Iridium Communications Inc (IRDM) 2025 Q3 法說會逐字稿

Good day, and welcome to Iridium's third quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加銥星 2025 年第三季財報電話會議。（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, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Ken Levy。請繼續。

Thanks, Clowey. Good morning, and welcome to Iridium's third quarter 2025 earnings call. Joining me on today's call are our CEO, Matt Desch; and our CFO, Vincent O'Neill. Today's call will begin with a discussion of our third 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，克勞威。早安，歡迎參加銥星 2025 年第三季財報電話會議。參加今天電話會議的還有我們的執行長 Matt Desch 和財務長文森特歐尼爾 (Vincent O'Neill)。今天的電話會議將首先討論我們的第三季業績，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 I turn things over to Matt, I'd like to caution all participants that our call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical fact and include statements about our future, expectations, plans and prospects. 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.

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，包括有關我們的未來、期望、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預期，並受風險影響，可能導致實際結果與前瞻性陳述不同。

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.

我們在向美國證券交易委員會提交的文件中更詳細地討論了此類風險。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，但即使我們的觀點或預期發生變化，我們明確表示不承擔這樣做的義務。

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 in the Investor Relations section of our website for further explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measures.

請參閱我們網站投資者關係部分今天的收益報告，以獲得對這些非 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, I'd like to turn the call over to Matt.

說完這些，我想把電話轉給馬特。

Good morning, everyone. We just finished another solid quarter, which puts us on track to meet our OEBITDA growth expectations for the year. I'd like to use my time today to share some broader thoughts about the satellite space and our plans to address and capitalize on the changing landscape. Vince will then recap Iridium's quarterly performance in greater detail and highlight the trends we have seen since our last earnings call.

大家早安。我們剛剛結束了另一個穩健的季度，這使我們有望實現今年的 OEBITDA 成長預期。今天，我想利用我的時間來分享一些關於衛星領域的更廣泛的想法，以及我們應對和利用不斷變化的情況的計劃。文斯隨後將更詳細地回顧銥星的季度業績，並強調自上次財報電話會議以來我們看到的趨勢。

As you are well aware, the recent proposed acquisition of EchoStar Spectrum by Starlink to build a global D2D capability is a significant event for the satellite industry. We believe this acquisition will likely be disruptive to the status quo and will hasten the introduction of a global service that over time will connect new smartphones configured to use this spectrum. It could also accelerate the adoption of IoT devices that better compete with our global IoT services, at least better than the current D2D efforts using cellular spectrum on a regional basis in a few countries around the world.

眾所周知，Starlink 最近提出收購 EchoStar Spectrum 以建立全球 D2D 能力，這對衛星產業來說是一件大事。我們相信，此次收購可能會打破現狀，並將加速推出一項全球服務，隨著時間的推移，該服務將連接配置使用該頻譜的新智慧型手機。它還可以加速物聯網設備的採用，使其能夠更好地與我們的全球物聯網服務競爭，至少比目前在全球幾個國家區域範圍內使用蜂窩頻譜的 D2D 努力更好。

We acknowledge that more competition is coming to our corner of the satellite market. We take this increased competition seriously and believe that this development will affect us as early as the latter years of this decade and most certainly into the 2030s. Now that being said, we do have exciting prospects as well as an enviable position in established growing markets because of the quality and durability of our partnerships and satellite solutions.

我們承認，我們所處的衛星市場正面臨越來越激烈的競爭。我們認真對待日益激烈的競爭，並相信這種發展將最早在本世紀末對我們產生影響，而且肯定會持續到 2030 年代。話雖如此，由於我們的合作夥伴關係和衛星解決方案的品質和持久性，我們確實擁有令人興奮的前景以及在成熟的成長市場中令人羨慕的地位。

We have tremendous experience developing thousands of Iridium-connected solutions that are already in the market. This knowledge and our knowledge and our network will serve us well in responding to the changes taking place in the industry today. To be clear, we will be proactive and pivot to strengthen our position, amid ongoing changes to the satellite market landscape. We have a long history of doing this and I'm confident we will be successful and can continue to grow revenues as the market for satellite services evolve.

我們擁有豐富的經驗，開發了數千種已在市場上銷售的銥星連接解決方案。這些知識以及我們的知識和網絡將幫助我們很好地應對當今行業正在發生的變化。需要明確的是，在衛星市場格局不斷變化的情況下，我們將採取主動並努力鞏固我們的地位。我們在這方面已經有很長的歷史了，我相信我們將會成功，隨著衛星服務市場的發展，我們的收入將繼續成長。

Iridium has focused on providing unique specialized services in the satellite industry. While we have some areas of overlap with other satellite providers, we have never sought to participate in price-driven commodity markets and we don't plan to now. Our current development of Iridium NTN Direct is a great entry point into providing a new standards-based D2D service that will expose us to a new and potentially larger market opportunity.

銥星致力於為衛星產業提供獨特的專業服務。雖然我們與其他衛星供應商有一些重疊的領域，但我們從未尋求參與價格驅動的商品市場，現在也不打算這樣做。我們目前開發的銥星 NTN Direct 是提供基於新標準的 D2D 服務的一個很好的切入點，它將為我們帶來新的、潛在的更大的市場機會。

However, broadband D2D is still a nascent unproven market. And absent a partner with spectrum and committed capital to support this type of build-out, we have no plans to go it alone. As we think about our long-term future and think about the services we'd include in a follow-on constellation, we will look to opportunities that provide us with the greatest return on capital and for now, 5G broadband doesn't fit that profile for us. Instead, we plan to build on our market strengths and focus even more deeply on the areas we are uniquely qualified to deliver. This includes continuing to prudently invest in new growth areas around our unique industrial-grade IoT and PNT services and exploring acquisitions in adjacent areas that are complementary.

然而，寬頻 D2D 仍然是一個尚未成熟的新興市場。如果沒有一個擁有光譜和承諾資本的合作夥伴來支持這種類型的建設，我們就不會單獨行動。當我們考慮我們的長遠未來並考慮我們將在後續星座中包含的服務時，我們將尋找能夠為我們提供最大資本回報的機會，而目前，5G 寬頻並不符合我們的要求。相反，我們計劃鞏固我們的市場優勢，並更深入地關注我們獨有優勢的領域。這包括繼續審慎投資於我們獨特的工業級物聯網和PNT服務周圍的新成長領域，並探索互補的鄰近領域的收購。

We will focus on regulated applications where demand for safety services are growing, and our unique global satellite capability can provide a critical solution such as maritime and aviation cockpit safety services. In addition, we believe Iridium has a strong and defensible position in the growing autonomous systems market as a failsafe connection for drones, crude less vessels and other autonomous vehicles. These vehicles will need multiple redundant connections for safety and reliability, and we'll also appreciate our PNT technology to protect their location and navigation.

我們將專注於對安全服務需求不斷增長的受監管應用，我們獨特的全球衛星能力可以提供關鍵解決方案，例如海事和航空駕駛艙安全服務。此外，我們相信銥星作為無人機、無原油船舶和其他自動駕駛汽車的故障安全連接，在不斷增長的自主系統市場中擁有強大且可防禦的地位。這些車輛需要多個冗餘連接以確保安全性和可靠性，我們也將感謝我們的 PNT 技術來保護它們的位置和導航。

As I said before, we will continue with our investment in Iridium NTN Direct. Our development work with standards-based IoT continues to provide an exciting opportunity and is complementary to other D2D efforts in the industry. We are making strong progress on this new service, and we're now in the process of on-air testing from live satellites. We are getting good traction from mobile network operators.

正如我之前所說，我們將繼續對 Iridium NTN Direct 進行投資。我們基於標準的物聯網開發工作繼續提供令人興奮的機會，並與業內其他 D2D 工作相輔相成。我們在這項新服務上取得了長足的進步，目前正在透過衛星進行直播測試。我們正從行動網路營運商那裡獲得良好的發展。

You likely saw our announcements with Deutsche Telekom and Karrier One, and there are more announcements to come. We're finding demand from MNOs for a global Iridium service onto which their IoT customers can roam and we believe Iridium NTN Direct will augment our already successful and growing IoT portfolio and expand our addressable market into the broader terrestrial IoT space.

您可能看到了我們與德國電信和 Karrier One 發布的公告，而且還會有更多公告。我們發現 MNO 對全球銥星服務有需求，他們的物聯網客戶可以在該服務上漫遊，我們相信銥星 NTN Direct 將增強我們已經成功且不斷增長的物聯網產品組合，並將我們的目標市場擴展到更廣泛的地面物聯網領域。

We will also seek to build or acquire intellectual property and assets that provide Iridium other outlets for growing new revenue streams that won't compete directly with these new D2D services coming in a few years. For example, Iridium has a very unique platform with our powerful new PNT service which has the ability to reshape security applications and fortify terrestrial networks. We're seeing a lot of traction in a number of commercial and government industries that need an alternative to GPS for critical infrastructure, protection for their navigation systems and accurate in-building time sources in addition to other security uses.

我們還將尋求建立或收購知識產權和資產，為銥星提供其他管道來增加新的收入來源，而不會與幾年後推出的這些新的 D2D 服務直接競爭。例如，銥星擁有非常獨特的平台，其強大的新 PNT 服務能夠重塑安全應用程式並強化地面網路。我們看到許多商業和政府行業都迫切需要一種 GPS 替代品來用於關鍵基礎設施、保護其導航系統和準確的室內時間源以及其他安全用途。

We are also developing a unique quantum-safe cybersecurity product using our PNT signal that can improve Identity Access Management and provide authentication for high-value transactions, tapping into the $20 billion identity verification industry and creating a new revenue stream. Even capturing a small portion of this growing market would be meaningful to a company of our size.

我們還利用我們的 PNT 訊號開發獨特的量子安全網路安全產品，該產品可以改善身分存取管理並為高價值交易提供身份驗證，從而進入價值 200 億美元的身份驗證行業並創造新的收入來源。對於我們這種規模的公司來說，即使只佔據這個不斷成長的市場的一小部分也是有意義的。

We are also continuing our focus on US national security missions, building on our collaboration with the US government over the last 25 years. Iridium's network is relied upon for primary and backup communications, secured transmissions, specialized IoT services, tactical radios and much more. Many government agencies depend on Iridium service for critical data transfer, asset management and situational awareness to name a few. And of course, our technology is embedded into so many applications and missions. So it is not easily replaced by other satellite systems or evolving D2D services.

我們也將繼續關注美國國家安全任務，並在過去 25 年與美國政府的合作基礎上進一步發展。銥星網路用於主要和備用通訊、安全傳輸、專業物聯網服務、戰術無線電等。許多政府機構依賴銥星服務進行關鍵資料傳輸、資產管理和態勢感知等等。當然，我們的技術已融入許多應用程式和任務中。因此它不容易被其他衛星系統或不斷發展的 D2D 服務所取代。

We continue to discuss our EMSS contract renewal with the US government and expect a positive and productive outcome in the next year as the government continues to rely more heavily on commercial satellite services like ours.

我們繼續與美國政府討論續簽 EMSS 合同，並期待明年取得積極而富有成效的成果，因為政府將繼續更加依賴像我們這樣的商業衛星服務。

Similarly, our contract with the Space Force's Space Development Agency is another important touch point with the US government. We see the work we're doing on building the ground entry points and operation centers for SDA's new network has given us great visibility into the government's Golden Dome initiative and credibility to support its future needs. We are well positioned to expand the scope of our work with the government going forward as they invest heavily in Golden Dome.

