Spire Global Inc (SPIR) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Spire Global fourth-quarter 2022 earnings call. (Operator Instructions) Please note this conference is being recorded.

下午好，歡迎來到 Spire Global 2022 年第四季度財報電話會議。 （操作員說明）請注意正在錄製此會議。

I will now turn the conference call over to our host, Ben Hackman, Head of Investor Relations. Thank you. You may begin.

我現在將電話會議轉交給我們的主持人，投資者關係主管本哈克曼。謝謝。你可以開始了。

Thank you. Hello, everyone, and thank you for joining us for our fourth-quarter 2022 earnings conference call. Our results, press release, and SEC filings can be found on our IR website at ir.spire.com. A replay of today's call will also be made available. With me on the call today is Peter Platzer, CEO; and Tom Krywe, CFO.

謝謝。大家好，感謝您加入我們的 2022 年第四季度財報電話會議。我們的結果、新聞稿和 SEC 備案文件可在我們的 IR 網站 ir.spire.com 上找到。還將提供今天電話會議的重播。今天和我一起打電話的是 CEO Peter Platzer；和首席財務官 Tom Krywe。

As a reminder, our commentary today will include non-GAAP items. Reconciliations between our GAAP and non-GAAP results, as well as our guidance, can be found in our earnings press release. Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties, and assumptions. In particular, our expectations around our results of operations and financial conditions are uncertain and subject to change.

提醒一下，我們今天的評論將包括非 GAAP 項目。我們的 GAAP 和非 GAAP 結果之間的對賬以及我們的指導，可以在我們的收益新聞稿中找到。我們今天的一些評論可能包含受風險、不確定性和假設影響的前瞻性陳述。特別是，我們對經營業績和財務狀況的預期是不確定的，可能會發生變化。

Should any of these fail to materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results is included in our SEC filings.

如果其中任何一項未能實現，或者如果我們的假設被證明是不正確的，公司的實際結果可能與這些前瞻性陳述存在重大差異。我們向美國證券交易委員會提交的文件中包含對這些風險、不確定性和假設以及可能影響我們財務業績的其他因素的描述。

With that, let me hand the call over to Peter.

有了這個，讓我把電話交給彼得。

Thank you, Ben. And thank you, everyone, joining us on the call today.

謝謝你，本。謝謝大家今天加入我們的電話會議。

When we started this company over 10 years ago, we had a very simple mission: to improve life on planet Earth. The human impact on Earth, both from a climate perspective and a global security perspective has been profound. And it is, therefore, up to us to identify ways to mitigate the negative impact and contribute to building a more sustainable, equitable, and prosperous future.

當我們 10 多年前創辦這家公司時，我們的使命非常簡單：改善地球上的生活。從氣候和全球安全的角度來看，人類對地球的影響是深遠的。因此，我們有責任確定減輕負面影響的方法，並為建設一個更加可持續、公平和繁榮的未來做出貢獻。

The markets encompassing climate change and global security are large, global, and growing. Climate change impact -- the global GDP is measured in the trillions of dollars. Mitigating just 10% of that is worth hundreds of billions of dollars.

涵蓋氣候變化和全球安全的市場規模龐大、全球化且不斷增長。氣候變化影響——全球 GDP 以萬億美元計。僅減少其中的 10% 就價值數千億美元。

Ocean shipping accounts for 80% to 90% of global trade and was estimated to hit roughly 25 trillion in 2022. Illegal, unreported, and unregulated fishing causes up to $50 billion of economic loss a year, and piracy accounts for $16 billion of annual economic loss. The global signal intelligence market is estimated to be over 13 billion currently, with a sizable and rapidly growing contribution from space-based geolocation and spectrum monitoring capabilities.

海運佔全球貿易的 80% 至 90%，預計到 2022 年將達到約 25 萬億美元。非法、未報告和不受管制的捕撈每年造成高達 500 億美元的經濟損失，海盜行為每年造成 160 億美元的經濟損失損失。目前，全球信號情報市場估計超過 130 億，天基地理定位和頻譜監測能力的貢獻巨大且增長迅速。

These are all massive markets, and they are markets we are just beginning to capture share in. As demonstrated by our increasing net retention rate, our initial foothold in these markets is growing, strengthened by substantial, sustainable competitive advantages. We believe Spire's addressable market is in the range of $100 billion, encompassing 150,000 to 200,000 customers.

這些都是巨大的市場，我們才剛剛開始佔領這些市場。正如我們不斷增加的淨保留率所證明的那樣，我們在這些市場的最初立足點正在擴大，並因巨大的、可持續的競爭優勢而得到加強。我們認為 Spire 的目標市場在 1000 億美元的範圍內，包括 150,000 至 200,000 名客戶。

And while we are immensely proud of growing from $1 million to nearly $100 million of ARR in just five years, we believe there is so much more opportunity ahead of us. We've finished 2022 serving more than 730 ARR solution customers across 65 countries on six continents, leaving substantial opportunity right in front of us for continued growth.

雖然我們為在短短五年內從 100 萬美元增長到近 1 億美元的 ARR 而感到無比自豪，但我們相信我們面前還有更多的機會。到 2022 年，我們已經為六大洲 65 個國家/地區的 730 多個 ARR 解決方案客戶提供服務，為我們繼續增長留下了巨大的機會。

If you think about our business opportunities, it's obvious to start by thinking of the shipping companies that own around 55,000 merchant vessels, the 800 container ports, or the 5,000 airlines that own roughly 25,000 cargo and passenger aircraft. However, this is just a small subset of the customers that find value in our solutions.

如果您考慮我們的商機，很明顯首先要考慮擁有約 55,000 艘商船的航運公司、800 個集裝箱港口，或擁有約 25,000 架貨機和客機的 5,000 家航空公司。然而，這只是在我們的解決方案中發現價值的一小部分客戶。

We track hundreds of thousands of vessels and over 60,000 aircraft per day. We are aware of only one other company that has the ability to provide clean satellite AIS data for tracking maritime movements and another one very different company that has the ability to provide clean satellite ADS-B data for tracking global aviation movements and locations and only two, again, different companies with the ability to provide clean satellite weather data via GPS-RO.

我們每天追踪數十萬艘船隻和超過 60,000 架飛機。我們知道只有一家公司有能力提供清潔的衛星 AIS 數據以跟踪海上活動，而另一家截然不同的公司有能力提供清潔的衛星 ADS-B 數據以跟踪全球航空活動和位置，而且只有兩家公司，同樣，不同的公司有能力通過 GPS-RO 提供乾淨的衛星氣象數據。

And we are not aware of any other company, other than Spire, to have all of these satellite data and analytics solutions combined under one roof available to help customers solve their most pressing challenges. Our customers include ports, financiers, insurance companies, traders, transportation and logistics companies, renewable energy companies, route planners, sports teams, and asset maintainers to name just a few.

據我們所知，除了 Spire 之外，沒有任何其他公司能夠將所有這些衛星數據和分析解決方案整合在一個屋簷下，以幫助客戶解決他們最緊迫的挑戰。我們的客戶包括港口、金融家、保險公司、貿易商、運輸和物流公司、可再生能源公司、路線規劃者、運動隊和資產維護者等等。

These are, each, large industries that make up the ecosystem around shipping, aviation, and weather. And they are all part of Spire's target customer base.

這些都是構成航運、航空和天氣生態系統的大型行業。他們都是 Spire 目標客戶群的一部分。

For example, Spire provides our customer, Gravity, real-time information and analytics based on global maritime automatic identification system technology. This information allows clients to get precise insights about maritime traffic, including the exact location of a ship carrying what they need and when it will get to where they need it to be.

例如，Spire 為我們的客戶 Gravity 提供基於全球海事自動識別系統技術的實時信息和分析。這些信息使客戶能夠準確了解海上交通，包括運載他們所需物品的船隻的確切位置以及何時到達他們需要的地方。

This enhanced visibility of vessels for those awaiting their arrival, like logistic companies, enables organizations to make better data-driven decisions. This is one example within this $3.4 billion inventory optimization, logistics, and reporting market, which is crucially reliant on having access to global, near real-time precise location and movement data of goods.

這增強了等待船隻到達的船隻的可見性，例如物流公司，使組織能夠做出更好的數據驅動決策。這是這個價值 34 億美元的庫存優化、物流和報告市場中的一個例子，該市場關鍵依賴於能夠訪問全球、近乎實時的精確貨物位置和移動數據。

In another customer example, SHIPNEXT, a freight-matching platform covering bulk, oversized, and containerized cargo, leverages satellite data from Spire to gain real-time insight into fleet operations. There are estimated to be over 800 ship brokers and freight forwarders providing services similar to SHIPNEXT to the nearly 20,000 shipping lines across the globe.

在另一個客戶示例中，SHIPNEXT 是一個貨運匹配平台，涵蓋散裝、超大尺寸和集裝箱貨物，它利用來自 Spire 的衛星數據來實時了解船隊運營情況。估計有 800 多家船舶經紀人和貨運代理向全球近 20,000 條航運公司提供類似於 SHIPNEXT 的服務。

The collaboration between SHIPNEXT and Spire has resulted in a real-time visibility around ports including congestion management solutions. This is powerful data, as ships spend on average 40% of their time in port waiting to be called.

