KVH Industries Inc (KVHI) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Rochelle, and I will be your operator today. At this point, I would like to welcome everyone to the Q2 2025 KVH Industries, Inc. Earnings Conference Call. (Operator Instructions) I will now turn the call over to Anthony Pike, Chief Financial Officer. Please go ahead.

感謝您的支持。我叫羅謝爾，今天我將擔任您的接線生。現在，我歡迎大家參加 2025 年第二季 KVH Industries, Inc. 收益電話會議。（操作員指示）我現在將電話轉給財務長安東尼·派克。請繼續。

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

謝謝您，接線生。大家早上好，感謝大家今天參加 KVH Industries 的第二季業績發表會，該業績已包含在我們今天早上發布的收益報告中。與我一起參加電話會議的還有該公司的執行長布倫特布魯恩 (Brent Bruun)。

Before I get into the numbers, a few standard statements. Firstly, 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. And if you are listening via the web, please feel free to submit questions to ir@kvh.com.

在討論數字之前，我先說幾句標準的話。首先，如果您想要一份收益報告的副本，或者想要聽今天的電話會議錄音，您可以在我們的網站上找到它們。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，這些陳述受多種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 will find the 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 Q2 2025 Form 10-Q, which will be filed 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，這是一種非 GAAP 財務指標。您可以在我們的新聞稿中找到此項指標的定義以及與可比較 GAAP 數字的對帳。我們鼓勵您查看我們提交給美國證券交易委員會 (SEC) 的文件中所做的警示性聲明，特別是我們今天稍後提交的 2025 年第二季 10-Q 表中「風險因素」標題下的聲明。該公司的其他 SEC 文件可直接從我們網站的「投資者資訊」部分取得。

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

現在，我將向大家介紹我們第二季的亮點，我將把電話轉給布倫特。

Thank you, Anthony, and good morning, everyone. Our second quarter results reflect our successful ongoing efforts to transform our business model and operations. Compared to the first quarter of this year, revenue was up. Adjusted EBITDA is up and our subscriber base is up, up more than 8%, resulting in more than 8,000 subscribing vessels for the first time.

謝謝你，安東尼，大家早安。我們第二季的業績反映了我們為轉變業務模式和營運而不斷做出的成功努力。與今年第一季相比，收入有所增長。調整後的 EBITDA 上升，我們的訂戶群也增加了 8% 以上，訂戶數量首次超過 8,000 艘。

Looking at our high-level results in more detail, our revenue declined year-over-year in the second quarter to $26.6 million, primarily due to the loss of revenue from our VSAT airtime service, which includes the loss of the U.S. Coast Guard. However, we returned to sequential airtime and service revenue growth for the first time since the second quarter of 2023. This led to a $1.2 million increase in total revenue over our first quarter 2025 results. Airtime gross margin rose more than 4% sequentially, and our adjusted EBITDA rose to $2.7 million, a $1.7 million increase compared to the first quarter.

更詳細地看一下我們的高層結果，我們第二季度的收入同比下降至 2660 萬美元，主要是由於我們的 VSAT 通話時間服務收入的損失，其中包括美國海岸警衛隊的損失。然而，我們自 2023 年第二季以來首次恢復了連續的通話時間和服務收入成長。這使得我們的 2025 年第一季總收入增加了 120 萬美元。通話時間毛利率季增超過 4%，調整後的 EBITDA 增至 270 萬美元，較第一季增加 170 萬美元。

We also shipped more than 1,300 communication terminals for the second consecutive quarter. These shipments included Starlink terminals, ongoing orders for our TracNet and TracFone VSAT and OneWeb terminals. By delivering on our strategic initiatives, we believe we have reached an inflection point in our transition from a GEO-based hardware and service company to a multi-orbit LEO- focused service provider. For the first time, the increase in our LEO revenue more than offset the decline in revenue from our legacy VSAT business.

