Rocket Lab USA Inc (RKLB) 2023 Q2 法說會逐字稿

Thank you for standing by. My name is Adam, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Rocket Lab Q2 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.(Operator Instructions). I'd now like to turn the call over to Colin Canfield, Investor Relations Manager. Please go ahead.

謝謝你的支持。我叫 Adam，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Rocket Lab 2023 年第二季度收益電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員說明）。我現在想將電話轉給投資者關係經理科林·坎菲爾德 (Colin Canfield)。請繼續。

Thank you, Adam. Hello, everyone. We're glad to have you join us today for today's conference call to discuss Rocket Lab's Second Quarter 2023 Financial Results. 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.

謝謝你，亞當。大家好。我們很高興您今天參加我們今天的電話會議，討論 Rocket Lab 2023 年第二季度的財務業績。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，這些陳述旨在獲得私人機構建立的免於責任的安全港保護。證券訴訟改革法。

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. 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.

任何此類聲明都不能保證未來業績，今天的新聞稿中強調了可能影響我們業績的因素，其他因素也包含在我們向美國證券交易委員會提交的文件中。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 with the meaning of Regulation G enacted by the SEC. Included in such release and our supplemental materials are reconciliations of these historical non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP. This call is also being webcast. Although due to technical difficulties with our conference call provider, we will post a copy of the presentation on our website at a later time.

我們今天的言論和新聞稿可能還包含具有 SEC 頒布的 G 條例含義的非 GAAP 財務措施。此類新聞稿和我們的補充材料中包括這些歷史非 GAAP 財務指標與根據 GAAP 計算的可比財務指標的調節表。此次電話會議也正在進行網絡直播。儘管由於我們的電話會議提供商的技術困難，我們稍後會在我們的網站上發布演示文稿的副本。

Our presenters today are Rocket Lab Founder and Chief Executive Officer, Peter Beck; and Chief Financial Officer, Adam Spice. After our prepared comments, we will take questions. And now let me turn the call over to Mr. Beck.

今天我們的主講人是 Rocket Lab 創始人兼首席執行官 Peter Beck；和首席財務官亞當·斯派斯。在我們準備好意見後，我們將回答問題。現在讓我把電話轉給貝克先生。

Thanks very much, Colin, and welcome, everybody, and thank you for joining us. Today's presentation will go over our key business accomplishments for the second quarter of 2023 as well as further achievements we've made since the end of the quarter. Adam will then take us through our financial results for the second quarter before covering the financial outlook for Q3 2023. After that, we'll take questions and finish today's call with the nearer-term conferences will be attending.

非常感謝科林，歡迎大家，感謝你們加入我們。今天的演示將回顧我們 2023 年第二季度的主要業務成就以及自本季度末以來我們取得的進一步成就。然後，Adam 將向我們介紹第二季度的財務業績，然後介紹 2023 年第三季度的財務前景。之後，我們將回答問題並結束今天的電話會議，並將參加近期會議。

All right, on to what we achieved in the second quarter for the year. Starting with our launch business. In May, we successfully launched both NASA Tropic missions. And in June, we launched our inaugural Hypersonics mission from NASA. NASA selected us to launch Tropic in November late last year after the initial launch provider was enabled to meet the mission and schedule requirements. Within 6 months of the contract award, we had successfully launched both missions, enabling these critical store monitoring satellites to get into orbit and time for the hurricane season. We're incredibly proud to deliver mission success for NASA once again and further demonstrate the reliability and proven capability that Elektron delivers to our civil and defense customers.

好吧，我們來談談今年第二季度取得的成就。從我們的發射業務開始。五月，我們成功發射了 NASA 的兩項熱帶任務。六月，我們從 NASA 啟動了首次高超音速飛行任務。在最初的發射提供商能夠滿足任務和時間表要求後，NASA 選擇我們於去年 11 月底發射 Tropic。在合同授予後的 6 個月內，我們成功發射了這兩項任務，使這些關鍵的商店監測衛星能夠在颶風季節進入軌道。我們非常自豪能夠再次為 NASA 提供成功的任務，並進一步展示 Elektron 為我們的民用和國防客戶提供的可靠性和經過驗證的功能。

We also followed up the 2 Tropic missions with a successful haste mission, paced as our hypersonic suborbital testbed variant electron, and it fills a very real and urgent need for our government customers. The acceleration of hypersonic system technology development is a significant national priority, but testing opportunities remain limited, particularly in real flight scenarios beyond wind tunnels. With the taste launch completed in June from LCI and Wallops, Virginia, we unlocked a new critical national capability, enabling rapid and cost-effective hypersonic testing. We're incredibly excited about what that brings for our customers as well as the additional total addressable market that looks to grow rapidly ahead of strategic and civil needs.

繼兩次 Tropic 任務之後，我們還成功完成了一次緊急任務，作為我們的高超音速亞軌道測試台變體電子，它滿足了我們政府客戶的非常現實和緊迫的需求。加速高超音速系統技術開發是國家的重要優先事項，但測試機會仍然有限，特別是在風洞以外的真實飛行場景中。隨著 LCI 和弗吉尼亞州沃洛普斯於 6 月完成試運行，我們解鎖了一項新的關鍵國家能力，實現快速且經濟高效的高超音速測試。我們對這為我們的客戶帶來的東西以及預計在戰略和民用需求之前快速增長的額外總目標市場感到非常興奮。

All this while leveraging our existing electric architecture and continued R&D investment in our kick-stage capabilities. Expanded propulsion manufacturing capability. So we're also excited about our acquisition of Virgin Orbitz144,000 square foot Long Beach facility leased production lease and production equipment, which were already hard work configuring for our committees and Rutherford production. Overall, we estimate that the $16.1 million price paid for this would have represented around $100 million of value versus having to purchase new while approximately $80 million derived from acquired machinery and equipment and the remaining $20 million from the tenant leasehold improvements. We believe this asset purchase enables significant savings for Neutron and supports future scaling as we work toward the first launch.

所有這一切都是在利用我們現有的電力架構和對啟動階段能力的持續研發投資的同時實現的。擴大推進製造能力。因此，我們也對收購 Virgin Orbitz 144,000 平方英尺的長灘設施感到興奮，租賃生產租賃和生產設備，這已經是為我們的委員會和盧瑟福生產配置的艱苦工作。總體而言，我們估計為此支付的1,610 萬美元價格相當於大約1 億美元的價值，而必須購買新設備，而大約8,000 萬美元來自購買的機械和設備，其餘2,000 萬美元來自租戶租賃權的改進。我們相信，此次資產購買可以為 Neutron 節省大量成本，並支持我們在努力實現首次發佈時的未來擴展。

Neutron testing. Speaking of Neutron, we want to highlight some of the major development testing and construction milestones we've reached for Neutron and its infrastructure. You may have noticed we recently released some updated renders for Neutron, which created some online buzz around design changes. These include adapted landing legs for optimized per barge lending to increase launch availability as well as the adoption of neutrons hungry hip overing from 4 sections to 2, allowing the simple mechanism.

中子測試。說到 Neutron，我們想強調一下我們在 Neutron 及其基礎設施方面所達到的一些主要開發測試和建設里程碑。您可能已經註意到，我們最近發布了一些更新的 Neutron 渲染圖，這在網上引起了一些關於設計更改的熱議。其中包括調整著陸腿以優化每艘駁船的貸款，以提高發射可用性，以及採用中子飢渴的臀部翻邊從 4 個部分到 2 個部分，從而實現簡單的機制。

These design changes were actually made some months ago as part of our testing analysis program and some direct-to-customer feedback. But the artwork really just hasn't kept up with pace with the real vehicle. So we have recently updated these for everybody to see. We've had some significant milestones in Neutron production and in testing in this quarter, including completion of the second stage qualification tank and testing in preparation for the cryogenic test campaign in the third quarter. This work is progressing at pace, thanks to our extensive experience with carbon composites throughout the electron program, so we have a strong head start on structures.

這些設計更改實際上是幾個月前進行的，作為我們的測試分析計劃和一些直接向客戶反饋的一部分。但藝術品確實沒有跟上真實車輛的步伐。所以我們最近更新了這些內容供大家查看。本季度我們在中子生產和測試方面取得了一些重要的里程碑，包括完成第二階段鑑定罐和為第三季度的低溫測試活動做準備的測試。由於我們在整個電子項目中對碳複合材料的豐富經驗，這項工作正在快速進展，因此我們在結構方面擁有強大的領先優勢。

In parallel, Earthworks at launched Complex 3 and Wallet, Virginia, have commenced enabling paired construction to commit Q3. Once complete, Neutron should enjoy all the benefits that come with launching from a pad that benefits from a clear line of sight to future launches and has significantly less congestion relative to the Cape and close proximity to key government customers.

與此同時，位於弗吉尼亞州 Wallet 和 Complex 3 的 Earthworks 已開始啟用配對施工，預計第三季度投入使用。一旦完成，Neutron 將享受到從發射台發射所帶來的所有好處，該發射台可以為未來的發射提供清晰的視線，並且相對於好望角來說擁堵情況明顯減少，並且靠近主要政府客戶。

The propulsion team is also on schedule to deliver the first full-scale print of our committee trust chamber. And we're running a successful campaign of pre-beta tests at Purdue University. These milestones keep us on track for delivering the first complete qualification engine by the end of this year. In parallel, we're building avionics hardware and successfully testing it in hardware in the loop simulation.

