Viasat Inc (VSAT) 2024 Q3 法說會逐字稿

Hello, and welcome to the Viasat Fiscal Year '24 Third Quarter Earnings Conference Call. Your host for today's call is Mark Dankberg, Chairman and CEO. You may proceed, Mr. Dankberg.

您好，歡迎參加 Viasat '24 財年第三季財報電話會議。今天電話會議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 first, I'll have Robert provide 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。首先，我將讓羅伯特提供我們的安全港披露資訊。

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 Forms 10-K and 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。

Thanks. Okay. So we encourage reading the shareholder letter that we posted on our website earlier this afternoon for more details. And we'll give an overview of the main points, and then we'll allow plenty of time for questions. I'll start with a quick overview of our results and status on our satellite fleet and then Guru will go into more depth on the quarter.

謝謝。好的。因此，我們鼓勵您閱讀今天下午早些時候在我們網站上發布的股東信，以了解更多詳細資訊。我們將概述要點，然後我們將留出充足的時間來提問。我將首先快速概述我們的結果和衛星機隊的狀態，然後 Guru 將更深入地介紹本季的情況。

Our 3 main priorities, as described in that letter, including the Inmarsat integration, and update our outlook. Our financial results for the third quarter were good. Revenue of $1.1 billion, was up 73% year-over-year compared to revenue from Viasat continuing operations last year. Inmarsat's contribution was about $443 million, up 12% year-over-year on a standalone basis.

正如那封信中所述，我們的 3 個主要優先事項包括 Inmarsat 整合，並更新了我們的展望。我們第三季的財務表現良好。營收為 11 億美元，與去年 Viasat 持續營運業務的收入相比，年增 73%。 Inmarsat 的貢獻約為 4.43 億美元，年增 12%。

Combined growth was 8% year-over-year. Our adjusted EBITDA for the third quarter was $383 million, up 214% relative to adjusted EBITDA from continuing operations last year. Inmarsat's contribution was $260 million, up about 17% last year. Combined adjusted EBITDA grew about 11% year-over-year.

綜合成長率年增 8%。第三季調整後 EBITDA 為 3.83 億美元，比去年持續經營業務調整後 EBITDA 成長 214%。 Inmarsat 的貢獻為 2.6 億美元，比去年增長了約 17%。綜合調整後 EBITDA 年成長約 11%。

Awards were also very good at $1.2 billion for the third quarter, resulting in $3.7 billion in backlog, and Government Systems also has about $6.4 billion of unawarded Indefinite Delivery/Indefinite Quantity, or IDIQ, potential contract value.

第三季的合約金額也非常可觀，達到 12 億美元，導致積壓訂單達到 37 億美元，而政府系統公司還有約 64 億美元的未合約無限期交付/無限數量（IDIQ）潛在合約價值。

[Intel] from our results, we're continuing to grow and win business in our core target market segments, including selected enterprise and government mobility services.

[Intel] 從我們的業績來看，我們正在繼續發展並贏得核心目標細分市場的業務，包括選定的企業和政府行動服務。

We continue to compete with our customers that value 4 main attributes. An expansive view of connectivity that integrates not just reliable, measurable and affordable speed and bandwidth, but also includes hardware, software and service products that are tailored to optimize those customers' unique requirements. And also where we bring scale, not only in bandwidth and coverage but also in operational support and/or partnerships that add value in key verticals and in important geographic regions.

我們持續與重視 4 個主要屬性的客戶競爭。廣闊的連接視野，不僅整合了可靠、可測量且經濟實惠的速度和頻寬，還包括專為優化客戶獨特需求而客製化的硬體、軟體和服務產品。我們不僅在頻寬和覆蓋範圍上擴大規模，而且在營運支援和/或合作夥伴關係方面擴大規模，從而在關鍵垂直領域和重要地理區域增加價值。

Three is where we earn trust of similar customers and partners through years and decades of performance and technology innovation; and finally, those customers recognize our history of identifying, applying and evolving both the right business models and technology for our target markets.

三是我們透過多年和數十年的性能和技術創新贏得了類似客戶和合作夥伴的信任；最後，這些客戶認識到我們為目標市場識別、應用和發展正確的商業模式和技術的歷史。

I'll cover a few business highlights, including applying our existing infrastructure to new seamless nonterrestrial network, industry standard services through partnerships with Skylo and Ligado, expanding our hybrid in-flight connectivity network agreement in Europe with Deutsche Telekom, scaled up government cybersecurity production and winning and expanding some key government satellite services and new technology programs.

我將介紹一些業務亮點，包括將我們現有的基礎設施應用於新的無縫非地面網路、透過與Skylo 和Ligado 合作提供行業標準服務、擴大我們與德國電信在歐洲的混合機上連接網路協定、擴大政府網路安全生產贏得並擴大一些關鍵的政府衛星服務和新技術項目。

We continue to deliver leading in-flight connectivity service quality metrics, supporting our airline customers' initiatives to increase passenger engagement and offering scalable free WiFi with high-quality performance metrics, even at the busiest airports and now preparing for increased geographic coverage on important routes, such as from the continental U.S. to Hawaii.

我們繼續提供領先的機上連接服務品質指標，支持航空公司客戶提高乘客參與度的舉措，並提供具有高品質性能指標的可擴展免費WiFi，甚至在最繁忙的機場也是如此，現在正在為增加重要航線的地理覆蓋範圍做好準備，例如從美國大陸到夏威夷。

And next, I'll give a quick update on our satellite network, starting with progress on ViaSat-3 Flight 1. We've completed in-orbit testing and taken over operation, Flight 1 performance other than the affected antenna is nominal or better. We're configuring now for operational service and integrating, analyzing and measuring performance. Based on results to date, we're targeting commercial in-flight connectivity service in the first quarter of fiscal '25.

接下來，我將快速介紹我們的衛星網路的最新情況，從ViaSat-3 Flight 1 的進展開始。我們已經完成在軌測試並接管運行，除了受影響的天線之外，Flight 1 的性能正常或更好。我們現在正在配置營運服務並整合、分析和測量效能。根據迄今為止的結果，我們的目標是在 25 財年第一季提供商業機上連接服務。

We've already demonstrated peak downstream data rates into consumer terminals in the 200 to 300 megabit per second range. The bandwidth allocation features of ViaSat-3, such as optimizing delivery to hotspots dynamically across the service area in real time support our product -- productivity initiatives. The Flight 1 antenna root cause investigation was completed in the third quarter. Based on its findings, we're implementing corrective actions on the F2 antenna.

我們已經向消費者終端展示了每秒 200 至 300 兆位元範圍內的峰值下游資料速率。 ViaSat-3 的頻寬分配功能（例如跨服務區域即時動態最佳化熱點傳輸）支援我們的產品－生產力計畫。 Flight 1 天線根本原因調查已於第三季完成。根據其調查結果，我們正在對 F2 天線實施糾正措施。

The F2 satellite is otherwise complete. The antenna with corrective actions is expected to be completed, thoroughly tested and delivered this calendar year, and F2 is expected to be launched in the first half of calendar '25.

F2 衛星在其他方面已經完成。具有糾正措施的天線預計將於今年完成、徹底測試並交付，F2 預計將於 25 年上半年推出。

The ViaSat-3 F3 remains unaffected, and we expect it to launch late this calendar year. We also have GX-10a and b, which are hosted payloads on polar satellites, and they completed their thermal vacuum testing and are expected to launch together mid-calendar year 2024 this year. They will improve coverage and performance for polar government and commercial routes.

ViaSat-3 F3 不受影響，我們預計它將於今年稍後推出。我們還有GX-10a和b，它們在極地衛星上託管有效載荷，它們已經完成了熱真空測試，預計今年2024年中旬一起發射。它們將改善極地政府和商業航線的覆蓋範圍和性能。

By next summer of calendar '25, we expect to have those 4 new satellites in our constellation to scale mobility services. Additionally, the GX-7, 8 and 9 satellites are being built by Airbus and are expected to be completed beginning early calendar '26 for additional geographic coverage and peak demand depth. Those highly flexible satellites will further improve our ability to optimize capacity and deliver high-quality, reliable services to our mobility customers. So with that, I'll hand it over to Guru to cover our third quarter results in more depth.

到 25 年明年夏天，我們預計將在我們的星座中擁有這 4 顆新衛星，以擴展行動服務。此外，空中巴士正在建造 GX-7、8 和 9 衛星，預計將於 26 年初開始完成，以擴大地理覆蓋範圍並滿足峰值需求深度。這些高度靈活的衛星將進一步提高我們優化容量並為行動客戶提供高品質、可靠服務的能力。因此，我將把它交給 Guru 來更深入地介紹我們第三季的表現。

Great. Thanks, Mark. I'll cover 3 key topics: Q3 financial performance, integration and transformation and an update on our combined outlook. We are executing on our strategy and delivered strong core financial and operational performance during Q3. Core revenue and adjusted EBITDA, both grew year-over-year by 8% and 11%, respectively, driven by our mobility and government businesses.

