Gogo Inc (GOGO) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to Gogo third quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Gogo 2025 年第三季財報電話會議。（操作說明）

I would now like to hand the conference over to William Davis. You may begin.

現在我將把會議交給威廉戴維斯。你可以開始了。

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

謝謝大家，大家早安。歡迎參加 Gogo 2025 年第三季財報電話會議。今天和我一起討論我們業績的有執行長克里斯·摩爾和財務長扎克·科特納。

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. 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.

在正式開始之前，我想藉此機會提醒各位，在本次電話會議期間，我們可能會對未來事件和公司的未來業績做出前瞻性陳述。我們提醒您注意可能導致實際結果與本次電話會議中前瞻性陳述的結果有重大差異的風險因素。

Those risk factors are described in our earnings release filed this morning and in 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.

這些風險因素已在我們今天早上發布的盈利報告中進行了描述，並在我們提交給美國證券交易委員會的 10-K 和 10-Q 年度報告以及我們提交給美國證券交易委員會的其他文件中，在“風險因素”部分進行了更詳細的說明。

In addition, please note that the date of this conference call is November 6, 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.

另外，請注意，本次電話會議的日期是 2025 年 11 月 6 日。我們今天所作的任何前瞻性陳述均基於截至今日的假設，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 third quarter earnings release.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。我們在第三季財報中加入了非GAAP指標與最可比較GAAP指標的調整和其他考慮因素的調節和解釋。

This call is being webcasted and available 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.

本次電話會議正在進行網路直播，可透過 ir.gogoair.com 收聽。財報發布文件也可在該網站上取得。管理階層發言結束後，我們將只與金融界人士舉行問答環節。

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

現在我非常榮幸地將電話交給克里斯。

Thank you, Will, and good morning. I will let Zac handle the numbers, but I am pleased with our financial discipline, integration and synergy execution and free cash flow generation as we prepare for growth as a result of our new product ramps and global contract wins.

謝謝你，威爾，早安。我會讓扎克來處理具體數字，但我對我們的財務紀律、整合與協同效應的執行以及自由現金流的產生感到滿意，因為我們正在為新產品量產和贏得全球合約帶來的成長做好準備。

My remarks will focus on the significant progress made across our key new products in the third quarter, including 5G, HDX and FDX, all of which are expected to provide a step function increase in speed, consistency and performance.

我的演講將重點介紹我們在第三季度取得的重大進展，包括 5G、HDX 和 FDX，所有這些產品都有望在速度、穩定性和效能方面實現階躍式成長。

I will also discuss our progress in the mil/gov end market, including several recent contract wins that validate our unique multi-orbit multi-band strategy for this important customer base. We believe Gogo is well positioned to execute on our new product launches, and this bolsters my confidence in achieving long-term sustained revenue and free cash flow growth.

我也會討論我們在軍工/政府終端市場的進展，包括最近贏得的幾份合同，這些合約驗證了我們針對這一重要客戶群的獨特多軌道多頻段戰略。我們相信 Gogo 已做好充分準備，能夠成功推出我們的新產品，這增強了我對實現長期持續收入和自由現金流成長的信心。

Before we jump into our product rollouts, let's review the positive demand trends within our underpenetrated market. Global business jet flights are about 30% above pre-COVID levels, and at an all-time high. Fractional demand is robust. Overall demand for business jets remains healthy with major OEMs reporting strong backlogs and estimating 2025 final book-to-bill ratios 1 times or higher.

在我們正式推出產品之前，讓我們先回顧一下我們這個滲透率較低的市場中正面的市場需求趨勢。全球公務機航班數量比新冠疫情前水準高出約 30%，達到歷史最高水準。部分需求依然強勁。公務機的整體需求依然健康，主要原始設備製造商報告訂單積壓強勁，並預計 2025 年最終訂單出貨比將達到 1 倍或更高。

Last month, Honeywell estimated business jet deliveries globally of 8,500 over the next 10 years, representing an annual growth rate of approximately 3%. Given that our global addressable market of 41,000 business aircraft is less than 25% penetrated with broadband connectivity. These factors create a robust end market.

上個月，霍尼韋爾估計未來 10 年全球公務機交付量將達到 8,500 架，年增率約 3%。鑑於我們全球可觸及的 41,000 架公務機市場中，寬頻連線的滲透率不到 25%。這些因素造就了強勁的終端市場。

In summary, our value creation is to grow our current strong position in the underpenetrated market with long-term high-margin customer relationships by delivering a set of new products and services, which deliver order of magnitude improvements in performance with purpose-built equipment that is easier to install, maintain and upgrade than competitors' products.

總而言之，我們的價值創造在於透過提供一系列新產品和服務，鞏固我們在滲透率較低的市場中目前強大的地位，並建立長期高利潤的客戶關係。這些產品和服務採用專用設備，在性能方面實現了數量級的提升，並且比競爭對手的產品更容易安裝、維護和升級。

Let's start our new product update with Galileo, our global LEO-based service that comes in two flavors: HDX for smaller aircraft and FDX for larger aircraft. The recent announcement by VistaJet, a leading global business jet operator of its plans to deploy both HDX and FDX across its fleet of 270 aircraft is a powerful endorsement for Galileo. HDX installations begin this month in Europe and start in the US and Asia in January.

讓我們從 Galileo 開始我們的新產品更新，Galileo 是我們基於 LEO 的全球服務，它有兩種版本：HDX 適用於小型飛機，FDX 適用於大型飛機。全球領先的公務機營運商 VistaJet 最近宣布計劃在其 270 架飛機的機隊中部署 HDX 和 FDX，這對 Galileo 來說是一個強有力的認可。HDX 的安裝工作將於本月在歐洲開始，並於明年一月在美國和亞洲開始。

Vista expects one aircraft upgrade with the Gogo Galileo terminal every nine days, reaching at least 60 aircraft with the Galileo terminal within the first 18 months. VistaJet was comfortable with both the robust performance of our Galileo service and our commitment to long-term global customer support as well as the ability to manage capacity and route traffic across a global fleet with multiple aircraft types.

Vista 預計每九天就有一架飛機升級到 Gogo Galileo 航站樓，在最初的 18 個月內，至少有 60 架飛機將配備 Galileo 航站樓。VistaJet 對我們 Galileo 服務的穩健性能、對長期全球客戶支援的承諾以及管理運力和在全球機隊中管理多種機型航線的能力都感到滿意。

The VistaJet contract continues our momentum across multiple global fleet operators. In addition to VistaJet, Gogo has announced wins with the following fleets, all with plans to upgrade their fleet to Galileo and/or 5G, NetJets, Luxaviation, Wheels Up and Avcon Jet. All in, we believe that there is a path with Gogo to reach well over 1,000 fleet aircraft with either Galileo or 5G representing a true slingshot to propel our LEO and ATG business on a global scale.

