Rocket Lab USA Inc (RKLB) 2023 Q4 法說會逐字稿

Good day.

再會。

My name is Ellie and I will be your conference operator for today.

我叫艾莉，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the Rocket Lab fourth-quarter 2023 financial results update and conference call.

此時，我歡迎大家參加 Rocket Lab 2023 年第四季財務業績更新和電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I'd now like to introduce to the call Colin Canfield, Head of Investment and Relations.

現在我想向大家介紹投資和關係主管 Colin Canfield。

Colin, you may now begin.

科林，你現在可以開始了。

Thank you.

謝謝。

Hello, everyone.

大家好。

We're glad to have you join us for today's conference call to discuss Rocket Lab's fourth-quarter and full year 2023 financial results.

我們很高興您能參加今天的電話會議，討論 Rocket Lab 第四季和 2023 年全年財務表現。

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.

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。

And these statements are intended to qualify for the safe harbor protection from liability established by the Private Securities Litigation Reform Act.

這些聲明旨在符合《私人證券訴訟改革法案》規定的免責安全港保護的資格。

Any such statements are not guarantees of future performance and factors that could influence our results are highlighted in today's press release.

任何此類聲明都不能保證未來的業績，今天的新聞稿中強調了可能影響我們業績的因素。

And others are contained in our filings with the Security and Exchange Commission.

其他內容包含在我們向美國證券交易委員會提交的文件中。

Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments.

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。

Except as required by law, the company does not undertake any obligation to update these statements.

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 also contain non-GAAP financial measures within the meaning of Regulation G enacted by the SEC.

我們今天的言論和新聞稿還包含 SEC 頒布的 G 條例含義內的非 GAAP 財務措施。

Included in such release and our supplemental materials are reconciliations of these historical non-GAAP financial measures to comparable financial measures calculated in accordance with GAAP.

此類新聞稿和我們的補充資料中包含這些歷史非 GAAP 財務指標與根據 GAAP 計算的可比較財務指標的調整表。

This call is also being webcast with a supporting presentation and a replay and copy of the presentation will be available on our website.

此次電話會議還將進行網路直播，並附有支援性演示文稿，並且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 Founder and Chief Executive Officer, Peter Beck, and Chief Financial Officer, Adam Spice.

今天我們的主講人是 Rocket Lab 創辦人兼執行長 Peter Beck 和財務長 Adam Spice。

After our prepared comments, we will take questions.

在我們準備好意見後，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。

Yeah, thanks, Colin.

是的，謝謝，科林。

So we've got a lot of great achievements and milestones to share across Q4 2023 and Q1 2024.

因此，我們在 2023 年第四季和 2024 年第一季取得了許多偉大的成就和里程碑。

Adam will then talk through our financial results for the fourth quarter before covering the financial outlook for Q1 2024.

然後，Adam 將討論我們第四季的財務業績，然後介紹 2024 年第一季的財務前景。

After that, we'll take questions and finish today's call with near-term conferences that we'll be attending.

之後，我們將回答問題並透過我們將參加的近期會議來結束今天的電話會議。

Okay, on to what we achieved in the fourth quarter for the year, starting with our launch business.

好的，從我們的發布業務開始，我們在今年第四季取得了哪些成就。

So we had a successful return to flight in Q4.

因此，我們在第四季度成功恢復航班。

We rounded out 2023 with that flight, successfully deploying a satellite for a Japanese customer IQPS.

我們透過這次飛行為 2023 年畫上了圓滿的句號，成功地為日本客戶 IQPS 部署了一顆衛星。

This launch marked the conclusion of an in-depth round-the-clock investigation that got to the bottom of the issue we'd experienced on the previous launch.

此次發布標誌著我們全天候深入調查的結束，該調查徹底解決了我們在上次發布中遇到的問題。

With mitigations now in place for future missions, we're starting to pick up the launch pace for this year.

隨著未來任務的緩解措施到位，我們開始加快今年的發射速度。

In Q4, we also hit a new annual launch record, ending the year with 10 launches, besting our previous record of 9.

第四季度，我們還創下了新的年度發布記錄，以 10 次發布結束了這一年，打破了之前 9 次的記錄。

Not only did we reach this record, but we also commenced launches from our US launch site, introduced and launched our HASTE suborbital hypersonic vehicle for the first time, and we were the only small launch provider to launch more than one orbital mission in 2023.

我們不僅達到了這項記錄，而且還開始從美國發射場進行發射，首次推出並發射了我們的HASTE 亞軌道高超音速飛行器，並且我們是唯一一家在2023 年發射多次軌道任務的小型發射提供商。

Overall, a strong year for the Electron team with plenty of firsts and new records, and we look forward to building on that this year.

總體而言，對於 Electron 團隊來說，這是強勁的一年，創造了許多第一和新記錄，我們期待今年在此基礎上再接再厲。

With the end of the fourth quarter, we wrapped up a record year of another kind, this time for new launch deals.

第四季末，我們又迎來了創紀錄的一年，這次是新推出的交易。

We signed 25 new launch contracts in 2023, including 18 Electron missions and seven HASTE missions.

2023 年，我們簽署了 25 項新的發射合同，其中包括 18 項 Electron 任務和 7 項 HASTE 任務。

Contracts were signed across a diverse customer base, including civil, defense, and national security and government customers, as well as commercial constellation operators.

合約是在不同的客戶群中籤署的，包括民用、國防、國家安全和政府客戶以及商業星座運營商。

Clearly, demand for Electron is strong and continues to grow.

顯然，對 Electron 的需求強勁且持續成長。

With two launch sites now up and running, we're well positioned to meaningfully increase our launch cadence this year.

兩個發射場現已建成並投入運行，我們已做好充分準備，可以有意義地提高今年的發射節奏。

We'll dig into some more Electron achievements since the end of Q4 soon, as well as some key Neutron milestones.

我們很快就會深入研究自第四季末以來的更多 Electron 成就，以及一些關鍵的 Neutron 里程碑。

But first, let's take a look at some of the key highlights from our space systems business across the final quarter of 2023.

但首先，讓我們來看看 2023 年最後一個季度我們的空間系統業務的一些主要亮點。

Well, we closed out 2023 and we secured a contract that started a new era for Rocket Lab, and that is the era of being a prime contractor.

好吧，我們在 2023 年結束了，並獲得了一份合同，為 Rocket Lab 開啟了一個新時代，那就是成為主承包商的時代。

We were selected by the Space Development Agency to design and build 18 spacecraft for the agency's trench to transport lab.

我們被太空發展局選中為該機構的海溝運輸實驗室設計和建造 18 艘太空船。

As prime contractor for the approximately $0.5 billion contract, we are leading the design, development, production, test, and operations of the satellites, including procurement and integration of the payload and subsystems.

作為這份價值約 5 億美元的合約的主承包商，我們負責衛星的設計、開發、生產、測試和運營，包括有效載荷和子系統的採購和整合。

It's our largest single contract to date and establishes Rocket Lab's position as a leading satellite prime contractor, providing supply chain diversity to the Department of Defense.

這是我們迄今為止最大的單一合同，確立了火箭實驗室作為領先衛星主承包商的地位，為國防部提供供應鏈多樣性。

All 18 satellites will integrate subsystems and components built in-house by our team, including solar panels, structures, star trackers, reaction wheels, radios, flight software, avionics, and for the first time, a launch dispenser.

所有 18 顆衛星都將整合我們團隊內部建造的子系統和組件，包括太陽能電池板、結構、星追蹤器、反作用輪、無線電、飛行軟體、航空電子設備，以及首次發射發射器。

This is a vertical integration strategy at work and it gives us a real level of control over supply chain, enabling efficiencies on certainty, on cost, and schedule and quality, of course.

這是一種有效的垂直整合策略，它使我們能夠對供應鏈進行真正的控制，當然可以提高確定性、成本、進度和品質的效率。

Of course, the SBA contract is not the only spacecraft constellation we have in development build.

當然，SBA 合約並不是我們正在開發的唯一航天器星座。

Our space systems team rounded out Q4 and the start of Q1 with some key milestones in development of our constellation for Globalstar.

我們的太空系統團隊在第四季和第一季的開始階段完成了全球星星座開發的一些關鍵里程碑。

We're now officially progressing from the design phase into production, with the first flight frames and build for the constellation of 17 spacecraft.

我們現在正式從設計階段進入生產階段，並為 17 個太空船星座建造了第一個飛行框架和建造。

Simultaneously, our spacecraft component teams are getting to work on their subsystems, including solar panels, flight software, and so on.

同時，我們的太空船組件團隊正在開始研究其子系統，包括太陽能電池板、飛行軟體等。

This constellation is still in the early phase, but we're making rapid progress ahead of the 2025 launch schedule.

該星座仍處於早期階段，但我們在 2025 年發射計劃之前取得了快速進展。

Now onto a mission scheduled to launch much sooner than that, our escapade mission for NASA and the University of California, Berkeley.

現在我們要執行一項計劃比這更早發射的任務，也就是我們為美國太空總署和加州大學柏克萊分校執行的冒險任務。

We're building two spacecraft headed to Mars orbit via Blue Origin launch, scheduled for Q3 this year.

我們正在建造兩艘透過藍色起源發射前往火星軌道的太空船，計劃於今年第三季發射。

In recent months, we've completed both propulsion decks, started environmental testing, and getting ready for ground operations at the launch site in preparation for launch.

近幾個月來，我們已經完成了兩個推進甲板，開始了環境測試，並準備在發射場進行地面操作，為發射做準備。

After a successful mission to the moon for NASA in 2022, we're looking forward to pushing the boundaries of even more in this highly ambitious space science mission.

在 2022 年 NASA 成功完成登月任務後，我們期待在這項雄心勃勃的太空科學任務中突破更多界限。

That's just a quick overview of some of the key highlights across Q4 and broader 2023.

這只是對第四季度和 2023 年更廣泛時期的一些關鍵亮點的快速概述。

There's plenty more we could have shared, but in the interest of time, let's move on to some of the exciting progress and achievements so far in Q1.

我們還有很多可以分享的內容，但為了節省時間，讓我們繼續討論第一季迄今取得的一些令人興奮的進展和成就。

Okay, Neutron's path to first flight.

好的，中子的首次飛行之路。

So there's more green across the board, which is what we always like to see, with Neutron team delivering on some key milestones at the end of last year and early 2024.

因此，全面的綠色發展是我們一直希望看到的，Neutron 團隊在去年年底和 2024 年初實現了一些關鍵里程碑。

But let's dive into some of the details.

但讓我們深入探討一些細節。

So with Neutron vehicle development, we've hit my favorite part of the development program.

因此，透過 Neutron 車輛的開發，我們已經達到了開發計劃中我最喜歡的部分。

Real flight hardware is not only coming off the production line, but it's entering the integration test phase in preparation for first flight.

真正的飛行硬體不僅已下線，而且正在進入整合測試階段，為首次飛行做準備。

The avionics team has kicked some major goals with successful hardware-in-the-loop testing for simulated flights to orbit as well as landings.

航空電子團隊透過成功的模擬入軌飛行和著陸硬體在環測試，實現了一些主要目標。

This is a process where we integrate real flight software with real flight avionics and hardware to get thousands of simulated flight environments.

這是一個我們將真實飛行軟體與真實飛行航空電子設備和硬體整合以獲得數千個模擬飛行環境的過程。

Hardware-in-the-loop, or huddle testing as we call it, has really been a key part of Electron's success, enabling us to test like we fly on the ground.

硬體在環，或者我們所說的集中測試，確實是 Electron 成功的關鍵部分，它使我們能夠像在地面上飛行一樣進行測試。

And it's exciting and great to be entering that phase for Neutron now.

Neutron 現在進入這個階段是令人興奮和偉大的。

We're also well into the test and validation campaign for the canards, which provide stability and steering to Neutron, particularly on re-entry and descent.

我們也積極進行鴨翼的測試和驗證活動，鴨翼為中子提供穩定性和轉向，特別是在重返大氣層和下降時。

We've now tested our first complete flight representative canard, drivetrain, including motion controller, software, linear actuator, and all the canard mounting hardware bearings and so on.

我們現在已經測試了我們的第一個完整的飛行代表鴨翼、傳動系統，包括運動控制器、軟體、線性執行器以及所有鴨翼安裝硬體軸承等。

Now this is really a big step forward for Neutron, and this represents one of the things we haven't done before, so it's great to get that behind us.

現在，這對 Neutron 來說確實是向前邁出了一大步，這代表了我們以前從未做過的事情之一，所以很高興能把它拋在身後。

On the structures side, development and production of Neutron's fairing and stage 1 and stage 2 tanks continue.

在結構方面，中子整流罩以及第一階段和第二階段儲槽的開發和生產仍在繼續。

Fairing molds and plugs are completed.

整流罩模具和插頭已完成。

These are some of the final steps before carbon composite flight structures start to come out of the factory.

這些是碳複合材料飛行結構開始出廠前的一些最後步驟。

Things start to move very quickly in composites from here, so expect to see some more structures resembling a complete Neutron in coming months.

從這裡開始，複合材料的發展非常迅速，因此預計在未來幾個月內會看到更多類似完整中子的結構。

And it's been a big few months for the propulsion team bringing the Archimedes engine to life.

對於推進團隊來說，阿基米德引擎的誕生經歷了重要的幾個月。

The single element pre-print test campaign was completed.

單元素預印測試活動已完成。

All of the engine components are complete or in final production for the first engine, and once integrated, testing is complete, we'll start to see some fire at Stennis and can move into production of those flight engines following successful test campaigns.

所有發動機部件都已完成或正在最終生產第一台發動機，一旦整合、測試完成，我們將開始在斯坦尼斯看到一些火力，並可以在成功的測試活動後投入這些飛行發動機的生產。

And then on the launch infrastructure, Launch Complex 3 in Virginia has taken shape nicely.

然後在發射基礎設施方面，維吉尼亞州的 3 號發射綜合體已經初具規模。

The team has completed initial piles and concrete foundations work for the water tower, LOx tank, and of course the launch mount.

該團隊已經完成了水塔、液態氧罐以及發射架的初始樁柱和混凝土基礎工作。

And having built three launch pads now, even though I said I'd never build another one, we're really starting to get well refined and streamlining the process to build these quickly and efficiently.

現在已經建造了三個發射台，儘管我說我永遠不會建造另一個發射台，但我們確實開始完善並簡化流程，以快速有效地建造這些發射台。

One of the ways we do this is by developing lots of key infrastructure in parallel.

我們實現這一目標的方法之一是並行開發大量關鍵基礎設施。

So we don't wait until foundations to be done to start the cryotanks.

因此，我們不會等到地基完成才啟動低溫罐。

We do it all concurrently, and so on and so forth for launch mount.

我們同時進行這一切，等等以進行發射安裝。

We fabricate all those large steel structures off-site and bring them to site and install them just as soon as that foundation work is done.

我們在場外製造所有這些大型鋼結構，並在基礎工作完成後立即將其運送至現場並安裝。

That's how we're able to build LC2 in the record time of just 10 months, and now with foundation work substantially underway, above ground infrastructure like the launch mount, water tower, and tanks will start to be installed across the next couple of months, ready for final integration, testing, and then of course in preparation for launch.

這就是我們能夠在創紀錄的短短 10 個月內建造 LC2 的原因，現在基礎工作已基本展開，發射架、水塔和水箱等地上基礎設施將在接下來的幾個月內開始安裝，準備好最終的整合、測試，當然還有準備發布。

Now over to Mississippi, where our committee's test stand is ready for hot fire at NASA Stennis.

