Gogo Inc (GOGO) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q1 2025 Gogo Inc earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季 Gogo Inc 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Will Davis, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係主管威爾戴維斯 (Will Davis)。請繼續。

Thank you, Gigi, and good morning, everyone. Welcome to Gogo's first quarter of 2025 earnings conference call. Joining me today to talk about our results are Chris Moore, CEO; and Zach Cotner, CFO.

謝謝你，吉吉，大家早安。歡迎參加 Gogo 2025 年第一季財報電話會議。今天與我一起討論我們業績的有執行長 Chris Moore；以及財務長 Zach Cotner。

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 performance of the company.

在我們開始之前，我想藉此機會提醒您，在本次電話會議期間，我們可能會對未來事件和公司未來表現做出前瞻性陳述。

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 call. Those risk factors are described in our earnings release filed this morning and a more fully detailed note under Risk Factors filed in our annual report on 10-K and 10-Q and other documents that we have filed with the SEC.

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陳述中的結果有重大差異的風險因素。這些風險因素在我們今天上午提交的收益報告中進行了描述，並且在我們向美國證券交易委員會提交的 10-K 和 10-Q 年度報告以及其他文件中的風險因素下提供了更詳細的說明。

In addition, please note that the date of this conference call is May 9, 2025. Any forward-looking statements that we make today are based on assumptions as of this date and we undertake no obligation to update these statements as a result of more information or future events.

此外，請注意，本次電話會議的日期是2025年5月9日。我們今天所做的任何前瞻性陳述均基於截至該日期的假設，我們不承擔因更多資訊或未來事件而更新這些陳述的義務。

During this call, we'll present both GAAP and non-GAAP financial measures. We have included a reconciliation and explanation of adjustments and other considerations of our non-GAAP measures to the most comparable GAAP measures in our first quarter earnings release. This call is being broadcast on the internet and available on the investor website at ir.gogoair.com. The earnings release is also available on the website. After management comments, we'll host a Q&A session with the financial community only.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。我們在第一季財報中對非公認會計準則指標與最具可比性的公認會計準則指標進行了調節和解釋，並作出了調整和其他考慮。此次電話會議正在網路上播出，並可在投資者網站 ir.gogoair.com 上查閱。收益報告也可在網站上查閱。在管理層發表評論後，我們將僅與金融界舉辦問答會。

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

現在我非常高興地將電話轉給克里斯。

Thanks, Will, and good morning, everyone. Thank you for joining us today. As we continue to merge Gogo and Satcom Direct, I'd like to say how proud we are of the progress our global team is making. The merger is already indicating that it was a positive strategic move for our employees, our customers and investors.

謝謝，威爾，大家早安。感謝您今天加入我們。隨著我們繼續合併 Gogo 和 Satcom Direct，我想說我們對全球團隊的進步感到非常自豪。此次合併已經表明，這對我們的員工、客戶和投資者來說是一個積極的策略舉措。

We built strategic and commercial momentum in the last quarter, resulting in significant milestones achieved with PMA approval for our HDX and FDX Galileo antenna execution of new OEM agreements for our Gogo Galileo service, the confirmation of the fabrication of our 5G chip and growth in the number of aircraft online optimizing our GEO satellite services.

我們在上個季度建立了戰略和商業勢頭，取得了重大里程碑，包括我們的 HDX 和 FDX Galileo 天線獲得 PMA 批准、為我們的 Gogo Galileo 服務執行新的 OEM 協議、確認我們的 5G 晶片製造以及在線優化我們的 GEO 衛星服務的飛機數量增加。

The PMA approvals are particularly significant as they will enable us to begin shipping products and developing STCs for both terminals. We've already made great progress with our Galileo HDX antenna as we continue securing new STCs, OEM wins and generating revenue with activated customers.

PMA 批准具有特別重要的意義，因為它使我們能夠開始為這兩個終端運送產品和開發 STC。隨著我們繼續獲得新的 STC、OEM 勝利並透過活躍客戶創造收入，我們的 Galileo HDX 天線已經取得了巨大進展。

The FDX PMA approval came just this week, almost two months ahead of schedule and we expect FDX to follow a similar successful rollout with 10 STCs already queued. I'm looking forward to talking you through a strong Q1 performance, which will cover our quarterly operating results, provide updates on our GEO and ATG product lines and highlight our success in realizing acquisition-related cost synergies.

FDX PMA 批准於本週剛發布，比原計劃提前了近兩個月，我們預計 FDX 也將取得類似的成功，目前已有 10 個 STC 排隊。我期待著向您介紹強勁的第一季度業績，這將涵蓋我們的季度經營業績，提供有關我們的 GEO 和 ATG 產品線的最新信息，並強調我們在實現收購相關成本協同效應方面的成功。

We will review the demand potential in our markets and outline our strategic approach to capitalize on these opportunities to enhance shareholder value. Following this, I will share progress on key strategic initiatives and conclude with a brief assessment of the potential impact of tariffs on our business. Finally, I'll turn it over to Zach for the financial updates and then open up for Q&A.

我們將審查市場需求潛力，並概述我們的策略方針，以利用這些機會來提高股東價值。接下來，我將分享關鍵策略舉措的進展，並簡要評估關稅對我們業務的潛在影響。最後，我會把時間交給札克來介紹財務更新情況，然後開始問答環節。

Driven by a stronger-than-anticipated service revenues, earlier-than-expected synergy realization and deferral of some expenses related to new product investments, we delivered a quarter that exceeded our plans and consensus on revenue, adjusted EBITDA and free cash flow.

受強於預期的服務收入、早於預期的協同效應實現以及與新產品投資相關的部分費用的遞延推動，我們本季度的收入、調整後 EBITDA 和自由現金流均超出了我們的計劃和共識。

On the revenue front, our strong results were driven by both AOL and maintaining ARPA. GEO aircraft online grew to 1,280 aircraft, up 2.5% from 2024 year-end and up 16% from Q1 2024. And even more encouraging, we shipped 31 new GEO terminals in the quarter, up from 18 units in Q1 2024.

在營收方面，我們的強勁業績得益於 AOL 和維持 ARPA。線上 GEO 飛機數量成長至 1,280 架，較 2024 年底成長 2.5%，較 2024 年第一季成長 16%。更令人鼓舞的是，我們在本季出貨了 31 個新的 GEO 終端，高於 2024 年第一季的 18 個。

Many new units were line-fit installations. Buyers often want to avoid the cost, delay and downtime retrofit installations incur, which is why securing a line-fit option with OEMs is advantageous. Customers expect connectivity from the day of aircraft delivery to optimize bandwidth, redundancy and coverage.

許多新裝置都是管線安裝。買家通常希望避免改造安裝所帶來的成本、延誤和停機時間，這就是為什麼與 OEM 簽訂線路適配選項是有利的。客戶期望從飛機交付之日起就能實現連通，以優化頻寬、冗餘和覆蓋範圍。

This quarter, we strengthened our line-fit offering by confirming our Plane Simple Ka-band terminal as a line-fit option for Gulfstream's G5 and 500 airframes. We experienced a modest decline in air-to-ground AOL, primarily due to maintenance suspensions on older air-to-ground classic installed aircraft. We expect a reversal of this trend once the launch of our new broadband networks offering later this year.

本季度，我們確認我們的 Plane Simple Ka 波段終端為灣流 G5 和 500 機身的線路適配選項，從而加強了我們的線路適配產品。我們的空對地 AOL 略有下降，主要是由於老式空對地經典安裝飛機的維護暫停。我們預計，今年稍後推出新的寬頻網路後，這一趨勢將會逆轉。

A key ATG metric for us is the increased penetration of our software-centric AVANCE platform, which delivers a cost-effective, simplified path to advanced technology like air-to-ground broadband and Galileo and presents a significant advantage over competitive solutions.

對我們來說，一個關鍵的 ATG 指標是我們以軟體為中心的 AVANCE 平台的滲透率不斷提高，該平台為空對地寬頻和伽利略等先進技術提供了一條經濟高效、簡化的路徑，並比競爭解決方案具有顯著優勢。

Our AVANCE platform gained substantial momentum this quarter with a record 119 upgrades from our classic products, a 19% increase over the previous quarter as 241 units were shipped to dealers preparing for Galileo connectivity installations. We also saw a rise in AVANCE penetration within the air-to-ground fleet, up to 68%, up from 65% the prior quarter and 58% on 2024.

本季度，我們的 AVANCE 平台發展勢頭強勁，經典產品升級數量達到創紀錄的 119 次，較上一季度增長 19%，共有 241 台設備運往準備安裝伽利略連接的經銷商。我們也看到 AVANCE 在空對地機隊的普及率上升至 68%，高於上一季的 65% 和 2024 年的 58%。

We are pleased to report significant progress towards our synergy goals with over 85% of targeted synergy savings already realized. Additionally, we completed key actions to reach the high end of our $25 million to $30 million synergy cost savings guidance, positioning us for higher-than-projected cost savings this year and full realization in 2026. We currently have 40 integration initiatives that we expect to complete over the next 12 months.

我們很高興地報告，我們在實現協同目標方面取得了重大進展，已實現 85% 以上的協同節約目標。此外，我們完成了關鍵行動，達到了 2500 萬至 3000 萬美元協同成本節約指導的高端，這使我們能夠在今年實現高於預期的成本節約，並在 2026 年全面實現。我們目前有 40 個整合計劃，預計在未來 12 個月內完成。

In addition, the combined company's headcount will be reduced by 21% by the end of the second quarter. Through leverage common systems and process, we are streamlining the organization and expect to find additional synergy opportunities as we prepare the organization for the future.

