Rocket Lab USA Inc (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 年第三季度財務業績電話會議。我的名字是艾米麗，今天我會協調電話。 （操作員說明）。我現在將把電話轉給我們的主持人，財務規劃和分析師經理 Gideon Massey。請繼續。

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.

謝謝你，接線員。大家下午好，感謝您參加今天的電話會議，討論 Rocket Lab 2021 年第三季度的財務業績。今天的電話會議由創始人兼首席執行官 Peter Beck 主持；和首席財務官 Adam Spice。在我們準備好評論後，我們將回答問題。

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安全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、我們主要目標市場的收入增長預期、GAAP 和非 GAAP 毛利率、GAAP 和非GAAP 運營費用、利息和其他費用，以及調整後的 EBITDA。

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、機會和不確定性作出前瞻性陳述，包括但不限於關於我們的發射服務和空間系統市場產生的機會的陳述，以及提高我們整個收入的機會的陳述。目標市場。

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產生的風險、COVID-19 大流行的影響、我們對有限數量客戶的依賴、平均售價趨勢以及風險我們的市場和增長機會可能不會像我們目前預期的那樣發展，我們對這些機會的假設可能被證明是不正確的。

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.

有關這些和其他可能影響前瞻性陳述的風險的更多信息，如我們將於今天提交的第三季度 10-Q 文件的風險因素部分所述，以及其中包含的文件。任何前瞻性陳述均於今天作出，Rocket Lab 沒有義務更新或修改任何前瞻性陳述。 2021 年第三季度收益發布可在我們網站 Rocketlabusa.com 的投資者關係部分獲得。

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.

為了補充我們根據公認會計原則提出的未經審計的綜合財務報表，我們披露了某些非公認會計原則的財務指標，包括毛利率和運營費用。這些補充措施不包括股票補償費用的影響；購買的無形資產的攤銷；歸屬於收購的其他非經常性利息和其他收入支出；非現金所得稅優惠和費用。

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.

我們還用調整後 EBITDA 的衡量標準來補充我們的未經審計的歷史報表和前瞻性指引，其中 EBITDA 的調整包括基於股份的薪酬、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、外匯收益或損失、其他營業外收入和損失，不包括與債務相關的利息費用和其他非經常性損益。我們鼓勵投資者在我們網站上提供的投資者更新演示文稿中查看我們的 GAAP 和非 GAAP 演示文稿的詳細調節。

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.

由於與我們預測某些未來費用的能力相關的固有不確定性，包括基於股票的補償及其相關的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，我們不提供未來期間的非公認會計原則指導的對賬.

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 GAAP 財務指標不符合 Rocket Lab 的 GAAP 財務業績，也不能作為其替代方案。我們提供這些信息是為了讓投資者能夠以類似於管理層對我們業務的分析的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 GAAP 措施存在局限性，因為它們不能反映與我們的 GAAP 經營業績相關的所有金額。這些非公認會計原則措施只能與相應的公認會計原則措施一起查看。

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，本次電話會議還將通過支持演示進行網絡直播，演示文稿的重播和副本將在我們的網站上提供兩週。現在讓我把電話轉給創始人兼首席執行官彼得貝克。

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，回顧 Rocket Lab 2021 年第三季度的業務亮點和財務業績。正如 Gideon 所說，今天加入我的是我們的首席財務官 Adam Spice，稍後你會聽到他的消息.

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，我將向您介紹我們 2021 年第三季度的主要業務成就，Adam 將介紹我們的財務亮點和展望，分享我們即將到來的會議日程，當然，我們將有時間問答。

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。因此，自第二季度末以來，我們的積壓訂單顯著增長。 6 月 30 日的積壓訂單為 1.41 億美元，截至 9 月 30 日的季度為 1.83 億美元。今天，我們的積壓訂單為 2.37 億美元，自第二季度末以來積壓訂單增長近 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.

我們已經看到公司每個主要產品的預訂量都在增加，包括新的電子發射合同、政府研究合同、行星際光子衛星、整體碎片清除計劃、NASA 演示（技術難度），包括處理輕型電子運載火箭、火箭實驗室組件和軟件，以及跨越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.

他們為我們的技術和我們通過我們的產品和服務套件實現的高價值任務找到了所有用例，我從未如此興奮或自豪過。其中許多計劃將促成並提供變革性的技術突破，這些突破將對我們的星球產生持久的影響，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.

從我們強大的回頭客預訂中可以看出我們許多行業領先的技術和強大的使命傳統。自 2021 年第二季度末以來，我們已經看到十幾位回頭客通過 Rocket Lab 預訂了額外的業務，其中有九位客戶列在幻燈片上。隨著我們繼續擴大我們的天基產品和服務組合，我們交叉銷售和集成技術的能力將帶來更豐富的客戶參與和關係。

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根據國家安全太空發射計劃或 NSSL 達成協議，斥資 2400 萬美元推進中子火箭上級的開發。這一發展將支持國家安全和國防向世界上最關鍵的國家安全有效載荷發射科學和實驗衛星的能力。

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.