現在轉到密西西比州，我們委員會的測試台已準備好在美國太空總署斯坦尼斯進行熱火測試。

All the major concrete and steel construction work is complete, and commissioning of the LOx cold flow system is underway.

所有主要的混凝土和鋼結構施工工作均已完成，LOx 冷流系統的調試正在進行中。

We're on track for the stand to support an engine by the end of March.

我們預計在三月底之前為引擎提供支架。

After that we'll really start to see some fire, which will be good.

之後我們就會真正開始看到一些火，這會很好。

And on the Neutron production infrastructure, in Q4 we announced we're establishing a space structures complex in Middle River, Maryland, in the former Lockheed Martin Vertical Launch Building.

在中子生產基礎設施方面，我們在第四季度宣布，我們將在馬裡蘭州米德爾河的前洛克希德·馬丁垂直發射大樓內建立一個空間結構綜合體。

This facility will be home to the development and production of a wide range of large composite structures and products for both launch and space systems, including Neutron.

該設施將成為發射和太空系統（包括中子）各種大型複合材料結構和產品的開發和生產基地。

Just a couple of months after taking over the building, we've readied the facility to accept and install the large-scale production equipment, including our automated fiber placement machine, which is really the key to rapid repeatable production of neutrons composite structures.

接管大樓後僅幾個月，我們就已準備好接受和安裝大型生產設備，包括我們的自動化纖維鋪放機，這確實是快速可重複生產中子複合結構的關鍵。

So across the board we've reached some really critical milestones on our journey to the first Neutron launch over the past quarter and a bit.

因此，在過去的一個季度裡，我們在首次 Neutron 發射之旅中全面實現了一些非常關鍵的里程碑。

Now we're at the pointy end of the development program where all the hardware systems and infrastructure start to integrate, culminating in Neutron's first launch.

現在，我們正處於開發計劃的最後階段，所有硬體系統和基礎設施都開始集成，最終導致 Neutron 的首次發布。

Currently our schedule closes for this by the end of 2024, and we do have a track record for delivering programs faster than typical industry standard timelines, but we'll know more about how close to the schedule and timeline we are, and we can hold once our committee's breathes fire and we complete a couple of other major tests, so we'll have an update on that soon.

目前，我們的計劃將於 2024 年底結束，我們確實有比典型行業標準時間表更快地交付專案的記錄，但我們會更多地了解我們與計劃和時間表的接近程度，並且我們可以保留一旦我們的委員會開始工作並且我們完成了其他一些主要測試，我們很快就會收到最新消息。

And then now back to small launch, we had a strong start to the quarter, so far with two successful Electron missions.

現在回到小型發射，我們在本季度取得了良好的開局，到目前為止已經成功完成了兩次 Electron 任務。

These included a dedicated launch for Spire Global and Northstar, as well as a really complex and unique mission for AstroScale.

其中包括 Spire Global 和 Northstar 的專門發射，以及 AstroScale 的真正複雜且獨特的任務。

The mission launched a satellite designed to rendezvous on orbit with an old derelict Japanese rocket stage.

這次任務發射了一顆衛星，旨在與廢棄的日本舊火箭級在軌道上交會。

The purpose was to demonstrate the ability for a satellite to closely follow and monitor a non-cooperative object in space, with a view to understanding how satellites might be able to dock with pieces of space junk in the future and drag them back to Earth, and obviously reduce orbital debris and increase space sustainability.

目的是展示衛星密切追蹤和監視太空中非合作物體的能力，以了解衛星如何在未來與太空垃圾碎片對接並將其拖回地球，並顯著減少軌道碎片並提高空間可持續性。

Now I don't think many people really realize just how widely ambitious and challenging that mission was for our team.

現在，我認為很多人都沒有真正意識到這項使命對我們團隊來說有多麼雄心勃勃和具有挑戰性。

It's difficult enough to rendezvous two items in space that talk to each other, like an astronaut capsule in the ISS.

在太空中交會兩個相互通訊的物體是非常困難的，就像國際太空站中的太空人太空艙一樣。

They're both communicating with each other and they know where everybody is, you know, where each relevant, you know, object is.

他們都在相互交流，並且知道每個人在哪裡，每個相關的物件在哪裡。

But in the case of a derelict rocket stage, it offers no data on its location, speed, tumble rates, all these things you really, really need to know to approach something in space.

但對於廢棄的火箭級來說，它沒有提供有關其位置、速度、翻滾率的數據，以及所有這些你真正需要知道的接近太空中物體的數據。

So to put asterisk-scaled spacecraft into exactly the right place at the right time to rendezvous with the stage, a GNC team demanded highly accurate orbital insertion with tighter margins than required on just about any missions.

因此，為了將星號級太空船在正確的時間準確地放置在正確的位置與舞台會合，GNC 團隊需要高度精確的軌道插入，其裕度比幾乎任何任務所需的裕度都要小。

The exact T-0 was only able to be defined a day prior to the launch and required an L-10 accuracy of only plus or minus 15 seconds.

確切的 T-0 只能在發射前一天確定，並且要求 L-10 的精度僅為正負 15 秒。

I should note that GNC team was able to deliver that accuracy to within 1.05 seconds, so 15 times better than the spec that was required.

我應該指出，GNC 團隊能夠在 1.05 秒內提供該精度，比所需規格高 15 倍。

The team delivered a perfect bullseye.

團隊提供了完美的靶心。

The spacecraft was deployed to exactly the right location and they were able to contact the spacecraft and prepare to start commissioning it with only minutes, with after minutes after launch.

太空船被部署到了正確的位置，他們能夠聯繫太空船並準備在發射後幾分鐘內開始調試。

It's this level of tailored mission design and that simply is just not possible on rideshare missions and why demand for Electron continues to grow.

這種程度的客製化任務設計在共乘任務中根本不可能實現，這也是對 Electron 的需求持續成長的原因。

With two launches down, we have two more to complete this quarter, including a mission for Synspective from LC1 on March 9, UTC, followed by a dedicated launch for the National Reconnaissance Office on March 20, UTC, from LC2 in Virginia.

繼兩次發射之後，本季度我們還有兩次任務需要完成，包括UTC 時間3 月9 日從LC1 發射的Synspective 任​​務，以及UTC 時間3 月20 日從弗吉尼亞州LC2 發射的國家偵察辦公室專用發射任務。

The missions are a testament to the trust and value of our customers' place in Electron, since this will be Electron's fourth launch for Synspective and fifth launch for the NRO.

這些任務證明了我們的客戶對 Electron 的信任和價值，因為這將是 Electron 為 Synspective 進行的第四次發射，以及為 NRO 進行的第五次發射。

It will however be our first NRO launch from US soil, so we're excited to demonstrate responsive launch capability for the DoD on two continents.

然而，這將是我們首次從美國本土發射 NRO，因此我們很高興能夠在兩大洲展示國防部的響應式發射能力。

Not only did we launch two missions from Q1 so far, but we brought an Electron back too.

到目前為止，我們不僅從第一季開始啟動了兩項任務，而且還帶回了一個 Electron 任務。

We recovered Electron's first stage from the Spire mission in January, bringing it back for an ocean recovery.

我們在一月份從 Spire 任務中回收了 Electron 的第一級，並將其帶回海洋進行回收。

Electron's recovery process has been iterative, enabling us to make small modifications and improvements to the stage and marine recovery process without causing a slowdown on the rocket production line, enabling us to keep increasing Electron's launch cadence.

Electron 的回收過程是迭代的，這使我們能夠對級和海洋回收過程進行小的修改和改進，而不會導致火箭生產線放緩，從而使我們能夠不斷提高 Electron 的發射節奏。

Generally, a program like this would cause a lengthy pause in production to allow for design freezes and production changes, but by taking small steps on each flight, we've been able to continue delivering the launch service to our customers and the one that they rely on.

一般來說，這樣的計劃會導致生產長時間暫停，以允許設計凍結和生產變更，但透過在每次飛行中採取小步驟，我們已經能夠繼續為我們的客戶和他們提供的服務提供發射服務。依靠。

Happily, this process has yielded successful results.

令人高興的是，這個過程已經取得了成功的結果。

The January mission saw Electron come back in the best condition yet.

在一月份的任務中，Electron 恢復到了迄今為止最好的狀態。

The stage is currently undergoing hydrostatic testing to determine if we're comfortable to put it back on the pad.

目前該舞台正在進行水壓測試，以確定我們是否可以輕鬆地將其放回墊子上。

The next milestone for the recovery program is to fly a mission with nine pre-flown Rutherford engines.

復原計畫的下一個里程碑是使用九台預先飛行的盧瑟福引擎執行任務。

You'll remember that we successfully relaunched a single Rutherford engine late last year, so now we're going to put all nine of them through their paces, so keep an eye out for that milestone coming.

您會記得，去年年底我們成功地重新啟動了一個盧瑟福引擎，所以現在我們要對所有九個引擎進行測試，所以請密切關注即將到來的里程碑。

Right, on to some of the key highlights for our space systems since the end of Q1, and just last week we achieved a world first, successfully re-entering a capsule from orbit that was used to manufacture pharmaceutical products in space.

是的，我們的太空系統自第一季末以來的一些關鍵亮點，就在上週，我們實現了世界第一，成功從軌道重新進入用於在太空製造藥品的太空艙。

We designed and built and operated a spacecraft for Vardar Systems Industries to host their in-space manufacturing capsule.

我們為 Vardar Systems Industries 設計、建造和營運了一艘太空船，用於承載他們的太空製造艙。

It launched in June last year.

它於去年六月推出。

The spacecraft was initially designed to operate in orbit for around four months before being de-orbited into the Utah desert.

該航天器最初設計為在軌道上運行約四個月，然後脫離軌道進入猶他州沙漠。

However, lengthy delays and regulatory approvals to bring the spacecraft home meant that we ended up bringing it, we ended up on orbit for more than eight months and in a testament to both our spacecraft builders and operators that performed flawlessly for that extended duration.

然而，將太空船帶回家的長期延誤和監管部門的批准意味著我們最終將其帶回地球，我們最終在軌道上停留了八個多月，這證明了我們的太空船製造商和營運商在這段漫長的時間內表現得完美無缺。

Now operating a spacecraft is one thing, but bringing it home and landing it within a tiny designated area is quite another.

現在操作太空船是一回事，但將其帶回家並降落在一個很小的指定區域內則是另一回事。

A team managed 24-7 flight operations, conducted multiple engine burns and carrying out real-time trajectory calculations and adjustments to set the capsule on a course for the Utah testing and training range.

一個團隊管理 24-7 的飛行操作，進行多次引擎燃燒，並進行即時軌跡計算和調整，以將太空艙設定在猶他州測試和訓練場的航線上。

The context -- the margin of error is less than 0.05%, and if an engine burn is even a fraction of a second too long or too short, you end up hundreds of miles away from your designated landing zone.

背景資訊－誤差幅度小於 0.05%，如果引擎燃燒哪怕是一秒的時間太長或太短，你最終都會遠離指定的著陸區數百英里。

This is typically the stuff of huge government programs and decades of development.

這通常是龐大的政府計劃和數十年發展的成果。

The only other company to successfully re-enter a capsule from orbit for a purely commercial mission is our friends over at SpaceX, so we've joined a very elite club and on our first attempt.

唯一一家成功從軌道重新進入太空艙執行純粹商業任務的公司是我們在 SpaceX 的朋友，所以我們加入了一個非常精英的俱樂部，這是我們的第一次嘗試。

This mission was the first of four missions that we have booked for Varda, and the next spacecraft is built and ready for launch in the middle of the year.

這次任務是我們為瓦爾達預訂的四項任務中的第一項，下一艘太空船已建成並準備在今年年中發射。

Excitingly, the lessons we've learned on this program are helping inform future projects, including scientific sample returns, point-to-point cargo delivery, and of course human spaceflight capability on Neutron in the future.

令人興奮的是，我們在這個計劃中學到的經驗教訓正在幫助為未來的項目提供信息，包括科學樣本返回、點對點貨物運輸，當然還有未來中子號的載人航天能力。

So on that note, before I hand it over to Adam to talk through the financial highlights and outlook, it's a fitting time to share an update on our wider spacecraft programs.

因此，在這一點上，在我將其交給亞當討論財務亮點和前景之前，現在是分享我們更廣泛的航天器計劃的最新情況的合適時機。

In 2020, we launched our very first Rocket Lab-built satellite called Photon.

2020 年，我們發射了第一顆火箭實驗室建造的衛星，名為 Photon。

It was really a defining moment for the business, a line in the sand where we became an end-to-end space company, not just a launch provider.

對於我們的業務來說，這確實是一個決定性的時刻，我們成為一家端到端的航太公司，而不僅僅是一家發射提供者。

Since then, we've had the privilege of developing, launching, and operating spacecraft for a broad range of customers, and they've all told us the same thing.

從那時起，我們就有幸為廣大客戶開發、發射和營運太空船，他們都告訴了我們同樣的事情。

They need a reliable, highly capable spacecraft built quickly, affordably, and at scale, and we've done this.

他們需要快速、經濟且大規模建造的可靠、高性能的太空船，而我們已經做到了這一點。

We've developed a spacecraft that has delivered a successful mission to the Moon for NASA.

我們開發了一艘太空船，為美國太空總署成功執行了月球任務。

We've developed a twin spacecraft for a mission to Mars.

我們為火星任務開發了一艘雙太空船。

We're building constellations of half-ton spacecraft for SDA and MDA, and of course we've proven spacecraft re-entry capability now too.

我們正在為 SDA 和 MDA 建造半噸級太空船星座，當然我們現在也已經證明了太空船的再入能力。

As we've delivered more and more successful spacecraft missions, demand for these spacecraft or similar variants on them has grown.

隨著我們成功執行越來越多的太空船任務，對這些太空船或類似太空船變體的需求也在增長。

So we've expanded beyond Photon to create a full family of standard spacecraft buses.

因此，我們超越了 Photon，創建了完整的標準太空船總線系列。

So allow me to formally introduce Lightning, Pioneer, Explorer, and of course the original Photon.

因此，請容許我正式介紹 Lightning、Pioneer、Explorer，當然還有原始的 Photon。

Lightning is our newest spacecraft bus designed for a 12-year-plus orbital lifespan in LEO.

Lightning 是我們最新的太空船總線，專為近地軌道 12 年以上的軌道壽命而設計。

It utilizes electric propulsion, delivers high power and radiation tolerance, and incorporates full redundancy in all critical subsystems.

它利用電力推進，提供高功率和耐輻射能力，並在所有關鍵子系統中採用完全冗餘。

This is a 0.5-ton, 3-kilowatt bus ideal for communications, imaging, and remote sensing.

這是一款 0.5 噸、3 千瓦的總線，非常適合通訊、成像和遙感。

Then there's Pioneer, a highly configurable platform designed to support large payloads and unique mission profiles, including re-entry.

然後是先鋒，一個高度可配置的平台，旨在支援大型有效載荷和獨特的任務配置，包括重返大氣層。

For interplanetary missions, there's Explorer, a high delta-v spacecraft with around about 1 kilowatt of power, large propellant tanks, and precision orbit determination system, ranging transponder, and all the things you need to go into deep space.

對於星際任務，有探索者號，這是一種功率約為 1 千瓦的高 Delta-V 太空船、大型推進劑箱、精密軌道確定係統、測距轉發器以及進入深空所需的所有東西。

Explorer enables small spacecraft missions to planetary destinations, near-Earth objects, and Earth-Moon Lagrange points.

