Blacksky Technology Inc (BKSY) 2023 Q4 法說會逐字稿

And yes, good morning, ladies and gentlemen, and welcome to Black Sky Technologies Fourth Quarter 2023 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session to ask a question. You may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note that this conference call is being recorded. I would now like to turn the call over to Ali Bonita, black skies, Vice President of Investor Relations. Please go ahead.

是的，早安，女士們、先生們，歡迎參加 Black Sky Technologies 2023 年第四季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言結束後，將進行問答環節。您可以按按鍵式電話上的星號，然後按一個。若要撤回您的問題，請按星號然後按兩顆。請注意，本次電話會議正在錄音中。現在我想將電話轉給投資者關係副總裁黑色天空阿里·博尼塔 (Ali Bonita)。請繼續。

Ali.

阿里.

Good morning and thank you for joining us today. I'm joined by our Chief Executive Officer, Brian O'Toole, our Chief Financial Officer, Henry Wallace. On today's call, Brian will provide some highlights on the quarter and give a strategic update on the business, and we will then review the company's fourth quarter and full year financial results and outlook for 2024 Following our prepared remarks, we will open the line for your questions.

早安，感謝您今天加入我們。我們的執行長布萊恩·奧圖爾 (Brian O'Toole) 和財務長亨利·華萊士 (Henry Wallace) 也加入了我的行列。在今天的電話會議上，布萊恩將提供本季度的一些要點，並提供有關業務的戰略更新，然後我們將回顧公司第四季度和全年的財務業績以及2024 年的展望。在我們準備好的講話之後，我們將開通以下電話：你的問題。

A replay of this conference call will be available from approximately 12.30 p.m. Eastern Time today through March 13th, 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 w. w. w. dot black Sky.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.

本次電話會議的重播將於中午 12.30 左右開始播放。東部時間今天至 3 月 13 日，可在今天的新聞稿中找到觀看重播的資訊。此外，本次財報電話會議的網路廣播將在我們網站的投資者關係部分提供，網址為：w。 w。 w。黑色點 Sky.com。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報告，您可以使用該報告來了解我們準備好的評論。

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 2024 are forward-looking statements. Actual results may differ materially as these statements are based on our current expectations as of today and are subject to risks and uncertainties, including those stated in our Form 10 K. 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 and that may affect future results or the market price of our stock. Black Sky assumes no obligation to update forward-looking statements, except as may be required by applicable law.

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 2024 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Form 10 K 中所述的風險和不確定性。我們鼓勵您查看我們的新聞稿Form 10 K 和其他最近向SEC 提交的文件全面討論與這些陳述相關的風險和不確定性，這些風險和不確定性可能會影響未來的結果或我們股票的市場價格。黑天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, the 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. At this point I'll turn the call over to Brian O'Toole.

此外，在今天的電話會議上，我們將提及某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的影像和軟體分析服務、銷售成本和現金營運費用，以及這些非 GAAP 財務指標與其最類似的公認會計原則衡量標準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。此時我會將電話轉給布萊恩·奧圖爾。

Bryan?

布萊恩？

Thanks, Sally, and good morning, everyone. Thank you for joining us on today's call. Beginning with Slide 3. I'm pleased to report that 2023 was an exceptional year for Black Sky with strong and growing demand for our space-based intelligence solutions. We executed across all aspects of our business and delivered strong operating results against our major goals for 2023.

謝謝莎莉，大家早安。感謝您參加今天的電話會議。從投影片 3 開始。我很高興地向大家報告，2023 年對 Black Sky 來說是不平凡的一年，對我們的天基情報解決方案的需求強勁且不斷增長。我們執行了業務的各個方面，並根據 2023 年的主要目標實現了強勁的經營業績。

Here are some of the highlights. First, for the full year 2023, we achieved record revenues of over 94 million a 45% growth over 2022. We had an exceptionally strong fourth quarter that delivered revenues over $35 million, an 83% increase over the prior year quarter. This was driven by strong quarter over quarter growth in our imagery and analytics revenues and progress toward deliverables on the recently awarded contract for the government of Indonesia.

這兒是一些精彩片段。首先，2023 年全年，我們實現了超過 9,400 萬美元的創紀錄收入，比 2022 年成長 45%。我們第四季的業績異常強勁，營收超過 3,500 萬美元，比去年同期成長 83%。這是由於我們的圖像和分析收入逐季強勁增長以及最近與印尼政府簽訂的合約交付成果的進展所推動的。

Second in 2023, we closed over 265 million in contracted bookings, including over 55 million of new contracts and renewal agreements in Q4. The majority of these bookings came from international customers, reflecting the growing demand from customers around the world for our current and future space-based intelligence solutions.

其次，2023 年，我們完成了超過 2.65 億份合約預訂，其中第四季的新合約和續約協議超過 5,500 萬份。這些預訂大部分來自國際客戶，反映出世界各地的客戶對我們當前和未來的天基情報解決方案不斷增長的需求。

Third, with these key wins, we increased our year end contracted backlog to over 260 million, providing strong out-year revenue visibility from an expanding anchor customer base that has signed long-term multiyear commitments.

第三，憑藉這些關鍵勝利，我們將年底合約積壓訂單增加到超過 2.6 億，透過簽署長期多年承諾的不斷擴大的主力客戶群提供了強大的年外收入可見性。

Fourth, we successfully delivered positive adjusted EBITDA of over $9 million in Q4, achieving one of our major objectives for 2023. In fact, for the full year, we were nearly adjusted EBITDA breakeven. This significant operating achievement is attributed to the combination of strong revenue growth of our high-margin imagery and analytics services. Our focus on disciplined cost management, continued streamlining of our operations and the strong operating leverage of our business model. This strong execution is anchored by the hard work and dedication of our team who worked tirelessly to meet our customer commitments through the delivery of timely and reliable intelligence that our customers rely on every day for critical decision making black Sky dynamic hourly monitoring capabilities are becoming an essential capability for customers around the world. As evidenced by a strong and growing sales pipeline and the continued growth of our customer base, which increased by over 50% last year. Demand remains high for our current high-frequency imagery and analytics services as new customers adopt these capabilities as part of their day-to-day operations and existing customers expand their commitments through long term multiyear subscription contracts. We are seeing strong demand for our Gen three capabilities as these advanced satellites are now in production and on track for launch this year. The unique combination of high frequency hourly monitoring with very high resolution imagery and advanced AI enabled analytics offers customers with unprecedented real-time space-based intelligence. The ability to see understand and act first is critical to strategic advantage and the rapid advancements of black Sky's commercial space technology now offer solutions to support growing national security and economic development imperatives of governments around the world.

第四，我們在第四季度成功實現了超過 900 萬美元的正向調整 EBITDA，實現了我們 2023 年的主要目標之一。事實上，全年調整後的 EBITDA 幾乎達到損益兩平。這項重大的經營成就歸功於我們高利潤的圖像和分析服務的強勁收入成長。我們專注於嚴格的成本管理、持續精簡我們的營運以及我們業務模式的強大營運槓桿。這種強大的執行力是以我們團隊的辛勤工作和奉獻精神為基礎的，他們孜孜不倦地工作，透過提供及時可靠的情報來履行我們的客戶承諾，我們的客戶每天都依賴這些情報來做出關鍵決策。世界各地客戶的基本能力。強勁且不斷成長的銷售管道以及我們客戶群的持續成長證明了這一點，去年客戶群成長了 50% 以上。對我們目前的高頻影像和分析服務的需求仍然很高，因為新客戶將這些功能作為其日常營運的一部分，而現有客戶透過長期多年訂閱合約擴大了他們的承諾。我們看到對第三代能力的強勁需求，因為這些先進的衛星現已投入生產並預計在今年發射。高頻每小時監控與超高解析度影像和先進的人工智慧分析的獨特組合為客戶提供了前所未有的即時天基智慧。先見之明、先行行動的能力對於戰略優勢至關重要，黑天商業航太技術的快速進步現在為支持世界各國政府日益增長的國家安全和經濟發展需求提供了解決方案。

2023 was another strong year of focused execution and another major step forward in the growth of our business, which has us well positioned to address this large and growing market opportunity.

