KVH Industries Inc (KVHI) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q3 2023 KVH Industries, Inc. earnings conference call. (Operator Instructions)

美好的一天，感謝您的耐心等待，歡迎參加 KVH Industries, Inc. 2023 年第三季財報電話會議。 （操作員說明）

Please be advised that today's conference is being recorded, and I would now like to hand the conference over to your first speaker today, Roger Kimbell, Chief Financial Officer. Please go ahead.

請注意，今天的會議正在錄製中，我現在想將會議交給今天的第一位發言人，首席財務官羅傑·金貝爾 (Roger Kimbell)。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us today for KVH Industries third-quarter results, which are included in the earnings release we published earlier this morning. Joining me on the call are the company's Chief Executive Officer, Brent Bruun; and Chief Operating Officer, Robert Balog.

謝謝你，接線生。大家早上好，感謝您今天加入我們，了解 KVH Industries 第三季業績，該業績包含在我們今天早上早些時候發布的財報中。與我一起參加電話會議的是該公司執行長 Brent Bruun；和首席營運長羅伯特·巴洛格。

Before we dive in, the usual announcements. First, if you would like a copy of the earnings release or if you would like to listen to a recording of today's call, both 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，先發布一些常見的公告。首先，如果您想要一份收益報告的副本，或者想要收聽今天電話會議的錄音，都可以在我們的網站上找到。如果您透過網路收聽，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有重大差異。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, which is 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 and Form 10-Q, which we plan to file later today. 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，這是一項非 GAAP 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較 GAAP 數據的調整表。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 年表格 10-K 和計劃今天晚些時候提交的表格 10-Q 中風險因素標題下的聲明。該公司向 SEC 提交的其他文件可直接從我們網站的投資者資訊部分取得。

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

現在，為了向您介紹第三季的亮點，我將把電話轉給布倫特。

Thank you, Roger. Good morning, everyone. Let me start by saying KVH is on the right track. Thanks to our successful efforts over the last year and a half. We divested nonstrategic businesses, rightsized our staff in 2022 to focus exclusively on mobile connectivity products and services, grew our subscriber base by more than 1,000 vessels, and maintained a debt-free balance sheet.

謝謝你，羅傑。大家，早安。首先我要說的是，KVH 走在正確的軌道上。感謝我們過去一年半的成功努力。我們剝離了非戰略業務，在 2022 年對員工進行了精簡，專門專注於行動連接產品和服務，使我們的用戶群增加了 1,000 多艘船舶，並保持了無債務的資產負債表。

In our most recent quarter, our airtime sales grew 3% year over year, and we maintained our airtime subscriber base at roughly 1,000 -- 7,100 vessels, a slight dip from the all-time high we hit last quarter. Although we are pleased with modest year-over-year growth, it is a bit lower than past quarters due to increased demand for competing data and content streaming services.

在最近一個季度，我們的通話時間銷售額年增了 3%，我們的通話用戶數量維持在約 1,000 至 7,100 艘船，比上季度創下的歷史最高點略有下降。儘管我們對同比成長感到滿意，但由於對競爭數據和內容流服務的需求增加，這一數字略低於過去幾季。

We are now focused on positioning KVH within a rapidly changing marketplace. Ever since we have entered the satellite space with our maritime TV receive only antennas and then with our VSAT terminals and network, we won against traditional competitors due to four key differentiators.

我們現在專注於在快速變化的市場中定位 KVH。自從我們憑藉我們的海事電視僅接收天線進入衛星領域，然後憑藉我們的 VSAT 終端和網絡，我們憑藉四個關鍵的差異化優勢戰勝了傳統競爭對手。

First, our proprietary terminals; second, our geosynchronous VSAT network; third, CommBox Integrated Network Management tools; and fourth, our outstanding global service and support.

第一，我們的專有終端；第二，我們的地球同步VSAT網路；三、CommBox綜合網路管理工具；第四，我們出色的全球服務和支援。

However, the market has changed as communication solutions require faster speeds, highly competitive data rates, lower cost terminals, and multiple communication options. We believe we are well positioned to maintain our mobile connectivity leadership role as we continue our ongoing strategic evolution as an integrated solutions provider.

