Rocket Lab Corp (RKLB) 2021 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to the Rocket Lab Third Quarter 2021 Financial Results Call. My name is Emily, and I'll be coordinating the call today. (Operator Instructions). I will now turn the call over to our host, Gideon Massey, Finance Planning and Analyst Manager. Please go ahead.

大家下午好，歡迎參加 Rocket Lab 2021 年第三季財務業績電話會議。我叫 Emily，今天將負責協調這場電話會議。 （接線生指示）。現在，我將把電話交給主持人、財務規劃和分析經理 Gideon Massey。請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss Rocket Lab's third-quarter 2021 financial results. Today's call is being hosted by Peter Beck, Founder and CEO; and Adam Spice, Chief Financial Officer. After our prepared comments, we will take questions.

謝謝接線生。大家下午好，感謝您參加今天的電話會議，討論Rocket Lab 2021年第三季的財務業績。今天的電話會議由創辦人兼執行長Peter Beck和財務長Adam Spice主持。在我們準備好的發言之後，我們將回答提問。

Our comments today include forward-looking statements within the meaning of applicable security laws, including statements relating to our guidance for fourth-quarter 2021 revenue, revenue growth expectations in our principal target markets, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, interest and other expense, and adjusted EBITDA.

我們今天的評論包括適用證券法含義內的前瞻性陳述，包括與我們對 2021 年第四季度收入的指導、主要目標市場的收入增長預期、GAAP 和非 GAAP 毛利率、GAAP 和非 GAAP 營運費用、利息和其他費用以及調整後的 EBITDA 有關的陳述。

In addition, we will make forward-looking statements relating to trends, opportunities, and uncertainties in various products and geographic markets, including, without limitation, statements concerning opportunities arising from our launch service and space systems markets, and opportunities for improved revenues across our target markets.

此外，我們將就各種產品和地理市場的趨勢、機會和不確定性做出前瞻性陳述，包括但不限於有關我們的發射服務和太空系統市場產生的機會以及我們在目標市場提高收入的機會的陳述。

These forward-looking statements involve substantial risks and uncertainties, including risks arising from competition, global trade, and export restrictions, the impact of the COVID-19 pandemic, our dependency on a limited number of customers, average selling price trends, and risks that our market and growth opportunities may not develop as we currently expect and that our assumptions concerning these opportunities may prove incorrect.

這些前瞻性陳述涉及重大風險和不確定性，包括競爭、全球貿易和出口限制帶來的風險、COVID-19 疫情的影響、我們對有限數量客戶的依賴、平均售價趨勢，以及我們的市場和成長機會可能不會像我們目前預期的那樣發展，以及我們對這些機會的假設可能被證明是錯誤的風險。

More information on these and other risks that may affect the forward-looking statements as outlined in the Risk Factors section of our third-quarter 10-Q filing, which will be filed today, and the documents incorporated therein. Any forward-looking statements are made as of today, and Rocket Lab has no obligations to update or revise any forward-looking statements. The third-quarter 2021 earnings release is available in the investor relations section of our website at rocketlabusa.com.

有關這些風險以及其他可能影響前瞻性陳述的風險的更多信息，請參閱我們今天提交的第三季10-Q報告及其所包含文件中「風險因素」部分所述。所有前瞻性陳述均截至今日作出，Rocket Lab 沒有義務更新或修改任何前瞻性陳述。 2021年第三季財報可在我們網站rocketlabusa.com的投資人關係部分查閱。

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including gross margin and operating expenses. These supplemental measures exclude the effects of stock-based compensation expense; amortization of purchased intangible assets; other non-recurring interest and other income expenses, net attributable to acquisitions; and non-cash income tax benefits and expenses.

為了補充我們依照符合美國通用會計準則 (GAAP) 編制的未經審計合併財務報表，我們揭露了某些非美國通用會計準則 (Non-GAAP) 財務指標，包括毛利率和營業費用。這些補充指標不包括以下因素的影響：股票薪酬費用；購入無形資產攤銷；其他非經常性利息及其他收入費用（歸屬於收購的淨額）；以及非現金所得稅收益及費用。

We also supplement our unaudited historical statements and forward-looking guidance with the measure of adjusted EBITDA where adjustments to EBITDA include share-based compensation, warrant expense related to customers and partners, third-party expenses related to mergers and acquisition activity, foreign exchange gains or losses, other non-operating income and loss, excluding interest expense related to debt and other non-recurring gains or losses. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations in our investor update presentation available on our website.

我們也以調整後EBITDA指標來補充未經審計的歷史報表和前瞻性指引。 EBITDA的調整包括股權激勵、與客戶和合作夥伴相關的認股權證費用、與併購活動相關的第三方費用、匯兌損益、其他非營業性損益（不包括與債務相關的利息費用和其他非經常性損益）。我們鼓勵投資人查閱我們網站上投資人更新簡報中GAAP和非GAAP簡報的詳細對帳表。

We do not provide a reconciliation of non-GAAP guidance for future periods because of the inherent uncertainty associated with our ability to project certain future charges, including stock-based compensation and its associated tax effect and the effects of warrant expense related to customers and partners.

我們不提供未來期間非公認會計準則指導的對賬，因為我們預測某些未來費用的能力存在固有的不確定性，包括股票薪酬及其相關稅收影響以及與客戶和合作夥伴相關的認股權證費用的影響。

Non-GAAP financial measures discussed today are not in accordance with and do not serve as an alternative for the presentation of Rocket Lab's GAAP financial results. We are providing this information to enable investors to perform more meaningful comparisons of our operating results in a manner similar to management's analysis of our business. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures.

今天討論的非公認會計準則 (Non-GAAP) 財務指標與 Rocket Lab 的公認會計準則 (GAAP) 財務表現的呈現方式不一致，且不能替代其呈現方式。我們提供此資訊是為了讓投資者能夠以類似於管理層對我們業務的分析方式對我們的經營業績進行更有意義的比較。我們認為這些非公認會計準則 (Non-GAAP) 指標有其局限性，因為它們並未反映與我們公認會計準則 (GAAP) 經營績效相關的所有金額。這些非公認會計準則 (Non-GAAP) 指標應僅與相應的公認會計準則 (GAAP) 指標結合使用。

And lastly, this call is also being webcast with a supporting presentation, and a replay and copy of the presentation will be available on our website for two weeks. Now let me turn the call over to Peter Beck, Founder and CEO.

最後，本次電話會議也將進行網路直播，並附有配套簡報。重播和簡報副本將在我們的網站上提供兩週。現在，我將把電話會議交給創辦人兼執行長 Peter Beck。

Thank you very much, Gideon. And thank you all for joining us here today as we review Rocket Lab's business highlights and financial results for the third quarter of 2021. As Gideon mentioned, joining me today is our CFO, Adam Spice, who you'll hear a little bit from later.

非常感謝，吉迪恩。感謝大家今天加入我們，一起回顧Rocket Lab 2021年第三季的業務亮點和財務表現。正如吉迪恩所提到的，今天和我一起分享的是我們的財務長亞當史派斯（Adam Spice），稍後你們會聽到他一些內容。

Today I'll be talking you through our key business accomplishments for the third quarter of 2021, and Adam will be covering our financial highlights and outlook, sharing our up-and-coming conference schedule, and of course, we'll have time for Q&A.

今天，我將向大家介紹我們在 2021 年第三季的主要業務成就，Adam 將介紹我們的財務亮點和展望，分享我們即將舉行的會議日程，當然，我們還會有時間進行問答。

All right. So since the end of the second quarter, we've seen significant growth in our backlog. June 30 backlog was $141 million and ending the September 30 quarter at $183 million. Today, our backlog stands at $237 million, representing nearly $100 million in backlog growth since the end of the second quarter.

好的。自第二季末以來，我們的積壓訂單量顯著成長。 6月30日的積壓訂單量為1.41億美元，截至9月30日當季，積壓訂單量為1.83億美元。目前，我們的積壓訂單量為2.37億美元，這意味著自第二季末以來積壓訂單量增加了近1億美元。

We've seen bookings strengthen across every major product in the Company, including new Electron launch contracts, government study contracts, interplanetary Photon satellites, overall debris removal programs, NASA demonstration (technical difficulty) that include processing light Electron launch vehicle, Rocket Lab components and software, and numerous components spanning a global customer base that includes government, foreign governments, universities, and commercial customers.

我們看到公司所有主要產品的預訂量都在增強，包括新的電子發射合約、政府研究合約、行星際光子衛星、整體碎片清除計畫、包括處理輕型電子運載火箭在內的 NASA 展示（技術難度）、火箭實驗室組件和軟體，以及遍布全球客戶群的眾多組件，包括政府、外國政府、大學和商業客戶。

I've never been more excited or proud of all of the use cases they're finding for our technology and high-value missions we're enabling with our suite of products and services. Many of these programs will enable and provide transformative technological breakthroughs that will have a long-lasting impact on our planet, which we're very proud about.

他們為我們的技術找到了各種應用場景，並透過我們的產品和服務套件實現了許多高價值任務，我對此感到無比興奮和自豪。其中許多項目將促成並帶來變革性的技術突破，這些突破將對我們的地球產生深遠的影響，我們對此感到非常自豪。

Proof of our many industry-leading technologies and strong mission heritage can be seen in our strong repeat customer bookings. Since the end of Q2 2021, we have seen over a dozen repeat customers book additional business with Rocket Lab with nine of these customers listed on the slide. As we continue to broaden our portfolio of space-based products and services, our ability to cross-sell and integrate technologies will lead to even richer customer engagements and relationships.