SHIPNEXT 和 Spire 之間的合作實現了港口周圍的實時可見性，包括擁塞管理解決方案。這是一個強大的數據，因為船舶平均有 40% 的時間在港口等待被叫停。

On the aviation side, Spire was selected to provide ADS-B positional information to myairops so that operators could get an accurate picture of the operational landscape, including aircraft position, weather, crewing, customer requirements, and maintenance. Industry reports estimate that there are roughly 21,000 business jets and a nearly $3 billion aviation analytics market, a market that is expected to grow double digits and jump $8 billion in 2030.

在航空方面，Spire 被選中向 myairops 提供 ADS-B 位置信息，以便運營商能夠準確了解運營情況，包括飛機位置、天氣、機組人員、客戶要求和維護。行業報告估計，大約有 21,000 架公務機和近 30 億美元的航空分析市場，該市場預計到 2030 年將增長兩位數並躍升 80 億美元。

Our relationship with myairops was expanded when it was announced earlier this year that they will be also integrating Spire weather data into their platform. This is an example of how our weather data is being utilized beyond only generating weather forecasts. It's being utilized as another layer of insight on top of the maritime and aviation data we provide.

我們與 myairops 的關係在今年早些時候宣布他們還將 Spire 天氣數據集成到他們的平台時得到了擴展。這是一個例子，說明我們的天氣數據是如何被利用的，而不僅僅是生成天氣預報。它被用作我們提供的海事和航空數據之上的另一層洞察力。

And yet another example of how our data is utilized. BluePulse combines data and artificial intelligence by integrating Spire's weather data forecast to its refrigerated or reefer fleet energy simulation tool. Utilizing Spire's historical weather data of temperature, humidity, dew point, solar radiation, and wind, BluePulse ran different alternatives over 70 routes across the Atlantic and Pacific Ocean.

還有一個例子說明了我們的數據是如何被利用的。 BluePulse 通過將 Spire 的天氣數據預測集成到其冷藏或冷藏船隊能源模擬工具中，將數據和人工智能相結合。利用 Spire 的溫度、濕度、露點、太陽輻射和風的歷史天氣數據，BluePulse 在橫跨大西洋和太平洋的 70 多條航線上運行了不同的備選方案。

What it's found was that by only going 2% longer than the shortest possible route, 5% to 7% of the ship's fuel was saved on roughly 60% of the routes. And from 300 to 700 megawatt hours of [resource] energy was saved per crossing. This results in over tens of millions of euros saved and tens of thousands of equivalent tons of CO2 emissions saved on an annual basis.

結果發現，僅比最短路線長 2%，在大約 60% 的航線上節省了 5% 到 7% 的船舶燃料。每次穿越可節省 300 到 700 兆瓦時的[資源]能源。這導致每年節省超過數千萬歐元和數万當量噸的二氧化碳排放量。

This is an exciting area of the business as the maritime industry is poised for a digital transformation. BluePulse is part of over 1,000 SME and start-up companies in the maritime space, a number that has been growing steadily in the double digits.

這是一個令人興奮的業務領域，因為海運業正準備進行數字化轉型。 BluePulse 是海事領域 1,000 多家中小企業和初創公司的一部分，這個數字一直以兩位數的速度穩步增長。

In the scientific community, we are continuing to see strong demand for our weather data. We currently provide 3,300 radio occultation profiles to NOAA. But the scientific community has studied the significant impacts and improvements in numerical weather prediction by using 25,000 RO profiles a day, 50,000 profiles a day, all the way to over 100,000 profiles a day. These weather prediction improvements are often particularly strong for extreme weather events like hurricanes or heavy snow or rain.

在科學界，我們繼續看到對天氣數據的強勁需求。我們目前向 NOAA 提供 3,300 個無線電掩星資料。但是科學界通過每天使用 25,000 個 RO 配置文件、每天 50,000 個配置文件，一直到每天超過 100,000 個配置文件，研究了數值天氣預報的重大影響和改進。這些天氣預報改進通常對颶風或大雪或大雨等極端天氣事件特別有效。

With NOAA's satellite, data, and information service budget at roughly $2 billion for FY '23 and dozens of similar agencies across the world, these studies are an indication of potential further demand for our data along with growing broader demand for our commercial weather data.

NOAA 的衛星、數據和信息服務預算在 23 財年和全球數十個類似機構中約為 20 億美元，這些研究表明對我們數據的潛在進一步需求以及對我們商業天氣數據的更廣泛需求。

This past year, Spire was awarded contracts to detect and geolocate certain objects based on targeted radio frequency or RF emissions. One such example was an award from Sierra Nevada Corporation for a cluster of four 6U satellites. This is an example of how Spire can compete and win in this $13 billion and growing signals intelligence market.

去年，Spire 獲得合同，根據目標無線電頻率或 RF 發射檢測和地理定位某些物體。一個這樣的例子是內華達山脈公司授予一組四顆 6U 衛星的獎項。這是 Spire 如何在這個價值 130 億美元且不斷增長的信號情報市場中競爭並獲勝的一個例子。

Spire's spacecraft are equipped with highly sensitive radio signal detection devices which listen to the slightest changes of these signals. This capability, for example, allows us to measure the temperature in Earth's atmosphere with incredible accuracy or measure the level of moisture in the soil on the ground.

Spire 的航天器配備了高度靈敏的無線電信號檢測設備，可以偵聽這些信號的最細微變化。例如，這種能力使我們能夠以令人難以置信的準確度測量地球大氣層的溫度，或測量地面土壤的水分含量。

Identifying, characterizing, and, where possible, mitigating ground-based RF and GPS interferences is a critical component of correctly capturing this data. It also can have great importance to national security and US Space Force operations, an organization whose budget has grown to over $26 billion, up from $19.5 billion in 2022. RF signals intercepted in open air space are liabilities that directly threaten on-orbit space assets of civilian, commercial, and military missions.

識別、表徵並在可能的情況下減輕地面 RF 和 GPS 干擾是正確捕獲此數據的關鍵組成部分。它還對國家安全和美國太空部隊的行動具有重要意義，該組織的預算已從 2022 年的 195 億美元增加到超過 260 億美元。在露天空間截獲的射頻信號是直接威脅在軌太空資產的責任民用、商業和軍事任務。

Spire solutions are also utilized to protect life and property. A recent agreement with a launch provider has Spire supplying vessel tracking data for the coast of California, Hawaii, Florida, and Texas, in support of launch day planning and mission-critical situational awareness. To put this opportunity in perspective, there are over 30 active launch service providers, and we're tracking over 50 new launch vehicles.

Spire 解決方案還用於保護生命和財產安全。最近與一家發射供應商達成的協議要求 Spire 為加利福尼亞、夏威夷、佛羅里達和德克薩斯海岸提供船隻跟踪數據，以支持發射日規劃和關鍵任務態勢感知。為了正確看待這個機會，有 30 多家活躍的發射服務提供商，我們正在跟踪 50 多個新運載火箭。

At Cape Canaveral in Florida alone, there are expected to be 87 orbital-class launches in 2023, a sharp increase from the record-setting 57 in 2022. Globally, there has been a rocket launch every two days in 2022. By having better insights on marine traffic around launch operations, lives can be protected and launch delays can be prevented.

僅在佛羅里達州的卡納維拉爾角，預計 2023 年將進行 87 次軌道級發射，比 2022 年創紀錄的 57 次大幅增加。在全球範圍內，2022 年每兩天就有一次火箭發射。通過更好的洞察力在發射作業周圍的海上交通中，可以保護生命並防止發射延誤。

In another example, one of our partners successfully used Spire data to find a lost boat in the Philippines and save the life of the seafarers. And yet another example, we heard from our customer that our data was being utilized to keep seafarers out of the path of hurricanes. With storms in the vicinity of the vessels, this customer was utilizing our dynamic AIS data to track their vessels and keep the employees out of harm's way and their cargo safe.

在另一個例子中，我們的一個合作夥伴成功地使用 Spire 數據在菲律賓找到了一艘丟失的船隻並挽救了海員的生命。還有一個例子，我們從客戶那裡聽說我們的數據被用來讓海員遠離颶風的路徑。由於船隻附近有暴風雨，該客戶利用我們的動態 AIS 數據來跟踪他們的船隻，使員工遠離危險並確保他們的貨物安全。

With existing business and ample opportunities in front of us, Spire continued to prudently scale the company during 2022. As we celebrated Spire's 10th anniversary, we grew our revenue 85% year over year and expanded our team by just 10% year over year, showcasing the enormous operational leverage that our business model has. The amazingly talented teammates at Spire are the fuel for our business growth and the source of immense customer satisfaction, highlighted by a net retention rate of 117% for 2022.

憑藉現有業務和擺在我們面前的大量機會，Spire 在 2022 年繼續審慎地擴大公司規模。在我們慶祝 Spire 成立 10 週年之際，我們的收入同比增長 85%，團隊規模同比僅擴大 10%，展示了我們的商業模式具有巨大的運營影響力。 Spire 才華橫溢的隊友是我們業務增長的動力和巨大的客戶滿意度之源，2022 年的淨保留率為 117%。

Our team members, representing over 45 countries, bring exceptional diversity of thought and experience to our organization. At Spire, we continually working to build a company where our teammates can learn, grow, and succeed. This past year, we invested in the employee experience by listening and investing heavily in opportunities for learning and development. These are investments in our team that we are happy and excited to make as we prepare for the opportunities of the next decade.

