Viasat Inc (VSAT) 2025 Q3 法說會逐字稿

Please stand by. Your program is about to begin. My name is Meg and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Viasat's third-quarter fiscal year 2025 earnings results conference call. (Operator Instructions)

請稍候。您的程式即將開始。我叫梅格，今天下午我將擔任您的會議主持人。現在，我歡迎大家參加 Viasat 2025 財年第三季收益業績電話會議。（操作員指令）

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.

現在，我想將電話轉給投資者關係副總裁 Lisa Curran 女士。柯倫女士，您可以開始您的會議了。

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 on our Q3 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. 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.

謝謝，梅格。我們將在今天的電話會議上介紹一些非公認會計準則財務指標。證券交易委員會 (SEC) 要求的與這些非公認會計準則財務指標相關的資訊可在我們網站投資者關係部分的 2025 財年第三季股東信中找到。在演示過程中，我們將描述影響同比業績的一些更重要的因素。我們還將根據聯邦證券法做出前瞻性陳述，包括有關我們預期或預計將來會發生或可能發生的事件或發展的陳述。

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. Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings and annual report on Form 10-K.

這些前瞻性陳述受多種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。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美國證券交易委員會提交的文件和 10-K 表年度報告中查閱。

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.

這些前瞻性陳述僅代表其作出之日的觀點，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.

接下來我將把發言權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 have Gary Chase, our Chief Financial Officer; and Shawn Duffy, our Chief Accounting Officer.

下午好，感謝您今天加入我們。除了 Lisa 之外，還有我和我們的財務長 Gary Chase；以及我們的首席會計官肖恩·達菲（Shawn Duffy）。

As always, we encourage reading the shareholder letter and referencing the slides we posted on our website earlier this afternoon for more details. Our third-quarter fiscal-year 2025 results are good and moderately better than expectations, and we remain on track for our full-year guidance. Gary will go into more detail on those results, which are a blend of good growth in our strongest target market, transitions to enhanced value propositions in maritime and expected declines in fixed broadband.

像往常一樣，我們鼓勵閱讀股東信並參考我們今天下午早些時候在網站上發布的幻燈片以了解更多詳細資訊。我們的 2025 財年第三季業績良好，略好於預期，我們仍有望實現全年預期。加里將更詳細地介紹這些結果，這些結果融合了我們最強大的目標市場的良好成長、向海事領域增強的價值主張的過渡以及固定寬頻的預期下降。

I'll give a quick overview of some of the factors enabling our growth and progress on areas we expect can sustain and accelerate that growth. Gary will show that we are also making steady progress in achieving capital synergies and operating cost efficiencies, supporting earnings and driving cash conversion. We intend to sustain and enhance already strong positions in attractive and growing satellite services and technology markets.

我將簡要概述一些促進我們在預期能夠維持和加速成長的領域中實現成長和進步的因素。加里將展示我們在實現資本協同效應和營運成本效率、支持盈利和推動現金轉換方面也取得了穩步進展。我們打算在具有吸引力且不斷增長的衛星服務和技術市場中維持並加強已經很強的地位。

I'll spend a few minutes on this, and then Gary will cover the financial results and our growth outlook before we take questions. In Aviation, commercial in-flight connectivity aircraft in service grew about 13% year-over-year. Business jets grew about 18% and backlog grew even faster at 22% year over year. Aviation continues to be an attractive growth market for us. We have a compelling value proposition in in-flight connectivity and are expanding our customer base both in the US and internationally. We've made very steady progress in integrating capacity from multiple satellite operator partners to expand our coverage and capacity. We're winning new airlines as well as new fleets with existing customers and going increasingly global with our full, fast and free service plans for those airlines choosing that business model and we're meeting service level agreements even on the busiest routes and at major airports.

我將花幾分鐘時間討論這個問題，然後 Gary 將介紹財務結果和我們的成長前景，然後我們再回答問題。在航空領域，商用機上連接飛機的數量年增約 13%。公務機訂單年增約 18%，積壓訂單成長更快，達到 22%。航空業對我們來說仍然是一個具有吸引力的成長市場。我們在機上連接方面有著引人注目的價值主張，並且正在擴大我們在美國和國際上的客戶群。我們在整合多個衛星營運商合作夥伴的容量以擴大我們的覆蓋範圍和容量方面取得了非常穩定的進展。我們正在與現有客戶一起贏得新航空公司和新機隊，並透過為選擇該商業模式的航空公司提供全面、快速和免費的服務計劃，日益走向全球，即使在最繁忙的航線和主要機場，我們也能夠滿足服務水準協議。

Customers are responding. And for instance, as we just announced, we're very pleased to expand the full fleet with STARLUX in Asia Pacific. You'll also see in our online material, a report from a Hawaii Travel News website that recently described their experience with IFF Wi-Fi on a United 737 MAX from Los Angeles to Hawaii. They got 130 megabits per second speeds on a ViaSat-3 serve plane that's testing our newest WiFi technology for the passengers.

顧客正在做出回應。例如，正如我們剛剛宣布的那樣，我們非常高興與星宇航空一起在亞太地區擴建整個機隊。您還將在我們的線上資料中看到一份來自夏威夷旅遊新聞網站的報道，該網站最近描述了他們從洛杉磯飛往夏威夷的聯合航空 737 MAX 上使用 IFF Wi-Fi 的體驗。他們在 ViaSat-3 服務飛機上獲得了 130 兆位元每秒的速度，這正在為乘客測試我們最新的 WiFi 技術。

We're anticipating even better performance with ViaSat-3 Flights 2 and 3. ViaSat-351 and its ability to dedicate satellite beams to each individual plane has served over 10,000 flights today. On business Aviation, we're upgrading legacy Inmarsat [guests'] uncapped speeds and usage volume and continuing to grow planes in service. Our Defense & Advanced Technologies segment grew revenues almost 20% year over year in the third quarter, with each of its four business areas all increasing following exceptional new orders in the second quarter. Back in the -- backlog is up year over year, as is our cumulative unawarded indefinite delivery, indefinite quantity portfolio.

我們期待 ViaSat-3 2 號和 3 號航班有更出色的表現。ViaSat-351 為每架飛機提供專用衛星波束的能力目前已為超過 10,000 次航班提供服務。在商務航空方面，我們正在升級傳統的 Inmarsat（客人）無限速度和使用量，並持續增加服務飛機數量。我們的國防與先進技術部門第三季的營收年增近 20%，其四個業務領域均因第二季的大量新訂單而成長。回到—積壓訂單逐年增加，我們的累積未授予的不定期交付、不定期數量組合也在增加。

We're pleased to see very positive customer feedback on our GEO and LEO multi-orbit enterprise maritime service called NexusWave. We're going step by step. After launching beta service last fall, we've grown our order pipeline, turned the leading edge to that into firm backlog.

我們很高興看到客戶對我們的 GEO 和 LEO 多軌道企業海事服務 NexusWave 的非常積極的回饋。我們正在一步步前進。自去年秋季推出測試服務以來，我們擴大了訂單管道，並將其優勢轉化為穩固的積壓訂單。

In this quarter, we're accelerating and turning backlog into ships in service and then ships in service into revenue. Based on our order pipeline, customer service plan selection and feedback from direct customers and global distribution partners, we're targeting a return to growth in our Maritime business this coming fiscal year '26. We've been aggressive and ambitious in forming key partnerships with multiple geosynchronous and non-geosynchronous satellite operators and are integrating multiple new satellites into a more highly integrated version of the Inmarsat and ViaSat satellite leads to deliver state-of-the-art services.

本季度，我們正在加速將積壓訂單轉化為在役船舶，然後將在役船舶轉換為收入。根據我們的訂單管道、客戶服務計劃選擇以及來自直接客戶和全球分銷合作夥伴的反饋，我們的目標是在即將到來的26財年恢復海運業務的成長。我們積極且雄心勃勃地與多家地球同步和非地球同步衛星營運商建立關鍵合作夥伴關係，並將多顆新衛星整合到 Inmarsat 和 ViaSat 衛星線路的高度整合版本中，以提供最先進的服務。

We've made a ton of progress and techniques to expand geographic coverage and optimize resources to serve our mobility customers. That's contributed a portion of the CapEx savings this year while still expanding total platforms and service and increasing bandwidth per platform and reducing near-term schedule risk for the ViaSat-3 and we've also made steady progress on getting those ViaSat-3s into service. As we get closer to completion, schedule risk is diminishing.

我們在擴大地理覆蓋範圍和優化資源以服務我們的行動客戶方面取得了大量進步和技術。這為今年的資本支出節省了一部分，同時仍擴大了平台和服務總量，增加了每個平台的頻寬，降低了 ViaSat-3 的近期進度風險，而且我們在讓 ViaSat-3 投入使用方面也取得了穩步進展。隨著我們越來越接近完工，進度風險正在減少。

We anticipate Flight 2 to be completed and shipped to Cape Canaveral this summer and in-service late calendar year '25 as expected. The Flight 3 manufacturing and test schedule outlook is unchanged from last quarter, but given our significantly increased coverage and capacity resources, we've chosen a less capital-intensive launch configuration that slightly extends the orbit raising time and will likely shift the in-service date into calendar '26. We're also making good progress on our collaborative approach to transforming our L-band networks. We're very pleased that the European Space Agency has established an agreement with the Mobile Satellite Services Association and a new contract with Viasat intended to support and promote European participation in a standards-based open architecture constellation that can augment existing GEO and LEO directed device satellite services. We see global engagement and participation in directed device as a critical element in delivering 5G nonterrestrial network services that augment national telecommunications architectures while supporting their sovereignty and security and ensuring regulatory compliance.

