Viasat Inc (VSAT) 2024 Q4 法說會逐字稿

My name is Sarah, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Viasat's Fourth Quarter Fiscal Year 2024 Earnings Results Conference Call. (Operator Instructions).

我叫莎拉，我將擔任今天下午的會議主持人。此時此刻，我謹歡迎大家參加 Viasat 2024 財年第四季獲利結果電話會議。 （操作員說明）。

I would now like to turn the call over to Ms. Lisa Curran, Vice President of Investor Relations. Ms. Curran, you may begin your conference.

我現在想將電話轉給投資者關係副總裁 Lisa Curran 女士。 Curran 女士，您可以開始會議了。

Thanks, Sarah. We will present certain non-GAAP financial measures on today's call. Information required by the SEC relating to these non-GAAP financial measures is available in our fourth quarter fiscal year '24 Shareholder Letter, Investor Relations section of our website. Please note that to provide a more meaningful comparison of our results of operations year-over-year, results for the fourth quarter and fiscal year 2024 are compared against supplemental combined results for prior year periods. These supplemental combined results are based on the combination of Viasat's historical reported results from continuing operations with Inmarsat's historical reported results for periods prior to the acquisition, with adjustments to reflect purchase price accounting, the conversion of Inmarsat's results from IFRS to GAAP, and conforming changes to reflect Viasat's presentation of its results. The supplemental combined financial information was prepared to better illustrate for investors the performance of our business following our acquisition of Inmarsat.

謝謝，莎拉。我們將在今天的電話會議上提出某些非公認會計準則財務指標。 SEC 要求的與這些非 GAAP 財務措施相關的資訊可在我們網站的「24 財年第四季股東信函」投資者關係部分中找到。請注意，為了對我們的經營業績進行更有意義的同比比較，我們將第四季度和 2024 財年的業績與上一年期間的補充合併業績進行了比較。這些補充合併結果是基於 Viasat 持續營運的歷史報告結果與 Inmarsat 收購前期間的歷史報告結果相結合，並進行了調整以反映購買價格會計、Inmarsat 的結果從 IFRS 轉換為 GAAP 以及一致的變更以反映Viasat 對其結果的介紹。補充合併財務資訊旨在更好地向投資者說明我們收購 Inmarsat 後的業務表現。

Unless otherwise noted, the presented financial measures reflect year-over-year increases or decreases relative to the supplemental combined financial data in our fourth quarter fiscal year 2024 Shareholder Letter on the Investor Relations section of our website.

除非另有說明，所提供的財務指標反映了相對於我們網站投資者關係部分的 2024 財年第四季度股東信函中補充合併財務數據的同比增減。

During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance. We will also make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we expect or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties and actual results might differ materially from any forward-looking statements that we make today.

在演示過程中，我們將描述影響同比業績的某些更重要的因素。我們也將做出聯邦證券法意義內的前瞻性陳述，包括有關我們預期或預期未來將或可能發生的事件或發展的陳述。這些前瞻性陳述受到許多風險和不確定性的影響，實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。

Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings and subsequent report on Form 10-K. These forward-looking statements speak only as of the date they are made, and we do not assume any obligation to update any forward-looking statements.

有關這些可能導致實際結果與這些前瞻性陳述存在重大差異的因素的信息，請參閱我們向 SEC 提交的文件和隨後的 10-K 表報告。這些前瞻性陳述僅代表截至其作出之日的情況，我們不承擔更新任何前瞻性陳述的義務。

With that, I'll turn it over to Mark Dankberg, Chairman and CEO.

接下來，我會將其交給董事長兼執行長馬克‧丹克伯格 (Mark Dankberg)。

Good afternoon, and thanks for joining us today. With me, I have Guru Gowrappan, our President; and Shawn Duffy, our CFO.

下午好，感謝您今天加入我們。和我在一起的還有我們的總統古魯古拉潘（Guru Gowrappan）；和肖恩·達菲，我們的財務長。

We encourage reading the Shareholder Letter that we posted on our website earlier this afternoon for more details. I'll give an overview of the main points, and then Guru will cover our operational results and highlights and our growth outlook, and then we'll take questions.

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。我會概述一下要點，然後Guru會介紹我們的營運績效和亮點以及我們的成長前景，然後我們會回答問題。

We achieved fiscal year 2024 revenue and adjusted EBITDA growth above the high end of our guidance, driven by mobility and government. Fiscal year 2024 was a big year for us. We closed the Inmarsat acquisition, dealt with the satellite anomalies, immediately undertook integrating the companies to eliminate redundancies, capture synergies and drive productivity.

在流動性和政府的推動下，我們實現了 2024 財年的收入，調整後的 EBITDA 成長高於我們指導的上限。 2024 財年對我們來說是重要的一年。我們完成了對 Inmarsat 的收購，處理了衛星異常情況，並立即著手整合公司，以消除冗餘、發揮協同效應並提高生產力。

Our objective is to integrate Inmarsat's global customer base, distribution partners, global satellite coverage and leading global L-band spectrum rights and aeronautical and maritime safety services with Viasat's technology, domain expertise in aeronautical and government and systematic methodology to achieve high utilization and productivity to cost efficiently deliver reliable services to mobility customers, including in the highest demand prices and times.

我們的目標是將Inmarsat 的全球客戶群、分銷合作夥伴、全球衛星覆蓋範圍、全球領先的L 波段頻譜權以及航空和海事安全服務與Viasat 的技術、航空和政府領域的專業知識以及系統方法相結合，以實現高利用率和生產力，經濟高效地為行動客戶提供可靠的服務，包括在最高需求的價格和時間。

Within about 6 months of close, we made difficult but necessary reductions and achieved operational and recurring capital synergies of approximately $200 million, ahead of the planned schedules as we aligned our organization and optimized our satellite networks. We reorganized the company to help drive efficiency and productivity by integrating engineering, operational, distribution and support functions. We've also added a number of key people to our leadership team.

在交易完成後的大約6 個月內，我們調整了組織結構並優化了衛星網絡，從而提前完成了困難但必要的削減，並實現了約2 億美元的運營和經常性資本協同效應。我們對公司進行了重組，透過整合工程、營運、分銷和支援職能來幫助提高效率和生產力。我們也為我們的領導團隊增加了一些關鍵人物。

In fiscal year '24, we achieved another approximately $175 million reduction in CapEx, largely through investment prioritizations and synergies along with some savings due to satellite system delays. We strengthened our capital structure and extended about $2 billion in debt maturities. We have stayed focused on achieving our main operating financial goals for fiscal '24 and as previously mentioned, achieved above the high end of guidance.

在 24 財年，我們的資本支出又減少了約 1.75 億美元，這主要是透過投資優先順序和協同效應以及衛星系統延遲帶來的一些節省。我們加強了資本結構並延長了約 20 億美元的債務期限。我們一直致力於實現 24 財年的主要營運財務目標，如前所述，實現了高於指導上限的目標。

All that, while continuing investments to support mobility and government growth, including new in-flight entertainment and connectivity functionality and additional monetization options for our airlines and next-gen encryption and advanced technology programs for government customers.

所有這些，同時繼續投資以支持移動性和政府成長，包括新的機上娛樂和連接功能以及為我們的航空公司提供的額外貨幣化選項以及為政府客戶提供的下一代加密和先進技術計劃。

Now our highest priority for fiscal '25 is establishing a foundation for accelerated multiyear revenue adjusted EBITDA growth in fiscal year 2026 and beyond, as we multiply our total global bandwidth resources substantially with new satellites entering service. Getting those satellites launched and their network infrastructure into service will enable us to continue to normalize CapEx with additional savings in fiscal '26, providing a clear line of sight to an inflection to positive free cash flow by the end of the first half of calendar '25, which is also the end of first quarter of fiscal '26. Guru will update our capital budget outlook in a few minutes.

現在，我們 25 財年的首要任務是為 2026 財年及以後的多年收入調整後 EBITDA 加速成長奠定基礎，因為隨著新衛星投入使用，我們的全球總頻寬資源大幅增加。讓這些衛星發射並將其網路基礎設施投入使用將使我們能夠在 26 財年繼續實現資本支出正常化，並節省更多資金，為到本日曆上半年末實現正自由現金流提供清晰的視野。 25 日，也是26 財年第一季末。 Guru 將在幾分鐘內更新我們的資本預算展望。

During fiscal '25, we will also continue to improve operational efficiencies that drive steadily increasing utilization and productivity from our satellite fleet and partner satellite networks. Starting in the first quarter of '25, we'll also be resegmenting our financial reporting to give investors lower transparency into our business areas, while also be extending our hybrid multi-orbit multi-band network services, adding broadband LEO. We've already executed premiums for real components for Maritime and Enterprise and anticipate providing hybrid multi-orbit to all our mobility services.

