Rocket Lab USA Inc (RKLB) 2022 Q2 法說會逐字稿

Hello and welcome to the Rocket Lab's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Rocket Lab 的 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Arjun Kampani, Senior Vice President, General Counsel and Corporate Secretary. Thank you, sir. You may begin.

現在我很高興向您介紹您的主持人，高級副總裁、總法律顧問兼公司秘書 Arjun Kampani。謝謝你，先生。你可以開始了。

Thank you. Hello, everyone. We're glad to have you join us for today's conference call to discuss Rocket Lab's second quarter 2022 financial results. Our presenters are Rocket Lab Founder and CEO, Peter Beck; and Chief Financial Officer, Adam Spice. After our prepared comments, we will take questions.

謝謝你。大家好。我們很高興您參加今天的電話會議，討論 Rocket Lab 2022 年第二季度的財務業績。我們的演講者是 Rocket Lab 創始人兼首席執行官 Peter Beck；和首席財務官亞當斯派斯。在我們準備好評論後，我們將回答問題。

Before we begin the call, I'd like to remind you that our remarks may contain forward-looking statements that relate to the future performance of the company, and these statements are intended to qualify for the safe harbor protection from liability established by the Private Securities Litigation Reform Act. Any such statements are not guarantees of future performance and factors that could influence our results are highlighted in today's press release and others contained in our filings with the Securities and Exchange Commission. Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments. Except as required by law, the company does not undertake any obligation to update these statements.

在我們開始電話會議之前，我想提醒您，我們的言論可能包含與公司未來業績相關的前瞻性陳述，這些陳述旨在符合私人建立的安全港保護免於責任的條件證券訴訟改革法。任何此類聲明都不能保證未來的業績和可能影響我們業績的因素在今天的新聞稿和我們提交給證券交易委員會的文件中所包含的其他內容中得到了強調。此類聲明基於截至本協議發布之日公司可獲得的信息，並且可能會因未來發展而發生變化。除法律要求外，本公司不承擔更新這些聲明的任何義務。

Our remarks and press release today also contain non-GAAP financial measures within the meaning of Regulation G enacted by the SEC. Included in such release is a reconciliation of these non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP.

我們今天的評論和新聞稿還包含美國證券交易委員會頒布的 G 條例所指的非 GAAP 財務措施。此類發布中包括這些非公認會計原則財務指標與根據公認會計原則計算的可比財務指標的對賬。

Lastly, this call is also being webcast with a supporting presentation and a replay and a copy of the presentation will be available on our website for 2 weeks.

最後，本次電話會議還將通過網絡廣播進行支持演示和重播，演示文稿的副本將在我們的網站上提供 2 週。

And now, let me turn the call over to Peter Beck, our Founder and CEO.

現在，讓我把電話轉給我們的創始人兼首席執行官彼得貝克。

Okay. Thanks, Arjun, and welcome everybody to today's review of Rocket Lab's business highlights and financial results for Q2 2022 presented by myself and our Chief Financial Officer, Adam Spice.

好的。謝謝 Arjun，歡迎大家參加今天由我和我們的首席財務官 Adam Spice 介紹的 Rocket Lab 業務亮點和 2022 年第二季度財務業績的回顧。

So, today's agenda, the presentation outlines our business accomplishments for the second quarter, and it also highlights further achievements we've made since the end of the quarter. Adam will then talk through the financial -- through our financial results for the second quarter and our financial outlook for Q3. After that, we'll look forward to taking questions from the sell-side and then we'll finish today's call with a reminder of upcoming conferences we will be participating.

因此，在今天的議程中，演示文稿概述了我們第二季度的業務成就，並強調了我們自本季度末以來取得的進一步成就。然後，亞當將通過我們第二季度的財務業績和我們對第三季度的財務展望來討論財務問題。在那之後，我們期待接受來自賣方的問題，然後我們將結束今天的電話會議，提醒我們即將參加的會議。

So key accomplishments. So, today -- so with that snapshot of where the company is today, let's look at the specific achievements for this year's second quarter. It was a strong quarter for the company with the successful launch of some really significant missions, as well as continued progress across our space systems business. We'll go into each of these achievements in more detail in the coming slides, but here is a quick snapshot. We launched 3 successful Electron missions, more than all other small launch providers combined for the entire year. One of those missions was our most complex and high performance missions to date, the CAPSTONE mission to the to the Moon for NASA.

所以關鍵成就。所以，今天 - 有了公司今天的快照，讓我們看看今年第二季度的具體成就。對於公司來說，這是一個強勁的季度，成功啟動了一些非常重要的任務，並且我們的空間系統業務不斷取得進展。我們將在接下來的幻燈片中更詳細地介紹這些成就中的每一項，但這裡有一個快速快照。我們發射了 3 次成功的電子任務，超過了所有其他小型發射提供商全年的總和。其中一項任務是我們迄今為止最複雜和高性能的任務，即 NASA 的 CAPSTONE 登月任務。

We continue to see strong demand for Electron launches and secured another multi-launch deal. This deal will see us launch 15 spacecraft for commercial constellation operator HawkEye 360. We carried out the first mid-air capture of an Electron booster with a helicopter, advancing our rocket reusability program. We also made significant progress towards the development of our Neutron launch vehicle breaking ground on our major production complex in Virginia.

我們繼續看到對 Electron 發射的強勁需求，並獲得了另一項多發射協議。這筆交易將使我們為商業星座運營商 HawkEye 360 發射 15 艘航天器。我們用直升機首次在空中捕獲電子助推器，推進我們的火箭可重複使用計劃。我們還在弗吉尼亞州的主要生產基地開發中子運載火箭方面取得了重大進展。

Turning our attention to space systems, we were also selected to build the solar panel array for NASA's GLIDE spacecraft. We also surpassed 50 missions with our MAX Flight Software, and we can commence construction at our Long Beach headquarters on the satellite constellation production line to support the manufacturing of 17.5 ton spacecraft buses for Globalstar's constellation under our $143 million contract.

將注意力轉向太空系統，我們還被選中為 NASA 的 GLIDE 航天器建造太陽能電池板陣列。我們還使用我們的 MAX Flight Software 完成了超過 50 次任務，我們可以在長灘總部的衛星星座生產線上開始建設，以支持根據我們 1.43 億美元的合同為 Globalstar 的星座製造 17.5 噸航天器巴士。

So, going to the next slide. Three successful launches. So we had a great quarter for launches, successfully launching 3 missions. The missions included a mission to the Moon for NASA, a dedicated launch for Earth-imaging constellation BlackSky and a rideshare mission for a range of U.S. and U.K. companies. Across the quarter, Electron delivered 37 satellites to precise orbit. The quarter once again cemented Rocket Lab's position as a launch provider of choice for constellation operators with satellites deployed for 4 commercial constellation companies, 3 out of the 4 of these were return customers for Electron.

所以，轉到下一張幻燈片。三個成功的發射。所以我們有一個很好的發射季度，成功發射了 3 個任務。這些任務包括 NASA 的月球任務、地球成像星座 BlackSky 的專門發射以及一系列美國和英國公司的拼車任務。整個季度，Electron 將 37 顆衛星送入精確軌道。本季度再次鞏固了 Rocket Lab 作為星座運營商首選發射提供商的地位，為 4 家商業星座公司部署了衛星，其中 4 家公司中有 3 家是 Electron 的老客戶。

One of our missions in the second quarter was particularly significant, however. This was the CAPSTONE mission to the Moon for NASA. It was a monumental and historic mission for Rocket Lab and for NASA. So, I'm going to spend a little bit more time going into some greater detail on this one. For those of you not familiar with CAPSTONE, it's a satellite designed to test the Near Rectilinear Halo Orbit around the Moon. This orbit has never been flown before and is the same orbit NASA hopes to use for Gateway, a Moon-orbiting space station where astronauts will live and work in as part of the Artemis program. As a result, through acquisition of SolAero, Rocket Lab is also providing the solar modules for the Gateway power and propulsion element.

然而，我們在第二季度的一項任務尤其重要。這是 NASA 的 CAPSTONE 登月任務。對於火箭實驗室和美國宇航局來說，這是一項具有紀念意義和歷史性的任務。因此，我將花更多時間詳細介紹這一點。對於那些不熟悉 CAPSTONE 的人來說，這是一顆衛星，旨在測試月球周圍的近直線暈軌道。這個軌道以前從未飛行過，並且與美國宇航局希望用於網關的軌道相同，網關是一個繞月空間站，宇航員將在那裡生活和工作，作為阿爾忒彌斯計劃的一部分。因此，通過收購 SolAero，Rocket Lab 還為 Gateway 動力和推進元件提供太陽能模塊。

But back to CAPSTONE. In a nutshell, Rocket Lab launched the first mission of NASA's Artemis program to return humans to the Moon for the first time since 1970. So this mission was significant and monumental for all humankind, not just for Rocket Lab, and a real testament to NASA's trust in Rocket Lab as a mission partner. Importantly, the mission was much more than just a launch for us. We provided a complete solution. CAPSTONE was launched to an initial lower altitude, a lower orbit on Electron, and from there, our in-house-designed and built Lunar Photon spacecraft powered by a HyperCurie engine, provided 6 days of in-space propulsion, maneuvering, and communications to CAPSTONE.

但回到頂點。簡而言之，火箭實驗室啟動了美國宇航局阿爾忒彌斯計劃的第一個任務，自 1970 年以來首次將人類送回月球。因此，這項任務對全人類來說意義重大且具有里程碑意義，不僅對火箭實驗室而言，也是對美國宇航局的真實證明。信任 Rocket Lab 作為任務合作夥伴。重要的是，這項任務對我們來說不僅僅是一次發射。我們提供了完整的解決方案。 CAPSTONE 被發射到一個較低的初始高度，即 Electron 上的一個較低軌道，從那裡，我們內部設計和製造的月球光子航天器由 HyperCurie 發動機提供動力，提供 6 天的太空推進、機動和通信頂峰。

After a flawless launch on June 28 and after 6 days of 24/7 spacecraft operations, and multiple complex orbit raises, we ignited Lunar Photon's HyperCurie engine for the final time on the 4th of July to fit CAPSTONE on a ballistic lunar trajectory. I'm immensely proud of the team for delivering flawlessly on this complex mission, initiating a new era of Lunar exploration.

在 6 月 28 日完美髮射和 6 天 24/7 航天器運行以及多次復雜的軌道上升之後，我們在 7 月 4 日最後一次點燃了 Lunar Photon 的 HyperCurie 發動機，以使 CAPSTONE 適應彈道月球軌道。我為這個團隊完美地完成了這項複雜的任務感到非常自豪，他們開創了月球探索的新紀元。

NASA awarded the CAPSTONE contract to Rocket Lab in February 2020. So in a little over 2 years, we developed a new in-space propulsion system capable of reaching deep space destinations. We designed and built the highly capable Lunar Photon spacecraft and we increased Electron's performance enabling it to lift over 300 kg's. It's generally to be considered an unreasonably short development time, but we do like to take on a challenge and deliver and I'm happy to say we have done just that once again.

NASA 於 2020 年 2 月將 CAPSTONE 合同授予 Rocket Lab。因此，在 2 年多的時間裡，我們開發了一種能夠到達深空目的地的新型太空推進系統。我們設計並建造了功能強大的月球光子航天器，我們提高了電子的性能，使其能夠舉起超過 300 公斤的重量。這通常被認為是一個不合理的短開發時間，但我們確實喜歡接受挑戰並交付，我很高興地說我們再次做到了這一點。

Beyond developing and operating the launch vehicle and the spacecraft for this mission, we worked with space exploration engineering to develop a unique energy efficient trajectory to the Moon. Unlike the Apollo missions in the 60s and 70s, which basically used an enormous rocket filled with a massive amount of fuel to go direct to the Moon, we took a different path. After Lunar Photon and CAPSTONE with CAPSTONE integrated on the top was launched to an initial lower orbit, we used the Lunar Photon spacecraft and its HyperCurie engine to carry several days of orbit raising maneuvers, essentially igniting the engine periodically to raise the highest point in the orbit until we got far enough away from earth to escape its gravity and get it close to the Moon.

除了為此次任務開發和操作運載火箭和航天器外，我們還與太空探索工程部門合作開發了一條獨特的節能登月軌道。與 60 年代和 70 年代的阿波羅任務不同，它基本上使用一個裝滿大量燃料的巨大火箭直接飛往月球，我們採取了不同的路徑。在 Lunar Photon 和頂部集成 CAPSTONE 的 CAPSTONE 發射到初始較低軌道後，我們使用 Lunar Photon 航天器及其 HyperCurie 發動機進行了幾天的軌道提昇機動，基本上是定期點燃發動機以提升軌道的最高點軌道，直到我們離地球足夠遠，以逃避它的引力，讓它靠近月球。

This method is exciting because it proved that we can deliver interplanetary missions from a small rocket, making it faster and more affordable to go to places like the Moon, Mars, and Venus. Destinations that used to cost billions or hundreds of millions of dollars and take decades to develop are now within reach for a few hundred millions of dollars in a matter of months.

這種方法令人興奮，因為它證明了我們可以用小型火箭執行行星際任務，從而更快、更實惠地前往月球、火星和金星等地方。過去花費數十億或數億美元並需要數十年才能開發的目的地現在在幾個月內就能達到數億美元。

Having successfully deployed the CAPSTONE spacecraft on a ballistic lunar trajectory, Lunar Photon is continuing to tour the solar system and is currently around about 1.3 million kilometers or 800,000 miles (inaudible) people from earth. We've used this extended mission time to push the spacecraft to its limits, learning what we can about communications and propulsion systems to inform our up and coming mission to Mars and Venus using similar high energy photons.