我們預計第二班航班將於今年夏天完工並運往卡納維拉爾角，並如預期於25年末投入使用。第三次飛行的製造和測試計劃前景與上一季相比沒有變化，但考慮到我們的覆蓋範圍和容量資源顯著增加，我們選擇了資本密集程度較低的發射配置，略微延長了軌道提升時間，並且很可能將服役日期推遲到 2026 年。我們在改造 L 波段網路的協作方式方面也取得了良好進展。我們非常高興歐洲太空總署與移動衛星服務協會達成協議，並與 Viasat 簽訂新合同，旨在支持和促進歐洲參與基於標準的開放式架構星座，以增強現有的 GEO 和 LEO 定向設備衛星服務。我們認為，全球參與定向設備是提供5G非地面網路服務的關鍵要素，這些服務可以增強國家電信架構，同時支援其主權和安全並確保法規遵循。

We believe it's a differentiated strategy that promotes global interest in participating in the space economy, technology innovation and a safe and sustainable space environment. We and our partners, in the Mobile Satellite Services Association, are excited about European Space Agency's involvement. [Shared] open architectures standards-based multi-tenant space infrastructure bringing proven business models from terrestrial mobile networks will reduce cost and will help countries and companies compete effectively.

我們相信這是一項差異化策略，可以促進全球參與太空經濟、技術創新以及安全和永續的太空環境的興趣。我們和我們的合作夥伴，行動衛星服務協會，對歐洲太空總署的參與感到非常興奮。 [共享]開放式架構、基於標準的多租戶空間基礎設施，帶來來自地面移動網路的成熟商業模式，將降低成本，並協助各國和各公司有效競爭。

From Viasat's own perspective, it helps reduce future capital outlays while enabling state-of-the-art networks and services. Fastly, we believe recent direct-to-device transactions help underscore the value of our mobile satellite services spectrum and the benefits of supporting terrestrial 3GPP standards for narrowband Internet of Things direct-to-device services on our existing fleet. Overall, we're making steady progress, building our mid- to long-term outlook, and we remain focused on growth, cash conversion and deleverage. We continue to believe we have a portfolio and strategic optionality in the means of sequences in which we address our challenges and opportunities, and we'll keep you updated as developments occur.

從 Viasat 自身的角度來看，它有助於減少未來的資本支出，同時實現最先進的網路和服務。Fastly，我們相信最近的直接到設備交易有助於強調我們的行動衛星服務頻譜的價值以及支援現有機隊上窄帶物聯網直接到設備服務的地面 3GPP 標準的好處。總體而言，我們正在取得穩步進展，建立我們的中長期前景，並繼續專注於成長、現金轉換和去槓桿。我們始終相信，我們在應對挑戰和機會的手段和方式上擁有豐富的經驗和戰略選擇，我們將隨時向您通報最新進展。

With that, I'll hand it to Gary.

說完這些，我就把它交給加里。

Thanks, Mark, and good afternoon to everyone on the line. In the third quarter, we delivered solid results with revenue of $1.12 billion, adjusted EBITDA of $393 million and a 35% adjusted EBITDA margin. Importantly, we're beginning to make progress on our capital efficiency and cash generation initiatives. I am incredibly thankful for the hard work of the Viasat team that delivered these results. We positioned ourselves to close out the year strongly and with a quarter to go, we have a high degree of confidence in our fiscal '25 guidance.

謝謝，馬克，祝大家下午好。第三季度，我們取得了穩健的業績，營收為 11.2 億美元，調整後 EBITDA 為 3.93 億美元，調整後 EBITDA 利潤率為 35%。重要的是，我們在資本效率和現金創造計劃方面開始取得進展。我非常感謝 Viasat 團隊的辛勤工作，他們取得了這些成果。我們已做好了強勁收官的準備，鑑於目前還剩一個季度，我們對我們的 25 財年指引充滿信心。

My segment has grown in a few months that I've been here. Viasat continues to win in key markets, including defense and aviation and build great franchises with durable competitive moats, while demonstrating financial and strategic discipline. The path ahead has become clear.

在我來這裡的幾個月裡，我的部門已經擴大。Viasat 繼續在國防和航空等關鍵市場中獲勝，並透過持久的競爭優勢建立起偉大的特許經營權，同時展現出財務和戰略紀律。前方的道路已經清晰起來。

There are 3 key priorities that we're focused on: first, building our franchises, earnings power and customer lifetime value while investing with discipline in our future. By way of example, every 10 or so commercial aircraft we install is worth roughly $4 million to $5 million in discounted lifetime EBITDA contribution, which highlights the future value of the 1,570 aircraft in our aviation backlog. Similarly, 100 maritime vessels represent a lifetime adjusted EBITDA contribution of about $3 million. Our second priority, reducing our leverage, which we believe is pressuring our debt and equity. We're not ready to share end-state leverage targets yet, but it's clear our debt level needs to be substantially lower.

我們專注於三個關鍵優先事項：首先，建立我們的特許經營權、獲利能力和客戶終身價值，同時有紀律地投資於我們的未來。舉例來說，我們安裝的每 10 架左右商用飛機的折現終生 EBITDA 貢獻約為 400 萬至 500 萬美元，這凸顯了我們航空積壓訂單中 1,570 架飛機的未來價值。同樣，100 艘海上船舶的終身調整後 EBITDA 貢獻約為 300 萬美元。我們的第二要務是降低槓桿率，我們認為這給我們的債務和權益帶來了壓力。我們尚未準備好分享最終的槓桿目標，但很明顯我們的債務水準需要大幅降低。

So paying down debt is our top priority for capital allocation. And finally, generating free cash flow. We are examining a variety of mechanisms to accelerate deleveraging. However, generating free cash flow is the best means of sustainably achieving that objective. And the highest quality path of free cash flow is continued franchise development that I noted.

因此償還債務是我們資本配置的首要任務。最後，產生自由現金流。我們正在研究各種加速去槓桿的機制。然而，產生自由現金流是可持續實現該目標的最佳手段。我注意到，自由現金流的最優質路徑是持續的特許經營發展。

We are focused on delivering that. We're now working collectively to get organized for execution in fiscal '26 and to ensure that it will be a true and sustained turning point on all 3 of these fronts. A big driver of my excitement comes from the response our Viasat team has had in getting this work done and the progress we've made over the last few months and coming together to solve problems. I'll speak to CapEx prioritization, which is a great example of that in a few minutes. Here are some recent developments that excite me on the longer-term development of our franchise.

我們致力於實現這一目標。我們現在正齊心協力，為26財年的執行做好準備，並確保它成為這三個面向的真正和持續的轉捩點。我興奮的一大動力來自於我們的 Viasat 團隊在完成這項工作中所得到的回饋，以及我們在過去幾個月中所取得的進展以及共同解決問題。幾分鐘後我將討論資本支出優先級，這是一個很好的例子。以下是一些令我對我們的特許經營的長期發展感到興奮的最新進展。

As we focused on optimizing our capacity in the time before ViaSat-3 launches, we've uncovered a variety of opportunities to enhance our coverage, capacity and the performance we deliver to our customers. Mark mentioned this idea in his remarks. Two good intangible examples are first and reconfiguring our ground network to allow cross-roaming between the Viasat and Inmarsat networks. Among other things, we should see a meaningful gain in the bandwidth we can offer our customers in business aviation at virtually no incremental cost to us and with no collateral impact on our existing customer franchises.

在 ViaSat-3 發射之前，我們專注於優化我們的容量，我們發現了各種機會來增強我們的覆蓋範圍、容量和我們為客戶提供的性能。馬克在演講中提到了這個想法。兩個很好的無形例子是先重新配置我們的地面網路以允許 Viasat 和 Inmarsat 網路之間的交叉漫遊。除此之外，我們應該看到，我們可以為商務航空客戶提供的頻寬將顯著增加，而這幾乎不會增加我們的成本，也不會對我們現有的客戶特許經營權產生任何附帶影響。

Second, we have an evolved path to secure targeted capacity from third parties that will reinforce some important coverage areas and enable more growth with better outcomes for our customers. When Viasat replaces two and three enter commercial services, these purchases will offer continued and complementary support in some critical parts of our network. The changes reduced CapEx, but more importantly, enhance our ability to serve our broad and growing customer base for the long term. Fiscal '25 continues to see expansion of our multi-band multi-orbit positions across the global defense market with opportunities and applications in the US and globally.

其次，我們已經制定了一條從第三方獲得目標容量的路徑，這將加強一些重要的覆蓋區域，並實現更多的成長，為我們的客戶帶來更好的結果。當 Viasat 取代二號和三號商業服務時，這些購買將為我們網路的某些關鍵部分提供持續和補充的支援。這些變化減少了資本支出，但更重要的是，增強了我們長期服務廣泛且不斷增長的客戶群的能力。25財年，我們將繼續擴大在全球國防市場上的多頻段多軌道地位，並在美國和全球範圍內獲得機會和應用。

In the third quarter, government SATCOM won new awards on recompetes and captured a new line-fit position to deliver dual band Global Arrow terminals for the Embraer C390 multi-mission airlifter. Viasat's multi-band, multi-orbit multi-network terminals will be integrated into the aircraft, leveraging our decade-plus development of these hardware and networking capabilities that enable new networks to be easily integrated.

第三季度，政府衛星通訊在重新競爭中贏得新的獎項，並佔據了新的線路組裝位置，為巴西航空工業公司 C390 多任務運輸機提供雙頻 Global Arrow 終端。Viasat 的多頻段、多軌道多網路終端將整合到飛機中，利用我們十多年來對這些硬體和網路功能的開發，使新網路能夠輕鬆整合。

Customers across our portfolio are increasingly interested in multi-orbit solutions and our growing capabilities in that area will serve us well in the future. There are too many great stories in our DAT business to cover on this call, but let me highlight 1 part, our encryption business. Our KG-142 products have continued to see record awards in fiscal '25 with $135 million in the fiscal year-to-date through the third quarter. These awards are also the result of long-term investments beginning 10 years ago to develop and certify this current family of crypto products. The revenues are further expanding our installed base of products as we prepare to participate and compete for the next-generation encryption market, where we'll leverage our current capabilities, along with new technologies to provide high assurance encryption from the tactical edge and cloud connectivity while looking to expand in the space.

