Gilat Satellite Networks Ltd (GILT) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Gilat's Fourth Quarter 2021 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded February 15, 2022. By now, you should have all received the company's press release. If you have not received it, please contact Gilat's investor relations team at GK Investor and Public Relations at 1 (646) 688-3559 or view it in the News section of the company's website, www.gilat.com.

女士們先生們，謝謝你們的支持。歡迎參加 Gilat 2021 年第四季業績電話會議。 （操作員說明）溫馨提示，本次會議錄製時間為2022年2月15日。如果您尚未收到，請致電 1 (646) 688-3559 聯絡 GK 投資者和公共關係部的 Gilat 投資者關係團隊，或在公司網站 www.gilat.com 的新聞部分查看。

I would now like to hand over the call to Mr. Ehud Helft of GK Investor Relations. Mr. Helft, would you like to begin, please.

現在我想將電話轉交給 GK 投資者關係部門的 Ehud Helft 先生。赫爾夫特先生，請開始吧。

A recording of this call will be available beginning approximately noon Eastern Time today, February 15, and will be available for telephone replay until November 15 at noon. Webcast will be archived on the Gilat's website for a period of 30 days.

本次通話的錄音將於美國東部時間今天 2 月 15 日中午左右開始提供，並可在 11 月 15 日中午之前進行電話重播。網路廣播將在 Gilat 網站上存檔 30 天。

Also, please note that investors are urged to read the forward-looking statements in Gilat's earning release, with a reminder that statements made on this earnings call are not historical facts -- which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements, including statements regarding future financial operational results, involve risks, uncertainties and contingencies, many of which are beyond the control of Gilat and which may cause actual results to differ materially from those anticipated results.

另請注意，敦促投資者閱讀吉拉特財報中的前瞻性陳述，並提醒投資者，本次財報電話會議上的陳述並非歷史事實——非歷史事實可能被視為前瞻性陳述。私人證券訴訟改革法案》的含義。有所不同實質上來自這些預期結果。

Gilat is under no obligation to update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, and the company may explicitly disclaim any obligation to do so. More detailed information about the risk factors can be found in Gilat's reports filed with the Securities and Exchange Commission.

無論是由於新資訊、未來事件或其他原因，吉拉特沒有義務更新或更改這些前瞻性陳述，且公司可能明確否認承擔任何這樣做的義務。有關風險因素的更多詳細信息，請參閱吉拉特向美國證券交易委員會提交的報告。

With that said, let me turn to introductions. On the call today are Mr. Adi Sfadia, Gilat's CEO; and Mr. Gil Benyamini, Gilat's, CFO. I would now like to turn over the call to Adi Sfadia. Adi, we are ready to begin.

話雖如此，讓我開始介紹。今天參加電話會議的是 Gilat 執行長 Adi Sfadia 先生； Gilat's 財務長 Gil Benyamini 先生。我現在想把電話轉給阿迪·斯法迪亞。阿迪，我們準備開始了。

Thank you, Ehud, and good day to everyone. I would like to thank you for joining us today for our fourth quarter and full year 2021 earnings call. Our results in 2021 showed strong revenue growth with even stronger profitability growth. This capped off strong end to 2021, which we see as a transition year for Gilat and was a challenging year in many aspects. Fourth quarter revenues were $67 million, up 58% year-over-year. Adjusted EBITDA was $10.6 million, up from only $1 million a year ago. For 2021, we reported revenue of $219 million, up 32% from 2020, and adjusted EBITDA of $15.7 million, versus an adjusted EBITDA loss of $3.3 million in 2020.

謝謝你，埃胡德，祝大家有美好的一天。我要感謝您今天參加我們的 2021 年第四季和全年財報電話會議。我們 2021 年的業績顯示營收強勁成長，獲利能力成長更為強勁。這為 2021 年畫上了圓滿的句號，我們認為這一年是吉拉特的過渡年，在許多方面都是充滿挑戰的一年。第四季營收為 6,700 萬美元，年增 58%。調整後 EBITDA 為 1,060 萬美元，而一年前僅為 100 萬美元。 2021 年，我們的營收為 2.19 億美元，比 2020 年成長 32%，調整後 EBITDA 為 1,570 萬美元，而 2020 年調整後 EBITDA 虧損為 330 萬美元。

More importantly, looking ahead, we expect 2022 to be a stronger year. The improved visibility across our various business segments allow us to provide, for the first time in 2 years, full year guidance, which I will elaborate on at the end of my statement. I will now focus on some of the business achievements and discuss some of the recent highlights.

更重要的是，展望未來，我們預計 2022 年將是更加強勁的一年。我們各個業務部門可見性的提高使我們能夠在兩年內首次提供全年指導，我將在聲明末尾詳細闡述這一點。我現在將重點介紹一些業務成就並討論最近的一些亮點。

I'm excited to report that we recently launched Gilat next-generation platform, SkyEdge IV, with a goal to increase our market share in the ground segment market with the new era of satellite communications, consisting of non-geostationary orbit constellation known as NGSO, and very high throughput satellites known as VHTS. Today, new era consists of new multi-orbit constellation and very high throughput satellites that meet the demand for connectivity everywhere, all the time. This market dynamic presents unique opportunities for Gilat since SkyEdge IV is a software-centric platform. We, therefore, expect to see a favorable mix of software license sales in addition to hardware sales.

