KVH Industries Inc (KVHI) 2023 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q1 2023 KVH, Inc. (sic) [KVH Industries, Inc.] Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 2023 年第一季度 KVH, Inc.（原文如此）[KVH Industries, Inc.] 收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Roger Kuebel. Please go ahead.

現在我想將會議交給今天的發言人羅傑·庫貝爾。請繼續。

Thank you, Gigi. Good afternoon, everyone, and thank you for joining us today for KVH Industries' first quarter results, which are included in the earnings release we published earlier this afternoon. Joining me on the call are the company's Chief Executive Officer, Brent Bruun; and Chief Operating Officer, Bob Balog. Brent is actually calling in from Singapore, which is why we are having the call at this time of day instead of our usual morning time frame.

謝謝你，吉吉。大家下午好，感謝您今天加入我們，了解 KVH Industries 第一季度業績，該業績包含在我們今天下午早些時候發布的收益報告中。與我一起參加電話會議的是該公司首席執行官布倫特·布魯恩 (Brent Bruun)；首席運營官鮑勃·巴洛格 (Bob Balog)。布倫特實際上是從新加坡打來的，這就是為什麼我們在一天中的這個時間而不是通常的早上時間接聽電話。

Before we dive in, a couple of quick announcements. First, if you'd like a copy of the earnings release, it is available on our website and from our Investor Relations team. If you would like to listen to a recording of today's call, it will be available on our website. If you are listening via the web, feel free to submit questions to ir@kvh.com.

在我們深入討論之前，先發布幾則簡短的公告。首先，如果您想要一份收益報告的副本，可以在我們的網站上和我們的投資者關係團隊處獲取。如果您想收聽今天通話的錄音，可以在我們的網站上找到。如果您通過網絡收聽，請隨時向 ir@kvh.com 提交問題。

Further, this conference call will contain certain forward-looking statements that are subject to numerous assumptions and uncertainties that may cause our actual results to differ materially from those expressed in these statements. We undertake no obligation to update or revise any of these statements.

此外，本次電話會議將包含某些前瞻性陳述，這些陳述受到許多假設和不確定性的影響，可能導致我們的實際結果與這些陳述中表達的結果存在重大差異。我們不承擔更新或修改任何這些聲明的義務。

We will also discuss adjusted EBITDA, a non-GAAP financial measure. You'll find a definition of this measure in our press release as well as a reconciliation to comparable GAAP numbers. We encourage you to review the cautionary statements made in our SEC filings, specifically those under the heading Risk Factors in our 2022 Form 10-K, which was filed on March 16. The company's other SEC filings are available directly from the Investor Information section of our website.

我們還將討論調整後的 EBITDA，一種非公認會計準則財務指標。您可以在我們的新聞稿中找到該衡量標準的定義以及與可比 GAAP 數據的調節表。我們鼓勵您查看我們在 SEC 文件中所做的警示性聲明，特別是 3 月 16 日提交的 2022 年 10-K 表格中風險因素標題下的警告聲明。該公司的其他 SEC 文件可直接從我們網站的投資者信息部分獲取。

Now to walk you through the highlights of our first quarter, I'll turn the call over to Brent.

現在，為了向您介紹第一季度的亮點，我將把電話轉給布倫特。

Thank you, Roger. Good afternoon, everyone. As Roger mentioned, I'm joining the call today with you from Singapore. One of our competitive advantages is the strength of our partner network, which includes marine electronic dealers and distributors, along with our airtime service providers, who sell our hardware and airtime while managing installations and technical support regionally.

謝謝你，羅傑。大家下午好。正如羅傑提到的，我今天從新加坡與您一起參加電話會議。我們的競爭優勢之一是我們合作夥伴網絡的實力，其中包括船用電子經銷商和分銷商，以及我們的通話服務提供商，他們銷售我們的硬件和通話時間，同時管理區域安裝和技術支持。

Much of our success stems from the health and commitment of that partner network. Illustrating this is a recent competitive win by one of our airtime service providers, which is now converting a 70-vessel fleet from a competing L-band service to our global HTS network.

