NextNav Inc (NN) 2022 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to NextNav's Fourth Quarter 2022 Earnings Conference Call. Participating on today's call are Gary Parsons, NextNav's Chairman, Ganesh Pattabiraman, NextNav's Co-Founder and CEO; and Chris Gates, NextNav's Chief Financial Officer.

大家下午好，歡迎來到 NextNav 的 2022 年第四季度收益電話會議。參加今天電話會議的有 NextNav 董事長 Gary Parsons、NextNav 聯合創始人兼首席執行官 Ganesh Pattabiraman；和 NextNav 的首席財務官 Chris Gates。

Before we begin, please note that during today's presentation, the company may make forward-looking statements either in our prepared remarks or in the associated question-and-answer session. These statements, which involve risks and uncertainties relate to analysis and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav's future prospects, developments and business strategies.

在我們開始之前，請注意，在今天的演講中，公司可能會在我們準備好的評論或相關的問答環節中做出前瞻性陳述。這些涉及風險和不確定性的陳述涉及基於對未來結果的預測和尚未確定的金額估計的分析和其他信息，還可能涉及 NextNav 的未來前景、發展和業務戰略。

In particular, such forward-looking statements include statements about NextNav's position to drive growth in its 3D geolocation businesses and expansion of its next-generation GPS platform.

特別是，此類前瞻性陳述包括有關 NextNav 推動其 3D 地理定位業務增長和擴展其下一代 GPS 平台的立場的陳述。

The business plans, objectives, expectations and intentions of NextNav, NextNav's partnerships and the potential success thereof in NextNav's estimated and future business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on current expectations or beliefs that there are certain -- subject to certain risks and uncertainties that may cause actual results to differ materially.

NextNav 的業務計劃、目標、期望和意圖、NextNav 的合作夥伴關係及其在 NextNav 估計和未來業務戰略、競爭地位、行業環境和潛在增長機會中的潛在成功。這些陳述基於當前的預期或信念，即存在某些風險和不確定性，這些風險和不確定性可能導致實際結果存在重大差異。

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav's control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

此類前瞻性陳述受已知和未知風險、不確定性、假設和其他重要因素的影響，其中許多因素不在 NextNav 的控制範圍內，可能導致實際結果與前瞻性陳述中討論的結果存在重大差異。

These risks, uncertainties, assumptions and other important factors include, but are not limited to, the ability of NextNav to continue to gain traction in key markets and with notable platforms and partners, both within the U.S. and internationally, the ability of NextNav to grow and manage growth profitably, maintain relationships with partners, customers and suppliers, including with respect to NextNav's Pinnacle 911 solution and its TerraPoiNT network, and the ability to retain its management and key employees, the ability to maintain balance sheet flexibility and generate and effectively deploy capital in line with these business strategies.

這些風並以盈利方式管理增長，維護與合作夥伴、客戶和供應商的關係，包括 NextNav 的 Pinnacle 911 解決方案及其 TerraPoiNT 網絡，以及留住其管理層和關鍵員工的能力，保持資產負債表靈活性以及生成和有效部署的能力符合這些業務戰略的資本。

The possibility that NextNav may be adversely affected by other economic business and/or competitive factors, including the impact of the ongoing COVID-19 coronavirus pandemic, other risks and uncertainties indicated from time to time in documents filed with the Securities and Exchange Commission by NextNav.

NextNav 可能受到其他經濟業務和/或競爭因素不利影響的可能性，包括持續的 COVID-19 冠狀病毒大流行的影響、NextNav 不時在向美國證券交易委員會提交的文件中指出的其他風險和不確定性.

New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Risk factors that may impact our performance are identified in our most recent SEC filings.

新的風險和不確定性會不時出現，我們無法預測這些事件或它們如何影響我們。請注意不要過分依賴任何前瞻性陳述，這些陳述僅在作出之日有效，NextNav 不承諾更新或修改前瞻性陳述，無論是由於新信息、未來事件或其他原因.我們最近向美國證券交易委員會提交的文件中確定了可能影響我們業績的風險因素。

Following our prepared remarks, the company will host an operator-led question-and-answer session. In addition, at the conclusion of today's call, a replay of our discussion will be posted on the company's Investor Relations website.

在我們準備好的評論之後，該公司將舉辦一場由接線員主導的問答環節。此外，在今天的電話會議結束時，我們的討論重播將發佈在公司的投資者關係網站上。

With that, I'll turn the call over to NextNav's Chairman, Gary Parsons. Please go ahead, sir.

有了這個，我會把電話轉給 NextNav 的主席加里帕森斯。請繼續，先生。

Thank you very much, operator. Good afternoon, everyone, and welcome to NextNav's Fourth Quarter and Full Year 2022 Earnings Call.

非常感謝你，接線員。大家下午好，歡迎來到 NextNav 的第四季度和 2022 年全年收益電話會議。

As the operator indicated, joining me today are NextNav's CEO, Ganesh Pattabiraman; and NextNav's CFO, Chris Gates. 2022 was a solid year for NextNav, building on the momentum for our go public transaction in 2021. We established a strong operational foundation and we expanded our capabilities from both a product and a technology standpoint.

正如接線員所說，今天加入我的是 NextNav 的首席執行官 Ganesh Pattabiraman； NextNav 的首席財務官克里斯·蓋茨 (Chris Gates)。 2022 年對 NextNav 來說是堅實的一年，建立在我們 2021 年上市交易的勢頭之上。我們建立了強大的運營基礎，並從產品和技術的角度擴展了我們的能力。

At each step, we're guided by 3 strategic priorities. And as a reminder -- we've said this before, but as a reminder, these priorities are: first, being the industry leader in resilient positioning, navigation and timing or PNT; next, leveraging our recent Nestwave acquisition to significant capabilities of our spectrum assets; and finally, expanding our global reach.

在每一步，我們都以 3 個戰略重點為指導。提醒一下——我們之前已經說過，但提醒一下，這些優先事項是：首先，成為彈性定位、導航和授時或 PNT 領域的行業領導者；接下來，利用我們最近收購的 Nestwave 來發揮我們頻譜資產的重要能力；最後，擴大我們的全球影響力。

Now a major milestone in each of these priorities was achieved in the fourth quarter of 2022 with our acquisition of Nestwave, a privately held global leader in low-power geolocation. As Ganesh will detail later, following the early integration of engineering teams late last year, we are preparing to launch initial implementations of the combined technologies later this spring. With Nestwave, which by the way, is now named NextNav France, we incorporate unique intellectual property that allows us to rapidly meet the growing needs of PNT resilience or government's critical infrastructure, public safety and other sectors.

