Gogo Inc (GOGO) 2019 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the second quarter 2019 Gogo, Inc. earnings conference call. (Operator Instructions) Later, we will conduct a question-and-answer session, and instructions will follow at that time. (Operator Instructions)

女士們先生們早上好，歡迎來到 Gogo, Inc. 2019 年第二季。收益電話會議。（操作員指示）稍後我們將進行問答環節，屆時會有指示。（操作員說明）

I would now like to introduce your host for today's conference, Will Davis, Vice President of Investor Relations. Mr. Davis, please proceed.

現在我想介紹一下今天會議的主持人，投資者關係副總裁威爾戴維斯。戴維斯先生，請繼續。

Thank you, and good morning, everyone. Welcome to Gogo's second quarter 2019 earnings conference call. Joining me today to talk about our results are Oakleigh Thorne, President and CEO; and Barry Rowan, Executive Vice President and CFO.

謝謝大家，大家早安。歡迎參加 Gogo 2019 年第二季財報電話會議。今天與我一起談論我們的業績的是總裁兼執行長奧克利·索恩 (Oakleigh Thorne)；和巴里·羅文（Barry Rowan），執行副總裁兼財務長。

Before we get started, I would like to take this opportunity to remind you that during the course of this call, we may make forward-looking statements regarding future events and the future financial performance of the company. We caution you to consider the risk factors that could cause actual results to differ materially from those in the forward-looking statements on this conference call.

在我們開始之前，我想藉此機會提醒您，在這次電話會議期間，我們可能會就未來事件和公司未來的財務表現做出前瞻性陳述。我們提醒您考慮可能導致實際結果與本次電話會議前瞻性聲明中的結果有重大差異的風險因素。

These risk factors are described in our press release filed this morning and are more fully detailed under the caption Risk Factors in our annual report on Form 10-K and 10-Q and other documents we have filed with the SEC.

這些風險因素在我們今天早上提交的新聞稿中進行了描述，並在我們向SEC 提交的10-K 表格和10-Q 表格年度報告以及其他文件中的風險因素標題下進行了更全面的詳細說明。

In addition, please note that the date of this conference call is August 8, 2019. Any forward-looking statements that we make today are based on assumptions as of this date. We undertake no obligation to update these statements as a result of new information or future events.

另外，請注意，本次電話會議的日期為2019年8月8日。我們今天所做的任何前瞻性陳述均基於截至目前的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

During the call, we will present both GAAP and non-GAAP financial measures. We include a reconciliation and explanation of adjustments and other considerations of our non-GAAP measures to the most comparable GAAP measures in our second quarter earnings press release.

在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。我們在第二季財報新聞稿中對我們的非公認會計準則衡量指標與最具可比性的公認會計準則衡量指標的調整和其他考慮因素進行了協調和解釋。

This call is being broadcast on the Internet and available on the Investor Relations section of Gogo's website at ir.gogoair.com. The earnings press release is also available on the website. After management comments, we will host a Q&A session with the financial community only.

此次電話會議正在網路上播出，並可在 Gogo 網站 ir.gogoair.com 的投資者關係部分查看。收益新聞稿也可在網站上取得。在管理階層提出意見後，我們將只與金融界舉辦問答環節。

It is now my great pleasure to turn the call over to Oakleigh.

現在我很高興將電話轉給奧克利。

Thanks, Will. We are pleased to announce a very strong quarter, exceeding our own revenue, adjusted EBITDA and cash flow expectations. Quarterly service revenue grew in all 3 business segments and reached $174 million, up 9% over Q2 2018. Adjusted EBITDA exceeded our expectations and grew to $37.8 million, up 100% over the prior year period, driven mostly by service revenue and IBP-related cost savings. There were also a couple "good guys" that helped adjusted EBITDA in the quarter, and I'll describe those in just a minute.

謝謝，威爾。我們很高興地宣布一個非常強勁的季度，超越了我們自己的營收、調整後的 EBITDA 和現金流預期。所有 3 個業務部門的季度服務收入均實現成長，達到 1.74 億美元，比 2018 年第二季成長 9%。調整後的 EBITDA 超出了我們的預期，增長至 3780 萬美元，比上年同期增長 100%，這主要是由服務收入和 IBP 相關成本節省推動的。還有一些「好人」幫助調整了本季的 EBITDA，我稍後會描述這些人。

Free cash flow also exceeded expectations at negative $3 million in the quarter, versus negative $35 million in the year ago quarter and negative $37 million for the first half 2019 versus negative $144 million in the first half a year ago.

本季自由現金流也超出預期，為負 300 萬美元，去年同期為負 3,500 萬美元，2019 年上半年為負 3,700 萬美元，而去年上半年為負 1.44 億美元。

I'm very proud of my Gogo teammates for delivering such a great quarter. We've worked hard together over the past year to improve our operations and achieve our financial goals, and we are on track with both, so thank you very much.

我為我的 Gogo 隊友們交付如此出色的季度感到非常自豪。在過去的一年裡，我們共同努力改善我們的營運並實現我們的財務目標，並且我們在這兩個目標上都步入正軌，所以非常感謝你們。

I'm going to quickly touch on strategic developments and then dive into the quarter. I'll leave the heavy number lifting to Barry.

我將快速討論戰略發展，然後深入討論該季度。我將把繁重的工作留給巴里。

As I look ahead, I feel very good about where we are strategically. As I've said before, our model is to grow as demand for inflight connectivity grows, and I think that demand is poised for accelerating growth as airlines increasingly look at providing free IFC to passengers and as the aviation ecosystem looks for cheaper and faster ways to access operational data.

展望未來，我對我們的戰略地位感到非常滿意。正如我之前所說，我們的模式是隨著機上連接需求的增長而增長，而且我認為，隨著航空公司越來越多地考慮向乘客提供免費的IFC，以及航空生態系統尋求更便宜和更快的方式，需求將加速成長存取操作資料。

A key enabler of our ability to scale and meet this demand on our satellite network is our open architecture, asset-light operating model. And key enablers of our ability to scale in the ATG world are our proprietary spectrum and our ATG infrastructure, which can provide redundancy and cost savings as we deploy Gogo 5G.

我們能夠擴展並滿足衛星網路需求的關鍵因素是我們的開放式架構、輕資產營運模式。我們在 ATG 領域擴展能力的關鍵推動因素是我們的專有頻譜和 ATG 基礎設施，它們可以在我們部署 Gogo 5G 時提供冗餘並節省成本。

Turning back to satellite, today we work with 12 satellite providers and use 30 satellites to create a seamless global network. Because we use multiple satellites from multiple operators and operate in the Ku-band, where there are some 200 communication satellites, we can layer capacity where it's needed, because 80% of the world's air traffic flies over only 20% of the earth's surface; we can provide more redundancies in closed Ka constellations, which is especially important given the increasing risk posed to satellites by space debris; and we can scale as demand grows with the provision of free inflight Wi-Fi.

回到衛星，今天我們與 12 家衛星供應商合作，使用 30 顆衛星創建無縫的全球網路。因為我們使用來自多個運營商的多顆衛星，並在Ku 頻段運行，其中大約有200 顆通訊衛星，所以我們可以在需要的地方分層容量，因為世界上80% 的空中交通只飛越地球表面的20%；我們可以在封閉的Ka星座中提供更多的冗餘，考慮到太空碎片對衛星造成的風險越來越大，這一點尤其重要；我們可以透過提供免費機上 Wi-Fi 來隨著需求的成長而擴展。

Today, Gogo supports 2 airlines providing free Wi-Fi to passengers. In May, Delta conducted 2 weeks of market tests on 55 daily flights of 2K-equipped aircraft. And in the quarter, we made substantial progress on our plans to ramp up operational support for airlines to provide free Wi-Fi to passengers.

如今，Gogo 支援 2 家航空公司為乘客提供免費 Wi-Fi。5月份，達美航空對配備2K的飛機進行了為期兩週的市場測試，每天進行55次飛行。本季度，我們在加強對航空公司向乘客提供免費 Wi-Fi 的營運支援的計劃方面取得了實質進展。

A key benefit of our asset-light model is that we have the flexibility to move to new higher-quality, lower-cost technologies as they come along in the future. Towards that end, we're working with satellite partners in several new technologies. We're working with a geo operator on a satellite specifically designed for aero-mobility and, more specifically, for efficient utilization with our 2Ku antenna.

我們的輕資產模式的一個主要好處是，我們可以靈活地轉向未來出現的更高品質、更低成本的新技術。為此，我們正在與衛星合作夥伴合作開發多項新技術。我們正在與地理營運商合作開發一顆專為航空移動而設計的衛星，更具體地說，是為了有效利用我們的 2Ku 天線。

We're working with other satellite operators on smaller, more versatile software-defined satellites that could vastly enhance capacity utilization. And we're working with future LEO providers to see if we could potentially deploy their networks to enhance latency and reduce costs.

我們正在與其他衛星營運商合作開發更小、更通用的軟體定義衛星，這些衛星可以大幅提高容量利用率。我們正在與未來的 LEO 供應商合作，看看我們是否可以部署他們的網路來提高延遲並降低成本。

Given our position as the leading provider of broadband inflight connectivity, and given that inflight connectivity is one of the fastest-growing markets for the satellite industry, we feel we are very well-positioned to partner with satellite companies as they develop these new technologies.

鑑於我們作為寬頻機上連接的領先提供商的地位，並且考慮到機上連接是衛星行業增長最快的市場之一，我們認為我們完全有能力與衛星公司合作開發這些新技術。

On the ATG front, we made substantial progress on our Gogo 5G product in the quarter. We're partnering with a leading U.S. 5G solutions provider and are nearing completion of the system design phase of the project. We will be building our network on the latest 5G technology and be able to deliver higher throughput and lower latency, for a better passenger experience than our potential competitive ATG -- than other potential ATG products.

在 ATG 方面，本季我們的 Gogo 5G 產品取得了實質進展。我們正在與一家領先的美國 5G 解決方案提供商合作，並且即將完成該專案的系統設計階段。我們將基於最新的 5G 技術來建立我們的網絡，並能夠提供更高的吞吐量和更低的延遲，從而比我們潛在的競爭對手 ATG（其他潛在的 ATG 產品）提供更好的乘客體驗。

We're starting to talk about 5G to airlines for their regional fleets and talk to business aviation owners, operators and dealers about 5G for their aircraft, and we're getting a very positive response. We remain on track to deliver this product in 2021 and are very excited about the value it could create for our company and our partners.

