EchoStar Corp (SATS) 2025 Q2 法說會逐字稿

Greetings. Welcome to the EchoStar Corporation second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 EchoStar Corporation 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

At this time I'll now turn the conference over to Dean Manson, Chief Legal Officer. Dean, you may begin.

現在，我將把會議交給首席法律官 Dean Manson。迪恩，你可以開始了。

Thank you and welcome to EchoStar's second-quarter 2025 earnings call. We will begin with opening remarks from Hamid Akhavan, President and CEO; followed by Paul Orban, EVP and Principal Financial Officer; and John Swieringa, President of Technology and COO. We request that any participant producing a report not identify other participants or their firms in such reports. We also do not allow audio recording, which we ask that you respect.

感謝您並歡迎參加 EchoStar 2025 年第二季財報電話會議。我們將首先由總裁兼執行長 Hamid Akhavan 致開幕詞；然後是執行副總裁兼財務長 Paul Orban；以及技術總裁兼營運長 John Swieringa。我們要求任何製作報告的參與者不要在報告中透露其他參與者或其公司的身份。我們也不允許錄音，請您尊重我們的決定。

All statements we make during this call other than statements of historical fact, constitute forward-looking statements made pursuant to the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause our actual results to be materially different from historical results and for any future results expressed or implied by the forward-looking statements.

除歷史事實陳述外，我們在本次電話會議中所做的所有陳述均構成根據 1995 年《私人證券訴訟改革法案》規定的安全港做出的前瞻性聲明。這些前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與歷史結果以及前瞻性陳述表達或暗示的任何未來結果有重大差異。

For a list of those factors and risks, please refer to our annual report on Form 10-Q, the quarterly report for Form 10-Q for the quarter ended June 30, 2025, filed today, August 1, and our subsequent filings made with the SEC. This information and supplemental materials relating to today's call will be posted on our Investor Relations website.

有關這些因素和風險的列表，請參閱我們的 10-Q 表年度報告、今天（8 月 1 日）提交的截至 2025 年 6 月 30 日的季度 10-Q 表季度報告以及我們隨後向美國證券交易委員會提交的文件。與今天電話會議相關的資訊和補充資料將發佈在我們的投資者關係網站上。

All cautionary statements we make during the call should be understood as being applicable to any forward-looking statements we make wherever they appear. You should carefully consider the risks described in our reports and should not place any undue reliance on any forward-looking statements. We assume no responsibility for updating any forward-looking statements. We refer to OIBDA and free cash flow during this call. The comparable GAAP measure and a reconciliation for OIBDA is presented in our earnings release and in the case of free cash flow in our 10-Q.

我們在電話會議中所做的所有警告性聲明都應理解為適用於我們在任何地方所做的任何前瞻性聲明。您應該仔細考慮我們報告中所述的風險，並且不應過度依賴任何前瞻性陳述。我們不承擔更新任何前瞻性陳述的責任。我們在本次電話會議中提到了 OIBDA 和自由現金流。我們的收益報告中列出了可比較的 GAAP 指標和 OIBDA 的對帳情況，而我們的 10-Q 報告中則列出了自由現金流的情況。

With that I'll turn it over to Hamid.

說完這些，我就把發言權交給哈米德。

Hamid. Thank you, Dean. Welcome, everyone. Thank you for joining us today. I would like to address a few notable items from the second quarter as well as an additional recent development. As we have said in our SEC filings on May 9, the FCC informed us that it had begun a review of our spectrum licenses. This includes a review of certain obligations to provide 5G broadband service, the September 2024 buildout extension granted by the FCC, and our exclusive rights to the AWS4 band.

哈米德。謝謝你，迪恩。歡迎大家。感謝您今天加入我們。我想談談第二季度的一些值得注意的事項以及最近的其他進展。正如我們在 5 月 9 日提交給美國證券交易委員會的文件中所述，聯邦通訊委員會通知我們，它已開始審查我們的頻譜許可證。這包括審查提供 5G 寬頻服務的某些義務、FCC 授予的 2024 年 9 月擴建延期以及我們對 AWS4 頻段的專有權利。

This event and the inquiries it introduced have led to considerable amount of uncertainty over our spectrum rights. It has effectively frozen our ability to make decisions about our 5G terrestrial network, build out has materially impacted our ability to implement and adjust our overall business plan and has required us to re-evaluate the deployment of our resources.

這次事件及其引發的調查導致我們的頻譜權利出現相當大的不確定性。它實際上凍結了我們對 5G 地面網路做出決策的能力，建設嚴重影響了我們實施和調整整體業務計劃的能力，並要求我們重新評估資源的部署。

As a result of the FCC's inquiry, we chose to delay several of our scheduled interest payments. We submitted detailed responses in the various public proceedings, the agency launched back in May. As explained in our responses, we strongly disagree with the factual and legal basis of the FCC's inquiry.

根據聯邦通訊委員會的調查結果，我們選擇推遲幾筆預定的利息支付。我們在該機構於五月啟動的各項公開程序中提交了詳細的回應。正如我們在回覆中所解釋的那樣，我們強烈反對聯邦通訊委員會調查的事實和法律依據。

On June 11, our Chairman met with FCC Chairman Carr and explained how the FCC's actions threaten our viability. Following this meeting, President Trump encouraged the parties involved to reach a positive resolution.

6 月 11 日，我們的董事長會見了聯邦通訊委員會主席卡爾，並解釋了聯邦通訊委員會的行為如何威脅我們的生存。會晤結束後，川普總統鼓勵有關各方達成積極的解決方案。

Due to the nature of our ongoing discussions with the FCC government and other entities, we chose to make our delayed interest payments within the permissible grace periods. In addition, today we made the due payment for HSSC bonds.

由於我們與聯邦通信委員會政府和其他實體正在進行的討論的性質，我們選擇在允許的寬限期內延期支付利息。此外，今天我們也對HSSC債券進行了到期支付。

Since then we have had numerous collaborative conversations with the FCC, the administration, and various parties to try and reach a constructive solution that is beneficial to EchoStar and consumers while also addressing the FCC's wishes and fosters US leadership in telecom. It is our highest priority and a huge focus of the leadership team, including myself, but given the ongoing nature of this issue, I can't say more or get into any specifics today.

從那時起，我們與 FCC、政府和各方進行了多次合作對話，試圖達成一個有利於 EchoStar 和消費者的建設性解決方案，同時也滿足 FCC 的願望並促進美國在電信領域的領導地位。這是我們的最高優先事項，也是包括我在內的領導團隊關注的重點，但鑑於這個問題的持續性，我今天無法透露更多或具體細節。

The commitment to securing our future and promoting US leadership in the global communications industry is a top priority. In an exciting step towards that goal, we've announced an agreement with MDA Space for them to be the prime contractor for our new LEO director device or D2D satellite constellation.

致力於保障我們的未來和提升美國在全球通訊產業的領導地位是當務之急。為了實現這一目標，我們邁出了激動人心的一步，我們宣布與 MDA Space 達成協議，讓他們成為我們新的 LEO 導引器設備或 D2D 衛星星座的主承包商。

This new constellation will enable EchoStar to provide global wide band services directly to standard 5G NTN devices such as popular Android and Apple and other compatible IoT products and help foster US leadership in D2D connectivity and the space economy.

這個新星座將使 EchoStar 能夠直接向標準 5G NTN 裝置（例如流行的 Android 和 Apple 以及其他相容的物聯網產品）提供全球寬頻服務，並有助於鞏固美國在 D2D 連接和太空經濟方面的領導地位。

The constellation is enabled by our global S-band spectrum rights, which includes exclusive US rights for AWS4 along with the 30 megahertz of S-band, 2 gigahertz of SS rights in Europe and similar magnitude of the spectrum around the world. These spectrum rights, our technological leadership, and our strong service delivery capabilities will allow us to provide the dedicated capacity and security services that are in demand by consumer, enterprise, public safety, and government sectors within the US, Europe, and the rest of the world.

該星座由我們的全球 S 波段頻譜權利實現，其中包括美國對 AWS4 的獨家權利以及歐洲 30 兆赫的 S 波段、2 千兆赫的 SS 權利和全球類似幅度的頻譜。這些頻譜權、我們的技術領先地位以及強大的服務交付能力將使我們能夠提供美國、歐洲和世界其他地區的消費者、企業、公共安全和政府部門所需的專用容量和安全服務。

Since 2012, EchoStar has invested well over $13 billion in the S-band, beginning with the acquisition of two of the original MSS operators, DBSD and TerraStar, who held S-band FCC licenses, as well as three geostationary satellites which are in operation today.

自 2012 年以來，EchoStar 在 S 波段投資超過 130 億美元，首先收購了兩家最初的 MSS 營運商 DBSD 和 TerraStar（它們持有 S 波段 FCC 許可證），以及三顆目前正在運行的地球靜止衛星。

We also led the efforts to include the S-band in the 3GPP standard to allow for satellite compatibility with off the shelf handsets. EchoStar's total investment includes the acquisition, integration, deployment and operation of the AWS-4 band as part of its 5G OA network in the US.

我們也致力於將 S 波段納入 3GPP 標準，以實現衛星與現成手機的相容。EchoStar 的總投資包括收購、整合、部署和營運 AWS-4 頻段，作為其在美國 5G OA 網路的一部分。

EchoStar's new LEO constellation will utilize up to 25 by 20 megahertz of AWS-4/S band spectrum, and we will be fully compliant with the newly created NTN and 3-GPPA standards, allowing EchoStar to provide messaging, voice, broadband data, and video services upon launch to all devices with the current 3GPP NTN specification without modification. This is true 5G mobility. This wide band service is a fundamental improvement over the existing satellite messaging and SOS services.

EchoStar 的新 LEO 星座將利用高達 25 x 20 兆赫的 AWS-4/S 波段頻譜，並且我們將完全符合新創建的 NTN 和 3-GPPA 標準，從而使 EchoStar 能夠在發射時向所有符合當前 3GPP NTN 規範的設備提供訊息、語音、寬頻資料和視訊服務，而無需進行修改。這才是真正的5G移動性。這種寬頻服務是對現有衛星訊息和 SOS 服務的根本改進。

Launch of the satellites is planned for 2028 with commercial services starting in 2029. Initial configuration of the system consists of 200 satellites rapidly growing from there to provide continuous growth of capacity globally. Peak funding of the project is estimated to cost $5 billion, which will be self-funded by EchoStar.

