Terran Orbital Corp (LLAP) 2023 Q3 法說會逐字稿

Hello everyone, and welcome to the Terran Orbital Q3, 2023 earnings call. My name is Emily, and I'll be coordinating your call today. (Operator Instructions) I'll now turn the call over to our host, Jonathan Siegmann. Please go ahead, Jonathan.

大家好，歡迎參加 Terran Orbital 2023 年第三季財報電話會議。我叫艾米麗，今天我將協調您的電話。 （操作員指示）我現在將把電話轉給我們的主持人喬納森·西格曼。請繼續，喬納森。

Thank you, Emily. Good morning, everyone, and thank you for joining Terran Orbital's third quarter 2023 earnings. With me this morning are Marc Bell, Co-Founder, Chairman and Chief Executive Officer of Terran Orbital Corporation, and Matt Riffel, Acting Chief Financial Officer, Corporate Controller, Terran Orbital Corporation. Mark will provide a business update and highlights for the past quarter and then Matt will review the quarterly results. (inaudible) Turn it over to the executive team will then be available to answer your questions.

謝謝你，艾米麗。大家早安，感謝您關注 Terran Orbital 的 2023 年第三季財報。今天早上與我在一起的有 Terran Orbital Corporation 聯合創始人、董事長兼首席執行官 Marc Bell，以及 Terran Orbital Corporation 代理首席財務官、公司財務總監 Matt Riffel。馬克將提供上一季的業務更新和亮點，然後馬特將審查季度業績。 （聽不清楚）將其移交給執行團隊，然後他們將可以回答您的問題。

During today's call, we may make certain forward-looking statements. These statements are based on our current expectations and assumptions and as a result are subject to risks and uncertainties. Many factors could cause actual events to differ materially from forward-looking statements made on this call.

在今天的電話會議中，我們可能會做出某些前瞻性陳述。這些陳述是基於我們目前的預期和假設，因此存在風險和不確定性。許多因素可能導致實際事件與本次電話會議中所做的前瞻性陳述有重大差異。

For more information about these risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission, each of which can be found on our website www.terranorbital.com. Readers are cautioned not to put any undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.

有關這些風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的文件，每份文件均可在我們的網站 www.terranorbital.com 上找到。請讀者不要過度依賴前瞻性陳述，且該公司明確表示不承擔更新本次電話會議期間可能討論的前瞻性陳述的任何義務。

Please also note that we will refer to certain non-GAAP financial information on today's call. You can find reconciliations of the non-GAAP financial measures with the most comparable GAAP measures in our earnings press release.

另請注意，我們將在今天的電話會議上參考某些非公認會計準則財務資訊。您可以在我們的收益新聞稿中找到非公認會計原則財務指標與最具可比性的公認會計原則財務指標的調節表。

With that, I will turn it over to Marc.

這樣，我就把它交給馬克了。

Well, thank you, John, and thank you, everyone, for joining our third quarter 2023 earnings conference call. I also want to thank those of you who attended our virtual town hall event on October 26, which is part of our effort to increase investor engagement. During our Townhall, we were pleased to highlight the team's recently announced contract wins across three separate programs and two continents.

好吧，謝謝約翰，也謝謝大家參加我們的 2023 年第三季財報電話會議。我還要感謝參加 10 月 26 日虛擬市政廳活動的人們，這是我們提高投資者參與度的努力的一部分。在我們的市政廳期間，我們很高興地強調該團隊最近宣佈在三個不同的項目和兩個大洲贏得了合約。

Our active engagement on 80 opportunities relating to more than 2,800 satellites for 40 different customers, collectively valued at over $2.7 billion. And our current expectation that we will have sufficient cash to cover capital investments and operations until becoming cash flow positive, which is expected in 2024. We had an excellent quarter with year-over-year revenue growth of 58%, increasing revenue to $43.9 million from $27.8 million.

我們積極參與與 40 個不同客戶的 2,800 多顆衛星相關的 80 個機會，總價值超過 27 億美元。我們目前的預期是，我們將有足夠的現金來支付資本投資和運營，直到現金流為正（預計在2024 年）。我們度過了一個出色的季度，收入同比增長58%，收入增加至4390萬美元2780 萬美元起。

Our third quarter adjusted gross profit increased over 270% from $12 million to $12 million from $3.2 million in the comparable period. Our team successfully executing on converting our pipeline into signed contracts resulting in a new record-breaking backlog, inclusive of our $160 million surge of orders announced in October.

我們第三季調整後的毛利成長了 270% 以上，從同期的 1,200 萬美元增至 1,200 萬美元，從同期的 320 萬美元增至 1,200 萬美元。我們的團隊成功地將我們的管道轉化為已簽署的合同，導致積壓訂單創下新紀錄，其中包括 10 月宣布的 1.6 億美元訂單激增。

We are starting to see the benefits of our investments in capacity, equipment and automation, with improvements in operating efficiency. These investments are intended to lay the foundation and position us for growth for the years to come. To establish us, as the leading supplier of satellite buses globally. We recently announced two important strategic initiatives.

我們開始看到我們在產能、設備和自動化方面的投資帶來的好處，以及營運效率的提升。這些投資旨在為我們未來幾年的成長奠定基礎並做好準備。使我們成為全球領先的衛星巴士供應商。我們最近宣布了兩項重要的策略舉措。

First, is the introduction of our new lineup of seven standard satellite bus platforms. These standard platforms feature flexible architecture using our comic components, which have extensive flight heritage and modular design. This design methodology allows us for a minimal levels of customization depending on our customers' needs and enables us to deliver satellites at mass scale with speed, quality and pricing that our customers desire.

首先是介紹我們的七個標準衛星總線平台的新陣容。這些標準平台採用靈活的架構，使用我們的漫畫組件，具有豐富的飛行傳統和模組化設計。這種設計方法使我們能夠根據客戶的需求進行最低程度的定制，並使我們能夠以客戶期望的速度、品質和價格大規模交付衛星。

Second, we launched our responsive space initiatives, which represents Terran Orbital objective to be able to deliver to customers as a satellite bus within just 30 days to complete payload integration within 60 days. By maintaining a stock of standard and interchangeable components will be able to deliver in days, not years. The satellite required by both government and commercial customers are critical missions. We plan to have the initiative are fully operational by Q4, 2024.

其次，我們啟動了響應式太空計劃，這代表了Terran Orbital的目標是能夠在短短30天內以衛星總線的形式向客戶交付，並在60天內完成有效載荷整合。透過維持標準和可互換組件的庫存，將能夠在幾天而不是幾年內交付。政府和商業客戶所需的衛星都是關鍵任務。我們計劃在 2024 年第四季之前全面實施該計劃。

Now turning to our overall performance and quarterly updates. I'm happy to update you on our team's progress in support of State Development Agency programs. We are pleased to announce in October our selection by a partner, [Lahey Martin], to build 36 satellite buses for the beta award of Tranche 2 of the Transport Layer.

現在轉向我們的整體表現和季度更新。我很高興向您介紹我們團隊在支持國家發展局計畫方面的最新進展。我們很高興地宣布，10 月我們被合作夥伴 [Lahey Martin] 選擇為傳輸層第 2 階段的測試獎建造 36 輛衛星總線。

This brings us to a total of 88 satellites we are providing in support of SD's Transfer Layer of which 10 were launched in September. Meanwhile, on the production side, our team is hard at work at manufacturing 42 satellites and supportive Tranche 1 of the Transport Layer, we are on track to begin delivering the first of these satellites during the fourth quarter and the balance by the end of the second quarter of 2024.

這使我們總共提供 88 顆衛星來支援 SD 傳輸層，其中 10 顆是在 9 月發射的。同時，在生產方面，我們的團隊正在努力製造 42 顆衛星和傳輸層的支援性第一批衛星，我們預計在第四季度開始交付第一批衛星，並在今年年底交付剩餘衛星。2024年第二季。

To enhance the security of our supply chain of critical components to this program. We made the strategic decision to commit to a new propulsion supplier. One of the very few components we don't currently produce in-house. We are proud of the decade-long track record of not missing a satellite launch, and we took this action now to protect the programs got to protect the program schedule.