我們非常榮幸與美國太空部隊合作，並將其視為美國政府投下的極大信任票，證明我們有能力提供低成本響應式下一代發射，這將改變整個星座部署的空間訪問.這真的是一件大事。如果你看看其他也贏得合同的球員，你會發現我們相處得很好。

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，我們之前宣布的 EscaPADE 任務通過了 NASA 關鍵任務審查，任務進入下一階段，目標發射準備日期為 2024 年。9 月，我們敲定了合同的 B 階段，並在十一月。這項任務將與加州大學伯克利分校的空間科學實驗室合作，將兩艘光子飛船送入火星軌道，以研究其磁層。顯然對這一進展感到無比興奮——該團隊正在執行那些非常複雜的高價值和關鍵任務，以探索我們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.

這涵蓋了我們第三季度的主要業務亮點。但我還想簡要談談我們自第三季度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，我們與合作夥伴 Eta Space 在 NASA 演示任務中實現了一個關鍵的計劃里程碑。這項任務以兩種不同的方式非常非常獨特。 LOXSAT 1 是 NASA 歷史上第一個低溫氧流體管理演示任務。這將證明在軌燃料系統的使用——在軌衛星，從而開發關鍵技術，可以讓我們寶貴的衛星監測氣體排放或仍在軌道上監測，從而延長它們的壽命。其次，這是 Rocket Lab 贏得發射和航天器設計並構建完整集成解決方案的第一個任務，確保為這次特定的 NASA 演示提供更快、更具成本效益和無縫的開發計劃。

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. 或 ASI 的收購，後者是任務關鍵型飛行軟件和航天器 GNC 的行業領導者。 ASI 團隊帶來了 20 多年的飛行傳統、超過 30,000 小時的 [脆弱] 運營，以及位於科羅拉多州利特爾頓的 57 名成員不斷壯大的團隊。

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 進一步將 Rocket Lab 定位為一家臨時太空公司，因為我們希望並能夠為我們的客戶提供完整的任務解決方案。我們已經將下一代飛行軟件集成到用於 LEO 的 Photon 空間系統解決方案中，這是一項行星際空間飛行器任務，具有超過 137 年的累計任務操作和傳統，以及超過 45 個任務的 MAX 飛行軟件解決方案。我們相信這為市場提供了明顯的差異化優勢。

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，我很高興能在美國第二大航空經濟體科羅拉多州開展業務，擁有強大的研究機構和大學基礎，以支持 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.

今天是個大日子。我很高興地宣布簽署最終協議，以收購行星系統公司或 PSC，這是一家航天器分離系統的行業領導者，坦率地說，這是一家與我合作並欽佩多年的公司。 Walt Holemans 和他的團隊基於一流的產品建立了非凡的業務，這些產品是可靠的，並且在 150 多次任務中取得了 100% 的任務成功。他被視為美國政府在小型衛星任務中的主要供應商，包括機動光帶、先進光帶和罐式衛星分配器和分離系統。

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.

將 PSC 添加到 Rocket Lab 團隊將繼續執行我們的階段戰略，即通過提供一流的產品來擴展我們的產品組合。我們對這些領先的航天器分離系統與我們現有的電子發射服務和其他航天器組件、我們的軟件和服務產品相結合的交叉銷售機會感到興奮，並相信在縮短領先優勢方面可以在收購後實現有意義的協同效應時間、擴大生產規模和降低成本，從而為我們的客戶提供比以前更好的服務。

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.

展望第四季度的剩餘時間，正如我們已經宣布的那樣，我們計劃在本季度推出兩次 BlackSky 專用發射，第一次發射定於世界標準時間 11 月 17 日之前，所以明天。這些任務是今年早些時候與 Spaceflight 簽署的將 BlackSky 部署到衛星星座的五項發射協議的一部分。我們非常感謝 BlackSky 將他們的衛星委託給我們，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.

作為即將到來的 BlackSky Global 22 航班的一部分，我們將首次將直升機引入其恢復計劃的運作中。我們打算將直升機停放在恢復區，並跟踪和目視觀察下降階段。雖然我們不會試圖在這個特定任務上趕上媒體——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通信和跟踪到未來電子發射的情況。這確實是電子回收計劃的一個關鍵里程碑，而且我們正在努力使電子成為第一個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.

