Viasat Inc (VSAT) 2024 Q2 法說會逐字稿

Good day, everyone. Welcome to Viasat's FY '24 Second Quarter Earnings Conference Call. Your host for today is Mark Dankberg, Chairman and CEO. You may proceed, Mr. Dankberg.

今天是個好日子。歡迎參加 Viasat '24 財年第二季財報電話會議。今天的主持人是董事長兼執行長馬克丹克伯格 (Mark Dankberg)。您可以繼續了，丹克伯格先生。

Thanks. Good afternoon, everybody, and thanks for joining us today. So with me, I've got Guru Gowrappan, our President; Shawn Duffy, our Chief Financial Officer; and Robert Blair, our General Counsel. So Robert, could you please start us with our safe harbor disclosure?

謝謝。大家下午好，感謝您今天加入我們。所以和我在一起的還有我們的總統 Guru Gowrappan； Shawn Duffy，我們的財務長；和我們的總法律顧問羅伯特·布萊爾。羅伯特，您能先向我們介紹我們的安全港揭露嗎？

Sure, 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 Forms 10-K and 10-Q. Copies are available from the SEC or from our website. Back to you, Mark.

當然，馬克。如您所知，本次討論將包含前瞻性陳述。這提醒人們，一些因素可能會導致實際結果有重大差異。有關這些因素的更多資​​訊包含在我們向 SEC 提交的文件中，包括我們最新的 10-K 和 10-Q 表格報告。副本可從 SEC 或我們的網站取得。回到你身邊，馬克。

Okay. Thanks. So we encourage reading the shareholder letter that we posted to our website earlier this afternoon for more details. I'll start with an overview of the main points, and then we'll allow time for questions. Our main objective today is to bring you up to date, organize some information and provide clarity on our plans.

好的。謝謝。因此，我們鼓勵您閱讀今天下午早些時候發佈到我們網站上的股東信，以了解更多詳細資訊。我將首先概述要點，然後我們將留出時間提問。我們今天的主要目標是向您介紹最新情況、整理一些資訊並闡明我們的計劃。

So I'll start with a quick update on performance in the quarter, which was really good overall, up well into double digits on revenue and adjusted EBITDA on a combined operating basis. I'll give an update on the status of the 2 satellite anomalies. They have the financial implications of putting those behind us and described in the go-forward plan. And then I'll give a quick reminder of our overall strategy and why we're well positioned for growth, primarily in the $108 billion market for commercial and government global mobility. And after that, Guru will go into more depth on the quarter with business highlights and financial results, give a little bit more color on the Inmarsat integration and give an update on our fiscal year '24 and '25 growth outlook.

因此，我將首先快速更新本季的業績，總體而言，業績非常好，營收和調整後 EBITDA 均大幅成長至兩位數。我將提供兩顆衛星異常狀態的最新資訊。它們具有將這些問題拋在腦後並在前進計劃中描述的財務影響。然後我將快速提醒我們的整體策略以及為什麼我們處於成長的有利位置，主要是在價值 1080 億美元的商業和政府全球流動市場中。之後，Guru 將更深入地介紹本季度的業務亮點和財務業績，對 Inmarsat 整合進行更多介紹，並提供我們 '24 和 '25 財年增長前景的最新信息。

Just for context at the beginning, we have a good track record of identifying and building profitable and enduring positions in a succession of specific, somewhat esoteric market segments, including against much larger competitors.

僅就開頭而言，我們在一系列特定的、有些深奧的細分市場（包括針對更大的競爭對手）中識別和建立有利可圖且持久的地位方面擁有良好的記錄。

I think the sale of the Tactical Data Links business earlier this year to a leading aerospace and defense company for about $2 billion, it's indicative of our ability to build long-term value while also transforming target market segments. We've been targeting global mobile broadband for over a decade, and we've had a big impact on the commercial in-flight connectivity market in the U.S. We aim to leverage our technology and domain knowledge and the extensive operational data that we've accumulated, along with Inmarsat's heritage to lead specific segments of this rapidly growing market for commercial and government global mobile. We can do it by focusing on quantitative performance metrics that are critical to our customers and bringing together the assets, skills and ecosystems needed to win on those metrics.

我認為今年稍早以約 20 億美元的價格將戰術數據鏈業務出售給一家領先的航空航天和國防公司，這表明我們有能力在創造長期價值的同時轉變目標細分市場。十多年來，我們一直瞄準全球行動寬頻，對美國的商業機上連接市場產生了巨大影響。我們的目標是利用我們的技術和領域知識以及我們所掌握的廣泛運營數據憑藉國際海事衛星組織(Inmarsat ) 的累積和傳統，引領這個快速成長的商業和政府全球行動市場的特定領域。我們可以透過專注於對客戶至關重要的定量績效指標，並將贏得這些指標所需的資產、技能和生態系統整合在一起來做到這一點。

Our financial performance in the second quarter demonstrates strength in global mobility. Core operating financial results were good across the business, both at Viasat and legacy Inmarsat. Excluding the onetime benefit of a legal settlement, operating revenue was up 16% year-over-year on a combined basis. And then excluding that onetime litigation benefit, and the satellite impairment charges, operating adjusted EBITDA was up 20%.

我們第二季的財務表現證明了全球流動性的實力。無論是 Viasat 還是傳統的 Inmarsat，整個業務的核心營運財務表現均表現良好。排除法律和解帶來的一次性收益，營業收入合計年增 16%。然後，排除一次性訴訟收益和衛星減損費用，調整後的經營 EBITDA 成長了 20%。

Our aviation business, continuous steady growth. Our customers' fleet of planes is up to 3,350 and still growing. Passenger engagement is growing. and we've got a robust pipeline of new orders. Information assurance products for secured government data centers and antenna systems are also growing very well. Maritime is growing modestly, and we see opportunities to build momentum there. Our outlook is also quite good. We anticipate continued growth in revenue and adjusted EBITDA during fiscal year '24 and fiscal year '25 and to reach free cash flow positive in the first half of calendar '25.

我們的航空業務持續穩定成長。我們客戶的機隊數量已達 3,350 架，並且仍在持續成長。乘客參與度不斷增長。我們擁有大量新訂單。用於安全政府資料中心和天線系統的資訊保障產品也成長良好。海運業正在溫和成長，我們看到了在那裡建立勢頭的機會。我們的前景也相當不錯。我們預計在 24 財年和 25 財年收入和調整後 EBITDA 將持續成長，並在 25 財年上半年實現正向自由現金流。

So go up to the satellite anomalies. Those on ViaSat-3, 5, 1 and Inmarsat-6, 5, 2 this summer were two totally different events. And they were setbacks, but we have plans to deal with each. The I-6 F2 will result in a total write-off. A claim for about $349 million will be submitted to insurers shortly. I-6 F2's near-term contribution to revenue was expected to be small. It was part of a longer-term planned evolution of Inmarsat's redundant global L-band coverage to a newer generation of satellites. We have a provision in our updated capital budget to replace that mission of I-6 F2 in a timely manner. ViaSat-3 Flight 1 is impaired, and as we disclosed recently, we expect it will have less than 10% of nominal total throughput. We expect to file an insurance claim this calendar year for about $421 million.

所以上去看看衛星異常狀況。今年夏天 ViaSat-3、5、1 和 Inmarsat-6、5、2 上的事件是兩個完全不同的事件。這些都是挫折，但我們都有應對每一個挫折的計畫。 I-6 F2 將導致全部註銷。大約 3.49 億美元的索賠將很快提交給保險公司。 I-6 F2 近期對營收的貢獻預計較小。這是 Inmarsat 冗餘全球 L 波段覆蓋向新一代衛星發展的長期計畫的一部分。我們更新的資本預算中有一項規定，可以及時取代 I-6 F2 的任務。 ViaSat-3 航班 1 已受損，正如我們最近所揭露的那樣，我們預計其吞吐量將低於名義總吞吐量的 10%。我們預計今年將提出約 4.21 億美元的保險索賠。

The anomaly affected what's called the feeder link antenna. The rest of the satellite has operated nominally or better to date. Our focus has been on characterizing the affected antenna so we can compensate for the anomaly optimally. We've made a lot of progress there. The satellite system is software-defined on the ground, which gives us a lot more tools that we can use. We can use them to optimize available throughput for global mobility, especially by dynamically steering coverage beams on moving airplanes and ships and to the busiest airports, seaports, or wherever there's instantaneous demand is greatest.

這種異常影響了所謂的饋線鏈路天線。迄今為止，衛星的其餘部分已經正常運作或更好。我們的重點是表徵受影響的天線，以便我們能夠最佳地補償異常情況。我們在那裡取得了很大進展。衛星系統是在地面上由軟體定義的，這為我們提供了更多可以使用的工具。我們可以使用它們來優化全球移動的可用吞吐量，特別是透過動態地將覆蓋波束轉向移動的飛機和船舶以及最繁忙的機場、海港或瞬時需求最大的任何地方。

We also can effectively increase the capacity of our other satellites in our fleet for global mobility by the way we use each of the ViaSat-3s, including Flight 1. Our fixed U.S. business though depends more on the volume of bandwidth than on dynamic beam steering, so we expect it will decline until we launch and position the next ViaSat-3. We expect to grow in fiscal '24 and fiscal '25 nonetheless, driven by the backlog and outlook in global mobility and government. ViaSat-3 Flight 3 has a launch contract now for the fourth quarter of calendar '24, about a year from now. Either ViaSat-3 Flight 2 or Flight 3 would replace Flight 1 over the Americas.

