Globalstar Inc (GSAT) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Globalstar third quarter 2025's earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

您好，感謝您的耐心等待。歡迎參加 Globalstar 2025 年第三季財報電話會議。（操作員說明）請注意，今天的電話會議正在錄音。

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

現在，我謹將會議交給今天的第一位發言人，財務長麗貝卡·克拉里。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 10-K 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條款。可能導致結果出現重大差異的因素已在 Globalstar 向美國證券交易委員會提交的文件（包括截至 2024 年的 10-K 表格年度報告和其他美國證券交易委員會文件）的風險因素部分中進行了描述，並在今天的收益報告中進行了說明。

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 US GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in the earnings release, which is available on our website.

另請注意，管理層可能會在本次電話會議中提及 EBITDA、調整後 EBITDA、自由現金流或調整後自由現金流，這些都是美國通用會計準則不認可的財務指標。根據美國證券交易委員會的規章制度，這些非GAAP財務指標已在盈利報告中與其最可比較的GAAP財務指標進行了核對，該報告可在我們的網站上查閱。

Today I will walk you through our third quarter and year-to-date financial results, discuss our liquidity position, and touch briefly on outlook. We delivered solid top-line performance in the third quarter with total revenue of $73.8 million. This represents growth over the prior year's third quarter, reaching a record quarterly amount. This improvement was driven by two key areas, wholesale capacity services and continued strength in commercial IOT.

今天我將帶大家了解我們第三季和年初至今的財務業績，討論我們的流動性狀況，並簡要展望一下前景。第三季度，我們的營收表現穩健，總營收達 7,380 萬美元。這比上年第三季度有所增長，達到了創紀錄的季度數額。這項改善主要得益於兩個關鍵領域：批發容量服務和商業物聯網的持續強勁發展。

Our wholesale capacity services revenue increased primarily due to the timing of service fees associated with the reimbursement of network related costs as we continue to expand and upgrade our global ground infrastructure.

由於我們不斷擴展和升級全球地面基礎設施，與網路相關成本補償相關的服務費的收取時間有所增加，這主要得益於此。

Commercial IOT also continues to be a growth driver for us. IOT service revenue increased on the back of subscriber growth with average subscribers reaching 543,000, a 6% increase from the prior year's third quarter. This growth was again propelled by a record number of gross activations over the last 12 months.

商業物聯網也一直是我們的成長動力。物聯網服務收入因用戶成長而增加，平均用戶數達到 543,000，比上年第三季成長 6%。在過去 12 個月裡，用戶啟動量創下歷史新高，再次推動了這一成長。

We also saw a particularly strong equipment sales performance. Equipment revenue from commercial IOT device sales was up 60% compared to the prior year's third quarter. We expect this momentum to continue, particularly with the recent commercial availability of our two-way module, which we believe will drive additional demand.

我們也看到設備銷售業績表現特別強勁。與去年同期相比，商用物聯網設備銷售帶來的設備收入成長了 60%。我們預計這一勢頭將持續下去，特別是隨著我們雙向模組最近實現商業化，我們相信這將推動更多需求。

Income from operations was $10.2 million in the quarter, up from $9.4 million in the prior year's third quarter. This improvement came despite higher operating expenses during the quarter due to planned increased investments in our business.

本季營業收入為 1,020 萬美元，高於去年同期的 940 萬美元。儘管由於計劃增加對業務的投資，本季營運費用有所上升，但業績仍有所改善。

Net income was lower than the prior year's third quarter, driven primarily by non-cash items. Specifically, we recognize higher interest expense from non-cash imputed interest related to the 2024 prepayment agreement.

淨利低於去年同期第三季度，主要原因是受非現金項目影響。具體而言，我們確認了與 2024 年提前付款協議相關的非現金推定利息產生的較高利息支出。

We also recorded net foreign currency losses from the remeasurement of intercompany balances. These items were partially offset by a non-cash gain on the quarterly mark to market adjustment of our derivative assets.

我們也記錄了因重新計量公司間往來餘額而產生的淨外匯損失。這些項目部分被我們衍生資產季度市值調整產生的非現金收益所抵銷。

Adjusted EBITDA for the third quarter reflects our strategic investment and growth opportunities, particularly XCOM. We continue to enhance and develop our XCOM-ran product and service offerings, and as we've discussed previously, we're incurring costs, primarily personnel related, in advance of significant revenue contribution from this business.

第三季的調整後 EBITDA 反映了我們的策略投資和成長機會，特別是 XCOM。我們將繼續改進和開發 XCOM 營運的產品和服務，正如我們之前討論過的，我們正在為此業務帶來重大收入貢獻之前產生成本，主要是人員成本。

We believe this is a solid investment for the company, and we remain confident in the strategic value of this initiative, particularly based on recent developments towards commercialization. Importantly, we continue to maintain healthy adjusted EBITDA margins, 51% in the third quarter and 52% year-to-date, even while making substantial investments in XCOM and next generation products.

我們認為這對公司來說是一項穩健的投資，並且我們仍然對這項舉措的戰略價值充滿信心，尤其是在最近商業化方面取得的進展。重要的是，即使在對 XCOM 和下一代產品進行大量投資的情況下，我們仍然保持了健康的調整後 EBITDA 利潤率，第三季為 51%，年初至今為 52%。

This demonstrates the profitability of our core business and gives us confidence that as these new revenue streams scale, we'll see meaningful margin expansion. For the year-to-date period, total revenue was $201 million representing 6% growth compared to the same period last year. Service revenue was also up 6% while equipment revenue increased 21%. The revenue and operating income story for the nine month period largely mirrors what we saw in Q3.

