Spire Global Inc (SPIR) 2023 Q1 法說會逐字稿

Greetings. Welcome to the Spire Global first-quarter 2023 call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Spire Global 2023 年第一季度電話會議。 （操作員說明）請注意正在錄製此會議。

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

我現在將會議轉交給您的主持人，投資者關係主管本·哈克曼 (Ben Hackman)。你可以開始了。

Thank you. Hello, everyone, and thank you for joining us for our first-quarter 2023 earnings conference call. Our earnings 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 2023 年第一季度財報電話會議。我們的收益新聞稿和 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。今天與我通話的是 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 expectations 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.

如果這些預期中的任何一個未能實現，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。

The first quarter was yet another quarter of growth and progress towards profitability. Spire added another quarter to our unbroken record of quarter-over-quarter revenue growth since becoming public. Additionally, margins took another step forward, as we continue on our journey to profitability.

第一季度又是一個實現盈利增長和進步的季度。自上市以來，Spire 的收入環比增長記錄又增加了一個季度。此外，隨著我們繼續我們的盈利之旅，利潤率又向前邁進了一步。

In spite of the continuing macro headwinds, our diverse solutions are resonating with customers. We see broad-based demand for our solutions, which is reflected in our ARR which has now increased to over $100 million. Even in a challenging business environment, the margin progression we are seeing is a direct result of the cost structure we put in place, prudently sharing infrastructure and resources across our four solutions.

儘管宏觀逆風持續存在，但我們多樣化的解決方案引起了客戶的共鳴。我們看到對我們解決方案的廣泛需求，這反映在我們的 ARR 中，現在已經增加到超過 1 億美元。即使在充滿挑戰的商業環境中，我們看到的利潤增長也是我們制定的成本結構的直接結果，在我們的四個解決方案中謹慎地共享基礎設施和資源。

Demand for our solutions remained strong across a wide and varied customer base. We added 48 net new ARR solution customers in the first quarter, which is yet another proof point demonstrating how we are solving critical and challenging use cases for global, commercial, and government customers. This growth showcases the potential business opportunities in the large untapped markets that remain in front of us.

廣泛多樣的客戶群對我們的解決方案的需求依然強勁。我們在第一季度淨增加了 48 個新的 ARR 解決方案客戶，這再次證明了我們如何為全球、商業和政府客戶解決關鍵和具有挑戰性的用例。這種增長展示了我們面前尚未開發的大型市場中的潛在商機。

We continue to see diversity in the use cases for our data and analytics. For example, as the world is looking for ways to combat climate change and governments are seeking energy security, offshore wind energy is being looked to as one of the main energy sources for a better future.

我們繼續看到數據和分析用例的多樣性。例如，隨著世界正在尋找應對氣候變化的方法以及各國政府正在尋求能源安全，海上風能被視為創造更美好未來的主要能源之一。

According to the US Department of Energy, installed capacity for offshore wind energy is expected to grow significantly to 260 gigawatts or more by 2030. This is up from the current installed capacity of 50 gigawatts.

據美國能源部稱，到 2030 年，海上風能的裝機容量預計將大幅增長至 260 吉瓦或更多。這高於目前 50 吉瓦的裝機容量。

And the number of countries generating energy from offshore wind is expected to double over the next decade. This growth provides opportunities for Spire's global weather forecast, which provides accurate ocean and wind conditions and is crucial for operational efficiency and crew safety when planning, constructing, and operating offshore wind farms.

未來十年，利用海上風能發電的國家數量預計將翻一番。這種增長為 Spire 的全球天氣預報提供了機會，它提供準確的海洋和風力條件，並且在規劃、建設和運營海上風電場時對於運營效率和船員安全至關重要。

Just yesterday, we announced the Canadian Space Agency has awarded a contract to Spire and OroraTech to deliver preparatory work for a wildfire-monitoring satellite. The contract is the initial step towards CSA's planned WildFireSat mission, which aims to monitor all active wildfires in Canada from space on a daily basis. This is yet another example of a developing market where our more than 500 years of space heritage can have an impact on human life.

就在昨天，我們宣布加拿大航天局已與 Spire 和 OroraTech 簽訂合同，為野火監測衛星提供準備工作。該合同是 CSA 計劃中的 WildFireSat 任務的第一步，該任務旨在每天從太空監測加拿大所有活躍的野火。這是發展中市場的又一個例子，我們 500 多年的太空遺產可以對人類生活產生影響。

According to Munich Re, Global wildfire losses from 2018 to 2022 totaled $69 billion. Canada spends around $1 billion every year fighting wildfires, with indirect cost estimated to be several times higher due to resulting property destruction, infrastructure damage, evacuations, and wider economic losses across business sectors such as forestry, energy, and tourism.

據慕尼黑再保險公司稱，2018 年至 2022 年全球野火損失總計 690 億美元。加拿大每年花費大約 10 億美元來撲滅野火，由於造成的財產破壞、基礎設施損壞、疏散以及林業、能源和旅遊業等商業部門的更廣泛經濟損失，間接成本估計要高出數倍。

As companies like Spire have brought new data and analytics to market, organizations that are entrusted with providing intelligence to keep the world a safer place are evaluating and purchasing our data. We recently announced that the NRO will continue to use Spire's data to evaluate how commercial radio frequency data will be integrated into its overhead architecture.

隨著像 Spire 這樣的公司將新的數據和分析推向市場，受託提供情報以保持世界更安全的組織正在評估和購買我們的數據。我們最近宣布 NRO 將繼續使用 Spire 的數據來評估如何將商業無線電頻率數據集成到其架空架構中。

The agency, a member of the US intelligence community, which has requested a budget increase of over 8% for FY24, is looking at Spire's data, as it is expanding the acquisition and integration of commercial space-based data for situational awareness. With this announcement, the NRO exercised two options and extended the contract's period of performance through February of 2025.

該機構是美國情報界的一員，已要求將 24 財年的預算增加 8% 以上，該機構正在研究 Spire 的數據，因為它正在擴大對商業天基數據的採集和整合，以實現態勢感知。通過此公告，NRO 行使了兩項選擇權，並將合同的履行期限延長至 2025 年 2 月。

Spire's fully deployed constellation of over 100 satellites monitors radio frequency signals to provide data and analytics on global weather intelligence, ship and plane movements, and spoofing and jamming detection. Of those satellites, Spire operates over 40 that help detect and geolocate signal interference, jamming, and spoofing. These satellites can identify the power, location, and directionality of such events in multiple frequency bands.

Spire 全面部署的由 100 多顆衛星組成的星座監控射頻信號，以提供有關全球天氣情報、船舶和飛機運動以及欺騙和乾擾檢測的數據和分析。在這些衛星中，Spire 運營著 40 多顆衛星，這些衛星有助於檢測和定位信號干擾、干擾和欺騙。這些衛星可以在多個頻段識別此類事件的功率、位置和方向性。

Beyond applications for intelligence communities, knowledge of signal interference, jamming, and spoofing have applications within the commercial ecosystem. For instance, inaccurate or spoof GNS signals can cause significant disruptions to transportation and logistics industries that utilize the signals to track and monitor vehicles, ships, and airplanes.

除了情報界的應用，信號干擾、干擾和欺騙的知識在商業生態系統中也有應用。例如，不准確或欺騙性的 GNS 信號可能會對利用信號跟踪和監控車輛、船舶和飛機的運輸和物流行業造成嚴重破壞。

Many businesses rely on GNSS for critical operations, such as precision agriculture, surveying, and mining. And those responsible for managing our ocean fisheries seek to have critical insights on vessels operating within protected areas. By collecting data that is unseen, Spire can help to predict how patterns impact global securities, economies and human life.

許多企業依靠 GNSS 進行關鍵業務，例如精準農業、測量和採礦。負責管理我們海洋漁業的人員尋求對在保護區內作業的船隻有重要的見解。通過收集看不見的數據，Spire 可以幫助預測模式如何影響全球證券、經濟和人類生活。

Also, within the quarter, Spire announced that we have been awarded an indefinite delivery, indefinite quantity contract by the National Oceanic and Atmospheric Administration for orders under a $59 million ceiling through March 2028.

此外，在本季度內，Spire 宣布我們已獲得美國國家海洋和大氣管理局的無限期交付、無限期數量合同，訂單金額上限為 5900 萬美元，截止日期為 2028 年 3 月。

Spire can provide NOAA with near-real-time RO data that consists of vertical profiles of atmospheric measurements, including pressure, humidity, and temperature, across all points of the globe as well as ionospheric measurements. This data has been used successfully for NOAA's operational weather forecast, space weather models, and climate research, among other applications.

Spire 可以為 NOAA 提供近實時的 RO 數據，這些數據包括大氣測量的垂直剖面，包括全球所有點的壓力、濕度和溫度以及電離層測量。該數據已成功用於 NOAA 的業務天氣預報、空間天氣模型和氣候研究等應用。

Spire is the largest producer of radio occultation, a powerful form of weather data gathered by our fully deployed constellation of more than 100 satellites, and offers a vast portfolio of current weather, historical weather data, and weather forecast solutions. We are currently capable of providing 20,000 radio occultation profiles per day and could achieve up to 100,000 profiles per day in as little as 18 to 24 months.