此外，到第二季末，合併後公司的員工人數將減少21%。透過利用通用系統和流程，我們正在精簡組織，並期望在為組織的未來做好準備時找到更多的協同機會。

Key synergy projects include consolidating manufacturing by relocating SD Avionics production from (inaudible) to Broomfield, Colorado, transitioning data center operations from our leased Chicago location to our wholly-owned Satcom Direct facility in Melbourne, Florida, and the planned sale of our Melbourne headquarters building, which is expected to offset the $15 million to $20 million investment required to achieve the projected recurring synergy savings.

關鍵的協同項目包括透過將 SD Avionics 的生產從（聽不清楚）遷移到科羅拉多州布魯姆菲爾德來整合製造業，將資料中心營運從我們租賃的芝加哥地點轉移到我們全資擁有的位於佛羅裡達州墨爾本的 Satcom Direct 設施，以及計劃出售我們的墨爾本總部大樓，預計這將抵消實現預計的經常性協同效應節約所需的 1500 萬美元的投資。

We continue to expect strong free cash flows in 2026. This will be driven by higher-margin service revenue from our Galileo and air-to-ground broadband investments and the benefits from the full year impact of realized cost synergies. Further contributing to the profitability is an anticipated $60 million reduction in net program spend as air-to-ground and Galileo program rollouts conclude and integration synergy investments are finalized.

我們繼續預計 2026 年將出現強勁的自由現金流。這一成長將得益於伽利略和空對地寬頻投資帶來的更高利潤率的服務收入，以及實現成本協同效應的全年影響所帶來的好處。隨著空對地和伽利略計劃的推出以及整合協同投資的最終確定，預計淨項目支出將減少 6000 萬美元，這將進一步促進盈利。

Moving on to the market demand. The business aviation sector presents a significant opportunity for increased broadband connectivity usage.

轉向市場需求。商務航空領域為增加寬頻連線的使用提供了重大機會。

Currently, only about a third of the world's business jets and a fifth of all business aircraft, including turboprops, have any connectivity. The numbers are lower outside of the United States with just 12% of business jets optimizing connectivity.

目前，全球只有約三分之一的商務噴射機和五分之一的商務飛機（包括渦輪螺旋槳飛機）具備連結性。美國以外的地區數字較低，只有 12% 的公務機優化了連接性。

Notably, there are 5,000 mid and small jets and 7,000 turboprops outside the US that had no prior access to broadband solutions, highlighting a substantial unmet demand within a healthy and growing business aviation industry, characterized by strong OEM book-to-bill ratios and expanding fractional fleet and robust flight counts.

值得注意的是，美國境外有 5,000 架中型和小型噴射機以及 7,000 架渦輪螺旋槳飛機之前未使用過寬頻解決方案，這凸顯了健康且不斷發展的商務航空業中存在大量未滿足的需求，該行業的特點是 OEM 訂單出貨比強勁、部分機隊不斷擴大以及航班數量強勁。

Turning to the Mil/Gov mobility market, where demand is also strong. We see the opportunity for Gogo solutions. Our current revenue mix in this segment includes a significant portion of legacy narrowband services, which are expected to decline gradually over the next several years but will be replaced with growth from the transition of Mil/Gov to Satcom broadband solutions.

轉向軍事/政府流動市場，該市場的需求也很強勁。我們看到了 Gogo 解決方案的機會。我們目前在該領域的收入結構包括很大一部分傳統窄帶服務，預計未來幾年這些服務將逐漸下降，但將被軍事/政府向衛星通訊寬頻解決方案過渡帶來的成長所取代。

Under the proliferated LEO orbit program, PLEO, to which Gogo is now a key supplier, the Department of Defense recently increased its projected spending on LEO satellite services from $900 million over the next 10 years to $13 billion in the same period. The US Air Force 25 by 25 program is lagging behind its goals to equip 25% of its 1,100 aircraft with satellite communications by the end of 2025.

在不斷擴張的低地球軌道計畫 PLEO 下，Gogo 現在是其主要供應商，國防部最近將其對低地球軌道衛星服務的預計支出從未來 10 年的 9 億美元增加到同一時期的 130 億美元。美國空軍的「25x25」計畫尚未實現2025年底為其1100架飛機中的25%配備衛星通訊設備的目標。

For us, this means more than 75% of this fleet is still without satellite connectivity, which the Air Force believes must be addressed, presenting a major opportunity for Gogo's growth. Our multi-band LEO and GEO offerings also support the DoD PACE protocol, which requires the military to implement primary alternate contingent and emergency systems.

對我們來說，這意味著超過 75% 的機隊仍然沒有衛星連接，空軍認為必須解決這個問題，這為 Gogo 的發展帶來了重大機會。我們的多頻段 LEO 和 GEO 產品也支援 DoD PACE 協議，該協議要求軍方實施主要備用緊急系統。

We also see a increased demand overseas as non-US governments disengage from their reliance on the DoD for military support and ramp up their investments in defense spending, including commercial communication systems.

我們也看到海外需求增加，因為非美國政府不再依賴國防部的軍事支持，並增加對國防開支（包括商業通訊系統）的投資。

Moving on to strategy. We continue to advance key initiatives that are critical for our continued penetration of the business aviation and military government mobility markets. Our strategy is to grow shareholder value by driving rapid growth in the long-term high-margin recurring revenue customers relationships in these dynamic sectors.

繼續討論策略。我們將繼續推動對我們繼續滲透商務航空和軍事政府移動市場至關重要的關鍵舉措。我們的策略是透過推動這些充滿活力的行業中長期高利潤經常性收入客戶關係的快速成長來增加股東價值。

We've invested three years in low earth orbit satellite and broadband air-to-ground technology to improve service quality and coverage by developing a purpose-built product portfolio that is easy to install, maintain and upgrade.

我們花了三年時間研發低地球軌道衛星和寬頻空對地技術，透過開發易於安裝、維護和升級的專用產品組合來提高服務品質和覆蓋範圍。

Crucially, our network-agnostic hardware and software architecture allows for faster, cheaper upgrades, ensuring long-term competitiveness. Expanding our target addressable market with the business aviation and military government verticals, it is crucial to achieving our penetration goals.

至關重要的是，我們的與網路無關的硬體和軟體架構可以實現更快、更便宜的升級，確保長期競爭力。透過商務航空和軍事政府垂直領域擴大我們的目標市場，對於實現我們的滲透目標至關重要。

Satcom Direct's global sales and service network extends our reach and has increased our access to LEO TAM by 60% while also providing GEO satellite solutions. This positions Gogo as the only IFC company offering multi-orbit GEO-LEO air-to-ground broadband solutions in the business aviation and government and military markets.

Satcom Direct 的全球銷售和服務網路擴大了我們的覆蓋範圍，使我們對 LEO TAM 的訪問量增加了 60%，同時也提供 GEO 衛星解決方案。這使得 Gogo 成為唯一一家在商務航空、政府和軍事市場提供多軌道 GEO-LEO 空對地寬頻解決方案的 IFC 公司。

Our comprehensive suites of hardware and software products complemented by value-added services delivers a unique competitive advantage, enabling us to support more aircraft types than any other provider. We continue to strengthen our global network of 140 dealers across 229 locations. These dealers act as a committed business partners and are invested in STC generation with us, which significantly amplified our sales effort.

我們全面的硬體和軟體產品套件加上加值服務提供了獨特的競爭優勢，使我們能夠比任何其他供應商支援更多的飛機類型。我們持續加強遍佈 229 個地點的 140 個經銷商的全球網路。這些經銷商作為我們忠誠的業務合作夥伴，與我們一起投資 STC 發電，這大大增強了我們的銷售力度。

Now I'd like to review our key strategic initiatives supporting our growth strategy. The Eutelsat OneWeb LEO network is operational and represents the latest addition to our broadening portfolio, powering our Gogo Galileo compact flat panel antennas, which can be equipped on a broad range of aircraft types.

現在我想回顧一下支持我們成長策略的關鍵策略舉措。Eutelsat OneWeb LEO 網路已投入運營，是我們不斷擴大的產品組合中的最新成員，為我們的 Gogo Galileo 緊湊型平板天線提供動力，該天線可安裝在多種類型的飛機上。

This new product opens an untapped market for us and gives us more capacity to offer to existing customers. This is a key differentiator as Gogo is now the only provider that can deliver purpose-built hardware and multi-network capabilities, world-class customer support, a global sales force, an extensive dealer channel and OEM line-fit positions to our target markets from a single source.

這款新產品為我們開闢了一個尚未開發的市場，並使我們有能力為現有客戶提供更多產品。這是一個關鍵的區別因素，因為 Gogo 現在是唯一一家能夠從單一來源向我們的目標市場提供專用硬體和多網路功能、世界一流的客戶支援、全球銷售隊伍、廣泛的經銷商通路和 OEM 線路適配位置的供應商。

The Galileo HDX terminal is our first-to-market LEO product designed to fit on any business aircraft. It is expected to deliver 60 megabits downlink, which is 12 to 60 times the speed of our current Gogo air-to-ground product offerings.