現在，我們在 2022 年第四季度收購了低功耗地理定位領域的全球領先私營企業 Nestwave，實現了這些優先事項中的每一個的重要里程碑。正如 Ganesh 稍後將詳述的那樣，繼去年底工程團隊的早期整合之後，我們準備在今年春季晚些時候啟動組合技術的初步實施。 Nestwave，順便說一句，現在被命名為 NextNav France，我們整合了獨特的知識產權，使我們能夠快速滿足 PNT 彈性或政府關鍵基礎設施、公共安全和其他部門不斷增長的需求。

The acquisition and final tech implementation and integration will also enable us to dramatically improve spectral efficiency for our underlying spectrum assets, utilizing LTE and 5G waveforms. And as we've indicated in our intention in prior calls, NextNav has now filed modifications for our existing experimental licenses to include testing of those various LTE and 5G configurations.

收購和最終技術實施與集成還將使我們能夠利用 LTE 和 5G 波形顯著提高我們的基礎頻譜資產的頻譜效率。正如我們在之前的電話中所表明的那樣，NextNav 現在已經提交了對我們現有實驗許可證的修改，以包括對這些各種 LTE 和 5G 配置的測試。

Now the combined Nestwave, NextNav technology, not only enhances the technical capabilities, and data-carrying capacity of our spectrum, but it is also expected to significantly reduce future capital and network operating expenditures associated with the deployment of our TerraPoiNT technology. From a spectrum standpoint, certainly recall that we are the sole licensee of 8 megahertz of contiguous low-band spectrum. We own a total of 2.4 billion megahertz pops, which compares approximately 93% of the U.S. population.

現在，結合 Nestwave 和 NextNav 技術，不僅增強了我們頻譜的技術能力和數據承載能力，而且預計還將顯著減少與部署我們的 TerraPoiNT 技術相關的未來資本和網絡運營支出。從頻譜的角度來看，當然記得我們是 8 兆赫連續低頻段頻譜的唯一被許可人。我們總共擁有 24 億兆赫茲的流行音樂，這相當於美國人口的大約 93%。

Our unique spectrum asset fit in existing 3GPP bands for LTE and 5G spectrum, which facilitates integration into mobile handsets and provides significant operational advantages. On the related spectrum front, just last week, the Biden administration announced it's seeking public comment on what should be included in the long-awaited national broadband spectrum strategy. That effort is being led by the National Telecommunications and Information Administration, or NTIA, a telecom agency within the Commerce Department.

我們獨特的頻譜資產適用於 LTE 和 5G 頻譜的現有 3GPP 頻段，這有助於集成到手機中並提供顯著的運營優勢。在相關頻譜方面，就在上週，拜登政府宣布正在就期待已久的國家寬帶頻譜戰略中應包含的內容徵求公眾意見。這項工作由商務部下屬的電信機構國家電信和信息管理局 (NTIA) 牽頭。

The last national broadband plan is over a decade old and this coming effort is seeking to identify up to 1,500 megahertz of spectrum to examine for potential re-purposing, expressly for the purpose of expanded broadband availability. The request seeks feedback on 3 strategic pillars: first, what type of spectrum the government should try to free up for commercial broadband use; secondly, how to best do long-term spectrum planning; and thirdly, how technology can improve spectrum management and inform new models of spectrum sharing.

上一個國家寬帶計劃已有十多年曆史，這項即將開展的工作正在尋求確定高達 1,500 兆赫的頻譜，以檢查潛在的重新利用，明確用於擴大寬帶可用性的目的。該請求就 3 個戰略支柱尋求反饋：第一，政府應嘗試釋放哪種類型的頻譜用於商業寬帶使用；其次，如何最好地進行長期頻譜規劃；第三，技術如何改善頻譜管理並為新的頻譜共享模式提供信息。

NextNav's technology has already proven its ability to provide critical public safety and governmental services without interfering with other nearby services. We believe that enhancing these capabilities to improve spectral efficiency and deliver valuable broadband carriage is consistent with the government's overarching broadband objectives.

NextNav 的技術已證明其能夠在不干擾附近其他服務的情況下提供關鍵的公共安全和政府服務。我們相信，增強這些能力以提高頻譜效率並提供有價值的寬帶傳輸符合政府的總體寬帶目標。

Now turning to our pinnacle vertical location technology. We continue to advance our work in the E911 and public safety sector. We signed several notable contracts in 2022, led by our agreement with Verizon. Verizon is the first Tier 1 carrier to launch a device with our Pinnacle technology for E911 emergency calling. We expect to announce the digital implementations during this year.

現在轉向我們的巔峰垂直定位技術。我們繼續推進我們在 E911 和公共安全領域的工作。以我們與 Verizon 的協議為首，我們在 2022 年簽署了幾項重要合同。 Verizon 是第一家推出採用我們用於 E911 緊急呼叫的 Pinnacle 技術的設備的一級運營商。我們預計將在今年宣布數字化實施。

Overall, 2022, saw us make meaningful progress, executing against our strategic priorities, and 2023 thus far has continued this promising trend. I look forward to sharing more with you later this year. And with that, let me turn it over to Ganesh to provide a deeper dive into our current initiatives as well as operational and customer milestones. Ganesh?

總體而言，2022 年我們取得了有意義的進展，執行了我們的戰略重點，而 2023 年迄今延續了這一充滿希望的趨勢。我期待在今年晚些時候與您分享更多。有了這個，讓我把它交給 Ganesh 來更深入地了解我們當前的計劃以及運營和客戶里程碑。像頭神？

Thanks, Gary, and thanks, everyone, for joining the call this afternoon. 2022 was a year of execution for us at NextNav. We made our Pinnacle solution available at scale. And with the acquisition of NextNav France, we can make a resilient PNT solution available in more places at a significantly lower cost and unleash the potential of our underlying spectrum asset.

謝謝加里，也謝謝大家今天下午加入電話會議。 2022 年對我們 NextNav 來說是執行的一年。我們大規模提供了 Pinnacle 解決方案。通過收購 NextNav France，我們可以以顯著降低的成本在更多地方提供彈性 PNT 解決方案，並釋放我們基礎頻譜資產的潛力。

As Gary noted, the integration of NextNav France is progressing well. Since November, we have worked alongside Ambroise Popper to complete the integration of our engineering and operations team. With the integration behind us, we're now focused on the integration and implementation of the overall technology. By combining our TerraPoiNT technology with existing LTE and 5G cellular networks, we can create a highly accurate and highly synchronized resilient PNT network, utilizing TerraPoiNT transmitters only in locations with the greatest need.