偉大的。謝謝，馬克。我將討論 3 個關鍵主題：第三季的財務表現、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，並在第三季度實現了強勁的核心財務和營運績效。在我們的旅遊和政府業務的推動下，核心收入和調整後 EBITDA 分別年增 8% 和 11%。

Some of the key highlights from the quarter include: Government Systems had another quarter of strong demand for our information assurance, high-speed network encryption products and tactical SATCOM products, which drove product revenue up 55% year-over-year. During the quarter, we supported the U.S. Air Force in a major exercise called Mobility Guardian 2023. Viasat provided interoperable communications through next-generation hardware and software products and systems to ensure robust and resilient connectivity.

本季度的一些主要亮點包括： 政府系統對我們的資訊保障、高速網路加密產品和戰術衛星通訊產品的需求又一個季度強勁，這推動了產品收入同比增長 55%。本季度，我們支持美國空軍開展了一項名為「移動衛士 2023」的大型演習。Viasat 透過下一代硬體和軟體產品及系統提供可互通的通信，以確保強大且有彈性的連接。

Our government business also had a fantastic quarter of awards, which were up more than 50% sequentially. While we can see lumpiness quarter-to-quarter in the business, the backlog is over $3.7 billion, adding confidence to our outlook. Recent trends in Satellite Services continued with strong growth in commercial IFC, ending the quarter with 3,500 aircraft in service, up over 17% year-over-year on a combined basis with over 1,400 aircraft in backlog. U.S. fixed broadband revenue declined as fewer residential subscribers were partially offset by higher ARPU.

我們的政府業務季度獎項也非常出色，比上一季成長了 50% 以上。雖然我們可以看到業務逐季波動，但積壓訂單超過 37 億美元，這增強了我們對前景的信心。衛星服務的近期趨勢持續保持，商業 IFC 強勁成長，本季末有 3,500 架飛機在役，年成長超過 17%，積壓飛機超過 1,400 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。

We continue to reallocate bandwidth to support our rapid IFC growth. Subsequent to quarter end, we expanded our relationship with Lufthansa Group, adding over 150 aircraft on our hybrid EAN network alongside their existing Ka satellite fleet. It's a great example of the integrated network solutions enabled by adding Inmarsat and the teams are working together really well.

我們繼續重新分配頻寬以支援 IFC 的快速成長。季度末後，我們擴大了與漢莎航空集團的關係，在我們的混合 EAN 網路及其現有的 Ka 衛星機隊中增加了 150 多架飛機。這是透過添加 Inmarsat 實現的整合網路解決方案的一個很好的例子，團隊之間的合作非常好。

We also began launching in partnership with Skylo Technologies and Ligado, the world's first global direct-to-device network-enabling mobile network operators devicemakers and chipset manufacturers to take 3GPP Release-17 compliant products to market for the first time with nonterrestrial network satellite service within our global L-band network coverage.

我們也開始與Skylo Technologies 和Ligado 合作，後者是全球首個支援直接到設備網路的行動網路營運商、設備製造商和晶片組製造商，首次透過非地面網路衛星服務將符合3GPP Release-17 標準的產品推向市場在我們的全球 L 波段網路覆蓋範圍內。

And finally, on the list of highlights, our new business momentum is robust. We are winning in the large and growing mobility and government markets. Our government business has very unique solutions that enable critical operations for the U.S. government and others. It is bolstered by IP that uniquely address these complex ecosystems that are evolving fast and where security and resiliency are at the forefront.

最後，在亮點清單上，我們的新業務勢頭強勁。我們在龐大且不斷成長的流動性和政府市場中取得了勝利。我們的政府業務擁有非常獨特的解決方案，可為美國政府和其他機構提供關鍵營運支援。它得到了知識產權的支持，獨特地解決了這些快速發展且安全性和彈性處於最前沿的複雜生態系統的問題。

Some key indicators are government product growth at 55% year-over-year, IFC installations 17% year-over-year, total awards at $1.2 billion, backlog of $3.7 billion and unawarded IDIQ value of $6.4 billion.

一些關鍵指標包括政府產品年增 55%、IFC 安裝量年增 17%、獎勵總額 12 億美元、積壓訂單 37 億美元以及未獎勵的 IDIQ 價值 64 億美元。

Now some more color on the financials. Third quarter 2024 revenue was $1.1 billion. This was up 73% compared to revenue from continuing operations of $651 million in Q3 FY 2023, including Inmarsat in both years, Q3 2024 revenue was up 8% year-over-year, driven by strong growth in Government Systems products and IFC service.

現在我們對財務狀況進行更多的闡述。 2024 年第三季營收為 11 億美元。與2023 財年第三季的持續營運收入6.51 億美元（包括Inmarsat 兩年的營收）相比，這一數字成長了73%；在政府系統產品和IFC 服務強勁成長的推動下，2024 年第三季度營收年增8%。

Net loss totaled $124 million for Q3, up from $47 million net loss in the year-ago period, primarily due to increased interest expense associated with the Inmarsat acquisition and the nonrecurring Inmarsat acquisition-related charges. Adjusted EBITDA for the quarter was $383 million, an increase of 214% year-over-year from continuing operations, including Inmarsat in both years, Q3 FY 2024, adjusted EBITDA was up 11% year-over-year as good cost management leveraged our top line growth.

第三季淨虧損總計 1.24 億美元，高於去年同期的 4,700 萬美元淨虧損，主要是由於與 Inmarsat 收購相關的利息支出以及與 Inmarsat 收購相關的非經常性費用增加。本季調整後EBITDA 為3.83 億美元，由於持續營運（包括兩年內的Inmarsat），年增214%；2024 財年第三季度，調整後EBITDA 較去年同期成長11%，因為良好的成本管理充分利用了我們的優勢。營收成長。

Sequentially, net leverage increased 0.1x to approximately 3.8x estimated combined LTM adjusted EBITDA as of Q3 FY 2024, substantially favorable to plan at the time the Inmarsat acquisition was announced. We have significant financial flexibility with approximately $3 billion of liquidity, including $1.7 billion of cash, cash equivalents and short-term investments on our balance sheet at quarter end and no near-term funded maturities.

隨後，截至 2024 財年第三季度，淨槓桿率增加了 0.1 倍，達到預計合併 LTM 調整後 EBITDA 的約 3.8 倍，這大大有利於宣布 Inmarsat 收購時的計劃。我們擁有顯著的財務靈活性，擁有約 30 億美元的流動性，包括季末資產負債表上的 17 億美元現金、現金等價物和短期投資，並且沒有短期融資到期日。

Importantly, we have a fully funded path to positive free cash flow. Finally, insurance recovery claims of $770 million are proceeding. Claims for ViaSat-3 F1 and I6 F2 were filed before calendar year-end. We expect to receive proceeds over the next few quarters.

重要的是，我們有一條通往正自由現金流的充足資金途徑。最後，7.7 億美元的保險賠償索賠正在處理中。 ViaSat-3 F1 和 I6 F2 的索賠是在日曆年底之前提交的。我們預計將在未來幾季收到收益。

Subsequent to quarter end, we have received more than $200 million to date, with the majority anticipated to arrive in fiscal 2025. Overall, this was another strong quarter for Viasat. As Mark mentioned earlier, I will touch on 3 priorities we discussed in our letter, mainly around integration and transformation.

截至季末，我們迄今已收到超過 2 億美元，其中大部分預計將在 2025 財年到達。總體而言，這是 Viasat 的另一個強勁季度。正如馬克之前提到的，我將談到我們在信中討論的 3 個優先事項，主要圍繞著整合和轉型。

First, building operational momentum and financial performance of our core business. Operational momentum is reflected in the financials I just covered. Aviation continues to be our fastest-growing area with good progress in aircraft served and passenger engagement and in the scope of services we deliver that help our customers use connectivity to benefit their unique business models. We are proud of our reputation for predictable, reliable and measurable service quality. Our new order pipeline remains robust.

首先，增強核心業務的營運動力和財務績效。營運動能反映在我剛剛介紹的財務數據中。航空仍然是我們成長最快的領域，在飛機服務和乘客參與度以及我們提供的服務範圍方面取得了良好進展，幫助我們的客戶利用連接來受益於他們獨特的商業模式。我們因可預測、可靠和可衡量的服務品質而享有盛譽，對此我們深感自豪。我們的新訂單管道仍然強勁。

Our service -- services businesses also benefit from an innovation and an innovative and differentiated portfolio of hardware and application software products.

我們的服務業務也受益於創新以及創新和差異化的硬體和應用軟體產品組合。

Our second priority is leveraging the Inmarsat integration to achieve operating capital and revenue synergies to reduce costs and expand the scale and scope of our products and services. We took a big step in Q2, integrating space and ground infrastructure, operations, go-to-market, engineering and supporting teams, reducing people resources is really painful, but necessary to sustain our growth and achieve the financial metrics we expect.

