Astra Space Inc (ASTR) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to Astra's Third Quarter 2022 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎來到 Astra 2022 年第三季度財務業績電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

I would now like to turn the call over to Andrew Hsiung, Vice President, Strategic Finance and Capital Markets. Please go ahead.

我現在想把電話轉給戰略財務和資本市場副總裁 Andrew Hsiung。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Astra's third quarter 2022 quarterly results call. After the market closed, we released our financial results. The results release is available on the SEC's website and our Investor Relations website at investor.astra.com. A supplemental presentation related to our third quarter 2022 results can also be found on the Investor Relations section of our website. This teleconference is also being broadcast over the Internet and will be archived and available on our Investor Relations website.

謝謝你，運營商。大家下午好，感謝您加入我們參加 Astra 2022 年第三季度季度業績電話會議。收市後，我們發布了財務業績。業績發布可在 SEC 網站和我們的投資者關係網站 investor.astra.com 上查閱。與我們 2022 年第三季度業績相關的補充介紹也可以在我們網站的投資者關係部分找到。該電話會議也在互聯網上播出，並將存檔並在我們的投資者關係網站上提供。

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors as our management team uses these non-GAAP financial measures to plan, monitor and evaluate our financial performance. These non-GAAP financial measures exclude certain items and should not be considered as a substitute for comparable GAAP financial measures. Astra's methods of computing these non-GAAP financial measures may differ from similar non-GAAP financial measures used by other companies. A description of these items along with the reconciliation of our non-GAAP financial measures to the most comparable GAAP financial measures can be found in our results release.

在我們今天的電話會議中，我們將參考非 GAAP 財務指標，我們認為這對投資者有用，因為我們的管理團隊使用這些非 GAAP 財務指標來計劃、監控和評估我們的財務業績。這些非 GAAP 財務措施不包括某些項目，不應被視為可比的 GAAP 財務措施的替代品。 Astra 計算這些非 GAAP 財務指標的方法可能不同於其他公司使用的類似非 GAAP 財務指標。在我們的結果發布中可以找到對這些項目的描述以及我們的非 GAAP 財務措施與最具可比性的 GAAP 財務措施的調節。

Today's call will also contain forward-looking statements. These forward-looking statements refer to future events, including Astra's future financial outlook. When used in this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project and similar expressions, as they relate to Astra are as such, a forward-looking statement. These forward-looking statements are subject to a number of risks and uncertainties, and as a result, Astra's actual future results and performance may differ materially from those discussed in this call.

今天的電話會議還將包含前瞻性陳述。這些前瞻性陳述涉及未來事件，包括 Astra 的未來財務展望。當在本次電話會議中使用預期、可能、啟用、估計、打算、期望、相信、潛在、將、應該、項目和類似的表達方式時，因為它們與 Astra 相關，因此屬於前瞻性陳述。這些前瞻性陳述受到許多風險和不確定因素的影響，因此，Astra 未來的實際結果和業績可能與本次電話會議中討論的結果和業績存在重大差異。

We encourage you to review our filings with the SEC in which we describe the factors that could cause actual results to differ materially from our current expectations, including those updated risk factors included in our quarterly report on Form 10-Q.

我們鼓勵您查看我們向美國證券交易委員會提交的文件，其中我們描述了可能導致實際結果與我們當前預期存在重大差異的因素，包括我們 10-Q 表季度報告中包含的那些更新的風險因素。

Finally, I would like to remind everybody that this call will be recorded and will also be made available for replay via link available on the Investor Relations section of our website.

最後，我想提醒大家，這次通話將被錄音，也可以通過我們網站投資者關係部分的鏈接進行重播。

With that, I would now like to turn the call over to Chris Kemp, Astra's Founder, Chairman and Chief Executive Officer. Chris?

有了這個，我現在想把電話轉給 Astra 的創始人、董事長兼首席執行官克里斯坎普。克里斯？

Thanks, Andrew. Good afternoon, everyone, and thank you for joining us today. I'm excited to also have our incoming Chief Financial Officer, Axel Martinez; and our Chief Business Officer, Martin Attiq, on the call with us today. During this call, we will review our operational and financial performance during the third quarter, review guidance for Q4 and provide an update on our launch services and spacecraft engine businesses.

謝謝，安德魯。大家下午好，感謝您今天加入我們。我很高興還有我們即將上任的首席財務官 Axel Martinez；以及我們的首席商務官 Martin Attiq 今天與我們通了電話。在這次電話會議中，我們將審查我們第三季度的運營和財務業績，審查第四季度的指導意見，並提供我們發射服務和航天器發動機業務的最新情況。

Now during the third quarter, we made some difficult but necessary decisions, which will allow us to focus on our near-term priorities with the appropriate level of resources, while also extending our financial runway. Our operating plan is now fully focused on selling and delivering Astra Spacecraft Engines and the successful first flight of our new rocket. We will discuss the progress we've made toward achieving each of these goals during this call.

