Iridium Communications Inc (IRDM) 2010 Q2 法說會逐字稿

Welcome to the Iridium Communications, Inc., conference call to present the earnings of Iridium Communications for the second quarter of 2010. (OPERATOR INSTRUCTIONS.) And now I will turn the program over to Joe Wilkinson.

歡迎參加銥星通信公司的電話會議，該電話會議將介紹銥星通信公司 2010 年第二季度的收益。（操作員說明。） 現在我將把該計劃移交給 Joe Wilkinson。

Thank you. Before I review the structure of this morning's call, I'll read the Safe Harbor statement. Various remarks that we make in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical fact and include statements about future expectations, plans, and prospects.

謝謝。在回顧今天上午電話會議的結構之前，我將閱讀安全港聲明。我們在本次電話會議中發表的各種言論構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明。前瞻性聲明是非歷史事實的聲明，包括有關未來預期、計劃和前景的聲明。

Such forward-looking statements are based upon current beliefs and expectations and are subject to risks and uncertainties which could cause actual results to differ from the forward-looking statements. Such risks are more fully discussed in our filings with the Securities and Exchange Commission. Our remarks today should be considered in light of such risks. Any forward-looking statements represent our views only as of today. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if expectations or views change.

此類前瞻性陳述基於當前的信念和預期，並受到風險和不確定性的影響，可能導致實際結果與前瞻性陳述有所不同。我們向美國證券交易委員會提交的文件中更全面地討論了此類風險。我們今天的言論應該考慮到此類風險。任何前瞻性陳述僅代表我們今天的觀點。雖然我們可能選擇在未來某個時候更新這些前瞻性陳述，但我們特別聲明不承擔任何這樣做的義務，即使期望或觀點發生變化。

During this call, we will also be referring to non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with Generally Accepted Accounting Principles. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in the earnings release distributed today and is available on the Investor Relations section of the website.

在本次電話會議中，我們還將提及非公認會計準則財務指標。這些非公認會計準則財務指標並非根據公認會計原則制定。非公認會計原則財務指標與最直接可比的公認會計原則指標的調節表包含在今天發布的收益報告中，並可在網站的投資者關係部分查看。

Throughout this call, we will use the term "Iridium." The term "Iridium" refers to Iridium Holdings, LLC, for the periods before September 29, 2009, and Iridium Communications, Inc., after September 29, 2009.

在整個電話會議中，我們將使用術語“銥”。 “Iridium”一詞在 2009 年 9 月 29 日之前是指 Iridium Holdings, LLC，在 2009 年 9 月 29 日之後是指 Iridium Communications, Inc.。

I'll now turn the call over to Matt Desch, CEO, who will take us through the highlights of the second quarter. And then Tom Fitzpatrick, Iridium's CFO, will follow with further details of the financial results. Then we'll take your questions. Matt?

現在我將把電話轉給首席執行官馬特·德施 (Matt Desch)，他將向我們介紹第二季度的亮點。隨後，銥星公司首席財務官湯姆·菲茨帕特里克 (Tom Fitzpatrick) 將進一步詳細介紹財務業績。然後我們將回答您的問題。馬特？

Thanks, and good afternoon, everyone. Things have been very exciting and positive at Iridium since we last reported earnings, not only in terms of strong second quarter operating results we announced today, but also in terms of the strategic milestones we've reached since our last earnings call. I'm going to quickly review the highlights and then replay the milestones we've recently reached towards the launch of our next-generation satellite constellation. And then Tom will go over the financials discussion and our guidance for 2010 in more detail.

謝謝，大家下午好。自從我們上次報告收益以來，銥星的情況一直非常令人興奮和積極，這不僅體現在我們今天宣布的強勁的第二季度運營業績方面，而且還體現在我們自上次財報電話會議以來所達到的戰略里程碑方面。我將快速回顧一下亮點，然後重溫我們最近在發射下一代衛星星座方面所達到的里程碑。然後 Tom 將更詳細地回顧財務討論和我們 2010 年的指導。

As we indicated in our press release, the second quarter was another very good operational quarter, where we once again grew our subscriber base and showed nice, continued growth in commercial and government service revenues. Our billable subscribers grew 16.8%, and our commercial service revenue increased 13.8% in the quarter, strong growth by any measure.

正如我們在新聞稿中指出的那樣，第二季度是另一個運營狀況良好的季度，我們的用戶群再次增長，商業和政府服務收入呈現良好的持續增長。本季度我們的計費訂戶增長了 16.8%，商業服務收入增長了 13.8%，無論以何種標準衡量，增長都十分強勁。

The growth came across all our product lines--handsets and high- and low-speed machine-to-machine data. Operational EBITDA was down slightly from last year for several reasons. Tom will go into more detail, but it was due in part to a tough second quarter 2009 comp, some reductions on equipment prices on handsets and M2M devices since last year which, as we said in the past, is consistent with our bias towards recurring service revenues over equipment margins.

我們所有的產品線都實現了增長——手機以及高速和低速機器對機器數據。由於多種原因，運營 EBITDA 較去年略有下降。 Tom 將進行更詳細的介紹，但這部分是由於 2009 年第二季度的競爭比較激烈，自去年以來手機和 M2M 設備的設備價格有所下降，正如我們過去所說，這與我們對經常性的偏見是一致的。服務收入超過設備利潤。

Also, while orders for all of our products have been strong, our manufacturer has had some problems keeping up in second quarter due to parts shortages from suppliers. We could have shipped more in the second quarter if we'd had the parts we needed, but some parts have been in short supply due to growing demand for electronics with the improvement in the economy. I am very comfortable that they are on top of this issue, and we should have no difficulty catching up.

此外，雖然我們所有產品的訂單都很強勁，但由於供應商的零件短缺，我們的製造商在第二季度遇到了一些問題。如果我們有所需的零件，我們本可以在第二季度發貨更多，但由於隨著經濟的改善，對電子產品的需求不斷增長，一些零件一直供不應求。我很高興他們在這個問題上處於領先地位，我們應該不難迎頭趕上。

In fact, based on our current visibility into the remainder of the year, we are raising guidance across the board. We expect operational EBITDA, in particular, to grow at least 12% for the year and have increased our guidance on equipment revenues, for example, to growth in the mid to high single digits over 2009.

事實上，根據我們目前對今年剩餘時間的了解，我們正在全面提高指導意見。我們預計今年的運營 EBITDA 將至少增長 12%，並提高了我們對設備收入的指導，例如，比 2009 年實現中高個位數增長。

Iridium's overall outlook is positive. We believe our network is the best in the satellite industry, and the improved business environment, combined with partner and customer enthusiasm about our new and recently introduced products, is fueling our optimism for continued growth.

銥星的整體前景是樂觀的。我們相信，我們的網絡是衛星行業中最好的，改善的商業環境，加上合作夥伴和客戶對我們新推出的和最近推出的產品的熱情，正在激發我們對持續增長的樂觀態度。

So let's discuss how we're doing in some of our key markets. First, the machine-to-machine market is growing well and continues to represent a significant opportunity for Iridium. According to a March 2010 report by TMF Associates, the number of low-data-rate mobile satellite service devices is projected to double between now and the end of 2013. This large M2M market opportunity includes applications such as tracking and managing fleets, equipment, containers and other high-value assets, oil and gas industry monitoring, unattended sensors for tracking weather, ocean buoys, and gliders, soldier and vehicle tracking, and the new fast-growing market segment of personal location devices.

因此，讓我們討論一下我們在一些主要市場的表現。首先，機器對機器市場增長良好，並繼續為銥星帶來重大機遇。根據 TMF Associates 2010 年 3 月的一份報告，從現在到 2013 年底，低數據速率移動衛星服務設備的數量預計將增加一倍。這一巨大的 M2M 市場機會包括跟踪和管理車隊、設備、集裝箱和其他高價值資產、石油和天然氣行業監控、用於跟踪天氣的無人值守傳感器、海洋浮標和滑翔機、士兵和車輛跟踪以及個人定位設備的新的快速增長的細分市場。

Our growth in the global M2M market is enabled by our industry-leading data transceivers which our partners incorporate into a broad array of devices targeted to different industries. As such, data continues to be a key driver of growth, and we expect M2M subscriber equipment sales and service revenue to continue as an important growth area for 2010, driven in part by the release of our new, smaller, lower-priced 9602 data transceiver.