Spire 是最大的無線電掩星生產商，這是一種強大的天氣數據形式，由我們完全部署的 100 多顆衛星組成的星座收集，並提供大量當前天氣、歷史天氣數據和天氣預報解決方案。我們目前每天能夠提供 20,000 個無線電掩星剖面，並且可以在短短 18 到 24 個月內達到每天 100,000 個剖面。

Additionally, we recently announced a deal with Enqlare. Enqlare is using Spire satellite data to offer up-to-date vessel information and AIS positions to support freight buyers, port agents, ship owners, and charterers with business planning and faster document creation. This enables clients to unlock time savings using automated document generation and reduce late time processing by up to 40 minutes. Enqlare is part of over 1,000 small and medium enterprises in the maritime space, a number that has been growing steadily in the double digits, as the maritime industry is embarking on a digital transformation journey.

此外，我們最近宣布與 Enqlare 達成協議。 Enqlare 正在使用 Spire 衛星數據提供最新的船舶信息和 AIS 位置，以支持貨運買家、港口代理、船東和承租人進行業務規劃和更快地創建文件。這使客戶能夠使用自動文檔生成來節省時間，並將延遲處理時間減少多達 40 分鐘。 Enqlare 是航海領域 1,000 多家中小企業的一部分，隨著航運業踏上數字化轉型之旅，這一數字一直以兩位數的速度穩步增長。

Turning to our aviation data analytics business, Spire announced a long-term agreement with ch-aviation to supply global flight analytics and insights that will enhance its airline intelligence database. The agreement includes access to Spire's daily Flight Report, which aggregates hundreds of millions of satellite and terrestrial ADS-B positions to provide actionable flight aircraft and airline data.

談到我們的航空數據分析業務，Spire 宣布與 ch-aviation 達成一項長期協議，以提供全球航班分析和見解，這將增強其航空公司情報數據庫。該協議包括訪問 Spire 的每日飛行報告，該報告匯總了數億個衛星和地面 ADS-B 位置，以提供可操作的飛行飛機和航線數據。

Spire's Flight Report detects both scheduled and unscheduled flights occurring in near-real time across the globe, including in remote regions where it is not possible to track flights with terrestrial data services and traditional radar and radio systems. ch-aviation is integrating Spire satellite data with its own data to derive insights on aircraft utilization; provide post-departure passenger capacity based on actual seat configurations flown; track wet-lease contracts and aircraft at maintenance, repair, and overhaul, or MRO providers; automatically update an aircraft status and location; and allow users to create flight reports using fleet data criteria.

Spire 的飛行報告可近乎實時地檢測全球範圍內的定期和非定期航班，包括在無法使用地面數據服務和傳統雷達和無線電系統跟踪航班的偏遠地區。 ch-aviation 正在將 Spire 衛星數據與自己的數據相結合，以深入了解飛機的使用情況；根據飛行的實際座位配置提供出發後的載客量；跟踪維護、修理和大修或 MRO 供應商的濕租賃合同和飛機；自動更新飛機狀態和位置；並允許用戶使用機隊數據標準創建飛行報告。

It will allow MRO providers to track aircraft maintained by competitors, lessors to monitor their assets, airlines to benchmark their operational performance relative to competitors, and charter brokers to see which contracts they missed out on. The aviation MRO market is roughly an $80 billion market and is expected to grow another $50 billion by 2030.

它將使 MRO 供應商能夠跟踪競爭對手維護的飛機，出租人能夠監控他們的資產，航空公司能夠將他們的運營績效與競爭對手進行比較，包機經紀人能夠看到他們錯過了哪些合同。航空 MRO 市場規模約為 800 億美元，預計到 2030 年將再增長 500 億美元。

To share a handful of examples of the use cases represented by the new logos signed this quarter, multiple customers are using our data for marine domain awareness. Marine domain awareness is a term for monitoring sea-related activities; and it is a fast-growing market.

為了分享本季度簽署的新徽標所代表的用例的一些示例，多個客戶正在使用我們的數據來了解海洋領域。海洋領域意識是監測與海洋有關的活動的術語；這是一個快速增長的市場。

The global maritime surveillance market size is valued at around $20 billion and is expected to grow nearly double digits and reach approximately $40 billion by 2026. This data is being utilized to support both defense and commercial agencies, such as intelligence agencies and agencies monitoring illegal fishing and dock shipping. Marine industry experts have noted that they see a future where all points on the planet are connected at all time.

全球海上監視市場規模約為 200 億美元，預計將增長近兩位數，到 2026 年將達到約 400 億美元。該數據正被用於支持國防和商業機構，例如情報機構和監測非法捕魚的機構和碼頭運輸。海洋行業專家指出，他們看到了地球上所有點都隨時連接的未來。

Low-cost tracking devices and continuous coverage is possible, where compliant vessels will be increasingly visible in maritime monitoring systems, causing non-compliant vessels to stand out. As the world becomes a more interconnected place, there is additional interest in monitoring and securing ocean borders and exclusive economic zones, which span approximately 137 million square kilometers across the world and require satellite data to effectively monitor.

低成本跟踪設備和連續覆蓋是可能的，合規船隻將在海事監測系統中越來越多地出現，從而使不合規船隻脫穎而出。隨著世界變得更加相互聯繫，人們對監測和保護海洋邊界和專屬經濟區的安全產生了更多興趣，這些區域橫跨全球約 1.37 億平方公里，需要衛星數據進行有效監測。

Beyond marine domain awareness, we are seeing our maritime data being utilized by the broader ecosystem with new customers and industries, like trading firms, utility firms, and data intelligence firms, with clients that include investors, operators, and government agencies. As we land these new customers and look to expand our business with them, we are encouraged by the continued broad-based demand, spanning younger growing companies taking advantage of the maritime digitalization trend as well as established Fortune 100 companies.

除了海洋領域意識之外，我們還看到我們的海事數據被更廣泛的生態系統所利用，包括貿易公司、公用事業公司和數據智能公司等新客戶和行業，客戶包括投資者、運營商和政府機構。當我們吸引這些新客戶並尋求與他們擴展業務時，我們對持續廣泛的需求感到鼓舞，其中包括利用海事數字化趨勢的年輕成長型公司以及知名的財富 100 強公司。

While we are pleased with our continued growth during the first quarter, we are even more proud of our progression to its profitability in this very difficult macro environment. We exceeded our expectations on operating loss, adjusted EBITDA, and loss per share, as we continued our pursuit of profitability.

雖然我們對第一季度的持續增長感到滿意，但我們更自豪的是我們在這個非常困難的宏觀環境中取得了盈利。隨著我們繼續追求盈利能力，我們超出了我們對營業虧損、調整後的 EBITDA 和每股虧損的預期。

This strong execution came against the backdrop of challenging macro headwinds on multiple fronts. We saw near-term disruptions in the launch market with the bankruptcy of a launch provider. We are seeing multiple high-profile bank failures, increasing interest rates, risk appetite sliding to 12-month lows, and tightening lending standards across financial institutions, to name just a few.

這種強有力的執行是在多個方面面臨具有挑戰性的宏觀逆風的背景下發生的。隨著發射提供商的破產，我們看到了發射市場的近期中斷。我們看到多家備受矚目的銀行倒閉、利率上升、風險偏好降至 12 個月低點以及金融機構收緊貸款標準，僅舉幾例。

Banking concerns are having an impact in slowing the economic pace. Initial jobless claims have been above expectations, layoffs in the tech industry are beginning to spread to other industries, and uncertainty over recession continues to be a topic of conversation. According to The Conference Board Measure of CEO Confidence, CEOs remain cautious at the start of 2023, and 93% of the CEOs surveyed are preparing for a US recession over the next 12 to 18 months.

對銀行業的擔憂正在減緩經濟步伐。初請失業金人數超出預期，科技行業的裁員開始蔓延到其他行業，經濟衰退的不確定性繼續成為人們談論的話題。根據 The Conference Board Measure of CEO Confidence，CEO 在 2023 年初仍持謹慎態度，93% 的受訪 CEO 正在為未來 12 至 18 個月的美國經濟衰退做準備。

Spire has not been completely immune from this uncertainty. This macro environment has hampered our ability to upsell and raise prices and has elongated the sales cycle. As a result, we could not raise net retention rate during the quarter. But it still came in at a very healthy 108%, which is higher than the net retention rate in the first quarter of 2022.

Spire 並未完全免受這種不確定性的影響。這種宏觀環境阻礙了我們追加銷售和提價的能力，並延長了銷售週期。因此，我們無法在本季度提高淨保留率。但它仍然達到非常健康的 108%，高於 2022 年第一季度的淨保留率。

Even with these macro challenges, we were able to deliver better-than-expected revenue and bottom-line results due to our portfolio of diversified solutions to sell and our operational leverage. Our constellation to support our maritime, aviation, and weather solutions has been fully deployed for a number of years and, since then, only requires relatively small annual maintenance and replenishment CapEx.