增強此計畫關鍵組件供應鏈的安全性。我們做出了策略決策，選擇一家新的推進供應商。這是我們目前不自行生產的極少數組件之一。我們為十年來沒有錯過衛星發射的記錄感到自豪，我們現在採取這一行動是為了保護計劃，以保護計劃時間表。

We believe that our experience and track record with T0 and Tranche 1, we're trying to do on Tranche 1 of the Transport Layer and a partnership with Lahey Martin help differentiate us and position us well for STI awards outside of the Transport Layer. I am pleased to report our margin performance has significantly improved.

我們相信，我們在 T0 和 Tranche 1 方面的經驗和業績記錄、我們在傳輸層的 Tranche 1 方面的努力以及與 Lahey Martin 的合作有助於我們脫穎而出，並使我們在傳輸層之外獲得 STI 獎項。我很高興地報告我們的利潤率表現已顯著改善。

Our increase in gross profit and adjusted gross profit primarily represents the fact that we are working on larger programs and that our mix of contracts have better margins. Our year to date adjusted gross profit margin of 16.5% is double last year's gross margin of 8.2% to the comparable period and is now in line with our previously disclosed year-end targets.

我們的毛利和調整後毛利的成長主要表明我們正在進行更大的項目，並且我們的合約組合具有更好的利潤率。我們今年迄今的調整後毛利率為 16.5%，是去年同期毛利率 8.2% 的兩倍，目前與我們先前揭露的年終目標一致。

As we move to become EBITDA positive by next year, this is an important metric. It shows great progress. We continue to improve control of our supply chain. I believe that, if we control your supply chain. We control our destiny. We now produce over 85% and growing of all our components in-house, which lowers our costs and speed up our delivery.

隨著我們明年實現 EBITDA 為正值，這是一個重要指標。它顯示出巨大的進步。我們不斷加強對供應鏈的控制。我相信，如果我們控制你的供應鏈。我們掌控自己的命運。現在，我們 85% 以上的零件都是在內部生產的，而且還在不斷增加，這降低了我們的成本並加快了交貨速度。

Some companies lay-off employees. We layoff vendors. We have bought in house now CNC machining, printed circuit board assembly, wire harnessing, torque hardware assembly, vive testing and full bus TVAC. We will be adding other components, modules and subsystems and AIG in the coming months. Any vendor was not price competitive or cannot keep up with our schedule will be removed and that progress skill will be bought in house. We live in a world of firm fixed price programs, the days of cost plus the long gone, and we are ready to meet the challenge.

一些公司裁員。我們解僱供應商。我們現在已經在內部購買了 CNC 加工、印刷電路板組裝、線束、扭矩硬體組裝、vive 測試和全總線 TVAC。我們將在未來幾個月內添加其他組件、模組和子系統以及 AIG。任何在價格上不具競爭力或無法跟上我們的進度的供應商都將被刪除，並且進度技能將在內部購買。我們生活在一個充滿固定價格計劃的世界，成本加成本的日子已經一去不復返了，我們已經準備好迎接挑戰。

I'd like to provide a quick update on the company's contract with Rivada Space Networks as disclosed late last month and at our first Investor town hall meeting since our last earnings call, we have not received expected further milestone payments and do not yet have a definitive schedule. And when further receipts may be received as a result of this delay.

我想提供該公司與Rivada Space Networks 的合約的快速更新信息，正如上個月末披露的那樣，在我們上次財報電話會議以來的第一次投資者市政廳會議上，我們還沒有收到預期的進一步里程碑付款，也沒有確定的時間表。由於這種延遲，何時可能會收到進一步的收據。

We have removed the expected revenue contribution related to Rivada for our full year 2023 outlook, hence, the change in guidance. We remain engaged with Rivada on a regular basis and have been reassured as recently as today by Rivada that we should expect to receive our contractual milestone payments this year. Accordingly, we continue to believe our Rivada contract will provide significant future revenue and cash flows, the timing whichever is uncertain, and we want to be conservative in our guidance going forward.

我們在 2023 年全年展望中刪除了與 Rivada 相關的預期收入貢獻，因此指引發生了變化。我們仍然定期與 Rivada 合作，並且直到今天才得到 Rivada 的保證，我們預計會在今年收到合約里程碑付款。因此，我們仍然相信我們的 Rivada 合約將提供大量的未來收入和現金流，無論時間是不確定的，我們希望對未來的指導保持保守。

Overall I am proud what we've accomplished and where we are heading. Now let me take the opportunity to introduce Matt Riffel, who is joining us in the earnings call for the first time. Matt has been turned Orbital's Corporate Controller for the past last three years and has done an amazing job and we couldn't answer anyone more prepared to serve as our acting Chief Financial Officer.

總的來說，我對我們所取得的成就和我們的前進方向感到自豪。現在讓我藉此機會介紹馬特·裡菲爾（Matt Riffel），他是第一次參加我們的財報電話會議。馬特在過去三年中一直擔任 Orbital 的公司財務總監，他的工作非常出色，我們無法回答任何人比他更願意擔任我們的代理財務長。

With that, I'll hand the call over to Matt to review our financial performance in the quarter and provide a financial outlook for the full year. Over to you Matt.

接下來，我將把電話轉交給馬特，讓他回顧我們本季的財務業績，並提供全年的財務前景。交給你了，馬特。

Thank you, Marc, and good morning, everyone. I'm happy to be here today and to help support the company at this exciting point in its journey. As we plan our 2024 budget, It�s the breadth and magnitude of our pipeline opportunities as well as the additional capabilities which we have added, which I find most compelling about our company. All often difficult to forecast and model these discrete opportunities. It's a privilege to help steer the company's efforts to execute and deliver on these attractive opportunities.

謝謝你，馬克，大家早安。我很高興今天來到這裡，並在公司發展歷程中這個令人興奮的時刻為公司提供幫助和支持。在我們規劃 2024 年預算時，我發現我們公司最引人注目的是我們管道機會的廣度和規模以及我們添加的額外功能。通常很難對這些離散的機會進行預測和建模。我很榮幸能夠幫助引導公司努力執行並提供這些有吸引力的機會。

Now onto the financial results for the quarter. I am pleased with our continued growth in revenue, which was $43.9 million for the third quarter of 2023, a 58% increase over the same period in the prior year. The increase in revenue was primarily due to the work performed on our SDA programs on a comparative basis as well as additional contribution from Rivada. Gross profit was $9.7 million for the third quarter compared to 37,000 in the same quarter of 2022. Excluding share-based compensation and depreciation and amortization included in cost of sales.

現在來看看本季的財務表現。我對我們的營收持續成長感到高興，2023 年第三季營收為 4,390 萬美元，比上年同期成長 58%。收入的增加主要是由於我們在 SDA 項目上進行的比較工作以及 Rivada 的額外貢獻。第三季的毛利為 970 萬美元，而 2022 年同一季度的毛利為 37,000 美元。不包括基於股份的薪酬以及銷售成本中包含的折舊和攤提。

Our adjusted gross profit in the third quarter was $12 million compared to adjusted gross profit of $3.2 million in the same quarter in 2022. Our gross profit and adjusted gross profit benefited from EAC adjustments and certain nonrecurring changes in estimates relating to our inventory during the third quarter of 2023.

我們第三季的調整後毛利為1,200 萬美元，而2022 年同一季度調整後毛利為320 萬美元。我們的毛利和調整後毛利受益於EAC 調整以及第三季與庫存相關的估計的某些非經常性變化。2023 年 第四季。

Selling, general and administrative expenses were $29 million in the third quarter '23 compared to $24.7 million for the same quarter in 2022. The increase was primarily driven by higher cost of labor and benefits, sales and marketing expenses and business development activities due to our growth initiatives, offset by a decrease in share-based compensation (inaudible).

23 年第三季的銷售、一般和管理費用為 2,900 萬美元，而 2022 年同一季度為 2,470 萬美元。這一增長主要是由於我們的成長舉措被股權激勵的減少所抵消（聽不清楚）。

Adjusted EBITDA was negative $13 million for the quarter compared to negative $13.9 million in the same period in the prior year. The increase in adjusted EBITDA was primarily due to an increase in adjusted gross profit, partially offset by an increase in selling, general and administrative expenses.

