Rocket Lab USA Inc (RKLB) 2022 Q4 法說會逐字稿

Good afternoon, and thank you for attending today's Rocket Lab Fourth Quarter 2022 Financial Results Update and Conference Call. My name is Daniel, and I will be the moderator for today's call. (Operator Instructions) It is now my pleasure to hand the conference over to our host, Colin Canfield, Head of Investor Relations. Colin, please proceed.

下午好，感謝您參加今天的 Rocket Lab 2022 年第四季度財務業績更新和電話會議。我叫丹尼爾，我將擔任今天電話會議的主持人。 （操作員說明）現在我很高興將會議交給我們的主持人，投資者關係主管 Colin Canfield。科林，請繼續。

Hello, everyone. We're glad to have you join us for today's conference call to discuss Rocket Lab's Fourth Quarter and Full Year 2022 Financial Results.

大家好。我們很高興您能加入我們今天的電話會議，討論 Rocket Lab 的第四季度和 2022 年全年財務業績。

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 that are contained in our filings with the Securities and Exchange Commission.

在我們開始通話之前，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 Private 建立的免於承擔責任的安全港保護證券訴訟改革法。任何此類聲明都不是未來業績的保證，可能影響我們業績的因素在今天的新聞稿中以及我們提交給美國證券交易委員會的文件中包含的其他因素中得到強調。

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.

此類聲明基於截至本協議發布之日公司可獲得的信息，並可能因未來發展而發生變化。除法律要求外，本公司不承擔任何更新這些聲明的義務。

Our remarks and press release today may 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. This call is also being webcast with a supported presentation. A replay and copy of the presentation will be available on our website.

我們今天的評論和新聞稿還可能包含美國證券交易委員會頒布的條例 G 含義內的非 GAAP 財務措施。此類發布中包括這些非 GAAP 財務措施與根據 GAAP 計算的可比財務措施的調節。此電話會議還通過支持的演示文稿進行網絡廣播。我們的網站上將提供演示文稿的重播和副本。

Our presenters today are Rocket Lab's Founder and Chief Executive Officer, Peter Beck; and Chief Financial Officer, Adam Spice. After our prepared comments, we will take questions.

今天我們的主持人是 Rocket Lab 的創始人兼首席執行官 Peter Beck；和首席財務官 Adam Spice。在我們準備好的評論之後，我們將回答問題。

And now let me turn the call over to Mr. Beck.

現在讓我把電話轉給貝克先生。

Thanks very much, Colin. So welcome, everybody, and thank you for joining us today. Today's presentation will go over our key business accomplishments for the year of 2022 as well as specific highlights from the fourth quarter. We'll also discuss further achievements we've made since the end of the quarter.

非常感謝，科林。歡迎大家，感謝你們今天加入我們。今天的演講將回顧我們 2022 年的主要業務成就以及第四季度的具體亮點。我們還將討論自本季度末以來取得的進一步成就。

Adam will then talk you through our financial results for the fourth quarter and full year, and also cover the financial outlook for 2023. After that, we'll take questions and finish today's call with the up-and-coming conferences we'll be attending.

然後，亞當將向您介紹我們第四季度和全年的財務業績，並介紹 2023 年的財務前景。之後，我們將回答問題並在即將召開的會議中結束今天的電話會議參加。

All right. On to what the company achieved in 2022. Starting with a quick recap of our launch activity for 2022. It was our busiest year of launches yet. We retained our position as the leading small launch vehicle globally. And once again, Electron held the title of second most frequently launched U.S. Rocket annually. Across 9 Electron launches, we deployed more than 40 satellites to precise orbits for our customers, including commercial constellation operators, NASA and the (inaudible).

好的。關於公司在 2022 年取得的成就。首先快速回顧一下我們 2022 年的發布活動。這是我們迄今為止最繁忙的發布年。我們保持了全球領先的小型運載火箭的地位。 Electron 再次成為美國每年發射頻率第二高的火箭。在 9 次 Electron 發射中，我們為我們的客戶部署了 40 多顆衛星到精確軌道，包括商業星座運營商、NASA 和（聽不清）。

Across these launches, we had 100% mission success rate for the year, providing our customers with a reliable path to orbit. 2022 was also the year we successfully delivered the CAPSTONE mission to the moon for NASA with a launch, plus spacecraft solution using Electron and Photon. We completed 2 successful ocean recoveries of Electron's first stage as part of our rocket reusability program. We conducted 5 successful missions for constellation operators. We put all 3 Electron pads to use, including our first launch out of LC-2 in Virginia in Q4, which was successfully launched in Q1 2021 -- '23.

在這些發射中，我們當年的任務成功率為 100%，為我們的客戶提供了可靠的軌道路徑。 2022 年也是我們通過發射以及使用 Electron 和 Photon 的航天器解決方案成功為 NASA 完成 CAPSTONE 登月任務的一年。作為我們火箭可重複使用計劃的一部分，我們完成了 2 次成功的 Electron 第一級海洋回收。我們為星座運營商成功執行了 5 次任務。我們使用了所有 3 個 Electron 墊，包括我們於第四季度在弗吉尼亞州首次發射 LC-2，該發射於 2021 年第一季度成功發射——'23。

And we also caught Electron with a helicopter for the first time. More on each of these achievements later in the presentation.

而且我們還第一次用直升機抓到了Electron。在演示文稿的後面將詳細介紹這些成就中的每一個。

As mentioned in 2022, we reached our highest annual launch cadence with 9 missions assuring that Electron remains the global market leader in small launch. With 100% mission success in 2022, Electron is the most reliable dedicated small launch vehicle globally. As of 31st December 2022, we've completed 32 electron missions and deployed 152 satellites. I'm pleased to say that both those numbers have already increased, thanks to another successful mission in Q1 '23.

如 2022 年所述，我們達到了最高的年度發射節奏，執行了 9 次任務，確保 Electron 仍然是小型發射領域的全球市場領導者。憑藉 2022 年 100% 的任務成功率，Electron 成為全球最可靠的專用小型運載火箭。截至 2022 年 12 月 31 日，我們已完成 32 次電子任務並部署了 152 顆衛星。我很高興地說，這兩個數字都已經增加，這要歸功於 23 年第一季度的另一項成功任務。

2022 was also the year that Electron was sent to mission beyond Earth orbit and for the first time, successfully deploying the CAPSTONE mission to the moon for NASA. This mission was far from just the standard electron launch. It was a highly complex mission that showcased our strength as an end-to-end space company, not just a launch provider.

2022 年也是 Electron 被派往地球軌道以外執行任務的一年，並首次成功為 NASA 將 CAPSTONE 任務部署到月球。這項任務遠不只是標準的電子發射。這是一項高度複雜的任務，展示了我們作為端到端太空公司的實力，而不僅僅是發射供應商。

In addition to providing the launch for Electron, on Electron, our team developed and built and operated the Lunar Photon, a highly capable interplanetary spacecraft that set CAPSTONE on a course to the moon. And the team developed a highly efficient lunar trajectory to enable such a small rocket to transport a payload into lunar orbit.

除了為 Electron 提供發射服務外，在 Electron 上，我們的團隊還開發、建造和運營了 Lunar Photon，這是一種功能強大的行星際航天器，使 CAPSTONE 踏上了通往月球的航線。該團隊開發了一種高效的月球軌道，使這種小型火箭能夠將有效載荷運送到月球軌道。

Rocket Lab is the only small launch provider to have designed, built, launched and operated its own satellites in orbit, further expanding our total addressable market. The CAPSTONE mission is the first to launch NASA's ATom's program to return humans to the moon, and we're immensely proud to have enabled this crucial first step.

Rocket Lab 是唯一一家設計、建造、發射和運營自己的在軌衛星的小型發射供應商，進一步擴大了我們的總潛在市場。 CAPSTONE 任務是第一個啟動 NASA 的 ATom 人類重返月球計劃的任務，我們非常自豪能夠實現這一關鍵的第一步。

Just 15 days after launching CAPSTONE, our most complex mission to date, the team turned around the next launch, which was a dedicated national security mission for the NRO. This rapid launch turnaround not only set a Rocket Lab record but is by far the fastest turnaround between successful launches for any other small launch provider.

在發射我們迄今為止最複雜的任務 CAPSTONE 僅 15 天后，該團隊扭轉了下一次發射的局面，這是 NRO 的一項專門的國家安全任務。這種快速的發射周轉不僅創造了 Rocket Lab 記錄，而且是迄今為止任何其他小型發射提供商成功發射之間最快的周轉時間。

Overall in 2022, we averaged a launch approximately every 40 days compared with a launch nearly every 60 days in 2021. And from April to November last year, we successfully had a launch every month.

總體而言，在 2022 年，我們平均每 40 天發射一次，而 2021 年幾乎每 60 天發射一次。從去年 4 月到 11 月，我們每個月都成功發射了一次。

So far, I've touched on some of the key launch achievements for 2022, but it was also a significant year of growth for our space systems under the business. More than 200 spacecraft were launched in 2022 featuring Rocket Lab Space Systems products, including reaction wheels, star trackers, radios, solar power, light software, separation systems and more. Rocket Lab technology was featured in one form or another on 30% of globally addressable launches in 2022, demonstrating the success of our strategy to extract value from the full space chain, not just from our own launches.

到目前為止，我已經談到了 2022 年的一些關鍵發射成就，但這也是我們太空系統業務增長的重要一年。 2022 年發射了 200 多艘搭載火箭實驗室空間系統產品的航天器，包括反應輪、恆星跟踪器、無線電、太陽能、光軟件、分離系統等。 Rocket Lab 技術以一種或另一種形式出現在 2022 年 30% 的全球可尋址發射中，這表明我們從整個空間鏈中提取價值的戰略是成功的，而不僅僅是從我們自己的發射中。

We delivered space systems products to more than 60 customers globally, spanning commercial and government sectors. In 2022, we built a new space system production lines including one to support high-volume reaction wheel production to serve mega constellation customers, and a new satellite manufacturing facility at our Long Beach headquarters.

我們向全球 60 多家客戶提供了空間系統產品，涵蓋商業和政府部門。 2022 年，我們建造了一條新的空間系統生產線，包括一條支持大批量反作用輪生產以服務巨型星座客戶的生產線，以及位於長灘總部的一座新衛星製造設施。

2022 was the year that really submitted Rocket Lab's position as a leading spacecraft manufacturer. We have more than 25 spacecraft in development for various customers, including NASA -- our NASA mission to Mars, communications constellation for Globalstar and space manufacturing satellites and on-orbit refuelling depots.

2022 年是火箭實驗室真正確立領先航天器製造商地位的一年。我們有超過 25 種航天器正在為各種客戶開發，其中包括 NASA——我們的 NASA 火星任務、全球星通信星座和太空製造衛星以及在軌加油站。

To achieve this, we've scaled our space systems team, expanded our manufacturing and development facilities, and of course, integrated our 4 space system acquisitions into our spacecraft programs. And finally, before we wrap up the full year highlights and dive into the fourth quarter in more detail. In 2022, we saw backlog more than doubled from $241 million at the end of '21 to more than $500 million at the end of Q4 2022, with growth driven by healthy mix of launch and Space Systems bookings.

為實現這一目標，我們擴大了我們的空間系統團隊，擴大了我們的製造和開發設施，當然，還將我們的 4 個空間系統採購整合到我們的航天器計劃中。最後，在我們總結全年亮點並更詳細地介紹第四季度之前。 2022 年，我們看到積壓訂單增加了一倍多，從 21 年底的 2.41 億美元增加到 2022 年第四季度末的超過 5 億美元，增長是由發射和空間系統預訂的健康組合推動的。

So with that, let's move on to the key accomplishments of '22's fourth quarter in more detail. The final quarter of 2022 saw our successful launch of 2 Electron missions, delivering satellite to orbit for the Swedish National Space Agency and General Atomics. We were also honored to be selected by NASA to launch 2 dedicated Electron missions to deliver the TROPICS mission to orbit to monitor hurricanes and tropical storms. In Q4, we also received the required licenses and approvals for our first mission from Launch Complex 2 in Virginia. There was a long road to bring LC-2 into operations, but with those approvals in place, at the end of the year, we're able to launch the first Electron mission from U.S. soil early '23.

