Viasat Inc (VSAT) 2025 Q4 法說會逐字稿

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

請稍候，您的節目即將開始。我叫弗朗斯，今天下午我將擔任你們的會議主持人。現在，我歡迎大家參加 Viasat 第四季和 2025 財年收益業績電話會議。（操作員指示）

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, France. 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 Q4 fiscal year 2025 shareholder letter and today's conference call slides that are available on the Investor Relations section of our website.

謝謝，法國。我們將在今天的電話會議上介紹某些非公認會計準則財務指標。美國證券交易委員會 (SEC) 要求的有關這些非公認會計準則財務指標的資訊可在我們 2025 財年第四季度股東信函和今天的電話會議幻燈片中找到，這些幻燈片可在我們網站的投資者關係部分找到。

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

在演示過程中，我們將描述影響同比業績的一些更重要的因素。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。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。

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. 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美國證券交易委員會提交的文件和 10-K 表格年度報告中找到。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. As always, we encourage reading the shareholder letter and referencing the slides we posted on our website earlier this afternoon for more details.

下午好，感謝您今天加入我們。和我一起的還有 Lisa，我們的財務長是 Gary Chase；以及我們的首席會計官 Shawn Duffy。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。

Our fiscal 2025 was a pivotal year, creating the foundation for multi-year accelerated growth and sustained cash flow through increased earnings and decreasing capital intensity. We're pleased with our operational performance and very appreciative of the accomplishments of our team towards our strategic goals that we set for the year.

2025 財年是我們的關鍵一年，透過增加收益和降低資本密集度，為多年的加速成長和持續的現金流奠定了基礎。我們對我們的營運表現感到滿意，並非常感謝我們的團隊在實現我們今年設定的策略目標方面所取得的成就。

We met or beat our guidance metrics, achieved record new contract awards growth, made significant progress on our capital structure, integrated the first ViaSat-3 F1 into our global network, demonstrating the expected benefits to user experience and network efficiency. We completed critical milestones on our satellite roadmap, earned an inspiring reception to the new multi-orbit NexusWave maritime broadband service, introduced several network optimization innovations, delivering substantial efficiency and user experience gains.

我們達到或超越了我們的指導指標，實現了創紀錄的新合約授予成長，在資本結構方面取得了重大進展，將第一顆 ViaSat-3 F1 整合到我們的全球網路中，展示了對用戶體驗和網路效率的預期效益。我們完成了衛星路線圖上的關鍵里程碑，新的多軌道 NexusWave 海上寬頻服務獲得了鼓舞人心的反響，推出了多項網路優化創新，顯著提高了效率並提升了用戶體驗。

We reached new win-win third-party network agreements, including using LEO capacity to reduce latency for all mobility users while also enhancing capital efficiency. And we made organizational changes to further improve speed, agility and greater structural optionality. We enhanced financial transparency with new reporting segments and accompanying disclosures.

我們達成了新的雙贏的第三方網路協議，包括使用 LEO 容量來減少所有行動用戶的延遲，同時提高資本效率。我們進行了組織變革，以進一步提高速度、靈活性和更大的結構選擇性。我們透過新的報告分部和附帶揭露提高了財務透明度。

We're also bringing major innovations to our unique and valuable spectrum rights in the mobile satellite services market segment at L-band and the new MSS service capabilities they enable for our customers. Working with the Mobile Satellite Services Association, or MSSA, we're laying the foundation for an open architecture standards-based ecosystem for non-terrestrial networks, or NTN, extensions to the 5G and 6G networks of the future. Existing and emerging 3GPP standards foster interoperability for consumer mobile devices between terrestrial and a single individual satellite network.

我們也為我們在 L 波段行動衛星服務市場領域獨特且寶貴的頻譜權利以及它們為我們的客戶提供的全新 MSS 服務功能帶來了重大創新。我們與行動衛星服務協會 (MSSA) 合作，為非地面網路 (NTN) 的開放式架構標準生態系統奠定基礎，以擴展未來的 5G 和 6G 網路。現有和新興的 3GPP 標準促進了地面和單一衛星網路之間的消費者行動裝置的互通性。

The MSSA's framework built on those standards, enabling choice, scale, and substantially lower costs by creating an approach to NTN interoperability with and among all of the participating space networks. That approach, as adopted by space and terrestrial ecosystem participants, means mobile phones, cars, drones and virtually any standard-compliant device can use a much more cost-effective aggregation coordinated satellite spectrum globally versus depending on a single capricious constellation.

MSSA 的框架建立在這些標準之上，透過創建一種與所有參與空間網路之間實現 NTN 互通的方法，實現了選擇、擴展並大幅降低了成本。太空和陸地生態系統參與者所採用的這種方法意味著手機、汽車、無人機和幾乎任何符合標準的設備都可以在全球範圍內使用更具成本效益的聚合協調衛星頻譜，而不是依賴單一的反复無常的星座。

Viasat is focused on three major L-band business objectives. First is substantially reducing capital and operating costs for mobile satellite services, non-terrestrial network open architecture, and standards-based systems; second, supporting transitioning and evolving our critical government, maritime, and aeronautical safety services to the enhanced capabilities they'll need in the fully connected autonomous unmanned AI future by leveraging those next-generation space assets; and third, transitioning our nascent global direct-to-device NTN business from the existing narrowband Internet of Things emergency and messaging standards through the emerging 5G new radio services market as new chips and devices enter and penetrate the market over the next few years.

Viasat 專注於三大 L 波段業務目標。首先是大幅降低行動衛星服務、非地面網路開放架構和基於標準的系統的資本和運營成本；第二，利用下一代太空資產，支持我們關鍵的政府、海事和航空安全服務的轉型和發展，使其具備未來完全互聯的自主無人人工智能設備所需的增強能力；第三，隨著未來幾年新晶片和設備進入並滲透市場，將我們新興的全球人工智能設備所需的增強能力；第三，隨著未來幾年新晶片和設備進入並滲透市場，將我們新興的全球直接連接到人工智能設備到現有系統的新標準網路和設備。

I can give a little color on a few key important topics before Gary goes into more detail on the financial and operational results. Of course, one of our highest priorities is getting ViaSat-3 Flight 2 and 3 into service, and we've been maintaining status on our satellite roadmap.

在 Gary 詳細介紹財務和營運結果之前，我可以稍微介紹幾個關鍵的重要主題。當然，我們的首要任務之一是讓 ViaSat-3 2 號和 3 號航班投入使用，我們一直在維護衛星路線圖的狀態。

For Flight 2, the critical path has been corrective actions and testing the reflectors and integrating with the rest of the spacecraft. We are still planning to shift the spacecraft to the launch site this summer. We've adjusted the in-service date in the roadmap to better reflect various potential schedule uncertainties after we ship it.

對於第二次飛行來說，關鍵路徑是採取糾正措施、測試反射器並與太空船的其餘部分整合。我們仍計劃今年夏天將太空船轉移到發射場。我們調整了路線圖中的投入使用日期，以更好地反映我們發布後各種潛在的時間表不確定性。

The F3 schedule critical path goes through antenna subsystem integration, but that uses a different manufacturer design not requiring corrective actions. Our ViaSat-3 Flight 1 usage has been scaling steadily and we have really good results there. Even with the antenna anomaly, we have almost 2,000 planes that are served by ViaSat-3 Flight 1 satellite, tens of thousands of cumulative flights and hundreds more every day.

F3 計畫關鍵路徑經過天線子系統集成，但使用了不同的製造商設計，不需要採取糾正措施。我們的 ViaSat-3 Flight 1 的使用範圍一直在穩步擴大，並且取得了良好的效果。即使天線出現異常，我們仍有近 2,000 架飛機由 ViaSat-3 Flight 1 衛星提供服務，累計航班數萬架次，每天還有數百架次航班。

We commissioned a survey to compare our service on Hawaii routes, which is what that satellite is serving, in particular, so we can benchmark user experience against the LEO competition. The results are very favorable and shown on page 10 of our online slides. They support our view that petition is primarily about delivering measurably reliable and consistent free WiFi while also providing a single interface for airlines to help manage, monetize, and integrate all their passenger entertainment and connectivity services.

我們委託進行了一項調查，以比較我們在夏威夷航線上的服務，特別是該衛星所服務的航線，以便我們可以將用戶體驗與 LEO 競爭對手進行比較。結果非常好，並顯示在我們的線上投影片的第 10 頁。他們支持我們的觀點，請願書主要是為了提供可衡量的可靠和一致的免費 WiFi，同時為航空公司提供單一介面，以幫助管理、貨幣化和整合所有乘客娛樂和連接服務。

We've been a leader in innovating, delivering, and measuring those services and are increasingly confident that the combination of our existing and planned satellite fleet with our third-party partners will compete very well in our target markets. Of course, we can still improve by judiciously integrating more LEO networks to both further optimize latency-sensitive traffic and improve economics while meeting industry-leading service quality and reliability metrics.

我們在創新、交付和衡量這些服務方面一直處於領先地位，並且越來越有信心，我們現有和計劃中的衛星群與我們的第三方合作夥伴的組合將在我們的目標市場上具有非常好的競爭力。當然，我們仍然可以透過明智地整合更多的 LEO 網路來改進，以進一步優化延遲敏感流量並提高經濟效益，同時滿足業界領先的服務品質和可靠性指標。

NexusWave, the multi-orbit maritime service, is already off to a good start. The terms of our Telesat Highspeed agreement blended with our existing and forthcoming owned and third-party fleets and our existing user terminals and network capabilities can improve user experiences and extend market access for all our mobility customers, enhance our competitive position, and reduce capital intensity.

多軌道海上服務 NexusWave 已經取得了良好的開端。我們的 Telesat Highspeed 協議條款與我們現有和即將推出的自有和第三方衛星機隊以及我們現有的用戶終端和網路功能相結合，可以改善用戶體驗並擴大所有行動客戶的市場准入，增強我們的競爭地位並降低資本強度。

Finally, we can't comment much on ongoing core proceedings related to the Ligado bankruptcy. As you may know, Ligado voluntarily dismissed its lawsuit against Inmarsat when faced with our motion to dismiss. While Ligado subsequently refiled a similar case in New York, our position remains that Ligado's case has no legal merit and is replete with unfounded allegations of fact that are directly contradicted by Ligado's sworn statements to other courts, including the Bankruptcy Court.

最後，我們無法對與 Ligado 破產相關的正在進行的核心程序發表太多評論。您可能知道，面對我們的駁回動議，Ligado 自願撤回了對 Inmarsat 的訴訟。儘管 Ligado 隨後在紐約重新提起了類似的訴訟，但我們的立場仍然是，Ligado 的訴訟沒有法律依據，並且充斥著毫無根據的事實指控，與 Ligado 向包括破產法院在內的其他法院所作的宣誓陳述直接矛盾。

We'll continue to vigorously pursue our claims in the bankruptcy and against Ligado's meritless lawsuit. Until then, any future cash payments from Ligado have been excluded from our financial outlook and they remain as upside.