本季調整後 EBITDA 為負 1,300 萬美元，而上年同期為負 1,390 萬美元。調整後 EBITDA 的增加主要是由於調整後毛利的增加，部分被銷售、一般和管理費用的增加所抵消。

Overall, adjusted EBITDA loss is largely a function of increased expenses related to the ramping of our business development capabilities in back office across the company to serve as the foundation of supporting our multibillion-dollar backlog and pipeline in the coming quarters and years. This is part of an overall investment to position ourselves for future growth.

總體而言，調整後的EBITDA 損失很大程度上是與我們整個公司後台業務開發能力的提升相關的費用增加的結果，這是支持我們未來幾個季度和幾年的數十億美元的積壓和管道的基礎。這是為未來成長做好準備的整體投資的一部分。

Our backlog at the end of the quarter was $2.6 billion, of which $2.4 billion is related to our contract with Rivada. Capital expenditures for the quarter was $6.1 million and primarily related to our investments in capacity and capability. Finally, as of September 30, we had approximately $38.7 million of cash on hand, which was aided by our $32.5 million equity offering in September and approximately $313 million of gross debt obligations. As of October 31, we had over $70 million of cash on hand.

截至本季末，我們的積壓訂單為 26 億美元，其中 24 億美元與我們與 Rivada 的合約有關。本季的資本支出為 610 萬美元，主要與我們在產能和能力方面的投資有關。最後，截至 9 月 30 日，我們手頭上有大約 3,870 萬美元的現金，這得益於我們在 9 月發行的 3,250 萬美元的股票和大約 3.13 億美元的總債務。截至 10 月 31 日，我們手頭上有超過 7,000 萬美元的現金。

We remain excited about finishing the full year on a strong note and hope we can announce new awards heading into 2024. Efficient and successful execution on new and existing contracts remain the number one priority for our team. As highlighted in our previous calls, the exact timing of execution on our new contracts is an important variables impacting our near term results.

我們仍然對以強勁的表現結束全年感到興奮，並希望我們能夠在 2024 年之前宣布新的獎項。高效、成功地執行新合約和現有合約仍然是我們團隊的首要任務。正如我們之前的電話會議中所強調的那樣，新合約的確切執行時間是影響我們近期業績的重要變數。

As a reminder revenue recognition and accounting policies, revenue is not recognized in our results until we perform work on the contracts, that is cash receipts do not drive the recognition of revenue. We now expect our 2023 full year revenue to be greater than $130 million for at least a 38% increase year over year compared to 2022.

提醒一下收入確認和會計政策，直到我們執行合約工作後，收入才會在我們的業績中確認，也就是說，現金收入不會推動收入的確認。我們現在預計 2023 年全年營收將超過 1.3 億美元，與 2022 年相比成長至少 38%。

The decrease in revenue guidance is primarily related to the removal of Rivada, the delayed start and awarding of certain larger programs and the potential for challenges we're working through on other programs.

收入指引的下降主要與 Rivada 的取消、某些大型專案的延遲啟動和授予以及我們在其他專案上面臨的潛在挑戰有關。

Our year-to-date adjusted gross profit margin of $16.5 million is now in line with our previously disclosed year-end target, and we expect GAAP gradual improvement in future periods. The pace and magnitude of margin improvement may vary depending on program mix and execution.

我們年初至今的調整後毛利率為 1,650 萬美元，目前與我們先前揭露的年終目標一致，我們預計 GAAP 在未來一段時間內將逐步改善。利潤率改善的速度和幅度可能會根據計劃組合和執行情況而有所不同。

Finally, we know our CapEx for the year is expected to be less than $30 million.

最後，我們知道今年的資本支出預計將低於 3,000 萬美元。

I'll now turn the call back over to Marc.

我現在將把電話轉回給馬克。

Thank you, Matt. Today we're going to do and thank everybody for your support of Terran Orbital, We're going to do questions and answers a little differently this time around we're going to start with institutions of cover us and then we're going to open it up to anybody who ask, some people have email those questions, feel free to add yourself to the queue and we're going to take unlike the town hall where we did of reading off questions here. All questions will be asked live and answered live and anybody can ask a question that we're going to turn it over to our first, I'll turn it back to the operator, I guess right, operator, operator to tell yours.

謝謝你，馬特。今天我們要感謝大家對 Terran Orbital 的支持，這次我們的提問和回答會稍有不同，我們將從掩護我們的機構開始，然後我們將向任何提出問題的人開放，有些人通過電子郵件發送了這些問題，請隨意將自己添加到隊列中，我們將採取與市政廳不同的方式，我們在這裡宣讀問題。所有問題都將現場提問並現場回答，任何人都可以提出問題，我們將把它轉交給我們的第一個，我會把它轉回給接線員，我猜是對的，接線員，接線員告訴你的。

Thank you. (Opertor Instructions)

謝謝。 （操作員說明）

Greg Konrad, Jefferies.

格雷格·康拉德，杰弗里斯。

Hi, Mark, Matt, this is Sam gets us from Jefferies dialing in for Greg Konrad on Just firstly, thanks for the time and congratulations on winning a role in the third drawn to the Transport Layer, with that order in the backlog, how should we think about where economics can go from here relative to the two prior tranches and sort of how should we think about the economics on this Tranche compared to tranches 0 and 1?

嗨，馬克，馬特，我是傑弗里斯(Jefferies) 的山姆(Sam) 為我們撥通了格雷格·康拉德(Greg Konrad) 的電話。首先，感謝您抽出寶貴的時間，並祝賀您在第三個吸引到傳輸層的角色中贏得了一個角色，在積壓的訂單中，我們應該如何處理我們思考相對於之前的兩個階段，經濟學可以走向何方，以及與第0 階段和第1 階段相比，我們該如何考慮本階段的經濟學？

Thanks, Greg. I'll take an answer at that one. So, for this particular, as a reminder, this award was in our backlog as of September 30, it was an October award, the economics of way. It is a larger award. And with our larger award, we generally expect it to be a little bit lower margin, but we think it's going to be in the mid-teens, mid to high teens as we go forward.

謝謝，格雷格。我會回答這個問題。因此，對於這一點，提醒一下，截至 9 月 30 日，該獎項已積壓在我們的待辦事項中，這是一個 10 月的獎項，從經濟學角度來說。這是一個更大的獎項。由於我們的獎項更大，我們通常預計利潤率會低一些，但我們認為隨著我們的前進，利潤率將在十幾歲左右。

And that's relatively comparable with some of our other SDA programs.

這與我們的其他一些 SDA 計劃相當。

And we're seeing as we go as time goes on, margins will continue to improve as we bring more and more component to modules in-house.

我們看到，隨著時間的推移，隨著我們為內部模組引入越來越多的組件，利潤率將繼續提高。

Got it. Thank you. That's helpful. And I guess just maybe as a quick follow-up, you highlighted the responsive space initiative and some of the new products that you've been working on to enable that mission. So, what should we think about in terms of timing for that to convert into revenue? And then could you maybe size that sort of the TAM on that and why you guys think you're in a good spot to compete in that space?

知道了。謝謝。這很有幫助。我想，也許作為快速跟進，您強調了響應式太空計劃以及您為實現這一使命而致力於開發的一些新產品。那麼，在將其轉化為收入的時機方面我們應該考慮什麼？然後，您能否評估 TAM 的規模以及為什麼您認為自己在該領域處於有利競爭地位？

Can you repeat the very beginning of that again?

你能再重複一遍開頭的內容嗎？

Yes, you've been highlighting the responsive space initiative and some of the new products that you're working on to enable that? And just trying to understand sort of what that looks like in terms of revenue conversion and then what that does to your TAM and how you think about that opportunity set from here?