我們眾多業界領先的技術和強大的任務傳承，從我們強勁的回頭客訂單量中可見一斑。自2021年第二季末以來，已有十幾位回頭客與Rocket Lab簽訂了更多業務，其中九位客戶已列於幻燈片中。隨著我們不斷拓展太空產品和服務組合，我們交叉銷售和技術整合的能力將帶來更豐富的客戶互動和關係。

On September 27, we announced an agreement with the U.S. Space Force under the National Security Space Launch program or NSSL with $24 million to advance development of the Neutron rocket's upper stage. This development will support national security and defense launch capabilities for scientific and experimental satellite to the world's most critical national security payloads.

9月27日，我們宣布與美國太空部隊簽署協議，根據國家安全太空發射計畫（NSSL），撥款2,400萬美元用於推進中子火箭上面級的研發。這項研發將支援國家安全和國防發射能力，將科學和實驗衛星發射到世界上最重要的國家安全有效載荷。

We are really honored to be partnered with the U.S. Space Force and view this as a vote of great confidence from the U.S. government as another proof point in our ability to deliver low-cost responsive next-generation launch that will transform space access across constellation deployments. And this is a really big deal. If you look at the other players that also won contracts, you will see we are in very good company.

我們非常榮幸能與美國太空軍合作，並將此視為美國政府對我們高度信任的又一證明，證明我們有能力提供低成本、高響應度的下一代發射服務，這將徹底改變跨星座部署的太空訪問方式。這意義非凡。如果你看看其他贏得合約的參與者，你會發現我們與這些公司並駕齊驅。

In August, our previously announced EscaPADE mission passed a NASA critical mission review following the mission to its next phase with a target launch readiness date of 2024. In September, we finalized the Phase B of the contract and also completed the kick-off meeting in November. This mission, in partnership with UC Berkeley's Space Sciences Laboratory, will put two Photon spacecraft into the orbit of Mars to study its magnetosphere. Could obviously not be more excited with the progress of this -- the team is making on those really complex high-value and crucial missions to explore other planets in our solar system.

8月，我們先前宣布的EscaPADE任務通過了NASA的關鍵任務審查，進入下一階段，目標發射準備日期為2024年。 9月，我們完成了合約B階段的敲定，並於11月完成了啟動會議。該任務將與加州大學柏克萊分校的太空科學實驗室合作，將兩艘光子號太空船送入火星軌道，以研究其磁層。我們對這項任務的進展感到非常興奮——團隊正在進行一項極其複雜、高價值且至關重要的任務，探索太陽系中的其他行星。

So that covers the key business highlights of our third quarter. But I'd also like to touch briefly on some of our key achievements since the third quarter.

以上就是我們第三季的主要業務亮點。我還想簡單談談我們自第三季以來取得的一些主要成就。

So we achieved a key program milestone with the NASA demonstration mission with their partner Eta Space. This mission is very, very unique in two different ways. LOXSAT 1 is the first cryogenic oxygen fluid management demonstration mission for NASA in its history. This will prove out the usage of on-orbit fueling systems -- the satellites on orbit and thus developing critical technology that can keep our precious satellites monitoring gas emissions or still monitoring on orbit, extending their lives for a longer period. Secondly, this was the first mission where Rocket Lab won both the launch and the spacecraft design and build in the complete integrated solution, ensuring a faster, more cost effective, and seamless development program for this particular NASA demonstration.

因此，我們與NASA的合作夥伴Eta Space共同完成了這項展示任務，並取得了一個關鍵的專案里程碑。這次任務在兩方面都非常獨特。 LOXSAT 1是NASA史上首次執行的低溫氧流體管理展示任務。這將驗證在軌燃料系統的有效性——衛星在軌運行，從而開發關鍵技術，使我們寶貴的衛星能夠繼續監測氣體排放或繼續在軌監測，從而延長其使用壽命。其次，這是Rocket Lab首次在完整的整合解決方案中同時贏得發射和太空船設計和建造的任務，從而確保NASA此次演示任務的開發速度更快、成本效益更高、無縫銜接。

On October 12, we signed and completed acquisition of Advanced Solutions, Inc. or ASI, an industry leader in mission-critical flight software and GNC for space vehicles. The ASI team brings with them over 20 years of flight heritage, more than 30,000 hours of [vulnerable] operation, and a growing team of 57 members located in Littleton, Colorado.

10月12日，我們簽署並完成了對Advanced Solutions, Inc.（簡稱ASI）的收購。 ASI是任務關鍵型飛行軟體和太空船通用導航控制系統（GNC）領域的產業領導者。 ASI團隊擁有超過20年的飛行經驗，超過3萬小時的[高風險]運作經驗，以及一支位於科羅拉多州利特爾頓、不斷壯大的57人團隊。

The acquisition of ASI further positions Rocket Lab as an interim space company as we desire and able to provide complete mission solutions to our customers. We are already integrating the next flight software into a Photon space system solution for LEO, an interplanetary space vehicle mission with more than 137 cumulative years of mission operations and heritage and more than 45 missions on with the MAX Flight Software solution. We believe that this provides a clear differentiator in the marketplace.

收購 ASI 進一步鞏固了 Rocket Lab 作為過渡型太空公司的地位，我們渴望並有能力為客戶提供完整的任務解決方案。我們已將下一代飛行軟體整合到用於低地球軌道 (LEO) 的 Photon 太空系統解決方案中。低地球軌道是一項星際太空船任務，擁有超過 137 年的累積任務運作和經驗，並且已使用 MAX 飛行軟體解決方案執行了超過 45 次任務。我們相信，這將在市場上帶來顯著的差異化優勢。

Lastly, I'm excited to have a footprint in Colorado, the second-largest aerospace economy in the United States with a strong base of research institutes, universities to bolster Rocket Lab's workforce.

最後，我很高興能在科羅拉多州立足，這是美國第二大航空航天經濟體，擁有強大的研究機構和大學基礎，可以增強 Rocket Lab 的勞動力。

And today's a big day. I'm very excited to announce the signing of a definitive agreement to acquire Planetary Systems Corporation or PSC, an industry leader in spacecraft separation systems, and quite frankly, a company I've worked with and admired for many, many years. Walt Holemans and his team have built an extraordinary business based on best-in-class products that are reliable and have had a 100% mission success on over 150 missions. He is viewed as the premier supplier for the U.S. government on smallsat mission with the Motorized Lightband, Advanced Lightband, and Canisterized Satellite Dispenser and separation systems.

今天是個重要的日子。我非常興奮地宣布簽署最終協議，收購行星系統公司（Planetary Systems Corporation，簡稱PSC）。 PSC是太空船分離系統的行業領導者，坦白說，我多年來一直與這家公司合作，並對其十分欽佩。沃爾特·霍爾曼斯和他的團隊憑藉可靠的一流產品，打造了一家卓越的公司，並在超過150次任務中實現了100%的成功率。他被視為美國政府小型衛星任務的首要供應商，提供機動光帶、先進光帶和罐式衛星分配器及分離系統。

Adding PSC to the Rocket Lab team continues the execution of our stage strategy of expanding our product portfolio with best-in-class product offerings. We are excited about the cross-selling opportunities in combination of these leading spacecraft separation systems with our existing Electron launch services and other spacecraft components, our software and service offerings, and believe there are meaningful synergies that can be achieved post-acquisition in shortening lead time, scaling production, and driving cost to provide our customers with an even better service offering than they've had before.

PSC 加入 Rocket Lab 團隊，將進一步推動我們以一流產品拓展產品組合的階段性策略。我們非常高興看到這些領先的太空船分離系統與我們現有的 Electron 發射服務及其他太空船零件、軟體和服務產品相結合，帶來交叉銷售機會。我們相信，收購後雙方將達到顯著的綜效，進而縮短交付週期、擴大生產規模、降低成本，為客戶提供比以往更優質的服務。

Looking forward into the rest of Q4, as we've already announced, we are planning to launch two BlackSky dedicated launches in this quarter with the first launch scheduled for no sooner than November 17 UTC, so tomorrow. These missions are part of a five-launch agreement signed earlier this year with Spaceflight to deploy BlackSky into satellite constellation. We really appreciate BlackSky entrusting us with their satellites and look forward to these up-and-coming launches.

展望第四季度剩餘時間，正如我們已經宣布的那樣，我們計劃在本季度進行兩次BlackSky專用發射，第一次發射計劃於世界協調時11月17日（也就是明天）之前進行。這些任務是今年稍早與Spaceflight簽署的五次發射協議的一部分，該協議旨在將BlackSky部署到衛星星座。我們非常感謝BlackSky將其衛星委託給我們，並期待這些即將到來的發射。

As part of the up-and-coming flight 22 with BlackSky Global, we will be introducing helicopters into the operation of their recovery program for the very first time. We intend to station helicopter in the recovery zone and track and visually observe the descending stage. While we won't be attempting to catch up media on this particular mission -- this is really the last step in their program -- we will test all the communications and tracking to future Electron launches in the aerial capture. This is really a key milestone for the Electron recovery program and -- as we work to make Electron the very first reusable small launch vehicle.