我們將繼續積極爭取破產保護以及針對 Ligado 的無理訴訟的賠償。在此之前，Ligado 的任何未來現金支付已排除在我們的財務前景之外，並且仍具有上行潛力。

We exit fiscal 2025 stronger than when we entered, as you can see by our healthy backlog, growing operating cash flow, moderating capital expenses, and continued towards growth in key businesses. And we believe that growth is durable. It's supported by market proof points in our company earnings presentation, including American Airlines selecting us to scale to free Wi-Fi, several very successful free Wi-Fi domestic trials, new global airline awards, and third-party survey data showing ViaSat-3 delivering world-class passenger in-flight WiFi experience and satisfaction on ViaSat-3 Flight 1 flights between Hawaii and the US.

我們退出 2025 財年時會比​​進入時更加強大，正如您所見，我們擁有健康的積壓訂單、不斷增長的經營現金流、適度的資本支出，並且主要業務繼續增長。我們相信成長是持久的。它得到了我們公司收益報告中的市場證明點的支持，包括美國航空公司選擇我們擴展到免費 Wi-Fi、幾次非常成功的免費 Wi-Fi 國內試驗、新的全球航空公司獎項以及第三方調查數據，顯示 ViaSat-3 在夏威夷和美國之間的 ViaSat-3 1 號航班上提供世界一流的乘客機上 WiFi 體驗和滿意度。

Looking ahead, we know success in fiscal 2026 is more than just getting numbers. It's about accelerating growth and securing our future. We've got a comprehensive plan for reducing capital intensity, generating sustainable, compelling operating and free cash flow, reinforcing our competitive position, unlocking portfolio value, and driving returns and shareholder value.

展望未來，我們知道 2026 財年的成功不僅僅是獲得數字。這是為了加速成長並確保我們的未來。我們制定了全面的計劃，以降低資本密集度，產生可持續的、引人注目的營運和自由現金流，增強我們的競爭地位，釋放投資組合價值，並推動回報和股東價值。

As we wrap up fiscal '25, fiscal '26 is a year to position for growth. We know there will be challenges but we're playing to win.

隨著 25 財年即將結束，26 財年將是實現成長的一年。我們知道將會面臨挑戰，但我們會努力爭取勝利。

So now Gary will go to more depth on financial and operating results.

因此現在加里將更深入地探討財務和經營績效。

Thank you, Mark, and good afternoon, everyone, joining us on the call. Before I start, let me thank the Viasat team for the hard work that created solid results for the year. Thank you for delivering for our customers and owners. Let me start by recapping our top financial priorities.

謝謝你，馬克，大家下午好，歡迎參加我們的電話會議。首先，我要感謝 Viasat 團隊的辛勤工作，為今年創造了堅實的成果。感謝您為我們的客戶和業主提供服務。首先，讓我回顧一下我們的首要財務重點。

First, build our franchise's earnings power and customer lifetime value, which leads to sustained and growing free cash flow. That's a function of profitable growth and disciplined investment in our future. Sustained free cash flow then allows us to reduce the leverage that's pressuring our debt equity prices. Paying down debt is our top priority for capital allocation.

首先，建立我們特許經營的獲利能力和客戶終身價值，從而帶來持續成長的自由現金流。這是獲利性成長和對未來的嚴格投資的結果。持續的自由現金流使我們能夠降低對債務權益價格造成壓力的槓桿率。償還債務是我們資本配置的首要任務。

Now let me briefly recap the fourth quarter and fiscal '25 results. The team delivered solid results for the quarter and the year and met our full-year plan. In the fourth quarter, we delivered revenue of $1.15 billion, GAAP net income of $246 million loss, and adjusted EBITDA of $375 million for a 32.7% adjusted EBITDA margin. Adjusted EBITDA included a $6 million foreign exchange loss and $18 million of non-cash write-offs. Excluding these items, margins would have been about 2 points higher.

現在讓我簡要回顧一下第四季和 25 財年的業績。該團隊在本季度和全年取得了穩健的業績，並實現了我們的全年計劃。第四季度，我們的營收為 11.5 億美元，GAAP 淨收入為 2.46 億美元，調整後 EBITDA 為 3.75 億美元，調整後 EBITDA 利潤率為 32.7%。調整後的 EBITDA 包括 600 萬美元的外匯損失和 1800 萬美元的非現金註銷。如果不計這些項目，利潤率將會高出約 2 個百分點。

The charges resulted primarily from efficiencies integrating the Viasat and Inmarsat networks and helped reduce cap spending in the years ahead. Mark noted our push to take further advantage of such opportunities, and I'll speak to their future impacts in my remarks on the outlook.

這些收費主要源自於 Viasat 和 Inmarsat 網路整合的效率，並有助於減少未來幾年的上限支出。馬克指出，我們正在努力進一步利用這些機會，我將在展望中談到它們對未來的影響。

We also produced about $50 million of free cash flow, our biggest focus, with solid double-digit growth in operating cash flow and lower CapEx than our last guidance with no impact on next year's expected spend. In the last two quarters, we've reduced combined fiscal '25 and '26 CapEx by close to $300 million.

我們還產生了約 5000 萬美元的自由現金流，這是我們最大的關注點，經營現金流實現了兩位數的穩健增長，資本支出低於我們上次的預期，但對明年的預期支出沒有影響。在過去兩個季度中，我們將 25 財年和 26 財年的資本支出總額減少了近 3 億美元。

Awards were solid at $1.2 billion, including European Space Agency's Moonlight program, expanded scope of Airways and multiple NexusWave awards as highlighted. We took a $160 million write-down in our Communications Services segment related to the exit of certain EMEA ground network assets and related contracts as we continued integration of legacy networks.

獎項金額高達 12 億美元，包括歐洲太空總署的月光計劃、擴大範圍的 Airways 以及多個 NexusWave 獎項。隨著我們繼續整合傳統網絡，我們對通訊服務部門進行了 1.6 億美元的減記，與退出某些 EMEA 地面網路資產和相關合約有關。

In Communication Services, revenue declined 4%, primarily driven by the decline in fixed services and other end-product revenue, partially offset by strength in government SATCOM and aviation service revenue.

通訊服務收入下降 4%，主要原因是固定服務和其他終端產品收入下降，但被政府衛星通訊和航空服務收入的強勁成長部分抵銷。

Our Commercial Aviation business showed continued growth in the quarter then service aircraft of 4,030, up 10%, despite slower deliveries and backlog of 1,600, up 18%. That backlog underpins our growth outlook for this business over the next few years.

我們的商用航空業務在本季持續成長，儘管交付速度放緩且積壓飛機 1,600 架，成長 18%，但服務飛機數量仍達到 4,030 架，成長 10%。這些積壓訂單支撐了我們未來幾年該業務的成長前景。

Business Aviation and service aircraft were more than 2,000, up 12% year over year. Maritime revenue was down 8% as we expected to trough in the fourth quarter. We're making progress scaling NexusWave installs and ended the quarter with more than 100 ships in active service and orders for nearly 500 more.

公務航空和服務飛機超過 2,000 架，年增 12%。海運收入下降了 8%，正如我們預期的那樣，第四季將觸底。我們在擴大 NexusWave 安裝方面取得了進展，本季末共有 100 多艘船舶投入使用，另有近 500 艘船舶訂單。

In government SATCOM, we had revenue growth of 16%. Our US fixed broadband revenue continued to be challenged with capacity constraints. Fixed services and other revenue was down 19% year over year. Our DAT business continues to enjoy great momentum with revenue up 11% for the quarter and 17% for the year, including the $95 million one-time revenue impact of last year's legal settlement.

在政府衛星通訊領域，我們的收入成長了16%。我們的美國固定寬頻收入持續受到容量限制的挑戰。固定服務和其他收入較去年同期下降19%。我們的 DAT 業務持續保持強勁勢頭，本季營收成長 11%，全年營收成長 17%，其中包括去年法律和解帶來的 9,500 萬美元的一次性收入影響。

Our infosec and cyber business is the largest franchise in our DAT segment. Fourth-quarter product revenue was $97 million, up 8%. Awards more than doubled driven by favorable secular trends, product cycles, and white space product launches.

我們的資訊安全和網路業務是我們 DAT 部門中最大的特許經營業務。第四季產品營收為 9,700 萬美元，成長 8%。在長期趨勢、產品週期和空白產品發布的推動下，獎項數量增加了一倍以上。

For fiscal year '25, we delivered revenue of $4.5 billion, a GAAP net loss of $575 million, adjusted EBITDA of $1.55 billion for a 34.2% adjusted EBITDA margin. Adjusted EBITDA grew 4% over the $1,488 billion prior-year base referenced in the supplemental information section of our Investor website. Growth of 4% in the face of almost $200 million of revenue declines in our fixed services and other business area is a testament to the diversity and resiliency of our overall business portfolio.

25 財年，我們的營收為 45 億美元，GAAP 淨虧損為 5.75 億美元，調整後 EBITDA 為 15.5 億美元，調整後 EBITDA 利潤率為 34.2%。調整後的 EBITDA 比我們投資者網站補充資訊部分引用的 1,4880 億美元的上年同期增長了 4%。在我們的固定服務和其他業務領域收入下降近 2 億美元的情況下，仍實現 4% 的成長，證明了我們整體業務組合的多樣性和彈性。

Turning to our fiscal '26 outlook. We expect modest revenue growth with flattish adjusted EBITDA, which we expect will be plus or minus 1% from the $1.547 billion delivered in fiscal '25.

談談我們對 26 財年的展望。我們預計營收將溫和成長，調整後的 EBITDA 將持平，預計與 25 財年的 15.47 億美元相比將上下浮動 1%。

To put more context around flattish, let me delineate some of the items we'll be overcoming this year. We'll incur about $60 million of additional third-party bandwidth expense versus the prior year key customer needs in the present and future. We'll face $30 million of additional operating cost, $80 million in total, to ready our ViaSat-3 ground network for the service entry of Flights 2 and 3.

為了更清楚地說明平坦化的背景，讓我來描述我們今年將要克服的一些問題。與前一年相比，我們現在和將來的關鍵客戶需求將產生約 6,000 萬美元的額外第三方頻寬費用。我們將面臨 3000 萬美元的額外營運成本，總計 8000 萬美元，為第 2 次和第 3 次航班的服務投入做好 ViaSat-3 地面網路的準備。

Recall as well that fiscal '25 benefited from very high and lucrative royalty revenues, and we do not expect these revenues to continue at the rates we realized in fiscal '25. Offsetting these items are growth in our aviation, government SATCOM, and DAT franchises, along with about $40 million reduced operating costs from our fiscal '25 voluntary retirement program.

還記得，25財年受益於非常高且豐厚的特許權使用費收入，我們預計這些收入不會繼續以我們在25財年實現的水平增長。抵銷這些項目的是我們的航空、政府衛星通訊和 DAT 特許經營權的成長，以及我們 25 財年自願退休計畫減少的約 4,000 萬美元的營運成本。

While we continue to expect top-line growth, double-digit cash flow growth and free cash flow inflection, our adjusted EBITDA guidance is slightly reduced from prior. And the reason is that fiscal '26 has begun with headwinds in our aviation business from continued OEM delivery delays and increases in aircraft out of service as our customers face declines in traffic level.

雖然我們仍然預期營收成長、現金流將達到兩位數成長，且自由現金流也將出現轉折點，但我們調整後的 EBITDA 預期較之前略有下調。原因是，26 財年伊始，我們的航空業務就遭遇阻力，因為我們的客戶面臨交通量下降，導致 OEM 交付持續延遲，飛機停飛數量增加。

Our annualized exposure to current tariffs is relatively minor at $25 million, but we've already been affected by a portion of that amount. Where we fall in the guidance range will depend largely on how the remainder of the year progresses on these macro fronts.