是的，您一直在強調響應式空間計劃以及您正在開發的一些新產品來實現這一目標？只是想了解一下收入轉換方面的情況，然後這對您的 TAM 有何影響，以及您如何看待這裡的機會集？

So, it all started doing a little background here in 2005, Colonel J. Raymond, at the time wrote a paper called tactically responsive space. Nobody really paid a lot of attention to it. And then we became a two years ago at a National Space Symposium. I was at dinner with him, and he became the four-star general who started Space Force and he was talking at dinner about his dream was to order a satellite of 1 of the month and get it delivered on the 30 of the month.

所以，這一切都是從 2005 年開始做一些背景知識的，J. Raymond 上校當時寫了一篇名為「戰術反應空間」的論文。沒有人真正關注它。然後我們在兩年前的一次國家空間研討會上成為了一個人。我和他一起吃晚飯，他成為了創建太空軍的四星將軍，他在晚宴上談到他的夢想是訂購一顆每月 1 號的衛星，並在該月 30 號交付。

And we're making that dream come true as he just recently came down and visited the facility where we're going to be doing this. It's all about the days of you used to cost take a decade and cost billions to build the satellite. They need things faster, they need it now world the world stages, very fluid, Ukraine, Israel has shown us how quickly things could change overnight, and they want the ability to get assets to put them into space the government has always talked about only 46% of all their ISR. It's currently being met from space.

我們正在讓這個夢想成真，因為他最近剛下來參觀了我們將要進行這項工作的工廠。這一切都與過去花費十年和數十億美元建造衛星的日子有關。他們需要更快的事情，他們現在需要世界舞台，非常流動，烏克蘭、以色列已經向我們展示了事情在一夜之間改變得有多快，他們希望能夠獲得資產將它們送入太空，而政府一直只談論這一點佔所有 ISR 的 46%。目前正在從太空中滿足它。

There's just incredible demand and not enough supply. And it was taking too long Space Development Agency has helped shorten that cycle up, but only by down to two years for a program and the goal is higher. So, I don't want to get it down to your days, not years. And so, we see the TAM just incredibly large, not just for the US but globally for any country who has to be able to do it.

需求令人難以置信，但供應卻不足。太空開發署已經幫助縮短了這個週期，但對於一個專案來說只縮短了兩年，而且目標更高。所以，我不想把它歸結為你的日子，而不是幾年。因此，我們認為 TAM 非常大，不僅對美國而言，而且對全球任何有能力做到這一點的國家都是如此。

But we're going to start slow. We're seeing we just bid on three different programs where it's a six to eight month turnaround for the satellites. We'll know by the end of this year, if we won and that will be the first shot of us doing it once we have our components and modules in stock at the end of next year and our new facility closure because good year from now or even call it good year that will allow us to really assemble things robotically very quickly.

但我們要慢慢開始。我們看到我們剛剛投標了三個不同的項目，其中衛星的周轉時間為六到八個月。到今年年底我們就會知道我們是否獲勝，一旦我們在明年年底有組件和模組庫存並且我們的新設施關閉，這將是我們這樣做的第一槍，因為從現在起就是美好的一年甚至可以稱之為美好的一年，這將使我們能夠真正快速地以機器人方式組裝東西。

We currently will assemble modules. A third of our modules are assembled robotically by next year. All our modules, we robotically assembled, and the satellite buses as well will be robotically assembled. So, anytime you have a conflict zone pops up that country, could order satellites from us and get an in-orbit within 60 days. The big difference. Is that help?

我們目前將組裝模組。到明年，我們三分之一的模組將由機器人組裝。我們所有的模組都是由機器人組裝的，衛星總線也將由機器人組裝。因此，只要該國出現衝突地區，就可以向我們訂購衛星並在 60 天內進入軌道。差別很大。那是幫助嗎？

Yeah. Thank you, Marc. That's very helpful. I appreciate it.

是的。謝謝你，馬克。這非常有幫助。我很感激。

Sure.

當然。

Any other questions?

還有其他問題嗎？

Erik Rasmussen, Stifel. Please go ahead.

艾瑞克·拉斯穆森，斯蒂菲爾。請繼續。

Yeah, thanks, great. Yeah, thanks for taking the questions.

是的，謝謝，太好了。是的，感謝您提出問題。

I just wanted to ask about the progress with the SDA programs to date and in the context of what we've learned from various sources on future program so far, it seems that the team has executed well. But if we think about what has been awarded thus far, it seems that Terran is sort of under-indexing what others have been awarded? What are your expectations for additional SDA awards? And what would your share be? And were you surprised on how the alpha award played out of

我只是想詢問 SDA 專案迄今為止的進展情況，以及到目前為止我們從各種來源了解到的有關未來專案的情況，該團隊似乎執行得很好。但如果我們考慮迄今為止所授予的獎項，似乎人族對其他人所授予的獎項的索引有點低？您對額外的 SDA 獎項有何期望？你的份額是多少？您對阿爾法獎的表現感到驚訝嗎？

So, many questions there. So, as far as the FDA goes, we are we never want to make assumptions of what we could and couldn't window in the future on the alpha award. We knew we can't win everything and there are other players out there and the FDA, Derek has made it very clear. He wants a diversity of manufacturing base. So, we went three in a row. We don't, we didn't expect to win four in a row.

所以，有很多問題。因此，就 FDA 而言，我們永遠不想對未來能夠獲得阿爾法獎和不能獲得什麼做出假設。我們知道我們無法贏得一切，還有其他參與者，FDA、Derek 已經說得很清楚了。他想要多元化的製造基地。就這樣，我們連續去了三趟。我們沒有，我們沒想到會連贏四場。

So, that was against us winning. It's Lockheed's the prime where Lockheed sub. So, it was not a big surprise at the end of the day for us that we weren't winning. But now we're looking at other SDA programs because we never bid on tracking before. We haven't been on most of the types of programs that they're done to what have you.

所以，這不利於我們獲勝。這是洛克希德公司的主力，洛克希德公司的潛水艇。因此，最終我們沒有獲勝並不讓我們感到驚訝。但現在我們正在考慮其他 SDA 計劃，因為我們以前從未對跟踪進行過投標。我們還沒有參與過他們所做的大多數類型的專案。

So, we are and we're talking to other primes as well about partnering with them on their SDA bit. Lockheed does not bid on everything with the FDA and also, we want our buses are becoming more popular now that we have Terran Orbital Tranche 0, and we've been very pleased with their performance. We have a lot more strictly than we had before.

所以，我們正在與其他 prime 討論在 SDA 方面與他們合作。洛克希德不會對 FDA 的所有項目進行投標，而且，我們希望我們的巴士變得更受歡迎，因為我們擁有了 Terran Orbital Tranche 0，而且我們對它們的性能非常滿意。我們比以前更嚴格。

So, we're feeling pretty good about other SDA programs in the future. But we never really want to (inaudible) guess to what they think as they're probably listening to this, but we appreciate their business very much.

因此，我們對未來的其他 SDA 計劃感覺非常好。但我們從來不想（聽不清楚）猜測他們的想法，因為他們可能正在聽這個，但我們非常感謝他們的業務。

Yeah. Got it. Great. And then maybe (inaudible) backlog is at $2.6 billion at the end of the quarter. I know it's higher with those new awards, are you still expecting to convert 80% of this by 2025, which reflects the Rivada portion? And then with that, how should we think about the split between 2024 and 2025?

是的。知道了。偉大的。到本季末，（聽不清楚）積壓訂單可能達到 26 億美元。我知道這些新獎項的金額更高，您是否仍預計到 2025 年將其中 80% 轉化為 Rivada 部分？那麼，我們該如何看待 2024 年和 2025 年之間的分歧呢？

It's definitely heavily weighted towards '25 because that's when you get into real assembly mode. '24 is a lot of [manifest] NRE and the production of modules. But you're talking about you as things get pushed to the right things get up, the revenue gets pushed out to the right as well, which is what happened here was provided this year.

它絕對偏重於'25，因為那是你進入真正的組裝模式的時候。 '24 是許多[清單] NRE 和模組的生產。但你說的是你，隨著事情被推向正確的方向，收入也會被推向正確的位置，這就是今年發生的情況。

The important part is that the revenue happens at all the end of the day.