因此，我將把它交給我們的首席財務官 Adam Spice。交給你，亞當。

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

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

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 年第三季度的收入為 530 萬美元，略高於 400 萬美元至 500 萬美元的指導範圍。由於 COVID 影響了我們在第三季度後期的發射能力，收入主要由太空系統推動，佔第三季度收入的 79%，並且在截至 2021 年 9 月 30 日的九個月內同比增長 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 COVID 限制和 7 月 29 日成功發射太空部隊的遺留加班收入確認政策的影響。這是最後一份隨著時間的推移確認收入的發射合同。展望未來，所有發射合同預計將在發射時被確認為時間點。截至 2021 年 9 月 30 日止九個月的收入同比增長 79%，增長得益於我們的空間系統產品和服務的發射和擴大。

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 年第三季度的 GAAP 和非 GAAP 毛利率分別為負 236% 和負 84% 的收入。相比之下，2020 年第三季度 GAAP 和非 GAAP 毛利率分別為負 18% 和負 14%。GAAP 和非 GAAP 毛利率受到非經常性 de-SPAC 相關股票的顯著影響補償費用和影響生產和發射操作、間接成本吸收和發射節奏的新西蘭 COVID 限制。我們將所有這些視為非經常性事件，因此表明第四季度指引中的盈利能力顯著上升，我們很快就會談到。

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 年第三季度的 GAAP 運營費用為 3990 萬美元，與 2020 年第三季度相比增加了 2890 萬美元，這受到非經常性與 SPAC 相關的股票薪酬費用對研發和 SG&A 的影響。此外，與去年同期相比，2021 年第三季度與非經常性收購相關的交易費用以及上市公司成本的影響顯著增加。扣除基於股票的薪酬費用後，研發投資的增長率幾乎是 SG&A 的同比增長率的兩倍，代表著對 TAM 擴大機會的持續積極優先投資。

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 年第三季度調整後的 EBITDA 虧損為 1750 萬美元，處於虧損 1700 萬美元至 2000 萬美元的指導範圍的低端。在第三季度，Vector Acquisition Corporation 與 de-SPAC 相關的多項獨特一次性費用包括與未償公開和私人持有的認股權證相關的 3450 萬美元的按市值計價認股權證費用，3150 萬美元的股票補償費用，我們的 Hercules 貸款利息費用 300 萬美元、折舊和攤銷費用 260 萬美元以及購置成本 700,000 美元的第一個全季度影響，被 170 萬美元的所得稅準備金福利略微抵消。

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.

第三季度的 GAAP 研發費用為 1420 萬美元，其中包括 600 萬美元的股票補償和約 400,000 美元的購買無形資產攤銷，產生 790 萬美元的非 GAAP 研發費用在 2021 年第三季度。

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，研發投資的同比增長率超過 SG&A 費用的 2 倍以上，主要是由於與我們的空間系統產品和服務、中子開發和持續支出相關的人員配備和原型費用增加關於我們的運載火箭自動飛行終止系統的開發工作。

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.

第三季度的 GAAP SG&A 費用為 2570 萬美元，其中包括 1760 萬美元的股票薪酬和 700,000 美元的收購成本，在 2021 年第三季度產生了約 740 萬美元的非 GAAP SG&A 費用。 SG&A 增加 190 萬美元主要是由於員工人數和相關勞動力費用、董事和高級職員保險以及其他新上市公司成本的增加。

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，我們從經營活動中消耗的現金流為 1330 萬美元，而該季度的經營虧損為 8800 萬美元，這反映出與 2020 年第三季度相比，現金消耗增加了 400 萬美元。現金消耗的增加是庫存增加 690 萬美元，預付款和其他流動資產增加 470 萬美元。這些在一定程度上被 5640 萬美元的非現金費用增加所抵消，主要是由上述基於股票的薪酬、認股權證費用、折舊和攤銷費用以及應收賬款產生的 900 萬美元現金和 [20 美元]來自遞延收入的百萬現金產生。

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 年第三季度投資活動消耗的現金為 570 萬美元，而 2020 年第三季度消耗的現金為 220 萬美元，由於幾個大型資本項目（包括投資擴大我們在長灘總部的實驗室設施，投資在 Launch Complex 1 的第二個發射台，以及我們在新西蘭的新綜合推進測試綜合體。

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消耗的現金總和被該期間融資活動產生的 7.044 億美元淨現金所抵消，導致截至 2021 年 9 月 30 日的現金和現金等價物以及受限現金為 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.

這一現金產生是由與 Vector Acquisition Corporation 的 de-SPAC 以及相關的 PIPE 融資產生的 7.305 億美元收益推動的。除了從行使員工股票期權中獲得的 200 萬美元收益和與遞延交易成本相關的 230 萬美元之外，這些收益在某種程度上被管理層回購的 3040 萬美元股票和期權所抵消。

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，公司的流動性資源能夠執行我們的戰略發展路線圖，包括開發我們的中子運載火箭和持續投資，以擴大我們的戰略空間系統解決方案的總體潛在市場。

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.