正如 Gary 指出的那樣，NextNav France 的整合進展順利。自 11 月以來，我們與 Ambroise Popper 合作完成了我們的工程和運營團隊的整合。隨著我們背後的集成，我們現在專注於整體技術的集成和實施。通過將我們的 TerraPoiNT 技術與現有的 LTE 和 5G 蜂窩網絡相結合，我們可以創建一個高度準確和高度同步的彈性 PNT 網絡，僅在最需要的位置使用 TerraPoiNT 發射器。

Based on our progress to date, we expect to have initial implementations of the combined technologies ready for internal testing in the second quarter. We expect those trials to run for several months with the full technology integration occurring by the end of the year. Additionally, as we noted, we expect the integration to enable us to drive to greater spectral efficiency from our underlying spectrum assets, allowing us to harmonize the TerraPoiNT system with LTE and 5G waveforms.

根據我們迄今為止的進展，我們預計將在第二季度為內部測試準備好組合技術的初步實施。我們預計這些試驗將持續數月，並在年底前實現全面的技術整合。此外，正如我們所指出的，我們希望這種集成能夠使我們從我們的基礎頻譜資產中獲得更高的頻譜效率，從而使我們能夠協調 TerraPoiNT 系統與 LTE 和 5G 波形。

As Gary noted, we just filed an experimental license earlier today. With these implementations, we believe we may be able to meet, not only resilient PNT needs, but also support data-carrying capabilities on our spectrum. As we indicated last fall, unleashing the full value of our spectrum is a strategic priority for us, and this technology integration moves us in the right direction. We expect to have more exciting news on this front in the near future. Regarding Pinnacle, we continue to establish customer relationship with some of the industry's leading players, including Prepared, Convey911 and Sonim Technologies to name a few.

正如 Gary 所說，我們今天早些時候剛剛提交了一份實驗許可證。通過這些實施，我們相信我們不僅可以滿足彈性 PNT 需求，還可以支持我們頻譜上的數據承載能力。正如我們去年秋天指出的那樣，釋放我們頻譜的全部價值是我們的戰略重點，這種技術整合使我們朝著正確的方向前進。我們期待在不久的將來在這方面有更多令人振奮的消息。關於 Pinnacle，我們繼續與一些行業領先企業建立客戶關係，包括 Prepared、Convey911 和 Sonim Technologies 等。

In January, we announced the integration of our Pinnacle technology into Sonim's XP3plus flip phone, which is now available to all Verizon and Verizon Frontline Customers. This is a significant milestone as Verizon is the first Tier 1 provider to launch with our Pinnacle service for 911 purposes. More importantly, we expect additional devices, including with other Tier 1 carriers to be enabled by our Pinnacle technology for E911 throughout the year.

一月份，我們宣布將我們的 Pinnacle 技術集成到 Sonim 的 XP3plus 翻蓋手機中，現在所有 Verizon 和 Verizon Frontline 客戶都可以使用。這是一個重要的里程碑，因為 Verizon 是第一家為 911 目的推出我們 Pinnacle 服務的一級供應商。更重要的是，我們預計全年將有更多設備（包括其他一級運營商）通過我們用於 E911 的 Pinnacle 技術啟用。

We're also beginning to see integration of Pinnacle's z-axis capabilities in additional public safety application. In February, RadioIP, a leader in secure mobile communications announced that it's utilizing NextNav's technology to empower its industrial-leading VPN solution with mission-critical z-axis location intelligence. As we move through 2023, we expect to see more of these implementations coming online.

我們也開始看到 Pinnacle 的 z 軸功能在其他公共安全應用中的集成。 2 月，安全移動通信領域的領導者 RadioIP 宣布，它正在利用 NextNav 的技術為其行業領先的 VPN 解決方案提供任務關鍵型 z 軸位置智能。隨著 2023 年的到來，我們預計會看到更多此類實施上線。

Shifting to the government side. We continue to believe that the federal procurement language modifications as outlined in executive order 13905 will be released in the coming months. We're continuing to have discussions with various departments and agencies on how best to advance resilient PNT. We held discussions with DHS and Nest as they're working towards characterizing PNT vulnerabilities. And we were pleased to see Nest recognized PNT as a cybersecurity vulnerability in its latest revision to the PNT profile.

轉移到政府方面。我們仍然相信，行政命令 13905 中概述的聯邦採購語言修改將在未來幾個月內發布。我們將繼續與各部門和機構討論如何最好地推進彈性 PNT。我們與 DHS 和 Nest 進行了討論，因為他們正在努力描述 PNT 漏洞的特徵。我們很高興看到 Nest 在其最新修訂的 PNT 配置文件中將 PNT 識別為網絡安全漏洞。

This is important as it enables several of the cybersecurity funds in the infrastructure and Jobs Act, the $1 trillion bill that was passed a year ago to be made available for PNT resilience. The DOT -- Congress -- and as the Congress is part of the 2023 Omnibus Appropriations Bill, awarded DOT with $15 million to implement recommendations for PNT resilience following the testing that they conducted in 2020.

這很重要，因為它使基礎設施和就業法案中的一些網絡安全基金成為可能，一年前通過的 1 萬億美元法案可用於 PNT 彈性。 DOT——國會——由於國會是 2023 年綜合撥款法案的一部分，因此在 2020 年進行的測試之後，授予 DOT 1500 萬美元用於實施 PNT 彈性建議。

Interestingly, with the new Nest classification, cybersecurity is now a significant part of the conversations we're having with several state and local officials around how best to leverage state direct-to-infrastructure funding. We're now energized by these early stage discussions, and we feel confident we'll make additional inroads later this year.

有趣的是，隨著新的 Nest 分類，網絡安全現在成為我們與幾個州和地方官員就如何最好地利用州直接基礎設施資金進行對話的重要組成部分。我們現在對這些早期階段的討論充滿活力，我們相信我們會在今年晚些時候取得更多進展。

Another area of momentum for us is our work in support of NASA. We recently expanded our relationship having been selected to deliver PNT services for its urban drone operation at the Ames Research Center in Mountain View, California. The agreement builds on an existing collaboration between NextNav and NASA in which the agency leverages the TerraPoiNT network to support its certain program at Langley Research Center in Virginia.

