NextNav Inc.

Good morning, everyone, and welcome to NextNav's second quarter 2022 earnings conference call. Participating today on today's call are Gary Parsons, NextNav's chairman, Ganesh Parabiraman, NextNav's co-founder and CEO, and Chris Gates, NextNav's chief financial officer. Please note before we begin 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 analyses 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. In particular, such forward-looking statements includes statements about NextNav's position to drive growth in its 3D geolocation business and expansion of its next-generation GPS platform, the business plans, objectives, expectations, and intentions of NextNav, NextNav's partnerships and 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 and are subject to certain risks and uncertainties that may cause actual results to differ materially. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside NexNav's control, and that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions, and other important factors include, but are not limited to, the ability of NexNav to continue to gain traction in key markets with notable platforms and partners, both within the U.S. and internationally. The ability of NexNav to grow and manage growth, profitability, maintain relationship with partners, customers, and suppliers, including with respect to NexNav's Pinnacle 911 solution and its TerraPoint network, the ability to retain its management and key employees, the ability to maintain a balance sheet flexibility and generate and effectively deploy capital in line with its business strategies, 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. 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. 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. With that, I'll turn the call over to next staff chairman, Gary Parson. Please go ahead.

Thanks very much, operator, and good morning, everyone. We're pleased to have you here today to discuss our second quarter results. To begin the call, I will provide a high-level overview of the quarter and then turn things over to Ganesh to run through our operational highlights, and Chris will provide a review of financial performance followed by our Q&A period. Before I jump into comments on the quarter itself, I wanted to touch on the news we issued alongside earnings this morning. As you may have seen, we're very excited to announce that Neil Subin will be joining the NextNav Board of Directors effective today. He'll be replacing Peter Barris, who many of you know as a long-standing board member with NextNav. Peter was recently named Chairman of the Board of Trustees of Northwestern University. He's also chairing the search committee for the new president of the university. Given the time and effort required for those new duties, as well as his other industry commitments, Peter will be stepping down from NextNav's board. Given his many, many years of service, I wanted to personally thank Peter for his great dedication and support and to wish him well as he takes on that board chairmanship at Northwestern. And it's really hard to say how excited I am to have Neil stepping into this new role. As many of you will remember, Neil was an integral part of the Spartacus team that helped to take NextNet public. I've known Neil for many years and have seen how successful he's been in telecom investing and helping new high-tech companies grow and prosper. From an investor standpoint, many of you already know about Neil's domain expertise. in manifesting value from underlying spectrum assets, which he's well known for. In fact, NextNav's nationwide spectrum assets were a core part of that investment thesis that originally attracted the Spartacus team to NextNav, and that's what facilitated our merger. As a reminder, that spectrum asset, representing eight contiguous megahertz of sub-gigahertz spectrum and over 2.4 billion megahertz POPs, nationwide, covers virtually all key markets and the vast preponderance of all urbanized areas. Thus, the ability to back up GPS, provide resiliency and critical infrastructure timing resiliency in urban markets is truly quite comprehensive on a nationwide basis. And we'll talk more about the importance of that as we go throughout the call. And so having Neil on board will allow us to continue to use this asset along our current tech stack, but also look for additional opportunities to potentially leverage our spectrum in new ways. Overall, we're just thrilled to have Neil on board, and we look forward to working with him. We're continuing to work with a national search firm, by the way, to identify additional board candidates that will bring more diversity to our current slate. We hope to have more to share on that front later this year. Now, turning now to the business, in spite of what's obviously a challenging macroeconomic environment around us, we continue to see solid platform and partner adoption in the second quarter. We delivered significant year-over-year growth in revenue while continuing to manage the business with an eye towards prudent cost management. As you'll hear from Chris shortly, we've done a good job managing our expenses. And while we are continuing to ramp up headcount, we've been a little less aggressive on that front in light of these uncertain economic environment. And further, we're prioritizing the new hires to those market segments which are showing the most near-term promise. As a business, we're focused on designing our strategies and our product offerings with what's happening in the marketplace. This is particularly important as we're seeing accelerating government interest both in the United States and internationally in our TerraPoint GPS resiliency services, of course, along with our ongoing adoption of Pinnacle technology across various markets adjacent to the public safety marketplace. As Ganesh will outline in a moment, we signed new partnerships and several key verticals in the quarter. Notably, we deepened our footprint significantly in public safety. and believe this expansion further validates the importance of our technology to public safety providers and our continued commitment to serving this growing and dynamic industry. On the international front, we're also making great strides in Japan with the METCOM collaboration. In the second quarter, we signed an agreement for commercial deployment of our Pinnacle vertical location service in Japan. Deployment of Pinnacle in Japan marks the first international rollout of the full 3D geolocation technology and it's an excellent validation of our services. We're delighted to see this moving forward and we'll continue to keep everyone advised of the progress. We also remain in active discussions with both U.S. and European governments around solutions to address GPS vulnerability. As Ganesh will expand on shortly, Things are moving forward as governments continue to realize the vast importance of securing those position navigation and timing or P&T resilience capabilities. The activity we've seen to date gives us confidence that we're on a good path to 2023 appropriations to secure additional dollars for the DOT and DHS to move forward on the implementation plan for P&T resilience. And then finally, before turning it over to Ganesh, I wanted to briefly comment on our recent addition to the Russell 2000 Index in June. In short, we're pleased to now be a part of the Russell. This is a significant milestone for our business, and inclusion in the index will broaden our visibility with the investment community, such that continued momentum and adoption of our next-generation GPS capabilities will hopefully then be able to translate into value creation for all of our shareholders. In all, we think there's a great opportunity given our current asset base and the technology capabilities that we've gotten to really drive this business forward.

And so with that, let me turn it over to Ganesh. Thank you, Gary.