NextNav Inc.

Good afternoon, everyone, and welcome to NextNav's fourth quarter 2022 earnings conference call. Participating on today's call are Gary Parsons, NextNav's chairman, Dinesh 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 may make forward-looking statements either in our prepared remarks or in the associated question and answer session. These statements, which involve risks and uncertainties, relate to analysis and other information that are based on forecasts of future results and estimates of amounts not yet determinable, and may also relate to NextNav's future prospects, developments, and business strategies. 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 in NextNav's estimated and future business strategies, competitive position, industry environment, and potential growth opportunities. These statements are based on current expectations or beliefs that 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 profitably, maintain relationships with partners, customers, and suppliers, including with respect to NextNav's pinnacle 911 solution and its TerraPoint network, and the ability to retain its management and key employees, the ability to maintain balance sheet flexibility and generate and effectively deploy capital in line with 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 Security 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 on the company's investor relations website. With that, I'll turn the call over to NextNav's chairman, Gary Parsons. Please go ahead, sir.

Thank you very much, operator. Good afternoon, everyone, and welcome to NextNav's fourth quarter and full year 2022 earnings call. As the operator indicated, joining me today are NextNav's CEO, Ganesh Pataparaman, and NextNow CFO Chris Gates. 2022 was a solid year for NextNow, building on the momentum from our GoPublic transaction in 2021. We established a strong operational foundation, and we expanded our capabilities from both a product and a technology standpoint. At each step, we're guided by three strategic priorities. And as a reminder, we've said this before, but as a reminder, those priorities are, first, being the industry leader in resilient positioning, navigation, and timing, or P&T. Next, leveraging our recent NestWave acquisition to significantly improve the capabilities of our spectrum assets. And finally, expanding our global reach. Now, a major milestone in each of these priorities was achieved in the fourth quarter of 2022 with our acquisition of NestWave, a privately held global leader in low-power geolocations. As Ganesh will detail later, following the early integration of engineering teams late last year, we're preparing to launch initial implementations of the combined technologies later this spring. With NestWave, which by the way is now named NextNav France, we incorporate unique intellectual property that allows us to rapidly meet the growing needs of P&T resilience for government's critical infrastructure, public safety, and other sectors. The acquisition and final tech implementation and integration will also enable us to dramatically improve spectral efficiency for our underlying spectrum assets, utilizing LTE and 5G waveforms. And as we've indicated in our intention and prior calls, NextNav has now filed modifications for our existing experimental licenses to include testing of those various LTE and 5G configurations. Now, the combined NestWave, NextNav technology not only enhances the technical capabilities and data-carrying capacity of our spectrum, but it also expected to significantly reduce future capital and network operating expenditures associated with the deployment of our TerraPoint technology. From a spectrum standpoint, certainly recall that we are the sole licensee of eight megahertz of contiguous low band spectrum. We own a total of 2.4 billion megahertz POPs, which covers approximately 93% of the U.S. population. Our unique spectrum assets fit an existing 3GPP band for LTE and 5G spectrum, which facilitates integration into mobile handsets and provides significant operational advantages. By the way, on a related spectrum front, just last week, the Biden administration announced it's seeking public comment on what should be included in the long-awaited national broadband spectrum strategy. That effort is being led by the National Telecommunications and Information Administration, or MTIA, a telecom agency within the Commerce Department. The last national broadband plan is over a decade old. And this coming effort is seeking to identify up to 1500 megahertz of spectrum to examine for potential repurposing expressly for the purpose of expanded broadband availability. The request seeks feedback on three strategic pillars. First, what type of spectrum the government should try to free up for commercial broadband use? Secondly, how to best do long-term spectrum planning And thirdly, how technology can improve spectrum management and inform new models of spectrum sharing. NextNav's technology has already proven its ability to provide critical public safety and governmental services without interfering with other nearby services. We believe that enhancing these capabilities to improve spectral efficiency and deliver valuable broadband carriage is consistent with the government's overarching broadband objectives. Now, turning to our pinnacle vertical location technology, we continue to advance our work in the E911 and public safety sector. We signed several notable contracts in 2022, led by our agreement with Verizon. Verizon is the first Tier 1 carrier to launch a device with our pinnacle technology for E911 emergency calling. We expect to announce additional implementations during this year. Overall, 2022 saw us make meaningful progress, executing against our strategic priorities, and 2023 thus far has continued this promising trend. I look forward to sharing more with you later this year. And with that, let me turn it over to Ganesh to provide a deeper dive into our current initiatives, as well as operational and customer milestones.

