Blacksky Technology Inc (BKSY) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to BlackSky Technology's third-quarter 2023 earnings conference call. (Operator Instructions) Please note, this conference call is being recorded.

早安，女士們、先生們，歡迎參加 BlackSky Technology 2023 年第三季財報電話會議。 （操作員說明）請注意，本次電話會議正在錄音。

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

我現在想將電話轉給 BlackSky 投資者關係副總裁 Aly Bonilla。請繼續，艾莉。

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. On today's call, Brian will provide some highlights on the quarter and give a strategic update on the business. Henry will then review the company's third quarter financial results and outlook for 2023.

早安，感謝您加入我們。今天，我們的執行長布萊恩·奧圖爾 (Brian O'Toole) 也加入了我的行列。以及我們的財務長 Henry Dubois。在今天的電話會議上，布萊恩將提供本季度的一些亮點，並提供有關業務的策略更新。隨後亨利將回顧該公司第三季財務業績和 2023 年展望。

Following our prepared remarks, we will open the lines for your questions. A replay of this conference call will be available from approximately 12:30 PM Eastern time today through November 22. 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 information on the Investor Relations website that you may use to follow along with our prepared remarks.

在我們準備好的發言之後，我們將開放您的提問熱線。從今天東部時間中午 12:30 到 11 月 22 日，均可重播本次電話會議。有關訪問重播的信息，請參閱今天的新聞稿。此外，本次財報電話會議的網路廣播將在我們網站 www.blacksky.com 的投資者關係部分提供。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信息，您可以使用該信息以及我們準備好的評論來關注。

Before we begin, let me remind you that certain statements made during today's conference call regarding our future plans, objectives, and expected performance, including our financial guidance for 2023 are forward-looking statements. Actual results may differ materially as these statements are based on our current expectation as of today and are subject to risks and uncertainties, including those stated in our Form 10-K.

在開始之前，請允許我提醒您，今天的電話會議中有關我們未來計劃、目標和預期業績（包括 2023 年財務指引）的某些聲明均為前瞻性聲明。實際結果可能存在重大差異，因為這些陳述是基於我們截至目前的預期，並受到風險和不確定性的影響，包括我們的 10-K 表格中所述的風險和不確定性。

We encourage you to review our press release, Form 10-K, and other recent SEC filings for a full discussion of the risks and uncertainties that pertain to these statements 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 by applicable law.

我們鼓勵您查看我們的新聞稿、表格 10-K 和其他最近向 SEC 提交的文件，以全面討論與這些聲明相關的可能影響未來業績或我們股票市場價格的風險和不確定性。 BlackSky 不承擔更新前瞻性聲明的義務，除非適用法律可能要求。

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 cash operating expenses. A reconciliation of these non-GAAP financial measures to their most comparable GAAP measures are included in today's accompanying presentation, which can be viewed and downloaded from our Investor Relations website.

此外，在今天的電話會議中，我們將提及某些非公認會計準則財務指標，包括調整後的 EBITDA、調整後的影像和軟體分析服務銷售成本以及現金營運費用。這些非公認會計原則財務指標與其最具可比性的公認會計原則指標的調節表包含在今天的隨附簡報中，可以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?

此時，我會將電話轉給布萊恩·奧圖爾。布萊恩？

Thanks, Aly, and good morning, everyone. Thank you for joining us on today's call.

謝謝，艾莉，大家早安。感謝您參加今天的電話會議。

I'm pleased to report that BlackSky delivered another strong quarter with record revenues, continued expansion of our customer base, and nearly breakeven adjusted EBITDA. We continue to see growing demand from government agencies around the world for BlackSky's space-based intelligence capabilities. And are capitalizing on this opportunity by successfully converting our increasing sales pipeline into new and expanded contracts. The combination of our growing customer base, effective cost management, and the strong operating leverage of our business has us on a clear path toward long term profitable growth.

我很高興地向大家報告，BlackSky 再次實現了強勁的季度業績，營收創歷史新高，我們的客戶群不斷擴大，調整後的 EBITDA 幾乎達到盈虧平衡。我們繼續看到世界各地政府機構對 BlackSky 的天基情報能力的需求不斷增長。並利用這一機會，成功地將我們不斷增加的銷售管道轉化為新的和擴大的合約。我們不斷成長的客戶群、有效的成本管理以及強大的業務營運槓桿相結合，使我們走上了一條通往長期盈利增長的明確道路。

Before I begin, I want to take a moment to express our empathy for those affected by the crisis in Israel and Gaza. This is a very difficult time for many. And our hearts go out to the people who have lost loved ones and are living through this horrific conflict.

在開始之前，我想花一點時間向受以色列和加薩危機影響的人們表示同情。對許多人來說，這是一個非常困難的時期。我們的心與那些失去親人並正在經歷這場可怕衝突的人們同在。

From the conflict in the Middle East, to this week's earthquake in Nepal or the ongoing war in Ukraine, space-based intelligence is playing a critical role in supporting humanitarian, economic, and national security interests, both here and abroad. Whether it's the delivery of humanitarian aid, providing transparency to crisis events, or protecting the homeland, BlackSky is proud to be supporting our customers by reliably delivering thousands of images and analytic products every day on critical events all over the world. The demand for BlackSky's high frequency imagery and AI driven analytics continues to accelerate as defense and national security organizations worldwide seek to expand their capabilities and secure our capacity to meet their long-term mission needs.

從中東衝突，到本週的尼泊爾地震或烏克蘭持續的戰爭，天基情報在支持國內外的人道主義、經濟和國家安全利益方面發揮關鍵作用。無論是提供人道主義援助、為危機事件提供透明度，還是保護家園，BlackSky 很自豪能夠每天在世界各地的重大事件中可靠地提供數千張圖像和分析產品，為我們的客戶提供支援。隨著世界各地的國防和國家安全組織尋求擴展其能力並確保我們滿足其長期任務需求的能力，對 BlackSky 高頻影像和人工智慧驅動分析的需求持續加速。

Now let's turn to slide 5 and our recent highlights, which continues to demonstrate strong quarter-over-quarter operating performance and growing customer demand for BlackSky's products and services. First, we achieved record third quarter revenue of over $21 million, a 26% increase over the prior year quarter. Demand for our products and services remains strong as we continue to meet our customer commitments through focused execution and reliable delivery of our space-based capabilities.

