Globalstar Inc (GSAT) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Global Star first quarter 2025 earnings conference call [Operator Instructions] I would now like to hand the conference over to your first speakers today, Rebecca Clary, CFO. Please go ahead.

您好，感謝您的支持。歡迎參加 Global Star 2025 年第一季財報電話會議 [操作員指示] 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 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 annual report on Form 10K for the financial year ending 2024 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，旨在符合證券法規定的安全港規定。 GlobalStar 提交給美國證券交易委員會 (SEC) 的文件的風險因素部分描述了可能導致結果出現重大差異的因素，包括其截至 2024 年財政年度的 10K 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, adjusted EBITDA, free cash flow, or adjusted free cash flow on this call, which are financial measures not recognized under USAP. as required by SEC rules and regulations, these non-gap 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中引用 EBITDA、調整後的 EBITDA、自由現金流或調整後的自由現金流，這些都是 USAP 未確認的財務指標。根據美國證券交易委員會 (SEC) 規則和條例的要求，這些非差距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 with a review of our financials before touching on tariffs and our outlook. I'll then turn it over to Paul to cover key operational updates. Total revenue increased 6% to $60 million compared to the prior year period of $56.5 million.

在談到關稅和前景之前，我將首先回顧我們的財務狀況。然後我將把主題交給保羅，讓他介紹關鍵的營運更新。總營收較去年同期的 5,650 萬美元成長 6%，達到 6,000 萬美元。

Service revenue increased 7%, driven primarily by wholesale capacity services. additionally, in commercial IoT we are pleased to continue to see increases in the average number of subscribers, a high level of customer engagement, and the adoption of our IOT devices and service offerings.

服務收入成長 7%，主要受批發容量服務的推動。此外，在商業物聯網領域，我們很高興看到平均用戶數量不斷增加、客戶參與度不斷提高，以及我們的物聯網設備和服務產品的採用率不斷提高。

The increase in revenue contributed to higher adjusted EBITDA, which was up 3% to $30.4 million compared to the prior year's first quarter of $29.6 million. partially offsetting the effect of the revenue increase were certain cost increases, including expenses incurred to continue to develop and enhance our Excom ran product offering.

營收的成長帶動調整後 EBITDA 成長，與去年同期的 2,960 萬美元相比，成長 3% 至 3,040 萬美元。部分抵銷了收入增加的影響的是某些成本的增加，包括繼續開發和增強我們的 Excom 運作產品所產生的成本。

Higher cash costs to support Excom negatively impacted the change and adjusted EBITDA by $1.3 million, and adjusted EBITDA margin by approximately 200 basis points compared to the comparable prior year period.

支持 Excom 的現金成本增加對這一變化產生了負面影響，調整後的 EBITDA 減少了 130 萬美元，調整後的 EBITDA 利潤率與去年同期相比下降了約 200 個基點。

While there are expected upfront investments to support this technology, we remain bullish that this business will be profitable and contribute meaningfully to GlobalStar's future revenue. moving to our balance sheet, we ended the year with $241.4 million in cash on hand.

雖然預計需要前期投資來支持這項技術，但我們仍然看好這項業務將帶來盈利，並為 GlobalStar 未來的收入做出有意義的貢獻。從我們的資產負債表來看，截至今年年底，我們的現金餘額為 2.414 億美元。

Net cash flows generated from operations in the quarter were $51.9 million and adjusted pre-cash flow after excluding reimbursable cap X for the replacement satellites and extended MSS network. for $47.6 million compared to $19.9 million in the prior year's first quarter.

本季營運產生的淨現金流為 5,190 萬美元，扣除替換衛星和擴展 MSS 網路的可報銷上限 X 後，調整後的預現金流為 5,190 萬美元。為 4,760 萬美元，而去年同期第一季為 1,990 萬美元。

Before turning to our outlook, I'd like to spend a minute walking through our assessment of the fluid terror situation and its potential impact on Global Star. our team has worked closely with our partners globally to identify exposure and available levers to offset or mitigate impacts.

在談到我們的展望之前，我想花一點時間來回顧我們對不斷變化的恐怖局勢及其對 Global Star 的潛在影響的評估。我們的團隊與全球合作夥伴密切合作，以確定風險敞口和可用的槓桿來抵消或減輕影響。

Based on current available information, we believe that we are well positioned to minimize any financial impact given our existing relationships with the manufacturing and warehousing partners situated around the globe.

根據目前可用的信息，我們相信，鑑於我們與全球製造和倉儲合作夥伴現有的關係，我們完全有能力將任何財務影響降至最低。

Should we see any escalation or further shifts in the trade environment, we have several tools at our disposal to help manage through it. first, we have long-standing contract manufacturing relationships that give us the ability to quickly shift production and control costs without disrupting our supply chain.

如果我們看到貿易環境出現任何升級或進一步轉變，我們可以利用多種工具來應對。首先，我們擁有長期的合約製造關係，這使我們能夠快速轉移生產和控製成本，而不會中斷我們的供應鏈。

Second, our international third-party logistics partners provide flexibility, and our global footprint allows us to buy and sell in certain jurisdictions with little to no tariff impact. and finally, we believe we have the ability to pass through increased costs in areas where we are affected the most without impacting the competitiveness of our products.

其次，我們的國際第三方物流合作夥伴提供了靈活性，我們的全球業務使我們能夠在某些司法管轄區內進行買賣，而幾乎不受關稅影響。最後，我們相信我們有能力將增加的成本轉嫁到受影響最嚴重的地區，而不會影響我們產品的競爭力。

These measures, along with others, provide us with flexibility to ensure that we can navigate through the global trade challenges. therefore, we expect a relatively immaterial impact in the near term. to that end, we are reiterating our full year 2025 outlook and continue to expect revenue in the range of $260 million to $285 million and we anticipate adjusted margin of approximately 50%. With that, I'd like to turn the call over to Paul.

這些措施以及其他措施為我們提供了靈活性，確保我們能夠應對全球貿易挑戰。因此，我們預期短期內的影響相對較小。為此，我們重申 2025 年全年展望，繼續預期營收在 2.6 億美元至 2.85 億美元之間，調整後的利潤率約為 50%。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, and I'm pleased to share our progress to start the year. I feel like we executed our plan well. so we continue to see demand for our suite of products and services with new customers and use cases starting to come online.

謝謝麗貝卡。很高興今天能與大家通話，我很高興分享我們今年的進展。我覺得我們的計劃執行得很好。因此，我們繼續看到對我們的產品和服務套件的需求，新客戶和用例開始上線。

We've been working hard over the last several quarters to build a strategy and go to market approach to capture the opportunities and drive sustainable long-term growth. this has included the launch of an investment in foundational assets with new and expanded partnerships and resulting in innovative products and solutions.

過去幾個季度，我們一直在努力製定策略並採取市場方法，以抓住機會並推動可持續的長期成長。其中包括對基礎資產進行投資，建立新的合作夥伴關係並推出創新產品和解決方案。

We're continuing to bring in new team members with deep expertise in scaling businesses and progressing our wholesale business forward. we successfully launched our two-way satellite IoT solution via Global Star's low Earth orbiting satellite constellation.

