NextNav Inc (NN) 2023 Q4 法說會逐字稿

Good afternoon. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to NextNav fourth quarter and full year 2023 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Erica Bartsch. Erica, you may begin your conference.

午安.我叫克里斯塔，今天我將擔任你們的會議接線生。此時此刻，我謹歡迎大家參加 NextNav 第四季和 2023 年全年財報電話會議。 （操作員指示）我現在想將會議轉交給 Erica Bartsch。艾麗卡，你可以開始你的會議了。

Good afternoon, everyone, and welcome to NextNav fourth quarter and full year 2023 results earnings conference call. Participating on today's call are Mariam Sorond, NextNav's CEO; Gary Parsons, NextNav's Chairman; and Chris Gates, NextNav's Chief Financial Officer.

大家下午好，歡迎參加 NextNav 第四季和 2023 年全年業績電話會議。 NextNav 執行長 Mariam Sorond 參加了今天的電話會議；帕森斯 (Gary Parsons)，NextNav 董事長；以及 NextNav 財務長 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. In particular, such forward-looking statements may include statements about NextNav's business plans, objectives, expectations, and intentions to drive growth in its 3D geo-location businesses, an expansion of its next-generation GPS platform to maximize the value of its IP 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.

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。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 地理位置業務的成長、擴展其下一代 GPS 平台以最大化其 IP 組合的價值和頻譜、其國際業務、以及NextNav 的合作夥伴關係及其潛在成功、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 of NextNav's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

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。聲明。

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 geo-location 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, pricings, market plans, and our ability to realize the anticipated technical and business benefits associated with acquisitions and any subsequent mergers, acquisitions, or other 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 market, 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 proprietary technology, our ability to maintain our 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 retaining officers, key employees or directors, expansion plans and opportunities, costs related to the public companies, 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、我們的地理位置服務的預期功能、我們服務的預期部署時間和水平、預期需求和對我們服務的接受程度、預期業績和商業機會以及競爭對手、獲得監管批准的時間、商業合作夥伴關係的收購和保留、產品和服務、定價、市場計劃以及我們實現與收購和收購相關的預期技術和商業利益的能力任何後續合併、收購或其他交易、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，包括我們的服務的市場接受程度、我們充分保護關鍵知識產權或專有技術的能力、我們維護我們的位置和監控服務許可證並根據需要獲得額外LMS 許可證的能力、我們維持充足的營運財務資源（包括用於研究）的能力和發展或籌集額外資本或產生足夠的現金流，我們發展和維持有效內部控制的能力，我們在招聘和保留高級職員、關鍵員工或董事方面的成功，擴張計劃和機會，與上市公司相關的成本，我們的能力維持我們的證券在納斯達克的上市、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，以及與上述相關的假設。

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.

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。

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 to the company's Investor Relations website.

在我們準備好的發言之後，公司將舉辦由業者主導的問答環節。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。

Well, thanks very much and good afternoon, everyone, and welcome to NextNav's fourth quarter and full year 2023 earnings call. Joining me on today's call are Mariam Sorond, NextNav's Chief Executive Officer, and Chris Gates, NextNav's Executive Vice President and CFO.

非常感謝，大家下午好，歡迎參加 NextNav 第四季和 2023 年全年財報電話會議。參加今天電話會議的還有 NextNav 執行長 Mariam Sorond 和 NextNav 執行副總裁兼財務長 Chris Gates。

Now, 2023 proved to be a year of major progress for NextNav. We furthered our position, navigation, and timing or PNT technology, increased our financial flexibility with $70 million in additional funding, providing a multiyear liquidity profile, expanded our wireless carriers and handset customer base, or E911 3D location and first responder situational awareness, landed PNT contracts with government agencies and Tier 1 chipset manufacturers, and most significantly from my viewpoint, we recruited an extraordinary Chief Executive Officer to lead us to the next stage of NextNav's evolution.