作為即將與BlackSky Global合作的第22次飛行的一部分，我們將首次將直升機引入其回收計劃的運作。我們計劃將直升機停放在回收區，追蹤並目視觀察下降段。雖然我們不會嘗試採訪這項任務的媒體——這實際上是他們計劃的最後一步——但我們將在空中捕獲中測試所有與未來Electron火箭發射相關的通訊和追蹤。這對Electron火箭回收計畫來說是一個關鍵的里程碑，而我們正致力於將Electron火箭打造為首支可重複使用的小型運載火箭。

So with that, I'll turn it over to Adam Spice, our CFO. Over to you, Adam.

那麼，接下來，我將把時間交給我們的財務長亞當‧史派斯 (Adam Spice)。亞當，你來吧。

Thanks, Pete. I'll first review our third-quarter 2021 results and then further discuss our outlook for Q4 2021.

謝謝，Pete。我將首先回顧我們2021年第三季的業績，然後進一步討論我們對2021年第四季的展望。

Our third-quarter 2021 revenue of $5.3 million was slightly above the guided range of $4 million to $5 million. With COVID impacting our ability to launch in the latter parts of Q3, revenue was largely driven by space systems which contributed 79% of Q3 revenue and has grown by 698% year on year for the nine months ended September 30, 2021.

我們2021年第三季的營收為530萬美元，略高於400萬至500萬美元的指引範圍。由於新冠疫情影響了我們在第三季後期的發射能力，營收主要來自太空系統業務，該業務貢獻了第三季營收的79%，截至2021年9月30日的九個月同比增長了698%。

Our launch revenue was impacted by both COVID restrictions and a legacy over-time revenue recognition policy for the successful Space Force launch that occurred on July 29. This was the last launch contract for which revenue was being recognized over time. Going forward, all launch contracts are expected to be recognized as point in time at the time of launch. Revenue for the nine months ended September 30, 2021, is up 79% year on year with growth being contributed across both launch and the broadening of our space systems products and services.

我們的發射收入受到新冠疫情限制以及7月29日成功發射太空軍的遺留分時收入確認政策的影響。這是最後一次以分時收入確認方式確認的發射合約。展望未來，所有發射合約預計將在發射時點確認。截至2021年9月30日的九個月，營收年增79%，成長源自於發射以及我們太空系統產品和服務的拓展。

Our GAAP and non-GAAP gross margins for the third quarter of 2021 were a negative 236% and a negative 84% of revenue, respectively. This compares to GAAP and non-GAAP gross margins of negative 18% and negative 14%, respectively, in the third quarter of 2020. GAAP and non-GAAP gross margins were significantly impacted by non-recurring de-SPAC-related stock-based compensation charges and New Zealand COVID restrictions that impacted production and launch operations, overhead cost absorption, and launch cadence. We view all of these as non-recurring events and as such, are indicating a significant upswing in profitability in the Q4 guidance, which we'll get to shortly.

我們2021年第三季的GAAP和非GAAP毛利率分別為-236%和-84%。相較之下，2020年第三季的GAAP和非GAAP毛利率分別為-18%和-14%。非經常性de-SPAC相關股票薪酬費用以及紐西蘭新冠疫情限制措施對生產和發射營運、間接成本吸收和發射節奏產生了顯著影響。我們認為所有這些都是非經常性事項，因此，在第四季度業績指引中，獲利能力將顯著提升，我們稍後會對此進行討論。

GAAP operating expenses for the third quarter of 2021 were $39.9 million, up $28.9 million versus the third quarter of 2020, significantly impacted by non-recurring de-SPAC-related stock-based compensation charges hitting both R&D and SG&A. In addition, Q3 2021 saw a meaningful step-up in non-recurring acquisition-related deal expenses and from the impacts of public company costs when compared to the prior year results. Net of the stock-based compensation charges, the growth rate in R&D investment has nearly doubled the growth rate of SG&A year on year, representing continued aggressive prioritized investments in the TAM expanding opportunities.

2021年第三季的美國通用會計準則營運費用為3,990萬美元，較2020年第三季增加2,890萬美元，主要受非經常性去SPAC相關股票薪酬費用對研發和銷售、一般及行政費用（SG&A）的影響。此外，與去年同期相比，2021年第三季的非經常性收購相關交易費用以及上市公司成本的影響均顯著增加。扣除股票薪酬費用後，研發投資的年成長率幾乎是銷售、一般及行政費用年增率的兩倍，這反映了公司持續積極、優先投資於潛在市場（TAM）的拓展機會。

Q3 2021 adjusted EBITDA loss was $17.5 million, at the low end of the guidance range of a $17 million to $20 million loss. Q3 saw several unique one-time charges related to the de-SPAC with Vector Acquisition Corporation which included the mark-to-market warrant expense of $34.5 million related to the outstanding publicly and privately held warrants, stock-based compensation expense of $31.5 million, the first full-quarter impact of our Hercules loan interest expense of $3 million, depreciation and amortization expense of $2.6 million, and acquisition costs of $700,000, offset slightly by an income tax provision benefit of $1.7 million.

2021 年第三季調整後 EBITDA 虧損為 1,750 萬美元，處於 1,700 萬至 2,000 萬美元指引區間的低端。第三季出現了幾項與 Vector Acquisition Corporation 進行 de-SPAC 交易相關的一次性費用，其中包括與未償還的公開和私人持有認股權證相關的 3450 萬美元的市價認股權證費用、3150 萬美元的股票薪酬費用、Hercules 貸款費用對第一季度的利息 300 萬美元、折舊成本萬美元的所得稅撥備收益略微抵銷。

GAAP R&D expense was $14.2 million for the third quarter which included stock-based compensation of $6 million and amortization of purchased intangibles of approximately $400,000, yielding $7.9 million of non-GAAP R&D expense for the third quarter of 2021.

第三季的 GAAP 研發費用為 1,420 萬美元，其中包括 600 萬美元的股票薪酬和約 40 萬美元的購買無形資產攤銷，導致 2021 年第三季的非 GAAP 研發費用為 790 萬美元。

As previously referenced, the growth rate in R&D investments year on year is outpacing the growth rate in SG&A expense by more than 2x and is driven largely by increased staffing and prototype expenses related to our space systems products and services, Neutron development, and continued spend on our launch vehicle automated flight termination systems development efforts.

如前所述，研發投資的年成長率超過銷售、一般及行政費用的成長率兩倍以上，這主要是由於與我們的太空系統產品和服務、中子開發相關的人員配備和原型費用的增加，以及我們在運載火箭自動飛行終止系統開發工作上的持續支出。

GAAP SG&A expense was $25.7 million for the third quarter which included stock-based compensation of $17.6 million and acquisition cost of $700,000, yielding approximately $7.4 million of non-GAAP SG&A expense for the third quarter of 2021. The year-on-year step-up of $1.9 million in SG&A was primarily due to increased headcount and related labor expenses, directors' and officers' insurance, and other new public company costs.

第三季 GAAP 銷售、一般及行政費用為 2,570 萬美元，包括 1,760 萬美元的股票薪酬和 70 萬美元的收購成本，因此 2021 年第三季非 GAAP 銷售、一般及行政費用約為 740 萬美元。銷售、一般及行政費用年增 190 萬美元，主要原因是員工人數增加及相關人工費用、董事和高階主管保險以及其他新上市公司成本。

Our cash flow consumed from operating activities was $13.3 million for the third quarter of 2021 versus an operating loss in the quarter of $88 million, which reflects an increase in cash consumed of $4 million versus the third quarter of 2020. This increase in cash consumption was driven by a $6.9 million increase in inventory and a $4.7 million increase in prepaids and other current assets. These were offset somewhat by non-cash expense add-backs of $56.4 million, largely driven by the aforementioned stock-based compensation, warrant expense, and depreciation and amortization charges, as well as $9 million of cash generation from accounts receivable and [$20] million of cash generation from deferred revenue.

2021年第三季度，我們營運活動產生的現金流為1,330萬美元，而本季營運虧損為8,800萬美元，反映出現金消耗較2020年第三季增加了400萬美元。現金消耗的增加是由於庫存增加690萬美元，以及預付款項及其他流動資產增加470萬美元。這些增加被5640萬美元的非現金支出加回部分抵消，這主要源於前述股票薪酬、認股權證支出以及折舊和攤銷費用，以及應收賬款產生的900萬美元現金和遞延收入產生的[2000萬美元]現金。

Cash consumed from investing activities was $5.7 million in the third quarter of 2021 compared to cash consumed of $2.2 million in the third quarter of 2020, with this year-on-year period increase in cash consumed driven by several large capital projects, including investments in expanding our lab facilities at our Long Beach headquarters, investments in our second launch pad at Launch Complex 1, and our new consolidated propulsion test complex in New Zealand.

2021 年第三季投資活動消耗的現金為 570 萬美元，而 2020 年第三季消耗的現金為 220 萬美元，現金消耗的同比增長是由幾個大型資本項目推動的，包括對擴建長灘總部實驗室設施的投資、對 1 號發射中心第二個發射台的投資，以及對新西蘭新的綜合推進測試中心的投資。

The combination of cash consumed from operating activities and investing activities was more than offset by the $704.4 million net cash generated from the financing activities in the period, resulting in $793.8 million in cash and cash equivalents and restricted cash as of September 30, 2021.

