Viasat Inc (VSAT) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Meg and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter 2025 Viasat earnings conference call.

謝謝你的支持。我叫梅格，今天我將擔任你們的會議操作員。此刻，我歡迎大家參加 Viasat 2025 年第二季財報電話會議。

(Operator Instructions) And now I would like to turn the call over to Lisa Curran, Vice President, Investor Relations. Please go ahead.

（操作員說明）現在我想將電話轉給投資者關係副總裁 Lisa Curran。請繼續。

Thanks, Meg. 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 Q2 fiscal year '25 Shareholder Letter on the Investor Relations section of our website. During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance.

謝謝，梅格。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投資者關係部分的 25 財年第二季股東信中取得。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。

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.

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發生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, including our annual 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有重大差異的因素的資訊可在我們向 SEC 提交的文件中獲取，包括我們的 10-K 表格年度報告。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, along with Lisa, we Gowrappan, our President; Gary Chase, our CFO; and Shawn Duffy, our Chief Accounting Officer. We encourage reading the shareholder letter and referencing the slides we posted on our website earlier this afternoon for more details. I'll give a quick overview of the shareholder letter. Guru will briefly cover operations, and Gary will cover our financial results and highlight in our growth outlook, and then we'll take questions.

下午好，感謝您今天加入我們。與我一起，與麗莎一起，我們是我們的總統古拉潘；加里‧蔡斯，我們的財務長；以及我們的首席會計官肖恩·達菲 (Shawn Duffy)。我們鼓勵閱讀股東信並參考今天下午早些時候在我們網站上發布的幻燈片以了解更多詳細資訊。我將簡要概述這封股東信。Guru 將簡要介紹營運情況，Gary 將介紹我們的財務表現並重點介紹我們的成長前景，然後我們將回答問題。

Our second quarter fiscal year 2025 results were better than expected in terms of revenue and adjusted EBITDA growth, as described in the shareholder letter and slides. We also continue to take actions to strengthen our capital structure, including an upsized refinancing of nearly $2 billion of 2026 secured notes.

正如股東信和幻燈片所述，我們的 2025 財年第二季業績在營收和調整後 EBITDA 成長方面好於預期。我們也繼續採取行動加強我們的資本結構，包括對 2026 年擔保票據進行近 20 億美元的再融資。

New contract awards in the second quarter were a new record at about $1.3 billion and were led by Defense and Advanced Technologies, which doubled year-over-year awards led by cybersecurity ground systems and space and mission systems and by Aviation and connectivity services.

第二季的新合約授予量創下新紀錄，約為 13 億美元，其中國防和先進技術領銜，網路安全地面系統、太空和任務系統以及航空和連接服務領銜的合約額同比增長了一倍。

Our recent teach-in highlighted the attractive growth potential and durable competitive advantages in key technologies such as next-generation breeze-based optical technology, mission-specific phased array terminals, space-based cybersecurity and our Q2 Defense and advanced technology or DAT awards reinforce that we're on the right track, including the US government program, international government opportunities in certain commercial markets.

我們最近的宣講強調了下一代微風光學技術、特定任務相控陣終端、天基網路安全等關鍵技術的有吸引力的成長潛力和持久的競爭優勢，並且我們的第二季度國防和先進技術或DAT 獎項強化了我們走在正確的軌道上，包括美國政府的計畫、國際政府在某些商業市場的機會。

One of the unifying themes among our customers is access to diverse set of orbit spectrum and constellations and avoiding overdependence on single individual systems. Of course, we understand the intensity of competition in some of the core businesses that makes the size, competitive positioning and growth prospects of these GAAP opportunities, especially in [DAT]. We're open-minded about the best ways to capitalize on these opportunities and are actively evaluating alternatives, while those businesses are both delivering growth and increasing their potential.

我們客戶的統一主題之一是存取不同的軌道頻譜和星座，並避免過度依賴單一系統。當然，我們了解一些核心業務的競爭強度，這些競爭的激烈程度決定了這些 GAAP 機會的規模、競爭定位和成長前景，尤其是在[數據]。我們對利用這些機會的最佳方式持開放態度，並積極評估替代方案，而這些業務正在實現成長並增強其潛力。

We're also very pleased to have Gary Chase join us as our new CFO. Garry's leadership experience in strategic, operational and financial planning will augment our focus on cash conversion, return on capital, converting to a more balanced capital structure and operating financial profile.

我們也很高興加里·蔡斯 (Gary Chase) 加入我們，擔任我們的新任財務長。加里在策略、營運和財務規劃方面的領導經驗將增強我們對現金轉換、資本回報率、轉向更平衡的資本結構和營運財務狀況的關注。

Garry will provide additional experienced financial leadership in the areas we highlighted last quarter, including identifying, evaluating and executing the best alternatives to realize the value embedded business portfolio, leading detail business operations, financial reviews to ensure we're at peak operational productivity levels with corresponding margin performance and leading detailed capital allocation reviews to ensure we're optimizing return on capital in the near and long term.

加里（Garry）將在我們上個季度強調的領域提供經驗豐富的財務領導，包括識別、評估和執行最佳替代方案以實現價值嵌入的業務組合，領導詳細的業務運營和財務審查，以確保我們處於最高營運生產力水準相應的利潤率表現和領先的詳細資本配置審查，以確保我們優化近期和長期的資本回報率。

The main point is we're exploring additional financial and capital structure perspective. We're also continuing to drive down capital intensity by augmenting our own satellites through both tactical and strategic third-party agreements. We're in advanced discussions with Telesat to buy Ka-band LEO (inaudible) by leveraging our own fleet and its unique capabilities, existing national operator partnerships and unique coverage and capabilities of additional third-party satellites and calculations, we can both ensure our customers are getting the performance with coverage they need and more explicitly measure and drive improved returns on capital.

重點是我們正在探索額外的財務和資本結構觀點。我們也透過戰術和戰略第三方協議來增強我們自己的衛星，從而繼續降低資本密集度。我們正在與Telesat 就購買Ka 波段LEO（聽不清楚）進行深入討論，利用我們自己的機隊及其獨特的能力、現有的國家運營商合作夥伴關係以及其他第三方衛星和計算的獨特覆蓋範圍和能力，我們都可以確保我們的客戶正在獲得他們所需的性能和覆蓋範圍，並更明確地衡量和推動資本回報率的提高。

Our satellite operator partners are often national-based Campion, key countries and geographic regions, and they're seeking a robust global space ecosystem to support their own national security and sovereignty. We're working with both GSO and NGSO systems, Garry will provide more color on capital spending in his remarks.

我們的衛星營運商合作夥伴通常是坎皮恩、主要國家和地理區域，他們正在尋求強大的全球太空生態系統來支持自己的國家安全和主權。我們正在與 GSO 和 NGSO 系統合作，Garry 將在他的演講中提供有關資本支出的更多資訊。

Other key corporate initiatives include evolving the L-band to create value for the millions of people that depend on its use for safety and connectivity, the air, sea and on land. We have a very significant opportunity to also concurrently greatly expand our addressable market through these evolved services and by leveraging the nonterrestrial network and to the high standards and open architecture, enabling multigen satellites.

其他重要的企業措施包括發展 L 頻段，為數以百萬計的人們創造價值，這些人依賴其在空中、海上和陸地上的安全和連接。我們有一個非常重要的機會，可以透過這些演進的服務並利用非地面網路以及高標準和開放架構，同時大大擴展我們的潛在市場，從而實現多代衛星。

We see multiple avenues to create value for our shareholders, customers and partners can continue to work with high-minded mobile satellite service operators through the Mobile Satellite Association. And last, but certainly not least, we're focused on getting our satellites under construction into service. We've already accumulated substantial in-flight connectivity, operational performance experience with ViaSat-3 F1 that reinforces the value of its dynamic beam-forming technology to apply all its bandwidth in the most important places, especially for mobility applications. It's clear that being able to effectively dedicated teams to airplanes drives performance. We continue to work on and make progress on our satellite road map.

我們看到了為股東、客戶和合作夥伴創造價值的多種途徑，可以透過行動衛星協會繼續與高尚的行動衛星服務營運商合作。最後但同樣重要的一點是，我們專注於讓正在建造的衛星投入使用。我們已經透過 ViaSat-3 F1 累積了大量的飛行中連接和操作性能經驗，這增強了其動態波束形成技術的價值，將其所有頻寬應用於最重要的地方，特別是對於行動應用。很明顯，能夠有效地將團隊專門用於飛機可以提高績效。我們繼續致力於衛星路線圖並取得進展。

Now touching on the business areas. Expected declines in fixed broadband remain our single biggest headwind, but that headwind is decelerating. We're seeing increased global enterprise fixed opportunities, and we'll report on those as they mature. We're seeing declines in maritime revenue, primarily in prior generation L-band fleet broadband, and that's been going on for several years.

現在談談業務領域。固定寬頻的預期下降仍然是我們最大的阻力，但這種阻力正在減速。我們看到全球企業固定機會不斷增加，我們將在這些機會成熟時進行報告。我們看到海事收入下降，主要是上一代 L 波段船隊寬頻，這種情況已經持續了好幾年。

The fleet broadband declines were meaningful, but also decelerating. Ka-band broadband maritime or Fleet Xpress is experiencing much more modest component in revenue while largely retaining net vessel count. The multi-orbit, multi-band NexusWave product is now in beta trials and doing well and already leading to full-scale deployments for some initial customers.

車隊寬頻下降是有意義的，但也在減速。Ka 波段寬頻海事或 Fleet Xpress 的收入成分要小得多，同時基本上保留了淨船數量。多軌道、多頻段 NexusWave 產品目前正在進行 beta 試驗，表現良好，並已為一些初始客戶進行全面部署。

We already have an order pipeline of over 100 customers, representing about 3,500 vessels. About third of those are new customers, offering a good opportunity to increase net vessels. We'll continue to update the maritime outlet based on market data and installation rates, but our overall confidence is building.

我們已經擁有超過 100 家客戶的訂單管道，代表約 3,500 艘船舶。其中約三分之一是新客戶，為增加淨船舶提供了良好的機會。我們將繼續根據市場數據和安裝率更新海運出口，但我們的整體信心正在增強。

Longer term, we see further maritime addressable market opportunities with Evolve L-band. Commercial and Business Aviation are growing well. New OEM aircraft delivery constraints are our bottleneck to active tail count and the Boeing strike added to that issue. We've been working through the near-term capacity challenges associated with the ViaSat-3 F1 antenna anomaly and are making steady progress with network reconfigurations and expansion to serve our customers and expected growth.

