Blacksky Technology Inc (BKSY) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen. And welcome to BlackSky Technology's fourth-quarter 2022 earnings conference call. (Operator Instructions) Please note this conference call is being recorded.

早上好，女士們，先生們。歡迎來到 BlackSky Technology 的 2022 年第四季度收益電話會議。 （操作員說明）請注意正在錄製此電話會議。

I would now like to turn the call over to Aly Bonilla, BlackSky's Vice President of Investor Relations. Please go ahead, Aly.

我現在想把電話轉給 BlackSky 的投資者關係副總裁 Aly Bonilla。請繼續，阿里。

Good morning, and thank you for joining us. Today, I'm joined by our Chief Executive Officer, Brian O'Toole; and our Chief Financial Officer, Henry Dubois.

早上好，感謝您加入我們。今天，我們的首席執行官 Brian O'Toole 加入了我的行列；以及我們的首席財務官 Henry Dubois。

On today's call, Brian will provide some highlights on the quarter and accomplishments over the last year and give a strategic update on the business. Henry will then review the company's fourth-quarter and full-year financial results and provide an outlook for 2023. Following our prepared remarks, we will open the line for your questions.

在今天的電話會議上，Brian 將介紹本季度的一些亮點和去年的成就，並提供有關業務的戰略更新。亨利隨後將回顧公司第四季度和全年的財務業績，並提供 2023 年的展望。在我們準備好的評論之後，我們將開通您的問題熱線。

A replay of this conference call will be available from approximately 12:30 PM Eastern Time today through March 21. Information to access the replay can be found in today's press release. Additionally, a webcast of this earnings call will be available in the Investor Relations section of our website at www.blacksky.com. In conjunction with today's call, we have posted a quarterly earnings presentation on the Investor Relations website that you may use to follow along with our prepared remarks.

從東部時間今天中午 12 點 30 分到 3 月 21 日，將提供本次電話會議的重播。訪問重播的信息可在今天的新聞稿中找到。此外，我們網站 www.blacksky.com 的“投資者關係”部分將提供本次財報電話會議的網絡直播。結合今天的電話會議，我們在投資者關係網站上發布了季度收益演示文稿，您可以使用該演示文稿以及我們準備好的評論。

Before we begin, let me remind you that today's conference call includes forward-looking statements, including financial guidance for 2023, and that actual results may differ from the expectations reflected in these statements due to factors such as long sales cycles, customer demand, and our ability to estimate expense, operational and liquidity needs. We encourage you to review our press release and most recent SEC filings for a full discussion of the risks and uncertainties that pertain to these statements and that may affect future results or the market price of our stock. BlackSky assumes no obligation to update forward-looking statements, except as may be required under applicable security laws.

在我們開始之前，讓我提醒您，今天的電話會議包括前瞻性陳述，包括 2023 年的財務指導，實際結果可能因銷售週期長、客戶需求和我們估算費用、運營和流動性需求的能力。我們鼓勵您查看我們的新聞稿和最近提交給美國證券交易委員會的文件，以全面討論與這些聲明有關並可能影響未來結果或我們股票市場價格的風險和不確定性。 BlackSky 不承擔更新前瞻性陳述的義務，除非適用的安全法可能要求這樣做。

In addition, during today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA, adjusted imagery and software analytical services cost of sales, and adjusted selling, general and administrative expenses. A reconciliation of these non-GAAP financial measures to their most comparable GAAP measures are included in today's earnings press release and accompanying presentation, which can be viewed and downloaded from our Investor Relations website.

此外，在今天的電話會議中，我們將參考某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的圖像和軟件分析服務銷售成本，以及調整後的銷售、一般和管理費用。這些非 GAAP 財務指標與其最具可比性的 GAAP 指標的對賬包含在今天的收益新聞稿和隨附的演示文稿中，可從我們的投資者關係網站查看和下載。

At this point, I'll turn the call over to Brian O'Toole. Brian?

在這一點上，我會把電話轉給 Brian O'Toole。布萊恩？

Thanks, Aly, and good morning, everyone. Thank you for joining us on today's call. Let's begin with slide 4.

謝謝，Aly，大家早上好。感謝您參加今天的電話會議。讓我們從幻燈片 4 開始。

2022 was a foundational year that established BlackSky as a premier provider of real-time global intelligence. I'm pleased with the progress we've made across all aspects of our business, and I'm particularly proud that we are now a preferred and trusted long-term partner of some of the most important customers in the world.

2022 年是 BlackSky 成為全球實時情報首要供應商的奠基之年。我對我們在業務的各個方面取得的進步感到高興，我特別自豪的是，我們現在是世界上一些最重要客戶的首选和值得信賴的長期合作夥伴。

BlackSky's platform is the first-of-its-kind capability in the market and is providing these customers with new and critical real-time intelligence that they never had before. Our world needs real-time intelligence now more than ever. And we continue to see strong demand for our high-frequency imagery, monitoring, and advanced analytics.

BlackSky 的平台是市場上首創的功能，為這些客戶提供他們以前從未有過的新的和關鍵的實時情報。我們的世界現在比以往任何時候都更需要實時情報。我們繼續看到對我們的高頻圖像、監控和高級分析的強勁需求。

Now let me highlight some of the accomplishments we've achieved in 2022, as well as some recent developments that we've announced today that will contribute to the strong momentum we have going into 2023.

現在讓我強調一下我們在 2022 年取得的一些成就，以及我們今天宣布的一些近期發展，這些發展將有助於我們進入 2023 年的強勁勢頭。

First, BlackSky has changed how space is used to deliver actionable intelligence. Last year, we achieved a baseline satellite constellation that now provides reliable hourly monitoring of the most important strategic location, economic assets and events in the world.

首先，BlackSky 改變了空間用於提供可操作情報的方式。去年，我們實現了一個基線衛星星座，現在可以對世界上最重要的戰略位置、經濟資產和事件進行可靠的每小時監測。

Through our Spectra AI software, we have transformed the customer experience by providing on-demand access to new users and through the delivery of real-time geospatial information at unprecedented speeds, frequencies, and economics. We are enabling users to gain new insights and see changes as they are happening on the ground and access that information through mobile devices or directly in the software applications they use every day, such as Palantir or ESRI.

通過我們的 Spectra AI 軟件，我們通過向新用戶提供按需訪問以及以前所未有的速度、頻率和經濟性交付實時地理空間信息，改變了客戶體驗。我們使用戶能夠獲得新的見解並看到實地發生的變化，並通過移動設備或直接在他們每天使用的軟件應用程序（例如 Palantir 或 ESRI）中訪問這些信息。

Second, BlackSky's high-frequency imagery and analytic services were validated and are now relied upon by major US and international government agencies for their mission-critical operations. Due to the quality, speed, and reliability of our services, these customers have made long-term commitments through multi-year contracts to secure capacity from our current and future constellations and are growing their use of our AI-enabled analytics.

其次，BlackSky 的高頻圖像和分析服務已經過驗證，現在美國和國際主要政府機構都依賴它們來執行關鍵任務操作。由於我們服務的質量、速度和可靠性，這些客戶通過多年合同做出了長期承諾，以確保我們當前和未來星座的容量，並越來越多地使用我們支持 AI 的分析。

Third, as a result, we booked multi-year contracts valued up to $1.3 billion from these key customers, resulting in over $250 million in recurring revenue backlog. This includes a new $150 million-plus contract that we announced today with a major international Ministry of Defense. This multi-year subscription contract is a long-term commitment for our next generation of real-time monitoring and analytics services for space-based tactical operations.

第三，因此，我們從這些主要客戶那裡預訂了價值高達 13 億美元的多年期合同，導致經常性收入積壓超過 2.5 億美元。這包括我們今天宣布與一家主要國際國防部簽訂的超過 1.5 億美元的新合同。這份多年訂閱合同是我們對天基戰術行動的下一代實時監控和分析服務的長期承諾。

This contract win was competitively bid and provides further validation of our vision, the differentiation that we have established in the market, the confidence these customers have in our long-term product strategy, and the alignment of our capabilities to meet their long-term needs. I'll share more details on this important contract win in a few minutes.

此次中標的合同具有競爭力，進一步證實了我們的願景、我們在市場上建立的差異化、這些客戶對我們長期產品戰略的信心，以及我們滿足他們長期需求的能力的一致性.我將在幾分鐘內分享有關贏得這份重要合同的更多詳細信息。

Fourth, these contract wins enabled us to hit new revenue records, both quarterly and annually, with full-year revenue reaching over $65 million, a 92% increase over 2021. These contracts also provide strong revenue visibility for 2023 and beyond, with over 65% of our forecasted 2023 revenues coming from contracted backlog.

第四，這些合同的贏得使我們的季度和年度收入都創下新紀錄，全年收入超過 6500 萬美元，比 2021 年增長 92%。這些合同還為 2023 年及以後提供了強大的收入可見性，超過 65我們預測的 2023 年收入的百分比來自合同積壓。

Fifth, these revenues were predominantly from our high-margin imagery, software, and analytic services, which enabled us to demonstrate the operating leverage of our business model. In 2022, we achieved a 92% incremental contribution margin from these services, which, we believe, puts us on a path to achieving SaaS-type margins through a recurring revenue model and a high-margin EBITDA business.

