Viasat Inc (VSAT) 2027 Q1 法說會逐字稿

My name is Tina, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to the Viasat's first-quarter fiscal year 2027 earnings results conference call. (Operator Instructions)

我叫Tina，今天下午將擔任本次會議的主持人。此刻，我謹代表公司歡迎各位參加Viasat 2027會計年度第一季財報結果電話會議。（接線員指示）

I would now like to turn the call over to Ms. Lisa Curran, Chief Enterprise and Strategy Officer. Ms. Curran, you may begin your conference.

現在我想把電話交給企業與策略長Lisa Curran女士。Curran女士，您可以開始您的會議。

Thank you, Tina. We will present certain non-GAAP financial measures on today's call. Information required by the SEC relating to these non-GAAP financial measures is available on our Q1 fiscal year 27 shareholder letter on the Investor Relations section of our website.

謝謝你，Tina。我們將在今天的電話會議中呈報若干非GAAP財務衡量指標。美國證券交易委員會（SEC）就這些非GAAP財務衡量指標所要求的相關資訊，已刊載於我們網站投資人關係專區的2027會計年度第一季股東信中。

During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance. We will also make certain forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we expect or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, and actual results might differ materially from any forward-looking statements that we will make today. Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings and annual report on Form 10-K. These forward-looking statements speak only as of the date they are made, and we do not assume any obligation to update any forward-looking statements.

在簡報過程中，我們將說明若干影響年對年表現的較重要因素。我們也將在聯邦證券法的意義下作出若干前瞻性陳述，包括關於我們預期或預估未來將會或可能發生的事件或發展之陳述。這些前瞻性陳述受多項風險與不確定性影響，實際結果可能與我們今天所作的任何前瞻性陳述存在重大差異。關於可能導致實際結果與這些前瞻性陳述存在重大差異之因素資訊，請參閱我們向SEC提交的文件以及Form 10-K年度報告。這些前瞻性陳述僅截至其作出之日有效，我們不承擔更新任何前瞻性陳述之義務。

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

接下來，我把時間交給董事長兼執行長Mark Dankberg。

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.

各位下午好，感謝今天加入我們。我是Viasat的執行長兼董事長Mark Dankberg。與我同在的除了Lisa之外，還有我們的財務長Gary Chase。一如既往，我們建議各位閱讀股東信，並參考我們今天下午稍早已在網站上發布的簡報投影片，以取得更多細節。

I'll start with two areas upfront. Then Gary will review our first quarter results and outlook for fiscal year '27. Then we'll take questions. I'll cover our top level first quarter financial results, our near-term objectives and operational strategic initiatives, including ViaSat-3.

我先從兩個面向開始。接著Gary將回顧我們第一季業績以及2027會計年度的展望。然後我們將進行問答。我將先概述第一季整體財務結果、近期目標與營運策略性計畫（包括ViaSat-3）。

The first quarter of fiscal year 2027 showed disciplined execution, continued operational progress and milestones building our confidence in the long-term outlook. Gary will discuss the financial results in more detail, but some of the highlights include record new awards and backlog in the Defense and Advanced Technology, or DAT, segment. Most notably, we won the next phase of the Protected Tactical SATCOM-Global, or PTS-G, program.

2027會計年度第一季展現了有紀律的執行、持續的營運進展，以及多項里程碑，進一步提升我們對長期展望的信心。Gary將更詳細說明財務結果，但其中一些重點包括：國防與先進技術（Defense and Advanced Technology，DAT）部門創下新得標與在手訂單（backlog）新高。最值得一提的是，我們贏得了「受保護戰術衛星通訊—全球」（Protected Tactical SATCOM-Global，PTS-G）計畫的下一階段。

It's important for two key reasons. First, it indicates the importance of a multi-orbit national security strategy, including a new approach to proliferated geosynchronous satellite. Second, it also indicates the competitive advantages of integration across space and technology and dual-use satellite services such as Viasat has.

這項成果之所以重要，主要有兩個關鍵原因。第一，它顯示多軌道國家安全策略的重要性，其中包括對「分散式地球同步軌道衛星」的新方法。第二，它也顯示跨太空與技術的整合，以及如Viasat所具備的雙用途衛星服務等整合優勢所帶來的競爭力。

Second, we also continue to drive good cash performance with positive free cash flow of $72 million, up 19%, driven by operating cash flow of $291 million.

第二，我們也持續推動良好的現金表現，自由現金流為正、達7,200萬美元，年增19%，主要由2.91億美元的營運現金流所帶動。

Third, our government SATCOM services grew 10% year-over-year this quarter.

第三，本季我們的政府衛星通訊（SATCOM）服務年對年成長10%。

More of our solutions combine multi-orbit orchestration, close integration with specific mission systems, data analytics and dual-use infrastructure to augment and enhance the SATCOM systems. The mission systems aspect leverages our extensive experience with our diversified customer base and helps drive both technology and recurring service revenue. Leveraging dual use both significantly benefits our customers and is expected to benefit our focus on improving return on invested capital.

我們更多的解決方案結合了多軌道協同調度（orchestration）、與特定任務系統的緊密整合、資料分析，以及雙用途基礎設施，以補強並提升SATCOM系統。任務系統面向運用我們在多元客戶基礎上的豐富經驗，並有助於推動技術與經常性服務營收。運用雙用途不僅能為客戶帶來顯著效益，也預期將有助於我們提升投入資本報酬率（ROIC）的重點方向。

Not only successful deployments for ViaSat-3's Flights 2 and 3 are important for ongoing communication services businesses, but also for the unique technology and functional capabilities that those satellites bring. We believe validation of the underlying technologies will contribute to near-term growth in DAT, including in new multi-orbit space systems that leverage those technologies.

ViaSat-3第2與第3次發射（Flights 2 and 3）的成功部署，不僅對持續中的通訊服務業務很重要，也關乎這些衛星所帶來的獨特技術與功能能力。我們相信，底層技術的驗證將有助於DAT在近期的成長，包括運用這些技術的新型多軌道太空系統。

On the near-term operational and strategic initiative front, we entered fiscal year '27 focused on three priorities: selecting and competing effectively in attractive growth markets; leveraging new technology to reduce our effective airtime costs by using greater geographic coverage flexibility to drive more resilient, efficient and effective satellite usage; and continuing to integrate AI and machine learning in multi-orbit network optimization. We're seeing both near-term and longer-term benefits from those three initiatives.

在近期營運與策略性計畫方面，我們進入2027會計年度時聚焦三項優先事項：在具吸引力的成長市場中做出選擇並有效競爭；運用新技術，透過更具彈性的地理覆蓋來降低我們的有效空中時段成本（airtime costs），以推動更具韌性、更高效率且更有效的衛星使用；以及持續在多軌道網路最佳化中整合AI與機器學習。我們正從這三項計畫中看到近期與長期的效益。

One overarching theme is the growing convergence of communications, cybersecurity, networking, data analytics and proliferated resilient dual-use space infrastructure. From a national security perspective, there's an emphasis on integrated mission outcomes over just stand-alone products. We believe Viasat is uniquely positioned to compete in a number of important application areas.

一個總體趨勢是通訊、資安、網路、資料分析，以及分散式、具韌性的雙用途太空基礎設施之間日益加速的融合。從國家安全角度來看，重點更放在整合式任務成果，而不僅是單一產品。我們相信Viasat具備獨特優勢，可在多個重要應用領域中參與競爭。

Another very important theme is a renewed focus on the mobile satellite services frequency bands. There's a lot of attention on direct-to-device because of the integration of 3GPP satellite non-terrestrial network capability into terrestrial mobile devices and networks. As a leading player in the existing mobile satellite services markets such as mobile voice, aeronautical and maritime safety and rapidly growing converged space and terrestrial Internet of Things applications, we also see opportunities to capture growth in those enterprise areas beyond just the consumer markets.

另一個非常重要的趨勢，是對行動衛星服務（mobile satellite services）頻段的重新聚焦。由於3GPP衛星非地面網路（NTN）能力正整合進地面行動裝置與網路，市場對直連裝置（direct-to-device）的關注度很高。作為既有行動衛星服務市場（如行動語音、航空與海事安全）以及快速成長的太空與地面融合物聯網（IoT）應用的領先業者，我們也看到在消費市場之外、於這些企業領域掌握成長的機會。

We anticipate introduction of AI-driven autonomy into land, sea and air platforms will also be a growth catalyst. We continue to believe that our leading role serving the critical safety services, combined with our ability to reliably and quickly evolve our user base to next-generation space resources, our globally coordinated spectrum and market access licenses and our approaches to highly efficient spectrum utilization and the application of proven shared infrastructure, technology and business models will all help us compete effectively in a broad range of mobile satellite services applications, including D2D.

我們預期，將AI驅動的自主能力導入陸、海、空平台，也將成為成長催化劑。我們仍然相信：我們在關鍵安全服務上的領先地位，加上我們能可靠且快速地將用戶基礎演進至下一代太空資源的能力、我們在全球協調的頻譜與市場准入許可，以及我們在高效率頻譜利用與採用經驗證的共享基礎設施、技術與商業模式方面的方法，將有助於我們在廣泛的行動衛星服務應用（包括D2D）中有效競爭。

Our teams delivered solid operational performance during the first quarter, maintaining financial discipline, while achieving our adjusted EBITDA objectives despite ongoing headwinds in portions of our portfolio. We maintained a strong focus on cost discipline, operational productivity and cash flow generation, while continuing to invest selectively in strategic growth initiatives.