我很高興地向大家報告，我們最近推出了 Gilat 下一代平台 SkyEdge IV，目標是透過衛星通訊新時代增加我們在地面部分市場的市場份額，其中包括稱為 NGSO 的非對地靜止軌道星座，以及被稱為VHTS 的超高吞吐量衛星。如今，新時代由新的多軌道星座和超高吞吐量衛星組成，可滿足隨時隨地的連接需求。由於 SkyEdge IV 是一個以軟體為中心的平台，這種市場動態為 Gilat 提供了一個獨特的機會。因此，我們預計除了硬體銷售之外，軟體許可證銷售也會出現有利的組合。

I am proud to report that we recently closed strategic SkyEdge IV deals with both Intelsat and SES, and we have a healthy pipeline as we move forward. With SkyEdge IV, our goal is to capture a leading position of this multibillion-dollar emerging market. SkyEdge IV opens new markets and enhance our leadership in others. This includes fortifying our 4G cellular backhaul leadership and opening up 5G opportunities. SkyEdge IV is further growing Gilat's leadership in mobility, both in IFC and maritime as well as positioning us for enlarging our pipeline in the defense and enterprise market.

我很自豪地向大家報告，我們最近與 Intelsat 和 SES 達成了 SkyEdge IV 戰略協議，隨著我們的前進，我們擁有了健康的管道。借助 SkyEdge IV，我們的目標是在這個價值數十億美元的新興市場中佔據領先地位。 SkyEdge IV 開闢了新市場並增強了我們在其他市場的領導地位。這包括鞏固我們在 4G 蜂窩回程領域的領先地位並開闢 5G 機會。 SkyEdge IV 進一步增強了 Gilat 在 IFC 和海事領域移動領域的領導地位，並為我們擴大國防和企業市場的產品線奠定了基礎。

SkyEdge IV is equipped with an elastic architecture, built to deliver speed of gigabits per second and unmatched CapEx and OpEx efficiency, supporting next-generation software-defined satellites and simultaneously supporting any application, even in the most demanding situation.

SkyEdge IV 配備彈性架構，旨在提供每秒千兆位元的速度以及無與倫比的資本支出和營運支出效率，支援下一代軟體定義衛星並同時支援任何應用程序，即使在最苛刻的情況下也是如此。

In addition to the exciting news about SkyEdge IV, I would like to shed more light on 2 outstanding achievements in the NGSO and VHTS markets. The first achievement is that we entered into a multiyear contract with a potential of hundreds of millions of dollars to customize and provide our leading technology for NGSO constellations. Upon signing this contract, we received the first multimillion-dollar purchase orders for initial units.

除了有關 SkyEdge IV 的激動人心的消息外，我還想進一步介紹 NGSO 和 VHTS 市場上的兩項傑出成就。第一項成就是我們簽訂了一份價值數億美元的多年期合同，為 NGSO 星座量身定制並提供我們的領先技術。簽署這份合約後，我們收到了第一批價值數百萬美元的初始設備採購訂單。

And the second achievement is that we received orders totaling over $40 million for a leading satellite operator for our SSPA product line to support low earth orbit constellation. Gilat sees solid growth potential in the emerging VHTS and NGSO satellite communication market and is materializing its goal to benefit from this growing mega markets. I'm happy to report that in the mobility market segment, we continue to see market recovery.

第二項成就是，我們為一家領先的衛星營運商收到了總額超過 4000 萬美元的訂單，用於支援近地軌道星座的 SSPA 產品線。 Gilat 看到了新興的 VHTS 和 NGSO 衛星通訊市場的強勁成長潛力，並正在實現從這個不斷成長的巨型市場中受益的目標。我很高興地向大家報告，在行動市場領域，我們繼續看到市場復甦。

In the IFC segment, Gilat expanded its strategic partnership with Intelsat for commercial aviation. As a reminder, at the end 2020, Intelsat acquired Gogo's Commercial Aviation business. Intelsat select Gilat's SkyEdge IV as a platform to provide IFC services over North America with the latest IS-40e high-throughput satellite that is expected to be launched during 2022. In addition, Intelsat's global IFC network will be expanded by Gilat to cater to the growing use of IFC over Asia. We expect additional significant revenue in this segment as Intelsat continue to enhance and expand their network.

在 IFC 領域，Gilat 擴大了與 Intelsat 在商業航空領域的策略合作夥伴關係。提醒一下，2020 年底，Intelsat 收購了 Gogo 的商業航空業務。 Intelsat 選擇 Gilat 的 SkyEdge IV 作為平台，利用最新的 IS-40e 高通量衛星在北美提供 IFC 服務，該衛星預計將於 2022 年發射。來越多使用IFC。隨著 Intelsat 繼續增強和擴展其網絡，我們預計該領域將獲得額外的可觀收入。

Moving on to maritime. We secured a deal in the fourth quarter with a new service provider in EuroAsia for expanded maritime connectivity for commercial fishing and maritime transport markets. This recent maritime success is on top of the reported multimillion-dollar deal with SES that we closed during 2021 for SkyEdge IV, which provides Gilat with access to top cruise lines and maritime service providers that will use SES O3b mPOWER as well as the geostationary satellite fleet. I'm optimistic that Gilat's technology will continue to be the leading solution for Internet connectivity during travel; in the air, at sea and on land.

