Gogo Inc. (GOGO) 2026 Q3 法說會逐字稿

Hello, and welcome to Gogo's third-quarter 2026 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Gogo 2026 年第三季財報電話會議。（接線員指示）

I would now like to turn the call over to Amy Greene. You may begin.

現在我想把電話交給 Amy Greene。您可以開始了。

Thank you. Good morning. Welcome to Gogo's third quarter 2026 earnings conference call. On the call today to discuss our results are Gogo's CEO, Chris Moore, and CFO, Zac Cotner. During this call, Zac and Chris may make forward-looking statements regarding future events and the future performance of the company. Participants are cautioned to consider the risk factors that could cause actual results to differ materially from those in forward-looking statements on this call. Those risk factors are described in the earnings release. This morning and any more detailed risk factors filed in the company's annual report on 10-K and 10-Q and other documents that the company has filed with the SEC.

謝謝。早安。歡迎參加 Gogo 2026 年第三季財報電話會議。今天與會並討論我們業績的有 Gogo 執行長 Chris Moore 與財務長 Zac Cotner。在本次電話會議中，Zac 與 Chris 可能會就未來事件及公司未來表現發表前瞻性陳述。提醒與會者留意可能導致實際結果與本次電話會議前瞻性陳述存在重大差異的風險因素。這些風險因素已在財報新聞稿中說明。以及本日上午與公司在 10-K 與 10-Q 年度報告及其他向美國證券交易委員會（SEC）提交之文件中所揭露的更詳細風險因素。

In addition, please note that the date of this call is November 6, 2026. Any forward-looking statements made today are based on assumptions as of this date. The company undertakes no obligations to update these statements as a result of more information or future events. During this call, Chris and Zac will both present GAAP and non-GAAP financial measures and reconciliation and explanation of adjustments and other considerations of the company's non-GAAP measures to be the most comparable GAAP measures is available in the earnings release. The call is being webcast and available at ir.gogoair.com. The earnings release, infographic, and associated investor presentation are also available on the website. After management comments, Chris and Zac will host a Q&A session with the financial community only. I will now turn the call over to Chris.

此外，請注意本次電話會議日期為 2026 年 11 月 6 日。今日所作任何前瞻性陳述均基於截至本日的假設。公司不承擔因取得更多資訊或未來事件而更新這些陳述的任何義務。在本次電話會議中，Chris 與 Zac 將同時呈報 GAAP 與非 GAAP 財務衡量指標；非 GAAP 指標之調整項目對帳、說明及其他考量，與最可比 GAAP 指標之對應資訊，均載於財報新聞稿中。本次電話會議將進行網路直播，並可於 ir.gogoair.com 收看。財報新聞稿、資訊圖表及相關投資人簡報亦可於該網站取得。管理層發言結束後，Chris 與 Zac 將僅與金融界人士進行問答（Q&A）環節。現在我把電話交給 Chris。

Thank you and good morning. In the third quarter, we continue to execute on our transformation from a domestic air-to-ground connectivity company into a global provider of high-speed broadband to the under-penetrated business and military government aviation markets. We are pleased with the strong progress and growing momentum across our next-generation broadband technology portfolio, including record shipments of Gogo Galileo in the quarter.

謝謝，早安。在第三季，我們持續推進轉型，從一家以國內空對地（ATG）連線為主的公司，轉型為面向滲透率仍偏低的商務航空與軍事／政府航空市場之全球高速寬頻供應商。我們對下一代寬頻技術產品組合的強勁進展與日益增長的動能感到滿意，其中包括本季 Gogo Galileo 出貨量創下新高。

Shipments exceeded our expectations. We secured significant new fleet commitments and we unveiled a multi-year technology roadmap that gives customers clear visibility into the future of their Gogo Galileo investment. Taking speeds to over 1 gigabit by 2032. As we expected, this momentum is becoming visible in our quarterly financial results, which continue to reflect the planned transition of our air-to-ground and legacy customers to our next-generation products. None of this is a surprise to us and it does not change our conviction of where the business is heading during this transition, which is consistent when reviewing our success with new broadband services. Consistent with the prior earnings call, I will spend time detailing each of the product areas before handing over to Zac to walk through our financial results. We are very appreciative of our advisors and lenders who believe in the transformation of our business and agree to amend and extend our approximately $600 million original Term Loan B. Zac will discuss the details in a few minutes, but the transaction allows the company to continue to prudently invest in our business going forward and improve our balance sheet. In addition, the FCC recently granted us a 10-year license renewal for Gogo's exclusive 4 MHz of ATG spectrum in the 800 MHz band.

出貨量超出我們的預期。我們取得多項重要的新機隊承諾，並公布一份多年期技術路線圖，讓客戶能清楚掌握其 Gogo Galileo 投資的未來發展。到 2032 年將速度提升至超過 1 Gbps。如我們所預期，這股動能正逐步反映在我們的季度財務結果中；結果持續呈現我們按計畫將空對地（ATG）與既有客戶轉移至下一代產品的過程。這些對我們而言並不意外，也不會改變我們對轉型期間業務走向的信心；從我們在新寬頻服務上的成功來看亦是一致的。延續上一季財報電話會議的方式，我將先花時間逐一說明各產品領域，之後再交由 Zac 說明我們的財務結果。我們非常感謝相信我們業務轉型、並同意修訂與展延我們約 6 億美元原始 B 期定期貸款（Term Loan B）的顧問與放款機構。Zac 稍後會說明細節，但這項交易使公司得以在未來持續審慎投資於業務並改善資產負債表。此外，FCC 近期核准我們在 800 MHz 頻段中 Gogo 獨家持有之 4 MHz ATG 頻譜的 10 年期執照續期。

Recent transactions in the U.S. wireless market underscore the strategic value of nationwide unencumbered exclusive use low-band spectrum with favorable propagation and coverage characteristics such as the 800 MHz spectrum Gogo holds.

美國無線市場近期的交易凸顯了全國性、無負擔且可獨家使用的低頻段頻譜之策略價值；此類頻譜具備良好的傳播與覆蓋特性，例如 Gogo 所持有的 800 MHz 頻譜。

As more of our ATG customers transition to our satellite-based connectivity, we believe our tower assets and this spectrum can be put to work in new ways, whether by Gogo or others. We are working with our banking advisors and other industry and regulatory specialists to evaluate the full range of possibilities for capitalizing on our spectrum and tower assets. Determine their highest and best use and realize their value for shareholders and customers. Let's now review the progress of Gogo Galileo, our global low Earth orbit service. Galileo has two products, HDX, our entry point LEO solution, purpose-built for smaller aircraft, currently at 60 by 10 megabits, moving to 300 by 100 megabits by 2032, and FDX.

隨著更多 ATG 客戶轉向我們以衛星為基礎的連線服務，我們相信我們的塔台資產與該頻譜可透過新的方式發揮效益，無論是由 Gogo 或其他方來運用。我們正與銀行顧問以及其他產業與監管專家合作，評估將頻譜與塔台資產資本化的各種可能性。以判定其最高且最佳用途，並為股東與客戶實現其價值。接下來我們回顧 Gogo Galileo（我們的全球低地球軌道服務）的進展。Galileo 有兩項產品：HDX，作為我們的入門級 LEO 解決方案，專為較小型飛機打造，目前速度為 60×10 Mbps，預計到 2032 年提升至 300×100 Mbps；以及 FDX。

Of 195 by 32 megabits, moving to 1.5 gigabits by 350 megabits over the same period, which extends the capability to mid and large cabin aircraft and enhanced performance. They combine to form a scalable full fleet solution across the breadth of our customer base. We had a record quarter of shipments for Galileo of 172 units.

FDX 目前為 195×32 Mbps，並將在同一期間提升至 1.5 Gbps×350 Mbps，將能力延伸至中型與大型客艙飛機並提升效能。兩者結合，形成可擴展的全機隊解決方案，覆蓋我們客戶群的廣泛需求。本季 Galileo 出貨量創紀錄，達 172 台。

59% increase from the second quarter and a 95% increase year-over-year. This is well above our expectations, bringing cumulative LEO terminal shipments to 690 by the end of the quarter. In fact, as of today, cumulative shipments have surpassed 760 units, which we believe gives us between 35% to 40% market share of the LEO business aviation connectivity.

