Gilat Satellite Networks Ltd (GILT) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Gilat's First Quarter 2024 Results Conference Call. All participants are present in listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. (Operator Instructions) As reminder, this conference is being recorded, May 8, 2024. 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 EK Global Investor Relations at 1 (646) 688-3559 or view it in the news section of the company's website, www.gilat.com. 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, please?

女士們先生們，謝謝你們的支持。歡迎參加 Gilat 2024 年第一季業績電話會議。所有參與者都以僅監聽模式存在。管理層正式發言後，將給予問答環節的指示。（操作員說明）謹此提醒，本次會議將於 2024 年 5 月 8 日進行錄製。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，請聯絡 EK 全球投資者關係部的 Gilat 投資者關係團隊，電話：1 (646) 688-3559，或在公司網站 www.gilat.com 的新聞部分查看。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，請您開始吧？

Yes. Good morning, and good afternoon, everyone. Thank you for joining us today for Gilat's First Quarter 2024 Results Conference Call and Webcast. A recording of this call will be available beginning at approximately noon Eastern time today, May 8, which is a webcast on Gilat's website for a period of 30 days. Also, please note that investors are urged to read the forward-looking statements in Gilat's earnings release with a reminder that statements made on this earnings call that 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 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 those anticipated results.

是的。大家早安，下午好。感謝您今天參加 Gilat 2024 年第一季業績電話會議和網路廣播。通話的錄音將於東部時間今天（5 月 8 日）中午左右開始提供，該錄音將在 Gilat 的網站上進行為期 30 天的網路直播。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所做的非歷史事實的陳述可能被視為私人證券訴訟改革意義上的前瞻性陳述。所有此類前瞻性陳述，包括有關未來財務營運結果的陳述，都涉及風險、不確定性和意外事件，其中許多因素超出了 Gilat 的控制範圍，並可能導致實際結果與預期結果有重大差異。

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 expressly disclaims 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. With that said, let me turn to introductions.

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，且該公司明確不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。話雖如此，讓我開始介紹。

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 you're ready to begin.

今天參加電話會議的是 Gilat 執行長 Adi Sfadia 先生； Gilat 的財務長 Gil Benyamini 先生。我現在想把電話轉給 Adi Sfadia，Adi，你可以開始了。

Thank you, Ehud, and good day to everyone. I want to thank you for joining us today for our first quarter of 2024 earnings call. We are pleased with the results of the first quarter, which start 2024 well and is in line with our expectations for the year. The first quarter of 2024 showed strong 29% year-over-year revenue growth, including the contribution of the revenues from our recent acquisition, data path and a solid level of organic growth, which was brought across multiple business areas. The broad interest and good performance was due to continued growing market interest in our solution and advancement in the satellite communication space.

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 2024 年第一季財報電話會議。我們對第一季的業績感到滿意，2024 年開局良好，符合我們對今年的預期。2024 年第一季的營收年增了 29%，其中包括我們最近收購、資料路徑和跨多個業務領域帶來的穩定有機成長所帶來的收入貢獻。廣泛的興趣和良好的業績是由於市場對我們的解決方案和衛星通訊領域的進步的興趣持續增長。

I also want to highlight, in particular, that our strategic partnership with the major satellite operators also strongly supported the growth in our business during this quarter. We are pleased with DataPath contribution to the quarter's results. DataPath contributed about 17% to the top line growth and positive adjusted EBITDA. We are already demonstrating our ability to leverage the capabilities of DataPath and Wavestream, our 2 U.S.-based subsidiaries, which I will explain further when discussing our recent activities in the defense sector. In terms of overall bottom line, we improved our adjusted EBITDA profitability over Q1 of last year, which itself was a very strong quarter with a favorable revenue mix by 11% year-over-year.

我還想特別強調的是，我們與主要衛星營運商的策略合作夥伴關係也有力地支持了我們本季的業務成長。我們對 DataPath 對本季業績的貢獻感到滿意。DataPath 對營收成長和正向調整 EBITDA 的貢獻約為 17%。我們已經展示了利用我們位於美國的兩家子公司 DataPath 和 Wavestream 的能力，我將在討論我們最近在國防部門的活動時進一步解釋這一點。就整體利潤而言，我們調整後的 EBITDA 獲利能力比去年第一季有所提高，去年第一季本身就是一個非常強勁的季度，營收組合年增 11%。

Looking ahead, we are very much on track. And as such, we are reiterating the guidance we gave at the beginning of the year, which Gil will summarize shortly. Now let's move to the business review of the first quarter of 2024. In the very high throughput satellite, the VHTS and the non-geostationary satellite the NGSO constellation business segment -- we continue to lead the market and grow our business with follow-on multimillion dollar orders from our strategic partners, the satellite operators, which mainly includes SES and Eutelsat, among others. This is driven by increasing demand for Gilat's SkyEdge platforms as satellite operators expand their networks and deliver a wider range of applications to a growing number of users.

展望未來，我們已步入正軌。因此，我們重申我們在今年年初給予的指導，吉爾將很快對此進行總結。現在讓我們進入2024年第一季的業務回顧。在甚高吞吐量衛星、VHTS 和非對地靜止衛星NGSO 星座業務領域，我們繼續引領市場並透過來自我們的戰略合作夥伴（衛星營運商）的後續數百萬美元訂單來發展我們的業務，這些訂單主要是包括 SES 和 Eutelsat 等。這是由於衛星營運商擴展其網路並向越來越多的用戶提供更廣泛的應用程序，對 Gilat SkyEdge 平台的需求不斷增長。

During the last few months, we have been awarded more than $13 million in community orders from several satellite operators to expand their global networks, utilizing Gilat, SkyEdge II-c and SkyEdge for multi-orbit, multi-service capabilities. Overall, we are enjoying an increase in the pace of deployment and installation for both gateway hubs and terminals across mPOWER and other SES geo satellites. In addition, our only owned subsidiary in the United States Wavestream is successfully delivering SSPA to a new NGSO operator for its gateway deployments.