現在，2023 年被證明是 NextNav 取得重大進展的一年。我們進一步推進了我們的定位、導航和授時或PNT 技術，透過7000 萬美元的額外資金提高了我們的財務靈活性，提供了多年的流動性狀況，擴大了我們的無線營運商和手機客戶群，或E911 3D 定位和急救人員態勢感知，落地PNT 與政府機構和一級晶片組製造商簽訂了合同，從我的角度來看，最重要的是，我們聘請了一位出色的首席執行官來帶領我們進入NextNav 發展的下一階段。

As you know, Mariam brings over three decades of technology spectrum and product leadership across wireless, wireline, satellite, and cloud company. She is renowned for her technical and regulatory expertise and has hit the ground running during her first 100 days at the helm.

如你所知，Mariam 為無線、有線、衛星和雲端公司帶來了三十多年的技術光譜和產品領導力。她以其技術和監管專業知識而聞名，並在掌舵的頭 100 天迅速起步。

So now let me turn it over to Mariam to introduce yourself, tell you what attracted her to this opportunity, and give you a preview of our vision for NextNav's technology, products, and spectrum assets. Mariam?

現在讓我向 Mariam 介紹一下自己，告訴您是什麼吸引了她獲得這個機會，並向您預覽我們對 NextNav 技術、產品和頻譜資產的願景。瑪麗雅姆？

Thank you, Gary, and good afternoon, everyone. It is a pleasure to be on my first earnings call as the CEO of NextNav. Having the chance to take over the reins of the company is truly an exciting opportunity. For years, I've built my career and technology powered by spectrum, and I've seen various companies and technologies come and go, witnessing both what has worked and what hasn't.

謝謝你，加里，大家下午好。很高興能作為 NextNav 執行長參加我的第一次財報電話會議。有機會接管公司確實是一個令人興奮的機會。多年來，我的職業生涯和技術都是由頻譜驅動的，我看到了各種公司和技術的來來去去，見證了哪些有效，哪些無效。

Having now been with NextNav with just over 100 days, I can easily say that this opportunity is truly unique. What ultimately attracted me to this role was the potential of the NextNav portfolio. First and foremost, NextNav is a growing company with an impressive set of assets and solutions, specifically PMT solutions that span both the private and public sectors and are powered by a valuable spectrum asset.

加入 NextNav 才 100 多天，我可以輕鬆地說，這個機會確實是獨一無二的。最終吸引我擔任這個職位的是 NextNav 產品組合的潛力。首先，NextNav 是一家成長中的公司，擁有一系列令人印象深刻的資產和解決方案，特別是涵蓋私營和公共部門並由寶貴的頻譜資產提供支援的 PMT 解決方案。

Positioned in the lower 900 megahertz band with excellent propagation characteristics, NextNav's existing spectrum is ideally positioned to unleash opportunities to develop next-generation solutions. That said, I believe the value potential of this asset has long been underappreciated.

NextNav 的現有頻譜位於較低的 900 兆赫頻段，具有出色的傳播特性，非常適合釋放開發下一代解決方案的機會。也就是說，我相信這項資產的價值潛力長期以來一直被低估。

Today, the need for PMT solutions powered by low-band spectrum with optimized use is a powerful opportunity. It can address many of the problems we face in both the public and private sectors, including in areas like national security and public safety. As a result, I am confident that there is significant potential in NextNav's ability to explore various options to enhance next-generation PMT technology through spectrum.

如今，對低頻段頻譜提供支援並優化使用的 PMT 解決方案的需求是一個巨大的機會。它可以解決我們在公共和私營部門面臨的許多問題，包括國家安全和公共安全等領域。因此，我相信 NextNav 有能力探索各種選項，透過頻譜增強下一代 PMT 技術。

This is why I'm excited by our recent acquisition of additional spectrum licenses covering 4 megahertz of noncontiguous spectrum. Announced earlier this week, the licenses are in the same lower 900-megahertz band as our current spectrum and were acquired after recent opportunity to buy them from the receiver. We move quickly and as we move forward to take advantage of our full spectrum portfolio, all of these licenses will be part of the mix.

這就是為什麼我對我們最近獲得覆蓋 4 兆赫非連續頻譜的額外頻譜許可證感到興奮。本週稍早宣布，這些許可證與我們目前的頻譜處於相同的 900 兆赫頻段，並且是在最近有機會從接收器購買這些許可證後獲得的。我們行動迅速，隨著我們繼續利用我們的全頻譜產品組合，所有這些許可證都將成為組合的一部分。

What has me even more excited about this opportunity is just how well it dovetails with my background. As Gary mentioned, I have devoted my career to advancing and commercializing innovation and technology. I spent several years working at DISH, where I oversaw spectrum technology, standards development, and negotiation of agreements across government agencies and industry partnerships, and created spectrum band plans towards the 5G Open RAN cloud-native architecture design, which is currently deployed at DISH.