我們的成功很大程度上源於合作夥伴網絡的健康和承諾。我們的一家通話服務提供商最近在競爭中獲勝就說明了這一點，該提供商目前正在將一支由 70 艘船組成的船隊從競爭性 L 波段服務轉變為我們的全球 HTS 網絡。

Over the last 2 months, I've been on the road a lot with our partners and customers worldwide. In March, I met with our premium EMEA dealers during a multi-day event in Madrid. During my current trip -- my current trip has brought me to our Asia Pacific headquarters in Singapore, after which, I'll travel to Manila, Hong Kong, Osaka and Tokyo. I'll meet with our most predominant partners and customers to reinforce our relationships and evaluate opportunities to expand global sales.

在過去的兩個月裡，我與世界各地的合作夥伴和客戶一起出差了很多次。三月，我在馬德里舉行的為期多天的活動中會見了我們的優質歐洲、中東和非洲經銷商。在我這次的旅行中——我這次的旅行將我帶到位於新加坡的亞太總部，之後我將前往馬尼拉、香港、大阪和東京。我將與我們最主要的合作夥伴和客戶會面，以加強我們的關係並評估擴大全球銷售的機會。

Moving on to our financial results. Q1 was solid with revenue of $33.7 million. Although we recorded an operating loss of roughly $0.5 million given the seasonality of various income and expense items, this was in line with our expectations, and our guidance for the year is unchanged. Our airtime revenue was up 13% year-over-year to $27 million with airtime gross margin of 42%. We also increased our total subscriber base to more than 7,000.

接下來是我們的財務業績。第一季度表現穩健，收入為 3370 萬美元。儘管考慮到各種收入和支出項目的季節性，我們錄得約 50 萬美元的運營虧損，但這符合我們的預期，我們對今年的指引保持不變。我們的通話時間收入同比增長 13%，達到 2700 萬美元，通話時間毛利率為 42%。我們還將訂閱者總數增加到 7,000 多人。

Our balance sheet is strong with quarter-end cash of $69 million and no debt. We are maintaining the solid financial foundation that we have worked hard to build over the last 12 months.

我們的資產負債表強勁，季度末現金為 6,900 萬美元，無債務。我們正在維持過去 12 個月努力建立的堅實財務基礎。

Airtime remains the primary driver of our growth, and we are laser-focused on this, expanding airtime sales with a significant part of my conversations with our EMEA service providers last month and that I will be having with our service providers during my Asia Pac trip. ARPU, measured on total subscribers, remained steady at approximately $1,300 per month. We are now seeing opportunities to build our airtime with airtime upgrade and value-added services That's why we've rolled out incentives for customers to upgrade to larger airtime packages.

通話時間仍然是我們增長的主要驅動力，我們高度關注這一點，上個月我與我們的歐洲、中東和非洲服務提供商進行了很大一部分對話，並在我的亞太之行期間與我們的服務提供商進行了交談，以擴大通話時間銷售。按總訂戶數量衡量的 ARPU 穩定在每月 1,300 美元左右。我們現在看到了通過通話時間升級和增值服務來建立通話時間的機會，這就是為什麼我們推出了激勵措施，鼓勵客戶升級到更大的通話時間套餐。

It's also the reason we are opening up our airtime and global HTS network to non-KVH antennas for the first time. This new initiative enables us to convert VSAT antennas made by companies such as Intellian and Cobham to work with KVH's VSAT airtime without hardware changes. This approach makes it quick, convenient and easy for our new subscribers to transfer their services to our network. This program also offers benefit at the OEM level as both builders can install virtually any antenna on a leisure yacht or new commercial build, and we can support it with airtime once the customer case delivery.

這也是我們首次向非 KVH 天線開放我們的通話時間和全球 HTS 網絡的原因。這項新舉措使我們能夠將 Intellian 和 Cobham 等公司製造的 VSAT 天線轉換為與 KVH 的 VSAT 通話時間配合使用，而無需更改硬件。這種方法使我們的新用戶能夠快速、方便、輕鬆地將他們的服務轉移到我們的網絡。該計劃還在 OEM 層面提供了優勢，因為兩家建造商幾乎可以在休閒遊艇或新的商業建造上安裝任何天線，並且一旦客戶案例交付，我們就可以通過通話時間為其提供支持。

Our goals for this program are to drive new airtime revenue from all of our current markets, expand our airtime subscriber base with revenue -- and revenue with no hardware costs, take full advantage of our existing services and hardware infrastructure, and to convert competitor systems to gain market share.

