投资金融之 雷曼兄弟的CDMA2000投资分析.docxVIP

Investor Conference Call:Update on CDMA2000 1xEV-DOFeaturing AirvanaHosted by Lehman BrothersJuly 10, 2003LEHMAN BROTHERSAirvana Proprietary Confidential1Introduction: Investigating CDMA 1XEV-DO· Today’s call examines the development of the CDMA2000 1XEV-DOhigh 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 become an important newtechnology for the CDMA community– Carriers include Verizon Wireless and SK Telecom– CDMA vendor includes QUALCOMM, Lucent, Nortel, Motorola and Ericsson· CDMA 1XEV-DO is developing traction in Korea, Japan, the U.S. andLatin America and is enabling a broad range of exciting new multimediaapplications and services· Featured speaker Randy Battat is President CEO of Airvana, a high-profile start-up driving the development of this marketLEHMAN BROTHERSAirvana Proprietary Confidential2Topics·Airvana Overview·1xEV-DO Market Applications·Airvana Products·Future DirectionLEHMAN BROTHERSAirvana Proprietary Confidential3Airvana Overview· Product– Differentiated All-IP Radio Access Network– 1xEV-DO: Broadband, mobile, CDMA wireless standard· Funding– $80M raised in three rounds– largest investment in 1xEV-DO· Major Investors– Matrix Partners– Desh Deshpande– Qualcomm· Key Partners– Qualcomm, Nortel, EricssonLEHMAN BROTHERSAirvana Proprietary Confidential4Current 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 Wireless Commercial Launch Q3 ‘03– 2 Latin America· Vesper Commercial Launch Q2 ‘03– 4 Asia/Pacific· Asia Pacific Broadband Wireless Launch Q3 ‘03– 1 EMEALEHMAN BROTHERSAirvana Proprietary Confidential51xEV-DO Market OverviewLEHMAN BROTHERSAirvana Proprietary Confidential6How operators will migrate to 3G2GData Rate (kbps)CDMA100001000171100451010142G2.5G10 14GSMGPRS1· Same spectrum· Same Cell Sites· Pack