較第二季成長 59%，年增 95%。這遠高於我們的預期，使得截至本季末 LEO 終端累計出貨量達到 690 台。事實上，截至今日，累計出貨量已超過 760 台；我們認為這使我們在 LEO 商務航空連線市場的市占率約為 35% 至 40%。

Than 12 months after introduction, making Galileo the most successful LEO product launch in business aviation. We also ended the quarter with 297 Galileo aircraft online, up 61% from the prior quarter.

在推出後不到 12 個月內，讓 Galileo 成為商務航空領域最成功的 LEO 產品上市。我們在季末也有 297 架搭載 Galileo 的飛機已上線，較前一季成長 61%。

This growth in aircraft online continues to demonstrate our ability to convert shipments into aircraft online quickly and each aircraft that activates represents a seven to 10-year recurring revenue relationship. We anticipate that our strong installation rate could continue to drive LEO ARPA growth and eventually offset legacy ATG declines.

上線飛機數的成長持續證明我們能快速將出貨轉化為上線飛機；而每一架完成啟用的飛機都代表一段 7 至 10 年的經常性收入關係。我們預期強勁的安裝率可持續帶動 LEO 每架飛機平均收入（ARPA）成長，並最終抵消既有 ATG 業務下滑。

As outlined during our last call, our three-year pricing commitment is resonating with customers who value predictable costs alongside operational reliability, and we are seeing that reflected in our win rates and corresponding decline in competitive conversions.

如同我們在上次電話會議所述，我們的三年期定價承諾正引起重視可預期成本與營運可靠性的客戶共鳴；我們也在得標率中看到反映，並伴隨競品轉換（competitive conversions）下降。

Our pipeline of qualified Galileo opportunities remains above 500 aircraft even after a record quarter of closed business, which indicates that the pipeline is being replenished as quickly as we convert it.

即使在本季締造創紀錄的成交量之後，我們合格的 Galileo 商機管線仍維持在 500 架以上，顯示我們在轉化管線的同時，管線補充速度同樣迅速。

There is also a second driver of Galileo service revenue growth that is only beginning to show. To launch the platform, we offered many early customers discounts for an initial period, those terms are now starting to expire and those customers are converting to a standard service plan, increasing the revenue we earn from each aircraft already online.

此外，Galileo 服務收入成長還有第二個驅動因素，現在才剛開始顯現。為了推出平台，我們曾在初期期間向許多早期客戶提供折扣；這些條款目前開始到期，客戶正轉換至標準服務方案，進而提高我們從已上線飛機所取得的單機收入。

The quarter we saw average monthly service revenue per Galileo aircraft increased 6% sequentially. We expect that effort to build through the first half of 2027, so we expect Galileo service revenue to grow both from new aircraft coming online and from rising revenue per aircraft across the existing base, especially as some fleet preferential pricing becomes less prominent.

本季我們看到每架 Galileo 飛機的平均月服務收入較前一季提升 6%。我們預期這項效益將延續至 2027 年上半年；因此我們預期 Galileo 服務收入將同時受惠於新上線飛機增加，以及既有基礎上單機收入提升，特別是在部分機隊的優惠定價影響逐漸降低之際。

Building on that momentum, I want to highlight the fleet commitments we secured this quarter. The rollouts we discussed last quarter with VistaJet, Wheels Up and AirShare continue to make steady progress and our Galileo deployment with NetJets is complete in Europe and continues in North America. The quarter we added five significant new commitments. First, Textron Aviation announced they will be the first OEM to offer no charge installation of the Gogo Galileo HDX system on factory new latitude and longitude aircraft delivered starting in 2028, along with a preferred worldwide service rate guarantee for three years.

在此動能之上，我想強調我們本季取得的機隊承諾。我們上季提到與 VistaJet、Wheels Up 與 AirShare 的導入計畫持續穩健推進；我們與 NetJets 的 Galileo 部署已在歐洲完成，並持續在北美推進。本季我們新增五項重要的新承諾。首先，Textron Aviation 宣布他們將成為首家 OEM，對自 2028 年起交付的全新 Latitude 與 Longitude 機型，提供 Gogo Galileo HDX 系統的免費原廠安裝，並同時提供三年期的全球優選服務費率保證。

PlaneSense, one of the largest fractional operators in the United States, selected Galileo HDX for its entire fleet of 71 Pilatus PC-12 turboprops and PC-24 jets, as well as future deliveries, with installations expected to be completed by the end of 2027.

PlaneSense 作為美國最大的分時共享營運商之一，已為其全機隊 71 架 Pilatus PC-12 渦槳機與 PC-24 噴射機（以及未來交付機隊）選用 Galileo HDX，預計安裝將於 2027 年底前完成。

The PlaneSense deal was a full fleet decision made in a competitive process and it followed rigorous testing that gave PlaneSense confidence that Galileo can support a full cabin of passengers streaming video, joining video meetings and using other connected services all at the same time. In addition, Duncan Aviation placed an order of 40 Galileo HDX systems, our largest single MRO order of the year.

PlaneSense 的交易是在競爭性流程中做出的全機隊決策，並在嚴格測試後，讓 PlaneSense 相信 Galileo 能同時支援滿艙乘客串流影片、加入視訊會議並使用其他連網服務。此外，Duncan Aviation 下單訂購 40 套 Galileo HDX 系統，為我們今年最大的一筆單一 MRO 訂單。

Also, Bombardier ordered 10 Gogo Galileo FDX and 15 Gogo Galileo HDX units to support their demonstration fleet, aftermarket installations and OEM deliveries. Finally, in a powerful illustration of what Galileo can enable in a mission-critical setting, TransMedics is now equipping its fleet of 22 Embraer Phenom 300E aircraft with Galileo HDX.

另外，Bombardier 訂購 10 套 Gogo Galileo FDX 與 15 套 Gogo Galileo HDX，用於支援其展示機隊、售後市場安裝以及 OEM 交付。最後，為了有力展現 Galileo 在關鍵任務情境中的能力，TransMedics 現正為其 22 架 Embraer Phenom 300E 機隊配備 Galileo HDX。

To support time-critical organ transport missions across the United States with full deployment expected by mid-2027. Taken together, these wins span fractional special mission MRO and OEM channels and demonstrate the breadth of demand for Galileo across the market that other providers cannot meet.

以支援美國境內時間高度敏感的器官運輸任務，預計於 2027 年年中完成全面部署。綜合而言，這些勝利涵蓋分時共享、特殊任務、MRO 與 OEM 通路，並展現市場對 Galileo 的廣泛需求，而其他供應商無法滿足。

We also continue to expand Galileo's addressable market during the quarter. We received four additional supplemental type certificates for Galileo HDX and one for FDX, bringing our total to 54 STCs across the business aviation fleet.

本季我們也持續擴大 Galileo 的可服務市場。我們新增取得 Galileo HDX 的四張補充型號合格證（STC）以及 FDX 的一張，使我們在商務航空機隊上的 STC 總數達到 54 張。

STCs for our FDX are progressing, we anticipate adding approximately five more by year-end. These approvals driven by OEMs and MRO networks continue to broaden the range of aircraft on which Galileo can be installed and support the line fit ramp we have discussed on previous calls. In other exciting developments for Galileo this quarter, we unveiled the long-term technology roadmap for the product.

我們的 FDX 之 STC 進展順利，預期在年底前再新增約五張。這些由 OEM 與 MRO 網絡推動的核准，持續擴大 Galileo 可安裝的機型範圍，並支援我們在先前電話會議中討論過的原廠線裝（line fit）爬坡。本季 Galileo 的其他令人振奮進展是，我們發布了該產品的長期技術路線圖。

The roadmap outlines planned performance enhancements approximately every 24 months over the next six years, targeting download speeds of five times and upload speeds of 10 times current levels, while preserving the existing installation infrastructure wherever possible. We believe this roadmap gives customers confidence that the system they install today will keep pace with their needs over the life of the aircraft, which is central to the seven to 10-year. Customer cycle I described earlier. The response from customers has been positive and immediate, and going forward, we believe the roadmap will be an important factor in Galileo's competitive positioning against alternatives. Turning to our air-to-ground business. Our Q3 results for this business reflect our continued technology transition.