在 25 財年，我們也將繼續提高營運效率，從而穩步提高我們的衛星機隊和合作夥伴衛星網路的利用率和生產力。從 2025 年第一季開始，我們也將重新劃分我們的財務報告，以降低投資者對我們業務領域的透明度，同時擴展我們的混合多軌道多頻段網路服務，增加寬頻 LEO。我們已經為海事和企業的實際組件執行了溢價，並預計為我們所有的移動服務提供混合多軌道。

Our Shareholder Letter provides a satellite road map and schedule. It includes satellite in-service dates consistent with our financial outlooks, the in-service dates are the same as we assumed last quarter.

我們的股東信提供了衛星路線圖和時間表。它包括與我們的財務前景一致的衛星投入使用日期，投入使用日期與我們上季度假設的相同。

The next one's entering service are GX-10A and 10B that are planned for early to mid-2025 -- calendar 2025. They will support government and enterprise mobility in the polar region.

下一個投入使用的是 GX-10A 和 10B，計劃於 2025 年初至中期（即 2025 年曆）。

The Via-1, ViaSat-3 antenna deployment anomaly is motivating us to reduce the capital cost and schedule for individual future satellites through design approaches that will benefit return on invested capital, and further drive down fleet wide bandwidth fulfillment costs while also improving service quality.

Via-1、ViaSat-3 天線部署異常促使我們透過有利於投資資本回報的設計方法來降低資本成本和未來單一衛星的時間表，並進一步降低機隊寬頻履行成本，同時提高服務品質。

Also fiscal '25, we anticipate introducing the first scalable commercial 3GPP cellular standards based on direct-to-device service for customers, consumer mobile devices on 5 continents on our existing L-band network and partnering with like-minded mobile satellite services operators.

同樣在25 財年，我們預計將推出首個可擴展的商業3GPP 蜂窩標準，該標準基於我們現有L 頻段網絡上為五大洲客戶和消費者移動設備提供的直接設備服務，並與志同道合的移動衛星服務營運商合作。

We're working with the Mobile Satellite Services Association to promote mobile satellite services ecosystem offering the greatest amount of license satellite spectrum. We have unique advantages and a technical approach to preserve and evolve our large base of safety service aeronautical and maritime customers to next-generation capabilities, building on the D2D infrastructure.

我們正在與行動衛星服務協會合作，促進行動衛星服務生態系統提供最大數量的許可衛星頻譜。我們擁有獨特的優勢和技術方法，可以在 D2D 基礎設施的基礎上，保留我們龐大的安全服務航空和海事客戶群，並將其發展為下一代能力。

We understand the satellite communications competitive landscape is evolving. Viasat entered the Satellite Services sector by focusing on driving down bandwidth costs to deliver greater value to our customers in terms of speed and consumption volume and do that via cost-effective user terminals. We offer leading service level agreements, giving customers confidence their service will meet expectations even in the highest demand places and times and innovations that help our customers leverage connectivity to achieve their operational needs and increased passenger and crew satisfaction.

我們了解衛星通訊的競爭格局正在不斷演變。 Viasat 進入衛星服務領域，專注於降低頻寬成本，透過經濟高效的用戶終端在速度和消費量方面為客戶提供更大的價值。我們提供領先的服務等級協議，讓客戶相信，即使在需求最高的地點和時間，他們的服務也能滿足期望，並提供創新，幫助我們的客戶利用連接性來滿足其營運需求並提高乘客和機組人員的滿意度。

We're adding low latency services from LEO broadband partners. We've always expected increasing speed and volume value along with innovative new business models would drive industry growth through steadily increasing total addressable markets with pronounced price elasticity. That's clearly happening.

我們正在添加來自 LEO 寬頻合作夥伴的低延遲服務。我們一直預計，不斷增長的速度和銷售以及創新的新商業模式將透過穩步增加具有明顯價格彈性的潛在市場總量來推動行業成長。這顯然正在發生。

Viasat has evolved very successfully through several transformational stages in our history. This next phase is very competitive but with commensurate growth opportunities. Inmarsat has a heritage cooperative engagement with all nations to create timely new services, a unique international ecosystem. We see opportunities to synthesize complementary investments from satellite companies and regional space champions into cohesive multi-band multi-orbit solutions for enterprising governments, emphasizing global mobility. We're helping foster interoperable architectures that enable us and others to preserve and responsibly extend our services profitably to multi-orbit multi-band networks.

Viasat 經歷了歷史上的幾個轉型階段，並取得了非常成功的發展。下一階段競爭非常激烈，但也有相應的成長機會。國際海事衛星組織與所有國家保持傳統合作關係，以創建及時的新服務和獨特的國際生態系統。我們看到了將衛星公司和區域太空領導企業的互補投資綜合起來為有進取心的政府提供有凝聚力的多頻段多軌道解決方案的機會，強調全球流動性。我們正在幫助培育可互通的架構，使我們和其他人能夠保留並負責任地將我們的服務擴展到多軌道多頻段網絡，並從中獲利。

[Since the] past year we have faced challenges and embraced a major acquisition. We have taken difficult measures, maintained our focus, met our business objectives, achieving results above our guidance for the year. As we meet the rising customer expectations for quality and certainty, we are capturing more and more real world data on how, when and where our customers and their customers use connectivity?

自去年以來，我們面臨挑戰並接受了一項重大收購。我們採取了艱難的措施，保持專注，實現了我們的業務目標，並取得了超越我們今年指導的結果。隨著我們滿足客戶對品質和確定性不斷提高的期望，我們正在捕獲越來越多的真實世界數據，了解我們的客戶及其客戶如何、何時何地使用連接？

We have leveraged that knowledge to help our customers compete and win dynamically managing our own network ecosystem and shaping future space systems architectures and services. We're focused on serving our customers, our employees, our partners and our shareholders. We continually evaluate our portfolio for opportunities to bring even more value. We're energized by the pace of change. We know we have work to do, and we're up to the challenge.

我們利用這些知識來幫助我們的客戶競爭並獲勝，動態管理我們自己的網路生態系統並塑造未來的太空系統架構和服務。我們專注於為我們的客戶、員工、合作夥伴和股東提供服務。我們不斷評估我們的投資組合，尋找帶來更多價值的機會。我們因改變的步伐而充滿活力。我們知道我們還有工作要做，我們已經做好迎接挑戰的準備。

With that, I hand over to Guru to cover operational results.

這樣，我就將業務結果交給 Guru 來負責。

Great. Thanks, Mark. I will cover 3 topics; financial performance, near term priorities and update on our outlook. Viasat generated good financial performance during FY '24. We earned combined revenue growth of 9% year-over-year and combined adjusted EBITDA growth of 6% year-over-year, driven by Mobility and Government, excluding the onetime catch-up benefits of the litigation settlement in Q2 FY '24. The pressure on operating leverage reflects incremental R&D investments to deliver mobility growth, including new in-flight entertainment and connectivity functionality, next-generation encryption offerings and ramp up for the ViaSat-3 satellites entering service in FY '25.

偉大的。謝謝，馬克。我將涵蓋 3 個主題；財務業績、近期優先事項以及我們的展望更新。 Viasat 在 2024 財年取得了良好的財務表現。在行動和政府的推動下，我們的綜合收入年增 9%，綜合調整後 EBITDA 年成長 6%，不包括 2024 財年第二季訴訟和解帶來的一次性追趕效益。營運槓桿面臨的壓力反映了為實現行動性成長而不斷增加的研發投資，包括新的機上娛樂和連接功能、下一代加密產品以及在 25 財年投入服務的 ViaSat-3 衛星的增加。

For Q4 FY '24, we grew combined revenue by 5%, while combined adjusted EBITDA declined 3% year-over-year. Adjusted EBITDA in Q4 was favorable to guidance last quarter due to accelerated cost savings from synergies alongside slightly improved top line performance in Government and Commercial segments. The Q4 cost savings were previously slated to begin Q1 FY '25.

24 財年第 4 季，我們的合併收入成長了 5%，而合併調整後 EBITDA 較去年同期下降 3%。由於綜效加速了成本節省，同時政府和商業部門的營收業績略有改善，第四季度調整後的 EBITDA 有利於上季的指引。第 4 季的成本節約先前計劃於 25 財年第 1 季開始。

Some of the key highlights from the quarter include: we completed ViaSat-3F1 handover from Boeing, our satellite control center is now operating the spacecraft. In March, we demonstrated speeds over 200 MBPS to an aircraft and we continue to expect to place ViaSat-3F1 into commercial service later this Q1 FY '25.

