Viasat Inc (VSAT) 2023 Q4 法說會逐字稿

Hello, and welcome to Viasat's Q4 Fiscal Year 2023 Earnings Conference Call. Your host for today's call is Mark Dankberg, Chairman and CEO. You may proceed, Mr. Dankberg.

您好，歡迎來到 Viasat 的 2023 財年第四季度收益電話會議。今天電話會議的主持人是董事長兼首席執行官 Mark Dankberg。你可以繼續了，Dankberg 先生。

Thanks. Good afternoon, everybody. Thanks for joining us for our call today. We released our shareholder letter shortly after market close this afternoon, and it's still available on our website. We'll be referring to on this call. So joining me on the call today are Guru Gowrappan, our new President, Kevin Harkenrider, our COO; Shawn Duffy, our Chief Financial Officer; Robert Blair, our General Counsel; and Paul Froelich from Corporate Development; and Peter Lopez from Investor Relations as well. So before we start, Robert will provide our safe harbor guidance.

謝謝。大家下午好。感謝您今天加入我們的電話會議。我們在今天下午收盤後不久發布了股東信，它仍然可以在我們的網站上找到。我們將在這次電話會議上提到。今天和我一起參加電話會議的有我們的新總裁 Guru Gowrappan，我們的首席運營官 Kevin Harkenrider；我們的首席財務官 Shawn Duffy；羅伯特·布萊爾，我們的總法律顧問；和 Corporate Development 的 Paul Froelich；以及來自投資者關係部的 Peter Lopez。因此，在我們開始之前，羅伯特將提供我們的安全港指南。

Thanks, Mark. As you know, this discussion will contain forward-looking statements. This is a reminder that factors could cause actual results to differ materially. Additional information concerning these factors is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q. Copies are available from the SEC or from our website. Back to you, Mark.

謝謝，馬克。如您所知，本次討論將包含前瞻性陳述。這提醒我們，各種因素可能導致實際結果大相徑庭。有關這些因素的更多信息包含在我們提交給美國證券交易委員會的文件中，包括我們關於 10-K 表格和 10-Q 表格的最新報告。副本可從 SEC 或我們的網站獲得。回到你身邊，馬克。

Thanks. Okay. So to start, I'll briefly try to recap to the business and financial highlights and also I'd like to introduce our new President, Guru Gowrappan. And then we'll open it up for questions. So first, the biggest highlight is that our ViaSat-3 Americas satellite has arrived at its orbital location, and it's beginning its final deployments.

謝謝。好的。因此，首先，我將簡要回顧一下業務和財務亮點，我還想介紹一下我們的新總裁 Guru Gowrappan。然後我們將打開它提問。首先，最大的亮點是我們的 ViaSat-3 Americas 衛星已經到達其軌道位置，並開始進行最後的部署。

When that's done, we can complete in-orbit testing, and we can start bringing it up the network. We're aiming to be in service around mid-summer, and that's going to greatly expand our coverage and provide bandwidth to grow all of our satellite services businesses. This is an enormous undertaking by our whole team, and I want to thank everybody for their commitment and dedication. We've got just a few more steps to go for this first one, with the Europe, Middle East, Africa satellite launching later this calendar year and then Asia Pacific satellite to get almost complete global coverage.

完成後，我們就可以完成在軌測試，然後就可以開始將其引入網絡。我們的目標是在仲夏左右投入服務，這將大大擴大我們的覆蓋範圍並提供帶寬來發展我們所有的衛星服務業務。這是我們整個團隊的一項艱鉅任務，我要感謝大家的承諾和奉獻。我們還有幾個步驟要做這第一個，歐洲、中東、非洲衛星將在本日曆年晚些時候發射，然後是亞太衛星以獲得幾乎完整的全球覆蓋。

The Asia Pacific satellite is now in final integration and test with Boeing. We believe the combination of virtually global coverage, the amount of useful bandwidth per capital dollar invested and the ability to dynamically move that bandwidth to the places with the greatest demand that are unique to the designs of these satellites and will prove to be especially valuable in the global mobile markets.

亞太衛星目前正在與波音公司進行最後的集成和測試。我們相信，幾乎全球覆蓋、每投資一美元的有用帶寬量以及將帶寬動態移動到需求最大的地方的能力的組合，這些都是這些衛星設計所獨有的，並將被證明在以下方面特別有價值全球移動市場。

We now anticipate closing the Inmarsat transaction this month. We received approval in the U.K. and have only 2 more steps to go. We believe the transaction will be accretive to adjusted EBITDA and free cash flow on a per share basis and can help both companies provide better services to our customers at lower cost. Both ViaSat and Inmarsat have continued to grow our global mobile businesses in the 18 months since we reached agreement. Inmarsat just reported their most recent results, and you can find them on their website. And we also continue to expect that together, we can bring more important innovations and growth to their L-band business as well, especially I think the rapidly evolving Internet of Things and direct-to-device markets.