經營活動和投資活動所消耗的現金總額被本期間融資活動產生的 7.044 億美元淨現金所抵消，截至 2021 年 9 月 30 日，現金及現金等價物和受限現金為 7.938 億美元。

This cash generation was driven by $730.5 million in proceeds from the de-SPAC with Vector Acquisition Corporation and the related PIPE financing. In addition to collecting $2 million in proceeds from the exercise of employee stock options and $2.3 million related to the deferred transaction costs, which were somewhat offset by $30.4 million repurchases of shares and options from management.

此現金流成長主要源自於與 Vector Acquisition Corporation 的 de-SPAC 交易及相關 PIPE 融資獲得的 7.305 億美元收益。此外，公司還透過行使員工股票選擇權獲得了 200 萬美元收益，並支付了 230 萬美元的遞延交易成本，但這些收益被公司從管理層回購的 3,040 萬美元股票和選擇權部分抵消。

We believe the liquidity resources of the Company enable the execution of our strategic development roadmap, including the development of our Neutron launch vehicle and continued investments targeted at expanding our total addressable market for strategic space system solutions.

我們相信，公司的流動資源使我們能夠實施策略發展路線圖，包括開發中子運載火箭以及持續投資以擴大戰略空間系統解決方案的總目標市場。

With that, let's turn to our guidance to Q4 2021. We currently expect revenue in the fourth quarter of 2021 to range between $23 million and $25 million, which includes two dedicated launches and partial quarter contribution from ASI. This revenue guidance does not include any partial quarter contribution from PSC which was announced earlier today and is expected to close during the month of November.

好了，接下來我們來看看我們對2021年第四季的業績指引。我們目前預計2021年第四季的營收將在2,300萬美元至2,500萬美元之間，其中包括兩款專用產品以及ASI的部分季度貢獻。此營收指引不包含PSC的部分季度貢獻。 PSC已於今天稍早宣布，預計將於11月完成。

We expect Q4 2021 GAAP and non-GAAP gross margins of 13% and 27%, respectively. The 249% anticipated increase in GAAP gross margin is driven by a favorable mix of higher-margin space systems revenue, increased absorption of manufacturing overhead with increased launch cadence, and a step-down in stock-based compensation after the non-recurring Q3 catch-up related to the de-SPAC transaction and related accounting treatment of restricted stock units.

我們預計2021年第四季的GAAP和非GAAP毛利率分別為13%和27%。預計GAAP毛利率將成長249%，這得益於以下幾個方面的有利因素：利潤率更高的航太系統收入、隨著發射節奏的加快而增加的製造費用吸收，以及在第三季度非經常性追趕與去SPAC交易和限制性股票單位相關會計處理相關的收入後，股票薪酬的減少。

We expect Q4 2021 GAAP operating expenses to range between $24 million and $26 million, and non-GAAP operating expenses to range between $19 million and $20 million (sic - see slide 24, "$21 million") as we continue to fund strategic development programs targeted at delivering strong top-line growth in 2021 and beyond, across launch and space systems, and our goal of delivering operating leverage within the business.

我們預計 2021 年第四季 GAAP 營運費用將在 2,400 萬美元至 2,600 萬美元之間，非 GAAP 營運費用將在 1,400 萬美元至 2,600 萬美元之間，非 GAAP 營運費用將在 1,900 萬美元至 2,000 萬美元之間（原文如此 - 請參閱投影片 24，「2,100 萬美元」），因為我們將繼續資助旨在實現 2021年及以後在發射和太空系統方面強勁的收入成長的策略發展計劃，並實現在業務範圍內實現營運槓桿的目標。

Please note that this guidance does not include impacts from the purchase price accounting of ASI, any impact of stock-based compensation related to the employee stock purchase plan that we rolled out for the first time later this month, and again, does not include any contributions or purchase price accounting impacts from the pending acquisition of PSC announced earlier today.

請注意，本指南不包括 ASI 的購買價格會計的影響，也不包括我們本月稍後首次推出的員工股票購買計劃相關的股票薪酬的影響，而且也不包括今天早些時候宣布的即將進行的 PSC 收購的任何貢獻或購買價格會計影響。

We expect Q4 2021 GAAP and non-GAAP interest expense to be $2.8 million. Given the requirement to fair value, the publicly and privately held warrants assumed in the Vector Acquisition Corp merger, which is based on the end-of-quarter stock price, we cannot estimate these below-the-line GAAP, other income and expenses items at this time nor are we able to forecast foreign exchange gains or losses. We expect Q4 2021 adjusted EBITDA loss to range between $9 million and $11 million.

我們預計2021年第四季GAAP和非GAAP利息支出為280萬美元。鑑於對公允價值的要求，以及Vector Acquisition Corp合併中假設的公開和私人持有的認股權證（該認股權證基於季末股價），我們目前無法估算這些低於GAAP基準線的收益、其他收入和支出項目，也無法預測外匯損益。我們預計2021年第四季調整後EBITDA虧損將在900萬美元至1,100萬美元之間。

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

現在，我想開始提問。接線生？

(Operator Instructions). Erik Rasmussen, Stifel.

（操作員指令）。 Erik Rasmussen，Stifel。

Yes, thanks for taking the questions, and congratulations on the progress in the quarter. Maybe just in relation to your acquisition of ASI, what sort of revenue contribution comes from them? Could you maybe -- and then maybe could you just comment on the strategic rationale? And maybe just how we should think about the types of acquisitions. You just announced Planetary Systems but the types of acquisitions you are targeting as you look to expand the business.

是的，感謝您的提問，也恭喜您本季的進展。關於您收購ASI，它帶來了哪些營收貢獻？您能否談談收購的策略依據？以及我們應該如何考慮收購的類型？您剛剛宣布了收購Planetary Systems，但您目前正尋求哪些類型的收購來拓展業務？

Yes, Erik. Thanks for the question. This is Adam. So on the revenue side, there was a -- the revenue run rate was approximately $10 million per year at the point of acquisition. So I'll let Pete speak to the strategic nature of the deal and future deals.

是的，埃里克。謝謝你的提問。我是亞當。所以在營收方面，收購時的營收運作率大約是每年1000萬美元。所以我讓皮特談談這筆交易以及未來交易的戰略性質。

Yes. Just a moment. So the kind of acquisitions we're looking to make here are ones that -- technologies that we've used and we trust and we know super well, and that are best in class. That's kind of fundamental.

是的，稍等一下。所以我們現在想要收購的是那些我們用過、信任、非常了解、並且是業界頂尖的技術。這很重要。

And then as we think about how we're going to build our business out in the future and how we're going to deliver on ultimately building our own infrastructure and all, what we're looking to do here is compile all of the bits and pieces that are best in class to really form, if you kind of think of it, like a cabinet of capabilities that we can deploy, not just in our own systems but on others as well. So this is really important for the ultimate longer-term gain of the business in providing end-to-end solutions [and style].

當我們思考未來如何拓展業務，以及如何最終實現我們自己的基礎設施建設時，我們的目標是整合所有同類最佳的零碎資源，形成一個功能櫃，我們可以部署它，不僅可以部署在我們自己的系統中，還可以部署到其他系統中。因此，提供端到端解決方案（和風格）對於企業最終實現長期收益至關重要。

Okay, thanks. And then maybe just in relation to the BlackSky and the two launches that are upcoming, obviously we saw that that got pushed from November and looks like that's on track for the 17th. But any other sort of impacts that it could potentially have as we think about the remaining part of the year. And then you -- I think you'd mentioned, there was an opportunity for further missions. It may be even December -- for the final one in December, could that still be possible?

好的，謝謝。然後，也許就「黑天」和即將進行的兩次發射而言，顯然我們看到發射計畫從11月推遲，看起來有望在17日進行。但考慮到今年剩餘時間，它可能產生的其他影響是什麼？然後你——我想你提到過，有機會進行進一步的任務。甚至可能是12月——對於12月的最後一次發射，這還有可能嗎？

Yes. So the plan here is to launch those two BlackSky missions in this quarter, rounding out the year, and both of those missions, the vehicles are at the launch site and toother spacecraft.

是的。所以，我們的計畫是本季發射兩次「黑天」任務，以此結束今年的發射。這兩次任務的運載火箭和太空船都在發射場。

We moved the launch a few days -- a couple of days ago for a couple of reasons. One, we saw a sensor reading on the ground that we didn't like; we subsequently reviewed it and it was, as we expected, nothing. And also it gave us more time to prepare for the helicopter intercept. But at this point in time, those are the two missions that we're planning in this quarter, and we'll be unlikely to push a third mission in this quarter.

由於幾個原因，我們將發射時間推遲了幾天——幾天前。首先，我們看到地面感測器的讀數不太理想；之後我們對其進行了檢查，結果正如預期的那樣，沒有任何異常。其次，這也給了我們更多時間準備直升機攔截。但目前，這兩項任務是我們本季規劃的，我們不太可能在本季推進第三次任務。

Okay. And then maybe just on the outlook for Q4, $23 million to $25 million, it looks like your overall to the year increased by $5 million. How much is that from ASI and acquisitions versus just business outperformance?

好的。那麼，就第四季的預期來看，2300萬到2500萬美元，看起來你們全年的整體收入成長了500萬美元。這其中有多少是來自ASI和收購，而不是只是業務的優異表現？

Yes. You know, Eric, it's really kind of a -- there is some contribution in the quarter, some partial contribution in the quarter from ASI. We have not baked anything in for PSC into the guidance that we provided. So if you think about maybe kind of low single-digit-millions contribution from ASI and the rest, really, it's coming from the core organic business.