有了這個，讓我們轉向我們對 2021 年第四季度的指導。我們目前預計 2021 年第四季度的收入將在 2300 萬美元至 2500 萬美元之間，其中包括兩次專門的發布和來自 ASI 的部分季度貢獻。該收入指導不包括今天早些時候宣布的 PSC 的任何部分季度貢獻，預計將在 11 月份結束。

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 年第四季度 GAAP 和非 GAAP 毛利率分別為 13% 和 27%。 GAAP 毛利率預計增長 249%，這是由利潤率較高的空間系統收入、製造費用的吸收增加和發射節奏的增加以及非經常性第三季度捕穫後基於股票的薪酬下降的有利組合推動的涉及de-SPAC交易及限制性股票單位的相關會計處理。

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.

隨著我們繼續為戰略發展計劃提供資金，我們預計 2021 年第四季度 GAAP 運營費用將在 2400 萬美元至 2600 萬美元之間，非 GAAP 運營費用將在 1900 萬美元至 2000 萬美元之間（原文如此——見幻燈片 24，“2100 萬美元”）目標是在 2021 年及以後跨發射和太空系統實現強勁的收入增長，以及我們在業務中提供運營槓桿的目標。

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 購買價格會計的影響，與我們本月晚些時候首次推出的員工股票購買計劃相關的股票薪酬的任何影響，同樣，不包括任何今天早些時候宣布的即將收購 PSC 的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 年第四季度 GAAP 和非 GAAP 利息費用為 280 萬美元。鑑於對公允價值的要求，Vector Acquisition Corp 合併中假設的公開和私人持有的認股權證基於季度末的股價，我們無法估計這些低於線的 GAAP、其他收入和支出項目目前我們也無法預測外匯收益或損失。我們預計 2021 年第四季度調整後的 EBITDA 虧損將在 900 萬美元至 1100 萬美元之間。

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

有了這個，我想打開提問的電話。操作員？

(Operator Instructions). Erik Rasmussen, Stifel.

（操作員說明）。埃里克·拉斯穆森，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，感謝您提出問題，並祝賀本季度取得的進展。也許就你收購 ASI 而言，他們的收入貢獻是什麼？你能不能——然後你能不能就戰略原理髮表評論？也許只是我們應該如何考慮收購的類型。您剛剛宣布了 Planetary Systems，但您希望擴大業務時所針對的收購類型。

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。謝謝你的問題。這是亞當。因此，在收入方面，收購時的收入運行率約為每年 1000 萬美元。所以我會讓皮特談談這筆交易和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。一會兒。因此，我們希望在這裡進行的那種收購是我們使用過的、我們信任的、我們非常了解的技術，並且是同類產品中最好的。這是基本的。

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].

然後，當我們思考我們將如何在未來建立我們的業務以及我們將如何交付最終構建我們自己的基礎設施等等時，我們在這裡要做的是編譯所有的位如果您想一想，可以真正形成同類中最好的部分，例如我們可以部署的一系列功能，不僅可以在我們自己的系統中，也可以在其他系統中。因此，這對於企業在提供端到端解決方案 [和風格] 方面的最終長期收益非常重要。

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。然後可能只是與 BlackSky 和即將推出的兩次發布有關，顯然我們看到它是從 11 月開始推出的，看起來這在 17 日的軌道上。但是，當我們考慮今年剩餘的時間時，它可能會產生任何其他類型的影響。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 月的最後一個，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。所以這裡的計劃是在本季度發射這兩個 BlackSky 任務，結束這一年，這兩個任務，車輛都在發射場和其他航天器。

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.

我們在幾天前移動了發布——幾天前有幾個原因。一，我們在地面上看到了一個我們不喜歡的傳感器讀數；我們隨後對其進行了審查，正如我們所料，它什麼也沒有。而且它也給了我們更多的時間來準備直升機攔截。但在這個時間點，這是我們在本季度計劃的兩個任務，我們不太可能在本季度推動第三個任務。

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。然後也許僅就第四季度的前景來看，從 2300 萬美元到 2500 萬美元，看起來你今年的整體增長了 500 萬美元。 ASI 和收購與僅僅業務表現相比有多少？

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。你知道，埃里克，這真的有點——本季度有一些貢獻，ASI 在本季度有一些部分貢獻。我們沒有在我們提供的指導中為 PSC 加入任何內容。因此，如果您考慮一下 ASI 和其他公司的低個位數百萬貢獻，實際上，它來自核心有機業務。

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，顯然與第三季度相比，本季度的兩次發布明顯加快了發布。因此，如果您（技術難度）多數發射但太空系統很快就會在很大程度上縮小這一差距，因為我們去年所做的辛克萊收購的貢獻確實帶來了巨大的紅利，而且他們的業務看起來非常非常強大.

