Gilat Satellite Networks Ltd (GILT) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Gilat's fourth quarter 2023 results conference call. (Operator Instructions) As a reminder, this conference is being recorded February 26, 2024. By now, you should have all received the company's press release. If you have not received it, please contact the lots Investor Relations team at EK Global Investor 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，感謝你們的支持，並歡迎參加吉拉特 2023 年第四季業績電話會議。（操作員說明）謹此提醒，本次會議的錄音時間為 2024 年 2 月 26 日。到現在為止，大家應該都已經收到公司的新聞稿了。如果您尚未收到，請致電 1(646) 688-3559 聯絡 EK 全球投資者關係部的批次投資者關係團隊，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 EK Global Investor Relations. Mr. Helft, would you like to begin?

現在我想將電話轉交給 EK 全球投資者關係部的 Ehud Helft 先生。赫爾夫特先生，您想開始嗎？

Yeah good morning and good afternoon everyone. Thank you for joining us today for Gilat's fourth quarter 2023 results conference call And webcast. A replay of this call will be available beginning at approximately noon Eastern Time today, February 26, and the webcast on Gilat's website for a period of 30 days.

是的，大家早安，下午好。感謝您今天參加 Gilat 2023 年第四季業績電話會議和網路廣播。本次電話會議的重播將於美國東部時間今天 2 月 26 日中午左右開始，並在 Gilat 的網站上進行為期 30 天的網路直播。

Also, please note that investors are urged to read the forward-looking statements in Gilat's earnings, which is with the reminder that statements made on this earnings call are not historical facts and may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

另請注意，投資者應閱讀 Gilat 收益中的前瞻性陳述，其中提醒投資者，本次收益電話會議上的陳述並非歷史事實，可能被視為前瞻性陳述。1995 年私人證券訴訟改革法案。

All such forward-looking statements including statements regarding future financial and operating 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 anticipated results.

所有此類前瞻性陳述，包括有關未來財務和經營業績的陳述，均涉及風險、不確定性和意外事件，其中許多風險、不確定性和意外事件超出了吉拉特的控制範圍，可能導致實際結果與預期結果有重大差異。

Gilat's 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 expressly disclaims any obligation to do, more detailed information about risk factors can be found in Gilat's reports filed with the Securities and Exchange Commission.

吉拉特沒有義務更新或更改這些前瞻性陳述，無論是由於新資訊、未來事件或其他原因。該公司明確表示不承擔任何義務，有關風險因素的更多詳細資訊可以在吉拉特向美國證券交易委員會提交的報告中找到。

With that said, it is actually two 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 the call over to Adi. Adi we're ready to begin.

話雖如此，今天的電話會議實際上有兩位介紹人，分別是 Gilat 的首席執行官 Adi Sfadia 先生和 Gilat 的首席財務官 Gil Benyamini 先生，我現在想把電話轉給 Adi。阿迪，我們準備開始了。

Thank you, Ehud. And good day to everyone. I want to thank you for joining us today to discuss our fourth quarter and full year 2023 results. Before discussing the quarter's business results, I want to re-emphasize my comments from the previous quarter that Gilat is a strong global company with operations and development centers worldwide.

謝謝你，埃胡德。祝大家美好的一天。我要感謝您今天加入我們討論我們的第四季和 2023 年全年業績。在討論本季的業務表現之前，我想再次強調我上一季的評論：Gilat 是一家強大的全球性公司，在全球各地設有營運和開發中心。

Our operations remains unaffected by the recent events in Israel. Now let's move to the business review of the fourth quarter of 2023 and the full year results. We are very pleased with our fourth quarter and 2023 full year results.

我們的業務並未受到以色列最近發生的事件的影響。現在讓我們回顧2023年第四季和全年業績。我們對第四季和 2023 年全年業績感到非常滿意。

We ended 2023 with strong Q4 results. We are reporting first quarter revenues of $75.6 million, bringing us to a full-year revenues of about $266.1 million, which is year-over-year growth of 11%. Most importantly, we are particularly proud of the strong improvement in our profitability across the board with fourth quarter adjusted EBITDA of about $9.4 million, bringing us to a full year adjusted EBITDA of $36.4 million, which represents a significant year-over-year growth of 44%.

我們以強勁的第四季業績結束了 2023 年。我們報告第一季營收為 7,560 萬美元，全年營收約為 2.661 億美元，較去年同期成長 11%。最重要的是，我們對整體盈利能力的強勁改善感到特別自豪，第四季度調整後 EBITDA 約為 940 萬美元，使我們全年調整後 EBITDA 達到 3,640 萬美元，同比大幅增長44%。

Due to a solid demonstration of the operating leverage inherent in our business model, combined with a more favorable revenue mix sold during this year, I am pleased with our Q4 achievements in the IFC and defense verticals.

由於我們業務模式固有的營運槓桿得到了充分展示，再加上今年銷售的更有利的收入組合，我對我們在國際金融公司和國防垂直領域第四季度取得的成就感到高興。

In the IFC, we managed to gain new awards from strategic customers that extended our product portfolio in the defense vertical. We ended the year with important wins for SkyEdge IV systems, SSPA transportable hubs and the first order for our next-generation military modems. The fourth quarter was also strong quarter for our operations in Peru with a more than $17 million award from Pronatel to expand Amazonas regional project.