這證明了我們核心業務的獲利能力，也讓我們相信，隨著這些新的收入來源規模擴大，我們將看到利潤率的顯著增長。今年迄今為止，總收入為 2.01 億美元，比去年同期成長 6%。服務收入成長了 6%，設備收入成長了 21%。前九個月的收入和營業利潤情況與第三季的情況基本一致。

Now let me turn to our balance sheet and cash flow. We ended the third quarter with cash and cash equivalents of $346.3 million. During the first nine months of 2025, we generated operating cash flow of $445.8 million, a strong result that reflects $299.6 million received in connection with the infrastructure prepayment and also demonstrates the cash generating capabilities of our business.

現在讓我來看看我們的資產負債表和現金流量表。第三季末，我們持有現金及現金等價物3.463億美元。2025 年前九個月，我們產生了 4.458 億美元的營運現金流，這是一個強勁的業績，其中 2.996 億美元來自基礎設施預付款，也證明了我們業務的現金創造能力。

Capital expenditures were $485.9 million during the period, reflecting our commitments under our updated services agreements for network expansion and upgrades, including ground infrastructure as well as satellite construction and launch costs. These investments are fundamental to our ability to deliver enhanced services and support our long-term growth.

本期資本支出為 4.859 億美元，反映了我們根據更新後的服務協議對網路擴展和升級所做的承諾，包括地面基礎設施以及衛星建設和發射成本。這些投資對於我們提供更優質的服務和支持我們的長期發展至關重要。

Financing activities used $6.1 million in cash, primarily for debt recoupment under the 2021 funding agreement and preferred stock dividend payments, offset partially by $27.1 million in proceeds under the 2023 funding agreement which will be used to fund CapEx for our replacement satellites.

融資活動使用了 610 萬美元現金，主要用於根據 2021 年融資協議償還債務和支付優先股股息，部分被 2023 年融資協議下的 2710 萬美元收益所抵消，該收益將用於為我們更換衛星的資本支出提供資金。

Adjusted free cash flow for the nine month period was $133.3 million, up significantly from $74.5 million in the prior year period. This increase reflects primarily higher customer payments, including $37.5 million in accelerated service payments received during 2025.

經調整後的九個月自由現金流為 1.333 億美元，較上年同期的 7,450 萬美元大幅成長。這一成長主要反映了客戶付款的增加，其中包括 2025 年收到的 3,750 萬美元加速服務付款。

Total debt principal outstanding was $418.7 million at September 30, 2025, largely in line with the prior year end and reflecting the financing activities previously discussed. Our financial position remains strong with solid cash generation, ample liquidity, and strategic investments that position us for long-term growth.

截至 2025 年 9 月 30 日，未償還債務本金總額為 4.187 億美元，與去年末基本一致，反映了先前討論過的融資活動。我們財務狀況依然穩健，現金流充裕，並進行了策略性投資，這為我們實現長期成長奠定了基礎。

We're making deliberate investments in XCOM and next generation products, and we're executing on our infrastructure commitments to support our wholesale services agreement. The fundamentals of our business are sound. We're growing revenue in strategic areas, generating strong operating cash flow, and managing our cost structure while investing for the future.

我們正在對 XCOM 和下一代產品進行有計劃的投資，並且正在履行我們的基礎設施承諾，以支持我們的批發服務協議。我們業務的基本面是穩健的。我們在策略領域持續成長收入，產生強勁的營運現金流，並在投資未來的同時控製成本結構。

Given our results to date and expectations for the balance of the year, we are reiterating our full year 2025 outlook and continue to expect revenue in the range of $260 million to $285 million and an adjusted EBITDA margin of approximately 50%.

鑑於我們迄今為止的業績以及對今年剩餘時間的預期，我們重申 2025 年全年展望，並繼續預計收入將在 2.6 億美元至 2.85 億美元之間，調整後的 EBITDA 利潤率約為 50%。

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

接下來，我想把電話交給保羅。

Thanks, Rebecca and good afternoon everyone. I'm pleased to be with you today and to discuss what has been a robust quarter for Globalstar. Across every major part of our business, we're executing our strategy and delivering measurable progress that strengthens our position in the market.

謝謝麗貝卡，大家下午好。我很高興今天能和大家一起探討Globalstar本季強勁的業績。在公司業務的各個主要方面，我們都在執行策略，並取得了可衡量的進展，從而鞏固了我們在市場中的地位。

It's really never been a more exciting time to be in the connectivity industry and for Globalstar in particular. My team and I have spent our careers driving many of the hottest trends in mobile communications and computing. Well, here we are again.

對於互聯互通產業，尤其是 Globalstar 而言，現在真的是前所未有的令人興奮的時代。我和我的團隊畢生致力於推動行動通訊和運算領域的許多最熱門趨勢。好吧，我們又見面了。

On the satellite side, we couldn't be more proud to have helped pioneer direct to device services and witnessed the life-saving impact of our network. There are now over half a billion devices capable of utilizing our network, and we continue to invest and innovate to maintain our leading position.

在衛星方面，我們為能夠幫助開創直接到設備的服務並見證我們的網路帶來的拯救生命的影響而感到無比自豪。目前已有超過 5 億台設備能夠使用我們的網絡，我們將繼續投資和創新，以保持我們的領先地位。

And on the mobile wireless network side, our XCOM RAN technology is proving its benefits both in performance for mission critical applications and its cost effectiveness and ease of deployment. As I've said previously, what drew us to Globalstar is the strength and differentiation of our globally harmonized spectrum.

在行動無線網路方面，我們的 XCOM RAN 技術正在證明其在關鍵任務應用效能、成本效益和易於部署方面的優勢。正如我之前所說，Globalstar 吸引我們的是我們全球統一頻譜的強大實力和獨特性。

Three decades of Leo constellation operations and deep engineering capability to deliver secure, reliable connectivity worldwide with the quality of service demanded by some of the world's most innovative technology leaders, something few others, if anyone can claim.