這個機會更讓我興奮的是它與我的背景非常吻合。正如加里所提到的，我的職業生涯致力於推進創新和技術並將其商業化。我在 DISH 工作了幾年，負責監督頻譜技術、標準開發以及政府機構和行業合作夥伴之間的協議談判，並為 5G Open RAN 雲端原生架構設計制定了頻譜頻段計劃，目前部署在 DISH 。

I also led technology and strategy efforts for telco cloud platforms, mobile and wired convergence, and satellite technologies that other companies. In short, this type of work is embedded in my DNA.

我還領導了其他公司的電信雲端平台、行動和有線整合以及衛星技術的技術和策略工作。簡而言之，這種工作已經融入了我的 DNA。

Moving forward, my priority is on ensuring that the entire organization is laser focused on advancing our path forward. Specifically, we are committed to developing next-generation technology for PMT that will take advantage of 5G. Our primary goal is single-digit accuracy everywhere. This means creating a 3D positioning solution that provides location that is highly accurate and is available in the doors as well as outdoors and in urban corridors. It also move wireless distribution of timing everywhere.

展望未來，我的首要任務是確保整個組織專注於推動我們的前進道路。具體來說，我們致力於開發利用 5G 優勢的下一代 PMT 技術。我們的主要目標是在任何地方實現個位數的準確度。這意味著創建一個 3D 定位解決方案，提供高精度的位置，並且可以在室內、室外和城市走廊中使用。它還可以將定時無線分佈移動到任何地方。

It's within this framework that we will be looking to advance next-gen PMT in a timely and efficient manner. As part of this process, I want to stress that we plan to take a fresh look at all components of the business. With an eye toward taking full advantage of our spectrum assets.

正是在這個框架內，我們將尋求及時有效地推進下一代 PMT。作為此過程的一部分，我想強調，我們計劃重新審視業務的所有組成部分。著眼於充分利用我們的頻譜資產。

To do this, I have assembled a top team combining in-house technical talent with consultant expertise in PMT and spectrum-based services to help advance our vision. This group nicely complements the existing NextNav team of experts and will be invaluable to us and our management as we chart our path forward. As part of this effort, we will be looking at how best to leverage our spectrum, including the recently acquired licenses I referred to earlier.

為此，我組建了一支頂級團隊，將內部技術人才與 PMT 和基於頻譜的服務方面的顧問專業知識相結合，以幫助推進我們的願景。團隊很好地補充了現有的 NextNav 專家團隊，並且在我們規劃前進道路時對我們和我們的管理層將具有無價的價值。作為這項工作的一部分，我們將研究如何最好地利用我們的頻譜，包括我之前提到的最近獲得的許可證。

As a reminder, NextNav currently owns licenses covering the contiguous 8 megahertz of valuable low-band spectrum, covering 2.4 billion megahertz PoPs. With the addition of new licenses, NextNav's full-spectrum portfolio will total 3.5 billion megahertz PoPs of low band spectrum, an impressive portfolio of assets.

提醒一下，NextNav 目前擁有覆蓋連續 8 兆赫寶貴低頻段頻譜的許可證，涵蓋 24 億兆赫 PoP。隨著新授權的增加，NextNav 的全頻譜組合將總計 35 億兆赫的低頻段 PoP，這是一個令人印象深刻的資產組合。

In terms of next steps, we need the court to approve the transaction, and assuming that happens, we will promptly seek FCC approval. Until that time, our primary focus remains on developing next-generation technology for PMT that will take advantage of 5G. We expect old NextNav licenses will be a part of the mix as we consider how best to take advantage of our spectrum. We have an exciting path ahead, and I look forward to providing additional updates as we progress over the coming months.

