Iridium Communications Inc (IRDM) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Iridium Fourth Quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加銥星公司2025年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係副總裁肯·利維。請繼續。

Thanks, Cindy. Good morning, and welcome to Iridium's Fourth 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 fourth 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.

謝謝你，辛蒂。早安，歡迎參加銥星公司2025年第四季財報電話會議。今天和我一起參加電話會議的有我們的執行長 Matt Desch 和我們的財務長 Vincent O'Neill。今天的電話會議將首先討論我們第四季的業績，然後進行問答環節。我相信您已經有機會查看今天早上發布的收益報告，該報告可在銥星公司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. Such risks are more fully discussed in our filings with the Securities and Exchange Commission.

在將發言權交給 Matt 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》意義上的前瞻性陳述。前瞻性陳述是指並非歷史事實的陳述，包括關於我們未來預期、計畫和前景的陳述。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，這些風險可能導致實際結果與前瞻性陳述有差異。這些風險已在提交給美國證券交易委員會的文件中進行了更全面的討論。

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 our views or expectations change.

我們應該考慮到這些風險來看待我們今天的言論。任何前瞻性陳述僅代表我們截至今日的觀點，雖然我們未來可能會選擇更新前瞻性陳述，但我們明確聲明，即使我們的觀點或預期發生變化，我們也沒有義務這樣做。

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. 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.

在電話會議期間，我們也將提及一些非GAAP財務指標，包括營運EBITDA、備考自由現金流、自由現金流收益率和自由現金流轉換率。這些非GAAP財務指標並非依照公認會計原則編製。有關這些非GAAP財務指標的進一步解釋以及與最直接可比較的GAAP指標的調節表，請參閱今天的收益報告和我們網站的投資者關係部分。

With that, let me turn things over to Matt.

那麼，接下來就交給馬特吧。

Thanks, Ken. As you saw in our press release this morning, we achieved our 2025 guidance. Our service revenue came in on target, and we grew OEBITDA 5% for the full year. In addition, pro forma free cash flow was almost $300 million. Our business remains robust, and we feel confident in our ability to continue generating significant free cash flow as we transform our business and add new services.

謝謝你，肯。正如您今天早上在我們的新聞稿中看到的那樣，我們實現了 2025 年的業績預期。我們的服務收入達到了預期目標，全年 OEBITDA 成長了 5%。此外，預計自由現金流將接近 3 億美元。我們的業務依然穩健，我們有信心在業務轉型和增加新服務的同時，繼續產生可觀的自由現金流。

Free cash flow continues to differentiate us from others in the Satellite industry. It's allowing us to invest and find new ways to grow our capabilities while also making good on our commitment to return capital to shareholders through a growing dividend.

自由現金流使我們繼續在衛星產業中脫穎而出。這使我們能夠進行投資，並找到新的方法來提升我們的能力，同時履行我們對股東回報資本的承諾，透過不斷增長的股息來實現這一目標。

Our market leadership and growth are largely due to our highly reliable services, our valuable L band spectrum and the extensive and growing ecosystem of technology and distribution partners who count on our network for their many unique applications.

我們的市場領先地位和成長主要歸功於我們高度可靠的服務、我們寶貴的 L 波段頻譜以及廣泛且不斷增長的技術和分銷合作夥伴生態系統，這些合作夥伴依靠我們的網絡來實現其眾多獨特的應用。

In the third quarter, I shared my thoughts on the changes taking place in the Satellite sector and how recent spectrum deals are likely to hasten the pace of more global direct to sell services. These new consumer connections may eventually encroach on traditional MSS services. This will take time, but providers will likely be ready with service even if not truly global over the next few years. These developments have spotlighted the importance and scarcity of L&S band spectrum, which is widely recognized as the optimal spectrum for connecting to mobile consumer devices of all types.

第三季度，我分享了我對衛星產業正在發生的變化的看法，以及最近的頻譜交易可能會如何加快更多全球直接銷售服務的步伐。這些新的消費者聯繫最終可能會侵蝕傳統的MSS服務。這需要時間，但未來幾年內，即使無法真正實現全球服務，服務提供者也可能已經準備好提供服務。這些發展凸顯了 L&S 頻段頻譜的重要性和稀缺性，該頻譜被廣泛認為是連接各種類型行動消費設備的最佳頻譜。

We know this firsthand because over the last 25 years, we've developed a strong mobile business, connecting over 2.5 million subscribers with more than 500 business partners in their applications. In 2026, we will add more partners, new services and additional ways of connecting them. Demand for our solutions remains strong, especially among enterprise and government customers.

我們對此深有體會，因為在過去的 25 年裡，我們發展了強大的行動業務，將超過 250 萬用戶與其應用程式中的 500 多個商業合作夥伴連接起來。2026年，我們將增加更多合作夥伴、推出新服務並增加連結合作夥伴和合作夥伴的方式。市場對我們解決方案的需求仍然強勁，尤其是在企業和政府客戶中。

Further, the pipeline of new partners looking to integrate Iridium's IoT, P&T and safety services continues to expand. We added about 40 new partners in 2025 and engagement with them remains robust as we move into 2026. Customers continue to seek out the highest quality and most efficient connections for their mobile needs, and our brand remains the gold standard for delivering these.

此外，尋求整合銥星物聯網、P&T 和安全服務的新合作夥伴數量也不斷增加。2025 年我們新增了約 40 個合作夥伴，進入 2026 年，我們與他們的合作關係依然穩固。客戶不斷尋求最高品質、最高效的行動連接，而我們的品牌仍然是提供這些服務的黃金標準。

As we look forward, we're investing to further differentiate our offerings and have made strong progress over the last 18 months on new technology platforms that we can leverage to enter new markets and expand our business. This year, Iridium will introduce a number of new services and products that we believe represent more than $200 million worth of revenue opportunity by the end of the decade.

展望未來，我們將加強投資力度，進一步實現產品差異化。在過去的 18 個月裡，我們在新技術平台方面取得了顯著進展，我們可以利用這些平台進入新市場，拓展業務。今年，銥星公司將推出一系列新服務和產品，我們相信到本十年末，這些服務和產品將帶來超過 2 億美元的收入機會。

Among these, new Iridium Certus, GMDSS, companion terminals and Maritime that better complement Ka-band broadband terminals, a new ASIC Iridium P&T, which we expect to reduce cost and time to market for expanding assured position navigation and timing solutions and Iridium NTN Direct, which will bring our global narrowband IoT capabilities to standards-based terrestrial devices.

其中包括：新型銥星 Certus、GMDSS、配套終端和海事終端，它們能更好地與 Ka 波段寬頻終端配合使用；新型 ASIC 銥星 P&T，我們預計它將降低成本並縮短上市時間，從而擴展可靠的定位導航和授時解決方案；以及銥星 NTN Direct，它將把我們的全球基於窄帶設備上的全球基於標準的地面設備上。

We will also be introducing an exciting new IoT device soon to our portfolio that sets new standards for size, cost and flexibility for our customers, and gives our partner a powerful new platform to build on for the future.

我們很快還將推出一款令人興奮的全新物聯網設備，它將為我們的客戶在尺寸、成本和靈活性方面樹立新的標準，並為我們的合作夥伴提供一個強大的新平台，以便他們面向未來進行構建。

All of these are the results of strong collaboration with new and longtime partners and exemplify the enduring utility of our global network. Even as we execute on these new products to drive growth, it is clear that our spectrum in and of itself has great value.

這一切都得益於與新舊合作夥伴的密切合作，也體現了我們全球網路的持久效用。即使我們正在開發這些新產品以推動成長，但很明顯，我們的產品系列本身就具有巨大的價值。

In light of industry developments in recent months and the excitement around the prospects of D2D, MSS spectrum, especially clean globally coordinated spectrum has increased in value. We will continuously consider our spectrum assets with a view of maximizing shareholder value.

鑑於近幾個月來行業的發展以及人們對 D2D 前景的興奮，MSS 頻譜，特別是乾淨的全球協調頻譜，其價值有所增加。我們將持續評估我們的頻譜資產，以期實現股東價值最大化。

Therefore, we will not rule out future business alliances that leverage our unique spectrum real estate, particularly if they offer incremental value to shareholders. Valuations in the Satellite industry are increasingly being driven by future narratives rather than by current operating results.

因此，我們不會排除未來利用我們獨特的頻譜資源開展商業聯盟的可能性，特別是如果這些聯盟能夠為股東帶來額外的價值。衛星產業的估值越來越受到未來發展前景的影響，而不是受到目前經營績效的影響。

As we focus on new growth areas, we recognize the need to broaden, and in some respects, more clearly articulate our growth narrative. So I wanted to elaborate on some of the business themes we are pursuing as we believe we are well positioned with the right partners and network resources to have great impact. For competitive reasons, our discussion of some of these themes will be at high level for now, but I hope this commentary will give you an idea of where we're heading.

當我們專注於新的成長領域時，我們意識到需要拓寬，並在某些方面更清晰地闡述我們的成長故事。因此，我想詳細說明我們正在追求的一些業務主題，因為我們相信，憑藉合適的合作夥伴和網路資源，我們已經佔據了有利地位，能夠產生巨大的影響。出於競爭原因，我們目前對其中一些主題的討論將停留在較高層面，但我希望這篇評論能讓您了解我們的發展方向。

In no particular order, there arefour key areas that Iridium is pursuing to expand our addressable markets and drive faster growth for our company. These include narrowband IoT expansion, building on our unique P&T lead, greater national security work with the US government and disrupting the status quo in the aviation industry. Let me speak to each of these.

以下四個關鍵領域（排名不分先後）是銥星公司為擴大目標市場、推動公司更快成長而著力發展的重點領域。這些措施包括窄頻物聯網擴展、鞏固我們獨特的P&T領先優勢、與美國政府進行更多國家安全方面的合作以及打破航空業的現狀。讓我逐一談談這些問題。

First, there is no question that Iridium is already the undisputed leader in satellite IoT. We have the largest customer and partner base in the industry and the broadest array of solutions. In 2026, we'll be introducing the first truly global standards-based service with Iridium NTN Direct. Development is progressing well, and we're processing end-to-end messages over our network as we ready the service for commercial availability. We're experiencing strong demand from MNOs to include Iridium in their roaming plans, and we believe the industry is excited to utilize our new offering.

首先，毫無疑問，銥星公司已經是衛星物聯網領域無可爭議的領導者。我們擁有業內最大的客戶和合作夥伴群體，以及最廣泛的解決方案。2026年，我們將推出首個真正基於全球標準的服務－銥星NTN Direct。開發工作進展順利，我們正在透過網路處理端到端訊息，為服務的商業化推出做好準備。我們發現行動網路營運商對在其漫遊套餐中加入銥星的需求非常強烈，我們相信業界也樂於使用我們的新產品。

While we expect competing IoT services eventually be available from other satellite providers, Iridium will be able to maintain our leadership and see our subscriber count grow as the market for standards-based solutions expands and D2D satellite connectivity becomes more common to connect assets and people around the world. Our industrial-grade reliability, efficiency and partner base are key differentiators of our service offering, and these should continue to expand its demand for IoT grows in the future.

雖然我們預計其他衛星供應商最終也會提供類似的物聯網服務，但隨著基於標準的解決方案市場不斷擴大，以及D2D衛星連接越來越普遍，從而連接世界各地的資產和人員，銥星將能夠保持領先地位，並實現用戶數量的增長。我們工業級的可靠性、效率和合作夥伴基礎是我們服務產品的關鍵差異化優勢，隨著未來物聯網需求的成長，這些優勢應該會繼續擴大。

One key area we're particularly excited about and think Iridium is positioned to lead is in the autonomy sector. Delivery and Service UAVs, USVs and other autonomous systems enabled by AI and remote beyond line-of-sight operations are on track to become mainstream applications. This emerging industry segment aligns well with Iridium's capabilities and deep customer relationships.

我們尤其感到興奮，並認為銥星公司在自動駕駛領域處於領先地位。由人工智慧和遠端超視距操作支援的配送和服務無人機、無人水面艇和其他自主系統正朝著成為主流應用的方向發展。這個新興產業領域與銥星的能力和深厚的客戶關係非常契合。

Another opportunity we see for long-term growth is our satellite-based assured PNT, which is an outgrowth from our acquisition of Satelles in 2024. P&T services are a multibillion-dollar market and expect it to generate at least $100 million in annual revenue for Iridium by the end of the decade.

我們看到的另一個長期成長機會是基於衛星的可靠 PNT，這是我們在 2024 年收購 Satelles 後發展起來的。P&T 服務是一個價值數十億美元的市場，預計到本十年末，它將為銥星公司帶來至少 1 億美元的年收入。

We've successfully introduced the service in Europe and Asia to address the growing threat of spoofing and jamming in areas of geopolitical conflict. There is a compelling unity in navigation systems where Iridium P&T can provide a more assured connection for maritime vessels, autonomous systems and for protecting aviation. We're seeing a lot of traction from civil and commercial organizations that seek to fortify their GPS-dependent systems, which are vulnerable to attacks.

我們已成功在歐洲和亞洲推出該服務，以應對地緣政治衝突地區日益嚴重的欺騙和乾擾威脅。導航系統具有強大的統一性，銥星P&T可以為海上船舶、自主系統和航空安全提供更可靠的連接。我們看到，許多民用和商業組織都在尋求加強其依賴 GPS 的系統，因為這些系統很容易受到攻擊。

These organizations often run high-value mission-critical applications like those employed by capital markets, communication networks, data centers, energy grids and other critical infrastructure. Iridium's PNT signal is 1,000x stronger than GPS and can penetrate buildings to provide an accurate and building time source to protect vulnerable hardware and applications.