在成功將 CAPSTONE 航天器部署在彈道月球軌道上後，月球光子繼續在太陽系中旅行，目前距離地球約 130 萬公里或 800,000 英里（聽不清）。我們利用這個延長的任務時間將航天器推向極限，了解我們所能了解的通信和推進系統，以便使用類似的高能光子通知我們即將執行的火星和金星任務。

As I mentioned, the CAPSTONE mission was far more complete than just a standard Electron launch. It was our first deep space mission. While we have successfully launched and operated 2 Rocket Lab designed and built Photons spacecraft previously, this mission was the first flight of our high energy deep space variant of the Photon spacecraft. It required the developments of new in-space propulsion system in under 2 years. It was the first time we integrated MAX Flight Software into a Rocket Lab-built spacecraft. As you'll remember, the MAX Flight Software is an off-the-shelf flight software solution developed by Advanced Space in Colorado, a Colorado-based company we acquired late last year.

正如我所提到的，CAPSTONE 任務遠比標準的電子發射要完整得多。這是我們的第一次深空任務。雖然我們之前已經成功發射和操作了 2 火箭實驗室設計和製造的光子航天器，但這次任務是我們的光子航天器的高能深空變體的首次飛行。它要求在 2 年內開發出新的太空推進系統。這是我們第一次將 MAX Flight Software 集成到 Rocket Lab 建造的航天器中。您會記得，MAX Flight Software 是一種現成的飛行軟件解決方案，由科羅拉多州的 Advanced Space 開發，這是我們去年年底收購的一家位於科羅拉多州的公司。

The CAPSTONE mission was also our first mission planning and executing Lunar trajectories. This is a complex precision work that often takes years in planning, and in addition to developing CAPSTONE to a perfect trajectory for this mission, which was, of course, the prime result, we have developed the team and the skills now to be able to deliver on our other up and coming interplanetary missions, including Mars and Venus.

CAPSTONE 任務也是我們的第一個任務規劃和執行月球軌跡。這是一項複雜的精密工作，通常需要數年時間進行規劃，除了將 CAPSTONE 開發為該任務的完美軌跡（當然，這是主要結果）之外，我們已經開發了團隊和技能，現在能夠完成我們其他即將到來的行星際任務，包括火星和金星。

We're very conscious of space sustainability, I think as everybody knows, and not leaving large rocket stages in orbit with every launch is important to us, which is why we developed a launch system in such a way that Electron's second stage [deal], but within a matter of days. With this mission, we broke our own record. The second stage actually deal, but is the same day as launch.

我們非常關注空間的可持續性，我認為眾所周知，每次發射時不要將大型火箭級留在軌道上對我們來說很重要，這就是為什麼我們開發了一個發射系統，使 Electron 的第二級 [交易] ，但幾天之內。通過這次任務，我們打破了自己的記錄。第二階段實際交易，但與發布同一天。

We are the first time using the FR-lite radio, a satellite radio, which Rocket Lab has an exclusive license with Johns Hopkins University Applied Physics Laboratory to manufacture. And last but not least, the CAPSTONE mission was the heaviest lift to date with Electron carrying a whopping 320 kg or 705 pounds. This is almost triple the load capacity demonstrated by any other small launch provider.

我們是第一次使用 FR-lite 收音機，這是一種衛星收音機，Rocket Lab 擁有約翰霍普金斯大學應用物理實驗室的獨家許可製造。最後但並非最不重要的一點是，CAPSTONE 任務是迄今為止最重的升降機，Electron 的重量高達 320 公斤或 705 磅。這幾乎是任何其他小型發射提供商所展示的負載能力的三倍。

So, Rocket Lab satellites are now deep space proven. More than just delivering mission success for NASA, the mission means we have successfully flight-proven our Lunar Photon into space. This positions us extremely well for future complex missions beyond LEO and already with, obviously, a significant amount of interest from new customers in terms of having us develop their mission content, design, and build their spacecraft, launch it, and operate it in orbit.

因此，火箭實驗室衛星現在已經在深空得到驗證。該任務不僅為 NASA 提供了成功的任務，還意味著我們已經成功地證明了我們的月球光子進入太空。這使我們非常適合未來超越 LEO 的複雜任務，顯然，新客戶已經對我們開發他們的任務內容、設計和建造他們的航天器、發射並在軌道上運行它表示了極大的興趣.

Now, on to another major achievement in the quarter. We signed a multi-launch deal with HawkEye 360, a radio-frequency geospatial analytics company. The company will see us deliver 15 satellites to lower orbit across 3 Electron missions anticipated between late 2022 and 2024. This mission joins the growing list of bulk launch agreements, which are with commercial constellation operators, including those with (inaudible) and BlackSky.

現在，繼續本季度的另一項重大成就。我們與無線電頻率地理空間分析公司 HawkEye 360 簽署了多項發布協議。該公司將看到我們在 2022 年末至 2024 年預計的 3 次 Electron 任務中將 15 顆衛星交付到低軌道。該任務加入了越來越多的批量發射協議，這些協議與商業星座運營商簽訂，包括與（聽不清）和 BlackSky 的運營商。

Supporting our vertical integration strategy, Rocket Lab will also supply HawkEye 360 with separation systems produced by Planetary Systems Corporation, the Maryland-based hardware company we acquired in December 2021. Excitingly, the first of the 3 HawkEye 360 missions have been scheduled to lift off from Launch Complex 2 in Virginia later this year. Scheduled to lift off in December, it will be the inaugural flight from LC2 and the third pad Rocket Lab will have launched from. The key reason we haven't launched from LC2 yet has been delays with NASA certifying the agency's autonomous flight termination LINUX software. But NASA officials have advised that they are on track to certify it in time for us to resume the launch.

為支持我們的垂直整合戰略，Rocket Lab 還將為 HawkEye 360 提供由我們於 2021 年 12 月收購的位於馬里蘭州的硬件公司 Planetary Systems Corporation 生產的分離系統。令人興奮的是，HawkEye 360 的 3 個任務中的第一個已計劃發射來自今年晚些時候在弗吉尼亞州的 Launch Complex 2。計劃於 12 月升空，這將是 LC2 的首次飛行，火箭實驗室的第三個發射台將從那裡發射。我們尚未從 LC2 發射的關鍵原因是 NASA 認證該機構的自主飛行終止 LINUX 軟件的延誤。但美國宇航局官員表示，他們正在按計劃及時對其進行認證，以便我們恢復發射。

In the second quarter, we also had a significant milestone in our program to make Electron reusable. We successfully caught a returning first-stage with a helicopter confirming the concept of operations for future aerial capture. This was a key moment in the program that brought us a step closer to recovering stages dry and refueling them. The next step from here is to not only catch a stage, but fly it all the way back to land under the helicopter. We expect to attempt this later this year, but in the meantime, you'll start to see more and more red striped Electrons coming down the production line as we build recovery-ready rockets into the standard production flow and process.

在第二季度，我們在使 Electron 可重複使用的計劃中也有了一個重要的里程碑。我們用直升機成功捕獲了返回的第一階段，確認了未來空中捕獲的操作概念。這是該計劃中的一個關鍵時刻，它使我們更接近於恢復階段干燥和加油。從這裡開始下一步不僅要抓住一個舞台，還要把它一路飛回直升機下方降落。我們預計今年晚些時候會嘗試這樣做，但與此同時，隨著我們將準備好恢復的火箭構建到標準生產流程和流程中，您將開始看到越來越多的紅色條紋電子從生產線上下來。

While the Electron launch program continues to go from strength to strength, we're also making somewhat progress on the development of a new large launch vehicle, Neutron. In the second quarter, we broke ground on the Neutron production complex near Launch Complex 2 in Virginia. The 250,000 square foot complex will be home to Neutron's production and assembly and is located at just a few miles from where Neutron's pad will be located on the eastern shore.

在電子發射計劃不斷發展壯大的同時，我們也在開發新的大型運載火箭中子方面取得了一些進展。第二季度，我們在弗吉尼亞州 Launch Complex 2 附近的 Neutron 生產基地破土動工。這個 250,000 平方英尺的綜合體將成為 Neutron 的生產和組裝基地，距離 Neutron 東海岸的基地僅幾英里。

We won't go into too much detail on Neutron today as we'll be sharing more fulsome program updates during our Investor Day on September 21st.

我們今天不會詳細介紹 Neutron，因為我們將在 9 月 21 日的投資者日期間分享更豐富的計劃更新。

On to the Space Systems side of the business now, I'm pleased to confirm that Rocket Lab has been selected to manufacture the Solar Array Panel for the NASA GLIDE spacecraft. GLIDE is the first mission dedicated to surveying the changes in the exo-atmosphere, the outermost layer of the Earth's atmosphere, which is super important for all of us. The array will be manufactured at our production complex in Albuquerque, New Mexico, which is home to the world's largest production line for space solar cells.

現在就業務的空間系統方面而言，我很高興地確認 Rocket Lab 已被選中為 NASA GLIDE 航天器製造太陽能電池板。 GLIDE 是第一個致力於調查外大氣層變化的任務，這是地球大氣層的最外層，這對我們所有人來說都非常重要。該陣列將在我們位於新墨西哥州阿爾伯克基的生產基地製造，該基地擁有世界上最大的太空太陽能電池生產線。

On to our space software. As of Q2 this year, Rocket Lab's MAX flight software has successfully flown more than 50 missions. Developed by ASI, which was acquired by Rocket Lab in October 2021, MAX is an off-the-shelf spacecraft flight software used by leading aerospace prime contractors, the U.S. Air Force, the U.S. DoD organizations, NASA, and commercial spacecraft developers and constellation operators. Further supporting Rocket Lab's vertical integration strategy, MAX software has now been used in 12 spacecrafts launched by Electron.

繼續我們的太空軟件。截至今年Q2，Rocket Lab的MAX飛行軟件已成功飛行50餘次。 MAX 由 ASI 開發，2021 年 10 月被 Rocket Lab 收購，是一種現成的航天器飛行軟件，被領先的航空航天主要承包商、美國空軍、美國國防部組織、美國宇航局以及商業航天器開發商和星座使用運營商。為進一步支持 Rocket Lab 的垂直整合戰略，MAX 軟件現已應用於 Electron 發射的 12 艘航天器。

In the first quarter of this year, Rocket Lab was awarded $143 million subcontracts by MDA to build 17.5 ton spacecraft buses for the Globalstar constellation. Rocket Lab is also manufacturing spacecraft for Varda Space Industries, Eta Space, and the University of California Berkeley for NASA for an (inaudible) mission. In the second quarter, we quickly got construction work underway on the production facility for these spacecraft at our Long Beach headquarters. Construction is now substantially complete and the facility has included a state-of-the-art 10,000 square foot, plus 100,000 [cleanroom]. This is a significant investment by Rocket Labs future satellite -- this is a significant investment (technical difficulty) vertical integration, the satellites will feature components and subsystems produced by Rocket Lab's recently acquired companies, including solar panels and structures from SolAero Technologies, software from ASI, reaction wheels from Sinclair Interplanetary and so on.

今年第一季度，火箭實驗室獲得了 MDA 的 1.43 億美元分包合同，為全球之星星座建造 17.5 噸的航天器巴士。 Rocket Lab 還在為 Varda Space Industries、Eta Space 和加州大學伯克利分校為 NASA 製造航天器，以執行（聽不清）任務。在第二季度，我們在長灘總部迅速啟動了這些航天器生產設施的建設工作。建設現已基本完成，該設施包括一個最先進的 10,000 平方英尺，外加 100,000 [潔淨室]。這是 Rocket Labs 未來衛星的重大投資——這是一項重大投資（技術難度）垂直整合，衛星將採用 Rocket Lab 最近收購的公司生產的組件和子系統，包括 SolAero Technologies 的太陽能電池板和結構，軟件來自ASI、Sinclair Interplanetary 的反作用輪等。

So with that quick recap of some of our major accomplishments in the second quarter, let's delve into some of the additional achievements between the end of the quarter and now. So since the close of the quarter, we've launched another 2 successful missions. This time back-to-back launches for the National Reconnaissance Office. These missions took place just over 3 weeks apart. So we had prepared the launch vehicles and prepared to be able to support the turnaround in just [2 days]. Ultimately, the NRO required some additional time to complete a software update on their payload. It was a change in the launch schedule that we could easily support since Launch Complex 1 is a private launch range, but we didn't have to go around and work around any other launch providers' schedule. The missions were flawless, demonstrating -- were a flawless demonstration of responsive space and action and I'll talk more about responsive space in some up and coming slides.

因此，通過快速回顧我們在第二季度的一些主要成就，讓我們深入研究從本季度末到現在之間的一些額外成就。因此，自本季度末以來，我們又啟動了 2 個成功的任務。這一次是國家偵察局的背靠背發射。這些任務相隔僅 3 週多。因此，我們已經準備好運載火箭，並準備在短短 [2 天] 內支持周轉。最終，NRO 需要一些額外的時間來完成對其有效載荷的軟件更新。由於 Launch Complex 1 是一個私人發射場，因此我們可以輕鬆支持發射時間表的更改，但我們不必四處走動並圍繞任何其他發射提供商的時間表工作。這些任務完美無瑕，展示了——是對響應式空間和行動的完美演示，我將在一些即將發布的幻燈片中更多地討論響應式空間。

With these 2 missions, Rocket Lab has now successfully launched 4 NRO missions on Electron, reliably serving the national security intelligence and intelligence community. Between the CAPSTONE launch at the end of Q2, and the first NRO mission at the start of Q3, we actually achieved a new record in launch turnaround time. After a successful mission to the Moon for NASA, our team delivered a flawless national security launch in just 15 days later. As you can see, that's the fastest turnaround ever achieved by a small launch provider.

憑藉這 2 項任務，Rocket Lab 現在已成功在 Electron 上啟動了 4 項 NRO 任務，可靠地為國家安全情報和情報界服務。從第二季度末的 CAPSTONE 發射到第三季度初的第一個 NRO 任務，我們實際上在發射周轉時間上創造了新的記錄。在為 NASA 成功完成月球任務後，我們的團隊在 15 天后完成了完美的國家安全發射。如您所見，這是小型發射提供商有史以來最快的周轉時間。

Continuing the national security and defense theme, I'm pleased to confirm that since Q2, Rocket Lab was also selected by Lockheed Martin to supply solar power for the Space Force's new missile warning satellite. The deal continues SolAero's long-term partnership with Lockheed Martin by powering the next generation of OPIR GEO satellite -- missile warning system. And it further demonstrates our successful vertical integration strategy.