是的。艾瑞克，你知道，ASI 本季確實有一些貢獻，部分貢獻來自 ASI。我們尚未將 PSC 的任何數據納入我們提供的績效指引中。所以，如果你考慮到 ASI 和其他業務可能帶來的數百萬的低貢獻，那麼實際上，這些貢獻都來自核心的有機業務。

I'd say, obviously launch is stepping up with the two launches in the quarter obviously versus Q3. So if you (technical difficulty) majority launch but space systems is quickly kind of closing that gap in no small part because of contributions from the Sinclair acquisition that we did last year that's really paying off big dividends and their business is looking very, very strong.

我想說，與第三季相比，本季的兩次發射顯然在加速推進。所以，雖然（技術難度）大多數發射業務都在推進，但太空系統業務正在迅速縮小差距，這在很大程度上要歸功於我們去年收購辛克萊的貢獻，這確實帶來了豐厚的回報，他們的業務看起來非常非常強勁。

Great. Thanks. I will jump back into the queue.

太好了，謝謝。我這就回去排隊。

Colin Canfield, Barclays.

巴克萊銀行的科林·坎菲爾德。

So when we think about your helicopter intercept, can you just talk a little bit about how that's impacting your cost recovery for Electron?

因此，當我們考慮您的直升機攔截時，您能否稍微談談這對 Electron 的成本回收有何影響？

Yes, sure. So the vast majority of the cost of an Electron launch vehicle resides in the first stage. There is obviously nine engines on the Stage 1 and in the bulk majority of the systems. So we successfully splashed down multiple per stages now, and we've got that to a point where we can reach the stage [through this] atmosphere and receive it down in the ocean in good condition.

是的，當然。所以，電子運載火箭的絕大部分成本都集中在第一級。第一級和絕大多數系統顯然都有九台引擎。所以我們現在成功地將多個一級火箭濺落，並且已經達到了一定的程度，可以[穿過]大氣層到達火箭，並在良好的狀態下將其降落到海洋中。

The helicopter intercept really enables us to not splash that down in the water. Obviously, rocket engines and rockets really don't love sea water. So it enables us to capture that and then return that back to land for refurbishment. And that obviously reduces quite a large amount of work. There is going to be some rework, of course, but it reduces a large amount of work. And it's fair to say that to date, we haven't been baking any of that bonus we get from reusable systems into any of our numbers. It's just pure cream on the top of the cake.

直升機攔截確實讓我們避免了飛彈濺落到水中。顯然，火箭引擎和火箭不喜歡海水。所以它使我們能夠捕獲導彈，然後將其送回陸地進行翻新。這顯然減少了相當多的工作量。當然，這其中肯定會有一些返工，但它確實減少了大量的工作量。而且，坦白說，到目前為止，我們還沒有將可重複使用系統帶來的任何好處融入我們的任何數據中。這純粹是錦上添花。

Got it. And when we think about Neutron reusability and the material and fuel preferences that you're taking for your next stage of your vehicle, can you just discuss how you're thinking about that, if you have a preference in any way?

明白了。當我們考慮中子的可重複使用性，以及你們在火箭下一階段對材料和燃料的偏好時，能否談談你們是如何考慮的，如果有任何偏好的話？

Yes, sure. We're actually going -- we'll make a Neutron announcement here in due course. But it's fair to say that the experiences that we've gained from re-entering Electron -- and it's just been absolutely critical in informing us how to design and develop Neutron. Going into a reusable launch vehicle program without actually having successfully re-entered a rocket, it would be difficult.

是的，當然。我們實際上會——我們會在適當的時候發布關於中子號的公告。但公平地說，我們從重返電子號中獲得的經驗——對於我們如何設計和開發中子號至關重要。在沒有成功重返火箭的情況下，啟動可重複使用運載火箭計畫將會非常困難。

So all the aero data, aerothermal data, and all of the procedures and -- you can actually bring that rocket through the wall of the atmosphere in one piece -- has just been absolutely critical. So those lessons and knowledge have been transferred directly to the Neutron program, in fact, more than that (technical difficulty).

所以，所有的氣動數據、氣動熱數據以及所有程序，以及——你能否讓火箭完好無損地穿過大氣層——都至關重要。這些經驗和知識已經直接轉移到中子計劃，事實上，這比技術更困難。

Got it. And then the last question from me, but maybe if you could talk a little bit about pricing and capacity trends that you're seeing in the smallsat launch market and to the extent that customers are fully utilizing a Rocket Lab vehicle or something along the lines where it's a partial capacity utilization for your vehicles?

明白了。接下來是我的最後一個問題，您能否談談您在小型衛星發射市場中看到的定價和容量趨勢，以及客戶充分利用 Rocket Lab 火箭的程度，或者說，火箭的容量利用率只是部分利用？

(technical difficulty)

（技術難度）

Yes, Colin. I'll take that question in the interim while Peter rejoins. So you know, I think if you look at our missions, we really do have a pretty good mix of what we call just a dedicated mission where you'd expect, for example for U.S. government customers, it's primarily a dedicated launch. For some of the commercial customers, we are seeing the opportunity to basically pull together what we call kind of a primary rideshare where there is a primary microsat that anchors the launch and then we fill the remaining capacity with the CubeSats or other small spacecrafts.

是的，科林。彼得回來之前我會先回答這個問題。所以，如果你看看我們的任務，你會發現我們確實有相當不錯的組合，我們稱之為“專用任務”，例如，對於美國政府客戶來說，主要就是專用發射。對於一些商業客戶，我們看到了機會，基本上可以整合我們所說的「主要共乘」模式，即由一顆主要的微型衛星負責發射，然後用立方體衛星或其他小型太空船來填補剩餘的運力。

So I'd say right now, it's probably about -- I'd say, it's probably a little bit more than half of the business are pure kind of dedicated one satellite per launch or one single customer, if you will. For example on the BlackSky missions, we put two BlackSky satellites per launch. So if you think about it, single customer launches are still probably a little bit more than half of the mix and then where we do the primary rideshare and mix it with other payloads is a little bit less than half of that. Hope that helps.

所以我想說，目前大概——大約一半多一點的業務是純粹的每次發射一顆衛星，或者說，只為一個客戶發射。例如，在「黑天」（BlackSky）任務中，我們每次發射兩顆「黑天」衛星。所以，想想看，單一客戶發射可能仍然佔比略多一點，而我們主要進行「共乘」並與其他有效載荷混合發射的發射業務，佔比略低於一半。希望以上資訊對您有幫助。

I mean as far as the pricing trends, I would say that we're seeing relative stability in the pricing out there in the market. One thing that's probably the most encouraging kind of trend in our business and that you've probably seen that coming through some our announcements is the fact that we are getting multi-launch deals.

就定價趨勢而言，我認為我們看到市場定價相對穩定。我們業務中最令人鼓舞的趨勢之一，也是你可能已經從我們的一些公告中看到的事實，就是我們正在獲得多項產品發布協議。

So we are seeing kind of early -- earlier in the Company's life, we were seeing a lot of pathfinder kind of one-off missions. Now we're starting to see recurring missions. Pete talked about it earlier in the conference call about how we're seeing recurring customers. Well, we're seeing those recurring customers also sign up for multi-launch agreements.

所以，我們在公司成立初期就看到了一些類似探路者式的一次性任務。現在我們開始看到一些重複性任務。皮特之前在電話會議上談到了我們如何看到回頭客。嗯，我們看到這些回頭客也簽署了多次發射協議。

So I think that's an encouraging sign that the market is continuing to build overall and that we're continuing to kind of follow through with repeat business from those customers. So I think all of that is very supportive to this because of the pricing and kind of volume trends right now that we're seeing.

所以我認為這是一個令人鼓舞的跡象，表明市場整體正在持續成長，我們也持續跟進這些客戶的回頭客業務。所以，我認為所有這些都對這一目標非常有利，因為我們目前看到的定價和銷售趨勢。

Got it. Appreciate the time.

明白了。感謝您的時間。

(technical difficulty). Edison Yu, Deutsche Bank.

（技術難度）。 Edison Yu，德意志銀行。

I'll start with the kind of financial one while we try to get Peter back. Can you maybe go over the contribution on the Planetary deal just in terms of what you can provide there? And also on the ASI, what was the -- are you able to say anything about the margin?

在我們努力讓彼得回來的同時，我先從財務方面開始。您能否談談您在 Planetary 交易中能提供什麼？另外，關於 ASI，您能透露一下利潤率嗎？

Yes. So we're not providing any color right now on the margin for the various pieces within our space systems business. We kind of want to keep that more at that macro segment level where we talk about revenue and gross margin at that higher level. But the contribution from a revenue perspective on an annual run rate basis are about the same between ASI and PSC. So each business kind of roughly in that $10 million kind of run rate range.

是的。所以我們目前沒有提供任何關於太空系統業務各部分利潤率的細節。我們希望將其更多地停留在宏觀層面，也就是在更高的層面討論收入和毛利率。但從營收角度來看，ASI 和 PSC 的年度營運率貢獻大致相同。因此，每項業務的運作率大致都在 1,000 萬美元左右。

And I would also say that overall, the margins across the businesses are pretty consistent as well. So they're about the same size. They have similar gross margin profiles. I would say that the growth rates are maybe a little bit different across the two businesses and the ultimate kind of, I would say, margin contribution to the bottom line is a little different as well because one price is a little bit more investment than the other.

