Gilat Satellite Networks Ltd (GILT) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Gilat's third quarter, 2024 results conference call.

女士們先生們，謝謝你們的支持。歡迎參加 Gilat 2024 年第三季業績電話會議。

(Operator Instructions)

（操作員說明）

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 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 M. Mayrav Sher, Head of Finance and Investor Relations. Ms. Sher, would you like to begin please?

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 Gilat 的投資者關係團隊或在公司網站 www.gilat.com 的新聞部分查看。現在我想將電話轉交給財務和投資者關係主管 M. Mayrav Sher。謝爾女士，您想開始嗎？

Yes. Thank you operator. Good morning and good afternoon, everyone. Thank you for joining us today for Gilat's third quarter, 2024 results conference call and webcast. I am Mayrav Sher, Gilat's Head of Finance and Investor relations. The earning press release that was issued can be found in the investor relations section of our website at www.gilat.com. Also a recording of this call will be available beginning at approximately noon eastern time today, November 13th and a webcast on Gilat's website for a period of 30 days. Also, please note that statements made on this earning call that are not historical facts may be deemed forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1,995.

是的。謝謝運營商。大家早安，下午好。感謝您今天參加 Gilat 2024 年第三季業績電話會議和網路廣播。我是 Mayrav Sher，Gilat 的財務和投資者關係主管。發布的獲利新聞稿可在我們網站 www.gilat.com 的投資者關係部分找到。此外，本次通話的錄音將於東部時間今天（11 月 13 日）中午左右開始提供，並在 Gilat 的網站上進行為期 30 天的網路廣播。另請注意，本次財報電話會議中所做的非歷史事實的陳述可能被視為 1,995 年《私人安全訴訟改革法案》含義內的前瞻性陳述。

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 anticipated results. Gilat is under no obligation to update or alter these forward-looking statements whether as a result of new information, future events or otherwise.

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、不確定性和或有事項。其中許多因素超出了 Gilat 的控制範圍，可能導致實際結果與預期結果有重大差異。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聲明。

And the company explicitly disclaims any obligation to do so. More detailed information about risk factors can be found in Gilat's reports filed with the Securities and Exchange Commission. Also on today's call management will refer to non-GAAP measures. The company believes these non-GAAP measures assist management and investors in comparing the company's performance across reporting periods on a consistent basis by excluding these noncash nonrecurring or other charges that it does not believe are indicative of its core operating performance.

且該公司明確表示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。另外，在今天的電話會議上，管理階層將參考非公認會計原則措施。該公司認為，這些非公認會計準則指標可以幫助管理層和投資者在一致的基礎上比較公司在不同報告期內的業績，排除這些非現金、一次性費用或公司認為不能反映其核心經營業績的其他費用。

The reconciliation of GAAP results to non-GAAP measures can be found in the third quarter of fiscal year 2024 earning press release that the company issued and furnished to the SEC earlier today on form 6-K.

GAAP 業績與非 GAAP 指標的對帳可在該公司今天稍早透過 6-K 表格向 SEC 發布並提供的 2024 財年第三季獲利新聞稿中找到。

With that, let me turn to introduction 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 Sfadia. Adi, go ahead please.

接下來，讓我介紹一下今天電話會議上 Gilat 執行長 Adi Sfadia 先生和 Gilat 財務長 Gil Benyamini 先生。我現在想把電話轉給阿迪·斯法迪亞。阿迪，請繼續。

Thank you Mayrav and good day to everyone. Thank you for joining us today for our third quarter of 2024 earning cup.

謝謝 Mayrav，祝大家有美好的一天。感謝您今天參加我們的 2024 年第三季獲利杯。

The third quarter of 2024 was another good quarter for Gilat in which we continued to build revenue growth. This growth was primarily due to our acquisition of data path and continued momentum in our defense and inflight connectivity business.

2024 年第三季對 Gilat 來說又是一個好季度，我們繼續實現營收成長。這一成長主要歸功於我們對數據路徑的收購以及我們的國防和機上連接業務的持續成長勢頭。

We expect to sustain this momentum in the future.

我們預計未來將保持這一勢頭。

In addition, we continue to drive profitability improvement. Our adjusted EBITDA increased in the third quarter by 13% year over year reaching $10.7 million as of the 2024 outlook, we have narrowed our revenue guidance range expecting revenue to range between $305 million and $315 million representing year value growth of 17% at the midpoint.

此外，我們持續推動獲利能力的改善。截至 2024 年展望，第三季調整後 EBITDA 年成長 13%，達到 1,070 萬美元，我們縮小了營收指引範圍，預計營收範圍在 3.05 億美元至 3.15 億美元之間，年價值中位數成長 17% 。

The main effect on revenue guidance is the company's decision to terminate its activity in Russia due to the limitation and constraints that are imposed with regards to operations we raised and narrowed the range of our 2024 GAAP operating income guidance to between $24 million and $26 million mainly due to approximately $10 million in proceeds from arbitration in Peru. We also have narrowed the range of our 2024 adjusted EBITDA guidance, expecting adjusted EBITDA to range between $41 million and $43 million representing YoY growth of 15% at the midpoint.

對收入指引的主要影響是，由於我們提出的業務受到限制和約束，公司決定終止在俄羅斯的活動，並將 2024 年 GAAP 營業收入指引範圍縮小至 2400 萬美元至 2600 萬美元之間。的收益約為1000 萬美元。我們也縮小了 2024 年調整後 EBITDA 指引範圍，預計調整後 EBITDA 範圍在 4,100 萬美元至 4,300 萬美元之間，中間值年增 15%。

Now let's move to the business review of the third quarter of 2024. I will start with a review of our defense business.

現在讓我們進入2024年第三季的業務回顧。我將首先回顧我們的國防業務。

The defense sector is a, is a strategic pillar for Gilat and our increased focus on this market is bearing foot.

國防部門是吉拉特的戰略支柱，我們對這個市場的日益關注正在取得進展。

We see a growing demand for defense outcome solutions in the market driven by the proliferation of NGO and macro political events.

我們看到，由於非政府組織和宏觀政治事件的激增，市場對國防成果解決方案的需求不斷增長。

Gilat is well positioned to leverage its innovative ground segment products and solutions to answer this growing.