2023 年是我們重點執行的又一個強勁的一年，也是我們業務成長的又一大進步，這使我們能夠很好地應對這一巨大且不斷增長的市場機會。

The operational achievements of 2023 have us on a path toward long-term profitable growth and demonstrate our commitment building shareholder value.

2023 年的營運成就使我們走上了長期獲利成長的道路，並體現了我們建構股東價值的承諾。

I would now like to share some operational highlights from the quarter. Turning to Slide 4. We're continuing to see global demand for Black skies products and services remain very strong around the world, especially in markets where governments are increasing their investments and accelerating programs to acquire space-based intelligence capabilities. This increased demand is driven by geopolitical economic and national security concerns. The governments around the world are facing now more than ever. Our decision to focus and invest on this growing market opportunity is now paying off, as is evidenced by the capture of large multiyear contracts with long-term anchor customers. In 2023, these wins totaled over 240 million. In fact, during the past year, the revenue contribution from our international business grew from 17% in 2022 to now over 37%. This past year as we are successfully building out a diverse global customer base. Earlier in the year, we won a contract valued at over 150 million with a major international Ministry of Defense. This multiyear subscription contract is a long-term commitment for our next generation of real-time monitoring and AI enabled analytic services for space-based tactical operations. We are currently underway in the development phase of this contract and look forward to entering into the subscription phase of the contract as our Gen three satellites come online, this customer is already under a multiyear subscription contract for imagery and analytics services from our current gen two constellation. In Q2 of last year, we were awarded a $30 million contract renewal with another major international defense customer. This multiyear renewal agreement expanded our existing contract threefold over the prior year contract and demonstrates the customers' long-term commitment to secure assured access to our high-frequency monitoring and analytics capabilities. This is another validation that our land and expand strategy is working. In the fourth quarter, we signed multiyear contracts valued at about $50 million to deliver subscription based imagery and analytics and advanced Gen three space and ground capabilities to the Indonesian government in support of their long-term plans to build sovereign space capabilities. I'll share more details on this contract win in a few minutes.

我現在想分享本季的一些營運亮點。轉到投影片 4。我們繼續看到全球對黑色天空產品和服務的需求仍然非常強勁，特別是在政府增加投資並加速獲取天基情報能力的項目的市場。這種需求的增加是由地緣政治經濟和國家安全擔憂所推動的。世界各國政府現在面臨的挑戰比以往任何時候都更加嚴峻。我們專注並投資於這一不斷增長的市場機會的決定現已得到回報，與長期主力客戶簽訂的大型多年期合約就證明了這一點。2023 年，這些勝利總計超過 2.4 億。事實上，在過去的一年裡，我們國際業務的營收貢獻從2022年的17%成長到現在的37%以上。去年，我們成功建立了多元化的全球客戶群。今年早些時候，我們與一家主要的國際國防部簽訂了一份價值超過 1.5 億美元的合約。這份多年訂閱合約是我們對下一代天基戰術行動即時監控和人工智慧分析服務的長期承諾。我們目前正處於該合約的開發階段，並期待隨著我們的第三代衛星上線而進入合約的訂閱階段，該客戶已經簽訂了我們當前第二代衛星的圖像和分析服務的多年訂閱合約星座。去年第二季度，我們與另一家主要國際防務客戶簽訂了價值 3,000 萬美元的續約合約。這項多年期續約協議將我們現有的合約比上一年的合約擴大了三倍，並表明了客戶對確保獲得我們的高頻監控和分析功能的長期承諾。這是我們的土地和擴張策略正在發揮作用的另一個驗證。在第四季度，我們簽署了價值約 5000 萬美元的多年期合同，向印尼政府提供基於訂閱的圖像和分析以及先進的第三代太空和地面能力，以支持他們建立主權太空能力的長期計劃。幾分鐘後我將分享更多有關贏得合約的細節。

Also, in 2023, we've secured a number of new customers that are now in the initial phases of using our high-frequency monitoring and analytics services as these customers integrate our services into their day-to-day operations. We expect these services will expand over time, growing these relationships into long-term anchor customers.

此外，到 2023 年，我們已經獲得了許多新客戶，這些客戶目前正處於使用我們的高頻監控和分析服務的初始階段，因為這些客戶將我們的服務整合到他們的日常營運中。我們預計這些服務將隨著時間的推移而擴展，將這些關係發展成為長期的錨定客戶。

To 2023, we successfully grew our international customer base by 50% and are proud to be providing them with advanced intelligence solutions now and in the future.

到 2023 年，我們的國際客戶群成功成長了 50%，並很自豪能夠為他們現在和未來提供先進的智慧解決方案。

Moving to Slide 5. Our international success illustrates that space is now and will be an essential element of national defense and long-term economic development for governments around the world. We are in an era today where speed to Insight matters. Key government decision makers require up to the minute information to secure their home lands and protect their economic interests. The ability to see understand and act first provides a strategic advantage, an advantage that can now be achieved through the rapid advancements of commercial space technology. We are delivering these advanced capabilities through a new adoption and acquisition model whereby customers no longer need to invest billions of dollars or wait five to 10 years to establish and build operational space capabilities through our software.

轉到投影片 5。我們在國際上的成功表明，太空現在和將來都是世界各國政府國防和長期經濟發展的重要組成部分。我們所處的時代，洞察力的速度至關重要。政府主要決策者需要最新的資訊來保護他們的家園並保護他們的經濟利益。先睹為快並採取行動的能力提供了戰略優勢，現在可以透過商業航太技術的快速進步來實現。我們透過新的採用和收購模式提供這些先進的功能，客戶不再需要投資數十億美元或等待五到十年才能透過我們的軟體建立和建構作戰空間功能。

First strategy, we've lowered the barrier to entry for customers looking to immediately access and rapidly expand our space-based intelligence capabilities. An example of this strategy in action is our recently announced contracts for approximately $50 million supporting the Indonesian Ministry of Defense with their efforts to develop and accelerate sovereign based space capabilities. The Indonesian government is looking to modernize their satellite infrastructure to address defense, national security and other economic needs. This holistic approach enables sovereign nations to easily take advantage of and receive real-time intelligence using our software first AI approach, while also providing a platform they can use to build their sovereign capabilities over time through these recently won contracts, the Indonesian government will receive immediate and guaranteed access to our high-frequency imagery and real-time AI-driven analytics utilizing our Gen two satellite constellation and our Spectra software platform. These subscription based services will provide them with early intelligence, surveillance and reconnaissance capabilities over their area of interest. In fact, in less than 30 days from signing the contracts we had a black Sky Team in Indonesia were actively training personnel and teaching them how to task our constellation and access our AI-enabled services and are now actively using our platform. In addition to providing the Indonesian MOD with a short subscription-based services, our contracts provide for the delivery of Gen three satellites, advanced ground station capabilities and flight operations support over the next few years. These 10 three commercial satellites, which will go up, which will provide very high resolution 35 centimeter imagery for the integrated into the customer's environment and are expected to be part of Indonesians defense satellite system as the government develops its capabilities over time.

第一個策略是，我們降低了希望立即存取並快速擴展我們的天基情報能力的客戶的准入門檻。這項策略的一個實際例子是我們最近宣布的價值約 5000 萬美元的合同，支持印尼國防部發展和加速基於主權的太空能力。印尼政府正在尋求對其衛星基礎設施進行現代化改造，以滿足國防、國家安全和其他經濟需求。這種整體方法使主權國家能夠使用我們的軟體優先人工智慧方法輕鬆利用和接收即時情報，同時還提供一個平台，他們可以透過這些最近贏得的合約隨著時間的推移建立主權能力，印尼政府將收到利用我們的第二代衛星星座和 Spectra 軟體平台，立即且有保障地存取我們的高頻影像和即時人工智慧驅動的分析。這些基於訂閱的服務將為他們提供對其感興趣區域的早期情報、監視和偵察能力。事實上，在簽訂合約後不到30 天的時間裡，我們在印尼的黑色天空團隊正在積極培訓人員，教他們如何分配我們的星座任務並訪問我們的人工智慧服務，並且現在正在積極使用我們的平台。除了向印尼國防部提供短期訂閱服務外，我們的合約還規定在未來幾年內交付第三代衛星、先進的地面站功能和飛行營運支援。這10 顆三顆商業衛星將升空，將提供非常高解析度的35 公分影像，以便整合到客戶的環境中，隨著政府隨著時間的推移發展其能力，預計將成為印尼國防衛星系統的一部分。

Moving on to Slide 6. During 2023, we continue to see strong growth from the U.S. government, driven by the government's adoption of black skies, high-frequency imagery monitoring and advanced AI government winning many new contracts and expanding existing agreements with a number of defense and intelligence agencies. Many of these contracts are for access to our advanced AI capabilities as these customers are not just looking for static satellite imagery over certain locations, but have a need for information intelligence derived from Black skies, dynamic monitoring, object detection and other AI-driven capabilities.