就下一步而言，我們需要法院批准交易，如果發生這種情況，我們將立即尋求 FCC 的批准。在那之前，我們的主要重點仍然是開發利用 5G 的下一代 PMT 技術。當我們考慮如何最好地利用我們的頻譜時，我們預計舊的 NextNav 許可證將成為組合的一部分。我們前面的道路令人興奮，我期待在未來幾個月中隨著我們的進展提供更多更新。

Finally, before handing things over to Chris, I want to quickly provide an update on our PMT activities. Accurate PMT continues to be necessary for the functioning of critical infrastructure in civil, commercial, and military use; all sectors that rely on accurate PMT data to provide their services. More importantly, PMT is a national security topic, and resiliency needs to be considered.

最後，在將事情交給 Chris 之前，我想快速介紹我們 PMT 活動的最新情況。準確的 PMT 對於民用、商業和軍事用途的關鍵基礎設施的運作仍然是必要的；所有依賴準確的 PMT 數據來提供服務的部門。更重要的是，PMT是一個國家安全議題，需要考慮彈性。

We are currently in discussions with several agencies on this exact topic. Specifically, we are planning to respond to a Department of Transportation RFQ that was released last month to test complementary PMT solutions in an operational environment, including testing against GPS disruptions. This follows the DOT's complementary PMT action plan that was issued this past fall.

我們目前正在與幾個機構就這個主題進行討論。具體來說，我們計劃回應交通部上個月發布的詢價，以在操作環境中測試補充 PMT 解決方案，包括針對 GPS 中斷進行測試。此前，交通部於去年秋天發布了補充性 PMT 行動計畫。

As you can see, it's quite a busy and exciting time at NextNav. We have an incredible path ahead and I can't wait to share more with you over the coming months. I also want to make clear that as CEO, I plan to be very engaged with our shareholders in the financial community. My goal is to ensure that all of you have a clear understanding of our pathway to growth and the milestones we need to achieve along the way.

正如您所看到的，這是 NextNav 非常忙碌和令人興奮的時刻。我們前面的道路令人難以置信，我迫不及待地想在未來幾個月與您分享更多資訊。我還想明確表示，作為首席執行官，我計劃與金融界的股東進行密切接觸。我的目標是確保大家清楚地了解我們的成長之路以及我們一路上需要實現的里程碑。

As you know, our company is engaged in numerous conversations with government officials as we laid the groundwork for our future. And there is a sensitive nature to many of these discussions. As I am able, I look forward to sharing information and providing you with regular updates. Though this is a process that will take time, we are committed to seeing it through and hope all of you will join us on this exciting journey.

如您所知，我們公司與政府官員進行了多次對話，為我們的未來奠定了基礎。其中許多討論都具有敏感性。我將盡我所能，期待與您分享資訊並定期為您提供最新資訊。儘管這是一個需要時間的過程，但我們致力於完成它，並希望你們所有人都能加入我們這個令人興奮的旅程。

With that, I will turn the call over to Chris to run through our financials. Chris?

這樣，我會將電話轉給克里斯，讓他了解我們的財務狀況。克里斯？

Thank you, Mariam, and good afternoon, everyone. Let me begin with a review of the terms of the spectrum transaction. As noted in our press release on March 11, we signed an asset purchase agreement to acquire additional lower 900-megahertz spectrum licenses in our band for a total purchase price of up to $50 million, $2.5 million of the purchase price to be paid in cash due within 30 days the court approving the transaction. The remainder is expected to be paid for it with NextNav common stock at the then current stock price, based on the achievement of certain milestones, including appropriate regulatory approvals. I'll refer you to our 8-K filing for specific transaction details.

謝謝瑪麗雅姆，大家下午好。讓我先回顧一下頻譜交易的條款。正如我們在3 月11 日的新聞稿中指出的那樣，我們簽署了一項資產購買協議，以購買我們頻段內其他較低的900 兆赫頻譜許可證，總購買價高達5000 萬美元，其中250 萬美元的購買價格將以現金支付法院批准交易後 30 天內到期。剩餘部分預計將根據某些里程碑的實現情況（包括適當的監管批准），以當時的股價以 NextNav 普通股支付。我將向您推薦我們的 8-K 檔案以了解具體的交易細節。

I should also note that we structured this transaction consistent with our conscious efforts to manage the use of capital in our business. Recall that we executed a debt financing of senior secured notes last year that yielded gross proceeds of approximately $70 million, along with warrants with an aggregate strike price of $56 million. We were pleased by the positive market reception to this financing, which was a testament to the potential value to be unlocked in our assets and business.

