雷曼兄弟的CDMA2000投资分析.pdf

Investor Conference Call:
Update on CDMA2000 1xEV-DO
Featuring Airvana
Hosted by Lehman Brothers
July 10, 2003
LEHMAN BROTHERS Airvana Proprietary & Confidential
1
Introduction: Investigating CDMA 1XEV-DO
• Today’s call examines the development of the CDMA2000 1XEV-DO
high speed mobile data market
– Continues our investigation of mobile wireless data markets
– Follows our recent call on the development of the WLAN market
• CDMA 1XEV-DO appears poised to e an important new
technology for the munity
– Carriers include Verizon Wireless and SK
– CDMA vendor includes M, Lucent, Nortel, Motorola and Ericsson
• CDMA 1XEV-DO is developing traction in Korea, Japan, the . and
Latin America and is enabling a broad range of exciting new multimedia
applications and services
• Featured speaker Randy Battat is President & CEO of Airvana, a high-
profile start-up driving the development of this market
LEHMAN BROTHERS Airvana Proprietary & Confidential
2
Topics
• Airvana Overview
• 1xEV-DO Market & Applications
• Airvana Products
• Future Direction
LEHMAN BROTHERS Airvana Proprietary & Confidential
3
Airvana Overview
• Product
– Differentiated All-IP Radio work
– 1xEV-DO: Broadband, mobile, CDMA wireless standard
• Funding
–$80M raised in three rounds
– largest investment in 1xEV-DO
• Major Investors
– Matrix Partners
– Desh Deshpande
– m
• Key Partners
– m, Nortel, Ericsson
LEHMAN BROTHERS Airvana Proprietary & Confidential
4
Current Status
• Financial
– Revenue: $5M in 2002; $20M-$30M in 2003
– Expect to turn profitable by year-end
• Trials/Deployments To Date
– 2 North America
• Verizon mercial Launch Q3 ‘03
– 2 Latin America
• mercial Launch Q2 ‘03
– 4 Asia/Pacific
• Asia Pacific Broadband Wireless Launch Q3 ‘03
– 1 EMEA
LEHMAN BROTHERS Airvana Proprietary & Confidential
5
1xEV-DO Market Overview
LEHMAN BROTHERS Airvana Proprietary & Confidential
6
How operators will migr