Iridium Communications Inc (IRDM) 2025 Q2 法說會逐字稿

Good day, and welcome to the Iridium Communications second-quarter 2025 earnings conference call. (Operator Instructions) (technical difficulty) this event is being recorded.

大家好，歡迎參加銥星通訊 2025 年第二季財報電話會議。 (操作員指示) (技術故障) 此活動正在錄製中。

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

現在，我想將會議交給投資者關係副總裁肯尼斯·利維 (Kenneth Levy)。請繼續。

Thanks, Irene. Good morning, and welcome to Iridium's second-quarter 2025 earnings call. Joining me on this morning's call are our CEO, Matt Desch; and our CFO, Vince O'Neill.

謝謝，艾琳。早安，歡迎參加銥星 2025 年第二季財報電話會議。參加今天早上電話會議的還有我們的執行長 Matt Desch 和財務長文斯歐尼爾 (Vince O'Neill)。

Today's call will begin with a discussion of our second 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.

今天的電話會議將首先討論我們的第二季業績，然後進行問答。我相信您已經有機會查看今天早上的收益報告，該報告可在銥星網站的投資者關係部分找到。

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 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》所定義的前瞻性陳述。前瞻性陳述是非歷史事實的陳述，包括有關未來預期、計劃和前景的陳述。

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.

此類前瞻性陳述是基於我們目前的信念和期望，並受風險影響，可能導致實際結果與前瞻性陳述不同。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。

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.

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, 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，我們還將參考某些非 GAAP 財務指標，包括營運 EBITDA、預測自由現金流、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 and the Investor Relations section of our website for further explanation of these non-GAAP financial measures as well as a reconciliation to the most directly comparable GAAP measures.

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 指標的對帳。

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. As you saw in our press release this morning, we continue to grow across most product lines and remain on track for 5% operational EBITDA growth this year at the midpoint of our guidance. We are, however, adjusting our outlook for service revenue growth. Service revenue is now expected to grow between 3% and 5% this year.

謝謝，肯。大家早安。正如您在我們今天早上的新聞稿中看到的，我們的大多數產品線繼續成長，並且今年的營運 EBITDA 成長率仍有望達到我們預期的中位數 5%。然而，我們正在調整服務收入成長的前景。預計今年服務收入將成長 3% 至 5%。

This reduction is driven primarily by three items: the ongoing maritime broadband transition to a companion service; some voice subscriber reductions we noted in the first quarter related to canceled USAID funding; and a delay in the expected timing of some PNT revenue, which now looks like it will come in 2026 rather than this year.

造成這一減少的主要原因有三：正在進行的海上寬頻向配套服務的過渡；我們在第一季度注意到的一些語音用戶減少與美國國際開發署取消資金有關；以及一些PNT收入預期時間的延遲，現在看來它將在2026年而不是今年到來。

Vince will elaborate further on these items. Regarding our Maritime Broadband business, while it has never been a primary growth vector for our 2030 service revenue target, it remains an important service, particularly as we have become a trusted companion solution for Starlink and other VSAT services.

文斯將進一步闡述這些項目。關於我們的海事寬頻業務，雖然它從來都不是我們的 2030 年服務收入目標的主要成長載體，但它仍然是一項重要的服務，特別是因為我們已經成為 Starlink 和其他 VSAT 服務值得信賴的配套解決方案。

Today, Iridium plays a vital role in maritime, especially where our terminals provide superior coverage and reliability compared to other L-band solutions. The trade down we are seeing from some subscribers who've been using Iridium as a primary service and now moving to use us as a backup continues at a quicker pace than we had expected.

如今，銥星在航海領域發揮著至關重要的作用，尤其是我們的終端與其他 L 波段解決方案相比，提供了更出色的覆蓋範圍和可靠性。我們看到一些用戶的交易量下降，他們一直使用銥星作為主要服務，現在轉而使用我們作為備用服務，而且這種下降速度比我們預期的要快。

As a result, we believe this conversion will shave about a percentage point from our service revenue growth this year. Even with these conversions, maritime broadband will remain a solid contributor to Iridium's long-term cash flow.

因此，我們認為這種轉換將使我們今年的服務收入成長減少約一個百分點。即使進行了這些轉換，海上寬頻仍將是銥星長期現金流的重要貢獻者。

While we're not forecasting growth in maritime in the near term, we do believe that the launch of a number of new Iridium Certus GMDSS terminals over the next few quarters will allow us to continue to maintain our position in maritime over time and that aviation broadband safety data link growth will help to support our broadband revenue through the end of the decade.

雖然我們不會預測短期內海事業務會成長，但我們相信，未來幾季推出的一系列新型 Iridium Certus GMDSS 終端將使我們能夠繼續保持在海事領域的地位，而且航空寬頻安全數據鏈路的增長將有助於支持我們的寬頻收入直至本世紀末。

As we look out to 2030, we believe our investments in D2D and our PNT businesses, along with growth in other areas like IoT and government will drive higher service revenue growth rates and allow us to achieve our $1 billion service revenue target in 2030.

展望 2030 年，我們相信，我們對 D2D 和 PNT 業務的投資，以及物聯網和政府等其他領域的成長將推動更高的服務收入成長率，並使我們在 2030 年實現 10 億美元的服務收入目標。

2025 continues to be a year of investment and retooling as we prepare to layer on new revenue streams like our new Iridium Certus IoT products, Iridium NTN Direct, which is our coming D2D service, and satellite time and location, our new PNT service. These products and services are core pillars of our future growth, and we're excited about the reception they are already getting from partners and their customers.

2025 年仍是投資和重組的一年，我們準備拓展新的收入來源，例如我們的新 Iridium Certus IoT 產品、Iridium NTN Direct（我們即將推出的 D2D 服務）以及衛星時間和定位（我們的新 PNT 服務）。這些產品和服務是我們未來成長的核心支柱，我們對它們已經從合作夥伴及其客戶那裡獲得的歡迎感到非常興奮。

We continue to believe our portfolio of products and services operating on Iridium's one-of-a-kind network positions us well for growth in existing markets like aviation, energy, transportation, security as well as emerging markets like autonomous systems operating on land sea or in the air.

我們始終相信，我們在銥星獨一無二的網路上運行的產品和服務組合，將使我們在航空、能源、交通、安全等現有市場以及在陸海空運行的自主系統等新興市場中佔據有利地位。

Traditional voice products like satellite phones and WiFi devices and IoT applications for telemetry, unattended sensors and location services all continue to be popular with existing and new partners because they address specific customer needs that no other constellation can. We're also attracting new partners like mobile network operators and cellular IoT operators who are just beginning to deploy regional D2D and IoT offerings.

衛星電話和 WiFi 設備等傳統語音產品以及用於遙測、無人值守感測器和定位服務的物聯網應用繼續受到現有和新合作夥伴的歡迎，因為它們滿足了其他星座無法滿足的特定客戶需求。我們也吸引了新的合作夥伴，例如剛開始部署區域 D2D 和物聯網產品的行動網路營運商和蜂窩物聯網營運商。

These operators acknowledge the limitations of cellular-based D2D and believe that Iridium can extend their coverage with reliable global satellite service. These trends give us confidence in our recent capital investments and our longer-term growth outlook. By seeding our business with a broader offering of services, we are winding the spring for new subscriber and service revenue growth.

這些營運商承認基於蜂窩的 D2D 的局限性，並相信銥星可以透過可靠的全球衛星服務擴大其覆蓋範圍。這些趨勢使我們對近期的資本投資和長期成長前景充滿信心。透過提供更廣泛的服務來拓展我們的業務，我們正在為新用戶和服務收入的成長注入新的活力。

We are targeting specific industries and adding new partners to address the needs of industries that are only now exploring satellite solutions. We have continued to add to our global ecosystem of business partners, adding nearly 50 new business relationships since the start of 2025.

我們瞄準特定產業並增加新的合作夥伴，以滿足目前才開始探索衛星解決方案的產業的需求。我們不斷擴大全球業務合作夥伴生態系統，自 2025 年初以來已增加了近 50 個新的業務關係。

This is how we've always grown, getting new products in the hands of new partners to take us into new industries. In the first half of the year, we've already certified about 35 new devices for them that they will be deploying in their respective industries to address their growing customer needs. This is on pace with prior years and underscores the consistent volume of new applications and solutions our partners deploy each year to grow Iridium's book of business.

我們一直都是這樣成長的，將新產品交到新合作夥伴手中，帶領我們進入新的產業。今年上半年，我們已經為他們認證了約 35 款新設備，他們將在各自的行業中部署這些設備，以滿足日益增長的客戶需求。這與前幾年保持同步，並強調了我們的合作夥伴每年部署大量新應用程式和解決方案以擴大銥星的業務。

I've spoken previously about the unique opportunity we see in position navigation and timing, especially with the increasing prominence of GPS failures in conflict zones and the growing threat that bad actors pose to critical infrastructure like cell towers, data centers, shipping and air travel.

我之前曾談到我們在定位導航和計時領域看到的獨特機遇，特別是隨著衝突地區 GPS 故障日益突出，以及不良行為者對手機信號塔、數據中心、航運和航空旅行等關鍵基礎設施構成的威脅日益增大。

We found that manufacturers of drones and autonomous systems are keenly aware of the critical role that trusted time and navigation serve in the safety and reliability of their assets. We're getting a strong reception to our satellite time and location service and are seeing interest from a variety of commercial players, most recently maritime insurance providers who view Iridium PNT as one of the only real solutions available to ship operators to protect against GPS spoofing and curtail the risk of asset and cargo loss.

我們發現，無人機和自主系統製造商敏銳地意識到可信任時間和導航對其資產的安全性和可靠性所扮演的關鍵角色。我們的衛星時間和定位服務受到熱烈歡迎，並引起了各種商業參與者的興趣，最近，海上保險提供商將銥星 PNT 視為船舶運營商可用的唯一真正解決方案之一，以防止 GPS 欺騙並減少資產和貨物損失的風險。

I would highlight that GPS failures go far beyond conflict zones, and we are speaking with operators of telecom, transportation and energy businesses who are actively exploring solutions to address these threats. Iridium's industrial-grade solutions are relevant to both commercial and government users as they provide global protection and security that others cannot easily match.

我想強調的是，GPS 故障的影響遠遠超出了衝突地區，我們正在與電信、運輸和能源企業的營運商進行溝通，他們正在積極探索解決這些威脅的解決方案。銥星的工業級解決方案適用於商業和政府用戶，因為它們提供了其他人無法輕易比擬的全球保護和安全。

We believe that we are at least five years ahead of any other viable global alternative PNT solution, which gives us confidence in meaningful revenue growth and broad industry adoption over the next few years. As we said previously, we're investing for growth. CapEx this year will reach about $90 million as we invest in satellite software and new cloud-based ground infrastructure to implement our direct-to-device service as well as cover some onetime investments to move and expand our corporate headquarters.