我們現在預計本月完成 Inmarsat 交易。我們在英國獲得了批准，只剩下兩個步驟了。我們相信該交易將增加調整後的 EBITDA 和每股自由現金流，並可以幫助兩家公司以更低的成本為我們的客戶提供更好的服務。在我們達成協議後的 18 個月裡，ViaSat 和 Inmarsat 都在繼續發展我們的全球移動業務。 Inmarsat 剛剛報告了他們的最新結果，您可以在他們的網站上找到它們。我們也繼續期待，我們可以一起為他們的 L 波段業務帶來更重要的創新和增長，尤其是我認為快速發展的物聯網和直接設備市場。

Early in our fourth quarter, we did close the sale of our Link 16 TDL business for $1.9 billion. That increased our liquidity and significantly reduced our leverage on a stand-alone basis as well as prospectively on a combined basis with Inmarsat. Post-close, we did quickly rightsized the company to the new run rate, which reduces annual run rate operating costs by about $40 million.

在第四季度初，我們以 19 億美元的價格完成了 Link 16 TDL 業務的出售。這增加了我們的流動性，並顯著降低了我們在獨立基礎上以及未來與 Inmarsat 合併基礎上的槓桿作用。關閉後，我們確實迅速將公司調整為新的運行率，這將年運行率運營成本降低了約 4000 萬美元。

We presented our financial performance in the letter in terms of continuing operations that excludes the Link 16 TDL business in prior periods and also our total results of operations including Link 16 TDL in the period that we owned it. Continuing operations provides context for results on a go-forward basis.

我們在信中介紹了我們在持續經營方面的財務業績，不包括前期的 Link 16 TDL 業務，以及我們的總體經營業績，包括我們擁有它期間的 Link 16 TDL。持續運營為未來的結果提供背景。

We achieved new records in awards and revenue from continuing operations for fiscal year 2023 at $2.8 billion and $2.6 billion, respectively. Adjusted EBITDA from continuing operations was $501 million, and with 3 quarters of TDL results prior to the Q4 sales, total adjusted EBITDA was $583 million for the year.

我們在 2023 財年的持續經營業務獎勵和收入分別創下 28 億美元和 26 億美元的新紀錄。持續經營業務調整後的 EBITDA 為 5.01 億美元，加上第四季度銷售前 3 個季度的 TDL 結果，全年調整後的 EBITDA 總額為 5.83 億美元。

Q4 results on a continuing basis were good and provide momentum going into fiscal '24. Q4 revenue from continuing operations grew 10% year-over-year to $666 million and adjusted EBITDA from continued operations was $124 million, which was up 21% year-over-year.

第四季度的業績持續良好，為進入 24 財年提供了動力。第四季度來自持續經營業務的收入同比增長 10% 至 6.66 億美元，來自持續經營業務的調整後 EBITDA 為 1.24 億美元，同比增長 21%。

In Government Systems, the certification of key products -- some cryptographic products cleared pent-up demand that had been accruing and that drove significant year-over-year revenue growth. In the quarter, we grew our commercial in-flight connectivity in service fleet to 2,230 aircraft. We added Etihad Airways as a new airline partner, and we expanded our Delta Air Lines' free Wi-Fi initiative. We continued market testing and analysis of new ViaSat-3 era fixed broadband plans, offering significantly higher speeds and more bandwidth per subscriber.

在政府系統中，關鍵產品的認證——一些加密產品清除了被壓抑的需求，這些需求推動了收入的同比顯著增長。在本季度，我們將服務機隊中的商業飛行連接增加到 2,230 架飛機。我們將阿提哈德航空公司添加為新的航空公司合作夥伴，並擴大了達美航空公司的免費 Wi-Fi 計劃。我們繼續對新的 ViaSat-3 時代固定寬帶計劃進行市場測試和分析，為每個用戶提供更高的速度和更多的帶寬。

We've been working and investing in a very capital-intensive phase for several years to develop and deploy technology and business models, transform from a strong major player into a leading global satellite services operator. Now we can see tangible evidence of the pieces coming together and the opportunity to generate real free cash flow returns from those investments. That includes not only our own business areas, but the very complementary people, resources and assets from Inmarsat. Given all those elements, now we need to execute and scale.

多年來，我們一直在資本密集型階段開展工作和投資，以開發和部署技術和商業模式，從強大的主要參與者轉變為全球領先的衛星服務運營商。現在我們可以看到各個部分結合在一起的切實證據，以及從這些投資中產生真正的自由現金流回報的機會。這不僅包括我們自己的業務領域，還包括來自 Inmarsat 的非常互補的人員、資源和資產。鑑於所有這些要素，現在我們需要執行和擴展。

And to that end, I'd like to briefly introduce a new member of our leadership team, Guru Gowrappan, who joined us as President and we really want to thank Rick Baldridge, our Vice Chairman, for all he's done for us in his operating role. With Kudu here, Rick will continue to support special projects and will remain on our board as vice chairman. Guru's previous position was at Verizon Media's CEO of the former Media division that included Yahoo!, AOL, Huffington Post, Techcrunch and other media brands. He's a very accomplished leader with experience in integrating large technology operations, operating scale internet platforms and creating powerful global partnerships.