VistaJet的合約延續了我們在全球多家機隊營運商中的發展勢頭。除了 VistaJet 之外，Gogo 還宣布贏得了以下幾家機隊的訂單，這些機隊都計劃將其機隊升級到 Galileo 和/或 5G：NetJets、Luxaviation、Wheels Up 和 Avcon Jet。總而言之，我們相信，透過 Gogo 的合作，無論是 Galileo 還是 5G，都有可能使我們的 LEO 和 ATG 業務在全球範圍內獲得超過 1000 架飛機的機隊規模，這將真正成為推動我們 LEO 和 ATG 業務發展的彈弓效應。

Further, our combined Galileo pipeline for both HDX and FDX is now approximately 1,000, up from 500 at the end of Q2, and we continue to see a favorable pipeline mix between US and global market of about 60-40. Note, as we win new contracts like the VistaJet deal, this pipeline rolls off into new business won. So, a pipeline is just one piece of the puzzle in tracking our progress.

此外，我們為 HDX 和 FDX 提供的 Galileo 管道總數量目前約為 1,000 個，高於第二季末的 500 個，我們繼續看到美國和全球市場之間約 60:40 的有利管道組合。請注意，隨著我們贏得像 VistaJet 這樣的新合同，這條業務線就會轉化為我們贏得的新業務。因此，管道只是追蹤我們進展過程中的一個環節。

Next, let's drill down on HDX. HDX is ideal for the 12,000 midsized and smaller aircraft outside North America without broadband and the 11,000 midsize and smaller aircraft in North America that fly outside of CONUS or won faster speed than 5G. Our execution on HDX bought significant fruit during the quarter as we increased our completed STCs from 8 to 19 out of 40 under contract. We are very close to reaching critical mass with our HDX STC count. Additionally, we have now shipped over 200 HDX units year-to-date, nearly 3 times the 77 shipments we announced on our Q2 call in August with 93% earmarked for specific customers.

接下來，我們深入了解HDX。HDX 非常適合北美以外沒有寬頻的 12,000 架中型和小型飛機，以及北美飛往美國本土以外地區或速度比 5G 更快的 11,000 架中型和小型飛機。本季度，我們在HDX上的執行取得了顯著成果，我們已完成的STC數量從40個合約項下的8個增加到19個。我們的HDX STC數量已經非常接近臨界規模了。此外，我們今年迄今已出貨超過 200 台 HDX 設備，幾乎是我們在 8 月第二季電話會議上宣布的 77 台出貨量的 3 倍，其中 93% 已指定給特定客戶。

Our HDX installations are now 50, including outstanding STCs, which we expect to ramp significantly as we begin to install on our major fleet accounts and execute on line-fit installations with Textron beginning in early 2026. Accelerating AOL in a new product is truly where the magic happens and will be the key to future service revenue acceleration.

目前我們的 HDX 安裝量已達 50 台，其中包括出色的 STC，我們預計隨著我們開始在主要車隊客戶處安裝，並從 2026 年初開始與 Textron 合作進行生產線安裝，安裝量將大幅增加。在新產品中加速 AOL 的發展才是真正創造奇蹟的地方，也是未來服務收入加速成長的關鍵。

HDX is performing ahead of speed expectations and was purpose-built to fit on 41,000 global aircraft, and we expect a very significant ramp in shipments and AOL growth in 2026 and beyond. Now let's shift to FDX, our larger LEO antenna for the large global business market of 10,000 aircraft.

HDX 的性能超出了速度預期，並且是專門為適配全球 41,000 架飛機而設計的，我們預計 2026 年及以後出貨量和 AOL 成長將非常顯著。現在讓我們來看看 FDX，這是我們針對擁有 10,000 架飛機的大型全球商業市場的大型 LEO 天線。

A successful flight test with OEMs, dealers and fleet customers is a fantastic endorsement to the status of the new product. At the recent NBAA show, we flew multiple flight demos with speeds reaching 200 megabits at the high end of our predicted speed range. As we see, this is streaming.

與原始設備製造商、經銷商和機隊客戶成功進行飛行測試，是對新產品地位的極大認可。在最近的 NBAA 展會上，我們進行了多次飛行演示，速度達到了我們預測速度範圍的高端的 200 兆位元。如我們所見，這是串流媒體播放。

We operated 27 streaming devices simultaneously and consumed an outstanding 36 gigs of data in 36 minutes. I've been launching and testing aviation WiFi systems for a couple of decades and have never seen such flawless execution on a flight demo within a week of aircraft installation and delivery. It was truly an awesome performance. Hats off to the Gogo team and our partners, Hughes, StandardAero and OneWeb.

我們同時運行了 27 個串流媒體設備，在 36 分鐘內消耗了驚人的 36 GB 數據。我從事航空WiFi系統的發布和測試已有二十多年，從未見過在飛機安裝交付後一周內，飛行演示就能達到如此完美的執行效果。演出真是太精彩了。向 Gogo 團隊以及我們的合作夥伴 Hughes、StandardAero 和 OneWeb 致敬。

We were thrilled to announce in our earnings release this morning that FDX will be a LEO line-fit option for all new Bombardier Challenger and global business aircraft types. In our view, this validates our technology, our team and shows great trust from a major global business aircraft OEM. We expect revenue generation from this important win in early 2027. We have now announced strong Galileo relationships with the following major global OEMs, Bombardier, Textron, Dassault and Embraer.

今天早上，我們在收益報告中興奮地宣布，FDX 將成為所有新型龐巴迪挑戰者和全球公務機的 LEO 生產線選配方案。我們認為，這證明了我們的技術和團隊的實力，也反映了全球主要公務機製造商對我們的極大信任。我們預計將在 2027 年初從這項重要勝利中獲得收益。我們現在宣布與以下幾家主要的全球原始設備製造商建立了牢固的 Galileo 合作關係：龐巴迪、德事隆、達梭和巴西航空工業公司。

Let's now move on to 5G, our multiyear investment to substantially improve the performance of our ATG network. I am thrilled to say that we are at the goal line on 5G. Our 5G flight testing began on October 28, and the results have exceeded our expectations. As a result, we reiterate a Q4 launch timing for 5G, and we plan to begin shipping boxes to our 400 pre-provisioned 5G customers in early Q1. They already have the 5G antenna installed and the wiring is completed.

