Momentus Inc (MNTS) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Momentus Inc. fourth-quarter 2022 earnings conference call. I would now like to turn the call over to Darryl Genovesi, Vice President of Investor Relations. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎來到 Momentus Inc. 2022 年第四季度收益電話會議。我現在想把電話轉給投資者關係副總裁 Darryl Genovesi。請繼續。

(audio in progress) fourth-quarter 2022 and fiscal year 2022 earnings conference call. With me here today are John Rood, Chief Executive Officer of the company and Chairman of its Board of Directors; as well as Dennis Mahoney, Interim Chief Financial Officer. Each will provide prepared remarks.

（音頻進行中）2022 年第四季度和 2022 財年收益電話會議。今天和我一起出席的有公司首席執行官兼董事會主席 John Rood；以及臨時首席財務官丹尼斯·馬奧尼 (Dennis Mahoney)。每個人都會提供準備好的評論。

Following these prepared remarks, we will take questions from analysts. In the interest of time, we would ask that you limit yourself to one question and one brief follow-up.

在這些準備好的評論之後，我們將回答分析師的問題。為了節省時間，我們會要求您將自己限制在一個問題和一個簡短的跟進中。

Earlier today, we issued a press release and made a slide presentation available on our Investor Relations website, which provides an overview of our business and financial highlights for the quarter and the year. You can download a copy of the release and presentation slides at investors.momentus.space.

今天早些時候，我們發布了一份新聞稿，並在我們的投資者關係網站上提供了幻燈片演示，其中概述了我們本季度和本年度的業務和財務亮點。您可以在 investors.momentus.space 下載新聞稿和演示幻燈片的副本。

During today's call, we will make certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties.

在今天的電話會議中，我們將根據 1933 年證券法第 27A 條和 1934 年交易法第 21E 條的含義做出某些前瞻性陳述。前瞻性陳述是關於未來事件的預測、預測和其他陳述基於當前的預期和假設，因此受到風險和不確定性的影響。

Many factors could cause the actual future events to differ materially from the forward-looking statements in this communication. You should listen to today's call with the understanding that our actual results may be materially different from the plans, intentions, and expectations disclosed in the forward-looking statements we make. For more information about factors that may cause the actual results to materially differ from forward-looking statements, please refer to the earnings press release we issued today as well as the company's filings with the Securities and Exchange Commission. Readers are cautioned not to put 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.

許多因素可能導致實際的未來事件與本通訊中的前瞻性陳述存在重大差異。您應該理解我們的實際結果可能與我們所做的前瞻性陳述中披露的計劃、意圖和預期存在重大差異，從而聽取今天的電話會議。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的收益新聞稿以及公司向美國證券交易委員會提交的文件。告誡讀者不要過分依賴前瞻性陳述，公司明確表示不承擔任何更新本次電話會議期間可能討論的前瞻性陳述的義務。

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 to the most comparable GAAP measures in our earnings press release. None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with GAAP.

另請注意，我們將在今天的電話會議上參考某些非 GAAP 財務信息。您可以在我們的收益新聞稿中找到非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬。這些非 GAAP 財務指標均不能替代或優於根據 GAAP 編制的財務業績指標。

With that, I'd like to turn the call over to our Chairman and Chief Executive Officer, John Rood.

有了這個，我想把電話轉給我們的董事長兼首席執行官約翰羅德。

Well, thank you, Darryl. I'm delighted to give you an overview of the company's progress in 2022 and so far in 2023, as well as our plans for the future. I'm also pleased to have Dennis Mahoney here for his first earnings call as our interim CFO. After I make my comments, Dennis will take you through the financial highlights.

好吧，謝謝你，達里爾。我很高興向您概述公司在 2022 年和 2023 年迄今的進展情況，以及我們對未來的計劃。我也很高興丹尼斯·馬奧尼 (Dennis Mahoney) 作為我們的臨時首席財務官來到這裡參加他的第一次財報電話會議。在我發表評論後，丹尼斯將向您介紹財務亮點。

Now turning to slide 4. Momentus took great strides in 2022 and so far in 2023 toward our goal of being one of the market leaders in in-space transportation and infrastructure services. We are one of a small number of companies that have launched orbital service vehicles in this space to serve this market.

現在轉到幻燈片 4。Momentus 在 2022 年和 2023 年迄今取得了長足進步，實現了我們成為太空運輸和基礎設施服務市場領導者之一的目標。我們是少數在該領域發射軌道服務飛行器以服務該市場的公司之一。

We have made significant progress on our technology development, conducting the first launch of our Vigoride orbital service vehicle called Vigoride 3 in May of 2022. Vigoride 3 was launched from Cape Canaveral, Florida, into low earth orbit on the SpaceX Transporter-5 mission.

我們在技術開發方面取得了重大進展，於 2022 年 5 月首次發射了名為 Vigoride 3 的 Vigoride 軌道服務飛行器。Vigoride 3 是在 SpaceX Transporter-5 任務中從佛羅里達州卡納維拉爾角發射到近地軌道的。

In addition to launching Vigoride 3 on the Transporter-5 mission, Momentus used a second port on the launch vehicle for a deployer made by a third party. Using Vigoride 3 in this deployer, Momentus placed eight satellites into orbit. These eight satellites were from FOSSA Systems, Orbit NTNU, and California State Polytechnic University at Pomona. We also carry the payload from a fourth customer who prefers not to be publicly named.

除了在 Transporter-5 任務中發射 Vigoride 3 外，Momentus 還在運載火箭上使用了第二個端口用於第三方製造的部署器。在這個部署器中使用 Vigoride 3，Momentus 將八顆衛星送入軌道。這八顆衛星來自 FOSSA Systems、Orbit NTNU 和位於波莫納的加州州立理工大學。我們還攜帶了第四位不願公開姓名的客戶的有效載荷。

Our inaugural launch of Vigoride 3 was followed by a second Vigoride launch in early January of this year with our Vigoride 5 vehicle, which is a lead ship and our new Block 2.2 configuration that incorporated lessons learned and improvements from the Vigoride 3 mission. Vigoride 5 is now in low earth orbit where it is in good health and is undergoing a deliberate commissioning process as we prepare to fire its microwave electrothermal thruster in the coming weeks, maneuver the spacecraft in orbit, place the customer satellite in orbit, and continue to support a cutting-edge hosted payload from Caltech that aims to demonstrate the ability to collect solar energy and space, and transmit electricity wirelessly in space and back to earth.

在我們首次發射 Vigoride 3 之後，我們於今年 1 月初使用我們的 Vigoride 5 運載器進行了第二次 Vigoride 發射，這是一艘主艦和我們新的 Block 2.2 配置，它結合了 Vigoride 3 任務的經驗教訓和改進。 Vigoride 5 目前處於低地球軌道，健康狀況良好，正在進行有意的調試過程，因為我們準備在未來幾週內啟動其微波電熱推進器，在軌道上操縱航天器，將客戶衛星送入軌道，並繼續支持來自加州理工學院的尖端託管有效載荷，旨在展示收集太陽能和空間的能力，以及在空間和回地球無線傳輸電力的能力。

During the first two months of 2023, we conducted the assembly ground testing and flight readiness review of the next spacecraft we intend to launch, Vigoride 6. We then shipped Vigoride 6 to its launch site at Vandenberg Space Force Base in California, where it has been integrated onto a SpaceX launch vehicle. I'm pleased to report that we are on track to launch the Vigoride 6 on the SpaceX Transporter 7 mission targeted for next month.

在 2023 年的前兩個月，我們對我們打算發射的下一個航天器 Vigoride 6 進行了組裝地面測試和飛行準備審查。然後我們將 Vigoride 6 運送到位於加利福尼亞州范登堡太空部隊基地的發射場，在那裡它已經已集成到 SpaceX 運載火箭上。我很高興地報告，我們正按計劃在下個月的 SpaceX Transporter 7 任務中發射 Vigoride 6。

We have really strengthened our engineering and operations capabilities over the past year. We assembled an impressive group of leaders for our technology development, engineering program management, manufacturing and operations, and supply chain functions composed of industry veterans with decades of experience of leading companies in space and defense industries. We've also recruited outstanding talent below the level of the organization chart -- below the top of the organization chart down to the individual contributor.

在過去的一年裡，我們確實加強了我們的工程和運營能力。我們為我們的技術開發、工程項目管理、製造和運營以及供應鏈職能聚集了一批令人印象深刻的領導者，這些領導者由具有數十年太空和國防行業領先公司經驗的行業資深人士組成。我們還招募了組織結構圖級別以下的傑出人才——從組織結構圖的頂部一直到個人貢獻者。

Momentus combines the strength of a highly experienced team with the agility of people trained in early-stage enterprises. And the interplay between these backgrounds has produced a stronger engineering and innovation culture. We believe our highly experienced team gives us a competitive advantage over our peers.

Momentus 結合了經驗豐富的團隊的力量和在早期企業中受過訓練的人員的敏捷性。這些背景之間的相互作用產生了更強大的工程和創新文化。我們相信，我們經驗豐富的團隊使我們比同行更具競爭優勢。

We streamlined our engineering and development organizational structure to support more rapid development of our spacecraft and enable more mature documented engineering processes to develop, assemble, and test our spacecraft and its components. The results are evident, as we encountered far fewer issues during the assembly and testing of Vigoride 6 than we did during the production of Vigoride 5, which already represented a big improvement relative to what we experienced on the earlier vehicle, Vigoride 3.