該衛星計畫於 2028 年發射，並於 2029 年開始提供商業服務。該系統的初始配置包括 200 顆衛星，並從那裡迅速增加，以在全球範圍內提供持續增長的容量。該計畫高峰融資預計耗資50億美元，將由EchoStar自籌資金。

As we said, when we merge EchoStar and DISH in 2024, a key goal was to unite the spectrum and technological assets across both companies to realize our vision of a global D2D service seamlessly integrated with terrestrial connectivity to everyone. We look forward to sharing more details on this project in September at World Space Business Week in Paris.

正如我們所說，當我們在 2024 年合併 EchoStar 和 DISH 時，一個關鍵目標是整合兩家公司的頻譜和技術資產，以實現我們的願景，即為每個人提供與地面連接無縫整合的全球 D2D 服務。我們期待在九月巴黎世界空間商業週上分享有關該項目的更多細節。

I'll now comment on some details across our lines of business. Our wireless segment continues to perform well as we executed on another quarter of sequential growth with 212,000 subscribers net adds in the period compared to a 16,000 net loss in the same period of 2024. Boost Mobile continues to focus efforts on driving profitable subscriber growth and delivering an exceptional customer experience with better value than the established carriers.

我現在將對我們業務範圍內的一些細節進行評論。我們的無線部門持續表現良好，我們又實現了一個季度的連續成長，當季淨增用戶 212,000 名，而 2024 年同期淨虧損 16,000 名。Boost Mobile 持續致力於推動獲利性用戶成長，並提供比現有營運商更具價值的卓越客戶體驗。

The quality of our subscriber base continues to improve as evidenced by churn of 2.69%, an improvement of 24 basis points year-over-year and an industry-leading level of prepaid ARPU. A significant factor in this success is our net port positive performance. These efforts led to us ending the quarter with approximately 7.4 million subscribers.

我們的用戶群品質持續改善，流失率為 2.69%，比去年同期提高了 24 個基點，預付費 ARPU 達到業界領先水準。這一成功的一個重要因素是我們的淨端口積極表現。這些努力使我們在本季結束時擁有約 740 萬訂閱用戶。

Our broadband and satellite services segment offers market-leading products and services to a wide range of consumers, enterprises and governments throughout the world. Our technology leadership in satellite, networking and broadband services enables us to provide advanced communication services and solutions, fueling an 8% increase in our enterprise committed contract volume year-over-year.

我們的寬頻和衛星服務部門為世界各地的廣大消費者、企業和政府提供市場領先的產品和服務。我們在衛星、網路和寬頻服務方面的技術領先地位使我們能夠提供先進的通訊服務和解決方案，推動我們的企業承諾合約量年增 8%。

On the aero front, we are pleased to be recently selected by two large airlines to deploy our Hughes in-flight connectivity solution in their fleets continuing our penetration in the market. Our in-flight connectivities business provides the Aero industry's only future group solutions by leveraging multifrequency, LEO-GEO satellite networks with multiple connectivity providers to offer airline customers, a unique, flexible and cost-effective solution.

在航空領域，我們很高興最近被兩家大型航空公司選中，在他們的機隊中部署我們的休斯機上連接解決方案，繼續我們在市場上的滲透。我們的機上連接業務利用多頻、LEO-GEO 衛星網路和多個連接供應商，為航空業提供唯一的未來集團解決方案，為航空公司客戶提供獨特、靈活且經濟高效的解決方案。

We have made significant advances with our in-flight product offerings such as in-line line fit production capabilities and selection by Airbus to offer joint service technology solutions to their customers via their HPC Plus in-flight connectivity program.

我們在機上產品供應方面取得了重大進展，例如線上管線適配生產能力，以及被空中巴士選中透過其 HPC Plus 機上連接計劃為其客戶提供聯合服務技術解決方案。

In the second quarter, Hughes also received the AS9100 quality certification, a complement to the numerous FAA certification milestones for products we have received over the past year. We are pleased with the success of this business unit and are optimistic about future global opportunities in this market.

第二季度，休斯還獲得了 AS9100 品質認證，這是我們過去一年來獲得的眾多 FAA 產品認證里程碑的補充。我們對該業務部門的成功感到高興，並對市場未來的全球機會持樂觀態度。

Finally, our HughesNet consumer business, we closed Q2 with approximately 820,000 broadband subscribers delivering higher ARPU as a result of focusing on higher-value customers. In regard to our Pay-TV business, we remain steadfast in acquiring and retaining the most profitable subscribers despite headwinds in the Pay-TV landscape from new service entrants, M&A activity and the overall cost of programming.

最後，在我們的 HughesNet 消費者業務中，我們在第二季結束時擁有約 82 萬名寬頻用戶，由於專注於高價值客戶，因此帶來了更高的 ARPU。就我們的付費電視業務而言，儘管新服務進入者、併購活動和節目總體成本為付費電視領域帶來阻力，我們仍然堅定不移地獲取和留住最賺錢的用戶。

DISH TV finished the quarter with approximately 5.3 million subscribers. Churn continues to be at its lowest levels in more than a decade excluding the pandemic, while viewership is up 8% year-over-year. For the quarter, churn was 1.29%, a reduction of roughly 11 basis points from Q2 of 2024.

DISH TV 本季的用戶數約為 530 萬。除疫情外，流失率持續處於十多年來的最低水平，而收視率同比增長了 8%。本季顧客流失率為 1.29%，較 2024 年第二季下降約 11 個基點。

Our customers appreciate our exceptional product and the performance we are able to deliver as is evidenced by this decrease in churn year-over-year. Pay-TV also grew its ARPU 3% year-over-year. Despite of the highly competitive headwinds in the streaming market and lower tuning events across the sports and politics, Sling viewership increased 18% year-over-year. Additionally, Sling streaming quality reached an all-time high increasing our industry link performance measured by Conviva. We closed the second quarter with approximately 1.8 million of Sling subscribers.

我們的客戶欣賞我們卓越的產品和我們能夠提供的性能，客戶流失率的逐年下降就是明證。付費電視的 ARPU 也比去年同期成長了 3%。儘管串流媒體市場競爭激烈，體育和政治賽事收視率下降，Sling 的收視率仍然同比增長了 18%。此外，Sling 串流品質達到了歷史最高水平，提高了我們由 Conviva 衡量的行業連結效能。截至第二季末，Sling 用戶數約為 180 萬人。

Now I would like to turn over to Paul Orban for commentary and color on the numbers.

現在我想請保羅·奧爾班對這些數字進行評論和說明。

Thank you, Hamid. Revenue was approximately $3.7 billion in the second quarter, a decrease of 5.8% year-over-year. This decline was primarily due to fewer subscribers at our Pay-TV and Broadband and Satellite Services segments, partially offset by increased ARPU at our Wireless segment. OIBDA was $280 million in the second quarter, a decrease of $163 million year-over-year. The decrease in OIBDA was primarily driven by fewer subscribers in Pay-TV and an increase in operating loss in wireless due to our increased subscriber acquisition efforts and enhanced network coverage.

謝謝你，哈米德。第二季營收約37億美元，年減5.8%。這一下降主要是由於我們的付費電視和寬頻及衛星服務部門的用戶數量減少，但被我們無線部門的 ARPU 增加部分抵消。第二季的 OIBDA 為 2.8 億美元，年減 1.63 億美元。OIBDA 的下降主要是由於付費電視用戶數量的減少以及無線業務運營虧損的增加（由於我們加強了用戶獲取力度並增強了網路覆蓋範圍）。

Through the first half of the year, EchoStar generated $166 million in positive operating free cash flow. This is defined as free cash flow before debt service payments and nonoperating CapEx related to EchoStar 25 and 26. Free cash flow includes debt service -- or free cash flow, including debt service, was negative $739 million for the second quarter compared to negative $191 million in the prior year.

今年上半年，EchoStar 產生了 1.66 億美元的正經營自由現金流。這被定義為與 EchoStar 25 和 26 相關的債務償還和非經營性資本支出之前的自由現金流。自由現金流包括債務償還——或包括債務償還在內的自由現金流第二季為負 7.39 億美元，而去年同期為負 1.91 億美元。

This $548 million decrease was primarily due to $326 million in higher cash interest, $163 million decrease in OIBDA and changes in working capital, partially offset by $56 million in lower CapEx. In Q2, we paid $777 million in cash interest, significantly higher than the $236 million paid in Q1.

這筆 5.48 億美元的減少主要是由於現金利息增加 3.26 億美元、OIBDA 減少 1.63 億美元以及營運資本變化，但被 5,600 萬美元的資本支出減少部分抵銷。第二季度，我們支付了 7.77 億美元的現金利息，遠高於第一季支付的 2.36 億美元。

This increase reflects the timing of interest payments related to the capital we raised at the end of last year. Going forward, you'll notice a pattern where cash interest payments will trend lower in Q1, Q3 and higher in Q2 and Q4.

這一增長反映了我們去年年底籌集的資金相關的利息支付時間。展望未來，您會注意到一種模式，即現金利息支付在第一季和第三季呈下降趨勢，而在第二季和第四季呈上升趨勢。

As a result, our free cash flow will also follow the seasonal cadence. We continue to expect positive operating free cash flow for the full year as we remain disciplined in managing our operating cost structure. We're growing our wireless and Hughes enterprise businesses.

因此，我們的自由現金流也將遵循季節性節奏。由於我們嚴格管理營運成本結構，我們預計全年營運自由現金流將繼續為正。我們正在發展無線和休斯企業業務。

As of June 30, 2025, our total cash and marketable securities, including restricted cash, was $4.7 billion, a decrease of $711 million compared to the prior quarter. This decrease primarily resulted from $739 million of negative free cash flow and $167 million of debt repayments. This was partially offset by the issuance of an additional $150 million of our 10.75% senior notes due 2029 and $47 million of proceeds related to the sale of our Fiber business. In our 10-Q, we have included a going concern qualification. Please read the statements contained in our 10-Q to see the precise disclosure.

截至 2025 年 6 月 30 日，我們的現金和有價證券總額（包括受限現金）為 47 億美元，較上一季減少 7.11 億美元。這一下降主要源於 7.39 億美元的負自由現金流和 1.67 億美元的債務償還。這部分被我們額外發行的 1.5 億美元 2029 年到期的 10.75% 優先票據和出售光纖業務所得的 4,700 萬美元收益所抵銷。在我們的 10-Q 中，我們納入了持續經營資格。請閱讀我們的 10-Q 中的聲明以了解準確的披露。

But to provide some color, the economy rules require us to project our cash position one year from our filing date. The rules do not allow us to consider any new funding sources unless that financing is committed at the time of our filing. There are two maturities due within one year of this window. $2 billion due at DBS on July 1, 2026 and $1.5 billion due at HSSC August 1, 2026. We believe we have adequate time to address these maturities.