Gilat 處於有利地位，可以利用其創新的地面部分產品和解決方案來應對這一增長。

During the quarter, we signed several contracts with the US Department of Defense was over $5 million for co terminals and related services, technology insertion and upgrades to circum systems. In addition, we were awarded approximately $4 million by the US Department of Defense for Gilat DataPath DKET 3421 terminals. These portable SATCOM hubs provide the flexibility, capacity, connectivity and control needed to ensure mission success anywhere in the world. We also received an award of approximately $3 million from the US DoD for Gilat DataPath technical and field services.

本季度，我們與美國國防部簽署了幾份價值超過 500 萬美元的合同，涉及聯合終端和相關服務、技術插入和環系統升級。此外，美國國防部還為我們提供了約 400 萬美元的 Gilat DataPath DKET 3421 終端獎勵。這些便攜式衛星通訊集線器提供了確保在世界任何地方成功執行任務所需的靈活性、容量、連接性和控制能力。我們還因 Gilat DataPath 技術和現場服務而獲得了美國國防部約 300 萬美元的獎勵。

Gilat DataPath is deploying technical and field services in Europe, the Middle East and the United States to support the US defense and users critical connectivity requirements.

Gilat DataPath 正在歐洲、中東和美國部署技術和現場服務，以支援美國國防和用戶的關鍵連接需求。

Another award of more than $2 million was for Gilat WAVE Stream by a leading defense integrator for our X, Ku and Ka band block up converters for communications on the move systems along with the repair upgrades and engineering services.

另一個超過 200 萬美元的獎項是一家領先的國防整合商為我們的 X、Ku 和 Ka 頻段阻塞轉換器提供的 Gilat WAVE Stream，用於行動系統通訊以及維修升級和工程服務。

Gilat's cutting edge satellite communication technologies and comprehensive services, enhanced mission critical connectivity and operational capabilities for defense applications. A key application is the ability for fast deployment anywhere in the world. This demonstrates the strategic value of our communication on the post and communication on the move defense product portfolio which includes a range of transportable hubs, portable terminals, sspas upgrades and field services. As we continue to leverage coreal synergies between Gilat data path and our worldwide sales organization.

Gilat 的尖端衛星通訊技術和綜合服務增強了國防應用的關鍵任務連接和操作能力。一個關鍵的應用是能夠在世界任何地方快速部署。這證明了我們的崗位通訊和行動通訊國防產品組合的戰略價值，其中包括一系列可移動集線器、便攜式終端、sspa 升級和現場服務。我們將繼續利用 Gilat 資料路徑與我們的全球銷售組織之間的核心綜效。

We are opening the door to new opportunities and developing a pipeline of potential contracts. We believe we are well positioned to win our fair share on these opportunities in the coming months.

我們正在打開新機會的大門，並開發一系列潛在合約。我們相信，我們有能力在未來幾個月內贏得這些機會的公平份額。

Turning to In Flight Connectivity business. We continue to execute well in the IFC market, another strategic pillar for Gilat, demonstrating solid (inaudible) variant growth, developing more products, adding more customers and supporting more verticals. During the third quarter, we received an order for over $12 million from a leading satellite operators to extend the global SATCOM network utilizing Gilat SkyEdge IV platforms. This expansion will use primarily to support the IFC offering.

轉向飛行連接業務。我們繼續在 IFC 市場（Gilat 的另一個策略支柱）表現出色，展示了穩健（聽不清楚）的變體成長、開發更多產品、增加更多客戶並支援更多垂直市場。第三季度，我們從一家領先的衛星營運商收到了一份價值超過 1,200 萬美元的訂單，利用 Gilat SkyEdge IV 平台擴展全球衛星通訊網路。此次擴展將主要用於支援 IFC 產品。

The growing demand for free Wi-Fi is creating attractive growth potential for Gilat. We are well positioned to increase our market share, leveraging our presence in GO and NGSO global Networks, and our worldwide, and our wide portfolio including basement modems is a terminal SSPA and additional axillary products. To strengthen our position in the IFC market. We signed a definite agreement last June to acquire state of Blue Solutions, a leader and first to market in delivering electronically steered antenna for the in flight connectivity market.

對免費 Wi-Fi 不斷增長的需求為 Gilat 創造了誘人的成長潛力。我們已做好充分準備，利用我們在GO 和NGSO 全球網路中的影響力以及我們在全球範圍內的影響力，以及我們廣泛的產品組合（包括地下室調製解調器、終端SSPA 和其他輔助產品）來增加我們的市場佔有率。加強我們在國際金融公司市場的地位。去年 6 月，我們簽署了一項明確協議，收購 Blue Solutions 的 State of Blue Solutions，該公司是為飛行連接市場提供電子控制天線的領導者，也是第一個進入市場的公司。

The closing of the acquisition is taking longer than we had anticipated and we now expect to complete the transaction by the end of the year.

收購完成的時間比我們預期的要長，我們現在預計在今年年底前完成交易。

Pending government agreements. A part of our strategic activity in VHTS and NGSO constellation markets, we are making good progress with two very large initiatives. The first involves the transformation of SkyEdge IV to the cloud, and the Second is developing ground segment system for the next generation LEO constellation. Gilat is offering a full set of capabilities for communication system and integration services in order to expand our scope of services. Recently, we announced that the company secured approximately $15 million in orders from several major satellite operators for advanced satellite communications solution for GEO, MEO, and LEO constellations. I would like to point out that Gilat is extremely well positioned to leverage the growing demand for NGSO and LEO constellations across several key product lines. Our multi-orbit ESA antennas as well as our ESA antenna for LEO only, SSPA for LEO gateway and our range of multi-orbit networking solutions that suit a variety of market applications. The recent award of the IRIS² contract by the EU to the SpaceRISE Consortium which includes (inaudible) is a positive development that carries significant opportunities and potential for Gilat.

