Iridium Communications Inc (IRDM) 2024 Q3 法說會逐字稿

Good day and welcome to the Iridium's 2024 third quarter earnings call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加銥星 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Ken Levy, Vice President, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Ken Levy。請繼續。

Thanks, Megan. Good morning and welcome to Iridium's third quarter, 2024 earnings call. Joining me on this morning's call are CEO, Matt Desch; and our CFO, Tom Fitzpatrick. Today's call will begin with a discussion of our third quarter results followed by Q&A. I trust you've had an opportunity to review this morning's earnings release, which is available in the invest relations section of Iridium website.

謝謝，梅根。早安，歡迎參加銥星 2024 年第三季財報電話會議。與我一起參加今天早上電話會議的是執行長 Matt Desch；和我們的財務長湯姆·菲茨帕特里克。今天的電話會議將首先討論我們的第三季業績，然後進行問答。我相信您已經有機會查看今天早上的收益發布，該發布可以在銥星網站的投資關係部分找到。

Before, I turn things over to Matt, I'd like to caution all participants that our call may contain 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 our future expectations, plans and prospects.

在我將事情交給馬特之前，我想提醒所有參與者，我們的電話會議可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。前瞻性陳述是非歷史事實的陳述，包括有關我們未來的期望、計劃和前景的陳述。

Such forward-looking statements are based upon our current beliefs and expectations and are subject to risk which could cause actual results to differ from 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.

此類前瞻性陳述是基於我們目前的信念和期望，並存在可能導致實際結果與前瞻性陳述不同的風險。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。

Any forward-looking statements represent our views only as of today. And while we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. Even if our views or expectations change.

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前瞻性陳述，但我們明確表示不承擔任何這樣做的義務。即使我們的觀點或期望改變。

During the call, we'll also be referring to certain non-GAAP financial measures including operational EBITDA, pro-forma free cash flow, free cash flow yield and free cash flow conversion. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles.

在電話會議中，我們還將提及某些非公認會計準則財務指標，包括營運 EBITDA、預期自由現金流、自由現金流收益率和自由現金流轉換。這些非公認會計準則財務指標並非依照公認會計原則編製。

Please refer to today's earnings release in the investor relations section of our website for further explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measures.

請參閱我們網站投資者關係部分今天發布的收益報告，以進一步解釋這些非公認會計原則財務指標以及與最直接可比較的公認會計原則指標的調節。

With that, let me turn things over to Matt.

接下來，讓我把事情交給馬特。

Thanks, Ken. Good morning, everyone. As you saw in our press release this morning, we delivered another strong quarter of revenue and subscriber growth and remain on track to achieve the higher end of our full year guidance.

謝謝，肯。大家早安。正如您在今天早上的新聞稿中看到的那樣，我們在收入和用戶成長方面又實現了強勁的季度成長，並有望實現全年指導的較高目標。

We're also having a productive year of new product launches and good progress on strategic efforts like project Stardust which are developing quickly. We remain a very unique player in the satellite communications industry, having carved out a leadership position in IoT and mobility applications and are generating significant cash flow while expanding into new markets like PNT and standards based IoT and directed device.

今年我們的新產品發布也取得了豐碩的成果，星塵專案等策略工作也取得了良好進展，該專案正在快速發展。我們仍然是衛星通訊行業中非常獨特的參與者，在物聯網和行動應用領域佔據了領導地位，並在擴展到PNT 和基於標準的物聯網和定向設備等新市場的同時產生了大量現金流。

As another marker of our progress, I want to highlight, unlike most companies in the space industry that we are actively returning capital to shareholders. In the third quarter, we returned $146 million to shareholders through dividends and our expanded share repurchase program.

作為我們進步的另一個標誌，我想強調，與航太產業的大多數公司不同，我們正在積極向股東返還資本。第三季度，我們透過股利和擴大的股票回購計畫向股東返還了 1.46 億美元。

In all, we were purchased 4.7 million shares which reduced our outstanding share count by about 4%. That's a record number of shares retired for a single quarter since the inception of our buyback program. We believe that our equity represents a compelling investment opportunity and plan to continue with this program in light of the board's authorization of an additional $500 million in September.

我們總共購買了 470 萬股股票，這使我們的流通股數量減少了約 4%。這是自我們的回購計畫啟動以來單季退役股票數量的創紀錄水準。我們相信，我們的股權代表了一個引人注目的投資機會，並計劃根據董事會 9 月額外授權的 5 億美元繼續實施該計劃。

Iridium has now returned more than $1 billion of capital to shareholders through repurchases and dividends, since the beginning of our shareholder friendly activities in 2021. I continue to feel very good about Iridium's market position and our growing business opportunities.

自 2021 年開始進行股東友好活動以來，銥星現已透過回購和股利向股東返還超過 10 億美元的資本。我仍然對銥星的市場地位和我們不斷成長的商機感到非常滿意。

We have been served well by continuing to grow and develop our ecosystem of global partners. Today, we have more than 500 companies which include resellers, value added developers and equipment manufacturers who build their solutions on our network because Iridium is the best choice to connect their unique applications.

透過不斷發展和發展我們的全球合作夥伴生態系統，我們得到了良好的服務。如今，我們擁有超過 500 家公司，其中包括經銷商、增值開發商和設備製造商，他們在我們的網路上建立自己的解決方案，因為銥星是連接他們獨特應用程式的最佳選擇。

Iridium's L-band crosslink constellation remains the foundation of our success. And it's the knowledge and deep domain expertise of these global partners that drives the virtuous cycle of feedback and innovation that attract new subscribers to our network.

Iridium 的 L 波段交聯星座仍然是我們成功的基礎。這些全球合作夥伴的知識和深厚的領域專業知識推動了回饋和創新的良性循環，吸引了新用戶加入我們的網路。

I'm not sure that all investors understand this aspect of our business yet, it remains a key ingredient of our go to market strategy that sets Iridium apart from other satellite providers. We've had a busy quarter in terms of announcements that reflect our vision and strategy for the future.

我不確定所有投資者都了解我們業務的這一方面，但它仍然是我們進入市場策略的關鍵要素，使銥星有別於其他衛星提供者。我們度過了一個繁忙的季度，發布了反映我們未來願景和策略的公告。

I'd like to take a moment to update you on a few of these as they add to Iridium's reach and capabilities and will drive our growth in the coming years.

我想花點時間向您介紹其中的一些最新情況，因為它們擴大了 Iridium 的影響力和能力，並將推動我們在未來幾年的發展。

First Iridium NTN Direct. Last month, we issued a press release with an update on project Stardust a service which we'll introduce in early 2026 as Iridium NTN Direct and that program is making great progress. We've always said that Iridium would be an important player in direct to device and providing standards based IoT from space. And we were excited to share that Iridium satellite technology is slated to be included in the next release of the 3GPP standard known as Release 19.

第一個銥星 NTN Direct。上個月，我們發布了一份新聞稿，介紹了 Stardust 專案的最新情況，我們將於 2026 年初推出 Iridium NTN Direct 服務，該計劃正在取得巨大進展。我們一直說，銥星將成為直接連接設備和從太空提供基於標準的物聯網的重要參與者。我們很高興地告訴大家，銥星衛星技術將被納入 3GPP 標準的下一個版本（即第 19 版）。

This paves the way for Iridium's L-band frequencies and technology to be accessible via industry standard chip sets. Release 19 is scheduled to be completed in the fourth quarter of next year and will serve as the backbone for our consumer oriented D2D offerings for smartphones and wearables. And we'll also support inbound roaming of terrestrial narrowband IoT devices and applications onto our highly reliable, truly global NB-IoT satellite network.

這為透過業界標準晶片組訪問銥星的 L 波段頻率和技術鋪平了道路。Release 19 計劃於明年第四季度完成，並將成為我們面向消費者的智慧型手機和穿戴式裝置 D2D 產品的支柱。我們還將支援地面窄帶 IoT 設備和應用程式在我們高度可靠、真正的全球 NB-IoT 衛星網路上的入站漫遊。

You may have seen our announcement last week with Nordic semiconductor who was working on the early integration of Iridium NTN Direct into their standards based chips. They're a strategically important relationship for us. And you'll hear announcements over time from others who are adopting Iridium into their standards based hardware as well.

您可能已經看到我們上週與 Nordic Semiconductor 發布的公告，該公司正在致力於將 Iridium NTN Direct 早期整合到其基於標準的晶片中。他們對我們來說具有重要的戰略意義。隨著時間的推移，您還會聽到其他人也宣布將銥星納入其基於標準的硬體中。

Second, I wanted to highlight the introduction of Garmin's new in reach messenger plus in mid-September. This consumer satellite device leverages our new Iridium service IoT service called Iridium message --Messaging Transport, what we call IMT for short and support, sending photos and voice messages.

其次，我想強調 Garmin 在 9 月中旬推出的新款 inreach Messenger plus。這款消費性衛星設備利用我們新的銥星服務物聯網服務，稱為銥星訊息——訊息傳輸，我們簡稱為 IMT，支援發送照片和語音訊息。

These new capabilities complement the two way texting and SOS services that consumers have come to rely on and are expected to expand usage and find even more users for Garmin all over the world. With a battery life of up to 600 hours this device is an example of another purpose built ruggedized weather resistant product that active recreational users look for and often plan their activities around.

這些新功能補充了消費者所依賴的雙向簡訊和 SOS 服務，預計將擴大使用範圍並為 Garmin 在全球找到更多用戶。該設備的電池壽命長達 600 小時，是活躍的休閒用戶尋找並經常計劃其活動的另一種專用堅固耐用的耐候產品的示例。

We also believe that these expanded capabilities will be adopted by other commercial and government IoT users as our IMT technology which has been integrated into our Iridium Certus IoT and midband transceivers will soon be available through more of our partners.