本季度的一些主要亮點包括：我們完成了從波音公司移交的 ViaSat-3F1，我們的衛星控制中心現在正在運行太空船。 3 月份，我們向飛機展示了超過 200 MBPS 的速度，我們繼續期望在 2025 財年第 1 季晚些時候將 ViaSat-3F1 投入商業服務。

Government Systems had another quarter of strong demand for information assurance, high-speed network encryption products increasing just over 40% year-over-year. We also had a strong quarter in tactical SATCOM networks, driven by growth in Blue Force Tracking L-band services revenue. We were awarded a contract from Northrop Grumman to support the U.S. Air Force Research Laboratory initiative called The Defense Experimentation using commercial space, Internet program and our ViaSat-3 satellite network will enable users to access high-bandwidth satellite internet connectivity from existing aircraft or ground vehicles.

政府系統對資訊保障、高速網路加密產品的需求又強勁，較去年同期成長略高於40%。在藍軍追蹤 L 波段服務收入成長的推動下，我們的戰術衛星通訊網路季度也表現強勁。我們獲得了諾斯羅普·格魯曼公司的一份合同，支持美國空軍研究實驗室的一項名為“國防實驗”的計劃，該計劃使用商業空間、互聯網計劃和我們的ViaSat-3 衛星網絡，使用戶能夠從現有飛機或地面訪問高頻寬衛星互聯網連接汽車。

Our Satellite Services segment benefited from strong growth in aviation. Commercial IFC ended the year with 3,650 aircrafts in service, up about 17% year-over-year on a combined basis with over 1,350 aircraft in backlog. U.S. fixed broadband revenue declined as expected, fewer residential subscribers were partially offset by higher ARPU. We continue to deprioritize U.S. fixed broadband to support our rapid and higher-margin IFC growth.

我們的衛星服務部門受惠於航空業的強勁成長。截至年底，商業 IFC 共有 3,650 架飛機在役，年增約 17%，積壓飛機超過 1,350 架。美國固定寬頻收入如預期下降，住宅用戶數量減少被較高的 ARPU 部分抵消。我們繼續降低美國固定寬頻的優先級，以支持我們快速且利潤率更高的 IFC 成長。

We developed a hybrid multi-orbit managed service for Maritime called NexusWave. It's expected to launch this Q1 FY 2025 and is a scalable solution with global coverage, speed, capacity, security and resilience to meet enterprise class operational lease and crew welfare. NexusWave will seamlessly integrate ViaSat-3 capacity as they enter [so.]

我們為 Maritime 開發了一種名為 NexusWave 的混合式多軌道託管服務。它預計將於 2025 財年第一季推出，是一個可擴展的解決方案，具有全球覆蓋範圍、速度、容量、安全性和彈性，以滿足企業級營運租賃和船員福利的要求。當 ViaSat-3 進入時，NexusWave 將無縫整合它們的容量。

And finally, Mark described the full year impact, but in Q4, we extended the maturity of $1.3 billion out of $1.68 billion of term loan B debt and paid down $84 million with cash. We also extended the Inmarsat revolver for 3 years in an amount of $550 million. We continue to optimize our balance sheet while retaining ample liquidity to act opportunistically.

最後，馬克描述了全年的影響，但在第四季度，我們延長了 16.8 億美元定期貸款 B 債務中 13 億美元的期限，並用現金償還了 8,400 萬美元。我們也將 Inmarsat Revolver 期限延長了 3 年，金額達 5.5 億美元。我們繼續優化資產負債表，同時保留充足的流動性以採取機會主義行動。

Now some color on the financial results. Q4 FY 2024 revenue was $1.2 billion, up 73% compared to $666 million in Q3 FY 2023. Combined revenue was up 5% year-over-year, driven by growth in Government Systems products and aviation services and products. In maritime, our Ka- and L-band hybrid offerings, fleet express continued to grow with some ARPU pressures slowing the overall trend and while expected declines in L-band-only fleet broadband continued.

現在對財務業績進行一些闡述。 2024 財年第四季的營收為 12 億美元，比 2023 財年第三季的 6.66 億美元成長 73%。在海事方面，我們的 Ka 和 L 頻段混合產品、艦隊快捷繼續增長，但 ARPU 壓力減緩了整體趨勢，而僅 L 頻段的艦隊寬頻預期繼續下降。

Given the recurring nature of the business shifts up or down in revenue trajectory tend to be gradual. That said, we expect improvement later in the year with new multi-orbit NexusWave installations, which also lay a foundation for maritime customers on to ViaSat-3.

鑑於業務的周期性，收入軌跡的上下變化往往是漸進的。也就是說，我們預計今年稍後新的多軌道 NexusWave 安裝會有所改善，這也為海事客戶使用 ViaSat-3 奠定了基礎。

Net loss from continuing operations was $85 million for Q4, up from [$22] million net loss in the year-ago period primarily due to increased interest expense associated with the Inmarsat acquisition. Adjusted EBITDA for the quarter was $358 million, an increase of 188% year-over-year. Combined adjusted EBITDA decreased 3% year-over-year, reflecting an expected decline in fixed broadband service revenue, lower product revenue which tends to be lumpy and higher R&D expenditures in the quarter, largely offset by approximately 30% growth in aviation. Sequentially, net leverage declined 0.2x to approximately 3.6x estimated combined LTM adjusted EBITDA as of Q4 FY 2024, which is substantially favorable to plan at the time the Inmarsat acquisition was announced.

第四季持續經營業務淨虧損為 8,500 萬美元，高於去年同期的 2,200 萬美元淨虧損，主要是由於與 Inmarsat 收購相關的利息支出增加。該季度調整後 EBITDA 為 3.58 億美元，年增 188%。合併調整後的EBITDA 年比下降3%，反映出固定寬頻服務收入預期下降、產品收入下降（往往不穩定）以及本季研發支出增加，但在很大程度上被航空業約30% 的成長所抵消。隨後，截至 2024 財年第四季度，淨槓桿率下降了 0.2 倍，約為 LTM 調整後 EBITDA 的預計合併額的 3.6 倍，這對於宣布收購 Inmarsat 時的計劃來說非常有利。

We ended the quarter and year with $3 billion of liquidity, including $1.9 billion in cash and cash equivalents and short-term investments at quarter end and no near-term maturities and a fully funded path to positive free cash flow by end of Q1 FY '26. Finally, insurance recovery claims are proceeding well. The first claim submitted was for the I-6 F2 satellite, and we have received 100% of the insurance proceeds or $348 million. We are in the process of collecting ViaSat-3F1 insurance proceeds, and to date, we have collected about 55% of $421 million expected. Overall, it was a good quarter for Viasat, and we delivered above the high end of previous adjusted EBITDA guidance.

截至本季和本年度末，我們擁有30 億美元的流動性，其中包括19 億美元的現金和現金等價物以及季度末的短期投資，沒有短期到期的投資，並且在財年第一季末實現正自由現金流的資金充足的路徑。最後，保險索賠進展順利。第一個提交的索賠是針對 I-6 F2 衛星的，我們已收到 100% 的保險賠償金，即 3.48 億美元。我們正在收集 ViaSat-3F1 保險收益，迄今為止，我們已收集到預期 4.21 億美元的約 55%。總體而言，對於 Viasat 來說，這是一個不錯的季度，我們的業績高於先前調整後 EBITDA 指引的上限。

Now I'll touch on the 3 priorities we discussed in our letter. First, build operational momentum and financial performance of our core businesses. FY '24 was a good year achieved through focused execution, continued strength in awards, and we extended a meaningful portion of our debt maturities.

現在我將談談我們在信中討論的三個優先事項。首先，增強核心業務的營運動力和財務績效。 24 財年是透過專注執行、持續加大獎勵力度而實現的美好一年，我們延長了相當一部分債務期限。

Our second priority was executing 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 accelerated delivery of the $100 million in annualized cash operating savings, bringing forward about $25 million of the savings into Q4 FY 2024. Capital synergies and disciplined allocation reduced FY 2024 CapEx to $1.5 billion or about $175 million below our previous $1.7 billion outlook as we drive towards positive free cash flow.

我們的第二個優先事項是執行 Inmarsat 整合，以實現營運資本和收入協同效應，從而降低成本並擴大我們產品和服務的規模和範圍。我們加快了1 億美元年度現金營運節省的交付速度，並將其中約2500 萬美元的節省提前到2024 財年第四季。 ，比我們之前的17 億美元預期低約1.75 億美元。

In Q3 of FY '24, we announced operating expense synergies, as I just mentioned, alongside the rationalization of our satellite road maps, which is yielding $100 million of CapEx synergies for a total of $200 million, as Mark said earlier. Today, we're announcing an additional $100 million of CapEx synergies related to network and platform integration. You also noticed $75 million of CapEx shifting from FY '24 into FY '25 due to the ebbs and flows of satellite milestone payments.