我們將繼續引進具有深厚專業知識的新團隊成員，以擴大業務規模並推動我們的批發業務向前發展。我們透過 Global Star 的低地球軌道衛星星座成功發射了雙向衛星物聯網解決方案。

This marks a significant expansion beyond our traditional one-way tracking capabilities and addresses the rising global demand for reliable, low power, low latency command and control systems across critical applications including fleet tracking, asset monitoring, and precision agriculture.

這標誌著我們超越傳統單向追蹤能力的重大擴展，並滿足了全球對可靠、低功耗、低延遲指揮和控制系統日益增長的需求，這些系統涵蓋車隊追蹤、資產監控和精準農業等關鍵應用。

This milestone reflects the success of our refocused product development team who has streamlined priorities and accelerated innovation while leveraging our existing network infrastructure, low cost platform, and new state of the art down links to deliver competitive commercial IoT solutions to the market quickly.

這一里程碑反映了我們重新調整的產品開發團隊的成功，該團隊簡化了優先事項並加快了創新，同時利用我們現有的網路基礎設施、低成本平台和新的最先進的下行鏈路，快速向市場提供具有競爭力的商業物聯網解決方案。

I'm excited by the growth opportunities that we're aggressively pursuing on the space side of our business now that we have removed the constraints that GlobalStar's IoT business has been operating under for quite some time.

我很高興看到我們在太空業務方面積極尋求的成長機會，因為我們已經消除了 GlobalStar 的物聯網業務長期以來所面臨的限制。

Additionally, in the first quarter, we opened a new state of the art satellite operations control center at our Covington, Louisiana headquarters. This facility significantly enhances our satellite fleet management capabilities, improves network performance, and positions us for future next generation constellation deployments.

此外，第一季度，我們在路易斯安那州卡溫頓總部開設了一個新的最先進的衛星營運控制中心。該設施顯著增強了我們的衛星群管理能力，提高了網路效能，並為我們未來下一代星座部署做好了準備。

The grand opening event took place on March 17th and was attended by distinguished guests including US House Majority Leader Steve Scalise and FCC Chairman Brendan Carr, underscoring the facility's strategic importance to our company, to the country, and to the global telecommunications industry as a whole.

盛大的開幕活動於3月17日舉行，美國眾議院多數黨領袖史蒂夫·斯卡利塞和聯邦通信委員會主席布倫丹·卡爾等貴賓出席了開幕活動，凸顯了該設施對我們公司、對國家以及整個全球電信行業的戰略重要性。

This investment reinforces GlobalStar's leadership in global satellite communications and demonstrates our commitment to economic growth. turning to some important leadership updates, I'm excited to announce the appointment of two seasoned executives who will drive growth in key business segments. Dr. Tamer Kaddus has been promoted to Vice President and general manager of terrestrial network Business.

這項投資鞏固了 GlobalStar 在全球衛星通訊領域的領導地位，並反映了我們對經濟成長的承諾。談到一些重要的領導層更新，我很高興地宣布任命兩位經驗豐富的高階主管，他們將推動關鍵業務領域的成長。 Tamer Kaddus 博士已晉升為副總裁兼地面網路業務總經理。

Where he will lead our private wireless network initiative, leveraging GlobalStar's Excom and band M 53 assets. He brings over two decades of experience in wireless communications, having previously served as Vice President of wireless engineering at Excom labs, senior director of engineering at Qualcomm.

他將領導我們的私人無線網路計劃，利用 GlobalStar 的 Excom 和 M 53 頻段資產。他在無線通訊領域擁有超過二十年的經驗，曾擔任 Excom 實驗室無線工程副總裁、高通工程資深總監。

Tamer led the team which developed and standardized utilization of cellular technology over the unlicensed bands, which is an area with significant potential for GlobalStar. I'm sure those of you who attended our analyst and Investor Day in December remember Tamer.

Tamer 領導的團隊開發並標準化了未授權頻段上的蜂窩技術的使用，這對於 GlobalStar 來說是一個具有巨大潛力的領域。我相信那些參加我們 12 月分析師和投資者日的人都會記得 Tamer。

We have also appointed Daman Hedjmati as the Vice President and general manager of our wholesale consumer business where he will focus on expanding access to Global Star satellite solutions through strategic wholesale partnerships.

我們也任命 Daman Hedjmati 為批發消費者業務副總裁兼總經理，他將專注於透過策略批發合作夥伴關係擴大 Global Star 衛星解決方案的覆蓋範圍。

Prior to joining us, Daman held various executive positions, including Vice President of Engineering at Qualcomm, where he transformed the Bangalore Design Center from a small team into a roughly 4,000 person engineering powerhouse.

在加入我們之前，達曼曾擔任過多個高階主管職位，包括高通公司的工程副總裁，在那裡他將班加羅爾設計中心從一個小團隊轉變為一個擁有約 4,000 名員工的工程強隊。

Contributing approximately $12 billion in revenue, he also served as corporate Vice President at Intel, where he managed 10,000 engineers across more than 30 sites to advance Intel's process technology leadership. these strategic appointments strengthen our management team and position us to accelerate growth in our key business areas.

他的貢獻約為 120 億美元，他還曾擔任英特爾公司副總裁，管理 30 多個站點的 10,000 名工程師，以提升英特爾在製程技術領域的領先地位。這些策略任命加強了我們的管理團隊，使我們能夠加速關鍵業務領域的成長。

Moving to some project updates and beginning our terrestrial business, we continue to see encouraging progress. In March, we participated at the Mobile World Congress conference in Barcelona where we demonstrated our Excom RAN technology and showcased its performance enhancements.

隨著一些專案更新和陸地業務的開始，我們繼續看到令人鼓舞的進展。三月份，我們參加了在巴塞隆納舉行的世界行動通訊大會，在會上展示了我們的 Excom RAN 技術並展示了其效能增強。

This full scale over the air demonstration using our licensed N53 spectrum delivered speeds of 400 megabits per second using just 10 megahertz of spectrum. 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.

這次全面的無線展示採用了我們授權的 N53 頻譜，僅使用 10 兆赫的頻譜就實現了每秒 400 兆位元的速度。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。

These demonstrations were conducted in our 20 by 30 ft booth using a highly dense ad hoc installation of 8 of our newly developed Xcom RAN radios and third party state of the art 5G modules and highlighted the simplicity of deployment of Xcom RAN and the utility of having our own clear band N 53 spectrum in this case in Spain. our technological and spectrum assets are highly differentiated, and we expect this system to be available for commercial deployment next quarter.

這些演示是在我們 20 x 30 英尺的展位上進行的，使用了 8 個我們新開發的 Xcom RAN 無線電和第三方最先進的 5G 模組的高密度臨時安裝，並強調了 Xcom RAN 部署的簡單性以及在西班牙擁有我們自己的清晰頻譜 N 53 頻譜的實用性。我們的技術和頻譜資產高度差異化，我們預計該系統將在下個季度投入商業部署。

Moving to our wholesale capacity business, we reached a significant milestone with MDA Space during the quarter. As announced in February, MDA Space will be building more than 50 satellites for Global Star's next generation Leo constellation under a $1.1 billion Canadian dollar contract.

