Rocket Lab USA Inc (RKLB) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for your patience and welcome to today's Rocket Lab’s Third Quarter 2022 Financial Results Conference Call. My name is Amber, and I will be your moderator for today's call. (Operator Instructions). I would now like to pass the conference over to our host, Murielle Baker, Communications Manager with Rocket Lab. Murielle, please proceed.

女士們先生們，感謝您的耐心等待，歡迎參加今天的 Rocket Lab 2022 年第三季度財務業績電話會議。我的名字是 Amber，我將擔任今天電話會議的主持人。 （操作員說明）。我現在想將會議轉交給我們的主持人，Rocket Lab 的公關經理 Murielle Baker。穆里爾，請繼續。

Thank you. Hello, everyone. We're glad to have you join us for today's conference call to discuss Rocket Lab's Third Quarter 2022 Financial Results. Our presenters are Rocket Land Founder and CEO, Peter Beck; and Chief Financial Officer, Adam Spice. After our prepared comments, we will take questions. 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 are contained in our filings with the Securities and Exchange Commission.

謝謝你。大家好。我們很高興您加入我們今天的電話會議，討論 Rocket Lab 2022 年第三季度的財務業績。我們的演講者是 Rocket Land 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。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，今天的新聞稿中強調了可能影響我們業績的因素，其他的則包含在我們提交給證券交易委員會的文件中。

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

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。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 條例所指的非公認會計原則財務措施。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。最後，本次電話會議還將在支持演示文稿中進行網絡直播，演示文稿的重播和副本將在我們的網站上提供。

Now let me turn the call over to Peter Beck, founder and CEO.

現在讓我把電話轉給創始人兼首席執行官彼得貝克。

Thanks, Maria, and welcome, everybody, to the review of Rocket Lab's business highlights and financial results for Q3 2022 presented by myself and our Chief Financial Officer, Adam Spice. Today's presentation, we will go over business accomplishments for the third quarter and further achievements we've made since the end of the quarter. We'll also include commentary on our market position across launch and space systems and discuss some of the big contracts we have underway. Adam will then talk through our financial results for the third quarter and our financial outlook for Q4. After that, we'll take some questions from those listening and finish off today's call with upcoming conferences will be [attending]. All right on to what the company has achieved this quarter. The quarter ended strongly for Rocket Lab and on the launch side of the business as we equaled our record for the number of successful launches to all but per year, quickly surpassing it within the first few days of the fourth quarter.

謝謝瑪麗亞，並歡迎大家閱讀我和我們的首席財務官亞當·斯派斯 (Adam Spice) 對 Rocket Lab 2022 年第三季度的業務亮點和財務業績的審查。今天的演講，我們將回顧第三季度的業務成就以及自季度末以來我們取得的進一步成就。我們還將評論我們在發射和太空系統中的市場地位，並討論我們正在進行的一些大合同。然後，亞當將討論我們第三季度的財務業績和第四季度的財務前景。在那之後，我們將聽取聽眾的一些問題，並結束今天的電話會議，即將舉行的會議將[參加]。好吧，看看公司本季度取得的成就。本季度對 Rocket Lab 和業務的發射方面來說表現強勁，因為我們在除每年之外的所有成功發射數量上都達到了我們的記錄，並在第四季度的前幾天迅速超過了它。

We completed 2 flawless national security launches one after the other for the U.S. government National Reconnaissance Office. [Dinero], our prime customer in the launch business with stringent emission requirements. And so it's both an honor and a show of our strength as a launch leader as they continue to return to us to deliver their national security missions to [Albert]. Our third mission was the second of a bulk buy of dedicated launches for Japanese Constellation builders and sectors. Electron again performed perfectly to deliver suspects payload to the exact position required to support their constellation growth. Flying Dedicated offers multiple benefits to small satellite constellation operators. These include control over there and launch schedule and ability to reach specific LTMs that are unachievable if they fly a mission. These reasons, along with the Electrons reliability or why customers are coming to us and booking up multiple launches at once.

我們為美國政府國家偵察局一個接一個地完成了 2 次完美的國家安全發射。 [Dinero]，我們在發射業務中的主要客戶，具有嚴格的排放要求。因此，當他們繼續返回我們向 [Albert] 執行國家安全任務時，這既是一種榮譽，也是我們作為發射領導者實力的展示。我們的第三個任務是為日本星座建設者和行業大量購買專用發射的第二個。 Electron 再次完美地將可疑有效載荷運送到支持其星座增長所需的確切位置。 Flying Dedicated 為小型衛星星座運營商提供了多種好處。其中包括對那裡的控制和發射時間表以及到達特定 LTM 的能力，如果他們執行任務則無法實現。這些原因，以及 Electrons 的可靠性或客戶來找我們並一次預訂多個發射的原因。

Spector's bulk be launches will continue into 2023 with another launch scheduled for them, along with group launches for French Constellation operator, Kinéis; and another set for a U.S. operator HawkEye 360 expected to launch in the first half of next year. Sticking with Electron, we successfully fired a robot engine that had been returned from the ocean during one of this year's earlier recovery missions. With that as a massive technical achievement on the path to rocket reusability. Electron, Photon, and Neutron are in the scope of the U.S. TransCon Research contract awarded to Rocket Lab this past quarter to examine the potential use for cargo transport and pot-to-point travel.

Spector 的批量發射將持續到 2023 年，並為他們安排另一次發射，以及法國星座運營商 Kinéis 的集體發射；另一套美國運營商 HawkEye 360 預計將於明年上半年推出。堅持使用 Electron，我們成功地啟動了在今年早些時候的一次回收任務中從海洋返回的機器人引擎。以此作為火箭可重用性道路上的一項巨大技術成就。電子、光子和中子在上個季度授予 Rocket Lab 的美國 TransCon Research 合同的範圍內，以檢查貨物運輸和點對點旅行的潛在用途。

Speaking of Neutron, the program achieved some key wins and engineering milestones this quarter, including the selection of the new site for Rocket Lab to develop new transaminitis engines and the production of full-scale hardware, including Neutron tank structures and commune engine prototypes. I will take you through those achievements in more detail later in this presentation.

說到中子，該計劃在本季度取得了一些關鍵的勝利和工程里程碑，包括為火箭實驗室選擇新地點以開發新的轉氨發動機和生產全尺寸硬件，包括中子坦克結構和公用發動機原型。我將在本演示文稿的後面更詳細地介紹這些成就。

On the Space Systems side, some of our earlier investments to grow the production capability of each of these base systems, our streams really started paying off. In particular, we announced today that our separation systems division has secured the largest bulk order ever totaling over $14 million. Those 80-plus separation systems will support the Department of Defense Space Development Agency mission to build a constellation that will serve the future national defense and space architecture. As Mission like continue to come into the fore, our short up production capacity across vertically – vertical space system streams means that we're really unable to service these types of large contracts now and into the future.

在太空系統方面，我們早期為提高每個基礎系統的生產能力而進行的一些投資，我們的流真正開始獲得回報。特別是，我們今天宣布，我們的分離系統部門獲得了總額超過 1400 萬美元的最大批量訂單。這些 80 多個分離系統將支持國防部空間發展局的任務，以建立一個服務於未來國防和空間架構的星座。隨著 Mission 繼續脫穎而出，我們在垂直領域的產能不足——垂直空間系統流意味著我們現在和未來真的無法為這些類型的大型合同提供服務。

Alongside this situation systems win, we also completed the high-volume manufacturing line for our satellite reaction wheel that will service as a disclosed media-constellation customer. This production loan is capable of manufacturing up to 2,000 units per year and produced its first engineering units this quarter, which keeps us on track to start producing [freeholds] early in 2023. Turning out of Q3 highlights for Space Systems. We also were awarded a contract to provide solar power technology or 3 Lockheed Martin build satellites for the U.S. sales force.

除了這種情況下系統獲勝，我們還完成了我們的衛星反應輪的大批量生產線，它將作為一個公開的媒體星座客戶服務。這筆生產貸款每年可生產多達 2,000 台設備，並在本季度生產了第一批工程設備，這使我們有望在 2023 年初開始生產 [永久業權]。Space Systems 的第三季度亮點已結束。我們還獲得了為美國銷售人員提供太陽能技術或 3 顆洛克希德馬丁公司製造衛星的合同。

Okay. So 3 launches. As I mentioned at the top of this call, we had a strong quarter of launches with 3 successful orbital missions for Elekcron. 2 of these were for the [Neutron] and the third was for a Japanese Constellation operator perspective, both repeat customers for dedicated electron launches. In April, we have maintained a launch cadence of once a month with 100% efficient success, and we're on track to maintain that tempo for the rest of the year, including our first launch from our launch site in Virginia, Wallops Island. With our suspected mission, we equaled our previous annual record of 7 launches a year only to beta in the first week of Q4 with the eighth successful Orbital mission and again, with our ninth mission just 5 days ago to deliver a total of 152 satellites per space. Even without these 4 quarter launches, our missions in Q3 submitted our position to launch provider of choice for small satellite operators and further stretch their leaders and most frequently flowing and reliable small launch.

好的。所以3次發射。正如我在本次電話會議開頭提到的那樣，我們有一個強勁的四分之一發射，為 Elekcron 完成了 3 次成功的軌道任務。其中兩個用於 [Neutron]，第三個用於日本星座運營商的角度，兩者都是專門電子發射的回頭客。 4 月，我們一直保持每月一次的發射節奏，並取得 100% 的有效成功，並且我們有望在今年餘下的時間裡保持這種節奏，包括我們從位於弗吉尼亞州瓦勒普斯島的發射場首次發射。憑藉我們可疑的任務，我們在第四季度的第一周完成了之前每年 7 次發射的年度記錄，在第四季度的第一周進行了測試，第八次成功的軌道任務再次成功，我們的第九次任務僅在 5 天前完成，每次發射總共 152 顆衛星。空間。即使沒有這 4 個季度的發射，我們在第三季度的任務也將我們的位置提交給小型衛星運營商的首選發射提供商，並進一步擴大他們的領導地位和最頻繁流動和可靠的小型發射。

And now I said I would go over a Rocket Lab reasonability program later in the call. But first, I want to point out a key technical milestone we achieved in a third quarter for that program. The first time -- for the first time, we successfully filed an engine with us parts from the previous electron mission that was recovered from the ocean. This particular rubbed engine was previously successfully launched a space and returned to Earth during our recovery emissions during backdate May. The refurbished relief engine passed all of the same rigorous successes tests. We put in every flight engine through that filed for a cumulative 200 tickers. We start multiple times to produce the same amount of customer performance as a new built so good as new. This is very exciting because the fact that we achieved such a high level of performance from an engine when we dredge it out of the sea makes me excited and optimistic about what we can do with the recovered dry engines and further validates that we're on exactly the right path to bring the visibility to small launch vehicles.

現在我說我會在電話後面討論 Rocket Lab 的合理性計劃。但首先，我想指出我們在第三季度為該計劃實現的一個關鍵技術里程碑。第一次——第一次，我們成功地向我們提交了從海洋中回收的上一次電子任務的零件。這個特殊的摩擦發動機之前成功發射了一個空間，並在我們回溯到 5 月的回收排放期間返回地球。翻新後的救援引擎通過了所有同樣嚴格的成功測試。我們將每個飛行引擎放入該文件中，累積 200 個代碼。我們多次啟動以產生與新建築一樣好的客戶性能。這是非常令人興奮的，因為當我們將發動機從海中挖出時，我們實現瞭如此高水平的性能，這讓我對我們可以用回收的干式發動機做些什麼感到興奮和樂觀，並進一步驗證了我們正在正是為小型運載火箭帶來可見性的正確途徑。

On to our Responsive Space program. In Q3, we opened up our responsive space program to on-rent commercial and government sellout operators to a rapid call-up launch capability and streamline satellite build and operation options. There's been a lot of talk in the industry and a number of line items and government budget about responsive space. It's a capability that's been sought for decades and enable to enable select operators to rapidly call up a land service, get it to space in a short time frame. But the reality is Responsive Space for us already exists for small satellites and that it exists with electrons. There's a lot of talk about it, but we've actually demonstrated that our fastest launch turnaround time this year was a sum total of just 15 days, which comes down to the maturity of our rocket, our infrastructure and our team.

繼續我們的響應式空間計劃。在第三季度，我們向出租的商業和政府銷售運營商開放了我們的響應式太空計劃，以提供快速呼叫發射能力並簡化衛星建造和運營選項。業界有很多關於響應空間的討論，還有一些項目和政府預算。幾十年來一直在尋求這種能力，使選定的運營商能夠快速調用陸地服務，在短時間內將其送入太空。但現實是，對我們來說，小型衛星已經存在響應空間，並且它與電子一起存在。有很多關於它的討論，但我們實際上已經證明，我們今年最快的發射周轉時間總共只有 15 天，這歸結為我們的火箭、我們的基礎設施和我們的團隊的成熟度。

We introduced this program to formalize what we already offered to the market, and we're seeing strong interest already from repeat and future customers on to Neutron so as [Eva] described, a good quarter for Electron, but Q3 also saw a strong progress for our large rocket Neutron, and I'll take you through some of those key achievements now. To start with, Neutron has a new home or at least Archimedes engines do at master's historic [spacing] in Mississippi. In late September, we selected Stennis as a location of the inter-facility for our reusable rocket engine, Archimedes, which will power the Neutron rocket.

我們引入了這個計劃來正式確定我們已經向市場提供的產品，我們已經看到重複客戶和未來客戶對 Neutron 的強烈興趣，正如 [Eva] 所描述的，這對 Electron 來說是一個不錯的季度，但第三季度也取得了強勁的進展對於我們的大型火箭中子，我現在將帶您了解其中的一些關鍵成就。首先，中子有一個新家，或者至少阿基米德引擎在密西西比州的大師歷史[間距]中做了。 9 月下旬，我們選擇斯坦尼斯作為我們可重複使用的火箭發動機阿基米德的跨設施位置，該發動機將為中子火箭提供動力。

And just last week, we cut the ribbon on Stennis, along with the Mississippi [Finatis] and other senior figures in attendance. There too, to show a strong local and ventral support that we have for Neutron. The Archimedes test complex will be located within the larger AHTS complex at Stennis Space Center across a 1 million square foot area. The site itself already comes with all the all manner of critical infrastructure like cryogenic systems, tanks, test systems, instrumentation base, building, and a whole lot of more that we can quickly adapt to support our engine test operations. We can also leverage the widest Stennis Centers infrastructure for power systems, transportation networks, commodities and supply chain, all the little things that make our test site run and tech quickly. That allows us to get set up quickly and get testing faster than if we had to build a gets from scratch.

就在上週，我們與密西西比 [Finatis] 和其他出席的高級人物一起為 Stennis 剪彩。那裡也顯示了我們對 Neutron 的強大的局部和腹側支持。阿基米德測試綜合體將位於斯坦尼斯航天中心更大的 AHTS 綜合體內，佔地 100 萬平方英尺。該站點本身已經配備了各種關鍵基礎設施，如低溫系統、儲罐、測試系統、儀器儀表基地、建築物，以及我們可以快速適應以支持我們的發動機測試操作的更多設施。我們還可以利用 Stennis Centers 最廣泛的電力系統、交通網絡、商品和供應鏈基礎設施，這些小東西使我們的測試站點能夠快速運行和技術。與必須從頭開始構建獲取相比，這使我們能夠快速設置並更快地進行測試。

The state of Mississippi has really gotten behind us to bring Neutron to the Area 2 with state -- with the state putting forward some significant capital investment for us to develop the facilities for our Archimedes and Neutron ending in stents really fast track development for Neutron and already the team on the ground are getting to work to modify some of the systems and get the site ready for the very first [halites Hobi].

