Spire Global Inc (SPIR) 2023 Q4 法說會逐字稿

Hello, and welcome to the Spire Global Fourth Quarter and Full Year 2023 Conference Call and Webcast. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. (Operator Instructions) It's now my pleasure to turn the call over to Ben Hoffmann, Head of Investor Relations. Please go ahead.

您好，歡迎參加 Spire Global 2023 年第四季和全年電話會議和網路廣播。如果有人需要接線生幫助，請按電話鍵盤上的星號零。正式演講後將舉行問答環節。（操作員說明） 現在我很高興將電話轉給投資者關係主管 Ben Hoffmann。請繼續。

Thank you. Hello, everyone, and thank you for joining us for our fourth 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 today on the call is Peter Platzer, ourCEO; and Leo Basola, our CFO. 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 and in our investor presentation, both of which can be found on our IR website at ir dot Spire.com.

謝謝。大家好，感謝您參加我們的 2023 年第四季財報電話會議。我們的收益新聞稿和 SEC 文件可以在我們的 IR 網站 ir.spire.com 上找到。也將提供今天電話會議的重播。今天與我一起參加電話會議的是我們的執行長 Peter Platzer；和我們的財務長 Leo Basola。提醒一下，我們今天的評論將包括非公認會計準則項目。我們的 GAAP 和非 GAAP 業績之間的對帳以及我們的指導可以在我們的收益新聞稿和投資者簡報中找到，這兩者都可以在我們的 IR 網站 ir dot Spire.com 上找到。

Some of our comments today 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. 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 and with that, let me hand the call over to Peter.

我們今天的一些評論包含前瞻性陳述，這些陳述受到風險、不確定性和假設的影響。特別是，我們對經營業績和財務狀況的預期是不確定的，並且可能會發生變化。如果這些預期未能實現，或我們的假設被證明是錯誤的，公司的實際業績可能與這些前瞻性陳述有重大差異。這些風險、不確定性和假設以及可能影響我們財務表現的其他因素的描述已包含在我們向 SEC 提交的文件中，因此，讓我將電話轉交給 Peter。

Thank you, Ben. Good afternoon, everyone. I am thrilled to welcome you to today's call. As we embark on this discussion I want to extend my deepest gratitude to our dedicated team for their resilience and innovation propelled us from three profitability to a landmark year in 2023, we achieved not only positive operating cash flow, but also positive adjusted EBITDA that surpassed our expectations for Q4.

謝謝你，本。大家下午好。我很高興歡迎您參加今天的電話會議。在我們開始討論之際，我要向我們的敬業團隊表示最深切的謝意，他們的韌性和創新推動我們從三年盈利到2023 年具有里程碑意義的一年，我們不僅實現了正的運營現金流，而且還實現了超過我們對第四季度的預期。

Our journey last year was nothing short of remarkable. We rallied together as a team with grit and determination to be a reliable collaborative partner for our customers. We captured the surging demand for our radio frequency geo-location data vital for addressing global security threats, and we forged strong partnerships to build powerful solutions for the future. This translated into significant achievements was five. We secured multiple million dollar contracts, reinforcing our market value and trust with our customers. We celebrated the signing of three pivotal significant space services deals involving 18 satellites, showcasing our expanding capabilities.

我們去年的旅程堪稱非凡。我們作為一個團隊團結在一起，充滿勇氣和決心，成為客戶可靠的合作夥伴。我們抓住了對應對全球安全威脅至關重要的射頻地理位置資料不斷增長的需求，並建立了強有力的合作夥伴關係，為未來建立強大的解決方案。這轉化為重大成就有五項。我們獲得了數百萬美元的合同，增強了我們的市場價值和客戶的信任。我們慶祝簽署了三個涉及 18 顆衛星的重要太空服務協議，展示了我們不斷擴展的能力。

Our launch of 23 satellites across multiple missions, master record for the operational versatility and applicability of our solutions, the introduction of our deep Vision platform at higher resolution, whether model revolutionize for our customers, how they can understand and prepare for imminent weather patterns. The deployment of our satellite mission operations platform signifies a leap forward for the industry in efficiency, reliability and management of space assets and the signing of a strategic partnership and investment in AIML. powered solutions set the foundation for cutting-edge advancements in maritime domain awareness. These milestones contributed to our 10th consecutive quarter of record revenue and a substantial 32% annual revenue growth rate.

我們在多個任務中發射了23 顆衛星，我們的解決方案的操作多功能性和適用性的主記錄，我們以更高解析度推出的深度視覺平台，模型是否為我們的客戶帶來了革命性的變化，他們如何理解並為即將到來的天氣模式做好準備。我們的衛星任務營運平台的部署標誌著產業在太空資產的效率、可靠性和管理方面的飛躍，以及簽署戰略合作夥伴關係和對AIML的投資。動力解決方案為海洋領域意識的前沿進步奠定了基礎。這些里程碑促成了我們連續 10 個季度創紀錄的收入以及 32% 的年收入成長率。

We met and exceeded our objective of generating positive operating cash flow, and we achieved positive adjusted EBITDA earlier than anticipated. These milestones also align with two global mega trends that shape our world today and has been at the core of Spire's long-term business plan since its inception almost 12 years ago. Climate change and global security from the intensifying weather events to geopolitical tensions. These trends underscore the critical nature of our work as Aspire from floods to droughts to wildfires and devastating storms as Stan off the daily headlines reminds us of the weather volatility that is becoming ever more common warmer temperatures, leading to a record heat base throughout the globe.

我們達到並超越了產生正向營運現金流的目標，我們比預期更早實現了正向調整 EBITDA。這些里程碑也符合塑造當今世界的兩大全球大趨勢，並且自 Spire 近 12 年前成立以來一直是 Spire 長期業務計劃的核心。氣候變遷與全球安全，從日益加劇的天氣事件到地緣政治緊張局勢。這些趨勢強調了我們工作的關鍵性質，因為史丹從每日頭條新聞中脫穎而出，提醒我們天氣波動正變得越來越普遍，氣溫升高，導致全球創紀錄的熱基數。

And record intensification of storms by wildfires are contributing to poor air quality in cities, thousands of miles away. U.s. set a new record for the number of billion-dollar weather disasters in 2023 and 28 in total six more than the previous record, which was set only three years earlier already in 2024. Shocking images have emerged of at Lake forming at Death Valley, no less one of the hottest places on earth and houses balancing on the edge of a cliff after a record amount of rainfalls have caused land to collapse into the oceans. Meanwhile, the world is watching a number of upcoming elections and the events surrounding those elections, speculation and balance and what may result from those outcomes.

野火造成的暴風雨創紀錄地加劇，導致千里之外的城市空氣品質惡化。我們。 2023 年造成 10 億美元損失的天氣災害數量創下新紀錄，比三年前 2024 年創下的紀錄多 6 起，共 28 起。死亡谷的湖泊形成的令人震驚的圖像出現了，死亡谷是地球上最熱的地方之一，在創紀錄的降雨量導致土地塌陷到海洋中後，房屋在懸崖邊緣保持平衡。同時，世界正在關注即將到來的一些選舉以及圍繞這些選舉的事件、猜測和平衡以及這些結果可能產生的結果。

There has been ongoing conflict in Europe, the Middle East and strained tensions in Asia, shipping has been interrupted in the Red Sea. Funding of certain geopolitical activities and sanctions against other activities has resulted in a highly dynamic environment, an environment in which truths and transparency have never been more important, an environment that remains supportive and some might say in need of Spire solutions, buyer has continued to make investments in our products to capture demand stemming from these trends.

歐洲、中東衝突持續，亞洲局勢緊張，紅海航運中斷。對某些地緣政治活動的資助和對其他活動的製裁導致了一個高度動態的環境，在這種環境中，真相和透明度從未如此重要，在這種環境中仍然具有支持性，有些人可能會說需要Spire 解決方案，買家繼續對我們的產品進行投資，以抓住這些趨勢產生的需求。

Last fall, we announced a new weather Platform Division along with a high resolution weather month forecasts from this by a high-resolution, whether model, achieve world-class accuracy and allow our users to make decisions concerning the weather faster than ever through the incorporation of Smiles weather data into government weather forecasts, individuals across the world have better more valuable weather prediction. The rapid emergence of AI and machine learning capabilities in weather prediction is swiftly moving the power from those with access to massive supercomputers. Those with access to massive super data, in particular from SpaceX. Spire is at the very forefront of capitalizing on the shift.