推進團隊也按計劃交付我們委員會信託室的第一張全尺寸印刷品。我們正在普渡大學成功開展預測試活動。這些里程碑使我們有望在今年年底前交付第一個完整的資格認證引擎。與此同時，我們正在構建航空電子硬件，並在硬件在環仿真中成功對其進行測試。

All of these achievements put us in a good position to meet some key milestones by the second half of this year, including the completion of the second stage qualification test campaign. We're also targeting the completion of the first stage qualification tank and test as well as the first or Committee's development engine and test campaign at our propulsion complex within (inaudible). We're still working towards getting something on the pad by 2024, and we'll continue to provide updates as we progress through the year and the next.

所有這些成就使我們有能力在今年下半年實現一些關鍵里程碑，包括完成第二階段資格測試活動。我們的目標還包括在我們的推進綜合設施（聽不清）內完成第一階段的資格鑑定和測試，以及第一或委員會的開發發動機和測試活動。我們仍在努力在 2024 年之前推出一些內容，並且隨著今年和明年的進展，我們將繼續提供更新。

Space Systems team also recently delivered a really significant milestone in the second quarter in the form of successfully operating the latest Rocket lab design and built spacecraft on orbit. This is one of our newest spacecraft platforms. Our high payload volume space graph is designed for short- to mid-duration missions in a lower orbit. This was the first of 4 space crafts that we're on contract to build and operate for Varda space to enable in-space manufacturing, a highly bespoke and complex spacecraft designed for reentry, which is a real capability and something we're really proud to bring to the bucket.

空間系統團隊最近還在第二季度實現了一個真正重要的里程碑，即成功運行最新的火箭實驗室設計並在軌道上建造了航天器。這是我們最新的航天器平台之一。我們的高有效載荷體積空間圖專為低軌道中的中短期任務而設計。這是我們為瓦爾達太空公司建造和運營的4 艘航天器中的第一艘，旨在實現太空製造，這是一種專為再入而設計的高度定制和復雜的航天器，這是一種真正的能力，也是我們真正感到自豪的事情帶到桶裡。

The spacecraft hosts a mini pharmaceutical lab that successfully grew crystals commonly used in drug treatments for HIV. When the airspace manufacturing is now -- with the in-space manufacturing now complete, the capture is anticipated to return to earth in the coming weeks. Meanwhile, are the next 2 spacecraft of VARTA are an advanced production and test ready for the follow-up vision soon. All of these spacecraft feature components and software from across our space systems businesses, including solar panels, StarTracks, radios, and abling us to produce them affordably at pace. It's also a demonstration of our business model as an end-to-end space company to both build and operate satellites on orbit.

該航天器設有一個小型製藥實驗室，該實驗室成功地培育了常用於艾滋病毒藥物治療的晶體。當空域製造現已完成時，太空製造現已完成，捕獲預計將在未來幾週內返回地球。與此同時，VARTA 的下兩艘航天器正在為後續願景做好先進的生產和測試準備。所有這些航天器都配備了來自我們整個空間系統業務的組件和軟件，包括太陽能電池板、StarTracks、無線電，並使我們能夠以經濟實惠的速度快速生產它們。這也展示了我們作為端到端太空公司在軌道上建造和運營衛星的商業模式。

And finally, development is progressing well for our Twinpacecraft mission to Mars Vanessa. For the Escape Mission, we're developing 2 bespoke spacecraft to study Mass magnetosphere next year. And this quarter, we completed the qualification spacecraft ahead of an extensive test and qualification campaign. We now want to take the time to highlight some of our accomplishments so far in Q3. Successful launch of Vanessa, Telesat Inspire. We have started the quarter strong with a successful rideshare mission for -- from Launch Complex 1, deploying satellites for NASA, Aspire, and Telesat. We're on the brink now of our 40th electron launch and on track to complete 3 more this quarter and 15 overall this year.

最後，我們的雙太平洋飛船凡妮莎號火星任務的開發進展順利。對於逃亡任務，我們正在開發 2 艘定制航天器來研究明年的質量磁層。本季度，我們在廣泛的測試和資格認證活動之前完成了航天器的資格認證。現在，我們想花時間強調一下第三季度迄今為止我們取得的一些成就。 Vanessa、Telesat Inspire 的成功發射。我們以成功的拼車任務開啟了本季度的強勁勢頭——從 Launch Complex 1 開始，為 NASA、Aspire 和 Telesat 部署衛星。我們現在正處於第 40 次電子發射的邊緣，並有望在本季度再完成 3 次，今年總共完成 15 次。

Now regarding our Capella launch, we have the nightlife. We continue to take an abundance of caution as we continue our track record of the most reliable small rocket. At present, the team is working through some unusual data from one of the engine sensors for that mission. But of course, these things happen with launch vehicles from time to time. We have a very straightforward path to resolution, and we'll reschedule the launch later this month. So no big deal there.

現在關於我們嘉佩樂的推出，我們有夜生活。在我們繼續保持最可靠小型火箭的記錄時，我們將繼續保持高度謹慎。目前，該團隊正在研究來自該任務的一個發動機傳感器的一些異常數據。當然，這些事情在運載火箭上時不時就會發生。我們有一個非常簡單的解決方法，我們將在本月晚些時候重新安排發佈時間。所以沒什麼大不了的。

One of those missions of course, was a recovery mission. This launch was an important one as we used it to prove out any new waterproofing technologies and a new marine retrieval system for extracting electrons from the ocean. I'm pleased to report that the new system works exceptionally well and electrons splashed down in the disconsition we've seen it yet. We continue to operationalize electron reusability with the first re-flight of a recovered engine scheduled for the second half of this year, from where we will schedule the first re-flight of a full-stage booster.

當然，其中一項任務就是恢復任務。這次發射非常重要，因為我們用它來證明任何新的防水技術和用於從海洋中提取電子的新海洋檢索系統。我很高興地報告說，新系統運行得非常好，電子在我們見過的混亂中濺落。我們繼續實施電子可重複使用性，計劃於今年下半年對回收的發動機進行首次重新飛行，從那裡我們將安排全級助推器的第一次重新飛行。

Signed 2 new -- sorry, signed 10 new electron launches. So electron continues to be the preferred dedicated small launch option, demonstrated by continued and growing demand launches. Since we reported earnings in May, we have signed deals for a total of 10 new dedicated launches, including block buys from return government and commercial users. This really is a testament to Electron's reliability, frequent launch cadence, and in particular, the high degree of control over arbit that we can give to Constellation operators, which is something they just cannot get on a large rideshare mission. And with that, I'd like to turn the call over to our Chief Financial Officer, Adam Spice. Adam?

簽署了 2 個新的電子發射項目——抱歉，簽署了 10 個新的電子發射項目。因此，電子仍然是首選的專用小型發射選項，持續且不斷增長的發射需求就證明​​了這一點。自 5 月份公佈收益以來，我們已簽署了總共 10 個新的專用發布項目的協議，其中包括來自政府和商業用戶的批量購買。這確實證明了 Electron 的可靠性、頻繁的發射節奏，特別是我們可以給予 Constellation 運營商對仲裁的高度控制，這是他們在大型拼車任務中無法獲得的。說到這裡，我想將電話轉給我們的首席財務官 Adam Spice。亞當？

Thanks, Pete. Second quarter 2023 revenue was $62 million, which was above the midpoint of our prior guidance of $60 million to $63 million. Second quarter 2023 revenue reflects sequential growth of 13% and the result of 3 successful launches and a return to growth for our Space Systems business. Our Launch Services segment delivered revenue of $22.5 million in the quarter from 3 launches, which was consistent with our prior guidance of $23 million. The resulting average revenue per launch stepped up nearly $1 million to $7.5 million, consistent with our target average selling price for 2023.

謝謝，皮特。 2023 年第二季度收入為 6200 萬美元，高於我們之前 6000 萬至 6300 萬美元指引的中值。 2023 年第二季度的收入反映了 13% 的環比增長，以及 3 次成功發射和空間系統業務恢復增長的結果。我們的發射服務部門在本季度通過 3 次發射實現了 2250 萬美元的收入，這與我們之前 2300 萬美元的指導一致。由此產生的每次發布的平均收入增加了近 100 萬美元，達到 750 萬美元，與我們 2023 年的目標平均售價一致。

Our Space Systems segment delivered $39.6 million in the quarter, which was up 12% sequentially and near the high end of our prior guidance range of $37 million to $40 million, driven by healthy growth in our satellite bus, solar, and separation systems businesses. Our backlog increased by $40.1 million to $534.3 million in the second quarter. We continue to see strength in our launch business, driven by returning launch customers with multi-launch requirements, haste-related missions, and manifesting launches from other failed or struggling launch providers. Additionally, our Space Systems backlog increased with the addition of a new satellite design and build program and strong component bookings, particularly for our software and solar businesses.