我們該計劃的目標是從我們當前的所有市場中推動新的通話時間收入，通過收入擴大我們的通話用戶群，並且無需硬件成本即可獲得收入，充分利用我們現有的服務和硬件基礎設施，並轉換競爭對手的系統以獲得市場份額。

As an example, we're already halfway through converting more than 40 super yachts with high-value airtime packages. We've completed training for our global sales partners and are receiving inquiries from commercial fleets, some of which currently deploy a mixed solution of KVH and competing antennas.

舉例來說，我們已經完成了 40 多艘超級遊艇的改造工作，並提供高價值的通話套餐。我們已經完成了對全球銷售合作夥伴的培訓，並正在收到商業車隊的詢問，其中一些車隊目前部署了 KVH 和競爭天線的混合解決方案。

We're also leveraging our existing hybrid technology to counter new LEO systems entering the market. Every TracNet system includes integrated WiFi and 5G cellular capability. 5G is emerging, is an increasingly valuable and versatile solution for maritime applications. From a speed perspective, it can be as fast as 1 gigabit per second. That's 4 to 10x faster than the typical maximum speed offered by LEO solutions. While the actual data rates will vary based on the distance to the cell towers, we've observed TracNet systems reaching download speeds of 350 megabits per second with underlying costs that are competitive to Starlink.

我們還利用現有的混合技術來應對進入市場的新 LEO 系統。每個 TracNet 系統都包含集成 WiFi 和 5G 蜂窩功能。 5G 正在興起，是一種越來越有價值且多功能的海事應用解決方案。從速度角度來看，速度可以達到每秒1吉比特。這比 LEO 解決方案提供的典型最大速度快 4 到 10 倍。雖然實際數據速率會根據與蜂窩塔的距離而有所不同，但我們觀察到 TracNet 系統的下載速度達到了每秒 350 兆比特，其基本成本與 Starlink 具有競爭力。

Our 5G service is now available in more than 50 countries, while our 4G and LTE service is available in more than 150. At the same time, our analyses indicate that our customers' vessels typically spend 60% to 70% of their time within the range of self-service, which can be as far as 20 miles offshore when using our TracNet terminals. These vessels include recreational boaters and commercial ships moving up and down the coast.

我們的 5G 服務現已在 50 多個國家/地區提供，而我們的 4G 和 LTE 服務則在 150 多個國家/地區提供。同時，我們的分析表明，我們客戶的船舶通常將 60% 至 70% 的時間花在自助服務範圍內，使用我們的 TracNet 終端時，自助服務範圍最遠可達離岸 20 英里。這些船隻包括在海岸上上下移動的休閒船和商船。

However, as a much lower percentage of our TracNet customers are activating our 5G and LTE services, we'd like -- however, a much lower percentage of TracNet customers are activating the 5G/LTE service than we'd like to see. As a result, we are missing out on the advantages of our intelligent hybrid design. That's why we've launched a new 5G/LTE auto activation program with 2, 3 months of data.

然而，由於我們的 TracNet 客戶激活 5G 和 LTE 服務的比例要低得多，我們希望 - 然而，激活 5G/LTE 服務的 TracNet 客戶比例比我們希望看到的要低得多。結果，我們錯過了智能混合設計的優勢。這就是為什麼我們推出了新的 5G/LTE 自動激活計劃，提供 2、3 個月的數據流量。

When the VSAT service for any TracNet terminal is activated, we also activate our global SIM card. Our intelligent hybrid channel switching will then automatically manage their connectivity using the VSAT, 5G and WiFi. This new program offers customers a risk-free introduction to our unique hybrid solution, which we believe will lead to more cellular subscriptions and a superior user experience.

當任何 TracNet 終端的 VSAT 服務被激活時，我們也會激活我們的全球 SIM 卡。然後，我們的智能混合通道切換將使用 VSAT、5G 和 WiFi 自動管理它們的連接。這項新計劃為客戶提供了對我們獨特的混合解決方案的無風險介紹，我們相信這將帶來更多的蜂窩訂閱和卓越的用戶體驗。

Next, we are taking steps to boost the accessibility and demand for our TracNet H90. The H90 is our first Ku-band-only 1-meter system and offers many advantages. It's lighter than competing 1-meter antennas and make -- which makes installations faster, easier and less costly. It also includes our integrated hybrid technology and offers significant airtime gain and cost efficiencies.