在國際金融公司，我們成功地從戰略客戶那裡獲得了新的獎項，這些客戶擴展了我們在國防垂直領域的產品組合。我們在年底贏得了 SkyEdge IV 系統、SSPA 可移動集線器和下一代軍用數據機的第一份訂單的重要勝利。第四季也是我們在秘魯業務的強勁季度，Pronatel 授予我們超過 1700 萬美元的資金用於擴大亞馬遜區域項目。

Looking back over the year will progress with our strategy to be the partner of choice for the satellite operators by winning and extending key strategic VHTS and NGSO deals. We also progressed significantly with our strategy to expand our market share in the defense vertical with the acquisition of DataPath in the United States, which we believe will be a significant long-term growth asset for Gilat.

回顧這一年，我們的策略將取得進展，透過贏得和擴展關鍵的戰略性 VHTS 和 NGSO 交易，成為衛星營運商的首選合作夥伴。透過收購美國 DataPath，我們在擴大國防垂直市場份額的策略方面也取得了重大進展，我們相信這將成為 Gilat 的重要的長期成長資產。

We extended our market leadership in the in-flight connectivity vertical and now dominance in the satellite-based cellular backhaul vertical. We continue to release new exciting products in all of our business lines. Overall, 2023 represent the key growth year from both a strategic and financial perspective.

我們擴大了在飛行連接垂直領域的市場領導地位，現在又在基於衛星的蜂窩回程垂直領域佔據主導地位。我們繼續在所有業務領域發布令人興奮的新產品。整體而言，從策略和財務角度來看，2023 年都是關鍵成長年。

And over the next few minutes, I will summarize our progress. Our solid revenue growth and strong adjusted EBITDA performance in 2023, were due to the continued growing market interest in the satellite communications sector, specifically for our solutions.

在接下來的幾分鐘裡，我將總結我們的進展。我們在 2023 年實現了穩健的收入成長和強勁的調整後 EBITDA 業績，這是由於市場對衛星通訊領域（特別是對我們的解決方案）的興趣持續增長。

Looking ahead to 2024, we expect another year of top-line and profit growth. Our guidance for 2024, is as follows. We expect revenues of between $305 million to $325 million representing approximately 18% year-over-year growth at the midpoint, we expect adjusted EBITDA between $40 million to $44 million, representing year-over-year growth of 15% at the midpoint.

展望 2024 年，我們預計將迎來營收和利潤成長的一年。我們對 2024 年的指導如下。我們預計營收在 3.05 億美元至 3.25 億美元之間，中點年增約 18%；我們預計調整後 EBITDA 在 4,000 萬美元至 4,400 萬美元之間，中點年增 15%。

Our acquisition of DataPath was concluded in mid-November. The acquisition is a major milestone in Gilat's strategic initiative to increase its presence in the growing defense communication market powered by satellite connectivity.

我們對 DataPath 的收購已於 11 月中旬完成。此次收購是 Gilat 戰略舉措的一個重要里程碑，旨在擴大其在由衛星連接驅動的不斷增長的國防通訊市場中的影響力。

It allows us to better penetrate the United States Department of Defense and government sectors as well as into another international government and defense markets. DataPath is a US, based system integrator and the market leader in secure communication systems services and end-to-end solutions for mission critical operations over satellite.

它使我們能夠更好地滲透到美國國防部和政府部門以及另一個國際政府和國防市場。DataPath 是一家總部位於美國的系統整合商，是安全通訊系統服務和衛星關鍵任務操作端到端解決方案的市場領導者。

DataPath and Gilat brings strong competencies and synergies in system engineering, software development and mechanical engineering DataPath is a key enabler to the US DoD and government mission critical sector.

DataPath 和 Gilat 在系統工程、軟體開發和機械工程方面帶來了強大的能力和協同效應。DataPath 是美國國防部和政府關鍵任務部門的關鍵推動者。

It provides and maintains its sub consistence such as portable and transportable ground station and related services. I'm happy to say that we already see a good level of business progress DataPath as witnessed by booking of more than $20 million since we closed that acquisition in mid-November until today.

它提供並維護其子一致性，例如便攜式和可移動地面站及相關服務。我很高興地說，自 11 月中旬完成收購直至今天，我們已經看到 DataPath 業務取得了良好的進展，預訂金額已超過 2000 萬美元。

Looking at some of the other market verticals we support in the very high throughput satellite, the VHTS and the non-geostationary satellites, the NGSO constellation business. We continue to lead with follow-on multimillion-dollar orders from our strategic partners from MEO and GEO networks.

看看我們在極高吞吐量衛星、VHTS 和非對地靜止衛星、NGSO 星座業務中支援的一些其他市場垂直領域。我們繼續領先 MEO 和 GEO 網路策略合作夥伴的後續數百萬美元訂單。

Furthermore, we are competing on additional large-scale opportunity for next-generation meal and Lear platforms and user terminals. This platform signal the digital transformation of ground system and system to the cloud 5G NTN.

此外，我們正在爭奪下一代餐飲和李爾平台和用戶終端的額外大規模機會。該平台標誌著地面系統和雲端5G NTN系統的數位轉型。

And the stage transition to all software offerings, network expansions and deliveries of Gilat multi orbit next-generation platform SkyEdge IV, taking place globally to support multiple applications such as in-flight connectivity, cellular backhaul, enterprise and social inclusion.

Gilat 多軌道下一代平台 SkyEdge IV 的所有軟體產品、網路擴展和交付的階段過渡正在全球範圍內進行，以支援飛行中連接、蜂窩回程、企業和社會包容等多種應用。

2023 was another record year for Gilat's cellular backhaul solution over satellite, we received a renewal and extension of the contract of approximately $20 million from Tier 1, MNO in the United States. We are continuing this multiyear agreement as end-to-end managed service provider of satellite-based own backhaul and emergency response for this long-term leading customer.