密西西比州已經真正支持我們將中子帶入第 2 區，該州為我們提供了一些重大的資本投資，以開發我們的阿基米德和中子設施，最終實現了中子和中子的快速發展。當地的團隊已經開始著手修改一些系統，並為第一個 [halites Hobi] 做好準備。

Speaking of Archimedes, this past quarter saw progress on the development of our new reusable rocket engine. We made a change in the cycle of the engine from a gas generator to oxidizer-rich close cycle to really optimize the performance of the engine not to increase the level of ISP or performance as you might think. But to maintain the power balance right in the middle that brings the temperatures and change the pressure down for really a super reliable engine because that's what you want an engine for a usable rocket, an engine that can be used over and over again and which is a scope for increased performance if we need to or through a [lap program] for any reentry and leaning as prepared. So with that, all the major design elements of the engine are complete. This quarter, we moved into producing some early prototype parts, 3D printed components, including pump parts like Oxidizer volumes and others. With [Stennis] secured and engine development ready and accelerating now, we're on the right track with Archimedes and well-positioned to maintain our targets to see a hotwire agency. Continuing on the Neutron.

說到阿基米德，上個季度我們的新型可重複使用火箭發動機的開發取得了進展。我們將發動機的循環從氣體發生器更改為富含氧化劑的封閉循環，以真正優化發動機的性能，而不是像您想像的那樣提高 ISP 或性能水平。但是要在中間保持功率平衡，從而帶來溫度並降低壓力，從而獲得真正超級可靠的發動機，因為這就是您想要的可用火箭發動機，可以反複使用的發動機，並且如果我們需要或通過 [lap program] 進行任何準備好的再入和傾斜，則可以提高性能的範圍。因此，引擎的所有主要設計元素都已完成。本季度，我們開始生產一些早期的原型部件、3D 打印部件，包括泵部件，如 Oxidizer Volume 等。隨著 [Stennis] 的安全以及引擎開發的準備和加速，我們正與阿基米德一起走上正確的軌道，並且有能力維持我們的目標，以看到一個熱線機構。繼續中子。

Neutron is a unique rocket, not only in design but in the materials we use to construct it. It's expected to be the world's first carbon commerce large launch vehicle made up of new officially formulated carbon composite materials, obviously, lightweight and very, very strong. But the new element I've been able to withstand the heat and forces of repeated reentry and launch. Now we use carbon composites for Electron. In fact, we were the first in the world to build an all-carbon composite Orbital Rocket. So we understand the materials in these technologies really, really well. Now with carbon composite – one of carbon rocket, one of the best ways to determine the programs progress as we have a structural mold for the rocket are complete or not. Because if molds are built, that means that the Rocket's design is mature enough to invest in the capital and the tailwind.

中子是一種獨特的火箭，不僅在設計上，而且在我們用來建造它的材料上。預計它將成為世界上第一輛由官方新配方碳複合材料製成的碳商業大型運載火箭，顯然，重量輕且非常非常堅固。但是新元素我已經能夠承受反复再入和發射的熱量和力量。現在我們將碳複合材料用於電子。事實上，我們是世界上第一個建造全碳複合材料軌道火箭的公司。所以我們非常非常了解這些技術中的材料。現在有了碳複合材料——一種碳火箭，這是確定項目進展的最佳方法之一，因為我們有一個火箭的結構模具是否完整。因為如果模具建好了，那說明火箭的設計已經成熟到可以投入資金和順風順水了。

And that's where we are today with Neutron. In Q3, we completed the molds for its tanks and have started to develop full-scale prototype hardware. The parts can be made quickly to speed up Neutron’s on this timeline. This type of advancement in the program might not see to flashy, but it's highly important for Neutron early development. We're expecting the first Neutron 2 to come to life by the end of the year this 2022. Now to build Neutral carbon [composite] to the tanks and structures quickly. The best way to do that is by automation. And this is another area of this quarter that we've completed early investment into the tooling the machinery by using Rocket building robots. The process is called automated tape lane. It's quite a mature process. We meet the carbon fiber are laid down every minute to build a structured material for Neutron [structures].

這就是我們今天使用中子的地方。在第三季度，我們完成了坦克的模具，並開始開發全尺寸原型硬件。可以快速製作零件以加快 Neutron 在此時間線上的速度。程序中的這種類型的進步可能不會顯得華而不實，但它對於 Neutron 的早期開發非常重要。我們預計第一台 Neutron 2 將在 2022 年年底前投入使用。現在，我們將快速為油箱和結構建造中性碳 [複合材料]。最好的方法是自動化。這是本季度的另一個領域，我們通過使用 Rocket 建造機器人完成了對機械工具的早期投資。該過程稱為自動磁帶通道。這是一個相當成熟的過程。我們會遇到每分鐘都會鋪設碳纖維以構建用於中子 [結構] 的結構化材料。

With an advanced composite manufacturing in technique that's really optimized for performance, speed and cost. Comonomer on our strength-to-mass ratio of at least 4x lighten metallics like steel, meaning that 1/4 of the amount of the material actually needs to be used for the same specific strength and using a Rocket building robots we can really maintain and minimize later and still manufacture complete tank in a very short time frame order of day. That's the East Coast now to Virginia, and we continue to make really good progress on the new trans factory there or 28-acre was literally virtually greenfield when we started and has now been graded. Concrete port in the first bill was up within just 7 months from groundbreaking in April this year. We're expecting our first stage 1 neutronic to complete it on the Slide 2, which has been kicked off in this current quarter.

採用先進的複合材料製造技術，真正針對性能、速度和成本進行了優化。共聚單體的強度質量比至少是鋼等金屬材料的 4 倍，這意味著實際上需要使用 1/4 的材料量來實現相同的比強度，並且使用我們可以真正維護和維護的 Rocket 建造機器人以後儘量減少，仍然可以在很短的時間框架內製造完整的坦克。那是從東海岸到弗吉尼亞的地方，我們在那裡的新跨工廠繼續取得非常好的進展，或者當我們開始時，28 英畝的土地實際上幾乎是綠地，現在已經分級。第一份法案中的混凝土港口在今年 4 月破土動工後僅 7 個月內就上漲了。我們預計我們的第一階段 1 中子將在幻燈片 2 上完成，該幻燈片已在本季度開始。

The slide here for our production complex for Neutron that will support its production and assembly and integrated launch. It's where we build the rocket, but it's also some of our -- we will do some of that tests and some of our system infrastructure will be there as well. The thing about the site in its side and the environment we gain from its location is how close it is to the Neutron launchpad. In fact, just 2 miles off the road. This allows us to unlock all of the constraints that a typical Rocket program otherwise faces. There's a reason why most modern rockets are about 3 -- a little bit over 3 meters in diameter, and that's because they go -- have to go through some tunnel or bridge somewhere on the way from their production site to the launch side. That's not going to be the case for Neutron.

這裡的幻燈片是我們的 Neutron 生產綜合體，它將支持其生產、組裝和集成發射。這是我們建造火箭的地方，但它也是我們的一部分——我們將進行一些測試，我們的一些系統基礎設施也將在那裡。關於該站點的側面以及我們從其位置獲得的環境的事情是它與中子發射台的距離有多近。事實上，距離公路僅 2 英里。這使我們能夠解開典型 Rocket 程序面臨的所有約束。大多數現代火箭的直徑約為 3 米——直徑略高於 3 米，這是有原因的，因為它們必須在從生產地點到發射端的途中穿過某個隧道或橋樑。對於 Neutron 來說，情況並非如此。

It's a unique proposition and that we have with the launch site impaired production code complex of neutrons major functions being so closely located where we can build the rocket, but also tested and very close succession to really help accelerate neutrons development timeline. Once new Neutron is up and flying 2, it will mean slick and streamlined operations in places where we're not handling the rock at multiple times and transporting it to various parts of the country to get it to the port.

這是一個獨特的主張，我們在發射場受損的中子生產代碼複合體中的主要功能非常靠近我們可以建造火箭的地方，但也經過測試和非常緊密的連續性，以真正幫助加快中子開發時間表。一旦新的 Neutron 啟動並飛行 2，這將意味著在我們不多次處理岩石並將其運送到全國各地以將其運到港口的地方進行流暢和簡化的操作。

Right on to Space Systems. So moving into Space Systems now and some of the accomplishments here in the quarter -- the as of our entire space systems line has been to enable easier and faster access to space on proven and affordable hardware that is available at scale. Our satellite separation system by PSC have been a key offering of our vertically integrated spaces of business, having come to the table with 100% mission success heritage across more than 100 missions launched across most major U.S. and international rockets. Being acquired by Rocket meant PSC could continue the commercial hardware trade. But by tapping into Rocket Lab's resources and manufacturing capability, grow the business. And so it's fantastic to share today that under a year since the acquisition, we recently brought in our highest value mission for separation systems to date.

直接進入太空系統。因此，現在進入太空系統，並在本季度取得了一些成就——就我們的整個太空系統系列而言，我們的整個太空系統系列一直是在經過驗證且價格合理的大規模可用硬件上更容易、更快地訪問太空。 PSC 的衛星分離系統一直是我們垂直整合業務空間的重要產品，在美國和國際大多數主要火箭發射的 100 多項任務中，我們擁有 100% 的任務成功傳統。被 Rocket 收購意味著 PSC 可以繼續商業硬件貿易。但通過利用 Rocket Lab 的資源和製造能力，發展業務。因此，今天很高興與大家分享，在收購後不到一年的時間裡，我們最近為分離系統帶來了迄今為止最高價值的使命。

To orders totaling $14 million, and I'll take you through that deal in more detail on the next slide. The $14 million win is made up of 2 contracts to supply more than 80 of our light bands, Lockheed Martin and another undisclosed customer who are both building satellites for what's called Tranche 1 Tracking Layer, which has been developed by the U.S. Department of Defense Space Development Agency. These 80-plus light blends represent the majority of the separation systems required to deploy the entire Tranche 1 tracking layer constellation and early warning global system to take [deals out] and protect U.S. national securities. This is a critical capability that relies on the satellite and the constellation being accurately deployed to the precise location.

對於總額為 1400 萬美元的訂單，我將在下一張幻燈片中詳細介紹該交易。贏得 1400 萬美元的合同由 2 份合同組成，為我們提供 80 多個光波段，洛克希德馬丁公司和另一位未公開的客戶，他們都在為美國國防部開發的所謂的 Tranche 1 Tracking Layer 建造衛星發展署。這些 80 多個輕型混合系統代表了部署整個第 1 批跟踪層星座和預警全球系統所需的大部分分離系統，以採取 [交易] 並保護美國國家證券。這是一項關鍵能力，它依賴於將衛星和星座準確部署到精確位置。

So the fact that not one but 2 organizations have entrusted us to build these devices that place to satellites and orbit tells you just how well regarded our separation systems are in the market. Further to the U.S. government side of the business and our solar power division, we secured another win with an award to deliver the solar power of SolAero or 3 Lockheed Martin-built delight for the United States Spaceports. These 3 large spacecraft are part of the latest evolution of the US missile warning system and recently passed the critical design review to become certified the space set to launch in 2025. Deep expertise in space solar power, reliability of the tech and our extensive manufacturing capability are some of the reasons behind the latest award, which supports satellite production on a really aggressive schedule.

因此，不是一個而是兩個組織委託我們製造這些放置在衛星和軌道上的設備這一事實告訴您，我們的分離系統在市場上的知名度如何。除了美國政府的業務和我們的太陽能部門之外，我們還獲得了另一個獎項，即為美國太空港提供 SolAero 或 3 洛克希德馬丁公司建造的太陽能發電。這 3 艘大型航天器是美國導彈預警系統最新發展的一部分，最近通過了關鍵設計審查，獲得了空間認證，該空間定於 2025 年發射。在空間太陽能、技術可靠性和我們廣泛的製造能力方面擁有深厚的專業知識是最新獎項背後的一些原因，該獎項以非常積極的時間表支持衛星生產。

On to [DARPA], over in mission software department, our team and technology have been helping progress a major U.S. government program called Blackjack. This program is being managed by DARPA and the government's Space Development Agency to create a global low latency, high-volume data communications constellation who is using optically interconnected satellites. An early test of that network was carried out in June with the success of the Mandrake 2 mission, which successfully demonstrated a functioning optical communications linked between 2 satellites. We've played a lean role in the success of the Mandrake mission with our software and emission simulation and testing solutions have been a part of the mission in the very beginning of the program.

在 [DARPA] 的任務軟件部門，我們的團隊和技術一直在幫助推進一項名為 Blackjack 的美國政府重大計劃。該計劃由 DARPA 和政府空間發展局管理，旨在創建一個使用光互連衛星的全球低延遲、大容量數據通信星座。該網絡的早期測試於 6 月進行，曼德拉克 2 號任務取得成功，該任務成功地展示了兩顆衛星之間連接的有效光通信。我們在 Mandrake 任務的成功中發揮了精益作用，我們的軟件和排放模擬和測試解決方案在項目一開始就成為任務的一部分。

We also run mission operations for Mandrake, where the team is responsible for daily space apart status monitoring, fellow tasking, and trajectory control between the 2 space graph to support the optical cross-linked testing. And while we're counting this mission is a win for our Space Systems business, it's also an example of a vertical integration strategy and Space Systems paying off across the board. We supplied the star trackers and reaction wheels to the Mandrake spacecraft, which enable it with the high precision control, it needs to achieve the optical communications link, and our separation systems are also used to deploy these satellites dispatch.

我們還為 Mandrake 運行任務操作，該團隊負責日常空間分離狀態監控、同伴任務和 2 空間圖之間的軌跡控制，以支持光學交聯測試。雖然我們認為這項任務是我們 Space Systems 業務的勝利，但它也是垂直整合戰略和 Space Systems 全面回報的一個例子。我們為曼德拉克飛船提供了星跟踪器和反應輪，使其具有高精度控制，實現光通信鏈路，我們的分離系統也用於部署這些衛星調度。

Another showcase this quarter of the strength of our interline Mission Solutions was the award of a new research and development agreement with the United States Transportation Command or U.S. treponema responsible for all global logistics for the U.S. military. It's [DOD's] future thinking, and they are looking forward to a rocket cargo transport and point-to-point travel for its operations in the years to come and see an opportunity across both our space systems and launch offerings. In Photon, our research agreement will explore the use of their spacecraft to establish on-orbit cargo depots and deliver reentry capabilities. While Neutron and Electron have been examined for their ability to transport cargo point-to-point around the world.

本季度我們聯運任務解決方案實力的另一個展示是與美國運輸司令部或負責美國軍方所有全球物流的美國密螺旋體簽訂了一項新的研發協議。這是 [DOD 的] 未來思維，他們期待在未來幾年內為其運營提供火箭貨物運輸和點對點旅行，並在我們的太空系統和發射產品中看到機會。在 Photon，我們的研究協議將探索使用他們的航天器來建立在軌貨物倉庫並提供再入能力。 Neutron 和 Electron 已經被檢驗過它們在世界各地點對點運輸貨物的能力。

And then coming on to our Q3 highlights. We have completed the construction of a high-volume space systems production line to the juice reaction well at scale. Our first prototypes for one of our mega constellation customers has rolled off the line and is completing its testing before we begin final -- we begin delivering the final products during next year. This production line is capable of producing up to 2,000 units a year, which is an enormous increase in the availability of these critical products to the market. Where components like reaction wheels have been individually built by specialized engineers over a long wait times. For this production, we've incorporated advanced machining centers optimized for one-time operation, automated production tools and automated environmental testing and workstation. This production line coming in online means we're meeting the bottleneck of demand for these products for satellite constellation builders hit on where we see significant growth opportunity in our Space Systems division.

