NextNav Inc (NN) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Shubrao] and I will be your conference operator today. At this time, I would like to welcome everyone to the NextNav Q3 '23 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Erica Bartsch. Please go ahead.

女士們先生們，謝謝你們的支持。我的名字是 [Shubrao]，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 NextNav Q3 '23 收益電話會議。 （操作員說明）我現在想將電話轉給 Erica Bartsch。請繼續。

Good afternoon, everyone, and welcome to NextNav Third Quarter 2023 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 Chief Financial Officer. 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.

大家下午好，歡迎參加 NextNav 2023 年第三季財報電話會議。參加今天電話會議的包括 NextNav 董事長 Gary Parsons、NextNav 聯合創始人兼首席執行官 Ganesh Pattabiraman；克里斯蓋茲 (Chris Gates)，NextNav 財務長。在我們開始之前，請注意，在今天的演示中，該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。

In particular, such forward-looking statements may include statements about NextNav's business plans, objectives, expectations and intentions to drive growth in its 3D geolocation businesses and expansion of its next-generation GPS platform to maximize the value of its IT portfolio and spectrum, its international business as well as NextNav's partnerships and the potential success thereof, NextNav's estimated and future business strategies, competitive position, industry environment and other potential growth opportunities.

特別是，此類前瞻性陳述可能包括有關NextNav 的業務計劃、目標、期望和意圖的陳述，以推動其3D 地理定位業務的增長以及擴展其下一代GPS 平台，以最大限度地提高其IT 組合和光譜的價值，其國際業務以及 NextNav 的合作夥伴關係及其潛在的成功、NextNav 的估計和未來業務策略、競爭地位、產業環境和其他潛在成長機會。

These statements are based on current expectations or beliefs. However, 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. These statements may relate to, but are not limited to, expectations regarding our strategies and future financial performance, including future business plans or objectives, expected functionality of our geolocation services, anticipated timing and level of deployment of our services, anticipated demand and acceptance of our services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, commercial partnership acquisition and retention, products and services, pricing, marketing plans, our ability to realize the anticipated technical and business benefits, associated acquisitions and any subsequent mergers, acquisitions or other similar transactions, factors relating to our future operations, projected capital resources and financial position, estimated revenue and losses, projected costs and capital expenditures and expectations about international markets, projections of market growth and size, including the level of market acceptance for our services, our ability to adequately protect key intellectual property rights or property technology, our ability to maintain our location monitoring -- excuse me, location and monitoring service licenses and obtain additional LMS licenses as necessary. Our ability to maintain adequate operational financial resources, including for research and development or raise additional capital or generate sufficient cash flows, our ability to develop and maintain effective internal controls, our success in recruiting and/or retaining officers, key employees or directors, expansion plans and opportunities, costs related to being a public company, our ability to maintain the listing of our securities on NASDAQ, macroeconomic factors and their effects on our operations and the outcome of any known and unknown litigation and regulatory proceedings as well as assumptions relating to the foregoing.

這些陳述是基於當前的期望或信念。然而，此類前瞻性陳述受到已知和未知的風險、不確定性、假設和其他重要因素的影響，其中許多因素超出了NextNav 的控制範圍，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。這些陳述可能涉及但不限於對我們的策略和未來財務表現的預期，包括未來的業務計劃或目標、我們的地理定位服務的預期功能、我們服務的預期部署時間和水平、預期需求和接受度我們的服務、預期業績和商業機會以及競爭對手、獲得監管批准的時間、商業夥伴關係的收購和保留、產品和服務、定價、行銷計劃、我們實現預期技術和商業利益的能力、相關收購和任何後續合併、收購或其他類似交易、與我們未來營運相關的因素、預期資本資源和財務狀況、預期收入和虧損、預期成本和資本支出以及對國際市場的預期、市場成長和規模的預測，包括市場接受程度對於我們的服務，我們充分保護關鍵知識產權或財產技術的能力，我們維持位置監控的能力——對不起，位置和監控服務許可證以及必要時獲得額外的 LMS 許可證。我們維持充足營運財務資源的能力，包括用於研發或籌集額外資本或產生足夠現金流的能力，我們制定和維持有效內部控制的能力，我們在招聘和/或留住管理人員、關鍵員工或董事、擴張方面的成功計劃和機會、與成為上市公司相關的成本、我們維持證券在納斯達克上市的能力、宏觀經濟因素及其對我們運營的影響、任何已知和未知的訴訟和監管程序的結果以及與下列相關的假設以上。

Accordingly, forward-looking statements should not be relied upon as representing our views of any subsequent date, and we do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Following our prepared remarks, the company will host an operator live question-and-answer session. In addition, at the conclusion of today's call, a replay of our discussion will be posted to the company's Investor Relations website.

因此，前瞻性陳述不應被視為代表我們對任何後續日期的觀點，並且我們不承擔更新或修改任何前瞻性陳述以反映其作出之日之後的事件或情況的義務，無論是由於新資訊、未來事件或其他原因，除非適用的證券法有要求。在我們準備好的發言之後，該公司將舉辦操作員現場問答環節。此外，在今天的電話會議結束時，我們的討論重播將發佈到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.

接下來，我會將電話轉給 NextNav 董事長 Gary Parsons。請繼續。

Thanks very much, Erica, and good afternoon, everyone. Welcome to NextNav third quarter call. As Erica mentioned, joining me on today's call is Ganesh Pattabiraman, NextNav's Co-Founder and CEO and Chris Gates, NextNav's Executive Vice President and Chief Financial Officer.

非常感謝，艾麗卡，大家下午好。歡迎致電 NextNav 第三季。正如 Erica 所提到的，參加今天電話會議的還有 NextNav 聯合創始人兼執行長 Ganesh Pattabiraman 和 NextNav 執行副總裁兼財務長 Chris Gates。

This past quarter saw a significant progress on a number of our key initiatives, both on the spectrum front and with continued public safety and GPS resiliency efforts. Ganesh will provide more detail on like individual contracts and government agency activities, but from an overall strategic perspective, I'm frankly pleased with the ongoing traction of our government and public safety efforts, both on the E911 3-dimensional geolocation front, and with the growing consensus on GPS vulnerabilities and the true need for PNT or GPS resiliency to protect critical infrastructure.

上個季度，我們在頻譜方面以及持續的公共安全和 GPS 彈性方面的許多關鍵舉措都取得了重大進展。 Ganesh 將提供有關個人合約和政府機構活動的更多詳細信息，但從總體戰略角度來看，坦率地說，我對我們的政府和公共安全工作的持續牽引感到滿意，無論是在E911 3 維地理定位方面，還是在對 GPS 漏洞的日益共識以及對 PNT 或 GPS 彈性來保護關鍵基礎設施的真正需求。

NextNav is the acknowledged leader in this area. And we see growing opportunities to expand that leadership position, both here in the United States as well as around the world. A number of these resilient GPS or position navigation and timing PNT initiatives or either demonstration programs or initial implementations that are expected to lead to expanded deployment in future phases. Chris will get into that in more detail in his section.

