Blacksky Technology Inc (BKSY) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to BlackSky Technology's second quarter 2024 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 2024 年第二季財報電話會議。（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.

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。

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 second quarter financial results and outlook for 2024. Following our prepared remarks, we will open the line for your questions.

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。隨後亨利將回顧公司第二季財務表現和 2024 年展望。在我們準備好的發言之後，我們將開通您的提問專線。

A replay of this conference call will be available from approximately 12:30 PM, Eastern Time today through August 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 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東部時間今天中午 12:30 左右持續到 8 月 22 日。訪問重播的資訊可以在今天的新聞稿中找到。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.

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。

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. BlackSky assumes no obligation to update forward-looking statements except as may be required by applicable law.

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。我們鼓勵您查看我們的新聞稿、10-K 表格和其他最近向 SEC 提交的文件，以充分討論與這些聲明相關且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。除適用法律要求外，BlackSky 不承擔更新前瞻性聲明的義務。

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。

Let's begin with slide 3. I'm pleased to report that BlackSky delivered another strong quarter, as we continued to demonstrate revenue growth, the strong operating leverage of our business and positive adjusted EBITDA operations. Our performance in Q2 was primarily driven by the ongoing demand we're seeing for our differentiated space-based intelligence solutions from new and existing government customers around the world.

讓我們從幻燈片 3 開始。我很高興地向大家報告，BlackSky 再次實現了強勁的季度業績，我們繼續展現出營收成長、業務強勁的營運槓桿以及積極調整後的 EBITDA 業務。我們第二季的業績主要是受到全球新舊政府客戶對我們差異化天基情報解決方案持續需求的推動。

Let me share some of the quarter's key highlights. First, we delivered strong year-over-year revenue growth in Q2 of 29%. Demand for our imagery and analytics services continues to grow as customers incorporate high-frequency, low-latency BlackSky data into their daily workflows.

讓我分享本季的一些主要亮點。首先，我們第二季的營收年增 29%。隨著客戶將高頻、低延遲的 BlackSky 資料納入其日常工作流程，對我們的影像和分析服務的需求持續成長。

Second, we were awarded $40 million in new awards and extensions in the quarter supporting US and international government agencies, demonstrating strong customer demand for BlackSky's capabilities.

其次，我們在本季度獲得了 4000 萬美元的新獎項和延期，以支持美國和國際政府機構，這表明客戶對 BlackSky 功能的強烈需求。

Third, we delivered another quarter of positive adjusted EBITDA, driven by our strong revenue growth and operating leverage. This was our third consecutive quarter of positive adjusted EBITDA.

第三，在我們強勁的營收成長和營運槓桿的推動下，我們又實現了一個季度的調整後 EBITDA 正值。這是我們連續第三季實現正向調整 EBITDA。

And fourth, our next-generation very high resolution Gen-3 satellites are in the final stages of assembly, integration and test. Our team is actively preparing for launch and commissioning operations and are excited that our first 35-centimeter resolution satellite remains on track for a planned launch in late Q4.

第四，我們的下一代超高解析度第三代衛星正處於組裝、整合和測試的最後階段。我們的團隊正在積極準備發射和調試操作，並且很高興我們的第一顆 35 公分分辨率衛星仍按計劃在第四季度末發射。

I will talk more about our Gen-3 constellation and our progress in ramping satellite production at LeoStella in a few minutes. These highlights demonstrate how we're executing well on our business plan and meeting the growing global demand for space-based intelligence.

我將在幾分鐘內詳細討論我們的第三代星座以及我們在 LeoStella 提高衛星產量方面取得的進展。這些亮點展示了我們如何很好地執行我們的業務計劃並滿足全球對天基情報日益增長的需求。

We continue to deliver strong operating leverage through our high-margin imagery and analytics services, while we remain focused on responsible cost management. Our ability to deliver strong quarterly performance has us on the right path toward long-term profitable growth.

我們繼續透過高利潤的圖像和分析服務提供強大的營運槓桿，同時我們仍然專注於負責任的成本管理。我們提供強勁季度業績的能力使我們走上了實現長期獲利成長的正確道路。

I would now like to share some operational highlights from the quarter. Turning to Slide 4. During the quarter, we won several new and follow-on contracts across various US agencies, demonstrating the ongoing demand for our imagery and analytics services across the US government.

我現在想分享本季的一些營運亮點。轉到投影片 4。本季度，我們贏得了美國各機構的幾份新合約和後續合同，這表明美國政府對我們的圖像和分析服務的持續需求。

I'm pleased to report that the NRO extended its subscription to our high-frequency Gen-2 imagery services under the Electro-Optical Commercial Layer or EOCL contract. This extension represents continued confidence in BlackSky as a trusted mission partner as the NRO leverages commercial space to support national security needs. We look forward to unlocking future EOCL subscription services as our Gen-3 capacity comes online.

我很高興地報告，NRO 根據光電商業層或 EOCL 合約延長了對我們高頻 Gen-2 圖像服務的訂閱。隨著 NRO 利用商業空間來支持國家安全需求，此次延期代表了 BlackSky 作為值得信賴的任務合作夥伴的持續信心。隨著我們的 Gen-3 容量上線，我們期待解鎖未來的 EOCL 訂閱服務。

During the second quarter, we won a new task order with the US Air Force Research Laboratory. This new order continues advanced development of AI-enabled moving-target detection services. Under this contract, the government is leveraging our advanced AI capabilities to detect, track and identify moving targets using multiple government and commercial data sources. We've also won several contracts and options with new customers acquired through the Global Data Marketplace or GDMP.

第二季度，我們贏得了美國空軍研究實驗室的新任務訂單。這項新訂單持續推動人工智慧移動目標檢測服務的開發。根據該合約，政府將利用我們先進的人工智慧功能，利用多個政府和商業資料來源來檢測、追蹤和識別移動目標。我們還贏得了透過全球數據市場或 GDPMP 獲得的新客戶的幾份合約和選擇權。

For those who may not know, the GDMP is a new online marketplace whereby US government agencies can connect with commercial providers to contract for a broad range of data and analytics services in support of various mission needs. This service enables government end users to quickly request and get delivery of unclassified intelligence through a streamlined acquisition process.

對於可能不知道的人來說，GDPMP 是一個新的線上市場，美國政府機構可以透過該市場與商業提供者聯繫，簽訂廣泛的數據和分析服務合同，以滿足各種任務需求。該服務使政府最終用戶能夠透過簡化的獲取流程快速請求並獲取非機密情報。

BlackSky has been successful in reaching new customers through this marketplace who are looking to quickly access our advanced high-frequency imagery and AI-enabled analytics services. The contracts we've won through the GDMP are rapid, quick turnaround services providing a new channel that puts the power of real-time space-based intelligence in the hands of many more government end users. Although GDMP is still in its early stages we look forward to winning a growing number of similar contracts over time and using this marketplace as a new sales tool that's part of our land-and-expand strategy.

BlackSky 已成功透過該市場吸引了新客戶，這些客戶希望快速存取我們先進的高頻圖像和人工智慧分析服務。我們透過 GDPMP 贏得的合約是快速週轉的服務，提供了一個新的管道，將即時天基情報的力量交給更多的政府最終用戶。儘管 GDPMP 仍處於早期階段，但我們期待隨著時間的推移贏得越來越多的類似合同，並利用這個市場作為新的銷售工具，這是我們土地和擴張戰略的一部分。

Turning to Slide 5. The need for real-time intelligence continues to expand across many international markets, due to an ever-changing geopolitical and economic environment. More and more international governments are looking to invest in space-based capabilities in support of their national security and economic growth initiatives.