轉到投影片 6。2023 年，我們將繼續看到美國政府的強勁增長，這得益於政府採用黑色天空、高頻圖像監控和先進的人工智能技術，政府贏得了許多新合同，並擴大了與許多國防和情報機構的現有協議。其中許多合約都是為了使用我們先進的人工智慧功能，因為這些客戶不僅需要某些位置的靜態衛星圖像，還需要來自黑天、動態監控、物體偵測和其他人工智慧驅動功能的資訊情報。

Let me touch on a few of these wins and highlights during the year. First we continued strong execution on our EOCL. contract with the NRO as we continue to meet daily service requirements. And we're the first company to achieve integration with the government's commercial integration platform. This strong operating performance led to the expansion of our base subscription contract and the award of multiple studies for our advanced Gen three capabilities.

讓我談談這一年中的一些勝利和亮點。首先，我們繼續強而有力地執行我們的 EOCL。與 NRO 簽訂合同，繼續滿足日常服務要求。而且我們是第一家與政府商業整合平台實現整合的公司。這種強勁的營運業績導致我們的基礎訂閱合約擴展，並獲得了對我們先進的第三代功能的多項研究的獎勵。

Second, we continued to receive multiple orders under the economic indicator monitoring or EIM. program with NGA. Throughout the course of this program, black Sky has delivered against a range of advanced AI enabled monitoring task orders, which has us well positioned to compete for the Luno contract, which is a 290 million multiyear follow-on program, which is expected to be awarded later this year.

其次，我們在經濟指標監測（EIM）下持續收到多個訂單。與 NGA 的計劃。在整個項目過程中，黑天已經交付了一系列先進的人工智慧監控任務訂單，這使我們能夠很好地競爭 Luno 合同，該合約是一項 2.9 億美元的多年後續項目，預計將在今年晚一些時候授予。

Third, we captured multiple contracts with various Department of Defense customers, leveraging our AI capabilities to demonstrate advanced tactical intelligence solutions in support of emerging mission requirements. A recent example is a new contract we won in the fourth quarter that will leverage our satellites multi frame collection capabilities. And when combined with advanced AI processing techniques, enable users to track moving target projects on the ground and discern activity patterns. And fourth, we continued to win additional contract awards with the intelligence Advanced Research Projects activity or IRP to deliver a high base broad area search capability, which I will discuss in more detail.

第三，我們與國防部的多個客戶簽訂了多份合同，利用我們的人工智慧功能展示先進的戰術情報解決方案，以支援新興的任務需求。最近的一個例子是我們在第四季度贏得的新合同，該合約將利用我們的衛星多幀收集能力。與先進的人工智慧處理技術相結合，使用戶能夠追蹤地面上的移動目標項目並辨別活動模式。第四，我們繼續透過情報高級研究計畫活動（IRP）贏得更多合同，以提供高基礎的廣域搜索能力，我將更詳細地討論這一點。

If you turn to slide 7, a major contract win in the fourth quarter. What's for the next phase of the IRP Smart program. This award is another example of how the U.S. government is leveraging black skies advanced AI capabilities in support of emerging mission needs and demonstrates how we're expanding our services within the US government beyond satellite imagery. This latest award brings total contracts awarded to black Sky under this program to over 10 million. We've been able to leverage this research and development funding to build a proprietary AI based performance platform.

如果你翻到投影片 7，第四季將贏得一份重大合約。IRP Smart 規劃下一階段的內容是什麼。該獎項是美國政府如何利用黑色天空先進的人工智慧功能來支援新興任務需求的另一個例子，並展示了我們如何將我們在美國政府內部的服務擴展到衛星圖像之外。這項最新合約使 Black Sky 在該計劃下獲得的合約總數超過 1000 萬份。我們已經能夠利用這筆研發資金來建構基於人工智慧的專有性能平台。

Second, power applications for searching the world for critical economic activities. Under this effort, black Sky was selected as the leading space-based AI. system for bringing speed and scalability to the broad area of search mission. For those who may not know, broad area search techniques were scanned large areas of the surface, help intelligence organization see dynamic changes and gain early insights into important activities. We are first to act advantages essential with our fully automated and scalable approach to AI processing and analytics customers can run data-intensive, broad area search queries more frequently and faster as compared to traditional solutions. Ca tools we built under the SMART program are now being leveraged by other U.S. government programs, helping them minimize the burden placed on geospatial analysts that traditionally had to manually monitor larger areas of interest. This technology enables users to increase their operational capabilities while reducing the need for additional resources. For example, the analysis of your regional multiyear imagery dataset would have taken an analyst months to process and analyze black Sky's broad area search platform. The analysis of imagery from any satellite provider can be accomplished in just a few hours at a fraction of the cost and time. This is another example demonstrating how black Sky's AI-driven analytics are driving greater insights and intelligence to a diverse group of government agents.

其次，為在世界各地搜尋關鍵經濟活動提供動力。在這項努力下，黑天被選為領先的天基人工智慧。系統為廣泛的搜尋任務領域帶來速度和可擴展性。對於那些可能不知道的人來說，大面積搜尋技術可以掃描大面積的表面，幫助情報組織看到動態變化並儘早洞察重要活動。我們首先利用完全自動化和可擴展的人工智慧處理和分析方法發揮重要優勢，與傳統解決方案相比，客戶可以更頻繁、更快地運行資料密集、大範圍搜尋查詢。我們在 SMART 計畫下建構的 CA 工具現在正被其他美國政府計畫所利用，幫助他們最大限度地減輕地理空間分析師的負擔，這些分析師傳統上必須手動監控更大的興趣區域。該技術使用戶能夠提高其營運能力，同時減少對額外資源的需求。例如，對區域多年影像資料集的分析需要分析師花費數月的時間來處理和分析 Black Sky 的大區域搜尋平台。對任何衛星提供者提供的圖像的分析都可以在短短幾個小時內完成，而成本和時間只是其一小部分。這是另一個例子，展示了 black Sky 的人工智慧驅動分析如何為不同的政府特工群體帶來更深入的見解和情報。

Moving to Slide 8. We continue to make significant progress on our Gen three satellite program. Our first gen three satellites are currently in the integration phase and are being assembled on the production line. We are now ramping production and remain on track to begin launching Gen3 satellites later this year. We will provide more details on the timing of upcoming launches as we get closer to those dates.

轉到投影片 8。我們的第三代衛星計畫繼續取得重大進展。我們的第一代三號衛星目前處於整合階段，正在生產線上組裝。我們現在正在提高產量，並預計今年稍後開始發射第三代衛星。隨著日期的臨近，我們將提供有關即將推出的時間的更多詳細資訊。

As a reminder, to support our Gen three deployment plan we entered into an agreement last year with Rocket lab to secure a number of dedicated launches. This agreement secured the near term capacity we need to begin to support our Gen3 Constellation deployment plan. Many of our new contract wins include access to Gen three capacity and capabilities, demonstrating the strong demand we are experiencing for this next evolution of our constellation. We are excited about our progress and the capabilities of these new satellites you bring to market.

提醒一下，為了支援我們的第三代部署計劃，我們去年與 Rocket 實驗室簽訂了一項協議，以確保進行多次專門的發射。該協議確保了我們開始支援 Gen3 Constellation 部署計劃所需的近期容量。我們贏得的許多新合約都包括獲得第三代容量和能力，這表明我們對我們星座的下一個演進的強烈需求。我們對我們的進展以及您推向市場的這些新衛星的功能感到興奮。

In summary, we're pleased with the strong operational and financial performance that we delivered in 2023, highlighted by record revenues in both Q4 and the full year. Strong operating leverage, significant backlog and positive adjusted EBITDA in the fourth quarter.