我們在全球 M2M 市場的增長得益於我們行業領先的數據收發器，我們的合作夥伴將其整合到針對不同行業的各種設備中。因此，數據仍然是增長的關鍵驅動力，我們預計 M2M 用戶設備銷售和服務收入將繼續成為 2010 年的重要增長領域，部分原因是我們新的、更小、價格更低的 9602 數據的發布收發器。

More than 90 of our value-added partners have already been testing, integrating, and embedding the 9602 into their products, as it offers greater flexibility and a cost advantage. Based on their efforts, we added about 7,000 net new commercial M2M data subscribers in the quarter, which is a growth of almost 26% in subscribers over this period last year, and nearly 50% in revenue over the same period.

我們的 90 多家增值合作夥伴已經在測試、集成 9602 並將其嵌入到他們的產品中，因為它提供了更大的靈活性和成本優勢。基於他們的努力，我們在本季度淨新增了約 7,000 個商業 M2M 數據用戶，與去年同期相比，用戶數量增長了近 26%，收入也比去年同期增長了近 50%。

Since the commercial launch of the Iridium 9602 in May, we've received orders for nearly 100,000 units to be delivered over the next 18 months, and we expect more orders in the coming months.

自 5 月份 Iridium 9602 商業推出以來，我們已收到近 100,000 顆訂單，將在未來 18 個月內交付，並且預計未來幾個月還會有更多訂單。

As mentioned, another great new market for Iridium is the personal tracking and messaging device market. One of our value-added partners, Roadpost, launched their GeoPro Messenger, a two-way personal tracking and messaging device, in the second quarter. And several other partners have plans this year to build on the Iridium platform, since we provide the world's only truly global two-way transceivers. Most have focused on the industrial and military segments for their products, but with products based on the Iridium 9602 platform, we think we'll see them enter into consumer markets, too.

如前所述，銥星的另一個巨大新市場是個人跟踪和消息傳遞設備市場。我們的增值合作夥伴之一 Roadpost 在第二季度推出了 GeoPro Messenger，這是一種雙向個人跟踪和消息傳遞設備。其他幾個合作夥伴計劃今年在 Iridium 平台上進行構建，因為我們提供世界上唯一真正的全球雙向收發器。大多數公司的產品都專注於工業和軍事領域，但憑藉基於 Iridium 9602 平台的產品，我們認為它們也將進入消費市場。

As you know, we've also moved into the high-speed data market in the last 18 months or so with the introduction of Iridium OpenPort Maritime System. We've seen continued, consistent growth in units in the field delivering ARPUs in excess of $500 per month. We're very pleased how that product is ramping and how our partners have increasingly integrated it into their managed services offering.

如您所知，在過去 18 個月左右的時間裡，我們還通過推出 Iridium OpenPort 海事系統進入了高速數據市場。我們看到該領域的單位數量持續持續增長，每月 ARPU 超過 500 美元。我們非常高興該產品的發展以及我們的合作夥伴如何將其越來越多地集成到他們的託管服務產品中。

This quarter, we also announced our relationship LiveTV, a preeminent player in the global aviation in-flight entertainment and communications space. LiveTV is developing an aviation version of our OpenPort technology, and we're working together now to exploit the growing demand for Internet connectivity to aircraft on airliners, general aviation, and military unmanned aerial systems. That product will go into flight trials in the fourth quarter this year, and we should start seeing some installations in 2011. Like the maritime version of this product, we think this product will represent a new price point in value in the aviation space.

本季度，我們還宣布了與 LiveTV 的合作關係，LiveTV 是全球航空機上娛樂和通信領域的傑出參與者。 LiveTV 正在開發 OpenPort 技術的航空版本，我們現在正在共同努力，利用客機、通用航空和軍用無人機系統對互聯網連接日益增長的需求。該產品將於今年第四季度進行飛行試驗，我們應該會在 2011 年開始看到一些安裝。與該產品的航海版本一樣，我們認為該產品將代表航空領域新的價值價格點。

In terms of handsets, Iridium continues to set the standard as the global leader, maintaining our market leadership with the Iridium 9555. At this point, we see growth in handsets this year over last year, which is great. We serve a large, diverse, global business clientele with our handsets and service, and they have long been the emergency responders' and remote workers' first choice for reliable communications in remote and difficult locations.

在手機方面，Iridium 繼續樹立全球領導者的標準，通過 Iridium 9555 保持我們的市場領先地位。目前，我們看到今年的手機比去年有所增長，這是非常好的。我們通過手機和服務為龐大、多元化的全球商業客戶提供服務，長期以來，它們一直是應急響應人員和遠程工作人員在偏遠和困難地點進行可靠通信的首選。

For this important market, we introduced new features to the Iridium 9555 in the quarter, including easier laptop connections, simplified email exchanges and computer file exchanges, as well as extended SMS capabilities. And we've evaluated recent offerings from our competitors in this space, and let's just say that I remain extremely confident in the value proposition for our products.

針對這一重要市場，我們在本季度向 Iridium 9555 推出了新功能，包括更輕鬆的筆記本電腦連接、簡化的電子郵件交換和計算機文件交換，以及擴展的 SMS 功能。我們已經評估了競爭對手在這個領域的最新產品，可以說，我對我們產品的價值主張仍然非常有信心。

Let me transition to our government customers now. Iridium's voice and M2M data services with the US government grew more than 7% to almost $14.2 million in the second quarter compared to the second quarter of 2009. For the quarter, total US government service revenues made up approximately 22% of our total revenues. In addition to these service revenues, the US DoD continues to be a great source of new ideas and funding for the development of application in the services that also may have future value to commercial customers.

現在讓我轉向我們的政府客戶。與 2009 年第二季度相比，銥星第二季度為美國政府提供的語音和 M2M 數據服務增長了 7% 以上，達到近 1,420 萬美元。本季度，美國政府服務總收入約占我們總收入的 22%。除了這些服務收入之外，美國國防部仍然是服務應用程序開發的新想法和資金的重要來源，這些服務也可能對商業客戶產生未來價值。

DTCS, or Netted Iridium, is developing momentum within the DoD, especially with the US Central Command. As of today, we are approaching 1,600 Netted devices in use in Afghanistan and other regions, more than double the number of active devices in the first quarter, with expected continued ramp-up from existing task orders.

DTCS（即網狀銥星）正在國防部內部發展勢頭，尤其是與美國中央司令部的合作。截至今天，我們在阿富汗和其他地區使用的 Netted 設備已接近 1,600 台，是第一季度活躍設備數量的兩倍多，預計現有任務訂單將繼續增加。

In a trend that parallels our commercial business, we see more and more government uses for our machine-to-machine services, as well, as assets are deployed and tracked around the world. In fact, M2M now makes up almost 16% of the DoD's Iridium subscriber base, and service revenues are growing accordingly.

在與我們的商業業務並行的趨勢中，隨著資產在世界各地部署和跟踪，我們看到越來越多的政府使用我們的機器對機器服務。事實上，M2M 目前幾乎佔國防部銥星用戶群的 16%，並且服務收入也在相應增長。

Let me turn to an update on the significant progress we've made in the last few months towards financing our long-term next-generation satellite constellation, Iridium NEXT. I think we've now answered the questions investors, partners, and customers had in the past on financing Iridium NEXT due to the announcements we've made since we last reported. As a result, I'm very happy that we have world-class partners working with us as we move forward with the operational aspects of this very important endeavor. We've accomplished a great deal in a short time span, and we're pleased with where we stand.