轉到投影片 5。由於不斷變化的地緣政治和經濟環境，許多國際市場對即時情報的需求不斷擴大。越來越多的國際政府正在尋求投資天基能力，以支持其國家安全和經濟成長計畫。

In the second quarter, we announced a $7 million contract renewal with one of our long-term international government customers. This customer will continue to access our high-frequency imaging services as well as task multiple third-party data sources through the BlackSky Spectra platform.

第二季度，我們宣布與一位長期國際政府客戶續約 700 萬美元的合約。該客戶將繼續存取我們的高頻成像服務，並透過 BlackSky Spectra 平台處理多個第三方資料來源的任務。

This offering provides this customer with a single easy-to-use platform to access BlackSky and a constellation of partner satellites to provide comprehensive high-frequency all-weather day-and-night imaging and analytics services to meet their daily mission requirements.

該產品為該客戶提供了一個易於使用的單一平台來存取 BlackSky 和一系列合作夥伴衛星，以提供全面的高頻全天候晝夜成像和分析服務，以滿足他們的日常任務需求。

During the quarter, we were also awarded multiple six-figure subscription contracts in support of various international government agencies. We're making great progress expanding our international customer base as we continue to execute and deliver on our land-and-expand strategy. In fact, revenues from international customers in the second quarter more than doubled over the prior year quarter, with revenues from international customers now representing 40% of our business.

在本季度，我們還獲得了多份六位數的訂閱合同，以支持各個國際政府機構。隨著我們繼續執行和實施我們的土地擴張策略，我們在擴大國際客戶群方面取得了巨大進展。事實上，第二季來自國際客戶的營收比去年同期成長了一倍多，來自國際客戶的營收目前占我們業務的 40%。

Building a diverse customer base with high-visibility subscription revenue is a key element of our plan toward long-term sustainable profitable growth. I'm pleased that we continue to make progress in many markets around the world and believe we are well positioned to expand these accounts over time when our 35-centimeter Gen-3 constellation comes online.

透過高可見度的訂閱收入建立多元化的客戶群是我們實現長期可持續獲利成長計畫的關鍵要素。我很高興我們在全球許多市場上繼續取得進展，並相信當我們的 35 公分 Gen-3 星座上線時，我們已經做好了擴大這些客戶的準備。

Turning to Slide 6. I'd now like to share a customer use case that highlights the power of our space-based intelligence capabilities and how our on-demand Spectra platform enables end users to rapidly respond to important events that may impact their security or economic interests. In this case, our dynamic monitoring services accessible through our Spectra software played a key role in a counter-drug operation in Latin America.

轉到投影片 6。我現在想分享一個客戶用例，強調我們的天基情報能力的力量，以及我們的按需 Spectra 平台如何使最終用戶能夠快速回應可能影響其安全或經濟利益的重要事件。在這種情況下，透過 Spectra 軟體存取的動態監控服務在拉丁美洲的禁毒行動中發揮了關鍵作用。

About six weeks ago, an international defense organization detected a suspicious aircraft entering their country's aerospace, which they believed was carrying illegal narcotics. After assessing the situation this customer ultimately decided to take down the aircraft to intercept the illegal transport of drugs. As part of this mission their operations team used BlackSky's Spectra self-service platform to task our high-frequency constellation to obtain real-time imagery of the area where the plane was shot down.

大約六週前，一個國際國防組織發現一架可疑飛機進入該國航空航天，他們認為飛機攜帶非法麻醉品。該名客戶在評估情況後，最終決定擊落這架飛機，攔截非法運送毒品的行為。作為這項任務的一部分，他們的營運團隊使用 BlackSky 的 Spectra 自助服務平台向我們的高頻星座發送任務，以獲取飛機被擊落區域的即時影像。

Because of our real-time service, we were able to successfully capture high-resolution imagery of the specific location and deliver timely and actionable intelligence during their active mission. This is just one example of how BlackSky is changing the user experience and putting the power of space-based intelligence directly in the hands of users through a fully automated AI-enabled Spectra platform.

由於我們的即時服務，我們能夠成功捕獲特定位置的高解析度影像，並在其執行任務期間提供及時且可操作的情報。這只是 BlackSky 如何改變使用者體驗並透過完全自動化的人工智慧 Spectra 平台將天基智慧的力量直接交到使用者手中的一個例子。

Through subscription-based access to our imagery and analytics services, government agencies around the world can rapidly respond and receive space-based intelligence to meet their needs for timely and accurate mission-critical intelligence.

透過基於訂閱的方式存取我們的圖像和分析服務，世界各地的政府機構可以快速回應並接收天基情報，以滿足他們對及時、準確的關鍵任務情報的需求。

Moving on to Slide 7. We're pleased to report that the production of our Gen-3 satellites is on track and the first units are in the final phases of assembly, integration and test. Our team has already begun mission dress rehearsals and are planning for the launch of our first Gen-3 satellite in late Q4.

轉到投影片 7。我們很高興地報告，我們的第三代衛星的生產已步入正軌，第一批衛星已進入組裝、整合和測試的最後階段。我們的團隊已經開始任務彩排，並計劃在第四季末發射我們的第一顆第三代衛星。

Our Gen-3 satellites will add very high resolution, 35-centimeter imagery to our existing dynamic hourly monitoring constellation. When combined with our Spectra AI platform, our Gen-3 constellation will provide our customers with transformative space-based intelligence that will deliver a next level of speed, performance and AI-enabled insights for a first-to-act advantage.

我們的第三代衛星將為我們現有的每小時動態監測星座添加非常高解析度的 35 公分影像。當與我們的Spectra AI 平台結合時，我們的Gen-3 星座將為我們的客戶提供變革性的天基智能，從而提供更高水平的速度、性能和人工智慧支援的洞察力，從而獲得先發優勢。

Our Gen-3 constellation remains on track to unlock our next phase of growth. The improved resolution combined with high-frequency imaging and automated AI analytics will enable new timely insights that are not achievable using traditional mapping constellations.

我們的第三代星座仍有望開啟下一階段的成長。改進的分辨率與高頻成像和自動化人工智慧分析相結合，將帶來使用傳統測繪星座無法實現的新的及時見解。

The demand for this capability is evidenced by the significant contracted backlog we've been able to secure over the past few years from major US and international customers through multiyear subscription-based contracts.

過去幾年，我們透過多年訂閱合約從美國和國際主要客戶那裡獲得了大量合約積壓，證明了對這種能力的需求。

As we start a deployment cadence of Gen-3 satellites in 2025, we expect to start unlocking our next phase of growth through the delivery of services from this contracted backlog and through the expansion of existing land-and-expand contracts.

隨著我們在 2025 年開始部署第三代衛星，我們預計將透過提供積壓合約中的服務以及擴展現有的土地和擴建合約來開啟下一階段的成長。

Turning to Slide 8. As a reminder our Gen-3 satellites are being produced by LeoStella, our satellite manufacturing joint venture. This state-of-the-art manufacturing capability was built from the ground up to support agile and rapid small satellite production. LeoStella has an exceptional track record of producing highly reliable, high-performing small satellites, as evidenced by the deployment of our Gen-2 constellation over the past several years.