轉向我們的批發容量業務，我們在本季與 MDA Space 達成了重要的里程碑。正如 2 月宣布的那樣，MDA Space 將根據一份價值 11 億加元的合約為 Global Star 的下一代 Leo 星座建造 50 多顆衛星。

They will base the constellation on their new reprogrammable Aurora platform, which recently passed preliminary design review for their anchor customer Telesat's Lightspeed network. This development is an important step in the execution of our extended MSS network plans announced in November as part of the $1.5 billion dollar updated expansion agreement with our wholesale customer.

他們將以新的可重新編程 Aurora 平台為基礎構建衛星星座，該平台最近通過了其主要客戶 Telesat 的 Lightspeed 網路的初步設計審查。這項發展是我們執行擴展 MSS 網路計畫的重要一步，該計畫於 11 月宣布，是與批發客戶達成的價值 15 億美元的最新擴展協議的一部分。

We are also excited about the 2025 launch of the first set of replacement satellites manufactured by MDA under our 2022 agreement. We expect to announce more details on our expected launch date soon. before I turn the call back over to the operator.

我們也對 2025 年根據 2022 年協議由 MDA 製造的首組替代衛星的發射感到興奮。我們預計將很快公佈有關預計發布日期的更多詳細資訊。然後我把電話轉回給接線生。

I know Rebecca provided some details on tariffs, but I want to emphasize that we've established a world class management team that gives us confidence to navigate a dynamic global trade environment and any unexpected headwinds that may arise. We remain very well positioned to execute on our long-term growth plans.

我知道麗貝卡提供了一些有關關稅的細節，但我想強調的是，我們已經建立了一支世界一流的管理團隊，這讓我們有信心應對動態的全球貿易環境和可能出現的任何意外阻力。我們仍然處於非常有利的位置來執行我們的長期成長計劃。

As announced yesterday, our executives will be attending several conferences over the next 2 months where we expect to meet investors, and also we are undertaking initiatives to educate our stakeholders directly and broaden our analyst coverage.

正如昨天宣布的那樣，我們的高管將在未來兩個月內參加幾次會議，我們希望在會上與投資者見面，同時我們還將採取措施直接教育我們的利益相關者並擴大我們的分析師覆蓋範圍。

We certainly feel that Global Star is an underappreciated story. We have assets in space and on the ground that are differentiated and create a platform for innovation. Our complementary services offer exciting growth potential that we're uniquely equipped to capture.

我們確實覺得《全球之星》的故事沒有被充分重視。我們在太空和地面擁有差異化的資產，並創造了一個創新平台。我們的互補服務提供了令人興奮的成長潛力，我們擁有獨特的優勢來抓住這一潛力。

After investing billions in our satellite infrastructure over the years, we've created a powerful network that now supports connectivity for hundreds of millions of devices worldwide. We're seeing this device ecosystem expand consistently with promising growth trajectories in our wholesale partnerships and our IoT and terrestrial network business lines.

多年來，我們在衛星基礎設施上投資了數十億美元，創建了一個強大的網絡，目前支援全球數億台設備的連接。我們看到這個設備生態系統正在持續擴張，我們的批發合作夥伴關係以及物聯網和地面網路業務線呈現出良好的成長軌跡。

We remain exceptionally well positioned to execute on our long term growth plans. I'm pleased with the way we started out the year and I look forward to continuing to execute on our initiatives this year. I'll now turn the call back to the operator for Q&A.

我們仍然處於非常有利的位置來執行我們的長期成長計劃。我對我們今年的開局感到滿意，並期待今年繼續執行我們的計劃。我現在將電話轉回給接線員進行問答。

Thank you. At this time, we will conduct the question and answer session [Operator Instructions] Our first question comes from Mike Crawford of B. Riley Securities. Your line is now open.

謝謝。現在，我們將進行問答環節 [操作員指示] 我們的第一個問題來自 B. Riley Securities 的 Mike Crawford。您的線路現已開通。

Thank you. I'm glad to hear you're looking to launch, Excom ran commercially next quarter and you remain bullshit that's going to be profitable. Can you just walk us through any more of, economics or assumptions regarding this business?

謝謝。我很高興聽到你正在考慮推出 Excom，它將於下個季度投入商業運營，而你仍然在胡說八道，這將會盈利。您能否向我們詳細介紹一下有關這項業務的經濟狀況或假設？

In terms of what in terms of, I mean we haven't made any announcements on forward-looking. revenues or so forth. I mean, the issue with this is as we've talked about, we our primary initial customer is a very large retailer and you know we're very engaged with them, but the sales cycle is as long in these kinds of things

就什麼而言，我的意思是我們還沒有做出任何前瞻性的聲明。收入等等。我的意思是，正如我們討論過的，我們最初的客戶是一家非常大的零售商，你知道我們與他們合作非常密切，但這類產品的銷售週期很長

And I think you know we're very confident on moving forward, but even in my Qualcomm days like you never knew when a customer was going to push the button to launch it. often for factors that are completely outside of our control, so we are very engaged with them.

我想你知道我們對未來的發展非常有信心，但即使在我效力高通的日子裡，你也永遠不知道客戶什麼時候會按下按鈕來啟動它。通常這些因素是我們完全無法控制的，所以我們非常關注它們。

Things are moving along. The system is working extremely well, and now we're kind of looking forward to that next step. We have expanded our direct sales capability in this area too, so we are looking for opportunities beyond the warehouse automation customer that we have right now. we have gotten some some initial contract on the government side as well on this stuff too, so hopefully that turns into something larger as well.

事情正在順利進展。該系統運作得非常好，現在我們很期待下一步。我們也擴大了該領域的直銷能力，因此我們正在尋找現有倉庫自動化客戶以外的機會。我們已經與政府方面就這方面達成了一些初步合同，因此希望這也能發展成更大的合同。

Okay, Paul, thank you. Maybe I know you've been working to bring more vendors into the ecosystem, like maybe some lower cost radios, maybe to reduce overall bill materials that could maybe be something that attracts more interest, including from the large retail customer or others is that's the progress there?

好的，保羅，謝謝你。也許我知道您一直在努力將更多的供應商納入生態系統，例如一些成本較低的收音機，也許可以減少整體帳單材料，這可能會吸引更多的興趣，包括來自大型零售客戶或其他人的興趣，這就是進展嗎？

Yeah, I mean, we absolutely so what we demoed at Mobile World Congress was on our new radios that we're working or that we built and now we will be commercially deploying and yeah, so that not only is it lower cost but it also gives us a lot of flexibility.

是的，我的意思是，我們在世界行動通訊大會上示範的是我們正在開發或建造的新無線電設備，現在我們將進行商業部署，是的，這不僅成本更低，而且還能給我們很大的靈活性。

In terms of the bands that we can cover, so those, the ones that we showed off at MWC were Band 53 and CBRS, but as I mentioned in my script, we're super interested in The unlicensed cellular opportunities as well and the ability to use band 53 as a sort of an anchor channel for that as well and now we're talking about much larger bandwidths that we could conceivably coordinate and use for customers. So all these things, there's both cost and performance benefits out of having having our own radios.