然而，市場已經發生了變化，因為通訊解決方案需要更快的速度、極具競爭力的數據速率、更低成本的終端和多種通訊選項。我們相信，隨著我們作為整合解決方案提供者的持續策略發展，我們有能力保持我們的行動連線領導地位。

This evolution includes a terminal agnostic approach that permits us to integrate our VSAT and satellite terminals with new and emerging hardware from Starlink and other manufacturers. A multi-network approach that includes integration of Global V -- of our global VSAT network with cellular, Wi-Fi, LEO, and other services. Our seamless approach to network management that delivers versatile bandwidth management tools along with cybersecurity and value added services. And of course, our global service and support capabilities.

這種演變包括一種與終端無關的方法，使我們能夠將 VSAT 和衛星終端與 Starlink 和其他製造商的新興硬體整合。多網路方法，包括 Global V（我們的全球 VSAT 網路）與蜂窩、Wi-Fi、LEO 和其他服務的整合。我們的無縫網路管理方法提供多功能頻寬管理工具以及網路安全和增值服務。當然，還有我們的全球服務和支援能力。

In recent months, we have made two major strategic moves critical to our future growth. First, we strengthened our position as a multi-orbit, multichannel integrated solutions provider when we entered into an agreement to be a Starlink reseller. We are now offering Starlink, both as a standalone solution and as a hybrid companion with our TracNet, [0:_____] TracPhone, and open net terminals.

近幾個月來，我們採取了兩項對我們未來成長至關重要的重大策略舉措。首先，當我們簽訂成為 Starlink 經銷商的協議時，我們鞏固了作為多軌道、多通路整合解決方案提供者的地位。我們現在提供 Starlink，既作為獨立解決方案，也作為與我們的 TracNet、[0:_____] TracPhone 和開放網路終端的混合伴侶。

We are activating Starlink terminals through KVH's airtime services group, providing 24/7 live technical support and working with leisure boaters, commercial customers, and boat builders to deploy the Starlink service as part of a comprehensive KVH Solutions.

我們正在透過 KVH 的通話時間服務小組啟動 Starlink 終端，提供 24/7 即時技術支持，並與休閒划船者、商業客戶和船舶製造商合作，將 Starlink 服務部署為全面的 KVH 解決方案的一部分。

Second, we entered into an exclusive maritime distribution agreement with Kognitive Networks, giving us access to their dynamic suite of network and bandwidth management tools. This agreement expands our network management portfolio, which already includes our CommBox bandwidth management suite of services and manage firewall from Fortinet. The Kognitive technology enables us to seamlessly integrate communication channels aboard commercial and leisure vessels such as LTE, 5G, VSAT, Starlink, and Wi-Fi.

其次，我們與 Kognitive Networks 簽訂了獨家海事分銷協議，使我們能夠使用他們的動態網路和頻寬管理工具套件。該協議擴展了我們的網路管理產品組合，其中已經包括我們的 CommBox 頻寬管理服務套件和 Fortinet 的管理防火牆。 Kognitive 技術使我們能夠無縫整合商業和休閒船上的通訊通道，例如 LTE、5G、VSAT、Starlink 和 Wi-Fi。

We can also deliver sophisticating [dead] network and bandwidth management for shipboard operations, crew, owners, and guests over the KVH ONE global hybrid network. I believe this new technology and service will be integral to KVH's multi-orbit, multichannel communication solutions.

我們還可以透過 KVH ONE 全球混合網路為船上操作、船員、船東和客人提供複雜的[死]網路和頻寬管理。我相信這項新技術和服務將成為 KVH 多軌道、多通道通訊解決方案不可或缺的一部分。

We are excited by these two strategic moves and the implication for our long-term strategic direction. Our arrangements with Starlink and Kognitive Networks are examples of how we will continue to expand our position within the mobile connectivity market.

我們對這兩項策略舉措及其對我們長期策略方向的影響感到興奮。我們與 Starlink 和 Kognitive Networks 的合作就是我們將如何繼續擴大我們在行動連接市場的地位的例子。

Looking ahead, we will continue to leverage our strong distribution channel or drawing on our large pool of AgilePlans at -- AgilePlans-- looking ahead, we will continue to leverage our strong distribution channel while drawing on our large pool of AgilePlans terminals, which will help us reduce CapEx going forward and support our continued focus on free cash flow. We also plan to continue our efforts to adapt to the changing competitive environment by adjusting our operations to improve profitability where we can.