探索者號能夠執行小型太空船任務，前往行星目的地、近地天體和地月拉格朗日點。

And of course, Photon is sticking around as the original spacecraft spacecraft plus launch option.

當然，光子仍然作為最初的航天器航天器加發射選項。

Thanks to our virtual integration strategy, these spacecraft share many common components and subsystems designed and manufactured in-house by us, enabling us to deliver spacecraft quickly, affordably, and reliably using flight-proven components.

由於我們的虛擬整合策略，這些太空船共享許多由我們內部設計和製造的通用組件和子系統，使我們能夠使用經過飛行驗證的組件快速、經濟且可靠地交付太空船。

Each of the spacecraft are currently on order in a range of quantities, with 40-plus satellites currently in our production backlog.

目前，每顆太空船的訂單數量都在一定範圍內，目前我們的生產訂單中有 40 多顆衛星。

So from humble beginnings with one spacecraft just four years ago to a full family of them designed to serve commercial and government partners is certainly an exciting time for our space systems business.

因此，從四年前的一艘太空船的卑微起步，發展到為商業和政府合作夥伴提供服務的完整航天器系列，對於我們的太空系統業務來說無疑是一個激動人心的時刻。

So that wraps up the key business highlights from Q4 2023 and Q1 this year so far.

以上就是 2023 年第四季和今年第一季迄今的主要業務亮點。

So from here, I'll hand over to Adam to take us through the financial updates.

因此，從這裡開始，我將交給 Adam 來帶領我們了解財務最新情況。

Over to you, Adam.

交給你了，亞當。

Thanks, Pete.

謝謝，皮特。

Fourth-quarter 2023 revenue was $60 million, in line with our revised guidance provided on January 31, 2023, but below the low end of our original Q4 guidance in November, due primarily to the pushout of one of our planned fourth-quarter launches, which was due to the longer than anticipated September anomaly remediations.

2023 年第四季營收為6000 萬美元，符合我們2023 年1 月31 日提供的修訂指導，但低於11 月份最初第四季度指導的低端，這主要是由於我們計劃的第四季度發布之一的推出，這是由於 9 月的異常修復時間比預期要長。

Fourth-quarter revenue represented a sequential decline of 11.3% due to the reduction of launches from three in Q3 to one in Q4, partially offset by continued growth in our space systems business.

由於發射次數從第三季的 3 次減少到第四季的 1 次，第四季營收季減 11.3%，但部分被我們的太空系統業務的持續成長所抵銷。

On a full-year basis, 2023 revenue was $244.6 million, with impressive growth of approximately 16% year on year, especially when taking into consideration the effect of September's Electron anomaly.

從全年來看，2023 年營收為 2.446 億美元，年成長約 16%，尤其是考慮到 9 月電子異常的影響。

Our launch services segment delivered revenue of $8.5 million in the quarter from one launch, which is above our targeted average selling price of $7.5 million and consistent with our revised guidance of $8.5 million.

我們的發射服務部門在本季度的一次發射中實現了 850 萬美元的收入，這高於我們 750 萬美元的目標平均售價，並且與我們 850 萬美元的修訂指導一致。

Our current aggregate Electron backlog reflects an average selling price of $8.1 million, and we're encouraged by a funnel of new business that is consistent with this pricing level.

我們目前的 Electron 積壓訂單總額反映出平均售價為 810 萬美元，與此定價水準一致的新業務管道令我們感到鼓舞。

On a full-year basis, launch delivered revenue of $71.9 million, or an increase of 18.5% year on year.

全年營收為 7,190 萬美元，年增 18.5%。

Our space system segment delivered $51.5 million of revenue in the quarter, which was up 11.2% sequentially, and in line with our revised guidance of $50.5 million to $52.5 million, with sequential growth driven by our MDA satellite bus contract, as well as growth in our component businesses.

我們的太空系統部門本季實現營收 5,150 萬美元，比上一季成長 11.2%，符合我們修訂後的 5,050 萬美元至 5,250 萬美元的指導，連續成長是由我們的 MDA 衛星總線合約以及我們的零部件業務。

On a full-year basis, space systems delivered revenue of $172.7 million, or an increase of 14.9% year on year.

航太系統全年營收1.727億美元，年增14.9%。

Turning to gross margin, GAAP gross margin for the fourth quarter was 25.8%, in line with our revised guidance of 24.8% to 26.8%, while non-GAAP gross margin for the fourth quarter was 32.3%, which was in line with our revised guidance of 31.4% to 33.2%.

毛利率方面，第四季 GAAP 毛利率為 25.8%，符合我們修訂後的 24.8% 至 26.8% 指引，而非 GAAP 第四季毛利率為 32.3%，符合我們修訂後的指引。指引值為31.4%至33.2%。

GAAP and non-GAAP gross margin performance reflects improved mix in both our merchant component and satellite manufacturing businesses, partially offset by the effect of less overhead absorption in our launch business, due to only one Electron launch in the quarter.

GAAP 和非 GAAP 毛利率表現反映了我們的商用組件和衛星製造業務的組合改善，但由於本季度僅發射一次 Electron，我們的發射業務管理費用吸收減少的影響部分抵消了這一影響。

We ended Q4 with total production-related head count of 852, up 36 from the prior quarter.

截至第四季度，生產相關員工總數為 852 人，比上一季增加 36 人。

Turning to backlog, we ended Q4 2023 with just over $1 billion of total backlog, with launch backlog of $248.3 million and space systems backlog of $797.8 million.

至於積壓訂單，截至 2023 年第四季度，我們的積壓訂單總額略高於 10 億美元，其中發射積壓訂單為 2.483 億美元，空間系統積壓訂單為 7.978 億美元。

Relative to where we ended 2022, total backlog was up 108% or $542.5 million, thanks primarily to the $489 million base portion of December's $515 million SDA beta award.

與 2022 年結束時相比，總積壓量增加了 108%，即 5.425 億美元，這主要歸功於 12 月 5.15 億美元的 SDA 測試獎中的 4.89 億美元的基礎部分。

For space systems, backlog was up 106% year over year, or $410.4 million, again largely due to the SDA beta contract signing.

對於太空系統，積壓訂單年增 106%，即 4.104 億美元，這主要歸功於 SDA 測試合約的簽署。

In our launch services business, backlog was up over 213% on the back of multi-launch Electron deals with government and commercial partners, along with strong HASTE bookings.

在我們的發射服務業務中，由於與政府和商業合作夥伴達成多次發射 Electron 協議以及強勁的 HASTE 預訂，積壓訂單增加了 213% 以上。

We expect approximately 41% of current backlog to be recognized as revenues within 12 months as we scale our work in Electron, HASTE, MDA, and other space systems projects.

隨著我們在 Electron、HASTE、MDA 和其他太空系統專案中的工作規模的擴大，我們預計目前積壓的約 41% 將在 12 個月內確認為收入。

Turning to operating expenses in the quarter, GAAP operating expenses for the fourth quarter of 2023 were $63.4 million, in line with our revised guidance of $62.5 million to $64.5 million.

談到本季的營運支出，2023 年第四季的 GAAP 營運支出為 6,340 萬美元，符合我們修訂後的 6,250 萬美元至 6,450 萬美元指引。

Non-GAAP operating expenses were $53.5 million, again consistent with a revised guidance of $52.5 million to $54.5 million.

非 GAAP 營運支出為 5,350 萬美元，再次符合修訂後的 5,250 萬至 5,450 萬美元指引。

G

G

AAP operating expenditures grew 63% from the prior year fourth quarter, almost entirely within R&D, due to increases in staff costs within space systems and Neutron, as well as prototyping and materials-related expenses.

AAP 營運支出較上年第四季成長 63%，幾乎全部用於研發，原因是空間系統和 Neutron 內的員工成本以及原型設計和材料相關費用增加。

Non-GAAP operating expenditures grew 95% year over year, largely due to the same reasons as above, less the effect of stock compensation expenses.

非 GAAP 營運支出年增 95%，主要是由於與上述相同的原因，減去股票補償費用的影響。

Now focusing on the quarter-over-quarter changes.

現在重點關注季度環比變化。

As mentioned in the prior slide, GAAP operating expenses for the fourth quarter of 2023 were $63.4 million, and non-GAAP operating expenses were $53.5 million.

如上一張投影片所述，2023 年第四季的 GAAP 營運費用為 6,340 萬美元，非 GAAP 營運費用為 5,350 萬美元。

The increase in both GAAP and non-GAAP operating expenses versus the third quarter of 2023 were primarily driven by a reduction in contra R&D credit that wrapped up in Q4 related to Neutron upper stage development from our US government partners, as well as the impact of increases in headcount and increased depreciation amortization expenses related to the recent CapEx additions.

與 2023 年第三季相比，公認會計原則和非公認會計原則營運費用的增加主要是由於第四季度結束時與美國政府合作夥伴的中子上級開發相關的研發信貸減少，以及與最近資本支出增加相關的員工人數增加和折舊攤提費用增加。

In SG&A, GAAP expenses declined $1.3 million quarter-on-quarter due to a decrease in performance reserve escrow related to our ASI acquisition, partially offset by an increase in change in contingent consideration related to our PSC acquisition.

在 SG&A 方面，GAAP 費用環比下降 130 萬美元，因為與我們的 ASI 收購相關的績效儲備託管減少，但部分被與我們的 PSC 收購相關的或有對價變化的增加所抵消。

Non-GAAP SG&A expenses increased by $500,000, primarily due to increases in headcount along with the increase in outside services expenses.

非 GAAP SG&A 費用增加了 500,000 美元，主要是由於員工人數的增加以及外部服務費用的增加。

Q4 ending SG&A headcount was 247, representing an increase of 11 from the prior quarter.

第四季末 SG&A 員工人數為 247 人，比上一季增加 11 人。

In R&D specifically, GAAP expenses increased $10.9 million quarter-on-quarter due to the previously mentioned roll-off of contra R&D credits related to Neutron upper stage development, as well as an increase in Neutron development spending, offset somewhat by a reduction in stock-based compensation expense.

具體而言，在研發方面，由於先前提到的與Neutron 上級開發相關的研發抵免額的滾減，以及Neutron 開發支出的增加，GAAP 支出環比增加了1090 萬美元，但在一定程度上被庫存減少所抵銷基於補償的費用。

Non-GAAP expenses increased by $13.3 million due to the same underlying factors driving the GAAP spending increases.

由於同樣的潛在因素推動 GAAP 支出增加，非 GAAP 支出增加了 1,330 萬美元。

Q4 ending R&D headcount was 585, representing an increase of 65 from the prior quarter.

第四季末研發人員總數為 585 人，較上一季增加 65 人。

In summary, total fourth-quarter headcount was 1,684, up 112 heads from the prior quarter.

總而言之，第四季員工總數為 1,684 人，比上一季增加 112 人。

Turn to cash, purchase of property, equipment, and capitalized software licenses was $10.4 million in the fourth quarter of 2023, a decrease of $10.6 million from the $21 million in the third quarter of 2023.

2023 年第四季現金、購買財產、設備和資本化軟體許可證的金額為 1,040 萬美元，比 2023 年第三季的 2,100 萬美元減少了 1,060 萬美元。

This sequential decrease was due to lumpiness in the timing of our large CapEx items across both of our launch and space systems businesses.

這種連續下降是由於我們的發射和航太系統業務的大型資本支出項目的時間安排不規則。

C

C

ash consumed from operations was $42.4 million in the fourth quarter of 2023, compared to $25.2 million in the third quarter of 2023.

2023 年第四季營運消耗的灰燼為 4,240 萬美元，而 2023 年第三季為 2,520 萬美元。

The sequential increase of $17 million was driven primarily by the timing of receipts and payments related to our satellite manufacturing business and the impact of delayed launch services milestone invoicing due to shifting manifest adjustments post-Electron's September 19, 2023, anomaly.

環比增加 1700 萬美元的主要原因是與我們的衛星製造業務相關的收支時間，以及由於 Electron 2023 年 9 月 19 日異常後艙單調整的變化而延遲發射服務里程碑發票的影響。

Overall, non-GAAP free cash flow, defined as GAAP operating cash flow, reduced by the purchase of property, equipment, and capitalized software in the fourth quarter of 2023, was a use of $52.6 million, compared to $46.2 million in the third quarter of 2023, or a more apples-to-apples comparison of $54.6 million, when including the impact of our asset acquisitions, most of which is classified as PP&E.

總體而言，非 GAAP 自由現金流（定義為 GAAP 營運現金流量）因 2023 年第四季購買財產、設備和資本化軟體而減少，使用量為 5,260 萬美元，而第三季為 4,620 萬美元2023年，或更相似的比較為5,460 萬美元，其中包括我們資產收購的影響，其中大部分被歸類為PP&E。

The material step-up in negative non-GAAP free cash flow was, as noted in my prior GAAP operating cash flow commentary, was a result of the lumpy timing of payments and receipts associated with our space systems manufacturing operations and the impact of post-anomaly launch services milestones invoice delays, for which we expect reversal of this negative working capital cycle through early 2024.

正如我在先前的 GAAP 營運現金流評論中所指出的，非 GAAP 自由現金流的大幅增加是由於與我們的太空系統製造業務相關的付款和收款時間不固定以及後期的影響的結果。異常啟動服務里程碑導致發票延遲，我們預計這種負營運資金週期到2024 年初將會逆轉。

The ending balance of cash, cash equivalents, restricted cash, and marketable securities was $327.9 million as of the end of the fourth quarter of 2023.

截至 2023 年第四季末，現金、現金等價物、限制性現金和有價證券的期末餘額為 3.279 億美元。

Reflecting on the past four quarters, we continue to make meaningful progress towards our long-term financial model.

回顧過去的四個季度，我們繼續在長期財務模式方面取得有意義的進展。

Increased Neutron investment will likely continue to drive EBITDA losses in 2024.

Neutron 投資的增加可能會繼續導致 2024 年 EBITDA 損失。

As we move through the year, we believe a trend to improving scale and efficiency in our space systems business and Electron launch cadence and production efficiencies provide an optimistic outlook towards achieving our long-term target business model.

隨著這一年的推移，我們相信太空系統業務規模和效率的提高趨勢以及 Electron 的發射節奏和生產效率為實現我們的長期目標業務模式提供了樂觀的前景。

Overall, we expect gross margin trends will continue to improve over time, thanks to the same factors that helped drive improvement this year.

總體而言，我們預計毛利率趨勢將隨著時間的推移而繼續改善，這要歸功於今年推動毛利率改善的相同因素。

In terms of when we can get to adjusted EBITDA break-even, Neutron investment, especially R&D spend, continues to be the pacing item to achieve its critical milestone.

就我們何時能夠實現調整後的 EBITDA 盈虧平衡而言，Neutron 投資，尤其是研發支出，仍然是實現其關鍵里程碑的節奏項目。

Turning to our recent fundraising of $355 million in convertible senior notes.

談到我們最近透過可轉換優先票據籌集的 3.55 億美元資金。

With this financing, we believe we secured a large quantum of cost-effective and shareholder-friendly capital.

透過此次融資，我們相信我們獲得了大量具有成本效益且對股東有利的資本。

The roughly $300 million of proceeds, net of our capped call and deal fees, positions the company to exercise inorganic options to further vertically integrate a supply chain with the critical capabilities that are consistent with what we have done successfully in the past, which has enabled larger and more strategic program wins, like the recent $0.5-billion SDA program.