即使面臨這些宏觀挑戰，由於我們的多元化銷售解決方案組合和我們的運營槓桿，我們仍能夠提供好於預期的收入和底線結果。我們支持海事、航空和氣象解決方案的星座已經全面部署多年，從那時起，每年只需要相對較小的維護和補充資本支出。

We utilize our manufacturing and operations team and all of our ground station assets across all four of our solutions. But beyond this built-in operational leverage, we're continuing to find ways to drive further efficiencies into the business. One area where you can see those results is the improvement in our gross margins, which improved 11 percentage points year-over-year and 5 percentage points quarter-over-quarter.

我們在所有四個解決方案中利用我們的製造和運營團隊以及我們所有的地面站資產。但除了這種內置的運營槓桿之外，我們還在繼續尋找進一步提高業務效率的方法。您可以看到這些結果的一個領域是我們毛利率的提高，同比提高 11 個百分點，環比提高 5 個百分點。

For example, we've seen significant improvements in our satellite checkout and commissioning, or C&C, activities. These are processes we utilize each time we put a satellite in orbit. Once launched to space, the satellite separates from the launch vehicle, and we make contact with the satellite.

例如，我們在衛星檢驗和調試或 C&C 活動中看到了顯著改進。這些是我們每次將衛星送入軌道時使用的過程。發射到太空後，衛星與運載火箭分離，我們與衛星取得聯繫。

We then proceed through a checkout procedure to ensure the capabilities tested on earth survived the physical forces of the launch process. By analyzing the behavior of our systems over the past 100-plus satellites, identifying bottlenecks in the C&C process.

然後我們繼續執行檢查程序，以確保在地球上測試的功能能夠經受住發射過程的物理力。通過分析過去 100 多顆衛星的系統行為，確定 C&C 過程中的瓶頸。

And being deliberate about execution efficiency, we have been able to take advantage of learnings which resulted in process streamlining. Earlier this year, we successfully reduced the C&C time by 50% over the previous deployment.

考慮到執行效率，我們已經能夠利用導致流程精簡的學習。今年早些時候，我們成功地將 C&C 時間比之前的部署減少了 50%。

And with our most recent deployment, we have demonstrated the ability to move a satellite through the process five times faster than the previous deployment, and we have plans to accelerate this process even more. This is particularly timely improvement, as we will be deploying more space services satellites later this year.

通過我們最近的部署，我們展示了以比之前部署快五倍的速度移動衛星的能力，並且我們計劃進一步加快這一過程。這是特別及時的改進，因為我們將在今年晚些時候部署更多的空間服務衛星。

Similarly, we improved our supply chain. While external market forces are providing an uncertain outlook across all sectors, there are many adaptations that Spire has undertaken to best mitigate the associated risks while simultaneously improving efficiency in our supply chain.

同樣，我們改進了供應鏈。雖然外部市場力量為所有行業提供了不確定的前景，但 Spire 已經採取了許多調整措施來最好地減輕相關風險，同時提高我們供應鏈的效率。

To mitigate the tight capacity everyone is seeing in the market, we have sought out new suppliers and secured capacity with some key suppliers ahead of our manufacturing lead time to ensure that we can flex the supply chain to meet the needs of our customers. We have secured stocks of raw materials and electrical components where we saw a risk in shortages, simultaneously reducing our lead times for these items in the future.

為了緩解每個人都在市場上看到的緊張產能，我們已經尋找新的供應商，並在我們的製造交貨時間之前與一些主要供應商確保產能，以確保我們能夠靈活供應鏈以滿足客戶的需求。在我們認為存在短缺風險的地方，我們已經確保了原材料和電氣元件的庫存，同時縮短了未來這些物品的交貨時間。

We have collaborated extensively with our key suppliers to improve the process time for turning around quotes and orders as well as using the expertise in the supply base to help us better design our products for more streamlined manufacturing. This helps us get our products into and through the manufacturing process in a faster timeframe, allowing us to deliver products faster while maintaining reliable satellite build performance.

我們與我們的主要供應商廣泛合作，以縮短周轉報價和訂單的流程時間，並利用供應基地的專業知識幫助我們更好地設計我們的產品，以實現更精簡的製造。這有助於我們的產品在更快的時間內進入並完成製造過程，從而使我們能夠更快地交付產品，同時保持可靠的衛星製造性能。

Like the improvements we are seeing with leveraging our manufacturing and satellite operation process, we also see improvements in lowering our operating expenses as a percentage of revenue. As we continue to scale the business, we are investing in our employees and upskilling our in-house capabilities.

就像我們通過利用我們的製造和衛星運營流程看到的改進一樣，我們也看到了降低運營費用佔收入百分比的改進。隨著我們繼續擴大業務規模，我們正在投資於我們的員工並提高我們的內部能力。

We are leveraging our internal resources and systems and lowered our use of outside consultants. We are seeing lower audit and legal fees. And with our improving business results, we are obtaining lower insurance costs. Again, you can see this in our results, as the first-quarter 2023 non-GAAP G&A expenses were basically flat year-over-year, while the revenue grew 34% year-over-year.

我們正在利用我們的內部資源和系統，減少對外部顧問的使用。我們看到更低的審計和法律費用。隨著我們不斷改善的業務成果，我們獲得了更低的保險成本。同樣，您可以在我們的結果中看到這一點，因為 2023 年第一季度非 GAAP G&A 費用同比基本持平，而收入同比增長 34%。

Continued improvements across the business like these give us confidence in our ability to reach and sustain profitability and become free cash flow positive. While a substantial achievement, becoming profitable is just the first step for us.

像這樣的整個業務的持續改進讓我們對我們實現和維持盈利能力以及自由現金流為正的能力充滿信心。雖然取得了重大成就，但盈利只是我們的第一步。

As we look beyond the point in time Spire begins to generate a profit, we have objectives based on our SaaS business model and unique data analytics offerings. It is our objective to achieve average SaaS gross margins above 70% in the next two years. And given continued demand for our unique data and analytics, we expect to be able to achieve these margins with substantially less sales and marketing costs, as compared with average ratios seen from SaaS companies. We expect our operational leverage to continue fueling margin expansion across the board as we pass through breakeven and continue into profitability.

當我們超越 Spire 開始產生利潤的時間點時，我們的目標基於我們的 SaaS 業務模型和獨特的數據分析產品。我們的目標是在未來兩年內實現平均 SaaS 毛利率在 70% 以上。鑑於對我們獨特的數據和分析的持續需求，與 SaaS 公司的平均比率相比，我們預計能夠以大幅減少的銷售和營銷成本實現這些利潤率。我們預計，隨著我們突破盈虧平衡並繼續盈利，我們的運營槓桿將繼續推動利潤率的全面擴張。

Turning now to our technology. We continue to see rapid technology improvements along the curve that has now been in place for decades, and Spire continues to benefit from and deliver those improvements. We have been able to demonstrate the geolocation of global navigation satellite system jammers, or GNSS jammers, with a single satellite by devising a detection solution, utilizing our constellation scale and high revisit rate.

現在轉向我們的技術。我們繼續看到幾十年來沿著曲線的快速技術改進，而 Spire 繼續從這些改進中受益並提供這些改進。我們已經能夠利用我們的星座規模和高重訪率，通過設計檢測解決方案，用一顆衛星展示全球導航衛星系統干擾器或 GNSS 干擾器的地理定位。

Traditionally, these geolocation activities have been accomplished with a cluster of satellites at a higher cost. We are one of the only companies that can offer our GNSS detection solutions at scale for commercial entities like airports, civil agencies responsible for weather data, or the US government or other sovereign defense entities, truly benefiting global security.

傳統上，這些地理定位活動是通過一組衛星以更高的成本完成的。我們是能夠為機場、負責天氣數據的民間機構或美國政府或其他主權國防實體等商業實體大規模提供 GNSS 檢測解決方案的公司之一，真正有利於全球安全。

Additionally, we have successfully completed the demonstration to detect and geolocate L-band emitters, utilizing adapted existing three-year satellites. These L-band frequencies are typically associated with handheld satellite phones, well known for the use in the various activities, such as piracy.

此外，我們已經成功地完成了利用現有三年衛星進行改裝的 L 波段發射器檢測和地理定位演示。這些 L 波段頻率通常與手持衛星電話相關聯，眾所周知用於各種活動，例如盜版。

This demonstration is notable for the use of existing satellites, along with minimal non-recurring engineering activities that spend only a few months in addition to the utilization of only two satellites to geolocate, which makes it a very cost-effective method. The demonstration validates the ability to geolocate these objects without the need for much costlier clusters of satellites.

該演示以使用現有衛星以及僅花費幾個月的最少非經常性工程活動以及僅使用兩顆衛星進行地理定位而著稱，這使其成為一種非常具有成本效益的方法。該演示驗證了在不需要更昂貴的衛星群的情況下對這些物體進行地理定位的能力。

Finally, we have been able to demonstrate that we can run ground-based geolocation algorithms in space on Spire hardware and get equivalent results for single-satellite AIS geolocation. This is another step in our continuing journey to process the data on the satellites, which allows us to transmit less data to our ground station, in turn, providing faster insights.

