Iridium Communications Inc (IRDM) 2025 Q1 法說會逐字稿

Good day and welcome to the Iridium Communications first-quarter conference call. (Operator Instructions) Please know that this event is being recorded.

大家好，歡迎參加銥星通訊第一季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Ken Levy. Please go ahead.

現在我想將會議交給肯·利維 (Ken Levy)。請繼續。

Thanks, Sagar. Good morning and welcome to Iridium's first-quarter 2025 earnings call. Joining me on the call this morning are our CEO, Matt Desch; and our CFO Vince O'Neill. Today's call will begin with a discussion of our first-quarter results, followed by Q&A. I trust you've had the opportunity to review this morning's earnings release which is available on the Investor Relations section of Iridium's website.

謝謝，Sagar。早安，歡迎參加銥星 2025 年第一季財報電話會議。今天早上與我一起參加電話會議的還有我們的執行長 Matt Desch；以及我們的財務長文斯歐尼爾（Vince O'Neill）。今天的電話會議將首先討論我們的第一季業績，然後是問答環節。我相信您已經有機會查看今天早上的收益報告，該報告可在銥星網站的投資者關係部分找到。

Before we 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. Such forward-looking statements are based upon our current beliefs and expectations and are subject to risks 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. 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.

在我們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》所定義的前瞻性陳述。前瞻性陳述並非歷史事實，包括有關我們未來預期、計劃和前景的陳述。此類前瞻性陳述是基於我們目前的信念和期望，並受可能導致實際結果與前瞻性陳述不同的風險的影響。我們向美國證券交易委員會提交的文件中對此類風險進行了更詳細的討論。我們今天的言論應該考慮到這些風險。任何前瞻性陳述僅代表我們截至今天的觀點。雖然我們可能選擇在未來某個時間點更新前瞻性陳述，但我們明確表示不承擔任何這樣做的義務，即使我們的觀點或預期發生變化。

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

在電話會議中，我們還將參考某些非 GAAP 財務指標，包括營運 EBITDA、備考自由現金流、新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。請參閱今天的收益報告和我們網站的投資者關係部分，以獲得這些非 GAAP 財務指標的進一步解釋以及與最直接可比較的 GAAP 指標的調整。

With that, let me turn things over to Matt.

說完這些，讓我把事情交給馬特。

Thanks, Ken. Good morning, everyone. The first quarter came in pretty much as we expected. Service revenue continued to expand with the rollout of new services and subscriber growth over the last year. We continue to see and forecast growth across most of our product lines. And our partners continue to be bullish about opportunities with our new product offerings, including Iridium PNT.

謝謝，肯。大家早安。第一季的結果與我們預期的差不多。隨著去年新服務的推出和用戶的成長，服務收入持續擴大。我們繼續看到並預測我們的大多數產品線都將實現成長。我們的合作夥伴繼續看好我們新產品（包括銥星 PNT）帶來的機會。

Normally, the short window between our February call and the end of the first quarter doesn't allow much time for a lot of business surprises. That was not the case this year. The new tariff levels announced a few weeks ago that were implemented and then largely suspended have created more uncertainty than we had anticipated, particularly around equipment expense. We're working to mitigate as much of this impact as possible.

通常情況下，從我們二月的電話會議到第一季末這段時間很短，不會給很多商業意外留下太多的時間。今年的情況並非如此。幾週前宣布實施但隨後基本暫停的新關稅水準帶來了比我們預期更多的不確定性，特別是在設備費用方面。我們正在努力盡可能減輕這種影響。

Most of our equipment is manufactured in Thailand at a contracted facility. The quality is outstanding. Last year, we only had about 100 items returned out of more than 850,000 individual things that we shipped to customers. That's an amazing quality level that we're very proud of and that my supply chain management team has delivered both during and in the aftermath of the recent pandemic.

我們的設備大部分都是在泰國的合約工廠生產的。品質非常優秀。去年，我們向客戶運送了超過 85 萬件物品，只有大約 100 件被退回。這是一個令人驚嘆的品質水平，我們對此感到非常自豪，我的供應鏈管理團隊在最近的疫情期間和之後都實現了這一目標。

With U.S. trade policy still in flux, let me share some of our considerations to ensure you understand how we're reacting to these new regulations and how they would affect our bottom line depending on how and when they are implemented.

由於美國貿易政策仍在不斷變化，請允許我分享一些我們的考慮，以確保您了解我們對這些新法規的反應，以及它們將如何根據實施方式和時間影響我們的底線。

Historically, Iridium has imported our finished goods from Thailand and to a far lesser extent to other countries to our Arizona distribution center where they have been inventoried and packaged with other components prior to being shipped on to partners, both in the U.S. and overseas.

從歷史上看，銥星公司一直從泰國進口我們的成品，並在較小程度上進口到其他國家，然後將其進口到我們位於亞利桑那州的配送中心，在那裡進行盤點並與其他組件一起包裝，然後運送給美國和海外的合作夥伴。

Last year, however, we began working with a third-party logistics partner in Europe for regulatory reasons and began using their facility for shipments destined to the EU. In the current environment, we will be expanding this relationship quickly to mitigate as much of the new tariff costs as we can, utilizing it for almost all non-U.S. partner shipments which is about 75% of the total. Approximately a quarter of Iridium's annual equipment is shipped to U.S.-based partners. So any import tariff should only impact this portion testing for the United States.

然而，去年，出於監管原因，我們開始與歐洲的第三方物流合作夥伴合作，並開始使用他們的設施運送運往歐盟的貨物。在當前環境下，我們將迅速擴大這種關係，盡可能地減輕新的關稅成本，並將其用於幾乎所有非美國合作夥伴的貨運，約佔總量的 75％。銥星公司每年約有四分之一的設備運往美國的合作夥伴。因此，任何進口關稅都只會影響美國的這部分測試。

We've been working for several years to avoid exposure in our supply chain to China and now source very little from there, so the very large tariffs there have a relatively small impact on our bottom line. We estimate that the current U.S. trade policies based upon a minimum tariff of 10% for Thailand would result in approximately $3 million of incremental cost to Iridium this year and flow through to our OEBITDA. At this time, we think we can absorb this lower level of tariffs within our currently guided OEBITDA range.

多年來，我們一直努力避免我們的供應鏈受到中國的影響，現在我們很少從中國採購，因此那裡的高關稅對我們的底線影響相對較小。我們估計，目前美國對泰國徵收 10% 最低關稅的貿易政策將導致銥星公司今年的成本增加約 300 萬美元，併計入我們的 OEBITDA。目前，我們認為我們可以在目前指引的 OEBITDA 範圍內吸收這一較低水準的關稅。

If tariff policies were to revert to originally proposed levels from April 2, Iridium would be subject to a 36% tariff rate for all equipment manufactured and imported from Thailand. Under this scenario, we estimate that Iridium would incur $6 million to $7 million in incremental costs this year. We have not included this scenario in our guidance assumptions in light of the uncertainty and ongoing discussions with countries like Thailand on tariff levels and exemptions.

如果從4月2日起關稅政策恢復到最初提議的水平，銥星公司在泰國製造和進口的所有設備都將被徵收36%的關稅。在這種情況下，我們估計銥星今年的增量成本將達到 600 萬至 700 萬美元。鑑於不確定性以及與泰國等國家就關稅水平和豁免進行的持續討論，我們沒有將這種情況納入我們的指導假設中。

While we could choose to mitigate some of the remaining import costs through equipment surcharges to our customers, at this time, we prefer not to undermine our strong market position and business and momentum. Today, there remains much uncertainty surrounding tariff levels, their timing, and how our partners' businesses will fare in the evolving economic climate. As a historical context, we know Iridium's business has been resilient in the face of prior economic shocks. We continue to grow service revenue through the 2008 recession as well as during the 2020 pandemic.

雖然我們可以選擇透過向客戶收取設備附加費來減輕部分剩餘的進口成本，但目前，我們不希望破壞我們強大的市場地位、業務和發展勢頭。今天，關稅水平、關稅時間以及我們的合作夥伴的業務在不斷變化的經濟環境中將如何發展仍然存在許多不確定性。從歷史背景來看，我們知道銥星的業務在先前的經濟衝擊面前一直具有韌性。在 2008 年經濟衰退以及 2020 年疫情期間，我們的服務收入持續成長。

I hope this color and the additional information Vince will soon provide will help you better understand how we are thinking about the current environment. At this point, it's a pretty deterministic expense once we understand what the trade policies will ultimately be.

我希望這種顏色和文斯即將提供的附加資訊將幫助您更好地了解我們如何看待當前環境。此時，一旦我們了解了貿易政策的最終結果，這將是一項相當確定的支出。

Turning back to our activities during the first quarter, we spent a lot of time with the industry and our partners at the Satellite Show in February and our Iridium Partner Conference in Florida. Despite the overall market disruptions and changes in our industry, our partners remain bullish on their businesses and opportunities with Iridium, particularly around next-generation IoT, alternate PNT from our Satelles acquisition, and D2D with our development of Iridium NTN Direct.

回顧第一季的活動，我們在二月份的衛星展和在佛羅裡達舉行的銥星合作夥伴會議上與業界和我們的合作夥伴一起度過了大量時間。儘管我們行業的整體市場混亂和變化，我們的合作夥伴仍然看好與銥星的業務和機遇，特別是下一代物聯網、我們收購 Satelles 帶來的替代 PNT 以及我們開發的銥星 NTN Direct 帶來的 D2D。

Our expansive partner ecosystem is unique in the satellite industry, and Iridium's partner network covers just about every industry that can use satellite communications. These partners understand and appreciate Iridium's unique capabilities including our high-quality and reliable satellite constellation, truly global coverage, and regulatory approvals. They give us a lot of visibility into their businesses, and we share with them our product roadmap and investments for the future which is why we remain confident about our growth outlook in the face of new market entrants like Starlink or regional D2D services like AST SpaceMobile. Our partners see us as complementary to these new entrants and continue to invest in new Iridium solutions based on our investments and plans to go after new markets.

我們廣泛的合作夥伴生態系統在衛星產業中是獨一無二的，銥星的合作夥伴網路幾乎涵蓋了所有可以使用衛星通訊的產業。這些合作夥伴了解並欣賞銥星的獨特能力，包括我們高品質、可靠的衛星星座、真正的全球覆蓋範圍以及監管部門的批准。他們讓我們充分了解他們的業務，我們也與他們分享我們的產品路線圖和未來投資，這就是為什麼面對 Starlink 等新市場進入者或 AST SpaceMobile 等區域 D2D 服務時，我們仍然對我們的成長前景充滿信心。我們的合作夥伴將我們視為這些新進者的互補，並根據我們的投資和開拓新市場的計劃繼續投資新的銥星解決方案。

I feel somewhat obligated to talk about Starlink and other startups as it's clear from short interest that investors still don't understand how Iridium is differentiated from them. Starlink, in particular, has done a great job expanding their network and attacking new markets. They've made strong inroads into the consumer sector and drawn share from established VSAT broadband players in areas like maritime and aviation. Starlink, however, does not have L-band spectrum nor the global coverage required to support mission-critical applications. Further, they do not have the ability to address safety applications in GMDSS on ships or air traffic control communications to the cockpit of airplanes.