去年秋天，我們宣布了一個新的天氣平台部門，並透過高解析度模型提供高解析度天氣預報，實現世界一流的準確性，並允許我們的用戶透過合併比以往更快地做出有關天氣的決策。透過將 Smiles 天氣數據納入政府天氣預報，世界各地的個人可以獲得更好、更有價值的天氣預報。人工智慧和機器學習能力在天氣預報領域的迅速崛起，正在迅速轉移那些能夠使用大型超級電腦的人的力量。那些能夠存取大量超級資料的人，尤其是來自 SpaceX 的資料。Spire 處於利用這一轉變的最前沿。

And I could not be more excited about the new products services and partnerships that despite team is rolling out to help communities, corporations and countries tackle the challenges of climate and weather to their safety business, wireless and security, our technological advancements and strategic alliances like the partnership with single ocean are a testament to our leadership. Spire will contribute its unique proprietary dataset relevant for precise monitoring of the maritime domain, while single ocean will bring its best-in-class expertise in AI, machine learning and in particular, natural language processing to create new innovative solutions. Together, we are enhancing maritime digitalization and global security.

我對新產品、服務和合作夥伴關係感到非常興奮，儘管團隊正在推出幫助社區、企業和國家應對氣候和天氣對其安全業務、無線和安保的挑戰，我們的技術進步和戰略聯盟，例如與single ocean 的合作夥伴關係證明了我們的領導地位。Spire 將貢獻其與海洋領域精確監控相關的獨特專有資料集，而 Single Ocean 將帶來其在人工智慧、機器學習，特別是自然語言處理方面的一流專業知識，以創建新的創新解決方案。我們正在共同加強海事數位化和全球安全。

Moreover, we have continued to see demand for our differentiated, highly valuable solutions. A couple of weeks ago, we announced a multimillion dollar award from the European Maritime Safety Agency for vessel monitoring, particularly in the Pilbara region. The coverage outside of Spire space-based data is very limited. Indeed, during the fourth quarter, I know in January we announced agreements to build and operate a six satellite dedicated IoT Constellation for the communal space and multi-million dollar award related to weather data from human at and a $9.4 million award from NOA for eight months of weather day as geopolitical interests are more frequently.

此外，我們不斷看到對我們差異化、高價值解決方案的需求。幾週前，我們宣布歐洲海事安全局授予數百萬美元的獎勵，用於船舶監控，特別是皮爾巴拉地區的船舶監控。Spire 天基資料以外的覆蓋範圍非常有限。事實上，在第四季度，我知道在一月份我們宣布了協議，為公共空間建造和運營一個六顆衛星專用物聯網星座，並為八顆衛星提供與人類天氣數據相關的數百萬美元獎勵，以及NOA 為八顆衛星提供的940 萬美元獎勵。幾個月的天氣日隨著地緣政治利益的出現而更加頻繁。

Turning to Space space, situational awareness is becoming more important in an increasingly contested environment. We were excited to be deploying the first commercial space situational awareness, satellite constellation for NovaStar through our space services offering. Our white-glove end-to-end space services offering allows companies to quickly deploy and rapidly scale a constellation to take advantage of emerging trends from, for example, space situational awareness to wildfire and greenhouse gas monitoring. What started as a handful of satellites can quickly multiply to a full constellation in a matter of just a few years as the capability and power of smaller satellites continue to improve tenfold every five years, we are now able to deploy a full constellation in roughly the same timeframe in which a single legacy satellite would traditionally have been produced. This is transformational technical capability at work, creating a more prosperous and safe future for oil.

談到太空，在競爭日益激烈的環境中，態勢感知變得越來越重要。我們很高興能夠透過我們的太空服務產品為 NovaStar 部署第一個商業空間態勢感知衛星星座。我們的白手套端到端空間服務產品使公司能夠快速部署和快速擴展星座，以利用從空間態勢感知到野火和溫室氣體監測等新興趨勢。最初，幾顆衛星可以在短短幾年內迅速增加到一個完整的星座，隨著小型衛星的能力和功率每五年持續提高十倍，我們現在能夠在大約傳統上生產單個傳統衛星的時間範圍相同。這是正在發揮作用的變革性技術能力，為石油創造更繁榮和安全的未來。

Looking ahead to 2024 and beyond. Our track record speaks for itself over the last two years. We've not just met our profitability targets. We more often than not exceeded them even amid the rollercoaster of economic conditions during this period. This speaks volumes about our strategic focus and operational excellence, our ability to meet or surpass our ambitious annual profitability guidance set each March underscores our unwavering commitment to financial health and shareholder value, navigating through a period marked by unprecedented challenges from geopolitical tensions to economic uncertainties, including inflation, potential recession and the rapid shifts in central bank policies.

展望 2024 年及以後。我們過去兩年的業績記錄不言而喻。我們不僅實現了獲利目標。即使在此期間經濟狀況如過山車一樣，我們也經常超過它們。這充分說明了我們的戰略重點和卓越運營，以及我們達到或超越每年三月制定的雄心勃勃的年度盈利指引的能力，突顯了我們對財務健康和股東價值的堅定承諾，度過了從地緣政治緊張局勢到經濟不確定性等前所未有的挑戰的時期，包括通貨膨脹、潛在衰退和央行政策的快速轉變。

Our strategy has been on Weber. Our adaptability in the face of such adversity has not only kept us. On course, it has also proven the resilience and robustness of our business model. Despite the external pressures, we have not only stayed the course, but have also marked significant milestones towards our goal of sustained profitability. Our anticipation of positive free cash flow by the summer is a commitment we made two years ago. One, we are placed to fulfill. The achievement is not just a mere milestone. It is a clear indication of our strategic foresight and the effective execution of our business plan.

我們的策略是韋伯。面對如此逆境的適應力不僅讓我們得以保住。當然，這也證明了我們商業模式的彈性和穩健性。儘管面臨外部壓力，我們不僅堅持到底，而且還在實現持續獲利目標的道路上邁出了重要的里程碑。我們對夏季前自由現金流的預期是我們兩年前做出的承諾。第一，我們有能力實現。這項成就不僅僅是一個里程碑。這清楚地表明了我們的策略遠見和業務計劃的有效執行。

Our ability to pivot and adapt all while driving towards profitability demonstrates the strength and sustainability of R-MO BioZ unique subscription business model is the cornerstone of this success by blending the high barriers to entry and large addressable markets, characteristics of deep tech with the cost efficiencies and scalability of software companies, we have created a model that not only supports rapid growth but also ensures profitability. Spire clearly stands out in the industry landscape and our high gross margins and growth rates and not just numbers. They are a reflection of an innovative business model and designed for resilience and long-term financial health.

我們在推動盈利的同時進行調整和調整的能力證明了R-MO BioZ 獨特訂閱業務模式的實力和可持續性，該模式將高進入壁壘和大型潛在市場、深度技術的特徵與成本融為一體，是這項成功的基石。針對軟體公司的效率和可擴展性，我們創建了一個既支援快速成長又保證獲利的模型。Spire 在行業格局中脫穎而出，我們的高毛利率和成長率而不僅僅是數字。它們反映了創新的商業模式，旨在實現彈性和長期財務健康。

Given that all our products are sold as a subscription, we benchmark ourselves against the SaaS metrics of public companies. In 2023, public SaaS companies saw a slowdown in a few of the growth metrics as the industry has pivoted to focus on profitability. Spire has been focused on reaching profitable growth since becoming a public company. And as a result of this focus, we have been able to maintain a strong growth rate while dramatically improving each quarter, our profitability metrics reaching our first profitable quarter on an adjusted EBITDA basis in Q4, while revenue growth for public SaaS companies cooled from about 28% to 19% .

鑑於我們所有的產品均以訂閱形式出售，我們將自己與上市公司的 SaaS 指標進行比較。2023 年，隨著產業轉向關注獲利能力，上市 SaaS 公司的一些成長指標出現放緩。自成為上市公司以來，Spire 一直致力於實現獲利成長。由於這一重點，我們能夠保持強勁的成長率，同時每個季度都大幅提高，我們的盈利指標在第四季度達到了調整後EBITDA 基礎上的第一個盈利季度，而上市SaaS 公司的收入增長從大約28% 至 19% 。

In 2023, Spire Accel with the growth rate of 32%, mitigating the contraction in net retention rate to a mere 15 percentage points inclusive of a key contracts secured at the onset of 2024 and better than public comparables with ICE trays on to 2024, we envision strong top line growth surpassing 30% and steering towards a 35% midpoint growth guidance. Delving a bit deeper into profitability indicators, the lifetime value of the customer relative to customer acquisition, cost shines a spotlight on the profitability of your customer base and whether additional value can be created by investing in more sales and marketing.