在我們的衛星總線、太陽能和分離系統業務健康增長的推動下，我們的空間系統部門本季度交付了3960 萬美元，比上一季度增長了12%，接近我們之前指導範圍3700 萬美元至4000 萬美元的上限。第二季度我們的積壓訂單增加了 4010 萬美元，達到 5.343 億美元。我們繼續看到我們的發射業務的實力，這是由具有多次發射要求的回歸發射客戶、與匆忙相關的任務以及其他失敗或陷入困境的發射提供商的明顯發射所推動的。此外，隨著新的衛星設計和建造計劃以及強大的組件預訂的增加，我們的空間系統積壓訂單有所增加，特別是對於我們的軟件和太陽能業務。

Now turning to gross margin. GAAP gross margin for the first quarter was 23.5%, above the high end of our guidance range of 14% to 16%. Non-GAAP gross margin for the second quarter was 31.8%, which was also well above our guidance range of 22% to 24%. GAAP and non-GAAP gross margin improvements relative to our Q1 2023 results and Q2 2023 guidance reflect the release of a $4.1 million loss reserve associated with the expiration of a legacy launch contract, an increase in average lot selling price and a favorable mix within our solar and software businesses. Adjusting for this, non-GAAP gross margin would have been 25.2%, modestly above the high end of our previous guidance range.

現在轉向毛利率。第一季度 GAAP 毛利率為 23.5%，高於我們指導範圍 14% 至 16% 的上限。第二季度非 GAAP 毛利率為 31.8%，也遠高於我們 22% 至 24% 的指導範圍。相對於我們2023 年第一季度的業績和2023 年第二季度的指引，公認會計準則和非公認會計準則毛利率的改善反映了與遺留發射合同到期相關的410 萬美元損失準備金的釋放、平均批次售價的上漲以及我們內部的有利組合。太陽能和軟件業務。對此進行調整後，非 GAAP 毛利率將為 25.2%，略高於我們之前指導範圍的上限。

We ended Q2 with a production-related headcount of 767 or up 10% from the prior quarter. Turning to operating expenses. GAAP operating expenses for the second quarter of 2023 were $59.8 million, above the high end of our guidance range of $55 million to $57 million. Non-GAAP operating expenses for the second quarter were $43.4 million, which was modestly above our guidance range of $41 million to $43 million. The increases in both GAAP and non-GAAP operating expenses versus the first quarter of 2023 were primarily driven by higher staff costs related to new hires and our annual merit review and related compensation step-ups, material purchases supporting new Tron and Space Systems developments and facilities, and other ongoing expenses related to the Virgin Orbit asset acquisition.

第二季度結束時，我們的生產相關員工人數為 767 人，比上一季度增加了 10%。轉向運營費用。 2023 年第二季度的 GAAP 運營費用為 5,980 萬美元，高於我們 5,500 萬至 5,700 萬美元指導範圍的上限。第二季度非 GAAP 運營費用為 4,340 萬美元，略高於我們 4,100 萬至 4,300 萬美元的指導範圍。與2023 年第一季度相比，公認會計準則和非公認會計準則運營費用的增長主要是由於與新員工相關的員工成本上升、我們的年度績效審查和相關薪酬上漲、支持新的Tron 和空間系統開發的材料採購以及設施以及與維珍軌道資產收購相關的其他持續支出。

In R&D specifically, GAAP expenses were up $7.1 million quarter-on-quarter as we continue to aggressively ramp our neutron development efforts through new hires, large materials purchases, and outside professional services related to our space systems development programs. In addition to these areas contributing to sequential increases, we also recognized increases in stock-based compensation and were impacted by the absence of ERC tax credits that were recognized in the prior quarter. Non-GAAP expenses were up $4.9 million quarter-on-quarter, driven similarly as GAAP expenses by staff costs, outside professional services, and materials-related purchases.

具體而言，在研發方面，隨著我們繼續通過新員工、大量材料採購以及與我們的空間系統開發項目相關的外部專業服務，積極加大中子開發力度，GAAP 費用環比增長 710 萬美元。除了這些導致環比增長的領域之外，我們還認識到基於股票的薪酬的增長，並受到上一季度確認的 ERC 稅收抵免缺失的影響。非 GAAP 支出環比增長 490 萬美元，與 GAAP 支出類似，受到員工成本、外部專業服務和材料相關採購的推動。

Q2 ending R&D head count was 518, representing an increase of 62 from 456 heads from the prior quarter. In SG&A, GAAP expenses increased slightly by $200,000 quarter-on-quarter due to changes in contingent consideration related to our PSC acquisition attributable to a higher average stock price in the quarter, higher M&A costs associated with the Virgin Orbit asset acquisition and nonrecurring ERC tax credits that were recorded in Q1, all of which were partially offset by a reduction in outside service expenses associated with year-end audit and compliance work. Non-GAAP SG&A expenses decreased by $1.7 million, owing primarily to the decrease in audit and compliance-related expenses.

第二季度末研發人員總數為 518 人，比上一季度的 456 人增加了 62 人。在銷售、管理和行政費用方面，GAAP 費用環比略有增加200,000 美元，原因是本季度平均股價上漲、與Virgin Orbit 資產收購相關的併購成本增加以及非經常性ERC 稅，導致與PSC 收購相關的或有對價發生變化。第一季度記錄的積分，所有這些積分都被與年終審計和合規工作相關的外部服務費用的減少部分抵消。非 GAAP SG&A 費用減少了 170 萬美元，主要是由於審計和合規相關費用的減少。

Q2 ending SG&A head count was 228, representing an increase of 9% from the prior quarter. In summary, total second-quarter ending headcount was 1,513, up 81 heads from the prior quarter. Cash consumed from operations was $6.1 million in the second quarter of 2023 compared to $25.4 million in the first quarter of 2023. The sequential improvement of $19.3 million was driven primarily by strength in cash collections. Purchase of property, equipment, and capitalized software licenses decreased from $12.7 million in Q1 of 2023 to $10.6 million in Q2 of 2023. The sequential decline was due to the timing of receipts for Neutron and Photon capital purchases.

第二季度末 SG&A 員工人數為 228 人，比上一季度增加 9%。總之，第二季度末員工總數為 1,513 人，比上一季度增加 81 人。 2023 年第二季度運營消耗的現金為 610 萬美元，而 2023 年第一季度為 2540 萬美元。環比增加 1930 萬美元主要是由於現金回款強勁。財產、設備和資本化軟件許可證的購買從 2023 年第一季度的 1270 萬美元減少到 2023 年第二季度的 1060 萬美元。連續下降的原因是 Neutron 和 Photon 資本購買的收據時間。

Overall, non-GAAP free cash flow, defined as GAAP operating cash flow reduced by purchases of property, equipment, and capitalized software in the second quarter of 2023, was a use of $16.6 million compared to $38.1 million in the first quarter of 2023. We -- when including our $16.1 million acquisition of select Virgin orbit assets, which were primarily PP&E, non-GAAP free cash flow was a use of $37.8 million. The ending balance of cash, cash equivalents, restricted cash, and marketable securities was $419 million at the end of the second quarter of 2023.

總體而言，非 GAAP 自由現金流（定義為 2023 年第二季度因購買財產、設備和資本化軟件而減少的 GAAP 運營現金流）為 1,660 萬美元，而 2023 年第一季度為 3,810 萬美元。當包括我們以1610 萬美元收購維珍軌道資產（主要是固定資產和廠房）時，非GAAP 自由現金流使用了3780 萬美元。截至 2023 年第二季度末，現金、現金等價物、限制性現金和有價證券的期末餘額為 4.19 億美元。

And with that, let's turn to our guidance for the third quarter of 2023. We expect revenue in the third quarter to range between $73 million and $77 million, which reflects $43 million to $47 million of contribution from Space Systems and $30 million from launch services, which assumes 4 launches. As referenced earlier, based on our manifested launch backlog, we continue to expect 15 launches in 2023 and our average selling price to support our current target pricing as we progress through the remainder of 2023. We expect third quarter GAAP gross margin to range between 21% to 23% and non-GAAP gross margin to range between 28% to 30%.

接下來，讓我們轉向2023 年第三季度的指引。我們預計第三季度的收入將在7300 萬美元至7700 萬美元之間，其中反映出太空系統公司的4300 萬美元至4700 萬美元的貢獻以及發射服務的3000 萬美元，假設發射 4 次。如前所述，根據我們明顯的發布積壓，我們繼續預計2023 年將有15 款產品發布，隨著2023 年剩餘時間的進展，我們的平均售價將支持我們當前的目標定價。我們預計第三季度GAAP 毛利率將在21 % 至 23%，非 GAAP 毛利率在 28% 至 30% 之間。

These forecasted GAAP and non-GAAP gross margin improvements reflect continued efficiency improvements and greater fixed cost absorption and average launch selling price improvements. We expect third-quarter GAAP operating expenses to range between $51 million and $53 million and non-GAAP operating expenses to range between $38 million and $40 million. The quarter-on-quarter decreases are driven primarily by the expected realization of a final $14 million contra R&D credit related to our Neutron upper-stage development agreement with the U.S. base force, partially offset by continued step-up in staff costs, prototyping, and material spend supporting Neutron and Photon development programs. We expect third-quarter GAAP and non-GAAP net interest expenses to be $0.5 million. We expect third-quarter adjusted EBITDA loss to range between $10 million and $14 million and basic shares outstanding to be approximately 484 million shares. And with that, we'll hand the call over to the operator for questions.

這些預測的 GAAP 和非 GAAP 毛利率改善反映了持續的效率改進以及更大的固定成本吸收和平均上市銷售價格的改善。我們預計第三季度 GAAP 運營支出將在 5100 萬美元至 5300 萬美元之間，非 GAAP 運營支出將在 3800 萬美元至 4000 萬美元之間。環比下降主要是由於我們與美國基地部隊的中子上級開發協議相關的最終 1400 萬美元研發信貸的預期實現，部分被員工成本、原型設計、支持中子和光子開發計劃的材料支出。我們預計第三季度 GAAP 和非 GAAP 淨利息支出為 50 萬美元。我們預計第三季度調整後 EBITDA 損失將在 1000 萬美元至 1400 萬美元之間，已發行基本股約為 4.84 億股。然後，我們會將電話轉交給接線員詢問問題。

(Operator Instructions) Your first question comes from the line of Erik Rasmussen with Stifel.