我們開始與航空公司討論其支線機隊的 5G，並與公務航空所有者、營運商和經銷商討論其飛機的 5G，我們得到了非常積極的回應。我們仍有望在 2021 年交付該產品，並對它能為我們公司和合作夥伴創造的價值感到非常興奮。

So now let me turn to the quarter. This was our fourth straight beat and raise quarter and our second highest ever adjusted EBITDA quarter, which has led us to raise adjusted EBITDA guidance once again.

現在讓我談談本季。這是我們連續第四個季度實現成長，也是我們有史以來第二高的調整後 EBITDA 季度，這促使我們再次上調調整後 EBITDA 指引。

The biggest drivers of over-performance were improving service revenue at CA-NA, continued cost improvement from our IBP plans, and lower than anticipated satcom expenses as a result of more efficient network management.

超額績效的最大驅動因素是 CA-NA 服務收入的提高、我們 IBP 計劃的持續成本改善以及由於更高效的網路管理而導致的衛星通訊費用低於預期。

As I mentioned before, we did have 2 good guys in the quarter. First, we had guided to a much lower second quarter adjusted EBITDA, partly because we anticipated American Airlines concluding its shift to the airline-directed model at the end of Q1. As it turned out, that got delayed until the end of Q2 and resulted in an above-forecast $7.5 million contribution to Q2 adjusted EBITDA.

正如我之前提到的，本季我們確實有兩個好人。首先，我們預計第二季調整後的 EBITDA 將會低得多，部分原因是我們預計美國航空將在第一季末完成向航空公司主導模式的轉變。事實證明，這一計劃被推遲到第二季末，並導致第二季調整後 EBITDA 貢獻高於預期的 750 萬美元。

A second good guy was associated with the renewal of our contract with American Airlines, which resulted in an additional revenue and adjusted EBITDA benefit to the quarter of $5.1 million. We will not have the benefit of those $12.6 million in good guys going forward.

第二個好人與我們與美國航空續約有關，這帶來了額外的收入，並將本季的 EBITDA 收益調整為 510 萬美元。未來我們將無法從這 1260 萬美元的好人身上受益。

Q2 was our second quarter of positive combined CA-NA and ROW segment profit and the second quarter of positive service margin in CA rest of world. We made significant progress in reducing our cash burn in the quarter and are reiterating our guidance for at least a $100 million improvement in free cash flow for the year, despite having an extra interest payment in the year, and still expect to produce meaningful positive free cash flow in 2021.

第二季度是我們在 CA-NA 和 ROW 部門實現正綜合利潤的第二季度，也是在 CA 世界其他地區實現正服務利潤的第二季度。我們在減少本季現金消耗方面取得了重大進展，並重申我們的指導，儘管今年有額外的利息支付，但今年的自由現金流至少改善了1 億美元，並且仍然期望產生有意義的正自由現金流2021年現金流。

In the quarter, we also refinanced our $690 million senior note and the $162 million convertible stub, which pushed the majority of our maturities out to 2024 and has improved our strategic flexibility. We plan to supplement our liquidity with a $30 million revolver, which Barry will discuss in a moment.

本季度，我們還為 6.9 億美元的優先票據和 1.62 億美元的可轉換存根進行了再融資，這將我們大部分的到期日推遲到 2024 年，並提高了我們的戰略靈活性。我們計劃用 3000 萬美元的左輪手槍來補充我們的流動性，巴里稍後將對此進行討論。

Given our improving free cash flow trajectory and our improved maturity schedule, we do not expect to need new capital to finance our operations or our strategic investments before reaching positive free cash flow for the year in 2021.

鑑於我們不斷改善的自由現金流軌跡和改進的到期計劃，我們預計在 2021 年實現正自由現金流之前不需要新資本來為我們的營運或策略投資提供資金。

I do want to be cautious about Q3 and Q4, however, as we will not get the benefit of the good guys, as I mentioned a moment ago. We will begin to ramp satcom spend as more 2Ku aircraft come online, as usage grows, and as we ramp in anticipation of significantly more demand in 2020. And we expect to incur increased investments in key programs like line-fit and Gogo 5G in the second half. I'll leave it to Barry to discuss how these trends impact the numbers.

然而，我確實想對第三季和第四季保持謹慎，因為正如我剛才提到的，我們不會從好人那裡受益。隨著更多 2Ku 飛機上線、使用量成長以及我們預計 2020 年需求將大幅增加，我們將開始增加衛星通訊支出。我們預計下半年將增加對line-fit、Gogo 5G等重點項目的投資。我將讓巴里討論這些趨勢如何影響數字。

Now let me turn to the business segments, starting with some comments on the combined CA segments and then diving into rest of world and NA separately.

現在讓我談談業務部門，首先對合併後的 CA 部門進行一些評論，然後分別深入討論世界其他地區和 NA 部門。

Service revenue growth was strong in our commercial airline segments, and we are now guiding towards the high end of our prior revenue guidance for both segments. Take rates also grew in both segments over the prior year, and the combined profits of the CA segments were positive and ahead of expectations for the second quarter in a row despite the deinstalls.

我們的商業航空部門的服務收入成長強勁，我們現在正在將這兩個部門的收入指引推向先前的高端。與前一年相比，這兩個細分市場的佔有率也有所增長，儘管卸載量有所減少，但 CA 細分市場的綜合利潤仍然為正，並且連續第二季度超出了預期。

In fact, this was the first quarter since the deinstalls began in earnest a year ago that we had growth of aircraft online in the quarter. And because those deinstalls have now been completed, we expect growth in aircraft online to continue throughout our forecast period.

事實上，這是自一年前認真開始卸載以來第一個季度線上飛機數量增長的季度。由於這些卸載現已完成，我們預計線上飛機數量將在整個預測期內持續成長。

At the end of the quarter, we had more than 1,200 2Ku aircraft online, a net increase of 109, and we had a total fleet of 3,134 commercial aircraft online, an increase of 81 over the end of Q1. Even though we installed more than 100 aircraft in 2Ku, our backlog held steady at approximately 900 aircraft, as existing airlines added to their orders. 61% of our 2K backlog is in rest of world and represents great growth potential, and 39% is in North America and predominantly represents upgrades from ATG that we believe create an upward growth opportunity.

截至本季末，我們上線的 2Ku 飛機超過 1,200 架，淨增加 109 架；上線商用飛機總數為 3,134 架，較一季末增加 81 架。儘管我們在 2Ku 安裝了 100 多架飛機，但隨著現有航空公司增加訂單，我們的積壓飛機數量穩定在約 900 架。我們 61% 的 2K 積壓訂單位於世界其他地區，代表著巨大的成長潛力，39% 位於北美，主要代表 ATG 的升級，我們相信這會創造向上成長的機會。

We also had some positive developments in contracts in the quarter. T-Mobile renewed their contract for a year, and, as I mentioned earlier, American Airlines renewed their 2Ku contract that was expiring in September.

本季我們的合約也取得了一些積極的進展。T-Mobile 續約了一年的合同，正如我之前提到的，美國航空續簽了 9 月到期的 2Ku 合約。

Now let me comment on the Boeing 737-MAX situation. We've been able to complete 7 installations. We still have 12 in our installation schedule, including 1 line-fit, and we've removed 8 from our installation schedule for this year. In total, we have a backlog of 36 MAXes, which includes the 7 installed because we do not count an aircraft as online until it is producing revenue.

現在讓我評論一下波音737-MAX的情況。我們已經完成了 7 次安裝。我們的安裝計劃中仍有 12 個，其中包括 1 個線上安裝，並且我們已從今年的安裝計劃中刪除了 8 個。總共，我們有 36 架 MAX 的積壓訂單，其中包括已安裝的 7 架，因為在飛機產生收入之前我們不會將其視為線上飛機。

The bigger impact has been the airlines holding back on other aircraft that were in our install schedule, as they need to use those aircraft to fill in for MAXes that they cannot fly. Obviously, our MAX installation and line-fit schedule could be at risk depending on decisions by Boeing, the FAA and the airlines, and those are out of our control.

更大的影響是航空公司推遲了我們安裝計劃中的其他飛機，因為他們需要使用這些飛機來填補他們無法飛行的 MAX 飛機。顯然，我們的 MAX 安裝和生產線安裝時間表可能會面臨風險，這取決於波音、美國聯邦航空局和航空公司的決定，而這些都是我們無法控制的。

In other OEM developments, service bulletin installations on the 787-9 continue at Boeing, and on the A330, A350 and A380s at Airbus. Line-fit on the A320neo family continues on plan for a first line-fit installation mid next year. In the quarter, we had new inductions on the Alaska Airlines 737-800 and the Cathay 777-300. Despite the MAX, we are on track to meet our prior guidance of adding 400 to 475 2Ku aircraft online this year, but this could be at risk from my earlier comment about the impact of the MAX.

在其他 OEM 開發中，波音公司繼續在 787-9 上安裝服務公告，空中巴士則繼續在 A330、A350 和 A380 上安裝服務公告。A320neo 系列的線性安裝計劃仍在繼續，並將於明年中期進行首次線性安裝。本季度，我們新增了阿拉斯加航空 737-800 和國泰航空 777-300 飛機。儘管出現了 MAX，我們仍有望實現今年在線增加 400 至 475 架 2Ku 飛機的先前指導，但我之前關於 MAX 影響的評論可能會帶來風險。

We're excited about the potential of our CA business for a couple reasons. First, global wireless usage trends are solid and improving, and will drive demand for free Wi-Fi on aircraft. And second, the addressable market is large and relatively untapped, with only about 35% of the aircraft globally installed with a broadband IFC product today. We believe there will be 18,000 new or retrofit aircraft installed with broadband over the next decade.

我們對 CA 業務的潛力感到興奮，原因有幾個。首先，全球無線使用趨勢穩固且不斷改善，並將推動飛機上免費 Wi-Fi 的需求。其次，潛在市場龐大且相對尚未開發，目前全球只有約 35% 的飛機安裝了寬頻 IFC 產品。我們相信未來十年將有 18,000 架新飛機或改裝飛機安裝寬頻。

Now let me turn to CA North America installs briefly. We had 92 gross additions, up 50% from 61 in Q1, but down 17% from 111 in Q2 2018, which was an unusually strong gross addition quarter. Net additions -- that is, net of deinstalls -- were up 31 for the quarter, versus down 139 for Q1 and down 31 for Q2 2018. I'm going to leave the impact of those installs on revenue for Barry to cover in just a second.

