Rocket Lab USA Inc (RKLB) 2021 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's Rocket Lab Fourth Quarter 2021 Financial Results Conference Call. My name is Tamia, and I will be your moderator for today's call. (Operator Instructions)

下午好。感謝您參加今天的 Rocket Lab 2021 年第四季度財務業績電話會議。我的名字是 Tamia，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to our host, Gideon Massey, Financial Planning and Analyst Manager. Please go ahead.

我現在想將會議轉交給我們的主持人，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 Fourth Quarter and Full Year 2021 Financial Results. Today's call is being hosted by our founder and CEO, Peter Beck; and our Chief Financial Officer, Adam Spice. 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 的第四季度和 2021 年全年財務業績。今天的電話會議由我們的創始人兼首席執行官 Peter Beck 主持；和我們的首席財務官 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 the first quarter of 2022, including revenue in our principal target markets, GAAP and non-GAAP gross margins, GAAP and non-GAAP operating expenses, interest and other expense and adjusted 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 Services and Space Systems markets and opportunities for improved revenue across our target markets. These forward-looking statements involve substantial risks and uncertainty, including risks arising from competition, global trade and export restrictions, the impact of the COVID-19 pandemic, our dependence on a limited number of customers, average selling price trends and risks that our markets and growth opportunities may not develop as we currently expect and that our assumptions concerning these opportunities may prove incorrect.

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 2022 年第一季度的指導相關的陳述，包括我們主要目標市場的收入、GAAP 和非 GAAP 毛利率、GAAP 和非 GAAP營業費用、利息和其他費用以及調整後的 EBITDA。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，包括但不限於關於我們的發射服務和空間系統市場產生的機會以及提高目標市場收入的機會的陳述.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、COVID-19 大流行的影響、我們對有限數量客戶的依賴、平均售價趨勢和我們的市場風險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 is outlined in the Risk Factors section of our 2021 10-K filing, which will be filed on or before March 31, 2022, and the documents incorporated therein. Any forward-looking statements are made as of today, and Rocket Lab has no obligation to update or revise any forward-looking statements. The fourth quarter and full year 2021 earnings release is available on the Investor Relations section of our website at rocketlabusa.com.

我們將於 2022 年 3 月 31 日或之前提交的 2021 年 10-K 文件的風險因素部分概述了有關這些和其他可能影響前瞻性陳述的風險的更多信息，以及其中包含的文件。任何前瞻性陳述均在今天作出，Rocket Lab 沒有義務更新或修改任何前瞻性陳述。第四季度和 2021 年全年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 supplement measures exclude the effects of stock-based compensation expense, amortization of purchased intangible assets and other nonrecurring interest and other income expenses, net attributable to acquisitions, noncash income tax benefits and expenses and performance reserve escrow amortization.

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基於股票的補償費用、購買的無形資產和其他非經常性利息和其他收入費用的攤銷、可歸屬於收購的淨額、非現金所得稅優惠和費用以及績效儲備託管攤銷的影響。

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 activities, foreign exchange gains or losses, performance reserve escrows and other nonoperating income and loss, excluding interest expense related to debt, and other nonrecurring gains or losses. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations in our investors -- updated presentation available on our website.

我們還用調整後 EBITDA 的衡量標準來補充我們未經審計的歷史報表和前瞻性指引，其中對 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、績效儲備託管和其他非營業收入和損失，不包括與債務相關的利息費用和其他非經常性收益或損失。我們鼓勵投資者在我們的投資者中查看我們的 GAAP 和非 GAAP 演示文稿的詳細調節 - 我們的網站上提供了更新的演示文稿。

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 effects, and the effects of warrant expense related to customers and partners. 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 the 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.

由於與我們預測某些未來費用的能力相關的內在不確定性，我們不提供未來期間的非公認會計準則指導的調節，包括基於股票的補償及其相關的稅收影響，以及與客戶和相關的認股權證費用的影響夥伴。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 2 weeks.

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 2 週。

And now let me turn the call over to Peter Beck, Founder and CEO.

現在讓我把電話轉給創始人兼首席執行官彼得貝克。

Thanks very much, Gideon. And before I get going here, just want to confirm that flight 24, which we launched earlier today, deployed its payload and the mission is a success. So today's presenters are joining me to review Rocket Lab's business highlights and final financial results for the fourth quarter and 2021 year. Joining me on today's call is Chief Financial Officer, Adam Spice.