這些組織通常運行高價值的關鍵任務應用程序，例如資本市場、通訊網路、資料中心、能源網和其他關鍵基礎設施所使用的應用程式。銥星的 PNT 訊號比 GPS 強 1000 倍，可穿透建築物，提供精確的樓宇時間源，以保護易受攻擊的硬體和應用程式。

We've already cultivated a number of large customer relationships and expect adoption of Iridium PNT will expand with the introduction of our new ASIC this year, for which request to participate in our beta program far exceeded our expectations.

我們已經與許多大型客戶建立了合作關係，並預計隨著今年我們推出新的 ASIC，銥星 PNT 的採用率將會擴大，參與我們測試計劃的請求遠遠超出了我們的預期。

With this chip, we believe we are at least five years ahead of any other viable global alternative PNT solution and this hardware will lower integration costs and help to standardize our solution in industry.

我們相信，憑藉這款晶片，我們至少領先於任何其他可行的全球替代 PNT 解決方案五年，而且硬體將降低整合成本，並有助於在行業內實現我們解決方案的標準化。

Ultimately, though, we are working towards our PNT services being directly embedded in smartphone and other consumer device processors expanding the impact of our service far beyond our current expectations. We now believe that our PNT service can also function as a unique platform to enhance cybersecurity and fortified data networks.

但最終，我們的目標是將 PNT 服務直接嵌入智慧型手機和其他消費性設備處理器中，從而將我們服務的影響遠遠超出我們目前的預期。我們現在相信，我們的PNT服務還可以作為一個獨特的平台，增強網路安全並強化資料網路。

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

我們目前正在利用我們的 PNT 訊號開發獨特的量子安全網路安全服務，該服務可以改善身分管理，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，並為銥星創造潛在的重大新收入來源。即使只佔據這個不斷成長的市場的一小部分份額，對我們這樣規模的公司來說也意義重大。

The third theme for investment in growth is national security. As government programs shift from internally developed proprietary solutions to leverage a broader array of commercial solutions, we see an attractive opportunity for Iridium to increase the value we offer to the US government, particularly as they invest in new space capabilities.

第三個促進成長的投資主題是國家安全。隨著政府專案從內部開發的專有解決方案轉向利用更廣泛的商業解決方案，我們看到銥星公司有機會增加我們為美國政府提供的價值，尤其是在他們投資新的太空能力之際。

For more than two decades, we have collaborated with the US government to set the standard for network reliability and interoperability and directly empower service members around the globe. We believe Iridium's constellation and experience presents opportunities to deepen our relationship with the USG.

二十多年來，我們與美國政府合作，制定了網路可靠性和互通性的標準，並直接為全球各地的軍人提供支援。我們相信銥星的星座和經驗為我們加深與美國政府的關係提供了機會。

We have secured more than $1 billion of awards over the last five years, including building and operating the ground systems for the Space Development Agency's new network as part of the government's future space architecture.

在過去的五年裡，我們獲得了超過 10 億美元的合同，其中包括為太空發展局的新網路建設和運營地面系統，這是政府未來太空架構的一部分。

Through this, Iridium has shown its ability to successfully manage mission-critical programs and deliver innovative commercial solutions in support of the government's national security priorities. You probably also saw the announcement last month that confirms Iridium's involvement with the Missile Defense Agency Shield contract, which most of you know is Golden Dome.

透過這些舉措，銥星公司展現了其成功管理關鍵任務項目和提供創新商業解決方案的能力，以支持政府的國家安全優先事項。你可能也看到了上個月的公告，該公告證實了銥星公司參與了導彈防禦局的“盾牌”合同，你們大多數人都知道這就是“金穹頂”。

Being selected for this initiative is a powerful validation that Iridium continues to serve as a trusted mission-critical service provider in the national security space. We are excited to support this important long-term initiative and are already executing on elements of this program.

被選中參與這項計劃，有力地證明了銥星公司在國家安全領域繼續扮演著值得信賴的關鍵任務服務提供者的角色。我們很高興能夠支持這項重要的長期計劃，並且已經在執行該計劃的部分內容。

Between the US government's numerous satellite service contracts and its new Golden Dome initiative, the addressable market within the national security space represents a multibillion-dollar opportunity. We are excited about the attractive opportunities we see for Iridium to grow its involvement and business with the US government.

美國政府眾多的衛星服務合約以及新的「黃金穹頂」計劃，使得國家安全領域的潛在市場價值數十億美元。我們對銥星公司拓展與美國政府的合作和業務所帶來的誘人機會感到非常興奮。

A fourth growth team for us will be expanding our share of the aviation cockpit data connection market. Iridium touches aviation in a number of ways today. through our involvement in cockpit safety communications by providing controller to pilot data links and other cockpit communications on over 60,000 aircraft around the world.

我們的第四個成長團隊將致力於擴大我們在航空駕駛艙數據連接市場的份額。如今，銥星以多種方式影響航空業。我們透過為全球超過 60,000 架飛機提供管制員與飛行員之間的資料鏈路和其他駕駛艙通信，參與駕駛艙安全通訊。

Our work in evolving standards for uncrewed aerial systems that will be a big market in the coming years, and our involvement in satellite ADS-B navigation and surveillance services through Aireon, our joint venture with a number of air navigation service providers, known as ANSPs.

我們在製定無人駕駛航空系統標準方面的工作，這將在未來幾年成為一個大市場；我們還透過與多家空中導航服務提供者（簡稱 ANSP）的合資企業 Aireon 參與衛星 ADS-B 導航和監視服務。

We believe we can build on these platforms to expand our footprint in the aviation safety market, particularly as it evolves from sending safety and operational data over ground-based VHF towers with satellite at the backup to sending all data more cost effectively and efficiently over satellite.

我們相信，我們可以利用這些平台來擴大我們在航空安全市場的影響力，尤其是在航空安全市場從透過地面甚高頻塔發送安全和營運資料（衛星作為備用）發展到透過衛星更經濟高效地發送所有資料的過程中。

With the expanding aircraft fleet and the airlines expanding needs for real-time information from those fleets, we believe we can offer a compelling value proposition using our network today and then expand in the future with space-based VHF in a follow-on network.

隨著飛機機隊的不斷擴大，航空公司對這些機隊的即時資訊的需求也日益增長，我們相信，我們今天可以利用我們的網路提供極具吸引力的價值主張，然後在未來透過後續網路中的天基甚高頻技術擴展。

Our long-term relationship with Aireon is a key piece of that strategy. They are a growth engine for us into the future, especially as they continue to expand their air traffic surveillance services to more ANSPs and market their unique and powerful data set to more industry data applications.

我們與 Aireon 的長期合作關係是該策略的關鍵組成部分。他們是未來我們的成長引擎，尤其是在他們不斷向更多空中導航服務提供者擴展空中交通監視服務，並將他們獨特且強大的數據集推向更多行業數據應用領域的情況下。

Together with some additional investment, we think our work with Aireon could serve a $1 billion-plus addressable market leveraging our unique fully global network. So Iridium continues to occupy a strong and defensible position in the satellite industry.

我們認為，透過追加投資，我們與 Aireon 的合作可以利用我們獨特的全球網絡，服務超過 10 億美元的潛在市場。因此，銥星在衛星產業繼續佔據強大且可防禦的地位。

Our competitive advantage comes from focusing on specialized products and services for which high reliability remains a key point of differentiation. The growth themes I share with you today representing incredible opportunities for our company, and I look forward to updating you as we invest and execute and capitalize on each in the months ahead.

我們的競爭優勢來自於專注於專業產品和服務，而高可靠性仍然是這些產品和服務的關鍵差異化優勢。今天我與大家分享的成長主題代表著我們公司面臨的巨大機遇，我期待在接下來的幾個月裡，隨著我們投資、執行和利用這些機遇，向大家報告最新進展。

We strongly believe the initiatives we are pursuing along with our core businesses will enable us to drive incremental growth and cash flow generation well into the future and unlock value for our shareholders. As Vince will explain, we will continue our growth trajectory in 2026, albeit at a slower pace than in the past as we position ourselves for additional revenue growth and long term value creation.

我們堅信，我們正在推行的各項舉措以及我們的核心業務將使我們能夠在未來持續推動成長和現金流的產生，並為我們的股東創造價值。正如 Vince 將要解釋的那樣，我們將在 2026 年繼續保持成長勢頭，儘管速度會比過去慢一些，因為我們正在為進一步的收入成長和長期價值創造做好準備。

At the same time, we will continue to generate meaningful cash flows to invest, delever and return capital to shareholders through a growing dividend. Due at all, we will not lose sight of the needs of our customers or the rapidly changing marketplace that we are uniquely well positioned to serve.

同時，我們將繼續產生可觀的現金流，用於投資、降低槓桿率，並透過不斷增長的股息向股東返還資本。儘管如此，我們仍不會忽視客戶的需求，也不會忽視我們擁有獨特優勢去服務的快速變化的市場。

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

接下來，我將把電話交給文斯，讓他來討論我們的季度業績和展望。文斯？

Thanks, Matt, and good morning, everyone. With my remarks today, I'd like to recap Iridium's full year results for 2025 and provide color on trends we saw in the fourth quarter, some of which continue into the new year. I'll also walk through the 2026 outlook we released this morning and review Iridium's liquidity and capital positions.

謝謝馬特，大家早安。今天，我想藉此機會回顧銥星公司 2025 年的全年業績，並詳細介紹我們在第四季度看到的一些趨勢，其中一些趨勢將延續到新的一年。我也會詳細介紹我們今天早上發布的 2026 年展望，並回顧銥星公司的流動性和資本狀況。

Service revenue growth was in line with our recent guide, finishing up 3% in 2025. Full year operational EBITDA came in within our guidance range at $495.3 million, up 5% year over-year. OEBITDA was impacted by a $3 million inventory charge taken in the fourth quarter.

服務收入成長與我們最近的預期一致，預計到 2025 年將成長 3%。全年營運 EBITDA 達到我們預期的 4.953 億美元，年增 5%。第四季提列了 300 萬美元的庫存費用，對 OEBITDA 造成了影響。

Our conversion of to cash flow remained strong at 60% and resulting in pro forma free cash flow of $296 million in 2025. In the fourth quarter, total revenue was $212.9 million, -- this reflected year-over-year growth in service revenue, offset by lower subscriber equipment sales during the quarter.

我們的現金流轉換率維持在 60% 的強勁水平，預計 2025 年的自由現金流將達到 2.96 億美元。第四季總收入為 2.129 億美元——這反映了服務收入同比增長，但被該季度用戶設備銷售額下降所抵消。

Operational EBITDA was $115.3 million in the quarter. Within our commercial business, service revenue was up 3% from a year earlier. Contributing to this growth was a 4% rise in voice and data revenue, which benefited from the price increase that commenced over the summer. Commercial IoT revenue grew 11% in the fourth quarter.

本季營運 EBITDA 為 1.153 億美元。在我們的商業業務中，服務收入比上年同期成長了 3%。語音和數據收入成長 4%，推動了這一成長，這得益於夏季開始的價格上漲。第四季商業物聯網營收成長了11%。

While Matt noted that Iridium added several new partners in 2025, we also certified more than 30 new IoT products during the year. The combination of new business relationships and new IoT applications coming to market is expected to broaden our sales funnel in the years ahead and will allow Iridium satellite technology to reach a growing number of industries and end users.

Matt 指出，銥星在 2025 年新增了幾家合作夥伴，同時，我們也在這一年認證了 30 多款新的物聯網產品。預計未來幾年，新的業務關係和新的物聯網應用將擴大我們的銷售管道，並使銥星衛星技術能夠惠及越來越多的產業和終端用戶。

In broadband, we reported revenue of $12.2 million in the fourth quarter. This 9% decline from the prior year period continued to reflect the increasing prevalence of Iridium's use in lower priced companion plants. While the pace of migration from primary to backup is slowing, this trend will continue to create an ARPU headwind in 2026.

在寬頻業務方面，我們在第四季度實現了 1,220 萬美元的收入。與去年同期相比，9% 的降幅繼續反映出銥在價格較低的伴生植物中的使用越來越普遍。雖然從主伺服器遷移到備份伺服器的速度正在放緩，但這一趨勢將在 2026 年繼續對 ARPU 造成不利影響。

For the full year, broadband revenue was down 10%, which was largely in line with our expectations. In all, commercial subscribers grew 4% in the fourth quarter. Hosted payload and other data services was $13.4 million for the quarter, off 13% from the year ago period.

全年寬頻收入下降了 10%，這基本上符合我們的預期。第四季商業用戶總數增加了 4%。本季託管有效載荷和其他數據服務收入為 1,340 萬美元，比去年同期下降 13%。

As I previewed on our third quarter call, a delay in PNT deployment by an existing customer weighed on Q4 growth. Apart from this contract delay, we have continued to see strong inbound interest in Iridium's assured PNT services and continue to see momentum for this business to deliver $100 million in annual service revenue by the end of the decade.

正如我在第三季電話會議上預告的那樣，現有客戶 PNT 部署的延遲對第四季度的成長造成了影響。除了此次合約延期外，我們持續看到市場對銥星公司可靠的PNT服務表現出濃厚的興趣，並繼續看到該業務的發展勢頭，預計在本十年末實現1億美元的年服務收入。

Within our government business, revenue rose to $27.6 million in the fourth quarter, reflecting the final step-up in our EMSS contracts with the US government.

在我們的政府業務方面，第四季營收成長至 2,760 萬美元，這反映了我們與美國政府簽訂的 EMSS 合約的最終升級。

As I noted earlier, revenue from subscriber equipment, which tends to be episodic in nature, came in at $17 million in the fourth quarter. While this was down year-over-year, this reflects our ongoing outlook for normalized equipment sales of $80 million to $90 million on an annual basis. Engineering and support revenue continues to be strong at $37.1 million.