但為了提供一些信息，經濟規則要求我們從申報日期起預測一年後的現金狀況。規則不允許我們考慮任何新的資金來源，除非在我們提交申請時承諾提供融資。在此窗口期的一年內有兩筆到期款項。星展銀行的 20 億美元款項將於 2026 年 7 月 1 日到期，恆生證券的 15 億美元款項將於 2026 年 8 月 1 日到期。我們相信我們有足夠的時間來解決這些問題。

Now turning to our segment performance. Total wireless revenue in Q2 increased by 4.7% to $935 million. This was driven by a 4.1% increase in ARPU to [37.40], mainly due to a shift to higher-priced service plans and increased sales of value-added services. Equipment sales and other revenue increased by 3.1%, driven by the sale of higher-priced devices, including a greater share of compatible with their 5G network. Wireless OIBDA loss increased to a negative $452 million compared to a negative $394 million last year.

現在談談我們的分部表現。第二季無線總營收成長 4.7%，達到 9.35 億美元。這是由於 ARPU 成長 4.1% 至 [37.40]，這主要由於轉向更高價格的服務計劃和增值服務銷售額的增加。設備銷售和其他收入成長了 3.1%，這得益於高價設備的銷售，其中包括更大份額的與其 5G 網路相容的設備。無線 OIBDA 損失從去年的負 3.94 億美元增至負 4.52 億美元。

This was due to higher marketing expenditures and increased costs to support the expanding footprint of the wireless network. We added approximately 212,000 net subscribers ending the quarter with just at 7.4 million subscribers.

這是由於行銷支出增加以及支援無線網路覆蓋範圍擴大的成本增加所致。截至本季末，我們淨增加約 212,000 名用戶，總用戶數達到 740 萬人。

This increase in net adds was driven by historically low churn rate and higher subscriber acquisitions. Pay-TV revenue decreased 8% to $2.5 billion due to a lower average subscriber base, partially offset by a 3.1% increase in ARPU. Pay-TV OIBDA decreased $663 million from $753 million in the prior year.

淨增用戶數量的增加是由於歷史上較低的用戶流失率和較高的用戶獲取量所致。付費電視收入下降 8% 至 25 億美元，原因是平均用戶群減少，但 ARPU 成長 3.1% 部分抵消了這一影響。付費電視 OIBDA 較前一年的 7.53 億美元減少了 6.63 億美元。

This was driven by a lower average subscriber base and higher programming cost per subscriber, partially (inaudible) by a decrease in SG&A. This SG&A decrease was a result of lower marketing expenditures, fewer gross new DISH TV subscriber activations and reduce cost to support Pay-TV.

這是由於平均訂戶群較低和每訂戶節目成本較高所致，部分（聽不清楚）是由於銷售、一般及行政費用的下降。銷售、一般及行政費用的下降是由於行銷支出減少、 DISH TV 新用戶啟動量減少以及支援付費電視的成本降低。

Broadband and satellite services for VSS revenue decreased by 13.8% to $340 million. This is primarily due to lower sales of consumer broadband services and enterprise hardware sales. VSS OIBDA decreased by 17.8% to $68 million primarily due to fewer consumer broadband subscribers, partially offset by lower bad debt expense and lower marketing expenditures.

VSS 的寬頻和衛星服務收入下降了 13.8%，至 3.4 億美元。這主要是由於消費者寬頻服務和企業硬體銷售額下降。VSS OIBDA 下降 17.8% 至 6,800 萬美元，主要原因是消費者寬頻用戶減少，但壞帳支出減少和行銷支出減少部分抵消了這一影響。

With that, I'd like to hand it over to John to cover our Boost Mobile network.

說完這些，我想把責任交給約翰負責我們的 Boost Mobile 網路。

Thanks, Paul. The experience on the Boost Mobile network continues to receive accolades from customers and third-party network benchmarking companies. Most recently, OpenSignal ranked our network as the best in 5G reliability and 5G coverage in over 1,200 towns and cities. We provide 5G broadband coverage to more than 80% of the US population and in combination with our partner networks, we offer customers 99% coverage across the US.

謝謝，保羅。Boost Mobile 網路的體驗持續獲得客戶和第三方網路基準測試公司的讚譽。最近，OpenSignal 將我們的網路評為 1,200 多個城鎮中 5G 可靠性和 5G 覆蓋率最好的網路。我們為超過 80% 的美國人口提供 5G 寬頻覆蓋，並結合我們的合作夥伴網絡，為客戶提供全美 99% 的覆蓋率。

We continue to focus on activating an increasing percentage of new customers directly on the Boost Mobile network as well as upgrading existing customers to our growing portfolio of Boost Mobile network compatible devices. Last quarter, we expanded our device portfolio to include the iPad, Apple Watches and Android tablets, including our first Boost exclusive Solero 5G tablet. Today, we have over 1.55 million customers on-net and are loading more than 75% of compatible devices on our network in the accelerated markets.

我們將繼續致力於在 Boost Mobile 網路上直接啟動越來越多的新客戶，並將現有客戶升級到我們不斷成長的 Boost Mobile 網路相容設備組合。上個季度，我們擴大了設備組合，包括 iPad、Apple Watch 和 Android 平板電腦，其中包括我們的首款 Boost 獨家 Solero 5G 平板電腦。今天，我們擁有超過 155 萬網路客戶，並且在加速市場中我們的網路上載入了超過 75% 的相容設備。

As Hamid mentioned earlier, the FCC's review of our previously approved September 2024 network build-out extension has introduced uncertainty around our spectrum rights, which has pushed us to suspend furthering our 5G network buildout. Therefore, we have little to report regarding network expansion within the second quarter.

正如哈米德先前提到的，美國聯邦通訊委員會對我們先前批准的2024年9月網路建置延期的審查給我們的頻譜權利帶來了不確定性，這迫使我們暫停進一步建置5G網路。因此，我們幾乎沒有關於第二季度網路擴展的報告。

Until this matter is resolved, we are focused on continuing to optimize the network infrastructure in place and continuing to add customers to our network. Wireless CapEx in Q2 was $171 million. We are not providing network CapEx guidance for the second half of the year at this time.

在這個問題解決之前，我們將專注於繼續優化現有的網路基礎設施並繼續為我們的網路增加客戶。第二季無線資本支出為 1.71 億美元。目前，我們還沒有提供下半年的網路資本支出指引。

However, we are finishing construction for certain cell sites that are in process. As a company, we have always had the vision of delivering global connectivity seamlessly and integrated between terrestrial and non-terrestrial connectivity. We built the world's first 5G stand-alone Open RAN network and have been applying this technical know-how to integrate 5G terrestrial connectivity in coordination with NTN services, specifically with the new LEO constellation across our AWS-4 spectrum in the US.

然而，我們正在完成某些正在建設中的基地台的建設。作為一家公司，我們的願景始終是提供無縫全球連接並整合地面和非地面連接。我們建立了世界上第一個 5G 獨立 Open RAN 網絡，並一直在應用這項技術知識將 5G 地面連接與 NTN 服務相協調，特別是與美國 AWS-4 頻譜上的新 LEO 星座相協調。

EchoStar and Boost Mobile's extensive experience in building and operating satellite services and terrestrial mobile 5G networks uniquely positions us as a telecommunications company at a truly global scale. We look forward to continuing the important work of helping the administration and FCC continue to deliver for the American people.

EchoStar 和 Boost Mobile 在建置和營運衛星服務和地面移動 5G 網路方面的豐富經驗使我們成為一家真正全球性的電信公司。我們期待繼續進行重要工作，幫助政府和聯邦通訊委員會繼續為美國人民提供服務。

Now I'd like to turn it back to Hamid for a few short closing comments.

現在我想請哈米德做幾句簡短的結語。

Thank you, John. We are pleased with the overall performance for the second quarter and are optimistic about our opportunities in the second half of 2025. We remain focused on hitting our operational targets and positive operating free cash flow, optimize subscriber profitability from our Pay TV segment, expansion of Hughes Enterprise business and continued growth from Boost Mobile.

謝謝你，約翰。我們對第二季的整體表現感到滿意，並對 2025 年下半年的機會感到樂觀。我們將繼續專注於實現營運目標和積極的營運自由現金流，優化付費電視部門的用戶獲利能力，擴大休斯企業業務並持續實現 Boost Mobile 的成長。

With that, we'll open it for Q&A from the analyst community.

有了它，我們將開放給分析師社群進行問答。

Thank you. We'll now be conducting a question and answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（操作員指示）

Ric Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

Thanks. Good morning, good afternoon, everybody. A couple of questions. Hamid, I'd like to start, obviously, on the news of the day, the nonterrestrial network direct-to-device LEO constellation. And we've known for a long time and I've chatted about the S-band and the value it could have, but it would take some capital to operationalize or monetize it.

謝謝。大家早安，下午好。有幾個問題。哈米德，顯然，我想先從今天的新聞開始，即非地面網路直接面向設備的低地球軌道星座。我們很早就知道了，我也討論過 S 波段及其可能的價值，但要使其投入營運或貨幣化需要一些資金。

Questions I've got on the non-terrestrial network is, is this a decision that you then are going it alone? Or is there potential for more partners? The service level sounds like you want to do more than just messaging. You want to get 2G, 3G, 4G, 5G, how will you go to market? It's a crowded marketplace. There's a lot of people talking about it. Do you anticipate going direct to the consumer or direct via carriers, via OEMs? And also maybe can you lay out a little more the pacing of that $5 billion peak funding?

我對非地面網路的疑問是，這是你們單獨行動的決定嗎？或者是否有可能獲得更多合作夥伴？服務水準聽起來像是您想要做的不僅僅是發送訊息。你想獲得2G、3G、4G、5G，你將如何進入市場？這是一個擁擠的市場。很多人都在談論這個。您打算直接面向消費者還是直接透過營運商或 OEM 銷售？另外，能否進一步闡述 50 億美元高峰融資的進度？

Great questions. And the one asked -- I'll sort of parse it out to the best of my ability. If I miss any part of it, we'll come back to it. Let me start with one of the middle parts you mentioned is a crowded market. And I want to say that there's no one, no one today, no one today and no one on the road map today, we see that it's going to do wideband.