正如我剛才提到的，在24 財年第三季度，我們宣布了營運費用協同效應，以及我們的衛星路線圖的合理化，這將產生1 億美元的資本支出協同效應，總計2 億美元，正如馬克早些時候所說。今天，我們宣布與網路和平台整合相關的額外 1 億美元資本支出協同效應。您還注意到，由於衛星里程碑付款的起伏，7,500 萬美元的資本支出從 24 財年轉移到 25 財年。

Third, sustain and improve mobility business growth while advancing the inflection point to positive free cash flow. We are proud of the businesses and trusted customer reputation we've built, our portfolio enjoys a strong right to win, good margin profile and long-term attractive growth in mobility focused markets. We are progressing on putting $3.3 billion of satellites under construction into service, that positions us for profitable growth through higher performing satellites and partnerships with other operators. We are making steady progress and have line of sight to positive free cash flow by end of Q1 FY 2026.

第三，維持並改善行動業務成長，同時推動正自由現金流拐點的到來。我們為我們所建立的業務和值得信賴的客戶聲譽感到自豪，我們的投資組合享有強大的獲勝權、良好的利潤狀況以及在以移動為重點的市場中長期有吸引力的增長。我們正在努力將耗資 33 億美元在建的衛星投入使用，這使我們能夠透過性能更高的衛星以及與其他營運商的合作來實現獲利成長。我們正在穩步取得進展，並預計在 2026 財年第一季末實現正自由現金流。

Now to outlook. We are initiating our FY 2025 outlook and a preliminary view of FY 2026. We exclude satellite impairment charges and the catch-up benefit from the litigation settlement announced in Q2 FY 2024 from our guidance. As Mark said, FY 2025 is about setting a foundation. For FY 2025, we expect roughly flat year-over-year revenue with low to mid-single-digit year-over-year adjusted EBITDA growth. We've also provided additional segment level detail in the outlook section of our Shareholder Letter.

現在展望一下。我們正在啟動 2025 財年展望和 2026 財年初步展望。正如馬克所說，2025 財年是要奠定基礎。對於 2025 財年，我們預期營收將年比大致持平，調整後 EBITDA 年成長為低至中個位數。我們還在股東信函的展望部分提供了額外的細分級別詳細資訊。

While we are getting positive operating leverage, we are remaining prudent with our top line guide given uncertainties with delayed OEM commercial aircraft deliveries. Given these pressure points, we've taken targeted measures to resume top line growth in FY '26, building on our strong backlog and anticipated awards growth. We may have opportunities to resume growth earlier and we'll provide additional updates as warranted.

雖然我們獲得了積極的營運槓桿，但鑑於 OEM 商用飛機交付延遲的不確定性，我們對營收指南保持謹慎。鑑於這些壓力點，我們採取了有針對性的措施，以我們強勁的積壓訂單和預期的獎項增長為基礎，在 26 財年恢復營收成長。我們可能有機會提前恢復成長，並且我們將根據需要提供額外的更新。

In FY 2025, we expect capital expenditures to decline to a range of $1.4 billion to $1.5 billion. The FY 2025 range excludes the benefit from insurance recoveries and capitalized software and network synergies offset a portion of the FY 2024 expenditures that moved into FY 2025. We include capitalized interest in our CapEx guidance, which is approximately $200 million per year, but it will decline in future years as we place satellites into service. In FY 2024, our investments in our satellite network projects and success-based CapEx we're over 2/3 of our total capital spend that's less than 1/3 associated with other maintenance and general CapEx activities.

到 2025 財年，我們預計資本支出將下降至 14 億美元至 15 億美元之間。 2025 財政年度範圍不包括保險賠償帶來的收益，資本化軟體和網路綜效抵銷了轉入2025 財年的部分2024 財年支出。億美元，但它將隨著我們將衛星投入使用，未來幾年將會下降。到 2024 財年，我們對衛星網路項目和基於成功的資本支出的投資超過總資本支出的 2/3，而與其他維護和一般資本支出活動相關的投資不到 1/3。

A preliminary view of FY 2026 indicates we expect to grow revenue and adjusted EBITDA again in FY 2026 relative to FY 2025 as a majority of our $3.3 billion assets under construction go into commercial service. Capital expenditures for FY 2026 are expected to continue to decline to a range of $1.1 billion to $1.2 billion. Again, FY '25 is foundational to multiyear accelerated sales growth, adjusted EBITDA growth and continued step down in CapEx in FY 2026.

對 2026 財年的初步看法表明，與 2025 財年相比，我們預計 2026 財年的收入和調整後的 EBITDA 將再次成長，因為我們在建的 33 億美元資產的大部分將投入商業服務。 2026 財年的資本支出預計將繼續下降至 11 億至 12 億美元的範圍。同樣，25 財年是多年加速銷售成長、調整後 EBITDA 成長以及 2026 財年資本支出持續下降的基礎。

In an effort to communicate our outlook more consistently, we will be providing all outlook comments based on fiscal years rather than a mix with calendar years. So let me just be clear. Our target has not changed. We continue to expect an inflection point to positive free cash flow by the end of Q1 FY 2026, our path to positive free cash flow is expected to be driven by double-digit operating cash flow growth and continued declines in capital expenditures as we normalized capital expenditure in line with satellites going into commercial service.

為了更一致地傳達我們的前景，我們將根據財政年度而不是與日曆年混合提供所有前景評論。讓我說清楚。我們的目標沒有改變。我們仍然預計到2026 財年第一季末將出現正自由現金流的拐點，隨著我們資本正常化，我們實現正自由現金流的道路預計將受到兩位數營運現金流增長和資本支出持續下降的推動支出與衛星進入商業服務一致。

Before wrapping up, I have 2 important updates to share. As Mark referenced, in May, we initiated a new segment reporting structure to give additional insights into our portfolio and drivers of value. Going forward, we will have 2 reportable segments. Communication Services and Defense and Advanced Technologies. We listened to our investor feedback and we will include revenue data for each major business unit within segment. We plan to provide recasted historical financials ahead of our first quarter call so that you have time to update your models.

在結束之前，我有兩個重要的更新要分享。正如馬克所提到的，在五月份，我們啟動了一個新的分部報告架構，以便對我們的投資組合和價值驅動因素提供更多見解。展望未來，我們將有兩個可報告分部。通訊服務以及國防和先進技術。我們聽取了投資者的回饋，並將納入細分市場內每個主要業務部門的收入數據。我們計劃在第一季電話會議之前提供重鑄的歷史財務數據，以便您有時間更新模型。

Secondly, we are continuing to gather feedback both from our direct outreach and the perception study that is wrapping up as we enhance communications and planning for an Investor Day and/or other opportunities to highlight market potential, competitive strategy, growth runway and our playbook for improved returns and sustainable cash generation. We will come back with future updates.

其次，我們將繼續從我們的直接外展和認知研究中收集回饋，該研究正在結束，因為我們加強了投資者日和/或其他機會的溝通和規劃，以突出市場潛力、競爭策略、成長跑道和我們的行動手冊。我們將在未來更新。

Despite some challenges, our operational performance in FY '24 and Q4 was good, and we are capturing substantial operational and capital synergy. In FY '25, we expect to make significant progress on our satellite road map and towards positive free cash flow with good increases in operating cash flow and moderated CapEx.

儘管面臨一些挑戰，我們在 24 財年和第四季的營運表現仍然良好，並且我們正在獲得巨大的營運和資本協同效應。在 25 財年，我們預計將在我們的衛星路線圖上取得重大進展，並透過營運現金流的良好成長和適度的資本支出實現正自由現金流。

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

這樣，我會將其傳回給馬克。

Okay. Thanks, Guru. Before we take additional questions, I just wanted to clarify one point, we have gotten some questions, which is what is the exact adjusted EBITDA base for FY '24 that we're using as a reference for our growth into FY 2025? So that number is $1.489 billion of adjusted EBITDA in FY '24. That's the base that we're using. And that's shown on Page 3, the FY 2024 year in review of the letter, where if you look at the middle right chart, what we described as the combined space for FY 2024 was 15 -- $1.575 billion. And then we had referenced that there was $86 million of onetime catch-up gain associated with the litigation settlement. So subtracting $86 million from $1575 million is what gives that $1489 million. And then the growth outlook of low to mid-single-digit growth for FY '25 would be off that base. So I just wanted to clarify that at the beginning, and then we can -- now we can open it up to additional questions.