在過去的幾個月裡，我們從多家衛星營運商那裡獲得了超過 1300 萬美元的社群訂單，以利用 Gilat、SkyEdge II-c 和 SkyEdge 實現多軌道、多服務功能來擴展他們的全球網路。總體而言，我們正在享受 mPOWER 和其他 SES 地球衛星閘道集線器和終端的部署和安裝速度的加速。此外，我們在美國唯一的子公司 Wavestream 已成功向新的 NGSO 營運商提供 SSPA，用於其網關部署。

We believe this success positions us well as the main SSPA supplier to this operator and potentially to receive the launch of their future business, which is worth tens of millions of dollars. Additional orders from this NGSO operators are expected during 2024. Our increased focus on the defense market segment is already bearing fruit. The acquisition of DataPath was completed in November of last year, and Q1 was the first full quarter, consolidating the revenues into our defense sector under the satellite network segment.

我們相信這項成功使我們成為該營運商的主要 SSPA 供應商，並有可能啟動他們價值數千萬美元的未來業務。預計該 NGSO 業者將於 2024 年收到更多訂單。我們對國防市場領域的日益關注已經取得成果。DataPath的收購於去年11月完成，第一季是第一個完整季度，將收入整合到我們的國防部門的衛星網路部分。

We recently announced several new projects that were awarded to DataPath and Wavestream. DataPath received multiple orders during the first quarter, totaling more than $15 million from the U.S. Department of Defense for DKET3421 terminals. This market-leading solution is a transportable Satcom hub that delivers to operational flexibility, capacity, connectivity and control required to ensure connectivity anywhere in the world. Following last quarter announcement that the U.S. Army awarded Wavestream a $20 million contract for the sustained anytime, anywhere satellite connectivity program, we have already received the follow-on orders for more than $12 million. We are providing a 50 watt Ka-Band SSPA for the long-term sustainment of thousands of mobile satellite transportable terminals, which enables the continuous communication on the pause solution across diverse climates and hard conditions around the globe. This order demonstrates Gilat's ability to leverage the capabilities of our 2 U.S.-based subsidiaries.

我們最近宣布了幾個授予 DataPath 和 Wavestream 的新項目。DataPath 第一季從美國國防部收到了多筆 DKET3421 終端訂單，總金額超過 1500 萬美元。這個市場領先的解決方案是一個可移動的衛星通訊中心，可提供確保世界任何地方連接所需的操作靈活性、容量、連接和控制。繼上季度宣布美國陸軍授予 Wavestream 一份 2000 萬美元的合同，用於持續的隨時隨地衛星連接計劃後，我們已經收到了超過 1200 萬美元的後續訂單。我們提供 50 瓦 Ka 頻段 SSPA，用於長期維持數千個行動衛星便攜式終端，從而能夠在全球不同的氣候和惡劣條件下透過暫停解決方案進行持續通訊。該訂單顯示 Gilat 有能力利用我們兩家美國子公司的能力。

We also received a multimillion-dollar defense satellite connectivity project orders from a leading governmental defense organization. This order includes Gilat's SkyEdge IV platform and Taurus and modems to augment the defense organizations advanced satellite communication capabilities. In addition, a leading defense organization selected Gilat to develop a next-generation software-defined modem for satcom on the move and satcom on the pause military applications valued at millions of dollars. We continue to take -- to make great progress in the mobility sector, demonstrating solid year-over-year growth, developing more products, adding more customers and supporting more verticals. During the first quarter, we made significant progress in developing our electronically steerable antenna for GEO and LEO.

我們還收到了一家領先的政府國防組織的價值數百萬美元的國防衛星連接項目訂單。該訂單包括 Gilat 的 SkyEdge IV 平台以及 Taurus 和數據機，以增強國防組織的先進衛星通訊能力。此外，一家領先的國防組織選擇 Gilat 為行動衛星通訊和暫停衛星通訊軍事應用開發下一代軟體定義調變解調器，價值數百萬美元。我們將繼續在行動領域取得巨大進展，實現穩健的同比成長，開發更多產品，增加更多客戶並支援更多垂直產業。第一季度，我們在開發 GEO 和 LEO 電子可控天線方面取得了重大進展。

Initial test of a GEO proved that antenna designed meet the intended specifications and commercial -- for commercial aviation. Gilat [Indiscernible] further meets and exceeds the performance of existing flat panel antennas while supporting 2 satellite beams simultaneously. Safran Passenger Innovation selected ways to develop, qualify and produce a new line of Ku-band power supply unique products to support their Ku-band ESA, bolstering Gilat's growth in the IFC market. In addition, we received orders for the Taurus modem from Safran for the Airbus HBCplus program as well as from a leading IFC service provider that expands Gilat IFC footprint into the business aviation and government markets. In our enterprise business segment, our customers worldwide continue to depend on us to enhance their business and new opportunities continue to arise. We are witnessing a significant surge in social inclusion project globally. This project aims to bridge the digital divide and empower underserved communities by providing access to essential services, such as education, healthcare and economic opportunities.

GEO 的初步測試證明，設計的天線符合商用航空的預期規格和商業規格。Gilat [音訊不清晰] 進一步滿足並超越了現有平板天線的性能，同時支援 2 個衛星波束。Safran Passenger Innovation 選擇了開發、鑑定和生產新系列 Ku 波段電源獨特產品的方法，以支援其 Ku 波段 ESA，從而促進 Gilat 在 IFC 市場的成長。此外，我們還收到了賽峰集團為空中巴士 HBCplus 項目提供的 Taurus 數據機訂單，以及領先的 IFC 服務提供商的訂單，該服務提供商將 Gilat IFC 的足跡擴展到公務航空和政府市場。在我們的企業業務領域，我們的全球客戶繼續依賴我們來增強他們的業務，並且新的機會不斷出現。我們正在見證全球社會包容計畫的大幅成長。該計畫旨在透過提供教育、醫療保健和經濟機會等基本服務，彌合數位落差並為服務不足的社區提供支持。

Communication is the cornerstone of social inclusion and satellite communication stands out as the key achieving widespread connectivity that surpass the limitation of terrestrial alternatives. We received a $3 million follow-on order for a public WiFi service in Latin America. This project highlights once again the importance of social inclusion project aimed at bridging the digital divide. During the quarter, we also received a significant order for an additional social inclusion project in Brazil. This program will expand WiFi services across the country and require thousands of additional research systems from Gilat over the coming years.