我們目前面臨的關稅年化風險相對較小，為 2500 萬美元，但我們已經受到其中一部分的影響。我們在指導範圍內的位置將在很大程度上取決於今年剩餘時間這些宏觀方面的進展。

Regardless of how much or little impact we faced from the macro headwind, we expect to deliver on some critical outcomes that help our fiscal '26 results, but more importantly, position us for higher growth levels in the years ahead, meaningful growth in our capacity with the launches of Flights 2 and 3 of our ViaSat-3 constellation and targeted integration of third-party capacity. Continued growth in our aviation government's SATCOM and DAT franchises, a return to growth in our Maritime business, and a bottoming out of our fixed services franchise with capacity ViaSat-3 F2 is expected to bring.

無論宏觀逆風對我們造成的影響有多大或多小，我們都希望取得一些關鍵成果，以幫助實現 2026 財年的業績，但更重要的是，讓我們在未來幾年實現更高的增長水平，隨著 ViaSat-3 星座 2 號和 3 號航班的發射以及有針對性地整合容量，我們的容量將實現有意義的第三方增長。預計我們的航空政府 SATCOM 和 DAT 特許經營權將持續增長，我們的海事業務將恢復增長，而我們的固定服務特許經營權將隨著 ViaSat-3 F2 容量的增加而觸底。

We've started the year facing risk to our EBITDA outlook, but our confidence in achieving sustained free cash flow generation by the second half remains high. The business momentum we created during the year, combined with reduced capital requirements following the launch of ViaSat-3, position us for meaningful free cash flow growth in the years beyond fiscal '26.

今年伊始，我們的 EBITDA 前景面臨風險，但我們對下半年實現持續的自由現金流創造仍然充滿信心。我們在這一年中創造的業務勢頭，加上 ViaSat-3 發射後資本需求的減少，使我們在 26 財年之後的幾年中實現了有意義的自由現金流增長。

During fiscal '26, we'll maintain our focus on capital efficiency and reducing the capital intensity of our business model and have confidence our CapEx for the year will be about $1.3 billion, inclusive of $250 million for the completion of the ViaSat-3 constellation. Our cash focus hasn't been limited to EBITDA and CapEx. In fiscal '25, we generated more than $900 million of operating cash flow, more than 30% growth from fiscal '24.

在 26 財年，我們將繼續專注於資本效率並降低業務模式的資本強度，並有信心今年的資本支出將達到約 13 億美元，其中包括用於完成 ViaSat-3 星座的 2.5 億美元。我們的現金重點不僅限於 EBITDA 和 CapEx。在 25 財年，我們產生了超過 9 億美元的營運現金流，比 24 財年成長了 30% 以上。

Our teams are sharpening our focus on key elements of our working capital. And when combined with less severance and restructuring-related charges, we expect operating cash flow growth to again be solidly in the double digits during fiscal '26.

我們的團隊正在更加關注營運資金的關鍵要素。再加上較少的遣散費和重組相關費用，我們預計 26 財年的營運現金流量成長將再次穩定達到兩位數。

The additional steps we're taking to streamline our organization and take better advantage of integration and other portfolio opportunities will make us more nimble and competitive while providing growth and expanding margins. Our focus for this process will be in accessing more network synergies to better share capacity that will reduce future CapEx, better leveraging our combined scale to drive sourcing and non-labor savings, rationalizing our spend with third-party staffing contractors, and simplifying our work processes so we can operate with high velocity, take advantage of normal attrition rates to boost operating leverage.

我們正在採取額外措施精簡組織結構，更好地利用整合和其他投資組合機會，這將使我們更加靈活和具有競爭力，同時實現成長並擴大利潤率。我們在這個過程中的重點是獲取更多的網路協同效應，以更好地共享產能，從而降低未來的資本支出，更好地利用我們的綜合規模來推動採購和非勞動力節約，合理化我們與第三方人員配備承包商的支出，並簡化我們的工作流程，以便我們能夠高速運作，利用正常的人員流失率來提高經營槓桿。

The fiscal '26 impact will be negligible, but we see that some of these opportunities boosting margins by an incremental 200 basis points or more over a three-year horizon.

26 財年的影響將可以忽略不計，但我們發現其中一些機會將在三年內將利潤率提高 200 個基點或更多。

Now let me add a little flavor on how we see our businesses developing through the year. We expect fiscal '26 will see continued growth in both our aviation subsegments despite the macro headwinds noted. The team has been working to deliver improving customer experiences and the integration of third-party capacity through the year to support even higher service levels as our demand continues to grow.

現在，讓我稍微介紹一下我們對今年業務發展的看法。儘管面臨宏觀不利因素，我們預計 26 財年我們的兩個航空子部門仍將持續成長。隨著我們的需求不斷增長，團隊一直致力於提供更好的客戶體驗和第三方能力的整合，以支援更高的服務水準。

We continue to develop Amara, our next-generation IFC multi-network solution and multi-orbit roadmap that will deliver the best customer experiences for the future. Amara will leverage the unique experiences and economics that a blend of LEO and GEO capacity can deliver, including network redundancy and guaranteed quality of experience, flexible business models, and industry-leading digital offerings.

我們將繼續開發 Amara，這是我們的下一代 IFC 多網路解決方案和多軌道路線圖，將為未來提供最佳的客戶體驗。Amara 將利用 LEO 和 GEO 容量整合所能提供的獨特體驗和經濟效益，包括網路冗餘和保證的體驗品質、靈活的商業模式和業界領先的數位產品。

As Mark mentioned, we signed a multi-year agreement with Telesat for LEO capacity, and we're hard at work developing a proprietary electronically-steered antenna terminal, Viasat Era, that will seamlessly integrate capacity from multiple BAMs and orbits to deliver superior experiences.

正如馬克所提到的，我們與 Telesat 簽署了一份為期多年的 LEO 容量協議，我們正在努力開發專有的電子控制天線終端 Viasat Era，它將無縫整合來自多個 BAM 和軌道的容量，以提供卓越的體驗。

In government SATCOM, we should see sustained higher levels of activity and margin expansion on a higher-margin business mix, including the use of the valuable steerable beams we have on our GX fleet. While much of our business is in backlog for fiscal '26, recent new awards and renewals are encouraging the future.

在政府衛星通訊領域，我們應該看到更高水準的活動和更高利潤率的業務組合的利潤率持續擴大，包括使用我們 GX 機隊上寶貴的可控波束。儘管我們的許多業務在 26 財年都積壓了，但最近獲得的新獎項和續約對未來充滿希望。

NexusWave product performance has been strong and the services are performing well. I'm proud of the Maritime team for their work in developing a multi-orbit solution that will meet growing customer needs for the future.

NexusWave 產品效能強勁，服務表現良好。我為海事團隊開發多軌道解決方案的工作感到自豪，該解決方案將滿足未來日益增長的客戶需求。

We plan to increase the rate of installations and expect to drive slight sequential growth in Maritime revenue in the first quarter of fiscal '26. Year-over-year growth is expected at least in the fiscal year.

我們計劃提高安裝率，並預計在 26 財年第一季推動海事收入略有環比增長。預計至少在本財政年度將實現同比增長。

In fixed broadband, Flight 2 will be pivotal to turning the tide but we're not waiting. In advance, we're testing new offerings and targeting areas where we have available capacity, which is helping to stabilize gross adds and reduce churn. Continued subscriber pressure is expected in fiscal '26, but with Flight 2 service entry, we expect this business to stabilize by year-end with an ability to grow beyond the year.

在固定寬頻領域，Flight 2 將成為扭轉局勢的關鍵，但我們不會等待。我們提前測試了新的服務，並瞄準了我們有可用容量的區域，這有助於穩定總新增量並減少客戶流失。預計 26 財年用戶壓力仍將持續，但隨著 Flight 2 服務的投入，我們預計該業務將在年底前穩定下來，並有能力在年底後繼續成長。

In DAT, we expect another year of double-digit growth in revenues driven by information security and space emission systems. We're competing 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 into space.

在 DAT 方面，我們預計在資訊安全和太空發射系統的推動下，其收入將再實現兩位數成長。我們正在爭奪下一代加密市場，我們將利用我們現有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，同時尋求擴展到太空。

During fiscal '26, we expect growth in our infosec and cyber business to meaningfully outpace overall DAT segment revenue growth. We expect more normalized levels of royalty revenues at TrellisWare in fiscal '26. And as a result, DAT adjusted EBITDA growth, we expect, will be less than revenue growth. Absent the TrellisWare impact, DAT margins would be improving.

在 26 財年，我們預計資訊安全和網路業務的成長將顯著超過整體 DAT 部門的收入成長。我們預計 26 財年 TrellisWare 的特許權使用費收入水準將會更加正常。因此，我們預計 DAT 調整後的 EBITDA 成長將低於營收成長。如果沒有 TrellisWare 的影響，DAT 的利潤率將會提高。

I'll turn now to how we're thinking about addressing our debt. Our two-step plan is to begin using available cash to redeem near-term maturity and then to leverage the momentum we've built during fiscal '26 to address our longer-term debt structure. Any potential proceeds from our strategic review or Ligado will be prioritized for debt repayment, which may accelerate our process.

現在我想談談我們如何解決債務問題。我們的兩步驟計畫是開始使用可用現金來贖回近期到期債務，然後利用我們在 26 財年期間建立的勢頭來解決我們的長​​期債務結構。我們從戰略評估或 Ligado 獲得的任何潛在收益都將優先用於償還債務，這可能會加速我們的進程。

At quarter end, we carried available cash of $1.6 billion at the consolidated level. We've begun using that liquidity to early redeem some of our outstanding debt. Following quarter end, we redeemed the remainder of our '25 notes for $443 million.

截至本季末，我們的合併可用現金為 16 億美元。我們已經開始利用這些流動資金提前償還部分未償還債務。在本季末之後，我們以 4.43 億美元贖回了剩餘的 25 年期票據。

During fiscal '26, with confidence in sustained cash flow generation by year-end, we expect to pay down the remainder of the Inmarsat Term Loan B of about $300 million from available cash. With the business momentum we expect to build in fiscal '26, we'll be well positioned to grow our earnings and free cash flow in the years ahead. As we exit the fiscal year, we'll begin work to address our longer-term maturities and expect to have a variety of compelling options to do so. As we get closer to the end of the fiscal year, we'll provide some additional direction as to our objectives and intent.

在 26 財年期間，由於對年底前持續產生現金流充滿信心，我們預計將使用可用現金償還約 3 億美元的 Inmarsat 定期貸款 B 的剩餘部分。憑藉我們預計在 26 財年建立的業務勢頭，我們將在未來幾年內為增加盈利和自由現金流做好準備。隨著財政年度的結束，我們將開始著手解決長期債務問題，並期望有各種令人信服的選擇來實現這一目標。隨著財政年度結束的臨近，我們將對我們的目標和意圖提供一些額外的指導。

As part of managing through this transitory period of elevated capital spending primarily within the Viasat silo and as we approach sustained free cash flow, we expect upstream approximately $400 million to $500 million of cash from our Inmarsat debt silo up to the Viasat level. We want to be transparent about the total quantum expected that this process should play out over time beginning most likely in the next quarter or so.