我們簡化了我們的工程和開發組織結構，以支持更快速地開發我們的航天器，並啟用更成熟的文檔化工程流程來開發、組裝和測試我們的航天器及其組件。結果是顯而易見的，因為我們在 Vigoride 6 的組裝和測試過程中遇到的問題比我們在 Vigoride 5 的生產過程中遇到的問題要少得多，相對於我們在早期車輛 Vigoride 3 上遇到的問題已經有了很大的改進。

To be specific, our engineers and technicians reported 45% fewer nonconformances on Vigoride 6 relative to Vigoride 5. And not only are we seeing progressively fewer issues as our assembly and test processes mature, we're also resolving the issues that we do encounter more rapidly. All of this gives us increased confidence in the reliability of our Vigoride orbital service vehicle.

具體而言，我們的工程師和技術人員報告說，與 Vigoride 5 相比，Vigoride 6 的不合格情況減少了 45%。隨著裝配和測試流程的成熟，我們不僅發現問題逐漸減少，而且我們還在解決我們確實遇到的更多問題迅速。所有這些都讓我們對 Vigoride 軌道服務飛行器的可靠性更有信心。

Productivity has similarly improved. We completed the assembly and test of the Vigoride 6 faster with substantially fewer labor hours than Vigoride 5, and we expect to see continued productivity gains during the production of our next vehicle, Vigoride 7, that is already underway.

生產率同樣有所提高。與 Vigoride 5 相比，我們以更少的工時更快地完成了 Vigoride 6 的組裝和測試，我們預計在我們已經在進行的下一款車輛 Vigoride 7 的生產過程中，生產率將持續提高。

We're pleased with how customer interest has been trending. We recently secured follow-on orders from two of our Vigoride 3 customers as well as contracts with several additional customers, including NASA, LuxSpace, CUAVA, and CONTEC. Momentus also signed a memorandum of understanding with Sidus Space during 2022 to explore launching its LizzieSat satellites, onboard Vigoride, and to generally foster collaboration between our two companies.

我們對客戶興趣的趨勢感到滿意。我們最近從我們的兩個 Vigoride 3 客戶那裡獲得了後續訂單，並與其他幾個客戶簽訂了合同，包括 NASA、LuxSpace、CUAVA 和 CONTEC。 Momentus 還在 2022 年與 Sidus Space 簽署了一份諒解備忘錄，以探索在 Vigoride 上發射其 LizzieSat 衛星，並普遍促進我們兩家公司之間的合作。

As I mentioned on our last earnings call, Momentus has started to focus on growing our business with US government departments and agencies like the Defense Department and NASA. We think these customers can ultimately grow to represent a major part of our business.

正如我在上次財報電話會議上提到的那樣，Momentus 已開始專注於發展我們與美國政府部門和機構（如國防部和 NASA）的業務。我們認為這些客戶最終可以成長為我們業務的主要部分。

To lead this effort, we have hired Chris Kinman as our new Chief Commercial Officer. Chris comes to us from Northrop Grumman Space System, where he led the business development team and their capture satellite and payload opportunities for the Defense Department and intelligence community. Chris brings more than three decades of experience driving growth in the defense and civil government and commercial space sectors. And he is already making a big difference for us.

為了領導這項工作，我們聘請了 Chris Kinman 擔任我們的新首席商務官。 Chris 從 Northrop Grumman Space System 來到我們這裡，他在那裡領導業務開發團隊以及他們為國防部和情報界捕獲衛星和有效載荷的機會。 Chris 帶來了超過 30 年的推動國防和民用政府以及商業空間領域發展的經驗。他已經為我們帶來了很大的改變。

During 2022, we improved our IT systems, tools, and processes for better cyber security and a better user experience that should improve workforce productivity. We've also improved our finance and accounting tools and processes and hired a new Interim CFO, Dennis Mahoney, who is here with us today. Dennis has been the CFO or senior financial executive of six publicly traded companies. He has negotiated and closed four acquisitions in one company sale. He comes to Momentus with deep experience in defining financial strategy, scaling operations, and driving profitable growth at technology companies. We're really happy to have Dennis onboard. You'll hear from him in just a minute about our Q4 financials.

在 2022 年期間，我們改進了 IT 系統、工具和流程，以實現更好的網絡安全和更好的用戶體驗，從而提高員工的工作效率。我們還改進了我們的財務和會計工具和流程，並聘請了一位新的臨時首席財務官丹尼斯·馬奧尼 (Dennis Mahoney)，他今天也來了。丹尼斯曾擔任六家上市公司的首席財務官或高級財務主管。他在一次公司出售中談判並完成了四次收購。他來到 Momentus，在定義財務戰略、擴大業務規模和推動科技公司盈利增長方面擁有豐富的經驗。我們真的很高興丹尼斯加入。您很快就會收到他關於我們第四季度財務狀況的消息。

Over just the last few weeks, we've made progress in retiring some legacy obligations from before the company was public, including settling a class action lawsuit. We also successfully raised roughly $10 million in gross proceeds from an institutional investor.

就在過去幾週，我們在取消公司上市前的一些遺留義務方面取得了進展，包括解決集體訴訟。我們還成功地從一家機構投資者那裡籌集了大約 1000 萬美元的總收益。

Momentus has a share repurchase agreement or SRA for a final payment of $10 million to the two founders of the company. The former founders were divested from the company in January 2021 due to US government foreign ownership concerns, and the company previously paid $40 million for this purpose. The $10 million investment, which is equivalent to the total specified in the SRA, provided capital to the company to meet the obligations in the SRA. Retirement of these issues clears the way for Momentus to move forward with its vision to provide backbone infrastructure services for the growing space economy.

Momentus 有一份股票回購協議或 SRA，最終向公司的兩位創始人支付 1000 萬美元。由於美國政府對外國所有權的擔憂，前創始人於 2021 年 1 月從公司剝離，公司此前為此支付了 4000 萬美元。相當於 SRA 中規定的總額的 1000 萬美元投資為公司提供了資金，以履行 SRA 中的義務。這些問題的解決為 Momentus 推進其為不斷增長的太空經濟提供骨乾基礎設施服務的願景掃清了道路。

Turning to slide 5. In early January of this year, we launched our second Vigoride mission with our Vigoride 5 spacecraft. Recall that Vigoride 5 is a next-generation vehicle from our Block 2.2 configuration, which is much more capable compared to our previous vehicles. Improvements include: a modular payload bay that allows us to swap customer payloads for additional propellant; our next-generation microwave electrothermal thruster, or MET, which is designed to be more capable than its predecessor; and enhanced payload hosting capabilities that allow us to host multiple experiments from Caltech onboard Vigoride 5.

轉到幻燈片 5。今年 1 月初，我們使用 Vigoride 5 航天器發射了第二次 Vigoride 任務。回想一下，Vigoride 5 是我們 Block 2.2 配置的下一代車輛，與我們以前的車輛相比，它的能力要強得多。改進包括：一個模塊化的有效載荷艙，允許我們用客戶的有效載荷交換額外的推進劑；我們的下一代微波電熱推進器，或 MET，其設計比其前身更強大；以及增強的有效載荷託管能力，使我們能夠在 Vigoride 5 上託管來自加州理工學院的多項實驗。

Turning to slide 6. Launch and separation of Vigoride 5 from the launch vehicle has been completed. Vigoride 5 is now in low earth orbit, undergoing commissioning. As commissioning operations advance, Vigoride 5 remains in good health and the vehicles' power and thermal systems continued to be within nominal ranges. The solar arrays are fully deployed and generating power -- generating power nominally, I might add.

轉到幻燈片 6。Vigoride 5 與運載火箭的發射和分離已經完成。 Vigoride 5 現在在近地軌道上，正在進行調試。隨著調試操作的推進，Vigoride 5 保持良好狀態，車輛的動力和熱系統繼續在標稱範圍內。太陽能電池板已完全部署並發電——名義上發電，我想補充一下。

Both uplink and downlink communications with the vehicle are healthy. The recent activities have included commissioning the attitude determination system and completing the pressurization of the vehicle's propulsion system. As part of the commissioning campaign, a spacecraft camera has now been activated and has been returning images of the spacecraft, which Momentus uses for engineering evaluation. One of the images we've collected is displayed now.

與車輛的上行鏈路和下行鏈路通信均正常。最近的活動包括調試姿態確定係統和完成車輛推進系統的增壓。作為調試活動的一部分，航天器相機現已啟動，並一直在返回航天器的圖像，Momentus 將其用於工程評估。現在顯示我們收集的其中一張圖片。

In the coming weeks, Momentus will prioritize testing the vehicles' innovative microwave electrothermal thruster or MET. Momentus is a pioneer in commercializing this technology. The MET is designed to use water as a propellant and produce thrust by expelling extremely hot gases through a rocket nozzle. Unlike a conventional rocket engine, which creates thrust through a chemical reaction, the MET is designed to create a plasma and thrust using microwave energy. Using the MET, Momentus aims to offer cost effective, efficient, safe, and environmentally friendly propulsion to meet the demands for in-space transportation and infrastructure services.