通訊是社會包容的基石，而衛星通訊是實現超越地面替代方案限制的廣泛連接的關鍵。我們收到了一份價值 300 萬美元的拉丁美洲公共 WiFi 服務後續訂單。該計畫再次凸顯了旨在彌合數位落差的社會包容計畫的重要性。本季度，我們也收到了巴西額外社會包容項目的大訂單。該計劃將在全國範圍內擴展 WiFi 服務，並在未來幾年內需要 Gilat 提供數千個額外的研究系統。

In Peru, we are pleased to announce the completion of the construction and implementation of the six regional projects for Pronatel in the Amazonas region. We are now in the acceptance process and expect to be operational later this year. In addition, we are progressing in building the $17 million expansion project in the Amazonas region, expecting to finish the expansion before the end of the year. Furthermore, in Peru, we are expecting additional progress in the next few months. This includes the maturity of several large RFPs with Pronatel and the Peruvian government, as well as several project extensions. We are very pleased with the strong pipeline in Peru for the rest of the year.

在秘魯，我們很高興地宣布 Pronatel 在亞馬遜地區的六個區域項目的建設和實施已經完成。我們目前正處於驗收過程中，預計今年稍後投入營運。此外，我們也在亞馬遜地區興建耗資1700萬美元的擴建項目，預計年底前完成擴建。此外，在秘魯，我們預計未來幾個月將取得更多進展。這包括與 Pronatel 和秘魯政府的幾個大型 RFP 的成熟，以及幾個項目的擴展。我們對今年剩餘時間秘魯的強勁管道感到非常滿意。

To conclude, I am pleased with our results for the first quarter which includes the contribution of the revenues of our recent acquisition of DataPath in addition to a solid level of organic growth, which are attributed to the growing interest in our solutions, advancement in the satellite communication market and particularly our strategic partnership with the major satellite operators.

最後，我對我們第一季的業績感到滿意，其中包括我們最近收購 DataPath 帶來的收入貢獻以及穩定的有機增長，這歸因於人們對我們的解決方案的興趣日益濃厚，衛星通信市場，特別是我們與主要衛星營運商的戰略合作夥伴關係。

We continue to lead with our next-generation platform, the SkyEdge IV, which supports multiple orbit verticals and applications, including our strategic markets of mobility, cellular backhaul and defense. During the first quarter, we made significant progress in developing our electronically steerable antenna for Geo and Leo and expanded the IFC footprint into business aviation and government markets. We have also delivered our SSPAs to a new NGSO operator for its gateway deployments and are seeing increasing opportunities in this line of business. We have a strong pipeline and expect the materialization of important deals over the coming months.

我們繼續憑藉下一代平台 SkyEdge IV 保持領先地位，該平台支援多個軌道垂直領域和應用，包括我們的移動、蜂窩回程和國防戰略市場。第一季度，我們在為 Geo 和 Leo 開發電子可控天線方面取得了重大進展，並將 IFC 業務擴展到公務航空和政府市場。我們也向一家新的 NGSO 營運商交付了我們的 SSPA，用於其網關部署，並且看到了這條業務線中越來越多的機會。我們擁有強大的管道，預計重要交易將在未來幾個月內實現。

With that, I hand over to Gil Benyamini, our CFO. Gil?

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？

Thank you, Adi. Good morning, and good afternoon to everyone. I would like to remind everybody that our financial results are presented on both GAAP and non-GAAP basis. We regularly use supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and 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. Non-GAAP financial measures mainly exclude if and when applicable, the effect of noncash stock-based compensation expenses, amortization of purchased intangibles, lease incentives and amortization, other integration expenses, onetime changes of deferred tax assets, other operating income net, and 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.

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列出的。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。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。非公認會計原則財務指標主要排除非現金股票補償費用、購買無形資產攤銷、租賃激勵和攤銷、其他整合費用、遞延稅項資產一次性變動、其他營業收入淨額和收入（如果適用）的影響相關調整的稅務影響。我們新聞稿中的調節表突顯了這些數據，我們提供的非公認會計原則資訊不包括這些項目。

I will now move to our financial highlights for the first quarter of 2024.

我現在將介紹 2024 年第一季的財務亮點。

Overall, as Adi mentioned earlier, we are very pleased with the strong start of 2024. We reported a 29% year-over-year growth in revenue. This was driven by 12% organic growth as well as by our recent acquisition of DataPath that contributed 17% to our growth. Our GAAP gross margin was 38%, and our adjusted EBITDA reached $9.3 million, 11% growth over Q1 last year. We are optimistic about our prospects in our quarters ahead. And as Adi mentioned earlier, we reiterate our guidance for 2024, which I'll cover later.

總體而言，正如阿迪之前提到的，我們對 2024 年的強勁開局感到非常滿意。我們的營收年增 29%。這是由 12% 的有機成長以及我們最近收購的 DataPath 推動的，DataPath 為我們的成長貢獻了 17%。我們的 GAAP 毛利率為 38%，調整後 EBITDA 達到 930 萬美元，比去年第一季成長 11%。我們對未來幾季的前景感到樂觀。正如阿迪之前提到的，我們重申了 2024 年的指導方針，我將在稍後介紹。

In terms of our financial results in more detail, revenues for the first quarter were $76.1 million, 29% higher than those of first quarter of last year, which were $59 million. The improvement was driven by growth in the satellite network segment and was comprised of organic sources and from acquisition of DataPath, which we closed in the middle of Q4 of last year. We also demonstrated solid growth in the network infrastructure and services business segment.

更詳細地來看我們的財務業績，第一季的營收為 7,610 萬美元，比去年第一季的 5,900 萬美元成長 29%。這項改善是由衛星網路領域的成長所推動的，其中包括有機資源和對 DataPath 的收購（我們在去年第四季中期完成了收購）。我們也展示了網路基礎設施和服務業務領域的穩健成長。

In terms of revenue breakdown by segment, Q1 '24 revenues of the Satellite Network segment were $46.8 million compared to $33.5 million in the same quarter last year. Q1 '24 revenues of the Integrated Solutions segment were $11.6 million compared to $12.9 million in the same quarter last year. Q1 '24 revenues of the Network Infrastructure & Services segment were $17.7 million compared to $12.5 million in the same quarter last year. The increase was derived from higher construction revenues as well as increase in the services revenue.