就我們可以涵蓋的頻段而言，我們在 MWC 上展示的是 Band 53 和 CBRS，但正如我在腳本中提到的那樣，我們對未經授權的蜂窩機會也非常感興趣，並且能夠使用 Band 53 作為其錨定通道，現在我們正在討論可以為客戶協調和使用的更大的頻寬。因此，擁有自己的無線電既能帶來成本優勢，又能帶來性能優勢。

And then, Using band 53 or N53 as the anchor spectrum become any more or less important given some potential changes in the CBRS band itself is coordinated with the US Department of Defense.

然後，考慮到 CBRS 頻段本身的一些潛在變化與美國國防部的協調，使用頻段 53 或 N53 作為錨定頻譜變得更加或不那麼重要。

Yeah, I think.what's happened with CBRS is that it, people thought it was going to really kick off the private network cellular network business, and it's been less than expected and so that's why we feel like having band 53 is so important that we have something that we can guarantee is available for mission critical applications.

是的，我認為。 CBRS 的情況是，人們認為它將真正啟動私人網路蜂窩網路業務，但其發展不如預期，因此我們覺得擁有 53 頻段非常重要，我們可以保證它可用於關鍵任務應用。

And you know what I've said about private network, I mean if you decide to use cellular, it's because you have a mission critical application, otherwise you would have just use Wi Fi. But when you use it on CBRS, it's still not quite mission critical quality.

你知道我所說的私人網絡，我的意思是如果你決定使用蜂窩網絡，那是因為你有一個關鍵任務應用程序，否則你就只能使用 Wi-Fi。但是當你在 CBRS 上使用它時，它仍然不具備任務關鍵品質。

I mean it's better than Wi Fi, but it can come and go depending on whatever happens. So yeah, I think some of those changes may make it more. More available, but I think that you know we're in a really good position having.

我的意思是它比 Wi-Fi 更好，但它會根據所發生的情況而有時無。是的，我認為其中一些變化可能會帶來更多變化。有更多的可用資源，但我認為你知道我們處於非常有利的位置。

A global band of spectrum that can be used as an anchor that's that's a very differentiated position relative to other players in the market, particularly when you're thinking about IoT applications which are global and so that's, yeah, we're super excited about all those kinds of opportunities both on the space and the terrestrial side.

可以用作錨點的全球頻譜帶與市場上的其他參與者相比具有非常差異化的地位，特別是當您考慮全球性的物聯網應用時，所以，是的，我們對太空和地面上的所有這些機會感到非常興奮。

Oh, okay, thank you. Just one last question for me is, well, it's really two parts one, The replenishment constellation. So it's great to hear that first anticipate the launches later this year. When would you expect that to be completed and thus triggering reimbursement of the CapEx that you've incurred to replenish your existing constellation and then the second part would be when we might have these 50 Aurora satellites launched in the extended MSS network into operation. thank you.

噢，好的，謝謝你。對我來說，最後一個問題是，嗯，它實際上分為兩部分，第一部分是補充星座。因此，很高興聽到人們首先預計今年稍後將推出該產品。您預計何時能夠完成，從而觸發對補充現有星座所產生的資本支出的補償，然後第二部分是我們何時可能將這 50 顆 Aurora 衛星在擴展的 MSS 網路中發射並投入運作。謝謝。

We haven't announced when we're launching the launching the 50, so. Stay tuned, obviously that. as we have other partners that are involved in making that decision. a and the first one was when will the service fees. Rebecca, you want to just talk to the financial implications.

我們還沒有宣布何時推出這 50 款產品。顯然，請繼續關注。因為我們還有其他合作夥伴參與制定該決定。第一個問題是服務費什麼時候收取。麗貝卡，你只想談談財務影響。

Sure, the service fees will step up the fees that are tied to the the CapEx for those replacement satellites will start, being funded once the that first batch is operational, so once they're providing service.

當然，服務費將會增加與這些替代衛星的資本支出相關的費用，這些費用將在第一批衛星投入運作後開始提供資金，也就是在它們提供服務後開始提供資金。

And That when ALL17 might be launched, I imagine that's going to be, 3 or 4 launches to get them all up there.

當 ALL17 可能發射時，我想將需要 3 到 4 次發射才能將它們全部發射到那裡。

We're expecting 2 and the second launch has not been contracted yet, and more details to come on that.

我們預計會有 2 艘，但第二次發射尚未簽約，更多細節即將公佈。

All right, thank you very much.

好的，非常感謝。

Thanks, Mike.

謝謝，麥克。

Mike. thank you. As a reminder to ask a question, you'll need to press 11. one moment, please.

麥克風。謝謝。提醒一下，如果要提問，請按 11。請稍等片刻。

Okay, I am showing no further questions at this time. I would now like to turn it back to Paul Jacobs, CEO for closing remarks.

好的，我現在沒有其他問題了。現在我想請執行長保羅·雅各布斯 (Paul Jacobs) 致最後總結。

Well, yeah, I think we understood that today's earning call was. sort of impact in terms of attendance by other earnings calls a busy season right now, but we are going to be at a number of conferences coming up, so we'll get a good opportunity to interact with the investors and analysts then and appreciate Mike, your comments and questions and we'll see you soon.

嗯，是的，我想我們明白今天的收益電話會議是什麼。這對其他收益電話會議的出席率有一定的影響，現在是繁忙的季節，但我們將參加即將舉行的一系列會議，因此我們將有一個很好的機會與投資者和分析師進行互動，並感謝邁克，您的評論和問題，我們很快就會見到您。

And I think just to close, we really do have a differentiated position. I'm Even more excited about it than I have been in the past. The fact that we were able to run over the air at Mobile World Congress was super exciting on the terrestrial side because that's an extremely contested environment.

最後我想說的是，我們確實有一個差異化的地位。我對此比過去更興奮。事實上，我們能夠在世界行動通訊大會上透過無線電運行，這對地面方面來說非常令人興奮，因為那是一個競爭極其激烈的環境。

A lot of companies there are all trying to do stuff and generally nobody is able to do anything over the air that's significant and we really were able to do that and that garnered a lot of attention for us so. That's why we also are excited to sort of step up our direct sales there.

很多公司都在嘗試做一些事情，但一般來說沒有人能夠透過無線方式做任何重要的事情，而我們確實能夠做到這一點，並且因此為我們贏得了很多關注。這就是為什麼我們也很高興在那裡加強我們的直銷業務。

So yeah, it's going to be an interesting year ahead, a lot of opportunities, and we'll execute and also, the team's very focused on building up the network for our for our wholesale partner too, so stay tuned and we'll continue to deliver on all these initiatives.

所以，是的，未來的一年將會充滿樂趣，充滿機遇，我們會認真執行，而且團隊也非常注重為我們的批發合作夥伴建立網絡，所以請繼續關注，我們將繼續履行所有這些舉措。

Thanks very much, everyone.