我們的另一個動力領域是我們支持 NASA 的工作。我們最近擴大了我們的關係，被選中為其在加利福尼亞州山景城的艾姆斯研究中心的城市無人機運營提供 PNT 服務。該協議建立在 NextNav 與 NASA 之間現有合作的基礎上，在該合作中，該機構利用 TerraPoiNT 網絡支持其在弗吉尼亞州蘭利研究中心的特定項目。

Under our new relationship with NASA, NASA will be utilizing the TerraPoiNT network to conduct drone navigation, detection and collision avoidance in support of -- in better understanding of PNT in GPS-denied environments. Initial tests in the Bay Area will leverage the TerraPoiNT network that we already have present in the region, allowing for beyond visual-line-of-sight testing for drones operating outside the visible range of a pilot.

根據我們與 NASA 的新關係，NASA 將利用 TerraPoiNT 網絡進行無人機導航、檢測和防撞，以支持 - 更好地了解 GPS 禁用環境中的 PNT。灣區的初步測試將利用我們在該地區已有的 TerraPoiNT 網絡，允許對在飛行員可見範圍之外運行的無人機進行超視距測試。

We are thrilled to have do up such a strong relationship with NASA and look forward to identifying new opportunities to support that work in the future. On the global front, the European Union today published the results of the evaluation of the alternate PNT testing. The demonstrations tested technologies from 7 different companies on their ability to address vulnerabilities and serve as a backup to GNSS.

我們很高興與 NASA 建立如此牢固的關係，並期待在未來找到新的機會來支持這項工作。在全球方面，歐盟今天公佈了替代 PNT 測試的評估結果。這些演示測試了 7 家不同公司的技術解決漏洞和作為 GNSS 備份的能力。

As part of the findings, JRC recognized NextNav's TerraPoiNT solution as a mature solution that meets or exceeds all relevant benchmarks to serve as a resilient layer to existing GNSS technology. You will recall test by the U.S. Department of Transportation on the TerraPoiNT, we're the only commercial PNT alternative to meet identified needs in all applicable use cases.

作為調查結果的一部分，JRC 認為 NextNav 的 TerraPoint 解決方案是一個成熟的解決方案，可以滿足或超過所有相關基準，可以作為現有 GNSS 技術的彈性層。您會記得美國交通部對 TerraPoiNT 進行的測試，我們是唯一能夠滿足所有適用用例中已確定需求的商業 PNT 替代方案。

The JRC also recommends that spectrum be allocated for terrestrial P&T resilience within the EU. This is consistent with the actions the Japanese government is taking to provide spectrum to NextNav's JV partner, MetCom. And similar to the DOT recommendations, the JRC report also recommends a system of systems approach to mitigate GNSS vulnerabilities.

JRC 還建議為歐盟內部的地面 P&T 彈性分配頻譜。這與日本政府為向 NextNav 的合資夥伴 MetCom 提供頻譜而採取的行動是一致的。與 DOT 的建議類似，JRC 報告還推薦了一種系統方法來緩解 GNSS 漏洞。

As European policymakers look ahead to the upcoming European radio navigation plan and develop their infrastructure priorities, we'll be encouraging them to use these findings as a load start to act quickly before facing the serious consequences of a GNSS outage. We're also speaking to many of these same officials about the advantage of our Pinnacle solution. Following the commercial launch of our Pinnacle technology in Japan, we are now fielding significant interest from additional countries.

隨著歐洲決策者展望即將到來的歐洲無線電導航計劃並製定他們的基礎設施優先事項，我們將鼓勵他們使用這些發現作為負載開始，以便在面臨 GNSS 中斷的嚴重後果之前迅速採取行動。我們還與這些官員中的許多人討論了我們 Pinnacle 解決方案的優勢。隨著我們的 Pinnacle 技術在日本的商業發布，我們現在引起了其他國家的極大興趣。

We recently hosted a delegation from a European country regarding possible upcoming trials. And as these conversations advance, we're hopeful that it will lead to additional trials in the coming months.

我們最近接待了一個來自歐洲國家的代表團，討論可能即將進行的試驗。隨著這些對話的推進，我們希望它將在未來幾個月內帶來更多的試驗。

Overall, we are thrilled with our progress in 2022 and excited by what lies ahead of us. We are working closely with governments and companies alike to make -- help make PNT resilience a reality.

總的來說，我們對我們在 2022 年取得的進展感到興奮，並對我們面前的一切感到興奮。我們正在與政府和公司密切合作，以幫助實現 PNT 彈性。

With that, let me turn things over to Chris for a review of the numbers. Chris?

有了這個，讓我把事情交給克里斯來審查這些數字。克里斯？

Thanks, Ganesh. Good afternoon, everyone. Now we'll go through our fourth quarter and full year 2022 results. Beginning with the topline, revenue in fiscal year 2022 was $3.9 million, including $803,000 in the fourth quarter compared to $763,000 and $20,000 in the full year and fourth quarter of 2021, respectively. The increase in both the quarter and year was driven by increased revenue from technology and services contracts with commercial customers.

謝謝，加內甚。大家下午好。現在我們將回顧我們的第四季度和 2022 年全年業績。從收入開始，2022 財年的收入為 390 萬美元，其中第四季度收入為 803,000 美元，而 2021 年全年和第四季度收入分別為 763,000 美元和 20,000 美元。與商業客戶簽訂的技術和服務合同收入增加推動了季度和年度的增長。

Operating expenses for 2022 were approximately $69 million, including $15.3 million in the fourth quarter, which included $934,000 in transaction-related expenses for our acquisition of Nestwave. This compares to approximately $43 million in the prior year period, and $14.2 million in the fourth quarter of 2021.

2022 年的運營費用約為 6900 萬美元，其中第四季度為 1530 萬美元，其中包括我們收購 Nestwave 的交易相關費用 934000 美元。相比之下，去年同期約為 4300 萬美元，2021 年第四季度為 1420 萬美元。

Operating expenses in 2022 included $26.5 million of equity compensation expense and $3.7 million of depreciation and amortization compared to $1.7 million and $1.8 million, respectively, in 2021.

2022 年的運營費用包括 2650 萬美元的股權補償費用和 370 萬美元的折舊和攤銷，而 2021 年分別為 170 萬美元和 180 萬美元。

Operating expenses in fiscal year 2021 also included $9 million of warrant expenses associated with our AT&T site posting arrangement. Operating expenses in the quarter included -- for the quarter, included $5.9 million in equity compensation expense and $1.0 million of depreciation and amortization compared to $641,000 and $713,000, respectively, in the fourth quarter of 2021.