現在在第三季度，我們做出了一些困難但必要的決定，這將使我們能夠以適當的資源水平專注於我們的近期優先事項，同時也延長了我們的財務跑道。我們的運營計劃現在完全專注於銷售和交付 Astra Spacecraft Engines 以及我們新火箭的成功首飛。我們將在本次電話會議中討論我們在實現這些目標方面取得的進展。

In the past quarter, we've announced 237 cumulative committed orders of the Astra Spacecraft Engine as of today, an increase of over 130% last quarter, including orders from Airbus OneWeb Satellites, Maxar and Astroscale, among others. We believe our ongoing conversations with customers and increased order book validating our view that the Astra Spacecraft Engine is one of the leading in-space propulsion systems currently available in the market.

在過去的一個季度，截至今天，我們已經宣布了 237 份 Astra Spacecraft Engine 累計承諾訂單，比上一季度增長超過 130%，其中包括來自 Airbus OneWeb Satellites、Maxar 和 Astroscale 等的訂單。我們相信，我們與客戶的持續對話和訂單數量的增加證實了我們的觀點，即 Astra Spacecraft Engine 是目前市場上領先的太空推進系統之一。

We achieved a positive GAAP gross margin for the first time in the Company's history. We continue to make progress towards the development of Launch System 2, which I'll speak about more in a moment. We continue to build out of a new 60,000 square foot facility in Sunnyvale, California, dedicated to the production ofAstra Spacecraft Engines. We plan on moving into this facility this quarter and completing the build-out in Q1 '23.

我們在公司歷史上首次實現了 GAAP 毛利率正值。我們繼續在 Launch System 2 的開發方面取得進展，我稍後會詳細介紹。我們繼續在加利福尼亞州桑尼維爾新建一個 60,000 平方英尺的工廠，專門用於生產 Astra 航天器發動機。我們計劃在本季度搬入該設施，並在 23 年第一季度完成擴建。

We strengthened our core leadership team, including hiring Axel Martinez, as our new Chief Financial Officer; and [Matthew Sant], as our new General Counsel. And we ended the quarter with approximately $151 million in cash, cash equivalents and marketable securities.

我們加強了我們的核心領導團隊，包括聘請 Axel Martinez 擔任我們的新首席財務官；和 [Matthew Sant]，擔任我們的新總法律顧問。本季度結束時，我們擁有大約 1.51 億美元的現金、現金等價物和有價證券。

This quarter, with the backdrop of continued macroeconomic and geopolitical uncertainty, increasing inflation and interest rates and equity market volatility, the team has prioritized resources on our core businesses. Specifically, we are focusing investments in delivering reliable spacecraft engines to our customers, which is rapidly becoming an important revenue stream for Astra, while focusing launch system development on reliability and a successful first flight of Rocket 4.

本季度，在宏觀經濟和地緣政治不確定性持續、通貨膨脹和利率上升以及股市波動的背景下，該團隊已將資源優先用於我們的核心業務。具體而言，我們將重點投資於為客戶提供可靠的航天器發動機，這正迅速成為 Astra 的重要收入來源，同時將發射系統開發的重點放在可靠性和 Rocket 4 的成功首飛上。

We've also decided to reduce our near-term investments in space services to direct resources to support the growth of our core launch services and space products businesses. We continue to explore opportunities to develop or partner in the development of our space services offerings, as it remains a significant part of our long-term business strategy.

我們還決定減少對太空服務的近期投資，以引導資源支持我們核心發射服務和太空產品業務的增長。我們繼續探索發展或合作開發我們的空間服務產品的機會，因為它仍然是我們長期業務戰略的重要組成部分。

Now I'd like to provide an update on the progress we've made on the development of Launch System 2. As a reminder, last quarter, we announced that we have increased the design point of Rocket 4 and to deliver up to 600 kilograms to mid-inclination low Earth orbit over the course of the product life cycle. Launch System 2 represents an important development for Astra to support satellite operators globally and deploying space-based technologies at scale. We focused our resources on designing and delivering our new launch system with improved reliability and operational excellence, increased payload capacity and an increased launch cadence. We continue to expect test flights for Rocket 4 to begin in the latter part of 2023.