從長遠來看，我們看到 Evolve L-band 帶來了更多的海事市場機會。商業和公務航空發展良好。新的原始設備製造商飛機交付限制是我們主動尾數計數的瓶頸，而波音公司的罷工又加劇了這個問題。我們一直在努力解決與 ViaSat-3 F1 天線異常相關的近期容量挑戰，並在網路重新配置和擴展方面取得穩步進展，以服務我們的客戶和預期成長。

We've already been doing multi-orbit government aviation and are definitizing extending multi orbit -- multi band to all our aviation verticals. We believe that multi-orbit, combined with our existing and planned own and partner satellite fleet will be very, very competitive. US and international government are also growing well with opportunities for both technology and services businesses.

我們已經在進行多軌道政府航空，並正在定義將多軌道——多頻段擴展到我們所有的航空垂直領域。我們相信，多軌道與我們現有的和計劃的自己和合作夥伴衛星艦隊相結合將非常非常有競爭力。美國和國際政府也發展良好，為科技和服務企業帶來了機會。

Key themes for us includes multi-orbit, open banned integration and management, product and technology solutions, advanced platform-specific phased array antennas, space-based cyber, next-generation Laserlink and space payload technologies. We see accelerating growth here, obviously reinforced by the exceptional second quarter awards. Gary will provide more color on the financial aspects of many of these points in his portion.

我們的關鍵主題包括多軌道、開放式禁止整合和管理、產品和技術解決方案、先進的特定平台相控陣天線、天基網路、下一代雷射鏈路和空間有效載荷技術。我們看到這裡的成長正在加速，第二季度的卓越獎項顯然強化了這一成長。加里將在他的部分中對其中許多要點的財務方面提供更多的說明。

With that, I'll hand it over to Guru.

有了這個，我就把它交給Guru。

Thank you, Mark. I'm going to provide a brief organizational and operational update and then introduce a new member of our executive team. WiFi teams are focused fostering collaboration and operating as one to deliver results while continuing to sharpen our execution rigor. This is core to how we show up and execute for our customers and products, which in turn drives value creation.

謝謝你，馬克。我將提供簡短的組織和營運更新，然後介紹我們執行團隊的一位新成員。WiFi 團隊專注於促進協作和一體運作以交付成果，同時持續提高我們的執行嚴謹性。這是我們為客戶和產品展示和執行的核心，進而推動價值創造。

Our quarterly highlights only scratch to surface, but show the good momentum we are building. We know there's a lot of work to be done and progress is being made as we continue to put our customers first. We continue to align our internal organizational structure in support of our strategic goals and to take advantage of our scale to improve operational efficiency.

我們的季度亮點只是表面上的，但顯示了我們正在建立的良好勢頭。我們知道還有很多工作要做，隨著我們繼續將客戶放在第一位，我們正在取得進展。我們持續調整內部組織結構以支援我們的策略目標，並利用我們的規模來提高營運效率。

We are making great progress across the company to leverage our strength across departments and ensure a cohesive technology strategy that supports our growth and innovation. NexusWave is an excellent example of this, our operating model fostered the collaboration and cross-function problem solving necessary to develop and bring to market an industry-first offering like NexusWave.

我們在整個公司範圍內取得了巨大進步，以充分利用我們跨部門的優勢，並確保採用有凝聚力的技術策略來支持我們的成長和創新。NexusWave 就是一個很好的例子，我們的營運模式促進了開發和推出像 NexusWave 這樣的產業第一產品所需的協作和跨職能問題解決。

Mark mentioned that it's off to a very good start with an order pipeline already at 3,500 vessels. In the near term, primarily in our indirect channel, third-party companion offerings created incremental ARPU pressure on flattish FX vessel count this quarter. We are refining our channel strategy for indirect. We expect NexusWave will enable a return to net vessel growth and ARPU expansion in Maritime. But the near term is offset primarily by reductions in legacy fleet broadband some declines in indirect FX ARPU and modest FX net vessel count production.

Mark 提到，這是一個好的開端，訂單量已達 3,500 艘。短期內，主要是在我們的間接通路中，第三方配套產品對本季持平的外匯船舶數量造成了增量 ARPU 壓力。我們正在完善間接通路策略。我們預計 NexusWave 將使海事產業恢復淨船舶成長和 ARPU 擴張。但短期內主要被傳統船隊寬頻的減少、間接外匯 ARPU 的一些下降和適度的外匯淨船舶數量產量所抵消。

As we continue to navigate the dynamic landscape of our industry, we will remain adaptable and responsive to our businesses needs. This means continuously improving our structure, processes and strategies to ensure they are optimized for success. Our goal is to create an agile and efficient organization that can quickly leverage opportunities and challenges to drive growth and enhance value capture.

當我們繼續駕馭產業的動態格局時，我們將保持適應性並回應我們的業務需求。這意味著不斷改進我們的結構、流程和策略，以確保它們得到最佳化以取得成功。我們的目標是創建一個敏捷、高效的組織，能夠快速利用機會和挑戰來推動成長並增強價值捕獲。

Now I would like to introduce a new member of our executive leadership team, Garry Chase, who joins us as Chief Financial Officer. Garry Chase joined Viasat after more than 12 years with Delta Airlines in various senior financial roles, most recently serving as Senior Vice President of Operational Finance.

現在我想介紹我們執行領導團隊的新成員 Garry Chase，他加入我們擔任財務長。Garry Chase 加入 Viasat 之前，曾在達美航空工作 12 年多，擔任過各種高級財務職務，最近擔任營運財務高級副總裁。

We are excited to have Garry's depth of experience and track record of execution in financial planning and analysis, strategic planning, corporate development, operational finance, capital structure management and cost efficiency improvement. Prior to joining Delta, Garry was and equity research analyst at Barclays Capital, having covered the airline and transportation industries.

我們很高興擁有加里在財務規劃和分析、策略規劃、企業發展、營運財務、資本結構管理和成本效率改進方面的豐富經驗和執行記錄。在加入達美航空之前，Garry 是巴克萊資本的股票研究分析師，研究範圍涵蓋航空和運輸業。

Now I would like to hand it over to Garry.

現在我想把它交給蓋瑞。

Thank you, Guru. Well, I'm excited to join Viasat at such an important time in the company's history. I have a tremendous amount of respect for Viasat's businesses and global mission of delivering safety and connectivity to customers in the air at sea on land. I'm grateful for the support I've gotten from the whole Viasat team in my early days, but especially our finance team led by Shawn, and I may well need some of that support during the Q&A. .

謝謝你，古魯。嗯，我很高興能在公司歷史上如此重要的時刻加入 Viasat。我非常尊重 Viasat 的業務以及為空中、海上、陸地客戶提供安全和連接的全球使命。我很感謝整個 Viasat 團隊在我早期獲得的支持，特別是由 Shawn 領導的財務團隊，在問答期間我很可能需要一些支持。。

As a team, we look forward to partnering with Mark, Guru and the rest of the leadership group to further advance the finance function and its support for Viasat's strategic initiatives, especially shareholder value creation.

作為一個團隊，我們期待與 Mark、Guru 和領導團隊的其他成員合作，進一步推進財務職能及其對 Viasat 策略舉措（尤其是股東價值創造）的支持。

I'm going to cover two topics, financial performance and outlook. But before I get there, let me thank all of my Viasat colleagues for the hard work that led to these results. All of the comparisons in the second quarter discussion that follows exclude the nonrecurring catch-up contribution from the litigation settlement in the second quarter of fiscal '24, which benefited revenue by $95 million and adjusted EBITDA by $86 million.

我將討論兩個主題：財務表現和前景。但在我到達那裡之前，請允許我感謝所有 Viasat 同事的辛勤工作，才取得了這些成果。接下來討論的第二季度的所有比較都排除了 24 財年第二季度訴訟和解中的非經常性追趕貢獻，該貢獻使收入增加了 9500 萬美元，調整後的 EBITDA 增加了 8600 萬美元。

Looking now at second quarter fiscal '25 financial results. Awards were a record, up 25% year-over-year. Our Defense and Advanced Technologies segment and Aviation Connectivity Services led to growth. Revenue was $1.12 billion, down 1% compared to $1.13 billion in last year's second quarter, reflecting declines in fixed broadband and maritime within communication services. Partially offset by strong growth in aviation and tactical networking products in our Defense and Advanced Technologies segment.

現在來看看 25 財年第二季的財務表現。獎項數量創歷史新高，較去年同期成長 25%。我們的國防和先進技術部門以及航空連接服務帶來了成長。營收為 11.2 億美元，比去年第二季的 11.3 億美元下降 1%，反映出通訊服務中固定寬頻和海事業務的下降。國防和先進技術領域航空和戰術網路產品的強勁成長部分抵消了這一影響。

Net loss of $138 million improved from the net loss of $767 million a year ago, which was primarily due to the impairment charge related to our satellite program. Adjusted EBITDA was $375 million, a decline of 6% year-over-year. As noted in last year's shareholder letter, the second quarter of fiscal '24 benefited by $18 million from the resolution of the Euro broadband infrastructure or EDI contingent consideration agreement. Excluding that benefit, adjusted EBITDA was down less than 2% year-over-year, with the declines in our Communications Services segment, partially offset by continued strong growth in Defense and Advanced Technologies.

淨虧損 1.38 億美元，較去年同期的 7.67 億美元淨虧損有所改善，這主要是由於與我們的衛星計畫相關的減損費用。調整後 EBITDA 為 3.75 億美元，年減 6%。正如去年的股東信中指出的那樣，24 財年第二季從歐洲寬頻基礎設施或 EDI 或有對價協議的決議中受益 1,800 萬美元。排除這一收益，調整後的 EBITDA 同比下降不到 2%，其中通訊服務部門的下降被國防和先進技術領域的持續強勁增長部分抵消。

Capital expenditures declined 37% year-over-year to $229 million, decreasing primarily due to lower satellite expenditures related to shifts, to future quarters of certain space and ground infrastructure payments. As a reminder, capital expenditures can be lumpy from quarter-to-quarter. The lower CapEx helped us generate approximately $10 million of positive free cash flow during the quarter, which while transitory is indicative of the free cash flow opportunities ahead as we leverage the ViaSat-3 fleet and augment our capacity and network performance with third-party bandwidth.

資本支出較去年同期下降 37%，至 2.29 億美元，減少的主要原因是與未來幾季某些空間和地面基礎設施付款相關的衛星支出減少。需要提醒的是，每季的資本支出可能會出現波動。較低的資本支出幫助我們在本季度產生了約1000 萬美元的正自由現金流，這雖然是暫時的，但表明隨著我們利用ViaSat-3 機群並透過第三方頻寬增強我們的容量和網路效能，未來的自由現金流機會。

During the quarter, we also collected approximately $120 million of satellite insurance proceeds. We've received more than 90% of the $770 million of insurance claims we anticipate by the end of the fiscal year. Please note that the collection of insurance proceeds are recorded in cash flow from investing, but have no impact on our free cash flow calculation, which is defined as cash from operations, less purchases of property, equipment and satellites.