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

偉大的。謝謝。我會跳回隊列。

Colin Canfield, Barclays.

科林坎菲爾德，巴克萊。

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?

所以當我們考慮你的直升機攔截時，你能談談這對你的 Electron 成本回收有何影響嗎？

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。因此，電子運載火箭的絕大部分成本都在第一階段。在第一階段和大部分系統中顯然有九個引擎。所以我們現在成功地在每個階段濺落了多個，我們已經達到了這樣一個程度，我們可以[通過這種]氣氛到達階段，並在良好的狀態下將其接收到海洋中。

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.

直升機攔截確實使我們不會將其濺入水中。顯然，火箭發動機和火箭真的不愛海水。因此，它使我們能夠捕獲它，然後將其返回土地進行翻新。這顯然減少了相當多的工作量。當然，會有一些返工，但它減少了大量的工作。公平地說，到目前為止，我們還沒有將從可重複使用的系統中獲得的任何獎勵用於我們的任何數字。它只是蛋糕頂部的純奶油。

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?

知道了。當我們考慮中子的可重複使用性以及您為下一階段車輛採用的材料和燃料偏好時，如果您有任何偏好，您能否討論一下您是如何考慮的？

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。我們實際上要走了——我們將在適當的時候在這裡發布一個 Neutron 公告。但公平地說，我們從重新進入 Electron 中獲得的經驗——這對於告知我們如何設計和開發 Neutron 絕對至關重要。在沒有真正成功地重新進入火箭的情況下進入可重複使用的運載火箭計劃，這將是困難的。

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).

所以所有的航空數據、空氣熱數據和所有的程序——你實際上可以把火箭一體地穿過大氣層——絕對是至關重要的。所以那些教訓和知識都直接轉移到了中子計劃中，其實還不止這些（技術難度）。

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?

知道了。然後是我的最後一個問題，但也許你能談談你在小型衛星發射市場看到的定價和容量趨勢，以及客戶充分利用火箭實驗室車輛或類似產品的程度您的車輛的部分產能利用率在哪裡？

(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。彼得重新加入時，我會臨時回答這個問題。所以你知道，我認為如果你看看我們的任務，我們確實有一個很好的組合，我們稱之為你所期望的專門任務，例如對於美國政府客戶，它主要是專門的發射。對於一些商業客戶，我們看到了一個機會，基本上可以將我們所謂的主要乘車共享組合在一起，其中有一個主要的微型衛星來錨定發射，然後我們用立方體衛星或其他小型航天器來填充剩餘的容量。

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.

所以我現在要說，這可能是關於 - 我會說，如果你願意的話，可能有超過一半的業務是純粹的每次發射專用一顆衛星或一個客戶。例如，在 BlackSky 任務中，我們每次發射都放置了兩顆 BlackSky 衛星。因此，如果您考慮一下，單個客戶的發布可能仍然略多於一半，然後我們進行主要的拼車並將其與其他有效載荷混合的地方還不到一半。希望有幫助。

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.

我的意思是就定價趨勢而言，我想說我們看到市場上的定價相對穩定。一件事可能是我們業務中最令人鼓舞的趨勢，並且您可能已經通過我們的一些公告看到了我們正在獲得多項啟動交易的事實。

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.

因此，我們看到了一種早期的 - 在公司生命的早期，我們看到了很多探路者類型的一次性任務。現在我們開始看到重複的任務。皮特早些時候在電話會議中談到了我們如何看到經常性客戶。好吧，我們看到那些經常性客戶也簽署了多項啟動協議。

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.

因此，我認為這是一個令人鼓舞的跡象，表明市場正在繼續整體建設，我們將繼續跟進這些客戶的重複業務。所以我認為所有這些都非常支持這一點，因為我們現在看到的定價和數量趨勢。

Got it. Appreciate the time.

知道了。珍惜時間。

(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?

當我們試圖讓彼得回來時，我將從財務問題開始。您能否僅根據您可以提供的內容來回顧一下對 Planetary 交易的貢獻？還有在 ASI 上，你能說什麼關於保證金的事情嗎？

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。因此，我們現在沒有為我們的空間系統業務中的各個部分提供任何顏色。我們有點希望將其更多地保留在我們談論更高級別的收入和毛利率的宏觀細分市場。但從收入角度來看，ASI 和 PSC 之間的年運行率貢獻大致相同。因此，每家企業都大致在 1000 萬美元的運行率範圍內。

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.

而且我還要說，總體而言，各業務的利潤率也相當一致。所以它們的大小差不多。他們有相似的毛利率概況。我想說的是，這兩個業務的增長率可能有點不同，我想說的是，最終的利潤貢獻也有點不同，因為一個價格比其他。

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.