Ganesh? Thanks, Gary. And thanks, everyone, for joining the call this afternoon. 2022 was a year of execution for us at NextNav. We made our pinnacle solution available at scale, and with the acquisition of NextNav France, we can make a resilient P&T solution available in more places at a significantly lower cost and unleash the potential of our underlying spectrum asset. As Gary noted, the integration of NextNav France is progressing well. Since November, we have worked alongside Ambrose Popper to complete the integration of our engineering and operations team. With the integration behind us, we're now focused on the integration and implementation of the overall technology. By combining our TerraPoint technology with existing LTE and 5G cellular networks, we can create a highly accurate and highly synchronized resilient PNT network, utilizing TerraPoint transmitters only in locations with the greatest need. Based on our progress to date, we expect to have initial implementations of the combined technologies ready for internal testing in the second quarter. We expect those trials to run for several months with the full technology integration occurring by the end of the year. Additionally, as we noted, we expect integration to enable us to drive to greater spectral efficiency from our underlying spectrum asset. allowing us to harmonize the TerraPoint system with LTE and 5G waveforms. As Gary noted, we just filed an experimental license earlier today. With these implementations, we believe we may be able to meet not only resilient P&T needs, but also support data-carrying capabilities on our spectrum. As we indicated last fall, unleashing the full value of our spectrum is a strategic priority for us and this technology integration moves us in the right direction. We expect to have more exciting news on this front in the near future. Regarding Pinnacle, we continue to establish customer relationship with some of the industry's leading players, including Prepared, Convey 911, and Sonim Technologies, to name a few. In January, we announced integration of our Pinnacle technology into Sonim's XP3 Plus flip phone. which is now available to all Verizon and Verizon frontline customers. This is a significant milestone as Verizon is the first Tier 1 provider to launch with our Pinnacle service for 911 purposes. More importantly, we expect additional devices, including with other Tier 1 carriers, to be enabled via our Pinnacle technology for E911 throughout the year. We're also beginning to see integration of Pinnacle z-axis capabilities in additional public safety application in february radio ip a leader in secure mobile communications announced that it's utilizing nextnav's technology to empower its industry leading vpn solution with mission critical z-axis location intelligence as we move through 2023 we expect to see more of these implementations coming online shifting to the government side We continue to believe that the federal procurement language modifications as outlined in Executive Order 13905 will be released in the coming months. We're continuing to have discussions with various departments and agencies on how best to advance resilient P&T. We held discussions with DHS and NIST as they were working towards characterizing P&T vulnerabilities. And we were pleased to see NIST recognize P&T as a cybersecurity vulnerability in its latest revision to the P&T profile. This is important as it enables several of the cybersecurity funds in the Infrastructure and Jobs Act, the trillion-dollar bill that was passed a year ago, to be made available for P&T resilience. Congress as part of the 2023 Omnibus Appropriations Bill awarded DOT with $15 million to implement recommendations for P&T resilience following the testing that they conducted in 2020. Interestingly, with the new NIST classification, cybersecurity is now a significant part of the conversations we're having with several state and local officials around how best to leverage state-directed infrastructure funding. We're now energized by these early stage discussions, and we feel confident we'll make additional inroads later this year. Another area of momentum for us is our work in support of NASA. We recently expanded our relationship, having been selected to deliver P&T services for its urban drone operation at the Ames Research Center in Mountain View, California. The agreement builds on an existing collaboration between NextNav and NASA in which the agency leverages the TerraPoint network to support its certain program at Langley Research Center in Virginia. Under our new relationship with NASA, NASA will be utilizing the TerraPoint network to conduct drone navigation detection and collusion avoidance in support of a better understanding of PNT in GPS-denied environments. Initial tests in the Bay Area will leverage the TerraPoint network that we already have present in the region, allowing for beyond visual line of sight testing for drones operating outside the visible range of a pilot. We are thrilled to have developed such a strong relationship with NASA and look forward to identifying new opportunities to support their work in the future. On the global front, the European Union today published the results of the evaluation of the alternate PNT testing. The demonstrations tested technologies from seven different companies on their ability to address vulnerabilities and serve as a backup to GNSS. As part of the findings, JRC recognized NextNav's TerraPoint solution as a mature solution that meets or exceeds all relevant benchmarks to serve as a resilient layer to existing GNSS technologies. You will recall tests by the U.S. Department of Transportation found TerraPoint to be the only commercial PNT alternative to meet identified needs in all applicable use cases. The GRC also recommends that Spectrum be allocated for terrestrial PNT resilience within the EU. This is consistent with the actions the Japanese government is taking to provide Spectrum to NexNav's JV partner, MedCon. And similar to the DOT recommendations, the GRC report also recommends a system of systems approach to mitigate GNSS vulnerabilities. As European policymakers look ahead to the upcoming European Radio Navigation Plan and develop their infrastructure priorities, we'll be encouraging them to use these findings as a load start to act quickly before facing the serious consequences of a GNSS outage. We're also speaking to many of these same officials about the advantage of our Pinnacle solution. Following the commercial launch of our Pinnacle technology in Japan, we are now fielding significant interest from additional countries. We recently hosted a delegation from a European country regarding possible upcoming trials. And as these conversations advance, we're hopeful that it will lead to additional trials in the coming months. Overall, we're thrilled with our progress in 2022 and excited by what lies ahead of us. We're working closely with governments and companies alike to help make P&T resilience a reality. With that, let me turn things over to Chris for a review of the numbers. Chris?