現在讓我們來看看 5G，這是我們為大幅提升 ATG 網路效能所做的多年投資。我很高興地宣布，我們在 5G 領域已經接近目標。我們的 5G 飛行測試於 10 月 28 日開始，結果超出了我們的預期。因此，我們重申 5G 將於第四季度推出，並計劃在第一季初開始向我們預先配置的 400 位 5G 客戶發貨。他們已經安裝好了5G天線，佈線也完成了。

We expect our 5G service revenue to begin in the latter part of the first quarter once installations have begun. Beyond our focus on pre-provisioned aircraft, 28 out of the 33 STCs under contract are now completed, and we expect the remaining 5 will be completed by the end of the year. Further, Gogo has 5G line fit commitments with 5 OEMs with already installing the AVANCE L5 box on the production line today.

我們預計，一旦安裝工作開始，我們的 5G 服務收入將在第一季後半段開始產生。除了我們專注於預先配備的飛機之外，目前已簽訂合約的 33 項補充型號合格證 (STC) 中有 28 項已完成，我們預計剩餘的 5 項將在年底前完成。此外，Gogo 已與 5 家 OEM 廠商達成 5G 產品線適配協議，目前已在生產線上安裝了 AVANCE L5 機上盒。

These boxes will be swapped with the LX5 5G box when service is turned on. We continue to believe the significant pent-up demand exists for 5G among customers who predominantly fly domestically, particularly those with light and medium-sized aircraft. 5G offers a tenfold increase in speeds versus the existing L5 ATG solution and is a cost-effective solution versus the more premium priced HDX or FDX.

當服務開通時，這些盒子將與 LX5 5G 盒子交換。我們仍然認為，主要搭乘國內航班的客戶，特別是那些擁有輕型和中型飛機的客戶，對 5G 有巨大的潛在需求。與現有的 L5 ATG 解決方案相比，5G 的速度提高了十倍，並且與價格更高的 HDX 或 FDX 相比，它是更具成本效益的解決方案。

Keeping the focus on ATG, let's move to our LTE upgrade. The upgrade of our ATG network to LTE, which will be largely subsidized by FCC funding, is expected to bring multiple benefits: one, accelerating the upgrade of Classic aircraft to AVANCE; two, increasing ATG network capacity and increasing speeds; and third, accelerating our US government business on the ATG network given the enhanced security of the network.

繼續關注 ATG，讓我們轉向 LTE 升級。我們將 ATG 網路升級到 LTE，這主要由 FCC 資金補貼，預計將帶來多項好處：一是加快 Classic 飛機升級到 AVANCE；二是提高 ATG 網路容量和速度；三是鑑於網路安全性的提高，加快我們在 ATG 網路上開展的美國政府業務。

We shipped a record 437 ATG equipment units in the quarter, up 8% sequentially split between 208 AVANCE units and 229 C1 units. Equipment shipments are typically a leading indicator of future installs. We recorded a record 145 Classic to AVANCE upgrades in Q3 as AVANCE AOL grew 12% year-over-year to 4,890. AVANCE now represents 75% of our ATG fleet, and that figure is quickly heading to 100%.

本季我們出貨了創紀錄的 437 台 ATG 設備，季增 8%，其中 AVANCE 設備 208 台，C1 設備 229 台。設備出貨量通常是未來安裝量的領先指標。第三季度，我們記錄了創紀錄的 145 例 Classic 到 AVANCE 的升級，AVANCE AOL 年增 12%，達到 4,890 台。AVANCE 目前占我們 ATG 機隊的 75%，而且這個數字正在迅速接近 100%。

Correspondingly, our Classic count of roughly 1,500 aircraft is only 25% of the ATG fleet and over 400 are part of fractional or managed accounts with a defined upgrade path. This leaves approximately 1,100 Classic aircraft not associated with a fleet account. We expect that our count of 101 C1 aircraft will ramp significantly over the coming quarters. The C1 box is identical in size to the Classic box and allows the system to operate after the LTE system is turned on. This box swap takes only a few hours and benefits from FCC subsidies.

相應地，我們經典機型的數量約為 1,500 架，僅佔 ATG 機隊的 25%，其中 400 多架屬於部分所有權或託管帳戶，並有明確的升級路徑。這意味著大約有 1100 架經典飛機尚未與任何機隊帳戶關聯。我們預計，未來幾個季度，我們的 C1 飛機數量（101 架）將大幅增加。C1 盒子與經典盒子尺寸相同，允許系統在 LTE 系統開啟後運作。這次機上盒更換只需幾個小時，而且可以享受聯邦通訊委員會的補助。

Bottom line, we are accelerating our progress towards the anticipated LTE cutover in May of 2026, and our entire dealer network is pushing all out to upgrade our Classic fleet as they have a strong vested interest in a smooth transition of our air-to-ground network. While we are encouraged with our efforts to improve the performance of the ATG network across multiple levels, including the 5G and LTE rollout and the C1 upgrade process, we continue to believe that industry trends will pressure our ATG online count for the next several quarters.

總而言之，我們正在加快推進預計於 2026 年 5 月完成 LTE 切換的進程，我們的整個經銷商網路正在全力以赴地升級我們的經典機型，因為他們非常希望我們的空地網路能夠順利過渡。儘管我們對在多個層面上提升 ATG 網路效能的努力感到鼓舞，包括 5G 和 LTE 的推出以及 C1 升級流程，但我們仍然認為，未來幾季的產業趨勢將對我們的 ATG 線上用戶數量構成壓力。

Our ability to return to sustained service revenue growth will be dependent on two things: First, the pace of the ramp of our new products, including HDX, FDX 5G; and second, progress in the mil/gov end market.

我們能否恢復持續的服務收入成長，取決於兩件事：第一，我們新產品（包括 HDX、FDX 5G）的上市速度；第二，軍工/政府終端市場的進展。

Let's jump into the discussion of performance of our GEO business. We ended Q3 with 1,343 GEO AOL, up 161 units or 14% from the prior year, powered by our line fit positioning. We expect that our investment in GEO technology will continue to improve speed and performance over time for business jet, which we believe can be leveraged across our mil/gov customers as well.

讓我們深入探討一下我們 GEO 業務的表現。第三季末，我們擁有 1,343 台 GEO AOL 設備，比去年同期成長 161 台，增幅達 14%，這得益於我們精準的市場定位。我們預計，我們對 GEO 技術的投資將隨著時間的推移不斷提高公務機的速度和性能，我們相信這項技術也可以應用於我們的軍方/政府客戶。

Our SD Router called SDR is on about 2,400 GEO aircraft and is synchronized with the advanced routers on other 4,900 aircraft. That is a total of approximately 7,300 systems that should be upgradable to new products without box swaps or expensive interior rewiring.