2021 財年的運營費用還包括與我們的 AT&T 網站發布安排相關的 900 萬美元授權費用。本季度的運營費用包括——本季度包括 590 萬美元的股權補償費用和 100 萬美元的折舊和攤銷費用，而 2021 年第四季度分別為 641,000 美元和 713,000 美元。

Our full-year net loss was $40.1 million, including $12.5 million in the fourth quarter as compared to $144.7 million and $46.2 million in the full year and fourth quarter of 2021, respectively.

我們的全年淨虧損為 4010 萬美元，其中第四季度為 1250 萬美元，而 2021 年全年和第四季度分別為 1.447 億美元和 4620 萬美元。

Net loss for 2022 included a gain of $24.7 million related to the change in fair value of warrants. We continue to maintain substantial capital flexibility with $55.4 million in cash and cash equivalents and short-term investments on our balance sheet. Going forward, we continue to focus on managing costs and our balance sheet as new customers bring our products into revenue service.

2022 年的淨虧損包括與認股權證公允價值變動相關的 2470 萬美元收益。我們繼續保持巨大的資本靈活性，資產負債表上有 5540 萬美元的現金和現金等價物以及短期投資。展望未來，隨著新客戶將我們的產品帶入營收服務，我們將繼續專注於管理成本和資產負債表。

And as we noted on our third quarter earnings call, the Nestwave acquisition is expected to substantially reduce our future capital needs by decreasing the CapEx and network OpEx required for a broad TerraPoiNT deployment in the U.S., while facilitating our global expansion. And as Gary highlighted previously, allow us to significantly improve our spectrum assets.

正如我們在第三季度財報電話會議上指出的那樣，收購 Nestwave 預計將通過減少在美國廣泛部署 TerraPoiNT 所需的資本支出和網絡運營支出來大幅減少我們未來的資本需求，同時促進我們的全球擴張。正如加里之前強調的那樣，讓我們能夠顯著改善我們的頻譜資產。

With that, I'll turn the call over to the operator for questions. Operator?

有了這個，我會把電話轉給接線員詢問問題。操作員？

(Operator Instructions)

（操作員說明）

We'll take our first question this afternoon from Mr. Mike Crawford of B. Riley Securities.

我們將在今天下午接受來自 B. Riley Securities 的 Mike Crawford 先生的第一個問題。

Given we're more than 90% of the way through the first quarter, what visibility do you have into revenue and cash usage in Q1?

鑑於第一季度我們已經完成了 90% 以上，您對第一季度的收入和現金使用情況有何了解？

Great question, Mike, and I think I can pick that up. Now as you know, we don't provide revenue guidance as we remain in the earlier stages of ramping our business. For 2023 as a whole, we hold some optimism for revenue growth, albeit with some lumpiness as public safety customers bring existing agreements into service. And we work towards potentially larger opportunities that may emerge from the E911 international government initiatives.

好問題，邁克，我想我可以回答這個問題。現在如你所知，我們不提供收入指導，因為我們仍處於擴大業務的早期階段。對於整個 2023 年，我們對收入增長持樂觀態度，儘管隨著公共安全客戶將現有協議投入使用，我們對收入增長持樂觀態度。我們努力爭取 E911 國際政府倡議中可能出現的更大機會。

We are focused on managing our use of cash as we work towards our major strategic objectives. And as we've said in the past, I think we may expect some modest amount of increase in cash usage, but I actually think 2022, we spent $44.4 million, I think, in 2022, with kind of an average cash usage of approximately $11 million per quarter. And while we've been a little cautious about providing guidance, I wouldn't expect dramatic increases in our use of cash as we kind of work through the year.

在我們努力實現主要戰略目標的過程中，我們專注於管理現金的使用。正如我們過去所說，我認為我們可能預計現金使用量會略有增加，但我實際上認為到 2022 年，我們在 2022 年花費了 4440 萬美元，平均現金使用量約為每季度 1100 萬美元。雖然我們對提供指導持謹慎態度，但我預計在我們全年工作時現金使用不會大幅增加。

Okay. Should we expect you to put some assets -- spectrum asset back on the balance sheet in the second quarter?

好的。我們是否應該期望您在第二季度將一些資產——頻譜資產放回資產負債表？

That is very good question. Because of our tight focus on managing expense growth and costs, and as I just indicated, we maintain a pretty strong balance sheet, which provides us with a decent amount of flexibility to navigate the market conditions we see right now.

這是個很好的問題。由於我們密切關注管理費用增長和成本，正如我剛才所指出的，我們保持著相當強勁的資產負債表，這為我們提供了相當大的靈活性來應對我們目前看到的市場狀況。

As we've said in the past, we do have a strong asset base, and we believe that will enable us to secure attractive financing at the right time. Our spectrum licenses constitute a pretty rare swath of high-value, low-band spectrum, obviously bolstered by a large and growing intellectual property portfolio, supporting our PNT capabilities, which, as we've discussed, are growing in importance in the U.S. and as we heard from Ganesh regarding the recent JRC report internationally.

正如我們過去所說，我們確實擁有強大的資產基礎，我們相信這將使我們能夠在正確的時間獲得有吸引力的融資。我們的頻譜許可構成了相當罕見的高價值、低頻段頻譜，顯然得到了龐大且不斷增長的知識產權組合的支持，支持我們的 PNT 能力，正如我們所討論的那樣，這些能力在美國和正如我們從 Ganesh 那裡聽到的關於 JRC 最近的國際報告。

In the event that we do raise capital, the core focus, of course, is minimizing equity dilution and leveraging our asset base as we have in the past. So I think that's directionally how we would think about it.

如果我們確實籌集資金，核心重點當然是盡量減少股權稀釋並像過去一樣利用我們的資產基礎。所以我認為這就是我們的思考方式。

Okay. If you don't mind, I'll just ask one more question about the business and one about spectrum, but would you say that most of the revenue you expect in 2023 relates to the public safety and E911 verticals?

好的。如果您不介意，我會再問一個關於業務的問題和一個關於頻譜的問題，但是您會說您預計 2023 年的大部分收入與公共安全和 E911 垂直領域有關嗎？

I can take that. Yes. Mike, so I think -- yes, I mean, we're obviously looking at many different opportunities as things mature, but certainly E911 and public safety have the greatest momentum in the U.S. market for where we see a lot of desire for our capabilities, and we will be pursuing them vigorously in the year.