三十年來，Leo星座的運作和深厚的工程能力為全球提供安全可靠的連接，並滿足世界上一些最具創新精神的技術領導者所要求的服務質量，這是很少有人能夠做到的。

Recent activity in the market underscores that value as a wide variety of players now better understand the need for dedicated mobile satellite service or MSS spectrum. Other participants in the directed device solution space have spent tens of billions to acquire L&S-band assets that, while useful, lack the global coverage, priority rights, and harmonization with an established hardware ecosystem that defines our portfolio, one that has been deployed for decades by our Globalstar customers.

近期的市場活動凸顯了這一價值，因為各種各樣的參與者現在更了解專用行動衛星服務或 MSS 頻譜的必要性。定向設備解決方案領域的其他參與者已經花費數百億美元收購了 L&S 波段資產，這些資產雖然有用，但缺乏全球覆蓋範圍、優先權以及與已建立的硬體生態系統的協調性，而我們的產品組合正是由 Globalstar 的客戶部署了幾十年。

We believe this validates the global orientation of our strategy from inception, building the company around globally harmonized and licensed spectrum assets and a global Leo platform. We see extraordinary potential for disruptive innovation around our spectrum bands and are confident we are playing a defining role now and for some time to come.

我們相信這驗證了我們自成立以來就秉持的全球策略方向，即圍繞全球統一和授權的頻譜資產以及全球 Leo 平台來建立公司。我們看到了頻譜頻段蘊藏著巨大的顛覆性創新潛力，並有信心，我們現在以及未來一段時間都將發揮決定性作用。

For many reasons, Globalstar holds the critical jigsaw pieces that complete the broader D2D puzzle. This moment is a strategic inflection point that could shape or reshape the future of a rapidly converging communications industry.

由於諸多原因，Globalstar 掌握著構成更廣闊的 D2D 拼圖的關鍵拼圖碎片。此刻是一個策略轉折點，可能會塑造或重塑快速融合的通訊產業的未來。

Before I turn to the other parts of our business, let me acknowledge that you may have seen recent media reports regarding a potential strategic transaction involving involving Globalstar. As a matter of policy, we do not comment on press articles, rumors, or market speculation, and therefore we will not be addressing this topic during today's call or the Q&A following our remarks.

在我轉向我們業務的其他部分之前，請允許我提及，您可能已經看到最近有關 Globalstar 可能參與的策略交易的媒體報道。根據公司政策，我們不對新聞報導、謠言或市場猜測發表評論，因此，我們不會在今天的電話會議或發言後的問答環節中討論這個主題。

Now let's turn to the business and let me start with our infrastructure expansion and satellite roadmap for our C3 constellation. We continue to make significant progress in the construction of our extended MSS network. In addition to development of our third generation C3 satellite system, this effort includes the build out of our global ground network with new infrastructure across multiple continents including Europe, Asia, and North America.

現在讓我們轉向業務，首先讓我介紹我們的基礎設施擴展和 C3 星座的衛星路線圖。我們在擴展 MSS 網路建置方面持續取得重大進展。除了開發我們的第三代 C3 衛星系統外，這項工作還包括在包括歐洲、亞洲和北美在內的多個大洲建設新的基礎設施，以建立我們的全球地面網路。

This global ground expansion is continuing, including up to 90 new tracking antennas supporting Globalstar's C3 satellite system, representing a significant investment in the functionality, capacity, and futureproofing of our network. This significantly underscores our mission and strategy to support resilient and robust connectivity that not only serves the needs of today, but also prepares for those of tomorrow.

全球地面網路的擴展仍在繼續，包括新增多達 90 個追蹤天線，以支援 Globalstar 的 C3 衛星系統，這代表著對我們網路的功能、容量和未來適應性的重大投資。這極大地凸顯了我們的使命和策略，即支持具有韌性和穩健性的連接，不僅滿足當今的需求，也為未來的需求做好準備。

And to that end, our HIBELO-XL-1 filing is designed to expand operational frequencies, which is a foundational step towards our planned next satellite era. This system will introduce new satellites, orbital shells, and frequency bands to enable greater capacity and throughput. It's an important step forward that aligns with the other network investments we are making today.

為此，我們提交的 HIBELO-XL-1 申請旨在擴展運行頻率，這是我們邁向計劃中的下一個衛星時代的奠基性一步。該系統將引入新的衛星、軌道殼層和頻段，以實現更大的容量和吞吐量。這是向前邁出的重要一步，與我們今天正在進行的其他網路投資一致。

And while we are not currently planning significant investment in our own mega constellation, this filing gives us the future option to work with partners supporting our constellation, sorry, our spectrum on a mega constellation that is coordinated with our existing and planned constellations.

雖然我們目前沒有計劃對我們自己的巨型星座進行大量投資，但這份文件讓我們未來可以選擇與支持我們星座（抱歉，是我們的頻譜）的合作夥伴合作，構建一個與我們現有和計劃中的星座相協調的巨型星座。

Let's turn to the government sector. We continue to see strong traction following our wins earlier this year. We've made meaningful progress with Parsons Corporation, transitioning from proof of concept to commercial engagement that leverages our satellite network within their advanced software defined communications architecture. This partnership highlights Globalstar's ability to deliver resilient, low latency, and mission critical connectivity for defense and public safety applications.

讓我們把目光轉向政府部門。繼今年稍早取得勝利之後，我們繼續保持強勁的成長勢頭。我們與 Parsons 公司取得了實質進展，從概念驗證過渡到商業合作，利用我們的衛星網路建構其先進的軟體定義通訊架構。此次合作凸顯了 Globalstar 為國防和公共安全應用提供彈性、低延遲和任務關鍵型連接的能​​力。

We continue to expect government-related opportunities to represent an expanding source of revenue in 2026 and beyond. Our commercial IoT subscriber growth is strong and accelerating, with strong MSS device sales supported by growing adoption in safety, logistics and infrastructure markets. Gross activations are up 40% over the same quarter last year, and total units are up 100% on a quarterly basis compared to the prior year.