NextNav 是該領域公認的領導者。我們看到，無論是在美國還是在世界各地，擴大這一領導地位的機會越來越多。許多彈性 GPS 或位置導航和授時 PNT 舉措或演示計劃或初步實施預計將在未來階段擴大部署。克里斯將在他的部分中更詳細地討論這一點。

Additionally, as we've shared in prior quarters, the specifics of some of these programs, including the contracting agencies, all remain confidential at this stage due to national security issues, but we will try to share as much insight as we can consistent with those non-disclosure responsibilities. As the team will discuss in more detail, several of these opportunities involve partnerships, either with state and federal agencies or leading research universities, responding to RFPs or RFIs in advance of the executive order 13905 finalization.

此外，正如我們在前幾個季度分享的那樣，由於國家安全問題，其中一些計劃的具體細節（包括承包機構）在現階段均保持機密，但我們將盡力分享與這些保密責任。正如團隊將更詳細討論的那樣，其中一些機會涉及與州和聯邦機構或領先研究大學的合作夥伴關係，在 13905 號行政命令最終確定之前對 RFP 或 RFI 做出回應。

From a purely political standpoint, it probably is worth reiterating a substantial bipartisan support that continues to exist with securing the nation's critical infrastructure and providing a resilient layer to GPS.

從純粹的政治角度來看，可能值得重申兩黨的大力支持，這種支持將持續存在，以確保國家關鍵基礎設施的安全並為 GPS 提供彈性層。

Regardless of the continuing uncertainty in the federal government's overall budgeting process, there is clear support for current and even growing funding for these initiatives. We expect substantial revenue growth from this sector as we go through 2024.

儘管聯邦政府的整體預算過程仍然存在不確定性，但對這些舉措目前甚至不斷增加的資金都有明確的支持。我們預計到 2024 年該行業的收入將大幅成長。

Next, on the spectrum front, on last quarter's call, you remember we announced the granting of an FCC experimental license and disclosed that we would design and deploy a 5G TerraPoiNT network in the Bay Area. We have now, in fact, now deployed a network in Palo Alto, California, capable of numerous 5G carrier bandwidth and power levels and have begun a formal testing program.

接下來，在頻譜方面，在上個季度的電話會議上，您還記得我們宣布授予 FCC 實驗許可證，並透露我們將在灣區設計和部署 5G TerraPoiNT 網路。事實上，我們現在已經在加州帕洛阿爾托部署了一個網絡，能夠支援多種 5G 營運商頻寬和功率級別，並已開始正式的測試計劃。

We expect that those testing results will validate our ability to provide highly reliable 3D geolocation and resilient PNT capabilities, using the 5G waveform, while simultaneously using the 5G signal for significant data throughput. We expect that testing program to be largely complete by the end of this year, following which we would expect to file for appropriate license waivers with the SEC to provide commercial service using these configurations.

我們預計這些測試結果將驗證我們使用 5G 波形提供高度可靠的 3D 地理定位和彈性 PNT 功能的能力，同時使用 5G 訊號實現顯著的資料吞吐量。我們預計測試計劃將在今年年底前基本完成，隨後我們預計將向 SEC 申請適當的許可證豁免，以使用這些配置提供商業服務。

Overall, a solid quarter of progress towards our key strategic priorities. And with that, let me go ahead and turn it over to Ganesh to go into more depth on the recent contract awards and our operational performance on government and public safety efforts, both with Pinnacle and TerraPoiNT services. Ganesh?

總體而言，我們在關鍵策略重點方面取得了堅實的季度進展。接下來，讓我繼續將其交給 Ganesh，以更深入地介紹最近授予的合約以及我們透過 Pinnacle 和 TerraPoiNT 服務在政府和公共安全工作方面的營運績效。加內什？

Thanks, Gary, and good afternoon, everyone. It's been another productive quarter, and we're seeing growing momentum out of key partners and federal and state government agencies as the need for solutions tied to PNT resilience grows in importance. Notably, in September, we participated at ION or the Institute of Navigation Conference in Denver where we demonstrated our TerraPoiNT hybrid systems timing and 3D positioning capabilities, leveraging LTE signals from cellular operators. While at the conference, we were able to meet with government officials from the Department of Transportation, Department of Homeland Security and Department of Energy and other partners and held very productive conversations. This reinforced our belief that the government is now actively moving from discussion towards tangible action phase.

謝謝加里，大家下午好。這是另一個富有成果的季度，隨著對 PNT 彈性相關解決方案的需求日益重要，我們看到主要合作夥伴以及聯邦和州政府機構的勢頭不斷增強。值得注意的是，我們在 9 月參加了在丹佛舉行的 ION 或導航協會會議，在會上我們展示了我們的 TerraPoiNT 混合系統計時和 3D 定位功能，利用了來自蜂窩運營商的 LTE 信號。在會議期間，我們會見了交通部、國土安全部和能源部以及其他合作夥伴的政府官員，並進行了非常有成效的對話。這增強了我們的信念，即政府目前正在積極從討論轉向實際行動階段。

At this same conference, the Department of Transportation announced its complementary PNT action plan. The plan lays out the key milestones, time lines and establishment of a PNT services clearinghouse or PNT marketplace. As part of this framework, we see DOT issuing RFPs in the coming months that will sponsor several initial implementations of Brazilian PNT systems like TerraPoiNT in critical infrastructure providers equipment. This is to establish a framework for complementary PNT systems to operate in conjunction with GPS and GNSS systems that may be in operation today.

在同一次會議上，交通部宣布了其補充性 PNT 行動計劃。該計劃列出了 PNT 服務清算所或 PNT 市場的關鍵里程碑、時間表和建立。作為該框架的一部分，我們預計交通部將在未來幾個月發布 RFP，這將贊助巴西 PNT 系統（例如 TerraPoiNT）在關鍵基礎設施提供者設備中的幾個初步實施。這是為了建立一個補充 PNT 系統的框架，以便與目前可能正在運行的 GPS 和 GNSS 系統結合運作。

A good example of this is in the telecommunication systems; we could see both GPS and complementary PNT systems-based timing to be integrated as part of the core infrastructure of the operator and to ensure that the 2 systems can function in a seamless manner.

電信系統就是一個很好的例子；我們可以看到 GPS 和基於互補 PNT 系統的授時將被集成為營運商核心基礎設施的一部分，並確保這兩個系統能夠以無縫方式運作。

The DOT also plans to establish a clear designated clearinghouse for federal users and critical infrastructure operators. This would be a place to find a list of vetted and qualified complementary TNT providers like NextNav, to help advance their resilient PNT needs and procure services to be in compliance with executive order 13905 beginning in 2025.

