些情況下，他們可以相對輕鬆地更換數據機。因此，我們希望其中一些產品能夠盡快上市，但目前我還不能做出承諾。

It's really seems like you're getting good feedback from the field. Yeah.

看起來你確實從現場得到了很好的回饋。是的。

We are definitely getting good feedback, which is good. We spent a lot of time hammering on this thing. It is beta, so every so often there's something, but we were able to turn those. Around when somebody has an issue with something or you know a feature request for the future, that kind of stuff so it's been actually quite a good data process for us and obviously having some customers that you know they've been banging on the down link which we haven't been able to supply in the past, so it's really good to see, packets flying over that part of the network too.

我們確實得到了很好的回饋，這是好事。我們花了很多時間來解決這個問題。由於它處於測試階段，所以時不時會出現一些問題，但我們能夠解決這些問題。當某人對某事有疑問或對未來有功能請求時，諸如此類的事情，所以這對我們來說實際上是一個非常好的數據處理過程，顯然有一些客戶，你知道他們一直在敲打下行鏈路，而我們過去無法提供這種鏈路，所以看到數據包也在網絡的這一部分上空飛行，真的很好。

Thanks a lot.

多謝。

Thank you.

謝謝。

One moment for our next question.

請稍等片刻，回答我們的下一個問題。

Next question comes from the line of Walter Piecyk with Lightshed Partners. Go ahead, your line is open.

下一個問題來自 Lightshed Partners 的 Walter Piecyk。繼續吧，您的線路已開通。

Thanks, in the filing a petition that you made to the FCC,recently you referenced. Basically this new satellite, this new constellation, providing the essential quote the essential foundation for a variety of new innovative directed device satellite features on supported devices you just kind of provide a little bit more color on what some of those in new innovative features might be.

謝謝，您最近提到了向 FCC 提交的一份請願書。基本上，這顆新衛星、這個新星座為支援設備上的各種新型創新定向設備衛星功能提供了必要的基礎，您只需提供一些關於這些新創新功能可能是什麼的詳細資訊。

It's kind of the same answer I gave before, so obviously we have a customer that, or even a set of customers that are sensitive to kind of their feature roadmap or service launch timing and so forth. So, the only thing that I think you know I could point to is just that the satellites do have some new capabilities to them and so I would expect that, those will be used by our customers.

這與我之前給出的答案類似，顯然我們有一個客戶，甚至一組對其功能路線圖或服務發佈時間等很敏感的客戶。所以，我想您知道我唯一能指出的是，這些衛星確實具有一些新功能，因此我希望我們的客戶能夠使用這些功能。

Is there a way to when you kind of conceptualize the market user demand, the what that what those new innovative features address in terms of number of years before the consumer demands more and does that, how many years do you think I basically does that get you before you go to maybe constellation 4 --with potentially even greater and new, features.

當您概念化市場用戶需求時，有沒有辦法知道這些新的創新功能在消費者提出更多要求之前需要多少年才能解決，您認為在進入星座 4 之前，這基本上需要多少年——可能具有更強大和更新的功能。

[Gosh], projecting what the consumer is going to demand and what the price points are going to be is kind of hard to do, I mean, I've already talked, a lot about the fact that there isn't a proven business model for broadband, kind of Netflix in the mountains broadband out of coverage. Most people are in coverage, spend very little time out of coverage except for maybe dead zones or something like that. So, I think understanding that is something everybody's watching carefully. Certainly there's some companies that are building. Kind of the field of dreams and the expectation that consumers will demand these services and they would be willing to spend.