展望未來，我們將繼續利用我們強大的分銷渠道或利用我們龐大的 AgilePlans 庫——AgilePlans——展望未來，我們將繼續利用我們強大的分銷渠道，同時利用我們龐大的 AgilePlans 終端庫，這將幫助我們減少未來的資本支出，並支持我們繼續專注於自由現金流。我們還計劃繼續努力透過調整營運來適應不斷變化的競爭環境，以盡可能提高獲利能力。

I'll now turn it over to Roger for some context regarding our results.

現在我將把它交給羅傑，以了解有關我們結果的一些背景資訊。

Thanks, Brent. First, I would like to note that unless specifically stated otherwise, my comments with respect to Q3 of last year relate to our continuing operations, which exclude the results of the Inertial Navigation business that we sold in August last year.

謝謝，布倫特。首先，我想指出，除非另有明確說明，我對去年第三季的評論涉及我們的持續經營業務，其中不包括我們去年 8 月出售的慣性導航業務的業績。

Also, in a change from prior calls, I will not restate data that is in the earnings release are clearly described in our 10-Q. I'll focus my comments on information that either elaborates on or clarifies the published data.

此外，與先前的電話會議不同的是，我不會重述我們的 10 季財報中明確描述的數據。我的評論將集中在詳細說明或澄清已發布數據的資訊上。

Therefore, airtime gross margin which is not called out in our earnings release, was 42.4%, down from 44.0% last year. However, due to a number of factors, is still above our near-term expectation of high 30%s, which has not changed. Total subscribers were up about 4% from Q3 of last year. However, growth has slowed in Q3 ending subs were basically flat from the end of Q2.

因此，我們的財報中未提及的通話時間毛利率為 42.4%，低於去年的 44.0%。然而，由於多種因素的影響，仍高於我們近期預期的 30% 高位，這一點沒有改變。訂戶總數較去年第三季成長約 4%。然而，第三季的成長放緩，最終用戶數量與第二季末基本持平。

Product gross profit was negative by about 600,000. And while the MD&A section of our 10-Q describes the change from Q3 of last year, the primary driver of the negative margin was low unit volumes.

產品毛利負約60萬。雖然我們的 10-Q 的 MD&A 部分描述了與去年第三季相比的變化，但負利潤率的主要驅動因素是單位銷售量較低。

Operating expenses, excluding the impairment charge, were $11.6 million. We expect that will tick up in the fourth quarter as we filled several key positions, and we also have some normal seasonally higher OpEx in Q4. As such, we continue to expect the normal quarterly run rate to be between $12.5 million and $13 million.

營運費用（不包括減損費用）為 1,160 萬美元。我們預計，隨著我們填補了幾個關鍵職位，第四季度這一數字將會上升，而且我們在第四季度也有一些正常的季節性較高的營運支出。因此，我們繼續預計正常的季度運轉率將在 1,250 萬美元至 1,300 萬美元之間。

The impairment charge of approximately $6 million represents a write-off of all the company's remaining goodwill as well as approximately $660,000 of Media Group assets. This charge is described in detail within the footnotes in our 10-Q. However, just to clarify, it was a non-cash and was driven by the decline in our stock price in August when the market value of our equity fell below the book value of our net assets.

約 600 萬美元的減損費用代表了公司所有剩餘商譽以及媒體集團約 66 萬美元資產的沖銷。該費用在我們的 10-Q 腳註中進行了詳細描述。然而，需要澄清的是，這是非現金，是由我們的股價在八月下跌所致，當時我們的股權市值跌破了淨資產的帳面價值。

Our adjusted EBITDA for the quarter was a positive $4.5 million and our earnings release has the usual reconciliation of that. Capital expenditures for the quarter were $2.4 million. And so adjusted EBITDA less CapEx was positive by over $2 million.