我們也相信，這些擴展的功能將被其他商業和政府物聯網用戶採用，因為我們的IMT 技術已整合到我們的Iridium Certus 物聯網和中頻收發器中，很快將透過我們更多的合作夥伴提供。

Third, we also unveiled Iridium Certus GMDSS for mariners, which will be supported by a new series of new -- by a series of new terminals coming to market this quarter. These combine Iridium Certus broadband technology with three important and required maritime safety and security services GMDSS. LRIT, which stands for long range identification and tracking and SSAS, which is the ship security alert system.

第三，我們也為海員推出了 Iridium Certus GMDSS，該系統將得到一系列新產品的支援——本季即將上市的一系列新終端。這些技術將 Iridium Certus 寬頻技術與三項重要且必需的海上安全和保全服務 GMDSS 相結合。LRIT（遠端識別和追蹤）和 SSAS（船舶安全警報系統）。

The combination of these capabilities within one terminal sets a new standard for cost efficiency and performance of maritime safety and security solutions for vessels in need of these critical network systems. This will also continue to ensure that Iridium is the preferred choice on ships to complement Ka and Ku broadband connections.

這些功能在一個終端內的結合，為需要這些關鍵網路系統的船舶的海上安全和安保解決方案的成本效率和性能樹立了新標準。這也將繼續確保銥星成為船舶上補充 Ka 和 Ku 寬頻連接的首選。

Fourth, I want to acknowledge Iridium's award of an upside contract from the Space Development Agency where we're working with general dynamics mission systems to manage and integrate ground infrastructure and operations across multiple satellite suppliers for SDA's new proliferated war fighter space architecture.

第四，我要感謝銥星公司從太空發展局獲得了一份上行合同，我們正在與通用動力任務系統合作，為SDA 的新型擴散戰鬥機太空架構管理和整合多個衛星供應商的地面基礎設施和營運.

With our most recent award, the total value of our contract with the SDA grows to approximately $400 million since inception of which $260 million or so remains to be recognized through 2029 with potential for additional opportunities in the future.

根據我們最近的合同，我們與 SDA 的合約總價值自簽訂以來已增至約 4 億美元，其中 2.6 億美元左右仍有待到 2029 年確認，未來可能還會有更多機會。

The increase in our scope of work on this multiyear project supports our outlook for record engineering support revenues this year.

我們在這個多年期專案上工作範圍的擴大支持了我們今年創紀錄的工程支持收入的前景。

Finally, I want to end with an update on Iridium PNT. We've made swift progress to integrate Satelles into our company since acquiring them in the second quarter. This acquisition makes Iridium the market leader in alternate PNT and allows us to address the growing threats to GPS signals by offering secure PNT to data centers, maritime inbuilding wireless systems and other market areas.

最後，我想以銥星 PNT 的最新情況作為結尾。自從第二季收購 Satelles 以來，我們在將其整合到我們公司方面取得了迅速進展。此次收購使 Iridium 成為替代 PNT 領域的市場領導者，並使我們能夠透過向資料中心、海事內建無線系統和其他市場領域提供安全 PNT 來應對 GPS 訊號日益增長的威脅。

Last month, our team was in Norway showcasing our PNT capabilities of one of the industry's large public testing events. Iridium STL solution performed exceptionally well through a series of stage GPS, jamming and spoofing attacks. Demonstrating our technical leadership and readiness for the growing market for commercial and civil applications.

上個月，我們的團隊在挪威展示了我們在業界大型公共測試活動之一中的 PNT 功能。Iridium STL 解決方案在一系列階段性 GPS、幹擾和欺騙攻擊中表現出色。展示我們的技術領先地位以及為不斷增長的商業和民用應用市場做好的準備。

We're getting great feedback on our opportunity especially since expanding the availability of the service to Europe and Asia. There's particular interest from maritime and other users around areas of geopolitical conflict where daily jamming and spoofing are having real operational and economic impacts.

我們的機會得到了很好的回饋，特別是自從將服務的可用性擴展到歐洲和亞洲以來。地緣政治衝突地區的海事和其他用戶特別感興趣，這些地區的日常乾擾和欺騙正在產生實際的營運和經濟影響。

Our partners are excited about the business opportunity offered by Iridium's alternate PNT and are having conversations with their customers to fortify GPS signals against the growing threats they're seeing in their respective regions or deliver precision time more efficiently and cost effectively to indoor digital applications that need it.

我們的合作夥伴對Iridium 的替代PNT 提供的商機感到興奮，並正在與客戶進行對話，以增強GPS 信號以應對他們在各自地區看到的日益增長的威脅，或者為室內數位應用提供更高效、更具有成本效益的精確時間。

These activities underscore investments being made by Iridium and business partners today which will drive our growth over the next decade and support adoption of our mission critical services by a broader set of industry and users.

這些活動凸顯了銥星和業務合作夥伴目前正在進行的投資，這些投資將推動我們在未來十年的成長，並支持更廣泛的產業和用戶採用我們的關鍵任務服務。

So we continue to be enthusiastic about the new Iridium products hitting the market as well as the new partnerships we're adding to our ecosystem. They support our long term growth objectives and guidance for generating $1 billion service revenue by 2030.

因此，我們繼續對上市的新銥星產品以及我們在生態系統中添加的新合作夥伴關係充滿熱情。它們支持我們的長期成長目標和到 2030 年實現 10 億美元服務收入的指導。

Before I turn the call over to Tom for a review of our financials. I want to note that this will be Tom's last earnings report at Iridium in light of his upcoming retirement at year end. He is turning the CFO reins over to Vince O'Neill, who many of you already know.

在我把電話轉給湯姆之前，他會審查我們的財務狀況。我想指出的是，鑑於湯姆即將在年底退休，這將是他在銥星公司的最後一份收益報告。他將財務長的權力移交給文斯歐尼爾（Vince O'Neill），你們很多人都認識他。

Vince by the way is also on hand with us today as part of this transition. We're fortunate and I have to say I'm very happy that Tom will be staying on the board to continue to provide his experience and financial wisdom that have helped to drive our success over the last 14 years. So Tom?

順便說一句，文斯今天也在場，作為這一過渡的一部分。我們很幸運，我必須說，我很高興 Tom 將繼續留在董事會，繼續提供他的經驗和財務智慧，這些經驗和智慧在過去 14 年中幫助推動了我們的成功。那麼湯姆?

Hey, thanks Matt and good morning everyone. I'll get started by summarizing our key financial metrics for the quarter and providing some color on the trends we're seeing in our business lines. Then I'll recap the 2024 guidance we updated this morning and close with a review of our liquidity position and capital structure.

嘿，謝謝馬特，大家早安。我將首先總結本季的主要財務指標，並提供一些我們在業務線中看到的趨勢的資訊。然後，我將回顧我們今天早上更新的 2024 年指引，並以對我們的流動性狀況和資本結構的審查作為結束。

Iridium continued to execute well in the third quarter, generating total revenue of $212.8 million up 8% from the prior year's quarter. The improvement reflects ongoing growth in our commercial business lines and strength in engineering and support revenue.

Iridium 第三季持續表現良好，總營收達到 2.128 億美元，比去年同期成長 8%。這項改善反映了我們商業業務線的持續成長以及工程和支援收入的實力。

Operational EBITA hit a record $124.4 million in the third quarter. With the majority of this growth driven by expansion in service revenue. On the commercial side of our business service revenue is up 6% this quarter to $133.3 million. With the increase reflecting ongoing momentum in IoT as well as new growth in hosted payload and other data services.

第三季營運 EBITA 達到創紀錄的 1.244 億美元。這一增長大部分是由服務收入的擴張所推動的。在商業方面，本季我們的商業服務收入成長了 6%，達到 1.333 億美元。這一成長反映出物聯網的持續發展動能以及託管有效負載和其他數據服務的新成長。

Primarily as a result of Satelles acquisition. Commercial voice and data revenue rose 3% from last year's comparable quarter to $57.7 million. The increase was driven by subscriber growth as demand for Iridium push to talk services remained healthy.

主要是由於收購 Satelles。商業語音和數據收入較去年同期成長 3%，達到 5,770 萬美元。這一增長是由用戶成長推動的，因為對銥星一鍵通服務的需求保持健康。

In commercial IoT, we continue to see good demand for personal satellite communications as well as our traditional industrial services revenue rose 14% from the prior year quarter to $43.7 million in part reflecting the two year contract we signed earlier this year with a large fast growing partner. As discussed previously, this contract has the effect of materially increasing revenue from this customer in 2024 compared to 2023.

在商業物聯網領域，我們繼續看到對個人衛星通訊的良好需求，以及我們的傳統工業服務收入比去年同期增長14% 至4,370 萬美元，部分反映了我們今年早些時候簽署的兩年期合約，該合約的規模快速成長夥伴。如前所述，與 2023 年相比，該合約將在 2024 年大幅增加該客戶的收入。

You'll notice that net subscriber additions in IoT are down from last year's third quarter. This decrease is due to a change that the same personal communications customer made as they simplified their available subscription plan.

您會注意到，物聯網的淨用戶增量比去年第三季有所下降。這項減少是由於同一個人通訊客戶在簡化可用訂閱方案時所做的變更所致。

As expected, this resulted in increased cancellations this quarter of very low ARPU subscribers. We expect this trend to continue for the next few quarters as this conversion unfolds but to fully abate by the end of 2025.

正如預期的那樣，這導致本季 ARPU 非常低的訂戶取消數量增加。我們預計，隨著這種轉變的展開，這種趨勢將在未來幾季持續下去，但到 2025 年底將完全減弱。

Let me be clear, this process will have no effect on IoT revenues in 2024 and 2025 because our revenues from this customer are contractual and not driven by subscriber levels. Further contractual revenues for this customer in 2025 will increase materially from 2024.

讓我明確一點，這個過程不會對 2024 年和 2025 年的物聯網收入產生影響，因為我們從該客戶那裡獲得的收入是合約性的，而不是由用戶數量驅動的。該客戶 2025 年的進一步合約收入將比 2024 年大幅增加。

We expect 2026 subscriber growth trends from this customer to return to levels experienced over the last couple of years as their customer avail themselves of a more robust product portfolio. Accordingly, we expect our 2026 revenues from this customer to further increase from 2025.