我們的團隊成員來自超過 45 個國家/地區，他們為我們的組織帶來了非凡的思想和經驗多樣性。在 Spire，我們不斷努力打造一家我們的團隊成員可以學習、成長並取得成功的公司。在過去的一年裡，我們通過傾聽和大力投資學習和發展機會來提升員工體驗。這些是對我們團隊的投資，我們很高興和興奮地為下一個十年的機遇做準備。

We continue to make prudent investment decisions to replenish and improve our infrastructure and enhance our technology, consistently adding to our already substantial competitive moat. During 2022, we had three launches, and we had our first launch of 2023 shortly after the New Year. In total, we have completed 34 launches with 10 different launch providers over the past decade.

我們繼續做出審慎的投資決策，以補充和改善我們的基礎設施並增強我們的技術，不斷增加我們已經很強大的競爭優勢。在 2022 年期間，我們進行了三次發射，我們在新年後不久進行了 2023 年的首次發射。在過去十年中，我們總共與 10 家不同的發射供應商完成了 34 次發射。

We have launched more than 160 satellites and accumulated over 500 years of space heritage. Only through the experience of operating in space does one understand exactly what it takes to be successful in the space environment, as that environment cannot be replicated on Earth. Our substantial experience on this front further bolsters our competitive moat.

我們發射了160多顆衛星，積累了500多年的航天遺產。只有通過在太空中操作的經驗，人們才能準確理解在太空環境中取得成功需要什麼，因為地球上無法複製這種環境。我們在這方面的豐富經驗進一步鞏固了我們的競爭優勢。

With these recent launches, our space services customers were able to bring capabilities to market faster and more efficiently. Customers like OroraTech with its wildfire detection service and Austrian Space Forum's ADLER-1 space debris monitoring satellite are just two examples highlighting capabilities in large growing markets.

通過這些最近的發布，我們的空間服務客戶能夠更快、更高效地將能力推向市場。 OroraTech 及其野火探測服務和奧地利空間論壇的 ADLER-1 空間碎片監測衛星等客戶只是突出顯示其在大型增長市場中的能力的兩個例子。

We were also able to continually upgrade our technology in orbit. Spire's in-house developed optical laser-based intersatellite links about -- one example of how Spire's smart investment in R&D continually enhances the value we can deliver to our customers and the competitive moat we enjoy in our business model. We deployed satellites equipped with an antenna and software-defined radio tuned to capture signals from L-Band SATCOM, which further improves our geolocation capabilities and increases the type of products and solutions we can offer in the growing market for global security.

我們還能夠不斷升級我們在軌道上的技術。 Spire 內部開發的基於光學激光的星際鏈路——這是 Spire 在研發方面的明智投資如何不斷提高我們可以為客戶提供的價值以及我們在商業模式中享有的競爭優勢的一個例子。我們部署了配備天線和軟件定義無線電的衛星，這些衛星經過調諧以捕獲來自 L 波段衛星通信的信號，這進一步提高了我們的地理定位能力，並增加了我們可以在不斷增長的全球安全市場中提供的產品和解決方案的類型。

We unveiled the 16U satellite bus that allows for more power, volume, and data capabilities, as we increasingly see that our customers' missions require buses that offer the performance of a larger satellite, but with the agility of a nano satellite. And we invested in hyperspectral microwave sounders and polarimetric radio occultation to augment weather data and forecasting.

我們推出了 16U 衛星總線，它允許更多的功率、體積和數據容量，因為我們越來越多地看到我們的客戶的任務需要總線提供更大衛星的性能，但具有納米衛星的敏捷性。我們還投資了高光譜微波探測儀和極化無線電掩星，以增強天氣數據和預報。

The microwave sounders will enable a higher level of measurement accuracy for both moisture and temperature, which are an essential in numerical weather prediction. This investment was awarded with a $4 million contract by NOAA for the development, integration testing, and demonstration of a hyperspectral microwave sensor payload.

微波探測器將使濕度和溫度的測量精度達到更高水平，這對於數值天氣預報至關重要。 NOAA 授予這項投資 400 萬美元的合同，用於開發、集成測試和演示高光譜微波傳感器有效載荷。

As we look to the future, there are generational trends that provide reliable tailwinds for our business and align with our mission of leveraging data and analytics from space to improve life on Earth. For decades, climate change has been impacting our planet. As populations continue to grow, humans are exacting an ever-larger toll on the place we call home.

展望未來，世代相傳的趨勢為我們的業務提供了可靠的推動力，並符合我們利用太空數據和分析改善地球生活的使命。幾十年來，氣候變化一直在影響著我們的星球。隨著人口的持續增長，人類對我們稱之為家的地方造成了越來越大的損失。

For the three decades spanning the 1950s, 1960s, and 1970s, there wasn't a year in which the world experienced economic loss from weather-related disasters of more than $100 billion. Yet, during the 21st century, the annual economic loss associated with weather-related disasters has averaged over $300 billion, over three times as much.

在跨越 1950 年代、1960 年代和 1970 年代的三個十年中，沒有一年世界因與天氣相關的災害而遭受的經濟損失超過 1000 億美元。然而，在 21 世紀，每年與天氣相關的災害造成的經濟損失平均超過 3000 億美元，是其三倍多。

And in addition to climate change, we have witnessed a rapid change in our global security environment. 2022 was a sober lesson in how quickly the world can change. Overnight, as a sovereign country was invaded, millions of people were displaced, and the world was reminded of how fragile peace can be.

除了氣候變化，我們還目睹了全球安全環境的快速變化。 2022 年是一個清醒的教訓，告訴我們世界變化的速度有多快。一夜之間，一個主權國家遭到入侵，數百萬人流離失所，世界意識到和平是多麼脆弱。

With these real-time reminders, Spire remains steadfast in our mission of providing critical and actionable intelligence to provide truth and transparency from space. We believe that through the application of insights that can only be captured from space, Spire is making an outsized impact on the world as we increasingly apply AI and machine learning techniques to our data.

通過這些實時提醒，Spire 始終堅定不移地履行我們的使命，即提供關鍵且可操作的情報，以提供來自太空的真相和透明度。我們相信，隨著我們越來越多地將人工智能和機器學習技術應用於我們的數據，Spire 將通過應用只能從太空捕獲的洞察力對世界產生巨大影響。

Spire has been looking at different ways to detect essential climate variables, so companies can reduce their operational weather risk and researchers can understand more about how the Earth is changing. In one such example, GNSS reflectometry, Spire has been using the exceptional RF sensitivity of our space technology to measure and assess different types of sea ice. Sea ice has been explained by scientists as the corner piece of the climate change jigsaw puzzle, connecting atmosphere, ocean, and ice processes.

Spire 一直在尋找不同的方法來檢測基本的氣候變量，因此公司可以降低其運營天氣風險，研究人員可以更多地了解地球是如何變化的。在一個這樣的例子中，GNSS 反射計，Spire 一直在使用我們空間技術的卓越射頻靈敏度來測量和評估不同類型的海冰。科學家將海冰解釋為氣候變化拼圖的一角，連接大氣、海洋和冰過程。

With the combination of analytics and machine learning, our customers have been impressed by the results. Scientists have stated that the team has successfully distinguished between Antarctic ice and ocean, as well as between first-year and multi-year ice with 90% accuracy, higher accuracy than was hoped for.

通過結合分析和機器學習，我們的客戶對結果印象深刻。科學家表示，該團隊已成功區分南極冰和海洋，以及一年和多年冰，準確率達到 90%，高於預期。

One customer noted that this is a data resource that we've never really had. While this is just a single-use case of the data that Spire collects, it opens the aperture of what is possible by combining data that is becoming available for the first time along with AI and machine learning.

一位客戶指出，這是我們從未真正擁有過的數據資源。雖然這只是 Spire 收集的數據的一個單一用例，但它通過將首次可用的數據與人工智能和機器學習相結合，打開了可能性的大門。

With robust business prospects and a strategic plan in place to scale the company, we are steadfastly focused on driving the company to profitability. We believe that we have identified the correct key markets for our solutions and remain focused on those markets.

憑藉強勁的業務前景和擴大公司規模的戰略計劃，我們堅定不移地專注於推動公司盈利。我們相信，我們已經為我們的解決方案確定了正確的關鍵市場，並將繼續專注於這些市場。

This focus has allowed us to extract a high utilization from our assets. Our constellation supports three sizeable market opportunities where we collect data once and sell it many, many times. And our expansion into space services further increases that utilization and monetization of the infrastructure and teams we have in place.

這種關注使我們能夠從我們的資產中提取高利用率。我們的星座支持三個巨大的市場機會，我們收集一次數據並多次出售。我們向太空服務的擴張進一步提高了我們現有基礎設施和團隊的利用率和貨幣化。

By leveraging our R&D, our manufacturing and operations teams, and our ground station network, we can provide exceptional solutions to our customers and high operational leverage to our shareholders. Even as the macro environment continues to be challenging and we see extension in the time to sign customer contracts, while businesses dynamically balance growth and profitability, our high asset utilization allows us to fully stay on track in our drive towards profitability.