交通部還計劃為聯邦用戶和關鍵基礎設施營運商建立一個明確指定的資訊交換所。這裡可以找到經過審查且合格的補充 TNT 提供者（例如 NextNav）的列表，以幫助推進其彈性 PNT 需求併採購服務，以符合從 2025 年開始的第 13905 號行政命令。

This is very similar to the federal acquisitions process, where the pre-vetted list of technologies is made available for different federal government agencies to procure against. Here, the intent is broader to not only affect federal government acquisitions, but also critical infrastructure operators and eventually commercial entities, too.

這與聯邦採購流程非常相似，其中預先審查的技術清單可供不同聯邦政府機構採購。在這裡，其意圖更為廣泛，不僅影響聯邦政府的收購，也影響關鍵基礎設施營運商，最終也影響商業實體。

In essence, what we see in 2024 and the early part of 2025, our funded initial implementations in various critical infrastructure use cases that will pave the way for wider adoption across the sectors. These time lines and frameworks are captured in our investor deck on slide 5.

本質上，我們在 2024 年和 2025 年初看到的情況是，我們資助了各種關鍵基礎設施用例的初步實施，這將為各部門更廣泛的採用鋪平道路。這些時間軸和框架在投影片 5 的投資者資料中有所體現。

As we noted last quarter, we're starting to see many state and federal agencies begin to take proactive steps towards building PNT resilience. As part of that strategy, I'm happy to report that we recently signed a contract to support the federal government in their PNT strategy. While we can't speak to the specifics of the contract due to the sensitive nature of our work, we can say that the project will leverage our existing infrastructure to provide persistent PNT characterization initially in select markets around the country. And upon successful completion of this phase, we expect to expand our capabilities nationwide, and this would likely represent our largest contract to date.

正如我們上季度所指出的，我們開始看到許多州和聯邦機構開始採取積極措施來增強 PNT 的彈性。作為該戰略的一部分，我很高興地報告，我們最近簽署了一份合同，支持聯邦政府的 PNT 戰略。雖然由於我們工作的敏感性，我們無法透露合約的具體細節，但我們可以說，該項目將利用我們現有的基礎設施，最初在全國各地的選定市場提供持久的 PNT 表徵。在成功完成這一階段後，我們預計將在全國範圍內擴大我們的能力，這可能是我們迄今為止最大的合約。

In addition, many state and federal agencies and critical infrastructure providers are taking steps towards commercial implementation of resilient PNT systems, using federally funded test beds and in some cases, plans around commercial enablement in anticipation of procurement language for executive order 13905. For instance, we have submitted multiple proposals in partnership with state and local agencies as well as research universities in areas as diverse as timing for land mobile radio systems with Texas and automotive use cases with Ohio, as part of smart and cybersecurity grants sponsored by Department of Transportation and Department of Homeland Security, respectively.

此外，許多州和聯邦機構以及關鍵基礎設施提供者正在採取措施，利用聯邦政府資助的測試台，以及在某些情況下圍繞商業支持制定計劃，以實現彈性PNT 系統的商業實施，以期實現13905 號行政命令的採購語言。例如，我們與州和地方機構以及研究型大學合作提交了多項提案，涉及德克薩斯州陸地移動無線電系統的計時和俄亥俄州汽車用例等多個領域，作為交通運輸部和網路安全資助的一部分。分別是國土安全部。

We expect to be notified of the status of many of these opportunities over the coming months and in the first half of 2024. I must add here that although the process of implementing the complementary PNT strategy is going smoothly within the departments and agencies, we do see a short-term impact from the current stalemate in Congress, including the release of procurement language in support of executive order 13905. We now anticipate this order will be released in Q1 of 2024. However, we currently don't see that impacting either the overall 2025 implementation time line or the grants to be issued in 2024.

我們預計將在未來幾個月和2024 年上半年收到有關許多此類機會的狀態的通知。我必須在此補充一點，儘管實施補充性PNT 戰略的過程在各部門和機構內進展順利，但我們確實看到國會目前的僵局會產生短期影響，包括發布支持 13905 號行政命令的採購語言。我們現在預計該命令將於 2024 年第一季發布。但是，我們目前認為這不會影響2025 年總體實施時間表或2024 年發放的補助金。

Turning now to our Pinnacle technology, we continue to see ongoing progress in the E911 and public safety domain. Notably, we recently announced an agreement with the Iris flip-phone which will be sold on consumer cellular, one of the largest MVNOs or mobile virtual network operators in the country. This is our first device with this carrier. Beyond this agreement, Verizon is continuing to expand its integration of Pinnacle services across devices on their portfolio, and we expect to reach double-digit device models with them in the coming months.

現在轉向我們的 Pinnacle 技術，我們繼續看到 E911 和公共安全領域不斷取得進展。值得注意的是，我們最近宣布與 Iris 翻蓋手機達成協議，該手機將在消費者行動裝置上銷售，消費者行動裝置是該國最大的 MVNO 或行動虛擬網路營運商之一。這是我們第一款使用該運營商的設備。除了該協議之外，Verizon 還將繼續擴大 Pinnacle 服務在其產品組合中跨設備的集成，我們預計在未來幾個月內將與他們一起實現兩位數的設備型號。

With these arrangements, we are now contracted to be on 5 wireless carriers across the country, including the top 4 nationwide carriers. As we have shared before, we operate through different business models depending on the specific carrier. In some cases, we have agreements at the carrier level for all devices within their portfolio or we just have a licensing model for each device for the life of that specific device. Either way, these relationships put us in a clear leadership position in E911 and public safety domains. And as we move forward, we look forward to bringing more adoption and integration of our Pinnacle technology to additional devices.

透過這些安排，我們現在與全國 5 家無線營運商簽約，其中包括全國排名前 4 的營運商。正如我們之前分享的，我們根據特定的運營商透過不同的業務模式進行運營。在某些情況下，我們在運營商層級為其產品組合中的所有設備簽訂了協議，或者我們只是為每個設備在特定設備的生命週期內制定了許可模式。不管怎樣，這些關係使我們在 E911 和公共安全領域處於明顯的領導地位。隨著我們不斷前進，我們期待更多設備採用和整合我們的 Pinnacle 技術。

On the international front, with the U.S. government moving forward with initial test beds, we expect to see similar actions from foreign governments as well. In Japan, the Japanese Ministry of Information and Communication or Ministry of Internal Affairs and Communication is going through a public comment period on the spectrum, which is likely to be followed by an ICC or Information and Communications Council process. In Europe, the European Commission as part of its recommendation on critical technology areas for EU economic security included PNT as a critical technology.

在國際方面，隨著美國政府推動初步試驗台，我們預期外國政府也會採取類似行動。在日本，日本資訊通信部或總務省正在對頻譜進行公眾評議期，隨後可能會進入國際商會或資訊通訊委員會程序。在歐洲，歐盟委員會在其關於歐盟經濟安全關鍵技術領域的建議中將 PNT 列為關鍵技術。

This now leads to a consultation phase with a number of states before moving to the EU legislation phase. And in the U.K., the British government recently released a PNT policy framework and a plan around PNT resilience.