現在讓我們轉向幻燈片 5 和我們最近的亮點，它繼續展示了強勁的季度環比營運業績以及客戶對 BlackSky 產品和服務不斷增長的需求。首先，我們第三季營收創歷史新高，超過 2,100 萬美元，比去年同期成長 26%。隨著我們透過集中執行和可靠交付我們的天基能力繼續履行我們的客戶承諾，對我們的產品和服務的需求仍然強勁。

Second, we signed new contracts and renewal agreements with multiple US and international government agencies valued at up to $20 million. These contract wins demonstrate how BlackSky is increasingly relied upon by some of the most demanding customers around the world. And brings our year-to-date contract bookings to over $220 million.

其次，我們與多個美國和國際政府機構簽署了價值高達 2000 萬美元的新合約和續約協議。這些合約的贏得表明 BlackSky 如何越來越受到全球一些最挑剔的客戶的依賴。使我們今年迄今的合約預訂超過 2.2 億美元。

Third, for the first nine months of the year, our imagery and analytics revenue grew $15 million or 48% compared to the same period in 2022. This revenue increase delivered an incremental contribution margin of 98% and further illustrates the strong operating leverage of our business. This is a key driver in scaling our business to profitability.

第三，今年前9 個月，我們的圖像和分析收入與2022 年同期相比增長了1500 萬美元，即48%。這一收入增長帶來了98% 的增量貢獻率，進一步說明了我們強大的營運槓桿商業。這是我們擴大業務規模以實現獲利的關鍵驅動力。

Fourth, as a result of strong operating leverage and continued focus on responsible cost management, we reported nearly breakeven adjusted EBITDA in Q3. This quarter's performance keeps us on track toward achieving our goal of positive adjusted EBITDA in the fourth quarter. And finally, we're honored to have been named to the 2023 Deloitte Technology Fast 500 list, joining many other fast-growing companies.

第四，由於強大的營運槓桿和持續專注於負責任的成本管理，我們報告第三季調整後的 EBITDA 接近收支平衡。本季的業績使我們預計在第四季度實現正調整 EBITDA 的目標。最後，我們很榮幸與許多其他快速發展的公司一起入選 2023 年德勤科技高成長 500 強名單。

These highlights demonstrate strong focused execution and the ongoing momentum we are experiencing across all aspects of our business. We continue to see increasing interest from government agencies worldwide, looking to secure access to our high-frequency satellite imagery and AI driven analytics. This growing market demand puts us in a strong position to capitalize on new sales opportunities and realize sustainable profitable growth.

這些亮點展示了我們在業務各個方面所經歷的強大的專注執行力和持續的動力。我們繼續看到世界各地政府機構的興趣日益濃厚，希望能夠安全地存取我們的高頻衛星影像和人工智慧驅動的分析。這種不斷增長的市場需求使我們處於有利地位，可以利用新的銷售機會並實現可持續的獲利成長。

I would now like to share some operational highlights from the quarter. Turning to slide 6.

我現在想分享本季的一些營運亮點。轉到投影片 6。

Global demand for our products and services continues to remain strong as many governments around the world are increasing their investments in space-based intelligence in support of their country's critical national security and economic interests. We're seeing more international governments engaging with BlackSky to secure immediate and long-term access to our high-frequency imaging and analytic capabilities. One example is a multi-year master services agreement we recently signed for a new international ministry of defense customer. This contract valued up to $8 million provides the customer with on-demand and assured access to a high frequency imagery and analytics services.

全球對我們產品和服務的需求持續保持強勁，因為世界各地許多政府都在增加對天基情報的投資，以支持其國家的關鍵國家安全和經濟利益。我們看到越來越多的國際政府與 BlackSky 合作，以確保立即和長期使用我們的高頻成像和分析能力。一個例子是我們最近為一位新的國際國防部客戶簽署的多年期主服務協議。該合約價值高達 800 萬美元，為客戶提供按需、有保障的高頻影像和分析服務。

Through our Spectra software platform, customers and users will be able to directly task our satellite constellation to monitor critical areas of interest that matter most to them. This contract also enables the customer to access capacity from our upcoming Gen-3 constellation once these new advanced satellites come online. We are proud to add this customer to our growing customer base, supporting major defense and intelligence organizations around the globe.

透過我們的 Spectra 軟體平台，客戶和使用者將能夠直接向我們的衛星星座發送任務，以監控對他們最重要的關鍵領域。一旦這些新的先進衛星上線，該合約還使客戶能夠利用我們即將推出的第三代星座的容量。我們很自豪能夠將該客戶添加到我們不斷成長的客戶群中，為全球主要的國防和情報組織提供支援。

Also during the quarter, we expanded a contract with an existing international defense customer for increased assured access to BlackSky's imaging capacity. In a supply-constrained environment, governments are seeking multi-year agreements in order to secure capacity over their critical regions of interest. This contract also includes the development of a next-generation architecture to support their long-term tactical needs.

同樣在本季度，我們擴大了與現有國際國防客戶的合同，以提高對 BlackSky 成像能力的訪問。在供應受限的環境中，各國政府正在尋求多年協議，以確保其關鍵利益區域的產能。該合約還包括開發下一代架構，以支援他們的長期戰術需求。

Moving on to slide 7. We continue to see strong demand for BlackSky's products and services from the US government. US intelligence agencies as well as Department of Defense customers continue to expand their interest in leveraging commercial space capabilities for a variety of existing and emerging mission applications.

繼續看幻燈片 7。我們繼續看到美國政府對 BlackSky 產品和服務的強勁需求。美國情報機構和國防部客戶繼續擴大他們對利用商業太空能力進行各種現有和新興任務應用的興趣。

During the quarter, we expanded some of our major existing contracts and closed on a number of new contracts. First, we were awarded over $9 million in contract expansions with existing US government agencies for our advanced imagery and analytics services. We're pleased that many government agencies continue to rely on BlackSky for our space-based capabilities, and we look forward to continuing to build our relationships with them.