非常感謝，吉迪恩。在我開始之前，我只想確認我們今天早些時候發射的 24 號航班已經部署了它的有效載荷並且任務是成功的。因此，今天的演講者將與我一起回顧 Rocket Lab 第四季度和 2021 年的業務亮點和最終財務業績。與我一起參加今天電話會議的是首席財務官 Adam Spice。

So the agenda today, today I will be taking you through our key business accomplishments for the fourth quarter and full year 2021. And Adam will be covering off the financial highlights and outlook, sharing our up and coming conference schedule. And of course, we'll have plenty of time for some Q&A.

所以今天的議程，今天我將帶您了解我們在 2021 年第四季度和全年的主要業務成就。亞當將介紹財務亮點和前景，分享我們即將到來的會議日程。當然，我們將有足夠的時間進行一些問答。

So firstly, let's start with a bit of a review of our key accomplishments in 2021. I think this slide speaks for itself, but I will touch on a key point. Despite all the challenges created by the ongoing pandemic, including stringent border restrictions and picking up operations at our New Zealand launch site in particular, we still managed to launch 6 Electron missions in 2021. As such, Electron retains the title of the second most frequently launched U.S. rocket. Beyond launch, the breadth and scope of our achievements across geographic regions, space application and customers is very encouraging to me, and there's so much more to come.

因此，首先，讓我們先回顧一下我們在 2021 年取得的主要成就。我認為這張幻燈片不言自明，但我會談到一個關鍵點。儘管持續的大流行帶來了所有挑戰，包括嚴格的邊境限制和特別是在我們新西蘭發射場的接載作業，我們仍然設法在 2021 年發射了 6 次 Electron 任務。因此，Electron 保留了第二頻繁的頭銜發射美國火箭。除了發射之外，我們在地理區域、空間應用和客戶方面取得的成就的廣度和範圍對我來說非常鼓舞人心，而且還有更多的未來。

So Q4 highlights. In Q4, I'm very pleased that we're able to welcome Advanced Solutions Inc., or ASI, and Planetary Systems Corporation, PSC, into the Rocket Lab's family and portfolio of solutions and announced the intent to acquire SolAero Technologies, which ultimately closed in Q1 2022. Not only do these teams provide decades of industry experience and industrial-leading technology. Culturally, these companies have great leadership teams that will provide value to Rocket Lab for the years to come.

所以第四季度的亮點。在第四季度，我很高興我們能夠歡迎 Advanced Solutions Inc. (ASI) 和 Planetary Systems Corporation (PSC) 加入 Rocket Lab 的家族和解決方案組合，並宣布有意收購 SolAero Technologies，最終於 2022 年第一季度關閉。這些團隊不僅提供了數十年的行業經驗和行業領先的技術。從文化上講，這些公司擁有出色的領導團隊，他們將為 Rocket Lab 未來幾年提供價值。

While all of this was happening, we still had a business to run, and we're able to launch civil rockets to complete our third ocean recovery of our Electron booster, inching closer to 4 reusable Electron launch and signing some significant contracts and achieving some very good project milestones.

雖然這一切都在發生，但我們仍然有生意可做，我們能夠發射民用火箭來完成我們的電子助推器的第三次海洋回收，接近 4 次可重複使用的電子發射，並簽署了一些重要合同並實現了一些非常好的項目里程碑。

Backlog. This is the best slide. So in 2021, saw a significant uptick in our backlog, and that has continued into 2022. At December 31, 2020, our backlog stood at $82 million. And we ended December 31, 2021, at $241 million. And today, our backlog stands at over $0.5 billion at $545 million, representing a $463 million increase in our total backlog since the end of 2020. And backlog to us are confirmed customers and contracts signed.

積壓。這是最好的幻燈片。因此，在 2021 年，我們的積壓訂單顯著增加，這種情況一直持續到 2022 年。截至 2020 年 12 月 31 日，我們的積壓訂單為 8200 萬美元。截至 2021 年 12 月 31 日，我們的收入為 2.41 億美元。而今天，我們的積壓超過 5 億美元，達到 5.45 億美元，自 2020 年底以來我們的總積壓增加了 4.63 億美元。積壓給我們的是確認的客戶和簽訂的合同。

We've seen bookings strengthen across every major product in the company, including Electron launch contracts, government study contracts, interplanetary Photon satellites, overall debris removal programs, massive demonstration missions that include Photon satellites and numerous Rocket Lab satellite components and software sales spanning a global customer base. These customers include the U.S. government, foreign governments, universities and commercial customers and constellation operators.