然後是我們的第三季度亮點。我們已經完成了大容量空間系統生產線的建設，用於規模化的果汁反應井。我們為我們的一個大型星座客戶提供的第一個原型已經下線，並在我們開始最終測試之前完成測試——我們將在明年開始交付最終產品。這條生產線每年可生產多達 2,000 台，這極大地增加了這些關鍵產品在市場上的供應量。反作用輪等組件是由專業工程師在漫長的等待時間內單獨製造的。對於這種生產，我們整合了針對一次性操作優化的先進加工中心、自動化生產工具以及自動化環境測試和工作站。這條生產線上線意味著我們正在滿足衛星星座建設者對這些產品的需求瓶頸，我們認為我們的空間系統部門有重大的增長機會。

Post-quarter accomplishments. So as you saw, there are another really good quarter from those business accomplishments in Q3. Now I'd like to take you through a few more exciting developments for the company since the quarter end. So business launch year. So starting with Electron, we've had a busiest launch year. just a weak into the fourth quarter. We successfully launched our eighth mission. 5 days ago, we launched our ninth mission and of the year-end, surpassing our record for the calendar year. We said we would open up exit to space with Electron with an increased launch cadence, and we have with a successful Orbital mission every month this year since April. In fact, Electron has launched successfully more time this year alone than every other commercial or small launch vehicle combined across all of their launches to date, and we're still not finished.

季後成績。如您所見，第三季度的這些業務成就還有另一個非常好的季度。現在，我想帶您了解自本季度末以來公司的一些更令人興奮的發展。所以創業年。因此，從 Electron 開始，我們迎來了最繁忙的發布年。只是進入第四節的疲軟。我們成功啟動了第八次任務。 5天前，我們啟動了我們的第九次任務和年終任務，超過了我們歷年的記錄。我們說過，我們將通過增加發射節奏的 Electron 開放太空出口，自 4 月以來，我們今年每個月都有一次成功的軌道任務。事實上，僅今年，Electron 成功發射的時間就超過了迄今為止所有其他商業或小型運載火箭發射的總和，而且我們還沒有完成。

So Electron and the team have had a stellar year, picking up the pace, while also delivering some of our most demanding mission ever. Arguably, our hardest mission was the Capstone Mission setting a satellite to the moon on Electron and one of our Photon spacecraft. It was the heaviest mission we'd ever lifted, the most technically demand and the rocket. And then only 15 days later, our team turned around and for a flawless launch of one of the highest level national security customers.

因此，Electron 和團隊度過了輝煌的一年，加快了步伐，同時也完成了我們有史以來最艱鉅的任務。可以說，我們最艱鉅的任務是 Capstone 任務，在 Electron 和我們的 Photon 宇宙飛船上設置一顆衛星到月球。這是我們完成的最繁重的任務，也是技術要求最高的火箭。僅僅 15 天后，我們的團隊轉身，完美地推出了最高級別的國家安全客戶之一。

The rest being the national reconnaissance office. We've heard this success because we've invented the technology but the infrastructure upfront set up 3 launch pads and 3 operations centers developed a world-class team of engineers. Photon has really hit its stride this year and is well set to continue an increase in cadence in 2023. Before that, though, we have another mission to fly at 10th for 2022. This time flowing from Rocket Lab launch completes 2 in [Wallestam], Virginia. Launching from this pad is going to open up a new era and launch for small satellite customers. We've been providing reliable and responsive access to space for more than 4.5 years now and are excited to build on that strong heritage by unlocking a new path orbit from Virginia's Eastern Shore. Across these 3 pads, both of our launch sites, we can support more than 130 launch opportunities every year to deliver unmatched flexibility in the market for government and commercial satellite operators.

其餘的是國家偵察局。我們聽說了這一成功，因為我們發明了這項技術，但前期基礎設施設置了 3 個發射台和 3 個運營中心，開發了一支世界級的工程師團隊。 Photon 今年確實取得了長足的進步，並且很可能在 2023 年繼續增加節奏。不過，在此之前，我們還有另一個任務是在 2022 年第 10 次飛行。這次來自 Rocket Lab 發射，在 [Wallestam] 完成了 2 次，弗吉尼亞。從這個發射台發射將為小型衛星客戶開闢一個新的時代和發射。 4.5 多年來，我們一直在提供可靠且響應迅速的太空通道，我們很高興能夠通過從弗吉尼亞東海岸解鎖一條新的路徑軌道來繼承這一強大的傳統。通過這 3 個發射台，我們的兩個發射場，我們每年可以支持 130 多個發射機會，為政府和商業衛星運營商在市場上提供無與倫比的靈活性。

On the AFTS front with [NESA], we've been encouraged by their recent progress and their expression of confidence that they will be ready to go by September. Electron arrived in Virginia last month and is deep into processing and already on the ground by the team. [Laundry Harses] and integration of the Hawker 360 payload to the rocket will be taking place in the next few weeks before rollout to the pad at LC-2 for a launch.

在與 [NESA] 合作的 AFTS 方面，我們對他們最近取得的進展以及他們對 9 月份準備就緒的信心表達感到鼓舞。 Electron 上個月抵達弗吉尼亞州，正在深入處理並已由團隊投入使用。 [洗衣野兔] 並將 Hawker 360 有效載荷與火箭的集成將在接下來的幾週內進行，然後在 LC-2 發射台進行發射。

I'm personally very much looking forward to seeing this electron fly out of the [launching]. Finally, I'm also excited to announce today that we have our second launch lined up from LC-2 for an undisclosed commercial constellation customer on Electron in January, meaning that we'll have 2 back to pack missions from Virginia in just a matter of weeks. Even in its early days of flowing from LC-2, electronic set to change the game and set the standard for responsive and reliable small launch from U.S. soil with these 2 missions expected to be the fastest launch turnaround by any operational small launcher. Electron is already the most frequently launched small orbital rocket globally. And with both these complexes, combined with the pace is really expected to pick up.

我個人非常期待看到這個電子飛出[發射]。最後，我今天也很高興地宣布，我們將在 1 月份從 LC-2 為 Electron 上未公開的商業星座客戶安排第二次發射，這意味著我們將有 2 次從弗吉尼亞回來打包任務數週。即使在從 LC-2 推出的早期，電子設備也將改變遊戲規則，並為從美國本土發射的響應迅速和可靠的小型發射設定標準，這兩項任務預計將是任何可運行的小型發射器中最快的發射周轉。電子已經是全球發射頻率最高的小型軌道火箭。有了這兩個綜合體，再加上速度確實有望加快。

This launch in January from LC-2 will be Rocket [leads first] electron launch in 2023 as part of a busy launch manifest. Other launches already announced for 2023 include the first of 5 dedicated missions for Internet of [connectivity] provider comes, the launch of emission to demonstrate space to be removal technology by [state] in Japan and the continuation of the multi-launch contracts with [core and suspect]. This is not an exclusive list of all of our [mandates] for 2023, but it's just some of the customers that we've already announced this year.

1 月從 LC-2 發射的這次發射將是 2023 年火箭 [率先] 電子發射，作為繁忙發射清單的一部分。已宣布的 2023 年其他發射包括 [connectivity] 提供商的 5 個專門任務中的第一個，發射發射以展示日本 [state] 的空間去除技術，以及繼續與 [核心和嫌疑人]。這不是我們 2023 年所有 [任務] 的獨家清單，但這只是我們今年已經宣布的一些客戶。

Moving on to Space Systems now and our contract to MDA for Globalstar has been expanded to include us developing a new global satellite operations control center, what we call the SOCC for the constellation will not be disclosed in the terms of this contract, but I can tell you, it does represent an extension to the $143 million contract already in place. The foundational mission software for the stock will be based off our existing MAX system, the same one used to manage the data at debt program that I spoke about earlier. The combination of our software and deep expertise in operating demanding and complex missions. Alongside our existing partnership, where we're driving -- we are the driving forces behind the MDA choosing to extend this opportunity to us.

現在轉到 Space Systems，我們與 Globalstar 的 MDA 合同已經擴大到包括我們開發一個新的全球衛星運營控制中心，我們稱之為星座的 SOCC 不會在本合同的條款中披露，但我可以告訴你，這確實代表了已經簽訂的 1.43 億美元合同的延期。股票的基本任務軟件將基於我們現有的 MAX 系統，與我之前談到的用於管理債務計劃數據的系統相同。我們的軟件與在執行要求苛刻和復雜的任務方面的深厚專業知識相結合。除了我們現有的合作夥伴關係，我們正在推動 - 我們是 MDA 選擇向我們提供這個機會的驅動力。

By designing and manufacturing Globalstar's spacecraft buses delivering the flight and ground software solutions and developing and supporting the space operation centers. We're once again demonstrating that our strategy of going beyond launch and delivering complete space solution affects – complete space mission solutions basally into end. A big part of our growth and acquisition strategy has been the vertical integration of supply chains to mitigate constraints. The strategically important components needed to build a function and satellite as part of the constellation.

通過設計和製造 Globalstar 的航天器巴士，提供飛行和地面軟件解決方案，並開發和支持空間運營中心。我們再次證明，我們超越發射和提供完整太空解決方案的戰略會影響——完整的太空任務解決方案從根本上說到底。我們增長和收購戰略的很大一部分是供應鏈的垂直整合以減輕限制。構建功能和衛星所需的具有戰略意義的重要組件作為星座的一部分。

The companies we've acquired over the years, we believe, are the best in the business in their own right. But more importantly, combining them has provided us with inorganic and organically developed solutions that cover the complete mission end-to-end to deliver an operational platform that's going to be used globally. And this NDA contract is a perfect example of that. We're building all 17 of the constellations new spacecraft [assets]. So global star mission will use our software. The satellites themselves will be powered by our solar panels. They'll communicate using our frontier C satellite radios will maintain their position in space using our reaction wheels. each satellite will be operated by our software, and they will have power distribution systems internally built by Rocket Lab. The customer also has the option within this contract to launch the satellites with us. Initially, there's an option for us to support the ground operations for Globalstar as well. The strength of our competitive advantage in vertical integration really shines with this contract. It helps to reduce the cost of our own systems, but also allow them to monetize it and the diversity of the revenue that you're seeing from us is a combination of that.

我們相信，這些年來我們收購的公司本身就是業內最好的。但更重要的是，將它們結合起來為我們提供了無機和有機開發的解決方案，涵蓋了端到端的完整任務，以提供將在全球範圍內使用的運營平台。而這份 NDA 合同就是一個很好的例子。我們正在建造所有 17 個星座新航天器 [資產]。所以全球之星任務將使用我們的軟件。衛星本身將由我們的太陽能電池板供電。他們將使用我們的 Frontier C 衛星無線電進行通信，並將使用我們的反作用輪保持其在太空中的位置。每顆衛星都將由我們的軟件操作，它們將擁有由 Rocket Lab 內部構建的配電系統。客戶還可以在本合同中選擇與我們一起發射衛星。最初，我們還可以選擇支持 Globalstar 的地面運營。我們在垂直整合方面的競爭優勢在這份合同中真正閃耀。它有助於降低我們自己系統的成本，但也允許他們將其貨幣化，而您從我們那裡看到的收入的多樣性就是這兩者的結合。

Speaking of revenue generation and Space Systems. Early in the fourth quarter, we signed a contract with NASA's Jet Propulsion Laboratory to provide solar panels for shoebox-sized mobile robots as part of the agency's [project] program. The CADRE stands for Cooperative Autonomous Distributed Robotic Explorers, much easier to just like CADRE, which the is next generation of potent explorers that will work with the group to collect data from hard-to-reach places on the moon, [Nav] and elsewhere. They're going to be powered by IMM solar cells, a superior type of space-grade solar cell we provide for the most innovative and barging customers' mission. The latest contract with JPL extends a long history through [Salera] of powering massively and spacecraft, including NASA's Ingevity Helicopter. We'll be using the same solar cells on CADRE we did for the engine helicopter with the high efficiency and lower mass combination and those sales being deemed a critical factor for enabling submissions success. So with that, let me turn it over to Adam Spice, our Chief Financial Officer.

說到創收和太空系統。在第四季度初，我們與 NASA 的噴氣推進實驗室簽署了一份合同，為鞋盒大小的移動機器人提供太陽能電池板，作為該機構 [項目] 計劃的一部分。 CADRE 代表 Cooperative Autonomous Distributed Robotic Explorers，更容易像 CADRE，後者是下一代強大的探索者，將與該小組合作，從月球、[Nav] 和其他地方難以到達的地方收集數據.它們將由 IMM 太陽能電池供電，這是一種卓越的太空級太陽能電池，我們為最具創新性和挑釁性的客戶任務提供服務。與 JPL 簽訂的最新合同通過 [Salera] 為大型和航天器提供動力，包括美國宇航局的 Ingevity 直升機，延續了悠久的歷史。我們將在 CADRE 上使用與發動機直升機相同的太陽能電池，具有高效率和低質量的組合，並且這些銷售被認為是使提交成功的關鍵因素。因此，讓我把它交給我們的首席財務官 Adam Spice。

Thanks, Pete. I will first review our third-quarter 2022 results and then discuss our outlook for the fourth quarter. Third quarter '22 revenue was $63.1 million, exceeding the high end of our guidance range of $60 million to $63 million, representing 14% sequential growth over the prior quarter. Our record revenue performance in the quarter was a result of 3 successful launches as well as outperformance in our Space Systems segment, led by our separation systems product line. Launch Services contributed $23 million, delivering 20% quarter-on-quarter growth and representing 36% of the total revenue in the quarter. Space Systems contributed $40.1 million, delivering 10% quarter-on-quarter growth and representing 64% of total revenue. Now turning to gross margin. GAAP gross margin for the third quarter was 13%, which was within our guidance range of 12% to 15%. Non-GAAP gross margin for the third quarter was 24%, which was within our guidance range of 22% to 25%. Compared to the second quarter, where GAAP and non-GAAP gross margins were 9% and 22%, respectively, both GAAP and non-GAAP margins expanded in the quarter.

謝謝，皮特。我將首先回顧我們 2022 年第三季度的業績，然後討論我們對第四季度的展望。 22 年第三季度的收入為 6310 萬美元，超過了我們 6000 萬美元至 6300 萬美元的指導範圍的高端，比上一季度環比增長 14%。我們在本季度創紀錄的收入表現是 3 次成功發射的結果，以及在我們的分離系統產品線的帶領下，我們的空間系統部門表現出色。 Launch Services 貢獻了 2300 萬美元，環比增長 20%，佔該季度總收入的 36%。 Space Systems 貢獻了 4010 萬美元，環比增長 10%，佔總收入的 64%。現在轉向毛利率。第三季度的 GAAP 毛利率為 13%，在我們 12% 至 15% 的指導範圍內。第三季度非美國通用會計準則毛利率為 24%，在我們 22% 至 25% 的指導範圍內。與第二季度 GAAP 和非 GAAP 毛利率分別為 9% 和 22% 相比，本季度 GAAP 和非 GAAP 利潤率均有所增長。

In the Launch Services segment specifically, GAAP gross margin for the third quarter was negative 4% versus negative 12% in the second quarter. This expansion of gross margin was the result of higher average selling price per launch vehicle and lower production-related stock-based compensation expense. In the Space Systems segment, GAAP gross margin for the third quarter was 23% versus 20% in the second quarter. This expansion of gross margin was driven by a greater mix of higher-margin satellite component revenue, such as separation systems and reaction wheels delivered in the quarter. Total production headcount ended September 30th, 2022, at 797, up 16 heads from June 30th, 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. Backlog declined $10.8 million during the third quarter to $520.6 million as a 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.