我們預計，在 2026 年及以後，與政府相關的機會將繼續成為不斷擴大的收入來源。我們的商業物聯網用戶成長強勁且加速，MSS 設備銷售強勁，這得益於安全、物流和基礎設施市場對 MSS 設備的需求不斷增長。與去年同期相比，總活化量成長了 40%，總單元數與去年同期相比成長了 100%。

That doesn't even include the new two-way module which is now being integrated into our customers' finished products. These sales combined with increased enterprise demand are contributing to a balanced and diversified revenue profile.

這還不包括目前正在整合到我們客戶成品中的新型雙向模組。這些銷售額加上不斷成長的企業需求，共同促成了均衡且多元化的收入結構。

Another milestone this quarter is the global availability of our two-way commercial IoT module, the RM200M. Already receiving certifications in key regions, the RM200M is now officially available for worldwide deployment, leveraging Globalstar's licensed LNS band Spectrum and second generation satellites. The module delivers reliable two-way connectivity, reducing friction when deploying across numerous geographic regions.

本季另一個里程碑是我們的雙向商用物聯網模組 RM200M 在全球上市。RM200M 已在關鍵地區獲得認證，現在正式面向全球部署，利用 Globalstar 的授權 LNS 頻段頻譜和第二代衛星。此模組提供可靠的雙向連接，減少了在多個地理區域部署時的摩擦。

On the private wireless side, momentum continues to build for XCOM RAN. During the quarter, we received an initial order from a new XCOM RAN customer advancing their next generation robotics application and a significant expansion of this program.

在專用無線領域，XCOM RAN 的發展動能持續增強。本季度，我們收到了來自 XCOM RAN 新客戶的首筆訂單，用於推進其下一代機器人應用，並且該計劃得到了顯著擴展。

XCOM-RAN is positioned to play a critical part in ensuring quality of service in warehouse and factory automation where reliable and secure connectivity is at the core of a robotic future in these environments. We believe we can demonstrate not only significantly differentiated performance of our 5G based systems over industrial WiFi, but also improved economics for large area applications.

XCOM-RAN 將在確保倉庫和工廠自動化服務品質方面發揮關鍵作用，在這些環境中，可靠和安全的連接是機器人未來發展的核心。我們相信，我們不僅可以證明我們的 5G 系統在性能上顯著優於工業 WiFi，還能提高大面積應用的經濟效益。

And we are addressing new applications outside of warehouse automation which we believe will grow our addressable market significantly. Stepping back, this has been a year of meaningful acceleration for Globalstar. We've expanded our infrastructure, strengthened our product lineup, deepened our government relationships, and enhanced the commercial viability and visibility of our technology portfolio.

我們正在探索倉庫自動化以外的新應用領域，我們相信這將顯著擴大我們的潛在市場。回顧過去，對 Globalstar 而言，今年是意義非凡的加速發展之年。我們擴大了基礎設施，加強了產品陣容，深化了與政府的關係，並提高了技術組合的商業可行性和知名度。

These accomplishments have not gone unnoticed. Increased partner engagement and grower investment -- growing investor confidence reflect a renewed understanding of Globalstar's strong market position, combining spectrum ownership, global infrastructure, product lineup, and operational expertise that few others can match.

這些成就並沒有被忽視。合作夥伴參與度提高，種植者投資增加——投資者信心增強，反映出人們對 Globalstar 強大的市場地位有了新的認識，Globalstar 擁有頻譜所有權、全球基礎設施、產品陣容和營運專業知識，這是其他公司難以匹敵的。

Overall, this has contributed to positioning the company in the market as a high value strategic asset in the rapidly converging satellite and terrestrial communications ecosystem. While we remain focused on executing our plan, this recognition underscores the scalability and relevance of what we've built and what's still ahead.

總體而言，這有助於將公司定位為快速融合的衛星和地面通訊生態系統中的高價值戰略資產。雖然我們仍專注於執行我們的計劃，但這項認可凸顯了我們所建立的成果以及未來發展方向的可擴展性和相關性。

As we look to the close of the year, our focus remains on execution, including completing key infrastructure milestones, expanding enterprise and government deployments, and continuing to drive adoption of our new technologies across both satellite and terrestrial domains. We are proud of what our team has accomplished and energized by the growing momentum we see across all segments of our business.

展望今年的尾聲，我們的重點仍然是執行，包括完成關鍵的基礎設施里程碑、擴大企業和政府部署，以及繼續推動我們的新技術在衛星和地面領域的應用。我們為團隊的成就感到自豪，並為我們業務各個領域不斷增長的勢頭而感到振奮。

Thank you for your continued support. I look forward to sharing more about our progress in the quarters to come.

感謝您一直以來的支持。我期待在接下來的幾季與大家分享我們取得的更多進展。

With that, I will turn the call back to the operator.

這樣，我就把電話轉回接線生了。

(Operator Instructions)

（操作說明）

Mike Crawford, B Riley Securities.

Mike Crawford，B Riley Securities。

Thank you. Regarding your CP constellation, correct me if I'm wrong, if this is not completely synonymous with your extended MSS network, but can the ground segment improvements that you're putting in at these gateways be used by your existing constellation that's being refreshed?

謝謝。關於您的 CP 星座，如果我理解有誤請指正，如果它與您擴展的 MSS 網路並不完全等同，但是您在這些網關處安裝的地面段改進能否被您正在更新的現有星座所使用？

Yeah. So we put in antennas that are specific for the Coli system, or sorry, the C3 system, and yeah, so we have the existing satellite antennas for the existing constellation already.

是的。所以我們安裝了專門用於 Coli 系統（或抱歉，是 C3 系統）的天線，是的，我們已經有了現有星座的衛星天線。

Okay. And I believe it's going to be two batch launches to replenish that constellation. Is there any update on when the first of those might occur?