現在，在進入歐盟立法階段之前，將與許多國家進行磋商。在英國，英國政府最近發布了 PNT 政策框架和圍繞 PNT 彈性的計劃。

In all, we feel very energized by the activities we're seeing across the U.S. government and globally as the importance of PNT resilience gains traction. We believe we have a real opportunity to be a leader in this area, and the growing roster of partnerships and agreements is a testament to this fact. With that, I'll turn over the call to Chris. Chris?

總而言之，隨著 PNT 彈性的重要性日益凸顯，我們對美國政府和全球範圍內所進行的活動感到非常振奮。我們相信，我們有真正的機會成為這一領域的領導者，不斷增長的合作夥伴關係和協議證明了這一事實。這樣，我就把電話轉給克里斯。克里斯？

Thanks, Ganesh, and good afternoon, everyone. Thank you for joining us for our third quarter earnings call. As both Gary and Ganesh highlighted, we made important progress in our efforts to expand the utilization of our spectrum licenses in the third quarter and are starting to see tangible results from the PNT resiliency programs underway in the federal government.

謝謝加內什，大家下午好。感謝您參加我們的第三季財報電話會議。正如 Gary 和 Ganesh 所強調的那樣，我們在第三季度擴大頻譜許可證利用率的努力中取得了重要進展，並且開始看到聯邦政府正在進行的 PNT 彈性計劃的切實成果。

With respect to our financial results, third quarter revenue increased 104% to $1.0 million compared to $500,000 in the prior year period, primarily due to an increase in recurring revenue from technology and services contracts with commercial customers. Sequentially, revenue was up $200,000. Year-to-date, revenue decreased 15% to $2.7 million versus the prior year period, driven by decreased integration revenue, partially offset by an increase in recurring service revenue from technology and services contracts with commercial customers.

就我們的財務表現而言，第三季營收成長 104%，達到 100 萬美元，而上年同期為 50 萬美元，這主要是由於與商業客戶的技術和服務合約產生的經常性收入增加。隨後，收入增加了 20 萬美元。年初至今，由於整合收入減少，收入較上年同期下降 15% 至 270 萬美元，但部分被商業客戶技術和服務合約的經常性服務收入增加所抵消。

Our operating expenses were $15.6 million, down from $18.4 million in the same period last year, with much of the difference due to lower stock-based compensation expense, partially offset by higher depreciation and amortization. Excluding stock-based compensation and depreciation and amortization, operating expenses were $10 million compared to $10.9 million in the prior period and $10.3 million in the second quarter of 2023.

我們的營運費用為 1,560 萬美元，低於去年同期的 1,840 萬美元，其中大部分差異是由於基於股票的補償費用較低，部分被較高的折舊和攤銷所抵消。不包括股票薪酬以及折舊和攤銷，營運費用為 1,000 萬美元，而上一季為 1,090 萬美元，2023 年第二季為 1,030 萬美元。

Year-to-date, operating expenses were $46.3 million, down from $54.1 million in the prior year, with the reduction driven by the same drivers. Excluding stock-based compensation and depreciation and amortization, year-to-date operating expenses were essentially flat at $30.1 million in the current period and $30.9 million in the prior year.

年初至今，營運費用為 4,630 萬美元，低於上一年的 5,410 萬美元，下降原因相同。不包括以股票為基礎的薪酬以及折舊和攤銷，年初至今的營運費用基本持平，本期為 3,010 萬美元，上一年為 3,090 萬美元。

Third quarter net loss was $23.2 million compared to a loss of $18.7 million in the prior year. The primary drivers for the increase were net interest expense of $1.7 million and a change in the fair value of our warrant liability of $6.7 million compared to net interest income of $0.3 million and a change in the fair value of warrant liability of $1 million in the prior year. Year-to-date, net loss was $55.3 million as compared to a loss of $27.6 million in the prior year period.

第三季淨虧損為 2,320 萬美元，而上年同期淨虧損為 1,870 萬美元。成長的主要驅動因素是淨利息支出 170 萬美元和認股權證負債公允價值變化 670 萬美元，而淨利息收入為 30 萬美元，認股權證負債公允價值變化為 100 萬美元。去年。年初至今，淨虧損為 5,530 萬美元，而去年同期虧損為 2,760 萬美元。

Here, again, the primary drivers were net interest expense of $1.6 million and a loss associated with the change in fair value of our warrant liability of $9.8 million compared to net interest income of $0.4 million and a gain associated with the change in fair value of our warrant liability of $23.2 million in the prior year.

同樣，這裡的主要驅動因素是 160 萬美元的淨利息支出以及與我們的認股權證負債公允價值變動相關的損失 980 萬美元，而淨利息收入為 40 萬美元以及與公允價值變動相關的收益上一年我們的認股權證責任為2,320 萬美元。

Touching on our balance sheet, we previously covered the $20 million of additional senior secured notes, and I note that we finished the quarter with $97.1 million in cash, cash equivalents and short-term investments. Also included in that amount is $882,000 of warrant strike price exercise. As you may recall, the warrants we issued as part of our debt financing are only exercisable for cash and partially callable beginning in 2025. Whether called or exercised otherwise, these warrants may provide a source of additional liquidity as they did in the current quarter.

談到我們的資產負債表，我們之前支付了 2000 萬美元的額外優先擔保票據，我注意到，本季末我們的現金、現金等價物和短期投資為 9,710 萬美元。該金額中還包括 882,000 美元的認股權證行使價。您可能還記得，我們​​作為債務融資的一部分發行的認股權證只能以現金行使，並且從2025 年開始可以部分贖回。無論是被贖回還是以其他方式行使，這些認股權證可能會像本季那樣提供額外的流動性來源。

As we've stated in the past, we continue to closely manage and refine our cost base as we build value on our assets and bring new customers into service. And I'd also like to provide some additional insight into the revenue side of the federal and state government activities and process highlighted by Gary and Ganesh.

正如我們過去所說，我們在為資產創造價值並為新客戶提供服務的同時，將繼續密切管理和完善我們的成本基礎。我還想就加里和加內什強調的聯邦和州政府活動和流程的收入方面提供一些額外的見解。

The first contract discussed by Ganesh is in implementation with an initial phase covering a limited number of metropolitan markets with the potential to approach $0.5 million through 2024, starting in the fourth quarter of this year. If the second phase is contracted, it would be expected to encompass a broader geographic area and could be our largest single contract to date, approximately an order of magnitude greater than the initial phase. While complementary PNT remains in the earliest stages of adoption, we are pursuing additional state and federal grant programs for 2024.