2023 年是 Gilat 衛星蜂窩回程解決方案再創紀錄的一年，我們從美國一級 MNO 獲得了約 2000 萬美元的續約和延期合約。我們將繼續作為這一長期領先客戶的基於衛星的自有回程和應急響應的端對端託管服務提供商，繼續執行這項多年期協議。

We remain the leading global 4G cellular backhaul over satellite solution provider, demonstrating unparalleled technology delivery and operation capabilities. Our superior technology enabled a smooth transition to 5G backhaul over multi orbit constellation and VHTS satellites.

我們仍然是全球領先的 4G 衛星蜂窩回程解決方案提供商，展示了無與倫比的技術交付和營運能力。我們卓越的技術使多軌道星座和 VHTS 衛星能夠順利過渡到 5G 回程。

During the fourth quarter, Gilat SES and one of the largest MNOs in the world demonstrated the operation of the SkyEdge IV platform for 5G cellular backhaul on MEO constellation delivered more than 600 megabit per second speeds directly to the handsets.

第四季度，Gilat SES 和世界上最大的行動網路營運商之一展示了 SkyEdge IV 平台在 MEO 星座上進行 5G 蜂窩回程的操作，可直接向手機提供每秒超過 600 兆比特的速度。

In mobility, we are progressing both in IFC and cruise verticals. We see growth potentials with new operators and system integrators globally.

在行動領域，我們在國際金融中心和郵輪垂直領域都取得了進展。我們看到全球新營運商和系統整合商的成長潛力。

Our Western subsidiaries is making significant progress with two new awards for strategic customers, one very large system integrator and another large IFC terminal manufacturer that is extending its portfolio to also support IFC terminal [auxiliary].

我們的西部子公司正在取得重大進展，為策略客戶授予了兩項新獎項，其中包括一家超大型系統整合商和另一家大型 IFC 終端製造商，該製造商正在擴展其產品組合以支援 IFC 終端[輔助的]。

Earlier in the year, we want a strategic deal for the business aviation market with Satcom Direct, and we are optimistic about the growth of this market. As I've just mentioned, we are putting significant focus on the defense market segment and DataPath acquisition is a prime example.

今年早些時候，我們希望與 Satcom Direct 達成公務航空市場的策略協議，我們對該市場的成長持樂觀態度。正如我剛才提到的，我們將重點放在國防市場領域，DataPath 收購就是一個典型的例子。

We are seeing good progress in this area and expect this extra focus will bear fruits, and we expect our DataPath revenues to exceed $45 million in 2024. We recently announced that the US Army awarded our US based subsidiary, Wave stream $20 million contract for the sustained anytime anywhere satellite connectivity program.

我們在這一領域看到了良好的進展，並預計這種額外的關注將會取得成果，我們預計我們的 DataPath 收入到 2024 年將超過 4500 萬美元。我們最近宣布，美國陸軍授予我們位於美國的子公司 Wave Stream 價值 2000 萬美元的合同，用於持續的隨時隨地衛星連接計劃。

We will provide an additional 50 watt Ka band box for the long long-term sustainment of thousands of mobile satellites, transportable terminals, enabling a continued communication on the pause solutions across diverse, climates in harsh condition around the globe.

我們將提供額外的 50 瓦 Ka 頻段盒，用於長期維持數千顆行動衛星、便攜式終端，從而實現全球不同氣候條件下的暫停解決方案的持續通訊。

We also received a multimillion dollar order for SkyEdge IV system from a leading military government organizations. This is the first order we have received for our SkyEdge IV platform for the defense vertical, The SkyEdge IV and potentially become an important part of the net--centric battlefield.

我們還從一家領先的軍政府組織收到了價值數百萬美元的 SkyEdge IV 系統訂單。這是我們收到的第一個用於垂直防禦的 SkyEdge IV 平台的訂單，SkyEdge IV 可能成為以網路為中心的戰場的重要組成部分。

Moreover we embarked on developing a next-generation military modem to succeed our GLT product line. This modem will use state of the art resilience waveform to allow secure communication anywhere. In addition, through a steam, we're introducing a new high-power SSPA product line called Endurance. The Endurance BUC is hot swappable rackmount design that can cover multiple commercial and military frequency bands with a switchable up converter.

此外，我們開始開發下一代軍用數據機來繼承我們的 GLT 產品線。此調變解調器將使用最先進的彈性波形來允許在任何地方進行安全通訊。此外，我們也透過 Steam 推出了名為 Endurance 的新型高功率 SSPA 產品線。Endurance BUC 採用熱插拔機架式設計，可透過可切換上變頻器覆蓋多個商業和軍用頻段。

We believe that the Endurance product line will take market share from the current products based on TWTA technology installed base and future upgrades. Our enterprise customers worldwide continue to depend on us to enhance the business and new opportunities continue to arise.

我們相信，Endurance 產品線將從基於 TWTA 技術安裝基礎和未來升級的當前產品中奪取市場份額。我們全球的企業客戶繼續依賴我們來增強業務，並且新的機會不斷出現。

The industry is facing intense competition for talent to overcome this challenge. We are working with our partners to explore the multi-service capabilities of our deployed platforms and use common network infrastructure to support the enterprise customers we already see initial business from this approach and expect more in 2024.

為了克服這項挑戰，該行業正面臨激烈的人才競爭。我們正在與合作夥伴合作，探索我們部署的平台的多服務功能，並使用通用網路基礎設施來支援企業客戶，我們已經透過這種方法看到了初步業務，並期望在 2024 年獲得更多業務。

In Peru, we are progressing with the construction of the Amazonas networks. We aim to deliver the network to Pronatel and move into fully operational mode during the second quarter of 2024. During the last quarter, we received more than $70 million expansion to the Amazonas network from Pronatel, expanding the network deployment, including a service agreement for 10-years to address the growing needs of internet in additional parts of the Amazonas region.