我們的 SD 路由器（稱為 SDR）安裝在約 2,400 架 GEO 飛機上，並與另外 4,900 架飛機上的高階路由器同步。這意味著總共有大約 7,300 個系統無需更換機箱或進行昂貴的內部重新佈線即可升級到新產品。

Now moving to our mil/gov end market. Given that our mil/gov service revenue is relatively new to most of you, let me provide context about how we view it. First, the global mil/gov aircraft number has an even lower broadband penetration than the business jet market, and this presents a compelling long-term growth path.

現在轉向我們的軍工/政府終端市場。鑑於我們的軍政服務收入對你們大多數人來說還比較陌生，讓我來介紹一下我們是如何看待這方面的。首先，全球軍用/政府飛機的寬頻普及率甚至低於公務機市場，這為長期成長提供了令人矚目的前景。

The 25 by 25 initiative from the US Air Force is a great example of this. The US Air Force set a goal that 25% of its 1,100-non-fighter aircraft would have broadband speeds of 25 megabits or greater by the end of 2025 and that the goal will come up short. Of note, the architect of the 25 by 25 initiatives, retired General Mike Minahan, joined our Board this year. Second, we believe governments globally will seek diversity amongst their aero bandwidth suppliers and will place premium on multi-orbit, multiband service for redundancy and performance.

美國空軍的「25乘25」計畫就是一個很好的例子。美國空軍設定了一個目標，到 2025 年底，其 1100 架非戰鬥機飛機中有 25% 的寬頻速度達到 25 兆位元或更高，但這一目標將無法實現。值得一提的是，「25乘25」計畫的設計者、退休將軍麥克·米納漢今年加入了我們的董事會。其次，我們認為世界各國政府將尋求航空頻寬供應商的多樣性，並將多軌道、多頻段服務視為冗餘和性能的首要考量。

These capabilities are military prerequisites for PACE standing for Primary, Alternate, Contingent, and Emergency. And Gogo is the only company that can fit that bill. This was a major contributing factor in our recently announced five-year federal contract to deliver 5G, LEO and GEO services to a US government agency. This is the first service win for 5G in a multi-orbit government contract.

這些能力是 PACE（主要、備用、緊急和緊急）的軍事先決條件。而 Gogo 是唯一一家能夠滿足這些條件的公司。這是促成我們近期宣布與美國政府機構簽訂為期五年的聯邦合同，提供 5G、LEO 和 GEO 服務的一個主要因素。這是政府多軌道合約中首個 5G 服務項目。

Third, we can reuse business aviation terminal offering for mil/gov use without incremental R&D spend. This advantage was highlighted with our recent five-year contract with SES Space & Defense for a blanket purchase agreement for US Space Force's Space Systems Command, we will plan to deliver managed global Ku-band GEO Flex air services utilizing our Plain Simple Ku-band Antenna to provide scalable, secure and high-speed satellite connectivity across government operations worldwide. This contract ceiling value is $33 million, of which aviation is a major component and a total revenue split, 80% service and 20% equipment.

第三，我們可以將公務航空航廈產品重新用於軍方/政府用途，而無需增加研發支出。我們最近與 SES Space & Defense 簽訂了一份為期五年的合同，為美國太空軍太空系統司令部提供一攬子採購協議，這凸顯了我們的優勢。我們將計畫利用我們簡易的 Ku 波段天線，提供全球 Ku 波段 GEO Flex 空中管理服務，為全球政府機構提供可擴展、安全、高速的衛星連線。該合約最高價值為 3,300 萬美元，其中航空是主要組成部分，總收入分配為：服務 80%，設備 20%。

Finally, given that mil/gov contracts are typically multiyear, we believe that increased predictability revenue streams under contract in this segment have the potential to add a new layer of strategic value for Gogo. Given that context, we expect that mil/gov, which is 13% of our total revenue, is likely to move towards 20% over the longer term.

最後，鑑於軍方/政府合約通常是多年期的，我們認為，該領域合約項下收入流的可預測性提高有可能為 Gogo 增加新的戰略價值。有鑑於此，我們預期軍工/政府收入（占我們總收入的 13%）在長期內可能會成長到 20%。

Thank you for your attention, and I trust that you share our enthusiasm for the significant progress we have made over the last few quarters in transitioning this global business. I will now turn the call over to Zac for the numbers.

謝謝大家的關注，我相信大家和我們一樣，對我們在過去幾季在全球業務轉型方面取得的重大進展感到興奮。現在我將把電話交給札克，讓他報出號碼。

Thanks, Chris, and good morning, everyone. Third quarter revenue was in line with expectations, highlighted by strong equipment shipments. Also, adjusted EBITDA and free cash flow were ahead of plan as our integration synergies and financial discipline continue to materialize. As a result, we are reiterating the high end of our 2025 financial guidance ranges for revenue, adjusted EBITDA and free cash flow.

謝謝克里斯，大家早安。第三季營收符合預期，其中設備出貨量強勁表現尤為突出。此外，由於我們的整合綜效和財務紀律持續顯現，調整後的 EBITDA 和自由現金流均超乎預期。因此，我們重申 2025 年收入、調整後 EBITDA 和自由現金流的財務預期範圍上限。

As Chris mentioned, global demand for our new products continues to expand, and we believe this will ultimately lead to service revenue growth. As implied in our 2025 financial guidance, we expect to return to modest year-over-year revenue growth in Q4, while increases in Galileo and 5G investments as well as elevated inventory levels driven by our new product launches should decrease adjusted EBITDA and free cash flow sequentially.

正如克里斯所提到的，全球對我們新產品的需求持續成長，我們相信最終將帶來服務收入的成長。正如我們在 2025 年財務指引中所暗示的那樣，我們預計第四季度將恢復到溫和的同比收入增長，而 Galileo 和 5G 投資的增加以及新產品發布帶來的庫存水平上升，將導致調整後的 EBITDA 和自由現金流環比下降。

We are still completing our 2026 annual plan, and we'll be providing guidance on our Q4 call in February. However, in the meantime, we would like to provide a bit of context around next year. We see the potential for some incremental working capital need in '26 to support our new product ramps as well as continued ATG AOL volatility, particularly amongst our Classic fleet.

我們仍在完善 2026 年年度計劃，並將於 2 月的第四季度電話會議上提供指導。不過，同時，我們想就明年的情況提供一些背景資訊。我們認為 2026 年可能會出現一些額外的營運資金需求，以支持我們的新產品量產以及 ATG AOL 持續的波動，尤其是在我們的經典機型方面。

Despite these considerations, we believe that new product growth, the roll-off of 5G and Galileo investments as well as further OpEx and CapEx rationalization will benefit us next year.