繼續國家安全和國防主題，我很高興地確認，自第二季度以來，洛克希德·馬丁公司也選擇火箭實驗室為太空部隊的新型導彈預警衛星提供太陽能。該交易通過為下一代 OPIR GEO 衛星——導彈預警系統提供動力，延續了 SolAero 與洛克希德馬丁公司的長期合作夥伴關係。它進一步展示了我們成功的垂直整合戰略。

Since the close of the last quarter, we also officially introduced our Responsive Space program. From day 1, everything we've done has been designed to support Responsive Space, from manufacturing processes that use 3D printers to print an engine in 24 hours to operating the first -- and orbital launch sites to developing our own modular spacecraft that can be quickly customized and integrated with customers' instruments. When we talk about Responsive Space, we're talking about the ability to rapidly replace or replenish new assets on orbit. This is a critical and growing need for government and commercial operators alike, because the unavoidable truth is that satellites do fail. Whether they age out, experience technical failure or are disabled through deliberate actions, all satellites are vulnerable.

自上個季度結束以來，我們還正式推出了我們的響應式空間計劃。從第一天開始，我們所做的一切都旨在支持響應式空間，從使用 3D 打印機在 24 小時內打印引擎的製造過程到運行第一個和軌道發射場，再到開發我們自己的模塊化航天器，快速定制並與客戶的儀器集成。當我們談論響應空間時，我們談論的是在軌道上快速更換或補充新資產的能力。這對政府和商業運營商來說都是一個關鍵且不斷增長的需求，因為不可避免的事實是衛星確實會失敗。無論它們是否老化、遇到技術故障或因故意行為而被禁用，所有衛星都是易受攻擊的。

Through responsible launch on Electron, we can replace these assets in a matter of hours or days, not months or years, but we also know that launch is just one piece of that puzzle, which is why we can also have Rocket Lab design and build satellites on the ground 24/7 awaiting the call to be integrated with the customers payload and launched rapidly. This is a capability that is increasingly attractive to constellation operators, and we've already seen some customers look at building out their constellations with Rocket Lab's spacecraft specifically to have this capability at the ready.

通過在 Electron 上負責任的發射，我們可以在幾小時或幾天內更換這些資產，而不是幾個月或幾年，但我們也知道發射只是其中的一部分，這就是為什麼我們也可以讓 Rocket Lab 設計和建造地面上的衛星 24/7 等待呼叫與客戶有效載荷集成并快速發射。這種能力對星座運營商越來越有吸引力，我們已經看到一些客戶正在考慮使用 Rocket Lab 的航天器來構建他們的星座，以準備好這種能力。

While there's a lot talk about Responsive Space, Rocket Lab is in the unique position of having the infrastructure, experienced team, and proven technology in place to enable it today. This includes 3 launch pads across 2 hemispheres. Launch Complex 2 in Virginia was purpose-built with this capability in mind, proving Rocket's payload processing facilities, personnel, launch sites and ground stations capable of supporting 24-hour rapid call up launch, the ability to receive, integrate, encapsulate and launch spacecraft within 24 hours, proven spacecraft technology already operating in more than 1,700 satellites in orbit, streamlined and integrated manufacturing capability to build rockets and spacecraft quickly, the ability to reach a wide range of orbit and meet a broader range of customer requirements.

雖然有很多關於響應式空間的討論，但 Rocket Lab 處於獨特的位置，擁有基礎設施、經驗豐富的團隊和成熟的技術來實現它。這包括橫跨 2 個半球的 3 個發射台。弗吉尼亞州的 Launch Complex 2 是專門為這種能力而建造的，證明了 Rocket 的有效載荷處理設施、人員、發射場和地面站能夠支持 24 小時快速呼叫發射，以及接收、集成、封裝和發射航天器的能力在 24 小時內，經過驗證的航天器技術已經在 1,700 多顆在軌衛星上運行，精簡和集成的製造能力可快速製造火箭和航天器，能夠到達更廣泛的軌道並滿足更廣泛的客戶要求。

All of this is not necessarily new or a new Rocket Lab capability, but as I've discussed in the presentation and in recent media interviews, increasingly, our launch cadence was driven by and, in fact, slowed down by customers' readiness. This program is about working closely with customers to understand the emission requirements early and get them in a state of readiness, so that when the day comes, they can call us up and we'll have them on an orbit in a matter of hours.

所有這一切都不一定是新的或新的 Rocket Lab 功能，但正如我在演示文稿和最近的媒體採訪中所討論的那樣，我們的發射節奏越來越多地受到客戶準備情況的驅動，事實上，客戶的準備情況也會減慢。該計劃旨在與客戶密切合作，儘早了解排放要求並讓他們處於準備狀態，以便在這一天到來時，他們可以打電話給我們，我們將在幾個小時內將他們送上軌道。

And with that, I'll hand over to Adam to provide a review of our second quarter financial results.

有了這個，我將交給亞當來審查我們第二季度的財務業績。

Great. Thanks, Pete. I'll first review our second quarter 2022 results and then discuss our outlook for the third quarter.

偉大的。謝謝，皮特。我將首先回顧我們 2022 年第二季度的業績，然後討論我們對第三季度的展望。

Second quarter 2022 revenue was $55.5 million, exceeding the high-end of our guidance range of $51 million to $54 million, representing 36% sequential growth over the prior quarter. Our record revenue performance in the quarter was the result of 3 successful launches as we had guided and outperformance in our Space Systems segment led by our SolAero product line. Launch Services contributed $19.1 million or 191% quarter-on-quarter growth, representing 34% of total revenue in the quarter. Space Systems contributed $36.4 million yielding 70% quarter-on-quarter growth, representing 66% of total revenue.

2022 年第二季度的收入為 5550 萬美元，超過了我們指導範圍 5100 萬美元至 5400 萬美元的高端，比上一季度環比增長 36%。我們在本季度創紀錄的收入表現是 3 次成功發射的結果，因為我們在 SolAero 產品線領導的空間系統部門的指導和表現出色。 Launch Services 貢獻了 1910 萬美元或 191% 的季度環比增長，佔該季度總收入的 34%。 Space Systems 貢獻了 3640 萬美元，環比增長 70%，佔總收入的 66%。

Now, turning to gross margin. GAAP and non-GAAP gross margin for the second quarter of 2022 were 9% and 22%, respectively. This was outside the low-end of our guidance on a GAAP and non-GAAP basis of 11% and 26%, respectively. The lower gross margin versus guidance was a result of 2 primary factors: an unfavorable product mix within the Space Systems segment; and lower overhead absorption in the Launch Services segment. Compared to the first quarter 2022 where GAAP and non-GAAP gross margin were 9% and 24%, respectively, second quarter gross margin trended slightly lower, based on a mix shift to lower margin Launch Services revenue. In the Launch Services segment, specifically, GAAP gross margin was negative 12% in the second quarter, flat with the prior quarter. In the Space Systems segment, GAAP gross margin was 20% in the second quarter versus 13% in the prior quarter.

現在，轉向毛利率。 2022 年第二季度的 GAAP 和非 GAAP 毛利率分別為 9% 和 22%。這超出了我們在 GAAP 和非 GAAP 基礎上分別為 11% 和 26% 的指導的低端。毛利率低於指引是由於兩個主要因素：空間系統部門的不利產品組合；並降低啟動服務部門的開銷吸收。與 2022 年第一季度 GAAP 和非 GAAP 毛利率分別為 9% 和 24% 相比，第二季度毛利率略有下降，這是基於向較低利潤率的 Launch Services 收入的混合轉變。具體而言，在啟動服務部門，第二季度的 GAAP 毛利率為負 12%，與上一季度持平。在空間系統部門，第二季度的 GAAP 毛利率為 20%，而上一季度為 13%。

The expansion of gross margin quarter-on-quarter was driven by a favorable mix of higher margin products delivered in the quarter versus the prior quarter, despite the second quarter being negatively impacted by the introduction of stock-based compensation into SolAero production costs, resulting from post-acquisition equity award vesting.

儘管第二季度受到在 SolAero 生產成本中引入基於股票的補償的負面影響，但與上一季度相比，本季度交付的高利潤率產品的有利組合推動了毛利率的環比增長，導致來自收購後的股權獎勵歸屬。

Total production headcount ended Q2 2022 at 781, up 11 heads from June 30, 2022. In the face of increased production unit volumes, we continue to focus on constraining production headcount and identifying production efficiencies in pursuit of expanding gross margins across the business.

截至 2022 年第二季度的總生產人數為 781 人，比 2022 年 6 月 30 日增加了 11 人。面對產量增加的情況，我們繼續專注於限制生產人數和確定生產效率，以擴大整個業務的毛利率。

Backlog declined $14.5 million during the second quarter to $531.4 million as the recognition of record revenue outpaced new bookings in the quarter. Significant portions of our business involve projects that are many months or years in formation, and as a result, converting opportunities into new bookings is lumpy. A recent example of this was the MDA constellation build contract that resulted in a significant backlog uplift of $143 million, but was a long time in the making. Our pipeline of opportunities remains robust and we look forward to growing our backlog as we progress through the remainder of the year.

由於對創紀錄收入的確認超過了本季度的新預訂，第二季度積壓訂單減少了 1450 萬美元至 5.314 億美元。我們業務的很大一部分涉及形成數月或數年的項目，因此，將機會轉化為新的預訂是不穩定的。最近的一個例子是 MDA 星座建造合同，該合同導致了 1.43 億美元的大量積壓，但這是一個很長的時間。我們的機會渠道仍然強勁，我們期待隨著今年剩餘時間的進展而增加我們的積壓工作。

When we compare the second quarter 2022 revenue on a year-on-year basis, the strength, evolution, and diversity of our business is evident. Total revenue was up 392% or more than $44 million when compared to the second quarter of 2021. Acquisitions have played a major role in this year-on-year growth. Revenue contribution from the recently acquired ASI, PSC, and SolAero businesses added approximately $28 million of revenue in the second quarter of 2022. The organic Rocket Lab product lines have experienced significant growth as well, having grown more than $16 million, representing 144% growth year-on-year and contributed nearly $28 million in the second quarter of 2022.

當我們比較 2022 年第二季度的收入同比時，我們業務的實力、發展和多樣性是顯而易見的。與 2021 年第二季度相比，總收入增長了 392% 或超過 4400 萬美元。收購在這一同比增長中發揮了重要作用。最近收購的 ASI、PSC 和 SolAero 業務的收入貢獻在 2022 年第二季度增加了約 2800 萬美元。Rocket Lab 有機產品線也經歷了顯著增長，增長超過 1600 萬美元，增長了 144%同比增長，並在 2022 年第二季度貢獻了近 2800 萬美元。

As a quick aside, the growth and execution in our Space Systems segment is a good example of how our business has evolved and diversified. In total, the Space Systems segment revenue was $36.4 million, reflecting an increase of 893% or more than $32.7 million over the prior year. As Pete covered in the previous slides, in our Space Systems business, we now have revenue contribution from almost every U.S. government defense and civil agency. The majority have large U.S. primes and a diverse mix of global customers. This is allowing us richer and deeper customer engagement, which can be seen in our financial results, backlog, and forward guidance, which I'll get to shortly.

順便說一句，我們空間系統部門的增長和執行是我們業務如何發展和多元化的一個很好的例子。空間系統部門的總收入為 3640 萬美元，比上年增長 893% 或超過 3270 萬美元。正如皮特在之前的幻燈片中所介紹的那樣，在我們的空間系統業務中，我們現在幾乎每個美國政府國防和民事機構都有收入貢獻。大多數都擁有大量的美國優質客戶和多樣化的全球客戶。這使我們能夠更豐富、更深入地參與客戶，這可以在我們的財務業績、積壓和前瞻性指導中看到，我將很快談到。

Now, turning to gross margin. GAAP and non-GAAP gross margin in the second quarter of '22 of 9% and 22%, respectively, compare to GAAP and non-GAAP gross margin of 22% and 25%, respectively in the second quarter of 2021. The decline in gross margin year-on-year for both GAAP and non-GAAP was driven largely by the mix impact of the addition of lower margin revenue from the SolAero acquisition.

現在，轉向毛利率。 22 年第二季度的 GAAP 和非 GAAP 毛利率分別為 9% 和 22%，而 2021 年第二季度的 GAAP 和非 GAAP 毛利率分別為 22% 和 25%。 GAAP 和非 GAAP 的毛利率同比主要受到 SolAero 收購帶來的較低利潤率收入的混合影響。

In the Launch Services segment specifically, GAAP gross margin of negative 12% in the quarter compares to negative 3% in the second quarter of 2021. The decline in gross margin year-on-year was driven by less absorption of overhead, exacerbated by revised overhead rates that were impacted by a range of inflationary and other factors, including staff costs, but specifically stock-based compensation for production staff that factored in much less in the Q2 2021 period prior to Rocket Lab becoming public.

特別是在發射服務領域，本季度 GAAP 毛利率為負 12%，而 2021 年第二季度為負 3%。毛利率同比下降的原因是管理費用的吸收減少，修訂後的情況加劇了這種情況受一系列通貨膨脹和其他因素影響的間接費用率，包括員工成本，但特別是生產員工的基於股票的薪酬，在 Rocket Lab 上市之前的 2021 年第二季度期間，這一因素的影響要小得多。

In the Space Systems segment, GAAP gross margin of 20% in the quarter compares to 73% in the second quarter of 2021. These declines in gross margin year-on-year were driven largely by the mix impact of the addition of lower margin revenue from the SolAero acquisition, as well as previously referenced stock-based compensation for production staff stepped up relative to periods prior to Rocket Lab becoming public in August of 2021.