在秘魯，我們正在推動亞馬遜網路的建設。我們的目標是在 2024 年第二季向 Pronatel 交付網路並進入全面營運模式。上個季度，我們從 Pronatel 獲得了超過 7000 萬美元的亞馬遜網路擴展，擴大了網路部署，包括一項為期 10 年的服務協議，以滿足亞馬遜地區其他地區不斷增長的互聯網需求。

The expansion will include connectivity to 35 new localities and dozens of new public institutions, including schools and health centers. We are expecting additional progress in Peru over the next few months. This includes the maturity of several large program RFPs with Pronatel and the Peruvian government and several project extensions.

此次擴建將包括連接 35 個新地點和數十個新公共機構，包括學校和醫療中心。我們預計未來幾個月秘魯將取得更多進展。這包括與 Pronatel 和秘魯政府的幾個大型項目 RFP 的成熟以及幾個項目的擴展。

To conclude, I'm happy with our strong progress from both a strategic perspective and a financial one in 2023. We continue to lead our next-generation platform in the growing satellite connectivity market, our SkyEdge IV platform, which supports multiple orbit and verticals, including our strategic markets, mobility, cellular, backhaul and defense is making great inroads and seeing strong and growing traction among existing and new customers.

最後，我對 2023 年我們在策略和財務方面取得的強勁進展感到高興。我們繼續在不斷增長的衛星連接市場中引領我們的下一代平台，我們的SkyEdge IV 平台支援多軌道和垂直領域，包括我們的戰略市場、移動性、蜂窩、回程和國防，正在取得巨大進展，並看到強勁且不斷增長的吸引力在現有和新客戶中。

In particular, we are very excited about the new potential in our defense business, especially given the closing of the DataPath acquisition and our next-generation military modem initiatives, we continue to secure new opportunities for SSPA business spread, especially in the of vertical and have seen increasing opportunities in this line of business.

特別是，我們對國防業務的新潛力感到非常興奮，特別是考慮到 DataPath 收購的完成和我們的下一代軍事調製解調器計劃，我們將繼續確保 SSPA 業務擴展的新機會，特別是在垂直和軍事領域看到了這一業務領域越來越多的機會。

Overall, we as move into 2024, we believe it will be a year in which many opportunities of the LEO vertical will turn into wins and orders. We have a strong pipeline and expect the materialization of important deals over the coming months and quarters.

總體而言，進入 2024 年，我們相信這一年 LEO 垂直領域的許多機會將轉化為勝利和訂單。我們擁有強大的管道，預計重要交易將在未來幾個月和幾季內實現。

And with that, I hand over to Gil Benyamini, our CFO. Gil, please.

接下來，我將工作交給我們的財務長吉爾‧本亞米尼 (Gil Benyamini)。吉爾，請。

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 to understand, manage and evaluate our business and to make operating decisions.

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來了解、管理和評估我們的業務並做出營運決策。

We believe these non-GAAP financial measures provide consistent and comparable measures to help investors understand our current and future operating performance. Non-GAAP financial measures mainly exclude if and when applicable. The effect of noncash stock-based compensation expenses, amortization of purchased intangibles, amortization of intangible assets related to acquisition transactions, lease incentive and amortization, impairment of held-for-sale asset, other expenses, onetime changes of deferred tax assets, one-time tax expense related to release of historical tax, dropped earnings, other operating expenses or income, and the income tax effect on the relevant adjustments. The reconciliation table in our press release highlights, this data and our non-GAAP information presented exclude these items.

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。非公認會計準則財務指標主要排除是否適用及何時適用。非現金股票補償費用、購買無形資產攤銷、與收購交易相關的無形資產攤銷、租賃激勵和攤銷、持有待售資產減值、其他費用、遞延所得稅資產一次性變動、一次性費用的影響與歷史稅、下降的收益、其他營運費用或收入的發布相關的時間稅務費用，以及所得稅對相關調整的影響。我們新聞稿中的調節表強調，該數據和我們提供的非公認會計準則資訊不包括這些項目。

I will now move on to our financial highlights for the fourth quarter of 2023, followed by our full year 2023 highlights. Overall, as Adi mentioned earlier, we're very pleased with our performance in 2023. We ended the year with a continued improvement in our results and especially the strong year-over-year improvement in revenue and profitability.

我現在將介紹 2023 年第四季的財務亮點，然後是 2023 年全年的亮點。總的來說，正如阿迪之前提到的，我們對 2023 年的表現感到非常滿意。年底，我們的業績持續改善，尤其是營收和獲利能力較去年同期強勁改善。

I'm pleased to say that despite the macroeconomics headwinds and geopolitical challenges, our performance shows that we have been able to mitigate most of these issues without a significant impact on our profitability.

我很高興地說，儘管存在宏觀經濟不利因素和地緣政治挑戰，但我們的業績表明我們已經能夠緩解其中大部分問題，而不會對我們的獲利能力產生重大影響。

And even though 2024 may contain some potential macro challenges ahead, we believe that we're well positioned to overcome these challenges and continue to improve our financial performance as we move through 2024. This was a significant quarter for Gilat as we closed the strategic acquisition of DataPath, which we believe will accelerate our growth.