同樣，我們與太空部隊太空發展局簽訂的合約是與美國政府的另一個重要接觸點。我們看到，我們為 SDA 的新網路建設地面入口點和營運中心所做的工作，讓我們對政府的「金頂」計畫有了更深入的了解，並增強了支持其未來需求的可信度。隨著政府對金頂體育場投入巨資，我們有能力擴大與政府的合作範圍。

These are just a few areas for which we believe disciplined capital deployment can provide continued strong revenue and bottom line growth and we look forward to being able to share additional details as we execute on our vision. Beyond our valuable global L-band satellite spectrum and the growing number of partners and solutions we've developed over our three decades of operations, Iridium is unique in the satellite industry and that we generate strong cash flows with reasonable capital cycles.

這些只是我們認為嚴格的資本配置可以帶來持續強勁收入和底線成長的幾個領域，我們期待在實現我們的願景時能夠分享更多細節。除了我們寶貴的全球 L 波段衛星頻譜以及我們在三十年的營運中開發的越來越多的合作夥伴和解決方案之外，銥星在衛星產業中也是獨一無二的，我們透過合理的資本週期產生強勁的現金流。

With a healthy, flexible and still young satellite constellation, we won't need to spend on a new network until well into the 2030s with bus and launch costs significantly less than we experienced with our second-generation system, we feel good about our options for lower cost construction and launch when the time comes, including potentially as hosted payloads on another constellation system.

有了健康、靈活且仍處於發展階段的衛星星座，直到 2030 年代我們才需要投資建設新網絡，而且平台和發射成本將比第二代系統低得多，我們對在適當的時候以較低成本建設和發射的選擇感到滿意，包括可能作為另一個星座系統上的託管有效載荷。

Further, we have confidence that our strong cash flow should continue over the next five years and into the 2030s when a replacement system may be needed. Even with the increased uncertainty provided by a new satellite entrants, we still expect to generate at least $1.5 billion to $1.8 billion in total cash flows from 2026 through 2030, giving us a lot of flexibility as we enhance our business and focus on new growth opportunities.

此外，我們有信心，我們強勁的現金流將在未來五年內持續下去，直至 2030 年代可能需要更換系統。即使新衛星進入者帶來了更大的不確定性，我們仍然預計從 2026 年到 2030 年，總現金流將至少達到 15 億至 18 億美元，這將為我們在增強業務和專注於新的成長機會方面提供很大的靈活性。

Given the increased focus on solidifying our competitive position, we have decided that we will pause our share repurchase program to emphasize strategic growth initiatives and continue our discipline in the deployment of capital as we remain committed to deleveraging the balance sheet. We believe this is a prudent course for now, even as we continue with our quarterly dividend program. As you can see by our earnings report today, we continue to grow revenue and subscribers, and we expect to grow well into the future.

鑑於我們越來越注重鞏固競爭地位，我們決定暫停股票回購計劃，以強調策略性成長計劃，並繼續嚴格執行資本配置紀律，同時我們仍致力於降低資產負債表的槓桿率。我們認為，即使我們繼續執行季度股息計劃，這也是目前的謹慎做法。正如您從我們今天的收益報告中看到的，我們的收入和用戶數量持續成長，我們預計未來還會有良好的成長。

Since the beginning of the year, we've signed up more than 70 new technology and distribution partners to the Iridium ecosystem to either build new solutions or license our technology for new Iridium-based products. These are indicative of the continuing value of our network and demonstrate the strong pipeline we have for continued growth.

自今年年初以來，我們已與 70 多家新的技術和分銷合作夥伴簽約加入銥星生態系統，以建立新的解決方案或授權我們的技術用於基於銥星的新產品。這些都顯示了我們網路的持續價值，並展示了我們擁有持續成長的強大管道。

We are confident that Iridium's many product lines will continue to be relevant, and we are excited to begin to invest in related technologies and businesses where we see meaningful growth potential. While the EchoStar Spectrum sale is a major development, it does not come as a complete surprise to us. More D2D competition is coming, but we have time to respond as market reaction will be slow. We've seen this with a limited market reaction to Apple's D2D offerings and the response to the new T-Mobile satellite services which have been underwhelming as well.

我們相信銥星的眾多產品線將繼續具有相關性，並且我們很高興開始投資於我們認為具有重大成長潛力的相關技術和業務。儘管 EchoStar Spectrum 的銷售是一個重大進展，但這對我們來說並不完全是意外。更多的 D2D 競爭即將到來，但我們有時間做出反應，因為市場反應會很慢。我們已經看到市場對蘋果 D2D 產品的反應有限，對新的 T-Mobile 衛星服務的反應也同樣令人失望。

We agree that the communications market is changing and new industries, which hadn't previously seriously considered using satellite solutions, are now beginning to explore or build applications that offer real value to their customers. This is an attractive environment for us, and we expect Iridium's opportunities will expand. As we invest in new technologies and adjust our market focus, we know that our competitive advantage comes from focusing on specialized products and services for which high reliability and customized solutions remain key points of differentiation.

我們同意通訊市場正在發生變化，以前沒有認真考慮使用衛星解決方案的新興行業現在開始探索或建立為客戶提供真正價值的應用程式。這對我們來說是一個有吸引力的環境，我們預計銥星的機會將會擴大。當我們投資新技術並調整市場重點時，我們知道我們的競爭優勢來自於專注於專業產品和服務，而高可靠性和客製化解決方案仍然是差異化的關鍵點。

With that, I'll now turn the call over to Vince to discuss our quarterly results and outlook. Vince?

現在，我將把電話轉給文斯，討論我們的季度業績和前景。文斯？

Thanks, Matt. Good morning, everyone. As Matt noted, I'll review Iridium's financial results for the third quarter. I'll also highlight some of the trends we're seeing across the industry and share details on Iridium's leverage and capital position. Operational EBITDA was up 10% in the third quarter to $136.6 million, driven by a combination of revenue from recurring services and engineering and support.

謝謝，馬特。大家早安。正如馬特所說，我將回顧銥星公司第三季的財務表現。我還將重點介紹我們在整個行業中看到的一些趨勢，並分享有關銥星的槓桿和資本狀況的詳細資訊。第三季營運 EBITDA 成長 10%，達到 1.366 億美元，主要得益於經常性服務以及工程和支援收入的推動。

On the commercial side of our business, service revenue was up 4% to $138.3 million, largely due to growth in commercial IoT, PNT and voice and data. Voice and data revenue rose 4% from a year earlier to $59.9 million, largely reflecting price increases implemented in the beginning of July, which drove a 4% increase in ARPU.

在我們業務的商業方面，服務收入成長 4% 至 1.383 億美元，這主要歸功於商業物聯網、PNT 以及語音和數據的成長。語音和數據收入較上年同期成長 4%，達到 5,990 萬美元，這主要反映了 7 月初實施的價格上漲，推動 ARPU 成長 4%。

Commercial IoT revenue totaled $46.7 million in the third quarter, up 7% from a year earlier. This increase continues to reflect broad-based growth of our IoT services for both consumer and commercial applications. Commercial Broadband was down 17% from the year ago period, though largely in line with our internal forecast. We anticipated the decline in broadband this quarter, which was largely attributable to a non-maritime contract from the prior year period that was not renewed. Excluding this $1.4 million take-or-pay contract, the decline in broadband this quarter was consistent with the trend we saw in the first half of the year.

第三季商業物聯網營收總計4,670萬美元，較去年同期成長7%。這一成長持續反映了我們針對消費者和商業應用的物聯網服務的廣泛成長。商業寬頻較去年同期下降了 17%，但基本上符合我們的內部預測。我們預計本季寬頻業務將出現下滑，這主要是因為去年同期的非海事合約未續約。除掉這份價值 140 萬美元的照付不議合約外，本季寬頻的下滑與我們在今年上半年看到的趨勢一致。

Hosting and other data services revenue was $18.7 million this quarter, up 14% from last year's comparable quarter, reflecting an increase in PNT accentuated by a discrete event associated with the customer contract. We are in the early days of PNT business development and see robust opportunity ahead for meaningful revenue growth. We are encouraged by the level of market interest in the service that spans sectors and solutions.

本季託管和其他數據服務收入為 1870 萬美元，比去年同期增長 14%，反映了與客戶合約相關的離散事件導致的 PNT 增長。我們正處於 PNT 業務發展的早期階段，並看到了實現有意義的收入成長的巨大機會。市場對這項跨越多個行業和解決方案的服務的興趣程度令我們感到鼓舞。

There is an increasing need for resilient position and timing solutions, especially for civil and commercial applications, to address jamming and spoofing and protect critical infrastructure. Government Service revenue was up modestly in the third quarter to $26.9 million, reflecting the step-up in our EMSS contract with the US government in mid-September. This is the last price step-up to our contract, which will yield $110.5 million during the final year of the seven year term. I should note that the government has the option to extend the contract for a period of six months at the current rate, which they traditionally exercise.

人們越來越需要有彈性的定位和計時解決方案，特別是對於民用和商業應用，以解決幹擾和欺騙問題並保護關鍵基礎設施。第三季政府服務收入小幅成長至 2,690 萬美元，這反映了我們 9 月中旬與美國政府簽訂的 EMSS 合約的增加。這是我們合約的最後一次價格上漲，在七年合約期的最後一年將產生 1.105 億美元的收益。我應該指出，政府可以選擇以當前利率將合約延長六個月，這是他們傳統上的做法。

Our formal negotiations on the new EMSS contract with the government will commence in 2026 in earnest. We entered this process with a strong relationship built over 25 years and understand well their priorities, needs and expectations. A good example of this is the integration of Iridium's technology in Qualcomm's new Snapdragon Mission Tactical Radio for US government and Allied users.

我們與政府就新的 EMSS 合約進行的正式談判將於 2026 年正式開始。我們進入這一過程時已經建立了超過 25 年的牢固關係，並且非常了解他們的優先事項、需求和期望。一個很好的例子就是將銥星技術融入高通公司為美國政府和盟軍用戶推出的新型驍龍任務戰術無線電中。

Turning to subscriber equipment. Sales were $21.5 million in the third quarter, down marginally from the prior year's quarter. We now forecast full year sales will modestly under on last year's level. Engineering and support revenue was $40.2 million in the third quarter as compared to $30.7 million in the prior year period. The strong increase from the prior year quarter continues to reflect Iridium's growing work with the Space Development Agency as well as new R&D and study contracts awarded in the prior year.

轉向用戶設備。第三季銷售額為 2,150 萬美元，較去年同期略有下降。我們現在預測全年銷售額將略低於去年的水平。第三季工程和支援收入為 4,020 萬美元，而去年同期為 3,070 萬美元。與去年同期相比的強勁成長繼續反映了銥星與太空發展局日益增長的合作以及去年授予的新研發和研究合約。

For 2025, we are tightening our full year forecast for service revenue growth to approximately 3% and are narrowing our OEBITDA guidance between $495 million and $500 million, the higher end of our previously guided range.

對於 2025 年，我們將全年服務收入成長預測收緊至約 3%，並將 OEBITDA 指引縮小至 4.95 億美元至 5 億美元之間，這是我們先前指引典範的高端。

The primary driver of our adjustment to service revenue relates to the timing of PNT revenue. As previewed during our second quarter call, PNT revenue that had initially been expected to come in 2025, will now be delayed and pushed into future periods. And existing large customers working on a major deployment of PNT. Their investment is significant. However, the timing of implementation rests on factors outside of our control.

我們調整服務收入的主要驅動因素與 PNT 收入的時間有關。正如我們在第二季電話會議上所預測的那樣，最初預計將在 2025 年實現的 PNT 收入現在將被推遲並推遲到未來時期。現有的大型客戶正在致力於 PNT 的大規模部署。他們的投資龐大。然而，實施的時間取決於我們無法控制的因素。

We continue to work closely with this customer to support their rollout. This will result in hosted payload and other data services growth below trend in the fourth quarter and full year service revenue trending to the bottom end of our previously guided range. PNT remains a very attractive market for Iridium and will drive incremental revenue growth. We especially like the fact that it is a wide area of broadcast service that supports an unlimited number of users, while using minimal network resources. We've been happy to see Iridium PNT expand into a number of new applications like 5G networks.