重要的是收入是在一天結束時產生的。

Great. So, but the timeline though is you know hasn't moved for Rivada in terms of having those satellites up by Q2 or Q3 of '25?

偉大的。那麼，但您知道 Rivada 在 25 年第二季或第三季之前安裝這些衛星的時間表還沒有改變嗎？

Rivada has to have their satellites in orbit by a specific data or two specific dates. So, at the end of the day, it's just going to cost us more in order to get there because we're going to spend, we have to spend more money to get there, but we have $187 million of non-robotic backlog that will be recognized through the end of 2025.

Rivada 必須在特定資料或兩個特定日期之前將其衛星送入軌道。因此，歸根結底，我們要花更多的錢才能實現這一目標，因為我們要花更多的錢才能實現這一目標，但我們有 1.87 億美元的非機器人積壓訂單到 2025 年底將得到認可。

And you think about it, we've still 42 buses for T1 and 36 for T2, we've got to deliver, and that doesn't include all the other things we've bid on that will waiting to hear. We have just recently stood up a business development organization and we are now seeing we relied on Lockheed Martin for the first couple of years. We are now expanding our wins to lots of different primes. I think there are 10 largest primes in the world, six of them. We're in dialogue with, three of them are Chinese. We don't talk to and there's only one left. And so, we've been very busy talking to all the major primes on how we can work together, it's a Big Planet.

你想一想，我們還有 42 輛前往 T1 的巴士和 36 輛前往 T2 的巴士，我們必須交付，這還不包括我們競標的所有其他東西，等待聽到。我們最近剛成立了一個業務開發組織，現在我們看到我們在最初幾年都依賴洛克希德馬丁公司。我們現在正在將我們的勝利擴展到許多不同的素數。我認為世界上最大的質數有10個，其中有6個。我們正在對話，其中三個是中國人。我們不說話，只剩下一個人。因此，我們一直忙於與所有主要素數討論如何合作，這是一個大星球。

That's it. Great. Thanks for taking. Thanks for taking questions.

就是這樣。偉大的。感謝您採納。感謝您提出問題。

Yeah, and I'll make one more point, we've been spending a lot more time on commercial. So, we are spending a lot of not just DoD and IC in the US, but commercial is making up a larger and larger part of our future revenue base we're seeing in the future. So, we're going we're pushing very hard for revenue diversity across the board. There are many robotics kicking around the planet.

是的，我還要強調一點，我們在商業上花了更多的時間。因此，我們不僅在美國國防部和積體電路方面投入了大量資金，而且商業支出在我們未來收入基礎中所佔的比例也越來越大。因此，我們將大力推動全面的營收多元化。地球上有許多機器人在運作。

Thanks. Good luck.

謝謝。祝你好運。

Thank you.

謝謝。

[Griffin Boss], B Riley Securities.

[Griffin Boss]，B Riley 證券。

Thanks for taking on. Thank you, operator, appreciate it.

感謝您接受。謝謝運營商，非常感謝。

So just first off on the gross margin. I understand going forward, it's dependent on program mix quarter to quarter, but generally speaking, are you now at a point where your remaining backlog mix represents programs in, call at the high teens to 20% gross margin. So, I guess in other words, are you expecting to be able to expand that pro forma gross margin in 24 beyond the 16.5% target you have for this year?

首先是毛利率。據我所知，未來這取決於每個季度的項目組合，但一般來說，您現在是否處於剩餘積壓組合代表項目的階段，毛利率高達 10% 至 20%。那麼，我想換句話說，您是否期望能夠在 24 年內將預計毛利率擴大到今年 16.5% 的目標之上？

Yeah, thanks for the question, Griffin. So, we're optimistic that our 16.5% is really the starting point for our future margin expectations. What we have in backlog right now, in the low to mid 20s. And so just bleeding out of our backlog, tacking on new programs on a higher margins than what we've seen on some of our legacy programs. We feel pretty good about our margin profile going forward.

是的，謝謝你的提問，格里芬。因此，我們樂觀地認為 16.5% 確實是我們未來利潤率預期的起點。我們現在積壓的訂單數量大約在 20 多歲左右。因此，我們只是從積壓的工作中擠出來，以比我們在一些遺留項目上看到的更高的利潤來增加新項目。我們對未來的利潤狀況感覺非常好。

Okay, sure. Thanks for the color. And then jumping over to Tranche 1, so you're still expecting deliveries in the fourth quarter. That's good to see. But just given the switch in propulsion suppliers away from Astra. Has that pushed out the number of deliveries that you initially expected to complete in the fourth quarter. So, is that at all contributing to the lower revenue guide, pushing more that (multiple speakers)

好吧，當然。謝謝你的顏色。然後跳到第 1 階段，因此您仍然預計第四季度交付。很高興看到這一點。但剛剛考慮到推進供應商不再是阿斯特拉。這是否超出了您最初預計在第四季度完成的交付數量？那麼，這是否會導致收入指南下降，推動更多（多個發言者）

May we had a dream originally just like we do with T0 to deliver way ahead of schedule and deliver the whole thing and in Q by the end of this year. But the reality is propulsion has been with Astra has been quite has been a challenge. We do expect to see engines from Astra according to them.

希望我們最初有一個夢想，就像我們對 T0 所做的那樣，提前交付全部內容，並在今年年底之前在 Q 中交付。但現實是 Astra 的推進一直是個挑戰。根據他們的說法，我們確實希望看到 Astra 的引擎。

But we're not hedging our bets and moving forward, music will use on a Tranche 0, and we will have two different provider, we're not dependent on Astra. So, Astra delivers great if they don't deliver, we'll still have all our engines and it just needs a lot of extra engines for another for the next program, if they both deliver.

但我們不會對沖我們的賭注並繼續前進，音樂將在 Tranche 0 上使用，我們將有兩個不同的提供者，我們不依賴 Astra。因此，如果阿斯特拉不交付，我們仍然會擁有我們所有的引擎，並且它只需要大量額外的引擎用於下一個項目的另一個引擎，如果他們都交付的話。

Okay. Thanks, Marc. And then shifting gears to the your enterprise (inaudible) you had the new disclosure last week on the three configurations for that, it was interesting to see the third configuration C for MEL and GL applications. So, just curious if you could give any more color? Are you currently building MEO or GEO buses or are you bidding on RFPs for those applications?

好的。謝謝，馬克。然後轉向您的企業（聽不清楚），上週您就三種配置進行了新的披露，很有趣的是看到用於 MEL 和 GL 應用程式的第三種配置 C。那麼，只是好奇你是否可以提供更多顏色？您目前正在建造 MEO 或 GEO 公車，還是正在為這些應用程式招標？

We are bidding on RFPs for lots of meos and lots of micro geos and it's so that�s, so we decided, we are getting a lot of demand for that. We decided to really expand the enterprise bus lines and to do that. That's why you see three different configurations that are out there and because people this is what you are asking for. And so, we were trying to focus our NRE on certain bus sizes for what customers are demanding today.

我們正在對大量 meos 和大量 micro geos 的 RFP 進行投標，所以我們決定，我們對此有很多需求。我們決定真正擴大企業總線並做到這一點。這就是為什麼您會看到三種不同的配置，因為這就是您所要求的。因此，我們試圖將 NRE 集中在某些總線尺寸上，以滿足當今客戶的需求。

Okay, great. And then just last one for me. You talked about the 2,800 satellites valued at $2.7 billion across the whatever was 80 opportunities, 40 customer. So, I mean just the quick math on that implies sort of around 1 million per satellite, which I mean, I think historically you guys have talked about maybe three, call it, three to $5 million per satellite is sort of a sweet spot. So, you just help us understand sort of the disconnect there?

好的，太好了。然後是我的最後一個。您談到了價值 27 億美元的 2,800 顆衛星，涉及 80 個機會、40 個客戶。所以，我的意思是，快速計算一下，這意味著每顆衛星大約100 萬美元，我的意思是，我認為你們歷史上曾討論過，也許每顆衛星3 到500 萬美元是一個最佳點。那麼，您只是幫助我們理解其中的脫節嗎？

I'm sorry, I don't understand. You have a lot of static on your line. Can you repeat that question?