我們本季調整後的 EBITDA 為正 450 萬美元，我們的收益發布也按慣例對此進行了調整。該季度的資本支出為 240 萬美元。因此，調整後的 EBITDA 減去資本支出為正，超過 200 萬美元。

Our ending cash balance of $69 million was down $1.8 million from the beginning of the quarter. However, that decrease was due to increases in our inventory and prepaids. So without those, our cash balance would have been up by more than the amount of our interest income.

我們的期末現金餘額為 6,900 萬美元，比本季初減少了 180 萬美元。然而，這一減少是由於我們的庫存和預付款的增加。因此，如果沒有這些，我們的現金餘額的增加量將超過我們的利息收入。

With respect to the full year, given that adjusted EBITDA for the first nine months was $12 million, we are increasing the low end of our guidance from $12 million to $13 million, giving a new range of $13 million to $15 million. For total revenue, we are also narrowing the range to $133 million to $136 million.

就全年而言，鑑於前 9 個月調整後的 EBITDA 為 1200 萬美元，我們將指導的下限從 1200 萬美元提高到 1300 萬美元，給出了 1300 萬美元到 1500 萬美元的新範圍。對於總收入，我們還將範圍縮小至 1.33 億美元至 1.36 億美元。

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. Operator?

我們準備好的演講到此結束，我現在將把電話轉給接線員，以開通今天早上電話問答部分的線路。操作員？

(Operator Instructions) Chris Quilty, Quilty space.

（操作員說明）Chris Quilty，Quilty 空間。

Thanks, gentlemen. I wanted to follow up a little bit on Starlink. I think originally your plan was the only bundle that with the KVH, VSAT suite. It sounds like you're now selling that individually. I have two questions.

謝謝，先生們。我想對星鏈進行一些跟進。我認為最初您的計劃是與 KVH、VSAT 套件唯一的捆綁包。聽起來您現在正在單獨出售。我有兩個問題。

One, what drove that change? And number two, can you just remind us, when you sell Starlink hardware that is sold at basically no margin, so really it's only the services associated with that. So if you're selling Starlink alone, are you able to actually wrap in services?

一，是什麼推動了這項改變？第二，您能否提醒我們，當您銷售星鏈硬體時，基本上沒有利潤，所以實際上只是與之相關的服務。因此，如果您單獨銷售星鏈，您是否能夠真正包裝服務？

Yeah, Hi. Good morning, Chris. To answer the first part of your question, we felt there was a requirement to sell it as a standalone service, in particular, Leisure Marine. Leisure Marine users aren't as focused on having a bundled solution along with the VSAT. So -- and the majority of our activations that have been standalone have been Leisure Marine.

是的，嗨。早上好，克里斯。為了回答你問題的第一部分，我們認為有必要將其作為獨立服務出售，特別是 Leisure Marine。休閒船舶用戶並不那麼注重擁有與 VSAT 一起的捆綁解決方案。所以——我們大部分的獨立活動都是休閒海軍陸戰隊。

In regard to your second question, yeah, the margins are rather tight. We do add a few other components that aren't necessary included like such as a longer length cable and other types of auctions. We do [that] installation and we provide other value-added services onboard.

關於你的第二個問題，是的，利潤相當緊張。我們確實添加了一些其他不必要的組件，例如更長的電纜和其他類型的拍賣。我們負責安裝，並在船上提供其他增值服務。

Got you. So the year over year having the subs about flat, is there something seasonal or is it really just a Starlink impact and I guess question on how you treat those Starlink subs? Do they count as subs for your total or do they not count, since you're not doing the service revenue (multiple speakers) --?

明白你了。因此，年復一年，潛艇的情況基本上持平，是否存在季節性因素，或者這實際上只是星鏈的影響，我想問題是您如何對待這些星鏈潛艇？他們算是你的總人數的替補嗎？還是不算，因為你不做服務收入（多位發言者）－？

At this point, they're not a factor as far as our overall subs count. We just entered into the arrangement with Starlink at the end of September. So in regard to third-quarter results, Starlink terminals are not included in those subs. As we go forward, we very well may break those out separately. We haven't really crossed that bridge yet.