好的。謝謝，古魯。在我們提出其他問題之前，我只想澄清一點，我們收到了一些問題，即我們用作 2025 財年增長參考的 24 財年調整後 EBITDA 的確切基數是多少？因此，2024 財政年度調整後的 EBITDA 為 14.89 億美元。這就是我們正在使用的基礎。這顯示在第 3 頁上，即對這封信的 2024 財年回顧中，如果您查看右中圖表，我們所描述的 2024 財年的合併空間為 15 - 15.75 億美元。然後我們提到，與訴訟和解相關的一次性追趕收益為 8,600 萬美元。因此，從 15.75 億美元中減去 8,600 萬美元就是 14.89 億美元。然後，25 財年低至中個位數成長的成長前景將偏離這個基礎。所以我只是想在一開始就澄清這一點，然後我們可以——現在我們可以提出更多問題。

(Operator Instructions) Your first question comes from the line of Simon Flannery with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的西蒙·弗蘭納裡（Simon Flannery）。

Thanks for all the color and for the new disclosures on things like the satellite schedules. We appreciate that. If I can sort of dig into that a little bit, perhaps you could just give us a little bit more on the current status of the F2 and F3 satellites to kind of preparation and where you are in the kind of the cycles for getting them on the schedule for launch and for commercial deployment? Any updates on what's happened in the last 90 days there.

感謝所有的顏色和衛星時間表等新資訊的披露。我們對此表示讚賞。如果我可以深入研究這一點，也許您可以向我們提供更多有關 F2 和 F3 衛星當前狀態的信息，以進行準備工作，以及您處於啟動它們的周期中的哪個階段啟動和商業部署的時間表？過去 90 天內發生的任何更新。

And perhaps you could just update us on your thoughts on how you're going to distribute the capacity once they're launched, you've talked in the past about maybe moving some of them from EMEA or Asia Pac over the Americas? Any updated thoughts on that as well?

也許您可以向我們介紹一下您對啟動後將如何分配容量的最新想法，您過去曾談到可能將其中一些從歐洲、中東和非洲或亞太地區轉移到美洲？對此還有什麼更新的想法嗎？

And also just interesting to see the NexusWave product coming out. I think you said in your comments, you might extend that to IFC. Is that something that we'll see this year, a similar product set? Or any more thoughts on when we'll see that integrated product?

看到 NexusWave 產品的問世也很有趣。我想你在評論中說過，你可以將其擴展到國際金融公司。今年我們會看到類似的產品嗎？或者對於我們何時會看到該整合產品還有更多想法嗎？

Simon, thank you for the question. This is Guru. I'll start it off and then I think Mark will chime in on a couple of the points. On the ViaSat-3F3 and F2, just to point to the document or the letter as well, Page 10, actually includes the overall road map now. That's a new thing that we've added for everybody's reference.

西蒙，謝謝你的提問。這是古魯。我先開始，然後我想馬克會插話幾個重點。在 ViaSat-3F3 和 F2 上，僅指出文件或信件，第 10 頁，實際上現在包含了總體路線圖。這是我們新增的一個新東西，供大家參考。

So on F3, in terms of schedule and where we are, we continue to expect to bring F3 into service in mid- to late calendar year 2025, which is a little more than a year from now. And a key milestone, which is thermal vacuum testing is expected to begin this quarter on the F3 spacecraft.

因此，就 F3 而言，就時間表和目前情況而言，我們仍然預計 F3 將在 2025 年中後期投入使用，也就是一年多一點的時間。一個重要的里程碑是 F3 太空船的熱真空測試預計將於本季開始。

And then in terms of ViaSat-3F2, we continue to anticipate bringing F2 into service in late calendar year 2025. And we expect the improved reflectors, which include the corrective actions to be delivered to Boeing in late calendar 2024. And you will notice, just to clarify, we are only giving in-service dates as these are the most critical milestone for our customers and also most relevant for you, as they best inform our growth outlook as well.

然後就 ViaSat-3F2 而言，我們繼續預計 F2 在 2025 年底投入使用。僅給出投入使用日期，因為這些日期對我們的客戶來說是最重要的里程碑，也是與您最相關的，因為它們也最能反映我們的成長前景。

I'll pass it to Mark in terms of overall coverage. And I think you have a question on NexusWave, he may ask you to repeat that, but Mark?

我會將其整體覆蓋範圍傳遞給馬克。我認為你對 NexusWave 有疑問，他可能會要求你重複一遍，但馬克？

Yes. On the locations of the satellites, remember, one of the things we did originally was each satellite can be used in any region. So we have flexibility there. The -- I think one of the things that we are looking at and I think you talked about is -- maybe relocating them so that we would probably ultimately have Flight 2 over the U.S. and Flight 3 will go into Asia Pacifico directly from launch. And then Flight 1 would be moved to EMEA area. That's what we think is going to optimize the use of satellites.

是的。關於衛星的位置，請記住，我們最初做的事情之一是每顆衛星都可以在任何地區使用。所以我們在那裡有靈活性。我認為我們正在考慮的事情之一，我想你也談過，也許會重新安置它們，這樣我們最終可能會讓 2 號航班飛越美國，而 3 號航班將在發射後直接進入亞太地區。然後航班 1 將移至 EMEA 地區。這就是我們認為將優化衛星使用的方法。

Your question NexusWave, that agreement is specifically for Maritime. We expect to have additional agreements that will go into service for in-flight connectivity. The agreements are kind of optimized for each of the markets in which we'll be [present].

你的問題是 NexusWave，協議是專門針對 Maritime 的。我們預計將達成更多協議，用於機上連接服務。這些協議針對我們將[存在]的每個市場進行了最佳化。

And this is with OneWeb, is that right?

這是 OneWeb 的，對嗎？

Yes, for the NexusWave. But we're working -- we actually are working with almost all of the NGSOs. And so that we'll be mixing and matching as appropriate based on the deals.

是的，對於 NexusWave。但我們正在努力——實際上我們正在與幾乎所有 NGSO 合作。這樣我們就會根據交易進行適當的混合和配對。

Great. And just maybe one last follow-up. Just this point on substantially lower OEM deliveries. Is that something that's changed dramatically in the last few days? I don't remember really -- last few months -- weeks. I don't remember you talking about that before perhaps you could just slash that out a little bit because it does seem like you've got a pretty good backlog still.

偉大的。也許只是最後一次後續行動。就這一點而言，OEM 交付量大幅下降。最近幾天發生了巨大的變化嗎？我真的不記得了——過去幾個月——幾週。我不記得你之前談論過這個問題，也許你可以稍微削減一下，因為看起來你確實還有相當多的積壓工作。

Yes. So we do have a good backlog. The main issue is following the Alaska Airlines event. Boeing has reduced. It's pretty much cut its delivery of 787 -- 737, excuse me, 737s in half. And so that affects a fair number of our customers. And so that is a change to what they're receiving relative to what we believed last quarter until we are flowing those through into our outlook for FY 25. That is one of the factors for our FY '25 outlook.

是的。所以我們確實有很好的積壓。主要問題是阿拉斯加航空事件之後。波音已經減少了。該公司將 787 和 737 的交付量幾乎削減了一半，對不起，是 737。因此，這影響了我們相當多的客戶。因此，相對於我們上季度的預期，他們所收到的情況發生了變化，直到我們將這些資訊納入我們對 25 財年的展望中。

Your next question comes from the line of Rick Prentiss with Raymond James.

您的下一個問題來自 Rick Prentiss 和 Raymond James 的對話。

A couple of questions. I appreciate that -- with NexusWave -- with the current quarter results, we'll get the new reporting segment. Can you give us a sneak peek into what you think we're going to see as far as those major business units under those 2 comm services and defense advanced technologies?

有幾個問題。我很欣賞——透過 NexusWave——根據當前季度的業績，我們將獲得新的報告部分。您能否讓我們先睹為快，了解一下您認為我們將看到的這兩個通訊服務和國防先進技術下的主要業務部門的情況？

Rick, this is Shawn. I can help you out. I think what we talked about is we're going to have 2 segments underneath the new reporting. And the goal there is really to better reflect our strategies and mobility and our overall portfolio drivers. There's more data, it's going to come, but I think some high-level thoughts, is that the Communications Services segment, that's going to be all of our businesses that utilize the satellites. And so that means that, that's going to include the government SATCOM as a service, which is in our Government segment today.

瑞克，這是肖恩。我可以幫你。我認為我們討論的是新報告下將有兩個部分。我們的目標確實是為了更好地反映我們的策略和流動性以及我們的整體投資組合驅動因素。將會有更多的數據，但我認為一些高層想法是，通訊服務部門，這將是我們利用衛星的所有業務。這意味著，這將包括政府衛星通訊即服務，這屬於我們今天的政府部門。

Whereas in Defense and Advanced Technologies, that's going to consist of all of our other businesses and you think of that as, for example, our encryption business. So within that, we're also going to give additional top line revenue data for most of the major revenue drivers in those segments. You can think of that as like aviation or maritime or network encryption. And we'll give more color relative to the contributions as well.