我們將繼續與該客戶密切合作，以支持他們的推廣。這將導致託管有效載荷和其他數據服務的成長在第四季度低於趨勢水平，並且全年服務收入趨於我們先前指導範圍的底端。PNT 對銥星來說仍然是一個非常有吸引力的市場，並將推動增量收入的成長。我們特別喜歡這樣一個事實：它是一種廣泛的廣播服務，支援無限數量的用戶，同時使用最少的網路資源。我們很高興看到銥星 PNT 擴展到 5G 網路等許多新應用領域。

For example, you may have seen this week's announcement that T-Mobile is increasing their deployment of Iridium PNT for network resilience. Beyond this item, I would offer a couple of comments on trends we are seeing in our commercial lines of business as well as our ongoing work with the US government. As I noted earlier, we initiated a price increase in our commercial voice and data business in July. Coincident with this rise in ARPU, we have seen a modest amount of subscriber deactivations tied to this pricing action.

例如，您可能已經看到本週的公告，T-Mobile 正在增加銥星 PNT 的部署，以提高網路彈性。除此之外，我還想就我們在商業業務中看到的趨勢以及我們與美國政府正在進行的合作發表一些評論。正如我之前提到的，我們在七月開始提高商業語音和數據業務的價格。隨著 ARPU 的上升，我們發現與此定價行為相關的用戶數量有所減少。

Going forward, we expect ARPU for our voice and data business to average $48 for the foreseeable future. Revenue in subscribers in IoT continue to grow. While we expect fourth quarter growth to increase from the 7% posted in Q3 due to contracted revenue with a large customer, we believe IoT revenue growth will now come in just below 10% for the full year. Our IoT business is running well. And as Matt noted, we have a number of new partners that have joined Iridium's ecosystem that are building new applications and will help drive future growth.

展望未來，我們預計在可預見的未來，我們的語音和數據業務的 ARPU 平均為 48 美元。物聯網用戶收入持續成長。雖然我們預計由於與大客戶簽訂的合約收入，第四季度的成長率將從第三季的 7% 上升，但我們認為全年物聯網收入成長率將略低於 10%。我們的物聯網業務運作良好。正如馬特所說，我們有許多新合作夥伴加入了銥星生態系統，他們正在建立新的應用程式並將有助於推動未來的成長。

As I mentioned earlier, the decline in our broadband revenue growth rate in the third quarter was abnormally high due to the impact of a non-maritime contract from the prior year period that was not renewed. We anticipate that the year-over-year decline in broadband revenue will continue into the fourth quarter and trend closer to 8%. A faster conversion of maritime vessels from primary to companion service this year is hastening a mix shift in our maritime business and will continue to be visible in our ARPU through the end of the year.

正如我之前提到的，由於受到去年同期未續約的非海事合約的影響，我們第三季寬頻收入成長率的下降異常高。我們預期寬頻收入年減的趨勢將持續到第四季度，並趨於接近 8%。今年，海運船舶從主要服務向配套服務的轉變加快了，這加速了我們海運業務的組合轉變，並將在今年年底前繼續在我們的 ARPU 中顯現出來。

Over time, we believe subscriber gains from the adoption of new Iridium Certus GMDSS plans will help to offset these ARPU pressures and that Iridium will remain an important player in the maritime sector. Iridium's government business will generate $108 million in EMSS revenue from the DoD this year. We also expect that the strong trends we've seen in engineering and support, primarily tied to our work with the SDA, will continue into the fourth quarter and support another year of record engineering revenue.

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，並且銥星將繼續在海事領域發揮重要作用。銥星的政府業務今年將從國防部獲得 1.08 億美元的 EMSS 收入。我們也預計，我們在工程和支援方面看到的強勁趨勢（主要與我們與 SDA 的合作相關）將持續到第四季度，並支持工程收入再創紀錄。

Finally, with the tax legislation passed this summer, we expect an additional year of tax savings. We now expect Iridium to pay cash taxes of less than $10 million per year through 2027 and don't anticipate being a taxpayer at the full statutory rate until 2029. This updated tax profile will add further support to incremental cash generation. We hope this color is helpful as we enter the final quarter of the year.

最後，隨著今年夏天稅收法案的通過，我們預計可以再節省一年的稅金。我們現在預計，到 2027 年，銥星公司每年繳納的現金稅將低於 1000 萬美元，並且預計直到 2029 年才會成為按法定稅率全額納稅的人。更新後的稅收狀況將為增量現金產生提供進一步的支持。我們希望這種顏色在我們進入今年最後一個季度時能夠有所幫助。

During the third quarter, Iridium retired approximately 1.9 million shares of common stock at an average price of $26.22. While Iridium stock trades at an attractive valuation, we believe it is prudent to enhance our incremental financial flexibility in the face of future changes to the competitive landscape. As Matt has already noted, we are pausing our share buybacks. Over the normal course, pausing our repurchase program will add approximately $50 million to our cash position by the end of the year and drive our net leverage slightly lower.

第三季度，銥星公司以平均每股26.22美元的價格回購了約190萬股普通股。儘管銥星公司的股票估值頗具吸引力，但我們認為，鑑於未來競爭格局的變化，增強財務靈活性是明智之舉。正如馬特已經指出的那樣，我們正在暫停股票回購。在正常情況下，暫停回購計畫將在年底前為我們的現金狀況增加約 5,000 萬美元，並略微降低我們的淨槓桿率。

Given the free cash flow Iridium will continue to generate, we have the ability to delever and quickly reduce net leverage from today's 3.5 times. This increased financial flexibility allows us to consider options such as potentially buying back some of our debt, which reduces ongoing carrying costs.

鑑於銥星將繼續產生的自由現金流，我們有能力去槓桿並迅速將淨槓桿率從目前的 3.5 倍降低。這種增強的財務靈活性使我們能夠考慮一些選擇，例如可能回購部分債務，從而降低持續的持有成本。

Absent an acquisition, Iridium could quickly delever below 2 times net leverage well in advance of our targeted time line of 2030. Further, financial flexibility supports our ability to pursue strategic initiatives, including bolt-on M&A that bolsters our position in certain target markets.

如果沒有收購，銥星公司可以迅速將淨槓桿率降至 2 倍以下，遠早於我們設定的 2030 年目標時間線。此外，財務靈活性支持我們實施策略措施的能力，包括增強我們在某些​​目標市場地位的附加併購。

Moving to our capital position as of September 30, Iridium had a cash and cash equivalents balance of $88.5 million and ended the quarter with net leverage of 3.5 times OEBITDA. On September 30, Iridium made a quarterly dividend payment of $0.15 per share to shareholders. This increase to the dividend rate results in full year growth rate of approximately 5% over 2024. We are committed to an active and growing dividend program as it augments long-term shareholder returns. Capital expenditures in the third quarter were $21.5 million. As we have noted previously, we anticipate higher capital expenditures in 2025 to support our work on Iridium NTN Direct and 5G standards.

截至 9 月 30 日，銥星的資本狀況為現金和現金等價物餘額為 8,850 萬美元，本季末的淨槓桿率為 OEBITDA 的 3.5 倍。9月30日，銥星公司向股東派發了每股0.15美元的季度股利。股息率的提高將使 2024 年全年增長率達到約 5%。我們致力於積極且不斷增長的股息計劃，因為它可以增加長期股東回報。第三季的資本支出為2150萬美元。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，以支持我們在銥星 NTN Direct 和 5G 標準方面的工作。

Turning to our pro forma free cash flow. We present a description of our cash flow metrics, along with the reconciliation to GAAP measures in a supplemental presentation, under the Events tab on our Investor Relations website. In those materials, we project pro forma free cash flow of about $304 million for 2025, with a conversion rate of OEBITDA to free cash flow of 61% in '25 and a yield approaching 18%.

轉向我們的形式自由現金流。我們在投資者關係網站的「活動」標籤下的補充簡報中提供了我們的現金流指標描述以及與 GAAP 指標的對帳。在這些資料中，我們預測 2025 年的自由現金流約為 3.04 億美元，25 年 OEBITDA 轉換為自由現金流為 61%，收益率接近 18%。

As Matt has previously noted, we expect that the Spectrum deals announced this year will bring more competition to the MSS industry over time. To ensure we are providing the most relevant guidance, we continue to guide service revenue on a year-by-year basis, but our withdrawing our 2030 service revenue outlook. Iridium has a durable and resilient business that will continue to generate significant cash flow over the long term.

正如馬特之前指出的那樣，我們預計今年宣布的 Spectrum 交易將隨著時間的推移為 MSS 行業帶來更多競爭。為了確保我們提供最相關的指導，我們將繼續逐年指導服務收入，但撤回 2030 年服務收入展望。銥星的業務持久且富有彈性，將在長期內持續產生大量現金流。

That strength is driven in part by Iridium-connected solutions that are not easily displaced and drive our recurring revenue quarter after quarter and year after year. We anticipate that even in the evolving competitive environment, Iridium has the capacity to generate at least $1.5 billion to $1.8 billion of free cash flow over the balance of this decade. I'd remind investors that Iridium is currently generating about $300 million per year of pro forma free cash flow. Just maintaining this run rate generates $1.5 billion through the end of the decade.

這種優勢部分得益於銥星連接解決方案，這些解決方案不易被取代，並推動我們逐季、逐年產生經常性收入。我們預計，即使在不斷變化的競爭環境中，銥星公司在未來十年內仍有能力產生至少 15 億至 18 億美元的自由現金流。我想提醒投資者，銥星公司目前每年產生約 3 億美元的自由現金流。光是維持這項運作率就能在十年末產生 15 億美元的收入。

Iridium occupies a unique position in the satellite market today. We have great assets, strong cash flow and many opportunities for incremental growth. While we acknowledge that the competitive dynamics in the satellite industry are likely to move at a faster pace, we remain very excited about our prospects and the durability of our existing business.

銥星在當今衛星市場上佔有獨特的地位。我們擁有大量資產、強勁的現金流和許多增量成長機會。雖然我們承認衛星產業的競爭態勢可能會以更快的速度發展，但我們仍然對我們的前景和現有業務的持久性感到非常興奮。

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

說完這些，我將把事情轉交給接線員，並期待您的提問。

(Operator Instructions)

（操作員指示）

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hey, good morning. Thanks for taking our questions. I want to follow up on the strategic options that the team has mentioned and maybe take it from two angles. First, you mentioned M&A several times, I'm wondering what the time line maybe is for some of these actions and that's in the context stuff, is this a case where you had a bunch of M&A in the pipeline already and you're speeding it up? Or are you now looking for different types of targets post all the events that have occurred in the last couple of months?

嘿，早安。感謝您回答我們的問題。我想跟進團隊提到的策略選擇，也許可以從兩個角度來考慮。首先，您多次提到併購，我想知道這些行動的時間表是怎樣的，這是在上下文中，您是否已經在籌備一系列併購，並且正在加快步伐？或者您現在正在尋找過去幾個月發生的所有事件的不同類型的目標？

Yeah. Look we haven't been a big acquisition company. Obviously, we did Satelles a few years ago, but hadn't done any since. We have been looking at some areas that are complementary to what we're doing. We're looking at some now. I can't really comment on any specific timing because it's not completely within our control. But I did want to signal to you that, that will be a bigger focus for us going forward for obvious reasons. I mean there are things we can do to accelerate revenues and growth that are complementary to the specific areas we've targeted, and we're going to focus on those a bit more heavily. But there's not lots of targets. We're obviously not going to do many, many at the time, but we will focus on that more.