接下來，我們正在採取措施提高 TracNet H90 的可訪問性和需求。 H90 是我們的首款僅支持 Ku 頻段的 1 米系統，具有許多優勢。它比競爭對手的 1 米天線更輕，而且製造成本更低，這使得安裝更快、更容易、成本更低。它還包括我們的集成混合技術，可顯著提高通話時間並提高成本效率。

We're taking advantage of those efficiencies to reduce airtime costs to customers while enhancing the user experience by lifting any data limits on data rates in our unlimited-use plans. Together with the reduction and the price of the terminal, we believe these steps can potentially increase H90 deployments through sales and AgilePlans subscriptions, generate higher monthly ARPUs and lower airtime costs.

我們正在利用這些效率來降低客戶的通話成本，同時通過取消無限使用計劃中數據速率的任何數據限制來增強用戶體驗。加上終端價格的降低，我們相信這些步驟可能會通過銷售和 AgilePlans 訂閱增加 H90 的部署，產生更高的每月 ARPU 和更低的通話成本。

And finally, we are now shipping Starlink terminals. StarLink is the best-efforts network without the service level agreements and commitments on speed and value-add services our customers expect. That's why we believe the Starlink systems will work best when deployed in a hybrid configuration and our -- with our terminals to optimize availability and support our customers' enterprise-grade requirements. We are only selling Starlink terminals in tandem with new TracNet systems or as an add-on for existing TracNet and TracPhone terminals.

最後，我們現在正在運送星鏈終端。 StarLink 是盡力而為的網絡，沒有服務級別協議以及客戶期望的速度和增值服務承諾。這就是為什麼我們相信星鏈系統在混合配置和我們的終端中部署時將發揮最佳作用，以優化可用性並支持客戶的企業級需求。我們僅銷售與新 TracNet 系統一起使用的 Starlink 終端，或者作為現有 TracNet 和 TracPhone 終端的附加組件。

While Starlink is generating a lot of buzz in the market, they aren't the only non-geosynchronous orbit solution in the market. As I've discussed in the past, we have flexibility to work with multiple LEO and MEO networks should we choose to offer a maritime alternative to Starlink.

雖然星鏈在市場上引起了很大的轟動，但它們並不是市場上唯一的非地球同步軌道解決方案。正如我過去所討論的，如果我們選擇提供星鏈的海上替代方案，我們可以靈活地與多個 LEO 和 MEO 網絡合作。

At this time, we are on a later stage -- we are in later-stage negotiations with another NGSO operator. We hope to wrap up these discussions in the coming weeks and make an announcement by the start of summer.

目前，我們正處於後期階段——我們正在與另一家 NGSO 運營商進行後期談判。我們希望在未來幾週內完成這些討論，並在夏初之前發佈公告。

So wrapping up, I believe we're in a favorable position for the start of the year. While there may be challenges ahead, we remain confident in our ability to deliver our strategic objectives for the year, which are to expand our suite of value-added services, to gain scale through organic growth and to pursue airtime subscribers through new hardware-agnostic approaches. In addition, we have a clearly defined development path for several new products that will include new airtime revenue streams, which we anticipate releasing later this year or at the start of 2024. Finally, we continue to evaluate other avenues for growth and investment. All of these actions are being taken to achieve healthy growth and sustained profitability.

總而言之，我相信我們在今年年初處於有利的位置。儘管未來可能面臨挑戰，但我們仍然對實現今年戰略目標的能力充滿信心，這些目標是擴展我們的增值服務套件，通過有機增長擴大規模，並通過與硬件無關的新方法來吸引通話用戶。此外，我們還為多種新產品製定了明確的開發路徑，其中包括新的通話時間收入流，我們預計將在今年晚些時候或 2024 年初發布。最後，我們將繼續評估其他增長和投資途徑。所有這些行動都是為了實現健康增長和持續盈利。

Now I'll turn it over to Roger for the financial details.

現在我將把它交給羅傑了解財務細節。

Thanks, Brent. First, I would like to note that unless specifically stated otherwise, my comments with respect to Q1 of last year relate to our continuing operations, which exclude the results of our inertial navigation business, which was sold on August 9.