正如我之前提到的，用戶設備收入（通常具有階段性）在第四季度為 1700 萬美元。雖然同比有所下降，但這反映了我們對每年正常設備銷售額為 8,000 萬至 9,000 萬美元的持續預期。工程和支援收入持續保持強勁勢頭，達到 3,710 萬美元。

We achieved some significant milestones in 2025 related to our work with the SDA and our pipeline with the USG remains strong as we look ahead into 2026.

2025 年，我們在與 SDA 的合作方面取得了一些重要的里程碑，展望 2026 年，我們與美國政府的合作管道仍然強勁。

Before moving to our 2026 outlook, I want to highlight a change we've made in the new year related to our management incentive compensation.

在展望 2026 年之前，我想重點介紹一下我們在新的一年裡對管理階層激勵薪酬所做的一項改變。

We've decided, starting in 2026, Iridium will play annual incentive compensation fully in cash rather than our prior practice of using part cash and part equity. The impact of this change reduces equity issuance by approximately 1 percentage point on a recurring go-forward basis and aligns more closely with our shareholders' interests. This does affect the calculation of OEBITDA and makes year-over-year comparisons difficult until they normalize in 2027.

我們決定，從 2026 年開始，銥星公司將以現金形式全額支付年度激勵薪酬，而不是像以前那樣部分使用現金，部分使用股權。這項變更的影響是，在未來持續的基礎上，股權發行量將減少約 1 個百分點，並且更符合我們股東的利益。這確實會影響 OEBITDA 的計算，並且使得同比比較變得困難，直到 2027 年恢復正常。

While the change will have no impact on GAAP financials, it will have a negative impact of $17 million on 2026 OEBITDA as compared to 2025. So for our 2026 outlook, we are guiding service revenue growth to be flat to up 2% for the year.

雖然這項變更不會對 GAAP 財務數據產生影響，但與 2025 年相比，2026 年的 OEBITDA 將減少 1,700 萬美元。因此，對於 2026 年的展望，我們預計服務收入成長將持平或成長 2%。

Absent the change to incentive compensation I noted, '26 OEBITDA would have been -- would have grown to a range of $497 million to $507 million. In light of our change to incentive compensation, we expect 2026 OEBITDA in a range between $480 million and $490 million. Other items pertinent to our outlook include: our forecast for commercial voice and data to grow in the first half of 26% as a result of tailwinds provided by targeted price actions we implemented back in July.

如果沒有我提到的激勵性薪酬的變化，2026 年的 OEBITDA 將會成長到 4.97 億美元至 5.07 億美元之間。鑑於我們對激勵性薪酬的調整，我們預計 2026 年的 OEBITDA 將在 4.8 億美元至 4.9 億美元之間。與我們的展望相關的其他事項包括：我們預測，由於我們在 7 月實施的有針對性的價格措施帶來的利好，上半年商業語音和數據業務將成長 26%。

For the full year, we expect voice and data to be a low single-digit grower. In IoT, we are excited about a number of new products being released this year that continue to support our position as the premier satellite IoT provider.

我們預計全年語音和數據業務的成長速度將保持在個位數低點。在物聯網領域，我們很高興今年將推出一系列新產品，這些產品將繼續鞏固我們作為領先的衛星物聯網供應商的地位。

Over the last two years, we have operated under a fixed price contract with a large IoT partner. With the renewal of that contract as well as continued subscriber growth in our other areas, Overall, we expect mid-single-digit growth in IoT this year. More broadly, we are encouraged by the addition of many new IoT partners to our ecosystem over the last 12 months, including many focused on Iridium NTN Direct.

過去兩年，我們一直與一家大型物聯網合作夥伴簽訂固定價格合約。隨著該合約的續約以及其他領域用戶數量的持續成長，我們預計今年物聯網業務將實現中等個位數的成長。更廣泛地說，在過去 12 個月裡，我們的生態系統新增了許多物聯網合作夥伴，其中包括許多專注於銥星 NTN Direct 的合作夥伴，這令我們倍感鼓舞。

With our new standards-based offering set to launch in the second half of the year, we remain optimistic about NTN and the access to new industry sectors it will deliver over time, supporting IoT growth overall as we address new markets. Within broadband, we continue to forecast ARPU pressure as primary companion conversion continues and Maritime customers select lower-cost backup plants.

隨著我們基於標準的新產品將於今年下半年推出，我們對 NTN 及其未來將帶來的新產業領域的准入前景依然充滿信心，這將支持物聯網的整體成長，同時我們也將開拓新的市場。在寬頻領域，隨著主伴生網絡轉換的持續進行以及海事客戶選擇成本更低的備用網絡，我們繼續預測 ARPU 將面臨壓力。

However, the availability of new Iridium Certus GMDSS safety terminals this year will help to mitigate some of this pressure, especially with these new terminals now being introduced in the APAC region. We believe this service provides us with the market opportunity to replace legacy MSC terminals and will serve as a long-term mitigant to revenue pressure.

然而，今年銥星Certus GMDSS新型安全終端的推出將有助於緩解部分壓力，尤其是在亞太地區引入這些新型終端之後。我們相信這項服務為我們提供了取代傳統MSC碼頭的市場機會，並將成為緩解收入壓力的長期措施。

Accordingly, while we anticipate a decline in broadband revenue this year, we expect it to moderate from 2025's rate. PNT will again be a meaningful source of growth to hosted payload and other data services over time. As I mentioned earlier, we are supporting the implementation of a PNT program for a large customer.

因此，雖然我們預計今年寬頻收入將有所下降，但我們預計其下降速度將比 2025 年的水平有所放緩。隨著時間的推移，PNT 將再次成為託管有效載荷和其他資料服務的重要成長來源。正如我之前提到的，我們正在支援一個大客戶實施PNT程序。

While the time of this deployment is not entirely within our control, we feel good about the customer's ability to make strong progress in 2026 and begin leveraging Iridium's PNT solutions. With the frequency of jamming and spoofing rising, additional traction from new and PNT customers may provide upside to our current forecast.

雖然此次部署的時間並非完全由我們掌控，但我們對客戶在 2026 年取得重大進展並開始利用銥星的 PNT 解決方案充滿信心。隨著幹擾和欺騙的頻率增加，來自新客戶和 PNT 客戶的額外需求可能會使我們目前的預測上調。

Finally, on the government business. We remain in early discussions with the USG on a successor contract to the EMSS program. We are modeling $110.5 million of EMSS revenue this year. This outlook includes our expectations that the government will exercise their 6-month option to extend the EMSS contract at current rates through March 2027.

最後，談談政府事務。我們仍在與美國政府就 EMSS 專案的後續合約進行初步討論。我們預計今年EMSS的營收將達到1.105億美元。這項展望包括我們預期政府將行使 6 個月的選擇權，以當前價格將 EMSS 合約延長至 2027 年 3 月。

Supporting our discussions of a favorable contract renewal was the US Space Force's award of a five-year ground contract, which we announced at the end of the year, and runs through 2030 to enhance security services and support ongoing EMSS capabilities.

為了支持我們關於續約有利合同的討論，美國太空軍授予了我們一份為期五年的地面合同，我們在年底宣布了這一消息，該合同將持續到 2030 年，旨在加強安全服務並支持持續的 EMSS 能力。

We expect that revenue from equipment sales will largely be in line with 2025, even as the mix shifts somewhat from handsets to IoT products. In engineering and support, we expect revenue will continue to grow, reflecting our strong pipeline of business activities and expanding relationship with the US government.

我們預計，儘管產品組合將從手機轉向物聯網產品，但設備銷售收入仍將與 2025 年基本持平。在工程和支援方面，我們預計收入將繼續成長，這反映了我們強大的業務活動管道以及與美國政府不斷擴大的關係。

As Matt mentioned, growth on national security initiatives, particularly as they continue to evolve their services to commercial operators and build Golden Dell. On the expense side of the equation, we will continue to support robust new product and service development. R&D and depreciation expense should both remain in line with 2025's level.

正如 Matt 所提到的，國家安全措施正在發展，尤其是在他們不斷改進面向商業運營商的服務並建立 Golden Dell 的過程中。在支出方面，我們將持續支持強勁的新產品和服務開發。研發費用和折舊費用應與 2025 年的水準保持一致。

You will note that SG&A declined significantly in 2025, in large part due to decreases in equity compensation costs that we do not expect to recur in 2026. Accordingly, we expect to return to a more normalized equity level in '26, which will cause SG&A to be higher at a double-digit rate in '26. We expect capital expenditures will be consistent with 2025 as we support the rollout of NTN and investment in the new initiatives Matt referenced.

你會注意到，2025 年銷售、一般及行政費用大幅下降，這主要是由於股權激勵成本的下降，而我們預計 2026 年不會再出現這種情況。因此，我們預計 2026 年權益將恢復到更正常的水平，這將導致 2026 年銷售、一般及行政費用以兩位數的速度增長。我們預計資本支出將與 2025 年保持一致，因為我們將支持 NTN 的推廣和對 Matt 提到的新舉措的投資。

Based on forward curve projections, interest expense is expected to be down year-over-year. I would also note the expiration of our $1 billion interest hedge instrument at the end of November. It is our intention to have a new instrument in place before the termination of the existing hedge.

根據遠期曲線預測，預計利息支出將較去年同期下降。我還想指出，我們價值 10 億美元的利息對沖工具將於 11 月底到期。我們的目標是在現有對沖到期之前，制定新的交易策略。

As we noted in October, Iridium expects to pay cash taxes of less than $10 million this year and next. The improvement relates to tax legislation passed in 2025. We anticipate being a taxpayer at the full statutory rate in 2029. Finally, on leverage, we closed 2025 with net leverage of 3.4 times OEBITDA and continue to expect to delever from here to about 3 times by year-end.

正如我們在 10 月指出的那樣，銥星公司預計今年和明年將繳納不到 1000 萬美元的現金稅。這項改進與2025年通過的稅收立法有關。我們預計到 2029 年將以法定全額稅率納稅。最後，關於槓桿率，我們預計 2025 年淨槓桿率為 OEBITDA 的 3.4 倍，並繼續預計到年底將槓桿率降至 3 倍左右。

Our long-term goal is to delever below 2 times, which we believe will naturally occur as we continue to grow OEBITDA and generate cash. I hope this additional color is helpful in allowing you to track our progress this year. Moving on to our balance sheet.

我們的長期目標是將槓桿率降至 2 倍以下，我們相信隨著 OEBITDA 的持續成長和現金流的不斷增加，這一目標將自然而然地實現。我希望這種額外的顏色能幫助您追蹤我們今年的進展。接下來來看資產負債表。

As of December 2025, Iridium had cash and cash equivalents balance of approximately $96.5 million. Iridium repaid all borrowings under its revolving facility in the fourth quarter and had no outstanding borrowings under the $100 million revolving facility as of December 2025. In 2025, Iridium paid a total of $62.9 million through quarterly dividend payments to shareholders and ended the year with a dividend yield of 3.3%.

截至 2025 年 12 月，銥星公司擁有現金及現金等價物餘額約 9,650 萬美元。Iridium 在第四季度償還了其循環信貸額度下的所有借款，截至 2025 年 12 月，其 1 億美元的循環信貸額度下已無未償還借款。2025 年，銥星公司透過季度股息向股東支付了總計 6,290 萬美元，並以 3.3% 的股息殖利率結束了這一年。

Looking to '26, we expect our Board to again approve an increase in the dividend, prior year increases have averaged 5% annually since the Board declared Iridium's first dividend in 2023. Continued growth in Iridium's dividend reflects management's confidence in the company's business opportunities and prospects for continued strong free cash flow.

展望 2026 年，我們預計董事會將再次批准提高股息，自董事會於 2023 年宣布 Iridium 首次派發股息以來，前幾年的股息平均每年增長 5%。銥星公司股息的持續成長反映了管理層對公司業務機會和持續強勁自由現金流前景的信心。

We remain committed to an active and growing dividend program as it augments long-term shareholder returns. With the pause in our share repurchase program, Iridium did not repurchase any shares during the fourth quarter.

我們將繼續致力於積極推行並不斷增長的分紅計劃，因為這可以增加股東的長期回報。由於暫停了股票回購計劃，銥星公司在第四季度沒有回購任何股票。

However, for full year '25, we retired approximately 6.8 million shares of common stock at an average price of $27.07. Capital expenditures in the fourth quarter were $33.5 million, for the full year, CapEx was $100.3 million, inclusive of $4.6 million in capitalized interest.

然而，在 2025 年全年，我們以平均每股 27.07 美元的價格回購了約 680 萬股普通股。第四季資本支出為 3,350 萬美元，全年資本支出為 1.003 億美元，其中包括 460 萬美元的資本化利息。

We expect '26 capital investment levels to be similar to '25, especially as we continue with the rollout of our NTN services.

我們預計 2026 年的資本投資水準將與 2025 年類似，尤其是在我們持續推出 NTN 服務的情況下。

Turning to our pro forma free cash flow. If we use the midpoint of our 2026 OEBITDA guidance and back off $82 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 adjust for $11 million in working capital, inclusive of the appropriate hosted payload adjustment, we're projecting pro forma free cash flow of $318 million for 2026.

接下來我們來看預測自由現金流。如果我們採用 2026 年 OEBITDA 指導值的中點，並根據我們目前的債務結構扣除 8,200 萬美元的淨利息（按備考計算），扣除今年約 9,000 萬美元的資本支出，扣除 600 萬美元的現金稅款，並調整 1,100 萬美元的現金營運資本額調整（包括適當的現金營運資本額調整為 20.2012 20.10 億美元的現金營運資本額調整（包括適當的 2010 億美元），我們預計為 20.200 億美元的現金管理

These metrics would represent a conversion rate of OEBITDA to free cash flow of 66% in '26 and a yield of about 16%. This continues to support our outlook for free cash flow generation of $1.5 billion to $1.8 billion through 2030. We continue to believe that pro forma free cash flow is a good measure of our business strength.