在扣除我們上限的認購費和交易費後，大約 3 億美元的收益使公司能夠行使無機期權，以進一步垂直整合供應鏈與關鍵能力，這些能力與我們過去成功所做的事情一致，這使得規模更大、更具策略性的計劃獲勝，例如最近價值5 億美元的SDA 計劃。

With that, let's turn to our guidance for the first quarter of 2024.

接下來，讓我們來看看 2024 年第一季的指引。

We expect revenue in the first quarter to range between $92 million and $98 million, representing sequential revenue growth of between 53% and 63%.

我們預計第一季營收將在 9,200 萬美元至 9,800 萬美元之間，環比營收成長在 53% 至 63% 之間。

This range reflects $60 to $65 million of contribution from space systems and $32 to $33 million from launch services, which assumes four launches.

這一範圍反映了太空系統的 60 至 6500 萬美元的貢獻以及發射服務的 32 至 3300 萬美元的貢獻（假設進行了四次發射）。

Although modestly lower than what we previously expected for Q4 just a few months ago, we don't want to understate how encouraged we are with the magnitude of this forecasted quarter-on-quarter growth and how positively it reflects on the capabilities of the team to deliver this level of growth in such a complex and competitive set of businesses.

儘管略低於我們幾個月前對第四季度的預期，但我們不想低估我們對這一預測的季度環比增長幅度的鼓舞以及它對團隊能力的積極反映在如此復雜且競爭激烈的業務中實現這種水準的增長。

We expect first-quarter GAAP gross margin to range between 24% to 26% and non-GAAP gross margins to range between 29% to 31%.

我們預計第一季 GAAP 毛利率將在 24% 至 26% 之間，非 GAAP 毛利率將在 29% 至 31% 之間。

These forecasted GAAP and non-GAAP gross margins reflect improved projected launch cadence in Q1, offset by mixed shifts in our space systems business biased towards the larger and lower margin satellite manufacturing program revenue contribution versus certain of our higher gross margin component offerings.

這些預測的GAAP 和非GAAP 毛利率反映了第一季預計發射節奏的改善，但被我們的太空系統業務的混合變化所抵消，該業務偏向於更大和更低利潤的衛星製造計劃收入貢獻，而不是我們的某些更高毛利率的組件產品。

We expect first-quarter GAAP operating expenses to range between $73 million and $75 million and non-GAAP operating expenses to range between $62 million and $64 million.

我們預計第一季 GAAP 營運支出將在 7,300 萬美元至 7,500 萬美元之間，非 GAAP 營運支出將在 6,200 萬美元至 6,400 萬美元之間。

The quarter-on-quarter increases are driven primarily by increased Neutron investment, including staff costs, prototyping materials, as well as the runoff of contra R&D credits related to our Neutron upper stage development agreement with the US Space Force.

季度環比成長主要是由於 Neutron 投資增加，包括員工成本、原型材料以及與我們與美國太空軍簽訂的 Neutron 上級開發協議相關的反向研發信貸的流失。

We expect first-quarter GAAP and non-GAAP net interest expense to be $1.5 million.

我們預計第一季 GAAP 和非 GAAP 淨利息支出為 150 萬美元。

We expect first-quarter adjusted EBITDA loss to range between $28 million and $30 million and basic shares outstanding to be approximately 490 million shares.

我們預計第一季調整後 EBITDA 損失將在 2,800 萬至 3,000 萬美元之間，已發行基本股約 4.9 億股。

And with that, we'll hand the call over to the operator for questions.

然後，我們會將電話轉交給接線生詢問問題。

(Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

（操作員說明）Andres Sheppard、Cantor Fitzgerald。

Hello, everyone.

大家好。

Good afternoon.

午安.

Congratulations on the quarter, all the launches, the development of the Neutron.

恭喜本季、所有的發布以及 Neutron 的開發。

It sounds like it really was a busy quarter.

聽起來這確實是一個忙碌的季度。

So, congrats on all developments and thanks for taking our question.

所以，恭喜所有的進展，並感謝您提出我們的問題。

I was just wondering if maybe you can give us some color as to how we should think about scaling and timing of other opportunities in space systems across both maybe satellite manufacturer and components and maybe how should we think about a reaction wheel in your backlog versus revenues of contract?

我只是想知道您是否可以給我們一些建議，告訴我們應該如何考慮衛星製造商和組件之間空間系統中其他機會的擴展和時機，也許我們應該如何考慮積壓訂單與收入之間的反應輪合約的？

Thank you.

謝謝。

I'll take the first part of that, Adam, and you might want to talk about the revenue side.

我將討論第一部分，亞當，你可能想談談收入方面。

But, I mean, we continue to see lots of scaling across the space systems business, particularly from commercial and government.

但是，我的意思是，我們繼續看到整個太空系統業務的大量擴展，特別是來自商業和政府的業務。

So, you have big programs like the SDA program that are procuring hundreds of satellites over extended periods of time that require replenishment.

因此，像 SDA 計畫這樣的大型計畫需要在很長一段時間內購買數百顆需要補充的衛星。

And then you have a commercial model that's kind of similar.

然後你就有了一個類似的商業模式。

So as we -- as those constellations and those government programs continue to build out and we continue to either supply what we've already won or win more, the corresponding timing of that revenue will scale appropriately.

因此，當我們——隨著這些星座和政府計劃繼續發展，我們繼續提供我們已經贏得的東西或贏得更多的東西時，相應的收入時間將適當擴大。

But maybe, Adam, you have further comments?

但也許，亞當，你有進一步的意見嗎？

Yeah, no, I think a little more color there.

是的，不，我認為那裡有更多的顏色。

So, if you look at the mixed changes that are going on within our space systems business, specifically between the satellite manufacturing and the components businesses, we'll say that this year we'll have probably a more significant step up in the relative mix of the space systems part, like the satellite manufacturing part of the business.

因此，如果你看看我們的太空系統業務中正在發生的混合變化，特別是衛星製造和零件業務之間的變化，我們會說今年我們的相對組合可能會取得更重大的進步空間系統部分，例如衛星製造業務的部分。

And that's a function of going into production phase on our contract with MDA.

這是我們與 MDA 簽訂的合約進入生產階段的功能。

So, I think this year you start to see, again, a little more relative contribution from the Photon side of the business.

所以，我認為今年你會再次看到來自 Photon 業務的更多相對貢獻。

But we are seeing very, very significant growth also from the components.

但我們也看到零件方面也出現了非常非常顯著的成長。

It's just coming, you know, from a different base.

你知道，它只是來自不同的基地。

When you think specifically, you also asked about the reaction wheel business and kind of where that is.

當您具體思考時，您也詢問了反作用輪業務及其位置。

I think you're probably referring to the mega constellation win that we've announced some time ago.

我想你可能指的是我們不久前宣布的超級星座勝利。

And so, that starts to ship in meaningful ways this year as well.

因此，今年也開始以有意義的方式推出。

So, we see, again, very encouraging growth across the satellite manufacturing, but also components.

因此，我們再次看到衛星製造以及零件的​​成長非常令人鼓舞。

In this case, this year will be a very good year for growth in our reaction wheel business, particularly tied to that one mega constellation deal that we announced a couple of years ago.

在這種情況下，今年將是我們反應輪業務成長的非常好的一年，特別是與我們幾年前宣布的一項大型星座交易相關。

Got it.

知道了。

That's super helpful.

這非常有幫助。

I appreciate all of that context.

我很欣賞所有這些背景。

Maybe one follow-up for you, Adam.

也許是給你的後續行動，亞當。

In regards to the $515 million contract award with the Space Development Agency, I'm wondering if maybe you can give us some color as to how we should be thinking about in terms of modeling and in terms of revenue recognition.

關於與太空開發署簽訂的 5.15 億美元合同，我想知道您是否可以給我們一些建議，告訴我們我們應該如何考慮建模和收入確認方面的問題。

I understand there's a base amount of a little less than $490 million, and I think work for this contract has already begun.

據我了解，基本金額略低於 4.9 億美元，而且我認為該合約的工作已經開始。

But just wondering if maybe you can give us some direction as to how we should be thinking about it in terms of recognition for revenue.

但只是想知道您是否可以給我們一些指導，告訴我們應該如何考慮收入確認方面的問題。

Thank you.

謝謝。

Sure.

當然。

Yeah, for this contract in particular, it's not too dissimilar to other satellite build contracts in the fact that it's more back-end loaded.

是的，特別是對於這份合同，它與其他衛星建造合約並沒有太大不同，因為它的後端負載更多。

It's not like under this contract, we will recognize revenue as we expend resources against the program to complete it, so under what they call an EAC basis, under AST 606.

這與根據這份合約不同，我們將在我們為完成該計劃而花費資源時確認收入，因此根據他們所謂的 EAC 基礎，即 AST 606。

So if you think about it, this year is really all about kind of finalizing the design elements of the program, and the majority of the revenue ultimately gets recognized as you're kind of starting to build hardware and start to pull things to the floor.

因此，如果你仔細想想，今年實際上是關於最終確定程序的設計元素，並且隨著你開始構建硬體並開始將事情拉到地板上，大部分收入最終會得到認可。

So this year, we will recognize some revenue against the contract because there is, you know, cost to complete kind of the design elements of it, but what you really see is the more meaningful contribution of revenue will start up probably more towards the second half of 2025, and then ultimately the satellites begin shipping and ultimately ship in 2027.

因此，今年，我們將根據合約確認一些收入，因為完成合約的設計元素需要成本，但你真正看到的是更有意義的收入貢獻可能會在第二個階段開始更多2025 年一半，然後衛星最終開始發貨，並最終於2027 年發貨。

Now, what we'll say is that if you think about the kind of the working capital kind of elements of this deal is, revenue recognition is not tied to kind of cash receipts and will be positive from a working capital perspective on this contract because we have to -- at some point, we receive the payments from the customer, and then we have to forward some of those payments, obviously, to our long-lead vendors, but we have modeled this contract to be cash flow positive from its inception.

現在，我們要說的是，如果您考慮該交易的營運資金類型要素，則收入確認與現金收入類型無關，並且從該合約的營運資金角度來看，收入確認將是積極的，因為我們必須— —在某個時候，我們收到客戶的付款，然後我們必須將其中一些付款顯然轉發給我們的長期供應商，但我們已經將這份合約建模為從其現金流量中獲得正現金流成立。

So this is one where it's both good from a working capital perspective, but also it's going to build nicely from a revenue contribution as we progress through 2024 and into 2025 and beyond.

因此，從營運資本的角度來看，這既是一件好事，而且隨著我們在 2024 年、2025 年及以後的進展，它也將從收入貢獻中獲得良好的回報。

Wonderful.

精彩的。

That's super helpful.

這非常有幫助。

I appreciate that.

我很感激。

Congrats again on the quarter.

再次恭喜本季。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

Erik Rasmussen, Stifel.

艾瑞克·拉斯穆森，斯蒂菲爾。

Yeah, thanks for taking the questions, and yeah, congrats on all the progress you guys have been making.

是的，感謝你們提出問題，是的，恭喜你們所取得的所有進步。

Maybe just on the SDA award, when looking at that $515 million basis, it seems like the value per satellite of almost $29 million is meaningfully higher than what we saw that was previously awarded on that beta program.

也許僅就 SDA 獎項而言，以 5.15 億美元為基礎，每顆衛星的價值近 2,900 萬美元似乎明顯高於我們之前看到的測試計劃授予的價值。

What's driving this, and what is the cost structure of the satellite, and are there any NRE fees associated?

是什麼推動了這個趨勢？衛星的成本結構是什麼？是否有相關的 NRE 費用？

Yeah, Pete, I'll let you take the first piece of that.

是的，皮特，我會讓你拿走第一塊。

Sure.

當然。

Yeah.

是的。

I mean, so not all satellites are created equal, Erik, and that particular bus and design is pretty unique.

我的意思是，並不是所有的衛星都是一樣的，艾瑞克，而且那個特定的總線和設計是非常獨特的。

So, I wouldn't read too much into the average satellite price.

因此，我不會過度了解衛星的平均價格。

It's kind of saying the average car price, but there's a Ferrari and a Toyota, and you don't expect those to be the the same price.

這有點像汽車的平均價格，但有法拉利和豐田，你不會期望它們的價格相同。

So, you have to kind of look at it with respect to what its capabilities are, and what are the quality of the components that have been used in it, and so on and so forth.

因此，您必須根據其功能以及其中使用的組件的品質等來看待它。

And as far as, Erik, as far as the NRE piece, yeah, I mean, yes, there is an NRE element to this program, and that's really, again, what's going to be happening this year in 2024, and that's what we'll get the beginnings of revenue recognition on.

艾瑞克，就 NRE 而言，是的，我的意思是，是的，這個計劃有一個 NRE 元素，這確實是 2024 年將要發生的事情，這就是我們的目標將開始確認收入。

It certainly won't be a very significant portion of the overall contract value, but it's also not completely immaterial.

它當然不會佔總合約價值的很大一部分，但也並非完全無關緊要。

So, as we progress through 2024, we'll be able to provide more color on what that REVREC looks like.

因此，隨著 2024 年的進展，我們將能夠提供有關 REVREC 外觀的更多資訊。

It's a little bit early because the contract is relatively new, and we're still going through a lot of program details, but, again, as we progress through 2024, again, as we progress throughout the year, we should have much more kind of ability to provide color on kind of the timing and the magnitude of the incremental contribution from the NRE phase of this contract.

現在還為時過早，因為合約相對較新，我們仍在研究許多計劃細節，但是，隨著 2024 年的進展，隨著全年的進展，我們應該有更多的友善能夠提供有關本合約NRE階段增量貢獻的時間安排和幅度的資訊。

Okay.

好的。

We'll wait for that.

我們會等待。

Thanks.

謝謝。

And then, obviously, backlog continues to grow.

然後，顯然積壓的訂單繼續增加。

You added over $500 million with the SBA award.

您透過 SBA 獎勵增加了超過 5 億美元。

Can you just comment on some of the types and sizes of potential deals, whether on the government or commercial side that you're tracking, or maybe some qualitative comments to highlight the opportunities or maybe the programs you guys are looking at?

您能否評論一下潛在交易的一些類型和規模，無論是您正在追蹤的政府還是商業方面，或者可能是一些定性評論來強調機會或您正在關注的項目？

Yeah, sure.

好，當然。

I mean, so, obviously, Erik, SBA is a big one.

我的意思是，很明顯，Erik，SBA 是一家大公司。

I mean, as I mentioned in a previous answer, these are spacecraft that require replenishing.

我的意思是，正如我在先前的回答中提到的，這些是需要補充的太空船。

The US government is moving from a few succinct assets in geo to a distributed LEO architecture.

美國政府正從少數簡潔的地理資產轉向分散式 LEO 架構。

So, that's a significant opportunity and change from the government.

所以，這是政府的一個重大機會和變革。

And it's not just SBA.

不僅僅是 SBA。

If you look across all of the government agencies, the transition down to LEO is occurring.

如果你縱觀所有政府機構，你會發現向 LEO 的過渡正在發生。

So, we see a lot of opportunities from the US government and, quite frankly, from other governments as other governments follow that path.

因此，我們從美國政府看到了很多機會，坦白說，隨著其他政府走這條路，我們也從其他政府看到了許多機會。

And then on the commercial side, there's a number of constellations that we continue to track.

然後在商業方面，我們繼續追蹤許多星座。

But we'll always be pretty selective about the work that we take on.

但我們總是會對我們所承擔的工作非常有選擇性。

And I think we've mentioned before that we only really take on work that we believe is strategic to the longer-term vision of the company.

我想我們之前已經提到過，我們只真正承擔我們認為對公司長期願景具有策略意義的工作。

And we'll continue to follow that process.