總而言之，我們對 2023 年實現的強勁營運和財務業績感到滿意，特別是第四季度和全年創紀錄的收入。強勁的營運槓桿、大量積壓訂單以及第四季度正調整後的 EBITDA。

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

我現在將把它交給亨利，讓他更詳細地查看季度和全年的財務表現。

Henry?

亨利？

Thank you, Brian, and good morning, everyone. I too am pleased with our fourth quarter financial results ending the year on a high note as momentum for our space-based capabilities continues.

謝謝你，布萊恩，大家早安。我也對我們第四季度的財務表現在年底高調感到滿意，因為我們的天基能力的勢頭仍在繼續。

Beginning with slide 10. In Q4, our revenues were 35.5 million, driven by growth across the entire business and a new quarterly record for the Company. This was an increase of 16.1 million or 83% over the prior year quarter. Imagery and analytics revenue grew to 19 million in the quarter, an 18% increase over the prior year period, primarily driven by greater volumes of imagery delivered to new and existing U.S. and international government customers.

從投影片 10 開始。第四季度，在整個業務成長和公司季度新紀錄的推動下，我們的營收為 3,550 萬美元。這比去年同期增加了 1,610 萬，即 83%。本季圖像和分析收入增長至 1,900 萬張，比上年同期增長 18%，這主要是由於向新的和現有的美國和國際政府客戶提供了更多的圖像。

Professional & Engineering Services revenues increased to 16.5 million in the fourth quarter of 2023 compared to 3.3 million in Q4 of 2022, we recognized 7 million more revenue in Q4 than we had anticipated when we're making our final forecast due to the final terms and conditions of our Indonesian contracts.

專業與工程服務收入在2023 年第四季增至1,650 萬美元，而2022 年第四季為330 萬美元，我們確認第四季度的收入比我們根據最終條款和條件做出最終預測時的預期多了700 萬美元。我們印尼合約的條件。

Turning to slide 11, I'm happy to report that we successfully met our company's goal of reaching positive adjusted EBITDA in Q4. An accomplishment very few US-based companies have done on their first Constellation for the fourth quarter of 2023, we reported an adjusted EBITDA of 9.3 million, an improvement of 13.9 million from the prior year quarter. This year-over-year increase was primarily driven by strong revenue growth, margin improvement across our business and disciplined cost management. In fact, our Q4 SG&A costs, excluding stock-based compensation expense, were down 17% year over year on revenue growth of 83%. This result demonstrates our focus on managing cost effectively and streamlining operations. While we grow our business of the $9.3 million reported for adjusted EBITDA in Q4, approximately $6.5 million came from specific progress base revenue and operating expense savings, while the remainder came from our steady-state operations.

轉向投影片 11，我很高興地向大家報告，我們成功實現了公司在第四季度實現正調整 EBITDA 的目標。我們報告稱，調整後的 EBITDA 為 930 萬美元，比去年同期提高了 1,390 萬美元，這是美國公司在 2023 年第四季的第一個 Constellation 上取得的成就。這一同比增長主要是由強勁的收入成長、整個業務的利潤率改善以及嚴格的成本管理所推動的。事實上，我們第四季的 SG&A 成本（不包括股票薪資費用）年減了 17%，而營收則成長了 83%。這結果顯示我們專注於有效管理成本和簡化營運。雖然我們在第四季度調整後 EBITDA 的業務成長了 930 萬美元，但大約 650 萬美元來自特定進度基礎收入和營運費用節省，其餘部分來自我們的穩態營運。

Now let me provide some details on our full year financial results, starting with Slide 13. Following the strong revenue performance in Q4, we ended 2023 with revenue of 94.5 million, up 45% over 2022 and achieving another record year for the Company. Our significant revenue growth can be attributed to increased ordering from existing customers as well as services delivered to a number of new customers in 2023. Full year revenue increase demonstrates the growing demand we're seeing from customers around the world who are taking advantage of our unique and differentiated solutions.

現在讓我從投影片 13 開始提供有關我們全年財務表現的一些詳細資訊。繼第四季強勁的營收表現之後，我們到 2023 年末的營收達到 9,450 萬美元，比 2022 年成長 45%，再創公司歷史新高。我們收入的顯著增長可歸因於現有客戶的訂單增加以及 2023 年向許多新客戶提供的服務。全年收入的成長表明，我們看到世界各地的客戶對我們獨特且差異化的解決方案的需求不斷增長。

Turning to cost of sales, we continued to demonstrate strong operating leverage in our imagery and analytics business, as shown on Slide 14. Excluding stock-based compensation, depreciation and amortization expenses, imagery and analytics.

談到銷售成本，我們繼續在影像和分析業務中展現出強大的營運槓桿，如投影片 14 所示。不包括股票薪酬、折舊和攤提費用、圖像和分析。

Cost of sales for the full year 2023 was 13.6 million compared to 13.9 million in 2022. The decrease of $300,000 or 3% was primarily driven by cost savings in our satellite and software operations. As a result of these cost savings, the revenue increase of our imagery and analytics products in 2023 of $18 million was able to have a direct impact to the bottom line, contributing significantly to our adjusted EBITDA performance.

2023 年全年銷售成本為 1,360 萬歐元，而 2022 年為 1,390 萬歐元。減少 300,000 美元或 3% 主要是由於我們的衛星和軟體運營成本節省。由於這些成本節省，我們的圖像和分析產品的收入在 2023 年增加了 1800 萬美元，對淨利潤產生了直接影響，為我們調整後的 EBITDA 業績做出了重大貢獻。

Let's move to slide 15 and talk about cash operating expenses, which excludes stock-based compensation and depreciation and amortization expenses. For the full year 2023, cash operating expenses were 63.2 million, essentially in line with cash operating expenses in 2022 of 62.3 million. We continuously streamline our corporate expenses, for example, generate savings in insurance premiums, professional fees and rental expenses. So we can increase our investments in our go-to-market initiatives while keeping total costs roughly the same as the prior year. This performance demonstrates our disciplined approach to cost management while continuing to make key strategic investments across many areas of our business to support our growth objectives.

讓我們轉到第 15 張投影片，討論現金營運費用，其中不包括基於股票的薪酬以及折舊和攤提費用。2023年全年，現金營運支出為6,320萬美元，與2022年的現金營運支出6,230萬美元基本一致。我們不斷精簡公司開支，例如節省保險費、專業費用和租金開支。因此，我們可以增加對市場推廣計劃的投資，同時保持總成本與去年大致相同。這項績效證明了我們嚴格的成本管理方法，同時繼續在我們業務的許多領域進行關鍵策略投資，以支持我們的成長目標。

Our responsible cost management is another key contributor, driving our improving adjusted EBITDA performance.

我們負責任的成本管理是推動我們調整後 EBITDA 績效不斷提高的另一個關鍵因素。

Turning to slide 16, our full year 2023 adjusted EBITDA loss was 1.1 million compared to a loss of 29.5 million in 2022. This significant year-over-year improvement of 28.4 million was primarily driven by a few key factors. First, strong revenue growth. Second, improving margin performance across the entire business. And third, disciplined cost management that essentially held our annual cash expenses flat year over year. We're very pleased with the progress we've made in adjusted EBITDA last year and look forward to building on this strong performance in 2024.

轉向投影片 16，我們 2023 年全年調整後 EBITDA 損失為 110 萬美元，而 2022 年為 2950 萬美元。2840 萬人的年比大幅成長主要是由幾個關鍵因素推動的。首先，營收成長強勁。其次，提高整個業務的利潤率表現。第三，嚴格的成本管理基本上使我們的年度現金支出比去年同期持平。我們對去年調整後 EBITDA 的進展感到非常滿意，並期待在 2024 年在此基礎上再接再厲。

Moving on to our balance sheet. We ended 2023 with 53.1 million of cash, restricted cash and short-term investments. The increase in cash from the end of Q3 was primarily driven by the sale of our investment in cross boats for 9.5 million and the strong adjusted EBITDA performance in Q4, which helped offset general cash uses with 53 million of cash on our books, routine collection of our outstanding receivables vendor financing and continued adjusted EBITDA improvements. As expected, we believe we have sufficient cash and liquidity to meet our needs for the foreseeable future.