Ganesh 討論的第一份合約正在實施，初始階段涵蓋有限數量的大都會市場，從今年第四季開始，到 2024 年預計將接近 50 萬美元。如果第二階段簽訂合同，預計將涵蓋更廣泛的地理區域，並且可能是我們迄今為止最大的單一合同，大約比第一階段大一個數量級。雖然補充性 PNT 仍處於採用的最初階段，但我們正在尋求 2024 年更多的州和聯邦撥款計劃。

Under these programs and in partnership with federal or state entities, we will begin implementation of our complementary PNT services in support of different applications and use cases, as Ganesh highlighted previously. We expect per contract for grant values in this phase to range from hundreds of thousands to low millions with durations between 1 and 2 years. This will set the foundation for a service provision over longer durations, broader geographic areas and substantially larger grant or contract amounts starting in late 2024 or 2025.

根據這些計劃，並與聯邦或州實體合作，我們將開始實施補充性 PNT 服務，以支援不同的應用程式和用例，正如 Ganesh 之前所強調的那樣。我們預計此階段每份合約的贈款價值從數十萬到數百萬不等，持續時間在 1 到 2 年之間。這將為從 2024 年底或 2025 年開始提供更長期限、更廣泛地理區域和大幅增加撥款或合約金額的服務奠定基礎。

Finally, we anticipate incorporation into DOT's complementary PNT clearinghouse, which as Ganesh highlighted, should result in streamlined procurement of our services at the federal level beginning in 2025 and broader-based integration of our resilient PNT capabilities across federal, state and critical infrastructure sectors in 2025 and beyond. Thank you. And with that, I'll hand the call back over to the operator for questions.

最後，我們預計納入DOT 的補充性PNT 資訊交換所，正如Ganesh 所強調的那樣，這應該會從2025 年開始簡化我們在聯邦層級的服務採購，並在聯邦、州和關鍵基礎設施部門更廣泛地整合我們的彈性 PNT 能力。2025 年及以後。謝謝。然後，我會將電話轉回給接線生詢問問題。

(Operator Instructions) Our first question comes from the line of Griffin Boss with B.Riley Securities. Griffin, your line is open.

（操作員說明） 我們的第一個問題來自 B.Riley Securities 的 Griffin Boss 的線路。格里芬，你的線路已接通。

So just first, can you give a little bit more color on where you're at with regards to the testing and collecting the requisite data for the FCC? I know you said you hope to finish this testing by the end of the year, but I guess, what would -- what could happen that would push the testing process into 2024? Or what's your level of confidence that you can gather the appropriate data by then?

首先，您能否詳細說明一下您在 FCC 測試和收集必要數據方面的進展？我知道您說過希望在今年年底前完成這項測試，但我猜，會發生什麼——可能會發生什麼，將測試過程推遲到 2024 年？或者您對屆時能夠收集到適當數據的信心有多大？

Thanks for the question, Griffin. -- obviously, the results of that testing, we won't prematurely announce. I mean we'll announce that when we essentially include the results of that with the filings we'll make with the FCC. So at least from your own planning purposes of when we'll be public about that, that's when we would do that. It's -- quite frankly, I'm very pleased with how quickly we were able to both secure approval from the FCC for the changes that we requested for the experimental license, and then also, I mean, I know you guys have been around telecom operators turning up networks and 5G networks. -- our ability to actually design it, procure the equipment and get it in place there in the Palo Alto area over literally a 3- or 4-month process, I'm very pleased with.

謝謝你的提問，格里芬。 ——顯然，我們不會過早公佈測試結果。我的意思是，當我們將結果基本上包含在向聯邦通信委員會提交的文件中時，我們將宣布這一點。因此，至少從您自己的計劃目的來看，我們什麼時候會公開這一點，那就是我們會這樣做的時候。坦白說，我對我們能夠如此迅速地獲得 FCC 批准我們要求的實驗許可證更改感到非常高興，而且我的意思是，我知道你們一直在電信領域運營商開通網路和5G網路。 ——我們能夠在 3 到 4 個月的時間內實際設計、採購設備並將其安裝在帕洛阿爾托地區，我對此感到非常滿意。

So, the network itself has only turned up, and we're in the process of testing. That testing and you can -- if you've reviewed our experimental license approvals from the FCC, you'll see that we're actually going to be testing a number of different configurations, including 8 contiguous, as we've talked about before, which could be used as, say, a supplemental downlink configuration or 5-megahertz band at the lower end of our band, the middle and the upper end of our band, we'll be looking at different power levels. including the existing power levels that we're authorized for as well as higher power levels that we believe we can still do without creating undue interference to neighbors.

所以，網路本身才剛出現，我們正在測試過程中。如果您查看了 FCC 的實驗許可證批准，您可以進行該測試，您會發現我們實際上將測試許多不同的配置，包括 8 個連續的配置，正如我們之前討論過的，例如，可以用作補充下行鏈路配置或我們頻段下端、中端和上端的5 兆赫頻段，我們將研究不同的功率等級。包括我們被授權的現有功率水平以及我們認為在不對鄰居造成不當幹擾的情況下仍然可以做到的更高功率水平。

So, it is a pretty good combination of testing programs. So, I don't want to -- that's why I said, largely complete by the end of the year; that's what we're hoping to do. If we see results from that that cause us to want to change power levels, duty cycles, whatever else it may be, then it could trickle over a little bit more than that, but it's going on at a pretty good pace, and we're pleased with where it stands right now. Again, I won't comment on the results of that testing until it's complete, and we do make the necessary filings with the FCC.

因此，這是一個非常好的測試程序組合。所以，我不想——這就是為什麼我說，在今年年底前基本完成；這就是我們希望做的。如果我們看到結果導致我們想要改變功率水平、佔空比，無論是什麼，那麼它可能會比這多一點，但它正在以相當好的速度進行，我們'對目前的情況感到滿意。再次強調，在測試完成之前我不會對測試結果發表評論，而且我們確實向 FCC 提交了必要的文件。

Sure. Yes. Okay. That makes sense. And so, would there be a delay, let's say, like in terms of the -- whenever you complete testing, are you -- would you expect to file those filings with the FCC immediately? Are you working on those concurrently? Or is it going to take some time in order to --

當然。是的。好的。這就說得通了。那麼，是否會出現延遲，比如說，無論何時完成測試，您是否希望立即向 FCC 提交這些文件？您正在同時進行這些工作嗎？或是需要一些時間才能——

Let's see. As immediately as is possible. Clearly, we are working on those filings already, so we are doing that on a parallel basis is what we would expect to file, but as you can imagine, some of the actual finalization of what we would request and how we would best like it configured is going to depend on the results of the testing. So, we will have to wait to get the final of that into place before we finalize the thing, but candidly, I think it's something that would not take too much longer beyond the completion of testing before we actually put in and also likely to be a licensed waiver.