就按部門劃分的收入細分而言，衛星網路部門 24 年第一季的營收為 4,680 萬美元，而去年同期為 3,350 萬美元。24 年第一季整合解決方案部門的營收為 1,160 萬美元，而去年同期為 1,290 萬美元。24 年第一季網路基礎設施和服務部門的收入為 1,770 萬美元，而去年同期為 1,250 萬美元。這一增長源自於建築收入的增加以及服務收入的增加。

I would now like to summarize our first quarter, both GAAP and non-GAAP results. Our GAAP gross margin for Q1 '24 was 36.9% compared to 41.9% in the same quarter last year. The reduction in our gross margin was mainly due to particularly favorable product and services mix that we experienced in Q1 of last year. In addition, and as we mentioned in the past, DataPath's gross margins are slightly lower than Gilat's average, which impacts the overall gross margin in the current quarter and will continue to do so going forward.

我現在想總結一下我們第一季的 GAAP 和非 GAAP 業績。我們 24 年第一季的 GAAP 毛利率為 36.9%，去年同期為 41.9%。我們的毛利率下降主要是因為去年第一季我們經歷了特別有利的產品和服務組合。此外，正如我們過去提到的，DataPath 的毛利率略低於 Gilat 的平均水平，這影響了本季的整體毛利率，並將繼續影響下去。

As we discussed in previous calls, analyzing Gilat's results on a quarter-by-quarter basis is problematic since they can be significantly affected by our revenue and product mix. I note that the gross margin in the trailing four quarters was 38.2%, similar to 38.5% in the trailing four quarters that ended on March 31, 2023.

正如我們在先前的電話會議中所討論的那樣，按季度分析 Gilat 的業績是有問題的，因為它們可能會受到我們的收入和產品組合的重大影響。我注意到，過去四個季度的毛利率為 38.2%，與截至 2023 年 3 月 31 日結束的過去四個季度的毛利率為 38.5% 類似。

GAAP operating expenses in Q1 '24 were $22.7 million, an increase of $5 million versus the same quarter last year. In Q1 of last year, we had a onetime cash income of approximately $3 million for an arbitration won in Peru. This quarter, we also have an impact of approximately $0.7 million of amortization of purchased intangibles and other acquisition-related expenses. These impacts are included only in the GAAP numbers.

2024 年第一季的 GAAP 營運費用為 2,270 萬美元，比去年同期增加了 500 萬美元。去年第一季度，我們在秘魯贏得了仲裁，獲得了約 300 萬美元的一次性現金收入。本季度，我們也受到購買無形資產攤銷和其他收購相關費用約 70 萬美元的影響。這些影響僅包含在 GAAP 數據中。

I also note that this quarter we have operational expenses related to the DataPath, which we did not have in the first quarter of last year.

我還注意到，本季度我們有與 DataPath 相關的營運費用，而去年第一季我們沒有這些費用。

GAAP operating income for the quarter is $5.4 million compared to $7 million in the same quarter last year. GAAP net income in the first quarter was $5 million or $0.09 per diluted share. This is compared to a GAAP net income of $5.6 million or diluted earnings per share of $0.10 in the same quarter last year.

本季 GAAP 營業收入為 540 萬美元，去年同期為 700 萬美元。第一季 GAAP 淨利為 500 萬美元，或攤薄後每股收益 0.09 美元。相比之下，去年同期的 GAAP 淨利潤為 560 萬美元，稀釋後每股收益為 0.10 美元。

Moving to non-GAAP results. Our non-GAAP gross margin in Q1 '24 was 37.8% compared to 42% in the same quarter last year. The differential was for the same reasons I mentioned earlier. Non-GAAP operating expenses in Q1 '24 were $22.2 million compared with $19.5 million in the same quarter last year. The increase was mainly due to the consolidation of DataPath. Non-GAAP operating income for the quarter improved to $6.6 million compared to $5.3 million in the same quarter last year. Non-GAAP net income in the first quarter was $6 million or diluted earnings per share of $0.11. This is compared with $3.8 million or diluted earnings per share of $0.07 in the same quarter last year. Adjusted EBITDA for the quarter improved to $9.3 million, an increase of 11% compared with adjusted EBITDA of $8.4 million in the same quarter last year.

轉向非 GAAP 業績。我們 24 年第一季的非 GAAP 毛利率為 37.8%，去年同期為 42%。差異的原因與我之前提到的相同。2024 年第一季的非 GAAP 營運費用為 2,220 萬美元，去年同期為 1,950 萬美元。這一增長主要是由於 DataPath 的整合。本季非 GAAP 營業收入增至 660 萬美元，去年同期為 530 萬美元。第一季非 GAAP 淨利潤為 600 萬美元，稀釋後每股收益為 0.11 美元。相比之下，去年同期的稀釋後每股收益為 380 萬美元，稀釋後每股收益為 0.07 美元。本季調整後 EBITDA 增至 930 萬美元，較去年同期的 840 萬美元調整後 EBITDA 成長 11%。

Moving to our balance sheet. As of March 31, '24, our total cash and cash equivalent and restricted cash net of short-term debt were $98.5 million compared with $95.3 million on December 31, '23 and compared to $89.7 million as of March 31, '23.

轉向我們的資產負債表。截至2024年3月31日，我們的現金和現金等價物以及扣除短期債務的限制性現金總額為9850萬美元，而2023年12月31日為9530萬美元，截至2023年3月31日為8970萬美元。

In terms of cash flow, we generated $4.2 million from operating activities during the first quarter of '24 and net repayment of loans was $2.7 million. DSOs, which exclude receivables and revenues of our terrestrial network construction project in Peru were 76 days, higher than the previous quarter DSO, which was of 64 days. These KPIs is within our normal range of 60 to 90 days.

就現金流而言，2024 年第一季我們的經營活動產生了 420 萬美元，貸款淨償還額為 270 萬美元。 DSO，剔除應收帳款後，我們秘魯地面網路建設計畫的營收為76天，高於上一季DSO的64天。這些 KPI 在我們 60 至 90 天的正常範圍內。

Our shareholders' equity as of March 31, '24 totaled about $281 million compared with $275 million at the end of December '23. Looking ahead, we reiterate our guidance for the year. Our expectations remain for revenues of between $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 $40 million to $44 million, representing year-over-year growth of 15% at the midpoint.

