Viasat Inc (VSAT) 2026 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2026 Viasat earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫馬克，今天我將擔任你們的會議接線生。在此，我謹代表 Viasat 公司歡迎各位參加 2026 年第二季財報電話會議。（操作說明）

Now I would like to turn the call over to Lisa Curran. Please go ahead.

現在我想把電話交給麗莎‧柯倫。請繼續。

Thank you, Mark. We will present certain non-GAAP financial measures on today's call. Information required by the SEC relating to these non-GAAP financial measures is available in our Q2 fiscal year '26 shareholder letter on the Investor Relations section of our website.

謝謝你，馬克。我們將在今天的電話會議上公佈一些非GAAP財務指標。美國證券交易委員會要求提供有關這些非公認會計準則財務指標的信息，請參閱我們網站投資者關係部分發布的 2026 財年第二季度股東信。

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 and actual results might differ materially from any forward-looking statements that we make today.

在本次報告中，我們將介紹影響年度績效的一些較重要的因素。我們還將根據聯邦證券法做出前瞻性聲明，包括關於我們預期或預計未來可能發生的事件或發展的聲明。這些前瞻性陳述受到許多風險和不確定性的影響，實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。

Information regarding these factors that may cause actual results to differ materially from these forward-looking statements, is available in our SEC filings and 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.

有關可能導致實際結果與這些前瞻性聲明存在重大差異的因素的信息，請參閱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。這些前瞻性陳述僅代表其發布之日的情況，我們不承擔更新任何前瞻性陳述的義務。

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

接下來，我將把發言權交給董事長兼執行長馬克‧丹克伯格。

Thanks, Lisa. 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.

謝謝你，麗莎。下午好，感謝各位今天收看我們的節目。除了我之外，還有 Lisa，我們的財務長 Gary Chase，以及我們的首席會計長 Shawn Duffy。像往常一樣，我們建議您閱讀股東信，並參考我們今天下午早些時候在網站上發布的幻燈片，以了解更多詳情。

Our second quarter fiscal year 2026 performance and the imminent launch of ViaSat-3 Flight 2 reflect the meaningful progress we're making against our highest priorities and commitment to building value for our employees, customers and shareholders. We're especially pleased with our awards growth and cash performance, as we balance investing for future growth while reducing capital intensity.

我們 2026 財年第二季的業績以及 ViaSat-3 Flight 2 即將發射，體現了我們在實現最高優先事項和致力於為員工、客戶和股東創造價值方面所取得的實質進展。我們對獎勵成長和現金流表現尤其感到滿意，因為我們在投資未來成長的同時，也降低了資本密集度。

For Q2 FY26, our net loss of $61 million improved from a net loss of $138 million in the second quarter of FY 2025, and was primarily due to favorable service revenue mix, lower depreciation and amortization and lower SG&A expenses. Revenue grew 2% year over year, led by a 3% growth in the Defense and Advanced Technologies segment and a 1% year-over-year increase in the Communications Services segment.

2026 財年第二季度，我們的淨虧損為 6,100 萬美元，較 2025 財年第二季度的淨虧損 1.38 億美元有所改善，這主要是由於服務收入結構有利、折舊和攤銷減少以及銷售、一般及行政費用減少。營收年增 2%，其中國防和先進技術部門成長 3%，通訊服務部門年增 1%。

Adjusted EBITDA increased by 3% year over year, as better-than-expected adjusted EBITDA growth in Communication Services was partially offset by an expected year-over-year decline in the DAT segment. We were hopeful to have already had launched ViaSat 3 Flight 2 by today, but the United Atlas rocket carrying the Flight 2 mission was scrubbed last night due to an issue with an Atlas booster liquid oxygen tank vent valve.

經調整的 EBITDA 年成長 3%，通訊服務部門經調整的 EBITDA 成長優於預期，但部分被 DAT 部門預期的年減所抵銷。我們原本希望今天就能發射 ViaSat 3 Flight 2，但由於 Atlas 助推器液氧罐排氣閥出現問題，昨晚搭載 Flight 2 任務的聯合 Atlas 火箭被取消了。

is evaluating it and is now aiming to launch in a week. The launch of ViaSat-3 Flight 2 will be a very meaningful milestone for the company. An incredible amount of dedication went into preparing the satellite for launch, and I really appreciate the efforts of our entire team.

正在評估中，目前計劃在一周內推出。ViaSat-3 Flight 2 的發射對公司而言將是一個非常有意義的里程碑。為了準備衛星發射，我們投入了大量的心血，我非常感謝我們整個團隊的努力。

We remain focused on getting both Flight 2 and Flight 3 into service as reflected in the accompanying satellite roadmap. As a reminder, each of the new ViaSat-3 satellites is designed to enable more bandwidth capacity than our entire existing fleet, with the unique flexibility to aim that bandwidth exactly where needed, creating opportunities to grow in each of our franchise businesses and to accelerate growth and drive meaningful free cash flow contributions in Communication Services.

我們將繼續專注於讓 Flight 2 和 Flight 3 投入使用，這已在隨附的衛星路線圖中有所體現。再次提醒大家，每顆新的 ViaSat-3 衛星都旨在提供比我們現有所有衛星更大的頻寬容量，並具有獨特的靈活性，可以將頻寬精確地指向需要的地方，從而為我們每個特許經營業務創造增長機會，並加速通信服務的增長，推動有意義的自由現金流貢獻。

Our DAT segment outlook is promising, as backlog increased to a record of $1.2 billion, up 31% year over year and up 14% sequentially. The long-term growth trajectory is supported by several attractive secular growth drivers, including increased reliance on space-based assets for national security purposes, both domestically and internationally, which creates a growing set of global opportunities for the commercial space industry especially for dual-use capable systems.

我們的DAT業務部門前景樂觀，積壓訂單增至創紀錄的12億美元，較去年同期成長31%，較上季成長14%。長期成長軌跡受到幾個有吸引力的長期成長驅動因素的支持，包括國內外對天基資產用於國家安全目的的日益依賴，這為商業航太業，特別是軍民兩用系統，創造了越來越多的全球機會。

Increased demand for highly resilient communications, integrating both terrestrial and satellite and multi-domain operations that require seamless interoperability as well as growing demand for digitized military infrastructure to support highly computationally intensive, autonomous, cloud-centric and AI decisions while simultaneously defending against increasingly sophisticated cyber threats.

對高彈性通訊的需求不斷增長，需要整合地面和衛星通訊以及多域作戰，實現無縫互通性；同時，對數位化軍事基礎設施的需求也在不斷增長，以支援高度運算密集、自主、以雲端為中心和人工智慧的決策，並同時防禦日益複雜的網路威脅。

There's also the growing global recognition of the importance of sovereign control over those space systems; and finally, there's the increased integration of commercial and defense dual-use technologies together with the rise of non-terrestrial network connectivity, including direct-to-device mobile services.

此外，全球越來越認識到對這些太空系統進行主權控制的重要性；最後，商業和國防兩用技術的整合日益加深，同時非地面網路連接（包括直接到設備的行動服務）也在不斷發展。

Not surprisingly, we're seeing a significant uptick in interest for commercial and mobile space networks that enable direct to consumer device non-terrestrial network connectivities. Given some of the market transactions we're seeing in this space and our own coordination agreement with AST and Ligado, seems there's a greater appreciation of the value that we can create with our mobile satellite spectrum.

不出所料，我們看到人們對商業和行動空間網路的興趣顯著上升，這些網路能夠實現直接面向消費者的設備非地面網路連接。鑑於我們在這個領域看到的一些市場交易，以及我們與 AST 和 Ligado 達成的協調協議，似乎人們更加認識到我們利用行動衛星頻譜所能創造的價值。

The announcement we made in September regarding our intention to form Equatys with Space42 and potentially other operators is an example of how we believe we can continue to build on the value of our large, coordinated and highly strategic global position in mobile satellite services, while managing and reducing capital intensity and creating meaningful competitive advantages.

我們在 9 月宣布了與 Space42 以及其他營運商組成 Equatys 的計劃，這表明我們相信，我們可以繼續鞏固我們在行動衛星服務領域龐大、協調且具有高度戰略意義的全球地位的價值，同時管理和降低資本密集度，並創造有意義的競爭優勢。

As I mentioned last quarter, we're continuing to opportunistically strengthen our capital structure, be it cash flow improvements, addressing debt maturities and conducting ongoing portfolio reviews. The Strategic Review Committee of our Board of Directors continues to evaluate our capital allocation portfolio priorities, including the potential merits of separating our government commercial businesses within a competitive environment of government commercial dual-use and vertical integration opportunities.

正如我在上個季度提到的，我們將繼續抓住機會加強我們的資本結構，包括改善現金流、解決債務到期問題以及進行持續的投資組合審查。董事會策略審查委員會繼續評估我們的資本配置組合優先事項，包括在政府商業兩用和垂直整合機會的競爭環境中，將我們的政府商業業務分開的潛在優勢。

We're focused on building shareholder value and reinforcing our competitive positions, and we see accelerating deleveraging and collapsing debt silence and thinking critically about our portfolio as important components to that. We believe the overall strong start to our first half is an important proof point, as we compete not only for business success and outcomes but also for investor confidence and capital. Once again, we recognize there's challenges, but we're planning to win.

我們專注於提升股東價值和鞏固競爭地位，我們認為加速去槓桿化、減少債務、理性思考我們的投資組合是實現這一目標的重要組成部分。我們相信，上半年整體強勁的開局是一個重要的證明點，因為我們不僅要爭取業務上的成功和成果，還要爭取投資人的信心和資金。我們再次意識到存在挑戰，但我們計劃取得勝利。

So with that, I'll hand it to Gary.

那麼，我就把票交給加里了。

Thanks, Mark. Thanks, and good afternoon to everyone joining us on the call, and of course, a special thank you to the Viasat team for all the hard work that went into producing these results. I recently celebrated my one-year anniversary here and have been reflecting back on the progress the team has made during that time.