在接下來的幾週內，Momentus 將優先測試車輛的創新微波電熱推進器或 MET。 Momentus 是這項技術商業化的先驅。 MET 旨在使用水作為推進劑，並通過火箭噴嘴排出極熱的氣體來產生推力。與通過化學反應產生推力的傳統火箭發動機不同，MET 旨在利用微波能量產生等離子體和推力。 Momentus 旨在使用 MET 提供具有成本效益、高效、安全和環保的推進，以滿足太空運輸和基礎設施服務的需求。

We plan to operate Vigoride in space through powered flight and test its ability to maneuver to different orbits using MET. While we plan to deploy Qosmosys's satellite in its desired orbit, Vigoride 5 will host Caltech's payload for the entirety of its mission.

我們計劃通過動力飛行在太空中運行 Vigoride，並使用 MET 測試其機動到不同軌道的能力。雖然我們計劃將 Qosmosys 的衛星部署在其所需的軌道上，但 Vigoride 5 將承載加州理工學院的有效載荷以完成其整個任務。

As was the case for our inaugural mission, our intention is to perform a planned flight mission, test our technology in space, meet our obligations to our customers, and apply the lessons learned during the mission to improve our technology. This is hard-earned knowledge that can only be gained through flight experience.

與我們的首次任務一樣，我們的目的是執行計劃的飛行任務，在太空中測試我們的技術，履行我們對客戶的義務，並應用在任務期間吸取的教訓來改進我們的技術。這是來之不易的知識，只能通過飛行經驗獲得。

Turning to slide 7. Beyond Vigoride 5, we plan to launch the Vigoride 6 on SpaceX's Transporter 7 mission targeted for next month. The Vigoride-6 manifest includes two satellites for NASA, payloads for several commercial customers, as well as a prototype of the Momentus's Tape Spring Solar Array or TASSA. We're delighted that NASA contracted with us to fly two satellites for their LLITED, L-L-I-T-E-D, or Low-Latitude Ionosphere/Thermosphere Enhancements in Density mission. We recently completed Vigoride 6's assembly and a rigorous ground testing campaign, including vibration and thermal testing. Of those things simulate those tests, simulate the environment that Vigoride 6 will encounter on the launch vehicle and in space.

轉到幻燈片 7。除了 Vigoride 5，我們計劃在 SpaceX 下個月的 Transporter 7 任務中發射 Vigoride 6。 Vigoride-6 清單包括為 NASA 提供的兩顆衛星、為多個商業客戶提供的有效載荷，以及 Momentus 的帶彈簧太陽能陣列或 TASSA 的原型。我們很高興 NASA 與我們簽訂合同，為他們的 LLITED、L-L-I-T-E-D 或低緯度電離層/熱層密度增強任務飛行兩顆衛星。我們最近完成了 Vigoride 6 的組裝和嚴格的地面測試活動，包括振動和熱測試。那些東西模擬那些測試，模擬 Vigoride 6 在運載火箭和太空中會遇到的環境。

This slide that we're showing now illustrates the progress we've made in preparing Vigoride 6. The picture at the top left shows the spacecraft in our clean room when we were just beginning to assemble it, and the other photos trace its journey through various stage of testing and launch preparation. Customer satellites have been integrated on the Vigoride 6, and we conducted our flight readiness review about a week ago.

我們現在展示的這張幻燈片展示了我們在準備 Vigoride 6 方面取得的進展。左上角的圖片顯示了我們剛開始組裝時航天器在我們的潔淨室中，其他照片描繪了它的旅程測試和啟動準備的各個階段。客戶衛星已集成到 Vigoride 6 上，我們大約一周前進行了飛行準備審查。

Then on February 28, we shipped Vigoride 6 to its launch site at Vandenberg Space Force Space in California, where it has been integrated with the launch vehicle. We are on track to launch Vigoride 6 on the SpaceX Transporter 7 mission targeted for next month.

然後在 2 月 28 日，我們將 Vigoride 6 運送到其位於加利福尼亞州范登堡太空部隊空間的發射場，在那裡它已與運載火箭集成在一起。我們有望在下個月的 SpaceX Transporter 7 任務中發射 Vigoride 6。

Turning to slide 8. One of the key objectives of Vigoride 6 mission was that we could test our Tape Spring Solar Array or TASSA on the orbit. Our team, led by our CTO, Rob Schwarz, has been working on the TASSA concept for several years as a potential means of reducing Vigoride unit manufacturing costs and lead times. We've applied to patent the technology behind TASSA.

轉到幻燈片 8。Vigoride 6 任務的主要目標之一是我們可以在軌道上測試我們的帶彈簧太陽能陣列或 TASSA。我們的團隊，由我們的 CTO Rob Schwarz 領導，多年來一直致力於 TASSA 概念，作為降低 Vigoride 單位製造成本和交貨時間的潛在手段。我們已經為 TASSA 背後的技術申請了專利。

You can see the TASSA fully unfurled on the left. It's about 11 meters or roughly 36 feet long. To build TASSA, the team bonded large sheets of flexible solar cells to tape springs. The 4-inch mandrel is much smaller than those used in competing roll-out solar arrays, which provides weight savings. Once development is complete, we estimate that replacing Vigoride's third-party solar array with TASSA could reduce the overall recurring production costs of a Vigoride by as much as about 10% while potentially reducing lead time by several months. These are important improvements as we continue to transition from Vigoride development to production at lower unit costs.

您可以在左側看到 TASSA 完全展開。它長約 11 米或大約 36 英尺。為了建造 TASSA，該團隊將大片柔性太陽能電池粘合到膠帶彈簧上。 4 英寸心軸比競爭對手的捲式太陽能電池陣列中使用的心軸小得多，從而減輕了重量。一旦開發完成，我們估計用 TASSA 替換 Vigoride 的第三方太陽能電池陣列可以將 Vigoride 的總體經常性生產成本降低多達 10%，同時可能將交貨時間縮短幾個月。隨著我們繼續以較低的單位成本從 Vigoride 開發過渡到生產，這些都是重要的改進。

We're also seeing interest from commercial and government customers for TASSA. Vigoride 6 will be equipped with its standard fold-up solar arrays, so TASSA will not be its main power source. Rather, TASSA will fly as a hosted payload on the upper deck of Vigoride 6. On the bottom right corner of the chart, you can see TASSA in its stode position on the Vigoride 6 upper deck.

我們還看到商業和政府客戶對 TASSA 感興趣。 Vigoride 6 將配備其標準的折疊式太陽能電池陣列，因此 TASSA 將不是其主要電源。相反，TASSA 將作為 Vigoride 6 上層甲板上的託管有效載荷飛行。在圖表的右下角，您可以看到 TASSA 在 Vigoride 6 上層甲板上的停靠位置。

Turning to slide 9. We have another technology demonstration plan for our next mission with Vigoride 7 scheduled to be launched on the SpaceX Transporter 9 mission targeted for October 2023. In Vigoride 7, we intend to test and demonstrate Vigoride's ability to rendezvous with other objects in space and maintain close proximity. Vigoride 7 will deploy a satellite and then attempt to maneuver closer and farther away, as well as maintain relative distance to it in space using sensors we designed for rendezvous and proximity operations or RPO.

轉到幻燈片 9。我們為我們的下一個任務制定了另一個技術演示計劃，計劃於 2023 年 10 月在 SpaceX Transporter 9 任務中發射 Vigoride 7。在 Vigoride 7 中，我們打算測試和展示 Vigoride 與其他物體會合的能力在空間中並保持接近。 Vigoride 7 將部署一顆衛星，然後嘗試機動靠近和遠離，並使用我們為交會和接近操作或 RPO 設計的傳感器在太空中保持相對距離。

Recall that the current version of Vigoride, Block 2.2, is expendable. After completing its mission, it moves to a decaying orbit and burns up during reentry. A reusable Vigoride, after completing its mission, would rendezvous with and provide services to additional customer satellites.

回想一下，Vigoride 的當前版本 Block 2.2 是可消耗的。完成任務後，它會移動到衰變軌道並在重返大氣層時燃燒殆盡。可重複使用的 Vigoride 在完成其任務後，將與其他客戶衛星會合併為其提供服務。

To be clear, what we mean by reusable Vigoride is one that would stand space and be refueled, and therefore, reused on later missions. This would allow Momentus to serve customers at lower cost than it can by building and launching an additional Vigoride.

需要明確的是，我們所說的可重複使用的 Vigoride 指的是一種可以站立太空並可以補充燃料的火箭，因此可以在以後的任務中重複使用。這將使 Momentus 能夠以比通過構建和啟動額外的 Vigoride 更低的成本為客戶提供服務。

We think transitioning from an expendable to a reusable Vigoride vehicle offers the potential to deeply reduce our manufacturing and launch costs. And part of that process is the need to upgrade Vigoride with a few key technologies, including RPO.

我們認為，從消耗品過渡到可重複使用的 Vigoride 車輛有可能大大降低我們的製造和發射成本。該過程的一部分是需要使用包括 RPO 在內的一些關鍵技術來升級 Vigoride。

RPO capability is also key to our ability to expand the menu of services that Vigoride can provide to include in-orbit maintenance and refueling of customer satellites, life extension, and de-orbiting of satellites at the end of their useful life.

RPO 能力也是我們擴展 Vigoride 可以提供的服務菜單的能力的關鍵，這些服務包括客戶衛星的在軌維護和加油、壽命延長以及衛星使用壽命結束時的離軌。

Turning to slide 10. This slide shows a few commercial highlights from the fourth quarter and early part of 2023. CONTEC is a Korean company that is a new customer. Momentus plans to provide transportation services for the JINJUSat-1 CubeSat in 2023 in support of a Korean national space (inaudible).