我們投資組合中的客戶對多軌道解決方案的興趣日益濃厚，我們在該領域不斷增強的能力將在未來為我們提供良好的服務。我們的 DAT 業務中有太多精彩的故事，無法在這次電話會議上全部介紹，但讓我重點介紹其中的一部分，即我們的加密業務。我們的 KG-142 產品在 25 財年繼續獲得創紀錄的獎項，截至第三季度，本財年迄今的獎項金額為 1.35 億美元。這些獎項也是我們自 10 年前開始對現有加密產品系列進行開發和認證的長期投資的結果。當我們準備參與和競爭下一代加密市場時，這些收入將進一步擴大我們的產品安裝基礎，我們將利用我們當前的能力以及新技術來提供來自戰術邊緣和雲端連接的高保證加密，同時尋求在該領域的擴展。

Gearing in on the near term now, we faced continued challenges that create revenue pressure in our U.S. fixed broadband business as we focus capacity towards meeting the growing demand from our higher-value commercial aviation business. Maritime revenue was also down $2 million sequentially due to incremental ARPU pressure and continued L-band migration ahead of our wider rollout of NexusWave. We expect the rollout of NexusWave and the entry of ViaSat-3 Flight 2 into service will help turn these trends around beginning late in fiscal '26. Meanwhile, we're building earnings power in our other franchises.

就短期而言，我們面臨的持續挑戰給我們的美國固定寬頻業務帶來了收入壓力，因為我們將專注於滿足更高價值的商業航空業務日益增長的需求。由於 ARPU 壓力增加，以及在我們更廣泛地推出 NexusWave 之前持續的 L 波段遷移，海事收入也比上一季下降了 200 萬美元。我們預計 NexusWave 的推出和 ViaSat-3 Flight 2 的投入使用將有助於在 26 財年末開始扭轉這些趨勢。同時，我們正在增強其他特許經營權的獲利能力。

In aviation, our wins are translating into more aircraft in service and new awards are sufficient to leave us with a growing backlog of future installs. Aviation service revenue increased approximately 12% year-over-year and we ended the quarter with 3,950 aircraft in service, up about 130 sequentially and a contracted backlog of approximately 1,570 aircraft, up about 60 sequentially.

在航空領域，我們的勝利意味著更多的飛機投入使用，而新的獎項足以讓我們擁有越來越多的未來安裝積壓訂單。航空服務收入年增約 12%，截至本季度，我們共有 3,950 架飛機在役，比上一季增加約 130 架，合約積壓飛機數量約為 1,570 架，比上一季增加約 60 架。

While we're confident in the growth outlook and the trajectory for Aviation, our near-term results continue to be impacted by a slow recovery of OEM deliveries, as a result, we believe we will be a little bit below our prior target of 4,200 aircraft in service by the end of the fiscal year.

雖然我們對航空業的成長前景和發展軌跡充滿信心，但我們的近期業績繼續受到 OEM 交付緩慢復甦的影響，因此，我們認為我們的業績將略低於我們先前設定的 4,200 架飛機在本財年末投入使用的目標。

Further diversifying our earnings power into non-transmission, our sponsorship monetization, while nascent, is great for our customers and is beginning to generate high-value revenue with exciting future potential. Fiscal '26 is an important year for this business as we prepare to scale and are better able to size future market opportunities. Our Defense and Advanced Technologies segment is a standout again this quarter with all businesses growing well. Importantly, the leading indicators continue to signal strong growth in the year ahead. Secular trends are favorable, product cycles and white space product launches are supportive and awards are up 49%, backlog up 26% and sole-source IDQ's up 13% year over year.

透過進一步將我們的獲利能力多元化到非傳輸領域，我們的贊助貨幣化雖然尚處於起步階段，但對我們的客戶來說非常有利，並且開始產生具有令人興奮的未來潛力的高價值收入。26 財年對我們來說是一個重要的年份，因為我們準備擴大規模並更好地掌握未來的市場機會。我們的國防與先進技術部門本季再次脫穎而出，各項業務均實現良好成長。重要的是，領先指標繼續預示未來一年將出現強勁成長。長期趨勢是有利的，產品週期和白色空間產品的發布起到了支持作用，獎項同比增長 49%，積壓訂單同比增長 26%，單一來源 IDQ 同比增長 13%。

On the capital side, as we approach our long-term planning process in December, we ran a prioritization exercise across the company to drive real focus on the most essential work for fiscal '26 and a few things that emerge from that process led to opportunities to better focus even in the remainder of this fiscal year, which helped to reduce some spend.

在資本方面，隨著我們在 12 月開始進行長期規劃流程，我們在整個公司範圍內進行了優先排序，以真正關注 26 財年最重要的工作，並且從該過程中出現的一些事情使我們有機會在本財年剩餘時間內更好地集中精力，這有助於減少一些支出。

Also, as noted last quarter, we've been pushing hard to refine timing of our capital spend, advancing customer critical items and deferring the thing not critical to defer both capital spend and operating expense impacts. As we undertook this process, we found several opportunities to purposely move spend out, reduce some spend altogether and/or establish a more refined view of when we might hit key milestones on the space and ground side. The combined impact of these efforts was a large reduction in satellite spend and a reduction of projected growth in our run rate spend on things like software and other CapEx for a total of a $200 million reduction from the low end of prior guidance. At the same time, we were able to hold future spend flat, so our free cash flow will benefit from all of that reduction.

此外，正如上個季度所指出的，我們一直在努力優化資本支出的時間安排，推進客戶關鍵項目，並推遲不重要的項目，以推遲資本支出和營運費用的影響。在我們進行這個過程時，我們發現了一些機會，可以有意地轉移支出，完全減少一些支出，以及/或對何時可能在太空和地面方面實現關鍵里程碑建立更細緻的認識。這些努力的綜合影響是大幅減少衛星支出，並減少軟體和其他資本支出等方面的運行率支出預計增長，總計比先前預期的低端減少了 2 億美元。同時，我們能夠控制未來支出平穩，因此我們的自由現金流將受益於所有這些減少。

Now, I'll cover two topics in more detail, financial performance during the third quarter and our outlook for the fourth quarter and fiscal '26. Let's begin with the financial results. All of my statements in this section will reference the third quarter of fiscal '25 and the prior year period, the third quarter of fiscal '24. Awards were $1.08 billion, led by our Defense and Advanced Technologies segment and Aviation Connectivity.

現在，我將更詳細地介紹兩個主題，第三季的財務表現以及我們對第四季和26財年的展望。讓我們從財務結果開始。本節的所有陳述都將參考 25 財年第三季和去年同期，即 24 財年第三季。合約金額達 10.8 億美元，主要來自國防和先進技術部門以及航空連通部門。

Backlog was $3.5 billion, down $181 million. Backlog declined due to the removal of the Energy Services system integration backlog with the sale of that business, along with declining subscribers in our US fixed broadband business and fewer long-term contracts in that business. Revenue was $1.12 billion, essentially flat compared to the prior year quarter, reflecting declines in fixed broadband and product revenue within Communication Services, offset by strong growth in Aviation and Information Security, Space & Mission systems and tactical networking in our Defense and Advanced Technologies segment.

積壓訂單為 35 億美元，下降 1.81 億美元。積壓訂單減少的原因在於，隨著能源服務系統整合業務的出售，該業務的積壓訂單也隨之消失，加之美國固定寬頻業務的用戶數量減少以及該業務的長期合約減少。營收為 11.2 億美元，與去年同期基本持平，反映了通訊服務領域固定寬頻和產品收入的下降，但被國防和先進技術部門的航空和資訊安全、太空和任務系統以及戰術網路的強勁增長所抵消。

Net loss of $158 million increased from a net loss of $124 million a year ago principally due to the $97 million noncash loss on extinguishment of the Inmarsat [26] senior secured notes as we refinanced the debt to extend mature. Adjusted EBITDA was $393 million, an increase of 3%, primarily driven by growth in our DAT segment, reflecting $15 million of higher-than-anticipated tactical data radio licensing benefits partially offset by fixed broadband and maritime within Communication Services.

淨虧損 1.58 億美元，高於去年同期 1.24 億美元的淨虧損，主要由於我們對債務進行再融資以延長到期日，導致 Inmarsat [26] 優先擔保票據清償，從而產生了 9,700 萬美元的非現金損失。調整後的 EBITDA 為 3.93 億美元，成長 3%，主要得益於 DAT 部門的成長，反映了高於預期的 1500 萬美元的戰術數據無線電許可收益，部分被通訊服務中的固定寬頻和海事收益所抵消。

Operating cash flow was $219 million, up more than 60% despite absorbing approximately $30 million related to facility rationalization outflows. The improvement was primarily driven by decreased working capital and lower cash taxes. CapEx was $253 million, down 40% year-over-year from $421 million. We also collected an additional $42.5 million of satellite insurance proceeds and have now cumulatively received about 97% of an anticipated $770 million.

營運現金流為 2.19 億美元，儘管吸收了與設施合理化流出相關的約 3,000 萬美元，但仍成長了 60% 以上。這項改善主要歸因於營運資本減少和現金稅降低。資本支出為 2.53 億美元，較去年同期的 4.21 億美元下降 40%。我們還額外收取了 4,250 萬美元的衛星保險收益，目前已累積收到預期 7.7 億美元的 97% 左右。

Please note, collection of these proceeds has no impact on our free cash flow calculation. Consistent with our ongoing portfolio review, we completed the sale of the Energy Services System Integration business, which was included in fixed services and other within the Communication Services segment. The business generated approximately $50 million in revenue annually, but had minimal strategic synergies with our core businesses. Finally, net leverage was slightly lower year-over-year and slightly higher sequentially at about 3.7 times trailing 12 months adjusted EBITDA. The sequential increase is due to the commencement of GX-10A and B finance leases, which increased our debt by about $150 million.

請注意，這些收益的收取不會對我們的自由現金流計算產生影響。與我們正在進行的投資組合審查一致，我們完成了能源服務系統整合業務的出售，該業務包含在通訊服務部門的固定服務和其他業務中。該業務每年創造約 5000 萬美元的收入，但與我們的核心業務的策略協同作用極小。最後，淨槓桿率較去年同期略有下降，較上季略有上升，約為過去 12 個月調整後 EBITDA 的 3.7 倍。連續的成長是由於 GX-10A 和 B 融資租賃的開始，這使我們的債務增加了約 1.5 億美元。

Now let's turn to some segment highlights. And again, in this section, all references will be to the third quarter of fiscal '25 compared to the third quarter of fiscal '24.