我們的團隊在第一季交出穩健的營運表現，在維持財務紀律的同時，儘管我們投資組合的部分領域仍面臨逆風，我們仍達成調整後EBITDA目標。我們持續高度聚焦成本紀律、營運生產力與現金流創造，同時也選擇性地投資於策略性成長計畫。

We do understand that some segments of the market are clearly going to be significantly more competitive than in the past. We believe we can continue to be a healthy competitor, leveraging new ViaSat-3 technologies, along with multiband multi-orbit integration. Rapid evolutions in payload, system and mission technology are creating very substantial additional new technology and services market opportunities, especially for companies that integrate across commercial and national security applications and can invent and scale those new technologies. We're beginning to see evidence of the opportunities for Viasat in those areas, and we see growth in DAT awards, in particular, as leading indicators building confidence in that approach.

我們確實理解，市場中的某些區隔未來顯然將比過去競爭激烈得多。我們相信，憑藉新的ViaSat-3技術以及多頻段、多軌道整合，我們仍能持續成為具競爭力且健康的參與者。酬載、系統與任務技術的快速演進，正在創造非常可觀的新增技術與服務市場機會，特別是對於能在商業與國家安全應用之間進行整合，並能發明且規模化這些新技術的公司而言。我們已開始看到Viasat在這些領域的機會跡象，尤其是DAT得標的成長，我們視其為建立對此一策略信心的領先指標。

Turning to next generation of connectivity. We did successfully complete all deployments in the bus in-orbit test phase on ViaSat-3 Flight 2. Subsequent to quarter-end, we successfully completed reflector and boom deployment on ViaSat-3 Flight 3 and entered the in-orbit test phase ahead of expected service entry over the Asia Pacific region in late August or early September of this year.

接著談下一代連線能力。我們確實已在ViaSat-3第2次發射完成匯流排（bus）在軌測試階段的所有部署。在季末之後，我們也成功完成ViaSat-3第3次發射的反射器與伸展桿（boom）部署，並已進入在軌測試階段，且進度領先於原先預期在今年8月下旬或9月上旬於亞太地區開始提供服務的時程。

The continued integration of multi-orbit capabilities and the development of next-generation terminals and network architectures are all designed to improve bandwidth productivity, that is more usable bandwidth per unit capital and operational spend, and increased network flexibility and resilience, while further decreasing the proportion of those costs that are associated with launch. These capabilities allow us to place capacity where and when it's needed, improve capacity utilization, improve customer experience and support attractive returns on invested capital, while remaining highly competitive in our target market.

多軌道能力的持續整合，以及下一代終端與網路架構的開發，皆旨在提升頻寬生產力，也就是在每單位資本與營運支出下提供更多可用頻寬，並提高網路的彈性與韌性，同時進一步降低與發射相關成本所占的比例。這些能力使我們能在需要的時間與地點部署容量、提升容量使用率、改善客戶體驗並支持具吸引力的投入資本報酬，同時在我們的目標市場中維持高度競爭力。

In maritime, NexusWave continues to demonstrate customer interest and acceptance of effective multi-orbit solutions. In aviation, we remain focused on using our latest satellites to enhance customer experience and service reliability and advancing our next-generation connectivity road map. We continue to work closely with airline partners as the market more closely integrates and optimizes the entire onboard experience across connectivity and passenger entertainment and engagement.

在海事領域，NexusWave 持續展現客戶對有效多軌道解決方案的興趣與接受度。在航空領域，我們仍專注於運用最新衛星提升客戶體驗與服務可靠性，並推進我們的下一代連線路線圖。隨著市場更緊密地整合並優化機上整體體驗（涵蓋連線以及乘客娛樂與互動），我們持續與航空公司合作夥伴密切合作。

From a longer-term perspective, we see increasing convergence of dual-use commercial and national security uses of space. Some key indicators of that include increased targeting of civil and commercial infrastructure of all types, telecom, navigation, timing, energy and computing, even in the earliest stages of geopolitical conflict. That requires increased resilience and adaptability for all forms of satellite communication.

從較長期的角度來看，我們看到太空在商業與國家安全的雙重用途正日益趨於融合。其中一些關鍵指標包括：在地緣政治衝突的最早階段，各類民用與商業基礎設施（電信、導航、授時、能源與運算等）遭到鎖定的情況增加。這要求各種形式的衛星通訊具備更高的韌性與適應性。

Rapidly increasing physical occupation of space, especially LEO, is driving new resilience need for critical national security missions. And the rapid pace of new technology introduction evolve in all forms in geopolitical conflict, putting a premium not just on new technology, but the ability to integrate new technologies into operations and mission success. We believe Viasat is exceptionally well positioned to capture these opportunities through our unique combination of space and ground network technologies, resilient space and terrestrial radio and multimedia networking, link and network security and cyber defense, and mission and operational expertise.

太空（尤其是近地軌道 LEO）的實體占用快速增加，正推動關鍵國家安全任務對韌性的新增需求。此外，新技術在各種形式的地緣政治衝突中以極快速度導入並演進，使得不僅新技術本身重要，將新技術整合進作業並確保任務成功的能力同樣關鍵。我們相信，Viasat 憑藉我們獨特的太空與地面網路技術組合、具韌性的太空與地面無線電及多媒體網路、鏈路與網路安全與資安防護，以及任務與營運專業能力，具備極佳的條件把握這些機會。

While DAT will often be the first place growth in those areas will be manifested, we see good potential for ongoing conversions to both government and commercial recurring satellite services. These DAT contracts can include operational demonstration phases. And this quarter also highlights that we have good growth in recurring government satellite services revenue.

雖然 DAT 往往會是這些領域成長最先顯現之處，但我們也看到轉換為政府與商業的經常性衛星服務具有良好潛力。這些 DAT 合約可能包含營運示範階段。而本季也凸顯我們在政府經常性衛星服務營收方面有不錯的成長。

In summary, we're seeing evolution in our portfolio of government and commercial technologies, and recurring services businesses. Overall, we recognize the effects of greater competition in our legacy commercial services. We're seeing growth in emerging segments of dual-use, multi-orbit, multiband, driven by underlying new technologies where we can be among the few leaders. We believe the balance suggests overall good growth opportunities with DAT awards and government communication services as leading indicators and those trends becoming increasingly clear even in the balance of this fiscal year.

總結而言，我們正看到政府與商業技術組合，以及經常性服務業務組合的演進。整體來看，我們認知到在既有商業服務上競爭加劇所帶來的影響。我們看到在雙重用途、多軌道、多頻段等新興領域的成長，這些成長由底層新技術所驅動，而我們有機會成為少數領導者之一。我們相信，綜合來看顯示整體具備良好的成長機會；DAT 得標與政府通訊服務可作為領先指標，而這些趨勢在本會計年度剩餘期間也將愈發明確。

We're continuing to manage our business to generate cash, continue to delever and strengthen the balance sheet, while reducing capital intensity and investing prudently in underlying new technologies.

我們將持續管理業務以創造現金流、持續去槓桿並強化資產負債表，同時降低資本密集度，並審慎投資於底層新技術。

So with that, I'll turn it over to Gary for more information on the first quarter financial results and our outlook for fiscal '27.

接下來，我把時間交給 Gary，請他提供更多第一季財務結果以及我們對 27 會計年度的展望。

Thank you, Mark, and thanks to all of you who are joining us. Most important of all, thank you to the Viasat team for the hard work that went into producing these results. We remain focused on the three pillars of our financial journey: building our franchises, generating cash and reducing our leverage. Using that lens, let's discuss our first quarter results and our outlook for the year.

謝謝你，Mark，也感謝各位加入我們。最重要的是，感謝 Viasat 團隊為達成這些成果所付出的辛勤努力。我們仍專注於財務旅程的三大支柱：打造我們的事業版圖、創造現金流，以及降低槓桿。以此為視角，讓我們討論第一季的結果以及我們對本年度的展望。

All my statements that follow in this section will refer to the first quarter of fiscal '27 compared to the prior year period, the first quarter of fiscal '26. Before I start, let me call out two items that impact comparisons to the prior year. First, we completed the sale of our equity interest in Navarino in the fourth quarter of '26. Navarino contributed $3 million of adjusted EBITDA to Communication Services in the prior year period.

本段接下來我所有的陳述，皆以 27 會計年度第一季相較於前一年度期間（即 26 會計年度第一季）為基準。在開始之前，我先指出兩項會影響與前一年比較的因素。第一，我們已於 26 年第四季完成出售我們在 Navarino 的股權投資。在前一年同期，Navarino 為通訊服務貢獻了 300 萬美元的調整後 EBITDA。

Second, IP licensing revenue related to the settlement a few years ago continued to decline as the associated licensee product lines have continued to evolve. The year-over-year revenue and adjusted EBITDA impact of this decline was $19 million in the quarter and is reflected in advanced technologies and other within our Defense and Advanced Technologies segment. On a combined basis, these items impacted year-over-year EBITDA comparisons by $22 million.

第二，與數年前和解相關的 IP 授權收入持續下滑，因為相關被授權方的產品線持續演進。本季該下滑對年對年營收與調整後 EBITDA 的影響為 1,900 萬美元，並反映在我們國防與先進技術（Defense and Advanced Technologies）部門中的「先進技術與其他」（AT&O）項下。合併來看，這些項目使年對年 EBITDA 比較受到 2,200 萬美元的影響。

Company-wide awards for the quarter were about $1.3 billion, up 10%, led by Defense and Advanced Technologies with space and mission systems, tactical networking and aviation, the drivers of growth. Backlog was $4.2 billion, up almost 19% with growth in Communication Services of 13% and in DAT of 32%. Revenue was $1.2 billion, down approximately 1%, reflecting a 4% decline in DAT and flat Communication Services. Revenue would have been flat, excluding the impacts previously noted.

全公司本季得標金額約 13 億美元，年增 10%，主要由國防與先進技術帶動，其中太空與任務系統、戰術網路與航空為成長驅動因素。期末在手訂單（Backlog）為 42 億美元，成長近 19%，其中通訊服務成長 13%，DAT 成長 32%。營收為 12 億美元，約下降 1%，反映 DAT 下滑 4%以及通訊服務持平。若排除前述已提及的影響，營收本應持平。

Net loss was $52 million, an improvement of $5 million, principally due to lower interest expense as we continue to pay down debt. And adjusted EBITDA was $381 million, down 7%. But for the noted impact of Navarino and lower IP licensing in AT&O, EBITDA would be just about flat.