我們也連續第二季出貨超過1,300台通訊終端。這些貨物包括 Starlink 終端、我們 TracNet 和 TracFone VSAT 以及 OneWeb 終端的持續訂單。透過實施我們的策略性舉措，我們相信我們已經達到了從基於地球靜止軌道的硬體和服務公司向以多軌道低地球軌道為重點的服務提供者轉型的轉折點。這是第一次，我們的 LEO 業務收入的成長超過了我們傳統 VSAT 業務收入的下降。

Starlink terminals and service demand remains strong across the commercial maritime and leisure marine markets during the second quarter. We're also rapidly expanding our Starlink land sales, especially in Latin America, to support schools, villages and other municipal and commercial facilities.

第二季度，商業海運和休閒海運市場對 Starlink 終端和服務的需求仍然強勁。我們也正在迅速擴大星鏈土地銷售，尤其是在拉丁美洲，以支持學校、村莊和其他市政和商業設施。

We remain on target to deplete our prepaid Starlink data pool by year-end as planned. The prepaid pool has been a vital contributor to improvement in our profitability. We are now in discussions with Starlink regarding a renewal.

我們仍將按照計劃在年底前耗盡我們的預付 Starlink 資料池。預付費池對於提高我們的獲利能力起到了至關重要的作用。我們目前正在與 Starlink 討論續約事宜。

We are also pleased with the steady growth we are achieving in OneWeb, following the launch of the service at the end of January. Our CommBox Edge Communications Gateway also continued to thrive in the second quarter, due in part to its easy integration with Starlink and OneWeb, along with our VSAT and cellular services. In addition, we have started to deploy our CommBox Edge Secure Suite for commercial fleets expanding the value of this product. Compared to the first quarter of 2025, we increased CommBox Edge subscribers by 24%.

自從一月底推出這項服務以來，我們對 OneWeb 的穩定成長感到高興。我們的 CommBox Edge 通訊閘道在第二季也持續蓬勃發展，部分原因在於它與 Starlink 和 OneWeb 以及我們的 VSAT 和蜂窩服務的輕鬆整合。此外，我們已經開始為商業車隊部署 CommBox Edge Secure Suite，擴大該產品的價值。與 2025 年第一季相比，CommBox Edge 用戶數量增加了 24%。

Commercial maritime demand for crew welfare and content also remains strong. We now have more than 1,000 vessels subscribing to our KVH Link entertainment and news service.

商業海事對船員福利和內容的需求也依然強勁。現在已有超過 1,000 艘船訂閱我們的 KVH Link 娛樂和新聞服務。

Looking at our overall business operations, we completed the sale of our headquarters facility at the end of June and expect to complete the sale of our factory facility in September. We have recently leased a new combined headquarters, production and warehouse facility in Bristol, Rhode Island and expect to relocate there in early 2026.

縱觀我們的整體業務運營，我們於 6 月底完成了總部設施的出售，並預計將於 9 月完成工廠設施的出售。我們最近在羅德島布里斯托爾租賃了一個新的總部、生產和倉庫綜合設施，預計將於 2026 年初搬遷到那裡。

And lastly, we bought back shares during the second quarter under the terms of the stock repurchase program approved by our board in December 2024. Through the end of the second quarter, we purchased more than 242,000 shares at a cost of roughly $1,250,000.

最後，我們根據董事會於 2024 年 12 月批准的股票回購計畫的條款，在第二季回購了股票。截至第二季末，我們已購買了超過 242,000 股，成本約為 1,250,000 美元。

So in conclusion, we reached a significant inflection point in the second quarter. Our transformation as an integrated service provider accelerated. Our LEO revenue growth more than offset the decline in our legacy GEO-based VSAT business. New services continue to grow. We continue -- new services contributed to growth in subscribers, revenue, gross profit and cash. We reduced our operating expenses significantly, and we have the resources and new service pipeline needed for an exciting future.

