Viasat Inc (VSAT) 2026 Q1 法說會逐字稿

Please stand by. Your program is about to begin.

請稍候。您的程式即將開始。

My name is Dustin, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Viasat's first-quarter fiscal year 2026 earnings results conference call. (Operator Instructions)

我叫達斯汀，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 2026 財年第一季收益業績電話會議。（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, Justin. 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 Q1 fiscal year 2026 shareholder letter on the Investor Relations section of our website.

謝謝，賈斯汀。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網站投資者關係部分的 2026 財年第一季度股東信中找到。

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 offer in the future.

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. 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 we posted on our website and referencing the slides we also posted earlier this afternoon for more details.

下午好，感謝您今天加入我們。和我一起的還有麗莎 (Lisa)，我們的財務長加里·蔡斯 (Gary Chase) 和首席會計官肖恩·達菲 (Shawn Duffy)。像往常一樣，我們鼓勵閱讀我們在網站上發布的股東信，並參考我們今天下午早些時候發布的幻燈片以了解更多詳細資訊。

Our first-quarter fiscal year 2026 results yielded a bit stronger than expected year-over-year revenue and adjusted EBITDA growth. Our first-quarter performance reflected healthy market demand in our most important business lines, more than offsetting lower IP intellectual property licensing revenue and expected pressures in fixed broadband businesses as well as good cash generation.

我們的 2026 財年第一季業績年收入和調整後 EBITDA 成長略高於預期。我們第一季的業績反映了我們最重要的業務線的健康市場需求，足以抵消較低的IP知識產權授權收入和固定寬頻業務的預期壓力以及良好的現金產生。

For Q1 fiscal 2026, we had a net loss of $56 million compared to a net loss of $33 million in the first quarter of fiscal 2025, and that was primarily due to improved operating performance that was offset by the increase in depreciation and amortization and a higher income tax provision. Revenue grew 4% year over year, driven largely from double-digit growth in the Defense and Advanced Technologies segment, which reflected the strength and diversity of our unique technology portfolio, strong market positions. and attractive secular drivers.

2026 財年第一季，我們的淨虧損為 5,600 萬美元，而 2025 財年第一季的淨虧損為 3,300 萬美元，這主要是由於經營業績改善，但被折舊和攤提的增加以及更高的所得稅撥備所抵銷。營收年增 4%，主要得益於國防和先進技術部門的兩位數成長，這反映了我們獨特的技術組合的實力和多樣性、強大的市場地位以及具有吸引力的長期驅動力。

Adjusted EBITDA increased by 1% year over year, primarily from double-digit adjusted EBITDA growth in information security and cyber defense, partially offset by lower intellectual property licensing revenue and declines in Maritime. One of our highest priorities remains getting pipes 2 and 3 of the ViaSat-3 series into service and our progress is reflected in the updated accompanying satellite road map. Each of the new ViaSat-3 satellite is designed to enable more bandwidth capacity than our entire existing fleet creating opportunities to grow in each of our franchise businesses.

調整後 EBITDA 年成長 1%，主要得益於資訊安全和網路防禦業務的兩位數調整後 EBITDA 成長，但被智慧財產權許可收入的下降和海事業務的下滑部分抵消。我們的首要任務之一仍然是讓 ViaSat-3 系列中的 2 號和 3 號管道投入使用，我們的進展反映在更新的隨附衛星路線圖中。每顆新的 ViaSat-3 衛星都旨在提供比我們現有整個衛星群更大的頻寬容量，為我們每項特許經營業務創造成長機會。

For Flight 2, we completed implementation and testing of the corrective actions for the deployable reflectors and have begun the process of final flight installations and closeouts. We've also completed ground operations and defined launch campaigns scheduled and launch day operational plans with our launch partners. We expect to ship Flight 2 to the launch site by the end of next month, which would be September 2025.

對於第二次飛行，我們完成了可展開反射器的糾正措施的實施和測試，並已開始最終飛行安裝和收尾過程。我們還完成了地面作業，並與發射合作夥伴制定了發射活動計劃和發射日運營計劃。我們預計下個月底（即 2025 年 9 月）將 2 號飛行器運送到發射場。

For Flight 3, we also completed testing of the deployable reflectors and began the process of preparing the space path for mechanical environmental testing. We continue to monitor the launch manifest and range priorities for our launch vehicles and at Cape Canaveral.

對於第三次飛行，我們還完成了可展開反射器的測試，並開始準備用於機械環境測試的太空路徑。我們將繼續監測我們的運載火箭和卡納維爾角的發射清單和射程優先順序。

As previously shared, as we achieved satellite integration and test milestones on the spacecraft, we reduced the magnitude of the bringing to service schedule risk, but of course, that doesn't eliminate scheduled risks extrinsic to our own spacecraft or launch campaign.

正如之前所分享的，隨著我們在太空船上實現衛星整合和測試里程碑，我們降低了服務計畫風險的程度，但當然，這並不能消除我們自己的太空船或發射活動之外的計畫風險。

We've slightly adjusted the in-service state road map to better reflect various potential schedule uncertainties post shipment over Flight 3.

我們稍微調整了在役狀態路線圖，以更好地反映第 3 航班裝運後各種潛在的時間表不確定性。

ViaSat-3 Flight 1 services continue to scale steadily with more than 60,000 price occurred to date, all fulfilling high-performance service level agreements delivering fast and free Wi-Fi. We've pioneered many of these services and business models and are continuing to win in our target markets, leveraging a combination of our existing and planned fleet with our third-party bandwidth partners.

ViaSat-3 Flight 1 服務繼續穩步擴大，迄今已產生超過 60,000 個價格，全部滿足高性能服務水平協議，提供快速和免費的 Wi-Fi。我們率先推出許多此類服務和商業模式，並利用我們現有和計劃中的設備以及第三方頻寬合作夥伴的組合，繼續在目標市場中獲勝。

We also continue to advocate and support an open architecture standards-based approach to non-terrestrial network, or NTN, roaming and interoperability with terrestrial using a significantly more cost-effective aggregation, coordinated mobile satellite spectrum. Our approach is designed to leverage the 5G ecosystem, which can substantially reduce capital and operating costs for Viasat and other operating partners and should reduce costs for consumers and help drive broader non-terrestrial network adoption.

我們也將繼續倡導並支援採用基於開放式架構標準的非地面網路（NTN）漫遊和與地面互通性方法，使用更具成本效益的聚合、協調的行動衛星頻譜。我們的方法旨在利用 5G 生態系統，這可以大幅降低 Viasat 和其他營運合作夥伴的資本和營運成本，並降低消費者的成本並有助於推動更廣泛的非地面網路採用。

The strong start to first quarter is affirming our ability to position fiscal 2026 as a launch year. We are focused on continuing to more thoroughly optimize the integration of Viasat and Inmarsat resources and establish the growth opportunities and associated earnings power of our franchises to yield attractive cash conversion. We see opportunities to sustain and enhance durable competitive positions while simultaneously reducing capital intensity. We're balancing investing for growth in target markets while continuing to opportunistically strengthen our capital structure via cash flow improvements, addressing debt maturities, and ongoing portfolio reviews all intended to help de-lever our balance sheet.

第一季的強勁開局證實了我們將 2026 財年定位為啟動年的能力。我們專注於繼續更徹底地優化 Viasat 和 Inmarsat 資源的整合，並建立我們特許經營權的成長機會和相關盈利能力，以實現有吸引力的現金轉換。我們看到了維持和增強持久競爭地位同時降低資本密集度的機會。我們正在平衡對目標市場成長的投資，同時繼續透過改善現金流、解決債務到期問題和持續的投資組合審查來機會性地加強我們的資本結構，所有這些都旨在幫助降低我們的資產負債表的槓桿率。

We are determined to exit fiscal 2026 with a solid foundation for accelerated and sustained growth and cash generation. We have a comprehensive plan to reinforce our competitive positions, portfolio value, and drive returns and shareholder value.

我們決心在 2026 財年結束時打下加速和持續成長及現金創造的堅實基礎。我們有一個全面的計劃來加強我們的競爭地位、投資組合價值並推動回報和股東價值。

Fiscal '26 is the year to reposition for growth. As I said before, there will be challenges, but we're playing to win.

26 財年是重新定位成長的一年。正如我之前所說，我們會面臨挑戰，但我們會努力取得勝利。

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

說完這些，我就把它交給加里。

Thanks, Mark. and good afternoon to everyone joining us on the call. I want to start by thanking the Viasat team for all the hard work that went into delivering our fiscal 2026 first-quarter results.

謝謝，馬克。祝參加電話會議的各位下午好。首先，我要感謝 Viasat 團隊為實現 2026 財年第一季業績所付出的辛勤努力。

Last time we were together, I noted that we were starting the year facing some headwinds that we're working to address. OEM aircraft delivery rates continue to recover slowly. In addition, airline partners have increased the number of grounded aircraft as they manage through macro uncertainties, and US fixed broadband remains pressured until we bring ViaSat-3 Flight 2 into service.

上次我們在一起時，我注意到我們在新的一年裡面臨一些阻力，我們正在努力解決這些阻力。OEM飛機交付率持續緩慢回升。此外，為了應對宏觀不確定性，航空公司合作夥伴增加了停飛飛機的數量，而且在 ViaSat-3 Flight 2 投入使用之前，美國固定寬頻仍然面臨壓力。

During the quarter, while benefiting from a bit of timing, we also absorbed lower IP licensing revenue from Pulsar, the sale of our Energy Systems Integration business, hire ViaSat-3 brown build-out-related OpEx, adverse foreign exchange impacts, and elevated legal costs related to Ligado.

在本季度，雖然受益於一些時機，但我們也吸收了來自 Pulsar 的較低的 IP 許可收入、我們的能源系統整合業務的出售、僱用 ViaSat-3 棕色建設相關的營運支出、不利的外匯影響以及與 Ligado 相關的上升的法律成本。

In the first quarter, despite these headwinds, we generated revenue of $1.17 billion and adjusted EBITDA reached $408 million, up 1% year over year or a 35% adjusted EBITDA margin. Growth in the face of these headwinds is a testament to the commitment of our teams to deliver for our customers.

