Viasat Inc (VSAT) 2026 Q3 法說會逐字稿

My name this Jodran, and I'll be your conference facilitator this afternoon. At this time, I'd like to welcome everyone to Viasat's third quarter fiscal year 2026 earnings results conference call. (Operator Instructions)

我叫喬德蘭，今天下午我將擔任你們的會議主持人。在此，我謹代表 Viasat 歡迎各位參加 2026 財年第三季收益業績電話會議。（操作說明）

I'd now like to turn the call over to Ms. Lisa Curran, SVP of Investor Relations. Ms. Curran, you may begin the conference.

現在我將把電話交給投資者關係資深副總裁 Lisa Curran 女士。柯倫女士，你可以開始會議了。

Thank you, Jordan. 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 Q3 fiscal year '26 shareholder letter on the Investor Relations section of our website.

謝謝你，喬丹。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 財年第三季度股東信。

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 law, including statements regarding events or developments that we expect or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, and actual results might differ materially from any forward-looking statements that we make today.

在本次報告中，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。

Good afternoon, and thanks for joining us today. I'm Mark Dankberg, CEO and Chairman of Viasat. With me, along with Lisa, we have Gary Chase, our Chief Financial Officer. As always, we encourage reading the shareholder letter and referencing the slides we posted on our website earlier this afternoon for more details.

下午好，感謝各位今天收看我們的節目。我是馬克·丹克伯格，Viasat 的執行長兼董事長。除了我和 Lisa，我們的財務長還有 Gary Chase。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。

I'm going to cover three areas. First, an update on some of our recent results and accomplishments; secondly, the impacts of those accomplishments and near-term operational objectives on our outlook; and third, an overview of macro market factors and our strategy that helps eliminate our mid- and longer-term approach to continuing to enhance shareholder value.

我將介紹三個方面。首先，介紹我們最近的一些成果和成就；其次，這些成就和近期營運目標對我們前景的影響；第三，概述宏觀市場因素以及我們為持續提升股東價值而採取的中長期策略。

FY26 revenue and EBITDA performance is consistent with our expectations and plans entering the year. Cash generation has been better than planned, driven by efficient cash conversion, targeted strategic transactions, and capital and operational spending efficiencies, while still investing for our future. And that yielded corresponding improvements in our leverage ratio, showing substantial progress toward our target leverage ratio of below 3.0.

2026財年的營收和EBITDA表現與我們年初的預期和計畫一致。現金流生成情況好於預期，這得益於高效的現金轉換、有針對性的策略交易以及資本和營運支出效率的提高，同時我們也在為未來進行投資。這使得我們的槓桿率得到了相應的改善，朝著低於 3.0 的目標槓桿率取得了實質進展。

We have three key focus areas to drive revenue growth in FY27 and into FY28. ViaSat-3, multi-orbit, and what Tom referred to as new frontier defense tech. For ViaSat-3 Flight 2, launched in early November, has completed initial deployments and is about 34 days away from being on station. Final deployments commence quickly after that, and we anticipate services commencing by May. Despite delays, we believe it still represents the state-of-the-art in space spot beam technology, which is the foundation of our advanced satellites.

我們在 2027 財年和 2028 財年有三個重點領域來推動營收成長。ViaSat-3、多軌道，以及湯姆所說的「新前沿國防技術」。ViaSat-3 Flight 2 於 11 月初發射，已完成初步部署，距離到達預定位置還有約 34 天。後續部署工作將很快展開，我們預計服務將於 5 月開始。儘管有所延誤，但我們相信它仍然代表了空間點束技術的最高水平，而這正是我們先進衛星的基礎。

Slide 3 is undergoing final integration and is anticipated to launch on a Falcon Heavy shortly after Flight 2 final deployments are complete, pending a specific launch date from SpaceX, with estimated service entry by late summer. As a reminder, each of Flight 2 and Flight 3 is expected to support more bandwidth capacity than our entire existing fleet and support key growth initiatives in aviation, maritime, and government SATCOM businesses. That is for all our mobility users.

幻燈片 3 正在進行最後的集成，預計將在飛行 2 的最終部署完成後不久，由獵鷹重型火箭發射升空，具體發射日期將由 SpaceX 確定，預計在夏末投入使用。再次提醒大家，預計 Flight 2 和 Flight 3 的頻寬容量將超過我們現有的所有衛星，並支援航空、海事和政府衛星通訊業務的關鍵成長計畫。這是為所有行動不便用戶準備的。

They also introduced important new functional capabilities, including new forms of resilience for our US and international government customers as well as for commercial mobility users, particularly in and around geopolitical or other hotspots. Flight 2 and Flight 3 are also anticipated to support material improvements in our fixed services businesses.

他們還引入了重要的新功能，包括為我們的美國和國際政府客戶以及商業行動用戶（尤其是在地緣政治或其他熱點地區及其周邊）提供新的韌性形式。預計第二架次和第三架次航班也將對我們的固定服務業務產生實質影響。

On multi-orbit, we continue to make good progress on demonstrating the customer benefits of multi-orbit broadband networks as compared to either geosynchronous or non-geosynchronous-only systems through rapid growth of our maritime NexusWave service. Favorable customer perception of multi-orbit networks, including by those who are comparing them to LEO-only networks, is a key competitive factor for mobile broadband customers.

在多軌道方面，我們透過快速發展海上 NexusWave 服務，持續取得良好進展，向客戶展示多軌道寬頻網路相對於地球同步或非地球同步系統的優勢。包括那些將多軌道網路與僅使用低地球軌道 (LEO) 網路進行比較的用戶在內的用戶對多軌道網路的良好看法，是行動寬頻用戶面臨的關鍵競爭因素。

We are investing in next-generation multi-orbit user terminals and additional sources of LEO bandwidth for our aero and government customers and expect those terminals to be available as new Ka-band LEO systems enter service. Most of our existing in-flight connectivity, aeronautical terminals are also capable of operating with Ka-band LEO.

我們正在為航空和政府客戶投資下一代多軌道用戶終端和額外的 LEO 頻寬來源，並預計隨著新的 Ka 波段 LEO 系統投入使用，這些終端將投入使用。我們現有的大部分機上連接設備和航空終端也能夠與 Ka 波段 LEO 搭配使用。

On the new defense tech front, there's significant changes in modern warfare trends that are behind the growth in our DAT segment and government SATCOM business. Many of those are in very early stages of development and deployment.

在新的國防技術領域，現代戰爭趨勢發生了重大變化，這推動了我們的 DAT 業務和政府衛星通訊業務的成長。其中許多仍處於開發和部署的早期階段。

Key themes where we have very strong competitive positions include the role of space in collecting, evaluating, and distributing targeting information in real time; the role of space cybersecurity and multimedia transmission networks for highly distributed autonomous vehicles; updates to information in cybersecurity required by AI-enabled adversaries with access to quantum computing resources; routine targeting of commercial telecom infrastructure network on land, undersea, and in space; and the consequent effects on both military and commercial traffic; and the role of dual-use space systems in augmenting sovereign systems and extending resilience to critical commercial platforms. All those themes, combined with our assets, technology and commercial, and government customer base, are helping us compete very effectively in these rapidly evolving critical markets.

我們在以下幾個關鍵領域擁有非常強大的競爭優勢：太空在即時收集、評估和分發目標資訊方面的作用；太空網路安全和多媒體傳輸網路在高度分散式自主車輛中的作用；人工智慧對手利用量子運算資源所需的網路安全資訊更新；對陸地、水下和太空中的商業電信基礎設施進行常規目標攻擊；以及由此對軍事主權和商業交通的影響力；所有這些因素，再加上我們的資產、技術、商業和政府客戶群，正在幫助我們在這些快速發展的關鍵市場中有效地競爭。

So moving to the strategic theme, we can frame our ongoing strategic initiatives into two pillars that are intended to be mutually reinforcing. First, ongoing capital allocation and strategic initiatives that are aimed squarely at unlocking shareholder value; and then second, positioning ourselves to deliver clearly differentiated value to targeted segments of the fastest-growing space and defense markets with a sharp focus on capital efficiency.

因此，從策略角度來看，我們可以將正在進行的策略措施歸納為兩個相互促進的支柱。首先，持續進行資本配置和策略性舉措，旨在釋放股東價值；其次，透過重點關注資本效率，為成長最快的航太和國防市場的特定細分市場提供明顯差異化的價值。

So I'll start with capital structure. We have consistently identified cash generation and reducing leverage is top financial objectives. This year via positive cash from operations plus proceeds from the Ligado transaction and smaller divestitures, we have reduced net leverage substantially.

那我就先從資本結構說起。我們一直將創造現金流和降低槓桿率視為最重要的財務目標。今年，透過經營活動產生的正現金流，加上 Ligado 交易和較小規模資產剝離的收益，我們大幅降低了淨槓桿率。

In the very near term, additional Ligado proceeds plus another divestiture will drive further progress toward our target of 103.0 net leverage. We are free cash flow positive for the trailing 12 months and are taking actions to continue to reduce capital spending and growing EBITDA to further improve positive free cash flow in fiscal '27.

在短期內，Ligado 的額外收益加上另一項資產剝離將推動我們進一步實現 103.0 淨槓桿率的目標。過去 12 個月，我們的自由現金流為正，我們正在採取措施繼續減少資本支出並提高 EBITDA，以進一步改善 2027 財年的自由現金流。

We've also committed to sustained reductions in capital intensity in the business while simultaneously enhancing our reputation for reliable cutting-edge innovation and customer pattern.