轉到幻燈片 10。這張幻燈片顯示了第四季度和 2023 年初的一些商業亮點。CONTEC 是一家韓國公司，它是我們的新客戶。 Momentus 計劃在 2023 年為 JINJUSat-1 CubeSat 提供運輸服務，以支持韓國國家空間（聽不清）。

We have also signed (technical difficulty) with the Australian Research Council Training Center for CubeSats, Uncrewed Aerial Vehicles, and their Applications or CUAVA. Our contractor for the transportation of two CUAVA CubeSats to low earth orbit. CUAVA is a new customer.

我們還與澳大利亞研究委員會 CubeSats、Uncrewed Aerial Vehicles 及其應用或 CUAVA 培訓中心簽署了（技術難度）協議。我們的承包商將兩個 CUAVA CubeSat 運輸到近地軌道。 CUAVA 是新客戶。

We also signed contracts with FOSSA Systems in Spain for the transportation of two satellites and one PocketPod deployer carrying eight satellites. As I mentioned, FOSSA is a previous Momentus customer who participated in our Vigoride 3 mission. We deployed six satellites on that mission from a FOSSA deployer. And then finally, we signed a contract with another repeat customer who would prefer not to be named publicly.

我們還與西班牙的 FOSSA Systems 簽訂了運輸兩顆衛星和一台攜帶八顆衛星的 PocketPod 部署器的合同。正如我提到的，FOSSA 是之前參與我們 Vigoride 3 任務的 Momentus 客戶。我們從 FOSSA 部署者那里為該任務部署了六顆衛星。最後，我們與另一位不願公開姓名的回頭客簽訂了合同。

Turning to slide 11. We're excited about the potential growth in the markets we serve. This chart estimates market segment sizes for last mile transportation and de-orbiting services where we expect growth to accelerate, given recent regulatory changes from the Federal Communications Commission or FCC that we covered in detail in our last earnings call. That will require operators to de-orbit their satellites within five years after mission conclusion as well as the potential for harmonization from other global regulatory bodies to closely resemble the new FCC rules.

轉到幻燈片 11。我們對我們所服務市場的潛在增長感到興奮。考慮到我們在上次財報電話會議中詳細介紹的聯邦通信委員會或 FCC 最近的監管變化，該圖表估計了最後一英里運輸和脫軌服務的市場細分規模，我們預計增長將加速。這將要求運營商在任務結束後五年內將其衛星脫離軌道，並可能與其他全球監管機構進行協調，以與新的 FCC 規則非常相似。

Defense and civil government space budgets are growing. As you can see, they're measured in the billions of dollars. We believe Momentus has the right team and experience to appeal to these customers with decades of experience in the aerospace and defense industry and at the Department of Defense in senior [positions]. So that's where we're focusing our business development efforts.

國防和民政政府的太空預算正在增長。如您所見，它們以數十億美元計。我們相信 Momentus 擁有合適的團隊和經驗來吸引這些在航空航天和國防工業以及國防部高級 [職位] 擁有數十年經驗的客戶。因此，這就是我們專注於業務發展的地方。

Turning to slide 12. I would like to conclude my prepared remarks with a summary of the key reasons why Momentus is well positioned in the space market. First, the markets that we serve are rapidly developing. As a result of progressively lower cost, the number of satellite deployments is growing and these satellites need additional services once they get to space. Both the private sector and the public sector recognize this need. And the regulatory environment is trending favorably, with new FCC de-orbiting rules being an important example.

轉到幻燈片 12。我想總結一下 Momentus 在太空市場處於有利地位的關鍵原因，以此來結束我準備好的發言。首先，我們所服務的市場正在快速發展。由於成本逐漸降低，衛星部署的數量正在增加，這些衛星一旦進入太空就需要額外的服務。私營部門和公共部門都認識到這一需要。監管環境趨勢良好，新的 FCC 脫軌規則就是一個重要的例子。

The Space Foundation estimates the size of the space economy at about $469 billion today. And Morgan Stanley space team expects the market to more than double to over $1 trillion by 2040. Bank of America and other groups forecast even faster growth.

太空基金會估計當今太空經濟的規模約為 4690 億美元。摩根士丹利太空團隊預計，到 2040 年，該市場將增長一倍以上，達到 1 萬億美元以上。美國銀行和其他集團預測增長速度甚至更快。

Second, Momentus is well positioned to capture a portion of this growing market. Momentus has now launched two Vigoride vehicles to space and is well on its way to launching a third. While others have aspirations, we are one of just a select group of companies already flying in space and we have deployed eight customer satellites.

其次，Momentus 處於有利地位，可以佔領這個不斷增長的市場的一部分。 Momentus 現在已經向太空發射了兩輛 Vigoride 飛行器，並且正在順利發射第三輛。雖然其他人有抱負，但我們是少數已經在太空飛行的公司之一，我們已經部署了八顆客戶衛星。

Beyond our in-space transportation service, we offer our payload hosting services and are currently flying a substantial hosted payload for Caltech. We believe our power generation capabilities and the size and flexibility of our configuration give us a competitive advantage in this segment.

除了我們的太空運輸服務，我們還提供有效載荷託管服務，目前正在為加州理工學院飛行大量託管有效載荷。我們相信我們的發電能力以及配置的規模和靈活性使我們在這一領域具有競爭優勢。

We continue to build on our service offering and plan to introduce in-orbit services such as satellite maintenance, refueling, and orbital debris removal. Our planned 2023 RPO demonstration should aid us in this effort.

我們繼續完善我們的服務產品，併計劃引入在軌服務，例如衛星維護、加油和軌道碎片清除。我們計劃的 2023 年 RPO 演示應該可以幫助我們完成這項工作。

Our relationships with launch companies, such as SpaceX, are strong. Moreover, Vigoride launch vehicle is agnostic. So we should benefit from increasing launch capacity and associated price competition amongst launch providers over time.

我們與 SpaceX 等發射公司的關係非常牢固。此外，Vigoride 運載火箭是不可知論者。因此，隨著時間的推移，我們應該受益於不斷增加的發射能力和發射供應商之間的相關價格競爭。

Third, we are encouraged by our improvements in reliability and efficiency. We're confident that we're on a path to be a profitable business once we get scale. Our costs exceed revenue today as we're still early in the learning curve and are producing and flying Vigorides at a low frequency. As we increase vehicle reliability, we expect capacity utilization and revenue generation per Vigoride mission to increase. At the same time, we expect to be able to produce Vigorides more efficiently and as a result of learning, economies of scale, design for manufacturing, and targeted cost reduction efforts like our TASSA. As a result, as revenue grows, we plan to achieve profitability and expand margins in the future. Additionally, we expect a discrete margin boost once we introduce reusable Vigoride and start to save on manufacturing costs.

第三，我們對可靠性和效率的提高感到鼓舞。我們有信心，一旦我們獲得規模，我們就會走上盈利業務的道路。我們今天的成本超過了收入，因為我們仍處於學習曲線的早期階段，並且正在以低頻率生產和飛行 Vigorides。隨著我們提高車輛可靠性，我們預計每次 Vigoride 任務的產能利用率和創收都會增加。與此同時，我們希望能夠更有效地生產 Vigorides，這是學習、規模經濟、製造設計和有針對性的成本降低努力（如我們的 TASSA）的結果。因此，隨著收入的增長，我們計劃在未來實現盈利並擴大利潤率。此外，一旦我們推出可重複使用的 Vigoride 並開始節省製造成本，我們預計利潤率將有所提高。

And finally, driving all of this is our highly experienced and capable leadership team that I believe to be the most credible among new space companies, as evidenced by all the progress the company has made in these last 18 months. Overall, I believe the combination of a growing space economy, favorable demand in services we provide, competitive advantages relative to other in-space transportation service providers, the potential for margin improvement position Momentus well for the future.

最後，推動這一切的是我們經驗豐富、能力出眾的領導團隊，我認為這是新太空公司中最值得信賴的，公司在過去 18 個月取得的所有進展都證明了這一點。總的來說，我相信不斷增長的太空經濟、對我們提供的服務的有利需求、相對於其他太空運輸服務提供商的競爭優勢、提高利潤率的潛力等因素的結合，使 Momentus 在未來處於有利地位。

I'm pleased with what we were able to accomplish in 2022 and so far in 2023, including the launch of two orbital service vehicles, the deployment of eight customer satellites, our progress towards conducting the Vigoride 6 launch next month, recent customer contracts, the further progress on our cost reduction plan, and the retirement of legacy matters through the settlements of the class action lawsuit and raising capital to cover expenses of the share repurchase agreement with our former founders.

我對我們在 2022 年和 2023 年迄今為止取得的成就感到滿意，包括發射兩架軌道服務飛行器、部署八顆客戶衛星、我們在下個月發射 Vigoride 6 方面取得的進展、最近的客戶合同，我們的成本削減計劃取得進一步進展，通過解決集體訴訟和籌集資金來支付與我們前創始人的股份回購協議的費用，從而解決遺留問題。

As I look back over the last 18 months since we've gone public, I'm proud of how many consequential strides Momentus has taken from being a startup through a disciplined public company we are today. This has not been easy, not by any means. But seeing what we've done successfully over these 18 months is what gives me great optimism for our future success.