我們也可以透過使用每顆ViaSat-3 衛星（包括Flight 1）來有效增加我們機隊中其他衛星的容量，以實現全球移動。不過，我們的固定美國業務更依賴頻寬量，而不是動態波束控制，因此我們預計它會下降，直到我們推出並定位下一個 ViaSat-3。儘管如此，在全球流動性和政府的積壓和前景的推動下，我們預計 24 財年和 25 財年將實現成長。 ViaSat-3 Flight 3 現在已簽訂了 24 年第四季（大約一年後）的發射合約。 ViaSat-3 航班 2 或航班 3 將取代飛越美洲的航班 1。

And then Flight 1 would be relocated to report on the Flight 1 antenna root cause and then the corrective actions for Flight 2 from the antenna manufacturer is planned for next week. The Flight 2 satellite is awaiting corrective actions to be effective in antenna and then integration with the completed spacecraft. So we'll give an update on that schedule next quarter.

然後，Flight 1 將被重新定位，以報告 Flight 1 天線的根本原因，然後天線製造商計劃在下週對 Flight 2 採取糾正措施。 Flight 2 衛星正在等待天線的糾正措施生效，然後與已完成的太空船整合。因此，我們將在下個季度更新該時間表。

The other satellite update is that we don't anticipate additional material investment in ViaSat-4, and we've written down that asset. It was designed prior to the Inmarsat acquisition when fixed services were a higher priority. Given the timing on the ViaSat-3s and our focus on mobility, its need date is further out than originally planned, so deferring capital investment now saves several hundred to millions of dollars in the near term and accelerates our free cash flow generation and it improves profitability. We expect that key technology work that was performed on ViaSat-4 will apply to a future broadband satellite that will deliver better returns in mobility applications.

衛星的另一個更新是，我們預計不會對 ViaSat-4 進行額外的物質投資，並且我們已經減記了該資產。它是在 Inmarsat 收購之前設計的，當時固定服務具有更高的優先順序。鑑於ViaSat-3 的時間安排以及我們對移動性的關注，其需求日期比原計劃要晚，因此推遲資本投資現在可以在短期內節省數億至數百萬美元，並加速我們的自由現金流生成，並改善獲利能力。我們預計，在 ViaSat-4 上進行的關鍵技術工作將適用於未來的寬頻衛星，從而在行動應用中帶來更好的回報。

The end result is a write-off of the 3 satellite assets of about $900 million, net of insurance. The schedule for Flight 1, remember the build schedule for Flight 1 was much longer than through Flight 2 or 3 due to both COVID issues and learning curve. So its cost was higher than the others. The bulk of the write-off is due to ViaSat-3 Flight 1, I-6 Flight 2, about $350 million of capitalized interest.

最終結果是扣除保險後，沖銷 3 顆衛星資產約 9 億美元。航班 1 的時間表，請記住，由於新冠病毒問題和學習曲線，航班 1 的建造時間表比航班 2 或 3 長得多。所以它的成本比其他的要高。大部分註銷是由於 ViaSat-3 航班 1、I-6 航班 2 的資本化利息約為 3.5 億美元。

So I'll just briefly touch on our strategy before we go to Guru. And just to be sure, our strategy is to lead specific government, commercial, global mobility market segments that have common characteristics that drive value creation for our customers and for us. So looking for broadband customers whose connectivity is directly coupled to operational needs or wants and where customers are motivated to understand and measure the quality of connectivity that they need for those purposes. And we're looking for customers that want contractual assurance, they get the connectivity they need for their missions, overall, the times and places their platforms travel. So that means measuring the times and places where connectivity is most stressed, those congestion hotspots that can undermine achieving their operational purposes.

因此，在我們討論 Guru 之前，我將簡要介紹我們的策略。可以肯定的是，我們的策略是引領特定的政府、商業、全球行動細分市場，這些細分市場具有共同特徵，可以為我們的客戶和我們創造價值。因此，尋找連接與營運需求或需求直接相關的寬頻客戶，並且客戶有動機了解和衡量他們為此目的所需的連接品質。我們正在尋找需要合約保證的客戶，他們可以獲得完成任務所需的連接，總體而言，以及他們的平台旅行的時間和地點。因此，這意味著測量連接壓力最大的時間和地點，這些擁塞熱點可能會破壞其營運目的的實現。

We can attract and serve those customers by meeting specific, granular service-level commitments and then giving them the data and insights they need to optimize their own financial performance. We think that describes a large and growing portion of the global mobile market. Our success in in-flight connectivity, the outcome of applying that strategy over a journey of discovery that we've taken with our airline customers. First, quantifying the demand elasticity and value creation for different forms of in-flight WiFi service offerings and then measuring highly concentrated demand at peak times at busy airports that comes with high passenger engagement, and where other services haven't really performed reliably. And then finally, as good connectivity becomes more widely available across airlines and routes, it becomes critical to each airline to both differentiate their brand and their value propositions from other airlines while also capturing the value that's created by that connectivity.

我們可以透過滿足具體、精細的服務水準承諾來吸引和服務這些客戶，然後為他們提供優化其財務績效所需的數據和見解。我們認為這描述了全球行動市場的很大一部分且不斷增長。我們在機上連接方面取得的成功，是我們在與航空公司客戶一起進行的發現之旅中應用該策略的結果。首先，量化不同形式的機上 WiFi 服務產品的需求彈性和價值創造，然後測量繁忙機場高峰時段高度集中的需求，這些機場的乘客參與度很高，而其他服務尚未真正可靠地運作。最後，隨著良好的連通性在航空公司和航線上變得越來越廣泛，對於每家航空公司來說，將自己的品牌和價值主張與其他航空公司區分開來，同時抓住連通性所創造的價值就變得至關重要。

So we can apply these points to multiple market segments. Once a few customers understand the significance of connectivity measurements over entire routes and the hotspot challenges and then translate that into competitive advantage, it tends to drive change across entire market segments. The dynamic global coverage and beam steering of the ViaSat-3 constellation even with an impaired Flight 1 as well as the capabilities of the upcoming GX789 series support our strategy. So this continues to resonate with customers, and it's resulting in new business globally, including some examples this quarter such as Korean Air, Malaysian Airlines, Atlantic Offshore, Porter Airlines and with the U.S. Space Force and more.

所以我們可以將這些點應用到多個細分市場。一旦一些客戶了解整個路線的連接測量的重要性以及熱點挑戰，然後將其轉化為競爭優勢，它往往會推動整個細分市場的變化。即使 1 號航班受損，ViaSat-3 星座的動態全球覆蓋和波束控制以及即將推出的 GX789 系列的功能也支援我們的策略。因此，這繼續引起客戶的共鳴，並在全球範圍內帶來新的業務，包括本季度的一些例子，如大韓航空、馬來西亞航空、大西洋近海航空、波特航空以及美國太空軍等。

The other important element of our strategy is to better leverage Inmarsat's global L-band leadership. L-band is very well suited to low-cost, highly reliable, weather-resilient coverage for emergency voice and operational data and a growing opportunity to integrate both satellite and terrestrial coverage for Internet of Things and mainstream mobile devices. There's already substantial overlap in the customer base between our broadband and L-band markets, and there's good opportunity to further differentiate our integrated service offerings. So our near-term growth outlook is good, and longer term is even more exciting.

我們策略的另一個重要因素是更好地利用 Inmarsat 在全球 L 頻段的領導地位。 L 頻段非常適合用於緊急語音和操作資料的低成本、高可靠性、全天候覆蓋，以及整合物聯網和主流行動裝置的衛星和地面覆蓋的機會不斷增加。我們的寬頻和 L 波段市場之間的客戶群已經存在大量重疊，並且有很好的機會進一步使我們的整合服務產品脫穎而出。因此，我們的近期成長前景良好，而長期成長前景則更加令人興奮。

As part of our comprehensive review upon closing the Inmarsat acquisition, we're refining our strategy to make sure we're focused on the right market segments and refining value propositions that resonate with customers. As we complete and deploy the capital investments to take those value propositions global, that we generate the cash flow we're aiming for. We're planning an Investor Day in March of 2024, where we'll go into more depth on the analytics and the customer journeys describing that underpin our approach.

作為完成 Inmarsat 收購後全面審查的一部分，我們正在完善我們的策略，以確保我們專注於正確的細分市場，並完善與客戶產生共鳴的價值主張。當我們完成並部署資本投資以將這些價值主張推向全球時，我們就會產生我們想要的現金流。我們計劃在 2024 年 3 月舉辦投資者日，屆時我們將更深入地分析和描述支撐我們方法的客戶旅程。

So now I hand it over to Guru, who will talk about our second quarter.