第一季度，儘管面臨這些不利因素，我們仍創造了 11.7 億美元的收入，調整後的 EBITDA 達到 4.08 億美元，年成長 1%，調整後的 EBITDA 利潤率為 35%。在這些不利因素下實現成長證明了我們團隊致力於為客戶提供服務的承諾。

I'm pleased we're off to a good start, but we need to stay focused to deliver on the year. We all know fiscal '26 is an important one for us as we position the business for higher earnings power in the years ahead. We're expecting to add substantially to our capacity base two ViaSat-3 satellite and judiciously adding third-party capacity, continuing to grow our aviation, government satcom, and DAT franchises, return our maritime business to growth with Nexuswave, and expect our fixed broadband business will bottom out with the capacity by Viasat-3 Flight 2 is expected to bring.

我很高興我們有了一個很好的開端，但我們需要保持專注以實現今年的目標。我們都知道，26 財年對我們來說非常重要，因為我們要為未來幾年更高的獲利能力做好準備。我們預計將大幅增加兩顆 ViaSat-3 衛星的容量基礎，並明智地增加第三方容量，繼續擴大我們的航空、政府衛星通訊和 DAT 特許經營權，透過 Nexuswave 恢復我們的海事業務增長，並預計我們的固定寬頻業務將隨著 Viasat-3 Flight 2 帶來的容量而觸底。

Executing on these opportunities will drive the three key pillars of our financial journey. First, building our franchise, increasing earnings power while investing in our future with discipline. Second, generating sustained and growing free cash flow, which is the best means of achieving our third objective, is reducing the leverage that's pressuring our debt and equity prices. Our team's focus on execution in fiscal '26 targeting a sustained turning point on all three of these fronts, leading us into an exciting fiscal '27 and beyond.

抓住這些機會將推動我們財務歷程的三大支柱。首先，建立我們的特許經營權，提高獲利能力，同時有紀律地投資我們的未來。其次，創造持續成長的自由現金流是實現我們第三個目標的最佳手段，即降低對我們的債務和股票價格帶來壓力的槓桿率。我們的團隊專注於 26 財年的執行，目標是在這三個方面實現持續的轉折點，帶領我們進入令人興奮的 27 財年及以後。

Mark spoke to the progress we're making on ViaSat-3 and the other ways in which we're building our capacity. Let me highlight just a few examples of how we're building the backlog we need to monetize that capacity and grow profitably.

馬克談到了我們在 ViaSat-3 上取得的進展以及我們正在建立能力的其他方式。讓我重點舉幾個例子來說明我們如何建立所需的積壓訂單，以便將產能貨幣化並實現獲利成長。

LATAM Group selected Viasat AMARA service on wide-body long-haul aircraft. This transformative next-generation connectivity service will utilize a multi-orbital network of GEO and LEO satellite, ensuring a high speed, high resiliency, low latency internet connection with global coverage. In addition to benefiting passengers, Viasat AMARA will optimize operations with real-time communication between crew and ground teams, data transmission for predictive aircraft maintenance, and root optimization via cockpit connectivity.

LATAM 集團選擇了 Viasat AMARA 寬體長途飛機服務。這種變革性的下一代連接服務將利用 GEO 和 LEO 衛星的多軌道網絡，確保高速、高彈性、低延遲的全球覆蓋互聯網連接。除了使乘客受益之外，Viasat AMARA 還將透過機組人員和地面團隊之間的即時通訊、預測性飛機維護的數據傳輸以及透過駕駛艙連接進行根優化來優化營運。

Our Maritime product, Nexuswave, surpassed 1,000 orders since introduction for the fully managed high-speed bonded connectivity service. In the first quarter of '26, we installed 190 vessels, more than double the rate of the prior quarter. Service has gained momentum in its first six months on the market with global customers adopting Nexuswave for their fleet. Our teams are now working to satisfy that demand and continue to steadily increase installation rate, so we exit the year with substantial Nexuswave-installed base.

我們的海事產品 Nexuswave 自推出以來，已獲得超過 1,000 份訂單，提供全託管高速保稅連接服務。2026 年第一季度，我們安裝了 190 艘船舶，比上一季增加了一倍以上。隨著全球客戶紛紛在其車隊中採用 Nexuswave，該服務在上市後的前六個月內發展勢頭強勁。我們的團隊目前正在努力滿足這項需求並繼續穩定地提高安裝率，因此我們在今年年底擁有大量 Nexuswave 安裝基礎。

We received Info Sec and Cyber Defense awards of $224 million this quarter, an increase of 225% year over year and a book-to-bill of 2.2 times in this business area. Awards reflect sustained strength in demand for various insurance encryption products from customers to meet network and data center security needs, especially as more benefits are realized through data fusion and AI.

本季我們獲得了 2.24 億美元的資訊安全和網路防禦獎勵，年增 225%，該業務領域的訂單出貨比為 2.2 倍。獎項反映了客戶對各種保險加密產品持續強勁的需求，以滿足網路和資料中心的安全需求，特別是透過資料融合和人工智慧實現了更多好處。

Now, let's turn to the financial results for the first quarter. All of my statements will reference the first quarter of fiscal '26 in the prior-year period, the first quarter of fiscal '25. Awards were $1.2 billion, led by our DAT segment. Net loss was $56 million, an increase of $24 million from the prior-year period, principally due to an increase in depreciation and amortization and a higher income tax provision. Adjusted EBITDA was $408 million, the 1% increase year over year driven by Info Sec, Cyber Defense and Aviation, partially offset by Maritime and lower IP-related revenue in tactical networking and advanced technology and other.

現在，讓我們來看看第一季的財務表現。我的所有聲明都將參考去年同期的 26 財年第一季度，即 25 財年第一季。獎項金額達 12 億美元，其中 DAT 部門領銜。淨虧損為 5,600 萬美元，較去年同期增加 2,400 萬美元，主要原因是折舊和攤提增加以及所得稅撥備增加。調整後的 EBITDA 為 4.08 億美元，年增 1%，主要得益於資訊安全、網路防禦和航空業務，但海事業務以及戰術網路和先進技術等部門的 IP 相關收入下降部分抵消了這一增長。

Free cash flow is a critical focus area for us. We generated $60 million of positive free cash flow this quarter, bringing our trailing 12-month tally to a positive $88 million, with another quarter of double-digit growth in operating cash flow and a double-digit decline in CapEx, continue working to find ways to improve operating cash flows, and lower the capital intensity of our businesses. We're laser-focused on driving the sustained and growing free cash flow in the years ahead.

自由現金流是我們關注的關鍵領域。本季我們產生了 6000 萬美元的正自由現金流，使我們過去 12 個月的總數達到正 8800 萬美元，本季度營運現金流再次實現兩位數增長，而資本支出則出現兩位數下降，我們將繼續努力尋找改善運營現金流和降低業務資本密集度的方法。我們專注於推動未來幾年持續成長的自由現金流。

Finally, net leverage was flat year over year, reflecting strong free cash flow generation and ended the quarter approximately 3.6 times trailing 12 months adjusted EBITDA.

最後，淨槓桿率與去年同期持平，反映出強勁的自由現金流產生，本季末淨槓桿率約為過去 12 個月調整後 EBITDA 的 3.6 倍。

Now, let's turn to some segment highlights. In the first quarter of fiscal '26, Communications Services revenue was $827 million, flat with the prior-year period, reflecting growth in Aviation and government satcom, offset by the sale of our Energy System Integration business, along with expected declines in Maritime and US fixed broadband.

現在，讓我們來看看一些片段亮點。26財年第一季度，通訊服務收入為8.27億美元，與去年同期持平，反映了航空和政府衛星通訊的成長，但被我們能源系統整合業務的出售以及海事和美國固定寬頻的預期下降所抵消。

Aviation grew 14%, led by a 9% year-over-year increase in commercial aircraft in service, combined with higher average revenue per aircraft. With continued growth in our installed base, we did see our backlog decline slightly on a sequential basis to about 1,580 aircrafts, down from 1,600.

航空業成長了 14%，其中商用飛機服役數量年增 9%，同時每架飛機的平均收入也有所增加。隨著我們安裝基數的持續成長，我們的積壓訂單量較上季略有下降，從 1,600 架降至約 1,580 架。

Our government satcom revenue grew 4% year over year, primarily reflecting Maritime services for US government satellite services. Maritime revenue declined 5% year over year as vessels and service were down. Non-safety standalone L-band offerings continue to migrate to multi-band multi-orbit solutions like our Nexuswave offering.

我們的政府衛星通訊收入年增 4%，主要反映了美國政府衛星服務的海事服務。由於船舶和服務減少，海運收入較去年同期下降 5%。非安全獨立 L 波段產品持續遷移到多波段多軌道解決方案，例如我們的 Nexuswave 產品。

Our Maritime business grew 3% sequentially, and we continue to expect to return to year-over-year growth in maritime by the end of fiscal '26. Fixed services and other revenue was down 13% year over year as US fixed broadband subscribers continue to decline. We ended the quarter with 172,000 subscribers and $115 average revenue per user. These revenue impacts, along with lower segment, R&D drove Communication Services segment adjusted EBITDA to $322 million, up 5% year over year.

我們的海運業務較上季成長了 3%，我們預計到 26 財年末海運業務將恢復年成長。由於美國固定寬頻用戶數量持續下降，固定服務和其他收入較去年同期下降 13%。本季結束時，我們擁有 172,000 名用戶，每位用戶平均收入為 115 美元。這些收入影響，加上部門研發費用的減少，推動通訊服務部門調整後的 EBITDA 達到 3.22 億美元，年增 5%。

Turning to Defense and Advanced Technologies performance during the quarter. Our Defense and Advanced Technologies segment awards of $428 million, increased 22% versus the prior period led by Info Sec and Cyber Defense. Revenue was $344 million, up 15% compared to $300 million in Q1 fiscal '25 driven by growth in Infosec and cyber defense base emission systems, partially offset by lower IP-related revenue.