儘管 2024 年可能會面臨一些潛在的宏觀挑戰，但我們相信，我們有能力克服這些挑戰，並在 2024 年繼續改善我們的財務表現。對 Gilat 來說，這是一個重要的季度，因為我們完成了對 DataPath 的策略性收購，我們相信這將加速我們的成長。

In terms of our financial results, revenues for the fourth quarter were worth $75.6 million, 4% higher of those of the fourth quarter of last year, which were $72.6 million. This DataPath acquisition, which closed on November 16, this year, contributed modestly to our quarterly revenue in line with expectations for the year, revenues were $266.1 million, up 11% versus $239.8 million in 2022.

就我們的財務表現而言，第四季的營收為 7,560 萬美元，比去年第四季的 7,260 萬美元成長了 4%。這次 DataPath 收購於今年 11 月 16 日完成，對我們的季度營收貢獻不大，符合今年的預期，營收為 2.661 億美元，比 2022 年的 2.398 億美元成長 11%。

The improvements were driven by growth in all of our segments and mainly from the VHTS and NGSO, IFC and cell backhaul verticals.

這些改進是由我們所有細分市場的成長所推動的，主要來自 VHTS 和 NGSO、IFC 和蜂窩回程垂直領域。

In terms of revenue breakdown by segment Q4 2023, revenues of the satellite network segment were $53.5 million compared to $36.4 million in the same quarter last year. Q4 '23 revenues of the integrated solutions segment were $9.5 million compared to $16.3 million same quarter last year.

就 2023 年第四季各部門的營收細分而言，衛星網路部門的營收為 5,350 萬美元，而去年同期為 3,640 萬美元。23 年第四季整合解決方案部門的營收為 950 萬美元，而去年同期為 1,630 萬美元。

The decline was mainly due to transformation period between strategic and large projects in the segment. Q4 revenues of the network infrastructure services segment were $12.6 million compared to $19.9 million in the same quarter last year. The decline was mainly due to deliveries that slipped to 2024.

下降主要是由於該部門策略專案和大型專案之間的轉型期。網路基礎設施服務部門第四季營收為 1,260 萬美元，而去年同期為 1,990 萬美元。下降的主因是交貨量下滑至 2024 年。

I would now like to summarize our fourth quarter results. First on a GAAP basis, and then I'll cover the non-GAAP numbers. Our GAAP gross margin in Q4 '23, remained similar to the last year, 38.2%. GAAP operating expenses in Q4 '23 were $26 million in the quarter compared with $21.6 million in the same quarter last year. The increase is mainly due to higher R&D expenses incurred in order to support our current and future growth, GAAP operating income for the quarter was $2.9 million compared to $6.1 million in the same quarter last year.

我現在想總結一下我們第四季的業績。首先以公認會計原則為基礎，然後我將介紹非公認會計原則的數字。我們 23 年第 4 季的 GAAP 毛利率與去年持平，為 38.2%。2023 年第 4 季的 GAAP 營運費用為 2,600 萬美元，去年同期為 2,160 萬美元。這一成長主要是由於為了支持我們當前和未來的成長而產生的研發費用增加，本季 GAAP 營業收入為 290 萬美元，而去年同期為 610 萬美元。

GAAP net income in the fourth quarter was $3.4 million for diluted income per share of $0.06. This is compared to GAAP net loss of $6 million or loss per share of $0.11 in the same quarter.

第四季 GAAP 淨利為 340 萬美元，攤薄後每股收益為 0.06 美元。相比之下，同季 GAAP 淨虧損為 600 萬美元，每股虧損為 0.11 美元。

Moving to the non-GAAP results, our non-GAAP gross margin in Q4 '23, improved to 39.1% compared to 38.3% in the same quarter last year. Non-GAAP operating expenses in Q4 '23, were $23.4 million compared with $20.7 million in the same quarter last year.

轉向非 GAAP 業績，我們 23 年第 4 季的非 GAAP 毛利率從去年同期的 38.3% 提高至 39.1%。23 年第 4 季的非 GAAP 營運費用為 2,340 萬美元，去年同期為 2,070 萬美元。

Non-GAAP operating income in Q4 '23, was $6.1 million compared to an operating income of $7.1 million in the same quarter last year. Non-GAAP net income in the fourth quarter was $6.5 million, or diluted income per share of $0.11 This is compared with net income of $7.9 million, or income per share of $0.14 in the same quarter.

23 年第 4 季的非 GAAP 營業收入為 610 萬美元，而去年同期的營業收入為 710 萬美元。第四季非公認會計原則淨利潤為 650 萬美元，或稀釋後每股收益 0.11 美元，而同一季度淨利潤為 790 萬美元，或每股收益 0.14 美元。

Adjusted EBITDA for the quarter was $9.4 million compared with an adjusted EBITDA of $10.1 million in the same quarter last year. For the year, adjusted EBITDA was $36.4 million compared with an adjusted EBITDA of $25.2 million in 2022.

本季調整後 EBITDA 為 940 萬美元，而去年同期調整後 EBITDA 為 1,010 萬美元。今年調整後的 EBITDA 為 3,640 萬美元，而 2022 年調整後的 EBITDA 為 2,520 萬美元。

Moving to our balance sheet. As of December 31, 2023, our total cash and cash equivalents and restricted cash net of loans were $95.3 million compared with $100.3 million on September 30, 2023, and compared to $87.1 million in December 31, 2022. The reduction is mainly due to $5.7 million that was used to DataPath acquisition and $9.5 million of debt we assumed as part of the acquisition agreement.