本季度，我們還收取了約 1.2 億美元的衛星保險收益。我們預計到本財年末將收到 7.7 億美元的保險索賠，其中 90% 以上已收到。請注意，保險收益的收取記錄在投資現金流中，但對我們的自由現金流計算沒有影響，自由現金流的計算定義為營運現金減去購買財產、設備和衛星。

In September, we issued $1.98 billion of Inmarsat-29 notes. The amount of the oversubscribed offering was increased from the initial size of $1.25 billion. We received the cash from the issuance prior to quarter end, but had also repurchased $257 million in principal amount of 2025 notes in open market transactions during the quarter at a small discount to par.

9 月份，我們發行了 19.8 億美元的 Inmarsat-29 票據。超額認購發行金額較最初的12.5億美元增加。我們在季度末之前收到了發行中的現金，但本季還在公開市場交易中以較面值小幅折扣的價格回購了 2.57 億美元的 2025 年票據本金。

So quarter end cash and cash equivalents was $3.5 billion, gross debt was $9.1 billion, and net debt was $5.5 billion. Subsequent to quarter end, on October 1, we used the net proceeds from the issuance of the Inmarsat-29 note together with cash on hand to redeem all of the outstanding Inmarsat-26 notes. After adjusting for the redemption of the Inmarsat-26 notes, pro forma cash and cash equivalents was $1.6 billion gross debt, $7.1 billion and net debt the same $5.5 billion.

因此，季末現金和現金等價物為 35 億美元，總債務為 91 億美元，淨債務為 55 億美元。季度末後的 10 月 1 日，我們使用發行 Inmarsat-29 票據的淨收益以及手頭現金贖回了所有未償還的 Inmarsat-26 票據。對 Inmarsat-26 票據的贖回進行調整後，預計現金和現金等價物為總債務 16 億美元、71 億美元和淨債務 55 億美元。

Adjusting for the refinancing transaction, our annual cash interest expense is expected to be approximately $560 million, partially offset by interest income on our cash balances. Finally, net leverage was slightly lower year-over-year and slightly up sequentially as expected at approximately 3.6 times trailing adjusted EBITDA as of the second quarter.

調整再融資交易後，我們的年度現金利息支出預計約為 5.6 億美元，部分被現金餘額的利息收入所抵銷。最後，截至第二季度，淨槓桿率較去年同期略有下降，較上季略有上升，約為調整後 EBITDA 的 3.6 倍。

Now let's take a closer look at our segment performance during the quarter, starting with Communication Services. Aviation continues to compete very well in the market and on new business in the quarter with both existing and new customers. In addition to the prior ongoing OEM delays, there were aircraft delivery delays related to the Boeing strike. Still, commercial IFC ended the quarter with 3,820 aircraft in service, up about 14% year-over-year and drove contracted backlog to more than 1,500 aircraft, despite sequential and double-digit year-over-year growth in our active count.

現在，讓我們從通訊服務開始，仔細看看本季的部門業績。本季度，航空業繼續在市場和新業務方面與現有和新客戶保持良好競爭。除了先前持續的 OEM 延誤外，還存在與波音罷工相關的飛機交付延誤。儘管如此，儘管我們的活躍飛機數量環比和同比增長兩位數，但截至本季度末，IFC 商用飛機仍有3,820 架在役飛機，同比增長約14%，並將合約積壓飛機數量推至超過1,500架。

While we're confident in the FY25 growth outlook and trajectory for Aviation, results continue to be affected by delivery delays, including the incremental effects of the just settled Boeing strike. During the quarter, we expanded our partnership with Azul to equip new line-fit Airbus A330-900neos with in-flight WiFi and our ad-supported streaming services using our advertising platform.

雖然我們對航空業 25 財年的成長前景和軌跡充滿信心，但業績繼續受到交付延誤的影響，包括剛剛解決的波音罷工的增量影響。本季度，我們擴大了與 Azul 的合作夥伴關係，為新型空中巴士 A330-900neo 配備機上 WiFi 以及使用我們的廣告平台支援廣告的串流服務。

US fixed broadband revenue declined as expected, driven by fewer residential subscribers. We continue to allocate capacity towards meeting the growing demand for higher-value commercial IFC and aviation businesses.

由於住宅用戶減少，美國固定寬頻收入出現預期下降。我們持續分配產能，以滿足對高價值商業國際金融公司和航空業務不斷增長的需求。

Our government SATCOM business unit grew service revenue 6% year-over-year, as strong demand for diversified satellite connectivity remained a top budget priority. Within Maritime, as Guru and Mark talked about, NexusWave results thus far are above expectations and the strong interest in service level selection we're seeing in our direct channel is promising.

由於對多樣化衛星連接的強勁需求仍然是預算的首要任務，我們的政府衛星通訊業務部門的服務收入較去年同期成長 6%。在海事領域，正如 Guru 和 Mark 所說，迄今為止 NexusWave 的結果超出了預期，而且我們在直接管道中看到的對服務等級選擇的濃厚興趣是有希望的。

Communications Services revenue was $826 million, down 2% year-over-year, reflecting the anticipated decline in US fixed broadband services and by maritime partially offset by strong growth in aviation and government com. Those revenue impacts yielded adjusted EBITDA of $318 million, down 9% year-over-year. Excluding the $18 million EDI benefit from the prior year quarter, adjusted EBITDA was down 4% year-over-year.

通訊服務收入為 8.26 億美元，年減 2%，反映出美國固定寬頻服務和海事業務的預期下降，但航空和政府通訊的強勁成長部分抵消了這一下降。這些收入影響導致調整後 EBITDA 為 3.18 億美元，年減 9%。不計上年同期 1,800 萬美元的 EDI 收益，調整後 EBITDA 年減 4%。

Now turning to Defense & Advanced Technologies performance during the quarter. Our DAT segment had an excellent quarter of awards. Our book-to-bill ratio was 1.7 times in the quarter. Awards of $510 million more than doubled versus $241 million in the prior year period. Information security and cyber defense, won awards totaling just over $200 million for encryption products, largely reflecting continued growth in data center demand driven by geographic expansion and growing data-intensive AI applications.

現在轉向本季的國防和先進技術業績。我們的 DAT 部門在本季度獲得了出色的獎項。本季我們的訂單出貨比為 1.7 倍。獎勵金額為 5.1 億美元，較去年同期的 2.41 億美元增加了一倍多。資訊安全和網路防禦贏得了總計略多於 2 億美元的加密產品獎項，這在很大程度上反映了地理擴張和不斷增長的數據密集型人工智慧應用推動的數據中心需求的持續增長。

Space & Mission Systems received awards of approximately $150 million related to multifunction phased array antennas and payload technology, including three space optics and antenna systems infrastructure with support services. I want to highlight an award from the US Air Force Research Laboratory under the Defense experimentation using commercial space Internet program to develop electronically spirit antennas for tactical, resilient communications using commercial satellite connectivity across various frequencies and multiple orbits. We're excited about the potential for an expanding role in secure multi-orbit, multi-band connectivity.

太空與任務系統公司獲得了約 1.5 億美元的獎項，涉及多功能相控陣天線和有效載荷技術，包括三個空間光學和天線系統基礎設施以及支援服務。我想強調美國空軍研究實驗室在使用商業太空互聯網計劃的國防實驗中獲得的獎項，該項目旨在開發電子精神天線，以利用跨不同頻率和多個軌道的商業衛星連接進行戰術、彈性通信。我們對在安全多軌道、多頻段連接方面發揮更大作用的潛力感到興奮。

Defense and Advanced Technologies revenue was $296 million, up 4% compared to $284 million a year ago. Strength was primarily driven by tactical networking and the strong IP licensing revenue just mentioned. Similar to last quarter, TrellisWare within the tactical networking business line, benefited by a larger bulk order for product upgrade licenses across already deployed US and allied forces radios. This generated an additional EBITDA uplift of approximately $15 million in Q2 versus anticipated levels.

國防和先進技術收入為 2.96 億美元，比去年同期的 2.84 億美元成長 4%。實力主要是由戰術網絡和剛才提到的強勁的 IP 許可收入所驅動的。與上季類似，戰術網路業務線內的 TrellisWare 受益於已部署的美國和盟軍無線電產品升級許可證的大宗訂單。這使得第二季的 EBITDA 比預期水準額外增加了約 1500 萬美元。

Product upgrades to already fielded units can be lumpy and are difficult to predict quarter-to-quarter. So we project future new shipment license revenues at lower levels than we saw in the quarter. As a reminder, the unevenness of growth can often be driven by customer budget cycles. PAT adjusted EBITDA was $57 million, up 13% compared to $50 million in the second quarter of fiscal '24, reflecting the positive impact of the TrellisWare licenses.

已部署單位的產品升級可能會很不穩定，很難按季度進行預測。因此，我們預計未來的新出貨許可證收入將低於本季的水平。提醒一下，成長的不平衡往往是由客戶預算週期所驅動的。PAT 調整後 EBITDA 為 5,700 萬美元，比 2024 財年第二季的 5,000 萬美元成長 13%，反映了 TrellisWare 授權的正面影響。

Overall, we continue to make progress against our fiscal '25 plan. In our second quarter, we generated good operating performance, particularly in Aviation and Tactical Networking. We had record awards with focus on Aviation, Information Security, Tactical Networking and Space and Mission Systems. Capital expenditures came in lower than expected, and we successfully refinanced our '26 maturities, improving our financial flexibility significantly.

總體而言，我們繼續在 25 財年計劃方面取得進展。在第二季度，我們取得了良好的營運業績，特別是在航空和戰術網路方面。我們獲得了創紀錄的獎項，重點是航空、資訊安全、戰術網路以及太空和任務系統。資本支出低於預期，我們成功地為 '26 到期日進行了再融資，顯著提高了我們的財務靈活性。

Moving on to the fiscal '25 outlook. We are halfway through the year and are maintaining our outlook, reflecting solid first half results in our Aviation and Defense order books, confidence in our competitive position within our markets, our backlog and record quarterly awards, but also headwinds from OEM-related delays of aircraft deliveries, including the impact DAT settled the Boeing strike. We continue to expect revenue to be flat to up slightly year-over-year, with year-over-year adjusted EBITDA growth in the mid-single digits.