特別是在啟動服務部門，第三季度的 GAAP 毛利率為負 4%，而第二季度為負 12%。毛利率的增長是由於每輛運載火箭的平均售價較高和與生產相關的股票補償費用較低。在空間系統部門，第三季度的 GAAP 毛利率為 23%，而第二季度為 20%。毛利率的增長是由更高利潤的衛星組件收入組合推動的，例如本季度交付的分離系統和反作用輪。截至 2022 年 9 月 30 日的總生產人數為 797 人，比 2022 年 6 月 30 日增加了 16 人。面對產量增加的情況，我們繼續專注於限制生產人數並確定生產效率，以追求擴大整個地區的毛利率商業。第三季度積壓訂單減少了 1080 萬美元，至 5.206 億美元，原因是該季度創紀錄的收入超過了新預訂量。我們業務的重要部分涉及形成數月或數年的項目。

And as a result, converting opportunities into new bookings is lumpy. Our pipeline of opportunities remains robust, and we are confident in our ability to build our backlog over the coming months and quarters. When we compare the third quarter 2022 revenue on a year-on-year basis, the continued strength, evolution, and diversity of our business is evident. Total revenue was up more than 1,000% or more than $57 million when compared to the third quarter of 2021. Acquisitions have contributed meaningfully in this year-on-year growth, reinforcing the strategic importance of our early investments into expanding our total addressable market.

因此，將機會轉化為新的預訂是不穩定的。我們的機會渠道仍然強勁，我們對在未來幾個月和幾個季度建立積壓的能力充滿信心。當我們比較 2022 年第三季度的收入同比時，我們業務的持續實力、發展和多樣性是顯而易見的。與 2021 年第三季度相比，總收入增長超過 1,000% 或超過 5700 萬美元。收購對這一同比增長做出了有意義的貢獻，加強了我們早期投資對擴大我們的總潛在市場的戰略重要性。

Specifically, revenue contribution from the investments -- sorry, specifically revenue contribution from the acquired ASI, PSC and SolAero businesses added approximately $31 million of revenue in the third quarter of 2022. The remaining Rocket lab product lines have experienced significant growth as well, have grown more than $27 million over the same time period, representing 514% growth year-on-year and contributed nearly $32 million in the third quarter of 2022.

具體來說，投資的收入貢獻——對不起，特別是收購的 ASI、PSC 和 SolAero 業務的收入貢獻在 2022 年第三季度增加了約 3100 萬美元的收入。其餘的 Rocket 實驗室產品線也經歷了顯著增長，已經同期增長超過 2700 萬美元，同比增長 514%，並在 2022 年第三季度貢獻了近 3200 萬美元。

Now turning to gross margin. GAAP gross margin for the third quarter was 13% compared to negative 230% in the third quarter 2021. Non-GAAP gross margin for the third quarter was 24% compared to negative 84% in the third quarter of 2021 while we mentioning the impact of lower stock-based compensation on GAAP cost of goods sold and on GAAP operating expenses in the year-on-year compares, which was a function of the timing of our leaseback and the related onetime catch-up of revenue recognition of stock-based compensation related to restricted stock unit vesting and on performance condition related to achieving a liquidity event. The current quarter stock-based comp represents a more normalized run rate-based stock-based comp level. In the launch terms of segment specifically, both GAAP and non-GAAP gross margin for the third quarter 2022 expanded significantly over the third quarter of 2021 as revenue growth led to greater absorption of production overhead as well as lower production-related stock-based compensation.

現在轉向毛利率。第三季度 GAAP 毛利率為 13%，而 2021 年第三季度為負 230%。第三季度非 GAAP 毛利率為 24%，而 2021 年第三季度為負 84%。與去年同期相比，GAAP 銷售商品成本和 GAAP 運營費用的股票薪酬較低，這是我們回租的時間和相關的一次性追趕股票薪酬收入確認的函數與限制性股票單位歸屬以及與實現流動性事件相關的業績條件。當前季度基於股票的薪酬代表了更加標準化的基於運行率的股票薪酬水平。具體而言，在細分市場的啟動方面，2022 年第三季度的 GAAP 和非 GAAP 毛利率均比 2021 年第三季度顯著增長，因為收入增長導致更多地吸收生產間接費用以及降低與生產相關的基於股票的薪酬.

In the Space Systems segment, both GAAP and non-GAAP gross margin for the third quarter of 2022 declined versus third quarter of 2021. The decline was driven by the acquisitions of ASI, PSC and SolAero, which add significant revenue contribution, but at lower gross margin profile versus our much smaller space business in the third quarter of 2021.

在航天系統領域，2022 年第三季度的 GAAP 和非 GAAP 毛利率均低於 2021 年第三季度。下降是由收購 ASI、PSC 和 SolAero 推動的，這增加了顯著的收入貢獻，但低於毛利率狀況與我們在 2021 年第三季度小得多的太空業務相比。

Turning to operating expenses. GAAP operating expenses for the third quarter were $40.5 million, which was approximately $500,000 lower than our guidance range of $41 million to $43 million. Non-GAAP operating expenses for the third quarter were $27.4 million, which was within our guidance range of $27 million to $29 million. The growth in both GAAP and non-GAAP operating expenses versus the second quarter was primarily driven by an increase in staffing, prototyping related to Neutron vehicle development, the Electron booster recovery initiatives and Photon development projects, which were partially offset by the change of fair value of contingent consideration related to the PSC acquisition and deal-related amortization of intangibles. In R&D specifically, GAAP expenses decreased by $1.7 million or 9% in the third quarter, driven by lower stock-based compensation.

轉向運營費用。第三季度的 GAAP 運營費用為 4050 萬美元，比我們 4100 萬美元至 4300 萬美元的指導範圍低約 50 萬美元。第三季度非美國通用會計準則運營費用為 2740 萬美元，在我們 2700 萬美元至 2900 萬美元的指導範圍內。與第二季度相比，GAAP 和非 GAAP 運營費用的增長主要是由於人員配備、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，這部分被公平的變化所抵消與 PSC 收購和交易相關的無形資產攤銷相關的或有對價的價值。特別是在研發方面，由於基於股票的薪酬下降，第三季度 GAAP 費用減少了 170 萬美元或 9%。

Non-GAAP expenses were up $1.1 million or 10% quarter-on-quarter. We anticipate the trend of sequential growth in R&D to continue as we ramp investment in our Neutron launch vehicle and in Photon development in particular. Third quarter ending R&D head count was 348, representing an increase of 40 heads from June 30th, 2022. In SG&A, GAAP expenses increased quarter-on-quarter $4 million or 21%, driven primarily by the earlier mentioned change in fair value radio's contingent consideration related to the PSC acquisition and deal-related amortization of intangibles.

非 GAAP 費用環比增長 110 萬美元或 10%。隨著我們加大對中子運載火箭特別是光子開發的投資，我們預計研發的連續增長趨勢將繼續。截止第三季度的研發人員人數為 348 人，比 2022 年 6 月 30 日增加了 40 人。在 SG&A 中，GAAP 費用環比增長 400 萬美元或 21%，主要是由於前面提到的公允價值無線電的或有變化與 PSC 收購和交易相關的無形資產攤銷有關的對價。

Non-GAAP SG&A expenses increased by $1.1 million or 8% quarter-on-quarter, mostly driven by increased staff costs as well as higher travel and marketing costs. Quarter ending SG&A head count was 196, represent an increase of 14 heads from June 30th, 2022. On a year-on-year perspective, both GAAP and non-GAAP operating expenses increased as the company continues to invest heavily in Neutron development, broadening our Space Systems portfolio of products and services and electron recovery initiatives. The company is executing and achieving milestones on numerous ambitious projects, and we look forward to these investments generating shareholder value for years to come. Year-on-year GAAP R&D increased $3.3 million, and non-GAAP R&D increased $4.3 million, driven by increased staffing and prototyping expenses for our Neutron and Photon development projects. Year-on-year, GAAP SG&A was down $2.7 million, driven by a decrease in stock-based compensation, partially offset by an increase in amortization expense related to the ASI, PSC and SolAero acquisitions. Non-GAAP SG&A was up by $7.8 million, driven by higher public company costs, including audit, legal and D&O insurance.

非 GAAP SG&A 費用環比增加 110 萬美元或 8%，主要是由於員工成本增加以及差旅和營銷成本增加。季度末 SG&A 員工人數為 196 人，比 2022 年 6 月 30 日增加了 14 人。從同比來看，隨著公司繼續大力投資於 Neutron 開發，擴大 GAAP 和非 GAAP 運營費用均有所增加我們的 Space Systems 產品和服務組合以及電子回收計劃。該公司正在執行並實現眾多雄心勃勃的項目的里程碑，我們期待這些投資在未來幾年為股東創造價值。由於我們的中子和光子開發項目的人員配備和原型設計費用增加，GAAP 研發同比增加了 330 萬美元，非 GAAP 研發增加了 430 萬美元。與去年同期相比，GAAP SG&A 減少了 270 萬美元，原因是基於股票的薪酬減少，部分被與 ASI、PSC 和 SolAero 收購相關的攤銷費用增加所抵消。非 GAAP SG&A 增加了 780 萬美元，這是由於上市公司成本增加，包括審計、法律和 D&O 保險。

Cash consumed from operating activities was $23 million in the third quarter compared to $38.3 million in the second quarter. Sequential decline of $15.3 million was driven primarily by an improvement in working capital as well as lower net loss in the quarter. Cash consumed from investing activities was $188.7 million in the third quarter compared to $12.3 million in the second quarter. The sequential increase in cash consumed from investment activities was driven by the purchase of $179.9 million of marketable securities. Cash generated from financing activities was $2.1 million in the third quarter compared to cash consumption of $15 million in the second quarter. The sequential increase of $17.1 million was driven by lower tax withholdings paid on behalf of employees for the vesting of restricted stock units during the third quarter as well as a one-time contingent consideration payment in the second quarter related to the ASI acquisition. Overall, cash consumed in the third quarter was $210.3 million compared to $61.1 million in the second quarter. The ending cash balance -- the ending balance of cash, cash equivalents, restricted cash, and market securities was $515.5 million as of the end of the third quarter, representing a decrease of $31.2 million sequentially.

第三季度經營活動消耗的現金為 2300 萬美元，而第二季度為 3830 萬美元。 1530 萬美元的連續下降主要是由於營運資本的改善以及本季度的淨虧損減少。第三季度投資活動消耗的現金為 1.887 億美元，而第二季度為 1230 萬美元。購買 1.799 億美元的有價證券推動了投資活動所消耗現金的連續增長。第三季度融資活動產生的現金為 210 萬美元，而第二季度的現金消耗為 1500 萬美元。環比增長 1,710 萬美元是由於第三季度代表員工為授予限制性股票單位支付的預扣稅款減少，以及第二季度與 ASI 收購相關的一次性或有對價支付。總體而言，第三季度消耗的現金為 2.103 億美元，而第二季度為 6110 萬美元。期末現金餘額——截至第三季度末，現金、現金等價物、受限現金和市場證券的期末餘額為 5.155 億美元，環比減少 3120 萬美元。

And with that, let's turn to guidance for the fourth quarter of 2022. We expect revenue in the fourth quarter to range between $51 million and $54 million, which reflects $34 million to $37 million of contribution from Space Systems and $17 million of contribution from launch services, which assumes 3 launches or 1 remaining launch in the quarter with 1 of those 3 launches being the attempted Booster Recovery R&D mission last week that was only partially filled, resulting in lower absolute and per launch contribution in the quarter. We expect fourth quarter GAAP gross margin to range between 5% and 7% and non-GAAP gross margin to range between 16% and 18%. These forecasted GAAP and non-GAAP gross margins reflect the anticipated lower absorption of overhead expense in the Launch Services segment as well as a higher mix of lower-margin products within our Space Systems segment.

有了這個，讓我們轉向 2022 年第四季度的指導。我們預計第四季度的收入將在 5100 萬美元至 5400 萬美元之間，這反映了來自太空系統的 3400 萬美元至 3700 萬美元的貢獻以及來自發射的 1700 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，其中 3 次發射中的 1 次是上週嘗試的助推器回收研發任務，僅部分完成，導致本季度的絕對和每次發射貢獻較低。我們預計第四季度 GAAP 毛利率在 5% 到 7% 之間，非 GAAP 毛利率在 16% 到 18% 之間。這些預測的 GAAP 和非 GAAP 毛利率反映了發射服務部門預計較低的管理費用吸收，以及我們的空間系統部門中較低利潤率產品的更高組合。

We expect fourth-quarter GAAP operating expenses to range between $39 million and $41 million and non-GAAP operating expenses to range between $28 million and $30 million. This quarter-on-quarter increase is driven primarily by increased R&D staff costs and prototype expense related to continued growth in our investments in the Neutron launch vehicle and development and scaling of our Photon product family. We expect fourth-quarter GAAP and non-GAAP net interest expense to be $1 million, and we expect fourth-quarter adjusted EBITDA loss to range between $12 million and $60 million and basic shares outstanding to be approximately 474 million shares.

我們預計第四季度 GAAP 運營費用將在 3900 萬美元至 4100 萬美元之間，非 GAAP 運營費用將在 2800 萬美元至 3000 萬美元之間。這一季度環比增長主要是由於研發人員成本和原型費用增加，這與我們對中子運載火箭的投資以及光子產品系列的開發和擴展相關的持續增長。我們預計第四季度 GAAP 和非 GAAP 淨利息支出為 100 萬美元，我們預計第四季度調整後 EBITDA 虧損在 1200 萬美元至 6000 萬美元之間，流通在外的基本股約為 4.74 億股。

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

有了這個，我想打開提問的電話。

Thank you, Adam. During the Q&A portion of today's call Rocket Lab will address the selection of questions from retail shareholders posted to our Q&A platform with Technologies. We'll begin by answering a selection of shareholder questions from amongst the top voted questions on the platform. We'll pass over any questions which are likely to have been answered already throughout today's presentation. And we may group together questions that touch on the same things. But with that, the first question is from Daniel D. who asked, we are beginning to see major multinational corporations partner with Space Systems providers like Apple with Globalstar and General Dynamics with Iridium to provide more integrated services. Will Rocket Lab see a partnership similar to these in the future?

謝謝你，亞當。在今天電話會議的問答部分中，Rocket Lab 將解決零售股東發佈到我們與技術的問答平台的問題的選擇。我們將首先從平台上投票最多的問題中回答一些股東問題。我們將忽略在今天的演示文稿中可能已經回答的任何問題。我們可以將涉及相同事物的問題組合在一起。但是，第一個問題來自 Daniel D.，他問道，我們開始看到大型跨國公司與空間系統供應商合作，例如 Apple 與 Globalstar 和通用動力與 Iridium 合作，以提供更集成的服務。 Rocket Lab 會在未來看到類似的合作嗎？

Okay. Thanks, Murielle. Well, I guess, the answer to this question is, you can already see that we are a strong partner with Globalstar building their constellation, which is ultimately supporting some of those names. So the answer to the question is actually is yes. We already are.

好的。謝謝，穆里爾。好吧，我想，這個問題的答案是，你已經可以看到，我們是 Globalstar 建立星座的強大合作夥伴，最終支持其中一些名稱。所以這個問題的答案實際上是肯定的。我們已經是了。

Our next question is from Michael H., who asks when will the company reach profitability?

我們的下一個問題來自 Michael H.，他問公司什麼時候才能實現盈利？

Yes, I'll take that, Murielle. While most of the elements of our business have been ramping well, we're still in the early stages of our neutron development and investments. So achieving and sustaining profitability can really only happen once we've got the majority of the R&D spending for Neutron in the rearview mirror. So I think that's the best way to look at it. It's really -- we've got a couple of things converging. We have an increase and sustained investment in Neutron. And of course, that will come to [Crexendo] as we approach the launch. But we still need the rest of the business to grow and perform to overcome that investment in Neutron in the short term.

是的，我會接受的，Murielle。雖然我們業務的大部分要素都發展良好，但我們仍處於中子開發和投資的早期階段。因此，只有在我們將 Neutron 的大部分研發支出放在後視鏡中之後，才能真正實現並保持盈利。所以我認為這是看待它的最佳方式。真的 - 我們有幾件事正在融合。我們對 Neutron 的投資有所增加和持續。當然，隨著我們接近發布，這將涉及 [Crexendo]。但我們仍然需要其他業務增長和表現，以在短期內克服對 Neutron 的投資。

The next question is from Kevin R. who wants to know. Are there any more potential acquisitions Rocket Lab is considering in the near term?