非常感謝大家。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. good day and thank you for standing by. Welcome to the Global Star first quarter 2025 earnings conference call [Operator instructions] Rebecca Clary, CFO. Please go ahead.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。您好，感謝您的支持。歡迎參加 Global Star 2025 年第一季財報電話會議 [操作員指示] 財務長 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 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 annual report on Form 10K for the financial year ending 2024 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，旨在符合證券法規定的安全港規定。 GlobalStar 提交給美國證券交易委員會 (SEC) 的文件的風險因素部分描述了可能導致結果出現重大差異的因素，包括其截至 2024 年財政年度的 10K 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, adjusted EBITDA, free cash flow, or adjusted free cash flow on this call, which are financial measures not recognized under USAP. as required by FEC rules and regulations, these non-gap 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中引用 EBITDA、調整後的 EBITDA、自由現金流或調整後的自由現金流，這些都是 USAP 未確認的財務指標。根據 FEC 規則和條例的要求，這些非差距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 with a review of our financials before touching on tariffs and our outlook. I'll then turn it over to Paul to cover key operational updates. total revenue increased 6% to $60 million compared to the prior year period of $56.5 million. service revenue increased 7%, driven primarily by wholesale capacity services.

在談到關稅和前景之前，我將首先回顧我們的財務狀況。然後我將把主題交給保羅，讓他介紹關鍵的營運更新。總營收較去年同期的 5,650 萬美元成長 6%，達到 6,000 萬美元。服務收入成長 7%，主要受批發容量服務的推動。

Additionally, in commercial IoT we are pleased to continue to see increases in the average number of subscribers, a high level of customer engagement, and the adoption of our IOT devices and service offerings.

此外，在商業物聯網領域，我們很高興看到平均用戶數量不斷增加、客戶參與度不斷提高，以及我們的物聯網設備和服務產品的採用率不斷提高。

The increase in revenue contributed to higher adjusted EBITDA, which was up 3% to $30.4 million compared to the prior year's first quarter of $29.6 million. partially offsetting the effect of the revenue increase were certain cost increases, including expenses incurred to continue to develop and enhance our ex-con ran product offering.

營收的成長帶動調整後 EBITDA 成長，與去年同期的 2,960 萬美元相比，成長 3% 至 3,040 萬美元。部分抵銷了收入成長影響的是某些成本的增加，包括繼續開發和增強我們的前罪犯產品供應所產生的費用。

Higher cash costs to support Excom negatively impacted the change and adjusted EBITDA by $1.3 million, and adjusted EBITDA margin by approximately 200 basis points compared to the comparable prior year period. while there are expected upfront investments to support this technology, we remain bullish that this business will be profitable and contribute meaningfully to GlobalSources future revenue.

支持 Excom 的現金成本增加對這一變化產生了負面影響，調整後的 EBITDA 減少了 130 萬美元，調整後的 EBITDA 利潤率與去年同期相比下降了約 200 個基點。雖然預計需要前期投資來支持這項技術，但我們仍然看好這項業務將帶來盈利，並為環球資源未來的收入做出有意義的貢獻。

Moving to our balance sheet, we ended the year with $241.4 million in cash on hand. Net cash flows generated from operations in the quarter were $51.9 million and adjusted pre-cash flow after excluding reimbursable cap X for the replacement satellites and extended MSS network. for $47.6 million compared to $19.9 million in the prior year's first quarter.

從我們的資產負債表來看，截至年底，我們的現金餘額為 2.414 億美元。本季營運產生的淨現金流為 5,190 萬美元，扣除替換衛星和擴展 MSS 網路的可報銷上限 X 後，調整後的預現金流為 5,190 萬美元。為 4,760 萬美元，而去年同期第一季為 1,990 萬美元。

Before turning to our outlook, I'd like to spend a minute walking through our assessment of the fluid terror situation and its potential impact on Global Star. our team has worked closely with our partners globally to identify exposure and available levers to offset or mitigate impacts.

在談到我們的展望之前，我想花一點時間來回顧我們對不斷變化的恐怖局勢及其對 Global Star 的潛在影響的評估。我們的團隊與全球合作夥伴密切合作，以確定風險敞口和可用的槓桿來抵消或減輕影響。

Based on current available information, we believe that we are well positioned to minimize any financial impact given our existing relationships with the manufacturing and warehousing partners situated around the globe. should we see any escalation or further shifts in the trade environment, we have several tools at our disposal to help manage through it.

根據目前可用的信息，我們相信，鑑於我們與全球製造和倉儲合作夥伴現有的關係，我們完全有能力將任何財務影響降至最低。如果我們看到貿易環境出現任何升級或進一步轉變，我們可以利用多種工具來應對。

First, we have long standing contract manufacturing relationships that give us the ability to quickly shift production and control costs without disrupting our supply chain. second, our international third party logistics partners provide flexibility, and our global footprint allows us to buy and sell in certain jurisdictions with little to no tariff impact.

首先，我們擁有長期的合約製造關係，這使我們能夠快速轉移生產和控製成本，而不會中斷我們的供應鏈。其次，我們的國際第三方物流合作夥伴提供了靈活性，我們的全球業務使我們能夠在某些司法管轄區內進行買賣，而幾乎不受關稅影響。

And finally, we believe we have the ability to pass through increased costs in areas where we are affected the most without impacting the competitiveness of our products. these measures, along with others, provide us with flexibility to ensure that we can navigate through the global trade challenges. therefore, we expect a relatively immaterial impact in the near term.

最後，我們相信我們有能力將增加的成本轉嫁到受影響最嚴重的地區，而不會影響我們產品的競爭力。這些措施以及其他措施為我們提供了靈活性，確保我們能夠應對全球貿易挑戰。因此，我們預期短期內的影響相對較小。

To that end, we are reiterating our full year 2025 outlook and continue to expect revenue in the range of $260 million to $285 million and we anticipate adjusted margin of approximately 50%. with that, I'd like to turn the call over to Paul.

為此，我們重申 2025 年全年展望，並繼續預計營收在 2.6 億美元至 2.85 億美元之間，預計調整後的利潤率約為 50%。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, and I'm pleased to share our progress to start the year I feel like we executed our plan well. so we continue to see demand for our suite of products and services with new customers and use cases starting to come online.

謝謝，麗貝卡。很高興今天能和大家一起通話，我很高興分享我們今年的進展，我覺得我們的計劃執行得很好。因此，我們繼續看到對我們的產品和服務套件的需求，新客戶和用例開始上線。

We've been working hard over the last several quarters to build a strategy and go to market approach to capture the opportunities and drive sustainable long-term growth. this has included the launch of an investment in foundational assets with new and expanded partnerships and resulting in innovative products and solutions.

過去幾個季度，我們一直在努力製定策略並採取市場方法，以抓住機會並推動可持續的長期成長。其中包括對基礎資產進行投資，建立新的合作夥伴關係並推出創新產品和解決方案。

We're continuing to bring in new team members with deep expertise in scaling businesses and progressing our wholesale business forward. we successfully launched our two-way satellite IoT solution via Global Star's low Earth orbiting satellite constellation.