（操作員說明）您的第一個問題來自 Erik Rasmussen 和 Stifel 的線路。

Nice job on the margins. I just wanted to dig into the guidance a little bit. You're guiding to $73 million to $77 million. Launch seems to be in line. You got full launches there. But Space Systems at 43% to 47% seems a little bit light versus what we were expecting. And I think sort of what we were expecting out of the second half. Could you maybe just break down where the sort of the disconnect is? How should we be thinking about the second half overall versus the first half? And is this related to the MBA ramping may be slower than expected?

邊緣工作做得很好。我只是想深入了解一下該指南。您的指導價為 7300 萬至 7700 萬美元。發射似乎在排隊。你在那裡得到了全面的發射。但 Space Systems 的 43% 到 47% 與我們的預期相比似乎有點輕。我認為這有點像我們對下半場的預期。你能不能簡單地分析一下脫節的根源在哪裡？與上半年相比，我們應該如何整體考慮下半年？這是否與 MBA 升學速度可能比預期慢有關？

Yes, I'll take a shot at that and then Pete can weigh if you want to. So Eric, yes, the -- like you point out, Launch is pretty much on target. With regards to the contribution from Space Systems, there is a bit of a timing issue with regard to being able to recognize revenue over certain programs on the satellite manufacturer side of the house. I don't think it's all that unusual given the early stage of these contracts that we're executing on. So we have a very stringent process for how we are able to recognize revenue over the period of the contract. So there's nothing that's changed as far as the magnitude of the size of the opportunity or really that much of a time shift. But it's probably about kind of a half-quarter light of what we were expecting as far as a contribution from those programs that we're ramping. But we expect to make up a lot of that ground in the fourth quarter.

是的，我會嘗試一下，然後皮特可以權衡一下，如果你願意的話。所以埃里克，是的，就像你指出的那樣，Launch 幾乎達到了目標。至於空間系統公司的貢獻，在衛星製造商方面能否確認某些項目的收入方面存在一些時間問題。考慮到我們正在執行的這些合同的早期階段，我認為這並不是什麼不尋常的事情。因此，我們對於如何在合同期內確認收入有非常嚴格的流程。因此，就機會的大小或時間的變化而言，沒有任何改變。但就我們正在推進的這些計劃的貢獻而言，這可能只是我們預期的一半左右。但我們預計將在第四季度彌補大部分差距。

Okay. So you feel sort of pretty comfortable, a little bit steeper ramp even further in Q4 versus Q3 in terms of the Space Systems business.

好的。因此，就空間系統業務而言，您感覺相當舒服，第四季度與第三季度相比，增長幅度更大。

Yes, absolutely.

是的，一點沒錯。

Great. And then I saw some of the new -- some of the announcements after the close, the haste. Maybe just digging into that, you signed a new deal to launch mission starts, I guess, for some time in '24. Do you have a specific award or contract behind this? Or are these deals going to sort of be one-offs?

偉大的。然後我看到了一些新的東西——一些收盤後的公告，很倉促。也許只是深入研究一下，你簽署了一項新的協議來啟動任務，我想，在 24 年的一段時間內。這背後有具體的獎項或合同嗎？或者這些交易會是一次性的嗎？

Yes, Eric. So we have -- we kind of have a multiple kinds of relationships with multiple customers on this front. And the way these contracts are sort of developed. It's fairly classified kind of work. So it's difficult to give too much kind of insight into some of those. But suffice to say, we see a healthy pipeline of these kinds of missions sitting there.

是的，埃里克。因此，我們在這方面與多個客戶建立了多種關係。以及這些合同的製定方式。這是相當機密的工作。因此，很難對其中一些提供太多的見解。但可以說的是，我們看到了此類任務的健康發展。

Your next question comes from the line of Suji Desilva with Roth MKM.

您的下一個問題來自 Suji Desilva 和 Roth MKM 的線路。

Peter. So just to understand how the recovery effort is going. I know you're going to do some more milestones and I read, I think the launch is 41% to 45%. Can you just describe the next steps and when this can become operational in terms of helping with the cost structure for the launches?

彼得.所以只是為了了解恢復工作的進展情況。我知道您將實現更多里程碑，我讀到，我認為發布比例為 41% 到 45%。您能否描述一下接下來的步驟以及何時可以在幫助調整髮布成本結構方面投入使用？

Yes, Sajid. So what we're balancing here is incrementally kind of adding learnings, but not interrupting production. So instead of doing one big block change as vehicles, as you pointed out, 41 and 45 come down the line. Each of them have a kind of learnings and changes incorporated into them. So I would say the last vehicle we brought down -- we added a whole bunch of waterproofing technologies. The next vehicle goes to the next step down at the Powerpack, we've changed a whole bunch of things like umbilical hatches and things like that.

是的，薩吉德。因此，我們在這里平衡的是逐步增加學習內容，但不中斷生產。因此，正如您所指出的，我們不會對車輛進行一次大的改動，而是會推出 41 和 45。他們每個人都融入了一種學習和變化。所以我想說的是，我們擊倒的最後一輛車——我們添加了一大堆防水技術。下一輛車進入動力組的下一步，我們改變了一大堆東西，比如臍帶艙口之類的東西。

And we learned a lot from this last mission, I would say we probably validated more than we learned. But it's rolling into fairly operational since, I would say, right now. And if you look on our production line about every third rocket is a silver one with a red strike for recovery. So it's pretty much been operationalized from a production standpoint. I'd say there's still some more to go from the marine recovery, but on the last mission, we spaced it down within 400 meters of the target. So the guys had it within sort of 15 to 20 minutes. They had to buy the boat. So that kind of worked well. So yes -- but I think the last kind of major upgrade is on 45 and then hopefully, at that point, it is just business as usual.

我們從最後一次任務中學到了很多東西，我想說，我們驗證的內容可能比我們學到的還要多。但我想說的是，從現在開始，它就開始進入相當可操作的階段。如果你看看我們的生產線，大約三分之一的火箭都是銀色的，帶有紅色的回收痕跡。所以從生產的角度來看，它基本上已經可操作了。我想說，海洋救援還有更多工作要做，但在上次任務中，我們將其距離縮小到了距離目標 400 米以內。所以這些人在 15 到 20 分鐘內就完成了。他們不得不買這艘船。所以這種方法效果很好。所以是的 - 但我認為最後一種主要升級是在 45 上，然後希望到那時，一切照常進行。

Yes. And Suji, when it comes to your question with regards to what that's doing for our cost, I mean we've definitely taken an incremental view of let's validate our assumptions each step of the way with these recovery tests. So as we mentioned before, we'll do a reflown engine, and then we'll do more refund engines, then we'll do -- look to eventually obviously refly an entire booster. And when we get to that point, then we believe the savings that we kind of articulated, even if you got and go back to our Investor Day, which is now almost 2 years ago, we think are still very valid as far as what we can bring as far as cost reduction and margin improvement for this electron program.

是的。 Suji，當談到你關於這對我們的成本有何影響時，我的意思是我們肯定採取了漸進的觀點，讓我們通過這些恢復測試來驗證我們的假設的每一步。正如我們之前提到的，我們將做一個回流引擎，然後我們將做更多的退款引擎，然後我們會做——最終顯然會回流整個助推器。當我們到達這一點時，我們相信我們所闡述的節省，即使你得到並回到我們的投資者日，那是現在差不多兩年前，我們認為就我們而言仍然非常有效可以為該電子計劃帶來最大程度的成本降低和利潤率提高。

All right. And then my other question is on a new Trian, it sounds like you're making good progress towards '24 here, obviously, the Virgin Orbit acquisition. Can you talk about the OpEx and the shape of it in support of Neutron? Is there sort of a kind of a peak quarter? Are we getting close to that? Or is that going to be a continued kind of steady spend to bring Neutron up? Just curious how that shapes out.

好的。然後我的另一個問題是關於新的 Trian，聽起來你在 24 年方面取得了良好的進展，顯然是維珍軌道收購。您能談談 OpEx 及其支持 Neutron 的形式嗎？是否存在某種高峰季度？我們正在接近那個目標嗎？或者這將是一種持續穩定的支出來推動 Neutron 的發展？只是好奇這是如何形成的。

Yes. It's like anything with the rock development program, it's very hard to be too precise with when certain expenses are going to hit and certain milestones are going to be achieved. But as you said, we definitely are making steady progress against an anticipated launch at the end of 2024. And I would say that we'll continue to see kind of a march up in expenses related to Neutron. With the exception of the Q3, which we talked about in our guide, where we have this $14 million contra R&D credit that's certainly helping the P&L. But once you get through Q3, there will be, again, a significant step-up that will start to look like more of a sequential kind of increasing trend on spend for Neutron. And we don't see the spend peaking on Neutron till probably either, I'd say, as we certainly get much, much closer to the inaugural launch. So think about kind of the Q3 time frame next year, where you'll probably see spending peak.