這些指標表明，2026 年 OEBITDA 轉化為自由現金流的轉換率為 66%，收益率約為 16%。這繼續支持我們對 2030 年自由現金流產生量為 15 億至 18 億美元的預期。我們仍然認為，以備考基準計算的自由現金流量是衡量我們業務實力的良好指標。

A more detailed description of each element of these calculations, along with a reconciliation to GAAP measures is available in a supplemental presentation under Events on our Investor Relations website. Iridium continues to occupy a unique position in the satellite market.

有關這些計算中每個要素的更詳細說明，以及與 GAAP 指標的調節表，請參閱我們投資者關係網站「活動」下的補充簡報。銥星在衛星市場繼續佔有獨特的地位。

We have great assets, a valuable spectrum position and a growing ecosystem of partners, which will continue to support strong free cash flow and expand our business reach beyond traditional revenue streams.

我們擁有雄厚的資產、寶貴的頻譜資源和不斷壯大的合作夥伴生態系統，這將繼續支持強勁的自由現金流，並將我們的業務範圍擴展到傳統收入來源之外。

As Matt noted, we believe that Iridium's differentiation is not just a function of our actionable real-time services and true global coverage, but also reflects the quality of our L-band spectrum and the growing opportunities that our partner ecosystem continues to deliver. With that, I'd like to turn the call over to the operator for Q&A.

正如 Matt 指出的那樣，我們認為銥星的差異化優勢不僅體現在我們可操作的即時服務和真正的全球覆蓋範圍上，也體現了我們 L 波段頻譜的品質以及我們的合作夥伴生態系統不斷帶來的機會。接下來，我將把電話交給接線生進行問答環節。

(Operator Instructions)

（操作說明）

Brent Penter, Raymond James.

Brent Penter，Raymond James。

Hey, good morning everyone. I appreciate all the detail there. First, on the decision to make incentive compensation entirely in cash, can you just give us a little bit more detail on that? Walk us through that decision why you made the change? You mentioned you believe it's in the best interest of shareholders. And is this something that you expect to be pretty permanent? Or is it temporary?

嘿，大家早安。我很欣賞其中的細節。首先，關於將激勵性薪酬全部以現金形式發放的決定，您能否再詳細解釋一下？請您詳細解釋一下您做出這項改變的原因？你提到你認為這符合股東的最佳利益。你認為這種情況會一直持續下去嗎？還是只是暫時的？

Look, every company really pays their incentive yearly bonus and cash. I would say, we decided, I don't know how many years ago, five?

你看，每家公司都會實際發放年度獎金和現金激勵。我想說，我們決定，我不知道是多少年前，五年前？

Five, six years ago.

五六年前。

Five, six years ago, that at the time, we wanted to more broadly kind of align employees with shareholders. And so we would we would do a mix of cash and stock for yearly bonuses. But that really wasn't standard at the time. And now with our stock price the way it is and the use of equity really by putting that much equity into the bonus. It just didn't make sense. So we were going to do it eventually decided to do it now. I know it looks unusual a little bit. So the year-over-year comparisons, as you described '25 to '26 numbers, it looks like somehow we're not growing as a result of that, but it's just a better use of our resources essentially, I think.

五、六年前，當時我們希望更廣泛地將員工與股東的利益結合。因此，我們會採用現金和股票結合的方式發放年度獎金。但那在當時並不是標準做法。現在，鑑於我們目前的股價，以及將大量股權投入獎金的實際運用，股權的使用情況確實發生了變化。這根本說不通。所以我們本來就要做這件事，現在決定做了。我知道它看起來有點不尋常。所以，正如你所描述的，從 2025 年到 2026 年的數據來看，似乎我們並沒有因此而成長，但我認為這本質上只是更好地利用了我們的資源。

Yes. And I would add to that, Brett, to Matt's point, we think it aligns more closely with shareholder interest, especially as we've just recently paused the buyback program. I did note in my remarks that in terms of equity issuance, it relates close to a percentage point of equity. So I think it's meaningful for shareholders.

是的。布雷特，我還要補充一點，正如馬特所說，我們認為這更符合股東的利益，尤其是我們最近剛暫停了股票回購計畫。我在發言中提到，就股權發行而言，這相當於股權的百分之一。所以我認為這對股東來說意義重大。

And then the other part of it, to Matt's point is, we think it aligns our employee base as well with more industry norms, but I'd also highlight while it changes OEBITDA, it doesn't have an impact on GAAP financials. So it's purely a movement between GAAP and OEBITDA.

另一方面，正如 Matt 所說，我們認為這也使我們的員工基礎與行業規範更加一致，但我還要強調，雖然這會改變 OEBITDA，但不會影響 GAAP 財務報表。所以這純粹是GAAP和OEBITDA之間的轉換。

Okay. Okay. Got it. And then you mentioned $200 million of revenue by 2030 from these four growth areas. And so if I'm understanding correctly, $100 million of that you still expect to come from PNT, which I think would suggest $100 million from those other three areas, NTN IoT, national security and aviation.

好的。好的。知道了。然後您提到，到 2030 年，這四個成長領域的收入將達到 2 億美元。所以如果我理解正確的話，你仍然希望這 1 億美元來自 PNT，我認為這也意味著這 1 億美元將來自其他三個領域：NTN 物聯網、國家安全和航空。

You misunderstood me. I didn't say $200 million was the -- I mentioned that when I was talking about the new growth products that we're introducing this year. So we have that from Iridium NTN Direct, a new ASIC, a new IoT module. Those are just ongoing business-as-usual kind of stuff that I just wanted to give a number that sort of reflects our ongoing business and the investments we're making in R&D before we even talk about the growth themes, which could include additional investment, maybe acquisitions, maybe other areas here.

你誤會我的意思了。我並沒有說 2 億美元是——我是在談到我們今年推出的新增長產品時提到這一點的。所以我們從銥星NTN Direct那裡得到了一個新的ASIC，一個新的物聯網模組。這些都是日常業務，我只是想給出一個數字，來反映我們正在進行的業務以及我們在研發方面的投資，然後再討論成長主題，這些主題可能包括額外的投資、收購，或其他領域。

And our growth areas, there's a little bit of overlap in those two areas, but I just wanted to kind of put a number on even what we're doing today. So I'm sorry if that was misunderstood there. I do have -- I did want to really pull out these four major growth themes because I really do think it's really about rewriting our narrative, if you will.

我們的成長領域，這兩個領域之間有一些重疊，但我只是想用數字來量化我們目前正在做的事情。如果剛才的話造成了誤解，我深感抱歉。我確實想——我確實想重點闡述這四個主要的成長主題，因為我真的認為這實際上是在重寫我們的敘事。

And it's important to kind of understand what those areas are that we think we have areas that we can differentiate versus others, more than stem the tide of any kind of competitive pressures and get back to even higher levels of growth than the current areas of the investment we're in that is still delivering a lot of revenue.

重要的是要了解我們認為可以與其他公司區分開來的領域是什麼，這樣才能更好地遏制任何競爭壓力，並恢復到比我們目前仍在帶來大量收入的投資領域更高的成長水平。

Okay. I appreciate the clarification. So then you think about those four growth areas, how do you rank all them in terms of the opportunity? And what role could M&A play in those areas you mentioned? What opportunities are out there in terms of M&A?

好的。感謝您的解釋。那麼，你再想想這四個成長領域，你要如何根據機會對它們進行排序呢？那麼，在您提到的這些領域中，併購可以發揮什麼作用呢？併購方面有哪些機會？

Yes. I mean I'm very careful about not pointing to specific areas for M&A. Those four areas kind of vary in terms of timing and impact. We're seeing a lot of potential right now in government national security missions because of Golden Dome and those kind of activities, probably not a big M&A kind of area. It's areas where our expertise, our network and other things can play.

是的。我的意思是，我非常謹慎，不會指出併購的具體領域。這四個領域在時間和影響力方面略有不同。由於金頂國家紀念大樓等活動，我們現在在政府國家安全任務方面看到了巨大的潛力，但這可能不是併購的領域。這是我們的專業知識、人脈網絡和其他資源可以發揮作用的領域。

P&T could be, especially as we get into new areas around identity management and some other areas we're seeing as a platform IoT possibly could be an area of investment, though we have an awful lot going right now in terms of internal areas, but in the device area and in terms of the service area, in terms of cellular management, there's possibilities of partnerships, if not acquisition.

P&T 可能會，尤其是在我們進入身份管理等新領域以及我們看到的物聯網平台的其他一些領域時，物聯網可能是一個投資領域，儘管我們目前在內部領域有很多事情要做，但在設備領域、服務領域以及蜂窩網絡管理方面，存在合作甚至收購的可能性。

And then aviation safety, I would say, is maybe the highest potential opportunity there. That's an area where we can provide a lot more services to airlines and ASPs than we're doing today. I mentioned there's a big potential kind of ability to disrupt that market, we think. And certainly, our relationship with Aireon is a big piece of that.

我認為，航空安全領域或許是最有潛力的機會。在這個領域，我們可以為航空公司和應用服務提供者提供比現在更多的服務。我之前提到過，我們認為它有很大的潛力顛覆這個市場。當然，我們與 Aireon 的關係是其中非常重要的一環。

Okay. Great. And then on business alliances, maybe related to spectrum, it sounds like, could you go more into what those could look like? What kind of partners those can evolve? And how any sort of alliance might work in conjunction with your current businesses that obviously operate on that spectrum?

好的。偉大的。至於商業聯盟，可能與光譜有關，聽起來您能否更詳細地介紹一下這些聯盟可能是什麼樣的？它們可以發展成什麼樣的合作夥伴？那麼，任何形式的聯盟將如何與您目前顯然在該領域運營的業務協同運作？

Well, I mean, obviously, in my comments, I made it pretty clear that the mobile satellite services spectrum that I have historically never really talked about our spectrum position. because we were using it for internal services. That environment has changed a lot in the last six months.

嗯，我的意思是，很顯然，在我的評論中，我已經非常明確地表明了，我過去從未真正談論過移動衛星服務頻譜，因為我們一直將其用於內部服務。過去六個月裡，那裡的環境發生了很大變化。

Given the investment that at least Starlink has made in spectrum, we've seen an increase in lots of industry people talking to each other as they position themselves for this direct to sell or direct-to-device market. And we're seeing that activity.

鑑於 Starlink 至少在頻譜方面投入了資金，我們看到越來越多的業內人士互相交流，為這個直接銷售或直接面向設備的市場做好準備。我們已經看到了這種現象。

We're seeing opportunities, people who value our existing business, our partners, our cash flow, et cetera, but also value our unique L-band spectrum position. So I don't know that I can go into any more detail other than there's just a lot of discussions, and they could go in a lot of different directions potentially. But I think it's noteworthy that sort of the industry is a buzz with discussion right now.

我們看到了機遇，人們重視我們現有的業務、合作夥伴、現金流等等，同時也重視我們獨特的 L 波段頻譜地位。所以我不知道除了有很多討論之外還能透露更多細節，而且這些討論可能會朝著很多不同的方向發展。但我認為值得注意的是，目前整個產業都在熱烈討論這個問題。

Yes, okay. Thanks guys.

好的。謝謝各位。

Eva Xin Yu, Deutsche Bank

德意志銀行 Eva Xin Yu

Hey, good morning. Thank you for taking our questions. I wanted to take a step back. I know you mentioned just now, there's quite a bit going on in the industry, quite a lot of buzz. One of those topics recently has been space data centers. And I assume you don't intend to try to play a direct role in that. But just curious what are your views on kind of the viability of this kind of endeavor the impact of the industry and if you may play some sort of ancillary role in that?

嘿，早安。感謝您回答我們的問題。我想退後一步。我知道你剛才提到過，業內有很多事情正在發生，也引起了很多關注。最近的熱門話題之一就是太空資料中心。我猜你也不打算直接參與其中。我只是好奇您對這類事業的可行性、對產業的影響有何看法，以及您是否可以在其中扮演某種輔助角色？

Yes, it's a hot area right now discussion mainly because of Starlink's announcements and some others who kind of it looks like a problem that can be solved in space and solar power and power in general of data centers is a big issue. There is massive technical challenges to overcome. Data centers are complicated areas very difficult to protect assets in space.

是的，這目前是一個熱門話題，主要是因為星鏈的公告以及其他一些人認為這個問題可以透過太空和太陽能來解決，而資料中心的電力供應總體上是一個大問題。存在巨大的技術挑戰需要克服。資料中心是極為複雜的領域，很難保護太空資產。

It looks like to me, I'm maybe been -- I haven't been in the space industry forever, but I've been in long enough to understand that, that's a really, really long-term opportunity at best. And I wonder if all the discussion isn't for other reasons than maybe just solving an immediate problem because that is years away from being able to be successfully driven.

在我看來，我可能——雖然我不是一直從事航太工業，但我待的時間也夠長了，足以明白這充其量只是一個非常非常長遠的機會。我懷疑所有這些討論是否另有原因，而不僅僅是為了解決眼前的燃眉之急，因為距離真正實現成功駕駛還有數年之遙。

But anyway, I could jump on that bandwagon to try to hitch our wagon to that for evaluation, but we're a really pragmatic company that focuses on really delivering results and cash and growth. So I'd rather kind of stick to the themes that I'm currently around and somehow address that directly.

不過，我也可以搭上這趟順風車，試著讓我們的公司也參與到評估中來，但我們是一家非常務實的公司，專注於真正帶來業績、現金流和成長。所以我更傾向於堅持我目前關注的主題，並以某種方式直接探討這些主題。

Understood. I wanted to come back to DD. Can you just remind us what are sort of the next big milestones to look for, whether it's from operational deployment perspective, or from -- is it something we need to wait on one of the partners just setting up out of this year, maybe next year, what to look out for?