作為管理主要在 Viasat 孤島內資本支出增加的這一過渡時期的一部分，隨著我們接近持續的自由現金流，我們預計從我們的 Inmarsat 債務孤島到 Viasat 水平的上游現金約為 4 億至 5 億美元。我們希望對這一過程預計的總量保持透明，最有可能從下個季度左右開始。

In conclusion, I hope you now understand why I'm so excited for the opportunities ahead of us in fiscal '26. Key outcomes for the year will be modest revenue growth, flattish adjusted EBITDA, and free cash flow inflection later in the year. But those outcomes mask a much more meaningful transformation in our business.

最後，我希望你們現在明白為什麼我對 26 財年面臨的機會如此興奮。今年的關鍵成果將是適度的收入成長、平穩的調整後 EBITDA 以及今年稍後的自由現金流變動。但這些結果掩蓋了我們業務中更有意義的轉變。

We look to emerge from fiscal '26 with substantially more capacity to deliver for our customers in the years ahead. We expect continued growth in key parts of our business and trends in some of the areas that have been weighing on near-term results to bottom or return to growth. The positioning of our franchises for sustained and profitable growth in combination with using capital requirements following the launch of ViaSat-3 lead us to expect rising free cash flow in the years ahead. Against that backdrop, we'll look to begin refinancing and optimizing our debt structure for the future.

我們期望在 26 財年之後能夠擁有更大的能力來為未來幾年的客戶提供服務。我們預計，我們業務的關鍵部分將繼續成長，並且一些對近期業績造成壓力的領域的趨勢將觸底或恢復成長。我們的特許經營定位於持續獲利成長，並結合 ViaSat-3 發射後的資本需求，讓我們預計未來幾年自由現金流將會增加。在此背景下，我們將著眼於未來開始再融資並優化我們的債務結構。

I'm excited to be part of the Viasat team as we work to realize all our opportunities in fiscal '26. And with that, operator, I'll turn the call back to you to begin the Q&A.

我很高興成為 Viasat 團隊的一員，我們將努力實現 26 財年的所有機會。接線員，接下來我將把電話轉回給您，開始問答環節。

(Operator Instructions) Sebastiano Petti, JPMorgan.

（操作員指示）Sebastiano Petti，摩根大通。

Thanks for all the color there at a segment level, super helpful. I was wondering if you could update us -- I don't know if you touched upon it in your prepared remarks, but any update on the process, the strategic review process for the Defense and Advanced Technologies segment? I think that's something you guys have alluded to in subsequent quarters.

感謝在各個部分提供的所有顏色，非常有幫助。我想知道您是否可以向我們通報最新情況——我不知道您是否在準備好的發言中提到了這一點，但關於國防和先進技術部門的戰略審查流程有任何更新嗎？我認為這是你們在接下來的幾個季度中提到的事情。

Wanted to know if any update there or how you guys are thinking about that. Is that process still ongoing? Perhaps any update on timing would be super helpful.

想知道那裡是否有任何更新或您對此有何看法。這個過程還在進行嗎？也許任何有關時間的更新都會非常有幫助。

And then I guess, just in regards to the satellite launch for F2. I guess what gives you confidence that early 2026 at this point? And is part of the softer perhaps EBITDA you did touch upon getting additional ground network costs in as part of the softer EBITDA guide than previously anticipated a function of just having to wear more of those ground network costs before getting kind of any revenue benefits from there? That would be super helpful if you can comment. Thank you.

然後我想，只是關於 F2 的衛星發射。我想，是什麼讓您對 2026 年初充滿信心呢？您所提及的較軟 EBITDA 是否包含額外的地面網路成本，作為較軟 EBITDA 指南的一部分，而先前預期的較軟 EBITDA 是否意味著必須先承擔更多的地面網路成本，然後才能從中獲得任何收入效益？如果您能發表評論，那將非常有幫助。謝謝。

Okay. Sure, thanks. I'll take your questions in order. On the defense and strategic review that is still underway, things -- that business is doing really well so we're constantly assessing what we think the value of each part of those businesses are relative to what our expectations are of their future cash flows, and I think they're evolving favorably.

好的。當然，謝謝。我將按順序回答你們的問題。在仍在進行的國防和戰略評估中，業務表現非常好，因此我們不斷評估我們認為這些業務各個部分的價值相對於我們對其未來現金流的預期，我認為它們正在朝著好的方向發展。

We are also, at the same time, looking at ways in which some of the things that fall out of that evaluation that are things that we can do to enhance their value and their competitiveness. We're doing those at the same time. But the review is still underway, and I think you should just look for us to make any statements if there's any material change in how we're thinking about that.

同時，我們也在研究如何針對評估中發現的一些問題採取相應措施來提升其價值和競爭力。我們同時在做這些事。但審查仍在進行中，我認為如果我們對此的看法有任何重大變化，你應該期待我們做出任何聲明。

Second part on Flight 2 schedule. Remember, a lot of what's been going on over the last couple of years has really been about understanding the source of the anomaly and the corrective action process. That's where a lot of the uncertainty has been. We're reaching the conclusion that, that entire subassembly will be delivered to spacecraft prime fairly soon, and then it's a lot more straightforward and we're going through processes that we already did on Flight 1.

2 號班機時刻表的第二部分。請記住，過去幾年發生的許多事情實際上都是為了了解異常的根源和糾正措施的過程。很多不確定性都存在在這裡。我們得出的結論是，整個子組件很快就會被運送到太空船主組件上，然後一切都變得更加簡單，我們將重複我們在第一次飛行中已經完成的流程。

In terms of spacecraft integration, we're still on track to deliver the satellite -- the completed satellite to the launch site this summer, as we expected before. And well, right now, with our focus having been on delivering the satellite, we're also looking at what the activities will be post delivery. There's a variety of activities in there, some of which kind of beyond our control. So we felt it was prudent just to update investors and let them know that there is some probability that it could fall into early calendar '26.

在太空船整合方面，我們仍將按照先前的預期，在今年夏天將衛星——完整的衛星——運送到發射場。現在，我們的重點是交付衛星，我們也在考慮交付後的活動。其中有各種各樣的活動，其中一些是我們無法控制的。因此，我們認為，謹慎起見，只需向投資者通報最新情況，讓他們知道，有可能在 2026 年初實現這一目標。

The other thing that I would remind you of is that part of the reason that we use satellite in service in our roadmap is that's really what defines what -- how it's going to affect our financial outlook. And there's really no material change to our financial outlook as a result of that.

我要提醒你的另一件事是，我們在路線圖中使用衛星服務的部分原因是，這實際上決定了它將如何影響我們的財務前景。這實際上不會對我們的財務前景造成重大改變。

For the third point on the EBITDA, I'll let Gary address that one.

關於 EBITDA 的第三點，我會讓 Gary 來回答。

Yes, Sebastiano, we actually reviewed that number, I think, the quarter prior, so there's no impact from the ground network you're referencing. That was not a driver in the guidance.

是的，塞巴斯蒂亞諾，我們實際上在上一季度審查過這個數字，所以您所提到的地面網路沒有影響。這並不是指導中的驅動因素。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

A couple of questions. Can you hear me okay?

有幾個問題。你聽見我說話嗎？

Yes.

是的。

Okay, great. First question. Obviously, you can't talk a lot about Ligado, but is there some time line you can at least actually kind of lay out for us of what we should be watching on the time line of Ligado? Is there any way to put some goalposts around what the magnitude might be?

好的，太好了。第一個問題。顯然，您不能談論太多有關 Ligado 的事情，但是您能否至少為我們列出一些時間表，說明我們應該在 Ligado 的時間線上關注哪些內容？有沒有什麼方法可以對其大小進行一些限定？

And I think, Gary, you mentioned if there were proceeds, it would most likely go towards delevering. Then I had a follow-up.

加里，我認為，您提到如果您有收益，它很可能會用於去槓桿。然後我進行了後續跟進。

Okay. We are participating in a litigation. One of the main things that we would refer investors to an analyst as well is just to look through the public record. It's in the docket. And you can get a little bit of sense of how things are progressing.

好的。我們正在參與一場訴訟。我們建議投資人諮詢分析師的主要事項之一就是查看公開記錄。它在案卷裡。您也可以稍微了解事情的進展。

Just in terms of what's at stake and what is upside for us is it's also part of the public record that the amount of cash that we're owed is in excess of $500 million. And that, according to the bankruptcy plan, the entity intends to consummate the transaction that, that's based on. So those are the things that we're working towards, but it's hard. It's very difficult for us to comment any further than that at this point.

就我們所面臨的風險和對我們有利的方面而言，公開記錄顯示，我們所欠的現金超過 5 億美元。根據破產計劃，該實體打算完成該交易。這些都是我們正在努力實現的目標，但這很難。目前我們很難對此發表進一步的評論。

And anything as far as magnitude?

就幅度而言還有什麼？

Well, the main thing I'd say is just I think the thing to keep in mind is what the amount that we're owed, which is, right now, a matter of public record. So that's something to -- it's just a way to frame the problem.

嗯，我想說的主要一點是，我認為要記住的是我們所欠的金額是多少，這現在是一個公開記錄的問題。所以這只是解決問題的一種方法。

And Gary, you mentioned proceeds might go to delevering. Is there kind of a target zone of where you'd like to see leverage get to over the next couple of years, given Ligado, given potential unlocking of portfolio value?

加里，您提到收益可能會用於去槓桿。考慮到 Ligado 以及投資組合價值的潛在釋放，您是否希望未來幾年槓桿率達到一個目標區域？

Well, yes. Let's start with lower, which is what we're working on urgent. I think we've done the research on this. And I think as is consistent with a lot of asset-intensive businesses, when you get to around 3x, that's where two things start to happen. That's where, first of all, your cost of debt capital starts to flatten out and where equity value is maximized. So clearly, that is an initial resting point.

嗯，是的。讓我們從較低的開始，這是我們正在緊急處理的事情。我認為我們已經對此進行了研究。我認為，與許多資產密集型企業的情況一樣，當達到 3 倍左右時，就會開始發生兩件事。首先，這就是您的債務資本成本開始趨於平穩並且股權價值最大化的地方。顯然，這是一個初始休息點。

We're working at least to get there. I think once we get there, we'll see what we want to do next. What you see from us though is, again, we're acting -- today, we're not necessarily trying to be scientific about it. We're working as hard as we can to drive free cash flow, which is the best way for us to get there.

我們正在努力至少實現這一目標。我想，一旦我們到達那裡，我們就會知道下一步該做什麼。然而，您從我們這裡看到的是，我們正在採取行動——今天，我們不一定試圖以科學的方式對待它。我們正在盡最大努力推動自由現金流，這是我們實現目標的最佳方式。

Okay. And last one for me. Obviously, airlines are looking at solutions for in-flight connectivity, particularly free WiFi. We've been hearing from some of the airlines that the Viasat solution for the narrowbody is really good. Starlink isn't as well.