讓我介紹一下過去幾個月我們在為下一代長期衛星星座 Iridium NEXT 提供資金方面取得的重大進展的最新情況。我認為我們現在已經回答了投資者、合作夥伴和客戶過去因自上次報導以來發布的公告而提出的有關 Iridium NEXT 融資的問題。因此，我很高興我們有世界一流的合作夥伴與我們合作，推動這一非常重要的努力的運營方面的進展。我們在很短的時間內取得了巨大的成就，我們對自己的現狀感到滿意。

Let me summarize the important points for anyone who might have missed them. On June 2, we announced the backing of the French Export Credit Agency, known as Coface, for a very substantial and long-term $1.8 billion Iridium NEXT credit facility. Last week we announced great progress with the syndication, and Tom will describe the developments in a moment.

讓我為那些可能錯過的人總結一下要點。 6 月 2 日，我們宣布獲得法國出口信貸機構 Coface 的支持，提供 18 億美元的長期 Iridium NEXT 信貸額度。上週我們宣布了聯合組織取得的巨大進展，湯姆稍後將描述這些進展。

On June 2 we also announced our selection of Thales Alenia Space as the prime contractor for Iridium NEXT. This commitment from Coface allowed us to enter into an Authorization to Proceed, or an ATP, with Thales Alenia. And work has been aggressively underway now for two months on the design of the satellite constellation. My team here is working very closely with Thales Alenia. They're the global leader in the design and manufacture of commercial LEO satcom systems and are being supported by a broad consortium of world-class technical partners.

6 月 2 日，我們還宣布選擇 Thales Alenia Space 作為 Iridium NEXT 的主承包商。科法斯的這一承諾使我們能夠與泰雷茲阿萊尼亞簽訂繼續授權（ATP）。衛星星座的設計工作已經積極進行了兩個月。我的團隊與泰雷茲阿萊尼亞密切合作。他們是商業低軌衛星通信系統設計和製造的全球領導者，並得到了廣泛的世界級技術合作夥伴聯盟的支持。

The fixed-price contract with Thales Alenia provides for the construction of 72 operational satellites and in-orbit spares, plus an additional nine ground spares. We're on track to launch our first new satellites during the first quarter of 2015, and all satellites are scheduled to be in place by early 2017.

與 Thales Alenia 簽訂的固定價格合同規定建造 72 顆運行衛星和在軌備件，以及另外 9 顆地面備件。我們有望在 2015 年第一季度發射第一批新衛星，所有衛星計劃於 2017 年初到位。

By the way, our network continues to work great, and we still have our seven spare satellites in orbit and expect our network to continue to perform well until we launch Iridium NEXT. I can assure you that we've been carefully scrutinizing this area for the last two years, and we continue to pass every text, and our subscriber and revenue growth attest to continued high customer satisfaction with our global services.

順便說一句，我們的網絡繼續運行良好，我們仍然有七顆備用衛星在軌運行，並期望我們的網絡在我們發射 Iridium NEXT 之前繼續表現良好。我可以向您保證，過去兩年我們一直在仔細審查這一領域，我們將繼續傳遞每一條短信，我們的訂戶和收入增長證明客戶對我們的全球服務持續保持高滿意度。

In mid-June, we also announced that SpaceX, with its Falcon 9, will be a major provider of launch services for Iridium NEXT. The inaugural launch of SpaceX's Falcon 9 one week before our announcement showed the platform is off to a great start and resulted in a near-bull's-eye insertion to its targeted orbit. We have great confidence that SpaceX will build on its recent success and continue to generate a track record of successful space flight well in advance of our mission. SpaceX is already working with us and with Thales Alenia to ensure compatibility between the satellite design, the Falcon 9 vehicle, and the Iridium NEXT program schedule.

6 月中旬，我們還宣布 SpaceX 及其 Falcon 9 將成為 Iridium NEXT 發射服務的主要提供商。在我們宣布這一消息的前一周，SpaceX 的獵鷹 9 號火箭首次發射，這表明該平台已經有了一個良好的開端，並幾乎進入了目標軌道。我們非常有信心 SpaceX 將在其最近的成功基礎上再接再厲，並在我們的任務之前繼續創造成功的太空飛行記錄。 SpaceX 已經與我們和 Thales Alenia 合作，確保衛星設計、Falcon 9 飛行器和 Iridium NEXT 計劃時間表之間的兼容性。

And, as we reported, we got a great deal on launch services. This coordination positions us for a successful design, build, and launch of Iridium NEXT. The $492 million SpaceX contract represents a new benchmark in cost-effective satellite delivery to space.

而且，正如我們所報導的，我們在發射服務方面獲得了很多優惠。這種協調使我們能夠成功設計、構建和推出 Iridium NEXT。 SpaceX 價值 4.92 億美元的合同代表了經濟高效的太空衛星交付的新基準。

We also recently announced two comprehensive long-term agreements with Boeing for the maintenance operations in support of our network. This continues a longstanding and successful working relationship we've had with Boeing for the past 10 years. In fact, many on our current Boeing team have been involved with the Iridium program since its inception more than 15 years ago.

我們最近還宣布與波音公司簽署了兩項全面的長期協議，以支持我們的網絡的維護運營。這延續了過去 10 年我們與波音公司之間長期且成功的合作關係。事實上，自從 15 年前銥星計劃啟動以來，我們目前的波音團隊中的許多人就一直參與其中。

The first agreement amends our existing contract with Boeing for our current network and enables us to work more closely with Boeing to ensure continued high quality performance on our network. Under the new terms, Iridium will derive cost savings going forward and benefit from the release of the restricted cash required under the original agreement.

第一份協議修訂了我們與波音公司就當前網絡簽訂的現有合同，使我們能夠與波音公司更密切地合作，以確保我們的網絡持續保持高質量性能。根據新條款，銥星將在未來節省成本，並受益於釋放原始協議所需的限制性現金。

Under the second agreement, Boeing will become the operations and maintenance provider for Iridium NEXT. We will benefit from having the same operator during the transition from the current constellation to Iridium NEXT. Boeing will upgrade Iridium's satellite control system to become fully compatible with Iridium NEXT.

根據第二份協議，波音公司將成為 Iridium NEXT 的運營和維護提供商。在從當前星座向 Iridium NEXT 過渡期間，我們將受益於擁有相同的運營商。波音公司將升級銥星的衛星控制系統，使其與銥星NEXT完全兼容。

Boeing's been a great partner, and these agreements will help us achieve a seamless transition from one constellation to the next by preserving and maintaining institutional knowledge. It will also create an efficient operations environment for Iridium NEXT. Jointly, we're targeting for Iridium NEXT to cost even less to operate than it costs to operate our existing network.

波音公司一直是一個偉大的合作夥伴，這些協議將幫助我們通過保存和維護機構知識來實現從一個星座到下一個星座的無縫過渡。它還將為 Iridium NEXT 創建高效的運營環境。我們共同的目標是 Iridium NEXT 的運營成本甚至低於我們現有網絡的運營成本。

In all, it's been a spectacular, busy, and transformative few months towards the realization of our future, and Iridium is standing on the threshold of a very bright one. This strategic progress, coupled with the strong operational momentum in the first half of the year, provides an excellent platform to continue growing the Iridium subscriber and revenue base to drive bottom-line results.

總而言之，為了實現我們的未來，這是一個壯觀、忙碌和變革的幾個月，而銥星正站在一個非常光明的未來的門檻上。這一戰略進展，加上上半年強勁的運營勢頭，為繼續擴大銥星用戶和收入基礎以推動盈利提供了一個絕佳的平台。

So with that, let me turn you over to Tom Fitzpatrick, our CFO, now a veteran of one very exciting quarter at Iridium. Tom?

那麼接下來，讓我把你們交給我們的首席財務官湯姆·菲茨帕特里克(Tom Fitzpatrick)，他現在是銥星公司一個非常激動人心的季度的資深人士。湯姆？

Thanks, Matt, and good afternoon, everyone. As Matt mentioned, I'll take you through results for the quarter, update you on details of our next financing, and then close out with a discussion of our guidance.