現在讓我們來看看一些片段亮點。再次強調，本節的所有引文都將是 25 財年第三季與 24 財年第三季的比較。

In Communication Services, revenue was $820 million, down 6%, reflecting the anticipated decline in our US fixed broadband services and products, partially offset by strong growth in aviation and government SATCOM. Aviation grew 12%, led by a 13% increase in commercial aircraft in service. Our government SATCOM business grew revenue 4% as strong demand for connectivity remained a top budget priority.

通訊服務方面，營收為 8.2 億美元，下降 6%，反映了我們美國固定寬頻服務和產品的預期下滑，但被航空和政府衛星通訊的強勁成長部分抵消。航空業成長了 12%，其中商用飛機數量增加了 13%。由於對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收入成長了 4%。

Maritime revenue declined 8% as legacy L-band offerings continued to decline, and we see incremental broadband ARPU pressure. Fixed services and other revenue was down 21% as U.S. fixed broadband subscribers continue to decline as expected. Those revenue impacts drove EBITDA to $330 million, down just 1% year over year.

由於傳統 L 波段產品的持續下滑，海事收入下降了 8%，我們看到寬頻 ARPU 壓力不斷增加。由於美國固定寬頻用戶數量持續如預期下降，固定服務和其他收入下降了 21%。這些營收影響使 EBITDA 達到 3.3 億美元，年比僅下降 1%。

Turning to Defense and Advanced Technologies, or DAT performance. Awards of $327 million increased approximately 49% versus $220 million. Revenue was $303 million, up 20% compared to $254 million. We saw broad strength across the segment, including information security, space emission systems and tactical networking. InfoSec and Cyber Defense, Space & Mission Systems product revenues were up 24% and 19%, respectively, driven by strong product sales.

轉向國防和先進技術，或 DAT 性能。獎金金額為 3.27 億美元，較 2.2 億美元成長約 49%。營收為 3.03 億美元，較 2.54 億美元成長 20%。我們看到了整個領域的廣泛優勢，包括資訊安全、太空發射系統和戰術網路。受強勁產品銷售的推動，資訊安全和網路防禦、空間與任務系統產品收入分別成長了 24% 和 19%。

Similar to the last two quarters, the tactical networking business line benefited by about $20 million in revenue and $15 million in adjusted EBITDA from the activation of certain product upgrades along with new radio shipments. Once activated, we recognized IP licensing revenue on these products that have been sold in prior periods. Activations of new capabilities from prior period shipments are difficult to forecast and we project future new shipment license revenues at lower levels than were recognized year-to-date.

與前兩個季度類似，由於某些產品升級的啟動以及新無線電設備的出貨，戰術網路業務線的收入約為 2000 萬美元，調整後 EBITDA 為 1500 萬美元。一旦激活，我們將確認前期銷售的這些產品的 IP 授權收入。很難預測前期出貨量的新功能的啟動情況，我們預計未來新出貨量的授權收入將低於今年迄今的水平。

Defense & Advanced Technologies adjusted EBITDA was $64 million, up 27% compared to $50 million, reflecting the strong revenue growth across the segment. Overall, we continue to make good progress against our fiscal '25 plan, driving solid growth in cash from operations while CapEx continues to come in lower than expected. As a result, Q3 and year-to-date cash burn has been lower than previously anticipated.

國防與先進技術部門調整後的 EBITDA 為 6,400 萬美元，較 5,000 萬美元成長 27%，反映了該部門強勁的收入成長。整體而言，我們繼續在 25 財年計畫方面取得良好進展，推動營運現金穩健成長，同時資本支出持續低於預期。因此，第三季和年初至今的現金消耗低於先前的預期。

Now let me turn to our outlook. Challenges continue, but the Viasat team is rising to meet those challenges. We continue to expect fiscal '25 revenue to be flat to slightly up year over year with adjusted EBITDA growth in the mid-single digits. Given results thus far, our confidence in achieving our fiscal '25 EBITDA guidance has clearly increased, and we've provided additional segment level detail in the outlook section of our shareholder letter and slides. We've talked a lot about CapEx today.

現在讓我來談談我們的展望。挑戰仍在繼續，但 Viasat 團隊正在奮起應對這些挑戰。我們繼續預期 25 財年營收將與去年同期持平或略有成長，調整後的 EBITDA 成長率將達到中等個位數。從迄今為止的結果來看，我們對實現 25 財年 EBITDA 指引的信心明顯增強，並且我們在股東信和幻燈片的展望部分提供了額外的細分層面的細節。我們今天討論了很多有關資本支出的問題。

With some of all the efforts I've mentioned leaves us with an expectation that fiscal '25 CapEx will be $200 million lower than the low end of our last fiscal '25 guidance at approximately $1.1 billion.

透過我提到的所有努力，我們預計 25 財年的資本支出將比我們上一個 25 財年指引的低端約 11 億美元低 2 億美元。

We recently completed our multiyear strategic plan and are now mobilizing to refine our fiscal '26 outlook and resource the initiative that will support it. In addition to the challenges we face as we exit fiscal '25, we will have a remaining $250 million of CapEx and about $80 million of recurring OpEx related to the build of our ViaSat-3 space and ground assets that won't generate material incremental revenue until late in the year. For fiscal '26, we expect year-over-year revenue growth and modest adjusted EBITDA growth. Despite the $200 million reduction of fiscal '25 CapEx, expected '26 CapEx is essentially flat to prior implied guidance at about $1.3 billion. With the timing shifts we now anticipate around CapEx, we believe free cash flow inflection will occur in the second half of our fiscal year as we get beyond the elevated CapEx related to the development of our ViaSat-3 space and ground networks.

我們最近完成了我們的多年期策略計劃，現在正在動員起來完善我們的26財年展望，並為支持該計劃的舉措提供資源。除了我們在25財年結束時面臨的挑戰之外，我們還將有2.5億美元的資本支出和約8000萬美元的經常性營運支出與我們的ViaSat-3空間和地面資產的建設有關，這些資產直到今年年底才會產生實質性的增量收入。對於 26 財年，我們預計營收將年增，調整後的 EBITDA 將溫和成長。儘管 25 財年資本支出減少了 2 億美元，但預計 26 年資本支出基本上與先前的隱含指引持平，約 13 億美元。隨著我們目前預計的資本支出時間變化，我們相信，隨著我們超越與 ViaSat-3 空間和地面網絡開發相關的高額資本支出，自由現金流的拐點將出現在我們財政年度的下半年。

However, for the sake of clarity, with adjusted EBITDA essentially unchanged and CapEx, $200 million lower than the midpoint of our prior guidance. Our outlook for cash generation across fiscal '25 and '26 combined has improved by about $200 million. We're making progress, but we know we have a lot more work to do to further improve cash generation.

然而，為了清楚起見，調整後的 EBITDA 基本上保持不變，而資本支出比我們之前預期的中點低 2 億美元。我們對 25 財年和 26 財年合計現金產生的預期成長了約 2 億美元。我們正在取得進展，但我們知道，要進一步提高現金創造能力，還有很多工作要做。

In closing, the quarter's operational performance was good. We're capturing our share of large and growing markets and remain focused on improving operational productivity and capital efficiency. Fiscal '26 is a very important year for us, one where NexusWave and the launch of our ViaSat-3 satellites will help turn the trends in maritime and fixed broadband around while at the same time, we continue to build our earnings power in aviation, governments SATCOM and DAT, leveraging the backlogs our teams continue to build. The Viasat team is up to these challenges, and I'm honored to be part of this as we work tirelessly to deliver improving outcomes for our people, our customers and for you, our owners.

總而言之，本季的營運表現良好。我們正在佔領龐大且不斷增長的市場的份額，並繼續致力於提高營運生產力和資本效率。26 財年對我們來說是非常重要的一個年份，在這一年中，NexusWave 和 ViaSat-3 衛星的發射將有助於扭轉海事和固定寬頻的趨勢，同時，我們將繼續在航空、政府衛星通訊和 DAT 領域增強盈利能力，利用我們團隊繼續積累的積壓訂單。Viasat 團隊已做好準備迎接這些挑戰，我很榮幸能夠成為其中的一員，我們將不懈努力地為我們的員工、客戶以及我們的業主帶來更好的成果。

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

說完這些，我想把電話轉回給馬克。

Thanks, Gary. I continue to feel very good about Viasat's runway of business growth opportunities. We remain a leading player in the satellite communications industry with a very thorough understanding of the competitive environment and believe our technology and business model post the global partnership and cooperation and space is a very appealing option for a growing number of nations and companies that want to sustain and contribute to a healthy space ecosystem.

謝謝，加里。我繼續對 Viasat 的業務成長機會感到非常樂觀。我們仍然是衛星通訊行業的領導者，對競爭環境有非常透徹的了解，並相信我們的技術和商業模式在全球夥伴關係和合作之後，太空對於越來越多希望維持和促進健康的太空生態系統的國家和公司來說是一個非常有吸引力的選擇。

We're intent on achieving that while steadily demonstrating financial strategic discipline and a deep commitment to growing shareholder value. Meg, let's open up to questions now.

我們決心實現這一目標，同時穩步展示財務戰略紀律和對增加股東價值的堅定承諾。梅格，現在讓我們開始提問。

(Operator Instructions) Ric Prentiss, Raymond James.

（操作員指示） Ric Prentiss，Raymond James。

A couple of questions for you all. First, I appreciate the update on the Flight 2, Flight 3, good to get a launch date on Flight 2 and a slight slip out in Flight 3, but it looks like it's -- will save some money there. What I'd like to get at is where do you think Flight II and Flight 3 are going to go? What areas are they going to cover with the whole anomaly with Flight 1? How should we think about what Flight 1, Flight 2, Flight 3, what are they going to cover?

向大家問幾個問題。首先，我很欣賞關於 Flight 2、Flight 3 的更新，很高興能得到 Flight 2 的發布日期，而 Flight 3 略有推遲，但看起來可以節省一些錢。我想知道的是，您認為二號航班和三號航班將會飛往哪裡？他們要用 1 號班機覆蓋整個異常區域嗎？我們該如何思考第一班飛機、第二趟航班、第三班航班要涵蓋什麼？

And then now that Flight 2 is kind of more early calendar '26. Has there been any impact on in-flight connectivity contracts as you kind of compete out there?