我感到有義務談論 Starlink 和其他新創公司，因為從短期興趣來看，投資者顯然仍然不了解 Iridium 與它們有何不同。尤其是 Starlink，在擴展其網路和進軍新市場方面做得非常出色。它們強勢進軍消費領域，並從海事和航空等領域的老牌 VSAT 寬頻公司手中搶佔了市場份額。然而，Starlink 既沒有 L 波段頻譜，也沒有支援關鍵任務應用所需的全球覆蓋範圍。此外，他們沒有能力解決船舶 GMDSS 中的安全應用或與飛機駕駛艙的空中交通管制通訊。

While there is some overlap between us, specifically in maritime where Iridium has been used as a low-cost primary connection by some boaters, our distribution partners still see an important role for Iridium's weather-resistant global coverage as a complement to Starlink for their customers. The headwind we are experiencing on this small piece of our broadband business should normalize over time as more Iridium-serviced GMDSS maritime products reach the market to address market needs for low-cost safety applications, a niche within maritime where we excel.

雖然我們之間存在一些重疊，特別是在海上領域，銥星已被一些船員用作低成本的主要連接，但我們的分銷合作夥伴仍然認為銥星的耐候性全球覆蓋作為 Starlink 對其客戶的補充發揮著重要作用。隨著更多銥星服務的 GMDSS 海事產品進入市場，滿足低成本安全應用的市場需求，我們在寬頻業務的這一小塊領域所遇到的逆風應該會隨著時間的推移而正常化，這是我們在海事領域所擅長的。

As for direct-to-device, this industry segment is not a zero-sum game. We fully anticipate that satellite providers offering various levels of cellular-based services from space will develop regional services over time. But most of the services will be limited in geographic scope due to spectrum interference and regulatory issues, and we'll need to overcome service expectations with cellular customers.

對於直接面向設備而言，這個產業領域並不是零和遊戲。我們完全相信，提供各種級別的太空蜂窩服務的衛星提供者將隨著時間的推移開發區域服務。但由於頻譜幹擾和監管問題，大多數服務的地理範圍將受到限制，我們需要滿足蜂窩客戶的服務期望。

When I talk to our partners, I continue to hear that their customers want uncompromising, highly reliable global service, and tailored solutions that address their unique business needs. They have preferences for purpose-built devices that remove uncertainty and obstacles from achieving customers' missions and objectives. As a result, we have no reason to believe that cellular-based D2D will replace the use cases that Iridium addresses.

當我與我們的合作夥伴交談時，我不斷聽到他們的客戶想要毫不妥協、高度可靠的全球服務以及滿足其獨特業務需求的客製化解決方案。他們偏好專用設備，以消除實現客戶使命和目標的不確定性和障礙。因此，我們沒有理由相信基於蜂巢的 D2D 將取代銥星所解決的用例。

However, there is a growing role for D2D in the marketplace, especially with casual users, which is why we're developing Iridium NTN Direct. Iridium's new IoT and direct-to-device service will be available on standard-based chip sets with 3GPP Release 19. We will be in live on air tests with Nordic Semiconductor and potentially others this summer. And prospective customers will then have the ability to experience what a global reliable D2D service really feels like.

然而，D2D 在市場上的作用越來越大，尤其是對於一般使用者來說，這就是我們開發 Iridium NTN Direct 的原因。銥星的新物聯網和直接到設備服務將在基於 3GPP Release 19 標準的晶片組上提供。今年夏天，我們將與 Nordic Semiconductor 以及其他公司進行現場直播測試。潛在客戶將能夠真正體驗到全球可靠的 D2D 服務是什麼樣的。

For Iridium, standards-based chip sets will also have the benefit of lowering costs for manufacturers and customers who want to roam onto Iridium's global network for almost no additional cost beyond what they are spending for cellular hardware. This should be a boon to our IoT business and allow Iridium to find its way into new industries that had previously considered satellite technology too costly for integration. The IoT market is very large, and we expect Iridium NTN Direct to fuel material revenue growth for our company through the end of the decade.

對於銥星來說，基於標準的晶片組還將有利於降低製造商和想要漫遊到銥星全球網路的客戶的成本，而他們幾乎不需要在蜂窩硬體支出之外支付任何額外費用。這對我們的物聯網業務來說是一個福音，並允許銥星進入以前認為衛星技術整合成本過高的新產業。物聯網市場非常龐大，我們預計 Iridium NTN Direct 將在未來十年內推動我們公司的材料收入成長。

Despite suggestions from some, mainly investors who are short Iridium, that D2D will compete with and cannibalize Iridium's legacy services, we find this storyline hard to follow. As current D2D solutions based on cellular frequencies improve, they will still only provide a small extension to the cellular world's 10% to 15% footprint of the globe, far from Iridium's ubiquitous coverage.

儘管有些人（主要是做空銥星的投資者）認為 D2D 將與銥星的傳統服務競爭並蠶食其傳統服務，但我們發現這種說法很難理解。儘管目前基於蜂窩頻率的 D2D 解決方案不斷改進，但它們仍然只能為全球 10% 至 15% 的蜂窩覆蓋範圍提供微小的擴展，遠遠達不到銥星無處不在的覆蓋範圍。

With all the excitement about D2D, it's worth highlighting that we continue to see growth for personal satellite communication devices. This is even as free D2D services have debuted in the U.S. and elsewhere with Apple on smartphones and with very public beta tests of Starlink services.

在 D2D 引起廣泛關注的同時，值得強調的是，我們繼續看到個人衛星通訊設備的成長。儘管免費 D2D 服務已在美國和其他地方推出，蘋果已在智慧型手機上推出 D2D 服務，並且 Starlink 服務也進行了非常公開的 Beta 測試。

While there may someday be a large market for D2D, we believe that the relatively small investment we're making in Iridium NTN Direct will result in a robust service that will be complementary to others' D2D efforts and generate incremental IoT service revenue for us starting in 2026.

雖然未來某一天 D2D 市場可能會很大，但我們相信，我們在 Iridium NTN Direct 上進行的相對較小的投資將帶來強大的服務，該服務將補充其他人的 D2D 努力，並從 2026 年開始為我們產生增量的物聯網服務收入。

Continuing on this theme of incremental revenue, let me move on to position navigation and timing, an area in which Iridium has a big lean on competitors and which we believe holds a lot of opportunity. Our partners are really excited about integrating our satellite time and location services into their solutions, and we're seeing a lot of interest from new customers who want to solve GPS issues with Iridium STL.

繼續討論增量收入這個主題，讓我來談談定位導航和授時，銥星在這個領域比競爭對手有很大優勢，我們相信這個領域有很多機會。我們的合作夥伴對於將我們的衛星時間和定位服務整合到他們的解決方案中感到非常興奮，我們看到許多新客戶對使用銥星 STL 解決 GPS 問題感興趣。

As I've discussed before, the prevalence of GPS jamming and location spoofing is on the rise in exposing the vulnerabilities of organizations and critical infrastructure that rely on these services. Thanks to our acquisition of Satelles last year, we can provide them with a timing signal and trusted location that can be delivered cheaply anywhere in the world and is 1,000 times stronger than GPS. We've already seen a big pickup in engagements on PNT since the beginning of this year. And we believe Iridium STL will be a major driver of revenue growth in both civil and commercial applications through 2030 and beyond.

正如我之前所討論過的，GPS 幹擾和位置欺騙的流行程度正在上升，暴露出依賴這些服務的組織和關鍵基礎設施的漏洞。由於我們去年收購了 Satelles，我們可以為他們提供計時訊號和可信位置，這些訊號和位置可以廉價地傳送到世界任何地方，並且比 GPS 強大 1,000 倍。自今年年初以來，我們已經看到 PNT 的參與度大幅上升。我們相信，到 2030 年及以後，銥星 STL 將成為民用和商業應用收入成長的主要動力。

Before I turn things over to Vince, I want to take a moment to touch upon some investor inquiries we've received on the administration's efforts to reduce government expenditures and realize efficiencies. We do not believe that Iridium's existing contracts with the U.S. government will be impacted by these efforts and continue to believe that our long-term partnership with the government provides tremendous value.

在將問題交給文斯之前，我想花點時間談談我們收到的一些投資者關於政府削減政府開支和提高效率的努力的詢問。我們不認為銥星與美國政府現有的合約會受到這些努力的影響，並繼續相信我們與政府的長期合作關係具有巨大的價值。

Our EMSS contract with the DoD gives the government reliable global coverage for as many voice and data units as they care to add to our network. At about $65 per user per month, this may be among the most attractive deals in the satellite industry today.

我們與國防部簽訂的 EMSS 合約為政府提供了可靠的全球覆蓋，可以涵蓋他們希望添加到我們網路的盡可能多的語音和資料單元。每位用戶每月約 65 美元，這可能是當今衛星產業最具吸引力的交易之一。

We do, however, believe that the geopolitical environment will remain in flux. There's no disputing that international dynamics are changing. Between the new tariffs and U.S. government right-sizing and shifting priorities, we expect to see impact on our industry, some potentially positive as space remains a priority right now, but some negative as well. Foreign governments, agencies, NGOs, and even safety organizations may face funding challenges. We've seen examples of this in the last two months as USAID funding was cut to some international organizations who are apparently using satellite services to improve their internal security.

然而，我們確實相信地緣政治環境將持續改變。毫無疑問，國際情勢正在改變。在新關稅和美國政府調整規模和轉變優先事項之間，我們預計我們的行業將受到影響，其中一些可能是積極的，因為太空仍然是目前的優先事項，但也有一些是消極的。外國政府、機構、非政府組織甚至安全組織都可能面臨資金挑戰。過去兩個月，我們已經看到了這樣的例子，美國國際開發署削減了一些國際組織的資金，而這些組織顯然正在使用衛星服務來改善其內部安全。

Right now, we have no reason to believe these changes will be material to our business. We believe Iridium is fairly insulated from the recent protectionism and nationalistic rhetoric. But like every company, we may face issues on the margin as we move through the year. We will continue to keep our ears open, mitigate issues that arise, and keep investors abreast of what we're seeing.