我們將繼續引進具有深厚專業知識的新團隊成員，以擴大業務規模並推動我們的批發業務向前發展。我們透過 Global Star 的低地球軌道衛星星座成功發射了雙向衛星物聯網解決方案。

This marks a significant expansion beyond our traditional one-way tracking capabilities and addresses the rising global demand for reliable, low power, low latency command and control systems across critical applications including fleet tracking, asset monitoring, and precision agriculture.

這標誌著我們超越傳統單向追蹤能力的重大擴展，並滿足了全球對可靠、低功耗、低延遲指揮和控制系統日益增長的需求，這些系統涵蓋車隊追蹤、資產監控和精準農業等關鍵應用。

This milestone reflects the success of our refocused product development team who has streamlined priorities and accelerated innovation while leveraging our existing network infrastructure, low cost platform, and new state of the art down links to deliver competitive commercial IoT solutions to the market quickly.

這一里程碑反映了我們重新調整的產品開發團隊的成功，該團隊簡化了優先事項並加快了創新，同時利用我們現有的網路基礎設施、低成本平台和新的最先進的下行鏈路，快速向市場提供具有競爭力的商業物聯網解決方案。

I'm excited by the growth opportunities that we're aggressively pursuing on the space side of our business now that we have removed the constraints that GlobalStar's IoT business has been operating under for quite some time.

我很高興看到我們在太空業務方面積極尋求的成長機會，因為我們已經消除了 GlobalStar 的物聯網業務長期以來所面臨的限制。

Additionally, in the first quarter, we opened a new state of the art satellite operations control center at our Covington, Louisiana headquarters. This facility significantly enhances our satellite fleet management capabilities, improves network performance, and positions us for future next generation constellation deployments.

此外，第一季度，我們在路易斯安那州卡溫頓總部開設了一個新的最先進的衛星營運控制中心。該設施顯著增強了我們的衛星群管理能力，提高了網路效能，並為我們未來下一代星座部署做好了準備。

The grand opening event took place on March 17th and was attended by distinguished guests including US House Majority Leader Steve Scalise and FCC Chairman Brendan Carr, underscoring the facility's strategic importance to our company, to the country, and to the global telecommunications industry as a whole.

盛大的開幕活動於3月17日舉行，美國眾議院多數黨領袖史蒂夫·斯卡利塞和聯邦通信委員會主席布倫丹·卡爾等貴賓出席了開幕活動，凸顯了該設施對我們公司、對國家以及整個全球電信行業的戰略重要性。

This investment reinforces GlobalStar's leadership in global satellite communications and demonstrates our commitment to economic growth. turning to some important leadership updates, I'm excited to announce the appointment of two seasoned executives who will drive growth in key business segments.

這項投資鞏固了 GlobalStar 在全球衛星通訊領域的領導地位，並反映了我們對經濟成長的承諾。談到一些重要的領導層更新，我很高興地宣布任命兩位經驗豐富的高階主管，他們將推動關鍵業務領域的成長。

Dr. Tamer Kaddus has been promoted to Vice President and general manager of terrestrial network Business, where he will lead our private wireless network initiative, leveraging GlobalStar's Excom and banded N 53 assets.

Tamer Kaddus 博士已晉升為地面網路業務副總裁兼總經理，他將領導我們的私人無線網路計劃，利用 GlobalStar 的 Excom 和 N 53 頻段資產。

He brings over two decades of experience in wireless communications, having previously served as Vice President of wireless engineering at Excom labs, senior director of engineering at Qualcomm. tamer led the team which developed and standardized utilization of cellular technology over the unlicensed bands, which is an area with significant potential for GlobalStar. I'm sure those of you who attended our analyst and Investor Day in December remember Tamer.

他在無線通訊領域擁有超過二十年的經驗，曾擔任 Excom 實驗室無線工程副總裁、高通工程資深總監。塔默領導的團隊開發並標準化了未授權頻段上的蜂窩技術的使用，這是 GlobalStar 具有巨大潛力的領域。我相信那些參加我們 12 月分析師和投資者日的人都會記得 Tamer。

We have also appointed Daman Hedgemati as the Vice President and general manager of our wholesale consumer business where he will focus on expanding access to Global Star satellite solutions through strategic wholesale partnerships. Prior to joining us, Daman held various executive positions, including Vice President of Engineering at Qualcomm.

我們也任命 Daman Hedgemati 為批發消費者業務副總裁兼總經理，他將專注於透過策略批發合作夥伴關係擴大 Global Star 衛星解決方案的覆蓋範圍。在加入我們之前，達曼曾擔任過多個高階主管職位，包括高通公司的工程副總裁。

Where he transformed the Bangalore Design Center from a small team into a roughly 4,000 person engineering powerhouse contributing approximately $12 billion in revenue. He also served as corporate Vice President at Intel, where he managed 10,000 engineers across more than 30 sites to advance Intel's process technology leadership.

在那裡，他將班加羅爾設計中心從一個小團隊轉變為一個擁有約 4,000 名員工的工程巨頭，貢獻了約 120 億美元的收入。他還曾擔任英特爾公司副總裁，管理 30 多個站點的 10,000 名工程師，以提升英特爾的製程技術領先地位。

These strategic appointments strengthen our management team and position us to accelerate growth in our key business areas. moving to some project updates and beginning our terrestrial business, we continue to see encouraging progress.

這些策略任命增強了我們的管理團隊，使我們能夠加速關鍵業務領域的成長。轉向一些專案更新並開始我們的陸地業務，我們繼續看到令人鼓舞的進展。

In March, we participated at the Mobile World Congress conference in Barcelona where we demonstrated our Excom RAN technology and showcased its performance enhancements. This full scale over the air demonstration using our licensed N53 spectrum delivered speeds of 400 megabits per second using just 10 megahertz of spectrum.

三月份，我們參加了在巴塞隆納舉行的世界行動通訊大會，在會上展示了我們的 Excom RAN 技術並展示了其效能增強。這次全面的無線展示採用了我們授權的 N53 頻譜，僅使用 10 兆赫的頻譜就實現了每秒 400 兆位元的速度。

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. these demonstrations were conducted in our 20 by 30 ft booth.

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。這些演示是在我們 20 x 30 英尺的展位上進行的。

Using a highly dense ad hoc installation of 8 of our newly developed Xcom RAN radios and third party state of the art 5G modules and highlighted the simplicity of deployment of Xcom RAN and the utility of having our own clearer band N 53 spectrum in this case in Spain.

使用我們新開發的 8 個 Xcom RAN 無線電和第三方最先進的 5G 模組進行高密度臨時安裝，並強調了 Xcom RAN 部署的簡單性以及在西班牙這種情況下擁有我們自己的更清晰的 N 53 頻段頻譜的實用性。

Our technological and spectrum assets are highly differentiated, and we expect this system to be available for commercial deployment next quarter. moving to our wholesale capacity business, we reached a significant milestone with MDA Space during the quarter.