我們將繼續遵循該流程。

Yeah.

是的。

And, Erik, I'd add a little bit to that, too.

艾瑞克，我也想補充一點。

I mean, if we had this big step up, as you noted, related to the SBA contract.

我的意思是，正如您所指出的，如果我們在 SBA 合約方面取得瞭如此重大的進步。

And I think it's a very meaningful one for us because, again, we're priming that mission.

我認為這對我們來說非常有意義，因為我們再次啟動了這項使命。

We're not a sub.

我們不是潛水艇。

We're the prime for it.

我們是這方面的佼佼者。

So, I think that opens up other opportunities to take on bigger and bigger prime projects.

因此，我認為這為承擔越來越大的優質專案提供了其他機會。

But I think with this big step up, I think we can also kind of look forward to really with -- as we get closer and closer to getting Neutron to the pad, obviously that's going to be an opportunity to significantly build our backlog in a very, very meaningful way, given the estimated average selling price of that vehicle versus Electron.

但我認為，隨著這一重大進步，我認為我們也可以真正期待——隨著我們越來越接近讓 Neutron 到達發射台，顯然這將是一個機會，可以考慮到該車輛與Electron 的估計平均售價，這是非常非常有意義的方式。

And in addition to basically looking forward to having Neutron start adding to the backlog we're seeing a lot of excitement and appetite towards HASTE.

除了基本上期待 Neutron 開始增加待辦事項之外，我們還看到人們對 HASTE 非常興奮和有興趣。

And the HASTE missions are a great opportunity for us.

HASTE 任務對我們來說是一個很好的機會。

They're a recent add to our launch capability stack.

它們是我們最近添加到發射功能堆疊中的。

So across both, Neutron, HASTE, and just kind of, if you want to call it Electron Classic, I think there's really a lot of opportunities to continue to build that backlog and kind of hopefully maintain a relatively consistent mix of launch and space systems.

因此，無論是 Neutron 還是 HASTE，如果你想稱之為 Electron Classic，我認為確實有很多機會繼續建立積壓工作，並希望保持發射和太空系統相對一致的組合。 。

When Pete and I kind of were looking at how we want to model this business going forward, we do like the predictability that space systems brings with it across components plus large program opportunities, because launch is always going to be a lumpier business.

當皮特和我考慮如何對未來的業務進行建模時，我們確實喜歡太空系統帶來的跨組件和大型專案機會的可預測性，因為發射總是會是一項更加不穩定的業務。

So, kind of -- but we think there's a large magnitude of opportunity there, again, particularly as we mix in more HASTE and start to see Neutron opportunities feather into the backlog.

所以，有點——但我們認為那裡有大量的機會，特別是當我們加入更多的 HASTE 並開始看到 Neutron 機會逐漸進入積壓工作時。

Great.

偉大的。

Maybe if I could just add one -- ask one more on the convert deal you announced.

也許我可以添加一項——就您宣布的轉換交易再詢問一項。

How did you arrive at this, maybe, versus other financing options you were contemplating?

與您正在考慮的其他融資選擇相比，您是如何得出這個結論的？

And then, of the $300 million net proceeds, obviously, you mentioned M&A.

然後，在 3 億美元的淨收益中，顯然，您提到了併購。

What kind of assets could be interesting to bring in-house that would drive further your strategy?

什麼樣的資產可能值得引入內部，從而進一步推動您的策略？

Yeah.

是的。

I'll take the first one, then I'll pass it off to Pete to kind of maybe provide a little more color on M&A targets, sort of areas we might be looking at.

我將選擇第一個，然後將其傳遞給皮特，以便為併購目標（我們可能會關注的領域）提供更多資訊。

But why Convert?

但為什麼要轉換呢？

I think when we looked at all the different options and we did kind of exhaust all the different possibilities out there.

我認為，當我們考慮所有不同的選擇時，我們確實窮盡了所有不同的可能性。

It was the right vehicle to provide us the quantum of cash that we were looking to raise, because we do see a lot of opportunities out there to grow inorganically and continue exploiting kind of M&A as a growth vehicle for us.

這是為我們提供我們希望籌集的大量現金的正確工具，因為我們確實看到了許多無機成長的機會，並繼續利用併購作為我們的成長工具。

And if you look at the flexibility that it provides as well, there were no financial covenants related to it.

如果你看看它提供的彈性，你會發現沒有與之相關的財務契約。

It gives us a lot more freedom to run the business the way that we think it needs to be run.

它給了我們更多的自由，讓我們可以以我們認為需要的方式經營業務。

And from a cost of capital perspective, we just think it represented the lowest cost of capital versus some other kind of straight debt options and so forth.

從資本成本的角度來看，我們只是認為與其他一些直接債務選擇等相比，它代表了最低的資本成本。

So we really -- we ran kind of parallel processes looking at different ways to bring capital into business, all the way from doing a straight equity offering to doing straight debt to then the convertible.

因此，我們實際上運行了某種平行流程，尋找將資本引入業務的不同方式，從直接股權發行到直接債務，再到可轉換債券。

And the convertible just came on top in almost every metric that we were looking to raise on.

這款敞篷車在我們希望提高的幾乎所有指標中都名列前茅。

So to us it became kind of a no-brainer as we learn more about each of those options as they would be presented to our business.

因此，對我們來說，隨著我們對每個選項的了解更多，因為它們將呈現給我們的業務，這變得理所當然。

So I would say we put some competitive tension in the process to make sure that we were picking the right product and ultimately felt comfortable that this indeed was the one.

所以我想說，我們在這個過程中施加了一些競爭壓力，以確保我們選擇了正確的產品，並最終感覺到這確實是正確的產品。

Yeah, and on the assets, for potential M&A targets.

是的，還有資產，潛在的併購目標。

So, look, there's a couple of things that we don't have an aquiver with respect to space systems.

所以，看，有一些東西我們在太空系統方面沒有含水層。

So there's a potential for some tuck-ins.

因此，有可能進行一些折騰。

I would say we have a reasonable focus on payloads.

我想說我們對有效載荷有合理的關注。

I mean, as a prime now on the SDA mission, the only thing that we're not really doing, the actual payloads and sensors.

我的意思是，作為 SDA 任務的主要負責人，我們唯一沒有真正做的事情是實際的有效載荷和感測器。

So so I think that that's obviously an area of interest.

所以我認為這顯然是一個令人感興趣的領域。

And I'll remind you that the end goal here is not just to be a bus provider or even a prime.

我要提醒您的是，這裡的最終目標不僅僅是成為巴士提供商，甚至是優質巴士提供者。

It's to ultimately have our own constellation and orbit providing services because that's where we ultimately think this all goes.

最終我們將擁有自己的星座和軌道來提供服務，因為這就是我們最終認為這一切的發展方向。

So as I mentioned before, everything we do is within that kind of vision.

正如我之前提到的，我們所做的一切都是在這樣的願景範圍內。

And the same with any kind of M&A targets, especially in the payload area.

任何類型的併購目標都是如此，尤其是在有效載荷領域。

Great.

偉大的。

Thanks for taking the questions and good luck.

感謝您提出問題，祝您好運。

[Christine Leelug, Morgan Stanley].

[克里斯蒂娜·裡勒格，摩根士丹利]。

Hey, good afternoon, everyone.

嘿，大家下午好。

Peter, with the Varda mission, you mentioned that your experience with a capsule re-entry could inform potentially crewed missions via Neutron.

彼得，在瓦爾達任務中，你提到你在太空艙再入方面的經驗可以為潛在的中子載人任務提供資訊。

Can you expand on that a bit?

能擴展一下嗎？

And how far along are you in developing a re-entry capsule for Neutron that can carry humans?

你們在開發可載人的中子再入艙方面進展到了什麼程度？

And how are you thinking about that market opportunity there?

您如何看待那裡的市場機會？

Yeah, thanks, Christine.

是的，謝謝，克里斯汀。

So, look, we, as we're designing Neutron, to be clear, we don't have any active capsule development programs or anything.

所以，看，我們在設計 Neutron 時，要明確的是，我們沒有任何活躍的膠囊開發計劃或任何東西。

But as we're developing the vehicle, we wanted to make sure it was human rateable because it's a vehicle of significant enough scale and class that it should be capable of human space flight.

但在開發該飛行器時，我們希望確保它符合人類的評級，因為它的規模和等級足夠大，應該能夠進行載人太空飛行。

So it's definitely something we pay close attention to.

所以這絕對是我們密切關注的事情。

Now, with respect to the human spaceflight market, it's kind of an unusual one because really there's only one customer right now, that being NASA.

現在，就載人航太市場而言，這是一個不尋常的市場，因為現在實際上只有一個客戶，那就是美國太空總署。

And they're fairly well served.

而且他們的服務相當好。

So it's unclear whether or not there's a big enough market opportunity to go after a human spaceflight++++.

因此，尚不清楚是否有足夠大的市場機會來追求載人航太++++。

So, you know, it's unclear whether or not there's a big enough market opportunity, you know, to go after that, you know, as it stands today, especially if you were to, you know, self-fund all the development, because typically those, you know, programs, the development has been paid for by the government.

所以，你知道，目前還不清楚是否有足夠大的市場機會，你知道，去追求那個，你知道，就像今天的情況，特別是如果你要，你知道，自籌資金所有的開發，因為通常那些項目的開發費用是由政府支付的。

So that would be a pretty big call to make.

所以這將是一個相當大的決定。

But, you know, we'll make sure that we're ready and able to do human spaceflight missions when we think the market conditions are right and when there's, you know, more than probably one customer, which, you know, obviously needs to be more than one destination.

但是，你知道，當我們認為市場條件合適並且有可能不止一個客戶顯然需要時，我們將確保我們做好準備並能夠執行載人航天任務成為多個目的地。

So, you know, as the space industry continues to evolve and grow and it becomes clear that there's more destinations and more customers for human spaceflight, then we're ready with the Neutron vehicle and, you know, clearly we can re-enter and land stuff exactly where we need to.

所以，你知道，隨著航太產業的不斷發展和發展，載人航太有更多的目的地和更多的客戶，那麼我們已經準備好中子飛行器，你知道，顯然我們可以重新進入並將物品準確地降落在我們需要的地方。

Great.

偉大的。

Thanks for the color.

謝謝你的顏色。

And maybe on Neutron too, you know, you talked about Neutron being on the pad this year, but what do you think about a launch in 2024, given all the work left on the program?

也許在 Neutron 上也是如此，你知道，你談到 Neutron 今年即將上線，但考慮到該計劃剩下的所有工作，你對 2024 年推出有何看法？

And also, how do you think about the cadence?

另外，您如何看待節奏？

Are you still on track for about three Neutron launches in 2025?

您是否仍有望在 2025 年進行約 3 次 Neutron 發射？

Yeah, look, I mean, at the end of the day, it's a rocket program, right?

是的，聽著，我的意思是，歸根結底，這是一個火箭計劃，對吧？

And, you know, right now we have a schedule that closes for a launch by the end of the year, but, you know, we've got a lot of testing to get through.

而且，你知道，現在我們的計劃是在今年年底前完成發布，但是，你知道，我們還有很多測試要完成。

And if everything goes well, then everything goes well.

如果一切順利，那麼一切都會順利。

If we have some issues and some development issues along the way, whether it be, you know, propulsion or, you know, other systems, then, you know, that will cause us to, you know, to re-evaluate the schedule.

如果我們一路上遇到一些問題和一些開發問題，無論是推進系統還是其他系統，那麼，這將導致我們重新評估時間表。

But, you know, kind of as it stands today, you know, that's kind of where we're looking at it.

但是，你知道，就像今天的情況一樣，你知道，這就是我們正在關注的地方。

And, you know, like I said, we have a schedule that closes.

而且，你知道，就像我說的，我們有一個關閉的時間表。

And then, you know, on cadence, you know, we'll follow a very similar cadence to what we did with Electron.

然後，你知道，在節奏上，我們將遵循與 Electron 非常相似的節奏。

So, you know, if we get one away this year, then next year we'd look to be, you know, to do sort of three, and then, you know, we may be able to step it up to as much as five.

所以，你知道，如果我們今年能做到一件事，那麼明年我們就會，你知道，做三件事，然後，你知道，我們可能能夠將其提高到盡可能多五。

But it really depends on, you know, how the development program goes.

但這實際上取決於開發計劃的進展。

And it also depends on, you know, how much work we have to do after we get, you know, past first flight as to what cadence we can meet.

這也取決於，你知道，在我們完成第一次飛行後我們必須做多少工作才能滿足我們的節奏。

But what I will say is we certainly get up from an infrastructure perspective to deliver those cadences, you know, with the AFP machine in the Middle River facility, and also, you know, the Virgin Orbit asset.

但我要說的是，我們肯定會從基礎設施的角度出發，利用中河設施中的法新社機器以及維珍軌道資產來提供這些節奏。

I would say that, you know, from an infrastructure standpoint, you know, we're in a good position to scale.

我想說的是，從基礎設施的角度來看，我們處於擴展的有利位置。

Great.

偉大的。

And last question on Neutron.

最後一個關於 Neutron 的問題。

You know, as you sit here, what do you anticipate the mix of customers that is for government versus commercial over the next two years?

您知道，當您坐在這裡時，您預計未來兩年政府客戶和商業客戶的組合如何？

Where do you see the most opportunity for Neutron customers?

您認為 Neutron 客戶的最大機會在哪裡？

And when do you plan to share the details of the initial customer set for the first launch?

您計劃何時分享首次發布的初始客戶群的詳細資訊？

And ultimately, do you expect to launch Neutron from both Wallops and New Zealand?

最終，您希望從瓦洛普斯和新西蘭發射 Neutron 嗎？

Sure.

當然。

So, you know, we certainly hope for a mix of sort of 50-50.

所以，你知道，我們當然希望是 50-50 的混合。

We've found that to be about right for Electron.

我們發現這對 Electron 來說是正確的。

I think it, you know, provides a good, you know, a good mix.

我認為，你知道，它提供了一個很好的、很好的組合。

And, you know, there's plenty of government customers that are looking forward to the vehicle coming online, and equally so commercial customers.

而且，您知道，有很多政府客戶以及商業客戶都期待著該車輛的上線。

So, I've no reason to believe that we won't see, you know, a very, you know, a different mix.

所以，我沒有理由相信我們不會看到一個非常不同的組合。

And then, with respect to Wallops and New Zealand, so it will only launch from Wallops.

然後，對於沃洛普斯和紐西蘭，它只會從沃洛普斯發射。

New Zealand is not a viable launch site for a vehicle of this size.

紐西蘭對於這種尺寸的飛行器來說不是一個可行的發射場。

To give you a sense of scale, if we took all of the liquid oxygen produced in New Zealand, it would half fill a Neutron tank once.

為了讓您有一個規模感，如果我們拿走紐西蘭生產的所有液態氧，那麼它一次就能填滿一個中子罐的一半。

So, it's just not the industrial base to be launching this vehicle of this class down in New Zealand.

因此，紐西蘭並不是推出此類車輛的工業基礎。

So, it'll be exclusively, you know, a Wallops pad to start with, for sure.

所以，它肯定是一款 Wallops 墊。

Great.

偉大的。

Thank you for the colour.

謝謝你的顏色。

No worries.

不用擔心。

[Kyle Vaughn], TD Cowen.

[凱爾·沃恩]，TD·考恩。

Thank you very much.

非常感謝。

And so, your growth margin, you've indicated, is going to be lower in the first quarter than the fourth.