[天哪]，預測消費者的需求和價格點是有點難，我的意思是，我已經談了很多關於寬頻沒有經過驗證的商業模式的事實，就像山區寬頻覆蓋範圍之外的 Netflix 一樣。大多數人都在覆蓋範圍內，除了盲點或類似情況外，很少會超出覆蓋範圍。所以，我認為理解這一點是每個人都在密切關注的事情。當然有些公司正在建設。這是一個夢想的領域，人們期望消費者會需要這些服務，並且願意花錢。

Significant amounts of incremental dollars and as back in Qualcomm we built a video service in 3G days called Media Flow, and it was an incremental cost to your service, and limo drivers in Vegas loved it, but not that many other people were willing to pay extra for that kind of an incremental service. So, maybe it's a little bit like that how much will you pay for Video service outside of coverage. I don't think that we've seen that that model is proven at all.

大量的增量資金，就像我們在高通在 3G 時代建立的一項名為 Media Flow 的視訊服務一樣，這是一項增量服務成本，拉斯維加斯的豪華轎車司機很喜歡它，但沒有多少人願意為這種增量服務支付額外費用。所以，也許這有點像您要為覆蓋範圍之外的視訊服務支付多少錢。我認為我們根本沒有看到該模型得到證實。

So, until we see that we see other kinds of demand, I think it's unknown. Obviously there are there are investors who believe heavily in this and are investing heavily in this, but you know you and I have been through a number of these technology cycles, so it's not clear which ones take off and which ones. Don't, and I think what is proven is that there's clear benefit for safety and security, and it's being used, it's saving lives. That's good whether there's people are willing to pay incremental dollars for more multimedia in their messaging, not known yet. Obviously want to be able to, serve those kinds of things if necessary. And beyond that, I mean, GlobalStar and Naridium went bankrupt decades ago trying to do voice and relatively low speed data outside of cellular coverage. Now admitted that was with a separate device, but still the demand, it was fairly nichey, so I think that that's a cautionary tale, and we've been through it as a company in the past, so I would say that we are quite focused on finding those parts of the business that are able to generate revenues and profitability that can fund constellations.

因此，在我們看到其他類型的需求之前，我認為這是未知的。顯然，有些投資者對此深信不疑，並投入巨資，但你知道，你和我都經歷過許多這樣的技術週期，所以不清楚哪些技術會起飛，哪些會失敗。不要，我認為事實證明，這對安全保障有明顯的好處，而且它正在被使用，它正在拯救生命。這很好，但是否有人願意為資訊中的更多多媒體內容支付額外的費用，目前還不得而知。顯然，如果有必要的話，我們希望能夠提供這類服務。除此之外，我的意思是，GlobalStar 和 Naridium 幾十年前就因試圖在蜂窩覆蓋範圍之外提供語音和相對低速的數據傳輸而破產了。現在我承認那是一種單獨的設備，但需求仍然相當小眾，所以我認為這是一個警示故事，我們公司過去也經歷過這種情況，所以我想說我們非常專注於尋找能夠創造收入和盈利能力的業務部分，從而為星座項目提供資金。

Fortunately we have the wholesale business which does a very good job of funding the constellation. Others, I think, have to prove that their business model will do that.

幸運的是，我們擁有批發業務，它為星座計畫提供了很好的資金支持。我認為，其他人必須證明他們的商業模式能夠做到這一點。

I know it's still early, but is there any indication in terms of location of usage on the direct to device, stuff, meaning that.

我知道現在還為時過早，但是在直接設備上的使用位置方面是否有任何跡象，意思是那樣。

You know that the often used examples is the stranded hiker in the middle of Utah, but where I'm using it is in Westchester County, and it's helping me text on locations where [NIEs] have kept cell sites. Do you have any, even if it's anecdotal indication where the product can used so far since being activated?

您知道，經常使用的例子是在猶他州中部受困的徒步旅行者，但我使用它的地方是在威斯特徹斯特縣，它幫助我在 [NIE] 保留了基站的位置發送短信。您是否有任何跡象表明該產品自啟動以來仍可使用，即使是傳聞？

I mean, the ones that the anecdotes you hear are often around something where there's been a natural event or something where the cell service has gone down over a wide area, and that makes sense because that's where there's a lot of people like even cellular dead zones are relatively small geographic regions. So, and certainly uncovered areas are uncovered because not that many people go there. So you're not going to generate massive usage through that. You will provide peace of mind to people. I think that's super important. But then when you have a sort of a natural event, fire or some weather event, that's where you can see large numbers of people wanting to have some connectivity, but obviously that's, very infrequent, and relative relatively constrained geographical areas.