現在讓我簡單介紹一下 CA 北美安裝情況。我們的總新增數量為 92 棟，比第一季的 61 棟增加了 50%，但比 2018 年第二季的 111 棟減少了 17%，這是一個異常強勁的總新增季度。本季淨新增量（即扣除卸載量後）增加了 31，而 2018 年第一季下降了 139，第二季下降了 31。我將讓巴里稍後討論這些安裝對收入的影響。

Now let me turn to the CA rest of world installs, where we again had a strong quarter with 50 gross additions, versus 55 for Q1 this year and 47 for Q2 2018. Compared to this quarter, we expect ROW revenue to grow in both Q3 and Q4 of this year. I'll add that I didn't give a deinstall number for ROW because that's very minimal.

現在讓我談談加州世界其他地區的安裝量，我們再次迎來了強勁的季度增長，總增量為 50 台，而今年第一季為 55 台，2018 年第二季為 47 台。與本季相比，我們預計今年第三季和第四季的 ROW 營收均將成長。我要補充一點，我沒有給出 ROW 的卸載數量，因為這個數量非常少。

We are focused on driving to profitability in our rest of world segment by installing our backlog, ramping ARPA, reducing program costs as line-fit programs are completed, and better utilizing satcom capacity over time.

我們致力於透過安裝我們的積壓訂單、增加 ARPA、在線路安裝項目完成時降低專案成本以及隨著時間的推移更好地利用衛星通訊容量，來推動世界其他地區的盈利。

Now let me turn to our business aviation segment. Results were not as strong as we anticipated due to lower equipment revenue as a result of the impact of FAA ADS-B installation mandates on our dealer channel. Outside of equipment revenue, we had a very good quarter, experiencing record service revenue, record ATG ARPU and record ATG aircraft online.

現在讓我談談我們的公務航空部門。由於 FAA ADS-B 安裝指令對我們經銷商通路的影響，導致設備收入下降，結果沒有我們預期的那麼強勁。除了設備收入之外，我們的季度表現非常好，服務收入創歷史新高，ATG ARPU 創紀錄，ATG 飛機在線創紀錄。

As a result of the equipment shortfall, we're lowering 2019 revenue guidance for BA to $290 million to $300 million from our beginning of the year guidance of $310 million to $320 million. Despite our equipment sales shortfall, BA ATG plane count grew to 5,462, up 542 aircraft, or 11%, from Q2 2018, and increased by 114 aircraft, or 2%, from Q1 this year.

由於設備短缺，我們將 BA 2019 年收入指引從年初的 3.1 億美元至 3.2 億美元下調至 2.9 億至 3 億美元。儘管設備銷售出現缺口，英航 ATG 飛機數量仍增至 5,462 架，較 2018 年第二季增加 542 架，增幅 11%，較今年第一季增加 114 架，增幅 2%。

So let me dig into the equipment revenue issue in a little more detail. We shipped 186 ATG units in Q2 this year, versus 281 in Q2 2018, some of which can be attributed to a very tough comp last year shortly after our AVANCE product was launched and we had a very large backlog to fill due to pent-up demand.

讓我更詳細地探討一下設備收入問題。今年第二季我們出貨了186 台ATG，而2018 年第二季為281 台，其中一些可歸因於去年我們的AVANCE 產品推出後不久的競爭非常激烈，而且由於被壓抑，我們有大量積壓訂單需要填補。要求。

But we also misjudged the impact of ADS-B, so let's talk about that for a moment. ADS-B stands for automatic dependent surveillance broadcast and is an initiative the FAA launched a decade ago to improve air traffic safety. And it requires aircraft owners to install ADS-B equipment by the end of this year. Despite the mandate being out for ten years, many owners procrastinated, and the MROs and dealers are now packed with planes trying to complete the install by year-end.

但我們也誤判了ADS-B的影響，所以我們暫時談談這一點。ADS-B 代表自動相關監視廣播，是 FAA 十年前發起的一項旨在改善空中交通安全的措施。它還要求飛機所有者在今年年底前安裝ADS-B設備。儘管該命令已經頒布十年，但許多業主一拖再拖，MRO 和經銷商現在擠滿了飛機，試圖在年底前完成安裝。

These installs are both crowding budgets for IFC and also literally crowding out shop floor space as dealers are booked with installations. Though aircraft must be installed by the end of the year under the mandate, we believe that many will lapse into next year, crowding shop floors through Q2. Our view of what is happening with ADS-B installs is confirmed by other companies with exposure to the BA aftermarket.

這些安裝不僅擠佔了國際金融公司的預算，而且還擠佔了車間空間，因為經銷商已經預訂了安裝。儘管根據指令，飛機必須在今年年底前安裝，但我們相信許多飛機將推遲到明年，在第二季度擠滿車間。我們對 ADS-B 安裝情況的看法得到了其他涉足 BA 售後市場的公司的證實。

Last quarter, we also expressed some concern about the OEM channel. However, we're seeing a recovery there and feel that we should be back on track by year-end. In fact, so far, 6 OEMs have initiated line-fit for our new AVANCE product, and 3 more are in the process of doing so. On the AVANCE activation front, we're up to 629 L5 customers and 254 L3 customers activated and billing, with 34% of those customers purchasing streaming plans.

上個季度，我們也表達了對OEM管道的一些擔憂。然而，我們看到那裡正在復蘇，並認為我們應該在年底前回到正軌。事實上，到目前為止，已有 6 家 OEM 廠商開始對我們的新 AVANCE 產品進行生產線安裝，還有 3 家 OEM 廠商正在這樣做。在 AVANCE 啟動方面，我們有多達 629 個 L5 客戶和 254 個 L3 客戶被啟動和計費，其中 34% 的客戶購買了串流媒體計劃。

We remain excited about the opportunity in business aviation. It represents a large, unpenetrated market. We have an exciting new product pipeline, and it provides a resilient recurring service revenue stream with low fixed costs from our proprietary ATG network.

我們對公務航空領域的機會仍然感到興奮。它代表了一個巨大的、尚未滲透的市場。我們擁有令人興奮的新產品管道，它透過我們專有的 ATG 網路提供了富有彈性的經常性服務收入流，且固定成本較低。

So let me conclude my comments by saying that with the exception of the ADS-B issue, we had a very strong first half. The half was accentuated by a few good guys, but even without those, it was very positive and positioned us well for reaccelerating growth next year.

因此，讓我在結束我的評論時說，除了 ADS-B 問題之外，我們的上半場表現非常強勁。這一半受到了一些好人的強調，但即使沒有這些人，這也是非常積極的，為我們明年重新加速成長奠定了良好的基礎。

And with that, I'll turn it over to Barry to give the numbers.

有了這個，我會把它交給巴里提供數字。

Thanks, Oak. Before reviewing our detailed operating results, I'd like to highlight our financial accomplishments for the quarter. Adjusted EBITDA of $37.8 million approximately matched last quarter's $38 million, the best in the company's history and was well ahead of our expectations.

謝謝，奧克。在回顧我們詳細的營運表現之前，我想先強調一下我們本季的財務成就。調整後 EBITDA 為 3780 萬美元，與上季度的 3800 萬美元大致持平，是公司歷史上最好的水平，遠遠超出了我們的預期。

Each of our 3 business segments posted gains in service revenue for the quarter, and this revenue performance was complemented on the cost side of the business through operational execution and satcom efficiencies. We're, again, raising adjusted EBITDA guidance on this call. The midpoint of our new guidance implies 55% growth in adjusted EBITDA for the year.

本季我們的 3 個業務部門均實現了服務收入成長，並且透過營運執行和衛星通訊效率在業務成本方面對此收入表現進行了補充。我們在這次電話會議上再次提高調整後的 EBITDA 指引。我們新指導的中點意味著今年調整後的 EBITDA 成長 55%。

Gogo's cash flow and, therefore, our cash position is also running well ahead of plan. For the first 6 months of 2019, unlevered free cash flow improved by $144 million versus the same period last year and was positive for the third consecutive quarter. We're projecting unlevered free cash flow to be positive for the full year 2019, and we are on target to improve free cash flow by at least $100 million over 2018.

Gogo 的現金流以及我們的現金狀況也遠遠超出了計劃。2019 年前 6 個月，無槓桿自由現金流較去年同期增加 1.44 億美元，連續第三季為正值。我們預計 2019 年全年的無槓桿自由現金流為正，我們的目標是比 2018 年自由現金流增加至少 1 億美元。

This is a particularly important achievement considering that our net cash interest expense for the year will be $40 million higher in 2019 versus 2018 primarily due to making 3 interest payments on our senior secured debt during the year due to the timing of our refinancing. This improved cash flow performance is the result of the very strong adjusted EBITDA performance achieved during the first half of the year and improvements in net working capital.

考慮到我們2019 年的淨現金利息支出將比2018 年高出4000 萬美元，這是一項特別重要的成就，這主要是由於我們的再融資時間表導致我們的高級擔保債務在這一年支付了3 次利息。現金流表現的改善是上半年實現的非常強勁的調整後 EBITDA 表現以及淨營運資本改善的結果。

While our cash position is ahead of plan, we want to ensure that we have ample buffer capital to support the business. As we previously disclosed, the indenture for our 2024 senior secured notes gives us the flexibility to enter into a $30 million revolving line of credit, with an additional $30 million available based on future performance and leverage covenants.

雖然我們的現金狀況超出了計劃，但我們希望確保擁有充足的緩衝資本來支持業務。正如我們先前所揭露的，我們 2024 年優先擔保票據的契約使我們能夠靈活地獲得 3000 萬美元的循環信貸額度，並根據未來業績和槓桿契約額外提供 3000 萬美元。

We are in the final stages of negotiating the principle terms of the $30 million asset-based revolver and anticipate completing the transaction within the next few weeks. While we expect to have the facility in place by the end of the third quarter, we do not plan to draw on it at closing.

我們正處於 3000 萬美元資產左輪手槍主要條款談判的最後階段，預計將在未來幾週內完成交易。雖然我們預計該設施將在第三季末到位，但我們不打算在交易結束時動用該設施。

Including this facility, and with our cash position well ahead of plan, we are forecasting a minimum total liquidity balance of at least $100 million throughout our planning horizon. And we continue to target achieving meaningfully positive annual free cash flow in 2021. Based on our current plans and projected cash flow trajectory, we do not anticipate requiring additional capital, except as needed to refinance our debt maturing in 2022 and 2024.