Galileo HDX 終端是我們首款上市的 LEO 產品，設計用於適合任何商務飛機。預計它將提供 60 兆位元的下行鏈路速度，這是我們目前 Gogo 空對地產品速度的 12 到 60 倍。

We are targeting the 12,000 mid-sized and smaller aircraft flying outside of North America and have no broadband solution today and the 11,000 mid-size and smaller aircraft either flying regionally outside conus or our owners who are willing to pay for faster mean speed than our air-to-ground broadband products alone can provide.

我們的目標是北美以外飛行且目前沒有寬頻解決方案的 12,000 架中型和小型飛機，以及北美以外區域飛行的 11,000 架中型和小型飛機或我們的所有者，他們願意為比我們的空對地寬頻產品本身所能提供的更快的平均速度付費。

We're ahead of schedule on STCs, having conferred five of them year-to-date, one in Canada, three in Europe, one of which is for the world's most popular business jet, the Embraer Phenom 300 and our first US FAA STC, which was confirmed this week for the Gulfstream G200. We currently have aircraft type with the product installed in aircraft registered in Europe and Brazil.

我們在 STC 方面的工作進展提前，今年迄今已授予了五項 STC，其中一項在加拿大，三項在歐洲，其中一項是針對世界上最受歡迎的商務噴氣機巴西航空工業公司飛鴻 300，另一項是我們的第一個美國聯邦航空管理局 STC，該 STC 已於本週確認授予灣流 G200。我們目前擁有在歐洲和巴西註冊的飛機上安裝該產品的機型。

Perhaps most importantly, passenger reaction to HDX product has been outstanding and passenger feedback is incredibly positive. Eutelsat OneWeb has confirmed a software update that will improve performance up to 30% when it comes online.

或許最重要的是，乘客對 HDX 產品的反應非常出色，乘客的回饋非常正面。Eutelsat OneWeb 已確認軟體更新將使上線後的效能提升高達 30%。

In Q1, we shipped 36 HDX units, 20 of which were for STC and one for revenue. We recognized $1 million of equipment revenue in the quarter. Year-to-date, we have shipped 59 units, including 42 for STCs. We've already announced that HDX is a line-fit option with Textron for the longitude, latitude and ascend operators. We are pleased to announce that we are close to signing with a second OEM and hope to confirm this at our next call.

第一季度，我們出貨了 36 台 HDX 設備，其中 20 台用於 STC，1 台用於營收。本季我們確認了 100 萬美元的設備收入。今年迄今，我們已出貨 59 台，其中 STC 出貨 42 台。我們已經宣布，HDX 是 Textron 為經度、緯度和上升操作員提供的線路適配選項。我們很高興地宣布，我們即將與第二家 OEM 簽約，並希望在下次通話中確認這一點。

In North America, we have over 300 opportunities for HDX and 25 for FDX, which is almost 60% of the pipeline. As I mentioned earlier, we've received PMA ahead of schedule for the FDX terminal and can begin shipping products to dealers to develop STCs immediately.

在北美，我們有超過 300 個 HDX 機會和 25 個 FDX 機會，幾乎佔通路的 60%。正如我之前提到的，我們已經提前收到了 FDX 終端的 PMA，並且可以立即開始向經銷商運送產品以開發 STC。

The FDX terminal is designed for larger business aircraft operators that fly intercontinental missions and are expected to deliver up to 195 megabits per second. The 10 STC agreements cover 10 super mid- to heavy business jet types and are expected to be completed in the latter half of 2025 and early 2026.

FDX 終端專為執行洲際任務的大型商務飛機營運商設計，預計傳輸速度高達每秒 195 兆位元。這10份STC協議涵蓋10種超中型至重型公務機機型，預計於2025年下半年和2026年初完成。

We have previously mentioned another signed agreement as a line-fit option with a major OEM for all its aircraft models. I'll finish by noting that 4,700 AVANCE customers can take advantage of an easy Galileo upgrade when we release a software update for the Satcom Direct routers, another 2,200 could also benefit from the upgrade.

我們之前提到過，我們與一家大型 OEM 簽署了另一項協議，作為其所有飛機型號的線路適配選項。最後，我要指出的是，當我們發布 Satcom Direct 路由器的軟體更新時，4,700 名 AVANCE 客戶可以輕鬆享受 Galileo 升級，另外 2,200 名客戶也可以從升級中受益。

As most of you know, our 5G tower network is built and ready to go live as are the LRU and airborne antennas required to access the network. I'm pleased to confirm that our chipset supplier has successfully completed fabrication and is now in the process of packaging the chip, which will be followed by the bring-up process for deployment readiness.

正如你們大多數人所知，我們的 5G 塔網路已經建成並準備投入使用，連接網路所需的 LRU 和機載天線也已建成並準備投入使用。我很高興地確認，我們的晶片組供應商已成功完成製造，目前正在封裝晶片，隨後將進行部署準備過程。

The market continues to respond enthusiastically to the 5G value proposition with 301 aircraft now pre-provisioned for launch, up 29% from the 233 pre-provisioned at the end of 2024. We expect the launch to be relatively straightforward once we receive the 5G chip because the 5G MB13 antennas and the 5G LRU have already received PMA and have 25 STCs in place.

市場對 5G 價值主張的反應持續熱烈，目前已有 301 架飛機預先配置好以供發射，比 2024 年底預先配置的 233 架飛機增長 29%。我們預計，一旦我們收到 5G 晶片，發布就會相對簡單，因為 5G MB13 天線和 5G LRU 已經收到 PMA 並已安裝 25 個 STC。

We look forward to bringing this product to market later this year, which will extend the life of our air-to-ground product line, which supports a core set of Gogo customers. I'd also like to share a brief update on the FCC secured networks program, which we call Gogo Evolution.

我們期待在今年稍後將該產品推向市場，這將延長我們的空對地產品線的壽命，該產品線為核心的 Gogo 客戶提供支援。我還想簡單介紹一下 FCC 安全網路計畫的最新情況，我們稱之為 Gogo Evolution。

Under this program, the FCC award Gogo, a $334 million grant to accelerate the removal of foreign telecom technology from our terrestrial network. As we announced last quarter, Congress passed the National Defense Authorization Act funding bill in December 2024, fully funding the rip and replace program.

根據該計劃，美國聯邦通信委員會向 Gogo 授予了 3.34 億美元的資助，以加速從我們的地面網路中移除外國電信技術。正如我們上個季度宣布的那樣，國會於 2024 年 12 月通過了《國防授權法案》撥款法案，為拆除和更換計劃提供全額資金。

This additional funding eliminates any potential shortfall anticipated to complete the project and enable us to provide alternative incentives for Gogo classic customers choosing to optimize our new LTE network when we transition in 2026.

這筆額外資金消除了預計完成專案的任何潛在缺口，並使我們能夠為選擇在 2026 年過渡時優化我們新的 LTE 網路的 Gogo 經典客戶提供替代激勵措施。

The interest in the C1 LTE product continues. Upon launch of the C1 LTE box, 76 units were immediately shipped to customers. The C1 LTE product is a drop-in solution for classic customers, which have dual EVDO and LTE air cards, ensuring seamless support for our network cutover.

人們對 C1 LTE 產品的興趣持續存在。C1 LTE 盒子一推出，立即向顧客出貨了 76 台。C1 LTE 產品是針對擁有雙 EVDO 和 LTE 無線卡的經典客戶的嵌入式解決方案，可確保無縫支援我們的網路切換。

For customers lacking the time or budget for an advanced upgrade before our 2026 cutover, this solution enables a cost-effective option that keeps our customers connected and preserves Gogo service revenue from this market segment.

對於在 2026 年切換之前沒有時間或預算進行高級升級的客戶，此解決方案提供了一種經濟高效的選擇，使我們的客戶保持連接並保留來自該細分市場的 Gogo 服務收入。

Before handing over to Zach to talk financials, I would like to touch on the potential impact of current and proposed tariffs on our business. For context, under the agreement on trade in civil aircraft treaty agreed to at the Paris Accords and approved by US Congress in 1979, aircraft or aircraft parts were exempt from tariffs before the recent announcements.

在交給扎克談論財務問題之前，我想談談當前和擬議的關稅對我們業務的潛在影響。具體來說，根據 1979 年《巴黎協定》達成並經美國國會批准的民用飛機貿易條約，在最近的公告發布之前，飛機或飛機零件免徵關稅。

In that environment, the US aviation industry flourished with aviation exports historically running 6 times higher than the amount of aviation imports. Ironically, imposed tariffs on imported aviation parts can push up the cost of US manufactured aircraft, potentially making the aviation industry less competitive.

在這樣的環境下，美國航空業蓬勃發展，航空出口額歷史上曾是航空進口額的6倍。諷刺的是，對進口航空零件徵收關稅可能會推高美國製造的飛機的成本，這可能會降低航空業的競爭力。

As you know, the situation with respect to tariffs remains fluid and we are adapting as needed. The tariff risk relates directly to the manufacturing part of the business, not our service provision.

如您所知，關稅情況仍在不斷變化，我們正在根據需要進行調整。關稅風險與業務的製造部分直接相關，而與我們的服務提供無關。

Most of our manufacturing is conducted in the United States at our Broomfield facility in Colorado and what manufacturing we had at Satcom Direct facility in Ottawa was relocated to Broomfield even before we knew of the tariffs to be imposed.