截至2024年3月31日，我們的股東權益總計約為2.81億美元，而截至2023年12月末，我們的股東權益為2.75億美元。展望未來，我們重申今年的指引。我們的預期仍是營收在3.05 億美元至3.25 億美元之間，相當於中點年增18%，GAAP 營業收入在1,500 萬美元至1,900 萬美元之間，調整後EBITDA 在4,000 萬美元至4,400 萬美元之間，相當於年增長率- 中點年增 15%。

That concludes my financial review. I would now like to open the call and would be happy to take your questions. Operator, please.

我的財務審查到此結束。我現在想開始通話，並很樂意回答您的問題。接線員，請說。

(Operator Instructions) The first question is from Ryan Koontz of Needham.

（操作員說明）第一個問題來自 Needham 的 Ryan Koontz。

Thanks for the questions. And you had nice results, particularly there out of the infrastructure business. I wanted to unpack the Networks business a little bit, if we could there. And in terms of your product mix, how that shifted now with DataPath and how you think about that mix going forward with regards to -- I mean, I guess, maybe the best way to segment it would be defense versus commercial? And how do you see that evolving as the year goes forward between defense and commercial? It sounds like defense is particularly strong for you, but I would like to hear your thoughts on it, please.

感謝您的提問。你們取得了不錯的成果，特別是在基礎設施業務方面。如果可以的話，我想稍微解開網路業務。就您的產品組合而言，現在 DataPath 的情況如何發生變化，以及您如何看待未來的組合——我的意思是，我想，也許劃分它的最佳方式是國防與商業？隨著時間的推移，您如何看待國防和商業之間的演變？聽起來你的防守特別強，但我想聽聽你的想法。

I think it's a bit too early for us to provide such a disclosure. We are not there yet between commercial and defense. But I agree that defense is getting more and more traction. We had a very strong booking quarter. But book-to-ship in the defense, it's usually not in the same quarter, it's over time. So most of the orders that we received were, of course, factored already into our guidance, but we expect to deliver them along the coming 18 to 24 months. We are in initial stages.

我認為我們現在提供這樣的披露還為時過早。我們還沒有介於商業和國防之間。但我同意防守越來越受到關注。我們的預訂季度非常強勁。但在辯護中，從預訂到發貨，通常不是在同一個季度，而是隨著時間的推移。當然，我們收到的大部分訂單已經納入我們的指導中，但我們預計將在未來 18 至 24 個月內交付。我們正處於初始階段。

But just a rule of thumb, we said at the beginning of the year that DataPath revenues will be around $45 million. So if you add satellite networks and integrated solutions, defense revenues, overall, defense revenues this year should be above $60 million.

但根據經驗，我們在今年年初表示 DataPath 的營收將在 4,500 萬美元左右。因此，如果加上衛星網路和綜合解決方案、國防收入，整體而言，今年的國防收入應該在 6,000 萬美元以上。

And in terms of the IFC market, can you maybe update us on your thoughts overall on how you see that segment developing? It sounds like you had some orders or some new wins and a lot of excitement in that category. Can you maybe expand on your kind of broader thoughts about the IFC opportunity for you?

就國際金融公司市場而言，您能否向我們介紹您對該細分市場發展的整體看法？聽起來您在該類別中獲得了一些訂單或一些新的勝利以及很多令人興奮的事情。您能否詳細說明您對國際金融公司為您帶來的機會的更廣泛的看法？

Yes. Sure. We see a lot of traction in the IFC. We managed to see several orders for several new programs where in some of the cases, the service provider will have dual solutions. So they are adding Gilat modems and solution into the overall solutions. In those cases, they will usually use Intelsat service. But on the aircraft, you will have several modems. We are progressing with electronically steerable antenna development that we received an award for Satcom Direct. In general, we see a lot of traction in the ESA market. This is a very growing segment. It seems like that the shift from flat panel mechanical steered to ESA is now becoming much more effective because of the ability to use one with KU constellation. So we are seeing a lot of traction in this area, and we believe it will significantly push our growth in the next few years.

是的。當然。我們看到國際金融公司有很大的吸引力。我們成功地看到了幾個新項目的訂單，在某些情況下，服務提供者將擁有雙重解決方案。因此，他們將 Gilat 數據機和解決方案添加到整體解決方案中。在這些情況下，他們通常會使用 Intelsat 服務。但在飛機上，您將有多個調變解調器。我們正在推進電子可控天線的開發，並獲得了 Satcom Direct 獎項。總的來說，我們看到 ESA 市場有著很大的吸引力。這是一個非常成長的細分市場。由於能夠使用 KU 星座，從平板機械轉向到 ESA 的轉變似乎變得更加有效。因此，我們在這一領域看到了很大的吸引力，我們相信它將在未來幾年顯著推動我們的成長。

In addition, we are having several auxiliary products, new products, like the power supply units that we are providing to Safran for their HBCplus Airbus solution. So overall, we see a lot of traction in the market. We are still getting a nice order for the SSPA for old versions of the terminals. But now we see also a lot of potential with ESA worldwide.

此外，我們還有多種輔助產品、新產品，例如我們為賽峰集團的 HBCplus 空中巴士解決方案提供的電源裝置。總的來說，我們看到市場有很大的吸引力。我們仍然收到了舊版終端機的 SSPA 的良好訂單。但現在我們也看到了歐空局在全球的巨大潛力。

And pardon me for not knowing, is the ESA product, is that a relatively new product for you that you don't have a meaningful revenue stream from today?

請原諒我不知道，ESA 產品對您來說是一個相對較新的產品嗎？

Correct. Gilat and ESA is -- [Indiscernible] for several years, probably more than 10. We are the leader in electronically steered antenna for different applications in IFC at the beginning. And in 2023, we got an award from Satcom Direct to develop a unique business aviation and government aviation electronically steered antenna that will support a OneWeb constellation. And in parallel, we are developing a LEO and Geo electronically steered antenna, it will be available slightly after the Satcom Direct antenna will be available. We expect that Satcom Direct will contribute to 2025 revenues. Right now, we are in a development phase.