我們預計，隨著該客戶利用更強大的產品組合，到 2026 年該客戶的訂戶成長趨勢將恢復到過去幾年的水平。因此，我們預計 2026 年來自該客戶的收入將比 2025 年進一步增加。

We also expect this process to have a favorable impact on ARPUs over this period. Commercial broadband held up well as it transitions to a safety and companion service. We reported $15.5 million in revenue during the quarter.

我們也預期這一過程將對這段時期的 ARPU 產生有利影響。商業寬頻在向安全和配套服務過渡的過程中表現良好。我們報告本季收入為 1550 萬美元。

In all, we added 70,000 net new commercial subscribers during the quarter and commercial IoT subscribers continue to account for about 80% of billable subscribers. Posting another data services revenue was $16.4 million this quarter up 9% from last year's comparable quarter.

總的來說，本季我們淨新增了 7 萬名商業用戶，商業物聯網用戶繼續佔計費用戶的 80% 左右。本季的另一項數據服務收入為 1,640 萬美元，比去年同期成長 9%。

The increase was primarily due to new revenue from Iridium PNT the time and location business we acquired through the Satelles transaction in April. We see a tremendous revenue opportunity with broader availability of Iridium's alternative position, navigation and timing service and believe this service will generate over $100 million in annual service revenue by 2030.

這一成長主要是由於我們在 4 月透過 Satelles 交易收購的 Iridium PNT 時間和位置業務獲得了新收入。我們看到了銥星替代定位、導航和授時服務的更廣泛可用性帶來的巨大收入機會，並相信到 2030 年該服務將產生超過 1 億美元的年服務收入。

In the third quarter, an increase in Iridium's PNT revenue helped to offset lower hosting revenue recognition, something we've discussed previously, which is entirely related to the extended useful life of our satellites. While the extension of the useful life has no bearing on cash flow. It does impact the time over which we recognize revenues from associated fixed price posting contracts.

第三季度，銥星PNT收入的成長有助於抵銷託管收入確認的下降，這一點我們之前已經討論過，這完全與我們衛星使用壽命的延長有關。而使用壽命的延長對現金流量沒有影響。它確實會影響我們從相關固定價格發布合約中確認收入的時間。

Government service revenue is also fractionally higher in the third quarter at $26.5 million reflecting a step up in revenue under our EMSS contract with the US government on September 15. As of this date, the annual bill rate under this seven year contract rose to $107 million from $106 million previously. Subscriber equipment was up 9% in the third quarter to $22.2 million.

第三季政府服務收入也略有成長，達到 2,650 萬美元，反映出我們 9 月 15 日與美國政府簽訂的 EMSS 合約下的收入有所增加。截至目前，這份七年期合約的年帳單費率從先前的 1.06 億美元升至 1.07 億美元。第三季用戶設備成長了 9%，達到 2,220 萬美元。

I would note that this growth represents a stark turnaround from the year over year decline posted in the first half of 2024. And it's reflective of more normalized demand in the channel following two years of heightened inventory build-up by customers which began to be drawn down in the second half of 2023.

我要指出的是，這一增長與 2024 年上半年的同比下降相比出現了明顯轉變。這反映出，經過兩年客戶庫存增加，該通路的需求更加正常化，並於 2023 年下半年開始減少。

As such comparisons in the first half of 2024 were negative whereas comparisons in the second half will be positive. With the volatility of supply chain constraints now behind us, we believe buying activity will return to more typical levels. Based upon feedback from our partners, we expect an acceleration of year over year growth in the fourth quarter from what we experienced in the third quarter.

因此，2024 年上半年的比較結果為負面，而下半年的比較結果為正面。隨著供應鏈限制的波動性現在已成為過去，我們相信購買活動將恢復到更典型的水平。根據合作夥伴的回饋，我們預計第四季的年成長將較第三季有所加快。

Engineering and support revenue was $30.7 million in the third quarter as compared to $25.2 million in the prior year period. The 22% increase reflects our growing activity with the US government and increasing scope of work with the Space Development Agency.

第三季工程和支援收入為 3,070 萬美元，而去年同期為 2,520 萬美元。22% 的成長反映了我們與美國政府的活動不斷增加以及與太空發展局的工作範圍不斷擴大。

Based upon our results through the third quarter, we are updating our full year guidance for service revenue to growth of approximately 5%. Now expect operational EBITDA of between $465 million, $470 million for the full year.

根據我們第三季的業績，我們將全年服務收入指引更新為成長約 5%。目前預計全年營運 EBITDA 為 4.65 億至 4.7 億美元。

Moving to our capital position as of September 30, Iridium had a cash and cash equivalent balance of $159.6 million. Iridium's growing cash flow has been a source of liquidity and continues to support our board's confidence in quarterly dividend payments and an active share repurchase program.

截至 9 月 30 日的資本狀況，銥星的現金和現金等價物餘額為 1.596 億美元。銥星不斷增長的現金流一直是流動性的來源，並繼續支持我們董事會對季度股息支付和積極的股票回購計劃的信心。

The Board's latest $500 million authorization in September, our board has now authorized a total of $1.5 billion in buy back since the program started in early 2021.

董事會於 9 月最新授權了 5 億美元，自 2021 年初啟動該計畫以來，我們的董事會現已授權總計 15 億美元的回購。

Iridium paid a third quarter dividend of $0.14 per common share on September 30, and expects to return approximately $65 million of cash to shareholders in 2024 through dividends. In the third quarter, Iridium retires approximately 4.7 million shares of common stock at an average price of $27.48.

銥星於9月30日支付了每股普通股0.14美元的第三季股息，預計在2024年透過股息向股東返還約6,500萬美元現金。第三季度，銥星公司以平均價格 27.48 美元退役約 470 萬股普通股。

This was the most shares we purchased during a quarter in our history and represented a reduction of about 4% of our outstanding shares. This activity along with our new authorization Iridium with an outstanding balance of $552 million under our Board approved repurchase program as of September 30, 2024.

這是我們歷史上一個季度購買的最多股票，這意味著我們的流通股減少了約 4%。截至 2024 年 9 月 30 日，根據董事會批准的回購計劃，這項活動以及我們新授權的銥星未償餘額為 5.52 億美元。

We continue to believe that Iridium's equity offers a compelling investment opportunity. Between our dividend program which started in 2023 and the commencement of our share repurchases in 2021, Iridium has already returned more than a $1 billion to shareholders.

我們仍然相信銥星的股權提供了令人信服的投資機會。從 2023 年開始的股利計畫到 2021 年開始股票回購，銥星已向股東返還超過 10 億美元。

As of September 30, Iridium's term loan balance was $1.8 billion. You'll recall that we increased the balance on our term loan in July and relaxed our guidance for net leverage to support additional capacity for share repurchases.

截至9月30日，銥星的定期貸款餘額為18億美元。您可能還記得，我們​​在 7 月增加了定期貸款餘額，並放寬了淨槓桿率指導，以支持額外的股票回購能力。

We ended the quarter with net leverage of approximately 3.5 times of EBITDA and expect net leverage to remain below 4 times of EBITDA through 2026. We continue to plan for Iridium's net leverage to fall below 2 times of EBITDA by the end of 2030.

截至本季末，我們的淨槓桿比率約為 EBITDA 的 3.5 倍，預計到 2026 年淨槓桿率將保持在 EBITDA 的 4 倍以下。我們繼續規劃到 2030 年底，銥星的淨槓桿率降至 EBITDA 的 2 倍以下。

The rate at which we expect Iridium to naturally deliver makes us comfortable with this long term guide. Notwithstanding the projected uptick in leverage in the near term. Capital expenditures in the third quarter for $18.6 million.

我們期望銥星自然交付的速度使我們對這份長期指南感到滿意。儘管預計短期內槓桿率會上升。第三季資本支出為1860萬美元。

We expect capital expenditures to be approximately $70 million in 2024 as we invest in new product development initiatives like Iridium NTN Direct. Turning to our pro-forma free cash flow if we use the midpoint of our 2024 EBITDA (technical difficulty) and back off $88 million in net interest pro-forma for our current debt structure, approximately $69 million in CapEx for this year.

我們預計 2024 年的資本支出約為 7,000 萬美元，因為我們投資於 Iridium NTN Direct 等新產品開發計劃。轉向我們的預計自由現金流，如果我們使用 2024 年 EBITDA（技術難度）的中點，並為我們當前的債務結構削減 8800 萬美元的淨利息預計，今年的資本支出約為 6900 萬美元。

$5 million in cash taxes and $6 million in working capital inclusive of the appropriate hosted payload adjustment. We're projecting pro-form of free cash flow of approximately $300 million for 2024. These metrics would represent a conversion rate of EBITDA free cash flow of 64% in 2024 and a yield of about 8.9%.

500 萬美元的現金稅和 600 萬美元的營運資金，包括適當的託管有效負載調整。我們預計 2024 年自由現金流預計約為 3 億美元。這些指標代表 2024 年 EBITDA 自由現金流的轉換率為 64%，收益率約為 8.9%。

A more detailed description of these cash flow metrics along with the reconciliation to GAAP measures is available in a supplemental presentation under events in our investor relations website. Before I conclude my remarks, I'd like to acknowledge my plan to retire at the end of this year.

有關這些現金流量指標的更詳細描述以及與 GAAP 衡量標準的對賬，請參閱我們投資者關係網站活動下的補充簡報。在我結束發言之前，我想確認我計劃在今年年底退休。

Serving as Iridium CFO over the past 14 years has been the highlight of my 45 year career. It's brought immense professional satisfaction in the source of tremendous camaraderie and friendships provided more than just a few challenges.

過去 14 年擔任銥星財務長是我 45 年職涯中的亮點。它帶來了巨大的職業滿足感，源自於巨大的友誼和友誼，帶來的不僅僅是一些挑戰。

Happily, the challenges were surmounted to make Iridium the company it is today. I'd especially like to thank Matt for being a wonderful role model, visionary, friend and partner and give credit to the immensely talented and committed Iridium team that has allowed us to achieve great success.