轉向海運。我們在第四季度與歐亞的一家新服務提供商達成了一項協議，旨在擴大商業捕魚和海上運輸市場的海上連通性。根據報道，我們在2021 年與SES 達成了數百萬美元的SkyEdge IV 協議，該協議為Gilat 提供了與頂級郵輪公司和海事服務提供商合作的機會，這些公司將使用SES O3b mPOWER 以及地球靜止衛星。我樂觀地認為 Gilat 的技術將繼續成為旅行期間網路連線的領先解決方案；在空中、海上和陸地上。

In the cellular backhaul segment, we had new accounts penetration with one of the world's largest mobile operators. This achievement has significant upside potential for Gilat as we continue to strengthen our proven global market leadership for 4G backhaul over satellite market. In the fourth quarter, we also received a managed service contract extension from a leading operator in Mexico.

在蜂窩回程領域，我們在全球最大的行動營運商之一中實現了新帳戶滲透。這項成就對 Gilat 來說具有巨大的上升潛力，因為我們將繼續加強我們在衛星市場 4G 回程方面久經考驗的全球市場領導地位。第四季度，我們也收到了墨西哥一家領先營運商的託管服務合約延期。

Furthermore, in the last quarter of 2021, we received above totaling million of dollars from other Tier 1 mobile operators around the globe, which contributed to our strong performance in 2021 in the cellular backhaul market segment. The large mobile operators continue to expand their network coverage to remote areas with Gilat cellular backhaul over satellite solution. We also see them using our equipment for emergency response services as well as for IoT. We believe that we'll continue to see additional business growth with the MNOs as this market is expected to significantly grow in the coming years. Gilat further intends to support and lead the market transition to 5G with our newest technology.

此外，在 2021 年最後一個季度，我們從全球其他一級行動營運商獲得了總計超過數百萬美元的資金，這為我們 2021 年在蜂窩回程市場領域的強勁表現做出了貢獻。大型行動營運商繼續利用 Gilat 衛星蜂窩回程解決方案將其網路覆蓋範圍擴展到偏遠地區。我們也看到他們使用我們的設備進行緊急應變服務以及物聯網。我們相信，我們將繼續看到行動網路營運商的額外業務成長，因為該市場預計在未來幾年將顯著成長。 Gilat 還打算利用我們的最新技術支援和引領市場向 5G 過渡。

In the fourth quarter, we closed significantly multimillion-dollar deals with one of the largest service providers in EuroAsia. We were chosen as a ground segment provider to modernize and expand satellite communications throughout the region for a variety of applications, including maritime, land mobility and consumer. Furthermore, we were awarded several additional contracts to extend broadband network with thousands of VSATs to assist people overcoming some of the pandemic consequences.

在第四季度，我們與歐亞最大的服務提供者之一達成了數百萬美元的重大交易。我們被選為地面部分供應商，負責對整個地區的衛星通訊進行現代化改造和擴展，以適應各種應用，包括海上、陸地移動和消費者。此外，我們還獲得了幾份額外合同，透過數千個 VSAT 擴展寬頻網絡，以幫助人們克服一些流行病的後果。

The defense market is a growing focus area for Gilat. During the last quarter of 2021, we secured over $5 million for solid-state power amplifiers from Tier 1 U.S. global military terminal provider. This contract was extension to initial $5 million order from this customer that we reported earlier in the year, and we expect additional expansion for this project in 2022. Our Defense segment received additional focus during the year, and we saw several multimillion-dollar global deals, including the first commitment for our new multi-orbit next-generation platform, SkyEdge IV to a defense customer.

國防市場是 Gilat 日益關注的領域。 2021 年最後一個季度，我們從美國一級全球軍事終端供應商那裡獲得了超過 500 萬美元的固態功率放大器資金。該合約已擴展到我們今年稍早報道的該客戶的初始500 萬美元訂單，我們預計該項目將在2022 年進一步擴展。幾筆價值數百萬美元的全球交易，包括首次向國防客戶承諾推出我們新的多軌道下一代平台 SkyEdge IV。

In Peru, we are making progress in building the terrestrial networks in Ica and Amazonas and providing services in Huancavelica, Ayacucho, Apurímac and Cusco, were successfully executing on our strategy. We have received orders for services in Peru during 2021 totaling more than $40 million, and as such, we achieved our goal of $50 million in annual recurring revenue run rate ahead of our stated objectives. In 2022, we expect to turn a corner in Peru and for our business in Peru to become significantly profitable.