正確的。Gilat 和 ESA 已經——[音訊不清晰]好幾年了，可能超過 10 年。我們一開始是IFC不同應用的電子控制天線的領導者。2023 年，我們獲得了 Satcom Direct 頒發的獎項，開發一種獨特的公務航空和政府航空電子操縱天線，該天線將支援 OneWeb 星座。同時，我們正在開發 LEO 和 Geo 電子操縱天線，它將在 Satcom Direct 天線推出後不久推出。我們預計 Satcom Direct 將為 2025 年的收入做出貢獻。目前，我們正處於開發階段。

The next question is from Chris Quilty of Quilty Space.

下一個問題來自 Quilty Space 的 Chris Quilty。

I want to follow up on that IFC question. I think you mentioned in your script that you had won a BizJet program. Can you just elaborate on that? I can't remember you playing in that market previously? And was this for SSPA or antenna products?

我想跟進國際金融公司的問題。我想您在劇本中提到您贏得了 BizJet 計劃。能詳細說明一下嗎？我不記得你以前在那個市場玩過？這是用於 SSPA 還是天線產品？

Okay. So as you may remember, Satcom Direct is the main player in the business aviation. And with them, we signed the ESA development project for business jet. So we started to play in this market segment a year ago. And recently, we received another order from a leading service provider for Taurus modems for a service provider that will use Intelsat service.

好的。您可能還記得，Satcom Direct 是公務航空領域的主要參與者。我們與他們簽署了歐空局公務機開發案。所以我們在一年前就開始涉足這個細分市場。最近，我們收到了另一份來自領先服務提供者的訂單，為將使用 Intelsat 服務的服務供應商提供 Taurus 數據機。

Got it. So this is a SkyEdge II-c or a IV?

知道了。那麼這是 SkyEdge II-c 還是 IV？

It can be a combination of the Taurus modems for IFC, can work both on SkyEdge II-c and SkyEdge IV.

它可以是 IFC 的 Taurus 數據機的組合，可以在 SkyEdge II-c 和 SkyEdge IV 上工作。

And these are all KU systems? And how much do you think that market can contribute to your overall commercial IFC business? I mean in terms of relative scale with the opportunity...

而且這些都是KU系統？您認為該市場對您整個國際金融公司商業業務的貢獻有多大？我的意思是就機會的相對規模而言......

I think that the overall opportunity in the business aviation is large. I see Intelsat is playing there. Satcom Direct is playing there and others, and we are trying to penetrate more and more service providers. I think that in the next few years, we'll see a shift from commercial aviation to business aviation and it will drive additional growth.

我認為公務航空的整體機會很大。我看到國際通訊衛星組織正在那裡比賽。Satcom Direct 正在那裡和其他地方發揮作用，我們正在努力滲透到越來越多的服務提供者。我認為在未來幾年中，我們將看到從商業航空向公務航空的轉變，這將推動進一步的成長。

Understand. Elephant in the room question, the announcement of the acquisition or merger with Intelsat and SES, that's probably still 1.5 years out. But what are your initial thoughts there? I know you've got presence in both operators?

理解。房間裡的大象問題，即宣布收購或合併 Intelsat 和 SES，這可能還需要 1.5 年的時間。但你最初的想法是什麼？我知道你在兩家運營商都有工作？

Well, this is a very good question, I must say. In general, both SES and Intelsat are strategic partner with Gilat. Our equipment is deeply integrated with both of them. We have Intelsat IFC platform and cellular backhaul solution is there, strategic business for us. And with SES mPOWER, which recently launched their service and SES-17 and all the satellites are working with Gilat, both SkyEdge II-c and SkyEdge IV solution.

嗯，我必須說，這是一個非常好的問題。整體而言，SES 和 Intelsat 都是 Gilat 的策略夥伴。我們的設備與兩者深度融合。我們擁有 Intelsat IFC 平台和蜂窩回程解決方案，這對我們來說是戰略業務。SES mPOWER 最近推出了他們的服務，SES-17 和所有衛星都與 Gilat、SkyEdge II-c 和 SkyEdge IV 解決方案合作。

We expected this merger to happen. This time for rumors to announcement was very fast, usually it took months. We believe that the merger, once approved, will have a positive effect on Gilat and we have one customer and instead of being trying to sell to 2 giants with the road map requirements, we'll have one customer with the road map requirements. And most of our focus will be on delivering for them.

我們預計這次合併會發生。這次傳聞公佈的速度非常快，通常需要幾個月的時間。我們相信，合併一旦獲得批准，將對 Gilat 產生積極影響，我們有一個客戶，而不是試圖向 2 個具有路線圖要求的巨頭出售產品，我們將擁有一個具有路線圖要求的客戶。我們的大部分重點將放在為他們提供服務上。

I think in the short term, definitely, they will continue to buy -- both of them have the plans. Intelsat already committed to several new satellites, and SES is talking about new satellites, so they're willing to continue their plan. I don't think that the merger is to take cost competitor out of the market rather to increase and make 1 plus 1 equal more than 2. And for us, I believe it's an opportunity for future growth.

我認為在短期內，他們肯定會繼續購買——他們都有計劃。Intelsat 已經承諾開發幾顆新衛星，SES 正在討論新衛星，因此他們願意繼續他們的計畫。我不認為合併是為了把成本競爭對手趕出市場，而是為了增加成本，讓1加1大於2。對我們來說，我相信這是未來成長的機會。

Shifting gears, can you quantify -- I don't think you have huge exposure to the American market, but it's pretty ugly out there with Starlink. I just wanted to see whether you have seen any impact on that business? Or is it too small to matter?

換檔，你能量化一下嗎——我不認為你在美國市場有很大的曝光度，但星鏈的情況相當醜陋。我只是想看看您是否看到該業務受到任何影響？或者它太小而無關緊要？

First of all, it's too small to matter. We are newcomers to this market segment and mainly serving SES cruise line. It's relatively not material and we -- from our perspective, regardless, we expect it to grow because it's very small and in initial phases. But definitely, we see more and more Starlink getting traction in this market.