淨損為 5,200 萬美元，改善 500 萬美元，主要因我們持續償還債務而使利息費用降低。調整後 EBITDA 為 3.81 億美元，下降 7%。但若不計 Navarino 與 AT&O 中較低的 IP 授權影響，EBITDA 幾乎可視為持平。

Excluding cash taxes from the gain on the sale of our interest in Navarino of about $30 million, which were paid in the first quarter of '27, we generated positive free cash flow of $72 million, up 19% and driven by operating cash flow of $291 million, which was up 13% and capital expenditures of $219 million, which were up 11%.

若排除出售我們在 Navarino 權益所產生約 3,000 萬美元的現金稅（已於 27 年第一季支付），我們產生正的自由現金流 7,200 萬美元，年增 19%，主要由營運現金流 2.91 億美元（年增 13%）所帶動，並扣除資本支出 2.19 億美元（年增 11%）。

The first quarter is typically our toughest cash quarter, given annual bonus payments. So I'm especially pleased to see strong cash generation. Our net debt relative to trailing EBITDA was approximately 3.2 times, a meaningful 0.4 times improvement versus the prior year period.

第一季通常是我們現金流最吃緊的一季，因為會支付年度獎金。因此，我特別高興看到強勁的現金創造能力。我們的淨負債相對於過去 12 個月 EBITDA 約為 3.2 倍，較前一年同期顯著改善 0.4 倍。

Now let's turn to some segment highlights. In Communication Services, awards of $774 million increased 3%, driven by aviation and maritime. Revenue was $825 million, approximately flat. Growth in aviation and government SATCOM was offset by declines in residential fixed broadband and maritime. Aviation revenue grew 11%, ending with approximately 4,530 commercial aircraft in service, a 10% increase year-over-year, combined with higher average revenue per aircraft.

接下來看一些分部重點。在通訊服務方面，本季得標 7.74 億美元，成長 3%，由航空與海事帶動。營收為 8.25 億美元，約持平。航空與政府 SATCOM 的成長，被住宅固定寬頻與海事的下滑所抵銷。航空營收成長 11%，期末約有 4,530 架商用飛機在役，年增 10%，並伴隨每架飛機平均營收提高。

While we had a healthy quarter for installations, we had a number of aircraft deactivate service for previously announced transitions to a competing provider. Within aviation, we expect revenue growth for the remainder of the year driven by ARPA expansion as more of our customer base migrates to Full, Fast, Free offerings, while units remain relatively stable to the units we ended the first quarter with.

雖然本季安裝表現健康，但有若干架飛機因先前已公告將轉換至競爭對手供應商而停用服務。在航空業務方面，我們預期本年度剩餘期間的營收成長將由 ARPA 擴張所帶動，因為更多客戶群將遷移至 Full、Fast、Free 方案；同時，裝機數量將大致維持在第一季期末的水準附近。

We have units flowing in and out of our aircraft backlog each quarter. This quarter's net new aircraft awards were positive, and our backlog declined due to installations during the quarter. Our IFC backlog at quarter-end was about 850 commercial aircraft. Government SATCOM revenue growth accelerated to 10%, reflecting good growth with increased usage from US and international governments.

我們每季在飛機積壓訂單中都有單位進出流動。本季淨新增飛機授標為正數，而我們的積壓訂單因本季完成安裝而下降。截至季末，我們的機上互聯（IFC）積壓訂單約為850架商用飛機。政府SATCOM營收成長加速至10%，反映美國及國際政府因使用量增加而帶來的良好成長。

We continue to work through challenges in maritime. Revenue declined 7% as vessels in service were down. We ended the quarter with more than 1,700 NexusWave vessels in service and continue to work on improving our installation rate, while our current order book exceeds 1,400 vessels. Fixed services and other revenue was down 27% as US fixed broadband subscribers continue to decline. We ended the quarter with 115,000 subscribers and $111 average revenue per user.

我們仍在處理海事業務的挑戰。由於在役船舶數下降，營收下滑7%。本季結束時，NexusWave在役船舶超過1,700艘，我們持續改善安裝率，同時目前訂單簿超過1,400艘。固定服務及其他營收下滑27%，因美國固定寬頻用戶持續減少。本季結束時，我們有115,000名用戶，平均每用戶營收（ARPU）為111美元。

Communication Services adjusted EBITDA was $311 million, down 3%, primarily driven by the decline in fixed services and other and maritime, which included the sale of our interest in Navarino for a $3 million headwind in the quarter.

通訊服務調整後EBITDA為3.11億美元，下降3%，主要受固定服務及其他與海事業務下滑所致，其中包含我們出售Navarino持股，對本季造成300萬美元的不利影響。

Turning to Defense and Advanced Technologies' performance during the quarter. Our DAT segment awards of $524 million increased 22%, driven by growth in space and mission systems and tactical networking. DAT awards are a leading indicator of future revenues. We continue to see a very strong growth environment for DAT, driven by both government and commercial opportunities for new technologies that will enhance our service businesses.

接著看國防與先進技術（Defense and Advanced Technologies, DAT）本季表現。我們DAT部門授標金額為5.24億美元，成長22%，主要由太空與任務系統以及戰術網路的成長帶動。DAT授標是未來營收的領先指標。在DAT方面，我們持續看到非常強勁的成長環境，來自政府與商業對新技術的機會，這些技術將強化我們的服務型業務。

DAT revenue was $331 million, down 4%, reflecting a decline in advanced technology and other and space and mission systems, partially offset by strong growth in tactical networking. Revenue would have been up about 2% excluding the impact from lower IP licensing revenue previously noted.

DAT營收為3.31億美元，下降4%，反映先進技術及其他，以及太空與任務系統下滑，部分被戰術網路的強勁成長所抵銷。若排除先前提到的IP授權營收下降影響，營收本可約成長2%。

InfoSec and cyber defense product revenues declined 8%, reflecting lower shipments of our High Assurance encryption products. Timing of product delivery varies quarter-to-quarter, based on multiple factors, including customer schedule. Despite the Q1 reduction, we expect strong growth in InfoSec and cyber for fiscal '27.

資訊安全（InfoSec）與網路防禦產品營收下降8%，反映我們高保證加密產品出貨量較低。產品交付時點會因多項因素（包括客戶排程）而在各季間有所波動。儘管第一季下滑，我們預期在2027會計年度InfoSec與網路業務將強勁成長。

Space and mission systems revenue declined 24%, reflecting a supplier delay in one program and a transition from development to production on another program. However, similar to InfoSec and cyber, we expect strong growth in space mission systems for the fiscal year despite the Q1 decline.

太空與任務系統營收下降24%，反映某一專案供應商延遲，以及另一專案從研發轉入量產的過渡。然而，與InfoSec與網路業務類似，儘管第一季下滑，我們仍預期本會計年度太空任務系統將強勁成長。

Tactical networking revenues were up 36% year-over-year, driven by strength in both our tactical communications products and TrellisWare. TrellisWare revenue growth was driven primarily by product sales to international customers as opposed to waveform royalties. TrellisWare tactical radio revenues are driven by a comprehensive portfolio of products, modules and licenses that each embody unique technology.

戰術網路營收年增36%，由我們戰術通訊產品與TrellisWare的強勁表現共同帶動。TrellisWare的營收成長主要來自對國際客戶的產品銷售，而非波形（waveform）權利金。TrellisWare戰術無線電營收來自完整的產品、模組與授權組合，每一項都體現獨特技術。

Advanced technologies and other revenue was down $17 million, reflecting the declining benefit from IP licensing revenue. Adjusted EBITDA was $70 million, down 20% or $17 million compared to the prior year quarter, primarily reflecting the decline in IP licensing revenue within AT&O. Excluding that IP licensing revenue, adjusted EBITDA was up slightly.

先進技術及其他營收減少1,700萬美元，反映IP授權營收帶來的效益下降。調整後EBITDA為7,000萬美元，較去年同期下降20%或1,700萬美元，主要反映AT&O內IP授權營收下滑。若排除該IP授權營收，調整後EBITDA略有上升。

Now, let's turn to our outlook. Our financial outlook for fiscal '27 is unchanged. We expect revenue to grow mid-single digits with Communication Services growth of low-single digit and DAT growth in the mid-teens. We continue to expect our adjusted EBITDA for the fiscal year to be flat to up slightly year-over-year.

現在來看我們的展望。我們對2027會計年度的財務展望維持不變。我們預期營收將以中個位數成長，其中通訊服務為低個位數成長，DAT為十位數中段成長。我們仍預期本會計年度調整後EBITDA將與去年持平至小幅成長。

Consolidated fiscal '27 CapEx is expected to be between $950 million and $1 billion. Our consolidated CapEx is expected to break down as follows: maintenance of about $400 million; capitalized interest of greater than $150 million; ViaSat-3 spend of about $50 million, most of which was incurred in Q1; success-based of up to $150 million; and about $225 million to $250 million for growth CapEx with an emphasis on future satellites other than ViaSat-3, as well as investments in DAT segment and government SATCOM. Inmarsat CapEx is expected to be $250 million to $300 million and is contained within the consolidated numbers I just guided to. We continue to expect free cash flow of about $180 million for fiscal year '27.