該路線圖概述未來六年內約每 24 個月的規劃效能提升，目標是在盡可能保留既有安裝基礎設施的前提下，將下載速度提升至目前的 5 倍、上傳速度提升至 10 倍。我們相信，這份路線圖能讓客戶對於今天安裝的系統在飛機全生命週期內仍可跟上需求更具信心，而這正是我先前所描述 7 至 10 年客戶週期的核心。客戶週期。客戶反應正面且迅速；展望未來，我們認為該路線圖將成為 Galileo 相較替代方案的重要競爭定位因素。接著談我們的空對地（ATG）業務。本公司此業務的第三季結果反映我們持續進行的技術轉換。

Total ATG aircraft online ended the quarter at 5,399, down 6% sequentially. ATG equipment units sold declined to 142 and ATG service revenue decreased due to customer deactivations, including migrations from legacy and advanced systems to competing platforms and our next-generation products.

ATG 上線飛機總數於季末為 5,399 架，較前一季下降 6%。ATG 設備銷售量下滑至 142 台，且 ATG 服務營收因客戶停用而下降，其中包括從傳統與進階系統遷移至競品平台以及我們下一代產品的情況。

These declines reflect the expected ATG transition and customer attrition and they are the primary driver of the change to our consolidated results this quarter. They also include the NetJetss fleet transition we discussed earlier this year, which continues to be in line with our expectations and is partially offset by our Galileo deployment with NetJetss, which is progressing well.

這些下滑反映了預期中的 ATG 轉換與客戶流失，並且是本季合併業績變動的主要驅動因素。其中也包含我們今年稍早討論過的 NetJets 機隊轉換，進度仍符合預期，且部分由我們與 NetJets 的 Galileo 部署所抵銷；該部署進展良好。

The substantial majority of our ATG base now possesses hardware that is ready to migrate to LTE. We're also seeing the transition take a second form as ATG customers upgrade directly to Galileo, a positive result that keeps those customers with Gogo on a platform with a longer runway, thereby preserving long-term financial results.

我們 ATG 基礎客戶中的絕大多數目前已具備可遷移至 LTE 的硬體。我們也看到轉換出現第二種形式：ATG 客戶直接升級至 Galileo；這是正面的結果，能讓這些客戶留在 Gogo、並使用更具長期發展空間的平台，從而維持長期財務表現。

On 5G, we shipped 68 units in the quarter, down from the second quarter and ended with 94 aircraft online. 5G has been in the market for less than a year and as with any new network, we have continued to optimize the software and the performance as the installed base grows.

在 5G 方面，本季出貨 68 台，較第二季下降，季末上線飛機數為 94 架。5G 上市未滿一年，與任何新網路一樣，隨著安裝基數成長，我們持續優化軟體與效能。

A number of early placements were made at promotional pricing to see the network, which reduces reported service revenue today, but brings aircraft onto the service and activations accelerated in the quarter as those units come online. We ended the quarter with 674 C1 systems online, broadly in line with the second quarter and 4,324 advanced aircraft online.

部分早期部署採促銷定價以推動網路導入，這會降低目前揭露的服務營收，但能讓飛機接入服務；隨著這些設備上線，本季啟用速度加快。季末我們有 674 套 C1 系統上線，與第二季大致一致，另有 4,324 架進階（advanced）機型上線。

As was the case last quarter, the headline decline in ATG aircraft online is impacted not only by the fleet transition dynamics I discussed earlier, but also a cohort of aircraft that have deactivated ATG while upgrading to Galileo or 5G or in maintenance or being sold.

如同上季，ATG 上線飛機數的表面下滑，不僅受到我先前提到的機隊轉換動態影響，也受到一批在升級至 Galileo 或 5G、或處於維修中、或正在出售而暫停 ATG 的飛機所影響。

Adjusting for those factors, the underlying rate of ATG attrition improved from the second quarter. Deactivations to competing systems declined meaningfully. A portion of what appears as ATG activations does not represent customer loss, but customers migrating to newer Gogo products either already reflected in our Galileo base or expected to reactivate on 5G or Galileo in the coming quarters.

在排除上述因素後，ATG 流失的基礎速度較第二季改善。轉向競品系統的停用量明顯下降。部分看似 ATG 啟用的情況並不代表客戶流失，而是客戶遷移至較新的 Gogo 產品；這些已反映在我們的 Galileo 基礎中，或預期將在未來幾季於 5G 或 Galileo 上重新啟用。

Now turning to the FCC reimbursement program, we have recently received a six-month extension from the FCC beyond the original November deadline and we are on track to complete the migration of our remaining Classic customers in the first quarter of next year. Reimbursements continue to flow during the quarter and offset program costs and we now assume $35 million in capital reimbursements for the full-year.

接著談 FCC 補償計畫：我們近期獲 FCC 核准在原本 11 月截止期限之外再延長 6 個月，並正按計畫於明年第一季完成剩餘 Classic 客戶的遷移。本季補償款持續入帳並抵銷計畫成本；我們目前對全年資本性補償的假設為 3,500 萬美元。

Reflecting longer processing times for program modifications rather than any change to our approved amount. Once the transition is complete, Gogo will operate the only fully US-based data-sovereign ATG network and the migration provides every remaining Classic customer with a clear path to new equipment.

此假設反映的是計畫變更申請處理時間拉長，而非我們已核准金額的任何變動。一旦轉換完成，Gogo 將營運唯一完全以美國為基地、具資料主權（data-sovereign）的 ATG 網路，而此次遷移也為每一位仍在使用 Classic 的客戶提供了明確的設備升級路徑。

Turning to our geostationary or GEO business, GEO aircraft online ended the quarter at 1,285, down 2% from the second quarter and 4% year-over-year, continuing the moderating trend we have seen over the past several quarters as the market transitions toward LEO and hybrid solutions. Geo remains a strategically valuable part of our network neutral offering. This quarter, we secured the renewal of a sovereign communications lease valued at more than $15 million annually to provide geo connectivity to an overseas government customer, a reminder that for certain mission profiles, the global coverage and proven reliability of geostationary networks remains essential. I would now like to turn to our military/government service.

接著談我們的地球同步軌道（GEO）業務：GEO 上線飛機於季末為 1,285 架，較第二季下降 2%，年減 4%；隨著市場轉向 LEO 與混合式解決方案，延續過去數季我們所見到的趨緩趨勢。GEO 仍是我們網路中立（network neutral）產品組合中具策略價值的一環。本季我們成功續約一項主權通訊租賃合約，年價值超過 1,500 萬美元，為海外政府客戶提供 GEO 連線；這提醒我們，對於某些任務型態而言，地球同步網路的全球覆蓋與經驗證的可靠性仍不可或缺。接下來我想談我們的軍事／政府服務。

Service revenue was $37.2 million in the quarter, an increase of 36% year-over-year and a decrease of 7% from the record second quarter. As I mentioned last quarter, the second quarter reflected a particularly active operating environment driven by the conflict in the Middle East and the activity moderated somewhat in the third quarter. Which is exactly how the business is designed to work. Our blanket purchase agreements remain in place through quieter periods and scale when demand increases, so incremental usage converts to revenue without a new procurement cycle and while not as high as the second quarter, the third quarter still represents one of the strongest in the history of the business.

本季服務營收為 3,720 萬美元，年增 36%，但較創紀錄的第二季下降 7%。如我上季所提，第二季因中東衝突帶動而呈現特別活躍的營運環境，第三季活動程度有所降溫。這正是此業務設計的運作方式。我們的概括採購協議（blanket purchase agreements）在較平靜期間仍維持有效，並可在需求增加時擴張，因此新增使用量可在無需新的採購週期下轉化為營收；雖不及第二季高，但第三季仍是本業務史上最強勁的季度之一。

The core demand picture, the more important development in our military/government business is the diversification of this business into new mission profiles.

核心需求態勢方面，在我們軍事／政府業務中更重要的發展，是此業務正多元化拓展至新的任務型態。

Gogo Special Missions, together with Insitu, a Boeing company, successfully completed testing and integration of a modified high-speed satellite connectivity solution for Group 3 uncrewed aircraft systems, moving the UAV opportunity from concept into a real flying capability.

Gogo Special Missions 與 Insitu（波音旗下公司）合作，已成功完成針對第 3 組無人航空系統（UAS）的改良型高速衛星連線解決方案之測試與整合，使無人機（UAV）商機從概念推進為實際可飛行的能力。

During the quarter, we also completed ground testing of the UAV payload on our air-to-ground network and we plan to fly a Group 2 or 3 uncrewed aircraft on our LTE network before the end of the year.