現在我把它交給 Guru，他將談論我們的第二季。

Great. Thanks, Mark. I will cover 3 key topics today: our Q2 financial performance, our integration and transformation and an update on our combined outlook. We are executing on our strategy and delivered a strong core financial and operational performance during Q2. Core revenue and adjusted EBITDA both grew by double digits year-over-year driven by our government, aviation and maritime businesses. Legacy Inmarsat and Viasat both performed well with strong contributions.

偉大的。謝謝，馬克。今天我將討論 3 個關鍵主題：我們第二季的財務表現、我們的整合和轉型以及我們綜合展望的最新情況。我們正在執行我們的策略，並在第二季度實現了強勁的核心財務和營運績效。在我們的政府、航空和海運業務的推動下，核心收入和調整後 EBITDA 均實現兩位數年增長。 Legacy Inmarsat 和 Viasat 均表現出色，並做出了巨大貢獻。

Some of the key highlights from the quarter include Government Systems had another quarter of strong demand for our information assurance encryption products, which drove product revenue up 50% year-over-year. And during the quarter, we were awarded a proliferated LEO satellite-based services contract by the U.S. Space Force as part of their $900 million IDIQ program. Services will be comprised of our current and future satellite constellation capabilities as well as a partner LEO/MEO networks to deliver integrated multi-orbit solutions that may include space relay services.

本季度的一些主要亮點包括政府系統對我們的資訊保障加密產品的另一個季度的強勁需求，這推動產品收入年增 50%。在本季度，我們獲得了美國太空軍授予的一份數量激增的基於 LEO 衛星的服務合同，作為其 9 億美元 IDIQ 計劃的一部分。服務將包括我們目前和未來的衛星星座能力以及合作夥伴的 LEO/MEO 網絡，以提供整合的多軌道解決方案，其中可能包括太空中繼服務。

Next, U.K. National Cyber Security Centre evaluated our next-generation data-at-rest cryptography solid state drive for top secret classification, which was successful, and we are only hardware-encrypted SSD using the industry standard interface and form factor to attain the status. Recent trends in Satellite Services continued with strong growth in commercial IFC, which ended the quarter with 3,350 aircraft in service, up 19% year-over-year on a combined basis and 1,600 aircraft in backlog. U.S. fixed broadband revenue declined as fewer residential subscribers were partially offset by higher ARPU. We continue to reallocate bandwidth to support rapid IFC growth.

接下來，英國國家網路安全中心對我們的下一代靜態資料加密固態硬碟進行了絕密分類評估，結果非常成功，而且我們是唯一使用行業標準介面和外形尺寸的硬體加密 SSD 獲得此地位。衛星服務的最新趨勢繼續保持著商業 IFC 的強勁增長，該季度末共有 3,350 架飛機在役，年增長 19%，積壓飛機 1,600 架。美國固定寬頻收入下降，原因是住宅用戶數量減少，但 ARPU 增加部分抵消了這種影響。我們繼續重新分配頻寬以支援 IFC 的快速成長。

In addition, we announced several commercial air customer updates, as Mark mentioned earlier: Malaysia Airlines' selection of our IFE solution for its new Boeing 737-8 aircraft, Korean Air's selection of our IFC solution for its upcoming Airbus A321neo aircraft and additional orders for both IFE and IFC solutions on Porter Airlines' new Embraer E195-E2 aircraft. Maritime revenue continued modest growth. The total Ka-band mobility platforms, which includes vessels and aircraft grew to over 19,000, up about 2% sequentially.

此外，我們也宣布了幾項商業航空客戶更新，正如Mark 先前提到的：馬來西亞航空為其新型波音737-8 飛機選擇了我們的IFE 解決方案，大韓航空為其即將推出的空中巴士A321neo飛機選擇了我們的IFC 解決方案，以及波特航空公司新型巴西航空工業公司 E195-E2 飛機上的 IFE 和 IFC 解決方案。海事收入繼續小幅增長。 Ka波段移動平台總數（包括船舶和飛機）增加至超過19,000個，季增約2%。

Finally, awards for the quarter were up 15% year-over-year to $1 billion. Backlog was $3.6 billion at quarter end. We have a couple of one-off items in Q2. In the Commercial Networks segment, we recognized a nonrecurring benefit to product revenue of $95 million and adjusted EBITDA benefit of $86 million as a result of litigation settlement. In the prior year period, we recorded revenue of $56 million and adjusted EBITDA of $51 million related to the same litigation. We also announced $900 million of net asset impairment charges primarily related to the previously announced satellite anomalies, which includes approximately $350 million of capitalized interest.

最後，本季的獎金年增 15%，達到 10 億美元。截至季末，積壓訂單為 36 億美元。我們在第二季有幾個一次性項目。在商業網路部門，我們確認產品收入的非經常性收益為 9,500 萬美元，由於訴訟和解，調整後的 EBITDA 收益為 8,600 萬美元。去年同期，我們與同一訴訟相關的收入為 5,600 萬美元，調整後 EBITDA 為 5,100 萬美元。我們也宣布了 9 億美元的淨資產減損費用，主要與先前宣布的衛星異常相關，其中包括約 3.5 億美元的資本化利息。

Now some color on the financials. Q2 FY 2024 revenue was $1.2 billion. This was up 85% compared to revenue from continuing operations of $664 million in Q2 FY 2023. Excluding the nonrecurring litigation benefit from both years and including Inmarsat in both years, Q2 2024 revenue was up 16% year-over-year. Net loss totaled $767 million for fiscal Q2, which increased from $48 million net loss in the year ago period primarily due to net asset impairment charges related to satellite anomalies. Adjusted EBITDA for the quarter was $486 million, an increase of 210% year-over-year from continuing operations. Excluding the nonrecurring litigation benefit from both years, asset impairment charges and including Inmarsat in both years, Q2 FY 2024 adjusted EBITDA was up 20% year-over-year. Sequentially, net leverage decreased to approximately 3.7x estimated combined last 12 months adjusted EBITDA as of Q2 FY 2024, which is a 0.2x sequential improvement and substantially favorable to the plan at the time the Inmarsat acquisition was announced.

現在對財務狀況進行一些分析。 2024 財年第二季營收為 12 億美元。與2023 財年第二季度的持續營運收入6.64 億美元相比，這一數字增長了85%。排除這兩年的非經常性訴訟收益並包括Inmarsat 的收入，2024 年第二季度的收入同比增長16%。第二財季淨虧損總計 7.67 億美元，較上年同期的 4,800 萬美元淨虧損增加，主要是由於與衛星異常相關的淨資產減損費用。該季度調整後 EBITDA 為 4.86 億美元，由於持續經營業務年增 210%。不計兩年的非經常性訴訟收益、資產減損費用，並包括兩年的 Inmarsat，2024 財年第二季調整後 EBITDA 較去年同期成長 20%。隨後，截至 2024 財年第二季度，淨槓桿率下降至預計過去 12 個月調整後 EBITDA 合計的約 3.7 倍，環比提高了 0.2 倍，對宣布 Inmarsat 收購時的計劃大為有利。

We have significant financial flexibility with more than $3 billion of liquidity, including approximately $2 billion of cash and cash equivalents on our balance sheet at quarter end and no near-term maturities. And we have a fully funded path to positive free cash flow. In addition to our solid results, we were also proud to be recognized by the U.S. government at this year's G20 Summit for our work to help close the gender digital divide and bring Internet access to women in remote areas of the world. You can find a more complete review of our results in the shareholder letter that we posted today. Overall, as you heard from Mark as well, which this was an excellent quarter for Viasat.

我們擁有顯著的財務靈活性，擁有超過 30 億美元的流動性，其中包括季末資產負債表上約 20 億美元的現金和現金等價物，且沒有短期到期的情況。我們有一條通往正自由現金流的充足資金之路。除了我們所取得的紮實成果之外，我們還很自豪在今年的 G20 峰會上獲得美國政府的認可，因為我們在幫助縮小性別數字鴻溝以及為世界偏遠地區的婦女提供互聯網接入方面所做的工作。您可以在我們今天發布的股東信中找到對我們業績的更完整的審查。總體而言，正如您從 Mark 那裡聽到的那樣，對於 Viasat 來說，這是一個出色的季度。

Now moving to the next topic, which is integration and transformation. Our integration of Inmarsat and the transformation of our combined organization is going well, and is ahead of the plan bringing greater certainty that we will deliver and exceed our synergy goals for the Inmarsat acquisition. Last week, we took the required labor actions to achieve annual operating expense savings of approximately $100 million beginning fiscal year 2025, which positions the company for improved profitability going forward. This time line represents a multiyear acceleration relative to our targets.