好的。對我來說這是最後一個。顯然，航空公司正在尋找機上連接的解決方案，尤其是免費 WiFi。我們從一些航空公司聽說，Viasat 針對窄體飛機的解決方案確實很好。Starlink 也是如此。

There's some debate on the widebody. Have you been hearing anything similar from the airline customers of where Starlink might have a solution that they feel is more competitive in a widebody versus narrowbody? Just an update a little bit there. I know you posted something with the presentation today, but that's something we've just been hearing from airlines is narrowbody versus widebody and LEO versus GEO.

關於寬體飛機存在一些爭論。您是否從航空公司客戶那裡聽過類似的說法，即 Starlink 可能有一個他們認為寬體飛機比窄體飛機更具競爭力的解決方案？這裡只是稍微更新了一下。我知道您在今天的演示中發布了一些內容，但我們剛剛從航空公司那裡聽到的是窄體飛機與寬體飛機、低地球軌道飛機與地球靜止軌道飛機的對比。

Okay, that's a good question. One of the things that we have really been emphasizing with our airline customers, our quantitative metrics of performance for all their flights. And those metrics can vary depending on routes, and they can vary depending on -- or think of it as picking with widebodies as a number of people on board which leads to the number of users.

好的，這是個好問題。我們一直向航空公司客戶強調的一件事是，我們對所有航班的績效進行量化衡量。這些指標可能因航線不同而有所差異，也可能因——或者可以將其想像為選擇寬體飛機時，機上人數決定用戶數量。

So we've been pretty focused and actually we rerecord and we can sort those metrics multiple ways: by route, by fleet type, and by widebody versus narrowbody. So I think it's a fair question.

因此，我們一直非常專注，實際上我們重新記錄，並且我們可以透過多種方式對這些指標進行排序：按航線、按機隊類型以及按寬體機與窄體機。所以我認為這是一個公平的問題。

I'd tell you our data is right now that for widebodies and narrowbodies, our performance is very close, okay? Narrowbodies a little bit easier. But if you look at the thresholds that our most knowledgeable customers have set, we're meeting those thresholds for both types of planes.

我想告訴你，我們現在的數據是，對於寬體飛機和窄體飛機來說，我們的表現非常接近，好嗎？窄體飛機稍微容易。但如果你看看我們最了解情況的客戶所設定的閾值，你會發現我們對這兩種類型的飛機都達到了這些閾值。

The other thing that I'd bring up here and we talked a little bit about, well, we mentioned some of the survey results that we got for our ViaSat-3 F1. And one of the really good things about that ViaSat-3 architecture is that we have beams that follow each plane individually. So the amount of bandwidth that we can put into those beams is they're certainly sufficient to serve the largest widebodies with free offering.

我在這裡要提到的另一件事，我們稍微討論了一下，我們提到了針對 ViaSat-3 F1 所獲得的一些調查結果。ViaSat-3 架構的真正優點之一是，我們的光束可以單獨跟隨每個平面。因此，我們可以放入這些光束的頻寬量肯定足以免費為最大的寬體飛機提供服務。

So that's we've given -- we have some of our global customers that are already flying on ViaSat-3 with widebodies. They're seeing those results. I can tell you the customers that we're working with are very pleased with our results with ViaSat-3.

這就是我們所給予的——我們的一些全球客戶已經乘坐 ViaSat-3 寬體飛機飛行。他們看到了這些結果。我可以告訴你們，與我們合作的客戶對 ViaSat-3 的成果非常滿意。

One of the points that we like to make is that not all gigabits or not all terabits are the same. You get lots of points for the gigabits that happen to be right over the right on the planes that are being served. That's the whole point of what we're doing with our new satellites.

我們要強調的一點是，並非所有千兆位元或太比特都是一樣的。如果你所服務的飛機上剛好有千兆比特，那麼你就能獲得很多點數。這就是我們發射新衛星的全部意義。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

First question for Mark, maybe a longer-term one. You mentioned in the prepared remarks you are playing to win. And I'm wondering what exactly does that really mean if we think about two, three, four years from now what Viasat that looks like? Is that purely financial? Is it maybe getting back some of these market share in IFC, maritime? What does that look exactly to you winning?

第一個問題問馬克，也許是長期問題。您在準備好的發言中提到，您是為了勝利而戰。我想知道，如果我們想像一下兩、三、四年後 Viasat 會是什麼樣子，那這到底是什麼意思？這純粹是財務問題嗎？它是否可能奪回國際金融公司和海事領域的部分市場份額？您認為勝利意味著什麼？

Well, the big thing that we is growth, right? We're looking -- winning is growth, okay, for us. I think that the markets that we're focused on still have a lot of growth in them. And we've had very strong market shares in both commercial aviation and maritime. Those are tough benchmarks to try to improve on as those markets grow.

嗯，我們面臨的最大問題就是成長，對吧？我們期待－勝利對我們來說就是一種成長。我認為我們關注的市場仍然有很大的成長空間。我們在商業航空和航海領域都佔有非常大的市場份額。隨著這些市場的成長，這些都是需要努力改進的嚴格基準。

So we're really focused on growth. I think we'll do well on market share. But the big thing -- I think the big thing that we'd like to communicate is it's becoming more and more evident that this is really an economic competition that we can deliver the levels of service that people want. And you think about how that's part of what we're talking about measuring the Hawaii routes, which is interesting because as we bring more bandwidth to market, we will have lots of bandwidth to apply to our customers, especially in these mobility markets. That's our main emphasis, which includes government, aviation, maritime, and we expect to extend that into land mobile.

所以我們真正關注的是成長。我認為我們的市場佔有率會很好。但最重要的是——我認為我們想要傳達的最重要的一點是，越來越明顯的是，這確實是一場經濟競爭，我們可以提供人們想要的服務水準。想想看，這正是我們正在談論的測量夏威夷路線的一部分，這很有趣，因為隨著我們向市場推出更多頻寬，我們將有大量頻寬可供我們的客戶使用，特別是在這些行動市場中。這是我們的主要重點，包括政府、航空、海事，我們希望將其擴展到陸地移動領域。

And then -- so then the big -- the way the competition actually plays out is once you're in an environment where you have unlimited free WiFi for your customers, really the main issue then is who runs out of bandwidth. You just don't -- as long as you don't run out of bandwidth, customers are really happy. But one of the things that we have emphasized for quite a few years is understanding what those geographic and temporal patterns are of demand. And that's what we're intending to serve. That's going to let us compete really effectively.

那麼，最大的競爭實際上是這樣的：一旦你處於一個為客戶提供無限免費 WiFi 的環境中，那麼真正的主要問題就是誰會耗盡頻寬。你不必這樣做——只要你不耗盡頻寬，客戶就會非常高興。但我們多年來一直強調的一點是了解需求的地理和時間模式。這正是我們想要提供的服務。這將使我們真正有效地競爭。

The other part of it is, once you know what kind of the market pricing is in these markets, whether it's like per boarded passenger per ship, you can work backwards and figure out what it takes to be able to serve those price points out of profit. And so that's one of the things that we've been really focused on as well is having sufficient bandwidth every place and being able to deal, to blend our own bandwidth with third-party bandwidth matched the utilization between supply and demand to peak. So that's part of the playing to win.

另一方面，一旦你知道這些市場的市場定價是什麼樣的，無論是按每艘船的每位乘客計算，你都可以反向推導並找出能夠實現這些價格點並從中獲利所需的條件。因此，這也是我們真正關注的事情之一，即在每個地方都擁有足夠的頻寬，並且能夠將我們自己的頻寬與第三方頻寬相結合，使供需之間的利用率達到峰值。這就是爭取勝利的一部分。

The vast part of it that is, I think, really important is one of the distinctions in the way we do free for airlines versus the way some others do is that we give the airlines discretion about how to do that. We provide all the platforms that really give them control over the experience.

我認為，其中最重要的部分是，我們為航空公司提供免費服務的方式與其他一些公司的方式的區別之一在於，我們讓航空公司自行決定如何做。我們提供所有平台，讓他們能夠真正掌控體驗。

And so you'll see, as an example, in the boat that we have for American Airlines, they want to be able to provide those incentives to their best customers, right? And the airlines get advantages by having those customers be members of their frequent flyer program, for instance. So we give them the tools to manage other communication and their connectivity and their entertainment in a way that helps them -- that basically monetize them into come out with a better overall economic solution in an environment where the passengers still get free WiFi.

因此，您會看到，例如，在我們為美國航空公司提供的船上，他們希望能夠為其最佳客戶提供這些激勵措施，對嗎？例如，航空公司可以透過讓這些顧客成為其飛行常客計畫的會員而獲得優勢。因此，我們為他們提供工具來管理其他通訊、連接和娛樂，從而幫助他們——基本上將他們貨幣化，在乘客仍然可以享受免費 WiFi 的環境中提供更好的整體經濟解決方案。

So those are -- and that's really an example of nonprice value. It's right? That's a way that we're really helping the airlines do that. We have very similar strategies in the way we work with our maritime customers and government. I know it's a long answer, but I just wanted to give you a sense of both what it means for us to win and that we feel we have a path to be able to do that as we complete some of the items that we've been working on for quite a while here.

所以這些是——這實際上是非價格價值的一個例子。是吧？這是我們真正幫助航空公司實現這一目標的一種方式。我們與海運客戶和政府的合作策略非常相似。我知道這是一個很長的答案，但我只是想讓你了解勝利對於我們意味著什麼，以及我們覺得我們有一條途徑可以做到這一點，因為我們已經完成了一些我們在這裡已經工作了很長時間的項目。

Understood. No, appreciate the comprehensive response. A follow-up on the L-band. Obviously, you have a lot of it, and you've articulated earlier in your desire to get more involved and [in an amazing way D2D]. But I think you would probably agree that the providers or the people are trying to do these data competitors is already pretty crowded.

明白了。不，感謝您的全面回應。L 波段的後續行動。顯然，你有很多，而且你之前已經表達過你希望更多地參與其中，[以令人驚奇的方式 D2D]。但我想你可能會同意，提供者或試圖進行這些數據競爭的人們已經相當擁擠了。

And many of them have much lower cost of capital, while at the same time, spectrum are very scarce. So what kind of conditions would you need to see to maybe try to monetize the actual spectrum itself as opposed to trying to utilize it for service?

其中許多公司的資本成本低得多，但同時頻譜卻非常稀缺。那麼，您需要看到什麼樣的條件才能嘗試將實際頻譜本身貨幣化，而不是嘗試將其用於服務？

Okay. So there's a lot of -- here's what we'd say. One is, from our perspective, one of the good things is we have pretty significant existing business base in L-band with mobile satellite services. I think one of -- I think it's becoming more clear that having licensed satellite spectrum is really valuable and it's essential in performing the public safety missions that we do.

好的。所以有很多——這就是我們要說的。首先，從我們的角度來看，一件好事是我們在 L 波段擁有相當可觀的現有業務基礎，包括行動衛星服務。我認為其中之一——我認為越來越清楚的是，擁有授權衛星頻譜確實很有價值，對於我們執行公共安全任務至關重要。

When you look at right now, lots of emphasis on aeronautical safety. That's one of our important missions. More and more emphasis on maritime safety.

從現在來看，航空安全受到極大重視。這是我們的重要使命之一。海上安全越來越受到重視。

Certainly national security applications, all those things benefit from licensed satellite spectrum. It's also clear that there can be crossover benefits into these D2D markets with that as well. But one of the points I want to make is that because of the public service obligations that we have or the public interest obligations that we have, which we take seriously, being able to evolve those to what their future requirements is, we think it's important. We're undertaking that. And I think it's a good foundation from which to expand our markets into the other ones.