為此，我想簡要介紹一下我們領導團隊的新成員 Guru Gowrappan，他作為總裁加入我們，我們真的要感謝我們的副主席 Rick Baldridge，感謝他在他的運營中為我們所做的一切角色。有了 Kudu，Rick 將繼續支持特殊項目，並將繼續擔任我們的董事會副主席。 Guru 之前的職位是 Verizon Media 的前媒體部門首席執行官，該部門包括雅虎、美國在線、赫芬頓郵報、Techcrunch 和其他媒體品牌。他是一位非常有成就的領導者，在整合大型技術運營、運營規模互聯網平台和建立強大的全球合作夥伴關係方面擁有豐富的經驗。

So Guru, introduce yourself.

所以古魯，自我介紹一下。

Sure. Thank you, Mark, and thanks to all of you joining us today on my first earnings call for Viasat. So I'm thrilled to have joined via that company, as you all know, with rich history of success and innovation. Our foundation technology advantage, which has delivered healthy growth over time, and we are poised for an incredible, exciting future as we continue as the team. Having dedicated my carrier to fostering global connectivity and interactivity across key tech consumer and B2B products, including telecommunications, I'm now embarking on my biggest mission yet.

當然。謝謝你，馬克，感謝你們今天加入我們，參加我對 Viasat 的第一次財報電話會議。所以我很高興能通過這家公司加入，眾所周知，該公司擁有豐富的成功和創新歷史。我們的基礎技術優勢隨著時間的推移實現了健康的增長，隨著我們繼續作為團隊，我們已準備好迎接令人難以置信的、令人興奮的未來。在我的運營商致力於促進關鍵技術消費者和 B2B 產品（包括電信）之間的全球連接和交互性之後，我現在正在著手完成我迄今為止最大的使命。

Moreover, as you know, I've joined Viasat at an inflection point with the launch of our ViaSat-3 Americas satellite, the first step in placing more than $2 billion of assets into service, the 3 satellite constellation is expected to increase the scale of our network more than 8x the combined bandwidth of ViaSat-1 and ViaSat-2 with the flexibility to move capacity to high-demand locations all while expanding our coverage globally.

此外，如您所知，隨著我們的 ViaSat-3 美洲衛星的發射，我加入 Viasat 正處於一個轉折點，這是將超過 20 億美元的資產投入服務的第一步，這 3 個衛星星座有望擴大規模我們網絡的帶寬是 ViaSat-1 和 ViaSat-2 組合帶寬的 8 倍多，並且可以靈活地將容量轉移到高需求地點，同時擴大我們的全球覆蓋範圍。

And it's also important to me that space sustainability is a priority year. We intend to grow our network, where our customers are delivering the services that they want and need in a globally inclusive and environmentally sustainable manner and all through technology innovation.

對我來說，空間可持續性是優先考慮的一年也很重要。我們打算發展我們的網絡，我們的客戶將通過技術創新以全球包容和環境可持續的方式提供他們想要和需要的服務。

Finally, the closing of Inmarsat acquisition will be great for all our stakeholders as it will accelerate our global expansion and our growth in mobility and government, areas that are well suited for our products and solutions. Inmarsat's legacy will also help us achieve our goals for global inclusive growth and space sustainability. And as our CapEx cycles [rain], the deal is expected to double our free cash flow per share compared to stand-alone Viasat.

最後，完成對 Inmarsat 的收購對我們所有的利益相關者來說都是一件好事，因為它將加速我們的全球擴張以及我們在移動和政府領域的增長，這些領域非常適合我們的產品和解決方案。 Inmarsat 的遺產還將幫助我們實現全球包容性增長和空間可持續性的目標。隨著我們的資本支出週期[下雨]，與獨立的 Viasat 相比，這筆交易預計將使我們的每股自由現金流翻一番。

I'm also personally very excited about the potential for growth in L-Band IoT, that is Internet of Things and direct-to-device as it has the potential to enormously expand the number of individual customers and B2B relationships we can achieve collectively. And as Mark said earlier, I do want to congratulate the team, Rajiv, Tony and the entire team at Inmarsat for a record quarter with growth across all of their businesses.

我個人也對 L 波段物聯網的增長潛力感到非常興奮，即物聯網和直接到設備，因為它有可能極大地擴大個人客戶的數量和我們可以共同實現的 B2B 關係。正如馬克早些時候所說，我確實要祝賀團隊、拉吉夫、托尼和 Inmarsat 的整個團隊，他們的所有業務都實現了創紀錄的季度增長。

Now having been in the business of making impactful and rewarding connections for customers, I am humbled to be on this endeavor alongside this incredible team. And throughout my career have always focused on 5 key areas: employee and culture; technology, innovation and products; customers and partners; society and shareholders. And I believe with hard work and relentless execution, coupled with humility and teamwork that we can build a bright future for all our stakeholders. And our goal is to drive excellent financial performance while maximizing our impact on the world. And here in Viasat, I'm eager to collaborate with Mark, Rick, Shawn, Robert and our entire team to do just that because the opportunities here are extraordinary.