好的。我相信會分兩批發射來補充衛星星座。請問第一次活動何時舉行有最新消息嗎？

We have not given any new indications on when the launches are going to occur.

我們沒有給出任何關於發射時間的新消息。

Okay.

好的。

And just to add to that, my, for the extended MSS network, as we haven't provided timing for the replacement satellites which you might be referring to that are being launched in two batches. We're working with SpaceX to confirm an updated launch window in the first half of 2026.

另外，關於擴展的 MSS 網絡，我們還沒有提供您可能指的是的分兩批發射的替換衛星的發射時間。我們正在與 SpaceX 合作，以確認 2026 年上半年的最新發射窗口。

Okay. And then maybe just stepping back, Paul, to Globalstars, Global harmonized Spectrum Holdings, can you just, maybe define those again in terms of Megahertz pops or some related measurement for what you have in the US is is where you have landing rights internationally.

好的。然後，保羅，或許我們可以退一步，回到 Globalstars、Global Harmonized Spectrum Holdings，你能否再次用兆赫茲頻率或其他相關指標來定義一下，因為你在美國擁有的，就是你在國際上擁有的著陸權。

I mean, it's essentially global coverage. So on the S band we have 16.5 megahertz. On the L band we have almost 9, on the C band we have over 300 megahertz. So, let's see, there's 7 billion people on Earth, so.

我的意思是，它基本上是全球覆蓋。所以 S 波段的頻率是 16.5 兆赫。L 波段我們有近 9 個頻率，C 波段我們有超過 300 兆赫。嗯，地球上有70億人口，所以。

Okay. I can do that. And then on the C-band, I believe there remains 59 megahertz slot that might not necessarily be required to operate your satellite networks giving improvements in technology over the past 20 years.

好的。我可以做到。然後，在 C 波段上，我認為還有 59 兆赫茲的頻段，考慮到過去 20 年的技術進步，運行衛星網路可能不再需要它。

No, it's, there's actually, so if you look at the C-band spectrum, it's a large percentage of it is covered by WiFi, so unlicensed band use, and then there's a chunk at the lower end that is not covered by that and all of the spectrum is being used as feeder link because the way the existing satellites work is that chunks of the fetal spectrum are allocated to reproducing the entire spectrum band on the LNS band sides per beam on the satellite.

不，實際上，如果你看一下 C 波段頻譜，會發現其中很大一部分被 WiFi 覆蓋，也就是免許可頻段的使用，然後低端還有一部分沒有被覆蓋，所有頻譜都被用作饋線鏈路，因為現有衛星的工作方式是，將一部分頻譜分配給衛星上每個波束的 LNS 頻譜。

So it is actually all used for the satellite system. It's a question of, if we look at it for terrestrial use, there's a chunk that hasn't been allocated for WiFi use. Now with that said, even in WiFi bands, the team that came along from XCOM Labs is the same team that built the unlicensed band cellular technologies, and so it is possible that we can look at those bands for hosting unlicensed band NR for example, 5G.

所以實際上它們全部都用於衛星系統。問題在於，如果我們從地面網路用途來看，有一部分網路資源還沒有分配給 WiFi 使用。也就是說，即使在 WiFi 頻段，來自 XCOM Labs 的團隊也是建立免許可頻段蜂窩技術的同一團隊，因此我們有可能考慮將這些頻段用於承載免許可頻段 NR，例如 5G。

Oh, okay, thank you. And then final question from me just goes back to XCOM RAN. So in the tests, in test applications that you've been doing for quite some time now, what is the latest data that you're seeing in terms of increased performance and reliability versus industrial WiFi?

哦，好的，謝謝。最後，我的問題還是跟 XCOM RAN 有關。那麼，在您已經進行了一段時間的測試和測試應用中，與工業 WiFi 相比，您在性能和可靠性方面看到了哪些最新數據？

Yes, so it's works much better than industrial WiFi because we don't have handoff regions and WiFi wasn't really built for handoffs anyways. We also have ease of deployment, we have this clustering where if the robots cluster under one of the radios, you don't just depend on the capacity of that radio, you actually depend, you actually get the capacity of the entire system.

是的，所以它比工業 WiFi 好得多，因為我們沒有切換區域，而且 WiFi 本來就不是為切換而設計的。我們還具有易於部署的優點，我們有這種集群功能，如果機器人聚集在某個無線電裝置下，您不僅依賴該無線電裝置的容量，而且實際上依賴於整個系統的容量。

So in terms of performance benefits, it's dramatically better, it's more reliable, more mission critical. But what we've also been finding is that in these large area deployments we're also economically better. So the economics of rolling out our system relative to an industrial WiFi is much better, and part of that comes from the fact that we have now built our own radio units and significantly cost reduced those as well as being able to provide more frequency bands on a faster basis when those are requested by our customers.

因此，就性能優勢而言，它明顯更好，更可靠，更關鍵。但我們也發現，在這些大面積部署中，我們的經濟效益也更好。因此，與工業 WiFi 相比，我們系統的部署經濟性要好得多，部分原因是我們現在已經建置了自己的無線電單元，並大幅降低了成本，而且當客戶提出要求時，我們還能更快地提供更多頻段。

Great. Thank you very much.

偉大的。非常感謝。

Greg Pendy, Clear Street.

格雷格彭迪，克利爾街。

Hey guys, thanks for taking my questions. Just on the accelerating IoT, can you just add any color on what the acceleration is? Do you think you're gaining share in the space, or do you think the market was just being outsized healthy growth? And how should we think about pricing with the two-way capabilities on a forward basis?

各位好，感謝你們回答我的問題。就物聯網的加速發展而言，您能否簡單描述一下這種加速發展的具體表現形式？你認為你在這個領域正在獲得更大的市場份額，還是你認為市場只是被超負荷的健康成長所掩蓋？那麼，我們該如何考慮基於雙向通訊能力的遠期定價呢？

Okay. So, we, there are definitely new applications that we're able to address. I think that there is also the fact that when we look at some of the competitors in the area who have been in this area for a long time, there's definitely interest of our customer base to have diversity of supply or change suppliers. So that's definitely driving part of it.