謝謝你，馬克。謝謝大家，也祝福所有參加電話會議的朋友們下午好。當然，也要特別感謝 Viasat 團隊為取得這些成果所付出的辛勤努力。我最近慶祝了在這裡工作一周年，並一直在回顧團隊在這段時間的進展。

We laid down three key priorities for our financial journey that by now you know well: build our franchises and earnings power, generate and grow free cash flow and set a path to a value-maximizing long-term capital structure. I'm really proud of what the teams have accomplished in the past year and very excited for all the opportunities that lie ahead of us.

我們為財務發展制定了三個關鍵優先事項，相信您現在也已經很了解了：建立我們的特許經營權和盈利能力，產生和增加自由現金流，並製定實現價值最大化的長期資本結構的道路。我為團隊在過去一年中所取得的成就感到非常自豪，也對未來所有的機會感到非常興奮。

Our franchises are developing, and we've seen strong growth in aviation, government SATCOM and DAT, while we continue to win new awards that leave us with a backlog to underpin future growth in these areas. The teams have done a nice job stabilizing our maritime revenue base and creating growth opportunities with the development and market acceptance of a new multi-orbit solution that's at the same time, a great solution for our customers now and great development of a key future-facing capability.

我們的特許經營業務正在發展，我們在航空、政府衛星通訊和數據存取技術方面取得了強勁增長，同時我們不斷贏得新的獎項，這為我們在這些領域的未來成長奠定了基礎。團隊在穩定我們的海上收入基礎和創造成長機會方面做得很好，他們開發並接受了新的多軌道解決方案，這既是我們現在為客戶提供的絕佳解決方案，也是面向未來的關鍵能力的重大發展。

We know we still have work in front of us on the fixed broadband business, and the capacity Flight 2 will provide supplies the bandwidth to enable progress there. Free cash flow is an even bigger highlight. On a trailing 12-month basis, we generated $147 million of it, and we've achieved positive free cash flow for three quarters in a row. As we get beyond the CapEx goals related to the completion of ViaSat-3, we see continued cash generation that will be the fuel we need to reduce leverage, optimize our capital structure and invest with discipline for the future.

我們知道，在固定寬頻業務方面，我們還有很多工作要做，而 Flight 2 將提供的容量將為該領域的發展提供頻寬。自由現金流更是一大亮點。過去 12 個月，我們創造了 1.47 億美元的自由現金流，並且連續三個季度實現了正自由現金流。隨著我們完成 ViaSat-3 專案的資本支出目標，我們將持續獲得現金流，這將是我們降低槓桿率、優化資本結構以及為未來進行有紀律投資所需的動力。

As a result of the first two, we're better positioned to optimize our capital structure. We'll be opportunistic given market conditions but focused on achieving a desired end state that targets a leverage ratio 3 times net debt adjusted EBITDA or lower, where marginal borrowing costs tend to flatten and equity valuations are maximized. Our desired end state will also include a collapse of our debt silos. During the second quarter, the US Bankruptcy Court approved Ligado's restructuring plan, including our agreement with Ligado and AST.

由於前兩項措施，我們更有利於優化資本結構。我們將根據市場狀況抓住機會，但會專注於實現理想的最終目標，即槓桿率達到淨債務調整後 EBITDA 的 3 倍或更低，這樣邊際借貸成本就會趨於平穩，股權估值也會最大化。我們期望的最終狀態還將包括打破債務壁壘。第二季度，美國破產法院批准了 Ligado 的重組計劃，其中包括我們與 Ligado 和 AST 達成的協議。

Following the receipt of the first $16 million quarterly payment in September and last week's $420 million lump sum payments subsequent to the end of the second quarter, we intend to take the first step soon and repay the remaining $300 million under the original Inmarsat term loan B facility. This move will save about $23 million in cash interest payments annually. I'd like to thank the Viasat team again for delivering and making these things a reality. I'm proud to have been part of the journey thus far and excited for the great work we still got in front of us.

繼 9 月收到第一筆 1,600 萬美元的季度付款，以及上週收到第二季末的 4.2 億美元一次性付款後，我們打算盡快採取第一步，償還 Inmarsat 原 B 類定期貸款協議下剩餘的 3 億美元。此舉每年可節省約2,300萬美元的現金利息支出。我再次感謝 Viasat 團隊，感謝他們交付成果，讓這些事情成為現實。我很榮幸能參與這段旅程中，也對我們未來仍需完成的偉大工作感到興奮。

Now let's turn to the second quarter. We generated revenue of $1.1 billion, up 2%. Adjusted EBITDA reached $385 million, up 3%; and drove a 34% adjusted EBITDA margin. Cash flow from operations was $282 million, up 18%, with CapEx of $214 million, resulting in free cash flow of $69 million in the quarter. The first half was a good start to our fiscal year and there's still work ahead, as we focus on achieving our full year target and exiting the year well positioned for growth. We're committed to delivering long-term value and confident in our strategy, as we drive it forward.

現在我們來看第二部分。我們創造了11億美元的收入，成長了2%。調整後 EBITDA 達到 3.85 億美元，成長 3%；調整後 EBITDA 利潤率達 34%。本季經營活動產生的現金流為 2.82 億美元，成長 18%，資本支出為 2.14 億美元，由此產生的自由現金流為 6,900 萬美元。本財年上半年開局良好，但我們仍需努力實現全年目標，並為年底的成長做好充分準備。我們致力於創造長期價值，並對我們的策略充滿信心，我們將繼續推進這項策略。

Before we dive into more detailed results, let me clarify that all my statements in this section will reference second quarter of fiscal '26 and the prior year period comparable to the second quarter of fiscal '25. Awards were $1.5 billion, up 17%, led by Communication Services, including a large international dual-use satellite win serving Australia, New Zealand and key maritime zones.

在深入探討更詳細的結果之前，我想澄清一下，本節中的所有陳述都將參考 2026 財年第二季度以及與 2025 財年第二季度類似的上一年同期。授標金額達 15 億美元，成長 17%，其中通訊服務類計畫領銜，包括一項服務於澳洲、紐西蘭和主要海域的大型國際兩用衛星計畫。

Backlog was $3.9 billion, up about $140 million despite the sale of our energy system integration business last year, which reduced backlog by $106 million. Revenue was $1.1 billion, up approximately 2%, reflecting growth in both DAT and Communication Services. Net loss was $61 million, an improvement of $76 million, principally due to favorable service mix, lower depreciation and amortization and reduced SG&A. Adjusted EBITDA was $385 million. The 3% increase was driven by strong operating performance in aviation, government SATCOM and InfoSec and cyber, tempered by fixed services and other and space and mission systems.

儘管去年我們出售了能源系統整合業務，導致積壓訂單減少了 1.06 億美元，但積壓訂單仍達到 39 億美元，增加了約 1.4 億美元。營收達 11 億美元，成長約 2%，反映出 DAT 和通訊服務業務的成長。淨虧損為 6,100 萬美元，較之前的 7,600 萬美元有所改善，主要原因是服務組合有利、折舊和攤提減少以及銷售、一般及行政費用減少。調整後 EBITDA 為 3.85 億美元。3% 的成長主要得益於航空、政府衛星通訊、資訊安全和網路安全領域的強勁營運表現，但受到固定業務、其他業務以及太空和任務系統業務的抑制。

Free cash flow remains a critical focus area, and we generated $69 million of it this quarter despite heavier cash interest payments bringing our year-to-date free cash flow total of almost $130 million. Operating cash flow grew 18% year over year. We're laser-focused on driving the sustained and growing free cash flow in the years ahead and using it to retire debt is the best way to reduce the capital base on our business, driving returns higher, reflecting strong free cash generation. We ended the quarter at approximately 3.5 times trailing 12 months adjusted EBITDA, a slight year-over-year and sequential improvement.

自由現金流仍然是一個重要的關注領域，儘管本季現金利息支出增加，但我們仍然產生了 6,900 萬美元的自由現金流，使我們今年迄今為止的自由現金流總額接近 1.3 億美元。經營現金流較去年同期成長18%。我們正全力以赴，力求在未來幾年內實現持續成長的自由現金流，並利用自由現金流償還債務，這是降低公司資本基礎、提高回報、反映強勁自由現金流的最佳方式。本季末，我們調整後的 EBITDA 倍數約為過去 12 個月的 3.5 倍，年比和季比均略有改善。

Now let's turn to some segment highlights. In Communication Services awards of $1.03 billion increased 35%, driven by government SATCOM, aviation and maritime. Revenue was $837 million, up 1%. Growth in aviation and government SATCOM was moderated by the sale of our energy system integration business in the prior year, along with an expected decline in fixed broadband.

現在讓我們來看看一些精彩片段。通訊服務領域的撥款金額為 10.3 億美元，成長了 35%，主要由政府衛星通訊、航空和海事領域的撥款推動。營收為 8.37 億美元，成長 1%。航空和政府衛星通訊業務的成長受到上一年能源系統整合業務出售以及固定寬頻業務預期下滑的影響。

Aviation revenue grew 15%, led by an 11% increase in commercial aircraft in service, combined with higher average revenue per aircraft. With continued growth in our installed base of more than 425 aircraft in the last 12 months and with 2Q, our strongest order of installs since the fourth quarter of fiscal '24, we did see our backlog decline slightly to about 1,470 aircraft.

航空收入增加了 15%，這主要得益於商用飛機營運數量增加了 11%，以及每架飛機的平均收入增加。過去 12 個月，我們的飛機裝置量持續成長，超過 425 架；第二季度，我們的安裝訂單量創下自 2024 財年第四季以來的最高紀錄；因此，我們的積壓訂單略有下降，約為 1470 架飛機。

We feel good about how we're competing. Our awards and wins were in line with our expectations, but the time to contract can vary widely from airline to airline. Aircraft are included in our backlog after they're contracted, and some of our deals take time to get to formal contracts. We have line of sight to backlog stability and/or growth ahead despite continued growth of the installed aircraft base. Our government SATCOM revenue grew 9%, reflecting strong growth with US and international government.