現在，我一直致力於為客戶建立有影響力和有益的聯繫，我很榮幸能與這個令人難以置信的團隊一起努力。在我的整個職業生涯中，我始終專注於 5 個關鍵領域：員工和文化；技術、創新和產品；客戶和合作夥伴；社會和股東。我相信，通過努力工作和堅持不懈的執行，再加上謙遜和團隊合作，我們可以為所有利益相關者創造一個光明的未來。我們的目標是推動卓越的財務業績，同時最大限度地提高我們對世界的影響。在 Viasat，我渴望與馬克、里克、肖恩、羅伯特和我們的整個團隊合作，因為這裡的機會非常多。

And with that, I'll hand it back over to you, Mark.

有了這個，我會把它交還給你，馬克。

Thanks, Guru. So thanks, and welcome to Viasat. So with that, we'll open it up for questions.

謝謝，古魯。非常感謝，歡迎來到 Viasat。因此，我們將公開提問。

(Operator Instructions) And your first question comes from the line of Rick Prentiss with Raymond James.

（操作員說明）你的第一個問題來自 Rick Prentiss 和 Raymond James 的台詞。

Good to see the finish lines getting closer for the Inmarsat deal. Can you update us as far as what's happening with the debt package, what are the terms? Are there any changes to that as you get closer to being able to close the transaction?

很高興看到 Inmarsat 交易的終點線越來越近。您能否向我們介紹債務計劃的最新情況，條款是什麼？當您接近能夠完成交易時，是否有任何變化？

Rick, this is Shawn. So I think -- there's a lot -- there's still a lot of moving parts when things are looking really good as we get to the -- as you said, to the finish line here. I think the way we look at it is we secured that package back when we the transaction and then have pull the elements of that yield that reflects the market at the timing. And our intentions are to execute on those economics. So I think that's the best way to shape it out.

瑞克，這是肖恩。所以我認為 - 有很多 - 當我們到達 - 正如你所說的，到這裡的終點線時，事情看起來真的很好時，仍然有很多移動部件。我認為我們看待它的方式是，我們在交易時確保了該方案，然後提取了當時反映市場的收益率要素。我們的意圖是執行這些經濟學。所以我認為這是塑造它的最佳方式。

Okay. And can you just remind us what the terms were in that package, that was obviously a different moment in time, that would be great? But Just remind us what the terms were?

好的。你能不能提醒我們那個包裹中的條款，那顯然是一個不同的時間，那會很棒嗎？但請提醒我們這些條款是什麼？

We didn't -- those aren't public Rick, but I think, obviously, they're more favorable than we are today.

我們沒有——那些不是公開的瑞克，但我認為，顯然，他們比我們今天更受歡迎。

Surely, although I can't remember it. The following line -- Guru, first welcome, I should have said that first. Help us understand -- you mentioned a couple of times about how you've done a lot of integration with technology items. As you look at this integration, of Viasat and Inmarsat. Help us understand what your top priorities are going to be there? What's the time line like? And could there be any segment reporting changes?

當然，雖然我不記得了。下面一行—— Guru, first welcome，我應該先說的。幫助我們理解——你多次提到你是如何與技術項目進行大量整合的。當您查看 Viasat 和 Inmarsat 的這種集成時。幫助我們了解您的首要任務是什麼？時間線是怎樣的？分部報告是否會發生變化？

Okay. So on the -- what our top priorities are. One is, we are, as we said, really intending to grow in the global mobile markets, which are -- we're really in open sort of a broadband basis. There are markets in which we both participate. And those are government, commercial in-flight, business jets and maritime markets -- of main ones. What we really are aiming to do is to get the best of both companies. And it's going to take -- I think that's one of our main priorities is if you look at the kind of go-to-market differences between the companies, Viasat has tended to be primarily direct sales. That requires more technical support, delivers lower margins, gives us a little more control of the customer experience.

好的。所以關於 - 我們的首要任務是什麼。一是，正如我們所說，我們真的打算在全球移動市場中發展，我們確實處於開放的寬帶基礎上。我們都參與了一些市場。這些是政府、商業飛行、公務機和海運市場——主要市場。我們真正的目標是充分利用兩家公司。這將需要 - 我認為這是我們的主要優先事項之一，如果你看看公司之間的上市差異，Viasat 往往主要是直接銷售。這需要更多的技術支持，帶來更低的利潤，讓我們對客戶體驗有更多的控制。

On the other hand, Inmarsat margins are very, very good. They tend to be primarily wholesale. They have an existing global network. And there are attributes of each company's business models and service delivery techniques that we think we want to combine. And so that's one of our most important points. Just to be clear, we have -- we place great value on the distribution relationships that Inmarsat has. We expect to continue that we may be able to augment some of the ways in which we deliver services to our distribution partners. But in other cases, by connectivity, we provide a greater range of services than some of their distribution partners do. So that issue of kind of capturing the best of both is high on our list.