在本季度期間，我們也在空對地（ATG）網路上完成了無人機（UAV）載荷的地面測試，並計畫在年底前於我們的 LTE 網路上試飛一架第 2 或第 3 組的無人駕駛航空器。

These developments, together with the sovereign communications lease I mentioned a moment ago, along with the business wins, significantly broaden the opportunity set for our military/government revenue and extend our network into high-value applications well beyond traditional aviation.

這些進展，加上我剛才提到的主權通訊租賃，以及業務斬獲，顯著擴大了我們軍事/政府營收的機會範圍，並將我們的網路延伸至遠超傳統航空領域的高價值應用。

Before I turn the call over to Zac, I want to highlight a few financial themes he will discuss in greater detail. First, the decline in service revenue this quarter was driven by the ongoing ATG transition and customer attrition as expected. Second, Galileo equipment carries lower margins than the ATG hardware it is replacing, but comes with customer longevity and we are pricing accordingly to win these long-term service relationships and we believe there is an opportunity to. Increase ARPA at a later date.

在我把電話交給 Zac 之前，我想先強調幾個他將在稍後更詳細說明的財務主題。第一，本季服務營收的下滑如預期主要由持續進行的 ATG 轉換以及客戶流失所致。第二，Galileo 設備的毛利率低於其所取代的 ATG 硬體，但可帶來更長的客戶使用年限；因此我們採取相應定價以贏得這些長期服務關係，我們也相信未來有機會在之後。提高 ARPA。

That is deliberate, and we expect to pay off as those aircraft come online.

這是刻意為之，我們預期隨著這些飛機陸續上線將會獲得回報。

Third, the business continues to generate cash. Free cash flow was the highest of the year and up from the second quarter.

第三，業務仍持續產生現金。自由現金流為今年最高，且較第二季增加。

Finally, the court vacated the $22.7 million jury award in the SmartSky litigation, and we have reduced our expected litigation expense.

最後，法院撤銷了 SmartSky 訴訟中 2,270 萬美元的陪審團裁決賠償，我們也下調了預期的訴訟費用。

Final judgment has not yet been entered and the litigation remains ongoing. We are reiterating our full-year guidance and with the amendment and extension of original Term Loan B complete, debt reduction is well underway and remains our primary capital allocation priority.

最終判決尚未作成，訴訟仍在進行中。我們重申全年指引；隨著原始 Term Loan B 的修訂與展期已完成，去槓桿/減債正穩步推進，並仍是我們資本配置的首要優先事項。

I will now turn the call over to Zac to walk through the Q3 numbers.

我現在把電話交給 Zac，請他帶大家回顧第三季的數字。

Thanks, Chris, and good morning, everyone.

謝謝你，Chris，各位早安。

As Chris just outlined, our third quarter results reflect the transition we've been describing for several quarters as customers migrate from our legacy ATG offerings to our next-generation products.

如 Chris 剛才所概述，我們第三季的業績反映了我們過去幾季一直在描述的轉型：客戶正從我們的傳統 ATG 方案遷移至下一代產品。

As we expected, that transition weighed on reported revenue and profitability this quarter, while our newer technologies continue to gain momentum.

如我們所預期，這項轉換在本季對已報告的營收與獲利能力造成壓力；同時，我們較新的技術持續累積動能。

We saw record Galileo shipments.

我們看到 Galileo 出貨創下新高。

A growing base of aircraft online with our next-generation platforms, and a military/government business that delivered one of the strongest quarters on record.

採用我們下一代平台並已上線的飛機基數持續成長，而軍事/政府業務也交出該業務史上最強勁的季度之一。

Following quarter-end, we also took an important step to strengthen our balance sheet, completing the amendment and extension of the consenting lenders' loans under our original Term Loan B, which I'll discuss in more detail later in the call.

在季度結束後，我們也採取了一項強化資產負債表的重要措施：完成了對原始 Term Loan B 項下同意貸方貸款的修訂與展期，我稍後會在電話會議中更詳細說明。

We remained disciplined on cost and capital allocation.

我們在成本與資本配置上維持紀律。

Free cash flow improved sequentially, and we are reiterating our full-year guidance.

自由現金流較前一季改善，我們也重申全年指引。

Gogo's total revenue for the quarter was $213.2 million, down 5% compared to Q3 2025 and 4% compared to Q2 2026.

Gogo 本季總營收為 2.132 億美元，較 2025 年第三季下降 5%，較 2026 年第二季下降 4%。

Service revenue totaled $182.7 million, down 4% year-over-year and 4% sequentially.

服務營收合計 1.827 億美元，年減 4%，季減 4%。

Business aviation service revenue was $145.6 million, down 10% year-over-year and 4% sequentially, driven by the expected decline in ATG service revenue as customers transition to next-generation products.

商務航空服務營收為 1.456 億美元，年減 10%，季減 4%，主要因客戶轉向下一代產品，導致 ATG 服務營收如預期下滑。

Military and government service revenue was $37.2 million, up 36% compared to Q3 2025 and down 7% sequentially from a record second quarter as the elevated usage Chris described moderated somewhat.

軍事與政府服務營收為 3,720 萬美元，較 2025 年第三季成長 36%，但較創紀錄的第二季季減 7%，原因是 Chris 所描述的高使用量有所回落。

Even with that moderation, this was one of the strongest quarters in the history of that business.

即便如此回落，這仍是該業務史上最強勁的季度之一。

As our next-generation products move toward broader adoption and their full contribution, military/government revenue will continue to serve as both a stabilizing influence and an important driver of growth.

隨著我們的下一代產品邁向更廣泛採用並充分貢獻，軍事/政府營收將持續同時扮演穩定力量與重要成長驅動因素。

Equipment revenue totaled $30.5 million, down 9% year-over-year and 3% sequentially due to the decline in ATG unit sales, which fell 52% sequentially to 142 units.

設備營收合計 3,050 萬美元，年減 9%，季減 3%，主要因 ATG 單機銷售下滑；ATG 單機銷量季減 52% 至 142 台。

This is partially offset by a strong adoption of our next-generation products, particularly Galileo.

這部分下滑被我們下一代產品（尤其是 Galileo）的強勁採用部分抵銷。

During the quarter, Galileo equipment shipments increased 59% sequentially to a record 172 units, bringing the year-to-date Galileo shipments to 372.

本季 Galileo 設備出貨量較前一季成長 59% 至創紀錄的 172 台，使年初至今 Galileo 出貨量達到 372 台。

We also shipped 68 Gogo 5G units, down 51% from the second quarter.

我們也出貨了 68 台 Gogo 5G 單元，較第二季下降 51%。

Turning to our aircraft online metrics, total ATG aircraft online ended the quarter of 5,399 or down 17% year-over-year and 6% sequentially, consistent with the customer transitions from our legacy ATG platform to next-generation technologies.

接著看飛機上線指標，ATG 上線飛機總數在本季末為 5,399 架，年減 17%、季減 6%，與客戶自傳統 ATG 平台轉向下一代技術的趨勢一致。

Within ATG, Gogo 5G aircraft online grew to 94 as activations accelerated during the quarter.

在 ATG 之中，Gogo 5G 上線飛機增至 94 架，反映本季啟用速度加快。

Galileo aircraft online increased 61% sequentially to 297 aircraft, reflecting continued customer adoption as additional supplemental type certificates come online.

Galileo 上線飛機較前一季增加 61% 至 297 架，反映客戶持續採用，且更多補充型式證書（STC）陸續到位。

Broadband geo aircraft online ended the quarter at 1,285, down 2% sequentially and 4% year-over-year, consistent with the moderating trend Chris described as the market transitions toward LEO and hybrid solutions.

寬頻 GEO（地球同步軌道）上線飛機在本季末為 1,285 架，季減 2%、年減 4%，與 Chris 所描述的趨緩趨勢一致，因市場正轉向 LEO 與混合式解決方案。

Turning to profitability, our results reflect the mix shift underway in the business.

接著看獲利能力，我們的結果反映了業務組合正在發生的轉變。

Gross margin for the quarter before depreciation and amortization was approximately 40%, compared to 42% in the second quarter, driven by lower ATG service revenue, which carries our highest margins.