首先，它太小了，不重要。我們是這個細分市場的新來者，主要服務 SES 郵輪公司。它相對來說並不重要，但無論如何，從我們的角度來看，我們預期它會成長，因為它非常小並且處於初始階段。但毫無疑問，我們看到越來越多的星鏈在這個市場上受到關注。

Shifting gears back to DataPath. You've had a couple of announcements. I think when you closed it last quarter, you had mentioned that post closing, you picked up a $20 million order, and it seems like there's more. Is that still on track for -- I think you've quantified around $50 million a year run rate? Or has it improved from there since post-acquisition?

回到 DataPath。您已經發布了幾則公告。我想當你上個季度關閉它時，你曾提到關閉後，你收到了一份 2000 萬美元的訂單，而且似乎還有更多。我認為您已經量化了每年 5000 萬美元左右的運行率，這是否仍然正常？或說收購後情況是否有改善？

Yes. So we received this quarter several large orders through DataPath. And at the beginning of the quarter or the beginning of the year, we said that in 2024, we expect DataPath to be around $45 million in revenues. We decided to be a bit conservative because it's the first year of integration. And sometimes you have hiccups at the beginning. I can say that the first quarter went well. We are on track of achieving those guidelines, and we expect to see a significant growth in years to come. We are recruiting several executives in order to strengthen our U.S. defense presence. Nothing that I can share now, but hopefully, we'll be able to share with everyone. And I think that the defense, especially in the U.S., will be a significant growth engine for us.

是的。所以這個季度我們透過DataPath收到了幾個大訂單。在季度初或年初，我們表示，到 2024 年，我們預計 DataPath 的營收將達到 4,500 萬美元左右。我們決定保守一點，因為這是整合的第一年。有時一開始你會遇到一些問題。我可以說第一季進展順利。我們正在實現這些指導方針，並且預計未來幾年將顯著成長。我們正在招募幾名高階主管，以加強我們在美國的國防實力。我現在無法分享什麼，但希望我們能與大家分享。我認為國防，尤其是美國的國防，將成為我們的重要成長引擎。

And final question for Gil. Just looking at the OpEx. It looks like the last two quarters, you've run around $25 million of OpEx and obviously a partial quarter for last -- for DataPath in Q4. But there was also a pretty big step up in G&A here in the first quarter. I'm assuming is that timing related? Or is that sort of $25 million quarter OpEx a good run rate?

最後一個問題要問吉爾。只看營運支出。看起來過去兩個季度，您已經運行了大約 2500 萬美元的營運支出，顯然是最後一個季度的一部分——第四季度的 DataPath。但第一季的一般行政費用也有了相當大的進步。我假設這與時間有關嗎？或者說季度營運支出 2500 萬美元是一個不錯的運行率嗎？

So I can say that this Q1 OpEx expenses are representative ones. And this, of course, includes a full year of DataPath acquisition. You should also remember that in our GAAP reports, we include the purchase price allocation expenses and some share-based compensation expenses related to the acquisition and some of these expenses are volatile and may go up or down due to changes in Gilat's share price during the quarter. So this is, of course, relevant only in the GAAP reports. But as a bottom line, this quarter is representing the ongoing expenses in Gilat.

所以我可以說第一季的營運支出是有代表性的。當然，這包括一整年的 DataPath 收購。You should also remember that in our GAAP reports, we include the purchase price allocation expenses and some share-based compensation expenses related to the acquisition and some of these expenses are volatile and may go up or down due to changes in Gilat's share price during the四分之一.當然，這僅與 GAAP 報告相關。但作為底線，本季代表了 Gilat 的持續支出。

The next question is from Gunther Karger of Discovery Group.

下一個問題來自 Discovery Group 的 Gunther Karger。

Congratulations on excellent quarter. Two questions and one comment. Question number one has to do with satellite backhaul, is there any new developments in that area? And second question has to do with the status of the high-speed trains as they seem to be evolving [Indiscernible]. And any comment on those two questions?

恭喜季度表現出色。兩個問題和一個評論。第一個問題與衛星回程有關，該領域有什麼新進展嗎？第二個問題與高速列車的現狀有關，因為它們似乎不斷發展[難以辨認]。這兩個問題有何評論？

Okay. So Gunther, nice to speak with you again. So on the cellular backhaul, we continue to lead the market. We are seeing a lot of opportunities in 4G, and we are starting to see some traction on the 5G. Recently, we demonstrate together with one of the largest MNOs in the world on SES satellites more than 1 gigabyte per second to the modem and more than 500 megabit per second to the handset. Those are extremely high speeds of 5G speed. So our equipment is ready, and we have initial sales, but we expect that 5G revenues will ramp up within, let's say, two years. I have to say that first, you take Manhattan. So first, you will have 5G in the cities and only then the operators will handle the rural connectivity. But what we see in the meantime is a lot of orders on the 4G over there, everyone wants to get a decent Internet speed and we see a lot of deployment on the 4G.

好的。Gunther，很高興再次與您交談。因此，在蜂窩回程方面，我們繼續領先市場。我們在 4G 領域看到了很多機會，並且開始看到 5G 的一些吸引力。最近，我們與世界上最大的行動網路營運商之一一起在 SES 衛星上展示了每秒超過 1 GB 的數據機傳輸速度和每秒超過 500 兆位元組的手機傳輸速度。這些都是 5G 速度中極高的速度。所以我們的設備已經準備好了，並且已經有了初步的銷售，但我們預計 5G 收入將在兩年內增加。我必須先說，你拿下曼哈頓。因此，首先，城市將擁有 5G，然後營運商才能處理農村連接。但同時，我們看到那裡有很多 4G 訂單，每個人都希望獲得像樣的網路速度，我們看到很多 4G 部署。

As for high-speed trains, 5 or 6 years ago, there was a lot of traction around it. And then it's relaxed a bit. We are delivering to two high-speed trains terminals. But I cannot say right now that I see a lot of traction, and I expect it to be a significant growth engine. But we have the solution. Our electronically steered antenna will be also be a solution that will fit to that. But if you remember, 6 or 7 years ago, the main problem was that not every antenna can sit on the train because of the vibration. So it's not that simple but it's a market -- or market segment that we are following.

至於高鐵，五、六年前，它的吸引力很大。然後就放鬆了一些。我們正在向兩個高速列車終點站運送貨物。但我現在還不能說我看到了很大的吸引力，我預計它將成為一個重要的成長引擎。但我們有解決方案。我們的電子操縱天線也將是適合這一點的解決方案。但如果你還記得，六、七年前，主要問題是不是每個天線都可以安裝在火車上，因為振動。所以事情沒那麼簡單，但這是我們正在關注的市場或細分市場。

You said you have another question?