回顧我們上市以來的過去 18 個月，我為 Momentus 從一家初創公司到今天一家紀律嚴明的上市公司所取得的巨大進步感到自豪。這並不容易，無論如何都不容易。但看到我們在這 18 個月裡取得的成功，讓我對我們未來的成功充滿了樂觀。

Perhaps most of all, adding new talent at all levels of the company has resulted in a culture that is focused, relentless, and refuses to quit. I'd like to thank our dedicated team for getting us here and we'd also like to thank our customers and investors for their continued support.

也許最重要的是，在公司的各個層面增加新的人才已經形成了一種專注、不屈不撓、拒絕放棄的文化。我要感謝我們敬業的團隊讓我們來到這裡，我們還要感謝我們的客戶和投資者一直以來的支持。

I'll now hand the mic off to our Interim CFO, Dennis Mahoney, and then we'll take your questions.

我現在將麥克風交給我們的臨時首席財務官 Dennis Mahoney，然後我們將回答您的問題。

And thank you, John. I'm pleased to present highlights of the financial results achieved by the Momentus team during our fourth-quarter and fiscal year 2022, with comparisons to prior corresponding periods.

謝謝你，約翰。我很高興介紹 Momentus 團隊在第四季度和 2022 財年取得的財務業績重點，並與之前同期進行比較。

Turning to slide 14, our fourth-quarter and fiscal year 2022 results reflect our ongoing progress and investments toward our future launches. We currently have contracts for approximately $33 million in backlog, representing potential revenue as of December 31, 2022, compared to $43 million at the end of Q3 2022 and $67 million at 2021 fiscal year end.

轉到幻燈片 14，我們的第四季度和 2022 財年業績反映了我們對未來發布的持續進展和投資。我們目前有約 3300 萬美元的積壓合同，代表截至 2022 年 12 月 31 日的潛在收入，而 2022 年第三季度末為 4300 萬美元，2021 財年末為 6700 萬美元。

The $33 million in contracts had been entered into with 18 companies in 12 countries, similar totals to the prior periods. The decline in total backlog at fiscal year-end 2022 compared to Q3 2022 and fiscal 2021 is due to the combination of fulfillment of prior contracts, cancellations, and the expiration of option agreements entered into for a fee to participate in Momentus flights at future dates.

價值 3300 萬美元的合同是與 12 個國家的 18 家公司簽訂的，與前幾個時期的總數相似。與 2022 年第三季度和 2021 財年相比，2022 財年末的總積壓下降是由於先前合同的履行、取消以及為在未來日期參與 Momentus 航班而簽訂的選擇權協議到期等綜合原因.

Typically, our customers have the right to cancel a flight reservation, and when doing so, forego their deposits and milestone payments. Should a customer cancel a contract, further rescheduling needs, or other reasons before all of these payments are made, the resulting revenue will be less than the full value of the backlog.

通常情況下，我們的客戶有權取消航班預訂，並且在這樣做時，放棄他們的押金和里程碑付款。如果客戶在支付所有這些款項之前取消合同、進一步重新安排需求或其他原因，則由此產生的收入將低於積壓訂單的全部價值。

Momentus has historically included in backlog both firm orders as well as options. These options give our customers the flexibility to opt into an available launch slot without requiring separate agreements. The decline in backlog from prior periods to $33 million at Q4 2022 was due to a combination of these factors, including the expiration of options.

Momentus 歷來在積壓訂單中包括確定訂單和期權。這些選項使我們的客戶可以靈活地選擇可用的發射槽，而無需單獨的協議。到 2022 年第四季度，積壓訂單較前期下降至 3300 萬美元，這是由於這些因素的綜合作用，包括期權到期。

Of particular note, our firm contracted order backlog as consistent with levels reported at the end of Q3 2022. We ended Q4 2022 with nonrestricted cash and cash equivalents of $61 million, which compares to ending cash balances of $160 million at Q4 2021 and $82 million at Q3 2022. We believe the company has sufficient liquidity to meet its needs for the next 12 months.

特別值得注意的是，我們公司的合同訂單積壓與 2022 年第三季度末報告的水平一致。我們在 2022 年第四季度末的非限制性現金和現金等價物為 6100 萬美元，而 2021 年第四季度的期末現金餘額為 1.6 億美元，8200 萬美元2022 年第三季度。我們認為公司有足夠的流動性來滿足未來 12 個月的需求。

We ended the year and fourth quarter of 2022 with approximately $15 million in outstanding gross debt consisting of a term loan that we began to repay in March versus $25 million at the year ended 2021. We invested approximately $88 million in operations in 2022 compared to $87 million in 2021. 2022 investments of $88 million includes $17 million in Q4 2020, a like amount compared to Q4 2021 and in line with our plan. We recognized $299,000 in revenue in 2022 compared to $330,000 in 2021. During Q4 2022, we recognized $120,000 in revenue, which included customer deposits forfeited upon the expiration of options.

截至 2022 年全年和第四季度，我們的未償債務總額約為 1500 萬美元，其中包括我們在 3 月份開始償還的定期貸款，而在 2021 年底為 2500 萬美元。我們在 2022 年的運營投資約為 8800 萬美元，而 87 美元2021 年為 1000 萬美元。2022 年的投資為 8800 萬美元，其中包括 2020 年第四季度的 1700 萬美元，與 2021 年第四季度的金額相當，符合我們的計劃。我們在 2022 年確認了 299,000 美元的收入，而 2021 年為 330,000 美元。在 2022 年第四季度，我們確認了 120,000 美元的收入，其中包括在期權到期時沒收的客戶存款。

Other 2022 revenue related to Vigoride 3 as it continued to deploy customer satellites, fulfilling performance obligations to our customers. The majority of our Vigoride manufacturing costs and launch costs are accounted for as research and development expense because the Vigoride platform is still under development. We expect gross margins to decline once Vigoride development is completed and we enter the production phase when costs will be accounted for as cost of revenue and not research and development expenses.

其他 2022 年收入與 Vigoride 3 相關，因為它繼續部署客戶衛星，履行對客戶的履約義務。由於 Vigoride 平台仍在開發中，因此我們的大部分 Vigoride 製造成本和發布成本都計入研發費用。我們預計，一旦 Vigoride 開發完成，毛利率將下降，我們將進入生產階段，屆時成本將計入收入成本，而不是研發費用。

In the fourth quarter of 2022, we generated approximately $21 million in losses from operations. On a non-GAAP basis, our adjusted EBITDA was negative $15.5 million, which represents an improvement of approximately $500,000 versus Q3 2022. Please refer to the earnings press release issued today for the reconciliation of EBITDA to GAAP net income.

2022 年第四季度，我們的運營虧損約為 2100 萬美元。在非 GAAP 基礎上，我們調整後的 EBITDA 為負 1550 萬美元，與 2022 年第三季度相比增加了約 500,000 美元。請參閱今天發布的收益新聞稿，了解 EBITDA 與 GAAP 淨收入的對賬情況。

Non-GAAP SG&A expenses for the fourth quarter of 2022 totaled approximately $6 million, approximately $1 million lower than Q3 2022. Non-GAAP R&D expenses for the fourth-quarter 2022 totaled approximately $10 million in line with Q3 2022. We ended Q4 2022 with approximately 84 million shares (sic - see Form 8-K, "82 million shares") outstanding.

2022 年第四季度的非美國通用會計準則 SG&A 費用總計約為 600 萬美元，比 2022 年第三季度減少約 100 萬美元。2022 年第四季度的非美國通用會計準則研發費用總計約為 1000 萬美元，與 2022 年第三季度一致。我們在 2022 年第四季度結束時約 8400 萬股（原文如此 - 參見表格 8-K，“8200 萬股”）已發行。

I will now hand the call back to Darryl.

我現在將把電話交還給 Darryl。

Thank you, Dennis. In a moment, we will move on to the question-and-answer portion of our call. I would like to remind participants that all disclaimers outlined at the outset of this call extend to the question-and-answer session. So this includes our disclaimers relating to non-GAAP financial measures and forward-looking statements.

謝謝你，丹尼斯。稍後，我們將繼續通話的問答部分。我想提醒參與者，本次電話會議開始時概述的所有免責聲明都適用於問答環節。因此，這包括我們與非 GAAP 財務措施和前瞻性陳述有關的免責聲明。

Mandeep, would you please remind participants how to enter the queue?

Mandeep，請您提醒與會者如何進入隊列？

(Operator Instructions)

（操作員說明）

Erik Rasmussen, Stifel.

埃里克·拉斯穆森 (Erik Rasmussen)，Stifel。

Yes, thanks for taking the questions. Maybe just starting with Vigoride 5. You know, given the success you've seen so far and the achievement of certain milestones around, I think you mentioned the solar arrays deployment, the vehicle's power and communications, has this changed or improved your timeframe maybe for being able to do precise orbits and transportation services?

是的，感謝您提出問題。也許只是從 Vigoride 5 開始。你知道，鑑於你迄今為止所看到的成功以及周圍某些里程碑的實現，我想你提到了太陽能電池陣列的部署、車輛的動力和通信，這是否改變或改進了你的時間框架因為能夠提供精確的軌道和運輸服務？

Well, thanks for the question, Erik. The Vigoride 5 mission, of course, is the second mission that we've conducted. First one being last year in May of 2022. The spacecraft, the Vigoride 5 spacecraft right now is in low earth orbit. Again, the spacecraft is in good health. It is -- its solar arrays are fully deployed and generating power nominally. We're able to charge and discharge the batteries normally.