在空間系統領域，本季度 GAAP 毛利率為 20%，而 2021 年第二季度為 73%。毛利率同比下降主要是由於利潤率下降帶來的綜合影響來自 SolAero 的收購，以及之前提到的對生產人員的股票薪酬相對於 Rocket Lab 於 2021 年 8 月上市之前的時期有所增加。

Turning to operating expenses. GAAP operating expenses for the second quarter of 2022 were $38.1 million, which was approximately $900,000 lower than the low end of guidance. Non-GAAP operating expenses for the second quarter of 2022 were $25.2 million, in-line with the high-end of guidance. The quarter-on-quarter step-up in both GAAP and non-GAAP operating expense was primarily driven by an increase in staffing and related stock based compensation expense, prototyping related to Neutron vehicle development, the Electron booster recovery initiatives, and Photon development projects, which were partially offset by the change of fair market of consideration related to the PSC acquisition.

轉向運營費用。 2022 年第二季度的 GAAP 運營費用為 3810 萬美元，比指引的低端低約 900,000 美元。 2022 年第二季度的非 GAAP 運營費用為 2520 萬美元，符合高端指引。 GAAP 和非 GAAP 運營費用的環比增長主要是由於人員配備和相關股票薪酬費用、與中子車輛開發相關的原型設計、電子助推器回收計劃和光子開發項目的增加，這部分被與收購 PSC 相關的公平市場對價的變化所抵消。

In R&D specifically, GAAP expenses were up $5.7 million or 42% quarter-on-quarter. Non-GAAP expenses were up $4.3 million or 63% quarter-on-quarter. We anticipate the trend of sequential growth in R&D to continue as we ramp investment in Neutron launch vehicle development in particular. Quarter ending R&D headcount was 308, representing an increase of 29 heads from June 30th, 2022.

特別是在研發方面，GAAP 費用環比增長 570 萬美元或 42%。非公認會計原則費用環比增長 430 萬美元或 63%。隨著我們加大對中子運載火箭開發的投資，我們預計研發的連續增長趨勢將繼續。季度末研發人員為 308 人，較 2022 年 6 月 30 日增加 29 人。

In SG&A, GAAP expenses declined quarter-on-quarter $4.1 million or 18%, driven primarily by, as mentioned earlier, the change in fair market of consideration related to the PSC acquisition. Non-GAAP SG&A expenses remained relatively flat between the quarters. Quarter-ending SG&A headcount was 182, representing an increase of 14 heads from June 30th, 2022.

在 SG&A 方面，GAAP 費用環比下降 410 萬美元或 18%，這主要是由於（如前所述）與 PSC 收購相關的公平市場對價的變化。非 GAAP SG&A 費用在兩個季度之間保持相對平穩。季度末 SG&A 員工人數為 182 人，比 2022 年 6 月 30 日增加了 14 人。

On a year-on-year perspective, both GAAP and non-GAAP operating expenses were up as the company continues to invest heavily in broadening our Space Systems portfolio of products and services, Electron recovery initiatives, and Neutron development. The company is executing and achieving milestones on numerous ambitious projects and look forward to these investments generating shareholder value for years to come.

與去年同期相比，隨著公司繼續大力投資擴大我們的空間系統產品和服務組合、電子回收計劃和中子開發，GAAP 和非 GAAP 運營費用均有所上升。該公司正在執行並實現眾多雄心勃勃的項目的里程碑，並期待這些投資在未來幾年為股東創造價值。

Year-on-year GAAP R&D was up by $10.6 million, driven by a one-time $3.1 million increased stock-based compensation incentive related to the CAPSTONE mission, staffing and prototyping expenses directed to Photon and Neutron platform developments. Non-GAAP R&D was up $3.5 million, driven by a combination of higher prototyping and staff costs.

與 CAPSTONE 任務、針對光子和中子平台開發的人員配備和原型製作費用相關的股票薪酬激勵一次性增加了 310 萬美元，推動了 GAAP 研發同比增長 1060 萬美元。受更高的原型設計和員工成本的推動，非 GAAP 研發增加了 350 萬美元。

Year-on-year GAAP SG&A was up $11.9 million year-on-year, driven by an increase in various public company costs, including initial D&O insurance, legal, and audit and professional services, as well as stock-based compensation and acquisition-related performance incentives and amortization of purchased intangibles. Non-GAAP SG&A was up by $7.4 million, driven by similar GAAP items referenced earlier.

GAAP SG&A 同比增長 1190 萬美元，原因是各種上市公司成本增加，包括初始 D&O 保險、法律、審計和專業服務，以及基於股票的薪酬和收購——相關的績效獎勵和購買的無形資產的攤銷。在前面提到的類似 GAAP 項目的推動下，非 GAAP SG&A 增加了 740 萬美元。

Net cash used in operating activities totaled $38.3 million, driven sequentially higher by $10.7 million in greater net loss in Q2 versus Q1 resulting from higher R&D costs related to investments in Neutron, Photon, and Electron booster recovery activities.

由於與中子、光子和電子助推器回收活動的投資相關的研發成本增加，運營活動中使用的淨現金總額為 3830 萬美元，第二季度的淨虧損比第一季度增加了 1070 萬美元。

Cash consumed from investing activities totaled $12.3 million in Q2, compared to $71.8 million in Q1. The sequential reduction in cash consumed from investing activities was mostly driven by a lack of acquisition outflows in Q2 versus Q1, offset partially by a near 2x increase in CapEx investments related to Neutron development, Photon manufacturing infrastructure build-out, and Electron booster recovery initiatives.

第二季度投資活動消耗的現金總額為 1230 萬美元，而第一季度為 7180 萬美元。投資活動所消耗現金的連續減少主要是由於第二季度與第一季度相比缺乏收購流出，部分被與中子開發、光子製造基礎設施建設和電子助推器恢復計劃相關的資本支出投資增加近 2 倍所抵消.

Cash consumed from financing totaled $15 million, driven primarily by the timing of the tax withholding payment made in Q2 of 2022 for employee performance share units that vested and cash taxes was withheld in Q1 of 2022, and the payment of contingent consideration related to the ASI acquisition. Overall, cash consumed in Q2 was $61.1 million compared to $84.3 million in Q1 with Q2 ending cash, cash equivalents, and restricted cash balances of $546.6 million.

融資所消耗的現金總額為 1500 萬美元，主要是由於 2022 年第二季度為已歸屬的員工績效份額單位支付的預扣稅款和 2022 年第一季度預扣的現金稅，以及與 ASI 相關的或有對價的支付獲得。總體而言，第二季度消耗的現金為 6110 萬美元，而第一季度為 8430 萬美元，第二季度末現金、現金等價物和受限現金餘額為 5.466 億美元。

With that, let's turn to our guidance for the third quarter of 2022. We expect revenue in the third quarter to range between USD60 million and USD63 million, which reflects $37 million to $40 million of contribution from Space Systems and $23 million of contribution from Launch Services, which assumes 3 launches or 1 remaining launch in the quarter.

有了這個，讓我們轉向我們對 2022 年第三季度的指導。我們預計第三季度的收入將在 6000 萬美元至 6300 萬美元之間，這反映了來自 Space Systems 的 3700 萬美元至 4000 萬美元的貢獻以及來自 Launch 的 2300 萬美元的貢獻服務，假設本季度有 3 次發射或剩餘 1 次發射。

We expect third quarter GAAP gross margin to range between 12% and 15% and non-GAAP gross margin to range between 22% and 25%. These expected GAAP and non-GAAP gross margin improvements are driven by expected sequential beneficial changes in product mix within our Space Systems segment and a higher average selling price per launch in our Launch Services segment.

我們預計第三季度 GAAP 毛利率在 12% 到 15% 之間，非 GAAP 毛利率在 22% 到 25% 之間。這些預期的 GAAP 和非 GAAP 毛利率的提高是由我們的空間系統部門內產品組合的預期連續有利變化以及我們的發射服務部門每次發射的平均售價較高所推動的。

We expect third quarter GAAP operating expenses to range between USD41 million and USD43 million, and non-GAAP operating expenses to range between USD27 million and USD29 million. This quarter-on-quarter step-up is driven primarily by increased R&D staff costs and prototype expenses related to the scaling of our Photon product family and continued growth in our investments in the Neutron launch vehicle development program.

我們預計第三季度 GAAP 運營費用在 4100 萬美元至 4300 萬美元之間，非 GAAP 運營費用在 2700 萬美元至 2900 萬美元之間。這一季度環比增長主要是由於與 Photon 產品系列的擴展相關的研發人員成本和原型費用增加，以及我們對中子運載火箭開發計劃的投資持續增長。

We expect third quarter GAAP and non-GAAP net interest expense to be $2 million. And lastly, we expect third quarter adjusted EBITDA loss to range between USD8 million and USD12 million and basic shares outstanding to be approximately 471 million shares.

我們預計第三季度 GAAP 和非 GAAP 淨利息支出為 200 萬美元。最後，我們預計第三季度調整後的 EBITDA 虧損在 800 萬美元至 1200 萬美元之間，流通在外的基本股約為 4.71 億股。

And with that, I'd like to open up the call for questions. Operator?

有了這個，我想打開提問的電話。操作員？

(Operator Instructions) The first question is from the line of Suji Desilva with ROTH Capital.

（操作員說明）第一個問題來自 ROTH Capital 的 Suji Desilva。

Congratulations on all the progress here. Can you talk about maybe the Responsive Space program? It sounds like with the lead times there, you may be able to, kind of, exceed your launch guidance in a given quarter. Just trying to understand if that's the case, kind of, Adam's returns, kind of concept [and what that means]. Or whether, if that's unrealistic and you're able to kind of guide and these will be visible, kind of, quarter-on-quarter?

祝賀這裡取得的所有進展。你能談談響應式空間計劃嗎？聽起來，有了那裡的交貨時間，您可能會在特定季度超過您的發布指導。只是想了解是否是這種情況，亞當的回歸，某種概念[以及這意味著什麼]。或者，如果這是不切實際的，並且您能夠提供指導，並且這些將是可見的，有點，季度環比？

Yes. Hi, Suji, I'll take a stab at that and then Adam might want to pile on. I mean, as I kind of mentioned, the thing that drives that launch cadence is customer readiness. So that's the single biggest influencer. And the Responsive Space program is, kind of, about 2 things for us. One, it enables us to work with a customer even more closely to better judge the customer -- their, in fact, readiness. And then the second part of it is, there's a growing focus on Responsive Space. And although we've had all these capabilities, we've never really advertised them as such. So that was, kind of, the rationale here. And within the quarter, it's completely feasible that there can be a pop-up launch that would -- we have the Rockets to support that. We would like to carry some inventory there. So you could easily expect a pop-up launch within the quarter.

是的。嗨，蘇吉，我會嘗試一下，然後亞當可能會想繼續努力。我的意思是，正如我所提到的，推動發布節奏的是客戶準備就緒。所以這是最大的影響者。響應式空間計劃對我們來說大概是兩件事。一，它使我們能夠更密切地與客戶合作，以更好地判斷客戶——事實上，他們的準備情況。然後它的第二部分是，人們越來越關注響應式空間。儘管我們擁有所有這些功能，但我們從未真正宣傳過它們。這就是這裡的基本原理。在本季度內，有一個彈出式發射是完全可行的——我們有火箭隊來支持它。我們想在那裡攜帶一些庫存。因此，您可以很容易地期待在本季度內推出彈出式廣告。

Hey, Suji, I'll add a little bit to that. I think that it doesn't really change the way that we're forecasting the business right now, but I think what it -- the rapid response business -- really -- we know that there's budget that's being added for programs to support this. So that's helpful as far as a tailwind. I think also as we get a little bit more experience with these types of programs, we'll be able to model, kind of, what that looks like going forward. But obviously, the more frequent we launch, the better it is across our business and I think that these programs do nothing, but help that. But we just don't have a tremendous amount of visibility as to kind of when they're going to start to pop-up in a meaningful way, but as Pete said, we're doing everything that we can to be ready to support those. And I think with these most recent launches, particularly for the NRO, I think we've shown that we've got an ability to call up launch very quickly and we could have done it much faster, were not for some delays that we were not in control of. So again, I think it's a great opportunity. I think it's going to be a big focus for us going forward and we're very excited about it.

嘿，Suji，我會補充一點。我認為它並沒有真正改變我們現在預測業務的方式，但我認為它是什麼 - 快速響應業務 - 真的 - 我們知道正在為支持這一點的計劃增加預算.因此，就順風而言，這很有幫助。我認為，隨著我們在這些類型的程序上獲得更多經驗，我們將能夠模擬未來的樣子。但顯然，我們推出的頻率越高，我們的業務就越好，我認為這些計劃無濟於事，但會有所幫助。但是對於它們何時開始以一種有意義的方式彈出，我們只是沒有大量的可見性，但正如皮特所說，我們正在盡我們所能準備支持那些。而且我認為通過這些最近的發布，特別是對於 NRO，我認為我們已經證明我們有能力非常快速地調用發布，我們本可以更快地完成它，不是因為我們當時的一些延遲不受控制。再說一次，我認為這是一個很好的機會。我認為這將成為我們前進的重點，我們對此感到非常興奮。

Yes. That sounds highly differentiated too. And also, the second question I feel compelled to ask is, even though the backlog came down, but I know that we shouldn't read much into that, but I'm just curious with the broader economic and macro concerns right now, if perhaps some of the newer companies trying to put constellations up are maybe being a little more cautious or pushing out plans or if you think your pipeline is more really, kind of, not as exposed to that phenomenon. Curious what you're seeing there.