讓我們來看看。盡可能立即。顯然，我們已經在處理這些文件，因此我們正在並行進行這些文件，這是我們期望提交的文件，但正如您可以想像的那樣，我們所要求的內容以及我們最喜歡的方式的一些實際最終確定配置將取決於測試結果。因此，在我們最終確定之前，我們將不得不等待最終的結果，但坦白說，我認為在我們實際投入之前，除了完成測試之外，這不會花費太長時間，也可能是許可豁免。

I know some people have talked about doing petitions for rulemaking and going through a notice of proposed rulemaking, that may be required. The FCC may require us to do that, depending upon how extensive the waiver request might be. But we also think it's not a major lift to have some of the changes that we're looking to have, and some of those may well be able to be done at bureau level through a waiver process. So those are not things I can give you a hard and fast and firm answer to, right now, but I don't think, for example, multiple months of writing up an FCC request following the testing, I think it would happen pretty quickly after the testing completion.

我知道有些人談到了為規則制定提出請願並通過擬議規則制定的通知，這可能是必需的。 FCC 可能會要求我們這樣做，具體取決於豁免請求的範圍。但我們也認為，我們希望進行的一些改變並不是一個重大的提升，其中一些改變很可能可以透過豁免程序在局級完成。所以這些不是我現在可以給你一個硬性、快速和堅定的答案，但我不認為，例如，在測試後幾個月寫出 FCC 請求，我認為這會很快發生。測試完成後。

Got it. Okay. Understood. And then so shifting gears, it's nice to see the DOT's action plan. I guess were there any surprises with that plan that you saw, whether that'd be timing of milestones or just general outline? Was it consistent with what you would have expected?

知道了。好的。明白了。然後轉變方向，很高興看到交通部的行動計畫。我想您看到的該計劃是否有任何令人驚訝的地方，無論是里程碑的時間安排還是只是整體輪廓？與您的預期一致嗎？

Ganesh, do you want to take that?

加內什，你想接受這個嗎？

Yes, I can take a stab at that. No, I think the time lines, I think we had described in, I think, in the previous call, we did expect once the implementation guidelines released, they would go through the sort of the broader federal regular (inaudible) approval process and which could take 12-18 months. And so, it does line up with the 2025-time frame. So, I don't think that was much of a surprise there. I think we were happy to see that the DOT actually is implementing or encouraging industry to adopt resilient PNT solutions and do tests in the 2024-time frame. So, when the implementation guidelines are more broadly adopted, then you have some baselines to go with. And this concept of the clearinghouse certainly was, I think, is a positive addition to the process because it creates a framework for more expeditious and wider adoption once you're part of that framework.

是的，我可以嘗試一下。不，我認為時間線，我認為我們在之前的電話會議中已經描述過，我們確實期望一旦實施指南發布，他們將經歷更廣泛的聯邦常規（聽不清）批准程序，並且可能需要12-18個月。因此，它確實與 2025 年的時間框架相符。所以，我認為這並不令人意外。我認為我們很高興看到 DOT 實際上正在實施或鼓勵該行業採用彈性 PNT 解決方案並在 2024 年的時間範圍內進行測試。因此，當實施指南被更廣泛地採用時，您就有了一些可以遵循的基線。我認為，資訊交換所的這一概念無疑是對該流程的積極補充，因為一旦您成為該框架的一部分，它就可以創建一個更迅速、更廣泛採用的框架。

So, I think overall, it wasn't -- it wasn't -- the time lines weren't too much of a surprise, but certainly, some of these additional features that they added as part of the implementation plan were positive.

所以，我認為總的來說，時間軸並沒有太大的驚喜，但當然，他們作為實施計劃的一部分添加的一些附加功能是積極的。

Understood. Ganesh, appreciate it. I'll jump back in the queue.

明白了。加內什，欣賞它。我會跳回到隊列中。

Your final question comes from the line of Timothy Horan with Oppenheim.

你的最後一個問題來自蒂莫西·霍蘭和奧本海姆的台詞。

It sounds like you're making a lot of progress. Could you just talk about what's the government's ultimate goal here? Are they looking to create like a GPS type system that's free that they fund, that anyone can use? Or is it-- and would it be nationwide? Or are they just looking for maybe just government users and first responders to use? What do you think they're ultimately looking to do?

聽起來你有了很大的進步。您能談談政府的最終目標是什麼嗎？他們是否希望創建一個類似 GPS 類型的系統，由他們資助，免費，任何人都可以使用？或者是——而且會是全國性的嗎？或者他們只是在尋找政府用戶和急救人員使用？您認為他們最終想要做什麼？

I'll let Ganesh get into it because that is essentially a part of the business that he is very, very intimately involved in. But just on an overarching way, I don't think that they're (inaudible) for example, I mean, they fly their own GPS satellite constellations and they provide GPS for free, okay? And that's used by critical infrastructure for timing and certainly by consumers for location and other things of that nature.

我會讓 Ganesh 參與進來，因為這本質上是他非常非常密切地參與的業務的一部分。但就總體而言，我不認為他們（聽不清楚）例如，我意思是，他們駕駛自己的GPS 衛星星座，並且免費提供GPS，好嗎？關鍵基礎設施使用它來計時，消費者當然也使用它來確定位置和其他類似性質的東西。

I don't think they're looking to provide a secondary terrestrial one that they would own and they would provide, that hasn't been in the past. I think that they want to do everything that they can possibly to make it to encourage industry to do it, and for government users to be able to be the initial users of it to start that process, but eventually, they want critical infrastructure to hold them responsible for having a resilient-enough system that if GPS were to have problems, their overall critical infrastructure would continue to perform.

我不認為他們想要提供他們將擁有並提供的次要陸地衛星，這在過去是沒有的。我認為他們希望盡其所能來鼓勵工業界這樣做，並讓政府用戶能夠成為它的初始用戶來啟動這一過程，但最終，他們希望關鍵基礎設施能夠保持下去他們負責擁有一個足夠有彈性的系統，如果GPS 出現問題，他們的整體關鍵基礎設施將繼續運作。

And one of the key wedges that they have in order to achieve that is by requiring people that are bidding on government services to prove that they can do that, that they have adopted the technologies to make it happen. So, I never say never when it comes to the government, but I don't envision the situation where they contract with us to stand up a terrestrial PNT system.

為了實現這一目標，他們所擁有的關鍵因素之一是要求競標政府服務的人證明他們可以做到這一點，他們已經採用了實現這一目標的技術。因此，當談到政府時，我從來沒有說過“永遠”，但我不認為他們會與我們簽訂合約來建立地面 PNT 系統。

I think they do recognize and the DOT testing back a couple of years ago showed, there are places that different technologies provide a different or better service or capability. We talk sometimes about the eLORAN, the old LORAN networks that were principally used by Mariners, and that's great for out over the oceans, I mean we don't have beacons out there. And the same thing with satellites like the TELUS system. That's great more for rural areas or even some suburban areas, but it doesn't get deep inside building.