本季度，我們擴大了一些主要的現有合同，並簽訂了一些新合約。首先，我們因先進的圖像和分析服務而獲得了與現有美國政府機構超過 900 萬美元的合約擴展。我們很高興許多政府機構繼續依賴 BlackSky 提供天基能力，我們期待繼續與他們建立關係。

Second, we won a contract with the US Air Force Research Laboratory funded by the US Space Development Agency to provide an automated target recognition service to track mobile assets in real time. This contract will leverage our proprietary AI capability to fuse together multiple satellite data sources, such as radio frequency and electro-optical sensor data to track and maintain custody of moving vehicles. This project will demonstrate secure dissemination of actionable intelligence to remote devices and analysts worldwide. This is another example of some of the advanced capabilities BlackSky is developing to support Department of Defense requirements for space-based intelligence.

其次，我們贏得了由美國太空發展局資助的美國空軍研究實驗室的一份合同，提供自動目標識別服務，以即時追蹤移動資產。該合約將利用我們專有的人工智慧功能將多個衛星數據源融合在一起，例如射頻和光電感測器數據，以追蹤和維護移動車輛的監管。該專案將向全球遠端設備和分析師展示可操作情報的安全傳播。這是 BlackSky 為支援國防部天基情報需求而開發的一些先進功能的另一個例子。

Turning to slide 8. A major achievement during the quarter, was the successful integration of our high-frequency imagery services with the NRO's commercial imagery architecture. The US government has been designing and building a commercial imagery and data architecture to streamline the ordering and receipt of products. This capability enables commercial providers like BlackSky to integrate and scale the delivery of imagery via a series of APIs and enterprise interfaces to government and users.

轉向幻燈片 8。本季的一項重大成就是我們的高頻影像服務與 NRO 的商業影像架構的成功整合。美國政府一直在設計和建構商業圖像和資料架構，以簡化產品的訂購和接收。此功能使 BlackSky 等商業提供者能夠透過一系列 API 和企業介面向政府和用戶整合和擴展圖像交付。

BlackSky has been working with the NRO on the integration into this architecture since the beginning of the EOCL contract. In Q3, we successfully completed the initial operating capability or IOC milestone required under the contract. BlackSky is the first commercial imagery company to successfully integrate and validate performance of this architecture. This was an important milestone as it further improves access and utilization of BlackSky's imagery within the US government. As evidenced by some of the key wins this quarter, BlackSky continues to win new advanced R&D programs to support emerging mission requirements.

自 EOCL 合約開始以來，BlackSky 一直與 NRO 合作整合到該架構中。第三季度，我們成功完成了合約要求的初始營運能力或IOC里程碑。 BlackSky 是第一家成功整合並驗證此架構效能的商業圖像公司。這是一個重要的里程碑，因為它進一步改善了美國政府內部對 BlackSky 圖像的存取和利用。正如本季的一些關鍵成果所證明的那樣，BlackSky 繼續贏得新的先進研發項目，以支援新興的任務需求。

Slide 9 shows some of our capabilities supporting recent contract awards. For example, earlier this year, we released our multi-frame burst imagery capability, which takes multiple images in succession to achieve a near video collection. This burst capability can be used by our AI algorithms to identify moving targets and create 3D models.

投影片 9 顯示了我們支援最近授予合約的一些能力。例如，今年早些時候，我們發布了多幀連拍影像功能，該功能可以連續拍攝多張影像以實現近乎影片的擷取。我們的 AI 演算法可以使用這種突發功能來識別移動目標並創建 3D 模型。

Another example is the AI platform that we developed as part of the government's IARPA Smart program, which uses AI to provide broad area search capability and analytics on over 35 million square kilometers of imagery. In anticipation of US government's growing requirements for space situational awareness, we've been able to demonstrate the use of our satellites to capture non-earth images of objects in space, showing the versatility of our satellite constellation.

另一個例子是我們作為政府 IARPA 智慧計畫的一部分開發的人工智慧平台，該平台使用人工智慧對超過 3500 萬平方公里的圖像提供大範圍搜尋能力和分析。考慮到美國政府對太空態勢感知的需求不斷增長，我們已經能夠展示如何使用我們的衛星捕捉太空物體的非地球圖像，以展示我們的衛星星座的多功能性。

Customers have also taken advantage of our advanced AI enabled site monitoring capabilities, which provide automated detection and classification of objects of interest, such as airports, ports, and ships around the world. Through the combination of our AI-enabled analytics with our high-performance constellation, we are able to rapidly develop and deliver innovative next-generation technology solutions that can be instrumental in our customers' ability to leverage space-based intelligence.

客戶還利用了我們先進的人工智慧站點監控功能，該功能可以自動檢測和分類感興趣的對象，例如世界各地的機場、港口和船舶。透過將人工智慧分析與高效能星座結合，我們能夠快速開發並提供創新的下一代技術解決方案，這些解決方案有助於提高客戶利用天基智慧的能力。

Turning to slide 10. I'm happy to report that our Gen-3 satellite program remains on track for launch in 2024. We are now receiving critical and long lead components and are moving into the assembly and integration of the first units. We are also scaling our satellite manufacturing production line, and we'll provide more details on specific timing of the program as we progress in 2024.

轉向幻燈片 10。我很高興地報告，我們的 Gen-3 衛星計劃仍按計劃於 2024 年發射。我們現在正在接收關鍵的長週期組件，並正在進入第一批單元的組裝和整合。我們也正在擴大我們的衛星製造生產線，隨著 2024 年的進展，我們將提供有關該計劃具體時間的更多細節。

In summary, we're pleased with the record revenues achieved in Q3, demonstrating the strong customer demand in the market and the ongoing momentum in winning new contracts and renewal agreements that position us for continued revenue growth.

總而言之，我們對第三季度實現的創紀錄收入感到滿意，這表明了市場上強勁的客戶需求以及贏得新合約和續約協議的持續勢頭，這使我們能夠實現收入的持續增長。

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

我現在將把它交給亨利，讓他更詳細地查看季度財務表現。亨利？

Thank you, Brian, and good morning, everyone. I'm pleased with the progress we've made across many aspects of our business and especially with our third quarter financial results.

謝謝你，布萊恩，大家早安。我對我們在業務的許多方面取得的進展感到滿意，特別是對我們第三季的財務表現。

Beginning with slide 12, total revenue for the third quarter of 2023 was $21.3 million, a new company record. This was an increase of $4.3 million or 26% over the prior year quarter. Imagery and analytics revenue grew to $15.3 million, an 11% increase over the prior year period, primarily driven by greater volumes of imagery delivered to new and existing customers worldwide.