總而言之，我們在第二季達到了一個重要的轉捩點。我們作為綜合服務提供者的轉型正在加速。我們的 LEO 收入成長足以抵消我們傳統的基於 GEO 的 VSAT 業務的下滑。新服務持續成長。我們繼續說——新服務促進了用戶、收入、毛利和現金的成長。我們大幅削減了營運費用，並擁有了迎接令人興奮的未來所需的資源和新的服務管道。

Now I'll turn the call back to Anthony to discuss the numbers. Anthony?

現在我將把電話轉回給安東尼討論這些數字。安東尼？

Thank you, Brent. As a reminder, I would like to note that similar to our call for Q1, I will not restate data that is in the earnings release I clearly described in our 10-Q. I will focus my comments on information that either elaborates on or clarifies the published data.

謝謝你，布倫特。提醒一下，我想指出的是，與我們對第一季的呼籲類似，我不會重申我在 10-Q 中清楚描述的收益報告中的數據。我的評論將重點放在那些闡述或澄清已發布數據的資訊。

So with respect to our second quarter financial results, airtime gross margin, which is not reported in our earnings release, was 35.8%, which as Brent mentioned, is up more than 4% compared to the prior quarter gross margin of 31.5%. Excluding depreciation, our airtime gross margin for the second quarter was 46.4% compared to 44.1% in the prior quarter. This increase was partly driven by the ongoing change in airtime revenue mix between LEO and GEO, with LEO, which has stronger margins, continuing to grow to become a larger portion of our revenue. However, there was also a positive impact from the lower GEO bandwidth capacity costs, which may rise slightly in the second half of the year.

因此，就我們第二季的財務表現而言，通話時間毛利率（未在我們的收益報告中報告）為 35.8%，正如布倫特所提到的，與上一季的 31.5% 毛利率相比增長了 4% 以上。不計折舊，我們第二季的通話時間毛利率為 46.4%，而上一季為 44.1%。這一成長部分是由於 LEO 和 GEO 之間的通話時間收入結構不斷變化，其中利潤率更高的 LEO 繼續成長並成為我們收入的更大組成部分。不過，GEO頻寬容量成本降低也帶來了正面影響，下半年成本可能會略有上升。

Total subscribing vessels at the end of Q2 were just above 8,000, which, as Brent mentioned, is 8.3% up from the prior quarter and 13.5% up from the beginning of the year.

第二季末的訂貨船舶總數略高於 8,000 艘，正如布倫特所提到的，比上一季成長 8.3%，比年初成長 13.5%。

Reported Q2 product gross profit was $0.3 million compared to breakeven in the prior quarter. And we continue to expect product margins to be relatively modest as the real value of our mobile connectivity hardware shipments is the airtime revenue they generate in the future. The Q2 operating expenses of $9.5 million was $0.2 million or 2% lower than the prior quarter and $1.7 million or 15% lower than the second quarter 2024 on a like-for-like basis, excluding nonrecurring charges.

報告第二季產品毛利為 30 萬美元，而上一季則達到盈虧平衡。我們仍然預期產品利潤率將相對較低，因為我們的行動連線硬體出貨量的真正價值在於它們未來產生的通話時間收入。第二季營運費用為 950 萬美元，比上一季減少 20 萬美元（即 2%），與 2024 年第二季相比減少 170 萬美元（即 15%）（不包括非經常性費用）。

Our adjusted EBITDA for the quarter was $2.7 million, and our earnings release had the usual reconciliation of that. Capital expenditures for the quarter were $2.4 million, and so adjusted EBITDA less CapEx, which we believe is a good proxy for free cash flow generated from our ongoing business was $0.3 million. This compares to an adjusted EBITDA less CapEx of negative $0.1 million in the first quarter of 2025 with adjusted EBITDA of $1 million less capital expenditure of $1.1 million.