到2023 年，Spire Accel 的增長率為32%，將淨保留率的收縮減少到僅15 個百分點，其中包括2024 年初獲得的關鍵合同，並且到2024 年優於與ICE 托盤的公開可比較的公司，我們預計營收成長將強勁超過 30%，並朝著 35% 的中點成長指引邁進。更深入研究獲利能力指標、相對於客戶獲取的客戶終身價值、成本，重點關注客戶群的獲利能力，以及是否可以透過投資更多的銷售和行銷來創造額外價值。

A benchmark ratio of about three times is still quite robust in the estimating Spire, however, currently generates lifetime value of over 12 times our customer acquisition costs and vivid demonstration of the exceptional and lasting value Spire delivers to its customers, thanks to Spire's very high gross retention rates. Customers may stay with Spire for many, many years. As such, we are attracting a more conservative metric which discounts the value of future money to a net present value. This more conservative net present lifetime value still covers our customer acquisition cost eight times over this bolsters our confidence to accelerate Spire's growth by strategically challenging further investment into our sales and marketing efforts, all while preserving a robust bottom line with our subscription business model.

在估計Spire 時，大約三倍的基準比率仍然相當穩健，但是，目前產生的終身價值超過我們的客戶獲取成本的12 倍，並生動地展示了Spire 為客戶提供的卓越和持久的價值，這要歸功於Spire 非常高的總保留率。客戶可能會在 Spire 停留很多很多年。因此，我們正在吸引一個更保守的指標，將未來貨幣的價值折現為淨現值。這個更保守的淨現期終身價值仍然覆蓋了我們的客戶獲取成本的八倍，這增強了我們透過策略性地挑戰對我們的銷售和行銷工作的進一步投資來加速Spire 成長的信心，同時透過我們的訂閱業務模式保持穩健的底線。

Spire has cracked the code of building a high-growth, high-margin space company. As we project our goals further out, we're not content with just maintaining a trajectory. We aim to accelerate driving top-line growth consistently above 30%, achieving gross margins over 70% and maintaining positive cash flow. These are more than objectives. They are the hallmark of great subscription companies, and we plan to stand firmly among them. Our achievements to date just the beginning of this journey, did they already set us apart in the competitive landscape? We are committed to continuing this trajectory, driving value for our shareholders and redefining the possibilities for our industry base has inspired people for Millennia, bringing hope for a better future for this space.

Spire 破解了建立高成長、高利潤航太公司的密碼。當我們進一步規劃目標時，我們不滿足於僅僅維持一個軌跡。我們的目標是加速推動營收成長持續超過30%，實現毛利率超過70%，並維持正現金流。這些不僅僅是目標。它們是優秀訂閱公司的標誌，我們計劃堅定地躋身其中。我們迄今為止所取得的成就只是這趟旅程的開始，它們是否已經使我們在競爭格局中脫穎而出？我們致力於延續這一發展軌跡，為股東創造價值，並重新定義我們行業基礎的可能性，這激勵了千禧年的人們，為這個領域帶來了更美好未來的希望。

Economy estimated to reach $1 trillion or more by 2030 as thousands and thousands of companies look for and find ways to leverage space. Spire is bringing that hope to people and places all around the world. We are mission driven to improve life on earth with data and insights that could only be collected from space. Our commitment to this mission is stronger than ever, and I'm excited for Spire to deliver on this promise and increasing the impactful base. And thank you for your trust and support on this journey. And with that, I'll turn it over to Leo.

隨著成千上萬的公司尋找並找到利用空間的方法，預計到 2030 年經濟將達到 1 兆美元或更多。Spire 正在為世界各地的人們和地方帶來這種希望。我們的使命是利用只能從太空收集的數據和見解來改善地球上的生活。我們對這項使命的承諾比以往任何時候都更加堅定，我很高興 Spire 能夠兌現這一承諾並擴大影響力。感謝您在這段旅程中的信任與支持。有了這個，我會把它交給利奧。

Thank you, Peter. I hope listeners are as excited as I am about Spire for any CFPA, that would be a tough act to follow, but let me keep the energy high. Our results clearly support that level of excitement. Q4 was yet another quarter of strong execution at $27.7 million of revenue. We met our expectations for the fourth quarter, an even more significant achievement considering that the launch of our North Star Constellation moved from December 2023 to January 2024 and delayed some revenue recognition. Our Q4 results yet again. So a trend of continued record revenue for the 10 quarters. We have been a public company for full year revenues of $105.7 million fell within our guidance range and at 32% growth met our expectations for annual revenue year-over-year growth of over 30%. Reported ARR at quarter end was $106.8 million. This excludes a $9.4 million, eight month contract for radio occupation or Arrow weather data.

謝謝你，彼得。我希望聽眾和我一樣對 Spire 的任何 CFPA 感到興奮，這將是一個很難遵循的行為，但讓我保持高昂的能量。我們的結果清楚地支持了這種興奮程度。第四季又是一個執行力強勁的季度，營收為 2,770 萬美元。我們達到了對第四季度的預期，考慮到我們的北極星星座的發射從 2023 年 12 月推遲到 2024 年 1 月並推遲了一些收入確認，這是一項更為重大的成就。我們的第四季結果再次出現。因此，營收連續 10 個季度創紀錄的趨勢。作為一家上市公司，我們的全年收入為 1.057 億美元，落在我們的指導範圍內，並且 32% 的增長率滿足了我們對年收入同比增長超過 30% 的預期。季度末報告的 ARR 為 1.068 億美元。這不包括價值 940 萬美元、為期八個月的無線電佔領或 Arrow 天氣資料合約。

This award was received January fourth, 2020 for only 96 hours after close due to an administrative systems issue on our customer side. As a result of this contract not being formally awarded by December 31st, we prepaid $2 million of principal on our Bluedoor its debt to remain in compliance with the air our covenant through the end of 2023, including this, our own contract awarded in early 2024, which represents $14.1 million ARR. We're currently at over $120 million in ARR, a level over the highest ARR required by our debt covenants. With this achievement, we will no longer be providing guidance on this metric, but we'll continue to report our ARR results in our quarterly and annual financials.

由於我們客戶端的管理系統問題，該獎項於 2020 年 1 月 4 日在截止後僅 96 小時內獲得。由於該合約未在 12 月 31 日之前正式授予，我們預付了 Bluedoor 債務的 200 萬美元本金，以便在 2023 年底之前繼續遵守我們的契約，其中包括我們自己於 2024 年初授予的合同，相當於1410萬美元的ARR。目前，我們的 ARR 超過 1.2 億美元，高於我們的債務契約要求的最高 ARR 水準。在取得這項成就後，我們將不再提供有關該指標的指導，但我們將繼續在季度和年度財務報告中報告我們的 ARR 結果。

Consistent with the maturing of the company. Our covenants will shift to adjusted EBITDA, we will provide guidance on adjusted EBITDA as we have done thus far. We will also start to provide insights on other SaaS metrics with the intention of giving additional transparency around our superior business model.

與公司的成熟一致。我們的契約將轉向調整後的 EBITDA，我們將像迄今為止所做的那樣提供調整後 EBITDA 的指導。我們也將開始提供其他 SaaS 指標的見解，旨在提高我們卓越業務模式的透明度。

Another metric that we feel provides insight into our future revenues is our remaining performance obligations. As of the end of the fourth quarter, we had almost $200 million of remaining performance obligations that have not yet been recognized as revenue. 40% of that revenue is scheduled to materialize in the next 12 months. This creates a good line of sight regarding a meaningful amount of contractually committed future revenues. For full year 2023, gross margins expanded to 60% on a GAAP basis and 64% on a non-GAAP basis. This reflects a 10 percentage point improvement over 2022 on a GAAP basis and nine percentage point improvement on a non-GAAP basis.

我們認為可以洞察我們未來收入的另一個指標是我們的剩餘履約義務。截至第四季末，我們還有近 2 億美元的剩餘履約義務尚未確認為營收。其中 40% 的收入預計將在未來 12 個月內實現。這為合約承諾的未來收入創造了良好的視野。2023 年全年，以 GAAP 計算的毛利率增加至 60%，以非 GAAP 計算的毛利率增加至 64%。以 GAAP 計算，這比 2022 年提高了 10 個百分點；以非 GAAP 計算，則比 2022 年提高了 9 個百分點。

As we look forward to the end of 2024, we expect further improvement in our full year gross margins compared to 2023. Next, I'll discuss non-GAAP financial measures. Unless otherwise stated, we have provided a reconciliation of GAAP to non-GAAP financials in our earnings release and investor presentation, both of which are available in our Investor Relations website and should be reviewed in conjunction with this earnings call, but Q4 operating loss was better than the high end of our guidance range at negative $3.6 million. This reflects a 65% year-over-year improvement and a 43% improvement sequentially quarter over quarter. Operating margin was negative 13% for the quarter and represents a 33-percentage-points operating margin improvement year over year.