而且我想說的是，整體而言，各項業務的利潤率也相當一致。所以它們的規模大致相同。它們的毛利率狀況也相似。我想說的是，兩家公司的成長率可能略有不同，而且最終對利潤的貢獻也略有不同，因為一個價格比另一個價格投入更多。

But, overall, I think they are somewhat similar. So again if you think about the combination of the two on an annualized basis running around $20 million combined of revenue contribution. And the margins, again, are very -- we've talked about the margins in space systems are; they're north of 60 points. And these businesses are kind of consistent with that overall profile.

但總的來說，我認為它們還是有些相似的。所以，如果把兩者合併起來，以年率計算，總收入貢獻約2000萬美元。而且利潤率也非常高——我們之前提到過，太空系統的利潤率在60%以上。這些業務與整體情況基本一致。

Okay. (multiple speakers).

好的。 （多位發言者）。

Second question about the -- I guess the launch cadence. Obviously, you had to push out some launches, I think, you would have liked to have done in the fourth quarter. Can you maybe talk about if that sort of means you can launch more or recover some of that in the first quarter or in the first half -- kind of your ability to maybe launch more than you would have expected in the first half than before because of the COVID lockdowns kind of pushed everything out. Is there ability to do that?

第二個問題是關於產品發布的節奏。顯然，你們不得不推遲一些產品發布，我想這些產品你們本來希望在第四季完成。能否談談這是否意味著你們可以在第一季或上半年推出更多產品，或是恢復部分產品發布量？由於新冠疫情封鎖措施推遲了所有產品發布，你們上半年的發布量可能比預期的更多。你們有能力做到這一點嗎？

Yes. So I'll take a first pass, then Pete can add on. So I would say that it is a fair statement to say that we have a pretty healthy manifest going into the first half of 2022. So I think the challenge for us is really going to be, not on the demand side. It's really just -- we've got to continue to increase our production rates and support the manifest from that perspective.

是的。我先看一下，然後Pete再補充。所以，我可以公平地說，到2022年上半年，我們的運能狀況相當健康。所以我認為我們面臨的挑戰其實並不在需求方面。實際上，我們必須持續提高生產力，並從需求角度支援運力。

But I would say there is certainly -- we certainly expect our business to be on the launch side, make cadence to increase as we progress into 2022. So again, while we're not giving specific guidance for 2022, all of the indications and bias right now are certainly to an increased launch cadence in 2022.

但我想說的是，我們當然希望我們的業務處於發布階段，隨著 2022 年的進展，我們的節奏也會加快。所以，雖然我們沒有為 2022 年提供具體的指導，但目前所有的跡象和傾向肯定都表明 2022 年的發布節奏會加快。

Yes. I mean that's exactly right. I would add there's a lot of product on the floor right now that we need to move through. And the New Zealand COVID lockdown certainly hampered our ability to deliver more in this quarter. One thing to always remember, of course, is in the launch business, we sometimes -- more often than not are subject to our customers' readiness.

是的，完全正確。我想補充一下，目前有很多產品需要我們處理。紐西蘭的新冠疫情封鎖無疑影響了我們在本季交付更多產品的能力。當然，有一件事要永遠記住，在產品發布業務中，我們有時——更多時候——要取決於客戶的準備。

So just wanted to have a launch vehicle inspection meeting its targets, but of course, quite often, we find that our customers often [quickly] move around, too. So it's worth a little bit of a [manifest down] to get everything aligned. But certainly, there is a lot of product on the floor that we will be pushing through.

我只是希望運載火箭的檢查能夠達到預期目標，但當然，我們發現客戶也經常（快速）更換。所以，有必要（提前）做好清單，確保所有環節都協調一致。當然，現場還有很多產品需要我們處理。

Yes. And I would say also that as the customer requests are to launch sooner, the bias right now is to pull in launch dates. So I think that's another kind of indication of where we see the business going and kind of to your point of could we see some of that pent-up demand kind of manifest itself in launches. And as we head into 2022, we certainly expect that would be the case.

是的。我還想說，由於客戶要求提前發布，我們目前的傾向是提前發布日期。所以我認為這也預示著我們的業務發展方向，正如您所說，我們是否會看到一些被壓抑的需求在產品發布中得到體現？隨著我們即將進入2022年，我們當然預計情況會如此。

Great. Last question from me -- longer-term one on Neutron. Could you maybe discuss the potential -- or if you've had discussions about human missions, what could that kind of look like or what have you maybe discussed with customers? Any color there?

太好了。我的最後一個問題——關於中子號的長期問題。您能否談談它的潛力？或者，如果您討論過載人太空任務，那會是什麼樣子？或是您與客戶討論過什麼？有什麼具體細節嗎？

There is a relative subset of customers when you are talking on human spaceflight, [obviously] hasn't been the biggest. And we'll always talk with our customer about how the multiple missions -- and nothing different, including human spaceflight. Our focus is to ensure that we have a vehicle that is human spaceflight rather than, at this point in time, focusing on those particular missions. Perhaps priority is getting a vehicle on the pad and making sure that it is ready to be certified and ratable.

說到載人航天，客戶群相對較小，[顯然]並非最大的客戶。我們總是會與客戶討論多項任務──包括載人太空任務，其他任務也一樣。我們的重點是確保我們擁有的是一款真正意義上的載人太空船，而不是像現在這樣專注於某些特定任務。或許當務之急是讓火箭發射升空，並確保它已準備好獲得認證和評級。

Okay, great. Thanks.

好的，太好了。謝謝。

Cai von Rumohr, Cowen.

蔡·馮·魯莫爾，考恩。

Yes, thank you so much, and good quarter. So a number of the other larger space companies and aerospace companies have mentioned supplier delays and the impact of the vax mandate. And while I know you launch from New Zealand, I assume that could have some impact on your domestic customers. So give us some color on that if you might?

是的，非常感謝，這個季度表現不錯。其他一些大型航太公司和航空航太公司也提到了供應商的延誤以及疫苗強制令的影響。我知道你們是從紐西蘭發射的，但我認為這可能會對你們的國內客戶造成一些影響。請能具體談談嗎？

Definitely. I mean (technical difficulty) we're managing supply chain issues, but we do carry a lot of stock. And so thus we've been fairly successful in linking both. One of the challenges with New Zealand is the ability to get customers into the country through the managed isolation facility in New Zealand. I think we've been very successful in securing our stocks. Our customers [too] -- working directly through that (technical difficulty) experiencing their fair share of [cost inflation]. Adam, perhaps you can comment about the vaccination mandate and the impact in the U.S.

當然。我的意思是（技術難題），我們正在處理供應鏈問題，但我們確實有很多庫存。因此，我們在連接兩者方面相當成功。紐西蘭面臨的挑戰之一是能否透過紐西蘭的隔離設施將客戶送入該國。我認為我們在確保庫存方面非常成功。我們的客戶也直接應對（技術難題），承受他們應得的（成本上漲）份額。亞當，或許您可以評論美國的疫苗接種強制令及其影響。

Yes. Sorry, you were breaking up a bit there, Pete. So I'll recap a little bit of what he was saying, Cai. So far, we've been pretty fortunate that we haven't had any real, call it like significant supply chain constraints or issues, as Pete was indicating that we also carried a lot of inventory, lot of raw materials inventory. So we've been able to absorb any impact that otherwise would have been an impact.

是的。抱歉，Pete，你剛才說得有點斷了。蔡，我稍微複述一下他剛才說的話。到目前為止，我們很幸運，沒有遇到任何真正的，比如說重大的供應鏈限製或問題，正如Pete所說，我們也持有大量庫存，大量的原材料庫存。所以我們能夠吸收任何原本可能造成的影響。

And probably the biggest issue has really been, as Pete was saying, is getting people into New Zealand, right, to support the launches. So we were fortunate that the two BlackSky missions that are going off this quarter already had the spacecraft in country. They were already integrated. So there's really no risk from a COVID-related, if you will, kind of spacecraft readiness from that perspective.

正如皮特所說，最大的問題或許是派人來紐西蘭支持發射。我們很幸運，本季即將進行的兩次「黑天」任務的太空船已經抵達紐西蘭。它們已經整合完畢。所以從這個角度來看，與新冠疫情相關的太空船準備工作其實不存在任何風險。

And now as we get through kind of -- we're out of that Level 4 alert in New Zealand, we're able to have full production and launch cadence support there. So I would say we've been very, very fortunate. We haven't had any of those issues. I would say that you were -- but we're very much looking forward to making it much easier for our customers to come support their spacecraft in New Zealand with the COVID restrictions easing.

現在，隨著紐西蘭四級警戒的解除，我們能夠為那裡的生產和發射節奏提供全面的支援。所以，我想說，我們非常非常幸運。我們沒有遇到任何這些問題。我想說，你們遇到過這些問題——但我們非常期待，隨著新冠疫情限制的放寬，我們的客戶能夠更輕鬆地前往新西蘭支持他們的太空船。

And as a backstop that as well, of course, we're very anxious to get operational in -- out of our Wallops facility, where right now, we've been waiting on certification of our automated flight termination hardware on NASA's software. It's been quite delayed. It was expected some time ago. The current expectation is that it could be done as early as the end of the year, which would allow us to commence flight operations out of LC2 and Wallops in the first half of 2022. And that's what our current expectations are.