而在國防和先進技術領域，這將包括我們所有其他業務，您可以將其視為我們的加密業務。因此，在此範圍內，我們還將提供這些細分市場中大多數主要收入驅動因素的額外收入數據。您可以將其視為航空、海事或網路加密。我們也會根據貢獻給出更多的顏色。

So a couple of other highlights, I think just to kind of give you that as well. An example would be our IFC equipment revenues. Those are going to now flow into the Commercial Services segment alongside the recurring aviation revenue streams. And then another would be like our antenna systems product. That's now going to be reported in the Defense and Advanced Technologies segments. So that's probably some key takeaways. You'll see R&D move along those as well. For example, our R&D and commercial networks and related to bringing our networks into service, that's going to flow over, for example, in the Communication Services. Hopefully, that's helpful.

我想還有其他一些亮點，也是為了向您提供這一點。我們的國際金融公司設備收入就是一個例子。這些收入現在將與經常性航空收入流一起流入商業服務部門。然後另一個就像我們的天線系統產品。現在將在國防和先進技術部分報告這一點。這可能是一些關鍵的要點。您也會看到研發也沿著這些方向發展。例如，我們的研發和商業網絡以及與將我們的網路投入使用相關的網絡，這些網路將流向通訊服務等領域。希望有幫助。

Yes. Yes, it is. And I appreciate the color that you've provided to us before we go into the next earnings season to help us kind of use the quiet time to update models. So I appreciate that.

是的。是的。我很感謝您在進入下一個財報季之前為我們提供的信息，以幫助我們利用安靜的時間來更新模型。所以我很欣賞這一點。

When you think competitively about these segments then, so Comm Services and Defense Advanced Technologies, who do you see as the top competitors that you're competing against in Comm Services versus Defense and Advanced Technologies?

當您對這些細分市場進行競爭性思考時，例如通訊服務和國防先進技術，您認為誰是您在通訊服務與國防和先進技術領域競爭的最大競爭對手？

Well, I think everybody is pretty focused on Starlink in these satellite services market, so, so are we. So we're positioning ourselves to compete with them.

嗯，我認為每個人都非常關注衛星服務市場中的星鏈，我們也是如此。因此，我們正在定位自己以與他們競爭。

And from the launch schedule as far as in-service, keeping kind of where we were, make up some of the delays in launch, we can get the in-service a little quicker. What is the Flight 1 capacity you're expecting that you'll be able to bring into service versus what we originally thought? And I think that's just a couple of months away then for F1 to come in service.

從發射時間表到投入使用，保持我們原來的位置，彌補發射中的一些延遲，我們可以更快地投入使用。您期望投入使用的 Flight 1 容量與我們最初的設想相比是多少？我認為距離 F1 投入使用只有幾個月的時間了。

Yes. Our view of that hasn't changed from what we said in the past, which is that we think we would get up to 10%, roughly up to about 10% of the originally anticipated capacity on the satellite. So that's from a total bandwidth perspective. The big thing is that we still have really good flexibility in how we apply that bandwidth. And so it will punch above its weight relative to older satellites in those markets.

是的。我們對此的看法與我們過去所說的話沒有改變，我們認為我們將獲得衛星最初預期容量的 10%，大致達到 10% 左右。這是從總頻寬的角度來看的。最重要的是，我們在如何應用頻寬方面仍然具有非常好的靈活性。因此，相對於這些市場上的舊衛星，它的影響力將超出其重量。

Okay. Last one for me. The directed device, 3GPP, you touched on that a little bit. But there could be something this fiscal year. Can you help us understand how do we size that opportunity? It's complicated [and second I think because] the ecosystem involves so many people, chips, handsets, carriers, satellite companies. Help us understand kind of what the go-to-market strategy is there and what the opportunity is, particularly since we've got this -- the next fiscal year, we don't really have capacity coming online from Flight 2 or Flight 3 then.

好的。最後一張給我。定向設備，3GPP，您稍微談到了這一點。但本財年可能會有一些事情。您能幫助我們了解如何把握這個機會嗎？它很複雜[其次我認為是因為]生態系統涉及很多人、晶片、手機、運營商、衛星公司。幫助我們了解市場進入策略是什麼以及機會是什麼，特別是因為我們已經有了這個 - 下一個財政年度，我們實際上沒有從航班 2 或航班 3 上線的產能然後。

Yes. So for the D2D market, I think there's at least a couple of different target markets for that. One is literally the direct-to-device market, which is getting a lot of attention. And what that refers to is pretty much any smartphone being able to communicate directly to a satellite. I think there's -- clearly, that's never been done before. And so there's just unknowable. So unknowns about how big that market will be.

是的。因此，對於 D2D 市場，我認為至少有幾個不同的目標市場。其中之一是直接面向設備的市場，它受到了廣泛的關注。這指的是幾乎所有智慧型手機都能夠直接與衛星通訊。我認為，顯然，這是以前從未做過的。所以這是不可知的。因此，這個市場有多大還不得而知。

One of the things that we're aiming to do -- then this is what we've talked about with the -- what's called the Release-17 3GPP standard, which is also known as the narrowband internet of things nonterrestrial network standard that, that does enable messaging or emergency communications to smartphones. And so one example, the emergency communications example is what's Apple kind of kicked this thing off with their iPhones over Globalstar.

我們打算做的事情之一 - 這就是我們所討論的 - 所謂的 Release-17 3GPP 標準，也稱為窄帶物聯網非地面網路標準，確實可以向智慧型手機發送訊息或緊急通訊。舉個例子，緊急通訊的例子就是蘋果透過他們的 iPhone 透過 Globalstar 啟動了這件事。

So we are working on being able to deliver those capabilities through our satellites and partner satellites during fiscal year '25 in 5 different continents. So that uses the Inmarsat fleet and partner fleets. And one of the things that we aim to measure with that is how many of the phones that are capable of implementing that service or signed up in some way or another for service and what types of use do they get. That's one of the ways that we'll be able to get a better handle on how that market might grow. And that's one of the things we're looking forward to reporting on.

因此，我們正在努力在 25 財年在 5 個不同的大洲透過我們的衛星和合作夥伴衛星提供這些功能。因此使用 Inmarsat 機隊和合作夥伴機隊。我們的目標之一是衡量有多少手機能夠實現該服務或以某種方式註冊服務，以及它們的使用類型。這是我們能夠更好地掌握該市場如何成長的方法之一。這是我們期待報道的事情之一。

There are a number of really interesting and popular phones that will be equipped with chipsets that are capable of performing to that standard. And so we are working with the ecosystem of chip makers, device makers and mobile network operators to create service plans that should be interesting to those customers. And then we'll report on that as that comes into service.

有許多非常有趣且受歡迎的手機將配備能夠達到該標準的晶片組。因此，我們正在與晶片製造商、設備製造商和行動網路營運商的生態系統合作，制定這些客戶感興趣的服務計劃。然後我們將在其投入使用時對此進行報告。

The other market that's also really, really interesting is to upgrade the existing mobile satellite services market. So Inmarsat has a pretty interesting base of customers in aeronautical services, maritime services and land mobility which are pretty basic services performed by their fleet, which don't have the existing fleet, which don't have a lot of throughput and that just reflects kind of what the state of the art has been in L-band. What we believe is there's real opportunities to improve that. And so -- and those will be reflected in new satellites that evolve from the narrowband version of direct-to-device to what's called the New Radio 5G version. And that -- I think that's where -- what most people think is really the big potential prize is getting that New Radio version, which can do voice and higher-speed media services to those same cell phones in addition to just texting and emergency service.

另一個非常非常有趣的市場是升級現有的行動衛星服務市場。因此，Inmarsat 在航空服務、海事服務和陸地移動領域擁有非常有趣的客戶群，這些都是其機隊提供的非常基本的服務，這些服務沒有現有的機隊，沒有太多的吞吐量，這只是反映了類似 L 波段的最新技術。我們相信確實有機會改進這一點。因此，這些將反映在新衛星中，這些衛星從直接到設備的窄帶版本發展到所謂的新無線電 5G 版本。我認為這就是大多數人認為真正最大的潛在獎勵是獲得新無線電版本，除了簡訊和緊急服務之外，它還可以為這些手機提供語音和更高速的媒體服務。

So the satellite set to do that will also be capable of greatly enhanced mobile satellite services. And those, we think, fit really well with power of a large base of customers and prospective customers in aeronautical, aviation and land mobile. So those are the markets that we're going after. It'd be kind of premature for us to put any numbers around them, but we think we'll get data on those as in -- as we start rolling out these services.