我的意思是，你聽到的那些軼事通常與自然事件有關，或者與大範圍區域內的手機服務中斷有關，這是有道理的，因為那裡有很多人，即使是手機信號盲區也是相對較小的地理區域。所以，未覆蓋區域之所以被覆蓋，肯定是因為沒有那麼多人去那裡。因此你不會透過這種方式產生大量的使用。您將為人們帶來安心。我認為這非常重要。但是，當發生某種自然事件、火災或某種天氣事件時，你會看到大量的人想要獲得某種連接，但顯然這種情況非常罕見，而且地理區域也相對受限。

Maybe I'll ask the question in a different way. I don't disagree in terms of, but the consumer might be willing to spend for that infrequent use at that time it's in that location, I guess has have you is and again maybe you just don't see this data, but has there been usage that has extended beyond just in the desert and beyond perhaps the things that I've that I've been hitting here. I mean, is it being used in multiple locations or is it only being used in in situations where there's been, kind of like a power outage, whatever it is, national security issue.

也許我會以不同的方式提出這個問題。我並不反對這一點，但消費者可能願意為當時在那個地方的不頻繁使用而花錢，我想你可能已經知道了，也許你只是沒有看到這些數據，但有沒有超出沙漠範圍的使用情況，也許超出了我在這裡談到的範圍。我的意思是，它是否在多個地方使用，或者是否只在發生類似停電等國家安全問題的情況下使用。

No, sorry, I didn't mean to say that it was only being used there I think you know we have we have examples of people that. Got rescued from, being in the mountains and things like that. So, I think there is usage and look, I think that the opportunity to charge a lot to somebody who's in need exists. I don't know whether it's the nicest thing to do, but kind of a one-time usage thing, but the question is does that build a business model that supports billions of dollars of satellite constellation investment.

不，對不起，我並不是說它只在那裡使用，我想你知道我們有這樣的例子。從山裡獲救之類的。所以，我認為這是有用的，而且我認為向有需要的人收取高額費用的機會是存在的。我不知道這是否是最好的做法，但它是一種一次性使用的東西，但問題是這是否建立了一個支持數十億美元衛星星座投資的商業模式。

--I was just going to say, I mean, the model that seems queer to me for any handset manufacturer is, if they can reduce a replacement cycle time on a large volume of, large installed base, that's real money, like small changes in the replacement cycle time. So, it's really, I think the business model around having new features and a roadmap of new features is kind of a proven one that that certainly can work. Obviously, the T-Mobile advertisement was, the Super Bowl ad was, talking about providing service to Customers of other cellular networks, so there's, clearly they're looking to try and create some churn whether that actually is something that can create churn. I don't know that remains to be seen, but I'm personally a little skeptical of that.

——我只是想說，我的意思是，對於任何手機製造商來說，我覺得奇怪的模式是，如果他們能夠在大量安裝的基礎上減少更換週期時間，那就是真正的錢，就像更換週期時間的微小變化一樣。所以，我認為圍繞新功能和新功能路線圖的商業模式已經證明是可行的。顯然，T-Mobile 的廣告和超級盃廣告都在談論為其他蜂窩網路的客戶提供服務，因此，很明顯，他們正在嘗試創造一些客戶流失，無論這是否真的可以創造客戶流失。我不知道這還有待觀察，但我個人對此有點懷疑。

Just sort of given the fact that there are hundreds of millions of people that already have connectivity over our constellation. So yeah, all these things really do remain to be seen. There's some lessons that we can draw from history, and you and I have been at this long enough that, we can draw those lessons.