合併口徑2027會計年度資本支出（CapEx）預期介於9.5億至10億美元。我們預期合併CapEx拆分如下：維護約4億美元；資本化利息超過1.5億美元；ViaSat-3支出約5,000萬美元，其中大部分已於第一季發生；成功導向（success-based）最高1.5億美元；以及約2.25億至2.5億美元的成長型CapEx，重點在ViaSat-3以外的未來衛星，並投資於DAT部門與政府SATCOM。Inmarsat CapEx預期為2.5億至3億美元，已包含在我剛才提供的合併數字之內。我們仍預期2027會計年度自由現金流約為1.8億美元。

Let's turn to our segments, beginning with Communication Services. Within aviation, we expect revenue growth compared to fiscal '26 as ARPA expands on unit count similar to the Q1 ending number. However, we expect the overall rate of aviation revenue growth to moderate relative to recent years. We expect maritime vessels and service to decline modestly compared to fiscal '26 but expect significant growth in the NexusWave installed base that offers customers more value and drives higher ARPA. We expect stabilization of our fixed broadband business to occur sometime after ViaSat-3's Flight 2 enters service, but expect continued declines until that time. We expect another year of growth within government SATCOM.

接著看各事業部門，先從通訊服務開始。在航空方面，隨著每可用單位平均營收（ARPA）在單位數量上擴張、且規模與第一季期末數字相近，我們預期相較2026會計年度營收將成長。然而，我們預期航空營收整體成長率將較近年趨緩。我們預期海事船舶與服務相較2026會計年度將小幅下滑，但預期NexusWave裝機基礎將顯著成長，為客戶提供更高價值並帶動更高ARPA。我們預期固定寬頻業務的穩定將在ViaSat-3第二次發射（Flight 2）投入服務後的某個時間點出現，但在此之前仍預期持續下滑。我們預期政府SATCOM將再成長一年。

We've been waiting a long time for the capacity and capabilities of ViaSat-3 Flights 2 and 3. We're excited to be on the cusp of service entry for both satellites. Thanks to all the teams who have made ViaSat-3 a reality. Now our focus is ensuring that the capabilities of ViaSat-3 are mobilized to address the growing appetite our Communication Services customers have for connectivity and to position us for growth in the years ahead.

我們已等待ViaSat-3第二與第三次發射（Flights 2與3）的容量與能力很長一段時間。我們很興奮，兩顆衛星都即將進入服務。感謝所有讓ViaSat-3成為現實的團隊。現在我們的重點是確保能動員ViaSat-3的能力，以滿足通訊服務客戶對連線日益增長的需求，並讓我們在未來幾年具備成長定位。

Turning to DAT. We expect a very good year ahead. Our teams are doing an awesome job of anticipating and meeting the growing needs of our customers, which is driving exciting momentum in awards that will drive revenue and earnings for years to come. We expect another year of strong revenue growth from encryption and accelerated growth from space mission systems and tactical networking. The team has continued to deliver big wins in the most important high-growth markets.

接著看DAT。我們預期未來一年將非常出色。我們的團隊在預判並滿足客戶日益增長的需求方面表現卓越，這正推動授標動能，並將在未來多年帶動營收與獲利。我們預期加密業務將再有一年強勁營收成長，而太空任務系統與戰術網路將加速成長。團隊持續在最重要的高成長市場取得重大勝利。

I'll also note that during the quarter, we did move an additional $100 million in cash from Inmarsat to Viasat. We've now moved a total of $450 million so far, including the $100 million just referenced. And we'll continue to evaluate opportunities to reshape our capital structure.

我也要補充，本季我們確實又將1億美元現金從Inmarsat移轉至Viasat。截至目前我們已累計移轉4.5億美元，其中包含剛提到的這1億美元。我們也將持續評估重塑資本結構的機會。

In conclusion, we had a good quarter as we continue to make progress on our financial journey. We're excited for a lot of hard work ahead of us. And we remain focused on improving returns on capital through franchise and earnings growth, generating positive free cash flow, repaying debt and reducing net leverage. We thank you for your continued support. Team Viasat is working to deliver our commitments for the year and beyond.

總結來說，在我們持續推進財務旅程的同時，本季表現良好。我們對接下來大量的艱鉅工作感到振奮。我們仍專注於透過特許經營與獲利成長來提升資本報酬、創造正向自由現金流、償還債務並降低淨槓桿。感謝各位持續支持。Viasat團隊正努力履行我們對今年及未來的承諾。

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

那麼，讓我把電話交回給 Mark。

Thanks, Gary. So the combination of growth in the space market and our business and technical progress is creating more opportunity for us than ever. The ViaSat-3 deployments, along with a number of other important space and ground technology accomplishments and competitive wins, is building momentum in new markets and applications.

謝謝，Gary。因此，太空市場的成長，加上我們在業務與技術上的進展，正為我們創造前所未有的更多機會。ViaSat-3 的部署，連同其他多項重要的太空與地面技術里程碑及競爭性勝利，正在新市場與新應用上累積動能。

Demand for resilient communications, secure networks, mission-critical connectivity and space-enabled capabilities is clearly growing in both commercial and defense markets globally. Viasat has never been defined by a single technology cycle, satellite launch or market trend.

對具韌性的通訊、安全網路、關鍵任務連線以及太空賦能能力的需求，顯然在全球商業與國防市場都在成長。Viasat 從來不由單一技術週期、衛星發射或市場趨勢所定義。

Our history has been built on continued innovation, reinvention, resilience and the ability to adapt to changing customer needs. Our path forward won't be without challenges. We believe the foundation we've built and the opportunities ahead will continue to sustain our success. We enter the remainder of fiscal year 2027 with confidence in our strategy, momentum across key growth initiatives and a clear focus on creating long-term shareholder value.

我們的歷史建立在持續創新、再造、韌性，以及因應客戶需求變化的適應能力之上。我們前行的道路不會沒有挑戰。我們相信，我們所建立的基礎與前方的機會將持續支撐我們的成功。我們以對策略的信心、在關鍵成長計畫上的動能，以及對創造長期股東價值的明確聚焦，進入 2027 會計年度剩餘期間。

Operator, you can now open the line for questions.

接線員，您現在可以開放提問。

(Operator Instructions)

(接線員指示)

Timothy Horan, Oppenheimer.

Timothy Horan，Oppenheimer。

There is some concern out there that S-band spectrum holders outside the United States might lose some of the rights to that spectrum. Can you talk about your ownership rights and how much negotiating leverage you would have with governments of the United States?

外界有些擔憂，認為美國以外的 S 頻段頻譜持有人可能會失去該頻譜的部分權利。你能談談你們的所有權權利，以及你們與美國政府談判時會有多大的籌碼嗎？

And then, secondly, on your L-band spectrum, can you maybe just -- have you studied a little bit more further how much you would need of that spectrum to operate your current business versus maybe selling or leasing or partnering with someone to do direct-to-device or other services?

其次，關於你們的 L 頻段頻譜，你們是否進一步研究過：為了營運你們目前的業務實際需要多少頻譜；相較之下，是否可能透過出售、出租或與他人合作來做直連裝置（D2D）或其他服務？

Okay. Well, first thing, I think I'd say just in terms of S-band, S-band tends to be less globally coordinated with ITU rights and more around national market access when used for mobile satellite services. And it's the same for our spectrum as with others. The main thing we would say is that the best way to hold on to your spectrum is to put it in use for public benefit for the nations which have granted those market access rights.

好的。首先，我想就 S 頻段而言，S 頻段通常不像其他頻段那樣在 ITU 權利下進行全球協調，而是在用於行動衛星服務時，更偏向各國的市場准入。我們的頻譜與其他人的情況相同。我們要說的重點是：保有頻譜的最佳方式，就是將其投入使用，為授予市場准入權利的國家帶來公共利益。

So our S-band is currently in use for the purpose that it was licensed for in Europe. And I think we're working with Europe on those particular missions and new missions. And I think that we will work with -- I think we'll work with the European Union and the individual nations to continue to evolve what we do and what they're looking for.

因此，我們的 S 頻段目前在歐洲正用於其核發許可所對應的用途。我想我們正與歐洲就這些特定任務以及新任務合作。而且我想我們將與——我想我們會與歐盟及各個國家合作，持續演進我們所做的事情以及他們所期待的內容。

I think we've got -- I think we have good support within Europe. But I'm not going to make any particular predictions about our success relative to others at this point. I think we have a -- as the only incumbent that's actually using the spectrum for the purpose for which it's licensed, I think that gives us a good [legs up], but we'll just have to see on that one.

我認為我們在歐洲獲得良好支持。但此刻我不會就我們相對於其他人的成功做任何特定預測。我認為，作為唯一真正將頻譜用於其核准用途的既有業者，這讓我們有不錯的優勢，但這點還得再觀察。

On the L-band, I think one of the main points that we want to make is that our L-band is licensed, again, for specific mission purposes. We fulfill those purposes. They're generally really important, involving maritime and aeronautical safety as two of the main ones. One of the things that is a little bit unique about L-band is that in order to accomplish those missions, countries want to cooperate with each other, which is the purpose for which Inmarsat was originally formed. We still uphold those missions.

至於 L 頻段，我認為我們想強調的重點之一是：我們的 L 頻段同樣是針對特定任務用途而取得許可。我們也確實履行這些用途。這些用途通常非常重要，其中兩個主要項目涉及海事與航空安全。L 頻段有一點較為獨特：為了完成這些任務，各國希望彼此合作，這也是 Inmarsat 最初成立的目的。我們仍然維持並履行這些任務。

And one of the main points is that the amount of bandwidth or bandwidth delivered as opposed to spectrum, separating bandwidth is basically what you get, the bits that you get through the spectrum. The demand for bandwidth is increasing in performing those missions, both in terms of maritime safety market and especially in the aeronautical safety market.

而其中一個重點是：相較於「頻譜」，「頻寬」或所提供的頻寬量——把頻寬拆開來看，基本上就是你透過頻譜所能取得的位元（bits）。在執行這些任務時，對頻寬的需求正在增加，無論是在海事安全市場，尤其是在航空安全市場。

So right now, what we are aiming at is not only fulfilling the current missions, but the way that those missions are evolving. And -- but what we think is, there's a good match between the spectrum that we have and the long-term purpose of those missions, as well as new applications that are evolving such as D2D. Now we also use our spectrum for other valuable missions, which are not necessarily associated with those particular safety missions. We think the same thing will happen as we increase the network capabilities using our next generations of constellations.