目前，就我們的總替補人數而言，他們並不是一個因素。我們剛剛在九月底與 Starlink 達成了安排。因此，就第三季業績而言，星鏈終端不包括在這些子項目中。隨著我們的前進，我們很可能會將它們分開。我們還沒有真正跨過那座橋。

Got you. Kognitive, can you -- I know you had the press release, which I read, but can you give us maybe a little bit of background on both our relationship, the decision to do an exclusive and what you gave up to get that exclusive and how that positions you relative to other players in the market? Clearly Starlink offers almost nothing, but a lot of your larger competitors do have these four suites, is it feel like it's something that is hugely incremental or is it just bringing you up to par with where our competitors are?

明白你了。 Kognitive，你能——我知道你有我讀過的新聞稿，但是你能給我們介紹一下我們之間的關係、做獨家報道的決定以及你為了獲得獨家報道而放棄了什麼嗎？相對於市場上的其他參與者，您的定位如何？顯然，Starlink 幾乎沒有提供任何服務，但許多較大的競爭對手確實擁有這四個套件，您是否感覺這是一個巨大的增量，或者只是讓您達到與我們競爭對手相同的水平？

I think it's a bit of both, actually. It is definitely incremental in regard to where we're going with our multi-channel multi-orbit approach that we need to join different types of communication channels and we're in network, they can do a tremendous number of activities that we couldn't do with our core CommBox functionality such as channel bonding, which is incredibly important. They can take advantage of multiple channels onboard the vessel.

我認為實際上兩者兼而有之。就我們的多通道多軌道方法而言，這絕對是漸進式的，我們需要加入不同類型的通訊管道，而且我們在網路中，他們可以做大量我們做不到的活動。與我們的核心CommBox 功能（例如通道綁定）無關，這非常重要。他們可以利用船上的多個渠道。

And it also enables us to have a seamless approach to bringing on competitors' VSAT. We have our own VSAT. We have our CommBox technology embedded -- software embedded into our VSAT design, but we're bringing on a terminal made from another manufacturer, it enabled us to provide onboard bandwidth management tools that are actually more advanced than we've previously provided with our CommBox suite of services.

它還使我們能夠以無縫方式引入競爭對手的 VSAT。我們有自己的VSAT。我們嵌入了CommBox 技術——軟體嵌入到我們的VSAT 設計中，但我們引入了另一家製造商製造的終端，它使我們能夠提供板載頻寬管理工具，這些工具實際上比我們之前提供的更先進. CommBox 服務套件。

Got you. And the relationship there, how did you come together with them?

明白你了。還有那裡的關係，你是怎麼跟他們走在一起的？

They've been in the (technical difficulty) into maritime. I've been in the satellite industry for quite some time and familiar with a nice time [GOGO]. It's just -- we were working with them in regard to some standalone customers, airtime customers that migrated over to our network, talking about competing terminals. So it was just a natural progression.

他們已經進入了海事領域（技術難度）。我在衛星產業已經有一段時間了，並且熟悉美好的時光[GOGO]。只是 - 我們正在與他們就一些獨立客戶、遷移到我們網路的通話客戶進行合作，談論競爭終端。所以這只是一個自然的進展。

Got you.

明白你了。

(multiple speakers) I wanted to add something.

（多名發言者）我想補充一些內容。

Yeah. Hey, Chris. An easy way to think about it is, of course, for years, we've had CommBox and we've had built in switching in the H-series to switch between the different WAN channels and it provides a really decent functionality. It automatically does the switching, keeps you connected, keep your user experience always in a state where you're online.

是的。嘿，克里斯。當然，一個簡單的思考方法是，多年來，我們已經擁有 CommBox，並且我們在 H 系列中內建了交換機，可以在不同的 WAN 通道之間進行切換，它提供了非常不錯的功能。它會自動進行切換，讓您保持連接，讓您的使用者體驗始終處於線上狀態。

What the Kognitive Networks devices do is they are really the next generation step up as far as network management goes. And they are providing things and it's really a tiered layered offering. When you upgrade to that performance, now you're getting a shared channel bonding, you're getting a channel balancing and that stuff super important when you throw on multiple, say, and a larger boat, multiple Starlink terminals where you've got blockage on one or the other, and you want to make sure the experience stays seamless.