是的。就像岩石開發計劃中的任何事情一樣，很難太精確地確定何時會達到某些費用以及何時要實現某些里程碑。但正如您所說，我們肯定正在穩步推進，預計將於 2024 年底推出。我想說，我們將繼續看到與 Neutron 相關的費用不斷增加。除了我們在指南中談到的第三季度外，我們擁有 1400 萬美元的研發抵免信貸，這肯定有助於損益表。但一旦度過第三季度，Neutron 支出將再次出現顯著的增長，看起來更像是連續的增長趨勢。我想說，我們也不會看到 Neutron 的支出達到頂峰，因為我們肯定離首次發布越來越近了。因此，考慮一下明年第三季度的時間範圍，您可能會看到支出高峰。

And of course, there's going to be a difference between kind of what hits your P&L versus your CapEx because those are all things that kind of move at different times. So I think you'll just see a continued progression of investment in Neutron that shouldn't -- it shouldn't be too out of school, but I think it's hard to say that try to pick which quarter that spend is going to peak at from both the P&L spend and also from a CapEx perspective.

當然，影響你的損益和資本支出的因素之間會有差異，因為這些因素都會在不同的時間發生變化。所以我認為你會看到對 Neutron 的投資持續增長，這不應該——它不應該太脫離學校，但我認為很難說嘗試選擇哪個季度的支出將達到峰值從損益支出和資本支出的角度來看。

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

您的下一個問題來自摩根士丹利的克里斯汀·利瓦格 (Kristine Liwag)。

Maybe talking about pricing. In the past few years, we've seen so many aspirational space companies try their hand at launch and a few of them have closed doors already. So with the environment still pretty tight regarding no capacity, can you talk about like the pricing difference for these bookings that you have for 2024 with the new Blackie contract that you announced and how that compares to previous launch costs? And then also when you put that together and as launch costs are coming down as you get economies of scale, like when do we -- when should we expect to see gross margin breakeven at launch? It seems like that should be coming up pretty soon.

也許談論定價。在過去的幾年裡，我們看到許多有抱負的太空公司嘗試發射，其中一些已經關門了。因此，在沒有產能的情況下，環境仍然相當緊張，您能否談談您宣布的新 Blackie 合同與 2024 年這些預訂的價格差異，以及與之前的發布成本相比如何？然後，當你把它們放在一起時，隨著規模經濟的實現，啟動成本會下降，比如我們什麼時候——我們應該什麼時候在啟動時看到毛利率盈虧平衡？看來這應該很快就會出現。

Pete, do you want to speak to the overall pricing environment, then I can talk to the margin question.

皮特，你想談談整體定價環境嗎？然後我可以談談保證金問題。

Yes, sure, sure. Thanks, Christine. Yes, look, I mean, you've read the tea leaves exactly right. I mean as many launch companies kind of aspirationally don't achieve, then it certainly created a tightness in the market. I will say that we've been pretty consistent with our pricing all the time. We've never done kind of unnatural things where we just dropped the pricing to take the oxygen out of the room. And we've seen a number of providers drive that approach. And of course, you can't build a successful business. So our pricing has been fairly steady with respect to that.

是的，當然，當然。謝謝，克里斯汀。是的，聽著，我的意思是，你對茶葉的理解完全正確。我的意思是，由於許多發射公司都未能實現這一目標，因此它肯定會造成市場緊張。我想說的是，我們的定價一直非常一致。我們從來沒有做過一些不自然的事情，我們只是降低了價格以將氧氣帶出房間。我們已經看到許多提供商在推動這種方法。當然，你不可能建立一個成功的企業。因此，我們的定價在這方面相當穩定。

And we feel it represents really wonderful value for what you get. People always compare us to a rise mission, but really the only accurate comparison is to a small dedicated launch. And currently, the only other small dedicated launch that's available is probably a minotaur at some $30 million or $40 million. So in electronic at 7.5% is it represents good value. And we've never needed to erode our pricing on that product and still maintain really good sales traction.

我們認為它代表了您所獲得的真正的超值價值。人們總是將我們與一次上升任務進行比較，但實際上唯一準確的比較是與小型專用發射進行比較。目前，唯一可用的其他小型專用發射可能是牛頭怪，價格約為 3000 萬或 4000 萬美元。因此，在電子領域，7.5% 代表著良好的價值。我們從來不需要降低該產品的定價，並且仍然保持良好的銷售勢頭。

Christine, when it comes to your questions on the profitability kind of benchmark for Electron. So we've been pretty consistent in -- when we see 2 launches per month, that's where we really get to the economies of scale and the fixed cost absorption that we need to kind of increment our way towards our target of a 50% non-GAAP gross margin for Electron. It requires a few things to happen. Of course, you need the cadence that I mentioned, so 2 launches per month. We need our annual cost reductions on BOM and production efficiency. We need also the savings from the recovery program that we were talking about earlier. And all of those kind of things are still very much in focus. Nothing has really shifted from that.

Christine，當談到你關於 Electron 盈利能力基準的問題時。因此，我們一直非常一致——當我們每月看到 2 次發佈時，這就是我們真正實現規模經濟和固定成本吸收的地方，我們需要增加我們的方式來實現 50% 非 50% 的目標。 - Electron 的GAAP 毛利率。它需要發生一些事情。當然，您需要我提到的節奏，因此每月發布 2 次。我們需要每年降低 BOM 成本並提高生產效率。我們還需要從我們之前討論的恢復計劃中節省資金。所有這些事情仍然是人們關注的焦點。一切都沒有真正改變。

I would say the one thing is we've already turned GAAP gross margin positive on the electron launch platform. We don't really -- we don't report below the gross margin line. So it's hard to give a lot of clarity on, for example, what the contribution margin looks like now that we're in positive gross margin territory on electronic. But needless to say, everything seems to be progressing in a way that is very much consistent with what we thought profitability should look like for this platform. And we really are starting to see a lot of efficiencies in the business. And I think probably the most encouraging is the way that we've been able to pivot a lot of the previously dedicated production resources over to support Neutron and Space Systems. So again, I think the learning curve is definitely one that we've got well in hand. I think really the next big step for the margin enhancement really remains to be the recovery program, which, as Pete mentioned earlier, is well in hand as well. So hopefully, that answers your question on margin.

我想說的一件事是，我們已經將電子發射平台的 GAAP 毛利率轉為正值。我們實際上不會--我們不會報告低於毛利率線的情況。因此，很難給出很多清晰的信息，例如，既然我們在電子領域處於正毛利率區域，那麼貢獻利潤率是什麼樣的。但不用說，一切似乎都在以一種與我們認為該平台盈利能力非常一致的方式進展。我們確實開始看到業務效率的提高。我認為最令人鼓舞的可能是我們能夠將大量以前專用的生產資源轉向支持中子和空間系統。再說一次，我認為學習曲線絕對是我們已經掌握的。我認為，提高利潤率的下一個重大步驟實際上仍然是複蘇計劃，正如皮特之前提到的那樣，該計劃也已順利實施。希望這能回答您關於保證金的問題。

Maybe I could ask the technology question. Late last month, NASA and DARPA announced an award to Market and BWXT to test nuclear propulsion and space. I mean, Peter, maybe it's still a very early stage, but I was curious to get your thoughts on how much of a change-changer nuclear propulsion could be in terms of increased feed efficiency and how viable is that to the Rocket Lab story. Where do you see its role for the company, if any?

也許我可以問技術問題。上個月末，NASA 和 DARPA 宣布授予 Market 和 BWXT 合同，以測試核推進和太空。我的意思是，彼得，也許這還處於一個非常早期的階段，但我很想知道你對核推進裝置在提高進給效率方面可以帶來多大的改變以及這對火箭實驗室的故事有多大的可行性的想法。您認為它對公司的作用是什麼（如果有的話）？

Yes. Look, I'm a great fan of neutral propulsion in space nuclear propulsion because it's -- really, if you think about it historically, chemical propulsion, we haven't really improved a whole lot since the early '60s. So we reached kind of chemical equilibrium quite some time ago. So there needs to be a major advancement if we truly want to kind of be citizens of the solar system. So I think propulsion is one of those things that can really transform that.

是的。看，我非常喜歡太空核推進中的中性推進，因為實際上，如果你從歷史角度考慮，化學推進，自 60 年代初以來我們並沒有真正改進很多。所以我們很久以前就達到了某種化學平衡。因此，如果我們真的想成為太陽系的公民，就需要取得重大進展。所以我認為推進力是真正能夠改變這一現狀的因素之一。

So I'm very bullish on it. Now it's deeply complex and of course, the most challenging bit is getting it to all but in the first place. There's a significant challenge with that. But once in all, but it's a really great technique. We're not -- we don't have any active programs internally developing any of that technology, but I do think it's a technology to watch, and we'll certainly be watching it.

所以我非常看好它。現在它變得非常複雜，當然，最具挑戰性的部分是首先將其提供給所有人。這是一個重大的挑戰。但總而言之，這確實是一項很棒的技術。我們沒有——我們沒有任何內部開發任何該技術的活躍計劃，但我確實認為這是一項值得關注的技術，我們肯定會關注它。

Your next question comes from the line of Cai von Rumor with Cowen.

你的下一個問題來自蔡·馮·謠言與考恩的對話。

Yes. Thanks so much. So you talk of cost cuts to the bonds, but basically, we're in an inflationary environment folks are seeing supply chain disruptions. Talk to us a little bit about what are you seeing in terms of inflation. And regarding pricing, I mean, it looks like the pricing average price of your launch in the third quarter is going to be pretty much the same as the second. So are you in a period of stability? Or is that just a mix-related issue?