轉向我們的資產負債表。截至2023年12月31日，我們的現金和現金等價物總額以及扣除貸款的限制性現金為9530萬美元，而2023年9月30日為1.003億美元，2022年12月31日為8710萬美元。減少的主要原因是用於收購 DataPath 的 570 萬美元以及我們在收購協議中承擔的 950 萬美元債務。

In terms of cash flow, we generated $10 million from operating activities during the fourth quarter of 2023. DSOs, which excludes receivables and revenue before terrestrial network construction projects in Peru were 63 days lower than the previous quarter DSOs which were of 75 days decrease was impacted by both increasing revenue as well as decrease in receivables due to higher collection in the last quarter.

就現金流而言，2023 年第四季我們的經營活動產生了 1,000 萬美元。DSO（不包括秘魯地面網路建設項目之前的應收帳款和收入）比上一季減少了63 天。DSO 減少了75 天，這是受到收入增加以及上一季收款增加導致應收帳款減少的影響。

Our shareholders' equity as of December 31, 2023 totaled to about $275 million compared with $244 million at the end of 2022.

截至 2023 年 12 月 31 日，我們的股東權益總額約為 2.75 億美元，而 2022 年底為 2.44 億美元。

Looking ahead, as we already mentioned, we're expecting a strong 2024 with revenue of between at $305 million to $325 million, representing year-over-year growth of 18% at the midpoint, GAAP operating income of between $15 million to $19 million and adjusted EBITDA of between $40million and $44 million, representing year-over-year growth of 15% at the midpoint. That concludes my financial review. I would now like to open the call for questions, operator?

展望未來，正如我們已經提到的，我們預計2024 年將實現強勁增長，收入將在3.05 億美元至3.25 億美元之間，中間值同比增長18%，GAAP 營業收入將在1500 萬美元至1900 萬美元之間調整後的 EBITDA 在 4,000 萬美元至 4,400 萬美元之間，年增 15%。我的財務審查到此結束。我現在想打開提問電話，接線生？

(Operator Instructions) Ryan Koontz, Needham & Company.

（操作員說明）Ryan Koontz，Needham & Company。

Hi, thanks for question. Let's see with some housekeeping first. We'd expect with respect to Q4, I assume the GAAP step up in G&A there was maybe related to acquisition expenses that correct?

你好，謝謝提問。讓我們先來看看一些內務管理。我們預期第四季度，我認為一般公認會計準則在一般管理費用方面的提高可能與收購費用有關，正確嗎？

Some of it is acquisition expenses and some of it. I mean mainly it is acquisition expenses yes.

其中一些是收購費用，還有一些。我的意思主要是收購費用是的。

Okay, thanks. Thanks. On the guidance for '24, can you maybe walk us through some of the puts and takes on some of the segments. Are you still expecting in the ballpark of $50 million from DataPath? And are there any other our other major programs or segments of the business that are contributing to the upside or -- we talked about the macro caution, which areas of the business you think are most affected there?

好的謝謝。謝謝。關於 '24 的指導，您能否向我們介紹一些部分的看跌和看跌。您是否仍然對 DataPath 的 5000 萬美元抱有期望？我們是否還有其他主要計劃或業務部門對上行做出了貢獻，或者——我們談到了宏觀謹慎，您認為哪些業務領域受到的影響最大？

Yes, so in general, we expect growth in all of our business segments. We don't provide the on the guidance by segment, but we do expect growth in all of our segments, both organic and of course, in organic by DataPath, as I mentioned, that DataPath contributed a relatively modest amount in 2023, in the last six weeks of the year. Next year, we expect about $45 million, as Adi mentioned from DataPath and of course, as it is the 1 year of a acquiring it, we applied some conservative assumptions over that as well and reach a guidance.

是的，所以總的來說，我們預計所有業務部門都會成長。我們不按細分市場提供指導，但我們確實預計所有細分市場都會成長，當然包括 DataPath 的有機成長，正如我所提到的，DataPath 在 2023 年貢獻了相對適度的金額，在一年的最後六週。明年，我們預計約為 4500 萬美元，正如 Adi 在 DataPath 中提到的那樣，當然，由於這是收購它的第一年，我們對此也應用了一些保守的假設並得出了指導。

Okay that's fair. And any updates for us on some of the big drivers there for your business, whether it's some of the LEO opportunities or some of the IFC programs you're attached to anything you can share there that -- get investors excited about the story.

好吧，這很公平。向我們介紹您的業務的一些重大驅動因素的任何最新情況，無論是一些 LEO 機會還是一些您可以在那裡分享的 IFC 計劃，讓投資者對這個故事感到興奮。

Yeah, I think, the main progress is that those several RFPs that we are competing on are still in progress. We believe that the awards of decision is going to be towards the -- for some of them towards the mid of the second quarter and for some towards the end of the year.

是的，我認為主要進展是我們正在競爭的幾項 RFP 仍在進行中。我們相信，決定的授予將在——對於其中一些人來說是在第二季度中期，對於一些人來說是在年底前。

In fact, all of our in large partners are having a new RFPs for new technology and existing technology. And we expect most of it to mature during the in some of them we are in the incumbents. So we feel comfortable and some on, especially on the LEO on OneWeb and the Iris Square in Europe, we are competing against several other companies, but we believe that we have a superior technology and the potential from each and every opportunity over there is hundreds of millions of dollars and can change the future of Gilat.

事實上，我們所有的大型合作夥伴都在針對新技術和現有技術提出新的 RFP。我們預計其中大部分會在我們擔任其中一些人的過程中成熟。因此，我們感到很舒服，特別是在 OneWeb 上的 LEO 和歐洲的 Iris Square 上，我們正​​在與其他幾家公司競爭，但我們相信我們擁有卓越的技術，並且每個機會都有數百個機會數百萬美元，可以改變吉拉特的未來。

Fair enough that's great to hear. So it sounds like you're not baking in those assumptions into your '24 guidance any of these changes in your cart?