在秘魯，我們正在伊卡和亞馬遜地區建立地面網絡，並在萬卡維利卡、阿亞庫喬、阿普里馬克和庫斯科提供服務，成功執行了我們的策略。 2021 年，我們在秘魯收到的服務訂單總額超過 4000 萬美元，因此，我們比既定目標提前實現了年度經常性收入運行率 5000 萬美元的目標。到 2022 年，我們預計秘魯業務將迎來轉機，秘魯業務將大幅獲利。

I'd like to conclude with sharing a few more points. We plan to continue to heavily invest in R&D to maintain our leadership position and be prepared for the worth of opportunities ahead. We also are carefully monitoring the global supply chain crisis, and so far, I am proud that, in 2021, we have managed to meet our commitment. Finally, I'm pleased to say that we have a strong backlog and a healthy pipeline and a good visibility into 2022. We, therefore, have decided to share with you our guidance for 2022.

最後我想再分享幾點。我們計劃繼續大力投資研發，以保持我們的領先地位，並為未來的機會做好準備。我們也正在仔細監控全球供應鏈危機，到目前為止，我很自豪我們在 2021 年成功履行了我們的承諾。最後，我很高興地說，我們有大量的積壓訂單和健康的管道，並且對 2022 年有良好的預見性。

Our revenue guidance is between $245 million to $265 million, which represent a growth of between 12% to 21% from our comparable 2021 results. We expect GAAP operating income of between $5 million to $9 million and adjusted EBITDA of between $20 million to $24 million. This represents an adjusted EBITDA increase of between 27% to 53% year-over-year, even with significant increase in our investment in R&D. We expect that as we move along the year, and our visibility will further improve, we'll be able to narrow the range of our guidance.

我們的營收指引在 2.45 億美元至 2.65 億美元之間，較 2021 年可比業績成長 12% 至 21%。我們預計 GAAP 營業收入為 500 萬至 900 萬美元，調整後 EBITDA 為 2,000 萬至 2,400 萬美元。即使我們在研發方面的投資大幅增加，調整後的 EBITDA 仍較去年同期成長 27% 至 53%。我們預計，隨著今年的進展，我們的知名度將進一步提高，我們將能夠縮小指導範圍。

And with that, I'd like to hand over to our new CFO, Gil Benyamini. Welcome, Gil. Gil, we are now ready for your report. Please go ahead.

接下來，我想將工作交給我們的新任財務長吉爾‧本亞米尼 (Gil Benyamini)。歡迎，吉爾。吉爾，我們現在準備好接受您的報告。請繼續。

Thank you, Adi. Good morning, and good afternoon to everyone. I would like to remind everyone that our financial results are presented both on a GAAP and non-GAAP basis. We regularly use supplemental non-GAAP financial measures internally and to understand, manage and evaluate our business and to make operating decisions. We believe these non-GAAP financial measures provide consistent and comparable measures to help investors understand our current and future operating performance.

謝謝你，阿迪。大家早安，下午好。我想提醒大家，我們的財務表現是根據公認會計原則和非公認會計原則公佈的。我們定期在內部使用補充性非公認會計準則財務指標，以了解、管理和評估我們的業務並做出營運決策。我們相信這些非公認會計準則財務指標提供了一致且可比較的指標，可以幫助投資人了解我們目前和未來的營運表現。

Non-GAAP financial measures mainly exclude the effect of stock-based compensation, amortization of purchased intangibles, amortization of lease incentives, litigation expenses or income related to trade secrets claims, reorganization costs, merger, acquisition and related litigation costs, adjustments of assets that are held for sale and onetime changes in deferred tax assets. The reconciliation table in our press release highlights this data, and our non-GAAP information excludes these items.

非公認會計準則財務指標主要排除股票薪酬、購買無形資產攤銷、租賃激勵攤銷、與商業秘密索賠相關的訴訟費用或收入、重組成本、合併、收購及相關訴訟成本、資產調整的影響持有待售和遞延所得稅資產的一次性變動。我們新聞稿中的調節表突顯了這些數據，我們的非公認會計準則資訊不包括這些項目。

I will now move to our financial highlights for the fourth quarter and full year 2021. Overall, as Adi mentioned earlier, we are very pleased with our improvement in our results for both the quarter and the year. The results demonstrate that as we exit 2021, we are on the right track, and we can now be increasingly optimistic about our prospects in the quarters ahead. While our performance demonstrates a very solid improvement, there remain global macroeconomic headwinds related to COVID, including the electronic component supply constraints. I'm pleased to say, however, that our performance in 2021 demonstrated that we have been able to mitigate the issue without any significant impact to date.

現在我將介紹 2021 年第四季和全年的財務亮點。結果表明，隨著 2021 年的結束，我們正走在正確的軌道上，我們現在可以對未來幾季的前景越來越樂觀。雖然我們的業績表現出非常堅實的改善，但與新冠病毒相關的全球宏觀經濟阻力仍然存在，包括電子元件供應限制。不過，我很高興地說，我們 2021 年的表現表明，我們已經能夠緩解這個問題，迄今為止沒有任何重大影響。

In terms of our financial results, revenues for the fourth quarter were $67.3 million, up 58% when compared to $42.6 million in the fourth quarter of 2020. Revenues were up 35% versus $49.9 million in the prior quarter. For the year, revenues were $218.8 million, up 32% versus $165.9 million in 2020. The improvements were driven by growth from enterprise, broadband, cellular backhaul, NGSO and defense market. In terms of the revenue breakdown by segment, Fixed Network segment's revenue in Q4 '21 were $37 million, compared to $25.1 million in the same quarter last year, and $22.3 million in the prior quarter. Mobility Solutions segment revenues in Q4 '21 were $25 million, compared to $11.8 million in the same quarter last year, and $21.6 million in the prior quarter. The improvement in this segment was primarily driven by strong revenue growth from the NGSO and defense markets.