接下來是 25 財年展望。今年已過半，我們維持我們的展望，反映出我們的航空和國防訂單簿上半年業績強勁，對我們在市場中的競爭地位充滿信心，我們的積壓訂單和創紀錄的季度獎項，但也反映出與OEM 相關的延誤帶來的不利因素飛機交付，包括 DAT 解決波音罷工的影響。我們繼續預期營收將同比持平或小幅成長，調整後的 EBITDA 年比成長為中個位數。

We've also provided additional segment level detail in the outlook section of our shareholder letter and slides. For comparison purposes, we also excluded the catch-up portion of benefit from the litigation settlement in fiscal '24 results. Therefore, our guidance is based on fiscal '24 revenue of $4.47 billion and adjusted EBITDA of $1.488 billion. We now expect capital expenditures in fiscal '25 to decline further to a range of $1.3 billion to $1.4 billion, including capitalized interest of approximately $200 million per year, which will decline in future years as we continue placing satellites into service.

我們還在股東信和幻燈片的展望部分提供了額外的細分級別詳細資訊。出於比較目的，我們也在 24 財年業績中排除了訴訟和解中的追趕部分福利。因此，我們的指引是基於 24 財年 44.7 億美元的營收和 14.88 億美元的調整後 EBITDA。我們現在預計25 財年的資本支出將進一步下降至13 億至14 億美元的範圍，其中包括每年約2 億美元的資本化利息，隨著我們繼續將衛星投入使用，這一數字在未來幾年將會下降。

We continue to expect investments in our satellite network and success-based CapEx to exceed two-third of our total capital spend with less than one-third associated with other maintenance and general CapEx activities. We are focused on reducing total capital expenditures, including the maintenance portion, and this will be a key focus of our planning and reporting processes going forward.

我們仍然預計，對衛星網路和基於成功的資本支出的投資將超過我們總資本支出的三分之二，其中與其他維護和一般資本支出活動相關的投資不到三分之一。我們專注於減少總資本支出，包括維護部分，這將是我們未來規劃和報告流程的重點。

Now looking ahead to fiscal '26, we continue to expect year-over-year revenue and adjusted EBITDA growth. Our two-year CapEx number remains net neutral. So cash flow through the end of fiscal '26 is unchanged. We're also in the midst of our annual multiyear strategic planning process, and we want to complete that work before providing any more granular guidance on the quarterly progression for fiscal '26.

現在展望 26 財年，我們繼續預期營收和調整後 EBITDA 的年增率。我們的兩年資本支出數據保持淨中立。因此，截至 26 財年末的現金流量並沒有改變。我們也正在進行年度多年策略規劃流程，我們希望在為 26 財年的季度進度提供更詳細的指導之前完成這項工作。

Our strategic planning cycle goes beyond creating a financial outlook. It addresses our operational priorities, capital spending, competitive positioning and portfolio optionality. We are very focused on developing a financial profile that unlocks greater value in both our government and commercial services businesses. We're continuing to work on each of the areas Mark mentioned earlier in the call to enhance strategic optionality, improve cash flow and optimize return on capital.

我們的策略規劃週期不僅僅是創造財務前景。它解決了我們的營運優先事項、資本支出、競爭定位和投資組合選擇性。我們非常注重發展財務狀況，為我們的政府和商業服務業務釋放更大的價值。我們將繼續致力於馬克先前在電話會議中提到的每個領域，以增強策略選擇、改善現金流和優化資本回報率。

In closing, Second quarter operational performance was quite good, capturing our share of large and growing markets, and we're focused on improving operational and capital productivity. We're strengthening our capital structure, and we have a long runway of opportunities ahead.

最後，第二季的營運業績非常好，佔據了我們在大型和不斷增長的市場中的份額，我們專注於提高營運和資本生產力。我們正在加強我們的資本結構，未來還有很長的機會。

With that, I'd like to hand the call back over to Mark.

說到這裡，我想把電話轉回馬克。

Thanks, Garry. So at this point, we'll be happy to take questions.

謝謝，加里。所以此時，我們很樂意回答問題。

(Operator Instructions) Edison Yu, Deutsche Bank.

（操作員指示）Edison Yu，德意志銀行。

Hi, good afternoon and thank you for taking our questions. First, I want to start with on the first page of the shareholder letter, I mean, as mentioned several times you're evaluating all these I guess, proposals ideas on the structure, capital structure, financial structure. You had this teach-in. I don't know that long ago about the assets in DAT. Can you perhaps comment on if you've gotten external strategic or financial interest in some of these assets? And if there has been, have there been any sort of structural reasons as to why no sort of transaction has occurred?

您好，下午好，感謝您回答我們的問題。首先，我想從股東信的第一頁開始，我的意思是，正如我多次提到的，你正在評估所有這些，我猜，關於結構、資本結構、財務結構的建議想法。你接受過這個教導。我很久以前就不知道 DAT 中的資產。您能否評論一下您是否對其中一些資產獲得了外部策略或財務利益？如果有的話，是否存在任何結構性原因導致沒有發生任何交易？

Okay. So one is it's actually not unusual for us to get inquiries all the time on a number of our assets. So that part is not unusual. I think -- and there's no specific structural blocks -- roadblocks or bottlenecks to any transaction. But what we really -- the main thing we're trying to say is we're just trying to be prudent and open-minded about the best paly to work with IRS. And one of the things that we are assessing is working on what the valuation is for them.

好的。因此，我們的一些資產一直受到查詢實際上並不罕見。所以這部分並不罕見。我認為——而且沒有特定的結構性障礙——任何交易都會遇到障礙或瓶頸。但我們真正想說的是，我們只是試著對與國稅局合作的最佳夥伴保持謹慎和開放的態度。我們正在評估的事情之一是研究對他們的估值。

And fortunately, one of the good things is a lot of those government assets, especially they've just been improving a lot recently. We anticipated some of that. It's good to see it came to fruition and one thing we're doing just trying to factor that in to how we work with them. But there's no -- I think that the point of being open-minded is just to say exactly that, that we're open minded.

幸運的是，好處之一是有很多政府資產，特別是它們最近剛剛有了很大改善。我們預料到了其中的一些情況。很高興看到它取得了成果，我們正在做的一件事就是試圖將其納入我們與他們合作的方式中。但事實並非如此——我認為思想開放的意義就是準確地說，我們思想開放。

Understood. Understood. And then just a follow-up on the L-band side. Can you perhaps give us a sense of how you're thinking about that landscape? And obviously, we've got quite a few efforts from a lot of players now on D2D. You have a lot of L-bands. And so is the -- I guess, is there a vision that you may monetize some of that? Would you keep it all yourselves? Would you do both? How do you sort of think about just maximizing the value potential there?

明白了。明白了。然後是 L 波段方面的後續行動。您能否讓我們了解一下您對此景觀的看法？顯然，我們現在已經從 D2D 的許多玩家那裡得到了相當多的努力。你有很多 L 波段。我想，你是否有一個願景可以將其中的一些貨幣化？你願意把它全部留著嗎？你會兩者都做嗎？您如何看待最大化那裡的價值潛力？

Okay. Yeah, so the first thing is what we're most focused on are the things that we can do ourselves and with partners. And that one of the things that we did in that area, which we think is a good step is forming the mobile satellite operators, the Mobile Satellite Services Association. And the theory behind that, which we've talked about, and I've talked about it in public addresses is that what we expect is that the capacity, airtime costs, speeds that can be delivered to terrestrial cellphones through these non-terrestrial networks or what's called directed device is really going to be dependent on the amount of spectrum that's available there.

好的。是的，所以我們最關注的第一件事是我們自己以及與合作夥伴可以做的事情。我們在該領域所做的事情之一，我們認為這是一個很好的步驟，就是成立行動衛星營運商，即行動衛星服務協會。我們已經討論過並且我在公共演講中討論過其背後的理論是，我們期望的是透過這些非地面網路可以向地面手機提供的容量、通話時間成本和速度或者所謂的定向設備實際上取決於那裡可用的頻譜量。

And the main thing that we've been working on is promoting, identifying and promoting both the open standards, which are primarily the 3GPP standards around first narrowband IoT and then the 5G new radio, combined with an open architecture system and then extending the concepts that have worked well in terrestrial mobile networks, which is to have multi-tenant infrastructure. So that part I think we're making progress on it.

我們一直致力於的主要工作是推廣、識別和推廣開放標準，主要是圍繞第一個窄帶物聯網和然後是 5G 新無線電的 3GPP 標準，與開放架構系統相結合，然後擴展概念這在地面移動網絡中表現良好，該網路具有多租戶基礎設施。我認為這部分我們正在取得進展。

I think the other things that are becoming evident there's another approach that people are pursuing, which is to reuse terrestrial spectrum. I think that the -- I think what the bottlenecks are and really is a terrestrial network, a net terrestrial spectrum is primarily impact on other terrestrial spectrum through -- there's a lot of discussion around what's called out-of-band emissions constraints, and the amount of spectrum. And so what we think is happening is I think there's become more awareness about the value of capital licensed MSS spectrum in this space.

我認為其他越來越明顯的事情是人們正在追求的另一種方法，那就是重用地面頻譜。我認為——我認為瓶頸是什麼，實際上是地面網絡，淨地面頻譜主要通過——圍繞所謂的帶外發射限制對其他地面頻譜產生影響，並且頻譜量。因此，我們認為正在發生的事情是，我認為人們越來越意識到這個領域資本許可的 MSS 光譜的價值。

And so I think that's good for us. Certainly, I don't think that creates options for people that are good -- that have spectrum. We have we have uses for our spectrum that are really, really important and valuable. And we've said multiple times, we don't intend at all to diminish the application of that. But what we are looking at are ways to augment our augment space systems in a way that preserves brings on the existing services but also creates opportunity for these NTN and DTD services.

所以我認為這對我們有好處。當然，我不認為這會為那些有能力的人創造選擇。我們的頻譜有非常非常重要和有價值的用途。我們已經多次說過，我們根本無意減少其應用。但我們正在尋找的是增強我們的增強空間系統的方法，既保留現有服務的功能，又為這些 NTN 和 DTD 服務創造機會。

And I think other MS holders are looking at similar strategies for theirs. And all that would be enhanced by this concept of open multi-new infrastructure. I think in the main -- I think that one of the things that is good for us is you can see there's been a lot more discussion and a lot of speculation recently about the value of such MSS spectrum, how it might be applied. I think we're looking to do it in a way that is open architecture, mostly nonexclusive in a way that just makes a service available to terrestrial partners.