很公平，很高興聽到。所以聽起來您並沒有將這些假設納入您的 24 指導方針中，您的購物車中是否有任何這些變化？

It's a combination of the two on the ongoing business with our strategic partners is baked into our guidance in a way -- we are having a discussion with them and we understand what is their forecast and putting our assumption on top of it on the LEO part, even if we get there once we get the award and it's a matter of several years of development. So the effect on 2024 will be minimized. And then we'll have around three years of developing the platform. It's a completely new platform and then we'll start seeing a significant top-line contribution.

這是與我們的策略合作夥伴正在進行的業務的兩者的結合，以某種方式納入我們的指導——我們正在與他們進行討論，我們了解他們的預測是什麼，並將我們的假設置於LEO 部分之上，即使我們一旦獲獎，也需要幾年的發展。所以對2024年的影響將會降到最低。然後我們將用大約三年的時間來開發該平台。這是一個全新的平台，然後我們將開始看到顯著的營收貢獻。

Okay great. That's helpful. And in terms of Peru and the network infrastructure business, how is that tracking as far as your expectations for '24?

好的，太好了。這很有幫助。就秘魯和網路基礎設施業務而言，您對 24 小時的預期進展如何？

I know you're not guiding by quantitatively, but you can share with us about how the program is progressing?

我知道您不是以定量的方式進行指導，但您可以與我們分享該計劃的進展嗎？

So we have the original, the Amazonas of network that we are in the final stages. We in the acceptance process of part of the network and about to finish the second part of the network during Q1 and we expect to deliver the network and start operational phase by the end of the second quarter.

因此，我們擁有原始的亞馬遜網絡，我們正處於最後階段。我們正在進行部分網路的驗收過程，並將在第一季完成網路的第二部分，我們預計在第二季末交付網路並開始營運階段。

The new award of the $17 million comprised of around 60% of construction, which should the carried until early next year and then additional 10-years of operation. On the rule of thumb, we expect that to Peru revenues to a modestly a grow in 2024 the 2023 results.

新撥款 1,700 萬美元包括約 60% 的建設工作，應持續到明年初，然後再進行 10 年的營運。根據經驗，我們預計 2024 年秘魯收入將比 2023 年略有成長。

Okay that's really helpful Adi thank you. I'll get back in the queue.

好的，這真的很有幫助，阿迪，謝謝。我會回到隊列中。

(Operator Instructions) Chris Quilty, Quilty space.

（操作員說明）Chris Quilty，Quilty 空間。

Thanks gentlemen, I think is this the first time you've really talked about the opportunity with Iris Square or has that been previously in some of your expectations?

謝謝先生們，我想這是您第一次真正談論 Iris Square 的機會，還是您之前曾有過這樣的期望？

No, we are talking about Iris for quite some time last quarter, we said that we received the eligibility. We have a very large in order to be eligible to participate in the program. You need to have to be a European company and we have a significant operation in Europe and we strengthen our operation in Europe and we expect to continue in increase our operation. We have large operation in Bulgaria, we are building a large operation in Madrid in Spain. We received eligibility and the Irish started to launch several RFI, RFP, and we started to answer them but I think it's in an initial stages and it will take time until the final RFP and award will occur. I suspect it won't happen before the end of this year.

不，上個季度我們談論 Iris 相當長一段時間，我們說我們獲得了資格。我們有一個非常大的才能有資格參加該計劃。您必須是一家歐洲公司，我們在歐洲有重要的業務，我們加強了在歐洲的業務，我們希望繼續增加我們的業務。我們在保加利亞有大型業務，我們正在西班牙馬德里建立一個大型業務。我們獲得了資格，愛爾蘭人開始發起一些 RFI、RFP，我們開始回复它們，但我認為這還處於初始階段，最終的 RFP 和授予需要時間。我懷疑這在今年年底前不會發生。

Got you. And when you were referring earlier to a three year development time frame, was that referring to the IRIS squared program or was that one of the other NGSO programs you were?

明白你了。當您之前提到三年開發時間框架時，這是指 IRIS 平方計劃還是其他 NGSO 計劃之一？

I think as a rule of thumb developing a new platform and not an enhancement to existing platform is usually around three years now there is a request in the market to shift to cloud. There is a request in the market to is to move to virtualization, virtual modem, SDR modems and 5G NTN. So the shift like this require a lot of development and rule of thumb, it's around the three, maybe four years.

我認為，根據經驗，開發一個新平台而不是對現有平台進行增強通常需要三年左右的時間，現在市場上有轉向雲端的要求。市場要求轉向虛擬化、虛擬調變解調器、SDR 數據機和 5G NTN。因此，像這樣的轉變需要大量的發展和經驗法則，大約需要三年，也許四年。

understand. So this is essentially the replacement future replacement for SkyEdge IV?

理解。那麼這本質上是 SkyEdge IV 的未來替代品嗎？

if you will talk to the product in the we'll say no. But for Iris, it will be a totally a new platform from one of the Gen 2, it will be a totally new platform for large satellite operators spun -- partner's the at the first stage, it will be a significant enhancement to the existing platform shifting more and more capabilities into the public cloud. And later on, there will be a shift also to 5G.

如果您要與產品交談，我們會拒絕。但對於 Iris 來說，這將是一個來自 Gen 2 的全新平台，它將是為大型衛星營運商打造的全新平台——第一階段的合作夥伴，這將是對現有平台的重大增強將越來越多的功能轉移到公有雲。稍後，還會轉向 5G。

Understand and I think last quarter you had mentioned possible beginning of a roll out during Q3 with one of your NGSO customers did that rollout happen or what progress there and expectations for incremental growth in '24?