當然，國家安全應用，所有這些都受益於授權衛星頻譜。顯然，這也可以為這些 D2D 市場帶來交叉效益。但我想指出的一點是，由於我們肩負著公共服務義務或公共利益義務，我們對此非常重視，因此，能夠根據未來的需求來發展這些義務，我們認為這很重要。我們正在做這件事。我認為這為我們拓展其他市場奠定了良好的基礎。

In terms of how you differentiate going to market, one of the main points that we've made, and I mean I would say one of the main points that we've learned in talking to mobile network operators, automotive manufacturers, all of the big users of what's likely to be a network component to 5G, they want standards-based open architecture solutions so that they don't get locked into a single choice.

關於如何區分市場，我們提出的主要觀點之一，我的意思是，我想說，我們在與行動網路營運商、汽車製造商以及所有可能成為 5G 網路組件的大用戶交談時了解到的主要觀點之一，他們想要基於標準的開放式架構解決方案，這樣他們就不會被鎖定在單一的選擇中。

And so one of the main things that we've been doing is this basically to turn this into a competitive environment that's more than who has the most money at any instance at the time. What we're really trying to do is address the customers' needs or desire for those open architecture standards-based solutions. And that is the main reason we helped form the Mobile Satellite Services Association to create the standards that not only allow a terrestrial network to operate with a particular satellite network but to do it with all of them, right, that they can roam among all those, maintain that choice.

因此，我們一直在做的一件主要事情就是將其轉變為一個競爭環境，這種競爭環境不僅僅是在任何時候比誰擁有最多的錢。我們真正想要做的是滿足客戶對那些基於開放式架構標準的解決方案的需求或願望。這就是我們幫助成立行動衛星服務協會的主要原因，該協會制定的標準不僅允許地面網路與特定的衛星網路一起運行，而且允許所有衛星網路一起運行，對吧，它們可以在所有衛星網路之間漫遊，保持這種選擇。

So I think that the ingredients that we're bringing, and I would just want to add one more component that we've talked about there, which has been very important in the terrestrial environment, I think is a big equalizer when it comes to the capital environment, is that of having shared infrastructure, which you see, right, just the way the terrestrial market evolves is that each individual carrier in the nation doesn't have to fund all of the capital. All of the capital itself, that shared capital, helps reduce capital intensity and allows us to compete.

所以我認為，我們帶來的因素，我只想補充一個我們已經討論過的組成部分，這在地面環境中非常重要，我認為在資本環境方面是一個很大的均衡器，就是擁有共享的基礎設施，你看，對的，地面市場發展的方式是，全國的每個運營商不必為所有的資本提供資金。所有資本本身，即共享資本，有助於降低資本密集度並使我們能夠競爭。

So what I would say is big three ingredients we talk about is serving our interest through these aeronautical, maritime, and actual security requirements, helping to facilitate this open architecture standards-based environment and then reducing capital intensity through a shared infrastructure. So I think that we're getting really good feedback, but that's a good message to some of the biggest users and customers for the D2D environment.

因此，我想說，我們討論的三大要素是透過這些航空、航海和實際安全要求來服務我們的利益，幫助促進這種基於開放架構標準的環境，然後透過共享基礎設施降低資本強度。所以我認為我們得到了非常好的回饋，但這對 D2D 環境的一些最大用戶和客戶來說是一個好消息。

Ryan Koontz, Needham & Company.

瑞安·孔茨 (Ryan Koontz)，Needham & Company。

This is Matt on for Ryan. Your 2026 outlook is calling for a double-digit strong growth in both the information security and cyber defense and the Space & Mission Systems businesses. Could you maybe just provide some color on what the underlying growth drivers are for those particular business segments?

這是 Matt 代替 Ryan 上場的。您對 2026 年的展望是，資訊安全和網路防禦以及太空和任務系統業務都將實現兩位數的強勁成長。您能否簡單介紹一下這些特定業務部門的潛在成長動力是什麼？

Sure. In the -- let's see, you mentioned three. So Space & Mission Systems, Encryption and -- sorry, what was the third one?

當然。在——讓我們看看，你提到了三個。那麼空間和任務系統、加密和——抱歉，第三個是什麼？

Infosec.

資訊安全。

Those two, yes. Okay, yes. So I'll address each of them. So the encryption business, I think one of the ways that the problems being framed is quantum resistant in friction, right? And that's sort of that's contained within the US Department of Defense next-generation encryption initiative. So again, the big issue here is carrying over a very large installed base, mission-critical equipment and migrating that to the next-generation equipment through a refresh cycle.

是的，就是那兩個人。好的，是的。因此我將逐一討論這些問題。因此，對於加密業務，我認為解決問題的方法之一是摩擦中的量子抗性，對嗎？這就是美國國防部下一代加密計畫的一部分。所以，這裡最大的問題是承載非常龐大的安裝基礎、關鍵任務設備，並透過更新週期將其遷移到下一代設備。

But one of the things that we've talked about, and we're starting to see is there is a use-by date or an expiration date for the current generation of equipment. So there is, right now, a big focus on refreshing that base as quickly as possible because there is exposure even -- I mean, as we speak of, I would say, security issues that are associated with quantum computing. So there's a lot of emphasis on that. So that is a big driver.

但是，我們已經討論過並且開始看到的一件事是，當前一代設備有一個使用期限或到期日期。因此，現在的重點是盡快更新這個基礎，因為甚至存在暴露——我的意思是，正如我們所說的，我想說的是與量子計算相關的安全問題。因此我們非常重視這一點。所以這是一個很大的推動力。

And then the other thing that is also a good tailwind for us and one where we've been quite successful is it's become quite evident that if you look at these very large constellations, that cyber security is -- it is a single mode of failure that affects the entire constellation. So there is a big focus on cyber security for space, and that is an area that we have a very strong position in.

另一件對我們來說也是好事，也是我們取得巨大成功的一件事是，如果你觀察這些非常大的星座，你會發現網路安全是影響整個星座的單一故障模式。因此，我們非常重視太空網路安全，而我們在這一領域具有非常強的地位。

The second one on the Space & Mission Systems, there's a number of things, and you can see some of the programs we've been successful in this is it's not just satellite services that people are looking for in space, but there's definitely needs for technology insertions. And so we've been really quite successful in -- some missions include replacing some of the NASA services or space relay. That's an area that we've gotten off to a good start.

第二個是關於太空和任務系統，有很多東西，你可以看到我們已經成功的一些項目，這不僅僅是人們在太空中尋找的衛星服務，而且肯定需要技術插入。因此，我們確實取得了相當大的成功——一些任務包括取代美國宇航局的一些服務或太空中繼。這是我們已取得良好開端的領域。

There's issue -- there's initiatives on standardization of optical inter-satellite links. We've been very successful in a number of situations with high-bandwidth radio frequency inter-satellite links. There's also some specific missions that can't be served by, I'd say, more than commercial dual-use satellites. We've been successful in those areas as well.

存在一個問題——存在關於光學衛星間鏈路標準化的舉措。我們在多種情況下利用高頻寬射頻衛星間鏈路取得了巨大成功。我認為，還有一些特定的任務無法由商用兩用衛星來完成。我們在這些領域也取得了成功。

One of the areas we're pretty excited about on the international front is working with the European Space Agency on the LUNAR relay communications applications. That's the Moonlight program. And then there are also some unique opportunities for us and for other operators that we're participating with for national security applications of some of the bands that we can use for dual-use applications, including L-band. That's kind of a rundown on some of the drivers for us.

在國際上，我們非常興奮的領域之一是與歐洲太空總署合作進行月球中繼通訊應用。這就是月光計劃。對於我們以及與我們合作的其他營運商來說，還有一些獨特的機會，可以將某些頻段用於國家安全應用，包括 L 波段，用於雙重用途。這就是我們對一些驅動因素的概述。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Maybe focusing on introduction of new geostationary satellites. Can you just kind of walk us through how we should think about the kind of revenue addition of ViaSat-3 F2 and F3 in '27? And maybe just walk us through kind of how you think about the moving pieces of volume versus pricing growth?

也許重點是引進新的地球靜止衛星。您能否向我們簡單介紹一下，我們該如何看待 27 年 ViaSat-3 F2 和 F3 帶來的營收成長？您能否向我們介紹一下，您如何看待銷售量與價格成長之間的相互影響？

And then just again, walking that all back to the multiyear EBITDA margin expansion of 200 bps of margin. So it seems like if you think about assuming a relatively flat volume versus price outcome and a little bit of EBITDA, it feels like low single digit is the right earnings growth number for '27, but maybe walk us through kind of how you think about that.

然後再一次將這一切追溯到多年 EBITDA 利潤率擴大 200 個基點的利潤率。因此，如果您考慮假設銷量與價格結果相對平穩，並且有少量 EBITDA，那麼感覺低個位數是 27 年正確的盈利增長數字，但也許請向我們介紹一下您對此的看法。

I think I'm going to address the question about the 200 basis points around how we're thinking about it. Across a variety of things that we've seen, we've had the conviction that we've got more to go. We've got more opportunity to go through the integration.

我想我將回答有關 200 個基點的問題以及我們如何看待它。透過觀察我們所見的各種事物，我們堅信我們還有很長的路要走。我們有更多的機會實現整合。

And when you think about the magnitude of opportunities that we've got in front of us, the importance of the year, in order to maximize those opportunities, we think we really need to move towards more clarity, simplicity being nimble. And we've had a couple of instances.

當你考慮到我們面前的巨大機會、今年的重要性時，為了最大限度地利用這些機遇，我們認為我們確實需要朝著更清晰、更簡單、更靈活的方向發展。我們已經遇到過幾次這樣的情況。

I mean, first, you saw some of the ways in which we're looking at managing integration to reduce capital needs for the future. We've also had some scrums internally on some tough problems that we've worked through. And it's led us to believe that we can operate like that much more routinely. And we've engaged some outsiders to help us think through what the magnitude of opportunity would be, and we're really comfortable that across that two- or three-year time horizon, we'll be able to achieve numbers that would have us in that range in terms of additional margin contribution.

我的意思是，首先，您看到了我們正在研究的一些管理整合以減少未來資本需求的方法。我們還在內部就一些已經解決的棘手問題召開了一些討論會。這讓我們相信，我們可以更常規地進行這樣的運作。我們已經聘請了一些外部人士來幫助我們思考這個機會有多大，我們非常有信心，在這兩到三年的時間範圍內，我們將能夠實現讓我們在額外利潤貢獻方面達到這個範圍的數字。

Just in terms of the ramp, one thing just to put in perspective is each of the Flight 2 and Flight 3, each alone have more bandwidth, more capacity than all of the rest of our existing fleet put together. So it's -- those are big increases in capacity for us. And then the really big things about those two satellites, there's really nothing else like them on the market and their ability to see kind of -- each of them can see a third of the world and has the ability to put bandwidth right in the places where the demand is. So the way that we -- first of all, two things, right? I think one is how is demand growing.