我們本季的調整後 EBITDA 為 270 萬美元，我們的收益報告對此進行了正常的調節。本季的資本支出為 240 萬美元，因此調整後的 EBITDA 減去資本支出（我們認為這可以很好地代表我們持續經營業務產生的自由現金流）為 30 萬美元。相較之下，2025 年第一季調整後的 EBITDA 減去資本支出為負 10 萬美元，調整後的 EBITDA 為 100 萬美元減去資本支出 110 萬美元。

The spike in CapEx in the second quarter from $1.1 million to $2.4 million was driven by OneWeb units on our AgilePlan program, which accounted for around 50% of the quarter's CapEx. We anticipate this CapEx to reduce in the second half of the year as the majority of the OneWeb AgilePlan CapEx in Q2 was related to a specific large fleet rollout. Our ending cash balance of $55.9 million was up approximately $7.3 million from the beginning of the quarter.

第二季資本支出從 110 萬美元飆升至 240 萬美元，這得益於我們 AgilePlan 計劃中的 OneWeb 部門，該計劃佔本季資本支出的 50% 左右。我們預計該資本支出將在下半年減少，因為第二季 OneWeb AgilePlan 資本支出的大部分與特定的大型車隊的推出有關。我們的期末現金餘額為 5,590 萬美元，比本季初增加了約 730 萬美元。

Net proceeds from the sale of our property at Middletown, Rhode Island were $4.9 million, and we also spent approximately $1.1 million on our stock repurchase program in Q2. Excluding these 2 items, our cash balance was up approximately $3.5 million.

我們出售位於羅德島米德爾敦的房產的淨收益為 490 萬美元，此外，我們在第二季度還花費了約 110 萬美元用於股票回購計畫。除去這兩項，我們的現金餘額增加了約 350 萬美元。

Overall, we are very pleased with the second quarter results, which build on the progress made in the first quarter. Our LEO business continues to grow, and growth has actually accelerated in the second quarter. We are managing the transition of our GEO business well and in line with expectations. And revenue is up quarter-on-quarter as our gross margins, adjusted EBITDA and cash balance.

總體而言，我們對第二季的業績非常滿意，這是在第一季取得進展的基礎上取得的。我們的 LEO 業務持續成長，第二季的成長實際上有所加速。我們正在順利管理 GEO 業務的轉型，並且符合預期。由於我們的毛利率、調整後的 EBITDA 和現金餘額，收入環比增長。

We are updating and narrowing our guidance on the basis of ARPUs being slightly less than anticipated, however, gross profit margins being better than expected. Therefore, our updated guidance for 2025 is revenue of $107 million to $114 million and adjusted EBITDA of $8 million to $12 million.

由於 ARPU 略低於預期，但毛利率好於預期，因此我們正在更新和縮小我們的指導範圍。因此，我們對 2025 年的最新預期是營收為 1.07 億美元至 1.14 億美元，調整後 EBITDA 為 800 萬美元至 1,200 萬美元。

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

我們的準備好的演講到此結束，現在我將把電話交給接線員，開始今天上午電話會議的問答部分。操作員？

(Operator Instructions)

（操作員指示）

Chris Quilty, Quilty Space.

克里斯奎爾蒂 (Chris Quilty)，奎爾蒂空間 (Quilty Space)。

Some good progress in the quarter. You didn't give the total number of activated Starlink terminals, which you have done in the past. Where did you finish out the quarter in terms of net adds in total?

本季度取得了一些良好進展。您沒有提供已啟動的 Starlink 終端的總數，而您過去已經提供過。就淨增總數而言，本季你們表現如何？

I'll turn that question over to Anthony.

我將把這個問題轉交給安東尼。

Yes. I'll just get you the -- so in terms of total new Starlink stand-alone additions in the quarter -- bear with me one second. We were up to about 2,500 stand-alone, but we do have an awful lot, which were included as hybrids, which I think we quote as combined previously. So all in, it was just short of 4,000.