現在，2 號班機的時間更像是 26 年年初。你們之間的競爭對機上連接合約有什麼影響嗎？

Okay. So first of all, in terms of the locations of the satellites, all the satellites were designed so that each of the three can be operated in each part of the world. So a real -- our real approach to how we locate them and think of it as we have flexibility in where we put them and if we keep them there and move them is really just responding to customer demand. And the two big areas where we need more -- we have a lot of demand, and we'll get the most value out of the satellites are in the Americas and in Asia Pacific.

好的。首先，就衛星的位置而言，所有衛星的設計都是使得三顆衛星都能在世界各地運作。因此，我們對如何定位它們的實際方法是，我們可以靈活地決定將它們放在哪裡，如果我們將它們保留在那裡並移動它們，這實際上只是在回應客戶的需求。我們需要更多衛星的兩個大區域——我們的需求很大，而且我們將從衛星中獲得最大價值，這兩個區域是美洲和亞太地區。

So those are the plans for the locations of 2 and 3, with probably Flight 2 being planned for the Americas and Flight 3 for Asia Pacific. The -- and then in terms of the timing of the in-service -- one of the things that we have been doing a lot, for the last 18 months, is working on some of the technical approaches that we described for optimizing the use of the capacity. One of the things we described is we do that well. We actually can increase the effective capacity of the existing satellites pretty substantially on the order of 20%, 30% or more. And so we've done that.

因此，這些是 2 號和 3 號航班位置的計劃，其中 2 號航班可能計劃用於美洲，而 3 號航班計劃用於亞太地區。然後就投入使用的時間而言，過去 18 個月中我們一直在做的事情之一就是研究我們所描述的一些用於優化容量使用的技術方法。我們所描述的事情之一就是我們做得很好。實際上，我們可以大幅提高現有衛星的有效容量，大約提高 20%、30% 或更多。所以我們就這麼做了。

That's been working measure, but we have -- one of the things we've emphasized over and over again is measurable results and measurable service statistics for our customers.

這是有效的措施，但我們一再強調的事情之一是為我們的客戶提供可衡量的成果和可衡量的服務統計數據。

So we're getting the benefits of that. We've also incorporated a substantial amount of third-party capacity into the networks. And the upshot of all that is we and our customers understand that we've kind of derisked the launch dates of 2 and 3 with the bandwidth supplies that we have and our ability to apply it. So -- and I think our customers are seeing that, so they're comfortable with it. And really, the upshot is what we ended up doing is we opted for -- we're looking at a few different launch configurations for Flight 3, which was a lower cost one.

我們從中獲益匪淺。我們還將大量第三方容量納入網路。所有這些的結果是，我們和我們的客戶都明白，我們已經利用我們擁有的頻寬供應和應用能力，降低了 2 和 3 的發布日期的風險。所以——我認為我們的客戶看到了這一點，所以他們對此感到滿意。事實上，我們最終選擇的方案是——我們正在研究第三次飛行的幾種不同的發射配置，其中成本較低。

The delay to that is probably a couple of months and it's a little bit raising time. And it's just -- it will save a lot of money compared to the alternative, and we're putting that money to use both for our customers and for our shareholders.

這可能會延遲幾個月，並且需要一點時間。與其他選擇相比，這將節省大量資金，我們將利用這些資金為客戶和股東謀福利。

And I'm just going to say, I think that the confidence that we're seeing from our customers and the performance, it's kind of indicated by the Starbucks contract that we just announced because they're an Asia Pacific airline. And they were able to test -- they were able to get a preview of it for some of their flights that go into Viasat Flight 1 territory, they were really pleased with that. And the upshot is, we've got a full fleet order from them.

我只想說，我認為我們從客戶身上看到的信心和業績，在某種程度上可以從我們剛剛宣布的星巴克合約中看出，因為他們是一家亞太航空。他們能夠進行測試——他們能夠對進入 Viasat Flight 1 區域的一些航班進行預覽，他們對此感到非常滿意。最終結果是，我們收到了他們的完整艦隊訂單。

And Ric, as you probably from Mark's comments, no impact on the customer side or on Delta.

里克，您可能從馬克的評論中看出，這對客戶方面或達美航空都沒有影響。

Right. And Gary, one you, kind of the early signaling on fiscal '26, revenue growth, but then calling out now modest adjusted EBITDA growth in fiscal '26, can we then assume that revenue grows faster than EBITDA and what would cause not as much money flowing through the conversion from revenue to EBITDA.

正確的。加里，您之前曾暗示 26 財年收入將增長，但隨後又提到 26 財年的調整後 EBITDA 增長溫和，那麼我們是否可以假設收入增長速度快於 EBITDA，以及什麼原因導致從收入轉換為 EBITDA 的資金沒有那麼多。

I wouldn't read that much into it, Ric. We've just gotten closer to it and are able to give a bit more color as to what the expectations are we're still looking and working on '26, and we'll have more to say about it in a few months when we wrap the fiscal year.

我不會對此進行過多的解讀，里克。我們已經接近這個目標，並且能夠更多地說明我們對 26 年的期望以及目前的工作重點，幾個月後，當我們結束財政年度時，我們會對此有更多要說的。

Okay. The last one for me. Obviously, you talked a lot about direct-to-device spectrum and the MSS. You had the recent transaction with Ligado and ASTS, can you help us make sure everybody understands what's happening there, how we should unpack it, what the benefit to you all could be? And then a philosophical one to throw at you, Mark, and I've been around since the birth of wireless and the birth of the tower industry.

好的。對我來說這是最後一個。顯然，您談了很多關於直接到設備的頻譜和 MSS 的內容。您最近與 Ligado 和 ASTS 進行了交易，您能否幫助我們確保每個人都了解那裡發生的事情、我們應該如何解讀它以及這對您所有人有什麼好處？然後我要向你提出一個哲學問題，馬克，我自無線電和塔式產業誕生以來就一直存在。

And we get the question I got again today, you can always kind of figure out the value of cellular spectrum versus PCS spectrum because, okay, you need more cell sites and you're going to need more CapEx or you need more OpEx that would allow you to kind of figure out cellular spectrum was worth more than PCS spectrum for terrestrial network, but for an NTM, a nonterrestrial network. How should we think about the spectrum assets you have, how it compares to LEOs, how it compares to geos? And just people are wanting that kind of philosophical understanding given what's happening in the competitive space. But the first part of that was just kind of help us unpack the (inaudible) ASTS one a little bit.

我們又回到了我今天遇到的問題，您總是可以計算出蜂窩頻譜與 PCS 頻譜的價值，因為好吧，您需要更多的蜂窩站點，您將需要更多的資本支出，或者您需要更多的運營支出，這將使您能夠算出蜂窩頻譜比 PCS 頻譜更有價值，對於地面網絡來說，但對於 NTM，即非地面網絡來說。我們應該如何看待您擁有的頻譜資產，它與 LEO 相比如何，與 geos 相比如何？鑑於競爭領域的現狀，人們渴望獲得這種哲學上的理解。但第一部分只是幫助我們稍微解讀一下（聽不清楚）ASTS。

Okay. So I think the -- we're not -- the main point on the Ligado transaction is that that they intend to perform on the contract that they had with Inmarsat, it's called the co-op agreement and that AST would assume that obligation. So from -- that's basically what's going on. The -- what that would mean is essentially the co-op agreement transaction eventually would conclude. And I think that's how to interpret what's going on.

好的。所以我認為——我們不是——Ligado 交易的重點是他們打算履行與 Inmarsat 簽訂的合同，即合作協議，並且 AST 將承擔該義務。所以——基本上這就是發生的事情。這實際上意味著合作協議交易最終將會完成。我想這就是對正在發生的事情的解釋。

I think the clear message is that AST values this spectrum at the value of the cooperation. So that's -- I think that's what you take away. When you look at the -- I think the way we think about it is really the dividing -- the primary dividing line is whether you do non-terrestrial networks using terrestrial spectrum or license MSS spectrum. With the main difference there being that if you use terrestrial spectrum either you're limited to locations that have no terrestrial coverage, which is, I would say, a pretty constraining view of the value of these non-terrestrial networks or you can augment the terrestrial spectrum with license satellite spectrum. And I think that, that's the way that people are starting to look at it.

我認為明確的訊息是 AST 重視這一頻譜的合作價值。所以這就是——我認為這就是你所得到的。當你看——我認為我們思考它的方式實際上是分界線——主要的分界線是你是否使用地面頻譜或許可MSS頻譜來建立非地面網路。主要的區別在於，如果使用地面頻譜，要么你只能局限於沒有地面覆蓋的地方，我想說，這是對這些非地面網絡的價值的一個相當限制的看法，要么你可以用許可衛星頻譜來增強地面頻譜。我認為，這就是人們開始看待這個問題的方式。

And so what -- and then ultimately, we think that if the direct advice market plays out, and we're optimistic. But remember, we have a pretty substantial MSS business already. That's our real focus is making that MSS business better. The main thing that the non-terrestrial networks or the D2D market does because it standardizes the network, which we think is a good thing at a lower cost.

那麼 — — 最終，我們認為，如果直接諮詢市場發揮作用，我們就會感到樂觀。但請記住，我們的 MSS 業務已經相當可觀了。我們的真正重點是讓 MSS 業務變得更好。非地面網路或D2D市場的主要作用是因為它使網路標準化，我們認為這是一件成本較低的好事。

It enables open architecture, that lowers cost. It enables MSS operators to share infrastructure, that lowers cost for everybody. And the other big thing is that people are looking at and regulators are looking to [approve] much higher power levels on the ground, which means we can get a lot higher speeds, more bandwidth at lower cost. So -- and remember the MSS spectrum is license based on a public interest basis. We definitely have a really strong public interest basis with our maritime and aeronautical safety services.

它實現了開放式架構，從而降低了成本。它使 MSS 營運商能夠共享基礎設施，從而降低每個人的成本。另一件大事是，人們正在關注並且監管機構正在尋求（批准）更高的地面功率水平，這意味著我們可以以更低的成本獲得更高的速度和更大的頻寬。所以——請記住 MSS 頻譜是基於公共利益而許可的。我們的海上和航空安全服務確實擁有非常強大的公眾利益基礎。

There's a lot of demand for that for improvements. So when we think about it, we think that the transaction is really illustrating the value of licensed MSS spectrum. And in our position, what we want, we're a relatively unique global player, but we're also looking to cooperate with other licensed MSS spectrum holders in a way that reduces cost for everybody and grows the market.