展望 2024 年底，我們預計全年毛利率將較 2023 年進一步改善。接下來，我將討論非公認會計準則財務指標。除非另有說明，我們在收益發布和投資者演示中提供了GAAP 與非GAAP 財務數據的對賬，這兩者都可以在我們的投資者關係網站上找到，並應與本次收益電話會議一起審查，但第四季度的營運虧損優於我們指導範圍的上限（負 360 萬美元）。這反映出年比改善 65%，較上季改善 43%。本季營業利益率為負 13%，營業利潤率年增 33 個百分點。

The overperformance can be attributed to diligent management on the discretionary spend and a tight control of headcount, which resulted in lower compensation and benefit payout. Adjusted EBITDA turned positive for the fourth quarter, a result that was not expected until the first half of 2024 at positive $2.1 million or 8% of revenue. Adjusted EBITDA was over $1 million above the high end of our range. For the full year, adjusted EBITDA was negative $11 million, a 66% improvement from full year 2022 results. This full year result reflects the operational leverage we're able to generate from our deployed assets.

業績超預期可歸因於對可自由支配支出的勤勉管理和對員工人數的嚴格控制，導致薪資和福利支出較低。第四季調整後 EBITDA 轉為正值，這結果直到 2024 年上半年才預計為正值 210 萬美元，佔營收的 8%。調整後 EBITDA 比我們範圍的上限高出 100 萬美元以上。全年調整後 EBITDA 為負 1,100 萬美元，較 2022 年全年業績提高 66%。這項全年業績反映了我們能夠從部署的資產中產生的營運槓桿。

Let's now move on to the balance sheet and specifically our cash position. We ended the quarter with cash, cash equivalents and short term marketable securities of almost $41 million, which was in line with our expectations. We successfully generated positive cash flow from operations as committed with a $9.2 million sequential improvement, we achieved positive cash flow from operations of $4.1 million. Turning to free cash flow, we saw an 86% sequential improvement to negative $2.2 million in the fourth quarter. This includes a $4.5 million prepayment of debt.

現在讓我們來看看資產負債表，特別是我們的現金狀況。本季結束時，我們的現金、現金等價物和短期有價證券接近 4,100 萬美元，符合我們的預期。我們成功地從營運中產生了正現金流，如承諾的那樣，連續改善了 920 萬美元，我們從營運中實現了 410 萬美元的正現金流。談到自由現金流，我們看到第四季環比成長 86%，達到負 220 萬美元。其中包括提前償還 450 萬美元的債務。

We feel confident in our journey to deliver positive free cash flow in the summer of 2024. We usually receive this question from investors regarding what we will do with the cash we expect to generate as we become free cash flow positive. As you know, there remain mainly three uses of cash, debt repayment, share repurchases and investments in growth. I would like to expand a bit on the last one because this is where we will most likely allocate most of the cash flow we generate going forward. Peter mentioned in his opening remarks, we benchmark Spire against SaaS businesses, and we have some of the strongest SaaS metrics in the industry. Not only have we grown revenues at over 30% year over year.

我們對在 2024 年夏季實現正自由現金流的旅程充滿信心。我們通常會收到投資人的這樣的問題：當我們的自由現金流變成正數時，我們將如何處理預期產生的現金。如您所知，現金主要有三種用途：償還債務、股票回購和成長投資。我想對最後一個進行一些擴展，因為這是我們最有可能分配未來產生的大部分現金流的地方。Peter 在開場白中提到，我們將 Spire 與 SaaS 業務進行基準測試，並且我們擁有業內最強大的 SaaS 指標。我們不僅營收年增超過 30%。

Our LTV to stack is over 12 times undiscounted and over eight times discounted, we plan on providing additional SaaS metrics in the future. And what you should take away from this is that Spire provides superior value to our customers with our proprietary data assets and solutions. And that given our high A., our net retention rates of over 102% for 2023 strong gross retention rates and efficient direct sales approach. We believe the Company valuation can benefit significantly over the long run from reinvestment in growth areas, particularly sales, product and marketing going back to the second use of cash debt repayment. The existing loan terms resulted in Spire paying roughly $16.7 million of net interest payment or about $0.85 a share in 2023. We continue to foster a good relationship with our current lenders.

我們的 LTV 堆疊超過 12 倍未折扣和超過 8 倍折扣，我們計劃在未來提供額外的 SaaS 指標。您應該從中學到的是，Spire 透過我們專有的數據資產和解決方案為我們的客戶提供卓越的價值。鑑於我們的高 A.，我們的淨保留率在 2023 年將超過 102%，強勁的毛保留率和高效的直銷方法。我們認為，從長遠來看，公司估值可以從成長領域的再投資中顯著受益，特別是銷售、產品和行銷，可以追溯到現金債務償還的第二次使用。根據現有貸款條款，Spire 將在 2023 年支付約 1,670 萬美元的淨利息，即每股約 0.85 美元。我們繼續與現有的貸方建立良好的關係。

And as we discussed last quarter, we believe our credit profile and rating is better than what we're currently paying for as a comparison in the quarters prior to taking out our current loan, Spire was burning over $16 million of operating cash flow each quarter. Last quarter, Spire generated over $4 million of positive operating cash flow, and we expect to continue generating positive operating cash flow going forward. Additionally, we achieved positive adjusted EBITDA in Q4, and we added $10 million to our balance sheet in February through a strategic investment that valued our share at $12 per share or roughly a 50% premium on our market price at the time of the announcement.

正如我們上個季度所討論的，我們相信我們的信用狀況和評級比我們目前支付的信用狀況和評級要好，與發放當前貸款之前的幾個季度相比，Spire 每個季度燃燒超過1600 萬美元的營運現金流。上季度，Spire 產生了超過 400 萬美元的正營運現金流，我們預計未來將繼續產生正營運現金流。此外，我們在第四季度實現了調整後的正EBITDA，並且透過一項策略投資，我們在2 月的資產負債表上增加了1000 萬美元，該策略投資對我們的股票估值為每股12美元，大約比發佈公告時的市場價格溢價50%。

These achievements set us up for continued dialogue with more traditional lenders to explore opportunities for interest rates, more in line with our current credit risk profile. It remains our objective to refinance our current loan in the second half of 2024 or very early 2025 at end. Now turning to our outlook for the first quarter and full year of 2024. We believe 2024 will be a marquee year for Aspire One, where we sustain positive adjusted EBITDA for the year and start seeing positive free cash flow in December. Quarterly results can still fluctuate given the quarterly timing of various metrics, and we're confident in our annual commitment supported by our strong track record. As a reminder, we met or exceeded all six of our bottom line guidance metrics for 2022 and 2023 that were set in March of each respective year.

這些成就使我們能夠與更傳統的貸方繼續對話，探索更符合我們當前信用風險狀況的利率機會。我們的目標仍然是在 2024 年下半年或 2025 年初為當前貸款進行再融資。現在轉向我們對 2024 年第一季和全年的展望。我們相信 2024 年將是 Aspire One 的重要一年，我們將在這一年維持正的調整後 EBITDA，並在 12 月開始看到正的自由現金流。鑑於各種指標的季度時間安排，季度業績仍然可能波動，並且我們對我們良好的業績記錄所支持的年度承諾充滿信心。謹此提醒，我們達到或超過了每年 3 月設定的 2022 年和 2023 年全部六項底線指導指標。

For the first quarter, we expect revenue to range between [$27,000,029] million dollars before stepping up in the second, third and fourth quarter as new space service assets begin to deliver data. For the full year, we expect a revenue range from $138 million to $148 million. The 2024 midpoint reflects yet another high double digit growth year at 35% year-over-year growth. Given the operational leverage, we are continuing to see across our business. We anticipate full year 2024 non-GAAP operating earnings to range from negative 5.5 million to positive $2.5 million, which is at $24.3 million improvement year-over-year at the midpoint.

我們預計第一季的收入將在 [27,000,029] 百萬美元之間，然後隨著新的空間服務資產開始提供數據，第二、第三和第四季度收入將增加。我們預計全年營收在 1.38 億美元至 1.48 億美元之間。2024 年的中點反映了另一個高兩位數成長的年份，年成長 35%。考慮到營運槓桿，我們將繼續專注於我們的業務。我們預計 2024 年全年非 GAAP 營業利潤將在負 550 萬美元到正 250 萬美元之間，中間值年增加 2,430 萬美元。

For the first quarter, we expect non-GAAP operating loss to range between [$8,000,000] million dollars and then turn positive after the second quarter, driven by higher revenues as base service assets begin to deliver data. Adjusted EBITDA for the full year is expected to range from positive $13 million to positive $19 million which represents an improvement of $27 million year over year at the midpoint. For the first quarter, we're expecting a range from negative $2 million to zero. And then for adjusted EBITDA to remain positive starting in Q2 of 2024.