最後，我們已經能夠證明我們可以在 Spire 硬件上在太空中運行基於地面的地理定位算法，並獲得與單衛星 AIS 地理定位相同的結果。這是我們繼續處理衛星數據的又一步，這使我們能夠向地面站傳輸更少的數據，從而提供更快的洞察力。

Before I hand it over to Tom, I want to recap a few of the metrics from the first quarter. This is our seventh quarter in a row reporting steady revenue growth as a public company. During those seven quarters, we demonstrated a strong trend towards profitability. The first quarter of 2023 was no exception and furthers those trends.

在我把它交給湯姆之前，我想回顧一下第一季度的一些指標。作為一家上市公司，這是我們連續第七個季度報告收入穩定增長。在這七個季度中，我們展示了強勁的盈利趨勢。 2023 年第一季度也不例外，進一步推動了這些趨勢。

With an outstanding and reliable team in place, Spire exceeded expectations and reported record revenue in the first quarter. We also exceeded expectations and reported our lowest loss from operations in those seven quarters. We reported the best operating margin of those seven quarters, and we exceeded expectations and reported our best adjusted EBITDA and EBITDA margin in the timeframe.

憑藉出色而可靠的團隊，Spire 超出了預期，並在第一季度報告了創紀錄的收入。我們也超出了預期，報告了這七個季度中最低的運營虧損。我們報告了這七個季度中最好的營業利潤率，我們超出了預期並報告了我們在該時間範圍內最好的調整後 EBITDA 和 EBITDA 利潤率。

The first quarter was yet another quarter of relentless execution. I could not be more excited about Spire's future, as we continue penetrating our growing and global markets and convert our topline growth into bottom-line profitability and our growing impact on making the world a more safe, sustainable, and prosperous place for all.

第一季度又是一個不懈執行的季度。我對 Spire 的未來感到無比興奮，因為我們將繼續滲透我們不斷增長的全球市場，並將我們的營收增長轉化為盈利能力，以及我們對讓世界變得更安全、更可持續、更繁榮的地方的影響越來越大。

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

有了這個，我會把它交給湯姆。

Thanks, Peter. We had a strong first quarter of execution with revenue, non-GAAP operating loss, adjusted EBITDA, non-GAAP loss per share, and ARR solution customers all coming in above the high end of our guidance. Our results also provided another successful quarter of methodically progressing on our trajectory towards profitability.

謝謝，彼得。我們第一季度的執行力強勁，收入、非 GAAP 營業虧損、調整後的 EBITDA、非 GAAP 每股虧損和 ARR 解決方案客戶均高於我們指導的高端。我們的結果還提供了另一個成功的季度，有條不紊地朝著盈利的軌道前進。

Q1 revenue increased 34% year-over-year to $24.2 million, once again hitting a quarterly record and exceeding the high end of our guidance. ARR at quarter end was $104.8 million, up 28% year-over-year and within our guidance range.

第一季度收入同比增長 34% 至 2420 萬美元，再次創下季度記錄並超過我們指引的上限。季度末的 ARR 為 1.048 億美元，同比增長 28%，在我們的指導範圍內。

We finished the quarter above guidance with 781 ARR solution customers, a 25% increase year over year and a net add of 48 customers quarter over quarter. Our Q1 ARR net retention rate was 108%, up from 106% in the year-ago quarter.

我們在本季度結束時擁有 781 個 ARR 解決方案客戶，同比增長 25%，環比淨增 48 個客戶。我們第一季度的 ARR 淨保留率為 108%，高於去年同期的 106%。

The rolling 12-month organic ARR net retention rate was 116%, essentially flat from last quarter's rolling 12-month organic ARR net retention rate of 117%. These trends continue to represent a healthy mix of landing a large amount of new customers while expanding with our existing customer base.

滾動的 12 個月有機 ARR 淨保留率為 116%，與上一季度滾動的 12 個月有機 ARR 淨保留率為 117% 基本持平。這些趨勢繼續代表著在吸引大量新客戶的同時擴大我們現有客戶群的健康組合。

Now, I'll be discussing non-GAAP financial measures unless otherwise stated. We provided a reconciliation of GAAP to non-GAAP financials in our earnings release that should be reviewed in conjunction with this earnings call.

現在，除非另有說明，否則我將討論非 GAAP 財務措施。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。

Driven by exceeding our Q1 revenue expectations, our leverage business model across four solutions, and high asset utilization, our Q1 operating loss came in better than guidance at $9.8 million, an improvement of $3 million year over year and an improvement of over $400,000 quarter over quarter. Total adjusted EBITDA for the first quarter came in better than guidance at negative $6.7 million, a $3 million or 31% improvement from negative $9.7 million in the same period a year ago.

在超過我們第一季度收入預期、我們跨四個解決方案的槓桿業務模型以及高資產利用率的推動下，我們第一季度的營業虧損為 980 萬美元，好於預期，同比減少 300 萬美元，比上一季度減少超過 400,000 美元四分之一。第一季度調整後的 EBITDA 總額為負 670 萬美元，好於預期，比去年同期的負 970 萬美元增加了 300 萬美元或 31%。

We ended the quarter with cash, cash equivalents, restricted cash and short-term marketable securities of $73 million, up $2.3 million quarter over quarter. We utilized $15.9 million of free cash flow in the quarter, which was a $3.3 million reduction year over year. As expected, this recent increase in cash usage was due to timing of paying our annual compensation and a one-time transaction.

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 7300 萬美元，環比增加 230 萬美元。本季度我們使用了 1590 萬美元的自由現金流，同比減少 330 萬美元。正如預期的那樣，最近現金使用量的增加是由於支付年度薪酬和一次性交易的時間。

Given the significant improvement in cash utilization over the past few quarters along with receiving nearly $20 million of cash from the existing credit facility in February, we're feeling comfortable with our balance sheet. We remain on track with our objective of generating positive free cash flow in 10 to 16 months and achieving adjusted EBITDA profitability right before that.

鑑於過去幾個季度現金利用率的顯著改善以及 2 月份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滿意。我們的目標始終如一，即在 10 至 16 個月內產生正的自由現金流，並在此之前實現調整後的 EBITDA 盈利能力。

Now turning to our outlook for the second quarter and the full fiscal year 2023. For the second quarter, we expect revenue to range between $24 million and $25 million. We expect to finish Q2 with ARR ranging between $112.5 million and $113.5 million, which represents a 32% year-over-year growth rate at the midpoint, and our ARR solution customers to finish between 800 and 810.

現在轉向我們對第二季度和整個 2023 財年的展望。對於第二季度，我們預計收入將在 2400 萬美元至 2500 萬美元之間。我們預計第二季度末的 ARR 將在 1.125 億美元至 1.135 億美元之間，中點同比增長率為 32%，我們的 ARR 解決方案客戶將在 800 至 810 之間完成。

We anticipate Q2 non-GAAP operating loss to range between $9.8 million and $8.8 million, which is roughly an $800,000 improvement year over year at the midpoint and roughly a $500,000 improvement quarter over quarter at the midpoint. The improvement in projected non-GAAP operating loss reflects further leverage of our headcount and infrastructure across our four solutions on our path to profitability.

我們預計第二季度的非 GAAP 營業虧損將在 980 萬美元至 880 萬美元之間，按中點計算，同比減少約 800,000 美元，按中點計算，環比減少約 500,000 美元。預計非 GAAP 運營虧損的改善反映了我們在實現盈利的道路上進一步利用了我們四個解決方案中的員工人數和基礎設施。

Adjusted EBITDA for Q2 is expected to range from negative $6.4 million to negative $5.4 million. And we expect our non-GAAP loss per share for Q2 to range from negative $0.10 to negative $0.09, which assumes a basic weighted average share count of approximately 146.7 million shares.

第二季度調整後的 EBITDA 預計在負 640 萬美元到負 540 萬美元之間。我們預計第二季度的非 GAAP 每股虧損在負 0.10 美元到負 0.09 美元之間，假設基本加權平均股數約為 1.467 億股。

Our full-year guidance remains unchanged from what we previously provided on March 8, 2023. As a reminder, we expect full fiscal-year revenue to range from $104 million to $109 million, which represents a year-over-year growth of 33% at the midpoint. We expect to finish the year with ARR ranging from $129 million to $135 million, which also represents a year-over-year growth of 33% at the midpoint. We anticipate full-year ARR solution customers to end at 835 to 885.

我們的全年指引與我們之前在 2023 年 3 月 8 日提供的指引保持不變。提醒一下，我們預計整個財年收入將在 1.04 億美元至 1.09 億美元之間，同比增長 33%在中點。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，這也代表了 33% 的中點同比增長。我們預計全年 ARR 解決方案客戶將在 835 至 885 之間結束。

Non-GAAP operating loss for the fiscal year is projected to range between $34 million and $29 million, a $13 million year-over-year improvement at the midpoint. 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 $0.33, which assumes a basic weighted average share count of approximately 148 million shares.