所以目前我們的目標不僅是滿足現有任務，也要因應這些任務的演進方式。而——我們的看法是，我們所擁有的頻譜，與這些任務的長期目的，以及正在演進的新應用（例如 D2D）之間，有很好的匹配。此外，我們也將頻譜用於其他有價值的任務，這些任務未必與上述特定安全任務直接相關。我們認為，隨著我們透過下一代星座提升網路能力，同樣的情況也會發生。

Brent Penter, Raymond James.

Brent Penter，Raymond James。

First one for me, glad to see F2 and F3 both at the finish line here. Obviously, a ton of capacity coming online. How do you envision the use of capacity split in terms of serving existing customers versus the ability to bring new customers online? And can you just help us understand from the outside looking in, what are going to be the biggest drivers of revenue and EBITDA growth as those come online?

我第一個問題，很高興看到 F2 和 F3 都已經到達終點線。顯然有大量容量即將上線。你們如何設想容量使用的分配：在服務既有客戶與導入新客戶之間如何切分？另外，能否協助我們從外部角度理解，當這些容量上線後，營收與 EBITDA 成長的最大驅動因素會是什麼？

Okay. Well, first of all, the markets that we're in, primarily for monetizing our satellites now, mostly mobility markets, and that includes aeronautical, both private aviation and public -- commercial aviation, maritime, primarily vertical and maritime on large enterprise ships, and then government. So what we're aiming for -- those are the biggest uses. We also have fixed consumer use, which has obviously been declining over time, mostly because the other markets are a lot more attractive.

好的。首先，我們目前主要用來將衛星變現的市場，多半是移動性市場，包括航空（私人航空與公共——商業航空）、海事（主要是垂直領域，以及大型企業船舶的海事），以及政府。因此我們的目標——這些是最大的用途。我們也有固定式消費者用途，這部分顯然隨時間在下滑，主要是因為其他市場更具吸引力。

The -- and then, the other major mobility market is government mobility. So we expect growth in basically all those markets. Probably the one -- right now, the one that's growing -- the ones that are growing fastest are aviation and government. They're both growing from a combination of more bandwidth use per platform and more platforms. So those are really going to be kind of the keys to success.

而——另一個主要的移動性市場是政府移動性。因此我們預期基本上所有這些市場都會成長。可能目前成長最快的是——航空與政府。兩者的成長都來自於每個平台使用更多頻寬，以及平台數量增加的組合。因此，這些將會是成功的關鍵。

The aviation market is still relatively lightly penetrated, maybe in the range of 30%-ish, I think, on a global basis. Some of the market segments that are lower penetrated are going to be more challenging. But I think that the addition of more satellites, more capacity is going to help address those, those being more of the international markets and also more of the low-cost carrier markets.

航空市場的滲透率仍相對偏低，我認為以全球來看大約在 30% 左右。某些滲透率更低的市場區隔會更具挑戰。但我認為，增加更多衛星與更多容量將有助於解決這些問題——也就是更偏國際市場，以及更多低成本航空公司的市場。

So in general, what you're seeing just the same kind of our transmission markets is lower unit cost of bandwidth, but overtaken by much larger growth in consumption on a per unit basis. So that's the, what we call, ARPA, average revenue per aircraft, in the aviation market. We're seeing the same effects in the maritime market where consumption is growing because of new applications. We'll also see the same in aeronautical and are certainly seeing the same in aviation.

因此整體而言，你所看到的就像我們傳輸市場一樣：頻寬的單位成本下降，但被每單位消費量更大幅的成長所超越。在航空市場，這就是我們所說的 ARPA（每架飛機平均營收）。我們在海事市場也看到同樣的效應，因為新應用帶動消費量成長。我們在航太領域也會看到同樣情況，而在航空方面我們當然也已經看到同樣趨勢。

So the simple message is similar vertical markets, more platforms, more usage per platform. I think we'll also be able to bring -- because we're getting large infusions of bandwidth, we will bring some of that bandwidth into the fixed markets as well, both consumer -- and we're seeing some opportunities for growth in fixed enterprise as well.

所以簡單的訊息是：相近的垂直市場、更多的平台、每個平台有更多的使用量。我認為我們也將能夠帶來——因為我們正獲得大量的頻寬挹注——我們也會把其中一部分頻寬帶入固定市場，包括消費者端——而且我們也在固定企業端看到一些成長機會。

And then, you continue to talk about the benefits of vertical integration last quarter and this quarter, it seems, increasingly. It'd be good to get an update on the DAT strategic review and where you all are in terms of your thinking there. And as the satellites go into service, does that color how you think about whether a split makes sense or anything around timing?

接著，你們在上季與本季似乎愈來愈多地談到垂直整合的好處。希望能請你們更新一下 DAT 的策略檢視進度，以及你們目前的思考方向。另外，隨著衛星投入服務，這是否會影響你們對於是否拆分合理、或任何時點安排的看法？

Okay. Yes. When it comes to the DAT segment, I mean, right now, what we're seeing is really good growth in the -- in those parts of the business that are in the DAT part. So that's Defense and Advanced Technology. That's going to be the fastest-growing part of our business. That will be reflected in new awards. I think this was a strong quarter for new awards.

好的。是的。談到 DAT 事業部門，我的意思是，就目前而言，我們看到在——在屬於 DAT 的那幾個業務部分——有非常好的成長。也就是國防與先進技術（Defense and Advanced Technology）。那將會是我們業務中成長最快的部分。這會反映在新的得標案上。我認為這一季在新得標方面表現強勁。

Our pipeline is really attractive. And I think that we'll provide updates as we get -- as we execute contracts. Some of those contracts, you'll see possibly in defense -- in defense announcements before we can make those announcements, and keep an eye on that.

我們的案源（pipeline）非常有吸引力。我想我們會在——在我們執行合約的過程中——提供更新。其中一些合約，你們可能會先在國防——國防相關公告中看到，早於我們能對外公告之前，請留意這些訊息。

And in terms of the review, it's ongoing. The main thing that we're looking at is what those particular contracts are and what the criteria are for winning them. So think of it as we -- clearly, our DAT business is going to grow. I'll give you one example, which is, in PTS-G, part of the award there was around technology that is building low-cost, affordable proliferated satellites, but another part of it is actually operating those satellites.

至於檢視（review），目前仍在進行中。我們主要在看的，是那些特定合約是什麼，以及贏得它們的評選標準是什麼。所以可以把它想成：我們——很明確地，我們的 DAT 業務會成長。我舉一個例子：在 PTS-G 中，得標內容的一部分是關於建置低成本、可負擔的分散式（proliferated）衛星的技術，但另一部分其實是營運那些衛星。

So it's interesting to note that among the bidders, the ones that were successful were the ones that can both -- could both provide technology and the operational capabilities. The government is looking, especially in the proliferated environment, for new mechanisms for operating satellites as well. So that -- some of that -- while the original awards will be reflected in the DAT segment, in the longer term, we expect to see communications -- government communication services revenue as well.

所以有趣的是，在投標者之中，成功的那些是既能——同時提供技術與營運能力的廠商。政府正在尋找——特別是在分散式環境下——新的衛星營運機制。因此——其中一些——雖然最初的得標會反映在 DAT 部門，但從長期來看，我們也預期會看到通訊——政府通訊服務的營收。

And if you look at our pipeline of new awards, that notion of integrated, both technology development and technology production, combined with operational capability, is a recurring theme. So the very first thing on our pledge is just to capture the awards, build the value of the DAT segment. And what we're doing is we're having an ongoing evaluation of how do we best position that, right, for the benefit of shareholders? What is the best way for shareholders to benefit? And right now, while the DAT segment is co-resident with our operating -- our services businesses, we don't have to worry about how we divide up the margins associated with that among different equity holders.

如果你看我們的新得標案源，那種整合式的概念——同時包含技術研發與技術量產，再加上營運能力——是一個反覆出現的主題。所以我們承諾（pledge）的第一件事，就是拿下這些案子、建立 DAT 部門的價值。而我們正在做的是持續評估：我們要如何把它定位得最好，對吧，以符合股東利益？股東受益的最佳方式是什麼？而目前，當 DAT 部門與我們的營運——我們的服務業務——共存於同一架構下時，我們不需要去煩惱要如何在不同股權持有人之間分配與此相關的利潤率。

So we're looking -- what we're looking at is, what is the best way to do that? It's possible that we continue to keep them together under one roof. We do that for some period of time. But the issue is that doing a separation is a little bit of a one-way door. We want to make sure that at the time we do that, if we do that, we do it in a way that most benefits shareholders.

所以我們在看——我們在看的，是做這件事的最佳方式是什麼。有可能我們會繼續把它們放在同一個屋簷下。我們會這樣做一段時間。但問題是，進行分拆有點像是一扇單向門。我們希望確保在我們做那件事的時候——如果我們要做——我們是以最有利於股東的方式來做。

James Ratzer, New Street Research.

James Ratzer，新街研究（New Street Research）。

I had a couple, please. Just one, just really appreciate an update on plans for Equatys, if possible, please.

我有幾個問題，謝謝。第一個，如果可以的話，想請你們更新一下 Equatys 的計畫。

And then, secondly, just interested to explore if we can quantify how much new capacity is coming on with these new satellites. I mean, obviously, that's pretty exciting. There's a material growth coming on. But can you help us to kind of just think about that from a kind of quantitative perspective, what percentage increase in capacity, how many kind of gigabits or terabits per second come on with these new satellites over the next few years?