很好的問題。有人問——我會盡我所能去分析它。如果我遺漏了任何部分，我們會再回來討論。首先，您提到的中間部分之一是擁擠的市場。我想說的是，今天沒有人，今天沒有人，今天的路線圖上也沒有人認為它會實現寬頻。

We are the unique one. Everybody that today -- let me parse yourself for you guys. When we talk to satellite connectivity, there are three different, completely different products such as segments. One they call broadband and that is connectivity from space to a DISH antenna that usually is mounted whether you can move it or not is a different story, but is an antenna that is on the ground somewhere unique piece of equipment, whether it be our HughesNet and China net is there, whether it be somebody from (inaudible) has one, StarLink has one. Others have (inaudible) will have some, that replaces your broadband connectivity at home or broadband connectivities in some other locations.

我們是獨一無二的。今天，就讓小編來跟大家分析一下吧。當我們談論衛星連接時，有三種不同的、完全不同的產品，例如段。他們稱之為寬頻，即從太空到通常安裝的 DISH 天線的連接，無論是否可以移動它都是另一回事，但它是一種位於地面某處的獨特設備，無論是我們的 HughesNet 和中國網絡，無論是來自（聽不清）的人有一個，還是 StarLink 有一個。其他人有（聽不清楚）會有一些，可以取代您家裡的寬頻連線或其他一些地方的寬頻連線。

Then you have the narrow band on the far right end of the product set, which is messaging on SOS, Apple has that, we have that in Europe, we have had it for a long time in Europe, it's being sold not under our own brand, but we allow the people to sell it. We'll be offering that in the US. We have always had the capability using our geostationary satellites. StarLink and T-Mobile offer that today in Apple and Globalstar offer that today. That's messaging in SOS.

然後，在產品組的最右端有一個窄帶，它是關於 SOS 的信息，蘋果有這個功能，我們在歐洲也有這個功能，我們在歐洲已經擁有它很長時間了，它不是以我們自己的品牌出售的，但我們允許人們出售它。我們將在美國提供此項服務。我們一直有能力使用地球靜止衛星。StarLink 和 T-Mobile 今天也提供此功能，而 Apple 和 Globalstar 今天也提供此功能。這就是 SOS 中的信息。

And then you've got something in between that is ours, and we call that white band, and that is a natural use case of your mobile phone, the way you use it today. It is not messaging only. It's not SOS, it's not a station. It's in your pocket, it's in your purse, it's in your briefcase, you move around anywhere in the world, maybe on the top of the mountains or in the middle of oceans or in the middle of Frankfurt or in the middle of Toledo, you're going to get the same connectivity to the satellite and you will not be able to tell a difference whether it's connected to the satellite, we should sell in the sky or is it connected to the sale in your neighborhood, that nobody else has. And nobody else is ahead of us.

然後你就得到了介於兩者之間的某種東西，那是我們的，我們稱之為白帶，這是你的手機的自然用例，就像你今天使用它的方式一樣。它不僅僅是訊息傳遞。這不是SOS，也不是車站。它在你的口袋裡，在你的錢包裡，在你的公文包裡，無論你在世界任何地方，也許是在山頂，也許是在海洋中央，也許是在法蘭克福市中心，也許是在托萊多市中心，你都會獲得相同的衛星連接，而且你不會分辨出它是否連接到衛星，是否應該在天空中銷售，或者它是否連接到你家附近的其他人所銷售的衛星。沒有人比我們領先。

I want to be very clear about that. And so there may be a lot of confusion about this marketplace is crowded, perhaps crowded in the broadband space, maybe crowded (technical difficulty) at some point in the narrowband space. but it's zero crowd right now in where we can vote, and we are doing it. And why are we unique in doing that? I can't give you [fibre]reasons.

我想非常清楚地說明這一點。因此，對於這個市場是否擁擠，可能會有很多困惑，寬頻領域可能很擁擠，窄帶領域在某些時候可能很擁擠（存在技術困難）。但現在我們可以投票的地方人群為零，而且我們正在投票。為什麼我們能以獨特的方式做到這一點？我無法給你[纖維]理由。

But the first of it is that we have the unique collection rights around the world, nobody else has. And second thing, we are focused on 5G NTN and the standardization, which we have worked very hard to standardize and develop for our spectrum piece, marrying it to our AWS and S-band so that you can have this exact same architecture as 5G that we have in our network on the ground, in the sky, moving the cell from your neighborhood to the guy.

但首先，我們擁有全球獨一無二的收藏權，其他任何人都沒有。其次，我們專注於 5G NTN 和標準化，我們非常努力地為我們的頻譜部分進行標準化和開發，將其與我們的 AWS 和 S 波段結合起來，這樣您就可以擁有與我們在地面、天空網絡中的 5G 完全相同的架構，將小區從您的鄰居移動到其他人那裡。

That's all we're doing, which seems very simple in concept, obviously, takes incredible amount of work that has been done for over a decade to materialize. But I want to say that nobody else is doing that, and that's my claim, and you can quote that.

這就是我們所做的一切，從概念上似乎非常簡單，但顯然需要十多年來付出的大量努力才能實現。但我想說的是，沒有其他人這樣做，這是我的主張，你可以引用。

Now coming back to going alone and we partners, look, at this point, we believe we have everything in-house to make this happen, but we have never been close to partnerships. Never, on any part of our business. Today, we are a great partner of many, many governments and countries and airlines in our Hughes business. We are absolutely appreciated across the world, welcome everywhere from Brazil to Europe to Far East.

現在回到單獨行動和我們合作夥伴的問題，看看，在這一點上，我們相信我們擁有實現這一目標的一切內部資源，但我們從未接近合作夥伴關係。絕不會發生在我們業務的任何部分。如今，在休斯業務中，我們是許多政府、國家和航空公司的優秀合作夥伴。我們受到全世界的讚賞，從巴西到歐洲到遠東，到處都受到歡迎。

In Middle East, we have been stable supplier everywhere in the world, and we continue to be a trusted partner of everyone. And we are not planning to take this to market in a way that we discriminate against the carriers.

在中東，我們一直是世界各地穩定的供應商，我們也持續成為大家值得信賴的合作夥伴。我們並不打算以歧視營運商的方式將其推向市場。

Our business model relies primarily on a wholesale model, a partnership relationship with every carrier around the world in a nondiscriminatory basis. You want to make this available to 8 billion people in the most easy cost-effective and convenient way, that is our target. And we believe we are well on the way of doing that.

我們的商業模式主要依賴批發模式，即在非歧視的基礎上與世界各地的每家業者建立合作關係。我們希望以最簡單、最經濟、最方便的方式讓 80 億人享受這項服務，這就是我們的目標。我們相信，我們正在順利實現這一目標。

Remember, the system is going to continue to grow, both in terms of number of satellites and in terms of capabilities and technological improvements that are absolutely relevant and usually available in the telecom industry in a very quick fashion when you're investing to them.

請記住，該系統將繼續增長，無論是在衛星數量方面，還是在能力和技術改進方面，這些改進在電信行業中是絕對相關的，並且通常在您投資時以非常快的方式提供。

And in terms of expenditure, we talked about a peak funding of $5 billion. You can imagine that, that $5 billion is not due day one. And when the satellite is going to be service 29. So you have to assume that there's a typical payment schedule for the industry. We can't disclose any of that for both confidentiality and other reasons. But you can imagine that's over a longer price horizon. But I also want to say that the system is in perpetuity after that peak funding in our business model self funded.

在支出方面，我們談到了 50 億美元的高峰資金。你可以想像，這 50 億美元不是第一天就到期的。以及第 29 顆衛星何時投入服務。所以你必須假設該行業有一個典型的付款計劃。出於保密和其他原因，我們不能透露任何資訊。但你可以想像這是在較長的價格範圍內。但我還想說，在我們的商業模式中，自籌資金的高峰期之後，這個系統將永遠存在。

So this is not one of those cases where as we increase the satellite number, as we enhance the capabilities of the satellites and we launch new ones that we need additional injection of capital, our business model, easily self-fund all of that R&D and additional expansion. So we expect that this to be a onetime $5 billion investment and again, the onetime investment is spread over a window of time with a peak funding calculation to be $5 billion as of that point, after the peak funding on a typical business model, you start paying down what you have already paid. So it goes -- it starts paying back. I hope I answered the six or seven questions you hold in there, but if there's any pieces that I may as happy to talk about.

因此，這並不是那種隨著我們增加衛星數量、增強衛星能力並發射新衛星而需要額外注入資金的情況，我們的商業模式可以輕鬆地為所有研發和額外擴張提供資金。因此，我們預計這將是一筆 50 億美元的一次性投資，而且這筆一次性投資將分散在一段時間內，屆時融資高峰將達到 50 億美元，在典型的商業模式下，融資高峰過後，您將開始償還已經支付的款項。事情就這樣發生了——它開始獲得回報。我希望我回答了您提出的六到七個問題，但如果還有任何問題，我很樂意談論。

Yes. Just one other ancillary then I'll go to the 5G network question. Do you envision this as a replacement for terrestrial wireless, a complement to terrestrial wireless, how would you envision how this would fit into the marketplace?

是的。還有一個輔助問題，然後我將討論 5G 網路問題。您是否認為它可以取代地面無線，補充地面無線，您認為它將如何適應市場？

The answer is yes. Like every other technology, this will start the -- in our vision and view, this starts being a complement to every terrestrial network out there. It's not trying to replace a terrestrial network, it'd be a great complement covering 70%, 80% of the world's surface that is never possible or economically viable to cover terrestrially.

答案是肯定的。與其他所有技術一樣，在我們的願景和觀點中，這將開始成為現有每個地面網路的補充。它不是要取代地面網絡，而是一個極好的補充，可以覆蓋全球 70% 甚至 80% 的面積，而這是地面網絡無法覆蓋或經濟上不可行的。

But as the technology becomes more capable and the amount of capacity from the sky becomes much, much larger than its very, very initial version which anyway, comes back with (inaudible). When we're talking about versions and generations.

但隨著技術變得越來越強大，天空的容量變得越來越大，遠遠超過最初的版本，無論如何，它都會回歸（聽不清楚）。當我們談論版本和世代時。

You can imagine there are only a couple of years apart. These are not like 5G, 6G, 4G that are 10 years apart. You can imagine batches of satellite being only 18 months apart and 2 years apart, and they go up. So technological generation if there is such a thing in this case, very rapid. So very quickly, in a short few years, we're going to get to on that the satellite capability will be far, far larger.