我們已經看到公司每個主要產品的預訂量都在增加，包括電子發射合同、政府研究合同、行星際光子衛星、整體碎片清除計劃、包括光子衛星和眾多火箭實驗室衛星組件和軟件銷售在內的大規模演示任務。全球客戶群。這些客戶包括美國政府、外國政府、大學和商業客戶以及星座運營商。

I do want to take a moment to state how incredibly proud I am to see all of the use cases we are filing for our technology and high-value missions we are enabling with our suite of products and services. I had a vision for Rocket Lab many years ago that it would become an end-to-end space company, delivering best-in-class technology and services spanning the entire space economy. While Rocket Lab is still in the early stages of this strategy, it's very exciting to see that strategy start to bear fruit.

我確實想花一點時間來說明我是多麼自豪地看到我們為我們的技術和高價值任務提交的所有用例通過我們的產品和服務套件實現。多年前，我對 Rocket Lab 的願景是，它將成為一家端到端的太空公司，在整個太空經濟領域提供一流的技術和服務。雖然 Rocket Lab 仍處於該戰略的早期階段，但看到該戰略開始開花結果令人非常興奮。

As I mentioned in the past slide, Q4 2021 saw 2 successful Electron launches -- sorry, as mentioned in prior slide, 2021 saw successful Electron launches, bringing our total to 6 launches for 2021. Rocket Lab has now deployed 109 satellites across 23 Electrons launched. And if you want to include today as well, 110 and 24.

正如我在上一張幻燈片中提到的，2021 年第四季度成功發射了 2 次 Electron ——抱歉，如上一張幻燈片中所述，2021 年成功發射了 Electron，使我們在 2021 年的發射總數達到 6 次。Rocket Lab 現在已經在 23 個 Electron 中部署了 109 顆衛星推出。如果你也想包括今天，110 和 24。

So we stated that part of our strategy after entering the public markets would be to further expand our vertical integration in the Space Systems, manufacturing and greater Space Systems supply chain ecosystem. We've executed on that strategy, as evidenced by the acquisition of ASI, PSC and SolAero.

因此，我們表示，進入公共市場後，我們的部分戰略將是進一步擴大我們在太空系統、製造和更大的太空系統供應鏈生態系統中的垂直整合。我們已經執行了這一戰略，收購 ASI、PSC 和 SolAero 就是明證。

As a quick refresher, ASI is based in Littleton, Colorado, the nation's second-largest aerospace economy. And they develop industry-leading off-the-shelf flight software and guidance mitigation and control systems. ASI's MAX flight software has been operating across more than 45 spacecraft for a cumulative 135 years in space. ASI's customers include leading aerospace prime contractors, the U.S. Air Force, U.S. DoD organizations, NASA and commercial spacecraft developers.

快速回顧一下，ASI 位於美國第二大航空經濟體科羅拉多州利特爾頓。他們還開發了行業領先的現成飛行軟件和製導緩解和控制系統。 ASI 的 MAX 飛行軟件已在超過 45 艘航天器上運行，累計在太空中運行了 135 年。 ASI 的客戶包括領先的航空航天總承包商、美國空軍、美國國防部組織、NASA 和商業航天器開發商。

In Q4, we also acquired PSC, a Maryland-based provider of mechanical separation systems and satellite dispensers with 100% mission success heritage to date across more than 100 missions.

在第四季度，我們還收購了 PSC，這是一家位於馬里蘭州的機械分離系統和衛星分配器供應商，迄今為止在 100 多項任務中擁有 100% 的任務成功傳統。

Moving on to SolAero Technologies based in Albuquerque, New Mexico. SolAero is a premier supplier of space solar power products and precision aerospace structures for the global aerospace market. Acquiring SolAero brought the world's largest production line of high-performing space solar cells into the Rocket Lab business. SolAero's solar cells, solar panels and composite structure products have supported more than 1,000 successful space missions with, once again, 100% reliability and mission success to date. Over the past 2 decades, SolAero's products have played key roles in some of the industry's most ambitious space missions, including supplying power to NASA's Parker Solar Probe and Mars Insight Lander, the larger solar array ever to be deployed on the surface of Mars, and several Cygnus cargo resupply missions to the International Space Station to mention just a few.