第二個，我想進一步了解我們是否能量化這些新衛星將帶來多少新增容量。我的意思是，顯然這非常令人振奮。會有相當可觀的成長上線。但你們能否從量化角度幫我們思考：容量增加的百分比是多少、未來幾年這些新衛星會新增多少 Gbps 或 Tbps？

Okay. Yes. So in terms of Equatys, our intent with the next major announcement would be the funding of the initial satellite constellation. That's really the catalyst for the next round of disclosures. And that will -- that really will be the answer to the second part of your question, which is how much new capacity will come online.

好的。是的。就 Equatys 而言，我們下一個重大公告的意圖，會是初始衛星星座的資金到位（funding）。那將是下一輪資訊揭露的催化劑。而那——也確實會回答你問題的第二部分，也就是會有多少新增容量上線。

Let's see, the -- I'm not going to talk about the timing of that announcement, but that is -- what we're focused on is the details of a satellite constellation procurement for Equatys and then what that means for each of the users of the Equatys constellation, with us and Space42 being the two largest and initial users of it.

我想一下——我不會談那個公告的時間點，但我們目前聚焦的是 Equatys 的衛星星座採購細節，以及這對 Equatys 星座的每一類使用者意味著什麼；其中我們與 Space42 會是兩個最大且最初期的使用者。

In terms of the amount of increase in capacity, that's going to be orders of magnitude. The amount of capacity on a per satellite basis is going to be hundreds or thousands of relative -- remember, capacity -- the relative capacity is a function not only of the satellites, but also of the types of terminals that are using them. When used in the types of applications that we do -- that we have now, it will be in the 1,000 to 10,000-ish amount of total capacity on a global basis for the new constellation.

就容量增幅而言，那會是數個數量級（orders of magnitude）的提升。以單顆衛星來看，容量會是相對於目前的數百倍或數千倍——請記得，容量——相對容量不僅取決於衛星本身，也取決於使用它們的終端類型。若用在我們目前所做——我們現在已有的應用類型上，新星座在全球範圍的總容量大約會落在 1,000 到接近 10,000 的量級。

So, that will cover higher speeds, higher volume, higher density of usage associated with these evolved MSS applications, some of which we think will be pretty substantial growth in that, especially for things like unmanned vehicles, both land and air vehicles, that's going to have -- that's going to consume a lot of growth.

因此，這將支援更高速度、更大流量、以及與這些演進型 MSS 應用相關的更高使用密度；其中有一些我們認為會帶來相當可觀的成長，特別是像無人載具，不論是地面或空中載具，這將——將會消耗大量的成長。

And then, also -- but we expect that we'll be able to apply a lot of that capacity towards other markets, too, especially the D2D market and government markets. But that -- I think the increase in capacity is going to be in orders of magnitude. We'll be able to find that more clearly when we describe the initial constellation in more detail.

另外——我們也預期能把其中很大一部分容量用到其他市場，尤其是 D2D 市場與政府市場。但——我認為容量的提升會是數個數量級。當我們更詳細描述初始星座時，就能更清楚地界定。

And how much of it also just comes on from the kind of the F2 and the F3, just the kind of the GEO satellites in the immediate future?

那麼，僅就近期的 GEO 衛星，也就是 F2 和 F3，本身又會帶來多少新增容量上線？

So the -- from a -- I'll say, so the F2 and F3 satellites are Ka-band. Those are broadband satellites. Those require directional antennas. The Equatys constellation will be mobile satellite services band, which is the L&S band. So we don't -- there will be -- think of it as a continuum of missions.

所以——從一個——我會這麼說：F2 和 F3 衛星是 Ka 頻段。它們是寬頻衛星。它們需要定向天線。Equatys 星座將會是行動衛星服務頻段，也就是 L 與 S 頻段。所以我們不——會有——把它想成是一個任務的連續體。

So we'll have aeronautical uses for broadband, which will scale with different platforms. We'll also have aeronautical uses for L&S band. But what I was referring to before and with Equatys, that will be the L&S band frequencies, and F2 and F3 will cater that.

因此，我們將在寬頻方面有航空用途，並可隨不同平台而擴展。我們也會在 L&S 頻段有航空用途。但我先前提到、以及與 Equatys 相關的，將會是 L&S 頻段的頻率，而 F2 與 F3 將會支援這一點。

Sebastiano Petti, JPMorgan.

Sebastiano Petti，摩根大通。

I guess, just following up on Brent's question about the strategic review. I mean, Mark, what -- has the landscape shifted that would dictate that we're closing in on two years of the strategic review? And it seems as though -- I mean, is the target -- is it a moving target? I understand the complexities associated with the strategic review. But can you perhaps kind of opine on whether or not there are additional complexities that have evolved over time, including the potential to monetize a portion of the spectrum via sale or via lease that has perhaps created this elongated strategic review time line?

我想只是延續 Brent 關於策略檢討的問題。我是說，Mark，整體情勢是否出現了變化，以致於我們的策略檢討已接近兩年？而且看起來——我的意思是，目標——它是一個會移動的目標嗎？我理解策略檢討所涉及的複雜性。但你能否談談，是否有其他隨時間演變而增加的複雜性，包括透過出售或出租來將部分頻譜變現的可能性，是否也造成了這條策略檢討時程被拉長？

Because I think given commentary about the synergies and the merits of keeping the businesses together, it seems as though the feedback -- it seems as though that -- it seems decreasing in likelihood that we will get a separation. And that just seems to be the public -- the messaging.

因為我認為，鑑於你們對協同效益以及將業務維持在一起之優點的評論，回饋——看起來——似乎我們進行分拆的可能性正在降低。而那似乎就是對外的——訊息傳達。

And so, I just want to see if we are closing one door in terms of the strategic review in terms of a separation and is spectrum more front and center within that strategic review? Just trying to understand the different moving pieces and how we should kind of think about that and whether or not -- again, whether or not Equatys also kind of plays into that as well because I think last quarter, we talked about maybe going down a dual path. Is that still something that you would consider at this point?

所以，我只是想確認，在策略檢討中，關於分拆這件事我們是否正在關上一扇門？而頻譜是否在該策略檢討中變得更為核心？只是想了解不同的變動因素，以及我們應該如何思考這些，還有是否——再次，Equatys 是否也在其中扮演角色，因為我記得上季我們談到可能走雙軌並進的路徑。在目前這個時間點，你們仍會考慮那樣做嗎？

Okay. Yes. The purpose of the strategic -- the purpose of the strategic review has been and remains to be delivering value to shareholders, right? That's the purpose of it. The issue is that we're in a very dynamic business environment, geopolitical environment.

好的。是的。策略——策略檢討的目的一直是、也仍然是為股東創造價值，對吧？這就是它的目的。問題在於，我們所處的是一個非常動態的商業環境、地緣政治環境。

That's what -- the question is, do we come up with a strategy that is pertinent or relevant to what the competitive situation is and the value of our resources and assets. And so, the first thing that we had to deal with were some internal issues associated with potential separation. And that includes -- the two big ones that we had highlighted at the time was, one, bringing Flights 2 and 3 into service, making sure that satellites deployed directly and now we can bring them into service. We're at the tail end of those. I think we're going to retire those risks.

也就是說——問題是，我們是否能提出一個與競爭態勢以及我們資源與資產價值相符、且具相關性的策略。因此，我們首先必須處理一些與潛在分拆相關的內部議題。其中包括——當時我們強調的兩個主要項目是：第一，讓 Flights 2 與 3 投入服務，確保衛星直接部署，現在我們也能讓它們投入服務。我們已經接近尾聲。我認為我們將能消除這些風險。

There were also some risks associated with the separate debt silos from the Inmarsat and Viasat, from the Inmarsat acquisition. I think those things are becoming more clear as well. But the biggest factor and one of the ones that we've also highlighted is the competitive posture of the combined company relative to the separate companies. And clearly, the multiples associated with the defense business are really attractive with the stand-alone business. That is one of the things that we've been -- that's prompted that review.

另外也有一些風險與 Inmarsat 與 Viasat 的獨立債務架構有關，這是來自收購 Inmarsat。我認為這些事情也正變得更清楚。但最大的因素、也是我們同樣強調過的其中之一，是合併後公司相對於分拆後各自公司的競爭態勢。而且很明顯，國防業務作為獨立業務時，其估值倍數非常具吸引力。這是我們一直在——也是促使該檢討的原因之一。

But the other thing is the thing behind that is that you want a defense business that's going to grow rapidly. And so, we -- the very first thing we're trying to preserve is make sure that our defense business grows rapidly, which we believe it is. And we also -- what we believe as well, and some of that will become more evident over the next couple of quarters as we win or lose specific contracts or -- and learn what the reasoning is behind that customer decisions.

但另一件事——其背後的核心是，你會希望國防業務能夠快速成長。因此，我們——我們首先要維護的是，確保我們的國防業務快速成長，而我們相信它確實正在成長。而且我們也——我們同樣相信，其中一部分在接下來幾季會更明顯，因為我們會在特定合約上贏或輸——並了解客戶做出那些決策的原因。

But right now, our prospects -- so we're really optimistic about our prospects, and those prospects do involve dual-use applications. And that is -- if you look on a competitive basis in the space segment, dual use does seem to be a really important theme both in the US and globally. And that's because of reasons that we've talked about before, which is the cost of putting assets in space and the potential for monetizing those assets in the commercial market when they're not used for defense applications.

但就目前而言，我們的前景——所以我們對前景非常樂觀，而這些前景確實包含軍民兩用的應用。而且——如果你從太空段的競爭角度來看，軍民兩用似乎確實是美國以及全球都非常重要的主題。這是因為我們之前談過的原因，也就是將資產送入太空的成本，以及當這些資產未用於國防用途時，在商業市場將其變現的潛力。

And then, the other one -- the other thing that's becoming really, really clear, you can certainly see that from what's going on in the Middle East as well, is that more and more commercial infrastructure is targeted. So there will be -- certainly will be benefits from having the same or related types of resilience techniques for commercial use. Things like navigation positioning, timing, communications, access to situational awareness, all those things are becoming more important for commercial assets as well.