當然，作為後盾，我們也非常渴望在瓦洛普斯的設施內投入運作。目前，我們一直在等待NASA軟體對我們的自動飛行終止硬體進行認證。認證過程拖延了很久。之前我們預計認證會很快完成。目前的預期是最早在今年年底完成，這將使我們能夠在2022年上半年開始在LC2和瓦洛普斯進行飛行營運。這就是我們目前的預期。

So that will be kind of able us to further mitigate the issues around kind of restrictions on travel and so forth. Now as far as the overall vaccine mandate, again, we've seen some pushouts to those things from -- to various elements of our supply chain. But, again, we're not getting any indication right now from any of our supply chain partners that that's going to present an issue to supporting our manifest.

這樣一來，我們就能進一步緩解旅行限制等方面的問題。至於疫苗接種的整體強制要求，我們也看到供應鏈各環節出現了一些延遲的情況。但是，目前我們還沒有從任何供應鏈合作夥伴那裡得到任何跡象，表明這會對我們的清單支援造成影響。

Austin Moeller, Canaccord.

奧斯汀·莫勒（Austin Moeller），Canaccord。

Great quarter, guys. My first question is for Peter. Would you argue that pairing the Electron with Planetary Systems' lightweight satellite dispenser products make the Electron even more competitive as a constellation launcher?

各位，這個季度過得真棒！我的第一個問題是問彼得的。您是否認為，將 Electron 與 Planetary Systems 的輕型衛星分配器產品搭配使用，會提升 Electron 作為星座發射器的競爭力？

(multiple speakers). Sorry, go ahead. Go ahead, Peter.

（多位發言者）抱歉，請講。彼得，請講。

Yes, and I'll carry on it. In some respects, Austin, the Electron (technical difficulty) is ideal for very small constellations, but it's using just a one-off or early development of constellation. Certainly, having the portfolio of Planetary Systems' products in our organization gives us the ability to do very interesting things with cross-selling and bundling of products and services as well. And also it gives us exposure to satellites that aren't launched on Electron. The PSC separation system is used on every launch vehicle across the industry and we'll continue to supply that (technical difficulty) across the industry.

是的，我會繼續下去。奧斯汀，從某些方面來看，Electron（技術難度）非常適合小型星座，但它只是一次性或早期開發的星座。當然，在我們的組織中擁有行星系統的產品組合，使我們能夠透過交叉銷售和捆綁產品和服務來做一些非常有趣的事情。而且，這也讓我們有機會接觸到那些不是用Electron發射的衛星。 PSC分離系統應用於整個產業的每一種運載火箭，我們將繼續為整個產業提供該系統（技術難度）。

Okay, good. And then how much additional capital do you envision having to invest in the three launch sites, the two in New Zealand and the one in Virginia, to sort of get those to a capacity where they could support the 132 launches that you've discussed in the past. Is it pretty much close to that now or is there a lot of additional capital still to be invested?

好的，很好。那麼您預計需要對三個發射場（兩個在新西蘭，一個在弗吉尼亞）額外投資多少資金，才能使它們達到您之前提到的132次發射的容量？現在差不多能達到這個水準了嗎？還是還有很多額外資金需要投入？

So, [our feature] on that side is activated and the LC1B and 1A launchpads had -- the launchpad A has obviously completed; launchpad B is nearing completion. And that will give us sufficient launch capacity for all of our launches in its [part of view]. Any additional capacity to bring it up to that really high number, there would be additional pads required. But those three pads really give us a tremendous amount of launch capacity and that won't be constraining us here for a little while.

所以，那邊的[功能]已經啟用，LC1B 和 1A 發射台也已經——A 發射台顯然已經完工；B 發射台也即將完工。這將為我們在其[視野範圍內]的所有發射提供足夠的發射容量。任何額外的容量，要達到如此高的數量，都需要額外的發射台。但這三個發射台確實為我們提供了巨大的發射容量，這在短時間內不會對我們造成任何限制。

Yes, Austin. We're almost complete on all the investments for those launchpads here. I'd say you're probably looking at capital to go of less than a couple of million dollars. So it's really quite small in the grand scheme of things, and that's really to just finalize the operation of the LC1B pad in Mahia. But the Virginia pad is up and ready to go. It's been ready for over a year, again, just awaiting the software certification with NASA. So yes, we've got all that launch infrastructure in place that we need to support that capacity.

是的，奧斯汀。我們對這些發射台的所有投資幾乎都完成了。我估計你可能需要的資金不到幾百萬美元。所以從總體來看，這筆資金真的很少，而且這筆資金實際上只是為了最終完成馬希亞LC1B發射台的運作。但弗吉尼亞發射台已經建成並準備就緒。它已經準備就緒一年多了，只是在等待NASA的軟體認證。所以，是的，我們已經擁有了支持這項發射能力所需的所有發射基礎設施。

Okay, that's very helpful. And then like Russians -- like the Russian government, in particular, has had plans to try and catch falling rocket boosters with a helicopter in the past. So can you sort of talk about what makes your plan for booster recovery different from those prior plans for a helicopter booster recovery? And how you plan to achieve a high success rate there just given the challenges of catching a rocket in mid-air with a helicopter?

好的，這很有幫助。俄羅斯人——尤其是俄羅斯政府，過去曾計劃嘗試用直升機回收墜落的火箭助推器。您能否談談，你們的助推器回收計劃與之前的直升機助推器回收計劃有何不同？考慮到用直升機回收半空中火箭的挑戰性，你們計劃如何實現高成功率？

Yes, absolutely. And I think that this is somewhat of a misconception. Actually, catching the rocket as it's descending once you've acquired it is -- well, we haven't got the product (technical difficulty) in this time but it's not that difficult in fact. We've done a lot of drop system, and the success rate on the drop system has been nearly 100%. This is where we are going out with two helicopters, drop a simulated vehicle, then the other helicopter chasing it down and catches it.

是的，絕對沒錯。我認為這有點誤解。實際上，在火箭墜落時接住它——嗯，我們這次還沒有達到產品（技術難度），但實際上並不難。我們做過很多投放系統，投放系統的成功率幾乎是100%。這次我們會用兩架直升機，投下一輛模擬飛行器，然後另一架直升機追上來接住它。

So I know that sounds like the hardest part, but actually the hardest part is re-entering it through the Earth's atmosphere, controlling its trajectory and making sure it stays in one piece. So the last part of the program here is to rendezvous, which we believe should be no problem. Then we're not expecting a tremendously difficult run after that. We think the hardest part is actually behind us.

我知道這聽起來像是最困難的部分，但實際上最困難的是讓它穿過地球大氣層，控制它的軌道，並確保它保持完整。所以，這個計畫的最後一部分是會合，我們相信這應該沒問題。之後的運行也不會太難。我們認為最困難的部分已經過去了。

Okay, great. Thank you for all the color.

好的，太好了。謝謝你的色彩。

Colin Canfield, Barclays.

巴克萊銀行的科林·坎菲爾德。

From a high level, could you just talk a little bit about the cash flow walk and the cash that you're going to need for engine development and new development of Neutron and constellation plans? Where do you expect the biggest contribution to come from split between organic, debt, and potentially equity?

您能否從宏觀角度簡單談談現金流調整，以及引擎研發、中子星和星座計畫新開發所需的資金？您預計最大的貢獻將來自哪些方面？是來自內部資金、債務，還是潛在的股權？

So I can let Pete talk to the technical kind of milestones and so forth that drive it, but we forecasted all of this when we were going through our de-SPAC process and the related PIPE raise and so forth. And we believe we overcapitalized ourselves to execute on Neutron in every aspect and really also raised enough capital as dry powder to go execute on things like ASI and PSC and other opportunities. So as you can imagine, propulsion is well within our wheelhouse. I mean we put 200 Electron Rutherford engines on orbit.

因此，我可以讓皮特談談推動該專案的技術里程碑等等，但我們在進行去 SPAC 流程以及相關的 PIPE 融資等時就預測到了所有這些。我們認為，我們在執行 Neutron 專案的各個方面都投入了過多的資金，並且也籌集了足夠的資金作為乾火藥，用於執行 ASI、PSC 和其他專案。因此，正如你所想像的，推進技術完全在我們的掌控範圍內。我的意思是，我們已經將 200 台 Electron Rutherford 引擎送入軌道。

So whenever you're dealing with rocket science, obviously nothing is ever trivial. But we think we've well scoped the capital investment required. So we don't believe that for Neutron or anything else we have in our roadmap that would require us to go back to the equity markets, debt markets, or what have you. So again, we think we're fully funded to execute what we need to do. And then I'll let Pete kind of jump in and talk maybe a little bit more about timing.

所以，當你處理火箭科學時，顯然沒有什麼是微不足道的。但我們認為我們已經很好地估算了所需的資本投入。因此，我們認為對於 Neutron 或我們路線圖中的任何其他項目，我們不需要回到股票市場、債券市場或其他任何市場。所以，再次強調，我們認為我們有足夠的資金來執行我們需要做的事情。然後，我會讓 Pete 介入，再談談時間安排。

Thanks, Adam. So the way we're approaching Neutron is being really smart, being innovative. And propulsion is an area that if you want a reusable launch vehicle, you don't want an engine that's completely stressed to its limits. You want a propulsion system that's gotten lots of margin on that. So everybody has been thinking about the propulsion [with] Neutron. That's really been our focus.