我們的技術和頻譜資產高度差異化，我們預計該系統將在下個季度投入商業部署。轉向我們的批發容量業務，我們在本季與 MDA Space 達成了重要的里程碑。

As announced in February, MDA Space will be building more than 50 satellites for Global Star's next generation Leo constellation under a $1.1 billion Canadian dollar contract. They will base the constellation on their new reprogrammable Aurora platform, which recently passed preliminary design review for their anchor customer Telesat's Lightspeed network.

正如 2 月宣布的那樣，MDA Space 將根據一份價值 11 億加元的合約為 Global Star 的下一代 Leo 星座建造 50 多顆衛星。他們將以新的可重新編程 Aurora 平台為基礎構建衛星星座，該平台最近通過了其主要客戶 Telesat 的 Lightspeed 網路的初步設計審查。

This development is an important step in the execution of our extended MSS network plans announced in November as part of the $1.5 billion dollar updated expansion agreement with our wholesale customer. we are also excited about the 2025 launch of the first set of replacement satellites manufactured by MDA under our 2022 agreement. We expected to announce more details on our expected launch date soon.

這項發展是我們執行擴展 MSS 網路計畫的重要一步，該計畫於 11 月宣布，是與批發客戶達成的價值 15 億美元的最新擴展協議的一部分。我們也對 2025 年根據 2022 年協議由 MDA 製造的首組替代衛星的發射感到興奮。我們預計將很快公佈有關預計發布日期的更多詳細資訊。

Before I turn the call back over to the operator, I know Rebecca provided some details on tariffs, but I want to emphasize that we've established a world class management team that gives us confidence to navigate a dynamic global trade environment and any unexpected headwinds that may arise. We remain very well positioned to execute on our long-term growth plans.

在我將電話轉回給接線員之前，我知道麗貝卡提供了一些有關關稅的細節，但我想強調的是，我們已經建立了一支世界一流的管理團隊，這讓我們有信心應對動態的全球貿易環境和可能出現的任何意外阻力。我們仍然處於非常有利的位置來執行我們的長期成長計劃。

As announced yesterday, our executives will be attending several conferences over the next 2 months where we expect to meet investors, and also we are undertaking initiatives to educate our stakeholders directly and broaden our analysts' coverage.

正如昨天宣布的那樣，我們的高管將在未來兩個月內參加幾次會議，我們希望在會上與投資者見面，同時我們還將採取措施直接教育我們的利益相關者並擴大我們分析師的覆蓋範圍。

We certainly feel that Global Star is an underappreciated story. We have assets in space and on the ground that are differentiated and create a platform for innovation. Our complementary services offer exciting growth potential that we're uniquely equipped to capture.

我們確實覺得《全球之星》的故事沒有被充分重視。我們在太空和地面擁有差異化的資產，並創造了一個創新平台。我們的互補服務提供了令人興奮的成長潛力，我們擁有獨特的優勢來抓住這一潛力。

After investing billions in our satellite infrastructure over the years, we've created a powerful network that now supports connectivity for hundreds of millions of devices worldwide. We're seeing this device ecosystem expand consistently with promising growth trajectories in our wholesale partnerships and our IoT and terrestrial network business lines.

多年來，我們在衛星基礎設施上投資了數十億美元，創建了一個強大的網絡，目前支援全球數億台設備的連接。我們看到這個設備生態系統正在持續擴張，我們的批發合作夥伴關係以及物聯網和地面網路業務線呈現出良好的成長軌跡。

We remain exceptionally well positioned to execute on our long-term growth plans. I'm pleased with the way we started out the year and I look forward to continuing to execute on our initiatives this year. I'll now turn the call back to the operator for Q&A.

我們仍然處於非常有利的位置來執行我們的長期成長計劃。我對我們今年的開局感到滿意，並期待今年繼續執行我們的計劃。我現在將電話轉回給接線員進行問答。

Thank you. At this time, we will conduct the question and answer session, and as a reminder to ask a question [Operator Instructions] Our first question comes from Mike Crawford of B Riley Securities. Your line is now open.

謝謝。此時，我們將進行問答環節，並提醒大家提出一個問題 [操作員指示] 我們的第一個問題來自 B Riley Securities 的 Mike Crawford。您的線路現已開通。

Thank you. I'm glad to hear you're looking to launch, Excom ran commercially next quarter and you remain bullshit that's going to be profitable. Can you just walk us through any more of, economics or assumptions regarding this business?

謝謝。我很高興聽到你正在考慮推出 Excom，它將於下個季度投入商業運營，而你仍然在胡說八道，這將會盈利。您能否向我們詳細介紹一下有關這項業務的經濟狀況或假設？

In terms of what in terms of, I mean we haven't made any announcements on forward-looking revenues or so forth. I mean, the issue with this is, as we've talked about, we our primary initial customer is a very large retailer. And you know we're very engaged with them, but the sales cycle is, as long in these kinds of things and.

就什麼而言，我的意思是我們還沒有發布任何有關前瞻性收入或諸如此類的公告。我的意思是，正如我們所討論的，我們的主要初始客戶是一家非常大的零售商。你知道我們與他們合作非常密切，但這類事情的銷售週期很長。

I think you know we're very confident on moving forward, but even in my Qualcomm days like you never knew when a customer was going to push the button to launch it. often for factors that are completely outside of our control, so we are very engaged with them.

我想你知道我們對未來的發展非常有信心，但即使在我效力高通的日子裡，你也永遠不知道客戶什麼時候會按下按鈕來啟動它。通常這些因素是我們完全無法控制的，所以我們非常關注它們。

Things are moving along. The system is working extremely well, and now we're kind of looking forward to that next step. We have expanded our direct sales capability in this area too, so we are looking for opportunities beyond the warehouse automation customer that we have right now and.

事情正在順利進展。該系統運作得非常好，現在我們很期待下一步。我們也擴大了該領域的直銷能力，因此我們正在尋找現有倉庫自動化客戶以外的機會。

We have gotten some some initial contract on the government side as well on this stuff too, so hopefully that turns into something larger as well.

我們已經與政府方面就這方面達成了一些初步合同，因此希望這也能發展成更大的合同。

Okay, Paul, thank you. Maybe I know you've been working to bring more vendors into the ecosystem, like maybe some lower cost radios, maybe to reduce overall bill materials that could maybe be something that attracts more interest, including from the large retail customer or others is that.

好的，保羅，謝謝你。也許我知道您一直在努力將更多的供應商引入生態系統，例如一些成本較低的收音機，也許可以減少整體帳單材料，這可能會吸引更多的興趣，包括來自大型零售客戶或其他人的興趣。

What's the progress there?

那邊進展如何？

Yeah, I mean, we absolutely so what we demoed at Mobile World Congress was on our new radios that we're working or that we built and now we will be commercially deploying and yeah, so that not only is it lower cost but it also gives us a lot of flexibility.

是的，我的意思是，我們在世界行動通訊大會上示範的是我們正在開發或建造的新無線電設備，現在我們將進行商業部署，是的，這不僅成本更低，而且還能給我們很大的靈活性。

In terms of the bands that we can cover, so those the ones that we showed off at MWC were Band 53 and CBRS, but as I mentioned in my script, we're super interested in the unlicensed cellular opportunities as well and the ability to use band 53 as a sort of an anchor channel for that as well.