我認為他們確實認識到，並且幾年前的 DOT 測試表明，在某些地方，不同的技術可以提供不同或更好的服務或功能。我們有時會談論 eLORAN，這是主要由水手使用的舊 LORAN 網絡，這非常適合在海洋上使用，我的意思是我們那裡沒有信標。 TELUS 系統等衛星也是如此。這對於農村地區甚至一些郊區來說非常有用，但它並沒有深入建築內部。

So, I think the DOT testing and the government (inaudible) large, understand that for them to provide their own complementary PNT capability, it would require a deployment of a variety of different technologies and a terrestrial build out, I don't think that's in the cards. I think that they --they may build out certain ones, and here, I think Ganesh can maybe kick in to start talking about some of the sandboxes or initial trials and pilots they're doing, they will be funding those deployments.

因此，我認為 DOT 測試和政府（聽不清楚）都明白，要讓他們提供自己的補充性 PNT 能力，就需要部署各種不同的技術和地面建設，我不認為這是在卡片中。我認為他們可能會建立某些項目，在這裡，我認為 Ganesh 可能會開始談論他們正在進行的一些沙箱或初步試驗和試點，他們將為這些部署提供資金。

Yes. So, I think, Tim, as Gary mentioned, I mean, I don't think there's an appetite in the government to stand up another system that back up to GPS simply because there isn't really one answer that fits off, right? I think GPS from that perspective was somewhat unique. And I think we're at a point where there are different applications have different needs, and as Gary mentioned, eLORAN is perfect for the maritime and ocean types of applications, but it's not going to fit into your cell phone and certainly doesn't -- won't work in urban areas as well.

是的。所以，我認為，提姆，正如加里所提到的，我認為政府沒有興趣建立另一個支援 GPS 的系統，只是因為沒有真正適合的答案，對嗎？我認為從這個角度來看 GPS 是有些獨特的。我認為我們正處於這樣一個階段，不同的應用程式有不同的需求，正如 Gary 提到的，eLORAN 非常適合海事和海洋類型的應用程序，但它不適合您的手機，當然也不適合——在城市地區也不起作用。

And I think there's also a growing recognition that going from one point of failure to another would be a bad system choice. So, I think the government wants to have multiple technologies providing PNT resilience, and that was part of the recommendation from the Department of Transportation. And I think ultimately, what the government is trying to do right now is really be the first customer for resilient PNT systems across the entire federal government enterprise. And it's not specific sectors, et cetera, they want this across the board.

我認為人們也越來越認識到從一個故障點轉移到另一個故障點將是一個糟糕的系統選擇。因此，我認為政府希望擁有多種技術來提供 PNT 彈性，這是交通部建議的一部分。我認為最終，政府現在正在努力做的是成為整個聯邦政府企業彈性 PNT 系統的第一個客戶。這不是特定部門等，他們希望全面實現這一點。

The government does recognize that they're not a large purchaser of these types of systems and so, the hope is that by being that first adopter, they can encourage other critical infrastructure providers, wireless operators, electrical grid suppliers, et cetera, to also adopt these resilient PNT systems because it's very clear from what's happening around -- from around the world, be it the Ukraine conflict or the Israel-Hamas situation, GPS jamming is a standard feature now across the board. I think we saw it at the beginning of October 6th and we've continuously seen more activities around that. And so, there's a level of urgency to make every industry more resilient to it. And that's where these test beds come into place where they want to see the end systems being implemented in the ultimate application, be it in a mobile phone or in an automotive or an aviation use case or the electrical grids and telecom systems. And that's what really the focus of the next 12 to 18 months is going to be.

政府確實認識到，他們並不是此類系統的大量購買者，因此，希望透過成為第一個採用者，他們可以鼓勵其他關鍵基礎設施提供者、無線營運商、電網供應商等也參與其中。採用這些彈性PNT 系統是因為從世界各地正在發生的事情可以清楚地看出，無論是烏克蘭衝突還是以色列-哈馬斯局勢，GPS 幹擾現在都是一個標準功能。我想我們在 10 月 6 日月初就看到了這一點，並且我們不斷看到更多與之相關的活動。因此，迫切需要讓每個產業更有彈性。這就是這些測試台發揮作用的地方，他們希望看到終端系統在最終應用中實現，無論是在行動電話、汽車、航空用例還是電網和電信系統中。這才是未來 12 到 18 個月的真正重點。

And beyond that, the hope is once the executive order 13905 has been placed, that it will get adopted across the federal government enterprise and then it will also spread into the critical infrastructure sectors. And from there, the hope is it gets to the mass market commercial applications also.

除此之外，希望一旦第 13905 號行政命令下達，它將在聯邦政府企業中採用，然後也將擴展到關鍵的基礎設施部門。從那時起，我們希望它也能進入大眾市場的商業應用。

And the important thing is the government through the various funding sources made available through the infrastructure bill and now maybe more directly through the executive order, is willing to fund those end-user implementations, both at the trial phase or the initial implementation phase and to some extent, at the more wider adoption phase because they do recognize that in the absence of that funding, it is difficult for critical infrastructure vendors and others to adopt a system when they have a free system that GPS already provides. So, I think there is a recognition of that and that is where some of these grant programs come into place, is they're being used to grease the skids to facilitate and enable quicker and faster adoptions.

重要的是，政府願意透過基礎設施法案以及現在可能更直接地透過行政命令提供的各種資金來源，願意為這些最終用戶的實施提供資金，無論是在試驗階段還是初始實施階段，在某種程度上，在更廣泛的採用階段，因為他們確實認識到，在缺乏資金的情況下，關鍵基礎設施供應商和其他人很難採用GPS 已經提供的免費系統。因此，我認為人們已經認識到這一點，這就是其中一些資助計劃到位的地方，它們被用來潤滑滑行以促進和實現越來越快的採用。

So let's say, everything goes really, really well, I mean how large of a customer can the government be in 4, 5 years as this is built out? Or how much money could you receive annually from the government, do you think?

這麼說吧，一切都進展得非常非常順利，我的意思是，在這個計畫建成後，政府在 4、5 年內可以擁有多大的客戶？還是你認為每年可以從政府那裡得到多少錢？

I mean that's -- Chris you want to take – I mean that's not clear right now. I mean -- but I think we can certainly say with the intention where we're seeing that it would be across the federal enterprise, I mean it touches right from the FAA procuring systems to the health and human services for emergency services, then getting into all the critical infrastructure providers, the telecom operators, the electrical grid folks, all of those users, if they have a need for either timing or position or navigation, would be required to have resiliency. And that obviously can grow to be a very large order of magnitude revenue source for us. I mean we already seeing initial elements of that with our government contract that we just signed. In this current phase, it's relatively a nominal amount but if this phase grows to the second phase, that could be our largest contract just in the matter of 12 months, and that can start dominating more broadly as 2025 kicks in.