你可以想像，這段期間只相隔幾年。這些不像5G、6G、4G那樣相隔10年。你可以想像，各批衛星的發射間隔只有 18 個月和 2 年，它們就會升空。因此，如果在這種情況下有這樣的事情發生，技術進步將會非常迅速。因此，很快，在短短幾年內，我們就會意識到衛星的能力將大大增強。

As a result of that, it will eliminate the unnecessary heavy cost structure and a burden on a carrier covering very likely populated rural areas, highways and roads, rural roads where it really is uneconomical. As you know, a great portion of a carrier's network is economical. They're doing that just to have the service for people who travel rarely and occasionally through and that's just become a necessity.

結果是，它將消除不必要的沉重成本結構，並減輕承運商的負擔，覆蓋很可能人口稠密的農村地區、高速公路和道路、鄉村道路，這些地方確實是不經濟的。眾所周知，營運商網路的很大一部分是經濟性的。他們這樣做只是為了向那些很少或偶爾經過的人提供服務，而這已經成為一種必需。

But once the satellite capability goes higher, you could eliminate hundreds of thousands, potentially millions of cell sites that are not green, not cost-effective, not friendly, hard to maintain. They need air conditioning in a middle of a desert and a bunch of other things.

但一旦衛星能力增強，就可能淘汰數十萬、甚至數百萬個不環保、不經濟、不友善、難以維護的基地台。他們需要在沙漠中安裝空調以及一些其他的東西。

And all of those things will go away. So the answer -- a very long answer to a short question is, it starts as being a very good complement, but over time, it can relive the carriers from the obligation and the cost structure to pay for those -- in fact, the biggest beneficiaries will be terrestrial carriers that they can have the great service without having to actually pay the cost structure in the longer term.

所有這些事情都會消失。所以答案——用一個很長的答案來回答一個簡短的問題——它一開始是一個很好的補充，但隨著時間的推移，它可以減輕運營商的義務和成本結構——事實上，最大的受益者將是地面運營商，他們可以享受優質的服務，而不必在長期內實際支付成本結構。

But in the short term, I just want to say that the initial version will be a 100% complement. It is our intent to work with every carrier around the world on a nondiscriminatory and very friendly business-enhancing fashion. We will be -- we absolutely will be complementary for every carrier's business model.

但短期內，我只想說初始版本將是一個 100% 的補充。我們的目標是以非歧視和非常友好的方式與世界各地的每一家航空公司合作，以促進業務發展。我們絕對會與每家業者的商業模式形成互補。

Great. I appreciate the color. Thanks, guys.

偉大的。我很欣賞這個顏色。謝謝大家。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Thanks. I guess let's bring the dialogue back to Earth on this one. Hamid -- Chairman -- or excuse me, Chairman Carr has said, there's really not a need for foreign network operators in the market. Obviously, there's stuff in the press about best and final. I know you said in your prepared comments, you can't really talk about it, but you have suspended capital payments on the network.

謝謝。我想讓我們把這場對話重新回到現實中。哈米德——主席——或者對不起，卡爾主席說過，市場上確實不需要外國網路營運商。顯然，媒體上有很多關於最佳和最終的消息。我知道您在準備好的評論中說過，您實際上不能談論它，但您已經暫停了網路上的資本支付。

So I guess if we just assumed that these things get resolved, you get funding, right, because you do have a going concern and would you address that you can hit those, it doesn't factor in additional capital you brought in.

所以我想如果我們只是假設這些問題得到解決，你就會得到資金，對吧，因為你確實有一個持續經營的企業，你會解決你可以實現這些目標的問題，這並沒有考慮到你帶來的額外資本。

But the result of whatever is going on with Carr in the FCC is that you remain a network operator? I know that's not necessarily assured one way or another, again, depending on how things play out. What is the go-to-market strategy as the fourth network operator. And do you think that, that at this point, requires a major distribution partner? Because it seems like with gross adds insured up across the three operators, there is an opportunity.

但是，無論卡爾在聯邦通信委員會 (FCC) 中發生什麼，結果都是你仍然是網路營運商？我知道這不一定能保證一定會成功，這取決於事情如何發展。身為第四家網路營運商，您的行銷策略是什麼？您是否認為現在需要一個主要的經銷合作夥伴？因為看起來，隨著三家業者的保險總額增加，存在著機會。

It doesn't feel like cable is that alternative because based on what Brian Robert said on his call earlier this week, doesn't necessarily want to partner in that way or own assets. So like how does it -- like how does this work if you remain a network operator?

有線電視似乎不是一個替代方案，因為根據布萊恩羅伯特 (Brian Robert) 本週早些時候在電話中所說的內容，他不一定想以那種方式合作或擁有資產。那麼，如果您仍然是網路營運商，那麼它會如何運作呢？

Thank you for, again, many questions, Walter. So as I mentioned, I cannot be specific about how we foresee much that is in play today in terms of our discussions with FCC. I will certainly not comment on whether the market needs three players, four players. All I know is that I am the fourth player and until change things, I've notified to do something different. My head is down in the weeds running the best business I possibly can as a fourth player in the US, competing, winning, you've seen us.

再次感謝您提出的這麼多問題，沃爾特。正如我所提到的，我無法具體說明我們在與 FCC 的討論中對今天正在發生的事情的預測。我當然不會評論市場是否需要三名球員、四名球員。我只知道我是第四個玩家，除非情況發生變化，否則我已經通知要做一些不同的事情。身為美國隊的第四名球員，我全心投入經營最好的事業中，參加比賽，贏得勝利，你們已經看到了我們。

We are disruptive. We have taken share. We have gone from losing hundreds of thousands of subscribers per year to gaining hundreds of thousands of subscribers and a net port positive. We will operate -- we continue to operate till a different -- if and when a different avenue is open for us or is demanded of us, we'll certainly head in that direction.

我們具有破壞性。我們已經佔有份額。我們已經從每年失去數十萬用戶轉變為獲得數十萬用戶並實現淨利潤成長。我們將繼續努力，直到找到一條不同的道路——如果有一條不同的道路向我們敞開，或者要求我們走這條道路，我們一定會朝著那個方向前進。

But we need to maximize the value that we have for our shareholders. Be the player that people want us to be in the marketplace, serve the customers that we are increasingly serving. And I will not try to predict or project what the market may end up being -- you referenced cable, you referenced others. I certainly don't control their business or their strategy and unable to comment on any of that. All I want to say is that, we find ourselves in a very unique position, we have been a good carrier.

但我們需要最大限度地提高股東的價值。成為人們希望我們在市場上扮演的角色，為我們日益服務的客戶提供服務。我不會試圖預測或預測市場最終會變成什麼樣子——你提到了有線電視，你提到了其他的。我當然無法控制他們的業務或策略，也無法對此發表評論。我只想說，我們發現自己處於一個非常獨特的位置，我們一直是一家優秀的航空公司。

I think we have delivered on everything that we have been asked to do and committed as part of the formation of Echo, I guess at that time, DISH Network and now EchoStar. We'll march along, what we have done today has been in the works for a very long time. I won't comment on how the funding -- you talked about that.

我認為我們已經完成了在創建 Echo 時被要求做的所有事情和承諾，我想當時是 DISH Network，現在是 EchoStar。我們將繼續前進，我們今天所做的一切都是醞釀已久的。我不會評論資金如何——你已經談到了這一點。

All of that I'll make more clear when we share with you a more holistic picture of our financial situation and our system when we get to, hopefully, the satellite show in Paris. All I know is that we have a very positive step in front of us right now with this announcement we made today. We will work very collaboratively with the FCC to find an amicable solution that is in the best interest of everyone. We still have all the options in front of us. We have not closed any doors with any angle or avenue that we could pursue, but I remain constructive in my view that we will find a [require] solution going forward.

當我們在巴黎衛星展上與大家分享我們財務狀況和系統的更全面情況時，我會更清楚地闡述所有這些。我只知道，我們今天宣布的這一消息，對我們而言已經邁出了非常積極的一步。我們將與聯邦通訊委員會密切合作，找到符合每個人最佳利益的友善解決方案。我們面前仍然有各種選擇。我們並沒有關閉任何我們可以追求的角度或途徑的大門，但我仍然建設性地認為，我們將找到一個前進的解決方案。

And given that you're not spending on the network and likely pulling back on marketing expenses, given the issue, maybe not. Is there any reasonable time frame that you can provide in terms of when -- whatever the resolution is reached with the FCC? Are we talking by end of year, by end of quarter and like any type of ballpark kind of end date you can give us on this timeline.

鑑於您沒有在網路上投入資金，並且可能會削減行銷費用，考慮到這個問題，也許不會。您能否提供一個合理的時間框架，說明何時與 FCC 達成解決方案？我們談論的是年底、季度末還是您在這個時間表上給我們提供的任何大致的結束日期。

Again, it's primarily not up to us. We have been constructively working with FCC to answer -- provide responses to each one of their inquiries, including detailed information that comes our way as a request from FCC, also in parallel working with the right ranging number of alternatives to make sure we may find a win, win, win, I guess, I'd like to call it solution.

再說一遍，這主要不取決於我們。我們一直在與 FCC 進行建設性合作，回答他們的每一個詢問，包括根據 FCC 的要求提供的詳細信息，同時還研究了適當數量的替代方案，以確保我們能夠找到一個三贏的解決方案。

Since we have not on all sides of that, I can't predict how this will go, but I want to say that we, from our side, we are not passive. We're not sitting there and we are progressing with our discussions everywhere we can, but it all depends on other parties, needs and desires. I would think that this will not be years away, just probably not very far away.

由於我們還沒有就此做出全面回應，我無法預測事情會如何發展，但我想說，從我們的角度來看，我們並不是被動的。我們不會坐在那裡，我們正在盡可能地推進討論，但這一切都取決於其他各方的需求和願望。我認為這不會持續數年，只是可能不會太遠。

I think the patients at FCC request of FCC has been that we do something together in a reasonably shorter timeline, but I wouldn't necessarily tell you that I have a hard deadline a milestone in my mind about how we come to a closure.

我認為 FCC 的要求是，我們在合理較短的時間內共同做一些事情，但我不一定會告訴你，我有一個硬性期限，我心中有一個里程碑，關於我們如何達成協議。

I know it's a softer answer that you expect to get, but candidly, I don't control all aspects of it. And all I can say that if there is a delay in finding a solution, it is not because of us. We have every -- it is the highest priority for me and my team, and we're not taking it lightly.

我知道您希望得到一個比較溫和的答案，但坦白說，我無法控制它的所有方面。我只能說，如果解決方案遲遲未能找到，那不是我們的責任。我們擁有一切——這是我和我的團隊的首要任務，我們不會掉以輕心。

Got it, thank you.