我們相信，我們比任何其他可行的全球替代 PNT 解決方案至少領先五年，這使我們對未來幾年的收入顯著增長和廣泛的行業採用充滿信心。正如我們之前所說，我們投資是為了成長。今年的資本支出將達到約 9000 萬美元，因為我們投資衛星軟體和新的基於雲端的地面基礎設施來實施我們的直接到設備服務，並支付一些一次性投資來遷移和擴展我們的公司總部。

Our work on this new standards-based service is proceeding at an unprecedented pace, and we're on schedule to begin on-air live testing soon and for the introduction of Iridium NTN Direct in 2026. A number of MOUs are signed or underway with global MNOs for Iridium NTN Direct, and we're really pleased with the market reception we're getting.

我們對這項基於新標準的服務的工作正在以前所未有的速度進行，我們計劃很快開始進行現場直播測試，並於 2026 年推出銥星 NTN Direct。我們與全球 MNO 簽署或正在簽署多份有關 Iridium NTN Direct 的諒解備忘錄，並且對市場所受到的歡迎感到非常滿意。

From our conversations, we know there is strong demand for global standards-based IoT and consumer messaging to complement some of the other D2D approaches that are using regional cellular frequencies. We expect that some of these MNOs will be ready to announce their partnerships with Iridium soon.

從我們的對話中，我們了解到對基於全球標準的物聯網和消費者訊息傳遞有強烈的需求，以補充使用區域蜂窩頻率的一些其他 D2D 方法。我們預計其中一些 MNO 很快就會準備宣布與銥星的合作關係。

And we look forward to supporting them as they roll out their D2D and IoT offerings to customers with our truly global reliable coverage. You may have seen our announcements with Syniverse back in May. This partnership will allow us to quickly and seamlessly roll out Iridium NTN Direct with MNOs worldwide.

我們期待透過我們真正可靠的全球覆蓋範圍為他們向客戶推出 D2D 和 IoT 產品提供支援。您可能已經看到了我們 5 月與 Syniverse 聯合發布的公告。此次合作將使我們能夠快速無縫地向全球的行動網路營運商推出銥星 NTN Direct。

Syniverse already serves 600 carriers in 170 countries and their integration of our D2D offering will provide MNOs and their customers the ability to roam onto our network on day one. I'd also like to touch upon our work with the US government.

Syniverse 已為 170 個國家的 600 家營運商提供服務，他們與我們 D2D 產品的整合將使 MNO 及其客戶能夠在第一天就漫遊到我們的網路。我還想談談我們與美國政府的合作。

With the current administration's priorities such as Golden Dome, the growing threats in the INDOPACOM theater and the US government's growing recognition of the importance of commercial space, we remain well positioned for growth, especially given our unique network and our 25-year relationship with this customer.

隨著現任政府的優先考慮，例如金頂計劃、印太司令部戰區日益增長的威脅以及美國政府對商業空間重要性的日益認識，我們仍然處於有利的增長位置，特別是考慮到我們獨特的網絡和與這位客戶 25 年的合作關係。

Over the past year, we've announced a number of new contracts with the USG that enable greater use of our network, and we believe our relationship with the DoD has never been stronger. It's no accident that our development work with them has grown over the years, and we've -- and that we're increasingly being asked to do more.

在過去的一年裡，我們宣布與美國政府簽訂了多項新合同，使我們的網絡得到更廣泛的利用，我們相信我們與國防部的關係從未如此牢固。多年來，我們與他們的開發工作不斷增長，這絕非偶然，而且我們越來越多地被要求做更多的事情。

You see this clearly in our expanding engineering and support revenue, and we expect to see in other aspects of our business going forward. Even as Iridium has been steadily returning capital back to shareholders through quarterly dividends and a robust buyback program, we have also continued to fuel customer growth and portfolio expansion by funding R&D and making meaningful capital investments.

您可以從我們不斷增長的工程和支援收入中清楚地看到這一點，並且我們期望在未來業務的其他方面也能看到這一點。儘管銥星一直透過季度股息和強勁的回購計畫穩步向股東返還資本，但我們也繼續透過資助研發和進行有意義的資本投資來推動客戶成長和投資組合擴張。

As I think about our many growth drivers over the next five years, I really believe it will be three core pillars: PNT, Iridium NTN Direct and our expanding IoT portfolio that will drive revenue and subscriber growth with our partners.

當我思考未來五年的眾多成長動力時，我堅信這將是三大核心支柱：PNT、銥星 NTN Direct 和我們不斷擴大的物聯網產品組合，它們將與我們的合作夥伴一起推動收入和用戶成長。

And while it still feels early to be discussing a next-generation network with the current constellation performing so well and expected to last through the next decade, we are starting to evaluate technologies and partnerships to make sure our future network is even more affordable and flexible enough to deliver new services. Let me provide some insights into our vision.

雖然現在討論下一代網路還為時過早，因為當前的星座表現良好，預計將持續使用十年，但我們已經開始評估技術和合作夥伴關係，以確保我們未來的網路更加經濟實惠，並且足夠靈活，能夠提供新的服務。讓我對我們的願景提供一些見解。

We have decided that our next-generation network will provide standards-based services to serve all kinds of consumer products directly. Specifically, we plan to support 5G New Radio as the architecture and approach, which will likely be called 6G at the time we deploy the service. No one in the satellite industry is actively implementing this next-generation service, though several have announced their interest.

我們決定，我們的下一代網路將提供基於標準的服務，直接服務各種消費產品。具體來說，我們計劃支援 5G New Radio 作為架構和方法，在我們部署服務時它很可能被稱為 6G。衛星產業中尚無人積極實施這項下一代服務，儘管已有數家公司表示對此感興趣。

Implementing 5G NR or 6G standards will allow us to develop -- to deliver a richer user experience to cell phones and consumer products when beyond the reach of cell towers. We think our timing will be optimal as it will take time for devices with these standards to propagate widely across the market.

實施 5G NR 或 6G 標準將使我們能夠開發——在超出手機訊號塔覆蓋範圍的情況下為手機和消費產品提供更豐富的用戶體驗。我們認為我們的時機是最佳的，因為符合這些標準的設備需要時間才能在市場上廣泛傳播。

Our follow-on network will also host Aireon, which continues to grow and thrive, and will add new space-based VHF services, which we are working on with them. We believe the aviation industry is at the start of a transformation in cockpit data communications from ground-based VHF towers to satellite.

我們的後續網路還將承載不斷發展壯大的 Aireon，並將添加我們正在與他們合作的新的基於空間的 VHF 服務。我們相信，航空業正處於駕駛艙資料通訊從地面甚高頻塔轉變為衛星的開始。

And we want to lead that opportunity. We're also planning to enhance and extend our leadership as the global alternative for PNT for all critical infrastructure. We think we can build this new network in the 2030s while continuing to provide investors with meaningful shareholder capital returns.

我們希望抓住這個機會。我們還計劃加強和擴大我們作為所有關鍵基礎設施的 PNT 全球替代方案的領導地位。我們認為我們可以在 2030 年代建立這個新網絡，同時繼續為投資者提供有意義的股東資本回報。

The passage of time will demonstrate the durability and strength of our business and provide investors more appreciation of Iridium's unique position we occupy. Investors will continue to be well served by Iridium's spectrum, experience, broad partner ecosystem and focused business strategy.

時間的流逝將證明我們業務的持久性和實力，並使投資者更加欣賞我們所佔據的銥星的獨特地位。銥星的光譜、經驗、廣泛的合作夥伴生態系統和專注的業務策略將繼續為投資者提供良好的服務。

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

說完這些，我將把電話轉給文斯，讓他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 second quarter and some trends we're seeing in our major business lines. I'll also review this morning's update to our full year outlook and finish 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二季度的財務業績以及我們主要業務線中看到的一些趨勢。我也會回顧今天早上更新的全年展望，最後回顧我們的流動性狀況和資本結構。

Operational EBITDA was up 6% in the second quarter to $121.3 million, driven by a combination of revenue from engineering and support and recurring services. On the commercial side of our business, service revenue was up 2% to $128.8 million, led by growth in IoT.

受工程和支援以及經常性服務收入的推動，第二季度營運 EBITDA 成長 6%，達到 1.213 億美元。在我們業務的商業方面，服務收入成長 2%，達到 1.288 億美元，這主要得益於物聯網的成長。

Voice and data revenue rose 1% from a year earlier to $56.8 million, and subscribers remain consistent with the year ago period. We expect revenue growth to accelerate in the second half of the year now that previously announced price actions have been implemented.

語音和數據收入較上年同期增長 1% 至 5,680 萬美元，用戶數量與去年同期持平。由於先前宣布的價格行動已經實施，我們預計下半年收入成長將會加速。

Commercial IoT revenue totaled $44.8 million in the second quarter, up 8% from a year earlier. This growth continues to reflect broad-based adoption of our IoT services for consumer and commercial applications. Revenue in commercial broadband was down 6% from the year ago period to $12.7 million.

第二季商業物聯網營收總計 4,480 萬美元，年增 8%。這一成長持續反映了我們的物聯網服務在消費者和商業應用領域的廣泛採用。商業寬頻收入較去年同期下降 6% 至 1,270 萬美元。

This year-over-year decline continues to reflect a mix shift in customers from primary service to companion backup VSAT plans at a lower ARPU. Hosting and other data services revenue was $14.5 million this quarter, up 1% from last year's comparable quarter, reflecting a rise in PNT revenue, which is partially offset by other data service contracts.

與去年同期相比，這一下降繼續反映了客戶從主要服務轉向 ARPU 較低的配套備份 VSAT 計畫的轉變。本季託管和其他數據服務收入為 1,450 萬美元，比去年同期增長 1%，反映了 PNT 收入的增長，但部分被其他數據服務合約所抵消。

We've continued to see strong interest in Iridium PNT following our acquisition of Satelles last year and remain optimistic about demand for these services as global organizations begin to address the vulnerabilities inherent to GPS and GNSS-based systems.

自從去年收購 Satelles 以來，我們持續關注對銥星 PNT 的濃厚興趣，並且隨著全球組織開始解決 GPS 和 GNSS 系統固有的漏洞，我們對這些服務的需求仍然持樂觀態度。

Government service revenue was up modestly in the second quarter to $26.8 million, reflecting the step-up in our EMSS contract with the US government late last year. Subscriber equipment sales were $19.5 million in the second quarter, down 15% from the prior year's quarter, but we continue to expect full year sales will be in line with 2024.

第二季政府服務收入小幅成長至 2,680 萬美元，這反映了我們去年年底與美國政府簽訂的 EMSS 合約的增加。第二季用戶設備銷售額為 1,950 萬美元，較去年同期下降 15%，但我們仍預計全年銷售額將與 2024 年持平。

Engineering and support revenue was $41.9 million in the second quarter as compared to $25.8 million in the prior year period. The strong increase from the prior year quarter continues to reflect growing work with the Space Development Agency as well as new US contract awards from the prior year.