但是，總的來說，我認為它們有些相似。再一次，如果你考慮這兩者的結合，每年的收入貢獻約為 2000 萬美元。而且，利潤率非常——我們已經討論過太空系統的利潤率；他們在60點以北。這些業務與整體形像一致。

Okay. (multiple speakers).

好的。 （多個揚聲器）。

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——我猜是發射節奏。顯然，你必須推出一些產品，我認為，你本來希望在第四季度完成。您能否談談這是否意味著您可以在第一季度或上半年推出更多產品或恢復其中的一些產品——您在上半年推出的產品可能比您之前預期的更多，因為COVID鎖定的一種將一切都推開了。有沒有能力做到這一點？

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。所以我會先通過，然後皮特可以補充。所以我想說，說我們有一個非常健康的清單進入 2022 年上半年是一個公平的聲明。所以我認為我們面臨的挑戰真的將是，而不是在需求方面。這真的只是 - 我們必須繼續提高我們的生產率並從這個角度支持清單。

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.

但我會說肯定有——我們當然希望我們的業務處於啟動階段，隨著我們進入 2022 年，節奏會增加。所以，雖然我們沒有給出 2022 年的具體指導，但所有跡象和現在的偏見肯定是在 2022 年增加發射節奏。

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。我的意思是完全正確。我要補充的是，現在地板上有很多產品需要我們處理。新西蘭 COVID 的封鎖無疑阻礙了我們在本季度提供更多服務的能力。當然，要永遠記住的一件事是，在啟動業務中，我們有時——通常情況下會受到客戶準備情況的影響。

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.

所以只是想讓運載火箭檢查達到其目標，但當然，我們經常發現我們的客戶也經常[快速]四處走動。所以值得一點點 [清單下來] 以使所有內容對齊。但可以肯定的是，我們將推出很多產品。

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。而且我還要說，由於客戶要求盡快推出，所以現在的偏見是推遲推出日期。所以我認為這是我們看到業務發展方向的另一種跡象，並且有點像你的觀點，我們是否可以看到一些被壓抑的需求在發布中表現出來。隨著我們進入 2022 年，我們當然希望會是這樣。

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?

偉大的。我的最後一個問題——關於中子的長期問題。您能否討論一下潛力——或者如果您討論過人類任務，那會是什麼樣子，或者您可能與客戶討論過什麼？那裡有顏色嗎？

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.

當您談論載人航天時，有一小部分客戶，[顯然]並不是最大的。我們將始終與我們的客戶討論多項任務的方式——沒有什麼不同，包括載人航天。我們的重點是確保我們擁有載人航天飛行器，而不是在此時專注於那些特定的任務。也許當務之急是讓車輛上墊並確保它已準備好獲得認證和評級。

Okay, great. Thanks.

好，太棒了。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，非常感謝你，好季度。因此，許多其他較大的航天公司和航空航天公司都提到了供應商的延誤和 vax 指令的影響。雖然我知道你們是從新西蘭推出的，但我認為這可能會對你們的國內客戶產生一些影響。如果可以的話，請給我們一些顏色？

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.

確實。我的意思是（技術難度）我們正在管理供應鏈問題，但我們確實有很多庫存。因此，我們在將兩者聯繫起來方面相當成功。新西蘭面臨的挑戰之一是能否通過新西蘭的管理隔離設施讓客戶進入新西蘭。我認為我們在確保庫存方面非常成功。我們的客戶[也是]——直接通過那個（技術困難）工作，體驗他們在[成本膨脹]中的公平份額。亞當，也許你可以評論一下疫苗接種任務和對美國的影響。

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，你在那里分手了一點。所以我會稍微回顧一下他所說的話，蔡。到目前為止，我們很幸運，我們沒有任何真正的，稱之為嚴重的供應鏈限製或問題，因為皮特表示我們還攜帶大量庫存，大量原材料庫存。因此，我們已經能夠吸收任何原本會產生影響的影響。

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，最大的問題可能真的是讓人們進入新西蘭，對的，支持發射。因此，我們很幸運，本季度開始的兩項 BlackSky 任務已經在國內部署了航天器。它們已經集成在一起。因此，如果你願意的話，從這個角度來看，與 COVID 相關的航天器準備情況確實沒有風險。

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，當我們通過某種方式 - 我們已經擺脫了新西蘭的 4 級警報，我們能夠在那裡獲得全面的生產和啟動節奏支持。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。我會說你是——但我們非常期待在放寬 COVID 限制的情況下，讓我們的客戶更容易來支持他們在新西蘭的航天器。

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，我們非常渴望在我們的 Wallops 設施中投入運營，目前，我們一直在等待我們的自動飛行終止硬件在 NASA 軟件上的認證。已經很晚了。前段時間就預料到了。目前的預期是最早可以在今年年底完成，這將使我們能夠在 2022 年上半年開始從 LC2 和瓦勒普斯起飛的航班運營。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.