談談本季國防和先進技術的表現。我們的國防和先進技術部門的獎金為 4.28 億美元，較上一時期成長 22%，主要由資訊安全和網路防禦帶動。營收為 3.44 億美元，較 2025 財年第一季的 3 億美元增長 15%，這得益於資訊安全和網路防禦基礎發射系統的成長，但 IP 相關收入的下降部分抵消了這一增長。

Info Sec and Cyber Defense product revenues were up 84% year over year, driven by high assurance encryption products. Base and Mission Systems revenues were up year over year 20% driven by antenna systems.

受高保證加密產品的推動，資訊安全和網路防禦產品收入較去年同期成長 84%。在天線系統的推動下，基地和任務系統收入較去年同期成長 20%。

Tactical networking revenues, including TrellisWare, were down year over year by 4%, driven by lower IP-related revenue. As a reminder, in the first quarter of fiscal '25, TrellisWare benefited from a large order for upgraded licenses across radios already deployed by US and allied forces for a $25 million revenue uplift in the prior-year period.

包括 TrellisWare 在內的戰術網路收入較去年同期下降 4%，原因是 IP 相關收入下降。提醒一下，在 25 財年第一季度，TrellisWare 受益於一筆大訂單，該訂單涉及美國和盟軍已部署的無線電的升級許可證，較上年同期收入增加了 2500 萬美元。

Advanced Technology and other revenues were down $9 million year over year, driven by lower IP-related revenue from our forward error correction technology used in optical networking.

先進技術和其他收入年減 900 萬美元，原因是光網路中使用的前向糾錯技術的 IP 相關收入下降。

First-quarter '26 TAT adjusted EBITDA was $87 million, down $9 million compared to the first quarter of fiscal '25, reflecting less high-margin IP-related revenue flow-through. Excluding the approximately $25 million impact of lower IT-related from TrellisWare, adjusted EBITDA would have increased year over year.

26 年第一季 TAT 調整後 EBITDA 為 8,700 萬美元，與 25 財年第一季相比下降 900 萬美元，反映出高利潤率 IP 相關收入流減少。不計入 TrellisWare 約 2,500 萬美元的 IT 相關成本下降的影響，調整後的 EBITDA 將較去年同期成長。

Overall, the first quarter was a good start to fiscal '26 with a balance of growth, cash generation, and efficient investment in our future. We saw strength in debt and aviation, exciting new program wins, and very strong awards for DAT. We generated positive free cash flow, while both our ViaSat-3 satellites continue to progress, all of which positions us well for the future.

總體而言，第一季是 26 財年的良好開端，實現了成長、現金產生和對未來的有效投資的平衡。我們看到了債務和航空領域的強勁表現、令人興奮的新項目勝利以及 DAT 獲得的非常豐厚的獎項。我們產生了正的自由現金流，同時我們的兩顆 ViaSat-3 衛星都在繼續進步，所有這些都為我們的未來做好了準備。

Let me now move on to our outlook. Continue to expect fiscal 2026 revenue to be up low-single digits year over year with flattish year-over-year adjusted EBITDA growth, and we do expect some variability quarter to quarter.

現在讓我談談我們的展望。繼續預期 2026 財年營收將年增率低個位數，調整後 EBITDA 較去年同期成長持平，且我們預期季度間會有所波動。

We're pleased to have started the year with modest growth in our first quarter. We remain focused on delivering not just the numbers, but the business outcomes that tee up stronger performance in the years ahead. We provided additional segment-level detail in the outlook section of our shareholder letter and slides.

我們很高興今年第一季取得了適度的成長。我們不僅注重實現數字，更注重實現業務成果，為未來幾年的更強勁表現奠定基礎。我們在股東信和幻燈片的展望部分提供了更多細分層面的細節。

Our focus on cash flow remains as does our focus on reducing the capital intensity of our business and we now expect capital expenditures for the year to be about $1.2 billion, including $250 million for the completion of the ViaSat-3 constellation and approximately $400 million for Inmarsat. $1.2 billion is an improvement of $100 million from our guidance last quarter. We continue to believe sustainable positive free cash flow inflection will occur in the second half of our fiscal year as we get beyond the elevated CapEx relative to the related to the development of our ViaSat-3 space and ground networks.

我們仍然關注現金流，也專注於降低業務的資本強度，現在我們預計今年的資本支出約為 12 億美元，其中包括用於完成 ViaSat-3 星座的 2.5 億美元和用於 Inmarsat 的約 4 億美元。 12 億美元比我們上個季度的指導金額增加了 1 億美元。我們仍然相信，隨著我們超越與 ViaSat-3 空間和地面網絡發展相關的高額資本支出，我們財政年度下半年將出現可持續的正自由現金流變化。

Guidance does not include the anticipated impact from Ligado settlement payment. See the related press release for additional details. Post the bankruptcy court confirmation hearing of reorganization, we can finalize the financial implications.

該指導不包括 Ligado 和解付款的預期影響。更多詳情請參閱相關新聞稿。在破產法庭確認重組聽證會之後，我們可以最終確定財務影響。

Before closing, I want to touch on our framework for reducing the leverage that's impacting our debt and equity prices. Our goal is to improve our cost of capital while maintaining flexibility.

在結束之前，我想談談我們降低影響債務和股票價格的槓桿的框架。我們的目標是在保持靈活性的同時改善資本成本。

Our first priority will be to repay our $300 million Inmarsat 2026 Term Loan B. That will reduce our cash interest expense and drive incremental free cash flow, which, in turn, can be used to further pay down debt. That's the virtuous cycle we're determined to initiate. Generating free cash flow and using it to retire debt is the best way to reduce the capital base in our business and drive returns higher.

我們的首要任務是償還 3 億美元的 Inmarsat 2026 年定期貸款 B。這將減少我們的現金利息支出並推動增量自由現金流，進而可用於進一步償還債務。這就是我們決心要開創的良性循環。產生自由現金流並用它來償還債務是減少我們業務的資本基礎並提高回報的最佳方法。

After addressing the Inmarsat Term Loan B, we'll turn our attention towards achieving our desired long-term capital structure, which we know will start with a long-term leverage ratio below 3 times EBITDA.

在解決了 Inmarsat 定期貸款 B 之後，我們將把注意力轉向實現我們期望的長期資本結構，我們知道這將從低於 3 倍 EBITDA 的長期槓桿率開始。

While we'll be opportunistic given market conditions, we'll also be purposely working to achieve a value maximizing end state for Viasat and our shareholders.

雖然我們會根據市場情況抓住機會，但我們也會有意識地努力為 Viasat 和我們的股東實現價值最大化。

In closing, our first quarter fiscal '26 operational performance is good. We're capturing our share of large and growing markets and remain focused on improving operational and capital productivity. Fiscal '26 remains on track with a number of important catalysts ahead. We continue to leverage our backlog earnings power growth in our aviation, government satcom and DAT franchises. We plan to accelerate the rollout of Nexuswave and deploy ViaSat-3 Flights 2 and 3, which will help to reverse downward trends in maritime and US fixed broadband.

最後，我們 26 財年第一季的營運表現良好。我們正在佔領龐大且不斷增長的市場份額，並繼續致力於提高營運和資本生產力。2026財年仍將維持正軌，未來將有許多重要的推動因素。我們將繼續利用航空、政府衛星通訊和 DAT 特許經營中的積壓獲利能力來推動成長。我們計劃加快推出 Nexuswave 並部署 ViaSat-3 2 號和 3 號航班，這將有助於扭轉海事和美國固定寬頻的下降趨勢。

Fiscal '26, we are working to deliver our commitments and position our franchises for sustained and profitable growth and free cash flow with easing capital requirements following the deployment of our ViaSat-3 constellation. I'm thankful and excited to be part of the Viasat team as we work together to realize all the opportunities ahead.

26財年，隨著ViaSat-3星座的部署，我們將努力履行承諾，並使我們的業務獲得持續獲利的成長和自由現金流，同時降低資本要求。我很感激並很高興成為 Viasat 團隊的一員，我們將共同努力實現未來的所有機會。

With that, let me turn the call back to Mark.

說完這些，讓我把電話轉回給馬克。

Thanks, Gary. Before opening the line for questions, I'll briefly address last week's letter from Carronade Capital Management. Viasat consistently engages in dialogue with its shareholders and welcome constructive input aimed at driving intrinsic shareholder value. We are focused on strengthening our franchises earnings power, delivering sustainable, compelling operating and free cash flow, and reducing leverage while we continue our previously announced an active review of our portfolio.

謝謝，加里。在開始提問之前，我將先簡單介紹一下上週 Carronade Capital Management 發來的信。Viasat 始終與股東進行對話，並歡迎旨在推動內在股東價值的建設性意見。我們專注於增強特許經營的盈利能力，提供可持續的、引人注目的運營和自由現金流，並降低槓桿率，同時我們繼續執行之前宣布的對投資組合進行積極審查的舉措。

We believe there is tremendous value in our franchises assets as a leader in satellite infrastructure and connectivity, in-flight connectivity, and critical military and government communication. Our businesses are well-positioned to compete globally.

我們相信，作為衛星基礎設施和連接、機上連接以及關鍵軍事和政府通訊領域的領導者，我們的特許經營資產具有巨大的價值。我們的企業已做好充分準備參與全球競爭。

The Board and management team are carefully evaluating Carronade's ideas. We look forward to continuing constructive and collaborative dialogue with all our stakeholders, including Carronade.

董事會和管理團隊正在仔細評估 Carronade 的想法。我們期待與包括 Carronade 在內的所有利益相關者繼續進行建設性和合作性的對話。

So with that, Dustin, let's please open it up for questions.