是的。非常感謝。所以你談到了債券成本削減，但基本上，我們處於通貨膨脹環境中，人們看到供應鏈中斷。與我們談談您對通貨膨脹的看法。關於定價，我的意思是，看起來您在第三季度推出的定價平均價格將與第二季度幾乎相同。那麼你正處於穩定期嗎？或者這只是一個與混合相關的問題？

So I would say, Kai, on the inflation side of things and pricing, the pricing that you're seeing in 2023 is a function of agreements that were put in place a year -- for the most part a year or even greater than that in the rearview mirror. We talked about -- we've been pretty consistent about where we see our pricing in 2023. And kind of we have an annual escalation in our pricing assumptions going forward. So obviously, we weren't able to predict inflation 2 years ago when some of these contracts were being entered into or even a year ago. But fortunately, for us, we've been able to get a lot of efficiencies on the production side of things.

所以我想說，Kai，在通貨膨脹和定價方面，你在 2023 年看到的定價是一年簽訂的協議的函數——大部分是一年甚至更長的時間在後視鏡中。我們談到——我們對 2023 年的定價非常一致。而且我們的定價假設每年都會升級。顯然，我們無法在兩年前甚至一年前簽訂其中一些合同時預測通貨膨脹。但幸運的是，對我們來說，我們已經能夠在生產方面獲得很大的效率。

On the supply chain side, we're very vertically integrated. So we're not as exposed as maybe some other companies where they buy so much of their vehicle and subsystems from other providers. And when I say vehicle, obviously, it applies to our Space Systems business as well, particularly when you look at our Photon platforms, and you look at how much of the content is internally sourced. I think we've been pretty, I would say, well insulated compared to others from supply chain shock and inflation-related events. Not to say we're completely immune from it. We certainly see it on the labor side of things. We see it on other kinds of things that we purchase from third parties with regards to like rent and utilities and everything else that goes on gases and so forth. But for the most part, just the nature of our kind of vertically integrated business kind of insulates a bit from that. Going forward on pricing, again, knowing now where inflation is and where kind of it's expected to be. We're certainly taking that in consideration on pricing our launch contracts going forward. So I think we cover the bases there as well. But I'll let Pete comment as he sees.

在供應鏈方面，我們是非常垂直整合的。因此，我們不像其他一些公司那樣暴露在外，他們從其他供應商那裡購買了大量的車輛和子系統。當我說車輛時，顯然它也適用於我們的空間系統業務，特別是當你查看我們的光子平台時，你會看到有多少內容是內部來源的。我認為，與其他公司相比，我們已經很好地避免了供應鏈衝擊和通脹相關事件的影響。並不是說我們完全免受它的影響。我們當然在勞動力方面看到了這一點。我們從第三方購買的其他物品上也看到了這一點，例如租金、公用事業以及其他與天然氣有關的東西等等。但在大多數情況下，我們這種垂直整合業務的本質與此有點隔離。再次討論定價，現在知道通貨膨脹的情況以及預期的情況。我們在未來的發射合同定價時肯定會考慮到這一點。所以我認為我們也覆蓋了那裡的基礎。但我會讓皮特根據他的看法發表評論。

No, you said exactly what I was going to say, Adam. The way we've kind of typically done stuff in the past, Kais we'll take a product and we'll put it into production, and we'll spend kind of the minimum required to put that in production. We don't go out and build a giant factory and potful of gear and then go and build a product. What I would generally do is be for the product and then kind of iteratively phase in automation in those kinds of production gains. So local, for example, would have been the very first few are entirely built by hand and then we'll add a little bit more automation until we get to where we are today, where a lot of that process is entirely automated. So that's where we can kind of realize some of these bond savings even in this kind of hideously inflationary environment.

不，你說的正是我要說的，亞當。就像我們過去通常做事的方式一樣，我們將採取一種產品並將其投入生產，並且我們將花費將其投入生產所需的最低限度。我們不會出去建造一個巨大的工廠和一大堆設備，然後再去製造一個產品。我通常會做的是產品，然後在這些生產收益中迭代地實現自動化。例如，本地的，最初的幾個完全是手工構建的，然後我們將添加更多的自動化，直到我們達到今天的水平，其中很多過程都是完全自動化的。因此，即使在這種可怕的通貨膨脹環境下，我們也可以實現部分債券儲蓄。

So if your realized prices are basically what you priced a year ago, what should we look for, for next year? Because it looks like you've done a pretty good job in offsetting whatever cost hikes that have been (inaudible)?

因此，如果您的實際價格基本上與一年前的價格相同，那麼明年我們應該尋找什麼？因為看起來您在抵消成本上漲方面做得相當不錯（聽不清）？

I can take that. So Cai, I would say that when we -- obviously, at this point, we've got quite a bit of our 2024 significant portion of 25, and in some cases, beyond that kind of already in backlog, right? So we've done some anticipatory pricing. Again, with what views of inflation were at the time that we entered those agreements also where we thought our costs were going to trend. Our focus is really on getting to our long-term gross margin targets, and we've been -- we've not been shy about that for either our launch business or our Space Systems businesses. I would say that what we've seen historically, though, is a continual upward margin in our price. If you go back even, say, 3 or 4 years ago, we were at a sticker price of a little under $5 million per launch.

我可以接受。所以蔡，我想說，顯然，在這一點上，我們已經完成了 2024 年 25 個訂單中的相當一部分，在某些情況下，超出了已經積壓的數量，對嗎？所以我們做了一些預期定價。同樣，我們在簽訂這些協議時對通貨膨脹的看法是什麼，以及我們認為我們的成本將趨向於什麼。我們的重點實際上是實現我們的長期毛利率目標，無論是我們的發射業務還是我們的空間系統業務，我們都毫不迴避這一點。不過，我想說的是，我們從歷史上看到的是我們的價格持續上漲。如果你回到 3 或 4 年前，我們每次發布的標價略低於 500 萬美元。

And now you can see what we've printed for Q2 and where we see the rest of the year falling out. So again, I think we see that trend increase. And I think also, as maybe Christine mentioned earlier on the call, there's been a lot of dropouts from aspirational launch providers. And that just kind of really -- if you also think about the pricing that you're seeing now coming through probably didn't reflect the reality of today where there are fewer people delivering the service than was kind of anticipated. A lot of people were selling on slideware and so forth back when some of these contracts are being negotiated. So as you get a more, I would say, a smaller group of people who've actually been able to deliver frequent, reliable access to space, we believe that's supportive of firming up pricing. And so I think, hopefully, we see that trend continue going forward based on execution alone.

現在您可以看到我們為第二季度發布的內容以及我們預計今年剩餘時間的情況。再說一遍，我認為我們看到了這種趨勢的增加。我還認為，正如克里斯汀早些時候在電話會議中提到的那樣，有很多有抱負的發射提供商退出了。如果您還考慮一下您現在看到的定價，這可能並沒有反映當今的現實，即提供服務的人數比預期的要少。當其中一些合同正在談判時，很多人都在銷售幻燈片軟件等。因此，我想說，隨著越來越多的人實際上能夠提供頻繁、可靠的太空訪問，我們相信這將有助於提高定價。因此，我認為，希望我們能夠看到這種趨勢僅基於執行而繼續向前發展。

And then the last one is, what's the split between adjusted gross profit between launch and Space Systems in the third quarter?

最後一個問題是，第三季度發射和航天系統調整後的毛利潤之間的分配是多少？

I don't believe we provide that in our guide. We're not getting down to that level of detailed information at this time, Cai.

我不相信我們的指南中提供了這一點。蔡，我們目前還沒有深入了解這一級別的詳細信息。

Your next question comes from the line of Jason Gursky with Citi.

你的下一個問題來自花旗銀行的 Jason Gursky。

I want to start with the question on Space Systems and the Globalstar project and some of the rev rec that you talked about there, Adam, can you talk kind of what the status of that program is from a milestone perspective, CDR, or preliminary design review? Just kind of where you are in that process so we can get a sense of what the shape of the curve looks like in the ramp for revenue and Space Systems over the next few quarters.

我想從關於空間系統和全球星項目的問題以及你在那裡談到的一些修訂記錄開始，亞當，你能從里程碑、CDR 或初步設計的角度談談該計劃的現狀嗎？審查？只是你在這個過程中所處的位置，這樣我們就可以了解未來幾個季度收入和空間系統的曲線形狀。

Yes. I'll let Pete talk to the status of the engineering program.

是的。我會讓皮特談談工程項目的狀況。

Yes. Sure. Jason. So look, we remain solidly on track to that program. So we've obviously gone through Pedian dia. So that program is marching on track and is as intended. That's on your side. Your customer as well they're kind of staying on track. I mean, it's a joint project. So we will kind of rely on each other. And obviously, there's NDA piece and our piece as well as a global stars piece. So by kind of definition, for us to successfully deliver the milestones, the other partners have to be as well.

是的。當然。傑森.所以看，我們仍然堅定地朝著該計劃前進。所以我們顯然已經經歷了 Pedian dia。因此，該計劃正在按計劃順利進行。那是在你身邊。您的客戶也保持在正軌上。我的意思是，這是一個聯合項目。所以我們會互相依賴。顯然，有保密協議部分和我們的部分以及全球明星部分。因此，根據定義，為了讓我們成功實現里程碑，其他合作夥伴也必須如此。

But this quarter of revenue that you're not going to get this quarter, is it tight, any particular milestones ahead of us that we might see some announcements on in the future?