下一個問題來自 Kevin R.，他想知道。 Rocket Lab 近期是否有更多潛在的收購計劃？

Yes, I can take that one as well, Murielle. So unfortunately, we can't speak to any specific acquisition opportunities, but we continue to see strategic inorganic growth opportunities in our markets, but there are no deals currently in advanced stage of discussion. We're very happy with the 4 strategic acquisitions we've done, and we do believe there are deals to be done, both large and small, that fit well within our end-to-end space solutions vision.

是的，我也可以拿那個，穆里埃爾。因此，不幸的是，我們無法談論任何具體的收購機會，但我們繼續在我們的市場中看到戰略性無機增長機會，但目前沒有處於討論後期的交易。我們對我們完成的 4 次戰略收購感到非常滿意，並且我們確實相信，無論大小，都非常符合我們端到端空間解決方案的願景。

Our next question then is from Carter M, who asks, does Rocket Lab’s any large military contracts in the near or distant future?

接下來我們的下一個問題來自 Carter M，他問，Rocket Lab 在近期或遙遠的將來是否有任何大型軍事合同？

Yes, I can take that one, Murielle. There's some pretty significant in contracts. We can't really discuss that we're actively working on. It's easy to imagine a lot of these in contracts are very long lead time processes. Generally, though, I can say we are seeing really an increased engagement from strategic D&D program opportunities that we think we can bring a new level of stability and scale from our business to both launch and on basis in [site].

是的，我可以拿那個，穆里爾。合同中有一些非常重要的。我們無法真正討論我們正在積極開展工作。很容易想像合同中的很多這些都是非常長的交貨時間流程。不過，總的來說，我可以說我們確實看到戰略 D&D 計劃機會的參與度有所增加，我們認為我們可以將我們的業務的穩定性和規模提升到一個新的水平，無論是在 [網站] 的發布還是在基礎上。

I'm going to summarize now some of the questions we've had for demand for launch services. So I'll put it forward in this question here. What are the impacts on Electron [matters]? Is it customer readiness level of demand or any other factor that you might like to comment on?

我現在要總結一下我們對發射服務需求的一些問題。所以我會在這裡提出這個問題。對 Electron [物質] 有什麼影響？是客戶需求水平還是您可能想評論的任何其他因素？

Yes, I can take a swing at this. I can compare a dedicated launch vehicle to like the difference between an Uber service and a bus. And it's -- the analogy is stronger than you think in the fact that on an ever service when you call it, that's when you call it and rise on your timescale. And that's the same with the dedicated small launches is the value that we offer our customers or one of the value is they can call us when -- and we meet their time frames. Now the challenge for us is always is if they're not ready on time, we're the Uber left outside the restaurant, waiting for someone to come outside. And this year, I think we've done a really good job certainly way better than previous years of managing that by processing multiple customers at once. So if one customer has an issue during either an integration or processing or even as they get in your satellite prepared, we can jump in front with another one.

是的，我可以試試這個。我可以將專用運載火箭與優步服務和公共汽車之間的區別進行比較。而且它 - 這個類比比你想像的更強大，因為當你調用它時，當你調用它並在你的時間尺度上上升時。這與專門的小型發布相同的是我們為客戶提供的價值，或者價值之一是他們可以在何時打電話給我們 - 我們滿足他們的時間框架。現在我們面臨的挑戰始終是，如果他們沒有按時準備好，我們就是留在餐廳外的優步，等著有人出來。今年，我認為我們通過一次處理多個客戶來管理它，肯定比前幾年做得更好。因此，如果一位客戶在集成或處理過程中遇到問題，甚至在他們準備好進入您的衛星時，我們可以與另一位客戶搶在前面。

And we joke here is literal, we call it manifest [Watermill] where you literally fighting to keep the launch cadence. So the thing that affects our launch cadence, the most is, in fact, customer readiness than this demand. And when a customer slips, it's not that they go away, they just flip into a different quarter or slip into, in some cases, a different year. So we've seen continued growth in demand and which is pleasing to see. If we look at '23 and '24, we can see that we have line of sight to our model closing. So that's all good. But customer readiness is the one thing that always is challenging to manage.

我們在這裡開玩笑是字面意思，我們稱之為清單 [Watermill]，您實際上是在努力保持發射節奏。所以影響我們發布節奏的東西，實際上是客戶的準備程度，而不是這個需求。當客戶滑倒時，並不是他們離開了，他們只是進入了不同的季度，或者在某些情況下滑入了不同的年份。因此，我們看到需求持續增長，這是令人高興的。如果我們查看'23 和'24，我們可以看到我們的模型關閉。所以這一切都很好。但是，客戶準備是始終難以管理的一件事。

Maybe another one for you. We've had several questions about electron usability from shareholders. The main points coming through has been what is the progress towards Electron recoverability and to what extent will reusability drive down launch costs? And then finally, how does this process inform and help guide the design of Neutron?

也許另一個適合你。我們從股東那裡收到了幾個關於電子可用性的問題。主要觀點是電子可回收性的進展如何，可重用性在多大程度上會降低發射成本？最後，這個過程如何告知和幫助指導 Neutron 的設計？

Thanks, Murielle. I guess the question that most people will be asking is what happened on the last launch. And what we can say is that during reentry, we need a telemetry lock with the vehicle so we can determine where it is in the space because it's not responsible to put a helicopter in a zone where there's potentially a reentering rocket. So it's very normal for us to lose that telemetry length through the reentry process because of the plasma and the heat and the barbecue role that we put the stage in. And in this occasion, we didn't regain the lock in a time that was sufficient for us to put the helicopter into an area to be able to successfully catch it. And that was a safety call that we made, and we have very strict flight rules around that, and that was ultimately the call we made. But we still pushed out of the ocean, and we continue to be very, very confident that we're going to get there with this recoverability.

謝謝，穆里爾。我想大多數人會問的問題是上次發佈時發生了什麼。我們可以說的是，在再入期間，我們需要對車輛進行遙測鎖定，以便我們可以確定它在太空中的位置，因為它不負責將直升機放在可能有再入火箭的區域。所以我們在再入過程中失去遙測長度是很正常的，因為等離子體和熱量以及我們放置舞台的燒烤作用。在這種情況下，我們沒有在那個時間重新獲得鎖定足以讓我們將直升機放入一個能夠成功捕捉到它的區域。那是我們做出的安全呼籲，我們對此有非常嚴格的飛行規則，這最終是我們做出的決定。但是我們仍然被趕出了海洋，我們仍然非常非常有信心，我們將以這種可恢復性到達那裡。

And it's important to point out that our other [primes] down the road took many, many attempts to successfully nail this. So that's probably the question on most people's mind, but more directly to the answer to the question that you had. The majority of the cost of the rocket is in the first stage, if you can get that first stage back in a good condition and service it without having to rebuild it completely, then it is a very, very strong performance driver from a margin and cost perspective. So that's -- it's all goodness. And then with respect to Neutron, man, I wouldn't be wanting to develop a reasonable rocket without having all of this knowledge and experience of reentering launch vehicles and controlling them and all of those things that becomes a long way. It is technically a very, very challenging thing to do, but it's -- we're really the best position possible given all the experience that we're learning from Electron – Neutron, sorry. And it's directly applicable to Neutron and making sure that Neutron out of the gate is very successful from renewability standpoint.

重要的是要指出，我們未來的其他 [primes] 進行了很多次嘗試來成功地解決這個問題。所以這可能是大多數人心中的問題，但更直接地回答了你所提出的問題。火箭的大部分成本都在第一級，如果您可以讓第一級恢復良好狀態並對其進行維修而無需完全重建它，那麼它是一個非常非常強大的性能驅動器，並且成本觀點。所以這就是——這都是好事。然後關於中子，伙計，如果沒有重新進入運載火箭和控制它們的所有這些知識和經驗，以及所有那些變得漫長的事情，我不會想開發一個合理的火箭。從技術上講，這是一件非常非常具有挑戰性的事情，但考慮到我們從 Electron - Neutron 那裡學到的所有經驗，我們確實是最好的職位，抱歉。它直接適用於 Neutron 並確保 Neutron 從可再生性的角度來看非常成功。

We've also had several questions about Rocket Lab's performance overall, which I'll summarize by asking how would you say Rocket Lab compares to other commercial space companies, particularly in small launch, but also across end-to-end space solutions.

我們還對 Rocket Lab 的整體性能提出了幾個問題，我將通過詢問您如何將 Rocket Lab 與其他商業航天公司進行比較來總結這些問題，特別是在小型發射方面，但也包括端到端的太空解決方案。

Yes, I'll take the first pass. This one, Murielle. Yes, I think we've distinguished ourselves in a few important ways. Clearly, launch [heritage] is the most obvious. As we noted earlier, we successfully launched more times this year so far than all other small launch players. And we did combined, and we did this while establishing our leadership in responsive space launching twice within 15 days. So I think those accomplishes speak for themselves and how we view ourselves as being very separate and unique with regards to the rest of the small launch group. Additionally, we think there's -- there was a window for paying customers to take a bet on a new small launch provider, but feel like that window is really closed. It feels like we're now in a period where new launch providers are going to have to self-fund establishing a launcher with sufficient flight heritage for customers, people want to take risk.

是的，我會通過第一關。這個，穆里爾。是的，我認為我們已經在幾個重要方面脫穎而出。顯然，發射[遺產]是最明顯的。正如我們之前提到的，我們今年迄今為止成功發布的次數比所有其他小型發布玩家都要多。我們確實合併了，我們做到了這一點，同時在 15 天內兩次建立了我們在響應式太空發射方面的領導地位。因此，我認為這些成就不言自明，以及我們如何看待自己相對於其他小型發射團隊而言是非常獨立和獨特的。此外，我們認為付費客戶有一個窗口可以押注新的小型發射提供商，但感覺這個窗口真的關閉了。感覺就像我們現在處於一個新的發射提供商將不得不自籌資金建立一個為客戶提供足夠飛行傳統的發射器的時期，人們想冒險。

So I think that really goes to future competition and even the people who have already made it through the first round, if you will. But there's a lot of work to do and you have to look at what the customer incentives are here given the state of development of various players, including ourselves. And related with regard to the end-to-end space play, we were aggressive in acquiring over heritage with our 4 acquisitions, and we're certainly leveraging that heritage into larger and larger end-to-end opportunities in a very range like the MDA Globalstar program that we've talked a lot about. So again, I think there's very clear and obvious ways that we differentiate ourselves from the crowd. And we're very comfortable with the strategy and the execution against that so far.

所以我認為這真的適用於未來的比賽，甚至是那些已經通過第一輪的人，如果你願意的話。但是還有很多工作要做，鑑於包括我們自己在內的各種參與者的發展狀態，您必須看看這裡的客戶激勵措施是什麼。與端到端太空遊戲相關的是，我們通過 4 次收購積極地收購了更多的遺產，我們當然正在將這些遺產用於越來越大的端到端機會，例如我們談了很多的 MDA Globalstar 計劃。再說一次，我認為我們有非常明確和明顯的方式可以將自己與人群區分開來。到目前為止，我們對策略和執行非常滿意。

And with that, we'll be moving on now from shareholder questions. Thank you to everyone for your thoughtful engagement from our shareholders. We will open up the line now to questions from the analysts on the call. So over to you, operator.

有了這個，我們現在將從股東問題開始。感謝大家對我們股東的深思熟慮的參與。我們現在將在電話會議上向分析師提問。所以交給你了，接線員。

We will now begin the live Q&A. (Operator Instructions). Our first question comes from the line of Matt Akers with Wells Fargo.

我們現在開始現場問答。 （操作員說明）。我們的第一個問題來自富國銀行的 Matt Akers。

I wonder if you could touch in a little bit more detail on the Q4 guidance for launch revenue. I think you mentioned why it was a little bit lower than what you might expect for 3 launches, but you go into some more detail there and then how we should think about ASP? Does that still ramp up as we get into next year?

我想知道您是否可以更詳細地介紹第四季度的發布收入指南。我想你提到了為什麼它比你對 3 次發布的預期要低一些，但是你在那裡更詳細地介紹了一些細節，然後我們應該如何看待 ASP？隨著我們進入明年，這種情況還會增加嗎？

Yes, sure, Matt. I'll take that question and Pete can chime in if you'd use it differently. But so within the Q4 guide, probably the -- obviously, the biggest impact is having one of our customers push their scheduled launch from Q4 into next year. It's one of those things that you get -- don't get a lot of notice from the customer sometimes on these things. So that was a late-breaking change, more of a soft guide for Q4 on the launch service side of things. The other thing is we had our recoverability launch that we did last week, which it was really an R&D platform. We look at it as almost like sub-sized R&D. So we take a partially filled rocket so that otherwise, we could feel if we weren't so schedule-driven to make sure that we get a certain number of attempted recoveries in place.

是的，當然，馬特。我會接受這個問題，如果你以不同的方式使用它，Pete 可以插話。但是，在第四季度指南中，可能——顯然，最大的影響是讓我們的一位客戶將他們的預定發佈時間從第四季度推遲到明年。這是你得到的東西之一——有時在這些事情上不會從客戶那裡得到太多的注意。所以這是一個最新的變化，更多的是第四季度在發布服務方面的軟指南。另一件事是我們上週進行了可恢復性發布，這實際上是一個研發平台。我們認為它幾乎就像小型研發。所以我們採取了一個部分填充的火箭，否則，我們可以感覺到如果我們不那麼按計劃行事，以確保我們獲得一定數量的嘗試恢復。

So I think those are really the primary movers. So that will look like when you look at the revenue contribution from launch in Q4, you might look like, well, the average selling price is going down too much lower number, but it's really not because that recovery ride share again was really more of an R&D mission. As we look forward into 2023 and beyond, we actually see a pretty firm pricing environment for our product. We're not seeing any big discounts. Occasionally, we'll do some material discounts when customers are signing up for large bulk buys as is the case with pretty much any other business. But right now, we're feeling pretty good about where our pricing is. And again, over the last several years, we've actually seen price increases. So yes, I don't know if that answers your question or Pete, if you have a different view.

所以我認為這些才是真正的主要推動者。因此，當您查看第四季度發布的收入貢獻時，您可能看起來，平均售價下降了太多，但實際上並不是因為恢復乘車份額真的更多一個研發任務。當我們展望 2023 年及以後，我們實際上看到我們產品的定價環境非常穩固。我們沒有看到任何大的折扣。有時，當客戶註冊大批量購買時，我們會提供一些實質性折扣，幾乎所有其他業務都是如此。但是現在，我們對定價的位置感覺很好。再一次，在過去的幾年裡，我們實際上已經看到了價格上漲。所以是的，我不知道這是否回答了你的問題或皮特，如果你有不同的看法。

That does answer my question. Sorry, go ahead.

那確實回答了我的問題。對不起，繼續。

No matter, I was just valiantly agreeing with Adam.

沒關係，我只是勇敢地同意亞當。

Got it. Okay. That's helpful. And then I guess if you could talk just how are you thinking about next year? I don't know if you can give any help in terms of how we should think about growth at the 2 different segments off of the Q4 run rate, if there's any early thoughts on that?

知道了。好的。這很有幫助。然後我想你能不能談談你對明年的看法？我不知道您是否可以就我們應該如何考慮第四季度運行率的兩個不同部分的增長提供任何幫助，如果有任何早期的想法嗎？

Yes. I'll take the first pass of that as well. So we're looking at what we think will be actually a pretty impressive growth year for -- on the Electron launch cadence. So this year, with the manifest that we just closed out or we have, again, one more launch before we close out the year at 10 launches, we think there's significant growth. Right now, we pegged the – right now estimated launches for next year at around 14%, so about 40% growth year-on-year. And again, with fairly firm, I would say, pricing, we're still going to have a few R&D efforts around booster recovery. So overall, if you want to think about the pricing on average when that's all factored in, of somewhere around $7 million to $7.5 million per launch. Again, some will be higher, some we lower, particularly on the R&D booster recovery side of things. But yes, so again, we're looking at good growth year-on-year for the launch business. And then when we look at the Space Systems business, we really have 5, if you said, vertical, if you will, within Space Systems.