謝謝馬特，大家下午好。正如馬特提到的，我將向您介紹本季度的業績，向您介紹我們下一次融資的最新詳細信息，然後以對我們的指導的討論作為結束。

Total revenue in the first quarter was $84 million versus $82.7 million in the first quarter of 2009, a slight increase. Importantly for the quarter, commercial service revenue, the largest and fastest-growing portion of our recurring subscription-based service revenue stream, was up 13.8% from the second quarter of 2009, increasing to $45.5 million from $40 million in the same quarter of last year. Government services, voice, and machine-to-machine data revenue grew 7.1% to $14.2 million in the second quarter, and total government services revenue increased slightly, to $18.2 million.

第一季度的總收入為 8,400 萬美元，較 2009 年第一季度的 8,270 萬美元略有增長。本季度重要的是，商業服務收入是我們基於訂閱的經常性服務收入流中最大且增長最快的部分，比 2009 年第二季度增長了 13.8%，從上一季度的 4000 萬美元增至 4550 萬美元。年。第二季度政府服務、語音和機器對機器數據收入增長 7.1%，達到 1,420 萬美元，政府服務總收入略有增長，達到 1,820 萬美元。

Equipment revenue was down 17.6%, to $20.3 million. Despite continued strong demand for Iridium's products and services, this revenue number was down for the second quarter for several reasons, as Matt mentioned.

設備收入下降 17.6%，至 2030 萬美元。正如馬特提到的，儘管對銥星產品和服務的需求持續強勁，但由於多種原因，第二季度的收入數字有所下降。

Our product mix for the quarter reflected more lower-cost machine-to-machine devices and lower overall unit pricing, as we purposely reduced equipment pricing to incent growth in more profitable recurring service revenue areas. The effect of these price reductions on our operating results was muted a bit by reduced manufacturing costs garnered as a result of investments we've made in research and development.

我們本季度的產品組合反映出更多低成本的機器對機器設備和更低的整體單位定價，因為我們有意降低設備定價以刺激利潤更高的經常性服務收入領域的增長。由於我們在研發方面的投資而降低了製造成本，因此降價對我們經營業績的影響有所減弱。

In addition, a global component parts shortage affected our ability to meet a certain amount of customer demand during the second quarter, and we expect to work through our supply issues in order to meet this backlog of demand during the second half of this year. As we mentioned when we gave guidance earlier in the year, equipment revenue is the most difficult of our revenue streams to predict. It can be choppy in any given quarter due to parts and pricing fluctuations as well as a changing mix of product sales as we have higher demand for data products.

此外，全球零部件短缺影響了我們在第二季度滿足一定量客戶需求的能力，我們預計將解決供應問題，以滿足今年下半年積壓的需求。正如我們在今年早些時候給出指導時提到的，設備收入是我們收入來源中最難預測的。由於零件和價格波動以及產品銷售組合的變化（因為我們對數據產品的需求更高），任何特定季度都可能會出現波動。

As we navigate these dynamics, we remain focused on equipment, products and services the market demands at competitive prices, with the goal of maximizing profitable recurring service revenue streams.

在應對這些動態的過程中，我們仍然專注於市場所需的、價格具有競爭力的設備、產品和服務，目標是實現盈利性經常性服務收入流的最大化。

As Matt mentioned, operational EBITDA for Iridium was down slightly to $36.2 million from a year ago, largely due to equipment volume and margin effects. Net income for the second quarter was $3.2 million versus net income of $28.6 million in the second quarter of 2009.

正如 Matt 提到的，Iridium 的運營 EBITDA 較上年同期小幅下降至 3620 萬美元，這主要是由於設備數量和利潤效應。第二季度淨利潤為 320 萬美元，而 2009 年第二季度淨利潤為 2860 萬美元。

As in the past few quarters, as a result of our merger transaction last year, we are subject to the effects of non-cash purchase price accounting adjustments, and in the second quarter, net income was affected by non-cash expenses of $11.8 million associated with purchase price accounting adjustments net of tax. Please refer to today's press release financial table, where we've broken out the effects of these adjustments on our operating results so you can appropriately take account of these effects when comparing our results to prior periods.

與過去幾個季度一樣，由於我們去年的合併交易，我們受到非現金收購價格會計調整的影響，第二季度淨利潤受到非現金支出影響1180萬美元與扣除稅後的購買價格會計調整相關。請參閱今天的新聞稿財務表，其中我們列出了這些調整對我們經營業績的影響，以便您在將我們的業績與之前期間進行比較時可以適當考慮這些影響。

The most notable adjustment relates to the increase in the carrying value of our property, equipment, and intangible assets to fair value at transaction closing and increased depreciation and amortization by $19.2 million pre-tax in the second quarter.

最顯著的調整涉及我們的財產、設備和無形資產的賬面價值增加至交易結束時的公允價值，以及第二季度稅前折舊和攤銷增加 1920 萬美元。

For the second quarter, Iridium added approximately 24,000 subscribers, ending the quarter with approximately 383,000 billable subscribers. This compares to 328,000 subscribers a year ago for a year-over-year growth rate of 16.8%. Thus far in 2010, we've added 41,000 subscribers.

第二季度，銥星增加了約 24,000 名訂戶，本季度末計費訂戶數約為 383,000 名。相比之下，一年前訂閱者數量為 328,000 人，同比增長率為 16.8%。 2010 年迄今為止，我們已增加了 41,000 名訂閱者。

Now let me turn to financing. Our ongoing cash flow from operations, along with the Coface backing in early June, gave us an excellent platform from which to embark on financing, building, and launching Iridium NEXT. Matt highlighted our progress with regard to our backing syndication. I can now give a few more details that were included in last week's release.

現在讓我談談融資。我們持續的運營現金流，加上 6 月初科法斯的支持，為我們提供了一個絕佳的平台，讓我們能夠開始融資、建設和推出 Iridium NEXT。馬特強調了我們在支持銀團方面取得的進展。我現在可以提供上週發布的更多細節。

The facility will bear an interest rate below 6%, the majority of which will be fixed rate. The repayment term on the facility does not commence until 2017 and runs through 2024, which is a very manageable schedule, in our view. To remind you, we'll draw down this facility over the planned seven-year construction period, during which time we expect our revenues and cash flows to be growing. Consequently, we expect our leverage during both the construction and repayment periods to be quite manageable.

該貸款的利率將低於6%，其中大部分為固定利率。該貸款的還款期限要到 2017 年才開始，一直持續到 2024 年，我們認為這是一個非常易於管理的時間表。提醒您，我們將在計劃的七年建設期內動用該設施，在此期間我們預計我們的收入和現金流將會增長。因此，我們預計我們在建設和還款期間的槓桿率都非常可控。

The contract has both a US dollar-denominated portion and a Euro-denominated portion. The Euro has appreciated against the dollar in the two months since we announced the contract with Thales. The Euro portion will be fixed in US dollars when we close our financing. Importantly, our financing process assumed a 1.36-to-1 Euro conversion rate. While we are still below that level today, we implemented a hedge to minimize our exposure to foreign currency risk. The cost of this hedge, like payments under our ATP, will be rolled into our long-term financing at close.

該合約既有美元計價部分，也有歐元計價部分。自從我們宣布與泰雷茲簽訂合同以來，歐元兌美元匯率在兩個月內升值。當我們完成融資時，歐元部分將以美元固定。重要的是，我們的融資流程假設歐元兌換率為 1.36 比 1。雖然我們今天仍低於該水平，但我們實施了對沖以盡量減少外匯風險。這種對沖的成本，就像我們 ATP 下的付款一樣，將在交易結束時計入我們的長期融資中。

So the financing process is going well. As we said in the past, in addition to financing, we expect to fund a substantial portion of the cost of Iridium NEXT from internally generated cash flows, including those from hosted payloads and warrant proceeds.

因此，融資過程進展順利。正如我們過去所說，除了融資之外，我們預計將通過內部產生的現金流（包括託管有效負載和認股權證收益）為 Iridium NEXT 的大部分成本提供資金。

To summarize the quarter operationally, subscriber growth, coupled with strong usage by our existing customers, resulted in healthy growth in subscriber revenue and operational EBITDA in line with our expectations. We're very pleased with our results and trends thus far this year and believe it is appropriate at this time to update and raise our full year guidance for 2010 as follows--operational EBITDA of at least $150 million; an increase in commercial, voice, and machine-to-machine data service revenue of at least 12%, up from the previous guidance of 10% to 12%; growth in US government, voice, and machine-to-machine data service revenue of more than 5% compared to the previous 3% to 5%.