然後，另一個——另一件變得非常、非常清楚的事情，你當然也可以從中東正在發生的事情看出來，是越來越多的商業基礎設施成為攻擊目標。因此，採用相同或相關類型的韌性技術於商業用途，肯定會帶來好處。像是導航、定位、授時、通訊、取得態勢感知等，這些對商業資產也變得愈來愈重要。

So while we're -- I'd say, while we're on a good run in the DAT business, we're probably going to make sure that we understand that because we don't want to prematurely separate the businesses. That's probably the single biggest factor on the DAT side.

所以，雖然我們——我會說，雖然我們在 DAT 業務上進展良好，但我們可能會確保把這件事理解清楚，因為我們不希望過早分拆業務。這大概是 DAT 這一端最主要的單一因素。

On the spectrum side, what we're also seeing is a rapidly evolving environment where the competitive dynamics, especially in the D2D space, are really -- they're in turmoil because of the issue about whether, let's say, nonterrestrial networks are intended to augment terrestrial networks or compete with terrestrial networks. That has a really big impact on the competitive environment. And the choices of some nonterrestrial network operators will create opportunities for others. So we're definitely seeing the effects of that.

在頻譜方面，我們同樣看到一個快速演變的環境，其中競爭動態，特別是在 D2D 領域，真的——因為「非地面網路」究竟是要用來補強地面網路，還是要與地面網路競爭這個問題，而處於動盪之中。這對競爭環境有非常大的影響。而某些非地面網路營運商的選擇，將為其他業者創造機會。所以我們確實正在看到這些影響。

So again, what we -- our real near-term focus is to increase the value of our spectrum by being able to address some of these larger markets to validate not just what the transactional value of the spectrum is, but what the value of it would be when brought into use, whether it's by us or others, to make sure that we can put our spectrum to the highest purposes. And that -- I think that Equatys is going to help us frame that. So that's what we're going to continue to do. I think we're not going to make a premature decision on either spectrum or DAT separation, while the competitive environment is so dynamic.

所以再說一次，我們——我們近期真正的重點，是透過能夠切入一些更大的市場來提升我們頻譜的價值，以驗證的不只是頻譜的交易價值，而是當它被投入使用時的價值——不論是由我們或他人使用——以確保我們能將頻譜用在最具價值的用途上。而且——我認為 Equatys 將有助於我們建構這個框架。所以這就是我們將持續做的事。我認為在競爭環境如此動態之際，我們不會就頻譜或 DAT 分拆做出過早的決定。

Justin Lang, Morgan Stanley.

Justin Lang，摩根士丹利。

Mark, you called out AI-driven autonomy across domains as presenting a growth catalyst for you. I'm hoping maybe you could sort of expand on that a little bit. Is that sort of a nod to drones, or is that getting at something else? Any color there around sort of opportunity sizing and time frame would be great as well.

Mark，你提到跨領域的 AI 驅動自主化將成為你們的成長催化劑。我希望你能稍微再延伸說明一下。這是在暗示無人機，還是在指涉其他事情？也希望你能補充一些關於機會規模與時間框架的說明。

Yes. So just in terms of the aeronautical safety requirement, drones are certainly a really big potential growth area. And for drones, one of the things to look at is, there was a notice of proposed rulemaking from the Department of Transportation about how the US would handle autonomous air vehicles. And it requires some backup -- assuming that the primary -- well, the simple thing to think of is think about what's happened with autonomous ground vehicles. They get confused sometimes. They have the option of pulling over to the side of the road. You don't have that option with an air vehicle, right?

是的。就航空安全需求而言，無人機當然是一個非常大的潛在成長領域。而對無人機來說，有一件值得關注的是，美國運輸部曾發布一份擬議規則制定通知，說明美國將如何處理自主飛行器。它要求某種備援——假設主要系統——嗯，一個簡單的類比是想想自主地面車輛發生了什麼。它們有時會困惑。它們可以選擇靠邊停下。但對飛行器而言，你沒有那個選項，對吧？

So it's really, really important that air vehicles have continuous and uninterrupted transmission for command and control telemetry. So, that is one of the things that's addressed in that. That will be a special purpose application. It's very directly related to some of our existing -- to some of our existing missions in air traffic safety. Even with commercial air traffic, there's lots of interest in, for instance, autonomous copilots, single pilot vehicles, where there's -- you can see that there's some overlap between -- or a continuum between completely unmanned ones and the manned aerial vehicles.

因此，空中載具在指揮與控制遙測方面必須具備持續且不中斷的傳輸，這點真的、真的非常重要。所以，那也是其中一項在那裡被處理的重點。那將會是一個特殊用途的應用。它與我們現有的一些任務——與我們在空中交通安全方面的一些既有任務——有非常直接的關聯。即使在商業航空交通中，也有很多興趣，例如自動化副駕駛、單人駕駛飛行器；你可以看到，完全無人與有人航空載具之間存在某種重疊——或是一個連續光譜。

So we -- that's a really good target area for us. For unmanned land vehicles, there's another aspect of it, which is that besides the just command and control part of it, it opens up a lot more applications for passenger use of those vehicles, a lot of which likely would be through 5G terrestrial networks, but would certainly be augmented by nonterrestrial networks. So those are two examples.

所以我們——那對我們來說是一個非常好的目標領域。至於無人地面載具，還有另一個面向：除了單純的指揮與控制之外，它也為乘客使用這些載具開啟了更多應用；其中很多很可能會透過 5G 地面網路，但也肯定會由非地面網路加以補強。所以這是兩個例子。

The other really big example is the use of autonomous drones, land, sea and air, in government applications. So that's clearly a rapidly growing area as well. So those are some of the ones that we're keeping current in terms of working with potential customers, making sure our technology is appropriate for those.

另一個非常大的例子，是在政府應用中使用自主式無人機——涵蓋陸、海、空。所以那顯然也是一個快速成長的領域。因此，這些是我們持續掌握進展的一些方向：與潛在客戶合作，並確保我們的技術適用於這些需求。

Got it. That's great color. And then, maybe just one on the PTS-G win. It looks like the contract has a $4 billion ceiling value. And Gary, maybe you could help us understand what you've booked so far and how the task orders work here.

了解。這些補充很有幫助。接著，或許想再問一下 PTS-G 得標的部分。看起來合約的上限金額是 40 億美元。Gary，也許你可以協助我們了解目前你們已入帳（booked）的金額，以及這裡的任務單（task orders）是如何運作的。

Just trying to get a sense of how the program might ramp and over what time frame and if there are any major deltas between sort of revenue recognition and cash receipts to be aware of here. I would be grateful for any color there.

我只是想掌握這個計畫可能如何爬坡、在什麼時間範圍內進行，以及在這裡是否有任何需要留意的重大差異——例如收入認列與現金收款之間的差距。若能提供任何補充說明，我將不勝感激。

Okay. So we booked what we've been awarded thus far. There's two components to it. There's a base order and there are some options. What's in the backlog is the order that we received, does not include the options.

好的。所以我們把目前為止已獲授予的部分入帳了。它有兩個組成部分。有一個基本訂單（base order），以及一些選擇權（options）。目前在待執行訂單（backlog）裡的是我們已收到的訂單，不包含那些選擇權。

I'm sorry, I'm not sure I entirely followed the remainder of that question. Maybe you could repeat it for me. Was it about revenue recognition?

抱歉，我不太確定我完全理解你問題後半段的意思。你可以再重複一次嗎？你是想問收入認列嗎？

Well, just over what time frame that ceiling might be exercised and how to think about potential task orders being cut from here?

嗯，就是那個上限金額可能會在什麼時間範圍內被動用，以及接下來應該如何看待從這裡開始可能會下達的任務單？

More of an operational question. We're going to -- we will recognize revenue and we'll have earnings in that program based on how we're spending against the long-term program value. We'll book it as percent complete accounting, the way we do with the remainder of our contracts that are like this.

比較偏營運面的問題。我們會依據我們針對該長期計畫價值的支出進度，在該計畫中認列收入並產生獲利。我們會採用完工百分比法（percent complete accounting）入帳，就像我們對其他類似合約所採用的方式一樣。

Yes. Different companies treat these delivery order contracts differently. What we do is, we only put it in backlog or count it as an order when we have a firm delivery order against the delivery order contract. Some contractors will -- some people will we'll just announce the value of that, consider that backlog. What we do is, we have a separate -- we'll separately describe the total value of delivery order contracts that we can work against, but that's not the same as backlog for us.

是的。不同公司對這類交付訂單合約（delivery order contracts）的處理方式不同。我們的作法是：只有在交付訂單合約之下取得一張具約束力的交付訂單（firm delivery order）時，才會把它放進待執行訂單或視為訂單。有些承包商——有些人會直接公告那個價值，並把它視為待執行訂單。我們的作法是：我們會另外說明我們可在其下執行的交付訂單合約總價值，但那對我們而言不等同於待執行訂單。

In this particular case, I think the next increases in delivery orders against the contract would be either for more copies of the same satellite, which is -- that's one possibility. The other one would be for subsequent generations of the satellite, which we also expect that the government will go probably to some extent in both of those directions.

在這個特定案例中，我認為接下來針對該合約增加的交付訂單，可能會是購買更多同型衛星的複製品——這是一種可能。另一種則是後續世代的衛星；我們也預期政府很可能會在這兩個方向上都推進到某種程度。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

So firstly, I have a bit of a maybe shallow question, so apologies. If I look at the last quarter shareholder letter, I think Equatys was mentioned 10 times. And if you look at the shareholder letter today, I don't think it was mentioned once. So are we just reading too much into that? Is there some type of maybe relative change in just your stance or in the timing of Equatys as it pertains to a quarter ago?