待定的政府協議。作為我們在 VHTS 和 NGSO 星座市場策略活動的一部分，我們正在透過兩項非常大的舉措取得良好進展。第一個涉及 SkyEdge IV 向雲端的轉型，第二個是為下一代 LEO 星座開發地面部分系統。Gilat 正在提供全套的通訊系統和整合服務能力，以擴大我們的服務範圍。最近，我們宣佈該公司從幾家主要衛星營運商那裡獲得了約 1500 萬美元的訂單，為 GEO、MEO 和 LEO 星座提供先進的衛星通訊解決方案。我想指出，Gilat 處於非常有利的位置，可以利用多個關鍵產品線對 NGSO 和 LEO 星座不斷增長的需求。我們的多軌道 ESA 天線以及僅適用於 LEO 的 ESA 天線、適用於 LEO 閘道的 SSPA 以及一系列適合各種市場應用的多軌道網路解決方案。最近，歐盟將 IRIS² 合約授予 SpaceRISE 聯盟，其中包括（聽不清楚），這是一項積極的發展，為 Gilat 帶來了巨大的機會和潛力。

Also during Q3, we secured a $4 million contract to provide rural connectivity including banking transactions in Latin America for a period of three years.

同樣在第三季度，我們獲得了一份價值 400 萬美元的合同，提供農村連接，包括拉丁美洲的銀行交易，為期三年。

Gilat is providing critical connectivity for people living in remote areas who rely on the bank for payment services as well as support services for senior citizens families and other and under served population.

Gilat 正在為居住在偏遠地區的人們提供關鍵的連接，他們依賴銀行提供支付服務，並為老年人家庭和其他服務不足的人群提供支援服務。

In Peru, we are progressing faster than planned in implementing the Amazonas regions expansion project. The implementation phase is now completed and the expansion project is under supervision. The operational phase in the six region project of pot in the Amazonas region is now expected to begin towards the end of the year after some delays in the supervision process. Looking ahead in Peru, we have a strong pipeline including a number of opportunities on the horizon including the maturity of several large RFPS with Pel and the Peruvian government as well as several project expansions and extensions. During the quarter, we collected an additional approximately $4 million payment from the arbitration. We won against Pel and the Peruvian Ministry of Communications from cases awarded in 2018 and 2020 totaling approximately $29 million to conclude. The third quarter has been a good progress in our key growth engines, defense and I we have a strong pipeline and we expect the materialization of important deals over the coming months. We are continuing to work towards the closing of the acquisition of Stellar Blue Solutions.

在秘魯，我們實施亞馬遜地區擴張計畫的進度快於計畫。實施階段現已完成，擴建工程正在監督中。在監管過程出現一些延誤後，亞馬遜地區六個地區的大麻計畫預計將於今年底開始營運。展望秘魯的未來，我們擁有強大的管道，包括即將到來的許多機會，包括與 Pel 和秘魯政府合作的幾個大型 RFPS 的成熟以及幾個項目的擴建和延伸。本季度，我們從仲裁中額外收取了約 400 萬美元的付款。我們在 2018 年和 2020 年裁決的案件中勝訴 Pel 和秘魯交通部，目前案件總額約為 2,900 萬美元。第三季我們的關鍵成長引擎、國防和我取得了良好進展，我們擁有強大的管道，我們預計在未來幾個月內實現重要交易。我們正在繼續努力完成對 Stellar Blue Solutions 的收購。

And I'm waiting the receipt of final regulatory approvals, documentation and other customer closing conditions. I am pleased with our continued business with the US DoD and LEO customers. We are progressing with two important opportunities transforming the sky full platform to the cloud and creating a next generation ground segment for LEO. With that, I will hand over to Gil Benyamini, CFO. Gil, please.

我正在等待收到最終的監管批准、文件和其他客戶成交條件。我對我們與美國國防部和 LEO 客戶的持續合作感到滿意。我們正在利用兩個重要機會取得進展，將全天平台轉變為雲端，並為 LEO 創建下一代地面部分。接下來，我將把工作交給財務長吉爾‧本亞米尼 (Gil Benyamini)。吉爾，請。

Thank you. Good morning and good afternoon to everyone. I would like to remind everyone that our financial results are presented both GAAP and non-GAAP basis. I will now move to our financial highlights for the third quarter of 2024 overall. As Adi mentioned earlier, we are very pleased with another quarter. We chose year over year growth. We reported 17% year over year growth in revenue. This was mainly driven by our recent acquisition data pack excluding data pack. Our organic revenue decreased by 10% year over year. Non-GAAP growth margin was 38% and our adjusted EBITDA reached $10.7 million, 13% growth over Q3 last year. Given the performance to date alongside with expected timing of Q4 deliverables and our proximity to the end of the year. We narrowed our revenue and adjusted EBITDA guidance and increased our GAAP Operating income guidance which I will cover later in terms of our financial results in more detail. Revenue for the third quarter were $74.6 million, 17% higher than those of the third quarter of last year, which was $63.9 million. The improvement was driven by growth in the satellite networks and in the integrated solutions segments.

謝謝。大家早安，下午好。我想提醒大家，我們的財務表現是依照公認會計準則和非公認會計準則計算的。我現在將介紹 2024 年第三季的整體財務亮點。正如阿迪之前提到的，我們對另一個季度感到非常滿意。我們選擇逐年成長。我們報告營收年增 17%。這主要是由我們最近收購的資料包（不包括資料包）推動的。我們的有機收入較去年同期下降了 10%。非 GAAP 成長率為 38%，調整後 EBITDA 達到 1,070 萬美元，比去年第三季成長 13%。考慮到迄今為止的業績以及第四季度交付成果的預期時間以及我們接近年底的時間。我們縮小了收入範圍，調整了 EBITDA 指導，並提高了 GAAP 營業收入指導，我將在稍後的財務業績中更詳細地介紹這一點。第三季營收為7,460萬美元，比去年第三季的6,390萬美元成長17%。這項改進是由衛星網路和整合解決方案領域的成長所推動的。

In terms of the revenue breakdown by segments, Q3 and 24 revenues of the satellite network segment were $51.7 million compared to $40.7 million in the same quarter last year. Q3 and 24 revenues of the integrated solutions segment were $13 million compared to $11 million in the same quarter last year.