因此，讓我們更詳細地介紹 22 世紀第四季度的主要成就。 2022 年最後一個季度，我們成功發射了 2 次電子任務，為瑞典國家航天局和通用原子公司將衛星送入軌道。我們也很榮幸被 NASA 選擇發射 2 個專門的 Electron 任務，將 TROPICS 任務送入軌道以監測颶風和熱帶風暴。在第四季度，我們還從弗吉尼亞州的 Launch Complex 2 獲得了首次任務所需的許可和批准。將 LC-2 投入運營還有很長的路要走，但隨著這些批准的到位，我們能夠在 23 年初從美國本土發射第一個 Electron 任務。

To top that off, we also introduced Rocket Lab National Security, a new subsidiary, to deliver reliable launch services and space systems capabilities to U.S. government and its allies. We signed our largest order of satellite separation systems in the company's history, totaling $14 million in hardware to serve the Space Development Agency's Tranche 1 Transport Layer. It was also the quarter that CAPSTONE reached lunar orbit, signaling final mission success for the NASA mission more than 5 months after the successful launch on Electron.

最重要的是，我們還引入了一家新子公司 Rocket Lab National Security，為美國政府及其盟友提供可靠的發射服務和空間系統能力。我們簽署了公司歷史上最大的衛星分離系統訂單，總價值 1400 萬美元的硬件，用於為太空發展局的 Tranche 1 傳輸層提供服務。這也是 CAPSTONE 到達月球軌道的季度，標誌著 Electron 成功發射 5 個多月後 NASA 任務的最終任務成功。

We also got testing underway at the NASA Stennis Space Center for Archimedes engine hardware and completed construction of the new satellite production line and clean room at our Long Beach headquarters.

我們還在美國宇航局斯坦尼斯航天中心對阿基米德發動機硬件進行了測試，並在我們的長灘總部完成了新衛星生產線和無塵室的建設。

Okay. Let's start off with the key achievements in Q2 -- in Q4 for Electron. We rounded out 2022 with 2 successful Electron launches in Q4. Both missions were from Launch Complex 1 and saw our total launch tally for the year reached 9 successful missions as mentioned. This is a significant increase in launch cadence from 6 missions in '21. And we look forward to continuing to increase our cadence in '23.

好的。讓我們從第二季度的主要成就開始——Electron 在第四季度取得的成就。我們在 2022 年第四季度成功推出了 2 次 Electron。兩次任務都來自 Launch Complex 1，我們今年的發射總數達到了 9 次，如前所述。與 21 年的 6 次任務相比，這是發射節奏的顯著增加。我們期待在 23 年繼續提高我們的節奏。

Electron is already a trusted launch provider to NASA having successfully delivered missions to lower orbit and to the moon for the agency previously. So once again, we're honored where NASA entrusted Electron to deploy the remaining spacecraft in the TROPICS constellation across 2 dedicated missions. This is a constellation close to our hearts because it aims to enable scientists to study hurricanes, tropical storms and ultimately leading to improved modeling and prediction to help save lives and livelihoods in the path of storms. These missions are scheduled to launch no earlier than May this year, and we look forward to sharing more about them in the lead up to launch.

Electron 已經是 NASA 值得信賴的發射供應商，之前曾為該機構成功地執行過低軌道和月球任務。因此，我們再次感到榮幸，NASA 委託 Electron 在 2 個專門任務中部署 TROPICS 星座中剩餘的航天器。這是一個貼近我們心意的星座，因為它旨在使科學家能夠研究颶風、熱帶風暴，並最終改進建模和預測，以幫助拯救風暴路徑中的生命和生計。這些任務計劃不早於今年 5 月發射，我們期待在發射前分享更多有關它們的信息。

In November, during our final mission for 2022, we conducted another successful slash down in ocean recovery of Electron's first stage as part of our Rocket reusability program. We had initially planned to attempt a helicopter catch for this mission, but not all the requirements were met to ensure a successful capture due to a brief telemetry loss with Electron's first stage during atmospheric reentry.

11 月，在我們 2022 年的最後一次任務中，作為我們火箭可重複使用計劃的一部分，我們又一次成功地削減了 Electron 第一級的海洋回收。我們最初計劃為此任務嘗試直升機捕獲，但由於 Electron 在重返大氣層期間的第一級遙測短暫丟失，未能滿足確保成功捕獲的所有要求。

This turned out to be quite a happy turn of events as it gave us another chance to bring back a stage that had been postponed. We never want to lose an opportunity. Our team put the return stage and components through analysis and testing. And we're starting to see a bit of a pattern here that we had initially expected.

事實證明這是一個非常愉快的轉折，因為它給了我們另一個機會來恢復被推遲的舞台。我們永遠不想失去機會。我們的團隊對返回階段和組件進行了分析和測試。我們開始在這裡看到一些我們最初預期的模式。

Electron survived an ocean recovery in remarkably good condition. And in a lot of cases, it's components actually pass requalification for flight. In one of our upcoming flights, we're going to attempt another ocean recovery. This time, we have a few additional waterproofing modifications to the stage to protect some of the key areas and the bits we want to keep dry. Keeping this outcome of testing and analysis at this stage, the mission may move us towards sticking to -- sticking with marine recovery altogether and introduce significant savings to the whole operation.

電子在海洋回收中倖存下來，狀況非常好。在很多情況下，它的組件實際上通過了飛行重新認證。在我們即將進行的一次飛行中，我們將嘗試進行另一次海洋恢復。這一次，我們對舞台進行了一些額外的防水修改，以保護一些關鍵區域和我們想要保持乾燥的位。將測試和分析的結果保留在現階段，任務可能會促使我們堅持——完全堅持海洋恢復，並為整個行動帶來顯著的節省。

In 2022, we proved that it was possible to run over with a returning stage midair and get it on the helicopter hook. But if we can save ourselves the extra step by just plucking out in water, we will. Without the helicopter, if we're able to determine that ocean recovery is the most viable and effective path to recovery, this opens up even more flexibility with our launch windows and takes us from around 30% of Electron missions been suitable for recovery to anywhere between 60% and 70%. We look forward to sharing the development of this following our next recovery mission in the coming months.

2022 年，我們證明了可以在半空中用返回級跑過去並將其掛在直升機掛鉤上。但如果我們可以通過在水中拔出來節省額外的步驟，我們會的。在沒有直升機的情況下，如果我們能夠確定海洋恢復是最可行和最有效的恢復途徑，這會為我們的發射窗口帶來更大的靈活性，並將我們從大約 30% 的電子任務適合恢復到任何地方在 60% 到 70% 之間。我們期待在未來幾個月的下一次恢復任務之後分享這方面的進展。

Moving on to Neutron achievements for the fourth quarter of 2022. In Q4, we officially opened the Archimedes test complex at NASA Stennis Center Space in Mississippi. The site will be home to engine testing for Neutron's Archimedes engine and the team made fire at the site for the first time before the end of the year with the commencement of our [figuring those hardware] testing.

接下來是 2022 年第四季度的 Neutron 成就。在第四季度，我們在密西西比州的美國宇航局斯坦尼斯中心空間正式開放了阿基米德測試中心。該站點將是 Neutron 的阿基米德發動機的發動機測試基地，隨著我們 [計算那些硬件] 測試的開始，該團隊在年底前首次在該站點著火。

Q4 saw some major movements at NASA Wallops Flight Facility for Neutron, including the completion of our first Neutron development building, which will be home to some stage assembly and integration activity. The team also started moving dirt at the site of Neutron's launch pad, with construction moving into full swing now that we're in the new year.

第 4 季度，美國宇航局 Wallops 中子飛行設施發生了一些重大變化，包括我們第一座中子開發大樓的竣工，該大樓將用於一些階段組裝和集成活動。該團隊還開始在 Neutron 發射台現場清理泥土，隨著我們進入新的一年，建設工作全面展開。

We also started to see some really exciting hardware development in Q4 with carbon composite structures for Neutron's first stage and second stage in production. As you can see here, we're working on a much bigger scale in Electron, but we've been able to take that deep composite experience we've developed with Electron and use it with knowledge to rapidly streamline Neutron's development.

我們還開始在第四季度看到一些非常令人興奮的硬件開發，其中包括用於 Neutron 第一階段和第二階段生產的碳複合結構。正如您在這裡看到的，我們在 Electron 中的工作規模要大得多，但我們已經能夠利用我們在 Electron 中開發的深度複合經驗，並將其與知識結合使用，以快速簡化 Neutron 的開發。

We're designing Neutron to be the world's first carbon composite large launch vehicle with the lightest and highest performance carbon stage in history. And when I say light, I mean really light. The vehicle's full tank combined that you see an image, two of those halves together weighs about the same as a Harley-Davidson motorbike, some 380 kgs, so incredibly high performance.

我們正在將 Neutron 設計成世界上第一個碳複合材料大型運載火箭，擁有歷史上最輕、性能最高的碳級。當我說輕時，我的意思是真的很輕。車輛的全油箱加起來，你看到的圖像，其中兩半的重量與哈雷戴維森摩托車的重量大致相同，約為 380 公斤，因此具有令人難以置信的高性能。

Moving on to -- from launch into space systems. In the final quarter of 2022, we had some great milestones for space systems, including having Rocket Lab hardware on 30% of all globally addressable launches. In the quarter alone, more than 90 spacecraft launched to orbit featuring Rocket Lab's Space Systems technology. One of the most exciting of those was the Artemis 1 launch of NASA's SLS rocket in November. That mission featured Rocket Lab's solar rays, satellite dispensers and software, helping support NASA's goal of returning humans to the moon after the surface of the moon.

繼續——從發射到太空系統。在 2022 年最後一個季度，我們在太空系統方面取得了一些重大里程碑，包括 30% 的全球可尋址發射都使用了 Rocket Lab 硬件。僅在本季度，就有超過 90 艘航天器發射進入軌道，採用了 Rocket Lab 的空間系統技術。其中最令人興奮的事情之一是 11 月美國宇航局 SLS 火箭的阿耳忒彌斯 1 號發射。該任務以 Rocket Lab 的太陽射線、衛星分配器和軟件為特色，幫助支持美國宇航局實現人類在月球表面後重返月球的目標。

In Q4, we were selected to develop the Satellite Operations Control Center or SOCC, for Globalstar's going lower orbit and constellation. The SOCC contract builds on the existing relationship between MDA, Rocket Lab and Globalstar established in February 2022, when Rocket Lab was awarded a $143 million contract to design and manufacture 17 spacecraft buses for Globalstar new constellation of satellites. These new satellites and SOCC will augment orbiting Globalstar's existing constellation, delivering reliable mobile satellite voice and data services from space. The SOCC will provide 24/7 monitoring and management of Globalstar's constellation, including continuous satellite control and monitoring using Rocket Lab's MAX Ground Data System, satellite orbit determination, maneuver planning, collision avoidance, orbit maintenance and propellant management. By designing and building -- by designing and manufacturing Globalstar's spacecraft buses, delivering the flight and ground software solution in developing and supporting the spacecraft operation center, we're once again executing on our strategy of going beyond launch to deliver complete space mission solutions.