轉到投影片 8。提醒一下，我們的第三代衛星是由我們的衛星製造合資企業 LeoStella 生產的。這種最先進的製造能力是從頭開始建造的，旨在支援敏捷、快速的小型衛星生產。LeoStella 在生產高度可靠、高性能的小型衛星方面擁有卓越的記錄，過去幾年我們的 Gen-2 星座的部署就證明了這一點。

The Gen-2 constellation continues to perform well and is meeting or exceeding all of our performance and expected mission life objectives. This level of performance and on-orbit heritage has been incorporated into our Gen-3 design and satellite production line.

Gen-2 星座繼續表現良好，並且達到或超越了我們的所有性能和預期任務壽命目標。這種水準的性能和在軌傳統已融入我們的第三代設計​​和衛星生產線中。

In addition to the production of our first Gen-3 satellites, LeoStella has been ramping up supply chain and production operations to support a sustained rate of production of these satellites to meet our constellation deployment objectives.

除了生產我們的第一批 Gen-3 衛星外，LeoStella 還一直在加強供應鏈和生產運營，以支援這些衛星的持續生產速度，從而滿足我們的星座部署目標。

The fact that we are beginning to launch our next generation of satellites in less than two years from the completion of our Gen-2 constellation demonstrates how BlackSky is changing the industry by combining the agility and speed of a new space architecture with a real-time and fully automated AI-enabled software platform.

事實上，距離第二代星座完成不到兩年，我們就開始發射下一代衛星，這表明 BlackSky 如何透過將新空間架構的敏捷性和速度與即時數據相結合來改變行業。智慧軟體平台。

LeoStella further enhances this competitive advantage through vertical integration that enables us to bring responsive solutions to market at disruptive speed and economics, enabling customers to accelerate their space-based intelligence initiatives.

LeoStella 透過垂直整合進一步增強了這一競爭優勢，使我們能夠以顛覆性的速度和經濟性將響應式解決方案推向市場，使客戶能夠加速其天基情報計劃。

In summary, we're pleased that our Gen-3 satellites remain on track and that Q2 was another strong quarter highlighted by strong bookings continued revenue growth, operating leverage and positive adjusted EBITDA operations. I'll now turn it over to Henry to go through the quarterly financial results. Henry?

總而言之，我們很高興我們的第三代衛星仍處於正軌，並且第二季度是另一個強勁的季度，突出表現在強勁的預訂量、持續的收入增長、營運槓桿和積極調整的 EBITDA 業務。我現在將其交給亨利查看季度財務業績。亨利？

Thank you, Brian and good morning, everyone. I'm pleased with the execution we've made across many aspects of our business and with our second 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所做的執行以及我們第二季度的財務業績感到滿意。

Beginning with slide 10, total revenue for the second quarter of 2024 was $24.9 million, an increase of $5.6 million or 29% over the prior year quarter. Imagery and analytics revenue grew to $17.5 million, an increase of $2.2 million or 14% over the prior year period. The year-over-year increase was primarily driven by incremental customer orders for BlackSky's imagery services.

從投影片 10 開始，2024 年第二季的總收入為 2,490 萬美元，比去年同期增加 560 萬美元，即 29%。影像和分析收入成長至 1,750 萬美元，比上年同期增加 220 萬美元，成長 14%。同比成長主要是由 BlackSky 圖像服務的客戶訂單增量所推動的。

Professional & Engineering Services revenue grew to $7.4 million in the second quarter of 2024 compared to $4 million in the prior year quarter. The 87% year-over-year increase was primarily driven by the step-up in the execution of multiple major international contracts we won last year.

2024 年第二季度，專業與工程服務收入增至 740 萬美元，去年同期為 400 萬美元。年比成長 87% 主要是由於我們去年贏得的多個主要國際合約的執行力度加大。

Keep in mind, revenues recognized from these types of contracts which are largely milestone-based may have quarter-over-quarter revenue variability depending on a project's estimated cost and percentage of completion.

請記住，從這些主要基於里程碑的合約類型中確認的收入可能會出現季度與季度之間的收入變化，具體取決於專案的估計成本和完成百分比。

Turning to cost of sales. We continue to demonstrate strong operating leverage in our imagery and analytics business as shown on slide 11. For the first half of 2024, imagery and analytics cost of sales excluding stock-based compensation, depreciation and amortization expenses was $6.8 million compared to $7 million for the same period last year.

轉向銷售成本。如幻燈片 11 所示，我們繼續在影像和分析業務中展示強大的營運槓桿。2024 年上半年，不包括股票薪酬、折舊和攤銷費用的圖像和分析銷售成本為 680 萬美元，而去年同期為 700 萬美元。

The $200,000 year-over-year decrease was primarily driven by cost savings in our satellite and software operations. With imagery and analytics revenues for the first half of 2024, increasing nearly 14% and the respective cost of sales decreasing 3% over the prior year period, we continue to demonstrate how incremental high-margin revenues flow directly to the bottom-line which is a key driver to our long-term profitable growth.

年比減少 200,000 美元主要是由於我們的衛星和軟體運營成本節省。2024 年上半年，圖像和分析收入較上年同期增長近 14%，相應銷售成本下降 3%，我們將繼續展示增量高利潤收入如何直接流向淨利潤，即我們長期盈利增長的關鍵驅動力。

Let's move to slide 12 and talk about cash operating expenses which excludes stock-based compensation and depreciation and amortization expenses as we believe these non-GAAP financial measures enable us to better manage our expenses without having non-cash items obscuring the underlying performance.

讓我們轉到幻燈片12，討論不包括基於股票的薪酬以及折舊和攤銷費用的現金運營費用，因為我們相信這些非GAAP 財務指標使我們能夠更好地管理我們的費用，而不會讓非現金項目掩蓋基本績效。

For the second quarter of 2024, cash operating expenses were $16.3 million, a $500,000 improvement compared to our prior year quarter. This year-over-year improvement was primarily driven by ongoing reductions in general corporate costs, which more than offset investments we've been making in our go-to-market initiatives.

2024 年第二季度，現金營運支出為 1,630 萬美元，比去年同期增加 50 萬美元。這種同比改善主要是由於一般企業成本的持續降低所推動的，這遠遠抵消了我們在市場推廣計劃中所做的投資。

Over the last four quarters, we've reported year-over-year reductions in cash operating expenses, which further demonstrates our laser focus on managing costs responsibly and our success in running an efficient business model.

在過去的四個季度中，我們報告了現金營運支出同比減少，這進一步表明我們對負責任地管理成本的高度重視以及我們在營運高效業務模式方面的成功。

Turning to slide 13. Our adjusted EBITDA for the second quarter of 2024 was $2.1 million. This was an increase of $7.9 million compared to the prior year period. Not only was this a strong performance over the prior year, but we're pleased that we delivered our third consecutive quarter of positive adjusted EBITDA.

轉到投影片 13。2024 年第二季調整後 EBITDA 為 210 萬美元。與去年同期相比增加了 790 萬美元。這不僅比前一年表現強勁，而且我們很高興我們連續第三季實現正調整 EBITDA。

The year-over-year improvement in adjusted EBITDA that we continue to realize on a quarterly basis is primarily driven by increased revenues from new and expanded customer contracts, improved margin performance, especially in our core imagery and analytics business, and cost savings and efficiencies in our cash operating expenses.

我們繼續按季度實現調整後 EBITDA 的同比改善，主要是由於新客戶合約和擴大客戶合約帶來的收入增加、利潤率績效提高（尤其是我們的核心圖像和分析業務）以及成本節約和效率提高我們的現金營運支出。

Moving on to our balance sheet, we ended the second quarter of 2024 with $42.3 million of cash, restricted cash, and short-term investments, which included $20 million we received in the quarter from a commercial bank line.