包括這項貸款在內，由於我們的現金狀況遠遠超出計劃，我們預計在整個計劃期內，流動性餘額總額至少為 1 億美元。我們繼續目標是在 2021 年實現有意義的正年度自由現金流。根據我們目前的計劃和預期的現金流軌跡，我們預計不需要額外資本，除非需要為 2022 年和 2024 年到期的債務再融資。

I will now turn to a discussion of our second quarter operating results, beginning at the consolidated level. Total consolidated revenue was $213.7 million for the quarter, down 6% from a year ago due to lower equipment revenue. Total service revenue grew 9% to $173.7 million, as we saw growth from all 3 business segments despite the impact of the American Airlines deinstallations. Our near record adjusted EBITDA of $37.8 million was driven by strong service revenue growth, lower operating expenses and lower than expected satcom costs.

我現在將討論我們第二季的營運業績，從合併層面開始。由於設備收入下降，本季綜合總收入為 2.137 億美元，比去年同期下降 6%。總服務收入成長了 9%，達到 1.737 億美元，儘管受到美國航空停駛的影響，但所有 3 個業務部門都實現了成長。強勁的服務收入成長、較低的營運費用以及低於預期的衛星通訊成本推動了我們接近創紀錄的 3,780 萬美元的調整後 EBITDA。

I'd like to provide some context for the way we see adjusted EBITDA playing out for the first and second halves of 2019. As you know, we achieved exceptionally strong adjusted EBITDA for the first half of this year totaling $76 million, which substantially exceeded our expectations. These results include the benefit of nonrecurring revenue from 2 different airline partners in both the first and second quarters, with the accompanying adjusted EBITDA benefit Oak described for the second quarter.

我想提供一些背景信息，說明我們對 2019 年上半年和下半年調整後 EBITDA 的影響。如您所知，今年上半年我們實現了異​​常強勁的調整後 EBITDA 總計 7,600 萬美元，大大超出了我們的預期。這些結果包括第一季和第二季來自 2 個不同航空公司合作夥伴的非經常性收入的收益，以及 Oak 描述的第二季調整後的 EBITDA 收益。

As we look to the second half of the year, we are projecting increases in satcom spend to support growing usage, as well as planned expense increases for key programs such as line-fit and 5G. These factors contribute to our expectation of lower adjusted EBITDA for the second half, as implied by our guidance. We continue to expect the momentum we are building this year to carry into strong adjusted EBITDA and cash flow improvements in 2020.

展望今年下半年，我們預計衛星通訊支出將增加，以支援不斷增長的使用量，並且計劃增加線路適配和 5G 等關鍵項目的支出。正如我們的指引所暗示的，這些因素導致我們預期下半年調整後的 EBITDA 會降低。我們仍然預計，我們今年建立的勢頭將在 2020 年帶來強勁的調整後 EBITDA 和現金流改善。

Now let's move to a discussion of the business segments, starting with commercial aviation. For CA-NA and CA-ROW combined, aircraft online increased from 3,053 to 3,134 sequentially. As Oak mentioned, this represents the first increase in AOL for the combined segments since the second quarter of 2018, as net aircraft additions in both CA-NA and ROW offset the planned deinstallations, which were completed during this quarter.

現在讓我們從商業航空開始討論業務領域。CA-NA 和 CA-ROW 合計，線上飛機數量從 3,053 架連續增加至 3,134 架。正如 Oak 所提到的，這是自 2018 年第二季以來 AOL 合併後的部門首次增加，因為 CA-NA 和 ROW 的飛機淨增加抵消了本季完成的計劃拆除。

With the deinstalls now behind us, we expect AOL for CA-NA and CA-ROW combined to grow for the balance of this year and for at least the next couple of years as we install our backlog and achieve new airline wins.

隨著卸載工作的結束，我們預計 AOL 的 CA-NA 和 CA-ROW 業務將在今年餘下時間以及至少未來幾年內實現成長，因為我們將安裝積壓訂單並贏得新的航空公司。

Again, on a combined basis, CA-NA and CA-ROW achieved modestly positive segment profit for the second quarter in a row due to both stronger service revenue and lower non-satcom expenses. We continue to expect to reduce our functional expenses, which exclude satcom, for these 2 segments by approximately $45 million this year. This represents 60% of the $75 million in annual savings we expected by 2020, and we are on track to achieve this targeted cost structure.

同樣，在合併的基礎上，CA-NA 和 CA-ROW 由於服務收入增加和非衛星通訊費用減少，連續第二季度實現了小幅正的部門利潤。我們繼續預計今年這兩個細分市場的職能支出（不包括衛星通訊）將減少約 4,500 萬美元。這占我們預計到 2020 年每年可節省 7,500 萬美元的 60%，我們預計將實現這一目標成本結構。

Importantly, our lower than expected satcom expense is the result of greater network efficiencies achieved through the deployment of new technologies and our increasingly sophisticated network management capabilities. With the growth in service revenue and the benefits of operating leverage on this reducing cost structure, the combined bottom-line performance of CA-NA and CA-ROW is accelerating ahead of our expectations, as Oak described.

重要的是，我們低於預期的衛星通訊費用是透過部署新技術和日益複雜的網路管理能力來實現的更高網路效率的結果。正如 Oak 所描述的，隨著服務收入的成長以及營運槓桿在降低成本結構上的好處，CA-NA 和 CA-ROW 的綜合底線表現正在加速超出我們的預期。

Turning now to CA-NA, total revenue for CA-NA in the second quarter was $105.7 million, a decline of 12% from the prior year period wholly due to lower equipment revenue. Service revenue increased to $96.4 million, up 1% from the prior year period despite the American Airlines deinstallations. Because the second quarter results include the benefits we have described, we are projecting CA-NA service revenue to decline and reach a flat bottom in the second half now that the deinstalls are behind us.

現在轉向 CA-NA，第二季 CA-NA 的總收入為 1.057 億美元，比去年同期下降 12%，這完全是由於設備收入下降。儘管美國航空停運，但服務收入仍成長至 9,640 萬美元，較上年同期成長 1%。由於第二季的業績包括我們所描述的收益，因此我們預計 CA-NA 服務收入將下降，並在下半年觸底，因為卸載已經過去。

Equipment revenue of $9.3 million was up from $4 million in the first quarter, but down from $24 million a year ago. This was due to lower total 2Ku installations and a shift in the mix of installations from the airline-directed model to the turnkey model as compared to the second quarter of 2018.

設備收入為 930 萬美元，高於第一季的 400 萬美元，但低於去年同期的 2,400 萬美元。這是由於與 2018 年第二季度相比，2Ku 總安裝量減少以及安裝組合從航空公司主導模式轉變為交鑰匙模式。

Take rates in CA-NA increased to 12.7%, versus 11.2% in the prior year, a 14% improvement. Net annualized ARPA increased to $136,000, from $113,000 a year ago, which reflects the second quarter revenue benefits we have described. Excluding these positive impacts, ARPA would have grown modestly year-over-year. Consistent with our expectations for service revenue, we expect ARPA to decline in the third quarter.

CA-NA 的錄取率增至 12.7%，與前一年的 11.2% 相比，提高了 14%。年化 ARPA 淨值從一年前的 113,000 美元增至 136,000 美元，這反映了我們所描述的第二季度收入效益。排除這些正面影響，ARPA 將年比小幅成長。與我們對服務收入的預期一致，我們預計 ARPA 在第三季將下降。

CA-NA segment profit increased to $24.2 million, modestly above the $23.5 million previous record achieved in the first quarter of this year, and is significantly exceeding our internal expectations. The primary drivers of this outperformance include stronger service revenue, lower than expected satcom expense, and reduced operations expenses resulting from the IBP programs we initiated last summer.

CA-NA 部門利潤增至 2,420 萬美元，略高於今年第一季創下的 2,350 萬美元的歷史記錄，並且大大超出了我們的內部預期。這種優異表現的主要驅動因素包括更強勁的服務收入、低於預期的衛星通訊費用以及我們去年夏天啟動的 IBP 計畫帶來的營運費用減少。

Now let's turn our attention to CA-ROW, which delivered total revenue of $36.7 million, up 9% year-over-year. Service revenue grew 49% to $22.6 million, driven by an increase in aircraft online. We anticipate continuing strong service revenue growth in ROW as we install the roughly 560 claims in backlog.

現在讓我們把注意力轉向 CA-ROW，該公司的總收入為 3,670 萬美元，年增 9%。由於線上飛機數量的增加，服務收入增加了 49%，達到 2,260 萬美元。隨著我們處理大約 560 項積壓索賠，我們預計世界其他地區的服務收入將繼續強勁成長。

Equipment revenue was up modestly from the first quarter, but declined 23% to $14.1 million from $18.5 million a year ago. We completed more installations in ROW than a year ago, but the shift in mix from the airline-directed model to the turnkey model resulted in lower equipment revenue being recognized. You'll recall that equipment revenue is based on the number of installations done under the airline-directed model.

設備收入較第一季小幅成長，但從去年同期的 1,850 萬美元下降 23% 至 1,410 萬美元。與一年前相比，我們在世界其他地區完成了更多的安裝，但從航空公司主導模式到交鑰匙模式的轉變導致確認的設備收入減少。您可能還記得，設備收入是基於航空公司主導模式下完成的安裝數量。

We were particularly pleased with the increase in take rate ROW delivered for the quarter, as it was despite the higher percentage of aircraft online from new airlines, which more than doubled from 21% in Q2 2018 to 46% this quarter. Take rates for ROW grew from 13.2% to 13.5%, reflecting a 16.1% take rate for seasoned airlines and an 8.6% take rate for new airlines.

我們對本季 ROW 交付率的成長感到特別高興，因為儘管新航空公司的線上飛機百分比較高，從 2018 年第二季的 21% 增加到本季的 46%，增加了一倍多。ROW 的乘坐率從 13.2% 增長至 13.5%，其中經驗豐富的航空公司的乘坐率為 16.1%，新航空公司的乘坐率為 8.6%。

Importantly, annualized gross ARPA grew year-over-year for both seasoned and new airlines. Gross ARPA for this quarter was $209,000 for the seasoned airlines and $85,000 for new airlines. In the aggregate, gross ARPA was essentially flat sequentially, again an achievement given the growing mix of aircraft from new airlines.