從投影片 12 開始，2023 年第三季的總收入為 2,130 萬美元，創下公司新紀錄。這比去年同期增加了 430 萬美元，即 26%。圖像和分析收入增長至 1530 萬美元，比上年同期增長 11%，這主要是由於向全球新舊客戶提供了更多圖像。

Professional and engineering services revenue was $6 million in the third quarter of 2023, compared to $3.2 million in the prior year quarter. The increase of $2.8 million was primarily driven by higher professional service fees from the ramp-up of new customer programs won this year. As you may recall, we won a $150 plus million contract with an international ministry of defense customer in Q1 of this year. The initial development work on this contract is contributing to the increased revenues and includes professional fees to set up and integrate these services prior to win the multi-year subscription part of the contract begins.

2023 年第三季專業和工程服務收入為 600 萬美元，去年同期為 320 萬美元。增加 280 萬美元主要是由於今年贏得的新客戶計劃增加導致專業服務費上漲。您可能還記得，今年第一季度，我們與國際國防部客戶贏得了價值 1.5 億美元的合約。該合約的初步開發工作有助於增加收入，並包括在贏得合約的多年訂閱部分之前建立和整合這些服務的專業費用。

Turning to cost of sales, we continue to demonstrate strong operating leverage in our imagery and analytics business as shown on slide 13. Excluding stock-based compensation, depreciation, and amortization expenses, imagery and analytics cost of sales for the first nine months of 2023 was $10.4 million, a $300,000 increase or 3% increase compared to $10.1 million in the same period of 2022.

談到銷售成本，我們在圖像和分析業務中繼續展示強大的營運槓桿，如幻燈片13 所示。不包括基於股票的薪酬、折舊和攤銷費用，2023 年前9 個月的圖像和分析銷售成本為 1,040 萬美元，與 2022 年同期的 1,010 萬美元相比，增加了 30 萬美元，增幅為 3%。

If we look at the same nine-month periods for our imagery and analytics revenue, we grew revenues this year to $46.4 million compared to $31.2 million last year, an increase of $15.2 million or 48% year over year. When comparing the $300,000 increase in cost of sales. (multiple speakers) The incremental margin on this revenue was 98% for the first nine months of this year, further validating our strong operating leverage in our core imagery and analytics services business. This is a key factor driving our adjusted EBITDA improvements and how we anticipate scaling our business efficiently and achieving profitability.

如果我們看看同樣 9 個月期間的圖像和分析收入，我們今年的收入增長至 4640 萬美元，而去年為 3120 萬美元，同比增長 1520 萬美元，即 48%。比較銷售成本增加的 30 萬美元。 （多名發言者）今年前 9 個月，該收入的增量利潤率為 98%，進一步驗證了我們在核心圖像和分析服務業務中的強大營運槓桿。這是推動我們調整後的 EBITDA 改善以及我們預期如何有效擴展業務並實現盈利的關鍵因素。

Let's move to slide 14 and talk about operating expenses. For this discussion, I will refer to cash operating expenses, which excludes stock-based compensation, and depreciation, and amortization expenses. This approach enables us to more effectively compare our year-over-year costs for the business without the impact from non-cash items.

讓我們轉到投影片 14，討論營運費用。在本次討論中，我將提及現金營運費用，其中不包括股票薪資、折舊和攤提費用。這種方法使我們能夠更有效地比較業務的同比成本，而不受非現金項目的影響。

For the third quarter of 2023, cash operating expenses were $15.4 million compared to $16.1 million in Q3 of last year. The year over year decrease in cash operating expenses of $700,000 or 4%, was primarily driven by reductions in general corporate costs, including insurance premiums, rent expense, and professional fees that more than offset investments in our go-to-market initiatives. We remain highly focused on managing our costs responsibly, which is another key factor driving our improving adjusted EBITDA performance.

2023 年第三季度，現金營運支出為 1,540 萬美元，而去年第三季為 1,610 萬美元。現金營運支出較去年減少 70 萬美元或 4%，主要是由於一般企業成本的減少，包括保險費、租金費用和專業費用，這些成本遠遠抵消了我們在市場推廣計劃中的投資。我們仍然高度重視負責任地管理成本，這是推動我們提高調整後 EBITDA 績效的另一個關鍵因素。

Turning to slide 15, for the third quarter of 2023, we reported an adjusted EBITDA loss of roughly $400,000 or essentially breakeven. This is a 93% year-over-year improvement over the $6.6 million loss in the prior year period and was primarily driven by a few key factors.

轉向投影片 15，我們報告 2023 年第三季的調整後 EBITDA 損失約為 40 萬美元，或基本實現損益平衡。與去年同期 660 萬美元的虧損相比，這一數字同比改善了 93%，這主要是由幾個關鍵因素推動的。

First, strong revenue growth driven by increased customer demand worldwide. Second, high incremental contribution margins in our imagery and analytics services business, as well as higher professional services revenue with better margins from new programs this year that also contributed to increased gross profits. And third, prudent cost management. We're very pleased with the adjusted EBITDA performance in the third quarter.

首先，全球客戶需求增加推動營收強勁成長。其次，我們的圖像和分析服務業務的增量貢獻率很高，以及專業服務收入更高，今年新項目的利潤率更高，這也促進了毛利的增加。第三，審慎的成本管理。我們對第三季調整後的 EBITDA 表現非常滿意。

And these results give us further confidence that we will achieve our goal of realizing positive adjusted EBITDA in Q4. As you will note, we are also reporting a positive net income for the quarter of $675,000. The primary driver for the positive net income was the accounting treatment of our warrant liability exposure. If you net warrant gains and losses out, our quarterly net loss in Q3 2023 was a $3.9 million improvement over the net loss in Q3 2022.

這些結果讓我們更有信心實現第四季實現正向調整 EBITDA 的目標。正如您將注意到的，我們還報告了該季度 675,000 美元的正淨利潤。淨利潤為正的主要驅動因素是我們的認股權證責任風險敞口的會計處理。如果扣除認股權證淨損益，我們 2023 年第三季的季度淨虧損比 2022 年第三季的淨虧損減少了 390 萬美元。

Moving on to our balance sheet, we ended the third quarter of 2023 with $51.5 million of cash, restricted cash, and short-term investments. Our capital expenditures in the third quarter of 2023 were $7.5 million, which is down about $5 million from Q2 this year due to the timing of some payments on our Gen-3 satellites.