我們的大部分製造業務都在美國科羅拉多州布魯姆菲爾德的工廠進行，而在我們知道要徵收關稅之前，我們在渥太華 Satcom Direct 工廠的製造業務就已遷至布魯姆菲爾德。

Based on the current tariff environment and recent analysis, we believe we have modest exposure to tariffs. Under the current tariff proposal, we can absorb tariff impacts within our current guidance.

根據當前的關稅環境和最近的分析，我們認為我們受到的關稅影響不大。根據目前的關稅提案，我們可以在當前指導範圍內吸收關稅影響。

In conclusion, Mil/Gov fleet worldwide are in various stages of upgrade strategies. Demand for broadband from new aircraft categories is high and we believe the opportunities presented by the new LEO networks and the upgraded GEO networks will all continue to stimulate revenues.

總之，世界各地的軍事/政府艦隊正處於升級戰略的不同階段。新型飛機對寬頻的需求很高，我們相信新的 LEO 網路和升級的 GEO 網路所帶來的機會將繼續刺激收入。

We are looking forward to producing compelling financial results due to growth in service revenue, a significant reduction in product development program spending, the full year impacts of synergies we expect to achieve this year and full funding of our FCC rip and replace program.

我們期待透過服務收入的成長、產品開發項目支出的大幅減少、我們預計今年將實現的協同效應的全年影響以及我們的 FCC 拆除和更換計劃的全部資金，獲得令人矚目的財務業績。

I will now hand over to Zach to present the numbers.

現在我將把時間交給扎克來展示這些數字。

Thanks, Chris, and good morning, everyone. I'm pleased to report first quarter results were ahead of expectations on both the top and bottom lines. In addition, five months after the close of the Satcom Direct transaction, we see improved product execution, strong financial discipline and integration progressing well.

謝謝，克里斯，大家早安。我很高興地報告，第一季的業績無論是頂線還是底線都超出了預期。此外，在 Satcom Direct 交易結束五個月後，我們看到產品執行情況得到改善、財務紀律得到加強並且整合進展順利。

We are still in the early days of the integration, but we believe these positive developments are setting the table for future free cash flow growth and material deleveraging as we look to 2026 and beyond. Even in this period of global macro uncertainty, we are reiterating our 2025 financial guidance, including the impact of current and proposed tariffs.

我們仍處於整合的早期階段，但我們相信，這些積極的發展為未來自由現金流的成長和 2026 年及以後的物質去槓桿奠定了基礎。即使在全球宏觀不確定的時期，我們仍重申 2025 年的財務指導，包括當前和擬議關稅的影響。

Our 2025 guidance reflects small amounts of Galileo HDX equipment revenue in Q2, an FDX launch in the late summer and assumes minimal 5G revenue beginning in Q4. We expect the Galileo HDX service revenue to ramp in the first quarter of 2026.

我們對 2025 年的預期反映了第二季少量的伽利略 HDX 設備收入、夏末的 FDX 推出，並假設從第四季開始 5G 收入極少。我們預計 Galileo HDX 服務收入將在 2026 年第一季大幅成長。

I'll now provide an overview of Gogo's first quarter financial performance, then I'll turn to our balance sheet and capital allocation priorities. And finally, I'll conclude with additional context on our 2025 guidance.

我現在將概述 Gogo 第一季的財務業績，然後我將介紹我們的資產負債表和資本配置重點。最後，我將總結更多我們在 2025 年指導的背景資訊。

For the first quarter, Gogo's total revenue was $230.3 million, up 121% year-over-year and 67% sequentially. On a standalone basis, Satcom Direct's Q1 revenue grew 10% from the prior year. Total service revenue of $198.6 million was up 143% over the prior year and 67% compared to the prior quarter.

第一季度，Gogo 總營收為 2.303 億美元，年增 121%，季增 67%。從獨立數據來看，Satcom Direct 第一季的營收比去年成長了 10%。總服務收入為 1.986 億美元，比上年增長 143%，比上一季增長 67%。

At the end of Q1, we had 6,902 total ATG aircraft online, which was a decline of approximately 3% compared to Q1 2024 and 2% compared to Q4 2024. We achieved record advanced upgrade in the first quarter and can bring our classic customers to AVANCE continues to remain a top priority.

截至第一季末，我們共有 6,902 架 ATG 飛機在線，與 2024 年第一季相比下降約 3%，與 2024 年第四季相比下降約 2%。我們在第一季實現了創紀錄的提前升級，能夠將我們的經典客戶帶到 AVANCE 仍然是我們的首要任務。

Advanced AOL reached 4,716, up 15% from the prior year and now comprises 68% of the total ATG fleet, up from 58% in the prior year quarter. Our 2025 guidance assumes continued advance growth, but the overall ATG AOL will be lower at year-end 2025 versus 2024. Total ATG ARPU of $3,451 dipped slightly sequentially and was flat from the prior year as we initiated a price increase in February of 2024.

高級 AOL 數量達到 4,716 架，比上年增長 15%，目前佔 ATG 總機隊的 68%，高於去年同期的 58%。我們對 2025 年的預測假設將持續成長，但到 2025 年底，整體 ATG AOL 將低於 2024 年。由於我們在 2024 年 2 月開始漲價，因此 ATG ARPU 總額為 3,451 美元，環比略有下降，與去年持平。

Total broadband GEO AOL, excluding networks that are end of life, reached 1,280, up 179 aircraft and 16% year-over-year and up 31 units sequentially. The majority of GEO broadband aircraft are under fixed-term contracts, helping to create revenue stability. In addition, our GEO ARPU is holding up better than expected.

寬頻 GEO AOL 總數（不包括已停產的網路）達到 1,280 架，比去年同期增加 179 架，增幅為 16%，比上一季增加 31 架。大多數GEO寬頻飛機都簽訂了固定期限合同，有助於實現收入穩定。此外，我們的 GEO ARPU 表現優於預期。

Now turning to equipment revenue. Total equipment revenue in the first quarter was $31.7 million, up 40% year-over-year and 67% sequentially. The number of AVANCE equipment units shipped increased 19% sequentially to 241.

現在轉向設備收入。第一季設備總收入為 3,170 萬美元，年增 40%，季增 67%。AVANCE 設備出貨量較上季成長 19%，達到 241 台。

Regarding our profitability, Gogo delivered service margins of approximately 53%, inclusive of Satcom Direct. Stand-alone Gogo service margin was about 77% and in line with our previously stated targets. 98% of our gross profit in the first quarter was tied to service revenue and we run the business to drive this recurring high-margin service revenue. Equipment margins were 7% in the first quarter. And as a reminder, we expect Galileo equipment pricing to be close to cost.

關於我們的獲利能力，Gogo 的服務利潤率約為 53%，其中包括 Satcom Direct。獨立的 Gogo 服務利潤率約為 77%，符合我們先前提出的目標。我們第一季的毛利的 98% 與服務收入有關，我們經營業務是為了推動這種經常性的高利潤服務收入。第一季設備利潤率為7%。提醒一下，我們預期伽利略設備的價格將接近成本。

Now turning to operating expenses. In the first quarter, total operating expenses, excluding depreciation and amortization, were $57.6 million and more than 5% below our budget, which helped drive better-than-expected adjusted EBITDA.

現在談談營運費用。第一季度，不包括折舊和攤銷的總營運費用為 5,760 萬美元，比預算低 5% 以上，這有助於推動調整後的 EBITDA 好於預期。

I will now provide some additional commentary on our major strategic initiatives around 5G, Galileo and the FCC reimbursement program. In the first quarter, $3.5 million of 5G spending was comprised of $1.3 million in OpEx and $2.2 million in CapEx. We expect 5G spend to decline significantly in 2026 as we roll out 5G in Q4.

現在，我將就我們圍繞 5G、伽利略和 FCC 報銷計劃的主要策略舉措提供一些補充評論。第一季度，5G支出為350萬美元，其中包括130萬美元的營運支出和220萬美元的資本支出。隨著我們在第四季度推出 5G，我們預計 2026 年 5G 支出​​將大幅下降。

Turning to Galileo, we recorded $1.2 million in OpEx and $1.5 million in CapEx in the first quarter. We continue to expect total external development costs for both the HDX and FDX solutions to be less than $50 million, of which $27 million was incurred from 2022 to 2024 and approximately $13 million is expected in 2025. We anticipate approximately 80% of Galileo's external development costs will be in OpEx.

談到伽利略，我們在第一季記錄了 120 萬美元的營運支出和 150 萬美元的資本支出。我們繼續預期 HDX 和 FDX 解決方案的總外部開發成本將低於 5,000 萬美元，其中 2,700 萬美元發生在 2022 年至 2024 年，預計 2025 年約為 1,300 萬美元。我們預計伽利略約 80% 的外部開發成本將用於營運支出。

And finally, our FCC reimbursement program. Following the passage of the National Defense Authorization Act late in 2024, we continue to anticipate increased reimbursement of about $50 million for our FCC program to support the upgrade of our ATG network to LTE and provide incentives to upgrade our classic fleet to AVANCE.

最後，我們的 FCC 報銷計劃。繼 2024 年底《國防授權法案》通過後，我們預計 FCC 計劃的補償金將繼續增加約 5000 萬美元，以支持將我們的 ATG 網路升級到 LTE，並提供激勵措施將我們的經典車隊升級到 AVANCE。

This would reduce our total cash outlays under the program to $10 million and should be a primary driver of our 2026 free cash flow improvement. In the first quarter, we received $5.9 million in FCC grant funding, bringing our program to-date total to $47.1 million.