轉向我們的資產負債表，截至 2024 年第二季末，我們擁有 4,230 萬美元的現金、限制性現金和短期投資，其中包括本季從商業銀行額度收到的 2,000 萬美元。

As of the end of June, we had over $28 million in contract assets, which we expect to receive in payments over the next 12 months as interim milestones on a few major customer contracts are met and expected to be billed.

截至 6 月底，我們擁有超過 2800 萬美元的合約資產，隨著一些主要客戶合約的中期里程碑的實現並預計將被計費，我們預計將在未來 12 個月內收到付款。

Together with the vendor financing we have in place for our upcoming Gen-3 launches and the adjusted EBITDA improvements we expect to continue delivering, we believe we have sufficient liquidity for the foreseeable future.

加上我們為即將推出的第三代產品提供的供應商融資以及我們預計將繼續實現的調整後 EBITDA 改進，我們相信在可預見的未來我們擁有充足的流動性。

Now, let's move on to our 2024 outlook as shown on Slide 14. We're pleased with our first half operating results and are anticipating a strong second half of the year. As a result, we are maintaining our full year 2024 guidance of revenue between $102 million to $118 million, adjusted EBITDA of between $8 million to $16 million, and capital expenditures of between $55 million and $65 million.

現在，讓我們繼續展望 2024 年，如幻燈片 14 所示。我們對上半年的經營業績感到滿意，並預計下半年將表現強勁。因此，我們將2024 年全年營收指引維持在1.02 億美元至1.18 億美元之間，調整後EBITDA 維持在800 萬美元至1,600 萬美元之間，資本支出維持在5,500 萬美元至6,500 萬美元之間。

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

總之，我們對第二季的財務表現以及我們在業務的許多方面取得的進展感到滿意。

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 the strong second quarter performance and the momentum we are carrying into the second half of the year. We're continuing to see growing demand for BlackSky's differentiated space-based intelligence solutions.

謝謝你，亨利。最後，我們對第二季的強勁表現以及下半年的勢頭感到滿意。我們持續看到對 BlackSky 差異化天基智慧解決方案的需求不斷增長。

Our Gen-3 constellation remains on track to deliver the transformative solutions our customers are demanding. Using the power of our very high resolution imagery, combined with high-frequency monitoring, and automated AI analytics, we built and continue to grow a strong customer base with some of the most important organizations in the world and are getting ready to unlock our next phase of growth as we begin to introduce Gen-3 capabilities later this year.

我們的第三代星座仍有望提供客戶所需的變革性解決方案。利用我們超高解析度影像的力量，結合高頻監控和自動化人工智慧分析，我們與世界上一些最重要的組織建立並繼續發展強大的客戶群，並準備解鎖我們的下一個隨著我們在今年稍後開始引入Gen-3 功能，我們將進入成長階段。

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) Greg Burns, Sidoti & Co.

（操作員說明）Greg Burns，Sidoti & Co.

Morning. I was just hoping to get a little bit more color on the imagery and software growth that you saw this quarter. It was down a little bit sequentially. So I just wanted to get a better understanding of maybe how much of that revenue is take-or-pay versus more variable consumption-based? Like why would it decline sequentially? And then how should we think about like maybe the cadence of growth over the balance of the remainder of the year? Thank you.

早晨。我只是希望對您本季看到的圖像和軟體成長有更多的了解。依序下降了一些。所以我只是想更了解其中有多少收入是照付不議的收入，而不是更多基於可變消費的收入？例如為什麼會依序下降？那我們該如何考慮今年剩餘時間內的成長節奏？謝謝。

Yeah, thanks Greg for your question. I think if you look back historically you've seen a step-up in imagery and analytics revenues, typically, in the second half of the year. That's primarily been driven by the timing of budget cycles and renewals. And so that's why you're still seeing the strong year-over-year growth, but some of the flatter performance in the first couple of quarters.

是的，謝謝格雷格的提問。我認為，如果你回顧歷史，你會發現圖像和分析收入通常在下半年增加。這主要是由預算週期和更新的時間所推動的。這就是為什麼您仍然看到強勁的同比成長，但前幾季的表現有些平淡。

I will note that another key aspect of this is as we continue to add more customers, they tend to start out with smaller pilot projects and grow over time. So that's historically how we've performed and as you can see year-over-year, we're continuing to grow that line and that's what's driving our high-margin business and driving the EBITDA performance right to the bottom-line.

我要指出的是，另一個關鍵方面是，隨著我們不斷增加更多客戶，他們往往會從較小的試點計畫開始，並隨著時間的推移而成長。這就是我們歷史上的表現，正如你所看到的，我們每年都在繼續擴大這條線，這就是推動我們高利潤業務並將 EBITDA 業績推向底線的原因。

And then with the GDMP vehicle that you mentioned, is that incremental? I always thought that your contracts with the NRO were kind of umbrella for the government and for government agencies to procure through that. Is this separate and incremental? Or a part of that an extension of that? How does that work?

那麼您提到的 GDPMP 工具是增量的嗎？我一直認為你們與 NRO 的合約是政府和政府機構透過該合約進行採購的保護傘。這是分開的、增量的嗎？還是其中的一部分？這是如何運作的？

It is separate and incremental. One thing to note is the EOCL contract is for imagery. The marketplace can be for a broad set of services which include analytics and other services. So it's a new sales channel for us. We're excited that this marketplace is providing a fast and flexible platform to streamline delivery of capability to a whole new set of customers. So as I mentioned in my remarks, this is in the early days of this type of marketplace. So we're excited in the potential where that can go.

它是獨立的和增量的。需要注意的一件事是 EOCL 合約適用於圖像。該市場可以提供廣泛的服務，包括分析和其他服務。所以這對我們來說是一個新的銷售管道。我們很高興這個市場提供了一個快速、靈活的平台來簡化向全新客戶群提供功能的過程。正如我在演講中提到的，現在還處於此類市場的早期階段。因此，我們對它的潛力感到興奮。

All right. And then when we're thinking about the launch cadence for the Gen-3s, is it going to be one satellite that's launched? Or is there going to be multiple satellites launched at one time? And can you just remind us about the cadence to getting the satellite tested and operational? Like what's the time frame between launch and maybe it starting to generate revenue?

好的。然後，當我們考慮 Gen-3 的發射節奏時，是否會發射一顆衛星？還是會同時發射多顆衛星？您能否提醒我們衛星測試和運作的節奏？例如從發佈到開始產生收入之間的時間間隔是多少？

Yeah. The first few satellites will go up on separate launches. Typically, for a new satellite like this the commissioning time is about 60 days. As we get through that then we'll move into a steady cadence of launches from there.

是的。最初的幾顆衛星將分別發射。通常，像這樣的新衛星的調試時間約為 60 天。當我們完成這個任務後，我們將從那裡進入穩定的發布節奏。

As a reminder, if you look at our performance in deploying our Gen-2 constellation after we got the first couple up there and operational, we were doing multiple satellites per launch and we reduced the commissioning time down to under 24 hours to bring those satellites into operation. So we're anticipating the same type of cadence and commissioning performance with Gen-3s.

提醒一下，如果你看看我們在第一對衛星升空並投入運行後部署Gen-2 星座的表現，我們每次發射都會發射多顆衛星，並且我們將調試時間減少到了24 小時以內，以將這些衛星帶入地球。因此，我們預計 Gen-3 具有相同類型的節奏和調試性能。

Thank you.