明白了。我想回到DD。您能否提醒我們一下，接下來需要關注的重大里程碑是什麼？無論是從營運部署的角度來看，還是從其他方面來看——我們是否需要等待某個合作夥伴在今年或明年部署，我們應該關注哪些方面？

Yes. Well, obviously, we're in were the steps of introducing the product this year. We're in testing. We're starting to have actually partners come in and experience it or be able to demonstrate it from space so they can see how well it performs in their applications and how it's going to look.

是的。顯然，我們正處於今年推出該產品的步驟中。我們正在進行測試。我們現在開始邀請合作夥伴前來體驗，或從太空進行演示，以便他們能夠看到它在他們的應用程式中的表現如何，以及它的外觀如何。

You could see more chipset suppliers jumping on our bandwagon to enable our services in their chips, you could see more mobile network operators, align with it readying themselves to introduce it to their customers. We I think that's going to be the primary kind of drivers right now throughout the year. Obviously, this is more of a '27, '28 kind of thing in terms of revenues, but we're still excited about the potential it brings.

你可能會看到更多晶片組供應商加入我們的行列，在他們的晶片中啟用我們的服務；你可能會看到更多行動網路營運商與我們保持一致，準備將其引入到他們的客戶中。我認為這將是今年全年主要的驅動因素。顯然，就收入而言，這更像是 2027 年、2028 年的事情，但我們仍然對它帶來的潛力感到興奮。

And if I could just sneak in, Vince, one thing on the financials. Can you give us any more maybe numbers or percentage points on sort of the PNT contribution expected for this year?

文斯，如果我能插一句，關於財務方面還有一件事。您能否提供更多關於今年 PNT 貢獻值的具體數字或百分比數據？

Yes, we -- well, for '26, we have built in a view of PNT Edison that's incorporated in our flat to 2% growth. As I noted in my remarks, we do think that that there may be potential upside to the guide there, we just think it's premature to include it in the outlook at this point.

是的，我們——嗯，對於 2026 年，我們已經將 PNT Edison 的前景納入了我們 2% 的成長率預期中。正如我在演講中提到的，我們認為該指引可能存在潛在的上漲空間，但我們認為目前將其納入展望還為時過早。

Great, thank you. That is an area we're trying to be appropriate about the pipeline is growing. The opportunities are potentially quite large. But when they hit, as you can tell, we expected one to hit in the fourth quarter that didn't and it's kind of moving into this year. And so, I think, it's appropriate where we're at right now in terms of that, and we'll just express the upside of it there when it happens.

太好了，謝謝。這是我們正在努力妥善處理管道成長問題的領域。潛在的機會非常大。但正如你所看到的，我們原本預期在第四節會有一個進球，但它沒有，這種情況似乎已經延續到今年了。所以，我認為，就目前的情況而言，這樣做是合適的，等事情朝著好的方向發展時，我們再來表達它的好處。

Great. Thank you.

偉大的。謝謝。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱。

Hey, thank you for the question. So maybe going back to the interested parties question, Matt, if you could just kind of talk about kind of the blend of people that you're talking to and how that's changed over the last six months. I think one of the headlines that we've kind of seen over the last few quarters of earnings, obviously, is the, let's say, private valuations and private efforts and probably an accelerated element of angst from the folks who aren't scaling, right?

嘿，謝謝你的提問。所以，回到利害關係人的問題上，馬特，你能談談你正在接觸的人員組成，以及在過去六個月中這種構成發生了怎樣的變化嗎？我認為，在過去幾季的財報中，我們看到的一個主要新聞點顯然是，比如說，私人估值和私人努力，以及那些未能擴大規模的人可能出現的焦慮情緒加劇，對吧？

Think of the headline of like OpenAI shopping stoke space over winter break and -- this or the concept of blue trying to, I guess, redo Kiper or more Kiper satellites or kind of go around it. So essentially, it's like increased banks, increased valuation, and obviously a lot of different mix of people. So maybe just talking through kind of how you characterize the blend of interested parties over the last six months and how that's changed?

想想看，像 OpenAI 在寒假期間採購太空產品這樣的標題——或者藍色概念，我猜是，試圖重新製作 Kiper 或製造更多 Kiper 衛星，或者以某種方式繞過它。所以本質上來說，就是銀行數量增加、估值提高，以及顯然各種不同族群的聚集。那麼，或許我們可以談談您如何描述過去六個月來各方利害關係人的組合，以及這種組合發生了哪些變化？

Well, I don't want to go into specifics about who I think those of us in the industry know the kind of the people -- the excitement seems to be around supplying service directed device on a more global basis. That started a couple of years ago on using terrestrial spectrum regionally, didn't really think that, that would move the needle. It hasn't really so far.

嗯，我不想具體談論我們業內人士所認識的那類人——大家似乎都對在全球範圍內提供服務導向型設備感到興奮。幾年前，我們開始嘗試在區域範圍內使用地面頻譜，當時並沒有想到這會取得如此大的進展。目前為止還沒有真正發生過這種情況。

But when Starlink bought EchoStar's assets and looked into buying MSS spectrum, the interest was on in terms of, if they're going to be a global player. AST really doesn't have global spectrum today. They aligned with Ligado to try to at least get North American spectrum, but their assets are regional otherwise. And then there's speculation about others being involved in this. I know Equitus, the Viasat venture is sort of long term and nobody knows when that would happen, and that looks like more of a spectrum sort of condo situation. I don't know how serious that is.

但當 Starlink 收購了 EchoStar 的資產並考慮收購 MSS 頻譜時，人們開始關注他們是否會成為全球參與者。AST目前確實沒有全球頻譜。他們與 Ligado 結盟，試圖至少獲得北美頻譜，但除此之外，他們的資產僅限於區域性。此外，還有人猜測還有其他人參與其中。我知道 Equitus 和 Viasat 的合作是一個長期項目，沒有人知道它何時會實現，而且它看起來更像是某種頻譜公寓的情況。我不知道這件事有多嚴重。

I mean, that's available to someone like us maybe down the road according to them, but that's many years away, and I don't think relevant. So there's not much other spectrum available. Obviously, a lot of people have speculated about Globalstar and where they might go into whom. Once you get past them, there's not many other people with LNS band spectrum. So I think you can kind of read between the lines about that and where that might be and who might be interested.

我的意思是，他們說，像我們這樣的人將來或許也能享受到這種待遇，但這還要很多年，而且我覺得現在還不相關。所以可用的其他頻譜資源並不多。顯然，很多人都在猜測 Globalstar 的未來走向以及他們可能會與哪些人合作。一旦你克服了這些困難，你會發現擁有 LNS 波段頻譜的人並不多。所以我覺得你可以從字裡行間看出一些端倪，例如這可能在哪裡發生，以及誰可能對此感興趣。

Got it. Got it. No, I appreciate the color. And then as we turn to kind of the thinking like the catalyst path way, right? Like the clear view of the management team is that the equity is undervalued given the change in the stock-based comp and while the pausing of the repo, right, the dividends and kind of signaling that you expect SG&A to pick up this year on the basis of stock rerating higher. And so I guess the construct that we think of is what are the milestones? Or what are the key catalysts split between services as well as the government side of things? And how do you expect those to kind of shape through the year.

知道了。知道了。不，我很喜歡這個顏色。然後，當我們轉向類似催化劑路徑的思考方式時，對吧？管理團隊的明確觀點是，鑑於股票薪酬的變化以及回購暫停，股票被低估了，股息也隨之減少，這似乎表明，基於股票重新估值上升，預計今年的銷售、一般及行政費用將會上升。所以，我想我們所考慮的結構是：里程碑是什麼？或者說，服務業和政府兩方面的關鍵催化劑分別是什麼？你預計這些趨勢在這一年會如何發展？

Yes. Look, I think we've expressed this is a year of transition for us. It's -- obviously, we've had a 25-year history of a little higher growth in this. I don't really think it's all about competition because we're seeing some of that around the edges. That's a longer-term thing we're planning for. And I think we're appropriately positioning ourselves for right now. But I think the valuation that we'll attract is what people believe about our long-term potential.

是的。你看，我認為我們已經說過，今年對我們來說是過渡之年。顯然，過去 25 年來，我們在這一領域一直保持著較高的成長水準。我並不認為這完全是競爭問題，因為我們確實在一些方面看到了競爭的跡象。那是我們正在規劃的長期計畫。我認為我們目前的定位是恰當的。但我認為我們最終獲得的估值，取決於人們對我們長期潛力的看法。

Obviously, the initial sort of rerating of us was around a gut reaction that we couldn't compete against StarLink long term and that, that was going to come into traditional areas and that we were going to be a company in decline. I think we've proven we're not that. We're actually still growing, grew last year. We'll grow this year. and think we'll grow faster in the coming years. There'll be -- we are expecting some headwinds, maybe to increase over time, but we believe that we have the assets, the direction, the vision to be able to not just overcome those headwinds, but actually grow again at a higher rate than we are today.

顯然，最初對我們的重新評估是基於一種直覺反應，即我們無法與 StarLink 長期競爭，而且 StarLink 將進入傳統領域，我們將成為一家衰落的公司。我認為我們已經證明我們不是那樣的人。我們實際上仍在成長，去年也實現了成長。我們今年會發展壯大，並認為未來幾年發展速度會更快。我們預計會遇到一些不利因素，而且隨著時間的推移，這些不利因素可能會增加，但我們相信，我們擁有足夠的資產、方向和遠見，不僅能夠克服這些不利因素，而且能夠以比現在更高的速度再次增長。

So I think that's the bet. I think you're your notes, as you evaluate it, I think you can pick apart the fourth quarter or your expectations about what we said versus what you expected in the year, but it's really more about do you believe that Iridium is a bet for the future. And we think we are. We've overcome far worse than our history. And I think we're we have the assets and the ability to do that. That's, I think, our key message.

所以我覺得這就是賭注。我認為，在你評估的時候，你可以仔細分析第四季度的情況，或者對比我們之前所說的和你對全年的預期，但更重要的是，你是否相信銥星是一項面向未來的投資。我們認為我們就是。我們克服的困難遠比歷史上的困難多得多。我認為我們擁有這樣做的資源和能力。我認為，這就是我們的核心訊息。

Got it. I appreciate the call, Matt. Thank you.

知道了。謝謝你的來電，馬特。謝謝。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

Hey guys, thanks a lot. Just a couple of clarifications. So your reported stock comp number should be down kind of in line with the SG&A increasing just to check that. And can you give us what the P&T revenue was in 2025 at this point?

嘿，夥計們，非常感謝。有幾點需要澄清。所以，為了確認這一點，您報告的股票補償金額應該會隨著銷售、管理及行政費用的增加而下降。您能否提供一下P&T公司在2025年的營收預期？

So I would say quickly on the stock comp, Tim, on your question there. That's right. You would see -- you'll see a roughly corresponding reduction in the stock comp and it will show up in the OIBDA reconciliation as we go through the year versus what you see in OEBITDA, because as I said, it's effectively neutral to GAAP. And then on PNT, that shows up in hosted payload and other, but we don't break that out.

所以，關於股票比較，提姆，關於你提出的問題，我想簡單說幾句。這是正確的。你會看到——你會看到股票補償大致相應減少，並且隨著我們一年的進行，它會在 OIBDA 調節表中顯示出來，與你在 OEBITDA 中看到的情況不同，因為正如我所說，它實際上對 GAAP 是中性的。然後在 PNT 中，它會顯示在託管有效載荷和其他部分中，但我們不會將其單獨列出。

We do still plan, Tim, to do that someday in the future. It just isn't big enough yet it may get there this year, we'll see. But I think that's something that we'll be looking to do so we can track the $100 million projection a little bit.

提姆，我們仍然計劃在未來的某個時候這樣做。雖然現在規模還不夠大，但今年或許能達到目標，我們拭目以待。但我認為這是我們接下來要努力的方向，這樣我們就能更好地追蹤1億美元的預測目標。

Well, we're just trying to get a sense, so it's still less than $10 million. I mean just trying to see incrementally, the $100 million would be pretty important.

我們只是想大致估算一下，所以應該還不到 1000 萬美元。我的意思是，如果一步一步來看，這 1 億美元就非常重要了。

Yes. No, it's more than that. But -- but again, we're not breaking it out specifically.

是的。不，遠不止如此。但是——但是再說一遍，我們不會具體列出來。

Got it. And I guess just on P&T, it seems like the opportunity is massive there and the need is like right now. I mean are and especially with direct-to-device communications capabilities, are you starting to deploy on drones, I guess, specifically in war zones, I mean, it would seem to be perfect solution as opposed to have fiber running all over the land everywhere. But yes, are you deploying on currently in or zones?

知道了。我覺得就 P&T 而言，那裡的機會似乎非常巨大，而且現在正是需要的時候。我的意思是，特別是在具備直接設備通訊能力的情況下，你們是否開始在無人機上部署這項技術？我想，尤其是在戰區，這似乎是一個完美的解決方案，而不是到處鋪設光纖。是的，您目前正在哪些區域部署？

Yes. I mean we do know that we have been deployed in UAVs, and that is an area where jamming and spoofing is a real problem. I think that could be a big growth area for us in the future. I think we do see that this ASIC coming this year, I think, will really expand our opportunity grade.

是的。我的意思是，我們知道我們已經部署在無人機上，而乾擾和欺騙在無人機領域是一個真正的問題。我認為這可能是我們未來一個重要的成長領域。我認為，今年即將推出的ASIC將真正擴大我們的投資機會。

It's really about how many -- there's really a lot of solutions that have been produced, but we're still seeing people deploy 50 or 100, and we're looking for the thousands and tens of thousands of kind of growth that would really, really drive, and that could happen this year, it could happen next year. We definitely see the pipeline and the potential for it in that regard.