我可以接受。是的。邁克，所以我認為 - 是的，我的意思是，隨著事情的成熟，我們顯然正在尋找許多不同的機會，但可以肯定的是，E911 和公共安全在美國市場的發展勢頭最為強勁，因為我們看到了很多對我們能力的渴望，我們將在這一年大力追求它們。

But we do see some international opportunities emerging and potentially some governmental-related opportunities also that may materialize. So I think certainly, some of those are certainly possible and in the realm of what we see potentially occurring in the year.

但我們確實看到一些國際機會正在出現，而且一些與政府相關的機會也可能成為現實。所以我認為當然，其中一些肯定是可能的，並且在我們看到今年可能發生的事情的範圍內。

And then final question is, given the capabilities you now have with what you've now named NextNav France. Just how much excess data-carrying capabilities do you have with 8 megahertz of low band contiguous spectrum that you have that could potentially ride on LTE or 5G signal if you got proper authorizations to do so, like what amount of excess data-carrying capabilities would you have in addition to propagating the timing signal to enable terrestrial GPS-like backup or alternative signal?

最後一個問題是，考慮到您現在擁有的功能，您現在將其命名為 NextNav France。如果您獲得適當的授權，那麼您擁有的 8 兆赫低頻段連續頻譜有多少額外的數據承載能力，這些頻譜可能會使用 LTE 或 5G 信號，例如有多少額外的數據承載能力會除了傳播定時信號以啟用類似地面 GPS 的備用信號或替代信號之外，您還有其他方法嗎？

Yes, I can take a stab at it, and Gary, you may want to add some color here. So I think, Mike, I would say that I think the original paradigm where we had looked at spectrum as some portion of it being used for PNT resilience and another portion for maybe excess data-carrying capacity I would say that's probably not the paradigm we are looking at as we have gotten a better understanding of the technologies and how we can synergize and leverage them for maximum -- to reach their maximum potential.

是的，我可以嘗試一下，加里，你可能想在這裡添加一些顏色。所以我想，邁克，我想說的是，我認為最初的範例是我們將頻譜視為其中一部分用於 PNT 彈性，另一部分用於可能過剩的數據承載能力，我想說這可能不是我們的範例隨著我們對這些技術有了更好的理解，以及我們如何能夠最大限度地協同和利用它們，我們正在研究這些技術——以發揮它們的最大潛力。

I think our current view really is that it's not an either/or. It's a combination in the sense that if we look at our full band of 8 megahertz, within the band, you can certainly structure capabilities, such that you can meet the PNT timing requirements with -- may think of it similar to as what we may do with LTE signals where you're sending timing signals for a short burst of time, but then it's data carrying for the remainder portion.

我認為我們目前的觀點確實是它不是非此即彼。從某種意義上說，這是一個組合，如果我們看看我們的 8 兆赫茲的整個頻段，在頻段內，你當然可以構建功能，這樣你就可以滿足 PNT 計時要求——可能會認為它與我們可能認為的類似處理 LTE 信號，您在短時間內發送定時信號，然後在剩餘部分傳輸數據。

So there are configurations like that, that we are potentially evaluating. And I think that's where our experimental license will come into play. But the framework really is going to be to support both the requirements of PNT and data carrying across our entire spectrum in a coordinated fashion.

所以有這樣的配置，我們可能正在評估。我認為這就是我們的實驗許可證將發揮作用的地方。但該框架實際上將以協調的方式支持 PNT 和數據在我們整個頻譜中的需求。

We go next now to Timothy Horan at Oppenheimer.

接下來我們去奧本海默的蒂莫西霍蘭。

So just following up on that, basically, you're saying that the timing, wanted to feel with data transport basically, do both at the same time. With timing using like 10% of the capacity? Or I know you're early stages on this. Any other color around that would be great. And then on the spectrum, what are you hoping from the Biden administration here on their plans for broadband for finding more wireless spectrum?

因此，就此進行跟進，基本上，你是說時間，基本上想感受數據傳輸，同時做這兩個事情。定時使用大約 10% 的容量？或者我知道你在這方面處於早期階段。周圍的任何其他顏色都會很棒。然後在頻譜上，你希望拜登政府在他們的寬帶計劃中尋找更多的無線頻譜是什麼？

Yes, I can take a stab at the first one. And then I think -- so to answer your question there, Tim, we haven't finalized on that piece. I mean, I think how -- what portion of our signal would be timing versus what portion data carrying I think that's part of the work that we have planned for the year.

是的，我可以嘗試第一個。然後我想——所以為了回答你的問題，蒂姆，我們還沒有完成那篇文章。我的意思是，我認為我們的信號的哪一部分是定時的，而數據的哪一部分是我認為這是我們今年計劃的工作的一部分。

And so -- but if you look at -- and a good example is -- in LTE, there's ability to send or in 5G an ability to send a PRS-type waveform for 0 to 10 or 20 milliseconds, whatever the time period might be, those certainly are constructs that are available, but we will be experimenting further into that because I think our mandate is slightly different to -- and it is to deliver that high-quality resilient PNT capability in addition to potentially unlocking the spectrum for data-carrying capacity.

所以 - 但如果你看 - 一個很好的例子是 - 在 LTE 中，有能力發送或在 5G 中有能力發送 PRS 型波形 0 到 10 或 20 毫秒，無論時間段如何是的，這些當然是可用的結構，但我們將進一步試驗，因為我認為我們的任務略有不同——它是提供高質量的彈性 PNT 能力，以及潛在地解鎖數據頻譜-承載能力。

So we don't have an exact framework yet. I think -- but those are the existing work that's been done in 3GPP would serve as good models for us to evaluate.

所以我們還沒有一個確切的框架。我認為——但這些是 3GPP 中已經完成的現有工作，可以作為我們評估的良好模型。

And then just on that point, so you probably wouldn't need any more approval from the FCC or a change in license to do what you're describing right now. You could probably just go ahead and do that?

然後就在這一點上，所以你可能不需要 FCC 的任何更多批准或許可證的變更來做你現在描述的事情。您可能可以繼續這樣做嗎？

No. We -- to make it sort of commercially available, we will need to get FCC approval, but we are experimenting right now. And as I mentioned earlier, we did file an experimental license to evaluate these configurations. But to get the final approval, we will have to go through an FCC process.