是的。這聽起來也很分化。而且，我覺得有必要問的第二個問題是，儘管積壓已經減少，但我知道我們不應該對此進行太多解讀，但我只是對現在更廣泛的經濟和宏觀問題感到好奇，如果也許一些試圖建立星座的新公司可能會更加謹慎或推出計劃，或者如果你認為你的管道更真實，有點，沒有那麼容易受到這種現象的影響。好奇你在那裡看到了什麼。

I mean, I would think the quality of our pipeline is extremely high. And so far, we haven't seen any impacts from a broader economic standpoint. The typical Rocket Lab customer is -- it's a mix, but like I said, the backlog and customer contract quality is -- it's really, really high.

我的意思是，我認為我們管道的質量非常高。到目前為止，我們還沒有從更廣泛的經濟角度看到任何影響。典型的 Rocket Lab 客戶是 - 這是一個混合體，但就像我說的，積壓和客戶合同質量是 - 非常非常高。

Yes, I would jump -- I would basically add to that. Suji, if you look at the types of customers that we have too, even though we have roughly a 50-50 split between government and commercial, even within our commercial customers, there's -- a vast majority of those are -- have government support contracts, right? So we have very little in our backlog to say that is -- that's pure commercial for where there's a government that's not ultimately, kind of, standing behind providing demand for that content. So I think, for the most part, the government spending is much more predictable once it's been out, kind of, provided or allocated in a budget.

是的，我會跳——我基本上會補充。 Suji，如果您也看看我們擁有的客戶類型，即使我們在政府和商業客戶之間大約有 50-50 的比例，即使在我們的商業客戶中，也有 - 其中絕大多數是 - 有政府支持合同，對吧？所以我們在積壓的工作中幾乎沒有什麼可以說的——這是純粹的商業行為，因為政府最終不會支持提供對這些內容的需求。所以我認為，在大多數情況下，一旦政府支出在預算中被提供或分配，政府支出就更容易預測了。

So I think we feel -- in this environment, yes, I can understand how there's going to be some companies that are going to get to be a little nervous about the ability of some of their customers to continue to finance themselves where I don't think we necessarily have that same risk because quite a few of our customers actually went through a going-public process last year, which, again, not the greatest conditions, compared to where we were 1 year ago, but so much better than being in the private markets. And I think the ones that are private, actually, do have a lot of strategic engagement with U.S. and other government customers, which gives it a little bit more stability as far as kind of being able to raise financing to keep the businesses moving forward.

所以我認為我們覺得——在這種環境下，是的，我可以理解有些公司會如何對他們的一些客戶繼續為自己融資的能力感到有點緊張，而我不這樣做。認為我們不一定有同樣的風險，因為去年我們的很多客戶實際上都經歷了上市過程，與一年前相比，這再次不是最好的條件，但比現在要好得多在私人市場。而且我認為那些私有的，實際上，確實與美國和其他政府客戶有很多戰略接觸，這使它在能夠籌集資金以保持業務向前發展方面更加穩定。

And just adding on that, I think Adam touched in the presentation that a lot of these programs are months to years in formation and these contracts are always fairly lumpy. So it takes a significant amount of work, but what we really didn't show is the pipeline of opportunities, which we think are very, very strong. So we're not concerned about that.

再加上一點，我認為亞當在演講中提到了很多這些項目都是幾個月到幾年的時間，而且這些合同總是相當混亂。所以這需要大量的工作，但我們真正沒有展示的是機會的管道，我們認為這是非常非常強大的。所以我們對此並不擔心。

The next question is from the line of Erik Rasmussen with Stifel.

下一個問題來自 Erik Rasmussen 和 Stifel。

Yes. Wanted to sort of stay on launch, it looks like the pace has obviously picked up, but I appreciate the commentary around the customer readiness, it seems to be a limiting factor. You'll have 1 more launch for this quarter. How should we be thinking about, sort of, the year and maybe the target number of launches and is there anything that could be done or what are some of the things you're doing to, sort of, pick up that cadence?

是的。想要繼續發布，看起來步伐明顯加快了，但我很欣賞圍繞客戶準備情況的評論，這似乎是一個限制因素。您將在本季度再推出 1 次。我們應該如何考慮這一年以及可能的目標發射數量，有什麼可以做的，或者你正在做的一些事情是為了加快節奏嗎？

Sure. I think we've previously guided. sort of 12 launches in the year. And really working more closely with our customer is -- and we kind of joke it, it feels like (inaudible) is a game of Guacamole. And what we had done slightly differently is be a little bit more aggressive with the booking of the launch slot. So historically, if someone books a launch slot, then we just carve that slot out and say, well, nothing happens in that slot. So we are a little bit more aggressive now for the slot there to have 2 people within that same slot. And we're getting to know which kind of programs or customers seem to move around, so we can manage the manifest more accurately and just communicating with the customers that -- to make sure that they don't wait till the last minute to tell us if the spacecraft is going to be delayed, which is kind of typical within the industry.

當然。我想我們之前已經指導過了。一年有 12 次發射。真正與我們的客戶更緊密地合作是——我們有點開玩笑，感覺（聽不清）是鱷梨醬的遊戲。我們所做的稍有不同的是，在預訂發射時段時更加激進。所以從歷史上看，如果有人預訂了一個發射時段，那麼我們只是把那個時段劃出來，然後說，那個時段什麼都沒有發生。所以我們現在更積極一點，因為在同一個位置上有 2 個人。而且我們開始了解似乎是哪種程序或客戶在四處走動，因此我們可以更準確地管理清單並與客戶進行溝通——確保他們不會等到最後一分鐘才知道如果航天器要延遲，這在行業內是很典型的。

Yes. And Erik, I would add then -- sorry, Erik, I guess just to put a little more color on that one too. I think that as far as adding more launches to the manifest, whether it's a little bit later this year or as we head into 2023, I think some of the pretty clear failures and pretty significant delays from our aspirational launch competitors on the small home side are really creating opportunities for payloads to come our way, right?

是的。然後Erik，我想補充一下-- 抱歉，Erik，我想也是為了給那個加點顏色。我認為，就在清單中增加更多發射而言，無論是今年晚些時候還是進入 2023 年，我認為我們在小型家庭方面的雄心勃勃的發射競爭對手的一些非常明顯的失敗和相當大的延遲真的為有效載荷創造了機會，對吧？

So, I think that we've witnessed a bit of a -- we've seen scenarios where the customers are trying to play almost a game of chicken where they're wanting to take advantage of some lower launch prices being off to them based on some either desperation or people who are just really early in the game and trying to build commitments to their platform, but when they don't execute either because the rockets fail or their programs continue to have push outs, and the customer will get nervous about keeping their payloads manifest on those rockets, those will start coming our way I believe.

所以，我認為我們已經目睹了一些情況——我們已經看到客戶試圖玩幾乎是一場雞遊戲的場景，他們希望利用一些較低的發布價格來吸引他們。對於一些絕望的人，或者那些剛剛在遊戲初期並試圖建立對他們平台的承諾的人，但是當他們因為火箭失敗或他們的程序繼續推出而沒有執行時，客戶會感到緊張關於將有效載荷保留在這些火箭上，我相信這些將開始以我們的方式出現。

So, I think that as time -- we've always said that at the end of the day, you actually have to deliver a working product and we've been able to do that while many others have faltered. And so, as that faltering becomes more evident, I think it just pushes these kind of payloads that we're kind of hoping to take advantage of bargain basement, kind of introductory pricing to a more reliable platform such as ours. So, I think it's, kind of hard for when we'll see kind of a more meaningful, kind of effect from that, but I think it's likely.

所以，我認為隨著時間的推移——我們總是說，在一天結束時，你實際上必須交付一個有效的產品，而我們已經能夠做到這一點，而其他許多人卻步履蹣跚。因此，隨著這種步履蹣跚變得更加明顯，我認為它只是推動了我們希望利用廉價地下室的這種有效載荷，一種介紹性定價到像我們這樣更可靠的平台。所以，我認為，當我們從中看到一種更有意義的效果時，這有點困難，但我認為這是有可能的。

And then, so it sounds like maybe then there could be some upward pressure in pricing that you could expect from this sort of dynamic that's playing out, given that you will sort of see some separation between yourselves and others who've not been successful?

然後，聽起來可能會有一些價格上漲的壓力，你可以從這種正在上演的動態中預期，因為你會看到自己和其他沒有成功的人之間有些分離？

Well, I think we've been pretty steadfast in holding what we think is attractive pricing, but certainly we're not immune to people putting sticker prices out there that are just unrealistic because they don't really understand what it takes or what it costs to run our rocket business. We understand what those costs are. So, we haven't just, kind of thrown in the towel and chased kind of ridiculous pricing down the rabbit hole, but I do think that as options winnow and demand continues to build, I think those that are positioned to supply the market with the quality product are going to benefit from higher prices. So, I think you're exactly right. I would expect that trend to become evident in the future.

好吧，我認為我們一直非常堅定地持有我們認為有吸引力的定價，但我們當然不能倖免於人們將標價放在那裡只是不切實際的，因為他們並不真正了解需要什麼或什麼經營我們的火箭業務的成本。我們了解這些成本是多少。所以，我們不只是認輸，在兔子洞裡追逐一種荒謬的定價，但我確實認為，隨著期權的篩选和需求的持續增長，我認為那些能夠為市場提供優質產品將受益於更高的價格。所以，我認為你是完全正確的。我預計這種趨勢在未來會變得明顯。

Great. And then maybe just last one. This will be for you, Adam. On the margins, obviously, some pressure in Q2, we're seeing a little bit of lift in Q3, but how should we be thinking about margins as we, sort of exit the year and what's a good trend that we should be, sort of modeling?

偉大的。然後也許只是最後一個。這將是給你的，亞當。在利潤方面，顯然，第二季度有一些壓力，我們在第三季度看到了一些提升，但我們應該如何考慮利潤率，因為我們今年退出了，我們應該有什麼好的趨勢，排序建模？

Yes. I think we're going to stick to our quarter-by-quarter guidance. I think, when we look at margin, there are a few factors that obviously heavily influenced that. And it's becoming a diverse set of factors because of the diversity of our business, but on the launch side, it's really all about -- it's about launch cadence, so we've definitely picked up our build rate. So, we pretty much hit our marks on how many vehicles we wanted to build in 2022, which is great. That's an important requirement, but also as Pete mentioned earlier, it's customer readiness, making sure we get those launches off.

是的。我認為我們將堅持我們的季度指導。我認為，當我們查看保證金時，有幾個因素顯然對其產生了重大影響。由於我們業務的多樣性，它正在成為一系列不同的因素，但在發布方面，這真的是關於——這是關於發布節奏的，所以我們肯定提高了我們的構建速度。因此，我們在 2022 年想要製造多少輛汽車上幾乎達到了我們的目標，這很棒。這是一個重要的要求，但正如皮特之前提到的，它是客戶準備就緒，確保我們推出這些產品。

And really, we talked before about, we hit our target model for Electron from margin perspective when we get to two or more launches per month. So, we're about halfway there. And again, where we see demand in the marketplace, we're confident we're going to get there. And we think it's roughly on the same timelines that we've been communicating all along. So, we feel very good about it.

實際上，我們之前談到過，當我們每月進行兩次或更多次發佈時，我們從利潤率的角度達到了 Electron 的目標模型。所以，我們已經完成了一半。再一次，我們看到市場需求，我們相信我們會到達那裡。我們認為這與我們一直在溝通的時間線大致相同。所以，我們對此感覺很好。

Also, what Pete mentioned earlier, he gave an update on the booster recovery for the Electron. That's going to be a meaningful enabler of seeing some of those rapid improvements in the margin profile of the business, because you go from building -- every vehicle building being expendable to having a fleet of vehicles that you refurbish and reuse.

此外，正如皮特之前提到的，他提供了有關電子助推器恢復的最新信息。這將是一個有意義的推動因素，可以看到業務利潤率狀況的一些快速改善，因為你從建造——每一座汽車建造都是可消耗的，到擁有一批你可以翻新和再利用的汽車。

So, I think from that perspective that's always been part of our plan. And again, the success that we saw in actually rendezvousing and capturing that rocket was an important step forward improving that, could become reality. So again, I think we feel very confident in the margin profiles that we had previously communicated and we -- again, we're making progress against those.

所以，我認為從這個角度來看，這一直是我們計劃的一部分。再一次，我們在實際會合和捕獲火箭方面看到的成功是向前邁出的重要一步，可能會成為現實。再說一次，我認為我們對我們之前傳達的利潤率概況非常有信心，而且我們 - 再一次，我們在這些方面取得了進展。

Right. And on that space system, what would be some of the things that we'll see an increase there, is it really dependent on mix?

正確的。在那個空間系統上，我們會看到哪些東西會增加，它真的取決於混合嗎？

Yes, it's really dependent on mix. There's so many different things going on in that space systems business from our design services contracts to the manufacturing of satellite buses themselves, which are just really getting underway. The component businesses that we've developed internally and also the ones we've acquired actually, kind of come out of the chute with attractive gross margins to begin with. So, it's not really -- there is not really a scaling challenge with those businesses.

是的，它真的取決於混合。從我們的設計服務合同到衛星巴士本身的製造，太空系統業務正在發生許多不同的事情，這些事情才真正開始。我們在內部開發的組件業務以及我們實際收購的業務，從一開始就具有誘人的毛利率。所以，這並不是真的 - 這些業務並沒有真正的擴展挑戰。

I think the real important focus item for us to achieving and maintaining healthy gross margins in space systems is really around implementing some of the things that we know that we need to do on the SolAero side of the business because that brought with it meaningful revenue run rate that we stated when we acquired the company was in the high single digit gross margins. And we have a path and a target to get to 30 points of gross margin for that business.

我認為，對我們來說，實現和維持太空系統健康毛利率的真正重要重點是實施我們知道在 SolAero 業務方面需要做的一些事情，因為這帶來了有意義的收入增長我們在收購該公司時聲明的利率處於高個位數的毛利率。我們有一條路徑和一個目標，可以使該業務的毛利率達到 30 個百分點。

And when we achieved that, balancing that with the other higher existing higher gross margin, it will land us exactly where we want to be. So, I think we know what we need to do. It's just a matter of time. And when we did the SolAero acquisition, we said it was about 24-month path to get from, kind of where they were to where we want to go. And again, nothing is really pushing off of that view.