對於第一季度，我們預計非GAAP 營運虧損將在[8,000,000] 百萬美元之間，然後在第二季度之後轉為正數，這是由於基礎服務資產開始提供數據而帶來的收入增加所致。全年調整後 EBITDA 預計在正 1,300 萬美元至正 1,900 萬美元之間，這意味著同比中點增加了 2,700 萬美元。我們預計第一季的營收範圍為負 200 萬美元到零。然後，調整後 EBITDA 從 2024 年第二季開始保持正值。

We expect our non-GAAP loss per share for the first quarter to range from negative $0.36 to negative $0.27, which assumes a basic weighted average share count of approximately $22 million shares. For the full year, we expect our non-GAAP loss per share to range from negative $0.24 to positive $0.11, which assumes a basic weighted average share count of approximately $22.5 million shares. Turning to our replenishment CapEx needs for 2024, we expect to spend between five and $7 million to replenish our constellation that supports our data and analytics business.

我們預計第一季的非 GAAP 每股虧損將在負 0.36 美元到負 0.27 美元之間，假設基本加權平均股數約為 2,200 萬美元。對於全年，我們預計非 GAAP 每股虧損將在負 0.24 美元到正 0.11 美元之間，假設基本加權平均股數約為 2,250 萬美元。談到 2024 年的補充資本支出需求，我們預計將花費 500 至 700 萬美元來補充支持我們數據和分析業務的星座。

This is in line with our replenishment CapEx in 2022 and 2023 data that we're now providing in our 10 K as we're continuing to provide additional transparency around there. It has a strong track record of delivering on our commitments at Spire, we call it being reliable, which is at the core of our values alongside with faster and relentless. That's the kind of theme we have at Spire, and that's what motivates me every day. Thanks for joining us today. And now I would like to open up the call for questions.

這與我們現在在 10 K 中提供的 2022 年和 2023 年補充資本支出數據一致，因為我們將繼續提供額外的透明度。它在履行 Spire 的承諾方面有著良好的記錄，我們稱之為可靠，這是我們價值觀的核心，同時也是更快和不懈的。這就是我們 Spire 的主題，也是我每天的動力。感謝您今天加入我們。現在我想開始提問。

(Operator Instructions) Austin Moeller, Canaccord Genuity.

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

Hi, good afternoon. Great quarter for my first question here. Probably for Leo. Since free cash flow use was so low in Q4, can you detail what working capital or other CapEx items are leading you to maintain positive free cash flow guidance in Q2 to two three? Or does summer technically indicate that it's moved to the left a little bit, Austin, thank you.

嗨，下午好。我在這裡的第一個問題很棒。可能是為了獅子座。由於第四季度的自由現金流使用量如此之低，您能否詳細說明哪些營運資金或其他資本支出項目使您在第二季至二三季度保持積極的自由現金流指引？或者夏天從技術上來說是否表明它向左移動了一點，奧斯汀，謝謝你。

And listen, the free cash flow for summer is what we said before around Q2. Q3 is a time line where we expect that to be the case, free cash flow includes CapEx and our CapEx in total is also subject to their space services launches in the space services activities. So when you think about our free cash flow becoming positive. It's a combination of the timing of the services activities that we do, the builds and the launch and also our ability to turn on some of those data provision contracts that.

聽著，夏季的自由現金流就是我們之前在第二季左右所說的。第三季是我們預期的時間線，自由現金流包括資本支出，我們的資本支出總額也取決於他們在太空服務活動中推出的太空服務。所以當你想到我們的自由現金流變得積極時。這是我們所做的服務活動的時間安排、建構和發布以及我們啟用其中一些數據提供合約的能力的結合。

As I described and you can see in our presentation, are extremely positive cash flow generator after they go effectively in service. So we have a bunch of those that launched late in 2024 and early in Q1. As those become operational, it will become a significant contributor to our cash flow position.

正如我所描述的，您可以在我們的演示中看到，在有效投入使用後，它們會產生非常積極的現金流。因此，我們有許多在 2024 年末和第一季初推出的產品。隨著這些項目投入運營，它將成為我們現金流狀況的重要貢獻者。

Great. And just a follow up. This question might be for Peter. But when do you expect that eats up might award a follow-on contract with your ELO Constellation after you finish the first demo satellite.

偉大的。只是後續行動。這個問題可能是問彼得的。但是，在您完成第一顆示範衛星後，您預計何時 eats 可能會與您的 ELO Constellation 簽訂後續合約。

So the yes, the time line things off with a question is that towards the end of the urea other project, which was always our target to be a two to three year project. And the European Commission has come out and said like that's roughly where we want to get going and have a massive constellation of and probably a few hundred spacecraft that provide a few seconds of latency off of a civilian aircraft tracking over the European area and without the need for the GPS signal that is embedded in the ADS-B information.

所以，是的，時間線有一個問題是，在尿素其他計畫即將結束時，我們的目標始終是一個兩到三年的計畫。歐盟委員會已經出面表示，這大概就是我們想要開始的地方，擁有一個龐大的星座，可能有幾百個航天器，可以為在歐洲地區上空跟踪的民用飛機提供幾秒鐘的延遲，而無需任何幹擾。需要嵌入 ADS-B 訊息中的 GPS 訊號。

So I would that I would expect, given the time line of European institutions, that those discussions will start to get underway as the reality project reaches kind of like its mid point, maybe a little bit further, but I do not expect them to be actually awarded much before if at all the end, your yellow project.

因此，我希望，考慮到歐洲機構的時間表，這些討論將開始進行，因為現實項目達到了中點，也許更遠一點，但我不認為它們會成為現實。實際上在你的黃色項目結束之前就已經獲得了很多獎勵。

Great. That's very helpful. Thanks for the details course.

偉大的。這非常有幫助。感謝您的詳細課程。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯，雷蒙德詹姆斯。

Your line is now live in the narrowbody there. Any couple of cleaning up and a couple of questions on. First appreciate the calendar year calendar quarter guidance to say, okay, here's what we're going to do. Revenue in the year. That's up much appreciated the on a couple of questions I had is obviously you've got the new space assets. Does that hit cost of service depreciation in 4Q? And is that kind of the levels we should expect or was there something unusual in that going from kind of below $10 million, $13 million a quarter?

您的線路現在已在窄體飛機上運行。任何一些清理工作和一些問題。首先感謝日曆年日曆季度的指導說，好吧，這就是我們要做的。當年收入。非常感謝我提出的幾個問題，顯然你們已經擁有了新的太空資產。這是否會影響第四季的服務折舊成本？這是我們應該期望的水平嗎？或者每季低於 1000 萬美元到 1300 萬美元的水平是否有什麼不尋常的地方？

Yes. So I think one thing that you need to consider is every year. We do an assessment of our asset lives, and this is not different from any other year where we basically assess the asset lives that we have. One of the things that came out in Q4 was a new study on the solar cycle that no and NASA gave us, we were able to reassess the extent of the impact of that solar cycle in the useful life of our satellites, some of the older satellites, basically with the Orbit a little bit earlier than we had anticipated, and we had to reset the useful lives for some of the satellites. That's really all you're seeing in that have a reset.

是的。所以我認為你需要考慮的一件事是每年。我們對我們的資產壽命進行評估，這與我們基本上評估我們擁有的資產壽命的任何其他年份沒有什麼不同。第四季出現的一件事是美國太空總署給我們的一項關於太陽週期的新研究，我們能夠重新評估太陽週期對我們衛星使用壽命的影響程度，其中一些較舊的衛星衛星，基本上是其軌道比我們預期的要早一些，我們不得不重置一些衛星的使用壽命。這確實是您在重置中看到的全部內容。

Okay. And what our guidance is that let me now look at the low end for a second here, as you know, that Sun has a cycle of roughly 11 years where its activity increases and decreases. And when the activity of the Sun increases, it kind of like expands the earth's atmosphere a little bit, and that is impacting all activities in space. And if you go to higher orbit, you also have certain events that cause a single event upsets and total ionizing does that are above safe and Alan bounce where things get a little bit more rough and the lower orbit, you have a certain spacecraft that just the Orbit a little bit quicker?

好的。我們的指導是，現在讓我看一下低端，如您所知，Sun 的周期大約為 11 年，其活動會增加和減少。當太陽活動增加時，就像地球大氣層稍微膨脹一樣，這會影響太空中的所有活動。如果你去更高的軌道，你也會有某些事件導致單一事件的混亂和總電離確實高於安全和艾倫彈跳，事情會變得更加困難，而在較低的軌道上，你有一個特定的太空船，它只是軌道快一點？

I think what is very, very beneficial for Spire is the great resilience of our constellation that is deployed as well as the constant increase in capabilities from a spacecraft today might do something that three years ago to 10 spacecraft. So I would expect that over time, the total number of spacecraft that deliver the data that we deliver today to customers and beyond is actually going to come down rather than go out simply because more and more assets that we are that we launch are more and more effective compared to the assets that are currently in orbit as it 10 times performance improvement. Every five year principle is so deeply embedded, not just in the industry but in particular, Inspire given at the full vertical integration company and what kind of useful life are you seeing across the different types of your satellites.