我們也致力於持續降低業務的資本密集度，同時提升我們在可靠的尖端創新和客戶模式方面的聲譽。

Here, there's two elements to that. Defining a common small, multi-orbit, and multi-band individual satellite architecture that can be adapted to either broadband, AA or mobile LNS frequencies, and either LEO or GEO orbits. It's enabled by a very innovative, extremely flexible and powerful space-based phase dray payload architecture with little to no mechanical deployments. The point is to add network capacity and capability in small dollar increments and in the right places at the right time.

這裡包含兩個要素。定義一種通用的小型、多軌道、多頻段的獨立衛星架構，該架構可以適應寬頻、AA 或移動 LNS 頻率，以及 LEO 或 GEO 軌道。它採用極具創新性、極為靈活且功能強大的天基相控陣酬載架構，幾乎無需機械展開。關鍵在於以小額資金投入，在適當的時間、適當的地點增加網路容量和功能。

We're also working closely with ecosystem partners as co-founders of a developing new shared space infrastructure entity that enables us to reduce capital costs for targeted business segments. The objective is to acquire our portion of that capacity at very attractive unit costs while delivering industry-leading performance at sustained or enhanced financial margins.

我們也與生態系統合作夥伴緊密合作，共同創立一個正在發展中的新型共享空間基礎設施實體，這將使我們能夠降低特定業務領域的資本成本。我們的目標是以極具吸引力的單位成本獲得我們應佔的產能份額，同時在保持或提高財務利潤率的同時，實現行業領先的性能。

This Equatys mobile satellite services partnership with Space42 is expected to leverage technical innovation, application of the terrestrial shared tower business model to space, and emerging 3GPP interoperable non-terrestrial network standards.

Equatys 與 Space42 的此次行動衛星服務合作有望利用技術創新、將地面共享塔架商業模式應用於太空以及新興的 3GPP 可互通的非地面網路標準。

Importantly, the shared tower model allows us to deploy and retain our scarce license spectrum resources even more cost effectively while continuing to serve vital public interest missions like maritime and aeronautical safety.

重要的是，共享塔架模式使我們能夠以更具成本效益的方式部署和保留我們稀缺的許可頻譜資源，同時繼續服務於重要的公共利益任務，例如海事和航空安全。

A high-power L-band network, combined with 3GPP NTN capable 5G modem chips, makes literally billions of phones, wearables, IoT devices, autos, and autonomous land, sea, and air vehicles able to use our network whenever and wherever terrestrial 5G service is even momentarily unavailable and they can see the sky. That's the enormous attraction of updating our L-band to support those standards. Stay tuned for further updates on equities in the near future.

高功率 L 波段網絡，結合支援 3GPP NTN 的 5G 調製解調器晶片，使得數十億部手機、可穿戴設備、物聯網設備、汽車以及陸地、海洋和空中自主車輛能夠在地面 5G 服務哪怕只是短暫不可用，只要它們能看到天空，就可以隨時隨地使用我們的網絡。這就是升級我們的 L 波段以支援這些標準的巨大吸引力。請關注近期發布的股票市場最新消息。

We've previously referenced our Board's strategic review committee that with the help of independent financial advisers is guiding our capital allocation and portfolio of priorities. We continue to evaluate a range of strategic options up to and including separating our government and commercial businesses, intended to build shareholder value and ensure competitive positioning in attractive target markets. That include assessing the value of our portfolio of assets and resources, key dependencies, including the entry into service of ViaSat-3 Flights 2 and 3, macro secular trends in our target markets, and the effects of achieving delevering targets and ongoing free cash flow generation.

我們之前提到董事會的策略審查委員會，該委員會在獨立財務顧問的幫助下，指導我們的資本配置和優先事項組合。我們將繼續評估一系列策略選擇，包括將政府業務和商業業務分開，旨在提升股東價值，並確保在有吸引力的目標市場中保持競爭優勢。這包括評估我們的資產和資源組合的價值、關鍵依賴關係（包括 ViaSat-3 航班 2 和 3 的投入使用）、目標市場的宏觀長期趨勢，以及實現去槓桿化目標和持續自由現金流產生的影響。

Second pillar is to position ViaSat to compete effectively in the most attractive, fastest-growing sectors of the space economy. The recently issued 12th edition of NovaSpace's Economy Report shows the global space economy's significant growth trajectory, expanding from $626 billion in 2025 to trillion dollars by 2034.

第二大支柱是讓 ViaSat 能夠在太空經濟中最具吸引力、成長最快的領域有效參與競爭。NovaSpace 最近發布的第 12 版《經濟報告》顯示，全球太空經濟呈現顯著成長趨勢，從 2025 年的 6,260 億美元成長到 2034 年的兆美元。

Recent events and transactions underscore that macro geopolitical, economic, and technology forces are being driven by sovereign control critical space and ground infrastructure assets, including communications, sensing and compute, dual commercial and national security uses, cooperative and coalition capabilities, non-terrestrial network 2D augmentation of terrestrial networks for national security and commercial applications, vulnerabilities of terrestrial telecom infrastructure in contested geographies, and resilience to space and ground fiber visible threats.

近期發生的事件和交易表明，宏觀地緣政治、經濟和技術力量正受到主權控制的關鍵空間和地面基礎設施資產的驅動，包括通信、感測和計算、商業和國家安全雙重用途、合作和聯盟能力、用於國家安全和商業應用的非地面網絡對地面網絡的二維增強、爭議地區地面對電信空間設施的脆弱性以及對電信空間和光可見威脅的能力。

While many companies are scrambling to vertically integrate, Viasat is arguably one of an extremely short listed companies that has the ingredients needed to offer state-of-the-art technology, broadband and mobility applications, and resilience, along with the business model supporting national and regional sovereign interests and the security credentials needed to even have access to the products. That theme underpins much of our rapid growth in our debt and government SATCOM businesses, as well as creating new commercial growth opportunities.

雖然許多公司都在爭相進行垂直整合，但 Viasat 可以說是極少數具備提供最先進技術、寬頻和行動應用以及彈性所需的要素的公司之一，同時還擁有支持國家和地區主權利益的商業模式以及訪問這些產品所需的安全資質。這個主題支撐著我們在債務和政府衛星通訊業務方面的快速成長，同時也創造了新的商業成長機會。

We also have the detailed understanding needed to help craft policy and technology solutions to warrant continued access to the spectrum and orbital resources needed for the world to participate in the rapidly evolving and emerging space economy. We note that many of the issues governing access to both Orbitz and Spectrum are emerging as an instance to doing so, and all of that implies for national security interests, whether economic, typical or digital security.

我們也擁有必要的詳細了解，可以幫助制定政策和技術解決方案，以確保世界能夠繼續獲得參與快速發展和新興的太空經濟所需的頻譜和軌道資源。我們注意到，許多影響 Orbitz 和 Spectrum 存取權限的問題正在出現，這就是例證，而所有這些都對國家安全利益具有重要意義，無論是經濟安全、傳統安全還是數位安全。

The pending European Space Act and European Digital Network Acts reflect rising awareness of these factors and the policy responses. The US government is also investing substantially in multiple orbits to enhance resilience to critical strategic and tactical national security communications.

正在審議的《歐洲空間法案》和《歐洲數位網路法案》反映了人們對這些因素的日益關注以及相應的政策應對措施。美國政府也在多個軌道上投入巨資，以增強關鍵戰略和戰術國家安全通訊的韌性。

So in summary, financial results are evidence of our ability to execute with cash flow and net leverage improvements as key proof points. Near-term operational targets for bringing ViaSat-3 Flight 2 and 3 into service, along with multi-orbit and new defense technology and additional cash collections from strategic transactions can help us reach our target for ongoing free cash flow and net leverage ratios. We have specific and actionable longer-term plans intended to reduce capital intensity and improve return on invested capital while simultaneously improving strategic focus and differentiated competitive positioning in very attractive growth markets that are all squarely aimed at driving shareholder returns.

總而言之，財務表現證明了我們執行能力，現金流和淨槓桿的改善是關鍵的證明點。近期實現 ViaSat-3 Flight 2 和 3 投入使用的營運目標，以及多軌道和新的國防技術，以及戰略交易帶來的額外現金收入，可以幫助我們實現持續自由現金流和淨槓桿率的目標。我們制定了具體可行的長期計劃，旨在降低資本密集度，提高投資資本回報率，同時在極具吸引力的成長市場中提升戰略重點和差異化競爭地位，所有這些都旨在推動股東回報。

So with that, I'll turn it over to Gary for more information on our third quarter financial results and insight into our outlook for the fourth quarter and FY26 as a whole.

那麼，接下來我將把發言權交給 Gary，讓他為我們帶來更多關於第三季度財務業績的信息，以及我們對第四季度和 2026 財年整體的展望。

Thank you, Mark. Good afternoon, everyone, joining us on the call. As always, a special thanks to the Viasat team for the hard work that produced the results we're about to discuss.

謝謝你，馬克。各位下午好，正在參加電話會議的各位。一如既往，特別感謝 Viasat 團隊的辛勤工作，正是他們的努力才取得了我們即將討論的成果。

Our financial mantra remains, build our franchises and earnings power, generate and grow through cash flow, delever and set a path to a value maximizing long-term capital structure. You can see the progress our teams made against these key priorities, but we have more opportunities ahead, and we need to keep executing well, especially in the coming quarters as we bring our new satellites into service.

我們的財務理念仍然是：建立我們的特許經營權和獲利能力，透過現金流創造和成長，降低槓桿率，並製定實現價值最大化的長期資本結構的道路。你可以看到我們的團隊在這些關鍵優先事項方面取得的進展，但我們還有更多的機會，我們需要繼續保持良好的執行力，尤其是在接下來的幾個季度，因為我們的新衛星即將投入使用。

Additional and higher performing capacity with ViaSat-3 will increase our capabilities and help us continue to grow and achieve our goals. Thus far, the year is playing out largely as we expected, and we remain focused on delivering the fourth quarter and positioning ourselves for faster growth in fiscal '27. We're committed to delivering long-term value and confident and strategic direction Mark just outlined.