我還應該指出，我們建構這筆交易的方式與我們有意識地管理業務資本使用的努力一致。回想一下，我們去年執行了一項優先擔保票據債務融資，產生了約 7,000 萬美元的總收益，以及總執行價格為 5,600 萬美元的認股權證。我們對此次融資獲得的正面市場反應感到高興，這證明了我們的資產和業務的潛在價值。

Now turning to our financials. Fourth quarter revenue increased 50% to $1.2 million compared to $803,000 in the prior year period, primarily due to increased recurring services revenue in the current period from technology and service contracts with commercial customers. For full year 2023, revenue was $3.9 million, flat versus the prior period. Our revenue was driven by increase in recurring service revenue from technology and service contracts commercial customers, offset by a decline in integration revenue from the prior year period.

現在轉向我們的財務狀況。第四季營收較上年同期的 803,000 美元成長 50%，達到 120 萬美元，主要是由於本期與商業客戶的技術和服務合約帶來的經常性服務收入增加。 2023 年全年營收為 390 萬美元，與上一期持平。我們的收入是由來自技術和服務合約商業客戶的經常性服務收入的增加所推動的，但被上年同期整合收入的下降所抵消。

Our operating expenses were $21.1 million in the quarter, up from $15.3 million in the same period last year, due primarily to an increase in equity-based compensation expense of the full period of NextNav's France operations and CEO transition costs.

本季我們的營運費用為 2,110 萬美元，高於去年同期的 1,530 萬美元，這主要是由於 NextNav 法國業務整個期間的股權薪酬費用以及執行長過渡成本的增加。

Excluding stock-based compensation and depreciation and amortization, operating expenses were $10.7 million compared to $8.4 million in the prior period. For the full year, operating expenses were $67.4 million, down from $69.5 million in the prior year. With the reduction driven by a decrease in SG&A, partially offset by increases in depreciation and amortization as well as R&D expenses, primarily related to a full year of NextNav's France operations. Excluding stock-based compensation and depreciation and amortization, full year operating expenses were $40.7 million in the current period and $39.3 million in the prior year.

不包括股票薪酬以及折舊和攤銷，營運費用為 1,070 萬美元，而上一期間的營運費用為 840 萬美元。全年營運費用為 6,740 萬美元，低於上年的 6,950 萬美元。 SG&A 的減少推動了這一減少，但部分被折舊和攤銷以及研發費用的增加所抵消，主要與 NextNav 法國業務全年相關。不包括股票薪酬以及折舊和攤銷，本期全年營運費用為 4,070 萬美元，上年為 3,930 萬美元。

Net loss in the fourth quarter was $16.4 million compared to a loss of $12.5 million in the prior year. The primary drivers for the increase were net interest expense of $2 million, higher stock-based compensation expenses, and higher payroll costs, partially offset by a gain from the change in the fair value of our warrants of $5.7 million compared to net interest income of $456,000 and a gain in the change of the fair value of our warrant liability of $1.5 million in the prior year.

第四季淨虧損為 1,640 萬美元，而上年同期淨虧損為 1,250 萬美元。成長的主要驅動因素是200 萬美元的淨利息支出、較高的股票補償費用以及較高的工資成本，但與200 萬美元的淨利息收入相比，我們的認股權證公允價值變化帶來的收益570 萬美元部分抵銷了這項收益。上一年我們的認股權證負債公允價值變動收益為 45.6 萬美元，收益為 150 萬美元。

For full year 2023, net loss of $71.7 million as compared to a loss of $40.1 million in the prior year period. Here again, the primary drivers were net interest expense of $3.7 million and a loss associated with the change in fair value of our warrant liability of $4.1 million, compared to net interest income of $901,000 and a gain associated with the change in fair value of our warrant liability of $24.7 million in the prior year.

2023 年全年淨虧損為 7,170 萬美元，去年同期虧損為 4,010 萬美元。同樣，主要驅動因素是370 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410 萬美元，而淨利息收入為901,000 美元以及與我們的認股權證負債公允價值變動相關的收益。上一年度的保證責任為 2,470 萬美元。

Looking at our balance sheet, we closed out the year of $81.9 million in cash and cash equivalents and $4 million in short-term investments. The company ended the year with $48.4 million in debt net of unamortized discount attributed to transaction costs and the issuance of warrants, the gross value of $70 million.