我們對自己目前的競爭狀態感到滿意。我們的獲獎情況符合預期，但簽訂合約所需的時間因航空公司而異。飛機訂單在簽訂合約後才會計入我們的積壓訂單，有些交易需要時間才能簽訂正式合約。儘管飛機裝置容量持續成長，但我們預計未來的訂單積壓情況將保持穩定甚至成長。我們的政府衛星通訊收入成長了 9%，反映出美國和國際政府業務的強勁成長。

Maritime revenue declined 3% as vessels and service were down slightly. NexusWave orders are strong and installations were up 40% sequentially paced by vessel availability. With a much larger base of yet to be installed orders, we're focused on installations and expect the installed base to grow faster over the next few quarters.

由於船舶和服務略有下降，海運收入下降了 3%。NexusWave 的訂單強勁，安裝量環比增長 40%，這主要得益於船舶的可用性。由於還有大量待安裝訂單，我們專注於安裝工作，並預計未來幾季已安裝訂單量將成長更快。

Non-safety standalone L-band offerings continue to migrate to multi-band multi-orbit solutions. Like our NexusWave offering, we expect L-band will continue to be an important component of those solutions. Our revenue base in maritime is relatively stable and will grow as our NexusWave installed base grows. We expect year-over-year growth in Maritime to resume by year end.

非安全型獨立 L 波段產品正不斷向多波段多軌道解決方案過渡。與我們的 NexusWave 產品一樣，我們預計 L 波段將繼續成為這些解決方案的重要組成部分。我們在海事領域的收入基礎相對穩定，並將隨著 NexusWave 安裝量的增長而增長。我們預計海事行業的同比增長將在年底前恢復。

Fixed services and other revenue was down 16% as US fixed broadband subscribers continued to decline as expected. We ended the quarter with 150,000 subscribers and an average revenue per user of $113. These revenue impacts, along with a higher mix of service revenue and good cost control drove Communication Services adjusted EBITDA to $337 million, up 6%.

正如預期的那樣，由於美國固定寬頻用戶數量繼續下降，固定服務和其他收入下降了 16%。本季末，我們有 15 萬訂閱用戶，平均每位用戶收入為 113 美元。這些收入影響，加上服務收入佔比提高和良好的成本控制，推動通訊服務調整後 EBITDA 達到 3.37 億美元，成長 6%。

Turning to Defense and Advanced Technologies, Awards of $467 million declined 9% due to a difficult comparison in space mission systems. SMS awards remained healthy, but were extraordinary in the prior year with a number of large multiyear projects awards. Excluding SMS, data awards grew year over year.

國防和先進技術領域，由於太空任務系統方面比較困難，4.67億美元的撥款減少了9%。SMS 獎項依然保持良好勢頭，但前一年表現尤為出色，授予了許多大型多年期專案獎項。除簡訊外，數據流量獎勵年增。

More importantly, the book-to-bill in DAT was 1.5 times overall and greater than 1.1 times for each of our DAT business lines. We continue to see exciting growth ahead across the segment. Revenue was $304 million, up 3% driven by growth in Infosec and cyber that was tempered by tactical networking. Infosec and cyber product revenues were up 14%, driven by encryption products. We're pleased with growth prospects in this arena supported by a healthy backlog, strong secular drivers and exciting opportunities to innovate. Space and Mission Systems revenues were down 1% year over year due to lower development funding for certain programs.

更重要的是，DAT 的訂單出貨比整體為 1.5 倍，而我們 DAT 各業務線的訂單出貨比均大於 1.1 倍。我們預計該領域未來將持續迎來令人振奮的成長。營收達 3.04 億美元，成長 3%，主要得益於資訊安全和網路安全業務的成長，但戰術網路業務的成長有所抑制。資訊安全和網路安全產品收入成長了 14%，主要得益於加密產品的推動。我們對這一領域的成長前景感到滿意，這得益於健康的訂單儲備、強勁的長期驅動因素以及令人興奮的創新機會。由於某些項目的研發資金減少，空間和任務系統收入較去年同期下降了 1%。

Mark talked about how SMS is a promising growth area for us with strong secular drivers. We specialize in working through complexity and building cutting-edge capabilities for our customers, and we're excited for the future opportunity in this area. This quarter reflects some of the lumpiness from early development of innovative technology. As the market shifts to address needs for more sovereign dual-use and government purpose-built satellite communication systems, we believe SMS will generate the growing returns we've seen in other areas of our portfolio, similar to encryption and TrellisWare.

Mark 談到簡訊業務對我們來說是一個很有前景的成長領域，並且具有強勁的長期發展動力。我們擅長解決複雜問題，並為客戶建立尖端功能，我們對該領域的未來機會感到興奮。本季度反映了創新技術早期發展過程中出現的一些波動。隨著市場轉向滿足更多主權兩用和政府專用衛星通訊系統的需求，我們相信簡訊將產生我們在投資組合其他領域所看到的不斷增長的回報，類似於加密和 TrellisWare。

Technical Networking revenues, including TrellisWare, were down 7% and partially reflecting lower IP licensing revenue in this quarter. Defense and Advanced Technologies adjusted EBITDA was $48 million, down $9 million despite good growth from Infosec and cyber, reflecting declines in SMS as well as higher segment research and development investments supporting future growth, along with declines in taxable networking.

技術網路業務收入（包括 TrellisWare）下降了 7%，部分原因是本季 IP 授權收入下降。儘管資訊安全和網路安全業務成長良好，但國防和先進技術業務調整後的 EBITDA 仍下降了 900 萬美元，達到 4800 萬美元，這反映了短信業務的下滑以及為支持未來增長而增加的部門研發投資，以及應稅網絡業務的下滑。

Overall, the quarter's results were good, and we're on track to achieve what we set out to this year. which drove growth in both of our segments, controlled costs and drove strong cash generation after making efficient investments and innovation for future growth. Our ViaSat-3 Flight 2 is imminent, and we made good progress on our Flight 3 satellite.

總體而言，本季業績良好，我們正朝著今年設定的目標穩步前進。這推動了我們兩大業務部門的成長，控制了成本，並在進行高效投資和創新以實現未來成長後，實現了強勁的現金流。我們的 ViaSat-3 第二次飛行即將進行，我們的第三次飛行衛星也取得了良好進展。

Let's move on now to our outlook. We continue to expect fiscal '26 revenue to be up low single digits year over year with flattish year-over-year adjusted EBITDA and expect continued variability quarter to quarter. We're pleased with the second quarter and focused on delivering not just the numbers for the year, but the business outcomes that are critical drivers of stronger performance in the years ahead. We've provided additional segment level detail in the Outlook section of our shareholder letter and slide.

接下來我們來談談展望未來。我們仍預期 2026 財年營收將年增個位數百分比，調整後 EBITDA 將與上年持平，並預期季度間仍將存在波動。我們對第二季的業績感到滿意，並專注於實現年度業績目標，同時也關注業務成果，因為業務成果是未來幾年業績強勁成長的關鍵驅動因素。我們在致股東信和幻燈片的「展望」部分提供了更多分部層面的詳細資訊。

Let me take a moment to talk to the government shutdown. We're watching the US government work through the budget and continue to see broad support for national defense priorities. The strength of our awards and backlog reflects the growing importance of our technologies and innovations to tie nicely to key secular trends in defense, including space, communications and security.

我想花點時間談談政府停擺的問題。我們正在關注美國政府的預算工作，並持續看到各界對國防優先事項的廣泛支持。我們獲得的獎項和積壓訂單的實力反映了我們的技術和創新日益重要，這些技術和創新與國防領域的關鍵長期趨勢（包括太空、通訊和安全）緊密相關。

Over time, we don't envision major impact to results. However, based on what we understand now, we estimate the shutdown in the third quarter may delay DAT awards of up to $100 million and impact DAT adjusted EBITDA by up to $20 million. We'll also need to watch the magnitude and duration of impact to flights in the US system. That picture is just emerging as you see in the news today.

從長遠來看，我們預計不會對結果產生重大影響。然而，根據我們目前了解的情況，我們估計第三季的停工可能會延遲 DAT 高達 1 億美元的獎勵，並可能對 DAT 調整後的 EBITDA 造成高達 2000 萬美元的影響。我們還需要密切關注對美國航班系統的影響程度和持續時間。正如你今天在新聞中看到的那樣，這幅圖景才剛開始顯現。

But based on current information, we don't see material impacts to the year. 3Q is likely to see some impact. Our focus on cash flow remains, as does our focus on increasing the capital efficiency of our business. We continue to expect cash from operations to grow double digits for the year. We expect capital expenditures for the year to be about $1.2 billion breaking down as follows. $200 million is capitalized interest, $500 million is maintenance capital spending, about $100 million is success-based, $250 million is related to the completion of ViaSat-3 and the remainder, we're investing in new products and capabilities.

但根據目前掌握的信息，我們認為不會對今年造成實質影響。第三季可能會受到一些影響。我們依然關注現金流，也依然關注提高公司資本效率。我們仍預期今年的經營活動現金流將達到兩位數成長。我們預計本年度資本支出約為12億美元，具體構成如下：2億美元為資本化利息，5億美元為維護性資本支出，約1億美元為成功收益型支出，2.5億美元與ViaSat-3項目的完成相關，其餘部分將用於投資新產品和新能力。

Approximately $400 million of this overall spend will occur within Inmarsat. On prior calls, I've indicated we expect to spend $250 million of CapEx on items that are both large and close in time to the launch of our ViaSat-3 satellites in fiscal '26. In the first half, we spent $50 million of this $250 million and expect to spend the remaining $200 million in the second half.