ViaSat-3帶來的額外且更高效能將提升我們的能力，幫助我們繼續發展並實現目標。到目前為止，今年的發展基本上符合我們的預期，我們將繼續專注於完成第四季度的業績，並為 2027 財年的更快成長做好準備。我們致力於實現馬克剛才所概述的長期價值、充滿信心的策略方向。

Now let's turn to the third quarter of fiscal '26. We generated revenue of $1.2 billion, adjusted EBITDA of $387 million, and a 33% adjusted EBITDA margin. Cash flow from operations was $727 million, or $307 million, excluding the lump sum payment from Ligado, with CapEx of $283 million, resulting in free cash flow of $444 million, or $24 million, excluding the lump sum payment in the quarter.

現在讓我們來看看2026財年的第三季。我們創造了 12 億美元的收入，調整後 EBITDA 為 3.87 億美元，調整後 EBITDA 利潤率為 33%。經營活動產生的現金流為 7.27 億美元，若不計 Ligado 的一次性付款，則為 3.07 億美元；資本支出為 2.83 億美元，由此產生的自由現金流為 4.44 億美元，若不計本季的一次性付款，則為 2400 萬美元。

As I begin our discussion of both consolidated and segment results, I'll note that all my statements will reference the third quarter of fiscal '26 compared to the prior-year period, the third quarter of fiscal '25. Awards were $1 billion, down 10%, but can be lumpy and the trailing 12 months has been solid with growth of 4%, including debt, which is up double digits. That maritime and government SATCOM have been key drivers of the trailing 12-month growth.

在開始討論合併業績和分部業績時，我要指出，我的所有陳述都將以 2026 財年第三季與去年同期（2025 財年第三季）進行比較。獎金總額為 10 億美元，下降了 10%，但波動較大，過去 12 個月表現穩健，成長了 4%，其中包括兩位數成長的債務。海事和政府衛星通訊是過去 12 個月成長的關鍵驅動因素。

Backlog was about $4 billion, a record for us, up about 12% or $430 million, in large part due to strong awards in the second quarter, reflecting secular drivers, especially within government SATCOM and debt, where we expect continued momentum in awards of backlog. Revenue was $1.2 billion, up approximately 3%, reflecting growth in both debt and communication services. Net income was $25 million, an improvement of $183 million, principally due to higher interest income recognized during the quarter on the deferral of Ligado's quarterly fees, which we received as part of the lump sum payment.

積壓訂單約為 40 億美元，創歷史新高，增長約 12% 或 4.3 億美元，這主要歸功於第二季度強勁的訂單授予，反映了長期驅動因素，尤其是在政府衛星通信和債務領域，我們預計這些領域的積壓訂單授予將繼續保持增長勢頭。營收達 12 億美元，成長約 3%，反映出債務和通訊服務業務的成長。淨收入為 2500 萬美元，比去年同期增長了 1.83 億美元，主要原因是本季度確認了更高的利息收入，這筆利息收入來自 Ligado 的季度費用遞延，我們已收到該費用作為一次性付款的一部分。

Adjusted EBITDA was $387 million, down 2%, primarily reflecting $10 million of incremental R&D investments related to growth initiatives as well as impact from the government shutdown. Capital expenditures rose to $283 million, up 12%, as we invested in the completion of our ViaSat-3 system.

調整後的 EBITDA 為 3.87 億美元，下降 2%，主要反映了與成長計畫相關的 1,000 萬美元新增研發投資以及政府停擺的影響。由於我們投資完成了 ViaSat-3 系統，資本支出增加到 2.83 億美元，成長了 12%。

During the quarter, we spent about $80 million on ViaSat-3, bringing our year-to-date total to approximately $130 million. We generated $440 million of positive free cash flow, or $24 million, excluding the lump sum Ligado payment despite incremental CapEx related to ViaSat-3 completion. Trailing 12-month free cash flow is in excess of $200 million. We're focused on growing free cash flow in the years ahead and using it to retire debt is the best way to reduce our capital base, driving returns higher.

本季度，我們在 ViaSat-3 上花費了約 8000 萬美元，使我們今年迄今的總支出達到約 1.3 億美元。儘管 ViaSat-3 專案完成帶來了額外的資本支出，但我們仍然產生了 4.4 億美元的正自由現金流，其中不包括一次性支付給 Ligado 的款項，金額為 2,400 萬美元。過去 12 個月的自由現金流超過 2 億美元。我們專注於在未來幾年增加自由現金流，並利用自由現金流償還債務，這是減少資本基礎、提高回報的最佳方式。

During the quarter, we entered into an agreement to divest our minority interest in Navarino, a maritime distribution partner. Navarino's results have flowed through the equity and income line item on our income statement. Transaction is expected to close in March of this year, subject to regulatory approval, and we'll provide more details upon closing.

本季度，我們達成協議，出售我們在海運分銷合作夥伴 Navarino 的少數股權。Navarino 的業績已反映在我們損益表中的權益和收入項目中。交易預計將於今年3月完成，但需獲得監管部門批准，交易完成後我們將提供更多細節。

Finally, reflecting strong cash generation in Ligado payment, we ended the quarter with net debt to trailing 12-month adjusted EBITDA of 3.25 times, a year over year and sequential decline and a substantial change from where we were a year ago at this time at about 3.7 times levered.

最後，由於 Ligado 付款的強勁現金流，本季末淨債務與過去 12 個月調整後 EBITDA 的比率為 3.25 倍，同比和環比均有所下降，與一年前同期約 3.7 倍的槓桿率相比，發生了顯著變化。

Now let's turn to some segment highlights. Communication Services awards of $671 million declined 11%, reflecting lower aviation awards, effects of the government shutdown, fixed services, and other awards. Maritime awards grew 25%. Revenue was $825 million, up 1%. Solid growth in aviation and government SATCOM was moderated by declines primarily in residential fixed broadband and maritime.

現在讓我們來看看一些精彩片段。通訊服務合約金額為 6.71 億美元，下降了 11%，這反映出航空合約金額減少、政府停擺的影響、固定服務和其他合約金額下降。海事獎項增加了 25%。營收為 8.25 億美元，成長 1%。航空和政府衛星通訊的穩健成長受到住宅固定寬頻和海事領域主要下滑的影響。

Aviation revenue grew 15%, led by a 9% increase in commercial aircraft in service, combined with higher average revenue per aircraft as our customer base migrates to higher value offering. Aviation awards were less than expected during the quarter, with continued growth in our installed base, combined with updated indications from customers on their future plans, our commercial aircraft installation backlog declined sequentially.

航空收入成長了 15%，這主要得益於商用飛機營運數量增加了 9%，同時隨著客戶群轉向更高價值的產品，每架飛機的平均收入也隨之提高。本季航空領域的訂單量低於預期，隨著我們裝機量的持續增長，以及客戶對其未來計劃的最新指示，我們的商用飛機安裝積壓訂單環比下降。

We now anticipate that approximately 1,100 additional commercial aircraft will be put into service with our IFC systems under existing customer agreements. The aircraft we no longer expect to install on our IFC systems were to be run on legacy Inmarsat platforms. The team continues to win new business, and we have hundreds of incremental aircraft working through the contracting process and expect to see materialize in our backlog over the coming quarters. We're excited for what Flight 2 Service Century will do for our Aviation business and believe its successful deployment will be a catalyst to drive new orders, accelerate contracting and expand ARPU with existing customers through higher value service offerings.

我們現在預計，根據現有客戶協議，將有大約 1100 架額外的商用飛機投入使用，並配備我們的 IFC 系統。我們不再計劃在我們的 IFC 系統上安裝的飛機原本將在傳統的 Inmarsat 平台上運行。團隊不斷贏得新業務，我們有數百架新增飛機正在通過合約流程，預計在未來幾季內將在我們的積壓訂單中實現。我們對 Flight 2 Service Century 將為我們的航空業務帶來的改變感到興奮，並相信其成功部署將成為推動新訂單、加速合約簽訂以及透過更高價值的服務產品提高現有客戶的平均每用戶收入 (ARPU) 的催化劑。

Our government SATCOM revenue grew 4%, reflecting good growth with the US and international governments. We're well positioned to take advantage of strong secular drivers in defense and expect strong growth to continue. Maritime revenue declined 3% as vessels in service were now. NexusWave orders is strong, and installations were up another 33% sequentially while continuing to be paced by vessel availability.

我們的政府衛星通訊收入成長了 4%，反映出與美國和國際政府的良好成長動能。我們已做好充分準備，利用國防領域強勁的長期發展動力，並預計強勁成長動能將持續下去。由於目前在役船舶數量減少，海運收入下降了 3%。NexusWave 的訂單強勁，安裝量較上季成長 33%，但仍受船舶可用性的影響。

As of quarter end, we've received a very positive cumulative total of NexusWave orders of more than 2,600 vessels with about 65% of those yet to be installed. We're taking actions to accelerate our install rates and still expect slight year-over-year growth in Maritime to resume by fiscal year-end with a higher Nexus wave installed base driving higher ARPUs.