現在，我想介紹一下我們在 Launch System 2 開發方面取得的最新進展。提醒一下，上個季度，我們宣布我們已經增加了 Rocket 4 的設計點，並將運載能力提升至 600 公斤在產品生命週期過程中到中傾角低地球軌道。 Launch System 2 代表了 Astra 支持全球衛星運營商和大規模部署天基技術的重要發展。我們將資源集中在設計和交付新的發射系統上，該系統具有更高的可靠性和卓越的運營能力、更高的有效載荷能力和更高的發射節奏。我們繼續預計 Rocket 4 的試飛將於 2023 年下半年開始。

Since our last earnings call, we have completed the first design loop of Launch System 2, including Rocket 4, the ground system and software. We provided an update on this progress, which you can view at astra.com/launchupdate1. We provisioned critical test infrastructure, including upgrades to the first-stage engine test end and commission new launch system, valve test stands and other test infrastructure at our Alameda factory, and we designed and released tooling required to manufacture the Rocket 4 stage propellant tanks. We expect to continue releasing important details and development milestones in the coming weeks and months, including the release of our first payload user guide for Rocket 4, which will allow customers to better understand the capabilities of our rocket and features of our launch service.

自上次財報電話會議以來，我們已經完成了 Launch System 2 的第一個設計循環，包括 Rocket 4、地面系統和軟件。我們提供了有關此進展的更新，您可以在 astra.com/launchupdate1 上查看。我們提供了關鍵的測試基礎設施，包括升級第一級發動機測試端，並在我們的阿拉米達工廠調試新的發射系統、閥門測試台和其他測試基礎設施，我們還設計並發布了製造火箭 4 級推進劑罐所需的工具。我們希望在未來幾周和幾個月內繼續發布重要的細節和發展里程碑，包括發布我們的第一個火箭 4 有效載荷用戶指南，這將使客戶更好地了解我們火箭的能力和我們發射服務的特點。

I'll now provide some additional detail on our space products business. As we discussed last quarter, Astra leverages its mass manufacturing capabilities to develop and produce products required for the next-generation satellites and space services. While our launch services will bring customer payloads to space, the Astra Spacecraft Engine is a key space product that delivers satellites into their final orbits, helps them maintain their orbits, avoid collisions and ultimately deorbit them at the end of their life to reduce space debris.

我現在將提供一些關於我們的空間產品業務的額外細節。正如我們上個季度所討論的那樣，Astra 利用其大規模製造能力來開發和生產下一代衛星和太空服務所需的產品。雖然我們的發射服務會將客戶的有效載荷送入太空，但 Astra Spacecraft Engine 是一種關鍵的太空產品，可將衛星送入最終軌道，幫助它們保持軌道、避免碰撞並最終在其壽命結束時使其脫離軌道以減少空間碎片.

I wanted to discuss the progress we've made with the Astra Spacecraft Engine. Since the last earnings call, we've announced an additional 134 committed orders for the Astra Spacecraft Engine since June 30th, 2022. This adds up to 237 cumulative committed orders since July 1st, 2021, inclusive of the 14 committed orders acquired at the part -- as part of the Apollo Fusion acquisition.

我想討論一下我們在 Astra Spacecraft Engine 方面取得的進展。自上次財報電話會議以來，我們宣布了自 2022 年 6 月 30 日起的額外 134 份 Astra Spacecraft Engine 承諾訂單。自 2021 年 7 月 1 日以來累計已承諾訂單總數為 237 份，包括在該部分獲得的 14 份承諾訂單——作為 Apollo Fusion 收購的一部分。

We've completed delivery of our second full customer order. And the majority of the spacecraft engines being delivered are for critical national security programs signifying their importance in the space tech ecosystem. We continue to see strong customer demand based on our committed orders and ongoing conversations with customers. As a reminder, orders are delivered to customers over a mutually agreed time line, which is typically 9 months to 12 months from contract signing.

我們已經完成了第二個完整客戶訂單的交付。大多數正在交付的航天器發動機都用於關鍵的國家安全計劃，表明它們在太空技術生態系統中的重要性。基於我們承諾的訂單和與客戶的持續對話，我們繼續看到強勁的客戶需求。提醒一下，訂單是在雙方商定的時間範圍內交付給客戶的，通常是合同簽署後的 9 到 12 個月。

Now I'll turn it over to Axel to review our financials and guidance. Axel?

現在我將把它交給 Axel 來審查我們的財務和指導。阿克塞爾？

Thank you, Chris, and good afternoon, everyone. First, I am pleased to join you all on my first earnings call as incoming Chief Financial Officer of Astra. I am excited to bring what I've learned from scaling hyper-growth technology companies, including Google and Uber to Astra, as we work to build a sustainable and scalable business.

謝謝克里斯，大家下午好。首先，我很高興與大家一起參加我作為 Astra 新任首席財務官的第一次財報電話會議。我很高興能把我從擴大高速增長的技術公司（包括谷歌和優步）中學到的東西帶到 Astra，因為我們致力於建立一個可持續和可擴展的業務。

Let me now review our Q3 results. As a reminder, all non-revenue financial figures we will discuss today are adjusted unless we state them as a GAAP measure. You will find a reconciliation from GAAP to non-GAAP results in today's press release.