轉到位於新墨西哥州阿爾伯克基的 SolAero Technologies。 SolAero 是面向全球航空市場的太空太陽能產品和精密航空結構的主要供應商。收購 SolAero 將世界上最大的高性能太空太陽能電池生產線帶入 Rocket Lab 業務。 SolAero 的太陽能電池、太陽能電池板和復合結構產品已支持 1,000 多次成功的太空任務，迄今為止再次實現了 100% 的可靠性和任務成功。在過去的 20 年裡，SolAero 的產品在一些業內最雄心勃勃的太空任務中發揮了關鍵作用，包括為美國宇航局的帕克太陽探測器和火星洞察著陸器供電，這是有史以來部署在火星表面的更大的太陽能電池陣列，以及天鵝座向國際空間站進行了幾次貨物補給任務，僅舉幾例。

These 3 strategic acquisitions joined Sinclair Interplanetary, which we acquired in April 2020. Later in the presentation, I'll spend some time discussing the positive impact of these acquisitions and the capabilities that we have now brought in-house.

這 3 項戰略收購加入了我們於 2020 年 4 月收購的 Sinclair Interplanetary。在演示文稿的稍後部分，我將花一些時間討論這些收購的積極影響以及我們現在內部帶來的能力。

Acquisition strategy, I love the slide as it highlights the breadth of Rocket Lab's capabilities, and we have -- and that we've rapidly developed over the past few years, spanning nearly the entire space ecosystem and proving that Rocket Lab is a leading provider of end-to-end space solutions. Investments, both organically and inorganically, allow Rocket Lab to capture value from almost every active mission and whatever phase the mission is in. We're seeing this in our internal business development meetings as we -- as it can be seen in the backlog growth we have experienced in 2021, and that has continued into 2022.

收購戰略，我喜歡這張幻燈片，因為它突出了 Rocket Lab 能力的廣度，而且我們已經 - 並且我們在過去幾年中迅速發展，幾乎涵蓋了整個太空生態系統，並證明 Rocket Lab 是領先的供應商端到端的空間解決方案。投資，無論是有機的還是無機的，都讓 Rocket Lab 能夠從幾乎每一個活躍的任務以及任務所處的任何階段中獲取價值。我們在內部業務發展會議上看到了這一點，正如我們在積壓的增長中所看到的那樣我們在 2021 年經歷過，並且一直持續到 2022 年。

From the James Webb Space Telescope to ISS resupply missions, mega constellations or cutting-edge defense industry satellites, Rocket Lab's products and services can be seen almost everywhere. In 2021, our technology was included in 38% of all launches in 2021. And we have over 220 missions and development through the launch and spacecraft programs across almost every sector of the rapidly growing space economy. These missions include NASA, European Space Agency, Japan Aerospace Exploration Agency, or JAXA, Department of Defense, commercial constellation operators and prime contractors.

從詹姆斯韋伯太空望遠鏡到國際空間站補給任務、巨型星座或尖端國防工業衛星，幾乎隨處可見 Rocket Lab 的產品和服務。 2021 年，我們的技術在 2021 年的所有發射中佔 38%。我們通過發射和航天器計劃完成了 220 多項任務和開發，幾乎涵蓋了快速增長的太空經濟的每個領域。這些任務包括美國宇航局、歐洲航天局、日本宇宙航空研究開發機構或 JAXA、國防部、商業星座運營商和主要承包商。

In addition to Rocket Lab's expanding products and services and technologies, Rocket Lab's footprint is also expanded. With the recent acquisition closed, Rocket Lab now has locations across 5 different states in the United States as well as 3 locations in New Zealand and 1 location in Toronto, Canada. This expanded footprint has enabled Rocket Lab to attract and recruit some of the smartest people in the space industry to help guide and shape our programs. And I see this as a really strategic long-term differentiator from our peers.

除了 Rocket Lab 不斷擴展的產品和服務和技術，Rocket Lab 的足跡也在不斷擴大。隨著最近的收購完成，Rocket Lab 現在在美國 5 個不同的州以及新西蘭的 3 個地點和加拿大多倫多的 1 個地點設有辦事處。這種擴大的足跡使 Rocket Lab 能夠吸引和招募一些航天工業中最聰明的人來幫助指導和塑造我們的計劃。我認為這是與我們同行的真正戰略性長期差異化因素。

It seems like years ago that Rocket Lab completed the successful de-SPAC merger with our partner, Vector Acquisition Corporation. But it was such a watershed moment in Rocket Lab's history and has and will continue to enable considerable growth into the future for Rocket Lab. We could not be happier with our -- to work with Vector and who really turned out to be the perfect partner for Rocket Lab. This has unlocked considerable amount of opportunities for Rocket Lab and will continue to do so. And I could not be happier with really how things have gone in the last 6 months.