是的。我只是想告訴你——就本季度 Starlink 獨立新增數量的總數而言——請稍等片刻。我們擁有大約 2,500 個獨立產品，但我們確實擁有很多，它們被列為混合產品，我認為我們之前引用的是合併產品。所以總計起來，還不到 4,000。

Is that the question? Or was it -- I think he asked how many activations? Can you clarify, Chris, please?

這是問題嗎？還是——我想他問了多少次激活？克里斯，您能解釋一下嗎？

Yes. Activations also would be great.

是的。激活也會很棒。

Yes. So on activation -- so activation is clearly on a terminal basis because of costs, and we count vessels and terminal separately now. So that's the number for that for the quarter.

是的。因此，關於激活——由於成本原因，激活顯然是以終端為基礎的，我們現在分別計算船隻和終端。這就是本季的數字。

Yes. I guess, excuse me, for intervening. It gets a bit irrelevant because it's going to skew the numbers if we have more than two terminals on board a vessel. So I think you can just back into the net adds, Chris, based on what we provided previously.

是的。我想，請原諒我打擾一下。這有點不相關，因為如果一艘船上有兩個以上的碼頭，數據就會出現偏差。因此，我認為您可以根據我們之前提供的資訊重新回到網路添加，克里斯。

Fair enough. And I think you mentioned when you added those OneWeb units, it was using AgilePlans. Does that mean you still have -- you've sort of shifted the AgilePlan onto OneWeb? And are you doing that for Starlink also or just OneWeb because of the higher cost of the terminal?

很公平。我認為您提到過，當您添加那些 OneWeb 單元時，它使用了 AgilePlans。這是否意味著您仍然——您已經將 AgilePlan 轉移到 OneWeb 上？您是否也為 Starlink 或僅為 OneWeb 這樣做，因為終端成本較高？

We do offer it for Starlink, but with the cost of the terminal in mind, many -- most customers choose to purchase the units.

我們確實為 Starlink 提供該服務，但考慮到終端的成本，許多——大多數客戶選擇購買該設備。

Got you. And the customers who are purchasing OneWeb, how do they differ from your Starlink subscribers? And what are you seeing in terms of network service and performance?

明白了。購買 OneWeb 的客戶與您的 Starlink 用戶有何不同？您在網路服務和效能方面看到了什麼？

Yes. The network is performing well. As I'm sure you're aware, they don't have complete global coverage. So it definitely opens up the door to have a hybrid solution until they get their complete global coverage. And as far as the differentiation, it's just more of customers wanting diversity from Starlink. There's no real rhyme or reason to why they would choose one over the other from our perspective.

是的。網路運作良好。我相信您已經意識到，他們並沒有實現完整的全球覆蓋。因此，這無疑為混合解決方案打開了大門，直到他們實現完整的全球覆蓋範圍。至於差異化，這只是更多的客戶希望 Starlink 能提供多樣性。從我們的角度來看，他們沒有真正的理由選擇其中一個。

Understand. Anthony, you mentioned that the GEO costs may go up in the second half of the year. I thought those were relatively fixed over the course of the year or are there new costs coming on?

理解。安東尼，您提到 GEO 成本可能會在今年下半年上漲。我認為這些費用在一年內是相對固定的，還是會產生新的費用？

No. They are, I'd just say, broadly fixed. What we were saying there is that we had a slight dip in the cost in Q2. And so, Q3 and Q4 might be slightly higher than Q2, but the overall cost for the year is fixed. And I think we've discussed previously our commitments to disclosing following in our 10-K filing.

不。我只想說，它們大致上是固定的。我們所說的是，第二季我們的成本略有下降。因此，第三季和第四季可能略高於第二季度，但全年的總體成本是固定的。我認為我們之前已經討論過我們在 10-K 文件中披露以下內容的承諾。

Understand. And when you look at the margin outlook, are you still -- and this is on the service margin, are you still targeting that sort of 35% to 40% range? Or what are you seeing in terms of the mix changes between OneWeb, Starlink and legacy GEO products?