現在讓我回顧一下我們第三季度的結果。提醒一下，我們今天將討論的所有非收入財務數據都經過調整，除非我們將它們聲明為 GAAP 衡量標準。您將在今天的新聞稿中找到從 GAAP 到非 GAAP 結果的調節。

Revenues in Q3 were $2.8 million, driven by the delivery of spacecraft engines, as we now have completed the second Astra Spacecraft Engine program. Cost of revenues related to Astra Spacecraft Engines was $1.1 million. This resulted in our first GAAP quarterly gross profit since Astra's founding, totaling $1.7 million.

第三季度的收入為 280 萬美元，受航天器發動機交付的推動，因為我們現在已經完成了第二個 Astra 航天器發動機項目。與 Astra Spacecraft Engines 相關的收入成本為 110 萬美元。這導致了我們自 Astra 成立以來的第一個 GAAP 季度毛利潤，總計 170 萬美元。

GAAP operating expenses totaled $201.4 million compared to $67.8 million last quarter. The difference was primarily attributed to one-time items that I will discuss shortly. GAAP operating expenses included R&D expenses of $32.8 million, reflecting our continued investments in our core products.

GAAP 運營費用總計 2.014 億美元，而上一季度為 6780 萬美元。差異主要歸因於我將很快討論的一次性項目。 GAAP 運營費用包括 3280 萬美元的研發費用，反映了我們對核心產品的持續投資。

Sales and marketing expenses of $4.1 million, reflecting investments in ongoing sales efforts for launch services and our spacecraft engine. And G&A expenses of $19.2 million, reflecting ongoing investments in key systems and technologies, among others.

銷售和營銷費用為 410 萬美元，反映了對發射服務和我們的航天器引擎的持續銷售工作的投資。 G&A 費用為 1920 萬美元，反映了對關鍵系統和技術等的持續投資。

Now let's talk about all of the one-time items during Q3, 2022. During the third quarter, the Company reorganized from 1 to 2 reporting segments. And as a result, assign assets and liabilities to each of the reporting segments based on each segment's operating activities.

現在讓我們談談 2022 年第三季度的所有一次性項目。在第三季度，公司從 1 個報告部門重組為 2 個報告部門。因此，根據每個分部的經營活動將資產和負債分配給每個報告分部。

The reorganization, together with a sustained decrease in the Company's share price, existing of substantial doubt about the Company's ability to continue as a going concern and macroeconomic factors resulted in the Company's determination that triggers were present, therefore, indicating that the carrying amount of certain company assets may not be recoverable. As a result, we recorded a non-cash impairment charge on long-lived assets of $70.3 million related to property, plant and equipment, a $58.3 million impairment of goodwill, a $2.1 million impairment of our trademark assets; and a $2.7 million charge related to definite-lived intangible assets. All these one-time items totaled $133.4 million.

此次重組，加上公司股價的持續下跌、對公司持續經營能力存在重大疑慮以及宏觀經濟因素導致公司認定觸發因素存在，因此，表明某些資產的賬面價值公司資產可能無法收回。因此，我們記錄了與不動產、廠房和設備相關的長期資產的非現金減值費用 7030 萬美元，商譽減值 5830 萬美元，商標資產減值 210 萬美元；以及與使用壽命確定的無形資產相關的 270 萬美元費用。所有這些一次性項目總計 1.334 億美元。

Additionally, a loss on change in fair value of contingent consideration was $11.9 million, as a result of higher revenues forecasted in estimating the fair value of contingent consideration. A $1 million inventory adjustment related to Rocket 3 was also included in R&D expenses. Astra also benefited in the third quarter from a one-time $4.3 million employee retention tax credit. We expect to receive the cash payment from this credit in the first half of 2024. As a result, total one-time items for the quarter were $142 million.

此外，或有對價的公允價值變動損失為 1,190 萬美元，這是由於在估計或有對價的公允價值時預測收入較高。與 Rocket 3 相關的 100 萬美元庫存調整也包括在研發費用中。 Astra 在第三季度還受益於一次性 430 萬美元的員工保留稅收抵免。我們預計將在 2024 年上半年收到這筆信貸的現金付款。因此，本季度的一次性項目總額為 1.42 億美元。

Given these one-time non-cash items on a GAAP basis, our third quarter net loss was $199.1 million. On a non-GAAP basis, third quarter adjusted net loss was $45.2 million.

考慮到這些按 GAAP 計算的一次性非現金項目，我們第三季度的淨虧損為 1.991 億美元。在非 GAAP 基礎上，第三季度調整後的淨虧損為 4520 萬美元。

Q3 adjusted EBITDA was a loss of $41.4 million, a $7 million improvement compared to last quarter. Third quarter additions to capital expenditures were $5.5 million and primarily related to the continued investment in the development of our launch services business and delivery of our spacecraft engines.