Kognitive Networks 設備的作用是，就網路管理而言，它們確實是下一代產品。他們提供的東西確實是分層的。當你升級到這種性能時，現在你將獲得共享通道綁定，你將獲得通道平衡，當你投入多個，比如說，更大的船，多個星鏈終端時，這些東西非常重要一方或另一方受到阻礙，並且您希望確保體驗保持無縫。

They also allow us to provide not just application filtering and things like that, data usage monitoring. It allows us to do it all the way down to the device level. So we could, for example, lead one of the ships turn off a crew member that was using up too much data on the specific application. So there's several tiers of that offering. So really what we're doing is going really strong into the value-added services to layer all of that stuff on to give the customers exactly what they're looking for in levels of performance.

它們還使我們不僅可以提供應用程式過濾和類似的功能，還可以提供資料使用監控。它使我們能夠一直做到設備等級。例如，我們可以引導其中一艘船關閉在特定應用程式上消耗過多數據的船員。因此，該產品有幾個層次。因此，我們實際上正在做的是大力發展增值服務，將所有這些內容分層，為客戶提供他們所尋求的性能水平。

Great. That's a good detail. Switching gear on the hardware, we've run negative margins for several quarters now. Do you see a path forward to getting back to profitability? Or are you engaging in some strategic review around what you should do with the manufacturing side of the business on hardware?

偉大的。這是一個很好的細節。在硬體方面，我們已經連續幾季實現負利潤。您是否看到了恢復獲利的道路？或者您是否正在圍繞硬體業務的製造方面應該做什麼進行一些策略審查？

I think it's something we've been evaluating. It's a somewhat complicated issue. I would say we're just in the process of evaluating what the right next step is.

我認為這是我們一直在評估的事情。這是一個有點複雜的問題。我想說的是，我們正在評估下一步正確的步驟是什麼。

Fair enough. And I missed on the forward guidance. I think you gave revenue of $33 million to $36 million. Did you give EBITDA?

很公平。我錯過了前瞻性指引。我認為您給出的收入為 3300 萬至 3600 萬美元。你給了 EBITDA 嗎？

Yes, $13 million to adjusted EBITDA, it was a -- $12 million to $15 million, we're moving at $13 million to $15 million.

是的，調整後的 EBITDA 為 1300 萬美元，這是 1200 萬至 1500 萬美元，我們的調整為 1300 萬至 1500 萬美元。

Great. And I guess final question here with regard to AgilePlans that was historically a big CapEx component for you? Do you expect that to be as large now that you're -- forgive me, I forgot the service -- the KVH ONE where you're putting -- using competitors' hardware.

偉大的。我想最後一個問題是關於敏捷計劃的，這對您來說歷來是一個很大的資本支出組成部分？您是否希望現在的規模如此之大——請原諒，我忘記了您所放置的服務——KVH ONE——使用競爭對手的硬體。

We will be backing off on the amount of CapEx in the AgilePlans. One of the reasons is using competitors' hardware, as you just indicated.

我們將減少敏捷計劃中的資本支出金額。正如您剛才指出的，原因之一是使用競爭對手的硬體。

Secondly, we had the program in place here for almost 10 years. Of course, we've had a bit of churn which we do and just in the normal course. So we have a pool of assets that we refurbish and redeploy.

其次，我們已經在這裡實施該計劃近 10 年了。當然，我們也經歷過一些混亂，但這是正常的。因此，我們有一個可以翻新和重新部署的資產池。

So as far as the CapEx is concerned, every unit that goes out the door, even though we're activating new agile customers all the time, the CapEx for that unit could have been spent many years ago, two or three years ago. So the answer I was going to be reducing CapEx on a go forward basis.

因此，就資本支出而言，每個走出去的單位，即使我們一直在激活新的敏捷客戶，該單位的資本支出可能在很多年前、兩三年前就已經花掉了。所以我的答案是在未來的基礎上減少資本支出。

And have you seen any change in the churn? I mean you made it through the COVID without a big spike in churn? Has Starlink started to impact that at all?

您看到客戶流失狀況有什麼改變嗎？我的意思是，你們在新冠疫情期間沒有出現客戶流失率大幅上升的情況嗎？星鍊是否開始對此產生影響？

We had had an uptick in churn, in particular with Leisure Marine, going back to your original question about selling Starlink as a standalone basis -- on a standalone basis, that's where we we've seen the most.