目前，我們沒有理由相信這些變化會對我們的業務產生重大影響。我們相信銥星公司相當不受近期保護主義和民族主義言論的影響。但與所有公司一樣，隨著時間的推移，我們可能會面臨利潤問題。我們將繼續保持關注，緩解出現的問題，並讓投資者了解我們所看到的情況。

Despite recent global turbulence, as my team and I look out to 2030, we are highly confident in Iridium's ability to leverage our one-of-a-kind network to deliver new solutions and expand into new end markets. We have great technology; a strong spectrum position; and a clear path to grow our business, service revenues, and free cash flow.

儘管最近全球動盪，但我和我的團隊展望 2030 年，我們對銥星利用我們獨一無二的網路提供新解決方案並擴展到新終端市場的能力充滿信心。我們擁有偉大的技術；強大的頻譜地位；以及發展業務、服務收入和自由現金流的明確途徑。

Between our buyback program and quarterly dividends, we are also delivering additional value to shareholders. We continue to believe our stock to be undervalued, and we'll be active to capture this value with the remaining outstanding authorization on our share repurchase program.

透過回購計劃和季度股息，我們還為股東提供了額外的價值。我們仍然認為我們的股票被低估了，我們將積極利用我們股票回購計劃中剩餘的未償還授權來獲取這一價值。

These capital priorities, in addition to ongoing investments in our network, underscore our confidence in Iridium's business prospects and growth.

這些資本優先事項，加上對我們網路的持續投資，凸顯了我們對銥星業務前景和成長的信心。

With that, I'll turn it over to Vince for a review of our financials. Vince?

說完這些，我將把任務交給文斯來審查我們的財務狀況。文斯？

Thanks, Matt. And good morning everyone. I'll start my remarks today by reviewing our financial results for the first quarter and some trends we're seeing in our major business lines. Similar to Matt, I'd also like to discuss the evolving business climate and how it colors our outlook for the year. I'll then close with a review of our liquidity position and capital structure.

謝謝，馬特。大家早安。今天，我將首先回顧我們第一季的財務業績以及我們主要業務線中看到的一些趨勢。與馬特類似，我也想討論不斷變化的商業環境以及它如何影響我們對今年的展望。最後，我將回顧我們的流動性狀況和資本結構。

Iridium executed well in the first quarter and continued to deliver on our full-year plan. Operational EBITDAwas up 6% in the first quarter to $122.1 million, driven by a combination of revenue from recurring commercial services and engineering and support. On the commercial side of our business, service revenue was up 4% to $127.5 million. This increase was led by strength in IoT and Iridium PNT. Voice and data revenue rose 2% from the prior-year quarter to $55.9 million and largely reflected subscriber growth in telephony services. As Matt mentioned, a small portion of the deactivations we saw during the quarter related to USAID and changes to program funding.

銥星公司第一季表現良好，並繼續實現我們的全年計劃。第一季營運 EBITDA 成長 6%，達到 1.221 億美元，主要得益於經常性商業服務以及工程和支援收入的推動。在我們業務的商業方面，服務收入成長了 4%，達到 1.275 億美元。這一成長主要得益於物聯網 (IoT) 和銥星 PNT 的強勁表​​現。語音和數據收入較去年同期成長 2%，達到 5,590 萬美元，這主要反映了電話服務用戶的成長。正如馬特所提到的，我們在本季看到的一小部分停用與美國國際開發署和專案資金變化有關。

Commercial IoT revenue totaled $43.8 million in the first quarter, up 11% from the year earlier. As noted previously, this reflects a step-up in our two-year contract with our largest IoT partner, in addition to ongoing demand for personal satellite communication services.

第一季商業物聯網營收總計4,380萬美元，年增11%。如前所述，這反映了我們與最大的物聯網合作夥伴簽訂的兩年合約的增加，以及對個人衛星通訊服務的持續需求。

As previewed in February, we have experienced and continue to anticipate structural subscriber deactivations associated with changes to an IoT partner's retail plans which are phasing out plans that allowed subscribers to toggle between active and inactive status throughout the contract year. These deactivations have no impact on revenue under the terms of the contract.

正如二月份預測的那樣，我們已經經歷並將繼續預期與物聯網合作夥伴零售計劃變化相關的結構性用戶停用，這些計劃正在逐步淘汰允許用戶在整個合約年內在活躍和非活躍狀態之間切換的計劃。根據合約條款，這些停用不會對收入產生影響。

Revenue in commercial broadband was down 6% from the year-ago period to $12.9 million. This decline was driven by the increasing use of Iridium as a companion service and the conversion of certain primary customers to lower usage plans. We expect the ARPU headwinds from these conversions will become less pronounced over time, especially with the proliferation of new Iridium-serviced GMDSS terminals by our partners in the second half of the year and into 2026. Over time, we believe gains from subscribers' adoption of Iridium-serviced GMDSS will offset the ARPU pressures we are now experiencing from primary user conversions.

商業寬頻收入較去年同期下降 6% 至 1,290 萬美元。造成這一下降的原因是銥星作為配套服務的使用日益增多，以及某些主要客戶轉向使用率較低的計劃。我們預計，這些轉換帶來的 ARPU 阻力將隨著時間的推移而變得不那麼明顯，特別是隨著我們的合作夥伴在今年下半年和 2026 年大量推出新的銥星服務 GMDSS 終端。隨著時間的推移，我們相信，用戶採用銥星服務的 GMDSS 所帶來的收益將抵消我們目前因主要用戶轉換而面臨的 ARPU 壓力。

Hosting another data services revenue was $14.9 million this quarter, up 7% from last year's comparable quarter. We continue to see a pickup in Iridium PNT after having fully acquired Satelles in Q2 last year and remain very optimistic about demand for PNT services as global organizations increasingly address the vulnerabilities inherent to GPS and GNSS-based systems.

本季託管其他數據服務收入為 1,490 萬美元，比去年同期成長 7%。在去年第二季完全收購 Satelles 之後，我們繼續看到銥星 PNT 的回升，並且隨著全球組織越來越多地解決 GPS 和 GNSS 系統固有的漏洞，我們對 PNT 服務的需求仍然非常樂觀。

Government service revenue was up modestly in the first quarter to $26.8 million, reflecting the step-up in our EMSS contracts with the U.S. government this past September.

第一季政府服務收入小幅成長至 2,680 萬美元，這反映了我們今年 9 月與美國政府簽訂的 EMSS 合約的增加。

Subscriber equipment sales were $23.1 million in the first quarter. While down from Q1 last year, which was the high watermark for 2024, demand continues to track expected levels. We continue to forecast full-year equipment sales in line with 2024, though we will obviously be monitoring the impact that evolving tariff policies may have on equipment costs.

第一季用戶設備銷售額為 2,310 萬美元。雖然與去年第一季（2024 年的最高水位）相比有所下降，但需求仍保持預期水準。我們繼續預測全年設備銷售額與 2024 年持平，但我們顯然會監控不斷變化的關稅政策對設備成本的影響。

Engineering and support revenue was $37.5 million in the first quarter as compared to $30.4 million in the prior-year period. The increase reflected our growing work with the USG, including the Space Development Agency, and two new contract awards from the prior year. One of the ancillary benefits of being involved with the SDA program is the insights it provides our team on new and evolving satellite technologies which is informing our early-stage thinking on our next-generation network.

第一季工程和支援收入為 3,750 萬美元，而去年同期為 3,040 萬美元。這一增長反映了我們與美國政府（包括太空發展局）日益增長的合作，以及去年授予的兩份新合約。參與 SDA 計畫的附帶好處之一是，它為我們的團隊提供了新興衛星技術的見解，這為我們對下一代網路的早期思考提供了資訊。

As you will have noted from our release, we are affirming our full-year guidance for both service revenue and OEBITDA, but I'll make a few points in a second about what that means.

正如您從我們的發布中註意到的那樣，我們確認了對服務收入和 OEBITDA 的全年指導，但我將在稍後闡述這一點的含義。

Revenue in commercial voice and data is expected to accelerate from Q1 which is historically a seasonally soft quarter. As we move into the back half of the year, voice and data will also benefit from select price actions. These price changes will phase in starting in July on certain commercial services. These actions were contemplated in our full-year forecast and communicated to partners late last year. We hope this additional level of transparency will be helpful as you model our service revenue growth for the balance of the year.

預計商業語音和數據收入將從第一季開始加速成長，而第一季歷來是季節性疲軟的季度。隨著我們進入下半年，語音和數據也將受益於精選的價格行動。這些價格調整將從七月開始在某些商業服務上分階段實施。這些行動已在我們的全年預測中考慮，並在去年年底傳達給了合作夥伴。我們希望這種額外的透明度能夠對您模擬我們今年剩餘時間的服務收入成長有所幫助。

We forecast double-digit commercial IoT growth in 2025. This is driven by a step-up in the two-year contract we entered into with our largest IoT partner and ongoing demand for personal satellite communications. We continue to see momentum in PNT and expect new work and contracts related to our satellite-based time and location service to support our forecast. Our government business benefits from a step-up in our EMSS contract which will result in full-year revenue of $108 million in 2025.

我們預測 2025 年商業物聯網將達到兩位數成長。這是由於我們與最大的物聯網合作夥伴簽訂的兩年合約的增加以及個人衛星通訊的持續需求所推動的。我們繼續看到 PNT 的發展勢頭，並預計與我們的基於衛星的時間和定位服務相關的新工作和合約將支持我們的預測。我們的政府業務受益於 EMSS 合約的提升，這將使我們的 2025 年全年收入達到 1.08 億美元。

As Matt mentioned, there remains a high level of uncertainty on tariff policies. Even though the tariff policies were not contemplated in our February guidance, we estimate that if proposed tariffs of 10% on most of the world stay in place, while it would have a negative impact on our costs for the rest of the year which we quantify as approximately $3 million, it can still be absorbed within our current guided OEBITDA range especially in light of our mitigation efforts. However, if the original tariffs announced on April 2 were to be implemented, they would have a much more significant impact on our cost base, which at about $6 million to $7 million would likely cause us to be outside our OEBITDA guidance range.

正如馬特所提到的，關稅政策仍然存在高度不確定性。儘管我們二月份的指導意見中沒有考慮關稅政策，但我們估計，如果對世界大部分地區徵收 10% 的擬議關稅保持不變，雖然這會對我們今年剩餘時間的成本產生負面影響（我們將其量化為約 300 萬美元），但它仍然可以在我們目前的指導 OEBITDA 範圍內吸收，特別是考慮到我們的緩解措施。然而，如果 4 月 2 日宣布的原始關稅得以實施，它將對我們的成本基礎產生更為重大的影響，大約 600 萬至 700 萬美元的關稅可能會導致我們超出 OEBITDA 指導範圍。

Taken together, this outlook supports our forecast for service revenue growth between 5% and 7% and Operation EBITDA between $490 million and $500 million this year. We continue to feel good about Iridium's business prospects. However, we will continue to engage closely with our partners and we'll monitor for any significant changes in business climate that may potentially impact end user demand.