對此方面的改進需求很大。因此，當我們考慮這一點時，我們認為這筆交易確實說明了授權 MSS 頻譜的價值。在我們的地位上，我們希望成為一個相對獨特的全球參與者，但我們也希望與其他獲得許可的 MSS 頻譜持有者進行合作，以降低每個人的成本並擴大市場。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Great. I wanted to ask about the DAT side, obviously, back from the summer, there was quite a bit of, I think, excitement around potentially selling some assets. Do we have any updates on the progress of that? Have there been any discussions that have gotten any deeper?

偉大的。我想問 DAT 方面的問題，顯然，從夏天開始，我認為人們對可能出售一些資產感到興奮。有關於該事項的進展有任何更新嗎？有沒有更深入的討論？

Well, we're not going to comment on any individual transactions. I think we have -- we are continuing to make progress on both creating alternatives and options and evaluating those. And we've done -- we've done a small transaction we expect to do. We expect that we -- let's say, the point of going through this is really to deal with the point that Gary mentioned in his prepared remarks, which is we want to reduce our debt, right? So that's what we have very specific financial objectives.

嗯，我們不會對任何單獨的交易發表評論。我認為我們已經——我們在創造替代方案和選擇並對其進行評估方面正在繼續取得進展。我們已經完成了——我們已經完成了一筆我們期望的小交易。我們預計——可以說，我們進行這一討論的目的實際上是為了解決加里在準備好的發言中提到的問題，即我們想要減少債務，對嗎？這就是我們的非常具體的財務目標。

We're certainly focused on preserving our competitive position. And so we're looking at the right combination of maneuvers to help us do both of those 2 things, I'd say. And the point of that is it should -- we're doing things aimed at unlocking value in our equity. That's what the focus is. So that's -- we'll keep working until we do it.

我們當然專注於保持我們的競爭地位。因此，我們正在尋找正確的策略組合來幫助我們完成這兩件事，我想說。這樣做的目的是——我們正在做的事情旨在釋放我們的股權價值。這才是重點。所以——我們會繼續努力，直到實現目標。

But we're not going to comment on any particular transaction until it's closer to fruition.

但在任何交易接近完成之前，我們不會對其發表評論。

Understood. And I wanted to also come back on the L-band question before. Do you have sort of a framework in how you decide, I guess, the best return on the spectrum, you alluded to the ASC with Ligado. We also have something where you can deploy on some sort of ETD network. Is there some kind of framework you're thinking, hey, if someone is going to pay us this much for the L-band, we would rather sell it versus trying to actually deploy it in some way?

明白了。我之前還想回顧一下 L 波段的問題。我猜，您在決定最佳回報頻譜方面是否有某種框架，您提到了 Ligado 的 ASC。我們還有一些可以在某種 ETD 網路上部署的東西。您是否在考慮某種框架，嘿，如果有人願意為 L 波段付給我們這麼多錢，我們寧願出售它，而不是嘗試以某種方式實際部署它？

Yes, of course. I mean I think that you're on exactly the right track. We are -- we have business models and think of it as a let's say, put it in a few different buckets. We have existing fairly significant existing legacy business in L-band which is not only profitable on its own right, but the value of that adding L-band is a part of a bundle to air aviation customers, airline customers is also important. So that clearly, given the higher power levels that we're anticipating for the next generation of satellites, we can improve those value propositions substantially, and we think that will grow.

是的當然。我的意思是，我認為你的思路完全正確。我們有商業模式，並且把它看作是，把它放在幾個不同的桶子裡。我們在 L 波段現有相當重要的傳統業務，不僅本身俱有盈利能力，而且增加 L 波段作為捆綁服務的一部分對航空客戶、航空公司客戶的價值也很重要。因此，顯然，考慮到我們預期下一代衛星的功率等級會更高，我們可以大幅改善這些價值主張，而且我們認為這種價值主張還會成長。

That's what's really going to trigger growth in the L-band mobile satellite services market. And I think of the distinction between the mobile satellite services market and the D2D market really the service that you get like the speed or the airtime pricing, it's the device that you use. The D2D market is essentially, you're delivering those services into what's a terrestrially centric device in the MSS market. You're just delivering those services into a device that was intended to connect to a satellite, which actually makes those devices in general, a little less convenient but a lot more cost effective predicating those same services.

這才是真正推動 L 波段行動衛星服務市場成長的因素。我認為行動衛星服務市場和 D2D 市場之間的差異實際上在於您獲得的服務（例如速度或通話時間定價）以及您使用的設備。D2D 市場本質上是將這些服務交付到 MSS 市場中的以地面為中心的設備。您只是將這些服務傳遞到旨在連接到衛星的設備中，這實際上使得這些設備總體上不太方便，但在提供相同服務的情況下卻更具成本效益。

So what we're doing is we're modeling out all of those different monetization options, looking at the time frames and then we'll make a prudent decision some monetizing versus thinking of it is developing. And also what people should think of that in different buckets where we don't have to do all-or-nothing decision. We can monetize -- again, remember, because there is a public interest benefit. We're not looking at a purely transactional basis or -- so we have to -- but we do have some maneuvering room in how we deal with the services that we offer in different geographic markets at different times. And so that's just the other dimension in which we're doing the analysis.

因此，我們正在做的是，我們正在模擬所有不同的貨幣化選項，查看時間框架，然後我們會做出審慎的決定，是將某些貨幣化還是考慮它正在發展。人們應該從不同的角度來考慮這個問題，我們不需要做全有或全無的決定。我們可以將其貨幣化——再說一遍記住，因為這關係到公共利益。我們並不是從純粹的交易角度來考慮問題——所以我們必須這樣做——但是在如何處理我們在不同時期向不同地理市場提供的服務方面，我們確實有一些迴旋餘地。這只是我們進行分析的另一個維度。

Understood. If I could sneak in a quick housekeeping one. Did you disclose the proceeds from the energy divest? I know you said $50 million, but was there a proceed amount given?

明白了。如果我可以偷偷地做一點家事的話。您是否揭露了能源剝離的收益？我知道您說的是 5000 萬美元，但是有沒有給出收益金額？

We haven't. But you'll see in our cash flow, right? And we get -- you'll see a little bit of other investing activities in -- is in all [$10 million].

我們沒有。但你會看到我們的現金流，對嗎？我們也會看到一些其他的投資活動，[1000萬美元]。

Not specifically disclosed.

未具體透露。

We didn't break it out number you could find it.

我們沒有公佈您可以找到的數字。

Sebastiano Petti, JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

This is Nick on for Sebastiano. Maybe if I could follow up once on the DAT assets. Mark, are there any businesses within that segment that you think are synergistic to keep with the satellite portfolio for whatever reason, maybe go-to-market or anything like that? And then second, just any update on the discussions of Telesat that you brought up last quarter. And generally, any kind of use cases or end markets where you're thinking about that incremental LEO capacity.

這是尼克 (Nick) 代替塞巴斯蒂亞諾 (Sebastiano)。也許我可以跟進一次 DAT 資產。馬克，您認為該領域內有哪些業務可以與衛星產品組合產生協同作用，無論出於何種原因，例如進入市場或類似原因？其次，關於您上個季度提出的 Telesat 討論，我們還有一些更新。一般來說，任何類型的用例或終端市場都在考慮增量 LEO 容量。

Yes. On the DAT assets, pretty much everything that we do from a technology perspective, was at one time or will be in the future, it was intended to be synergistic with our satellite businesses. Over time, sometimes, some of those synergies ebb and flow. But you can see it's fairly clear things that we do that valve technology development on satellite terminals, phased array technology process, space costing, those kinds of things often tend to be pretty synergistic things that we do that are a little more removed by tactical data networks, tactical data links that we sold tend to be less and so that would be some of the ingredients that would go into any decision that we do in tactical data networks. That was the early '16.

是的。就 DAT 資產而言，從技術角度來看，我們所做的幾乎所有事情，無論是過去還是將來，都是為了與我們的衛星業務產生協同作用。隨著時間的推移，有時這些協同作用會減弱和變化。但您可以看到，我們所做的事情相當清楚，即衛星終端的閥門技術開發、相控陣技術工藝、空間成本核算，這些事情往往是我們所做的事情中相當具有協同作用的事情，與戰術數據網絡的關係稍微疏遠一些，我們銷售的戰術數據鏈往往較少，所以這些是我們在戰術數據網絡中做出任何決定時都會考慮的一些因素。那是 2016 年初。

The Link 16 sale that we did. It's not that there were no synergies. It's just that relative to the value of the business and the ongoing investment fund compared to what others might do, we feel that we can -- we could derive -- you could sell it for a price that was moving to the net present value or greater of the future cash flows and then use that capital to reduce debt.

我們進行的 Link 16 銷售。這並不是說沒有協同效應。只是，相對於其他人可能採取的做法，相對於業務價值和持續投資基金，我們覺得我們可以——我們可以得出——你可以以淨現值或更高的未來現金流價格出售它，然後使用該資本來減少債務。

And so we may make that decision for other assets as well. And that -- but that's the -- I'm just going to tell you kind of the thought process we're using to not identify any particular businesses or transactions. On the Telesat front, we're -- right now, we're still in advanced negotiations with them. I think that they are converging. And we have a good -- I think we have a good foundation for a win-win business.

因此我們也可能針對其他資產做出同樣的決定。但那是——我只是要告訴你我們正在使用的思考過程，而不是識別任何特定的業務或交易。在 Telesat 方面，我們目前仍在與他們進行深入談判。我認為它們正在趨於融合。而且我認為，我們擁有實現雙贏的良好基礎。

We've initially focused on the aviation market. And I think that both we and Telesat have disclosed that. I think we have a meeting of the minds there. And I think it will be -- we'll have an agreement with them well in advance of when the satellites in service, and we're already working together on being sure that the terminals we're deploying now are capable of working on the high-speed network, which is kind of a big attraction for a lot of our customers as well.