那麼，達斯汀，請讓我們開始提問吧。

(Operator Instructions) Louie DiPalma, William Blair.

（操作員指示） Louie DiPalma、William Blair。

Hi. Motorola Solutions, which is one of the companies that I cover, they recently announced a deal to acquire Silvus Technologies for $5 billion, and many investors were wondering and I was wondering as well, how does TrellisWare compare with mobile ad hoc networking and tactical networking peers? And what are the major industry dynamics for TrellisWare's growth? And do those overlap with what's been taking place with Silvus?

你好。摩托羅拉系統公司是我所關注的公司之一，他們最近宣布以 50 億美元收購 Silvus Technologies，許多投資者都在想，我也在想，TrellisWare 與移動自組織網絡和戰術網絡同行相比如何？那麼，TrellisWare 成長的主要產業動力是什麼？這些與 Silvus 發生的事情有重疊嗎？

Okay. So that's a broad question. I can tell you, both of them are in the mobile ad hoc mesh and mobile ad networking space, which you described, which is basically a way for relatively large numbers of terminals to communicate with each other and in some self-forming architecture. The Silvus approach, our understanding is it's mostly Wi-Fi based, whereas the TrellisWare system is based and on a proprietary networking way to specifically design for ad hoc mesh networking.

好的。這是一個很廣泛的問題。我可以告訴你，它們都屬於你所描述的行動自組織網狀網路和行動廣告網路領域，這基本上是一種讓相對大量的終端相互通信並採用某種自形成架構的方式。我們的理解是，Silvus 方法主要基於 Wi-Fi，而 TrellisWare 系統則基於專有網路方式，專門為自組織網狀網路而設計。

We can't really comment that much on what Silvus' valuation is, what drives their value.

我們無法對 Silvus 的估值以及其價值的驅動因素發表太多評論。

I think for TrellisWare, the main operating mode has been licensing. TrellisWare also sells hardware that implements their networking. But the main growth driver for TrellisWare has been the US government, and a number of allies have adopted the TrellisWare wave forms has standards for their radio communications. So that's really been what the driver is for growth as the US and those -- and our allies, especially those that want to interoperate with the US have been acquiring radios that are capable of running TrellisWare waveform and then the original equipment manufacturer for those radios includes TrellisWare. So that -- those are some of the differences.

我認為對於 TrellisWare 來說，主要的營運模式一直是許可。TrellisWare 也銷售實現其網路的硬體。但 TrellisWare 的主要成長動力是美國政府，許多盟友已採用 TrellisWare 波形標準進行無線電通訊。因此，這確實是推動成長的因素，因為美國和我們的盟友，特別是那些想要與美國互通的國家，一直在購買能夠運行 TrellisWare 波形的無線電設備，而這些無線電設備的原始設備製造商包括 TrellisWare。所以——這些就是一些差異。

I think there's other differences in terms of applications and distribution. There's clearly differences in Motorola's market compared to the markets of US government suppliers.

我認為在應用和分佈方面還存在其他差異。摩托羅拉的市場與美國政府供應商的市場有明顯差異。

We think, clearly, TrellisWare is on a good growth trajectory. It's been very widely adopted for basically for individual soldiers or small teams of soldiers and for vehicles and aircraft. There are a number of additional markets that TrellisWare is both attracted to and where their technology would be really, really interesting. And so we see really good growth potential with TrellisWare. But I'd say we're not really the ones to make a direct head-to-head comparison between them.

我們顯然認為，TrellisWare 正處於良好的成長軌道上。它已被廣泛地應用於單個士兵或小隊士兵以及車輛和飛機。TrellisWare 對許多其他市場非常感興趣，他們的技術在這些市場上也非常非常有趣。因此，我們看到了 TrellisWare 真正良好的成長潛力。但我想說，我們並不是真正對它們進行直接正面比較的人。

Great. That makes a ton of sense. And related to that, you talked about the further growth prospects in terms of TrellisWare and the wave form being used for other platforms. Could it also be used for aerial platforms and like weapon systems in terms of Internet of Things and on drones as well?

偉大的。這很有道理。與此相關，您談到了 TrellisWare 以及其他平台使用的波形方面的進一步增長前景。它是否也可以用於空中平台和物聯網武器系統以及無人機？

Yeah. Again, those weren't really the initial focus for TrellisWare. A lot of what TrellisWare has done has been really successful, have been in the US, especially US Army programs of record, where they were aimed at specific functional capabilities, mostly in the areas that I described. That is individual soldiers, teams of soldiers, or platforms, which included airborne platforms, air and land vehicles.

是的。再說一遍，這些並不是 TrellisWare 最初的重點。TrellisWare 所做的許多工作都非常成功，尤其是在美國，特別是美國陸軍的記錄項目，這些項目針對的是特定的功能能力，主要是在我所描述的領域。即單一士兵、士兵團隊或平台，包括機載平台、空中和陸地車輛。

But we've had a lot of success in those markets and the waveform is also good. You could see extensions to unmanned aerial vehicles and unmanned vehicles, areas like that, where we think a lot of the same features that have made the way form successful for these radio applications would also be beneficial.

但我們在這些市場取得了很大成功，波形也很好。您可以看到無人機和無人駕駛汽車等領域的擴展，我們認為這些無線電應用的許多成功特徵也將是有益的。

But the distribution strategy for TrellisWare has so far really been based on government standards, that is they want all these radios to interoperate. There's less -- I'd say there's been less focus on standardization in some of these new emerging markets. And so it doesn't mean that there won't be, I think, to the extent that there is, there's opportunity there. But it's just been kind of the markets developed in different ways. And so far, we've not been as focused on it.

但迄今為止，TrellisWare 的分銷策略實際上是基於政府標準，也就是說，他們希望所有這些無線電設備能夠互通。我想說，一些新興市場對標準化的關注較少。所以我認為，這並不意味著不會有這樣的機會，只要有這樣的機會就好。但這只是市場以不同方式發展的結果。到目前為止，我們還沒有那麼關注它。

Great. And you -- for the broader Defense and Advanced Technologies segment, you announced very strong bookings. And I think you highlighted certain large awards for cybersecurity, and I believe it was an encryption. What is the general penetration of your next-generation encryption products? And is there a large upgrade cycle going on?

偉大的。對於更廣泛的國防和先進技術領域，您宣布了非常強勁的預訂量。我認為您強調了網路安全領域的某些重大獎項，我相信它就是加密獎項。你們的下一代加密產品的整體滲透率是多少？是否存在大規模升級週期？

Yeah. So first of all, there is definitely a large upgrade cycle going on. We've talked about that which really has to do -- I mean, the fundamental of it are the making national security encryption systems robust to quantum computing. That is a big driver. And so that has been accelerating sales in for encryption products due to that refresh.

是的。首先，肯定正在進行大規模的升級週期。我們已經討論了真正需要做的事情——我的意思是，它的根本在於使國家安全加密系統能夠抵禦量子運算。這是一個巨大的推動力。因此，由於這次更新，加密產品的銷售一直在加速成長。

But the other -- then we're kind of in two different -- think of it as two different domains. One of the domains that we have really good market share in and has been growing fast is the data center side. So think of that as the secure cloud data centers our devices are used for inter data center communications like -- which is really important for things like using different sources of information that comes into different data centers. So the more and more the work that's been done on fusion of different sensor data is really driving demand.

但另一方面 — — 我們則處於兩種不同的 — — 可以將其視為兩個不同的領域。我們擁有良好市場份額並且成長迅速的領域之一是資料中心領域。因此，可以將其視為安全的雲端資料中心，我們的裝置用於資料中心間的通訊——這對於使用進入不同資料中心的不同資訊來源等事情非常重要。因此，在融合不同感測器數據方面所做的工作越來越多，確實推動了需求。

The other really big thing is the use of AI in cloud-computing centers, which means that there's lots of inbound inquiries and probably more data sources, that will be combined. So those things are -- think of it as the market is growing, the data center market is clearly growing. The market for type 1 secure data centers is growing. And so the things that are really discriminating those products are number one, having security certifications, which -- that's a big discriminating feature.

另一個真正重要的事情是在雲端運算中心使用人工智慧，這意味著將會有大量的入站查詢和可能更多的資料來源整合在一起。所以這些事情——想想看，市場正在成長，資料中心市場顯然在成長。1 類安全資料中心的市場正在成長。因此，真正區分這些產品的特徵是，首先，擁有安全認證，這是一個很大的區分特徵。

And then the other one is building in the next-generation equipment -- the next-generation encryption standards. So we've received awards on there. That's another discriminator for us.

另一個是建構下一代設備——下一代加密標準。因此我們在那裡獲得了獎項。這對我們來說是另一個鑑別因素。

And then finally, the last big one is given the volume of information, higher and higher speeds. So those would represent more value for the users. They also save on power data center space. All those things are key drivers. This is one that we've been working on for a long time, but we think that kind of the secular drivers are about as strong as they've ever been, if not stronger in that particular market.

最後，最後一個大問題是，隨著資訊量的增加，速度越來越快。因此這些對用戶來說意味著更多的價值。它們還節省了電力資料中心的空間。所有這些都是關鍵驅動因素。這是我們長期以來一直在努力解決的問題，但我們認為，在那個特定的市場中，這種長期驅動力與以往一樣強勁，甚至更強勁。

The other market is kind of the tactical part of it, which would be -- think of it as less cloud center side, but the users who want access to those cost centers either to put data into them or also to pull data out, either that is -- either raw data or data that's been used.

另一個市場是它的戰術部分，可以將其視為較少的雲端中心方面，但用戶希望訪問這些成本中心，要么將數據放入其中，要么將數據拉出，無論是原始數據還是已使用的數據。

All this is really -- think of it as there's been a lot of talk about kill chain evolving sensor to shooter. So you've got demand side on the sensor side, demand side of the shooter side, and more and more of that's going through data centers. So we aren't yet the leading provider for the tactical user side. But given the refreshes that are going on, we see lots of good opportunity to gain market share there as well.