是的。我也將採取第一次通過。因此，我們正在研究我們認為實際上將是一個令人印象深刻的增長年——在電子發射節奏上。因此，今年，鑑於我們剛剛結束或者在我們以 10 次發布結束這一年之前我們再次發布了一次，我們認為有顯著的增長。目前，我們預計明年的發射率約為 14%，因此同比增長約 40%。再說一次，我想說，在定價相當堅定的情況下，我們仍將圍繞助推器回收進行一些研發工作。所以總的來說，如果你想考慮一下平均定價，每次發布大約 700 萬到 750 萬美元。同樣，有些會更高，有些我們會降低，特別是在研發助推器回收方面。但是，是的，我們再次看到發射業務的同比增長良好。然後當我們查看 Space Systems 業務時，如果你說的話，我們真的有 5 個垂直的，如果你願意的話，在 Space Systems 內。

And we see solid growth from 4 of the 5 areas. And if you think of reminder for those who aren't as familiar, so the areas would be satellite design services, satellite manufacturing, satellite components. And then we have the -- sorry, the over services management and [flat data] Services portion of the business. And really, the only part within our mix right now that's looking to be a bit more challenged is on the solar side of the business, and that is primarily a function of the fact of revenue recognition around internal programs. So if we step back and look at the strategic rationale for buying a business like SolAero is particularly to make sure that we had complete control of our own control as we can manage of our supply chain. So very strategic from that perspective. But as we take that merchant capacity at SolAero and we direct it towards internal programs like the MDA Globalstar program, for example, you end up having delays in revenue recognition. So as, for example, the products that are coming out of SolAero start to ship, ultimately with the completed satellites we'll have that delayed revenue recognition at that time.

我們看到 5 個領域中的 4 個實現了穩健增長。如果你想提醒那些不熟悉的人，那麼這些領域將是衛星設計服務、衛星製造、衛星組件。然後我們有 - 抱歉，業務的過度服務管理和 [平面數據] 服務部分。實際上，我們目前組合中唯一面臨更大挑戰的部分是業務的太陽能方面，這主要是圍繞內部計劃進行收入確認這一事實的函數。因此，如果我們退後一步，看看購買像 SolAero 這樣的企業的戰略理由，尤其是要確保我們完全控制自己的控制權，因為我們可以管理我們的供應鏈。從這個角度來看，非常具有戰略意義。但是，當我們將 SolAero 的商戶能力用於 MDA Globalstar 計劃等內部計劃時，您最終會延遲收入確認。例如，從 SolAero 出來的產品開始發貨，最終隨著衛星的完成，我們將在那個時候延遲收入確認。

So it's a near-term hit to revenue as you get -- you push that revenue recognition out. In our case, we'll start shipping those satellites in 2024. So it caused a bit of a pause to the business in 2023 for that particular product line, again, until we get to revenue recognition as we ship the satellites in a meaningful way in 2024. But as I said, the rest of the business, the other -- if you look at the other 3 acquired businesses from Sinclair to SolAero and ASI -- sorry, PSC, Sinclair and ASI, we're seeing strong growth across those acquisitions. And our organic Space Systems business is as far as satellite design and manufacturing, that's growing as well. So we're really dealing with a bit of a challenge because such a large portion of our Space Systems revenue is coming from that SolAero piece, which again, is being affected by the revenue recognition or ASC 606 treatment.

因此，當您獲得收入時，這會在短期內對收入造成影響-您將收入確認推遲。在我們的案例中，我們將在 2024 年開始運送這些衛星。因此，它再次導致該特定產品線的業務在 2023 年暫停，直到我們以有意義的方式運送衛星時實現收入確認2024 年。但正如我所說，其餘業務，另一個 - 如果你看看從 Sinclair 到 SolAero 和 ASI 的其他 3 個收購業務 - 抱歉，PSC、Sinclair 和 ASI，我們看到整個業務的強勁增長那些收購。就衛星設計和製造而言，我們的有機空間系統業務也在增長。因此，我們確實在應對一些挑戰，因為我們的 Space Systems 收入的很大一部分來自 SolAero 部分，而這又受到收入確認或 ASC 606 處理的影響。

Our next question comes from the line of Scott [Gulch] with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Scott [Gulch]。

Pete, one of your peers in the launch industry is -- that are building oxygen-rich close-cycle engine as well. And I think it's fair to say it's been a bit of a challenge for them. And I recognize you guys have a great track record for execution. But can you maybe just talk a bit about what makes you guys comfortable with the development time line you've laid out there for the team on Archimedes and how you would give us some comfort about the risk of cost overruns or schedule slippage on that engine architecture?

皮特，你在發射行業的同行之一是——他們也在製造富氧閉式循環發動機。我認為公平地說這對他們來說是一個挑戰。我承認你們有很好的執行記錄。但是你能不能談談是什麼讓你們對你為阿基米德團隊制定的開發時間表感到滿意，以及你如何讓我們對成本超支或該引擎的進度延誤風險感到安慰建築學？

Yes, Scott, it's a great question. So I guess the fundamental difference is generally the reason you go to oxygen-rich close cycle is for performance. So you're trying to extract the maximum amount of ISP out of a particular engine. And what that means is you end up with trust or chamber pressures in many thousands of TSI. And that's always a good way to determine like how stressed is an engine. Our rationale for going to the oxygen-rich cycle was not because we're trying to squeeze out huge amounts of ISP and really push chamber pressures. In fact, our chamber pressures are down at gas generator chamber pressures at 1,500, 2,000 PSI, which is low. Our rationale for going to the cycle was from a reusability standpoint. And ultimately, that cycle provides the best probability of reusability. So it's a long and way of saying we're not trying to push the cycle. Like generally, you go to that cycle because you need the performance. We're not going to that cycle because we need the performance, and we're not trying to extract the performance.

是的，斯科特，這是一個很好的問題。所以我想根本的區別通常是你去富氧封閉循環的原因是為了表現。因此，您試圖從特定引擎中提取最大數量的 ISP。這意味著您最終會在成千上萬的 TSI 中承受信任或商會壓力。這始終是確定引擎壓力的好方法。我們進行富氧循環的理由並不是因為我們試圖擠出大量的 ISP 並真正推動腔室壓力。事實上，我們的腔室壓力在氣體發生器腔室壓力為 1,500、2,000 PSI 時下降，這是很低的。我們進入循環的理由是從可重用性的角度來看。最終，該循環提供了可重用性的最佳可能性。因此，這是一個很長的說法，我們並沒有試圖推動這個週期。和一般情況一樣，你進入那個週期是因為你需要表現。我們不會進入那個循環，因為我們需要性能，而且我們不是試圖提取性能。

So you basically have an engine that is very, very cold and not running up against the limit. So that gives us a lot of confidence in the development timeline because, for example, [pre-burner] pressure in some of our peers' engines run at 11,000 PSI or 8,000 to 11,000 PSI. And we're just down in a few thousand PSI. So at that ultimately means is the temperatures of the turbines, which are the things that cause you the [great] very low, which means we don't need exotic materials and ultimately, the turbine it stresses and strains are very low as well. So it's really taking an engine that normally someone chooses for performance and derating it right down to prefer purposes, which is ultimately the liability. So we don't – rocket engine, there's always development challenges along the way. But when -- and the team looks at what turbine speeds and pressures and temperatures that we need to achieve at the cycle, they're really, really boring, which is what we said we wanted to do is make a very boring engine. So I wouldn't confuse like the cycle with the complex of a year.

所以你基本上有一個非常非常冷的引擎，並且沒有達到極限。因此，這讓我們對開發時間表充滿信心，因為例如，我們的一些同行發動機的 [pre-burner] 壓力以 11,000 PSI 或 8,000 到 11,000 PSI 運行。而且我們只是下降了幾千 PSI。所以最終意味著渦輪機的溫度，這是導致你[偉大]非常低的東西，這意味著我們不需要外來材料，最終，渦輪機的壓力和應變也非常低。因此，它實際上是採用通常有人選擇性能的引擎並將其降級以更喜歡目的，這最終是責任。所以我們不會——火箭發動機，一路上總會遇到開發挑戰。但是，當團隊查看我們在循環中需要達到的渦輪速度、壓力和溫度時，它們真的非常非常無聊，這就是我們所說的我們想做的就是製造一個非常無聊的發動機。所以我不會將周期與一年的複雜性混淆。

Okay. That makes a lot of sense. And then, Adam, you mentioned that some larger potential deals are maybe taking longer to close. Can you just talk a bit more about that? Is that the slowing of the sales cycle? Is that more on the commercial side? Or is it more from government customers?

好的。這很有意義。然後，亞當，你提到一些更大的潛在交易可能需要更長的時間才能完成。你能多談談嗎？這是銷售週期的放緩嗎？更多的是商業方面嗎？還是更多來自政府客戶？

Yes. I would say it's a little bit of both. And I think it's also a function of the fact that we're not chasing, [1D, 2D], small deals anymore. We're chasing needle-moving opportunities that just by definition are more complex. It's taking more -- more of a holistic effort across the product lines in the company. So it's -- again, all of this is reinforcing the strategy being an end player and having more to bring to the table and going after bigger and bigger game. And in this case, I think we've got a really good line of sight into that game that I think we're going to catch. But it's just taking a little bit longer. I don't think it's -- these things are taking, I would say, many quarters longer. But in some cases, they're taking a little bit longer. And again, our commence level is very high, then we're going to close on some of these bigger material deals. So again, just complexity size is really -- it's a good thing in this case, but it does take a little bit longer than one-off smaller individual deals.

是的。我會說兩者兼而有之。而且我認為這也是我們不再追逐[1D，2D]小交易這一事實的一個功能。我們正在追逐根據定義更為複雜的針頭移動機會。它需要更多——更多的是公司產品線的整體努力。所以它 - 再次，所有這些都在強化作為最終玩家的戰略，並有更多的東西可以帶到桌面上並追求越來越大的遊戲。在這種情況下，我認為我們對那場比賽有很好的了解，我認為我們會抓住這一點。但這只是需要更長的時間。我不認為是——我想說，這些事情要花上好幾個季度。但在某些情況下，他們需要更長的時間。再說一次，我們的開始水平非常高，然後我們將完成一些更大的實質性交易。再說一次，只是複雜性大小確實 - 在這種情況下這是一件好事，但它確實比一次性較小的個人交易需要更長的時間。

Got it. Congratulations on the progress.

知道了。祝賀取得進展。

Our next question comes from the line of Erik Rasmussen with Stifel.

我們的下一個問題來自 Erik Rasmussen 和 Stifel。

I just wanted to real quick on the pricing. It seemed like there was a little bit of pressure this quarter because of the R&D but you're still thinking you're in the $7 million to $7.5 million for next year. But how is pricing beyond – you exclude those R&D programs, where is pricing today? Is it higher on average than what we're seeing currently and what we've seen throughout 2022?

我只是想快速了解定價。由於研發，本季度似乎有一點壓力，但你仍然認為明年的收入在 700 萬到 750 萬美元之間。但是，除了那些研發項目之外，定價如何？今天的定價在哪裡？它的平均水平是否高於我們目前看到的以及我們在整個 2022 年看到的平均水平？

No, so, the average sticker price or your basic mission is still running around $7.5 million, again, some higher or some lower. We're not -- when we're pricing out on time, we've got our pricing table that assumes a certain level of increases per year. Part of that is just to deal with the inflationary pressures that we're all dealing with. But again, we're not seeing -- really, we're not seeing a lot of dramatic pressure on the pricing side. We're -- I think we -- customers realize the cost and the value of small dedicated launch, and they don't really compare us to things like share on an apples-to-apples basis because it's really not a good apples-to-apples comparison. So again, pricing is holding up fine.

不，所以，平均標價或你的基本任務仍然在 750 萬美元左右，同樣，高一些或低一些。我們不是——當我們按時定價時，我們的定價表假設每年有一定程度的增長。其中一部分只是為了應對我們都在應對的通脹壓力。但同樣，我們沒有看到 - 實際上，我們沒有看到定價方面的巨大壓力。我們 - 我認為我們 - 客戶意識到小型專用發布的成本和價值，他們並沒有真正將我們與蘋果對蘋果的分享之類的東西進行比較，因為它真的不是一個好蘋果-對蘋果的比較。因此，價格再次保持良好。

Okay. And then on margins coming down next quarter, how do you -- just trying to get a sense of where the pressure is coming from? Is it still SolAero? Is it something else? And then how should we be thinking about margins for next year or just directionally because we're seeing a step down here and we've seen some pressure throughout the year. Should we still be looking at SolAero as potentially having 30% margins at some point? And are we still on track for that?

好的。然後在下個季度利潤率下降的情況下，您如何 - 只是想了解壓力來自哪裡？還是 SolAero 嗎？是別的嗎？然後我們應該如何考慮明年的利潤率，或者只是方向性的，因為我們看到這裡有所下降，而且我們全年都看到了一些壓力。我們是否仍應將 SolAero 視為可能在某個時候擁有 30% 的利潤率？我們是否還在為之努力？

Yes. So I'll take those in a couple of different pieces. So on the overall margin directionality, so with -- on the launch side, whenever you have less revenue contribution from launch, then you have less production overhead absorption. So the fact that we have 3 launches, but one of them is heavily subsidized R&D, it just doesn't give you as much air cover for that. So I think what we saw in our Q3 results is the positive trend of increasing gross margin when we have full -- 3 full-price launches. So one launch per month is on the undiscounted normal launches. I think that gets us on our path with all the cost reduction activities that we have going on for Electron margin improvement, really, again, gives us confidence that we're put it in the right direction. On the -- so again, on the launch side, I think that again, it's all about having at least one launch per month in the quarter when you've got anything less than that or a subsidized launch in the quarter that starts to eat into that in a meaningful way. And again, we're just getting underway now for some meaningful margin improvement projects on Electron specifically as we've now gotten that product stabilized, and we're looking to really turn the crank on profitability.

是的。所以我會把它們分成幾個不同的部分。因此，就整體利潤率方向而言，在發布方面，只要您從發布中獲得的收入貢獻較少，那麼您吸收的生產開銷就會減少。所以事實上我們有 3 次發射，但其中之一是高額補貼的研發，它只是沒有給你那麼多的空中掩護。因此，我認為我們在第三季度的業績中看到的是，當我們全面推出 3 次全價產品時，毛利率增加的積極趨勢。因此，每月一次發射是在未打折的正常發射上。我認為這讓我們走上了我們為提高 Electron 利潤率而進行的所有成本降低活動的道路上，真的，再一次，讓我們相信我們把它放在正確的方向上。在 - 所以再次，在發布方面，我再次認為，這一切都是關於在本季度每月至少發布一次，當你得到的東西少於這個時，或者在開始吃掉的那個季度有補貼的發布以有意義的方式進入其中。再說一次，我們現在才剛剛開始在 Electron 上進行一些有意義的利潤率改進項目，特別是因為我們現在已經穩定了該產品，並且我們正在尋求真正扭轉盈利能力。

When you think about the Space Systems margins in side of things, it's got a little bit of a yin and a yang here. You have with -- I mentioned earlier when Matt asked the question about growth in 2022, and SolAero being impacted by revenue recognition for internal programs that they would not have been impacted by if they were just selling out of the broad merchant market. That's a bit of a -- again, a bit of a blessing curse because we'll have less relative contribution from SolAero in -- at least for the majority of 2023 as they continue to ship into these internal programs, and we don't get to recognize the revenue. So that means that the rest of Space Systems will contribute more relatively speaking, and that should be helpful to the overall margins for Space Systems. I think when you look at SolAero's gross margins in isolation, we've done a lot of work with that team.