鑑於目前已有數億人透過我們的星座實現了連結。是的，所有這些事情確實還有待觀察。我們可以從歷史中學到一些教訓，你和我都經歷過足夠長的時間了，我們可以學到這些教訓。

Just one last one just kind of drawing upon your --long history and as you pointed out my long history as well, --talked about, having their technology now that they've actually finally gone to 3 GPP standard. It goes into the chip and theoretically that makes it easier for the Android world, Samsung I guess specifically, to, do for Samsung what you have effectively done for Apple is it as easy as it.

最後一點，我想談談你們的悠久歷史，正如你們指出的，我也有悠久的歷史，談到他們的技術，現在他們實際上已經最終達到了 3GPP 標準。它進入晶片，從理論上講，這使得 Android 世界（我想具體來說是三星）可以更輕鬆地為三星完成您為蘋果所做的工作，就像它一樣簡單。

--I don't want to put it on them that they describe it that I think is is expected meaning that okay you've got this standard Qualcomm sticks it in the chip, it's available. Samsung says [yay or nay], and they just light it up and there's no very little incremental cost and that they can implement relatively quickly to get galaxies with the same functionality that Apple has been able to achieve with you guys.

--我不想把它放在他們身上，他們這樣描述，我認為這是預期的，意思是，好吧，你有這個標準，高通把它粘在芯片裡，它是可用的。三星表示[贊成或反對]，他們只是點亮它，並沒有很少的增量成本，而且他們可以相對快速地實施以獲得具有與蘋果與你們一起實現的相同功能的 Galaxy。

I guess I don't, obviously don't know exactly what they're, what they've done. I guess I would say NTN, so the cellular standard, is somewhat complex. It's certainly not as efficient because it was intended to extend off of existing protocols and existing chipset designs and so forth. So, you know we've been looking at that quite carefully in terms of what how much overhead gets added by that and it's substantial, so that will then possibly require some additional follow on changes to the to the standard to make that work better and then I would also say that there's people out there talking about doing geo-based NTN services already so I actually have not looked at it specifically, but that's what I believe the claim is for the the Google Pixels that they have satellite capability from Geo so they're, going to a Leo is actually takes some additional effort that was put into some later parts of the standard, the chip manufacturers that we've had some discussions with about that. There was extra work to be done, so it wasn't just a very simple thing to implement in the chips for to go from geo to Leo also because you, the movement and so forth.

我想我不知道，顯然我不知道他們到底在做什麼，做了什麼。我想我會說NTN，所以蜂窩標準有點複雜。它肯定不那麼高效，因為它旨在擴展現有的協定和現有的晶片組設計等等。所以，您知道，我們一直在非常仔細地研究這個問題，看看這會增加多少開銷，而且開銷是相當大的，因此，這可能需要對標準進行一些額外的後續更改，以使其更好地工作，然後我還要說，有人在談論做基於地理的 NTN 服務，所以我實際上還沒有具體研究過它，但我相信這就是來自 Google Geoels 的說法，所以他們擁有衛星的功能實際上需要付出一些額外的努力，這些努力已經投入到標準的後期部分，我們已經與晶片製造商就此進行了一些討論。還有額外的工作要做，所以在晶片中實現從地理到獅子座的轉變並不是一件非常簡單的事情，因為你、運動等等。

Got it thank you.

明白了，謝謝。

Thank you.

謝謝。

One moment for our next question.

請稍等片刻，回答我們的下一個問題。

The next question comes from the line of Chris Quilty with Quilty space. Go ahead, your line is open.

下一個問題來自 Quilty 空間的 Chris Quilty。繼續吧，您的線路已開通。

Thanks, Paul, can you explain to us what's going on with the big Leo MSS spectrum and some of the filings and deliberations there?