本財年的非 GAAP 運營虧損預計在 3400 萬美元至 2900 萬美元之間，中點同比減少 1300 萬美元。對於整個財政年度，我們預計調整後的 EBITDA 範圍為負 1900 萬美元至負 1400 萬美元，我們預計我們的非 GAAP 每股虧損範圍為負 0.36 美元至 0.33 美元，假設基本加權平均股數約為 148萬股。

First-quarter results exceeded our expectations and leave Spire well positioned to deliver on our full-year financial projections. We remain focused on execution, delivering customer success, and improving margins with scale and leverage.

第一季度的業績超出了我們的預期，使 Spire 能夠很好地實現我們的全年財務預測。我們仍然專注於執行、實現客戶成功以及通過規模和槓桿提高利潤率。

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，我想打開問題電話。

Thank you. (Operator Instructions) Austin Moeller, Canaccord Genuity.

謝謝。 （操作員說明）Austin Moeller，Canaccord Genuity。

Hi, Peter. Good afternoon.

嗨，彼得。下午好。

Nice to see you.

很高興見到你。

Nice seeing you, too. My first question is just around the RF geolocation business. As you stated earlier, the company currently has 40 LEMUR satellites that are capable of RF signal capability. Are you planning to add more satellites as you replenish the constellation over time that will have that capability to get beyond the 40? Or is 40 sufficient to provide global coverage?

見到你也很高興我的第一個問題是關於 RF 地理定位業務。正如您之前所說，該公司目前擁有 40 顆具有 RF 信號能力的 LEMUR 衛星。隨著時間的推移，您是否計劃在補充星座時添加更多衛星，這些衛星的數量將超過 40 顆？還是 40 個足以提供全球覆蓋？

So yes and yes. We have at least 40 satellites, I think is exactly what I said, that are providing this capability. We are collecting data that, based on some pricing information we have from customers, is potentially worth hundreds of millions of dollars a year just with the existing capability that we have on orbit.

所以是的，是的。我們至少有 40 顆衛星，我想正是我所說的，它們提供了這種能力。我們正在收集數據，根據我們從客戶那裡獲得的一些定價信息，僅憑我們在軌道上的現有能力，每年可能價值數億美元。

Nonetheless, we continue to develop software capabilities to augment what existing satellites are capable of doing. I think we talked about the sat phone detection and geolocation that could be relevant for piracy and other things through software storage. But we do launch new assets as well that have the existing but also further capabilities, adding bands to their five or six bands that we currently collect over time and expanding it to other frequency ranges as well.

儘管如此，我們仍在繼續開發軟件功能，以增強現有衛星的能力。我想我們通過軟件存儲討論了可能與盜版和其他事情相關的衛星電話檢測和地理定位。但是我們也確實推出了具有現有功能但也具有更多功能的新資產，將頻段添加到我們目前隨著時間的推移收集的五個或六個頻段，並將其擴展到其他頻率範圍。

Okay, great. That's interesting. And then, just on the NOAA contract. Under the terms of that contract being in IDIQ, if you do, in the next 18 to 24 months, get to the point where you can collect 100,000 RO vertical profiles per day, does that enable you to increase the amount that NOAA is paying you through that contract vehicle over the next several years?

好的，太好了。那很有意思。然後，就在 NOAA 合同上。根據 IDIQ 中的合同條款，如果你這樣做，在接下來的 18 到 24 個月內，達到每天可以收集 100,000 個 RO 垂直剖面的地步，這是否使你能夠增加 NOAA 支付給你的金額在接下來的幾年里通過那個合同工具？

That is correct. So there are abilities for NOAA, as a customer, to increase the ceiling off that IDIQ. They also have, actually, quite a bit more money appropriated from Congress for commercial data buys. So there is also additional avenues for additional accounting vehicles or additional IDIQs for them to keep on procuring more data.

那是對的。因此，作為客戶，NOAA 有能力提高 IDIQ 的上限。實際上，他們還從國會撥款用於商業數據購買的資金要多得多。因此，還有其他途徑可以使用額外的會計工具或額外的 IDIQ，以便他們繼續獲取更多數據。

I mean, they have stated publicly, especially from the weather service and the head of the weather service, Dr. Morgan, that they need at least 20,000. The IROWG, the international community of RO weather forecasters, says that they need at least 25,000. And then the scientists of The Global Weather Enterprise have stated that at least 100,000, you don't see a decrease in the benefits, and it still makes a forecast more accurate, especially when it comes to extreme weather events.

我的意思是，他們已經公開表示，特別是來自氣象局和氣象局負責人摩根博士，他們至少需要 20,000 人。 RO 天氣預報員的國際社區 IROWG 表示，他們至少需要 25,000 名。然後 Global Weather Enterprise 的科學家們表示，至少有 100,000 人沒有看到收益減少，而且它仍然使預測更加準確，尤其是在涉及極端天氣事件時。

So there certainly is a clearly expressed need from the customers, in our case, the National Weather Service and NOAA, as well as the strong support, bipartisan, from Congress to enable NOAA to purchase this data. It's just -- I mean, Austin, you are familiar with that.

因此，客戶（在我們的案例中是國家氣象局和 NOAA）肯定明確表達了需求，並且國會兩黨也提供了強有力的支持，使 NOAA 能夠購買這些數據。這只是 - 我的意思是，奧斯汀，你對此很熟悉。

The US government has walked the very well-trodden path of leveraging commercial capabilities in satellite communication, satellite launch, satellite imagery, where -- some people say that over 60% of the government's needs, on average, is purchased commercially as a service. NOAA's annual budget for satellite data is somewhere between $1 billion and $2 billion.

美國政府在衛星通信、衛星發射、衛星圖像方面利用商業能力走的是非常成熟的道路，有人說平均超過 60% 的政府需求是通過商業服務購買的。 NOAA 每年用於衛星數據的預算在 10 億到 20 億美元之間。

So satellite weather data is just like the latest one on that path. It is well understood by the government. It is well supported by Congress. And we are confident that we can continue to partner with them and deliver those capabilities and enhance the capability of the United States government, as other companies have done it in satellite communication, satellite launch, and satellite imagery.

所以衛星氣象數據就像這條路徑上的最新數據一樣。政府對此深有體會。它得到了國會的大力支持。我們相信我們可以繼續與他們合作並提供這些能力並增強美國政府的能力，就像其他公司在衛星通信、衛星發射和衛星圖像方面所做的那樣。

Awesome. Great to hear they can throttle up the utilization there. Thanks for all the great details.

驚人的。很高興聽到他們可以提高那裡的利用率。感謝所有偉大的細節。

Of course.

當然。

Erik Rasmussen, Stifel.

埃里克·拉斯穆森 (Erik Rasmussen)，Stifel。

Yeah. Thanks. Congratulations on the results and great job on the margin improvement. Maybe just starting there on margins and the outperformance, you mentioned leveraging headcounts, infrastructure costs, and other things. As the year progresses, are there still levers you can pull from to eke out more leverage? And how should we think about further improvements and where it may come from?

是的。謝謝。祝賀結果和利潤率改善方面的出色工作。也許只是從利潤率和出色表現開始，你提到了利用員工人數、基礎設施成本和其他因素。隨著時間的推移，您是否仍然可以利用槓桿來獲得更多槓桿？我們應該如何考慮進一步的改進以及它可能來自哪裡？

Yeah. Thanks, Erik. Yeah, we definitely have room to continually improve there. We're not where we want to be on the gross profits or the future and the margins. Where you get -- you can see the continual progression we're making there, and there's a lot more room to do that through a mix of things.

是的。謝謝，埃里克。是的，我們肯定有不斷改進的空間。我們不是我們想要的毛利潤或未來和利潤率。你得到的地方 - 你可以看到我們在那裡取得的持續進展，並且有更多的空間通過各種事情來做到這一點。

Some of it's with the topline growth, as we're doing. We exceeded our top end of the guidance on revenue with the 34% growth. It was over the top end, about [500,000]. So we got four solutions to sell. We have a huge TAM to go after in all the different areas. So a lot of room to just grow on the top line.

正如我們正在做的那樣，其中一些與收入增長有關。我們以 34% 的增長率超出了收入指引的上限。它超過了頂端，大約 [500,000]。所以我們有四種解決方案可以出售。我們在所有不同領域都有巨大的 TAM 可以追求。所以在頂線有很大的增長空間。

But then on the expense side, we continually just get the leverage, as you mentioned, across the four solutions that we're selling, whether that's in the satellites themselves, whether that's reducing our BOM costs over the course of time, whether that's leveraging our ground stations across the four solutions, or whether it's continual leverage of our headcount within those operation areas.

但是在費用方面，正如你提到的，我們不斷地在我們銷售的四種解決方案中獲得槓桿作用，無論是在衛星本身，是否隨著時間的推移降低我們的 BOM 成本，是否利用我們在四個解決方案中的地面站，或者是否持續利用我們在這些運營領域的員工人數。

So we have a lot more room to grow in that front, just like we've seen. We had a 10% to 11% increase year over year in gross margins, whether you're looking at GAAP or non-GAAP, and there was a 5% increase quarter over quarter. So we're seeing that there.