儘管存在這些因素，但我們相信，新產品的成長、5G 和 Galileo 投資的逐步退出以及營運支出和資本支出的進一步合理化，將在明年使我們受益。

I'll now provide an overview of our third quarter results, then I will turn to our capital allocation priorities and outlook for the balance sheet transactions to reduce interest expense and further de-lever. And finally, I will provide some additional color on the guidance.

接下來，我將概述我們第三季的業績，然後我將談談我們的資本配置重點和資產負債表交易展望，以減少利息支出並進一步降低槓桿率。最後，我將對指導意見進行一些補充說明。

On a combined pro forma basis, Gogo's total revenue in the third quarter was $224 million, down 1% on a pro forma basis year-over-year as well as sequentially. On a stand-alone basis, Satcom Direct's Q3 revenue declined about 4% year-over-year. Total service revenue of $190 million increased 132% over the prior year and declined 2% sequentially.

以合併備考基準計算，Gogo 第三季總營收為 2.24 億美元，以備考基準計算年比及季比均下降 1%。單就公司而言，Satcom Direct 第三季的營收年減了約 4%。服務總收入為 1.9 億美元，比上年增長 132%，季減 2%。

Total ATG aircraft online at the end of Q3 was 6,529, a decline of approximately 7% versus the prior year period and down 3% sequentially. Consistent with our strategic goals, total advanced AOL increased 12% from the prior year period and now comprises 75% of the total ATG fleet, up from 62% a year ago.

截至第三季末，ATG 的線上飛機總數為 6,529 架，與去年同期相比下降了約 7%，季減了 3%。與我們的策略目標一致，高階 AOL 總量比去年同期成長了 12%，目前佔 ATG 總機隊的 75%，高於一年前的 62%。

Since the end of 2022, our total AVANCE AOL has grown by over 1,600. Total ATG ARPU of 3,407 declined about 3% year-over-year and approximately 1% sequentially. Total broadband GEO AOL, excluding networks that are End of Life, reached 1,343, up 14% from the prior year and 2% sequentially. This strength highlights our OEM line positions.

自 2022 年底以來，我們的 AVANCE AOL 總數增加了 1,600 多台。總 ATG ARPU 為 3,407，年減約 3%，季減約 1%。不包括已停用網路的寬頻 GEO AOL 總數量達到 1,343，比上年增長 14%，季增 2%。這項優勢凸顯了我們在OEM產品線上的地位。

In addition, most GEO broadband aircraft under fixed-term contracts, enhancing revenue stability and our GEO ARPU continues to hold up better than expected. This performance was the primary driver in the increase in the fair value of the earn-out liability that affected our net income in the quarter.

此外，大多數 GEO 寬頻飛機都簽訂了固定期限合同，提高了收入穩定性，我們的 GEO ARPU 繼續保持超出預期的表現。這項業績是導致獲利能力負債公允價值增加的主要驅動因素，進而影響了我們本季的淨收入。

Now turning to equipment revenue. Total equipment revenue in the third quarter was $33.6 million, up 80% year-over-year and 5% sequentially. Total ATG equipment shipments of 437 were an all-time high and up 8% sequentially from 405 in Q2, which was a prior record.

現在來看設備收入。第三季設備總收入為 3,360 萬美元，年增 80%，季增 5%。ATG 設備總出貨量為 437 台，創歷史新高，比第二季的 405 台成長了 8%，而第二季的出貨量已創下歷史新高。

Advanced shipments remained robust at 208, while C1 shipments ramped substantially to 229 and up from 129 in the prior quarter. Given that equipment shipments are generally a leading indicator of future installation activity, we believe our strong Q3 shipments bode well for the future conversion of Classic customers ahead of our expected LTE network cutover in May of 2026.

先進產品出貨量維持強勁，達到 208 件，而 C1 產品出貨量大幅成長至 229 件，高於上一季的 129 件。鑑於設備出貨量通常是未來安裝活動的領先指標，我們相信，第三季強勁的出貨量預示著經典客戶在預計於 2026 年 5 月進行 LTE 網路切換之前，未來將順利完成轉換。

Now moving on to our margins. Gogo delivered combined service margins, inclusive of Satcom Direct of 52%, which was in line with our budget. Service gross profit accounted for 97% of total Q3 gross profit. We continue to focus on driving this recurring high-margin service revenue. Equipment margins were about 8% in Q3 as Galileo equipment pricing remains close to cost.

接下來我們來看看利潤率。Gogo 提供的綜合服務利潤率（包括 Satcom Direct）為 52%，符合我們的預算。服務業毛利佔第三季總毛利的97%。我們將繼續專注於推動這項高利潤的經常性服務收入。第三季設備利潤率約為 8%，因為 Galileo 設備定價仍然接近成本。

Now turning to operating expenses. Total Q3 operating expense for G&A, sales and marketing as well as engineering design and development were $57 million, up slightly sequentially, largely due to SmartSky litigation spend.

現在來看營運費用。第三季一般及行政費用、銷售和行銷以及工程設計和開發的總營運費用為 5700 萬美元，環比略有增長，主要是由於 SmartSky 訴訟支出。

Now let's turn to our major strategic initiatives, 5G, Galileo and the FCC reimbursement program. Total 5G spend in Q3 was $6 million with approximately $5.5 million tied to CapEx. We continue to expect total 5G spend to decline in 2026 as we launch our 5G network in Q4.

現在讓我們來看看我們的主要策略性舉措：5G、伽利略和 FCC 報銷計劃。第三季 5G 總支出為 600 萬美元，其中約 550 萬美元與資本支出相關。我們預計，隨著我們在第四季度推出 5G 網絡，2026 年 5G 總支出將繼續下降。

Turning to Galileo, we recorded $1.2 million in Q3 OpEx and about $2.2 million in CapEx. We continue to expect total external development costs for both the HDX and FDX to be less than $50 million, of which $34 million was incurred from 2022 through the first nine months of 2025, with approximately $11 million expected this year. We anticipate approximately 80% of Galileo's external development costs will be in OpEx.

再來看 Galileo 項目，我們第三季營運支出為 120 萬美元，資本支出約 220 萬美元。我們仍然預計 HDX 和 FDX 的總外部開發成本將低於 5,000 萬美元，其中 3,400 萬美元發生在 2022 年至 2025 年前九個月，預計今年將產生約 1,100 萬美元。我們預計 Galileo 外部開發成本的約 80% 將是營運支出。

And finally, our FCC reimbursement program. In the third quarter, we received $6.6 million in FCC grant funding, bringing our program to date total to $59.9 million. As of September 30, we recorded a $26 million receivable from the FCC and incurred $22.8 million in reimbursable spend during the quarter.