當你考慮太空系統的邊際問題時，這裡有點陰陽。你有——我之前提到過，當馬特問到關於 2022 年增長的問題時，SolAero 受到內部項目收入確認的影響，如果他們只是在廣闊的商業市場上出售，他們就不會受到影響。這有點——再一次，有點祝福詛咒，因為我們將在 2023 年的大部分時間裡從 SolAero 獲得的相對貢獻較少，因為他們繼續運送到這些內部項目中，而我們沒有確認收入。所以這意味著空間系統的其餘部分相對而言會做出更多貢獻，這應該有助於空間系統的整體利潤。我認為，當您孤立地查看 SolAero 的毛利率時，我們已經與該團隊做了很多工作。

We think there's a great opportunity to pull those gross margins up very much in line with what we had been talking about getting to 30 points. So I think there are just some distortions that are happening in the near to intermediate term because of the internal programs. So you won't really necessarily see all of that margin improvement come through in a more visible way. But again, overall for Space Systems, because of that mix that we talked about and the fact that the rest of our Space Systems products have very high gross margins, we think, overall, that should be a positive uplift to Space Systems margin as we progress forward.

我們認為這是一個很好的機會，可以將這些毛利率提高到與我們一直在談論的 30 點一致。因此，我認為由於內部計劃，在近期到中期正在發生一些扭曲。因此，您不一定會看到所有利潤改善都以更明顯的方式實現。但是，對於 Space Systems 而言，總體而言，由於我們談到的這種組合以及我們其他 Space Systems 產品的毛利率非常高的事實，我們認為總體而言，這應該是對 Space Systems 利潤率的積極提升，因為我們前進。

Our next question comes from the line of Suji Desilva with ROTH Capital.

我們的下一個問題來自 ROTH Capital 的 Suji Desilva。

On the launch count guidance for '23 to '14, what's the realistic expectation for how many of those might be out of Virginia? Is it on a quarter early on? I know you said one is going to come on early in '23, and would that progress towards 1 a month over time?

關於 23 年至 14 年的發射計數指導，對於其中有多少可能來自弗吉尼亞州的現實期望是什麼？是提前四分之一嗎？我知道你說過一個會在 23 年初出現，隨著時間的推移會朝著每月 1 個方向發展嗎？

Pete, do you want to take that?

皮特，你想拿那個嗎？

Yes, that's a good question. I'll have to actually part of the manifest see where the space throughout the year. But look, getting a couple of way early in the year is helpful. And then I would imagine them pretty sporadically through the year. Because we haven't had the range operational for a while, we've been cautious in what we book for that site. So I would say that you see them sporadically through the year and then perhaps start to increase near the end of the year, just from the natural life cycle of a launch contract.

是的，這是個好問題。我將不得不在清單的一部分中查看全年的空間。但是看，在年初獲得一些方法是有幫助的。然後我會在一年中偶爾想像它們。因為我們已經有一段時間沒有運營該範圍了，所以我們在為該站點預訂的內容時一直很謹慎。所以我會說你在一年中偶爾會看到它們，然後可能會在接近年底時開始增加，這只是從發射合同的自然生命週期開始。

Yes. Suji, right now, if you look at our -- when we look at our manifest, we would estimate somewhere between 4 and 6 launches of the 14 would come out of FC2 in [Wales].

是的。 Suji，現在，如果你看看我們的——當我們查看清單時，我們估計 14 的 4 到 6 次發射將來自 [威爾士] 的 FC2。

Great. And then, Adam, without going through a full accounting just of course on revenue recognition for these projects, maybe what's going in and what's coming out recognition for the Globalstar MDA agreement. I know you're selling certain products in. Is it recognized when satellites are fully manufactured? Just give us a thumbnail [that's your going] to understand.

偉大的。然後，亞當，當然沒有對這些項目的收入確認進行完整的會計處理，也許是對 Globalstar MDA 協議的確認和確認。我知道您在銷售某些產品。衛星完全製造後是否可以識別？只需給我們一個縮略圖 [that's your going] 就可以理解了。

Yes. We'd have to have a lot more time is allocated on this call. We certainly set some time it to talk about offline because the accounting treatment of ASC 606 gets very complicated. But the way you can think about it is there is a novel amount of revenue that gets realized as you're building up the program, but it's more materials and inventory-driven changes. You realize the bulk of the revenue from these programs, whether it's the MDA Globalstar one, that's obviously a very large one, but other contracts that we have like escaped is when you actually ship the hardware. So when we obviously ship the satellite, that's when we get to recognize the majority of the revenue. So a lot of what that really says is that as we disclosed all of these really exciting satellite projects that we're working on that will be making meaningful progress in 2023 and ultimately ship in volume in 2024 that really sets the stage well for 2024 when we'll have a lot of spring-loaded revenue as a result of not being able to recognize that [ratably] over time. So if you think about the -- I can't give you a percentage of the total contract value that gets recognized in '23 versus 24. But I think roughly speaking, probably 80% of the revenue for, for example, that the Globalstar MDA contract won't be recognized until 2024. So probably 20% in 2023 and the remainder of it in 2024.

是的。我們必須在這次電話會議上分配更多時間。我們當然設置了一些時間來談論離線，因為 ASC 606 的會計處理變得非常複雜。但是您可以考慮的方式是，隨著您建立程序，可以實現新的收入，但更多的是材料和庫存驅動的變化。您意識到這些程序的大部分收入，無論是 MDA Globalstar 的一個，這顯然是一個非常大的一個，但是我們喜歡逃脫的其他合同是當您實際交付硬件時。因此，當我們明顯地運送衛星時，就是我們確認大部分收入的時候。所以很多真正的意思是，當我們披露所有這些非常令人興奮的衛星項目時，我們正在開展這些項目，這些項目將在 2023 年取得有意義的進展，並最終在 2024 年實現批量交付，這確實為 2024 年奠定了良好的基礎。由於無法隨著時間的推移[相當地]認識到這一點，我們將獲得大量的彈簧式收入。因此，如果您考慮一下 - 我無法給您提供 23 年與 24 年確認的總合同價值的百分比。但我認為粗略地說，可能是全球之星收入的 80% MDA 合同要到 2024 年才能得到承認。所以 2023 年可能會得到 20%，而 2024 年會剩下的部分。

Our next question comes from the line of Kristine Liwag with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kristine Liwag。

You're not able to launch cadence of about 1 per month for Electron, and you've already done 30 launches so far. When do you anticipate to record positive gross margin and launch? Did this be around unit 35, unit 40, some unit guidance would be helpful. And then also, Adam, you mentioned that pricing is getting better. We saw SpaceX raise prices this year. Is that an opportunity for you to potentially get to that positive gross margin sooner?

您無法為 Electron 每月發布大約 1 次的節奏，到目前為止，您已經完成了 30 次發布。您預計何時會錄得正的毛利率並推出？這是在第 35 單元、第 40 單元附近嗎，一些單元指導會有所幫助。然後，亞當，你提到定價越來越好。我們看到 SpaceX 今年提高了價格。這對你來說是一個機會，讓你有可能更快地達到那個正的毛利率嗎？

I'll take the first part of that question. I'll let Pete talk to the longer-term pricing leverage and dynamics. But -- so obviously, we're at a positive gross margin now on a non-GAAP basis. But you're right, it's negative on a non-GAAP -- sorry, on a GAAP basis. Again, a lot of good things happen when we're launching more than once per month. So GAAP profitability, that's probably when we get maybe our launch cadence up to, I'd call it, probably, let's say, a solid 4 fully priced launches per quarter is probably where we move into that positive GAAP gross margin level. And the margins that we've been targeting all along have really been when we say 50% gross margin for our launch business, it's really a non-GAAP figure.

我將回答這個問題的第一部分。我會讓皮特談談長期定價槓桿和動態。但是 - 很明顯，我們現在在非公認會計原則的基礎上處於正毛利率。但你是對的，它在非公認會計原則上是負面的——對不起，在公認會計原則的基礎上。同樣，當我們每月發布不止一次時，會發生很多好事。所以 GAAP 盈利能力，這可能是我們的發布節奏達到的時候，我稱之為，可能，假設，每季度穩定 4 次全價發布可能是我們進入積極的 GAAP 毛利率水平的地方。當我們說發射業務的毛利率為 50% 時，我們一直瞄準的利潤率實際上是一個非 GAAP 數字。

So again, I think the GAAP numbers get confused by a lot of noncash items around amortization and so forth, depreciation charges. So it does take a little bit more of a step-up in a regular cadence of, let's call it, 4 fully priced launches per quarter would get us in that solid GAAP gross margin profitability. And Pete, I don't know if you want to speak to the pricing with regards to SpaceX increasing the pricing regionally.

再說一次，我認為 GAAP 數字被許多圍繞攤銷等的非現金項目、折舊費用所混淆。因此，我們確實需要按常規節奏進行更多的提升，讓我們稱之為，每季度 4 次全價發布將使我們獲得穩定的 GAAP 毛利率盈利能力。還有皮特，我不知道你是否想談談關於 SpaceX 提高區域定價的定價。

Yes. Look, I think everybody feels the pressure of the pro chain and increase costs. And to [ads] point, electronics pricing has done nothing but go up since the [first state]. And if you look forward at future pricing, it's certainly more reflective of that environment. So yes, [answer to] other questions, we don't see the pricing increasing in your time soon.

是的。看，我想大家都感受到了專業鏈的壓力，增加了成本。就 [廣告] 而言，自 [第一個州] 以來，電子產品的價格除了上漲之外什麼也沒做。如果你期待未來的定價，它肯定更能反映這種環境。所以，是的，[回答] 其他問題，我們認為您的價格不會很快上漲。

And maybe, Peter, following up on retrieval. After last week, the helicopter retrieval attempt you explained that the chances for success are much smaller than those for failure because of many complex factors must perfectly align. So I just want to unpack this a little bit. How are you thinking about the success rate of each achievable attempt then going forward? And then also, has last week's attempt changed how you're thinking at all on the helicopter approach?

也許，彼得，跟進檢索。上週之後，你解釋說直升機回收嘗試成功的機會比失敗的機會小得多，因為許多複雜的因素必須完全一致。所以我只是想把它解開一點。您如何看待每次可實現的嘗試的成功率，然後繼續前進？還有，上週的嘗試是否改變了你對直升機進場的看法？

That's a good question. Look, I think it's important not to throw the baby out with the bar here. I don't know how many 7 or 8 attempts, I think it took basic I could be wrong in that number, but this is a second copper go at it. And we did -- we fundamentally ported on the first 10. So I think it is an A&D program, there’s stuff we're going to learn. Yes, it's complex, but that like ever was easy, then everybody would be reading rocket ride. And so you have to enjoy the pain of getting through the R&D portion to operationalize it. What I would say, I think what started off is something that we were even sure we can do is something now that around the business is just absolutely standing. There's reusable vehicles running down the production line. And to be honest with you, everybody falsely expected that we would just catch this one, and there was in buildup for ready to receive it and refurbish it. But the reality is we're still learning stuff. But it's still -- this is catch #2. So we've got a long way to go yet before we would abandon it for whatever reason. So no, I'm happy with where we're at. It would have been nice to capture, but we learned a lot.

這是個好問題。聽著，我認為不要把嬰兒和酒吧一起扔出去很重要。我不知道有多少次 7 或 8 次嘗試，我認為這個數字可能是錯誤的，但這是第二次嘗試。我們做到了——我們基本上移植了前 10 個。所以我認為這是一個 A&D 程序，我們要學習一些東西。是的，這很複雜，但這很容易，然後每個人都會閱讀火箭之旅。所以你必須享受通過研發部分來實現它的痛苦。我要說的是，我認為開始是我們甚至確信我們可以做的事情，現在圍繞業務絕對站得住腳。生產線上有可重複使用的車輛。老實說，每個人都錯誤地期望我們會抓住這個，並且準備好接收它並對其進行翻新。但現實是我們仍在學習。但它仍然 - 這是第二個問題。因此，在我們出於任何原因放棄它之前，我們還有很長的路要走。所以不，我對我們所處的位置感到滿意。捕捉它本來很好，但我們學到了很多東西。

Yes. I'd like to see you guys catch that, too. And maybe if I could do one more, from the recovered electron engines from the ocean that you've been recovering, how's been the wear and tear versus what you expected? And then considering the cost of refurbishing those wet engines, how does that track versus expected cost savings when you're able to successfully recover a [drive one]?

是的。我也想看你們抓到。如果我可以再做一次，從你一直在回收的海洋中回收的電子引擎中，磨損與你預期的相比如何？然後考慮翻新這些濕髮動機的成本，當您能夠成功恢復 [drive one] 時，與預期的成本節約相比，該軌道如何？

Yes. [Occasionally], we're better than we thought. It always amazes me when we push up out of the ocean by computer, for example, and it literally looks like it's got barnacles on the line and [arable] and you don't plug it in and just buys up. Not the worth of a flight computer that's got a barge on side of it. But my point being is that we -- the system is designed to be incredibly reliable from day 1. So by nature, it means that the systems seem to be incredibly robust to very abnormal environment and conditions. And the engine that was pulled and reserviced, there was nothing in that engine that anybody was surprised [or front]. It was in remarkably good shape. I think part of it is getting over the fact that it actually got done on the sea rather than anything actually typically wrong with it.

是的。 [偶爾]，我們比我們想像的要好。例如，當我們通過計算機將其推出海洋時，它總是讓我感到驚訝，它看起來就像在線上有藤壺和[耕地]，而你沒有插入它只是買了。不值一台側面有駁船的飛行計算機。但我的觀點是，我們——該系統從第一天開始就被設計為非常可靠。所以從本質上講，這意味著系統對於非常異常的環境和條件似乎非常強大。引擎被拉出並重新維修，引擎中沒有任何東西讓任何人感到驚訝[或前面]。它的狀態非常好。我認為它的一部分是克服它實際上是在海上完成的事實，而不是它實際上通常有什麼問題。

So yes, that's one gives us confidence in the pursuit of this growth for electronics that is the condition and the serviceability that we've been finding next up has been really good. That also feeds directly into the Neutron team as well. So when we bring Neutron into market, there's not going to be a massive learning curve here to achieve what we need to achieve. Literally, and almost purposely, the recovery team sits in the same building as the Neutron team. So they're all sharing each of these experiences, and we see the design of [Newtimbeing tweaked] real-time with everything we learned from Electron.

所以，是的，這讓我們對追求電子產品的這種增長充滿信心，這是我們接下來發現的條件和可維護性非常好。這也直接影響到 Neutron 團隊。因此，當我們將 Neutron 推向市場時，這裡不會有巨大的學習曲線來實現我們需要實現的目標。從字面上看，幾乎是有意為之，恢復團隊與 Neutron 團隊位於同一棟大樓內。所以他們都在分享這些經驗，我們看到[Newtimbeing調整]的設計與我們從Electron學到的一切實時。

Our next question comes from the line of Austin Moeller with Canaccord.

我們的下一個問題來自Austin Moeller 和Canaccord 的觀點。

So just my first question here. If we think about the launch recovery, is there anything we can do on the vehicle itself in terms of an antenna to improve the connection in the event of -- just given the telemetry losses? I know SpaceX has built some redundancy around that. I was just wondering what your thoughts would be just given you need the helicopter just given the mass requirements.