第五，這些收入主要來自我們的高利潤圖像、軟件和分析服務，這使我們能夠展示我們商業模式的運營槓桿。到 2022 年，我們從這些服務中實現了 92% 的增量貢獻利潤率，我們相信，這使我們走上了通過經常性收入模式和高利潤率 EBITDA 業務實現 SaaS 型利潤率的道路。

Sixth, we expanded our sales force and are positioned to capitalize on growing global demand for real-time intelligence solutions, particularly in the government, defense, and intelligence sector. This strategy is paying off as governments around the world are increasing their spend for space-based intelligence and are now turning to BlackSky to meet their long-term mission needs. Further, as this market is traditionally non-cyclical, it has not been subject to the risks of other markets during times of economic uncertainty, providing us good visibility into future opportunities and a strong and growing sales pipeline.

第六，我們擴大了銷售隊伍，並準備好利用全球對實時情報解決方案不斷增長的需求，特別是在政府、國防和情報部門。這一戰略正在取得成效，因為世界各國政府都在增加天基情報方面的支出，現在正轉向 BlackSky 來滿足其長期任務需求。此外，由於這個市場傳統上是非週期性的，在經濟不確定時期它沒有受到其他市場風險的影響，為我們提供了對未來機會的良好洞察力以及強大且不斷增長的銷售渠道。

Finally, today, we announced that we secured additional capital through a private placement that will strengthen our balance sheet.

最後，今天，我們宣布通過私募獲得額外資金，這將加強我們的資產負債表。

All of these achievements have set the stage for our next phase of growth and, most importantly, have put us on a path to achieve profitable growth in 2023.

所有這些成就為我們下一階段的增長奠定了基礎，最重要的是，使我們走上了在 2023 年實現盈利增長的道路。

Moving on to slide 5. As I mentioned earlier, I'm pleased that demand for BlackSky's products and services drove record revenue for the company. Revenues in 2022 grew to $65.4 million, in line with the upper end of guidance we previously communicated, representing an increase of 92% over 2021 revenues.

轉到幻燈片 5。正如我之前提到的，我很高興對 BlackSky 產品和服務的需求推動了公司創紀錄的收入。 2022 年的收入增長到 6540 萬美元，與我們之前傳達的指導上限一致，比 2021 年的收入增長了 92%。

We experienced strong customer demand from new and existing US and international governments and believe this favorable trend will continue. We saw significant revenue growth in our imagery and software analytical services, which is our core business serving customers and is the highest margin element of our business. Henry will provide more details on the quarter and full-year financial results later.

我們經歷了來自新的和現有的美國和國際政府的強烈客戶需求，並且相信這種有利趨勢將繼續下去。我們的圖像和軟件分析服務收入顯著增長，這是我們為客戶提供服務的核心業務，也是我們業務中利潤率最高的部分。亨利稍後將提供有關本季度和全年財務業績的更多詳細信息。

Turning to slide 6, now, I would like to provide more detail on today's announcement of our new $150 million-plus multi-year contract award with a major international defense customer. I'm pleased to announce that BlackSky was selected from a competitive bidding process to provide next-generation space-based tactical GEOINT services under a multi-year services agreement. The services we'll be providing under the contract are for next-generation, high-frequency monitoring and real-time delivery of AI-enabled intelligence.

轉到幻燈片 6，現在，我想提供更多關於今天宣布我們與一家主要國際國防客戶簽訂的超過 1.5 億美元的新多年期合同的詳細信息。我很高興地宣布，BlackSky 從競爭性招標過程中被選中，根據多年服務協議提供下一代天基戰術 GEOINT 服務。我們將根據合同提供的服務用於下一代、高頻監控和實時交付人工智能智能。

This multi-year subscription contract is valued at over $150 million and includes significant options, whereby the scope of services may be extended or expanded over time. This project kicks off with an initial two-year development phase ahead of the start of the subscription service. We expect to recognize a few million dollars of revenue this year as we ramp up the initial phase of the contract in the second quarter.

這份多年期訂閱合同價值超過 1.5 億美元，包括重要的選擇權，服務範圍可能會隨著時間的推移而延長或擴大。該項目在訂閱服務開始之前的最初兩年開發階段開始。隨著我們在第二季度加快合同的初始階段，我們預計今年將確認數百萬美元的收入。

This contract further validates how customers are embracing our vision and securing advanced access to our differentiated offering in the market for advanced, dynamic monitoring and analytic services. We will be able to sell this type of service to any customer, whether government or commercial. We're proud to be partnered with this major international government customer and provide them with a tactical advantage to support their country's most critical intelligence needs.

該合同進一步驗證了客戶如何擁抱我們的願景，並確保能夠提前訪問我們在市場上提供的差異化產品，以提供先進的動態監控和分析服務。我們將能夠向任何客戶出售此類服務，無論是政府客戶還是商業客戶。我們很自豪能與這個主要的國際政府客戶合作，並為他們提供戰術優勢，以支持他們國家最關鍵的情報需求。

Moving on to our platform, as shown on slide 7. BlackSky's products and services give customers unique information and insights about our changing world. We successfully scaled our operations and are now delivering thousands of high-resolution images reliable, each day, with AI-driven analytics to customers around the world.

轉到我們的平台，如幻燈片 7 所示。BlackSky 的產品和服務為客戶提供關於我們不斷變化的世界的獨特信息和見解。我們成功地擴展了我們的業務，現在每天通過 AI 驅動的分析向世界各地的客戶提供可靠的數千張高分辨率圖像。

Our software-first strategy is now paying dividends as on-demand access to our tasking, monitoring, and AI-enabled analytics is accelerating adoption and go-to-market initiatives. For example, our software-based approach that combines high-frequency imaging and real-time analytics provides us with a competitive advantage and was the key factor in our capture of the Economic Indicator Monitoring contract with NGA. This win, alone, drove over $14 million in bookings in 2022. We're excited this customer increased the value of the contract ceiling from $30 million to $60 million in less than 12 months.

我們的軟件優先戰略現在正在帶來回報，因為按需訪問我們的任務分配、監控和支持 AI 的分析正在加速採用和進入市場計劃。例如，我們基於軟件的方法結合了高頻成像和實時分析，為我們提供了競爭優勢，也是我們與 NGA 簽訂經濟指標監測合同的關鍵因素。僅這一勝利就在 2022 年推動了超過 1400 萬美元的預訂。我們很高興這位客戶在不到 12 個月的時間內將合同上限的價值從 3000 萬美元增加到 6000 萬美元。

Through our platform APIs, we are able to rapidly integrate with the machine-to-machine interfaces of third-party platforms such as Palantir and ESRI. This provides users with immediate access to BlackSky's on-demand services. Think of this as having an easy button, right in these applications, that enable a user to directly task BlackSky satellites and receive imagery and analytics back in their software with a 90 minutes or less from collection. Our real-time software platform, Spectra AI, is how we are changing the customer experience.

通過我們的平台 API，我們能夠快速與 Palantir 和 ESRI 等第三方平台的機器對機器接口集成。這使用戶可以立即訪問 BlackSky 的點播服務。將其想像成在這些應用程序中有一個簡單的按鈕，使用戶能夠直接向 BlackSky 衛星發送任務，並在收集後 90 分鐘或更短的時間內在他們的軟件中接收圖像和分析。我們的實時軟件平台 Spectra AI 是我們改變客戶體驗的方式。

Turning to slide 8, we also made significant advancements in our imaging constellation. In 2022, we achieved a baseline constellation that enables us to provide reliable and dynamic hourly monitoring of the most important and strategic locations, economic assets and events in the world.

轉到幻燈片 8，我們在成像星座方面也取得了重大進展。 2022 年，我們實現了一個基線星座，使我們能夠對世界上最重要和戰略性的地點、經濟資產和事件提供可靠和動態的每小時監測。

Put this in perspective, for most of you on this call, we now have a satellite passing over your location every hour. And through our Spectra AI software, from any mobile device or browser, you can task the constellation and the imagery and analytics on demand.

換個角度來看，對於參加這次電話會議的大多數人來說，我們現在每小時都有一顆衛星經過您所在的位置。通過我們的 Spectra AI 軟件，您可以從任何移動設備或瀏覽器按需分配星座、圖像和分析任務。

Our constellation enables us to collect high-resolution imagery on most locations up to 15 times a day from dawn to dusk. We augmented this unique monitoring capability last summer with the ability to image at night, delivering new insights to our customers.

我們的星座使我們能夠從黎明到黃昏每天最多收集 15 次大多數地點的高分辨率圖像。去年夏天，我們通過夜間成像的能力增強了這種獨特的監控能力，為我們的客戶提供了新的見解。

We also continued to integrate SAR monitoring and analytics from third parties in our platform to further enhance the services we are offering to customers. Being able to deliver 24/7 all-weather monitoring is a key strategic advantage and an important driver for the increased demand we're seeing globally.