我認為其他 MS 持有者也在尋找類似的策略。而這一切都將透過開放的多新基礎設施的概念得到加強。我認為，總的來說，我認為對我們有利的事情之一是，您可以看到最近有更多關於此類 MSS 頻譜的價值以及如何應用它的討論和猜測。我認為我們正在尋求一種開放架構的方式來實現這一點，主要是非排他性的，只向地面合作夥伴提供服務。

And we've gotten really good feedback on that. I think it's going to take us a few more quarters to be able to to solidify that. The other thing that we're aiming to do with these multi-tenant infrastructure approach is to be able to do that and still achieve our objective of consistently declining CapEx budgets. And that's -- I think that that's -- again, that's one of the things that terrestrial carriers have been able to do through multi-tenant shared infrastructure as well. So we kind of feel like just coming together.

我們對此得到了非常好的回饋。我認為我們還需要幾個季度才能鞏固這一點。我們希望利用這些多租戶基礎設施方法做的另一件事是能夠做到這一點，同時仍能實現我們持續下降資本支出預算的目標。我認為這也是地面營運商透過多租戶共享基礎設施所能做到的事情之一。所以我們有點想聚在一起。

Great. Appreciate it.

偉大的。欣賞它。

Ric Prentiss of Raymond James.

雷蒙德詹姆斯的里克普倫蒂斯。

Hey, good afternoon, everybody. Welcome, Garry. Look forward to working with you. A couple of questions on my side. I want to probe a little further -- on the actively evaluating alternatives topic, can you give us kind of what stage you're at? Have you hired bankers for the different areas? And when you mentioned that while those businesses are both delivering growth and increasing potential, are you talking about core and DAT there? But first question is on the actively evaluating and kind of what stage and where we're at?

嘿，大家下午好。歡迎，加里。期待與您合作。我這邊有幾個問題。我想進一步探討一下—關於積極評估替代方案的話題，您能否告訴我們您目前處於哪個階段？您是否為不同領域聘請了銀行家？當您提到雖然這些業務都在實現成長並增加潛力時，您是在談論核心和 DAT 嗎？但第一個問題是關於積極評估以及我們處於什麼階段和位置？

So as I said, right now, we're just considering and evaluating alternative architectures. Those structures are going to be influenced a pretty fair amount pie what's going on in the business. And we were anticipating a pretty strong quarter that was going to help set the direction for these businesses, and we got it. So I think that's helpful. There's quite a -- one of the things we mentioned is -- what we like about these businesses is they're pretty differentiated. They're very core to both the US government and international governments, use of space for national security and sovereignty, we think they're really valuable.

正如我所說，現在我們只是考慮和評估替代架構。這些結構將在很大程度上影響業務中正在發生的事情。我們預計一個相當強勁的季度將有助於為這些業務確定方向，我們做到了。所以我認為這很有幫助。我們提到的一件事是，我們喜歡這些企業的一點是它們非常與眾不同。它們對美國政府和國際政府來說都是非常核心的，利用太空來維護國家安全和主權，我們認為它們非常有價值。

So we're not -- I think the -- the point is we just want people to know that we're being open-minded as opposed to fixed (inaudible) and about how we work with them. And we're going to - we are certainly aware that if you look at, say, a reasonable sum of the parts, valuation would be, maybe we're not getting full value for those.

所以我們不是——我認為——重點是我們只是想讓人們知道我們是開放的，而不是固定的（聽不清楚），以及我們如何與他們合作。我們當然知道，如果你看一下各個部分的合理總和，估值可能是，也許我們沒有得到這些部分的全部價值。

So that's what's causing us to think about other alternatives. But we don't -- I would say we have not made any decisions that those businesses are -- we think are going to continue to grow. So we're just going to be shareholder focused. That's the main thing.

這就是促使我們考慮其他替代方案的原因。但我們沒有——我想說的是，我們還沒有做出任何決定，這些業務是——我們認為這些業務將繼續成長。所以我們只會以股東為中心。這是主要的事情。

Somewhat early stage then also just recognizing the sum of the parts and one in good quarters and then home let people know you're interested in hearing that.

在早期階段，然後也只是認識到各個部分的總和以及一個好的方面，然後回家讓人們知道你有興趣聽到這一點。

In multiple ways. Yes.

以多種方式。是的。

Sure. Makes sense. And Gary, I think you mentioned that you're in the midst of a multiyear plan before getting granular on quarterly information in fiscal '26. Is that an allusion to kind of the timing of positive free cash flow, given one there's some CapEx slip, but there could also be some other items out there?

當然。有道理。加里，我想您提到您正在製定多年計劃，然後再詳細了解 26 財年的季度資訊。考慮到存在一些資本支出下滑，但也可能存在其他一些項目，這是否暗示了正自由現金流的時機？

Yeah. Well, first, Ric, let's -- I just want to make sure we don't bury the lead on the idea that the outlook is unchanged as we look across the two years, we did move $100 million of CapEx from fiscal '25 into fiscal '26. And we do want the benefit of that process before we get more granular on how the timing looks.

是的。好吧，首先，里克，讓我們——我只是想確保我們不會因為我們展望這兩年的前景沒有改變的想法而埋沒領先地位，我們確實將1 億美元的資本支出從25 財年轉移到了財政'26。在我們更詳細地了解時間安排之前，我們確實希望從過程中受益。

Additionally, because we think it's going to be a good opportunity to continue looking at how we optimize our spend. And let me just add a little bit of color to that for things that we see as customer critical we really want to challenge and see if we can accelerate some of those to drive contribution sooner for things that don't fall into that bucket, we want to challenge both the level of spend and the timing.

此外，因為我們認為這將是一個繼續研究如何優化支出的好機會。讓我為我們認為對客戶至關重要的事情添加一點顏色，我們真正想要挑戰，看看我們是否可以加速其中一些事情，以便更快地為不屬於這一範圍的事情做出貢獻，我們想要挑戰支出水準和時間安排。

When we can move things out we really get two sources of value, first, time value of money, which I obviously don't need to explain to anybody on the call. But a lot of time, the spend also has what I know is an operating tail, which means as we construct the operating expenses start to spool up, too. And that's nonproductive operating expense while we're building it. So -- as we go through this process, we just want to give ourselves the opportunity to, a, get better information on how things are going to play out.

當我們可以將東西移出時，我們確實獲得了兩個價值來源，首先是金錢的時間價值，我顯然不需要向電話中的任何人解釋這一點。但很多時候，支出也有我所知道的營運尾部，這意味著當我們建造時，營運支出也開始增加。這是我們建設過程中的非生產性營運費用。因此，當我們經歷這個過程時，我們只是想讓自己有機會，a，獲得有關事情將如何發展的更好資訊。

Okay. And last one for me is on the Aviation side and flight connectivity. Big debate out there, airlines seem to be choosing sites and technology or Orbits. How should we think about LEOs versus Geo and the competitive dynamic in commercial aviation?

好的。對我來說，最後一個是航空方面和航班連接。爭論很大，航空公司似乎正在選擇站點和技術或軌道。我們該如何看待近地軌道與地理以及商業航空的競爭動態？

Okay. I think from an airline perspective and the airlines, we're dealing with a -- I don't think they think of orbits first. I think what they think of is what's the business model going to be? And when we first entered the business and our first customers offered free service to passengers, including streaming. The -- I think one of the things that a lot of the airlines realized pretty quickly was if every airline ended up paying for free Internet service then every airline would have additional expenses and no airline would have any competitive advantage relative to what they had now.

好的。我認為從航空公司和航空公司的角度來看，我們正在處理一個——我認為他們不會首先考慮軌道。我認為他們想到的是商業模式會是什麼？當我們第一次進入這個行業時，我們的第一批客戶為乘客提供免費服務，包括串流媒體服務。我認為許多航空公司很快意識到的一件事是，如果每家航空公司最終都為免費網路服務付費，那麼每家航空公司都會有額外的費用，並且相對於現在的情況，沒有一家航空公司會擁有任何競爭優勢。

So I think that the main thing that the airlines have been focused on is a business model and that business model has to be in the context not only of what they're doing, but what is the field doing as well. And so the main thing that we've been hearing with airlines is, okay, how do we -- what are the opportunities to differentiate. Almost none of the airlines expect that the way they differentiate is going to be -- is going to last five years or 10 years, they're really looking at how they differentiate in on some continuous basis.

因此，我認為航空公司關注的主要問題是商業模式，而這個商業模式不僅必須考慮到他們正在做的事情，而且還必須考慮到該領域正在做的事情。因此，我們從航空公司聽到的主要問題是，我們如何——有哪些機會來實現差異化。幾乎沒有一家航空公司預計他們的差異化方式將持續五年或十年，他們真正關注的是如何在某種持續的基礎上實現差異化。

And then low latency, which is the main advantage of LEO is a good thing. It's one of the reasons that we're -- we're adding a lot of latency to our maritime service. We talked working with live speed to do the same thing for Ka-band. I think that then the issue is really going to be differentiation. And also, I can tell you the other thing that's really become more and more evident, especially for us, I think in terms of numbers of planes that we have, but it's becoming more and more evident is people just expect it to work. And so the real focus becomes on the 1% or 2% of the time that it doesn't. I tell you that's where a lot of the focus is. And that can be for quite a variety of reasons, especially as you scale up.

然後低延遲，這是 LEO 的主要優勢，是一件好事。這是我們的海事服務增加大量延遲的原因之一。我們談到要以實時速度為 Ka-band 做同樣的事情。我認為接下來的問題其實就是差異化。而且，我可以告訴你另一件事確實變得越來越明顯，特別是對我們來說，我認為就我們擁有的飛機數量而言，但越來越明顯的是人們只是期望它能夠發揮作用。因此，真正的焦點就集中在 1% 或 2% 的時間。我告訴你，這就是大家關注的焦點。這可能有多種原因，尤其是當你擴大規模時。

So I think those are kind of the things that we're having -- the conversations we're having with airlines are. And a lot of them, I think more of the -- if you think of market segmentation, I think it's going to be less around LEO versus GEO and more about business model. Integration with entertainment was -- what are the rules of entertainment and connectivity. What are the monetization strategies there? Are there things that are done to help monetize kind of friction to the rate.

所以我認為這些就是我們正在做的事情——我們正在與航空公司進行對話。其中很多，我認為更多的是——如果你考慮市場細分，我認為它會更少地圍繞 LEO 與 GEO，而更多地關注商業模式。與娛樂的整合是－娛樂和連結的規則是什麼。那裡有哪些貨幣化策略？是否採取了一些措施來幫助將匯率的摩擦貨幣化。

Those are -- I can tell you, those are the real -- the main issues. I think that everybody is dealing with in this space, including -- I think that what we're seeing is less and less focus on test the pipe and more and more are these issues of integration and monetization. Assuming that the pipe is good. I just -- it's just sort of taking the pipe for branded part.