在第四季度，我們被選中開發衛星運行控制中心或 SOCC，用於 Globalstar 的低軌道和星座。 SOCC 合同建立在 MDA、Rocket Lab 和 Globalstar 之間於 2022 年 2 月建立的現有關係的基礎上，當時 Rocket Lab 獲得了一份價值 1.43 億美元的合同，為 Globalstar 新衛星星座設計和製造 17 艘航天器總線。這些新衛星和 SOCC 將增強環繞 Globalstar 現有星座的軌道，從太空提供可靠的移動衛星語音和數據服務。 SOCC 將提供 Globalstar 星座的 24/7 監控和管理，包括使用 Rocket Lab 的 MAX 地面數據系統進行連續衛星控制和監控、衛星軌道確定、機動規劃、碰撞避免、軌道維護和推進劑管理。通過設計和建造——通過設計和製造 Globalstar 的航天器總線，提供開發和支持航天器操作中心的飛行和地面軟件解決方案，我們再次執行超越發射以提供完整太空任務解決方案的戰略。

And finally, in Q4, our solar team in Albuquerque, New Mexico delivered the final solar panels for the NASA Gateway power and propulsion element. These solar panels will enable NASA's Gateway lunar space station to be the most powerful electric propulsion spacecraft ever flown, and they're a critical part of returning humanity to the moon.

最後，在第四季度，我們位於新墨西哥州阿爾伯克基的太陽能團隊為 NASA Gateway 動力和推進元件交付了最終的太陽能電池板。這些太陽能電池板將使美國宇航局的門戶月球空間站成為有史以來最強大的電力推進航天器，它們是人類重返月球的關鍵部分。

That wraps up our Q4 2022, but we've been busy since then. So let's take a quick look at some of the company's key accomplishments so far in Q1 '23. Electron took to the Virginia skies for the very first time in January '23, marking the beginning of Rocket Lab launches from the U.S. It was a successful mission that delivered 3 satellites for commercial constellation operator HawkEye 360. This was a significant moment for us and for the small satellite industry as the new U.S. launch pad represents even more flexibility and responsible launch capabilities for small satellite operators.

我們的 2022 年第四季度到此結束，但從那以後我們一直很忙。因此，讓我們快速瀏覽一下該公司在 23 年第一季度迄今為止取得的一些主要成就。 Electron 於 2023 年 1 月首次飛上弗吉尼亞天空，標誌著火箭實驗室從美國發射的開始。這是一次成功的任務，為商業星座運營商 HawkEye 360 交付了 3 顆衛星。這對我們和對於小型衛星行業來說，新的美國發射台代表了小型衛星運營商更大的靈活性和負責任的發射能力。

All 3 Rocket Lab launch pads across 2 hemispheres are now operational, and we look forward to many launches from them all.

跨越 2 個半球的所有 3 個 Rocket Lab 發射台現已投入使用，我們期待著它們的多次發射。

With that, first, LC-2 mission successfully launched, we're on to the next. In fact, right now, there are Rocket Lab both Launch Complex 1 and Launch Complex 2 appearing for a launch within a mere few days of each other. On Launch Complex 1 in New Zealand, we are preparing to launch 2 satellites for BlackSky Global and what will be our 6th mission for the constellation company. Meanwhile, at Launch Complex 2 in Virginia, the team is preparing to launch a mission for Capella Space, a SAR constellation operator that we previously launched in 2020. Both missions are currently scheduled to launch and manage with launch windows to be finalized in the coming days based on final customer requirements and range status.

有了這個，首先，LC-2 任務成功發射，我們將進行下一步。事實上，現在，火箭實驗室的 Launch Complex 1 和 Launch Complex 2 都出現在彼此短短幾天內進行發射。在新西蘭的 Launch Complex 1，我們正準備為 BlackSky Global 發射 2 顆衛星，這將是我們為星座公司執行的第 6 次任務。與此同時，在弗吉尼亞州的 Launch Complex 2，該團隊正準備為 Capella Space 發射任務，這是我們之前於 2020 年發射的 SAR 星座運營商。這兩項任務目前都計劃發射和管理，發射窗口將在未來完成天基於最終客戶要求和範圍狀態。

And while we have one rocket in the pad for Capella Space, we've just signed a multi-launch contract with them to launch another 4 dedicated Electron mission through 2023. These missions are on the top of our second launch for them coming up in March. So 5 launches to look forward to this year altogether. We're honored that they've entrusted us with 5 missions in 2023 to help build their growing satellite constellation.

雖然我們在 Capella Space 發射台上有一枚火箭，但我們剛剛與他們簽署了一份多次發射合同，將在 2023 年之前發射另外 4 次專門的 Electron 任務。這些任務是我們第二次發射的首要任務，他們將在行進。所以今年共有 5 次發射值得期待。我們很榮幸他們在 2023 年委託我們執行 5 項任務，以幫助建立他們不斷壯大的衛星星座。

The latest multi-launch deal with Capella Space further to meet our leadership position as the trusted small launch provider of choice for constellation operators. We've now launched and signed deals with some of the most prominent constellations and operators globally, demonstrating the value that Electron provides to these customers by offering reliable and flexible launch to tailored orbits.

與 Capella Space 達成的最新多次發射協議進一步鞏固了我們作為星座運營商首選的值得信賴的小型發射供應商的領導地位。我們現在已經啟動並與全球一些最著名的星座和運營商簽署了協議，展示了 Electron 通過向定制軌道提供可靠和靈活的發射來為這些客戶提供的價值。

Onto our Space Systems, and we started the quarter strong by releasing 2 new Space Systems products, a new satellite radio and reaction wheels specifically designed for constellation bus spacecraft. These products bolster our existing heritage and space system components and provide an entry point to new programs and mission profiles.

在我們的空間系統上，我們通過發布 2 款新的空間系統產品、一種新的衛星無線電和專門為星座巴士航天器設計的反應輪，開始了本季度的強勁勢頭。這些產品加強了我們現有的傳統和空間系統組件，並為新項目和任務概況提供了切入點。

This quarter, we also formally established a new subsidiary, Rocket Lab Australia, to explore opportunities to support the expansion of Australia's national space capabilities. The Australian government has set a goal to triple the size of the Australian space sector from an estimated AUD 4 billion in 2016 to $12 billion by 2030. To help facilitate this growth, the Australian government has committed more than AUD 2 billion to the civil space sector since 2018 for program spanning earth observation, satellite infrastructure, high-tech manufacturing, and support of NASA's Artemis program.

本季度，我們還正式成立了新的子公司澳大利亞火箭實驗室，以探索支持澳大利亞國家太空能力擴展的機會。澳大利亞政府制定了一個目標，即到 2030 年，澳大利亞航天部門的規模將從 2016 年的估計 40 億澳元增至 120 億澳元。為幫助促進這一增長，澳大利亞政府已承諾向民用航天領域投入超過 20 億澳元自 2018 年以來，該部門的項目涵蓋地球觀測、衛星基礎設施、高科技製造以及對 NASA 的 Artemis 計劃的支持。

The Australian government has also committed AUD 17 billion above and beyond the civil space investment for the development of Defence space capabilities. Rocket Lab has already played a key role in supporting Australia's rapid growth in space through supplying launch and space system products to Australian organizations. By building on our deep expertise and proven heritage in the space sector, we're well positioned to advance Australia's capabilities in space. We have people on the ground already, and we look forward to exploring opportunities where they make strategic sense for us as a business and where we can truly strengthen Australia's position as a global space sector.

澳大利亞政府還承諾在民用太空投資之外投入 170 億澳元用於國防太空能力的發展。 Rocket Lab 通過向澳大利亞組織提供發射和太空系統產品，在支持澳大利亞太空快速發展方面發揮了關鍵作用。憑藉我們在太空領域深厚的專業知識和久經考驗的傳統，我們有能力提升澳大利亞的太空能力。我們已經有人在實地工作，我們期待著探索對我們的企業具有戰略意義的機會，以及我們可以真正加強澳大利亞作為全球航天部門的地位的機會。

On the neutron front this quarter, we've made investments and progress into establishing manufacturing infrastructure that will support scale production of Neutron. This includes composite tank molds for Stage 1 and 2 as well as the installation of large 3D printers and modeling machines to enable a record production of the Archimedes engine.

本季度在中子方面，我們在建立支持中子規模生產的製造基礎設施方面進行了投資並取得了進展。這包括第一階段和第二階段的複合油箱模具，以及大型 3D 打印機和建模機的安裝，以實現創紀錄的阿基米德發動機生產。

Q1 2023 bought a welcome news in the form of a new acquisition strategy for the National Space Security launch. This is the space force's program to launch the nation's most critical and valuable government assets. Under NSSL Phase 3 RFP, which was released earlier this month, new entrant launch vehicles qualified a bit for launches. Neutron is designed with NSSL launches in mind, and we look forward to making Neutron available to meet the national security needs.

2023 年第一季度以國家空間安全發射的新採購戰略的形式購買了一個可喜的消息。這是太空部隊發射國家最關鍵和最有價值的政府資產的計劃。根據本月早些時候發布的 NSSL 第三階段 RFP，新進入的運載火箭有資格進行發射。 Neutron 的設計考慮到了 NSSL 的發布，我們期待著讓 Neutron 可用以滿足國家安全需求。

This wasn't a chance of good luck for us. We actively engaged NSSL on this to introduce this change on the back of our strong relationship with them. The first vote of confidence in Neutron came back in September 2021 when we won a $24 million contract for the development contract, the Neutron upper stage through the Space Force's Systems Command of Launch Enterprise, which falls under the NSSL program. The contract recognizes Neutron design to maximize NASA orbit capability or the launch session accuracy and response of dedicated launch of the U.S. government, all key requirements to the highest priority missions awarded through the NSSL. And I'm pleased to see this further strengthening of our relationship with this new path opened up.

這對我們來說不是好運的機會。我們積極與 NSSL 合作，在我們與他們的牢固關係的支持下引入這一變化。對 Neutron 的第一次信任投票是在 2021 年 9 月，當時我們通過太空部隊發射企業系統司令部贏得了價值 2400 萬美元的開發合同，即 Neutron 上面級，該項目屬於 NSSL 計劃。該合同認可 Neutron 設計以最大化 NASA 軌道能力或美國政府專門發射的發射會話準確性和響應，所有關鍵要求都是通過 NSSL 授予的最高優先級任務。我很高興看到我們的關係進一步加強，開闢了這條新道路。

And finally, before I hand over to Adam for the financial highlights, I'd like to share that David Cowan is wrapping up his time on Rocket Lab's Board of Directors. David is a partner at Bessemer Venture, our partner, is one of our earliest investors, and he joined Rocket Lab's Board in 2014. Since then, we've been grateful for his leadership and guidance as we grew Rocket Lab from a small start-up to a publicly listed company. It was a leading small launch provider and now global space systems firm. I'd like to personally thank David for his support and efforts at Rocket Lab over the past 9 years and wish him the very best for his continued work in deep tech.

最後，在我向 Adam 介紹財務亮點之前，我想分享一下 David Cowan 即將結束他在 Rocket Lab 董事會的工作。 David 是 Bessemer Venture 的合夥人，我們的合夥人，也是我們最早的投資者之一，他於 2014 年加入了 Rocket Lab 的董事會。從那時起，我們一直感謝他的領導和指導，讓我們從一個小的開始發展 Rocket Lab-直至上市公司。它是領先的小型發射供應商，現在是全球空間系統公司。我要親自感謝 David 在過去 9 年中對 Rocket Lab 的支持和努力，並祝愿他在深度技術領域的持續工作一切順利。

And with that, I'll hand over to Adam to discuss the financial highlights.

有了這個，我將交給亞當討論財務亮點。

Great. Thanks, Pete. I will first review our fourth quarter 2022 results and then discuss our outlook for the first quarter of 2023. Fourth quarter 2022 revenue was $51.8 million, which was within our initial guidance range of $51 million to $54 million and well above our revised guidance range of $46 million to $47 million provided in December. Fourth quarter 2022 revenue reflects growth of 88% over the year ago fourth quarter of 2021 and the result 2 successful launches and continued strong contribution for our Space Systems business.