這將使我們在該計劃下的總現金支出減少到 1000 萬美元，並應成為我們 2026 年自由現金流改善的主要驅動力。第一季度，我們收到了 590 萬美元的 FCC 撥款，使我們的專案迄今為止總額達到 4,710 萬美元。

As of March 31, we recorded a $10.7 million receivable from the FCC and incurred $6.9 million in reimbursable spend. This receivable is included in prepaid expenses and other current assets on our balance sheet with corresponding reduction to property and equipment, inventory and contract assets with a pickup in the income statement.

截至 3 月 31 日，我們從 FCC 獲得了 1,070 萬美元的應收款，並產生了 690 萬美元的可報銷支出。此應收款包含在我們的資產負債表的預付費用和其他流動資產中，並相應減少財產和設備、庫存和合約資產，並在損益表中增加。

Moving to our bottom line. Gogo generated $62.1 million in adjusted EBITDA in the first quarter, which includes approximately $1.2 million of operating expenses related to Galileo and $1.3 million of costs related to 5G.

轉向我們的底線。Gogo 第一季的調整後 EBITDA 為 6,210 萬美元，其中包括與伽利略相關的約 120 萬美元營運費用和與 5G 相關的 130 萬美元成本。

Our adjusted EBITDA margin was 27% as compared to our long-term view in the [mid-20s] when the Satcom acquisition was announced in September. In addition, Gogo reported first quarter net income of $12 million, equating to $0.09 of diluted EPS.

我們的調整後 EBITDA 利潤率為 27%，而我們在 9 月宣布收購 Satcom 時對長期預期為 [20 年代中期]。此外，Gogo 公佈第一季淨收入為 1,200 萬美元，相當於稀釋每股收益 0.09 美元。

I will now provide some color on our synergy progress. We have made good headway driving synergies and we believe that we have more to go. We achieved $18 million of run rate synergies at the close of the acquisition and add another $9 million during the first quarter call, all in line with what we said on the fourth quarter call.

現在我將介紹我們的協同進展。我們在推動協同效應方面已經取得了良好進展，並且我們相信我們還有更大的進步。我們在收購結束時實現了 1800 萬美元的運行率協同效應，並在第一季電話會議上增加了 900 萬美元，這與我們在第四季度電話會議上所說的一致。

Within two years, we continue to expect run rate synergies in the $25 million to $30 million range. As we said on the Q4 call, we still believe the cost to achieve these synergies will be at the low end of our previously expected range of $15 million to $20 million and we anticipate funding these costs with proceeds from the sale of the SD headquarters building in Melbourne, Florida.

在兩年內，我們仍然預計運行率協同效應將在 2500 萬美元至 3000 萬美元之間。正如我們在第四季度電話會議上所說，我們仍然相信實現這些協同效應的成本將處於我們之前預期的 1500 萬至 2000 萬美元範圍的低端，並且我們預計將通過出售位於佛羅裡達州墨爾本的 SD 總部大樓的收益來支付這些成本。

Moving to free cash flow. First quarter free cash flow was solid at $30 million and we view the current and proposed tariff situation as manageable. We expect to have plenty of cushion to absorb any minor tariff impacts on our 2025 free cash flow guidance.

轉向自由現金流。第一季的自由現金流穩定在 3000 萬美元，我們認為當前和擬議的關稅情況是可控的。我們預計將有足夠的緩衝來吸收關稅對我們 2025 年自由現金流指引的任何輕微影響。

We continue to expect that 2025 will be our trough year of free cash flow as new products ramp and the corresponding product investments roll off. We believe that sustained free cash flow growth minus expected future earn-out payments is the key to driving shareholder value and will help support the return of cash to shareholders over time.

我們繼續預計，隨著新產品的增加和相應產品投資的減少，2025 年將成為我們自由現金流的低谷年。我們認為，持續的自由現金流成長減去預期的未來獲利支付是推動股東價值的關鍵，並將有助於支持隨著時間的推移向股東返還現金。

Now I'll turn to the discussion of our balance sheet. Gogo ended the first quarter with $70.3 million in cash and short-term investments and $850 million in outstanding principal on our two term loans with our $122 million revolver remaining undrawn. This equates to a net leverage of 3.4 times at the end of the first quarter and we expect this ratio to remain relatively flat as we move through the year.

現在我將開始討論我們的資產負債表。截至第一季末，Gogo 擁有 7,030 萬美元的現金和短期投資，兩筆定期貸款的未償還本金為 8.5 億美元，另有 1.22 億美元的循環信貸額度未提取。這相當於第一季末的淨槓桿率為 3.4 倍，我們預計這一比率在全年將保持相對穩定。

Our leverage trends are better than when the Satcom deal was announced, largely due to higher adjusted EBITDA and strong free cash flow. Our cash interest paid for the quarter, net of hedge cash flow was $17.8 million.

我們的槓桿趨勢比 Satcom 交易宣佈時要好，這主要歸功於更高的調整後 EBITDA 和強勁的自由現金流。本季我們支付的現金利息扣除對沖現金流後為 1,780 萬美元。

As we mentioned in prior quarters, we have a hedge agreement in place and at the end of July, the hedge steps down to $250 million with the strike rate increasing from 125 bps to 225 bps, resulting in 29% of the loans being hedged. As a reminder, the cash interest paid for 2024 net of hedged cash flow was $33 million. We expect that to be approximately $70 million this year.

正如我們在前幾個季度提到的那樣，我們已經達成了對沖協議，到 7 月底，對沖金額將降至 2.5 億美元，執行利率將從 125 個基點上升至 225 個基點，導致 29% 的貸款被對沖。提醒一下，2024 年支付的現金利息扣除對沖現金流後為 3,300 萬美元。我們預計今年的金額約為 7,000 萬美元。

Our capital allocation priorities remain consistent with prior quarters and focused on executing across the following four priorities in order. First, maintaining adequate liquidity. Second, continuing to invest in our strategic opportunities, primarily through Galileo and 5G. Third, maintain an appropriate level of leverage for the economic environment with a target net leverage ratio of 2.5 to 3.5 times. And finally, returning capital to shareholders.

我們的資本配置重點與前幾季保持一致，並重點按順序執行以下四個優先事項。一是保持流動性充裕。第二，繼續投資我們的策略機遇，主要透過伽利略和5G。第三是維持與經濟環境相適應的適度槓桿率，淨槓桿目標控制在2.5倍至3.5倍之間。最後，向股東返還資本。

As a reminder, Gogo has $12.1 million remaining on its $50 million repurchase authorization that our Board approved in September 2023. At 3.4 times, we are just a tick under the high end of the targeted leverage range, and we continue to monitor the market to determine a reasonable strategy to refinance our Term Loan B.

提醒一下，Gogo 董事會於 2023 年 9 月批准的 5,000 萬美元回購授權目前還剩餘 1,210 萬美元。在 3.4 倍時，我們僅略低於目標槓桿範圍的高端，我們將繼續監控市場以確定合理的策略來為我們的定期貸款 B 進行再融資。

We believe our expected free cash flow growth over the next few years will provide ample excess cash to pay down debt, reduce our interest expense and ultimately return capital to shareholders.

我們相信，未來幾年預期的自由現金流成長將提供充足的剩餘現金來償還債務，減少利息支出，並最終向股東返還資本。

In our earnings release this morning, the company reiterated our 2025 financial guidance, adding that it includes the current and proposed impact of global tariffs. For 2025, we expect total revenue in the range of $870 million to $910 million, reflecting the HDX launch in Q1 and 5G generating modest revenue in Q4.

在今天早上發布的收益報告中，該公司重申了 2025 年的財務指引，並補充說其中包括全球關稅的當前和預期影響。到 2025 年，我們預計總收入將在 8.7 億美元至 9.1 億美元之間，這反映了第一季 HDX 的推出以及第四季度 5G 產生的適度收入。

Adjusted EBITDA in the range of $200 million to $220 million, reflecting operating expenses of approximately $25 million for strategic and operational initiatives including 5G and Galileo. Free cash flow in the range of $60 million to $90 million and we expect 2025 to be the trough of our free cash flow as we have approximately $70 million slated for strategic investments, net of FCC reimbursement.

調整後的 EBITDA 在 2 億美元至 2.2 億美元之間，反映了包括 5G 和伽利略在內的策略和營運計畫的約 2,500 萬美元的營運費用。自由現金流在 6000 萬美元至 9000 萬美元之間，我們預計 2025 年將成為我們自由現金流的低谷，因為我們計劃將約 7000 萬美元用於戰略投資（扣除 FCC 報銷）。

And finally, we expect capital expenditures of approximately $60 million, containing $45 million for strategic initiatives, including 5G, Galileo and LTE network build. The CapEx guidance excludes $20 million of reimbursement from the FCC.

最後，我們預計資本支出約為 6000 萬美元，其中 4500 萬美元用於戰略計劃，包括 5G、伽利略和 LTE 網路建設。資本支出指導不包括聯邦通訊委員會 (FCC) 的 2000 萬美元補償。

We remind you that preliminary targets for the combined company assume 10% long-term revenue growth and adjusted EBITDA margins in the [mid-20s]. We anticipate providing updated targets once our long-term plan is finalized.