不，我們——為了讓它在某種程度上可以商業化，我們需要獲得 FCC 的批准，但我們現在正在試驗。正如我之前提到的，我們確實提交了一份實驗性許可來評估這些配置。但要獲得最終批准，我們必須通過 FCC 流程。

Okay. Got it. And then what are you hoping from the broadband or spectrum plan, wireless point of view?

好的。知道了。那麼從無線的角度來看，您希望從寬帶或頻譜計劃中得到什麼？

Gary, do you want to take that one? We may have lost Gary. I'm not sure. Can you hear us? Okay. I'll take a stab at it. I mean, I think as...

加里，你要拿那個嗎？我們可能失去了加里。我不知道。你可以聽見我們嗎？好的。我會嘗試一下。我的意思是，我認為...

Yes. No, I'm sorry, Ganesh, I'll definitely take that. I have my cellphone on mute, unfortunately. And if you remember back, the last one of these nationwide broadband plan was done, 2009, 2010 type timeframe. And that laid out a lot of the spectrum activities that did occur throughout the administration and at the FCC through a multiple administrations.

是的。不，對不起，Ganesh，我一定會接受的。不幸的是，我的手機靜音了。如果您還記得的話，這些全國寬帶計劃的最後一項是在 2009 年、2010 年類型的時間框架內完成的。這列出了整個管理部門和 FCC 通過多個管理部門確實發生的許多頻譜活動。

Once again, it's fortunately a very bipartisan effort, it always has been. So now the growth of the need for broadband has just dramatically escalated. So you have a situation now where you've definitely got to find more broadband capability. Everybody knew that they would eventually get around to doing it.

幸運的是，這是兩黨的共同努力，一直都是。因此，現在寬帶需求的增長急劇升級。所以你現在的情況是你肯定必須找到更多的寬帶能力。每個人都知道他們最終會抽出時間去做這件事。

So it wasn't like it was unexpected, but it was pleasant to finally see that they are out formally going through a process to try to identify significant amount of re-purposed spectrum because let's be candid, there isn't just a lot of spectrum sitting around unused. You have to shift it from other uses.

所以這並不是出乎意料的，但很高興終於看到他們正式通過一個過程來嘗試識別大量重新利用的頻譜，因為坦率地說，不只是很多閒置的頻譜。您必須將其從其他用途轉移。

And the one real value that we expect to come out of this thing is, quite candidly, our spectrum and what we have already proven through the use over the last 10 years is we're able to provide these positive governmental services, other things of that nature without interfering with government users or adjacent spectrum assets.

坦率地說，我們期望從這件事中獲得的一個真正價值是我們的頻譜，以及我們通過過去 10 年的使用已經證明的是，我們能夠提供這些積極的政府服務，以及其他一些東西這種性質不會干擾政府用戶或相鄰頻譜資產。

So we're kind of the poster child of how you should be able to do it. And we believe now that as you're going about what will probably be a multiyear effort for them to identify a lot of spectrum. What you want to do is you want to grab the low-hanging fruit, first. So if ours is a capability that has proven it doesn't interfere, can use shared spectrum and also provide broadband capabilities, which we believe will be able to show conclusively through our testing, that is an easy, a low-hanging fruit to pick off for the government.

所以我們有點像你應該如何做到這一點的典型代表。我們現在相信，隨著您的努力，他們可能需要多年的努力才能確定大量頻譜。你要做的是先抓住容易摘到的果實。因此，如果我們的能力已證明它不會干擾，可以使用共享頻譜並提供寬帶功能，我們相信這將能夠通過我們的測試最終證明，那就是一個容易、容易摘到的果實離開政府。

So it's more of the fact that whether or not they were going about a very large program to identify additional spectrum for broadband re-purposing. Even if that hadn't occurred, we knew that what we were doing, would likely receive a positive view at the FCC because it is providing all of these PNT services and it also can carry broadband, which is desperately needed. So from that standpoint, it just leverages or greater continuity with what the government is wanted to do going forward.

因此，更重要的是，他們是否正在進行一項非常大的計劃，以確定用於寬帶重新利用的額外頻譜。即使那沒有發生，我們也知道我們正在做的事情可能會在 FCC 得到積極的評價，因為它提供所有這些 PNT 服務，而且它還可以承載寬帶，這是迫切需要的。因此，從這個角度來看，它只是利用或更大程度地延續了政府想要做的事情。

And Gary, just 2 other points on that. Can you talk a little bit about maybe what you think the highest and best uses for the spectrum? And then secondly, is just your -- do you think that's where the most value can be created now? I know there's a lot of moving parts in the business model is -- well, it sounds like you can both monetize the spectrum and the services at the same time. But what do you think the highest and best use would be for?

加里，還有另外兩點。你能談談你認為頻譜的最高和最佳用途嗎？其次，就是你的——你認為這是現在可以創造最大價值的地方嗎？我知道商業模式中有很多變化的部分——嗯，聽起來你可以同時通過頻譜和服務獲利。但是你認為最高和最好的用途是什麼？

I think that clearly, from a -- if you just look at it from an economic standpoint, having 8 megahertz of low-band spectrum available for broadband carriage is massively valuable. I mean anybody that does any spectrum valuation understands that. The positive value that we see of going about it, the way we're intending to go about it, once again, subject to the integration of the technologies working as we expect them to work and subject to the testing proving that we can do it.

我認為，從經濟的角度來看，很明顯，擁有 8 兆赫的低頻段頻譜可用於寬帶傳輸是非常有價值的。我的意思是任何進行頻譜評估的人都明白這一點。我們看到的積極價值，我們打算採取的方式，再次取決於技術的集成，正如我們期望的那樣工作，並接受測試證明我們可以做到.

You don't lose all of that resilient PNT government contracts, E911, public safety, protecting critical infrastructure. All of those TAMs and market basis that exist, you're still capturing, but you're also able to capture the basic broadband capability of 8 megahertz low-band 5G signal.

您不會失去所有彈性 PNT 政府合同、E911、公共安全、保護關鍵基礎設施。所有那些存在的 TAM 和市場基礎，你仍在捕獲，但你也能夠捕獲 8 兆赫茲低頻段 5G 信號的基本寬帶能力。

Great. And do you think it's the primary way to create shareholder value at this point?

偉大的。您認為這是目前創造股東價值的主要方式嗎？

Well, it is probably the quickest way if you look at it because the revenues will grow overtime, and you'll see the value as more and more countries move to this, more and more government action takes place to fund resilient PNT services and we bring on more 911 and other Pinnacle revenues, but those build overtime.