關鍵在於數量——雖然已經有很多解決方案被提出，但我們仍然看到人們只部署 50 或 100 個，而我們期待的是成千上萬個的增長，這種增長才能真正推動市場發展，而這可能在今年發生，也可能在明年發生。我們當然看到了這條管道及其在這方面的潛力。

And when the new ASIC have enough bandwidth to navigate the drones in some form or another, not just PNT, I mean, can they use thermal imaging or video imaging to help navigate, would that be enough bandwidth?

如果新的 ASIC 晶片擁有足夠的頻寬來以某種形式導航無人機，而不僅僅是 PNT（定位、導航和授時），我的意思是，它們能否使用熱成像或視訊成像來輔助導航，這樣的頻寬是否足夠？

So the chip is really not about bandwidth. It's about picking up very powerfully a location signal that can be relied upon and trusted versus maybe a GPS or Galileo or other kind of GNSS, which might still be in there, but we would easily be overwhelmed by interference and jamming. So it's really not about doing communication. It's really more about providing an assured or alternate PNT signal to the application and doing it really with very low power with very low real estate with very low cost.

所以這款晶片的重點其實不在於頻寬。關鍵在於能否非常有效地接收可靠的定位訊號，而不是像 GPS、伽利略或其他類型的 GNSS 那樣，雖然它們可能仍然存在，但我們很容易受到干擾和阻塞的影響。所以，關鍵不在於溝通。實際上，它更多的是為應用提供可靠的或備用的 PNT 訊號，並且以非常低的功耗、非常小的空間佔用和非常低的成本來實現這一點。

And then as I said, we're starting to have discussions with people about integrating really the software in that chip even into other processors that may be in consumer devices or other applications, maybe even in phones some days so that you can get a pretty accurate position inside buildings where GPS doesn't operate, and you wouldn't have maybe other kind of augmentation signals or you could get something to protect that signal in important applications.

正如我剛才所說，我們正在與一些人討論如何將該晶片中的軟體整合到其他處理器中，這些處理器可能用於消費性電子設備或其他應用，甚至可能在未來用於手機，這樣你就可以在 GPS 無法工作的建築物內獲得相當精確的定位，而無需其他類型的增強信號，或者你可以在重要的應用中獲得某種保護該信號的機制。

And there's -- but it -- I mean how hard would it be the block your signal or spoof it, like the technology is obviously there to do it, but how much harder is it than GPS?

還有一點——但是——我的意思是，要屏蔽訊號或欺騙訊號有多難？雖然技術上顯然可以做到這一點，但這比 GPS 難多少呢？

Well, any signal can be jammed, but you'd have to have a giant power source very close by. And it makes it so it's more difficult. Nothing is completely protectable. You could block out every communication with enough power, but you need large trucks of stuff close by. And that's not -- we're looking to protect against.

任何訊號都有可能被幹擾，但前提是附近必須有一個巨大的電源。這使得事情變得更加困難。沒有任何事物是絕對安全的。只要有足夠的電力，你就可以封鎖所有通訊，但你需要附近有大量的貨物。而我們想要防範的並非如此。

And we say it's 1,000 times more difficult basically to spoof.

我們說，欺騙的難度基本上高出 1000 倍。

Okay.

好的。

Very helpful. And then the spectrum, I mean, is there a way -- do you think it's easier to share with another company for one company control all of it to increase the utilization. And I guess the key question on the spectrum is what's the utilization now versus what it could be either through a partnership or let's say, a combined entity?

很有幫助。那麼頻譜方面，我的意思是，有沒有辦法——你認為與另一家公司共享頻譜，而不是由一家公司控制全部頻譜，這樣更容易提高利用率？我想，關於頻譜的關鍵問題是，目前的利用率是多少，與透過合作或合併實體等方式可以實現的利用率相比又是多少？

Yes. I mean there's a lot of different approaches there, and we would be interested in the ones that had most value to shareholders. Joe, that's about all I could say.

是的。我的意思是，有很多不同的方法，我們只對那些對股東最有價值的方法感興趣。喬，我只能說這麼多了。

Got it. Thanks guys.

知道了。謝謝各位。

Hamed Khorsand, BWS.

Hamed Khorsand，BWS。

Hi, good morning. Could you just elaborate on the IoT partner, you resigned the contract with and provide any details that you can?

您好，早安。能否詳細說明您續約的物聯網合作夥伴，並提供盡可能多的細節？

I think we've been talking over the last couple of quarters about the part of the unusual nature and sort of the -- of our IoT results in '25 were due to a large IoT customer and the fact that they're changing approach with their customers kind of led to a lot of churn in subscribers, et cetera. That was a multiyear contract. We renewed that contract. There was growth in that contract, and that's reflected in our results this year. So I think that's at least tied together what we said in the past with where we are now.

我認為在過去的幾個季度裡，我們一直在討論我們 2025 年物聯網業績中一些不尋常的性質和某種程度上是由於一個大型物聯網客戶改變了與客戶互動的方式，導致了大量用戶流失等等。那是一份多年合約。我們續簽了那份合約。該合約有所成長，這反映在我們今年的業績上。所以我認為這至少將我們過去所說的話與我們現在的情況聯繫起來了。

Okay. And then as far as the terminal goes, you were talking about terminals had declined in the equipment sales. When does that pick up? And is that more to do with IoT sales? Or is that going to be terminals actually going into ships and airplanes that picks up in sales?

好的。至於碼頭方面，你剛才提到碼頭設備的銷售量有所下降。什麼時候開始好轉？這是否與物聯網銷售關係更大？或者說，這些終端設備實際上會安裝到船舶和飛機上，從而帶動銷售成長？

I'm not exactly sure what you were referring to. I think maybe actually from an equipment perspective, we see unit growth. There's a lot of mix changes. Our equipment overall is kind of consistent year-over-year right now in terms of expectations for this year versus last year.

我不太確定你指的是什麼。我認為從設備角度來看，我們或許會看到單位數量的成長。混音有很多變化。就今年的預期與去年相比，我們目前的整體設備水準與往年基本持平。

We might have been referring to some comments we made about Maritime terminals where we're actually expecting a number of new products this year that makes us even more competitive in the companion ability with Ka and Ku band, that's been an area where, as you can see, broadband has been declining a little bit for us. It's been a headwind.

我們可能指的是我們先前對海事終端發表的一些評論，我們預計今年會推出一些新產品，這將使我們在 Ka 和 Ku 波段的配套能力方面更具競爭力，正如你所看到的，寬頻業務在這方面一直在下滑。一直都是逆風。

We think that, that's going to mitigate here pretty soon because of all the solutions we have and the opportunity ahead because Inmarsat. Their Inmarsat C is coming into life. A lot of shipowners have to change those terminals out.

我們認為，由於我們擁有的所有解決方案以及 Inmarsat 帶來的機遇，這種情況很快就會得到緩解。他們的 Inmarsat C 衛星即將投入使用。許多船東不得不更換這些碼頭。

We really have the best solution that shares more needs more globally than anything, and with all these products in the market, we think that, that will provide an impetus for getting kind of growth in terminals there again. So maybe that's what you're referring to.

我們擁有最好的解決方案，它比任何其他方案都能更好地滿足全球範圍內的需求。我們認為，隨著市場上這些產品的不斷湧現，這將再次推動當地碼頭業務的成長。所以，也許你指的是這個。

Okay. Thank you for the clarity.

好的。謝謝您的解釋。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂，奎爾蒂空間。

Thanks. Matt, it's been here since they've reported the numbers publicly, but do you have any idea how many Inmarsat-C terminals might be out there?

謝謝。馬特，自從他們公開公佈這些數據以來，這個問題就一直存在，但你知道目前可能有多少 Inmarsat-C 終端機嗎？

It's over 100,000, but it's quite a quite a few.

雖然超過 10 萬，但這仍然是一個相當大的數字。

Yes, we estimate, Chris, about 130,000 to 140,000. That's our calc.

是的，克里斯，我們估計大約是 13 萬到 14 萬。這是我們的計算結果。

Switching gears, the discussion today about the ALT PNT chip, that's the same chip that you originally unveiled like back in October? Or is this a new iteration already?

換個話題，今天我們討論的ALT PNT晶片，是不是你們去年10月首次發布的那款晶片？還是這已經是新版本了？

No, no. That's the chip we're talking about. I think a lot of people, we unveiled it. It goes commercial here in, I think, three months or so. We got a big beta program with partners that's oversubscribed right now. We had too many people even asking us for it right now. So we're excited about the potential for it, but it's the same one we're talking about.

不，不。這就是我們說的晶片。我認為很多人都看到了。我想，大概三個月左右就會在這裡投入商業運作了。我們與合作夥伴進行了一個大型測試項目，目前已經超額報名。現在已經有太多人向我們諮詢這個問題了。所以我們對它的潛力感到興奮，但它仍然是我們討論的那個。

Got you. And what does -- is there does that flow into equipment revenue? Or is that designed as sort of a fee-type business? How do we look at the revenue on the chipset side and then how that actually drives the service revenue?

抓到你了。那麼，這些資金會流入設備收入嗎？或者說，這是一種收費型的商業模式？我們如何看待晶片組的收入，以及這些收入如何實際驅動服務收入？

Yes, it does. It eventually will be equipment. He sits on cost a lot, but you could have, I said, tens or hundreds of thousands of them down the road as we get into more and more consumer-like devices. So -- but it's not really about the revenue. It's what it enables. It's the applications that, that could go into. And then that would enable PNT service revenues, which I think we've talked in the past, we're pricing in many different ways.

是的，確實如此。它最終會成為設備。他說，雖然成本很高，但隨著我們越來越多推出類似消費品的設備，將來你可能會擁有成千上萬個這樣的設備。所以——但這其實與收入無關。關鍵在於它能帶來什麼。是那些可以應用在其中的應用。這樣就能帶來 PNT 服務收入，我想我們以前也討論過，我們正在以多種不同的方式進行定價。

On the commercial side, in some ways, we bundle that together multiyear service with every device perhaps, if someone made a consumer device, wanted to offer it and be able to say it will operate for five or 10 years, we could offer something that would not even require a monthly service subscription, for example, or we could do things as monthly, and in some cases, are already doing things with monthly service subscription. So that can be offered a lot of ways. It's more about the ASIC enabling applications and service revenue.

在商業方面，在某種程度上，我們會將多年服務與每個設備捆綁在一起。例如，如果有人製造了一款消費設備，想要銷售並聲稱它可以運行 5 年或 10 年，我們可以提供無需每月服務訂閱的服務，或者我們可以按月收費，在某些情況下，我們已經開始按月收取服務訂閱費了。所以可以透過多種方式實現。更重要的是ASIC晶片的應用和服務收入。

Got you. And what -- how long does it take for your end customers to integrate that chipset into devices that like a full product cycle, which could take a year or two? Or is it something that could be more easily dropped in? And do you have any customers? I know like in the past, you were working with ADTRAN the telecom side. Do you have any partners that are already looking to design in?

抓到你了。那麼，您的終端客戶需要多長時間才能將該晶片組整合到設備中，就像一個完整的產品週期一樣，這可能需要一到兩年的時間？或者，有沒有更容易增加的功能？你們有客戶嗎？我知道你以前在電信公司 ADTRAN 工作過。你們目前是否有合作夥伴正在考慮設計？

No. As I said, the beta program, we have a whole bunch of people who are designing into their products. So they are they have prototypes now. They have initial runs. They are working to put it in. It wouldn't be, I don't think, multiple years, but it certainly is months, if not up to a year in some cases. I could see the first products coming out using that maybe later this year, but they're probably more '27 kind of activities.

不。正如我所說，在測試版專案中，我們有很多人正在將設計融入他們的產品中。所以他們現在已經有原型機了。他們進行了初步嘗試。他們正在努力安裝。我認為不會是幾年，但肯定要幾個月，有些情況下甚至可能長達一年。我預計今年稍後會推出第一批採用這項技術的產品，但這些活動可能要到 2027 年才會進行。

But yes, I mean, it isn't that hard to integrate. It's really a very small device. It doesn't take up much real estate or power and has a very defined input and output that can be quickly put into sort of software and utilize with applications. So it's not a big integration.

但沒錯，我的意思是，整合起來並不難。它真的是一個非常小的設備。它不佔用太多空間或電力，並且具有非常明確的輸入和輸出，可以快速地放入某種軟體中並與應用程式一起使用。所以這並不是一次大規模的整合。

And the identity management capability, I think it's something you've talked about in the past kind of geolocating the satellite with an IP address and there are elements of security. What sort of kicked up the new activity there? Is it just simply you've had enough time with Satelles under the hood to build that out? Or are there other compelling reasons why you're promoting that service now?

至於身分管理功能，我想您之前也談過，就是透過 IP 位址對衛星進行地理定位，這其中也包含一些安全因素。是什麼引發了那裡的新活動？是因為你已經有足夠的時間深入了解 Satelles 的內部運作，以便能夠建構出這樣的功能？或者，您現在推廣這項服務還有其他令人信服的理由嗎？

Well, the ASIC was an impetus to it. A lot of the applications we saw could -- if they required to trust the location, maybe the fact that you could implement this into a smartphone or into a dongle into a USB key into something quite small, implemented into a laptop or tablet or something that wasn't able to happen before but we saw a lot of the applications around identity management, needing some sort of way for the user, somebody making a wire transfer, somebody proving that the router is in a certain location. And that the data passing through it can be trusted with something that required something really low cost to be embedded in quickly and easily.