總結本季度的運營情況，用戶增長，加上我們現有客戶的強勁使用，導致用戶收入和運營 EBITDA 實現健康增長，符合我們的預期。我們對今年迄今為止的業績和趨勢感到非常滿意，並相信此時更新和提高 2010 年全年指導是適當的，具體如下：運營 EBITDA 至少為 1.5 億美元；商業、語音和機器對機器數據服務收入增長至少12%，高於之前指導的10%至12%；美國政府、語音和機器對機器數據服務收入增長超過5%，此前為3%至5%。

As I mentioned, equipment revenue has traditionally been the hardest element of our business to accurately predict, and we are working through the parts issues and demand backlog that we've already discussed. That said, the continuing growth of service revenue is more important for the future, and given our healthy margins in all of our product lines, we may use our flexibility in equipment pricing as a lever to drive subscriber additions in service revenue. Even with the lower pricing in effect for 2010 and a different product mix, we still should see modest growth in equipment revenues in the mid to high single digits in 2010.

正如我所提到的，設備收入傳統上是我們業務中最難準確預測的要素，我們正在解決我們已經討論過的零件問題和需求積壓。也就是說，服務收入的持續增長對未來更為重要，鑑於我們所有產品線的健康利潤，我們可以利用設備定價的靈活性作為槓桿來推動服務收入的用戶增加。即使 2010 年定價較低且產品組合不同，我們仍應看到 2010 年設備收入以中高個位數溫和增長。

We also expect to see strong subscriber growth of at least 20% by year end, exceeding the previous guidance of 10% to 15% and reaching at least 410,000 billable subscribers by year end. While this will primarily be driven by growing data subscribers, both in machine-to-machine low-speed data as well as open-port high-speed voicing data, we also expect to have continued growth in voice subscribers.

我們還預計到年底訂閱用戶將強勁增長至少 20%，超過之前 10% 至 15% 的指導，並在年底達到至少 410,000 名計費訂閱用戶。雖然這主要是由機器對機器低速數據和開放端口高速語音數據的數據用戶增長推動的，但我們也預計語音用戶將持續增長。

With that, we'll take your questions.

接下來，我們將回答您的問題。

Thank you. (OPERATOR INSTRUCTIONS.) Our first question comes from Chris Quilty with Raymond James and Associates.

謝謝。 （操作員說明。）我們的第一個問題來自 Raymond James and Associates 的 Chris Quilty。

Good evening, gentlemen, and congratulations on the results. A question for you. You're confident that you'll be able to recapture any delayed hardware sales. Obviously, your guidance implies higher hardware, even though you missed on the quarter here. What gives you the confidence that those sales won't walk to a different competitor or just might not be there in the back half of the year?

先生們晚上好，祝賀結果。有個問題要問你。您確信自己能夠重新獲得任何延遲的硬件銷售。顯然，您的指導意味著更高的硬件，即使您錯過了這裡的季度。是什麼讓您有信心這些銷售額不會流向其他競爭對手，或者在今年下半年可能不會出現？

Yes, we have high visibility to our product shipments and orders in the third quarter, Chris, and so that's why we're confident in taking the guidance up.

是的，克里斯，我們對第三季度的產品出貨量和訂單有很高的了解，這就是我們有信心接受該指導的原因。

Okay, and with specific regard to the 100,000 M2M units over the next 18 months, that's significantly more than I had forecast. At what rate would you expect those units to ship? Would you ship the entire 100,000 over 18 months or something north of that if additional orders come in?

好的，具體到未來 18 個月內的 100,000 個 M2M 設備，這比我的預測要多得多。您預計這些設備的發貨速度是多少？如果有額外訂單，您會在 18 個月內運送全部 100,000 件嗎？或者超過這個期限？

No. It would potentially be--100,000 is what we've gotten in terms of orders for shipments. And, of course, remember that isn't necessarily the one--we normally focus on activations in for a quarter, so some of it may take another weeks or months to get finally activated.

不。我們收到的發貨訂單可能是-100,000。當然，請記住，這不一定是這樣的——我們通常會在一個季度內專注於激活，因此其中一些可能還需要幾週或幾個月才能最終激活。

But we're constantly getting more and more orders all the time, and as they come in, they're adding to that number. But of course, also, the timeframe in which they're ordering can be anywhere from weeks to up to maybe two years. So we just gave you the number that happened to be within a reasonable timeframe over the next 18 months.

但我們一直在不斷收到越來越多的訂單，而且隨著訂單的增加，這個數字也在不斷增加。當然，他們訂購的時間範圍也可能從幾周到兩年不等。因此，我們只是向您提供了未來 18 個月內合理時間範圍內的數字。

Going back to your previous question, while we had problems in the second quarter with this parts problem, and I think we've seen that a number of other large manufacturers have also had some of the same problems we had, the timeframe on those were relatively short, so we didn't think we really lost, really, many customers during that timeframe. It certainly is a bit of a hardship on our partners sometimes when they have to go through that, where they're typically used to getting days or weeks.

回到你之前的問題，雖然我們在第二季度遇到了這個零件問題，而且我認為我們已經看到許多其他大型製造商也遇到了一些與我們相同的問題，但這些問題的時間表是相對較短，所以我們認為在這段時間內我們並沒有真正失去很多客戶。有時，當我們的合作夥伴必須經歷這些時，他們通常習慣了幾天或幾週的時間，這當然對他們來說有點困難。

But they also recognized that the demand that they've put on us in this year is a lot higher than they told us that they would have for us in the second half of last year as we went into preparing for the year. So while that's a challenge in terms of (technical difficult), we've got through most of that right now and have a real good visibility for most of them as to when they really are going to get all caught up and when we're going to get ahead. So that's all been taken care of.

但他們也認識到，今年他們對我們提出的要求比去年下半年我們為今年做準備時告訴我們的要高得多。因此，雖然這在（技術上困難）方面是一個挑戰，但我們現在已經完成了大部分工作，並且對他們中的大多數人來說，他們什麼時候真正會陷入困境以及什麼時候我們可以真正清楚地了解他們會取得進展。所以這一切都已經處理好了。

And are there specific products where the parts shortages are greatest?

是否存在零件短缺最嚴重的特定產品？

Yes, I can tell you it was not in the 9602 or open-port areas. It was more in our handset and 9601 areas that we had some challenges. So it was a range of a couple of different things. It was a few parts, and particularly one that was most annoying, but a lot of our suppliers had went from giving us weeks of notice to many, many weeks because they suddenly got flooded with orders from many others that were using the same part. So we had to work through that over time.

是的，我可以告訴你，它不在9602或開放港口區域。我們更多地在手機和 9601 領域遇到了一些挑戰。所以這是一系列不同的事情。這是一些零件，尤其是最煩人的零件，但我們的許多供應商已經從提前幾週通知我們變成了很多周，因為他們突然收到了來自許多其他使用相同零件的訂單。所以我們必須隨著時間的推移來解決這個問題。

Okay. And you mentioned the personal tracking opportunity. Any potential there that you'll have a larger-volume, consumer products user by the critical Christmas selling season?

好的。您提到了個人跟踪機會。在關鍵的聖誕節銷售季節之前，您是否有可能擁有更多的消費產品用戶？

I can't really speak for my partners. I know I've seen some of their designs and their interest, but I wouldn't want to forecast their ability to be done in time and have everything ready. Because it's not just about delivering a product, but a whole user experience to the customer that drives--you know, with online capability and a lot of other things. So I don't know that I could forecast that. It certainly looks positive in terms of some of the designs I've seen, and I think that that's certainly an area of growth in the future.