通過利用我們的研發、我們的製造和運營團隊以及我們的地面站網絡，我們可以為我們的客戶提供卓越的解決方案，並為我們的股東提供高運營槓桿。即使宏觀環境繼續充滿挑戰，我們看到簽署客戶合同的時間延長，而業務動態地平衡增長和盈利能力，我們的高資產利用率使我們能夠完全走上盈利之路。

As our margins have continued to expand, our cash usage has declined very meaningfully over the past two quarters despite our strong year-over-year growth rate. We have remained resolute on our projected profitability time frame, which has remained unchanged since the time we introduced it one year ago. We feel this creates exceptional opportunities for those looking at the incredible strength, growth, and trajectory of our business.

隨著我們的利潤率繼續擴大，儘管我們的同比增長率強勁，但我們的現金使用量在過去兩個季度中大幅下降。我們對預計的盈利時間框架保持堅定，自一年前推出以來一直保持不變。我們認為這為那些關注我們業務令人難以置信的實力、增長和軌蹟的人創造了難得的機會。

As we remain heads-down on execution, we are focused on what we can control. What inspires us is a tremendous long-term demand for our solutions, demand that is rooted in Spire's mission of improving life here on planet Earth.

當我們在執行上保持低調時，我們專注於我們可以控制的事情。激勵我們的是對我們解決方案的巨大長期需求，這種需求植根於 Spire 改善地球生活的使命。

And with that, I'll turn it over to Tom.

有了這個，我會把它交給湯姆。

Thanks, Peter. The fourth quarter ended the fiscal year with results that clearly demonstrate our path to profitability and to positive free cash flow. Q4 revenue increased 49% year over year to $22.4 million, once again, hitting a quarterly record. For the full fiscal year, we finished at $80.3 million, an 85% year-over-year improvement and within our guidance range provided this past November.

謝謝，彼得。第四季度結束了本財政年度，結果清楚地表明了我們實現盈利和正自由現金流的途徑。第四季度收入同比增長 49% 至 2240 萬美元，再次創下季度記錄。在整個財政年度，我們完成了 8030 萬美元，同比增長 85%，並且在我們去年 11 月提供的指導範圍內。

ARR at quarter-end was $99.4 million, up 41% year over year. We fell a little short of our goal of ending the fiscal year with just over $100 million of ARR due to continued pressure from the macro environment, such as customer timing delays, funding issues, and slower time to close the seven-digit-plus sales deals.

季度末的 ARR 為 9940 萬美元，同比增長 41%。由於宏觀環境的持續壓力，例如客戶時間延遲、資金問題以及完成七位數以上銷售額的時間較慢，我們未能實現以略高於 1 億美元的 ARR 結束本財年的目標交易。

However, in February, we received nearly $20 million of cash from the remaining amount of our existing $120 million credit facility after achieving the ARR milestone. We finished the year with 733 ARR solution customers, a 23% increase year over year and a net add of 135 customers during the fiscal year 2022.

然而，在 2 月，在實現 ARR 里程碑後，我們從現有 1.2 億美元信貸額度的剩餘金額中獲得了近 2000 萬美元現金。我們在 2022 財年擁有 733 個 ARR 解決方案客戶，同比增長 23%，淨增 135 個客戶。

Our Q4 ARR net retention rate was 110% and the rolling 12-month ARR net retention rate for fiscal year 2022 was 117%, up from 110% for the rolling 12-month for fiscal year 2021. Our land-and-expand strategy has continued to serve us well, as we once again finished another full fiscal year with an ARR net retention rate at or above 110%. These trends represent a healthy future revenue growth, not only from new customers, but with our existing customer base.

我們的第四季度 ARR 淨保留率為 110%，2022 財年的滾動 12 個月 ARR 淨保留率為 117%，高於 2021 財年滾動 12 個月的 110%。我們的土地擴張戰略已經繼續為我們提供良好的服務，因為我們再次以 ARR 淨保留率達到或超過 110% 的方式結束了另一個完整的財政年度。這些趨勢代表了健康的未來收入增長，不僅來自新客戶，還來自我們現有的客戶群。

Now, I'll be discussing non-GAAP financial measures, unless otherwise stated. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release that should be reviewed in conjunction with this earnings call. Spire has methodically progressed on our strong trajectory towards profitability and achieving positive free cash flow, driven by our leverage business model and high asset utilization.

現在，除非另有說明，否則我將討論非 GAAP 財務指標。我們在我們的收益發布中提供了 GAAP 與非 GAAP 財務的對賬，應結合本次收益電話會議進行審查。在我們的槓桿業務模式和高資產利用率的推動下，Spire 在我們強勁的盈利能力和實現正自由現金流的軌道上有條不紊地前進。

Our Q4 operating margin improved 40 points to negative 46% from negative 86% a year ago. In addition to the significant year-over-year improvement, we executed a 10-point sequential improvement from the third quarter of 2022. Our Q4 operating loss was $10.2 million, an improvement of $2.7 million from a year ago.

我們第四季度的營業利潤率從一年前的負 86% 提高了 40 個百分點至負 46%。除了同比顯著改善外，我們還從 2022 年第三季度開始連續改善 10 個百分點。我們第四季度的營業虧損為 1020 萬美元，比一年前減少了 270 萬美元。

For the full year, our operating loss was $44.5 million, which was over $1.3 million better than the midpoint guidance we had provided in March of 2022. Total adjusted EBITDA for the fourth quarter was negative $7.3 million, an improvement from negative $10.6 million a year ago.

全年，我們的營業虧損為 4,450 萬美元，比我們在 2022 年 3 月提供的中點指導高出 130 萬美元以上。第四季度調整後的 EBITDA 總額為負 730 萬美元，比每年的負 1,060 萬美元有所改善前。

For the full year, adjusted EBITDA was negative $32.6 million, which was within the guidance range we had provided in March of 2022. We ended the quarter with cash, cash equivalents, restricted cash, and short-term marketable securities of $70.7 million. We utilized $8.1 million of free cash flow in the quarter, which was a 66% reduction over the same quarter a year ago, and over 41% reduction in free cash flow usage from last quarter.

全年，調整後的 EBITDA 為負 3260 萬美元，在我們 2022 年 3 月提供的指導範圍內。本季度末，我們的現金、現金等價物、受限制現金和短期有價證券為 7070 萬美元。我們在本季度使用了 810 萬美元的自由現金流，與去年同期相比減少了 66%，與上一季度相比減少了 41% 以上。

While cash can fluctuate from quarter to quarter, the significant progress in lowering the net cash burn is in line with our objective of generating positive free cash flow in 12 to 18 months. Given the significant improvement in cash utilization over the past six months, along with receiving nearly $20 million of cash from the existing credit facility, we are feeling very comfortable with our balance sheet.

雖然現金可能會在每個季度之間波動，但在降低淨現金消耗方面取得的重大進展符合我們在 12 至 18 個月內產生正自由現金流的目標。鑑於過去六個月現金利用率的顯著改善，以及從現有信貸額度中獲得近 2000 萬美元的現金，我們對我們的資產負債表感到非常滿意。

Now turning to our outlook for the first quarter and full fiscal year 2023. For the first quarter, we expect revenue to range between $21.7 million and $23.7 million. Q1 revenue reflects the smaller amount of ARR added during the fourth quarter of fiscal year 2022 along with taking into account the timing of project-based revenue.

現在轉向我們對 2023 年第一季度和整個財政年度的展望。對於第一季度，我們預計收入將在 2170 萬美元至 2370 萬美元之間。第一季度收入反映了 2022 財年第四季度增加的 ARR 數量較少，同時考慮了基於項目的收入的時間安排。

For the full fiscal year, we expect a range of $104 million and $109 million, which represents growth of 33% at the midpoint from fiscal year 2022. Q1 ARR is expected to range between $104 million and $106 million. And we expect to finish the year with ARR ranging from $129 million to $135 million, which represents a growth of 33% at the midpoint.

對於整個財年，我們預計範圍為 1.04 億美元至 1.09 億美元，與 2022 財年的中點相比增長 33%。第一季度 ARR 預計在 1.04 億美元至 1.06 億美元之間。我們預計今年年底的 ARR 將在 1.29 億美元至 1.35 億美元之間，這意味著中點增長 33%。

ARR solution customers for Q1 is expected to range between 750 and 760, and we expect to end the fiscal year with 835 to 885 ARR solution customers. For Q1, we expect non-GAAP operating loss to range between $12.8 million and $10.8 million, which is a $1 million midpoint improvement from the first quarter of fiscal year 2022.

第一季度的 ARR 解決方案客戶預計在 750 到 760 之間，我們預計在本財年結束時有 835 到 885 個 ARR 解決方案客戶。對於第一季度，我們預計非 GAAP 營業虧損將在 1280 萬美元至 1080 萬美元之間，比 2022 財年第一季度的中點減少 100 萬美元。

For the full fiscal year 2023, we expect non-GAAP operating loss to range between $34 million and $29 million, a $13 million improvement from fiscal year 2022 at the midpoint. The improvement in non-GAAP operating loss reflects further leverage of our headcount and infrastructure across our four solutions.