第三季度調整後的 EBITDA 虧損 4140 萬美元，比上一季度減少 700 萬美元。第三季度資本支出增加 550 萬美元，主要與繼續投資於我們的發射服務業務的發展和我們的航天器發動機的交付有關。

We ended the quarter with cash, cash equivalents and marketable securities of $150.5 million and no debt outstanding. In addition, we also continue to evaluate various sources of capital, as we carefully manage our financial runway.

本季度結束時，我們擁有 1.505 億美元的現金、現金等價物和有價證券，並且沒有未償債務。此外，我們還繼續評估各種資本來源，因為我們謹慎管理我們的財務跑道。

On October 6, Astra received a deficiency notice from NASDAQ, as our per share closing bid price remained under $1 for 30 consecutive trading days. While we cannot directly control short-term market volatility, we are taking measures to increase top line growth, decrease expenses and add capital to strengthen our balance sheet, which we believe will ultimately be reflected in our share price.

10 月 6 日，Astra 收到納斯達克的缺陷通知，因為我們的每股收盤價連續 30 個交易日低於 1 美元。雖然我們無法直接控制短期市場波動，但我們正在採取措施提高收入增長、減少開支和增加資本以加強我們的資產負債表，我們相信這最終會反映在我們的股價中。

Next, I'll provide an outlook for our fourth quarter ending December 31st, 2022. As Chris mentioned, we focus our operating plan on the delivery of spacecraft engines and the successful fresh flight of Rocket 4, allowing us to optimize our operating plan and increase our financial runway amidst market volatility. As a result, as of today, we have reduced our existing headcount by approximately 16%. Payroll savings from this headcount reduction are expected to be realized beginning in Q1 of 2023.

接下來，我將對我們截至 2022 年 12 月 31 日的第四季度進行展望。正如克里斯所說，我們將運營計劃的重點放在航天器發動機的交付和火箭 4 號的成功新飛行上，使我們能夠優化我們的運營計劃和在市場波動中增加我們的財務跑道。因此，截至今天，我們已將現有員工人數減少了約 16%。預計從 2023 年第一季度開始將實現裁員帶來的薪資節省。

As a reminder, our fourth quarter guidance and [old] guidance is subject to various important cautionary factors referenced in the section below entitled Forward-Looking Statements in our Form 10-K, including risks and uncertainties associated with the ongoing COVID-19 pandemic and the decision to discontinue the product of launch vehicles supported by the Launch System 1.0.

提醒一下，我們的第四季度指南和[舊]指南受制於下文標題為 10-K 表格中前瞻性陳述的部分中引用的各種重要警示因素，包括與持續的 COVID-19 大流行相關的風險和不確定性以及決定停止由 Launch System 1.0 支持的運載火箭產品。

There is also risk associated with elevated levels of inflation in our supply chain, as it relates to geopolitical tensions, a dynamic share across many companies and industries. However, we believe our investment in our factory and vertically integrated manufacturing processes are one of the factors that help mitigate these risks.

我們供應鏈中的通貨膨脹水平升高也存在風險，因為它與地緣政治緊張局勢有關，這是許多公司和行業的動態份額。然而，我們相信我們對工廠和垂直整合製造流程的投資是有助於降低這些風險的因素之一。

Now we will provide future guidance. In the fourth quarter, we currently expect adjusted EBITDA loss to be between 42 and $45 million. Basic shares outstanding to be between 268 and 270 million shares and capital additions to be between 5 and $7 million.

現在我們將提供未來的指導。在第四季度，我們目前預計調整後的 EBITDA 虧損將在 42 至 4500 萬美元之間。發行在外的基本股在 268 至 2.7 億股之間，增資在 5 至 700 萬美元之間。

As we shift our near-term priorities to focus on our space products and launch services businesses, our guidance will focus on the metrics that we use to manage our business, thus, we will not be providing guidance on depreciation and amortization, stock-based compensation and cash taxes at this time.

當我們將近期優先事項轉移到我們的太空產品和發射服務業務上時，我們的指導將側重於我們用於管理業務的指標，因此，我們將不會提供有關折舊和攤銷、基於股票的指導此時的補償和現金稅。

On the Astra's Spacecraft Engine, you should continue to expect quarterly variability in shipments until we began ramping up production to support committed customer deliveries beginning in Q1, 2023. As of today, we have cumulative committed orders for 237 Astra Spacecraft Engines, including 14 units we acquired with the Apollo Fusion acquisition on July 1st, 2021.