謝謝，保羅，你能向我們解釋一下 Leo MSS 大頻譜的情況以及那裡的一些文件和審議情況嗎？

Yeah, I mean --I think it's relatively simple that there's, there are certain providers who Have a spectrum solution which is less than optimal, particularly those that are using mobile network operator spectrum and you know there's all sorts of opportunity cost issues and potential interference issues because the beams are wide and they can overlap terrestrial networks and so forth. So, I think that there's just efforts by some --other operators to find spectrum and we're in a good position, we've been here for 30 years. Using the spectrum, our spectrum has sort of the highest priority when it comes to coordination, and so I think we're in a good position, but there are those who see this position that have come in to this market later and they're trying to find any way that they could potentially get access to spectrum.

是的，我的意思是——我認為這相對簡單，有些提供商的頻譜解決方案不夠理想，特別是那些使用行動網路營運商頻譜的供應商，而且你知道存在各種機會成本問題和潛在的干擾問題，因為波束很寬，它們可能與地面網路重疊等等。所以，我認為其他一些運營商正在努力尋找頻譜，我們處於有利地位，我們已經在這裡 30 年了。使用頻譜時，我們的頻譜在協調方面具有最高優先級，因此我認為我們處於有利地位，但有些人看到了這一地位，他們後來進入了這個市場，他們正在試圖找到任何可能獲得頻譜的方法。

Thanks, that was perfectly clear even in type.

謝謝，即使是打字也非常清楚。

One moment for our next question.

請稍等片刻，回答我們的下一個問題。

Last question comes from Lyman Delano with Beck Mack and Oliver. Go ahead, your line is open.

最後一個問題來自 Beck Mack 和 Oliver 的 Lyman Delano。繼續吧，您的線路已開通。

Good afternoon. I have 3 questions that are related to the upcoming launches, and, you have 17 satellites coming from MDA beginning this year, I think with the right to 9 additional satellites and all of that was to upgrade the current existing constellation.

午安.我有 3 個問題與即將發射的衛星有關，從今年開始，你們將有 17 顆衛星從 MDA 發射，我認為還有權發射另外 9 顆衛星，所有這些都是為了升級現有的星座。

And then on February earlier this month you announced the new contract with NDA for the 50 Aurora satellites and I'm just sort of wondering, is, are these satellites, are they related to the existing constellation or would you say it's more of a new constellation? And then my final question is if you could update us on the application made in Germany back with the ITU in December of 2020. Now it's, over 4 years ago and that was later registered in May of 22, and the constellation was for 3,080 satellites and 10 orbital planes at 500 to 700 kilometers. And can you give us any color on what that is all about?

然後在本月初的二月份，你們宣布與 NDA 簽訂了 50 顆 Aurora 衛星的新合同，我只是有點好奇，這些衛星是否與現有星座相關，或者您是否認為它們更像是一個新的星座？我的最後一個問題是，您能否向我們介紹德國於 2020 年 12 月向國際電信聯盟提出的申請的最新情況。現在已經是 4 年多前的事了，後來在 22 年 5 月進行了註冊，該星座由 3,080 顆衛星和 10 個軌道平面組成，軌道高度為 500 至 700 公里。您能給我們詳細解釋一下這是怎麼回事嗎？

Okay, so the first question is about the Aurora satellites, yeah, so that's. I guess you can say that it's a a new constellation. But it is in the same altitude using the same spectrum and it works together with the satellites that are already out there. So,--there's ways that these satellites can interoperate or cooperate with with each other and that's because we're controlling the, both sets of satellites and we can run the con we can run the technologies over them. They're both bent pipe style satellites, so that allows us to do a lot of stuff so. In terms of the filing in Germany, as we know, Filings are something that are a lot of people make it gives us some optionality obviously for larger consolation and so forth, and you know our head of regulatory Barbie ponder, can, if you want, can follow up with you and give you a little bit more detail, but it's really it's it's a question of just giving us optionality for the future.