知道了，謝謝。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

Hi, good afternoon, I guess I had a follow-up question on the LEO constellation announcement. So I wanted to confirm, so the right interpretation of the press release language, and I appreciate that you don't want to share details when payments are being made.

大家好，下午好，我想我對 LEO 星座公告有一個後續問題。所以我想確認一下，新聞稿語言的正確解釋，我很感激您不想在付款時分享細節。

But is the $1.3 billion for the first 100-plus satellites, roughly the amount that gets invested through 2028 or is the $5 billion the number that gets invested by 2028 or shortly thereafter? Just those are orders of magnitude different. So I'm just trying to get a sense for what that capital envelope actually needs to look like for you?

但是，用於前 100 多顆衛星的 13 億美元大約是到 2028 年的投資額，還是 50 億美元是到 2028 年或不久後的投資額？只是數量級不同。所以我只是想了解一下，對於你來說，資本信封實際上需要是什麼樣子的？

And then I have a follow-up after that, if that's okay. So sorry, go ahead.

如果可以的話，之後我會進行跟進。非常抱歉，請繼續。

Sure. Yes, the $5 billion -- that's not about $5 billion because that's the more umbrella headline. The $5 billion is the overall peak funding of the project, and I have not specified at least in today's discussion as to when that peak funding will be reached, how many years down the road or days or months down the road that may be, but the peak funding includes, obviously, your satellites, includes the cost of launching them, inclusive cost of gateways, operations, everything else that you have to have in a typical business plan as you would put together.

當然。是的，50億美元——這不是僅僅指50億美元，因為這是一個更籠統的標題。50 億美元是該項目的總高峰資金，至少在今天的討論中我沒有具體說明何時達到峰值資金，可能需要幾年、幾天或幾個月的時間，但峰值資金顯然包括你們的衛星，包括發射衛星的成本、網關的成本、運營成本，以及你們在典型的商業計劃中必須具備的所有其他成本。

Now the peak funding at some point will be reached, who knows. I'm not specified, as I said today, how many years down the road that will be. But warranty reaches -- so therefore, we need to have, by that time, a total capital of $5 billion available to us and post that window, post that peak, every day, the system pays back that investment obviously has a typical private equity case, you ultimately end up paying that money back and you end up generating the additional value that the system delivers to you.

現在，某個時候的資金高峰將會到來，誰知道呢。正如我今天所說，我無法具體說明這需要多少年的時間。但保固範圍達到——因此，到那時，我們需要擁有總計 50 億美元的可用資本，並且在那個窗口期之後，在那個峰值之後，系統每天都會償還這筆投資，這顯然是一個典型的私募股權案例，你最終會償還這筆錢，並最終產生系統為你帶來的額外價值。

The $1.3 billion is the one piece of that $5 billion that we announced as a result of having made a commitment or agreement with MDA to manufacture the satellites. We have not talked about any of the other components yet of cost structure, which hopefully we will be more informative about it and be able to give you more in Paris, which is only a few weeks away.

這 13 億美元是我們宣布的 50 億美元中的一部分，因為我們已與 MDA 達成了製造衛星的承諾或協議。我們還沒有談論成本結構的任何其他組成部分，希望我們能夠提供更多信息，並能夠在幾週後的巴黎會議上向大家提供更多信息。

And today, the most important piece is that we have embarked on that journey, which the rest of the picture will also come into play as we are 100% committed to being the best provider of direct to satellite connectivity wideband way.

今天，最重要的是我們已經踏上了這段旅程，其餘的部分也將發揮作用，因為我們 100％ 致力於成為直接衛星連接寬頻的最佳提供者。

The second part of your question, if there's any, you ask me to follow through.

如果你的問題還有第二部分，請讓我繼續回答。

Yes. So I guess I just want to understand, too, what are the service capabilities that you expect to be able to offer, let's say, in 2028, it sounds like that's in the service would launch in terms of geographic coverage. I assume it would be a 24-hour service, what kind of bandwidth. And also just high level, what do you think the revenue model looks like for D2D? Is it a revenue share model with carriers? Is it sell them low-cost capacity on a per gig basis? Just curious how you're thinking about that.

是的。所以我想我也只是想了解一下，您期望能夠提供哪些服務能力，比如說，在 2028 年，聽起來這項服務將在地理覆蓋範圍內推出。我認為這將是一項 24 小時服務，需要什麼樣的頻寬。另外，從高層次來看，您認為 D2D 的收入模式是什麼樣的呢？這是與營運商的收入分成模式嗎？是否以每千兆 (GB) 的價格向他們出售低成本容量？只是好奇你怎麼想的。

Okay. So the service -- our vision of the service is even from day one will be to offer everything you have in your pocket today. So if you do text, voice, video, face time, accessing your apps. And if you're in the middle of Grand Canyon or the middle of the Atlantic Ocean and you just want to watch Netflix, we want you to watch it. Whatever you do on your -- you can't tell the difference whether you cell -- your phone is connected to the nearer cell side, very cell side.

好的。因此，我們對這項服務的願景從第一天起就是提供您今天口袋裡的所有東西。因此，如果您進行文字、語音、視訊、面對面交流，請訪問您的應用程式。如果您在大峽谷或大西洋中部，並且只想觀看 Netflix，我們希望您能觀看。無論您在手機上做什麼——您都無法分辨——您的手機連接到較近的蜂窩側，非常蜂窩側。

Is it 600 kilometers above you or 2 kilometers to your right. That is the standard. That is the standard we have worked on and the architecture we have tested and we put it in place and we manufacture. No one else is doing that. I want to be very under record.

它是在你上方 600 公里處還是在你右側 2 公里處。這就是標準。這就是我們所研究的標準、我們所測試的架構，我們將其實作並製造。沒有人這樣做。我希望記錄非常少。

So when they say crowd of the space, yes, other parts of the industry is crowded. This one is one player and uniquely positioned to do it. Now of course, on day one and the first version and then the smallest number of satellites, which I call minimum viable offering to start, you don't have all of that capacity in a way that every person can do that, and we're not planning to do that.

因此，當他們說這個領域的人群擁擠時，是的，這個行業的其他部分也很擁擠。這是一個擁有獨特優勢的球員。當然，在第一天和第一個版本中，然後是最少數量的衛星，我稱之為啟動的最低可行產品，你沒有以每個人都能做到的方式擁有所有的容量，我們也不打算這樣做。

We're planning -- this is not replacing the -- where you already have great four other carriers covering the neighborhood. But as soon as you go out of it, and there's hundreds of millions of people that are outside and they're travelers and they're governments who want different medians, security services, drones, unmanned vehicles, everybody else that needs to be connected that are not and necessarily only reliant on terrestrial coverage, we'll be able to serve this. But our product will be indistinguishable from what you already have on your iPhone or your Android phone.

我們正在計劃——這不會取代——目前已有四家其他運營商覆蓋該社區。但一旦你走出去，外面有數億人，他們是旅行者，他們是政府，他們需要不同的媒介、安全服務、無人機、無人駕駛汽車，所有其他需要連接的人，他們不一定只依賴地面覆蓋，我們將能夠為他們提供服務。但我們的產品與您 iPhone 或 Android 手機上已有的產品沒有差別。

As time goes on, the system capacity goes higher, this becomes more affordable, more available to more people. So I can envision that just to be safe, let's put it 20 years down the road, you're going to get to a point that anybody anywhere who want to watch Netflix, they can also watch it through the satellite, they don't have to watch it through terrestrial. That's possible. So let's just leave that.

隨著時間的推移，系統容量會越來越大，價格也會越來越便宜，可供更多人使用。因此我可以設想，為了安全起見，讓我們假設 20 年後，任何地方的任何人想觀看 Netflix，都可以透過衛星觀看，而不必透過地面觀看。這是有可能的。所以我們就此打住吧。

Now -- so that's -- now in terms of go-to-market model, as I said, we are not planning to compete with the carriers. We are producing this as a benefit to the carriers. It will be an additional source of revenue for the carriers. It will be a service enhancement for the carriers. The carriers will be offered instead of 99% coverage or 82% coverage, 100% coverage of globe, not just even where people -- their houses are, whatever they travel.

現在 - 所以 - 就市場進入模式而言，正如我所說，我們不打算與營運商競爭。我們生產這個產品是為了給承運人帶來好處。這將成為航空公司額外的收入來源。這將增強承運商的服務。營運商將提供全球 100% 的覆蓋率，而不是 99% 的覆蓋率，而不僅僅是人們的住所，無論他們去哪裡。

So our model, we are not able to share the details of our model, but I think it will be value enhancing for carrier and us in a collaborative way. We do not wish to go direct to consumer. We may be forced to do it or choose to do it in cases where there are no carriers in some geographies over the waters or other places where we may have the obligation to do it or some other way we want to do it.

因此，我們無法分享我們的模型細節，但我認為這將以合作的方式為營運商和我們提升價值。我們不希望直接面向消費者。在某些海域或其他沒有承運人的地方，我們可能會被迫這樣做或選擇這樣做，而我們可能有義務這樣做，或以我們想要的其他方式這樣做。

But that would be an abnormal, very unusual corner case. We really like to go to the market with the carriers using their relationship with their customers, strengthening that relationship with their customers, making sure the regulators and local laws and everybody else is happy about our offerings in the countries. So that is our path to market, very collaborative with governments, regulators, carriers, everyone. That's our model.

但這將是一個不正常的、非常不尋常的極端情況。我們非常希望與營運商一起進入市場，利用他們與客戶的關係，加強與客戶的關係，確保監管機構、當地法律和其他所有人都對我們在這些國家提供的服務感到滿意。這就是我們的市場之路，與政府、監管機構、營運商等各方都有著密切的合作。這就是我們的模型。

Okay, thank you. Appreciate it, Hamid.

好的，謝謝。非常感謝，哈米德。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Thanks. Just sort of sticking on the topics of the day, Hamid. You've suspended spending on the wireless on the 5G network. But are you going to be moving forward with your investments in this LEO project? And I don't know if it starts immediately, but you've obviously signed a contract with MDA. It just seems -- I'm a little confused as to why you'd be moving forward with one and not the other, but maybe I'm just thinking about the timing differently.

謝謝。只是圍繞著今天的主題，哈米德。您已暫停 5G 網路無線支出。但是您會繼續對這個 LEO 專案進行投資嗎？我不知道它是否立即開始，但你顯然已經與 MDA 簽訂了合約。看起來——我有點困惑，為什麼你會繼續推進一個而不是另一個，但也許我只是對時間有不同的看法。

Sure, I'll be happy to explain. That's a very good question. I would say that, look, our direct satellites. You know I've talked about it almost every earnings call. And in fact, going back to the merger of the two companies, a key decision factor, a criteria and benefit of bringing DISH and EchoStar together was to activate this opportunity.