本季折舊與攤銷前的毛利率約為 40%，相較第二季的 42% 下滑，主要因 ATG 服務營收下降，而該項業務具有我們最高的毛利率。

As a reminder, Galileo shipments carry lower margins than ATG hardware they replaced and several fleet orders were aggressively priced to secure long-term duration service revenue.

提醒一下，Galileo 出貨的毛利率低於其所取代的 ATG 硬體，且我們對數筆機隊訂單採取較積極的定價，以確保長期合約期間的服務營收。

Below gross profit, we continue to exercise disciplined expense management. Engineering, design and development expense declined $5.7 million year-over-year due to lower development spending and G&A expense was approximately flat year-over-year.

在毛利以下的費用方面，我們持續維持嚴謹的費用管理。工程、設計與開發費用年減 570 萬美元，主要因開發支出降低；而一般及行政（G&A）費用年比約持平。

Moving to our bottom line, the net loss for the quarter was $3.2 million compared to a net loss of $1.9 million in the third quarter of 2025 and $2 million in the second quarter of 2026.

來看最終損益，本季淨損為 320 萬美元，相較 2025 年第三季淨損 190 萬美元，以及 2026 年第二季淨損 200 萬美元。

Third quarter results include a $6.1 million non-cash increase in the fair value of the Satcom Direct earnout liability.

第三季結果包含 Satcom Direct 或有對價（earnout）負債公允價值的 610 萬美元非現金增加。

Adjusted EBITDA for the quarter was $41 million, down 27% from $56.2 million in the third quarter of 2025 and down 24% from $53.7 million in the second quarter of 2026, driven primarily by lower ATG service revenue.

本季調整後 EBITDA 為 4,100 萬美元，較 2025 年第三季的 5,620 萬美元下降 27%，較 2026 年第二季的 5,370 萬美元下降 24%，主要由 ATG 服務營收下降所致。

Adjusted EBITDA in the quarter includes $4.1 million of ongoing litigation expense.

本季調整後 EBITDA 包含 410 萬美元的持續訴訟費用。

Looking at capital allocation, reducing leverage remains our highest priority and the original Term Loan B amendment and extension we announced is a meaningful step towards that goal.

在資本配置方面，降低槓桿仍是我們的最高優先事項，而我們所宣布的原始 Term Loan B 修訂與展期，是朝該目標邁進的重要一步。

With support from lenders holding substantially all of the facility, we extended the maturity of the consenting lenders' loans by approximately 2.5 years to October 2030.

在持有幾乎全部該融資安排的貸方支持下，我們將同意貸方的貸款到期日延長約 2.5 年至 2030 年 10 月。

We have also committed to $75 million of principal payments by the end of 2027, including $25 million paid down immediately at closing.

我們也承諾在 2027 年底前支付 7,500 萬美元的本金，其中包括在交割完成時立即償還的 2,500 萬美元。

$30 million by the end of this year and a further $20 million by the end of 2027 and the total debt repaid inclusive of our new amortization schedule is $92 million over the same period.

其中包括在今年底前償還 3,000 萬美元，以及在 2027 年底前再償還 2,000 萬美元；若包含新的攤還時程，同期間內償還的總債務金額為 9,200 萬美元。

This gives us the runway to execute the Galileo and 5G transition while putting our commitment to directing free cash flow toward debt reduction directly into the credit agreement.

這讓我們有足夠的時間窗口來執行 Galileo 與 5G 的轉換，同時也把我們將自由現金流用於減債的承諾，直接寫入信貸協議之中。

And the level of lender participation reflects confidence in both our cash generation and our strategy.

而貸方的參與程度也反映出他們對我們現金創造能力與策略的信心。

Turning to cash flow, net cash provided by operating activities totaled $26.3 million compared to $32.3 million in the second quarter.

談到現金流，營運活動提供的淨現金合計為2,630萬美元，較第二季的3,230萬美元下降。

Free cash flow was $28.1 million compared to $21.6 million in the second quarter and $30.6 million in the prior year quarter.

自由現金流為2,810萬美元，較第二季的2,160萬美元增加，並較去年同期的3,060萬美元下降。

The sequential improvement reflects lower net capital expenditures and a reduction in inventory as Galileo shipments accelerated, partially offset by lower adjusted EBITDA.

這一季比季的改善反映了淨資本支出降低以及隨著Galileo出貨加速而帶來的庫存下降，但部分被調整後EBITDA較低所抵銷。

We received $14 million in FCC reimbursement during the quarter, bringing the program-to-date proceeds to $150 million.

本季我們收到1,400萬美元的FCC補償，使該計畫截至目前的累計收入達到1.5億美元。

We ended the quarter with $90.7 million in cash and cash equivalents, up $27.6 million from the end of the second quarter.

本季末我們的現金及約當現金為9,070萬美元，較第二季末增加2,760萬美元。

Our net leverage ratio at quarter-end was 4.0 times compared to 3.8 times at the end of the second quarter.

季末我們的淨槓桿比率為4.0倍，較第二季末的3.8倍上升。

The increase reflects lower trailing 12-month adjusted EBITDA rather than an increase in debt.

此一上升反映的是過去12個月的調整後EBITDA較低，而非債務增加。

In our earnings release this morning.

在我們今天早上的財報新聞稿中。

We've reiterated our full-year 2026 financial guidance.

我們重申了2026全年財務指引。

We continue to expect total revenue in the range of $870 million to $895 million, with approximately 84% generated from service revenue and 16% from equipment revenue.

我們仍預期總營收介於8.70億至8.95億美元之間，其中約84%來自服務營收，16%來自設備營收。

We expect adjusted EBITDA in the range of $175 million to $185 million.

我們預期調整後EBITDA介於1.75億至1.85億美元之間。

That range now includes approximately $18 million of ongoing litigation expense, down from $22 million in our prior guidance following the Delaware District Court's ruling in the SmartSky matter.

該區間目前包含約1,800萬美元的持續訴訟費用，較先前指引中的2,200萬美元下降，原因是特拉華州聯邦地方法院就SmartSky案件作出裁定後所致。

Net capital expenditures are still planned to be approximately $20 million.

淨資本支出仍規劃約為2,000萬美元。

This now assumes $35 million in FCC reimbursement, down from $45 million, reflecting longer processing time for program modifications, with a portion of both the reimbursement and the related spending shifting into 2027.

此一假設目前包含3,500萬美元的FCC補償，較4,500萬美元下調，反映計畫變更的處理時間較長，且部分補償與相關支出將遞延至2027年。

Overall, our third quarter results reflect the planned transition of our revenue base as customers move from legacy ATG to Galileo and 5G and our continued focus on execution through that transition.

整體而言，我們第三季的結果反映了在客戶從傳統ATG轉向Galileo與5G的過程中，我們按計畫推進營收基礎的轉換，並在此轉換期間持續專注於執行。

We are converting record Galileo shipments into a growing base of recurring service revenue, our military/government business is delivering durable contracted revenue through changing demand environments and we have taken a meaningful step to strengthen the balance sheet with the amendment and extension of our original Term Loan B.

我們正將創紀錄的Galileo出貨轉化為不斷成長的經常性服務營收基礎；我們的軍事/政府業務在需求環境變動下仍能提供穩健的合約收入；同時，透過修訂並延長原有的B期定期貸款（Term Loan B），我們已採取重要一步強化資產負債表。

At the same time, we remain disciplined on how we manage cost, allocate capital, directing free cash flow toward debt reduction while investing in products and capabilities that will drive our growth.

同時，我們在成本管理與資本配置上仍保持紀律，將自由現金流導向減債，同時投資於將推動成長的產品與能力。

We believe this balanced approach positions us well to deliver increasing shareholder value over time.

我們相信，這種平衡的做法使我們能在時間推移中持續提升股東價值。

I finally want to thank the entire Gogo team for the continued hard work and commitment to serving our customers as we execute on this transformation.

最後，我想感謝整個Gogo團隊在推動這項轉型的同時，持續努力並致力於服務客戶。

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

接線員，我們的預備發言到此結束。請開放提問線路。

(Operator Instructions) Justin Lang, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Justin Lang。

Yeah, hi.

是的，你好。

Good morning. Thanks for taking the questions, Chris and Zac.

早安。謝謝你們回答問題，Chris 和 Zac。

I wanted to actually start on the spectrum, given the license renewals.