我認為對 Spire 來說非常非常有利的是我們所部署的星座的巨大彈性，以及今天一艘太空船能力的不斷增強，可能會達到三年前 10 艘太空船的效果。因此，我預計，隨著時間的推移，我們今天向客戶及其他地區提供數據的航天器總數實際上會下降，而不是消失，僅僅是因為我們發射的資產越來越多。與目前在軌資產相比更有效，效能提高了10 倍。每五年一次的原則是如此根深蒂固，不僅在行業中，而且特別是在完全垂直整合的公司中給出的 Inspire 以及您在不同類型的衛星上看到的使用壽命。

So any views at Zygo add layer on the it depends significantly on, you know, the timing of when you launch them and the size of the an asset and then whether they do or don't have propulsion and the type of mission that we have. So and on average, our own Constellation still has a four year average useful life, which is kind of what we expect and we said, you know, four to five years ago, we would have expected to see some of the larger assets tend to have a propulsion and they tend to last a bit longer. So for space services, we have some assets that could be in the air longer than the 5-year average of four to five year than we have on our assets.

因此，Zygo 的任何觀點都在很大程度上取決於，你知道，啟動它們的時間和資產的大小，然後它們是否有推進力以及我們的任務類型。因此，平均而言，我們自己的星座仍然有四年的平均使用壽命，這正是我們所期望的，我們說過，四到五年前，我們預計會看到一些較大的資產傾向於有推進力，它們往往會持續更長時間。因此，對於太空服務，我們擁有一些資產，它們在空中的使用壽命可能比我們資產的五年平均時間長四到五年。

Okay. And you mentioned that some of your as you produce free cash flow, obviously that's still on track for summer positive free cash flow, invest back in growth with the likely sales product and marketing. If we look at fourth quarter on this, the sales and marketing was a little lighter and G&A was a little lighter that would we should expect going forward unless your radios are investing some of that free cash? Or how should we think about investing in sales and marketing versus what we've seen kind of as the year ended out yes, I would say that that is exactly what you should expect.

好的。您提到，當您產生自由現金流時，顯然仍有望實現夏季正自由現金流，並透過可能的銷售產品和行銷來投資於成長。如果我們看一下第四季度，銷售和行銷以及一般行政費用都稍微減少了一點，除非你們的收音機投資了一些自由現金，否則我們應該期望未來會繼續下去嗎？或者我們應該如何考慮對銷售和行銷的投資，以及我們在今年結束時所看到的情況，是的，我想說這正是您應該期望的。

I mean, there are a couple of things that we certainly would want to invest in and our offering is heavily skewed towards the data provision, and we want to invest a bit more in analytics and predictive analytics. We also will expand kind of our product offerings and launch new products and you will see a bit more spend in marketing and sales feet on the street activities as we start to generate that free cash flow we described also the lifetime value to cost of acquiring a customer. And that's effectively where we think the biggest return would be for the shareholders at this point because we have very, very strong returns on those investments on the acquisition side.

我的意思是，我們當然希望投資一些東西，而且我們的產品嚴重偏向數據提供，我們希望在分析和預測分析方面投入更多。我們還將擴大我們的產品種類並推出新產品，當我們開始產生我們所描述的自由現金流時，您會在街頭活動的營銷和銷售方面看到更多的支出，這也是我們描述的購買成本的終身價值。顧客。實際上，我們認為此時股東的最大回報將在哪裡，因為我們在收購方面的投資獲得了非常非常強勁的回報。

Okay. And then obviously the replenished CapEx appreciate and breaking that out $5 million to $7 million somewhere in 22 and 23. But obviously the space services can be kind of lumpy, lumpy and chunky for the guidance of positive free cash flow by summertime. Does that assume that some of those space services projects and work later in the year or because it does.

好的。然後，顯然補充後的資本支出會在 22 月和 23 月的某個時間突破 500 萬至 700 萬美元。但顯然，為了在夏季之前引導積極的自由現金流，太空服務可能會變得非常不穩定。這是假設其中一些太空服務將在今年稍後啟動並投入使用，還是因為確實如此。

So they are they are basically. So the launch happens at one particular time. There's a significant amount of cost associated to the launch. If you go to the page where we tried to illustrate how the space services deal works from a cash inflow and outflow standpoint, you will see that all of that CapEx is pre-funded by the customer, their fees, it basically support that, but it's lumpy because you can see money that comes out, design manufacturing impact, you know, by that goes out when we pay for the launch, prepare for the launch. And that launch happens.

所以他們基本上就是這樣。所以發射發生在一個特定的時間。與發布相關的成本很高。如果您轉到我們試圖從現金流入和流出的角度說明太空服務交易如何運作的頁面，您會看到所有資本支出都是由客戶預先資助的，他們的費用，它基本上支持這一點，但是它是不穩定的，因為你可以看到金錢的產生，設計製造的影響，你知道，當我們支付發布費用，為發布做準備時，這些錢就花掉了。那次發射發生了。

And then from there on the cash inflows are very material. So of course, from there P&L standpoint, the GAAP profit is fairly leveled because we start depreciating those assets that we own. But from a cash standpoint, yes, it can be somewhat lumpy depending on when the assets get launched effectively but generally speaking, you should expect us to have, as we said, $5 million to $7 million of replenishment CapEx of our own, and we'll go through the year.

從那時起，現金流入就非常可觀。因此，當然，從損益表的角度來看，公認會計準則利潤相當平穩，因為我們開始對我們擁有的資產進行折舊。但從現金的角度來看，是的，它可能會有些不穩定，這取決於資產何時有效啟動，但一般來說，正如我們所說，您應該期望我們擁有500 萬至700 萬美元的補充資本支出，而且我們將度過這一年。

Right, and it's as we said, we just said we replenish satellites and that's for five years, four to five years. And as we put new satellites, I think in our in-orbit, they do way more than what the older ones did. So we don't need to replenish one for one. And then we continue to invest in our capabilities on the type of antennas that we have in our ground stations and the bands and the speed of the downlink and another that Jazz, I would say that for space services, it can be a bit lumpy, but generally speaking, you should think about this as when you see more CapEx, that's actually good. It means more growth. It means more revenue means more cash in the future.

是的，正如我們所說，我們剛才說我們補充衛星，這是五年，四到五年。當我們將新衛星放入軌道時，我認為它們的作用比舊衛星多得多。所以我們不需要一一補充。然後我們繼續投資於地面站天線類型、頻段和下行速度以及爵士樂的能力，我想說，對於太空服務，它可能有點不穩定，但一般來說，您應該考慮這一點，因為當您看到更多的資本支出時，這實際上是好的。這意味著更多的成長。這意味著更多的收入意味著未來更多的現金。

Great. Thanks, everyone.

偉大的。感謝大家。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Good afternoon. So it was helpful commentary on the impact from the timing of I think the Miller contract as it relates to ARR. and I get that normalized for that there's good progression, but I think you would have still been below your guidance normalized for that contract timing, can you just comment on that dynamic as well as on the ARR solution, customer churn? And I know you are deemphasizing smaller customers that just looks like it stepped down more sequentially than I would have expected.

午安.因此，我認為米勒合約與 ARR 相關的時間影響的評論很有幫助。我得到了標準化，因為有良好的進展，但我認為您仍然低於合約時間標準化的指導，您能評論一下這種動態以及 ARR 解決方案、客戶流失嗎？我知道您正在淡化較小的客戶，這些客戶看起來比我預期的要更連續地退出。

Yes. So you're right. And Jeff, thanks for your question. The the ARR guidance was around $130 million and we would have been at 120 with no contract. And the issue is really you can see it in the news, some of our orders on the federal side were actually delayed because we had the continuing resolution, giving some of the agencies a bit of pause on when to place those orders. And then on top of that we saw we delayed the launch from our constellation for North Star.

是的。所以你是對的。傑夫，謝謝你的提問。ARR 指導值約為 1.3 億美元，如果沒有合同，我們的價格將是 120。問題是你確實可以在新聞中看到，我們在聯邦方面的一些訂單實際上被推遲了，因為我們有持續的解決方案，讓一些機構在何時下這些訂單方面有一些暫停。除此之外，我們也看到我們延後了北極星星座的發射。

And of course, when that moves from December to January, there are domino effects on their side and the customer side on proving that these assets work and then they get additional funding for a subsequent order. So those are the kind of things that impacted our estimate and you can go line by line. And the reconciliation is actually a little bit of push out into Q1 or first half of 2024 on those orders.