對於整個 2023 財年，我們預計非 GAAP 營業虧損將在 3400 萬美元至 2900 萬美元之間，與 2022 財年的中點相比減少 1300 萬美元。非 GAAP 營業虧損的改善反映了我們在四個解決方案中進一步利用我們的員工人數和基礎設施。

Adjusted EBITDA for the first quarter is expected to range from negative $9.6 million to negative $7.6 million. And we expect our non-GAAP loss per share for Q1 to range from negative $0.12 to negative $0.11, which assumes a basic weighted average share count of approximately 144.7 million shares.

第一季度調整後的 EBITDA 預計在負 960 萬美元至負 760 萬美元之間。我們預計第一季度的非 GAAP 每股虧損在負 0.12 美元到負 0.11 美元之間，假設基本加權平均股數約為 1.447 億股。

For the full fiscal year, we expect adjusted EBITDA to range from negative $19 million to negative $14 million. And we expect our non-GAAP loss per share to range from negative $0.36 to negative $0.33, which assumes a basic weighted average share count of approximately 148.4 million shares.

對於整個財政年度，我們預計調整後的 EBITDA 將在負 1900 萬美元至負 1400 萬美元之間。我們預計我們的非 GAAP 每股虧損在負 0.36 美元到負 0.33 美元之間，假設基本加權平均股數約為 1.484 億股。

In closing, Spire had a great year with bringing in solid topline growth from new and existing customers, improving margins with scale and leverage, significantly lowering the net cash burn quarter over quarter, and approving the balance sheet with additional cash sources. Our 2023 guidance reflects another year of focus and dedication to growing the business while taking further steps towards our path to profitability and being free cash flow positive.

最後，Spire 在新的和現有客戶帶來穩固的收入增長、通過規模和槓桿提高利潤率、顯著降低季度淨現金消耗以及通過額外現金來源批准資產負債表方面取得了豐收的一年。我們的 2023 年指引反映了又一年的專注和致力於發展業務，同時採取進一步措施實現盈利和自由現金流為正。

Thanks for joining us today. Now I'd like to open up the call for questions.

感謝您今天加入我們。現在我想打開問題的電話。

(Operator Instructions) Erik Rasmussen, Stifel.

（操作員說明）Erik Rasmussen，Stifel。

Yeah. Thanks for taking the questions, and congratulations on the lower net cash burn and the trajectory there. I wanted to just -- on the guidance for 2023. At the midpoint you are guiding to 33% year-over-year growth -- obviously, still good growth. But it is a deceleration from what we saw in 2022.

是的。感謝您提出問題，並祝賀淨現金消耗減少和發展軌跡。我只想 - 關於 2023 年的指導。在中點你指導 33% 的同比增長 - 顯然，仍然是良好的增長。但這比我們在 2022 年看到的情況有所放緩。

Has anything changed in your business that is impacting your revenue opportunities? And then maybe you could just provide some high-level assumptions you have baked into that outlook for the year. And then I have a follow-up.

您的業務是否發生了任何影響您的收入機會的變化？然後也許你可以提供一些你已經納入今年展望的高級假設。然後我有一個後續行動。

Of course, Erik, happy to do that. So nothing has really changed because the driving principle for us is profitability. And so when we start our process, we start at the bottom of the income statement. Because at the end of the day, what matters is not what enters the income statement at the top, but what the cash that falls out at the bottom.

當然，Erik，很樂意這樣做。所以一切都沒有真正改變，因為我們的驅動原則是盈利能力。所以當我們開始我們的流程時，我們從損益表的底部開始。因為歸根結底，重要的不是在頂部進入損益表的內容，而是在底部掉出的現金。

And so that's where we start. We look at the operation improvements. We look at leveraging, the infrastructure, the people, the processes that we have. And then we end up as a top line that is prudent and meaningful growth. And yes, we grew 40% ARR roughly in 2022, and this is like in the mid-30s.

這就是我們的起點。我們看看操作改進。我們著眼於槓桿作用、基礎設施、人員和我們擁有的流程。然後我們最終成為謹慎而有意義的增長的頂線。是的，我們在 2022 年大約增長了 40% ARR，這就像在 30 年代中期。

But you can always drive up your top line, but just spending more money on sales and marketing, right? But that is not conducive the way I think about a business whose job it is to produce cash. And then you can use that cash to invest in a business in the sales and marketing and keep on driving your top line.

但是你總是可以提高你的收入，只是在銷售和營銷上花更多的錢，對吧？但這不利於我對一家以產生現金為工作的企業的看法。然後您可以使用這筆現金投資於銷售和營銷業務，並繼續推動您的收入增長。

So there is nothing really that has changed. We are cognizant of the macroeconomic environment, right? I mean, we -- it might now feel normal.

所以真的沒有什麼改變。我們了解宏觀經濟環境，對嗎？我的意思是，我們 - 現在可能感覺很正常。

But in 2022, we started out the year, 12 months ago, when we gave guidance, and since then, we had a war. We had almost runaway inflation. We had interest rates growing a few hundred percent. People talking about recession. The stock market collapsed.

但是在 2022 年，我們從 12 個月前開始了這一年，當時我們給出了指導，從那時起，我們就發生了戰爭。我們的通貨膨脹幾乎失控。我們的利率增長了百分之幾百。人們談論經濟衰退。股市崩盤。

There has been a lot of stuff that has happened. And I don't think that they have worked its way through the system completely at this point in time.

已經發生了很多事情。而且我認為他們目前還沒有完全通過系統工作。

So we feel that the prudent way for us to build a business is to continue to stay on our path, on our focus as we delivered in 2022, which is the bottom end of the income statement. And the top end falls out of that and can always be increased as you produce more cash. You just invest in more sales and marketing because we have more than clearly demonstrated the demand for our products.

因此，我們認為，我們建立業務的謹慎方式是繼續堅持我們的道路，專注於我們在 2022 年交付的重點，這是損益表的底端。而最高端不在其中，並且隨著您產生更多現金而始終可以增加。您只需投資更多的銷售和營銷，因為我們已經清楚地展示了對我們產品的需求。

There is not a whole lot of companies that can grow their recurring revenue business from $1 million to almost $100 million in five years. And you can only do that if there is overwhelming pent-up demand for the products and services that you have.

沒有多少公司可以在五年內將經常性收入業務從 100 萬美元增長到近 1 億美元。只有在對您擁有的產品和服務存在壓抑的需求時，您才能這樣做。

I think one thing I'll add, Erik is the one key component that we're heavily looking at for the path to profitability and our -- the results on the bottom line is, when you look at what the Street has put out for the expectations, we are actually slightly ahead of the midpoint on the non-GAAP operating loss for our projections and our midpoint to what's out there. So we're feeling very good on where we are, and we're doing that right mix of the top line and getting that path to profitability.

我想我要補充一件事，埃里克是我們正在認真尋找盈利之路的一個關鍵組成部分，而我們的 - 最重要的結果是，當你看看華爾街的目標時根據預期，我們實際上略高於我們預測的非 GAAP 運營虧損的中點和我們的中點。因此，我們對自己所處的位置感覺非常好，我們正在做正確的收入組合，並走上盈利之路。

As Peter mentioned, we don't want to over-index on sales and marketing to get that higher number and we don't get to these goals and achieve the -- what the market's thinking and then what we're -- we're very comfortable with our guidance.

正如彼得所提到的，我們不想在銷售和營銷方面過度指數化以獲得更高的數字，而且我們沒有達到這些目標並實現——市場的想法以及我們的想法——我們”您對我們的指導非常滿意。

Very good. And then maybe just some comments, if you can, on the pipeline. Maybe some of the types of deals the team is tracking. Are you starting to see any larger deals emerging? I know we had some seven- and eight-figure deals, but maybe you could just comment on that. Thank you.

非常好。然後，如果可以的話，也許只是一些關於管道的評論。也許團隊正在跟踪的某些類型的交易。您是否開始看到任何更大的交易出現？我知道我們有一些七八位數的交易，但也許你可以對此發表評論。謝謝。

Absolutely, Erik. You're absolutely correct that 2022 has seen an increasing number of substantial size seven-figure, eight-figure deals. And that trend is something that we continue to see based on the additional products that we have been rolling out. We have released a number of analytics products leveraging AI capabilities inside Spire that are really resonating strong with the customer base, broadening the customer base, but also broadening the value that we provide to them.

當然，埃里克。你完全正確，2022 年出現了越來越多的七位數、八位數的大筆交易。基於我們一直在推出的其他產品，我們將繼續看到這種趨勢。我們已經發布了許多利用 Spire 內部 AI 功能的分析產品，這些產品真正引起了客戶群的強烈共鳴，擴大了客戶群，同時也擴大了我們為他們提供的價值。

The RF geolocation capabilities that Spire has deployed in 2022 also continue to resonate and continue to find a customer interest that is often expressed in deals that are substantially larger. And then certainly last but not least, the offering of renting Spire's infrastructure, providing that incredible scale and resilience and the [plannability] that allows both government and commercial customers to launch and provide space-based solution and products and services really resonates and goes from launching one or two payloads on orbit delivering data to whole constellations of payloads delivering data, which of course, results in substantial size deals.