令人高興的是，銥星公司克服了這些挑戰，成為了今天的公司。我要特別感謝馬特，他是一位出色的榜樣、有遠見的人、朋友和合作夥伴，並讚揚才華橫溢、盡職盡責的銥星團隊，正是他們使我們取得了巨大的成功。

Iridium has been second home to me and provided countless memories and experiences that I'll never forget for that, thank you. Well, be with the company through the end of the year as CFO I'm flattered that the Board has asked me to continue my service as a member of the board.

銥星是我的第二個家，為我提供了無數的回憶和經歷，我永遠不會忘記，謝謝。好吧，作為財務長在公司工作到今年年底，董事會要求我繼續擔任董事會成員，我感到很榮幸。

I want to acknowledge Vince O'Neill, who is with us on the call today and it will take the reins of CFO to lead the company. Vince and I have worked together for a decade and I'm fortunate to have had his talents to help guide the many decisions we've made on funding, investment and capital spending.

我要感謝今天與我們一起參加電話會議的文斯·奧尼爾 (Vince O'Neill)，他將由首席財務官 (CFO) 領導公司。文斯和我已經合作了十年，我很幸運能夠擁有他的才華來幫助指導我們在融資、投資和資本支出方面所做的許多決策。

From our work with the export credit funding and the successful transition to our current capital structure. Vince has been a close competent and integral to Iridium's financial success. He's done a masterful job directing the scores of budgeting and forecasting plans that have allowed us to comfortably begin to return capital to shareholders. Welcome, Vince.

從我們與出口信貸融資的合作以及向當前資本結構的成功過渡。文斯 (Vince) 是銥星公司財務成功的得力助手和不可或缺的一部分。他出色地指導了數十項預算和預測計劃，使我們能夠輕鬆地開始向股東返還資本。歡迎，文斯。

Thanks, Tom. I really appreciate those warm comments and I'm honored to be Iridium's next CFO. And that Matt and the Board have given me this opportunity. I'm really excited to get going and I believe that the future for Iridium is full of opportunities.

謝謝，湯姆。我真的很感謝這些熱情的評論，我很榮幸成為 Iridium 的下一任財務長。馬特和董事會給了我這個機會。我真的很高興能夠開始，並且我相信銥星的未來充滿機會。

I think that over the last few years I've met most of you, but for those of you who are less familiar with my background. I've worked with Tom and Matt now for 10 years and I feel very confident that I'll be able to build upon the financial success and strong track record that they've been able to deliver.

我想在過去的幾年裡我見過你們中的大多數人，但對於那些不太熟悉我的背景的人來說。我已經與湯姆和馬特合作了 10 年，我非常有信心能夠在他們所取得的財務成功和良好業績記錄的基礎上再接再厲。

I'm fortunate to have been active in supporting Tom in both crafting and designing our financing strategy along with our share repurchase activities among other things for the last number of years.

我很幸運能夠在過去幾年中積極支持湯姆制定和設計我們的融資策略以及我們的股票回購活動等。

Part of the benefit of having a deep history with Matt, our Board and our many business partners is that we see eye to eye on Iridium's bright future and the many opportunities for continued growth as we look through the second part of the decade.

與 Matt、我們的董事會和眾多業務合作夥伴有著深厚歷史淵源的部分好處是，當我們展望本世紀的後半段時，我們對銥星的光明未來以及持續增長的眾多機會有著一致的看法。

With Tom's retirement, I assume the CFO responsibilities with a strong knowledge and a detailed understanding of this company, the satellite industry and established relationships to ensure an ongoing seamless transition.

隨著湯姆的退休，我承擔了財務長的職責，對這家公司、衛星產業有深入的了解和詳細的了解，並建立了確保持續無縫過渡的關係。

Finally, it would be remiss of me not to publicly acknowledge Tom's great financial leadership and direction during my 10 year here at Iridium, I'll miss him, but I do take solace from knowing that as a board member, he'll be very close at hand.

最後，如果我不公開承認湯姆在銥星的十年期間出色的財務領導和指導，那就太失職了，我會想念他，但我確實感到安慰，因為我知道作為董事會成員，他會非常出色。

I look forward to getting out making more introductions and hearing more from our investors soon. Thanks, Tom.

我期待盡快做出更多介紹並聽到更多投資者的聲音。謝謝，湯姆。

I really can't say enough about Vince and our finance team. I know that Vince will serve the company and shareholders interest well as we make this transition to the new year.

關於文斯和我們的財務團隊，我真的無法說太多。我知道，在我們向新的一年過渡的過程中，文斯將很好地服務於公司和股東的利益。

With that, I'll now turn the call back to the operator for Q&A

這樣，我現在將把電話轉回給接線員進行問答

(Operator Instructions)

（操作員說明）

Ric Prentiss, Raymond James.

瑞克普倫蒂斯，雷蒙德詹姆斯。

Thanks. Good morning, everybody. Hey and Tom congrats on the retirement news, but keeping on the board, we've known each other gosh, almost 20 years between Iridium and Centennial. Vince, wish you well as we work together in the future.

謝謝。大家早安。嘿，湯姆，恭喜退休消息，但繼續留在董事會，天哪，我們已經認識了，從 Iridium 到 Centennial 已經認識將近 20 年了。文斯，祝你在未來的合作中一切順利。

Thanks, Ric.

謝謝，里克。

A couple quick ones. First, obviously you raised the low end of the OEBITDA guidance. The beat was pretty significant in the quarter, talk to us about kind of how you looked at what you did in the quarter versus what you're looking at for the year with just one quarter left. And how is the spending trends on directed device personally?

幾個快速的。首先，顯然您提高了 OEBITDA 指導的下限。本季的成長非常顯著，請與我們談談您如何看待本季所做的事情以及您對僅剩一個季度的一年的看法。個人在定向設備上的消費趨勢如何？

We continue to invest in direct device you see it most notably in CapEx, but you also see it in R&D, Ric. It's -- I would say it's going according to our plan. Matt, if you would.

我們繼續投資於直接設備，你在資本支出中最明顯地看到它，但你也在研發中看到它，Ric。我想說這正在按照我們的計劃進行。馬特，如果你願意的話。

Well, I mean, it's moved faster than anything I think we've ever done here at Iridium. I mean, a thing where we pivoted about this time last year and we'll deliver, I think a service within two years is pretty exceptional given that this is a kind of an end to end rearchitecture of some of our systems and everything.

嗯，我的意思是，它的進展速度比我認為我們在銥星公司做過的任何事情都要快。我的意思是，去年這個時候我們就進行了調整，我們將交付，我認為兩年內提供的服務非常出色，因為這是我們的一些系統和所有內容的端到端重新架構。

And so moving fast, obviously, that getting them to Release 19 was a really big deal. I was really thinking that was probably going to be in Release 20 which we would have had to kind of go pre standard with some of the services.

顯然，進展如此之快，讓他們發佈到 Release 19 確實是一件大事。我真的認為這可能會出現在第 20 版中，我們必須對某些服務進行預標準。

But now we'll be able to have chipsets be ready about the time that we're looking to introduce that services and that's going to bode well for our commercial discussions as well. But yeah, I think this year is kind of turned out as we expected it.

但現在我們將能夠在我們希望推出該服務時準備好晶片組，這對我們的商業討論來說也是個好兆頭。但是，是的，我認為今年的結果正如我們預期的那樣。

Clearly the equipment is, kind of doing exactly what we thought would be done. I think Tom mentioned that it was we told you it looked weird to be down, but it's certainly going to look quite different going forward and strong other parts of our business really across the board.

顯然，設備正在做我們認為會做的事情。我想湯姆有提到過，我們告訴過你，下滑看起來很奇怪，但未來的情況肯定會大不相同，而且我們業務的其他部分確實全面強勁。

Okay. Second question is on service revenues. You narrowed it down to say about 5% now on service revenue growth. But Matt, I thought I heard you say something in the opening comments about strong quarter revenue and sub ads and maybe a high end of guidance. What were you alluding to there?

好的。第二個問題是關於服務收入。您將範圍縮小到現在服務收入成長約 5%。但是馬特，我想我聽到你在開場評論中說了一些關於強勁的季度收入和子廣告以及可能的高端指導的內容。你剛才指的是什麼？

No, I separated this since I said we had a strong quarter in the third quarter with revenue subscribers and that allowed us to as we look in the fourth quarter to be able to raise the guidance to the midpoint of the guidance.

不，我將其分開，因為我說過我們在第三季度的收入訂戶表現強勁，這使我們能夠將第四季度的指導提高到指導的中點。

He's referring to EBITDA guidance, right?

他指的是 EBITDA 指導，對嗎？

I got you. Okay. Alright cool. And then appreciate the color on the IoT trends and the customer changing subs but not much revenue impact. But probably the biggest one on have you guys elaborate on the call here is top question we get obviously is competition, you touched on it a little bit here is as people may not familiar with satellites or spectrum or Iridium's position.

我接到你了。好的。好吧酷。然後欣賞物聯網趨勢和客戶更換子系統的色彩，但對收入影響不大。但也許你們在這裡詳細說明這次電話會議的最大問題是我們顯然遇到的首要問題是競爭，你們在這裡稍微提到了一點，因為人們可能不熟悉衛星、頻譜或銥星的地位。

Can you help us just understand the competition from Starlink or other direct to device type solutions on your different businesses, the legacy voice and data, the IoT, the broadband, the government. There's definitely a lot of people we talk to that don't understand the uniqueness of what it already embraced, but maybe just elaborate a little more on that for us.

您能否協助我們了解 Starlink 或其他直接設備類型解決方案在不同業務、傳統語音和資料、物聯網、寬頻、政府方面的競爭。肯定有很多與我們交談過的人不理解它已經包含的內容的獨特性，但也許只是為我們詳細說明。

Yeah, I mean we've really built our business over the last 25 years on being a truly global supplier of highly reliable voice and data services. And that isn't really changing with the current expectations of direct device, which are going to be regional solutions coming over the coming years here that will support threshold service in six or seven countries perhaps and expand the cellular footprint, which is somewhere a little less than 15% probably by some percentage points, but it really doesn't change that.