所以我們在這方面有更多的增長空間，就像我們所看到的那樣。我們的毛利率同比增長 10% 至 11%，無論您是在考慮 GAAP 還是非 GAAP，而且季度環比增長 5%。所以我們在那裡看到了。

But we're also seeing efficiencies in the operating expenses, too. If you look at our GAAP expenses on a year-over-year basis, in the operating expenses, we were flat year over year. S we did not grow our expenses at all in that front, but yet we grew 34%.

但我們也看到了運營費用的效率。如果你按年查看我們的 GAAP 費用，在運營費用中，我們同比持平。我們在這方面根本沒有增加開支，但我們卻增長了 34%。

So not only are we seeing efficiencies in the gross margin area, we're also seeing it down below there. And that's why we exceeded our top end of the guidance by about $1 million, whether you look at lowering our operating loss or exceeding the adjusted EBITDA targets.

因此，我們不僅看到毛利率領域的效率，我們也看到它低於那裡。這就是為什麼我們超出指導的上限約 100 萬美元，無論您是想降低我們的運營虧損還是超過調整後的 EBITDA 目標。

Great. And then maybe just your guidance revenue, Q1's outperformance, and the commentary suggesting that the company is on a good trajectory to achieve its 2023 guidance. What could get you to the higher end, or even above the higher end, of that range?

偉大的。然後可能只是你的指導收入、第一季度的出色表現，以及表明該公司正處於實現 2023 年指導的良好軌道上的評論。什麼可以讓您達到該範圍的高端，甚至高於高端？

And then maybe just where are the limitations at this point? I know you talked about macro, and Peter sort of laid out a number of areas right there. But if you could just talk a little bit more. Thanks.

那麼也許此時的局限性在哪裡？我知道你談到了宏觀，彼得在那裡列出了一些領域。但如果你能多說一點。謝謝。

Yeah. No, I think the one area is like we did this quarter with the customer count. We added 48 net new customers. If we keep going at that pace throughout the year of adding large quantities of customers, clearly, that's going to help us drive up that revenue targets.

是的。不，我認為一個領域就像我們本季度對客戶數量所做的那樣。我們增加了 48 個淨新客戶。如果我們在全年增加大量客戶的過程中繼續保持這種速度，顯然，這將幫助我們提高收入目標。

Obviously, as you get later in the year, the revenue gets a little bit harder because you have less runway to turn it into revenue from when you land them. But just like we did in the first quarter, landing that many customers and then getting the net retention rate still well above 100, those two things are really going to help ourselves get to the higher ends of the revenue front.

顯然，隨著今年晚些時候的到來，收入會變得更加困難，因為當你登陸它們時，你沒有多少跑道將其轉化為收入。但就像我們在第一季度所做的那樣，吸引了那麼多客戶，然後淨保留率仍然遠高於 100，這兩件事真的會幫助我們達到收入的更高端。

Great. Maybe just one quick clarification. I think Peter mentioned, talking about SaaS-type gross margins, 70% in the next two years. Is that within two years? And then is that GAAP or non-GAAP?

偉大的。也許只是一個快速的澄清。我想彼得提到過，在談到 SaaS 類型的毛利率時，未來兩年將達到 70%。是兩年之內嗎？然後是 GAAP 還是非 GAAP？

It's within, and it is GAAP.

它在內部，並且是 GAAP。

Great. Thank you.

偉大的。謝謝。

Ric Prentiss, Raymond James.

里克普倫蒂斯，雷蒙德詹姆斯。

Thanks. Good afternoon, everybody.

謝謝。大家下午好。

Good afternoon.

下午好。

Peter, you laid out, obviously, a picture of the conference floor having a lot of CEOs concerned and prepping for recessions the next 12 to 18 months. Walk us through the visibility you have in your guidance for '23 but also then the comfort in the gross margins at individual conversations with customers. Just how are your businesses, you think, going to be affected by the potential recessionary plans at the overall global economy community?

彼得，很明顯，你展示了一張會議廳的照片，許多首席執行官都在關注並為未來 12 到 18 個月的經濟衰退做準備。向我們介紹您在 23 年指導中的可見度，以及與客戶單獨對話時毛利率的舒適度。您認為您的企業將如何受到全球經濟整體潛在衰退計劃的影響？

So I think I understand you, Ric. And so I'm going to start, and maybe Tom can do some further deciphering. Because there's a little bit of background noise. I apologize. It's probably on our side.

所以我想我理解你，里克。所以我要開始了，也許湯姆可以做一些進一步的破譯。因為有一點背景噪音。我道歉。它可能就在我們身邊。

I'm sorry. No, it's me. I'm at an airport, traveling, right now. And It's New Orleans jazz. Sorry.

對不起。不，是我。我在機場，正在旅行，現在。這是新奧爾良爵士樂。對不起。

Okay. So, I think the first thing that I want to say is, we talk about ARR. We talk about SaaS because we are a subscription business. And by the very nature of that, we have a lot of visibility between now and the end of the year. So I think that is a very, very positive element.

好的。所以，我想我想說的第一件事是，我們談論 ARR。我們談論 SaaS 是因為我們是一家訂閱企業。就其本質而言，從現在到今年年底，我們有很多能見度。所以我認為這是一個非常非常積極的因素。

And our solutions are so crucially embedded into our customers that they're really often absolutely inextricable from them running their business. Quite the opposite, what we see is that customers use more and more from our solutions the more they use us. And that's reflected, of course, in our NRR.

而且我們的解決方案如此重要地嵌入到我們的客戶中，以至於他們實際上常常與他們經營業務絕對不可分割。恰恰相反，我們看到的是，客戶越多地使用我們的解決方案，他們就越多地使用我們的解決方案。當然，這反映在我們的 NRR 中。

So I would say like that is kind of like from the visibility perspective. It's also the flexibility that we have in our infrastructure. I just talked about using software to change what satellites do to create a new product, a new service.

所以我想說，從可見性的角度來看，這有點像。這也是我們在基礎設施中擁有的靈活性。我剛才談到了使用軟件來改變衛星的作用，從而創造出一種新產品、一種新服務。

That gives us a lot of flexibility to find the greatest use of the assets that we have deployed, be that selling a service going forward, which gets trickier towards the second half of the year, of course, to add revenue as well as selling historical data, as we continue to collect hundreds and hundreds and hundreds of millions of data points every single day, store them in our data vault. And with AI and machine learning being like this massive growth area that is generally bottlenecked by having access to data to train those models, those historical data vaults of Spire are getting more and more valuable by the day.

這給了我們很大的靈活性，可以找到我們已部署資產的最大用途，即銷售未來的服務，這在下半年變得更加棘手，當然，增加收入以及銷售歷史數據，因為我們每天繼續收集成百上千的數據點，將它們存儲在我們的數據保險庫中。由於人工智能和機器學習是一個巨大的增長領域，通常會因訪問數據來訓練這些模型而遇到瓶頸，因此 Spire 的那些歷史數據庫變得越來越有價值。

And Ric, I think I'll just add, also, getting into areas that there is really just no competition or very limited competition, where we come up with new solutions, solve new use cases. And those things could still sell during tough times. Because we are selling things that people really need, is really valuable for them, but yeah, they can't get their hands on it from any other means. So that's another area.

里克，我想我還要補充一點，進入那些實際上沒有競爭或競爭非常有限的領域，我們提出新的解決方案，解決新的用例。這些東西在困難時期仍然可以銷售。因為我們賣的是人們真正需要的東西，對他們來說真的很有價值，但是，是的，他們無法通過任何其他方式得到它。那是另一個領域。

And then, obviously, on the other side of the fence, no matter what, we're making sure we've got all kinds of levers that we can take care of on the expense side. As you can see in our results on the margin improvements, we are always looking for efficiencies and scale. And if there is any issues that come up on the top line along the way throughout the year, we are always ready to go on the expense side. So that we make sure we can guarantee to get to those margin targets that we put out there.

然後，很明顯，在圍欄的另一邊，無論如何，我們要確保我們有各種可以在費用方面處理的槓桿。正如您在我們關於提高利潤率的結果中看到的那樣，我們一直在尋求效率和規模。如果全年出現任何問題，我們隨時準備在費用方面進行處理。這樣我們就可以確保我們能夠保證達到我們提出的那些保證金目標。

I think the best way to think about Spire is to channel Steve Ballmer and replace developers with profitability. I have the same hairstyle.

我認為考慮 Spire 的最佳方式是引導史蒂夫鮑爾默並用盈利能力取代開發人員。我有同樣的髮型。

There you go. Second question is, and you kind of touched on it there a little bit, AI obviously is becoming a hot topic. Some revenue opportunities for you, maybe flush that out a little bit more. Are there cost potentials with AI into the model as well for you?