我們的第二個優先事項是利用 Inmarsat 整合實現營運資本和收入協同效應，以降低成本並擴大我們產品和服務的規模和範圍。我們在第二季度邁出了一大步，整合了太空和地面基礎設施、營運、上市、工程和支援團隊，減少人力資源確實很痛苦，但對於維持我們的成長並實現我們預期的財務指標是必要的。

We expect about $100 million annual cash savings by start-up FY 2025, better than the $80 million target when the acquisition was announced and sooner by about 2 years. We're also integrating our global networks and support to further improve service quality, scale and resilience and to achieve the capital synergies to drive positive free cash flow.

我們預計到 2025 財年，新創公司每年可節省約 1 億美元的現金，這比宣布收購時設定的 8,000 萬美元的目標要好，而且提前了大約兩年。我們也整合我們的全球網絡和支持，以進一步提高服務品質、規模和彈性，並實現資本協同效應，推動積極的自由現金流。

The third priority is sustaining mobility business growth while advancing the inflection to positive free cash flow. Our strategy is to measure and drive asset productivity by best matching bandwidth delivery to our target customers, geographic and peak time demand needs, especially in the world's mobility hotspots such as major airports and maritime ports. We are leveraging our extensive global operating data and applying machine learning techniques to dynamically optimize our existing satellite fleet as well as our forthcoming 7 Ka-band satellites under construction and third-party assets.

第三個優先事項是維持行動業務成長，同時推動正自由現金流的轉變。我們的策略是透過最佳匹配目標客戶的頻寬交付、地理和高峰時間需求需求來衡量和提高資產生產力，特別是在主要機場和海港等世界行動熱點地區。我們正在利用廣泛的全球營運數據並應用機器學習技術來動態優化我們現有的衛星群以及即將建造的 7 顆 Ka 波段衛星和第三方資產。

We're also using unique technologies to enhance video streaming quality and efficiency, a dominant factor driving bandwidth usage growth. Our revised capital budgets reflect the opportunity we have to scale productivity, cost savings, while simultaneously driving further measurable increases in service quality.

我們還使用獨特的技術來提高視訊串流品質和效率，這是推動頻寬使用成長的主要因素。我們修訂後的資本預算反映出我們有機會擴大生產力、節省成本，同時進一步推動服務品質的顯著提升。

Now moving to the next topic on outlook. We exclude -- in terms of outlook, we exclude satellite impairment charges and the nonrecurring benefit from the litigation settlement announced last quarter from our guidance. For FY 2024, we expect revenue growth in the high single-digit percentages over FY 2023 for the combined company in a range of $4.1 billion to $4.25 billion.

現在轉到下一個主題：展望。就前景而言，我們將衛星減損費用以及上季度宣布的訴訟和解帶來的非經常性收益排除在我們的指導之外。對於 2024 財年，我們預計合併後公司的營收將比 2023 財年實現 41 億至 42.5 億美元的高個位數百分比成長。

For FY 2024, we expect adjusted EBITDA growth in the mid-single-digit percentages over FY 2023 for the combined company. We are now expecting adjusted EBITDA in the top half of our previous range, $1.275 billion to $1.3 billion with continued growth in FY 2025 in both revenue and adjusted EBITDA. Capital expenditures are expected at approximately $1.7 billion in the current -- our current satellites under construction.

對於 2024 財年，我們預計合併後公司的調整後 EBITDA 將比 2023 財年實現中個位數百分比成長。我們目前預計調整後 EBITDA 位於先前區間的上半部分，即 12.75 億美元至 13 億美元，並且 2025 財年收入和調整後 EBITDA 都將持續成長。目前我們正在建造的衛星的資本支出預計約為 17 億美元。

In Q3, our investments in our satellite network projects and success-based CapEx, which both drive growth, where over 2/3 of our total capital spend as compared to less than 1/3 associated with other maintenance and general CapEx activities. In FY 2025, we expect CapEx to decline to a range of $1.4 billion to $1.5 billion, inclusive of a placeholder for the potential funding of an I6 F2 replacement. Capital expenditure guidance does not include the expected $770 million benefit from insurance recoveries.

在第三季度，我們對衛星網路專案的投資和基於成功的資本支出都推動了成長，其中超過2/3 的總資本支出與其他維護和一般資本支出活動相關，而這一比例不到1/ 3。到 2025 財年，我們預計資本支出將下降至 14 億至 15 億美元的範圍，其中包括 I6 F2 替代品潛在資金的佔位符。資本支出指引不包括預期的 7.7 億美元保險賠償收益。

So on a net basis, our planned growth spending fits well within our capital structure and liquidity framework. Note that we include capitalized interest in our CapEx guidance, which is approximately $200 million per year. We are working on reducing leverage and optimizing our balance sheet and that is closely tied to our capital investment plan, post-merger and taking advantage of the capital synergy opportunities we mentioned earlier.

因此，從淨值來看，我們計劃的成長支出非常適合我們的資本結構和流動性框架。請注意，我們在資本支出指引中包含了資本化利息，每年約 2 億美元。我們正在努力降低槓桿並優化資產負債表，這與我們的資本投資計劃、合併後以及利用我們前面提到的資本協同機會密切相關。

Before wrapping up, I have two important updates to share. We felt it was time to scale our Investor Relations program, given our nearly doubling in size post-merger. So I'm happy to announce that Lisa Curran has joined our team as VP of Investor Relations. Lisa brings a unique breadth and depth of experience across sectors and leading companies through growth transformations. And I'm sure Peter -- Pete Lopez will facilitate introductions with all of you over the coming weeks. We've talked with a number of you about our plans for a Viasat Investor Day and listen to your feedback on multiple fronts. We've heard you and we will instead focus more immediately on enhancing our reporting disclosures and investor outreach, including giving more insight on our growth businesses.

在結束之前，我有兩個重要的更新要分享。鑑於合併後我們的規模幾乎翻倍，我們認為是時候擴大我們的投資者關係計劃了。因此，我很高興地宣布 Lisa Curran 已加入我們的團隊，擔任投資者關係副總裁。麗莎帶來了跨行業獨特的廣度和深度的經驗，並帶領公司實現成長轉型。我相信彼得·皮特·洛佩茲將在未來幾週內與大家介紹。我們已經與你們中的一些人討論了 Viasat 投資者日的計劃，並聽取了你們在多個方面的反饋。我們已經聽到了您的意見，我們將更加立即關注加強我們的報告披露和投資者外展，包括對我們的成長型業務提供更多見解。

We look forward to getting more of your feedback. We are aware that we are competing for your capital every day, we have conviction in our path ahead, and we want you to match our confidence. We expect to provide an update on our next earnings call.

我們期待收到您更多的回饋。我們知道我們每天都在爭奪您的資金，我們對前進的道路充滿信心，我們希望您能與我們一樣充滿信心。我們預計將在下一次財報電話會議上提供最新情況。

Now 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, including mobility and government. Ongoing execution on our sizable backlog, meaningful cost rationalization and prioritize CapEx spending, which benefits from the natural decline as we launch our satellites.

現在，我們在 2025 年上半年實現正自由現金流的道路是由我們龐大且不斷成長的市場（包括流動性和政府）的成長所推動的。持續執行我們大量的積壓訂單、有意義的成本合理化並優先考慮資本支出，這受益於我們發射衛星時的自然下降。

We are driving cost structure improvements with synergies, scale and benchmarking. Our operational performance in Q3 was very good, and we are on track to achieve substantial synergy value and expect the combined company to grow revenue and adjusted EBITDA in FY '24 and FY '25. And to be clear, our FY '25 growth is based on a full 12 months of Inmarsat in FY '24. With that, I'll pass it back to Mark.

我們正在透過協同效應、規模和基準來推動成本結構的改進。我們第三季的營運業績非常好，我們預計將實現巨大的協同價值，並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。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。這樣，我會將其傳回給馬克。

Okay. Thanks, Guru. And at this point, we'll be happy to take some questions.

好的。謝謝，古魯。此時，我們很樂意回答一些問題。

Your first question comes from the line of Ric Prentiss with Raymond James.

你的第一個問題來自 Ric Prentiss 和 Raymond James 的對話。

First thoughts are with you, your employees and families with all that rain, weather you've had out there. So I hope everyone is okay.

首先想到的是您、您的員工和家人，以及您在外面經歷的所有降雨和天氣。所以我希望每個人都沒事。

On the business side of things, I appreciate the update on the Flight 2. It sounds like first half calendar '25 and the Flight 3 actually before that kind of late 4Q calendar '24, help us -- so is there any more ground network or any more investment that needs to kind of occur as we kind of think through that? And have you gotten any insurance yet for the Flight 3? And then I'll come in with another question.

在業務方面，我很欣賞 Flight 2 的更新。聽起來像是 25 年上半年的日曆，而 Flight 3 實際上早於 24 年第四季度末的日曆，請幫助我們 - 還有更多地面網絡嗎或者當我們思考這個問題時需要進行更多的投資？您為 Flight 3 購買保險了嗎？然後我會提出另一個問題。

Okay. On the capital investments, I think where we are is about -- we're about 85% through the total capital investment plan that we had when we started the ViaSat-3 program. So about 15% to go, and that includes both the remaining space and ground -- initial ground segment.