現在進入下一個主題，即整合與轉型。我們對 Inmarsat 的整合以及合併後組織的轉型進展順利，並且領先於計劃，這為我們實現並超越 Inmarsat 收購的協同目標帶來了更大的確定性。上週，我們採取了必要的勞工行動，從 2025 財年開始每年節省約 1 億美元的營運費用，這使公司未來的獲利能力得到提高。這條時間線代表著相對於我們的目標的多年加速。

Separately, the benefit to capital expenditures was included in our FY '25 guidance of $1.4 billion to $1.5 billion announced last month. We expect to incur $45 million of onetime costs related to these actions. As financial discipline remains a top priority, we are working every opportunity to improve our cost structure and operational efficiency, including taking a closer look at our third-party procurement spend, more disciplined capital expenditure and benchmarking to accelerate the timing and magnitude of free cash flow.

另外，我們上個月宣布的 25 財年 14 億至 15 億美元指引中也包含了資本支出收益。我們預計將承擔與這些行動相關的 4500 萬美元一次性成本。由於財務紀律仍然是重中之重，我們正在利用一切機會來改善我們的成本結構和營運效率，包括仔細研究我們的第三方採購支出、更嚴格的資本支出和基準測試，以加快自由現金的時間和規模流動。

Now transitioning to outlook. I'll wrap up with a high-level summary of our financial outlook. We are excluding satellite impairment charges and the nonrecurring benefit from the litigation settlement announced today from our guidance. For FY 2024, we expect revenue growth in the high single-digit percentages over FY 2023 for the combined company, with revenue growing to a range of $4.1 billion to $4.25 billion. For FY 2024, we expect adjusted EBITDA growth in the mid single-digit percentages over FY 2023 for the combined company. We expect FY 2024 adjusted EBITDA to grow to a range of $1.25 billion to $1.3 billion.

現在過渡到 Outlook。最後，我將對我們的財務前景進行高度總結。我們的指引中不包括衛星減損費用以及今天宣布的訴訟和解所帶來的非經常性收益。對於 2024 財年，我們預計合併後公司的營收將比 2023 財年實現高個位數百分比成長，營收將成長至 41 億美元至 42.5 億美元之間。對於 2024 財年，我們預計合併後公司的調整後 EBITDA 將比 2023 財年實現中等個位數百分比成長。我們預計 2024 財年調整後 EBITDA 將成長至 12.5 億美元至 13 億美元之間。

In FY 2025, we continue to expect both revenue and adjusted EBITDA to grow. FY 2024 capital expenditures are expected to be approximately $1.7 billion then decline in FY 2025 to a range of $1.4 billion to $1.5 billion, inclusive of a placeholder for the potential funding of an I-6 F2 replacement. Capital expenditure guidance does not include the expected $770 million benefit from insurance recoveries. Note that we include capitalized interest in our CapEx guidance.

2025 財年，我們繼續預期營收和調整後 EBITDA 都會成長。 2024 財年的資本支出預計約為 17 億美元，然後在 2025 財年下降至 14 億至 15 億美元的範圍，其中包括 I-6 F2 替代品的潛在資金佔位。資本支出指引不包括預期的 7.7 億美元保險賠償收益。請注意，我們在資本支出指南中包含了資本化利息。

Our path to positive free cash flow in the first half of calendar year 2025 is driven by sourcing growth from our large and growing markets, which includes government, aviation and maritime, realizing realization of our sizable backlog, meaningful cost rationalization and a disciplined CapEx spending, which benefits from the natural decline as we launch our satellites. We are driving cost structure improvements with synergies, scale and benchmarking. And the magnitude of free cash flow is expected to increase meaningfully as we place ViaSat-3 F2 and F3 satellites into service. So there you have it.

我們在2025 年上半年實現正自由現金流的途徑是透過從我們龐大且不斷增長的市場（包括政府、航空和海運）獲取成長，實現我們大量的積壓訂單、有意義的成本合理化和嚴格的資本支出，這受益於我們發射衛星時的自然衰退。我們正在透過協同效應、規模和基準來推動成本結構的改善。隨著 ViaSat-3 F2 和 F3 衛星投入使用，自由現金流的規模預計將顯著增加。所以你有它。

While we've had unfortunate satellite setbacks, we have a very good hand, and we are optimizing and growing the strong assets we have. Our operational performance in Q2 was excellent, and we are on track to achieve very material synergy value then expect the combined company to grow revenue and adjusted EBITDA in FY '24 and FY '25, while creating a powerful global mobility and government business. And to be clear, our FY '25 growth is based on a full 12 months of Inmarsat in FY '24.

雖然我們在衛星方面遭遇了不幸的挫折，但我們擁有非常好的優勢，我們正在優化和發展我們擁有的強大資產。我們第二季的營運業績非常出色，我們預計將實現非常重大的協同價值，然後預計合併後的公司將在24 財年和25 財年實現收入成長和調整後EBITDA，同時創建強大的全球流動性和政府業務。需要明確的是，我們 25 財年的成長是基於 Inmarsat 24 財年整整 12 個月的成長。

With that, I'll pass it back to Mark.

這樣，我會將其傳回給馬克。

Okay. Thanks, Guru. And with that, I think we'll open it up for questions.

好的。謝謝，古魯。至此，我想我們將開放提問。

(Operator Instructions) We'll take the first question from Phil Cusick, JPMorgan.

（操作員說明）我們將回答摩根大通 Phil Cusick 提出的第一個問題。

I guess a couple, if I can. First, was the decision to move away from the ViaSat-4 and focus on mobility, the statement on the viability of home broadband from satellite? Or is that more of a just timing and capital needs? And then second, can you talk about the plans for the cash on the balance sheet and the insurance proceeds coming in? There's some debt at a discount. Does it make sense to pick off that? Or do you want to have this cash on the balance sheet for a long time?

如果可以的話，我想有一對。首先，放棄 ViaSat-4 並專注於移動性的決定是否是關於衛星家庭寬頻可行性的聲明？或者這更多的是一個公正的時機和資本需求？其次，您能談談資產負債表上的現金和保險收益的計劃嗎？有一些折扣債務。剔除這個有意義嗎？或者你想把這筆現金長期保留在資產負債表上嗎？

Okay. Yes. First on the ViaSat-4, we have been targeting the mobility broadband market for -- probably for about as long as we've been -- since we launched ViaSat-1. And because the customers value the services better, we're not dealing with or competing with government subsidies. And the other thing now that's really come to light, especially in our experience in in-flight and the data that we have from Inmarsat in the maritime business is that, that -- dealing with that mobility factor and the concentration of demand, it's a really hard and tricky problem. We think we're really well suited to do that. And whereas the original design of ViaSat-4 that we started really was about large bulk amounts of bandwidth at low cost. What we're really going to be leveraging is global coverage and the ability to put that demand in the same patterns as the customers' usage requires. So we feel like we can do better in that we've got 7 other Ka-band satellites that will be launched over about the next 3 years. So we felt it made complete economic sense to focus on those mobility markets and then bring a new broadband mobility satellite to market following those later on at the end of the decade.

好的。是的。首先是 ViaSat-4，自從我們推出 ViaSat-1 以來，我們一直瞄準行動寬頻市場——可能一直以來都是如此。由於客戶更重視服務，因此我們不會與政府補貼打交道或與之競爭。現在真正暴露出來的另一件事是，特別是根據我們在飛行中的經驗以及我們從 Inmarsat 在海事業務中獲得的數據，處理移動性因素和需求集中度，這是一個確實很難而且棘手的問題。我們認為我們非常適合這樣做。而我們最初設計的 ViaSat-4 確實是以低成本提供大量頻寬。我們真正要利用的是全球覆蓋範圍以及將需求置於與客戶使用所需相同模式的能力。因此，我們覺得我們可以做得更好，因為我們還有 7 顆其他 Ka 波段衛星將在未來 3 年內發射。因此，我們認為專注於這些行動市場，然後在本世紀末將新的寬頻行動衛星推向市場，是完全具有經濟意義的。

Phil, I can hit your question on the cash on the balance sheet. So I think a couple of things. One, I just want to -- given the credit markets want to stay in a very good liquid position and keep that liquidity and agility in the -- on the balance sheet, I think if you think about the net carry, given the investments we've been able to make and net of the tax impact of the interest expense and the benefits we get there is just it's not as painful to carry that flexibility. And so that's kind of a guidepost for us right now.

菲爾，我可以回答你關於資產負債表上現金的問題。所以我想有幾件事。第一，我只是想——考慮到信貸市場希望保持良好的流動性狀況，並在資產負債表上保持流動性和靈活性，我想如果你考慮一下淨利差，考慮到我們的投資已經能夠扣除利息費用的稅收影響以及我們獲得的好處，只是保持這種靈活性並不那麼痛苦。所以這對我們來說是一個路標。

Next up, we'll hear from Mike Crawford, B. Riley Securities.

接下來，我們將聽取 B. Riley 證券公司的 Mike Crawford 的演講。

In Commercial Networks, you have this Cisco settlement of the sold jury award that you won against Acacia when its co-founder install some coding structure and emailed it to their employees. But -- so now you've got 2 settlements with them, but also there's this ongoing licensing and royalty requirement that, I guess, is going to improve ongoing Commercial Network EBITDA. Is there any way you can quantify what that might be or how long that might last?