嗯，這可能是最快的方法，因為收入會隨著時間的推移而增長，而且隨著越來越多的國家轉向這種方式，越來越多的政府採取行動資助有彈性的 PNT 服務，你會看到它的價值，我們帶來更多 911 和其他 Pinnacle 收入，但這些都是加班費。

And obviously, clearly, if we're able to show that we can utilize this for what is a well-known immediate need for broadband capacity, then clearly, that is probably a nearer-term value enhancer if you're able to do that, say, in the next year or something of that nature.

很明顯，很明顯，如果我們能夠證明我們可以利用它來滿足眾所周知的寬帶容量的迫切需求，那麼很明顯，如果你能夠做到這一點，這可能是一個近期的價值提升器，比如說，在明年或類似的事情上。

Great. And just maybe last for Chris or I'm not sure if he can answer it. Can you talk about the current business plan that you have, how much more funding you'll need to kind of get to free cash flow positive?

偉大的。也許最後是克里斯，或者我不確定他是否能回答這個問題。你能談談你目前的商業計劃嗎？你需要多少資金才能使自由現金流為正？

Yes. I think -- this is Chris. I think again, that falls into the kind of the guidance category. And so again, it's something else that we've been hesitant to provide. I think, I'd leave it at that for now.

是的。我想——這是克里斯。我再想想，這屬於指導範疇。同樣，這是我們一直猶豫不決提供的其他東西。我想，我現在就把它留在那兒。

Yes. And actually, just to address one question, Tim, you raised about sort of the value. I think in the European Union's report that came out just today there was a specific call out towards allocating spectrum for terrestrial PNT services. And so to Gary's point, the combination of capabilities that we provide or we believe we could provide would update a carrying and PNT, I think, could become the template as different countries look at PNT capabilities...

是的。事實上，蒂姆，只是為了解決一個問題，你提出了某種價值。我認為在今天剛剛發布的歐盟報告中，特別呼籲為地面 PNT 服務分配頻譜。因此，就加里的觀點而言，我們提供或我們相信我們可以提供的能力組合將更新攜帶和 PNT，我認為，隨著不同國家看待 PNT 能力，這可能成為模板......

Yes, that's probably a pretty good point. I think in some of our prior calls, we've said -- we've pointed to what the Japanese government is doing with the 5 megahertz allocated to our partner over there, MetCom. And we've always said, and we expect other countries will look for similar approaches. But this is the first time now we've gotten very solid written formal evidence that the whole EU is looking at the need to have some established spectrum available for terrestrial PNT.

是的，這可能是一個很好的觀點。我想在我們之前的一些電話中，我們已經說過——我們已經指出日本政府正在如何處理分配給我們在那裡的合作夥伴 MetCom 的 5 兆赫茲。我們一直說，我們希望其他國家也會尋求類似的方法。但這是我們現在第一次獲得非常可靠的書面正式證據，表明整個歐盟都在考慮是否需要為地面 PNT 提供一些既定的頻譜。

And being candid, we're kind of the partner of choice for people who would want to deploy such a technology and make use of that spectrum. So whether we were trying to develop it ourselves, that hasn't been our pattern. We've tended to want to work with a cooperating carrier or a partner like we did in Japan. But certainly, seeing that very overt recommendation from the EU's report on a very important subject, that heightens our view that, that could be a quicker process than normally what it takes to get spectrum allocations worldwide.

坦率地說，我們是希望部署此類技術並利用該頻譜的人們的首選合作夥伴。因此，無論我們是否嘗試自己開發它，這都不是我們的模式。我們傾向於像在日本那樣與合作承運人或合作夥伴合作。但可以肯定的是，看到歐盟關於一個非常重要的主題的報告中非常公開的建議，這加強了我們的觀點，即這可能是一個比通常在全球範圍內獲得頻譜分配所需的過程更快的過程。

We go next now to Jaime Perez of R.F. Lafferty.

接下來我們去 R.F. 的 Jaime Perez。拉弗蒂。

My questions have been asked and answered. Thank you.

我的問題已被提出並得到解答。謝謝。

And Mr. Parsons, it appears we have no further questions this afternoon. I'd like to turn the conference back to you for any closing comments.

帕森斯先生，看來我們今天下午沒有其他問題了。我想將會議轉回給您以徵求任何結束意見。

Great. Thanks very much, and thanks, everybody, for joining us on the call. I think as we've said for a long time there, we expect there to be indications of forward progress that are sometimes announcements, sometimes acquisitions, sometimes a new customer and sometimes just something that's happening in the spectrum or telecom, overall, ecosystem that really encourages people to utilize our services or to look at them in a different perspective, and that's what we think we're now able to do with spectrum re-purposing.

偉大的。非常感謝，也感謝大家加入我們的電話會議。我認為正如我們在那裡已經說過很長時間的那樣，我們希望有向前發展的跡象，有時是公告，有時是收購，有時是新客戶，有時只是頻譜或電信中正在發生的事情，總體而言，生態系統真正鼓勵人們利用我們的服務或從不同的角度看待它們，這就是我們認為我們現在能夠通過頻譜重新利用來做到的。

I need to call it spectrum re-purposing because we still intend to use our spectrum for resilient PNT, public safety, E911, all of the essential government services that the spectrum was originally licensed for. But if, in fact, we are able to do that, while also providing valuable LTE 5G carriage, we think that, that's a significant value enhancer for the company. And we think 2023 will be a watershed year for showing progress towards that very milestone objective.

我需要將其稱為頻譜重新利用，因為我們仍打算將我們的頻譜用於彈性 PNT、公共安全、E911，以及頻譜最初獲得許可的所有基本政府服務。但事實上，如果我們能夠做到這一點，同時還提供有價值的 LTE 5G 運輸，我們認為，這對公司來說是一個重要的價值提升。我們認為 2023 年將是展示實現這一里程碑式目標取得進展的分水嶺年。

With that, thank you very much, and we look forward to speaking to you again on our first quarter call.

有了這個，非常感謝你，我們期待在第一季度電話會議上再次與你交談。

Thank you, Mr. Parsons. Again, ladies and gentlemen, that does conclude NextNav's Fourth Quarter 2022 Earnings Conference Call. Again, I'd like to thank you all so much for joining us and wish you all a great remainder of your day. Goodbye.

謝謝你，帕森斯先生。再次，女士們，先生們，NextNav 的 2022 年第四季度收益電話會議結束了。再次，我要非常感謝大家加入我們，並祝大家度過美好的一天。再見。