好的。在資本投資方面，我認為我們目前的情況是——我們在啟動 ViaSat-3 計劃時完成了總資本投資計劃的 85% 左右。大約還剩 15%，其中包括剩餘空間和地面——初始地面部分。

And then insurance for Flight 3...

然後是3號航班的保險...

Yes I think you have that -- yes, so we're still working on that. We filed claims. Things are looking good, but I think you'd expect that probably be in FY '25.

是的，我想你已經知道了——是的，所以我們仍在努力解決這個問題。我們提出索賠。事情看起來不錯，但我想你預計這可能是在 25 財年。

Yes, part of the process for insuring the third flight is going over the status of Flight 1. And we'll do that through questions and responses with the insurers now that we filed our claim.

是的，為第三個航班提供保險的流程的一部分是檢查第 1 次航班的狀態。既然我們提出了索賠，我們將透過向保險公司提出問題和回覆來做到這一點。

Okay. And then, Guru, you kind of pointed out a little bit that you're looking at how best to use the bandwidth that you're bringing to bear with all these new birds, both on the Viasat side and the Inmarsat side. Can you help us from a high level maybe understand how much capacity should we be thinking that you're bringing into the marketplaces?

好的。然後，Guru，您有點指出，您正在考慮如何最好地利用您為所有這些新鳥類提供的頻寬，無論是在 Viasat 方面還是在 Inmarsat 方面。您能否從高水準上幫助我們了解我們應該考慮將多少容量帶入市場？

And then as you think about what we call GAME, government, aviation, maritime, enterprise, but then also rural consumer, how should we think about that capacity where you might want to apply it and what those growth profiles look like -- I'm making it a more complicated question, help us understand the competitive dynamics in those silos of who you feel you're most pressed against?

然後，當你思考我們所謂的遊戲、政府、航空、海事、企業，還有農村消費者時，我們應該如何考慮你可能想要應用它的能力以及這些增長概況是什麼樣的——我'我使它成為一個更複雜的問題，幫助我們了解您認為最有壓力的那些孤島中的競爭動態？

Okay. Okay. So there's a lot in there.

好的。好的。所以裡面有很多東西。

A lot there, yes.

那裡有很多，是的。

Well, so the first part is -- and one of the things we emphasized early on when we were first entering the business was the performance of each individual satellite. And now given the size of our fleet and the fact that we have multiple satellites covering individual places, one of the main things that we are now working on is using each incremental satellite to effectively increase the capacity of the whole fleet more than what you would get from just that first satellite, and that comes from the way that we operate the fleet as a whole.

嗯，所以第一部分是——當我們第一次進入這個行業時，我們早期強調的事情之一就是每顆衛星的性能。現在考慮到我們機隊的規模以及我們擁有覆蓋各個地方的多顆衛星的事實，我們現在正在做的主要事情之一是利用每顆增量衛星來有效地增加整個機隊的容量，比您想像的要多從第一顆衛星獲得的信息，來自我們整個艦隊的運作方式。

So I mean, so the -- think of it this way, the basic idea is that if you look at satellite coverage, just like cellular coverage in each beam of any satellite, the areas right in the middle of the beam that are really -- that are the most efficient, and there are places at the edges of beams that are less efficient. So the fact -- since all of those patterns don't line up on all the satellites, one of the things that we can do is reallocate the way we think about allocations of user terminals to satellites by doing that in the most efficient way possible.

所以我的意思是，這樣想，基本的想法是，如果你看一下衛星覆蓋範圍，就像任何衛星的每個波束的蜂窩覆蓋範圍一樣，波束中間的區域實際上是 - - 這是最有效的，而梁邊緣的某些地方效率較低。因此，事實是，由於所有這些模式並不在所有衛星上都一致，我們能做的一件事就是重新分配我們對衛星用戶終端分配的思考方式，以盡可能最有效的方式進行。

And that is much easier to do with mobility terminals than it is with fixed because mobility terminals are already able to be handed off from satellite to satellite at any time. The other thing, which goes to the part about competitive dynamics, is that one of the things that we always talk about and you can measure pretty easily is that the high demand markets have very high ratios of peak demand to average demand.

行動終端比固定終端更容易做到這一點，因為行動終端已經能夠隨時在衛星之間切換。另一件事是關於競爭動態的部分，我們總是談論並且你可以輕鬆衡量的事情之一是高需求市場的峰值需求與平均需求的比率非常高。

So think about airports, especially a big airport with a lot of connecting flights, 3 or 4 times a day, it might have 10x the demand that it has on the average at those peak times. So our more recent satellites that have dynamic bandwidth steering or more dynamic bandwidth steering than we've had in the past have an additional benefit of being able to move those beams around among the different places that have those high peak demands.

所以想想機場，尤其是一個有很多轉機航班的大機場，每天有 3 到 4 趟航班，它的需求可能是尖峰時段平均需求的 10 倍。因此，我們最新的衛星具有動態頻寬控製或比過去更多的動態頻寬控制，還有一個額外的好處，即能夠在具有高峰值需求的不同地方之間移動這些波束。

And the other thing is we have plenty of data on the differences in those peak times. So for instance, the peak demands in Atlanta aren't necessarily the same as they are in Chicago, Dallas, Houston or other hub airports. So we can then optimize our bandwidth to match those patterns. The main -- the biggest overall trends in these mobility markets are really increasing both the amount of bandwidth that individual passengers use and then a number of passengers that are engaged in using WiFi.

另一件事是我們有大量關於高峰時段差異的數據。例如，亞特蘭大的高峰需求不一定與芝加哥、達拉斯、休士頓或其他樞紐機場的高峰需求相同。因此，我們可以優化頻寬以匹配這些模式。這些行動市場的主要趨勢是增加單一乘客使用的頻寬量以及使用 WiFi 的乘客數量。

So that's kind of the change that we've really catalyzed. And it's -- I mean the way we kind of explain it to airlines is you don't really get any credit from passengers for having WiFi if they don't use it, right. So the big challenge has been how do you scale up the engagement without having bottlenecks at these hub airports.

這就是我們真正推動的改變。我的意思是，我們向航空公司解釋的方式是，如果乘客不使用 WiFi，你就不會真正從他們那裡得到任何信用，對吧。因此，最大的挑戰是如何在這些樞紐機場不出現瓶頸的情況下擴大參與度。

And we think that's a really -- that's a big dynamic that is playing out first in the U.S. and is expanding internationally. There are similar effects going on in maritime markets in the way they're manifested in maritime markets depends a lot on the type of ship, whether it's a leisure ship or think of it as a personal ship or enterprise ship.

我們認為這確實是一個巨大的動力，首先在美國發揮作用，然後在國際上擴展。海事市場上也存在類似的影響，它們在海事市場中的表現方式在很大程度上取決於船舶的類型，無論是休閒船還是私人船舶或企業船舶。

And if it's an enterprise ship, is its main function moving people? Or is it moving cargo. As an example, so what we're doing is, is working on each of those areas and then you can imagine you also have to work on the combination of those areas because a lot of the big airport are also major maritime ports. And so those are the dynamics. Basically, what we're working on is that match of supply and demand, we can do that in two ways.

而如果是企業船，它的主要功能是感動人嗎？或是在搬運貨物。舉個例子，我們正在做的是，在每個領域開展工作，然後你可以想像你還必須在這些領域的組合上開展工作，因為許多大型機場也是主要的海港。這些就是動態。基本上，我們正​​在研究的是供需匹配，我們可以透過兩種方式做到這一點。

One way is to optimize the fleet using some of the techniques that I talked about at the beginning. And the other one is to be really thoughtful about the customers that we choose to serve so that we can deliver those -- the performance that they're counting on. Does that cover those points that you had?

一種方法是使用我在開始時談到的一些技術來優化機隊。另一個是要真正考慮到我們選擇服務的客戶，以便我們能夠提供他們所依賴的效能。這是否涵蓋了您所擁有的那些要點？

Yes. And it sounds like you feel good about the amount of bandwidth you're bringing to bear and the ability to -- the time at the right time of market -- time of day, sorry, and geographic market and try and convince people, you should be using this stuff to kind of spur demand.

是的。聽起來你對你所提供的頻寬量和能力感到滿意——在市場的正確時間——一天中的時間，抱歉，以及地理市場，並嘗試說服人們，你應該用這些東西來刺激需求。

Yes, it's all of those. And we've been refining our ability to do this for years. It was those kind of our original go-to-market value proposition in the in-flight space in the U.S. We have years worth of data. The data is constantly evolving, but we've got our fingers on that. And then we also are augmenting that with industry-based data that helps us deal with perturbations to those scheduled users and for those types of vessels or planes that aren't scheduled. So you have to combine all that stuff. But we feel like that's the direction that service providers are going to need to go to deliver the certainty at those enterprise and government customers want.