嗯，ASIC（澳洲證券投資委員會）是推動這項進程的因素之一。我們看到的許多應用程式都可以實現——如果需要信任位置訊息，也許可以將其整合到智慧型手機、加密狗、U盤等非常小的設備中，或者整合到筆記型電腦、平板電腦等以前無法實現的設備中。我們看到許多應用程式都圍繞著身分識別管理展開，需要某種方式讓使用者（例如進行電匯的人）或需要證明路由器位於特定位置的人能夠進行驗證。而且，透過它傳輸的數據值得信賴，因為它只需要非常低成本就能快速輕鬆地嵌入到某些東西中。

So I think that was the impetus, and yes, we've had enough time with us to realize that this is a potentially really big area. And for which this is a very unique service that wouldn't be able to be offered by others, would be an area of differentiate for us. And as we are able to exploit it and revenue growth is part of our narrative for the future. So that's why we're talking about it now.

所以我認為這就是推動力，是的，我們已經有足夠的時間意識到這是一個潛在的非常大的領域。而這項服務非常獨特，其他公司無法提供，這將是我們的差異化優勢所在。而我們能夠充分利用這一點，收入成長也是我們未來發展規劃的一部分。所以這就是我們現在討論這個問題的原因。

Got you. And finally, on the -- I mean, increased focus on Aviation. I know last year, you had a bunch of terminals that were coming to market, can you kind of give us an update on where you sit there competitively? And is there anything that can sort of accelerate the upgrade replacement cycle? I don't think there's an equivalent of an Inmarsat C end-of-life date in aviation, but perhaps.

抓到你了。最後，關於——我的意思是，對航空業的日益重視。我知道去年你們有很多終端產品上市，能否為我們介紹一下你們在市場上的競爭地位？有沒有辦法加快升級更換週期？我認為航空領域沒有像 Inmarsat C 那樣的報廢日期，但也許有。

Yes. So I alluded to it and you'd probably have to -- we have to go into a little bit more detail about exactly how we think that market could play out. But yes, we're right now in flight testing. So we have a number of aircraft. There needs to be a certain number of hours with those new Certus terminals and that's happening now. It was going to take months, quite a few months to do that. But now the avionic suppliers who have built those solutions can start talking to the Boeings and Airbus is about getting those installed certainly in '27 and '28 into a lot of vehicles.

是的。所以我提到了這一點，你可能也需要——我們需要更詳細地談談我們認為這個市場可能會如何發展。是的，我們目前正在進行飛行測試。所以我們有很多架飛機。這些新的 Certus 終端機需要達到一定的運行小時數，而現在正在進行中。完成這件事需要幾個月的時間，相當長一段時間。但現在，製造這些解決方案的航空電子供應商可以開始與波音公司和空中巴士公司洽談，以便在 2027 年和 2028 年將這些解決方案安裝到許多車輛上。

How to accelerate that well, if we could provide more data, more data through those terminals at lesser expense. We could maybe take traffic back from the terrestrial network. There's a number of things we have ideas to do. I alluded those too in the growth area.

如何加速這一進程呢？如果我們能夠以更低的成本透過這些終端提供更多的數據。我們或許可以從地面網路奪回一些流量。我們有很多想法想做。我在成長領域也提到了這些。

We think that we're only getting a very small part of a much bigger market, and we think that we could go after a bigger part of the market. But I'll leave that for now. I don't want to get too much more detail into that because well, just for competitive reasons.

我們認為我們只佔了更大市場中很小的一部分，我們認為我們可以爭取更大的市場份額。但我暫時先不談這個。我不想在這方面透露太多細節，因為，嗯，主要是出於競爭原因。

Guys, thanks.

各位，謝謝。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Thanks. Vince, the PNT order that dropped out of Q4, should that fall into Q1? Or are you still working out to try and get that thing closed?

謝謝。Vince，PNT訂單從第四季取消，應該算第一季嗎？還是你還在努力嘗試把那個東西關上？

We're still working through that. well, our expectation is at some point in '26, but timing still remains up in the air.

我們仍在研究這個問題。我們預計在2026年的某個時候完成，但具體時間尚未確定。

Is that generally going to be a pretty lumpy line from quarter-to-quarter as this thing progresses, I know you're optimistic about it overall, but is it just going to be a lot of variability quarter-to quarter.

隨著事態發展，這條線是否會呈現相當波動的季度間走勢？我知道你總體上對此持樂觀態度，但季度間的波動是否會很大？

I think you should expect to see some of that will, as we go forward here over the next 12 to 18 months, especially as we're building out the business. Obviously, we'll get to a point of scale where that will be smoother, but it probably will be lumpy on a quarter-to-quarter basis as we go forward.

我認為在接下來的 12 到 18 個月裡，隨著我們不斷發展壯大，你們應該會看到一些這樣的趨勢，尤其是在我們拓展業務的過程中。顯然，隨著規模的擴大，這種情況會變得更加平穩，但隨著時間的推移，季度之間的波動可能仍然會比較大。

And it's hard to estimate, well. I mean it's -- especially when you get larger opportunities in the pipeline. I hope it's lumpy, positive, but I'd rather not project things out as a sure things until we have an idea where they're going to hit.

而且很難估算。我的意思是——尤其是當你有更大的機會在醞釀的時候。我希望結果雖然不盡如人意，但總體來說是積極的，不過在我們對結果的走向有所了解之前，我寧願不妄下斷言。

Will there be an element of deferred revenue on these things if they're lumpy, meaning that while you know what deferred revenue is?

如果這些項目有波動，是否會有遞延收入的成分？也就是說，雖然你知道什麼是遞延收入，但這些項目是否會產生遞延收入？

Yes. I mean it could be multiyear opportunities, a lot of these. So we'll build a backlog along with that.

是的。我的意思是，其中許多機會可能持續多年。所以我們會同時建立一個待辦事項清單。

No, I didn't mean deferred revenue in terms of like a multiyear contract, I mean like you take payment upfront and then you booked revenue is noncash from an accounting standpoint.

不，我不是指像多年合約那樣的遞延收入，我是指你預先收取款項，然後從會計角度來看，這筆收入是非現金收入。

There might be an element of that, Walt. But at this point, I wouldn't expect much.

沃特，或許有那麼一點原因。但就目前而言，我不會抱太大期望。

I mean some of the opportunities we're seeing. As I said, if we if we sell something into a consumer device, then we give it a 10-year life cycle and we take all the cash upfront or just roll it into the ASIC purchase. Yes, we would do that over time in terms of accounting.

我的意思是，我們看到的一些機會。正如我所說，如果我們把產品賣給消費性電子產品，那麼我們會給它 10 年的生命週期，我們會一次性收取所有現金，或直接將其計入 ASIC 的購買中。是的，從會計角度來說，我們會隨著時間的推移而這樣做。

Got it. And then there's a lot of discussion of spectrum on here. I mean, some of the things that were mentioned were transactions for spectrum that's not in use and is obviously a lot deeper, 40 megahertz. In the case of Ligado and 50 megahertz in the case of EchoStar, so I guess, the way I'll ask the question this way.

知道了。這裡還有很多關於頻譜的討論。我的意思是，提到的一些事情是購買未使用的頻譜，而且顯然涉及更深層的頻譜，40兆赫茲。Ligado 的情況是 50 兆赫茲，EchoStar 的情況是 50 兆赫茲，所以我想，我會這樣問這個問題。

I mean, I know you pushed -- I know that the longevity of your existing constellation has been much longer and hopefully, it just you can squeeze out as much cash of that as possible. But at some point, if I'm remembering correctly, you do have to start to spend on a new constellation.

我的意思是，我知道你一直在努力——我知道你現有的組合已經維持了很長時間，希望你能從中榨取盡可能多的收益。但如果我沒記錯的話，在某個時候，你確實需要開始為新的星座投入資金。

So at what point do you get to the -- you have to make a decision one way or another, monetize or start to invest in that constellation. And then secondly, I mean, these other things, again, unencumbered. You can't just sell spectrum if you have existing users on it, right? So and how do you communicate that to your customers?

所以，到了某個時候，你必須做出決定，要嘛將這種模式變現，要嘛開始投資。其次，我的意思是，其他這些事情，同樣，不受任何阻礙。如果頻譜上已經有使用者在使用，就不能直接出售頻譜，對吧？那麼，你如何將這一點傳達給你的客戶呢？

Now that you basically have this conference call, your competitors can use to say, Hey, Iridium is looking to potentially have a strategic transaction with their spectrum, are you sure you want to buy services on them? That are being utilized for your services right now?

既然你們已經有了這個電話會議，你們的競爭對手就可以利用這個會議說：“嘿，銥星公司正在考慮就其頻譜進行戰略交易，你們確定要購買他們的服務嗎？”您目前使用的服務工具有哪些？

Well, I mean, they may be interested in the future services that would be provided with that spectrum and would evolve to those new services. We have a very flexible system that can move people around within the spectrum and can make available a certain amount for other applications wouldn't have to do all of it. But the same situation could you just described could be said to ViaSat right now, which is announced along with Space 42 that they plan to build a network to put spectrum into it to do other services.

我的意思是，他們可能對未來利用該頻譜提供的服務感興趣，並會逐步發展到這些新服務。我們有一個非常靈活的系統，可以在頻譜範圍內調動人員，並可以為其他應用提供一定數量的資源，而無需全部用於其他應用。但你剛才描述的情況現在也適用於 ViaSat，該公司與 Space 42 一起宣布計劃建立一個網絡，將頻譜投入其中以提供其他服務。

So if you were existing ViaSat or Space 42 customer, you would say, I guess they're going to build a network that will utilize spectrum for other applications. I think we can do both. We have 9 megahertz of spectrum. It's valuable. It's global. It's coordinated all over the world, and there can be opportunities to do multiple things with that. Okay, so I covered that for you, Walt. Okay, anybody else?

所以，如果你是 ViaSat 或 Space 42 的現有客戶，你可能會說，我猜他們要建立一個利用頻譜進行其他應用的網路。我認為我們可以兩者兼顧。我們擁有9兆赫茲的頻譜。它很有價值。它是全球性的。它在全球範圍內進行協調，並可利用它做很多事情。好的，沃特，我已經替你解答了這個問題。好了，還有其他人嗎？

No, sorry. Sorry, I was on mute. Sorry about that. Yes. That was good. So when does the new Constellation spend starts or any type of asset?

不，抱歉。抱歉，我剛才靜音了。抱歉。是的。那很好。那麼，新的星座計畫支出或任何類型的資產支出何時開始？

Yes. I mean, if we're building a constellation ourselves, we don't need to even start until 2031. Maybe we'd put a little bit of money in 2031 and '32. I'd say the spending would ramp up to the '34, '35 time frame. We don't necessarily probably need it until the latter half of the decade, if all I'm doing is existing services and these new themes that I'm talking about here, all those things could be certainly employed all the way until that time, if not beyond.

是的。我的意思是，如果我們自己建造星座，我們甚至不需要在 2031 年之前開始。或許我們會在 2031 年和 2032 年投入一些資金。我認為支出會在 1934 年、1935 年左右大幅增加。如果我只是在做現有的服務和我在這裡談論的這些新主題，那麼我們可能直到本世紀後半葉才需要它，所有這些東西肯定都可以一直使用到那時，甚至更久。

Got it. So bottom line is, do you think it is something that can be discuss now without any impact to existing customers and be part of someone, whether it's jointly separately your own a constellation that's planned over the next couple of years without disruption to your existing customers?

知道了。所以歸根結底，您認為現在可以討論這個問題，而不會對現有客戶造成任何影響，並且您可以參與到未來幾年內計劃的某個專案中，無論是單獨參與還是單獨參與，而不會對現有客戶造成乾擾嗎？

Yes.

是的。

Perfect. Thank you.

完美的。謝謝。

Greg Mesniaeff, Kingswood Capital Partners.

格雷格·梅斯尼亞夫，金斯伍德資本合夥公司。

Thank you. Good morning. Just a very quick question on PNT. As you position it market wise with your customers, are you finding that most of the customers are augmenting GPS, or is it the GNSS customers that are deciding to augment, particularly with the Galileo ones.

謝謝。早安.關於PNT，我有一個很簡單的問題。在向客戶進行市場定位時，您是否發現大多數客戶都在增強 GPS 功能，還是只有 GNSS 客戶決定增強功能，特別是 Galileo 系統？

So commercial customers can get timing, free timing from a number of GNSS sources. It's the customers who are worried about those signals being degraded because they're so fit, if you will, and can easily be overwhelmed and their applications are so important or in some cases, are inside buildings and it's expensive to get a timing source for their digital source. But most of them are critical infrastructure, protecting critical infrastructure and utilizing it alongside other GNSS sources.

因此，商業客戶可以從多個 GNSS 來源獲得授時訊息，甚至是免費授時資訊。客戶擔心這些訊號會劣化，因為他們非常重視訊號質量，很容易被訊號淹沒，而且他們的應用非常重要，或者在某些情況下，應用場景在建築物內，為他們的數位訊號源獲取定時來源成本很高。但它們中的大多數都是關鍵基礎設施，用於保護關鍵基礎設施並與其他 GNSS 來源一起使用。

Well, I guess if I rephrase the question, is GNSS more robust than GPS? Matthew Desch Executive GNSS is the generic term for all the different types of -- whether it be Galileo. GPS is sort of the North American version, Baidu blocking on glass. Those are all GNSS systems. And so when I use the term GNSS, I'm just generically saying they could protect any of those.

嗯，我想如果我換個方式問，GNSS 是否比 GPS 可靠？Matthew Desch 執行長 GNSS 是所有不同類型 GNSS 的通用術語，無論是 Galileo 還是其他類型。GPS有點像北美版的百度，在玻璃上屏蔽訊號。這些都是全球導航衛星系統（GNSS）。所以當我使用 GNSS 這個詞時，我只是泛指它們可以保護任何這些設備。

Got it. Okay. All right. So there's really no distinction that GPS is less robust than some of the other ones you mentioned. Matthew Desch Executive No, they're all use very, very same kind of power structure to send information from far away MEO kind of satellites to devices on the ground that have to kind of pick these multiple signals out. And it works very well until it doesn't until it's overwhelmed.