我真的不能代表我的伙伴說話。我知道我已經看到了他們的一些設計和他們的興趣，但我不想預測他們是否有能力及時完成並準備好一切。因為這不僅僅是交付產品，而是為客戶提供完整的用戶體驗——你知道，包括在線功能和許多其他東西。所以我不知道我能預測到這一點。就我所見過的一些設計而言，它看起來確實是積極的，而且我認為這肯定是未來的增長領域。

A lot of those are focused on not the mass market, high-volume area. So, as I said, I really think the 9602 will allow some of those bands and bars to go after the more mass market consumer device over time.

其中很多都不是集中在大眾市場、高銷量領域。因此，正如我所說，我確實認為 9602 將允許其中一些樂隊和酒吧隨著時間的推移追逐更大眾市場的消費設備。

Okay. And for Tom, the R&D has been all over the map. And now that you're capitalizing any of the NEXT costs, is there a predictable quarterly number we can bake into our model?

好的。對於 Tom 來說，研發已經遍布全球。既然您正在資本化任何 NEXT 成本，我們是否可以將可預測的季度數字納入我們的模型中？

What I would say is quarterly is tough, because that's going to depend on production schedules and that sort of thing. What I would say is I think on an annual basis, we would expect it to be down in 2011 from 2010, just looking at our pipeline.

我想說的是，季度是很困難的，因為這將取決於生產計劃和諸如此類的事情。我想說的是，我認為從年度來看，我們預計 2011 年的銷量會比 2010 年有所下降，只要看看我們的管道。

I would say, too, though, while we're capitalizing NEXT, and it's true, we have always taken NEXT R&D out of operational EBITDA, so that's one of the reasons why we focused on that metric is it was an apples-to-apples comparison that would survive over the transition from the pre-finance, pre-FSD contract to after it. So that really won't affect that at all right now.

不過，我也想說，當我們利用 NEXT 資本時，確實，我們總是將 NEXT 研發從運營 EBITDA 中剔除，所以這就是我們關注該指標的原因之一，因為它是一個蘋果到-蘋果的比較將在從融資前、FSD 之前的合同到之後的過渡中繼續存在。所以現在這根本不會影響。

And is it also fair to assume that the step up in the most recent quarter was partially due to some of your DoD NRE revenues going away? It appears there's a big step down in the quarter.

假設最近一個季度的增長部分是由於國防部 NRE 收入的一部分消失，這也公平嗎？本季度似乎出現了大幅下滑。

Tom will look into that.

湯姆會調查此事。

So in our public docs, I think the sequential increase from the first into the second quarter is NEXT, which is excluded for operational EBITDA, Chris.

因此，在我們的公開文件中，我認為從第一季度到第二季度的連續增長是 NEXT，這不包括在運營 EBITDA 中，Chris。

Okay.

好的。

So if you have a $4 million sequential increase, and I think that reflects NEXT.

因此，如果您連續增加 400 萬美元，我認為這反映了下一步。

Yes, I think we had a credit last quarter, last year.

是的，我認為我們去年上個季度有信用。

Yes. I think that reflects NEXT, because we're ramping up with the ATP, just like the rest of our (technical difficulty) but just go to the operational EBITDA (inaudible), that's backed out.

是的。我認為這反映了下一步，因為我們正在提高 ATP，就像我們的其他部分（技術難度）一樣，但只是轉到運營 EBITDA（聽不清），這已被取消。

Okay.

好的。

We haven't been that inconsistent, I think, over the years in terms of the total amount of R&D we spend on our core product lines, but it does vary. We invested quite a bit in the last couple of years on the 9602, but that now has been introduced, and so that investment's going away. But we have some other interesting new investments on products that we think will have a lot of interest to our partner and customer base in the future that we're still working on, too, even in advance of NEXT.

我認為，多年來我們在核心產品線上投入的研發總額並沒有那麼不一致，但確實有所不同。過去幾年我們在 9602 上投入了大量資金，但現在已經推出，因此這些投資將會消失。但我們還有其他一些有趣的新產品投資，我們認為這些產品將來會引起我們的合作夥伴和客戶群的極大興趣，我們仍在努力，甚至在 NEXT 之前也是如此。

Great. I'll circle into the back of the queue.

偉大的。我會繞到隊列的最後面。

Thanks, Chris.

謝謝，克里斯。

Thank you. Our next question comes from Jonathan Atkin with RBC Capital Markets.

謝謝。我們的下一個問題來自加拿大皇家銀行資本市場的喬納森·阿特金。

Yes. A couple of questions. One, that 24,000-some-odd M2M units, and I'm assuming the churn there was due to either the position in part charging fees for that. I'm wondering, then, what the expectation for second half churn would be. Is there much remaining there?

是的。有幾個問題。一是有 24,000 多個 M2M 設備，我猜想其中的流失是由於該位置部分收取費用造成的。那麼，我想知道下半年客戶流失的預期是什麼。那裡還剩下多少嗎？

I'm not sure what you're talking about. We said we had 7,000 net new M2M subscribers in the quarter. We had about 24,000, if I remember, total subscriber growth in the quarter, quarter over quarter. So that included those 7,000. That also included a number of new voice subscribers, open port subscribers, government voice and government M2M subscribers. So that was the total number, I think, you're talking about.

我不確定你在說什麼。我們表示，本季度我們有 7,000 名淨新 M2M 用戶。如果我沒記錯的話，我們這個季度的總訂戶數量逐季增長，約為 24,000 人。所以這包括那 7,000 人。其中還包括一些新的語音用戶、開放端口用戶、政府語音和政府 M2M 用戶。我想這就是你所說的總數。

Right, and commercial M2M is what I meant.

是的，商業 M2M 就是我的意思。

Commercial M2M, we said we had 7,000 net new in the quarter over last year, which is a growth of about 20--.

商業 M2M，我們說本季度我們有 7,000 個淨新增用戶，比去年同期增長了 20 左右。

24% or something like that.

24% 或類似的數字。

26% over last year.

比去年增長 26%。

But, Jon, I think you're thinking about suspensions. And all suspensions have been stripped out of all subscriber information we're quoting. So the fact that a suspended customer gets deactivated has no impact on any of the data that we're citing.

但是，喬恩，我認為你正在考慮停職。我們引用的所有訂戶信息中都刪除了所有暫停信息。因此，被暫停的客戶被停用這一事實對我們引用的任何數據都沒有影響。

Okay.

好的。

That's important to note. I know there still seems to be a bit of confusion, I noticed, from people. But in the last quarter, as we said, there was this issue of suspended customers who didn't pay anything, really, for the period of being suspended. And some of our bars put, instead of deactivating subscribers, put them into suspended, and we were still including those, before, in total subscriber count.

值得注意的是。我注意到，人們似乎仍然有些困惑。但正如我們所說，上個季度存在暫停客戶的問題，他們在暫停期間實際上沒有支付任何費用。我們的一些酒吧並沒有停用訂閱者，而是將他們置於暫停狀態，而我們仍然將之前的訂閱者計入訂閱者總數中。

We didn't think that was appropriate. We didn't think that really made sense. We should only be counting subscribers that are paying something per quarter. So in, actually, within the last quarter and this quarter, we've implemented a fee for billable subscribers.

我們認為這不合適。我們認為這確實沒有道理。我們應該只計算每季度付費的訂閱者。因此，實際上，在上個季度和本季度，我們對計費訂閱者收取了費用。

So in the first quarter, we basically announced both total and billable subscribers, but we said at that time we would only be talking about billable subscribers going forward. That was a valid term. And everything you have heard from us today is billable subscribers. So when we talked about 24,000 growth in subscribers, that was in billable subscribers.

因此，在第一季度，我們基本上公佈了總訂閱用戶數和可計費訂閱用戶數，但我們當時表示我們只會談論未來的可計費訂閱用戶數。這是一個有效的術語。您今天從我們這裡聽到的所有內容都是收費訂閱者。因此，當我們談到訂閱者數量增長 24,000 人時，這是指可計費訂閱者。

Okay. Understood. And then I'm wondering about open port and then broadband and what that looks like post-NEXT. There was a competitive broadband satellite launch that was discussed by one of your peers last week, and their expectation seems to be delivering multi-negative speed, even to portable devices. And I'm wondering how you think about market segmentation in the wake of that potential product and how you avoid direct competition and still achieve growth with your broadband product going forward.