是的，就是這些。多年來我們一直在提高這方面的能力。這就是我們在美國飛行領域最初的市場價值主張。我們擁有多年的數據。數據不斷變化，但我們已經掌握了這一點。然後，我們還透過基於行業的數據來增強這一點，幫助我們處理對那些預定用戶以及那些未預定的船隻或飛機類型的干擾。所以你必須把所有這些東西結合起來。但我們認為，這就是服務提供者為向企業和政府客戶提供所需的確定性而需要採取的方向。

Your next question comes from the line of Nikhil Aluru with JPMorgan.

您的下一個問題來自摩根大通的 Nikhil Aluru。

If I could ask a question on IFC, you guys mentioned the 1,400 plane backlog. Can you help us think about how quickly that you're able to activate those and what the pacing might look like as they come online? And then more higher level on IFC, Mark, you touched on the go-to-market. Maybe if you could give us some color on what the competitive intensity has looked like? Is there anything that you feel like you need to change potentially around pricing or promotion in the IFC business to maintain this kind of growth that you've been run rating at?

如果我可以在 IFC 上問一個問題，你們提到了 1,400 架飛機積壓。您能否幫助我們考慮一下您能夠以多快的速度啟動這些功能以及它們上線後的節奏會是什麼樣子？然後是國際金融公司更高層次的問題，馬克，您談到了進入市場的問題。也許您能給我們一些關於競爭強度的資訊嗎？您是否認為國際金融公司業務的定價或促銷方面有哪些可能需要改變的地方，以維持您評級中的這種成長？

Okay. Sure. So the rate of deployment is -- it is a little bit unpredictable. The main factors -- one of the biggest factors is the delivery rate of new aircraft from OEMs, especially Boeing and Airbus. They have a lot of -- so they have a lot of demand, and there's been supply constraints, including some of their major components. We've ranged from 200 or 300. In some quarters, we've done as many as 500. But we're looking at going from currently around 3,500 to probably around 4,200 or so by the end of next fiscal year. So that would be a little over a year from now.

好的。當然。因此，部署速度有點難以預測。主要因素－最大的因素之一是原始設備製造商（尤其是波音和空中巴士）新飛機的交付率。他們有很多——所以他們有很多需求，但供應受到限制，包括一些主要零件。我們的數量從 200 到 300 不等。在某些季度，我們已經完成了 500 之多。但我們希望到下一財年末將數量從目前的 3,500 左右增加到 4,200 左右。所以那會是一年多一點之後的事了。

But that -- and then that -- I think that's a reasonable assessment based on current new delivery rates and how those delivery rates affect our customers' retrofits. If they don't have new planes that sometimes slows the rate at which they'll take existing planes out of service for retrofits. I think that's a pretty reasonable estimate.

但我認為這是基於當前新的交付率以及這些交付率如何影響我們客戶的改造的合理評估。如果他們沒有新飛機，有時會減慢他們停止使用現有飛機進行改造的速度。我認為這是一個相當合理的估計。

And then on the -- your other question about what the growth drivers are? I'd say -- for us, kind of the biggest -- so let's say, I'm going to talk about a few things.

然後關於您的另一個問題，即成長動力是什麼？我想說——對我們來說，這是最重要的——所以我要說的是，我要談談一些事情。

One is the in-flight connectivity business tends to be (inaudible) regional carriers have -- they have different ways of approaching their customer base than, say, global long-haul carriers. And then some of the premium carriers generally are driven really by revenue per seat mile compared to very low-cost carriers or low-cost carriers that can be driven by CASK. So the -- I think that it's not really a good idea. So I mean it's not the way we approach it. We don't really approach it as a one-size-fits-all market.

一是機上連接業務往往是（聽不清楚）區域性營運商的業務——他們與全球長途營運商相比，採用不同的方式來接近客戶群。與極低成本航空公司或可由 CASK 驅動的低成本航空公司相比，一些優質航空公司通常實際上是由每座位英里收入驅動的。所以我認為這並不是一個好主意。所以我的意思是這不是我們處理問題的方式。我們並沒有真正將其視為一刀切的市場。

What we do see is kind of a dominant theme, which probably will play out over the next few years, and it's happening on a quarter-by-quarter basis is that some of the competitive dynamics that we first saw in the U.S. market are starting to spread internationally. That is especially this notion that the airlines don't really get any credit from their passengers if they don't use the connectivity system. So really think of it as the main trends are increasing passenger engagement. And then to increase passenger engagement, you generally need to offer them something that they want and more and more of that something -- that includes video. So that drives bandwidth demand.

我們確實看到的是一個主導主題，它可能會在未來幾年內發揮作用，而且每個季度都會發生，我們首先在美國市場看到的一些競爭動態正在開始傳播到國際上。尤其是這樣一種觀念，即如果航空公司不使用連接系統，他們就不會真正從乘客那裡獲得任何信用。因此，真正將其視為主要趨勢是增加乘客參與度。然後，為了提高乘客的參與度，您通常需要為他們提供他們想要的東西，並且越來越多的東西 - 包括影片。這推動了頻寬需求。

The -- and then the big issues really are when that happens, how do those airlines have confidence that you can deliver? That's what has led to having us sort of well-defined service level agreements that we and the airline can measure. And then the other ingredient that we've been increasingly successful at is helping the airlines monetize that engagement. Different airlines have different strategies for monetizing it. But if they don't monetize it and they just add more costs, that doesn't work for a lot of airlines.

然後，真正的大問題是，當這種情況發生時，這些航空公司如何有信心您可以交付服務？這就是我們和航空公司可以衡量的明確定義的服務水準協議的原因。我們越來越成功的另一個因素是幫助航空公司透過這種參與獲利。不同的航空公司有不同的貨幣化策略。但如果他們不將其貨幣化，而只是增加更多成本，那麼這對許多航空公司來說就行不通了。

So the idea of building the increasing supply of bandwidth and the increasing engagement into a business model that works for each airline. That's one of the main things that we've been focused on. And one of the areas that we're going to aim to try to provide investors with more visibility on.

因此，我們的想法是建立一個適合每家航空公司的業務模式，以增加頻寬供應和增加參與度。這是我們一直關注的主要事情之一。我們致力於為投資者提供更多可見性的領域之一。

Your next question comes from the line of Mike Crawford with B. Riley.

你的下一個問題來自 Mike Crawford 和 B. Riley 的對話。

A couple of questions regarding the L-band. First, can you elaborate on your 3 geostationary smallsat L-band satellites that you're developing and whether that may contain some of the discontinued ViaSat-4 IP?

關於 L 波段的幾個問題。首先，您能否詳細介紹您正在開發的 3 顆對地靜止小型衛星 L 波段衛星，以及是否可能包含一些已停產的 ViaSat-4 IP？

No. The L-band satellites -- those 3 new L-band satellites were started by Inmarsat prior to the merger being completed. They do have some pretty innovative bus features. They're very low-cost geosynchronous satellites, which are interesting for a variety of reasons, but they're not based on ViaSat-3 IP. Those 3 aren't.

否。L 波段衛星－這 3 顆新的 L 波段衛星是 Inmarsat 在合併完成之前啟動的。他們確實有一些非常創新的巴士功能。它們是非常低成本的地球同步衛星，由於多種原因而令人感興趣，但它們並非基於 ViaSat-3 IP。那三個不是。

And those might launch in 2026?

這些可能會在 2026 年推出？

Yes. I think they're going to -- intended to be in service in by the -- by 2027. Part of it is they will have reasonably orbit raising time. So we've got to work through the launch and the orbit raising and bringing into service mission, but those are ballpark correct at this point.

是的。我認為它們預計將在 2027 年投入使用。部分原因是它們將有合理的軌道上升時間。因此，我們必須完成發射、軌道提升和投入使用任務，但目前這些都是正確的。

Okay. And then separately on L-band, could you just elaborate more of what you, Skylo and Ligado, each are bringing to the table on this NTN direct-to-device service and whether that requires a special device such as like a formerly Bullitt phone or a TAT phone that -- or would this would be to any iPhone or Android phone?

好的。然後分別在 L 頻段上，您能否詳細說明您、Skylo 和 Ligado 在 NTN 直接設備服務上各自帶來的內容，以及這是否需要特殊設備，例如以前的 Bullitt 手機或者TAT 手機——或者這適用於任何iPhone 或Android 手機？

Okay. Yes. So what is happening in the device market is expanded interest in this integration of terrestrial and satellite networks. And satellite networks are often referred to as NTN or nonterrestrial networks. The -- you have to think of motivations of different parties here. But the device makers -- and think of it as device makers, mobile network operators, over-the-top companies that provide services -- data services to smartphones as well. And then -- or other devices. And then also think about it from the user's perspective.

好的。是的。因此，設備市場正在發生的事情是人們對地面和衛星網路整合的興趣不斷擴大。衛星網路通常被稱為 NTN 或非地面網路。 - 你必須考慮不同各方的動機。但設備製造商——並將其視為設備製造商、行動網路營運商、為智慧型手機提供數據服務的頂級公司。然後——或者其他設備。然後還要站在使用者的角度去思考。

So the device makers are really looking to integrate a next generation of modem chips. That's what's standardized in this 3GPP standard. There's also some specifications around satellite frequency bands. L-band being one of the most prominent for delivering these services. And then the devicemakers are working to seamlessly integrate this handoff from terrestrial cellular networks to satellite service. And that is -- so that's the general theme what you'll see. And what you'll probably see are initially some functions that are for remote -- basically remote emergency or remote location type services.