是的。瞧，我們還不是一家大型收購公司。顯然，我們幾年前做過衛星，但之後就沒再做過了。我們一直在尋找一些與我們正在做的事情互補的領域。我們現在正在看一些。我無法對任何具體時間發表評論，因為這不完全在我們的控制範圍內。但我確實想向你們表明，出於顯而易見的原因，這將是我們今後更加關注的重點。我的意思是，我們可以做一些事情來加速收入和成長，這些事情與我們所針對的特定領域相輔相成，我們將更加關注這些領域。但目標並不多。顯然，我們暫時不會做很多事情，但我們會更專注於此。

Understood. And then when I take a look at the M&A angle from, I guess, the opposite side, does it make sense to you for Iridium to be part whether directly or indirectly of some type of other solution, whether it's another big tech company trying to get into [DTD] in some way? Do you think that is a sensible thing after what's happened and transpired in the last couple of months?

明白了。然後，當我從相反的角度看待併購時，您是否認為銥星公司直接或間接地成為某種其他解決方案的一部分，無論它是另一家試圖以某種方式進入 [DTD] 的大型科技公司？在過去幾個月發生的事情之後，您認為這是明智之舉嗎？

Well, it's only sensible based upon the value that, that would create for shareholders, which is our job to maximize. So clearly, we'd be open to those who have that desire. But I don't know for sure, but I wouldn't say that the recent news of spectrum purchase of that size and given the still uncertainty of the market will attract more to the market. I mean it might be less. But there's only so many of us that do have spectrum.

嗯，這只有在為股東創造價值的基礎上才是明智的，而我們的工作就是要實現價值最大化。顯然，我們會向有這種願望的人開放。但我並不確定，但考慮到市場仍然存在的不確定性，我不會說最近有關如此規模的頻譜購買的消息會吸引更多人進入市場。我的意思是可能會更少。但我們當中真正擁有光譜的人是有限的。

We obviously have an important position there. And so if someone really wanted to do it globally, we could obviously be part of that. But that's not really for us to decide. That's not really something we can plan and execute on. That's for others to decide, but we'll do what's in the best interest in the long term value that we can create.

我們顯然在那裡佔有重要地位。因此，如果有人真的想在全球範圍內做到這一點，我們顯然可以參與其中。但這其實不是我們能決定的。這實際上不是我們可以計劃和執行的事情。這是其他人的決定，但我們會做最符合我們所能創造的長期價值的事情。

Great. Thank you so much.

偉大的。太感謝了。

Thanks, Edison.

謝謝，愛迪生。

Brent Penter, Raymond James..

布倫特·彭特、雷蒙·詹姆斯…

Hey, good morning everyone. Thanks for taking the questions and appreciate the commentary on the competitive environment. So at a high level, which of your business lines do you think are totally insulated from the competitive risk where you don't think about it at all really? Which business lines are maybe mostly insulated and which business lines do you think are most potentially exposed?

嘿，大家早安。感謝您回答問題並欣賞競爭環境的評論。那麼從高層次來看，您認為哪些業務線完全不受競爭風險的影響，而您實際上根本沒有考慮過這種風險？您認為哪些業務線可能基本上沒有受到影響，哪些業務線最有可能受到影響？

Well, that's a very detailed question here. No business is completely insulated. We've largely been extremely competitive in the areas that we serve because of our global network because of our L-band spectrum because we're able to be a regulated provider when others can't. There's a lot of hurdles people have to overcome to compete say and the cockpit safety services or maritime safety services. Others have tried to do that, and it's taken years and years.

嗯，這是一個非常詳細的問題。沒有任何一家企業能夠完全免受影響。由於我們擁有全球網路和 L 波段頻譜，我們在所服務的地區具有極強的競爭力，因為我們能夠成為受監管的供應商，而其他供應商則不能。人們必須克服許多障礙才能在駕駛艙安全服務或海上安全服務方面競爭。其他人也曾經嘗試這樣做，但花費了很多年的時間。

So those kind of areas are always going to be pretty insulated from services. Some things like PNT, for example, given a 15-year head start we have on that, given the fact that would be really very difficult to kind of recreate a service like that. Those are going to be pretty well protected services. Industrial IoT, really -- in many ways, that's protected by just a massive ecosystem and solutions that we provided, but we do have a wide variety of both proprietary and soon to be standards-based services, which also make that an attractive service that's in a business -- in an area of which there's going to be multiple suppliers. It's not going to always be direct head on the head competition, it's going to be actually multiple solutions in many things.

因此，這些地區總是會與服務隔絕。以 PNT 等服務為例，考慮到我們在此方面領先 15 年，因此重新創建這樣的服務確實非常困難。這些將會是受到良好保護的服務。工業物聯網實際上——在許多方面，它都受到我們提供的龐大生態系統和解決方案的保護，但我們確實擁有各種各樣的專有服務和即將成為標準的服務，這也使其成為一項有吸引力的服務——在一個將會有多個供應商的領域。這並不總是直接的正面競爭，實際上在許多事情上都會有多種解決方案。

For example, in the autonomous areas, we're finding ourselves being put on with terrestrial and even kind of broadband capabilities into autonomous solutions. So I think that covers a lot of area. The government is another area that after 25 years and being embedded into so many areas, having such high credibility in terms of what we can do and what our experience has led, which FDA is a good example of as we're lining up around Golden Dome, which potentially could be $175 billion, we find there's an awful lot of business that we can address. And we're mature enough as an organization to now go after that business where we couldn't have before.

例如，在自治區，我們發現自己被納入了地面甚至寬頻能力的自治解決方案中。所以我認為這涵蓋了很多領域。政府是另一個領域，經過 25 年的發展，我們已經涉足如此多的領域，在我們可以做的事情和我們的經驗方面擁有如此高的信譽，FDA 就是一個很好的例子，當我們在金頂周圍排隊時，潛在的價值可能是 1750 億美元，我們發現有很多業務我們可以處理。作為一個組織，我們已經足夠成熟，可以去從事以前無法從事的業務。

So I would say we feel like, first of all, we have a lot of sustaining strength in the existing businesses, a lot of momentum for -- in the coming years. Long term, as you look over 10 years, I think our business will evolve a bit, and that's why we're going to be more aggressive about evolving it ourselves into it. But I think that there's -- that's why we feel very strongly about the cash flows we're going to be generating over the next five years and can really kind of reiterate those.

所以我想說，首先，我們覺得現有業務擁有強大的持續實力，未來幾年也擁有強大的發展動力。從長遠來看，展望 10 年，我認為我們的業務將會發生一些變化，這就是為什麼我們要更積極地自我發展。但我認為，這就是為什麼我們對未來五年將產生的現金流有強烈的感覺，並且可以重申這一點。

Okay. Great. I appreciate all that detail. And so to take a big broad question and make it a little more specific. If we look at the voice and data segment, what -- can you give us a rough breakdown of what percent of your base there are more leisure or casual users versus what portion are maybe more industrial types or users that really need that more robust device and service that might be at less risk?

好的。偉大的。我很欣賞所有這些細節。因此，我們需要將一個很廣泛的問題變得更具體一些。如果我們看一下語音和數據部分，您能否粗略地細分一下，在您的用戶群中，有多少百分比是休閒或臨時用戶，有多少百分比是工業類型或真正需要更強大、風險更低的設備和服務的用戶？

Well, when you talk about voice and data, I mean, you're mostly talking about satellite phones and PTT devices and the like. And I don't think there's a whole lot of leisure in there. Almost everything that we supply is I would call for kind of a security, industrial kind of use, NGOs, first responders, militaries, and the like. I don't see a lot of people who are talking about the fact that they have a satellite phone for fun or use a push-to-talk device for roaming with family. So I think very little of that is really, I would call, consumer-grade kind of things.

嗯，當您談論語音和數據時，我的意思是，您主要談論的是衛星電話和 PTT 設備之類的。我不認為那裡有太多的休閒時間。我所稱的我們提供的幾乎所有產品都用於安全、工業用途、非政府組織、急救人員、軍隊等。我並沒有看到很多人談論他們擁有衛星電話只是為了好玩，或者使用一鍵通設備與家人一起漫遊。所以我認為，這些其實很少是所謂的消費級的東西。

So it's another reason why I -- by the way, there's a little bit in terms of like subscribers. You can see we're seeing a difference in subscribers. As I was looking through and talking to the team about where that kind of year-over-year sort of subscriber, it's still small, but where is it coming from? It's all in kind of industrial areas. For example, the DOGE funding with USAID.

順便說一下，這是我的另一個原因，與訂閱者有關。您可以看到，訂閱者數量有所不同。當我查看並與團隊討論這種逐年增加的訂閱用戶數量時，我發現它仍然很少，但它從何而來？這些都位於工業區。例如，DOGE 與美國國際開發署合作資助。

There were some -- we're talking -- all these are, by the way, a pretty small effect. So there was USAID, the UN, for example, as some funding issues. So kind of NGOs in general. Of course, the -- we did have a small price increase this year, and I see some small impact, it seems like with some people who may be looking -- I'd say, again, maybe these are governmental agencies that decide they can use a few less given the price. I would say, tariffs have had a small impact.

有一些 — — 我們正在談論 — — 順便說一下，所有這些都影響很小。因此，存在一些資金問題，例如美國國際開發署和聯合國。整體來說，非政府組織都是這樣的。當然，今年我們的價格確實小幅上漲了，而且我看到了一些小的影響，似乎有些人可能在關注——我想再說一次，也許這些是政府機構決定在價格不變的情況下少用一些。我想說，關稅的影響很小。

Really stretching a little bit, like the drawback -- the troop drawdown in Gaza, hurricanes. This has been one of the quietest hurricane seasons, but all these things have a small impact you could say is D2D an impact. The fact that you can do it with a smartphone, and it must be a small impact, but it really is, given all those other kind of quantifiable issues, I can't see a real big impact really right now from D2D on that business. And I would say kind of the implication of your question is those are kind of consumer users and not industrial NGO, first responder, safety and security kind of application. So I hope that helps answer kind of where we see that business.

確實有點牽強，例如缺點——加薩的部隊撤離，颶風。這是最平靜的颶風季節之一，但所有這些事情的影響都很小，你可以說這是 D2D 的影響。事實上，你可以用智慧型手機做到這一點，這肯定會產生很小的影響，但考慮到所有其他可量化的問題，我現在看不出 D2D 會對該業務產生真正的重大影響。我想說的是，你的問題暗示那些是消費者用戶，而不是工業非政府組織、急救人員、安全和安保類型的應用程式。所以我希望這有助於回答我們對該業務的看法。

Yeah. Very helpful color. And so my last question would just be kind of take a similar question with the IoT business. Can you all update us on what portion of that base is personal communication kind of or consumer users?

是的。非常有用的顏色。因此，我的最後一個問題與物聯網業務類似。你們能否告訴我們該用戶群中有多少是個人通訊用戶或消費者用戶？

It's about -- Brent, there is about 900,000 -- of the IoT subscriber base, roughly about 900,000 are personal subscriber users.

布倫特，物聯網用戶群約有 90 萬，其中約 90 萬是個人用戶。

And those are low ARPU users for the most part. As you can see, that business continues to grow and still expands in terms of number of devices and users, most of that business though is still -- as we can tell, not just everyday users who use this occasionally now and then, which is where a lot of, I think, D2D is going. These are users that need a rugged purpose-built device for tracking or these again are a lot of first responders and those sort of people as well. So I think over half, which is our higher margin business is the broader industrial IoT area and that's the area that kind of continues to grow at pretty traditional rates right now.

而這些用戶大多都是 ARPU 較低的用戶。如您所見，該業務繼續成長，並且在設備和用戶數量方面仍在擴大，但大部分業務仍然 - 正如我們所知，不僅僅是偶爾使用它的日常用戶，我認為，這正是 D2D 的發展方向。這些用戶需要堅固耐用的專用設備來進行跟踪，或者他們也是許多急救人員和類似的人。因此，我認為超過一半的利潤率較高的業務是更廣泛的工業物聯網領域，而這個領域目前繼續以相當傳統的速度成長。

Okay, great. Appreciate all the detail, guys. Thanks.