謝謝。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey. Good morning. Thanks for taking our questions. First of all, I just wanted to follow up on the third gen. Do you have any sense of how much of the backlog is tied to any sort of capabilities on Gen-3? I think the backlog is $200-plus million at least as of the last quarter.

嘿。早安.感謝您回答我們的問題。首先，我只是想跟進第三代。您是否知道有多少積壓工作與 Gen-3 上的任何功能相關？我認為至少截至上個季度，積壓訂單已超過 2 億美元。

Edison, thanks for your question. Yeah, a significant amount of that backlog is tied to Gen-3. Also as a reminder, our EOCL contract which is a $1 billion 10-year contract is heavily backloaded on Gen-3 services as well.

愛迪生，謝謝你的提問。是的，大量的積壓工作與第三代有關。另外提醒一下，我們的 EOCL 合約是一份價值 10 億美元的 10 年合約，第三代服務也大量積壓。

But also, we continue to close subscription deals and have actually just renewed another year under EOCL of our Gen-2 capability. So we're excited about what Gen-3 will unlock, but we're also on a nice trajectory and continuing our growth through Gen-2.

而且，我們繼續完成訂閱交易，並且實際上剛剛根據我們的 Gen-2 功能又續簽了一年。因此，我們對 Gen-3 將解鎖的內容感到興奮，但我們也走在良好的軌道上，並在 Gen-2 中繼續增長。

Understood. Any updates on when you think the NGA to Luno A could get awarded?

明白了。您認為 Luno A 的 NGA 何時可以獲得任何更新？

We're carefully watching that, Edison. Of course, as you know we feel we're well positioned for that given our performance under the predecessor contract EIM. So we're anxiously waiting, but I don't have a specific timeline from the government of when we can anticipate those awards. We expect it will be some time later this year.

我們正在仔細觀察這一點，愛迪生。當然，正如您所知，鑑於我們在前一份合約 EIM 下的表現，我們認為我們已經做好了充分準備。所以我們正在焦急地等待，但我沒有從政府那裡得到具體的時間表來說明我們何時可以預期這些獎項。我們預計會在今年晚些時候。

Got it. And just one on financials. I know you mentioned something like $28 million in the contract assets. Can you just remind us how we should kind of model the cash flow trajectory perhaps for the rest of the year? Or anything to keep in mind on working capital?

知道了。只有一篇關於財務方面的內容。我知道你提到了大約 2800 萬美元的合約資產。您能否提醒我們應該如何對今年剩餘時間的現金流軌跡進行建模？或是營運資金有什麼需要注意的嗎？

Sure, Edison. Happy to. I mean that $28 million is contracted assets or unbilled receivables. That's tied to milestones as we achieve our Gen-3 program. And we've got those in our current assets. We expect to be collecting that over the next 12 months. And it does provide some significant liquidity to us as well.

當然，愛迪生。很高興。我的意思是，2800 萬美元是合約資產或未開票的應收帳款。這與我們實現第三代計畫時的里程碑息息相關。我們的現有資產中就有這些。我們預計將在未來 12 個月內收集這些數據。它也確實為我們提供了一些重要的流動性。

Anything else on the working capital to take note of Dynamics?

Dynamics 的營運資金還有什麼需要注意的嗎？

Everything else is pretty steady state. I mean we've got a fair bit of cash and the contract assets gives us a fair bit of liquidity. So we feel pretty good at the moment.

其他一切都處於相當穩定的狀態。我的意思是，我們擁有相當多的現金，而合約資產為我們提供了相當多的流動性。所以我們目前感覺很好。

Thank you.

謝謝。

Max Michaelis, Lake Street.

馬克斯‧米凱利斯，湖街。

Hey, thanks for taking my questions. When we look at the full year guidance (inaudible) through the year. So if we're still sticking with that $102 million to $118 million guidance what's really driving the difference between the low end and the high end here? I mean is this a few deals that we're waiting on? Or is this one large chunky deal? I was wondering if you could give some more color on that.

嘿，謝謝你回答我的問題。當我們查看全年的全年指導（聽不清楚）。那麼，如果我們仍然堅持 1.02 億至 1.18 億美元的指導，那麼到底是什麼導致了低端和高端之間的差異呢？我的意思是，這是我們正在等待的一些交易嗎？還是這是一筆大筆交易？我想知道你是否可以對此提供更多的顏色。

Thanks for the question, Max. As we stated in our remarks we're maintaining full year guidance. We typically have had stronger back halves of the year that's tied to renewals and expansions of existing contracts. Obviously, we have a pretty robust pipeline of opportunities we're working on. And so we look at those opportunities on a weighted basis and that's how we arrive at really the range and the midpoint.

謝謝你的提問，馬克斯。正如我們在評論中所說，我們將維持全年指導。我們通常在今年下半年表現強勁，這與現有合約的續約和擴展有關。顯然，我們正在開發大量的機會。因此，我們在加權的基礎上審視這些機會，這就是我們得出真正的範圍和中點的方法。

Is there more new business coming online?

是否有更多新業務上線？

Yeah, there's a blend of new business and renewals that are actively being worked.

是的，新業務和續訂業務正在積極進行中。

Okay. And then I guess if we look at that $40 million in new contracts or new awards signed in the quarter, I mean, can you help me out with like the mix between new customers versus extensions?

好的。然後我想，如果我們看看本季度簽署的 4000 萬美元的新合同或新合同，我的意思是，你能幫我解決新客戶與延期之間的混合問題嗎？

As I mentioned in my remarks the two primary ones were tied to our EOCL renewal and a renewal from one of our long-term existing international customers, but we also had a number of new customers enter into six-figure level subscription services. So it was a blend.

正如我在演講中提到的，兩個主要問題與我們的 EOCL 續約和我們現有的長期國際客戶之一的續訂有關，但我們也有許多新客戶進入了六位數級別的訂閱服務。所以這是一個混合體。

All right. Thanks. That's it for me.

好的。謝謝。對我來說就是這樣。

Thank you, Max.

謝謝你，麥克斯。

Scott Buck, H.C. Wainwright.

巴克 (Scott Buck)，H.C.溫賴特。

Hi. Good morning guys. Thanks for taking my questions. I'm curious on the Professional & Engineering Services gross margin. You've seen a nice uptick there in the last few quarters. Is that just representative of the mix of assignments you're currently working on? Or have you guys done something internally to create some additional efficiency there?

你好。早安，夥計們。感謝您回答我的問題。我對專業與工程服務的毛利率感到好奇。在過去的幾個季度中，您已經看到了良好的成長。這只是代表您目前正在從事的任務組合嗎？或者你們在內部是否做了一些事情來提高效率？

Hey, Scott, this is Henry. That's a function of the work that we're doing with a couple of our large customers. As I mentioned in our script, we had a step-up in some of the activity. So various aspects of these programs kind of allow us to have higher margins as we produce. So it's kind of a revenue mix.

嘿，斯科特，這是亨利。這是我們與幾個大客戶所做的工作的一個功能。正如我在腳本中提到的，我們在一些活動中取得了進展。因此，這些計劃的各個方面都讓我們在生產時獲得更高的利潤。所以這是一種收入組合。

And we expect those margins to kind of stay in this sort of category. Although, as you know that variability -- there could be some variability on Professional & Engineering Services based on milestones.