給你。第二個問題是，你稍微提到了一點，人工智能顯然正在成為一個熱門話題。為您提供一些收入機會，也許可以將其沖掉一點。 AI 是否也對您有成本潛力？

From a revenue perspective, it's twofold. It's, A, that the value of our historical data increases as a product to sell to companies that need to train their models, number 1. But number 2, it also becomes something that is more valuable for us, as our own AI and machine learning algorithms have more and more data to work with to develop products that are relevant for our customers. And that, of course, then translates into new business opportunities for us to generate products that are more relevant, solving more unique use cases in a more scalable fashion.

從收入的角度來看，這是雙重的。這是，A，我們的歷史數據的價值作為一種產品出售給需要訓練他們的模型的公司，第一。但是第二，它也成為對我們更有價值的東西，因為我們自己的人工智能和機器學習算法有越來越多的數據可以用來開發與我們的客戶相關的產品。當然，這會轉化為新的商機，讓我們能夠生成更相關的產品，以更具可擴展性的方式解決更多獨特的用例。

Anything on the cost side that AI could benefit you all?

AI 可以使所有人受益的成本方面有什麼嗎？

So I would say that -- and I think I talked about it our last call is that we are using AI not just on the product side, but on the operational side. So for example, in marketing, we are using it. And it certainly has scalability benefits for us. Serving long tail, using AI, and, in particular, NLP type of capabilities allows you to be far more targeted to a much wider range of customers.

所以我會說 - 我想我談到了我們的最後一個電話是我們不僅在產品方面使用人工智能，而且在運營方面。因此，例如，在市場營銷中，我們正在使用它。它當然對我們有可擴展性的好處。服務長尾，使用 AI，尤其是 NLP 類型的功能，可以讓您更有針對性地服務更廣泛的客戶。

And so, from that perspective, it creates operational leverage in the company, which we see less so from the leverage perspective in like the technology and product side, but more so in like running the business, marketing, sales, and some other areas.

因此，從這個角度來看，它在公司中創造了運營槓桿，從槓桿的角度來看，我們在技術和產品方面的影響較小，但在經營業務、營銷、銷售和其他一些領域更是如此。

Okay. Last one for me is more on the technicality. Obviously, you got the notice from the exchange stock price. I think it's tied to probably your shareholder vote. But update us a little bit on the timing and thoughts on getting back into compliance and the potential on, most likely, a reverse split and what is your target zone.

好的。最後一個對我來說更多的是技術性。顯然，您從交易所股價中得到了通知。我認為這可能與您的股東投票有關。但請向我們介紹一下恢復合規的時間和想法，以及最有可能的反向拆分的可能性，以及您的目標區域是什麼。

Yeah. If you've seen in some of the filings we've done recently, now that we've got the annual shareholder meeting scheduled, that was on the docket there for the vote. So we have got a reverse split. Obviously, it's a range in there, because the price is changing at different times. But there is a range in there of what the exchange would be. So that -- we've got that built into the shareholder meeting. So obviously, it's got to get past the boat, but that's in the docket for the approval.

是的。如果你在我們最近完成的一些文件中看到過，現在我們已經安排了年度股東大會，那就是在投票表上。所以我們有一個反向分裂。顯然，這是一個範圍，因為價格在不同時間發生變化。但是其中有一個交換的範圍。所以 - 我們已經將其納入股東大會。很明顯，它必須通過船，但那是在待批准的待辦事項中。

This is not important. Remind me of the shareholder vote date.

這並不重要。提醒我股東投票日期。

It's June 13.

現在是 6 月 13 日。

Thanks a lot. Stay well.

多謝。保持良好。

Thanks a lot. Safe travels.

多謝。安全旅行。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Yeah, thanks. And Peter, breaking new ground using SaaS and GAAP in the same sentence, but I like it. So on the ARR guidance -- so you had a good quarter relative to your expectations, great to see. But the guidance implies a step up in the pace of sequential ARR growth over the balance of the year.

是的，謝謝。而彼得，在同一句話中使用 SaaS 和 GAAP 開闢了新天地，但我喜歡它。所以關於 ARR 指導——所以你有一個很好的季度相對於你的預期，很高興看到。但該指引暗示今年餘下時間 ARR 連續增長的步伐將加快。

And based on the Q2 guidance, it looks like it's starting in Q2. And I guess I'm just comparing it to what it was the last couple of quarters. So just help us understand the visibility into starting to see the bigger ARR growth in an uncertain macro, including the line of sight to Q2, given that we're almost halfway through the quarter.

根據第二季度的指導，它似乎從第二季度開始。我想我只是將它與過去幾個季度的情況進行比較。因此，只要幫助我們了解在不確定的宏觀環境中開始看到更大的 ARR 增長的可見性，包括對第二季度的視線，因為我們已經快過了本季度的一半。

Yeah. Last year, we were in that $7 million per quarter range. We knew Q1 was going to be a little bit harder. It usually is for us, because most companies are going through their budgeting processes. And the time they get out of it, we usually can't then close those deals right in that first quarter.

是的。去年，我們在每季度 700 萬美元的範圍內。我們知道第一季度會更難一些。它通常適合我們，因為大多數公司都在經歷他們的預算流程。當他們退出時，我們通常無法在第一季度就完成這些交易。

Q2 is when that starts to pick up though, right? Everybody's got their budgets. Our teams are out there selling away. So we had better visibility in the second quarter from some higher sequential growth quarter over quarter, so that's why we got that in the guidance.

Q2 是什麼時候開始回升，對吧？每個人都有自己的預算。我們的團隊在那裡賣掉。因此，我們在第二季度從季度環比增長中獲得了更好的可見性，這就是我們在指導中得到這一點的原因。

So yes, there is that step up. And then it's similar type of numbers that we would need to do quarter over quarter from two to three and three to four to get to the annual guidance. So doing that and then getting those sequential in the second, third, and fourth.

所以是的，有那個步驟。然後是類似的數字，我們需要逐個季度從 2 到 3 和 3 到 4 進行計算才能獲得年度指導。所以這樣做，然後在第二個、第三個和第四個中獲得這些順序。

But yeah, it's just based on our pipeline, where we're at with our customer arrangements, whether it's existing customers or new logos. We've factored that all into the guidance.

但是，是的，這只是基於我們的管道，我們與客戶安排的位置，無論是現有客戶還是新徽標。我們已將所有這些因素納入指南。

Got it. And then maybe a different take on the AI question. Can you just maybe update us on -- I guess, two years ago, when you were doing the [this pack] investor day, you were talking about AI at that point in time and kind of the journey from clean data, smart data, to more predictive solutions.

知道了。然後可能對 AI 問題有不同的看法。你能不能給我們更新一下——我想，兩年前，當你在做 [this pack] 投資者日時，你在那個時間點談論人工智能，以及從乾淨數據、智能數據開始的旅程，到更具預測性的解決方案。

So, I know that you've -- I know it's become much more topical lately, societally, and among investors, but it's something you've been working on for a while. So just help us, from a solution perspective, on where you are in developing the more predictive solutions or where customers are in adopting them. Thank you.

所以，我知道你已經 - 我知道它最近在社會上和投資者中變得更加熱門，但這是你一直在努力的事情。因此，請從解決方案的角度幫助我們了解您在開發更具預測性的解決方案方面的進展情況或客戶在採用這些解決方案方面的進展情況。謝謝。

Yeah, absolutely. As the individual solutions grow closer to them, individually, being a $100 million, now that the company is a $100 million in ARR, the next goal is of course to have the individual solutions delivering a $100 million each. And they do that by moving from the clean data sales to the right.

是的，絕對。隨著單個解決方案越來越接近他們，單個解決方案為 1 億美元，現在公司的 ARR 為 1 億美元，下一個目標當然是讓單個解決方案每個提供 1 億美元。他們通過從清潔數據銷售轉向右翼來做到這一點。

So the next step is the smart data, adding in other data sources, fusing it, and adding simple analytics to it. And then you move to the right, you have predictions of what's going to happen. And then you move to the right, and you have solutions.

所以下一步是智能數據，添加其他數據源，融合它，並向它添加簡單的分析。然後你向右移動，你可以預測將要發生的事情。然後你向右移動，你就有了解決方案。

If you think about it, whenever you move from one, say, clean data to smart data, you have like a 3x to 5x TAM expansion. And when you move from smart to predictive, 3 to 5x; from predictive to solutions, 3 to 5x. And that's a pretty classic TAM expansion that you can see in all sorts of data markets.

如果您考慮一下，無論何時從一個乾淨的數據轉移到智能數據，您都會有 3 倍到 5 倍的 TAM 擴展。當您從智能轉向預測時，3 倍到 5 倍；從預測到解決方案，3 到 5 倍。這是一個非常經典的 TAM 擴展，您可以在各種數據市場中看到它。

And that's exactly what we see. And we make our way from the left to the right, I would say, in a deliberate pace of land and expand. We like to be a very strong player in an area, rather than being a weak player in like a whole bunch of areas.

而這正是我們所看到的。我們從左到右前進，我會說，以一種審慎的步伐進行土地和擴張。我們喜歡在一個領域成為非常強大的玩家，而不是在一大堆領域成為弱者。

I personally really like the GE philosophy here of, be the number one, be the number two. If you're not, have a very clear definitive plan to be one or number two. And so as we move here to the right, it is less a race to get as quickly from left to right and more a deliberate attack of landing and then expanding in a market, be that a customer use case, be that a region, be that a solution. That is our approach. And I think that is the approach that leverage existing capabilities to the max before you go out and build a shiny new toy.