我們提醒您，合併後公司的初步目標是實現 10% 的長期收入成長和調整後的 EBITDA 利潤率。[20多歲]。一旦我們的長期計劃最終確定，我們期望提供更新的目標。

In summary, Gogo's first performance highlights our focus on new product execution and financial discipline. The positive impacts of the acquisition are visible in our results, and we believe that a fully integrated Gogo Satcom Direct global business will have the scale, market positioning and the broad product portfolio needed to delever the balance sheet, drive free cash flow and create long-term shareholder value.

總而言之，Gogo 的首次表現凸顯了我們對新產品執行和財務紀律的關注。此次收購的正面影響已在我們的業績中顯現，我們相信，全面整合的 Gogo Satcom Direct 全球業務將擁有降低資產負債表槓桿率、推動自由現金流和創造長期股東價值所需的規模、市場定位和廣泛的產品組合。

Before we open the floor for questions, I want to express my gratitude to the entire Gogo team for their hard work, commitment to our business and dedication to providing exceptional service to our customers.

在我們開始提問之前，我想對整個 Gogo 團隊的辛勤工作、對我們業務的承諾以及致力於為客戶提供卓越服務的奉獻精神表示感謝。

Operator, this concludes our prepared remarks, and we are now ready to take questions.

接線員，我們的準備好的發言到此結束，現在我們可以回答問題了。

Ric Prentiss, Raymond James & Associates.

瑞克普倫蒂斯 (Ric Prentiss)，雷蒙詹姆斯 (Raymond James) 及合夥人。

Hey. Thanks, everyone. This is Brent Penter on for Rick. Appreciate the color on the modest tariff impact and it's absorbing the guidance. Can you size that for us in terms of the dollar amount that's now baked into your guidance on tariffs?

嘿。謝謝大家。布倫特彭特 (Brent Penter) 代替里克 (Rick)。欣賞適度關稅影響的顏色並吸收指導。您能否根據目前已納入關稅指導的美元金額來為我們估算一下？

Yeah. It's about around $5 million-ish. It's half EBITDA, half working capital. A lot of it is from our purchases of inventory. And like we said, most of our revenue is service-based, so that's exempt.

是的。大約是 500 萬美元左右。一半是 EBITDA，一半是營運資本。其中很大一部分來自我們購買的庫存。正如我們所說，我們的大部分收入都來自服務，因此是免稅的。

Okay. Got it. And then just on the broader economy, can you update us on the proportions of your customer base that are corporate versus charter, high net worth, et cetera, at the combined company now that we have Satcom?

好的。知道了。然後就更廣泛的經濟而言，您能否向我們介紹合併後的公司中企業客戶、特許客戶、高淨值客戶等的比例，現在我們有了 Satcom 嗎？

And what portion of your customer base would you view as economically sensitive given some of the macro fears out there and if you're seeing any impact so far?

考慮到目前存在的一些宏觀擔憂，您認為您的客戶群中有多少人對經濟敏感，到目前為止您是否看到了任何影響？

Yeah. We're not really seeing any impact at all. I mean the good thing with the business is we're really diverse internationally. And we're not really seeing any impacts at this point in time. The other bit with the government business, when we look at any potential impact, usually, if there are, we've seen that in the past with trends in the past that business aviation, like when we looked at COVID in 2020.

是的。我們實際上沒有看到任何影響。我的意思是，我們業務的優點在於我們在國際上確實多元化。目前我們還沒有看到任何影響。關於政府業務的另一點，當我們考慮任何潛在影響時，通常，如果有的話，我們已經在過去看到了商務航空的趨勢，就像我們在 2020 年研究 COVID 時一樣。

If it goes down slightly, then the government business goes up. So we're feeling pretty confident at the moment. The OEM deliveries look good. As we mentioned in the call, with the GEO activations, they're still up and the demand on the pipeline for Galileo is exceptionally strong.

如果稍微下降，那麼政府業務就會上升。所以我們現在感覺非常有信心。OEM 交貨情況看起來不錯。正如我們在電話會議中提到的那樣，GEO 的活化仍在進行中，並且對伽利略系統的需求異常強勁。

Okay. And then last one for me. On the 10% growth at Satcom, since we don't have all the historicals there, could you break down roughly the growth rate that you saw in 1Q between GEO broadband versus narrowband versus Mil/Gov? And since Gogo investors are newer to that business, how should we think about a long-term sustainable growth rate? And what's baked into that 10% combined guidance that you gave in terms of Satcom growth?

好的。這是我的最後一個。關於 Satcom 10% 的成長率，由於我們沒有全部的歷史記錄，您能否大致細分一下第一季 GEO 寬頻、窄頻和軍事/政府之間的成長率？由於 Gogo 投資者對該業務還比較陌生，我們該如何看待長期可持續成長率？您給出的衛星通訊成長 10% 的綜合預期包含哪些內容？

Yeah. There's a lot to unpack. I'll try to distill it as best I can. So I would say the vast majority of the growth was related to GEO broadband. And like you can see that, like we said, with the GEO units online. And then within that, there's a pretty sizable piece in Mil/Gov that was also GEO broadband.

是的。有很多東西要解開。我會盡力將其提煉出來。所以我想說，絕大多數成長都與 GEO 寬頻有關。如您所見，正如我們所說的，GEO 單位已在線。然後在其中，軍事/政府中有一個相當大的部分也是 GEO 寬頻。

And the 10% was the previously guided long-term growth rate. So we're not prepared to discuss the long-term rate on this call. But I mean, if you want to think about the trend, it's really the GEO broadband units online.

10%是之前指導的長期成長率。因此，我們還沒有準備好在這次電話會議上討論長期利率。但我的意思是，如果你想考慮趨勢，它實際上是 GEO 寬頻線上單元。

Sebastiano Petti, JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Hi. Thank you for taking the question. I guess, just relatedly to that, maybe you could perhaps, Zach, give a little bit of color. With the tariff impact not quite that extensive, we would have thought that you would probably grow revenue sequentially from here over the balance of the year as shipments from Galileo start coming on.

你好。感謝您回答這個問題。我想，就此而言，扎克，也許你可以提供一點資訊。由於關稅的影響不是那麼大，我們原本認為，隨著伽利略的出貨量開始增加，你們的收入可能會在今年餘下時間裡逐步增加。

But the guidance, if you run rate the first quarter implies you're above the high end of guidance for the year. So just any considerations as we think about that glide path from here? And then I have a follow-up. Thank you.

但是，如果按照第一季的運行率來算，則意味著您的業績將高於全年的業績指引的高端。那麼，當我們從這裡考慮滑行路徑時，有什麼考慮嗎？然後我有一個後續問題。謝謝。

Yeah. So we noodle this a lot to try to make sure we're being thoughtful about the trends of the business. And I think two of the big factors that we monitor very closely that are really outside of our control is the continued path of ATG units online, right, because Q1 was a little rough on that side.

是的。因此，我們對此進行了大量的思考，以確保我們對業務趨勢進行了深思熟慮。我認為，我們密切關注且實際上超出我們控制範圍的兩個主要因素是 ATG 單位在線的持續路徑，對吧，因為 Q1 在這方面有點困難。

And then as well as the GEO units online as well as the corresponding ARPU. And we don't release ARPU for the GEO business, but it's holding up much, much better, but we do anticipate continued pressure on that piece going forward.

然後還有線上的GEO單位以及對應的ARPU。我們不會發布 GEO 業務的 ARPU，但它的表現要好得多，但我們確實預計該部分未來將繼續面臨壓力。

So if that holds up better than we think there could be upside and closer to the high end. But again, it's early days, right? We're only a quarter in. So we just want to make sure we're being thoughtful about those trends as the new combined business and how the LEO story unfolds.

因此，如果情況比我們想像的更好，那麼可能會有上漲空間並更接近高端。但話說回來，現在還太早，對吧？我們才進行了四分之一。因此，我們只是想確保我們在考慮新合併業務和 LEO 故事如何展開時能夠認真考慮這些趨勢。

Okay. That's very helpful. And then just as you touched on, Zach, I mean, the ATG units online, a little bit softer. I think, Chris, in your prepared remarks, you talked about just maintenance suspensions. But obviously, the debate and on the Gogo story overall is obviously the competitive environment.

好的。這非常有幫助。然後，正如你提到的，扎克，我的意思是，在線的 ATG 單元有點軟。克里斯，我認為，在你準備好的發言中，你只談到了維護暫停。但顯然，關於 Gogo 故事的爭論和總體而言顯然是競爭環境。

And so, how should we think about just getting comfort about maybe this is maintenance related as opposed to share or competitive losses within the ATG segment specifically?

那麼，我們應該如何看待這可能與維護有關，而不是 ATG 領域內的份額或競爭損失？

Yeah. When a customer suspends, we actually have really good market intelligence data on why customers are suspending or leaving the network. So yes, when we look at that information, actually it's pretty well-educated. So it's not guesswork there.

是的。當客戶暫停使用網路時，我們實際上擁有非常好的市場情報數據，可以了解客戶暫停使用或離開網路的原因。所以是的，當我們查看這些資訊時，它實際上非常有道理。所以這不是猜測。

So on the air-to-ground side, we're still very confident. We can see also with customers still pre-provisioning for 5G, which I think is a good indicator as well in the market that people still want the service. And then unlike the GEO business, which is more contractual over 12 months plus, the air-to-ground business is actually, there's a lot of customers within more flexible-based contracts.