這一切確實——想想看，關於殺傷鏈從感測器演變為射擊器的討論已經很多了。因此，你有感測器方面的需求，有射手方面的需求，而且越來越多的需求是透過資料中心進行的。因此，我們還不是戰術使用者方面的領先供應商。但考慮到正在進行的更新，我們也看到了許多在那裡獲得市場份額的好機會。

Yeah. We also cover Palantir, which is they've experienced rapid growth with their Maven smart system, and that seems to be related to the sensor to shooter and there's also a program with the Army for tactical intelligence targeting access node with Palantir and Anduril, and that seems to also be related at least as you describe it. So as these like software platforms that connect to AI systems get rolled out would adoption of your encryption services continue to increase?

是的。我們還介紹了 Palantir，他們的 Maven 智慧系統經歷了快速增長，這似乎與感測器到射擊器有關，而且陸軍還與 Palantir 和 Anduril 合作開展戰術情報瞄準訪問節點的計劃，這似乎至少與您所描述的有關。那麼，隨著這些連接到人工智慧系統的軟體平台的推出，加密服務的採用率會繼續增加嗎？

Yeah. That's -- I mean, we think that's really what the driver is. And what Palantir does often is they combine data from disparate sources in effective ways. And that's a good example of why there's more sensor data coming in and then that more of the decisions that are being made or coming out of these data centers. And so we think there's a big opportunity on both the data center side and on the tactical user side. And there are very few companies that have the certifications and the skills for these markets.

是的。這就是——我的意思是，我們認為這才是真正的驅動力。Palantir 經常做的事情就是以有效的方式整合來自不同來源的資料。這是一個很好的例子，說明了為什麼會有越來越多的感測器資料進入，以及為什麼這些資料中心會做出或產生越來越多的決策。因此，我們認為資料中心和戰術使用者方面都存在巨大機會。但只有極少數公司擁有適合這些市場的認證和技能。

We think it's a good growth business. It's one that we've been drilling for a while.

我們認為這是一項具有良好成長潛力的業務。這是我們鑽探了一段時間的成果。

Excellent. That's it for me. I know those are a lot of defense related questions, but -- it's very interesting business given everything that's happening geopolitically. So thank you, Mark, and thanks, everybody.

出色的。對我來說就是這樣。我知道這些都是與國防相關的問題，但是——考慮到地緣政治上發生的一切，這是非常有趣的事情。所以謝謝你，馬克，也謝謝大家。

Thanks, Louie.

謝謝，路易。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

I want to take a shot at a question. We are seeing a lot of spin-offs in our coverage zone. I know you can't talk specifically, but philosophically, can you kind of tee up for us the pros and cons as companies think about separating their businesses? Obviously, something might be growthier something might need different capital, something might need different leverage. But is there any philosophical framework that you can help us understand at Viasat?

我想嘗試回答一個問題。我們在覆蓋範圍內看到了很多衍生產品。我知道您無法具體談論，但從哲學角度來說，您能否為我們分析公司在考慮分離業務時有哪些利弊？顯然，某些東西可能會成長更快，而某些東西可能需要不同的資本，某些東西可能需要不同的槓桿。但是，您能否幫助我們在 Viasat 中理解任何哲學框架？

Yeah. So we'll talk about a couple of things. One is what -- to one of the lenses that we use when we look at our portfolio of businesses that we've talked about a fair amount of synergy and that is, are there really benefits for keeping two businesses under the same roof? And generally, what we're seeing is space capabilities are being integrated more and more into a number of different systems, both commercially and government wise. So that's one example.

是的。因此我們將討論一些事情。一是——當我們審視我們的業務組合時，我們所使用的視角之一就是相當多的協同效應，也就是說，將兩家企業放在同一屋簷下真的有好處嗎？總體而言，我們看到太空能力越來越多地被整合到許多不同的系統中，無論是商業系統還是政府系統。這是一個例子。

In some of these areas, sometimes the synergies increase, sometimes they decrease. One area where there was decreasing synergy, and we acted was on the technical data lines area, where there was quite a bit of new work going on there. We have chosen to invest in other areas, and it made sense to divest it.

在某些領域，協同效應有時會增強，有時會減弱。協同作用正在減弱的一個領域是技術數據線領域，我們對此採取了行動，因為那裡正在進行大量新工作。我們已選擇在其他領域進行投資，因此撤資是合理的。

I'll give you an example of a couple of areas that are converging. One is some of the work we just talked about, about encryption, which is really about cybersecurity and space where it's become more and more evident especially for large constellations, one of the single failure modes common to an entire constellation is cybersecurity. And so our one of the elements of our crypto business that deals with the intersection of cyber and space. So that's one where there could be an example of increasing synergy.

我將舉幾個正在融合的領域的例子。一是我們剛才談到的一些關於加密的工作，這實際上是關於網路安全和空間的，這一點越來越明顯，特別是對於大型星座而言，整個星座常見的單一故障模式之一就是網路安全。因此，我們的加密業務的要素之一是處理網路和空間的交叉。這就是增強協同效應的一個例子。

Another lens besides the synergy lens that we use is the one that you mentioned, which is the capital needs of each of our businesses. One of the things is that our satellite services businesses have historically been very capital intensive, whereas the product businesses and our government businesses have been capital-light.

除了我們使用的協同效應鏡頭之外，另一個鏡頭就是您提到的鏡頭，也就是我們每個業務的資本需求。其中之一是，我們的衛星服務業務歷來都是資本密集的，而產品業務和政府業務則是輕資本的。

But one of the things that we are working on and we've talked about a number of times is reducing the capital intensity of our satellite services businesses to try to make the maybe have more common capital needs. And as we're -- as we evaluate how well we can do there, that will be a factor in how we think about spin-offs. Those are two of the lenders that we've used in the past and have talked about.

但我們正在努力並且已經討論過多次的事情之一是降低衛星服務業務的資本密集度，以嘗試使其可能有更共同的資本需求。當我們評估我們能在那裡做得如何時，這將成為我們考慮衍生產品的因素。這是我們過去使用過並且討論過的兩家貸款機構。

Great. Speaking of capital efficiency and capital intensity, one of the other satellite operators who have renal S-band spectrum around the globe and some AWS catches up spectrum-wise terrestrial, kind of surprised a bunch of people last week throwing out a $5 billion peak funding for an NTN, D2D, LEO throw as many acronyms out there, I guess, as I can. But help us understand as the cusp of positive free cash flow and that focuses, Gary was talking about free cash flow generation. Help us understand, you guys have span to where you see that market going and how it might be more effective for you to compete in that marketplace.

偉大的。說到資本效率和資本密集度，另一家在全球範圍內擁有腎 S 波段頻譜且部分 AWS 在頻譜方面趕超地面的衛星運營商上週為 NTN、D2D、LEO 提供了 50 億美元的峰值資金，這讓很多人感到驚訝，我想，我盡可能多地使用了縮寫詞。但請幫助我們理解正自由現金流的尖端和重點，加里正在談論自由現金流的產生。請幫助我們理解，你們對市場走向以及如何更有效地在市場上競爭有著深入的了解。

Yeah. Okay. So what is -- I can tell you, doesn't strike us that a $5 billion of capital investment is consistent with reducing the capital intensity of our business. So that's not -- I can tell you that's not what we're looking at. I mean, what we are looking at is that we have a strong presence in L-band and S-band.

是的。好的。那麼，我可以告訴你，50 億美元的資本投資與降低我們業務的資本密集度是否一致，這對我們來說並不奇怪。所以那不是——我可以告訴你那不是我們所關注的。我的意思是，我們正在考慮在 L 波段和 S 波段擁有強大的影響力。

We see big opportunities for evolving our existing L-band mobile satellite services businesses, where we have strong positions in especially aviation safety, maritime safety. And there are unique benefits to L&S band, especially for small platforms in those environments and especially as there's going to be a growth of unmanned vehicles, air, land, and sea. Those are all really good target markets.

我們看到了發展現有 L 波段移動衛星服務業務的巨大機遇，我們在航空安全和海上安全方面佔據強勢地位。L&S 波段具有獨特的優勢，特別是對於這些環境中的小型平台，以及隨著空中、陸地和海上無人駕駛車輛的增長。這些都是非常好的目標市場。

What we -- one of the things that we have been talking about and we've been working with other operators on is a concept that's been very successful in the terrestrial world, which is to create shared infrastructure among multiple operators. And think about it and talk about this before, in the terrestrial world, satellite operators that see a large market have decided that there is no point in trying to distinguish their business by steel and concrete towers or utility and fiber networks. So there's opportunities to do the same thing in satellite.

我們一直在討論並與其他營運商合作的事情之一是在地面世界中非常成功的概念，即在多個營運商之間創建共享的基礎設施。想一想，之前也討論過這個問題，在地面世界，看到巨大市場的衛星運營商已經決定，試圖透過鋼筋混凝土塔或公用設施和光纖網路來區分他們的業務是沒有意義的。因此，在衛星領域也有機會做同樣的事情。

Traditionally, all of the mobile satellite services operators have all looked at each other as our enemies. I think that now there's an opportunity to come up, especially as that business becomes more focused on open architecture and standards to the 3GPP standards there just doesn't seem to be a reason that each operator has to have space infrastructure that's unique to their space segment, and that they're -- one of the things that we have is really good technology for building wideband systems that can serve multiple operators and still be able to do all the beam forming work that's needed to make the to get the D2D powers, power flux density you need on the ground, the sensitivities you need in the space.