我們最初專注於航空市場。我認為我們和 Telesat 都已披露了這一點。我想我們在這方面已經達成共識了。我認為我們會在衛星投入使用之前提前與他們達成協議，而且我們已經在共同努力確保我們現在部署的終端能夠在高速網路上運行，這對我們的許多客戶來說也是一個很大的吸引力。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Thanks for taking the question. Unpacking the $200 million savings a bit more, it sounds like most of the savings are coming from the launch side and just doing some rough math on the price delta, it seems like maybe booking -- like the orbit-raising language, maybe a little bit of rebooking from like an Atlas or a Vulcan to a Falcon 9. So maybe if you could talk about which of your satellites have launches booked in backlog and where you could find potential savings similar to what we saw in the guidance move today? Thanks.

感謝您回答這個問題。對這 2 億美元的節省進行更深入的分析，聽起來大部分節省都來自發射方面，只要對價格差異進行粗略計算，似乎可能是預訂——比如軌道提升語言，也許是從 Atlas 或 Vulcan 到 Falcon 9 的一點重新預訂。所以，您能否談談您們哪些衛星的發射預定已積壓，以及在哪裡可以找到與我們今天的指導舉措中看到的類似的潛在節省？謝謝。

So it doesn't account for the majority of the capital. It's a relatively small amount. The main -- the main thing we did was we were deciding among different configurations of the same launch vehicle, and the configuration we chose has a corporate raising time that is good enough for a fairly significant savings, but it's low teens of millions of dollars kind of in that range. It's a piece of the CapEx savings, but not.

所以它不佔資本的大部分。這是一個相對較小的數字。我們所做的主要事情是在同一運載火箭的不同配置中進行選擇，我們選擇的配置具有足夠好的企業融資時間，可以實現相當可觀的節省，但成本也在這個範圍內，大概在幾百萬美元左右。這是資本支出節省的一部分，但事實並非如此。

Yes, Ric, I mean, there's been a lot that has gone into driving that driving that $200 million out the -- sorry, Colin -- that -- the longer over raise was definitely a large single piece of it, but there were a lot of other factors. We talked in the prepared remarks about synergies between Viasat and Marsat. We leveraged some of that to drive savings out and there's also just been a much broader effort here around capital efficiency and productivity last time we were on a call, I mentioned challenging timing to make sure that we really clubbed and understood, but didn't spend any money before we needed to, didn't bring on any operating expenses before we really needed to meet the schedules and the customer expectations that we had. And we also went and refocused after our strategic plan on the things that we really need to deliver are customer critical for fiscal '26 and while at the same time, making sure that we fund our future, but we force ourselves to stay within a budget.

是的，里克，我的意思是，推動這 2 億美元融資有很多因素——對不起，科林——長期超額融資肯定是其中很重要的一個因素，但還有許多其他因素。我們在準備好的評論中討論了 Viasat 和 Marsat 之間的協同作用。我們利用了其中的一些來節省開支，而且上次我們在資本效率和生產力方面也做出了更廣泛的努力，我提到了挑戰性的時間安排，以確保我們真正地協調和理解，但在需要之前不會花任何錢，在真正需要滿足時間表和客戶期望之前不會帶來任何運營費用。我們在製定策略計畫後，也重新關注了我們真正需要交付的、對客戶至關重要的 26 財年的事情，同時確保我們為未來提供資金，但我們強迫自己保持在預算之內。

And we feel really good about where we sit on the other side of that, that we're in a place where we're balancing what we need to do to drive the earnings power that I talked about in the near term and that we've got real capital efficiency in what we're investing in. So to me, that just comes back to what we're really trying to drive more EBITDA, more free cash flow, and again, it just kind of goes back to those pillars. Everybody here's sick of hearing me say it, get our earnings power up, get our debt down, drive sustained cash flow.

我們對自己所處的位置感到非常滿意，我們正在平衡我們需要做的事情，以推動我在短期內談到的盈利能力，並且我們在投資方面獲得了真正的資本效率。所以對我來說，這又回到了我們真正想要推動更多的 EBITDA、更多的自由現金流，再說一遍，這又回到了這些支柱上。這裡的每個人都厭倦了聽我這麼說，提高我們的獲利能力，降低我們的債務，推動持續的現金流。

And I did -- just to be clear on the launch vehicles, we signed our launch vehicle contracts quite a while ago, haven't changed those. So we -- it was just the configuration of a launch vehicle that you're evaluating.

我確實這樣做了——只是為了清楚說明運載火箭的情況，我們很久以前就簽署了運載火箭合同，並沒有改變它們。所以我們——這只是您正在評估的運載火箭的配置。

(inaudible) sounded heavy on Falcon 9 maybe or is it within the ferry is what you're saying?

（聽不清楚）聽起來好像是獵鷹 9 號的聲音很重，或者您說的是它在渡輪內？

It was just a different. They have different configurations of each of these.

只是不同而已。它們每個都有不同的配置。

No worries. Okay. No worries. And then maybe circling in on the Space Force Award for PLEO. Talking a little bit about how you expect to ramp on to that and maybe a little bit about the [pipe] potential contracts beyond that.

不用擔心。好的。不用擔心。然後也許會圍繞 PLEO 獲得太空部隊獎。請稍微談談您期望如何實現這一目標，以及除此之外的[管道]潛在合約。

The PLEO seems like it's kind of off the shelf, but a lot of the capabilities that Viasat has seems like they align well for encryption and the like. So maybe talking a little bit about the pipe between expanding on a PLEO contract, which obviously has a really high ceiling and doing more in terms of encrypted comms and the like for the DoD community.

PLEO 看起來像是一種現成的技術，但 Viasat 的許多功能似乎與加密等功能很契合。因此，也許可以稍微談論一下擴大 PLEO 合約之間的管道，這顯然具有很高的上限，並且可以為國防部社群在加密通訊等方面做更多的事情。

Yeah. Generally, a lot of the end users of that contracting vehicle are looking for applications that apply to them. So from our perspective, right now, mostly what we're doing is packaging LEO services for those applications. And generally, we'd be augmenting them with some other functionality or technology needed to deliver the missions for those customers. So we work with multiple different NGSO and LEO providers. So that gives us some opportunity.

是的。一般來說，許多承包車輛的最終用戶正在尋找適合他們的應用程式。因此從我們的角度來看，目前我們主要在為這些應用程式打包 LEO 服務。一般來說，我們會為它們添加一些其他功能或技術，以便為這些客戶完成任務。因此，我們與多個不同的 NGSO 和 LEO 提供者合作。所以這給了我們一些機會。

We also are looking at LEOs to augment our own geo satellite systems in the longer term and I think you'll see us, over time, participate using our own assets as well as with partner assets.

從長遠來看，我們也正在研究低地球軌道 (LEO) 以增強我們自己的地球同步衛星系統，我認為，隨著時間的推移，您會看到我們利用自己的資產以及合作夥伴的資產參與其中。

Got it. And then last question for me, but maybe talking a little bit about how Inmarsat is participating in alternative P&T. And if you have suppliers or customers or people are key partners across the uncrude space or other military assets that you consider a good opportunity?

知道了。這是我的最後一個問題，也許可以稍微談談 Inmarsat 如何參與替代 P&T。如果您有供應商或客戶或人員是整個軍事領域或其他軍事資產的關鍵合作夥伴，您認為這是一個很好的機會嗎？

I'm sorry, for P&T, is that was?

抱歉，對於 P&T 來說，是嗎？

The context is focusing on like the growth avenue for alternative P&C within the Inmarsat portfolio and kind of your ability to participate in NATO or DoD or other pipes?

背景重點關注的是 Inmarsat 產品組合中替代性 P&C 的成長途徑，以及您參與北約或國防部或其他管道的能力？

Yes. We have done some of that often for international customers that are looking for ways to have some form of maybe regional as opposed to global P&T services or to augment P&T services or to have more confidence in the accuracy of the P&T services they get from third parties. So some of those have involved either hosted payloads or specific applications of pieces of our payload. And it is an interesting area, especially -- I mean, right now, it's no secret that there's a lot jamming of navigation systems. And so things that can be used to augment those either, in some cases, even just doing that regionally is sufficiently valuable to great business opportunities.

是的。我們經常為國際客戶做一些這樣的工作，他們正在尋找某種形式的區域性而非全球性的 P&T 服務，或增強 P&T 服務，或對從第三方獲得的 P&T 服務的準確性更有信心。因此其中一些涉及託管的有效載荷或有效載荷部分的特定應用。這是一個有趣的領域，尤其是——我的意思是，現在，導航系統受到大量幹擾已經不是什麼秘密了。因此，在某些情況下，可用來增強這些的東西，即使只是在區域範圍內這樣做，也足以為巨大的商業機會提供價值。

So those are more of the kinds of things that we're going after as opposed to building a complete alternative global standalone P&T system.

因此，這些正是我們所追求的目標，而不是建立一個完整的替代全球獨立 P&T 系統。

Got it, okay. Thank you. Appreciate it.

知道了，好的。謝謝。非常感謝。

Simon Flannery, Morgan Stanley.

摩根士丹利的西蒙·弗蘭納裡。

Thank you very much. Good evening. Gary, just coming back to the CapEx, good to see the progress there. Looking at the FY26 number, can you give us a sense of how much of that is really related to some of the launches we're seeing and what we might expect is sort of the maintenance CapEx number for the longer-term plan? Is that more in the sort of $1 billion range? Any color around the out years would be great.

非常感謝。晚安.加里，剛剛回到資本支出問題，很高興看到那裡的進展。查看 FY26 數據，您能否讓我們了解其中有多少與我們看到的一些發布會真正相關，以及我們可能預期的長期計劃的維護資本支出數字？這個數字是不是在 10 億美元左右？外面的任何顏色都很棒。

And then Mark, you did a management reorganization a couple of weeks back. Perhaps you could just talk about the goals of that and what the -- what we should be expecting from the new roles that the team's taken over?

然後馬克，幾週前你進行了管理重組。或許您可以談談它的目標以及我們對團隊所承擔的新角色應該抱持什麼樣的期待？

So I'll start. Simon, your first question, I believe, was around what related to launches is in a CapEx guide for '26. Everything around ViaSat-3 is contained in there in my prepared remarks. I mentioned we're spending on capital side, about $250 million also mentioned $80 million on the operating side as we bring the satellites into service. That $250 million is -- that is the spend attached to ViaSat-3.