但是這個季度的收入是你本季度不會獲得的，是否緊張，我們未來可能會看到一些公告，我們面前有任何特定的里程碑嗎？

I can jump in there. So Jason, I think one of the challenges with the Rev rec under ASC 606 for these programs, there's a lot of different hurdles that you've got to get over and satisfy. And we're -- as a company, we're just as conservative on our accounting as we are and making sure that the launch vehicle is ready to go off. And we've recognized very little revenue historically under the contract with MDA, even not the little bit that's embedded in our Q3. And it's a function of certain parts of the program basically getting allocated to R&D.

我可以跳進去。所以 Jason，我認為 ASC 606 下的 Rev REc 對於這些項目的挑戰之一是，你必須克服並滿足許多不同的障礙。作為一家公司，我們在會計上同樣保守，並確保運載火箭已準備好發射。歷史上，根據與 MDA 簽訂的合同，我們確認的收入非常少，甚至沒有包含在第三季度中的一點點。這是該計劃的某些部分基本上被分配給研發的函數。

And then other elements get allocated to, obviously, the cost of producing the spacecraft themselves. So we are still, up to this point, have been very much in the R&D portion and the real heavy kind of phase where you move into actually assembling spacecraft and pulling inventory and all those things that are required under that, which also tie into your rev rec. Those have really kind of been always back-end loaded. And so I think to Pete's point, I mean, I think all of the technical things are on track and on schedule. And so now it's just a matter of really kind of getting to the point where we're able to recognize the revenue once we get the R&D portion largely behind us, which is kind of where we're at right now. We're kind of right on that cusp as we start to convert from the -- it's kind of hitting the P&L on the OpEx line versus now transitioning to rev rec and seeing the cost of sales come through as well.

然後其他元素顯然會被分配到航天器本身的生產成本。因此，到目前為止，我們仍然處於研發部分和真正繁重的階段，在這個階段，您將進入實際組裝航天器並提取庫存以及所有需要的東西，這也與您的修訂記錄。這些實際上總是由後端加載的。因此，我認為就皮特的觀點而言，我的意思是，我認為所有技術問題都在按計劃進行。因此，現在的問題是，一旦我們將研發部分大部分拋在身後，我們就能夠確認收入，這就是我們現在所處的情況。當我們開始從運營支出線上轉型時，我們正處於這個風口浪尖上——這有點打擊運營支出線的損益，而不是現在過渡到轉速記錄，並看到銷售成本也隨之而來。

Okay. That's great. The second question is around capacity for Electron and Neutron. Just kind of curious if you got kind of an update on if the demand was there. How many annual launches do you think you were capacitized to do on the electron? And then, Pete, I think you -- maybe I heard this wrong, but I thought I heard you mention that some of the inventory and equipment that you picked up from Virgin might accelerate the capacitization for lack of a better word on Neutron. So be kind of curious. You get that first launch done on new Torones everything goes swimmingly well. How much annual capacity would you have on the tail end of successfully certifying that launch vehicle?

好的。那太棒了。第二個問題是關於電子和中子的容量。只是有點好奇你是否能得到有關需求是否存在的最新消息。您認為您每年有能力在電子設備上進行多少次發射？然後，皮特，我想你——也許我聽錯了，但我想我聽到你提到你從維珍獲得的一些庫存和設備可能會加速能力化，因為缺乏關於中子的更好的詞。所以要有一點好奇心。你在新的 Torones 上完成了第一次發布，一切都很順利。成功認證該運載火箭後，您的年產能有多少？

Yes. No, it's a great question. So on Electron, look, we've facilitated the factory to be able to ultimately produce 1 electron a week. So the factories kind of capacity is stated at that. Now in order for us to increase the capacity over today, there's no major piece of CapEx that we need to produce. I mean we have 3 pads operational, and it's really a headcount adjustment on that sense. So there's plenty of capacity there for electronic growth, and we just kind of manage that capacity, and with the launches, we have scheduled during the year, just so that we don't over kind of capacitize ourselves on that seems.

是的。不，這是一個很好的問題。所以在 Electron 上，你看，我們已經幫助工廠最終能夠每週生產 1 個電子。所以工廠的產能就是這樣規定的。現在，為了讓我們增加目前的產能，我們不需要生產主要的資本支出。我的意思是，我們有 3 個可用的墊片，從這個意義上來說，這實際上是一次人員調整。因此，那裡有足夠的容量用於電子增長，我們只是管理該容量，並且隨著發布，我們已計劃在今年內進行，這樣我們就不會在這方面過度增強自己的能力。

And then with Neutron, we will be following a pretty consistent path that's proven to work well with Neutron as we did with Electron, where we start off with one vehicle, and it's not produced in a full production sense. And then as we produce more, we kind of bootstrap and add more facilities and more automation as we go through. So obviously, being a reusable launch vehicle, the only thing that we have to really produce at volume as a second stage, which is a much smaller and remarkably simple comparatively speaking to the first-stage device. So the cadence to that can move up pretty quickly. The Virgin Orbit acquisition is really a scaling enabler. So knowing that the way we kind of work here at Rocket Labs, we don't go out and just build giant factories and full and for gear and then start building on a rocket. We kind of build on a rocket and then iteratively add those things along the way.

然後，對於Neutron，我們將遵循一條非常一致的路徑，該路徑已被證明與Neutron 配合良好，就像我們在Electron 中所做的那樣，我們從一輛車開始，並且它不是在完整的生產意義上生產的。然後，隨著我們生產更多，我們會進行引導並添加更多設施和更多自動化。顯然，作為可重複使用的運載火箭，我們唯一需要真正批量生產的第二級裝置，與第一級裝置相比，它要小得多，而且非常簡單。因此，節奏可以很快加快。收購維珍軌道確實是一個擴展的推動者。因此，我們知道我們在火箭實驗室的工作方式，我們不會出去建造巨型工廠和全套裝備，然後開始建造火箭。我們有點像在火箭上構建，然後一路迭代地添加這些東西。

We found that to be the most capital-efficient way of doing it. The beauty with the Virgin Orbit facility is that we walked in there and it's just capitalized to the roof with equipment. So where that really is going to help us, especially from an engine development perspective or engine production perspective is that a lot of the long lead really expensive capital equipment like very bespoke CNC machines and measuring systems and whatnot. We just all picked up for $16.1 million. So where Virgin Orbit for us is really, really going to shine is on the backside of the project where we need to start producing larger volumes of engines and composite components and such.

我們發現這是最節省資本的方式。維珍軌道設施的美妙之處在於，我們走進那裡，發現它的屋頂上裝有設備。因此，這真正對我們有幫助的地方，特別是從發動機開發的角度或發動機生產的角度來看，是許多長期的非常昂貴的資本設備，例如非常定制的數控機床和測量系統等等。我們剛剛拿到了 1610 萬美元。因此，維珍軌道對我們來說真正真正閃耀的地方是項目的背面，我們需要開始生產更大量的發動機和復合材料部件等。

Right. And Adam, one last one, if you don't mind. The balance sheet. Can you talk a little bit about the debt and the plan for that?

正確的。亞當，最後一位，如果你不介意的話。資產負債表。您能談談債務及其計劃嗎？

Yes. So the debt on the balance sheet is from the $100 million Hercules loan that we took out before going through our leaseback transaction to really, again, derisk that transaction itself. We've been pretty active in looking at ways to access, I would say, more cost-effective forms of capital. I think the capital that we have in the form of that loan has been incredibly flexible. They've been a great partner to us. But that was also taken out of the time when the company was in a very different stage of its development versus where we are now, which we think opens up other options for us. Now that said, when we came public, we raised the amount of capital that we thought we would need to execute our vision on the Space Systems side of the house, plus get Neutron to the pad. We still feel very comfortable that we're in that position.

是的。因此，資產負債表上的債務來自我們在進行回租交易之前借出的 1 億美元大力士貸款，以真正降低交易本身的風險。我想說，我們一直在積極尋找獲得更具成本效益的資本形式的方法。我認為我們以貸款形式擁有的資本非常靈活。他們一直是我們很棒的合作夥伴。但這也是在公司處於與我們現在截然不同的發展階段的情況下進行的，我們認為這為我們提供了其他選擇。話雖如此，當我們上市時，我們籌集了我們認為需要的資金，以實現我們在太空系統方面的願景，並將 Neutron 帶到發射台。我們仍然對自己所處的位置感到非常舒服。

We can always choose to go faster or go slower depending on kind of where our capital resources kind of what they look like. But right now, again, we have a long-term road map that we can execute with the capital that we have. But we again, I think there will be opportunities to put more -- replace that piece of capital with more efficient capital because now we're much more mature and established. It has gone current. The loan is payable within 12 months now. I think it comes due on January -- sorry, June 1, I believe, 2024, so obviously, we've got some time, but we're very comfortable with where we're at from a liquidity perspective, and we have a lot more options now at our disposal than we had, again, 2, 3 years ago, and that was taken out.