最後，還有我們的 FCC 報銷計畫。第三季度，我們獲得了 660 萬美元的 FCC 撥款，使我們的專案迄今為止的總撥款達到 5,990 萬美元。截至 9 月 30 日，我們確認收到 FCC 的 2,600 萬美元應收款項，且本季發生 2,280 萬美元可報銷支出。

The timing of reimbursement payments has not been affected by the government shutdown, but we are monitoring the situation closely. The receivables is included in prepaid expenses and other current assets on the balance sheet with corresponding reductions to Property and Equipment, Inventory and Contract assets with a pickup in the income statement.

政府停擺並未影響報銷款項的發放時間，但我們正密切關注事態發展。應收帳款計入資產負債表上的預付費用和其他流動資產，同時相應減少固定資產、存貨和合約資產，並在利潤表中補充。

Moving to our bottom line. Gogo generated $56.2 million of adjusted EBITDA in the quarter, and our adjusted EBITDA margin of 25% was consistent with the initial long-term view of the mid-20%s we described in the Satcom deal was announced. Net income for the quarter was negative $1.9 million and EPS was negative $0.01.

接下來談談我們的最終結論。Gogo 本季調整後 EBITDA 為 5,620 萬美元，調整後 EBITDA 利潤率為 25%，與我們在宣布衛星通訊交易時描述的 20% 左右的長期預期一致。本季淨收入為負 190 萬美元，每股收益為負 0.01 美元。

Net income includes a $15 million pretax fair value adjustment related to the Satcom acquisition I described a moment ago. As of Q3, we have achieved over $30 million of annualized synergies and expect run rate synergies to modestly exceed our previous range of $30 million to $35 million with approximately two years of closing the Satcom deal.

淨收入包括與我剛才提到的 Satcom 收購相關的 1500 萬美元稅前公允價值調整。截至第三季度，我們已實現超過 3000 萬美元的年度協同效應，預計在完成衛星通訊交易後大約兩年內，運行率協同效應將略微超過我們之前 3000 萬美元至 3500 萬美元的範圍。

This is a significant improvement from our original guidance of $25 million to $30 million. We continue to anticipate total cost to achieve synergies in the range of $15 million to $20 million. While we have achieved the vast majority of our headcount reductions, we feel confident that we can further reduce costs as we head into '26 in multiple areas, including real estate, back-office software solutions and CapEx rationalization.

這比我們最初預測的 2500 萬至 3000 萬美元有了顯著提高。我們預計實現協同效應的總成本將在 1500 萬美元至 2000 萬美元之間。雖然我們已經實現了絕大多數的裁員目標，但我們有信心在進入 2026 年之際，在包括房地產、後台軟體解決方案和資本支出合理化在內的多個領域進一步降低成本。

Now moving to free cash flow. Gogo generated $31 million of free cash flow in Q3, above expectations and totaling $94 million year-to-date. Based on our current 2025 guidance, we expect Q4 free cash flow to be the lowest of the year, mostly due to the timing of strategic investments and inventory purchase related to the launch of our new products.

接下來討論自由現金流。Gogo 第三季產生 3,100 萬美元自由現金流，超乎預期，今年迄今累計自由現金流達 9,400 萬美元。根據我們目前的 2025 年業績指引，我們預計第四季度自由現金流將是全年最低的，這主要是由於與新產品上市相關的策略性投資和庫存採購的時間安排所致。

Now I'll turn to the discussion of our balance sheet. Gogo ended the third quarter with $133.6 million in cash and short-term investments and $849 million in outstanding principal on our two term loans with our $122 million revolver remaining undrawn. This equates to a net leverage ratio of 3.1 times for Q3, down from 3.2 times in the prior quarter. Our cash interest paid net of hedge cash flow was $16.3 million. Our hedge agreement is now $250 million with a strike of 225 bps, resulting in approximately 30% of the loans being hedged. In 2025, we continue to expect cash interest paid net of hedge cash flow to be approximately $70 million.

現在我將轉而討論我們的資產負債表。Gogo 第三季末持有現金和短期投資 1.336 億美元，兩筆定期貸款未償還本金 8.49 億美元，1.22 億美元的循環信貸額度尚未提取。這意味著第三季的淨槓桿率為 3.1 倍，低於上一季的 3.2 倍。扣除對沖現金流後，我們支付的現金利息淨額為 1,630 萬美元。我們的對沖協議目前為 2.5 億美元，執行價為 225 個基點，導致約 30% 的貸款被對沖。2025 年，我們仍然預計扣除對沖現金流後的淨現金利息支出約為 7,000 萬美元。

Consistent with our Q2 call, our immediate focus remains exploring ways to streamline our balance sheet, reduce interest expense and continue our deleveraging process. Between our cash on hand and our revolver, we have more than $250 million in liquidity. This is significantly more than we need to operate the business, and we believe this provides plenty of financial flexibility to find the right balance sheet solution in 2026.

與第二季電話會議一致，我們眼下的重點仍然是探索如何精簡資產負債表、降低利息支出並繼續推進去槓桿化進程。加上我們現有的現金和循環信貸額度，我們擁有超過 2.5 億美元的流動資金。這遠遠超過了我們經營業務所需的資金，我們相信這為我們在 2026 年找到合適的資產負債表解決方案提供了充足的財務靈活性。

Bottom line, we continue to 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.

總之，我們仍然相信，未來幾年我們預期的自由現金流成長將提供充足的額外現金來償還債務、減少利息支出，並最終將資本回饋給股東。

In our earnings release this morning, we are largely reiterating key elements of our 2025 financial guidance. For the year, we expect total revenue at the high end of the range of $870 million to $910 million, adjusted EBITDA at the high end of the range of $200 million to $220 million, reflecting operating expenses of approximately $15 million for strategic initiatives, including 5G and Galileo versus our prior expectations of $20 million.

在今天早上發布的獲利報告中，我們主要重申了2025年財務指引的關鍵要素。我們預計全年總收入將達到 8.7 億美元至 9.1 億美元的區間上限，調整後 EBITDA 將達到 2 億美元至 2.2 億美元的區間上限，這反映了戰略舉措（包括 5G 和 Galileo）的營運費用約為 1500 萬美元，而我們之前的預期為 2000 萬美元。

Given our guidance, we expect Q4 EBITDA will decline sequentially largely due to the timing of planned investments and an expected decrease in ATG service revenue. Free cash flow at the high end of the range of $60 million to $90 million. We now expect approximately $40 million slated for strategic investments in 2025, net of any FCC reimbursement versus prior expectations of $60 million. This reduction is largely due to timing. Our net CapEx is still expected to be $40 million after $30 million of CapEx reimbursement from the FCC reimbursement program.