在這筆總支出中，約有 4 億美元將用於 Inmarsat 公司內部。在先前的電話會議中，我曾表示，我們預計將在 2026 財年花費 2.5 億美元的資本支出用於規模較大且時間接近 ViaSat-3 衛星發射的項目。上半年，我們已花了這 2.5 億美元中的 5,000 萬美元，預計下半年將花費剩餘的 2 億美元。

Given the much larger spend rate for those items, we expect negative free cash flow in the second half. We'll provide updates tracking our spending of the remaining $200 million in upcoming quarters. Once beyond those payments, we expect to return to free cash generation and have guided to positive free cash flow for fiscal '27. For clarity, our free cash flow guidance does not include the anticipated free cash flow benefit from the Ligado lump sum payment, but it does include the benefit of recurring quarterly payments we expect to receive.

鑑於這些項目的支出速度要快得多，我們預計下半年自由現金流為負。我們將在接下來的幾季中提供剩餘 2 億美元支出狀況的更新資訊。一旦支付完這些款項，我們預計將恢復自由現金流，並預計 2027 財年將實現正自由現金流。為明確起見，我們的自由現金流指引不包括預期從 Ligado 一次性付款中獲得的自由現金流收益，但包括我們預期將收到的定期季度付款的收益。

During the quarter, we moved $175 million in cash from Inmarsat to Viasat. As noted previously, we expect the total funds will move over time to be $400 million to $500 million, including the $175 million just referenced. Our teams are working actively on our five-year plan as we always do at this time of year. A critical focus of that exercise will be continuing to drive for the intersection of growth, innovation, capital efficiency and returns. We're looking at all areas of our portfolio and capital structure for value-accretive opportunities.

本季度，我們將 1.75 億美元的現金從 Inmarsat 轉移到 Viasat。如前所述，我們預計隨著時間的推移，總資金將達到 4 億美元至 5 億美元，其中包括剛才提到的 1.75 億美元。和往年這個時候一樣，我們的團隊正在積極制定五年計畫。這項工作的一個重點是繼續推動成長、創新、資本效率和回報的交匯點。我們正在審視投資組合和資本結構的各個層面，尋找能夠提升價值的機會。

In closing, in the fiscal year, we're working to deliver our commitments and to position our franchises for sustained and profitable growth and free cash flow with using capital requirements following the deployment of our second and third ViaSat-3 satellites. We're determined to close out the year strong and well positioned for the future.

最後，在本財年，我們將努力履行我們的承諾，並利用部署第二顆和第三顆 ViaSat-3 衛星後的資本需求，使我們的特許經營業務能夠持續盈利增長並獲得自由現金流。我們決心以強勁的勢頭結束今年，並為未來做好充分準備。

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

這樣，我就把麥克風交還給馬克了。

Thanks, Gary. So we think there's a lot to be excited about, including the forthcoming launch of ViaSat-3 Flight 2 and the progress will launch on Flight 3. We're building momentum with multi-orbit solutions across businesses that are very attractive for our customers, and we're being disciplined with costs and CapEx, which is building the foundation for strong cash generation. We believe there is tremendous value in our franchises as a leader in satellite infrastructure and connectivity, in-flight connectivity and critical military and government communication and defense solutions.

謝謝你，加里。所以我們認為有很多值得興奮的事情，包括即將進行的 ViaSat-3 Flight 2 發射，以及 Flight 3 發射所取得的進展。我們正在透過多軌道解決方案在各個業務領域建立發展勢頭，這些解決方案對我們的客戶非常有吸引力，同時我們在成本和資本支出方面也保持著嚴格的控制，這為強勁的現金流奠定了基礎。我們相信，作為衛星基礎設施和連接、機載連接以及關鍵軍事和政府通訊和國防解決方案的領導者，我們的特許經營權具有巨大的價值。

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

那麼，接下來請大家提問。

(Operator Instructions) Brent Penter, Raymond James.

（操作說明）布倫特·彭特，雷蒙德·詹姆斯。

I appreciate the comments on the split and some interesting comments there regarding government commercial dual-use and vertical integration opportunities as well as the debt silos. So can you just update us what inning are we in, in terms of evaluating that possibility? And maybe you could just elaborate on those comments regarding vertical integration and the debt side of things.

我感謝各位對此拆分的評論，以及其中關於政府商業兩用和垂直整合機會以及債務孤島的一些有趣評論。那麼，您能否告訴我們，就評估這種可能性而言，我們現在處於第幾局？或許您可以詳細說明一下關於垂直整合和債務的觀點。

Okay. I'm not sure I'm going to give an inning, but we are working and we're always evaluating these options, I'd say, continuously. It's not like there's going to be an end date to that. And then just in terms of the vertical -- when we talk about vertical integration and dual-use, you can see examples of that, both domestically and internationally in space systems, increasing reliance on space systems. But the issue is those systems are expensive, and it's hard for a lot of countries to just carve that much money completely out of their economy.

好的。我不確定我是否會投一局，但我們正在努力，而且可以說，我們一直在評估這些選擇。這件事不會有結束日期。然後就垂直領域而言——當我們談到垂直整合和兩用時，你可以在國內和國際太空系統中看到這樣的例子，對太空系統的依賴性日益增強。但問題是這些系統很昂貴，很多國家很難從本國經濟中完全撥出這麼多錢來用於此。

So one clear example of this might be, for instance, what Europe is doing with where clearly, national security system needs to also be able to carry its weight commercially and economically. So we see that as a really good opportunity for us. we're benefiting from that. And we're just weighing the benefits of that compared to any potential benefits of a spin-off and they're not mutually exclusive. There may be ways in which we connect the two to preserve the competitive advantages while also creating what potentially might be more attractive investment vehicles. That's the trade-off that we're doing with respect to the spin.

例如，歐洲的做法就是一個明顯的例子，顯然，國家安全體係也需要在商業和經濟方面發揮作用。所以我們認為這是一個非常好的機會，我們從中受益匪淺。我們只是在權衡這樣做的好處與分拆的任何潛在好處，而這兩者並不互相排斥。或許我們可以找到方法將兩者連結起來，既能保持競爭優勢，又能創造出可能更具吸引力的投資工具。這就是我們在旋轉方面所做的權衡。

Okay, okay. That's helpful. And then spectrum value, you all talked about it and it's clearly getting a lot of attention right now given some of the activity in the industry. Just focusing on your international spectrum, can you all remind us what exactly you own in terms of megahertz and priority rights. And given some of the existing businesses on that spectrum as well as now the JV with Space42. How open are you all to alternative ways to monetize that spectrum and maximize the NPV there?

好的，好的。那很有幫助。然後是頻譜價值，你們都談到了這一點，鑑於業內的一些動態，它顯然現在受到了很多關注。就你們的國際光譜而言，你們能否提醒我們一下，你們究竟擁有多少兆赫茲頻譜和優先權？考慮到該領域現有的一些企業，以及現在與 Space42 的合資企業。你們對利用該頻譜資源來實現盈利並最大化其淨現值的其他方式持開放態度嗎？

Okay. In terms of what we have in spectrum, in our are public and pretty well defined. The big attraction we think in our spectrum position is that it's global, and the amount of spectrum that we have is substantially higher on a global basis than pretty much any other company. I think that the spectrum is put to very good use now, I think, in critical services both maritime and aviation as well as mobile.

好的。就我們擁有的頻譜而言，我們的頻譜是公開的，而且定義得相當明確。我們認為，我們頻譜資源的最大優勢在於它的全球性，而且我們在全球範圍內擁有的頻譜資源量遠高於幾乎任何其他公司。我認為，頻譜現在得到了很好的利用，在海事、航空和行動通訊等關鍵服務領域都得到了很好的應用。

I think that those services are going to -- they're important to almost every nation on earth, and so we do have really well-coordinated access to virtually everywhere in the world, which is also a unique situation. What we're looking at is a combination of evolving those services to fulfill the demands of the aviation industry and the maritime industry, while also being able to support the network standards that enable this large potential direct-to-device market.

我認為這些服務將會——它們對地球上幾乎每個國家都很重要，因此我們確實能夠很好地協調地訪問世界各地，這也是一種獨特的情況。我們正在考慮的是如何發展這些服務以滿足航空業和海事業的需求，同時還要能夠支援網路標準，從而實現這個巨大的、具有潛力的直接到設備市場。

What we do think is a lot of the applications that are going to drive these uses, which include things like vehicular autonomy, aeronautical autonomy, maritime autonomy, more edge-based AI applications that all those things are going to leverage both terrestrial mobility were available as well as space. So what we're doing is we're just constantly evaluating the two main forms of how the company can drive value from it.

我們認為，推動這些應用發展的許多領域，包括車輛自主、航空自主、海上自主、更多基於邊緣的人工智慧應用，所有這些都將利用陸地移動性和太空移動性。所以，我們現在所做的，就是不斷評估公司可以從中創造價值的兩種主要方式。

One is by continuing to operate and invest in the infrastructure required to use those assets versus what the current value might be to others who may -- who might be able to use those assets as well where we may be able to either work with them or coordinate with them in a way that also builds value. So those are the trade-offs that we do.

一種方法是繼續運作並投資於使用這些資產所需的基礎設施，而不是考慮這些資產目前對其他可能使用這些資產的人的價值——這些人也可能能夠使用這些資產，我們可以與他們合作或協調，從而創造價值。所以，這就是我們需要權衡取捨的地方。

I think we've been responsible steward of it. We just completed one transaction that we thought was in the best interest and that actually had been in the works for quite a long time. So I think we're going to be open-minded and even-handed, but always mindful of the public interest obligations that come along with that spectrum and making sure that we fulfill those obligations, and we're continuing to use the spectrum in the best way for both us and our public interest obligations.

我認為我們一直盡職盡責地管理它。我們剛剛完成了一筆我們認為最符合各方利益的交易，而且這筆交易實際上已經籌備了很長時間。所以我認為我們會保持開放的心態和公平的態度，但始終牢記伴隨這一光譜而來的公共利益義務，並確保我們履行這些義務，我們將繼續以對我們自身和我們的公共利益義務最有利的方式使用這一光譜。

Okay. I appreciate all the detail there. And then final question for me on the topic of Equatys. Can you all just talk a little bit more about that project? And who you view as the ideal customer that this is going to be most appealing to? And I realize it's early, but any conversations you've had with other potential partners or customers? And then I would also appreciate any details you can give in terms of economics, CapEx and how we should think about that?