我的意思是──克里斯，你想接受──我的意思是現在還不清楚。我的意思是 - 但我認為我們當然可以說，我們看到這將是整個聯邦企業的意圖，我的意思是它直接涉及從聯邦航空局採購系統到緊急服務的健康和人類服務，然後得到所有關鍵基礎設施供應商、電信業者、電網人員以及所有這些用戶，如果需要定時、定位或導航，都需要具有彈性。這顯然可以成為我們一個非常大的數量級的收入來源。我的意思是，我們已經透過我們剛剛簽署的政府合約看到了初步的內容。在當前階段，它相對來說只是一個名義金額，但如果這一階段發展到第二階段，這可能是我們在12 個月內最大的合同，並且隨著2025 年的到來，它可能會開始更廣泛佔據主導地位。

Got it. And sorry, just last question. The -- any updated thinking on the highest best use of the spectrum and technology, I mean, do you think you would build out this network yourself and charge for usage on it? Or does it make sense to sell --

知道了。抱歉，只是最後一個問題。關於頻譜和技術的最高最佳利用的任何更新的想法，我的意思是，您認為您會自己建立這個網路並對其使用收費嗎？或者說出售是否有意義——

And I'll go ahead and take that one. I'm always reluctant to just speculate too widely because depending upon who it is that you may partner with on it, there are different configurations, which may be more desirable to one player versus another. I have mentioned the supplemental downlink is a very important one, but also, if you're able to get 2-way capabilities, it opens up other potential partners.

我會繼續接受那個。我總是不願意過於廣泛地推測，因為根據你可能與誰合作，有不同的配置，這可能對一個玩家來說比另一個玩家更理想。我已經提到過，補充下行鏈路是非常重要的一個，而且，如果您能夠獲得雙向功能，它就會開啟其他潛在的合作夥伴。

My own guess at this point, and I always hate the caveat as being a guess is that we wouldn't build it out. I think there's enough, particularly for dealing with one of the major carriers, it's far more likely that you would lease them the spectrum and have them building out. We would still be responsible obviously for providing the full PNT and E911 services because that's an essential part of the function that the government wants us to do. It's why we think that the government will be very favorably looking at what we will want to do because we are providing a very critical national security service. But I think because of that, the most efficient way would be either leasing or even if it was for an upfront onetime payment for a multiyear lease. That may be the best way it would be done. I don't see -- it's not that you couldn't envision scenarios whereby we would build it out, but I don't think there's any chance we would do that without a contracted party that was going to use it. I mean, we don't see ourselves right now as trying to create another nationwide carrier or something like that.

我自己的猜測是，我總是討厭這種警告，因為猜測是我們不會建造它。我認為這已經足夠了，特別是對於與主要運營商之一打交道時，您更有可能向他們租用頻譜並讓他們進行建設。顯然，我們仍然有責任提供完整的 PNT 和 E911 服務，因為這是政府希望我們履行的職能的重要組成部分。這就是為什麼我們認為政府會非常有利地考慮我們想要做的事情，因為我們正在提供非常重要的國家安全服務。但我認為，正因為如此，最有效的方式要么是租賃，要么是一次性預付款多年租賃。這可能是最好的方法。我不明白——並不是說你無法想像我們將構建它的場景，但我認為如果沒有要使用它的締約方，我們就沒有機會做到這一點。我的意思是，我們現在並不認為自己試圖創建另一家全國性的航空公司或類似的公司。

Do you have a sense of how easy it would be for a carrier to add this on to their existing infrastructure? I mean they seem to be doing a lot more carrier aggregation and a lot more so--

您是否知道營運商將其添加到現有基礎設施中有多容易？我的意思是他們似乎做了更多的載波聚合，而且更多——

Well, absolutely. And carrier aggregation is absolutely the (inaudible) I mentioned at either a supplemental downlink or even a supplemental uplink. The key with other existing spectrum is more of your likely implementation. It is a lot more of that being done today. And what configurations we are able to create and what power levels we're able to create will have a direct bearing on how easily it can be incorporated into, say an existing carrier's rollout plan.

嗯，絕對是。載波聚合絕對是我在補充下行鏈路甚至補充上行鏈路中提到的（聽不清楚）。其他現有頻譜的關鍵在於您可能的實作。今天要做的事情還有很多。我們能夠創建什麼樣的配置以及我們能夠創建什麼樣的功率水平將直接影響到它能夠如何輕鬆地融入現有運營商的推出計劃中。

So probably not much more I can say on it at this point in time. Likely when we do make our filings with the FCC, you'll get a far greater granular visibility into what we think we'll be able to pull off. But yes, I mean, we think there's an undeniable spectrum value there, if utilized as a 5G data carrier, but exactly what configuration and what other spectrum it might be paired with in a network are things that we probably won't opine on today.

所以現在我可能無法再說太多了。當我們向聯邦通訊委員會提交文件時，您可能會更詳細地了解我們認為我們能夠實現的目標。但是，是的，我的意思是，我們認為如果用作5G 數據載體，那麼那裡存在不可否認的頻譜價值，但究竟什麼配置以及它可能在網絡中與什麼其他頻譜配對，我們今天可能不會發表意見。

Yes. Got it. That's really, really helpful.

是的。知道了。這真的非常非常有幫助。

At this time, there are no further questions. I would like to turn the call back over to Gary.

目前，沒有其他問題了。我想把電話轉回加里。

Well, thank you very much, operator. And we certainly appreciate everybody dialing in today. And hopefully, you see -- I know we normally kick off these calls saying, "Hey, here our 3 strategic priorities to solidify our leadership position in 3D Geolocation and PNT resiliency to develop fully our spectrum assets to their highest and best use and commercial potential on that and to expand our global reach.

嗯，非常感謝你，接線生。我們當然感謝今天撥通電話的每個人。希望您會看到- 我知道我們通常會在這些電話會議中說：“嘿，這是我們的3 個戰略重點，旨在鞏固我們在3D 地理定位和PNT 彈性方面的領導地位，充分開發我們的頻譜資產，使其達到最高、最佳用途和商業化潛力並擴大我們的全球影響力。

I think, hopefully, you'll see out of today's call, we made significant progress on all of those this quarter, and once we complete our testing program and are able to file with the FCC, hopefully, you'll see far more progress on that front as well, too. So again, thanks, everybody, for your participation today, and we look forward to speaking to you again on our end of year call.

我想，希望您能從今天的電話會議中看到，我們本季度在所有這些方面都取得了重大進展，一旦我們完成了測試計劃並能夠向FCC 提交文件，希望您會看到更多進展在這方面也是如此。再次感謝大家今天的參與，我們期待在年終電話會議上再次與您交談。

Thank you, ladies and gentlemen. That concludes today's conference. You may now disconnect.

謝謝你們，女士們、先生們。今天的會議到此結束。您現在可以斷開連線。