第二季工程和支援收入為 4,190 萬美元，而去年同期為 2,580 萬美元。與去年同期相比的強勁成長繼續反映了與太空發展局的合作不斷增加以及去年美國新合約的授予。

As Matt noted, we are updating our full year guidance for service revenue from 5% to 7% growth to between 3% and 5% and reiterating our outlook for OEBITDA for 2025. Let me take a moment to discuss some of the changes that warrant the update to our service revenue forecast. T

正如馬特所指出的，我們正在將全年服務收入成長預期從 5% 至 7% 更新為 3% 至 5% 之間，並重申我們對 2025 年 OEBITDA 的展望。請容許我花點時間討論一下需要更新我們的服務收入預測的一些變化。T

o start, we are seeing continued conversion of maritime vessels that had previously used Iridium as their primary and often only communications to now use Iridium exclusively as a companion service. This anticipated but faster conversion rate is the single biggest factor in the revision to our service revenue outlook.

首先，我們看到以前使用銥星作為主要且通常唯一的通訊方式的海上船舶正在不斷轉變為使用銥星作為配套服務。這項預期但更快的轉換率是我們修改服務收入前景的最大因素。

Our updated guidance also reflects the timing of certain PNT revenue, which we now believe will extend into next year, but previously anticipated in 2025. Finally, the pace of revenue growth in commercial voice and data has been slower in the first half of the year than we had initially forecast, in part due to a reduction in USAID funding, which has resulted in higher subscription deactivations.

我們更新後的指引也反映了某些 PNT 收入的時間，我們現在認為這些收入將延續到明年，但之前預計是 2025 年。最後，今年上半年商業語音和數據的收入成長速度低於我們最初的預測，部分原因是美國國際開發署的資金減少，導致訂閱停用量增加。

Beyond these changes, we continue to expect growth in commercial voice and data revenue will accelerate in the second half of the year with the implementation of price actions on certain services that went into effect on July 1. We also continue to forecast double-digit commercial IoT growth in 2025 with much of this growth driven by the step-up in a contract with a large IoT partner.

除了這些變化之外，隨著 7 月 1 日生效的某些服務價格行動的實施，我們繼續預期商業語音和數據收入的成長將在下半年加速。我們也繼續預測 2025 年商業物聯網將實現兩位數成長，其中大部分成長是由與大型物聯網合作夥伴簽訂的合約的增加所推動的。

We continue to forecast broadband ARPU declines this year. However, over time, we believe subscriber gains from the adoption of new Iridium Certus GMDSS plans will help to offset these ARPU pressures and Iridium will remain an important player in the maritime sector.

我們持續預測今年寬頻 ARPU 將會下降。然而，隨著時間的推移，我們相信採用新的銥星 Certus GMDSS 計劃所帶來的用戶收益將有助於抵消這些 ARPU 壓力，而銥星仍將是海事領域的重要參與者。

We continue to expect growth in PNT revenue as commercial users integrate our satellite-based time and location into their operations. As I've noted previously, revenue growth from PNT is tied to monthly usage as PNT services are sold as burst where revenue is recognized as utilized during customers' contracted periods.

隨著商業用戶將我們基於衛星的時間和位置整合到他們的營運中，我們預計 PNT 收入將繼續成長。正如我之前提到的，PNT 的收入成長與每月使用量掛鉤，因為 PNT 服務是按突發方式出售的，收入是在客戶合約期間內使用時確認的。

Our government business will generate $108 million in revenue in '25, reflecting a final step-up in our EMSS contract this September. We hope this color is helpful to you in modeling our revised forecast for the full year. Despite these changes to our 2025 guidance, our long-term outlook remains intact.

我們的政府業務將在 25 年創造 1.08 億美元的收入，這反映了我們今年 9 月 EMSS 合約的最終提升。我們希望這種顏色能夠幫助您對全年的修訂預測進行建模。儘管我們對 2025 年的指導方針做出了這些改變，但我們的長期前景仍然保持不變。

We continue to have confidence in Iridium's ability to deliver approximately $1 billion in service revenue in 2030 and continue to return capital to shareholders. Moving to our capital position. As of June 30, Iridium had cash and cash equivalents balance of $79.3 million and ended the quarter with a net leverage of 3.6 times OEBITDA.

我們仍然相信銥星有能力在 2030 年實現約 10 億美元的服務收入，並繼續向股東返還資本。轉向我們的資本地位。截至 6 月 30 日，銥星公司的現金和現金等價物餘額為 7,930 萬美元，本季末的淨槓桿率為 OEBITDA 的 3.6 倍。

We think Iridium naturally delevers over time and expect to exit 2030 below 2 times net leverage. Our cash flow remains ample to fund operations and support our ongoing buyback program in addition to the payment of quarterly dividends. During the second quarter, Iridium retired approximately 2.6 million shares of common stock at an average price of $25.45.

我們認為銥星會隨著時間的推移自然去槓桿，預計到 2030 年其淨槓桿率將低於 2 倍。除了支付季度股息外，我們的現金流仍然充足，可以為營運提供資金並支持我們正在進行的回購計劃。第二季度，銥星公司以平均 25.45 美元的價格回購了約 260 萬股普通股。

This left us with an outstanding balance of $295 million under our Board-approved authorization through December 31, '27. We continue to believe that Iridium's stock trades at an attractive valuation, and we will continue to execute on our buyback program, balancing the desire to maximize return on investment with our long-term objective for deleveraging.

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 2.95 億美元。我們仍然相信銥星公司的股票交易價格具有吸引力，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。

Over the preceding 12 months, we've retired more than 11% of our outstanding share count. On June 30, Iridium made a quarterly dividend payment of $0.14 per share to shareholders. And as we have previously guided with our Board's recent approval of an increase to the dividend rate, Iridium will make a $0.15 per share dividend payment in the third quarter, representing an increase of approximately 5% over the full year 2024.

在過去的 12 個月中，我們已贖回了超過 11% 的流通股。6月30日，銥星公司向股東派發了每股0.14美元的季度股利。正如我們先前董事會最近批准提高股息率一樣，銥星將在第三季派發每股 0.15 美元的股息，比 2024 年全年增長約 5%。

Our growing dividend and ongoing share repurchase activities continue to reflect our confidence in Iridium's business opportunities and prospects for continued strong free cash flow generation. Capital expenditures in the second quarter were $20.7 million.

我們不斷增長的股息和持續的股票回購活動繼續反映出我們對銥星的商業機會和持續強勁的自由現金流產生前景的信心。第二季的資本支出為2,070萬美元。

As we've noted previously, we anticipate higher capital expenditures in 2025 to support our work with 5G standards and to a lesser extent, investment in corporate facilities. These expenses will moderate from here and through the end of the decade. Turning to our pro forma free cash flow.

正如我們之前所指出的，我們預計 2025 年的資本支出將會增加，以支持我們的 5G 標準工作，並在較小程度上支持對公司設施的投資。從現在起直至本世紀末，這些開支將會減少。轉向我們形式上的自由現金流。

If we use the midpoint of our 2025 OEBITDA guidance and back off $92 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 just over $300 million for 2025.

如果我們使用 2025 年 OEBITDA 指導的中點，並從我們目前的債務結構中扣除 9,200 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（包括適當的託管有效載荷調整現金），我們預計 2025 年的 3 億美元將略高於 3 億美元。

These metrics would represent a conversion rate of OEBITDA to free cash flow of 61% in '25 and a yield approaching 10%. 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.

這些指標代表 25 年 OEBITDA 轉換為自由現金流的率為 61%，收益率接近 10%。有關這些現金流量指標的更詳細描述以及與 GAAP 指標的調節，請參閱我們投資者關係網站「活動」下的補充介紹。

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。

(Operator Instructions) Ric Prentiss, Raymond James.

（操作員指示） Ric Prentiss、Raymond James。

A couple of questions. On the service revenue reduction guidance, you mentioned that the maritime was the biggest portion of going from 5% to 7% to 3% to 5% growth. Where do we -- and it's happening faster. Where do we think the ARPU for the maritime stabilizes out?

有幾個問題。關於服務收入減少的指導，您提到海運是成長從 5% 到 7% 下降到 3% 到 5% 的最大部分。我們在哪裡——而且它發生得更快。我們認為海運業的 ARPU 值在哪裡會穩定下來？

And obviously, there's some seasonality to that. But where are we thinking it stabilizes at? And will this impact continue into '26 as well as you get into the companion mode?

顯然，這具有一定的季節性。但我們認為它會在哪裡穩定下來呢？當您進入同儕模式時，這種影響還會持續到 26 年嗎？

I don't know about exactly where ARPU ends up. It's not defined. It's just a mixture of rate plans that people select versus the applications that they're using. I don't -- I think it will extend into 2026. But I want to reiterate, too.

我不知道 ARPU 最終會達到什麼水平。它沒有定義。這只是人們選擇的費率計劃與他們正在使用的應用程式的混合。我不這麼認為——我認為它會延續到 2026 年。但我也想重申一下。

I mean, broadband is less than 10% of our business and was never, as you remember in our Investor Day, a focus of growth for us. So I guess you could say, will it remain a solid foundation of our business as we grow to $1 billion?

我的意思是，寬頻只占我們業務的不到 10%，而且正如您在投資者日所記得的那樣，寬頻從來都不是我們的成長重點。所以我想你可能會問，當我們的業務成長到 10 億美元時，它是否仍會是我們業務的堅實基礎？

And I'd say, yes, I think it will be. It doesn't have much further to go for the conversion and ARPU decline to go. But we believe we'll be growing around it in PNT and D2D and IoT and government and other areas. And that's really where it's always been.

我想說，是的，我認為會的。它的轉換率和 ARPU 下降幅度已經不大了。但我們相信，我們將在 PNT、D2D、物聯網、政府和其他領域實現成長。事實上它一直都在那裡。

So understand the focus on broadband because it's a highlight still as we get through this transition. But given our role -- L-band role with GMDSS, given the fact that all partners are selling our GMDSS service, I think it's going to be a solid foundation of revenue for us going forward.

因此，請理解對寬頻的關注，因為它仍然是我們經歷這一轉變的亮點。但考慮到我們的角色——L 波段在 GMDSS 中的角色，考慮到所有合作夥伴都在銷售我們的 GMDSS 服務，我認為這將成為我們未來收入的堅實基礎。

And by the way, there's only like one or two Certus GMDSS terminals right now. I think there's something like five to seven or so that are coming over the next couple of quarters. And we really think that there's some way forward there for those all-in-one companion terminals that provide GMDSS as well. And that will shore up our revenue as well as we go into '26.

順便說一句，目前只有一兩個 Certus GMDSS 終端。我認為在接下來的幾個季度裡會有五到七個左右的公司上市。我們確實認為，那些提供 GMDSS 的一體化配套終端還有很大的發展空間。這將在我們進入26年時鞏固我們的收入。

Yes. And the only thing, Ric, I would add to what Matt is saying is, I think as you think about '25, you should think about the trend in broadband revenue as probably tracking similar to what you've seen in the first half of the year.