當我們實現這一目標時，與其他更高的現有更高毛利率相平衡，它將使我們準確地到達我們想要的位置。所以，我想我們知道我們需要做什麼。這只是時間問題。當我們完成對 SolAero 的收購時，我們說大約需要 24 個月的時間才能從他們那裡到達我們想要去的地方。再一次，沒有什麼是真正推動這種觀點。

We remain encouraged by the fact that the new business that we sign up, kind of continues to come in at higher gross margins than what existed in the existing backlog. We closed the deal in January. So, all the indicators are pointing in the right direction that we can achieve the margin targets that we're looking for in space systems and in the Launch side.

我們仍然感到鼓舞的是，我們簽約的新業務的毛利率繼續高於現有積壓中的毛利率。我們在一月份完成了交易。因此，所有指標都指向正確的方向，我們可以實現我們在太空系統和發射方面尋找的利潤目標。

Thank you. The next question comes from the line of Ronald Epstein with Bank of America. Please go ahead.

謝謝你。下一個問題來自美國銀行的 Ronald Epstein。請繼續。

Hey, good afternoon, wherever you might be in the world. Just maybe a couple of quick ones. This week we saw an announcement, Northrop has cut a deal with Firefly to get some engines, when we think about Neutron and some of the launch needs that we might be seeing out of the defense community with some of the big primes there, are there opportunities for you all with the bigger rocket, with bigger payloads, with the big defense front?

嘿，下午好，無論您身在何處。可能只是幾個快速的。本週我們看到了一個公告，諾斯羅普公司已經與螢火蟲達成了獲得一些引擎的協議，當我們考慮到中子和我們可能在國防界看到的一些發射需求時，我們可能會看到一些大的質數，在那裡使用更大的火箭、更大的有效載荷和強大的防禦陣線給你們所有人帶來機會嗎？

Yes. For sure, Ron. If you look at Neutron already, I mean, we already won and really developed a contract, which -- if you look at who has won and has developed each contract, it's basically GLA through origin. So, we already had very, very strong customer engagement. There's no more negative validation when your customer, actually, investing in the development of the vehicle from the U.S. Government side.

是的。當然，羅恩。如果您已經查看 Neutron，我的意思是，我們已經贏得併真正制定了一份合同，如果您查看誰贏得併制定了每份合同，它基本上是 GLA 的起源。因此，我們已經擁有非常非常強大的客戶參與度。實際上，當您的客戶從美國政府方面投資開發車輛時，沒有更多的負面驗證。

And we have a strong relationship with the clients across a wide range of business units, but we see Neutron as, kind of a fairly disruptive vehicle within the market. And I'm sure the clients will take advantage of it, but we have no need to partner with the prime to be able to develop that vehicle and bring them to market.

我們與眾多業務部門的客戶建立了牢固的關係，但我們認為 Neutron 在市場上是一種相當具有破壞性的工具。而且我相信客戶會利用它，但我們無需與 Prime 合作就能夠開發該車輛並將其推向市場。

Got it, got it. And then maybe on the M&A front, are you all looking at more potential M&A in the systems business?

明白了，明白了。然後也許在併購方面，你們都在尋找系統業務中更多潛在的併購嗎？

Yes, I mean, we like to keep kind of half a dozen to a dozen companies in the chute. What I will say is that, we haven't seen the valuation of those private companies come in line with probably the public market. It seems to be a bit of [posterities] there. So, we're not seeing them in a -- we're going to pay over the odds for anything there. But, we continue a very active M&A strategy. There's a few things that we would like to add to the quiver, but we've been very disciplined about -- that are in the current market.

是的，我的意思是，我們喜歡將六到十家公司留在溜槽中。我要說的是，我們還沒有看到那些私營公司的估值可能與公開市場一致。那裡似乎有點[後人]。所以，我們沒有看到它們——我們將為那裡的任何東西付出高昂的代價。但是，我們繼續非常積極的併購戰略。我們想在箭袋中添加一些東西，但我們一直非常自律——這些都是在當前市場上的。

Got it, got it. And then maybe just one last quick question. With the Russians out of the market seemingly permanently now, if we look out, say, three or four years from now, and I know, I mean if you can't answer it, don't obviously, but where could the launch cadence go, now that big provider is effectively out?

明白了，明白了。然後也許只是最後一個快速問題。隨著俄羅斯人現在似乎永久退出市場，如果我們留意，比如說，從現在起三四年後，我知道，我的意思是如果你不能回答，顯然不要，但是發射節奏在哪裡？去吧，現在那個大供應商實際上已經出局了？

I mean, for -- it's only gotten one way. There is enough launch demand as it was for, I think we've talked about this in that, sort of 2024 to 2027 timeframe, you have a tremendous number of mega constellations coming to market, all requiring launch and there's a massive launch deficit in that period of time. And remove, I think Russia was either the second or the third largest launch provided by volume from the market. And all of their launch has got to go somewhere.

我的意思是，因為——它只有一種方式。有足夠的發射需求，我想我們已經討論過這個問題，大約在 2024 年到 2027 年的時間範圍內，你有大量的巨型星座進入市場，所有這些都需要發射，而且發射缺口很大那段時間。並且除此之外，我認為俄羅斯是市場提供的第二或第三大發射。他們所有的發射都必須去某個地方。

We're also seeing launch becoming acquired pretty rapidly, programs like Amazon Partner Programs that have consumed basically all the remaining launch capacity on the number of vehicles. Really the -- it presents a tremendous opportunity for us and Neutron. And we're being very, very selective with respect to who we partner with on that one because a number of customers aren't looking for one or two launches. They're looking to acquire years of Neutron's launch abilities. And we're just being very conservative about who we who we provide that to who's going to be at the pad in the right time and who's going to be real. Those are kind of the considerations that we're making as we integrate with those customers.

我們還看到發射變得非常迅速，像亞馬遜合作夥伴計劃這樣的計劃基本上已經消耗了車輛數量上所有剩餘的發射能力。真的 - 它為我們和 Neutron 提供了巨大的機會。而且我們非常非常有選擇性地選擇與誰合作，因為許多客戶並不希望推出一兩次。他們正在尋求獲得中子多年的發射能力。我們只是非常保守地對待我們誰我們提供給誰將在正確的時間出現在墊子上以及誰將是真實的。這些是我們在與這些客戶整合時所做的考慮。

Thank you. The next question is from the line of Matt Akers with Wells Fargo.

謝謝你。下一個問題來自富國銀行的 Matt Akers。

Can you talk about, kind of margins and profitability on the responsive launches? And I know you talked about how that will sort of benefit your overhead absorption, but I guess you're the only providers who have demonstrated that capability, is that something you're going to be able to charge, kind of a premium for launch store? And then on the other side, I guess, are there additional costs that need to come with that or is that sort of something you can do mostly out of capacity that you already have online?

你能談談響應式發布的利潤率和盈利能力嗎？而且我知道你談到這將如何有利於你的間接費用吸收，但我想你是唯一展示了這種能力的供應商，你將能夠收取費用，對於發布來說是一種溢價店鋪？另一方面，我想，是否有額外的成本需要隨之而來，或者是那種你可以做的事情，主要是你已經在網上擁有的能力嗎？

Matt, that's a good question. So, I mean, I think it's universally understood that an on-demand service demands a premium. And certainly that's been our experience to-date when we've had both government and commercial customers come to us with the short-terms work. So, those certainly come at a premium because if you have a nice production cadence and flow and launch flow, and then something jumps in the middle of it, then there's certainly additional value that you've provided.

馬特，這是個好問題。所以，我的意思是，我認為人們普遍認為按需服務需要溢價。當然，這是我們迄今為止的經驗，當我們有政府和商業客戶來找我們進行短期工作時。所以，這些肯定是溢價的，因為如果你有一個很好的生產節奏和流程和發布流程，然後在它的中間有一些跳躍，那麼你肯定會提供額外的價值。

And with respect to costs, I mean, Adam will provide you a more fulsome financial answer, but my kind of put here, you're not flexing with a whole bunch of staff to meet these. So, your staff cost is relatively flexed. We like to carry inventory anyway. It's just kind of reprioritization of staff and projects to allow the flex. And there will be some additional staff carried in a small number to enable certain things, but generally it's a reprioritization.

關於成本，我的意思是，Adam 會為您提供更豐富的財務答案，但我的意思是，您不會為了滿足這些要求而動用一大群員工。因此，您的員工成本相對靈活。無論如何，我們都喜歡攜帶庫存。這只是對員工和項目的優先級重新排序以允許靈活性。並且會有一些額外的工作人員在少數情況下進行，以實現某些事情，但通常這是重新劃分優先級。

Yes, yes. And Matt, I think following on Pete's point there, on the revenue side, what we've seen is, every year we seem to have customers that come with short-term launch needs. And it's a little bit different with this U.S. government responsive launch because that's much more planned and coordinated, but if you kind of take the range of, kind of a mix of, kind of commercial and government customers who are either -- have planned responsive launch requirements or commercial customers that show up with a very defined short-term launch window that they need to meet or hit.

是的是的。還有馬特，我認為按照皮特的觀點，在收入方面，我們所看到的是，每年我們似乎都有短期發布需求的客戶。這與美國政府的響應式發布有點不同，因為它更具計劃性和協調性，但如果你考慮一下商業和政府客戶的範圍，或者是 - 已經計劃響應發布要求或商業客戶，他們需要滿足或達到非常明確的短期發布窗口。

Prices have been on average probably 15% to 30% higher than our sticker price. So, that kind of gives you a bit of an example of what the premium kind of looks like for this kind of responsive type of capability. And our sticker price again being call it $7.5 million is kind of what we advertise the baseline Electron launch to be.

價格平均可能比我們的標價高出 15% 到 30%。因此，這為您提供了一些示例，說明這種響應式功能的高級功能是什麼樣的。我們的標價再次被稱為 750 萬美元，這與我們宣傳的基線 Electron 發射是一樣的。

On the cost side of things, as Pete mentioned, one of the valuable characteristics of being so vertically integrated, and in fact owning our launch facility in New Zealand is the fact that most of what we do is fixed, right? Fixed costs, so the incremental cost of doing a responsive launch is really nothing different than a well-planned-out manifested launch that's out 6 months, 12 months from now. So, I think it's really all beneficial to margin, because you're seeing a significant uptick in average selling price and your cost of goods sold, including your near-term, kind of launch period costs are not really affected by it. So, it's all goodness.

正如皮特所說，在成本方面，如此垂直整合的寶貴特徵之一，事實上擁有我們在新西蘭的發射設施，我們所做的大部分工作都是固定的，對吧？固定成本，因此響應式發布的增量成本實際上與 6 個月、12 個月後精心策劃的清單發布沒有什麼不同。所以，我認為這對利潤率確實有好處，因為你看到平均售價顯著上升，而你的商品銷售成本，包括你的短期、啟動期成本並沒有真正受到它的影響。所以，這都是好事。

That's helpful. And I guess just one more. I just want to ask about labor and just a lot of companies having issues finding people at this point. Is that something that you've seen or you expect to be a bottleneck in the near future or feel like you're already pretty well staffed for this year?

這很有幫助。我猜只有一個。我只是想問一下勞動力問題，以及很多公司目前在找人方面遇到問題。這是你已經看到的，或者你預計在不久的將來會成為瓶頸，或者覺得你今年的人手已經很充足了？

Yes, I mean, talent is always a challenge. I would say that we made some pretty significant changes to the way that we were doing recruiting in the last sort of six months. And those have formed really great results. Also, we are, kind of seeing that engineers want to work on projects that actually launch and within successful companies though. As kind of other folks, kind of failed to execute or had very, very long-term ambitious plans that also failed to execute on, we don't get an effective cap with the price, we tend to attract the engineers that are really excited to work on real projects and deliver real hardware and the bar to getting into Rocket Lab is extraordinarily high, and people kind of know and respect that. Just kind of a long winded way to think, I think every company is facing kind of talent issues, but we've been much more successful in the last quarter or so in feeding the machine than we ever had before.

是的，我的意思是，人才總是一個挑戰。我想說的是，在過去的六個月裡，我們對招聘方式進行了一些非常重大的改變。這些已經形成了非常好的結果。此外，我們有點看到工程師希望從事實際啟動並在成功公司內部開展的項目。和其他人一樣，有點執行失敗或有非常非常長期的雄心勃勃的計劃也未能執行，我們沒有得到有效的價格上限，我們傾向於吸引真正興奮的工程師從事真正的項目並交付真正的硬件，進入 Rocket Lab 的門檻非常高，人們都知道並尊重這一點。只是一種冗長的思考方式，我認為每家公司都面臨著人才問題，但我們在上個季度左右為機器提供比以往任何時候都更加成功。

Thank you. The next question is from the line of Edison Yu with Deutsche Bank.

謝謝你。下一個問題來自德意志銀行的 Edison Yu。

Thanks and congrats on CAPSTONE, that's quite extraordinary. Wanted to come back to the topic on Neutron and sort of the environment for mega constellations. In the context of everything that's sort of going on, obviously, you have OneWeb merging, there's some rumors about some other constellations out there, how are you thinking about the timing of when to decide who the first customers are for launch? And I guess, what could possibly influence that?

感謝並祝賀 CAPSTONE，這非常了不起。想回到關於中子的話題和大型星座的環境。在所有正在發生的事情的背景下，很明顯，你有 OneWeb 合併，還有一些關於其他星座的謠言，你如何考慮何時決定誰是第一批客戶的發佈時間？我想，什麼可能會影響到這一點？

What I'll say here is some things like, typically, we don't sign contracts that are kind of floppy. So, if someone wants, for example, to secure an Electron launch, it's a 10% non-refundable deposit down before we'll engage. So, it's kind of -- there's kind of two sides to this question is that, we need to determine who is going to be this partner, especially when they are consuming -- looking to consume a tremendous amount of launch from us. And the customer also has to be willing to make that investment and to launch.