了解，我認為上個季度您曾提到可能在第三季度與您的一位 NGSO 客戶開始推出，該推出是否發生了，或者進展如何以及對 24 年增量增長的預期？

So the rollout haven't started yet. The customer is expecting to launch service during 2026, and we expect to get production unit orders towards, let's say, before the end of the year. We do have a substantial amount of units that we need to deliver as part of the original order. And I can tell you that right now, our power amplifier is the only one that is working with the test satellite that this customer launched.

所以推廣還沒開始。客戶預計在 2026 年推出服務，我們預計在年底前獲得生產單元訂單。我們確實有大量的單位需要作為原始訂單的一部分交付。我可以告訴你，目前，我們的功率放大器是唯一與該客戶發射的測試衛星配合使用的功率放大器。

Great and a question for you, Gil, can you give us perhaps like a ballpark of DNA for this year with the DataPath acquisition?

很好，有個問題想問你，Gil，可以給我們介紹一下今年收購 DataPath 的 DNA 的大概情況嗎？

Yes, we expect to see about $3 million of depreciation, plus about $5 million of stock-based related expenses to the deal. So all in all, it should be about $8 million in the GAAP expenses that we should expect to see next year with respect to the position.

是的，我們預計該交易將帶來約 300 萬美元的折舊，加上約 500 萬美元的股票相關費用。總而言之，我們預計明年該職位的 GAAP 費用應約為 800 萬美元。

And that's $8 million in total or, not incremental?

總共 800 萬美元，還是不增量？

It's incremental. I mean, it's included obviously in the guidance for the operating income, one of the reasons that it decreased, it's incremental and actually, it is also affected hugely affected by the stock price of Gilat, which might change as well. But currently, according to our expectations, it should be around $8 million.

這是增量的。我的意思是，它顯然包含在營業收入的指導中，這是營業收入下降的原因之一，它是增量的，實際上，它也受到吉拉特股價的巨大影響，吉拉特的股價也可能發生變化。但目前，按照我們的預期，應該在800萬美元左右。

Understand and when you look at the IFC market, where do you see the best opportunities there? Is that with existing players or have you made are you targeting inroads with additional systems integrators?

在了解國際金融公司市場時，您在哪裡看到最好的機會？是現有的參與者還是您是否已經瞄準了與其他系統整合商的合作？

So we see a lot of growth with existing partners and also using our platform to shift to other application and take advantage of the fact that the our platform is a multi-application platform.

因此，我們看到現有合作夥伴的大量成長，並利用我們的平台轉向其他應用程序，並利用我們的平台是一個多應用程式平台。

We are seeing nice business from several new customers on the SSPA side, but also on the network and on the modem side, not big one yet, but the each one of them can become a significant revenue generator in the next several years.

我們在 SSPA 方面看到了一些新客戶的良好業務，而且在網路和調製解調器方面也有不錯的業務，雖然還不是大業務，但他們中的每一個都可以在未來幾年內成為重要的收入來源。

So we are seeing a lot of orders for our SSPA, a lot of orders for the [auxiliary] for ISA like frequency control unit and the power supply unit and things like that. And also the orders for modem are set up. I remind you that earlier in the year we signed the agreement with the Satcom Direct and now we are in the development phase, but we expect to see deliveries towards mid next year, which support revenue growth in the especially in the IFC segment.

因此，我們看到很多 SSPA 訂單、ISA [輔助] 訂單，例如頻率控制單元和電源單元等。並且還設定了調製解調器的命令。我提醒您，今年早些時候，我們與 Satcom Direct 簽署了協議，現在我們正處於開發階段，但我們預計將在明年中期交付，這將支持尤其是 IFC 領域的收入成長。

Great and I guess final question here and looking at the DataPath acquisition that obviously brings along higher level of backlog and perhaps orders that you can identify is there any intention to provide a little bit more details, either book-to-bill backlog for that business on a go-forward basis?

太棒了，我想最後一個問題是，看看DataPath 的收購，它顯然會帶來更高水平的積壓，也許您可以識別的訂單是否打算提供更多細節，無論是該業務的訂單到帳單積壓在前進的基礎上？

Yes, it's something that we are considering internally and once we will be able to share, we'll share it.

是的，這是我們內部正在考慮的事情，一旦我們能夠分享，我們就會分享。

Got it and a final question, Gil, I know you've provided this before, but I just wanted to assure where DataPath is going to land in terms of segment reporting?

明白了，還有最後一個問題，Gil，我知道您之前已經提供過這一點，但我只是想確保 DataPath 在分段報告方面將落地到哪裡？

It's included under the satellite networks segments results.

它包含在衛星網路部門的結果中。

Right awesome thank you, gentlemen, thank you.

太棒了，謝謝你們，先生們，謝謝你們。

Thank you, Chris.

謝謝你，克里斯。

(Operator Instructions)

（操作員說明）

There are no further questions at this time. Mr. Benyamini, would you like to make your concluding statements?

目前沒有其他問題。Benyamini先生，您願意做總結發言嗎？

Yes, 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 at our next call. Thank you very much and have a great day.

是的，我要感謝大家參加本次電話會議，感謝你們的時間和關注，我們希望很快見到您或在下次電話會議上與您交談。非常感謝您，祝您有美好的一天。

Thank you. This concludes Gilat's fourth quarter 2023 results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。Gilat 的 2023 年第四季業績電話會議到此結束。感謝您的參與。您可以繼續並斷開連線。