綜合起來，這一前景支持了我們對今年服務收入成長 5% 至 7% 和營運 EBITDA 4.9 億至 5 億美元的預測。我們繼續看好銥星的業務前景。然而，我們將繼續與我們的合作夥伴密切合作，並監控可能影響最終用戶需求的商業環境的任何重大變化。

Moving to our capital position, as of March 31, Iridium had cash and cash equivalent balance of $50.9 million which was bolstered by a $20 million draw on our revolver this quarter. Our cash flow is ample to fund operations and support ongoing payments of quarterly dividends as well as our buyback program.

談到我們的資本狀況，截至 3 月 31 日，銥星公司的現金和現金等價物餘額為 5,090 萬美元，這得益於我們本季從循環信貸中提取的 2,000 萬美元。我們的現金流足以支持營運並支持持續支付季度股利以及我們的回購計劃。

During the first quarter, Iridium retired approximately 2.4 million shares of common stock at an average price of $29.48. This left us with an outstanding balance of $360.3 million under our Board-approved authorization through December 31, 2027. Over the preceding 12 months, we've been able to retire approximately 12% of our outstanding share count. We will continue to execute on our buyback program, balancing the desire to maximize return on investment with our long-term objective for deleveraging.

第一季度，銥星公司以平均 29.48 美元的價格回購了約 240 萬股普通股。截至 2027 年 12 月 31 日，根據董事會批准的授權，我們的未償餘額為 3.603 億美元。在過去的 12 個月中，我們已經能夠贖回約 12% 的流通股。我們將繼續執行回購計劃，在最大化投資回報的願望與去槓桿的長期目標之間取得平衡。

During the first quarter, we also made a quarterly dividend payment of $0.14 per share paid on March 31. Beginning in the third quarter of 2025, Iridium's Board intends to increase our quarterly dividend to $0.15 per share, representing an increase of approximately 5% over the full year of 2024. This reflects our confidence in the company's business opportunities and prospects for continued strong free cash flow generation.

在第一季度，我們還在 3 月 31 日支付了每股 0.14 美元的季度股息。從 2025 年第三季開始，銥星董事會打算將季度股息提高至每股 0.15 美元，比 2024 年全年增長約 5%。這反映了我們對公司商業機會和持續強勁自由現金流產生前景的信心。

Capital expenditures in the first quarter were $24.5 million. We expect capital expenditures to rise in 2025 to support our work with 5G standards and moderate thereafter through the end of the decade.

第一季的資本支出為2450萬美元。我們預計 2025 年資本支出將會增加，以支持我們的 5G 標準工作，此後到本世紀末將會放緩。

Turning to our pro forma free cash flow, if we use the midpoint of our 2025 OEBITDA guidance and back off $91 million in net interest pro forma for our current debt structure, approximately $90 million in CapEx for this year, $6 million in cash taxes, and $6 million in working capital inclusive of the appropriate hosted payload adjustment, we're projecting pro forma free cash flow of $302 million for 2025. These metrics would represent a conversion rate of OEBITDA to free cash flow of 61% in 2025 and a yield approaching 11%.

談到我們的預測自由現金流，如果我們使用 2025 年 OEBITDA 指引的中點，並從我們目前的債務結構中扣除 9,100 萬美元的淨利息預測、今年約 9,000 萬美元的資本支出、600 萬美元的現金稅和 600 萬美元的營運資本（包括適當的託管資本額（包括適當的託管 2025 年），我們預計的 2025 年預計的 2025 億美元託管資本額為適當的 2025 年。這些指標代表 2025 年 OEBITDA 轉換為自由現金流的率為 61%，收益率接近 11%。

A more detailed description of these cash flow metrics, along with the reconciliation to GAAP measures is available in a supplemental presentation under Events on our Investor Relations website.

有關這些現金流量指標的更詳細描述以及與 GAAP 指標的對賬，請參閱我們投資者關係網站「活動」下的補充介紹。

Iridium continues to grow its business and make strong progress on new initiatives like Iridium NTN Direct and PNT. As I look at the competitive landscape, I feel very good about our positioning and prospects, and with that, our ability to achieve our long-term growth targets and continue to return capital to shareholders.

銥星繼續發展其業務，並在銥星 NTN Direct 和 PNT 等新舉措上取得了長足的進步。當我審視競爭格局時，我對我們的定位和前景感到非常滿意，並且我們有能力實現長期成長目標並繼續向股東返還資本。

With that, I'll turn things back to the operator and look forward to your questions.

說完這些，我將把問題轉交給接線員，並期待您的提問。

Rick Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

Good morning, everybody.

大家早安。

Hey Rick.

嘿，瑞克。

I appreciate the color on tariffs. Obviously, a very fluid and volatile time. That really helps us understand it on the cost side. But it sounded like, Matt, if it's just the 10% tariff stuff, you would prefer not to raise prices to the customer at the time. But as we think longer term, any thoughts on what the tariffs would do to sub-growth or service revenue as an indicator?

我很欣賞關稅的顏色。顯然，這是一個非常動盪和多變的時期。這確實有助於我們從成本方面理解這一點。但聽起來，馬特，如果只是 10% 的關稅，你當時不願意提高對顧客的價格。但是當我們從長遠角度考慮時，您是否考慮過關稅會對次級成長或服務收入產生什麼影響？

It's too early to tell. As I said, we've had other economic shocks in the past. And given that we're a critical service in many cases, it usually doesn't affect really demand very much for us. So I'm not expecting right now. That's not the mood we're getting in the market today. Who knows if tariffs go up and they remain in place for a long time and global trade wars continue indefinitely, no one knows what that territory looks like and how that would affect the global economies and abilities. But right now, we don't see demand changes or anything that concerns us too highly right now.

現在下結論還為時過早。正如我所說，我們過去也經歷過其他經濟衝擊。鑑於我們在許多情況下是一項關鍵服務，它通常不會對我們的需求產生太大影響。所以我現在不期待。這並不是我們今天在市場上看到的氣氛。誰知道如果關稅上漲並且長期維持，全球貿易戰無限期地持續下去，沒有人知道那片領土會是什麼樣子，以及這將如何影響全球經濟和能力。但目前，我們沒有看到需求變化或任何讓我們過度擔心的事情。

You're making the supply chain changes too to help mitigate some of that. Okay. The DOGE cuts and the government efficiency stuff might be a little more firm. Since you've seen some of those changes, we did note this quarter the government subs were down. Was that the USAID or was that on the commercial side? And what maybe drove the change in government subs?

您也在進行供應鏈變革，以幫助緩解其中的一些問題。好的。DOGE 削減和政府效率措施可能會更加堅定一些。由於您已經看到了其中的一些變化，我們確實注意到本季度政府補貼有所下降。那是美國國際開發署還是商業方面的？那麼，是什麼原因導致了政府補貼的改變呢？

That doesn't really have much to do with DOGE as much as it's just a government cleanup activity as they, I think, sort of position themselves for our next EMS or EMSS renewal in a couple of years. If they have units that they haven't been utilizing, different services kind of turn them off to change their relative positions with other services. But it really doesn't speak to anything related to DOGE or anything like that.

這實際上與 DOGE 沒有太大關係，這只是政府的一項清理活動，我認為，他們正在為幾年後我們的下一次 EMS 或 EMSS 更新做準備。如果他們有尚未使用的單位，不同的服務會將其關閉，以改變其與其他服務的相對位置。但它實際上並沒有提到任何與 DOGE 或類似的東西有關的東西。

Yeah. And the the only thing I would add there, Rick, is the USAID, you'll see that in the commercial voice and data numbers. So that's a driver there. And there's also some conflict area drawdown as well there that you see in Q1.

是的。里克，我唯一要補充的是美國國際開發署，你會在商業語音和數據號碼中看到這一點。這就是一個驅動因素。而且您在第一季也看到一些衝突地區的減少。

Yes. We called that, by the way, out there. But it's one of the few things we've kind of seen that's been directly attributable that we could make a line to. And as you can see, it's pretty small and probably relatively deterministic so far. Again, it's one of the few things that we could really draw a clear line to. But I don't see many other things like that.

是的。順便說一下，我們在那裡稱呼它。但這是我們所見到的少數幾個可以直接歸因於此的事物之一。正如您所見，它相當小，而且到目前為止可能相對確定。再說一次，這是我們能夠真正劃清界限的少數事情之一。但我沒有看到太多類似的事情。

Okay. And Vince, you called out that we should expect some legacy voice and data price actions in the second half. Historically, every five years, you've increased it maybe 10%. Should we think this as kind of more in that low single-digit increases that might happen annually instead of just such a long wait, step-function long wait?

好的。文斯，您說過，我們應該預期下半年傳統的語音和數據價格會出現一些波動。從歷史上看，每五年，它就會增加大約 10%。我們是否應該認為這更像是每年可能發生的低個位數成長，而不是如此漫長的等待，階梯式的漫長等待？

Yeah. A year or two ago, we decided instead of having price increases every five years, a smaller price increase every 2.5 years would be less noticeable really by the market and sort of in line with global inflation sort of things that are happening anyway. So not expecting a lot of reaction from it. We've had this in planning, really, for the last nine months so far. Obviously, we didn't communicate that publicly so I'm sure you didn't have that in your models or anything. But it goes into effect as scheduled here middle of the year. And it's a little bit why our service revenues are a bit higher in the second half than the first half, one of the reasons anyway.

是的。一兩年前，我們決定不再每五年提高一次價格，而是每兩年半進行一次較小的價格上漲，這樣市場實際上不太容易察覺到這種上漲，而且也與全球通膨的情況相一致。因此並不期待它會引起太多反應。事實上，我們已經計劃此事九個月了。顯然，我們沒有公開傳達這一點，所以我確信你的模型或其他任何東西中沒有這一點。但它將於今年年中按計劃生效。這也是為什麼我們下半年的服務收入比上半年略高的原因之一。

Makes sense. The last one for me is, you touched on obviously the direct-to-device items. You might start seeing some service revenues, it sounds like in '26 as you go through the summer '25 trialing. But how should we think about how that ramps up? And then what line items would that benefit your direct-to-device plans?