從分部門營收來看，第三季和第二十四季衛星網路部門的營收為5,170萬美元，去年同期為4,070萬美元。第三季和 24 季整合解決方案部門的營收為 1,300 萬美元，而去年同期為 1,100 萬美元。

And Q3 '24 revenues of the networks and infrastructure and services segment were $9.8 million compared to $12.2 million in the same quarter last year. I would now like to summarize our third quarter. Both GAAP and non-GAAP results. Our GAAP growth margin for Q3 '24 was 37.1% compared to 40.4% in the same quarter. Last year.

24 年第三季網路、基礎設施和服務部門的收入為 980 萬美元，而去年同期為 1,220 萬美元。我現在想總結一下我們的第三季。GAAP 和非 GAAP 結果。我們 24 年第 3 季的 GAAP 成長率為 37.1%，而同一季度為 40.4%。去年。

The reduction in our gross margin was mainly due to data path growth margins which are lower than Gilat's average, and the amortization of a backlog intangible asset associated with the acquisition of data pack. This was partially offset by favorable products and services. Mix in the current quarter compared to Q3 of last year, GAAP operating expenses in Q3 and '24 were $20.9 million, an increase of $7.9 million versus the same quarter last year. This quarter, we have other income net of approximately $1.3 million which included $3.5 million received from arbitration in Peru, offset by adjustments related to M&A accounting compared to approximately $7.4 million in Q3 last year, mainly from a settlement of a legal proceeding in the Philippines.

我們毛利率的下降主要是由於資料路徑成長率低於 Gilat 的平均水平，以及與收購資料包相關的積壓無形資產攤銷。這被有利的產品和服務部分抵消。本季與去年第三季相比，第三季和 2024 年第三季的 GAAP 營運費用為 2,090 萬美元，比去年同期增加了 790 萬美元。本季度，我們的其他淨收入約為130 萬美元，其中包括從秘魯仲裁收到的350 萬美元，被與併購會計相關的調整所抵消，而去年第三季度約為740 萬美元，主要來自菲律賓法律訴訟的和解。

These impacts are included only in the GAAP number.

這些影響僅包含在 GAAP 數字中。

I also note that the results of this quarter include operational expenses related data paths which were not included in the third quarter of last year.

我還注意到，本季的業績包括與營運費用相關的數據路徑，而去年第三季並未包括在內。

GAAP operating income for the quarter is $6.7 million compared to $12.7 million in the same quarter last year. Mainly due to the decrease in the other operating income described above GAAP net income in the third quarter was $6.8 million or $0.12 per diluted share. This is compared to a GAAP net income of $10.2 million or diluted earnings per share of $0.18 in the same quarter last year.

本季 GAAP 營業收入為 670 萬美元，去年同期為 1,270 萬美元。主要是由於上述其他營業收入的減少，第三季 GAAP 淨利潤為 680 萬美元，或攤薄後每股收益 0.12 美元。相比之下，去年同期的 GAAP 淨利潤為 1,020 萬美元，稀釋後每股收益為 0.18 美元。

Moving to the non-GAAP results, our non-GAAP gross margin in Q324 was 38.1% compared to 40.5% in the same quarter last year. As I mentioned earlier. The difference is mainly due to data plus lower growth margins compared to the average non-GAAP operating expenses in Q3 '24 were $20.2 million compared with $19.8 million in the same quarter last year. Non-GAAP operating income for the quarter improved to $8.3 million compared to $6.1 million in the same quarter last year, and non-GAAP net income in the third quarter was $8.1 million or diluted earning per share of 14%. This is compared with $4.6 million diluted or diluted earning per share of $0.08 in the same quarter last year.

至於非 GAAP 業績，我們 2024 年第三季的非 GAAP 毛利率為 38.1%，去年同期為 40.5%。正如我之前提到的。差異主要是由於數據加上較低的成長率，24 年第三季的平均非 GAAP 營運費用為 2,020 萬美元，而去年同期為 1,980 萬美元。本季非 GAAP 營業收入從去年同期的 610 萬美元增至 830 萬美元，第三季非 GAAP 淨利為 810 萬美元，稀釋後每股收益為 14%。相比之下，去年同一季度的稀釋後每股收益為 460 萬美元，或稀釋後每股收益為 0.08 美元。

And the adjusted EBITDA for the quarter improved to $10.7 million, an increase of 13% compared with adjusted EBITDA of $9.5 million in the same quarter last year.

該季度調整後 EBITDA 提高至 1,070 萬美元，較去年同期 950 萬美元調整後 EBITDA 成長 13%。

Moving to our balance sheet. As of September 30th 2024 our total cash and cash equivalent unrestricted cash net of short term debt were $108 million compared with $94.6 million on June 30 2024, and compared to $100.3 million as of September 30 2023.

轉向我們的資產負債表。截至 2024 年 9 月 30 日，我們的現金及現金等價物總額（扣除短期債務）為 1.08 億美元，而 2024 年 6 月 30 日為 9,460 萬美元，截至 2023 年 9 月 30 日為 1.003 億美元。

In terms of cash flow, we generated $14.7 million by operating activities during the third quarter of 2024. Short term credit facility increased this quarter by $2.6 million net. DSOs, which exclude receivables and revenues of our terrestrial network construction projects in Peru were 83 days lower than the previous quarter DSO which were of 88 days. This KPI is within our normal range of up to 90 days. Our shareholders' equity as of September 30 2024 increased to $291 million compared to $283 million at the end of June 24.

就現金流而言，2024 年第三季我們的經營活動產生了 1,470 萬美元。本季短期信貸額度淨增加 260 萬美元。DSO（不包括我們在秘魯的地面網路建設專案的應收帳款和收入）比上一季的 DSO（88 天）減少了 83 天。該 KPI 在我們最長 90 天的正常範圍內。截至 2024 年 9 月 30 日，我們的股東權益增至 2.91 億美元，而截至 6 月 24 日的股東權益為 2.83 億美元。

Looking ahead, as already mentioned, due to our proximity to year end, we have narrowed our revenue guidance and adjusted EBITDA guidance range for the year.

展望未來，正如已經提到的，由於臨近年底，我們縮小了今年的收入指導並調整了 EBITDA 指導範圍。

Given the adjustments in the acquisition related expenses of data path and the collections of the remaining $11 million from arbitration in Peru during Q3 and Q4. This year, we're increasing our GAAP operating income target for the year.