我們還繼續在我們的平台中集成來自第三方的 SAR 監測和分析，以進一步增強我們為客戶提供的服務。能夠提供 24/7 全天候監控是一個關鍵的戰略優勢，也是我們在全球看到的需求增長的重要驅動力。

Within the next month, we plan to launch two Gen-2 satellites to primarily replace the two initial satellites that were deployed in 2018 and are approaching their end of life. The satellites that are being replaced have been in operation for more than four years, well beyond their expected mission life. As the majority of our current constellation was launched within the past 18 months, we believe we have sufficient capacity on orbit today to meet existing customer requirements and support our growth for the next couple of years.

在接下來的一個月內，我們計劃發射兩顆 Gen-2 衛星，主要取代 2018 年部署的兩顆初始衛星，這些衛星的壽命即將結束。被替換的衛星已經運行了四年多，遠遠超出了它們的預期任務壽命。由於我們目前的大部分星座都是在過去 18 個月內發射的，我們相信我們今天在軌道上有足夠的容量來滿足現有客戶的需求並支持我們未來幾年的增長。

Our vertically integrated approach to space has enabled us to develop a satellite production line, where we are able to incorporate new technologies in our satellites over time, to provide continuous improvement of our on-orbit capabilities. We continue to remain on track with the production of our new Gen-3 satellites, which will include several new capabilities, including improved resolution performance and shortwave infrared imaging. We're excited about the new capabilities that our Gen-3 satellites will bring to our customers. We expect to begin launching these satellites in 2024, and we'll provide more updates as they become available.

我們對太空的垂直整合方法使我們能夠開發一條衛星生產線，隨著時間的推移，我們能夠在我們的衛星中採用新技術，以持續改進我們的在軌能力。我們繼續按計劃生產新的 Gen-3 衛星，其中將包括多項新功能，包括改進的分辨率性能和短波紅外成像。我們對我們的第三代衛星將為我們的客戶帶來的新功能感到興奮。我們預計將在 2024 年開始發射這些衛星，我們將在可用時提供更多更新。

Turning to slide 9, from a customer win perspective, 2022 was a big year for BlackSky as we're relied upon more and more by some of the most important and demanding customers around the world to support their mission-critical operations. We've expanded our footprint with both US and international defense and intelligence agencies, winning many multi-year agreements, as well as expanding existing ones with some of our key wins shown here. These long-term contracts, totaling up to $1.3 billion, provide us with great revenue visibility into 2023 and beyond and has built a strong backlog that we will recognize in future years.

轉到幻燈片 9，從贏得客戶的角度來看，2022 年對 BlackSky 來說是重要的一年，因為全球一些最重要、要求最高的客戶越來越依賴我們來支持他們的關鍵任務運營。我們擴大了與美國和國際國防和情報機構的足跡，贏得了許多多年期協議，並通過此處顯示的一些關鍵勝利擴大了現有協議。這些總計高達 13 億美元的長期合同為我們提供了 2023 年及以後的巨大收入可見性，並建立了我們將在未來幾年認識到的強大積壓訂單。

Moving on to slide 10. Our focus on the government sector, and particularly our investments in the growth of our international sales force, has us well positioned to capitalize on a growing defense and intelligence segment, which is traditionally non-cyclical and typically does not have the same level of exposure as certain commercial markets during times of economic downturn.

轉到幻燈片 10。我們對政府部門的關注，特別是我們對國際銷售隊伍增長的投資，使我們能夠很好地利用不斷增長的國防和情報部門，這在傳統上是非週期性的，通常不會在經濟低迷時期與某些商業市場具有相同的風險敞口。

Further, as a result of recent geopolitical events and the global environment, many governments around the world are significantly increasing their defense spend as a function of their GDP with increased focus on space capabilities. This should provide BlackSky with an expanding total addressable market and strong growth opportunities over the coming years.

此外，由於最近的地緣政治事件和全球環境，世界上許多政府都在顯著增加國防開支作為其 GDP 的函數，並更加關注太空能力。這應該會為 BlackSky 在未來幾年提供不斷擴大的總潛在市場和強勁的增長機會。

We have a long history supporting various US government agencies, like the NRO, NGA, NASA, and others, with advanced imagery and analytics to deliver mission critical intelligence and assist with their decision-making capabilities. Just a few months ago, Congress raised the 2023 spending budget for the US Space Force to over $26 billion, an increase of 35% over 2022 funding levels, with a large part of this increase geared to help accelerate use of commercial space technology.

我們長期以來一直支持各種美國政府機構，如 NRO、NGA、NASA 等，使用先進的圖像和分析來提供關鍵任務情報並協助他們的決策能力。就在幾個月前，國會將美國太空部隊 2023 年的支出預算提高到 260 億美元以上，比 2022 年的資金水平增加了 35%，其中很大一部分增加用於幫助加速商業太空技術的使用。

We believe the intelligence, surveillance, and reconnaissance, or ISR, market is undergoing a paradigm shift, whereby billions of dollars that were once spent on airborne systems are now moving to space-based technology that leverages small satellite constellations to support new and emerging missions. As this shift in the market is in its early stages, we believe BlackSky is well positioned to capitalize on a growing number of new programs that we expect will require our unique capabilities as these new programs are established over the next few years.

我們認為，情報、監視和偵察（ISR）市場正在發生範式轉變，曾經花費在機載系統上的數十億美元現在正轉向利用小型衛星星座支持新興任務的天基技術.由於市場的這種轉變尚處於早期階段，我們相信 BlackSky 已做好充分準備，可以利用越來越多的新項目，我們預計隨著這些新項目在未來幾年的建立，這些項目將需要我們的獨特能力。

Moving on to slide 11. Never before has the need for real-time geospatial intelligence been so critical to identifying and tracking key events taking place around the world. Whether we're assisting allied partners with high-frequency imagery related to ongoing military conflicts, keeping a watchful eye in the sky on geopolitical events in remote locations, or monitoring supply chain activity at ports worldwide, BlackSky is there.

轉到幻燈片 11。對實時地理空間情報的需求對於識別和跟踪世界各地發生的關鍵事件從未如此重要。無論我們是協助盟國合作夥伴獲取與持續軍事衝突相關的高頻圖像，還是在空中密切關注偏遠地區的地緣政治事件，或者監控全球港口的供應鏈活動，BlackSky 都在那裡。

With our unique dynamic monitoring and AI-driven analytics, we're providing mission-critical insights, helping governments and enterprises globally make better decisions. We believe BlackSky is well positioned to capitalize on a growing market for real-time geospatial intelligence is needed now more than ever.

憑藉我們獨特的動態監控和人工智能驅動的分析，我們正在提供關鍵任務洞察力，幫助全球政府和企業做出更好的決策。我們相信 BlackSky 處於有利地位，可以利用不斷增長的市場，因為現在比以往任何時候都更需要實時地理空間情報。

In summary, we're excited about where we are, the demand we are seeing in the market, and the strong momentum we have in our business.

總之，我們對我們所處的位置、我們在市場上看到的需求以及我們業務的強勁勢頭感到興奮。

I'll now turn it over to Henry to go through the quarterly and full-year financial results in more detail. Henry?

我現在把它交給亨利，讓他更詳細地了解季度和全年的財務業績。亨利？

Thank you, Brian, and good morning, everyone. I'm pleased that our fourth-quarter financial results were strong, ending the year on a high note as momentum for our imagery and analytics continued. Now, let's discuss our fourth-quarter results, beginning with slide 13.

謝謝你，布賴恩，大家早上好。我很高興我們的第四季度財務業績強勁，隨著我們圖像和分析的持續發展勢頭，以高調結束了這一年。現在，讓我們從幻燈片 13 開始討論我們的第四季度業績。

We continued to see strong demand in Q4 for our imagery and analytics, which drove revenue to $19.4 million, another quarterly record for the company. The 69% year-over-year improvement in Q4 was primarily driven by increased demand from new and existing US and international government customers.

我們在第四季度繼續看到對我們的圖像和分析的強勁需求，這將收入推高至 1940 萬美元，再創公司季度記錄。第四季度同比增長 69% 的主要原因是美國和國際政府新客戶和現有客戶的需求增加。

Imagery and analytics revenue grew to $16.2 million, a 196% increase over the prior year period, primarily driven by greater volumes of imagery delivered to new and existing customers.

圖像和分析收入增長至 1620 萬美元，比上年同期增長 196%，這主要是由於向新老客戶交付的圖像量增加所致。

Professional and engineering services revenue contributed $3.3 million in the fourth quarter of 2022, consistent with the third quarter of '22. Keep in mind, revenue from these types of projects can vary from quarter to quarter, depending on the project's estimated cost and percentage of completion. So you'll likely see some variability over time.

專業和工程服務收入在 2022 年第四季度貢獻了 330 萬美元，與 2022 年第三季度一致。請記住，這些類型的項目的收入每個季度可能會有所不同，具體取決於項目的估計成本和完成百分比。因此，隨著時間的推移，您可能會看到一些變化。

As an example, a few of our existing projects are in fact coming to an end. But the development work for the new international Ministry of Defense customer will be realized in the professional and engineering services line in advance of when their subscription contract begins.