轉到我們的資產負債表，截至 2023 年第三季末，我們擁有 5,150 萬美元的現金、限制性現金和短期投資。我們 2023 年第三季的資本支出為 750 萬美元，比今年第二季減少約 500 萬美元，原因是我們的第三代衛星的部分付款時間安排不當。

As you know, the timing of our CapEx spend can be lumpy from quarter to quarter and is more milestone driven than timeline driven. This brings our total CapEx spend for the first nine months of this year to $35.9 million. With a cash balance of over $51 million, prudent cost management, and our drive to profitable adjusted EBITDA, we believe we have sufficient cash and liquidity to meet our needs for the foreseeable future.

如您所知，我們每季的資本支出支出時間可能會很不穩定，而且更多的是由里程碑驅動而不是時間表驅動。這使得我們今年前 9 個月的資本支出總額達到 3,590 萬美元。憑藉超過 5,100 萬美元的現金餘額、審慎的成本管理以及我​​們對盈利調整後 EBITDA 的追求，我們相信我們有足夠的現金和流動性來滿足我們在可預見的未來的需求。

Now let's move on to our 2023 outlook as shown on slide 16. As I mentioned earlier, we had a strong adjusted EBITDA performance in Q3, achieving nearly breakeven as a result of our double-digit revenue growth and consistent operating leverage in our business. With continuing revenue growth and a laser focus on responsible cost management, we remain on track to achieve positive adjusted EBITDA in Q4 of this year.

現在讓我們繼續展望2023 年的前景，如幻燈片16 所示。正如我之前提到的，我們在第三季度的調整後EBITDA 表現強勁，由於我們兩位數的收入增長和業務中持續的運營槓桿，幾乎實現了損益平衡。隨著營收的持續成長和對負責任成本管理的高度重視，我們仍有望在今年第四季實現正調整後的 EBITDA。

On revenue, there is some degree of uncertainty surrounding the timing of revenue from expected new contracts, which may include large initial deliveries. Considering this variability, we are narrowing the range of our 2023 revenue outlook to be between $84 million and $90 million. Even at the low end of this revenue range, we expect to achieve positive adjusted EBITDA in Q4 this year.

在收入方面，預期新合約的收入時間存在一定程度的不確定性，其中可能包括大量初始交付。考慮到這種可變性，我們將 2023 年收入前景的範圍縮小到 8,400 萬美元至 9,000 萬美元之間。即使處於該營收範圍的低端，我們預計今年第四季也將實現正調整後 EBITDA。

For capital expenditures, we are raising our expectation for 2023 spend to be between $48 million and $54 million. This increase is primarily related to the timing of milestone-based CapEx payments on our Gen-3 satellite constellation and launch downpayments initially anticipated for 2024.

對於資本支出，我們將 2023 年支出預期提高到 4,800 萬美元至 5,400 萬美元之間。這一增長主要與我們的第三代衛星星座基於里程碑的資本支出支付時間以及最初預計在 2024 年支付的發射首付款有關。

In summary, we're pleased with our financial performance in the third quarter and the progress we've made across our business.

總之，我們對第三季的財務表現以及我們在整個業務中的進展感到滿意。

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

現在，我將把它轉回給布萊恩做一些結束語。布萊恩？

Thank you, Henry. In closing, we're pleased with our third quarter results and the strong momentum we are continuing to experience across all aspects of our business.

謝謝你，亨利。最後，我們對第三季的業績以及我們在業務各個方面繼續經歷的強勁勢頭感到滿意。

Our focus on the global defense and intelligence market is paying dividends as we continue to capture new customers, grow existing accounts, and deliver new and innovative technology solutions to support the long-term needs of our customers. We are seeing a clear and growing demand for space-based intelligence, which is evidenced by our growing sales pipeline and conversion of that pipeline into sizable multi-year contract backlog.

我們對全球國防和情報市場的關注正在帶來紅利，因為我們不斷吸引新客戶、擴大現有客戶並提供新的創新技術解決方案來支援客戶的長期需求。我們看到對天基情報的需求明顯且不斷增長，我們不斷增長的銷售管道以及將該管道轉化為大量的多年期合約積壓就證明了這一點。

Our focused execution is delivering strong incremental revenue growth and when coupled with responsible cost management, enables us to achieve strong operating leverage in our business. This is clearly evidenced by our adjusted EBITDA performance in the third quarter and keeps us on track to achieve positive adjusted EBITDA in Q4.

我們專注的執行力帶來強勁的增量收入成長，再加上負責任的成本管理，使我們能夠在業務中實現強大的營運槓桿。我們在第三季調整後 EBITDA 的表現清楚地證明了這一點，並使我們有望在第四季度實現正調整 EBITDA。

At the same time, we continue to invest in expanding our AI capabilities and advancing our space architecture to deliver additional value to customers now and in the future. We look forward to a strong finish in the fourth quarter that will carry our momentum into 2024.

同時，我們繼續投資擴展我們的人工智慧能力並改進我們的空間架構，以便為現在和未來的客戶提供額外的價值。我們期待第四季度取得強勁業績，並將我們的勢頭帶入 2024 年。

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，現在我們將回答大家的問題。

(Operator Instructions) Jaeson Schmidt, Lake Street.

（操作員指示）Jaeson Schmidt，湖街。

Hey guys, thanks for taking my questions. I'm sorry if I missed it but do you guys give a backlog number?

嘿夥計們，謝謝你回答我的問題。如果我錯過了，我很抱歉，但是你們能提供積壓訂單數量嗎？

Jaeson, certainly thank you for joining the call. We will have that in our Q. And the backlog at the end of September 30, was about $252 million.

Jaeson，當然感謝您加入通話。我們將在問答中提及這一點。截至 9 月 30 日，積壓訂單約為 2.52 億美元。

Okay, perfect. And I know timing is always the wildcard here, but have you seen any order cancellations?