當然，當這種情況從 12 月轉移到 1 月時，他們和客戶方面都會產生骨牌效應，證明這些資產有效，然後他們為後續訂單獲得額外資金。這些都是影響我們估計的事情，你可以逐行查看。實際上，這些訂單的對帳工作稍微推遲到了第一季或 2024 年上半年。

Got it. I was a general manager in Mexico, but that's the nature of ARR that a small move in timing can I cannot make a very different change in what you report. We have not seen any change in the demand and interest from a from the customer of our products is quite the opposite.

知道了。我曾是墨西哥的總經理，但這就是 ARR 的本質，即時間上的微小變動我無法對您報告的內容做出截然不同的改變。我們沒有看到客戶對我們產品的需求和興趣發生任何變化，情況恰恰相反。

You know, we are scrambling everywhere. We can to have enough capacity inside the system to fulfill that demand, the customers are throwing our way.

你知道，我們到處都在爭先恐後。我們可以在系統內有足夠的容量來滿足該需求，客戶正在向我們拋出橄欖枝。

Got it. Yes, that makes sense. And I mean, I guess this is related to that. But as you hit free cash flow positive and start to invest more in sales, part marketing, et cetera. Just given that that's through the income statement and period, can you give us any sort of like framework around multiyear margin expansion. Like should we expect margins to be more why it is for a few years? Are you just signaling is that we should expect a more moderated pace of margin expansion. Just anything you can say to help us better model what you're trying to signal?

知道了。是的，這是有道理的。我的意思是，我想這與此有關。但當你的自由現金流達到正數並開始在銷售、部分行銷等方面進行更多投資時。鑑於這是透過損益表和期間，您能否為我們提供有關多年利潤率擴張的任何類似框架。例如我們是否應該預期利潤率會更高，為什麼會持續幾年？您只是暗示我們應該預期利潤率擴張的步伐會更加溫和。您能說些什麼來幫助我們更好地模擬您想要傳達的訊號嗎？

Yes, the trajectory that we continue to operate against and we have talked about, and we feel very positive and strong about it, about 30% growth on the top line, about 70% gross margin. On the gross margin side, free cash flow positive. I think that is a very, very good framework to think about how this will continue to shake out and Okay, thank you.

是的，我們繼續遵循並討論過的營運軌跡，我們對此感到非常積極和強烈，營收成長約 30%，毛利率約 70%。在毛利率方面，自由現金流為正。我認為這是一個非常非常好的框架，可以思考這將如何繼續發展，好的，謝謝。

Erik Rasmussen, Stifel.

艾瑞克·拉斯穆森，斯蒂菲爾。

Yes, thanks. And congrats on the results in positive operating cash flow and get on. So just wanted to dig some follow on with that gross margin comment. So obviously, margin stepped down a little bit adjusted basis come from Q. three. And but if you are going to think about that 70% sort of target is that something that is more of a second half that, you know, as you sort of get to that free cash flow in and also sort of coincides with the top line sort of picking up as the space services piece starts to generate data and start to get revenue recognition from there?

對了謝謝。恭喜您取得積極的經營現金流並繼續前進。所以只是想對毛利率評論進行一些後續探討。很明顯，利潤率在第三季的基礎上略有下降。但如果你要考慮 70% 的目標，那是下半年的事情，你知道，當你獲得自由現金流並且也與營收一致時隨著太空服務部分開始生成數據並開始從那裡獲得收入確認，情況會有所好轉嗎？

Yes, I would say that you should expect margins to accrete as our revenue continues to grow as we have told and that effect the in effect, I would say that you should model margin expansion like we said, and our expected target is to go to 70% gross profit and that's what you should use in your models. I cannot tell you more than that. I think a lot of leverage on our model. So every time we get one of those space services yields on, right and they start generating data, they generate have very good margins, both on the cash and the gross profit side, every time we sell a new contract like you just saw with basically there maritime contract that we just announced, they come with a significant amount of leverage right so there's not incremental investment on our side on the gross profit side to achieve that revenue, our value generation and effectively that generates expansion.

是的，我想說，隨著我們的收入繼續增長，正如我們所說，你應該預期利潤率會增加，這會影響效果，我想說你應該像我們所說的那樣模擬利潤率擴張，我們的預期目標是70% 的毛利，這就是您應該在模型中使用的值。我不能告訴你更多。我認為我們的模型有很多槓桿作用。因此，每當我們獲得其中一項太空服務收益時，他們就會開始產生數據，無論是在現金還是毛利方面，每次我們出售一份新合約時，他們都會產生非常好的利潤，就像您剛剛看到的我們剛剛宣布的海事合約具有大量的槓桿作用，因此我們在毛利方面沒有增量投資來實現收入、我們的價值創造並有效地產生擴張。

Great. And then just the revenue guidance Q1. That's essentially flat at the midpoint from Q4. But it sounds like that's all again related to the space services and you expect then Q2 to be the step up and then step up throughout the rest of the year? Or is there any was there in this Q1 sort of a low point for the year? And what could sort of bring Q2 a little bit lighter than expected, you know, versus sort of your comments earlier Q2 being said?

偉大的。然後就是第一季的營收指引。這與第四季的中點基本持平。但這聽起來似乎又與太空服務有關，您預計第二季度會有所進步，然後在今年剩餘時間內有所進步？或者說第一季是否存在今年的低點？與您之前在第二季發表的評論相比，什麼可能會讓第二季的情況比預期的要輕一些？

Yes, I think I mentioned one of the things that needs to unlock for us to see that step-up is the continuing resolution. So as we do that, some of the agency demand that we have seen since Q4 and hasn't really materialized will materialize in Q1 and then deliver revenue for Q2 three and forward. I would say that after Q2, you should expect things to remain relatively flat or increasing slightly from Q2 to Q3 to Q4, but there isn't a material step-up between Q1 and Q2 as we deploy some of these services agreements.

是的，我想我提到了我們需要解鎖的一件事，讓我們看到進步是持續的解決方案。因此，當我們這樣做時，我們自第四季度以來看到的一些尚未真正實現的機構需求將在第一季實現，然後為第二季及以後的第三季提供收入。我想說，在第二季度之後，您應該預計情況將保持相對平穩或從第二季度到第三季度再到第四季度略有增加，但隨著我們部署其中一些服務協議，第一季和第二季之間沒有實質的提升。

That's helpful. Great. And then another, it seems like the space services business is picking up. Can you just maybe comment on how revenues have trended? What's the split in relation to your data services business? And then how do you see that sort of split progressing throughout 2024?

這很有幫助。偉大的。另一方面，太空服務業務似乎正在復甦。能否評論一下收入趨勢？與您的資料服務業務相關的劃分是多少？那麼您如何看待 2024 年這種分裂的進展？

Yes, perfect. You know, as we talked about the four main business units that we have, right? So maritime, weather, aviation and space services, I would say that the three big ones and you can consider them kind of in a similar range are maritime weather and space services. The fourth one aviation is emerging. I would say that it's a fraction of the other three. So if you do the math, you can come up with.

是的，完美。您知道，正如我們談到的我們擁有的四個主要業務部門，對嗎？因此，海事、天氣、航空和太空服務，我想說，三大服務，你可以將它們視為類似的範圍，即海事天氣和太空服務。第四個航空業正在興起。我想說這只是其他三個的一小部分。因此，如果您進行數學計算，您就可以得出結果。

Yes, you can you can do the simple math on three, three, 1033 is written, right? Something like that am but my my you asked how we're going to grow all of the business units are growing double digits. Aviation starts from a smaller base and they're going to grow high double digits as the yellow project and the technology that ensues from that project turns into a one or two or three or four commercial agreements when we're able to deploy real-time ADS-B data sets to our customers, right? So there's a significant amount of upside potential on the aviation and solutions.

是的，你可以做個簡單的算術，三，三，寫成1033，對嗎？類似的事情是，但我的天，你問我們將如何發展，所有業務部門都以兩位數成長。航空業從較小的基礎開始，隨著黃色專案和該專案產生的技術在我們能夠即時部署時變成一個或兩個或三個或四個商業協議，它們將成長兩位數ADS-B 數據集給我們的客戶，對嗎？因此，航空業和解決方案具有巨大的上升潛力。

Great. And then maybe just the last one last question. Just maybe can you talk about the transition of the large accounts? You mentioned last quarter, two of the big change in strategy, and we're still sort of early in that process, but any sort of observations you could share in terms of the momentum or potential upside you could see from that that change?

偉大的。然後也許只是最後一個問題。能談談大客戶的過渡嗎？您提到上季策略上的兩個重大變化，我們仍處於該過程的早期階段，但是您可以從該變化中看到的勢頭或潛在上行空間方面分享任何觀察結果嗎？

Yes, I think Eric, you can see it in our numbers, right? So we have already seen the result of our price actions and our conscious decision to not to pursue very, very small accounts they tend to be the least accretive and they don't continue to grow, they don't expand. So our strategy of land and expand is a very important factor of our growth equation and the smaller accounts tend to be small forever. So we want accounts that have an opportunity to really buy more of what we can offer and we want a larger share of wallet, but we also need a larger one. So our decision to really deemphasize that and reprice some of the smaller accounts, you can see already in some of the numbers that we have published for our ARR customer solutions that came down significantly. And that's because of our conscious approach to really not invest time and things that don't have the right payback.