我們的客戶流失率有所上升，尤其是 Leisure Marine，回到您最初關於將 Starlink 作為獨立產品出售的問題——在獨立的基礎上，這是我們看到最多的情況。

Got you. And you're still good in terms of satellite capacity, still 100% KU base. Are you good on capacity and what is -- I know obviously Intelsat has four software-defined satellites on orbit. But (technical difficulty) that capacity come online and Starlink is rolling every day. Are you still in a good position?

明白你了。而且衛星容量仍然很好，仍然是 100% KU 基礎。你對能力很了解嗎？我顯然知道 Intelsat 在軌道上有四顆軟體定義的衛星。但是（技術困難）該容量上線並且星鏈每天都在滾動。你的處境還好嗎？

We're in a fine position in regard to the satellite capacity.

我們在衛星容量方面處於有利位置。

Great. And final question, I know I said that before (multiple speakers) --

偉大的。最後一個問題，我知道我之前說過（多個發言者）—

(laughter) you already had the final question.

（笑聲）你已經有最後一個問題了。

I know. So the -- with the competitor terminals, when you bring those on, those just show up as regular subs, right? If you switch, swap (multiple speakers)

我知道。因此，對於競爭對手的終端，當您打開這些終端時，它們只會顯示為常規潛艇，對吧？如果切換，請交換（多個揚聲器）

Yes.

是的。

(multiple speakers) competitor. Okay. And have you had, I know that program was just launched recently and I think last quarter you were just tooling up. Are you starting to see any pickup.

（多名發言者）競爭對手。好的。我知道該計劃最近剛啟動，我認為上個季度您剛開始準備。您是否開始看到任何提貨？

A small amount.

少量。

Okay. Very good. Well appreciate all the color, guys, and good quarter.

好的。非常好。非常感謝所有的顏色，夥計們，以及美好的季度。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Ryan Koontz, Needham & Company.

（操作員說明）Ryan Koontz，Needham & Company。

Good morning, thanks. Most of my questions have been answered here, but just follow-up on the Starlink model. Sounds like are you taking a proactive role on the support side there with Starlink that maybe your customers can't get direct?

早安，謝謝。我的大部分問題已經在這裡得到解答，但只是星鏈模型的後續。聽起來您是否在 Starlink 的支援方面發揮了積極主動的作用，而您的客戶可能無法直接獲得支援？

Yeah, we're providing 24/7 live technical support for as we always have. So Starlink is just another component of that support that we provide.

是的，我們一如既往地提供 24/7 即時技術支援。因此，星鏈只是我們提供的支援的另一個組成部分。

Got it. And on this Kognitive relationship, any more about the company you can share in terms of their position in the market? What are their markets they serve? And any other color you can provide the company?

知道了。關於這種 Kognitive 關係，您可以分享更多有關該公司在市場中的地位的資訊嗎？他們服務的市場是什麼？你們公司還可以提供其他顏色嗎？

I think to me the most inroad into the maritime industry. I know they would like to expand beyond maritime into other fixed and enterprise solutions, but I'm really not in a position to speak on behalf of their company.

我認為對我來說最深入的是海運業。我知道他們希望將業務擴展到海事以外的其他固定和企業解決方案，但我確實無法代表他們公司發言。

Got it. All right. And in terms of the seasonality looking forward, any changes we should consider there on the revenue line in terms of your traditional seasonality would go into the winter (multiple speakers) --?

知道了。好的。就未來的季節性而言，我們應該考慮傳統季節性收入線上的任何變化都會進入冬季（多個發言者）—？

We don't see seasonality that we've experienced in the past. We expect to experience again this quarter, the fourth quarter as well as the first quarter.

我們看不到過去經歷過的季節性。我們預計本季、第四季以及第一季將再次經歷這種情況。

All right. Thank you. This does conclude the question-and-answer session, I'm seeing no further questions. I'd like to thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

好的。謝謝。問答環節到此結束，我沒有看到更多問題。我要感謝您參加今天的會議。這確實結束了程序，您現在可以斷開連接。

Thank you, everyone.

謝謝大家。

Thank you very much.

非常感謝。