好的。所以，我們肯定能夠解決一些新的應用問題。我認為還有一個事實，那就是當我們審視該地區一些長期經營的競爭對手時，我們的客戶群肯定有興趣實現供應多樣化或更換供應商。所以這肯定是部分原因。

So some of it's taking share, some of it's new, it's growing the pie. And then, so the other way, oh, on the two-way pricing, yeah, I mean it's a new set of capabilities and there is market pricing out there for two-way systems, of course, we expect to be aggressive and take share with the two-way system.

所以，有些是現有市場份額，有些是新興市場，它們都在把蛋糕做大。那麼，另一方面，關於雙向定價，是的，我的意思是，這是一套新的功能，雙向系統也有市場定價，當然，我們希望積極進取，透過雙向系統搶佔市場份額。

I should say the growth so far though, if I just want to reiterate, the growth so far is not on the two-way system yet. The two-way system is still, we brought out the module, we baited it with people, they then started building it into their products, and that takes a little bit of time for them to get up to speed and get their products rolled out. So the growth that you're seeing is actually the existing off the existing systems, which is really quite impressive.

不過，我想重申一下，就目前而言，成長還沒有達到雙向發展的狀態。雙向系統仍然是，我們推出了模組，用它吸引人們，然後他們開始將其構建到他們的產品中，這需要一些時間讓他們跟上進度並推出他們的產品。所以你看到的成長實際上是現有系統上的成長，這真的很令人印象深刻。

Got it. That's very helpful. And then, just wholesale looks pretty strong relative to what we were thinking. Just wondering, you mentioned there's half a billion devices, so just trying to understand the underlying growth. Is it just a growing number of enabled devices? Are you seeing a usage? Is it, can you just kind of, higher usage from those who are already enabled? Just trying to understand. Why that?

知道了。那很有幫助。而且，批發市場的表現也比我們預想的要強勁得多。我只是想了解一下，你提到有 5 億台設備，所以我想了解背後的成長趨勢。只是因為支援該功能的設備數量不斷增長嗎？你看到使用情況了嗎？是不是，你只能提高那些已經啟用該功能的使用者的使用率？我只是想了解一下。為什麼？

Right. So I can't really comment on the, customers of our customer, so let me not do that. But it's the number of devices that are out there is just talking about the growth of the number of devices that actually have the satellite modem and radio capabilities in it. So, that those set of devices continues to grow quite rapidly.

正確的。所以，我無法對我們客戶的客戶發表評論，所以我就不這麼做了。但這裡所說的設備數量，指的是實際具備衛星數據機和無線電功能的設備數量的成長。因此，這類設備的數量仍在快速成長。

Got it. That's very helpful. Thanks a lot.

知道了。那很有幫助。多謝。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

George Sutton, Craig Hallum Capital Group.

喬治·薩頓，克雷格·哈勒姆資本集團。

Awesome, thanks. Hey guys, this is Logan on for George. Thanks for taking the question. You guys have been kind of talking about the XCOM RAN investment throughout the year and I think you've been expanding the sales force a bit.

太棒了，謝謝。大家好，我是Logan，並代我為George報道。感謝您回答這個問題。你們今年一直在談論 XCOM RAN 的投資，而且我認為你們也一直在擴充銷售團隊。

And it certainly feels like you have a lot of opportunities in front of that asset. I was wondering if you could just talk a little bit about sort of how should investors think about the return profile or even the profitability of those assets over the next few years.

而且，你一定會覺得這項資產面前有很多機會。我想請您談談投資人應該如何看待這些資產在未來幾年的回報情況，甚至是獲利能力。

Okay. So the, I mean, the margins are good in that business. We're right at the beginning of the sort of the commercial adoption cycle, and so we expect to see growth not just from the existing customer that we've been focused on in the past, but from a new set of customers and also into a new set of areas and we've put up various numbers on, for a total addressable market and so there's a significant addressable market going forward.

好的。所以，我的意思是，這個產業的利潤空間很大。我們正處於商業採用週期的初期，因此我們預計不僅會從我們過去一直關注的現有客戶那裡獲得成長，還會從一群新客戶以及一系列新領域中獲得成長。我們已經對總潛在市場進行了各種估算，因此未來存在著巨大的潛在市場。

And what we're seeing also is that companies that have been in the 5G private network space that didn't have any differentiated technology are starting to feel a lot of pressure. We've seen layoffs and things like that, and we have not just differentiated technology, we have better economics.

我們也看到，那些在 5G 專用網路領域沒有差異化技術的公司開始感受到很大的壓力。我們已經經歷了裁員之類的情況，而且我們不僅在技術上實現了差異化，在經濟上也取得了進步。

And of course, we have the dedicated spectrum for missing critical applications, which, by the way, that hasn't even really started to come into play yet because we were focused on CBRS. So a lot of areas of growth, we don't expect to see a lot of revenue in this fiscal year, but as we look forward into the next year, we expect to see growth there, and then like I said, the margins are good. So we should be in a good place to build both revenues and profitability off of that business.

當然，我們還有專門用於缺少關鍵應用的頻譜，順便說一句，這方面還沒有真正開始發揮作用，因為我們一直專注於 CBRS。因此，在許多成長領域，我們預計本財年不會看到很多收入，但展望明年，我們預計這些領域將會出現成長，而且正如我所說，利潤率也不錯。因此，我們應該能夠善用這項業務來提高收入和獲利能力。

Got it. And then next one for me, I was kind of hoping you could talk a little bit about early traction with the two-way module, just sort of the feedback you're getting any use cases that that you want to call out that are kind of standing out and just sort of maybe your sense on adoption here over the next few years. Thanks.