是的，我想埃里克，你可以從我們的數據中看到這一點，對吧？因此，我們已經看到了我們的價格行為的結果，以及我們有意識地決定不追求非常非常小的帳戶，它們往往是增值最少的，並且不會繼續增長，不會擴張。因此，我們的土地和擴張策略是我們成長方程式的一個非常重要的因素，而較小的帳戶往往永遠很小。因此，我們希望帳戶有機會真正購買更多我們能提供的產品，我們想要更大的錢包份額，但我們也需要更大的錢包。因此，我們決定真正不再強調這一點，並對一些較小的帳戶重新定價，您可以在我們發布的 ARR 客戶解決方案的一些數字中看到，這些數字顯著下降。這是因為我們有意識地不投入時間和那些沒有正確回報的事情。

Great. That's helpful. Appreciate. Thank you.

偉大的。這很有幫助。欣賞。謝謝。

Suji Desilva, Roth MKM.

蘇吉·德西爾瓦，羅斯·MKM。

Hi, Peter. Hi, Leo. Congrats on the strong quarter. Um, on the on the North Star win and just the opportunity in national security, I understand in terms of targeting that the U.S. and global governments, how large is the incremental opportunity from beyond North Star and how soon can that come come online? Is it being delayed by some of the what's going on the government? Just curious on thoughts there.

嗨，彼得。嗨，利奧。恭喜季度表現強勁。嗯，關於北極星的勝利以及國家安全方面的機會，我了解就針對美國和全球政府而言，北極星之外的增量機會有多大，以及這些機會多久才能實現？是否因為政府正在發生的一些事情而被推遲？只是對那裡的想法感到好奇。

Yes. So it's probably packing two questions into one. So I will I will try to answer both of them.Sequentially. North Star is really a customer who's I would say, our services managing. We are particularly proud of supporting and they are generating more space, situational awareness information with their assets than I think anyone else definitely commercially has been able to do and that data is of relevance indeed in the commercial sector.

是的。所以它可能將兩個問題合而為一。所以我會嘗試按順序回答這兩個問題。我想說，北極星確實是我們的服務管理客戶。我們對支持感到特別自豪，他們利用自己的資產產生了更多的空間、態勢感知訊息，我認為絕對是其他商業領域無法做到的，而且這些數據在商業領域確實具有相關性。

But it is also, as you rightfully point out of great relevance on the defense side and overall and the conversation that we have of Planet Earth is often about wildfire and greenhouse gases from the conversations we have in space and generally equally intense and heated up about spaces, situational awareness and so I mean, I think they're quite excited for the growth of more SaaS business and its powerful thing of that of the business. As I think as Leo had mentioned, some of his remarks is that something that starts off, but no one, two, three, four spacecraft can then very, very rapidly grow to eight, 1632 a spacecraft and beyond. So the upsell opportunities to grow with our customers.

但正如您正確指出的那樣，這與國防方面和整體而言具有很大的相關性，我們關於地球的對話通常是關於我們在太空中進行的野火和溫室氣體的對話，並且通常同樣激烈和激烈我的意思是，我認為他們對更多SaaS 業務的成長及其強大的業務成長感到非常興奮。我認為正如利奧所提到的，他的一些言論是，一些事情開始了，但沒有一個、兩個、三個、四個航天器可以非常非常迅速地增長到八個，1632 一個航天器甚至更多。因此，追加銷售機會與我們的客戶一起成長。

Business is very, very rapid as fire has the ability to enter that demand from our customers, which are trying to enter with the demand from their customers very, very rapidly. And certainly as demand for space situational awareness, who is doing what where and when and how is certainly increasing both on the civil side and the defense side. But overall, the defense side is definitely a market, which for I guess better or worse, is one where we see tremendous amount of opportunity for aspire to contribute to a more safe and balanced and transparent world as the intensity of conflict increases all across the world.

業務發展非常非常快，因為火有能力進入我們客戶的需求，而客戶正試圖非常非常快速地進入客戶的需求。當然，隨著對太空態勢感知的需求，誰在何時何地做什麼以及如何做，民用方面和國防方面肯定都在增加。但總體而言，國防方面絕對是一個市場，無論好壞，隨著全球衝突強度的增加，我們看到了巨大的機會，渴望為一個更加安全、平衡和透明的世界做出貢獻。世界。

The ability to generate activity reports, the ability to geo locate assets that use radio frequency, which is just about any asset and on planet Earth is becoming more and more valuable. And it's certainly something that we are excited to be a provider of the transparency in supporting those that are trying to shine a light into those activities and be a contributor to a more safer world. And we certainly see a lot our future possibilities there for Spire as a company.

產生活動報告的能力、使用無線電頻率對資產進行地理定位的能力（幾乎是地球上的任何資產）正變得越來越有價值。我們當然很高興能夠成為透明度的提供者，支持那些試圖揭示這些活動並為更安全的世界做出貢獻的人。我們當然看到了 Spire 作為一家公司未來的許多可能性。

Okay. Thanks, Peter. And then my other question is on the maritime market and you've talked in your in your materials and just Mr. materials about it being lagging other on logistics and transportation industries and digitization. I'm curious how the partnership with signal ocean and the AIML. assets they have kind of maybe accelerates maritime into that better? Any color there would be helpful to understand as we go forward.

好的。謝謝，彼得。我的另一個問題是關於海運市場的，您在材料中談到了它在物流和運輸行業以及數位化方面落後於其他行業。我很好奇與 signal ocean 和 AIML 的合作如何。他們擁有的資產可能會加速海運業的發展？當我們繼續前進時，任何顏色都會有助於理解。

Yes, we believe that the maritime industry is just the cost of a new era of digitalization as more and more companies recognize the value of the data that I can enhance the operations and enhance what is happening on life on the oceans, which is driving over 90% of global trade. It is feeding the planet. It is doing, you know, of not just transportation. You're feeding our commodity markets. So it is an incredibly rich economy that some people say it's a $4 trillion, but it is driving an even much larger portion of the Global $100 trillion economy until the digitalization is really at the cost and supplier really sees itself as wanting to be the premier data provider in the universe and enabling other companies to grow based on that best-in-class data set and AI and machine learning now is a technology that really enhances the value of this data if you have the right AI and machine learning technologies and capabilities yourself.

是的，我們相信海運業只是數位化新時代的代價，因為越來越多的公司認識到數據的價值，我可以增強營運並改善海洋生物正在發生的事情，這正在推動佔全球貿易的90%。它正在養活地球。你知道，它不僅僅涉及交通。你們正在養活我們的商品市場。因此，這是一個極其富裕的經濟體，有人說它有4 兆美元，但它正在推動全球100 兆美元經濟中更大的一部分，直到數位化真正付出代價，供應商真正認為自己想成為第一。如果您擁有正確的人工智慧和機器學習技術和能力，那麼現在，您可以成為全球數據提供商，並使其他公司能夠基於一流的數據集以及人工智慧和機器學習來發展，這是一項真正增強這些數據價值的技術你自己。

And I think that is really where a single ocean shine in having some some exceptional capabilities there. And I believe that this partnership can enable other players to make the most of the combined value of more data that can be generating more insight through AI and machine learning. And so we're quite excited of being continuing to be a positive force for change towards this digitalization curve with our partnership with single ocean, but also a lot of other conversations that we have here in parallel for those partnerships to drive the digitalization of the maritime economy as one of the, if not the largest provider of clean valuable primary data of what is happening on the oceans every single day, every single minute.

我認為這確實是單一海洋的閃光之處，因為它擁有一些特殊的能力。我相信這種合作關係可以使其他參與者充分利用更多數據的綜合價值，這些數據可以透過人工智慧和機器學習產生更多洞察力。因此，我們非常高興能夠透過與 single ocean 的合作，繼續成為推動這一數位化曲線變革的積極力量，同時我們也與這些合作夥伴進行了許多其他對話，以推動數位化的數位化。海洋經濟即使不是最大的提供者之一，也是每天、每分鐘海洋上發生的情況的乾淨、有價值的原始數據的提供者之一。

Okay. Thanks, Peter. Appreciate the color. Thanks, guys.

好的。謝謝，彼得。欣賞顏色。多謝你們。

Of course, thank you.

當然，謝謝。

We have reached the end of our question and answer session, and that does conclude today's teleconference and webcast. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

我們的問答環節已經結束，今天的電話會議和網路廣播也就結束了。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。