好的。我很欣賞其中的細節。最後，關於 Equatys，我還有一個問題。你們能再詳細談談那個專案嗎？您認為這款產品最能吸引理想客戶群嗎？我知道現在說這些還為時過早，但您是否已經與其他潛在合作夥伴或客戶進行過任何對話？此外，如果您能提供一些關於經濟效益、資本支出以及我們應該如何考慮這些問題的細節，我將不勝感激。

Okay. The main purposes of Equatys are really to help bring modern infrastructure to the spectrum allocations that are either satellite specific or could also be used for the supplemental satellite spectrum allocations as well. The thing that's really influencing these direct to device that is being able to make connections to cell phones at the power levels and the gains in the space segment that enabled closing those links. . And so there -- those are generally done by global constellations, but there are a number of operators that are otherwise only regional.

好的。Equatys 的主要目的是幫助將現代化的基礎設施引入到衛星專用頻譜分配中，或者也可以用於補充衛星頻譜分配。真正影響這些直接到設備的因素是能夠以所需的功率等級與手機建立連接，以及空間段的改進，從而能夠建立這些連接。。因此，這些通常由全球星座完成，但也有一些運營商僅限於區域性。

And so the notion of having shared infrastructure is a very natural way to be able to extend, to make that infrastructure available to regional players who otherwise would only be able to make use of that infrastructure a small fraction of its time. So there are multiple benefits that Equatys can deliver. One is that operators would only essentially pay for the services that they can use in their region and they wouldn't be paying for dead time over other places that by having a cooperative there, those infrastructure costs are shared.

因此，共享基礎設施的概念是一種非常自然的擴展方式，使基礎設施能夠被區域參與者使用，否則這些參與者只能在很小的時間內使用該基礎設施。因此，Equatys 可以帶來多重好處。一方面，營運商基本上只需為他們所在地區的服務付費，而不必為其他地區的服務中斷時間付費，因為透過合作，這些基礎設施成本可以分攤。

There's additional benefits that can be gained for operators who choose to coordinate their spectrum with others in a way that aggregate that spectrum and just takes advantage of information, theoretic, capacity that would that mean that adding -- treating the spectrum as an aggregated block is the most cost-effective way to increase capacity and reduce airtime costs.

對於選擇與其他營運商協調頻譜的營運商來說，透過聚合頻譜並利用資訊、理論和容量，可以獲得額外的好處。這意味著將頻譜視為聚合區塊是增加容量和降低空口費用的最經濟有效的方式。

So some of the -- so we are in discussions with a number of regional operators in addition to Space42, which is to have a very large region, two-thirds of the world, but there are other regional operators who are really interested in having sovereignty in their area at an economical cost. One of the partners that we're working with already that we've discussed in the past is Europe.

所以，除了 Space42 之外，我們還與一些區域運營商進行討論，目標是覆蓋全球三分之二的廣大區域，但也有其他區域運營商對以經濟的成本在其區域內擁有主權非常感興趣。我們過去曾討論過，目前正在合作的夥伴之一是歐洲。

We were working with the European Space Agency to help them have a sovereign component to a global constellation that is -- that would be far more economical than what they might otherwise do on a stand-alone basis. I think that's a good example. There are others, but we're not going to name those now.

我們當時正與歐洲太空總署合作，幫助他們建立一個全球星座的自主組成部分——這將比他們單獨實施要經濟得多。我認為這是一個很好的例子。還有其他的，但我們現在就不點名了。

Okay. And anything you can help us out with in terms of sizing CapEx there?

好的。在資本支出規模方面，您能幫我們做些什麼嗎？

No. I think we're going to -- we'll do that as we get more definition on the program. There are still a lot of variables in the way it's structured and how we work with partners. So at this point, it would be premature to give detail on that.

不。我認為我們會——我們會隨著項目細節的完善而這樣做。在組織架構以及我們與合作夥伴的合作方式方面，仍然存在許多變數。所以現在透露細節還為時過早。

Just to punctuate to Mark's point, we keep talking about capital efficiency. Remember the -- at least as I look at the world, the concept of shared infrastructure is a big idea on that front.

為了強調馬克提出的觀點，我們一直在談論資本效率。記住——至少在我看來，共享基礎設施的概念在這方面是一個重要的想法。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Just to maybe follow up on one of the questions there. Mark, as we think about your global portfolio, I think in the Space42 announcement, it said that you'd be able to -- capable of supporting well over 100 megahertz of harmonized MSS spectrum. Is that accurate as it pertains to Viasat global harmonized spectrum?

我想就其中一個問題做個後續補充。馬克，當我們考慮你的全球投資組合時，我認為在 Space42 的公告中提到，你將能夠支援超過 100 兆赫茲的協調 MSS 頻譜。就Viasat全球協調頻譜而言，這個說法準確嗎？

I think the 100 megahertz refers to the combination of what Viasat and Space42 have together.

我認為100兆赫茲指的是Viasat和Space42兩家公司共同擁有的技術的組合。

Got it. Helpful. And then staying on the Equatys Space42, as you go down that path, I think, and you kind of prepare yourself for service launch, right, targeted within three years, I mean when should we -- you kind of alluded to it in an earlier question here, when should we begin to hear more about partners with partnerships with MVNOs, perhaps additional investors kind of coming on board, maybe some of the milestones that we should be anticipating prospectively over the next couple of quarters and months -- years here?

知道了。很有幫助。然後繼續使用 Equatys Space42，我認為，當你沿著這條路走下去，並且為服務推出做好準備時，目標是在三年內，我的意思是，我們應該什麼時候——你之前的問題中也提到過——我們應該什麼時候開始聽到更多關於與 MVNO 合作的消息，也許會有更多投資者加入，也許在未來幾個季度和幾個月——一些里程碑內，我們應該預期的一些里程碑？

Well, I think the thing you said at the end is right. It's going to be over the next couple of quarters and years. We still have work to do with Space42, but we're making good progress on that to provide the definition and the transactions that either additional customers or investors would make with Equatys, but are necessary to form that. But we're seeing a lot of interest. And I think now you're starting to see others start to talk about the benefits of shared infrastructure as well that -- I think that, that -- it's pretty evident that, that makes a lot of sense.

嗯，我覺得你最後說的是對的。這將持續數個季度甚至數年。我們與 Space42 還有一些工作要做，但我們在這方面取得了良好的進展，以提供定義以及與 Equatys 進行的其他客戶或投資者進行的交易，而這些交易對於形成 Space42 是必要的。但我們看到很多人對此感興趣。而且我認為現在你也開始看到其他人開始談論共享基礎設施的好處了——我認為這——很明顯，這很有道理。

The devil is really in the details and that's what we've been working on for quite a while, so that we can provide really all of the details needed for real transactions, both by other users of the system -- let's say, other operators who would participate in the system, investors who would invest in the system and then MNOs or others who would be users of the system to make it clear what this means in detail to each of those constituents. And I think we're making good progress there, but that will be the next step is to get out of the definitization of each of those points.

細節決定成敗，而這正是我們長期以來努力的方向，以便我們能夠提供真實交易所需的所有細節，無論是對系統的其他用戶（例如參與系統的其他運營商、投資系統的投資者，還是移動網絡運營商或其他系統用戶），都要清楚地說明這對每個參與者意味著什麼。我認為我們在這方面取得了不錯的進展，但下一步是明確定義每個要點。

That's helpful. And then I guess one last one. I guess, Gary, notwithstanding the government shutdown and what that might all mean from an awards perspective and revenue and EBITDA impact. But just as we think about the business overall, right, I think one of the things that, in particular, I think some folks struggle with is just the backlog growth, right, and the awards quarter-on-quarter pretty impressive and continue to be, continue to grow at a very healthy rate.

那很有幫助。然後，我想還有最後一個。我想，加里，儘管政府停擺可能會對獎項、收入和 EBITDA 產生影響。但正如我們整體上思考業務時，我認為，特別是有些人難以應對的一點是積壓訂單的增長，而季度環比的訂單量相當可觀，並且繼續以非常健康的速度增長。

I mean, I think you called it -- I may have missed the data awards, but awards up 35% quarter-on-quarter. Any kind of help thinking about how that backlog -- as that grows over time, maybe the cadence of backlog recognition. I know we kind of talked book-to-bill, but is there any other kind of metrics above and beyond the book-to-bill ratios that we have historically focused on in the business as we kind of think about your ability to monetize that?

我的意思是，我覺得你猜對了——我可能錯過了數據獎項，但獎項數量環比增長了 35%。任何有助於思考如何應對積壓工作——隨著積壓工作隨著時間的推移而增加——以及積壓工作識別的節奏的問題。我知道我們之前討論過訂單出貨比，但是除了我們過去一直關注的訂單出貨比之外，在考慮如何將業務貨幣化時，還有其他類型的指標嗎？

I'm trying to think of the right way to address that. I think we highlight the metrics that we think are relevant for how we're seeding the future. I think what you're going to see is -- and I should also go back and reference some of the things that we set out to accomplish this year. If you remember, we said this wasn't really about the numbers, it was about some of the outcomes that we set out to achieve, that was continued growth in Aviation, Government SATCOM. We wanted to see a stabilization and a return to growth of our Maritime business.

我正在努力思考解決這個問題的正確方法。我認為我們應該專注於那些我們認為與未來發展方向相關的指標。我認為你們將會看到——我也應該回顧我們今年設定的一些目標。如果你還記得的話，我們說這其實與數字無關，而是與我們設定的目標有關，那就是航空和政府衛星通訊領域的持續成長。我們希望看到海運業務趨於穩定並恢復成長。

And then the other one was to make sure that we had access to the capacity of Flight 2, so we could address some of the declines that we've been seeing pretty consistently in our fixed broadband business. And as I look at the year, when I say we're making good progress, it's largely on those fronts. We're not tracking the specific numbers. So I'm feeling good about our ability to turn the efforts that we've made this year and to growth for the future. And we certainly have the backlog to underpin it, and the capacity is coming we -- the capacity that we need in some arenas is coming very shortly with Flight 2.