理解。當您查看利潤率前景時，您是否仍將服務利潤率定為 35% 至 40% 的範圍？或者您認為 OneWeb、Starlink 和傳統 GEO 產品之間的混合變化是怎樣的？

So I think we are certainly looking to keep in the range you described. But as we said in the prepared remarks, really, what's happening is as LEO becomes a bigger proportion of the overall airtime revenue, that's driving the margins a little bit. And obviously, as the GEO revenue declines with a fixed broadly, a significant amount of fixed cost in the cost of sales for GEO, that's going to put pressure on the GEO margin. But the two broadly offsetting each other, we're hopeful to retain in that sort of range that you described.

所以我認為我們肯定會希望保持在您所描述的範圍內。但正如我們在準備好的發言中所說的那樣，實際上，隨著 LEO 在整體通話時間收入中所佔的比例越來越大，利潤率有所提高。顯然，隨著 GEO 收入的下降，以及 GEO 銷售成本中固定成本的大幅增加，這將對 GEO 利潤率造成壓力。但兩者大致上相互抵消，我們希望保持在您所描述的範圍內。

Great. And I think for -- you said the renewal or you're in discussions with your prepurchase on Starlink, so two questions. One, do you anticipate doing the same with OneWeb? And number two, as you look at the prior deal you cut with Starlink, how has the market or market demand changed for their pricing plans? And do you -- in other words, do you anticipate a similar sort of arrangement? Or has the planned pricing changed significantly that this deal might look significantly different?

偉大的。我認為——您說的是續約，或者您正在討論 Starlink 的預購，所以有兩個問題。首先，您是否預期 OneWeb 也會採取同樣的措施？第二，回顧您先前與 Starlink 達成的協議，市場或市場需求對他們的定價計畫有何變化？換句話說，您是否預期會有類似的安排？或者計劃定價是否發生了重大變化，導致這筆交易看起來有很大不同？

We're not at liberty to discuss the OneWeb, what price we might be doing with them. And we're also quite limited to what we can say in regard to Starlink. What I will say is that the terminal access charge that they've introduced to all end users will be included in our follow-on.

我們沒有權利討論 OneWeb 以及我們可能對其做出的定價。關於 Starlink，我們能說的資訊也非常有限。我要說的是，他們向所有最終用戶推出的終端存取費將包含在我們的後續費用中。

And is that a onetime access charge? Or is that done on a monthly basis?

這是一次性的接入費用嗎？還是按月進行？

It's a monthly charge.

這是按月收費的。

Got you. And presumably, that would just accrue to the gross margins directly?

明白了。那麼，這些收入大概會直接計入毛利率嗎？

I mean, it's part of our cost.

我的意思是，這是我們成本的一部分。

Well, it's a cost to the customer that you're adding on.

嗯，這是你給客戶增加的成本。

I'm not quite sure I understand the question, maybe.

我可能不太確定我是否理解了這個問題。

Yes. No, exactly. Can you just clarify that question, Chris?

是的。不，確實如此。克里斯，你能澄清一下這個問題嗎？

So the access charge to the customer is a monthly fee you're charging for access to the network. Is that how you're classifying it?

因此，向客戶收取的接取費用是您為接取網路所收取的月費。您是這樣分類的嗎？

Yes. I mean, there's no big secret here. If you go to the Starlink website, they clearly show what plans they offer and how it works. So it's an incremental charge, but they've also -- at the lower end, they've changed the pricing at the lower end from a pure -- on a per gigabyte basis. But when you put the access charge on top of that, it gets you back to about where they were at the lower end.