好吧，謝謝你的問題，埃里克。當然，Vigoride 5 任務是我們執行的第二個任務。第一個發生在去年的 2022 年 5 月。航天器 Vigoride 5 航天器目前處於近地軌道。同樣，航天器狀況良好。它是 - 它的太陽能電池板已完全部署並名義上發電。我們能夠正常對電池進行充電和放電。

The telemetry, we're getting back through regular communications and the uplinks are in good health. The key performance requirements that we're going to aim to meet coming up soon is that we, as I mentioned, attitude determination has been enabled and where part pressurization of the fuel system essentially allows you to move the water propellant around on the spacecraft. So we've tested our ability to do that.

遙測，我們通過定期通信恢復正常，上行鏈路狀況良好。正如我所提到的，我們即將達到的關鍵性能要求是，我們已經啟用了姿態確定，並且燃料系統的部分加壓基本上允許您在航天器上四處移動水推進劑。所以我們已經測試了我們這樣做的能力。

The things that are coming soon will be completion of commissioning of the reaction control system first. And the reaction control system uses the same water in the same propellant tank as the microwave electrothermal thruster. And so with that RCS, we will not only reorient and adjust our attitude as necessary, but it's one of the redundancy features that we have in Vigoride, that if for some reason, the microwave electrothermal thrusters should not perform, we can maneuver the vehicle using the water-based reaction control system to different altitudes and adjust our position in space that way.

即將到來的事情將首先完成反應控制系統的調試。並且反應控制系統使用與微波電熱推進器相同的推進劑罐中的相同水。因此，有了 RCS，我們不僅可以根據需要重新定向和調整我們的姿態，而且這是我們在 Vigoride 中擁有的冗餘功能之一，如果由於某種原因，微波電熱推進器不應該運行，我們可以操縱車輛使用基於水的反應控制系統到不同的高度並以這種方式調整我們在太空中的位置。

Now we do plan to test the microwave electrothermal thruster soon. In just the coming weeks, we expect to -- we plan to test that system. We've tested it, of course, dozens and dozens of times on the earth and conditions that simulate space. But now we're looking forward to this latest -- the next generation, I should say, of our microwave electrothermal thruster operating in space.

現在我們計劃盡快測試微波電熱推進器。在接下來的幾週內，我們預計 - 我們計劃測試該系統。當然，我們已經在地球和模擬太空的條件下對其進行了數十次測試。但現在我們期待著這個最新的——下一代，我應該說，我們在太空中運行的微波電熱推進器。

And those are the keys to space transportation, as you mentioned. Having the ability to maneuver and deliver customers to precise customer orbits, either through space transportation services or through the kind of hosted payload service that we're providing to a customer like Caltech. And we do think that our technology provides a competitive advantage in our ability to service those needs, particularly hosted payloads, and there's more opportunity in hosted payloads for differentiation and margin expansion.

正如你提到的，這些是太空運輸的關鍵。通過太空運輸服務或通過我們為加州理工學院等客戶提供的託管有效載荷服務，能夠將客戶機動並運送到精確的客戶軌道。而且我們確實認為我們的技術在我們滿足這些需求的能力方面提供了競爭優勢，特別是託管有效載荷，並且託管有效載荷有更多機會用於差異化和利潤擴展。

Great. So it seems like, you know, this is just a -- it's an ongoing process and we'll find out more as in the coming weeks, and then obviously with the Vigoride 6 coming up in April.

偉大的。所以看起來，你知道，這只是一個 - 這是一個持續的過程，我們將在接下來的幾週內找到更多信息，然後顯然是 4 月份推出的 Vigoride 6。

But maybe just my follow-up question, you've settled the class action lawsuit; that was a material drag on the business. As you continue to scale the business and drive efficiencies, how should we be thinking about the quarterly cash burn rate and your timeframe for achieving breakeven? Thank you.

但也許只是我的後續問題，你已經解決了集體訴訟；這是對業務的重大拖累。隨著您繼續擴展業務並提高效率，我們應該如何考慮季度現金消耗率和您實現收支平衡的時間表？謝謝。

Sure. Maybe I'll mention a couple of things and turn it over to our CFO, Dennis, on that matter. Certainly, it's something that we're paying close attention to as we begin to scale the business. You mentioned the settlement of the class action lawsuit; we're very pleased to have that behind us. It's been pending for a while. And while the settlement provides a near-term cash outflow, it does allow us to reduce our ongoing legal spending now that that issue is behind us.

當然。也許我會提到幾件事，然後將其轉交給我們的首席財務官丹尼斯。當然，這是我們在開始擴展業務時密切關注的事情。你提到了集體訴訟的和解；我們很高興有它在我們身後。它已經懸而未決了一段時間。雖然和解協議提供了短期現金流出，但它確實讓我們能夠減少正在進行的法律支出，因為這個問題已經過去了。

So why don't I turn to Dennis to cover some of the things on the cash outlook.

那麼，為什麼我不請丹尼斯來談談現金前景的一些事情。

Great. Well, thank you, John. And, Erik, it's very nice to meet you on this call. While, of course, we do not give forward-looking guidance, Erik, perhaps I can clarify for you more about our results that we've achieved and progress we've made in this year just ended.

偉大的。嗯，謝謝你，約翰。埃里克，很高興在這次電話會議上見到你。當然，我們不會提供前瞻性指導，埃里克，也許我可以為您詳細說明我們取得的成果以及我們在今年剛剛結束的進展。

Also, we are absolutely focused on resource utilization and putting our wood behind all the right arrows and managing our cash appropriately. We also, of course, watch our -- watch markets and watch opportunities, and we will continue to act opportunistically and we believe we can say with good judgment going forward.

此外，我們絕對專注於資源利用，把我們的木材放在所有正確的箭頭後面，並適當地管理我們的現金。當然，我們也會觀察我們的——觀察市場和觀察機會，我們將繼續採取機會主義行動，我們相信我們可以在未來做出正確的判斷。

When we look at our cash burn this last year, we also see a trend. And while we can't predict what that trend might be in the future, we're certainly well focused on the goal. And our monthly cash burn for the fourth quarter of this year was $6.8 million. That compares to cash burns in the first half of the year that were between $8 million and $9 million.

當我們查看去年的現金消耗時，我們也看到了一種趨勢。雖然我們無法預測未來的趨勢是什麼，但我們肯定會很好地專注於目標。今年第四季度，我們每月的現金消耗為 680 萬美元。相比之下，今年上半年的現金消耗在 800 萬至 900 萬美元之間。

So we had a very good trend as we completed fiscal year 2022. Cash is staying; we will continue to watch it and manage our business tightly.

因此，在我們完成 2022 財年時，我們的趨勢非常好。現金會留下來；我們將繼續關注它並嚴格管理我們的業務。

Of course, those were monthly figures that Dennis provided.

當然，這些是丹尼斯提供的月度數據。

Understood. Great. Thanks for the update. Good luck.

明白了。偉大的。感謝更新。祝你好運。

Thank you, Erik.

謝謝你，埃里克。

David Strauss, Barclays.

大衛施特勞斯，巴克萊銀行。

Hi, good afternoon. This is Josh Corn on for David. Just wanted to ask, how does the forward sales pipeline look? Thanks.

嗨，下午好。這是大衛的喬什·科恩。只是想問一下，遠期銷售管道看起來如何？謝謝。

Sure. One of the things that we're very pleased about is as we generate more flight heritage and as we get further in our development cycle, we're seeing growing interest from commercial customers as well as government customers. On the pipeline, we continue to see customer opportunities and bidding about. We feel good about the way our service offering aligns with our customers' plans to go to market.

當然。我們非常高興的一件事是，隨著我們產生更多的飛行遺產，並且隨著我們在開發週期中的進一步發展，我們看到商業客戶和政府客戶的興趣越來越大。在管道中，我們繼續看到客戶機會和投標。我們對我們提供的服務與客戶的上市計劃保持一致的方式感到滿意。

As we mentioned earlier, we recently announced customer orders from repeat customers like FOSSA Systems as well as new customers like CONTEC and CUAVA. Where we're seeing significant opportunities to grow our business and that we're actively pursuing is with the Defense Department and NASA. The feedback we're receiving is very encouraging about the capabilities of our Vigoride orbital service vehicle and its ability to support a range of military, intelligence, scientific needs, and things of that nature at the Defense Department and NASA.

正如我們之前提到的，我們最近宣布了來自 FOSSA Systems 等老客戶以及 CONTEC 和 CUAVA 等新客戶的客戶訂單。我們看到了發展業務的重要機會，並且我們正在積極尋求與國防部和美國宇航局的合作。我們收到的反饋對我們的 Vigoride 軌道服務飛行器的能力及其支持國防部和 NASA 的一系列軍事、情報、科學需求以及類似性質的事物的能力非常鼓舞人心。

Some of the discriminator -- so the things that we think set us apart in that market -- is that the Vigoride orbital service vehicle has a lot of power relative to our competitors and powers one of the coin of the realm that allow you to support instruments, payloads, the operations of the systems onboard spacecraft of a hosted payload, and to do different missions with them.

一些鑑別器——所以我們認為讓我們在那個市場中脫穎而出的東西——是 Vigoride 軌道服務飛行器相對於我們的競爭對手有很大的力量，並且是允許你支持的領域硬幣之一的力量儀器、有效載荷、承載有效載荷的航天器上系統的操作，並用它們執行不同的任務。

Secondly, our configuration is very flexible compared to our competitors. Right now, we're flying the Caltech payload on Vigoride 5. I would say a number of our other competitors are not able to fly a payload of that type because of the size and configuration of it. And so that's the second advantage that Vigoride provides.