似乎幾年前，Rocket Lab 與我們的合作夥伴 Vector Acquisition Corporation 成功完成了 de-SPAC 合併。但這是 Rocket Lab 歷史上的一個分水嶺，已經並將繼續為 Rocket Lab 的未來帶來可觀的增長。我們對與 Vector 合作感到非常高興，而 Vector 確實是 Rocket Lab 的完美合作夥伴。這為 Rocket Lab 釋放了大量機會，並將繼續這樣做。我對過去 6 個月的實際情況感到非常高興。

We've also signed and continue to sign a large number of multi-launch agreements. So Electron really continues to distinguish itself in the industry, leading small launch vehicles with multiple -- multi-launch deals signed across commercial constellation operators. Customers are choosing Electron as a reliable, dedicated launch solution that will place their assets on or above where and when they need them to ensure the highest long-term value and quickest path to revenue for their world-changing technology.

我們還簽署並繼續簽署大量多發射協議。因此，Electron 確實繼續在行業中脫穎而出，引領小型運載火箭與商業星座運營商簽署的多項多發射協議。客戶選擇 Electron 作為可靠、專用的發布解決方案，將他們的資產放置在他們需要的地方或之上，以確保他們改變世界的技術獲得最高的長期價值和最快的收入途徑。

In the midst of everything else Rocket Lab accomplished in 2021, the Neutron program remains on track. Rocket Lab remains committed to becoming a launch provider for the National Security Space Launch or NSSL program, which launches the U.S.'s most critical missions, as well as becoming the constellation building workhorse across a broader government and commercial sector -- operators.

在火箭實驗室在 2021 年完成的所有其他工作中，中子計劃仍在進行中。 Rocket Lab 仍然致力於成為國家安全太空發射或 NSSL 計劃的發射提供商，該計劃發射美國最關鍵的任務，並成為更廣泛的政府和商業部門——運營商——的星座建設主力。

With 2 Electron first-stage recovery successfully completed in 2021, the foundation has been laid for the first mid-air launch recovery attempt, which will occur very soon in 2022. Full Stage 1 recovery is important to enabling greater launch cadence and also lowering Electron's cost per mission.

隨著 2 Electron 第一階段回收在 2021 年成功完成，為第一次空中發射回收嘗試奠定了基礎，這將很快在 2022 年進行。完整的第一階段回收對於實現更大的發射節奏和降低 Electron 的每個任務的成本。

In August 2021, our ESCAPADE program passed the key NASA mission review, moving the mission into the next phase with a target launch readiness date of October 2024. This mission is in partnership with UC Berkeley's Space Sciences Laboratory, and it will put 2 Photon spacecraft into the atmosphere of Mars to study its magnetosphere. The mission will leverage Sinclair, PSC, ASI, SolAero and Rocket Lab organic products and services, helping provide a really low-cost solution with considerably less supply chain risk than traditional programs.

2021 年 8 月，我們的 ESCAPADE 計劃通過了 NASA 的關鍵任務審查，將任務推進到下一階段，目標發射準備日期為 2024 年 10 月。該任務與加州大學伯克利分校的空間科學實驗室合作，它將放置 2 個光子航天器進入火星大氣層研究其磁層。該任務將利用 Sinclair、PSC、ASI、SolAero 和 Rocket Lab 有機產品和服務，幫助提供真正低成本的解決方案，與傳統項目相比，供應鏈風險大大降低。

Lastly, for 2021 accomplishments, it's important to highlight the diverse and high-quality new and repeat customer base that Rocket Lab is establishing and supporting across our equally diverse products and service offerings.

最後，對於 2021 年的成就，重要的是要強調 Rocket Lab 在我們同樣多樣化的產品和服務產品中建立和支持的多樣化和高質量的新客戶群和回頭客群。

So now I just want to discuss a few additional accomplishments that Rocket Lab has achieved post the end the fiscal year 2021. Well, this week, we announced in collaboration with MDA and Globalstar a $143 million contract to design and manufacture 17 satellites for Globalstar with the option for 9 more. This contract reflects a deliberate and well-resourced strategy to grow Rocket Lab's Space Systems business and deepen our value proposition beyond launch and into complete end-to-end space mission solution. Rocket Lab is awarded this contract over established Tier 1 prime contractors in a highly competitive bid process.