好的，太好了。感謝你們提供的所有細節，夥計們。謝謝。

Thanks.

謝謝。

Mathieu Robilliard, Barclays.

巴克萊銀行的 Mathieu Robilliard。

Yes, good morning and thank you for the presentation. If I could dive in some of the verticals a bit more. In terms of the broadband, one, you mentioned that there was a one-off kind of a contract that was not renewed. But I was wondering if you were still seeing an impact from the loss of core connectivity services that you had in the past, but I thought would be down by the end of last year or beginning of this year. So I just wanted to make sure what was the exposure still to connectivity service on the maritime.

是的，早上好，感謝您的演講。如果我可以更深入地探討一些垂直領域的話。關於寬頻，首先，您提到有一種一次性合同，不會續約。但我想知道您是否仍然看到過去核心連結服務遺失的影響，但我認為到去年年底或今年年初這種影響就會下降。所以我只是想確認一下海上連接服務的曝光度如何。

And then on the IoT and clearly, I think from what you've said, this is potentially the area where D2D could become the biggest competitor. At the same time, you are developing your home, D2D IoT or NTN IoT solution. And I think you signed the deal with Deutsche Telekom recently, and I wanted to clarify what exactly it is? Because my understanding is that your services are not yet commercially available. And so if you could clarify exactly the nature of what you signed with Deutsche Telekom. And also, which is another way to look at the threat of D2D or the opportunity.

然後在物聯網方面，顯然，我認為從您所說的來看，這可能是 D2D 可能成為最大競爭對手的領域。同時，您正在開發您的家庭、D2D IoT 或 NTN IoT 解決方案。我認為您最近與德國電信簽署了協議，我想澄清一下它到底是什麼？因為據我了解，你們的服務尚未商業化。因此，如果您能明確說明與德國電信簽署的協議的具體性質。這也是看待 D2D 威脅或機會的另一種方式。

Clearly, when we look at pure mobile terrestrial IoT ARPUs, we're talking about less than a $1 or low single-digit dollar per month per user, which is not the case in your IoT business, and I understand there's lots of different price points. But is your D2D initiative, is that something that could protect you to some extent, but also just bring lower ARPU for the same amount of subscribers? Thank you.

顯然，當我們看純行動地面物聯網 ARPU 時，我們談論的是每個用戶每月不到 1 美元或低個位數美元，而您的物聯網業務並非如此，而且我知道有很多不同的價格點。但是，您的 D2D 方案是否可以在一定程度上保護您，但同時也會為相同數量的使用者帶來較低的 ARPU 值？謝謝。

Okay. You have a couple there, Mathieu. I think you started with broadband. I want to make sure you understand that onetime which sort of distorts this quarter was actually revenue we had to recognize a year ago in the contract. So the contract was terminated.

好的。你那兒有一對夫婦，馬修。我認為您是從寬頻開始的。我想確保你們明白，本季出現扭曲的一次收入實際上是我們一年前在合約中確認的收入。因此合約終止了。

That wasn't the maritime contract happened to be kind of a little bit larger onetime kind of event that when you normalize that, we continue to sort of change the mix, if you will, in the maritime industry. I'm expecting that, that will eventually turn around. You can see the new products that are coming out. We've had some announced even in the last month. Intellian, which is a really important supplier in the maritime space, got approval for their combined backup GMDSS terminal, I think will be very attractive, and we have some more in the market coming.

那不是海事合同，而是一種規模稍大一些的一次性事件，當你將其正常化時，我們會繼續改變海事行業的結構。我期待著，情況最終會好轉。您可以看到即將推出的新產品。我們甚至在上個月就宣布了一些消息。Intellian 是海事領域非常重要的供應商，其組合式備用 GMDSS 終端已獲得批准，我認為這將非常有吸引力，而且我們將在市場上推出更多產品。

So I think broadband will eventually kind of flatten out, and we're not seeing any new trends in that area. In terms of IoT, yes, the contract -- the announcement of DT and the others that I think you'll soon be seeing are really kind of roaming arrangements. Those are MOUs. These are that relate to their agreements to allow their customers to roam onto our network, they're terrestrial customers. As I said before, we're getting a lot of interest, in fact, even growing interest there.

所以我認為寬頻最終會趨於平穩，而且我們在該領域沒有看到任何新趨勢。就物聯網而言，是的，合約——我認為您很快就會看到 DT 和其他公司的公告，實際上是一種漫遊安排。這些都是諒解備忘錄。這些與他們的協議有關，允許他們的客戶漫遊到我們的網絡，他們是地面客戶。正如我之前所說，我們引起了許多人的興趣，事實上，人們的興趣甚至不斷增長。

The D2D market is not a one player wins all. What we're hearing from the mobile network operators is that they want multiple partners. They -- even the ones that have invested in people, I think you're going to see are going to roam on to our network as well. They appreciate the robustness of our network and the availability of it. I mean it won't be long before we deliver that service and the revenues.

D2D 市場並不是一個玩家贏得一切的市場。我們從行動網路營運商那裡聽說，他們希望有多個合作夥伴。他們——即使是那些對人才進行投資的人，我想你也會看到他們在我們的網路上漫遊。他們欣賞我們網路的穩健性和可用性。我的意思是我們很快就能提供這項服務並帶來收入。

You're right, I think we'll be probably lower ARPU overall, but there will be an expansion of the market as opposed to necessarily -- they'll be going after applications that we wouldn't be able to address today with our proprietary solution. So for example, we can't address the smart meter market. There's many agricultural sensor markets we can address today. But our network is will be perfectly suited for those applications. And when we deliver a service, there'll be a lot of mobile network operator applications in this space, which they would find attractive to allow to roam on to our network.

你說得對，我認為我們的整體 ARPU 可能會降低，但市場會擴大，而不是必然擴大——他們會追求我們今天無法用專有解決方案解決的應用程式。例如，我們無法解決智慧電錶市場的問題。我們今天可以解決許多農業感測器市場的問題。但我們的網路非常適合這些應用。當我們提供服務時，這個領域會有很多行動網路營運商應用程序，他們會發現允許這些應用程式在我們的網路上漫遊很有吸引力。

So we see that as a net positive and an important growth area for us. So I think I covered all of them, but let me know if I didn't, Mathieu.

因此，我們認為這對我們來說是一個淨利好，也是一個重要的成長領域。所以我認為我已經涵蓋了所有內容，但如果沒有，請告訴我，Mathieu。

No, that's very clear. I guess what I understand in terms of the agreement you signed with Deutsche is not -- this is based on your existing satellite IoT solutions. You're just signing a new partner, which is great in itself, but it has nothing to do with you are --

不，這很清楚。我認為您與德意志銀行簽署的協議不是基於您現有的衛星物聯網解決方案。你剛剛簽了一個新的合作夥伴，這本身就很好，但這與你無關--

That's not true, Mathieu. That the announcement with DT was for Iridium NTN Direct. Whenever you hear the term Iridium NTN Direct, that's our service name for our new narrowband IoT standards-based solution based upon 3GPP Release 19 standards and the new chipsets and all that sort of thing. So that's what we're testing right now. It's actually starting to really do initial testing on live satellites. It's going to evolve into a service that we think will be ready next year, and we'll generate new solutions in devices that can both handle terrestrial and satellite communications.

事實並非如此，馬修。與 DT 一起發布的公告是關於 Iridium NTN Direct 的。每當您聽到「Iridium NTN Direct」這個術語時，它都是我們基於 3GPP Release 19 標準和新晶片組等的新型窄帶物聯網標準解決方案的服務名稱。這就是我們現在正在測試的。它實際上已經開始對實時衛星進行初步測試。它將發展成為一項我們認為明年就能準備好的服務，並且我們將在能夠處理地面和衛星通訊的設備中產生新的解決方案。

Okay, that's very clear now. Thank you.

好的，現在很清楚了。謝謝。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Hey, thank you for the question. Following up with that and maybe just asking it a little bit more directly, but as we think about kind of take on value on kind of Iridium and maybe the process, typically, if we think about it maybe starting today and the cost starting now, is it fair to assume that like 9 to 12 months could be a kind of potential time line to realizing that the full value of Iridium?

嘿，謝謝你的提問。接下來，也許只是更直接地問一下，但是當我們考慮銥星的價值以及這個過程時，通常，如果我們考慮它可能從今天開始並且成本從現在開始，那麼是否可以公平地假設 9 到 12 個月可能是實現銥星全部價值的潛在時間表？

And if you think about kind of the key value within Iridium's kind of constellation RF network downstream devices, where do you think kind of are the key things that other partners might want to take out of the business or kind of integrate it into their wholesale back? I mean like there's a lot of, obviously, big dollars that are flowing around and like, yeah, you can make the argument that the space equity market probably continues to drift higher from here. But it's just one of those things where it's tough to get public market credit for such an enduring and valuable asset.

如果您考慮銥星星座射頻網路下游設備中的關鍵價值，您認為其他合作夥伴可能希望從業務中獲取哪些關鍵的東西，或將其整合到批發業務中？我的意思是，顯然有很多大筆資金在流動，是的，你可以說太空股票市場可能會從現在開始繼續走高。但對於如此持久且寶貴的資產來說，要獲得公開市場認可非常困難。

Yeah. That's a good question and a difficult one to answer. I mean, I think our value is in the breadth of and experience and the ecosystem that we've had and all the solutions and growing market segments. We have -- I mentioned a couple -- a number of really, I think, important and enduring assets that we have, whether it's the US government business, our PNT technology, which is quite unique, the breadth.

是的。這是一個好問題，但很難回答。我的意思是，我認為我們的價值在於我們擁有的廣度、經驗和生態系統以及所有解決方案和不斷增長的細分市場。我提到過，我們擁有許多我認為非常重要且持久的資產，無論是美國政府業務，還是我們獨特的 PNT 技術，以及其廣度。

I mean we've been the winner in IoT satellite services for a while now, and that isn't slowing down what we can do in other markets. I look at others right now. Yes, with a little jealousy, people do have no revenues and only long-term kind of growth prospects. And obviously, the market isn't appreciating that about us right now. And that's why I think this sort of announcement of a bit of pivot and more investment into longer-term growth areas, which is clearly what people are appreciating now as opposed to return of capital and that sort of thing. I think it's prudent right now.

我的意思是，我們已經成為物聯網衛星服務領域的贏家一段時間了，但這並沒有減緩我們在其他市場的發展速度。我現在看著別人。是的，有點嫉妒，人們確實沒有收入，只有長期的成長前景。顯然，市場目前並不欣賞我們這一點。這就是為什麼我認為宣布一些轉變和對長期成長領域的更多投資，這顯然是人們現在所欣賞的，而不是資本回報之類的事情。我認為現在這樣做是謹慎的。

So I'm not sure if that completely answered your question, but hopefully I do think that there is some underappreciated assets of value. Perhaps we've been more underappreciated than some right now. And I think a lot of that has to do with people who have not really sustained the business as much, but they do have larger spectrum assets than perhaps we have and perhaps that's of interest to some. Ours are valuable spectrum assets, but we haven't chosen to market them to others.

所以我不確定這是否完全回答了你的問題，但我希望確實存在一些被低估的價值資產。也許我們現在比某些人更被低估了。我認為這在很大程度上與那些沒有真正維持業務的人有關，但他們確實擁有比我們更大的頻譜資產，也許這對某些人來說是有趣的。我們的頻譜資產非常寶貴，但我們並沒有選擇將其推銷給其他人。

And clearly, people believe that maybe there's been a re-rating of the value of satellite spectrum in the mobile satellite services banner, and we haven't promoted that. We still have value regardless. It's just we're not out there pumping that as being what the future of our company is. I believe that we can still create excess large growth going long term, and I think that will be proven.