看看我們的資產負債表，我們全年的現金和現金等價物為 8,190 萬美元，短期投資為 400 萬美元。到年底，該公司的債務淨額為 4,840 萬美元，扣除交易成本和發行認股權證帶來的未攤銷折扣，總價值為 7,000 萬美元。

As a quick reminder, the warrants issued as part of our debt financing are exercisable for cash and become partially callable beginning in 2025. If they're called or exercised otherwise, these warrants may provide a source of additional liquidity as they did in the third quarter of 2023.

快速提醒一下，作為我們債務融資的一部分發行的認股權證可以現金行使，並從2025 年開始可以部分贖回。如果它們被贖回或以其他方式行使，這些認股權證可能會提供額外的流動性來源，就像第三季那樣。2023 年第四季。

Thank you. And with that, I will turn things over to the operator to open the call for questions. Operator?

謝謝。然後，我會將事情轉交給接線員以開始提問。操作員？

Thank you. (Operator Instructions) Griffin Boss, B. Riley Securities.

謝謝。 （操作員指示）Griffin Boss，B. Riley Securities。

Hi. Thanks for taking my question. And first off, welcome to the team, Mariam. Can you just give some color on your thoughts, specifically just high level, the value you saw in these additional 900 megahertz spectrum licenses that NextNav announced they were acquiring a couple of days ago, and what that means for the company going forward and just the overall value proposition at the company?

你好。感謝您提出我的問題。首先，歡迎加入我們的團隊，瑪莉雅姆。您能否談談您的想法，特別是高水平的想法，您在 NextNav 幾天前宣布收購的這些額外 900 兆赫頻譜許可證中看到的價值，以及這對公司的未來意味著什麼？公司的整體價值主張？

Yes, absolutely. So as you know that -- [they bought] spectrum has been out there for some time, and we were focused on our existing licenses. One of the reasons I was so excited to join NextNav was the potential of the technology portfolio and the interesting spectrum asset, right? This transaction gives us the opportunity to build on this portfolio. Specifically, NextNav already has a valuable spectrum position in the lower 900-megahertz band.

是的，一點沒錯。如您所知，[他們購買]頻譜已經存在一段時間了，我們專注於現有的許可證。我對加入 NextNav 如此興奮的原因之一是技術組合的潛力和有趣的頻譜資產，對嗎？這項交易讓我們有機會在這個投資組合的基礎上進一步發展。具體來說，NextNav 已經在較低的 900 兆赫頻段擁有寶貴的頻譜位置。

Following the close of this new agreement, NextNav's full spectrum portfolio, as I noted earlier, is going to be 3.5 billion megahertz PoPs of low band spectrum. It's just a layer on top of that, the need for PMT that is powered by low-band spectrum. It's a great opportunity and it can address many of the problems inherent across both the public and private sectors.

在這項新協議結束後，正如我之前提到的，NextNav 的全頻譜組合將是 35 億兆赫茲的低頻段頻譜 PoP。它只是最上面的一層，也就是對低頻段頻譜所供電的 PMT 的需求。這是一個很好的機會，它可以解決公共和私營部門固有的許多問題。

Got it. Great. Thanks for that color. And then maybe either for Gary or Mariam, is there anything you can share regarding progress with testing and where you're at with the FCC process at this point?

知道了。偉大的。謝謝那個顏色。然後，對於 Gary 或 Mariam，您是否可以分享有關測試進度以及目前 FCC 流程進展的資訊？

Yeah. Let me take that and Gary, if you want to add. But first of all with the testing, we've -- actually the result of the limited testing that we did in the Bay Area were positive. Now that we have a larger spectrum portfolio to work with, there will be additional testing, and we will be working to include all the licenses in this process as we move forward.