就坡道而言，需要說明的一點是，2 號航班和 3 號航班各自的頻寬和容量都比我們現有機隊所有其他航班的總和還要大。所以這對我們來說是產能的極大提升。這兩顆衛星的真正偉大之處在於，市場上沒有其他衛星能與它們相比，而且它們的觀測能力——每顆衛星都可以看到世界的三分之一，並且能夠將頻寬放在有需求的地方。所以我們的方式——首先，有兩件事，對吧？我認為一個問題是需求如何成長。

We're winning more platforms. And as you can see, as things like aviation market goes free or in the maritime market, use becomes a dominant use as opposed to operational use, the amount of bandwidth required for platform is growing substantially. And also, what we are seeing is that we're delivering a lot or service. There's improved productivity from the customer's perspective. But just like in the terrestrial world, you're seeing average revenue per platform grow over that time, right?

我們正在贏得更多平台。正如您所看到的，隨著航空市場或海運市場的開放，使用成為主要用途而不是營運用途，平台所需的頻寬量正在大幅增長。而且，我們看到的是，我們正在提供很多服務。從客戶的角度來看，生產力得到了提升。但就像在陸地世界一樣，您會看到每個平台的平均收入隨著時間的推移而增長，對嗎？

That's how we come out ahead. But think of it as the real competition is not so much who has the most total bandwidth, who has the most bandwidth in the right place at the right time. And you can see, I mean, look, everybody knows Starlink is the one that's trying to lead these markets. But you just look at their own maps that they have on their website and they'll tell you that they have bandwidth in a number of places. And some of those places are really important transportation hubs for maritime and for aviation.

這就是我們取得領先的原因。但真正的競爭不是誰擁有最多的總頻寬，而是誰在正確的時間在正確的地點擁有最多的頻寬。而且你可以看到，我的意思是，看，每個人都知道 Starlink 是試圖引領這些市場的公司。但你只要看看他們網站上的地圖，他們就會告訴你他們在很多地方都有頻寬。其中一些地方確實是海上和航空的重要交通樞紐。

So the big thing for us is we're growing demand through more platforms, more bandwidth per platform, and then we have the flexibility to aim all that capacity right on the platforms that need it at the times that they need it. I think that's a pretty simple formula, but it's actually -- I think it's a little differentiated in the market.

因此，對我們來說最重要的是透過更多的平台、每個平台的更多頻寬來增加需求，然後我們可以靈活地將所有容量在需要的時候分配給需要它的平台。我認為這是一個非常簡單的公式，但實際上——我認為它在市場上有點差異化。

Got it, got it. And appreciate that color. One thing I just want to make sure we understand in terms of clarity. So like in terms of contracted, so like we think of these coming online in '26, and in terms of the full kind of contracted revenue increments from F2 and F3, is there a fair way to think about the contracted additions of revenue growth versus numbers?

明白了，明白了。並欣賞那種顏色。有一件事我只是想確保我們能夠清楚地理解。因此，就合約而言，我們認為這些將在 26 年上線，就 F2 和 F3 的全部合約收入增量而言，有沒有一種公平的方式來考慮合約增加的收入增長與數字？

Yes. So think of it as we're not like the traditional satellite operators that usually would talk about, we're buying a new satellite. Here's our backlog commitments or the commitments we have on a transponder by transponder basis for this amount of utilization.

是的。所以，我們可以認為我們不像通常談論的傳統衛星營運商那樣，我們正在購買一顆新衛星。這是我們的積壓承諾或我們針對這項利用量對每個轉發器所做的承諾。

The way our business really works is what you want to look at is how many platforms we have, what the usage and revenue is platform? And think of it as, as we bring more bandwidth to market, we're constantly growing the number of platforms and as we go to as we get more applications per platform, those drive revenue per platform, and that's really the way in which we fill it up.

我們的業務真正運作的方式是您想要了解的是我們有多少個平台，平台的使用情況和收入是多少？想像一下，隨著我們為市場帶來更多頻寬，我們不斷增加平台的數量，隨著我們在每個平台上獲得更多應用程序，這些應用程式將推動每個平台的收入，這就是我們填補市場的真正方式。

So we are -- think of it as what's really important is to look at those trend lines. And clearly, what you could see if there's one thing that should be evident from what Starlink is doing is that when you decrease the unit cost of bandwidth, the market's grown very substantially, right? That was our premise as well.

因此我們認為真正重要的是觀察這些趨勢線。顯然，從 Starlink 的做法中可以明顯看出，當你降低頻寬的單位成本時，市場就會大幅成長，對嗎？這也是我們的前提。

So we've been a little bit handcuffed or handicapped as we're waiting for these satellites to come out, but that's really going to unlock that for us. I think we've been addressing it effectively in the meantime through adding third-party bandwidth. We're continuing to do that with both LEO and GEO bandwidth.

因此，在等待這些衛星發射的過程中，我們受到了一些限製或阻礙，但這確實會為我們打開這一大門。我認為我們一直在透過添加第三方頻寬來有效地解決這個問題。我們將繼續利用 LEO 和 GEO 頻寬來實現這一目標。

But we've got -- a lot of that CapEx is behind us, right? So that's what the opportunity is that we're getting through this in CapEx, but we're getting a lot of inventory. And that's what's going to help drive the cash flow, the big part of what you heard Gary's discussion about. That's what we're focused on.

但是我們已經有很多資本支出了，對吧？這就是我們在資本支出方面獲得的機會，但我們獲得了許多庫存。這將有助於推動現金流，這也是加里討論的重點。這就是我們關注的重點。

Got it, got it. And just -- I never do ask a third question. Maybe walk us through the free cash flow building blocks to '27. It seems like the fair way to think about just taking the numbers that you've given us, if we assume like 30% of OCF growth and the CapEx number you've given us, that gets us to maybe $100 million to $200 million of burn in '26.

明白了，明白了。而且──我從來沒有問過第三個問題。或許可以向我們介紹一下 27 年自由現金流的組成要素。似乎公平的做法是只考慮您給我們的數字，如果我們假設 OCF 成長率為 30%，並且您給我們的資本支出數字為 30%，那麼我們在 26 年的燒錢金額可能達到 1 億到 2 億美元。

And then with the tailwinds, so the number you gave us on ViaSat-3 stepping down to $250 million and at some level of margins and working capital, to maybe roughly $300 million total. So is it fair to assume that we could be looking at like a low single-digit hundreds of millions of dollars opportunity for free cash flow in' 27 by that math? Not getting you to sign on for guidance but just making sure our math is correct.

然後隨著順風的出現，您給我們的 ViaSat-3 的數字下降到 2.5 億美元，在一定的利潤和營運資金水平下，總額可能下降到大約 3 億美元。那麼，根據這個計算，我們是否可以合理地假設，我們可能在 27 年看到一個數億美元的自由現金流機會？不是讓您簽署指導意見，而只是確保我們的數學是正確的。

Well, we're not necessarily going to validate your math over new guidance, but you clearly are educated on what some of the right building blocks are. One of the things that we have been really focused on, and you've seen it in Mark's prepared remarks, in mine, it's about the magnitude of opportunity and the underlying meaning of what we're setting out to accomplish in fiscal '26 to position ourselves for a lot of growth beyond that, right? So I think you all know how to think through some of those factors in terms of what they might look like on the EBITDA line.

好吧，我們不一定會根據新的指導來驗證你的數學，但你顯然已經了解了一些正確的建造模組。我們真正關注的事情之一，正如您在馬克的準備好的發言中以及在我的發言中看到的，就是機遇的規模以及我們在 26 財年要實現的目標的潛在意義，以便為此後的更大增長做好準備，對嗎？所以我想你們都知道如何從 EBITDA 的角度來思考這些因素。

As Mark just said, we're going to have a big lump of CapEx in ViaSat-3 behind us. And one of the things you've seen, we didn't talk about it on this call, was more of a focus last time. The team here has had a tremendous amount of focus on CapEx even in the here and now.

正如馬克剛才所說，我們將在 ViaSat-3 上投入一大筆資本支出。你們已經看到，我們在這次電話會議上沒有談論的一件事，上次我們更加關注它。即使是現在，這裡的團隊也非常關注資本支出。

And we're all driving towards this goal of reducing the capital intensity of the business. It's resulted in almost $300 million less CapEx over the course of fiscal '25 and '26 from where we started several quarters ago. We're going to continue with that focus. The teams are getting trained on working capital.

我們都在努力實現降低業務資本密集度的目標。與幾個季度前相比，25 財年和 26 財年的資本支出減少了近 3 億美元。我們將繼續關注這一重點。這些團隊正在接受營運資金的培訓。

So the things that you're talking about are in line with the kinds of trends that we expect to see, EBITDA growth, focused on things like net working capital, being really disciplined with our capital spending. Those are things that you should expect to continue to see.

所以，您談論的事情與我們預期看到的趨勢一致，即 EBITDA 成長，重點關注淨營運資本等方面，嚴格控制我們的資本支出。這些都是您應該期待繼續看到的事情。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Following up on the prior question. Based on what you conveyed with approximately $250 million in ViaSat-3 CapEx this year, is $1 billion a good benchmark for fiscal 2027 CapEx? And would that include $200 million of capitalized interest?

繼續回答前面的問題。根據您今年約 2.5 億美元 ViaSat-3 資本支出的信息，10 億美元是否是 2027 財年資本支出的良好基準？這其中是否包括 2 億美元的資本化利息？

Again, we're not going to give guidance on where we'll land in fiscal '27 just yet. Actually, this year, what your numbers were -- we didn't have the $250 million of CapEx around the closure of the ViaSat-3 system that we'll have next -- in this current fiscal year, fiscal '26. The spending was around $1 billion in total, and there was about $200 million of capitalized interest in that number.

再次強調，我們暫時不會對 27 財年的業績給予預期。實際上，今年的數字是——我們沒有為關閉 ViaSat-3 系統而支出的 2.5 億美元資本支出，而我們將在本財年，即 26 財年，支付這筆費用。總支出約 10 億美元，其中資本化利息約 2 億美元。

Bear in mind, the capitalized interest is something that we do think will trend down a bit. But we still have satellites under construction so that's not something that's going to disappear from the capital line.

請記住，我們確實認為資本化利息會略有下降。但我們仍有衛星正在建造中，所以這不會從首都線上消失。

Right. And secondly, what provides confidence that maritime will inflect in late fiscal '26? Is there continued upsell from your L-band customers? And are you also taking share from like Ku-band maritime competitors?

正確的。其次，如何確保海事產業在 26 財政年度結束時能夠有所發展？您的 L 波段客戶是否繼續追加銷售？您是否也從 Ku 波段海事競爭對手搶佔市場份額？

Okay. So first thing that was providing confidence is we went through beta trials. We've gone into production. We have a very attractive backlog. It's growing fast even while the inflation rates are growing on what we're calling NexusWave, which is the multiband one.

好的。因此，為了增強信心，我們首先進行了 beta 測試。我們已經投入生產。我們擁有非常有吸引力的積壓訂單。即使通貨膨脹率不斷上升，我們所說的 NexusWave（多頻段）仍然在快速成長。

So right now, what we're really looking at, and we're still early days but I'd say that the orders, the rate of which we've got orders, the size of the pipeline, the rate of installs, the existing backlog, all of those are pointing to kind of the sequence of events that we talked about last quarter, which is we should see net vessels stabilize and grow, then we'll see the revenue come from those vessels, and we'll get there.