我可以告訴你，這些是真正的主要問題。我認為每個人都在這個領域處理，包括——我認為我們所看到的是越來越少關注測試管道，而越來越多地關注整合和貨幣化問題。假設管道是好的。我只是——這有點像是把煙鬥當作品牌零件。

Thanks

謝謝

Sebastiano Petti of JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Hi, thanks for taking the question. I guess maybe perhaps just following up on Ric's question and to your comments, Mark. Now with UIL choosing their pony in the race or deciding to go free. I mean how does that now permeate through the ecosystem, right? Obviously, one of your original partners, [plus] kind of been on that path for a while Delta has discussed it. But this seems like a topic that we've discussed across commercial aviation IFC for the last couple of years. And so what are the next steps from here, perhaps maybe the best way to put it in light of the UAL announcement?

您好，感謝您提出問題。我想也許只是跟進里克的問題和你的評論，馬克。現在，UIL 在比賽中選擇他們的小馬，或者決定自由。我的意思是現在它是如何滲透到生態系統中的，對吧？顯然，你最初的合作夥伴之一，[加上]在這條道路上已經有一段時間了，達美航空已經對此進行了討論。但這似乎是我們過去幾年在商業航空國際金融公司討論的一個話題。那麼接下來的步驟是什麼，也許是根據 UAL 公告提出的最佳方式？

And then thinking about -- do you see -- what is the feasibility or the inclination perhaps and some sort of hybrid LEO-GEO in-flight connectivity solutions similar to what you're doing with NexusWave and Maritime. Is that something that could make sense over time? Why or why not? Thank you.

然後思考——你看到了嗎——可行性或傾向是什麼，以及某種混合 LEO-GEO 飛行中連接解決方案，類似於您在 NexusWave 和 Maritime 上所做的事情。隨著時間的推移，這是有意義的嗎？為什麼或為什麼不呢？謝謝。

Okay. And just could you -- when you said what are the best steps in light of the UAL announcement? Are you talking about.

好的。當你說根據 UAL 的公告最好的步驟是什麼時，你能嗎？你在說嗎。

Yeah -- sorry net (inaudible) Yes. I mean, ecosystem-wide UIL has not made their decision to be a partner with StarLink and kind of -- I think where do you see the chessboard, how do you see the chessboard perhaps playing out from here? Potential next steps or additional -- how does the -- how do strategies evolve from here in your point of view -- from an airline level?

是的——抱歉網（聽不清楚）是的。我的意思是，整個生態系統的 UIL 尚未決定成為 StarLink 的合作夥伴，我想你在哪裡看到棋盤，你如何看待棋盤可能從這裡開始發揮作用？潛在的後續步驟或其他步驟—在您看來—從航空公司層級來看，策略是如何演變的？

Yaah. I think the -- so the number one-- I'd say, how do the ingredients have been evident over the last 10 years, right? So the number one -- I think the number one issue for a lot of airlines, is monetization. That is like what they don't want to see is a substantial new expense without some value associated with it.

是啊。我認為——所以第一——我會說，在過去的十年裡，這些成分是如何顯而易見的，對吧？因此，我認為對許多航空公司來說，首要問題是貨幣化。這就好像他們不希望看到的是一筆龐大的新開銷卻沒有任何相關價值。

So well -- and the way to put it is, I'm just going to give you an example is that -- one answer was when free WiFi was first introduced at scale, it was, hey, I gratifying that airline. And so maybe they could get a premium in ticket prices, right? So the measure might have been a revenue per passenger seat mile. As an example that, that might be an example of a way that it was monetized.

那麼好吧——我只想給你一個例子——一個答案是，當免費WiFi首次大規模推出時，嘿，我讓那家航空公司感到滿意。所以也許他們可以獲得更高的票價，對嗎？因此，衡量標準可能是每乘客座位英里的收入。舉個例子，這可能是貨幣化方式的一個例子。

But if multiple lines have free, then it's hard to get a premium on ticket price as an example. So then people are looking for other ways to differentiate. And I think that, that is a big part of what's going on now is understanding the different ways to differentiate and how to capture those. And they're quite -- if you just think about what you see when you fly in different airlines, you'll see everything from advertisements to promotions by telecom carriers, promotions by content providers.

但如果多條線路都有免費票，那麼票價就很難獲得溢價。因此，人們正在尋找其他方式來實現差異化。我認為，現在正在發生的事情的一個重要部分是了解差異化的不同方式以及如何捕捉這些方式。如果您想知道當您搭乘不同航空公司的航班時所看到的內容，您會看到從廣告到電信業者的促銷活動、內容提供者的促銷活動等各種內容。

There's -- there are different tiers of service, could be free texting, could be complete free Internet -- Internet with or without streaming. I think that what people are -- what the airlines are looking for are what are the ways to monetize. Who -- what data is available. It's -- that's what it's turning into from our perspective.

有 - 有不同層次的服務，可以是免費短信，可以是完全免費的互聯網 - 有或沒有流媒體的互聯網。我認為人們——航空公司正在尋找的是貨幣化的方式。誰——有哪些數據可用。從我們的角度來看，這就是它正在變成的樣子。

And I think that you're also seeing different airlines to take different strategies about how much of those things they want to do in-house, how much of them they outsource, and whether or not have seatback displays, whether there are seatbacks with connectivity and entertainment. I would say that when we started -- and we were the first to do free and to include streaming. It was really just about what is the capability of the Internet service. What has become more about now is what is the monetization and differentiation strategy.

我認為，您還會看到不同的航空公司採取不同的策略，包括他們想要在內部完成哪些事情、外包多少事情、是否有座椅靠背顯示器、是否有連接功能的座椅靠背。 。我想說的是，當我們開始時，我們是第一個免費提供串流媒體服務的。這實際上只是關於互聯網服務的能力。現在更重要的是貨幣化和差異化策略是什麼。

And so we've ended up adding quite a lot of software engineering capability, integration with entertainment, integration with third parties in order to those features. And I can tell you that -- and it's not there's no known destination because as things become successful, other airlines imitate them, whether they do them themselves or they have third parties do them.

因此，為了實現這些功能，我們最終添加了大量的軟體工程能力、與娛樂的整合、與第三方的整合。我可以告訴你，這並不是沒有已知的目的地，因為隨著事情的成功，其他航空公司會模仿它們，無論是他們自己做還是讓第三方做。

So that is most of the discussion that we have. And I just -- I think it's -- certainly, you can have a good -- going back to the LEO part, LEO was really good for low latency and fast responsiveness. -- only a portion of the bandwidth used involves that. And I would say that from the airlines perspective. So that's one way to differentiate, but the monetization way is another.

這就是我們討論的大部分內容。我只是 - 我認為 - 當然，你可以有一個很好的 - 回到 LEO 部分，LEO 確實非常適合低延遲和快速回應。 ——所使用的頻寬中只有一部分涉及到這一點。我會從航空公司的角度這麼說。所以這是差異化的一種方式，但貨幣化方式是另一種。

And from our perspective, what we're seeing is that it's definitely possible to integrate LEO and GEO or any multiple -- any different orbits in a way that create effect -- the same effect for passengers. So the thing -- and just to put things in perspective, the thing we have a ton of data about usage, the thing that has -- that often turns out to be a bottleneck on usage is when large numbers of planes are in the same area. And that's the place where GEO really shines.

從我們的角度來看，我們看到的是，絕對有可能將 LEO 和 GEO 或任何多個 - 任何不同的軌道以一種方式整合起來，為乘客創造效果 - 相同的效果。因此，我們擁有大量有關使用情況的數據，而事實證明，當大量飛機位於同一地點時，這往往會成為使用的瓶頸。這就是 GEO 真正閃光的地方。

The fact that the vast majority of bandwidth consumed is on streaming made and that streaming is not latency sensitive, that's what creates economic incentives around combining LEO and GEO. So those are the things we're doing. I can tell you that among our customers, there's a lot of enthusiasm for that. And the first place we brought it to -- we brought it to market is in maritime.

事實上，絕大多數頻寬消耗在串流媒體上，而且串流媒體對延遲不敏感，這就是圍繞 LEO 和 GEO 組合創造經濟激勵的原因。這些就是我們正在做的事情。我可以告訴你，我們的客戶對此充滿熱情。我們將其推向市場的第一個地方是海事領域。

And I think the effects that we're creating for customers are -- they really can't tell the difference between that and an our LEO solution. I think the place they, will be able to tell the difference, is in in the very high demand areas, which are usually ports, for maritime or airports for airlines and sometimes those overlap.

我認為我們為客戶創造的效果是——他們真的無法區分這與我們的 LEO 解決方案之間的差異。我認為他們能夠區分的地方是在需求非常高的區域，這些區域通常是港口、海運或機場，有時這些區域是重疊的。

So this is -- part of what we've been saying for quite a while, I think that we're seeing that bear out now that the -- some of the like OneWeb is at least in initial services. I think we'll see the same thing with high speed as well and we're going to -- what we're aiming for is to integrate the two, and we think that there is a way to integrate them, that's better than either one on its own. That's what we're aiming for. Sebi, does that answer your question?

因此，這是我們長期以來一直在說的一部分，我認為我們現在看到這一點證實了——一些類似 OneWeb 的服務至少在初始服務中。我認為我們也會以高速看到同樣的事情，我們的目標是將兩者整合起來，我們認為有一種方法可以整合它們，這比任何一種方法都更好一個單獨的。這就是我們的目標。Sebi，這能回答你的問題嗎？

Yeah. Appreciate it.

是的。欣賞它。

Simon Flannery of Morgan Stanley.

摩根士丹利的西蒙·弗蘭納裡。

I was wondering if you could just update us on any new developments on the ViaSat-3 F2 and F3, the commercial timing is unchanged? Any more details around launch timing or any other milestones that you've and also where you think you're going to deploy the capacity going forward.

我想知道您能否向我們介紹 ViaSat-3 F2 和 F3 的最新進展，商業時間沒有變化？有關啟動時間或您已實現的任何其他里程碑的更多詳細信息，以及您認為未來將在何處部署容量的更多詳細信息。

And then just following up on the UAL question. Could you help us size the potential exposure and the timing? It sounds like United is keen to move aircraft onto the new system quite quickly. So we could love to get how you see that going given the contracts you have with United?

然後繼續跟進 UAL 問題。您能幫助我們評估潛在風險和時機嗎？聽起來美聯航渴望盡快將飛機轉移到新系統。那麼，考慮到您與曼聯簽訂的合同，我們很想知道您對此有何看法？

Okay. just -- okay. On the new satellites, the reason we put that road map in the way we did is because the in-service tape is really what drives our ability to monetize the satellites. The -- so that -- those are unchanged now. It really -- as we go through this, there is actually, a lot of work involved in holding to those schedules and working with our suppliers. So there is work going on.

