NextNav Inc.

Good afternoon, everyone, and welcome to NextNav's third quarter 2022 earnings conference call. Participating on today's call are Gary Parsons, NextNav's chairman, Ganesh Pattabhiraman, NextNav's co-founder and CEO, and Chris Gates, NextNav's chief financial officer. Before we begin, please note that during today's presentation, the company will 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 include statements about NextNAV's position, to drive growth in its 3D geolocation businesses and expansion of its next-generation GPS platform. The business plans, objectives, expectations, and intentions of NextNav, NextNav's partnerships, and the potential success thereof 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 NextNAV's control, 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 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 profitability, 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 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 and documents filed with the securities and exchange commissions 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 forward-looking statements which speak only as of the date made, and NextNav undertakes no commitment to update or revise 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 the 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. With that, I'll turn the call over to NextNav's chairman, Gary Parsons. Please go ahead.

Thank you, operator, and good afternoon, everyone. We're pleased to have all of you with us here today to discuss our third quarter results. And joining me on the call today, as you heard, our NextNav CEO, Ganesh Pataparaman, and NextNav CFO, Chris Gates. It was another eventful quarter for our business, and I'm excited about the new opportunities that are in front of us. Before we dive into the discussion of the quarter specifically, I want to step back to frame how we view our business and how we drive shareholder value. Specifically, we've oriented our efforts around three key strategic priorities. Those include being the industry leader in resilient P&T, unleashing the full value of our spectrum, and finally expanding our global reach. Prior to the acquisition of NestWave, these objectives were longer-term goals. that we understood would take significant time and investment to bring to fruition. NestWave synergistic technology, however, significantly accelerates our ability to achieve these goals by improving our underlying spectral efficiency and data carrying capability, dramatically reducing our future capital and network operating expenses, and enabling global 3D positioning, navigation, and timing, or PNT, capabilities even prior to securing dedicated spectrum allocations. The combination of NextNav's technology and NestWave's LTE 5G capabilities allows us to intelligently combine signals from existing terrestrial LTE 5G networks with our own highly synchronized TerraPoint system. and therefore to deliver near nationwide resilient 3D P&T capabilities, along with dramatically lowering TerraPoint deployment costs. Ganesh and Chris will provide more color around the technology synergies and the resultant cost savings. We also know that this market for backup to GPS and resilient P&T services is ready. There continues to be a significant In fact, a very growing government interest, both in the United States and internationally, around the need for resilient P&T services to address well-known GPS vulnerabilities. Because NestWave is based in France, it also helps us to establish a strong foothold in the critical European market, and along with our existing presence with METCOM in Japan, to scale in additional markets globally. Notably, with our pinnacle deployment already now in place in select international markets like Japan, and the integration of this new Nest Wave technology, we can deliver a 3D P&T service and timing solution that will allow us to move forward internationally even without those initial spectrum allocations we expect. Ganesh will expand more on that in a moment. And then finally, the acquisition and technology integration also enables us to drive greater spectral efficiency from our underlying spectrum asset. As a reminder, NextNav owns an eight megahertz contiguous low band spectrum asset covering two and a half billion megahertz POPs and 93% of the US population, including almost all urban areas. As Ganesh will discuss, by leveraging NestWave's unique software technology, and the LTE 5G waveform compatibility, NextNav can gain significant spectral efficiency and release the underlying spectrum capacity for high-speed data-oriented services. As an additional benefit, a standard LTE 5G waveform also enables much broader penetration of NextNav's applications and technology across the global handset and device ecosystem. With that, let me turn it over to Ganesh to provide a review of the quarter. Ganesh?