顯然，人們認為行動衛星服務領域中衛星頻譜的價值可能已經重新評估，而我們並沒有宣傳這一點。無論如何，我們仍然有價值。只是我們並沒有把它當作我們公司的未來。我相信我們仍然可以長期創造超額成長，而且我認為這將得到證明。

Got it. Definitely agree. But as we think of like rank order of partners, right? Like the EchoStar SpaceX deal, I think you're talking about a pretty clear indication that the SpaceX plans to go after a handset, right?

知道了。絕對同意。但是正如我們所想的，合作夥伴的等級順序是這樣的，對嗎？就像 EchoStar SpaceX 交易一樣，我認為您所說的話是一個非常明確的跡象，表明 SpaceX 計劃進軍手機市場，對嗎？

And so within that construct, kind of the big competitors that are read-on have substantial ecosystems are probably one-in-one alone and as a third company, right? So as we think of kind of that construct, is there a rank order of folks that you probably have a great relationship, someone like Paul Jacobs a global star or kind of some of the Amazon folks? Like how do you rank order the potential teammates that you would probably want to work with in the future?

因此，在這種結構中，那些擁有龐大生態系統的大型競爭對手可能是獨一無二的，也可能是第三家公司，對嗎？因此，當我們考慮這種結構時，是否存在與你可能關係很好的人的等級順序，例如全球明星保羅·雅各布斯 (Paul Jacobs) 或亞馬遜的一些員工？例如，您如何對未來可能想要合作的潛在隊友進行排序？

Yeah, that's a tricky question to answer. I mean that sort of is leading to possible partnerships and aspects that I don't really want to signal. I've said in the past, especially having been here almost 19 years now. I do know everybody. I have talked to everybody.

是的，這是一個很難回答的問題。我的意思是，這可能會導致一些我不太想暗示的合作關係和麵向。我以前就說過，尤其是我在這裡已經快 19 年了。我確實認識每個人。我已經和每個人都談過了。

And I will say this is a very active time in the industry where there are a lot of discussions going on, but not necessarily -- I don't want to try to indicate that there are imminent deals are things underway. I think that would be inappropriate even if there were to talk about that right now. There are larger players in our industry that weren't there 5, 10 certainly when I joined the industry, and you mentioned people like Amazon Kuiper and Apple and certainly, there wasn't a SpaceX, Starlink in those days. And those are kind of people with the assets and strategic ability to go kind of anywhere they want to go, which is a new thing for our industry, and I think that will be an interesting development. But I think we can exist within that environment very well and possibly even take advantage of that.

我想說的是，現在是行業非常活躍的時期，有很多討論正在進行，但不一定——我不想試圖表明即將達成交易或正在進行中。我認為即使現在談論這個也是不合適的。我們行業中有一些更大的參與者，在我加入這個行業時肯定還不存在，你提到了像亞馬遜 Kuiper 和蘋果這樣的公司，當然，當時還沒有 SpaceX 和 Starlink。這些人擁有資產和戰略能力，可以去任何他們想去的地方，這對我們的行業來說是一件新鮮事，我認為這將是一個有趣的發展。但我認為我們可以很好地適應這種環境，甚至可能利用這種環境。

Got it. No, definitely agree. Appreciate the color as always now. Thank you.

知道了。不，絕對同意。現在一如既往地欣賞顏色。謝謝。

Yeah, thanks.

是的，謝謝。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

Thanks guys. Matt, just following up on that question. On the spectrum front, do you have a sense of what percentage of the world EchoStar Spectrum covers at this point? And I believe you and Globalstar are the only ones with really global spectrum coverage. If you can just elaborate on that, that would be great.

謝謝大家。馬特，我只是想繼續回答這個問題。在光譜方面，您是否知道 EchoStar Spectrum 目前涵蓋了全球的百分之多少？我相信你們和 Globalstar 是唯一真正擁有全球頻譜覆蓋的公司。如果您能詳細說明一下，那就太好了。

Yeah. It's a complicated question. The way spectrum works is that the ITU provides -- think of it almost there's a directory at the ITU on a country-by-country basis of who has priority. And we do have like the number one priority with our network in many countries developed over 30 years. And so we're -- a lot of places probably that Starlink will never be today because those countries can make decisions now as EchoStar spectrum is kind of applied for it to decide whether they want them to be there or not.

是的。這是一個複雜的問題。光譜的工作方式是國際電信聯盟提供的——想想看，國際電信聯盟幾乎有一個按國家劃分的優先權目錄。我們確實把在許多國家建立 30 多年來的網路當作首要任務。因此，很多地方可能永遠不會有 Starlink 了，因為這些國家現在可以做出決定，因為 EchoStar 光譜已經應用於 Starlink，可以決定他們是否希望 Starlink 出現在那裡。

So it's hard to say they are a certain place or not. They're certainly can support the oceans now that they couldn't before. They could do markets that really don't have a strong regulatory environment. But there's probably some markets that are going to say no to them. And that is not an easily describable position.

所以很難說它們是不是某個地方。它們現在當然可以支撐海洋，但以前卻無法做到。他們可以進入那些監管環境並不強的市場。但有些市場可能會拒絕它們。這不是一個容易描述的立場。

It's going to take some time. First of all, that spectrum is geostationary spectrum. So that requires it to be reallocated and reapproved. There will be other people that will try to move ahead of them in line. It might even be us in some cases.

這需要一些時間。首先，此頻譜是地球靜止頻譜。因此，這需要重新分配和重新批准。會有其他人試圖排在他們前面。在某些情況下，甚至可能是我們。

And so it will take some time for that to kind of be reallocated and reapproved. But I mean, I want to say I wanted to make it clear, I didn't want to spend all the time of how hard it will be for them to create a system. I wanted to be sure that investors understood that in no way are we in kind of denial of the potential of that solution. Certainly, their ability to create a much more global system, for example, than EchoStar could have done that on their own. Frankly, they have rockets and satellites and other things that others don't have.

因此，重新分配和重新批准需要一些時間。但我的意思是，我想說清楚，我不想花所有的時間去思考創建一個系統對他們來說有多困難。我想確保投資者明白，我們絕不會否認解決方案的潛力。當然，他們有能力創造一個比 EchoStar 更全球化的系統，而他們自己也能做到這一點。坦白說，他們擁有別人沒有的火箭、衛星和其他東西。

So it's going to be faster than we were anticipating in a network would have been deployed, but we were always expecting a network would be deployed that could do this over the long term. Just thought it would probably be 2035 instead of 2029 or whatever it turns out to be. So I hope that's clear. And even when it is, I really think that as you kind of imply there will be lots of holes, they won't be probably still as global as we will. But I wanted to make it clear. Our goal isn't go straight at them and compete. It's to be complementary to them, doing things like Iridium NTN Direct, which we think has enduring value regardless of really what happens here.

因此，網路部署的速度會比我們預期的要快，但我們一直期待網路部署能夠長期實現這一目標。我只是認為它可能是 2035 年，而不是 2029 年或其他時間。我希望這一點很清楚。即使如此，我真的認為，正如你所暗示的那樣，將會存在許多漏洞，它們可能不會像我們一樣全球化。但我想把這一點說清楚。我們的目標不是直接與他們競爭。這是它們的補充，做像銥星 NTN Direct 這樣的事情，我們認為無論這裡發生什麼，它都具有持久的價值。

That's really helpful. So on PNT, it seems like the opportunity now is much larger than it even was two or three years ago. I guess do you still think you can hit those revenue targets on PNT. And what does it kind of take to do that?

這真的很有幫助。因此，就 PNT 而言，現在的機會似乎比兩三年前要大得多。我猜你仍然認為你能實現 PNT 的收入目標嗎？那麼要做到這一點需要做些什麼呢？

Yeah, we do. I'm as bullish about actually more bullish about PNT than I've ever been. I will say it's a little lumpy as the business gets off the ground. There are some really big opportunities that we see ahead of us. It's just the timing of those aren't clear.

是的，我們確實如此。我對 PNT 的看好程度實際上比以往任何時候都要高。我想說的是，隨著業務的起步，情況會有些不順利。我們看到面前確實存在一些巨大的機會。只是具體時間還不清楚。

I think you're going to see a number of announcements in the future, which will give you a bit more clear understanding of why we're as confident as we are about that. But a lot of trials going on. We really do see we have a significant competitive advantage. I think we saw the Department of Transportation announcement this week with T-Mobile. I mean that's just a small fraction of the potential even in that market.

我想您將來會看到一系列公告，這將使您更清楚地了解我們為何對此如此有信心。但還有很多試驗正在進行中。我們確實看到我們擁有顯著的競爭優勢。我想我們看到了交通部本週與 T-Mobile 聯合發布的公告。我的意思是，即使在那個市場，這也只是潛力的一小部分。

And we're really seeing that the technology is very complementary to our IoT business. There's a lot of business, for example, in autonomous vehicles of all types that really need a really reliable timing and location signal to make sure that what they're depending on in GPS or any other GNSS system can be relied on. So yeah, I think we have a tremendous head start and a great opportunity. And I did tease out an opportunity that we're building on top of that. I don't really want to go too much more into the cybersecurity applications. But again, it's things that we can do on that platform that others can't do and that we think could create interesting new revenue streams, potentially even above -- and above the projections we provided before.

我們確實看到這項技術與我們的物聯網業務非常互補。例如，各類自動駕駛汽車都有很多業務，它們確實需要真正可靠的時間和位置訊號，以確保它們所依賴的 GPS 或任何其他 GNSS 系統是可靠的。是的，我認為我們擁有巨大的領先優勢和絕佳的機會。我確實找出了我們正在以此為基礎建構的一個機會。我其實不想多談網路安全應用程式。但同樣，我們可以在該平台上做其他人做不到的事情，並且我們認為這些事情可以創造有趣的新收入來源，甚至可能超出我們之前提供的預測。

So the next few years, you're not going to really see any increased competition. Can you give us a sense of the revenue growth. Will it be better than this year? Are there any just some of the tailwinds or headwinds? I mean are we thinking mid-single-digit revenue growth? Any kind of color given you pull some of the longer-term guidance would be really helpful.

因此，未來幾年，你不會真正看到任何加劇的競爭。您能為我們介紹一下收入成長的情況嗎？會比今年更好嗎？是否存在一些順風或逆風？我的意思是，我們是否考慮中等個位數的收入成長？任何為您提供長期指導的顏色都會非常有幫助。

Yeah. I mean I'd really like to focus more on providing that in February. I agree with you. I don't think that there is sort of a near-term direct competitive change. But I don't think we're getting any benefits from providing really long-term guidance that in a changing competitive environment.

是的。我的意思是我真的很想在二月更加專注於提供這一點。我同意你的看法。我認為短期內不會有直接的競爭變化。但我認為，在不斷變化的競爭環境中，提供真正的長期指導不會為我們帶來任何好處。

And so I'd really like to get back at least for some of the guidance. We'll always be probably a much longer-term guider than anybody else. I just think everyone should be providing as much long-term guidance as they can. And we're not going to completely pull off of that. But I just would rather not kind of try to lead you to some specific number over the next two or three years. But as you can tell, we're still pretty bullish on our cash flow projection. So I think you can back into it that we're not really coming off any kind of general trends here.

因此我真的很想至少得到一些指導。我們可能永遠都是比其他人更長期的指導者。我只是認為每個人都應該盡可能提供長期指導。但我們不會完全實現這個目標。但我只是不想試圖告訴你未來兩三年的具體數字。但正如您所知，我們仍然對我們的現金流預測非常樂觀。所以我認為你可以回到這一點，我們實際上並沒有擺脫任何總體趨勢。

Thank you.

謝謝。

Greg Mesniaeff, Kingswood Capital Partners.

Kingswood Capital Partners 的 Greg Mesniaeff。

Yes, thank you. Hi, Matt. Matt, you mentioned that you guys picked up about 70 new distribution partners have been signed. Can you talk about any changes in the terms with these third-party resellers in terms of revenue split or economics? And how is that trending as you pick up new distribution partners? Thanks.