知道了。接下來，我希望您能談談雙向模組的早期進展，您收到的回饋，您想重點介紹的突出用例，以及您對未來幾年該模組普及情況的看法。謝謝。

Yeah, I can't really give you a lot on the customers because they're all in the process of building their products and want to make their own announcements, but it is a lot of the similar industries that we've been in the past but with new applications and new sets of customers, and there was a set of customers that weren't very interested in talking to us when we were only one way and now we're able to, I think, we'll take share in a number of markets with the two-way system and then as we look forward to making the system also multi-mode with cellular capability in it as well that will also satisfy demands of a certain customer base.

是的，我無法透露太多關於客戶的信息，因為他們都在開發自己的產品，並希望自行發佈公告。但總的來說，他們大多來自我們過去接觸過的類似行業，只是應用領域和客戶群有所不同。之前我們只提供單向通訊時，有一部分客戶對我們不太感興趣，但現在我們能夠與他們溝通了。我認為，憑藉雙向通訊系統，我們將在多個市場佔據份額。此外，我們還計劃將該系統升級為多模系統，加入蜂窩網路功能，以滿足特定客戶群的需求。

So, yeah, I would, it's not like there's some brand new area that I'd say, okay, this we can address now that we didn't, but we certainly have a set of customers that are talking to us that wouldn't have talked to us in the past without a one way only system.

所以，是的，我會這麼做。這並不是說現在出現了一個全新的領域，我可以說，好吧，這是我們以前沒有解決的問題，但我們確實有一群客戶在和我們溝通，而如果沒有單向溝通系統，他們過去是不會和我們溝通的。

Okay, got it. Appreciate it guys.

好的，明白了。謝謝各位。

(Operator Instructions)

（操作說明）

Michael Ridgeway.

邁克爾·里奇韋。

Great, thanks very much. Hi, Paul. A question first on the XCOM RAN warehouse implementation. Is this related to the early work that you have been doing and have been, has been ongoing, since you alluded to a large retail testing implementation.

太好了，非常感謝。你好，保羅。首先問一個關於 XCOM RAN 倉庫實現的問題。這是否與您之前一直在進行的早期工作有關？您之前提到過一項大型零售測試實施計劃，這項工作一直持續至今。

Yes. So we're now in a position where I think we can address a larger customer set, and also not just the original application that we were looking at of the sort of micro fulfillment concept, but larger scale operations as well. And then we're going beyond just the warehouse automation space. We're talking to companies that do things like build out high density environments, convention centers, airports, stadiums, that kind of hotspots, that kind of stuff.

是的。所以，我認為我們現在可以面向更廣泛的客戶群，而且不僅限於我們最初考慮的微型履行概念的應用，還可以面向更大規模的營運。而且，我們的目標遠不止於倉庫自動化領域。我們正在與一些公司洽談，這些公司從事諸如建設高密度環境、會議中心、機場、體育場館等熱點地區之類的項目。

And so as time's gone on and we've been able to invest in the system, it's got a more horizontal feature set as opposed to just super focused on the warehouse automation space. So all of these things provide us with growth opportunities.

因此，隨著時間的推移，我們能夠對系統進行投資，它的功能集也變得更加橫向，而不只是專注於倉庫自動化領域。因此，所有這些都為我們提供了發展機會。

So is that to say then that ultimately there's more of a unified connectivity outside the warehouse as well using that as an example.

所以，這是否可以理解為，最終除了倉庫之外，還有更多統一的連接方式，以倉庫為例。

For sure.

一定。

And then.

進而。

Yeah that's where we're headed.

對，那就是我們的目的地。

Can you help us understand the revenue model behind this, obviously you've got an equipment side and then there's a, the spectrum side of this. Is there any ongoing service associated with those implementations and how should we think about the profitability over time as clients grow, as new customers grow in that space.

您能幫我們了解一下這背後的收入模式嗎？顯然，這其中既有設備方面的收入，也有頻譜方面的收入。這些實施方案是否包含持續的服務？隨著客戶數量和新客戶數量的成長，我們應該如何看待其長期獲利能力？

Yeah, so there is those things that you said, but also there is an annuity component of software license because the main computation is done on commercial off the shelf servers and so we license the software into those servers as well. And then the other thing that's happened is that over time we've been able to build out the entire stacks, so we look forward to the ability to provide network as a service.

是的，正如你所說，確實存在這些問題，但軟體授權也包含年金部分，因為主要運算是在商用現成伺服器上完成的，所以我們也需要將軟體授權到這些伺服器上。此外，隨著時間的推移，我們已經能夠建立整個堆疊，因此我們期待著能夠提供網路即服務。

And that obviously is very much a nice annuity kind of business. So that hasn't happened yet. That's the thing that we're sort of looking to in the medium term, but we get the idea that we don't want to just sell something and then walk away.

這顯然是一件非常好的年金型生意。所以這種情況還沒發生。這是我們中期想要達到的目標，但我們也明白，我們不想只是賣掉一些東西然後就一走了之。

Right. So from a margin perspective we could expect a delay on margin accretion as installs happen over what several quarters.

正確的。因此，從利潤率的角度來看，由於安裝工作需要幾個季度才能完成，我們可以預期利潤率的成長會有所延遲。

Margin accretion to the overall company.

提升公司整體利潤率。

To the overall, to the overall business from that business to this.

從整體來看，從那家公司到這家公司，對整個業務都有影響。

Yeah, oh yeah, well this business right now is it's still an investment phase, so for sure, but on a gross margin basis, gross margins are solid here and we have differentiated technology and we put the effort into driving the cost, driving down the cost curve. So yeah, so margins should be good and then to the extent that you get an embedded base, I think this might be where you were going. Embedded base of kind of annuity revenue, then obviously that's very high margin.