我們預計這些利潤率將保持在這一類別。不過，如您所知，可變性—基於里程碑的專業和工程服務可能會存在一些可變性。

Sure. That's helpful, Henry. Thank you. And then it sounds like Gen-3 launch activity becomes a bit more meaningful in 2025. I'm curious if you can give us any early color on CapEx expectations for 2025 versus 2024?

當然。這很有幫助，亨利。謝謝。聽起來第三代發射活動在 2025 年會變得更有意義。我很好奇您是否能為我們提供有關 2025 年與 2024 年資本支出預期的任何早期資訊？

Scott we're not guiding to 2025 CapEx yet. We'll do that later

Scott，我們還沒有製定 2025 年資本支出指南。我們稍後會這樣做

That's fair guys. And then lastly, I just want to ask about now that it seems like we have our horses for the election whether or not you guys are doing any handicapping or any potential outcome could be more positive or less positive?

那是公平的伙計們。最後，我只想問一下，現在看來我們已經為選舉做好了準備，你們是否正在做任何阻礙或任何潛在的結果可能會更積極或更不積極？

I think I'll just say generally kind of independent of the election outcome there's strong support both in the US government and we're seeing it internationally as well to increase investments in defense and space; space being a strategic area of investment going forward.

我想我只想說，整體而言，與選舉結果無關，美國政府和國際上都大力支持增加國防和太空投資；太空是未來投資的策略領域。

So we continue to see strong support in Congress for the commercial industry. Last quarter we reported the Space Force coming out with a commercial strategy that we're excited to pursue. And so I think independent of the outcome we're seeing strong support and good visibility going forward.

因此，我們繼續看到國會對商業業的大力支持。上個季度，我們報道了太空軍推出了一項我們很高興追求的商業策略。因此，我認為，無論結果如何，我們都看到了強大的支持和良好的可見性。

Dave Storms, Stonegate.

戴夫·斯托姆斯，石門。

Good morning. Thank you for taking my questions. My first one is just -- if you could help us understand what the current environment is like for acquiring and retaining AI talent?

早安.感謝您回答我的問題。我的第一個問題是——您能否幫助我們了解目前獲取和留住人工智慧人才的環境如何？

That's a good question. As you know we've been developing AI capabilities for years now in our Spectra platform and then winning significant contracts there primarily due to our AI technology and our AI talent. We actually have had pretty good performance in recruiting and retaining AI talent.

這是個好問題。如您所知，我們多年來一直在 Spectra 平台上開發人工智慧功能，然後主要憑藉我們的人工智慧技術和人工智慧人才贏得了重要合約。事實上，我們在招募和留住人工智慧人才方面取得了不錯的成績。

I think that's primarily driven by the fact that when you combine what we're doing in space with high-frequency monitoring, with a proprietary constellation, with the Spectra platform and how you can translate that into actionable intelligence that is -- it's exciting and meaningful work.

我認為這主要是由這樣一個事實驅動的：當你將我們在太空中所做的事情與高頻監控、專有星座、Spectra 平台相結合，以及如何將其轉化為可操作的情報時，這是令人興奮的，而且有意義的工作。

And so we've been very fortunate in retaining the talent we have and the mission around what we're doing with our capabilities to support a more safer and secure world is also an attractive aspect of what we do. So we have not had any real challenges there.

因此，我們非常幸運地留住了我們所擁有的人才，而圍繞我們正在做的事情的使命是利用我們的能力來支持一個更安全的世界，這也是我們所做的事情的一個有吸引力的方面。所以我們在那裡沒有遇到任何真正的挑戰。

Understood. Thank you. And then we understand that CapEx guidance is up this year due to the significant Gen-3 investments. Following the completion of those investments, do you believe that CapEx will return to a more normalized level? Or should we anticipate that it will be higher than the historical rate due to increased maintenance CapEx for the Gen-3 satellites?

明白了。謝謝。然後我們了解到，由於第三代的大量投資，今年的資本支出指導上升。這些投資完成後，您認為資本支出會恢復到更正常的水平嗎？或者我們是否應該預期，由於第三代衛星的維護資本支出增加，這一數字將高於歷史水準？

Dave, this is Henry. Thanks for that question. I mean when we take a look at our CapEx we are guiding to that $55 million to $65 million of cash CapEx this year as we are preparing to get launches going. We have discussed how when we get into a steady state, our CapEx could be in the neighborhood of the replenishment rate of a 16-satellite constellation which when you do the math using about $13 million or so per satellite times 16 satellites and divide that by about a five year life you're looking at probably on a steady state in that $40 million to $50 million range for the satellite constellation, and then a little bit for our AI capability. So you're probably in that -- without giving guidance you can do the math on that one.

戴夫，這是亨利。謝謝你提出這個問題。我的意思是，當我們審視我們的資本支出時，我們預計今年的現金資本支出為 5500 萬至 6500 萬美元，因為我們正在準備啟動產品。我們已經討論過，當我們進入穩定狀態時，我們的資本支出可能會接近16 顆衛星星座的補充率，當您使用每顆衛星約1300 萬美元左右乘以16 顆衛星進行數學計算時，將其除以您所看到的衛星星座的壽命可能是在 4000 萬至 5000 萬美元的穩定狀態下，大約五年，然後是我們的人工智慧能力。所以你可能就屬於這種情況——無需提供指導，你就可以對此進行數學計算。

Josh Sullivan, The Benchmark Company.

喬許·沙利文，基準公司。

GDMP, how does pricing work? Does the customer set the price or value? Or do you as BlackSky? Just interested to hear how the mechanics of the market work?

GDPMP，定價如何運作？客戶設定價格或價值嗎？還是你是BlackSky嗎？只是想聽聽市場機制如何運作？

Yeah. Good morning, Josh. Thanks for the question. It's a pretty exciting opportunity. Basically it's a platform through which customers can put out requests for proposals, for certain capabilities and commercial companies can submit bids to provide that capability.

是的。早上好，喬許。謝謝你的提問。這是一個非常令人興奮的機會。基本上，它是一個平台，客戶可以透過該平台針對某些功能提出建議請求，商業公司可以提交投標以提供該功能。

So it's competitive but it's also a streamlined acquisition model that allows customers to quickly get data and analytics services through this type of vehicle. So it's a really nice platform for the government because it is competitive, but it's also streamlined. So it's a win-win for the government and commercial.

因此它具有競爭力，但它也是一種簡化的獲取模式，允許客戶透過此類工具快速獲取數據和分析服務。因此，這對政府來說是一個非常好的平台，因為它具有競爭力，但也很精簡。所以這對政府和商業來說是雙贏的。

And what's your sense of how large of a sales channel it could be? Or what do you think the total value of the market could potentially be over time?

您認為它的銷售管道有多大？或者您認為隨著時間的推移，市場的總價值可能是多少？

I can't -- it's starting out with some initial budget. It's early days. I will say that what we've been seeing is an interest in growing the budget for that but also a strong partnership with the government to continue to refine the model and the types of services that can be acquired through this type of marketplace. So it's early days, but we're excited about where it is and where it's going and the fact that we've been able to secure a number of these types of contracts.

我不能——它是從一些初始預算開始的。現在還早。我想說的是，我們看到的是增加預算的興趣，但也與政府建立了強有力的合作夥伴關係，以繼續完善模型以及可以透過此類市場獲得的服務類型。所以現在還處於早期階段，但我們對它的現狀和發展方向以及我們已經能夠獲得許多此類合約的事實感到興奮。

Great, Thanks for the time.