截至季末，我們已收到超過 2600 艘船舶的 NexusWave 訂單，累計訂單量非常可觀，其中約 65% 的訂單尚未安裝。我們正在採取措施加快安裝速度，預計到本財年末，隨著 Nexus wave 安裝基數的增加，海事部門的年增長率將略有回升，從而推動 ARPU 的提高。

Fixed services and other revenue was down 20% as US fixed broadband subscribers continue to decline as expected. We ended the quarter with 143,000 subscribers and 112 in average revenue per user. We faced significant headwinds on fixed broadband due to bandwidth constraints in the US for several years. We anticipate that ViaSat-3 Flight 2 entry into service beginning in the first quarter of fiscal '27 will allow us to improve our service offerings and increase gross additions.

正如預期的那樣，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下降了 20%。本季末，我們有 143,000 名訂閱用戶，平均每用戶收入為 112。多年來，由於美國頻寬受限，我們在固定寬頻方面面臨巨大的阻力。我們預計 ViaSat-3 Flight 2 將於 2027 財年第一季投入使用，這將使我們能夠改善我們的服務產品並增加總新增量。

Communication Services adjusted EBITDA was $319 million, down 3%, primarily driven by higher investments in R&D.

通訊服務調整後 EBITDA 為 3.19 億美元，下降 3%，主因是研發投入增加。

Turning to Defense & Advanced Technologies performance during the quarter. Awards of $300 million declined 8% due to impact from the government shutdown. As I mentioned earlier, trailing 12-month period has been a strong one for data awards, up 11% year over year. That revenue was $332 million, up 9%, driven by strong backlog and growth in Infosec and Cyber defense and tactical networking.

接下來我們來看看國防與先進技術領域在本季的表現。受政府停擺的影響，3億美元的獎金減少了8%。正如我之前提到的，過去 12 個月的數據獎項表現強勁，年成長 11%。該收入為 3.32 億美元，成長 9%，主要得益於資訊安全和網路防禦以及戰術網路領域的強勁積壓訂單和成長。

Infosec and Cyber product revenues were up 8%, driven by high assurance encryption products. An additional consequence of the government shutdown on the fall was a certification delay for our new space reprogrammable crypto product, a new market for us and a good example of synergy between our space and encryption businesses.

資訊安全和網路安全產品收入成長了 8%，主要得益於高可靠性加密產品的推動。秋季政府停擺帶來的另一個後果是，我們新的太空可重編程加密產品的認證被推遲了。這對我們來說是一個新市場，也是我們太空業務和加密業務之間協同效應的一個很好的例子。

Space & Mission Systems revenues were flat as we ramp up a number of programs. SMS has strong secular drivers supported by a large backlog. While quarterly growth rates can vary, we continue to expect SMS to grow nicely on a full year basis. Tactical networking revenues were up 20% year over year, reflecting strong growth in Tactical Communications and TrellisWare growth in the quarter.

由於我們增加了多個項目的投入，空間與任務系統業務的收入保持穩定。簡訊業務擁有強勁的長期成長動力，並有大量的訂單積壓支撐。雖然季度成長率可能會有所不同，但我們仍然預期簡訊業務全年將實現良好成長。戰術網路收入年增 20%，反映出本季戰術通訊和 TrellisWare 的強勁成長。

Defense & Advanced Technologies adjusted EBITDA was $68 million, up 7% compared to the third quarter of fiscal '25 driven by the revenue growth I just mentioned, offset by higher segment research and development investments supporting future growth in areas seeing strong secular trends where we're well positioned competitively such as Golden Dome and high assurance communications. We estimate the government shutdown impacted third-quarter EBITDA by about $10 million and expect a similar impact in the fourth quarter.

國防與先進技術調整後的 EBITDA 為 6800 萬美元，比 2025 財年第三季度增長 7%，這主要得益於我剛才提到的收入增長，但同時也被更高的部門研發投資所抵消，這些投資旨在支持未來在具有強勁長期趨勢且我們擁有良好競爭優勢的領域（例如 Golden Dome 和高可靠性）的領域增長。我們估計政府停擺對第三季 EBITDA 造成了約 1,000 萬美元的影響，並預計第四季也會受到類似的影響。

Overall, third quarter results were good, and we're on track to achieve what we set out to this year. We've realized growth in both segments, invested in our future, and drove cash generation. ViaSat-3 Flight 2 continues over raising, and the launch of Flight 3 is expected next quarter shortly after Flight 2's deployment is complete.

總體而言，第三季業績良好，我們正朝著今年設定的目標穩步前進。我們在兩個領域都實現了成長，投資了未來，並推動了現金流的產生。ViaSat-3 Flight 2 繼續進行發射，預計 Flight 3 將在 Flight 2 部署完成後不久的下一個季度發射。

We expect the capabilities of these satellites to catalyze future unit and ARPU growth in our government and commercial franchises and begin turning the tide in our residential business.

我們期望這些衛星的功能能夠促進我們政府和商業特許經營業務的未來單位數量和每位用戶平均收入成長，並開始扭轉我們住宅業務的局面。

Let's move on to our outlook. We continue to expect fiscal '26 revenue up low single digits with flattish adjusted EBITDA. We're pleased with the third quarter, especially our progress on free cash flow and in terms of how we're positioning for future growth. Deployment in service entries for ViaSat-3 is an exciting catalyst for that growth.

接下來我們來談談展望。我們仍預期 2026 財年營收將實現個位數低成長，調整後 EBITDA 將基本持平。我們對第三季的業績感到滿意，特別是自由現金流的進展以及我們為未來成長所做的準備。ViaSat-3 的部署和運作是推動這一成長的令人興奮的催化劑。

We provided additional segment level detail in the outlook section of our shareholder letter and slides. While our leverage ratio has improved substantially, our focus on delevering remains as well as our intense focus on free cash flow generation. During the quarter, we spent about $80 million of CapEx related to the completion of ViaSat-3 ran the year-to-date total of $130 million.

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。雖然我們的槓桿率已大幅改善，但我們仍將專注於去槓桿化，並高度重視自由現金流的產生。本季度，我們為完成 ViaSat-3 專案花費了約 8,000 萬美元的資本支出，使今年迄今的資本支出總額達到 1.3 億美元。

For the full year, we expect to spend just over $200 million of this amount with another $40 million or so to spend in the first quarter of fiscal '27. The timing of these expenses is hard to pinpoint and may shift a bit between the fourth quarter and the first quarter of fiscal '27. We will keep reporting to you on the remaining spend as we incur it. Overall, fiscal 2016 CapEx is now expected to be $100 million to $200 million lower than prior guidance in the range of $1 billion to $1.1 billion, with about $350 million of that in the Inmarsat silo. We now expect positive free cash flow for fiscal '26, fiscal '27, and beyond, while continuing to invest in growth in our very attractive market franchise.

預計全年將支出這筆款項中的 2 億美元多一點，另有約 4,000 萬美元將在 2027 財年第一季支出。這些費用的具體發生時間很難確定，可能會在 2027 財年的第四季和第一季之間略有變化。我們會隨時向您報告剩餘的支出狀況。總體而言，2016 財年的資本支出預計將比先前 10 億至 11 億美元的預期減少 1 億至 2 億美元，其中約 3.5 億美元用於 Inmarsat 專案。我們現在預計 2026 財年、2027 財年及以後將實現正自由現金流，同時繼續投資於我們極具吸引力的市場特許經營權的成長。

For clarity, our free cash flow guidance does not include free cash flow benefits from Ligado lump sum payments as they're non-recurring. It does, however, include the benefit of ongoing quarterly payments that we expect to receive.

為明確起見，我們的自由現金流指引不包括 Ligado 一次性付款帶來的自由現金流收益，因為這些款項是非經常性的。不過，它確實包含了我們預期會收到的持續季度付款的好處。

Of the $1 billion to $1.1 billion of CapEx we project for the year, approximate breakdowns are as follows: About $200 million is capitalized interest, $450 million is maintenance, $200 million for ViaSat-3 completion, $75 million success based, and the remaining $150 million is for growth. We're investing in capabilities to serve next-generation defense demand, satellite programs other than ViaSat-3 capabilities and customer equipment that will help us better serve commercial and government customers with new higher-value offerings in the future that leverage ViaSat-3 and multi-orbit capabilities.

我們預計今年的資本支出為 10 億至 11 億美元，大致構成如下：約 2 億美元為資本化利息，4.5 億美元為維護，2 億美元用於 ViaSat-3 的完成，7500 萬美元基於成功，剩餘的 1.5 億美元用於增長。我們正在投資於滿足下一代國防需求的能力、除 ViaSat-3 能力之外的衛星項目以及客戶設備，這將有助於我們在未來利用 ViaSat-3 和多軌道能力，為商業和政府客戶提供更高價值的新產品，從而更好地服務商業和政府客戶。

We've talked a lot about our financial mantra of building franchises generating cash flow and reducing debt. We want to minimize our cost of capital. But you just heard Mark describe how we're putting the bulk of our energy and investment into ensuring that our future returns exceed that cost of capital. Our focus on the growth of our franchises will drive returns higher, while cash generation will enable deleveraging that reduces our capital base, all driving our ROIC higher.

我們多次談到我們的財務理念，即透過建立特許經營權來產生現金流並減少債務。我們希望盡可能降低資金成本。但你剛才聽到馬克描述了我們如何將大部分精力和投資投入到確保我們未來的回報超過資本成本。我們專注於發展我們的特許經營業務，這將推動更高的回報，同時現金流的產生將使我們能夠去槓桿化，從而減少我們的資本基礎，所有這些都將推動我們的投資回報率（ROIC）提高。

Let me now speak quickly to the financial impacts of our Equatys venture. Our L-band spectrum and existing MSS franchise are valuable assets. and we're investing wisely to develop them in ways that enhance existing services while meeting new market opportunities.