其次，與我們的競爭對手相比，我們的配置非常靈活。現在，我們正在 Vigoride 5 上飛行加州理工學院的有效載荷。我想說我們的許多其他競爭對手都無法飛行這種類型的有效載荷，因為它的大小和配置。這就是 Vigoride 提供的第二個優勢。

A third would be the payload hosting capacity. A fourth would be our speed to market. One of the feedback pieces we're getting, particularly from government customers, is the speed at which we can produce vehicles. So we just produced our third one in under a year and it was a real joy for us all to be outside our headquarters here, cheering the truck as it pulls away to go to the launch site with that. Those are some special moments in the space industry.

第三個是有效載荷承載能力。第四個是我們的上市速度。我們收到的反饋之一，尤其是來自政府客戶的反饋，是我們生產車輛的速度。所以我們在不到一年的時間裡生產了第三個，我們所有人都非常高興能在我們的總部外面歡呼，因為卡車開著它開往發射場。這些是航天工業中的一些特殊時刻。

And then a last discriminator or differentiator that I'll mention is we intend to be very competitive on cost and to compete aggressively there. So for all those reasons, I think we're very optimistic about the future. And then lastly, I'd say there's an external change that government regulators have brought. This new FCC rule requiring to de-orbit of satellites after five years at the end of their useful life is a real change in the environment.

然後我要提到的最後一個鑑別器或差異化器是我們打算在成本上非常有競爭力，並在那裡積極競爭。因此，出於所有這些原因，我認為我們對未來非常樂觀。最後，我想說政府監管機構帶來了外部變化。這項新的 FCC 規則要求衛星在使用壽命結束五年後脫離軌道，這是環境的真正變化。

Just to give you a sense of the scale of that, according to the Government Accountability Office or GAO, that today about 5,500 satellites are in orbit. The GAO estimates by 2030 over 55,000 will be in orbit. That's a roughly tenfold expansion over the next seven years. And so as we begin to think about the need to de-orbit those satellites consistent with the new FCC rule and rules that their government counterparts in places like Europe are going to implement, that's going to provide another significant opportunity for a flexible orbital service vehicle like Vigoride.

只是為了讓您了解其規模，根據政府問責局或 GAO 的說法，今天大約有 5,500 顆衛星在軌運行。 GAO 估計到 2030 年將有超過 55,000 人進入軌道。在接下來的七年裡，這大約增長了十倍。因此，當我們開始考慮是否需要根據新的 FCC 規則和歐洲等地的政府同行將要實施的規則使這些衛星脫離軌道時，這將為靈活的軌道服務車輛提供另一個重要機會像維戈里德。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

Hey, thanks for taking our questions. First, I understand that you're going to test the MET properly in the next few weeks. Do you have some parameters in mind in how you would define success or for various level of success? Curious how you are thinking about that.

嘿，謝謝你回答我們的問題。首先，我了解到您將在接下來的幾週內正確測試 MET。在如何定義成功或不同級別的成功時，您是否有一些參數？很好奇你是怎麼想的。

Well, thanks for the question, Edison. The microwave electrothermal thruster onboard Vigoride 5 is something that we intend to test here in the coming weeks as you mentioned. Some of the things that we'll evaluate is the water onboard Vigoride 5 once it is moved to the thrust chamber, if you will, first, it's vaporized. And then there's a start-up sequence that we will monitor and evaluate carefully. Because once that start-up sequence begins, we can control the burn and the duration of it and modify the position of Vigoride 5 using the MET.

好吧，謝謝你的問題，愛迪生。正如你提到的，Vigoride 5 上的微波電熱推進器是我們打算在未來幾週內在這裡測試的東西。我們將評估的一些事情是 Vigoride 5 上的水，一旦它被移動到推力室，如果你願意的話，首先，它會被蒸發。然後是我們將仔細監控和評估的啟動順序。因為一旦啟動順序開始，我們就可以控制燃燒及其持續時間，並使用 MET 修改 Vigoride 5 的位置。

And so we'll evaluate its performance. We'll look very carefully and deliberately at the telemetry we're receiving. And we'll look at any refinements that we want to offer in the performance of it and assess its performance. That's the plan.

因此，我們將評估其性能。我們將非常仔細和審慎地查看我們收到的遙測數據。我們將查看我們想要對其性能提供的任何改進並評估其性能。這就是計劃。

Now once the MET begins operation, we do intend to change the altitude and inclination of Vigoride. That's one of the benefits of an orbital service vehicle is your ability to take a satellite to different altitudes from the drop-off locations, so your customers receive a custom orbit. They're not just going to the general location of being about 500 kilometers up in space, but they're going specifically to where they want to go. And it's a lot like a container ship, it being the equivalent of the launch vehicle on earth that takes a series of cargo payloads to the port, but that cargo needs to be redistributed elsewhere. And that's the role we intend to play and are playing.

現在，一旦 MET 開始運行，我們確實打算改變 Vigoride 的高度和傾斜度。軌道服務車輛的好處之一是您能夠將衛星從降落地點帶到不同的高度，因此您的客戶會收到定制的軌道。他們不只是去太空中大約 500 公里的一般位置，而是專門去他們想去的地方。它很像一艘集裝箱船，相當於地球上的運載火箭，將一系列貨物有效載荷運往港口，但這些貨物需要重新分配到其他地方。這就是我們打算扮演和正在扮演的角色。

And then secondly, on the inclination change, that allows you to modify the orbit so that you can go to a more precise location that it's optimized for our customers' needs, depending on whether it's a communications mission or a remote-sensing mission or whatever their -- the particular customer requirements are. So we'll do those things using the -- that's our plan anyways, to do those things with the MET in the coming weeks.

其次，關於傾角變化，它允許您修改軌道，以便您可以到達更精確的位置，它根據我們客戶的需求進行了優化，具體取決於它是通信任務還是遙感任務或其他他們的——特定的客戶要求是。所以我們將使用 - 無論如何，這是我們的計劃，在接下來的幾週內使用 MET 來做這些事情。

Understood. Separately on the Vigoride 7, the reusable one, how comfortable are you with the tech upgrades that are needed to do this?

明白了。另外，對於可重複使用的 Vigoride 7，您對執行此操作所需的技術升級感覺如何？

And also you mentioned you have significant savings. Do you have a sense of how much we're talking about here in terms of the cost?

而且你還提到你有很多積蓄。你知道我們在這裡談論的成本有多少嗎？

Well, Vigoride 7 is currently being assembled in our cleaner here where we're doing this call from, in San Jose, California. Vigoride 7 will be assembled over the coming weeks and we'll complete the testing of it.

好吧，Vigoride 7 目前正在我們的清潔器中組裝，我們正在加利福尼亞州聖何塞進行此調用。 Vigoride 7 將在未來幾週內組裝完成，我們將完成對它的測試。

Vigoride -- just to clarify, Edison, Vigoride 7 is a Block 2.2 vehicle, which is the same configuration, which is expandable as Vigoride 5 in orbit now and Vigoride 6 that is integrating for launch next month. Now, a reusable Vigoride is part of our future product roadmap and the first demonstration of some of those key technologies needed for a reusable version will be on the Vigoride 7 with the remote proximity operations or RPO projects.

Vigoride——澄清一下，Edison，Vigoride 7 是 Block 2.2 運載工具，它具有相同的配置，可以像現在在軌的 Vigoride 5 和下個月集成發射的 Vigoride 6 一樣擴展。現在，可重複使用的 Vigoride 是我們未來產品路線圖的一部分，可重複使用版本所需的一些關鍵技術的首次演示將在帶有遠程接近操作或 RPO 項目的 Vigoride 7 上進行。

We do think it's very important to eventually develop a reusable Vigoride vehicle as this has the potential to reduce our two largest cost items, which are manufacturing costs and launch costs, while also allowing us to add new revenue streams such as in-orbit refueling, maintenance, and de-orbiting.

我們確實認為最終開發可重複使用的 Vigoride 飛行器非常重要，因為這有可能降低我們最大的兩個成本項目，即製造成本和發射成本，同時還允許我們增加新的收入來源，例如在軌加油，維護和離軌。

In terms of rule of thumb to assess the magnitude of the cost reduction, the incentives for the reusable or you might call it [refuelable] Vigoride to stay in space. So it would go to space on the launch vehicle, deliver it to customers or support hosted payloads or do in-space servicing, and then stay there. And on a subsequent launch vehicle, replenishment fuel or additional payloads would be delivered and Vigoride, the reusable version in the future, could then refuel itself, take the payloads, and continue onward.

根據評估成本降低程度的經驗法則，可重複使用的激勵措施，或者你可以稱之為 [可加油] Vigoride 留在太空中。因此，它會乘坐運載火箭進入太空，將其交付給客戶或支持託管有效載荷或進行太空服務，然後留在那裡。在隨後的運載火箭上，補充燃料或額外的有效載荷將被交付，而未來的可重複使用版本 Vigoride 可以自行加油、攜帶有效載荷並繼續前進。

And the plan is to do this a few times. And so if you think about the cost to produce one Vigoride and one launch being useful to support one set of missions, if you can do that for two, three, four, five missions, you can see we expect the commensurate reduction in launch costs. It's not exactly a 100% reduction because after all, you have to set up new fuel and payloads. But you're being much, much more efficient by not launching the mass of the vehicle itself, but rather just the fuel and the additional payloads.