因此，設備製造商確實希望整合下一代調變解調器晶片。這就是 3GPP 標準中的標準化內容。還有一些有關衛星頻段的規範。 L 頻段是提供這些服務的最著名的頻段之一。然後設備製造商正在努力將這種從地面蜂窩網路到衛星服務的切換無縫整合。這就是——這就是您將看到的總體主題。您最初可能會看到一些用於遠端的功能——基本上是遠端緊急或遠端位置類型服務。

And then also just remote coming now will be remote messaging and communication services that are built into devices. The idea would be if you have a device that benefits from cellular connectivity that you would use the satellite connectivity to extend that range and what we think is also fill in black spots in coverage. Some part of -- and this is to be determined, but some part of the market is in people that you know are far away, often deserts or mountain ranges where there wasn't and probably won't ever be cellular coverage.

現在，遠端訊息傳遞和通訊服務也將內建在設備中。我們的想法是，如果您有一個受益於蜂窩連接的設備，您可以使用衛星連接來擴展該範圍，我們認為這也可以填補覆蓋範圍中的黑點。一部分——這還有待確定，但市場的一部分是你認識的遠方的人，通常是沙漠或山脈，那裡沒有也可能永遠不會有蜂窩覆蓋。

But a lot of devices are disconnected just even though they are near terrestrial cellular coverage, but in a dead spot or a black spot or shadowed by a mountain or hill side or similar things like that. So one of the big things going on in the industry is whether you want to serve those people with existing cellular terrestrial frequencies that are allocated to satellite, or -- and this is the part that we're aiming for, and we think makes a lot of sense is if you can augment terrestrial cellular with licensed satellite spectrum that will fill in all these black spots, and you don't have to take -- you, the carrier doesn't have to take any existing spectrum out of service. They have to take terrestrial spectrum and dedicate it to satellite use.

但是，許多設備即使在地面蜂窩覆蓋範圍附近，但在死角或黑點或被山或山坡或類似物體遮擋時也會斷開連接。因此，該行業正在發生的一件大事是，您是否想用分配給衛星的現有蜂窩地面頻率為那些人提供服務，或者——這就是我們的目標部分，我們認為很有意義的是，如果您可以使用許可的衛星頻譜來增強地面蜂窩網絡，這將填補所有這些黑點，並且您不必採取- 您，運營商不必停止任何現有頻譜的服務。他們必須將地面頻譜專門用於衛星使用。

That's -- so that is -- that's what these 3GPP standards are about is enabling that capability. We think, ultimately, that's the way to both get scale and make the services more attractive. So now Skylo has put together kind of a network and back office solution that lets us start delivering those services pretty much right away. We're doing tests with some really interesting devices. We're working with Ligado to help scale what we can do in the U.S.

這就是——所以這就是——這些 3GPP 標準的目的就是要實現這種能力。我們認為，最終，這才是擴大規模並使服務更具吸引力的方法。所以現在 Skylo 已經整合了一個網路和後台解決方案，讓我們幾乎可以立即開始提供這些服務。我們正在使用一些非常有趣的設備進行測試。我們正在與 Ligado 合作，幫助擴大我們在美國可以做的事情。

And [we've had] worked with Ligado for years. They have a very -- they've kind of the most advanced L-band, ground-based beam forming satellite. We helped develop that, and we also help them operate it. And then with Inmarsat, we can extend that globally across all the rest of our fleet. So that's what's going on now. I'd say the main thing you'll see kind of the near future are device makers that choose those chips that have the satellite NTN capability starting to talk about their products and bring them to market probably later this year.

[我們] 與 Ligado 合作多年。他們擁有一顆非常先進的 L 波段地面波束形成衛星。我們幫助開發了它，我們也幫助他們運作它。然後，透過 Inmarsat，我們可以將其擴展到全球範圍內我們機隊的所有其他設備。這就是現在發生的事情。我想說，在不久的將來，您將看到的主要事情是，選擇具有衛星 NTN 功能的晶片的設備製造商開始談論他們的產品，並可能在今年晚些時候將其推向市場。

A couple of quick clarification points, Mike. One, this is, as Mark said, it's still in market discovery and development mode, and we don't have any incremental CapEx associated with this deal, just for clarity.

麥克，請快速澄清幾點。第一，正如馬克所說，它仍處於市場發現和開發模式，為了清楚起見，我們沒有與這筆交易相關的任何增量資本支出。

And right now, we think this will start slowly. Ultimately, we think it will build, as Guru said. I think market discovery is a good way to describe it.

現在，我們認為這將慢慢開始。最終，我們認為它會建成，正如古魯所說。我認為市場發現是描述它的一個好方法。

Okay. Just one final question, more on the financials. Just given the quarter-to-quarter variability in your gross margins for products and services, how -- what was in the mix to cause that variance this quarter? And how should we be thinking about that and say, the March quarter and also next year is regarding gross margin on products and services revenue?

好的。只是最後一個問題，更多關於財務方面的問題。鑑於產品和服務毛利率的季度變化，本季的差異是由什麼因素造成的？我們應該如何考慮這一點並說，三月季度以及明年的產品和服務收入毛利率？

Mike, it's Shawn. So I think if you think about this quarter, there's a couple of unique things. One is we had a little bit of favorability on the mix in our government business. And so that yielded a little bit improved margins. And on the service side, we also had -- we had a kind of a contract negotiation that we were able to resolve with the customer and so that had some favorability as well. So those are things I would say that I'm not expecting to keep going into the next quarter. And then also, we get a little bit of benefit from the acquisition accounting and the flow-through of that, and that's going to start to meter down as well.

麥克，我是肖恩。因此，我認為如果您考慮一下本季度，您會發現有一些獨特的事情。一是我們對政府業務的組合有一點好感。因此，利潤率有所提高。在服務方面，我們也進行了一種合約談判，我們能夠與客戶解決這個問題，因此也有一些優惠。所以我想說的是，我不希望在下個季度繼續這樣做。然後，我們從收購會計和流通中獲得了一些好處，這也將開始減少。

Your next question comes from the line of Ryan Koontz with Needham & Company.

您的下一個問題來自 Needham & Company 的 Ryan Koontz。

Appreciate your commentary, Mark, about the major long-haul versus regionals there and different strategies. Maybe if we take step back, can you maybe characterize kind of how you view those markets in your kind of targeted western markets of where we are in penetration for long haul and regionals? Number one.

馬克，感謝您對主要長途航班與地區航班以及不同策略的評論。也許如果我們退後一步，您能否描述一下您如何看待我們在長途和區域市場中的目標西方市場中的這些市場？第一。

And second question is that you've talked before about wholesale partnerships to fill bandwidth needs. Is that still on the table of looking a relationship with other providers to fill any gaps you might have with the change in plan for F1?

第二個問題是，您之前已經談到批發合作夥伴關係來滿足頻寬需求。是否仍在考慮與其他提供者建立關係，以填補 F1 計劃變更時可能存在的任何空白？

Okay. Sure. Yes, I'd say that if you want to see what the future of in-flight is, one is, if you look at the region -- I don't like regional, that would be like the U.S. market. Looking at the U.S. as a domestic market compared to international flights to and from the U.S., that's a good proxy I'd say. On the domestic part, the domestic mainline fleets are typically single-aisle planes, maybe a couple of hundred on the range of a couple of hundred passengers. And some, there's a mix of seat-back entertainments and no screens.

好的。當然。是的，我想說，如果你想了解機上市場的未來，一是，如果你看看該地區——我不喜歡地區市場，那會像美國市場。與往返美國的國際航班相比，將美國視為國內市場，我認為這是一個很好的指標。在國內部分，國內幹線機隊通常是單通道飛機，可能有數百架，可容納數百名乘客。有些則混合了座椅靠背娛樂設施，但沒有螢幕。

So you're seeing, I'd say, a pretty fair -- very high penetration of those or many flights where we'll serve well over 200 devices at peak times. And I'd say we're serving both entertainment and connectivity options. And one of the main themes is going to be greater integration between those sort of reflecting what people do, but -- at home, well first they're watching entertainment and still doing -- communicating with friends or social media or other things on their devices.

所以你會看到，我想說，這些航班或許多航班的滲透率非常高，我們將在高峰時段為 200 多個設備提供服務。我想說的是，我們同時提供娛樂和連接選項。主題之一將是那些反映人們所做的事情之間的更大程度的整合，但是——在家裡，首先他們在觀看娛樂節目的同時仍在做——與朋友或社交媒體或他們的其他事情進行交流。設備。

In the long-haul business, that -- the long-haul market has been, I'd say, it's a little bit behind. And that has been because the planes have a lot more people. So high engagement, high bandwidth, means higher capacity of links. And so that's an area that I think we're going to do well in, but we're really with Inmarsat and the new ViaSat-3 satellites, really entering that now, and we're working with our customers to bring similar experiences to the -- to those large twin-aisle long-haul aircraft, as have been in the, say, the U.S. domestic market or intra big domestic markets in other parts of the world, like Australia, Europe, Brazil, some of the other markets that we've been in.