例如，我們現有的一些項目實際上即將結束。但新的國際國防部客戶的開發工作將在他們的訂閱合同開始之前在專業和工程服務線中實現。

I'd like to point out, as we stated in our press release, we reclassified professional service revenues and costs out of the imagery and analytics category and combined it with our engineering services as the project types, durations, and cost structures are more aligned with engineering services. This is only a change in the geography on the income statement and changes neither the top-line nor bottom-line numbers. We have included a recasting of prior quarters in the appendix of our presentation for ease of comparison.

我想指出，正如我們在新聞稿中所述，我們將專業服務收入和成本從圖像和分析類別中重新分類，並將其與我們的工程服務相結合，因為項目類型、持續時間和成本結構更加一致與工程服務。這只是損益表上地理區域的變化，既沒有改變頂線也沒有改變底線數字。為了便於比較，我們在演示文稿的附錄中包含了對前幾個季度的重鑄。

Now turning to slide 14, you can see that our adjusted EBITDA performance continued to improve sequentially each quarter throughout last year. For the fourth quarter of 2022, we reported an adjusted EBITDA loss of $4.6 million, an improvement over the $14.4 million loss in the prior period and sequentially better than the $6.6 million loss reported in Q3 last year. The improvements are primarily driven by greater volumes of our high-margin imagery and analytics revenue and strong operating leverage enabled primarily by fixed operating costs and prudent expense management.

現在轉到幻燈片 14，您可以看到我們調整後的 EBITDA 業績在去年每個季度都在持續改善。對於 2022 年第四季度，我們報告調整後的 EBITDA 虧損為 460 萬美元，比上一季度的 1440 萬美元虧損有所改善，並且連續好於去年第三季度報告的 660 萬美元虧損。這些改進主要是由我們的高利潤圖像和分析收入的增加以及主要由固定運營成本和審慎的費用管理實現的強大運營槓桿推動的。

In fact, our SG&A costs, excluding stock-based compensation expense, were only up 2% year over year on revenue growth of 69%. This demonstrates our strong inherent operating leverage in our business model and our focus on effective cost management.

事實上，我們的 SG&A 成本（不包括基於股票的補償費用）在收入增長 69% 的情況下僅同比增長 2%。這證明了我們在業務模式中強大的內在運營槓桿以及我們對有效成本管理的關注。

Now, let me provide some details on our full-year financial results, starting with slide 16. Following the strong revenue performance in Q4, we ended 2022 with revenue of $65.4 million, up 92% over the prior year. This result is in line with the upper end of guidance we previously communicated and completes another record year of revenues for the company. Our significant revenue growth can be attributable to the growing number of new customer wins in 2022 and the expanding share of wallet we're experiencing with our existing customers.

現在，讓我從幻燈片 16 開始提供我們全年財務業績的一些細節。繼第四季度強勁的收入表現之後，我們在 2022 年結束時的收入為 6540 萬美元，比上一年增長 92%。這一結果符合我們之前傳達的指導意見的上限，並為公司創造了又一個創紀錄的收入年度。我們收入的顯著增長可歸因於 2022 年贏得的新客戶數量不斷增加，以及我們與現有客戶的錢包份額不斷擴大。

For 2022, imagery and analytics revenue, which represents our core service offering, grew 209% over 2021, and we anticipate demand will continue to be strong in 2023.

到 2022 年，代表我們核心服務產品的圖像和分析收入比 2021 年增長 209%，我們預計 2023 年需求將繼續強勁。

Moving on to costs. Our total cost of sales as a percent of revenue continued to improve. But more importantly, we saw a strong improvement in our imagery and analytics cost of sales on a non-GAAP basis.

繼續成本。我們的總銷售成本佔收入的百分比繼續改善。但更重要的是，我們看到在非 GAAP 基礎上我們的圖像和分析銷售成本有了顯著改善。

As shown in slide 17, full-year 2022 imagery and analytics cost of sales was $13.9 million compared to $11.2 million in the prior year, excluding stock-based compensation and depreciation and amortization expenses in both years. This is a small increase of $2.7 million year over year, primarily due to the fixed cost structure of our business with limited marginal cost for incremental revenue deliveries.

如幻燈片 17 所示，2022 年全年圖像和分析銷售成本為 1390 萬美元，而上一年為 1120 萬美元，這兩個年度均不包括基於股票的薪酬以及折舊和攤銷費用。這比去年同期小幅增加了 270 萬美元，這主要是由於我們業務的固定成本結構，增量收入交付的邊際成本有限。

On the other hand, revenues increased significantly year over year by $32 million. This small increase in cost of sales on a large increase in revenue translates into high incremental contribution margins of 92% for the year. This high incremental contribution margin validates the high-margin nature of our imagery and analytics business and is a prime driver for how BlackSky will scale its business and achieve long-term profitability.

另一方面，收入同比大幅增長 3200 萬美元。收入大幅增加導致的銷售成本小幅增加轉化為當年 92% 的高增量貢獻利潤率。這種高增量貢獻利潤率證實了我們圖像和分析業務的高利潤率性質，並且是 BlackSky 如何擴展其業務和實現長期盈利能力的主要驅動力。

Our full-year 2022 adjusted EBITDA loss was $29.5 million compared to a loss of $44.4 million in the prior year. This $14.9 million year-over-year improvement was primarily driven by three factors: first, demand for our products and services was very strong as revenues in 2022 jumped up 92% over the prior year; second, a large part of our revenue growth came from high-margin imagery and analytics, which, as I mentioned, represented a 92% incremental contribution margin in 2022, helping to drive improvements to our bottom line; and third, we drove strong leverage through prudent cost management, with operating investments primarily made to expand our sales team, software, and AI technology. We're very happy with the progress we've made in adjusted EBITDA and look forward to further improvements in 2023.

我們 2022 年全年調整後的 EBITDA 虧損為 2950 萬美元，而上一年為虧損 4440 萬美元。這一 1,490 萬美元的同比增長主要是由三個因素推動的：首先，對我們產品和服務的需求非常強勁，因為 2022 年的收入比上一年增長了 92%；其次，我們收入增長的很大一部分來自高利潤率的圖像和分析，正如我提到的，這代表 2022 年 92% 的增量貢獻利潤率，有助於推動改善我們的底線；第三，我們通過審慎的成本管理推動強大的槓桿作用，運營投資主要用於擴大我們的銷售團隊、軟件和人工智能技術。我們對調整後的 EBITDA 取得的進展感到非常滿意，並期待在 2023 年進一步改善。

I want to briefly mention that our fourth-quarter capital expenditures were $9.7 million, bringing the total CapEx spend for 2022 to $44.1 million. This amount is less than what we previously guided to due to costs we expected in Q4 for the launch of two Gen-2 satellites that were shifted into 2023. In addition, we incurred less spend on certain aspects of our Gen-3 satellite production and in other corporate areas as well.

我想簡單提一下，我們第四季度的資本支出為 970 萬美元，使 2022 年的資本支出總額達到 4410 萬美元。由於我們預計在第四季度發射兩顆 Gen-2 衛星的成本已轉移到 2023 年，因此這一數額低於我們之前的指導。此外，我們在 Gen-3 衛星生產的某些方面和在其他公司領域也是如此。

Looking at our balance sheet, we ended 2022 with $75 million of cash, restricted cash, and short-term investments.

查看我們的資產負債表，到 2022 年底，我們擁有 7500 萬美元的現金、受限現金和短期投資。

Turning to slide 18, we announced this morning a private placement financing, raising approximately $29.5 million from a syndicate of new and existing institutional investors. See our press release for specific details.

轉到幻燈片 18，我們今天上午宣布了一項私募融資，從一個由新老機構投資者組成的財團籌集了大約 2950 萬美元。有關具體細節，請參閱我們的新聞稿。

The purchase price of each common share is $1.79, and each investor will receive an equivalent number of warrants with a strike price of [$0.2020], which represents a 14% premium over our last closing price. These funds will be geared towards general corporate purposes and investments in our space and software platforms. These additional cash proceeds strengthen our balance sheet and liquidity position to meet our needs for the foreseeable future.

每股普通股的購買價格為 1.79 美元，每位投資者將獲得同等數量的認股權證，行使價為 [0.2020 美元]，較我們上次收盤價溢價 14%。這些資金將用於一般企業用途以及對我們的空間和軟件平台的投資。這些額外的現金收益加強了我們的資產負債表和流動性狀況，以滿足我們在可預見的未來的需求。

In addition, we filed an at-the-market, or ATM, facility in December that will allow us to take advantage of opportunities in the capital markets if and when we decide to do so.

此外，我們在 12 月提交了一個在市場上或 ATM 設施，這將使我們能夠在我們決定這樣做時利用資本市場的機會。

Now let's move on to our 2023 outlook as shown on slide 19. In addition to having 65% of our forecasted revenue currently in backlog, we anticipate strong global customer demand for our products and services to continue, fueling greater revenues and delivering additional operating leverage. As a result, we expect our full-year revenue to be between $90 million to $96 million, which represents a 42% year-over-year growth at the midpoint of this range.