謝謝，布倫特。首先，我想指出的是，除非另有明確說明，我對去年第一季度的評論涉及我們的持續經營業務，其中不包括我們於 8 月 9 日出售的慣性導航業務的業績。

With that, as Brent mentioned earlier, our first quarter revenue came in at $33.7 million, increasing $0.5 million from the $33.2 million recorded in the first quarter of 2022. Our gross profit margin was 37% for the first quarter of this year as compared with 38% in the first quarter of last year.

因此，正如布倫特之前提到的，我們第一季度的收入為 3370 萬美元，比 2022 年第一季度的 3320 萬美元增加了 50 萬美元。今年第一季度我們的毛利率為 37%，而去年第一季度為 38%。

Service revenue for the first quarter was $28.7 million, an increase of $2.2 million or 8% from $26.6 million in the first quarter of 2022. This increase was primarily due to a $3.0 million increase in VSAT airtime revenue, primarily offset by a $0.8 million decrease in our content service sales, which was largely due to the sale of our radio business in April of last year.

第一季度的服務收入為 2870 萬美元，比 2022 年第一季度的 2660 萬美元增加了 220 萬美元，即 8%。這一增長主要是由於 VSAT 廣播時間收入增加了 300 萬美元，主要被我們內容服務銷售額減少 80 萬美元所抵消，這主要是由於去年 4 月出售了我們的無線電業務。

As Brent noted, airtime revenue grew to $27.0 million or approximately 13% over the first quarter of 2022, and total subscribers surpassed 7,000. As a reminder, total subscribers include those who have temporarily suspended their primary airtime service but continue to pay minimum maintenance fees as well as equipment fees for AgilePlans subscribers.

正如 Brent 指出的那樣，2022 年第一季度的通話收入增長至 2700 萬美元，增幅約為 13%，訂戶總數超過 7,000 人。提醒一下，總訂戶包括那些暫時停止主要通話服務但繼續支付最低維護費以及 AgilePlans 訂戶設備費的訂戶。

Airtime gross margin was 42.0%, which is up slightly from 41.2% last year. We are very pleased with those results. However, we are not changing our target for airtime margins to be in the high 30s.

通話時間毛利率為42.0%，較去年的41.2%略有上升。我們對這些結果非常滿意。不過，我們不會將播放時間利潤率的目標更改為 30 多歲。

Product revenue for the first quarter was $4.9 million, a decrease of $1.6 million or 25% from the first quarter of last year. This decrease in product sales was primarily due to a $1.5 million decrease in VSAT product sales. The decline in VSAT sales was a result of several factors. A higher proportion of total shipments went as AgilePlans, not sold units. Also in Q1 of last year, we sold almost 90 units to customers who returned following a shutdown of a legacy network. And finally, we did see a reduction in the underlying market demand in the leisure segment.

第一季度產品收入為490萬美元，比去年第一季度減少160萬美元，降幅為25%。產品銷售額下降的主要原因是 VSAT 產品銷售額減少了 150 萬美元。 VSAT 銷量下降是多種因素造成的。總出貨量中有較高比例是敏捷計劃，而不是銷售量。同樣在去年第一季度，我們向在舊網絡關閉後返回的客戶出售了近 90 台設備。最後，我們確實看到休閒領域的潛在市場需求有所減少。

Product gross margin for the first quarter was negative by approximately $300,000. This was primarily due to 2 factors: the first being a write-down of inventory by approximately $600,000; and the second being approximately $300,000 of purchase price bearing.

第一季度產品毛利率為負約30萬美元。這主要是由於兩個因素：首先是庫存減記約 600,000 美元；第二個是大約 300,000 美元的購買價格。

Operating expenses for the quarter were $12.9 million. As I mentioned on the last call, this is the approximate run rate that we expected to start the year. That $12.9 million is $5.7 million less than the first quarter of 2022, but a year-over-year comparison is difficult due to the restructuring charges we took in Q1 of last year as well as the complexity of isolating the impact of selling the inertial navigation business.

該季度的運營費用為 1,290 萬美元。正如我在上次電話會議中提到的，這是我們預計今年年初的大致運行率。這 1290 萬美元比 2022 年第一季度少了 570 萬美元，但由於我們去年第一季度收取的重組費用以及隔離出售慣性導航業務影響的複雜性，很難進行同比比較。

At the operating income level, these changes in revenue, margins and operating expenses resulted in a loss from operations of approximately $500,000. Given the seasonality of various income and expense items, this is just about where we had expected to be when we started the year. Going forward, we expect to be profitable at the operating income level each quarter.