另一個目的是確保我們能夠使用 Flight 2 的容量，以便解決我們在固定寬頻業務中持續看到的下滑問題。回顧這一年，如果我說我們取得了良好的進展，那主要就是在這些方面。我們沒有追蹤具體數字。因此，我對我們今年所付出的努力能夠轉化為未來的發展充滿信心。我們當然有足夠的積壓訂單來支撐它，而且隨著第二批航班的到來，我們在某些​​領域所需的產能很快就會到來。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley Securities。

First, on payload net, that seems to be the commercial environment as something you talked about at advocated for quite some time. But is that something that's going to take a year or two you get off the ground because say, Leo sensor and low earth orbit would have to have in that center pointing it up to GEO and then it would signal get bounced back down to get ground segment?

首先，關於有效載荷網絡，這似乎是您長期以來一直在談論和倡導的商業環境。但這樣做是不是需要一兩年的時間才能啟動？比如說，低地球軌道感測器和近地軌道感測器必須在那個中心指向地球同步軌道，然後訊號會被反射回來接收地面部分的訊號？

I'm sorry, Mike, I missed the very first part, which system are you referring to?

抱歉，麥克，我錯過了第一部分，你指的是哪個系統？

HaloNet.

HaloNet。

Okay. Yes. So the HaloNet, we're aiming at several different markets. One of them -- one of the early ones that we're getting into is launch telemetry as an example, where we can -- really, what we're looking to do is deal with the space relay as a whole. So that includes things like launch telemetry, it also -- one of the options that we talked about originally was think of it as sensor -- say, sensor data or other data that would be related from LEO to GEO and back to ground stations really to help reduce latency for earth-sensing, earth observation.

好的。是的。所以，HaloNet的目標市場是幾個不同的市場。其中之一——我們正在著手研究的早期領域之一，以發射遙測為例，我們可以——實際上，我們正​​在努力的是處理整個太空中繼問題。所以這包括發射遙測之類的東西，它——我們最初討論的選項之一是將其視為感測器——例如，感測器數據或其他數據，這些數據將從低地球軌道 (LEO) 傳輸到地球同步軌道 (GEO) 再返回地面站，真正有助於減少地球感測、地球觀測的延遲。

And we've also been dealing with that a little bit through shared sensor infrastructure. Another one that we got with Inmarsat is less relaying the sensor data itself and more relaying the tasking and command and control for those satellites, which is also important in terms of getting timely data.

我們也一直在透過共享感測器基礎設施來解決這個問題。我們從 Inmarsat 獲得的另一個優勢是，它減少對感測器資料的直接傳輸，更多地傳輸這些衛星的任務分配、指揮和控制，這對於及時獲取資料也很重要。

There's other components that we're also looking to get to, which are other forms of kind of space vehicles that are relayed through government assets now that those government assets are either bottlenecked or going -- or actually going away. So it's kind of each of those markets, and they have somewhat different communications paths depending on what the application is. Did that address what your question was?

我們還希望能夠獲得其他組件，即其他形式的航天器，這些航天器目前是透過政府資產進行運輸的，因為這些政府資產要么遇到了瓶頸，要么正在消失——或者實際上正在消失。所以，每個市場的情況都不一樣，根據應用的不同，它們的溝通路徑也略有不同。這樣回答了你的問題嗎？

Yes. I mean you've also talked about offering to say earth observation companies and the ability to not have to wait to pass over -- yes, and instead you could get data out much more quickly. So I have another question, Mark. You have this great cryptographic and encryption franchises, how does the advent of quantum computing affect those?

是的。我的意思是，您也談到向地球觀測公司提供這項服務，讓他們不必等待就能過境——是的，這樣就可以更快地獲取數據。馬克，我還有個問題。你們擁有非常強大的密碼學和加密技術業務，量子運算的出現會對它們產生什麼影響？

So the very first application is in what people are calling quantum-resistant cryptography. One of the main applications of quantum computing is factoring numbers, which would be used to attack existing cryptographic systems. So one of the -- the highest priority objectives in any secured infrastructure is making them quantum-resistant.

因此，它的第一個應用領域是人們所說的抗量子密碼學。量子計算的主要應用之一是分解數字，而分解數字可以用來攻擊現有的密碼系統。因此，任何安全基礎設施的最高優先目標之一就是使其能夠抵禦量子攻擊。

So that's driving a big refresh in secure systems especially in the US, but globally as well. The -- I think the other thing is going to be -- the other thing that's really driving the growth in our crypto business is basically the use of data centers, right? The things that are so computationally intensive that they can't be done anywhere else.

因此，這正在推動安全系統進行大規模更新，尤其是在美國，但在全球範圍內也是如此。我認為推動我們加密貨幣業務成長的另一個主要因素是資料中心的使用，對吧？那些計算量非常大，以至於在其他任何地方都無法完成的任務。

So that's driving -- I mean think of AI as being one of those. There's other big data applications. And when you think of quantum computing, that's another form of dealing with very computationally intensive algorithms that will be done in data centers. All this stuff is driving demand for data center cryptos.

所以這就是驅動力——我的意思是，把人工智慧看作是其中之一。還有其他大數據應用程式。而量子計算則是另一種處理計算密集型演算法的方式，這些演算法將在資料中心執行。所有這些都在推動對資料中心加密貨幣的需求。

And also on the user side, it's driving demand for cryptos that have kind of the networking flexibility to get to the right data centers. that have either the computational resources and/or the raw data to work with as well as the speeds that are needed as well as the -- basically the quantum resistance as well as other cyber security threats that are also evolving along with the quantum threat.

此外，在用戶方面，這也推動了對具有網路靈活性的加密貨幣的需求，以便連接到合適的資料中心。這些數據中心擁有所需的運算資源和/或原始數據，以及所需的傳輸速度，基本上具備抗量子攻擊的能力，以及其他隨著量子威脅而不斷演變的網路安全威脅。

So it's just -- it's driving -- I mean, think of there's a bunch of drivers that are causing both modernization of the cryptos, increased speed. And then the other thing that becomes really important data center, of course, is getting low power, low footprint within the data centers just because of the really rapid increase in aggregate speeds that are going into those data centers. I'd say those are the main drivers.

所以，這就像是——它在推動——我的意思是，想想看，有很多因素在推動加密貨幣的現代化和速度的提升。當然，對於資料中心而言，另一件非常重要的事情是降低資料中心的功耗和占地面積，因為資料中心的整體速度正在迅速提高。我認為這些是主要驅動因素。

And then just one last quick one for me is how are you accounting for the $420 million cash received on Halloween and the $100 million of additional cash you're going to get on March 31?

最後還有一個問題，你們如何解釋萬聖節當天收到的 4.2 億美元現金以及 3 月 31 日將收到的 1 億美元額外現金？

I can take this for you. This is Shawn. I think Gary kind of summarized up the -- how we see the cash coming in. I think if you look at the earnings, we don't expect it to be a large impact to EBITDA. So most of the lump sum proceeds are going to go to deferred revenue, and they're going to get recognized over the life of the contract. The interest portion will come in, and that will come into interest income, which obviously is EBITDA neutral.

我可以幫你拿。這是肖恩。我認為 Gary 已經概括了我們對資金流入的看法。我認為，從獲利情況來看，我們預計這不會對 EBITDA 產生太大影響。因此，大部分一次性收益將計入遞延收入，並在合約有效期限內分期確認。利息部分將會入賬，這部分將計入利息收入，顯然不會影響 EBITDA。

We're still finalizing the details. You should see a chunk of that as well in operating cash flow when you see the next set of financial statements.

我們仍在敲定細節。當你查看下一組財務報表時，你應該也會在經營現金流中看到其中的一部分。

Yes. And we'll give you guys more details on that in Q3.

是的。我們將在第三季為大家提供更多細節。

Okay. So you're going to recognize $520 million of deferred revenue over 80 years?

好的。所以你們打算80年確認5.2億美元的遞延收入？

There's a good portion will go to deferred revenue, but we'll also have a portion that will go to interest income.

其中很大一部分將計入遞延收入，但也有一部分將計入利息收入。

Ryan Koontz, Needam & Company.

Ryan Koontz，Needam & Company。

I wanted to ask about the communication services backlog there, and obviously, Flight 2 going up and the capacity. How should we think about pent-up demand and timing? I know it's about six months from launch to service. But what percentage of that backlog in comp services would you say is dependent on F2?

我想問一下那裡的通訊服務積壓情況，以及 2 號班機的起飛和運能狀況。我們該如何看待被壓抑的需求和時機？我知道從發佈到投入使用大約需要六個月時間。但您認為在補償服務積壓工作中，有多少百分比取決於 F2？

Actually, you're not going to see that necessarily come out of backlog. I mean for instance, growth in consumer, right, that wouldn't be -- that's not a backlog item for us. We have pretty good ways of estimating what that growth will be and so functional service plans and pricing. Likewise, for instance, one of the things that we're seeing in aviation is more bandwidth consumption for -- through greater penetration or additional service plans.

實際上，你不一定會看到這些任務從積壓的工作中解決。我的意思是，例如，消費者成長，對吧，那不是——那不是我們待辦事項。我們有相當好的方法來估算成長幅度，從而製定有效的服務計劃和定價。同樣，例如，我們在航空領域看到的一個現像是，由於更高的普及率或額外的服務計劃，頻寬消耗量會增加。

Again, that would just show up as air time. It will be recurring revenue, but it's not going to come out of backlog either. Same thing in Maritime, as we're seeing increased use there. So it's really going to be reflected in ARPA or plane counts. You will see is things like ships and airplanes being converted, but that's not going to directly relate to all of the revenue growth that's driven from it.