好的，第一個問題是關於 Aurora 衛星的，是的，就是這樣。我想你可以說這是一個新的星座。但它處於相同的高度，使用相同的頻譜，並與已經存在的衛星協同工作。所以，這些衛星可以相互操作或合作，這是因為我們控制這兩組衛星，我們可以在它們上運行技術。它們都是彎管式衛星，因此我們可以做很多事情。就德國的備案而言，正如我們所知，備案是許多人做的事情，它顯然為我們提供了一些選擇權，以獲得更大的安慰等等，而且您知道我們的監管主管芭比思考，如果您願意，可以跟進您並提供更多細節，但這實際上是一個為我們提供未來選擇權的問題。

Okay, great, thank you.

好的，太好了，謝謝。

Great, one moment for we do have one more question.

太好了，請稍等，我們還有一個問題。

The next question comes from George Sutton with Craig-Hallum. Go ahead, your line is open.

下一個問題來自 Craig-Hallum 的 George Sutton。繼續吧，您的線路已開通。

Thank you, very nice to see the move forward with the two-way device. So, can you just talk about.

謝謝，很高興看到雙向設備取得進展。那麼，你能談談嗎？

Examples of two way use cases and and what we might see there.

雙向用例的範例以及我們可能在那裡看到的內容。

Yeah, so the I mean the main thing for the two way is now that you can do commanding down so we can actually control things and if it turned out you need to turn a valve or you need to, make something respond so if you're controlling something that's a remote asset, you can do that now it's not a real time thing it's still the same kind of packet delivery we can get a little more throughput through it. And then as I look to the future, because we put additional processing capability built into the modem, one of the things that I like a lot is that you can imagine a remote asset out in the field running a local program that's monitoring that asset, maybe some AI, on the edge. And it could send an alert if it sees something out of normal operating parameters and then the system could then or the the company that's running that asset or monitoring that asset could then send back, okay, we need to know more, send us data on this or send us data on that or so forth so you can sort of control it so that you can. Not have all assets sending all of their information, their sensor data back you can just have it that the one that actually needs to be talked to and send it sensor data back can send it back, but most of the work can be done on the local processing and that's that's an area that I'm super excited about going forward.

是的，所以我的意思是雙向的主要內容是現在您可以向下發出命令，這樣我們就可以實際控制事物，如果您需要轉動閥門或需要讓某些東西做出反應，那麼如果您控制的是遠程資產，您現在就可以這樣做，它不是實時的，它仍然是相同類型的數據包傳送，我們可以通過它獲得更多的吞吐量。然後，當我展望未來時，由於我們在調製解調器中內建了額外的處理能力，我非常喜歡的事情之一就是你可以想像在現場的遠端資產運行一個本地程式來監控該資產，也許是一些邊緣的人工智慧。如果它發現某些超出正常運行參數的情況，它就會發出警報，然後系統或運行該資產或監控該資產的公司就可以發回，好的，我們需要了解更多信息，請向我們發送有關這方面的數據或向我們發送有關那方面的數據等等，這樣您就可以對其進行控制。並不是所有的資產都發送它們的所有資訊和感測器數據，你可以只讓真正需要通信並發送感測器數據的資產發送回去，但大部分工作可以在本地處理上完成，這是我對未來發展感到非常興奮的領域。

Got you and then I was certainly enthused by the presentation you had with Parsons at your analyst day can you again in the same kind of light give us some sense of what kind of use cases they may be deploying with you? And how exactly will that go to market work?

明白了，我對您在分析師日與帕森斯的演示感到非常興奮，您能否再次以同樣的方式讓我們了解一下他們可能會與您一起部署什麼樣的用例？那麼它究竟將如何進入市場運作呢？

Okay, so the go to market is, it's through their channels and obviously we haven't been much of a government service provider in the past, and so we don't have all the same depth of relationships that somebody who's been in that area for a long time has.