偉大的。謝謝，皮特。我將首先回顧我們 2022 年第四季度的業績，然後討論我們對 2023 年第一季度的展望。2022 年第四季度的收入為 5180 萬美元，在我們 5100 萬至 5400 萬美元的初始指導範圍內，遠高於我們修訂後的指導範圍12 月提供了 4600 萬至 4700 萬美元。 2022 年第四季度的收入反映了 2021 年第四季度同比增長 88%，以及 2 次成功發射和對我們的空間系統業務的持續強勁貢獻。

The overage to our revised guidance range was a result of higher-than-anticipated revenue recognition from a SolAero contract to a major prime contractor program. This closes out a very successful year with full year 2022 revenue of $211 million, up 239% from 2021 with launch in Space Systems finishing the year with revenue growth of [56] and 546%, respectively.

超出我們修訂後的指導範圍是由於從 SolAero 合同到主要承包商項目的收入確認高於預期。這是非常成功的一年，2022 年全年收入為 2.11 億美元，比 2021 年增長 239%，空間系統的發射結束了這一年，收入增長分別為 [56] 和 546%。

Now turning to gross margins. GAAP gross margin for the fourth quarter was 3.5%, below the low end of our original guidance range of 5% to 7%. Non-GAAP gross margin for the fourth quarter was 15%, which was also below our original guidance range of 16% to 18%. GAAP and non-GAAP gross margin results relative to both our revised guidance and to our Q3 2022 results reflects a combination of reduced launch cadence and related lack of fixed cost absorption, below average revenue contribution from the “Catch Me If You Can” R&D recovery mission, and an unfavorable mix within our Space Systems components revenue.

現在轉向毛利率。第四季度的 GAAP 毛利率為 3.5%，低於我們最初指導範圍 5% 至 7% 的下限。第四季度的非美國通用會計準則毛利率為 15%，也低於我們最初 16% 至 18% 的指導範圍。相對於我們修訂後的指引和我們 2022 年第三季度的結果，公認會計原則和非公認會計原則毛利率結果反映了啟動節奏減少和相關的固定成本吸收不足的結合，“如果你能趕上我”研發恢復的收入貢獻低於平均水平任務，以及我們空間系統組件收入中的不利組合。

More specifically, launch cadence was impacted by the pushout of the Hawkeye360 launch from the December quarter due to weather and other factors. The below average revenue contribution from the successful Q4 2022 “Catch Me If You Can” recovery mission was a conscious decision to trade off acceleration of the Electron recovery margin improvement initiatives versus maximizing revenue from additional payloads that were taken longer to secure and integrate.

更具體地說，由於天氣和其他因素，發射節奏受到 Hawkeye360 從 12 月季度推出的影響。 2022 年第 4 季度成功的“Catch Me If You Can”回收任務低於平均水平的收入貢獻是一個有意識的決定，目的是權衡 Electron 回收利潤率改善計劃的加速與從需要更長時間來保護和集成的額外有效載荷中最大化收入。

Our current launch manifest and proven execution capabilities gives us confidence that we'll see a return to growth and gross margin expansion in the launch segment of our business as we progressed through 2023. Lastly, the unfavorable mix within Space Systems was a result of the timing of revenue recognition under a legacy low-margin pre-acquisition SolAero contract with a major prime contractor. We anticipate significant top line growth to resume for our Space Systems segment in the second half of the year as we forecast to begin benefiting from more meaningful revenue contribution under the MDA Globalstar contract which brings with it gross margin uplift in addition to forecasting a beneficial mix and change in our Space Systems component revenues as our higher-margin component solutions contribute at a greater rate versus the lower-margin component solutions.

我們目前的發射清單和經過驗證的執行能力使我們有信心，隨著我們在 2023 年的進展，我們將看到我們業務的發射部分恢復增長和毛利率擴張。最後，Space Systems 內部的不利組合是由於根據與主要承包商簽訂的低利潤收購前 SolAero 合同的收入確認時間。我們預計下半年我們的空間系統部門將恢復顯著的收入增長，因為我們預計將開始受益於 MDA Globalstar 合同下更有意義的收入貢獻，除了預測有利的組合外，還帶來毛利率的提升以及我們的空間系統組件收入的變化，因為我們的高利潤組件解決方案與低利潤組件解決方案相比貢獻率更高。

We ended Q4 with 818 production-related headcount, up 21 from the prior quarter, which positions us well to not only scale production but also the resources to exploit margin expanding production efficiencies.

我們在第四季度末擁有 818 名與生產相關的員工，比上一季度增加了 21 名，這使我們不僅可以擴大生產規模，還可以利用資源來擴大生產效率。

Turning to operating expenses. GAAP operating expenses for the fourth quarter were $39.1 million, at the low end of our guidance range of $39 million to $41 million. Non-GAAP operating expenses for the fourth quarter were $27.3 million, which was below our guidance range of $28 million to $30 million. The decline in both GAAP and non-GAAP total operating expenses versus the third quarter was primarily driven by an R&D grant benefit and lower stock-based compensation, partially offset by increases in headcount and prototyping expenses supporting Neutron and Space Systems.

轉向運營費用。第四季度的 GAAP 運營費用為 3910 萬美元，處於我們 3900 萬至 4100 萬美元指導範圍的低端。第四季度的非美國通用會計準則運營費用為 2730 萬美元，低於我們 2800 萬至 3000 萬美元的指導範圍。與第三季度相比，GAAP 和非 GAAP 總運營費用的下降主要是由於研發補助金收益和較低的股票薪酬，部分被支持 Neutron 和 Space Systems 的員工人數和原型製作費用的增加所抵消。

In R&D specifically, GAAP expenses decreased by $2.5 million or 14% in the fourth quarter, driven by, again, R&D grant benefits and lower stock-based compensation. Non-GAAP R&D expenses were down $1.6 million or 13% quarter-on-quarter. We anticipate a return to sequential growth in R&D as we ramp investment in our Neutron launch vehicle.

具體而言，在研發方面，第四季度 GAAP 支出減少了 250 萬美元或 14%，這再次受到研發補助金收益和較低的股票薪酬的推動。非 GAAP 研發費用環比下降 160 萬美元或 13%。隨著我們加大對中子運載火箭的投資，我們預計研發將恢復連續增長。

Quarter-ending R&D head count was 348, representing an increase of 18 heads from September 30, 2022. In SG&A, GAAP expenses increased $1.1 million quarter-on-quarter or 5%, driven primarily by outside services, primarily owing to the first year SOX compliance related expenses. Non-GAAP SG&A expenses increased by $1.6 million or 10% quarter-on-quarter, mostly driven by outside services, as previously mentioned. Quarter ending SG&A head count was 197, represent an increase of 1 head from September 30, 2022.

季度末研發人數為 348 人，比 2022 年 9 月 30 日增加了 18 人。在 SG&A 中，GAAP 支出環比增加 110 萬美元或 5%，主要受外部服務推動，這主要是由於第一年SOX 合規性相關費用。如前所述，非 GAAP SG&A 費用環比增加 160 萬美元或 10%，主要受外部服務推動。季度末 SG&A 人數為 197 人，比 2022 年 9 月 30 日增加了 1 人。

On a year-on-year basis, GAAP operating expenses for the fourth quarter of $39.1 million were up $8 million or 26% year-on-year, while non-GAAP operating expenses of $27.4 million were up $7 million or 34% year-on-year. The growth in both GAAP and non-GAAP operating expenses were primarily driven by the acquisitions of ASI, PSC and SolAero, which occurred in Q4 2021 and Q1 of 2022 as well as increase in staffing costs related to Neutron vehicle development, the Electron booster recovery initiatives and Photon development projects.

與去年同期相比，第四季度 GAAP 運營費用為 3910 萬美元，同比增長 800 萬美元或 26%，而非 GAAP 運營費用為 2740 萬美元，同比增長 700 萬美元或 34%-年。 GAAP 和非 GAAP 運營費用的增長主要是由 2021 年第四季度和 2022 年第一季度發生的 ASI、PSC 和 SolAero 的收購以及與 Neutron 車輛開發、電子助推器回收相關的人員成本增加推動的倡議和光子發展項目。

In R&D specifically, GAAP expenses decreased by $3.1 million or 25% in the fourth quarter, while non-GAAP expenses were up $2.6 million or 33% year-on-year. In SG&A, GAAP expenses increased $5 million or 26% year-on-year.

具體而言，在研發方面，第四季度 GAAP 費用減少 310 萬美元或 25%，而非 GAAP 費用同比增加 260 萬美元或 33%。在 SG&A 中，GAAP 費用同比增加 500 萬美元或 26%。

Cash consumed from operations was $19 million in the fourth quarter compared to $23 million in the third quarter. The sequential improvement of $4 million was driven primarily by improved cash collections during Q4. Purchases of property, equipment and capitalized software licenses increased from $8 million in Q3 to $15 million in Q4. These investments are primarily aimed at new equipment facilities underpinning our Neutron development initiative and expansion of our Photon production capabilities. Overall, non-GAAP free cash flow consumption in the fourth quarter was $33.9 million compared to $31.3 million in the third quarter. The ending balance of cash, cash equivalents, restricted cash and marketable securities was $484.3 million at the end of the fourth quarter.

第四季度運營消耗的現金為 1900 萬美元，而第三季度為 2300 萬美元。環比增加 400 萬美元主要是由於第四季度現金收款的改善。財產、設備和資本化軟件許可的採購從第三季度的 800 萬美元增加到第四季度的 1500 萬美元。這些投資主要針對支持我們的 Neutron 開發計劃和擴大我們的 Photon 生產能力的新設備設施。總體而言，第四季度非美國通用會計準則自由現金流消耗為 3390 萬美元，而第三季度為 3130 萬美元。截至第四季度末，現金、現金等價物、受限制現金和有價證券的期末餘額為 4.843 億美元。

With that, let's turn to our guidance for the first quarter of 2023. We expect revenue in the first quarter to range between $51 million and $54 million, which reflects $32 million to $35 million of contribution from Space Systems and $19 million of contribution from launch services, which assumes 3 launches or 2 remaining launches in the quarter. One of the 3 launches forecasted in Q1 was a successful January HawkEye 360 mission out of LC-2 in Virginia, which was a partially filled rideshare mission, where, similar to an R&D mission, we made a conscious choice to focus on expediting our first-ever LC-2 launch versus maximizing revenue by filling the rest of the mass capacity on the launch vehicle.

有了這個，讓我們轉向我們對 2023 年第一季度的指導。我們預計第一季度的收入將在 5100 萬美元到 5400 萬美元之間，這反映了 Space Systems 的 3200 萬到 3500 萬美元的貢獻和發射的 1900 萬美元的貢獻服務，假設本季度有 3 次發射或 2 次剩餘發射。第一季度預測的 3 次發射中有一次是 1 月在弗吉尼亞州 LC-2 成功發射的 HawkEye 360 任務，這是一項部分完成的拼車任務，與研發任務類似，我們有意識地選擇專注於加快我們的第一個任務- 曾經的 LC-2 發射與通過填充運載火箭的剩餘容量來最大化收入。

Based on our manifested launch backlog, we expect our average selling price to increase back to our standard pricing as we progress through the remainder of 2023. We expect first quarter GAAP gross margins to range between negative 5% and negative 3% and non-GAAP gross margins to range between positive 7% and 9%. These forecasted GAAP and non-GAAP gross margins reflect greater contribution from our launch services segment as well as lower margin product mix within our Space Systems segment.