現在讓我們繼續我們的 2023 年展望，如幻燈片 19 所示。除了目前我們預測收入的 65% 處於積壓狀態之外，我們預計全球客戶對我們的產品和服務的強勁需求將繼續存在，從而推動增加收入並提供額外的運營槓桿.因此，我們預計全年收入將在 9000 萬美元至 9600 萬美元之間，在此範圍的中點，同比增長 42%。

With strong revenue growth, high incremental contribution margins, and prudent cost management, we anticipate achieving positive adjusted EBITDA in Q4 of 2023. This will be a major accomplishment for our company and continues to demonstrate the scalability of our business model.

憑藉強勁的收入增長、高增量貢獻利潤率和審慎的成本管理，我們預計在 2023 年第四季度實現正的調整後 EBITDA。這將是我們公司的一項重大成就，並繼續證明我們業務模式的可擴展性。

In addition, we expect capital expenditures for 2023 to be between $40 million and $45 million, roughly in line with our 2022 spend.

此外，我們預計 2023 年的資本支出將在 4000 萬美元至 4500 萬美元之間，與我們 2022 年的支出大致相當。

In summary, we're pleased with our financial performance in both the fourth quarter and full year 2022. We're seeing increased interest for BlackSky's imagery and analytics solutions worldwide and look forward to continuing this strong momentum into 2023.

總之，我們對我們在第四季度和 2022 年全年的財務業績感到滿意。我們看到全球對 BlackSky 的圖像和分析解決方案的興趣越來越大，並期待將這種強勁勢頭延續到 2023 年。

With that, I'll now turn it back over to Brian for some closing remarks. Brian?

有了這個，我現在將它轉回給 Brian 做一些結束語。布萊恩？

Thank you, Henry. Now, I would like to spend a few minutes on one of our most important objectives for 2023, which is to achieve positive adjusted EBITDA in Q4 of this year.

謝謝你，亨利。現在，我想花幾分鐘談談我們 2023 年最重要的目標之一，即在今年第四季度實現正調整後 EBITDA。

As a new space company, we recognize that it's important to achieve cash flow positive operations and profitable growth. We don't believe that growth at any cost is a viable strategy for sustainable long-term success in this industry. As such, we have a focused plan to achieve certain financial and business objectives that put us on this path, which are shown on slide 20 and include the following.

作為一家新的航天公司，我們認識到實現正現金流運營和盈利增長非常重要。我們不認為不惜任何代價實現增長是該行業可持續長期成功的可行戰略。因此，我們有一個重點計劃來實現某些財務和業務目標，使我們走上這條道路，如幻燈片 20 所示，包括以下內容。

First, continuing to deliver strong revenue growth with a focus on recurring revenues from our high-margin imagery and analytics services. Second, improving margin performance by capitalizing on the operating leverage of our space and software platforms and achieving SaaS-type margins and operating performance. Third, a focus on prudent cost management. We are planning for only a marginal increase in overhead expenses this year, with incremental growth targeted towards sales and marketing to drive further revenue growth. And finally, aggressive cash management by aligning the timing of CapEx investments with market-driven need for capacity and pursuing other initiatives to obtain cash flow favorable terms on recurring multi-year subscription contracts.

首先，繼續實現強勁的收入增長，重點關注來自我們高利潤圖像和分析服務的經常性收入。其次，通過利用我們的空間和軟件平台的運營槓桿並實現 SaaS 類型的利潤率和運營績效來提高利潤率。第三，注重審慎的成本管理。我們計劃今年的管理費用僅略有增加，增量增長的目標是銷售和營銷，以推動收入的進一步增長。最後，通過將資本支出投資的時間與市場驅動的產能需求保持一致，並採取其他舉措，在經常性的多年訂閱合同中獲得現金流的優惠條款，從而實現積極的現金管理。

We believe our accomplishments in 2022 have set the stage for us to achieve these business milestones and put us on a path for long-term, sustainable, profitable growth.

我們相信，我們在 2022 年取得的成就為我們實現這些業務里程碑奠定了基礎，並使我們走上了長期、可持續、盈利增長的道路。

In closing, I want to thank our employees for their hard work, dedication, and tenacity that has gotten us here. We've established BlackSky as a premier provider of real-time geospatial intelligence and a trusted partner of some of the most important customers in the world. Building on the successes of 2022, we have strong momentum across all aspects of our business and look forward to executing another strong year in 2023.

最後，我要感謝我們的員工，感謝他們的辛勤工作、奉獻精神和堅韌不拔的精神，讓我們走到今天。我們已將 BlackSky 打造成實時地理空間情報的主要供應商和世界上一些最重要客戶值得信賴的合作夥伴。在 2022 年取得成功的基礎上，我們在業務的各個方面都有強勁的勢頭，並期待在 2023 年再創佳績。

This concludes our remarks for the call, and we'll now take your questions.

我們的電話會議發言到此結束，現在我們將回答您的問題。

(Operator Instructions) Josh Sullivan, The Benchmark Company.

（操作員說明）Josh Sullivan，Benchmark 公司。

Hey, good morning.

嗨，早上好。

Good morning, Josh.

早上好，喬希。

As far as the Gen-3 satellite, how has the timeline for deployment evolved? Has it been more customer demand, technology, or resource allocation driven?

至於 Gen-3 衛星，部署時間表是如何演變的？是否更多地受客戶需求、技術或資源分配驅動？

You mean, how was the timeline for deployment or development?

您的意思是，部署或開發的時間表如何？

Deployment. I mean, did you say 2024 for the launch?

部署。我的意思是，你是說 2024 年發射嗎？

Yeah. As I mentioned, we have sufficient capacity on orbit with our current constellation to support our growth for the next couple of years. Those Gen-3 satellites, we'll begin deploying them as replenishment -- replacement satellites for the current constellation and aligning that with market demand. But in parallel, we're seeing -- we're building a strong backlog of interest in that capability in the outyears through things like EOCL and our recently announced Ministry of Defense contract.

是的。正如我所提到的，我們目前的星座在軌道上有足夠的容量來支持我們未來幾年的增長。那些 Gen-3 衛星，我們將開始部署它們作為補充——當前星座的替代衛星，並使其與市場需求保持一致。但與此同時，我們看到——我們正在通過 EOCL 和我們最近宣布的國防部合同等方式，在未來幾年建立對該能力的濃厚興趣。

Yes. And I guess on that point, the $150-million win this morning, you talked about the long-term product strategy was attractive. Can you just outline some of those long-term capabilities that they were attracted to?

是的。我想在這一點上，今天早上 1.5 億美元的勝利，你談到長期產品戰略很有吸引力。您能否概述一下吸引他們的一些長期能力？

Yeah. Josh, the main thing is we've built a differentiated capability in the market with high-frequency monitoring with integrated AI and analytics. And our roadmap, over time, will continue to improve the frequency and the latency and the breadth of AI-enabled intelligence that we deliver, and this is what attracted the customer and ultimately led to us winning that contract.

是的。 Josh，最主要的是我們通過集成人工智能和分析的高頻監控在市場上建立了差異化的能力。隨著時間的推移，我們的路線圖將繼續提高我們提供的人工智能智能的頻率、延遲和廣度，這就是吸引客戶並最終導致我們贏得該合同的原因。

Right. And then just one last one, as far as the sales force expansion, you talked a bit about controlling costs and having an eye on profitability. Do you feel you have the scale on the sales force at this point?

正確的。然後最後一個，就銷售隊伍的擴張而言，你談到了控製成本和關注盈利能力。你覺得你現在的銷售隊伍有規模嗎？

Yeah. We made significant progress last year. We're continuing to invest in sales and marketing this year. We're also -- some of the achievements in integrating with third-party platforms through our software APIs, such as ESRI and Palantir, give us a sales force multiplier. And as we just really realized some of those integrations mid to late last year, we'll expect to start seeing traction on that this year.

是的。去年我們取得了重大進展。今年我們將繼續投資於銷售和營銷。我們也 - 通過我們的軟件 API（例如 ESRI 和 Palantir）與第三方平台集成的一些成就，使我們的銷售人員倍增。由於我們在去年中後期才真正意識到其中的一些整合，我們預計今年會開始看到這方面的牽引力。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Thanks, Josh.

謝謝，喬希。

Jaeson Schmidt, Lake Street.

Jaeson Schmidt，湖街。

Hey, guys. Thanks for taking my questions. Just curious, I know you mentioned in your prepared remarks the non-cyclicality of this industry. But just given the macro, have you seen engagements with customers or get pushed to the right or have timelines remain relatively intact?

大家好。感謝您回答我的問題。只是好奇，我知道你在準備好的發言中提到了這個行業的非週期性。但就宏觀而言，您是否看到與客戶的互動或被推到正確的位置或時間表保持相對完整？

The timelines we're seeing are remaining intact. In fact, as I mentioned in our remarks, the demand, particularly in the defense and intelligence sector, is growing very significantly. We're seeing a lot of these organizations committing more dollars sooner, particularly around space-based capabilities.