因此，在空對地方面，我們仍然非常有信心。我們還可以看到客戶仍在為 5G 進行預先配置，我認為這也是一個很好的指標，表明市場上人們仍然需要這項服務。與 GEO 業務不同的是，GEO 業務的合約期限是 12 個月以上，而空對地業務實際上有許多客戶簽訂了更靈活的合約。

So it's really hard to put some trends around that. But when we're looking at the reasons why people are suspending, we haven't got really major concerns at this point.

因此，很難判斷這現象的趨勢。但當我們研究人們暫停的原因時，我們目前還沒有真正主要的擔憂。

Got it. And then lastly, on the GEO broadband. I mean, obviously, Zach, you did touch upon there's some Mil/Gov in there that you don't necessarily disclose. But units up 16% year-on-year or aircraft online up 16% year on year. Obviously, lots of concerns as well from a competitive standpoint about that.

知道了。最後，關於 GEO 寬頻。我的意思是，顯然，扎克，你確實提到了其中有一些你不一定會披露的軍事/政府資訊。但單位數較去年同期成長16%，飛機線上數量較去年同期成長16%。顯然，從競爭的角度來看，對此也存在著許多擔憂。

But help us think about how you see that business today from a relative competitive standpoint and how you're thinking about it over time? Are the GEO broadband aircraft online a source of potential upgrades to LEO and your Galileo solution over time? Just how you're thinking about the trends in that over just a multiyear basis? Thanks.

但是，請幫助我們思考一下，從相對競爭的角度來看，您如何看待今天的業務，以及您如何看待未來的業務？隨著時間的推移，GEO 寬頻飛機在線是否會成為 LEO 和伽利略解決方案的潛在升級來源？您如何看待多年來的趨勢？謝謝。

Yeah. So I mean, obviously, there's growth there in GEO, which is really encouraging. I think that just demonstrates the power of line fit as well with the OEMs and the customers are obviously still taking the service. You hit a good point. I think we see it in two things with Galileo.

是的。所以我的意思是，顯然，GEO 正在成長，這確實令人鼓舞。我認為這也證明了 OEM 的生產線適配能力，而且客戶顯然仍在接受這項服務。你說得很對。我認為我們從伽利略的兩件事中看到了這一點。

One is customers may upgrade and replace GEO. That's a definite potential. But as I mentioned on the last call, we also see the mid- to large jet market taking it as a supplement. So having both LEO and GEO.

一是客戶可以升級更換GEO。這確實具有潛力。但正如我在上次電話會議上提到的，我們也看到中型到大型噴射機市場將其作為補充。因此同時擁有 LEO 和 GEO。

And then going into the government sector, that's actually a requirement with the PACE planning, the primary alternate contingent and emergency. So we do see modest growth and it's difficult to predict, but that's really where we see the market. But GEO is holding up exceptionally well. I also think that also is a demonstration to like with competitive products, there may be a potential there. There's a little bit of cooling off.

然後進入政府部門，這實際上是 PACE 規劃的要求，即主要的替代應急措施。因此，我們確實看到了適度的成長，而且很難預測，但這確實是我們所看到的市場。但 GEO 表現異常出色。我還認為這也表明與競爭產品一樣，可能存在潛力。有一點點冷卻了。

And also the GEO products have also got a lot more competitive with speeds. But obviously, with the LEO, it's slightly a big different offering from a latency point of view. So with our mid- to large jet customers, we see that more like as a supplement. And then hopefully, that's positive for the business.

而且 GEO 產品的速度也變得更具競爭力。但顯然，從延遲的角度來看，LEO 略有不同。因此，對於我們的中型到大型噴射機客戶來說，我們認為這更像是一種補充。希望這對業務有利。

Scott Searle, ROTH Capital.

斯科特·塞爾（Scott Searle），羅仕資本（ROTH Capital）。

Hey. Good morning. Thanks for taking my questions. Congratulations on a great first quarter out of the gate. Chris, maybe to start, I want to confirm on the 5G chip front, you've used the word fabrication a couple of times in your opening remarks. I want to confirm that you guys have actually gotten some testing back on it and this chip is to go outside of some basic firmware upgrades and testing and otherwise.

嘿。早安.感謝您回答我的問題。恭喜您在第一季度取得了出色的成績。克里斯，也許首先，我想確認一下，在 5G 晶片方面，你在開場白中多次使用了「製造」這個詞。我想確認你們確實對其進行了一些測試，並且該晶片已經超出了一些基本的韌體升級和測試範圍。

And I was wondering if you could also take us through the milestones to getting that launch up and running. It sounds like you're tracking towards the fourth quarter of this year. And finally, on the 5G front, help me reconcile AOL, ATG down exiting 2025, given the impact that we're expecting to see from 5G at some point late this year and certainly into 2026? And then I had a follow-up.

我想知道您是否可以向我們介紹一下啟動和運行的各個里程碑。聽起來你正在追蹤今年第四季的情況。最後，在 5G 方面，考慮到我們預計 5G 將在今年晚些時候以及肯定會在 2026 年產生的影響，您能幫我協調一下 AOL 和 ATG 在 2025 年之後的表現嗎？然後我進行了後續跟進。

I'll try and cover that. I think with the fabrication, at this point, we've been at this stage before. So we're being pretty cautious at this point. I mean, obviously, when you bring up the chip, you have to layer it and actually come up with the fabrication of the product. It will then go from our supplier, go into packaging and then ultimately, then we have to bring up as well.

我會盡力涵蓋這一點。我認為，就製造而言，我們以前也曾處於這個階段。因此我們現在非常謹慎。我的意思是，顯然，當你提出晶片時，你必須對其進行分層並實際提出產品的製造。然後它會從我們的供應商那裡發貨，進行包裝，最後我們也必須把它運上去。

So we've got these stages that will unfold over the next several months. And that's why we've got, hopefully, the network being launched in the fourth quarter. Everything is looking good so far. We have been to this stage before. So we're very optimistic, but we don't want to really say much more than that at this point.

因此，我們已經確定了將在未來幾個月內展開的這些階段。這就是為什麼我們希望在第四季度推出該網路。到目前為止一切看起來都很好。我們以前也經歷過這個階段。所以我們非常樂觀，但目前我們還不想說太多。

Regarding the actual business, I think I covered it in the last comment, but we see that suspensions, people coming back online. Q1 is usually a big heavy maintenance window for a lot of customers. So as the story unfolds across the year, we still think there's strong upgrades for customers going into more advanced air-to-ground products and obviously, opportunity for those customers with Galileo as well.

關於實際業務，我想我在上一條評論中已經涵蓋了它，但我們看到暫停後人們又重新上線。對許多客戶來說，Q1 通常是一個維護繁忙的時期。因此，隨著故事在全年的展開，我們仍然認為，對於使用更先進的空對地產品的客戶來說，將有強大的升級，顯然，對於使用伽利略系統的客戶來說，也有機會。

Great. Thank you. Very helpful. And if I could on the Galileo front, it sounds like that with the PMA approvals, you're really progressing well on both the HDX and the FDX front. I'm wondering just from a competitive landscape standpoint, if your expectations for the size of the market and share are increasing given the success and early success that you're having with FDX and HDX? And if the flip in Twitter comments from Elon Musk are actually driving some competition and opportunities and share your direction? Thanks.

偉大的。謝謝。非常有幫助。如果我可以在 Galileo 方面發表意見，聽起來有了 PMA 批准，您在 HDX 和 FDX 方面都取得了良好的進展。我想知道，僅從競爭格局的角度來看，鑑於 FDX 和 HDX 所取得的成功和早期的成功，您對市場規模和份額的預期是否會增加？如果伊隆馬斯克在 Twitter 上發表的評論確實帶來了一些競爭和機遇，並且與您分享了方向？謝謝。

Yeah. I think the big thing is we're really encouraged we've got over 300 customers in the pipeline already for HDX, which I think speaks massive volume. So we're really excited about that. Also the FTCs, we're seeing no slow up. And that's why the MROs are so important to us.

是的。我認為最重要的是我們真的受到鼓舞，我們已經有超過 300 個 HDX 客戶在等待我們，我認為這說明了巨大的潛力。所以我們對此感到非常興奮。此外，我們看到聯邦貿易委員會 (FTC) 也沒有放緩的跡象。這就是為什麼 MRO 對我們如此重要。

And yes, competition is healthy. I think it's a really, really good thing. I think customers have been waiting with having a competitor in the market. And then also the FDX PMA, we're ahead of schedule.

是的，競爭是良性的。我認為這是一件非常非常好的事情。我認為客戶一直在等待市場上出現競爭對手。還有 FDX PMA，我們也提前完成了計劃。

Our engineering team has done an amazing job. We had a lot of lessons learned from HDX and we were able to accelerate the product into market, which is fantastic news. And those STCs are now starting to become a real thing as we can ship products. So we're really excited. And from a competition point of view, I think it's really important as well is competition is good, but we're really focused to providing that enterprise product global.

我們的工程團隊做出了出色的工作。我們從 HDX 學到了很多經驗教訓，並且能夠加速將產品推向市場，這是個好消息。隨著我們能夠運送產品，這些 STC 現已開始成為現實。所以我們真的很興奮。從競爭的角度來看，我認為這也非常重要，競爭是好事，但我們真正專注於在全球範圍內提供企業產品。

And then to the earlier point, whether it's LEO and GEO together or LEO on its own, we actually see a really good positive opportunity for the product overseas. When we look at the mix in our pipeline just for HDX at the moment, it's about 60:40 split between North America and the international markets.