當然，我很樂意解釋。這是一個非常好的問題。我想說，看，我們的直接衛星。你知道我幾乎每次財報電話會議都會談論這個問題。事實上，回顧兩家公司的合併，將 DISH 和 EchoStar 合併的一個關鍵決策因素、標準和好處就是激活這個機會。

We have the spectrum on site. We have the technology on the other side. There was two hands that we wanted to clap. We need to bring them together. And we did. So this is not an accident that we are doing this. This is -- there's nothing to do with -- honestly, I have nothing to do with any of the recent events.

我們有現場頻譜。我們在另一邊擁有技術。有兩隻手值得我們鼓掌。我們需要將它們團結起來。我們確實這麼做了。因此我們這樣做並不是偶然。這 — — 跟 — — 說實話，我與最近發生的任何事件都無關。

Now you have a very good question. Your question is that, if you have this network issue that you are saying, hey, I don't know until I resolve with the FCC, all my issues, I'm hesitant to invest in the network, but why aren't you hesitant to invest in the space? I think that's the nature of your question. We can't alter the terrestrial. I can slow down to get more clarity, and I don't lose a lot of market opportunity.

現在你有一個非常好的問題。你的問題是，如果你有這個網絡問題，你會說，嘿，在我與聯邦通信委員會解決所有問題之前，我不知道，我不願意投資網絡，但為什麼你不猶豫投資太空呢？我想這就是你的問題的本質。我們無法改變地球。我可以放慢速度來獲得更清晰的認識，並且不會失去很多市場機會。

I don't because I have a national roaming. We already have a great, great coverage, 280 million [cross] consumers are covered. I have perfect experience with my consumers, the lowest churn, highest ARPU, I'm satisfied. I'm winning. I'm winning -- I got more consumers prepaid customers that almost all of the other carriers this quarter. And so we're winning there. And I don't need to do anything until I have uncertainty shows up.

我沒有，因為我有全國漫遊。我們的覆蓋範圍已經非常廣，覆蓋了 2.8 億消費者。我與消費者擁有完美的體驗，最低的客戶流失率，最高的 ARPU，我很滿意。我贏了。我正在獲勝——本季度我獲得的預付費客戶比幾乎所有其他營運商都多。因此我們在那裡獲勝了。在我遇到不確定性之前我不需要做任何事情。

As it comes to space, I don't have that luxury to wait. The opportunity is here and now. And if I wait a few more months, my business model gets impacted negatively. Europe is in the process of asking us and everybody else how we are going to get to space, I need to have a definitive answer in Europe. I want to have this American leadership, and I don't want to lose it in Europe. I don't want to lose it in other places.

就太空而言，我沒有那麼奢侈地等待。機會就在眼前。如果我再等幾個月，我的商業模式就會受到負面影響。歐洲正在詢問我們和其他人如何進入太空，我需要在歐洲得到一個明確的答案。我希望擁有美國的領導地位，並且不想在歐洲失去它。我不想在其他地方丟失它。

If I wait to resolve this, that opportunity for US and us is lost. And so we have decided to continue on the path we have been on the direct to satellite because we cannot wait. That is critical time path. The national network deal, we're already in a phenomenal position. We have over 24,000 cell sites. And so I don't see a few ups of delay until we have more clarity detrimentally change my business one way or the other.

如果我等待解決這個問題，我們和美國就失去了這個機會。因此，我們決定繼續走直接衛星的道路，因為我們等不及了。那是關鍵時刻的路徑。透過全國網路交易，我們已經處於非凡的地位。我們擁有超過 24,000 個基地台。因此，我認為不會出現任何拖延，直到我們更清楚地知道這會對我的業務造成何種不利影響。

Yeah. That makes sense. That's a helpful answer. Is there any reason why you are going to be able to share a lot more detail on this in Paris than on this call other than that's a more important audience than maybe this one.

是的。這很有道理。這是一個很有幫助的答案。除了巴黎的聽眾比這次的聽眾更重要之外，您是否還有理由在巴黎而不是這次電話會議上分享更多細節？

So absolutely, the most important audience is obvious, that is to me, no matter who it is, but -- but no, can you guess that this is in development. There are many more pieces that have to come together for this picture to be clear, for instance. The satellite is one piece. We still need to talk about all the other components, this launch that we have talked about.

所以絕對而言，最重要的觀眾是顯而易見的，對我來說，不管是誰，但是 - 但是不，你能猜到這是在發展中嗎。例如，為了讓這幅圖景清晰，還需要將更多的部分組合在一起。該衛星是一整塊。我們仍然需要討論所有其他組成部分，以及我們已經討論過的這次發布。

We have to talk about gateways, we have to talk about -- but there was a question earlier on that I didn't -- I forgot to, I guess, cover on the day one of the service, we will cover almost all citizens from 60 north to 60 south latitude.

我們必須談論網關，我們必須談論——但之前有一個問題我沒有——我猜我忘了，在服務第一天，我們將覆蓋從北緯 60 度到南緯 60 度的幾乎所有公民。

So that would be -- that's almost everybody except for North pole and South pole, which we have the opportunity to cover, but we will leave that for discussions with governments and militaries that's where the biggest customers are, but we have designed a system that we can provide 100% coverage of the poles.

所以那將是——除了北極和南極之外的幾乎所有地區，我們有機會覆蓋它們，但我們將把這個問題留給政府和軍隊討論，因為那裡是最大的客戶，但我們已經設計了一個可以 100% 覆蓋兩極的系統。

So there's still a few things in play that I think in the next few will clarify and sort out. I think then we can provide more holistic answers. It really isn't to try to hide the ball from you. It's just that I don't have -- I don't want to change the answer in a few weeks. I want to be completely comfortable with every angle of it, and then we share more of the business model and details with you. It's only a couple of weeks away.

因此，仍有一些事情需要解決，我認為在接下來的幾個月裡將會得到澄清和理清。我認為我們可以提供更全面的答案。這確實不是試圖向你隱瞞真相。只是我沒有——我不想在幾週後改變答案。我希望對它的每個角度都完全滿意，然後我們與您分享更多的商業模式和細節。只剩幾週的時間了。

Okay. And last question, I'll take a swing at this. I know it's a tough one. But I think everyone understands what EchoStar is trying to do with your business. What does the FCC want? What is the end game for them? Because they've sort of made a bunch of accusations about your spectrum use or lack of use and the milestones, the press, I think, in the market at 1 point, I think, things they want you to sell your spectrum, maybe there's an Elon StarLink angle. It's just sort of hard for us outside of all this to figure out what the FCC is asking EchoStar to do. I'm wondering if you could share anything there for us.

好的。最後一個問題，我將嘗試回答。我知道這很難。但我想每個人都明白 EchoStar 想要對你的業務做什麼。FCC 想要什麼？他們的最終結果是什麼？因為他們對你的光譜使用或未使用以及里程碑、媒體、我認為在市場上的某個時刻提出了一系列指控，我認為他們希望你出售你的頻譜，也許有一個 Elon StarLink 的角度。除了這些之外，我們很難弄清楚 FCC 要求 EchoStar 做什麼。我想知道您是否可以與我們分享一些東西。

Yeah. So first of all, we -- I want to reiterate and say that we believe we are standing very tall and good on every obligation we have ever made to FCC. So we stand behind all of those. Today, we have always done, we do it today again. We have made the certifications.

是的。首先，我想重申一下，我們相信我們很好地履行了對 FCC 所承擔的每一項義務。所以我們支持所有這些。今天，我們一直都是這麼做的，今天我們再做一次。我們已經取得了認證。

We have delivered on every commitment, any trade that we have made with FCC and relied on FCC's approval has been as a result of us committing to something else that we have delivered. We've committed to put consumers up more for customers on net, have a price plan that is one of the lowest in the industry, a bunch of other things.

我們履行了每一項承諾，我們與 FCC 進行的任何交易以及依賴 FCC 批准的交易都是我們承諾並已兌現的其他事項的結果。我們致力於為網路客戶提供更多服務，制定業內最低的價格計劃，以及其他一系列服務。

But in terms of what FCC one, I think that's a good question for FCC. Honestly, we -- I cannot comment on that because we also ourselves have been in the process of discovering more and more what is it that would satisfy the FCC. Why would these inquiries come when we believe we have been on one of the companies that have been most flexible in terms of meeting the needs of FCC Justice department and everybody else. So you're right, I cannot answer any more than that because I honestly don't know. And that's a great question for FCC.

但就 FCC 而言，我認為這對 FCC 來說是一個好問題。老實說，我們——我無法對此發表評論，因為我們自己也一直在不斷探索什麼才能讓聯邦通信委員會滿意。我們認為，我們是滿足聯邦通訊委員會司法部和其他所有人的需求方面最靈活的公司之一，為什麼還要進行這些調查呢？所以你是對的，我無法回答更多，因為我真的不知道。這對 FCC 來說是一個很好的問題。

Okay, thanks so much.

好的，非常感謝。

Sam McHugh, BNP Pariba.

法國巴黎銀行的 Sam McHugh。

(inaudible) I have a few. I'll start on wireless. You obviously had a great quarter in terms of net pretty high cost. I guess in context of the going concern of the spectrum stuff, do you think you still have a similar budget for subscriber acquisition in the second half of the year? Obviously, you pull back on the network CapEx on the subscriber side as it's all add?

（聽不清楚）我有幾個。我將從無線開始。從淨成本相當高的角度來看，你們顯然度過了一個非常棒的季度。我想，在光譜持續經營的背景下，您是否認為今年下半年您仍有類似的用戶獲取預算？顯然，您會撤回用戶端的網路資本支出，因為這些都是附加的？

Look, we make a decision, honestly, on -- as it comes to operating business, I make the decision on a very dynamic basis on the market conditions. We do intend to continue to be in a market, and we're not pulling back from our go-to-market. If the market is receptive to our offers, and I see a market that is still in demand, we'll invest -- we'll get consumers. But I want to tell you that the market on the consumer side is very volatile today. Is it tariffs? Is it economy? Is it immigration? Is it what is it? I have no idea. But the market demand, it's unpredictable.