我想先從頻譜談起，考量到執照續期。

And as you alluded to, some recent higher-profile transactions in this space. So just curious if you could talk a little bit more about what's on the table in terms of highest and best use that you referenced earlier and how developed some of that thinking is?

另外如你們提到的，近期在這個領域也有一些較受矚目的交易。所以想請你們多談一些：你們先前提到的「最高且最佳用途」目前有哪些選項，以及相關思考發展到什麼程度？

Good morning. Good to speak to you. Before I answer that question, I will just. Say a quick remark.

早安。很高興和你通話。在回答這個問題之前，我先。簡短說明一下。

I apologize to everybody on the call that we have the late releases this morning. That was down to our amendment and extension for the Term Loan B, and we appreciate everybody's patience and support.

我向所有參與電話會議的各位致歉，今天早上的資料發布較晚。這是因為我們針對B期定期貸款（Term Loan B）進行修訂與展延所致，感謝大家的耐心與支持。

Regarding the spectrum, great question. We're really excited about looking at that prospect. We've obviously engaged the bank and advisors who.

關於頻譜，這是個很好的問題。我們對評估這個機會感到非常興奮。我們顯然已聘請銀行以及相關顧問，他們。

Are in this space. I would start with the if you look at the FCC posture at the moment, it's obviously highest and best use.

都在這個領域。我會先從目前FCC的立場談起，顯然是以「最高且最佳用途」為導向。

We believe that even with our network utilization across our ATG customers, there is still room for further extraction of value.

我們認為，即使在我們針對ATG客戶的網路使用率之下，仍有空間進一步挖掘價值。

If you look at what we're doing in the UAV space with unmanned aerial vehicles.

如果你看我們在UAV領域（無人飛行載具）的布局。

I think there's more further opportunity in those use cases towards unmanned aircraft systems, and that has opportunity in its own right.

我認為在無人航空系統的各種使用情境上仍有更多機會，而這本身就具備其自身的機會。

Terrestrial mobile carriers, as you've seen with the recent EchoStar transaction, and also direct-to-device. The amazing thing with our spectrum, and it's obviously very unique, is that it actually can be applied across those three areas. We obviously need to explore those opportunities with our advisors, but with that spectrum, it can go through buildings. It's really high utilization potential. I think if you look at the direct-to-device space, it's pretty exciting on that. Terrestrial mobile carriers, obviously around Verizon, what they've been doing and then obviously with the recent acquisition of EchoStar spectrum as well, it will be it's the right time we feel to make sure that we extract the most value for our shareholders and our customers as we move to more broadband in our transition, but also utilize our assets.

地面行動電信業者，如你從近期的EchoStar交易所見，以及直連終端（direct-to-device）。我們頻譜最令人驚豔、且非常獨特的一點是，它其實可以同時應用在這三個領域。我們當然需要與顧問一起探索這些機會，但這段頻譜可以穿透建築物。它具有非常高的使用率潛力。我認為若看直連終端領域，這方面相當令人振奮。至於地面行動電信業者，顯然包括Verizon的相關作為，以及近期收購EchoStar頻譜等，我們認為現在是合適的時點，確保在我們轉型、邁向更寬頻的同時，也能善用資產，為股東與客戶萃取最大價值。

Got it. That's great color. And then maybe switching gears to Galileo, a new one for Zac actually, just given where things stand today, can you give us a sense of sort of updated expectations around the shape of growth in Galileo, AOL into next year and then maybe early HDX, FDX breakdown?

了解。這些說明很有幫助。接著或許換個話題談Galileo，這題其實是給Zac的新問題：就目前的進展而言，你能否更新一下對Galileo成長型態的預期，從現在到明年AOL的走勢，以及可能在早期HDX、FDX之間的占比拆分？

Yeah, so I think it's still predominantly HDX, right? And I think while we aren't giving 2027 guidance on this call, we do feel like the kind of shipments number we've seen this year is repeatable, especially as these OEMs come online, like as you saw on the release, and again, apologies, it was late, but the order from Bombardier is.

是的，我認為目前仍以HDX為主，對吧？而且我認為，雖然我們在這通電話上不提供2027年的指引，但我們確實覺得今年看到的出貨量水準是可重複的，特別是隨著這些OEM陸續上線；正如你在新聞稿中看到的，再次致歉發布較晚，但來自龐巴迪（Bombardier）的訂單是。

Great kind of indicator of how they view the product and same thing with Textron. So again, too early to say where it's going, but we feel confident that the demand is still strong.

這是他們如何看待該產品的一個很好的指標，Textron也是同樣情況。所以同樣地，現在要說未來會走到哪裡還太早，但我們對需求仍然強勁感到有信心。

Yeah, I would just add to that. I think the obviously cut Textron in the script, but that's standard fit. So to deselect.

是的，我再補充一下。我想顯然在講稿中提到Textron，但那是標準配備（standard fit）。所以若要取消選配。

As means you, I mean, you're deflecting a free service. So that's standard fit from production. So I think that confidence from the OEM is going to start really shining through in the next 12 months. And then Bombardier also placing those orders, equipping a demonstration fleet. We're really excited. I think this is a really good start and you can start seeing that momentum in our Galileo shipments.

等於是，你的意思是，你是在放棄一項免費服務。所以那是從生產端就採標準配備。因此我認為OEM的這種信心，將在未來12個月開始真正展現出來。另外，龐巴迪也下了這些訂單，為示範機隊進行裝機。我們非常興奮。我認為這是非常好的開始，你也可以開始看到我們Galileo出貨的動能。

Got it. And then just on the ATG deactivations, do you have a sense of what percentage of those this year are actually customer upgrades?

了解。另外關於ATG停用，你們是否知道今年這些停用中，有多少比例其實是客戶升級所致？

We do. I don't have it right in front of me, but just we can get you that offline.

我們知道。我手邊沒有立即的數字，但我們可以會後再提供給你。

Okay, great. All right, thanks for the time.

好的，很棒。好，謝謝你撥冗。

But I will say it was the highest in this quarter that we've seen.

不過我會說，這是我們在本季看到的最高水準。

Scott Searle, Roth Capital Partners.

Scott Searle，Roth Capital Partners。

Hey, good morning. Thanks for taking the questions. Nice job in terms of seeing the Galileo momentum continue.

嗨，早安。謝謝讓我提問。Galileo 的動能能持續延伸，做得很好。

Maybe just to follow-up on the last question on the ATG front, can you provide a little bit of color of. When you look at the installed aircraft-online base, what still is at risk when you look at legacy that has not converted over to C1 at this point in time to kind of calibrate, how much we have to work through with the continued transition to at least the lower end of the equation? And then, maybe as well, the Avance installed base for ATG, how much of that is churning off in a given quarter that you're losing to Galileo versus just going away or going. Competitor.

也許延續上一題、在 ATG 方面再追問一下，你能否多提供一些說明。當你看已安裝的機上連網機隊基礎時，就目前仍未轉換到 C1 的既有（legacy）用戶來看，還有哪些仍有風險？想請你幫我們校準一下：在持續轉換的過程中，至少在較低端的那一部分，我們還需要消化多少？另外，ATG 的 Avance 已安裝基礎方面，每一季大概有多少在流失（churn）——是流失到 Galileo，還是只是消失/停用，或是轉到。競爭對手？

Yeah, on the classic side, so as we said before, we anticipated about 200 of those would go dark at the end of the year, but that was based on the previous FCC cutover. So obviously, that gives us a little more time to work through those.

是的，在 classic 那一端，如同我們之前說過的，我們原本預期年底大約有 200 架會熄燈（go dark），但那是基於先前 FCC 的切換時程。所以很明顯，這讓我們多了一點時間去處理那些。

The other side of the equation is, as you saw, the 5G numbers are a little bit softer.

方程式的另一端是，如你所見，5G 的數字稍微偏弱一些。

So we still anticipate the net air-to-ground tail to be down about 1,200 even with the 5G.

所以即便把 5G 也算進去，我們仍預期空對地（air-to-ground）的淨尾端（net tail）大約會下滑 1,200。

On the advanced front, I will say, we saw the lowest number we've seen for people going to competitors, so that was a good sign and so like I said, some good upgrades, we can give you the number offline, I don't have the sheet right in front of me.