Spire 在 2022 年部署的 RF 地理定位功能也繼續引起共鳴，並繼續引起客戶的興趣，這種興趣通常表現在規模大得多的交易中。最後但並非最不重要的一點是，租用 Spire 的基礎設施，提供令人難以置信的規模和彈性，以及允許政府和商業客戶啟動和提供天基解決方案以及產品和服務的[可規劃性]，真正引起共鳴並從在軌道上發射一個或兩個有效載荷，將數據傳輸到整個星座的有效載荷傳輸數據，這當然會導致大量交易。

And we continue to see that. And we're looking forward in 2023 to see those deals making a solid contribution to our top and bottom line.

我們繼續看到這一點。我們期待在 2023 年看到這些交易為我們的收入和利潤做出堅實的貢獻。

Great. Thanks. Good luck.

偉大的。謝謝。祝你好運。

Appreciate it.

欣賞它。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good afternoon, Peter.

嗨，下午好，彼得。

Good afternoon. How are you doing, Austin?

下午好。你好嗎，奧斯汀？

Very good. Hope you're doing good as well.

非常好。希望你也做得很好。

That's correct. I am.

這是正確的。我是。

Great. My first question here, is there any pressure on the LEMUR constellation to get new satellites launched this year, just given the delays with Virgin Orbit? Or does the launch that you did in the first quarter and the progress on the root cause analysis make you confident that you can get those satellites launched on Launcher One this year or move to another provider?

偉大的。我的第一個問題是，鑑於 Virgin Orbit 的延誤，LEMUR 星座是否有任何壓力要求今年發射新衛星？或者您在第一季度進行的發射和根本原因分析的進展是否讓您有信心今年可以在 Launcher One 上發射這些衛星或轉移到另一家供應商？

Yeah, we are extremely comfortable with the current capabilities of the constellation and the launch plan and manifest that we have, which is, I would say, appropriate, conservative, and not overly aggressive or in need of many launch vehicles or launches. I mean, we've done this 34 times, Austin, with 10 different launch providers.

是的，我們對星座的當前能力以及我們擁有的發射計劃和清單感到非常滿意，我想說的是，這是適當的、保守的，並且不會過於激進或需要許多運載火箭或發射。我的意思是，奧斯汀，我們已經與 10 家不同的發射提供商一起完成了 34 次。

The team at Spire has exceptional connection to the launch market. And there are a number of launch service providers outside of Virgin with which we have launched, with which we have strong relationships, and with which we continue to talk. So we feel very, very relaxed about that side of the story of our LEMUR constellation.

Spire 的團隊與發射市場有著特殊的聯繫。我們已經與維珍以外的許多發射服務提供商合作，我們與它們建立了牢固的關係，並且我們繼續與它們進行對話。所以我們對狐猴星座故事的那一面感到非常非常放鬆。

Okay, great. And then just on the dark shipping tracking service. Is Ukraine war driving more government customer demand for that, just given Russia has been out there trying to move its Urals crude oil through a lot of third-party shipping companies?

好的，太好了。然後就在黑暗的航運跟踪服務上。考慮到俄羅斯一直試圖通過許多第三方航運公司運輸其烏拉爾原油，烏克蘭戰爭是否會推動更多政府客戶對此提出需求？

Yes.

是的。

Okay, great. Thanks for the details.

好的，太好了。感謝您提供詳細信息。

My pleasure, Austin.

我的榮幸，奧斯汀。

Ric Prentiss, Raymond James.

里克普倫蒂斯，雷蒙德詹姆斯。

Thanks. Good morning -- afternoon, everyone. Long day.

謝謝。大家早上好——下午好。漫長的一天。

Good afternoon.

下午好。

Yeah. Hey, a couple questions, if I could. Thanks for the update on the cash draw. We were wondering when that was coming. And remind us again, as far as the interest rate environment, how much interest expenses is going to be impacted as we think through this calendar year from drawing down on that?

是的。嘿，有幾個問題，如果可以的話。感謝您更新現金抽取。我們想知道那是什麼時候到來的。並再次提醒我們，就利率環境而言，我們認為在這個日曆年中減少利息支出會受到多少影響？

Yeah. I mean, it's roughly like 15 million if you keep going at the same pace that we're going for the quarterly amounts that we have to pay, if we're at roughly the same rates.

是的。我的意思是，如果你繼續以與我們必須支付的季度金額相同的速度前進，如果我們的費率大致相同，那麼大約是 1500 萬美元。

Okay. And as -- you called out, obviously, a couple things. You want to focus on what you can control, focus on the customers, macro environment. Any FX impact that affected you in 2022 and 2023?

好的。很明顯，你說了幾件事。您想專注於您可以控制的事情，專注於客戶和宏觀環境。 2022 年和 2023 年對您有影響的任何外匯影響？

I mean, 2022, we did have some impacts. Obviously, we did really well to get to the guidance that we had put out. So there was obviously impacts on that front.

我的意思是，2022 年，我們確實產生了一些影響。顯然，我們確實很好地實現了我們提出的指南。所以這方面顯然有影響。

For 2023, we're doing the best we can to put that into all of our expectations and forecasts, so it's all built in. We've talked to a lot of folks out there in the banks, and so we got as many [doubt] points and estimates that we could. And that's all been factored into the guidance that you have today.

對於 2023 年，我們正在盡最大努力將其納入我們所有的預期和預測中，所以這一切都是內置的。我們已經與銀行的很多人進行了交談，所以我們得到了盡可能多的 [疑問] 點和估計我們可以。而這一切都已納入您今天的指南中。

And the other thing, Ric --

還有另一件事，里克——

(multiple speakers)

（多個揚聲器）

Sorry. So the other thing that you see there is that we have been doing a very, very steady and deliberate effort to move more and more of our contracts into a US dollar base, which has a reducing impact and the mitigating impact on the FX risk.

對不起。因此，您看到的另一件事是，我們一直在非常、非常穩定和深思熟慮地努力將越來越多的合同轉為以美元為基礎，這對外匯風險的影響正在減弱和減輕。

Yeah. And you can see that in our K and our Qs. You could -- the quarter over quarter keeps dropping down. We're about down to 30% of our deals and revenues coming from currencies not in the US dollar.

是的。您可以在我們的 K 和 Q 中看到這一點。你可以——一個季度一個季度不斷下降。我們大約有 30% 的交易和收入來自非美元貨幣。

And don't forget that we have -- not all of our cost is in US dollar. So like -- we don't want to drive the number to zero. But we are steering that very, very carefully to that. There is a matching impact, which then reduces the volatility from FX. So net-net, I think we are starting the year 2023 in a better position than we started the year in 2022 with regards to FX risk.

並且不要忘記我們 - 並非我們所有的成本都是以美元計算的。就像——我們不想將數字變為零。但我們正在非常、非常謹慎地引導它。存在匹配影響，從而降低外彙的波動性。所以淨淨，我認為我們在 2023 年開始時比 2022 年開始時在外匯風險方面處於更好的位置。

And obviously, you've kept resolute focus on the free cash flow path and a circling March to September of 2024. What variables push you to the March side of that versus the September side of that? Is it revenues ramping? Is it cost control? Is it CapEx? What drives to the higher or lower end date as far as when free cash flow positive?

顯然，您一直堅定地關注自由現金流路徑和 2024 年 3 月至 9 月的循環。哪些變量將您推向 3 月和 9 月？收入在增加嗎？是成本控制嗎？是資本支出嗎？就自由現金流為正而言，是什麼推動了更高或更低的結束日期？

I mean, you hit all the fronts. It's a mix of everything, right? We're -- that's why we've put out the guidance that we had on the top line. We feel that's like strong guidance there. We're constantly looking for ways to improve and leverage the business even further, even though you can see in our results, we already have very strong leverage across all four of our solutions.

我的意思是，你擊中了所有的戰線。這是一切的混合，對吧？我們——這就是為什麼我們發布了最重要的指導意見。我們覺得這就像那裡的強有力指導。我們一直在尋找進一步改進和利用業務的方法，即使您可以在我們的結果中看到，我們已經在所有四個解決方案中擁有非常強大的影響力。

And then the CapEx front, we're always managing that. We've been doing a great job year after year after year on the replenished satellites. We've been still sticking with the same amount of money we spent on an annual basis. I think this year, we actually did a little bit less on that front than the normal 10 million to 12 million that we do on the replenish.

然後是資本支出方面，我們一直在管理它。我們年復一年地在補充衛星方面做得很好。我們仍然堅持每年花費的金額不變。我認為今年，我們在這方面所做的實際上比我們在補充方面所做的正常 1000 萬到 1200 萬要少一些。

So yeah, it's actually all of them, and we're constantly looking how to improve those. But I think we've done a fantastic job in the results in 2022 in all those areas and then the guidance that we put out covering all that.

所以是的，實際上是所有這些，我們一直在尋找如何改進它們。但我認為我們在 2022 年所有這些領域的結果以及我們發布的涵蓋所有這些領域的指導方面都做得非常出色。

I really wish that you could be part of some of our operational meetings, Ric, and see the relentless drive that we have, right? And we use that word, and it's a common English word, but it is one of Spire's six values. So it means, for us, a little bit more than just a word out of the Oxford dictionary in looking to improve things.