是的，哦，是的，目前這項業務仍處於投資階段，所以當然，但從毛利率來看，這裡的毛利率很穩健，我們擁有差異化技術，並且我們致力於降低成本，降低成本曲線。所以，利潤率應該不錯，如果你能建立一個嵌入式基礎，我想這可能就是你想要達到的目標。如果其中包含某種年金收入，那麼利潤率顯然會非常高。

That's super helpful. Just last question talking about this. We've come through 10 years where we haven't seen any market transactions in MSS and now we've gotten a few and another one announced this morning. Can you maybe spend a little bit more time you did at the beginning of the call, but just differentiate, what Globalstar has and the utility and the global harmonization from a relative value perspective of from what we've seen in the market if you could.

這太有幫助了。關於這個主題，最後一個問題。在過去 10 年裡，MSS 沒有出現任何市場交易，而現在我們已經看到了幾筆交易，今天早上又宣布了一筆。您能否在通話開始時多花一點時間，從相對價值的角度，結合我們在市場上看到的情況，區分 Globalstar 的優勢、實用性和全球協調性？

Yeah. So, I don't want to talk about transactions or speculation, but I will talk about our competitive positioning, which is, we have spectrum which is globally harmonized, meaning that it is not just for a small number of markets. You don't have to worry as a satellite operator whether you're crossing boundaries, whether they're country boundaries or just inner system, in operator boundaries. The spectrum covers the entire Earth, and yes, there might be a few countries here and there who didn't get landing rights, but for the most part the world is covered by our spectrum and system.

是的。所以，我不想談論交易或投機，但我會談談我們的競爭地位，那就是我們擁有全球統一的頻譜，這意味著它不僅適用於少數市場。作為衛星營運商，您不必擔心是否跨越邊界，無論是國家邊界還是營運商內部系統邊界。光譜覆蓋了整個地球，沒錯，可能有些國家沒有獲得著陸權，但總的來說，我們的頻譜和系統覆蓋了世界大部分地區。

So that is differentiated. Some of the transactions that have been seen in the market have been focused on particular geographies, and in some cases I would say there's questions about whether some of the spectrum that whether it will continue to be available post license reauthorization processes. So of some of the spectrum that's transacted, So that we're watching that we've put our hat in the ring for some of these spectrum assets in case they are reallocated, and we certainly can put them to good use and they are also covered by our HIBLEO-XL filing.

所以這就區分了。市場上出現的一些交易集中在特定地區，在某些情況下，我認為存在一些疑問，即在許可證重新授權程序之後，某些頻譜是否還能繼續提供。因此，對於一些已交易的頻譜，我們正在密切關注，我們已經為其中一些頻譜資產的重新分配做好了準備，我們當然可以充分利用它們，而且它們也包含在我們的 HIBLEO-XL 檔案中。

Great. That's helpful. One last question on the C3 ground station buildout. You've mentioned 90 new tracking antennas. Does that, where does that put you in terms of the total buildout plan in percentage terms?

偉大的。那很有幫助。關於C3地面站建設的最後一個問題。您提到了90個新的追蹤天線。這樣算下來，就整個建設計畫而言，你的進度佔比是多少？

That's the buildout. I mean, the 90 plus is the new set of antennas for .

這就是建設方案。我的意思是，90 Plus 是一套新的天線。。

Okay.(multiple speakers)

好的。 （多人發言）

We're in the process of rolling them out. I don't think we've given an exact number up to date, but you, Rebecca, if we have said anything more precise than that, please speak up.

我們正在逐步推廣這些服務。我認為我們目前還沒有給出確切的數字，但是麗貝卡，如果你知道我們說過比這更精確的話，請你告訴我。

No, we haven't. We've talked about the sites where we're currently in construction, which is around close to 30, so making really good progress and definitely on track with those milestone dates and the various agreements, both regulatory ground infrastructure build out and satellite construction.

不，我們沒有。我們已經討論過目前正在建設的站點，大約有 30 個，所以進展非常順利，並且肯定按計劃完成了里程碑日期和各項協議，包括監管地面基礎設施建設和衛星建設。

That's super helpful. Thank you. Great quarter. You've made a lot of progress. Thanks for the color and good luck.

這太有幫助了。謝謝。很棒的季度。你已經取得了很大的進步。謝謝你提供的色彩，祝你好運。

Thanks very much.

非常感謝。

Thanks Michael.

謝謝你，麥可。

Thank you very much. At this time I'm showing no further questions. I would like to turn the call back over to Paul Jacobs for closing remarks.

非常感謝。目前我不再提出其他問題。我謹將電話交還給保羅‧雅各布斯，請他作總結發言。

Well, I think it has been a great quarter and we're really firing on all cylinders and we're excited by, as I said, the fact that we focused on building a global company and a global spectrum position, global set of customers, global infrastructure from the very beginning, and that is showing to be a particularly valuable place to be in this change in the industry. And I do, as I said earlier, see this as a strategic inflection point and so being in that part of the industry again and with the ability to play in a new inflection point, it's extremely exciting and should be, we expect it should be good for all of us and our supporters and investors. So thank you very much for being there for us and we look forward to updating you more into the future.

我認為這是一個非常棒的季度，我們各方面都表現出色，正如我所說，我們從一開始就專注於打造一家全球性公司，佔據全球頻譜地位，擁有全球客戶群和全球基礎設施，這讓我們感到非常興奮，事實證明，在行業變革中，這是一個特別有價值的優勢。正如我之前所說，我認為這是戰略轉折點，因此能夠再次進入這個行業，並有機會參與到一個新的轉折點中，這令人非常興奮，我們預計這對我們所有人、我們的支持者和投資者來說都是好事。非常感謝你們一直以來的支持，我們期待未來能與你們分享更多最新消息。

Thank you very much. This concludes today's conference. You may now disconnect.

非常感謝。今天的會議到此結束。您現在可以斷開連線了。