考慮第三季和第四季數據路徑收購相關費用的調整以及秘魯仲裁剩餘1,100萬美元的收款。今年，我們提高了當年的 GAAP 營業收入目標。

Our updated expectations for 2024 revenues of between $305 million to $315 million representing growth of 17% at the midpoint. The main effect on the revenue guidance is the company's decision to terminate its activities in Russia due to limitations and constraints that are imposed. With regards to operations.

我們對 2024 年營收的最新預期為 3.05 億美元至 3.15 億美元，中間值成長 17%。對收入指引的主要影響是，由於施加的限制和約束，該公司決定終止其在俄羅斯的活動。關於營運。

We raised and narrowed the range of our 2024 GAAP operating income to between $24 million and $26 million managed due to the receipt of the $11 million proceeds from the arbitration in Peru. We also narrowed our adjusted EBITDA to a range of between $41 million to $43 million representing here of the growth of 15% at the midpoint.

由於收到秘魯仲裁的 1,100 萬美元收益，我們將 2024 年 GAAP 營業收入範圍提高並縮小至 2,400 萬美元至 2,600 萬美元之間。我們也將調整後的 EBITDA 縮小至 4,100 萬美元至 4,300 萬美元之間，相當於中點成長 15%。

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

我的財務審查到此結束。我很樂意，我現在想打開電話，很樂意接聽您的問題接線員。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

(Operator Instructions)

（操作員說明）

Ryan Koontz, Needham & Company

Ryan Koontz，李約瑟公司

Hi, thanks for the question and nice to see the DataPath of business performing and the profitability still right on track. I want to ask about the, the or organic business. I hear you on the, on the Russia pull out there. It sounds, are you my questions are, are you completely out of Russia now? So to speak in terms of your guide forward and if you exclude Russia from your past or say year-to-date, do you know how is that that organic business business? Tracking excluding Russia? And then you know, how should we think about that, you know, tracking over the next few quarters, the organic business?

您好，感謝您提出問題，很高興看到 DataPath 的業務表現和盈利能力仍然步入正軌。我想詢問有關有機業務的問題。我聽到你在俄羅斯撤軍了。聽起來，我的問題是，你現在完全離開俄羅斯了嗎？因此，就您的前進指南而言，如果您將俄羅斯排除在過去或今年迄今為止的範圍之外，您知道那是怎樣的有機業務嗎？追蹤不包括俄羅斯？然後你知道，我們應該如何思考，你知道，在接下來的幾季追蹤有機業務？

Yeah, so we are getting out of the country, the process, but now we are in the midst of the process, but we stopped selling. So we, we're not expecting any new revenues from, from Russia, from Q3. Russia was the business of a range of on average around $10 million a year also. So this is give or take, if you want to compare a priority, this is a give or take what you need to include, to exclude. So.

是的，所以我們正在離開這個國家，這個過程，但現在我們正處於這個過程中，但我們停止了銷售。因此，我們預計第三季不會有來自俄羅斯的任何新收入。俄羅斯的業務規模每年平均約為 1,000 萬美元。所以這是給予或接受，如果你想比較優先級，這是給予或接受你需要包含、排除的內容。所以。

Perfect, and you had some interesting updates on on the the Peru business there. I wonder if you can maybe simplify that. I didn't have a hard time kind of crystallizing the big picture of what's going on in Peru. Can you kind of recap for us? There would be helpful. Thank you.

太棒了，您對秘魯業務有一些有趣的更新。我想知道你是否可以簡化一下。我毫不費力地了解了秘魯正在發生的事情的大局。您能為我們回顧一下嗎？會有幫助的。謝謝。

So in Peru, we operate some we, we build and operate several networks to the government. Earlier or late last year, we received an expansion project of one of the regions that we got an award, and so we had a construction phase during the year and we are now recently a few weeks ago, we started the, the acceptance process with the government. In addition, we have five up and running regions that we operate. Another region is should start operation any day now, hopefully by the end of the, by the end of the quarter, and in addition, we have other managed service business in Peru from social inclusion project to other communication and satellite business over there. It's, most of the business in Peru is recurring revenues. I would say that 80% of the revenues in Peru is recurring revenues. Of course, it's in some cases, it depends on on renewals, but it's recurring revenues highly profitable.

因此，在秘魯，我們經營一些政府網絡，我們建立並經營多個網路。去年早些時候或年底，我們收到了我們獲獎地區之一的擴建項目，因此我們在這一年中有一個建設階段，現在幾週前，我們開始了驗收過程政府。此外，我們還經營五個已啟動並正在運行的區域。另一個地區現在應該隨時開始運營，希望在本季度末之前開始運營，此外，我們在秘魯還有其他託管服務業務，從社會包容項目到那裡的其他通訊和衛星業務。事實上，秘魯的大部分業務都是經常性收入。我想說秘魯 80% 的收入是經常性收入。當然，在某些情況下，這取決於續訂，但經常性收入的利潤很高。

Got it great. That's helpful, and then any business update on Stellar Blue, I understand that the delay in the close but anything you can share from the company as far as their progress with some of their you know, key business objectives.

太棒了。這很有幫助，然後關於 Stellar Blue 的任何業務更新，我知道關閉的延遲，但您可以從公司分享任何您知道的關鍵業務目標的進展。

So, yeah, in general, as I said, the closing takes slightly longer than, than we expected. We are working towards closing. We still await some regulatory approvals mainly CCUs in the US, some documentations and other standard closing conditions.

所以，是的，總的來說，正如我所說，成交時間比我們預期的要稍長。我們正在努力關閉。我們仍在等待一些監管部門的批准（主要是美國的 CCU）、一些文件和其他標準成交條件。

They already started to deliver a commercial units to their customers, and as the, as we shared the last quarter, we expect them to deliver revenues in the fourth quarter of between $25 million to $35 million, and in 2025 we expect the revenues to be between $120 million to $150 million and should be accretive to the non-GAAP results, and once they will reach the maximum or efficient production capacity towards the second half of next year. We expect to see more than 10% EBITDA ratio.