另一方面，Inmarsat 的利潤率非常非常好。他們往往主要是批發的。他們有一個現有的全球網絡。我們認為我們想要結合每家公司的業務模型和服務交付技術的屬性。所以這是我們最重要的觀點之一。需要明確的是，我們非常重視 Inmarsat 擁有的分銷關係。我們希望繼續，我們可能能夠增加我們向分銷合作夥伴提供服務的某些方式。但在其他情況下，通過連通性，我們提供的服務範圍比他們的一些分銷合作夥伴要大。因此，在我們的列表中，關於兼顧兩者優點的問題排在首位。

Another 1 that we really want to emphasize is integrating the 2 networks, one of the real attractions of the combination that Viasat and Inmarsat had is that we both operate Ka-band networks. And so that -- there's some really important synergy opportunities by being able to make over time, the platforms that we support, work across each of the networks. So that -- obviously, with the Inmarsat network will be instantly global even before we get this ViaSat -- connect through ViaSat-3 satellites -- but with the ViaSat-3 satellites, our depth and coverage will be much, much greater, and I think that will allow us to extend some of the services that we've done so successfully in the U.S. on it to work on a global basis.

我們真正要強調的另一個 1 是整合這兩個網絡，Viasat 和 Inmarsat 合併的真正吸引力之一是我們都運營 Ka 波段網絡。因此 - 隨著時間的推移，我們支持的平台能夠在每個網絡上工作，從而有一些非常重要的協同機會。因此——很明顯，在我們獲得這個 ViaSat 之前，Inmarsat 網絡將立即成為全球網絡——通過 ViaSat-3 衛星連接——但是有了 ViaSat-3 衛星，我們的深度和覆蓋範圍將大得多，而且我認為這將使我們能夠將我們在美國成功完成的一些服務擴展到全球範圍內。

So those are -- I'd say those are probably the top 2 priorities. And then the next one is to really apply some of the technologies that we've been developing here at ViaSat into the L-band markets because ultimately, what we see is a lot of opportunity in the L-band markets if we can do some of the same things that we've done in the Ka-band markets using some of those same technologies, which are to increase the speed to increase the amount of bandwidth that we can offer and drive down air time prices, we're really excited about the opportunities there. So I'd say those are kind of our top 3 priorities.

所以那些 - 我想說那些可能是前 2 個優先事項。然後下一個是真正將我們在 ViaSat 開發的一些技術應用到 L 波段市場，因為最終，如果我們能做一些，我們看到 L 波段市場有很多機會與我們在 Ka 波段市場上使用一些相同的技術所做的相同的事情，即提高速度以增加我們可以提供的帶寬量並降低通話時間價格，我們真的很興奮關於那裡的機會。所以我想說這些是我們的三大優先事項。

And Mark, if I can add. And Rick, thanks for the comment earlier. What I would say on top of it, when you think about integration, we have a very good plan in place as and when the deal gets closed. And lot of focuses, if you look at performance of individual companies, as Mark said, there are things that are working well, and we want to make sure we don't mess up on those things, including you saw the latest results from Inmarsat for the last quarter. So we want to make sure we maintain that and then these incremental things, as Mark talked to, we at least have a good thinking and planning place to start executing on.

馬克，如果我可以補充的話。還有 Rick，感謝您之前的評論。我要說的是，當你考慮整合時，我們有一個非常好的計劃，當交易完成時。還有很多焦點，如果你看看個別公司的表現，正如馬克所說，有些事情運作良好，我們希望確保我們不會搞砸這些事情，包括你看到了 Inmarsat 的最新結果最後一個季度。因此，我們要確保我們保持這一點，然後這些增量的東西，正如馬克所說，我們至少有一個好的思考和計劃的地方來開始執行。

And final one for me to wrap up on that third opportunity, L-band. Is there opportunity for S-band as well in this direct-to-device category. And how on does this business take to take off the direct-to-device? And what do you need to have in place besides just the spectrum?

最後一個讓我總結第三次機會，L 波段。在這種直接面向設備的類別中，S 波段是否也有機會？這項業務如何開展直接面向設備的業務？除了頻譜之外，您還需要準備什麼？

So the opportunity, I think, for direct-to-device is really going to be driven by the -- when we talk direct-to-device, a lot of times what people are referring to are devices that are primarily intended to operate on terrestrial networks, but that can also work directly on satellite networks. And so the big opportunities are, especially there for those frequencies that are easy to integrate into those terrestrial devices. And that includes both L- and S-band and there are different approaches to it. One of the things that we think is a big advantage of being able to do that with dedicated licensed MSS spectrum is that, that spectrum will appear with the terrestrial frequencies and those through devices to operate on.