根據我們的預期，我們預計第四季度 EBITDA 將環比下降，主要原因是計劃投資的時間表以及 ATG 服務收入的預期下降。自由現金流處於 6000 萬美元至 9000 萬美元區間的高端。我們現在預計，2025 年將有約 4,000 萬美元用於策略性投資，扣除 FCC 的任何補償後，而先前的預期為 6,000 萬美元。這一減少主要是由於時機因素造成的。在獲得 FCC 補償計劃提供的 3000 萬美元資本支出補償後，我們的淨資本支出預計仍為 4000 萬美元。

In conclusion, 2025 has largely been a year of blocking and tackling execution that include the integration of Gogo and Satcom, significant product investments and launching HDX, FDX and 5G. Now nearly a year after the close of the Satcom deal, we are seeing the results of our transformation. Shipments and installations of game-changing new products are starting to ramp, significant costs are being removed, and we are winning long-term contracts with global fleets, OEMs and governments.

總而言之，2025 年主要是推進各項工作的執行之年，包括整合 Gogo 和 Satcom，進行重大產品投資，以及推出 HDX、FDX 和 5G。距離衛星通訊交易完成已近一年，我們正在看到轉型帶來的成果。顛覆性新產品的出貨和安裝量開始激增，顯著的成本正在降低，我們正在贏得與全球車隊、OEM廠商和政府的長期合約。

I want to express my gratitude to the Gogo team for their hard work in driving this transformation and their dedication to providing exceptional customer service.

我要對 Gogo 團隊表示感謝，感謝他們為推動這項變革所付出的辛勤努力，以及他們致力於提供卓越客戶服務的精神。

Operator, this concludes our prepared remarks. Please open the queue for questions.

操作員，我們準備好的發言到此結束。請開放提問隊列。

(Operator Instructions)

（操作說明）

Scott Searle, ROTH Capital Partners.

Scott Searle，ROTH Capital Partners。

Maybe just to dig in initially on the fourth quarter implied guidance. Chris, Zach, I'm wondering if you could dive in a little bit more in terms of detailing that outlook, it implies adjusted EBITDA in the $40 million range. You've mentioned incremental strategic investments and the ATG kind of roll-off. Could you take us through that a little bit more in detail in terms of the thought process and if you're being conservative on that front or ATG is expected to continue to transition, particularly on the Classic front?

或許最初只是想深入研究一下第四季的業績指引。Chris、Zach，我想請你們更詳細地解釋一下這個前景，它意味著調整後的 EBITDA 大約在 4000 萬美元左右。您提到了漸進式策略投資和 ATG 類型的逐步淘汰。您能否更詳細地為我們介紹一下您的思路，以及您在這方面是否採取保守策略，還是ATG預計會繼續轉型，尤其是在經典賽方面？

Thanks for the question. I think the way we're looking at it is, as you've seen, the ATG pressure continues, right? And that's the highest margin revenue, right? So, we anticipate a decline, albeit not as aggressive as the prior quarters, largely because the C1 should start they're shipping.

謝謝你的提問。我認為我們現在看待這個問題的方式是，正如你所看到的，ATG 的壓力仍在持續，對吧？那也是利潤率最高的收入來源，對吧？因此，我們預計會出現下滑，儘管下滑幅度不會像前幾季那麼大，這主要是因為 C1 應該開始出貨了。

But the other piece is our revenue is actually going to be up, right? And another piece of that is equipment shipments. So, if you have lower margins on equipment shipments, so the mix changes. And as well as that, we have significant testing on 5G. So, there's a little bit of compression on gross margin because of the mix and then the OpEx side is going to be a little bit higher largely because of 5G testing.

但另一方面，我們的收入實際上會增加，對吧？其中另一部分是設備運輸。因此，如果設備出貨的利潤率較低，那麼產品組合就會改變。除此之外，我們也對 5G 進行了大量測試。因此，由於產品組合的變化，毛利率會略有下降；此外，由於 5G 測試，營運成本也會略有上升。

Yes. I think also if you look at the record AVANCE shipments, C1s as Zach picked up, it's clear that customers are also planning to upgrade. I think the fact that we're rolling out the 5G network, and that's successful, I think that's also a very positive sign at this point in time.

是的。我認為，如果你看看 AVANCE 創紀錄的出貨量，例如 Zach 提到的 C1，你會發現顧客也計劃升級。我認為，我們正在成功推出 5G 網絡，這在目前階段也是一個非常積極的信號。

Got you. And for my follow-up, I'm wondering if we could dig in a little bit more in terms of existing Classic, the transition to C1 and kind of the offset there now that we're starting to see momentum on 5G and Galileo as we go into 2026. So could you help us frame in terms of Classic, how that's expected to roll over the next several quarters.

抓到你了。至於我的後續問題，我想知道我們是否可以更深入地探討一下現有的 Classic、向 C1 的過渡以及隨著我們開始看到 5G 和 Galileo 在 2026 年取得進展，現在應該如何應對這種轉變。那麼，您能否從經典版的角度，幫助我們分析未來幾季的發展趨勢？

Now with the C1 out there, you had a lot of momentum this quarter. Is the majority of that base expected to convert pretty quickly to C1? Or are some of those expected to upgrade to 5G as well?

現在有了C1，你們這季發展勢頭很強勁。預計大部分基數會很快轉換為 C1 嗎？或者，其中一些設備預計也會升級到 5G？

I think it's a mix. If you look at the record AVANCE shipments, clearly, those customers are looking forward to 5G. It depends also on the customer budget. The C1 is really a placeholder product, but it's really encouraging that people are also taking that when you think it's just moving them on to a more modern network.

我認為兩者兼而有之。從 AVANCE 創紀錄的出貨量來看，很明顯，這些顧客都在期待 5G。這也取決於客戶的預算。C1 實際上只是一個佔位產品，但令人鼓舞的是，考慮到它只是將用戶遷移到更現代的網絡，人們也接受了它。

And our MRO partners putting in field service team. So, we expect that to pick up and derisk Classic customers not cutting over. Everything we see at the moment is extremely positive. So, we're feeling pretty good about it.