所以這只是我的第一個問題。如果我們考慮發射恢復，我們可以在車輛本身上做些什麼，比如天線，以在發生遙測損失的情況下改善連接？我知道 SpaceX 已經為此建立了一些冗餘。我只是想知道你的想法是什麼，因為你需要直升機，只是考慮到質量要求。

Yes, it's quite -- every [rent] is a little bit different. So on a basic entry, they obviously do an interim burn, which slows their velocity through the wall, which is the most intensive part of the reentry profile. For us, we don't do any of that. We bring it straight through. So we have quite the buildup of thermal energy at the base that we manage and plasma around the launch vehicle. So -- and you find from an orbital re-interest standpoint, there's always a communications blackout. Once your vehicles developed in plasma there's very little of any antenna can do to penetrate that RF. So we do have a slightly different entry environment or quite a significant different environment to others in that front. But obviously, we're not going to -- we're going to take lessons from this and try and improve – what improved that. We had statistically regained went pretty rapidly in previous launches. This one, unfortunately, we didn't. So we will obviously get to the bottom of why that didn't occur. But I should just point out, there's a very -- it's a nontrivial environment in terms of environment. It's quite different to others that we have to deal with on our entry.

是的，確實如此——每個 [租金] 都有點不同。因此，在基本進入時，它們顯然會進行臨時燃燒，這會減慢它們穿過牆壁的速度，這是再入剖面中最密集的部分。對我們來說，我們什麼都不做。我們直接通過。所以我們在我們管理的基地和運載火箭周圍有相當多的熱能積累。所以——你會發現，從軌道再興趣的角度來看，總是會出現通信中斷。一旦您的車輛在等離子中開發，幾乎沒有任何天線可以穿透該射頻。所以我們確實有一個稍微不同的進入環境，或者在這方面與其他人有很大不同的環境。但很明顯，我們不會——我們會從中吸取教訓並嘗試改進——改進的地方。在之前的發布中，我們統計上已經恢復得相當快。這個，不幸的是，我們沒有。因此，我們顯然會深入了解為什麼沒有發生這種情況。但我應該指出，就環境而言，這是一個非常重要的環境。這與我們在入境時必須處理的其他人完全不同。

Right. So I guess from that perspective, it's just to be expected the during the APOLLO program, they anticipate there would be a communications blackout on the ballistic return.

正確的。所以我想從這個角度來看，在阿波羅計劃期間，他們預計在彈道返回時會出現通信中斷。

It's not the same energy, of course, for reentry or image over time, probably similar energies that just not over time. So yes, as like I said, it's fully expected during that high plasma environment.

當然，隨著時間的推移，對於再入或圖像來說，它不是相同的能量，可能是相似的能量，只是隨著時間的推移不同。所以是的，就像我說的那樣，在高等離子環境中這是完全可以預料的。

Okay. And then just -- this might be a question for Adam, but where are we at in terms of the existing contracts within SolAero and those could progressively being replaced by newer contracts that are working towards higher margins? And where are we at in your progress on the integration of that company?

好的。然後只是 - 這可能是亞當的一個問題，但是就 SolAero 中的現有合同而言，我們處於什麼位置，並且這些合同可能會逐漸被正在爭取更高利潤的新合同所取代？您在整合該公司方面的進展情況如何？

Yes. So I would say that we're -- we continue to be on track to that margin target that we've set of 30% within 2 years of the deal close. So we've got some time. We are making progress towards it on a quarterly basis. I would say as far as turning through the old contracts, as we obviously burn through backlog, we're getting there. But I would say, too, that there was a nontrivial amount of business that was still to be worked through, and some of it came at a relatively low gross margin, albeit reasonable standard margin. And you think about the how – think about the more of a classic semiconductor manufacturing environment, fixed -- covering your fixed costs are obviously important to a certain extent. And you have to look at that in the context of how you choose to take certain business because you have a lot of recurring fixed cost that flow through the business. So I think that, again, nothing is deterring us from the 30%.

是的。所以我想說，我們 - 我們繼續朝著我們在交易完成後 2 年內設定的 30% 的利潤率目標前進。所以我們有一些時間。我們每季度都在朝著這個目標前進。我會說，至於翻閱舊合同，因為我們顯然已經解決了積壓的問題，我們已經到了那裡。但我也要說，仍有大量業務需要處理，其中一些業務的毛利率相對較低，儘管標準利潤率是合理的。你想想如何——更多地考慮一個經典的半導體製造環境，固定的——在一定程度上覆蓋你的固定成本顯然很重要。你必須在你選擇接受某些業務的背景下看待這一點，因為你有很多經常性的固定成本流經業務。所以我認為，再一次，沒有什麼能阻止我們離開 30%。

I think that, again, we're making progress towards it. I think it's not just something too where you have to burn through the old contracts because the old contracts can deliver higher gross margin if you can affect changes in your production overheads. So we're looking at everything that we can do to not only bring in new contracts at higher gross margins, but also affect what ultimately we can deliver on the existing backlog as we reduce our overhead costs. And again, we're attacking this from every angle, and we're making progress. So again, I'm confident with the numbers that we put out there. I don't think there's any reason to shy away from those.

我認為，再次，我們正在朝著它取得進展。我認為這不僅僅是你必須燒掉舊合同的事情，因為如果你可以影響生產費用的變化，舊合同可以提供更高的毛利率。因此，我們正在研究我們能做的一切，不僅是為了以更高的毛利率帶來新合同，而且隨著我們降低管理成本，最終影響我們在現有積壓訂單上的交付。再一次，我們正在從各個角度解決這個問題，並且我們正在取得進展。再說一次，我對我們發布的數字很有信心。我認為沒有任何理由迴避這些。

Our next question comes from the line of Ron Epstein with Bank of America.

我們的下一個問題來自美國銀行的 Ron Epstein。

You actually have [Andrew Matrade] on for Ron today. Quick question. Looking at the selection of the Stennis Space Center. How do you see that having an impact on CapEx spend? And then with that being said, what are you guys projecting in terms of CapEx moving forward? What rate?

你今天實際上為 Ron 啟用了 [Andrew Matrade]。快速提問。看著斯坦尼斯航天中心的選擇。您如何看待這對資本支出的影響？話雖如此，你們對未來資本支出的預測是什麼？什麼率？

Yes, on the reduction of CapEx spend that Stennis [is pretty significant]. If you look at the infrastructure that's there, it's massive. So it really, as we mentioned, it helps us accelerate that program from being building just an absolute beer bones, you can [tested] through to moving into something that is really quite significant from day 1, which helps accelerate us through to the early but also the [mime] longer point of the program. So a really significant piece of infrastructure that obviously we didn't have to CapEx. And so from that perspective, a huge one. But I'll throw it over to you, Adam talk about overall CapEx and rate.

是的，在減少資本支出方面，Stennis [非常重要]。如果你看看那裡的基礎設施，它是巨大的。所以它真的，正如我們提到的，它幫助我們加速這個程序，從構建一個絕對的啤酒骨頭，你可以[測試]一直到從第一天開始就非常重要的東西，這有助於我們加速到早期還有節目的[mime]更長的點。這是一個非常重要的基礎設施，顯然我們不需要資本支出。所以從這個角度來看，一個巨大的。但我會把它交給你，亞當談論整體資本支出和費率。

Yes. Overall CapEx has been staying in a certain range, let's call it, like I think this quarter was a little under $10 million in the quarter. I think you're going to see that CapEx continue to step up as we continue to put infrastructure in place for Neutron. I think on our Space Systems business, we're pretty much there as far as infrastructure required to execute on our plan. There will be a little bit of additions here and there. But on Neutron, we're still very much in the early phases of getting the infrastructure put in place. So I think you'll start to see that roughly $10 million per quarter CapEx number sequentially increase and probably ends up, I'd say, peaking at in the 25-ish million per quarter rate, it'll take a few quarters to get there, and then it will start to tail off. But when we talked about the Neutron program initially, we said it was a $200 million to $250 million program, split between -- if you think about the prototyping and personnel costs as well as CapEx.

是的。整體資本支出一直保持在一定範圍內，我們稱之為，就像我認為本季度本季度略低於 1000 萬美元一樣。我認為隨著我們繼續為 Neutron 建立基礎設施，您會看到資本支出繼續增加。我認為在我們的太空系統業務中，就執行我們的計劃所需的基礎設施而言，我們幾乎就在那裡。這里和那裡會有一些補充。但在 Neutron 上，我們仍處於建立基礎設施的早期階段。所以我認為你會開始看到每季度大約 1000 萬美元的資本支出數量依次增加，並且可能最終達到每季度 25 萬美元的峰值，這需要幾個季度才能獲得在那裡，然後它將開始減少。但是當我們最初談論 Neutron 計劃時，我們說這是一個 2 億到 2.5 億美元的計劃，如果你考慮原型設計和人員成本以及資本支出的話。

CapEx, we anticipate to be in the $80-ish million for CapEx for the program with the remainder falling into personnel and prototyping. The mix on the program minis is always going to be hard to pin down exactly. But I would say right now, we're probably trending a little bit more towards higher CapEx, maybe a little bit less on prototyping and personnel side of things. So again, I think that in order for us to hit our 2024 first flight of Neutron, we'll have to have a pretty significant portion of that infrastructure in place as we exit 2023. So I'd expect -- or I would say, exit 2023, but certainly before the middle of 2024, you'll see a gradual increase in that CapEx from our roughly $10 million per quarter rate. So at some point, will peak in the mid-20s and then we'll be pretty much in place. So I don't know if that helps you dial in your model at all, but that's roughly what we're looking at today.

資本支出，我們預計該計劃的資本支出將達到 80 萬美元左右，其餘部分用於人員和原型設計。迷你節目中的混音總是很難準確確定。但我現在要說的是，我們可能更傾向於更高的資本支出，在原型設計和人員方面可能會少一些。再說一次，我認為為了讓我們在 2024 年實現中子的首次飛行，我們必須在 2023 年退出時擁有相當大一部分的基礎設施。所以我希望 - 或者我會說，退出 2023 年，但肯定在 2024 年年中之前，您會看到資本支出從我們每季度大約 1000 萬美元的速度逐漸增加。因此，在某個時候，將在 20 年代中期達到頂峰，然後我們將就位。所以我不知道這是否有助於您撥入您的模型，但這大致就是我們今天所看到的。

Yes. No, definitely. That's very helpful. And do you think in any way this selection extends could actually maybe accelerate so that could see a launch earlier than expected? Or are you keeping your timeline at the same as it was before?

是的。不，絕對。這很有幫助。您是否認為這種選擇擴展實際上可能會加速，以便比預期更早地看到發布？還是你的時間線和以前一樣？

I’ll let Pete answer that question.

我會讓皮特回答這個問題。

So no, I'm not beginning to knock come off that at this stage. Certainly, it's -- I think it's an accelerator in the short, but more impactfully to accelerate in the medium to long term, but we'll hold to our dates at this point.

所以不，在這個階段我還沒有開始放棄。當然，它是 - 我認為它在短期內是一個加速器，但在中長期加速時更有影響力，但我們現在會堅持我們的日期。

Our next question comes from the line of Cai von Rumohr with Cowen.

我們的下一個問題來自 Cai von Rumohr 和 Cowen 的對話。

I know it's been a long call. I'll keep it to one. So you mentioned more launch recovery attempts in 2024. How many more and why the lower price? I mean, I can assume I can understand why the costs would be higher. But why the lower price? And maybe if you can give us a range of where the price would be for one of those R&D launches.

我知道這是一個很長的電話。我會保留一個。所以你提到了 2024 年更多的發射恢復嘗試。還有多少，為什麼價格更低？我的意思是，我可以假設我可以理解為什麼成本會更高。但為什麼價格更低？也許如果你能給我們一個範圍內的價格將是其中一個研發推出。

I'll take a first pass at that, Pete, as far as the cost and the pricing side of things. So Cai, you can think of this as being we -- it's much more important for us to get the catch attempt in hand. So what we do is we set the R&D team and say, "Hey, you're going to be doing a recovery at this point in time, so get -- drive all your plans around that.” And then we basically try to subsidize the cost of that recovery mission with whatever payloads will fit into that defined time scale. So it's much more important for us to get the mission of even if we sell the rocket half full, which is a decent proxy for what we've been doing for these rideshares. So if you think about a $7.5 million mission, we've been selling roughly half the capacity.

就成本和定價方面而言，Pete，我將首先介紹一下。所以蔡，你可以把這看作是我們——對我們來說，抓住機會更重要。所以我們所做的就是讓研發團隊說，“嘿，你將在這個時間點進行恢復，所以開始 - 圍繞它推動你所有的計劃。”然後我們基本上會嘗試用符合規定時間範圍的任何有效載荷來補貼恢復任務的成本 所以對我們來說更重要的是即使我們賣掉半滿的火箭也能完成任務一直在為這些拼車服務。所以如果你考慮一個 750 萬美元的任務，我們已經賣掉了大約一半的容量。

And the reason why we can't -- we haven't done more is because we've chosen to stick to a recovery schedule and maximize the revenue on that recovery flight. So you're right, there's nothing that would prevent us from basically filling up that and getting full revenue for that other than the fact it would result in a delay in our R&D process for establishing the recoverability. So it's just the trade that we make. We take less revenue cover to get more frequent recovery launches in place.

我們之所以不能——我們沒有做更多的事情是因為我們選擇堅持恢復計劃並最大限度地提高恢復航班的收入。所以你是對的，沒有什麼能阻止我們基本上填補這一點並獲得全部收入，除了它會導致我們建立可恢復性的研發過程延遲這一事實。所以這只是我們進行的交易。我們採取較少的收入保障來獲得更頻繁的恢復啟動。

And then how many more of these R&D launches are you going to take? Just until you get it right? Or how should we think about that?

然後，您還要進行多少次這些研發發布？直到你做對了？或者我們應該怎麼想？

Sorry, [Adam, you go]. So on these R&D launches, as Adam pointed out, we're unclearly optimizing them for our schedule. And I think we had to -- with some degree of certainty to be able to provide data to the team to be able to meet. Now the development of the recovery system has slowed right down. Obviously, some tweaks we need to make, but it's not like where we were a year ago, where we were fundamentally making block changes to the vehicle. Now there's just a standard vehicle running down the production line recovery vehicle. So it's a long-winded way, Cai, of saying that we don't anticipate really to be doing too many more of these subsidized R&D [reins] at this point. We're pretty much ready to start moving into business just as a standard thing.

對不起，[亞當，你走]。因此，正如亞當指出的那樣，在這些研發發布中，我們並不清楚地針對我們的日程安排優化它們。而且我認為我們必須 - 在一定程度上能夠向團隊提供數據以便能夠開會。現在恢復系統的發展已經放緩。顯然，我們需要進行一些調整，但這與一年前不同，我們從根本上對車輛進行了塊更改。現在只有一輛標準車輛在生產線回收車上運行。因此，蔡先生說，我們目前預計不會真正做太多這些補貼的研發 [reins]，這是一種冗長的方式。我們已經準備好開始進入業務，就像一個標準的事情一樣。

There are currently no further questions in queue. (Operator Instructions). There are currently no further questions in queue. So I will pass the conference back over to Peter for any additional or closing remarks.

目前隊列中沒有其他問題。 （操作員說明）。目前隊列中沒有其他問題。因此，我會將會議轉回給 Peter，以獲取任何補充或結束語。

Okay. Thank you, everybody, for your interest in Rocket Lab, and those who have 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 Stifel Midwest Growth Conference on November the 10th and the Deutsche Bank Global Space on the same day and then Roth 11th Annual Technology Event on November the 16th. So thanks again, and we look forward to speaking with you all again soon about the exciting progress we've made in the business.

好的。感謝大家對 Rocket Lab 的關注，以及參加今天電話會議的各位。亞當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 11 月 10 日的 Stifel 中西部增長會議和同一天的德意志銀行全球空間以及羅斯第 11 屆年度技術活動上分享更多激動人心的新聞和更新11 月 16 日。再次感謝，我們期待很快再次與大家討論我們在業務方面取得的令人興奮的進展。

Thank you. This concludes today's Rocket Lab Third Quarter 2022 Financial Results Conference Call. Thank you for your participation. You may now disconnect your lines.

謝謝你。今天的 Rocket Lab 2022 年第三季度財務業績電話會議到此結束。感謝您的參與。您現在可以斷開線路。