因此，我認為，直接面向設備的機會實際上將由 - 當我們談論直接面向設備時，很多時候人們指的是主要用於操作的設備地面網絡，但也可以直接在衛星網絡上工作。因此，巨大的機遇就在眼前，尤其是對於那些易於集成到這些地面設備中的頻率而言。這包括 L 波段和 S 波段，並且有不同的方法。我們認為能夠使用專用許可的 MSS 頻譜做到這一點的一大優勢是，該頻譜將與地面頻率和通過設備運行的頻率一起出現。

And we think that, that will allow us to address geographic locations, many geographic locations that are within the coverage areas of terrestrial networks but just get poor service for a variety of reasons, poor placements of cell towers, shadowing, all those kinds of things. That's to be one of the biggest tractions of using licensed MSS spectrum.

我們認為，這將使我們能夠解決地理位置問題，許多地理位置在地面網絡覆蓋範圍內，但由於各種原因服務質量差，手機信號塔位置不佳，陰影，所有這些事情.這是使用許可的 MSS 頻譜的最大吸引力之一。

One of the things that's going to be a challenge in the rate of growth is that these are new capabilities for those devices. So the market can't scale any faster than -- the market for serving those devices can't scale faster than those devices get to market. But on the other hand, one of the really attractive things about us and Inmarsat and both having existing L-band MSS businesses is that we can evolve that without having a big ramp-up period. That's one of our objectives as we think has the same techniques that will make our services available and attractive to the terrestrial devices while also expand the market for the existing [category of] devices and we can just provide much better services. That's what our objective is. And we see that -- it's not going to be interesting thing, but we think it's a really attractive growth market for us.

增長速度面臨的挑戰之一是，這些是這些設備的新功能。因此，市場的擴展速度不能比——為這些設備提供服務的市場不能比這些設備進入市場的速度更快。但另一方面，關於我們和 Inmarsat 並且都擁有現有 L 波段 MSS 業務的真正有吸引力的事情之一是我們可以在沒有大的上升期的情況下發展它。這是我們的目標之一，因為我們認為擁有相同的技術可以使我們的服務對地面設備可用並具有吸引力，同時還可以擴大現有 [類別] 設備的市場，我們可以提供更好的服務。這就是我們的目標。我們看到了——這不會是一件有趣的事情，但我們認為這對我們來說是一個非常有吸引力的增長市場。

Your next question comes from the line of Simon Flannery with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Simon Flannery。

Could we talk about IFC for a minute. First, any color on the backlog sounds like you've been continuing to win there. So what's the outlook in terms of adding additional aircraft and growing volume on those aircraft? And what are you seeing in terms of the competitive landscape, the openness of the airlines to consider some of these LEO constellations. Is that something that they are exploring or they really prefer the geo solution for now?

我們能談談 IFC 嗎？首先，積壓工作中的任何顏色聽起來都像是您一直在那裡取得成功。那麼，增加額外的飛機和增加這些飛機的數量的前景如何？你在競爭格局方面看到了什麼，航空公司對考慮其中一些 LEO 星座的開放態度。這是他們正在探索的東西，還是他們現在真的更喜歡地理解決方案？

Okay. So one, our in-flight business has been really, really good. I think we've got a backlog of over 1300 planes. So even though we've been installing at a high rate, we've been winning at an even higher rate, which is great. I think that the -- and I think the reason we've been successful are the things that we've been highlighting to the airlines, which is kind of the simplest way to put it is like 3, 4 years ago, if you want -- if you want an impressing airline with your capabilities on in-flight connectivity you find airplane around and show them a speed of 100 megabits or 200 megabits and they go, (inaudible) and that's good.

好的。第一，我們的機上業務一直非常非常好。我認為我們積壓了 1300 多架飛機。因此，儘管我們的安裝率一直很高，但我們的成功率更高，這很棒。我認為 - 我認為我們成功的原因是我們一直向航空公司強調的事情，這是 3、4 年前最簡單的說法，如果你願意的話-- 如果你想要一家具有機上連接能力的令人印象深刻的航空公司，你會發現周圍有飛機，並向他們展示 100 兆位或 200 兆位的速度，然後他們就走了，（聽不清）這很好。

I think what the airlines have really come to appreciate is what's really hard is serving the peak demands at the busiest airports, especially those airports that have not only airline traffic, but are on port cities with maritime traffic. There are other traffic as well with that geographic concentration of demand that I think is really going to be the most challenging issue. And from our perspective, what we're hearing from the airlines is they want a good solution that offers their passengers, not only the connectivity, but the connectivity is pretty closely intertwined with their entertainment options, both live and stored entertainments.