因此，做到這一點的衛星也將能夠大大增強行動衛星服務。我們認為，這些非常適合航空、航空和陸地移動領域的大量客戶和潛在客戶的力量。這些就是我們正在尋找的市場。對我們來說，給出任何數字還為時過早，但我們認為，當我們開始推出這些服務時，我們將獲得有關這些數據的數據。

And the one thing I also do want to reemphasize is that, this is all consistent with our forward-looking plan for capital investments. So anything that we do here will be consistent with the capital budget guidance that we've been giving.

我還想再次強調的一件事是，這完全符合我們的前瞻性資本投資計畫。因此，我們在這裡所做的任何事情都將與我們一直提供的資本預算指導保持一致。

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 one on the Maritime partnership. I'm wondering if you can give us a sense on the economics, the go-to-market of this type of arrangements?

第一個關於海事夥伴關係的。我想知道您能否為我們介紹一下此類安排的經濟學和上市情況？

Well, the -- so what we're aiming to do with this is to provide services that are both -- that include things that -- there are enhancements of things that we do, but these would be crew services and operational services to maritime users integrated through a single provider. And then also, as we add the Low Earth orbit component to it, we also can provide low latency services, which are interesting both for both of those applications for some portions of the crew used and some portions of the operational use. So we'll be integrating that into both our direct and indirect service plans.

嗯，所以我們的目標是提供兩方面的服務，包括我們所做的事情的增強，但這些將是船員服務和海事運營服務用戶透過單一提供者整合。此外，當我們在其中添加近地軌道組件時，我們還可以提供低延遲服務，這對於部分機組人員使用和部分操作使用的這些應用程式都很有趣。因此，我們將把它整合到我們的直接和間接服務計劃中。

We haven't announced all the details of those, but there are a few really important concepts that are described in the press release and one of those is untapped services, which is one of the things that people are really looking for. So the -- I think those are the main points is high-speed, uncapped, including low latency. And the idea is that those will be -- all those services will be delivered through our management of those 2 services. It's not just 2 side-by-side things. We're not just going to present 2 services next to each other, that they'll be integrated in a way that actually allows us to fulfill our commitments on speed, volume and latency more effectively than either one could on its own.

我們還沒有公佈這些的所有細節，但新聞稿中描述了一些非常重要的概念，其中之一是未開發的服務，這是人們真正尋找的東西之一。所以我認為這些要點是高速、無上限，包括低延遲。我們的想法是，所有這些服務將透過我們對這兩項服務的管理來提供。這不僅僅是兩個並列的事情。我們不僅要同時提供兩項服務，而且它們將以一種實際上允許我們比任何一項單獨服務更有效地履行我們在速度、容量和延遲方面的承諾的方式進行整合。

Understood. And just a follow-up, more generally on Maritime on the Viasat side. Have we been seeing any sort of incremental pressure from Starlink. And as in the context of, I think, some competitors out there are seeing a lot of pressure, but the Inmarsat Viasat growth has actually been pretty solid. So are we more resilient? And is this partnership going to kind of reinforce that?

明白了。這只是一個後續行動，更一般地說是關於 Viasat 方面的海事。我們是否看到了來自星鏈的任何形式的增量壓力？我認為，一些競爭對手面臨著很大的壓力，但 Inmarsat Viasat 的成長其實相當穩健。那我們是否更有韌性呢？這種夥伴關係會加強這一點嗎？

So first of all, yes, so we believe that our broadband maritime service is pretty resilient. It's continued to grow. I think that's not maybe the case for all other competitors. But our Ka-band service has continued to grow. In Maritime, we offer a land -- we offer both Ka-band services, branded generally as Fleet Express. And the older L-band services, which are branded fleet broadband. We've -- the fleet broadband, which is kind of the L-band version of broadband, that's been declining for a number of years. The Fleet Express is still growing. And we have opportunities to refresh the fleet broadband as well.

首先，是的，所以我們相信我們的寬頻海事服務具有相當的彈性。它還在繼續增長。我認為所有其他競爭對手的情況可能並非如此。但我們的 Ka 頻段服務仍在持續成長。在海運方面，我們提供陸地服務—我們提供 Ka 波段服務，通常品牌為 Fleet Express。還有較舊的 L 波段服務，其品牌為車隊寬頻。我們的車隊寬頻（L 波段版本的寬頻）多年來一直在下降。 Fleet Express 仍在成長。我們也有機會更新車隊寬頻。

But yes, it's a competitive environment. We see the competition just as others do. I think that it's a combination of our services and our market segments that have helped us to be resilient. And there's -- it's a big market. We believe it is segment, certainly, certain segments have been seeing more, I'd say, more competition from Starlink and others. The enterprise segments, which do depend on operational and sometimes safety at sea certifications. Those are the most resilient ones.

但是，是的，這是一個競爭環境。我們和其他人一樣看待競爭。我認為我們的服務和細分市場的結合幫助我們保持了彈性。這是一個很大的市場。我們相信這是一個細分市場，當然，某些細分市場已經看到了來自星鍊和其他公司的更多競爭。企業部門確實依賴營運認證，有時還依賴海上安全認證。這些是最有彈性的。

If I could just sneak in one clarification. I think you made a comment -- comment there was about the growth CapEx over 2/3. Did I hear that right? And is that for the full year or for the quarter?

如果我能偷偷地澄清一下就好了。我想你發表了評論——關於資本支出增長超過 2/3 的評論。我沒聽錯吧？這是全年還是季度？

I think the 2/3 was around maintenance CapEx versus...

我認為 2/3 是圍繞維護資本支出與...

Yes, I can help you with this. So the 2/3 is just to give you what the percentage of our CapEx spend that's related to essentially satellite ground networks and our success-based CapEx for a year, given a year.

是的，我可以幫助你。因此，2/3 只是告訴您我們的資本支出中與衛星地面網路相關的資本支出百分比以及我們基於成功的一年的資本支出（給定一年）。

Full year.

全年。

Yes.

是的。

Fiscal 2024, full year?

2024 財年，全年？

Yes.

是的。

Correct.

正確的。

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

您的下一個問題來自 Caleb Henry 和 Quilty Space 的線路。

Broad question just for Mark. I was curious with the Nexus program. Has your philosophy around Low Earth orbit changed at all? I know you've talked in past calls and years passed a lot about LEO, but this seems like a little bit of a shift from Viasat's logics from years past?

只針對馬克的廣泛問題。我對 Nexus 程式很好奇。您對近地軌道的看法有沒有改變？我知道你在過去的電話中談論過很多關於 LEO 的事情，但這似乎與 Viasat 過去幾年的邏輯有點不同？

First of all, I think my philosophy matters a lot less than what customers really want. And so the first thing we're going to do, make sure we're responding to what customers want. There is a desire for low latency. We have talked about that. And so what we do see is an opportunity to combine low latency and geo to deliver a complete suite of services.

首先，我認為我的理念遠不如客戶真正想要的重要。因此，我們要做的第一件事就是確保我們能夠滿足客戶的需求。人們渴望低延遲。我們已經討論過這一點。因此，我們確實看到了將低延遲和地理結合起來以提供一整套服務的機會。

The other thing that we have focused on a lot is being able to deliver service level agreements wherever customers are. And so the combination of a geo can be helpful doing that. It can lower our overall fulfillment costs, if we can manage that as a single service. And so we get that in addition to the low latency. But we recognize that low latency is something that customers want. So we are integrating that. As mentioned, certainly mainly in a big way this year with Maritime, but we expect to do the same in all of our Global Mobile services as well.

我們非常關注的另一件事是無論客戶身在何處都能夠提供服務等級協定。因此，地理的組合可以幫助做到這一點。如果我們能夠將其作為服務進行管理，它可以降低我們的整體履行成本。因此，除了低延遲之外，我們還得到了這一點。但我們認識到低延遲是客戶想要的。所以我們正在整合它。如前所述，今年當然主要是在海事方面大力開展，但我們希望在所有全球行動服務中也能做到同樣的事情。

Okay. And then on the integration there, assuming it's starting with OneWeb, they're a Ku-band system, whereas the current satellites in the Viasat fleet are Ka- and L-band does that present any sort of integration challenges? And if so, how do you work through those?

好的。然後在整合方面，假設從 OneWeb 開始，它們是 Ku 波段系統，而 Viasat 艦隊中目前的衛星是 Ka 和 L 波段，這是否會帶來任何類型的整合挑戰？如果是這樣，您如何解決這些問題？

Well, so that's one of the reasons we're starting with Maritime, where shipboard operators seem to be completely fine with the notion of having separate LEO and GEO antenna component. So this goes along with what a number of shipowners and operators have been open doing -- it's a little bit more complicated on other platforms where we may end up with, for instance, working with our Ka-band and is working with Ka-band with LEOs.