是的。瑞克，我唯一想補充的是，馬特所說的內容是，我認為當你思考 25 年時，你應該考慮寬頻收入的趨勢，它可能與你在今年上半年看到的趨勢類似。

I think to Matt's point, as we start to proliferate with GMDSS over Certus terminals, we would expect that to be a help to 2026 and certainly our competitive companion service. But we probably will, as a counter to that, continue to see some ARPU pressure as we go into '26.

我認為，正如 Matt 所指出的，隨著我們開始透過 Certus 終端大力推廣 GMDSS，我們預計這將對 2026 年有所幫助，當然也會對我們的競爭性配套服務有所幫助。但與此相反，隨著我們進入 26 年，我們可能會繼續看到一些 ARPU 壓力。

Okay. Obviously, PNT is a much stronger part of the growth story, but there was a little bit of timing in the '25. What -- can you size that for us? How much slipped out? Is it like $1 million or $2 million? And what caused the slip? And how are you doing -- I think you were trying to pay Satelles to like $100 million by 2030?

好的。顯然，PNT 是成長故事中更強勁的一部分，但在 25 年中也存在一些時機問題。什麼－您能為我們測量一下嗎？漏出了多少？是 100 萬美元還是 200 萬美元？那麼，是什麼原因導致了失誤呢？你的情況怎麼樣？我想你打算在 2030 年前向 Satelles 支付 1 億美元？

Yes, it's a pretty small number. We're not going into detail on that yet, but we will be for along when it does get to be sizable. As I said before, the opportunity is really expanding dramatically. It's just always early. I mean, a good example you saw this week, the announcement of the partnership on Tschudi Shipping along with SGM and NAL in the Red Sea.

是的，這個數字相當小。我們目前還不會詳細討論這個問題，但當它變得相當大時，我們將會繼續討論。正如我之前所說，機會確實正在急劇擴大。只是總是來得早。我的意思是，您本週看到的一個很好的例子是，宣布與 SGM 和 NAL 在紅海就 Tschudi Shipping 建立合作夥伴關係。

Maritime insurance providers are starting to really see that this is an important thing, and they've been -- we've been working with them, and they've been driving what are the solutions possible to keep ships from running into each other, running the ground.

海上保險提供者開始真正認識到這是一件重要的事情，他們一直在——我們一直在與他們合作，他們一直在探索可能的解決方案，以防止船舶相互碰撞和擱淺。

Actually, it's important with GMDSS that they get the right locations and whatnot. And ship owners are asking for that. But there's always the trials that get started and a couple of ships to start with, and it just doesn't go immediately to thousands of ships, but we see a really big opportunity there.

實際上，對於 GMDSS 來說，獲取正確的位置等資訊非常重要。船東們也要求這樣做。但總是會開始一些試驗，並且首先會開始幾艘船，而且它不會立即發展到數千艘船，但我們看到了一個非常大的機會。

Same thing with drones, same thing with critical infrastructure, data centers, that thing. So it's still in the early stages of the growth there, both with commercial and governments, but we see a huge opportunity there. And it's just -- we saw some revenue we thought was going to be in this year, clearly moving into next year. And I think it will become more meaningful next year and the year beyond, significantly meaningful.

無人機、關鍵基礎設施、資料中心等也都是如此。因此，無論是商業還是政府，它仍處於成長的早期階段，但我們看到了巨大的機會。這只是——我們看到一些我們認為今年就會出現的收入，顯然會進入明年。我認為明年和未來一年它將變得更有意義，意義重大。

Great. Last one for me. Obviously, the FAA has been having some issues as well. Update maybe a little bit on where Aireon and the FAA stand and where you think some big numbers being thrown about in Washington about finally helping the FAA?

偉大的。對我來說是最後一個。顯然，美國聯邦航空局也遇到了一些問題。也許可以稍微更新 Aireon 和 FAA 的立場，以及您認為華盛頓最終會給出哪些大數字來幫助 FAA？

Yes. We're keeping an eye on that. I mean, Aireon is keeping an eye on that. And obviously, we, as a partner of theirs. They -- a lot of that money that's initially been allocated is for replacing old facilities, it appears, things like radar systems and data links and that thing.

是的。我們正在密切關注此事。我的意思是，Aireon 正在密切關注這一點。顯然，我們是他們的合作夥伴。他們——最初分配的大部分資金似乎用於更換舊設施，例如雷達系統和數據鏈路等。

And so advancing the services to provide even better service as opposed to reliable service seems to be more Phase 2 at this point. There's been some discussions around it, and I know that -- I think that there they're using some of Aireon's data for safety information because they're very interested in this very rich data source that they have that they're using for all kinds of new applications.

因此，目前，改進服務以提供更好的服務（而不是可靠的服務）似乎更像是第二階段。圍繞這個問題已經有一些討論，而且我知道——我認為他們正在使用 Aireon 的一些數據來獲取安全信息，因為他們對這個非常豐富的數據源非常感興趣，並且正在將其用於各種新應用程序。

But in terms of deploying Aireon to better control oceanic airspace, that seems to be not the initial priority of that effort. So anyway, I think there's still a big opportunity with the FAA. I think Aireon will be a supplier of that service to them over time, but I don't think they're going to be able to take advantage of this infusion of funding for the next year or two necessarily.

但就部署 Aireon 來更好地控制海洋空域而言，這似乎並不是這項努力的首要任務。所以無論如何，我認為 FAA 仍然有很大的機會。我認為 Aireon 隨著時間的推移將成為他們的服務供應商，但我不認為他們一定能夠在未來一兩年內利用這筆資金注入。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Can you give a little bit more color on the IoT data line because you dipped below to 7.5%. I know you reiterated the guidance for the year at double digit, but that obviously would show a lot more growth. And then overall, if you just look at the annual growth, it's really been decelerating pretty consistently since Q1 of last year.

由於物聯網數據線已跌至 7.5% 以下，您能否提供更多詳細資訊？我知道您重申了今年兩位數的成長預期，但這顯然會顯示出更多的成長。總體而言，如果只看年度成長率，自去年第一季以來，成長率確實一直在持續減速。

So I guess, what's going on there? And -- or what happened in Q2 and why you're so confident that you'll see enough of an acceleration because you're basically going to -- Q3 and Q4 are going to have to be much faster than even what you did in Q1 to get to double digits? And then how do we think about that opportunity in 2026 and beyond?

那我猜，那裡發生了什麼事？或者說第二季度發生了什麼，為什麼您如此有信心看到足夠的加速，因為基本上第三季度和第四季度必須比第一季快得多才能達到兩位數？那麼我們該如何看待 2026 年及以後的這一機遇？

Yes. I think as you think about the rest of the year guide, Walt, and still double digit, there -- I won't go into them exactly here, but there are specific things happening in both Q3 and Q4 that support our outlook for a double-digit guide that is not reflected in the year-to-date run rate. So we're pretty confident that you'll see a step-up in IoT growth as you go through Q3 and Q4.

是的。我認為，當您考慮今年剩餘時間的指南時，沃爾特，仍然是兩位數，我不會在這裡詳細討論，但第三季度和第四季度發生的具體事情支持了我們對兩位數指南的展望，而這並沒有反映在年初至今的運行率中。因此，我們非常有信心，在第三季和第四季度，您會看到物聯網的成長。

And there's nothing going on in IoT. It still remains quite robust in terms of activity. That's where most of the activity like new partners development, new product development, those devices I talked about being certified.

物聯網領域沒有任何進展。就活動而言，它仍然保持相當強勁。大多數活動都在這裡進行，例如新合作夥伴開發、新產品開發以及我談到的那些經過認證的設備。

A lot of those are in with our new 9704 device, which delivers faster service, more IP direct service. Those are just going into products right now. We see the consumer product space robust. I know we didn't talk about that really in terms of subscribers.

其中許多都採用了我們的新 9704 設備，它可以提供更快的服務、更多的 IP 直連服務。這些現在都正被用來生產產品。我們認為消費品領域前景光明。我知道我們並沒有真正從訂閱者的角度談論這個問題。

But really, we see a very normal and robust summer in terms of consumer products going out the door. I mean, activations underway, net activation. So strong summer subscriber growth there typical as what we would expect. And so no, I don't see anything there. There are new devices yet to come.

但實際上，就消費品銷售而言，我們看到今年夏季非常正常且強勁。我的意思是，激活正在進行中，網絡激活。因此，夏季用戶成長強勁，正如我們預期的那樣。所以，不，我在那裡什麼也沒看到。還有新設備即將問世。

But Matt, the revenue growth was 7.5%. Last year, your lowest growth was 13.6%. So you're basically half the growth rate of last year, and it's off pace for delivering on the guidance. So something is very different in Q2 than it was in all of 2024 and obviously, even into the first quarter where you had double-digit growth.

但馬特，營收成長率是 7.5%。去年，你們的最低成長率是13.6%。因此，今年的成長率基本上只有去年的一半，而且與預期目標的實現速度不符。因此，第二季的情況與 2024 年全年的情況有很大不同，顯然，甚至與第一季的情況也有兩位數的成長。

I think that will be correct in the second half.

我認為下半場會是正確的。

And is the second half onetime type events? Or is this a business that can deliver double-digit growth going forward?

下半場是一次性活動嗎？或者說這是一個未來能夠實現兩位數成長的業務？

No, those events will be ongoing, Walt.

不，這些活動將會持續下去，沃爾特。

And we are getting larger and larger. So it's hard to keep double-digit growth going, though I do believe when we get into D2D and our new Iridium NTN Direct service, that will expand that base, which is later in 2026 and '27 before that starts, but that's also a thing that maybe could get us back to that level on an even higher basis.

而且我們的規模也越來越大。因此，要保持兩位數的成長是很困難的，但我相信，當我們進入 D2D 和新的銥星 NTN Direct 服務時，這將擴大這個基礎，這將在 2026 年晚些時候和 2027 年之前開始，但這也許可以讓我們在更高的基礎上回到那個水平。

And then just last question. On the 2030 target of $1 billion in service revenue because if I look at -- forget about our estimates, I look at consensus, I don't think it's anywhere near that. I just want to confirm that to get to $1 billion in 2030, that doesn't include any anticipated acquisitions that's organic from where you are today from the lines of businesses that you have today?

接下來是最後一個問題。關於 2030 年服務收入 10 億美元的目標是，因為如果我看一下——忘記我們的估計，我看一下共識，我認為它遠遠沒有達到這個目標。我只是想確認一下，到 2030 年達到 10 億美元，這不包括您目前在現有業務範圍內進行的任何預期有機收購嗎？

No. Look, we mentioned that some tuck-in acquisitions were possible. For example, when we said the original $1 billion and gave a lot of information during our Investor Day two years ago, whatever it was.