我認為航空公司真正開始意識到真正困難的是滿足最繁忙機場的高峰需求，尤其是那些不僅有航空交通，而且位於有海上交通的港口城市的機場。還有其他交通以及需求的地理集中，我認為這確實將是最具挑戰性的問題。從我們的角度來看，我們從航空公司那裡聽到的是，他們想要一個好的解決方案，不僅可以為乘客提供連通性，而且連通性與他們的娛樂選擇密切相關，包括現場和存儲的娛樂。

And yes, of course, they're open to leo, geo whatever will allow them to deliver the services that their passengers want affordably, I think that's what they're going to be open to. So we're going to make sure that we're competitive there. That's what's driving us. And I think Inmarsat transaction is going to really help us do that.

是的，當然，他們對 leo 和 geo 持開放態度，無論什麼都能讓他們以負擔得起的方式提供乘客想要的服務，我認為這就是他們將要接受的。因此，我們將確保我們在那裡具有競爭力。這就是我們的動力。我認為 Inmarsat 交易將真正幫助我們做到這一點。

And Simon, sorry, great to reconnect. The other point, I would just say what Mark said, in the end, great products win. I think what we have is a much superior experience in product that's why the backlog and how we've been winning the customers as well. So that speaks to our core product and technology.

西蒙，抱歉，很高興重新聯繫。另一點，我只想說馬克所說的，最終，偉大的產品獲勝。我認為我們擁有的是產品方面的卓越體驗，這就是積壓的原因以及我們如何贏得客戶。這就是我們的核心產品和技術。

Great. And then on the consumer broadband, you've been constrained on capacity for several years now. What do you think the TAM is? Is it 5% of U.S. households. We've obviously seen Starlink make some strides there. How does your product stack up against that as we commercialize ViaSat-3?

偉大的。然後在消費者寬帶上，您多年來一直受到容量限制。你認為 TAM 是什麼？是美國家庭的5%嗎？我們顯然已經看到 Starlink 在這方面取得了一些進展。在我們將 ViaSat-3 商業化時，您的產品如何與之抗衡？

Sure. Yes. I think -- and if it's -- if you define the addressable market for satellite broadband broadly, to be those homes where we can -- the satellite industry can deliver a service that is I'd say, best than what they can get from a terrestrial option. That's how you define it. So don't think of it as generally the hurdle for doing that has continued to rise. But if you can deliver 25, 50, 100 megabits per second, and you can deliver sufficient bandwidth to allow people to meet their streaming needs, that's going to be competitive in probably what today is roughly 10 million to 15 million homes.

當然。是的。我認為——如果是的話——如果你廣泛地定義衛星寬帶的潛在市場，即我們可以做到的那些家庭——衛星行業可以提供我認為最好的服務，而不是他們可以從中獲得的服務一個地面選項。這就是你定義它的方式。所以不要認為這樣做的障礙普遍在持續上升。但是，如果你可以提供每秒 25、50、100 兆比特，並且你可以提供足夠的帶寬來滿足人們的流媒體需求，那麼在今天大約有 1000 萬到 1500 萬家庭中，這將具有競爭力。

What we're anticipating is that say by 5 years to the end of the decade, that may go down to 5 million to 7 million homes with the infrastructure build out that's currently contemplated comes to fruition. So that's kind of both where we are and where we think the market is heading. And then we think that, that our objectives are really to capture a reasonable, I'd say, a reasonably modest portion of that growth for broadband. Yes, that market -- I think, reasonably conservative moderate version of share of that market.

我們預計，到本世紀末的 5 年，隨著目前設想的基礎設施建設實現，這可能會減少到 500 萬到 700 萬戶家庭。因此，這既是我們所處的位置，也是我們認為市場的發展方向。然後我們認為，我們的目標確實是在寬帶增長中獲得合理的，我想說的適度部分。是的，那個市場——我認為，該市場份額相當保守的適度版本。

(Operator Instructions) Your next question comes from the line of Mike Crawford with B. Riley.

（操作員說明）你的下一個問題來自 Mike Crawford 和 B. Riley 的台詞。

Just to return to the first question about the debt. I thought there was some public disclosure that -- you had -- that agreement was in place through the end of May. Is that but you would potentially need to renegotiate in something if the close extended past 2 weeks ago?

回到關於債務的第一個問題。我認為有一些公開披露 - 你已經 - 該協議在 5 月底之前就位。是嗎，但如果收盤時間延長到 2 週前，您可能需要就某些事情重新談判？

Yes, Mike, this is Shawn. So I think the way I look at it is, as I said, still lots of moving parts. But I think we had some really good milestones and we're trying to close within our expected time frames. But again, I agree there's a lot of moving parts.

是的，邁克，這是肖恩。所以我認為我看待它的方式，正如我所說，仍然有很多活動部件。但我認為我們有一些非常好的里程碑，我們正試圖在我們預期的時間框架內完成。但同樣，我同意有很多活動部件。

So there was not an end of May component.

所以沒有 5 月底的組成部分。

The financing debt have a time frame to it, absolutely. So it stretched a bit originally beyond the original SPA date. So I think it's right around that time period is a good time.