Ric，我真的希望你能參加我們的一些運營會議，看看我們的不懈努力，對吧？我們使用這個詞，這是一個常見的英語詞，但它是 Spire 的六大價值觀之一。因此，對我們來說，這意味著尋求改進不僅僅是牛津詞典中的一個詞。

Just as a small anecdote, there is a reasonably famous book that talks about removing constraints from processes and streamlining them, achieving higher quality, more throughput with less resources. It's called, The Goal. And every single one of my senior managers and executives got a personal copy signed by me, with a strong ask on the quotation marks to read it over the holidays. Because this is what we are about: constantly looking for operational improvements.

就像一個小軼事，有一本相當有名的書談到從流程中消除約束並簡化它們，以更少的資源實現更高的質量、更高的吞吐量。它叫做，目標。我的每一位高級經理和主管都收到了一份由我簽名的個人副本，並強烈要求在假期閱讀它。因為這就是我們的宗旨：不斷尋求運營改進。

I don't think you'd get the operational leverage that you see in our margin improvements unless you're constantly asking yourself -- how can I do more with the same resources, increasing customer satisfaction but decreasing cost and improving our margins?

我不認為你會得到你在我們的利潤率改善中看到的運營槓桿，除非你不斷地問自己——我怎樣才能用同樣的資源做更多的事情，提高客戶滿意度，同時降低成本並提高我們的利潤率？

I appreciate the extra details. [As always, stay well].

我很欣賞額外的細節。 [一如既往，保持健康]。

Thank you.

謝謝。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Hi. Thank you. Steven Pawlak on for Jeff. I guess, the question around the ARR shortfall in the fourth quarter relative to the guidance -- I appreciate the detail, Tom.

你好。謝謝。 Steven Pawlak 代替 Jeff。我想，關於第四季度 ARR 短缺的問題相對於指導——湯姆，我很欣賞細節。

But I guess, in more detail we can get, was it just some larger contracts that took more time? Was it -- was the sales cycle lengthening happening across the market? Is there, I guess, slower upsell, or is it new business issues? Any more details we can get on that? Thanks.

但我想，我們可以獲得更詳細的信息，是不是只是一些更大的合同花費了更多時間？是——整個市場的銷售週期都在延長嗎？我猜，追加銷售是否放緩，或者是新的業務問題？我們可以獲得更多詳細信息嗎？謝謝。

Yeah, that'd be great. I think one way to think about it is really taking a step back and looking at our ARR for the full year. So we grew 41% year over year. But if you average that out, and I'm making it perfectly linear on a quarter over quarter basis, the sequential growth was 7.2 million, which is a really nice progress that we made all year on constantly adding more and more ARR.

是的，那太好了。我認為考慮它的一種方法是真正退後一步，看看我們全年的 ARR。所以我們同比增長了 41%。但是，如果你將其平均化，並且我在一個季度的基礎上使其完全線性，那麼連續增長為 720 萬，這是我們全年在不斷增加越來越多的 ARR 方面取得的非常好的進展。

If you also look at our land-and-expand strategy that goes along with that, we added 135 net new customers in the year. So we added a nice pool of new customers to the group across all four of our solutions. And then when you look at the expansion side, we had 117% net retention rate. That's up from 110% the year before.

如果你也看看我們隨之而來的土地和擴張戰略，我們在這一年增加了 135 個淨新客戶。因此，我們在所有四個解決方案中為該集團增加了一批新客戶。然後當你看擴張方面時，我們有 117% 的淨保留率。這比前一年的 110% 有所上升。

You don't get that kind of improvement and those type of numbers if you don't have stickiness in your solutions, if you don't have low churn, you don't have the many use cases that you're solving, and the value-add that you're giving to your customers. So we felt very happy on what we did from a full-year basis.

如果你的解決方案沒有粘性，如果你的客戶流失率不高，你沒有很多你正在解決的用例，你就不會得到那種改進和那些類型的數字，並且您為客戶提供的附加值。因此，我們對全年所做的工作感到非常高興。

Where the area that we wish we had done better is the linearity from a quarter-to-quarter standpoint. And really, the macro environment did hurt us there where -- you start the quarter. Everything seems great. The pipeline's nice and solid and then -- especially, with those seven-digit-plus deals that you're talking about.

我們希望我們做得更好的領域是從四分之一到四分之一的角度來看的線性度。真的，宏觀環境確實傷害了我們——你從這個季度開始。一切似乎都很棒。管道很好，很穩固，然後 - 特別是你正在談論的那些七位數以上的交易。

As you're going through the quarter, all of a sudden, they start going, well, actually, now I need to get further approval processes or, well, you know what, the funding is getting a little bit frozen at the moment. But then things free up later, and it might then wrap quarters.

當你經歷這個季度時，突然之間，他們開始前進，好吧，實際上，現在我需要獲得進一步的批准程序，或者，好吧，你知道嗎，目前資金有點凍結。但之後事情就會好轉，然後可能會結束季度。

Ultimately, we always got these wins. And we got the deals, and that's why our annual numbers came out to where they are. And we were really happy with things. But the linearity from a quarter to quarter, not exactly what we would always perfectly want there. So we'd love to have a -- just to be more spread out evenly so -- but very happy where we ended the overall topline growth in the numbers.

最終，我們總是獲得這些勝利。我們得到了交易，這就是為什麼我們的年度數字達到了現在的水平。我們對事情真的很滿意。但是四分之一到四分之一的線性度，並不是我們一直想要的。因此，我們希望有一個 - 只是為了更均勻地分佈 - 但非常高興我們結束了數字的整體頂線增長。

And if I maybe add like a little bit more -- in German, we would say, (spoken in German) -- to give you more color there. If you look at our mix between commercial and government, we always talk about it roughly being equal is it's like where we want to steer the ship.

如果我可以添加更多——用德語，我們會說，（用德語說）——給你更多的顏色。如果你看看我們在商業和政府之間的混合，我們總是談論它大致平等，就像我們想把船開到哪裡一樣。

We've seen such tremendous amount of growth in our business on the commercial side in 2022 that we ended up the year a bit over-indexed on the commercial side, right? And so we have efforts to like move the ship back to like more 50/50 based. And on the commercial side, you see more impact from macroeconomic headwinds than you see on the government side.

到 2022 年，我們在商業方面的業務實現瞭如此巨大的增長，以至於我們在這一年結束時在商業方面的指數有點過高，對吧？因此，我們努力讓這艘船回到更喜歡 50/50 的基礎上。在商業方面，你看到宏觀經濟逆風的影響比你在政府方面看到的更多。

It wasn't really that people said, I don't want the solution. I just said -- like I just can't get it done right now. I really still want it, and can we get things done a little bit later? And that happens more on the commercial side than on the government side.

人們並不是真的說，我不想要解決方案。我只是說 - 就像我現在無法完成它一樣。我真的還想要，我們能不能晚點把事情搞定？這種情況更多地發生在商業方面而不是政府方面。

Appreciate the color. Thank you.

欣賞顏色。謝謝。

Of course.

當然。

[Will] Jackson, Credit Suisse.

[Will] 傑克遜，瑞士信貸。

Hey, guys, good afternoon. Thanks for taking the call.

嘿，伙計們，下午好。感謝您接聽電話。

Good afternoon.

下午好。

Tom, looking at adjusted EBITDA for the full-year guide and Q1, it looks like we should expect a pretty sizable increase after Q1. I'm wondering if you can give any info on either the drivers behind that or maybe the cadence behind that you're -- we should expect a steady progression for Q2 through Q4 or maybe a more discreet inflection after Q1.

湯姆，看看調整後的全年指南和第一季度的 EBITDA，看起來我們應該期待第一季度後會有相當大的增長。我想知道您是否可以提供有關其背後的驅動因素或您背後的節奏的任何信息 - 我們應該期待 Q2 到 Q4 的穩定進展，或者在 Q1 之後可能會出現更謹慎的變化。

Yeah. No, we do expect the continual improvement as we go throughout the year. Q1 guidance, we did bake in what we know. And just like I was talking about the linearity, all the consideration of what we know in the quarter has been built into the first quarter.

是的。不，我們確實希望在全年進行時持續改進。 Q1 指南，我們確實融入了我們所知道的。就像我在談論線性度一樣，我們在本季度所了解的所有考慮都已納入第一季度。

The first quarter for -- many times for us -- and I'm not sure about the other companies, can't speak on their behalf. But we tend to find obviously that's when everybody that it's on a calendar year go through their budgeting processes. Not everybody gets done perfectly on December 31 and has their budgets.

第一季度——對我們來說很多次——我不確定其他公司，不能代表他們發言。但我們往往會發現，很明顯，那是日曆年中的每個人都在經歷他們的預算流程的時候。並不是每個人在 12 月 31 日都能完美地完成工作並且有自己的預算。

So we find that our customers tend to come out of that somewhere throughout the first quarter, and then they've got their budget and then they start working with us. And that doesn't always give us the perfect amount of time to close things in the first quarter. So that was built into the Q1 guidance. But then we expect some really strong movement as we go from the second to third and the fourth quarter.