因此，這將使我們能夠進一步緩解有關旅行限制等問題。現在，就整體疫苗任務而言，我們再次看到從我們供應鏈的各個元素到這些事情的一些推動。但是，同樣，我們現在沒有從我們的任何供應鏈合作夥伴那裡得到任何跡象表明這將對支持我們的清單產生問題。

Austin Moeller, Canaccord.

奧斯汀穆勒，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?

偉大的季度，伙計們。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配對會使 Electron 作為星座發射器更具競爭力？

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

（多個揚聲器）。對不起，繼續。來吧，彼得。

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，我會繼續做的。在某些方面，Austin，電子（技術難度）非常適合非常小的星座，但它只是使用一次性或早期開發的星座。當然，在我們的組織中擁有 Planetary Systems 的產品組合使我們能夠通過交叉銷售和捆綁產品和服務來做非常有趣的事情。它還讓我們接觸到不是在 Electron 上發射的衛星。 PSC 分離系統用於整個行業的每輛運載火箭，我們將繼續為整個行業提供這種（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。然後，您設想必須在三個發射場（新西蘭的兩個和弗吉尼亞的一個）投資多少額外資金，才能使它們達到可以支持您在 132 次發射中討論的能力過去。現在是不是已經非常接近了，還是還有很多額外的資本需要投資？

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，那一側的 [我們的功能] 被激活，並且 LC1B 和 1A 發射台已經 - 發射台 A 顯然已經完成；啟動板 B 即將完成。這將為我們的所有發射提供足夠的發射能力[部分觀點]。任何將其提高到非常高的容量的額外容量，都需要額外的襯墊。但是這三個墊子確實為我們提供了巨大的發射能力，這不會在一段時間內限制我們。

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。我們幾乎完成了對這些啟動板的所有投資。我會說你可能正在尋找不到幾百萬美元的資金。所以它在宏偉的計劃中真的很小，這真的只是為了完成在 Mahia 中的 LC1B 打擊墊的操作。但是弗吉尼亞墊已經準備好了。它已經準備好一年多了，只是在等待美國宇航局的軟件認證。所以，是的，我們已經擁有了支持這種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。然後像俄羅斯人一樣——特別是像俄羅斯政府一樣，過去曾計劃嘗試用直升機捕捉墜落的火箭助推器。那麼你能談談是什麼讓你的助推器回收計劃與之前的直升機助推器回收計劃不同嗎？考慮到用直升機在半空中捕捉火箭的挑戰，你打算如何在那裡實現高成功率？

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，一點沒錯。我認為這在某種程度上是一種誤解。實際上，一旦你得到它，就抓住它正在下降的火箭——好吧，我們這次沒有得到產品（技術難度），但實際上並沒有那麼困難。我們做了很多的掉落系統，掉落系統的成功率已經接近100%。這是我們帶著兩架直升機出去的地方，放下一輛模擬車輛，然後另一架直升機追趕它並抓住它。

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.

所以我知道這聽起來像是最難的部分，但實際上最難的部分是通過地球大氣層重新進入它，控制它的軌跡並確保它保持在一個整體。所以這里程序的最後一部分是會合，我們認為這應該沒有問題。那麼我們預計在那之後不會出現非常困難的運行。我們認為最困難的部分實際上已經過去了。

Okay, great. Thank you for all the color.

好，太棒了。謝謝你所有的顏色。

Colin Canfield, Barclays.

科林坎菲爾德，巴克萊。

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?

從高層次上講，您能否簡單談談現金流走以及您將需要用於發動機開發和中子和星座計劃的新開發的現金？你認為最大的貢獻來自有機、債務和潛在股權之間的分配？

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.

所以我可以讓皮特談談推動它的技術里程碑等，但我們在進行 de-SPAC 流程和相關的 PIPE 融資等時預測了所有這些。而且我們相信我們在各個方面都為執行 Neutron 提供了過多的資金，並且確實還籌集了足夠的資金作為乾粉來執行 ASI 和 PSC 等其他機會。因此，您可以想像，推進力完全在我們的駕駛室內。我的意思是我們將 200 台電子盧瑟福發動機送入軌道。

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.

因此，每當您處理火箭科學時，顯然沒有什麼是微不足道的。但我們認為我們已經很好地確定了所需的資本投資。因此，我們不認為對於 Neutron 或我們路線圖中的其他任何東西會要求我們回到股票市場、債務市場或其他市場。再說一次，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 插嘴，多談談時間問題。

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。因此，我們接近 Neutron 的方式非常聰明，具有創新性。推進是一個領域，如果你想要一個可重複使用的運載火箭，你不想要一個完全受壓到極限的發動機。你想要一個在這方面有很大餘地的推進系統。所以每個人都在考慮 [with] Neutron 的推進力。這確實是我們的重點。

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，我認為當涉及到發動機循環內的創新和作為媒介的拉伸時，這不是我們承擔很大風險的領域。我們正在創新的這些其他領域的回報要大得多。正如亞當所說，我們覺得我們處於執行推進程序以及使用它的中子程序的有利位置。

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?