在營業收入水平上，收入、利潤率和營業費用的這些變化導致運營損失約 500,000 美元。考慮到各種收入和支出項目的季節性，這正是我們年初時的預期。展望未來，我們預計每個季度都能在營業收入水平上實現盈利。

Our bottom line net loss from continuing operation was $12,000, basically breakeven, compared to last year's net loss of $4.3 million. EPS for the first quarter was a net loss of less than $0.01 per share compared with a net loss of $0.23 per share in the same period of 2022.

我們的持續經營淨虧損為 12,000 美元，與去年 430 萬美元的淨虧損相比，基本上實現了盈虧平衡。第一季度每股收益淨虧損不到0.01美元，而2022年同期每股淨虧損為0.23美元。

Our adjusted EBITDA for the quarter was a positive $3.3 million compared with a positive $1.8 million last year. For a complete reconciliation of adjusted EBITDA, please refer to the earnings release that was published earlier this afternoon.

本季度調整後 EBITDA 為正 330 萬美元，而去年為正 180 萬美元。有關調整後 EBITDA 的完整調節表，請參閱今天下午早些時候發布的收益報告。

Net cash used by operations was $6.3 million. However, as I noted on the last call, we had an unusual increase in accounts payable at year-end, which is now reversed. The total change in operating assets and liabilities, including returning AP to a normal level, used $10.9 million of cash. As such, without that change, cash provided by operations would have been approximately $4 million.

運營使用的淨現金為 630 萬美元。然而，正如我在上次電話會議中指出的那樣，我們在年底的應付賬款出現了異常增加，現在已經逆轉。運營資產和負債的總變化（包括將 AP 恢復到正常水平）使用了 1,090 萬美元現金。因此，如果沒有這一變化，運營提供的現金約為 400 萬美元。

Capital expenditures for the quarter were $2.1 million. So our operational cash flow, assuming normalized working capital, was positive by almost $2 million. Adjusted EBITDA less CapEx was also positive by over $1 million. Cash used in investing activities other than CapEx and marketable securities was virtually 0, and cash provided by financing activities was $0.3 million, resulting in an ending cash balance of approximately $69 million.

該季度的資本支出為 210 萬美元。因此，假設運營資本正常化，我們的運營現金流為正，接近 200 萬美元。調整後的 EBITDA 減去資本支出也超過 100 萬美元。除資本支出和有價證券之外的投資活動所用現金幾乎為零，融資活動提供的現金為 30 萬美元，期末現金餘額約為 6,900 萬美元。

Looking forward to the remainder of the year. We continue to expect full year revenue between $145 million and $155 million and adjusted EBITDA between $17 million and $23 million. So no change to our guidance.

期待今年剩下的時間。我們仍然預計全年收入在 1.45 億美元至 1.55 億美元之間，調整後 EBITDA 在 1700 萬美元至 2300 萬美元之間。因此我們的指導意見沒有改變。

This concludes our prepared remarks, and I will now turn the call over to the operator to open the line for the Q&A portion of this morning's call. Gigi?

我們準備好的發言到此結束，我現在將把電話轉給接線員，以開通今天上午電話問答部分的線路。吉吉？

(Operator Instructions) Our first question comes from the line of Caleb Henry from Quilty Space.

（操作員說明）我們的第一個問題來自 Quilty Space 的 Caleb Henry。

A couple of questions from me. You mentioned this new VSAT program, where multiple different terminal providers will be able to use the KVH network. Maybe I missed it, but did you give a program start date for that? When does that begin?

我有幾個問題。您提到了這個新的 VSAT 計劃，多個不同的終端提供商將能夠使用 KVH 網絡。也許我錯過了，但是你有給出計劃的開始日期嗎？那什麼時候開始？

It started loosely this year or in the first quarter, but it officially was launched as of May 1.

今年或第一季度開始鬆散，但從 5 月 1 日起正式啟動。

Okay. The H90 terminal that you announced as being Ku-band -- or dedicated to Ku-band, is that orbit-specific? Or is that able to work with satellite networks from multiple different orbits?