在長途業務方面，我想說，長途市場有點落後。這是因為飛機上載有更多的人。因此，高參與度、高頻寬意味著更高的連結容量。因此，我認為這是一個我們會做得很好的領域，但我們確實與Inmarsat 和新的ViaSat-3 衛星合作，現在確實進入了這個領域，我們正在與客戶合作，為人們帶來類似的體驗. - 對於那些大型雙通道長途飛機，例如美國國內市場或世界其他地區的大型國內市場，如澳大利亞、歐洲、巴西和其他一些市場我們去過的。

Also, you're going to see -- because seatbacks are such an important part of that, I think that's where you'll also see a lot of innovation in combining the entertainment and connectivity parts. The part that's still really to be penetrated is the low-cost carriers because their focus on cost per seat mile really is -- it's a big [cost]. So building up these monetization strategies, I think, is going to be a big factor in the low-cost carriers, both on the regional domestic fleets and on the long haul. Does that give you some sense of what those dynamics are?

此外，您還會看到，因為座椅靠背是其中非常重要的一部分，所以我認為您還會看到在結合娛樂和連接部分方面的大量創新。真正需要滲透的部分是低成本航空公司，因為他們對每座位英里成本的關注確實是——這是一個很大的[成本]。因此，我認為，建立這些貨幣化策略將成為廉價航空公司的重要因素，無論是國內支線機隊還是長程航線。這是否讓您對這些動態有所了解？

Yes. When you talk about complementary revenue that you -- things like advertising in places like that where you can kind of boost revenue per seat? Or what sort of other monetization schemes are there?

是的。當您談論補充收入時，例如在這樣的地方做廣告，可以提高每個席位的收入？或是還有哪些貨幣化的方案？

Yes. So the -- well, one of the tricks is really the whole purpose of this is to increase passenger engagement and then basically think of in-flight connectivity is an amenity like other amenities and it's got to carry its weight for those airlines, right. So the idea is come up with monetization strategies that are -- that help overall with passenger engagement. Advertising is one mechanism, but there's quite a few others that we've been testing with other airlines.

是的。因此，其中一個技巧實際上是提高乘客參與度，然後基本上認為機上連接是一種與其他便利設施一樣的便利設施，並且它必須對這些航空公司產生影響，對吧。因此，我們提出了貨幣化策略，這些策略總體上有助於提高乘客的參與度。廣告是一種機制，但我們已經與其他航空公司測試了相當多的其他機制。

And some of them involve promotions with interesting online services or destination-driven things. There's just a very broad range of monetization opportunities. And I think our approach -- and I think we've been fortunate here in working with some really savvy airlines that have different approaches to it. I think one of the things you're going to see pretty much by definition is if every airline does the same thing, then no airlines have a competitive advantage. So a lot of this is really around how they brand and monetize their operations in general and the partners that they use, which often are associated with their root structure and their -- the values that their brand conveys. And I think we'll give a little more detail on this, but it's -- I think it's one of the biggest opportunities in in-flight connectivity.

其中一些涉及有趣的線上服務或目的地驅動的促銷活動。貨幣化機會非常廣泛。我認為我們的方法 - 我認為我們很幸運能夠與一些真正精明的航空公司合作，他們對此採取了不同的方法。我認為根據定義你會看到的一件事是，如果每家航空公司都做同樣的事情，那麼沒有一家航空公司具有競爭優勢。因此，這很大程度上取決於他們如何對他們的營運進行品牌化和貨幣化，以及他們使用的合作夥伴，這通常與他們的根結構和他們的品牌傳達的價值觀相關。我認為我們會對此提供更多細節，但我認為這是機上連接的最大機會之一。

That's really great. And any comments on the kind of wholesale needs you might have with other sat operators?

那真是太棒了。對於您可能對其他衛星營運商的批發需求有何評論？

Third-party? Yes. Especially, one of the main ways in which we've been working with third parties is on international markets where you have kind of flag carriers, and there doesn't have to be a flag carrier, but basically local regional carriers and then you also have regional satellite operators that are often tied to their regional governments and their ambitions in space. And one of the things that we've been able to do is work with those partners. I think you can see more of this on a -- think of it as a partnership, roaming wholesale basis where they can bring their space assets into service for their needs, and they can also address international flights where their own carriers go global and where other global carriers go to their regions.

第三者？是的。特別是，我們與第三方合作的主要方式之一是在國際市場上，在那裡你有一些旗艦航空公司，而且不一定有旗艦航空公司，但基本上是當地的區域航空公司，然後你也可以區域衛星營運商往往與當地政府及其太空野心聯繫在一起。我們能夠做的事情之一就是與這些合作夥伴合作。我認為你可以在這方面看到更多——將其視為一種合作夥伴關係，漫遊批發基礎，他們可以將其空間資產投入服務以滿足他們的需求，他們還可以解決他們自己的運營商走向全球和哪裡的國際航班問題。其他全球航空公司前往他們的地區。

And that -- we think that's a really interesting formula that also helps deal with this issue of reinforcing those hotspots. And it's also very extensible into the maritime industry. So those are themes that really underpin a lot of these wholesale agreements or third-party partner agreements that we mentioned.

我們認為這是一個非常有趣的公式，也有助於解決加強這些熱點的問題。而且它也可以很好地擴展到海運業。因此，這些主題真正支撐了我們提到的許多批發協議或第三方合作夥伴協議。

Your next question comes from the line of Chris Quilty with Quilty Space.

您的下一個問題來自 Quilty Space 的 Chris Quilty。

Real quick first, a question for Shawn. I'm assuming the CapEx figures exclude capitalized interest?

首先，我要問肖恩一個問題。我假設資本支出數據不包括資本化利息？

Yes. So thanks for asking, Chris. So the number that we gave you for both this year and next year do include that capitalized interest, which was about $200 million.

是的。謝謝你的提問，克里斯。因此，我們為您提供的今年和明年的數字確實包括資本化利息，約為 2 億美元。

Okay. Good. That's even better then. Great. Second follow-up question on the I-8 satellites. Apparently, they've got electric propulsion, but that doesn't prevent you from doing a direct injection if you want them to get to orbit quicker. Is that correct?

好的。好的。那就更好了。偉大的。關於 I-8 衛星的第二個後續問題。顯然，它們有電力推進，但如果你想讓它們更快進入軌道，這並不妨礙你進行直接噴射。那是對的嗎？

Correct. Yes. We will do a launch mission that's really based on when we need them in service, the services they'll provide in the overall economics and trade-offs of that. But -- right. We can -- we have and can shorten the orbit raising time by choosing the launch vehicle. And we're going to keep that option open.

正確的。是的。我們將執行一項發射任務，該任務實際上是基於我們何時需要它們提供服務、它們將在整體經濟性和權衡中提供的服務。但是——沒錯。我們可以——我們已經並且可以透過選擇運載火箭來縮短軌道上升時間。我們將保留該選項。

Got you. And the I6 F2, I think I got that right, is that fairly standard? I mean, you're not going out on a limb and doing something major different with that replacement and it's more of an off-the-shelf replacement from an existing [bus] or the existing vendor? Or do you see this as an opportunity to look to add new technology into that satellite?

明白你了。 I6 F2，我想我說得對，這是相當標準的嗎？我的意思是，您不會冒險做一些與該替代品不同的事情，它更像是現有[總線]或現有供應商的現成替代品？或者您認為這是一個在該衛星中添加新技術的機會？

Okay. So there were some specific missions for Inmarsat that were combined on that satellite. The I6 satellites, as an example, combined both L-band and Ka-band payloads. So given where we are with the combined company and our other assets, what we're really looking for is just the L-band portion of that payload. So -- and that is -- it's -- I wouldn't call it commodity. But it's -- we could -- there's several different Inmarsat and other L-band satellites that we could use as the basis for that.

好的。因此，國際海事衛星組織 (Inmarsat) 的一些特定任務都集中在這顆衛星上。例如，I6 衛星結合了 L 波段和 Ka 波段有效載荷。因此，考慮到合併後的公司和其他資產的情況，我們真正尋找的只是該有效載荷的 L 波段部分。所以——那就是——我不會稱之為商品。但我們可以——有幾個不同的 Inmarsat 和其他 L 波段衛星，我們可以使用它們作為基礎。

Right now, we're really just looking at our overall L-band fleet and our overall L-band needs and a migration strategy that's around the safety services that are supported by our fleet, the aviation services which are expanding and supported by our fleet in making the decision on the best way to fulfill what that was -- what that satellite was going to do. And we'll report on that, but we did think it was prudent to include a placeholder in FY '25 for the cost that we would incur with the replacement.