所以現在，我們真正關注的是，我們仍處於早期階段，但我想說的是，訂單、我們獲得訂單的速度、管道規模、安裝速度、現有的積壓訂單，所有這些都指向我們上個季度談到的一系列事件，也就是我們應該看到淨船舶數量穩定和增長，然後我們將看到收入來自這些船舶，然後我們就會實現這一目標。

On the revenue side, one of the big things that we've talked about, I think everybody has talked about is the increased usage on board ships going from not just operational but to crew use. So that's really driving -- think of it as an inflow of revenue into the maritime business, which NexusWave is really our first opportunity to capitalize on, right, and to provide that integrated service.

在收入方面，我們討論過的一件大事，我想每個人都在討論過，那就是船上使用率的提高，不僅僅是運營，還包括船員使用。所以這才是真正的推動力——可以將其視為海運業務的收入流入，而 NexusWave 實際上是我們利用這一收入的第一個機會，對吧，並提供這種綜合服務。

So we're seeing good growth in revenue per ship, given the service plans that our customers are adopting. So I think where that's coming from. It's pretty clear that conventional Ku-band doesn't -- just like in aviation, you're going to see, as the demand for vessel increases and then you look at the patterns about where those vessels aggregate, there's really not a lot of future in that, we think.

因此，考慮到我們的客戶所採用的服務計劃，我們看到每艘船的收入都有良好的成長。所以我想這是從哪裡來的。很明顯，傳統的 Ku 波段並不像航空業那樣，隨著船舶需求的增加，你會看到，然後你看看這些船舶聚集的模式，我們認為這方面的未來確實不大。

And so we do think that, that one of the ways in which we'll be able to compete really effectively. It's still complicated. I think the thing that, that is really encouraging about what we're doing now is most of our growth is coming directly in our direct sales to fleets. And one of the good things there is it's really a way for us to be close to the customer and just understand what the pull-through is for the parts of our business that go through distribution.

因此，我們確實認為，這是我們能夠真正有效競爭的方式之一。情況仍然很複雜。我認為，我們現在所做的事情真正令人鼓舞的是，我們的大部分成長直接來自於車隊的直接銷售。這樣做的好處之一是，它確實可以讓我們更貼近客戶，並了解透過分銷實現的業務部分的成長點。

So one of the things that we're working with is we're working with some of our indirect distributors to be able to have them understand what's going on and to be able to make win-win deals and have them come along with us. That's also high on our list. That's another way, I think, that we're starting to see some progress, and we'll see sustained growth.

因此，我們正在與一些間接分銷商合作，以便讓他們了解正在發生的事情，並能夠達成雙贏的交易，讓他們與我們一起前進。這也是我們名單上的重要部分。我認為，這是我們開始看到一些進展並將看到持續成長的另一種方式。

So we're talking about kind of going up sequentially in the first half, Q1, Q2, but we should get, later in the year, we should start showing year-over-year revenue growth in maritime. I think that's going to be a really good proof point for what we're talking about is how we can compete in these markets. Did that cover ?

因此，我們談論的是上半年、第一季、第二季的環比成長，但在今年晚些時候，我們應該開始顯示海運收入年增。我認為這將是一個很好的證明點，證明我們正在談論的是如何在這些市場上競爭。那封面？

Definitely, Mark. And one final one, do you expect to play a role in Golden Dome?

當然，馬克。最後一個問題，您希望在 Golden Dome 中扮演一個角色嗎？

Yes. Yes, I think that -- I mean, the big thing there is the government is not going to outsource. They are not going to outsource everything in that, right? At the end, there's going to be a very substantial component across a whole range of technologies that includes cyber security, sensor fusion, cloud communications.

是的。是的，我認為——我的意思是，最重要的是政府不會外包。他們不會把所有事情都外包出去，對吧？最終，將會有一個涵蓋一系列技術的非常重要的組成部分，包括網路安全、感測器融合、雲端通訊。

There's going to be a lot of business across a number of disciplines. A lot of that's going to be in technology, not just services, and we're well positioned across those areas. So we're seeing opportunity there as well.

將會有大量跨學科的業務。其中許多將涉及技術領域，而不僅僅是服務領域，我們在這些領域都處於有利地位。所以我們也看到了那裡的機會。

Justin Lang, Morgan Stanley.

摩根士丹利的賈斯汀朗 (Justin Lang)。

I'll try to be quick here. Just one on government satcom, I think you mentioned good visibility from the backlog. The business was a nice grower in '25. And I guess the question is, do you see that growth sort of repeating here in '26? Or should it taper a bit just given tougher comps?

我會盡量快一點。僅就政府衛星通訊而言，我認為您提到了積壓工作的良好可見性。1925 年，公司業務取得了良好的發展。我想問題是，您是否認為這種增長會在 26 年重演？或者說，考慮到競爭更加激烈，它是否應該逐漸減少？

Just sort of curious how much would offset gov satcom to communication services this year, given some of the early aviation pressures you noted and the dynamics playing out in maritime and broadband, which I think you outlined clearly.

我只是有點好奇，考慮到您提到的一些早期航空壓力以及海事和寬頻領域的動態，今年政府衛星通訊對通訊服務的抵消程度會有多大，我認為您對此進行了清晰的概述。

Yes. We expect the growth to taper but we do think it will be up slightly. And at sustained much higher levels of activity, this is a nice margin part of the portfolio so it will be a big contributor this year.

是的。我們預計成長將會放緩，但我們確實認為成長將會略有上升。在持續較高的活動水平下，這是投資組合中一個很好的利潤部分，因此它今年將是一個很大的貢獻者。

Okay, great. And then just a quick housekeeping, Gary, maybe I missed it, but you mentioned leverage to tick up, I think, here modestly in '26 so you got flattish EBITDA and you got the second half free cash flow inflection. So I guess, how should I square that with the sort of delevering priority you laid out?

好的，太好了。然後只是簡單的整理一下，加里，也許我錯過了，但你提到槓桿率會上升，我認為，在 26 年這裡會適度上升，所以你的 EBITDA 比較平穩，並且下半年的自由現金流會出現拐點。那麼我想，我應該如何將其與您所列出的去槓桿優先事項相協調呢？

While the delevering is something that we've got to build, we do need to get through this year and achieve those outcomes that we described. We think once we get beyond this fiscal year and some of the impact of that ViaSat-3 CapEx, we'll be on a much different path in terms of the direction that we're heading. Over the course of this year, we do think that amounts to a slight uptick in that EBITDA over -- or net debt over EBITDA.

雖然去槓桿是我們必須實現的目標，但我們確實需要度過今年並實現我們所描述的成果。我們認為，一旦我們度過本財年並擺脫 ViaSat-3 資本支出的部分影響，我們前進的方向就會發生很大變化。我們確實認為，今年 EBITDA 將略有上升，或者說淨債務將略有上升。

Thank you. I'm not showing any further questions in the queue. I would now like to turn the call over to Mark for closing remarks.

謝謝。我不會在隊列中顯示任何其他問題。現在我想把電話交給馬克來做結束語。

Okay. So we've covered a lot of ground. We've got a lot of good questions. I think I'd just like to just kind of rattle off some of the main themes that we think are really important that we're trying to communicate this quarter. One is we're making good progress or steady progress.

好的。我們已經涉及了很多內容。我們有很多好問題。我想我只是想簡單談談我們認為本季試圖傳達的一些非常重要的主要主題。一是我們正在取得良好進展或穩定進展。

We're on the Flight 2 and Flight 3 of ViaSat-3. And we've got really good data that we think demonstrates the effectiveness of that architecture and the way that we use it on Flight 1. Even though Flight 1 is certainly impaired, it demonstrates the way that we're going to use the satellites.

我們搭乘的是 ViaSat-3 的 2 號班機和 3 號班機。我們獲得了非常好的數據，我們認為這些數據證明了該架構的有效性以及我們在 Flight 1 上使用它的方式。儘管 1 號航班確實受到了損害，但它展示了我們將要使用衛星的方式。

And I think it also helps demonstrate that not all gigabits or all terabits are the same. You only get points for that bandwidth that is in the place that you need it when you need it. I think that's these mobility markets is a really important thing to remember. We're already seeing good results from that in aviation, and we're having opportunities in government.

我認為這也有助於證明並非所有千兆位元或太比特都是相同的。您只能在需要時，根據位於所需位置的頻寬獲得積分。我認為這些行動市場是一件需要記住的重要事情。我們已經在航空領域看到了良好的成果，並且在政府領域也獲得了機會。

Maritime, we're off to a really good start on the multi-orbit NexusWave service. L-band, I think we're making progress starting in the D2D space but really focused on these next-generation safety services in aviation, maritime and the national security components and then being able to apply these principles that we described before in open architecture, standards-based, the value of dedicated satellite spectrum and then bringing that to market in ways that allow us to reduce capital intensity through multi-tenant shared infrastructure, same as what's happened in the terrestrial space. So that is one of the ways in which we're looking to make sure that we could continue to drive up cash flow through reduced capital intensity.

海事方面，我們在多軌道 NexusWave 服務方面取得了良好的開端。L 波段，我認為我們在 D2D 領域取得了進展，但真正關注的是航空、航海和國家安全領域的下一代安全服務，然後能夠應用我們之前在開放式架構、基於標準、專用衛星頻譜的價值中描述的這些原則，然後將其推向市場，使我們能夠通過多租戶共享基礎設施降低資本強度，就像在地面空間發生的那樣。因此，這是我們尋求確保能夠透過降低資本強度來繼續提高現金流的方法之一。

We're pretty proud things are still in flux. But for FY '25, we had record revenue, record EBITDA, record awards. We see good opportunities for growth in operating cash flow that Gary's on through a lot of detail on how we're going to use that to better -- to improve our capital structure. Even this year, we had two quarters of positive free cash flow. Next year, our objective is to exit the year with that sustained positive free cash flow.

我們非常自豪事情仍在不斷變化。但在 25 財年，我們的營收、EBITDA 和獎項均創下了紀錄。我們看到了經營現金流成長的良好機會，加里詳細介紹了我們如何利用這些現金流來更好地改善我們的資本結構。即使在今年，我們也有兩個季度的自由現金流為正。明年，我們的目標是實現持續的正自由現金流。

We've talked about a flattish FY26. It is. There are some challenges in the macroenvironment. Gary spoke about impact of tariffs, also the issue about OEM deliveries in aviation. That's kind of a macro that we're dealing with, but we feel we're well positioned for growth. We think it is becoming more clear that we can thrive and win in the markets we're targeting.

我們討論過 26 財年業績將會持平。這是。宏觀環境存在一些挑戰。加里談到了關稅的影響，以及航空業原始設備製造商交付的問題。這是我們正在處理的一個宏觀問題，但我們覺得我們已經做好了成長的準備。我們認為，我們可以在目標市場中蓬勃發展並取得成功，這一點正變得越來越清晰。

Last thing I just want to say is there's a lot of work, obviously, behind all things we're talking about, and I want to thank all of our employees and teams for the work that they're doing. So thanks again for participating in our call. We'll speak again next quarter.

最後我想說的是，我們談論的所有事情背後顯然有很多工作要做，我要感謝我們所有的員工和團隊所做的工作。再次感謝您參加我們的電話會議。我們將在下個季度再次討論。

And 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。