是的。我的意思是，這裡沒有什麼大秘密。如果您訪問 Starlink 網站，他們會清楚地展示他們提供的計劃及其運作方式。因此，這是一項增量收費，但他們也 — — 在低端，他們已經將低端定價從純粹的 — — 按每 GB 計算改變了。但是當你把接入費也算上時，價格又回到了之前的低端水平。

So I think, Chris, it will increase revenue and margin, and gross profit would be fairly flat in a dollar sense, which will inevitably drive down the margin percentage ever so slightly. But obviously, the terminal access charge is a fairly small portion of general ARPUs, which can drive the margin percent down a great deal.

因此，克里斯，我認為它將增加收入和利潤率，而毛利在美元意義上將相當持平，這將不可避免地略微降低利潤率。但顯然，終端接取費在整體ARPU中所佔比例相當小，這會大大拉低利潤率。

Got it. And are you seeing any changes in the plans that your customers are choosing over time?

知道了。您是否發現客戶選擇的計劃隨著時間的推移發生了任何變化？

Not necessarily. It's been pretty consistent as far as the split.

未必。就分裂而言，情況一直相當一致。

Got it. A question on CommBox. It looks like you've had good growth in that. But what type of attachment rates are you seeing with subscribers and where do you think you will get to in the longer term?

知道了。關於 CommBox 的一個問題。看起來你在這方面取得了很好的進步。但是，您看到的訂閱用戶的依附率是怎麼樣的呢？您認為長期來看會達到怎樣的水平？

The attachment rate right now is 1/8. And last quarter, it was much higher than that, right? So we disclosed that we have over 1,000 subscribers. I don't know if we did disclose that. How many -- we disclosed the percentage increase? It's right around it. It's right around 1,000. So we have about 8,000 vessels.

目前的附著率為1/8。上個季度，這個數字比這高得多，對嗎？因此我們透露我們有超過 1,000 名訂閱者。我不知道我們是否確實披露了這一點。我們揭露了多少百分比的成長？它就在它周圍。大約是 1,000。我們有大約 8,000 艘船。

We would anticipate that growing quite a bit as a percentage because of the interest of what's going on, because of the need for hybrid solutions, the need for the secure suite. So the attachment rate on a go-forward basis on a quarterly basis of new activations from a commercial maritime perspective should be close to anywhere from 1/4 to 1/2 of our customers, but that's a bit of guesswork on my part.

我們預計，由於對正在發生的事情的興趣、對混合解決方案的需求、對安全套件的需求，這一比例將大幅增長。因此，從商業海事角度來看，按季度計算的新激活附著率應該接近我們客戶的 1/4 到 1/2，但這只是我的猜測。

Got it. And maybe a final question here on just the end market. Obviously, you don't see a huge impact from tariffs, but have you seen any changes in customer demand or patterns in sort of global shipping that are impacting the take-up rate in your view?

知道了。這裡也許還有一個關於終端市場的最後一個問題。顯然，您沒有看到關稅帶來的巨大影響，但您是否看到客戶需求或全球航運模式的任何變化影響了吸收率？

We haven't seen any impact.

我們尚未看到任何影響。

Got it. And the overall commercial maritime market in terms of container rates and fuel prices and everything relatively stable from your perspective?

知道了。從您的角度來看，整個商業海運市場的貨櫃運價和燃料價格等都相對穩定嗎？

At this point, yes. Just one point of clarification, Chris. I overstated the number of CommBox subs out there by a bit. It's actually closer to about 600, 700 at the end of the quarter, but it's a number that we look at every day.

目前來看，是的。只需澄清一點，克里斯。我稍微誇大了 CommBox 潛水艇的數量。實際上，到本季末，這個數字接近 600 或 700，但這是我們每天都會關注的數字。

That concludes our Q&A session. I will now turn the call back over to Anthony Pike for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給安東尼派克，請他作最後發言。

Well, just to thank everyone really for joining the call. And if anyone has any follow-up questions, please feel free to reach out at ir@kvh.com. Thank you.

好吧，真的非常感謝大家參加這次電話會議。如果您有任何後續問題，請隨時聯絡 ir@kvh.com。謝謝。

Thank you.

謝謝。

Gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。