在 Commercial Networks 中，您可以看到 Cisco 與 Acacia 的聯合創始人安裝了一些編碼結構並將其透過電子郵件發送給員工時贏得的陪審團裁決的出售陪審團裁決。但是，現在你已經與他們達成了兩項和解，而且還有持續的許可和特許權使用費要求，我想這將改善正在進行的商業網絡 EBITDA。有什麼方法可以量化這可能是什麼或可能持續多久？

Yes, we do have some ongoing benefits from the agreement, but the terms of the agreement are confidential. So we can't really give you the details there. We have included the benefits we expect and the outlook though.

是的，我們確實從該協議中獲得了一些持續的好處，但該協議的條款是保密的。所以我們無法向您提供詳細資訊。我們已經包含了我們期望的好處和前景。

Okay. And then regarding the status of, I guess, the ViaSat-3 F2 and F3 satellites. So is there -- you're waiting to attach the final reflector component. Like how -- is there a way you can quantify the timing of some of these steps so we know when potentially that could be a launch, let's say, if you got it all clear to move ahead, say, next week?

好的。然後關於 ViaSat-3 F2 和 F3 衛星的狀態。那麼，您正在等待安裝最終的反射器組件。例如，有沒有一種方法可以量化其中一些步驟的時間安排，以便我們知道什麼時候可能會發布，比如說，如果你已經完全清楚可以繼續前進，比如下週？

Yes. The schedule for integration of the reflector once it's delivered to Boeing is pretty clear. The thing that we're going to get more information on next week is what that lead time will be for the reflector delivery. We have -- I think we have a very good understanding of what step in the deployment process failed and how to avoid that on the next deployment. And then there's potentially even additional measures that we could use to back those up. That's what we'll find out, and we'll have that discussion. We'll -- think it'd be better to get the data before we speculate.

是的。一旦反射器交付給波音公司，其整合時間表就非常明確了。我們下週將獲得更多信息，即反射鏡交付的交貨時間。我認為我們對部署過程中的哪個步驟失敗以及如何在下一次部署中避免失敗有了很好的理解。然後我們甚至可以使用其他措施來支持這些措施。這就是我們將要發現的，我們將進行討論。我們認為在推測之前最好先取得數據。

For Flight 3, the Flight 3 has been on the same schedule for quite a long time. We -- over -- I think since the last time we reported, we executed a launch contract, and that was -- that's for the Q4, which was really driven by launch vehicle availability, launch window availability. So that one, I think, is -- that one we're pretty confident in. Then the issue will just be if it turns out that the 2 satellites end up being very close together, we'll figure out how to prioritize, how to prioritize them or the extent which we could do them both at the same time if that was the case.

對於 3 號航班，3 號航班在相當長的一段時間裡一直按相同的時間表運行。我們——結束了——我想自從我們上次報道以來，我們執行了一份發射合同，那就是——這是第四季度的發射合同，這實際上是由運載火箭的可用性、發射窗口的可用性驅動的。所以我認為，我們對此非常有信心。那麼問題就在於，如果事實證明兩顆衛星最終非常接近，我們將弄清楚如何確定優先順序，如何確定它們的優先順序，或者如果是這種情況的話，我們可以同時進行它們的程度。

Okay. And then just maybe two really quick ones. You mentioned Space Force mobility services. Is that something that's new? And is that something that would be show up in government systems or satellite services?

好的。然後也許只有兩個非常快的。您提到了太空部隊的機動服務。這是新事物嗎？這會出現在政府系統或衛星服務中嗎？

That would show up in Government Systems, and it's -- yes, it is new. It's new for us, and it's a little bit unique to our networking services, more networking technology and our services, both.

這將出現在政府系統中，而且它是——是的，它是新的。這對我們來說是新鮮事，對於我們的網路服務、更多的網路技術和我們的服務來說都有點獨特。

Okay. And then the last one is just, did I hear correctly that the IP from ViaSat-4, even though it was supposed to give you some kind of sevenfold increase in capacity versus say a ViaSat-3, that there's no way to put any of those innovations in any of these next 7 Ka-band satellites that are launching, but it would -- the first we would see would be in the mobility satellite after that. Is that what I heard?

好的。然後最後一個是，我是否正確地聽到了 ViaSat-4 的 IP，儘管它應該給你帶來某種程度的容量比 ViaSat-3 增加七倍，但沒有辦法將任何這些創新將出現在接下來發射的7 顆Ka 波段衛星中，但我們首先看到的將是在那之後的移動衛星中。這是我聽到的嗎？

Yes. So the -- I mean, the 7 satellites that are under construction are all in very -- well, at least the ViaSat-3s and the GX10s are pretty close to completion. GX789 are also already, they're well underway. Those techniques will go into the next-generation broadband. The main thing that we're really focused on is getting very large field of view in this dynamic beam hopping and improving. We're improving not just the raw capacity but the capacity that we deliver overlaid on top of the demand distributions that we're seeing in these mobility markets, which are -- we spent some time discussing on our shareholder presentation in September. But those -- being able to match those patterns is really, really valuable. And so that, we think that's a better metric for value creation.

是的。所以——我的意思是，正在建造的 7 顆衛星都非常——嗯，至少 ViaSat-3 和 GX10 已經接近完成。 GX789 也已經在進行中了。這些技術將進入下一代寬頻。我們真正關注的主要事情是在動態光束跳躍和改進中獲得非常大的視野。我們不僅提高了原始容量，還提高了我們在這些行動市場中看到的需求分佈之上所提供的容量，我們花了一些時間討論 9 月的股東陳述。但能夠匹配這些模式確實非常有價值。因此，我們認為這是衡量價值創造的更好指標。

Next up, we have a question from Ric Prentiss, Raymond James.

接下來，我們有來自雷蒙德詹姆斯 (Raymond James) 的里克普倫蒂斯 (Ric Prentiss) 的問題。

But first, I appreciate the guidance kind of clarity, helping us understand growth rates but also dollars. That really helps us because there's a lot of moving pieces there, obviously. One quick one, too. I think I heard you say that the fiscal '24 revenue guidance would exclude -- let me just ask the question this way. Does the revenue guidance include or exclude the litigation and the revenue?

但首先，我很欣賞指導的清晰度，幫助我們了解成長率和美元。這確實對我們有幫助，因為顯然有很多移動的部分。也快一點吧。我想我聽到你說 24 財年的收入指導將排除——讓我這樣問這個問題。收入指引是否包括或排除訴訟和收入？

Go ahead, Shawn.

繼續吧，肖恩。

Yes. That excludes the nonrecurring part of that, Ric.

是的。這不包括其中的非經常性部分，里克。

The growth percentage, yes.

成長百分比，是的。

The range and the growth percentage.

範圍和成長百分比。

Yes. Both. That excludes the effect of the nonrecurring for Acacia. And I think...

是的。兩個都。這不包括非經常性金合歡的影響。我認為...

Okay. So the dollars -- yes, go ahead.

好的。所以美元——是的，繼續吧。

Yes, I was going to say, Ric, and just one thing to clarify, the dollars only include 10 months of Inmarsat.

是的，我想說的是，Ric，有一點需要澄清，這些美元只包括 10 個月的 Inmarsat。

Whereas the percentage are apples-to-apples, 12 month, 12 month?

而百分比是同類的，12 個月，12 個月？

Or a trend, yes.

或者說是一種趨勢，是的。

Right. Exactly. Okay. Good. Good. Yes, because in the shareholder letter, I picked up that the EBITDA was excluding the litigation, and so the revenue is excluded as well. Okay, cool. On growth in fiscal '25, is there any way to tease out kind of a ZIP code? Are we talking low single digit, mid-single digit, high single-digit, teens? What should we think about, what does grow revenue and EBITDA in fiscal '25 mean? And that would be, I think, a 12-month over 12-month comparison also.

正確的。確切地。好的。好的。好的。是的，因為在股東信中，我發現 EBITDA 不包括訴訟，因此收入也被排除在外。好吧，酷。關於 25 財年的成長，有辦法可以找出郵遞區號嗎？我們是在談論低個位數、中個位數、高個位數、十幾歲嗎？我們應該思考什麼，25 財年的營收成長和 EBITDA 又意味著什麼？我認為，這也是 12 個月與 12 個月的比較。

Yes, Ric, we are not commenting on that at this point. I think we are...

是的，里克，我們目前不對此發表評論。我想我們是...

I think next quarter.

我想下個季度。

Next quarter, next quarter, we'll give you more clarity, yes. It'll be closer -- we'll be closer to it. We'll be on a given better range.

下個季度，下個季度，我們會給你更清晰的訊息，是的。它會更接近——我們會更接近它。我們將處於一個給定的更好的範圍內。

Okay. Okay. That helps a lot. And then piggybacking on Phil's question a little bit there. I mean for a long time, heck, even when I was in the industry, I used to think of satellite the best use of bandwidth, the best bang for your buck was to go after these better margin areas. We call it the GAME: government, aviation, maritime and enterprise. As you think about how you're running the business, is there a different way than just lumping a lot of stuff into satellite services that might be more informed to help us understand the businesses or how you manage the business, both in financials and on metrics? Because it does feel to me like the government, aviation, maritime and enterprise are probably the better segments to go after, but it's hard from the outside really modeling it and understanding it.