是的，我的意思是，在過去 25 年裡，我們確實將自己的業務建立在成為高度可靠的語音和數據服務的真正全球供應商的基礎上。這並沒有隨著目前對直接設備的期望而真正改變，直接設備將成為未來幾年出現的區域解決方案，可能支援六到七個國家的閾值服務，並擴大蜂窩覆蓋範圍，這在某種程度上是可行的。

It's currently not viewed as a global service and one that will be coming kind of, in a number of different ways. I mean, you could see it really in the last couple of weeks is as Hurricane Helene and Milton hit, even as those services were some texting and SOS services might have been turned on.

目前它還沒有被視為一項全球服務，並且將以多種不同的方式出現。我的意思是，你可以在過去幾週看到颶風海倫和米爾頓襲擊的情況，即使這些服務是一些短信和 SOS 服務可能已經打開。

We saw 800% to 1,600% increase in our services. And I think that, that will continue, but the people who buy our services again, are looking for a capability that works anywhere in the world seamlessly. Our IoT customers, for example, are not looking to kind of have a technology that works in one country but not in another country.

我們的服務增加了 800% 到 1,600%。我認為這種情況將會持續下去，但再次購買我們服務的人正在尋找一種可以在世界任何地方無縫運行的功能。例如，我們的物聯網客戶並不希望擁有在一個國家/地區適用但在另一個國家/地區不起作用的技術。

So we really do expect that the fact that we've evolved this partner base of many hundreds of partners who've embedded our technology deeply into their service. And now we're going to be able to use standard based solutions as well from us.

因此，我們確實希望我們已經發展了由數百個合作夥伴組成的合作夥伴基礎，他們將我們的技術深深嵌入他們的服務中。現在我們也將能夠使用我們基於標準的解決方案。

That's going to continue to drive our growth and why we feel confident that our IoT and other businesses will continue to be strong and we can support the kind of growth rates we're talking over the next six or seven years, even if there's some other services that may fill in around the edges or really expand the market, I think in some ways.

這將繼續推動我們的成長，也是為什麼我們有信心我們的物聯網和其他業務將繼續強勁，並且我們可以支持我們在未來六到七年中談論的增長率，即使有其他一些因素我認為在某在某些方面，這些服務可能會填補邊緣或真正擴大市場。

But we're positioning ourselves with our narrow band IoT service, our Iridium NTN Direct as being the glue really that serves all of those devices over the whole world. So I think we'll complement some of those new technologies coming forward.

但我們將自己的窄頻 IoT 服務定位為真正為全世界所有這些設備提供服務的黏合劑。因此，我認為我們將補充其中一些即將出現的新技術。

You could see us in a smartphone or a watch along with those technologies where they might provide more functionality in a couple of countries, but people will want to use our technology because it will work in the oceans. It'll work in markets that will never have those capabilities.

你可以在智慧型手機或手錶中看到我們以及這些技術，它們可能在一些國家/地區提供更多功能，但人們會想要使用我們的技術，因為它可以在海洋中使用。它將在永遠不具備這些能力的市場中發揮作用。

Thanks, guys. Again, Tom congrats and enjoy the next day.

謝謝，夥計們。湯姆再次恭喜並享受第二天。

Thanks, Ric.

謝謝，里克。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Great. Thank you very much. Good morning and congrats, Tom and Vince and all the best for the future. Matt, perhaps just following up on that last comments there and I think you alluded to this a little bit. I think on the conference circuit you've been talking perhaps about returning to your run rate, growth rates in 2025.

偉大的。非常感謝。早安，恭喜湯姆和文斯，祝福未來一切順利。馬特，也許只是跟進最後的評論，我認為你稍微提到了這一點。我認為在巡迴會議上，您可能一直在談論恢復 2025 年的運行率和成長率。

I know it's only October but any kind of thoughts around the drivers for next year? You've obviously won some new contracts here. It would be great to get more color on how the new SDA award flows in over time. And then just a couple of questions on ARPU, if you could just elaborate on what's going on with broadband ARPU and voice ARPU, that would be great.

我知道現在才十月，但對明年的車手有什麼想法嗎？顯然你在這裡贏得了一些新合約。如果能夠更多地了解新的 SDA 獎項如何隨著時間的推移而流入，那就太好了。然後是關於 ARPU 的幾個問題，如果您能詳細說明寬頻 ARPU 和語音 ARPU 的情況，那就太好了。

Okay. Well, I mean, I don't think it's time to give precise guidance for '25. We'll do that in February, but we've kind of given a directional guidance for what we think will be next year and we still feel very, very good about that.

好的。嗯，我的意思是，我認為現在還不是為 25 年提供精確指導的時候。我們將在二月這樣做，但我們已經為明年的情況提供了方向性指導，我們對此仍然感覺非常非常好。

Certainly the comparables on certain things like equipment and other things will be much more favorable to us next year than they are this year. Because we've kind of normalized on equipment we believe and we believe that will continue and then adding additional contracts to say engineering support revenues makes that continues to be sort of at record levels for that as well.

當然，明年某些事物（例如設備和其他事物）的可比性將比今年對我們有利得多。因為我們已經對設備進行了標準化，我們相信這種情況將會繼續下去，然後增加額外的合同，表明工程支持收入也使其繼續處於創紀錄的水平。

And really beyond that, we still see strong demand going into next year for really across our business portfolio from voice and data with push to talk to our IoT services where we've had a record year of new products introduced by our partners, which we all think will hit next year.

除此之外，我們仍然看到明年對我們整個業務組合的強勁需求，從語音和數據到我們的物聯網服務，我們的合作夥伴推出了創紀錄的新產品，我們所有人都認為明年會到來。

You heard about the new products we've introduced this year like service GMDSS, we have the service aviation product happening next year. We have our new IoT transceivers, all those give us confidence that next year will be kind of a normal growth here if you will across a lot of different fronts.

您聽說過我們今年推出的新產品，例如服務 GMDSS，我們明年將推出服務航空產品。我們擁有新的物聯網收發器，所有這些都讓我們有信心，如果你跨越許多不同的領域，明年將會是正常的成長。

In terms of ARPU, broadband ARPU is kind of down a little bit, I think year over year, but that's really as it's been evolving as we expected to a companion service and said with these new terminals coming this year that have it all in them.

就 ARPU 而言，我認為寬頻 ARPU 逐年下降了一點，但這確實是因為它一直在發展，正如我們對配套服務的預期，並表示今年將推出這些擁有這一切的新終端。

I think we're going to be the preferred companion solution for all solutions including Starlink and Kuiper. If it comes in and OneWeb and everyone else, I think they'll be putting. And L-band service terminal next to those to support service when it rains and ports and markets where they're not allowed to be turned on and many other places and I think that will continue well in the future. And then --

我認為我們將成為包括 Starlink 和 Kuiper 在內的所有解決方案的首選配套解決方案。如果 OneWeb 和其他人加入，我認為他們會投入。L波段服務終端旁邊有那些在下雨時支援服務的終端，以及不允許打開它們的港口和市場以及許多其他地方，我認為這種情況在未來會繼續良好。進而--

Voice and data.

語音和數據。

Yeah, voice and data.

是的，語音和數據。

I would characterize voice and data's from Simon.

我會描述西蒙的語音和數據的特徵。

Great and just one last one, I think you called out the Satelles helping hosted payload. Can you just give us a little bit more color on what the contribution was.

太棒了，只是最後一件事，我認為您召集了衛星來幫助託管有效負載。您能否給我們更多的資訊來說明您的貢獻是什麼？

Well, I mean, not specifically, it's going to be in that line. We're calling that out specifically, but obviously, we're integrating their revenues into our revenues this year. Previously, we had been a kind of a wholesale supplier of a signal to them and sort of generated revenues only that way.

嗯，我的意思是，不是特別明確，它會在這條線上。我們特別指出了這一點，但顯然，我們今年將把他們的收入整合到我們的收入中。以前，我們是向他們提供訊號的批發供應商，並且只能透過這種方式產生收入。

Now, with the -- with their -- them being part of our company, we're now really a retail provider to markets around the world and we'll be providing which is a higher revenue level and you'll see that reflected in the revenues that come through that line going forward.

現在，隨著他們成為我們公司的一部分，我們現在真正成為世界各地市場的零售提供商，我們將提供更高的收入水平，您將看到這一點反映在未來透過這條線產生的收入。

What I would say, Simon is what we said about Satelles is we got sort of $5 million out of that in 2023 and we've said we see that as $100 million in 2030. If you look at hosted payload and other that line that segment, the action in that line is going to be relative to PNT, right?

Simon，我想說的是，我們對 Satelles 的說法是，我們將在 2023 年從中獲得 500 萬美元，我們說過我們預計到 2030 年將獲得 1 億美元。如果您查看託管有效負載和該段的其他行，該行中的操作將與 PNT 相關，對嗎？

And so you're going to see growth on the progression from [$5 million to $100 million] and you should look for significant growth there in the years ahead.

因此，您將看到從 [500 萬美元到 1 億美元] 的成長，並且您應該在未來幾年中尋找顯著的成長。

That's helpful. Thanks.

這很有幫助。謝謝。

Hosted payload is contractual, that's not moving. So all the action is going to be PNT.

託管有效負載是合約性的，不會移動。所以所有的行動都將是PNT。

Thank you.

謝謝。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Thank you, Matthew. Thank you for taking our questions and congrats to the time events going forward.

謝謝你，馬修。感謝您提出我們的問題，並祝賀時間活動的順利進行。

Thanks, Edison.

謝謝，愛迪生。

Thank you.

謝謝。

So, just first question is a follow up to the last one. On the ARPU, we noticed that the broadband ARPU actually improved a bit sequentially. Is that a good kind of run rate now for 4Q.