就我們的財務表現而言，第四季的營收為 6,730 萬美元，較 2020 年第四季的 4,260 萬美元成長 58%。今年營收為 2.188 億美元，較 2020 年的 1.659 億美元成長 32%。就部門劃分的收入細分而言，21 年第 4 季固定網路部門的收入為 3,700 萬美元，而去年同期為 2,510 萬美元，上一季為 2,230 萬美元。行動解決方案部門 21 年第 4 季的營收為 2,500 萬美元，而去年同期為 1,180 萬美元，上一季為 2,160 萬美元。該領域的改善主要得益於 NGSO 和國防市場的強勁收入成長。

Terrestrial Infrastructure Products segment revenues, which include the construction revenues for our projects for Pronatel in Peru, were $5.3 million, compared to $5.8 million in the same quarter last year and $6 million in the prior quarter.

地面基礎設施產品部門的收入（包括秘魯 Pronatel 專案的建設收入）為 530 萬美元，而去年同期為 580 萬美元，上一季為 600 萬美元。

I would now like to summarize our fourth quarter non-GAAP results. You can view our full results, including our GAAP results, in the press release we issued earlier today. Our non-GAAP gross margin in Q4 '21 improved to 37.2%, compared to 31.3% in the same quarter last year and 35.5% in the prior quarter. Non-GAAP operating expenses in Q4 '21 were $18.2 million in the quarter, compared with $15 million in the fourth quarter of last year and $16.2 million in the previous quarter. I know that last year, due to the COVID-19 pandemic, we had made temporary cost reductions, which mainly consisted of the reduction of our global workforce to an 80% work scope. In December 2020, we returned all our employees back to 100%.

我現在想總結一下我們第四季的非公認會計準則績效。您可以在我們今天早些時候發布的新聞稿中查看我們的完整業績，包括我們的 GAAP 業績。我們 21 年第 4 季的非 GAAP 毛利率提高至 37.2%，去年同期為 31.3%，上一季為 35.5%。 21 年第 4 季的非 GAAP 營運費用為 1,820 萬美元，而去年第四季為 1,500 萬美元，上一季為 1,620 萬美元。我知道，去年，由於COVID-19大流行，我們暫時削減了成本，主要包括將我們全球員工的工作範圍減少到80%。 2020 年 12 月，我們將所有員工恢復到 100%。

I would also like to note that in the previous quarter, we've benefited from COVID-related grants. We increased the investment in R&D compared with last year to ensure timely delivery of the existing large projects we've been awarded, mainly in the LEO and MEO constellation and continue our investment in our new SkyEdge IV platform.

我還想指出，在上一季度，我們受益於與新冠病毒相關的補助金。與去年相比，我們增加了研發投入，以確保我們已獲得的現有大型專案（主要是LEO和MEO星座）的及時交付，並繼續對新的SkyEdge IV平台進行投資。

Non-GAAP operating income for the quarter was improved to $6.8 million, compared with an operating loss of $1.6 million in the same quarter last year, and an operating income of $1.5 million in the previous quarter. Non-GAAP net income in the fourth quarter was $5.9 million, or diluted earnings per share of $0.10. This is compared with net loss of $1.9 million or loss per share of $0.03 in the same quarter last year. In the previous quarter, we reported a non-GAAP net income of $0.7 million of earnings per share of $0.01.

本季非 GAAP 營業收入提高至 680 萬美元，而去年同季營業虧損為 160 萬美元，上一季營業收入為 150 萬美元。第四季非 GAAP 淨利為 590 萬美元，攤薄後每股收益為 0.10 美元。相較之下，去年同期淨虧損 190 萬美元，每股虧損 0.03 美元。上一季度，我們公佈的非 GAAP 淨利潤為 70 萬美元，每股收益為 0.01 美元。

Adjusted EBITDA for the quarter improved to $10.6 million, compared with an adjusted EBITDA of $1.1 million in the same quarter last year. In the previous quarter, we reported an adjusted EBITDA of $4 million. For the year, adjusted EBITDA was $15.7 million, compared with an adjusted EBITDA loss of $3.3 million in 2020.

本季調整後 EBITDA 增至 1,060 萬美元，而去年同期調整後 EBITDA 為 110 萬美元。上一季度，我們公佈的調整後 EBITDA 為 400 萬美元。今年調整後的 EBITDA 為 1,570 萬美元，而 2020 年調整後的 EBITDA 虧損為 330 萬美元。

Moving to our balance sheet. As of December 31, 2021, our total cash and equivalents, including short-term deposits and restricted cash were $86.6 million, compared with $85.4 million on September 30, 2021. In terms of cash flow, we generated about $18.9 million from operating activities in 2021. DSO, which includes our Fixed Networks and Mobility Solutions segments and exclude receivables and revenue of our Terrestrial Infrastructure Projects segment, decreased to 60 days, compared to 66 days in the previous quarter. Our shareholders' equity at the end of 2021 totaled about $232 million compared with $234 million at the end of 2020.