因此，您表示，第一季的成長率將低於第四季。

And yet, if you hit the target, you're going to have four launches versus one.

然而，如果你達到了目標，你將有四次發射而不是一次。

And you've basically made the point that, you know, there's this huge leverage in terms of more launches.

你基本上已經指出了這一點，你知道，在更多的發布方面有巨大的影響力。

So, you know, how come the growth margin is down?

那麼，你知道為什麼成長率會下降嗎？

You mentioned systems, but is the launch margin up sequentially?

您提到了系統，但啟動利潤是否持續上升？

Yes.

是的。

So, Kyle, I'll take that one.

所以，凱爾，我會接受那個。

So, yeah, the launch margin actually does increase sequentially based on those increased number of launches.

所以，是的，發射利潤實際上確實隨著發射次數的增加而持續增加。

It's really all consumed, though, and then some by space systems as, again, a result of a disproportionate growth on the system side of things as we move into the production phase of the MDA contract.

不過，它確實全部被消耗掉了，還有一些被空間系統消耗掉了，這也是當我們進入 MDA 合約生產階段時系統方面不成比例增長的結果。

So, again, it's kind of a goodness on the launch side does get consumed by kind of just the mix on the space system side.

所以，再說一次，發射方面的好處確實被太空系統的混合所消耗。

So, the benefit of these large space system contracts is obviously scale and absolute dollars that flow, but they do come at a lower gross margin versus our components business.

因此，這些大型太空系統合約的好處顯然是規模和絕對資金流動，但與我們的組件業務相比，它們的毛利率確實較低。

So, over time, it's really all about managing that mix of these kind of larger, lower gross margin programs on the manufacturing side of space systems versus the higher gross margin programs on the production versus the higher margin component sales and the increasing gross margins that we expect from our launch business as we continue to grow or scale the cadence of Electron throughout the year.

因此，隨著時間的推移，這實際上是關於管理空間系統製造方面的此類規模更大、毛利率較低的計劃與生產方面的較高毛利率計劃、較高利潤的組件銷售以及不斷增加的毛利率的組合。隨著我們全年繼續成長或擴大 Electron 的節奏，我們對我們的發射業務抱有期望。

Thank you.

謝謝。

And then a second one, HASTE, you mentioned you got seven orders in 23.

然後是第二個，HASTE，你提到你在 23 年內收到了 7 個訂單。

What percent are they, you know, how many are they out of your manifest of 22 this year?

你知道，他們佔今年 22 人名單中的多少人？

Roughly, when do they go and how does their profitability compare with an Electron launch?

粗略地說，他們什麼時候開始？與 Electron 的發布相比，他們的盈利能力如何？

Yeah.

是的。

So, we have two HASTE missions on the manifest for 2024 out of the total 22 manifested.

因此，在 2024 年總共 22 個清單中，我們有兩個 HASTE 任務。

And if you look at the, you know, the contribution from a margin perspective is relatively consistent with other launches.

如果你看一下，你就會知道，從利潤角度來看，貢獻與其他發布相對一致。

I mean, we have a higher selling price, but we also have some incremental costs associated with those because, you know, they go out of wallop.

我的意思是，我們的售價更高，但我們也有一些與之相關的增量成本，因為，你知道，它們會失去衝擊力。

So, we have more kind of variable costs related because we pay the range fees in Virginia.

因此，我們有更多相關的可變成本，因為我們在維吉尼亞州支付範圍費。

Plus, we also have kind of incremental, you know, government mission assurance costs.

另外，我們還有增加政府任務的保障成本。

So, you basically have the benefit of, you know, the higher selling price, but as a gross margin percentage contributor, it's about on par with other Electron missions.

所以，你基本上可以享受到更高的售價的好處，但作為毛利率貢獻者，它與其他 Electron 任務大致相同。

Thank you very much.

非常感謝。

Matt Akers, Wells Fargo.

馬特·埃克斯，富國銀行。

Hey, guys. Good afternoon.

大家好。午安.

Thanks for the question.

謝謝你的提問。

I think, Adam, you touched on EVA to operate EVN and it sounds like that's kind of paced by sort of how fast Neutron spend goes.

我想，Adam，你談到了 EVA 來操作 EVN，聽起來這有點像 Neutron 支出的速度快慢。

Is there any more color you can kind of give there?

您還可以在那裡提供更多顏色嗎？

Is there a range we should sort of think of as, I guess, a 25, a reasonable outcome kind of if everything goes as planned?

如果一切按計劃進行，我們是否應該認為 25 是一個合理的結果？

Yeah.

是的。

So, you know, as we progress through, you know, through 2024, you know, we expect, you know, obviously growth on the top line to continue.

所以，你知道，隨著我們的進展，你知道，到 2024 年，你知道，我們預計，你知道，收入顯然會繼續增長。

We expect gross margin expansion.

我們預計毛利率將會擴張。

That really does get consumed by a step up in investment for Neutron.

這確實被 Neutron 投資的增加所消耗。

We're really kind of in the throat of the spend on Neutron this year.

今年我們在 Neutron 上的支出確實有點困難。

And it's really all about getting, you know, getting across the line, getting the vehicle to pad.

這實際上就是為了，你知道，越過線，讓車輛停下來。

And then once we start kind of going into production on that vehicle, then obviously you've got some, obviously, you know, contributing revenue to offset the cost and it moves from R&D to cost of sales.

然後，一旦我們開始生產該車輛，那麼顯然你會得到一些，顯然，你知道，貢獻收入來抵消成本，並且它從研發轉移到銷售成本。

So, you know, from just the perspective, we really need to get that initial Neutron, you know, model to the pad and off.

所以，你知道，僅從角度來看，我們確實需要將初始中子模型放到發射台上並關閉。

So, you know, if you think about our timing, again, if we're successful in the green light schedule hold, as Pete talked about earlier, where we get to launch off by the end of this year, you know, that's really kind of that cresting point.

所以，你知道，如果你再次考慮我們的時機，如果我們成功地在綠燈計劃中取得成功，正如皮特早些時候談到的那樣，我們將在今年年底前啟動，你知道，這真的是那種頂峰。

And so not too long after that, we should really be in the phase that where we could be, you know, looking down at line of sight to adjust the EBITDA positivity.

因此，在那之後不久，我們應該真正進入這樣一個階段，即我們可以向下看視線來調整 EBITDA 的積極性。

But it really can't happen practically without getting that first Neutron off.

但如果不釋放第一個中子，這實際上就不可能發生。

Got it.

知道了。

Thanks.

謝謝。

That's helpful.

這很有幫助。

And then I guess just to go back to the M&A discussion, I think you highlighted some of the assets you might be looking at.

然後我想回到併購討論，我認為您強調了您可能正在關注的一些資產。

Are those assets coming available for sale?

這些資產可以出售嗎？

Are the prices reasonable?

價格合理嗎？

Just any color on what you're seeing in the market out there.

只要是您在市場上看到的任何顏色即可。

I want Pete to take a first stab at that.

我希望皮特首先嘗試這一點。

Yeah, sure.

好，當然。

Thanks, Adam.

謝謝，亞當。

Yeah, I mean, bear in mind that a lot of these potential acquisitions are companies that we've worked with for many years and we know well.

是的，我的意思是，請記住，許多潛在的收購都是我們合作多年並且非常了解的公司。

That's kind of been a normal kind of mode of operation.

這是一種正常的操作模式。

So it's less, you know, what's coming to market and what people are delivering to our plate rather than strategically, you know, going through and working out the ones that we really, really, really need.

因此，你知道，市場上的產品和人們正在向我們提供的產品較少，而不是策略性地，你知道，仔細研究並找出我們真正、真正、真正需要的產品。

So, you know, it's not about for us, it's not about buying revenue.

所以，你知道，這與我們無關，與購買收入無關。

It's about making sure we have the capability in-house and, you know, with the end goal of doing our own thing in the future.

這是為了確保我們擁有內部能力，並且最終目標是在未來做我們自己的事情。

I think privately funded, um, privately held companies seem to have, I've noticed that they seem to have kind of been slightly insulated from some of the value destruction that publicly traded companies may have experienced.

我認為私人資助的，嗯，私人控股的公司似乎，我注意到他們似乎稍微免受上市公司可能經歷的一些價值破壞的影響。

So, you know, we are seeing probably prices and asks that are a little bit higher than might be benchmarked against public companies.

所以，你知道，我們看到的價格和要價可能比上市公司的基準高一點。

But yeah, I mean, Adam, you might have some more to say about that, but that's typically what we're seeing.

但是，是的，我的意思是，亞當，你可能還有更多要說的，但這就是我們通常看到的。

Yeah, Matt, I would say that the expectations of sellers remains high.

是的，馬特，我想說賣家的期望仍然很高。

I think that we are seeing now, maybe we're getting to a breaking point because we've seen processes, sale processes that have been broken.

我認為我們現在看到，也許我們已經到了一個突破點，因為我們已經看到流程、銷售流程已經被打破。

So where a transaction hasn't been reached by privately held companies.

因此，私人控股公司尚未達成交易。

So I think that, you know, they're meeting a lot of resistance with their expected, you know, price tags.

所以我認為，他們的預期價格標籤遇到了很大的阻力。

So hopefully that starts to kind of drive a change in sellers' behaviors and expectations.

因此，希望這能開始推動賣家行為和期望的改變。

I think at some point they'll have to realize that, you know, ultimately the buyers, you know, if they're not just going to trade amongst, you know, kind of private equity players that, you know, it's these public market larger companies that have liquidity and currencies to use that they've got to kind of come in line more with public market valuations.

我認為在某些時候他們必須意識到，最終買家，你知道，如果他們不只是要在私募股權參與者之間進行交易，你知道，就是這些公眾市場規模較大的公司擁有流動性和可供使用的貨幣，因此它們必須更符合公開市場的估值。

And again, hopefully we're getting closer to that.

再次，希望我們離這個目標越來越近了。

But I would say that we, again, we're seeing some pretty interesting things out there that we think are actionable, that fit well within our portfolio, that help us to continue vertically integrating our business.

但我想說，我們再次看到了一些非常有趣的事情，我們認為這些事情是可行的，非常適合我們的產品組合，有助於我們繼續垂直整合我們的業務。

And again, I think, you know, the reason for the timing of the convert raise was really to enable us to capitalize on those opportunities.

再說一次，我認為，你知道，轉換加薪時機的原因實際上是為了讓我們能夠利用這些機會。

So yeah, a combination of kind of sellers getting maybe a little bit more realistic combined with the, you know, having the drive pattern on the balance sheet, we think positions as well to take advantage of deals in the coming periods.

所以，是的，賣家的組合可能會更加現實一點，再加上資產負債表上的驅動模式，我們認為倉位也可以在未來一段時間內利用交易。

Great.

偉大的。

That's very helpful, Colin.

這非常有幫助，科林。

Thank you.

謝謝。

Suji Da Silva, Roth MKM.

蘇吉·達·席爾瓦，羅斯·MKM。

Your line is now open.

您的線路現已開通。

Hi, Peter.

嗨，彼得。

Hi, Adam.

嗨，亞當。

I think you said on the call that the number of deals in calendar 22, if I heard right, was 25.

我想你在電話會議上說過，如果我沒聽錯的話，第 22 日曆年的交易數量是 25 筆。

I'm wondering what the comparable number was for 22.

我想知道 22 的可比較數字是多少。

And I know that number includes space systems deals, but for the launch deals, you just talk about what you're seeing in terms of incremental deal size and terms versus the prior year and how that's helping visibility.

我知道這個數字包括太空系統交易，但對於發射交易，你只需談論與前一年相比你所看到的增量交易規模和條款，以及這如何幫助提高知名度。

Yeah.

是的。

Hey, Suji.

嘿，蘇吉。

I don't have the numbers off the top of my head, but I mean, we saw a pretty, you know, marked step up in contract signing last year.

我腦子裡沒有具體的數字，但我的意思是，去年我們在合約簽署方面看到了顯著的進步。

You know, and that's due to a number of things.

你知道，這是由於很多原因造成的。

I mean, I think Electron clearly submitted, you know, submitted its position in the industry and there's a lot of customers that were sort of holding out for new entrants and a lot of customers that were really burnt by new entrants.

我的意思是，我認為 Electron 清楚地表明了它在行業中的地位，有很多客戶對新進入者持保留態度，也有很多客戶確實被新進入者所困擾。

So I think it became obvious that Electron is kind of the, you know, the rocket in the sector.

所以我認為很明顯，Electron 是該領域的火箭。

Also, I would say that, you know, we added new capabilities like HASTE, which, you know, complete new service using the same launch vehicle, which is a big TAM expansion.

另外，我想說的是，我們添加了 HASTE 等新功能，它使用相同的運載火箭完成新服務，這是 TAM 的大型擴展。

And so that, you know, that certainly helped things.

所以，你知道，這確實有幫助。

And then I would say that the number of customers, what we find is that they fly on, you know, a transporter mission, a SpaceX transporter mission to get early kind of orbit, you know, experience and shake down their spacecraft.

然後我想說的是，我們發現的客戶數量是，他們執行運輸任務，SpaceX 運輸任務，以獲得早期軌道，體驗並搖晃他們的太空船。

But when they have, when it comes time to actually delivering a spacecraft to, you know, to a particular operational cadence, they need, you know, various bespoken and specific orbits and the cost trade trades, you know, pretty abruptly to be able to do that.

但是，當他們真正將太空船交付到特定的操作節奏時，他們需要各種客製化和特定的軌道以及成本貿易交易，你知道，非常突然地能夠做到這一點。

So, you know, we see some of those, some of that defection off the transporter and onto Electron in that sense.

所以，你知道，我們看到了其中的一些，從這個意義上說，其中一些從運輸機轉移到電子。

Yeah.

是的。

And Suji, just to come back on that, we were able to pull that number.

蘇吉，回到這一點，我們能夠拉出這個數字。

So we booked, I believe it was seven Electron launches in 2022.

所以我們預訂了，我相信 2022 年將有七次 Electron 發布。

So pretty big step up, you know, 2022 to 2023.

你知道，從 2022 年到 2023 年，這是相當大的進步。

All right.

好的。

Thanks.

謝謝。

And then I know we talked about this early in the year, Peter, but just kind of revisit your being the prime contractor on any of the SBA.

然後我知道我們在今年早些時候討論過這個問題，Peter，但請重新審視您作為任何 SBA 的主承包商的情況。

I just want to understand, you know, some of the reasons there in terms of if that's a one-off or that's a trend for the future.

我只是想了解其中的一些原因，即這是一次性的還是未來的趨勢。

You guys have the integrated spaceport, rocket launch spacecraft, similar to SpaceX and Starlink perhaps.

你們擁有綜合航太港、火箭發射太空船，也許類似 SpaceX 和 Starlink。

And just, you know, help us understand the competitive framework for these wins that maybe this can be a continuing trend for you.

只是，你知道，幫助我們了解這些勝利的競爭框架，也許這對你來說可能是一個持續的趨勢。

Yeah, sure.

好，當然。

I mean, look, you want to be the prime contractor.

我的意思是，聽著，你想成為總承包商。

You know, we've been a major sub on another program and, you know, it's very difficult if you're just the middle bender in a program.

你知道，我們一直是另一個節目的主要替補，你知道，如果你只是節目中的中間人，那是非常困難的。

So prime is where we want to be.

所以，prime 就是我們想要達到的目標。

And, you know, as we look forward into future programs, that's certainly where we're positioning ourselves, you know, going forward.