那我就開始了。西蒙，我相信，您的第一個問題是關於 26 年資本支出指南中與發布相關的內容。有關 ViaSat-3 的所有內容都包含在我準備好的演講稿中。我提到我們在資本方面花費了大約 2.5 億美元，同時也提到在衛星投入使用時我們在營運方面花費了 8000 萬美元。這 2.5 億美元是與 ViaSat-3 相關的支出。

In terms of maintenance CapEx, we've used in the past to one-third, two-thirds, we were talking about this previously with the total number coming down as it has -- it's probably in the one-third of the numbers that we were talking about previously. So you can continue to use that benchmark. The one-third, you just got to watch with the baseline changing as much as it has you just want to make sure you adjust for that.

就維護資本支出而言，我們過去曾使用過三分之一、三分之二，我們之前討論過這個數字，現在總數已經下降了 - 可能只有我們之前談論的數字的三分之一。因此您可以繼續使用該基準。三分之一，你只需要觀察基線的變化，就像它發生的變化一樣，你只需要確保你能夠適應這一點。

Okay. But should we expect a drop then in the out years beyond '26?

好的。但是我們是否應該預期 26 年以後幾年會下降？

We do expect that. I mean we're not going to get into longer-term guidance here. We'll do same. We're going to continue optimizing the way we have the same kind of work that went into -- I wouldn't even call it cutting the capital budget. This is really about making sure that we were spending on the right things.

我們確實期待這一點。我的意思是我們不會在這裡討論長期指導。我們也會這麼做。我們將繼續優化我們已投入的相同工作方式——我什至不會稱之為削減資本預算。這實際上是為了確保我們的錢花在正確的地方。

One of the results was that it ended up being reduced. But we're going to do that ongoing as we move through the year. And at the right time, we'll give you a lot more flavor about how that should trend over the next few years.

結果之一就是它最終被減少了。但我們會在全年持續進行這項工作。在適當的時候，我們會向您詳細介紹未來幾年的趨勢。

Great. Then on the management?

偉大的。那麼管理方面呢？

Yeah. Just to be clear, we're working through a big bulge in CapEx spending with the deployment of ViaSat-3s. And so -- and we have -- one of the things that will enable us to spend less in the future, are these partnerships that we're forming as well as packaging some of those innovations into smaller bite capital sizes. That's -- those are -- so we do definitely have an objective of driving down our CapEx.

是的。需要明確的是，我們正在努力解決 ViaSat-3s 部署過程中資本支出大幅增加的問題。所以，我們可以採取的措施之一就是建立合作關係，並將一些創新打包成更小的資本規模，從而在未來減少開支。那就是 — 那是 — 所以我們的目標確實是降低資本支出。

The other thing -- I do want to say I understand your retiring, Simon. So I did want to say, first of all, that this is a tough (inaudible) our official duties that we really appreciated your support and your good leverage along the way, so thanks for that.

另一件事——我確實想說我理解你退休，西蒙。因此，首先我想說，這是我們的一項艱鉅的（聽不清楚）官方職責，我們非常感謝您的支持和一路以來的良好影響力，所以對此表示感謝。

Thanks, Mark.

謝謝，馬克。

And then just on the management, what we talk about publicly is we reached an amicable settlement -- amicable parting with Guru. He took on some really hard stuff, including a lot of logistics of the integration with Inmarsat. And that's largely done, and we just are on the theme of simplifying and reducing costs. It just made sense to have a lot of the people that were reporting to transition to me once we had that new organization setup.

然後就管理而言，我們公開談論的是，我們與 Guru 達成了友好解決方案——友好分手。他承擔了一些非常困難的任務，包括與 Inmarsat 整合的大量後勤工作。這基本上已經完成了，我們只是專注於簡化和降低成本。一旦我們建立了新的組織機構，讓許多原先的報告工作轉到我手下是理所當然的。

Great. Thank you.

偉大的。謝謝。

Ryan Coons with Needham & Company.

Needham & Company 的 Ryan Coons。

Hi. This is Matt on for Ryan. On NexusWave, you mentioned the target for Maritime to return to growth in fiscal '26. Could you expand on the demand you're currently seeing for that service? And how you're expecting that to ramp over the next couple of quarters?

你好。這是 Matt 代替 Ryan 上場。在 NexusWave 上，您提到了海事產業在 26 財年恢復成長的目標。能否詳細談談目前對該服務的需求？您預計未來幾季這一成長將如何？

Yeah. I think what we alluded to last quarter was a really positive reception in the maritime market for the targets that we were aiming for, which is definitely heavy enterprise and especially those carriers that were large enough for direct -- for us to approach direct. But the reception has been really good. We had -- I think we talked about a pipeline of over 4,000 vessels last quarter. That's actually continued to grow.

是的。我認為我們上個季度提到的是，對於我們所瞄準的目標，海運市場表現出了非常積極的反響，這些目標肯定是重型企業，尤其是那些規模足夠大、我們可以直接聯繫的運輸公司。但反響確實很好。我記得上個季度我們討論過超過 4,000 艘船舶的管道。事實上，這一數字還在持續成長。

I mean there's some -- there's both in terms of some things leaving, but more much more coming into the pipeline than leaving. So that part is really encouraging. That's the thing we've been most focused on is making sure that we had a value proposition that was going to get the interest of the target market. So that pipeline is turned into orders in the low hundreds right now. Our target is to get in the low hundreds in stock this quarter.

我的意思是，有些東西離開，但進入管道的東西比離開的多得多。所以這部分確實令人鼓舞。我們最關注的事情是確保我們有一個能夠引起目標市場興趣的價值主張。因此，該頻道目前已轉化為數百個訂單。我們的目標是本季庫存量達到數百輛以下。

That would be the next thing. I think our objective would be to grow that fairly substantially in the next year, but still probably in the low thousands, we're not going to be able to turn that whole pipeline in. But we think we're going to grow it fairly significantly during the course of FY26. You'll see, I think what -- if you look at our results, what you should see first is growth is stopping the decline in net vessels, growing net vessels and then revenue coming along with that afterwards and then eventually will hit the EBITDA growth line as well. That's the sequence. And we think that will play out during the course of FY26.

那將是下一步。我認為我們的目標是在明年實現相當大的成長，但可能仍會保持在數千的水平，我們將無法實現整個管道的成長。但我們認為，在 26 財年期間，我們的業務將實現相當大幅的成長。你會看到，我想——如果你看看我們的結果，你首先應該看到的是增長阻止了淨船隊的下降，淨船隊的增長，然後收入隨之而來，最終也會達到 EBITDA 增長線。順序就是這樣的。我們認為這將在 26 財年期間發揮作用。

Mike Crawford, B. Riley Securities.

麥克·克勞福德（Mike Crawford），B. Riley Securities。

I'd like to go back to Ligado to make sure we understand this correctly. So I believe your unsecured claim in the bankruptcy proceeding is about $550 million plus, there's this co-op agreement where there's a contract for $80 million a year lease payment that still has some 75 years running. And that the Ligado has an ability to either accept or reject the contract here. And if they accept it, then they have to pay that to you. But if they reject it, then they wouldn't have access to your 12 megahertz of Spectrum that's interleaved among some of the Spectrum holdings that Ligado itself has making it perhaps difficult to use as opposed to being aggregated in a contiguous block. Is that -- do we have that right?

我想回到 Ligado 以確保我們正確理解這一點。因此，我相信您在破產程序中的無擔保債權約為 5.5 億美元，還有一項合作協議，其中規定每年支付 8000 萬美元的租賃費，該合約仍有 75 年的期限。Ligado 有權接受或拒絕該合約。如果他們接受，那麼他們就必須向你支付。但如果他們拒絕，那麼他們就無法存取您的 12 兆赫頻譜，這些頻譜交織在 Ligado 本身擁有的一些頻譜中，這可能使其難以使用，而不是聚合在一個連續的區塊中。是的——我們這樣做對嗎？

So what we would do is refer everybody -- people want to do it. All that -- all the information that you're citing, I think, is available in the public filings associated with the bankruptcy case. And I think it sounds like you've been reading those. We're not really going to comment on them, but I think -- I think the things we recommend to investors is to refer to that because we can't really comment on an active litigation.

因此，我們會做的是，讓每個人都願意這樣做。我認為，您所引用的所有資訊都可以在與破產案相關的公開文件中找到。我覺得這聽起來就像你已經讀過這些了。我們實際上不會對此發表評論，但我認為——我認為我們向投資者建議的是參考這一點，因為我們無法對正在進行的訴訟發表評論。

Maybe if I just unpack the last part of that, Mark, where the -- can you describe your spectrum and how it interacts with the Ligado spectrum and whether that was inspection would have same utility or without being aggregated contiguously.

馬克，如果我只解釋最後一部分，您能描述一下您的頻譜以及它如何與 Ligado 頻譜相互作用，以及這種檢查是否具有相同的效用，或者是否需要連續聚合。

The -- okay. So one, Mike, I think you're very astute observer. So I think that some of the things that were of an issue had to do with the coordination of the spectrum. All that stuff basically is thrown is now in the hands of the ports, and it's really difficult for us to comment on them. But I think that the types of issues that you are raising are valid issues to be resolved in the litigation. It just makes it really hard for us to comment on the outside of the course filings.

那--好的。首先，麥克，我認為你是一個非常敏銳的觀察者。因此，我認為一些問題與頻譜的協調有關。所有這些東西基本上都已交給港口處理，我們很難對它們發表評論。但我認為您提出的這些問題都是合法的問題，應該透過訴訟來解決。這讓我們很難對課程文件以外的內容發表評論。

That concludes the question-and-answer session. I would like to turn the call back over to Mark Dankberg for closing remarks.

問答環節到此結束。我想將電話轉回給馬克‧丹克伯格 (Mark Dankberg)，請他作最後發言。

That concludes our Q&A session and our prepared remarks. Thanks a lot, everybody, for participating. We look forward to speaking with you again next quarter.

我們的問答環節和準備好的演講到此結束。非常感謝大家的參與。我們期待下個季度再次與您交談。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。