有道理。對我來說最後一個是，你顯然提到了直接到設備的項目。您可能會開始看到一些服務收入，聽起來就像在 26 年，當您經歷 25 年夏季試驗時。但我們該如何思考這現象將如何加劇？那麼哪些項目會對您的直接設備計畫有益呢？

Well, it really affects IoT, which is a strength of ours anyway. In some ways, the earliest revenues I think will be IoT roaming revenues coming from, say, a cellular device that has the right chip set in and can just roam onto our network without any incremental investment or, really, development by the end user partner. So how fast that goes, it's unclear. It depends on how fast Release 19 chip sets get in the market and the MNOs that adopt us and that sort of thing. All the interactions we've been having are very positive. There's a lot of interest in having Iridium be a supplier in that marketplace.

嗯，它確實影響了物聯網，無論如何，這是我們的優勢。從某種程度上來說，我認為最早的收入將是物聯網漫遊收入，比如說，一種裝有合適晶片組的蜂窩設備，可以直接漫遊到我們的網路上，而不需要任何增量投資，或者實際上不需要最終用戶合作夥伴進行開發。所以進展有多快，目前還不清楚。這取決於 Release 19 晶片組進入市場的速度以及採用我們的 MNO 等等。我們之間的所有互動都非常積極。人們對銥星成為該市場的供應商很感興趣。

As I said, we feel good being this complementary service that sort of supports -- that is kind of a global glue that is there to support all those places where D2D won't be and even many places where it will be, where people want to use us. It'll take a little longer to get into phones and consumer devices, so I'm sure there's interest there as well. So that may not hit in '26 as much. It'll be more IoT. But that will ramp out towards the latter part of this decade.

正如我所說的，我們很高興能夠提供這種互補的服務，它就像一種全球黏合劑，可以支援所有 D2D 尚未出現的地方，甚至許多 D2D 即將出現的地方，只要人們想使用我們的產品。進入手機和消費設備領域還需要更長的時間，因此我相信人們對此也感興趣。因此，26 年的影響可能不會那麼大。它將更加物聯網化。但這趨勢將在本世紀後期逐漸增強。

Great. Thanks, everybody.

偉大的。謝謝大家。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Good morning. Thanks for taking our questions. First just on the tariff situation, I know you called out the $3 million and $6 million to $7 million. Is that an impact for basically half the year? And then if they continue, we'd have to roll it through for the full year next year? Or what's the, I guess, assumption on the timing of when that hits?

早安.感謝您回答我們的問題。首先關於關稅情況，我知道您提到了 300 萬美元和 600 萬至 700 萬美元。這基本上會對半年產生影響嗎？如果他們繼續這樣做，我們明年是否必須將其延續到全年？或者我猜，對於何時發生這種情況的假設是什麼？

Well, the $3 million really kind of started already. So it's a three quarters of a year kind of effect. The $6 million to $7 million, by the way, is not incremental. That's a total amount, so think of it as incremental $3 million to $4 million on top of that. That is presumably at the end of the 90-day period if those things go into effect, and that would affect this year.

嗯，300 萬美元實際上已經開始了。所以這是為期四分之三年的效應。順便說一句，600萬到700萬美元並不是增量的。這是總金額，因此可以將其視為在此基礎上增加的 300 萬至 400 萬美元。如果這些措施生效的話，那大概是在 90 天期限結束時，並且會影響今年。

We're not giving guidance next year yet on this because, I mean, anybody who can forecast out next year what tariff policies will be, I think is, well, there's not certainly on the outside like we are. But I don't think that the overall incremental impact that we see is much more than that, say, $6 million to $7 million on a full-year basis right now because we think we can mitigate everything else. So it's a tax on our business. It's a known yearly kind of tax as we see it. But hopefully, it won't have much impact on business momentum or other things as it relates to other things we're doing.

我們尚未就明年的情況給予指導，因為，我的意思是，任何能夠預測明年關稅政策的人，我認為，嗯，肯定不會像我們這樣處於外部。但我不認為我們看到的整體增量影響會比現在全年的 600 萬到 700 萬美元高出多少，因為我們認為我們可以減輕其他所有影響。所以這是對我們業務的一種課稅。正如我們所見，這是已知的年度稅。但希望它不會對業務勢頭或其他與我們正在做的其他事情相關的事情產生太大影響。

Understood. Higher level question, obviously, a lot of geopolitical shifts happening. I think for the most part, we see a lot on the Ka-band side, especially in Europe, given the political developments. I guess, how do you see that or how do you think this could manifest, if at all, on the L-band MSS side? I realize it's much different market dynamics, but curious if you have any views there.

明白了。更高層次的問題是，顯然，許多地緣政治變化正在發生。我認為，在大多數情況下，我們在 Ka 波段方面看到很多，特別是在歐洲，考慮到政治發展。我想，您如何看待這一點，或者您認為這在 L 波段 MSS 方面會如何體現？我意識到市場動態有很大不同，但我很好奇您是否對此有什麼看法。

Yeah. There is a bit of protectionism. There's a lot of investment in EU space companies and supply to provide an alternate to Starlink. We see and hear that as well. A lot of people are being careful about getting too tied to U.S. suppliers, et cetera. But so far, we seem to be more of an international global player. Viewed as having a unique and trusted and valuable service from partners who are all over the world. We obviously haven't allied ourselves with anybody specifically. And we support governments all over the world in terms of critical first-responder and other services. So I don't think it has a lot of impact on us right now. We're obviously monitoring it and are sensitive to seeing if there's any kind of issues with that. But right now, we're being, for example, embedded into some of those European solutions as a backup, say, to support -- to protect against GPS jamming and outages. And really pleased to see that we're part of really what you could call an EU-centric solution.

是的。存在一些保護主義。歐盟對太空公司和供應進行了大量投資，以提供 Starlink 的替代方案。我們也看到和聽到了這一點。很多人都在小心謹慎，避免過度依賴美國供應商等等。但到目前為止，我們似乎更像是國際全球參與者。被視為擁有來自世界各地合作夥伴的獨特、值得信賴和有價值的服務。我們顯然沒有與任何人結盟。我們為世界各國政府提供關鍵急救人員和其他服務的支援。所以我認為它現在對我們沒有太大影響。我們顯然正在對其進行監控，並敏感地觀察是否存在任何問題。但現在，我們正被嵌入到一些歐洲解決方案中，作為備份，以支援——防止 GPS 幹擾和中斷。我很高興看到我們真正成為了所謂的以歐盟為中心的解決方案的一部分。

Understood. And just last quick one on aviation service, do we have a -- I guess what's the latest update there? Should we expect a ramp in the second half?

明白了。最後我想問一下關於航空服務的問題，請問那裡的最新動態是什麼？我們是否應該期待下半年成長？

Yes, I mean, it is growing. Now that we have terminals that are available, we're right now -- this is the year of flight trials to be certified for aviation safety services so they can put us on airplanes now to provide voice and data to, say, a cockpit. But to certify it for air traffic control communications probably won't happen until early next year, according to the current schedules. It just takes a lot of time for enough data, fly on enough airlines for the FAA to kind of approve that application.

是的，我的意思是它正在增長。現在我們已經有了可用的終端，我們現在——今年是飛行測試的年份，以獲得航空安全服務認證，因此他們現在就可以把我們放在飛機上，為駕駛艙提供語音和數據。但根據目前的計劃，可能要到明年年初才能獲得空中交通管制通訊認證。只是需要花費大量時間才能獲取足夠的數據，搭乘足夠的航空公司的航班，以便美國聯邦航空局批准該申請。

But we are seeing a lot more applications. You've probably seen us on helicopters. Some of our partners are ramping service in other non-safety applications and general aviation. And so it's happening. Also drones, which is still an early-stage market, is very interested in our aviation applications, but that's also ramping slowly. So I don't think it's a big driver of our second half service revenue growth, but it's a long-term positive trend for our service revenue.

但我們看到了更多的應用。您可能在直升機上見過我們。我們的一些合作夥伴正在擴大其他非安全應用和通用航空領域的服務。事情就是這樣發生的。此外，無人機仍處於早期市場，對我們的航空應用非常感興趣，但發展也很緩慢。因此，我認為這不是我們下半年服務收入成長的主要驅動力，但對於我們的服務收入來說，這是一個長期的正面趨勢。

Great. Thank you.

偉大的。謝謝。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Matt, I thought your comment kind of comparing 2020, 2025, and 2008 was pretty prescient. So maybe if you could talk about kind of previous lessons and digging into lessons from 2008 around Iridium's product portfolio act as somewhat of a consumer defensive. And then maybe some commentary around 2020 and discussing the trends you saw there regarding consumer electronic (inaudible) relative to maybe the perception of a softening consumer environment.

馬特，我認為你對 2020 年、2025 年和 2008 年進行比較的評論非常有先見之明。所以也許您可以談談先前的教訓，並深入研究 2008 年銥星產品組合在消費者防禦方面所扮演的角色。然後也許會對 2020 年發表一些評論，並討論您在那裡看到的有關消費電子（聽不清楚）的趨勢，可能與對疲軟的消費環境的看法有關。

Thanks, Colin. 2008, obviously, we're still on our first generation network. Quite concerned about the economic shocks that were going around the world, the recessions and that sort of thing. And yet, I was really pleased, maybe not surprised, that none of our product lines actually changed their growth trajectory almost at all. Because I think we found that in almost every case, what we were doing was an extremely valuable part of an enterprise or a government or was a critical safety applications. I remember some civil governments maybe had to cut back on their safety budgets and maybe had a few less phones, for example, in place. But we didn't notice it really in the total. And the growth continued to grow beyond it.

謝謝，科林。 2008 年，顯然我們仍處於第一代網路階段。非常擔心世界各地發生的經濟衝擊、經濟衰退等問題。然而，我真的很高興，也許並不感到驚訝，我們的產品線幾乎沒有改變其成長軌跡。因為我認為我們發現，在幾乎所有情況下，我們所做的事情都是企業或政府極其有價值的部分，或是關鍵的安全應用。我記得有些政府可能必須削減安全預算，例如減少安裝的電話數量。但總體來說我們並沒有真正注意到這一點。而其成長仍在持續超越它。

2020 obviously had a similar reaction but was different because of just the supply chain shocks that occurred. And in that case, again, I think my supply chain team really showed out, in terms of their ability to quickly manage the situation, we are actually the one with the most equipment and probably took share from other suppliers who were struggling. But again, it wasn't really a cutback in service. IoT continued to grow and other things as well. New products that we're introducing also hit the market and grew as well.