融資債務絕對有一個時間框架。所以它最初超出了原始 SPA 日期。所以我認為正是在那個時間段左右是個好時機。

Okay. And then change in topic. And the SEC's NPRM for single network future with supplemental coverage from space and your comments, Viasat's argument for a technology-neutral approach that enables GSO systems in addition to non-geostationary systems to participate and direct-to-handset connectivity. And so the rules aren't proposed that way, do you care to handicap the likelihood that the FCC is going to include GSO when by the time we get a final report in order here?

好的。然後換個話題。 SEC 針對單一網絡未來的 NPRM 以及來自太空的補充覆蓋和您的評論，Viasat 的技術中立方法的論點，使 GSO 系統以及非地球靜止系統都能夠參與並直接連接到手機。所以規則不是那樣提出的，當我們在這裡得到一份最終報告時，你是否想阻止 FCC 將 GSO 包括在內的可能性？

Okay. One thing is -- there's no restriction on the devices that can be used with geosynchronous networks, right? So if the geosynchronous networks are capable of closing those links with the service level, the availability and the price points that customers want, then they're going to be completely fine. And there's already work underway both in the U.S. and globally to both demonstrate that and to bring those services to market. But it is a little bit of a complicated regulatory environment. What we think, and we think this is and we've kind of said this for both broad markets as well as narrow direct-to-device markets is that we think that the solution is going to end up being a combination of geosynchronous and non-geosynchronous satellites.

好的。一件事是——對可以與地球同步網絡一起使用的設備沒有限制，對吧？因此，如果地球同步網絡能夠關閉那些與客戶想要的服務水平、可用性和價格點的鏈接，那麼它們就會完全沒問題。美國和全球已經在開展工作，以證明這一點並將這些服務推向市場。但這是一個有點複雜的監管環境。我們的想法，我們認為這是，我們已經說過，對於廣泛的市場以及狹窄的直接設備市場，我們認為解決方案最終將成為地球同步和非地球同步的組合- 地球同步衛星。

One of the biggest issues in this direct-to-device market is going to be the geographic concentration of demand because especially in the direct-to-device market, the amount of demand, there will be over oceans or unpopulated areas, is not nearly as great as it will be in the population centers, especially in an environment where you can use dedicated licensed spectrum and conserve those populated areas that have all those kind of [thickness] -- black spots. So I think it's a dynamic area, but we don't see any reason that it's going to be exclusive to any particular orbit.

這個直接面向設備市場的最大問題之一將是需求的地理集中，因為特別是在直接面向設備市場中，需求量，將越過海洋或無人區，幾乎沒有與人口中心一樣大，特別是在您可以使用專用許可頻譜並保護那些具有所有這些[厚度] - 黑點的人口稠密地區的環境中。所以我認為這是一個動態區域，但我們看不出有任何理由表明它會專屬於任何特定軌道。

Okay. And then just one separate last question for me is, previously, you were building a test the online site satellite that used Link 16. And I think that led with the Link 16 sales. But does Viasat retain the capability and our desire to consider being a merchant satellite manufacturer.

好的。然後對我來說只有一個單獨的最後一個問題是，以前，你正在構建一個測試使用 Link 16 的在線站點衛星。我認為這導致了 Link 16 的銷售。但是 Viasat 是否保留了我們考慮成為商業衛星製造商的能力和願望。

So two things. One is the contracts that we had for Link 16 in space did go with the TDL sale. We still have working relationships around Link 16 with L3Harris. But there's also other tactical link programs other than Link 16 in and around L-band that are interesting to refer to radio customers. So we are continuing to work on that. And that's one of the attractions of your L-band direct-to-device market as that does open some really unique defense opportunities that are outside of Link 16 -- that are outside the Link 16 area. So yes, we are still working on those.

所以有兩件事。一是我們在太空中獲得的 Link 16 合同確實伴隨著 TDL 銷售。我們仍然與 L3Harris 圍繞 Link 16 保持工作關係。但是除了 Link 16 之外，在 L 波段內和周圍還有其他戰術鏈接程序，這些程序對無線電客戶來說很有趣。所以我們正在繼續努力。這就是 L 波段直接到設備市場的吸引力之一，因為它確實打開了 Link 16 之外的一些真正獨特的防禦機會——在 Link 16 區域之外。所以是的，我們仍在努力。

And just ancillary that is the [TrellisWare] waveform been into all this?

只是輔助的是 [TrellisWare] 波形進入了這一切嗎？

It certainly could. That's possible.

它當然可以。這是可能的。

There are no further questions at this time. I will turn the call back to Mark Dankberg.

目前沒有其他問題。我會將電話轉回給 Mark Dankberg。

Okay. Well, thanks very much, everybody, for joining us this time. And we'll look forward to speaking with you again next quarter.

好的。嗯，非常感謝大家這次加入我們。我們期待下個季度再次與您交談。

This concludes today's conference call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。