因此，第一個問題是最後一個問題的後續問題。在 ARPU 方面，我們注意到寬頻 ARPU 實際上略有提高。對於第四季來說，這是一個很好的運行率嗎？

That's probably seasonality, right? So we're -- that's -- there's more activity in northern hemisphere. So, I wouldn't model it up sequentially into the fourth quarter.

這可能是季節性的吧？所以我們——也就是說——北半球有更多的活動。因此，我不會按順序將其建模到第四季度。

Okay. Got you. And then on the -- I believe there's the new aviation service product should be rightly upload to be soon. Any updates on how that might contribute, the timeline contribution going forward.

好的。明白你了。然後，我相信新的航空服務產品應該很快就會上傳。有關如何做出貢獻的任何更新，以及未來的時間表貢獻。

Well, it would be good ARPUs from it when it hits the market because commercial aircraft typically are good producers as it sends flight safety data back and forth between air traffic controllers and the cockpit as well as other important information. It's going through trials right now for final certification, several suppliers of antennas, those are kind of the product is being finalized if you will or completed with customers mostly this quarter.

嗯，當它進入市場時，它會產生很好的 ARPU，因為商用飛機通常是很好的生產商，因為它在空中交通管制員和駕駛艙之間來回發送飛行安全數據以及其他重要資訊。它現在正在進行最終認證試驗，幾家天線供應商，如果您願意的話，這些產品正在最終確定，或者主要在本季度與客戶完成。

And I think you're going to see it start to get on various aircraft next year. Like anything, it'll be slower is to start out because it takes some time. But I think it's going to be, again the preferred solution for aviation safety services down the road, just given its size, given the fact that it's truly global and serves even the poles. It's smaller than other solutions and it's going to be a very reliable solution but it's also, going to be on rotorcraft and some general aviation and other aircraft going forward as well.

我想明年你會看到它開始出現在各種飛機上。就像任何事情一樣，一開始會比較慢，因為需要一些時間。但我認為，考慮到它的規模，考慮到它真正的全球性，甚至為兩極提供服務，它將再次成為航空安全服務的首選解決方案。它比其他解決方案更小，並且將是一個非常可靠的解決方案，但它也將在未來的旋翼飛機和一些通用航空和其他飛機上使用。

Understood. And just last one, I wanted to check on the comments made about the IoT customer. I think you said that it will grow in '25 and '26? Just want to confirm that in any sense on sort of the magnitude?

明白了。最後一個，我想查看一下有關物聯網客戶的評論。我想你說過它會在'25和'26增長？只是想在某種意義上確認這一點的大小？

So the '25 is contractual, so we know that. The '26 is an expectation given the significant increases to their product portfolio. We've said that we've seen net ads in respect to this customer going back to where they were in the past couple of years. And so based on that, we see '26 up again from '25. But '25 is known. It's contractual, and you'll see that reflected in our guidance when we unveil it for next year.

所以 '25 是合約性的，所以我們知道這一點。鑑於其產品組合的顯著增加，'26 是預期。我們說過，我們看到有關該客戶的網路廣告又回到了過去幾年的水平。基於此，我們看到「26」比「25」再次上升。但'25是已知的。它是合約性的，當我們明年發布它時，您會在我們的指導中看到這一點。

Great. Thank you.

偉大的。謝謝。

Walter Piecyk, LightShed.

沃爾特·皮西克，LightShed。

Thanks, Tom. You spent some time talking about this customer. So obviously, this is a material customer in IoT in terms of helping to give color on net ads versus revenue. But you also said that there is going to be the words you use were up materially in 2025.

謝謝，湯姆。您花了一些時間談論這位客戶。顯然，就幫助為網路廣告和收入賦予色彩而言，這是物聯網的重要客戶。但你也說過，到 2025 年，你使用的字詞將會大幅增加。

So if that's a large customer, if you're actually noting it on your earnings call, your guide, I think, for '24 in IoT was low teens, you look to be tracking more towards high teens at least for 2024. So if that's up materially, is that implying that there's an opportunity to accelerate growth further in IoT in subsequent years?

因此，如果這是一個大客戶，如果你實際上在你的財報電話會議上註意到這一點，你的指南，我認為，物聯網的24 年是低十幾歲，你看起來至少在2024 年將更多地追蹤到高十幾歲。那麼，如果這一數字大幅上升，是否意味著未來幾年物聯網有機會進一步加速成長？

No, our guide for this year was mid-teens and looking like we'll beat that, that guide was unveiled early this year and it's looking like we'll beat it where I think we're 19% through the third quarter. Materially means it's going to be up materially from what it is in '24. That's what that means.

不，我們今年的指南是十幾歲左右，看起來我們會打敗它，該指南是在今年早些時候公佈的，看起來我們會打敗它，我認為我們在第三季度的增長率為19% 。實質意味著它將比 24 年有實質的提高。這就是這個意思。

For that specific (multiple speakers) -- we have a broad IoT portfolio customers and partners. And obviously, this bodes well for our continued growth in that sector, but it wasn't really trying to describe the whole (multiple speakers)

對於特定的（多個發言者）—我們擁有廣泛的物聯網產品組合客戶和合作夥伴。顯然，這對我們在該領域的持續成長來說是個好兆頭，但這並不是真正試圖描述整個產業（多個發言者）

I would not it wide of '19 that we're -- that we put up year-to-date, if that's your question?

如果這是你的問題的話，我不會在 19 年間我們發布年初至今的數據？

That was my question. And is it, just to try and go at it again, maybe not '19, but just to get a sense of IoT. Is this just a customer comment where you're trying to get more color on net adds? Or is -- are you trying to make a broader comment about the health of the IoT business?

這就是我的問題。是嗎？ 只是為了再次嘗試，也許不是 19 年，而是為了了解物聯網。這只是客戶評論，您試圖在網路添加上獲得更多色彩嗎？或者您是否試圖對物聯網業務的健康狀況做出更廣泛的評論？

Well, we're not -- so health of our IoT business is strong. It hasn't changed. I think given the fact that the net ads were down this quarter, we thought it would be good to provide a little more color on why they were down. Activations across the board are still very strong. We just had some deactivations from a specific customer for a specific reason.

嗯，我們不是——所以我們的物聯網業務很健康。它沒有改變。我認為考慮到本季淨廣告數量下降的事實，我們認為最好提供更多關於其下降原因的資訊。全面的激活仍然非常強勁。我們剛剛因特定原因而被特定客戶停用。

Low ARPU customers due to them changing their plans with their customers in a way that we kind of designed and work with them to -- as they transition their business and it's quite positive. It looks kind of unusual given the net adds sort of are lower. But as we said, it has no economic consequence really to our bottom line because overall we have contractual revenues and they're stepping up over time.

ARPU 客戶較低，因為他們以我們設計並與他們合作的方式改變了與客戶的計劃 - 當他們轉變業務時，這是非常積極的。鑑於淨增加值較低，這看起來有點不尋常。但正如我們所說，這對我們的利潤並沒有真正的經濟影響，因為總的來說，我們有合約收入，而且隨著時間的推移，這些收入正在增加。

And I think we have something like a 30% CAGR in personal communications over the last five years. So the health of that business is pretty observable.

我認為過去五年個人通訊領域的複合年增長率約為 30%。因此，該業務的健康狀況是相當明顯的。

And we're only going to -- as we move into narrowband IoT in '26 and '27. So I think that will even expand kind of the usage base. So you're going to see ARPU go up a little bit. But as we narrowband IoT, I think we'll probably add lower ARPU customers in their regard and maybe even drive subscriber on that.

當我們在 26 年和 27 年進入窄頻物聯網時，我們只會這樣做。所以我認為這甚至會擴大使用基礎。所以你會看到 ARPU 略有上升。但隨著我們窄頻物聯網的發展，我認為我們可能會增加 ARPU 較低的客戶，甚至可能增加訂閱者。

Got it. And then on the hosted payload just to go back to that. The business that you're getting that's layering on there now. I assume is recurring revenue business and that, again, giving you $100 million target is going to continue to grow sequentially, effectively, right?

知道了。然後再回到託管的有效負載。您現在獲得的業務正在分層進行。我認為這是經常性收入業務，並且再次為您提供 1 億美元的目標將繼續有效地連續增長，對嗎？

So if you look at -- if I just looked at the first quarter when you have the accounting change and where you're at now, it basically implies an incremental $10 million of revenue relative to I guess, the five run rates. That's kind of reflective of the growth rate to get you to the $100 million is what I'm thinking.

因此，如果你看一下——如果我只看第一季的會計變更以及你現在所處的位置，它基本上意味著相對於我猜的五個運行率而言，收入增加了 1000 萬美元。我的想法是，這反映了達到 1 億美元的成長率。

But just to be clear, I just want to verify that Satelles revenue that's layering on top of hosted payload line is just going to continue to build from there. There should not be lumpiness other than upward lumpiness in that in the incremental revenue that Satelles is going to be adding to that line.

但需要明確的是，我只是想驗證位於託管有效負載線之上的 Satelles 收入是否會繼續從那裡增加。薩泰勒斯將在這條線上增加的增量收入中，除了向上的波動之外，不應該有任何波動。

I would say, generally speaking, that's right.

我想說，一般來說，是這樣的。

Great. Thank you.

偉大的。謝謝。

Hamed Khorsand, BWS.

哈米德·霍爾桑德，BWS。

Hi, good morning. So the first question I had was this latest GMDs contract that you've announced? Is that incremental as being new services, or is that purely replacing the old one? And does the new contract actually use more of your services or is it just the same one? But it's paying you more for the service?

嗨，早安。所以我的第一個問題是你們宣布的最新 GMD 合約？這是增量的新服務，還是純粹取代舊服務？新合約實際上使用了更多您的服務還是只是相同的服務？但它為你的服務支付了更多費用？

So are you talking about GMDSS? (technical difficulty) which are two different acronyms?

那麼您是在談論 GMDSS 嗎？（技術難度）哪兩個不同的縮寫？

The GDMS, sorry.