現在讓我快速談談我們對 Equatys 的投資所帶來的財務影響。我們的L波段頻譜和現有的行動共享服務（MSS）特許經營權都是寶貴的資產。我們正在進行明智的投資，以增強現有服務並抓住新的市場機會的方式來開發這些資產。

We're taking a capital-efficient approach that is entirely consistent with our financial mantra, growing franchises, growing cash flow, deleveraging, and improving returns on capital. Negotiations around the formation of Equatys are ongoing, and we won't bring them into the public. But we can say our plans to develop our L-band franchise are entirely consistent with the financial objectives we keep repeating, increasing cash flow, reducing debt and investing wisely for the future.

我們採取了一種資本效率高的方法，這完全符合我們的財務理念：發展特許經營權、增加現金流、降低槓桿率、提高資本回報率。關於成立 Equatys 的談判仍在進行中，我們不會將其公諸於世。但我們可以肯定地說，我們發展 L 波段特許經營權的計劃與我們不斷重申的財務目標完全一致，即增加現金流、減少債務並為未來進行明智的投資。

One housekeeping note. Subsequent to quarter end, we moved $175 million in cash from Inmarsat to ViaSat. As previously discussed, we expect the total amount of funds will move over time to be $400 million to $500 million. Thus far, we've moved $350 million, including the $175 million just referenced.

一條客房服務提示。季度末之後，我們將 1.75 億美元的現金從 Inmarsat 轉移到 ViaSat。如同先前討論過的，我們預計資金總額最終將達到 4 億美元至 5 億美元。到目前為止，我們已經轉移了 3.5 億美元，其中包括剛才提到的 1.75 億美元。

So in closing, in fiscal '26, we're 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 satellites. Team ViaSat is determined to close out the year strong and well positioned for the future.

最後，在 2026 財年，我們將努力履行我們的承諾，並在 ViaSat-3 衛星部署後，隨著資本需求的減少，為我們的特許經營業務實現持續盈利增長和自由現金流做好準備。ViaSat團隊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'd like to hand the call back to Mark.

那麼，我想把電話交還給馬克。

Okay. Thanks, Gary. And with that, we like to open it up for questions.

好的。謝謝你，加里。接下來，我們歡迎大家提問。

Rick Prentiss, Raymond James.

Rick Prentiss，Raymond James。

Rick?

瑞克？

Sorry. Can you hear me okay?

對不起。你聽得清楚我說話嗎？

Yes, we can hear you.

是的，我們能聽到你們的聲音。

Several earnings tonight. So I'm trying to not overlap on the sound. Sorry about that.

今晚有多筆收益。所以我盡量避免聲音重疊。抱歉。

A couple of questions. First, on the all-important Flight 2, Flight 3 launches and services. It looks like maybe a little bit of a delay on Flight 2, saying now May versus early '26. And then Flight 3 will go up, hopefully launch shortly after Flight 2 in service.

幾個問題。首先，在至關重要的 2 號航班和 3 號航班上啟動並提供服務。看來 2 號班機可能會稍微延誤一下，現在說是 5 月份，而不是 2026 年初。然後，第三架試飛機將升空，希望它能在第二架試飛機投入使用後不久發射升空。

How fast can Flight 3 get into service? Are there differences given the rocket you're using as far as how fast that can get in service?

3號班機最快能投入使用嗎？根據所使用的火箭型號，其投入使用的速度是否有差異？

Yeah. The Flight 3 will probably have more like a two-month orbit raise as opposed to more like 100 days for Flight 2. So that will get -- that's kind of the dominant factors that orbit raised in terms of time from months to in-service.

是的。第三次飛行任務的軌道提升時間可能更接近兩個月，而不是像第二次飛行任務那樣只需 100 天。所以這將導致——這算是軌道飛行器在投入使用所需時間（從幾個月到幾個月）方面的主要影響因素。

And as we think about the strategic review you all are going through, obviously, this is not something you take lightly or that you would do without careful review. It's a long process, not necessarily a quick process, obviously. But it seems like, as I read through the comments in the letter and I listened to you on the call, you want to see Flight 2 and Flight 3 successfully go in service. You want to see macro market conditions of the segment. You want to see achieving delevering and free cash flow generation.

當我們思考你們正在進行的戰略審查時，顯然，這不是一件你們會輕視或不經過仔細審查就會做的事情。這是一個漫長的過程，顯然不是什麼快速的過程。但是，從我閱讀信中的評論以及在電話中聽取你的講話來看，你似乎希望看到 2 號航班和 3 號航班成功投入使用。你想了解該細分市場的宏觀市場狀況。你希望看到實現去槓桿化和自由現金流的產生。

It sure looks like the tick points are starting to come along where that decision process and any external gating factors that might affect it are kind of getting knocked down. Is that the right way to think about this that kind of opens up the aperture of when you might do something?

看起來關鍵節點似乎正在到來，決策過程以及任何可能影響決策的外部限制因素都開始被削弱。這種思考方式是否正確，它是否能讓你更能掌握何時可以採取行動？

Yeah. I think you've got the factors right. Those are the things that we're looking for, and they'll all go into the mix of what we decide to do and when and how, if anything. I just want to be sure that we're evaluating, and we're going to look at online. And you got the factors to drive.

是的。我認為你考慮的因素是對的。這些都是我們正在尋找的因素，它們都會納入我們最終決定做什麼、何時做以及如何做（如果有的話）的考慮範圍。我只是想確保我們正在進行評估，我們會上網查看相關資訊。你具備了推動發展的因素。

Good progress goes along there. And then kind of the wacky question then is, there's been a lot of stuff going on in space, what are your thoughts about data centers in space and AI with space? Just trying to think -- as you think about you want to target fast-growing segments and profitable segments of space, where do those fit in your calculus?

那裡進展順利。那麼接下來這個問題就有點奇怪了，太空領域發生了很多事情，您對太空資料中心和太空人工智慧有什麼看法？我只是想思考一下——當你考慮瞄準快速成長的細分市場和有利可圖的細分市場時，這些細分市場在你的規劃中處於什麼位置？

Yeah. So on the data center side, I think that the entire premise really hinges on power generation in the space. That's what the ultimate test will be is, does it we would ever makes sense that you can generate power more cost effectively in space, then you can get it anywhere in boundaries. So I think that -- and that's an open question.

是的。所以就資料中心而言，我認為整個前提實際上取決於該區域的發電情況。最終的考驗在於，在太空中以更經濟有效的方式發電是否比在任何地方獲取電力更有意義。所以我覺得──這是一個懸而未決的問題。

I think that along the way there, and this is what I think other people have identified as well, kind of the two of the big swingers there are going to be how efficiently can you generate power in the space from solar cells and then how efficiently can you dissipate the heat from all that power offboard satellites. From our perspective, the work in those areas is really helpful because it improves the productivity communication satellites as well.

我認為，在此過程中，而且我認為其他人也已經指出，兩個最大的變數將是：如何有效地利用太陽能電池在太空發電，以及如何有效地將所有這些電力產生的熱量從衛星外部散發出去。從我們的角度來看，這些領域的工作真的很有幫助，因為它也提高了通訊衛星的生產力。

I think there's another aspect that does get some coverage, but probably not as much as it should, which is what is the orbital debris mitigation plan or sustainability factors associated with the amount of mass that's required for those data centers and the surface area for those data centers. And does that provide a gate or does that create a gate or a limit to to the amount of power you can generate at least in near earth orbit?

我認為還有另一個方面得到了一些關注，但可能沒有得到應有的關注，那就是與這些資料中心所需的品質和表面積相關的軌道碎片緩解計劃或可持續性因素是什麼。那麼，這是否為近地軌道上的發電量設定了門檻或限制呢？

From our perspective, we don't have any plans to be in the data center business. Everybody does note that if you want to be in the data center business and space, you're going to need a lot of communication capability to and from that. And so that part we're certainly interested in. We're certainly interested in partnering with others that might want to actually put the compute storage resources in space.

從我們的角度來看，我們沒有任何進軍資料中心業務的計畫。大家都注意到，如果你想涉足資料中心業務和領域，你就需要大量的雙向通訊能力。所以，我們當然對這部分很有興趣。我們當然有興趣與其他可能希望將運算儲存資源實際部署到太空中的公司合作。

It is. And so when you think about fast-growing segments that you'd be interested in that would fit kind of your capital intensity and your free cash flow generation that Gary was talking about, what should we think are kind of at the top one, two, three, four, five segments that you think make great addressable markets for what you guys bring as far as competitive advantages?

這是。所以，當您考慮那些您感興趣的、能夠滿足您的資本密集度和自由現金流產生需求的快速成長細分市場時（正如 Gary 所說的），您認為哪些細分市場能夠成為您公司在競爭優勢方面所擁有的巨大潛在市場？

The two areas, I think if you look at it from a technology perspective, think of it as the broadband sector, which is kind of Ka-band and higher frequencies that are being used for broadband communications. We see that there has been, for the last 10 years, lots of demand growth as unit prices come down, get more speed, more volume per unit cost. And those markets have grown. We still think there's quite a bit of growth in there and that we can certainly compete really well in that space.

我認為，從技術角度來看，這兩個領域可以看作是寬頻領域，也就是Ka波段及更高頻率的寬頻通訊領域。我們看到，在過去的 10 年裡，隨著單位價格下降、速度加快、單位成本產量增加，需求成長顯著。而且這些市場已經發展壯大。我們仍然認為這個領域還有很大的成長空間，而且我們肯定能夠在這個領域擁有強大的競爭力。

And then there's the whole trade-off between fixed and mobile uses. The mobile uses, certainly, we see lots of growth in those parts. And especially given what's expected to be a substantial increase in autonomous mobile platforms.