好的。好的。這很有幫助。然後順便提一下菲爾的問題。我的意思是，很長一段時間，哎呀，即使當我在這個行業時，我也曾經認為衛星是頻寬的最佳利用方式，最划算的就是去追求這些利潤率更高的領域。我們稱之為遊戲：政府、航空、海事和企業。當您思考如何經營業務時，是否有一種不同的方法，而不是僅僅將大量內容集中到衛星服務中，這可能會更有助於我們了解業務或您如何管理業務，無論是在財務方面還是在其他方面。指標？因為在我看來，政府、航空、海事和企業可能是更好的細分市場，但從外部來看很難真正對其進行建模和理解。

Yes. So I think, Ric, if I'm understanding your question, it's just how are we thinking about things looking forward with the segment. And I think one thing, you can see the service growth in our government business. So I do think you get some insights there. But I think the way that we look at the business going forward, I think that's something we're going to continue to think about as the business evolves.

是的。所以我想，里克，如果我理解你的問題，那就是我們如何考慮該細分市場的未來。我認為有一件事，你可以看到我們政府業務的服務成長。所以我確實認為你在那裡得到了一些見解。但我認為，隨著業務的發展，我們將繼續思考我們看待未來業務的方式。

And last one for me is, as we think about the ZIP code thought, fiscal '26 seems a long way away, and I appreciate the thought of what happens from fiscal '24 to '25 on CapEx. We get the question a lot about what is maintenance CapEx versus kind of the growth CapEx as you put satellites up there? So any way you can kind of help us start thinking about what an ongoing maintenance level is for the business, and then also what '26 directionally might be in total CapEx?

對我來說，最後一個問題是，當我們考慮郵遞區號時，26 財年似乎還有很長的路要走，我很欣賞 24 財年到 25 財年資本支出方面發生的情況。我們常被問到，當你把衛星放在那裡時，什麼是維護資本支出，什麼是成長資本支出？那麼，您有什麼辦法可以幫助我們開始思考業務的持續維護水準是什麼，以及 26 年總資本支出的方向可能是多少？

Ric, I think the best way to just think about that just what we've talked about is as we get the satellites into service, we're going to continue to see the CapEx kick downward.

里克，我認為考慮一下我們所討論的最好方法是，當我們將衛星投入使用時，我們將繼續看到資本支出下降。

And so that's what we would expect from '25 to '26 as well. Our maintenance CapEx is -- or I should -- but maybe a better way to say is our satellite CapEx is the dominant part of our capital spend. And so as we finish off on those fleets, that's how you're driving that efficiency downward going forward.

這也是我們對 25 年至 26 年的期待。我們的維護資本支出是——或者我應該——但也許更好的說法是我們的衛星資本支出是我們資本支出的主要部分。因此，當我們完成這些機隊的建設時，這就是您未來降低效率的方式。

I can add a little bit there. The maintenance CapEx, think about that, the dominant factor is the per capita subscriber bandwidth consumption, net of ARPU gains. So that is most evident in the consumer markets. In these mobility markets, it's still present and things like when you think of in-flight connectivity and passenger video consumption, you'll see some of those same effects, but not to the same extent that you'll see them in residential.

我可以在那裡補充一點。考慮到維護資本支出，主導因素是人均用戶頻寬消耗（扣除 ARPU 收益）。這在消費市場最為明顯。在這些行動市場中，它仍然存在，當您想到機上連接和乘客視訊消費時，您會看到一些相同的效果，但程度與您在住宅中看到的程度不同。

So that's -- those are -- and if you look at kind of our history, having been in the satellite services business for like for over 10 years, one of the things we've been able to do is still get greater productivity out of our satellites largely from migrating a lot of the bandwidth from mobility -- from residential to mobility. And then the thing that we've done in general really well is improve the yield of the satellite. That is the gigabits per megabyte investment in the satellites or the satellite utility by better matching supply and demand.

所以，如果你回顧一下我們的歷史，我們從事衛星服務業務已經有 10 多年了，我們能夠做的事情之一仍然是提高生產力我們的衛星很大程度上來自於將大量頻寬從移動性遷移到移動性——從住宅到移動性。然後，我們整體上做得非常好的事情是提高衛星的產量。這是透過更好地匹配供需而對衛星或衛星公用事業進行的每兆位元投資。

So you have to kind of look at all those factors to end up teasing out maintenance CapEx from growth CapEx. But we've been able to drive growth from our CapEx, I think, to a pretty high degree, and I think we'll do even better on a go-forward basis with the emphasis on mobility.

因此，您必須考慮所有這些因素，才能最終從成長資本支出中剔除維護資本支出。但我認為，我們已經能夠在相當高的程度上推動資本支出的成長，而且我認為，在強調移動性的基礎上，我們會在未來的基礎上做得更好。

I think one other point I would add, Ric, is if you look at what I mentioned on CapEx, I said FY '24, $1.7 billion and the range for '25, $1.4 billion to $1.5 billion. And then as you know, big set number of satellites are getting done in the next few years, as you heard from Mark. So we do expect FY '26 to come down as we launch these satellites, so from a broader guidance perspective.

Ric，我想我要補充的另一點是，如果你看看我在資本支出中提到的內容，我說 24 財年為 17 億美元，25 財年的範圍為 14 億美元至 15 億美元。正如您所知，正如您從馬克那裡聽到的那樣，未來幾年將完成大量衛星的建造。因此，從更廣泛的指導角度來看，我們確實預計 26 財年會隨著我們發射這些衛星而下降。

On an absolute dollar basis.

以絕對美元計算。

Yes. Yes, yes.

是的。是的是的。

Okay. And I look forward to the Investor Day coming up in March as well.

好的。我也期待三月的投資者日。

Yes. Yes, we will. Yes. Thanks, Ric.

是的。是的，我們會。是的。謝謝，里克。

The next question comes from Chris Quilty, Quilty Space.

下一個問題來自 Quilty Space 的 Chris Quilty。

Investor Day in Carlsbad or New York?

卡爾斯巴德或紐約的投資者日？

New York.

紐約。

Okay. Carlsbad is nicer, but New York is easier to get to. Question for you. The number of aircraft net adds looked a little light in the quarter. Is that primarily just seasonal or timing? And can you give us a thought of kind of what to expect on a go-forward net add rate either in the back half of the year or going into next year? And then a broader question on the IFC, just what's the general pipeline looking like now in terms of aircraft or airlines that are new to IFC still coming on board? Is it a strong pipeline? Has there been weakness because of interest rates or fuel prices or just general temperament of the market?

好的。卡爾斯巴德更好，但去紐約更容易。向你提問。本季飛機淨增加數量看起來有點少。這主要只是季節性還是時間安排？您能否告訴我們對今年下半年或明年的未來淨成長率有何預期？然後是關於國際金融公司的一個更廣泛的問題，就國際金融公司新加入的飛機或航空公司而言，目前的整體管道是什麼樣的？它是一個強大的管道嗎？疲軟是由於利率或燃料價格還是市場的整體氣質？

Okay. On the first part, I'd say there are 2 -- I mean, if you just look from a macro perspective, there have been 2 kind of drags on installs from the airline's perspective. One is the delivery rates of new aircraft, which have been kind of behind schedule from both of the major OEMs. So -- and we've done well on new line contracts. And so the line-fit, which is driven by aircraft deliveries, that's lower than lower. I mean if you just look at the OEMs delivery issues and that you can kind of gauge how that would be allocated among the different airlines or big customers of ours. And the other one has been just the fill factor on existing flights, which has kind of -- still sort of discouraged the airlines from -- or slowed down some of the retrofits on the existing fleet. And I think there's -- some of that is seasonal.

好的。在第一部分中，我想說有兩個——我的意思是，如果你從宏觀角度來看，從航空公司的角度來看，安裝有兩種阻力。一是新飛機的交付率，兩家主要原始設備製造商的交付率都有點落後於計劃。所以——我們在新線路合約方面做得很好。因此，由飛機交付驅動的生產線配合，比更低還要低。我的意思是，如果你只看原始設備製造商的交付問題，你就可以衡量如何在不同的航空公司或我們的大客戶之間分配。另一個問題是現有航班的填充因素，這在一定程度上（仍然在某種程度上阻礙了航空公司）或減緩了對現有機隊的一些改造。我認為其中一些是季節性的。

So on the one hand, and Shawn mentioned seasonality before for the in-flight space, that part is good for us because more passengers has driven more demand. And it's been good for revenue, but it has slowed down installs a little bit. Backlog is still really strong. And I would say that the pipeline of new airlines is good. I think that kind of way to put is the U.S. market has been probably the most forward-leaning on in-flight connectivity. I think that it's also becoming clear that there's monetization strategies, right? That it's not just -- it doesn't have to be just an expense for the airlines. And so that is really drawing in a lot of interest from airlines that maybe were on the sidelines before. And if they can both get the amenity and figure out how to better monetize it, that's a good combination. And I think that is spreading more globally.