好的。只是——好吧。在新衛星上，我們之所以按照我們所做的方式製定路線圖，是因為正在使用的磁帶確實推動了我們透過衛星獲利的能力。- 所以 - 現在這些都沒有改變。確實如此——當我們經歷這個過程時，實際上，遵守這些時間表並與我們的供應商合作需要做很多工作。所以工作正在進行中。

Some of those -- within -- and this is the reason that we've focused on the in-service dates is that there are opportunities to -- if some things go faster, we can benefit from that, if some things go slower, we have the opportunity to try to accelerate other parts of the program, maybe at an additional expense or additional resources.

其中一些——這就是我們關注服役日期的原因是，如果有些事情進展得更快，我們可以從中受益，如果有些事情進展得更慢，我們有機會嘗試加快該計劃的其他部分，也許需要額外費用或額外資源。

But so far, we've been able to hold to the in-service state. And I think that's the -- that's how we're thinking about it, I think that's a good way for investors and customers to think about it as well. The -- but we are making good progress on the main for -- going back to your other questions, F2, the main things that we've been doing, we got -- we did -- I talked about this before, very extensive analysis what the failure anomaly mode was on F1, come up with two main mitigation approaches.

但到目前為止，我們已經能夠維持在役狀態。我認為這就是我們思考這個問題的方式，我認為這也是投資者和客戶思考這個問題的好方法。- 但我們在主要方面取得了良好進展 - 回到你的其他問題，F2，我們一直在做的主要事情，我們得到了 - 我們做了 - 我之前談到過這一點，非常廣泛分析F1上的故障異常模式是什麼，提出兩種主要的緩解方法。

One is a way to prevent the the failure mode from recurring at all. And the other one is to beef up the structure in a way that even if that failure would were to occur, the structure would still deploy effectively nominally. So the main things that we've seen that have been good, have been the implementation of those corrective actions. So that's the main thing. The spacecraft itself is basically all done and in storage, just waiting for the reflectors to be installed.

一種是完全防止故障模式再次發生的方法。另一種是加強結構，即使發生故障，該結構仍然可以名義上有效部署。因此，我們看到的主要好的事情是實施了這些糾正措施。這就是主要的事情。太空船本身基本上已經全部完成併入庫，只等反射鏡安裝。

F3 is getting close to the same situation we're anticipating for the reactors to be installed. The main plan that we've discussed is to put Flight2 over the Americas and F3 over Asia Pacific. Okay. And then on the -- on the United , we're not going -- I think that we would refer people to United for their plans on deploying StarLink. They have said that they're going to go through an evaluation process to get there. It would be inappropriate for us to comment on that.

F3 正在接近我們預期安裝反應爐的情況。我們討論的主要計劃是讓 Flight2 飛越美洲，F3 飛越亞太地區。好的。然後，關於美聯航，我們不會——我認為我們會建議人們向美聯航了解他們部署星鏈的計劃。他們表示，他們將透過一個評估流程來實現這一目標。我們對此發表評論是不合適的。

We do -- we are continuing to grow airplanes in service that we had previously given a target of about 4,200 commercial aircrafts in service at the end of this fiscal year. We should be -- it will be very close now. We had substantial margin before. But given the ongoing delivery delays compounded by the strike, it's going to be close, but we think we're going to be there. We still see -- and we have about 1,500ish planes in backlog beyond that. So we're going to continue to grow. We have factored in inputs from United into our forecast, but it would be inappropriate for us to describe what that is for us. But we see ongoing growth at a good -- for the next several years. Did I cover all your questions?

我們確實這麼做了——我們正在繼續增加現役飛機數量，此前我們曾設定目標，到本財年末，現役商用飛機數量約為 4,200 架。我們應該——現在已經非常接近了。我們之前有很大的利潤。但考慮到罷工導致的持續交貨延誤，交貨期將會很接近，但我們認為我們會到達那裡。我們仍然看到——除此之外，我們還有大約 1,500 架左右的飛機積壓。所以我們將繼續成長。我們在預測中考慮了曼聯的意見，但我們不適合描述這對我們來說意味著什麼。但我們預計未來幾年將持續良好成長。我已經回答你所有的問題了嗎？

Yes Thank you.

是的，謝謝。

Mike Crawford of B. Riley Securities.

B. Riley 證券公司的 Mike Crawford。

Thank you. Just continuing on the when we can expect in-service Flight 3 and Flight 2 for ViaSat-3. Just I appreciate the pictures you've provided us in August to now with this report today on the ViaSat satellite road map. But when would be the earliest that Flight3 -- these satellites each could go in service at this point?

謝謝。繼續討論 ViaSat-3 的 3 號航班和 2 號航班何時投入使用。我很欣賞您從 8 月至今向我們提供的圖片以及今天關於 ViaSat 衛星路線圖的報告。但是，Flight3 衛星最早什麼時候可以投入使用呢？

Well, what we've said is mid- to late 2025 for Flight3 and late 2025 for Flight2. And that's I think right now -- We're not -- that's that's a good range for us to give at this point.

嗯，我們所說的是 Flight3 的飛行時間為 2025 年中後期，Flight2 的飛行時間為 2025 年末。我認為現在——我們不是——這是我們目前可以給出的一個很好的範圍。

I guess I'm a little confused on that because from the picture, it looks like Flight 2 is further along its final ground test stage, but ViaSat-3 is going to catch up and pass it?

我想我對此有點困惑，因為從圖片來看，Flight 2 似乎已經進入了最後的地面測試階段，但 ViaSat-3 會趕上並通過它嗎？

Yes. So Flight2, it has to do with the launch vehicle and the specific mission. Flight2 has a longer orbit raising time in Flight3.

是的。所以Flight2，它與運載火箭和具體任務有關。Flight2在Flight3中的升軌時間較長。

Okay, thank you. And then, Mark, after ViaSat-3, you're talking now today about maybe some multi-tenant infrastructure. I think when you and I talked a couple of months ago, you were talking about maybe just simpler, faster to build satellites, maybe even proliferated GEO? Is there any to diffuse risk and enable more agility? Is that all part and parcel of what you're thinking? Or have thoughts evolved more?

好的，謝謝。然後，馬克，在 ViaSat-3 之後，您今天談論的可能是一些多租戶基礎設施。我想當你和我幾個月前交談時，你談論的也許只是更簡單、更快地建造衛星，甚至可能是激增的地球同步軌道？有什麼辦法可以分散風險並提高靈活性嗎？這就是你所想的全部嗎？還是思想進化得更多了？

No, those are -- okay, those are two different approaches, and there are for two different purposes. The area where we're getting good interest in the multi-tenant environment is in the D2D mobile application. And that's really because of the standards and the open architecture that's available. So if you look at the -- and again, it's these 3GPP standards that are -- we think are going to be really a lot of the foundation of the these nonterrestrial networks.

不，這些是——好吧，這是兩種不同的方法，並且有兩個不同的目的。我們對多租戶環境非常感興趣的領域是 D2D 行動應用程式。這實際上是因為可用的標準和開放架構。因此，如果你看看這些 3GPP 標準，我們認為這些標準將成為這些非地面網路的基礎。

So the approach that multiple -- and just to be clear, I mean, right now, if you look at the forecast, the -- there's there are good opportunities and existing opportunities for mobile satellite services that are not 3GPP standard. But the 3GPP standard modes because the market is the that can use those is so large, that's what's expected to dominate.

因此，多種方法——要明確的是，我的意思是，現在，如果你看一下預測，你會發現——對於非3GPP 標準的行動衛星服務來說，存在著良好的機會和現有的機會。但 3GPP 標準模式由於市場規模如此之大，因此預計將佔據主導地位。

So what we've described is essentially a satellite architecture and that can work multi-orbit that allows -- think of it as just to use the types of services that are in now, I remember, Iridium has its own satellite to total infrastructure, tone handset, it's own way where Globalstar has its own, Inmarsat has its own, [Dry] has its own when when you go to these 3GPP standards, you should end up with devices that could work on the RF bands of each of them, and they also -- if they are using the same standards and the same network architecture, you could make any of those devices work on any of those constellations.

所以我們所描述的本質上是一個衛星架構，它可以在多軌道上工作，允許——把它想像成只是使用現在的服務類型，我記得，銥星擁有自己的衛星到整個基礎設施，音調手機，它有自己的方式，Globalstar 有自己的方式，Inmarsat 有自己的方式，[Dry] 有自己的方式，當您採用這些3GPP 標準時，您最終應該得到可以在每個標準的RF 頻段上工作的設備，而且它們還 - 如果它們使用相同的標準和相同的網路架構，您可以使任何這些設備在任何這些星座上工作。

At which point, if the market as big as what it looks like, it would make sense, just like it did in terrestrial for operators to share infrastructure that would allow much more -- it should have a better return on capital for everybody.

到那時，如果市場像看起來一樣大，那就有意義了，就像運營商在地面領域共享基礎設施一樣，這將允許更多的人——它應該為每個人帶來更好的資本回報。

So that's where we're getting traction on that one. And we've come up with some pretty creative and innovative space and ground designs that allow operators to do both the existing MSS services and to improve those MSS services much higher speeds, lower cost airtime and then also to add the D2D modes to it. So that's what we're doing kind of think of that in the mobile satellite bands.

這就是我們在這方面獲得關注的地方。我們提出了一些非常有創意和創新的空間和地面設計，使營運商能夠執行現有的 MSS 服務，並以更高的速度、更低的通話成本改進這些 MSS 服務，然後還可以添加 D2D 模式。這就是我們在行動衛星頻段所做的事情。

In the broadband space, the point that you raised that we have been working towards is can we get -- and think of it as some fraction of the throughput and functional capability of a ViaSat-3 satellite had an equivalent fraction of the capital cost. And one of the things that we've seen, even though I think we do think that ViaSat-3 satellites are going to do what what they're intended to do.

在寬頻領域，您提出的我們一直在努力的一點是，我們能否將其視為 ViaSat-3 衛星吞吐量和功能能力的一部分與資本成本的相當部分。我們已經看到的一件事是，儘管我認為我們確實認為 ViaSat-3 衛星將完成其預期的任務。

The first one, just as you can for the mechanical deployment issues works just the way it's supposed to. It's pretty clear that the large satellite manufacturers, it's something that has struggled. It's exotic to build these. They're kind of what they call switch technology.

第一個，就像您可以解決機械部署問題一樣，按照預期的方式工作。很明顯，大型衛星製造商一直在苦苦掙扎。建造這些是很奇特的。這就是所謂的開關技術。

So what we've been looking at are much simpler technologies that would let us do more like what you're describing which is a proliferated GEO approach. And that is -- I think that there are others that are looking at low-cost GEO. The thing that's unique about what we're trying to do is to get much, much higher capacity and much, much higher economic yield per capital dollar for those.