你說你還有一個問題？

My comment is long range, having observed the Gilat since the beginning and through now, you should be congratulated on an excellent growth path and outlook for the future. Thank you very much to you.

我的評論是長期的，從一開始到現在一直在觀察 Gilat，你應該祝賀你擁有出色的成長道路和未來的前景。非常感謝你。

The next question is from Omri Efroni of Oppenheimer.

下一個問題來自奧本海默的奧姆裡·埃弗羅尼 (Omri Efroni)。

I have a bit of questions about the new constellations that are coming out. We have three of them that are really big. We're talking about Kuiper, Iris and OneWeb. So I wanted to know if -- a bit of talking about the time line that Gilat is supposed to get some answers about the product and services they're going to provide?

我對即將出現的新星座有一些疑問。我們有三個非常大的。我們談論的是 Kuiper、Iris 和 OneWeb。所以我想知道是否——稍微談談吉拉特應該得到關於他們將提供的產品和服務的一些答案的時間線？

Okay. So I'll start with IRIS2 in Europe. They initiated the RFI process, and we expect them to wrap the information and move to RFP process towards the second half of the year. I believe that the award is expected not before the end of the year, probably the first half of 2025. We need to remember, it's a European governmental project, 20-something countries, everyone has something to say. So we expect it to take some time.

好的。所以我將從歐洲的 IRIS2 開始。他們啟動了 RFI 流程，我們預計他們將在今年下半年整理資訊並轉向 RFP 流程。我相信頒獎預計不會在年底前，可能是2025年上半年。我們需要記住，這是一個歐洲政府項目，20多個國家，每個人都有話要說。所以我們預計這需要一些時間。

OneWeb, NextGen or Gen2 is the RFP is ongoing. Gilat is one of two short-listed vendors for the ground segment. And as I said at the beginning of the year, we expect to have more insight towards the midyear. They said that they will announce the award before the end of the second quarter, usually those kind of large RFPs tend to delay a bit. But definitely, they will take a decision this year.

OneWeb、NextGen 或 Gen2 的 RFP 正在進行中。Gilat 是地面部分入圍的兩家供應商之一。正如我在年初所說，我們預計在年中會有更多的見解。他們表示，他們將在第二季末之前宣布中標，通常那些大型 RFP 往往會稍微延遲一些。但毫無疑問，他們今年會做出決定。

As for Project Kuiper, Amazon is planning to start service in 2026. So I guess they will need to start equipping the hubs and gateways towards 2025. As we said several times in the past, we are working with several NGSO players, some we cannot name by name. One of the large LEO constellations that we are supporting, we started to deliver SSPAs based on the initial order that we received two years ago, and we expect to get follow-on orders doing the -- if not this quarter, probably next quarter. But the large deployment is expected towards 2025 and 2026. I guess, orders will be -- probably will be towards the end of the year.

至於 Project Kuiper，亞馬遜計劃於 2026 年開始服務。所以我猜他們需要在 2025 年開始裝備集線器和網關。正如我們過去多次說過的，我們正在與幾位 NGSO 參與者合作，其中一些我們無法說出名字。作為我們支持的大型 LEO 星座之一，我們開始根據兩年前收到的初始訂單交付 SSPA，我們預計將獲得後續訂單——如果不是本季度，也可能是下個季度。但預計大規模部署將在 2025 年和 2026 年進行。我想，訂單可能會在今年底。

I was wondering about the situation in Europe and how it's affecting about on the defense market, especially about the Satcom defense market. And then you have some opportunities to buy and acquire some companies. I think you (inaudible) in the United States. I was wondering how you think about the European market?

我想知道歐洲的情況及其對國防市場的影響，特別是衛星通訊國防市場。然後你就有機會購買和收購一些公司。我認為你（聽不清楚）在美國。我想知道您如何看待歐洲市場？

So overall, I think that it's best to say, but sometimes war is doing good for business and defense, in particular, you see a lot of traction around satellite communication. If you look at news articles about SpaceX in Ukraine, so we see a lot of traction around satellite communication, both in Europe, but not only in Europe. But it's too early to quantify. It's not -- when you work with government, it takes time. Not everything is urgent as it seems in the news. We believe it's the long-term growth on the defense will happen also in Europe.

總的來說，我認為最好這樣說，但有時戰爭對商業和國防有利，特別是，你會看到圍繞衛星通訊的許多吸引力。如果你看一下有關烏克蘭 SpaceX 的新聞文章，我們會發現衛星通訊在歐洲有很大的吸引力，但不僅僅是在歐洲。但現在量化還為時過早。事實並非如此——當你與政府合作時，需要時間。並非所有事情都像新聞中那樣緊急。我們相信，歐洲的防守也會出現長期成長。

As for your second question about acquisition. So we are monitoring and reviewing a lot of opportunities. Some of them are also in Europe. But there is nothing that is relevant to speak right now. Once it will be relevant, we will advise.

至於你的第二個問題，關於收購。所以我們正在監控和審查很多機會。其中一些也在歐洲。但現在沒有什麼好說的。一旦相關，我們就會提供建議。

And last one for me, last year you said that you want to hire about 200 people. So I'm wondering how it's going on. And if the 200 personnel is still part of the business plan.

最後一個問題是，去年您說要雇用大約 200 名員工。所以我想知道這是怎麼回事。如果這 200 名人員仍然是業務計畫的一部分。

I think we said that at the beginning of 2023, and it was relevant to 2023, where we recruited more than 150 people. We continue to recruit worldwide based on our needs. Once we will get the large award that we spoke before, this will require additional significant head count increase. But right now, we are recruiting only based on immediate needs.

我想我們在2023年初就說過了，這與2023年有關，當時我們招募了150多人。我們繼續根據我們的需求在全球範圍內招聘。一旦我們獲得之前談到的巨額獎項，就需要大幅增加員工人數。但目前，我們僅根據當前需求進行招募。

(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？

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.

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 First Quarter 2024 Results Conference Call. Thank you for your participation. You may go ahead and disconnect.

謝謝。Gilat 2024 年第一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。