是的，謝謝。你好，馬特。馬特，你提到你們已經簽約了大約 70 個新的經銷合作夥伴。您能談談這些第三方經銷商在收入分成或經濟方面的條款有什麼變化嗎？當您選擇新的經銷合作夥伴時，趨勢如何？謝謝。

Yeah, I mean when we pick up a new partner, and we describe someone who say, wants to integrate us into their drone systems or put us on a new ocean sensor or whatever it might be, I mean, there's a lot of new potential companies. Those are typically kind of -- we license their ability to deploy our technology. They're allowed to integrate us into maybe their chipsets, maybe their end-to-end system and they can provision and turn on and there is typically a pricing schedule with that, but that really varies. That hasn't really changed in the 25 years.

是的，我的意思是，當我們找到一個新的合作夥伴時，我們會描述有人說，想把我們整合到他們的無人機系統中，或者把我們放在一個新的海洋感測器上，或者不管是什麼，我的意思是，有很多新的潛在公司。這些通常是——我們授權他們部署我們的技術。他們被允許將我們整合到他們的晶片組或端到端系統中，他們可以配置和啟動，並且通常會有一個定價計劃，但這確實有所不同。25 年來，這一點並沒有真正改變。

Each one taps into a fairly consistent, but flexible pricing system that allows them to provide a service to their customers at competitive rates. So really, the terms aren't changing. I mean I do think that there are some big new opportunities, particularly as we get into the PNT area, where pricing is evolving for example. Some people would like to build in 5 to 10 years of PNT protection into a service in a sort of a capital model. We're open to doing that.

每個公司都採用相當一致但靈活的定價系統，使他們能夠以具有競爭力的價格為客戶提供服務。所以實際上，條款並沒有改變。我的意思是，我確實認為存在一些重大的新機遇，特別是當我們進入 PNT 領域時，例如定價正在改變。有些人希望將 5 到 10 年的 PNT 保護融入某種資本模式的服務中。我們願意這麼做。

Someone kind of pay as a user or by region. We're open to that. So those get built into the specific pricing contracts with the new partner, but I don't think that's any different now than it would have been in years past.

有人按用戶或地區付費。我們對此持開放態度。因此，這些都納入了與新合作夥伴簽訂的具體定價合約中，但我認為現在與過去幾年沒有什麼不同。

Got you. Okay. Thank you for that.

明白了。好的。謝謝你。

Chris Quilty, Quilty Analytics

Quilty Analytics 的 Chris Quilty

Thanks, Matt. I want to follow up on the T-Mobile DOT announcement. You mentioned a fraction of the sites. I think it was 90% for the announcement. Can you give us a sense, I mean, of the sort of volume of units, just if you look at specifically the cellular market or took it out to the data center market, what sort of penetration do they need? Do they need in every site or a portion of the sites based upon the operations? And I'm just trying to get a scale for how big that might be?

謝謝，馬特。我想跟進 T-Mobile DOT 公告。您提到了一小部分網站。我認為該公告的接受率是 90%。您能否為我們介紹一下，我的意思是，如果您具體看一下蜂窩市場或將其擴展到資料中心市場，他們需要什麼樣的滲透率？根據營運情況，他們是否需要在每個站點或部分站點進行？我只是想了解它到底有多大？

Yeah, I mean it's a global market to protect the cellular infrastructure from jamming. It's still starting to be recognized. I mean this specific contract, just to be more clear, the Department of Transportation is the agency within the US government that is tasked with protecting critical infrastructure like GPS.

是的，我的意思是，保護蜂窩基礎設施免受干擾是一個全球市場。它仍然剛開始被人們認識。我的意思是，這個特定的合同，只是為了更清楚地說明，交通部是美國政府內負責保護 GPS 等關鍵基礎設施的機構。

And they look at the issue in the US market and the potential for terrorism and other activities and are trying to find what are the solutions that are out there that can. And so they provided money to a number of different organizations, but we were kind of told and indicated that our -- with T-Mobile, we were one of the most ready and available today and the only really global solution that could kind of attack this problem on overall.

他們研究美國市場的問題以及恐怖主義和其他活動的可能性，並試圖找到可行的解決方案。因此，他們向許多不同的組織提供了資金，但我們被告知並表示，T-Mobile 是當今最準備就緒、最可用的公司之一，也是唯一能夠從整體上解決這一問題的真正全球性解決方案。

Specifically with T-Mobile, we had already been doing some work with them on some of their in-building systems, but this was a goal to demonstrate the value of our technology to protect macro base station sites. And so it's kind of doubled the number of applications, but really, as its successful and demonstrated here and if there's any kind of issues, I could see this being deployed much more widely to thousands and thousands of cell sites.

具體來說，我們與 T-Mobile 已經就他們的一些室內系統開展了一些合作，但這次的目標是展示我們的技術在保護宏基地台站點方面的價值。因此，它的應用數量增加了一倍，但實際上，由於它在這裡取得了成功並得到了展示，如果存在任何問題，我可以看到它被更廣泛地部署到成千上萬個基地台。

And I think you also see other cell phone companies that aren't protected today realize that this is a very cost-effective way to add a layer of protection to what is critical infrastructure. Our cell phones, our ability to operate terrestrially are really critical. So it's a big market.

而且我認為你也會看到其他目前沒有受到保護的手機公司意識到這是為關鍵基礎設施增加一層保護的一種非常經濟有效的方式。我們的手機、我們在地面上操作的能力真的至關重要。所以這是一個很大的市場。

And real quickly, I mean, in your core business, you're wholly focused on the wholesale market. Obviously, having acquired Satelles, they had a direct and indirect approach to the market. What's your go-to-market approach long term there?

我的意思是，很快，在您的核心業務中，您就完全專注於批發市場。顯然，收購 Satelles 後，他們採取了直接和間接的方式進入市場。您在那裡的長期行銷策略是什麼？

In PNT directly or in that specific market?

直接在 PNT 還是在特定市場？

No, in PNT Direct generally.

不，一般在 PNT Direct 中。

Yeah. Lots of new partner discussions, a lot of new areas. We're not necessarily going to go direct as well. I don't think there'll be many opportunities for that. We are developing new technology. I think you'll hear about that shortly that I think will expand the market tremendously.

是的。許多新的合作夥伴討論，許多新領域。我們也不一定要直接這麼做。我認為這樣的機會不多。我們正在開發新技術。我想您很快就會聽到這個消息，我認為這將極大地擴大市場。

We've had some talk about putting our algorithms into their systems directly, but it will really -- it'll be similar to the way we go to market in a two way communication solution, but will be a much larger expanded base of companies that will want to embed us into their solutions. So it will not be direct still, it will be companies who like the ones today who are experts in the timing market or in the PNT market, there will be a lot of new companies as well that will want to integrate us into their solutions.

我們曾討論過將我們的演算法直接放入他們的系統中，但這實際上與我們透過雙向通訊解決方案進入市場的方式類似，但希望將我們嵌入到他們的解決方案中的公司基礎會更大。因此，這仍然不會是直接的，而是像今天這樣的計時市場或 PNT 市場專家，還有很多新公司希望將我們整合到他們的解決方案中。

And to be clear, the revenue opportunity is that all the service and license revenue? Or is there a hardware component? And what does that mix look like over time?

需要明確的是，收入機會是所有服務和授權收入嗎？或有硬體組件嗎？隨著時間的推移，這種混合會變成什麼樣子？

There's a hardware component to it potentially, and we make margins on. But as anything else, where if there's high volume, which this is something that could become a high-volume business that will be high volume of kind of low-margin hardware equipment. But we really want to service revenue, global service revenue and whether that's baked into our partners' product or it's something we offer on a regional basis or something that's really developing right now.

它可能包含硬體組件，我們可以從中賺取利潤。但就像其他事情一樣，如果銷量很大，那麼這可能會成為一項大批量業務，也就是大量生產低利潤的硬體設備。但我們真正想要的是服務收入，全球服務收入，無論它是融入我們合作夥伴的產品中，還是我們在區域基礎上提供的產品，還是現在正在開發的產品。

Got you. And on the UAV market, you talked about it before, but ostensibly, you've got two opportunities, TT&C capability with like a Certus device, but also a PNT or all PNT, why is that market not booming, given the hundreds or thousands of long-range UAVs flying around Europe and the Middle East nowadays?

明白了。關於無人機市場，您之前談過，但表面上，您有兩個機會，像 Certus 設備這樣的 TT&C 能力，以及 PNT 或所有 PNT，為什麼這個市場沒有蓬勃發展，考慮到如今在歐洲和中東飛行的數百或數千架遠程無人機？

Well, I mean, in our IoT business, primarily, there's a number of partners who have put us into all kinds of drones. And I think that's expanding as the drone world. I mean that's obviously more of the defense space. And I think we are being used in that space. I think -- I do think PNT is still fairly new to that and will become an important part of that.

嗯，我的意思是，在我們的物聯網業務中，主要有許多合作夥伴將我們帶入各種無人機領域。我認為隨著無人機世界的擴大，這一領域也不斷擴大。我的意思是這顯然是更多的防禦空間。我認為我們正在那個領域被利用。我認為——我確實認為 PNT 在這方面仍然相當新，並且將成為其中的重要組成部分。

Things where that market really expands, whether it's delivery drones or the urban air mobility market or just a lot of other drone applications, I think, have other issues with beyond visual line of sight regulations, which are just now coming to four, which we've been part of, and we're starting to see those getting clearer. We will be a big part of that as the BV LOS standard to merge. And I think that will make the market expand quite more broadly. But everything today is almost being done on waiver or on trials or prototypes and that sort of thing. And I think that's going to change in the coming years.

我認為，無論是送貨無人機、城市空中交通市場或許多其他無人機應用，這個市場真正擴大的領域都存在著超視距監管的其他問題，現在超視距監管已經達到四項，我們也是其中的一部分，我們開始看到這些問題變得越來越清晰。隨著 BV LOS 標準的合併，我們將在其中發揮重要作用。我認為這將使市場擴張得更廣泛。但如今幾乎所有事情都是在豁免、試驗或原型等基礎上完成的。我認為這種情況在未來幾年將會改變。

Got you. And if I can, one final ViaSat and Space42 came out with their Equatys whatever announcement for the joint venture company, still no Iridium mentioned in any of these announcements. But can you talk about how you view that effort? Is it something that you view as competitive or something you could contribute to? Can you contribute your spectrum to a pool there without causing interference or other issues with your network? What's your current thinking?

明白了。如果可以的話，最後 ViaSat 和 Space42 發布了他們的 Equatys 合資公司公告，但這些公告中仍然沒有提到銥星。但是您能談談您如何看待這項努力嗎？您認為這是具有競爭力的事情還是您可以做出貢獻的事情？您能否將您的頻譜貢獻給那裡的池而不會對您的網路造成乾擾或其他問題？您目前的想法是什麼？

It's hard to tell what that really is yet. I mean it's an interesting idea. I've talked to Mark Dankberg, the CEO of ViaSat about it. I mean he tried to explain sort of the vision that they have for that. It's a very complicated vision.

目前還很難說清楚那到底是什麼。我的意思是這是一個有趣的想法。我已經與 ViaSat 執行長 Mark Dankberg 討論過此事。我的意思是他試圖解釋他們對此的看法。這是一個非常複雜的願景。

It requires a lot of new technology and new development and a lot of investment. I'm not really interested in investing in the opportunity and perhaps they're not even looking for that. But this concept has certainly not only not been tried, but it's going to be a very complicated business model to implement. And you're going to be competing with potentially some other well-funded and deep-pocketed company. So again, as I said in my remarks, it's not really clear how big the broadband D2D market is.