根據我們明確的發布積壓，我們預計我們的平均售價將在 2023 年剩餘時間裡回升至我們的標准定價。我們預計第一季度 GAAP 毛利率將介於負 5% 和負 3% 之間，非 GAAP毛利率介於正 7% 和 9% 之間。這些預測的 GAAP 和非 GAAP 毛利率反映了我們發射服務部門的更大貢獻以及我們空間系統部門內利潤率較低的產品組合。

We expect first quarter GAAP operating expenses to range between $44 million and $46 million and non-GAAP operating expenses to range between $33 million and $35 million. This quarter-on-quarter increase was driven primarily by increased R&D staff costs and prototype expenses related to accelerated investments in the Neutron launch vehicle development and scaling up our Photon product family.

我們預計第一季度 GAAP 運營費用在 4400 萬美元至 4600 萬美元之間，非 GAAP 運營費用在 3300 萬美元至 3500 萬美元之間。這一環比增長主要是由於研發人員成本和原型費用的增加，這些費用與加速投資中子運載火箭開發和擴大我們的光子產品系列有關。

We expect first quarter GAAP and non-GAAP net interest expense to be $1 million. We expect first quarter adjusted EBITDA loss to range between $28 million and $30 million, and basic shares outstanding to be approximately 476 million shares.

我們預計第一季度 GAAP 和非 GAAP 淨利息支出為 100 萬美元。我們預計第一季度調整後的 EBITDA 虧損將在 2800 萬美元至 3000 萬美元之間，已發行基本股約為 4.76 億股。

And with that, I'll turn it back to the operator for questions.

有了這個，我會把它轉回給接線員提問。

(Operator Instructions) The first question comes from the line of Kristine Liwag of Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Kristine Liwag。

First question for me, on Globalstar, we've seen the difficulty in raising financing. It's great to see that they finally have a resolution with Apple now prepaying to help fund the satellite build. So in this environment where capital is more expensive, how prevalent are financing challenges amongst your commercial customers? Is this a onetime thing? Or are you seeing this continue into the supply chain.

我的第一個問題是，在 Globalstar 上，我們已經看到籌集資金的困難。很高興看到他們最終與蘋果公司達成了一項解決方案，現在蘋果公司預付資金以幫助資助衛星建造。因此，在這種資本成本更高的環境中，您的商業客戶中的融資挑戰有多普遍？這是一次性的嗎？或者您是否看到這種情況繼續進入供應鏈。

Yes, I can take a pass at that, and Pete, you can also provide your thoughts to Kristine. So I would say that, certainly, with the capital market's conditions, the way they are, it's difficult for a lot of people to continue to finance their businesses. We've been relatively immune from that, largely given the mix that we have of either direct government contracts or also with customers who have deep ties, and rely on a great amount of their revenue to come from government program. So I think we've probably been impacted a lot less than maybe some other folks who come across, but we're not completely immune to it.

是的，我可以接受，Pete，你也可以向 Kristine 表達你的想法。所以我想說，當然，在資本市場的條件下，很多人很難繼續為他們的企業融資。我們相對不受此影響，主要是考慮到我們與直接政府合同或與有深厚關係的客戶的組合，並依賴他們的大量收入來自政府計劃。所以我認為我們受到的影響可能比遇到的其他一些人要小得多，但我們並不能完全免疫。

We've certainly seen some of our smaller customers struggle from time to time and required a little bit longer to pay or in some cases, having to take small -- relatively small amounts of bad debt reserves for amounts owed to us. But for the most part, it really hasn't been a tremendous factor on us today. Hopefully, it continues to be that way, but there -- hard to determine how this is going to roll out going forward given the environment that we're in. Pete, I don't know if you have any different thoughts on that.

我們當然已經看到我們的一些小客戶不時遇到困難，需要更長的時間來支付，或者在某些情況下，不得不為欠我們的款項提取少量——相對少量的壞賬準備金。但在大多數情況下，這對我們今天來說並不是一個巨大的因素。希望它會繼續這樣，但是 - 很難確定鑑於我們所處的環境，這將如何向前推進。Pete，我不知道你對此是否有任何不同的想法。

Yes, I think that's exactly right, Adam. And one of the benefits, I guess, with a number of these programs is a very long time horizon program. So when someone secures funding, it's not typically for a 1-year time horizon. So a lot of these special constellations have a very long-time horizon. So depending on how long this financial environment takes -- lasts, that may influence that. But as Adam said, at this point, we don't see any particularly big issues.

是的，我認為這是完全正確的，亞當。我猜想，許多這樣的項目的好處之一是時間跨度很長的項目。因此，當有人獲得資金時，通常不會持續 1 年的時間範圍。所以很多這些特殊的星座都有很長的時間範圍。因此，取決於這種金融環境需要多長時間——持續多久，這可能會影響到這一點。但正如 Adam 所說，在這一點上，我們沒有看到任何特別大的問題。

Kristine, I think the other thing about...

克里斯汀，我認為另一件事是……

Go ahead, Adam.

去吧，亞當。

Yes. Sorry, Kristine, I was going to say, I think one of the advantages that we have relative to some of our other new space peers is that we obviously have a very healthy balance sheet. And we're also really particular about who we take on as customers. So when we look into our backlog, we don't see a lot of kind of financing risk in there, again, because the mix of the customers that we have. And again, I think that we've been able to be a little bit more creative and flexible, in some cases, working with customers to kind of help support their business and also got to make sure that we're in a good position from maintaining and growing market share in many cases.

是的。抱歉，克里斯汀，我想說，我認為我們相對於其他一些新太空同行的優勢之一是我們顯然擁有非常健康的資產負債表。我們也非常關注我們作為客戶的人。因此，當我們查看我們的積壓訂單時，我們沒有看到很多融資風險，因為我們擁有的客戶組合。再一次，我認為我們已經能夠變得更有創意和更靈活，在某些情況下，與客戶合作以某種方式幫助支持他們的業務，並且還必須確保我們處於有利地位在許多情況下保持和增加市場份額。

So maybe, Peter, as a follow-up on government contracts. You touched on the Space Force RFP for the National Security Space Launch Phase 3. And right, it looks like Lane 1 is geared more towards medium-sized launch vehicles, where Neutron would play in. So can you talk about the timing, milestones to watch and size the opportunity for Neutron?

彼得，也許可以作為政府合同的後續行動。你談到了國家安全太空發射第 3 階段的太空部隊 RFP。是的，看起來 1 號車道更適合中型運載火箭，Neutron 將在其中發揮作用。那麼你能談談時間和里程碑嗎？觀察並評估 Neutron 的機會？

Yes, absolutely. So from a milestone perspective for our program, the thing to kind of watch, tanks rolling out, obviously, engine testing and integration. There's a lot of stuff going on in the background well that's less obvious. We talked about moving dirt on a launch pad, where actually to get to the point of moving dirt on the launch pad, there's a tremendous amount of kind of work that needs to be done to get to that point.

是的，一點沒錯。因此，從我們計劃的里程碑角度來看，值得關注的是坦克的推出，顯然是發動機測試和集成。背景井中發生了很多不那麼明顯的事情。我們談到了在發射台上移動泥土，實際上要達到在發射台上移動泥土的程度，需要做大量的工作才能達到這一點。

So those are the things I'd be watching out for. We obviously -- we're -- we have a great relationship with the whole program and used to sell program, and we're encouraging them to certainly think about how can the U.S. maximize its capabilities across a wide range of launch vehicles and opportunities to leverage that. So yes, we're very happy to see the second line come in and that aligns exactly what we had been promoting.

所以這些就是我要注意的事情。我們顯然 - 我們 - 我們與整個計劃有著良好的關係，並且曾經銷售過該計劃，我們鼓勵他們一定要考慮美國如何在廣泛的運載火箭和機會中最大限度地發揮其能力利用它。所以是的，我們很高興看到第二條線出現，這與我們一直在推廣的完全一致。

The next question comes from Erik Rasmussen of Stifel.

下一個問題來自 Stifel 的 Erik Rasmussen。

Yes. So first, maybe just on launch. You have slotted a to 3 in Q1, 2 additional coming up and looks like your timing is sometime in March. But Adam, you previously talked about maybe 14 for the year. We had 1 slip from Q3 to Q4. So I'm assuming maybe that makes the number 15. Is that still a good number for us to be modeling and thinking about as we look at launch?

是的。所以首先，也許只是在發佈時。你在第一季度安排了 1 到 3 個，另外 2 個即將到來，看起來你的時間是在 3 月的某個時候。但是亞當，你之前談到過今年可能有 14 個。我們從第三季度到第四季度有 1 次下滑。所以我假設這可能是數字 15。這仍然是我們在發佈時建模和思考的好數字嗎？

Yes. No, Erik, I think so. I mean we typically have seen -- I mean it's a relatively young business, so we don't have a great amount of track record as far as seasonality is concerned, but it does seem like Q1 gets off to a slower start, probably a function of a little bit of a hangover from the cations, launch ranges kind of being kind of closed at the end of the year. So it takes a while for programs to get respun up.

是的。不，埃里克，我想是的。我的意思是我們通常已經看到——我的意思是這是一個相對年輕的企業，所以就季節性而言，我們沒有大量的往績記錄，但似乎第一季度的起步較慢，可能是有點來自陽離子的宿醉功能，發射範圍在年底有點關閉。所以程序需要一段時間才能重新啟動。

But with the targeted 3 launches in the first quarter, I think we're in great shape to get to that 15 number of launch of the year. Demand actually is higher than -- would indicate a higher number of launches than 15 this year, but we've also learned through the school of hard knocks that we can get burned when we rely really upon what just our customers are telling us what their demands are because customer spacecraft oftentimes seem to slip and push out to the right at the last moment just because of the nature of how these programs develop and when things come through their final qualification and testing.

但是，根據第一季度的目標 3 次發射，我認為我們的狀態很好，可以達到今年的 15 次發射。需求實際上高於 - 表明今年的發射次數超過 15 次，但我們也通過學校的艱苦訓練了解到，當我們真正依賴客戶告訴我們的內容時，我們可能會被燒毀需求是因為客戶航天器通常似乎在最後一刻滑倒並向右推出，這僅僅是因為這些程序如何開發的性質以及事情何時通過他們的最終資格和測試。

So we think that we've got -- we've kind of risk adjusted the numbers, so we think 15 is the right number for the year given where we're at and given the likelihood that some programs could push to the right. But time will tell. But right now, it feels like the right number.

所以我們認為我們已經 - 我們已經對數字進行了某種風險調整，所以我們認為 15 是今年的正確數字，因為我們所處的位置以及某些計劃可能會向右推進的可能性。但時間會證明一切。但現在，感覺是正確的數字。

Okay. And maybe just adding to that. You've mentioned we're seeing it with the Q1 outlook for launch at $19 million for 3 launches, but you mentioned that you probably would get back to more of a normalized ASP throughout the year. Is that's fair to say, right?

好的。也許只是增加了這一點。你提到過我們看到它的第一季度發射前景為 3 次發射 1900 萬美元，但你提到你可能會在全年恢復到更多的標準化 ASP。這樣說公平嗎？

Absolutely. Yes. Again, we made conscious choice to get that launch off earlier in the year versus kind of -- just kind of take more time to backfill all the volume capacity on the vehicle. So -- and again, right now, I mean, we have very, very strong visibility and conviction in where the manifest is and we know what the launch prices are for those. So yes, we're confident where the ASP is migrating back to where it has been and more towards our kind of advertised kind of sticker price.