我們看到的時間表保持不變。事實上，正如我在發言中提到的那樣，需求，尤其是國防和情報部門的需求正在顯著增長。我們看到很多這樣的組織更快地投入更多資金，特別是在天基能力方面。

And then on the commercial side, we're also seeing some pretty significant interest, particularly in commodities and supply chain intelligence. So we're not seeing a slowdown in demand.

然後在商業方面，我們也看到了一些非常重要的興趣，特別是在商品和供應鏈情報方面。所以我們沒有看到需求放緩。

Okay. And then just as a follow-up, how should we think about gross margin trending this year?

好的。然後作為後續行動，我們應該如何看待今年的毛利率趨勢？

Henry, you want to take that one?

亨利，你想拿那個嗎？

Sure. Thanks, Brian. On gross margin, as you see, when we take a look at the slide we have that shows the incremental gross margin, as we've always talked, when you normalize for just the period costs associated with delivering revenues, every incremental dollar yields a very high gross margin.

當然。謝謝，布萊恩。關於毛利率，正如您所見，當我們看一下顯示增量毛利率的幻燈片時，正如我們一直所說的那樣，當您僅針對與交付收入相關的期間成本進行標準化時，每一增量美元都會產生非常高的毛利率。

So when you take a look, we had about $47 million or so of imagery and analytics revenue this past year against somewhere in the neighborhood of about $13 million or so of actual operating costs in period for the year. So you're generating that 92% incremental gross margin. You have about a 70.1% -- or 71% in total gross margin for the imagery and analytics. But as you add more dollars, you're almost getting about around that 90% to incremental. So as we grow that business, that's what's going to help drive us towards the EBITDA positive in the fourth quarter as we're forecasting.

因此，當你看一看時，我們去年的圖像和分析收入約為 4700 萬美元，而同期實際運營成本約為 1300 萬美元左右。所以你產生了 92% 的增量毛利率。圖像和分析的總毛利率約為 70.1% 或 71%。但是隨著你增加更多的美元，你幾乎可以得到大約 90% 的增量。因此，隨著我們發展該業務，這將有助於推動我們在第四季度實現 EBITDA 正值，正如我們所預測的那樣。

Okay. That's helpful. Thanks a lot, guys.

好的。這很有幫助。非常感謝，伙計們。

Scott Deuschle, Credit Suisse.

Scott Deuschle，瑞士信貸。

Hey, good morning. Brian, you said that, I think, 65% of your '23 revenue is from contracted backlog. Just wanted to check on the confidence interval in getting the other 35% and the line of sight you have to that?

嗨，早上好。布賴恩，你說過，我認為你 23 年收入的 65% 來自合同積壓。只是想檢查獲得其他 35% 的置信區間以及您必須看到的視線？

Yeah. We've got a -- as I mentioned, we're seeing really strong and growing demand worldwide. So we've got the $65 million contracted, and we've got very strong visibility in the 2023 revenue forecast. It's a very strong pipeline of follow-on and new opportunities. Some of the -- a good portion of the gap between the $65 million and our forecast is also follow-on contracts from existing customers. So we are very confident in our forecast this year.

是的。正如我所提到的，我們看到了全球範圍內非常強勁且不斷增長的需求。因此，我們已經簽訂了 6500 萬美元的合同，並且我們對 2023 年的收入預測有很強的預見性。這是一個非常強大的後續和新機會管道。 6500 萬美元與我們的預測之間的差距的很大一部分也是來自現有客戶的後續合同。所以我們對今年的預測很有信心。

Got it. Great. And then you mentioned there's a development phase on this $150-million contract you won. If you could just talk a little bit what that entails and how long the development period will last before it moves into the subscription period.

知道了。偉大的。然後你提到你贏得的這份價值 1.5 億美元的合同有一個開發階段。如果您能談談這意味著什麼，以及在進入訂閱期之前開發期將持續多長時間。

Yeah. It will commence, as we said, in the second quarter. And there'll be over a period of a couple of years' activities to develop and integrate certain capabilities with the customer. And so that will continue, and then there will be a commencement of the subscription service that starts in a few years.

是的。正如我們所說，它將在第二季度開始。並且將有幾年的活動來開發和集成客戶的某些功能。因此，這將繼續下去，然後將在幾年後開始訂閱服務。

Are you basically building a bespoke constellation for them?

你基本上是在為他們建立一個定制的星座嗎？

No. This is 100% aligned with our commercial strategy. So it's all in line with --

不。這與我們的商業戰略 100% 一致。所以這一切都符合——

Okay. Why can't they just use the app or the SaaS model? Why does it take two years? I thought that the SaaS model is that you can go very quickly.

好的。為什麼他們不能只使用應用程序或 SaaS 模型？為什麼需要兩年？我以為 SaaS 模型是你可以走得很快的。

Yeah. This customer is already getting capacity from our existing constellation. And the subscription increases significantly with our Gen-3 capability combined with the level of AI intelligence that we're going to be delivering under the contract, as we're expanding the AI analytics of our platform over the coming years. So this is a long-term strategy for this customer that's aligned with our commercial platform and the timing of our investments in both space and software.

是的。該客戶已經從我們現有的星座中獲得容量。隨著我們在未來幾年擴展我們平台的 AI 分析，隨著我們的 Gen-3 能力與我們將根據合同提供的 AI 智能水平相結合，訂閱量顯著增加。因此，這是該客戶的長期戰略，與我們的商業平台以及我們在空間和軟件方面的投資時機保持一致。

Okay. Great. And then the last question for Henry. I maybe just wanted to get your sense for how you approach guidance, in general, now that you've been public for, I guess, over a year now.

好的。偉大的。然後是亨利的最後一個問題。我可能只是想了解你如何處理指導，一般來說，既然你已經公開，我想，現在已經一年多了。

It just seems like there's oftentimes three kinds of guidance you get from companies. In one case, it can be an aspirational plan. For other companies, it can be an operational plan. And for other companies, it's more of a promise; not an actual promise, but it's something that they hope shareholders can heavily rely on.

似乎您經常從公司獲得三種指導。在一種情況下，它可以是一個雄心勃勃的計劃。對於其他公司，它可以是一個運營計劃。對於其他公司來說，這更像是一個承諾；這不是一個實際的承諾，但這是他們希望股東可以高度依賴的東西。

I guess, I'd just be curious, as you think about guidance this year and going forward and as a public company CFO, which of those do you think you align toward?

我想，我只是很好奇，當你考慮今年和未來的指導時，作為上市公司的首席財務官，你認為你會支持哪些？

Well, thanks. I mean, that's a good question. The way we look at providing guidance is we obviously pull together our budget and get -- work that with our Board to get it approved prior to the end of the prior year. And as we look at that, that one may be more the -- I'm not going to call that one aspiration, but that was a little bit stretch.

非常感謝。我的意思是，這是個好問題。我們提供指導的方式顯然是將我們的預算匯總在一起並與我們的董事會合作，以在上一年年底之前獲得批准。當我們看到這一點時，那個可能更多——我不打算稱之為一個願望，但這有點牽強。

What we want to provide to the Streets are the things that we feel very confident that we will hit. As you know, when we went through this year, this past year, we provided guidance of one set of numbers, and then we -- in August, we were be able to look at how things are performing and provide an update. And we will continue to always update our guidance as appropriate.

我們想要提供給街頭的是我們非常有信心我們會擊中的東西。如您所知，當我們經歷今年和過去一年時，我們提供了一組數字的指導，然後我們 - 在 8 月，我們能夠了解事情的表現並提供更新。我們將繼續酌情更新我們的指南。

So we want to look at it as -- this is something that we feel that we can make solid plans against. Obviously, they're not promises per se. They're what we're expecting to do. But unfortunately, there are no guarantees in life. But we're working to make sure that we're giving everyone the best information that we get.

所以我們想把它看作是——我們認為我們可以針對這一點制定可靠的計劃。顯然，它們本身並不是承諾。它們是我們期望做的。但不幸的是，生活沒有保障。但我們正在努力確保向每個人提供我們所獲得的最佳信息。

Okay, great. Thank you, guys.

好的，太好了。感謝你們。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

Hey, good morning, guys, and thanks for taking our questions. First, on the cap raise, how are you thinking about the cash needs going forward? I know you mentioned the ATM is still there. Do we feel confident about after private placement that this is enough? Or do you think there's still a bit left that we need to put on balance sheet?

嘿，早上好，伙計們，感謝您提出我們的問題。首先，關於加薪，你如何看待未來的現金需求？我知道你提到自動取款機還在那裡。私募後我們是否有信心這就足夠了？或者您認為我們還需要在資產負債表上留下一點嗎？

Edison, this is Henry. Thanks for the question. The way we look at it is we're very pleased with the PIPE raise that we just completed. We've got gross proceeds of about $29.5 million from both long-term investors and institutional investors, all US based.

愛迪生，這是亨利。謝謝你的問題。我們看待它的方式是我們對剛剛完成的 PIPE 加註感到非常滿意。我們從美國的長期投資者和機構投資者那裡獲得了大約 2950 萬美元的總收益。

We felt that topping up the tanks a little bit made some sense because we have the opportunity to. We do have the ATM out there. We have not tapped it at this point and don't foresee tapping that in the near future. But what we're looking at is we'll always look at our cap table and our capital structure and make sure that we're appropriately positioned.