是的。如果你想補充的話，讓我和蓋瑞來補充一下。但首先，我們在灣區進行的有限測試的結果是正面的。現在我們有更大的頻譜組合可供使用，將會進行額外的測試，隨著我們的進展，我們將努力將所有許可證納入此過程中。

As a reminder, there are internal tests that we conducted as part of the optimization and development of our next-generation systems. And I should note, we will not be publishing that data unless it becomes a part of the FCC filings. There is a process at the FCC, and we will work through that process diligently. Having just announced this transaction, we are working on a plan, but it would be premature for us to discuss our efforts at this juncture.

提醒一下，我們進行了一些內部測試，作為下一代系統優化和開發的一部分。我應該指出，我們不會發布這些數據，除非它成為 FCC 文件的一部分。 FCC 有一個流程，我們將努力完成流程。在剛宣布這項交易後，我們正在製定一項計劃，但現在討論我們的努力還為時過早。

Okay, great. Well, that's good news. I'm glad to hear that. And then just last one for me, if I could. Mary, you obviously you mentioned you're going to be taking a fresh look at all components of the business regarding future opportunities that makes sense. The company in the past has discussed a certain agreement with a Tier 1 global chip manufacturer for GPS IoT applications. Just wanted to get some more color on whether that opportunity is still progressing with the anticipated revenue starting to ramp up in the back half of this year.

好的，太好了。嗯，這是個好消息。我很高興聽到這個消息。如果可以的話，請為我提供最後一張。瑪麗，您顯然提到您將重新審視業務的所有組成部分，以了解未來有意義的機會。該公司過去曾與一家全球一級晶片製造商討論過針對 GPS 物聯網應用的特定協定。只是想進一步了解這一機會是否仍在取得進展，預計收入將在今年下半年開始增加。

Look, PMT continues to be one of our focuses. And advancing our next-generation technology in PMT would be a focus. We're talking to our multiple industry entities. We're talking to the government agency, and we are taking a fresh look at how we can advance focusing our portfolio of spectrum as it powers the technology. So it's all in the mix with a fresh look.

看，PMT 仍然是我們的重點之一。推進我們的下一代 PMT 技術將是一個重點。我們正在與多個行業實體進行交談。我們正在與政府機構進行交談，並正在重新審視如何在頻譜組合為技術提供動力時進一步集中精力。所以這一切都以新鮮的外觀混合在一起。

Okay. Fair enough. Thanks for taking my questions. I appreciate it.

好的。很公平。感謝您回答我的問題。我很感激。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Hey, thanks guys, and thanks, Mariam. Could you talk a little bit more about the spectrum we just acquired -- maybe the geographic coverage -- and exactly is it contiguous to you guys or is it in the same exact band? And are there other bands you think in this range that you could potentially acquire? And then -- well, yeah, that's a lot of questions already.

嘿，謝謝大家，謝謝瑪麗雅姆。你能多談談我們剛剛獲得的頻譜嗎——也許是地理覆蓋範圍——它到底是與你們相鄰還是在同一個頻段？您認為在這個範圍內還有其他樂團可以購買嗎？然後——嗯，是的，已經有很多問題了。

Okay. Thanks for the questions. So our current portfolio is 8 megahertz of contiguous spectrum, and it covers 2.4 billion megahertz PoPs. And the A block is noncontiguous spectrum that brings our total portfolio up to 3.5 billion megahertz PoPs. So that's what the spectrum and they're both located in the lower 900 megahertz.

好的。感謝您的提問。因此，我們目前的產品組合是 8 兆赫的連續頻譜，涵蓋 24 億兆赫的 PoP。 A 塊是不連續的頻譜，使我們的總投資組合高達 35 億兆赫 PoP。這就是頻譜，它們都位於 900 兆赫以下。

As far as other spectrum, right now, we're very laser focused on our current licenses. And once approved and once we have discussions at the FCC with the future licenses that we just acquired, and that's where our focus will be. But of course, we'll take a look at everything that's going out there as well.

就其他頻譜而言，目前我們非常專注於我們目前的許可證。一旦獲得批准，一旦我們在 FCC 討論我們剛剛獲得的未來許可證，這就是我們的重點。但當然，我們也會看看那裡發生的一切。

So are they covering this form -- megahertz, is it covering like 200 million or 250 million PoPs? Is that what you're saying? And it's not in the same exact spectrum band as yours, it's adjacent?