絕對地。是的。同樣，我們有意識地選擇在今年早些時候啟動發射，而不是——只是需要更多的時間來回填車輛的所有容量。所以 - 現在，我的意思是，我們對清單的位置有非常非常強烈的可見性和信念，我們知道這些的發布價格是多少。所以，是的，我們有信心 ASP 正在遷移回原來的位置，並且更多地朝著我們宣傳的那種標價方向發展。

Okay. And maybe just my follow-up. On the MDA contract, any milestones that maybe you can call out, where are you in terms of building out the manufacturing line and sort of what sort of volumes can you achieve? And then maybe just on the opportunity for launch, any updates there?

好的。也許只是我的後續行動。在 MDA 合同上，您可能會提到任何里程碑，您在構建生產線方面的進展情況以及您可以達到什麼樣的產量？然後也許只是關於發布的機會，那裡有任何更新嗎？

Yes, I'll let Pete -- do you want to take a first pass on that?

是的，我會讓皮特——你想先通過嗎？

Yes, sure. Yes, absolutely. Erik, things are looking good. So you come and visit us you can see a fully stacked integration facility, so -- at the headquarters. So that was completed last year. And that facility is more than capable of processing the [17 buses] that are on contract and any further that may be options. So no, I think we're in good shape there, and we continue discussions for the launch of those particular spacecraft.

是的，當然。是的，一點沒錯。埃里克，事情看起來不錯。所以你來拜訪我們，你可以在總部看到一個完全堆疊的集成設施。所以這是去年完成的。而且該設施完全有能力處理合同中的 [17 輛公共汽車] 以及任何其他可能的選擇。所以不，我認為我們在那里處於良好狀態，我們將繼續討論發射那些特定航天器的問題。

And Erik, I think I'd just add on a little bit there. The -- we continue to kind of knock down the gates towards these milestones in the program, so we've cleared quite a few of the scheduled milestones. We're on schedule. Everything looks to be in good shape. So we will go into all the details of all the kind of milestones and sub milestones. But we've -- so far, we've been very fortunate to be hitting all of our milestone dates getting through successful reviews. So yes, all that looks very, very good.

埃里克，我想我只是補充一點。 - 我們繼續在某種程度上敲開通往計劃中這些里程碑的大門，因此我們已經清除了相當多的預定里程碑。我們如期而至。一切看起來都很好。因此，我們將詳細介紹所有類型的里程碑和子里程碑。但我們 - 到目前為止，我們非常幸運能夠通過成功的審查達到我們所有的里程碑日期。所以是的，所有這些看起來都非常非常好。

So far, we've also been pretty fortunate that we haven't been burned by any supply chain issues at this point. So the quarter is still relatively early, but given everything that we're seeing right now, everything looks to be on track. And so far, we've got happy customers.

到目前為止，我們也很幸運，目前我們還沒有被任何供應鏈問題所困擾。所以這個季度還比較早，但考慮到我們現在看到的一切，一切看起來都在正軌上。到目前為止，我們有滿意的客戶。

The next question comes from Scott Deuschle of Credit Suisse.

下一個問題來自瑞士信貸的 Scott Deuschle。

Adam, it looks like the Q1 EBITDA loss you're guiding to is about double the loss in Q4 and pretty close to what the Street was expecting for the full year in '23. So just given the market's focus on profitability, I was wondering if you could give some further context on what's driving that increase and then how we should think about the trend from Q1?

亞當，看起來你指導的第一季度 EBITDA 虧損大約是第四季度虧損的兩倍，並且非常接近華爾街對 23 年全年的預期。因此，鑑於市場對盈利能力的關注，我想知道您是否可以進一步說明是什麼推動了這種增長，然後我們應該如何看待第一季度的趨勢？

Sure. Yes, I think that there -- I don't think there's been a tremendous amount of resolution in some of the models that are out there. I think that when we've communicated to investors kind of the level of investment required for the -- sorry, for the Neutron program, when we came out, we said it was going to be roughly a $250 million program to get the first Neutron to the pad at the end of 2024. And we believe we're still on schedule of that. So if you kind of just look at kind of what that -- and we got -- we provided a breakdown of how much of that was going to be in CapEx versus prototyping and then OpEx through headcount and so forth. I think the ability there is to model out what that should be, especially given where we are now as we are in Q1 of 2023 and then anticipated launch date in Q4 of next year.

當然。是的，我認為那裡 - 我不認為那裡的某些模型有大量的分辨率。我認為當我們與投資者溝通了所需的投資水平 - 抱歉，對於 Neutron 計劃，當我們出來時，我們說這將是一個大約 2.5 億美元的計劃來獲得第一個 Neutron到 2024 年底發射台。我們相信我們仍在按計劃進行。因此，如果你只是看一下那是什麼——我們得到了——我們提供了資本支出與原型設計中的多少，然後是通過員工人數等的運營支出。我認為有能力模擬出應該是什麼，特別是考慮到我們現在所處的位置，就像我們在 2023 年第一季度所處的位置，然後是明年第四季度的預期發布日期。

So I guess it shouldn't be too much of a surprise kind of where we are kind of on that on adjusted EBITDA basis. And I think that at least for internal purposes, it feels like it's pretty consistent with where we thought we'd be given kind of the -- where we are in the life cycle of the program. From a modeling and trending going forward, we're going to see continued uptick in spending related to Neutron. We've -- I think we've crossed the hump or gotten over the hump for a lot of our Photon Space Systems related pure R&D work. There's still more to come, but a lot of it is kind of behind us.

所以我想我們在調整後的 EBITDA 基礎上所處的位置應該不會太令人驚訝。而且我認為至少出於內部目的，感覺它與我們認為我們將獲得的那種 - 我們在程序生命週期中所處的位置非常一致。從建模和趨勢來看，我們將看到與 Neutron 相關的支出持續上升。我們已經 - 我認為我們已經跨越了很多與光子空間系統相關的純研發工作的駝峰或克服了駝峰。還有更多的事情要做，但很多都已經過去了。

But I think that the -- we'll crest the Neutron spending hump probably sometime in the middle of next year, again, as we get closer and closer to the launch date in Q4. So again, I think the uptick in spending, the current -- or the forecasted Q1 adjusted EBITDA, while we don't give guidance beyond kind of the next quarter, I think that's a number that's going to be -- I don't think we're looking at the low watermark as far as adjusted EBITDA loss in the quarter because, again, spending has continued to ramp up. But I also don't think that we're looking at it -- that it's going to get dramatically higher than where it is.

但我認為，隨著我們越來越接近第四季度的發布日期，我們可能會在明年年中的某個時候再次達到 Neutron 支出的高峰。因此，我再次認為支出的增加，當前 - 或預測的第一季度調整後的 EBITDA，雖然我們不會給出下一季度以外的指導，但我認為這是一個數字 - 我不會認為就本季度調整後的 EBITDA 虧損而言，我們正在尋找低水位線，因為支出再次繼續增加。但我也不認為我們正在研究它——它會比現在高得多。

But we feel like we're kind of in a new range of kind of spending on the program. But we also see revenue increasing over the same time period. So hopefully, a lot of that is because of offsetting. So yes, spending will increase fairly significantly, but we believe that revenue is going to be helpful in growing along with that growth in R&D spend so that we don't kind of balloon that adjusted EBITDA loss on any quarterly basis.

但我們覺得我們在該項目上處於一種新的支出範圍內。但我們也看到收入在同一時期有所增加。所以希望，其中很多是因為抵消。所以是的，支出將顯著增加，但我們相信收入將有助於隨著研發支出的增長而增長，這樣我們就不會在任何季度調整 EBITDA 損失。

Okay. So I mean if Q1 is not the low watermark, I mean could full year EBITDA losses be $120 million or more? I'm just trying to put some sort of finer point on it because, to your point, there's not a lot of resolution in Street models.

好的。所以我的意思是，如果第一季度不是低水位線，我的意思是全年 EBITDA 虧損是否會達到 1.2 億美元或更多？我只是想對它提出一些更好的觀點，因為就你的觀點而言，街頭模型的分辨率並不高。

Yes. Again, a lot of it depends on -- a lot of things are still in flux as far as the major prototyping items, when we're going to get invoiced for those types of things. So it's really hard to predict right now like exactly what that -- what the curve is going to look like, what the slope of the line on R&D spending increase related to Neutron. We also have some pretty significant revenue growth coming in the second half of the year related to some of our space systems programs. Again, which, depending on how hard they hit up and the related margins that the company does, hopefully moderates quite a bit of that spending increase.

是的。同樣，這在很大程度上取決於 - 就主要原型項目而言，很多事情仍在不斷變化，當我們要為這些類型的事情開具發票時。因此，現在真的很難準確預測曲線會是什麼樣子，與 Neutron 相關的研發支出增長曲線的斜率是多少。我們在今年下半年也有一些與我們的一些空間系統計劃相關的相當可觀的收入增長。同樣，這取決於他們的努力程度以及公司的相關利潤率，有望在相當大的程度上緩和支出增長。

So yes, at this point, I'm not able or kind of willing to go really beyond what the next quarter looks like. But as we spend more time together and we get a little more color and visibility, we'll certainly share that with you and others.

所以是的，在這一點上，我不能或不願意真正超越下一季度的情況。但隨著我們花更多的時間在一起，我們獲得更多的色彩和知名度，我們一定會與您和其他人分享。

Okay. I mean that's super helpful. And then just as a follow-up, does the $143 million contract with the MDA. Does that include any inflation protection mechanisms on it just given that it's kind of a multiyear contract in you're in an inflationary environment? Just curious on inflation protection on that contract specifically.

好的。我的意思是這非常有幫助。然後作為後續行動，與 MDA 簽訂價值 1.43 億美元的合同。這是否包括任何通貨膨脹保護機制，因為它是一種多年期合同，處於通貨膨脹環境中？只是對該合同的通貨膨脹保護特別感興趣。

Yes, Scott. No, it's a good question. No, that's a firm fixed price contract. So we were able to secure some incremental scope under that agreement with the SOCC to operate the satellites on orbit for the customer. So we got some uplift to total revenue from that. We didn't disclose the exact amount. But I think we feel pretty good because when we were modeling out the BOM and other factors building satellites, we took into consideration a certain amount of inflation.

是的，斯科特。不，這是個好問題。不，那是固定價格合同。因此，我們能夠根據與 SOCC 的協議獲得一些增量範圍，為客戶運營在軌衛星。因此，我們從中獲得了總收入的一些提升。我們沒有透露具體金額。但我認為我們感覺很好，因為當我們為 BOM 和建造衛星的其他因素建模時，我們考慮了一定程度的通貨膨脹。

Now is inflation running hotter than we thought it was going to be 1.5 years ago when we were doing that modeling? Certainly, but we also put in some cushioning factors to make sure that we come out on the right side of that. So we feel very good, and we don't see anything right now that would kind of impact the margin expectations for that program versus where we originally modeled it.

現在的通貨膨脹是否比 1.5 年前我們做那個模型時預想的要嚴重？當然可以，但我們也加入了一些緩衝因素，以確保我們站在正確的一邊。所以我們感覺非常好，我們現在沒有看到任何會影響該程序的利潤率預期與我們最初建模的地方的任何東西。

The next question comes from Suji Desilva of ROTH MKM.

下一個問題來自 ROTH MKM 的 Suji Desilva。

So first question on the launches, the $14 million to $15 million -- the 14, 15 for the year, sorry. What number are you roughly expecting from Virginia? And what's the incremental launch opportunities that are available from the U.S. soil that maybe weren't unavailable to New Zealand? If you could talk about that, that would be helpful.

所以關於發射的第一個問題，1400 萬到 1500 萬美元——今年的 14、15 次，抱歉。您對弗吉尼亞的大致期望是多少？在美國本土可以獲得哪些新西蘭可能無法獲得的增量發射機會？如果你能談談這個，那會很有幫助。

Suji, yes, so of the 14, 15, it kind of depends a little bit on readiness with customers but -- and it could be ending up to sort of 6 launches out of that site this year, like I said, depending on readiness of customers. Yes.