不。瞧，我們提到過，一些小型收購是可能的。比如說，兩年前我們在投資者日的時候說了最初的10億美元，並且提供了很多信息，不管它是什麼。

Tuck-in acquisitions were possible as we were expecting, for example, something like Satelles would be possible at that point. But those -- that's still a possible part of it anyway, but we have plans even internally that get us there without acquisitions, but that's not what we're committing to.

正如我們所預期的，內部收購是可能的，例如，像 Satelles 這樣的收購在那時是可能的。但那些 - 無論如何這仍然是其中可能的一部分，但我們甚至在內部也有計劃讓我們在沒有收購的情況下實現這一目標，但這不是我們所承諾的。

Chris Quilty, Quilty Analytics.

Chris Quilty，Quilty Analytics。

Matt, not to beat the IoT dead horse, but Certus mid-band and new products, I know you had talked about in the past. Is that perhaps something that's accretive in the back half?

馬特，我不是要談論物聯網這個老話題，而是要談論 Certus 中頻段和新產品，我知道你過去曾談論過。這是否會對後半部產生增值作用？

That's part of it. I mean some of those services are starting to really roll out. Those people are getting the devices out there with their new products, and that's certainly part of it.

這是其中的一部分。我的意思是其中一些服務開始真正推出。這些人正在將他們的新產品推向市場，這當然是其中的一部分。

And switching over to PNT. I know that's build on a monthly type service revenue. But do we expect that the customer acquisition, like the pipeline, are these large customers where you might, once you land them, see a step-wise increase and then growth from there? Or what does that pattern look like over time?

並切換到 PNT。我知道這是建立在每月服務收入的基礎上。但是，我們是否期望客戶獲取，就像管道一樣，這些是大客戶，一旦你獲得這些客戶，你就會看到逐步的成長，然後從那裡開始成長？或者隨著時間的推移，這種模式會是什麼樣子？

Yes. The pricing on PNT is evolving. It's diverse. We go everywhere from packaging in the service together with the device. That's the approach on some things where people don't want to see us paying for -- they don't pay for GPS, why pay for the alternative to GPS.

是的。PNT 的定價正在不斷演變。它是多種多樣的。我們從包裝到服務，從設備到產品，無所不包。這就是人們不願意看到我們為某些事情付費的方法——他們不為 GPS 付費，為什麼要為 GPS 的替代品付費。

So maybe in the device, you package in 5 years or 10 years of service with it. Two, what I would call regional approaching levels. If you want to work in the Pacific Ocean, we'll light up the Pacific Ocean. There are certain customers who take by the region where they would use it.

因此，也許在設備中，您可以打包 5 年或 10 年的服務。二、我稱之為區域接近水平。如果你想在太平洋工作，我們就點亮太平洋。有些客戶會根據其使用地區來選擇。

So it's been diverse. We're finding ways of providing a value to every one of the customer bases that we've been talking to. And so it hasn't been really an issue with the pricing.

所以它是多樣化的。我們正在尋找為我們所交談過的每一個客戶群提供價值的方法。因此，這實際上並不是定價問題。

But you're right, I mentioned like the shipping example or the data center example, we always end up starting with a customer who wants to trial it and then put it into 10 things and then 20 things and they have ultimately 1,000 things that they ultimately want.

但你是對的，我提到過像運輸範例或資料中心範例，我們總是從一個想要試用的客戶開始，然後將其投入到 10 件事物中，然後是 20 件事物中，最終他們得到了他們最終想要的 1,000 件事物。

And so we're giving them pricing that reflects that volume, but they got to get to the point where they get to their rollout area. So it's obviously our guide, which we still believe we can hit $100 million in that business in 2030. It's certainly heavily weighted towards the end later in the years only because -- and we have visibility to a number of things. They really take a couple of years to really expand.

因此，我們為他們提供反映銷售量的定價，但他們必須到達他們的推廣區域。所以這顯然是我們的指導方針，我們仍然相信到 2030 年我們可以在該業務上實現 1 億美元的收入。它肯定會在以後幾年中佔據很大的比重，因為——而且我們對很多事情都有所了解。他們確實需要幾年的時間才能真正擴張。

Matt, I don't -- you've alluded that most of your customers are commercial, but there's obviously a huge DoD military application of this technology. What do you expect that split will look like five years out or years out? And are there government contract vehicles that you are pursuing?

馬特，我不知道——你暗示你的大多數客戶都是商業客戶，但顯然國防部在軍事上大量應用了這項技術。您預計五年或幾年後這種分裂將會是怎樣的？您是否正在尋求政府合約載體？

I believe government, which could include civil infrastructure and stuff like that could be at least half of our base. The commercial could be higher and could be significantly more. It's just it takes -- there's a lot more entities you have to sell to on the commercial front.

我相信政府（包括民用基礎設施等）至少占我們基礎的一半。商業廣告可能會更高，而且可能會更多。只是需要－在商業方面你需要向更多的實體銷售。

I mean there's some big customers who are interested in it and deploying it, but those just take a long time. For example, some of the drone manufacturers and stuff are quite interested in it. Autonomous vehicles are expressing a lot of interest in it.

我的意思是有一些大客戶對此感興趣並部署它，但這需要很長時間。例如，一些無人機製造商等對此非常感興趣。自動駕駛汽車對此表現出了濃厚的興趣。

They can see terrestrial solutions being regional aren't going to really scale for them. So they like what they see and how low cost it is to put us into their devices, but those are markets that are going to take a couple of years to really scale and get big. So I'd say it's -- I figure 50-50 as a nice starting spot.

他們發現區域性的陸地解決方案對他們來說並不具有真正的規模效應。因此，他們喜歡他們所看到的，也喜歡將我們放入他們的設備中是多麼的低成本，但這些市場需要幾年的時間才能真正擴大規模並變得強大。所以我想說——我認為 50-50 是一個不錯的起點。

One other nuanced government question. Voice and data, the subs have been declining there and the government doesn't pay. I mean it's a fixed price contract, right? So trying to figure out what's the rationale for why they've downsized the number of handsets by like one-third over the past couple of years?

另一個微妙的政府問題。語音和數據，那裡的訂閱量一直在下降，而且政府也不付錢。我的意思是這是一個固定價格合同，對嗎？那麼，試圖弄清楚為什麼他們在過去幾年中將手機數量減少了三分之一？

Yes. I mean that's still tied up in an issue that we have talked about before. It was the transition between 2019 and this year between DISA and the Space Force. Good news is that's all getting fixed at the -- actually with the next fiscal year. It will all be part of the Space Force, and there'll be a lot more control over how the billing goes out for the individual services.

是的。我的意思是這仍然與我們之前討論過的問題有關。這是 DISA 與太空部隊在 2019 年至今年之間的過渡。好消息是，所有問題都將在下一個財政年度解決。它們都將成為太空部隊的一部分，並且對各個軍種的計費方式將擁有更多的控制權。

So we've seen different services jocking to clean up their area to get less of the billing attached to them, particularly when they get budgetary issues, which they're all going through as they transition. It has nothing to do with the strategic value of our service with them.

因此，我們看到不同的服務機構都在爭相清理自己的區域，以減少附加的帳單，特別是當他們遇到預算問題時，而這些問題都是他們在轉型過程中所經歷的。這與我們為他們提供的服務的策略價值無關。

It's really pricing today and pricing in the future doesn't relate to how many devices they are. The impact of the devices they do use and the service has actually, I think, increased over the last five years during that time. So while it doesn't correlate in services like our commercial service does, I don't -- I think that's really irrelevant the subscriber numbers, which is why we don't really talk about or dwell upon them in our comments.

這實際上是今天的定價，而未來的定價與設備數量無關。我認為，他們所使用的設備和服務的影響力在過去五年裡實際上有所增強。因此，雖然它與我們的商業服務不同，但我認為——這與用戶數量無關，這就是為什麼我們在評論中不會真正談論或討論它們。

Where are you moving the headquarters to?

你們要把總部遷往哪裡？

About three blocks away. So we're not moving very far, but it's time to -- we're busting at the seams given all the growth we've expanded into the new services we've deployed, things like SDA. It's just time to spread out slightly. And this is not a bad time to move either, as you can imagine.

大約三個街區遠。因此，我們不會走得太遠，但現在是時候了——考慮到我們在部署的新服務（如 SDA）方面所取得的成長，我們已經不堪重負。只是稍微散開一下而已。正如您所想的，現在也不是搬家的好時機。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

Can you give us a sense of the pace of revenue growth for the third quarter and fourth quarter and maybe into next year also, do you think you can do over 5% revenue growth next year? Or I guess, is this the bottom? And just a little bit more color what's going to drive revenue growth next year?

您能否向我們介紹第三季、第四季以及明年的營收成長速度，您認為明年的營收成長能超過 5% 嗎？或者我猜，這是底部嗎？再詳細講一下明年營收成長的推動因素是什麼？

Well, you can do the math on the pace because you have the first half and you've got the guide for the second half. So I think that directly tells you what the pace will be for the second half. I don't -- I think, again, next year will be about building on the growth from this year.

好吧，你可以計算一下速度，因為你已經有了前半部分，並且已經有了後半部分的指南。所以我認為這直接告訴你下半場的節奏會是如何。我不這麼認為——我認為，明年我們將在今年的成長基礎上再接再厲。

We're still going to work out the details on what that looks like. As I said, I don't -- it's not necessarily linear growth between now and 2030. I think it's a little later weighted because D2D only starts coming in next year.

我們仍在研究其具體細節。正如我所說，我認為從現在到 2030 年不一定是線性成長。我認為它的權重稍晚一些，因為 D2D 明年才開始出現。

PNT, again, is still -- it's early, but a very positive growth state. We have government, the EMSS renewal is still more of a '27 activity. So I think '27 is going to be bigger than '26, but we're going to see growth in '26, too.

再次強調，PNT 仍處於早期階段，但處於非常積極的成長狀態。我們有政府，EMSS 更新仍然是 27 年的活動。所以我認為 2027 年的業績將比 2026 年更大，但我們也將看到 2026 年的成長。

Got it. I guess I was getting at, should fourth quarter be stronger than third quarter growth? Or is it pretty linear for the year? And on the maritime and the companion service, can you talk about what percentage of customers are dropping the primary and taking companion, like if I drop primary, what percentage are keeping the companion?

知道了。我想說的是，第四季的成長應該比第三季更強勁嗎？或者說這一年的情況相當線性？關於海事和同伴服務，您能否談談有多少比例的客戶放棄主要服務而選擇同伴服務？如果我放棄主要服務，有多少比例的客戶會保留同儕服務？

Yes. I think we talked about this over the last year. Primary was only like 25% of our service. So that was the part that has to convert and that we've seen conversion. There's been also a little bit of, I'd say, ARPU pressure as some people take lower level plans as they go and evolve through that.