而且，您知道，當我們展望未來的計劃時，這肯定是我們未來定位自己的地方。

So and I think we've kind of reached a critical mass point where we can be a really effective prime as well.

所以我認為我們已經達到了一個臨界點，我們也可以成為一個真正有效的總理。

Like we have enough capability in-house, enough experience in-house, enough satellite bus standards in-house that we can really effectively prime these missions.

就像我們擁有足夠的內部能力、足夠的內部經驗、足夠的內部衛星總線標準一樣，我們可以真正有效地啟動這些任務。

And it feels like a long time to get here.

而且感覺好像花了很久才到這裡。

But, you know, I think I mentioned in the commentary, it's literally like four years from going from zero to, you know, priming a major mission.

但是，你知道，我想我在評論中提到過，從零到啟動一項重大任務，實際上需要四年的時間。

So, yeah, we'll look to continue down this path for sure.

所以，是的，我們肯定會繼續沿著這條路走下去。

Okay.

好的。

All right.

好的。

Thanks, guys.

多謝你們。

Next question comes from Marlana Perez Mora from BOFA.

下一個問題來自 BOFA 的 Marlana Perez Mora。

Your line is now open.

您的線路現已開通。

Good afternoon, everyone.

大家下午好。

So my first question is a follow-up on this step-up and the bookings that you had on Electron launches.

所以我的第一個問題是這個步驟的後續行動以及您對 Electron 發布的預訂。

How should we think about pricing opportunities and cash profitability of this strategy?

我們應該如何考慮該策略的定價機會和現金獲利能力？

Kind of like how many open slots do you have in the near future that you could actually price opportunistically?

有點像在不久的將來你有多少個空缺插槽，你實際上可以機會主義地定價？

Yeah, we've always been pretty consistent in, you know, what we kind of modelled for the cadence, you know, of Electron.

是的，我們在 Electron 的節奏建模方面一直非常一致。

I think it tapped out recruitment from wrong atoms in sort of the mid to high 30s.

我認為它在 30 多歲的時候就從錯誤的原子中招募了出來。

Certainly, we have production capabilities to support up to 50, 52 launches a year.

當然，我們的生產能力可以支援每年多達 50、52 次的發布。

That's what we designed all the launch pads and factories around.

這就是我們設計所有發射台和工廠的目的。

So we certainly have, you know, the infrastructure to, you know, to keep increasing that cadence.

因此，我們當然擁有基礎設施來不斷提高節奏。

But, you know, that's pretty much in line with where, you know, where we modelled we would be.

但是，你知道，這與我們建模的位置非常一致。

Okay, thank you.

好的謝謝。

And then on Neutron, what are the next milestones that we should look at?

那麼在 Neutron 上，我們應該關注的下一個里程碑是什麼？

For example, when do you expect to do the hot fire test on Archimedes?

例如，您預計什麼時候對阿基米德進行熱火測試？

Yeah, sure.

好，當然。

So the things to be watching out for, you know, are you pouring concrete on the pad, which we are, because it requires really quite a mature design, not just on the launch vehicle, but all of the systems to be able to be putting concrete in the ground.

因此，需要注意的事情是，您是否在發射台上澆築混凝土，我們就是如此，因為它確實需要相當成熟的設計，不僅是在運載火箭上，而且是所有系統都能夠將混凝土放入地面。

You know, all your vehicle interfaces and systems have to be very mature to, you know, to be able to put concrete in the ground.

您知道，您所有的車輛介面和系統都必須非常成熟，才能將混凝土放入地下。

So that's one to watch for.

所以這是值得關注的。

I'm pleased to see that it's happening.

我很高興看到這一切正在發生。

The other one to watch for is stage one tanks and tank testing.

另一項值得關注的是第一階段坦克和坦克測試。

So all the fairing components, you know, all of that coming together.

所以所有的整流罩組件，你知道，所有這些都聚集在一起。

There's a million other things, you know, between along the road that we could detail.

你知道，沿途還有一百萬件其他事情我們可以詳細說明。

And then, you know, Archimedes, the engine test cell will be ready to accept an engine in March.

然後，你知道，阿基米德，引擎測試室將在三月準備好接收引擎。

So, you know, we'll continue to push to get an engine out to that cell in March.

所以，你知道，我們將繼續努力在三月將引擎安裝到該單元。

And then there's a whole bunch of conditioning and testing that goes on before we go and, you know, actually make fire.

然後在我們出發之前會進行大量的調節和測試，你知道，實際上是生火。

But, you know, subsequent engines are, you know, right in behind that.

但是，你知道，後續的引擎就在後面。

So you won't have to wait long to see some fire, hopefully.

所以希望你不用等太久就能看到火。

Okay.

好的。

And then my last question is, like, on your transfer, but, like, what is out of your control?

然後我的最後一個問題是，關於你的轉會，但是，什麼是你無法控制的？

And, for example, this morning, there was news regarding the RFP that the Virginia Space Port Authority put for the Wallops launch equipment vault.

例如，今天早上，有消息稱弗吉尼亞航天港管理局為沃洛普斯發射設備庫提出了 RFP。

And the anticipated completion date for that is, like, end of November.

預計完成日期為 11 月底。

So what is out of your control in terms of, like, actually being able to launch Neutron?

那麼，在實際發射中子方面，什麼是你無法控制的呢？

Well, I mean, we try and keep as much in control as possible.

嗯，我的意思是，我們盡力保持盡可能多的控制。

That's why we vertically integrate so much.

這就是為什麼我們進行如此多的垂直整合。

But I think it's a good question.

但我認為這是一個好問題。

And, you know, there are some elements that are out of our control.

而且，你知道，有些因素是我們無法控制的。

But, you know, the way in which we develop a lot of this infrastructure is very highly managed and, you know, very hands on.

但是，你知道，我們開發大量基礎設施的方式是高度管理的，並且非常親力親為。

And I wouldn't put too much credence in particular RFPs, you know, that went out with respect to some of those dates.

我不會太相信特定的 RFP，你知道，就其中一些日期而言。

I mean, I think we'll stand on our own record of developing launch pads in pretty short timeline.

我的意思是，我認為我們將在很短的時間內保持我們自己開發發射台的記錄。

So, like I say, I wouldn't put too much weight on anything like that.

所以，就像我說的，我不會太重視這樣的事情。

I would watch the concrete go down and watch us get us there.

我會看著混凝土倒塌，看著我們到達那裡。

And then even on the equipment vaults, you know, it's nice to have the equipment in a vault, but it doesn't necessarily need to be in a vault, as an example.

然後，即使在設備庫中，您知道，將設備放在庫中很好，但舉例來說，它不一定需要在庫中。

Okay.

好的。

Thank you very much.

非常感謝。

Our next question comes from Jason Gursky from Citi.

我們的下一個問題來自花旗銀行的 Jason Gursky。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thanks.

謝謝。

And good afternoon, everybody.

大家下午好。

Hey, just maybe I might have missed this.

嘿，也許我可能錯過了這個。

So, apologies if this is redundant and you can just tell me to go read the transcripts.

所以，如果這是多餘的，我很抱歉，你可以告訴我去閱讀文字記錄。

But I do want to just ask on Neutron and the timeline of that relative to national security launch programs and, you know, lane one and the timeline that's behind all of that.

但我確實想問一下中子以及與國家安全發射計劃相關的時間表，你知道，第一道和所有這一切背後的時間表。

Can you comment on how you're tracking to your ability to bid on national security launch and those lane one opportunities in front of us?

您能否評論一下您如何追蹤您競標國家安全發射的能力以及我們面前的那些第一道機會？

Yeah, Jason.

是的，傑森。

So, obviously, we're tracking that lane one pretty closely.

所以，顯然，我們正在非常密切地追蹤第一條車道。

And, you know, we spend a lot of time with the Space Force to, you know, to advocate for that lane one.

而且，你知道，我們花了很多時間與太空軍一起倡導這條路線。

And hence, the reason why we're pushing so hard to get the vehicle and in a launch for this year, because that is a gating on ramp to lane one.

因此，我們之所以如此努力地爭取車輛並在今年推出，因為這是通往第一車道的坡道上的大門。

Now, the good news is that those on ramps will be every year.

現在，好消息是每年都會有坡道上的人。

So, it's not like a one-off opportunity.

所以，這不是一次性的機會。

But, you know, I think this is the reason why so many engineers are sleeping under their desks at the moment to just push so hard to try and get that vehicle to the pad.

但是，你知道，我認為這就是為什麼這麼多工程師現在睡在辦公桌下，努力推動車輛上路的原因。

Okay.

好的。

Well, to the extent that they're listening to this, you know, I'm ready for you guys.

好吧，只要他們在聽這個，你知道，我已經為你們做好了準備。

Let's see here.

讓我們看看這裡。

On the other press release that you put out today on the bus portfolio, it sounds to me, or in reading this, that what you're kind of doing here is productizing custom buses that you've built for some customers over time, which is, you know, seems like a reasonable thing to do.

在您今天發布的關於巴士產品組合的另一篇新聞稿中，在我看來，或者在閱讀這篇文章時，您在這裡所做的就是將您隨著時間的推移為一些客戶建造的定制巴士產品化，這你知道，這似乎是合理的事。

But the question here is to understand whether the go-to-market strategy with these buses is to, you know, continue to do what you've done with MDA on Global Star, or is the go-to-market strategy, hey, we've got these buses and we'd like you.

但這裡的問題是要了解這些巴士的進入市場策略是否是，你知道，繼續做你在 Global Star 上使用 MDA 所做的事情，或者是進入市場策略，嘿，我們有這些巴士，我們需要你。

We're going to go out and sell them as a full spacecraft.

我們將把它們作為完整的航天器出售。

We'll integrate whatever payload you need on it.

我們將在其上整合您需要的任何有效負載。

Because you mentioned in earlier part of the conversation that you want to be the prime, but now you're out here with a product launch of a bunch of buses.

因為你在談話的前面部分提到你想成為主要人物，但現在你在這裡發布了一系列公共汽車的產品。

So I just want to, help me square what you're trying to do here.

所以我只是想幫我解決你在這裡想做的事情。

Yeah.

是的。

So we're certainly not trying to, you know, sell buses into a bus merchant market.

所以，你知道，我們當然不會試著向公車商業市場出售公車。

You know, we obviously, as you said, we've very strategically chosen which projects that we want to undertake.

你知道，正如你所說，我們顯然已經非常策略性地選擇了我們想要進行的專案。

And at the end of those undertakings, we've ended up with a series of buses that neatly fall into various categories.

在這些工作結束時，我們最終得到了一系列完全分為不同類別的巴士。

You know, one being deep space interplanetary, one being high Delta V low Earth orbit, and one being like extreme kind of environment, long lifetime comms satellites.

你知道，一顆是深空行星際衛星，一顆是高Delta V低地球軌道，一顆是極端環境、長壽命的通訊衛星。

So if you take the MDA bus, for example, and the SDA bus, you know, they're both built on largely the same bus.

例如，如果您採用 MDA 總線和 SDA 總線，您就會知道，它們基本上都建在相同的總線上。

So, you know, the payloads changed, but in, you know, the bus didn't change.

所以，你知道，有效負載發生了變化，但是，你知道，總線沒有改變。

What I will say is, is it turns out we're just not that good at naming things.

我要說的是，事實證明我們只是不擅長命名事物。

And it just became intensely confusing for everybody when we said, it's a Photon bus and it, all the buses were called Photon, but yet they have vastly different capabilities and do vastly different things.

當我們說這是一輛 Photon 總線時，每個人都感到非常困惑，所有的總線都被稱為 Photon，但它們的功能卻截然不同，做的事情也截然不同。

So really it was, you know, the, the bus portfolio naming was, was just clarifying and making it easier for people to understand that when we say it's a, it's a lightning satellite, people understand that this is a large comms bus versus an Explorer, which is a deep space interplanetary.

所以，實際上，你知道，總線組合命名只是為了澄清並使人們更容易理解，當我們說它是一顆閃電衛星時，人們明白這是一個大型通訊總線，而不是一個探索者號，這是一艘深空星際飛船。

So it's, it's, it's, it's not really about, you know, about a particularly, you know, a marketing thing to try and, you know, sell a whole bunch of, you know, buses.

所以，它，它，它並不是真正關於，你知道，關於一個特別的，你知道的，一種嘗試營銷的事情，你知道，銷售一大堆，你知道，公共汽車。

You know, it's, it's really about helping people understand the variety and the depth of, of the capabilities that we've built.

你知道，這實際上是為了幫助人們了解我們所建立的功能的多樣性和深度。

And then, you know, giving, giving the, the products have sort of evolved to the point where they really deserve their own name.

然後，你知道，給予、給予，產品已經發展到真正值得擁有自己名字的地步。

Okay, great.

好的，太好了。

And then last question for me the comment that you made there on the call about, you know, the, you know, skating to where the puck is going, try to understand, you know, what the long-term financial model looks like.

然後是我的最後一個問題，你在電話會議上發表的評論是，你知道，你知道，滑向冰球要去的地方，試著理解，你知道，長期財務模型是什麼樣的。

And you mentioned like where you want to eventually is in the services business.

您提到您最終想要從事的領域是服務業務。

So I wonder if you can maybe double click on that a little bit more and help us understand what you mean by that exactly.

所以我想知道您是否可以再雙擊一下，幫助我們理解您的確切含義。

Because, because when I think of services, I think of, you know, you build launch and then operate a constellation of various satellites that have different capabilities on them.

因為，因為當我想到服務時，我想到的是，你知道，你要建造發射，然後運行一系列具有不同功能的各種衛星。

And, you know, that, that becomes a bit different capital intensity, I think, maybe relative to what you're doing today.

而且，你知道，我認為，這可能與你今天所做的事情相比，資本強度有所不同。

So maybe just help us kind of broadly understand what you're trying to get done here.

因此，也許只是幫助我們廣泛地了解您想要在這裡完成的事情。

Yeah, yeah, of course.

是的，是的，當然。

So, I mean, look, this is, this is something we've, we've, we've always talked about from, from day one.

所以，我的意思是，看，這是我們從第一天起就一直在談論的事情。

And, and, you know, in part, the reason why we're developing Neutron is so that we have our own keys to space for, for, you know, this, this, this particular, you know, profile of business.

而且，而且，你知道，我們開發 Neutron 的部分原因是為了讓我們擁有自己的空間鑰匙，用於這個、這個、這個特定的、你知道的業務概況。

And if you look at the value in the space industry, like launches that call it a 10, $15 billion TAM, space systems, $20 to $30 billion TAM, services in space, $320 billion TAM.

如果你看看航太工業的價值，例如發射，稱為 10、150 億美元的 TAM，航太系統，20 至 300 億美元的 TAM，太空服務，3200 億美元的 TAM。

And if you look at, you know, if you read any of the reports, where the, where the space industry is, you know, the value of the space industry going, whether it's a $1 trillion or $2 trillion, you know, pick your report.

如果你看一下，你知道，如果你讀過任何一份報告，航太工業在哪裡，你知道，航太產業的價值，無論是 1 兆美元還是 2 兆美元，你知道，選擇你的報告。

It's always true that the vast majority of, of all of that TAM is, is going to reside in the services that you provide, not, not being the, the freight truck that gets it there, or, you know, the, the car builder that, that, you know, builds the truck.

確實，所有 TAM 的絕大多數都將存在於您提供的服務中，而不是運送貨物的貨運卡車，或者您知道的汽車那個，你知道，建造卡車的建築商。

It's actually the service.

其實就是服務。

And, you know, what we've been very methodically going about doing is, is building all the infrastructure that we need to be able to ultimately provide a service.