我們覺得加滿水箱是有道理的，因為我們有機會這樣做。我們那裡確實有自動取款機。我們目前還沒有利用它，並且預計在不久的將來也不會利用它。但我們正在關注的是，我們將始終關注我們的資本結構表和我們的資本結構，並確保我們處於適當的位置。

Understood. Higher-level question on industry, obviously, there's been quite a few things going on. You have Maxar going private. I think Airbus lost a few very important satellites on the Vega launch. You have updated view on how you see the competitive landscape now.

明白了。關於行業的更高層次的問題，顯然，發生了很多事情。你讓 Maxar 私有化。我認為空中客車公司在 Vega 發射中丟失了幾顆非常重要的衛星。您已經更新了對現在競爭格局的看法。

Is it tighter than you would have thought? Which is driving some incremental pricing/demand? Just curious on the latest thoughts there.

它比你想像的要緊嗎？哪個推動了一些增量定價/需求？只是對那裡的最新想法感到好奇。

So Edison, we believe we're still in a supply-constrained market, and we'll remain so for a while. If you think about it, there's just a few companies like BlackSky and Maxar that are delivering reliable operational performance and are considered trusted suppliers. The Airbus incident was unfortunate.

所以愛迪生，我們相信我們仍然處於供應受限的市場，而且我們會保持一段時間。仔細想想，只有少數幾家公司（如 BlackSky 和 Maxar）提供可靠的運營績效並被認為是值得信賴的供應商。空中客車事件是不幸的。

The one thing to keep in mind is that most of the new capacity that is coming online, particularly from legacy players, is replacing existing capacity that's aging out. And in many cases, those satellites -- the new satellites that are being deployed have less capacity than the ones they're replacing.

需要牢記的一件事是，大多數即將上線的新容量，尤其是來自傳統參與者的新容量，正在取代正在老化的現有容量。在許多情況下，這些衛星——正在部署的新衛星的容量低於它們正在更換的衛星。

And so, in a sense, BlackSky is one of the only trusted providers at putting meaningful new capacity into a market at a time when there's growing demand. And as for new entrants, it takes years to prove both performance and scalability and takes just as long to capture meaningful contracts with these types of government and large enterprise customers.

因此，從某種意義上說，BlackSky 是在需求不斷增長的情況下向市場投放有意義的新容量的唯一值得信賴的供應商之一。至於新進入者，需要數年時間來證明性能和可擴展性，並且需要同樣長的時間才能與這些類型的政府和大型企業客戶簽訂有意義的合同。

So we feel like we're well positioned in a growing market that's supply constrained. Our new capacity and unique hourly monitoring capability, combined with strong and reliable operating performance, puts us in a really strong position.

因此，我們覺得我們在一個供應受限的不斷增長的市場中處於有利地位。我們的新產能和獨特的每小時監控能力，再加上強大可靠的運營業績，使我們處於非常有利的地位。

Great. And one follow-up to that, on the $150 million, you mentioned it was a competitive bid. Should we think about the others as the legacy guys or more emerging players?

偉大的。還有一個後續行動，關於 1.5 億美元，你提到這是一個有競爭力的出價。我們應該將其他人視為傳統玩家還是更多新興玩家？

I think the way to think about it is we won because we have a differentiated capability that's aligned with where the market is going for high-frequency monitoring and real-time analytics. That's how we're differentiated in the market. Customers are understanding that and committing to long-term contracts.

我認為考慮它的方式是我們贏了，因為我們擁有差異化的能力，與高頻監控和實時分析市場的發展方向保持一致。這就是我們在市場上的差異化。客戶理解這一點並承諾簽訂長期合同。

Because of that strategy and as we outlined in our remarks today, we're closing in building a backlog of significant multi-year agreements with these customers. So I would say it's really the differentiation we've established and the confidence the customers have in the vision and our long-term product strategy.

由於這一戰略，正如我們在今天的評論中所概述的那樣，我們正在與這些客戶建立大量重要的多年期協議積壓工作。所以我想說這真的是我們已經建立的差異化以及客戶對願景和我們長期產品戰略的信心。

Thank you, guys.

感謝你們。

Thanks, Edison.

謝謝，愛迪生。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi. Good morning, Brian. My first question is just on the $150-million GEOINT contract with the international Ministry of Defense. How, on this contract, just given the incorporation of AI capabilities, does this compare from a margin perspective to EOCL for example?

你好。早上好，布萊恩。我的第一個問題是關於與國際國防部簽訂的價值 1.5 億美元的 GEOINT 合同。在這份合同中，僅考慮到 AI 功能的結合，從利潤的角度來看，這與 EOCL 相比如何？

Well, I think a couple of things there, Austin. First off, EOCL contract is for imagery only. And as Henry has outlined, the imagery and analytics element of our business is the high-margin element of our business plan.

好吧，我認為那裡有幾件事，奧斯汀。首先，EOCL 合同僅適用於圖像。正如亨利所概述的那樣，我們業務的圖像和分析元素是我們業務計劃的高利潤元素。

The analytics that we deliver provide additional -- analytics off of the top of our imagery provide additional margin performance. So that's the power of our business model and the operating leverage we get out of our constellation combined with our software platform. So in both cases where we're seeing very high-margin revenue, analytics improve that.

我們提供的分析提供了額外的——我們圖像頂部的分析提供了額外的利潤率性能。這就是我們的商業模式的力量，以及我們從我們的星座和我們的軟件平台中獲得的運營槓桿。因此，在我們看到利潤率非常高的兩種情況下，分析都會改善這一點。

Okay. And then, just the private placement you announced this morning, does that provide you with sufficient capital to get through full deployment of the next-generation constellation?

好的。那麼，就您今天上午宣布的定向增發，是否為您提供了足夠的資金來完成下一代星座的全面部署？

Sure. Let me take that question. As we just were discussing, the $29.5 million of gross proceeds does strengthen our balance sheet. It gives us sufficient capital for the foreseeable future.

當然。讓我來回答這個問題。正如我們剛剛討論的那樣，2950 萬美元的總收益確實加強了我們的資產負債表。它為我們在可預見的未來提供了充足的資金。

We believe that we would be in position where we would be EBITDA positive in the fourth quarter, which would be well before that capital would be running out by any stretch. So we believe that we're being a good -- we are in good shape to get our Gen-3s up.

我們相信，我們將處於第四季度 EBITDA 為正的位置，這將遠遠早於該資本將在任何時候耗盡。所以我們相信我們是一個好人——我們處於良好的狀態，可以讓我們的 Gen-3 起來。

Okay. And then just one more, if I may. Just back to the GEOINT contract, to what degree did the shortwave infrared instruments on the future constellation play a role in helping to win this contract?

好的。如果可以的話，再多一個。剛剛回到GEOINT合同，未來星座上的短波紅外儀器在多大程度上起到了幫助贏得這份合同的作用？

Well, I think, Austin, it was the breadth of requirements that we were able to meet, not just what we're putting in space, but a number of performance attributes, such as frequency and latency and the accuracy of our analytics. So it's a broad set of requirements that we were able to meet in our bid, and that's what contributed and drove our win.

好吧，奧斯汀，我認為這是我們能夠滿足的要求的廣度，不僅僅是我們在空間中放置的東西，還有許多性能屬性，例如頻率和延遲以及我們分析的準確性。因此，這是我們在投標中能夠滿足的一系列廣泛要求，這就是促成並推動我們獲勝的原因。

Okay. Fantastic. Thanks for the color.

好的。極好的。謝謝你的顏色。

Thanks, Austin.

謝謝，奧斯汀。

(Operator Instructions) Griffin Boss, B. Riley Securities.

（操作員說明）Griffin Boss，B. Riley Securities。

Hi, good morning. Thank you for taking my questions. So you spoke about having ample capacity. Is there a utilization percentage you could give us for the current constellation?

早上好。謝謝你回答我的問題。所以你談到有足夠的能力。您可以為我們提供當前星座的利用率嗎？

That's not a metric that we traditionally publish. But as I mentioned, we deployed most of our constellation within the last 12 to 18 months. So we've got significant capacity available.

這不是我們傳統上發布的指標。但正如我提到的，我們在過去 12 到 18 個月內部署了大部分星座。所以我們有大量的可用容量。

The other thing I'll note is we've taken a software first approach, so we can collect once and so many times. And there's also upside as we offer analytics as an upsell with our collection capability. So we've got a very strong operating model and capacity we need to hit our growth plans.

我要注意的另一件事是我們採用了軟件優先的方法，因此我們可以收集一次和多次。還有一個好處，因為我們提供分析作為我們收集能力的追加銷售。因此，我們擁有實現增長計劃所需的非常強大的運營模式和能力。

Got it. Okay. Thanks, Brian. And are you still expecting the same economics for your Gen-3 satellites that you talked about in the past, which, I think, are between $10 million to $12 million all-in cost per satellite? I know you've spoken before about purchasing long lead items well in advance. So I just want to -- I wonder if you could give an update on that?