轉向我們的資產負債表。截至2021 年12 月31 日，我們的現金及等價物總額（包括短期存款和限制性現金）為8,660 萬美元，而2021 年9 月30 日為8,540 萬美元。的經營活動中產生了約1,890 萬美元。天減少到60 天。截至 2021 年底，我們的股東權益總額約為 2.32 億美元，而 2020 年底為 2.34 億美元。

Looking ahead, as Adi already mentioned, we are expecting a strong 2022, with revenue of between $245 million to $265 million and adjusted EBITDA of between $20 million to $24 million. That concludes my financial review. I would like now to open the call for questions. Operator, please.

展望未來，正如阿迪已經提到的，我們預計 2022 年將表現強勁，營收將在 2.45 億美元至 2.65 億美元之間，調整後 EBITDA 將在 2,000 萬美元至 2,400 萬美元之間。我的財務審查到此結束。我現在想開始提問。接線員，請說。

(Operator Instructions) The first question is from Chris Quilty.

（操作員說明）第一個問題來自 Chris Quilty。

Congratulations on some good results. I wanted to get perhaps a little bit more detail at the segment level and looking specifically at the fixed network business. Was the growth within that business either on a sequential or [year-over-year] business, was it driven particularly by -- sorry, by the cellular backhaul market or (inaudible) or terrestrial portion? Or was it fairly even across all the markets?

恭喜取得了一些好成績。我想了解細分市場層面的更多細節，並特別關注固定網路業務。該業務的成長是連續的還是[同比]業務，它是否特別受到——抱歉，蜂窩回程市場或（聽不清楚）或地面部分的推動？或是所有市場的情況相當均勻嗎？

Chris, nice to talk to you again. I think that the main growth came both from the cellular backhaul. We had a very good year and a very good quarter with cellular backhaul. And in addition to starting provide -- we started to provide the operational phase in Peru. So it's also supported the revenue growth in the fourth quarter.

克里斯，很高興再次與你交談。我認為主要增長來自蜂窩回程。我們在蜂窩回程方面度過了非常好的一年和一個非常好的季度。除了開始提供之外，我們也開始在秘魯提供營運階段的服務。所以這也支持了第四季的營收成長。

Understand. And on that operational phase in Peru, I know you don't break it out specifically, but based upon hitting the run rates that you had previously talked about, is it fair to assume that you're doing north of $10 million or so exiting Q4? And the second question on the Peru networks, can you give us some sense of breakout of -- you've had announcements around separate agreement with partners, whether Facebook, which I think is pulling out of some of these activities, and other local carriers. How does the revenue breakdown between those different end users of the network?

理解。在秘魯的營運階段，我知道您沒有具體詳細說明，但根據您之前談到的運行率，可以公平地假設您的退出金額超過 1000 萬美元左右嗎？關於秘魯網路的第二個問題，你能否給我們一些突破的感覺——你已經宣布了與合作夥伴的單獨協議，無論是 Facebook（我認為它正在退出其中一些活動）還是其他當地運營商。網路的不同最終用戶之間的收入細分如何？

Okay. So as we said, we reached to a yearly run rate of $50 million. Some of it will kick in only once we finish to build a network in Ica and Amazonas, which is expected towards second half of this year, early 2023, depends on the network. So excluding that, we have -- we expect to have around $45 million. So on average, it's slightly above $10 million a quarter. The agreement we have with IPT, Internet para Todos, which is the consortium of Facebook and Telefonica, in Peru, is aimed to provide capacity -- terrestrial capacity for cellular backhaul. And it's -- I don't remember if we gave the exact amount, but it's an agreement of north of $20 million for 5 years. And we are in the midst of providing the service. So note everything is already up and running. We believe that we'll have more during 2022.

好的。正如我們所說，我們的年運行率達到了 5000 萬美元。其中一些只有在我們完成在伊卡和亞馬遜的網路建設後才會開始實施，預計在今年下半年，即 2023 年初，具體時間取決於網路。因此，排除這一點，我們預計將有大約 4500 萬美元。因此平均而言，每季略高於 1000 萬美元。我們與 IPT（Internet para Todos）（秘魯 Facebook 和 Telefonica 的聯盟）達成的協議旨在提供容量——用於蜂窩回程的地面容量。我不記得我們是否給出了確切的金額，但這是一項為期 5 年的 2000 萬美元以上的協議。我們正在提供服務。所以請注意，一切都已經啟動並正在運行。我們相信 2022 年我們會擁有更多。

Most of our business in Peru is with the government. Pronatel is the main customer, which is a government-owned entity under the Ministry of Telecommunications, and the majority of our revenues comes from working with the Ministry of Telecommunication.

我們在秘魯的大部分業務都是與政府合作的。 Pronatel 是主要客戶，它是電信部下屬的政府實體，我們的大部分收入來自與電信部的合作。

And just a clarification. When you talk about the $50 million run rate, is it the aggregation of both the government and Telefonica? Or is the Telefonica incremental?