抱歉，我不明白。您的線路上有很多靜電。你能重複一下這個問題嗎？

Yeah, sure. So, you talked about the 2,800 satellites valued at $2.7 billion. So, just a quick map on that implies a under $1 million per satellite. I think historically, you've talked about 3 to 5 million for satellites. I was wondering if you could give some color on the disconnect.

好，當然。那麼，您談到了價值 27 億美元的 2,800 顆衛星。因此，只要一張快速地圖就意味著每顆衛星的成本不到 100 萬美元。我認為從歷史上看，您談到了 300 到 500 萬顆衛星。我想知道您是否可以對斷開連接進行一些說明。

It's all over the place. You have some for $1 million, you're some for $10 million. You have some $15 million. It's really just, you have a very wide disparity depending what people are building things in micro GEO and MEO are much more expensive than things on LEO or Velio. So, everybody is going out and looking at different slides, highlight some novel licenses fit all needs, which is why we keep expanding the bus line.

到處都是。有些是 100 萬美元，有些是 1000 萬美元。你有大約 1500 萬美元。事實上，差異很大，這取決於人們在微型 GEO 和 MEO 上建造的東西比 LEO 或 Velio 上的東西貴得多。因此，每個人都出去觀看不同的幻燈片，突出顯示一些滿足所有需求的新穎許可證，這就是我們不斷擴大公車線路的原因。

Okay, great. Thanks for the color, Marc. I appreciate it.

好的，太好了。謝謝你的顏色，馬克。我很感激。

Thank you.

謝謝。

Scott Buck, H.C. Wainwright.

巴克 (Scott Buck)，H.C.溫賴特。

Hi, good morning, guys.

嗨，早上好，夥計們。

Thanks for taking my questions. But just kind of follow up on your comments regarding the commercial space curious what's the kind of demand you're seeing from potential commercial partners and whether or not kind of general macro uncertainty has dampened maybe some of that demand in the near term?

感謝您回答我的問題。但是，請跟進您對商業領域的評論，好奇您從潛在商業合作夥伴那裡看到了什麼樣的需求，以及整體宏觀不確定性是否在短期內抑制了部分需求？

Yes. With the demand we're seeing from commercial partners around the world is just astronomical. I mean, it's far greater than you, it's funny. I was very hyper focused on the DoD and the I see when I first started, but the demand for commercial far exceeds that. We're seeing. We don't see anything slowing down. There's lots of spectrum out there. If you want to utilize the spectrum, everything from Internet of Things to 5G from space to direct to handsets.

是的。我們看到來自世界各地商業夥伴的需求是天文數字。我的意思是，它比你偉大得多，這很有趣。當我剛開始時，我非常關注國防部和我所看到的，但商業需求遠遠超出了這一點。我們正在看到。我們沒有看到任何放緩的跡象。那裡有很多頻譜。如果你想利用頻譜，從物聯網到 5G，從太空到直接到手機，無所不包。

Two, this tons of applications that people are looking at and that are requiring very large, very robust constellations. So, it's interesting is obviously were also interesting to note, the slides are up, but we think 500 kilograms is like the sweet spot right now.

第二，人們正在關注大量的應用程序，這些應用程式需要非常大、非常強大的星座。所以，有趣的是，顯然我們也注意到，幻燈片正在上升，但我們認為 500 公斤是目前的最佳位置。

Offer buses using was little bit smaller, but we're seeing people, things are getting bigger and want bigger, but the dollars are willing to spend it more, but there's more money to make it space and no ever has been before. So, you're seeing a big push into commercial material to them than their refreshes for Leo, Meo and Geo. Because remember when the recurring revenue business everything we build, we've got to replace foreseeing a huge quantities in Leo that people are looking at. It's very exciting.

提供的巴士使用量有點小，但我們看到人們，事情變得越來越大，想要更大，但人們願意花更多的錢，但有更多的錢來騰出空間，這是前所未有的。所以，你會看到他們對商業材料的大力推動，而不是 Leo、Meo 和 Geo 的更新。因為請記住，當我們建立的所有業務都涉及經常性收入時，我們必須取代人們正在關注的獅子座大量產品的預測。這是非常令人興奮。

Great. That's helpful. (multiple speakers)

偉大的。這很有幫助。 （多個發言者）

Let me just add, one thing I wanted to point out is as we start building these quantities, the costs start to go down significantly. So, as we sit, there will replicate these things over and over again, the recurring costs go down dramatically. So, there is a lot of the (inaudible) with volume comes better pricing across the board for everybody.

讓我補充一點，我想指出的一件事是，當我們開始建造這些數量時，成本開始大幅下降。因此，當我們坐下來時，這些事情將會一遍又一遍地重複，經常性成本會急劇下降。因此，有許多（聽不清楚）隨著銷售量的增加，每個人都能獲得更好的定價。

Sure. Now, that makes sense.

當然。現在，這是有道理的。

And Marc, are you actively bidding on programs now? Or are you still in kind of the discovery phase or research phase there?

馬克，你現在正在積極競標專案嗎？或者您還處於發現階段或研究階段嗎？

We were quite actively bidding. So, we have a [Matt Gan] and his team have done a great job and they are very actively running around the world of bidding on things at a very rapid pace. So, we have got in front of a lot of people and people are coming to us. It's great that the customers are now finding us. They're seeing what we're doing.

我們出價相當正面。所以，我們有一個 [Matt Gan] 和他的團隊做得很好，他們非常積極地在世界各地以非常快的速度競標。所以，我們已經站在了很多人的面前，人們也來找我們。很高興客戶現在找到我們。他們看到我們在做什麼。

know, the technologies and the abilities for mass production of small sectors is invigorating. The marketplace. People are proliferated. Leo is not just a government, it's for everybody, but we're getting it from all every country has somebody wants to build their own constellation.

眾所周知，小部門大規模生產的技術和能力令人振奮。市場。人口激增。獅子座不僅僅是一個政府，它是為每個人服務的，但我們從每個國家都得到了它，每個國家都有人想建立自己的星座。

Every country wants to have their own Transport Layer tracking layer from the DoD side, the military side of the country post commercial. They want to have their own 5G network. They want to have their own Internet of things is they don't want to just have it be the Americans, it's amazing.

每個國家都希望擁有自己的傳輸層追蹤層，來自國防部方面、國家郵政商業的軍事方面。他們希望擁有自己的5G網路。他們想要擁有自己的物聯網，他們不想只有美國人擁有，這太神奇了。

Yeah, that makes sense. And very helpful.

是的，這是有道理的。而且非常有幫助。

Matt, can you tell us what contribution from Rivada was in the quarter in terms of revenue?

Matt，您能告訴我們 Rivada 本季的營收貢獻是多少嗎？

Yeah, for Rivada's revenue is about, it's been around $6.7 million on a year-to-date basis around like $5 million for the quarter.

是的，就 Rivada 的收入而言，年初至今約為 670 萬美元，本季約為 500 萬美元。

Perfect. Thanks. That's it for me, guys.

完美的。謝謝。我就是這樣，夥計們。

I appreciate the time. Thank you.

我很感激時間。謝謝。

Thank you.

謝謝。

Mark Stone, private investor.

馬克‧斯通，私人投資者。

Yes. First, my comment was, I think, previous question. A couple of back. We have made a math error that comes out to $8 million of satellite, not $1 million satellite from Rivada. But anyhow, my question is presuming (inaudible) never gets in a single additional stent from Rivada. Do you have enough cash to make it through to cash flow positive?

是的。首先，我認為我的評論是上一個問題。幾個回來。我們犯了一個數學錯誤，結果是價值 800 萬美元的衛星，而不是 Rivada 價值 100 萬美元的衛星。但無論如何，我的問題是假設（聽不清楚）永遠不會從 Rivada 獲得任何額外的支架。您是否有足夠的現金來實現正現金流？

Yes, we do.

是的，我們願意。

Thanks.

謝謝。

We have no further questions registered on the line. So, I'll turn the call back to the management team.