好的，完美。我知道時機始終是這裡的通配符，但您是否見過任何訂單取消？

No, it's just matter of timings.

不，這只是時間問題。

Got it. And then final one for me and I'll jump back into queue. The slight adjust adjustment to the midpoint of the full year outlook, is that being driven by one or two pushouts? Or is it just more broad-based across your customer base?

知道了。然後是我的最後一個，我會跳回隊列。全年展望中點的小幅調整，是由一兩次推出推動的嗎？或者它只是在您的客戶群中具有更廣泛的基礎？

Yeah, good morning, Jaeson. As I mentioned last quarter, we have a number of contracts that we're expecting to close and it's the timing of those contracts, and then the ramp of those revenues, which is driving our slight refinement of our guidance.

是的，早上好，傑森。正如我上個季度提到的，我們預計將完成許多合同，這些合同的時間安排以及這些收入的增長推動了我們對指導意見的略微完善。

Okay, understood. Thanks a lot, guys.

好的，明白了。非常感謝，夥計們。

Thanks, Jaeson.

謝謝，傑森。

Thanks, Jaeson.

謝謝，傑森。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey, thanks for taking our questions. First, on the professional services. Margin upside, is that something that we're going to see going forward? Do you expect it to normalize? How we think about that trajectory?

嘿，感謝您回答我們的問題。一是在專業服務上。利潤率上升，這是我們未來會看到的嗎？您預計它會正常化嗎？我們如何看待這個軌跡？

Thank you, Edison. Yeah, if you take a look at our professional services, as you may recall in the past, we were doing a lot of what we were calling funded R&D work, and which were contributing as well. So we are very fairly low margins, as we move more into this integration type support for these new products before they become a subscription-based services. Yes, we would expect to have a higher more commercial type margins on those.

謝謝你，愛迪生。是的，如果您看一下我們的專業服務，您可能還記得過去，我們做了很多我們所謂的資助研發工作，這些工作也做出了貢獻。因此，我們的利潤率非常低，因為在這些新產品成為基於訂閱的服務之前，我們更轉向對這些新產品的整合類型支援。是的，我們預期這些產品的商業類型利潤率會更高。

Okay. And then just high-level question on the I guess, closing of some of these big contracts. Can you maybe go over in these discussions with the various governments? Why it appears to be taking I guess, so long? Is it simply complexity, adoption curve or something? Just a little bit more color there would be helpful.

好的。然後是關於我想關閉其中一些大合約的高級問題。您能否回顧一下與各國政府的討論？我猜為什麼看起來要花這麼久？只是複雜性、採用曲線還是其他原因？只要多一點顏色就會有幫助。

Edison, I think there is a typically longer sales cycles with government customers. And that, as you can imagine, varies around the world. And as contracts get moved through their internal processes, sometimes they can take longer. But also, you're seeing in our business, once we establish those contracts, we're seeing incremental expansion of those on a regular basis. So it's usually the initial contracts that take longer. But once those are in place, it gives us very good visibility looking at -- looking forward.

愛迪生，我認為政府客戶的銷售週期通常較長。正如你可以想像的那樣，世界各地的情況各不相同。隨著合約通過其內部流程，有時可能需要更長的時間。而且，您在我們的業務中看到，一旦我們簽訂了這些合同，我們就會看到這些合約定期逐步擴展。因此，最初的合約通常需要更長的時間。但一旦這些到位，我們就能非常清楚地展望未來。

Got you. If I could sneak one more in. If I look at the implied 4Q guide, even at the midpoint, it's a pretty decent growth acceleration. Do we think the fourth quarter will represent kind of a more normalized pace of growth going forward? And if so I'm not trying to get guidance for next year, but is that something that you could see -- you could continue?

明白你了。如果我能再偷偷進去一下的話。如果我看一下隱含的第四季度指南，即使是在中點，這也是一個相當不錯的成長加速。我們是否認為第四季將代表未來更正常化的成長速度？如果是這樣，我不會試圖獲得明年的指導，但這是你可以看到的——你可以繼續嗎？

Well, I think Edison, as we've outlined in our revised outlook, we are expecting a very strong Q4 at the lower end of that guidance. We've secured the backlog to support that. And then we're anticipating some additional contracts that would contribute to -- I'll call non-subscription initial payments. But I think you'll also see that we typically have had very strong Q3 and Q3 -- Q4 performance, and we're delivering on that.

嗯，我認為愛迪生，正如我們在修訂後的展望中概述的那樣，我們預計第四季度將在該指導的下端表現非常強勁。我們已經確保了積壓工作來支持這一點。然後我們預計會簽訂一些額外的合同，這些合同將有助於——我將其稱為非訂閱初始付款。但我認為您也會看到，我們通常在第三季和第三季-第四季表現非常強勁，我們正在兌現這一目標。

Thank you.

謝謝。

Josh Sullivan, The Benchmark Co.

喬許·沙利文，基準公司

Okay, good morning.

好的，早安。

Morning, Josh.

早上好，喬許。

Just as far as the CapEx would be milestone driven. Anything we should note driving the milestone pushout this quarter? No supply chain or anything else worth noting?

就資本支出而言，這是里程碑驅動的。我們應該注意什麼來推動本季的里程碑推出？沒有供應鏈還是有什麼值得注意的地方？

Josh, I think you know, building a launching satellites just has typical variability as you move through that process. And that's being reflected in the timing of these milestone payments.

喬什，我想你知道，建造發射衛星在整個過程中具有典型的可變性。這反映在這些里程碑付款的時間上。

And then on the AI project, you mentioned tracking moving targets. Is that a resource heavy commitment or is that a capability where you can track a significant number of moving targets at one time.

然後在人工智慧專案中，您提到了追蹤移動目標。這是一項需要大量資源的投入，還是一種可以同時追蹤大量移動目標的功能。

It's all fully automated through AI and gets processed in our scalable cloud platform spectrum. And we're able to do that as part of our real time capability in our platform. So it scales pretty significantly across the world.

這一切都透過人工智慧完全自動化，並在我們的可擴展雲端平台範圍內進行處理。作為我們平台即時功能的一部分，我們能夠做到這一點。因此它在全球範圍內的規模相當大。

Got it. And then just one -- last one, just on EOCL. How has that ramped relative to your initial expectations?