是的。我想我們去年討論過這個問題。主要服務僅占我們服務的 25%。所以這是必須轉換的部分，而且我們已經看到了轉換。我想說，隨著一些人逐漸採用較低級別的計劃並不斷改進，ARPU 也隨之增加。

So even I would call the companion service is a little lower revenue. I think that will shore up as we get to where GMDSS and Certus companion service are a combination service.

因此，即使我認為陪伴服務的收入也較低。我認為，當我們將 GMDSS 和 Certus 配套服務整合為組合服務時，這一點將會得到加強。

It makes us critical to be on the ship and there's a baseline value for doing that. And that's even before we add PNT and other things into it. So I don't know if that gives you a little sense of how that transition has been, but that's what's caused that.

這使得我們在船上至關重要，並且這樣做有一個基準價值。這還是在我們添加 PNT 和其他東西之前。所以我不知道這是否能讓你稍微了解這種轉變是怎麼樣的，但這就是導致這種轉變的原因。

Yes, that's helpful. And on the pace of revenue growth in the second half?

是的，這很有幫助。下半年營收成長速度如何？

Yes. We don't guide quarter by quarter. So I really think that, that's something you're going to have to take a look at. I mean, there's not so much specificity going forward. We have a lot of visibility into our 500 partners and how they operate.

是的。我們不會按季度進行指引。所以我真的認為這是你必須考慮的事情。我的意思是，未來不會有太多具體的事情發生。我們對我們的 500 個合作夥伴及其運作方式有深入的了解。

And so we have a pretty good idea of how the second half looks, but I don't want to get down to trying to call third quarter and fourth quarter for you.

因此，我們對下半年的情況有相當好的了解，但我不想試圖為您預測第三季和第四季的情況。

Got it. And then on the new constellation, if the demand is there and the services are there, could you build a tandem constellation that could leverage existing spectrum that they could work together? Or would it really be more about a replacement eventually no matter what happens?

知道了。那麼，在新的星座上，如果有需求並且有服務，你能否建立一個可以利用現有頻譜的串聯星座，讓它們協同工作？或者無論發生什麼，最終都會有替代品？

You mean in terms of next-generation network in the 2030s?

您指的是 2030 年代的下一代網路嗎？

Yes.

是的。

We're actually looking at both alternatives right now. A replacement network could be there, but it may make actually more sense to build an overlay network on it. And there's a lot of discussions underway in the industry right now about that.

實際上，我們現在正在考慮這兩個選項。可能存在替代網絡，但實際上在其上建立覆蓋網絡可能更有意義。目前業界正在對此進行大量討論。

We have a couple of alternatives. We can build it within our own spectrum, but there's a lot of discussions about obtaining new spectrum and how we might even partner with others to do that, including some interesting companies who want to partner on that who have large consumer footprints and stuff.

我們有幾個選擇。我們可以在自己的頻譜內構建它，但是關於獲取新頻譜以及我們如何與其他人合作來做到這一點的討論很多，其中包括一些希望在此方面進行合作的有趣的公司，他們擁有龐大的消費者足跡等等。

So I think it's going to be a dynamic couple of years as we evolve our plans there. But yes, there's a couple of new approaches. I just wanted to talk today to give a little idea about what that network would provide and how we see that as being an exciting future for the future.

因此我認為隨著我們計劃的不斷演變，接下來的幾年將會是充滿活力的幾年。但確實有幾種新方法。我今天只是想稍微談談該網絡將提供什麼，以及我們如何看待它成為一個令人興奮的未來。

And lastly, T-Mobile launched a D2D service yesterday. Do you see that as competitive at all or the potential to be competitive over time with your services?

最後，T-Mobile 昨天推出了 D2D 服務。您是否認為這具有競爭力，或隨著時間的推移，您的服務具有競爭力的潛力？

Well, I think a little bit. I mean I think around the edges, I think people -- it will be interesting to see what the adoption of what I think these regional services are like. That's never been our value proposition. People don't, as I said, buy our service to operate in rural Wyoming. I use that example a number of times.

嗯，我覺得有一點。我的意思是，我認為從邊緣角度來看，人們——看看這些區域服務的採用情況會很有趣。這從來就不是我們的價值主張。正如我所說，人們不會購買我們的服務來在懷俄明州農村地區運作。我多次使用這個例子。

It's not where satellite phones are used. They are used because they can use all over the world, and that's not what the T-Mobile service is.

這裡不是使用衛星電話的地方。人們之所以使用它們，是因為它們可以在世界各地使用，而 T-Mobile 服務並非如此。

I think our Iridium NTN Direct service is going to be a complement to those services, whether they be from Starlink or AST or anybody else who uses cellular frequencies, they're going to want a messaging service in the same device or in the same watch or in an IoT service that can show up anywhere in the world. And that's going to be what our value is, and that's what we're building that our growth profile on that area around.

我認為我們的銥星 NTN Direct 服務將成為這些服務的補充，無論它們來自 Starlink 或 AST 或任何其他使用蜂窩頻率的人，他們都希望在同一設備或同一手錶或可以在世界任何地方顯示的物聯網服務中使用訊息服務。這就是我們的價值所在，也是我們在該地區所建構的成長概況。

Greg Mesniaef, Kingswood Capital Partners.

Kingswood Capital Partners 的 Greg Mesniaef。

Matt, I just have one question for you. Can you hear me?

馬特，我只想問你一個問題。你聽得到我嗎？

Yes. Go ahead, Greg.

是的。繼續吧，格雷格。

Good. You mentioned in your prepared remarks that you are focusing on attracting new partners for both consumer and commercial services. You mentioned 50 new business relationships so far in 2025.

好的。您在準備好的發言中提到，您正致力於吸引消費者和商業服務領域的新合作夥伴。您提到到 2025 年為止將建立 50 個新的業務關係。

Can you give us a little more color as to how you plan to broaden your partner network, if you will, across different verticals? What goals you've set for that? And as you roll those initiatives out, what impact to SG&A that might have?

您能否向我們詳細介紹一下您計劃如何在不同垂直領域拓展合作夥伴網絡？您為此設定了什麼目標？當您推出這些措施時，會對銷售、一般及行政費用 (SG&A) 產生什麼影響？

Yes. I think we can do it within pretty much the SG&A envelope that we have, but we've been restructuring our partner development teams focused on larger partners. We've been going after mobile network operators over the last year.

是的。我認為我們可以在現有的銷售、一般和行政費用 (SG&A) 範圍內完成這項工作，但我們一直在重組合作夥伴開發團隊，並專注於較大的合作夥伴。過去一年來，我們一直在追蹤行動網路營運商。

And as I said, we've been already even signing relationships there. We haven't announced any of those, but there's a lot of interest in what our new Iridium NTN Direct services will be. We've had -- I will say I've been prioritizing some bigger relationships that I think would move the needles.

正如我所說，我們甚至已經在那裡簽署了合作關係。我們尚未宣布任何消息，但大家對我們的新銥星 NTN Direct 服務非常感興趣。我們已經——我想說的是，我一直在優先考慮一些我認為能夠帶來推動作用的更大的關係。

You can imagine in the new autonomous space, there's some bigger players that are getting a lot of funding right now, all who see the need for PNT or communication services. So I think it's more about the type of companies we're addressing.

你可以想像，在新的自主領域，一些更大的參與者目前正在獲得大量資金，他們都看到了 PNT 或通訊服務的需求。所以我認為這更多的與我們所針對的公司類型有關。

The other -- the whole timing and location space is a very different one. So the partners we're pursuing in the PNT space are quite different. We have a number of partners there, but finding people who are already well trusted in that space to deliver a trusted timing source or to our GPS jamming alternative is a little different than the companies we've been with before.

另一個——整個時間和地點空間是非常不同的。因此，我們在 PNT 領域尋求的合作夥伴是完全不同的。我們在那裡有很多合作夥伴，但找到在該領域已經很受信任的合作夥伴來提供值得信賴的授時源或 GPS 幹擾替代方案，與我們以前合作過的公司略有不同。

But our whole partner base is very interested in that technology, and you're seeing also announcements. I saw one this week, again from somebody in that space that's an existing partner. So I don't think it's going to affect SG&A that much.

但是我們的整個合作夥伴群體都對該技術非常感興趣，而且您也會看到公告。本週我看到了一個例子，同樣來自該領域的一位現有合作夥伴。所以我認為這不會對銷售、一般及行政費用 (SG&A) 產生太大影響。

I really do think, though, that it's more about who we're going after. And I think the other reason I just want to mention that 50 is that our pace of business has not changed. If anything, it's as hot as it's been, if not hotter because of the growing new areas.

但我確實認為，這更多的是關於我們要追隨的人。我認為我只想提到 50 的另一個原因是我們的業務節奏沒有改變。不管怎樣，天氣還是和以前一樣熱，甚至由於新區域的不斷擴大而變得更熱。

So it's quite busy here. I know the service revenues got a little lower than we expected this year, but I think we have a lot of activity to turn that around.

所以這裡相當繁忙。我知道今年的服務收入比我們預期的要低一些，但我認為我們會採取很多措施來扭轉這種局面。

And just as a quick follow-up, can you expand a little bit on the Syniverse partnership that you mentioned?

作為一個快速的後續問題，您能否稍微擴展一下您提到的 Syniverse 合作夥伴關係？

Yes. As we're building this new Iridium NTN Direct service, it requires being able to connect to the cellular infrastructure of today. You could build out that pipeline, if you will, between the satellite and the cellular to manage that, including a billing relationship with everyone or you can just plug into a central hub.

是的。當我們建造這項新的銥星 NTN 直達服務時，它需要能夠連接到當今的蜂窩基礎設施。如果您願意的話，您可以在衛星和蜂窩之間建立管道來管理它，包括與每個人的計費關係，或者您可以直接插入中央樞紐。

That's how I view Syniverse. They're this trusted billing and roaming hub that manages all the relationship between cellular operators, and they're increasingly, I think, going to become the bridge between the terrestrial networks and the satellite networks.

這就是我對 Syniverse 的看法。它們是值得信賴的計費和漫遊中心，管理蜂巢營運商之間的所有關係，我認為它們將日益成為地面網路和衛星網路之間的橋樑。

And thank goodness for them, it just eliminates a big piece that we had to do a lot of times on the satellite front when we build out new services. We don't have to do that as we build out, say, a roaming on the IoT for Iridium NTN Direct. So that's a great relationship.

感謝上帝，當我們建立新服務時，它消除了我們在衛星方面必須多次做的一個大問題。當我們為銥星 NTN Direct 建立物聯網漫遊時，我們不需要這樣做。所以這是一種很好的關係。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Maybe asking the commercial question a little bit more directly. How do you think about tying Iridium commercial growth into the Amazon constellation? It sounds like just the messaging you've given here on big customers and consumer bases and obviously, the telco folks are probably less of a natural partner.