我們總是可以選擇走得更快或走得更慢，具體取決於我們的資本資源的情況以及它們的樣子。但現在，我們再次有了一個長期路線圖，我們可以用我們擁有的資本來執行它。但我們再次強調，我認為將有機會投入更多資金，用更高效的資本取代那部分資本，因為現在我們更加成熟和成熟。它已經流行了。貸款須在 12 個月內償還。我認為它將於1 月到期——抱歉，6 月1 日，我相信是2024 年，所以顯然，我們還有一些時間，但從流動性的角度來看，我們對目前的狀況感到非常滿意，而且我們有現在我們可以使用的選擇比兩三年前要多得多，但這些選擇都被取消了。

Your next question comes from the line of Andre Madrid with Bank of America Securities.

你的下一個問題來自安德烈·馬德里與美國銀行證券的線路。

Yes. I wanted to follow up on Suji's question actually. Would you guys be able to maybe provide a percent cost reduction that you're targeting through new electronic recovery? And maybe talk a bit more about how this can drive margins on the platform going forward?

是的。我實際上想跟進Suji的問題。你們是否能夠通過新的電子回收來降低成本百分比？也許再多談談這將如何提高平台未來的利潤率？

Yes. So if you look at the total cost of Electron launch vehicle, about 2/3 of the costs are in the first stage, which is obviously where we're focused on the recovery efforts. And if you look at some -- we've made some assumptions about how much rework we require to the stage. Fortunately, each one of these recovery missions that we've done have provided a lot of data for us to kind of confirm those assumptions. The fact that we're going to be flying an engine, a reponed engine later this year, and a lot of other components have already gone kind of similar analysis, and even some of them have gone through flight, is very helpful. So if you look at the total cost that we've been targeting to get an electron launch, including the reused booster on a certain percentage of our missions, which is also a factor that goes into the calculus.

是的。因此，如果你看看 Electron 運載火箭的總成本，大約 2/3 的成本是在第一階段，這顯然是我們重點關注的回收工作。如果你看一下一些——我們已經對舞台上需要多少返工做出了一些假設。幸運的是，我們完成的每一項恢復任務都為我們提供了大量數據來證實這些假設。事實上，我們將在今年晚些時候飛行一個發動機，一個重新設計的發動機，許多其他部件已經進行了類似的分析，甚至其中一些已經完成了飛行，這是非常有幫助的。因此，如果你看看我們為進行電子發射而設定的總成本，包括在我們的一定比例的任務中重複使用的助推器，這也是計算的一個因素。

The second stage where we look at bond reductions because that's not recoverable and then the kick stage as well. We've targeted getting the total cost of electron launch down into the, call it, $3 million to $3.5 million per launch. And again, that's all -- a lot of it is tied to a launch cadence of at least 2 launches per month, getting our normal kind of realized on cost reductions realized and then, of course, the benefits from recovering the first stage boosters. So hopefully, that provides you a little bit more color and it addresses your question.

在第二階段，我們考慮減少債券，因為這是不可收回的，然後是啟動階段。我們的目標是將電子發射的總成本降低到每次發射 300 萬至 350 萬美元。再說一次，這就是全部 - 其中很多都與每月至少兩次發射的發射節奏有關，從而實現我們正常的成本降低，當然還有恢復第一級助推器的好處。希望這能為您提供更多的色彩並解決您的問題。

Yes. No, definitely. That is very helpful. And then maybe one more, if I may, on Neutron given that we just talked about Electron. I understand the platform is expected to be reasonable and back on the pad, and whatnot. But how should we be thinking about the cost structure there?

是的。不，絕對是。這非常有幫助。如果可以的話，也許還有一個關於 Neutron 的話題，因為我們剛剛討論了 Electron。我知道該平台預計會是合理的並回到墊子上，等等。但我們應該如何考慮那裡的成本結構呢？

Yes, Neutron is pretty similar to Elektron in a reusable sense really. I think the economics pretty much remain the same as just it's an extra 0 probably. But the actual fundamental economics of reuse pretty much pencil out the same. And the target margins are the same. The added advantage, of course, with Neutron is that the more users we get out of the first stage, the better those economics obviously look until you completely amortize the cost of that first stage over and from the repeated uses.

是的，Neutron 在可重複使用的意義上與 Elektron 非常相似。我認為經濟學幾乎保持不變，只是可能多了一個 0。但重用的實際基本經濟學原理幾乎是一樣的。並且目標利潤率是相同的。當然，Neutron 的額外優勢是，我們從第一階段獲得的用戶越多，經濟效果顯然就越好，直到您完全攤銷第一階段的成本和重複使用的成本。

Thank you. Your final question comes from the line of Xin Yu with Deutsche Bank.

謝謝。你的最後一個問題來自德意志銀行余欣的電話。

A couple of quick ones for me. I think we talked about 20 launches next year. Is that sort of the right way to think about the benefit? And given all the activity -- negative activity for the competition, do we think there's some maybe upside to that?

對我來說有幾個快速的。我想我們討論過明年將推出 20 款產品。這是考慮收益的正確方式嗎？考慮到所有的活動——對競爭的負面活動，我們認為這可能有一些好處嗎？

Yes. I think that's certainly what we're planning for internally for a production sense, Edison. And we're kind of on target there. And the thing is, with a lot of the kinds of aspirational launch providers. It wasn't always clear how many launches they actually had under contract, and there's very few of them now left. So yes, I mean, maybe there is. But I think most people have kind of realized who's going to be successful and who's not by now. So I think the majority of the defection has probably occurred.

是的。我認為這肯定是我們內部為生產意識所計劃的，愛迪生。我們已經達到目標了。問題是，有很多類型的理想發射提供商。人們並不總是清楚他們根據合同實際上有多少次發射，而且現在已經所剩無幾了。所以是的，我的意思是，也許有。但我認為大多數人現在已經意識到誰會成功，誰不會。所以我認為大多數叛逃可能已經發生。

Understood. And then one on Space Systems. I know there were some difficulties, I think, initially with Solero. What's the latest update on that business? Is that kind of recovering to the trajectory that you guys are expecting?

明白了。然後是關於空間系統的。我知道，我認為，最初與索萊羅合作時遇到了一些困難。該業務的最新動態是什麼？這是恢復到你們所期待的軌跡嗎？

Yes. I think we're very happy where that business is going. So I think the team there has done a really great job. And I think that is a good example of kind of a very traditional historic space company coming under the wing of kind of Rocket Lab and us kind of reculturalizing them and the team also very much being up for that and enjoying that. And I think that the result is -- Adam, you can say more. But personally, I'm very happy with the way that's tracking.

是的。我認為我們對業務的發展方向感到非常高興。所以我認為那裡的團隊做得非常出色。我認為這是一個很好的例子，說明一家非常傳統的歷史性太空公司在火箭實驗室的庇護下，我們對他們進行了重新文化改造，團隊也非常願意這樣做並享受這一點。我認為結果是——亞當，你可以說得更多。但就我個人而言，我對這種跟踪方式非常滿意。

Yes. I would say, Edison, that when we closed that deal, it will be 2 years in January. We set a target for 30% gross margin within that time frame and on a non-GAAP basis. And I would say that we're absolutely still tracking toward that. I think if you'd asked me that question 6 months ago, I think I probably would have said that maybe there's some -- a little bit of schedule risk. It might have taken maybe 2.5 years to 2 years to get there. But it feels like we're in the right place to kind of achieve that in the original time frame that we contemplated. So as Pete said, we've been very, very excited. I mean, it's a great team. We love the -- what that brings to the platform as far as the level of vertical integration for a very key and high percentage total cost of BOM to our platforms. Again, just gives us more control over delivering our solutions to our customers in the time frame and the cost and performance that we need to have. So it's been a very big differentiator. And fortunately, the financials are falling along with that.

是的。我想說，愛迪生，當我們在一月份完成這筆交易時，就已經是兩年了。我們設定的目標是在該時間範圍內按照非公認會計原則 (Non-GAAP) 實現 30% 的毛利率。我想說，我們絕對仍在朝著這個方向努力。我想，如果你在 6 個月前問我這個問題，我想我可能會說，也許存在一些——一點點進度風險。到達那裡可能需要 2.5 年到 2 年的時間。但感覺我們處於正確的位置，可以在我們最初設想的時間範圍內實現這一目標。正如皮特所說，我們非常非常興奮。我的意思是，這是一支很棒的團隊。我們喜歡它給平台帶來的垂直整合水平，這對於我們平台的 BOM 總成本來說非常關鍵且比例很高。同樣，這讓我們能夠更好地控制在時間範圍內向客戶提供解決方案以及我們需要的成本和性能。所以這是一個非常大的差異化因素。幸運的是，財務狀況也隨之下降。

I will now turn the call back over to Colin Canfield for closing remarks.

現在我將把電話轉回給科林·坎菲爾德（Colin Canfield）發表結束語。

Okay. Thanks so much. And then just a reminder for everyone on the call today, we actually were able to resolve the technical issue from our call provider to get the slides posted on today's website. We also want to take the opportunity to flag that we'll be presenting at upcoming conferences for Bank of America, Jeffry City, and Morgan Stanley during the upcoming months. So look forward to seeing you guys on the road, and thank you all for coming to today's call.

好的。非常感謝。然後提醒今天參加電話會議的每個人，我們實際上能夠解決呼叫提供商的技術問題，以便將幻燈片發佈在今天的網站上。我們還想藉此機會表明，我們將在未來幾個月內出席美國銀行、Jeffry City 和摩根士丹利即將舉行的會議。因此，期待在路上見到你們，並感謝大家參加今天的電話會議。

Ladies and gentlemen, that concludes today's call. Thank you for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開連接。