好的。明白了。然後我想知道開放端口、寬帶以及 NEXT 後的情況。上週，一位同行討論了一項具有競爭力的寬帶衛星發射，他們的期望似乎是提供多負速度，甚至對於便攜式設備也是如此。我想知道您如何看待該潛在產品之後的市場細分，以及您如何避免直接競爭並仍然通過您的寬帶產品實現增長。

Yes, that's a good question. We also noted their announcement. And I think that's probably a really good move for Inmarsat, and that's who you're talking about, their new network going for the Ka-band space.

是的，這是一個好問題。我們也注意到了他們的公告。我認為這對於 Inmarsat 來說可能是一個非常好的舉措，這就是你所說的，他們的新網絡將面向 Ka 頻段空間。

As they described in their announcement, that's really a new market space. They're going up to the high bandwidth area that really is dominated by five or six, I think, different players in that space today that provide bandwidth, including OnTheMove at quite high cost, and they hope to go after that. And I assume--they didn't really mention too much about it--but I assume that they'll try to be very competitive in that commoditized space.

正如他們在公告中所描述的，這確實是一個新的市場空間。他們正在進入高帶寬領域，我認為該領域實際上由五六個不同的參與者主導，今天該領域提供帶寬，包括成本相當高的 OnTheMove，他們希望追隨這一領域。我認為——他們並沒有對此提及太多——但我認為他們會努力在這個商品化領域保持非常有競爭力。

And I think they need to do that, because they see a lot of pressure on us in the lower-speed area of the range, and they see pressure from the commercial VSAT players at the higher-speed area of the range, and they're in the middle, so they've decided to move into that higher-speed space themselves. It doesn't have a lot to do with us. I don't think it has anything to do with us, really.

我認為他們需要這樣做，因為他們看到我們在範圍內的低速區域面臨很大的壓力，並且他們看到來自商業 VSAT 運營商在範圍內的高速區域的壓力，他們'位於中間，所以他們決定自己進入那個速度更快的空間。和我們沒有太大關係。我不認為這與我們有任何關係，真的。

NEXT brings us into the up to one megabit kind of space, and our focus isn't on going into the commodity space of speed, if you will, but the value space that, up to a megabit, where we can offer that data anywhere on the planet at a very cost-effective--perhaps the most cost-effective--price range. And we think that there's a very good market for that in the future. What they're talking about really doesn't preclude what we're doing in any way, and I think they even mentioned that in their announcement.

NEXT 將我們帶入高達 1 兆位的空間，如果您願意的話，我們的重點不是進入速度的商品空間，而是價值空間，高達 1 兆位，我們可以在任何地方提供該數據在地球上以非常具有成本效益（也許是最具成本效益）的價格範圍。我們認為未來會有一個非常好的市場。他們所談論的內容實際上並不妨礙我們以任何方式正在做的事情，我認為他們甚至在公告中提到了這一點。

So it's really two different things. There's an awful lot of--it's more about to us about value, and it's about bringing the cost down to provide data. And NEXT, we think, will do that. We think we can do it with very, very low-cost devices that work anywhere on the planet, which is still going to be different from where they're offering their service. And so we'll continue to add new revenues as we move into those new spaces.

所以這確實是兩件不同的事情。對我們來說，更多的是關於價值，以及降低提供數據的成本。我們認為，NEXT 將會做到這一點。我們認為我們可以使用非常非常低成本的設備來做到這一點，這些設備可以在地球上的任何地方工作，這仍然與他們提供服務的地方不同。因此，當我們進入這些新領域時，我們將繼續增加新的收入。

Thank you. And then maybe one last question on voice. Any further perspectives that you have pertaining to the handheld voice products? I think the way they have couched it on their call last week, they're looking at the replacing cycle as their opportunity to get in and increase their penetration. How do you view that? Is there much of a replacing cycle that you see going on within your base, for instance?

謝謝。然後也許是關於聲音的最後一個問題。您對手持語音產品還有什麼進一步的看法嗎？我認為他們上週在電話會議上的表達方式是，他們將更換週期視為進入並提高滲透率的機會。您對此有何看法？例如，您是否看到您的基地內正在發生大量的更換週期？

No, I don't see a cycle like that, that they described. The market will decide. I think our view of it has been--and you can even see in our results--that we're not seeing much, actually, reaction, if you will, in any way, from what we've seen. We continue to grow, our voice continues to grow well. We expect in the future it's going to grow, perhaps not at the double-digit rates that we've experienced in the past where there was no competition, because they will come in.

不，我沒有看到他們所描述的那樣的循環。市場將決定。我認為我們對此的看法是——你甚至可以在我們的結果中看到——實際上，我們並沒有看到太多的反應，如果你願意的話，無論如何，從我們所看到的情況來看。我們不斷成長，我們的聲音不斷成長。我們預計未來它會增長，也許不會像我們過去沒有競爭的情況下那樣以兩位數的速度增長，因為它們會進來。

But we're well known as the premier product in the space, the one that works all the time, the one that doesn't take any time to connect or to get a signal, the one that you don't need to worry about receiving calls for, et cetera. So I believe we're going to continue to do very well. They have very modest, I think, goals for their products, and I think that's probably appropriate, given what the current view on how that product is working.

但我們被譽為該領域的首屈一指的產品，一款始終可用的產品，一款不需要任何時間即可連接或獲取信號的產品，一款您無需擔心的產品接到電話等。所以我相信我們會繼續做得很好。我認為他們對產品的目標非常溫和，考慮到當前對該產品如何運作的看法，我認為這可能是合適的。

So anyway, I think we'll see continued growth, is our view in our voice business, and we have still a lot of plans around that space. But that was said, as I said, I really think our real growth, and the one we're most excited about, is in low- and high-speed data, and that's where I think we'll see a lot of our growth in the future. We'll continue to see growth in voice, but it's really about data in the future for us.

因此，無論如何，我認為我們將看到持續增長，這是我們對語音業務的看法，並且圍繞該領域我們仍然有很多計劃。但正如我所說，我真的認為我們真正的增長，也是我們最興奮的增長，是在低速和高速數據方面，我認為這就是我們將看到大量增長的地方將來。我們將繼續看到語音的增長，但對我們來說，未來真正重要的是數據。

Understood. Thank you very much.

明白了。非常感謝。

Thanks, Jon.

謝謝，喬恩。

Thank you. Our next question comes from Chris King with Stifel Nicolaus.

謝謝。我們的下一個問題來自 Chris King 和 Stifel Nicolaus。

Hi, guys. This is actually Josh James filling in for Chris King today. It looks like you guys had a nice sequential step-up this quarter in gross margin (inaudible) lower-cost product. But was there anything else going on in the quarter that you saw? And do you think this level of gross margin is sustainable going forward? Thank you.

嗨，大家好。這實際上是喬什·詹姆斯今天代替克里斯·金。看起來你們本季度的低成本產品的毛利率（聽不清）有一個很好的連續提升。但是您看到的本季度還有其他情況發生嗎？您認為這種毛利率水平未來可持續嗎？謝謝。

Yes, I think your question on the gross margin was actually pretty close to what we both said in the first quarter. It was down significantly from the prior year for the reasons that we cited. And we're comfortable in this general level, that that's going to be indicative of where we'll be for the--I think, on the GAAP statements, the improvement sequentially is largely just purchasing accounting. If you strip that out, I think we were within 100 basis points in gross margin from where we were in the first quarter, here in the second quarter, but for the purchase accounting. And I think, on an operational EBITDA basis, that's indicative of where we see ourselves, certainly for the balance of this year. Does that answer your question?

是的，我認為您關於毛利率的問題實際上與我們在第一季度所說的非常接近。由於我們列舉的原因，該數字較上年大幅下降。我們對這個總體水平感到滿意，這將表明我們將在哪裡 - 我認為，在公認會計準則報表上，連續的改進主要只是購買會計。如果剔除這一點，我認為我們的毛利率與第一季度（第二季度）的毛利率相差不到 100 個基點，但不考慮採購會計。我認為，在運營 EBITDA 的基礎上，這表明了我們對自己的看法，尤其是今年的剩餘時間。這是否回答你的問題？

Yes, it does.