我在這裡要說的是，通常情況下，我們不會簽訂軟盤合同。因此，例如，如果有人想要確保 Electron 的發射，在我們參與之前，它是 10% 的不可退還的押金。所以，有點——這個問題有兩個方面，我們需要確定誰將成為這個合作夥伴，特別是當他們正在消費時——希望消費我們的大量發射。客戶還必須願意進行投資並推出產品。

And the more real the customer is, the more real they expect the launch vehicle to look. And the less real a launch vehicle is, the less real a contractor and looked, there's no formal commitment, there's no cash paid. So, our focus is really on working with all of those customers, determining which one is going to actually be at the pad, and those customers in turn are looking at us and looking to see development milestones and they're asking us the same question, was this vehicle going to be at the pad when you say, it's going to be. And all the rubber hit the road, when money exchanges, we came to that point.

客戶越真實，他們期望運載火箭看起來就越真實。運載火箭越不真實，承包商和看起來就越不真實，沒有正式的承諾，也沒有支付現金。因此，我們的重點實際上是與所有這些客戶合作，確定哪一個將真正出現在墊子上，而這些客戶反過來看著我們並希望看到發展里程碑，他們問我們同樣的問題，當你說這輛車會在墊子上時，它會是。所有的橡膠都上路了，當貨幣兌換時，我們就到了那個地步。

Yes. And Edison, I would add a little bit more to the fact that, that would become a much more diversified company and everyone views us as a launch company, which certainly that's the core, but we're really looking to put more deals together that are multifaceted, right? So, it may not be the first customer that we announced for Neutron is probably going to involve more than just launch, right?

是的。愛迪生，我要補充一點，這將成為一家更加多元化的公司，每個人都將我們視為一家發射公司，這當然是核心，但我們真的希望達成更多交易是多方面的，對吧？所以，它可能不是我們為 Neutron 宣布的第一個客戶，可能涉及的不僅僅是發射，對吧？

We have a lot of things that we bring to market and we're looking for much broader end-to-end customer relationships. So, I think that that's one of the values of having, kind of the breadth that we have now is that, it's rarely becoming just a launch contract. It's usually launch contract, plus other things, kind of in partnership with that, whether it's components for people's satellite, whether it involves design services, on-orbit management and so forth.

我們有很多東西要推向市場，我們正在尋找更廣泛的端到端客戶關係。所以，我認為這是我們現在擁有的價值之一，它很少成為一份發射合同。它通常是發射合同，以及其他一些與之合作的東西，無論是人類衛星的組件，是否涉及設計服務，在軌管理等等。

So, again, we're looking to create much more holistic relationships and package deals. So, it's a little more complex and it also kind of winnows down the field of who kind of you want to partner with as well. It becomes that much more important that who you're partnering with is going to ultimately deliver their constellation and you're not going to be, kind of left with a kind of vaporware type of contract.

因此，我們再次尋求建立更全面的關係和一攬子交易。所以，它有點複雜，它也有點區分你想和誰合作。更重要的是，你與誰合作最終將交付他們的星座，而你不會留下一種蒸汽式合同。

Understood. And just one follow-up. Kind of related, there's certainly a lot of competing or new competition coming to the market and particularly in, sort of, call it, 1 ton to 1.5 ton payload, what's your -- I think we discussed this before, but just curious if you could refresh out, what's your sort of view on that kind of sizing versus, kind of with a small one with Electron and then you have Neutron coming, how do you view that segment of size for the market?

明白了。只有一次跟進。有點相關，市場上肯定有很多競爭或新的競爭，特別是在某種程度上，稱之為 1 噸到 1.5 噸的有效載荷，你是什麼 - 我想我們之前討論過這個，但只是好奇你是否可以刷新一下，您對這種尺寸的看法是什麼，與一種帶有 Electron 的小型尺寸，然後您有 Neutron 來，您如何看待市場上的這種尺寸部分？

Yes. So, there's been emerging competition coming for, as long as we've been flying Electron. And as of yet, it just hasn't materialized. I think it's easy to, kind of talk about disruptive technologies. It's actually super hard to do it and even harder to, you know, to do it reliably and consistently. Not being as arrogant to say that there's not going to be competition at some point arrive, it's just -- it's been arriving for in the last decade, but it's not finally got there yet.

是的。因此，只要我們一直在使用 Electron，就會出現新的競爭。到目前為止，它還沒有實現。我認為談論顛覆性技術很容易。實際上，要做到這一點非常困難，而且要可靠且始終如一地做到這一點就更難了。不要那麼傲慢地說在某個時候不會有競爭，只是——在過去的十年裡它一直在出現，但它還沒有最終到達那裡。

And with respect to the 1 ton class, I mean, we were very, very deliberate in the size of launch vehicle, for a small dedicated launch vehicle that we developed. And we really think we've hit the sweet spot. Now, with respect to the, kind of the 1 ton class launch vehicles, our view has always been and the fundamental reason why we didn't develop one is, you're in a complete no man's land with a 1 ton vehicle.

關於 1 噸級，我的意思是，對於我們開發的小型專用運載火箭，我們對運載火箭的尺寸非常、非常慎重。我們真的認為我們已經達到了最佳狀態。現在，對於那種1噸級運載火箭，我們一直的看法是，我們沒有研製的根本原因是，你在一個1噸級運載火箭的完全無人區。

So, if you've got a dedicated small satellite that you need launched, Electron and Electrons price point is absolutely ideal. Nobody charges you less for half coming up with rocket. Like if you want to buy a dedicated rocket, then you buy a dedicated rocket. And if you've only got 100 kg or 200 kg or 300 kg payload, then you've just bought a very -- a much more expensive rocket when you needed. And then on the flip side, from a rideshare perspective, you're competing directly with a [Stockholm] and transport emissions. So, it's just the worst of all worlds. It's too small to be an effective rideshare vehicle and too big to be a cost competitive dedicated launch vehicle.

因此，如果您有一顆需要發射的專用小型衛星，Electron 和 Electrons 的價格點絕對是理想的。沒有人會因為火箭的一半向你收取更少的費用。就像如果你想買一個專用火箭，那麼你就買一個專用火箭。如果你只有 100 公斤或 200 公斤或 300 公斤的有效載荷，那麼當你需要時，你就買了一個非常昂貴的火箭。然後另一方面，從拼車的角度來看，你直接與 [斯德哥爾摩] 和運輸排放量競爭。所以，這只是世界上最糟糕的。它太小而不能成為有效的拼車車輛，太大而不能成為具有成本競爭力的專用運載火箭。

And I think as Adam mentioned previously, there's a lot of new entrant pricing out there, a lot of folks really don't have the experience to know what it actually costs to build and operate a launch vehicle and a lot of catch up pricing going on that will be completely unsustainable in the future. And so if we pick up a one-time sweet spot, then we would build a vehicle through that and we could certainly pivot to building one very, very quickly, but we'd honestly think that is the worst of all worlds.

而且我認為正如亞當之前提到的那樣，有很多新進入者定價，很多人真的沒有經驗知道建造和運營運載火箭的實際成本以及很多追趕定價這在未來將是完全不可持續的。因此，如果我們選擇了一個一次性的最佳位置，那麼我們將通過它來製造一輛車，我們當然可以非常非常快地轉向製造一輛，但老實說，我們認為這是世界上最糟糕的。

Thank you. The next question is from the line of Austin Moeller with Canaccord.

謝謝你。下一個問題來自 Austin Moeller 和 Canaccord 的觀點。

So, my first question here, earlier this week, Maxar announced that they're moving, sort of up or they're moving into a -- the small sat market if you will, with a proliferated LEO bus that's sort of scalable to a 150 kilograms to 500 kilograms. So, are you sort of seeing the same kind of trends right now within the manufacturing market where a lot of companies are, sort of moving their constellations from what had been CubeSats up to slightly more capable systems in that, sort of 150 kilogram to 600 kilogram range that are not quite an exquisite 5,000 kilogram satellite, but do you have the capacity for bigger batteries, bigger solar panels, and more capability?

所以，我在這裡的第一個問題，本週早些時候，Maxar 宣布他們正在移動，有點上升，或者他們正在進入一個小型衛星市場，如果你願意的話，使用激增的 LEO 總線，它可以擴展到一個150公斤到500公斤。那麼，您現在是否在製造市場中看到了與許多公司相同的趨勢，將他們的星座從原來的 CubeSat 轉移到功能更強大的系統，從 150 公斤到 600 公斤公斤級的衛星不是很精緻的 5000 公斤級衛星，但你有更大的電池、更大的太陽能電池板和更多的能力嗎？

Yes, absolutely. Austin, this has been a trend that we have witnessed and seen over many years and we would -- if you rollback a couple of years, we would fly a CubeSat customer and they would do a mission demonstration that will enable them to raise capital or put up team there and then that would move into a more cable platform. And we see this across the board. And this is why we think, going back to Edison's questions, why the class of Electron launch vehicles may suit this -- suits this market very, very well. But yes, that is what we continue to see as we kind of -- take a CubeSat and graduate into a more fulsome platform.

是的，一點沒錯。奧斯汀，這是我們多年來目睹和看到的趨勢，我們會 - 如果你回滾幾年，我們將駕駛 CubeSat 客戶，他們將進行任務演示，使他們能夠籌集資金或在那裡組建團隊，然後將進入更多有線平台。我們全面看到了這一點。這就是為什麼我們認為，回到愛迪生的問題，為什麼電子運載火箭可能適合這個——非常非常適合這個市場。但是，是的，這就是我們繼續看到的——帶著一個 CubeSat 並畢業進入一個更豐富的平台。

And then ultimately, typically how it rolls is you're -- even on your larger platform as you look for a rideshare cheap launch that's getting on orbit, prove out the capability of spacecraft, and then when you actually need to put the spacecraft into the desired orbits to be commissioned, that's when we often see those customers coming back again and buying bulk, buyers of Electrons to deploy their constellation to the exact orbit. And I think you can look across a number of those bulk buyers at this time and see that evolution consistently across all of them.

然後最終，通常情況下，它是如何滾動的——即使在你更大的平台上，當你尋找進入軌道的拼車廉價發射，證明航天器的能力，然後當你真正需要將航天器放入想要投入使用的軌道，那時我們經常看到那些客戶再次回來並大量購買電子產品的買家，以將他們的星座部署到確切的軌道上。而且我認為您現在可以查看其中許多大宗買家，並看到所有這些大宗買家的一致演變。

Great. That's very interesting. I just wanted to comment, congratulations on the achievement with the CAPSTONE mission, and now that you've sort of demonstrated more Interplanetary mission capability, I know the company has talked about doing a mission, a Venus mission soon, is the intent there to monetize some of that data collected from the Venus mission and be able to sell that?

偉大的。這很有趣。我只是想評論一下，祝賀 CAPSTONE 任務取得的成就，現在你已經展示了更多的行星際任務能力，我知道公司已經談到了執行任務，很快就會執行金星任務，是不是打算將從金星任務中收集的一些數據貨幣化並能夠出售？

Yes. I mean, look, the Venus mission is a (inaudible) using the [old coiled] hardware kind of a mission. And the science team working on that is -- they funded themselves, and anybody who wants to be a part of that program has to bring their own funding. But undoubtedly, the data will be of huge scientific value, and there could be opportunities to monetize that.

是的。我的意思是，看，金星任務是（聽不清）使用[舊盤繞]硬件的任務。從事這項工作的科學團隊是——他們為自己提供資金，任何想參與該項目的人都必須自己提供資金。但毫無疑問，這些數據將具有巨大的科學價值，並且可能有機會將其貨幣化。

But what I would say is, where the real focus is now that we've proven that we can build and operate a spacecraft that's capable of Interplanetary flight is actually taking that investment we've made in that Lunar Photon platform and the proof points that we now have and developing missions with our end customers, which is the most exciting thing about that whole mission really. I mean, you sit down with the planetary scientists from NASA, and in their entire career, they've expected to do maybe two missions to a planet in their entire professional career.

但我要說的是，現在真正的重點是我們已經證明我們可以建造和運營能夠進行星際飛行的航天器，實際上是在利用我們在月球光子平台上所做的投資以及證明點我們現在與我們的最終客戶一起制定任務，這確實是整個任務中最令人興奮的事情。我的意思是，你和美國宇航局的行星科學家坐下來，在他們的整個職業生涯中，他們預計在他們的整個職業生涯中可能會對一個星球執行兩次任務。

And generally, these missions are measured in decades and billions or hundreds of millions, and just sitting down with the planetary scientists now saying, well for some tens of millions of dollars in a few months' time, we can go to Mars or we can go to this asteroid, it's really, really changed the game and changed the way that everybody's thinking about actually having -- how you do interplanetary science and what is the out of the possible now. So, we see that platform has been really, really disruptive and we're looking forward to doing some really exciting missions in the future with that.

一般來說，這些任務以數十年、數十億或數億計，只是坐下來與行星科學家現在說，幾個月後幾千萬美元，我們可以去火星，或者我們可以去到這顆小行星，它真的，真的改變了遊戲規則，改變了每個人真正思考的方式——你如何進行行星際科學以及現在不可能發生的事情。因此，我們看到該平台非常非常具有破壞性，我們期待在未來完成一些非常激動人心的任務。

That sounds super exciting. Just one more if I may. This might be a question for Adam. If you haven't already, can you just, sort of delineate what's specifically in the quarter caused the -- within the mix of space system caused the lower gross margin there?

這聽起來超級令人興奮。可以的話就再來一張。這可能是亞當的問題。如果你還沒有，你能不能描述一下本季度具體是什麼導致了——在空間系統的混合中導致了較低的毛利率？

Yes. So, if you look in the mix, it's really -- everything that we're doing in space systems right now is influenced by SolAero, because it came with so much revenue relative to everything else. So, it's really more than anticipated SolAero contributions in the quarter was the primary one. Everything else is, kind of on the margin. I think the other parts of our space systems business have reasonably good margins. They were good when we acquired the assets. I think the stuff that we developed internally has generated good margins. So, it's really just the mix.