他們已經開始向客戶提供商業單位，正如我們在上個季度分享的那樣，我們預計他們在第四季度的收入將在 2500 萬至 3500 萬美元之間，到 2025 年，我們預計收入將達到1.2 億至1.5 億美元之間，應該會增加非GAAP 業績，一旦它們將在明年下半年達到最大或高效的產能。我們預計 EBITDA 比率將超過 10%。

Great. Thanks so much. It's really helpful.

偉大的。非常感謝。這真的很有幫助。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

Adi and Gil, good afternoon.

阿迪和吉爾，下午好。

Hi.

你好。

Hi, Louis.

嗨，路易斯。

You discussed the the positive development in in Europe with IRIS² is Gilat positioned to be a major supplier for that constellation and how do you view the competitive environment in terms of the procurement process.

您討論了 IRIS² 在歐洲的積極發展，Gilat 是否定位為該星座的主要供應商，以及您如何看待採購流程的競爭環境。

So, first of all, I think for the industry is a very good and positive development where we have a non-US LEO constellation. The EU would like the most of the vendors to come from the EU itself. Gilat has several subsidiaries in the EU, the main one in in Bulgaria and another one in Madrid, in Spain. The Bulgarian facility received the approval to participate and to be a vendor for the IRIS² initiative. We already answered several RFIs around six months ago, and now when the EU awarded the, the Space Flight Consortium, the project, we expect to see the RSP soon, and of course to answer from competition point of view, assuming they will stick with the only EU vendors, I think that the ST engineering, I direct the new tech division in Belgium might be one of the competitors over there, on the basement and on the modem side. On the terminal side, there are several European companies that can compete on a mechanical and electronically steel antenna.

因此，首先，我認為對於這個行業來說，這是一個非常好的和積極的發展，我們擁有非美國的 LEO 星座。歐盟希望大多數供應商來自歐盟本身。Gilat 在歐盟擁有多家子公司，主要子公司位於保加利亞，另一家位於西班牙馬德里。保加利亞工廠獲準參與 IRIS² 計劃並成為其供應商。大約六個月前，我們已經回覆了幾份RFI，現在，當歐盟授予太空飛行聯盟該計畫時，我們預計很快就會看到RSP，當然，我們會從競爭的角度來回答，假設他們會堅持唯一的歐盟供應商，我認為 ST 工程公司，我領導的比利時新技術部門可能是那裡的競爭對手之一，在地下室和調製解調器方面。在終端方面，有幾家歐洲公司可以在機械和電子鋼天線方面進行競爭。

Great, and is there any implications with Iris for the, the OneWeb Gen 2 procurement? And is there any update on the timing for OneWeb Gen 2?

太棒了，Iris 對 OneWeb Gen 2 採購有什麼影響嗎？OneWeb Gen 2 的時間安排有更新嗎？

This is a good question. I think you need to refer it to, mainly to Eutelsat, I think Eutelsat would like to see some synergies between the two. I'm not sure that it's doable, those synergies because one of Gen 2 is mainly a commercial constellation and the IRIS² wants to start with the defense applications. Of course, it's, if it will be a synergy, it's a even greater potential. But at the end, we look at it to a separate projects and opportunities for Gilat.

這是一個好問題。我認為您需要參考它，主要是歐洲通訊衛星組織，我認為歐洲通訊衛星組織希望看到兩者之間的一些協同作用。我不確定這些協同效應是否可行，因為第二代主要是商業星座，而 IRIS² 希望從國防應用開始。當然，如果能產生協同作用，那潛力就更大了。但最後，我們將其視為吉拉特的一個單獨的項目和機會。

Great. Thank you very much. That's it for me.

偉大的。非常感謝。對我來說就是這樣。

Sergei Glinyamo.

謝爾蓋·格林亞莫。

Hello everyone. I have a couple of questions and most of them are related to guidance points. My first question despite revenue guidance narrowing, it did the expectation still around $42 million in the middle points, and so whether may be connected with the further manufacturer or operating cost cuts or all of the profitability improvements are in place in third quarter. Thank you.

大家好。我有幾個問題，其中大部分與指導要點有關。我的第一個問題是，儘管收入指引收窄，但中間點仍達到了4200 萬美元左右的預期，因此是否可能與製造商進一步削減或運營成本削減或所有盈利能力改善都在第三季度到位有關。謝謝。

I forget. So, it's a mix of of the two. It's mainly a better or a more favorable gross margin on the current mix of of products with some operational efficiency which was better than expected, and also also improved the improved the EBITDA. So all in all, all in all this contributed some more profitability that compensates for the change in revenue.

我忘記了。所以，它是兩者的混合。主要是當前產品組合的毛利率更好或更有利，部分營運效率好於預期，也提高了 EBITDA。總而言之，這貢獻了更多的獲利能力，彌補了收入的變動。

Sergei, I would like to emphasize that the efficiency and the increasing profit profitability is our top priority, and this is something that is ongoing process within the company. The procurement department has their own cost reduction targets and we have a lot of initiatives how to make cost reductions also on the product side and see how can we increase internal efficiencies and synergies between our locations worldwide and our different companies?

謝爾蓋，我想強調的是，效率和不斷增加的利潤是我們的首要任務，這是公司內部持續進行的過程。採購部門有自己的成本削減目標，我們有許多措施如何在產品方面降低成本，並了解如何提高內部效率以及我們全球各地和不同公司之間的協同效應？

Yeah, it sounds great, and my second question is related to Stellar Blue. You restated the guidance for STELLAR BLU, 2025 revenue in the range of $120 million to $150 million. But now we can look at the book production rate and the financial health and it may impose some risk for STELLAR BLU. Would you put some colors of for this situation if you can. Thank you.

是的，聽起來不錯，我的第二個問題與恆星藍有關。您重申了 STELLAR BLU 2025 年收入預期在 1.2 億至 1.5 億美元之間。但現在我們可以看看圖書生產力和財務狀況，這可能會為 STELLAR BLU 帶來一些風險。如果可以的話，你會為這種情況添加一些顏色嗎？謝謝。

You know, the the focus we gave to STELLAR BLU is mainly based on the actual backlog that they have including additional opportunities that we see in the future. The the market is evolving rapidly, and we see on one hand, STELLAR BLU customers win business in other cases, they lose business, and we see a growing demand for electronically steered antenna, both for a multi orbit LEO and GEO terminals and also for LEO only terminals for commercial aviation, both on a retrofit and the line fit opportunities. So I think that the strategic rationale of the acquisition is still in place and we believe it will drive significant growth in the IFC and both the top line and bottom line.