2020 年顯然也有類似的反應，但由於發生了供應鏈衝擊，因此有所不同。在這種情況下，我認為我的供應鏈團隊確實表現出了快速處理情況的能力，我們實際上是擁有最多設備的團隊，並且可能從其他陷入困境的供應商那裡奪取了份額。但話說回來，這並不是真正的服務削減。物聯網和其他事物都在持續成長。我們推出的新產品也進入了市場並取得了成長。

So, really, this tariff situation has been an exciting last 10 weeks or so as we've been on lots of calls with my supply chain team scrambling. Really glad we put in this third-party logistics center last year because that will enable us really in weeks to kind of move and mitigate the effects which would have been a lot higher than $6 million to $7 million if we kind of had a team that could respond so quickly and professionally.

所以，實際上，過去 10 週左右的關稅情況一直令人興奮，因為我和我的供應鏈團隊進行了多次電話溝通。真的很高興我們去年建立了這個第三方物流中心，因為這將使我們能夠在幾週內採取行動並減輕影響，如果我們有一個能夠如此迅速和專業地做出反應的團隊，那麼損失將遠遠超過 600 萬到 700 萬美元。

But I think we're kind of ready for this. No one knows for sure if things continue to escalate or change around the world. But right now, we're kind of responding to this in a fairly deterministic way.

但我認為我們已經準備好了。沒有人確切知道世界各地的事態是否會繼續升級或改變。但現在，我們以一種相當確定的方式對此做出回應。

Got it. And then maybe one exercise, but kind of the way that you think about true government exposure for the total business. I think a lot of folks look at the engineering line and they look at the pure play government contract line, but don't I guess particularly appreciate the level of government exposure on the civil side, public safety, stuff like that. So is there a rough way to think about what the total government exposure for the business is, not just direct to sales, but like what is the end the use case of all the products?

知道了。然後也許有一個練習，但有點像你思考政府對整個業務的真正風險的方式。我認為很多人都關注工程線和純粹的政府合約線，但我猜他們是否特別重視政府在民用、公共安全等方面的曝光程度。那麼，有沒有一種粗略的方法來思考政府對企業的總風險敞口是什麼，而不僅僅是直接的銷售，而是所有產品的最終用例是什麼？

That's a good question. I can't say we've ever really analyzed it because as a wholesale supplier, we don't have precise information about exactly whether a device is in a civil -- is in a government's hand or in a commercial or other kind of applications' hands. And in some cases, whether it's a firefighting department or it's some regulatory -- it's hard to tell whether it's military or non-military, usually, these are an IoT device tracking an asset, it's difficult to tell.

這是個好問題。我不能說我們曾經真正分析過它，因為作為批發供應商，我們沒有精確的資訊來判斷設備是在民用——是在政府手中，還是在商業或其他類型的應用程式手中。在某些情況下，無論是消防部門還是某些監管機構——很難分辨它是軍事的還是非軍事的，通常這些都是追蹤資產的物聯網設備，很難分辨。

That being said, I think it's a relatively small part of our overall commercial business. If government is roughly 20% or so U.S. government, I would say, combined, all the other governments in the world are much less than that, really. It's still small parts. It's dominated really by commercial IoT and other applications. But they're solid PTT business and by other governments, there's voice and data services and there's IoT tracking and a lot of applications as well, even using personal communication devices as well is in the hands of other governments. But I still think it's probably single digits.

話雖如此，我認為這只是我們整體商業業務中相對較小的一部分。如果政府的支出大約是美國政府的 20% 左右，那麼我想說，世界上所有其他政府的支出實際上都比這少得多。仍是小零件。它實際上由商業物聯網和其他應用主導。但他們有穩固的 PTT 業務，並且由其他政府提供語音和數據服務，還有物聯網追蹤和大量應用程序，甚至使用個人通訊設備也掌握在其他政府手中。但我仍然認為它可能是一位數。

Yeah. Okay. And then lastly for me, but maybe conceptually talking through, I know this is still like early innings on all PNT, but conceptually talking through how you think about like pricing mechanics and pricing levers. I think that one of the things that people kind of focus on is the dynamic of assured access and how national security in this environment is very much kind of a priceless feature, right? So maybe talk about kind of what you're seeing from new adders in the government domain. How you think about that mechanic works relative to a jam environment? And then maybe like talking and trying to longer-form view the business of how you think of like the functionality of you're a hot versus cold environment, from a war fighting perspective.

是的。好的。最後，對我來說，但也許從概念上講，我知道這仍然像所有 PNT 的早期階段，但從概念上講，你如何看待定價機制和定價槓桿。我認為人們關注的事情之一是確保訪問的動態，以及國家安全在這種環境下如何成為無價的特性，對嗎？那麼也許可以談談您在政府領域看到的新加法器的情況。您如何看待該機械裝置相對於堵塞環境的工作原理？然後也許就像談論並嘗試從戰爭的角度更長遠看待你如何看待熱環境與冷環境的功能。

Well, I think we've talked a lot in the past about how the U.S. government and other governments in the world don't have a single choice for a communication device, whether it's in a vehicle or a dismounted soldier or whatever it is. They really want multiple things because even in good times, things can be thwarted, whether it's the GPS signal being jammed or communications system. So they talk in terms of pace, primary, alternative, contingency, emergency, like four different kind of categories. Sometimes we're the primary. But almost always we're the alternate contingency or emergency sort of in a solution, connecting an asset or soldier or whatever it might be.

嗯，我想我們過去已經討論過很多次了，美國政府和世界其他政府在通訊設備方面沒有單一的選擇，無論是在車輛上還是在士兵身上，或者其他什麼。他們確實想要多種東西，因為即使在順境中，事情也可能受到阻礙，無論是 GPS 訊號受到干擾還是通訊系統受到干擾。因此，他們從速度、主要、替代、緊急、緊急等四種不同的類別進行討論。有時我們是主要的。但我們幾乎總是採取應急或緊急措施來提供解決方案，連接資產或士兵或其他任何東西。

In that environment, I think we're quite resilient around the world to a lot of things. Even as new solutions come forward. Obviously, we're seeing a lot of interest in Starlink and StarShield, but that doesn't really do what we do. So again, we think that solutions like that and others, whether it's the OneWebs and Kuipers and others of the world and Ka- and Ku-, they're also looking still for L-band solutions that are more resilient, more global, and provide an alternate connection really or as backup or command and control or whatever it might be, particularly, given our size, weight, and power is different than a lot of those solutions as well.

在這樣的環境下，我認為我們在世界各地對很多事情都具有相當強的適應能力。即使出現了新的解決方案。顯然，我們看到人們對 Starlink 和 StarShield 非常感興趣，但這實際上並沒有實現我們的目標。因此，我們再次認為，像這樣的解決方案以及其他解決方案，無論是 OneWebs、Kuipers 還是世界上的其他 Ka 和 Ku 衛星，他們仍在尋找更具彈性、更全球化的 L 波段解決方案，並真正提供替代連接或作為備份或命令和控製或無論什麼，特別是考慮到我們的尺寸、重量和功率與許多那些解決方案也不同。

You talked about being denied, of course, I think you're referring to like our PNT solution. We do have a big advantage there and that we have I think the only global solution that can deliver protection to a GNSS system anywhere on the globe very cost effectively and provide even service, a timing signal inside a building or other asset. And on that basis, I think the whole world's realizing the importance of that application. And really, the interest has been exploding. Really, over the last year or two, but particularly since we bought Satelles, I think we just have seen lots of applications where that's applicable to.

您談到被拒絕，當然，我認為您指的是我們的 PNT 解決方案。我們確實在那裡擁有巨大的優勢，而且我認為我們擁有唯一的全球解決方案，可以非常經濟高效地為全球任何地方的 GNSS 系統提供保護，並提供均勻的服務，即建築物或其他資產內的計時訊號。基於此，我認為全世界都意識到了該應用程式的重要性。事實上，人們的興趣正在激增。確實，在過去的一兩年裡，特別是自從我們收購了 Satelles 之後，我認為我們已經看到了許多適用該技術的應用。

Got it. Thank you for the color.

知道了。謝謝你的顏色。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Good morning. First off, I just want to see what kind of response you're seeing from your partners as far as equipment goes. Are they stocking more? Do they want to stock more? And what kind of level of conversation you've been having with them?

早安.首先，我只是想看看您的合作夥伴對於設備有何反應。他們還有存貨嗎？他們想存更多貨嗎？您與他們進行了什麼程度的對話？

So far, we haven't seen nor do we encourage any kind of stocking up or anything like that from -- I mean, around the edges, I think we had an order on chip sets or something that was a little larger than expected and perhaps there was some of that involved. But we don't see like a direct connection right now today in our supply chains. Still see the demand. Still see sort of our expectations from a yearly perspective. The fact that we're not passing on these costs right now to these customers is probably appreciated. If we would have told them that there'd be a big price increase or something on hardware later this year, we might have changed that. But I don't think that's really the direction we wanted to be going. So really haven't seen much much difference so far.

到目前為止，我們還沒有看到，也不鼓勵任何形式的囤貨或類似的事情——我的意思是，我認為我們有一個晶片組或某種東西的訂單，比預期的要大一些，也許其中有一些涉及。但目前我們還沒有在供應鏈中看到直接的連結。仍然看到需求。從年度角度來看我們仍然有這樣的期望。我們目前沒有將這些成本轉嫁給這些客戶，這一事實可能值得讚賞。如果我們告訴他們今年稍後硬體價格會大幅上漲或出現其他情況，我們可能會改變這個決定。但我不認為這真正是我們想要的方向。所以到目前為止確實沒有看到太大的差異。

And my other question was, as far as engineering revenue is concerned, this was the second quarter in a row with $37 million. Is that going to be the same going forward? I mean this revenue line used to be very lumpy. Could you just provide a little bit more details about that?

我的另一個問題是，就工程收入而言，這是連續第二季達到 3,700 萬美元。未來情況還會一樣嗎？我的意思是這條收入線過去非常不穩定。您能否提供更多有關該問題的細節？

What I would say, Hamed, is there'll probably be some variation in that going forward. But certainly, that level or up close to that level is probably a good assumption moving through the rest of the year.

哈米德，我想說的是，未來這種情況可能會有所改變。但可以肯定的是，對於今年剩餘時間而言，這一水平或接近這一水平可能是一個不錯的假設。

Yeah. A lot of that growth has been driven by our contract with the Space Development Agency as we've built their ground infrastructure and operation centers and we're manning the operation centers for their new proliferator war fighter network that they're launching right now. And that's getting to a maximum sort of spend rate here soon because they're launching satellites and we'll be operating them before long. So we've been ramping up as we've been building that system. And then we'll go a bit more of a steady state on that when we go into operational mode.

是的。這種增長很大程度上是由我們與太空發展局簽訂的合約推動的，我們為他們建造了地面基礎設施和運營中心，並且我們正在為他們目前正在啟動的新型擴散戰鬥機網絡的運營中心配備人員。這很快就會達到最高的支出率，因為他們正在發射衛星，而我們很快就會操作它們。因此，我們在建構這個系統的過程中一直在不斷努力。然後，當我們進入操作模式時，我們的狀態會更加穩定。

Great. Thank you.