也許可以更直接地詢問商業問題。您如何看待將銥星商業成長與亞馬遜星座結合？這聽起來就像您在這裡向大客戶和消費者群體傳達的訊息，顯然，電信公司可能不太適合成為天然的合作夥伴。

But you've got a lot of opportunity ahead of you in terms of industrial and mobility. So maybe talk through how you think about that partnership as a driver for commercial growth and what the cadence might look like on either them or the other undisclosed big commercial partner?

但在工業和流動性方面，你們還有很多機會。那麼，您能否談談您如何看待這種合作關係作為商業成長的驅動力，以及他們或其他未公開的大型商業夥伴的節奏如何？

So you were talking about Iridium NTN Direct, our D2D service. Is that what you were mentioning?

所以您談論的是我們的 D2D 服務 Iridium NTN Direct。這就是你提到的嗎？

I mean across all of your product lines, right? Like if we think about the use case of what they're going after, K-band is one element, right? But there's obviously a lot more in the transports and consumer market you could do with your IoT NTN data. So just maybe how we think about alleviating some of the pressures of them or if it's another large commercial tech-backed effort?

我的意思是涵蓋你們所有的產品線，對嗎？如果我們考慮他們所追求的用例，K 波段就是其中一個元素，對嗎？但顯然，在運輸和消費市場中，您可以利用 IoT NTN 數據做更多的事情。那麼，我們該如何考慮減輕他們的一些壓力，或者這是否是另一項由大型商業技術支援的努力？

So our growth model in the commercial space has always been about new services put in the hands of more partners in more industries and they take us to market exclusively. And that go-to-market has worked very well.

因此，我們在商業領域的成長模式一直是將新服務交給更多行業的更多合作夥伴，然後由他們獨家將我們推向市場。而這種行銷策略非常有效。

It continues to work well. The new services were being provided are our lower-cost IoT capabilities with devices going really even down to the chips that makes it very easy to people to go into, very easy deployment for them.

它繼續運作良好。我們所提供的新服務是低成本的物聯網功能，其設備甚至包括晶片，這使得人們能夠非常輕鬆地使用和部署。

And then going into new industries, things like autonomous systems, drones, heavy equipment, energy, transportation, maritime of all different types of buoys and sensors. There's a whole DoD and military space.

然後進入新興產業，例如自主系統、無人機、重型設備、能源、運輸、海事等各種類型的浮標和感測器。這裡有整個國防部和軍事空間。

We're seeing growing interest, as I said, recently in the energy industry and power line monitoring. We're seeing things. It's just as we've gotten larger and our brand has grown and our solutions have gotten even easier to deploy, that's expanded.

正如我最近所說，我們看到人們對能源產業和電力線監控的興趣日益濃厚。我們看到了一些事情。隨著我們的規模不斷擴大，我們的品牌不斷成長，我們的解決方案也變得越來越容易部署，我們的業務也擴大了。

The big new change here is that we're going to standards-based. And I think that's going to dramatically expand the number of applications and industries that maybe didn't think of satellite as being affordable, didn't think of it as being easy because the devices that they were tracking maybe in agriculture in many other spaces.

這裡最大的變化是我們將走向基於標準的模式。我認為這將大大擴展應用和行業的數量，這些行業可能認為衛星價格不菲，使用起來並不容易，因為他們所追蹤的設備可能用於農業或許多其他領域。

Many industries who are afraid of going to a proprietary satellite solution because they were so widespread that they were worried that they pick the wrong one are going to be very comfortable just expanding into 5G or 6G, which they're already doing and being able to roam onto our network.

許多產業都不敢採用專有衛星解決方案，因為這些解決方案的應用範圍太廣，他們擔心自己選錯了，但他們很樂意擴展到 5G 或 6G，他們已經在這樣做了，並且能夠漫遊到我們的網路上。

So that's what's led us to both mobile network operators, but I think a lot of other partners who were already deploying IoT in the terrestrial space, which is far, far larger. It's probably 95% of the overall IoT, maybe 99% is really terrestrial based. Satellite has been really small in IoT. So we're going to be able to move into that much broader commercial space. And that just opens up.

這就是我們選擇這兩家行動網路營運商的原因，但我認為許多其他合作夥伴已經在陸地空間部署物聯網，這個空間要大得多。它可能佔整個物聯網的 95%，也許 99% 確實是基於地面的。衛星在物聯網中的作用真的很小。因此我們將能夠進入更廣闊的商業空間。這才剛開始。

And the great thing about standards is we don't have to go through this whole development and transferring technology to them and teaching them how to use our technology, it will just roam onto our network using a partner like Syniverse, which I just explained.

標準的優點在於，我們不必經歷整個開發過程，也不必將技術轉移給他們，也不必教他們如何使用我們的技術，它只需透過像 Syniverse 這樣的合作夥伴漫遊到我們的網路上，我剛才解釋過這一點。

So that's the changing nature of the commercial space. Is that what you were looking for, Colin?

這就是商業空間的變化性。這就是你要找的東西嗎，柯林？

Sure. I think that's -- yes, that definitely helps. Maybe drilling into the government stuff, government budget outlook when you combine DoD and military intelligence, probably the best that it's been in 20 years, near peak-ish. But I think a lot of folks have difficulty drilling down into drone budgets, which are probably a lot to double.

當然。我認為——是的，這肯定有幫助。也許深入研究政府事務，當你結合國防部和軍事情報時，政府預算前景可能是 20 年來最好的，接近高峰。但我認為很多人都難以深入研究無人機預算，因為無人機預算可能會增加一倍。

So as we think of that drone algorithm. Can you maybe talk us through the waterfall of growth that we should see through the all PNT business and specifically talking to like the Kratos's aeros, Andurils of the world and then folks who sit either on or adjacent to the alternative PNT board, just like the growth algorithm that we should consider there?

所以當我們想到無人機演算法時。您能否向我們講述我們應該透過整個 PNT 業務看到的成長瀑布，特別是與奎托斯的飛機、世界各地的 Andurils 以及坐在替代 PNT 板上或旁邊的人們交談，就像我們應該在那裡考慮的成長演算法一樣？

Look, I think it's a step function as we continue to expand the footprint on behalf of government customers in the same way the commercial customers. It's a tricky area to talk about because it really depends on people who don't usually talk about how they're going to use the service.

看，我認為這是一個階梯式的功能，因為我們將繼續以與商業客戶相同的方式擴大政府客戶的影響力。這是一個很難談論的領域，因為它實際上取決於那些通常不會談論如何使用該服務的人。

But I can assure you we're deeply discussing all those things with them. But it's probably, I'd call it a stepwise function as those are not probably one-by-one sales as opposed to regional provide capabilities over a wide area of the earth, and it gets used more and more.

但我可以向你保證，我們正在與他們深入討論所有這些事情。但它可能是，我稱之為逐步功能，因為這些可能不是逐一銷售，而是與地球廣大區域的區域提供能力相反，而且它的使用越來越多。

Okay. Okay. And then just one comment you made five years ahead of any other players. Maybe talk about how you think about the moats that Iridium has across spectrum, payload design and then maybe some like relevant metric of not cost per bit, but like cost per propagated bit or just like how you think about keeping that edge?

好的。好的。然後你發表的評論比其他任何球員都早五年。也許可以談談您如何看待銥星在光譜、有效載荷設計方面的護城河，然後也許可以談談一些相關的指標，不是每比特的成本，而是每傳播比特的成本，或者您如何看待保持這種優勢？

Well, the good thing about PNT is that it doesn't use any capacity. So as the more you can have 1 billion users taking advantage of our PNT service. And so the cost for whatever you want to call that is infantestinally small long term. That's why we're going to become the global alternate PNT service to protect critical infrastructure.

嗯，PNT 的好處是它不使用任何容量。因此，就可以有 10 億用戶利用我們的 PNT 服務。因此，無論你如何稱呼它，其長期成本都是很小的。這就是為什麼我們要成為保護關鍵基礎設施的全球替代 PNT 服務。

And the service has been demonstrated over and over to provide the necessary quality. It's competing really only against regional solutions, terrestrial-based solutions that may be only scale to a city or to a locality.

並且該服務已多次被證明能夠提供必要的品質。它實際上只與區域解決方案、基於陸地的解決方案競爭，這些解決方案可能僅適用於一個城市或一個地方。

There's really nothing when people start looking for solutions either in remote environments or to operate around the world to us. So there is no competition. And the advantages we have being in L-band to make antennas really small, being in LEO, which is a natural advantage.

當人們開始在遠端環境中或在世界各地尋找解決方案時，實際上什麼都沒有。所以不存在競爭。我們在 L 波段的優勢在於可以讓天線變得非常小，在 LEO 中，這是一個天然的優勢。

All those are things that have given us a great advantage here. So that's why we say we don't see anyone showing up to RFPs or RFQs, and it's really more of our problem is explaining that this service even exists, finding the partners that can take us into new opportunities where people didn't even realize there was protection possible. So -- and that's a good problem to have, and we're solving it over time.

所有這些都為我們帶來了巨大的優勢。所以這就是為什麼我們說我們沒有看到任何人出現在 RFP 或 RFQ 中，而我們的問題實際上是解釋這項服務的存在，找到可以帶我們進入新機會的合作夥伴，人們甚至沒有意識到存在保護的可能性。所以——這是一個好問題，我們會逐步解決它。

Mathieu Robilliard, Barclays.

巴克萊銀行的 Mathieu Robilliard。

I had a question about the SG&A. I may have missed some comments at the beginning of the call. But I think in the previous results, you talked about a sharp decline or an important decline in R&D expenses and a low single-digit growth in SG&A.

我對銷售、一般及行政費用 (SG&A) 有疑問。我可能錯過了通話開始時的一些評論。但我認為在先前的結果中，您談到了研發費用的急劇下降或重要下降以及銷售、一般及行政費用的低個位數增長。

So a slowdown from previous years. This is what you've been delivering in Q1, Q2. I was wondering if the guidance or the indication still stands on those two lines?

因此與前幾年相比有所放緩。這就是您在第一季和第二季所交付的內容。我想知道指導或指示是否仍然基於這兩條線？

Yes, it does, Mathieu. We had previously guided on R&D that it would be down in '25 versus '24, primarily because some of the major programs that we had undertaken were moving into the capital investment cycle. So that remains the same. That hasn't changed and the profile we're seeing on our R&D spend is very much in line with expectations.

是的，馬修。我們先前曾預測，25 年研發支出將比 24 年下降，主要是因為我們開展的一些主要項目正在進入資本投資週期。所以情況保持不變。這一點沒有改變，我們看到的研發支出非常符合預期。

I would say on the SG&A side, expenses have been a little bit lower than we have anticipated. And so our view on SG&A through the end of the year and for the full year would be like flat to low single-digit grower. That's how I would characterize it.

我想說，在銷售、一般和行政費用方面，支出比我們預期的要低一點。因此，我們對今年年底和全年銷售、一般及行政費用的看法是持平或維持低個位數成長。這就是我對它的描述。

Great. That's very helpful. And then one question on maritime. Matt, you talked about Certus and the GMDSS services.