計劃是這樣做幾次。因此，如果您考慮生產一個 Vigoride 和一次發射的成本，以支持一組任務，如果您可以為兩個、三個、四個、五個任務做到這一點，您可以看到我們預計發射成本會相應降低.這並不完全是 100% 的減少，因為畢竟你必須設置新的燃料和有效載荷。但是，通過不發射車輛本身的質量，而只發射燃料和額外的有效載荷，你的效率要高得多。

Thanks. I could just sneak one more in. I think on the last earnings call, you had mentioned you're bidding or going after some government contracts, defense contracts. Do we have any updates on the prospects of those?

謝謝。我可以再偷偷加入一個。我想在上次財報電話會議上，你提到你正在競標或追求一些政府合同、國防合同。我們有關於這些前景的最新消息嗎？

Yes. Thanks for the good questions. We are focusing on government business, particularly with the Defense Department that we are pursuing. The interest that we're receiving has been very rewarding. These government organizations are actively engaging with us. They're commenting about a number of the ways that they see our platform, our capabilities being differentiated.

是的。謝謝你的好問題。我們專注於政府業務，尤其是我們正在追求的國防部。我們收到的興趣非常有益。這些政府組織正在積極與我們合作。他們評論了他們看待我們平台的多種方式，我們的能力與眾不同。

And they like the flexibility of the platform that we have, the power that's available, the speed at which we can produce the vehicles, and the cost. So we're in active dialogue with Defense Department organizations like the Space Force, SDA, DARPA, and we're also talking to NASA to pursue additional business.

他們喜歡我們擁有的平台的靈活性、可用的功率、我們生產車輛的速度以及成本。因此，我們正在與太空部隊、SDA、DARPA 等國防部組織進行積極對話，我們還在與 NASA 進行對話以尋求更多業務。

So we're optimistic about those. As you know, these are long-cycle business with the government, and so we don't have any contracts to announce today. However, we're optimistic about the future in that area.

所以我們對這些持樂觀態度。如您所知，這些是與政府的長期業務，因此我們今天沒有任何合同要宣布。但是，我們對該領域的未來持樂觀態度。

Thank you.

謝謝。

James Ratcliffe, Evercore ISI.

詹姆斯拉特克利夫，Evercore ISI。

Hi, thanks for taking the question. I notice that SpaceX recently raised the rideshare prices. What does that mean for you directly, particularly in regards to the aggregation business? And how protected, if at all, are you against those increases?

您好，感謝您提出問題。我注意到 SpaceX 最近提高了拼車價格。這對您來說直接意味著什麼，特別是在聚合業務方面？如果有的話，你是如何保護免受這些增加的影響的？

And in regards to the bigger picture, what's your view on overall trends in cost to orbit now versus where things were looking for a year ago? Thanks.

關於更大的圖景，您對現在軌道成本的總體趨勢與一年前的情況有何看法？謝謝。

Well, thanks for the question, James. We currently have launch service agreements signed with SpaceX that will -- that cover our launches planned in 2023 and the first one planned in 2024, which is currently targeted for January of 2024. And so on those missions where we already have a signed launch services agreement contract, our prices there will not be affected by the increasing prices that SpaceX recently announced.

好吧，謝謝你的問題，詹姆斯。我們目前與 SpaceX 簽署了發射服務協議，涵蓋我們計劃於 2023 年進行的發射和計劃於 2024 年進行的第一次發射，目前計劃於 2024 年 1 月進行。對於那些我們已經簽署發射服務的任務也是如此協議合同，我們在那裡的價格不會受到 SpaceX 最近宣布的提價的影響。

After those contracts, though, we would, like others in the market, be subject to the increased pricing that SpaceX has introduced. Those -- that new pricing structure, which is really meant to also come with a new interface for ridesharing missions, is designed to provide increased flexibility to SpaceX customers. We maintain a very close dialogue with SpaceX. And I will say once those new costs come into play, our cost permission will be higher under that new framework.

不過，在簽訂這些合同後，我們將像市場上的其他公司一樣，受到 SpaceX 推出的更高價格的影響。那些 - 新的定價結構，實際上也意味著為拼車任務提供新的界面，旨在為 SpaceX 客戶提供更大的靈活性。我們與 SpaceX 保持著非常密切的對話。我要說的是，一旦這些新成本開始發揮作用，我們在新框架下的成本許可就會更高。

However, that will be unique to us. It will also affect our competitors who are also flying on SpaceX. And certainly, once Starship is introduced to the market by SpaceX, and of course, they're saying that their plan to launch Starship this year, that's a much larger rocket, a British understatement there. They're substantially larger, of course. That will significantly reduce the per pound or per kilogram cost to place things at orbit.

然而，這對我們來說是獨一無二的。它還將影響我們也在 SpaceX 上飛行的競爭對手。當然，一旦 Starship 被 SpaceX 推向市場，當然，他們會說他們計劃在今年發射 Starship，那是一枚更大的火箭，這是英國人的輕描淡寫。當然，它們要大得多。這將顯著降低將物體送入軌道的每磅或每公斤成本。

The other thing I'd say is we're seeing other competitors to SpaceX begin to mature their rockets. Relativity, for instance, is talking about conducting their -- or is planning to conduct their first launch here shortly. And we have seen other new systems be tested. You know, it reminds us all of the difficulty in doing that.

我要說的另一件事是，我們看到 SpaceX 的其他競爭對手開始成熟他們的火箭。例如，相對論正在談論進行他們的 - 或者計劃很快在這裡進行他們的首次發射。我們還看到其他新系統正在接受測試。你知道，它讓我們想起了這樣做的困難。

You probably saw the news about Japan, the Japanese Space Agency and the unfortunate failure of the H3 launch here in the last 24 hours from Tomogashima. And we've seen other examples of that with Arianespace and their recent Vega failure, ABL in Virgin Orbit. So there are -- it just reminds us of how difficult space can be.

您可能在過去 24 小時從友島看到了有關日本、日本航天局和 H3 發射不幸失敗的新聞。我們還看到了 Arianespace 及其最近 Vega 失敗的其他例子，即 ABL in Virgin Orbit。所以有 - 它只是提醒我們太空是多麼困難。

But as those new systems come online and we see more competition and more capacity, including from Starship, we think we're going to see launch costs begin -- have price positively effect to come down. So this is one of the things that there's a lot of demand for existing launch vehicle capacity in the industry. And so I think as there are more opportunity to go space, our customers will also benefit.

但隨著這些新系統上線，我們看到更多的競爭和更多的容量，包括來自 Starship 的，我們認為我們將看到發射成本開始——對價格產生積極影響。因此，這是對行業現有運載火箭能力有大量需求的事情之一。因此，我認為隨著進入太空的機會越來越多，我們的客戶也會受益。

Thank you.

謝謝。

Thanks for the question.

謝謝你的問題。

Michael [Matthiesen], Singular Research.

Michael [Matthiesen]，Singular Research。

Good evening, gentlemen. Just coming back to some of the financial figures that we work with. You mentioned that your order backlog stands at $33 million as of quarter end. And the committed portion of that is consistent with prior periods that didn't hear a figure. Do you disclose the figure for the committed amount

晚上好，先生們。回到我們使用的一些財務數據。您提到截至本季度末您的訂單積壓為 3300 萬美元。而其中的承諾部分與之前沒有聽到數字的時期一致。您是否披露承諾金額的數字

We have not been disclosing that breakdown.

我們沒有披露這種細分。

Okay.

好的。

And, Michael, the backlog at year end, December 31, was $33 million. And the key takeaway would be that our fixed component of that because $33 million includes firm orders as well as options. And the firm component of that has remained steady from previous quarters when we've announced that.

邁克爾，截至年底，即 12 月 31 日，積壓訂單為 3300 萬美元。關鍵要點是我們的固定部分，因為 3300 萬美元包括確認訂單和期權。當我們宣布這一點時，其中的堅定組成部分與前幾個季度保持穩定。

The decline in recent backlog was due to the expiration of some options, the way we've signed contracts with our customers as we allow them to sign options in some cases, if they wish to, for future contracts. And obviously, that's an advantage for us to potentially gain future new business. And so a number of those options have expired this last quarter.

最近積壓的下降是由於一些期權到期，我們與客戶簽訂合同的方式，因為我們允許他們在某些情況下，如果他們願意，為未來的合同簽署期權。顯然，這對我們有可能獲得未來的新業務是一個優勢。因此，其中一些選擇權已在上個季度到期。

Pretty good. Thanks for clarifying. So just for a modeling revenue going through this year anyway, do we have committed payloads for the October launch?

不錯。感謝您的澄清。那麼，就今年的建模收入而言，我們是否已經為 10 月的發射承諾了有效載荷？

We have some committed payloads for the October 2023 launch that are presently in backlog, and obviously, our salespeople are out trying to get more. And I, for one, am hoping they get more.

我們為 2023 年 10 月的發射準備了一些有效載荷，目前處於積壓狀態，顯然，我們的銷售人員正在努力獲得更多。而我，一方面，希望他們能得到更多。

So are we all. Well, thank you very much for taking the questions and thank you for a good quarter.

我們也是。好吧，非常感謝您提出問題並感謝您度過一個愉快的季度。

Thank you, Michael.

謝謝你，邁克爾。

Thank you. Ladies and gentlemen, this does conclude today's call. Thank you for your participation. You may now disconnect.

謝謝。女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。