偉大的。謝謝。

Chris Quilty, Quilty Space.

克里斯奎爾蒂 (Chris Quilty)，奎爾蒂空間 (Quilty Space)。

Just to follow on to that last statement around the shift from build-out to service, does the margin profile or the -- I should just say the margin gross profit contribution change dramatically when you shift from build-out to service or does low margin build-out equal high margin but smaller service revenue?

只是為了繼續關於從建設到服務的轉變的最後一句話，當你從建設轉向服務時，利潤率狀況或 - 我應該說利潤毛利貢獻是否發生了巨大變化，或者低利潤率建設是否等於高利潤率但較小的服務收入？

No. It's -- I mean, the margins you can really charge on services or even equipment is pretty fixed. And so margins are going to stay pretty consistent. The government pays us for work we do with a profit and that's really the incremental margin we can get. So it doesn't really change significantly.

不。我的意思是，您在服務甚至設備上實際收取的利潤是相當固定的。因此利潤率將保持相當穩定。政府用利潤來支付我們所做的工作，這實際上是我們可以獲得的增量利潤。所以它實際上並沒有發生重大變化。

Okay. Great. Circling back -- sorry, one more question on equipment, customers have not been necessarily stocking inventory, but Vince, you guys kind of ran up your inventory which was historically like $30 million to $40 million even post-COVID, up to the $80 million to $90 million level in late '23 and it's kind of stayed at those levels. Does that inventory, and it's sort of comparative advantage of the tariffs you paid, become a use or source of cash, you work that down from the inventory? Or does the build-up of the 3PL in Europe sort of offset any inventory optimization you might drive?

好的。偉大的。回到正題——抱歉，還有一個關於設備的問題，客戶不一定會囤積庫存，但是文斯，你們的庫存量有所增加，即使在疫情之後，歷史上庫存也達到了 3000 萬到 4000 萬美元，到了 2023 年底達到了 8000 萬到 9000 萬美元的水平，並且基本保持在那個水平。該庫存以及您所支付的關稅的比較優勢是否會成為現金的用途或來源，您是否從庫存中扣除了這一點？或者歐洲第三方物流的建立是否會抵消您可能推動的任何庫存優化？

No, that will definitely help, Chris. So the fact that we have that equipment and inventory on hand certainly helps us as we move forward here and negotiate our way through the tariffs in the short term. So I don't know that it will be dramatic. But you'd probably see some drawdown in inventory as we go through Q3 and Q4.

不，那肯定會有幫助的，克里斯。因此，我們手頭上有這些設備和庫存，這無疑有助於我們向前邁進，並在短期內透過關稅談判解決問題。所以我不知道這是否會帶來戲劇性的結果。但隨著我們進入第三季度和第四季度，您可能會看到庫存下降。

And one other sort of inventory hardware question. As you move to the NTN Direct, I mean, currently, you source chip, build board, sell to (inaudible) and bars that build stuff ostensibly as you move to an NTN model, does the need for hardware diminish or go away because these all become standard D2D or IoT devices that exist?

還有另一種庫存硬體問題。當您轉向 NTN Direct 時，我的意思是，目前，您採購晶片、構建板、銷售給（聽不清）和表面上構建東西的條，當您轉向 NTN 模型時，對硬體的需求是否會減少或消失，因為這些都成為現有的標準 D2D 或 IoT 設備？

Yeah. That's long term, certainly, in certain product lines that will affect like our IoT product line which we make modules and devices which we sell as we move to more chip sets in general, whether it be, by the way, proprietary, which we're kind of moving towards even a chipset sort of approach on our SPD service down the road. But as we move to standards-based solutions, certainly, there's a lot less revenue there. In some cases, still good margins when it's our systems. But it's certainly higher volumes as well there. So I think that kind of evens out a little bit. But yeah, I think that covers -- But yeah, there's probably less hardware. As you know, hardware equipment's never been a line we have focused on. It's a driver for service revenue. So the more equipment we can send out with the least amount of margin is just great news because it just gets more potential for service revenue for us. So that's definitely in line with what our approach is.

是的。當然，這是長期的，在某些產品線上，這會影響到我們的物聯網產品線，我們生產模組和設備，隨著我們轉向更多的晶片組，我們出售這些模組和設備，順便說一下，無論是專有的，我們甚至正在朝著晶片組的方式發展，在我們的 SPD 服務上。但隨著我們轉向基於標準的解決方案，收入肯定會減少很多。在某些情況下，當使用我們的系統時，仍然可以獲得良好的利潤。但那裡的產量肯定也更高。所以我認為這會稍微平衡一點。但是是的，我認為這涵蓋了——但是是的，硬體可能較少。如你所知，硬體設備從來都不是我們所關注的領域。它是服務收入的驅動力。因此，我們能夠以最少的利潤發送更多的設備，這對我們而言是一個好消息，因為這將為我們帶來更多的服務收入潛力。所以這絕對符合我們的方法。

Great. And final question just related to the safety services, both maritime and aero where you've picked up certifications last year. Is there any opportunity to sort of jump start customer adoption in those products? I think you would claim relative advantage relative to your one competitor on sort of hardware and throughput and whatnot. Or is that simply a market where customers don't replace existing terminals, you're really just selling into the new market of new things that are being configured and set up with the GMDSS or aviation safety services?

偉大的。最後一個問題與安全服務有關，包括海事和航空服務，您去年已獲得認證。是否有機會讓顧客盡快採用這些產品？我認為你會在硬體、吞吐量等方面相對於你的競爭對手擁有相對優勢。或者這只是一個客戶不更換現有終端的市場，而您實際上只是向新市場銷售正在配置和設定 GMDSS 或航空安全服務的新產品？

We have some ideas about that. Probably a little too early to talk about them very publicly. But we have some ideas in which we think we can expand both the adoption, but also the kind of share of wallet that we can address in those areas, particularly around aviation where we have a kind of unique capability. It's differentiated. The market really likes what we can do and others can't do as well as we can. So we have some ideas about how to move down the road, but it's still a little early for that to talk about.

我們對此有一些想法。現在公開談論這些可能還為時過早。但我們有一些想法，我們認為我們既可以擴大採用範圍，也可以擴大我們在這些領域可以解決的錢包份額，特別是在我們具有獨特能力的航空領域。它是有區別的。市場確實喜歡我們能做的事情，而其他人做不到像我們那麼好。因此，我們對未來如何發展有一些想法，但現在談論這個還為時過早。

Looking forward to it. Thank you.

非常期待。謝謝。

Mathieu Robilliard, Barclays.

巴克萊銀行的 Mathieu Robilliard。

Good morning. Thank you for the presentation. I had first one on the maritime and as you flagged in many quarters, there's a negative impact from the fact that you're losing some pure connectivity revenues. And I wanted to understand when exactly you expect that to disappear. Because when I look at the quarterly trends of things, it seems it was really a big impact in Q2 last year, a little bit in Q1, or rather it started then. And I was wondering if by Q3-Q4 this year, we could see a stabilization both in ARPU but also in terms of subscribers on that business line.

早安.感謝您的演講。我首先在海事領域取得了成功，正如你們在許多方面所指出的那樣，失去一些純連結收入會帶來負面影響。我想要了解您預計它什麼時候會消失。因為當我觀察季度趨勢時，我發現它對去年第二季度的影響確實很大，對第一季的影響有一點，或者更確切地說，它從那時就開始了。我想知道到今年第三季至第四季度，我們是否能夠看到 ARPU 和該業務線上的用戶數量都趨於穩定。

I hope so. But, I mean, we're not really forecasting a specific time for it. It's hard to forecast precisely when that will end. But we do think that as more Iridium-serviced GMDSS terminals come out, there's like nine total, if I remember correctly, that are sort of forecasted with just a couple really available now, one or two; and we do see some of our partners kind of waiting for specific terminals from suppliers they particularly like working with, I think that's holding that transition up a little bit once that kind of -- and those are all supposed to get into our market this year sometime. So I really kind of am expecting 2026 to be the year when it's definitely over or when we're normalized, if you will. But exactly when, it's hard to forecast.

我希望如此。但是，我的意思是，我們實際上並沒有預測它的具體時間。很難準確預測這種情況何時會結束。但我們確實認為，隨著更多銥星服務的 GMDSS 終端的推出，如果我沒記錯的話，總共會有 9 個終端，目前真正可用的只有一兩個；我們確實看到我們的一些合作夥伴正在等待他們特別喜歡的供應商提供的特定終端，我認為這會稍微阻礙這種轉變——這些終端都應該在今年某個時候進入終端我們的市場。所以我真的有點期待 2026 年是這一切徹底結束的一年，或者說是我們恢復正常的一年，如果你願意的話。但具體時間還很難預測。

Fortunately, this is still marginally around the edges. This isn't -- we're really looking more for stabilization and maybe even some growth there. But this isn't like a key part of our overall growth story or driver to 2030 revenues in cash. But we believe it's important enough. And we have the market position and defensible market position to maintain a really solid position in this area based on just the success of our GMDSS services.

幸運的是，這仍然只是邊緣問題。事實並非如此——我們真正尋求的是穩定，甚至一些增長。但這並不是我們整體成長故事的關鍵部分，也不是 2030 年現金收入的驅動力。但我們相信這夠重要。並且，僅憑我們 GMDSS 服務的成功，我們就擁有市場地位和可防禦的市場地位，能夠在這一領域保持真正穩固的地位。

That's clear. So I guess if we think about maybe some contribution from IRO as you flagged earlier and some sort of stabilization, that's how you're happy to guide for, not a guidance, but to indicate in the previous quarter that broadband revenues would remain broadly stable year-on-year which obviously can (inaudible).

這很清楚。因此，我想，如果我們考慮一下您之前提到的 IRO 的一些貢獻和某種穩定，這就是您樂於提供的指導，而不是指導，而是在上一季度表明寬頻收入將保持大致穩定的水平，這顯然可以（聽不清楚）。

I think that's consistent or even going back to our Investor Day, this wasn't part of our driver. We would have liked to grown a small amount by now. But I think that that's going to turn around. And we really think we have a solid position that's important and critical in long term. And have really kind of worked to make sure we have the best product and market positioning so that we could be that complement to other Ka- and Ku-solutions. And right now, that's the way the market sees us and is encouraging us and is telling us we should play out long term.