謝謝，亞當。所以我們在「中子」火箭專案上的做法非常巧妙，富有創新精神。推進系統是一個關鍵領域，如果你想要一個可重複使用的運載火箭，你肯定不希望引擎完全承受極限的壓力。你需要一個在這方面有足夠餘裕的推進系統。所以大家都在考慮「中子」火箭的推進系統。這確實是我們關注的重點。

And as a result, I think when it comes to innovation within engine cycles and stretch as a medium, that's not an area where we were carrying a lot of risk. These other areas where we're innovating that has a much, much bigger payoff. And as Adam said, we feel like we're in a good position to execute the propulsion program but also the Neutron program using it.

因此，我認為，在引擎循環和延展性方面的創新方面，我們承擔的風險並不大。我們正在進行的其他創新領域，其回報要大得多。正如亞當所說，我們覺得自己處於有利地位，可以執行推進器項目，也可以執行基於推進器的中子項目。

Got it. And then if you could just talk about the investments that you're making today for your future constellation plans, whether you guys are bidding on spectrum, kind of the bench of talent you've put in place there or other intellectual property assets that you're going after?

明白了。然後，您能否談談目前為未來星座計畫所做的投資？你們是在競標頻譜，還是在部署人才，或是你們正在爭取的其他智慧財產權資產？

Yes. I mean, look, we want to build infrastructure and all that and the product they are putting in place, all of the elements required to be able to do that in a very innovative way. And I would say at this point, we're not prepared to make a bet on the particular application that we may go after and not be driven to go after any particular application.

是的。我的意思是，我們想要建立基礎設施，以及他們正在部署的產品，所有這些要素，都是為了能夠以非常創新的方式實現這一點。我想說的是，目前我們還沒有準備好押注於我們可能追求的特定應用，也不會被任何特定應用所驅動。

But we're obviously watching with interest what everybody else is doing and like I said, for us, the most important thing right now is to methodically build all of those capabilities. And we get to contribute into other people's (technical difficulty) and constellations by being a supplier. And we will continue to work on what we think is a disruptive opportunity in the future.

但我們顯然正饒有興致地關注著其他人的動向。正如我所說，對我們來說，目前最重要的事情是系統地建立所有這些能力。作為供應商，我們可以為其他人的技術難題和星座圖做出貢獻。我們將繼續致力於我們認為未來具有顛覆性機會的領域。

Got it. Thanks for the color.

明白了。謝謝你的顏色。

Cai von Rumohr, Cowen.

蔡·馮·魯莫爾，考恩。

So I might have missed it but what did you pay for ASI? And also as you know, RTX, in addition to buying Blue Canyon, bought the software company in Colorado. Did you look at that, and are they competition to you when you go out and look at acquisitions? I would guess not but love your perspective on that.

我可能沒注意到，你收購 ASI 花了多少錢？另外，你知道，RTX 除了收購 Blue Canyon 之外，還收購了科羅拉多州的軟體公司。你有沒有考慮過這一點？當你考慮收購時，他們會成為你的競爭對手嗎？我猜不會，但我很喜歡你對此的看法。

So I'll comment on the purchase price of ASI. ASI is a $45 million cash purchase. And then I can't speak to the other acquisition that you're referencing from Raytheon. Obviously, we're familiar with the Blue Canyon acquisition, but I'm not familiar with the other software company.

所以我來談談ASI的收購價格。 ASI是一筆4500萬美元的現金收購案。至於你提到的雷神公司的另一項收購，我無法評論。顯然，我們熟悉Blue Canyon的收購，但我對另一家軟體公司不太了解。

I would say that, in general, the environment for deals we find to be pretty receptive to the Rocket Lab platform. And I think that's really what it is coming down to. It's, you know, we find that we're a very attractive place where entrepreneurial engineers want to call home. I think there are -- no knock on some of the larger potential acquirers out there, but it's a very different choice, right, to go to a large, well-established prime or you want to be part of something that's a little bit smaller and perhaps you could have a greater impact through your efforts.

我想說，總的來說，我們發現的交易環境對 Rocket Lab 平台的接受度相當高。我認為這才是關鍵。你知道，我們發現我們是一個非常有吸引力的地方，創業工程師們都想在這裡安家落戶。我認為，對一些潛在的大型收購者來說，這不會造成衝擊，但選擇一家規模龐大、成熟的優質企業，還是加入一家規模較小、或許可以透過努力產生更大影響的企業，這兩者之間是截然不同的。

So I think it's kind of an apples and oranges choice for sellers. And this is a seller's market; there's no question about it. And there is competition for deals. I think that we're being very selective. I think we do have a healthy pipeline of opportunities that we're always evaluating. And in this case, you're executing on the last -- the most recent acquisitions of ASI and PSC.

所以我認為對於賣家來說，這就像蘋果和橘子的選擇。毫無疑問，這是一個賣方市場。交易競爭激烈。我認為我們非常謹慎。我認為我們確實擁有大量機會，並且我們一直在評估。就目前而言，您正在執行最近對ASI和PSC的收購。

But again I think that we don't really see -- it seems like we're both looking at different types of assets. I would say that we don't necessarily see head-on competition in a lot of stuff we're looking at, but there is certainly more broadly speaking competition for the assets that we're bringing into the family.

但我再次認為，我們並沒有真正看到——我們似乎都在關注不同類型的資產。我想說，在我們關注的許多領域，我們不一定會看到正面競爭，但從更廣泛的意義上講，在我們帶入家族的資產方面，肯定存在著競爭。

(multiple speakers). I think you can see, Cai, that of the acquisitions that we make, it's very much a try before you buy. We were using -- simply as we're actually moving that projects and products, we were using ASI software. We've been using PSC (technical difficulty) systems. So these are companies that we know well and are always the leaders in their areas. So that's always a strong [convincing] to the acquisition.

（多位發言者）。蔡，我想你可以看出，我們所做的收購，很大程度都是先試後買。我們之前在實際推進那些專案和產品時，使用的是ASI軟體。我們也一直在使用PSC（技術難度）系統。所以，這些公司我們都很了解，而且它們在各自的領域中一直處於領先地位。所以，這始終是收購的有力[說服力]。

Yes. And I think taking that [even] further, I think we can -- yes, and Cai, I think you can also start to see the acquisition strategy really start to play out in the fact that if you look at some of our upcoming missions, you'll see obviously we're providing launch services. And in many cases, we're providing the satellite components in the form of reaction as the star trackers from Sinclair. In many cases, the satellites are using ASI software. In many cases, the satellites are being deployed on a PSC separation system.

是的。我認為更進一步說，我們可以——是的，蔡，我認為你也可以開始看到我們的收購策略真正開始發揮作用，如果你看看我們即將執行的一些任務，你會發現我們顯然正在提供發射服務。在很多情況下，我們以辛克萊星追蹤器的形式提供衛星組件。在很多情況下，衛星都使用ASI軟體。在許多情況下，衛星被部署在PSC分離系統上。

And you'll start to see, again, that theme start to continue to play out, where we're starting to get more and more content. And we really view this as a platform. It's not one-off launch services or one-off -- it's really -- is how do we bring all the pieces together and offer truly end-to-end solutions that bring down the cost, increase -- shorten the time to market.

你會再次看到，這個主題繼續呈現，我們開始獲得越來越多的內容。我們真的把它看作一個平台。它不是一次性的發布服務，也不是一次性的——而是我們如何將所有部分整合在一起，提供真正的端到端解決方案，從而降低成本，並加快上市時間。

And again, I think, when you start to put all the pieces together, when you see from the missions that we're executing on, it's kind of undeniable how all the pieces are coming together and how that leads to just increased amount of revenue per mission that we service. So I think we're all very, very excited about kind of what the culmination of these deals represents, and how it is providing a lot of revenue diversity to our model and some margin uplift as well. And again, just the scaling of the business. So I think it's an exciting part of our roadmap right now.

而且，我認為，當你把所有部分整合在一起，當你看到我們正在執行的任務時，不可否認的是，所有部分是如何整合在一起的，以及這如何導致我們服務的單次任務收入增加。所以，我認為我們都對這些交易的最終達成所代表的意義感到非常興奮，以及它如何為我們的模式帶來巨大的收入多樣性，並帶來利潤率的提升。再說一次，這只是業務規模的擴大。所以我認為這是我們目前路線圖中令人興奮的一部分。

Thanks so much.

非常感謝。

As we currently have no further questions, I will now hand back to Peter for any closing comments.

由於我們目前沒有其他問題，我現在將交還給彼得進行最後評論。

Thanks very much. Before I wrap up the call, I'd like to thank everyone who participated in today's call. We look forward to having the opportunity to provide further updates on our business, including through our participation in the UBS Aerospace Investor Conference on November 19, the Truist Securities Industrials Conference and the Morgan Stanley Space Summit on December 7, and the Canaccord New Space Investor Conference on December 9.

非常感謝。在結束電話會議之前，我想感謝所有參加今天電話會議的人。我們期待有機會提供更多業務更新，包括參加11月19日的瑞銀航空航太投資者會議、12月7日的Truist證券工業會議和摩根士丹利太空高峰會，以及12月9日的Canaccord新太空投資者會議。

So thanks again, and we look forward to speaking to you all again soon and [the other] exciting progress [we find our] business today. Thank you very much.

再次感謝！我們期待很快再次與大家交流，並期待今天業務的[另一個]激動人心的進展。非常感謝。

This now concludes today's conference call, and you may now disconnect your lines. Thank you, everyone, for joining us today.

今天的電話會議到此結束，各位可以掛斷電話了。感謝各位今天的參與。