然後還有固定網路使用和行動網路使用之間的權衡問題。行動應用方面，我們看到這部分領域成長迅猛。尤其考慮到自動駕駛行動平台預計將大幅成長。

The other area from a technical perspective is going to be the L-band or the low band. People refer to them as mid-bands. And that market right now, if you look at analysts -- a range of analyst estimates that could be one of the single largest markets in the satellite communications space. Within those two categories, within the broadband market and the L-band market, we really see number of vertical markets.

從技術角度來看，另一個領域將是L波段或低頻段。人們稱它們為中頻耳機。而就目前這個市場而言，如果你看看分析師的預測——一系列分析師的估計表明，它可能是衛星通訊領域最大的單一市場之一。在寬頻市場和 L 波段市場這兩個類別中，我們確實看到了許多垂直市場。

In the broadband market, certainly, mobile platforms is one of the biggest and most interesting, and within that market, the government applications about is really a big opportunity. And one of the big trends we highlighted there, we think, is going to be sovereign ownership, that is international and domestic applications. So that's going to be operating those networks, designing the network, building the networks, but a lot of them, we think, ultimately, we'll end up under control of individual countries as opposed to outsourced to private enterprises when those countries are going to be so dependent on that type of communications for national security.

在寬頻市場中，行動平台無疑是最大、最有趣的市場之一，而在這個市場中，政府應用領域確實蘊藏著巨大的機會。我們認為，我們重點強調的一大趨勢將是主權所有權，這既包括國際應用，也包括國內應用。所以，營運、設計、建造這些網路都屬於這個範疇，但我們認為，最終許多網路將由各國自行控制，而不是外包給私人企業，因為這些國家在國家安全方面將非常依賴這類通訊。

There's -- also the other thing we see coming in the mobility market is that just as a kind of consequence of some of the geopolitical conflict around the world, there's large parts of the earth that are just closed off to access to navigation and communication services. And we think those services, shipowners, airplane operators they're going to want to be able to navigate and communicate through those, not just -- not necessarily over individual hotspots, but in the surrounding areas that that often are intended.

此外，我們看到行動旅遊市場還會出現另一種趨勢，那就是由於世界各地一些地緣政治衝突的後果，地球上的許多地區都無法獲得導航和通訊服務。我們認為，這些服務提供者、船東、飛機營運商都希望能夠透過這些網路進行導航和通信，而不僅僅是——不一定是在單一熱點區域，而是在通常預期的周邊區域。

So we see big opportunities that are kind of a mix of commercial and government in that broadband mobility area. And the big difference between the L-band mobility area and the broadband areas, think about L-band will have higher unit airtime costs at lower speeds just because there's way less spectrum to work with. But the antenna that you can use for that are going to be really small, very small omnidirectional. That's like conventional cell phone, IT devices, watches.

因此，我們看到寬頻行動領域蘊藏著巨大的機遇，這些機會融合了商業和政府的因素。L 波段行動通訊領域與寬頻領域的最大差異在於，L 波段的單位空口費用較高，速度較低，原因很簡單，因為可用的頻譜資源少得多。但是，用於此目的的天線將會非常小，非常小的全向天線。這就像傳統的手機、IT設備和手錶一樣。

And in the history of satellite communications one of the main barriers to growth has just been having people with terminals capable of working with your satellites. And so the big thing that's happening in this D2D NTN contractual network spaces, well, there are going to be literally billions of devices that are connected, and as long as you can do the handovers quickly and well, we think as long as there's interoperability between the terrestrial and satellite domains, that's going to be a big market.

在衛星通訊的發展史上，阻礙其發展的主要障礙之一就是缺乏能夠與衛星配合使用的終端設備。因此，在 D2D NTN 合約網路領域正在發生的大事是，將會有數十億台設備連接起來，只要能夠快速、順利地進行切換，我們認為，只要地面和衛星領域之間能夠互通，這將是一個巨大的市場。

So those are -- that's going to be for consumer use, enterprise use, it's going to be on autonomous vehicles. There's going to be some question about how quickly each of those markets develop. But ultimately, just like in terrestrial, having spectrum that works with those devices is going to be approved requisite to being able to participate where we feel that we've put ourselves in a good position as one of the very few operators that really has access to both the broadband microwave frequencies and the mid-band L-band frequencies and can deliver that continuum of service.

所以這些——將用於消費者、企業，也將用於自動駕駛汽車。這些市場各自的發展速度究竟如何，將會是一個值得探討的問題。但最終，就像在地面通訊中一樣，擁有與這些設備相容的頻譜是參與的必要條件，我們認為我們已經讓自己處於有利地位，成為極少數能夠同時使用寬頻微波頻率和中頻段 L 波段頻率並提供連續服務的營運商之一。

So that's -- in a nutshell, that's where we really aimed at with our satellite services.

所以，簡而言之，這就是我們衛星服務的真正目標。

So Norway in a nutshell that was satellite in the nutshell. I appreciate that. And good to have a spectrum and good to have satellites about to come in service.

簡而言之，這就是挪威的情況，簡而言之，這就是衛星的情況。我很感激。擁有頻譜資源是件好事，即將投入使用的衛星也是好事。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

I guess, Mark, related to your response there to Rick's last question, just thinking about -- in the past, you've talked about a tower model as it pertains to direct to device. I mean, can you perhaps maybe elaborate on that? I guess, what gives you confidence that we'll see two plus three D2D players that can perhaps emerge over time, particularly without the requisite spectrum that's out there, right? I guess that's kind of my first question. I think maybe the sovereign angle probably answer part of that.

我想，馬克，這與你對里克最後一個問題的回答有關，我只是在想——過去，你曾談到塔式模型，因為它與直接連接到設備有關。我的意思是，您能否詳細解釋一下？我想，是什麼讓你相信我們會看到兩到三款 D2D 遊戲逐漸湧現，尤其是在目前遊戲市場缺乏必要元素的情況下？我想這是我的第一個問題吧。我認為主權問題的角度或許可以解答部分問題。

And then relatedly, I guess, to the end of the prepared remarks there, just kind of thinking about Equatys in the L-band spectrum, or just your overall spectrum ownership. I guess I understand growing the value of the franchise, but we're also at a point in time now where perhaps spectrum might be a little bit satellite spectrum is in vogue and very hot right now. And so just the considerations there of -- is it about controlling your own destiny and maintaining option value long term?

然後，我想，與準備好的發言稿的結尾相關的是，思考一下 L 波段頻譜中的 Equatys，或者說你們的整體頻譜所有權。我大概能理解提升特許經營權價值的必要性，但我們現在也處於一個特殊時期，頻譜可能有點像衛星頻譜，目前衛星頻譜很流行，非常熱門。因此，需要考慮的問題是──這是否關乎掌控自己的命運並長期維持選擇權價值？

Okay. Yes. So for the first question, one is there is a fair amount of satellite spectrum that has been allocated to mobile satellite services and has been for like 40 years. And those satellites serve real and valuable functions for people that don't have access otherwise and/or depend on the weather resilience of those frequencies compared to the marker wave stuff.

好的。是的。對於第一個問題，一是已經為行動衛星服務分配了相當多的衛星頻譜，而且這種情況已經持續了大約 40 年。而且，與標記波設備相比，這些衛星為那些無法透過其他方式獲取資訊或依賴這些頻率的抗天氣能力的人們提供了真正有價值的功能。

So Ka and Ku-band is great for 100 megabit or plus higher speeds. That's a really nice feature. But the fact that it is highly attenuated in storms is a big issue for maritime as an example and for some other users as well.

因此，Ka 和 Ku 波段非常適合 100 兆位元或更高的速度。那真是一個很棒的功能。但是，它在風暴中會嚴重衰減，這對於海事領域以及其他一些用戶來說都是一個大問題。

So the spectrum has been allocated. There are multiple players that have it. Often, countries who use it for national security purposes or who worry about having literally millions of people in their country with devices that can completely bypass their terrestrial infrastructure are going to and have been asserting their requirement that operators in those countries to comply with national telecommunications regulatory laws. So we think that, that's just that there are good reasons for that.

頻譜已經分配完畢。有多名玩家擁有它。通常情況下，那些出於國家安全目的或擔心本國數百萬人擁有可以完全繞過其地面基礎設施的設備而使用電信技術的國家，將會並且已經堅持要求這些國家的運營商遵守國家電信監管法律。所以我們認為，這其中是有充分理由的。

They're not technical reasons. They are more national security sovereignty reasons and other safety reasons. So we think that those are just going to be requirements to play in the market at a large scale in many parts of the world.

這些並非技術原因。主要是出於國家安全主權和其他安全的考量。所以我們認為，這些只是在世界許多地區大規模參與市場競爭的必要條件。

So one of the reasons we're interested in Inmarsat in the first place was it was formed as an international organization to solve some of these issues around mobile satellite services and the need for that. And it still has -- and we still have really good relationships with a lot of countries around the world where we can work through these problems as we evolve the capabilities. And so that is one part of the issue about why we think there will be multiple players.

我們最初對 Inmarsat 感興趣的原因之一是，它作為一個國際組織成立，旨在解決行動衛星服務及其需求方面的一些問題。而我們仍然與世界許多國家保持著非常好的關係，我們可以在發展自身能力的同時，共同解決這些問題。所以，這就是我們認為會有多個參與者的原因之一。

The first part of your question is related to some extent, which is the issue about high count. So I think it's not always well understood that the thing that creates the potential of communicating with an office shelf terrestrial cell phone is increasing the power levels that are allowed for mobile satellite service. And we're talking about power levels on the surface of the earth. That doesn't really matter what altitude you're generating them from.