重要的是，舊航空公司和新航空公司的年化 ARPA 總額均較去年同期成長。本季度經驗豐富的航空公司的 ARPA 總額為 209,000 美元，新航空公司的 ARPA 總額為 85,000 美元。總體而言，ARPA 總額與上一季基本持平，考慮到新航空公司的飛機種類不斷增加，這又是一項成就。

Segment loss in CA-ROW improved 29%, from negative $24.5 million to negative $17.3 million versus a year ago, as we benefited from continuing improvement in satcom utilization, lower OpEx from our IDT initiatives, and operating leverage.

CA-ROW 的部門虧損比一年前減少了 29%，從負 2,450 萬美元減少到負 1,730 萬美元，這得益於衛星通訊利用率的持續改善、IDT 計畫的營運支出降低以及營運槓桿。

Now I'll turn to a discussion of our BA division. Total revenue for BA was down 4% to $71.2 million as a result of lower ATG equipment shipments. Service revenue increased to $54.8 million, up 14% from Q2 2018, while equipment revenue decreased 37% quarter-over-quarter.

現在我將討論我們的文學學士部門。由於 ATG 設備出貨量下降，BA 的總收入下降 4% 至 7,120 萬美元。服務收入增至 5,480 萬美元，較 2018 年第二季成長 14%，而設備營收則較上季下降 37%。

You'll recall that BA had particularly strong equipment revenue in 2018, up 34% over the prior year on the strength of the AVANCE platform, which was introduced last year. This year's slowdown comes on the heels of meeting the strong pent-up demand for that product, which was the most successful new product launch in BA's history. The softer performance versus expectations is largely attributable to the timing delays due to ADS-B Oak described. We highlighted this issue last quarter and expect it to continue through the first half of next year.

您可能還記得，憑藉去年推出的 AVANCE 平台，BA 在 2018 年的設備收入尤其強勁，比前一年增長了 34%。今年的放緩是在滿足對該產品被壓抑的強勁需求之後出現的，這是 BA 歷史上最成功的新產品發布。與預期相比，表現較弱主要是由於所描述的 ADS-B Oak 造成的時序延遲。我們上個季度強調了這個問題，並預計該問題將持續到明年上半年。

ATG aircraft online grew 11% over the prior year, and ARPU grew over 2% year-over-year. BA's segment profit decreased to $31.3 million, primarily due to the decline in equipment shipments. Segment margin of 44% remains healthy despite the revenue shortfall and is in line with the expectations we have set due to a higher mix of service revenue and strong cost management by the BA team. Segment profit of $64.8 million for the first half of the year is down from $69 million for the first half of last year.

ATG飛機在線上年增11%，ARPU年增超過2%。BA 部門利潤下降至 3,130 萬美元，主要是由於設備出貨量下降。儘管收入短缺，但 44% 的分部利潤率仍然保持健康水平，並且符合我們設定的預期，因為服務收入組合更高，而且 BA 團隊強有力的成本管理。今年上半年的部門利潤為 6,480 萬美元，低於去年上半年的 6,900 萬美元。

While we are managing the BA expenses carefully in light of the softer equipment revenue, we are continuing to invest in new products and technology, including the exciting 5G network we announced in June. In spite of these investments, we expect BA segment profit to be higher in the second half of this year than it was during the first half based on our expectation of increased revenue.

鑑於設備收入疲軟，我們正在謹慎管理 BA 費用，同時我們將繼續投資新產品和技術，包括我們在 6 月宣布的令人興奮的 5G 網路。儘管有這些投資，基於我們對收入增加的預期，我們預計今年下半年 BA 部門的利潤將高於上半年。

I'll now turn to a discussion of our 2019 guidance. Total consolidated revenue in the range of $800 million to $850 million is unchanged. We expect CA-NA revenue to be at the high end of the previously provided range of $355 million to $380 million, with approximately 5% from equipment revenue. We also expect CA-ROW revenue be at the high end of the previously provided range of $135 million to $150 million. However, we expect approximately 40% of revenue to be from equipment, versus the guidance of 30% we had previously provided.

我現在將討論我們的 2019 年指導。合併總收入維持在 8 億至 8.5 億美元之間，維持不變。我們預計 CA-NA 收入將處於先前提供的 3.55 億至 3.8 億美元範圍的高端，其中約 5% 來自設備收入。我們也預期 CA-ROW 收入將處於先前提供的 1.35 億至 1.5 億美元範圍的高端。然而，我們預計大約 40% 的收入將來自設備，而我們先前提供的指導值為 30%。

We are decreasing our BA revenue guidance to $290 million to $300 million, versus our prior guidance of $310 million to $320 million, based on the reasons we have discussed. We're raising our adjusted EBITDA guidance to a range of $105 million to $115 million. This is an increase from the $90 million to $105 million we provided on our last earnings call and up from the guidance of $75 million to $95 million we provided on our fourth quarter 2018 earnings call in February.

基於我們討論過的原因，我們將 BA 收入指引下調至 2.9 億至 3 億美元，而先前的指引為 3.1 億至 3.2 億美元。我們將調整後 EBITDA 指引值提高至 1.05 億美元至 1.15 億美元。這比我們在上次財報電話會議上提供的 9000 萬美元增加到 1.05 億美元，也比我們在 2 月份的 2018 年第四季度財報電話會議上提供的 7500 萬美元到 9500 萬美元的指導增加。

We remain on track to achieve at least a $100 million improvement in free cash flow versus 2018. Again, this is despite absorbing additional net cash interest payments of $40 million during 2019.

與 2018 年相比，我們仍有望實現自由現金流至少改善 1 億美元。同樣，儘管 2019 年額外吸收了 4000 萬美元的淨現金利息支付，但這種情況仍然存在。

Finally, we maintain our estimate for an increase of 400 to 475 2Ku aircraft online. As Oak mentioned, we continue to monitor the impact the 737-MAX program delays may have on our installations.

最後，我們維持 2Ku 線上飛機增加 400 架至 475 架的預測不變。正如 Oak 所提到的，我們將繼續監控 737-MAX 專案延遲可能對我們的安裝造成的影響。

Before opening the call up for Q&A, I want to take a moment to join Oak in thanking all the team at Gogo for their talent and dedication. It's because of their relentless focus on execution that we are able to continue delivering quality service to our customers and financial results for our shareholders.

在開始問答之前，我想花一點時間與 Oak 一起感謝 Gogo 的所有團隊的才華和奉獻精神。正是由於他們對執行的不懈關注，我們才能夠繼續為客戶提供優質服務，為股東提供財務表現。

Operator, we're now ready for our first question.

接線員，我們現在準備好回答第一個問題了。

(Operator Instructions) Our first question comes from the line of Rick Prentiss with Raymond James.

（操作員說明）我們的第一個問題來自 Rick Prentiss 和 Raymond James 的線路。

Obviously, encouraging news on the take rates, both CA-NA and CA-ROW. Where do you think that heads? Obviously, previously you had what we thought was pretty conservative expectations on take rates, but, Oak, you also mentioned you have 2 airlines on free, Delta did their trial. But what are your thoughts on how we should view the demand side of this equation kind of on the take rate side?

顯然，CA-NA 和 CA-ROW 的利用率都令人鼓舞。您認為這會走向何方？顯然，之前我們認為您對採取率的預期相當保守，但是，Oak，您還提到您有 2 家航空公司免費，達美航空進行了試驗。但是，您對我們應該如何看待這個等式的需求方（即收取率方）有何看法？

I mean obviously, the move to free will drive take rates up dramatically. Our take rate today has a blend of both paid browsing sessions, paid streaming sessions and free messaging in it. If things go free, free messaging kind of goes away, and we expect a very large jump in the browse sessions and potentially a jump in streaming sessions.

我的意思是，顯然，轉向免費將大幅提高使用率。我們今天的使用率混合了付費瀏覽會話、付費串流媒體會話和免費訊息傳遞。如果一切變得免費，免費訊息傳遞就會消失，我們預計瀏覽會話會出現很大的跳躍，串流媒體會話也可能會出現跳躍。

So it's an order of magnitude larger, Rick. We see 30% take rates on free fleets in Asia right now, and they could be higher in North America, where there are longer routes.

所以它要大一個數量級，瑞克。目前，我們發現亞洲的免費機隊利用率為 30%，而北美的利用率可能更高，因為那裡的航線更長。

I was just going to kind of do a double-click on that, Rick. If you look at take rates under the steady-state model with 2Ku being installed, it's a little bit different in North America versus ROW, as we described a bit. In North America, as 2Ku gets more fully installed, we do expect to see those take rates improving over time as that capacity grows and it's not constrained.

我只是想雙擊它，Rick。如果您查看安裝了 2Ku 的穩態模型下的利用率，您會發現北美與 ROW 的情況略有不同，正如我們所描述的那樣。在北美，隨著 2Ku 的安裝更加全面，我們確實預計隨著容量的增長並且不受限制，這些佔用率會隨著時間的推移而提高。

In ROW, there is this kind of combination effect of seasoned airlines and new airlines. And as I mentioned, there's quite a disparity, almost 2x, between the current take rates for the new airlines versus the seasoned airlines, but we do expect those take rates for the new airlines to grow pretty significantly up as they get seasoned to approximate what we're seeing for the take rates overall in that part of the world.

在ROW中，存在著這種老航空公司和新航空公司的結合效應。正如我所提到的，新航空公司與經驗豐富的航空公司的當前接受率之間存在相當大的差距，幾乎是2 倍，但我們確實預計，隨著新航空公司的經驗豐富，其接受率將顯著增長，以接近我們正在了解該地區的總體收視率。

And then on the cost side, we were, obviously, pleasantly surprised by the satcom costs. You've called it out a couple times on the call, but how should we think about modeling that? It's probably one of the hardest ones I've found to model for you guys.

然後在成本方面，我們顯然對衛星通訊成本感到驚訝。您在電話會議中已經說過幾次了，但是我們應該如何考慮對此進行建模？這可能是我發現為你們建模最難的模型之一。

And as we think about the take rates going up, how you manage that cost side. So how should we think about the satcom costs going forward, besides just what you mentioned, for the second half of '19?

當我們考慮收​​取率上升時，您如何管理成本方面。那麼，除了您提到的之外，我們還應該如何考慮 19 年下半年的衛星通訊成本？

So I think there's the -- first, it's important to kind of underscore what's going on structurally here. We are seeing the benefits of the technologies in the network management that we're putting in place that does drive less satcom requirement than we had previously expected, so that's a good thing. We see that continuing.