而且，您知道，我們一直在非常有條理地做的是，建立我們最終提供服務所需的所有基礎設施。

Now that the natural question that always comes after that is, well, what, what service are you going to provide?

現在，隨之而來的自然問題是，你要提供什麼服務？

And I don't, I don't think we're, we're, we're ready to talk about any of that yet.

我不，我認為我們還沒有準備好談論這些。

But what I can say is that, you know, when, when we, we, we look to go, you know, jump into that larger TAM, we will have a, you know, a very disruptive way of going in there and executing and providing that service, because we will be able to build whatever spacecraft we require using all of our own components, and it will fly in our own rocket.

但我能說的是，你知道，當我們、我們、我們希望進入更大的 TAM 時，我們將有一種非常顛覆性的方式進入那裡並執行並提供該服務，因為我們將能夠使用我們自己的所有組件建造我們需要的任何航天器，並且它將在我們自己的火箭中飛行。

And I think you've seen one other real life example of that with Starlink and, you know, with internet and space.

我想你已經在現實生活中看到了星鏈以及網路和太空的另一個例子。

And it's very, very difficult to, to compete with that unless you have your own ability to manufacture satellites using your own components and your own ability to launch, you know, launch those, you know, said satellites.

與之競爭是非常非常困難的，除非你有能力使用自己的組件製造衛星，並且有能力發射衛星。

So we're just, we're, we're, we're just marching very methodically, you know, towards that step after step.

所以我們只是，我們，我們，我們只是非常有條理地邁向一步一步。

Right.

正確的。

Okay.

好的。

But you've got Starlink, Kuiper, you know, OneWeb's out there.

但你已經有了星鏈、柯伊伯，你知道，OneWeb 就在那裡。

I mean, this is on the comm side, it's a pretty crowded market today.

我的意思是，這是在通訊方面，今天是一個非常擁擠的市場。

And then on the earth observation side, plenty of competitors out there.

然後在地球觀測方面，有很多競爭對手。

Can you help us kind of dream big on what other buckets are out there?

你能幫助我們對其他桶子有更大的夢想嗎？

Well, I mean, I think, I think there's a lot of, a lot of businesses, business plans that are, that are kind of being put to the test right now.

嗯，我的意思是，我認為，我認為現在有很多很多的業務、商業計劃正在接受考驗。

Like is, is, is, you know, internet from space really a large opportunity or not, but excuse me, but the one thing that I can say is absolutely clear is that if you want to be competitive in there, then you have to own your own rocket and build your own satellite.

就像是，是，是，你知道，太空互聯網確實是一個很大的機會，但請原諒，但我可以說的一件事是絕對明確的，如果你想在那裡具有競爭力，那麼你必須擁有自己的火箭並建造自己的衛星。

So like I say, it's, it's way too early for us to be discussing what kind of service we think we think we can provide.

所以就像我說的，現在討論我們認為我們可以提供什麼樣的服務還為時過早。

But what I'm absolutely sure of is that when we, when we decide to go into, into, you know, into a particular area, we will be highly competitive because of, because of those things.

但我絕對確定的是，當我們決定進入某個特定領域時，我們將因為這些事情而具有高度競爭力。

And the large space companies of the future, in my opinion, are not, are not going to be just a satellite manufacturer or just a launch vehicle provider.

在我看來，未來的大型航太公司不會只是衛星製造商或運載火箭提供者。

If you can do everything end to end, then you can, you can optimize not only the launch, but also the spacecraft for the service and, and, and all of the, you know, all the other elements that go into the compromises that you have to make.

如果你能端到端地完成所有事情，那麼你不僅可以優化發射，還可以優化服務的航天器，以及所有，你知道的，所有其他因素，這些因素都會導致妥協你必須做。

And yeah, that, that, that's what we're setting ourselves up to be.

是的，那，那，這就是我們為自己設定的目標。

Okay, great.

好的，太好了。

Well, I look forward to having more conversations with you all about this over time as you make some decisions.

好吧，隨著時間的推移，當你們做出一些決定時，我期待與你們就這個問題進行更多的對話。

Thanks.

謝謝。

Cool.

涼爽的。

Our next question comes from Edison Yu from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Edison Yu。

Your line is now open.

您的線路現已開通。

Hey, thanks for taking the questions in and squeezing me in.

嘿，謝謝你提出問題並讓我參與其中。

Just one follow-up on the, the last topic on the, on the Constellation.

只是關於星座的最後一個主題的一個後續。

I know you said it's too early, but what kind of timeline do you think that's on?

我知道你說現在還太早，但你認為那是在什麼樣的時間表上呢？

Is that three, five, six years out from now?

是三年後、五年後、六年後嗎？

When would that kind of materialize in your view?

您認為這種情況何時會實現？

Look, I'd say it's, it's even too early for that.

聽著，我想說的是，現在還太早。

Like we have to, we have to build the, the foundations of being able to effectively provide that.

就像我們必須做的那樣，我們必須建立能夠有效提供這一點的基礎。

And really all focus is on Neutron.

事實上，所有的焦點都集中在 Neutron 上。

All efforts are on Neutron because Neutron is, is critical for, you know, to execute that business model, but it's also critical, you know, for other parts of the business.

所有努力都集中在 Neutron 上，因為 Neutron 對於執行該業務模型至關重要，而且對於業務的其他部分也至關重要。

So really I'd say a strong focus is on getting Neutron to the pad because without Neutron on the pad, then it makes it, it makes it difficult to, to be, you know, hugely disruptive in the services market.

所以我想說，重點是讓 Neutron 進入發射台，因為發射台上沒有 Neutron，那麼它就很難在服務市場上產生巨大的顛覆性。

Understood.

明白了。

And then separately back to Neutron, I know you mentioned the ramp up being, you know, to three and then to five.

然後分別回到 Neutron，我知道您提到了上升到三個，然後到五個。

Is that going to be the kind of steady state or do we think we can, we can do more than that once we ramp up fully per year?

這會是一種穩定的狀態嗎？還是我們認為我們可以，一旦我們每年全面提升，我們可以做得更多？

Well, I mean, of course we'd love to do more, but I mean, I've, I've, I've ridden this donkey before and it's a rough ride and, you know, bringing a new vehicle to life is very difficult.

好吧，我的意思是，我們當然願意做更多，但我的意思是，我，我，我以前騎過這頭驢子，這是一次艱難的旅程，你知道，將一輛新車帶入生活是很困難的。

Bring it into production is even more, more difficult, much more difficult.

把它投入生產就更加、更加困難、更加困難。

So, you know, it would be great to, you know, to accelerate that.

所以，你知道，加速這一進程會很棒。

But if you look at the back, you look at the history of every rocket programme, whether it be government or commercial, you know, a cadence much larger than that is, is never been achieved.

但如果你看看後面，你看看每個火箭計畫的歷史，無論是政府的還是商業的，你知道，比這大得多的節奏從未實現過。

So, you know, Electron was the fastest to scale, you know, in time, just out of just about every rocket programme.

所以，你知道，Electron 幾乎是所有火箭項目中擴展速度最快的。

And that is a very, very difficult thing to do.

這是一件非常非常困難的事。

So we just want to be, you know, realistic about, you know, what can be achieved.

所以我們只是想現實地看待可以實現的目標。

Okay.

好的。

Thanks a lot.

多謝。

Our next question comes from Michael LeShock from KeyBank Capital Markets.

我們的下一個問題來自 KeyBank 資本市場的 Michael LeShock。

Your line is now open.

您的線路現已開通。

Hey, good afternoon.

嘿，下午好。

I just had one more on Neutron spending with the quarter a bit elevated on the spending side.

我剛剛又收到了有關 Neutron 支出的消息，本季支出方面略有上升。

And you mentioned this being the big spending year for Neutron.

您提到今年是 Neutron 支出最多的一年。

Is that going to be lumpy quarter to quarter going forward as you have more visibility surrounding some of these milestones?

隨著您對其中一些里程碑有了更多的了解，未來每個季度的情況是否會變得不穩定？

Are there pockets where you see more elevated spending in a particular quarter?

您是否發現某個特定季度的支出增加？

Or should we think about it relatively linear?

或者我們應該相對線性地考慮它？

Yeah, so I'll take that one.

是的，所以我就拿那個。

So yeah, the spending is certainly going to be, I think, you know, you'd expect it to be consistently up into the right as we progress through 2024.

所以，是的，我認為，隨著 2024 年的進展，支出肯定會持續成長。

And then again, once we get the first vehicle to the pad, that's where you know, that'll be the cresting point.

話又說回來，一旦我們將第一輛車開到停機坪，你知道，那將是頂峰。

Now, we'll continue to invest in the vehicle, just like, you know, we've continued to invest, but on a much more modest level, you know, in Electron, for example.

現在，我們將繼續投資該車輛，就像我們繼續投資一樣，但投資水平要小得多，例如 Electron。

So I think that, yeah, there's no question that we'll see a consistent kind of march up into the right this year with Neutron spend.

所以我認為，是的，毫無疑問，今年我們將看到 Neutron 支出持續向右成長。

Now, you know, from an overall impact on the P&L, you know, we'll have, you know, some growth in top line and some margin expansion that helps accommodate some of that.

現在，你知道，從對損益表的整體影響來看，你知道，我們的收入將有所增長，利潤率也會有所增長，這有助於適應其中的一些變化。

But, you know, as I mentioned earlier, really kind of growth on the top line and margin expansion gets consumed by kind of the size and magnitude of timing of Neutron.

但是，你知道，正如我之前提到的，營業收入和利潤率的成長實際上是被 Neutron 的規模和時間表所消耗的。

And then on the overall budget for Neutron, how do you view that versus your initial expectations there?

然後，關於 Neutron 的總體預算，與您最初的預期相比，您有何看法？

And then maybe secondly, is there a portion of the $355 million converts that's earmarked to support Neutron directly, or is that more inorganic capital deployment there?

其次，3.55 億美元的轉換資金中是否有一部分專門用於直接支援 Neutron，還是有更多的無機資本部署？

Thanks.

謝謝。

Yeah.

是的。

So, you know, we, I guess the, on the spend for Neutron related to, you know, the capital rate.

所以，我猜我們在 Neutron 上的支出與資本率有關。

So the convert that we just did is really capital that's dedicated towards growing the business, you know, inorganically.

因此，我們剛剛所做的轉換實際上是致力於以無機方式發展業務的資本。

So we have plenty of capital prior to the capital raised to do exactly what we said we were going to do, which was bring, you know, Neutron to the pad within a certain time period.

因此，在籌集資金之前，我們有足夠的資金來完成我們所說的要做的事情，即在一定時間內將中子帶到發射台。

So when we came public about two and a half years ago, we said, you know, end of 2024, a budget of, you know, roughly $250 to $300 million.

因此，當我們大約兩年半前公開時，我們說，到 2024 年底，預算約為 250 至 3 億美元。

And that was going to be, you know, apportioned across, you know, CapEx spend plus R&D.

這將被分配給資本支出加上研發支出。

With an R&D, it was going to be a mix, obviously, of people related, but also prototyping and so forth.

對於研發來說，顯然，這將是相關人員的混合，但也包括原型設計等等。

So we're, we are, I would say, remarkably intact on the estimates that were put in place at the time, both in obviously getting the vehicle to pad, but also the spend.

因此，我想說，我們對當時的估算非常完整，無論是在車輛的填充方面，還是在支出方面。

If you look at the amounts that we've spent so far for the Neutron program, you know, we're, you know, it's a combination of kind of what we've spent, plus we've had some partners help spend along the way, including, and we've mentioned the upper stage development partnership with Space Force.

如果你看看我們迄今為止為 Neutron 計劃花費的金額，你知道，我們，你知道，這是我們所花費的資金的組合，加上我們有一些合作夥伴幫助支出方式，包括，我們已經提到了與太空軍的上層開發夥伴關係。

We've had, you know, strong partnership from Virginia Space on the infrastructure side to help, you know, kind of accommodate some of those expenses.

你知道，我們在基礎設施方面與維吉尼亞航太公司建立了強有力的合作夥伴關係，以幫助解決其中一些費用。

And so overall, we kind of pull all the costs in, you know, this year is another, is a year where we'll probably deploy roughly, call it a half, sorry, $100 million, you know, towards the Neutron program, again, across CapEx and R&D spend.

所以總的來說，我們把所有的成本都拉進去，你知道，今年又是一年，我們可能會粗略地部署，稱之為一半，抱歉，1億美元，你知道，用於中子計劃，再次是資本支出和研發支出。

And then there'll be incremental dollars that are spent on our behalf.

然後就會有更多的資金為我們花費。

So I think ultimately, when you kind of pull it all together across what we've spent, what we're going to spend this year, plus what our partners have put in play for us, it's going to be remarkably close to that $300 million.

所以我認為最終，當你把我們已經花的錢、我們今年將要花的錢，加上我們的伴侶為我們投入的錢全部匯總起來時，這將非常接近 300 美元百萬。

And again, longer term, that gets you what we call minimum viable product to the pad as far as the rocket, and then also minimum viable infrastructure, and infrastructure, meaning the pad plus the manufacturing.

再說一次，從長遠來看，這會讓你得到我們所說的最小可行產品到火箭的發射台，然後還有最小可行的基礎設施和基礎設施，意味著發射台加上製造。

So one of the things that we benefited from last year was the opportunity to acquire a bunch of scaling assets in the Virgin Orbit bankruptcy process, where we picked up, you know, roughly $100 million worth of stuff for $0.16 on the dollar.

因此，我們去年受益的一件事是有機會在 Virgin Orbit 破產程序中收購大量資產，你知道，我們以 0.16 美元的價格收購了價值約 1 億美元的資產。

And a lot of it that allowed us to kind of, I would say, kind of hold schedules in a lot of important ways, and also just to kind of have the ability to scale production of the vehicle, you know, without having to put a lot more infrastructure in place is certainly from a, you know, from a propulsion and avionics perspective.

我想說的是，其中許多讓我們能夠以很多重要的方式保留時間表，而且也有能力擴大車輛的生產規模，你知道，而不必投入更多的基礎設施到位肯定是從推進和航空電子設備的角度來看的。

So I think overall, I'm actually pretty pleased with kind of, again, the adherence to the timelines and the overall budgets, and nothing has really kind of stepped away from us at this point, you know, knock on wood, it would be that way till we get the vehicle to the pad.

因此，我認為總的來說，我實際上對遵守時間表和總體預算感到非常滿意，在這一點上沒有什麼真正離開我們，你知道，敲木頭，這會就這樣直到我們把車開到停機坪為止。

Okay, great.

好的，太好了。

Thank you for taking my question.

感謝您回答我的問題。

Closing the Q&A session, I'd now like to hand back over to the management for their final remarks.

問答環節結束後，我想將最後的發言交回給管理階層。

Brilliant.

傑出的。

Okay, well, that wraps up today's presentation.

好了，今天的演講就到此結束。

Thanks, everyone, for joining us to the call.

感謝大家加入我們的電話會議。

Rocket Lab will be participating in these up-and-coming conferences, and we look forward to the opportunity to share more exciting news and updates with you then.

Rocket Lab 將參加這些即將舉行的會議，我們期待有機會與您分享更多令人興奮的新聞和更新。

Thanks very much.

非常感謝。

Thank you for attending today's session.

感謝您參加今天的會議。

We hope you have a wonderful day.

我們希望您度過愉快的一天。

Thank you for attending today's session.

感謝您參加今天的會議。

We hope you have a wonderful day.

我們希望您度過愉快的一天。