繼續我們的資產負債表。截至 2023 年末，我們擁有 5,310 萬現金、限制性現金和短期投資。第三季末現金的增加主要是由於我們以950 萬美元的價格出售了對Cross Boats 的投資，以及第四季度調整後的EBITDA 表現強勁，這有助於抵消一般現金使用，我們帳上的現金為5,300 萬美元，常規收集我們未償付的應收帳款供應商融資和持續調整的 EBITDA 改善。正如預期的那樣，我們相信我們有足夠的現金和流動性來滿足可預見的未來的需求。

Capital expenditures for the full year 2023 were 43.7 million, primarily associated with our Gen three satellite program and Spectra AI software development.

2023 年全年資本支出為 4,370 萬美元，主要與我們的第三代衛星計畫和 Spectra AI 軟體開發相關。

Now let's move on to our 2024 outlook. As shown on slide 17, we expect to continue the strong momentum of 2023 into 2024 as global demand for our space-based intelligence solutions continues to attract new customers while contracts with existing customers continue to expand. We are forecasting another strong year of execution across all aspects of our business, driven by first, continued revenue growth from new and existing customers. Second growing operating margins from continued growth in our high-margin imagery and analytic services. Third, continued disciplined cost management and streamlining of our operations and forth, sustaining and improving positive adjusted EBITDA throughout the year for 2024, we are forecasting full year revenues between 102 to 118 million. As in 2023. We are actively working on a significant number of qualified sales opportunities for major multi year new and expansion contracts, which we expect will continue to build backlog above year revenue to support our sustained long-term growth trajectory. We remain conscious of the uncertainty of the timing of these awards and the ramp of services to recognize revenue, particularly related to the award of new large government contracts such as what we experienced with Indonesia. If we were to normalize our 2023 revenue to account for the final terms and conditions and the Indonesian contract, as previously discussed, our 2024 revenue guidance would represent a more than 25% year-over-year growth on our business to the midpoint of our 2024 guidance range. We are also mindful of potential impacts of a continuing resolution of US defense budgets. These factors are reflected in our guidance range with continuing revenue growth and disciplined cost management. We anticipate full year adjusted EBITDA in 2024 to be between eight to 16 million. In addition, we expect capital expenditures for 2024 to be between 55 to 65 million primarily driven by investments in our Gen three satellites and AI software capabilities.

現在讓我們展望 2024 年。如投影片 17 所示，隨著全球對我們天基情報解決方案的需求持續吸引新客戶，同時與現有客戶的合約繼續擴大，我們預計 2023 年的強勁勢頭將延續到 2024 年。我們預計，在新客戶和現有客戶的持續收入成長的推動下，我們業務的各個方面將迎來另一個強勁的一年。其次，營業利潤的成長得益於我們高利潤圖像和分析服務的持續成長。第三，繼續嚴格的成本管理和精簡營運等，維持和改善 2024 年全年的正調整 EBITDA，我們預測全年收入在 102 至 1.18 億之間。就像 2023 年一樣。我們正在積極為主要的多年期新合約和擴建合約尋找大量合格的銷售機會，我們預計這些合約將繼續積壓在年度收入之上，以支持我們持續的長期成長軌跡。我們仍然意識到這些授予時間的不確定性以及確認收入的服務的增加，特別是與授予新的大型政府合約（例如我們與印尼的合約）相關的不確定性。如果我們將 2023 年的收入正常化，以考慮最終條款和條件以及印度尼西亞合同，如前所述，我們的 2024 年收入指導將代表我們的業務同比增長超過 25%，達到我們的中點。2024 年指導範圍。我們也注意到持續解決美國國防預算的潛在影響。這些因素反映在我們的指導範圍內，包括持續的收入成長和嚴格的成本管理。我們預計 2024 年全年調整後 EBITDA 將在 8 至 1,600 萬之間。此外，我們預計 2024 年的資本支出將在 5,500 至 6,500 萬美元之間，主要由對第三代衛星和人工智慧軟體能力的投資推動。

In summary, we're pleased with our financial performance in both the full quarter and full year 2023 we are proud to have delivered on our goal of positive adjusted EBITDA as this reflects a new level of operational performance and illustrates the leverage of our long-term business model. We look forward to carrying this strong momentum into 2024.

總之，我們對 2023 年整個季度和全年的財務業績感到滿意，我們很自豪能夠實現正調整 EBITDA 的目標，因為這反映了新的營運業績水平，並說明了我們長期的槓桿作用。商業模式。我們期待將這一強勁勢頭延續到 2024 年。

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 and closing 2023 was an exceptional year for Black Sky, and we're pleased with the strong execution and finish to the year leading to record revenues in both the quarter and full year and achieving a major company milestone of positive adjusted EBITDA. In Q4, we won over a quarter billion in new awards and expansion agreements and increased our contracted backlog, laying a solid foundation for recognizing future revenues. Demand for Black Sky space-based capabilities continues to increase, and we look forward to continuing to grow our global customer base in 2024 and beyond 2024 is expected to be another strong year of performance. As we continue to expand our leadership in space-based intelligence, we are set to deliver long-term profitable growth and drive value for our shareholders.

謝謝你，Henry，2023 年對Black Sky 來說是不平凡的一年，我們對這一年的強勁執行力和結束感到高興，這使得季度和全年收入都創紀錄，並實現了正調整EBITDA的公司重要里程碑。第四季度，我們贏得了超過 2.5 億美元的新合約和擴張協議，並增加了合約積壓訂單，為確認未來收入奠定了堅實的基礎。對 Black Sky 天基能力的需求持續增加，我們期待在 2024 年繼續擴大我們的全球客戶群，預計 2024 年以後將是另一個業績強勁的一年。隨著我們繼續擴大在天基情報領域的領先地位，我們將實現長期獲利成長並為股東創造價值。

Building on the key attributes of our business, we now have a first-of-its-kind real-time space and AI platform that is delivering a first to act advantage in support of critical national security and economic development imperatives around the world. This capability has been validated through long term contracts with the most important defense and intelligence agencies, both here and abroad. We're demonstrating and delivering a high growth revenue profile, building on a track record of a greater than 50% compound annual growth rate over the past few years. Our industry-leading technology and credentials have us well positioned to serve a large and expanding global market for space-based intelligence solutions. Our investments in advanced space and AI capabilities have us on track to launch next-generation satellites in 2020 for serving a large contract backlog and addressing significant customer demand. The strong operating leverage of our business model is delivering an attractive financial profile that is transitioning toward long-term profitable growth at attractive adjusted EBITDA margin performance.

基於我們業務的關鍵屬性，我們現在擁有同類首個即時空間和人工智慧平台，該平台可提供先行優勢，支援全球關鍵的國家安全和經濟發展需求。這種能力已透過與國內外最重要的國防和情報機構的長期合約得到驗證。我們正在展示並實現高成長的收入狀況，建立在過去幾年複合年增長率超過 50% 的記錄之上。我們領先業界的技術和資質使我們能夠為龐大且不斷擴大的天基情報解決方案全球市場提供服務。我們對先進太空和人工智慧能力的投資使我們預計在 2020 年發射下一代衛星，以滿足大量的訂單積壓並滿足重要的客戶需求。我們的業務模式強大的營運槓桿正在提供有吸引力的財務狀況，並以有吸引力的調整後 EBITDA 利潤率表現向長期盈利增長過渡。

And finally, our vertically integrated and fully operational space and software platforms are providing differentiated solutions in the market, while enabling a long-term competitive advantage. We believe our accomplishments in 2023 have set the stage for us to deliver another year of strong performance in 2024 and sets us on a path for long-term leadership in space-based intelligence. We look forward to another exceptional year.

最後，我們垂直整合且全面營運的空間和軟體平台在市場上提供差異化的解決方案，同時實現長期競爭優勢。我們相信，我們 2023 年的成就為我們在 2024 年再創強勁業績奠定了基礎，並為我們在天基情報領域的長期領導地位奠定了基礎。我們期待又一個不平凡的一年。

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。

Yes, thanks for taking my questions. I just wanted to start with the Indonesia contract. You noted that the terms and conditions of the contract really drove the Q4 outperformance. Was this primarily related to that timing or was it more related to the overall size of the contract?

是的，感謝您回答我的問題。我只想從印度尼西亞合約開始。您指出，合約的條款和條件確實推動了第四季的優異表現。這主要與時間安排有關還是與合約的整體規模更相關？

Good morning, Jason, and thanks for the question, Tom.