我認為這是一致的，甚至回到我們的投資者日，這不是我們的驅動力的一部分。我們現在希望能種植少量的作物。但我認為這種情況將會好轉。我們確實認為，我們擁有穩固的地位，從長遠來看，這是重要且關鍵的。我們確實努力確保我們擁有最好的產品和市場定位，以便我們能夠成為其他 Ka 和 Ku 解決方案的補充。現在，市場就是這樣看待我們的，它鼓勵我們，告訴我們應該進行長期投資。

Thanks. And then I had a second question on D2D. You made some comments at the beginning about what coverage, competing services, or new consolations could add to the current threshold coverage. And maybe I got that wrong, but I think you said 10 or 15 percentage points of increasing coverage which, if that's the case, I was surprised it's so low because I understand some of these constellations don't cover, say, the polls, but I would have thought it would be a much bigger extension of coverage for regular smartphones. Did I get your numbers right or is there something you'd want to add on that one? .

謝謝。然後我又對 D2D 提出了第二個問題。您一開始就對哪些覆蓋範圍、競爭服務或新的安慰可以添加到當前的門檻覆蓋範圍中發表了一些評論。也許我理解錯了，但我認為您說的是覆蓋率增加 10 或 15 個百分點，如果是這樣的話，我很驚訝它的覆蓋率這麼低，因為我知道其中一些星座並不覆蓋民意調查，但我原以為它會對普通智慧型手機的覆蓋範圍進行更大的擴展。我的數字對嗎？或是您還有什麼要補充的嗎？。

What I was talking about is current cellular coverage of the whole world is 10% to 15%. That's how much of the world it covers. I said that it would be incrementally pretty small. Even though those networks have satellites that go all around the planet and even polar, it doesn't matter. They can't provide service on the ground unless the frequencies that they're able to use using cellular frequencies are allowed by that government, by that land mass to be able to operate.

我所說的是，目前全球的蜂窩覆蓋率為 10% 到 15%。這就是它所涵蓋的世界範圍。我說它會逐漸變得非常小。儘管這些網路的衛星遍布全球甚至極地，但這並不重要。除非他們能夠使用的蜂窩頻率得到當地政府和土地管理局的允許，否則他們無法在地面提供服務。

And right now, we believe there's really limited markets where currently cellular-based D2D will be operating. Certainly, the U.S. is one of them and they can fill out the coverage in the U.S. which it is very good today, but isn't 100%. There are other kind of more island nations like Australia and Japan where I think it will also come into usage pretty quickly.

目前，我們認為，基於蜂巢的 D2D 能夠運作的市場確實有限。當然，美國是其中之一，他們可以填補美國的覆蓋範圍，目前美國的覆蓋範圍非常好，但還不是 100%。我認為，像澳洲和日本這樣的其他島國也將很快採用這種方法。

But it won't cover water. It won't cover Europe. And it won't cover other areas. Because in a lot of countries, the interference environment between those cellular frequencies and adjacent markets where those cellular frequencies are also used would create a lot of interference and inability to really offer those services. And so governments won't allow them to operate globally.

但它不會覆蓋水。它不會覆蓋歐洲。並且它不會覆蓋其他區域。因為在許多國家，這些蜂窩頻率與使用這些蜂窩頻率的相鄰市場之間的干擾環境會產生很大的干擾，導致無法真正提供這些服務。因此政府不允許它們在全球範圍內開展業務。

So unlike mobile satellite service frequencies like our L-band or even S-band frequencies that some others have, those are globally allocated. They don't cause interference market-to-market because they're coordinated on a global basis, which is why our Iridium NTN Direct service being global can be really differentiated and complementary to a regional solution that's providing kind of cellular infill in a specific market where it's not causing interference and the regulatory agent approves this. And we can provide sort of the glue that provides a global service that complements that.

因此，與我們的 L 波段或其他人擁有的 S 波段等行動衛星服務頻率不同，這些頻率是全球分配的。它們不會對市場造成乾擾，因為它們是在全球範圍內進行協調的，這就是為什麼我們的銥星 NTN 直達服務是全球性的，可以真正實現差異化，並補充區域解決方案，該解決方案在特定市場提供蜂窩填充，不會造成乾擾，並且監管機構批准了這一點。我們可以提供某種黏合劑，提供與之互補的全球服務。

That's very clear. Thank you.

這非常清楚。謝謝。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Matt, Vincent, and Ken, good morning. Should IoT subscribers turn positive later in 2025 after the cleanup is done?

馬特、文森和肯，早安。清理工作完成後，物聯網使用者數量是否應該在 2025 年稍後轉為正面？

Yeah. I would hope so. I don't know if it's -- it depends on when it kind of started as to when it ends. I think it was sort of -- was it late last year? Late last year, the changeover that that partner made to having customers go to a yearly to a monthly basis sort of affected. So we expected sort of a one-year transition. And so I don't know how we'll see it, whether in the fourth quarter, but I would certainly expect to see it in '26 where that affects anybody with the deactivations really that were occurring on that sort of come out of it. And then we'll be in a bit more volatile environment where people will see the subscribers on the network as they use it, only the months that they use it as opposed to all the time, whether they're using it or not. But again, as I said, that doesn't really affect our revenues since a customer has a fixed price contract.

是的。我希望如此。我不知道這是否取決於它何時開始以及何時結束。我想是某種程度上──是去年年底嗎？去年年底，該合作夥伴將客戶付費方式從按年改為按月進行了調整，這在一定程度上受到了影響。因此我們預計過渡期約為一年。因此，我不知道我們會如何看待它，無論是在第四季度，但我肯定會在 26 年看到它，屆時它將對任何人產生影響，因為停用確實會發生在這種結果上。然後，我們將處於一個更不穩定的環境，人們在使用網路時會看到網路上的使用者情況，但只能看到他們使用網路的月份，而不是所有時間，無論他們是否在使用它。但正如我所說，這並不會真正影響我們的收入，因為客戶有固定價格合約。

Great. And should that contract stay fixed price going forward, is that the expectation?

偉大的。那麼，該合約今後的價格是否應該保持固定，這是預期嗎？

Well, we're talking about that now. I think what we want to do is just have a win-win situation with that partner to both encourage their growth. And I'm sure they feel the same about us. So we grow together and we're having good discussions about that now.

好吧，我們現在就談論這個。我認為我們想要做的就是與合作夥伴實現雙贏，促進他們的共同成長。我相信他們對我們也有同樣的感受。因此，我們共同成長，現在我們正在就此進行良好的討論。

Great. And secondly, should the main CapEx associated with NTN Direct be complete in 2025 in terms of the software updates and modifying your ground network?

偉大的。其次，就軟體更新和修改地面網路而言，NTN Direct 相關的主要資本支出是否應該在 2025 年完成？

Certainly, largely. The big lump, if you will, kind of incremental amount that would -- probably budget a couple of years for, is certainly going to be mostly completed this year. But there's always some kind of cleanup afterwards. So it'll leak into '26 as we get into further tweaks and upgrades and things like that. But largely, this year is the biggest part of it.

當然，很大程度上是如此。如果你願意的話，這筆大額款項，即可能需要幾年預算的增量金額，肯定會在今年基本完成。但事後總會有某種清理工作。因此，當我們進行進一步的調整和升級等工作時，它將滲透到 26 年。但整體來說，今年是其中最重要的一年。

Great. And one final one, are all of the 75 original Iridium NEXT satellites, do they all remain functional? And you previously extended the accounting useful life, but is there the potential sometime that you also extend the CapEx holiday?

偉大的。最後一個問題，最初的 75 顆 Iridium NEXT 衛星還能正常使用嗎？您之前延長了會計使用壽命，但是是否有可能有時也會延長資本支出假期？

Yeah. So all 80 satellites, actually, we have in space 66 and 14 spares, are all healthy, operating fully well. Haven't needed to use, knock on wood, a spare. Probably -- would have thought we would, maybe by at least one by now. But actually, the network has proven to be extremely resilient and healthy and performing far greater than our expectations, original expectations, or certainly what we bought them for which is why we extended the useful life. And could there be other extend, yeah, if we continue to operate in this way, we'll extend it again. Certainly won't do it this year. I don't think. But at some point in the future, as the network continues to perform well and we see that we have all these extra satellites in space, then probably extend it further.

是的。所以實際上，我們在太空的所有 80 顆衛星中，有 66 顆和 14 顆備用衛星，全部都健康，運作良好。還沒用上，敲敲木頭，備用一個。可能——我們會認為我們會的，也許到現在為止至少有一個。但實際上，事實證明該網路非常有彈性且健康，其性能遠遠超出了我們的預期、最初的期望，或者當然超出了我們購買它的目的，這就是我們延長其使用壽命的原因。還有沒有其他的延長？是的，如果我們繼續以這種方式運作，我們會再次延長。今年肯定不會這麼做。我不這麼認為。但在未來的某個時候，隨著網路繼續表現良好，並且我們看到太空中擁有所有這些額外的衛星，那麼可能會進一步擴展它。

And just to add to that, Louie, we extended the useful life from 12.5 to 17.5 years which, when you do the math, takes you out to the middle of the next decade. And to Matt's point, we'll continue to monitor the performance of the network and kind of go from there.

另外，路易，我們將使用壽命從 12.5 年延長到了 17.5 年，算下來，可以達到下一個十年的中期。正如馬特所說，我們將繼續監控網路的效能並從那裡開始行動。

I think I've said before, I'd be disappointed (inaudible). Our last generation of satellites lasted over 20 years, and they weren't built to last anywhere the standards as the satellites today. So we haven't projected that yet and may not. But right now, I'd be disappointed if they don't extend at least the same length of time as the first generation of satellites did.

我想我之前說過，我會失望的（聽不清楚）。我們上一代衛星的壽命超過 20 年，而且它們的壽命遠不及當今的衛星。所以我們還沒有預測到這一點，而且可能不會。但目前，如果它們的使用壽命不能達到第一代衛星的水平，我會感到失望。

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back to the management for any closing remarks.

謝謝。我們的問答環節到此結束。現在，我想將會議交還給管理階層，請他們發表結束語。

Thank you. I mean, obviously, it's kind of crazy times globally right now. And as you can tell, we're one of the first to announce. So I'm interested in seeing what everybody else is doing. I feel, as I said, pretty proud of my team for how we're kind of managing the current environment as business continues to track to our expectations and to our longer term expectations as well. So look forward to talking to you individually, but I hope this is helpful to you. Thanks.

謝謝。我的意思是，顯然現在全球都處於一種瘋狂的時期。如您所知，我們是第一批宣布這項消息的公司之一。所以我很想看看其他人都在做什麼。正如我所說，我為我的團隊感到非常自豪，因為我們在業務中繼續按照我們的預期以及我們的長期預期來管理當前環境。因此，我期待與您單獨交談，但我希望這對您有所幫助。謝謝。

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

謝謝。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。