它需要大量的新技術、新開發和大量的投資。我對投資這個機會並不真正感興趣，也許他們甚至沒有尋找這個機會。但這個概念不僅還沒有被嘗試過，而且實施起來也會是一個非常複雜的商業模式。而且你將會與其他一些資​​金雄厚的公司競爭。所以，正如我在評論中所說，寬頻 D2D 市場到底有多大並不十分清楚。

I mean I'm sure that there will be a market for the service, but how well the service will work, what people will pay for it, what the assets in space that you really have to cover to provide a long-term value, it isn't going to replace threshold communication. So it's going to really be an augmented field kind of application. And I know that there's really high valuations with some people that are still projected to even be in that business. But until we see how global those services are, what the value propositions are, I'm not interested in kind of necessarily jumping into that. But could we be part of that long term?

我的意思是，我確信這項服務會有市場，但這項服務的效果如何，人們願意為此支付多少錢，你真正需要覆蓋哪些太空資產才能提供長期價值，它不會取代門限通訊。因此它實際上將是一種增強領域的應用程式。我知道，有些人預計仍會從事該行業，因此估值確實很高。但在我們了解這些服務的全球化程度、價值主張是什麼之前，我並不一定會感興趣。但我們能長期參與其中嗎？

I've been given the opportunity. That certainly -- if that does develop, it's going to be many years for it to develop into something that we could even think to participate in. So I'll just keep an eye on it and see what the market thinks about it. Right now, I think you would probably agree with me that the investment world isn't dying to throw money at new players right now. And I think that was really more demonstrated with Lincoln Omnispace getting together this week as well.

我得到了這個機會。當然——如果它真的發展起來，那麼它還需要很多年才能發展成我們可以考慮參與的事情。所以我會密切關注並看看市場對此有何看法。現在，我想您可能會同意我的觀點，即投資界目前並不急於向新參與者投入資金。我認為本週林肯 Omnispace 的聚會更能反映這一點。

Got it. Thanks for the color.

知道了。謝謝你的顏色。

Okay, thanks.

好的，謝謝。

Hamed Khorsand, BWS

哈米德·霍爾桑德（BWS）

Hi, thanks for taking the question. Just one, on the consumer IoT side, are you able to differentiate the gains in the quarter coming from your partners that are not on a fixed contract with you?

你好，謝謝你回答這個問題。就消費者物聯網方面而言，您能否區分本季來自未與您簽訂固定合約的合作夥伴的收益？

You mean some smaller partners like ZOLEO and Bivy and everywhere and somewhere and a number of others that provide consumer IoT services?

您指的是一些較小的合作夥伴，例如 ZOLEO、Bivy、Everything and Something 以及其他一些提供消費者物聯網服務的合作夥伴嗎？

Yeah, versus your large customer that's on a fixed contract.

是的，與簽訂固定合約的大客戶相比。

I mean, yes. I mean we know how many subscribers they are. It's a small part of sort of our overall IoT business. And they also are continuing to -- we're not seeing any real impact. I mean if the implication is what are they seeing, say, from D2D, and I'd say they're not really seeing much at all either at this point

我的意思是，是的。我的意思是我們知道他們有多少訂閱者。這只是我們整體物聯網業務的一小部分。而且他們還在繼續——我們沒有看到任何真正的影響。我的意思是，如果這意味著他們從 D2D 中看到了什麼，我想說他們現在也沒有看到太多

So they grew in the quarter?

那麼他們在本季度實現了成長嗎？

I don't have that information at my -- there's different things going on with each of those. And so I'd really -- you'd have to ask each of them where they're at. I mean, we don't usually speak to any specific partners.

我沒有這方面的資訊——每個方面都有不同的事情發生。所以我真的——你必須問他們每個人他們在哪裡。我的意思是，我們通常不會與任何特定的合作夥伴交談。

Okay. All right. That was it for me. Thank you.

好的。好的。對我來說就是這樣。謝謝。

Okay, thanks Hamed.

好的，謝謝哈米德。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Matt, Vincent and Ken, good morning.

馬特、文森和肯，早安。

Hey, Louie.

嘿，路易。

I missed the earlier part of the call, but caught some of the Q&A. Given the rapidly changing industry dynamics, Matt, did you indicate that you plan on exploring strategic options? Or is the message just that your phone line is open?

我錯過了通話的早期部分，但聽到了一些問答。鑑於快速變化的行業動態，馬特，您是否表示您計劃探索策略選擇？或者該訊息只是說您的電話線路暢通？

I think what I said was is that we recognize the competition long term is in our business and that we will be pivoting to do more using our growing cash flow to acquire and make additional investments in areas which are unique and for which we can protect and for which we can provide value, and that gives us confidence in our ability to continue to grow and compete long term. That's a brief summary, but you probably should go through my comments in more detail because I think I was very specific about addressing the overall changing global marketplace and what our intentions were.

我認為我所說的是，我們認識到長期競爭存在於我們的業務中，我們將利用不斷增長的現金流來做更多的事情，在獨特的、我們可以保護的、我們可以提供價值的領域進行收購和額外投資，這讓我們對我們繼續增長和長期競爭的能力充滿信心。這是一個簡短的總結，但你可能應該更詳細地閱讀我的評論，因為我認為我非常具體地談到了整體變化的全球市場以及我們的意圖。

Sounds good. And has there been any discussion on Aireon being part of the FAA's air traffic control modernization?

聽起來不錯。有沒有討論過 Aireon 是否將成為 FAA 空中交通管制現代化的一部分？

Yeah, I've talked to Don and, of course, we're on the board, and so we get a lot of visibility to that. The big new air track control system for which they're funding how small -- there is some discussion in there about things that Aireon would be particularly capable at. Things like in Alaska, the Caribbean and some areas. There's no discussions about Oceanic right now in terms of the -- which is really where I think Aireon would excel and for which there's a lot of airspace they could provide service.

是的，我已經和唐談過了，當然，我們是董事會成員，所以我們對此有很高的了解。他們正在資助的大型新型空中航跡控制系統有多小——其中有一些關於 Aireon 特別擅長的事情的討論。例如阿拉斯加、加勒比海和一些地區。目前還沒有關於 Oceanic 的討論——我認為 Aireon 確實擅長於此，並且他們可以在大片空域提供服務。

But there have been discussions, I think -- continuing discussions with the FAA and Aireon about serving those areas long term. So I mean Aireon is pretty confident that, that long term, they'll be supplying that service as well. So yeah, I think there's opportunities there for Aireon definitely.

但我認為，我們已經與 FAA 和 Aireon 進行了討論，繼續討論如何長期為這些地區提供服務。所以我的意思是，Aireon 非常有信心，從長遠來看，他們也會提供這項服務。是的，我認為 Aireon 肯定有機會。

And final one for your narrowband non terrestrial network solution, will the chipsets be available next year? And what's the general timing of the -- like the Deutsche Telekom roaming partnership going live?

最後一個關於您的窄頻非地面網路解決方案的問題，晶片組明年會上市嗎？德國電信漫遊夥伴關係的上線時間大概是什麼時候？

Yeah, the chipsets will be available next year. In fact, we have prototype chipsets today. We're in discussions for more chipsets, and you'll see that over time with other manufacturers making those available as well. Not a lot of changes that they have to make to accommodate us, but the those will be available in '26 time frame. And we do plan on having the service available in '26 at some point in lot of testing to go, probably more the latter half instead of the former half, but there will be chipsets available to support that.

是的，晶片組將於明年上市。事實上，我們今天已經有了原型晶片組。我們正在討論更多晶片組，隨著時間的推移，您會看到其他製造商也推出這些晶片組。他們不需要做太多的改變來適應我們，但這些改變將在 26 年的時間範圍內實現。我們確實計劃在 26 年的某個時候推出該服務，並進行大量測試，可能更多是在後半年而不是前半年，但會有晶片組支援該服務。

Okay, and will those chipsets be different from like mass market like smartphone chipsets? And is there a timing on when like your spectrum band would be included in like mass market chipsets?

好的，這些晶片組與大眾市場上的智慧型手機晶片組有何不同？您的頻譜帶何時會被納入大眾市場晶片組？

No, those are mass-market chipsets. These are the chipset that these suppliers that we'll be talking about the first that we've announced is Nordic. That is a standard Nordic chipset that will have our capability in it along with all the many others that they have in that same chipset, the terrestrial spectrum as well as satellite spectrum that would be in there. So if someone implements that, they can roam under our network.

不，那些是大眾市場晶片組。這些是我們將要討論的晶片組供應商，我們宣布的第一個供應商是 Nordic。這是一款標準的北歐晶片組，它不僅具備我們的功能，還具備同一晶片組中的許多其他功能，包括地面頻譜和衛星頻譜。因此，如果有人實現了這一點，他們就可以在我們的網路下漫遊。

Thanks, Matt. Thanks, Vincent. Thanks, Ken.

謝謝，馬特。謝謝，文森特。謝謝，肯。

Justin Lang, Morgan Stanley.

摩根士丹利的賈斯汀朗 (Justin Lang)。

Hi, thanks for squeezing me in. I'll just stick to one here. Matt, just coming back to the acquisition pipeline, my apologies if I missed this, but curious if you could just generally size some of the opportunities you're looking at or just give us some general parameters. Is this more about a series of smaller deals that give you to hold in new markets? Or are you really weighing something transformational, and that's the message we should take away? Thanks.

嗨，謝謝你邀請我加入。我在這裡只堅持一個。馬特，回到收購管道，如果我錯過了這一點，我很抱歉，但我很好奇你是否可以大致評估你正在尋找的一些機會，或者只是給我們一些一般的參數。這是否更多的是一系列讓您在新市場中佔有一席之地的小型交易？或者您真的在考慮一些變革，而這就是我們應該汲取的訊息？謝謝。

Yeah, I don't want to guide to either one of those necessarily. There are companies in both those categories. I would say I would lean towards more transformational deals as opposed to given the effort involved with very small things. We're not looking to radically change our business model, though. So I think I'm not going to be that different in terms of what we're looking at is that what I've told you in the past.

是的，我並不一定想指導其中任何一個。這兩個類別中都有公司。我想說的是，我更傾向於進行更具變革性的交易，而不是為非常小的事情付出努力。但我們並不打算徹底改變我們的商業模式。所以我認為就我們所關注的而言，我不會有太大的不同，這就是我過去告訴過你的。

Our goal isn't to go retail, for example. I mean we're probably likely stay wholesale. But there are some -- there are some business areas that are complementary for which we can take a bigger part of the value chain and for which would lead us into using our network in new ways. Some of those are big and some of those are small. But we'll let you know when we get a bit more specific about those things.

例如，我們的目標不是進入零售業。我的意思是我們可能會繼續保持批發業務。但有些業務領域是互補的，我們可以在價值鏈中佔據更大的份額，這將引導我們以新的方式使用我們的網路。有些很大，有些很小。但當我們對這些事情有更具體的了解時，我們會通知您。

Okay, makes sense.

好的，有道理。

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

謝謝。我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Yeah. I know it is a bit longer. I just wanted to -- there were a lot of questions, and I wanted to give everybody a chance to talk about it, given the changing nature of the industry and some of the things we talked about today. I hope you sensed our continued enthusiasm and confidence, I mean, it was a big announcement recently, and I know the market reacted to it, but I really think we have a strong potential and a strong future ahead of us and a lot of opportunity ahead. And we're looking forward to talking to you, I guess in the meantime and certainly at our next quarterly call. Thanks for joining us.

是的。我知道這有點長。我只是想——有很多問題，考慮到行業的變化性質以及我們今天討論的一些事情，我想給每個人一個談論它的機會。我希望你們感受到我們持續的熱情和信心，我的意思是，這是最近發布的一個重大公告，我知道市場對此做出了反應，但我真的認為我們擁有強大的潛力和光明的未來，並且還有很多機會。我們期待與您交談，我想這段期間以及下次季度電話會議上也是如此。感謝您的加入。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。