我們沒有在網上登記任何其他問題。因此，我會將電話轉回給管理團隊。

(inaudible), there's still people on left on the call. If anybody wants to ask a question there, we are more than happy to take anybody's questions. If not, we're going to thank everybody for coming today and appreciate your time and your support and we're excited. We're excited, everyone here at turnover is very excited going into the year end and 2024 is going to be an amazing year for us, although I think we have a question there. Operator?

（聽不清楚），左邊還有人在通話。如果有人想在那裡提問，我們非常樂意回答任何人的問題。如果沒有，我們將感謝大家今天的到來，並感謝您的時間和支持，我們很興奮。我們很興奮，這裡的每個人都對進入年底感到非常興奮，2024 年對我們來說將是令人驚奇的一年，儘管我認為我們有一個問題。操作員？

Jordan Klein, Corporate Thunder Aviation.

喬丹‧克萊因 (Jordan Klein)，雷霆航空。

Hey, guys. Good morning and thanks for taking the call. In regard to the cash flow positive with or without robotics, what is the earliest possible quarter you see becoming cash flow positive and worst-case scenario? What's the latest down the road you see it happening?

大家好。早安，感謝您接聽電話。關於有或沒有機器人技術的現金流量為正值，您認為現金流量最早可能在哪一個季度變為正值以及最壞的情況？您最近看到的情況是什麼？

Yeah. Thanks, Jordan. We're still currently going through our 2024 budget and forecast cycles. So, earliest would be Q1, last would be Q4, but the plan is to be cash flow positive during 2024.

是的。謝謝，喬丹。我們目前仍在經歷 2024 年預算和預測週期。因此，最早是第一季度，最後是第四季度，但計劃是在 2024 年實現正現金流。

A lot of that is just based on timing of programs.

其中很多只是基於計劃的時間安排。

Understand. Thanks, guys.

理解。多謝你們。

Sure. You're welcome anytime.

當然。隨時歡迎您。

All right. As we have hoped for, although we had we got one more just popped up. Operator?

好的。正如我們所希望的，雖然我們已經有了，但我們又突然出現了一個。操作員？

Tassos Recachinas, Sophus Investments.

雷卡奇納斯 (Tassos Recachinas)、Sophus 投資公司。

Yeah, hello. Can you please discuss opportunities within your pipeline where you just expect decisions within the next three months? And just maybe quantify what you expect within the pipeline to be announced within the next three months? Thank you.

是的，你好。您能否討論一下您的頻道中的機會，您希望在未來三個月內做出決定？也許可以量化您期望在未來三個月內宣布的管道中的內容？謝謝。

Well, we don't go through details on a bid that haven't closed yet. We just talked about the pipeline in general, but we don't really trying to give away specifics. So, we don't have our competitors figure out what we're working on.

好吧，我們不會詳細介紹尚未結束的投標。我們只是大體討論了管道，但我們並不想透露具體細節。因此，我們不會讓競爭對手知道我們在做什麼。

But within the pipeline that's got to be spread out probably over the next year or more. But is there any color that you can shed on maybe more near term size without getting into specific programs as to what you're looking for over the next few months?

但在管道內，這可能必須在未來一年或更長時間內展開。但是，有沒有什麼顏色可以讓你在不進入具體計劃的情況下，選擇更近期的尺寸，來確定你在接下來的幾個月裡要尋找什麼？

We expect to have we should have over the next six months, some significant announcements to make. We're seeing more and more large opportunities from both commercial and government entities from around the world. And so, we will have more color on that as they get announced, but there's some competitive processes that we are bidding on now, always don't want to go into detail over the phone.

我們預計在接下來的六個月內將發布一些重要的公告。我們看到來自世界各地的商業和政府實體越來越多的巨大機會。因此，當它們宣佈時，我們將有更多的信息，但我們現在正在競標一些競爭性流程，總是不想透過電話詳細說明。

And then with regard to commercial opportunities, what other commercial opportunities besides Rivada have you won or are optimistic about?

那麼關於商業機會，除了Rivada之外，您還獲得或看好哪些商業機會？

We have many have optimistic about, but that's the same answer, I am not trying to be argumentative here and we don't want to go into details on things that haven't been closed yet. So, we are doing very well in the bidding process with a number of opportunities.

我們有很多人持樂觀態度，但答案是一樣的，我不想在這裡爭論，我們不想詳細討論尚未結束的事情。因此，我們在投標過程中做得很好，有很多機會。

And as they close, we will publicly disclose them.

當它們關閉時，我們將公開披露它們。

And then just two more just one is with regard to return on invested capital, does the company utilize a specific return on invested capital hurdle rate when allocating capital? And if so, can you just discuss the rate that you use?

還有兩個問題，一個是關於投資資本報酬率，公司在分配資本時是否使用特定的投資資本報酬率？如果是這樣，您能討論一下您使用的費率嗎？

I mean we look at things that we purchased, whether it be robots or test equipment and such as we tried to get a 12-month ROI or better. So, for example, on a virtually all of our robotics, 12-month ROI on a harnessing shop with us in 12 months, it is on a shaker table less than 12 months.

我的意思是，我們會專注於我們購買的東西，無論是機器人還是測試設備，例如我們試圖獲得 12 個月的投資回報率或更好的投資回報率。因此，舉例來說，對於我們幾乎所有的機器人技術，我們的線束車間在 12 個月內即可實現 12 個月的投資回報率，而在振動台上則不到 12 個月。

So, we look at all the big CapEx that we spend, and we want to get our money back less than in 12 months or less, and that's kind of how we're viewing it. As always, we want very quick returns because we've been outsourcing a lot of these things, and we're bringing them in-house, the returns tend to be very, very fast. So, we tried to restore very, very capital efficient.

因此，我們會審視我們花費的所有巨額資本支出，我們希望在 12 個月或更短的時間內收回資金，這就是我們的看法。一如既往，我們希望獲得非常快的回報，因為我們已經外包了許多這些東西，我們將它們引入內部，回報往往非常非常快。因此，我們試圖恢復非常非常高的資本效率。

As far as the CapEx that we spent, I mean we've projected only $30 million of CapEx this year, and we expect to come in below that.

就我們花費的資本支出而言，我的意思是我們預計今年的資本支出僅為 3000 萬美元，我們預計會低於該數字。

Thank you. And then just final thing.

謝謝。最後一件事。

So this morning, there was a tweet out [Declan Ganely] talking about they fully expect the payment to Terran Orbital by the end of this year and that the events of October 7, have slowed things down, but they're confident that they're getting back on track and that the program remains on schedule. Have you spoken directly with Rivada about this? And can you just maybe talk about that this morning? It looks like you retreated that. Just wondering if you can just shed any more light on that?

因此，今天早上，[Declan Ganely] 發布了一條推文，表示他們完全期望在今年年底前向 Terran Orbital 付款，而且 10 月 7 日發生的事件已經放慢了速度，但他們有信心「正在回到正軌且計劃仍按計劃進行。您直接與 Rivada 談過此事嗎？你今天早上能談談這個嗎？看來你已經撤退了。只是想知道您是否可以進一步闡明這一點？

Yeah. I just read the deck this morning and we obviously are aware of who their funding sources. And we personally know with their funding sources. So, we have confidence in their funding source. That said, yeah, we did retreated because I like between tweet, feel free to tweet yourself. That's always a good thing. But that said, other than that, I don't have more to comment other than he's very frustrated that they haven't closed yet, but they are making progress.

是的。我今天早上剛讀了甲板，我們顯然知道他們的資金來源。我們親自了解他們的資金來源。所以，我們對他們的資金來源有信心。也就是說，是的，我們確實撤退了，因為我喜歡在推文之間，隨意發推文。這總是一件好事。但除此之外，我沒有更多的評論，除了他對他們還沒有關閉感到非常沮喪，但他們正在取得進展。

Appreciate you taking the questions. Thank you. Good luck.

感謝您提出問題。謝謝。祝你好運。

Thank you for calling.

感謝您打電話。

We have we have one more. Two more, two more. This is great. Keep on. Keep them coming. Operator?