因此，我們一直在尋找更簡單的技術，讓我們能夠做更多像您所描述的那樣的事情，這是一種激增的 GEO 方法。那就是——我認為還有其他人正在考慮低成本的 GEO。我們正在努力做的事情的獨特之處在於獲得更高的產能以及更高的人均經濟利益。

What we're finding is quite a few other satellite operators that are very interested in the same things. So that's what we're doing is we're exploring with them technical approaches and the economics of them and that's the second approach that you described in GEO that we're working towards.

我們發現很多其他衛星營運商也對同樣的事情非常感興趣。這就是我們正在做的，我們正在與他們一起探索技術方法和它們的經濟性，這就是您在 GEO 中描述的我們正在努力的第二種方法。

And then the other point I would make is -- which really goes to the question that was asked before is can we do that in a way that gives us these hybrid LEO and GEO architecture that allows us to compete with superior but in a way that's really well suited for mobility.

然後我要說的另一點是——這真正涉及到之前提出的問題，我們能否以一種為我們提供混合LEO 和GEO 架構的方式做到這一點，使我們能夠與更優秀的企業競爭，但以一種非常適合移動性。

Okay. And I have a last -- I think I know the answer, but the last question is, with I think fivefold increase in bids are going to be able to deploy once you launch these two ViaSat-3 satellites. Is there any change in your belief that you will be able to deploy these ample demand for you to deliver men's services and bandwidth to customers with this capacity you're bringing online?

好的。我還有最後一個問題——我想我知道答案，但最後一個問題是，我認為一旦發射這兩顆 ViaSat-3 衛星，投標將能夠增加五倍。您的信念是否有任何變化，即您將能夠利用您提供的線上能力來部署這些充足的需求，為客戶提供男性服務和頻寬？

There is a lot of demand. And I think one of the ways you can tell that is even these LEOs that have put out really big numbers about what they're going to deliver, don't deliver that all the time, right? Are they struggle to get to reach the peak speeds all the time or in the highest demand basis.

需求量很大。我認為你可以看出這一點的方法之一是，即使這些 LEO 已經就他們將要交付的內容給出了非常大的數字，但也不會一直交付，對嗎？他們是否始終難以達到峰值速度或在最高需求的基礎上？

So we see a very large amount of demand. That capacity is one of the -- is one of the ways to differentiate -- there's a little bit of diminishing returns. If you need how much high definition do you really need on an airplane. But right now, it's lots of people who are streaming on an airplane and airport, there's a ton of demand in those situations.

所以我們看到了非常大量的需求。這種能力是一種差異化的方式之一，但回報卻有點遞減。如果您需要在飛機上真正需要多少高清。但現在，有很多人在飛機和機場上觀看直播，在這些情況下有大量的需求。

Alright. Thank you very much.

好吧。非常感謝。

Chris Quilty of Quilty Space.

奎爾蒂空間的克里斯·奎爾蒂。

Thank you, Mark, I just want to follow up. You did mention when you were talking, I think, about directed device about a concept of a multi-tenant satellites, which is that part of what you were just discussing in the strategy, which I thought was more focused on the SATCOM side of the business rather than direct to device? Or do you see those two as kind of one and the same?

謝謝你，馬克，我只是想跟進。我認為，當您談論有關多租戶衛星概念的定向設備時，您確實提到過，這是您剛才在戰略中討論的部分內容，我認為該戰略更側重於衛星通信方面業務而不是直接到設備？或者您認為這兩者是一體的嗎？

So we go multi-tenant -- just to be clear, think of -- so when we talk about multitenant simple way to think about it, think of it like cell towers that are multi-tenant, right? And they're designed to cover the entire range of spectrum and to support the -- whatever the network generations are and the backhaul that are required to support those people have done multi-tenant satellites before, think of like condo apps in the GEO environment, and you can have multipurpose -- I mean even Iridium did condo apps, with ADS-B, for instance, in MSS.

所以我們採用多租戶——只是為了清楚地想一想——所以當我們談論多租戶時，簡單地思考它，把它想像成多租戶的手機信號塔，對嗎？它們的設計目的是涵蓋整個頻譜範圍並支援——無論網路世代是什麼，以及支援那些以前做過多租戶衛星的人所需的回程，就像 GEO 環境中的公寓應用程式一樣，而且你可以有多種用途——我的意思是，甚至Iridium 也做了公寓應用程序，例如在MSS 中使用ADS-B。

So the thing -- so we're trying to make a distinction between in the direct-to-device space is really business model as well as the technology in the GEO space, things might do -- might look a little more like CondoSat's with shared sales, but don't really go to the same extent as the direct-to-device wood because it's going to be so dominated by these 5G standards.

所以，我們試圖區分直接設備領域的商業模式和 GEO 領域的技術，事情可能看起來更像 CondoSat 的共享銷售，但實際上並沒有達到與直接設備木材相同的程度，因為它將受到這些5G 標準的主導。

Okay. And for that, I'll call it the CondoSat business model. Where are you in terms of customer outreach and basically building a pipeline on that? And likewise, on the flip side, I think that's a bit of a distinct supply chain I would think from what you currently source? And what sort of hurdles, if any, are you seeing in that effort?

好的。為此，我將其稱為 CondoSat 商業模式。在客戶拓展和基本建立管道方面，您處於什麼位置？同樣，另一方面，我認為從您目前的採購情況來看，我認為這是一個獨特的供應鏈？您在這項努力中看到了什麼樣的障礙（如果有的話）？

No, I would say the best example -- some of the best examples of that really revolve more around network standards than technology. And so we've done this pretty successfully for quite a long time. with partners in Asia Pacific and in Latin America. We have several more already in the works where we would share networking features and pretty much on demand design basis, where they can support their national -- their national needs.

不，我想說的是最好的例子——一些最好的例子實際上更多地圍繞著網路標準而不是技術。因此，我們在很長一段時間內都非常成功地做到了這一點。與亞太地區和拉丁美洲的合作夥伴。我們已經在進行更多工作，我們將共享網路功能和幾乎按需設計的基礎，他們可以支援他們的國家需求。

But really work with us for getting access to different verticals or for global roaming. And we're finding more -- we actually have quite a few of those types of arrangements in the works, using existing satellites, some of them are ours, some of them are others.

但真正與我們合作以獲得不同垂直領域的訪問權限或全球漫遊。我們發現了更多——實際上，我們正​​在利用現有的衛星進行相當多的此類安排，其中一些是我們的，一些是其他的。

Got you. And hopefully, rule, just quickies. I'll just be direct. Did you remove any United aircraft from your previous order backlog? If not, can you give us a sense of what sort of closer you have given the announcement with United on the 1,000 aircraft that they're sending over to Starlink?

明白你了。希望規則，只是快點。我就直接說吧。您是否從先前的積壓訂單中刪除了任何美聯航飛機？如果沒有，您能否讓我們了解一下，您與美聯航就向星鏈發送 1,000 架飛機的公告達成了何種密切關係？

No. Okay. So we're not going to -- it would be a presumption of us to do that. I think you should -- I think people should talk to United about what their plans are for each of the services that they have. What I can tell you is we will bake those into our forecast, our understanding of them. We're not going to break them out separately, but the forecast that we give for airplane count will reflect not just United, but all of our airline -- Airline customers plans.

不。好的。所以我們不會——這將是我們這樣做的假設。我認為人們應該與美聯航討論他們對每項服務的計劃。我可以告訴你的是，我們會將這些納入我們的預測和對它們的理解中。我們不會單獨列出它們，但我們對飛機數量的預測將不僅反映美聯航，而且反映我們所有航空公司——航空公司客戶的計劃。

Sorry, Chris, we're starting to run long. So I think you had your more than one a follow-up question. So May, can you go ahead and move to the last questioner please?

抱歉，克里斯，我們要跑很久了。所以我認為您有不只一個後續問題。那麼，May，您可以繼續討論最後一個提問者嗎？

Ryan Koontz.

瑞恩·孔茨。

I'll keep it quick here. You talked about decelerating broadband headwinds. I'm not sure your numbers in services really reflects that in fixed and other in the quarter. I wonder if you can maybe unpack your thoughts there on -- is there a declining competitive threat on fixed that you're feeling from LEO?

我會在這裡保持快速。您談到了減緩寬頻逆風。我不確定您在服務中的數字是否真的反映了本季固定和其他方面的數字。我想知道您是否可以解開您的想法——您是否感覺到來自 LEO 的競爭威脅正在下降？

So I'm just thinking of fixs -- the main things are the main ingredients there, and it's been the same thing as one is moving bandwidth from fixed applications into aviation. The other one, which is sort of an industry-wide issue for everybody is that growing per user bandwidth demand requirements.

所以我只是在考慮解決辦法——主要的事情就是那裡的主要成分，這與將頻寬從固定應用程式轉移到航空領域是一樣的。另一個對每個人來說都是行業範圍內的問題是每個用戶頻寬需求不斷增長。

So if we have -- if we're not adding bandwidth from our satellites, then we're probably going to go down, and we've shown this effect before is that as user bandwidth expands, then the the number of subscribers you can support those down for the same amount of bandwidth. So those are the two things. I think from a year-over-year perspective, the dollar amount on the fixed decline is decelerating.

因此，如果我們不增加衛星的頻寬，那麼我們的頻寬可能會下降，我們之前已經展示過這種效果，即隨著用戶頻寬的擴展，您可以增加的訂戶數量支援那些在相同頻寬下停機的情況。所以這是兩件事。我認為從同比的角度來看，固定跌幅的美元金額正在放緩。

Got it. So you're saying it's part of your plan to move bandwidth anyway toward mobile and IFC. So the impact is less, even though it stands out as a double-digit decline in total...

知道了。所以您是說，無論如何，將頻寬轉移到行動和 IFC 是您計劃的一部分。因此，儘管整體下降幅度達到兩位數，但影響較小…

I mean some of the bandwidth that was contributing to fixed revenues now contributing to mobile revenue or government revenue.

我的意思是，一些原本貢獻固定收入的頻寬現在貢獻給行動收入或政府收入。

Alright. Thanks.

好吧。謝謝。

That concludes our Q&A session. I will now turn the conference back over to Mark Dankberg, CEO, for the closing remarks.

我們的問答環節到此結束。現在，我將把會議轉回執行長馬克丹克伯格 (Mark Dankberg) 致閉幕詞。

Well, thanks very much, everybody, for participating in our call and for taking out in a little bit of excess. We appreciate all the interest and we look forward to speaking again next quarter. Thanks.

嗯，非常感謝大家參與我們的電話會議並拿出一點多餘的錢。我們感謝大家的關注，並期待下季再次發言。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。