你問題的第一部分在某種程度上與此相關，即計數過高的問題。所以我覺得人們並不總是清楚地認識到，能夠與辦公室貨架上的地面手機進行通訊的真正原因在於提高了行動衛星服務的功率水平。我們討論的是地球表面的能量水平。你從什麼高度生成這些圖像其實並不重要。

The big issue -- one of the issues that always has been an issue and is issued in basically all wireless spectrum uses is how high of a power can one operator reach or radiate at without interfering with neighboring frequencies. And so that has been one of the main issues that's probably going to work more in the US than others, and there a lot of focus has been on through satellite emissions that can interfere with terrestrial cellular. Of course, anybody that wants to do it from satellite at these power levels is also going to have to coordinate with other satellite operators.

最大的問題——也是所有無線頻譜使用中一直存在的問題之一——是：一個運營商能夠達到或輻射多高的功率而不會幹擾相鄰頻率。因此，這已成為主要問題之一，而且這個問題在美國可能比在其他國家更為突出，人們的關注點主要集中在衛星輻射對地面蜂窩網路的干擾上。當然，任何想以這種功率等級從衛星進行發射的人也必須與其他衛星營運商協調。

So that's one of the things that we've been really focused on. And just to be clear, the 3GPP standards, which is what the chip designers and the handset designers are working towards the infrastructure everybody's working do call out these higher power levels that would be required. With higher power levels required for the broadband services versus the narrowband services that are already in service and that we are participating in service for right now.

所以這是我們一直重點關注的事情之一。需要明確的是，3GPP 標準（晶片設計師和手機設計師正在努力建造的基礎設施）確實提出了這些更高的功率等級要求。寬頻服務所需的功率水準比目前已投入使用的窄頻服務（我們目前正在參與提供這種服務）要高。

So I mean these are kind of the same fundamental issues that all satellite operators had to deal with for decades. They're not going away. I think there are solutions to them. We know what our constraints are in terms of interfering with neighboring operators, and we are designing our network in a way that it both achieves what's required in the 3GPP standards and does not interfere with neighboring users. And that is an artifact both of our system design and who our neighbors are.

我的意思是，這些都是所有衛星營運商幾十年來都必須面對的基本問題。他們不會離開。我認為這些問題都有解決方案。我們知道我們在幹擾鄰近營運商方面有哪些限制，我們正在設計我們的網絡，使其既能達到 3GPP 標準的要求，又不會幹擾鄰近用戶。這既是我們系統設計的結果，也是我們鄰居組成的結果。

So that's how we're doing it. We think we have good spectrum for that purpose. And we think we understand the issue as well and are addressing.

這就是我們的做法。我們認為我們擁有適合此用途的頻譜。我們也認為我們理解這個問題，並且正在著手解決。

Ryan Koontz, Needham and Company.

Ryan Koontz，Needham and Company。

Wanted to ask about the IFC, and you announced this new next-gen terminal with Telesat. Maybe you could expand on what's attractive about their Lightspeed Constellation for you, Mark, and how that differentiates from other opportunities out there.

我想問一下關於IFC的問題，你們宣布與Telesat合作推出這款新一代終端。馬克，或許你可以詳細說說他們的 Lightspeed Constellation 計畫對你來說有哪些吸引人的地方，以及它與其他計畫有何不同。

Okay. So what we're looking to do with Telesat is basically recreate what's been working in the maritime space in a multi-orbit system. And in the maritime space, there's a lot more room onboard ships and it's easy to put on multiple antennas. And so for the NexusWave service, which has grown and has had really good market reception and we're getting good adoption and financial results over time, and it's been in use for about a year, so we've got good field results. I mean we're using a Ka-band broadband service, which uses our GEO satellites plus Ku-band LEO. And we do have two different antennas.

好的。因此，我們希望透過 Telesat 來實現的，基本上是在多軌道系統中重現海事領域行之有效的方法。而且在海上，船上的空間要大得多，很容易安裝多個天線。因此，NexusWave 服務不斷發展壯大，市場反應非常好，隨著時間的推移，我們獲得了良好的採用率和財務業績，而且它已經使用了大約一年，所以我們獲得了良好的現場結果。我的意思是，我們使用的是 Ka 波段寬頻服務，它利用了我們的地球同步軌道衛星和 Ku 波段低地球軌道衛星。我們確實有兩種不同的天線。

With our new aero services, we'll have a new single antenna that can operate both LEO and GEO simultaneously, effectively. So we'll do there just what we're doing in the maritime space. Essentially, we're using the GEO satellites to provide the bulk of the bandwidth and LEO satellites to manage traffic that is latency sensitive. So what you get is you get the cost benefits of GEO, which not all GEO satellites are the same. We've been really focused on putting bandwidth where there's demand at very low cost per bit and being able to move it around to follow these mobile platforms, all that stuff works well.

借助我們新的航空服務，我們將擁有一個全新的單天線，可以同時有效地在低地球軌道 (LEO) 和地球同步軌道 (GEO) 上運行。所以，我們將在那裡做我們在海事領域正在做的事情。本質上，我們使用 GEO 衛星來提供大部分頻寬，使用 LEO 衛星來管理對延遲敏感的流量。因此，您可以獲得地球同步軌道衛星的成本優勢，但並非所有地球同步軌道衛星都一樣。我們一直致力於以極低的每位元成本將頻寬部署到有需求的地方，並且能夠靈活地移動頻寬以跟隨這些行動平台，所有這些都運作良好。

The big thing we're going to do in aero is instead of having two antennas, we have one antenna that can do both LEO and GEO, at the same time, we primarily route the latency-sensitive traffic -- excuse me, over LEO. And the vast majority of the traffic tends to be video, which is not latency sensitive at all, very well suited for GEO.

我們在航空領域要做的最重要的事情是，不再使用兩個天線，而是使用一個可以同時處理 LEO 和 GEO 的天線，我們主要將對延遲敏感的流量路由到 LEO。而且絕大多數流量都是視頻，視頻對延遲並不敏感，非常適合 GEO。

So that's the basic principle behind that. I think that the last Telesat is that they expect to start to be launching their LEO satellites by the end of next year. And so that's when we'll be able to offer that service. The other point I'd make is even our existing Ka-band aero terminals are capable of operating with LEO. They're just not capable of doing both at the same time.

這就是背後的基本原理。我認為 Telesat 的最後一個消息是，他們預計將於明年年底開始發射其低地球軌道衛星。所以到那時我們才能提供這項服務。我還要指出一點，即使是我們現有的 Ka 波段航空終端也能夠與 LEO 搭配使用。他們根本不可能同時做到這兩件事。

And then maybe kind of big picture question about once you get F2 and F3 in service here, it sounds like your third quarter timeframe. What's the timeframe from which you really start to see a revenue inflection time for that comp services business to turn around? Are we talking about a couple of quarters? Or how should we think about that on a modeling basis?

然後，或許可以問一個比較宏觀的問題，關於F2和F3何時投入使用，聽起來像是你們的第三季時間表。您認為補償服務業務真正開始出現收入轉折點並轉虧為盈的時間範圍是多久？我們說的是幾個季度嗎？或者，我們應該如何從建模的角度來考慮這個問題？

I think -- so we've had steady growth in pretty much everything except for residential has been a headwind for us. Maritime as we've seen slight downturn, but we're expecting that based primarily on the NexusWave service to be back to growth again by this quarter. So we think we'll see good continued growth in those services plus growth in the government services.

我認為——除了住宅業務對我們來說是一個不利因素之外，我們幾乎所有業務都實現了穩定成長。海事業務雖然略有下滑，但我們預計主要基於 NexusWave 服務，本季將恢復成長。因此，我們認為這些服務將持續保持良好的成長勢頭，政府服務也將實現成長。

On the residential side, we're not going to give the projection right now, but it will probably take a few quarters for us to get terminals out in the field and to see that first, what we're going to be aiming for is that we slow the rate of decline, and then we think we'll level off and be able to grow that business a bit.

在住宅方面，我們現在不會給出預測，但可能需要幾個季度的時間才能將終端投入使用並進行測試。首先，我們的目標是減緩下滑速度，然後我們認為速度會趨於穩定，並且能夠稍微發展一下這項業務。

Mark had said in the past has referred to it as being paced by the demand. And we have a lot of opportunities on the unit side as well as continue to upgrade some of the service offerings like you're seeing in aviation.

馬克過去曾說過，他的工作進度是由市場需求決定的。我們在部門層面有很多機會，同時也會繼續升級一些服務產品，就像你在航空領域看到的那樣。

Mike Crawford, B. Riley.

麥克·克勞福德，B·萊利。

Back to the evaluation you're doing on your government assets. Like could you just walk through some potential scenarios of how you would manage these key dependencies of satellite assets, if you were to separate, say, that business from the rest of Viasat?

回到你對政府資產的評估工作。比方說，如果您要將衛星資產的這項業務從 Viasat 的其他業務中分離出來，您將如何管理這些關鍵的衛星資產依賴關係？能否舉例說明一下？

No. I mean, you're on the right track in terms of the issues that we need to resolve, right? And so that is part of what we're going through both from a capital structure perspective, from a technology perspective, prospective potential licensing or other cost agreements, that's what we're going through. And those would be the factors.

不。我的意思是，就我們需要解決的問題而言，你的思路是對的，對吧？因此，無論從資本結構角度、技術角度，或從潛在的授權或其他成本協議角度來看，這都是我們正在經歷的一部分。以上就是影響因素。

We're not going to speculate. I think at this point, there's just too many ways to go about it. I think we're trying to make sure we do a really thorough evaluation, and it may evolve over time. We'll be able to speak more about it after we've gotten through these gates. But the whole thing is -- so we are very focused on shareholder value. We're not going to dismiss things that will drive shareholder value and -- but we also -- we're going to make sure that whatever we end up with has a -- we think has a good competitive position in the growth markets and then the shareholders can get the benefit of those things.