在 advanced 這一端，我會說，我們看到轉去競爭對手的人數是我們見過最低的，所以這是個好跡象；而且如我所說，有一些不錯的升級，我可以私下把數字給你，我現在手邊沒有那張表。

But it's good to see that we are upgrading these guys at a higher clip than we've seen before.

但很高興看到，我們替這些客戶升級的速度比以前更快。

Yeah, I would also add to that. I mean, it's just with the air-to-ground piece, clearly the attrition going to competition slowing down.

是的，我也補充一下。就空對地這塊而言，很明顯，流失到競爭對手的流失率正在放緩。

A lot. It wasn't high anyway, but if you look at actually the quarter, over half our equipment revenue was satellite equipment in the quarter. So I think that's a testament to people utilizing our air-to-ground services with our LEO services and also transitioning potentially to LEO if they want high broadband. And as we mature the 5G network and get those speeds.

很多。本來就不高，但如果你看本季，超過一半的設備營收來自衛星設備。所以我認為這證明了客戶在使用我們的空對地服務的同時，也搭配我們的 LEO 服務，並且如果他們想要高頻寬，也可能正在轉向 LEO。而隨著我們讓 5G 網路更成熟並把速度提升。

Up for the customers as well. I think there's a great opportunity there. And also, as I mentioned before, to Justin is utilizing the spectrum in the best form.

也能讓客戶受益。我認為那裡有很大的機會。另外，如我先前對 Justin 提到的，就是以最佳方式運用頻譜。

Chris, maybe just to follow-up on that, is there a timeline that you're comfortable with that the ATG business will bottom? Will that coincide now with the cutover being pushed out two quarters or is it the visibility and the comfort with that still not there yet?

Chris，也許就此再追問一下：你們是否有一個你們覺得有把握的時間表，ATG 業務會觸底？這會不會因為 cutover 延後兩季而同步往後，還是目前對此的能見度與把握仍不足？

I think it's a bit too early to give you the exact.

我覺得現在要給你一個精確的。

Timing of that. One thing I would say is the FCC gathers an extension for the rip-and-replace. So we're now planning on doing the cutover into Q1 next year. I think when we see that, then we'll more confidence. And then at the same time, I think with the Galileo momentum is offsetting a lot of that loss.

時間點還有點太早。我會說的一點是，FCC 給了拆除並更換（rip-and-replace）的延期。所以我們現在規劃在明年第一季進行切換（cutover）。我想等我們看到那個時點時，我們會更有信心。同時，我認為 Galileo 的動能正在抵消其中很大一部分的流失。

I think the other thing that we mentioned in the call earlier. Is that every time we sell the Galileo system, it's really a seven to 10-year cycle that we typically see on attrition with customers when they're making that capital investment on the airframe. So as the ATG numbers come down, it's also how the LEO business is also going up and our long-term view on ATG is obviously still a very important service to us.

我想我們在先前的電話會議也提到另一點：每次我們賣出 Galileo 系統，客戶在機體（airframe）上做了那筆資本投資後，我們通常看到的是 7 到 10 年的週期，才會出現客戶流失（attrition）。所以當 ATG 數字下來時，也要看 LEO 業務如何上升；而我們對 ATG 的長期觀點很明確，它顯然仍是我們非常重要的一項服務。

Yeah, and Scott and Justin, I was able to pull up the numbers you guys both asked, Paul, because it was just very much deck. But within those deactivation numbers, 71 are upgrades either to Galileo or 5G that's not been activated, with obviously the vast majority being Galileo. But it was nice to see, again, like I know we've been talking about it, but it's finally the upgrades are starting to accelerate.

是的，Scott 和 Justin，我把你們兩位問的數字也調出來了，Paul，因為它就在簡報裡。在那些停用（deactivation）數字中，有 71 架是升級到 Galileo 或 5G（但尚未啟用），而且很明顯其中絕大多數是 Galileo。但很高興看到——我知道我們一直在談——但升級終於開始加速了。

Great, and Chris, if I could follow-up in terms of the geo front, it sounds like little headwinds on that front related to utilization in the quarter, but if you look at macro events and the recent throttling of Starlink, Star Shield in the Ukrainian events.

很好。Chris，如果我可以在 GEO 方面再追問：聽起來本季在那一端因使用率而有些小逆風；但若看宏觀事件，以及近期 Starlink、Star Shield 在烏克蘭事件中的限速（throttling）。

It's caused a lot of consternation out within the industry about reliability, about sovereignty. How is that impacting your business? Are you seeing a lot more inbounds on that front? How is the overall pipeline there? Is there some way you could help us at least qualitatively, if not quantitatively, give us an idea of what that looks like?

這在產業內引發了很多對可靠性、對主權的疑慮。這對你們的業務有何影響？你們是否看到更多主動洽詢（inbounds）？整體商機管線（pipeline）狀況如何？你能否至少在質性上（若非量化）幫我們了解一下大概會是什麼樣子？

I think I mentioned it in the call as well, if you look at our pipeline, the fact that we're still kind of like high confidence pipeline is still around 500 and we're closing that much business and we're keeping around that number is actually really exciting, so we're actually feeding the pipeline really quickly now.

我想我在電話會議中也提到，如果你看我們的 pipeline，我們仍維持大約 500 的高信心 pipeline；而我們一邊成交這麼多業務、一邊仍能維持在那個水位，這其實非常令人振奮，因為我們現在補充 pipeline 的速度非常快。

We're also closing business. We've got really great shipments. The OEMs are becoming really engaged. I think there's a general excitement around the company. You can see it with the staff as well. And when we're talking to customers and that momentum is really carrying through. So we're really genuinely very excited.

我們也在持續成交。出貨表現非常好。OEM 也變得非常投入。我認為公司整體有一種普遍的興奮感。從員工身上也看得出來。而當我們與客戶溝通時，那股動能也確實延續下去。所以我們真的非常興奮。

But from a competition point of view, I think the things that we're reliable on is and we're focused on is making sure customers have price guarantees for three years.

但從競爭的角度來看，我認為我們可靠、也聚焦在確保客戶能拿到三年的價格保證。

That doesn't preclude us from looking at the ARPA over the next 12 months.

這並不妨礙我們在未來 12 個月去檢視 ARPA。

I think there's some opportunity there because obviously we're a lot cheaper than our competition at this point in time. So I think there's some opportunity. But at the moment, this is about how we perform in the market, how we enter the market. We are the new entrants in the market, but we're also the fastest growing new entrants in the market, which is really, again, really good testament to the team, our customers and. Also our partners in that as well. So I do think some of those global political events are probably giving us good effect.

我認為那裡有一些機會，因為很明顯，就目前而言我們比競爭對手便宜很多。所以我覺得有機會。但此刻重點在於我們如何在市場上表現、如何進入市場。我們是市場的新進者，但我們同時也是成長最快的新進者；這再次是對團隊、我們的客戶以及。也對我們的合作夥伴的一個很好的證明。所以我確實認為，某些全球政治事件可能正在對我們產生正面效果。

You can also see that in our government business, which is 36% year-over-year half, which is significant. And we're also closing more business around that and making Galileo more prevalent in that. And also coming along with new opportunities for ATG with the UAV testing and looking at UAS unmanned aircraft systems and potential around that. So I do think the geopolitical environment is definitely an opportunity for us. But at the moment, I think that's the big thing we're focused on is we're an aviation business. We're really good at what we do. And it's now starting to get some really serious momentum, which is really exciting.

你也能在我們的政府業務看到這點：年增 36%（year-over-year），這很顯著。而我們也在那方面成交更多業務，讓 Galileo 在其中更普及。同時也帶來 ATG 的新機會，例如 UAV 測試，以及針對 UAS 無人航空系統的評估與相關潛力。所以我確實認為地緣政治環境對我們而言絕對是機會。但就目前而言，我想我們聚焦的重點是：我們是一家航空業務公司。我們非常擅長我們在做的事。而現在它正開始獲得非常強勁的動能，這真的令人振奮。

Hey, Chris, with that backdrop, is there a growth rate that you're comfortable with for the MilGov business over the next couple of years?

嘿，Chris，在這樣的背景下，對於未來幾年 MilGov 業務的成長率，你有沒有一個你覺得比較舒適的區間？

I think we don't want to discuss the growth percentages on the call.