所以我認為，首先，強調這裡的結構性情況很重要。我們看到了我們正在實施的網路管理技術的好處，這些技術確實減少了衛星通訊需求，比我們之前預期的要少，所以這是一件好事。我們看到這種情況仍在繼續。

In terms of how to model that going forward, clearly, satcom expense will grow as usage grows. There are a couple of drivers of that. One is that we do see absolute levels of pricing per megahertz coming down around the world. That has been true historically, and we expect that to be the case.

就如何建模而言，顯然，衛星通訊費用將隨著使用量的增長而增長。這有幾個驅動因素。一是我們確實看到全球每兆赫茲定價的絕對水準正在下降。歷史上確實如此，我們也期望如此。

And we also see ourselves getting better utilization in satcom, particularly in rest of world. As you know, there's both a coverage requirement and then a capacity requirement for satcom, so we do have worldwide coverage. And as we put more planes flying in that network, we will see, as we have already, a significant benefit in improved satcom utilization. But as those planes get added, then you'll add capacity as it comes along.

我們也看到我們在衛星通訊方面得到了更好的利用，特別是在世界其他地區。如您所知，衛星通訊既有覆蓋範圍要求，也有容量要求，因此我們確實有全球覆蓋範圍。隨著我們讓更多的飛機在該網路中飛行，我們將看到，正如我們已經看到的那樣，衛星通訊利用率的提高將帶來顯著的好處。但隨著這些飛機的增加，運能也會跟著增加。

So I think the way to think about that is we see data margins generally north of 50% in North America. The costs in rest of world continue to be higher, but we'll see efficiencies over time from that. But those data margins will only grow as we see that better efficiency and the reducing costs, but not to that level in the short term that North America has seen.

所以我認為思考這個問題的方法是我們看到北美的數據利潤率普遍超過 50%。世界其他地區的成本仍然較高，但隨著時間的推移，我們將看到效率的提高。但是，只有當我們看到效率提高和成本降低時，這些數據利潤才會成長，但短期內不會達到北美所看到的水平。

And glad to hear you're making progress on the 5G next-gen ATG by picking a U.S. provider. You mentioned a couple times that there would be some higher costs. How should we think about the costs of that 5G impacting '19 and '20, both on OpEx and CapEx?

很高興聽到您選擇美國供應商，在 5G 下一代 ATG 方面取得了進展。您多次提到成本會更高。我們應該如何考慮 5G 對 19 世紀和 20 世紀營運支出和資本支出的影響？

Yes, on the spend, it's started now a bit. It's in the order of a few million dollars for the back end of this year. The spend ramps during the course of next year. It is comprehended in the guidance that we have given. In terms of the CapEx side, it's comparable on an aggregate basis to what we have laid out before for the LTE-based network.

是的，在支出方面，現在已經開始了。今年年底的金額約為數百萬美元。明年支出將增加。我們給出的指導中包含了這一點。就資本支出而言，它在總體基礎上與我們之前針對基於 LTE 的網路所做的佈局相當。

Our next question comes from the line of Phil Cusick with JPMorgan.

我們的下一個問題來自菲爾·庫西克與摩根大通的對話。

A couple of follow-ups there from Rick's questions. First, you said for Gogo 5G, you have a solutions provider. Is that the vendor that you'll use? And how many sites do you envision at kickoff?

里克的問題有一些後續。首先，您說對於Gogo 5G，您有一個解決方案提供者。這是您要使用的供應商嗎？您預計啟動時有多少個站點？

In our business, it's a fairly specialized business, so when we develop a new network, we can't buy things off the shelf. We have to actually design the equipment with our vendors. So we are partnered with an American, United States-based 5G -- I would call them an infrastructure company, in designing and developing the radios and antennas, et cetera, for the new system. So like we've been partnered with ZTE in the past, we now have an American vendor in that role.

在我們的業務中，這是一個相當專業的業務，所以當我們開發一個新的網路時，我們不能購買現成的東西。我們必須與供應商一起實際設計設備。因此，我們與一家總部位於美國的 5G 合作——我稱他們為基礎設施公司，為新系統設計和開發無線電和天線等。就像我們過去與中興通訊合作一樣，我們現在有一家美國供應商擔任這個角色。

In terms of towers, I'm trying to remember if we thought 200, Barry?

就塔而言，我試圖記住我們是否想到了 200，巴里？

Yes, 150 to 200 at rollout.

是的，推出時為 150 到 200 個。

Yes, 150 to 200, yes, when we roll out.

是的，150 到 200，是的，當我們推出時。

And then grow as required from there.

然後根據需要從那裡增長。

Yes, and a lot of those towers will probably be the same as we use today for our ATG network, so we'll get some synergies there because we've already got sheds and generators and things like that. Obviously, we'll be paying more rent at those towers because we'll be taking more space, but there are some cost synergies in the network rollout.

是的，其中許多塔可能與我們今天使用的 ATG 網路相同，因此我們將在那裡獲得一些協同效應，因為我們已經有了棚屋和發電機之類的東西。顯然，我們將在這些塔樓上支付更多租金，因為我們將佔用更多空間，但網路部署會產生一些成本協同效應。

Can you give us any sort of results from the Delta unlimited trials? How did speeds hold up? What did you see in terms of capacity issues?

您能給我們任何 Delta 無限試驗的結果嗎？速度如何保持？您在容量問題上看到了什麼？

Well, the trial was really aimed at market acceptance of free. It wasn't meant to test our system. Going to full free, we obviously have things we need to grow, like our satellite capacity and other things, to be able to really provision that.

嗯，這次試驗確實是為了讓市場接受免費。它並不是為了測試我們的系統。走向完全免費，我們顯然有需要發展的東西，例如我們的衛星容量和其他東西，以便能夠真正提供這些。

So in terms of how the tests went from a market perspective, I think that's a question Delta should answer. It's their role to announce what they're doing with the free Wi-Fi, and it's our job to support them operationally. So I'll leave it at that.

因此，從市場角度來看測試如何進行，我認為這是達美航空應該回答的問題。他們的職責是宣布他們正在使用免費 Wi-Fi 做什麼，而我們的工作就是為他們提供營運支援。所以我就這樣吧。

And then, lastly, any update, Oak, on how you think about the strategic and competitive ecosystem for inflight broadband globally ? What are you seeing in terms of both demand and then what are you seeing from your competitors?

最後，Oak，您如何看待全球機上寬頻的策略和競爭生態系統？您從需求方面看到了什麼，從競爭對手那裡看到了什麼？

In terms of demand, we see the trend of free Wi-Fi will provide a tremendous amount of demand, and I think that will actually be good for our industry. Our industry has been kind of the dog everybody likes to kick for a couple years, but with demand growing, I think we'll have a lot of growth industrywide.

在需求方面，我們看到免費Wi-Fi的趨勢將提供巨大的需求，我認為這實際上對我們的行業有利。幾年來，我們的行業一直是每個人都喜歡踢的狗，但隨著需求的增長，我認為我們整個行業都會有很大的成長。

There's been always a lot of speculation about some consolidation in our industry. I think that that speculation continues. Most recently, you have Inmarsat going private, which I think in partnering with Panasonic, I think that's an indicator of a type of consolidation. And I think we expect that there will be more consolidation, or there may be, so we want to be in a very strong position to play a role in that if it happens.

關於我們行業的整合一直有很多猜測。我認為這種猜測仍在繼續。最近，國際海事衛星組織 (Inmarsat) 私有化，我認為與松下的合作是整合的指標。我認為我們預計將會有更多的整合，或者可能會有，所以如果發生的話，我們希望處於非常有利的地位，在其中發揮作用。

Just to clarify, anything happening on the RFP side? We've seen kind of a freeze on new airlines for quite a while.

澄清一下，RFP 方面發生了什麼事嗎？我們已經看到新航空公司的凍結已經有一段時間了。

Yes, there are lots of RFPs. There aren't many awards. So we are seeing a lot of RFPs, and we're deep into some processes that we've literally been working on since I got here, from before I got here. So we hope to be able to conclude some of those, but nothing to report at this time.

是的，有很多 RFP。獎項並不多。因此，我們看到了很多 RFP，並且我們正在深入研究一些流程，這些流程是我們從我來到這裡以來、從我來到這裡之前就一直在進行的。因此，我們希望能夠得出其中一些結論，但目前沒有什麼好報告的。

Our next question comes from the line of Simon Flannery with Morgan Stanley.

我們的下一個問題來自西蒙·弗蘭納裡 (Simon Flannery) 與摩根士丹利 (Morgan Stanley) 的對話。

This is Landon Park on for Simon. I just wanted to touch back on the Delta free trials. Are you able to comment on any sense of a timeline there for an ultimate decision or any future trials that have already been set? And then, secondarily, can you comment on any ongoing strategic discussions around potential investments or transactions on that front?

我是西蒙的蘭登·帕克。我只是想回顧一下達美航空的免費試用。您能否對最終決定的時間表或已經設定的任何未來試驗發表評論？其次，您能否評論一下圍繞這方面潛在投資或交易正在進行的策略討論？

I'll start with the second question. Right now, we're really focused on operationally supporting airlines that want to go free, and we're going to be focused on that I think for a while. So not very focused on strategic transactions at this particular moment.

我從第二個問題開始。目前，我們真正專注於為想要免費運營的航空公司提供營運支持，我認為我們將在一段時間內專注於此。因此，在這個特定時刻，我們並不太關注戰略交易。

In terms of timeline for Delta, you really have to talk to Delta about that. I think you've got to understand what your role is in the world, and our role is not to be commenting on what Delta is doing with free IFC.

就達美航空的時間表而言，你確實必須與達美航空討論這一點。我認為你必須了解你在世界上的角色是什麼，我們的角色不是評論達美航空使用免費 IFC 所做的事情。

Our next question comes from the line of Louie DiPalma with William Blair.

我們的下一個問題來自路易·迪帕爾瑪和威廉·布萊爾的對話。

What are the engineering challenges for Gogo's 2Ku system to offer free Wi-Fi at such a large scale that has never been done before with 98% availability? And are there necessary hardware modifications, or is the formula as simple as increasing capacity via purchasing more bandwidth from your partners, SCS and Intelsat?