我們不會妄加猜測。我認為目前來看，處理這個問題的方法太多了。我認為我們正在努力確保進行非常徹底的評估，而且隨著時間的推移，評估結果可能會有所變化。等我們穿過這道門之後，就能詳細談談這件事了。但關鍵在於──我們非常注重股東價值。我們不會忽視那些能夠提升股東價值的事情，而且——我們也會——確保我們最終得到的任何東西——我們認為它在成長型市場中都具有良好的競爭地位，這樣股東就能從中受益。

And just one final question from me. Just given this global refresh driven by quantum resistant cryptography and your historical leadership position in information security, protecting data in movement and at rest, are you seeing your position today as competitively the same or stronger or may perhaps threatened by emerging competitors?

我最後一個問題。鑑於此次由抗量子密碼技術推動的全球變革，以及您在資訊安全領域（包括保護傳輸中和靜態資料）的歷史領導地位，您認為您今天的競爭地位是否與以往相同、更強，或者可能會受到新興競爭對手的威脅？

We're seeing good growth in that business. We think we're -- how I'd put it is I think that our competitive position is probably improved a little because of the urgency of the problem, and the market size has improved a lot because of the urgency of the problem. So we're pretty bullish about that area.

我們看到該業務發展勢頭良好。我們認為——或者說，我認為由於問題的緊迫性，我們的競爭地位可能略有提高，市場規模也因問題的緊迫性而大大擴大。所以我們非常看好這個領域。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Wanted to actually come back to your comments about the space data centers. Let's assume that on the energy side, efficiency side and everything that kind of gets sorted out, do you think spectrum is or becomes a limitation and I ask in the context of there was an announcement by Borge and TerraWave. And they seem to be using or wanting to use very high frequencies, Q-band, V-band and doing like optical from MEO to ground. So just wondering if spectrum then becomes some type of constraint.

我想回應你關於太空資料中心的評論。假設能源、效率等方面的問題都解決了，你認為頻譜是或將成為一種限制嗎？我問這個問題是因為博格和TerraWave公司發布了一項公告。他們似乎正在使用或想要使用非常高的頻率，Q 波段、V 波段，並像從 MEO 到地面的光纖通訊一樣進行通訊。所以我想知道頻譜是否會成為某種限制因素。

Yes. So I think you're already seeing a migration to higher RF bands. So from Ku to Ka, now V-band is coming more into play. E-band will probably come into play as well. So that opens up more spectrum.

是的。所以我認為我們已經看到向更高射頻頻段的遷移了。所以從 Ku 波段到 Ka 波段，現在 V 波段正在發揮更大的作用。E頻段可能也會發揮作用。這樣就開闢了更廣闊的領域。

Ultimately, I think the number of people have talked about optical links from space to ground. And one of the benefits of optical links is it's very easy for -- to support large numbers of different operators, each with large numbers of satellites without interfering with each other that it's going to -- at some point, if there is to be a big market for data centers in space, optical space to ground links, it's got to be a significant part of it.

最終，我認為已經有很多人討論過從太空到地面的光鏈路了。光鏈路的優點之一是它非常容易支援大量不同的運營商，每個運營商都有大量的衛星，而不會互相干擾。因此，如果太空資料中心市場規模龐大，那麼從太空到地面的光鏈路必然會成為其中的重要組成部分。

And separate topic. I know you're working in the pipeline on a sort of micro or mini GEO satellite. Wondering any updates on that? And is that something you think could become kind of more prevalent in the future?

這是另一個話題。我知道你們正在研發微型或迷你地球同步軌道衛星。有什麼最新進展嗎？你認為這種情況在未來會變得更普遍嗎？

Yes. I think basically, one of the points I would make is I think we've been holding our own and competing pretty well without having any new broadband satellites, while competitors have launched thousands and thousands of satellites. We've really been able to deliver competitive performance and pricing without having a lot of new bandwidth in the space. We're going to get a lot of new bandwidth and space this year. I think that's going to help our business a lot.

是的。我認為，我主要想表達的一點是，我們雖然沒有發射任何新的寬頻衛星，但一直保持著自己的競爭力，而且表現得相當不錯，而競爭對手已經發射了成千上萬顆衛星。我們確實能夠在不佔用大量新頻寬的情況下，提供具有競爭力的性能和價格。今年我們將獲得大量的新頻寬和空間。我認為這對我們的業務會有很大的幫助。

But we know that given the market growth and the consumption growth, that we're going to want follow-ons, and we're going to want to follow on some specific areas. So the strategy that we're working on, and I think we'll be able to disclose more of this over the course of this year once we get through getting the other satellites in service is to come up with satellites that cost a small fraction than what the current ones do, but have even better unit productivity. So that's what's going to allow us, we think, to maintain and improve our competitive position in the satellite broadband space.

但我們知道，鑑於市場成長和消費成長，我們將需要後續行動，並且我們將需要在某些特定領域進行後續行動。所以，我們正在製定的戰略，我認為一旦我們完成其他衛星的部署，我們將在今年內公佈更多相關信息，那就是研發出成本比現有衛星低得多，但單位生產力更高的衛星。所以我們認為，這將使我們能夠保持並提高我們在衛星寬頻領域的競爭地位。

And so we're not going to end up with large multi-hundred-million-dollar single investments that are -- where we have big exposure for large capital buys. What we'd like to do is to have much, much smaller satellites that are much less expensive, that have kind of sort of pretty comparable capacity, and we can put wherever the hotspots are.

因此，我們最終不會進行數億美元的大宗單筆投資——也就是不會進行大筆資本收購。我們想要的是體積小得多、價格便宜得多、容量卻相當的衛星，我們可以把它們放置在任何熱點地區。

And then I think that's going to drive -- one of the things we keep talking about is how do we drive down capital intensity, that's a big component of it and that will drive a return on capital, which is clearly the way that we're going to deliver more shareholder value.

我認為這將推動——我們一直在討論的一件事是如何降低資本密集度，這是其中的一個重要組成部分，這將推動資本回報率，這顯然是我們為股東創造更多價值的方式。

Justin Lang, Morgan Stanley.

賈斯汀朗，摩根士丹利。

Mark, maybe just quickly on the back on the strategic review, I'll try one here. A large defense prime just a few weeks ago announced a planned IPO, one of its businesses with the US government as an equity investor. Curious if you see any particular merits or attractive elements in this sort of structure as you think through the optionality around that business.

馬克，或許可以快速地回顧一下策略評估，我在這裡試試看。就在幾週前，一家大型國防承包商宣布計劃進行首次公開發行（IPO），其旗下的一家公司將由美國政府作為股權投資者。很好奇，在您考慮該業務的各種選擇時，您是否認為這種結構有任何特別的優點或吸引人的因素。

That's an interesting one. Okay. I think -- yeah. Look, I think that part of that is going to be around the priorities of individual governments. And I think that right now, the US government seems to be taking an interest and providing some benefits to what otherwise had been purely private enterprises. So if those -- to the extent that those are available and improved competitive position and shareholder value, that's an interesting thing to do.

這很有意思。好的。我想——是的。我認為，這其中一部分取決於各個政府的優先事項。我認為目前美國政府似乎對原本純粹的私人企業表現出興趣，並提供了一定的優惠政策。所以，如果這些——在可行範圍內——能夠提高競爭地位和股東價值，那將是一件有趣的事情。

There are maybe more instances of that internationally. And so being able to do so internationally would also be a benefit. So I'd tell you that those are examples of things that we might look at when we consider some of these more fundamental strategic capital structures.

國際上或許還有更多類似的例子。因此，能夠在國際範圍內做到這一點也將是一項優勢。所以我想說，這些都是我們在考慮一些更基本的策略資本結構時可能會關注的例子。

And maybe just quickly, Gary, and I might have missed it. I was hoping just for a little more color on the revised CapEx outlook and specifically whether the new guidance reflects more of a push out of some of the planned investment into '27 or just trying to understand if it's timing related. Thanks.

或許只是一瞬間，加里，我可能就錯過了。我希望能夠更詳細地了解修訂後的資本支出展望，特別是新的指導意見是否反映了將部分計畫投資推遲到 2027 年，或者只是想了解這是否與時間安排有關。謝謝。

Yes. Generally, not. We did note there was $40 million that we expect to continue into fiscal '27 from the ViaSat-3 spend that we've been talking about. Beyond that, the rest of it really is efficiency driven, and we've had a big focus here on making sure that we're efficient with our capital. It has not at all been about cutting or reducing, and everybody has embraced it. I think we've done a nice job of it. So other than that $40 million I described a minute ago, it's real efficiency gain.

是的。一般來說，不是。我們注意到，我們一直提到的 ViaSat-3 專案支出中，預計將有 4,000 萬美元延續到 2027 財年。除此之外，其餘部分其實都是以效率為導向的，我們一直非常注重確保資金的高效利用。這根本不是削減或減少的問題，而且大家都欣然接受了。我認為我們做得很好。所以除了我剛才提到的 4000 萬美元之外，這都是實實在在的效率提升。

That concludes the question-and-answer session. I'd like to turn the call back to Mark for closing remarks.

問答環節到此結束。我想把電話轉回給馬克，讓他做總結發言。

Okay. So we appreciate everybody joining us for the past hour and all the questions and look forward to speaking again next quarter.

好的。感謝大家在過去一個小時與我們交流，也感謝大家提出的所有問題，我們期待下個季度再次與大家見面。

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

今天的會議到此結束。您現在可以斷開連線了。