傳統上，所有行動衛星服務業者都視彼此為敵人。我認為現在出現了一個機會，特別是當業務變得更加註重開放式架構和 3GPP 標準時，似乎沒有理由要求每個運營商都必須擁有其空間段獨有的空間基礎設施，而且他們 - 我們擁有的東西之一是用於構建寬頻系統的非常好的技術，該系統可以為多個運營商提供服務，並且仍然能夠完成通量所需的所有波束靈敏度，以獲得多個功能的 D202-202-202 的空間束靈敏度所需的所有波束靈敏度，以獲得所有 D202 的空間束光度所需的所有波束靈敏度和地面結構。

So that's what we're working towards. And our objective is really a, to be able to build a system at a much substantially lower cost than the $5 billion number that you mentioned. And then also to be able to share that infrastructure among multiple operators, which would further reduce the capital investments required by each individual operator.

這就是我們努力的目標。我們的目標實際上是能夠以比您提到的 50 億美元低得多的成本來建立一個系統。然後還能夠在多個營運商之間共享該基礎設施，這將進一步減少每個營運商所需的資本投資。

We think that's good for us. We think it's good for other operators. We've got interest from other operators to see the same benefits that we do, and that's what we're working towards.

我們認為這對我們有好處。我們認為這對其他業者來說是件好事。其他業者也對我們感興趣，希望獲得與我們相同的利益，而這正是我們努力的目標。

You know me, I've been a big proponent of the tower model, the shared infrastructure model is smart for the operators is smart for Wall Street, not to overcapitalize stuff. So that's encouraging to hear.

你知道我，我一直是塔式模式的堅定支持者，共享基礎設施模式對營運商來說是明智之舉，對華爾街來說也是明智之舉，而不是過度資本化。聽到這個消息真是令人鼓舞。

Last one from me is a real quick and easy one. Assuming Ligado makes it through the BK for which we think it will, where will that actually get booked? What line item should we be thinking of that where the Ligado payments would come into?

我的最後一個方法非常快速、簡單。假設 Ligado 能夠通過 BK （我們認為它會成功），那麼它實際上會被預訂到哪裡？我們應該考慮哪些項目將用於 Ligado 付款？

Yeah. I think it's early, Ric, for us to make that determination assuming that we're in that position. We'll update all the financial implications as we get through the end of it if we do.

是的。里克，我認為，假設我們處於這種情況，現在就做出決定還為時過早。如果我們這樣做，我們將在完成後更新所有財務影響。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

And I wanted to follow up on the previous question about philosophy -- and kind of your philosophy, Mark, for value creation. If you look at just DAT, I think you would agree and many investors agree, it's not clearly undervalued. Do you think that is more a perception issue or more structural?

我想繼續回答之前關於哲學的問題──馬克，關於價值創造的哲學。如果你只看 DAT，我想你會同意，而且許多投資人也同意，它並沒有被明顯低估。您認為這更多的是認知問題還是結構性問題？

And I mean, this in the context of perception being -- you're obviously delivering very good growth, lots of backlog, and eventually, that value will be realized within the current structure, or do you think it's naturally, I guess, going to be constrained by the current situation. Any thoughts you add about that would be great.

我的意思是，在這種認知背景下——你顯然實現了非常好的增長，有很多積壓，最終，這種價值將在當前結構內實現，或者你認為它自然會受到當前形勢的限制。您對此的任何想法都很好。

So we're an operating business. We're not in the investing business. So it's a little bit hard for us to read the minds of investors and how they interpret it. I mean, for us, it's pretty -- I think the thing that we're really focused on is increasing the present value of future cash flows. I mean, that is kind of the foundation for equity and debt capitalization.

所以我們是一家營運企業。我們不從事投資業務。因此，我們很難了解投資者的想法以及他們如何解讀它。我的意思是，對我們來說，這很重要——我認為我們真正關注的是增加未來現金流的現值。我的意思是，這是股權和債務資本化的基礎。

I think that we've been -- we've got some challenges due to the delay in some of the satellite programs, especially that's increased the amount of debt and inhibited our cash flow and increase our capital spending. So right now, the thing that we really still be the most focused on is for each of our businesses, first of all, is just doing what I just described, which is increasing the present value of future cash flows. That's really based on the competitive positions.

我認為，由於一些衛星專案的延遲，我們面臨一些挑戰，尤其是這增加了債務金額，抑制了我們的現金流，增加了我們的資本支出。因此，現在我們真正最關注的事情仍然是對我們每一個企業來說，首先就是做我剛才描述的事情，那就是增加未來現金流的現值。這確實是基於競爭地位。

I'd say, we acknowledge that -- think of it as there's a packaging element to that as well. Can we organize that into investable pipes for debt and equity holders. And that's kind of, I think, when we talk about our portfolio review, things that we're looking at in our portfolio review are the synergy element I mentioned before, the capital intensity of each of the businesses. And then there's another consideration, which is what is the value proposition for investors. And so we are looking at that as part of our portfolio review.

我想說，我們承認這一點——認為這也包含包裝元素。我們能否將其組織成可供債務和股權持有人投資的管道？我認為，當我們談論投資組合審查時，我們在投資組合審查中關注的是我之前提到的協同效應元素，即每個企業的資本強度。然後還有另一個考慮因素，那就是對投資人的價值主張是什麼。因此，我們將其作為投資組合審查的一部分。

Understood. And then just a more, I guess, strategic question. I'm sure you've seen there's a lot of excitement around Golden Dome and what DAT could potentially do. Do you have some initial thoughts on what kind of role bites that might play?

明白了。我想，這只是一個更具策略性的問題。我相信你已經看到了金色穹頂周圍以及 DAT 可能帶來的諸多興奮。您對咬傷可能發揮什麼樣的作用有什麼初步想法嗎？

Yes, we do. I mean, I don't know that I'm going to -- yes, we do. The short answer is yes, we do. Some of it has to do. Think of it as there's a sensing portion of it.

是的，我們有。我的意思是，我不知道我是否會——是的，我們會。簡短的回答是，是的，我們有。有些事是必須要做的。可以將其想像為其中有一個感測部分。

There's certainly a strong cryptographic component to it, all the stuff that we talked about, about data centers, fusion, kill chain, all that is all got to be automated in real time, in very complex systems. So there's definitely an element we're in that. And we think there's some really interesting opportunities for us in ground networks and space infrastructure. Those would be -- I'd say those are just some of the top-level areas that we have involvement.

它肯定有一個強大的加密組件，我們所討論的所有內容，關於資料中心、融合、殺傷鏈，所有這些都必須在非常複雜的系統中即時自動化。因此，我們也肯定參與其中。我們認為地面網路和空間基礎設施對我們來說確實存在一些有趣的機會。這些是——我想說這些只是我們參與的一些頂級領域。

Another area that we've talked about as well in the context of commercial and government applications is hybrid networking. And hybrid networking being one form of that being multi-orbit satellite communications. So for Golden Dome, there's definitely a number of applications that are going to use multiple and diverse communications. And then the other -- another area that is combining both line of sight, terrestrial communications, space communications we have opportunities there as well.

我們在商業和政府應用方面討論的另一個領域是混合網路。混合網路是多軌道衛星通訊的一種形式。因此，對於 Golden Dome 來說，肯定有許多應用程式將使用多種多樣的通訊方式。然後另一個領域——結合視線、地面通訊和空間通訊的另一個領域，我們在那裡也有機會。

Those are, I'd say, those are some of the most obvious areas where I think we'll be involved.

我想說，這些都是我認為我們會參與的最明顯的領域。

And if I could sneak in just a financial one for Gary. It seems like the margin, the EBITDA performance in comm services was very strong both on a quarter-to-quarter and year-over-year basis. If you just look at the revenue, right? It was flattish, but actually EBITDA went up a lot. Do you have any sense what -- can you give us a sense what drove that and what were the one-time items?

如果我可以偷偷地為加里提供一份財務上的幫助。看起來，無論是按季度還是按年計算，通訊服務的利潤率和 EBITDA 表現都非常強勁。如果你只看收入，對嗎？雖然看起來持平，但實際上 EBITDA 卻大幅上升。您是否知道——您能告訴我們是什麼推動了這一過程以及一次性項目是什麼嗎？

Yeah. Well, some of it is, Edison. We referenced it in terms of a little bit of timing benefit. We did have good business mix in the quarter, both if you look in terms of product versus service revenue. And then actually, even within the Communications Services segment. For example, we just had really favorable mix of aviation terminal deliveries is the way the timing played out for us during the quarter. So those are the things that you see that drove the leverage you just described.

是的。嗯，有些是的，愛迪生。我們從一點時間優勢的角度來參考它。無論從產品收入或服務收入來看，本季我們的業務組合確實良好。實際上，甚至在通訊服務領域也是如此。例如，我們剛剛獲得了非常有利的航空終端交付組合，這是我們本季的時間表。所以，這些就是您所看到的推動您剛才所描述的槓桿作用的因素。

Sebastiano Petti, JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

I guess just kind of following up on Ric's question there or just thought process in terms of the direct to device. I mean, Mark, it sounds like a shared infrastructure model and maximizing value for -- and you believe is not through a big CapEx program like a $5 billion program but through shared infrastructure. But given all the competition in the space, I mean, does that -- I guess, how do you think about the puts and takes on why shared infrastructure might work versus maybe against some of the go-alone LEO constellations and other direct-to-device kind of satellite.

我想這只是對 Ric 的問題的後續回答，或者只是關於直接到設備的思考過程。我的意思是，馬克，這聽起來像是一種共享基礎設施模型，可以實現價值最大化——而且您認為這不是透過像 50 億美元這樣的大型資本支出計劃，而是透過共享基礎設施。但考慮到該領域的所有競爭，我的意思是，您如何看待共享基礎設施可能發揮作用的利弊，而不是對抗一些單獨的低地球軌道衛星星座和其他直接面向設備的衛星。

Sure. No, that's a good question. On the direct-to-device thing, one of the things that people are paying a lot of attention to are the data rates that you can deliver to off-the-shelf devices. And then so if you look at how do you get -- and I think of that as just like broadband, it's really what is the total capacity of your constellation, especially when you're delivering service into these off-the-shelf mobile phones as an example. So that is -- think of that problem, the discriminating -- one of the main discriminating features of that is you need more power on the ground in order to get those devices.