早安，傑森，謝謝你的提問，湯姆。

Yes, it was related more toward the timing, the scope of the contract and the nature of the contract we've been working on for quite a while. And I will say that this contract does illustrate it is a milestone contract, and it really illustrates the shift that we're seeing in the market from customers taking a hardware first approach toward a solutions model, and we see this as a pretty significant accomplishment last year. But as you know, these large contracts tend to But quarter over quarter timing tends to be variable.

是的，這更多地與我們已經處理了一段時間的合約的時間、範圍和性質有關。我想說的是，這份合約確實說明了它是一個里程碑式的合同，它確實說明了我們在市場上看到的客戶從採用硬體優先的方法轉向解決方案模型的轉變，我們認為這是一項非常重大的成就去年。但如您所知，這些大型合約往往會隨著季度的變化而變化。

That makes sense. And I guess following up on that, how long had you guys been in discussions with Indonesia before signing? And I guess, relatedly, are you seeing any change in the sales cycles?

這就說得通了。我想接下來，你們在簽約之前與印尼討論了多久？我想，與此相關的是，您是否看到銷售週期有任何變化？

No, I think it's safe to say, Jason, that these types of large multiyear contracts take a significant amount of time, and that's consistent what we've seen with this customer and across the other opportunities you're seeing around the world and we factored We factored that timing into our forecast.

不，我認為可以肯定地說，傑森，這些類型的大型多年期合約需要大量時間，這與我們在該客戶以及您在世界各地看到的其他機會中看到的情況是一致的，我們我們在預測中考慮了這一時間點。

Got you.

明白你了。

All right.

好的。

Thanks a lot, guys.

非常感謝，夥計們。

Thanks.

謝謝。

Jason.

傑森.

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Thanks for taking our questions. I wanted to ask in terms of the backlog.

感謝您回答我們的問題。我想問一下積壓的情況。

Can you maybe break down how much of that is related to unlocking Gen three and that when Gen3 goes up, do you need all of them up, you need just some satellites up to unlock that?

你能否分解其中有多少與解鎖第三代有關，當第三代上線時，你是否需要所有這些，你只需要一些衛星來解鎖？

Yes, please?

是的，請？

Yes.

是的。

I think Edison first, I'll say that, you know, this quarter billion dollars in wins this year, as we mentioned, was driven significantly by the international market with the majority of that backlog being tied to long-term subscription contracts for our imagery and analytics services from both our Gen2 Constellation and our Gen3 Constellation and as you can imagine, you know, I'll refer you back to our EOCL. contract. These things these subscriptions will evolve over time, transitioning from Gen two into Gen three and so how we we feel really good about and how the ramp and those contracts will tied to the deployment of our constellation.

我認為愛迪生首先，我會說，正如我們所提到的，今年這 25 億美元的勝利是由國際市場推動的，其中大部分積壓與我們的長期訂閱合約有關。來自我們的Gen2 Constellation 和Gen3 Constellation的圖像和分析服務，正如您可以想像的那樣，您知道，我會推薦您回到我們的EOCL。合約.這些訂閱將隨著時間的推移而發展，從第二代過渡到第三代，因此我們感覺如何，以及斜坡和這些合約將如何與我們的星座部署聯繫起來。

And Understood. And then I know you briefly mentioned Lucknow. Any sense on the kind of competitive dynamics there and how in how many how many vendors ultimately to get it is that it's I'll say it this way.

並理解。然後我知道你簡短地提到了勒克瑙。關於那裡的競爭動態以及最終有多少供應商獲得這種競爭動態的任何意義都是我會這樣說。

Patterson um, the predecessor contract, he I am how that went to just a handful of companies. I think less than six, six or less black Sky won the lion's share of that business through our advanced monitoring and AI capabilities. So we're extremely well positioned to go compete for the $290 million of orders that will come through the Lucknow contract. Obviously, a contract of that size is drawing a lot of attention, but we feel that we're bringing the technology and the credentials that have us well positioned.

帕特森嗯，前任合同，他是如何去了少數公司的。我認為不到六家、六家甚至更少的黑天透過我們先進的監控和人工智慧能力贏得了該業務的大部分份額。因此，我們處於非常有利的位置，可以透過勒克瑙合約爭取價值 2.9 億美元的訂單。顯然，如此規模的合約引起了很多關注，但我們認為我們正在帶來使我們處於有利位置的技術和憑證。

Great.

偉大的。

Thank you.

謝謝。

Josh Sullivan, Benchmark Company.

喬許·沙利文，基準公司。

Thank you, Bonnie.

謝謝你，邦妮。

One is just as far as the structure of the Indonesian contract and potentially becoming a model. What's been the inbound interest from other international intelligence agencies has been immediate or there may be milestones within the contract, which might eventually unlock a little more inbound demand signal.

其中之一就是印尼合約的結構，並有可能成為一種模式。其他國際情報機構的入境興趣是直接的，或者合約中可能存在里程碑，這最終可能會釋放出更多的入境需求訊號。

The demand signal that we're seeing globally is really strong fact, it's accelerating. I think the pricing generally in the market that having a space-based capability is now essential to most governments, almost all governments around the world. I think what's interesting about this Indonesian deal is now you're seeing how these governments can leverage not only commercial imaging and analytics capabilities, but also commercial space software and AI technologies that are going to accelerate their aspirations to advance their space-based intelligence solutions. And so this is an extremely positive signal and for us, it really represents how we're expanding our product and services offerings and to address this growing market opportunity.

我們在全球看到的需求訊號確實很強烈，而且正在加速成長。我認為市場普遍認為擁有天基能力對大多數政府，幾乎全世界所有政府來說都是至關重要的。我認為這項印尼協議的有趣之處在於，現在你會看到這些政府不僅可以利用商業成像和分析能力，還可以利用商業太空軟體和人工智慧技術，這些技術將加速他們推進天基情報解決方案的願望。因此，這是一個非常積極的信號，對我們來說，它真正代表了我們如何擴展我們的產品和服務，並抓住這個不斷增長的市場機會。

And then just as far as the SMART program, the balance of kind of the higher usage of AI. And I think you reported you can scan over 20% of your surface and pretty short amount of time. But how do you think that that balance between the market need for satellite time, well, a mix makes those assets ever more efficient.

然後就 SMART 程序而言，AI 的使用率更高。我認為您報告過您可以在很短的時間內掃描超過 20% 的表面。但您認為衛星時間市場需求之間的平衡如何使這些資產更有效率。

Is it playing out in the marketplace? Does it make your high yields that Rick revisit rates, they're much more valuable. It does.

它在市場上發揮作用嗎？瑞克重新審視利率是否會讓你獲得高收益，它們更有價值。確實如此。

I think you're seeing two a couple of aspects of our of our offerings that are really driving the adoption of our capabilities by customers. It's the high-frequency monitoring, um, which is giving them hourly ability to see what's happening on the ground. And when you apply AI to that, you're now able to get patterns and insights that they weren't able to get before. But when you look at what we're doing on the SMART program, it's not just our satellite imagery, but it's satellite imagery and data from from a whole host of sensors and capabilities. And that ability overtime to process, analyze and turn that information into actionable intelligence that used to take months and now can be hours and minutes. It is really an exciting development and what we see driving a lot more growth in adoption over the coming years.

我認為您會看到我們產品的兩個方面真正推動了客戶採用我們的功能。這是高頻監控，嗯，這使他們能夠每小時看到地面上發生的情況。當您將人工智慧應用於此時，您現在可以獲得他們以前無法獲得的模式和見解。但是當你看看我們在 SMART 計畫上所做的事情時，你會發現這不僅僅是我們的衛星圖像，而且還有來自大量感測器和功能的衛星圖像和數據。過去需要數月才能處理、分析資訊並將其轉化為可操作情報的能力，現在只需數小時和幾分鐘。這確實是一個令人興奮的發展，我們認為它將在未來幾年推動採用率的大幅成長。

Got it.

知道了。

Think of it.

想一想吧。

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Starting with your guidance revenue guidance for next year, what what level of comm imagery and analytics growth for you baking into that projection?