偉大的。這非常有幫助。然後是關於海事的一個問題。馬特，您談到了 Certus 和 GMDSS 服務。

I just wanted to clarify, do you get revenues out of GMDSS? Or is it only if there is Certus attached to it? And if you do get revenues from GMDSS, can you give us a sense of the ARPUs for this service?

我只是想澄清一下，你們從 GMDSS 獲得收入嗎？還是只有附有 Certus 才會這樣？如果您確實從 GMDSS 獲得收入，您能告訴我們這項服務的 ARPU 是多少嗎？

Yes. There's no -- typically not price for GMDSS. It's a free service, but it's on a terminal that provides other services. Even a stand-alone GMDSS service can be used for other things and there are revenue that are produced by that, just not by the GMDSS function.

是的。沒有——通常沒有 GMDSS 的價格。這是一項免費服務，但它位於提供其他服務的終端上。即使是獨立的 GMDSS 服務也可以用於其他用途，並且可以由此產生收入，而不僅僅是 GMDSS 功能。

We believe we'll have a very unique product in a combined companion GMDSS, LRIT and other mandated services, a terminal that has to be on every ship, at least over a certain weight and is being put on to increasing more and more ships for security and it being provided.

我們相信，我們將擁有一款結合了 GMDSS、LRIT 和其他強制性服務的非常獨特的產品，每艘船舶（至少超過一定重量）都必須配備一個終端，並且越來越多船舶都會配備該終端以確保安全。

So for one price, if you will, all those functions would be in a cost-effective terminal that works anywhere on the planet. So that's the value proposition. That's what our -- the maritime partner base likes. They're in the transition to it. There's a little bit of wait for because there's some great manufacturers coming with additional terminals that may be more desirable in certain parts of the world.

因此，如果您願意，只需支付一個價格，所有這些功能都可以在一個可以在地球上任何地方使用的經濟高效的終端上實現。這就是價值主張。這就是我們的海事合作夥伴基地所喜歡的。他們正處於過渡階段。還需要等待一段時間，因為一些優秀的製造商正在推出可能在世界某些地區更受歡迎的附加終端。

For example, Asian manufacturers often like Asian -- I mean, Asian fleets like Asian manufacturers, and those terminals are still coming over the next couple of quarters. So that's a little bit why we're pretty confident that, that will stabilize.

例如，亞洲製造商通常喜歡亞洲——我的意思是，亞洲船隊喜歡亞洲製造商，而這些終端在未來幾季仍將出現。這就是為什麼我們非常有信心它會穩定下來。

Okay. And on the antenna, it's not only your services that can be provided, it's third party that can be put on or those would be two different antennas?

好的。在天線方面，不僅可以提供您的服務，還可以提供第三方服務，或者那是兩個不同的天線？

No. When you see -- when we announced that one of our partners has put a terminal, it only has our service in it, but it's put on the ship. And usually, the service provider will integrate that terminal into a full solution, which includes usually Ka- and Ku-band service, et cetera.

不。當你看到——當我們宣布我們的一個合作夥伴已經安裝了終端時，它裡面只有我們的服務，但它被放在了船上。通常，服務提供者會將該終端整合到完整的解決方案中，其中通常包括 Ka 和 Ku 波段服務等。

So there may even be multiple terminals of different types, but it's usually a combined package provided to the end user so that they can use us when it fails over in rain or in port or in places where you can't use that VSAT terminal. And obviously, it can be used in emergency anytime or to provide navigation information, et cetera.

因此，甚至可能有多個不同類型的終端，但通常是一個組合包提供給最終用戶，以便當它在雨中或在港口或無法使用該 VSAT 終端的地方發生故障時，他們可以繼續使用我們。顯然，它可以隨時用於緊急情況或提供導航資訊等。

Okay. Very clear. And lastly, just on the comments you were making about the D2D NTN future on the new constellation. You talked about having a constellation that operates on 5G or 6G standards and that can deliver a richer experience to cell phones, consumer products, et cetera.

好的。非常清楚。最後，關於您對新星座的 D2D NTN 未來的評論。您談到了擁有一個按照 5G 或 6G 標準運行的星座，它可以為手機、消費產品等提供更豐富的體驗。

We're still only talking here basically about -- we're only talking about IoT/messaging, right? There was no suggestion that it could go beyond that in terms of the services you may be able to provide in the new constellation, and I realize it's five years down the line?

我們在這裡仍然只是在談論——我們只談論物聯網/訊息傳遞，對嗎？就你們在新星座中可能提供的服務而言，沒有任何跡象表明它能夠超越這一點，而且我知道這還需要五年時間？

No, I actually am going beyond messaging and other services. The 5G New Radio standards requires more spectrum, but also provides really a complete level of service. So the kinds of breadth that you get from, say, a cell phone or other consumer product that is able to connect with a richer data experience, we are looking to offer -- we want to build that network in the 2030s.

不，我實際上超越了訊息傳遞和其他服務。5G新無線電標準需要更多的頻譜，但也提供了真正完整的服務水準。因此，我們希望提供能夠連接更豐富的數據體驗的手機或其他消費產品所提供的那種廣度——我們希望在 2030 年代建立這樣的網路。

And that's why looking to utilize our spectrum or partner spectrum or additional spectrum being provided by regulators, which is being discussed and looked at is our vision and future. And as I mentioned, I really want to also continue to provide hosted payload services as well because that's been a big success for us, and we have some great ideas given the partnerships we've had in the past.

這就是為什麼我們希望利用我們的頻譜或合作夥伴的頻譜或監管機構提供的額外頻譜，我們正在討論和研究這些頻譜，這是我們的願景和未來。正如我所提到的，我確實也想繼續提供託管有效載荷服務，因為這對我們來說是一個巨大的成功，而且根據我們過去的合作關係，我們有一些很棒的想法。

Okay. So presumably, that could mean broadband services to mobile services to mobile customers if you have the spectrum and the capacity eventually. Am I going in the right direction?

好的。因此，如果最終擁有頻譜和容量，這可能意味著為行動客戶提供寬頻服務、行動服務。我走的方向正確嗎？

Yes, you're in the right direction.

是的，你的方向正確。

Justin Lang, Morgan Stanley.

摩根士丹利的賈斯汀朗 (Justin Lang)。

Just maybe two quick ones. Matt, coming back to government opportunities, you mentioned Golden Dome at the top of the call. Obviously, a lot of focus and funding tied to the effort. It looks like the government wants to move pretty fast.

也許只是兩個簡單的問題。馬特，回到政府機會的話題，您在電話會議的開頭提到了金色穹頂。顯然，這項工作需要大量的關注和資金。看起來政府想要迅速採取行動。

Just want to get a sense of how you're thinking about addressability and impact here. Have discussions with partners or customers kicked off yet in any meaningful way?

只是想了解一下您對可尋址性和影響力的看法。與合作夥伴或客戶的討論是否已經開始以任何有意義的方式進行？

We do see Golden Dome as an opportunity. We -- given our relationships and the fact that our technology is being used so broadly, we think we can contribute. We think there's important components like PNT to that in addition to communication as well.

我們確實將金頂視為一個機會。鑑於我們的關係以及我們的技術被廣泛使用的事實，我們認為我們可以做出貢獻。我們認為，除了通訊之外，還有像 PNT 這樣的重要組成部分。

Not -- there's nothing specific yet, but I know we're in discussions. I would say we also have a lot of experience. And I think it was a good move that we won the Space Development Agency contract a couple of years ago. It's certainly driving some engineering service revenues.

不——目前還沒有任何具體消息，但我知道我們正在討論。我想說我們也有很多經驗。我認為幾年前我們贏得太空發展局的合約是一個很好的舉措。這確實推動了一些工程服務收入。

But more importantly, it's just further our relationship and ability to be part of future government Space Force networks. So our hope in that was to both help us as we were looking at technologies for our future constellations, which I was talking about here and have done that.

但更重要的是，它進一步增強了我們的關係和成為未來政府太空部隊網路一部分的能力。因此，我們希望這能幫助我們研究未來星座的技術，我在這裡談到了這一點，並且已經做到了這一點。

But I think it just furthered our relationship with an important customer as they sought to expand and run these networks, which are not going to be government-only networks. They're going to be a combination across the industry of a lot of partnerships, I think.

但我認為這只是進一步加強了我們與重要客戶的關係，因為他們尋求擴展和運營這些網絡，而這些網絡不會是僅限政府的網絡。我認為，它們將成為整個產業中許多合作夥伴的結合體。

Got it. Great. And then just last quick one on tariffs. Any updated expectations around impact there? And can you just remind us what's baked into the guide currently?

知道了。偉大的。最後再簡單談談關稅問題。對於那裡的影響有什麼最新的預期嗎？您能否提醒我們一下指南中目前包含哪些內容？

Yes. Thanks for reminding us. We didn't talk about it because it's become a small thing for this year. It's more of a '26. We'll see how it is.

是的。謝謝提醒。我們沒有談論它，因為今年它已經變成一件小事了。它更像是 26 年的。我們將看看情況如何。

But given the fact that they've delayed and that we've mitigated so much, it's what Vince, maybe less than $1 million a hit for this year at most.

但考慮到他們已經推遲了，而且我們已經減輕了這麼多，文斯認為，今年的打擊最多可能不到 100 萬美元。

We had guided best case $3 million and worst case, I don't know. $7 million. And it's certainly not going to be that this year, thank goodness. But we'll see how it evolves to the end of the year. It's still not a huge number. I mean those are numbers you can look and think about for maybe --

我們預計最好的情況是 300 萬美元，最壞的情況，我不知道，是 700 萬美元。謝天謝地，今年肯定不會發生這種情況。但我們將拭目以待，看看到今年年底情況將如何發展。這仍然不是一個很大的數字。我的意思是，這些數字你可以看看，想想也許--

'26.

'26。

'26 if you're trying to think about impact, which we someday could guide for, but I'm hopeful that given our mitigation, it would be certainly more at the lower end of that and at worst case. So not a big deal overall right now.

'26如果你想考慮影響，我們有一天可以對此進行指導，但我希望，考慮到我們的緩解措施，它肯定會處於較低水平，在最壞的情況下也是如此。所以目前整體來說沒什麼大問題。

We have reached the end of the question-and-answer session, and I would like to hand back to management for any closing remarks.

問答環節已結束，我想將結束語交還給管理階層。

Great questions. I know not the perfect quarter, but frankly, as I think you got, we're still enthusiastic and excited about the future. And with all the activity, I think we have a good reason to be, and I look forward to updating you in the next quarter. Thanks.

很好的問題。我知道這不是完美的季度，但坦白說，正如我所認為的那樣，我們仍然對未來充滿熱情和興奮。鑑於所有這些活動，我認為我們有充分的理由這樣做，我期待在下個季度向您報告最新情況。謝謝。

Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。