當然。不，這是個好問題。對於直接連接到設備，人們非常關注的事情之一是可以傳輸到現成設備的資料速率。那麼如果你看看你是如何獲得——我認為這就像寬頻一樣，它實際上是你的星座的總容量，特別是當你向這些現成的行動電話提供服務時。所以，想想這個問題，它的一個主要區別特徵是，你需要更多的地面電力才能獲得這些設備。

So one of the things that I think everybody is coming to realize is that a constellation that doesn't have high power flux densities on the ground isn't going to work in the D2D environment, not for the broadband speeds, the 5G new radio functions that people want. So that's part of what's driving interest in a low earth orbit component to these systems.

因此，我認為每個人都開始意識到的一件事是，如果地面上沒有高功率通量密度的星座將無法在 D2D 環境中工作，無法實現人們想要的寬頻速度和 5G 新無線電功能。這也是人們對這些系統的低地球軌道組件產生興趣的部分原因。

But the issue is if you want to get high capacity that is throughput has got to go back to the physics, which is the Shannon capacity. And what that tells you is that capacity grows linearly with spectrum, but only like the log power.

但問題是，如果你想獲得高容量，也就是吞吐量，就必須回到物理學，也就是香農容量。這告訴你，容量隨頻譜線性增長，但僅像對數功率一樣。

So it's not super surprising that the contenders with the least or no spectrum are building systems with the highest power, but that the operators that have spectrum are looking to aggregate spectrum, and that is if they can share their spectrum with others that, that's a far, far more efficient way to develop -- to increase capacity. So that's the principle.

因此，擁有最少或沒有頻譜的競爭者正在建立功率最高的系統，這並不奇怪，但擁有頻譜的運營商正在尋求聚合頻譜，如果他們可以與其他人共享頻譜，那將是一種更有效的發展方式——增加容量。這就是原則。

So -- and think of it as like when you talk about log of power, that means you need like -- it's like multiple -- I don't want to speculate, depending on the amount of spectrum you have relative to say, a 5 megahertz chunk you can get order of magnitude advantage in capacity at the same power by having a spectrum.

所以 — — 想像一下，當您談論功率對數時，這意味著您需要 — — 它就像多個 — — 我不想推測，這取決於您擁有的頻譜量，相對於 5 兆赫的塊，您可以通過擁有頻譜在相同功率下獲得容量數量級的優勢。

So the people to have spectrum. So what we're really trying to do is work with the other spectrum holders show them how we can use 5G networking tools to aggregate spectrum, and it's a huge competitive advantage. So that's really what's underlying all this is.

所以人要有譜。因此，我們真正想做的是與其他頻譜持有者合作，向他們展示如何使用 5G 網路工具來聚合頻譜，這是一個巨大的競爭優勢。這就是所有這一切的根本原因。

And then the other thing is one of the big issues, one of the big regulatory issues has been the interference at those very high levels of satellite power create on not only other satellite services, but other terrestrial networks as well. That's one of the most contentious issues on these reuse of terrestrial spectrum.

另一件事是一個大問題，一個大的監管問題是，這些非常高的衛星功率不僅會對其他衛星服務造成乾擾，還會對其他地面網路造成乾擾。這是地面頻譜再利用中最具爭議的問題之一。

So by judiciously combining spectrum, we're using the spectrum portfolio that spectrum holders have now, you can get really good services into devices much more economically. That's the principle. And you go through this with some other spectrum holders, they're seeing it, it makes sense.

因此，透過明智地組合頻譜，我們利用頻譜持有者現在擁有的頻譜組合，您可以更經濟地將真正優質的服務引入設備。這就是原則。如果你和其他一些頻譜持有者一起經歷過這種情況，他們也看到了這一點，這是有道理的。

So I think we're not done with that, but we're getting -- we're working on it. And I think it makes a lot of sense from a physics perspective, from an economic perspective, but it's also hugely capital efficient in a very capital-intensive industry.

所以我認為我們還沒有完成，但我們正在努力。我認為從物理學角度和經濟學角度來看這很有意義，而且在資本密集產業中它也具有極高的資本效率。

That's helpful. One quick follow-up. I guess again on maybe just loading the settlement. I think is there any update in terms of the timeline of the court approval on the bankruptcy court approved with Ligado. Just thinking about if there could be any slippage from the announced timeline and the payments that you announced in the July press release.

這很有幫助。一次快速跟進。我再次猜測也許只是在加載和解。我認為，就 Ligado 破產法院批准的時間表而言，有任何更新嗎？我只是在想，與您在 7 月新聞稿中宣布的時間表和付款相比，是否會有任何延誤。

Yeah. There could be -- there definitely can be slippage from the July press release. That's why we've conditioned our -- we've conditioned all the information we've provided on approval by the bankruptcy court. And so that's still in process. And when it's complete, we'll provide an update.

是的。有可能——與七月份的新聞稿相比肯定會有偏差。這就是為什麼我們對所提供的所有資訊都設定了條件，以得到破產法庭的批准為前提。所以這仍在進行中。完成後，我們將提供更新。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Maybe focusing on kind of just like going out the philosophy approach. In terms of like tech participation in the conversations with spectrum holders, can you just maybe talk about how kind of the mega TMT giants are shaping the conversation, both with respect to kind of like appetite for providing capital is one bucket. The second bucket is kind of share, we'll call it shared spectrum support cooperation on that. And then the third bucket of potential restrictions, right, in the concept that they provide a blank check upfront for capability, and that's a wholly owned capacity. So maybe if you can kind of flesh out those three dynamics with respect to the conversations with other spectrum holders, that would be super helpful.

也許重點就像是走出哲學方法。就技術參與與頻譜持有者的對話而言，您能否談談大型 TMT 巨頭如何影響對話，無論是就提供資本的興趣而言，都是一個方面。第二種是共享，我們稱之為共享頻譜支援合作。然後是第三類潛在限制，對吧，在概念上，他們為能力預先提供了一張空白支票，這是一種完全擁有的能力。因此，如果您能夠根據與其他頻譜持有者的對話來充實這三種動態，那將會非常有幫助。

I just want to make sure that three things. Three things being --

我只是想確認三件事。三件事--

Cash spectrum and restriction, basically, like the back end of, we'll call it funded constellations and one of your peers having 85% of capacity restrictions and stuff like that.

現金頻譜和限制，基本上，就像後端一樣，我們稱之為資助的星座，而你的同行之一擁有 85％ 的容量限制和諸如此類的東西。

Okay. So well, I'm going to go back to the towers analogy, right? What happened in the towers business is that it became evident that think of it as a towers company that works with multiple different spectrum holders really is pretty much insulated from a lot of the competitive factors that define competition among each of the care. Their business is not dependent on the split of market share among those or even the device refresh cycles. It's really a utility play. We're going to provide towers and fiber infrastructure.

好的。那好吧，我要回到塔的類比，對嗎？在塔業務中發生的事情是，很明顯，將其視為與多個不同頻譜持有者合作的塔公司實際上幾乎不受決定每個護理人員之間競爭的許多競爭因素的影響。他們的業務並不依賴市場份額的劃分，甚至不依賴設備更新周期。這確實是一種實用手段。我們將提供塔和光纖基礎設施。

So one of the things to do here is that you can see that if multiple spectrum holders participate that there's an opportunity to bring in capital, third-party capital that's really less sensitive to the performance of any individual spectrum holder and more sensitive to the demand of the market as a whole. So that's one of those things.

因此，這裡要做的事情之一是，如果多個頻譜持有者參與，就有機會引入資本，第三方資本對任何單一頻譜持有者的表現不太敏感，而對整個市場的需求更敏感。這就是其中之一。

And then basically, think of it as if you think of different businesses, you can think of the space infrastructure business, especially if it's a utility as being capital-intensive. But if it's less susceptible to the competition among individual carriers and more sensitive to the demand in the market as a whole, then it can have less risk, right?

然後基本上，想像一下不同的業務，你可以想像太空基礎設施業務，特別是如果它是資本密集的公用事業。但如果它不太容易受到個別業者之間競爭的影響，而對整個市場的需求更敏感，那麼它的風險就會更小，對嗎？

And that can merit -- that can be attractive to infrastructure type investors. And that sort of relieves the spectrum holders from having to capitalize the things themselves and confuse this sort of low infrastructure investment that can be a utility-like thing with the services that they offer. So that basically is what the -- that's kind of what the value proposition is.

這對於基礎設施類型的投資者來說很有吸引力。這使得頻譜持有者不必自己將這些東西資本化，也不必將這種可以作為公用事業的低基礎設施投資與他們提供的服務混為一談。所以這基本上就是──這就是價值主張。

In the terrestrial side, we think we can create similar value proposition in the space side. The key to doing that among the spectrum holders is that they just want to be assured that the infrastructure company is treating all spectrum holders fairly, that there's no competitive advantage. And so attributable to one that disadvantages the others relative to owning their own infrastructure. And that's really a governance issue, and that's one of the main things that we're working on an infrastructure-based -- a utility-like infrastructure.

在地面方面，我們認為我們可以在太空方面創造類似的價值主張。對於頻譜持有者來說，做到這一點的關鍵在於他們只是希望確保基礎設施公司公平對待所有頻譜持有者，不存在競爭優勢。因此，這可以歸因於一個國家相對於擁有自己的基礎設施處於不利地位。這確實是一個治理問題，也是我們在基於基礎設施（類似公用事業的基礎設施）上開展工作的主要工作之一。

Does that cover the points that you're asking about? Or is there another one that I'm missing?