Gogo 的 2Ku 系統要以前所未有的大規模免費 Wi-Fi 服務並實現 98% 的可用性，在工程上面臨哪些挑戰？是否有必要的硬體修改，或者公式是否像從合作夥伴 SCS 和 Intelsat 購買更多頻寬來增加容量一樣簡單？

Well, we've actually got 12 partners, but, yes, that's it, Louie. I mean the good news about 2Ku is that we sold it as future-proof, and it really is future-proof. So the ramp-up on the aircraft for a 2Ku aircraft is very minimal.

好吧，我們實際上有 12 個合作夥伴，但是，是的，就是這樣，Louie。我的意思是，關於 2Ku 的好消息是，我們將其作為面向未來的產品出售，而它確實是面向未來的。因此，2Ku 飛機的飛機升級量非常小。

On the satellite capacity -- in satellite capacity, yes, we have to ramp up satellite capacity, that's for sure. The other good thing about the 2Ku antenna, we talked about it being future-proof, and we think that it is very conducive to future technologies, like LEOs, et cetera. So as those kinds of technologies come online, we'll be well-positioned to serve our airlines with lower latency, lower cost, et cetera.

關於衛星容量——在衛星容量方面，是的，我們必須提高衛星容量，這是肯定的。2Ku 天線的另一個好處是，我們談到它是面向未來的，我們認為它非常有利於未來的技術，例如 LEO 等。因此，隨著這些技術的上線，我們將處於有利地位，能夠以更低的延遲、更低的成本等為我們的航空公司提供服務。

So you don't see any technology impediments? It's just a question of you spending more money? It's just a money question, and if the money is there, then you can offer the free Wi-Fi at scale?

那麼您沒有看到任何技術障礙嗎？只是你花更多錢的問題嗎？這只是一個錢的問題，如果有錢的話，你可以大規模提供免費Wi-Fi嗎？

Yes, that's basically right. We are making some software improvements in terms of portals and things like that. That all has to change when you go to free. I mean you don't need to get a person's credit card number anymore and things like that. So there's some software development involved, but that's relatively minimal.

是的，這基本上是正確的。我們正在門戶網站等方面進行一些軟體改進。當你獲得自由時，這一切都必須改變。我的意思是你不再需要取得一個人的信用卡號碼之類的東西。因此涉及一些軟體開發，但相對較少。

And on the business jet side, you've talked a lot about the ADS-B creating a constraint. Would you expect ATG antenna shipments to be up next year relative to this depressed 2019 number, or is it too early to say right now?

在公務機方面，您已經談論了很多關於 ADS-B 造成的限制。您預計明年 ATG 天線出貨量相對於 2019 年低迷的數字是否會有所成長，還是現在說還為時過早？

Well, I think we expect there to be some crowding of the aftermarket channel through second quarter. We've looked at the numbers of jets that are still not installed with ADS-B. We expect some of those will never be installed, they'll just be retired, but we do expect a set of those to still come in next year to get installed.

嗯，我認為我們預計第二季售後市場管道將會出現一些擁擠。我們查看了尚未安裝 ADS-B 的飛機數量。我們預計其中一些永遠不會安裝，它們只會退役，但我們確實預計明年仍會安裝其中一組。

And we think in talking to the dealers and MROs, they expect to still be installing a fair amount of ADS-B equipment through Q1 and Q2. So we think that will still impact our equipment sales going into the year, but we expect it'll pick up again in the second half.

我們認為，在與經銷商和 MRO 交談時，他們預計第一季和第二季仍將安裝相當數量的 ADS-B 設備。因此，我們認為這仍然會影響我們今年的設備銷售，但我們預計下半年將再次回升。

Yes, and in total for the year, Louie, we do expect equipment revenue to kind of be in a [cross] this year relative to 2018 and then pick back up again in 2020.

是的，Louie，我們確實預計今年的設備收入相對於 2018 年會出現交叉，然後在 2020 年再次回升。

And a more broader question. Gogo shares traded down sharply by over 30%, from like $6 over the past 2 months, going into this earnings report. You guys probably noticed. We think there was concern that your record first quarter EBITDA performance was a fluke and, with your leverage, it would magnify weak second quarter results. Instead, you doubled the EBITDA consensus expectations.

還有一個更廣泛的問題。截至本財報發布之日，Gogo 股價從過去 2 個月的 6 美元左右大幅下跌超過 30%。你們可能注意到了。我們認為，有人擔心你們第一季創紀錄的 EBITDA 業績純屬僥倖，而憑藉你們的槓桿作用，這會放大疲軟的第二季業績。相反，您將 EBITDA 共識預期提高了一倍。

Can you talk about like after the strong first half of the year, how your improved visibility may or may not allow you to invest into what I would refer to as discretionary projects, such as like the 5G and flat-panel phased arrays with Phasor?

您能否談談在今年上半年的強勁表現之後，您的知名度的提高可能會或可能不會讓您投資於我所說的可自由支配的項目，例如5G 和帶有Phasor 的平板相控陣？

And it's been speculated you're working on a tail-mounted business jet antenna with [Galat]. And do you feel comfortable in your liquidity to do these discretionary projects now, despite the fact that the stock market seems to be doubting you?

據推測，您正在與 [Galat] 一起開發尾部安裝的商務飛機天線。儘管股市似乎對你表示懷疑，但你現在對自己的流動性感到滿意嗎？可以放心地進行這些可自由支配的項目嗎？

Well, the stock market hates us, we know that, but our projections include our strategic investments like 5G, phased-array antennas. Yes, we made an investment in Phasor. We believe in ESAs at some point. We're not talking about the timing of those. We have not officially announced a tail-mounted antenna for the BA market, but we have a vendor who seems to have announced that prematurely. We hope that means that they will deliver the product prematurely.

嗯，股市討厭我們，我們知道這一點，但我們的預測包括我們的策略投資，如 5G、相控陣天線。是的，我們投資了 Phaser。我們在某個時候相信 ESA。我們不是在談論這些的時間安排。我們還沒有正式宣布針對 BA 市場推出尾裝天線，但我們有一家供應商似乎過早宣布了這一消息。我們希望這意味著他們將提前交付產品。

So, yes, those are all contemplated in our current cash flow guidance, and I'll turn it over to Barry to get into a little more detail in the numbers.

所以，是的，這些都在我們目前的現金流指引中考慮到了，我將把它交給巴里，讓他更詳細地了解這些數字。

Yes, so we're keeping the pedal to the metal on 5G and those other initiatives, but we, as I said, are continuing to make those investments. We think it's important to maintaining BA's market position and ultimate financial performance, so we are still pressing forward on those.

是的，所以我們正在全力推動 5G 和其他舉措，但正如我所說，我們將繼續進行這些投資。我們認為這對於維持 BA 的市場地位和最終財務表現非常重要，因此我們仍在努力推進這些工作。

We're very pleased to see the first half, obviously, come in with the level of EBITDA that it is, but we're also just being cautious as we provide guidance for next year. There are some known things we talked about, so these good guys in the first half of the year on the revenue side that translate into the EBITDA benefit. Those will not persist. We are planning on ramping some of these expenses, like we talked about in satcom and in OpEx, to cover these strategic investments.

顯然，我們很高興看到上半年的 EBITDA 水平達到了目前的水平，但我們在為明年提供指導時也持謹慎態度。我們討論了一些已知的事情，因此這些好人在今年上半年的收入方面轉化為 EBITDA 收益。這些不會持續下去。我們計劃增加其中一些費用，就像我們在衛星通訊和營運支出中談到的那樣，以涵蓋這些戰略投資。

But having said that, we think the guidance that we have of $105 million to $115 million is solid EBITDA performance, and 55% growth, again, at the midpoint, and we see that momentum continuing into 2020. I think that's the important point here.

但話雖如此，我們認為 1.05 億至 1.15 億美元的指導是穩健的 EBITDA 業績，並且在中點再次實現 55% 的增長，我們認為這種勢頭將持續到 2020 年。我認為這就是重點。

And we realize that we've had to dig ourselves out of a hole in the last 15 months or so on the heels of the icing crisis. And as we talked about on the last call, we've been knocking those off one by one, and we're in a much different place now. And we think have the foundation laid, and it's showing up in the financial performance that gives us confidence about really being able to deliver on the kinds of increases in EBITDA that we've talked about.

我們意識到，在結冰危機之後的過去 15 個月左右的時間裡，我們必須把自己從困境中挖出來。正如我們在上次電話會議中談到的那樣，我們一直在一項一項地解決這些問題，而現在我們處於一個截然不同的境地。我們認為已經奠定了基礎，並且它體現在財務業績中，這讓我們對真正能夠實現我們所討論的 EBITDA 成長充滿信心。

Our next question comes from the line of Greg Gibas with Northland Securities.

我們的下一個問題來自 Northland Securities 的 Greg Gibas。

Congratulations on the quarter. First, in the past, you've talked about using beam-forming technologies to more efficiently utilize capacity, really allowing you to reduce satellite leasing costs by quite a bit. Could you provide some additional color on the timing of when we might see those occur, given satcom expenses are expected to grow in the near term?

恭喜本季。首先，在過去，您談到了使用波束形成技術來更有效地利用容量，確實可以讓您大幅降低衛星租賃成本。鑑於衛星通訊費用預計在短期內會成長，您能否提供一些關於我們何時可能看到這些情況發生的額外資訊？

Well, obviously, there are a couple types of beam-forming technologies. We're more and more moving to high-throughput satellites, which are Ku satellites with spot beams as opposed to wide beams, and that is helping our efficiency now.

顯然，波束形成技術有幾種類型。我們越來越多地轉向高吞吐量衛星，即具有點波束而不是寬波束的 Ku 衛星，這有助於提高我們的效率。

We've also talked about software-defined beams and more dynamically programmable satellites. Those are out there, I would say, into 2023 and beyond. That's technology that is pretty well-designed, but it needs to be manufactured and launched. And there are technological hurdles that need to be overcome in terms of modem technology and other things for that to become meaningful.

我們也討論了軟體定義的波束和更動態的可編程衛星。我想說，這些都將持續到 2023 年及以後。這項技術設計得非常好，但需要製造和推出。在現代科技和其他方面，還需要克服一些技術障礙，才能變得有意義。

And then the third type of beam-forming technology we talk about is in our 5G product, and in the ATG world where that will use beam-forming technology. The antennas will point more directly at an aircraft as opposed to broadcasting a large funnel, like our current ATG product does, and that will roll out in 2021.