只是一個澄清。當您談到 5000 萬美元的營運費用時，它是政府和 Telefonica 的總和嗎？或者 Telefonica 是增量的嗎？

No, the $50 million is all our business, both terrestrial services and the satellite services business that we have in Peru, including the private and the public section.

不，這5000萬美元是我們所有的業務，包括我們在秘魯的地面服務和衛星服務業務，包括私人和公共部分。

Great. And is it fair to assume that the separate terrestrial segment that we'll see a continual decline in those revenues as the infrastructure buildup wraps out -- wraps up? And do you expect it to continue into 2023? Or should that close out in 2022?

偉大的。隨著基礎設施建設的結束，我們將看到這些收入持續下降的單獨地面部分的假設是否公平？您預計這種情況會持續到 2023 年嗎？或應該在 2022 年結束？

Yes. Internally, our goal is to finish that, the construction, as soon as possible. Knowing how complicated it is to work in Peru, I think it's fair to assume that we will be dragged into 2023, at least in one of the networks. I guess it will be Amazonas because it's a much larger and more complicated area to work with. I hope this answers your question?

是的。在內部，我們的目標是盡快完成建造。知道在秘魯工作有多複雜，我認為可以公平地假設我們將被拖入 2023 年，至少在其中一個網路中是如此。我猜那會是亞馬遜，因為它是一個更大、更複雜的工作區域。我希望這回答了你的問題？

Yes, that answered it. Also, if I can just follow up on the -- specifically on SES, last year, you talked about the timing of the mPOWER constellation and the build-out and you implied that, that really wouldn't kick off until 2022. Is the schedule still holding there? And what sort of a material impact do you expect that specific contract to have this year?

是的，這回答了。另外，如果我能跟進一下——特別是關於 SES，去年，您談到了 mPOWER 星座和擴建的時間安排，您暗示說，這實際上要到 2022 年才會開始。 ？您預計該特定合約今年會產生什麼樣的實質影響？

So the mPOWER agreement was signed in 2019 and drive a significant shift in our R&D to start working on the next-generation platform, which we recently officially launched. Unofficially, we already started to sell it. We delivered to SES some of the operational gateways towards the end of 2021, so we are on track, and we expect to continue to deliver during the first half of 2022. Part of the growth that we are going to see in 2022 will come from the backlog that we have with SES and other customers like Intelsat and others.

因此，mPOWER 協議於 2019 年簽署，並推動我們的研發工作發生重大轉變，開始開發我們最近正式推出的下一代平台。非正式地，我們已經開始出售它。我們在 2021 年底向 SES 交付了一些營運網關，因此我們正在步入正軌，我們預計將在 2022 年上半年繼續交付。的積壓訂單。

Great. And circling back on the SkyEdge II -- or SkyEdge IV, excuse me, what happened to 3. First of all, you have to explain what happened to 3?

偉大的。回到SkyEdge II——或者SkyEdge IV，請問，3發生了什麼事。

That's a good question. That's a really good question. We had Sky -- we had, a month ago or 2 months ago, a discussion in management where SkyEdge III went. So actually, we had SkyEdge II. And then we -- for some reason, we decided to go with SkyEdge II-c, which typically was the SkyEdge III. And then we jumped to SkyEdge IV. So this is -- it's just marketing names.

這是個好問題。這是一個非常好的問題。我們有 Sky——一個月前或兩個月前，我們在管理層討論了 SkyEdge III 的去向。所以實際上，我們有 SkyEdge II。然後，出於某種原因，我們決定使用 SkyEdge II-c，通常是 SkyEdge III。然後我們跳到SkyEdge IV。所以這只是行銷名稱。

Okay. I'll give you a pass on that one.

好的。我會給你一張通行證。

Next time I'll drag the marketing guy with me, so he can give an answer.

下次我會拉上行銷人員一起去，這樣他就能給出答案。

Yes. So can you give us a sense of the -- both the timing on that development and the overall cost -- and maybe just a refresher, as you went through those increments from II to II-c to IV, the development timeline of how long -- how often you've been refreshing the product line?

是的。那麼，您能否讓我們了解一下——開發的時間安排和總體成本——也許只是回顧一下，當您經歷從 II 到 II-c 到 IV 的增量時，開發時間表需要多長時間--您多久更新一次產品線？

So first of all, today, most of our baseband R&D, which is based in Israel and Moldova and Bulgaria, is focused on the SkyEdge IV. I would say that close to 70% of the R&D. This -- the SkyEdge IV is a significant improvement of SkyEdge II. It's not just a simple evolution. It's a major leap. But we developed -- usually once every 7 -- 5 to 7 years, we released such a major enhancement to our platform. And this time, we also allow part of our models to have interoperability or backward compatibility with SkyEdge II. So some of our -- it depends on the network, we'll have the opportunity to benefit from past investments.