Suji，是的，所以在 14 和 15 中，這在某種程度上取決於客戶的準備情況，但是 - 就像我說的那樣，今年可能會從該網站推出 6 次，具體取決於準備情況客戶。是的。

Okay. And the incremental opportunity, Peter, U.S. government or other specific division?

好的。以及增量機會，彼得，美國政府或其他特定部門？

Yes, yes, yes, sorry. Yes. An incremental opportunity, the one thing that we built that pad for was kind of a rapid response for our U.S. government customers. And we are seeing that capability really being valued. And more on that shortly, I would say. But it certainly will be -- it certainly opens up, I would say, much greater access to doing defense or national security, which is frankly why we intended to build that pad.

是的，是的，是的，對不起。是的。一個增量機會，我們構建該墊的一件事是對我們的美國政府客戶做出快速反應。我們看到這種能力真正受到重視。不久之後，我會說更多。但它肯定會——我想說，它肯定會開闢更大的途徑進行國防或國家安全，坦率地說，這就是我們打算建造那個平台的原因。

Yes, Suji. Real quick on the impact of having the Virginia launch site now operational, there's some variable incremental costs that come along with launching from that range because we don't own the range like we do in New Zealand. But at the same time, we are seeing a strong degree of acceptance or willingness for customers to pay a premium to launch out of that range for obvious reasons, right? We're -- it's 3, 3.5 hours outside of D.C. and there's a lot of benefits that come from a logistics perspective of having that in the backyard of some of our largest customers.

是的，蘇吉。真正快速了解弗吉尼亞發射場現在投入運營的影響，從該範圍發射會帶來一些可變的增量成本，因為我們不像在新西蘭那樣擁有該範圍。但與此同時，我們看到客戶出於顯而易見的原因支付溢價推出超出該範圍的強烈接受度或意願，對嗎？我們——距華盛頓特區 3、3.5 小時車程，從物流的角度來看，在我們一些最大客戶的後院有很多好處。

So I think it's -- for us, it's hugely enabling and it's something that our customers are -- seem to be very, very grateful that it's come online now. So I think it's going to be long term, to be a very busy range for us. And I think we're well set up to kind of leverage that into more and more U.S. government business.

所以我認為它 - 對我們來說，它具有巨大的推動力，而且它是我們的客戶 - 似乎非常非常感激它現在上線了。所以我認為這將是長期的，對我們來說是一個非常繁忙的範圍。而且我認為我們已經準備好將其用於越來越多的美國政府業務。

Okay. Great. And then as my follow-up, with the backlog growing here to $500 million, should we expect additional direct sell related opportunities like Globalstar, MDA or maybe was that a one-off, just to kind of set the expectations for what could be coming now that you successfully won that?

好的。偉大的。然後作為我的後續行動，隨著這裡的積壓增加到 5 億美元，我們是否應該期待更多的直銷相關機會，如 Globalstar、MDA 或者可能是一次性的，只是為了設定對可能發生的事情的期望既然你成功贏得了那個？

Yes. I mean -- and this kind of goes to the pace at which the backlog grows, is we tend to be working on fewer larger deals now than perhaps -- as Adam mentioned before, the quality of our backlog is super important to us. So we're always working on some pretty significant deals. So I would hope that we would continue to see those kind of larger lumps dropping as we close those out.

是的。我的意思是——這與積壓訂單增長的速度有關，我們現在處理的大型交易往往比也許少——正如亞當之前提到的，我們積壓訂單的質量對我們來說非常重要。所以我們一直致力於一些非常重要的交易。因此，我希望在我們關閉它們時，我們會繼續看到那些更大的塊落下。

I think, Suji, I mean, maybe a little bit more on that as well. Like -- so obviously, we we're very happy with what we've been able to secure for this type of application, and certainly, we think that we're at the earlier stages of what this ultimate application could look like for us. But we're also very selective in who we work with, and we're not looking to basically go work with every kind of random opportunity out there looking to take advantage of this direct to mobile type of opportunity.

我想，Suji，我的意思是，也許還有更多。就像 - 很明顯，我們對能夠為此類應用程序提供保護的內容感到非常滿意，當然，我們認為我們正處於這種最終應用程序對我們來說看起來像什麼的早期階段.但我們在與誰合作方面也非常有選擇性，我們並不打算基本上與各種隨機機會一起工作，以利用這種直接到移動類型的機會。

So we're pretty focused on staying engaged with the absolute Tier 1 of customers on this type of opportunity. So yes, we see more opportunities, but it's probably going to be a very concentrated customer area if you will.

因此，我們非常專注於在此類機會上與絕對一級客戶保持互動。所以是的，我們看到了更多的機會，但如果你願意的話，它可能會成為一個非常集中的客戶區域。

The next question comes from Matt Akers with Wells Fargo.

下一個問題來自富國銀行的 Matt Akers。

This is Eric Yan on for Matt. Just quickly wanted to ask about the margins at SolAero, if there's any progress being made so far for getting to 30% by early '24.

這是馬特的 Eric Yan。只是很快想問一下 SolAero 的利潤率，到目前為止在 24 年初達到 30% 方面是否取得了任何進展。

Yes. I'll take first pass this because there's a bunch of different initiatives ongoing. Certainly, we believe that, that 30% gross margin is the right target for that business. I will say that we're still going through the process of burning through the legacy backlog that was there that came at pretty compromised gross margins. But if you look at the new business that we're booking and we've been booking quite a bit of new business, all of that is at or above our target margin. So we feel very good about how kind of we're replenishing the backlog with new business as we burn off the old business.

是的。我將首先通過這個，因為有很多不同的計劃正在進行中。當然，我們認為，30% 的毛利率是該業務的正確目標。我要說的是，我們仍在經歷燒毀毛利率相當低的遺留積壓的過程。但如果你看看我們正在預訂的新業務，我們已經預訂了相當多的新業務，所有這些都達到或超過了我們的目標利潤率。因此，當我們燒掉舊業務時，我們對如何用新業務補充積壓感到非常滿意。

But there are also some longer-term opportunities for that legacy backlog, for that to become better gross margin over time. But that's kind of just the traditional blocking and tackling, getting the efficiencies out of the operation, investing more in systems and processes and people and equipment. So I think that we've got the right things kind of in focus, and we're actually in the right things to get the margin up. But I would say that it's definitely -- it's a longer initiative to get the margins to where we thought we would. I think it's aggressive at this point to think that we are going to be at that 30-point target in the early part of 2024. I think it's going to take us a little bit longer. And again, that's just a function of how quickly we kind of burn through that backlog and get some other efficiencies in the business.

但是，遺留積壓也有一些長期機會，隨著時間的推移，它會變得更好的毛利率。但這只是傳統的阻止和解決，提高運營效率，對系統和流程以及人員和設備進行更多投資。所以我認為我們已經把重點放在了正確的事情上，而且我們實際上在正確的事情上提高了利潤率。但我要說的是，這絕對是——這是一項更長期的舉措，目的是讓利潤達到我們預期的水平。我認為在這一點上認為我們將在 2024 年初達到 30 點目標是激進的。我認為我們需要更長的時間。再一次，這只是我們如何快速處理積壓工作並在業務中獲得其他一些效率的函數。

But longer term, we absolutely feel like that's the right number to be had. And we say longer term, we're not talking like 3, 4, 5 years. It's a shorter time horizon than that, but it's probably not the next 12 months. Pete, do you have any further color on other margin enhancement opportunities for the SolAero business?

但從長遠來看，我們絕對認為這是正確的數字。我們說的是長期，而不是 3、4、5 年。它的時間範圍比那短，但可能不是接下來的 12 個月。皮特，您對 SolAero 業務的其他利潤增加機會有什麼進一步的了解嗎？

Yes. So I think it's a good point. I mean one of -- good set of points. One of the reasons why we're attracted to that acquisition was the new IMM beta cell technology, which is the highest performing cell technology in the world. So as we kind of take that from relatively small production volumes and almost R&D into volume production, that really changed some of those margin opportunities as well. And as Adam pointed out, I mean we're just going to burn off some of those long legacy stuff.

是的。所以我認為這是一個很好的觀點。我的意思是其中一個 - 一組很好的觀點。我們被此次收購吸引的原因之一是新的 IMM beta 電池技術，這是世界上性能最高的電池技術。因此，當我們從相對較小的產量和幾乎研發到批量生產時，這也確實改變了一些利潤機會。正如亞當指出的那樣，我的意思是我們只是要燒掉一些長期遺留下來的東西。

But even the team has been booking and is looking exactly where we need it to be. It's just we're going to have this [drive] for a little bit.

但即使是團隊也一直在預訂，並且正在尋找我們需要的地方。只是我們要使用這個[驅動器]一點點。

The next question comes from the line of Andre Madrid of Bank of America.

下一個問題來自美國銀行的Andre Madrid。

Kind of wanted to touch base on the comment you made regarding ocean recovery versus midair recovery. I mean, is there a big difference in between how much you might be able to recover for it to be received in midair versus ocean? Is there like an amount of the Electron that you might not be able to recover in the event that it splashes down?

有點想談談你對海洋恢復與空中恢復的評論。我的意思是，在半空中和海洋中接收到的信號能恢復多少有很大區別嗎？是否有一定數量的電子在濺落時可能無法恢復？

Yes, Andre, No, not really at all. The reason why we didn't want to get it wet is there is some remedial work that's required when you get it wet, purging and slightly more intense kind of recertification activities rather than have been dry. But as kind of with splashed a whole bunch down now and retrieve them back, that's become really well understood for us.

是的，安德烈，不，一點也不。我們不想弄濕它的原因是，當你弄濕它時，需要進行一些補救工作，清洗和稍微更強烈的重新認證活動，而不是乾的。但是就像現在把一大堆東西潑下來然後把它們找回來一樣，這對我們來說已經很清楚了。

So when you trade the extra kind of work that you need to do to kind of replenish them and recertify vehicle for launch against the cost of operating the helicopter, it's pretty much neutral.

因此，當您將需要做的額外工作來補充它們並重新認證運載工具以與操作直升機的成本進行交易時，它幾乎是中性的。

So at that point, what the water landing does enable us to do is recover more vehicles because we don't have the constraints of the operations of the helicopter. So it's kind of -- financially, it's kind of the same, but we get to actually use more vehicles. So -- and as we splash more and more down, we kind of learn more and more. And as I mentioned, in the deck, we're making modifications to the vehicle that make it far more kind of seaworthy if you will. So it's going to get better.

所以在那個時候，水上著陸讓我們能夠做的是回收更多的車輛，因為我們沒有直升機操作的限制。所以它有點 - 在財務上，它有點相同，但我們實際上使用了更多的車輛。所以——隨著我們越來越往下飛濺，我們會學到越來越多。正如我提到的，在甲板上，我們正在對車輛進行修改，如果您願意的話，可以使其更加適航。所以它會變得更好。

All right. Understood. Is there any read-through to Neutron development then? I mean it seems like it's not how much of an issue if it splashes down. Is it worth the incremental development cost to develop the landing system if you could also do recovery from the ocean for Neutron platform? I mean is that something you guys are considering as well?

好的。明白了。那有沒有通讀Neutron的發展？我的意思是，如果它濺落下來，這似乎不是什麼大問題。如果您還可以為 Neutron 平台從海洋中回收，那麼開發著陸系統的增量開發成本是否值得？我的意思是你們也在考慮這件事嗎？

Yes, sure. I mean they're just such a different vehicles to scale. One of the advantages of Electron being so small is that these kind of sea recoveries and things make it simple and viable. A vehicle that scale an ocean splashed down is not something we want to do, is a very, very large and floating motion. So the big difference between Electron and Neutron is that Neutron is designed from day 1 to be leaning reusable, whereas Electron, I thought it wasn't possible for the longest period. So it was never conceived.