同樣，那隻會顯示為播出時間。這將是經常性收入，但也不會來自積壓訂單。海事部門的情況也一樣，我們看到那裡的使用量正在增加。所以這最終會反映在ARPA（飛機數量）或飛機數量上。你會看到船舶和飛機等被改裝，但這與由此帶來的所有收入成長並沒有直接關係。

There's a lot of usage of the availability itself. It's continued growth of the franchises that we keep talking about, aircraft, vessels, residential subscribers, et cetera.

可用性本身就有很多用途。我們一直在談論的特許經營業務的持續成長，例如飛機、船舶、住宅用戶等等。

Sure. So you've got the relationships in place. It will show up as more usage, but you haven't say booked committed revenue in backlog for that capacity to come on. You just believe that.

當然。所以你們的關係已經建立起來了。這將表現為使用量的增加，但你並沒有說明積壓訂單中已預訂的、承諾的收入是否足以支持該產能的啟用。你只是這麼認為而已。

Yes. But what we do have, as an example, would be think of when airlines work with the safe ideas of what those service plans will be, we can infer from that what the penetration rates would be, what airtime consumption would be, what airtime pricing models would make sense. And then also, when we do monetizations, there is -- as an example, that will those types of subscriber statistics might drive advertising and promotional revenue, but it's all kind of -- it's sort of baked into what the service relationships are with those customers.

是的。但我們可以舉例來說，想想當航空公司製定出較為穩健的服務計劃時，我們可以從中推斷出滲透率會是多少，通話時長消耗量會是多少，什麼樣的通話時長定價模式才比較合理。此外，當我們進行獲利時，例如，這些類型的訂閱者統計數據可能會推動廣告和促銷收入，但這都與服務關係息息相關。

Makes sense. And another if I could just sneak it in. Just in terms of the aviation environment there. I mean, any updated thoughts on how you see that evolving? Obviously, it seems like changes happen every quarter. So I love your thoughts on that, Mark.

有道理。如果我能偷偷帶進去的話，還有一個。僅就那裡的航空環境而言。我的意思是，你對這種情況的發展有什麼最新看法嗎？顯然，似乎每季都會改變。馬克，我非常贊同你的看法。

Yes. I think so the main trends you can see is greater penetration of the airlines, including different types of airlines. A greater emphasis on being able to go free to support streaming, driving higher penetration. But some of the consequences -- I can tell you some of the consequences that we've been anticipating, and I think are going to be -- are going to play out is as you get all those effects, this issue about what happens in high-demand locations is going to be more and more evident that's the effects that we've been seeing for quite a while in major hub airports, combinations of airports and seaports, you'll see that.

是的。我認為，主要趨勢是航空公司（包括不同類型的航空公司）的滲透率不斷提高。更重視免費服務以支援串流媒體播放，從而提高滲透率。但有些後果——我可以告訴你一些我們一直在預料的後果，而且我認為這些後果將會顯現——隨著所有這些影響的出現，高需求地區發生的事情將變得越來越明顯，這就是我們在主要樞紐機場、機場和海港的組合中已經看到相當長一段時間的影響，你會看到這一點。

The other thing, I think, is going to be really interesting, one of the reasons that we've been working on the business models that we are is that the free Wi-Fi in an aero environment is sort of a mixed blessing. On the one hand, passengers like it. But if every airline has the same free service, then they all have extra costs and nobody has a competitive advantage.

我認為另一件事會非常有趣，我們一直在研究我們現在的商業模式的原因之一是，航空環境中的免費 Wi-Fi 既是好事也是壞事。一方面，乘客們喜歡它。但如果每家航空公司都提供相同的免費服務，那麼它們都會有額外的成本，就沒有一家航空公司具有競爭優勢。

So one of the things that we've been really working with the airlines on is how do you get competitive advantage as well -- and differentiation as well as just free Wi-Fi. I think those are going to become important. And that's the various monetization techniques that we're using and developing, I think, will be increasingly important in an environment where every airline kind of is recognizing the need to connect virtually all the passengers with really high-quality Wi-Fi.

因此，我們一直在與航空公司合作解決的一個問題是，如何獲得競爭優勢——以及差異化，而不僅僅是提供免費 Wi-Fi。我認為這些將會變得很重要。我認為，我們正在使用和開發的各種獲利技術，在如今每家航空公司都意識到需要為幾乎所有乘客提供真正高品質的 Wi-Fi 的環境下，將變得越來越重要。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱。

As we think about the building blocks on Viasat shares, we just sort of run the following concept by you in terms of kind of like headlines that are out there, right, you have $50 of share value in the DAT unlock and then we have the organic SATCOM business, which just according to kind of the most recent investors are getting for free.

當我們思考 Viasat 股票的構成要素時，我們不妨向您介紹以下概念，就像目前媒體報道的那樣，DAT 解鎖帶來了 50 美元的股票價值，然後我們還有有機衛星通信業務，根據最近的投資者的說法，這項業務是免費獲得的。

So as we think about the precedent transaction of SpaceX EchoStar, and the roughly $20 billion of value for, we'll call it, 75 megahertz of S-band. How do we think about ViaSat's 75 megahertz of S-band in that concept, right? And then within that, is it fair to characterize that deal is comparable to say the company have a preference of cash versus equity and see kind of how does the management team think about the arbitrage opportunity of carrying something like that on the balance sheet? So a complex question, but basically, how do you think about spectrum and what's your preference on terms?

因此，當我們回顧 SpaceX EchoStar 這筆具有里程碑意義的交易，以及它所獲得的 75 兆赫茲 S 波段頻譜價值約 200 億美元時，我們不妨這樣理解。在這個概念中，我們該如何看待 ViaSat 的 75 兆赫 S 波段呢？那麼，將這筆交易描述為類似於公司更傾向於現金而非股權，是否公平？看看管理團隊是如何看待在資產負債表上持有此類資產所帶來的套利機會的？這是一個複雜的問題，但基本上，您如何看待頻譜，以及您對術語的偏好是什麼？

Right. I think if you look at what's happened in the terrestrial market, you have these same issues about how do you value spectrum? And I think the main ways are do we have the -- can we bring it to market in the most modern and useful ways complying with our public interest obligations and then develop value from that? That's one.

正確的。我認為，如果你看看地面電視市場發生的事情，你會發現同樣的問題是如何評估光譜價值？我認為主要途徑是──我們能否以最現代、最有效的方式將其推向市場，同時履行我們的公共利益義務，並從中創造價值？這是其中之一。

Another one would be, can somebody else do that better and is there a way in which we can reach coordination agreements or some other way to do that because somebody else can do it better than we can? And then the other way you look at spectrum is what are your options, for instance, in the terrestrial world, one of the ways people can look at alternatives to spectrum in terms of service economics or performance is through node splitting.

另一個問題是，其他人能否做得更好？我們能否達成協調協議或其他方式來解決這個問題，因為其他人可能會比我們做得更好？另一種看待頻譜的方式是考慮你的選擇，例如，在地面世界中，人們可以從服務經濟性或性能的角度考慮頻譜替代方案，其中一種方法是透過節點分割。

In the space, there's equivalence to the nodes quitting, right, as well based on sort of how you do beam-forming and how big your satellites are -- those are the factors that go into it. I think that we're really focused on the fundamentals of how does it deliver value to the end users? And how do you do that in a way that is consistent with the interest of the regulators that allocate the spectrum? We have to deal with all of those issues.

在這個空間中，節點退出也相當於其他情況，對吧？這取決於你如何進行波束成形以及你的衛星有多大——這些都是影響因素。我認為我們真正關注的是如何為最終用戶帶來價值這一根本問題？如何在不損害分配頻譜的監管機構利益的前提下做到這一點？我們必須處理所有這些問題。

And I -- we just -- it's just hard to break it down into purely transactional methods just say, well, hey, can we -- how would we structure a transaction that might be dissimilar to some other transactions when the environments around them are may be so different that you just can't do it that way. So I think we're not going to speculate on different transactions so much is focused on.

而且我——我們只是——很難將其分解為純粹的事務方法，比如說​​，嘿，我們能不能——當周圍的環境如此不同，以至於你根本無法用那種方式來構建一個可能與其他事務不同的事務。所以我覺得我們不會去猜測大家關注的焦點是哪些不同的交易。

How do we -- the one thing that we can really focus on is how can we use the spectrum that we've been allocated in ways that are with the license obligations and deliver value to customers and shareholders. That's the way we're most looking at it. And then if there's other opportunities that present themselves that are more -- that are better for shareholders, we'll certainly consider those.

我們應該如何——我們真正應該關注的一件事是，如何以符合許可證義務的方式使用我們被分配到的頻譜，並為客戶和股東創造價值。我們主要也是這樣看待這個問題的。如果之後出現其他對股東更有利的機會，我們當然會考慮這些機會。

Got it. And then maybe turning over to defense bookings. As we think about the environment, appreciate the healthy performance on probably the US side. But as you think of like the continent in Europe, how are you kind of seeing the demand signals to materialize? Because I think what are the kind of pieces that the market's kind of working through now is whether or not the Iris timetable matches up to national security risks.

知道了。然後或許會轉到防守預訂方面。當我們思考環境議題時，應該要讚賞美國在這方面的健康進展。但就歐洲大陸而言，您認為需求訊號是如何顯現的？因為我認為，市場目前正在思考的問題是，Iris 專案的時間表是否符合國家安全風險。

And you can argue that some of the awards you've seen today suggest there's probably an accelerated interest for kind of new constellation build or new capabilities. So maybe -- just maybe parse out the incremental government demand that you're seeing beyond just the US side and how you expect that to unfold over a multiyear period?