Thanks, Gary, and good afternoon, everyone. We're happy to be here to provide an update on the business. As Gary mentioned, we're focused on three key strategic objectives that we believe will accelerate our resilient P&T capabilities and drive long-term shareholder value. In my remarks today, I would like to expand on what Gary had shared and provide context around our strategy following the acquisition of NestWave. First, as we've said before, we're committed to being the leader in resilient P&T services. Our technology had proven to be at the cutting edge of advanced P&T solutions, as evidenced by the 2021 U.S. Department of Transportation test results. From day one, we worked diligently to bring our technology to market quickly and in a capital-efficient manner. Our pinnacle service is already deployed in 4,400 cities and towns across the country and select markets internationally. And we continue to build our industry leading next gen 3D GPS equal and terrestrial network, TerraPoint. While both of these technologies are significant, by adding the unique technological capability that NestWave brings to us, we have an even more compelling opportunity ahead of us as a combined entity. As Gary mentioned, The federal government is increasingly energized around finding viable solutions to address GPS interference to protect critical assets and national security. With this acquisition, we incorporate a unique technology that will allow us to rapidly meet the growing needs for P&T resilience for the government, critical infrastructure, public safety, and other sectors. By combining TerraPoint's technology with existing LTE and 5G cellular network signals, We create a highly accurate and highly synchronized resilient PNT network, utilizing full TerraPoint transmitters only in locations with the greatest need. As a result, we have enormous flexibility in our future deployment. We believe a full resilient PNT service will now be achievable across the United States at a fraction of the initial CAPEX deployment cost. In fact, a reduction of approximately 75% or in excess of $250 million from our prior estimates. This would also include a commensurate reduction in associated network operating costs. By combining these technologies, some services, including basic timing, may be achieved even without a separate TerraPoint signal, thus facilitating early global services initiative ahead of new spectrum allocations. We continue to see the issue of critical GPS interference, not just overseas, but also here in the U.S. For example, as recently as two weeks ago, on October 18th and 19th, the Dallas Fort Worth Airport experienced GPS jamming, impacting air traffic safety and rerouting flights. As I noted, governments in both the U.S. and globally are putting increasingly more time and attention towards finding actionable solutions to address P&T resilience. Notably in the U.S., we anticipate that Executive Order 13905 will be released in the spring of 2023. After completing interagency review, the order is expected to direct key federal agencies to begin including P&T resilience requirements in their procurements. As a reminder, the order seeks to require that current users of GPS in certain critical applications incorporate resilient P&T technologies as the solutions They use thereby spurring broader usage across many sectors. We believe this would also enable state and local governments to tap into a portion of the infrastructure bill grants for resiliency. The acquisition also increases the spectral efficiency of our underlying spectrum asset. As we talked about on our last quarterly call, we are committed to unleashing the full value of this asset. By deploying TerraPoint transmitters only in places that are critical to meet P&T resiliency requirements, more locations become available where the NextNet spectrum could be leveraged for additional use, such as private networks. As we think about optimizing our spectrum moving forward, we intend to utilize our experimental license to evaluate these new configurations, including LTE and 5G waveforms in the coming months, to facilitate widespread adoption of a more optimized network. Use of the LTE 5G waveforms will allow dramatically expanded data carrying capacity in addition to TerraPoint's core 3D PNT functionality. Regarding our Pinnacle service, to date we see continued traction in signing new partnerships, especially within public safety. In Q1 of this year, we announced an agreement with one of the nation's largest wireless carriers for E911, and we expect them to make Pinnacle 911 commercially available later in the fourth quarter. With our Pinnacle technology and increased awareness of vertical location, we expect additional carrier and handset adoption to follow. As you may know, there are a wide variety of handsets, particularly feature phones, which don't use Android or Apple iOS operating systems as affordable consumer devices, including Kyocera, Sanem, and Alcatel, to name just a few. We're closely working with many of these handset manufacturers to ensure they have our Pinnacle 911 capabilities embedded in their devices. One example is our recent agreement with Hot Pepper Mobile to bring our Pinnacle technology to their upcoming feature phone on a Tier 1 carrier's network. The phone is scheduled for release in 2023. Our partnership with Hot Pepper is yet another step towards bringing Pinnacle's highly accurate z-axis geolocation capabilities to 911 emergency services, search and rescue, and lone worker safety. With several of our existing partners moving forward with implementation, and are expected to launch their solutions in the first quarter of 2023. We're also pushing ahead with our Pinnacle services internationally. Notably, just yesterday, METCOM celebrated the commercial launch of the Pinnacle system on National Firefighter Day in Tokyo, Japan. This partnership is our first large-scale commercial deployment of NextNav's Pinnacle technology outside of the U.S. and leverages METCOM and NextNav's deep history and management expertise in the globalization of wireless industry standards and technology. It's an exciting milestone for our pinnacle service. In addition, we're seeing continued traction for our pinnacle services globally and are in active trials with various parties as we speak today. But what is even more exciting is how our pinnacle service, combined with the LTE 5G technology, we can further amplify our international expansion and deliver a resilient 3D P&T services and timing solutions and not necessarily even without immediate spectrum allocation. If you recall, the European Union conducted a trial of alternate P&T solutions earlier in the year. We were one of the seven companies in the test, and we expect the European Union to publish its final report in the first quarter of 2023. Overall, we feel very confident that we are on the right path towards bringing P&T resilience to market. in a time and cost-efficient manner. We believe we have the right team, the right technology, and the right implementation plan to get us there as we move forward. With that, let me turn it over to Chris for review of the financials. Chris?