是的，它確實。

Thank you. Our next question comes from Chris Quilty with Raymond James and Associates.

謝謝。我們的下一個問題來自雷蒙德·詹姆斯及其同事的克里斯·奎爾蒂。

Tom, real quick, the restricted cash on the balance sheet--should that drop down by about $10 million or $15 million?

湯姆，很快，資產負債表上的受限現金——應該減少大約 1000 萬美元還是 1500 萬美元？

It will be gone, so it won't be any restricted cash.

它會消失，所以不會是任何受限制的現金。

Okay.

好的。

But, really small. Boeing will be just our normal cash again.

但是，確實很小。波音將再次成為我們的普通現金。

Okay. And on the gross margin issues, specifically hardware gross margins--they were pretty good this quarter, despite the issues you were having. Were there any one-time benefits you saw in terms of product mix, or is that a good margin on a go-forward basis?

好的。在毛利率問題上，特別是硬件毛利率——儘管存在問題，但本季度的毛利率相當不錯。您在產品組合方面是否看到了任何一次性的好處，或者在未來的基礎上這是否是一個不錯的利潤？

I would just call your attention to the, just make sure you pull the effect of purchase accounting out, and I'd call it in the low 40s. It feels like the right zip code to us.

我只想提請您注意，只要確保您消除了購買會計的影響，我將其稱為 40 左右。對我們來說，這就像正確的郵政編碼。

Okay, great. And final question. Have you guys yet locked down some kind of a long-term Netted Iridium contract with DISA or the DoD?

好的，太好了。最後一個問題。你們是否已經與 DISA 或 DoD 簽訂了某種長期 Netted Iridium 合同？

It's based upon, right now, it's moving into a complete operational status right now. So it's moved from what was essentially the R&D phase into the deployment phase. And as such, it will really be based upon the demand of the field, essentially, for the units, which seems quite high. We hear all over, it's not just in CENTCOM, but it's in other commands, in AFRICOM and PACIFICOM and SOCOM, et cetera. So all in all, it looks like there's going to continue to be demand for Netted devices over the next few years.

它的基礎是，現在它正在進入完全運行狀態。因此，它已經從本質上的研發階段進入了部署階段。因此，它實際上將基於該領域的需求，本質上是對單位的需求，這似乎相當高。我們到處都聽到，這不僅發生在中央司令部，也發生在其他司令部，非洲司令部、太平洋司令部和特種作戰司令部等。總而言之，未來幾年對 Netted 設備的需求似乎將繼續存在。

So there are task orders which relate to specific numbers which we haven't really gone out and talked about which shows us at least short-term continued growth. But then the longer-term continued growth is just based upon, really, the good performance of the system and then, really, frankly, the demand needed for the product, it sounds like, out in the market.

因此，有一些與具體數字相關的任務訂單，我們還沒有真正出去討論這些數字，這至少向我們表明了短期的持續增長。但長期的持續增長實際上只是基於系統的良好性能，然後，實際上，坦率地說，產品所需的需求，聽起來像是市場上的需求。

But have you settled on a pricing structure for that product?

但是您確定了該產品的定價結構嗎？

We have. And there is a price. In fact, it is in DISA now, so they have operationalized it such that any unit can a DISA--can get a Netted device, really, right now, if they order it, and the pricing is in the system, and they can really order it via their ordering system. That was really a big change over the last few months, where it went from really being distributed by a centralized group.

我們有。並且有一個價格。事實上，它現在已經在 DISA 中，所以他們已經對其進行了操作，這樣任何單位都可以使用 DISA——實際上，現在，如果他們訂購它，並且定價在系統中，他們就可以獲得網絡設備。真正通過他們的訂購系統訂購。在過去的幾個月裡，這確實是一個很大的變化，它不再是真正由一個集中的團體分發。

And so do you see this, at least in the near term, as totally incremental, or is there some cannibalization of the 9555?

那麼您是否認為這（至少在短期內）是完全漸進的，還是對 9555 有一些蠶食？

In the near term, I think the near to midterm, it's almost all incremental. I don't really think that there's a lot of cannibalization. Long term, there could be some. But it's really a different type of product. The standard voice product that they use is a secure handheld phone that can work from anybody to anybody anywhere on the planet, and they use that for lots of different reasons.

在短期內，我認為從近期到中期，這幾乎都是增量的。我真的不認為存在很多蠶食。從長遠來看，可能會有一些。但這確實是一種不同類型的產品。他們使用的標準語音產品是安全的手持電話，可以在地球上任何地方的任何人之間使用，他們使用它的原因有很多不同。

A Netted phone is really a tactical radio. It's really a device that a unit uses, particularly disadvantaged units, use to talk amongst themselves in operational mode and would be used all the time. And I see that as a completely different application.

聯網電話實際上是一種戰術無線電。它實際上是一個單位使用的設備，特別是弱勢單位，用於在操作模式下相互交談，並且會一直使用。我認為這是一個完全不同的應用程序。

There's been a lot of interest, and I'm really--I think, long term, the value there is not us even selling Netted devices, but that actually Iridium starts getting into the tactical radio devices they use day to day, and there's certainly a lot of interest and discussion about doing that. And that would certainly also drive this to be, almost even more than anything else, a real service revenue kind of business.

人們對此很感興趣，我真的認為，從長遠來看，我們的價值甚至不在於銷售網絡設備，但實際上銥開始進入他們日常使用的戰術無線電設備，並且有當然，對此有很多興趣和討論。這肯定也會推動它成為一種真正的服務收入業務，幾乎比其他任何業務都更重要。

So you're saying embedded in a JTRS radio?

所以你是說嵌入 JTRS 無線電中？

Yes, exactly. There's no reason why we couldn't fit very well into that platform, and there seems to be interest in doing that. I'm not really describing anything but a strategy and interest right now, but I could see, long term, that that's really where we'd like to see that end up. It may be a couple of years, but I think it's the direction we want to move in.

對，就是這樣。我們沒有理由不能很好地融入這個平台，而且似乎也有興趣這樣做。我現在除了戰略和興趣之外並沒有真正描述任何東西，但我可以看到，從長遠來看，這確實是我們希望看到的最終結果。這可能需要幾年的時間，但我認為這是我們想要前進的方向。

And this is associated, but not directly. The new 9602--do you have to go through some kind of a new certification process before the DoD will begin ordering that in volume?

這是相關的，但不是直接的。新的 9602——在國防部開始批量訂購之前，您是否必須經過某種新的認證流程？

No. It really is a replacement, an operational replacement for the previous devices. And so it really is just a matter of their suppliers, those value-added manufacturers, taking the product and embedding into it. And, of course, there's a lot of interest in doing that because it's smaller, it's lower cost, it's lower power, it has all the attributes that they'd want in it. So the move is on to do that, and we think it will also drive new applications just because of its size and its ability to fit into more things.

不。它確實是一個替代品，是以前設備的操作替代品。因此，這實際上只是他們的供應商、那些增值製造商獲取產品並將其嵌入其中的問題。當然，人們對此很感興趣，因為它更小，成本更低，功耗更低，並且具有他們想要的所有屬性。因此，我們正在這樣做，我們認為它也將推動新的應用程序，因為它的規模和適應更多事物的能力。

Got it. Thank you.

知道了。謝謝。

Thanks, Chris.

謝謝，克里斯。

Thank you. I am showing no further questions at this time.

謝謝。我目前沒有提出任何進一步的問題。

Okay. We thank everybody for joining us on this call and look forward to future calls, and we'll take, obviously, anybody's call offline that would like to go into further detail. Thank you.

好的。我們感謝大家參加本次電話會議，並期待未來的電話會議，顯然，如果任何人想了解更多細節，我們都會離線接聽電話。謝謝。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the conference, and you may now disconnect.

女士們、先生們，感謝你們參加今天的會議。會議到此結束，您現在可以斷開連接。