然後我們談論的第三種波束形成技術是在我們的 5G 產品中，以及在 ATG 世界中將使用波束形成技術。天線將更直接指向飛機，而不是像我們目前的 ATG 產品那樣廣播一個大漏斗，該產品將於 2021 年推出。

And I think, Greg, to your question on the increase in satcom expenses, yes, we of course are projecting increases in satcom expense. But that's driven by significant increases in usage as we add more planes and take rates increase, that we've described. The level of growth in that expense is muted by the kinds of things we're talking about -- high-throughput satellites, raw bandwidth costs coming down, better utilization through the kinds of network management capabilities we have.

格雷格，我認為，對於你關於衛星通訊費用增加的問題，是的，我們當然預計衛星通訊費用會增加。但這是由使用量顯著增加所推動的，正如我們所描述的，隨著我們添加更多飛機並提高乘坐費率。該費用的成長水準受到我們正在談論的各種因素的影響——高吞吐量衛星、原始頻寬成本的下降、透過我們擁有的各種網路管理功能更好地利用。

And then, second, as we think about ARPA in the rest of world segment, and you talked about how the percentage of aircraft online that are in new fleets is expected to grow from maybe now until year end -- you talked about new fleets being a little bit more reluctant to market their IFC until the entire fleet is installed. Does that kind of mean we should expect ARPA in the rest of world to slide lower through year-end?

然後，第二，當我們考慮 ARPA 在世界其他地區的情況時，您談到了新機隊中在線飛機的百分比預計從現在到年底將如何增長 - 您談到新機隊正在整個車隊安裝完畢之前，他們不太願意推銷他們的IFC。這是否意味著我們應該預期世界其他地區的 ARPA 會在年底前下滑？

Well, yes, you have certainly the concept right, which is that you have this kind of blended ARPA that is a result of the difference that's more than 2x between the seasoned aircraft and the new aircraft. If you look at that over time, over the last couple of years, that gross ARPA has seen that impact.

嗯，是的，你的概念當然是對的，那就是你有這種混合的 ARPA，這是老飛機和新飛機之間超過 2 倍的差異的結果。如果你看一下過去幾年的情況，ARPA 總規模已經看到了這種影響。

What's happening more recently is that, if you look at this year versus last year, for example, we're seeing improvement in blended ARPA overall, but we see that kind of staying relatively flat-ish as you go forward. We see it coming up in the back half of this year, but I wouldn't count on big improvements in that blended rate of ARPA until we get these newer planes installed --

最近發生的情況是，如果你看今年與去年的情況，例如，我們看到混合 ARPA 整體有所改善，但隨著你的前進，我們看到這種情況保持相對平穩。我們預計它會在今年下半年出現，但在我們安裝這些較新的飛機之前，我不會指望 ARPA 的混合率會有重大改進——

Fleets.

艦隊。

Fleets, excuse me. Newer fleets installed and seasoned for the new airlines, but then you really see the benefit of that.

艦隊，對不起。為新航空公司安裝了新機隊並進行了經驗豐富，但隨後您就會真正看到這樣做的好處。

And a last, quick one from me. Why did we see take rates decline sequentially in CA-NA and on the rest of world side?

這是我最後的、快速的。為什麼我們看到加拿大-北美地區和世界其他地區的錄取率連續下降？

That's seasonal and relatively typical.

這是季節性的並且相對典型。

Our next question comes from the line of Lance Vitanza with Cowen.

我們的下一個問題來自 Lance Vitanza 和 Cowen 的對話。

Nice quarter. Just to pick up where we left off with the last question, on the ARPA being flat sequentially. As the new planes are coming online and it's offsetting the growth in the planes that are already seasoned in, what would you say, though, is the underlying ARPA trend here if we think about on a like-for-like basis for those seasoned planes? I mean is it up low single digits, mid single digits, high single digits?

不錯的季度。繼續我們最後一個問題，即 ARPA 連續持平。隨著新飛機的上線，它抵消了已經使用過的飛機的成長，但如果我們在類似的基礎上考慮那些使用過的飛機，你會說這裡的潛在 ARPA 趨勢是什麼？我的意思是它是低個位數、中個位數、高個位數嗎？

For the seasoned planes?

對於經驗豐富的飛機？

Yes.

是的。

Yes, so, I mean it's up. In the second quarter, as I mentioned, it was 16.1%. In the year ago quarter, it was 14.5%, so it's up since then, and so we've seen that trend grow.

是的，所以，我的意思是它已經完成了。正如我所提到的，第二季為 16.1%。去年同期，這一數字為 14.5%，自那時起一直在上升，因此我們看到了這一趨勢的增長。

And, I'm sorry, in the rest of world segment, those are the numbers that --

而且，我很抱歉，在世界其他地區，這些數字是——

Correct. Wasn't that what you were asking about, Lance?

正確的。蘭斯，這不是你問的嗎？

Yes. Yes. No, that's great.

是的。是的。不，那太好了。

Were you asking about take rates?

您問的是成交率嗎？

No, no, no. That's right. Thank you. But speaking of take rates, so given the trend toward airline-directed and free, I'm not sure take rates are enough to really measure the progress, and I'm wondering how you think about that. It seems like we should be thinking also about, I don't know, duration of usage or megs per flight or something like that. Do you have any thoughts there? I mean what other metrics are you looking at to gauge usage, and what can you share with us?

不不不。這是正確的。謝謝。但說到收費率，考慮到航空公司指導和免費的趨勢，我不確定收費率是否足以真正衡量進展，我想知道您如何看待這一點。我不知道，似乎我們也應該考慮使用持續時間或每次飛行的兆量或類似的東西。你有什麼想法嗎？我的意思是您還考慮哪些其他指標來衡量使用情況，您可以與我們分享什麼？

I mean I agree with you that take rates compared to today are going to be kind of meaningless. They're going to be a lot higher. And the way we look at this, in very simple terms, is volume is going to, we think, explode with free. Unit costs will come down -- I mean pricing, rather, will come down, obviously, but they'll be more than offset by the growth in volume and produce solid revenue for growth for us and value for us.

我的意思是我同意你的觀點，與今天相比，採取利率將毫無意義。他們會高很多。我們看待這個問題的方式，用非常簡單的術語來說，我們認為，免費的數量將會爆炸。單位成本將會下降——我的意思是，顯然，定價將會下降，但它們將被銷售的成長所抵消，並為我們的成長和價值帶來穩定的收入。

So on the satcom costs side -- and I apologize if I missed this too, but I heard, Barry, obviously that unit costs are falling, but could we -- what would you say is going on with the rate of that decline? I mean are cost declines accelerating or decelerating today? And given your outlook for increased global capacity, what do you expect over the next few years?

因此，在衛星通訊成本方面 - 如果我也錯過了這一點，我很抱歉，但我聽說，巴里，顯然單位成本正在下降，但是我們可以 - 您認為下降的速度是怎麼回事？我的意思是，今天成本下降是加速還是減速？鑑於您對全球產能增加的展望，您對未來幾年有何期望？

I mean we're doing deals right now at continually declining costs on the satcom side. And we see them as we look sort of at the forward market, if you will, falling pretty dramatically over the next couple years. There's a lot of supply coming on in the '23, '24 timeframe, which we think will further depress pricing.

我的意思是，我們現在正在以不斷下降的衛星通訊成本進行交易。如果你願意的話，我們會像看待遠期市場一樣看待它們，在未來幾年內大幅下跌。23、24 年期間將有大量供應，我們認為這將進一步壓低價格。

So I think the long-term trend in satcom is going to be continually decline in pricing, and at our side, we'll be focused much more on continuing to make efficient use of megahertz appropriately and bringing our capacity utilization up. So all those trends should be, on a unit basis, driving satcom costs down.

因此，我認為衛星通訊的長期趨勢將是價格不斷下降，而在我們方面，我們將更加關注繼續適當有效地利用兆赫茲並提高我們的產能利用率。因此，所有這些趨勢應該會推動衛星通訊成本的下降。

All right. Well, thank you very much for attending our Q2 2019 earnings call, and I'd like to leave you with a couple thoughts before we go. First, we have a very strong cash flow generating business in BA. Not only does it have a unique competitive advantage by virtue of our spectrum ownership, but it also has ample runway for growth because the BA market is relatively unpenetrated.

好的。非常感謝您參加我們的 2019 年第二季財報電話會議，在我們離開之前，我想向您傳達一些想法。首先，我們在 BA 擁有非常強大的現金流生成業務。它不僅憑藉我們的頻譜所有權而具有獨特的競爭優勢，而且由於 BA 市場的滲透率相對較低，因此它也擁有充足的成長空間。

Second, the rest of world is growing. It's also an extremely large and unpenetrated market. And with our global 2Ku platform, our progress on line-fit and our strong backlog, we're well-positioned to win our share of that attractive market.

其次，世界其他地區正在成長。這也是一個極為龐大且尚未滲透的市場。憑藉我們的全球 2Ku 平台、我們在生產線安裝方面的進展以及我們強大的積壓訂單，我們已做好充分準備，以贏得這個有吸引力的市場份額。

Third, CA North America will bottom out in the second half of this year as the impact of American Airlines' deinstalls and their conversion to the airline-directed model will finally be behind us.

第三，隨著美國航空解散以及轉向航空公司主導模式的影響最終將過去，CA北美公司將在今年下半年觸底。

Fourth, we've strengthened our balance sheet and given ourselves strategic flexibility by refinancing our $162 million convertible stub and our $690 million senior notes and pushing those maturities out until 2024.

第四，我們透過對1.62 億美元的可轉換存根和6.9 億美元的優先票據進行再融資，並將這些到期日推遲到2024 年，增強了我們的資產負債表，並賦予了我們戰略靈活性。

And, finally, by virtue of our industry-leading market share and our asset-light operating model, we're well-positioned to take advantage of the opportunities that I just described. We look forward to demonstrating this to you in future quarters, and thank you for your time this morning for joining us for our quarterly phone call. Thanks again.

最後，憑藉我們領先業界的市場份額和輕資產營運模式，我們處於有利地位，可以利用我剛才描述的機會。我們期待在未來幾季向您展示這一點，並感謝您今天早上抽出時間參加我們的季度電話會議。再次感謝。

Thanks very much.

非常感謝。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. Everyone, have a great day.

女士們、先生們，感謝你們參加今天的會議。今天的節目到此結束。你們都可以斷開連線。大家，祝你有美好的一天。