GDMS，抱歉。

Okay. Yeah, that's General Dynamics Mission Systems. So yes, the new contract with the Space Development Agency that really they are prime on. And we are providing a lot of the technology and operation support as we build FDAs new ground network and we're going to operate their satellite systems for them out of a couple of new operation centers that are part of that as well as a lot of international ground stations.

好的。是的，這就是通用動力任務系統公司。所以，是的，與太空發展局的新合約確實是他們最重視的。當我們建立 FDA 的新地面網路時，我們將提供大量的技術和營運支持，我們將透過幾個新的營運中心以及許多營運中心來為他們運作他們的衛星系統。

The new contract added to that they are delivering their network and previously had planned to roll out their network in a set of what they call tranches, which they had numbered. The ground system though is kind of been consolidated now going forward where they're not going to -- they don't really plan to introduce it in tranches.

新合約還補充說，他們正在交付他們的網絡，之前曾計劃以他們所謂的分批的方式推出他們的網絡，並對其進行了編號。不過，地面系統現在已經得到了鞏固，但他們並不打算分批引入它。

They've kind of consolidated the evolution of that into sort of one contract now called the ground management Integration contract of which now, as I said, our part seems to have grown to about $400 million of work so far, which there's like $260 million left to go over the coming years.

他們已經將這一演變整合為一份合同，現在稱為地面管理集成合同，正如我所說，到目前為止，我們的工作似乎已經增長到約 4 億美元，其中大約有 2.6 億美元留給未來幾年。

But we continue as we support this really important customer. And again, I reiterate, we did this for strategic reasons because of our experience because our visibility into the customer for the future to help us stay current, to give my incredible team even more fun things to do. And to evolve our strategic relationship with the customer, all that kind of bodes well for other opportunities as they continue to invest in this network in the future.

但我們會繼續支持這個非常重要的客戶。我再次重申，我們這樣做是出於戰略原因，因為我們的經驗，因為我們對客戶未來的了解有助於我們保持最新狀態，為我令人難以置信的團隊提供更多有趣的事情可做。為了發展我們與客戶的策略關係，所有這些都預示著他們未來將繼續投資該網絡，從而帶來其他機會。

So we don't expect this to be the last time we add to this area here, at least that's not our plan.

因此，我們預計這不會是我們最後一次在此區域添加內容，至少這不是我們的計劃。

Okay. And my other question was on the net additions in IoT, is there any obvious changes as far as the end market customer is concerned? Or is it still the same relatively?

好的。我的另一個問題是關於物聯網的淨增加，就終端市場客戶而言是否有任何明顯的變化？還是相對來說還是一樣？

Well, I think given that the technologies are improving, we're introducing our new IoT Technology, Certus IoT Technology. And that's been adopted in things like the Garmin Messenger Plus, and I expect you'll see it in other products going forward. I think we're kind of expanding the use cases of personal communication devices.

嗯，我認為鑑於技術正在不斷改進，我們正在推出新的物聯網技術，Certus 物聯網技術。Garmin Messenger Plus 等產品已經採用了這項技術，我希望您會在未來的其他產品中看到它。我認為我們正在擴大個人通訊設備的用例。

I mean, if you can send pictures and voice snippets in addition to other things, I think that's very positive, in addition, you're going to see, I think our new IoT transceivers and other devices that want to send more data around. We have some really interesting use cases underway from a number of our partners as they seek to be the first to use our new IoT transceiver coming out this quarter. So I think it's expanding the use cases more than anything else.

我的意思是，如果你除了其他東西之外還可以發送圖片和語音片段，我認為這是非常積極的，此外，你會看到，我認為我們新的物聯網收發器和其他想要發送更多重數據的設備。我們的許多合作夥伴正在進行一些非常有趣的用例，因為他們尋求成為第一個使用我們本季推出的新型物聯網收發器的人。所以我認為它比其他任何事情都更能擴展用例。

And did you see that this past quarter?

您在上個季度看到了嗎？

Well, really products are just now being introduced, so it hasn't really hit our financials at all yet. That's going forward.

嗯，實際上產品剛剛推出，所以它還沒有真正影響我們的財務狀況。這就是未來。

Okay. Thank you.

好的。謝謝。

Thanks Hamed.

謝謝哈米德。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂，奎爾蒂空間。

Thanks Tom, Matt, speaking of new products, I know you had talked earlier this year about the -- on the aviation side, safety service certification and you've got a number of partners that are releasing products. Does it look like those will happen sort of in parallel or are we facing a situation where you may have certification but not products or vice versa in the market?

謝謝湯姆、馬特，談到新產品，我知道你們今年早些時候曾談到過航空方面的安全服務認證，你們有許多合作夥伴正在發布產品。這些看起來是否會同時發生，或者我們是否面臨這樣的情況：您可能擁有認證但沒有產品，反之亦然？

And again, you still on track to get that certification this year and what sort of growth potential does that hold for you next year?

再說一次，您今年仍有望獲得該認證，明年這會為您帶來什麼樣的成長潛力？

Still on track to get certification this year to get, FA approval, that's followed. So in fact, there's even been -- some of our partners are talk, are starting to talk about the TSO approval of their terminals already and are listing those. You'll see advertisements for those in Aviation magazines as they talk about their new era of services. Those are some real big players. I don't want to call them out because I don't know exactly what state we're in terms of their announcements.

今年仍有望獲得認證，獲得 FA 批准，接下來就是。事實上，我們的一些合作夥伴已經開始談論 TSO 對其終端的批准，並列出了這些內容。您會在航空雜誌上看到他們談論新服務時代的廣告。這些都是一些真正的大玩家。我不想叫他們出來，因為我不知道他們的公告到底是什麼狀態。

Some of them have told us that they have pipelines of customers, sort of waiting for it. And I imagine that those will start rolling out and being installed in 2025. It's going to grow. I can't say exactly what the rate it will grow at this point, but it'll all be positive and upward anyway from where we are today, where everything so far has really been using our legacy safety products which are narrowband and built around our older technology. These will all provide higher speed services and expanded capabilities onto the flight deck of different aircraft.

他們中的一些人告訴我們，他們有大量客戶，正在等待。我預計這些將在 2025 年開始推出並安裝。它會成長。我不能確切地說此時它的成長速度是多少，但無論如何，從我們今天的情況來看，這一切都將是積極的和向上的，到目前為止，一切都在使用我們的傳統安全產品，這些產品是窄帶的並圍繞它構建的我們的舊技術。這些都將為不同飛機的駕駛艙提供更高速度的服務和擴展功能。

And I do know that there are still other products that are coming, say, later in 2025 that are not even the ones I'm talking about. So it's good to finally see the aviation spigot turned on. How fast it's going to move. I don't have a lot of visibility frankly, into how many will be. The good news is those will be good ARPU customers.

我確實知道還有其他產品即將推出，例如 2025 年晚些時候，但這些產品甚至不是我正在談論的產品。所以很高興終於看到航空龍頭打開了。它移動的速度有多快。坦白說，我不太清楚具體有多少。好消息是這些將成為良好的 ARPU 客戶。

Got you. And is that entirely aftermarket? Or is there a line fit potential for those product lines?

明白你了。這完全是售後市場嗎？或者這些產品線有適合生產線的潛力？

Both. I think it's going to be initially aftermarket and -- but it will move into line fit. There's definitely efforts underway to do that. I just don't know when they start line fit.

兩個都。我認為最初將是售後市場，但它將進入生產線安裝階段。肯定有人正在努力做到這一點。我只是不知道他們什麼時候開始上線。

Got you. And so like aviation, it's been five years since the last Iridium next satellite was launched and you're still, pushing GMDSS in terms of finally moving towards the certification and getting the products out that have the higher data rates. Can you talk about where you see that market going in terms of -- there's two dynamics.

明白你了。與航空業一樣，距離最後一顆銥星下一顆衛星發射已經過去了五年，但您仍在推動 GMDSS 最終獲得認證並推出具有更高數據速率的產品。您能否談談您對市場走向的看法—有兩種動態。

One is, you've got an upgraded product and really one competitor for that, but you also have the dynamic of LEO or StarLink, which is penetrating new vessels that historically, have never had communications. And what are you doing to try to position yourself as the backup in that market?

一是，你已經有了升級的產品，並且確實有一個競爭對手，但你也有 LEO 或 StarLink 的動力，它們正在滲透歷史上從未有過通信的新船隻。您正在做什麼來嘗試將自己定位為該市場的後備力量？

Yeah. So then you're speaking specifically maritime here, our -- we have been a companion service for quite a while. I mean, L-band is more robust and Ka and Ku-band, particularly in bad weather. It has kind of regulatory advantages in certain markets where Ku and Ka-band terminals are have to be turned off often in ports, for example, or near ports and other places.

是的。那麼你在這裡專門談論海事，我們的陪伴服務已經有一段時間了。我的意思是，L 波段更強大，Ka 和 Ku 波段更強大，特別是在惡劣天氣下。它在某些市場具有監管優勢，例如，在港口或港口和其他地方附近必須經常關閉 Ku 和 Ka 波段終端。

So there's been a long tradition of having an L-band back up. And you're right, it traditionally has just been two players of us Inmarsat and ourselves.

因此，有 L 波段作為備份的悠久傳統。你是對的，傳統上只有我們 Inmarsat 和我們自己這兩個參與者。

I'd say we have a bit of a competitive advantage now and that in marks that being part of ViaSat really is a competitor to most of those other Ka and Ku-band. And so most of the distribution channels really don't want to would rather put us on next to a terminal.

我想說我們現在有一點競爭優勢，這標誌著作為 ViaSat 的一部分確實是大多數其他 Ka 和 Ku 頻段的競爭對手。因此，大多數分銷管道確實不想將我們放在終端旁邊。

So we're seeing ourselves being sold with new StarLink terminals. I expect when Kuiper hits the market will be the preferred solution for Kuiper terminals, definitely for OneWeb terminals as they move out in the market as we are today with many other Ku and Ka-band.