是的。所以，如果你看一下組合，它真的 - 我們現在在太空系統中所做的一切都受到 SolAero 的影響，因為相對於其他一切而言，它帶來瞭如此多的收入。因此，SolAero 在本季度的貢獻確實超過了預期，這是主要的貢獻。其他一切都在邊緣。我認為我們空間系統業務的其他部分有相當不錯的利潤率。當我們獲得資產時，它們很好。我認為我們內部開發的東西已經產生了不錯的利潤。所以，這真的只是混合。

And I think again, we mentioned, we knew that there were some improvements that we needed to do SolAero where we love the strategic nature of the SolAero business. It proved itself to be incredibly strategic in the MDA Globalstar constellation win. It's proven to be very strategic and others, projects that we're pursuing. So, love the business, tremendous amount of opportunity there. We're relatively early in that process of finding those opportunities and bringing not only, kind of our broad manufacturing capabilities to bear on it, but also capital, right? I think there's -- it was a business that wasn't, I would say, fed particularly well by the prior owners. And I think we were looking for ways to put more capital in that business and do things a little bit differently, but yes, it's really that, that was -- the skewing of the margins in the quarter.

我再次想，我們提到過，我們知道在我們喜歡 SolAero 業務的戰略性質的地方，我們需要做一些改進來做 SolAero。它在 MDA Globalstar 星座的勝利中證明了自己具有難以置信的戰略意義。事實證明，這是非常具有戰略意義的，以及我們正在追求的其他項目。所以，熱愛這個行業，那裡有大量的機會。我們在尋找這些機會的過程中相對較早，不僅帶來了我們廣泛的製造能力，而且還帶來了資本，對嗎？我認為有 - 我會說，這是一項業務，以前的所有者並沒有特別好。而且我認為我們正在尋找方法在該業務中投入更多資金並做一些不同的事情，但是是的，確實是這樣，那就是 - 本季度利潤率的傾斜。

Okay. And so, I guess after we sort of get through that 24-month timeline for transformation in that business and you can get it above the objective 30% gross margin. Then we can think about space systems being back in the 50% to 60% range?

好的。因此，我想在我們完成該業務轉型的 24 個月時間表之後，您可以將其超過目標 30% 的毛利率。那麼我們可以考慮太空系統回到 50% 到 60% 的範圍內嗎？

Yes, I think we've always been consistent in talking about, kind of the low to mid-50s. So, there are certainly elements of that business that are 60 points plus, but really when you look at it on a consolidated space systems basis, low to mid-50s is where we kind of set the bar.

是的，我認為我們一直在談論，從低到 50 年代中期。因此，該業務的某些要素肯定是 60 分以上，但實際上，當您在綜合空間系統的基礎上查看它時，我們設定的標準是 50 年代中期到 50 年代中期。

Thank you. The next question is from the line of Cai von Rumohr with Cowen.

謝謝你。下一個問題來自 Cai von Rumohr 和 Cowen 的對話。

I know it's been a long call, maybe you could comment on supply chain inflation and FX basically, what impact they're having on your business? I know it's a complex question, so maybe just hit the high points.

我知道這是一個很長的電話，也許您可以基本上評論一下供應鏈通脹和外匯，它們對您的業務有什麼影響？我知道這是一個複雜的問題，所以也許只是達到高潮。

Yes. Hi, Cai von. So, from a supply chain perspective, because we're so vertically integrated unless the raw material start flying then we don't see to that bringing a huge impact. No, not saying we haven't had a supply chain challenges, I think we've got a great supply chain team that manages things very, very well, we keep quite a lot of inventory and width and long-lead item, but, you know, you know, we've been able to manage our way through that phase of date. You know, we haven't delayed a launch or a spacecraft delivery or anything that I'm aware of with respect to challenging supply chain issue. Ironically the biggest thing that we -- supply chain challenge that we faced is boring stuff like steel and concrete for building Neutron stuff, and CNC machines for the Neutron program. Like that stuff is -- the boring stuff is just not available or available as it used to be.

是的。嗨，蔡馮。因此，從供應鏈的角度來看，因為我們是如此垂直整合，除非原材料開始飛揚，否則我們不會看到這會帶來巨大的影響。不，並不是說我們沒有遇到供應鏈挑戰，我認為我們有一個很棒的供應鏈團隊，可以非常非常好地管理事情，我們保留了相當多的庫存、寬度和長期領先的項目，但是，你知道，你知道，我們已經能夠通過日期的那個階段來管理我們的方式。你知道，我們沒有推遲發射或航天器交付或任何我所知道的與具有挑戰性的供應鏈問題有關的事情。具有諷刺意味的是，我們面臨的最大的供應鏈挑戰是無聊的東西，比如用於建造 Neutron 材料的鋼材和混凝土，以及用於 Neutron 項目的 CNC 機器。就像那些東西一樣——無聊的東西不再像以前那樣可用或可用了。

And then from an inflation and foreign exchange perspective, I will comment on some of those more fulsomely, but, we're all have the feeling the impacts of inflation, your costs are going up and you saw that in some of the commentary here in these earnings with more additional costs in stock. And the foreign exchange exposures we have between New Zealand and the U.S. are generally favorable because the New Zealand dollar performed very, very poorly against the U.S. But Adam, you probably better to answer those market movements.

然後從通貨膨脹和外彙的角度來看，我將對其中一些進行更充分的評論，但是，我們都感受到了通貨膨脹的影響，你的成本正在上升，你在一些評論中看到了這一點這些收益帶有更多的額外庫存成本。我們在新西蘭和美國之間的外匯敞口總體上是有利的，因為新西蘭元兌美元的表現非常非常糟糕。但是亞當，你可能最好回答這些市場走勢。

No, I think you've done a great job. I think really the foreign exchange is real from a P&L perspective has helped us because the cost of New Zealand relatively speaking have gone down and we do have a significant employee base there. I think the point that Pete mentioned earlier that we're very vertically integrated, so, we're less exposed I think in general than most other companies. Again, the exception being wage inflation, which we're all seeing, right. So, I think it for the most part, it doesn't keep me up at night right now, kind of inflation, impacting every part of our business, but a significant portion of our costs are related to human capital and those costs continue to go up.

不，我認為你做得很好。我認為從損益表的角度來看，外匯確實對我們有所幫助，因為相對而言新西蘭的成本已經下降，而且我們在那裡確實有大量的員工基礎。我認為皮特之前提到的一點是，我們是非常垂直整合的，因此，我認為總體而言，與大多數其他公司相比，我們的暴露程度較低。同樣，工資通脹是個例外，我們都看到了，對。所以，我認為在很大程度上，它現在並沒有讓我夜不能寐，有點通貨膨脹，影響了我們業務的每一個部分，但我們成本的很大一部分與人力資本有關，這些成本繼續上。

And the last one, strategically when you think about taking orders for Neutron, obviously, the longer you wait, the better your visibility of the cost, the visibility of the quality of the clients, but maybe you want to lock up some early on. So, how do you think about that? At what point, are you going to be more aggressive about trying to actually sign those orders?

最後一個，從戰略上講，當您考慮接受 Neutron 的訂單時，顯然，您等待的時間越長，您對成本的可見性和客戶質量的可見性就越好，但也許您想儘早鎖定一些。那麼，你怎麼看呢？在什麼時候，您會更積極地嘗試實際簽署這些訂單嗎？

Yeah. It's a great question. And, you know, there's two elements to that, one is when is the company that's looking to acquire the launch, you know ready to commit to significant financial outlay to do so. Look, we could find as many email use and non-financial transactional contracts for Neutron as you wish, but it's kind of not the way we operate. Any contract that you see with Rocket Lab like it's a real contract and there's money down.

是的。這是一個很好的問題。而且，你知道，這有兩個要素，一個是公司什麼時候打算收購發射，你知道準備好為此投入大量財務支出。聽著，我們可以為 Neutron 找到盡可能多的電子郵件使用和非金融交易合同，但這不是我們的運作方式。你在 Rocket Lab 看到的任何合同都像是一份真正的合同，而且有錢。

So, with the press release and floppy contracts, but that's not really our style or being real. And part of it comes down to as when is the customer willing to commit capital to secure it. And also, as I mentioned before, it's like who's going to actually be on the pad, and I'm not too worried at the moment, Cai von, about that, I mean, we've got work ahead of us to deliver the vehicle and our customers have got working readily to keep their constellations on track and on schedule.

所以，有了新聞稿和軟盤合同，但這並不是我們的風格，也不是真實的。其中一部分歸結為客戶何時願意投入資金來保護它。而且，正如我之前提到的，這就像誰將真正在墊子上，我現在並不太擔心，Cai von，我的意思是，我們還有工作要做車輛和我們的客戶已經開始工作，以保持他們的星座按計劃進行。

And the one thing as an absolute fact is the launch of an -- officially around the time that the Neutron comes to market as an absolutely rarity. So, we can afford to be fussy and others have lots of aspirations and lots of much execution history. We're very much of the opinion that we will execute and we'll watch our customers execute and then the people that execute will come together and that will be there.

絕對事實的一件事是 - 在中子以絕對稀有的方式進入市場的時候正式推出。所以，我們可以負擔得起大驚小怪，其他人有很多抱負和很多執行歷史。我們非常認為我們將執行，我們將觀察我們的客戶執行，然後執行人員將聚集在一起，並且會在那裡。

Thank you. The next question is from the line of Justin Lang with Morgan Stanley.

謝謝你。下一個問題來自摩根士丹利的賈斯汀朗。

Maybe just one quick one on the booster you covered, the helicopter back in May, has there been any surprises at this point? Now that you had some time to assess the extent of refurbishment required?

也許只是你報導的助推器上的一個快速的，五月份的直升機，在這一點上有什麼驚喜嗎？既然您有一些時間來評估所需的翻新程度？

Yes, hi Justin. I won't tell you any surprises. I mean, we've been happy with the condition that it was even though we don't do the order. All of the areas that typically see the most amount of load and work and the areas that we've been iterating on look pretty successful. And we had a battery program, which is just about wrapped up, which will enable 10 recharges of the batteries, which is the largest single element that we were going to have to replace from the launch vehicle. So that program is just ramping up.

是的，嗨賈斯汀。我不會告訴你任何驚喜。我的意思是，即使我們不執行訂單，我們也很滿意這種情況。通常負載和工作量最大的所有領域以及我們一直在迭代的領域看起來都非常成功。我們有一個電池計劃，該計劃即將結束，可以為電池充電 10 次，這是我們將不得不從運載火箭上更換的最大的單個元件。因此，該計劃正在加速發展。

So, it's all kind of coming together nicely. I think what was -- not so much surprising, but very gratifying was that the first time we attempt to actually do this with a helicopter with a brand new helicopter and a brand new process, we pulled it off. And run by Boeing in the middle of the Pacific Ocean with something that's been traveling at 7x the speed of sound on a ballistic trajectory and run by Boeing and doing all that was very gratifying to see that, all that analysis work and if it's paid off. And this is going to be really a viable system for us. So that was a great point to reach.

所以，這一切都很好地融合在一起。我認為 - 不是那麼令人驚訝，但非常令人欣慰的是，我們第一次嘗試用一架帶有全新直升機和全新工藝的直升機實際做到這一點，我們成功了。由波音公司在太平洋中部運行，它以 7 倍音速在彈道上運行，由波音公司運行，所做的一切非常令人欣慰，所有這些分析工作，如果它得到了回報.這對我們來說將是一個真正可行的系統。所以這是一個很好的目標。

Thank you. (Operator Instructions) There are no additional questions at this time. I will pass back to the management team for closing remarks.

謝謝你。 （操作員說明）目前沒有其他問題。我將轉回給管理團隊以結束髮言。

Thanks very much. And with that, thank you everyone for your interest in Rocket Lab and for those who participated in today's call. Adam and I will be speaking at these upcoming conferences and look forward to the opportunity to share more exciting news and updates at The RBC Global Industrials Conference in Vegas on the 13th of September; The Morgan Stanley Laguna Conference on September 14; The ACG Aerospace & Defense MiddleMarket Conference in Los Angeles, September 15th; and The BofA Global Industrial Innovation Summit at Washington DC on September 23rd.

非常感謝。在此，感謝大家對 Rocket Lab 的興趣以及參加今天電話會議的人。 Adam 和我將在這些即將舉行的會議上發表演講，並期待有機會在 9 月 13 日於拉斯維加斯舉行的 RBC 全球工業會議上分享更多激動人心的新聞和更新； 9 月 14 日的摩根士丹利拉古納會議； 9 月 15 日在洛杉磯舉行的 ACG 航空航天與國防中間市場會議；以及 9 月 23 日在華盛頓特區舉行的美國銀行全球工業創新峰會。

And last but not least, we look forward to welcoming you our invitation only Investor Day and Neutron Development Update to be held on the 21st of September at the Intrepid Museum in New York City. At this event, I'll be joined by Adam and other members of our senior leadership team to host a series of presentations really focused on the company's progress since our despec in August 2021, as well as a fulsome updates on the development of the Neutron launch vehicle.

最後但並非最不重要的一點是，我們期待著歡迎您，我們僅邀請您於 9 月 21 日在紐約市無畏博物館舉行的投資者日和中子發展更新。在本次活動中，我將與 Adam 和我們高級領導團隊的其他成員一起主持一系列演講，重點介紹自 2021 年 8 月我們的 despec 以來公司的進展，以及關於 Neutron 開發的豐富更新運載火箭。

Thanks again, and we look forward to speaking with you again about the exciting progress that we've made in our business. Thank you.

再次感謝，我們期待再次與您討論我們在業務中取得的令人興奮的進展。謝謝你。

That concludes today's conference call. Thank you. You may now disconnect your lines.

今天的電話會議到此結束。謝謝你。您現在可以斷開線路。