因此，一方面，肖恩之前提到機上空間的季節性，這對我們有好處，因為更多的乘客帶動了更多的需求。這對收入有好處，但安裝速度有點慢。積壓訂單仍然非常多。我想說的是，新航空公司的儲備情況很好。我認為，美國市場可能是機上連接最具前瞻性的市場。我認為貨幣化策略也越來越明顯，對吧？這不僅僅是航空公司的開支。因此，這確實引起了之前可能持觀望態度的航空公司的極大興趣。如果他們既能獲得便利設施，又能找到如何更好地從中獲利的方法，那就是一個很好的組合。我認為這種情況正在全球蔓延。

I understand. A clarification, the CapEx guidance for next year, did you say the $1.4 billion to $1.5 billion includes a possible provision for a I-6 replacement?

我明白。澄清一下，明年的資本支出指導，您是否說 14 億至 15 億美元包括可能用於更換 I-6 的準備金？

Yes, that's correct.

對，那是正確的。

Okay. And timing-wise, I guess you've got 2 modern L-band satellites, the I-6 F1 and the Alpha Bus. The I-4s are 17 years old. If you get an order in next year on that satellite, we're looking at 3 years, does that leave enough time-wise coverage in the L-band capacity given the age of the legacy satellites?

好的。從時間上看，我猜你已經擁有 2 顆現代 L 波段衛星：I-6 F1 和 Alpha Bus。 I-4 已有 17 年歷史。如果您明年收到該衛星的訂單（我們考慮的是 3 年），考慮到傳統衛星的使用年限，L 波段容量是否能在時間上留下足夠的覆蓋範圍？

Yes.

是的。

Running good on fuel?

燃油運作良好嗎？

Yes. Yes. We also have -- besides -- I mean, besides the existing fleet, we also -- Inmarsat, I think, right around the time of the acquisition, announced a fleet of 3 I-8 satellites that will be arriving kind of in that same time frame, maybe a little bit earlier.

是的。是的。我們還有——此外——我的意思是，除了現有的衛星群之外，我認為，國際海事衛星組織（Inmarsat）在收購前後宣布了一個由3 顆I-8 衛星組成的衛星群，這些衛星將在相同的時間範圍，也許早一點。

And then how much capacity would those have because those are small GEOs?

那麼，由於這些都是小型 GEO，它們的容量有多大？

We're having good reporting the capacity on the L-band satellites. But the thing that we are focused on is when we talk about next-generation L-band, the big thing is increasing those capacity -- the capacity of those satellites dramatically. The I-8s were really aimed at extending the existing safety, basically the safety and emergency services. So that's good, I think, in terms of shoring up the existing fleet. But part of our CapEx budget on a go-forward basis and part of what we're talking about in ecosystem building is to really modernize that whole fleet. And we'll talk about that separately when we're ready.

我們正在很好地報告 L 波段衛星的容量。但我們關注的是，當我們談論下一代 L 波段時，最重要的是大幅增加這些容量——這些衛星的容量。 I-8 的真正目的是擴展現有的安全性，基本上是安全和緊急服務。所以我認為，就支撐現有機隊而言，這是件好事。但我們未來的資本支出預算的一部分以及我們在生態系統建設中討論的一部分是真正實現整個機隊的現代化。當我們準備好時，我們會單獨討論這個問題。

Got you. And final question, I mean, as you're moving away from the I-4 and -- or sorry, the ViaSat-4 and the sort of massive capacity towards satellites that are more agile, mobility capable, does that mean it's more likely that you'll buy something off the shelf from Thales Alenia Space or Airbus that have software-defined satellites that they've already fielded? Or is it something that you're likely to do internally because of some design capability that you have internally?

明白你了。我的意思是，最後一個問題是，當你放棄 I-4 和——或者抱歉，ViaSat-4 以及那種更靈活、更具移動能力的衛星的巨大容量時，這是否意味著它更有可能您會從Thales Alenia Space 或Airbus 購買現成的產品，這些產品擁有已經部署的軟體定義衛星嗎？或者由於您內部擁有某些設計能力，您可能會在內部做一些事情？

At the time that we do it, we will definitely look at what's available off the shelf, for sure. But we haven't seen, so far we haven't seen things off the shelf that have the capability of the technology that we're doing on ViaSat-3 or we're doing on 4. So we're going to do a comparison. One of the things we also will be able to do by holding off a few years is we do -- we will be able to do some risk reduction. When I say risk reduction, schedule risk as well as budget risk reduction. So we intend to do a lot better in terms of scheduling budget on the following ones.

當我們這樣做時，我們肯定會查看現成的產品。但我們還沒有看到，到目前為止，我們還沒有看到現成的東西具有我們在 ViaSat-3 或我們在 ViaSat-4 上所做的技術的能力。所以我們要做一個比較。透過推遲幾年，我們還可以做的一件事是——我們將能夠減少一些風險。當我說降低風險時，既要降低進度風險，又要降低預算風險。因此，我們打算在以下方面的預算安排方面做得更好。

And then also, there's some really interesting technologies that we can test that can also reduce costs and improve productivity. So those are the things that we're looking at. But there are some -- so far on ViaSat-3, absent that anomaly, everything has worked well and 4 was just an enhancement of that. So that technology, that's something that we can draw on if things play out the way we expect.

此外，我們還可以測試一些非常有趣的技術，這些技術也可以降低成本並提高生產力。這些就是我們正在關注的事情。但也有一些——到目前為止，在 ViaSat-3 上，沒有出現異常情況，一切都運作良好，而 ViaSat-3 只是對此的增強。因此，如果事情按照我們預期的方式發展，我們就可以利用這項技術。

Got it. And pardon me, did you say whether the EMEA satellite was going to Americas and the [Pacific Bird] to EMEA? Or have you decided that yet?

知道了。請原諒，您是否說過 EMEA 衛星是否前往美洲，而 [太平洋鳥] 是否前往 EMEA？或者你已經決定了嗎？

No. We have options on both. And we're really focused on meeting the needs of our mobility customers, and that's how we're going to prioritize them.

不，我們兩者都有選擇。我們真正專注於滿足行動客戶的需求，這就是我們優先考慮的方式。

Edison Yu from Deutsche Bank has the next question.

德意志銀行的 Edison Yu 有下一個問題。

First, as you kind of peel away at Inmarsat, do you have any updated thoughts maybe on the various pieces that may not be strategically important, especially on the L-band side? Just curious, any thoughts there?

首先，當您逐漸了解 Inmarsat 時，您是否對戰略上不重要的各個部分（尤其是 L 頻段方面）有什麼最新的想法？只是好奇，有什麼想法嗎？

No. I mean we are really -- we are very interested in the L-band. I think that Inmarsat has applied L-band into some -- a variety of very different markets, so there's U.S. defense, there's international government applications. There's really interesting voice and data applications and there'll be safety points. What we see is our long-term objective really is to grow with the direct-to-device market and the IoT market. And when I say IoT, it's really going to be the shared terrestrial and mobile, these devices that can operate off both terrestrial and mobile.

不，我的意思是我們真的對 L 波段非常感興趣。我認為國際海事衛星組織已經將 L 波段應用到了一些非常不同的市場，例如美國國防，國際政府應用。有非常有趣的語音和數據應用程序，並且會有安全點。我們看到的是，我們的長期目標實際上是與直接設備市場和物聯網市場一起成長。當我說物聯網時，它實際上是共享的地面和行動設備，這些設備可以在地面和行動裝置上運行。

We're aiming to be able to bring some of those to market soon. And then we do think that things that we do to the satellites to enable that can really kind of boost the existing mobile satellite services market substantially. So we're really interested in the services, the whole range of services that Inmarsat performs now. We think that's a good foundation for somebody who wants to go in, for anybody who wants to go into these kind of direct-to-device markets.

我們的目標是盡快將其中一些產品推向市場。然後我們確實認為，我們對衛星所做的事情確實可以極大地促進現有的行動衛星服務市場。因此，我們對服務非常感興趣，對 Inmarsat 目前提供的所有服務都很感興趣。我們認為，對於想要進入這種直接設備市場的人來說，這是一個很好的基礎。

Understood. And you mentioned D2D, and I think you've kind of alluded to some potential paths into getting in there. Do we have any kind of updated thoughts about D2D going forward, maybe on the -- using that extra L-band?

明白了。您提到了 D2D，我認為您已經提到了一些進入該領域的潛在途徑。關於 D2D 的未來，我們有什麼最新的想法嗎？也許是關於使用額外的 L 波段？

Not yet. We are working on some, and I expect that we'll have more to talk about next quarter, but we're not going to say more about it today.

還沒有。我們正在研究一些內容，我預計下個季度我們會討論更多內容，但今天我們不會對此進行更多討論。

Got it. And then just one last one on IFC. So I think there were some announcements from one of Inmarsat's customers, Qatar Airways and Starlink. And there was a little bit of confusion, I think, at least from our end or on the public end. Can you maybe just go over exactly what is -- what kind of happened there with Starlink? Is that a -- did they like shift that over? Or what exactly is going on?