從您明年的指導收入指導開始，您將在該預測中考慮到什麼程度的通訊影像和分析成長？

Greg, this is Henry. I'm talking, as you know, we're targeting between 102 to 118 when we look at the overall growth in the marketplace or from this prior year, as I said in my remarks and kind of normalize what we were expecting for full year, this past year, absent the or the final two T's and C's on the Indonesian contract. But overall, it's about a 25% growth rate. We'd expect kind of the professional and engineering services to kind of be kind of chug along at its current level. So both that growth should be showing up in the imagery and analytics.

格雷格，這是亨利。我說的是，正如您所知，當我們考慮市場的整體增長或上一年的增長時，我們的目標是102 到118 之間，正如我在講話中所說，並且使我們對全年的預期正常化，去年，印尼合約中缺少最後兩個 T 和 C。但整體而言，成長率約為25%。我們預計專業和工程服務將在目前的水平上突飛猛進。因此，這種成長應該體現在圖像和分析中。

Okay. Somebody from the CF contract.

好的。CF合約裡的人。

I think the first two year funded portion is coming to an end in the next couple of months.

我認為前兩年的資助部分將在接下來的幾個月內結束。

What's your view on them, maybe funding additional packages or do you see them just extending, how do you see that playing out this year and what's baked into your guidance for next year in terms of EOCL. contract?

您對這些計劃有何看法，也許會為額外的計劃提供資金，或者您是否認為它們只是延長，您如何看待今年的情況以及明年在 EOCL 方面的指導內容。合約?

Thank you.

謝謝。

Yes.

是的。

So we've been performing extremely well on that contract for the past two years. It does renew in June last year, we saw an expansion of that contract and we were also the first commercial company to complete integration with the government's commercial platform, which has driven more usage within the government just through that interface. So we're in great shape with that customer and we're anticipating a renewal of that subscription agreement sometime in the second quarter.

因此，過去兩年我們在這份合約上的表現非常好。它確實在去年六月續簽了，我們看到了該合約的擴展，我們也是第一家完成與政府商業平台整合的商業公司，這透過該介面推動了政府內部的更多使用。因此，我們與該客戶的關係非常好，我們預計在第二季的某個時候續訂該訂閱協議。

Okay.

好的。

Do you have a view on maybe beyond the renewal like an increase in or funding for other packages under that program.

您是否對續訂以外的其他方案有看法，例如增加該計劃下的其他套餐或為其提供資金？

We're looking at it kind of in two aspects, renewal of what they're currently getting from our Gen two capability. And then as Gen three comes on, we expect it to increase from there.

我們從兩個方面來看待它，更新他們目前從我們的第二代能力中獲得的東西。然後隨著第三代的出現，我們預計它會從那裡開始增加。

Thank you.

謝謝。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，克雷格-哈勒姆資本集團。

Are great.

都很棒。

Thanks for taking the questions. Congrats on the positive EBITDA, a lot of progress here. And maybe if you could touch on the CapEx last several quarters we've gone from, I think a guide midpoint of 43 million to 51 is now 60 million. Can you put a little finer point on the expansion from $43 million a few quarters ago to 60 million.

感謝您提出問題。祝賀您實現積極的 EBITDA，取得了巨大進展。也許如果你能談談我們過去幾季的資本支出，我認為 4300 萬到 51 的指導中點現在是 6000 萬。您能詳細說明一下從幾季前的 4,300 萬美元擴張到 6,000 萬美元的情況嗎？

Now, what exactly the incremental call it?

現在，增量到底怎麼稱呼它呢？

EUR17 million?

1700萬歐元？

Yes.

是的。

You what are you pulling forward? Are you seeing more expensive units? Just talk about what what what you're doing there?

你在向前拉什麼？您是否看到更昂貴的單位？只是談談你在那裡做什麼？

Sure, Jeff, this is Henry. I mean, what you're looking at on that CapEx as we kind of ramping up and you're right over the last two years, we've been roughly kind of around that $44 million a year. So as we start ramping up and start getting our Gen three satellites closer to launch and then getting them up there, you're going to have timing as you get into that launch time period, final payments, et cetera. So it's more about getting closer to when we start getting our Gen3 satellites up.

當然，傑夫，這是亨利。我的意思是，隨著我們的不斷增加，你所看到的資本支出是正確的，在過去的兩年裡，我們每年的資本支出大約在 4400 萬美元左右。因此，當我們開始加速並開始讓我們的第三代衛星接近發射，然後將它們發射到那裡時，您將在進入發射時間段、最終付款等方面有時間安排。因此，更重要的是越來越接近我們開始安裝第三代衛星的時間。

Okay.

好的。

I mean, I guess you're getting close. I just I guess you've changed your expectations of Gen three in the last several quarters. Are you are you are you pulling forward the the quantity, the timing within the year? Are you seeing expense increases per unit?

我的意思是，我猜你已經很接近了。我只是覺得你在過去幾季改變了對第三代的期望。您是否正在將年內的數量、時間提前？您是否發現單位費用增加？

Maybe just a little more color there, Jeff and Brian, no, we're not seeing any increase in the cost of these satellites or what you're what you're seeing is the timing of payments against the production contracts, and we have a well defined, as I outlined in my comments, deployment schedule to begin deploying these satellites later this year. So no change at all to our plan.

也許只是多一點色彩，傑夫和布萊恩，不，我們沒有看到這些衛星的成本有任何增加，或者你們看到的是根據生產合約付款的時間，我們有正如我在評論中概述的那樣，有一個明確的部署時間表，將於今年稍後開始部署這些衛星。所以我們的計劃沒有任何改變。

Okay. All right.

好的。好的。

And a few others.

還有其他一些。

Then just on your interesting comments on the broad area scanning, maybe a little more emphasis there than I've heard in the past. Talk about maybe what's changed there and specifically on broad area scan, maybe on a couple of the recent wins. There's others out there with broad area scan. Why did you win and why are you winning?

然後，關於您對大面積掃描的有趣評論，也許比我過去聽到的更強調一點。談論一下那裡發生了什麼變化，特別是在大面積掃描方面，也許是最近的一些勝利。還有其他人進行大面積掃描。為什麼贏了，為什麼你會贏？

Maybe increasingly, it sounds like we're winning because of our technology and our AI capabilities. And you know, as I've said in the past, we've been developing a source software first platform now for almost 10 years, so that this strategy is not new to black Sky. What you're seeing happen now is this to come to fruition with some pretty significant technical capabilities that are now being adopted by the government and so we think this is there's a lot more of this to come, but it reflects our long term software first approach using AI and advanced scalable processing techniques to take raw data and turn it into actionable intelligence.

也許越來越多地，聽起來我們因為我們的技術和人工智慧能力而獲勝。你知道，正如我過去所說，我們開發原始軟體優先平台已有近 10 年的時間，因此這種策略對 Black Sky 來說並不新鮮。您現在看到的情況是，政府正在採用一些非常重要的技術能力，因此我們認為未來還會有更多這樣的技術能力，但它首先反映了我們的長期軟體方法使用人工智慧和先進的可擴展處理技術來獲取原始數據並將其轉化為可操作的情報。

And if there's a primary reason you win those, is it the AI. Is it the you know, the higher resolution is the higher higher revisit rate. I'm not sure they all play a role.

如果說你贏得這些的主要原因是人工智慧。是不是你知道，解析度越高，重訪率越高。我不確定它們都發揮了作用。

I'm curious if there's kind of one defining difference in the case of the SMART program?

我很好奇 SMART 計劃是否存在某種決定性差異？

It's it is 100% are a I can software capabilities. We are not providing software or I'm sorry, imagery as part of that contract. It's using imagery from lots of other providers. So it's primarily driven by two aspects. One is our AI processing techniques, and two is our AI. infrastructure that is able to cost effectively process scale and deliver results on a massive scale.

它 100% 都是我可以的軟體功能。我們不提供軟體，或抱歉，圖像作為合約的一部分。它使用來自許多其他提供者的圖像。所以它主要是由兩個方面驅動的。一是我們的AI處理技術，二是我們的AI。能夠經濟高效地處理規模並大規模交付結果的基礎設施。

Okay.

好的。

Maybe last for me then. You know, there's there's long been lots of discussion in particular US government about the shift to commercial providers. Obviously, for in most cases, been a lot of talk, but it's been much, much slower, I think, than everybody including maybe yourselves your expected. Is there any change in momentum that you've seen there or are we still kind of still on the trajectory we were on the last two quarters of gradual improvement as opposed to Uniphi.