知道了。然後只有一個——最後一個，就在 EOCL 上。與您最初的預期相比，情況如何？

It's right in line. As you'll recall, we're in year two, and they originally funded two years of subscription. And so we're on -- right on track with expectations. The IOC milestone on integrating with the commercial imagery and data architecture was a very big milestone, as that accelerates access to a much broader customer base within the US government than we were experiencing in the first part of the contract. So that program is progressing as we expected, and we're excited about this milestone. It's really important to the next phase of the program.

是對的。您可能還記得，我們​​已經進入第二年了，他們最初資助了兩年的訂閱。所以我們正處於預期的正軌上。國際奧委會在與商業影像和資料架構整合方面的里程碑是一個非常重要的里程碑，因為這加速了我們在美國政府內獲得比合約第一部分更廣泛的客戶群的速度。該計劃正在按我們的預期進行，我們對這一里程碑感到興奮。這對於該計劃的下一階段非常重要。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·李，克雷格·哈勒姆。

Great, thanks. And congrats guys on the progress to EBITDA, real good incremental margins here. A couple of questions for me. On the subscription component of the big Ministry of Defense win, understanding there's some variability there. But when does that the subscription part really start to layer in? That's my first question.

萬分感謝。祝賀大家在 EBITDA 上的進展，這裡的利潤增量確實不錯。有幾個問題問我。關於國防部大勝利的訂閱部分，我們理解其中存在一些可變性。但訂閱部分什麼時候會真正開始分層呢？這是我的第一個問題。

And the second was, Q4 kind of back to the expected progression because to go up roughly 50% sequentially being a possibility, based on what you see in the pipeline. I'm definitely curious to understand more about that, specifically on the imagery and software line that's been relatively flat here.

第二個是，第四季度有點回到了預期的進展，因為根據您在管道中看到的情況，連續上漲大約 50% 是可能的。我非常想了解更多相關信息，特別是這裡相對平坦的圖像和軟體產品線。

And I'm just wondering how much of that possible spike in Q4 do you think could fall in that imagery and software line? And I know you want to give precise guidance there, but at least a sense of the magnitude of it coming on imagery and software versus professional and engineering. Thanks.

我只是想知道您認為第四季度可能出現的峰值有多少可能屬於影像和軟體系列？我知道您想在那裡提供精確的指導，但至少要了解影像和軟體與專業和工程方面的重要性。謝謝。

Yeah, Jeff, I think the answers related to both questions. We typically see in the third and fourth quarter uptick in imagery and analytics subscription revenue tied to certain contracts. So we're -- to your question on our new Ministry of Defense contract or expansion of there -- of that, that's driving incremental revenue from imagery and analytics in the fourth quarter. And then as Henry outlined, we're also seeing a strong contribution from professional services for some of the larger programs we won earlier in the year.

是的，傑夫，我認為答案與這兩個問題有關。我們通常會看到與某些合約相關的圖像和分析訂閱收入在第三和第四季度有所上升。因此，對於您關於我們的新國防部合約或國防部擴張的問題，這正在推動第四季度影像和分析的收入增量。正如亨利所概述的，我們也看到專業服務為我們今年早些時候贏得的一些大型專案做出了巨大貢獻。

Okay. Thank you.

好的。謝謝。

Greg Mesniaeff, WestPark Capital.

Greg Mesniaeff，西園資本。

Yes, thank you for taking my question. When you look at some of your most recent contracts, can you comment on any changes in terms that you're seeing any trends, in other words, timelines and the kind of deliverables that customers are asking for? Thanks.

是的，謝謝您回答我的問題。當您查看最近的一些合約時，您能否評論一下您所看到的趨勢方面的任何變化，換句話說，時間表和客戶要求的可交付成果類型？謝謝。

Hey, good morning, Greg. Yeah, we're not seeing anything change relative to the -- with the kind of capability that customers are interested in getting from BlackSky. As you recall, our high-frequency monitoring and analytic capability is unique in the market. And customers are looking to secure that capability, especially in a supply-constrained market.

嘿，早上好，格雷格。是的，我們沒有看到任何與客戶有興趣從 BlackSky 獲得的功能相關的變化。您還記得，我們​​的高頻監控和分析能力在市場上是獨一無二的。客戶正在尋求獲得這種能力，尤其是在供應有限的市場中。

So we have been highly focused on new customers, particularly in the international defense and intelligence sector. And those customers are buying our baseline set of services around the types of consistent pricing, which is enabling us to drive this high margin element of our business.

因此，我們一直高度關注新客戶，特別是在國際國防和情報領域。這些客戶正在購買我們圍繞一致定價類型的基準服務，這使我們能夠推動業務的高利潤要素。

Thank you.

謝謝。

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

（操作員指示）Griffin Boss，B. Riley Securities。

Hi. Thank you for taking my questions, appreciate it. I just wanted to jump back to a question that Edison asked earlier on the professional and engineering services. That strong 45% margin is really nice to see. I'm just curious if you could elaborate your expectations sort of going forward about the mix between imagery and analytics and then professional engineering services. Do you expect this to continue ramping the percentage of overall revenue?

你好。感謝您回答我的問題，非常感謝。我只是想跳回愛迪生早些時候提出的關於專業和工程服務的問題。 45% 的強勁利潤率確實令人高興。我只是好奇您是否可以詳細說明您對圖像和分析以及專業工程服務之間的組合的期望。您預計這會繼續提高佔總收入的百分比嗎？

Thanks, Griffin. I think we're anticipating a fairly consistent mix of continuing growth in imagery and analytics. There'll always be some element of professional services as part of our business, which includes integration of our capabilities into customer environments to drive subscription revenue. But also some of the R&D programs that we outlined, which are funding advanced technology capabilities for future type of services from the company. So we're going to continue to grow the imagery element of the business, but there will always remain some professional services.

謝謝，格里芬。我認為我們預計影像和分析的持續成長將保持相當一致的組合。作為我們業務的一部分，總是會有一些專業服務的元素，其中包括將我們的功能整合到客戶環境中以推動訂閱收入。還有我們概述的一些研發計劃，這些計劃正在為公司未來類型服務的先進技術能力提供資金。因此，我們將繼續發展業務的圖像元素，但總是會保留一些專業服務。

Got it. Okay, great. Thanks. Thanks, Brian. And then just jumping back to the critical integration milestone with the NRO. Can you elaborate at all, more quantitatively sort of the value that that milestone unlocks above the $72 million allocated to the first two years. Or I guess I mean, if you can't give a view on that, when might you expect the NRO to make an announcement for additional rounds of funding -- guaranteed funding?