你也可以說，今天你看到的一些獎項表明，人們對新型星座構建或新功能的興趣可能正在加速增長。所以，或許——僅僅是或許——可以分析一下，除了美國方面之外，你所看到的政府需求是如何逐步增加的，以及你預計這種需求在未來幾年內會如何發展？

Okay. Yes, I think -- if I were to talk about sort of national security in general, I think that the things that we're really seeing -- there's kind of two of them, one of them by definitely really high -- it's high priority. And you're seeing this in Iris2 as sovereignty. It's that countries don't want to depend on individual or other for corporations or foreign countries for essential national security. So I think then what that's driving them to is, okay, I don't necessarily need to have my own LEO or whatever it is.

好的。是的，我認為——如果我要談論國家安全方面的事情，我認為我們真正看到的是兩件事，其中一件絕對是非常重要的——優先順序很高。而你在 Iris2 中看到的正是主權。這是因為各國都不希望在國家安全方面依賴個人、其他公司或外國。所以我覺得，這促使他們想的是，好吧，我不一定需要自己的執法人員或其他什麼人。

What I need to do is get the effects that those deliver in a way that I have sovereign over and the effects that they generally need are things like I might need small terminals, I might need terminals that can be deployed rapidly, that don't become targets rapidly, that resist jamming or other countermeasures, that are cyber-secure. I think there's this list of requirements that you're seeing that are playing out, let's say, with Ukraine being kind of the example of what people might expect from a countermeasure perspective and what they need in order to defend themselves in a modern tactical environment.

我需要做的是以我能掌控的方式獲得這些效果，而他們通常需要的效果包括：我可能需要小型終端，我可能需要可以快速部署、不易成為攻擊目標、能夠抵抗干擾或其他反制措施、具有網路安全性的終端。我認為，你現在看到的這些需求，比如說，以烏克蘭為例，可以說明人們從反制措施的角度可能會期望什麼，以及他們在現代戰術環境中為了自衛而需要什麼。

Then the question becomes, okay, how do I get those things and still have sovereignty? And some of that may come through infrastructure sharing in certain ways and others that may come from -- you can certainly achieve pretty much any of the effects I described with the GEO systems as well. And you could achieve them to different extents even with existing systems. So that -- those are the conversations that we're having now. It's really how do I get the effects? And then how do I have control over those? Those are the, I'd say, the two biggest issues.

那麼問題就變成了，好吧，我怎麼才能獲得這些東西，同時又能保持主權呢？其中有些可能透過某些方式的基礎設施共享來實現，而有些則可能來自——當然，您也可以使用 GEO 系統來實現我所描述的幾乎所有效果。即使使用現有系統，你也可以在不同程度上實現這些目標。所以，這就是我們現在正在進行的對話。真正的問題是，我該如何獲得這些效果？那麼，我該如何控制這些呢？我認為，這是兩個最大的問題。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

I wanted to come back to the spectrum. I believe you have quite a bit of spend in Europe. And I'm wondering if you can clarify the the future intention with that? And if I'm not mistaken, some of it or all that comes up for renewal in 2027 and so curious on what you plan to do about that? Do you think you'll get all back and how you see that situation?

我想回到光譜領域。我相信你在歐洲有不少開銷。我想請您澄清一下未來的意圖？如果我沒記錯的話，其中部分或全部項目將在 2027 年到期續約，所以我很好奇您打算如何處理這個問題？你認為你能拿回所有東西嗎？你如何看待這種情況？

Okay. So yes, the S-band spectrum in Europe, the history is that it derives from a particular program. We are one of the holders of spectrum grant through the Inmarsat acquisition. There is an ongoing process in the European union to determine how to allocate that spectrum post 2027. We've submitted applications -- an application to do that. They're going through a process.

好的。是的，歐洲的 S 波段頻譜的歷史可以追溯到一個特定的項目。我們是透過收購 Inmarsat 取得頻譜使用權的持有者之一。歐盟正在進行一項進程，以確定2027年後如何分配這些光譜。我們已經提交了申請書——一份關於此事的申請。他們正在經歷一個過程。

We think that we, as an operator, have both build the commitments that Inmersat made -- we, through our acquisition of Inmarsat made when it was first allocated. And in our application, I think we're making a strong case for why we can still -- we would still be a good steward of that spectrum, both in terms of what we would do with ground systems, what we do in space and what we would do with user terminals. And I think that's where it currently stands and the European Union will allocate not only our portion of the spectrum, but the additional portions of the spectrum sometime in the next year or two.

我們認為，作為營運商，我們既履行了 Inmarsat 所做的承諾——我們透過收購 Inmarsat，履行了它在最初分配時所做的承諾。在我們的申請中，我認為我們有力地證明了為什麼我們仍然可以——我們仍然可以很好地管理這個頻譜，無論是在地面系統方面，還是在太空方面，以及在用戶終端方面。我認為目前情況就是這樣，歐盟不僅會分配我們那部分頻譜，還會在未來一兩年內分配額外的頻譜部分。

Understood. I appreciate that. I wanted to come back on F2 and F3. Is there any way to dimension, let's say, you're fully up in service, how much of a growth bump or sales bump, whatever, that you'll get once those two are fully operational?

明白了。我很感激。我想重返F2和F3賽場。有沒有辦法衡量，假設服務全面投入使用後，你會獲得多大的成長或銷售成長（或其他什麼成長）？

Well, so -- I mean one of the ways to think about it, just this is at a very top level, it roughly those two satellites together would kind of triple the amount of bandwidth that we would have. And -- if -- how you monetize that depends on what the mix of services are where that service are, where that services is, where those services are. And the other thing that we're really sensitive to because we've been one of the leaders in providing service level agreements is where are those services, where the demands are for those services?

嗯，我的意思是，我們可以這樣想，從最宏觀的角度來看，這兩顆衛星加起來大概能讓我們的頻寬增加兩倍。而且——如果——如何將其貨幣化取決於服務的組合，以及這些服務在哪裡。還有一點我們非常關注，因為我們一直是提供服務等級協議的領導者之一，那就是這些服務在哪裡，對這些服務的需求在哪裡？

I think we've been doing a good job of fulfilling the service commitments that we make. And so you have to look at where the bottlenecks might be. But we have a lot of runway to grow given those two satellites. And then we also have -- because we're still -- we're going to buy F2 in the Americas, F3 in Asia Pacific, we have three additional Inmarsat satellites GX-7, -8, -9 that we can deploy in the EMEA region that will give us the capacity we need in the high high-demand areas there.

我認為我們一直很好地履行了我們所做的服務承諾。所以你必須找出瓶頸可能在哪裡。但鑑於這兩顆衛星，我們還有很大的發展空間。此外，我們還將——因為我們仍然——在美洲購買 F2 衛星，在亞太地區購買 F3 衛星，我們還有三顆額外的 Inmarsat 衛星 GX-7、-8 和 -9，我們可以將其部署在歐洲、中東和非洲地區，這將為我們在這些高需求地區提供所需的容量。

We also have bandwidth coming that we've already contracted for from third parties as well as from LEO systems as well. And then the counter -- the sort of the counterweight that everyone that provides the types of services we have to do -- that we do has to account for is the per capita growth in bandwidth demand for each of our customers.

我們還有一些頻寬即將到來，這些頻寬我們已經從第三方以及低地球軌道系統簽訂了合約。然後，我們必須考慮的因素——也就是所有提供我們這類服務的人都必須考慮的因素——是每個客戶的人均頻寬需求成長。

All I'd tell you, those are the forces that are at play. When we provide guidance, we try to bake those into what our outlook is, and we try to provide some visibility into the growth of each of the different areas. But that's -- I mean those are the forces that will determine how we turn all that bandwidth into revenue.

我只能告訴你，這些都是有效的因素。當我們提供指導時，我們會努力將這些理念融入我們的觀點中，並努力讓大家了解各個不同領域的發展。但我的意思是，這些因素將決定我們如何將所有這些頻寬轉化為收入。

Right now, we see a lot of opportunity in those regions among especially the mobility services. And those are the ones I think where we compete the best, where we're adding the most value and then we're using things like fixed services as kind of buffer to make sure that we're using all the bandwidth. But over time, we're gradually migrating it to these higher-value services.

目前，我們看到這些地區，特別是旅遊服務領域，存在著許多機會。我認為在這些領域，我們最具競爭力，我們能創造最大的價值，然後我們利用固定服務等方式作為緩衝，以確保我們充分利用所有頻寬。但隨著時間的推移，我們正在逐步將其遷移到這些更高價值的服務中。

There is no further questions at this time. I will now turn the call back over to Mark Dankberg for closing remarks. Mark?

目前沒有其他問題了。現在我將把電話轉回給馬克·丹克伯格，請他作總結發言。標記？

So just want to remind people that we remain very committed to building a solid foundation for accelerated and sustained growth, capital efficiency and cash generation. Our future growth outlook is underpinned by large installed base in a number of our markets, strong secular drivers across our different vertical applications and a diversified portfolio.

因此，我想提醒大家，我們仍然致力於為加速和持續成長、提高資本效率和創造現金流奠定堅實的基礎。我們未來的成長前景得益於我們在多個市場擁有龐大的裝機量、不同垂直應用領域強勁的長期發展動力以及多元化的產品組合。

We operate across one of the largest blocks of mobile satellite spectrum in the world. We've been a very responsible user of that spectrum since Inmarsat's inception over 45 years ago. We're dedicated to providing and evolving the vital services that our commercial and government customers need around the world.

我們的業務涵蓋全球最大的行動衛星頻譜之一。自 Inmarsat 成立 45 多年來，我們一直是該頻譜的非常負責任的用戶。我們致力於為世界各地的商業和政府客戶提供並不斷改進所需的重要服務。

And we believe this drives meaningful upside value, including to associated with our spectrum position, and we've got a comprehensive plan to reinforce our competitive positions, drive returns and enhance shareholder value. So thanks, everybody, for your participation in this call, and we look forward to talking again next quarter.

我們相信這將帶來顯著的上漲價值，包括與我們頻譜地位相關的價值，我們制定了全面的計劃來鞏固我們的競爭地位，提高回報並增強股東價值。感謝各位參加本次電話會議，我們期待下個季度再次與您交流。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。