首先，今天，我們位於以色列、摩爾多瓦和保加利亞的基帶研發大部分都集中在 SkyEdge IV 上。我想說接近 70% 的研發。 SkyEdge IV 是 SkyEdge II 的重大改進。這不僅僅是一個簡單的進化。這是一個重大飛躍。但我們通常每 7 年開發一次，5 到 7 年，我們就為我們的平台發布瞭如此重大的增強功能。而這一次，我們還允許我們的部分型號與SkyEdge II具有互通性或向後相容性。所以我們的一些——這取決於網絡，我們將有機會從過去的投資中受益。

Got you. And a specific question around, you mentioned both in the press release and I think the script about the software revenue aspect of the product for software licenses. Is that an indication that you expect a higher percentage of recurring software support? Or are you implying that there's ways to flash the software on to older devices and just not sell hardware, but just to sell software?

明白你了。還有一個具體問題，您在新聞稿中提到了，我認為腳本中提到了軟體許可證產品的軟體收入方面。這是否表明您期望獲得更高比例的定期軟體支援？或者您暗示有辦法將軟體閃存到舊設備上，而不是銷售硬件，而只是銷售軟體？

I think it's a combination. We are not yet with subscription-based software. Probably it will take another few years for the industry to move to total cloud solution on a subscription based. This is mainly a hardware and software perpetual license sales. And when you grow the network in some -- in most of the instances, you will need to buy a software upgrade without the need of increasing the hardware. It depends, again, on the size and -- of the network and the -- and number of gateways and data centers, but this is the main idea. So it's definitely going to drive our gross margin by several points higher.

我認為這是一個組合。我們還沒有基於訂閱的軟體。該行業可能還需要幾年時間才能轉向基於訂閱的整體雲端解決方案。這主要是硬體和軟體永久授權銷售。當您在某些情況下擴展網路時（在大多數情況下），您將需要購買軟體升級，而不需要增加硬體。這再次取決於網路的規模以及網關和資料中心的數量，但這是主要想法。因此，這肯定會使我們的毛利率提高幾個百分點。

Perfect. I'll ask one more financial question and then pass. I noticed there was a little bit of a step-up, both, in CapEx and D&A, which, I think, was amortization of lease incentives. Can you give some details on that along with the Q4 run rate on CapEx, something we should use going into 2022? Or do you have a range we should expect?

完美的。我再問一個財務問題，然後就通過。我注意到資本支出和 D&A 都有一點進步，我認為這是租賃激勵措施的攤銷。您能否提供一些詳細資訊以及第四季度資本支出運行率（我們應該在 2022 年使用）？或者你有我們應該期待的範圍嗎？

In terms of CapEx, I think that the amount we saw in 2021 will continue, plus/minus, I would say, $1 million to 2022. We are investing a lot in R&D and test equipment. If you had additional headcount, and you want to accelerate, you need more test equipment for the sake of the example. We are going to refresh our manufacturing facility in Wavestream as we have more and more SSPA orders and things like that. This is the main reasons for CapEx. In addition, we had some -- earlier in the year, for example, we got an award of WiFi hotspot in Peru, where we provide the hardware as a CapEx and then just provide recurring services. So this also goes to CapEx. So in those cases, some of the projects that we provide as a managed service require CapEx investment, and this might lead to fluctuation in our CapEx, it depends on the project.

就資本支出而言，我認為到 2022 年，我們在 2021 年看到的金額將繼續增加/減少 100 萬美元。如果您有更多的員工，並且您想加速，則出於範例目的，您需要更多的測試設備。隨著我們有越來越多的 SSPA 訂單和類似的事情，我們將更新我們在 Wavestream 的製造工廠。這是資本支出的主要原因。此外，我們還有一些——例如，今年早些時候，我們獲得了秘魯的 WiFi 熱點獎項，我們在那裡提供硬體作為資本支出，然後只提供經常性服務。所以這也涉及資本支出。因此，在這些情況下，我們作為託管服務提供的一些項目需要資本支出投資，這可能會導致我們的資本支出波動，這取決於項目。

As for the G&A, I think that the main -- there is no main reason for the increase year-over-year. It's mainly because most of 2020, we had less employees and most of the workforce worked 80%. And in December, as Gil mentioned in his script, we returned to work at full force at 100%. So I don't see a specific increase besides the fact that U.S. dollar and shekel exchange is a bit unfavorable in the last few years.

至於一般行政費用，我認為主要是沒有同比增長的主要原因。主要是因為2020年的大部分時間，我們的員工較少，大部分員工的工作率為80%。 12 月，正如吉爾在他的劇本中提到的，我們以 100% 的全力恢復工作。因此，除了過去幾年美元和謝克爾匯率有點不利之外，我沒有看到具體的成長。

(Operator Instructions) There are no further questions at this time. Mr. Benyamini, would you like to make your concluding statement?

（操作員說明） 目前沒有其他問題。 Benyamini先生，您願意做總結發言嗎？

Thank you. I want to thank you all for joining us on this call and for your time and attention. We hope to see you soon or speak to you in our next call. Thank you very much, and have a great day.

謝謝。我要感謝大家參加我們的這次電話會議以及您的時間和關注。我們希望很快見到您或在下次通話中與您交談。非常感謝，祝您有美好的一天。

Thank you. This concludes Gilat's Fourth Quarter 2021 Results Conference Call. Thank you for your participation. You may go ahead and disconnect.

謝謝。 Gilat 2021 年第四季業績電話會議至此結束。感謝您的參與。您可以繼續並斷開連線。