好的。您宣布的 H90 終端是 Ku 頻段，或者專用於 Ku 頻段，是特定於軌道的嗎？或者它能夠與來自多個不同軌道的衛星網絡一起工作嗎？

Yes, it's orbit-specific, not geosynchronous. It's VSAT but just Ku-band only. And the reason why we call that Ku-band -- it's geo. The reason why we called it out as Ku-band only is that we -- historically, we've provided a terminal by the name of the V11, which was both Ku-band and C-band. This is Ku-band only. And similar to -- in the Ku approach to competing systems from Cobham and Intellian, but it also has the integrated 5G as well as import WiFi capabilities.

是的，它是特定於軌道的，而不是地球同步的。它是 VSAT，但只是 Ku 波段。我們之所以稱其為 Ku 波段，是因為地緣波段。我們之所以將其稱為 Ku 頻段，是因為我們——歷史上，我們提供了一個名為 V11 的終端，它既是 Ku 頻段，也是 C 頻段。這僅限於 Ku 波段。與 Cobham 和 Intellian 的競爭系統的 Ku 方法類似，但它也具有集成 5G 以及導入 WiFi 功能。

Yes. It's operating on our standard Flex network that all of the other terminals operate on, so it has access to the entire constellation.

是的。它在我們的標準 Flex 網絡上運行，所有其他終端都在該網絡上運行，因此它可以訪問整個星座。

Okay. When you add your NGSO capacity, which you mentioned being pretty close too, is that something that you anticipate will replace the Starlink offering? Or is it something that you'll offer in tandem?

好的。當您添加 NGSO 容量時（您提到的也非常接近），您預計這將取代 Starlink 產品嗎？或者您會同時提供一些東西嗎？

Well, it will be offered as an alternative, not necessarily in tandem but as an alternative.

好吧，它將作為替代方案提供，不一定是串聯的，而是作為替代方案。

Right. Right. Okay. And then my last question, you mentioned that -- an L-band customer or a maritime customer that was using L-band that is now switching to your network. I think listening to kind of the 2 main L-band providers, usually they talk about their customer base being sort of protected, and usually they add higher-throughput services, like Ku or Ka, in addition to L-band, not usually replacing it. So I'm just curious if you agree with that, if you disagree with that or if you're seeing a shift where more vessels are starting to ditch L-band in favor of higher-throughput services.

正確的。正確的。好的。然後我的最後一個問題，您提到了 - L 頻段客戶或使用 L 頻段的海事客戶現在正在切換到您的網絡。我認為聽聽 2 個主要 L 波段提供商的說法，他們通常會談論他們的客戶群受到某種保護，並且通常除了 L 波段之外，他們還會添加更高吞吐量的服務，例如 Ku 或 Ka，而不是取代它。所以我很好奇你是否同意這一點，或者你是否不同意這一點，或者你是否看到了更多船隻開始放棄 L 波段而轉向更高吞吐量服務的轉變。

Well, to be very specific, when we talk about L-band, right, 2 providers, we're talking about Iridium or Inmarsat. Iridium, with their service offering, that's used to a large degree, from our perspective anyway, as backup. In regards to fleet broadband, there's been a number of conversions over the years to both our system as well as our competitor systems and to Inmarsat systems. So this is just yet another conversion of their L-band solutions.

嗯，具體來說，當我們談論 L 頻段（對，2 個提供商）時，我們談論的是銥星或國際海事衛星組織。無論如何，從我們的角度來看，銥星及其提供的服務在很大程度上被用作備份。在車隊寬帶方面，多年來我們的系統以及我們的競爭對手的系統以及 Inmarsat 系統都進行了多次轉換。所以這只是他們的 L 波段解決方案的又一次轉換。

(Operator Instructions) At this time, I'm showing no further questions. I would now like to turn the conference back over to Roger Kuebel for closing remarks.

（操作員說明）此時，我不會再提出任何問題。現在我想將會議轉回羅傑·庫貝爾致閉幕詞。

Well, thank you all for joining us. Appreciate it. I know that we don't normally do these afternoon East Coast U.S. time, but appreciate everybody who was able to join in anytime. And I think that's it. So thank you all for joining, and we'll talk to everyone again when we announce Q2.

好的，謝謝大家加入我們。欣賞它。我知道我們通常不會在美國東海岸時間下午這樣做，但感謝所有能夠隨時參加的人。我想就是這樣。感謝大家的加入，當我們宣布第二季度時，我們將再次與大家交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。