目前，我們實際上只是專注於我們的整體 L 波段機隊和整體 L 波段需求以及圍繞我們機隊支援的安全服務、我們機隊正在擴展和支援的航空服務的遷移戰略決定實現該衛星將要做什麼的最佳方式。我們將對此進行報告，但我們確實認為在 25 財年中包含一個佔位符是明智的做法，因為我們會因更換而產生費用。

Got you. Final question, and it's a little open-ended, but R&D like we very rarely talk about R&D as a line in the income statement more about specific projects. But when you look at the combination of the 2 company, there's a lot of -- 2 companies, there's a lot of things you can do in terms of products, I think of terminals and gateways and modems and different things that need to be harmonized between the two.

明白你了。最後一個問題，它有點開放式，但研發就像我們很少將研發作為損益表中的一行更多地談論具體項目一樣。但是當你看看這兩家公司的組合時，有很多——兩家公司，在產品方面你可以做很多事情，我認為終端、網關和調製解調器以及需要協調的不同東西兩者之間。

Are there any anticipated step-ups associated with R&D investments, forget the government stuff, which is funded R&D? Or do you just see sort of regular way investment consistent with what the 2 companies had been doing individually? Or is there a period of time here where you need to spend more to get some of the products and services to market quickly?

是否有任何預期的與研發投資相關的升級，忘記政府資助研發的東西？或者您只是看到某種常規投資方式與兩家公司各自所做的事情一致？或者是否有一段時間您需要花費更多才能將某些產品和服務快速推向市場？

Right now, the main -- one of the main themes, as Guru described, it's really operational synergies with R&D being an important component of that. So one example of that is we have 2 different networking systems, and we're in the process of converging and that's in our R&D plan. We also have a number of these improvements that we described that our networks operating more efficiently.

現在，正如古魯所描述的那樣，主要主題之一是真正的營運協同效應，而研發是其中的重要組成部分。一個例子是我們有兩個不同的網路系統，我們正在融合，這在我們的研發計劃中。我們也進行了許多改進，我們描述了我們的網路運作效率更高。

But the overall -- our overall R&D spend, we think, is going to stay in rough range of around 3.5% to 4%. And some -- we're basically aiming two big themes. One is synergies and then the other is productivity improvements and then think of it as service enhancements, a lot of which go around these missions that we described that our customers are doing. That would be like for in-flight connectivity, that's -- the -- think of it as a synthesis of the connectivity and the entertainment portions. There's similar but different types of R&D activities that we're doing for applications on the government side in the maritime space. But those are the main (inaudible) drivers.

但總體而言，我們認為，我們的整體研發支出將大致維持在 3.5% 至 4% 左右的範圍內。還有一些——我們基本上瞄準了兩個大主題。一是協同效應，二是生產力提高，然後將其視為服務增強，其中許多都圍繞著我們所描述的客戶正在執行的任務。這就像飛行中的連接一樣，將其視為連接和娛樂部分的綜合體。我們正在為政府方面在海洋領域的應用進行類似但不同類型的研發活動。但這些是主要的（聽不清楚）驅動因素。

Your next question comes from the line of Edison Yu with Deutsche Bank.

你的下一個問題來自德意志銀行的Edison Yu。

First, just housekeeping. Did I hear correctly about the Analyst Day that it is being pushed out? Is that what you were trying to communicate?

首先，只是做家事。我是否正確地聽到了分析師日即將被取消的消息？這就是你想要傳達的訊息嗎？

This is Guru. Yes, so I'll just say two things. One, we've had interactions with many of you, and we've had feedback on disclosures and overall reporting, and we've been taking that feedback and working through that. So our focus is really addressing some of the key questions that we are getting in, and we'll address that in the next earnings, which means we are not going to do the Investor Day that we had originally thought of in March, and we are in parallel thinking to what a new Investor Day would look like.

這是古魯。是的，所以我只說兩件事。第一，我們與你們中的許多人進行了互動，我們收到了有關揭露和整體報告的回饋，我們一直在接受這些回饋並進行解決。因此，我們的重點實際上是解決我們遇到的一些關鍵問題，我們將在下一份財報中解決這些問題，這意味著我們不會像三月那樣舉辦投資者日活動，我們同時思考新的投資者日會是什麼樣子。

So we'll come back to you when we have an update there. But we didn't want to delay key questions that we're getting around disclosures and overall reporting, which we'll address in the next earnings call.

因此，當我們有更新時，我們會回覆您。但我們不想推遲我們正在解決的有關披露和總體報告的關鍵問題，我們將在下一次財報電話會議中解決這些問題。

Understand, understand. Just a couple on the business. Just curious on the cash flow. There were a couple of discrete items called out as a headwind. Any way you can kind of quantify what those were? And do those kind of headwinds go away sequentially?

明白了，明白了。只是一對夫婦在做生意。只是好奇現金流。有幾個離散的項目被稱為不利因素。有什麼辦法可以量化這些是什麼嗎？這些不利因素會逐漸消失嗎？

Yes, Edison, this is Shawn. Yes, I think that one of the things to keep in mind is, in Q3, we had kind of a lift in -- our cash flow requirements related to the tax payments that we needed to do for the TDL transaction, and we had a little bit also over on the U.K. side. So when I think about it, kind of Q3 to Q4, I think I would -- we'll have our interest payments in that quarter, maybe that's about $33 million. You could see our working capital requirement, probably around the $50-ish million or so in isolated there.

是的，愛迪生，這是肖恩。是的，我認為需要記住的一件事是，在第三季度，我們的現金流量要求與我們需要為 TDL 交易支付的稅款相關，並且我們有英國方面也有一點結束。因此，當我想到第三季到第四季時，我想我們將在該季度支付利息，也許約為 3300 萬美元。你可以看到我們的營運資金需求，可能大約是 5000 萬美元左右。

But I don't think we don't have any material tax payments coming into Q4. So that's a good way to think about it.

但我認為第四季我們不會沒有任何實質的納稅。所以這是一個很好的思考方式。

All right, great. And then last question, just on the cost. I realized we boosted the savings potential to $100 million for 2 years. Are we looking at trying to maybe take more? Obviously, you had some more time to dig into the Inmarsat piece. Should we think about potentially some upside to that $100 million as we move forward?

好吧，太好了。最後一個問題，就是關於成本。我意識到我們在 2 年內將節省潛力提高到 1 億美元。我們是否正在考慮嘗試採取更多措施？顯然，您有更多時間來深入研究 Inmarsat 的內容。隨著我們的前進，我們是否應該考慮這 1 億美元的潛在好處？

Edison, I would say, so if you look at what we talked about on the $100 million starting FY '25, a lot of the focus there was on headcount and bringing the 2 teams together from go-to-market all the way through technology. So we feel really good with that. Now what we are focused on right now is non-headcount related, which you think about procurement and supply chain and some of the external spend that we do, we are now doing our analysis and working through that. So we do expect opportunities there in terms of savings, but we haven't quantified those yet. We're working through that.

愛迪生，我想說，所以如果你看看我們在 25 財年開始的 1 億美元計劃中所討論的內容，就會發現，重點是人員數量以及將兩個團隊從進入市場一直到技術整合在一起。所以我們對此感覺非常好。現在我們關注的重點是與人員無關的問題，你會想到採購和供應鏈以及我們所做的一些外部支出，我們現在正在進行分析並解決這個問題。因此，我們確實期望在節省方面有機會，但我們尚未量化這些機會。我們正在解決這個問題。

And Edison, if I can add one -- just one my point. Just keeping in mind that in Q3, alongside the risk that we announced with -- as we were rightsizing on the people, we saw some of those payments from in this quarter 2. So that elevated Q3 a little bit as well.

愛迪生，如果我可以補充一點的話──只是我的一點。請記住，在第三季度，除了我們宣布的風險之外，當我們對人員進行精簡時，我們看到了本季度第二季度的一些付款。因此，第三季度也有所提高。

That is all the time we have for questions. I will turn the call back to Mark Dankberg for closing remarks.

這就是我們提問的全部時間。我將把電話轉回給馬克·丹克伯格（Mark Dankberg），讓其致閉幕詞。

Okay. So thanks a lot, everybody, for joining us. I would like to leave you with just a few important takeaways from third quarter. One is that the results were good. We generated 8% year-over-year revenue growth and 11% year-over-year adjusted EBITDA growth. We're winning new business in our targeted growth markets. I think, hopefully, you can get a sense of the competitive environment that we're in, in the way that we are targeting specific enterprise in government and mobility markets.

好的。非常感謝大家加入我們。我想向您介紹第三季的一些重要要點。一是結果很好。我們的營收年增 8%，調整後 EBITDA 年成長 11%。我們正在目標成長市場贏得新業務。我認為，希望您能夠透過我們針對政府和行動市場中特定企業的方式了解我們所處的競爭環境。

The Inmarsat integration program is ahead of schedule and ahead of budget. And we are balancing growth, innovation and profitability. So with that, I look forward to updating you all on our continued progress next quarter. And with that, I'll hand it back to the operator.

國際海事衛星組織整合計畫提前完成並超出了預算。我們正在平衡成長、創新和獲利能力。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。然後，我會將其交還給接線員。

Thank you. This does conclude today's conference call. We thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。我們感謝您的加入。現在您可以斷開線路。