然後回到之前提到的問題，無論是 LEO 和 GEO 的結合，還是單獨的 LEO，我們實際上都看到了該產品在海外的一個非常好的積極機會。當我們查看目前僅針對 HDX 的產品線組合時，北美和國際市場的比例約為 60:40。

And I think that's a real strength of Gogo moving forward with the Satcom Direct acquisition. We've now got access to a complete global sales team, which also we can provide support anywhere in the world. So we can get on a plane in typically under 24 hours if there's any problems with systems.

我認為這是 Gogo 收購 Satcom Direct 的真正優勢。我們現在擁有一支完整的全球銷售團隊，可以在世界任何地方提供支援。因此，如果系統出現任何問題，我們通常可以在 24 小時內登機。

And then also, we've made massive investments in regulatory compliance as well. So we're really excited. We're getting really great reactions from customers. And I think that split as well is really interesting on like that pipeline split with 40% from coming overseas, I think is really encouraging.

此外，我們在監管合規方面也進行了大量投資。所以我們真的很興奮。我們得到了客戶的正面回饋。我認為這種劃分也非常有趣，例如管道劃分中 40% 來自海外，我認為這真的令人鼓舞。

Justin Lang, Morgan Stanley.

摩根士丹利的賈斯汀朗 (Justin Lang)。

Yeah. Hi, Chris. Good morning. Thanks for taking the question. A lot has been covered. I just wanted to ask one on the Mil/Gov business. Chris, you mentioned at the top with PLEO and PACE, but I was hoping you could provide maybe a little more color on some of the trends you're seeing in that business, just given some of the maybe fast-changing dynamics we're seeing in defense and government markets in the US and Europe, right?

是的。你好，克里斯。早安.感謝您回答這個問題。已經涵蓋了很多內容。我只是想問一個有關軍事/政府業務的問題。克里斯，您首先提到了 PLEO 和 PACE，但我希望您能更詳細地介紹一下您在該行業看到的一些趨勢，因為我們看到美國和歐洲的國防和政府市場正在發生一些快速變化，對嗎？

European defense spend clearly on the rise. US budgets could top $1 trillion here in '26. So just curious if you're seeing new opportunities emerge really in the near term in this space. Thanks.

歐洲國防開支明顯增加。26 年美國預算可能突破 1 兆美元。所以我很好奇您是否看到這個領域在短期內真的出現了新的機會。謝謝。

Yeah. We're seeing pretty much what you just covered. I mean it's really encouraging at the moment, the overseas markets, which in argument has been a little bit sleepy before in the past. Very dependent on the DoD.

是的。我們基本上看到了您剛才所介紹的內容。我的意思是，目前海外市場確實令人鼓舞，而過去海外市場一直有些低迷。非常依賴國防部。

And really, we're seeing a lot more demand coming from more sovereign-based networks, also the ability to have a little bit more control on their future capability. So we see a great opportunity within the European environment, also Southeast Asia and some other territories as well. Great news is we've got specialized staff in those areas.

事實上，我們看到來自主權網路的需求越來越大，而且對其未來能力的控制能力也越來越強。因此，我們看到歐洲、東南亞和其他一些地區都存在著巨大的機會。好消息是我們在這些領域擁有專門的工作人員。

And then the DoD is really, as mentioned in the call, really looking at that tech refresh and that narrowband technology they've been very dependent on for a long time and the difficulty of really moving into new services and installations of those services.

然後，正如電話中提到的那樣，國防部確實在關注技術更新和他們長期以來非常依賴的窄帶技術，以及真正轉向新服務和安裝這些服務的困難。

So we feel with the HDX and the FDX, we've really created a very easy to install platform, taking a commercial proposition into the government, trying to drive out costs for them as well. So we really don't want that $1,000 hammer moment for the government.

因此，我們認為，透過 HDX 和 FDX，我們確實創建了一個非常易於安裝的平台，將商業提案提交給政府，並試圖為他們降低成本。所以我們真的不希望政府遭遇 1,000 美元的巨額損失。

What we really want to do is driving the scale of commercial solutions. So we're very, very encouraged about that business unit. We feel very optimistic about it. Yeah. So all of the things you mentioned, we're starting to really see those. And also the support for our partner, Eutelsat OneWeb is really increasing. And you can see that with a lot of press and the traction they're getting as well. So we're very excited about the whole opportunity.

我們真正想要做的是推動商業解決方案的規模化。因此，我們對該業務部門感到非常鼓舞。我們對此感到非常樂觀。是的。所以，您提到的所有事情，我們都開始真正看到它們了。我們對合作夥伴 Eutelsat OneWeb 的支援也在不斷增加。您可以從大量媒體報導和他們所獲得的關注中看到這一點。所以我們對整個機會感到非常興奮。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Chris, Zach and Will, good morning. When taking into account the onetime program costs and further expected synergies, how much of the 2025 costs should go away for 2026?

克里斯、札克和威爾，早安。考慮到一次性計畫成本和進一步預期的綜效，2025 年的成本在 2026 年應該減少多少？

Yeah. So the estimate that we're saying is anywhere from $60 million to $70 million. I think you said you're really seeing all of this stuff hit. Obviously, there will be some investment as we roll out our five-year R&D road map. But I think it's going to be a lot tighter and that's what we said is $60 million to $70 million of cost that should be pulled out.

是的。因此，我們的估計金額是在 6,000 萬美元到 7,000 萬美元之間。我想你說過你確實看到所有這些東西都受到了影響。顯然，隨著我們推出五年研發路線圖，將會有一些投資。但我認為它會更加嚴格，這就是我們所說的應該削減 6,000 萬至 7,000 萬美元的成本。

Great. And what's the breakdown? How much of that should be OpEx versus CapEx?

偉大的。詳細情況是怎樣的？其中營運支出 (OpEx) 和資本支出 (CapEx) 分別佔多少？

I'm looking right here. I don't have that in front of me, but when we chat later, I'll be able to pull it up for you.

我就在這裡看。我面前沒有這個，但是當我們稍後聊天時，我可以把它拉出來給你。

Great. And another question, Chris, from a high level, can you discuss the performance for HDX for the initial adopters? I know that you said that it's performing according to spec. But can you remind us what those specs are and how the performance of HDX and FDX should compare to the Starlink performance?

偉大的。還有一個問題，克里斯，您能否從高層次討論一下 HDX 對於初始採用者的表現？我知道您說過它的性能符合規格。但是您能否提醒我們這些規格是什麼以及 HDX 和 FDX 的性能與 Starlink 性能相比如何？

Yeah. I think I'll take that in a couple of things. So we've got customers flying around in Europe and US right now, actually paying customer in Europe, a large fleet operator, service is working flawless. And they're able to do everything they want to do from teams meetings, streaming movies on the bulkheads. And then the nice thing with our solution is, obviously, it's completely integrated into the cabin management system.

是的。我想我會從幾件事上接受這一點。因此，我們現在有在歐洲和美國飛行的客戶，實際上是歐洲的付費客戶，大型機隊營運商，服務運作完美無缺。他們可以做任何想做的事情，從團隊會議到在艙壁上觀看電影。我們的解決方案的優點顯然在於它完全整合到了客艙管理系統中。

Regarding comparisons to competitive products, ours is full LEO speed. Obviously, HDX is designed to go up to 60 megabits per second. We're seeing the product perform within that parameter. The uplink speeds are solid.

與競爭產品相比，我們的產品具有全低地球軌道速度。顯然，HDX 的設計速度可達每秒 60 兆位元。我們看到產品在該參數範圍內表現。上行速度穩定。

And really, when you look at the passenger counts on those jets, it's more than enough capacity, flexibility. I think everybody has gone speed mad. Everybody talks about the speeds, but nobody talks about the consistency and the capacity capability within flight.

事實上，當你查看這些飛機的乘客數量時，你會發現它的容量和靈活性是綽綽有餘的。我認為每個人都已經瘋狂了。每個人都在談論速度，但沒有人談論飛行的一致性和容量能力。

So really, what we're focused on is that and also having service level agreements that we can back that up with. But everything we've seen with customers is extremely encouraging. We're really excited.

所以，我們真正關注的是這一點，同時也要有可以支援這一點的服務等級協定。但我們從客戶身上看到的一切都令人極為鼓舞。我們真的很興奮。

We've also got some customers down in South America. And that's the other nice thing we're seeing about the service is just consistent wherever these customers are flying and they're completely global and we've got the same expectations from FDX as well. And yeah, we're pretty excited about it.

我們在南美洲也有一些客戶。我們看到的另一個好處是，無論這些客戶飛往哪裡，這項服務都是一致的，而且是全球性的，我們對 FDX 也有同樣的期望。是的，我們對此感到非常興奮。

Thank you. At this time, I would not like to turn the conference back over to Will Davis for closing remarks.

謝謝。此時，我不想將會議交還給威爾戴維斯作閉幕發言。

Thank you everyone for joining our first quarter conference call this morning. This concludes our call. You may now disconnect. Thank you.

感謝大家今天上午參加我們的第一季電話會議。我們的通話到此結束。您現在可以斷開連線。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。