我們還有一個。還有兩個，還有兩個。這很棒。繼續。讓他們繼續來。操作員？

Peter Singh, private investor.

彼得辛格，私人投資者。

Thank you, Marc and thank you, everyone, for hosting this call and for taking this format. Appreciate that.

謝謝馬克，謝謝大家主持這次電話會議並採取這種形式。感謝。

I know it's not easy given how long you're just wondering (multiple speakers)

我知道這並不容易，因為你只是想知道多久（多個發言者）

if you want to hear from everybody. I think this is great.

如果你想聽聽大家的意見。我認為這很棒。

Just a quick question regarding Q4 performance. I know you mentioned that the Tranche 1 deliveries are delayed now into Q1 and potentially Q2.

只是一個關於第四季表現的簡單問題。我知道您提到第一批交付現在推遲到第一季度，甚至可能推遲到第二季度。

But it was it's not delayed the original.

但它並沒有延遲原來的。

Yeah, we're not delayed the original schedule went out to Q2. We were trying to beat the schedule. There's a difference. So, we're honestly (multiple speakers) we were trying to beat it, it making schedule easy, but I don't like to beat schedules. I don't like just to make them.

是的，我們沒有推遲原定的第二季的時間表。我們試圖超越時間表。有差別。所以，老實說（多個發言者）我們試圖超越它，它使日程安排變得容易，但我不喜歡打破日程安排。我不喜歡僅僅製作它們。

So, what is the expected revenue now for Q4. I mean, if I'm going off of the 130 target for 2023 and where we are currently is it looks like about 26 million, 27 million for Q4, is that correct?

那麼，現在第四季的預期營收是多少？我的意思是，如果我要脫離 2023 年 130 的目標，那麼我們目前的情況是第四季約為 2600 萬、2700 萬，這是正確的嗎？

And that will be on the low side. As we had mentioned earlier, we're providing conservative guidance and the reason for that 130 number, which would imply a lower Q4 revenue is the fact that there is on certain challenges on certain programs and the ultimate resolution of those challenges aren't known at this time.

這將是偏低的。正如我們之前提到的，我們提供保守的指導，而 130 這個數字的原因意味著第四季度收入較低，因為某些計劃存在某些挑戰，而這些挑戰的最終解決方案尚不清楚此時。

And I never ever want to get caught again with having to go out with to raise my revenue targets and then have to lower them again. So, where we're going and we're going back to the way we used to do at for 20 years. We've never missed the revenue target, manages the fares. So, we don't want to do make that mistake again, so we're back to being conservative.

我再也不想因為必須提高我的收入目標然後又不得不再次降低而陷入困境。所以，我們要去哪裡，我們將回到 20 年來我們所做的事情。我們從未錯過收入目標，管理票價。所以，我們不想再犯同樣的錯誤，所以我們又回到了保守的態度。

Okay. Fair enough.

好的。很公平。

Yes, I guess lesson learned from the 250 target?

是的，我想從 250 個目標中學到了教訓？

(multiple speakers)

（多個發言者）

Go ahead.

前進。

During the Q2 call, you had mentioned about the extreme due diligence done around Rivada funding and payments did the research and not consider the potential delays that we are experiencing right now and does Terran not require any alternative funding from Rivada?

在第二季的電話會議中，您提到了圍繞 Rivada 資金和付款進行的極端盡職調查，並進行了研究，但沒有考慮我們目前正在經歷的潛在延誤，Terran 是否不需要 Rivada 提供任何替代資金？

No, we knew their funding source very well. We know I met with them personally a long time ago, I have extreme confidence and saw no reason why they wouldn't have been funded. So, this is just a it was quite a surprise both to us and to Rivada. But yes, we did a lot of lots of diligence was done on all sides, and we had extreme confidence on their ability to fund and we still expect them to get funded, just there are some external circumstances that have popped up that have delayed things, but it is a large sovereign and we expect them to come through at the end of the day.

不，我們非常了解他們的資金來源。我們知道我很久以前就親自見過他們，我非常有信心，並且認為他們沒有理由得不到資助。所以，這對我們和 Rivada 來說都是一個很大的驚喜。但是，是的，我們在各方面都做了很多努力，我們對他們的融資能力非常有信心，我們仍然希望他們能夠獲得資金，只是出現了一些外部情況導致了事情的延遲，但這是一個大主權國家，我們希望他們最終能渡過難關。

Okay. Thank you. I Appreciate.

好的。謝謝。我很欣賞。

Thank you.

謝謝。

Mark stone, private investor.

馬克‧斯通，私人投資者。

As we did the previous mentioned a Twitter reminded me of a comment last question I have as of a few weeks ago, the Terran Orbital Twitter site post are protected, and I actually submitted and still have pending and a question, like two or three weeks ago tell them unprotected. So, why are they protected? Was that some kind of mistake by Terran Orbital. We're on purpose.

正如我們之前提到的，Twitter 讓我想起了幾週前我的最後一個問題的評論，Terran Orbital Twitter 網站帖子受到保護，我實際上提交了，但仍然有待處理的問題，比如兩到三週之前告訴他們不受保護。那麼，他們為什麼受到保護呢？這是人族軌道的某種錯誤嗎？我們是故意的。

I have a guy with social media is shaking his head looking at me saying he had no clue what you're talking about, but we will do a check it out. (multiple speakers) So sorry, I don't have the [turnover like upset], but the guy who does is going to find out.

我有一個使用社群媒體的人搖頭看著我說他不知道你在說什麼，但我們會檢查一下。 （多位發言者）很抱歉，我沒有[心煩意亂的營業額]，但有的人會發現的。

Thank you.

謝謝。

You're welcome. Thanks for pointing that out to us.

不客氣。感謝您向我們指出這一點。

Peter Singh, Private Investor.

彼得辛格，私人投資者。

Okay, Marc. Just one more question here regarding the proposal from the cofounders and their recent letter after the fact and when you announced the reduced revenue guidance, any thoughts there and how should the shareholders consider the pipeline that they're proposing? And how does it align with the pipeline that you have minus Rivada?

好吧，馬克。這裡還有一個問題，關於聯合創始人的提議以及他們最近的信函，當您宣布減少收入指導時，有什麼想法以及股東應該如何考慮他們提議的管道？它如何與您除 Rivada 之外的管道保持一致？

I don't understand the question.

我不明白這個問題。

(multiple speakers)

（多個發言者）

First of all, they are not co-founders, the three founders, I turn it over to Marc Bell, [Dan staton] and Anthony Prevett who is diseased. Those are the three founders that though. So, you've got your facts straight, please.

首先，他們不是共同創辦人，三位創辦人，我把它交給馬克·貝爾、[丹·斯塔頓]和生病的安東尼·普雷維特。不過，他們是三位創辦人。所以，請你把事實說清楚。

Second, they said they were able to get a proposed what they say they can close $1.7 billion, which is great. We have not seen we have lots of things that we're bidding on, but we don't disclose what we're working on could be the same things, you cannot be the same things, if they wanted to be helpful shareholders that could give us the information they choose not to. And that's their decision.

其次，他們表示，他們能夠獲得一項提議，據稱可以完成 17 億美元的融資，這非常棒。我們還沒有看到我們有很多正在競標的東西，但我們沒有透露我們正在做的事情可能是相同的事情，你不能是相同的事情，如果他們想成為有幫助的股東，可以向我們提供他們選擇不提供的資訊。這就是他們的決定。

Yeah, Thank you.

是的，謝謝。

Welcome.

歡迎。

Those are all the questions we have. So, I'll turn the call back to the management team.

這些就是我們所有的問題。因此，我會將電話轉回給管理團隊。

Okay, well, thank you very much for attending everybody. We really appreciate it. We appreciate all the feedback and inviting everybody else to have questions, and I want everyone to, I guess the next time we'll speak to you will be after the holidays everybody and enjoy your thanksgiving and thank you very much for joining us.

好的，非常感謝大家的出席。我們真的很感激。我們感謝所有回饋並邀請其他人提出問題，我希望每個人都這樣做，我想下次我們與您交談將是在假期之後，每個人都享受感恩節，非常感謝您加入我們。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開線路了。