那麼他們是否涵蓋了這種形式——兆赫茲，是否覆蓋了 2 億或 2.5 億個 PoP？你是這麼說的嗎？而且它與您的光譜並不完全相同，而是相鄰？

It is in the same. So the range is between [900] to 928 megahertz. The A block falls on the lower portion of that spectrum, and our current 8-megahertz licenses fall in the upper portion of that same spectrum. So they're all on the same spectrum band.

是在同一處。因此範圍在 [900] 到 928 兆赫之間。 A 塊位於該頻譜的較低部分，而我們目前的 8 兆赫茲許可證屬於同一頻譜的較高部分。所以它們都在同一頻譜帶上。

Yeah. And the geographic or the PoP coverage that they have?

是的。他們的地理或 PoP 覆蓋範圍如何？

So the PoP coverage for the 8 megahertz is 2.4 billion megahertz PoPs. And then the A block would give us an additional 1.1 billion that brings us up to 3.5 billion megahertz PoPs.

因此，8 兆赫的 PoP 覆蓋範圍為 24 億兆赫 PoP。然後 A 塊將為我們提供額外的 11 億，使我們的 PoP 達到 35 億兆赫。

Hey, Tim. This is Gary. So as you appropriately noted, if you do the math on that, yeah, their actual pop coverage is something like 270 million, for us is like 3 billion. So yeah, that's how you get to the numbers.

嘿，提姆。這是加里。正如您恰當地指出的那樣，如果您對此進行數學計算，是的，他們的實際流行覆蓋率約為 2.7 億，而我們則約為 30 億。是的，這就是你得到數字的方式。

And doe it become a lot more valuable by combining their spectrum with your spectrum? Is it an exponential increase instead of just one plus one being two, one plus one being five -- or any color around that? What you can do with it would be great.

透過將他們的頻譜與您的頻譜相結合，它會變得更有價值嗎？它是指數增長，而不僅僅是一加一等於二、一加一等於五——或任何類似的顏色嗎？你能用它做什麼會很棒。

Look, we can share more, but we have to wait for FCC process at this point. I can tell you that we need to work with the FCC for the approval. And talking about how this would look in the future is a little bit premature until we go through that process. But it is exciting combination of assets and technology that we're talking about over here.

看，我們可以分享更多，但目前我們必須等待 FCC 流程。我可以告訴你，我們需要與 FCC 合作以獲得批准。在我們完成這個過程之前，談論未來會是什麼樣子還為時過早。但我們在這裡討論的是令人興奮的資產和技術的結合。

So but we will -- we are going to be diligent in the FCC process, and we actually don't want to prematurely be discussing what that looks like.

所以，但我們會——我們將在 FCC 程序中勤奮工作，而且我們實際上不想過早地討論它的樣子。

Got it. And so do you have a rough idea when the transaction might close? And do you have -- are there any colors on your stock at all for paying the remainder of the $50 million of the company?

知道了。那麼您對交易何時結束有一個大致的了解嗎？您的股票是否有任何顏色可以用來支付公司剩餘的 5000 萬美元？

So in terms of timing, the court must approve the transaction and assuming that happens, we will also need FCC approval, okay? But right now, our primary focus is on developing the next-generation technology while that's going on, that will take advantage of 5G.

因此，就時間而言，法院必須批准交易，假設發生這種情況，我們還需要 FCC 的批准，好嗎？但目前，我們的主要重點是開發下一代技術，同時利用 5G。

Great. Thanks, lot, guys.

偉大的。非常感謝，夥計們。

Perfect.

完美的。

And we have no further questions at this time. I will now turn the call back over to Mariam Sorond for closing remarks.

目前我們沒有進一步的問題。現在，我將把電話轉回給瑪麗雅姆·索隆德（Mariam Sorond）進行總結發言。

Thank you, everyone, for joining us today. I want to reiterate how excited I am about the technology and the opportunity we see at NextNav. As we advance forward, we will have more to share on our progress. And I look forward to speaking with all of you again on our first quarter earnings call. Thank you.

謝謝大家今天加入我們。我想重申我對 NextNav 所看到的技術和機會感到多麼興奮。隨著我們不斷前進，我們將有更多的進展來分享。我期待在第一季財報電話會議上再次與大家交談。謝謝。

This concludes today's conference call. Thank you for your participation. And you may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。