太好了，感謝您抽出時間。

Jeff Van Rhee, Craig Hallum Capital Group.

傑夫·範·李（Jeff Van Rhee），克雷格·哈勒姆資本集團。

Hey, thanks for taking my question. This is Daniel Hibshman on for Jeff. Just in terms of the pipeline, if maybe you could give us a little better color on just what you're seeing come down. The presentation mentioned a few quote sizable multiyear sales opportunities. I assume that's referencing EOCL, the $150 million Asian ally and $50 million Indonesia contract.

嘿，謝謝你回答我的問題。我是丹尼爾·希布什曼 (Daniel Hibshman) 替傑夫 (Jeff) 發言。就管道而言，如果您可以為我們提供更好的顏色來說明您所看到的情況。演講中提到了一些報價相當大的多年銷售機會。我認為這是指 EOCL，價值 1.5 億美元的亞洲盟友和價值 5,000 萬美元的印尼合約。

But just anything else you can call out in terms of the things that are coming down the line whether in terms of what kinds of imagery, or what kinds of object detections? Just what the biggest opportunities in the pipeline are and where we should be focused.

但是，您可以根據即將發生的事情來指出其他任何事情，無論是哪種圖像，還是哪種物體檢測？正在醞釀中的最大機會是什麼以及我們應該重點關注的領域。

Yeah. Daniel thanks for the question. I think just to reiterate EOCL Indonesia those types of other larger international those are all contracts we have. So as far as those are in our contracted backlog and those revenues will unlock over time.

是的。丹尼爾感謝你的提問。我想重申一下 EOCL Indonesia，其他大型國際公司的這些類型都是我們擁有的合約。因此，就我們合約中的積壓訂單而言，這些收入將隨著時間的推移而釋放。

The other things we're seeing in the market are continued demand for our high-frequency monitoring with integrated AI capability through an assured access subscription. We're seeing strong interest in our Gen-3 technology as evidenced by the contract we announced earlier this year in Indonesia.

我們在市場上看到的其他事情是透過保證的存取訂閱對我們具有整合人工智慧功能的高頻監控的持續需求。我們看到人們對我們的第三代技術產生了濃厚的興趣，今年早些時候我們在印尼宣布的合約就證明了這一點。

And then, of course, when we bring 35-centimeter imagery into our high-frequency monitoring capability that will be a transformative service for customers that for the first time can bring very high resolution with high frequency combined with the AI delivered in a single service platform.

當然，當我們將35 公分影像引入我們的高頻監控功能時，這對客戶來說將是一項革命性的服務，第一次可以在單一服務中提供非常高解析度、高頻與人工智慧結合的服務平台。

So all of those things are -- we're seeing strong demand both in the US and abroad for those capabilities. And we expect as we bring Gen-3 into the market that demand will continue to grow.

因此，所有這些事情都是——我們看到美國和國外對這些能力的強烈需求。我們預計，隨著第三代產品進入市場，需求將持續成長。

Thanks for that. And then just one broader I don't know if you want to call this a macro question, but how is revenue generally connected or correlated with conflict in terms of are your customers highly flexible in terms of their task orders and volumes where depending on what's going on globally they're going to flex what they're buying? Or do they typically have pretty set amounts contracted annually?

謝謝你。然後是一個更廣泛的問題，我不知道您是否想將此稱為宏觀問題，但收入通常如何與衝突聯繫或相關，因為您的客戶在任務訂單和數量方面是否高度靈活，這取決於什麼在在全球範圍內發生的情況下，他們會改變他們購買的產品嗎？或者他們通常每年簽訂的合約金額相當固定？

It's a good question. I think the misnomer out there is that a lot of the industry and the revenue is driven by crisis events and that's just not the case. We're dealing with organizations that plan years in ahead for access to capacity to meet their day-to-day mission requirements that they have now and what they're forecasting in the future.

這是一個好問題。我認為錯誤的說法是，許多行業和收入都是由危機事件驅動的，但事實並非如此。我們正在與提前數年計劃獲得容量的組織打交道，以滿足他們現在的日常任務要求和他們對未來的預測。

We support them by providing flexible mechanisms to where they task and when to be responsive to whatever they're dealing with in their day-to-day operations. So we provide them with that assured access flexibility. But as you know, we typically offer those capabilities through long-term multiyear subscription contracts because they want that capacity and they want to ensure that it's going to be there for years.

我們透過提供靈活的機制來支持他們，確定他們的任務地點以及何時響應他們在日常運營中處理的任何問題。因此，我們為他們提供有保證的存取靈活性。但如您所知，我們通常透過長期多年訂閱合約提供這些功能，因為他們需要這種能力，並且希望確保它能夠存在多年。

Makes sense. And then just one last one for me for Henry. Just maybe one other way of looking at that contract asset balance where would you see that being a year from now? I understand that expecting to collect the current balance over the coming year, but I assume also new signings and renewals would be adding to that balance. Just do you envision that balance being roughly where it's at significantly higher, significantly lower? Just any color there would be helpful.

有道理。最後一張是我送給亨利的。也許只是另一種看待合約資產餘額的方式，您認為一年後會怎樣？我知道預計在來年能收回當前的餘額，但我認為新的簽約和續約也會增加該餘額。您是否認為這種平衡大致處於顯著較高或顯著較低的位置？任何顏色都會有幫助。

Sure. What I would point -- the way I would take a look at that one is a lot of these are tied to milestones as we complete our Gen-3 -- start getting our Gen-3 satellites up and work towards completing that program and some of the work that we've talked about on the international projects that we need to complete prior to being tied into their work streams.

當然。我要指出的是——我看待這個問題的方式是，當我們完成第三代衛星時，其中許多都與里程碑相關——開始啟動我們的第三代衛星，並努力完成該計劃和一些我們在國際專案上討論過的工作，我們需要在融入他們的工作流程之前完成這些工作。

So over time that number should be coming back down. If you look at it where we've been historically, it would be a good way to look at that. And so I think -- I don't think it will stay up at that $28 million but we're not providing guidance on next year's numbers yet.

因此，隨著時間的推移，這個數字應該會回落。如果你看看我們歷史上的情況，這將是一個很好的看法。所以我認為——我認為它不會保持在 2800 萬美元的水平，但我們還沒有提供明年數字的指導。

Okay. That’s helpful. Thanks a lot. So I’ll hop.

好的。這很有幫助。多謝。所以我會跳。

(Operator Instructions) Chris Quilty, Quilty space.

（操作員說明）Chris Quilty，Quilty 空間。

Thanks. Just wanted to do a follow-up on the GDMP program. Is there a cap on the size of contracts that customers can contract through that vehicle? And a second question is like is there a graduation path? I mean should we think of this as sort of like a [sibbers type] program that allows small contracts and then eventually, if those customers want to engage in a larger long-term contract, they're going to have to go out and find separate funding for it? And I know it's early days program but what's your --

謝謝。只是想跟進 GDPMP 計劃。客戶透過該工具簽訂的合約規模是否有上限？第二個問題是有畢業路徑嗎？我的意思是，我們是否應該將其視為一種允許簽訂小額合同的[兄弟類型]計劃，最終，如果這些客戶想要簽訂更大的長期合同，他們將不得不出去尋找單獨資助嗎？我知道這是早期計劃，但你的計劃是什麼--

Yeah. It's a good question Chris. I think what we're seeing now you're right it is early days. Right now they're starting out with small kind of five-figure type services that get delivered really quickly, quickly within like weeks and months. They typically start with that base kind of service but they also can attach options to them to extend them over time.