也許對我來說是最後一次。您知道，長期以來，特別是美國政府一直在討論向商業提供者的轉變。顯然，在大多數情況下，我們討論了很多，但我認為，這比每個人（包括你們自己）的預期要慢得多。您在那裡看到的勢頭是否有任何變化，或者我們仍然處於過去兩個季度逐步改善的軌道上，而不是 Uniphi。

If it's exponential, what may be a steeper curve, I think you're seeing us continue to grow our footprint as we outlined in our remarks.

如果它是指數級的，可能是一個更陡峭的曲線，我想你會看到我們繼續擴大我們的足跡，正如我們在評論中概述的那樣。

Keep in mind some organizations like the Space Force are still in early days and they are expected to come out with. They're published their commercial strategy here shortly.

請記住，像太空部隊這樣的一些組織仍處於早期階段，預計它們會出現。他們很快就在這裡發布了他們的商業策略。

So we're looking toward all that in the long term.

因此，我們著眼於長期發展。

But as you know, we've been heavily focused on the international markets as we're seeing significant demand there and demand trends, transitioning that demand into revenue and bookings as evidenced by what we did in Asia and the other large contracts we won this year.

但如您所知，我們一直高度關注國際市場，因為我們看到了那裡的巨大需求和需求趨勢，並將這種需求轉化為收入和預訂量，正如我們在亞洲所做的以及我們贏得的其他大型合約所證明的那樣年。

Yes.

是的。

Got it.

知道了。

Got it.

知道了。

Congrats. Thank you.

恭喜。謝謝。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂，奎爾蒂空間。

Thank you.

謝謝。

Just a quick couple of housecleaning items on one within Indonesia contract. Can you remind us of how you book backlog? Is that the entire contract portion of it?

只是印尼合約中的一項快速清潔項目。您能提醒我們一下您是如何預訂積壓訂單的嗎？這是整個合約部分嗎？

That's the entire contract left fully recognized.

這就是整個合約得到充分認可。

Right in Henry, it sounds like I mean, you had 7 million that you booked early on that contract that wasn't expected as it had landed in 24, you've got 25% growth rate and what was it about it that caused that? And I don't get too much into accounting of what caused that, that chunk of revenue we get for what activity? And can you give us a sense of what the mix might be between imagery ground because there's obviously different margin potential?

就在亨利，聽起來我的意思是，你在合約中提前預訂了700 萬美元，這是沒有預料到的，因為它已經在24 年內實現了，你有25% 的增長率，是什麼導致了這一點？我並沒有過多地考慮造成這種情況的原因，我們從哪些活動中獲得了大部分收入？您能否讓我們了解影像地面之間的混合情況，因為有明顯不同的邊際潛力？

Chris?

克里斯？

Yes, when you take a look at the Indonesian contract really is based on the final terms and conditions and the progress we've already made into kind of getting to that point. And we were able to recognize we have to recognize the progress to date on work. We've been doing that we're able to transfer over to that contract and margins are similar across the contract because it's one of these things where we look at the total total value add to the customer.

是的，當你看一下印尼合約時，確實是基於最終條款和條件以及我們在達到這一點方面已經取得的進展。我們認識到我們必須認識到迄今為止工作的進展。我們一直在這樣做，我們能夠轉移到該合同，整個合約的利潤率相似，因為這是我們關注為客戶增加的總價值的其中之一。

Great.

偉大的。

And you mentioned that Indonesia is looking to kind of build their own organic capability, at least that's what I implied from the language. Does that mean that there's the possibility of doing a constellation as a service or satellite as a service? And if so would that qualify as vendor funds you talk you've mentioned vendor finance.

你提到印尼正在尋求建立自己的有機能力，至少這是我從語言中暗示的。這是否意味著有可能將星座作為服務或衛星作為服務？如果是這樣，這是否符合您提到的供應商融資的供應商資金。

Yes, I think that's a good question, Chris.

是的，我認為這是一個很好的問題，克里斯。

I think, yes, what we're seeing is the demand in the market to accelerate the build-out of sovereign capability. What we will offer here is a solution model that enables them to leverage our current.

我認為，是的，我們看到的是市場對加速主權能力建構的需求。我們在這裡提供的是一個解決方案模型，使他們能夠利用我們的電流。

Can you your subscription services off of our constellation and integrate Gen three space ground and software technologies into their long-term space platforms. So we'd see this as an exciting development, and we're seeing some really the interest in this type of model accelerate around the world.

您能否將您的訂閱服務從我們的星座中分離出來，並將第三代空間地面和軟體技術整合到他們的長期空間平台中。因此，我們認為這是一個令人興奮的發展，我們看到世界各地對這種模型的興趣正在加速增長。

Got it.

知道了。

And just a clarification on EOCL. Should we expect that to be sort of flattish will with what was done in 2023? Or is it contingent on what the renewal looks like?

只是對 EOCL 的澄清。我們是否應該認為這對 2023 年所做的事情來說是一種平淡的意願？還是取決於更新的情況？

Because it sounds like it's mostly gas and the uptick is tied to Gen three coming on?

因為聽起來主要是汽油，而且上升與第三代的到來有關？

Well, I think, yes, as I said, we're expecting renewal in the second quarter on the products on the services we're providing today.

嗯，我想，是的，正如我所說，我們預計在第二季度對我們今天提供的服務中的產品進行更新。

And then we do expect further expansion has Gen three comes online, Brent and Henry, can you remind us what I mean as you take in multi imagery and other EO data sources from other partners into the platform? How is that accounted for from a revenue and margin impact. And can you give us a sense of are you seeing growth in that sort of Mobion a capability of either at or faster or slower core inventory?

然後，我們確實預計第三代上線後會進一步擴展，布倫特和亨利，當您將來自其他合作夥伴的多圖像和其他對地觀測資料來源納入平台時，您能提醒我們我的意思嗎？如何從收入和利潤影響中解釋這一點？您能否讓我們了解一下，您是否看到 Mobion 的成長，或更快或更慢的核心庫存能力？

Well, Kristen, as Brian said, our card capabilities allow us to take a multi-source and we do get that from us. Certain customers that's usually delivered to us by the customer. So our margins on our AI. deliveries, our imagery and analytics are very similar to the inventories. I mean, integral incremental contribution margins are in the 90 plus percent.

好吧，克里斯汀，正如布萊恩所說，我們的卡功能使我們能夠獲得多種來源，而且我們確實從我們這裡得到了這一點。某些客戶通常由客戶交付給我們。所以我們在人工智慧上的利潤。交付、我們的圖像和分析與庫存非常相似。我的意思是，整體增量貢獻率在 90% 以上。

And also, can you give us a sense of I think you said the customer base increased by over 50% last year.

另外，您能給我們介紹一下嗎？我想您說過去年客戶群增加了 50% 以上。

Is that the number of customers that you had or revenue contribution from new cars,

是您擁有的客戶數量還是新車的收入貢獻，

a number of new customer contracts and customers.

一些新的客戶合約和客戶。

All right, very good.

好的，非常好。

That, Chris, that's an important Vista, but stop that right to what you're seeing in these two announcements of these larger deals is the building of a long-term anchor customer base. These new companies, new customers we're winning are in their initial phases, and we expect to transition into these long term multiyear subscription agreements over time, so that the other strong development coming out of 23 as we expected.

克里斯，這是一個重要的 Vista，但先別說這些，你在這兩個較大交易的公告中看到的是建立長期錨定客戶群。我們贏得的這些新公司、新客戶正處於初始階段，我們預計隨著時間的推移，將過渡到這些長期的多年訂閱協議，以便 23 家公司的其他強勁發展正如我們預期的那樣。

Great.

偉大的。

Congrats on the quarter and the wins.

祝賀本季和勝利。

Thanks, Chris.

謝謝，克里斯。

In queue at this time, there are no further questions. With that. This concludes Bladex black Sky's Fourth Quarter 2023 earnings conference call. Thank you for joining the call today.

此時在隊列中，沒有進一步的問題。接著就，隨即。 Bladex black Sky 的 2023 年第四季財報電話會議到此結束。感謝您今天加入通話。