我個人非常喜歡這裡的 GE 理念，成為第一，成為第二。如果您不是，請制定一個非常明確的最終計劃，成為第一名或第二名。因此，當我們向右移動時，與其說是一場從左到右快速移動的競賽，不如說是一場蓄意的登陸攻擊，然後在市場上擴張，無論是客戶用例，還是地區，都是那一個解決方案。這就是我們的方法。我認為這是在你出去建造一個閃亮的新玩具之前最大限度地利用現有能力的方法。

Okay. Thank you.

好的。謝謝。

Of course.

當然。

Caleb Henry, Quilty Space.

Caleb Henry，Quilty 空間。

Hey, guys. Thanks for taking questions. Some of mine have already been answered, so I think I'll be brief. Can you shed some light on your solutions revenue mix, like the mix between AIS, ADS-B, weather, and space services?

大家好。感謝您提出問題。我的一些問題已經得到回答，所以我想我會簡短一點。您能否闡明您的解決方案收入組合，例如 AIS、ADS-B、天氣和空間服務之間的組合？

We do not break them out. We are a pretty balanced company there. I think we talk about balances between commercial and government and between the regions. All of the four solutions that we have are very meaningful contributors to our top and bottom line.

我們不會打破它們。我們在那裡是一家相當平衡的公司。我認為我們談論的是商業與政府之間以及地區之間的平衡。我們擁有的所有四種解決方案都對我們的頂線和底線做出了非常有意義的貢獻。

I think as we've said in the past, the aviation industry was hit the hardest by the COVID situation. And we still see that as a deficiency that has made that solution not quite as contributing to our overall results as the other three.

我認為正如我們過去所說的那樣，航空業受到 COVID 形勢的打擊最為嚴重。我們仍然認為這是一個缺陷，導致該解決方案對我們的整體結果的貢獻不如其他三個。

But it's not broken out because it's shared infrastructure in space. It's shared infrastructure on the ground. So it really doesn't easily lend itself.

但它沒有被打破，因為它是太空中的共享基礎設施。它是地面上的共享基礎設施。所以它真的不容易借給自己。

The very core idea of Spire is shared infrastructure amortized over multiple solutions. And that creates that incredibly attractive business model of subscriptions with shared infrastructure that drive rapid margin expansion.

Spire 的核心理念是在多個解決方案上分攤共享基礎設施。這創造了極具吸引力的訂閱商業模式，共享基礎設施推動利潤率快速增長。

All right. Thanks. And then, last week, Spire announced the new maritime weather service. I was just wondering if you could share what was the impetus for that and if you see a big gap in the market that that can serve.

好的。謝謝。然後，上週，Spire 宣布了新的海上氣象服務。我只是想知道您是否可以分享這樣做的動力是什麼，以及您是否看到可以服務的市場差距很大。

So our modus operandus is always -- we build what we have definitive requests from by the market. So, the simple answer to your question is yes, absolutely. We listen to our customers and what they want us to build. And when enough of them are asking for something, then we build it. And that product the team rolled out is an exact outcome of that very active engagement with our hundreds and hundreds of customers that we have in that space.

因此，我們的工作方式始終是——我們構建市場明確要求的產品。所以，你的問題的簡單答案是肯定的。我們傾聽客戶的意見以及他們希望我們打造的產品。當有足夠多的人提出要求時，我們就會建造它。團隊推出的產品正是與我們在該領域擁有的成百上千名客戶積極互動的結果。

Okay. And then my last question, just -- we're continuing to see headlines about software companies laying off staff. I'm wondering if that has created an opportunity for Spire just because the space industry has historically struggled to win software engineers over from the bigger names, like Google and Apple. So has that been an opportunity for Spire? Or are you guys kind of just watching, more of a wait-and-see mode, on that?

好的。然後我的最後一個問題，只是 - 我們繼續看到有關軟件公司裁員的頭條新聞。我想知道這是否為 Spire 創造了機會，只是因為航天工業歷來都在努力從谷歌和蘋果等大公司那裡爭取軟件工程師。那麼這對 Spire 來說是一個機會嗎？或者你們只是在觀望，更多的是觀望模式？

The change in that environment has certainly created tremendous opportunities. And we certainly have seen some fantastic talent reach out to us. And we have already taken advantage of some of those opportunities in bringing incredibly talented and motivated people to enhance and strengthen the already fantastic team that Spire has.

這種環境的變化無疑創造了巨大的機會。我們當然已經看到一些出色的人才向我們伸出了援手。我們已經利用其中的一些機會，引進了才華橫溢、積極進取的人才，以加強和加強 Spire 已經擁有的出色團隊。

All right. That's all for me. Thanks, guys.

好的。這就是我的全部。多謝你們。

Of course.

當然。

Andre Madrid, Bank of America.

Andre Madrid，美國銀行。

Hi. How are you guys?

你好。你們好嗎？

Nice to meet you.

很高興見到你。

Yeah. So looking around at the space in general, there is still a lot of sat operators that don't provide maritime surveillance. Have you considered, at any point, a partnership with a data immigrator to maybe provide a more holistic surveillance solution, something -- partnering with somebody that has land-based surveillance and providing a more whole solution?

是的。所以環顧整個空間，仍然有很多不提供海上監視的衛星運營商。在任何時候，您是否考慮過與數據移民者建立合作夥伴關係，以提供更全面的監控解決方案，比如與擁有陸基監控的人合作並提供更全面的解決方案？

So it really would have to be driven by definitive customer demand. The only customers that ask for that would have to come out of the intelligence community. And there are certain types of data fusion requests, and there are some customers of ours that do that.

所以它真的必須由明確的客戶需求驅動。唯一要求這樣做的客戶必須來自情報界。並且有某些類型的數據融合請求，我們的一些客戶會這樣做。

But setting up a fifth solution, so to speak, that goes out and gets SAR data and imagery data and all sorts of other things and combines them, I'm not sure that that is something where Spire, in particular, would -- how was the prior question just asked --close a dramatic gap and need in the marketplace. And so I'm not sure that I see that in our near-term future right now.

但是建立第五個解決方案，可以這麼說，它出去獲取 SAR 數據和圖像數據以及各種其他東西並將它們組合起來，我不確定這是 Spire 特別是 - 如何剛才問的先前問題是——縮小市場上的巨大差距和需求。所以我不確定我現在是否會在近期看到這一點。

Got you. Very helpful. Thank you.

明白了很有幫助。謝謝。

Of course.

當然。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to CEO, Peter Platzer, for closing remarks.

我們已經結束了問答環節。我現在將把電話轉回給首席執行官彼得普拉澤，讓他發表結束語。

In closing, I would like to thank our customers, employees, and numerous suppliers for partnering with us in bringing innovative solutions to solve the challenges people, communities, and countries face every day across the globe. As uncertainty and challenges in the world at large increase, we see ever-increasing demand for space-based solutions, be that supply chain, mobility, communication, remote internet, weather, climate change, global security, agriculture, energy. The list of areas, which increasingly use and depend on space, keeps growing.

最後，我要感謝我們的客戶、員工和眾多供應商與我們合作，提供創新的解決方案來解決全球人民、社區和國家每天面臨的挑戰。隨著世界上不確定性和挑戰的大量增加，我們看到對天基解決方案的需求不斷增加，無論是供應鏈、流動性、通信、遠程互聯網、天氣、氣候變化、全球安全、農業、能源。越來越多地使用和依賴空間的區域列表不斷增加。

Just like computers and the Internet, driven by Moore's Law, became inextricably linked with our lives and the global economy in the '80s, '90s, and 2000s, we see the same thing happening today with space. Driven by similar law of constant improvement tenfold, every five years, for satellite capabilities, that has been working for a quarter century now. And we see no sign of abating anytime soon.

就像受摩爾定律驅動的計算機和互聯網在 80 年代、90 年代和 2000 年代與我們的生活和全球經濟密不可分一樣，我們今天在太空中看到了同樣的事情。在衛星能力每五年不斷改進十倍的類似法則的推動下，這種法則已經運行了四分之一個世紀。而且我們看不到很快就會減弱的跡象。

The mission-driven and incredibly motivated team at Spire is proud to be part of and, indeed, shape this transformational wave of change to create a safer, more prosperous, and sustainable future on earth. As McKinsey recently said to top Fortune CEOs, if space is not yet part of your strategy, it needs to be.

Spire 以使命為導向、積極進取的團隊很自豪能夠參與並塑造這一變革浪潮，以在地球上創造一個更安全、更繁榮和可持續的未來。正如麥肯錫最近對《財富》雜誌的頂級 CEO 所說，如果空間尚未成為您戰略的一部分，那麼它就需要成為戰略的一部分。

And this concludes today's conference. And you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。你可能會在這個時候斷開你的線路。感謝您的參與。