在 Astra 航天器發動機上，您應該繼續預期出貨量的季度變化，直到我們開始提高產量以支持從 2023 年第一季度開始的承諾客戶交付。截至今天，我們已累計承諾訂購 237 台 Astra 航天器發動機，包括 14 台我們於 2021 年 7 月 1 日收購了 Apollo Fusion。

The vast majority of our spacecraft engines have been ordered in 2022, and we continue to see strong customer demand for our spacecraft engines. As a reminder, spacecraft engines are typically delivered 9 months to 12 months from contract signing, and Astra recognizes revenue only upon delivery of the spacecraft engines to our customers.

我們的絕大多數航天器發動機已於 2022 年訂購，我們繼續看到客戶對我們航天器發動機的強勁需求。提醒一下，航天器發動機通常在合同簽署後 9 到 12 個月內交付，Astra 僅在將航天器發動機交付給我們的客戶時才確認收入。

We continue to expect the remainder of 2022 and 2023 to be transformative periods for Astra, as we further develop our new launch system and scale production for our spacecraft engines.

我們繼續預計 2022 年剩餘時間和 2023 年將是 Astra 的轉型期，因為我們將進一步開發新的發射系統並擴大航天器發動機的生產規模。

I will now turn the call back over to Chris.

我現在將把電話轉回給克里斯。

Thanks, Axel, and we're glad to have you on the team.

謝謝，Axel，我們很高興你能加入我們的團隊。

Before we conclude the call, I'd like to personally thank all of the Astra employees, who have been impacted by the head count reduction. Today, we made a very difficult decision to part ways with some very talented individuals. I always appreciate the contributions and the impact that you've had on me and Astra as a whole.

在我們結束電話會議之前，我想親自感謝所有受到裁員影響的 Astra 員工。今天，我們做出了一個非常艱難的決定，與一些非常有才華的人分道揚鑣。我一直很感激你對我和 Astra 整體的貢獻和影響。

And finally, I'd like to thank Kelyn for her leadership and helping Astra become a public company and our finance organization's hard work, as we've made it through this transition. Astra is now well positioned to focus and execute on shipping and developing our core product offerings. I'm excited to continue to share updates in the coming weeks and months, as we deliver on our mission to improve life on earth from space.

最後，我要感謝 Kelyn 的領導和幫助 Astra 成為一家上市公司，以及我們財務組織的辛勤工作，因為我們已經完成了這次過渡。 Astra 現在處於有利地位，可以專注於並執行運輸和開發我們的核心產品。我很高興在接下來的幾周和幾個月內繼續分享更新，因為我們正在履行我們的使命，從太空改善地球上的生活。

And with that, operator, let's open the call for questions.

有了這個，接線員，讓我們開始提問。

(Operator Instructions) And our first question comes from Edison Yu from Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Edison Yu。

Had 3, if I may, 2 more strategic, one financial. On the strategic side, could you remind us about the agreement with OneWeb and provide maybe some color on the potential to get supplied or win on Gen 2 -- on the Gen 2 constellation?

有 3 個，如果可以的話，2 個更具戰略性，1 個財務。在戰略方面，您能否提醒我們與 OneWeb 達成的協議，並提供一些關於在 Gen 2 上獲得供應或獲勝的可能性的顏色 - 在 Gen 2 星座上？

Sure. So the agreements with Airbus OneWeb Satellites, and I've got Martin in the room, so I'm going to let him provide some more color on that.

當然。所以與空中客車 OneWeb 衛星達成的協議，我讓馬丁在房間裡，所以我會讓他提供更多的顏色。

Yes. Edison, the agreement that we announced with Airbus OneWeb Satellites is for their [Airbus] platform. As folks know in the market, Airbus OneWeb Satellites provided the OneWeb Gen 1 satellite buses, and they have not yet made a determination on who's going to supply the -- or has not been announced, who's going to supply the OneWeb Gen 2 buses. And so we don't have anything further to add on top of that.

是的。愛迪生，我們與空中客車 OneWeb 衛星宣布的協議是針對他們的 [空中客車] 平台的。正如市場上的人們所知，空中客車 OneWeb 衛星公司提供了 OneWeb Gen 1 衛星巴士，他們尚未確定誰將提供——或者尚未宣布，誰將提供 OneWeb Gen 2 巴士。因此，我們沒有什麼可以補充的。

Do you have any idea when that decision will be made?

你知道什麼時候會做出這個決定嗎？

I don't.

我不。

Second, strategic. I think in the past, you had mentioned -- you did -- you submitted something about the spectrum and seeing [lot of buying] spectrum, and it sounds like you're sort of deemphasizing that now. Is there any sort of kind of value that you had there with anything? I don't recall the details of the original plan, but -- because wondering if there's any sort of like residual value that you can sort of salvage with the spectrum that you had, I think, wanted before.