知道了。好的。好的。所以，GPS 的穩定性其實並不比你提到的其他一些導航系統差。Matthew Desch 執行長：不，他們都使用非常非常相同的權力結構，將資訊從遙遠的 MEO 衛星發送到地面上的設備，這些設備必須從中挑選出這些多個訊號。它一開始運作良好，但當它不堪重負時就會失效。

Sure, thank you. Got it.

當然，謝謝。知道了。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

Matt, Vincent, and Ken, good morning. For the new -- the PNT chip that's in development, what is the next milestone that investors should be watching for?

馬特、文森和肯，早安。對於正在研發中的新型 PNT 晶片，投資人應該關注的下一個里程碑是什麼？

Well, it's prototypes are available. It's in larger -- we're going to make it commercially available. I think it's June or July. I think it's the right time frame. I don't know about milestones there. I think the real milestone would be our partners or customers who announced that they're implementing products on that. And the applications and the successes they're having deploying that. I think those are the milestones. And those good to hear those announcements this year and certainly next.

嗯，它的原型機已經上市了。它的體積更大——我們將把它推向市場。我想應該是六月或七月。我認為現在是合適的時機。我不太了解那裡的里程碑事件。我認為真正的里程碑應該是我們的合作夥伴或客戶宣布他們將在該平台上實施產品。以及他們在部署這些應用程式時所取得的成功。我認為這些就是里程碑。很高興聽到今年以及明年的這些消息。

Sounds good. And related to Tim Horan and Walter's questions, for your NTN Direct service, what is the maximum amount of your 9 megahertz of spectrum that you could use for NTN Direct, given how you use your spectrum for your existing network currently?

聽起來不錯。關於 Tim Horan 和 Walter 的問題，對於您的 NTN Direct 服務，考慮到您目前如何使用頻譜來支援您的現有網絡，您最多可以將 9 兆赫頻譜中的多少用於 NTN Direct？

Yes. I mean NTN Direct is a narrowband service. It uses 100 kilohertz, 200 kilohertz at most. So -- and it could be positioned within our network any place. I mean, over time, we can evolve that service to be able to utilize all our spectrum if that was the only spectrum we have, but it's so incredibly efficient the way it operates. We can operate millions of customers even with a single or dual channel.

是的。我的意思是，NTN Direct 是一種窄頻服務。它使用100千赫茲，最多200千赫茲。所以——它可以部署在我們網路中的任何位置。我的意思是，隨著時間的推移，我們可以改進這項服務，使其能夠利用我們所有的頻譜（如果這是我們唯一擁有的頻譜），但它目前的運作方式效率非常高。即使只有單通路或雙通路，我們也能服務數百萬客戶。

So I don't know that, that's really -- I think a lot of the direction in the future is really about about 5G new radio. That's really what other people are looking to deploy that uses 3 to 5 megahertz channels. We're not going to implement that service. We're going to augment that service and the only way that would kind of happen within our spectrum was in an alliance or partnership.

所以我不知道，這真的——我認為未來的許多發展方向都與 5G 新無線電有關。這正是其他使用 3 到 5 兆赫茲頻道的人想要部署的方案。我們不會實施這項服務。我們將增強這項服務，而要在我們的業務範圍內實現這一點，唯一的辦法就是透過聯盟或合作。

Safety services for maritime as it relates to GMDSS and the aviation sector. Could those types of services shift to NTN direct? Or will those services need to stay on like the existing network?

為海事部門提供與全球海上遇險和安全系統 (GMDSS) 和航空部門相關的安全服務。這些類型的服務能否直接轉移到NTN平台？或者這些服務需要像現有網路一樣繼續運作？

Well, look, it takes a long, long time for either of those services to be applied and approved. It took us 10 years to get GMDSS through the bodies. And even when we moved to GMDS over Certus, it was an extensive time to do that. So I'm not sure what the value would be to move them to NTN. And if anyone tried to do that, it would take years to do it.

你看，這兩項服務都需要很長時間才能申請並獲得批准。我們花了 10 年讓 GMDSS 系統普及到各方面。即使我們從 Certus 遷移到 GMDS，也需要很長時間。所以我不太確定將它們轉移到 NTN 的價值是什麼。如果有人試圖這樣做，那將需要數年時間才能完成。

So I know it wouldn't create any advantages for us to do it necessarily to put it on our Iridium NTN direct because that's not really what the service say, for example, on a ship protecting Ka band networks is doing. So -- but I mean, theoretically, but it's not practical and it would take many, many years to do.

所以我知道，把它直接放到我們的銥星NTN上並不會給我們帶來任何優勢，因為服務條款並沒有明確說明這一點，例如，在保護Ka波段網路的船上這樣做。所以——我的意思是，理論上是這樣，但實際上並不現實，而且需要很多很多年才能實現。

Yes, that was my question in terms of like of the 9 megahertz of spectrum since certain services would seem to need the existing network than like some portion of those megahertz couldn't shift, right? -- at least in the near term?

是的，我的問題就是關於那9兆赫頻譜，因為某些服務似乎需要現有的網絡，所以其中一部分兆赫頻譜不能轉移，對吧？ ——至少在短期內是如此？

We really don't use much of our spectrum for GMDSS. I mean it's used as a backup and it's used in emergencies. It is required to be on the ship and there are other functions of sort of IoT functions that those terminals can do, but they're extremely efficient, as is our IoT services and other.

我們其實並沒有把太多頻譜資源用於全球海上遇險和安全系統（GMDSS）。我的意思是，它可以用作備用方案，也可以在緊急情況下使用。船上必須配備這些終端，它們還可以執行其他一些物聯網功能，但它們的效率非常高，就像我們的物聯網服務和其他服務一樣。

Actually, the service that takes the most spectrum is our original broadband connections when service. And that's the area that we're seeing evolve to Starlink and other terminals, and we've had a little headwind associated with that, but it's actually been good in terms of spectrum utilization and makes the rest of our spectrum more flexible.

實際上，佔用頻譜最多的服務是我們最初的寬頻連線服務。我們看到，這一領域正在向星鍊和其他終端發展，雖然我們遇到了一些阻力，但實際上，就頻譜利用率而言，這是件好事，也使我們剩餘的頻譜更加靈活。

That makes sense. So it seems that like nearly all of the 9 megahertz could be used for NTN direct.

這很有道理。所以看來幾乎全部的 9 兆赫茲都可以用在 NTN 直連。

Would be theoretically. No. From a long-term perspective, yes.

理論上是這樣。不。從長遠來看，是的。

Awesome. Thanks everyone. And congrats on the development of the new PNT chip.

驚人的。謝謝大家。恭喜你們成功研發出新的PNT晶片。

Thanks.

謝謝。

Justin Lang, Morgan Stanley.

賈斯汀朗，摩根士丹利。

Hi, thanks for taking the questions here. Matt, I just want to pick back up on your MDA Shield comments earlier. Just curious if you could just touch on how you think the Goldman Dome opportunity matures this year for you. I mean do you expect contracts to materialize in '26 here that could present upside to the guide? Or is this more of a '27 and beyond opportunity for you?

您好，感謝您接受大家的提問。Matt，我想接著你之前關於MDA Shield的評論再說一次。我只是好奇您能否談談您認為今年高盛穹頂的投資機會將如何發展成熟。我的意思是，你認為2026年這裡會出現一些合同，從而推高指導價嗎？或者，這更像是您2027年及以後的機會？

It's probably more of a '27 and beyond, though there could be engineering service revenue upside this year. I mean that's one of the things we certainly see. There are if you will, and other areas in which we think our expertise could be applied to both directly to kind of Golden Dome shield kind of announcements and things around it that relate to the government, and their use of our expertise and even connecting into our existing network.

可能要到 2027 年及以後才會出現這種情況，不過今年的工程服務收入可能會有所增長。我的意思是，這確實是我們觀察到的現象之一。如果你願意這麼說的話，還有其他領域，我們認為我們的專業知識可以直接應用於類似「金穹盾」之類的公告以及與政府相關的事情，以及他們如何利用我們的專業知識，甚至可以連接到我們現有的網路。

So I'm being a little bit of touch about that because we don't want to point exactly where we think there is. But when we look at really the opportunities that are addressable to us, it's in the billions of dollars. We're only expecting to get a fraction of that, but it would we think it could be meaningful in terms of growth to us.

所以我對這個問題有點含糊其辭，因為我們不想直接指出我們認為問題出在哪裡。但當我們真正審視我們可以把握的機會時，就會發現其中蘊含著數十億美元的商機。我們預計只能獲得其中的一小部分，但我們認為這對我們的發展來說可能意義重大。

Okay, great. That's helpful. And then maybe, Vince, one for you. Just coming back to the PNT contribution this year. And I appreciate it's a longer-term opportunity, so it could be sort of lumpy in the near term. But for '26, maybe I'll ask it another way. I mean, is it fair to assume that the growth in the PNT business outpaces the overall portfolio growth this year?

好的，太好了。那很有幫助。然後，文斯，也許，還有一杯給你。再來談談PNT今年的貢獻。我明白這是一個長期的機會，所以短期內可能會有一些波動。但對於 2026 年，或許我會換個方式問。我的意思是，假設今年 PNT 業務的成長速度超過了整體投資組合的成長速度是否合理？

Yes, that's probably a fair assumption, Justin, at this point. Yes.

是的，賈斯汀，在這一點上，這或許是一個合理的假設。是的。

Okay, perfect.

好的，完美。

Thanks.

謝謝。

Caleb Henry, Quality Space.

Caleb Henry，優質空間。

Hi guys. Just one question from me, and it's on the Shield IDIQ. I think there's something like $15 million companies that were awarded access to the IDIQ. If you could share some about what makes Iridium well positioned to win kind of where you see that as an opportunity, knowing that not all 100 to 51 of those are probably going to get an award or at least a meaningful one.

嗨，大家好。我只有一個問題，是關於 Shield IDIQ 的。我認為大約有價值 1500 萬美元的公司獲得了 IDIQ 合約的使用權。如果您能分享銥星公司有哪些優勢使其有望獲獎，以及您如何看待這是一個機會，因為您也知道，這 100 到 51 家公司中可能並非都能獲獎，或者至少能獲得有意義的獎項。

Yes, that's right. I mean we announced that we are part of it. You noticed, didn't play that up or anything because it's all up to how much business is one. Maybe some others have been a bit more aggressive about announcing the potential for it for themselves. But no, I think, look, our experience, we've had a long history of delivering high-quality services to the government. We have almost been considered mill net, if you will, or whatever you want to call the latest version of it, I guess it's called the space data network in the latest term.

是的，沒錯。我的意思是，我們已經宣布我們是其中的一部分。你注意到了，並沒有大肆宣傳什麼的，因為這完全取決於企業的規模。或許有些人更積極地宣稱自己擁有這種潛力。但是，不，我認為，你看，根據我們的經驗，我們長期以來一直為政府提供高品質的服務。我們幾乎已經被視為一種“工廠網絡”，或者隨便你怎麼稱呼它的最新版本，我想它在最新的術語中被稱為“空間數據網絡”。

We've been kind of connected in that front, providing a unique service for more than 25 years. And that's respected and understood. In fact, have 130,000 endpoints out there around the world that could connect into and be relevant to golden dome or other kinds of related networks that relate to national security. We're looking at a number of things right now where other networks being built as well that may or may not even be part of Shield are things that we think we could address and provide value.

我們在這一領域一直保持聯繫，25 年來一直提供獨特的服務。這一點得到了尊重和理解。事實上，全球有 13 萬個終端可以連接到金色圓頂或其他與國家安全相關的網絡，並與之相關聯。我們目前正在關註一些其他正在建構的網絡，這些網絡可能屬於 Shield 的一部分，也可能不屬於 Shield 的一部分，我們認為我們可以解決這些問題並提供價值。

And really, the -- the work we are doing with FDA has been highly regarded. I think others have come to us and said, based upon what we're doing, building out the ground infrastructure, the operation centers, the operation software, the actually manning and flying satellites.

事實上，我們與FDA合作的工作受到了高度評價。我認為其他人已經來找我們，根據我們正在做的事情，包括建造地面基礎設施、營運中心、營運軟體、實際的人員配備和衛星飛行，我們表示…

The success we're having here, maybe we could be working on some other networks that the government has, both that are directly related or ancillary to shield. So anyway, I know that's a broad statement. I wish I could get into more details about sort of the opportunities in pipeline. We're specifically looking at but think that's kind of premature right now.

我們在這裡的成功，或許可以讓我們參與政府的其他一些網絡中，這些網絡既包括與「盾牌」直接相關的，也包括與「盾牌」相關的輔助網絡。總之，我知道這是比較籠統的說法。我希望能夠更詳細地介紹一下正在籌備中的各種機會。我們正在重點關注，但認為現在談論這個還為時過早。

No, that's useful. Thanks.

不，這很有用。謝謝。

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

我們的問答環節到此結束。我想把會議交還給管理階層，請他們作總結發言。

Yes. I appreciate you hanging in this long. I appreciate all the interest and questions. Clearly, we're writing a new story here in some ways. So I hope my comments about the avenues of growth we see kind of are helpful to you, and we'll certainly talk a lot more about those in the future. So look forward to continuing our dialogue with the industry. So thank you.

是的。感謝你一直堅持下來。感謝大家的關注與提問。顯然，從某種意義上來說，我們正在書寫一個全新的故事。所以，我希望我關於我們所看到的成長途徑的評論對您有所幫助，我們將來肯定會更多地討論這些內容。期待繼續與業界對話。所以，謝謝你。

The conference has now concluded.

會議已經結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。