你知道，我們對 STELLAR BLU 的關注主要是基於他們的實際積壓工作，包括我們未來看到的額外機會。市場正在迅速發展，我們一方面看到，STELLAR BLU 客戶在其他情況下贏得了業務，但在其他情況下他們卻失去了業務，我們看到對電子操縱天線的需求不斷增長，無論是多軌道LEO和GEO 終端，還是LEO 僅為商業航空航站樓，提供改造和線路安裝機會。因此，我認為此次收購的策略理由仍然存在，我們相信它將推動國際金融公司以及營收和利潤的顯著成長。

Yeah, great news, and my final question is, in August Gilat stated that now Aquarius supports SCPC mode. How can it boost sales of that modem? And how can it affect the company revenue? Thank you.

是的，好消息，我的最後一個問題是，Gilat 在 8 月表示現在 Aquarius 支援 SCPC 模式。它如何提高該調變解調器的銷量？它如何影響公司的收入？謝謝。

I think that in our guidance, we already accounted for the new product portfolio. The SCPC mode is another solution that we offer to some of our customers that need this kind of technology work mode. Usually you use it for large trunking and for defense application, and since defense is one of our main focus markets, we believe that there is a great potential for the product, but in general is already part of our guidance to the market.

我認為在我們的指導中，我們已經考慮了新產品組合。SCPC模式是我們為一些需要這種技術工作模式的客戶提供的另一種解決方案。通常您將其用於大型集群和國防應用，由於國防是我們的主要重點市場之一，我們相信該產品具有巨大的潛力，但總的來說已經是我們市場指導的一部分。

Yeah, that's all. Thanks a lot for your answers.

是的，僅此而已。非常感謝您的回答。

Thank you.

謝謝。

Chris Quilty, Quilty Analytics.

克里斯·奎爾蒂，奎爾蒂分析。

Thanks guys, congrats, I never thought or I thought IRIS² was, was a goner, but they got it over the line. But the, the timeline on that program, I mean, we're looking at, you know, satellite builds that are a couple of years out and the service that's, you know, towards the end of the decade, is there anything other than in re that we'll see, you know, potentially in the next year or two with that program?

謝謝大家，恭喜，我從來沒有想過，或者我認為 IRIS² 已經完蛋了，但他們成功了。但是，該計劃的時間表，我的意思是，我們正在研究幾年後的衛星建造以及在本世紀末的服務，除了您知道，我們可能會在未來一兩年內看到該計劃的情況嗎？

I think you are right. I think it's at least 3 to 4 years development project before the launch the service, and I think for all the participants, it will be mainly nre revenues and probably towards the 4th year, we'll see some product revenues as well.

我認為你是對的。我認為在推出服務之前至少需要3到4年的開發項目，我認為對於所有參與者來說，這將主要是nre收入，並且可能到第四年，我們也會看到一些產品收入。

I think that, you know, based on the prior discussion from several months ago, the, you would like to launch the service as soon as possible. So I guess that they might consider an internal solution using empire constellation one with constellation and probably Eurostat, Hispasat and SCS GEO satellites. But that might drive some revenues of our existing sky for sky to see business. But from IRIS² itself, you know, product revenues, I would expect only it was the 4th year after getting award.

我認為，根據幾個月前的討論，您希望盡快推出該服務。所以我猜他們可能會考慮使用帝國星座一號和歐盟統計局、Hispasat 和 SCS GEO 衛星的內部解決方案。但這可能會增加我們現有天空的一些收入，以供天空觀看業務。但從 IRIS² 本身來看，你知道，產品收入，我預計這只是獲獎後的第四年。

Got you, and you know, as you mentioned, I mean, there's going to be some NRE involved in there not to say, you know, you can use IRIS² to subsidize but, you know, would there be a dovetailing of, you know, your efforts that you're doing in virtualization which I do want to talk about? Is it your assumption that that's the direction you know IRIS² is going to push for the ground network and hence those two development efforts will happen in parallel.

明白了，你知道，正如你所提到的，我的意思是，將會有一些NRE 參與其中，並不是說，你知道，你可以使用IRIS² 來補貼，但是，你知道，是否會出現一些吻合，你知道，您在虛擬化方面所做的努力（我確實想談談）？您是否認為這就是 IRIS² 將推動地面網路的方向，因此這兩項開發工作將同時進行。

Well, you know, based on the, the info that we have now, I think it will happen in parallel. There are some, I can think of some synergies between, between the two projects, but I think that the each company has its own vision on the constellation and IRIS and the EU regulator has its own vision on IRIS². So I don't see it combined for the long term, at least not based on the information that we have today.

嗯，你知道，根據我們現在掌握的信息，我認為這將同時發生。我可以想到這兩個項目之間存在一些協同效應，但我認為每家公司對星座和 IRIS 都有自己的願景，歐盟監管機構對 IRIS² 也有自己的願景。所以我不認為它會長期結合起來，至少根據我們今天掌握的資訊來看是這樣。

Understand, and you know, back to that question, I think you used the term cloud based. But you know, is that the same as using virtualization, you know, when we talk about the the future sky edge for road map.

理解，你知道，回到那個問題，我認為你使用了基於雲端的術語。但你知道，當我們談論路線圖的未來天空邊緣時，這與使用虛擬化相同嗎？

In general, yes, we would like to and shift the sky for into a native cloud environment. This is the main effort. In addition, there are some initiatives to use the virtualized modem that will be able to run several companies, the WAVE forms on the same hardware platform.

總的來說，是的，我們希望將天空轉移到本地雲端環境。這是主要的努力。此外，還有一些措施使用虛擬化調變解調器，這將能夠在同一硬體平台上運行多個公司的WAVE 形式。

I understand and I know there's some government, some us DoD programs in that area is that, you know, with the, you know, the data path acquisition is that something where you know, you can use that as a mechanism for, you know, looking for some of those government projects.