因此，我們看到自己被出售了新的 StarLink 終端。我預計，當 Kuiper 進入市場時，將成為 Kuiper 終端的首選解決方案，尤其是 OneWeb 終端，因為它們進入市場，就像我們今天與許多其他 Ku 和 Ka 頻段一樣。

So I expect now that we have upgraded those terminals, that companion terminal to also support the safety functions of the ship, GMDSS, LRIT, SAS that it's going to be even more compelling given that you don't need a separate terminal for those regulatory safety functions, you can be a backup and provide the safety functions as well.

因此，我希望現在我們已經升級了這些終端，該終端也支援船舶、GMDSS、LRIT、SAS 的安全功能，考慮到您不需要為這些監管設定單獨的終端，它將更加引人注目。 ，您可以作為備份並提供安全功能。

So we think that solidifies our leading market position as the terminal you have to have on the ship and the one you want to back up your broadband systems. And I think that's going to continue for a long time.

因此，我們認為這鞏固了我們作為船上必備終端以及您想要支援寬頻系統的終端的領先市場地位。我認為這種情況將持續很長一段時間。

Got you. And final question for Tom. Back to the quarterly results here. I'm just a little confused because the in the maritime and the service, your subs were down by 100 sequentially. And we were sort of conditioned to believe that the subs that were dropping were moving from a very high ARPU Iridium only to StarLink and yet, you lost subs and the ARPU went up relative to expectations? Was there any one time items in there or any anything unusual in the quarter?

明白你了。最後一個問題要問湯姆。回到這裡的季度業績。我只是有點困惑，因為在海事和服務領域，你們的潛艇數量連續下降了 100 艘。我們有點習慣性地相信，正在下降的潛艇只是從非常高的 ARPU 銥星轉移到 StarLink，然而，你失去了潛艇，而 ARPU 相對於預期卻上升了？其中是否有任何一次性物品或本季有任何異常情況？

I think there's two different drivers, the sequential increase, as I said is, is seasonality, the leaking of the subs, I mean, the channel is -- I would characterize it as not stable. I mean, there's a lot of partners that are dealing with the new reality. And so I think that's affected our net add kind of profile that which should improve over time. It's going to be a question of how long it takes for normalcy to return to that market.

我認為有兩個不同的驅動因素，正如我所說，連續增長是季節性的，低音炮的洩漏，我的意思是，渠道是——我將其描述為不穩定。我的意思是，有很多合作夥伴正在應對新的現實。所以我認為這影響了我們的淨添加類型的配置文件，隨著時間的推移，這種配置文件應該得到改進。問題是該市場需要多長時間才能恢復正常。

Great. Thanks Tom. We'll, miss you kinda and be (inaudible)

偉大的。謝謝湯姆。我們會有點想念你（聽不清楚）

Thanks. I like that kind of qualification.

謝謝。我喜歡這樣的資格。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

Good morning and Tom and Vince, congratulations to you both. Tom, it was a pleasure to work with you over the past 13 years and I guess we're going to continue to work together as you are staying on the board to help navigate the company through the next generation constellation, which is great.

早安，湯姆和文斯，恭喜你們兩位。湯姆，過去 13 年與您合作非常愉快，我想當您留在董事會時，我們將繼續合作，幫助帶領公司走向下一代格局，這真是太棒了。

My question echoes some of the earlier questions as it relates to the broadband segment as the results there were better than expected during the quarter. And I think earlier this year, Matt and Tom, you conveyed an expectation for broadband to return to growth in 2025. And I was wondering if, this quarter's results and the dynamics that have taken place reinforced that view.

我的問題與之前的一些問題相呼應，因為它與寬頻領域有關，因為該季度的結果比預期好。我認為今年早些時候，馬特和湯姆，你們表達了寬頻在 2025 年恢復成長的預期。我想知道本季的業績和發生的動態是否強化了這一觀點。

Well, we'll see what '25 holds. We can talk more about that. It's certainly encouraging to see where we are with that. You said it was better than expected, it was better than you expected. It wasn't better than what I expected. I know that a lot of you assume the worst that somehow StarLink was as it's sort of been not rumored, but others have kind of worried that it was sort of a it has really hurt the Ku and Ka-band providers as they've kind of disrupted, that we said that we felt our position was pretty strong and intact as a companion to that service.

好吧，我們看看 25 會發生什麼。我們可以更多地討論這一點。看到我們在這方面的進展確實令人鼓舞。你說比預想的好，比你預想的還要好。這並不比我預期的要好。我知道你們很多人都認為 StarLink 是最糟糕的，因為它沒有被傳言，但其他人有點擔心它確實傷害了 Ku 和 Ka 波段提供商，因為他們已經中斷，我們說我們認為作為該服務的合作夥伴，我們的地位相當強大且完好無損。

But there was a transition around a small part of our business in which we were the primary user and we would take a few quarters to get through that. And, I think that's been ongoing. You see that it's the effect hasn't been that dramatic to us and we feel pretty good about how we've positioned our business for the long term in that area to continue to be an important player.

但我們業務的一小部分發生了轉變，我們是主要用戶，我們需要幾個季度才能完成這個轉變。而且，我認為這一直在持續。你看，這對我們來說並沒有那麼引人注目，我們對如何在該領域長期定位我們的業務以繼續成為重要參與者感到非常滿意。

So, it's kind of unfolding the way we thought and we never said that broadband was going to be a big part of our growth to 2030. In fact, we didn't even list it, as one of the growth areas. It's -- but it's a solid part of our business. It's important one which we think we have a competitive advantage, being L-band and being GMDSS certified and all that sort of thing. So, it's going to contribute to our results going forward.

所以，這有點像我們想像的那樣，我們從未說過寬頻將成為我們到 2030 年成長的重要組成部分。事實上，我們甚至沒有將其列為成長領域之一。它是——但它是我們業務的一個重要組成部分。我們認為我們擁有競爭優勢，這是很重要的一點，我們是 L 波段並獲得 GMDSS 認證等等。因此，這將為我們未來的業績做出貢獻。

Great. And one final one. Has business development activity picked up for Satelles since you made the acquisition, especially with all of the geopolitical conflicts and the very active like spoofing of GPS signals. Can you just talk about what's happening with Satelles?

偉大的。還有最後一張。自從您進行收購以來，Satelles 的業務開發活動是否有所增加，特別是在所有地緣政治衝突和 GPS 訊號欺騙等非常活躍的情況下。您能談談 Satelles 的情況嗎？

Yeah. It's been recognized kind of internationally now. As the only really solution that can fix some serious problems that are underway right now, the other solutions out there are kind of retrial and at risk as well. So as I said, it's been tested, it's been proven in a number of places and the activities are kind of through the roof.

是的。現在它已經在國際上得到了認可。作為唯一真正可以解決目前正在出現的一些嚴重問題的解決方案，其他解決方案都需要重新試驗並面臨風險。正如我所說，它已經過測試，已經在很多地方得到驗證，而且活動已經達到頂峰。

We're adding additional business development resources because of, the opportunities. We've expanded its footprint. They had only been selling it really pretty much in North America. And mainly because they were concerned about paying us for turning the signal on before they had paying customers in Europe and Asia. And we just -- we realize we can turn that signal on right now. So that's just expanded the footprint of where it can be sold.

由於機會的存在，我們正在增加額外的業務開發資源。我們擴大了其足跡。他們幾乎只在北美銷售它。主要是因為他們擔心在歐洲和亞洲擁有付費客戶之前就向我們支付打開信號燈的費用。我們只是——我們意識到我們現在就可以打開這個訊號。所以這只是擴大了它的銷售範圍。

But there's been advertisements for it all over the world, whether it's in around Ukraine, the Red Sea, Myanmar, there's a number of places if you look at the map are being actively jammed and spoofed all over the world. And there's articles in the newspapers about this problem and everyone is now looking for solutions.

但世界各地都有它的廣告，無論是烏克蘭週邊、紅海、緬甸，你看地圖就有很多地方被積極堵塞和欺騙。報紙上有關於這個問題的文章，每個人現在都在尋找解決方案。

And I think one of our big challenges just getting the word out that we're there and ready. So we need some more people. We have more partners now talking about this to in industries like data centers and wireless systems and electrical grid installations, but it's ready now and cost effective in many cases, much more cost effective even than getting sort of precision time for digital services and buildings.

我認為我們面臨的最大挑戰之一就是讓大家知道我們已經準備好了。所以我們需要更多的人。現在，我們有更多的合作夥伴在資料中心、無線系統和電網安裝等行業談論這一點，但它現在已經準備就緒，並且在許多情況下具有成本效益，甚至比為數位服務和建築獲得某種精確時間更具成本效益。

So, we feel really bullish about the potential for it. And yes, the activity has grown dramatically over the last six months.

因此，我們非常看好它的潛力。是的，該活動在過去六個月中急劇增長。

Sounds great. Thanks Matt, and thanks everyone.

聽起來很棒。謝謝馬特，也謝謝大家。

Thanks Louis.

謝謝路易斯。

This concludes our question-and-answer session. I would like to turn the call back to management for any final remarks.

我們的問答環節到此結束。我想將電話轉回管理層以徵求最後意見。

Well, I will say it's been about 60 of these, Tom, that we've been through together, that we've all been together, the analysts on the call. So certainly going to miss you on this call. I'm not going to let you get too far away and you're still going to be my boss and the Board, so I have to be nice to you.

好吧，我想說，湯姆，我們一起經歷了大約 60 個這樣的事情，我們都在一起，電話會議的分析師。所以這次通話一定會想念你。我不會讓你走得太遠，而且你仍然是我的老闆和董事會，所以我必須對你好。

But I think you've all heard Vince's (inaudible) Irish Brogue here and you'll hear more of it going forward and we look forward to talking soon and certainly as we get on our call in February here. So thanks all for being part of this.

但我想你們都在這裡聽過文斯（聽不清楚）的愛爾蘭布洛克語，而且你們以後還會聽到更多，我們期待著盡快進行交談，當然是在我們二月份在這裡召開電話會議時。感謝大家參與其中。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。