是的，當然。我的意思是它們只是規模不同的車輛。 Electron 如此之小的優勢之一是這些海洋回收和其他事情使它變得簡單和可行。我們不想做的事情是，我們不想做的事情是在海洋中飛濺而下，這是一個非常非常大的漂浮運動。因此，Electron 和 Neutron 之間的最大區別在於，Neutron 從第一天開始就被設計為可重複使用，而 Electron，我認為在最長的時期內是不可能的。所以從來沒有想過。

And the mass margins you have on a small launch vehicle versus a larger launch vehicle just make small launch vehicle recovery infinitely more difficult. So when you've got a fresh piece of paper and you can design it from scratch, then landing a Neutron dry is by far the most sensible thing.

與大型運載火箭相比，小型運載火箭的質量優勢只會讓小型運載火箭的回收變得更加困難。因此，當您拿到一張新紙並可以從頭開始設計時，讓 Neutron 乾著陸是迄今為止最明智的事情。

The next question comes from Edison Yu of Deutsche Bank.

下一個問題來自德意志銀行的Edison Yu。

First one, I'm sure you've seen there's been quite a few high-profile failures since the last earnings call by some of your peers. Have you seen any increased activity from maybe customers that were considering before that are coming to you now because of this?

第一個，我敢肯定你已經看到自從你的一些同行上次財報電話會議以來已經發生了很多引人注目的失敗。您是否看到以前考慮過的客戶現在因此而來找您的活動有所增加？

Yes. I mean I'm not I'm not aware of one particular customer that's kind of offloaded. But I would say it's kind of a general sentiment that as more of these kind of emerging providers and others have these data, it's kind of a reminder that this is way more difficult than kind of people sometimes give it credit for. So I think as that kind of -- as you get more data points of how difficult it is and more data points of people failing to execute against it, it certainly changes the sentiment. And I would say that customers that we've been in discussions with for longer periods of time, those values solidified their decision to come with us pretty quickly.

是的。我的意思是我不是我不知道有一個特定的客戶被卸載了。但我想說的是，隨著越來越多的這類新興供應商和其他供應商擁有這些數據，這是一種普遍的看法，這在某種程度上提醒人們，這比人們有時認為的要困難得多。所以我認為，隨著你獲得更多關於它有多困難的數據點，以及更多無法執行它的人的數據點，它肯定會改變情緒。我要說的是，與我們討論了很長時間的客戶，這些價值觀鞏固了他們很快就加入我們的決定。

Understood. As you ramp up the spend on Neutron, how should we think about the next couple of big milestones. And I sort of asked that in the context of maybe a couple in the second half. And also when would you consider announcing when exactly that first launch is for Neutron? Is that like a 4Q '23 thing? Is that a 1Q '24? Just how to think about the sequencing of leading up to the first launch.

明白了。隨著您增加在 Neutron 上的支出，我們應該如何考慮接下來的幾個重要里程碑。我有點在下半場可能有一對夫婦的情況下問過這個問題。還有，您什麼時候會考慮宣布 Neutron 的首次發佈時間？這就像 23 年第四季度的事情嗎？那是 1Q '24 嗎？只是如何考慮導致首次發布的順序。

I'll deal with the announcement and then I'll hand it over to Adam to talk about the spend profile. But a launch vehicle, you think you're golden until you do a particular test. And in fact, it's across the whole space industry. This is why there are so many satellite delays. You do like a final tee up just to confirm that you've got thermal issue in the containment launch vehicle development. You think you're golden until you go and do a test and realize that something's not right.

我將處理公告，然後將其交給 Adam 來討論支出概況。但是運載火箭，你認為你是黃金，直到你做了一個特定的測試。事實上，它遍及整個航天工業。這就是為什麼有這麼多衛星延遲的原因。你確實喜歡最後一次開球，只是為了確認你在安全殼運載火箭開發中遇到了熱問題。你認為自己是金子，直到你去做測試並意識到有些地方不對勁。

So you have to operate in the mindset of kind of like a green light schedule until something proves otherwise. So I wouldn't expect us to make any kind of formal announcements of a launch date until it's pretty obvious that we're ready to launch this. And we've got stuff on the pad and things are moving along because, as you've seen from some of the other emerging players, some of them have had a rocket on the pad for a year working through previously the launch vehicle issues.

因此，您必須以一種類似於綠燈時間表的心態進行操作，直到證明情況並非如此。所以我不希望我們對發布日期做出任何形式的正式聲明，直到我們已經準備好發布它。我們已經在墊子上有了東西，事情正在向前發展，因為正如你從其他一些新興玩家那裡看到的那樣，他們中的一些人已經在墊子上放了一年火箭，解決了之前的運載火箭問題。

So it's pretty hard to just put a stake in sand, but we'll keep it really updated on their progress. And if there's anything that crops up that we think is going to have an impact to timing, we'll see (inaudible).

所以很難僅僅在沙子上投入股份，但我們會及時更新他們的進展。如果出現任何我們認為會對時間產生影響的事情，我們會看到（聽不清）。

Yes. I would say that our baseline plan of record that's built into our financial plan assumes a launch in Q4 of 2024.

是的。我想說的是，我們財務計劃中的基準記錄計劃假設在 2024 年第四季度啟動。

And the next question comes from the line of Austin Moeller of Canaccord.

下一個問題來自 Canaccord 的 Austin Moeller。

So just my question about Peter's comment around the ocean recovery of the Electrons. If we go from recovering 50% of the Electrons to potentially recovering 60% to 70% of Electrons by doing water recovery. What does that do to your projections for gross margins for the launch business relative to your prior expectations?

所以我的問題是關於彼得關於電子海洋恢復的評論。如果我們通過水回收從回收 50% 的電子到可能回收 60% 到 70% 的電子。相對於您之前的預期，這對您對發射業務毛利率的預測有何影響？

Yes, Austin. It's a good question. I mean I think it really doesn't change it because we -- this basically just buys down the risk of getting to that margin target, right? So I would say the margin targets in a business like this are never slam dunks. There's a lot of hard work that goes into it. Recovery is part of it. There are other elements that we're driving, getting to our target margins, including a launch cadence of launching twice monthly, also some kind of, I would say, more traditional savings from BOM elements and labor efficiencies and so forth.

是的，奧斯汀。這是個好問題。我的意思是我認為它真的不會改變它，因為我們 - 這基本上只是降低了達到該保證金目標的風險，對吧？所以我想說，像這樣的企業的利潤率目標從來都不是灌籃高手。這需要付出很多努力。恢復是其中的一部分。我們正在推動其他因素，以達到我們的目標利潤率，包括每月發射兩次的發射節奏，還有某種，我想說，從 BOM 元素和勞動效率等方面節省更多的傳統費用。

So all the kind of factors into our longer-term target of getting into the low 50% gross margin range on a non-GAAP basis. So again, I wouldn't build in any increase to that based on this. I think it just maybe it derisks our ability to get there or what time frame we get there.

因此，所有這些因素都納入了我們的長期目標，即在非 GAAP 基礎上進入 50% 的低毛利率範圍。因此，我不會在此基礎上增加任何內容。我認為這可能會降低我們到達那裡的能力或我們到達那裡的時間框架。

Yes, I'd agree 100% to that. The recovery is one element of the program here.

是的，我 100% 同意這一點。恢復是這裡計劃的一個組成部分。

Okay. And then also just considering your (inaudible) position within the launch market right now, just given the shortage of available launch vehicles, you see Amazon and a moon lander company all scrambling to get onto a ULA launch, even though it's a first launch for that vehicle. And do you expect to increase pricing at all for the Electron just given the launch shortage and inflation pressures? Or do you plan to keep prices where they're at?

好的。然後再考慮一下你現在在發射市場中的（聽不清）地位，鑑於可用運載火箭的短缺，你看到亞馬遜和一家月球著陸器公司都在爭先恐後地進行 ULA 發射，即使這是首次發射那輛車。考慮到發射短缺和通貨膨脹壓力，您是否希望提高 Electron 的價格？還是您打算將價格保持在當前水平？

I mean Electron pricing has never gone down. It's only ever gone up. Yes. Maybe you want to take that, Adam.

我的意思是 Electron 的定價從未下降過。它只會上漲。是的。也許你想接受它，亞當。

Yes. I think the -- over time, we -- again, we see prices increasing. I think the greatest factor overall that leads to increased pricing is that, as we see more failures from aspirational launch companies, and a lot of these folks just won't have the capital, in my opinion, to execute. And so I think it's just a matter of time before kind of the natural selection process really leads us down to a point where launch for Electron becomes more expensive, not less expensive.

是的。我認為——隨著時間的推移，我們——再次看到價格上漲。我認為導致價格上漲的最大因素是，隨著我們看到更多有抱負的發射公司的失敗，而且在我看來，這些人中的很多人只是沒有執行的資本。因此，我認為自然選擇過程真正將我們引向 Electron 的發布變得更昂貴而不是更便宜的地步只是時間問題。

And I think that also might be the reason why we're starting to see more kind of bulk buys from constellation customers because I think they realize that. I think as difficult as it is to commit to one platform in -- with the potential of maybe cheaper and more plentiful opportunities coming onboard, for launch are coming out to the market, I think they're also realizing that, again, the difficulty of doing this and having a reliable launch platform is super important because time is money for a constellation operator.

而且我認為這也可能是我們開始看到更多來自星座客戶的批量購買的原因，因為我認為他們意識到了這一點。我認為，儘管致力於一個平台是很困難的——可能會有更便宜、更豐富的機會出現，因為發布正在進入市場，我認為他們也再次意識到，困難這樣做並擁有可靠的發射平台非常重要，因為對於星座運營商來說，時間就是金錢。

So I think that my prediction would be that prices firm up again as we see continued kind of challenges for some of these aspirational launch people. But there's still enough noise out there from people who are trying to enter the market where we don't have, I would say, a tremendous amount of pricing kind of leverage. But I think that's starting to change.

因此，我認為我的預測是，隨著我們看到這些有抱負的發射人員中的一些人繼續面臨挑戰，價格將再次上漲。但是，那些試圖進入我們沒有的市場的人仍然有足夠的聲音，我想說，大量的定價槓桿。但我認為這種情況正在開始改變。

I think we are starting to see, again, people realizing how difficult it is, and there's not going to be 100 successful launch companies. Maybe there's a handful or less than a handful of successful long-term players. And I think with that, you would normally see pricing firm up, and that's what I would expect to see happen over the course of the next several years.

我認為我們再次開始看到人們意識到這有多麼困難，而且不會有 100 家成功的發射公司。也許有少數或少於少數成功的長期參與者。我認為這樣一來，你通常會看到定價堅挺，這就是我預計在未來幾年內會發生的情況。

There are currently no additional questions registered at this time. So I will pass the conference back over to the management team for closing remarks.

目前沒有其他問題登記在這個時候。因此，我會將會議轉回給管理團隊，讓他們發表閉幕詞。

Thanks very much. That's a wrap for today's presentation. Thank you, everyone, for joining us on the call. Adam and I will be speaking at these up-and-coming conferences and look forward to the opportunity to share more exciting news and updates with you. Thanks again, and we look forward to speaking with you again soon about the exciting progress being made here at Rocket Lab.

非常感謝。今天的演講到此結束。謝謝大家加入我們的電話會議。亞當和我將在這些嶄露頭角的會議上發言，並期待有機會與您分享更多激動人心的新聞和更新。再次感謝，我們期待很快再次與您討論 Rocket Lab 取得的令人振奮的進展。

And with that, we will conclude today's conference call. Thank you for participating. You may now disconnect your lines.

至此，我們將結束今天的電話會議。感謝您的參與。您現在可以斷開線路。