這是否涵蓋了您所詢問的要點？或者我還遺漏了另一個？

It does in the kind of concept of the -- we'll call it the large third-party infrastructure organizer. And so I think that, that kind of data point is one I definitely want to hone in on. Maybe if you can kind of talk about kind of maybe not to list the three-bucket concept, but assuming that there is a large infrastructure, call it, quarterback in play or organizer in play, maybe just discuss kind of a high-level way that, that participant thinks about price, especially in light of the EchoStar announcement.

它確實屬於這種概念——我們稱之為大型第三方基礎設施組織者。所以我認為，我肯定想深入研究這種數據點。也許你可以談談也許不列出三桶概念，但假設有一個大型基礎設施，稱之為比賽中的四分衛或比賽中的組織者，也許只是討論一下參與者考慮價格的高級方式，特別是考慮到 EchoStar 的公告。

So I think one of the concepts that folks had kind of honed in on is the idea that EchoStar could peel away or potentially lease out or sell expand Holdings, right? And it was kind of a spectrum amalgamation play. But now that they're going off your constellation, I think maybe it's fair to assume that there's kind of like a price accretion dynamic or there's an increased scarcity around ViaSat S-band and L-band holdings.

所以我認為人們已經關注的一個概念是 EchoStar 可以剝離或潛在地出租或出售擴大控股，對嗎？這是一種頻譜融合遊戲。但現在它們已經脫離了你的星座，我想也許可以合理地假設，存在一種價格上漲的動態，或者 ViaSat S 波段和 L 波段持有量的稀缺性增加。

So maybe just talking to a high level, less than three buckets, but maybe the price sensitivity, we call it the large undisclosed coordinator.

因此，也許只是與高層交談，少於三個桶，但也許是價格敏感度，我們稱之為大型未公開的協調者。

So I mean, in order for D2D to work, you've got to make a sufficient power for extent on the ground. That's a big thing. What that power density needs to be in order to deliver certain speeds into handset depends a lot on how much spectrum you have. So one of the big advantages of the approach that we're doing is we have a technical approach that covers a large amount of spectrum.

所以我的意思是，為了讓 D2D 能夠工作，你必須在地面上提供足夠的電力。這是一件大事。為了提供手機特定的速度，功率密度需要達到什麼程度，這很大程度取決於你擁有的頻譜量。因此，我們所採用的方法的一大優勢是我們擁有一種覆蓋大量頻譜的技術方法。

The incremental cost of spectrum compared to other components, and this isn't necessarily that high. So we can get a lot of economic benefits by covering large amounts of spectrum that does that does pressure some of the beam forming elements. That's one of the things that we're really, really good at.

與其他組件相比，頻譜的增量成本並不一定那麼高。因此，透過覆蓋大量頻譜，我們可以獲得很多經濟效益，但這確實會給一些波束形成元件帶來壓力。這是我們非常擅長的事情之一。

So I think when you're thinking about any particular system, you got to think about two things. One is, we always talk about in the broadband space, we always talk about the productivity of our satellite infrastructure, where it's like think about it as how many gigabits per second of throughput do we get per megabuck of capital investment. So one is you need a really good. You need high productivity on it.

所以我認為當你考慮任何特定的系統時，你必須考慮兩件事。一是，我們總是談論寬頻領域，我們總是談論衛星基礎設施的生產力，就像想想每百萬美元的資本投資能獲得多少千兆位元每秒的吞吐量。所以首先你需要一個真正好的。您需要高生產力。

And then the other part is how you finance it and how you divide up that capital investment among others. So I think just based on what we're seeing from others, I think our technical approach is very productive. And then I think we're amplifying the benefits of that by being able to cover enough spectrum to share that among multiple spectrum holders.

另一部分是如何融資以及如何在其他人之間分配資本投資。因此，我認為僅根據我們從其他人那裡看到的情況，我們的技術方法就非常有成效。然後我認為，透過涵蓋足夠的頻譜供多個頻譜持有者共享，我們可以擴大其好處。

And I think the other thing that we're trying to highlight here which has become kind of evident is, especially in the D2D space, there are multiple industry participants besides the spectrum holders that would like to see a lot of spectrum efficiently apply to this to drive cost down to enable services on automobiles, UAVs. So there's actually a pretty fair amount of industry interest in creating the type of shared infrastructure that we're describing because not only is it reduced capital intensity, but it reduces costs.

我認為我們在這裡試圖強調的另一件事已經變得很明顯，那就是，特別是在 D2D 領域，除了頻譜持有者之外，還有多個行業參與者希望看到大量頻譜有效地應用於此，以降低成本，從而為汽車、無人機提供服務。因此，實際上有相當多的行業對創建我們所描述的共享基礎設施類型感興趣，因為它不僅可以降低資本強度，還可以降低成本。

If we reduce capital intensity, the airtime cost should be a lot more attractive than kind of the kinds of numbers, things that are being kicked around now. I mean, that's what you need to get the 5G new radio type services.

如果我們降低資本密集度，那麼通話時間成本應該比現在討論的數字更有吸引力。我的意思是，這就是獲得 5G 新型無線電類型服務所需要的。

So we think that the thing that we're doing makes a lot of sense from a business logic perspective. And one of the key parts of those having technology that's really focused on that particular constellation mission or purpose and it's different than what we've seen from anybody else. That means the architecture is different. And so technical solutions are different, and we think we've got one that makes a lot of sense.

因此我們認為，從商業邏輯的角度來看，我們所做的事情非常有意義。這些技術的關鍵部分之一是真正專注於特定的星座任務或目的，這與我們從其他任何人那裡看到的不同。這意味著架構是不同的。因此，技術解決方案各不相同，我們認為我們已經找到了一個非常有意義的解決方案。

Got it. And then last one, maybe just like is there a sense of timing where we might get incremental color on kind of an organizational announcement of this effort?

知道了。然後最後一個問題，也許就像是否存在一種時間感，我們可以透過組織宣布這項努力來獲得增量色彩？

I don't want to comment on that yet. But it's not way up in the future. I think it wouldn't be appropriate to comment on that yet.

我還不想對此發表評論。但未來還不會有太大的提升。我認為現在還不適合對此發表評論。

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.

I was going to ask you about the competitive landscape in IFC, commercial IFC mark, but that's maybe two blue sky for the end. So maybe I'll just make it a lay up here.

我本來想問您有關 IFC、商業 IFC 標誌的競爭格局的問題，但這可能只是最終的兩難。所以也許我會在這裡上籃。

If we look at your fixed broadband revenues, we saw an inflection to grow after couple of years of steady decline. I'm wondering if you can unpack that and maybe explain what's going on there, just kind of revenue optimization among your existing subs? Are we seeing StarLink capacity exhaust, maybe less aggressive pricing? What's going on in fixed?

如果我們看一下您的固定寬頻收入，我們會發現經過幾年的穩定下降後出現了成長的轉折點。我想知道您是否可以解釋一下這個問題，並解釋一下那裡發生了什麼，只是現有訂閱者的收入優化嗎？我們是否看到 StarLink 容量耗盡，或者定價是否不那麼激進？固定發生了什麼事？

Yeah. We're -- not seeing that in fixed broadband, so not entirely clear what you're after there. But were you referring to sequential growth in Maritime. Is that what you were referring.

是的。我們沒有在固定寬頻中看到這一點，因此不完全清楚您在追求什麼。但您指的是海事領域的連續成長嗎？這就是您所指的嗎？

Yes, I thought -- I apologize. I heard fixed broadband.

是的，我想——我很抱歉。我聽說是固定寬頻。

On the maritime side, it's really -- the Nexuswave, the hybrid LEO/GEO system, it's growing pretty fast. And it's -- we're getting the things we talked about is a few weeks ago, it's 1,000 ships under contract, the install rate has been ramping up. The average revenue per vessel is significantly higher because we're delivering well way more bandwidth. And whereas the existing base was really geared towards operational applications only. This current one is geared towards operational applications plus crew services and some additional services. So it's that -- it's really the growth rate of the sequential growth rate in Nexuswave is what's driving the sequential growth in Maritime.

在海事方面，Nexuswave，混合 LEO/GEO 系統，發展非常快。而且，幾週前我們談到的事情已經完成了，合約中的船舶數量為 1,000 艘，安裝率一直在上升。由於我們提供的頻寬大大增加，每艘船的平均收入顯著提高。而現有的基礎其實只面向操作應用。目前的產品主要面向操作應用以及機組人員服務和一些附加服務。所以，Nexuswave 的連續成長率才是真正推動海事連續成長的因素。

And like we said, we think that is going to lead to year-over-year growth by the end of the year.

正如我們所說的那樣，我們認為這將在年底實現同比增長。

And recall, that's one of the critical business outcomes that we've been focused on for what we call the importance of the year. We obviously have a lot of confidence given what Mark has described, the first step in that journey was the sequential growth we saw this quarter. So feeling really good about how that plan out of to our teams for making that a reality.

回想一下，這是我們今年一直關注的重要業務成果之一。根據馬克的描述，我們顯然非常有信心，這趟旅程的第一步就是我們本季看到的連續成長。我很高興看到我們的團隊能夠將這個計劃變成現實。

And you've got confidence in the performance there with the OneWeb partnership?

您對與 OneWeb 合作的表現有信心嗎？

Yeah. I think we have -- I mean, one of the things we've been really focused on is understanding geographic distribution of demand. We have a good understanding of what both the benefits and the constraints are for OneWeb. But when we augment that OneWeb with what we have in GEO and what's coming in GEO, we've got a good runway for growth there.

是的。我認為我們已經——我的意思是，我們真正關注的事情之一是了解需求的地理分佈。我們非常了解 OneWeb 的優點和限制。但是，當我們將 OneWeb 與 GEO 中現有的以及 GEO 中即將出現的功能結合起來時，我們在那裡就擁有了良好的成長空間。

Thank you. That concludes our question-and-answer session. That also concludes this call. Thank you, all, for joining. You may now disconnect.

謝謝。我們的問答環節到此結束。本次通話到此結束。謝謝大家的參與。您現在可以斷開連線。