我理解，我知道有一些政府，美國國防部在該領域的一些計劃是，你知道，數據路徑收集是你知道的東西，你可以使用它作為一種機制，你知道，尋找其中一些政府項目。

Yeah, we are exploring that in, in several fronts, both from from data path and also from from WAVE stream. We see increased interest in the Gilat solution within the the DoD we're trying to use and work closely with our partners, the satellite operators who has also a defense business units, and I think that in 2025 we see significant progress on that.

是的，我們正在多個方面進行探索，包括資料路徑和 WAVE 流。我們看到國防部內部對Gilat 解決方案的興趣日益濃厚，我們正在嘗試使用該解決方案，並與我們的合作夥伴、衛星運營商（也擁有國防業務部門）密切合作，我認為到2025 年，我們會在這方面看到重大進展。

Great. Just in general, I don't, we didn't really talk about the cellular backhaul market. So obviously nothing exciting happening at, you know, right this moment, but you know, overall or you see in the pipeline there, you know, stalling out growing project shifting to the right, pulling forward. I mean, any discernible trend.

偉大的。總的來說，我不知道，我們並沒有真正談論蜂窩回程市場。顯然，此時此刻，沒有什麼令人興奮的事情發生，但你知道，總體而言，或者你在管道中看到，你知道，阻礙了不斷增長的項目向右移動，向前推進。我的意思是，任何明顯的趨勢。

What we see today in the market is mainly project shifting to the right. No new big initiative over there. We do see some expansions here and there and technology refresh but nothing, nothing big right now, and in this sub segment.

今天我們在市場上看到的主要是專案右移。那裡沒有新的重大舉措。我們確實看到了一些擴展和技術更新，但目前在這個細分市場中沒有什麼大的東西。

Great and final question, I know SCS did report the other day, so they kind of spoke about the power program. But just, you know, that's obviously one that you've been working on for a long time and it's transitioning into the kind of roll out operational phase. How is that progressing for you? Is it about, I mean, obviously the programs behind with the, the Boeing satellite issues? But how do you feel about the, the rate of ramp at this point?

很好的最後一個問題，我知道 SCS 前幾天確實報道過，所以他們談到了電力計劃。但是，您知道，這顯然是您長期以來一直致力於的一項工作，並且正在過渡到推出營運階段。您的進度如何？我的意思是，這顯然是關於波音衛星問題背後的計畫嗎？但您對此時的斜坡率有何看法？

In general, I think we are in a good, good place. We are supporting SCS with their service launch. A lot of work of the two R&D groups for quite some time, SCS deployed our equipment in all of their gateways and we see some expansions of course, once they will get the additional satellite and they will start with a significant selling process, we expect to see a significant or more growth on this area.

總的來說，我認為我們處於一個非常好的位置。我們正在支援 SCS 推出服務。兩個研發小組在相當長的一段時間內進行了大量工作，SCS 在他們所有的網關中部署了我們的設備，我們當然看到了一些擴展，一旦他們獲得額外的衛星，他們將開始一個重要的銷售流程，我們預計看到該領域顯著或更多的成長。

So that activity really is more of a 2025.

所以這項活動確實更像是 2025 年的活動。

Not necessarily, I think in '25 we'll see even a larger growth, but in the last few years, including in 2024 we are seeing a significant business with us on Empire, but also on the GEO satellite initiative.

不一定，我認為在 25 年我們會看到更大的成長，但在過去幾年，包括 2024 年，我們在 Empire 以及 GEO 衛星計畫上看到了重要的業務。

Right?

正確的？

Awesome. Thank you.

驚人的。謝謝。

Thank you Chris.

謝謝克里斯。

Gunther Karger, Discovery Group.

岡瑟·卡格，探索集團。

Thank you for taking the question. Good quarter.

感謝您提出問題。好季度。

The question is I have two questions. Is there any particular reason for the delay of the style blue approval? Anything specific that comes to your mind?

問題是我有兩個問題。藍色款式審核延遲有什麼特殊原因嗎？您想到了什麼具體的事情嗎？

No, nothing specific (sipheus) is taking longer than than we anticipated. To be honest, it was the same time frame when we bought the and we bought a year ago DataPath. They have 45 days to react and they can extend it with additional 45 days just because they have the the ability to do so and of course they exercise their ability. We answered all the questions and the, you know, nothing specific was was raised and I think we are in a we will, I believe we will see the approval in the next, you know, before the lapse of the, of the 45 days.

不，沒有任何特定的（sipheus）花費的時間比我們預期的要長。說實話，我們購買DataPath 的時間與我們一年前購買DataPath 的時間相同。他們有45天的反應時間，他們可以再延長45天，因為他們有能力這樣做，當然他們也鍛鍊了他們的能力。我們回答了所有問題，並且，你知道，沒有提出任何具體問題，我認為我們將在接下來的 45 天期限內看到批准。

Okay. Thank you, and the other question is so with the change in administration, the United States on the election, particularly focused on a data path. Do you see a negative or a plus to that change in the administration?

好的。謝謝，另一個問題是隨著政府的更迭，美國在選舉上特別關注數據路徑。您認為政府的這項變化有負面影響還是有利影響？

I don't think that the change of administration affect data plus business. I think that the DoD budget is a large enough and DataPath and Gilat has a high potential over there for revenue growth. We need to remember that today we are not a big player in the US DoD. We saw very nice success in the last year and we expect to have even and greater success next year selling DataPath solutions, but not only also to sell the Gilat networking equipment and modems to the US army and the DoD.

我不認為管理的變化會影響數據和業務。我認為國防部的預算足夠大，DataPath 和 Gilat 的收入成長潛力很大。我們需要記住，今天我們並不是美國國防部的重要角色。去年我們取得了非常好的成功，我們預計明年在銷售 DataPath 解決方案方面會取得更大的成功，而且不僅是向美國陸軍和國防部銷售 Gilat 網路設備和數據機。

Thank you very much. Good luck.

非常感謝。祝你好運。

Thank you, Gunther.

謝謝你，岡瑟。

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

目前沒有問題。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.

我要感謝大家參加本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。非常感謝您，祝您有美好的一天。

Thank you. This concludes Gilat's third quarter, 2024 results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。Gilat 2024 年第三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。