知道了。然後，如果你能談談你今天為未來的星座計劃所做的投資，無論你們是在競標頻譜，你在那裡放置的那種人才，還是你的其他知識產權資產'要追嗎？

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，看，我們想要建立基礎設施以及他們正在實施的所有這些和產品，以及能夠以非常創新的方式做到這一點所需的所有元素。在這一點上，我要說的是，我們不准備對我們可能追求的特定應用程序下注，而不是被迫追求任何特定應用程序。

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.

但我們顯然很感興趣地關注其他人在做什麼，就像我說的，對我們來說，現在最重要的是有條不紊地建立所有這些能力。作為供應商，我們可以為其他人的（技術難度）和星座做出貢獻。我們將繼續致力於我們認為未來的顛覆性機會。

Got it. Thanks for the color.

知道了。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.

所以我可能錯過了，但你為 ASI 支付了什麼？而且如您所知，RTX 除了收購 Blue Canyon 之外，還收購了科羅拉多州的軟件公司。你有沒有看到這一點，當你出去尋找收購時，他們是否與你競爭？我猜不是，但喜歡你對此的看法。

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.

所以我將評論ASI的購買價格。 ASI 是一筆 4500 萬美元的現金購買。然後我不能談論你提到的雷神公司的另一項收購。顯然，我們對收購 Blue Canyon 很熟悉，但我對其他軟件公司並不熟悉。

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非常容易接受 Rocket Lab 平台。我認為這就是它的真正意義所在。這是，你知道，我們發現我們是一個非常有吸引力的地方，創業工程師想稱之為家。我認為有——沒有敲定一些較大的潛在收購者，但這是一個非常不同的選擇，對，去一個大型的、成熟的黃金地段，或者你想成為一個稍微小一點的公司的一部分也許你可以通過你的努力產生更大的影響。

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.

所以我認為這對賣家來說是一種蘋果和橘子的選擇。這是賣方市場；毫無疑問。並且存在交易競爭。我認為我們非常有選擇性。我認為我們確實有一個健康的機會渠道，我們一直在評估這些機會。在這種情況下，您正在執行最後一次 - 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 - 似乎我們都在關注不同類型的資產。我想說的是，在我們正在研究的很多東西中，我們不一定會看到正面競爭，但對於我們帶入家庭的資產來說，肯定存在更廣泛的競爭。

(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.

（多個揚聲器）。蔡，我想你可以看到，在我們進行的收購中，在你購買之前非常嘗試。我們正在使用——就像我們實際移動項目和產品一樣，我們正在使用 ASI 軟件。我們一直在使用 PSC（技術難度）系統。因此，這些公司是我們熟知的，並且始終是其所在領域的領導者。所以這總是對收購有很強的[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。而且我認為更進一步，我認為我們可以 - 是的，蔡，我認為你也可以開始看到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，您會明顯看到我們正在提供發射服務。在許多情況下，我們以反應形式提供衛星組件，作為辛克萊的恆星跟踪器。在許多情況下，衛星使用 ASI 軟件。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，這個主題開始繼續發揮作用，我們開始獲得越來越多的內容。我們真的將其視為一個平台。這不是一次性的發射服務，也不是一次性的——實際上——是我們如何將所有部分組合在一起並提供真正的端到端解決方案，從而降低成本、增加——縮短上市時間。

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.

再說一次，我認為，當您開始將所有部分放在一起時，當您從我們正在執行的任務中看到時，不可否認的是，所有部分如何組合在一起以及如何導致收入增加我們服務的每個任務。因此，我認為我們都非常非常興奮這些交易的高潮所代表的意義，以及它如何為我們的模型提供大量的收入多樣性以及一些利潤率提升。再說一次，只是業務的擴展。所以我認為這是我們現在路線圖中令人興奮的部分。

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.

由於我們目前沒有進一步的問題，因此我現在將把任何結束意見交給彼得。

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，我要感謝所有參加今天電話會議的人。我們期待有機會提供有關我們業務的進一步更新，包括通過我們參加 11 月 19 日的瑞銀航空航天投資者會議、12 月 7 日的 Truist 證券工業會議和摩根士丹利航天峰會以及 Canaccord 新航天投資者12 月 9 日的會議。

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談，[另一個]令人興奮的進展[我們今天找到了我們的]業務。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，您現在可以斷開線路。謝謝大家，今天加入我們。