是的。這是一個很好的問題，克里斯。我認為我們現在所看到的你是對的，現在還為時過早。現在，他們開始提供小型五位數類型的服務，這些服務可以在幾週或幾個月內快速交付。他們通常從這種基本服務開始，但他們也可以附加選項以隨著時間的推移進行擴展。

And because it is early days, I think the government end users are still working through the potential of this and how they can take advantage of it. But I think the general thing that we're seeing is this is a really efficient -- has the potential to be a really efficient marketplace that can drive incremental revenue and drive incremental capture of a whole range of new customers through a streamlined acquisition process.

由於現在還處於早期階段，我認為政府最終用戶仍在研究其潛力以及如何利用它。但我認為我們看到的總體情況是，這是一個非常有效率的市場，有潛力成為一個真正有效率的市場，可以推動收入增量，並透過簡化的收購流程來增量捕獲各種新客戶。

A question on Gen-3. Obviously, first one going up in the September time frame. Just based upon the CapEx-to-date on the program, is it fair to assume you've got half a dozen to a dozen satellites in some stage of production? And I know you're not providing guidance for next year, but it sounded like after the first satellite you may do single-satellite launches before (inaudible). Is that a fair assumption?

關於 Gen-3 的問題。顯然，第一個在九月的時間範圍內上升。僅根據該計劃迄今為止的資本支出，假設您在某個生產階段有六到十二顆衛星是否公平？我知道你不會提供明年的指導，但聽起來在第一顆衛星之後你可能會在之前進行單衛星發射（聽不清楚）。這是一個公平的假設嗎？

I think as I said, we'll launch the first couple as single launches. You can assume that we have been investing in the long-lead components for a number of Gen-3 satellites. And as I mentioned in my remarks that production line is ramping up and that will enable us to get into a cadence of launches next year.

我想正如我所說，我們將推出第一對單一產品。您可以假設我們一直在投資許多第三代衛星的長週期組件。正如我在演講中提到的那樣，生產線正在增加，這將使我們能夠在明年開始推出產品。

On the single-launch element of this just as a reminder, we have secured the first four launches with Rocket Lab through a vendor finance deal. So overall, we're on track to get the first units up later this year. We've got the supply chain and the production line up and running. That puts us in a position to get to a regular delivery of satellites and deployment of those in 2025.

在此提醒一下，我們已經透過供應商融資協議與 Rocket Lab 合作完成了前四次發射。總的來說，我們預計在今年稍後推出第一批設備。我們已經啟動並運行了供應鏈和生產線。這使我們能夠在 2025 年定期交付衛星並進行部署。

And how should we think about the revenue contribution from Gen-3 from the perspective that you're going to be tapering in as you launch new satellites more and more capability? Are the contracts that you sign with customers including EOCL structured in such a way that there are incremental step-ups? Or do you have to get to like a certain volume of imagery before there is a step-up in the contract?

從隨著發射能力越來越強的新衛星逐漸減少的角度來看，我們該如何看待第三代的收入貢獻？您與包括 EOCL 在內的客戶簽署的合約是否採用漸進式升級的方式建構？或者您必須先喜歡一定數量的圖像才能升級合約？

I think you'll see a little bit of both Chris. I think the way we think about it there'll be a steady ramp in revenues. You're not going to see – and in some cases some contracts will have step-ups. But when you look at it year-over-year you should see steady growth in that line as we bring that capacity online.

我想你會看到克里斯的一點點。我認為，按照我們的想法，收入將會穩定成長。你不會看到——在某些情況下，有些合約會有升級。但是，當您逐年查看它時，您應該會看到隨著我們將該產能上線，該生產線將穩定成長。

And Henry, what should we think in terms of contract advances? You've got large contracts with (inaudible). Should we be modeling in some sort of step-up (inaudible)?

亨利，我們該如何看待合約預付款？您與以下公司簽訂了大額合約（聽不清楚）。我們是否應該以某種方式進行建模（聽不清楚）？

Well, each contract tends to be unique. Some of them have some early prepayments which help with the CapEx programs. Some of them tail off a little bit and we build up a little bit of some contract assets as we work our way through it. But overall, we price those large contracts. We've got a couple in the pipeline and that's the variability on where we think the year-end guidance could be just due to timing.

好吧，每份合約往往都是獨一無二的。其中一些公司有一些早期預付款，這有助於資本支出計劃。其中一些會逐漸減少，而我們在努力完成的過程中會累積一些合約資產。但總的來說，我們對這些大合約進行了定價。我們已經有幾個正在醞釀中，這就是我們認為年終指導可能只是由於時間安排而存在的可變性。

And with those two specific contracts, I mentioned obviously there's a development phase and I think it evolve maybe even 24 months. You’re behind line (inaudible). When does that thing start to kick-in in a (inaudible)

對於這兩個具體合同，我顯然提到了一個開發階段，我認為它甚至可能需要 24 個月。你落後了（聽不清楚）。那件事什麼時候開始起作用（聽不清楚）

Well, we don't discuss individual customers. We've never identified who our customers are internationally. So our various international customers will ramp up as we get our Gen-3 capabilities online.

好吧，我們不討論個人客戶。我們從未確定我們的國際客戶是誰。因此，隨著我們的 Gen-3 功能上線，我們的各種國際客戶將會增加。

So are both -- is it fair to assume both of those contracts are based on Gen-3 entirely? Or (inaudible)

那麼，假設這兩個合約都完全基於 Gen-3 是否公平？或者（聽不清楚）

There is work through across all our product lines.

我們所有的產品線都在努力。

Final question on the cost savings, is that primarily due to headcount reductions that were done within the past year? Or is that more just operational cost savings within the business? And Part two of that is, as you ramp up Gen-3, which is the new capability, are there any incremental costs? Or is operating those satellites seamless within the nock (inaudible)

關於成本節省的最後一個問題是，這主要是因為去年減少了員工人數嗎？或者這只是節省企業內部的營運成本？第二部分是，當你增加 Gen-3（即新功能）時，是否會增加成本？或是在箭尾中無縫操作這些衛星（聽不清楚）

Yeah. Chris, it's Brian. I think first off, we're continuing to hire. So we haven't had to do any major structural headcount reductions in the company. The savings you're seeing are just improving our business operations, back office and other things.

是的。克里斯，是布萊恩。我認為首先，我們將繼續招募。因此，我們不必對公司進行任何重大的結構性裁員。您看到的節省只是改善了我們的業務運作、後台辦公室和其他方面。

So we are actually -- as we achieve those savings we're actually reinvesting some of that OpEx into things like sales and marketing to support our growth. But I think what you're seeing is we're aligning our growth with our revenue and we're managing our expenses extremely well and are highly focused on that.

因此，當我們實現這些節省時，我們實際上將部分營運支出重新投資到銷售和行銷等方面，以支持我們的成長。但我認為你所看到的是，我們正在使我們的成長與我們的收入保持一致，我們非常好地管理我們的支出，並且高度關注這一點。

Great. Thanks, guys.

偉大的。謝謝，夥計們。

Thank you, Chris.

謝謝你，克里斯。

At this time, there are no further questions. This concludes BlackSky's second quarter 2024 earnings conference call. Thank you for joining the call today.

目前，沒有其他問題了。BlackSky 的 2024 年第二季財報電話會議到此結束。感謝您今天加入通話。