知道了。好的，太好了。謝謝。謝謝，布萊恩。然後回到與 NRO 的關鍵整合里程碑。您能否更詳細地詳細說明這一里程碑在分配給前兩年的 7,200 萬美元之上釋放的價值。或者我想我的意思是，如果您不能對此發表看法，那麼您預計 NRO 何時會宣布額外幾輪資金——保證資金？

Well, as I mentioned, that was a significant milestone. And BlackSky was the first commercial provider to achieve that milestone and validate their new commercial provider architecture.

嗯，正如我所提到的，這是一個重要的里程碑。 BlackSky 是第一家實現此里程碑並驗證其新商業提供者架構的商業提供者。

What that means is, that streamlines the distribution of BlackSky imagery into US government systems. Which at the end of the day enables higher utilization and stronger demand. And so we're excited about getting to that point. We anticipate that in 2024, we will be working with NRO on the next phase of the EOCL subscription.

這意味著，這將簡化 BlackSky 圖像向美國政府系統的分發。最終，這將帶來更高的利用率和更強勁的需求。因此，我們很高興能達到這一點。我們預計，在 2024 年，我們將與 NRO 合作進行下一階段的 EOCL 認購。

Okay, got it. And then last one for me, if I could. Do you disclose the average length of contract represented under that $252 million backlog. Just trying to better understand sort of when that revenue is expected to be recognized.

好，知道了。如果可以的話，最後一張給我。您是否透露了 2.52 億美元積壓訂單中的平均合約期限？只是想更了解預計收入何時會得到確認。

No, we don't disclose that, but what you're seeing is a number of multi-year agreements. And different agreements have various elements of the timing. But Henry, do you want to add to that?

不，我們不會透露這一點，但您看到的是許多多年協議。不同的協議有不同的時間要素。但是亨利，你想補充嗎？

Sure. Griffin, when you see the Q that we'll file after close of business today. There is a breakdown of how much of that $252 we expect to receive this year, which is about $24 million. And then we have the -- the remainder is kind of about $52 million of that is in 2024, and the rest is 2025 and beyond.

當然。格里芬，當您看到我們將在今天下班後提交的問題時。我們預計今年將收到 252 美元中的多少，具體金額約為 2,400 萬美元。剩下的大約 5,200 萬美元是 2024 年的，其餘的則是 2025 年及以後的。

Got it. Great. That's super helpful. Thanks, again, appreciate it. Congrats on the progress.

知道了。偉大的。這非常有幫助。再次感謝，非常感謝。祝賀取得的進展。

Thanks.

謝謝。

[B Pernali], Quality Analytics.

[B Perali]，品質分析。

Hi, everyone. I have two questions. (inaudible) And is there any plan in motion for diversification on the customer side? Also can share some light on the nature of your relationship with (inaudible) And how it progress?

大家好。我有兩個問題。 （聽不清楚）客戶方面是否有任何多元化計劃？也可以分享一些關於您與（聽不清楚）關係的性質的資訊以及它是如何進展的？

Could you repeat the first part of your question, please? We're having a hard time hearing you.

您能重複問題的第一部分嗎？我們很難聽到你的聲音。

Yeah. So it was about the announcement of the commercial deals with Synmax and Spire this year. So how has the commercial space evolved for BlackSky? And is there any plan in motion for diversification on the commercial front?

是的。這是關於今年宣布與 Synmax 和 Spire 達成商業交易的消息。那麼 BlackSky 的商業空間是如何演變的呢？商業方面是否有任何多元化計劃？

Yeah, thank you. Yeah, we are continuing to work with Spire. We're seeing quite a bit of interest in the market for Maritime Domain Awareness Solutions. So combining Spire's capability to track ships with their constellation, with our ability to provide high frequency monitoring is a significant value proposition on the commercial side of that. We are working with Spire and other partners to bring that capability to market through different channels.

是的，謝謝。是的，我們正在繼續與 Spire 合作。我們看到市場對海事領域感知解決方案非常感興趣。因此，將 Spire 追蹤船舶及其星座的能力與我們提供高頻監控的能力相結合，在商業方面是一個重要的價值主張。我們正在與 Spire 和其他合作夥伴合作，透過不同的管道將該功能推向市場。

Okay, that helps. And my last question is actually about Gen-3 launch. (inaudible) anyway affected the BlackSky Gen-3 timeline? Or is it still on track?

好的，這有幫助。我的最後一個問題實際上是關於第三代的發布。 （聽不清楚）是否影響了 BlackSky Gen-3 的時間軸？或者說它仍然在正軌上嗎？

Gen-3 remains on track as we've outlined. As we mentioned earlier, we signed a multi-year agreement with Rocket Lab. Rocket lab has been a very good partner with us, and we've been with them on -- with events and things like this before. So we're confident they're going to get to root cause. And we don't see any impact to our launch plans next year.

正如我們所概述的，Gen-3 仍處於正軌。正如我們之前提到的，我們與 Rocket Lab 簽署了多年協議。火箭實驗室一直是我們非常好的合作夥伴，我們以前也曾與他們合作過類似的活動和事情。所以我們相信他們會找到根本原因。我們認為明年的發布計劃不會受到任何影響。

Okay, perfect. Thanks so much, Brian.

好的，完美。非常感謝，布萊恩。

Thank you.

謝謝。

And 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.

而此時，已經沒有其他問題了。我會將其轉回 BlackSky 投資者關係副總裁 Aly Bonilla。繼續吧，艾麗。

Alright, I want to thank everybody for joining us on the call this morning. We will be participating in several upcoming investor conferences over the next several weeks, and we hope to see you at one of these. We look forward to speaking to you again soon. Have a great day.

好的，我要感謝大家今天早上加入我們的電話會議。我們將在接下來的幾週內參加幾場即將舉行的投資者會議，我們希望在其中一場比賽中見到您。我們期待很快再次與您交談。祝你有美好的一天。

That concludes today's teleconference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。