我想我們不想在電話會議上討論成長百分比。

We're very as I said on previous calls, we're very optimistic about this segment. I think the interesting thing about this segment is we're not having to repurpose our design technology because we understand aviation so well that ultimately we're taking a product portfolio designed for commercial customers and going into global government customers and enabling them to go on to the same platform. I think it's really interesting for the government.

如同我在先前的電話會議所說，我們對這個事業部門非常樂觀。我認為這個部門有趣之處在於，我們不需要重新調整我們的設計技術，因為我們對航空領域非常了解；最終我們是把原本為商業客戶設計的產品組合，帶進全球政府客戶，並讓他們也能使用同一個平台。我覺得這對政府來說非常有意思。

It's not the $1,000 hammer moment for them, right? Our approach is making sure we have cost-effective solutions for them. So we really think this market's really got some great potential. And then I just touched on the UAS. I mean, if you look at that, there's a lot of talk about counter drones, border surveillance. So having this sovereign-based and really think of it as a sovereign-based owned. Communications network because it's not just the spectrum but the towers and how we have those towers deployed really has a lot of value and how that can be really versatile in our growth strategy and how we use our assets moving forward. I think the team has done a good job and that's why we've engaged advisors as well because I think there's a lot more value that we can deliver for the business.

這不是他們所謂的「1,000 美元的鐵鎚」那種時刻，對吧？我們的方法是確保為他們提供具成本效益的解決方案。所以我們真的認為這個市場有很大的潛力。然後我也稍微提到 UAS。我的意思是，如果你看那一塊，關於反制無人機、邊境監控有很多討論。因此，擁有這種以主權為基礎、並且你可以把它視為由主權方擁有的通訊網路，因為不只是頻譜，還包括基地台，以及我們如何部署這些基地台，確實具有很高的價值；而且這在我們的成長策略中、以及我們未來如何運用資產方面，都能非常靈活。我認為團隊做得很好，這也是我們同時聘請顧問的原因，因為我覺得我們還能為這項業務創造更多價值。

Last thing, if I could, Zac, in terms of litigation expenses have come down a little bit, how should we think about it in terms of '27? And calibrating the OpEx structure in general, at the current levels we're at, is this what we should be thinking about modeling over the course of '27? What are the gives and takes in terms of incremental costs to complete STCs and otherwise? How should we be thinking about that structure in '27? Thanks.

最後一點，如果可以的話，Zac，就訴訟費用而言已經下降了一些，我們在看 2027 年時應該怎麼思考？以及整體在校準營運費用（OpEx）結構方面，以目前的水準來看，這是否就是我們在 2027 年全年建模時應該假設的水準？在完成 STC 以及其他事項所需的增量成本方面，有哪些取捨？我們應該如何看待 2027 年的這個結構？謝謝。

Yeah, sorry. So I'll hit the litigation first. So obviously, we were pleased with the win we received and now it's kind of trying to work with the parties to figure out the next steps.

好的，不好意思。我先回答訴訟的部分。很明顯，我們對於取得的勝訴結果感到高興，現在就是嘗試與各方合作，釐清接下來的步驟。

It should come down dramatically and obviously if there's some sort of global settlement, it will go away.

費用應該會大幅下降，而且很明顯，如果達成某種整體和解，就會消失。

Our current estimate is about half of what we spent this year.

我們目前的估計大約是今年支出的一半。

And again, we're keenly focused and we do feel like the.

而且再次強調，我們高度聚焦，我們也覺得像是。

The last ruling gives us some good standing to keep to close this thing out. And then the second, sorry, what was your second question?

上一次的裁決讓我們在推動把這件事結案方面具備不錯的立場。然後第二個，不好意思，你的第二個問題是什麼？

Just OpEx in general, looking at when you finish the third quarter, yeah.

就是整體 OpEx，一般來說，看到你們在第三季結束時，是的。

I mean, I think, OpEx excluding D&A should kind of hang out around the high $100 millions to low $200 millions.

我的意思是，我認為不含折舊與攤銷（D&A）的 OpEx，大致會維持在高 1 億美元到低 2 億美元的區間。

Great, thanks so much.

很好，非常感謝。

Justin Lang, Morgan Stanley.

Justin Lang，摩根士丹利。

Yeah, hey, thanks for sneaking me back in. I thought I'd try one more on Spectrum.

是的，嗨，謝謝你讓我再插進來問一下。我想我再針對頻譜問最後一題。

Chris, you mentioned a few times that you've engaged an advisor here. Just curious if you can comment if that's been in sort of response to inbounds you've received from other parties on your holdings, or is this. More forward thinking, hey, there's been there's a reweighting maybe of spectrum value and you want to explore optionality in that realm. Just curious what the impetus for the advisor was.

Chris，你提到好幾次你們在這裡聘請了顧問。想請教你是否能評論一下，這是否是因為你們收到其他方對你們持有資產的主動接洽而做出的回應，還是這是更前瞻性的思考：例如頻譜價值可能出現重新權重，你們想在這個領域探索更多選項。只是好奇聘請顧問的動機是什麼。

Yeah, I think hopefully we've engaged the advisors and the banking guys. It's too early to. Kind of go into a lot of that at the moment.

是的，我想我們確實聘請了顧問以及投行團隊。現在還太早，目前不太適合深入談很多細節。

Most important thing is the engagement. And why have we looked at that engagement? I think just looking at the technology profile, the FCC positioning, recent transactions in this space.

最重要的是這個委任本身。那為什麼我們要做這個委任？我想主要是看技術輪廓、FCC 的定位，以及近期在這個領域的交易。

The team's done a great job strategically looking at this. We've been talking about UAVs, UAS for like nearly a year.

團隊在策略上把這件事看得很到位。我們談 UAV、UAS 已經快一年了。

We think this is a great asset for the business. It would be foolhardy of us not to look at this asset and look at how we extract the most amount of value. And this asset's actually transformed over time. I think spectrum is a finite thing. And we have really useful spectrum. It's very unique.

我們認為這對公司而言是一項很棒的資產。如果我們不去檢視這項資產、並思考如何萃取最大價值，那就太不明智了。而且這項資產其實隨著時間推移已經轉變。我認為頻譜是有限資源。而我們擁有非常有用的頻譜。它非常獨特。

I think it's a real asset for the business that.

我認為這對公司而言是一項真正的資產，而且。

Were potentially undervalued in the past. And it's all your goal, and it's good fiduciary duty to extract the most amount of value out of that asset moving forward. So we'll keep you guys advised on it, but we're really excited at how we look at this over the next few quarters. And then we'll also be advised as these things unfold.

過去可能被低估。而你的目標、也是良好的受託責任，就是在未來從這項資產中萃取最大的價值。所以我們會持續向各位更新，但我們對於未來幾季如何看待這件事感到非常興奮。而且隨著事情發展，我們也會持續提供最新資訊。

Helpful. Thanks.

很有幫助。謝謝。

(Operator Instructions) I'm showing no further questions in the queue. I would now like to turn the call back over to Chris Moore for closing remarks.

(接線員指示) 我這邊顯示隊列中沒有其他提問。現在我想把電話會議交回給 Chris Moore 做結語。

Thank you, operator. Just to reiterate, Galileo had a record quarter, strong progress on shipments, installations, and early activations.

謝謝你，接線員。再重申一次，Galileo 創下單季新高，出貨、安裝以及早期啟用方面都有強勁進展。

I want to thank the team.

我要感謝團隊。

For working long hours, especially last night, for finalizing the amendment and extension of the $600 million Term Loan B.

感謝大家長時間工作，尤其是昨晚，完成了 6 億美元 Term Loan B 的修訂與展期定案。

I think that's a fantastic result for the company.

我認為這對公司而言是非常出色的成果。

Another strong quarter for MilGov business, as I mentioned before, 36% year-over-year growth.

MilGov 業務也再度繳出強勁的一季，如我先前提到的，同比成長 36%。

And finally, as we've discussed a lot on the call.

最後，正如我們在電話會議中討論很多的。

Engaging outside parties to look at the utilization of our spectrum. We thank everybody for their time today. And again, I'm sorry for the lateness on the release this morning.

我們正與外部單位合作，檢視我們頻譜的運用方式。感謝各位今天撥冗參與。另外，也再次為今天早上發布時間較晚致歉。

Thank you.

謝謝。

That concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。