知道了。然後是國際金融公司的最後一項。因此，我認為國際海事衛星組織的客戶之一卡達航空和星鏈公司發布了一些公告。我認為，至少從我們這邊或公共方面來說，存在一些混亂。能不能具體回顧星鍊到底發生了什麼事？這是——他們喜歡把它轉移過來嗎？或是到底發生了什麼事？

Well, I think probably best to ask them. I don't think we want to speak -- we don't want to speak for them on this.

嗯，我想最好還是問問他們。我認為我們不想說話——我們不想在這個問題上為他們說話。

Next question comes from Louie DiPalma, William Blair.

下一個問題來自威廉·布萊爾路易·迪帕爾瑪。

What percentage of revenue will the residential fixed broadband be by the end of fiscal 2024 as it seems that you're deemphasizing it?

到 2024 財年末，住宅固定寬頻將佔收入的多少百分比，因為您似乎在淡化它？

Yes, Louie, I can jump in here. So I think what we've talked about in the past, right, is that part of our business with the combined with Inmarsat and so forth is less than 15%. And as we continue to prioritize our bandwidth and work with our -- is supporting the growth in our IFC business, you'd expect that to continue to slow downward.

是的，路易，我可以跳到這裡。所以我認為我們過去所談論的是，我們與 Inmarsat 等業務相結合的部分業務不到 15%。隨著我們繼續優先考慮我們的頻寬並與我們合作 - 正在支持我們的 IFC 業務成長，您預計這一增長將繼續放緩。

Okay. Have you disclosed who the third ViaSat-3 launch contract is with? And also for that launch I think you said in the fourth calendar quarter of 2024. Have you been able to procure insurance for that launch?

好的。你是否透露過第三份ViaSat-3發射合約是與誰簽訂的？我想您也提到了 2024 年第四季的發布。您是否能夠為該發布購買保險？

On the launch provider, we will put out a press release. I mean generally, we want to cooperate with the launch providers just to make sure that they approve the release for it. So we'll do that in the near future. On the insurance?

關於發布提供者，我們將發布新聞稿。我的意思是，一般來說，我們希望與發布提供者合作，以確保他們批准發布。所以我們會在不久的將來這樣做。保險上？

Insurance? Yes, I can jump in there. So on the second satellite, that insurance is already done, just as a reminder, Louie, and we're starting to work on the next one. And I think that that's kind of in process, but we're good to have the second one all wrapped up.

保險？是的，我可以跳進去。因此，在第二顆衛星上，保險已經完成，只是提醒一下，路易，我們正在開始處理下一顆衛星。我認為這正在進行中，但我們很高興第二個項目全部完成。

And then just to be -- just to add on to that, I mean, the insurance -- the insurers tend to be very detail oriented. So the review that we're going to have next week with the antenna manufacturer even though it's a different satellite, that's a different antenna manufacturer for Flight 3 than Flight 2, insurers tend to be -- they're really interested in the details. And so I think that having those details available will help them understand what happened and will help us with that place in the insurance.

然後只是 - 只是補充一下，我的意思是，保險 - 保險公司往往非常注重細節。因此，我們下週將與天線製造商進行審查，儘管它是一顆不同的衛星，航班 3 的天線製造商與航班 2 的天線製造商不同，但保險公司往往對細節非常感興趣。因此，我認為提供這些詳細資訊將有助於他們了解發生了什麼，並將幫助我們在保險中佔據這一位置。

Great. And as it relates to the fiscal '25 CapEx guidance, is it a good estimate to assume that the I-6 replacement satellite would cost around $400 million? So if you don't elect to go ahead with that, that you could just subtract it from the $1.4 billion to $1.5 billion number? What could be your CapEx for fiscal '25?

偉大的。由於它與 25 財年資本支出指南相關，假設 I-6 替代衛星的成本約為 4 億美元，這是一個很好的估計嗎？那麼，如果您不選擇繼續這樣做，您可以從 14 億美元到 15 億美元的數字中減去它嗎？您 25 財年的資本支出是多少？

No. For fiscal '25, what was in the budget would be the portion of replacing that mission that would have been spent in that fiscal year.

不會。對於 25 財年，預算中的內容將是替換該財年將花費的任務的部分。

Okay. Do you have an estimate on what that would be?

好的。您對那會是什麼有估計嗎？

No. We're not going to do that yet. We are evaluating multiple options, and we're aiming to simplify it. So again, we're not -- we are going to make sure that we make the right decision. We're not ready yet. And so it just would be premature to give a dollar value for that.

不，我們還不打算這麼做。我們正在評估多種選擇，我們的目標是簡化它。再說一遍，我們不會——我們將確保做出正確的決定。我們還沒準備好。因此，現在給出其美元價值還為時過早。

Okay. And one final one. As it relates to direct-to-device, it seems that Inmarsat was previously partnering with Skylo and they've established chip partnerships with Samsung's chip ARM and MediaTek. Have you continued those -- the partnerships such that you would, in effect, be the direct-t-device partner for Skylo's future initiatives?

好的。還有最後一張。就直接到設備而言，Inmarsat 似乎之前曾與 Skylo 合作，並且他們已經與三星的晶片 ARM 和聯發科建立了晶片合作夥伴關係。您是否繼續了這些合作夥伴關係，使您實際上成為 Skylo 未來計劃的直接設備合作夥伴？

Yes. I mean I think you're going to see kind of ecosystems evolve around the direct-to-device, and they're going to include devicemakers and chipmakers, spectrum holders, satellite operators and others. And the ones that you described are all attractive members of those ecosystems. And I think as we've mentioned before, we think Inmarsat has got a really interesting role to play, especially there will be different generations of standards. The current one, which is the narrowband IoT, next nonterrestrial network, I think you'll see those come to market soon, like within quarters. And yes, there's definitely a role for us to play there.

是的。我的意思是，我認為您將看到圍繞直接設備發展的生態系統，其中將包括設備製造商和晶片製造商、頻譜持有者、衛星運營商等。您所描述的都是這些生態系中有吸引力的成員。我認為正如我們之前提到的，我們認為國際海事衛星組織可以發揮非常有趣的作用，特別是將會有不同世代的標準。目前的窄頻物聯網是下一個非地面網絡，我認為您很快就會看到它們進入市場，例如在幾個季度內。是的，我們絕對可以在那裡發揮作用。

(Operator Instructions)

（操作員說明）

And I'll hand the conference back to our speakers for any additional or closing remarks.

我將把會議交還給我們的發言人，讓他們發表補充或結束語。

Okay. So thanks, everybody, for joining us this afternoon. I just want to remind you of a few important takeaways from the quarter. We felt the results were really good, generated 16% year-over-year revenue growth and 20% year-over-year adjusted EBITDA growth on a like-for-like basis. We're doing well on the Inmarsat integration program. We're kind of ahead of schedule and ahead of budget so far. We've got a -- we think we have a clear and good value proposition on global mobility that's built on meaningful and granular service-level commitments even in the most challenging places and times. That's resonated with customers, especially in the very competitive U.S. in-flight market. And we think the same kinds of analytics, insights and bringing confidence to global markets in aviation, maritime and government, we think that's going to work for us.

好的。謝謝大家今天下午加入我們。我只是想提醒您本季的一些重要要點。我們認為結果非常好，營收年增 16%，調整後 EBITDA 年成長 20%。我們在國際海事衛星組織整合計畫方面做得很好。到目前為止，我們比計劃提前了，也超出了預算。我們認為，即使在最具挑戰性的地點和時間，我們對全球流動性也有一個明確且良好的價值主張，該主張建立在有意義且細緻的服務水準承諾的基礎上。這引起了客戶的共鳴，尤其是在競爭非常激烈的美國機上市場。我們認為，同樣類型的分析、見解以及為航空、海事和政府領域的全球市場帶來信心，我們認為這將對我們有用。

We're confident our business will continue to grow revenue and adjusted EBITDA in fiscal year '24 and '25. We'll give more additional guidance on that next quarter for FY '25. And we're aiming to become free cash flow positive in the first half of calendar year '25. We've taken a lot of the steps that we think we're going to need to get there. And we think we'll get meaningful and sustainable free cash flow during fiscal '26.

我們相信我們的業務將在 24 財年和 25 財年繼續成長收入和調整後的 EBITDA。我們將在 25 財年下個季度提供更多額外指引。我們的目標是在 25 日曆年上半年實現自由現金流為正。我們已經採取了許多我們認為實現這一目標所需的步驟。我們認為我們將在 26 財年獲得有意義且可持續的自由現金流。

So with that, I look forward to updating you all on our continued progress next quarter. And I'll hand it back to the operator now.

因此，我期待著向大家通報我們下個季度持續進展的最新情況。我現在就把它還給接線員。

Thank you. And once again, everyone, that does conclude today's conference. Thank you all for your participation. You may now disconnect.

謝謝。各位，今天的會議到此結束。感謝大家的參與。您現在可以斷開連線。