你看，說實話，在經營業務方面，我們會根據市場狀況的動態變化來做決定。我們確實打算繼續留在市場中，我們不會放棄進入市場的努力。如果市場對我們的產品願意接受，而且我發現市場仍有需求，我們就會投資──我們就會獲得消費者。但我想告訴大家，今天消費端的市場波動非常大。是關稅嗎？是經濟嗎？是移民嗎？那它是什麼呢？我不知道。但市場需求是難以預測的。

We had a great start to the year, even though we delivered our best results so far in the history of this acquisition, the first part of the year, the first few months of the year, all the way through May, markets seem to be stronger, but now seems to be a little less strong.

我們今年有了一個良好的開端，儘管我們取得了此次收購歷史上迄今為止最好的業績，但今年上半年，頭幾個月，一直到五月份，市場似乎都比較強勁，但現在似乎有些不那麼強勁了。

So if the market is not as strong, I will choose not to invest as much into it because the cost of acquisition will not be justified. So a long way of saying, I'm not changing our acquisition strategy, but you have to know that, that is in itself a very big variable depending on conditions of the market. If I don't find a favorable market, I may acquire less customers, if I find it continuing to be in good demand, I will increase my spend in the market. But it's not relevant, but it's not as a result of anything that is going on with FCC today.

因此，如果市場不那麼強勁，我將選擇不投入太多，因為收購成本是不合理的。長話短說，我不會改變我們的收購策略，但你必須知道，這本身就是一個非常大的變量，取決於市場狀況。如果我找不到有利的市場，我可能會獲得更少的客戶，如果我發現它繼續有良好的需求，我會增加在市場上的支出。但這並不相關，而且這不是 FCC 今天發生的任何事情的結果。

Got it. All right. And then on -- more broadly on the wireless business, is it still core for you or would this direct device, do you think there's a path maybe to shift to more wholesale business? And have the talks around spectrum with the FCC maybe change your view at all on that difference?

知道了。好的。然後 - 更廣泛地討論無線業務，它仍然是您的核心業務嗎？或者說，這種直接設備，您是否認為有可能轉向更多的批發業務？與 FCC 就頻譜問題進行的談判是否會改變您對這種差異的看法？

I'm sorry, I'm trying to get the gist of the question. I may have missed the gist of it. Could you tell me one more time.

抱歉，我正在努力了解問題的要點。我可能錯過了它的重點。你能再告訴我一次嗎？

Yeah, sure. So I was just saying is running a retail wireless business still core for you? It feels like with the director device and what the FCC is saying around spectrum. Do you think there's a future of EchoStar where you become more of a wholesale provider rather than direct-to-consumer?

是的，當然。所以我剛才說的是，經營零售無線業務對你來說還是核心業務嗎？感覺就像是有了導向裝置，FCC 就頻譜問題所說的內容。您是否認為 EchoStar 未來會成為批發供應商而不是直接面向消費者的供應商？

We, today, are -- I am not predicting that we are changing our model in any way other than the fact that we have always talked about adding this. How the future goes, obviously, as I said, is a result of a dynamic picture that is of the industry of discussions with FCC, but we have been committed to doing both.

今天，我們——我並不是預測我們會以任何方式改變我們的模式，除了我們一直在談論添加這一點。顯然，正如我所說，未來的發展取決於與 FCC 討論的行業動態，但我們一直致力於同時做到這兩點。

We have not been pulling back from one or the other. We've not been trying to switch from one to the other. Let's see how the future holds as some of these developments in the industry happen. We are very capable, incredibly well positioned to do both.

我們並沒有放棄其中任何一個。我們並沒有嘗試從一個切換到另一個。隨著行業中的一些發展，讓我們看看未來將會如何發展。我們非常有能力、非常有優勢地完成這兩件事。

We have expertise in satellite. We are the only company in the world that knows how 5G ORAN really works in great scale as a stand-alone. We can manage the two together very well. And again, a unique position of either both a carrier and a satellite company -- satellite technology company puts us in a unique position. But let's see how that goes in the future.

我們在衛星方面擁有專業知識。我們是世界上唯一一家了解 5G ORAN 如何真正大規模獨立運作的公司。我們可以很好地將兩者結合起來。再說一次，作為營運商和衛星公司——衛星技術公司的獨特地位使我們處於獨特的地位。但讓我們看看未來情況如何。

So thank you for the question. Next, I think now we can take one more question in the interest of time. Please go ahead.

謝謝你的提問。接下來，我想為了節省時間，我們現在可以再回答一個問題。請繼續。

Craig Moffett, Moffetnathanson.

克雷格·莫菲特，莫菲特納森。

Hi, thank you. Returning to the direct-to-device satellite business for a second. Just given the cash constraints on your business, it's reasonable to assume that you'll be looking for additional financing or financing partners. Are there spectrum bands or other assets that you would be willing to commit and put liens on for that debt? And how do we think about that in the context of the current creditors and the calls on your existing assets?

你好，謝謝。暫時回到直接面向設備的衛星業務。考慮到您企業的現金限制，可以合理地假設您將尋找額外的融資或融資合作夥伴。您是否願意承諾提供頻譜帶或其他資產，並為該債務設定留置權？那麼，在當前債權人和現有資產要求的背景下，我們該如何看待這個問題？

Right. Again, a very good question, Craig. Thank you for asking. Look, as I said, I'm not in a position to describe the entire financial picture of this -- the company and this project. But obviously, you need -- you must assume that we're looking at that picture in trying to make sure we are within the means that we can deliver on, and we are within the means of meeting every obligation we have always had. So it is not lost upon us that when we add another $5 billion in here that we need to somehow finance it. We need to meet other obligations.

正確的。克雷格，這又是一個非常好的問題。謝謝你的詢問。聽著，正如我所說，我無法描述這家公司和這個專案的整個財務狀況。但顯然，你需要──你必須假設我們正在考慮這種情況，試圖確保我們有能力實現目標，並且有能力履行我們一直以來承擔的每項義務。因此，我們很清楚，當我們再投入 50 億美元時，我們需要以某種方式為其提供資金。我們需要履行其他義務。

So I'm repeating your question in a way to say that I understand the question. It's not lost on us that we have to -- have answers for those. I don't believe I can -- I know that I cannot give you those answers today for a variety of reasons, not just one or two, but there's a variety of reasons. I cannot provide you a complete detailed answer today.

因此，我重複您的問題，以表明我理解這個問題。我們很清楚我們必須對這些問題找到答案。我不相信我能──我知道由於各種原因，我今天無法給你這些答案，不只是一兩個，而是有很多種原因。我今天無法給你完整詳細的答案。

But as time goes on, starting with the satellite show, we hope to disclose more of that and clarify more of that picture. It is my intent to be as transparent as I possibly can, but sometimes that transparency either is not possible or strategically not in the best interest of our shareholders and that's my job. So we disclose the information we must as soon as we can.

但隨著時間的推移，從衛星節目開始，我們希望披露更多信息，並澄清更多情況。我希望盡可能保持透明，但有時這種透明是不可能的，或者從策略上來說不符合股東的最佳利益，而這就是我的工作。因此我們會盡快揭露必須揭露的資訊。

Great question, Craig. We will be more informative about what our financials look like. It's not lost upon me or anyone in this business that we do have a significant amount of financial obligations. We believe this is very conducive to solving those and making those better as opposed to worse. Otherwise, we wouldn't be doing it. So I hope that answers at least partly what you needed to hear.

很好的問題，克雷格。我們將更詳細地介紹我們的財務狀況。我或這個行業中的任何人都知道，我們確實有大量的財務義務。我們相信這非常有利於解決這些問題並使問題變得更好而不是更糟。否則，我們就不會這麼做。所以我希望這至少能部分回答你所需要聽到的問題。

Well, can I ask a follow-up then? I mean, would it -- there was a report earlier this week in Bloomberg suggesting that the FCC was pushing for spectrum sales from AWS-4. Would selling part of your spectrum be a potential avenue for raising capital?

那我可以問一個後續問題嗎？我的意思是，本週稍早彭博社有報道稱，美國聯邦通訊委員會正在推動 AWS-4 頻譜銷售。出售部分光譜是否是籌集資金的潛在途徑？

And I would presume if the FCC is pushing for that kind of an alternative, they would be inclined to waive the constraint on who would be available to buy it under the consent decree or waive it sooner. If that were waived and the big three were able to be participants in an auction for your spectrum, would you consider selling assets as a way to raise capital?

我認為，如果聯邦通信委員會正在推動這種替代方案，他們會傾向於放棄誰可以根據同意令購買它的限制，或者更早地放棄它。如果這項規定被取消，而三大業者能夠參與您的頻譜拍賣，您會考慮出售資產來籌集資金嗎？

I don't -- I can't say anything about Bloomberg's article. All I can say is that it did not come from us. And I -- therefore, I have no way of knowing what the source of that comment is, I'm not even able to speculate as to where we make that comment may have come from. It is not -- it's not something I can comment on. I mean, all the information available from FCC is the information that you have already peered, FCC would like to see more spectrum in use.

我對彭博社的文章沒有任何評論。我只能說這不是我們說的。因此，我無法知道該評論的來源，我什至無法推測該評論可能來自哪裡。這不是——這不是我可以評論的事情。我的意思是，FCC 提供的所有資訊都是您已經了解的信息，FCC 希望看到更多的頻譜被使用。

I'd like to see the market become more efficient in a number of ways, and I think we understand that. And there's a million ways that can happen. Those million ways have not yet landed in a way that I can give you a full picture. We have not eliminated any options from the table. FCC has not necessarily given us a very, very detailed mandate of a certain thing or another.

我希望看到市場在許多方面變得更有效率，我想我們也明白這一點。並且有無數種方式可以實現這一點。我還沒有完全闡明那百萬種方法。我們並沒有從表中排除任何選項。FCC 不一定就某件事或其他事給予我們非常非常詳細的授權。

I think we still in collaboration with FCC and other entities to see what might be a good solution that everyone is happy with. So I honestly would not build any more on what Bloomberg has reported than another piece of information in the market that may or may not be true.

我認為我們仍在與 FCC 和其他實體合作，尋找一個讓所有人都滿意的好的解決方案。因此，說實話，我不會根據彭博社的報道做出任何判斷，也不會根據市場上其他可能真實也可能不真實的資訊做出任何判斷。

Alright, thank you.

好的，謝謝。

Thank you, everyone. Thank you, everyone, and I hope to see you in Paris or our next earnings call.

謝謝大家。謝謝大家，我希望在巴黎或下次財報電話會議上見到你們。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation. Have a wonderful day.

謝謝。今天的會議到此結束。現在您可以斷開線路。我們感謝您的參與。祝您有美好的一天。