好的，進入市場是透過他們的管道，顯然我們過去並不是一個政府服務提供者，所以我們沒有像那些在該領域工作了很長時間的人那樣建立深厚的關係。

So, they are building a pipeline and they're, they have their people that can do field support and so forth. So that's a great go to market strategy for us. It's, another company that could come in, put their technology on the on the constellation because it's a bent pipe and bring that to market and we provide certain capabilities to them that they then leverage and the use case I can't say the specific things because I think they we're actually finding more and more things, but I can't say what the first one that they came in. With was, but it is specifically to provide resilience of communication in RF challenged environments which, seems quite clear why the government would be interested in that kind of a capability. So we're quite excited about it. The initial tests went off extremely well. It was quite easy for them to get their technology up and running, really very short period of time, and we did a lot of testing. And the process now is to be doing some of that work in other markets at this point. So all, kind of moving ahead very well and I think the relationship between the companies is extremely strong.

所以，他們正在建造一條管道，並且他們有人員可以提供現場支援等等。所以這對我們來說是一個很好的市場策略。另一家公司可以加入進來，將他們的技術應用到星座上，因為它是一個彎管，並將其推向市場，我們為他們提供某些功能，然後他們可以利用這些功能和用例，我不能說具體的事情，因為我認為他們實際上發現了越來越多的東西，但我不能說他們進來的第一個是什麼。確實如此，但它的具體作用是在射頻挑戰環境中提供通訊彈性，這似乎很清楚為什麼政府會對這種能力感興趣。所以我們對此感到非常興奮。初步測試進展非常順利。他們很容易就讓他們的技術投入運行，真的只花了很短的時間，而且我們做了很多測試。目前的流程是在其他市場進行一些這樣的工作。所以一切都進展順利，我認為兩家公司之間的關係非常強大。

Super, thank you for the details.

非常好，謝謝你的詳細資料。

You're welcome, thank you.

不用客氣，謝謝。

This concludes the question and answer session. I would now like to turn it back to Paul for closing remarks.

問答環節到此結束。現在我想請保羅作最後發言。

So thanks everybody again for joining us and for the support. I think, it's been a great year, a lot of growth and a lot of a lot of innovation. I think this year was really one where we got our execution going well. Obviously we've been doing a good job on executing for the wholesale consumer business, and that was evidenced in the fact that that relationship continues to expand, but I'm also super happy about the product organization bringing the two way to market after quite a long period of time and I think, between the new leadership and other system engineers that we brought in with XCOM being able to look at the system and so forth, that really helped and then we've also been able to make a lot of progress on some other areas on our product business and we'll look forward to updating you on those things as those those make their way into a commercial service. So, a lot of good opportunities there and then we have some exciting stuff we're working on on the XCOM RAN side. And I look forward to the time when people, look at Globalstar and they don't see a satellite company only they see a company that's executing well to provide mission critical connectivity in space, but on the ground too. So, look forward to updating you more on that journey and and appreciate your support as we head there. So thanks very much, everyone.

再次感謝大家的加入我們與支持。我認為，這是偉大的一年，取得了很大的進步，也有很多創新。我認為今年我們的執行確實進展順利。顯然，我們在批發消費者業務方面一直做得很好，而且這種關係不斷擴大就證明了這一點，但我也非常高興產品組織在相當長的一段時間後將這兩種方式推向市場，我認為，我們為 XCOM 引入的新領導層和其他系統工程師能夠查看系統等等，這真的很有幫助，然後我們也能夠在產品業務的其他一些領域取得很大進展，我們期待這些產品因此，那裡有很多好的機會，而且我們在 XCOM RAN 方面正在進行一些令人興奮的工作。我期待有一天，當人們看到 Globalstar 時，他們不僅將其視為一家衛星公司，而將其視為一家不僅在太空提供關鍵任務連接的公司，而且在地面也提供此類服務。因此，我們期待向您提供有關這一旅程的更多更新，並感謝您在我們前往那裡時提供的支持。非常感謝大家。