就我們可以涵蓋的頻段而言，我們在 MWC 上展示的是 Band 53 和 CBRS，但正如我在腳本中提到的那樣，我們對未經授權的蜂窩機會也非常感興趣，並且能夠使用 Band 53 作為其錨定通道。

And now we're talking about much larger. Bandwidth that we could conceivably coordinate and use for customers. So all these things are, there's both cost and performance benefits out of having our own radios.

現在我們談論的是更大的問題。我們可以為客戶協調和使用的頻寬。因此，擁有自己的無線電既有成本優勢，又有性能優勢。

And then, Using band 53 or N 53 as the anchor spectrum become any more or less important given some potential changes in the CBRS band itself is coordinated with the US Department of Defense.

然後，考慮到 CBRS 頻段本身的一些潛在變化與美國國防部的協調，使用頻段 53 或 N 53 作為錨定頻譜變得更加或不重要。

Yeah, I think you know what's happened with CBRS is that it, people thought it was going to really kick off the private network cellular network business, and it's been less than expected and so that's why we feel like having Band 53 is so important that we have something that we can guarantee is available for mission critical applications.

是的，我想你知道 CBRS 發生了什麼，人們認為它將真正啟動私人網路蜂窩網路業務，但它並沒有達到預期的效果，所以我們覺得擁有 Band 53 非常重要，我們可以保證它可用於關鍵任務應用程式。

And you know what I've said about private network, I mean, if you decide to use cellular, it's because you have a mission critical application, otherwise you would have just use Wi Fi. But when you use it on CBRS, it's still not quite mission critical quality. I mean it's better than Wi Fi, but it can come and go depending on whatever happens.

你知道我所說的私人網絡，我的意思是，如果你決定使用蜂窩網絡，那是因為你有一個關鍵任務應用程序，否則你就只能使用 Wi-Fi。但是當你在 CBRS 上使用它時，它仍然不具備任務關鍵品質。我的意思是它比 Wi-Fi 更好，但它會根據所發生的情況而有時無。

So yeah, I think some of those changes may make it more. More available, but I think that you know we're in a really good position having, a global band of spectrum that can be used as an anchor that's that's a very differentiated position relative to other players in the market, and particularly when you're thinking about IoT applications which are global and so that's, yeah, we're super excited about all those kinds of opportunities both on the space and the terrestrial side.

是的，我認為其中一些變化可能會帶來更多變化。可用性更高，但我認為，你知道我們處於一個非常有利的位置，我們擁有一個可以用作錨點的全球頻譜帶，相對於市場上的其他參與者，這是一個非常差異化的地位，特別是當你考慮全球性的物聯網應用時，所以，是的，我們對太空和地面方面的所有這些機會感到非常興奮。

Oh, okay, thank you. Just one last question from me as well, it's really two parts one, The replenishment constellation. So it's great to hear that first anticipate the launches later this year. When would you expect that to be completed and thus triggering reimbursement of the CapEx that you've incurred to replenish your existing constellation. And then the second part would be when we might have these 50 Aurora satellites launched in the extended MSS network into operation. Thank you. Yeah.

噢，好的，謝謝你。我還有最後一個問題，它實際上分為兩部分，第一部分是補充星座。因此，很高興聽到人們首先預計今年稍後將推出該產品。您預計何時能夠完成，從而觸發您為補充現有星座而產生的資本支出的償還。第二部分是我們何時可能將這 50 顆 Aurora 衛星在擴展的 MSS 網路中發射並投入運作。謝謝。是的。

So, we haven't announced when we're launching the launching the 50, so. Stay tuned, obviously that as we have other partners that are involved in making that decision. a and the first one was when will the service fees. Rebecca, you want to just talk to the financial applications.

所以，我們還沒有宣布何時推出 50，所以。請繼續關注，顯然我們還有其他合作夥伴參與制定該決定。第一個問題是服務費什麼時候收取。麗貝卡，你只想談談財務應用程式。

Sure, the service fees will step up the fees that are tied to the the CapEx for those replacement satellites will start, being funded once the that first batch is operational, so once they're providing service.

當然，服務費將會增加與這些替代衛星的資本支出相關的費用，這些費用將在第一批衛星投入運作後開始提供資金，也就是在它們提供服務後開始提供資金。

And That when ALL17 might be launched, I imagine that's going to be, 3 or 4 launches to get them all up there.

當 ALL17 可能發射時，我想將需要 3 到 4 次發射才能將它們全部發射到那裡。

We're expecting to and the second launch has not been contracted yet, and more details to come on that.

我們期待第二次發射，但尚未簽訂合同，更多細節即將公佈。

All right, thank you very much.

好的，非常感謝。

Thanks, Mike.

謝謝，麥克。

Thanks, Mike I am showing no further questions at this time. I would now like to turn it back to Paula Jacobs, CEO for closing remarks.

謝謝，麥克，我現在沒有其他問題了。現在我想請執行長 Paula Jacobs 致最後總結。

Well, yeah, I think we understood that today's earning call was. by other earnings calls a busy season right now, but we are going to be at a number of conferences coming up, so we'll get a good opportunity to interact with the investors and analysts then and appreciate your comments and questions and we'll see you soon.

嗯，是的，我想我們明白今天的收益電話會議是什麼。透過其他收益電話會議，我們現在處於繁忙的季節，但我們將參加即將舉行的一系列會議，因此我們將有一個很好的機會與投資者和分析師進行互動，並感謝您的評論和問題，我們很快就會見到您。

And I think just to close, we really do have a differentiated position. I'm Even more excited about it than I have been in the past. The fact that we were able to run over the air at Mobile World Congress was super exciting on the terrestrial side because that's an extremely contested environment.

最後我想說的是，我們確實有一個差異化的地位。我對此比過去更興奮。事實上，我們能夠在世界行動通訊大會上透過無線電運行，這對地面方面來說非常令人興奮，因為那是一個競爭極其激烈的環境。

A lot of companies there are all trying to do stuff and generally nobody is able to do anything over the air that's significant, and we really were able to do that and that garnered a lot of attention for us so. That's why we also are excited to sort of step up our direct sales there.

很多公司都在嘗試做一些事情，但一般來說沒有人能夠透過無線方式做任何重要的事情，而我們確實能夠做到這一點，並且因此為我們贏得了很多關注。這就是為什麼我們也很高興在那裡加強我們的直銷業務。

So yeah, it's going to be an interesting year ahead, a lot of opportunities, and we'll execute and also, teams very focused on building up the network for our for our wholesale partner too, so stay tuned and we'll continue to deliver on all these initiatives. Thanks very much, everyone.

所以，是的，未來的一年將會是充滿樂趣的一年，充滿機遇，我們也會認真執行，團隊也會非常專注於為我們的批發合作夥伴建立網絡，所以請繼續關注，我們將繼續實現所有這些舉措。非常感謝大家。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。