第二，戰略性。我想在過去，你曾經提到過——你確實提到過——你提交了一些關於頻譜的東西並看到了[大量購買]頻譜，聽起來你現在有點不強調這一點。你在那裡有什麼價值嗎？我不記得最初計劃的細節，但是——因為想知道是否有任何類似的剩餘價值，你可以用我認為以前想要的頻譜來挽救。

Well, spectrum allocation is a long process. And I think one of the things that we tried to make clear here is that space services is the North Star for the Company, and some of the space technology and the space launch services are enabling of that long-term vision. But given the contracts that we have on hand for both spacecraft engines and for launch services, given the current economic climate, cost of capital, availability of capital, it's pretty clear, our focus should be on delivering for customers that have purchased spacecraft engines and launches.

那麼，頻譜分配是一個漫長的過程。我認為我們在這裡試圖闡明的一件事是，太空服務是公司的北極星，一些太空技術和太空發射服務正在實現這一長期願景。但考慮到我們手頭的航天器發動機和發射服務合同，考慮到當前的經濟環境、資金成本、資金可用性，很明顯，我們的重點應該放在為已經購買航天器發動機和發射。

And so we're really just prioritizing the investment of our both capital and human resources in the short-term goals for the Company right now over the next year or so. Now that could change, should we secure additional financing markets change, should we secure funding for any of these programs or projects. But given right now, what we want to do for our shareholders and for our customers is focus, focus, focus. And what you're seeing is, you're seeing an emphasis on what's in front of us.

因此，我們實際上只是在未來一年左右的時間裡優先考慮對公司的短期目標進行資本和人力資源投資。現在這種情況可能會改變，如果我們確保額外的融資市場發生變化，我們是否應該為這些計劃或項目中的任何一個獲得資金。但就目前而言，我們想為我們的股東和我們的客戶做的是專注、專注、專注。你所看到的是，你看到的是對我們面前事物的強調。

And then last one for me, just a quick financial one. I know it's a tough -- it's a tough restructuring [16%]. Any way to quantify the benefit next year in terms of how much you're saving on OpEx? Any color there, would be appreciated.

然後是我的最後一個，只是一個快速的財務問題。我知道這很艱難——這是一次艱難的重組 [16%]。有什麼方法可以根據您在 OpEx 上節省多少來量化明年的收益？那裡的任何顏色，將不勝感激。

Yes. Well -- so thank you for the question. Well, we're not providing guidance at this point for 2023. Our plan, as Chris mentioned, right, is to focus our operations in our top 2 priorities, which is the spacecraft engines and the development of the new launch system. At the same time, we want to continue optimizing our cost structure. And our goal is to -- our plan is to increase our runway well into 2024.

是的。好吧，謝謝你提出這個問題。好吧，我們目前不提供 2023 年的指導。正如克里斯提到的那樣，我們的計劃是將我們的業務重點放在我們的前 2 個優先事項上，即航天器引擎和新發射系統的開發。同時，我們希望繼續優化我們的成本結構。我們的目標是——我們的計劃是將跑道延長到 2024 年。

(Operator Instructions) And our next question comes from Ron Epstein from Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的羅恩愛潑斯坦。

I guess, a couple of questions. Why assets are being sold? Just kind of curious about that. So what's -- yes, what's being sold?

我想，有幾個問題。為什麼要出售資產？只是有點好奇。那麼什麼是 - 是的，正在出售什麼？

Actually, no assets are being sold. All we did was just a revaluation. Like as you know, many companies are particularly with capital markets being what they are, what's happening to the stock market, companies are revaluing their assets. And so the -- all the one-time charges is -- are related to that for the most part, right? $133 million was just related to that one specific revaluation.

實際上，沒有資產被出售。我們所做的只是重新估價。就像你知道的那樣，許多公司特別關注資本市場的現狀，股票市場正在發生的事情，公司正在重估其資產。所以——所有的一次性費用——大部分都與此相關，對吧？ 1.33 億美元僅與一次特定的重估有關。

And then are there risks to losing other key people? I mean, typically when rifts happen, I mean it's not so great for morale. And I mean it looks like what Mike Cassidy left. He was the Apollo CEO. How should we think about that?

那麼，是否存在失去其他關鍵人物的風險？我的意思是，通常當裂痕發生時，我的意思是這對士氣不是很好。我的意思是它看起來像 Mike Cassidy 留下的東西。他是阿波羅的首席執行官。我們應該如何考慮？

Well, I mean I think speaking of Apollo, I mean that was a company we acquired in the development stage. They hadn't tested the product yet. Over the past 1.5 years, we've seen -- that product becomes space qualified, and that team has been transitioned to a team that's focused on quality, engineering and production and scale. And so it's a process that you'll see with the development stage company being brought into a company, where we have customers like Maxar, Airbus OneWeb Satellites that really demand the level of focus on quality and scale that you're not going to see it a small early-stage company. So as a result, folks like Mike, who are great at starting companies, I think this is his fifth start-up. Mike's going to go off and start another company and that was always anticipated by Astra.