嗯，這就是我們從海事開始的原因之一，船上運營商似乎完全同意擁有單獨的 LEO 和 GEO 天線組件的概念。因此，這與許多船東和營運商一直在做的事情是一致的——在其他平台上情況會稍微複雜一些，例如，我們最終可能會與我們的 Ka 頻段合作，並且正在與 Ka 頻段合作與低地球軌道。

Next question, I know Viasat hasn't given the number in a little bit, but can you share how many consumer subs the company has today? And kind of is the plan to continue with that business? Or do you see that eventually kind of closing as you focus purely on mobility and other high ARPU sectors?

下一個問題，我知道 Viasat 還沒有給出具體數字，但您能否分享一下該公司目前擁有多少個消費者訂閱者？繼續這項業務的計劃是什麼？或者，當您純粹專注於行動性和其他高 ARPU 領域時，您是否認為這種情況最終會結束？

So we haven't disclosed the exact subscriber numbers for a while. It's been -- one of the things that we would point out is that as we -- especially as we ship bandwidth, from that market to the mobile markets. There's been a relatively steady rate of decline in that business. That's one of the areas that is affecting our FY '25 revenue outlook. So even though our revenue outlook is relatively flat, we will be overcoming all of that in FY '25. With essentially no major new satellite additions in that year.

所以我們有一段時間沒有透露確切的訂戶數量。我們要指出的一件事是，特別是當我們從該市場向行動市場提供頻寬時。該業務的下降速度相對穩定。這是影響我們 25 財年營收前景的領域之一。因此，儘管我們的收入前景相對平穩，但我們將在 25 財年克服所有這些問題。那一年基本上沒有增加任何重大的新衛星。

I'd say, going beyond FY '25, one of the things that we do see is opportunistic uses in residential. We think that based on the feedback -- initial feedback that we've gotten from some of our newer residential service plans we do believe that we can -- we may be able to flatten that out or improve it depending on the amount of bandwidth that we allocate to that market in out years.

我想說，在 25 財年之後，我們確實看到的事情之一是住宅領域的機會主義用途。我們認為，根據反饋——我們從一些較新的住宅服務計劃中獲得的初步反饋，我們確實相信我們可以——我們也許能夠根據頻寬量來壓平或改進它。該市場。

A couple more questions. On the schedule for satellites. It looks like the SWISSto12 HummingSats have incurred a 2-year delay. I think last year, they were supposed to launch in 2026, now it's in 2028. Can you kind of give any -- shed any light on the reason for that? And does that have any impact on the plans for shoring up L-band capacity?

還有幾個問題。關於衛星的時間表。 SWISSto12 HummingSats 似乎已經延遲了 2 年。我想去年，他們應該在 2026 年推出，現在是 2028 年。這對提升 L 波段容量的計畫有什麼影響嗎？

No. I think there is a misunderstanding there. I think that those satellites are pretty much on the schedule on which they were originally procured. Inmarsat had procured them prior to the close of the merger, we were aware of them. And that is one of the purpose that you mentioned is one of the main purposes is to provide additional coverage and resiliency for the safety services. And that schedule is consistent with that.

不，我認為這裡面有個誤會。我認為這些衛星幾乎是按照最初採購的時間表進行。國際海事衛星組織在合併結束之前採購了它們，我們知道它們。這就是您提到的目的之一，主要目的之一是為安全服務提供額外的覆蓋範圍和彈性。該時間表與此一致。

Okay. And then just the last question. I was curious if Viasat sees any opportunities with the Space Development Agency with TWSA? I know a lot of that seems to be focused on providers of the satellites, maybe some of the ground network infrastructure, but is there any way for Viasat to contribute to that program?

好的。然後是最後一個問題。我很好奇 Viasat 是否認為太空發展局與 TWSA 合作有任何機會？我知道其中許多似乎都集中在衛星提供商，也許是一些地面網路基礎設施，但 Viasat 有什麼方法可以為該計劃做出貢獻嗎？

Yes. I don't know if you want to (inaudible). The answer to that is definitely yes. We've been involved in some of the programs in the past. But we do see we do see a number of opportunities to participate in that program on a go-forward basis through some of -- a lot of it -- a lot of what they're doing is satellite technology, and that's really what the opportunity is for us, is in satellite technology.

是的。我不知道你願不願意（聽不清楚）。答案是肯定的。我們過去曾參與過一些專案。但我們確實看到，我們確實看到了很多機會，可以透過一些——很多——他們正在做的很多事情是衛星技術，在前進的基礎上參與該計劃，而這確實是我們的機會在於衛星技術。

So could that look like supplying payloads or space hardware? Or is it something else?

那麼這看起來像是提供有效載荷或太空硬體嗎？還是別的什麼？

No. It's really around payloads specific subsystem hardware or specific missions of those satellites. All those are kinds of the kinds of ways in which we could be involved and have in the past.

不。所有這些都是我們過去可以參與的方式。

We have time for one more question. It will come from the line of Ryan Koontz with Needham.

我們還有時間再問一個問題。它將來自 Ryan Koontz 和 Needham 的血統。

On the IFC side, and kind of your puts and takes there relative to slow shipments from Boeing to Alaska and maybe some push out and available capacity. If you exclude the Alaska impacts, would you say -- how would you characterize the growth in IFC from '24 to '25? Is it demand issue? Is this a capacity issue? What kind of growth are we talking about here at a high level? [not immediately you] have to quantify it, but is it in line with your goals, I guess, my question.

在國際金融公司方面，相對於從波音到阿拉斯加的緩慢運輸，可能還有一些推出和可用產能。如果排除阿拉斯加的影響，您會如何描述國際金融公司從 24 世紀到 25 年間的成長？是需求問題嗎？這是容量問題嗎？我們在這裡談論的高層次是什麼樣的成長？ [不是立即你]必須量化它，但它是否符合你的目標，我想，我的問題。

Yes. So I think, Ryan, I can take this. And we've had some good momentum this year with respect to new installs. And even though we're seeing some of that shifting into next year, we're going to continue to have a good install activity into the year as a whole. So I would say that as we look outward, aviation is a big part of our growth, both from services and products.

是的。所以我想，瑞安，我可以接受這個。今年我們在新安裝方面取得了一些良好的勢頭。儘管我們看到其中一些會轉移到明年，但我們仍將在全年繼續保持良好的安裝活動。所以我想說，當我們向外看時，航空業是我們成長的重要組成部分，無論是服務還是產品。

And maybe just to clarify, Ryan, just to clarify there, just one thing because just to bring it back, and I still think that we're expecting around 4,200 aircraft in service by the end of fiscal year '25.

也許只是為了澄清，Ryan，只是為了澄清一件事，因為只是為了把它帶回來，我仍然認為我們預計到 25 財年結束時將有大約 4,200 架飛機投入使用。

Great. With regards to the quarter that's in the books here, Q4, we saw a step down in gross margins. Is that primarily driven by pricing in these maritime and fixed markets or something else going on there on the gross margin side?

偉大的。至於帳面上的季度，即第四季度，我們看到毛利率有所下降。這主要是由這些海運和固定市場的定價所驅動的還是毛利率方面的其他因素所驅動的？

Yes. So overall in gross margins, I think there is multiple components. We saw some cost growth, for example, in our government business and the programs. We also saw a bit of if I go below the lines, we saw some R&D adventures. But I think if you're looking at the gross margin line, it's predominantly some a little bit of cost growth that we had on the program side.

是的。總體而言，我認為毛利率有多個組成部分。例如，我們的政府業務和專案的成本有所增長。我們還看到了一些如果我越過底線的話，我們看到了一些研發冒險。但我認為，如果你看一下毛利率線，你會發現，這主要是我們在計劃方面的一些成本增長。

This concludes the question-and-answer session. I will turn the call to Mark Dankberg for closing remarks.

問答環節到此結束。我將請馬克‧丹克伯格 (Mark Dankberg) 致閉幕詞。

Okay. Thank you. So we try to give you a good discussion about our initiatives and our approach to competing in this evolving and what we feel is a rapidly growing global mobility market. We've got work to do. We know we have a lot of work to do. We know we also have a cause, have a lot of opportunity to grow in those markets in a rewarding manner.

好的。謝謝。因此，我們試圖讓您充分討論我們的舉措以及我們在這個不斷發展且快速成長的全球行動市場中的競爭方法。我們還有工作要做。我們知道我們還有很多工作要做。我們知道我們也有自己的事業，有很多機會在這些市場上以有益的方式成長。

So thanks, everyone, for participating in this call, and we look forward to updating on our next call.

因此，感謝大家參與本次電話會議，我們期待下次電話會議的最新情況。

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

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。