首先，我有個可能有點淺的問題，先說聲抱歉。如果我看上一季的股東信，我記得 Equatys 被提到 10 次。但如果看今天的股東信，我想一次都沒有提到。所以我們是不是過度解讀了？相較於一季前，你們對 Equatys 的立場或時程是否有某種相對的改變？

Short answer is, no. I think what we're holding up for is to have the next announcement, which really would be about the Equatys' purchase of its initial satellite constellation. So once we can announce that, that's when we will do it. And we just decided just to wait for that.

簡短回答是：沒有。我想我們是在等下一個公告，也就是關於 Equatys 採購其初始衛星星座的消息。所以一旦我們能公告那件事，我們就會公告。我們只是決定等到那時候。

Okay. And then, just a follow-up. I know spectrum has been asked about several times, but maybe if we kind of refer to the -- I don't know if you looked at the Amazon-Globalstar proxy, but it seems there are at least four bidders out there for MSS spectrum. And I'm curious kind of -- I mean, in your discussions and kind of what's been going on behind the scenes, does that sound like what the market looks like to you, call it like four bidders out there that are really interested? Any way you can comment on that?

好的。接著再追問一下。我知道頻譜已經被問過好幾次了，但如果我們參考——我不知道你有沒有看過 Amazon-Globalstar 的委託書（proxy），但看起來至少有四個競標者在爭取 MSS 頻譜。

Well, I think that -- I mean, that was a transaction where we get more insight into it. Yes, there were four bidders. I think that the number of bidders is going to depend both on -- like on other spectrum -- if you think of a potential spectrum transaction, it's going to be both the unit value, or you think of it as price per megahertz-pop per market area. But that's one way that you'll see what the amount of interest is. The other one is going to be on the volume of that -- the size of that transaction, the amount of spectrum that's available.

嗯，我認為——我的意思是，那是一筆交易，我們能從中得到更多洞見。是的，確實有四個競標者。我認為競標者的數量會取決於——例如其他頻譜——如果你把它視為一筆潛在的頻譜交易，它會同時取決於單位價值，或你可以把它想成每 MHz-pop、每個市場區域的價格。這是一種你可以用來觀察市場興趣程度的方法。另一個因素則是交易的量——也就是交易規模、可供的頻譜數量。

So, that was one data point. I think more recently, there's probably going to be some disclosure around an Iridium data point. And we're paying -- yes, we're paying attention to all that.

所以，那是一個資料點。我認為最近可能也會有一些關於 Iridium 的資料點揭露。而我們也在關注——是的，我們正在關注所有這些。

And then, as -- just on the other side, again, we think that the transactional value should be -- should grow with the development value, right? So what we're trying to make sure we understand is, what is the development value of the spectrum and what's the transaction value, and then we can decide strategically what makes the most sense for us.

另外，從另一個角度來看，我們也認為交易價值應該——應該會隨著開發價值而成長，對吧？所以我們想確保自己理解的是：頻譜的開發價值是什麼、交易價值是什麼，然後我們才能在策略上決定對我們而言最合理的作法。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

Maybe just first one on maritime. It seems like it's maybe not keeping up with some of your expectations with some of the installs and such. Can you maybe expand on how you see that market developing here in the short to medium term and things you're doing to counteract that?

或許先問一個關於海事（maritime）的問題。看起來在一些安裝（installs）等方面，可能沒有跟上你們原先的一些預期。你能否進一步說明你如何看待該市場在短到中期的發展，以及你們正在做哪些事情來因應或抵消這種情況？

Yes. I mean, there are several values -- several variables at play in the maritime market. One is the rate at which we can do installations. Some of that where we have customers that have made commitments for portions of their fleet, getting those portions installed are kind of gates to getting additional orders.

是的。我的意思是，海事市場中有好幾個價值——好幾個變數在起作用。其中之一是我們能夠進行安裝的速度。其中一部分是，當我們有客戶就其船隊的部分船舶做出承諾時，把那些部分完成安裝，某種程度上就是取得更多追加訂單的關卡。

But also, the market is somewhat -- let's think of it as the distribution channel to market is a little bit fragmented as well. And so, I think we're doing really well where -- with our direct relationships. Some of the indirect relationships are going to require more work because of some of the incentives that have existed in the past for some of the resellers and aggregators of satellite capacity.

但同時，市場也有點——可以這麼想：通往市場的分銷通路也有些碎片化。因此，我認為我們在——與我們的直接關係方面做得非常好。一些間接關係則需要更多努力，因為過去對某些轉售商與衛星容量聚合商存在的一些激勵機制。

I think as demand is going up that more and more -- I think that those aggregators will turn to arrangements with the few satellite operators that really have the ability to serve the most congested and densest markets. So I think we've got a couple of things that we're working through. I think the biggest thing is so far -- and we're closing in on a couple of thousand vessels connected.

我認為，隨著需求上升，越來越多——我想那些聚合商會轉向與少數真正有能力服務最擁塞、最密集市場的衛星營運商進行安排。所以我認為我們有幾件事正在推進處理。我認為目前最大的事情是——我們正接近連接了數千艘船舶。

I think customer satisfaction is good. The ability to deliver as essentially the same as a LEO-only solution is pretty clear. So that's the thing that we're most focused on is the value proposition to the end users. I think that part is going well.

我認為客戶滿意度不錯。能夠提供本質上與純 LEO 解決方案相同的交付能力非常明確。因此我們最專注的是對終端用戶的價值主張。我認為這部分進展良好。

The rest -- I think we do have some logistics stuff. I don't mean to minimize that. I think we're making progress on that. And then, I think we're also working on the distribution. Those will be the factors that will drive longer-term penetration.

其餘部分——我認為我們確實有一些物流方面的事情。我不想淡化那點。我認為我們在那方面正在取得進展。然後，我認為我們也在推進分銷。這些將是推動長期滲透率的因素。

Really helpful, Mark. And maybe if you could just expand on your role in like the space systems business. Obviously, it's a very hot segment, and you guys have talked about growth this year. What do you see as some of the drivers there of your space systems business?

非常有幫助，Mark。也許你可以再延伸談談你在太空系統業務中的角色。顯然這是一個非常火熱的領域，而你們也談到今年的成長。你認為推動你們太空系統業務的一些驅動因素是什麼？

Yes. So in DAT, we have a part called mission systems. And what we're seeing are opportunities all across the board. I mean, there are -- think of it as short-term issues with existing government space assets that are expiring and they're looking for commercial versions. That's some combination of defense, civil, special mission stuff. We're seeing opportunities there.

是的。所以在 DAT，我們有一個部分叫做任務系統（mission systems）。而我們看到的是全方位的機會。我的意思是——可以把它看作短期問題：現有的政府太空資產即將到期，他們在尋找商用版本。這涵蓋國防、民用、特殊任務等的某種組合。我們在那裡看到機會。

We're also seeing the government wanting to consolidate the ways that they manage and control systems, refreshes on the ground system, refreshes on the terminals. The other really big thing that's become an issue is, think of it as what we made like tactical radios for fighter jets or ground vehicles.

我們也看到政府希望整合他們管理與控制系統的方式，包括地面系統的更新、終端設備的更新。另一個真正變得很重要的大議題是，可以把它想成我們曾為戰鬥機或地面車輛製作的戰術無線電。

And often, you'll find integration is a really big issue, getting a system distributed within the platform that it's serving. So, that's creating opportunities for us as well. And then, there are some new -- just really new areas around space-to-space links. We're doing well in that.

而且你常會發現，整合是一個非常大的問題，也就是把系統分散部署到其所服務的平台內部。因此，這也為我們創造了機會。另外，還有一些新的——非常新的領域，圍繞著星際（space-to-space）鏈路。我們在那方面表現不錯。

Optical, space-to-space, space-to-ground, those are opportunities. It's just a real -- I mean, that is -- space in general is really booming area for us. And I think that's what you're going to see when it comes to award opportunities for us in the next year.

光學、星際（space-to-space）、太空對地（space-to-ground），這些都是機會。這真的是——我的意思是——整體而言，太空對我們來說是一個非常蓬勃的領域。而我認為，當談到我們在未來一年可望獲得的授標機會時，你們會看到這一點。

And with no further questions in queue, I will now hand the call back over to Mark for closing remarks.

由於目前沒有更多排隊的問題，我現在把電話交回給 Mark 作結語。

Okay. So thanks, everybody, for joining our call. I know that it is a really dynamic environment out there. We're excited about that. I think kind of the numbers that are most attractive to us and most exciting for us are both kind of the new order rate, especially in the DAT segment, which includes technology on both the government and commercial side. We think technology is going to be the leading indicator for awards growth. And we've got a really good pipeline. I think that will develop over just the next few quarters. We'll be able to talk about that.

好的。所以感謝各位加入我們的電話會議。我知道外部環境非常動態。我們對此感到振奮。我認為對我們而言最具吸引力、也最令人興奮的數字，主要是新訂單率，特別是在 DAT 部門，該部門涵蓋政府與商業兩端的技術。我們認為技術將是授標成長的領先指標。而我們有非常好的案源（pipeline）。我認為在接下來幾個季度內就會逐步展開。我們也將能夠就此進一步說明。

And the other point that I want to reinforce is that the technology is really the leading edge of what drives our services and recurring revenue business. So I think that, that's going to help us overcome some of the increased competition in some of our older parts of our business. But basically, all the things where we're seeing growth are well within kind of the target area that we've been working for probably decades.

另外我想再次強調的一點是，技術確實是驅動我們服務與經常性收入業務的最前沿。因此我認為，這將幫助我們克服在某些較成熟業務領域中加劇的競爭。但基本上，我們看到成長的所有事項，都非常符合我們可能已經耕耘了數十年的目標領域。

So thanks for joining us and look forward to speaking again next quarter.

所以感謝各位加入，並期待下個季度再與各位交流。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝各位今天加入我們。今天的電話會議到此結束。您現在可以掛線。