所以我們發現我們的客戶往往會在整個第一季度的某個地方出現，然後他們有了預算，然後他們開始與我們合作。這並不總是給我們在第一季度完成交易的最佳時間。因此，這已納入 Q1 指南。但是我們預計從第二季度到第三季度和第四季度會有一些非常強勁的走勢。

So you're definitely going to get that progression as we go. And we saw that this year, right? You constantly saw the progression as we went throughout the year in 2022. And we expect that to continue because we can't get to those bottom-line results unless we have that path.

所以你肯定會在我們前進的過程中取得進展。我們今年看到了，對吧？你不斷看到我們在 2022 年全年取得的進展。我們希望這種情況繼續下去，因為除非我們有這條路，否則我們無法達到這些底線結果。

Got you. It makes sense. That's really helpful. And then one more, if that's okay, for you again, Tom.

明白了這說得通。這真的很有幫助。然後再給你一個，如果可以的話，湯姆。

It looked like ARR for full-year 2022 or at year-end, I should say, was nearly $100 million. But your 2023 guidance is only about 4% to 9% above that. Can you maybe just bridge the gap there? I would've thought that full-year 2023 would be higher, given your ARR number.

看起來 2022 年全年或年底的 ARR，我應該說，接近 1 億美元。但您的 2023 年指導僅比該目標高出 4% 至 9%。你能不能彌合那裡的差距？考慮到您的 ARR 編號，我本以為 2023 年全年會更高。

And so -- what -- the ARR number actually the guidance that we have, the range is $129 million to $135 million. So $132 million is the --

所以——什麼——ARR 數字實際上是我們的指導，範圍是 1.29 億美元到 1.35 億美元。所以 1.32 億美元是——

Right. Sorry, I'm comparing end of year 2022 where we are right now versus a full-year 2023 guidance number for ARR right now and regular revenue for full-year 2023. And if that's the wrong way to think about this, let me know.

正確的。抱歉，我正在比較 2022 年底我們現在的情況與 2023 年全年的 ARR 指導數字和 2023 年全年的正常收入。如果這是錯誤的思考方式，請告訴我.

Yeah. So you're talking about the range. Well, yeah, you got to remember, just like we mentioned, if there is a building effect as you go on ARR throughout the quarters, you could -- you can get additional ARR, let's just say, in Q4 of 2023.

是的。所以你說的是范圍。好吧，是的，你必須記住，就像我們提到的那樣，如果你在整個季度進行 ARR 時產生建築效應，你可以 - 你可以在 2023 年第四季度獲得額外的 ARR。

You're just not going to get a lot of revenue for that in that particular -- right? Because it's a forward-looking measurement rather than an instant output, right? So if you have a little bit more in the third and fourth quarter in our guidance, then that revenue's going to really flow in more in 2024.

你只是不會在那個特定的方面獲得很多收入 - 對吧？因為它是前瞻性的測量而不是即時輸出，對嗎？因此，如果您在我們的指導中在第三和第四季度有更多收入，那麼到 2024 年收入將真正流入更多。

Did that help explain the difference obviously from the recognized revenue compared to ARR? Because ARR is -- you could book a fourth-quarter deal that's ARR, but it's not going to generate a ton of revenue for you in the fourth quarter.

這是否有助於解釋與 ARR 相比，已確認收入的明顯差異？因為 ARR 是——你可以預訂第四季度的 ARR 交易，但它不會在第四季度為你產生大量收入。

Got you. Makes sense. Okay. Thanks so much, guys.

明白了說得通。好的。非常感謝，伙計們。

Of course.

當然。

Stefanos Crist, CJS Securities.

Stefanos Crist，CJS 證券。

Hi, I just want to ask about the intersatellite links. Any plans for progression there in 2023?

你好，我想問一下星際鏈路的問題。 2023 年有在那裡發展的計劃嗎？

Yeah, absolutely. It's a technology that we consider crucial for our competitive moat. We continue to roll it out. We continue to offer it to customers, make it available to them to offer them solutions which have lower latency data. And we feel very encouraged by the progress and the rollout on both the RF into satellite links as well as the optical into satellite links, which is already the next-generation technology there.

是的，絕對。我們認為這是一項對我們的競爭護城河至關重要的技術。我們繼續推出它。我們繼續向客戶提供它，讓他們可以使用它來為他們提供具有較低延遲數據的解決方案。我們對射頻進入衛星鏈路以及光學進入衛星鏈路的進展和推出感到非常鼓舞，這已經是那裡的下一代技術。

All right, thanks.

好的，謝謝。

Of course.

當然。

(Operator Instructions) Elizabeth Grenfell, Bank of America.

（操作員說明）美國銀行的 Elizabeth Grenfell。

Hi, good afternoon.

嗨，下午好。

Good afternoon, Elizabeth.

下午好，伊麗莎白。

Hi. I wonder if you could delve into the balance sheet a little bit and think -- how should we think about the minimum amount of cash that you need on the balance sheet to operate the business versus your target for being free cash flow positive?

你好。我想知道您是否可以深入研究資產負債表並思考 - 我們應該如何考慮資產負債表上經營業務所需的最低現金數額與自由現金流為正的目標？

Yeah. I can answer that. One thing to look at is the last two quarters we had. The cash that we did in usage was about $11 million, just over $11 million -- two quarters in a row. We just got $20 million -- roughly $20 million from the remaining amount of our credit facility.

是的。我可以回答。要看的一件事是我們擁有的最後兩個季度。我們使用的現金約為 1100 萬美元，剛剛超過 1100 萬美元——連續兩個季度。我們剛剛得到 2000 萬美元——大約 2000 萬美元來自我們剩餘的信貸額度。

And then our -- if you also looked at the path that we've been on on the free cash flow, going from negative $25 million to negative $13 million in change to negative $8.1 million, we're really seeing that reduction. We're really seeing that leverage. And we're seeing less and less cash usage on a quarter-over-quarter basis.

然後我們——如果你也看看我們在自由現金流方面所走的道路，從負 2500 萬美元到負 1300 萬美元變化到負 810 萬美元，我們真的看到了這種減少。我們真的看到了這種影響力。而且我們看到現金使用量環比越來越少。

So we ended the quarter at $70.7 million. We added that extra roughly $20 million of cash. We've been only burning about $11 million a quarter. It's a good path, right? You can do that math. And it takes us into the period -- well past the period that we said we're going to be free cash flow positive. So we're very comfortable where we're sitting on the balance sheet.

所以我們在本季度結束時為 7070 萬美元。我們額外增加了大約 2000 萬美元的現金。我們每個季度只消耗了大約 1100 萬美元。這是一條好路，對吧？你可以做那個數學。它把我們帶入了一個時期——遠遠超過了我們所說的自由現金流為正的時期。因此，我們對資產負債表上的位置感到非常自在。

So what is the minimum amount of cash that you need on the balance sheet, though, just to run day-to-day operations?

那麼，僅僅為了日常運營，您在資產負債表上至少需要多少現金？

We'll, I mean, I think --

我們會，我的意思是，我認為——

We're only spending $11 million, so then -- so we do $11 million every quarter. That's the current numbers. But then, of course, we're going to be doing better and better as we go throughout 2023. That number's going to start diminishing as we keep delivering on the guidance that we've got -- put forth on the top line and then what we're expecting to do on the cost front.

我們只花了 1100 萬美元，所以我們每個季度花費 1100 萬美元。這是目前的數字。但是，當然，到 2023 年，我們會做得越來越好。隨著我們繼續提供我們已經得到的指導，這個數字將開始減少——放在頂線，然後我們期望在成本方面做些什麼。

So I think using that number, Elizabeth, as like a guidance of what we need to run the business is basically what you hear us saying from a modeling perspective.

所以我認為使用這個數字，伊麗莎白，就像我們經營業務所需的指導一樣，基本上就是你從建模的角度聽到我們所說的。

Great. Thank you very much.

偉大的。非常感謝。

Happy.

快樂的。

Thank you. There are no further questions at this time. I'll hand the floor back to Peter Platzer for closing remarks.

謝謝。目前沒有其他問題。我將把發言權交還給 Peter Platzer，讓他發表閉幕詞。

Thank you. And as we wrap up, I would really like to thank our customers and employees and the numerous suppliers for partnering with us as we continue in our substantial growth trajectory towards profitability. Without our customers, employees, and business partners, we would not be where we are today.

謝謝。在我們結束時，我真的要感謝我們的客戶和員工以及眾多供應商與我們合作，因為我們繼續朝著盈利的實質性增長軌道發展。沒有我們的客戶、員工和業務合作夥伴，就沒有我們的今天。

On a daily basis, the news remind us that the shocks of climate change and geopolitical events shake the already fragile world we live in. But with our data and solutions, we strive to provide transparency and stability for the world. And I could not be more excited about the prospects for Spire as we work together to create a more sustainable, equitable, and prosperous future right here on planet Earth.

每天，新聞都在提醒我們，氣候變化和地緣政治事件的衝擊動搖了我們生活的本已脆弱的世界。但是，通過我們的數據和解決方案，我們努力為世界提供透明度和穩定性。當我們共同努力在地球上創造一個更可持續、公平和繁榮的未來時，我對 Spire 的前景感到無比興奮。

Thank you. And with that, we conclude today's conference. All parties may disconnect. Have a great evening.

謝謝。至此，我們結束今天的會議。各方可能會斷開連接。祝你有個愉快的夜晚。