嗯，我的意思是說到 Apollo，我的意思是那是我們在開發階段收購的一家公司。他們還沒有測試產品。在過去的 1.5 年裡，我們已經看到——該產品變得符合空間要求，並且該團隊已經轉變為專注於質量、工程、生產和規模的團隊。所以這是一個你會看到發展階段的公司被納入公司的過程，我們有像 Maxar、Airbus OneWeb Satellites 這樣的客戶，他們真正需要對質量和規模的關注程度，這是你不會看到的它是一家小型早期公司。因此，像邁克這樣擅長創辦公司的人，我認為這是他的第五次創業。邁克要離開並創辦另一家公司，而阿斯特拉一直預料到這一點。

To your broader question, I think that we've grown really fast. I mean keep in mind that as we announced our intent to go public, we had about 150 people. We now had over 400 people, and we tripled the size of the Company in the time of a year. So I think what we're doing here is we're focusing. And we're through that focus, I think we're going to give the team here a new level of energy and intensity around flying Rocket 4 and having that flight work and on delivering these spacecraft engines for our customers. And I think, frankly, it's going to energize the team to have that focus, and we're pretty excited about it, frankly.

對於你更廣泛的問題，我認為我們發展得非常快。我的意思是請記住，當我們宣布打算上市時，我們有大約 150 人。我們現在有 400 多名員工，公司規模在一年內擴大了兩倍。所以我認為我們在這裡所做的是我們正在集中精力。我們已經完成了這一重點，我認為我們將為這裡的團隊提供新的能量和強度，圍繞飛行 Rocket 4 和飛行工作以及為我們的客戶提供這些航天器發動機。我認為，坦率地說，這將激勵團隊專注於這一點，坦率地說，我們對此感到非常興奮。

And if I can add to it, too, we have an incredible leadership team that goes well beyond the people you see in our website. And all these incredible individuals were very much part of this kind of development of our strategic plan, since (inaudible) have been working with the incredible people. And I think what you find out at Astra is we have some of the brightest minds working in a really unique opportunity. And so they're all very much part of this process. And so this is not something that was done at the C suite. It was done something across the organization. And so it really reflects the commitment that we have towards each other. And so this is why we feel like [everyone is brought into] what we're trying to do.

如果我還可以補充的話，我們擁有一支令人難以置信的領導團隊，遠遠超出您在我們網站上看到的人員。所有這些不可思議的人都是我們戰略計劃的這種發展的重要組成部分，因為（聽不清）一直在與不可思議的人一起工作。我認為你在 Astra 發現的是我們有一些最聰明的人在一個真正獨特的機會中工作。所以他們都是這個過程的重要組成部分。因此，這不是在 C 套件中完成的事情。整個組織都在做一些事情。因此，它確實反映了我們對彼此的承諾。所以這就是為什麼我們覺得 [每個人都被帶入] 我們正在努力做的事情。

Yes. Finally, I want to add one thing, Ron. When we talk to employees and we talk to customers, frankly, one of the most important things is that we have the time to deliver on the contracts that we have, we have time to come back and fly Rocket 4 successfully. And so when we set out to do this, we looked at what gets us well into 2024 from a runway perspective and it required some tough choices to be made, and I think the team understands that. And the team that we have here, which is over [300] people strong, is an incredibly talented team. They frankly appreciates the fact that they have the runway to deliver for our customers. And so I think it's going to actually increase our team's level of confidence in leadership and the commitment to the mission.

是的。最後，我想補充一件事，羅恩。當我們與員工和客戶交談時，坦率地說，最重要的事情之一是我們有時間履行我們的合同，我們有時間回來並成功駕駛 Rocket 4。因此，當我們著手這樣做時，我們從跑道的角度審視了是什麼讓我們順利進入 2024 年，這需要做出一些艱難的選擇，我認為團隊理解這一點。我們這裡擁有超過 [300] 人的團隊，是一支非常有才華的團隊。他們坦率地感謝他們擁有為我們的客戶交付的跑道。所以我認為這實際上會提高我們團隊對領導力的信心和對使命的承諾。

And then maybe one, little more detailed accounting question. What's the contingent consideration in the liabilities?

然後可能是一個更詳細的會計問題。負債中的或有對價是什麼？

Yes. That's related to the Apollo acquisition. It's an earn out related to shareholders, related to [that] number of units that we are able to ship over the next year.

是的。這與阿波羅收購有關。這是與股東相關的收益，與我們明年能夠出貨的單位數量有關。

We have no further questions in queue. This will conclude today's conference call. Thank you, everyone, for their participation. You may now disconnect.

隊列中沒有其他問題。這將結束今天的電話會議。謝謝大家的參與。您現在可以斷開連接。