我們的MRO合作夥伴也組成了現場服務團隊。因此，我們預計這種情況會好轉，並降低經典版用戶無法升級的風險。目前我們看到的一切都非常積極。所以，我們對此感覺相當不錯。

Chris, if I could just add on to the back of that. From an ARPU standpoint, how do you see things trending as we go into the first half of next year? There's some downward pressure, I would imagine, as we're going to C1, but you're also having some of the higher ARPU services starting to kick in. So how do you see that playing out as we go into '26?

克里斯，如果我能在那後面再補充一點就好了。從每位用戶平均收入（ARPU）的角度來看，您認為明年上半年的發展趨勢會是如何？我想，隨著我們進入 C1 階段，可能會有一些下行壓力，但同時一些 ARPU 更高的服務也開始發揮作用。那麼，您認為進入2026年之後，這種情況會如何發展呢？

Yeah. I think what's encouraging is if you look at 5G ARPU is worth twice that of a Classic customer. So that conversion, we actually see upside. And I think that's really where our heads are at the moment. Obviously, you've got more price-sensitive customers, but we've got a lot of price flexibility within the plans. So, people cutting over from over to C1. That's one aspect.

是的。我認為令人鼓舞的是，如果你看一下 5G 用戶的 ARPU 值，你會發現它是經典用戶的兩倍。所以，這種轉換率其實我們看到了上升空間。我覺得這才是我們目前真正關注的重點。顯然，你們的客戶對價格比較敏感，但我們的套餐價格非常靈活。所以，人們從 over 切換到 C1。這是一方面。

And then you've got people who I mean, we're going to be delivering a 50 to 80 megabit service on 5G. So that's I mean, that's completely and utterly a different service level than these customers have ever experienced. So, we see that as those customers really being a higher ARPU as they're streaming and being able to use video applications within the aircraft that they've never been able to do before.

然後還有一些人，我的意思是，我們將在 5G 上提供 50 到 80 兆位元的服務。所以我的意思是，這與這些顧客以往體驗過的服務水準完全不同。因此，我們看到這些客戶的 ARPU 值確實更高，因為他們可以在飛機上觀看串流影片並使用以前從未有過的視訊應用程式。

(Operator Instructions)

（操作說明）

Justin Lang, Morgan Stanley.

賈斯汀朗，摩根士丹利。

I just want to double back on the implied 4Q EBITDA guide. Maybe you could just put a finer point on how much of the implied headwind is related to Galileo and 5G investments versus some of the ATG pressures you flagged?

我只是想重申一下第四季隱含的 EBITDA 指引。或許您可以更具體地指出，在這些潛在的不利因素中，有多少與伽利略和 5G 投資有關，又有多少與您提到的 ATG 壓力有關？

Yeah. I would say it's kind of split a little bit evenly between ATG pressure as well as like increased OpEx. I would say there's a bigger piece of it related to 5G versus Galileo. There's still Galileo costs, but the STCs are running through and 5G, there's a lot of testing that has to go. We got to own aircraft right now. So that's a big driver.

是的。我認為這在某種程度上是 ATG 壓力和營運成本增加兩方面因素平均分配的結果。我認為其中更重要的部分與 5G 和伽利略系統有關。伽利略系統仍需要投入成本，但標準測試證書（STC）正在逐步完善，而5G還有很多測試工作要做。我們現在就得擁有飛機。所以這是一個重要的驅動因素。

Okay. Got it. And then I know you've mentioned in the past sort of regular maintenance has been a big driver of some of the ATG AOL declines. Are you still seeing that trend? Or are you seeing heightened competitive pressure anywhere?

好的。知道了。而且我知道你之前也提到過，定期維護是導致 ATG AOL 業績下滑的主因之一。你仍然觀察到這種趨勢嗎？或者您在其他地方感受到日益激烈的競爭壓力？

Not really seeing competitive pressure. I think one of the natures of the market is customers have scheduled maintenance for upgrades. So going to the C1, what I mentioned on the previous questions, really, it's that our MRO partners, I put field service teams. It's a very simple upgrade for C1, which we've designed.

感覺不到什麼競爭壓力。我認為市場的一個特點是，客戶會定期進行維護和升級。所以，說到 C1，正如我在前面的問題中提到的，實際上，我們的 MRO 合作夥伴，我稱之為現場服務團隊。這是我們為 C1 設計的非常簡單的升級。

So, we're doing a lot of those in the field. And there's been a lot of press about that with Omni, West Star, our MRO partners there. So, I think that will continue to have positive momentum for us. And we see that really encouraging. And I think you can see that with the C1 numbers are starting to really pick up now.

所以，我們正在進行許多這類工作。媒體對此事進行了很多報導，涉及 Omni、West Star 以及我們在那裡的 MRO 合作夥伴。所以我認為這將繼續對我們產生積極影響。我們看到這一點確實令人鼓舞。我認為你可以看到，C1 的數量現在真的開始大幅增加了。

So -- but obviously, customers who are also waiting for scheduled maintenance, they'll wait until that point as well. It's just the nature of the market.

所以——但很顯然，那些也在等待計畫維護的客戶，他們也會等到那時。這就是市場的本質。

Got it. Okay. That's helpful. And then just really quick one on the shutdown. I know Zach you mentioned that it's not really impacting FCC reimbursement. But are you seeing any other impacts maybe around mil/gov or I'm not sure if there's any regulatory oversight outstanding for 5G flight testing, but are you seeing that creep up anywhere else?

知道了。好的。那很有幫助。然後簡單提一下關機的狀況。我知道扎克，你提到這實際上不會影響 FCC 的報銷。但是，您是否看到其他方面的影響，例如在軍事/政府領域？我不確定 5G 飛行測試是否有任何監管方面的規定，但您是否看到這種情況在其他地方出現？

Yes. I think you can definitely see things have slowed down a little bit with kind of like when you need government approvals in certain areas. But they're not it's not really affecting our business at this point in time. So, we're just keeping a close monitor to it, but we're not seeing major effects in our revenue outlook because of government shutdown.

是的。我認為可以明顯看出，某些領域，例如需要政府批准的領域，進展速度確實有所放緩。但目前來看，這並沒有真正影響到我們的業務。所以，我們正在密切關注事態發展，但政府停擺並未對我們的收入前景造成重大影響。

(Operator Instructions)

（操作說明）

I'm showing no further questions in the queue. I would now like to turn the call back over to William for closing remarks.

隊列中不再顯示其他問題。現在我想把電話交還給威廉，請他作總結發言。

Thank you for joining our third quarter earnings conference call. You may disconnect.

感謝您參加我們第三季財報電話會議。您可以斷開連線。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect. Goodbye.

女士們、先生們，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了。再見。