知道了。好的。謝謝，布萊恩。您是否仍然期望您的 Gen-3 衛星具有與您過去談到的相同的經濟效益，我認為每顆衛星的總成本在 1000 萬到 1200 萬美元之間？我知道您之前曾說過要提前購買長周期商品。所以我只想——我想知道你是否可以提供最新情況？

Yeah. You can assume the economics that we achieved in the first gen are aligned and that range is consistent with what we're seeing. And we've got a very good handle on the cost of these satellites.

是的。您可以假設我們在第一代中實現的經濟效益是一致的，並且該範圍與我們所看到的一致。我們已經很好地控制了這些衛星的成本。

Got it. Great. Okay. And then along the same lines related to the CapEx guide, is any of that $40 million to $45 million for the year R&D that could potentially be funded by government agencies?

知道了。偉大的。好的。然後沿著與資本支出指南相關的相同思路，今年研發的 4000 萬至 4500 萬美元中是否有可能由政府機構資助？

Well, we already have a significant amount of R&D that's funded by the government. You'll see that in our -- both professional -- the engineering services -- engineering and integration line in our financials. And that's where we've been very successful in capturing meaningful contracts that offset R&D.

嗯，我們已經有大量由政府資助的研發。你會在我們的——專業的——工程服務——我們財務中的工程和集成線中看到這一點。這就是我們在獲得有意義的合同以抵消研發方面非常成功的地方。

And so that's both been in satellites and a good amount in software and analytics. So it also enables us to establish long-term close relationships with some of these important customers. So that's been a strategy of ours for many years, and it's continuing to pay off.

因此，這既有衛星方面的，也有大量的軟件和分析方面的。因此，它也使我們能夠與其中一些重要客戶建立長期密切的關係。因此，這一直是我們多年來的戰略，並且正在繼續取得回報。

Great. Really helpful. Thanks for that, Brian. And then last one for me, can you just help me understand the strategic rationale for your X-Bow investments? I believe you own 13.5 million shares, something like that. Is that an asset that you aim to monetize at some point in the future? Or just any color you can give about how you think about that business would be great.

偉大的。真的很有幫助。謝謝你，布賴恩。最後一個是給我的，你能幫我理解你投資 X-Bow 的戰略依據嗎？我相信你擁有 1350 萬股，類似的東西。這是您打算在未來某個時候貨幣化的資產嗎？或者你可以給出任何關於你如何看待該業務的顏色會很棒。

Yeah. That was an investment we made several years ago. We always believe that access to space is an important aspect of our strategy in the market. And so we were involved in the early days with that company, and that's a small element of our balance sheet right now.

是的。那是我們幾年前進行的一項投資。我們始終認為，進入太空是我們市場戰略的一個重要方面。所以我們在早期就參與了那家公司，現在這只是我們資產負債表的一小部分。

Got it. Okay. All right. Well, thanks for all my questions. Appreciate it, guys, and have a great day.

知道了。好的。好的。好吧，謝謝你提出的所有問題。欣賞它，伙計們，祝你有美好的一天。

Thank you.

謝謝。

Caleb Henry, Quilty Analytics.

Caleb Henry，Quilty Analytics。

Hey, guys. A couple of questions. First, about EOCL, I think you've previously forecast revenues of $18 million for 2022 and $36 million for 2023. Are those forecasts still on track?

大家好。幾個問題。首先，關於 EOCL，我認為您之前預測 2022 年的收入為 1800 萬美元，2023 年的收入為 3600 萬美元。這些預測是否仍在軌道上？

Yeah. I think on EOCL, just as a reminder, we just started that contract last July. So it's been just about nine months. And we're operating really well. We're delivering thousands of images a day. And we ramped up within 30 days of the start of that contract to deliver that volume of imagery. And we're meeting all of our performance requirements.

是的。我認為在 EOCL 上，提醒一下，我們去年 7 月剛剛開始簽訂合同。所以這只是大約九個月。而且我們的運作非常好。我們每天傳送數千張圖片。我們在合同開始後的 30 天內加速交付該數量的圖像。我們正在滿足我們所有的性能要求。

So yeah, as we've said publicly when we were awarded the contract, we were awarded initial services for two years that reach -- that are up to $36 million. So that's our assumption for this year, correct.

所以，是的，正如我們在獲得合同時公開表示的那樣，我們獲得了為期兩年的初步服務——高達 3600 萬美元。所以這是我們今年的假設，正確的。

Okay. And then just a question on launches. You said you have an upcoming Gen-2 launch. Is that the last Gen-2 satellite launch? And are there any other spacecraft launching this year? Or is it nothing until Gen-3 starts in 2024?

好的。然後只是關於發布的問題。你說你即將推出 Gen-2。這是最後一次 Gen-2 衛星發射嗎？今年還有其他航天器發射嗎？或者在 2024 年 Gen-3 開始之前什麼都沒有？

Those we expect will be our last two Gen-2s. We have some spares. We haven't decided if we're going to launch them or not. And then as I mentioned, we'll begin launching Gen-3s in 2024. And as we progress with that, we'll provide some more details.

我們期望的將是我們的最後兩個 Gen-2。我們有一些備用。我們還沒有決定是否要推出它們。然後正如我提到的，我們將在 2024 年開始推出 Gen-3。隨著我們的進展，我們將提供更多細節。

Okay. You guys had a nice bump in Q4 margins. Can you comment on where you expect imagery margins to trend in 2023? And is it reasonable to assume like 80% margins this year?

好的。你們在第四季度的利潤率有了很大的提高。您能否評論一下您預計 2023 年圖像利潤率的趨勢？假設今年 80% 的利潤率合理嗎？

Caleb, this is Henry. And as we've been discussing on margins, it really comes down to the fact that we've got a very fixed -- the nature of the fixed cost structure that we have when we're delivering imagery and analytics, given the fact that those are all pretty much automated processes. So we've got very small incremental cost.

卡萊布，這是亨利。正如我們一直在討論的利潤率，這實際上歸結為我們有一個非常固定的事實——我們在提供圖像和分析時所擁有的固定成本結構的性質，考慮到以下事實這些都是非常自動化的過程。所以我們的增量成本非常小。

And when you take a look at that slide that I was referencing earlier, we see the $47 million of revenue against the $13 million of costs relative to -- as compared to $15 million of revenue and $11 million of costs last year, you can kind of -- I would be looking at it from perspective of GSE.

當你看一下我之前提到的那張幻燈片時，我們看到 4700 萬美元的收入與 1300 萬美元的成本相對——與去年的 1500 萬美元收入和 1100 萬美元成本相比，你可以的——我會從 GSE 的角度來看待它。

Our incremental revenue will continue at kind of that high 80s%, maybe 90s%. I mean, 92% for the full year could be extremely high. But we're kind of in that high 80s%, 90%-ish incremental once we get past that fixed cost. So overall, when you start blending that together, I believe that we would be able to get overall margins for imagery and analytics into that 75%-plus. I mean, in 2022, we had about 71% -- 70.7% margins on imagery and analytics when you take out stock comp and depreciation, et cetera.

我們的增量收入將繼續保持在 80% 的高水平，也許是 90%。我的意思是，全年的 92% 可能非常高。但是，一旦我們超過了固定成本，我們就會處於 80%、90% 左右的增量。所以總的來說，當你開始將它們融合在一起時，我相信我們能夠將圖像和分析的總體利潤率提高到 75% 以上。我的意思是，在 2022 年，當你剔除股票補償和折舊等因素時，我們在圖像和分析方面的利潤率約為 71% - 70.7%。

Okay. And then just last question, I think international government was contributing 15% to overall revenue. Given some of the new awards that you've gotten in the boost in the sales team, what percentage do you expect that to be going forward?

好的。最後一個問題，我認為國際政府貢獻了總收入的 15%。考慮到您在銷售團隊的提升中獲得的一些新獎項，您預計未來會有多少百分比？

We don't necessarily guide on the -- by those regions. But you're right, when you take a look at what we did in 2022, our international governments contributed about 17.5% of our overall revenue. You can imagine, as we start winning these big international MOD type contracts, et cetera, that that percentage will go up. But we're not guiding to a specific split here.

我們不一定要指導這些地區。但你是對的，當你看看我們在 2022 年所做的事情時，我們的國際政府貢獻了我們總收入的 17.5% 左右。你可以想像，隨著我們開始贏得這些大型國際 MOD 類合同等，這個百分比將會上升。但我們在這裡不指導具體的拆分。

Okay. Great. Thanks, guys.

好的。偉大的。多謝你們。

Thank you.

謝謝。

Thank you. At this time, there are no further questions. I'll turn it back over to Aly Bonilla, BlackSky's Vice President of Investor Relations. Go ahead, Aly.

謝謝。目前，沒有進一步的問題。我會把它轉回給 BlackSky 的投資者關係副總裁 Aly Bonilla。來吧，阿里。

Thank you, everybody. I want to thank you for joining the call this morning. We will be talking with you shortly in the future and appearing at certain conferences upcoming. Thank you very much.

謝謝大家。我要感謝你今天早上加入電話會議。我們將在不久的將來與您交談，並出現在即將舉行的某些會議上。非常感謝。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路。享受你剩下的一天。