所以現在我只想討論 Rocket Lab 在 2021 財年結束後取得的一些額外成就。好吧，本週，我們與 MDA 和 Globalstar 合作宣布了一份價值 1.43 億美元的合同，為 Globalstar 設計和製造 17 顆衛星。還有 9 個選項。該合同反映了一項深思熟慮且資源充足的戰略，旨在發展 Rocket Lab 的太空系統業務，並將我們的價值主張從發射深化到完整的端到端太空任務解決方案。 Rocket Lab 在競爭激烈的投標過程中與已建立的一級總承包商簽訂了這份合同。

Important to say, these are not CubeSats, these are large, complex 500-kilogram spacecraft, meeting the stringent customer requirements for designing and building this constellation that required demonstrating that Rocket Lab has the expansive facility, expertise and embedded supply chain capabilities to deliver on such a complex mission.

重要的是，這些不是 CubeSat，它們是大型、複雜的 500 公斤航天器，滿足客戶設計和建造這個星座的嚴格要求，需要證明 Rocket Lab 擁有廣泛的設施、專業知識和嵌入式供應鏈能力來交付如此復雜的任務。

To deliver this spacecraft and establish long-term capabilities for spacecraft manufacturing at scale, we are building out a state-of-the-art spacecraft manufacturing facilities at our Long Beach headquarters and production complex. Feeding into this are the components and subsystems created by Rocket Lab's recently acquired companies. This deep level of vertical integration offers our customers schedule security and really attractive pricing.

為了交付這種航天器並建立大規模航天器製造的長期能力，我們正在我們的長灘總部和生產基地建設最先進的航天器製造設施。 Rocket Lab 最近收購的公司創建的組件和子系統對此進行了補充。這種深度的垂直整合為我們的客戶提供了日程安排的安全性和極具吸引力的定價。

When we first announced plans to become a public company, we underpinned our Space Systems strategy with one simple aspiration: everything that goes to space should have a Rocket Lab logo on it. Today, we've made great progress on that strategy with our organically -- with our organically developed technology and via acquisition. Rocket Lab now delivers multiple parts of the launch and satellite supply chain, enabling us to offer schedule security and attractive pricing. We operate state-of-the-art facilities and have 1,200 strong global team and a robust supply chain now in place to deliver spacecraft and component manufacturing at scale to meet growing demand. The MDA contract is just one 1 example of the strategy now in play.

當我們第一次宣布成為一家上市公司的計劃時，我們以一個簡單的願望支持我們的 Space Systems 戰略：進入太空的所有東西都應該有 Rocket Lab 的標誌。今天，我們通過我們的有機——通過我們有機開發的技術和通過收購，在這一戰略上取得了很大進展。 Rocket Lab 現在提供發射和衛星供應鏈的多個部分，使我們能夠提供時間表安全性和有吸引力的價格。我們擁有最先進的設施，擁有 1,200 名強大的全球團隊和強大的供應鏈，現在可以大規模交付航天器和組件製造，以滿足不斷增長的需求。 MDA 合約只是目前正在實施的策略的一個例子。

Since the end of the fiscal year 2021, Rocket Lab has also been selected by NASA to be part of the beta program, which unlocks up to $300 million in potential launch services and revenue across 12 different launch providers of which Rocket Lab is one of them. We began the development of a new Space Systems complex. So last month, we announced a dramatic expansion with our new Space Systems complex in Littleton, Colorado to support the growing customer demand for flight software, mission simulation and Guidance, Navigation and Control services. When we made the decision to acquire ASI, the Littleton, Colorado location was viewed as a strategic geographical location, and this investment signifies our view.

自 2021 財年結束以來，Rocket Lab 也被 NASA 選為 beta 計劃的一部分，該計劃為 12 家不同的發射提供商提供高達 3 億美元的潛在發射服務和收入，Rocket Lab 就是其中之一.我們開始開發新的空間系統綜合體。因此，上個月，我們宣布對位於科羅拉多州利特爾頓的新 Space Systems 綜合體進行大幅擴張，以支持客戶對飛行軟件、任務模擬以及製導、導航和控制服務不斷增長的需求。當我們決定收購 ASI 時，科羅拉多州利特爾頓的位置被視為戰略地理位置，而這項投資表明了我們的觀點。

Last week, we announced bringing on a third launch pad to operational status. And today, we've well and truly proven that, representing the second launch pad at our Launch Complex 1. This essentially doubles our launch capacity and allows us to meet the growing demand for Electron launch services.

上週，我們宣布將第三個發射台投入運營。今天，我們已經很好地證明了這一點，它代表了我們發射綜合體 1 的第二個發射台。這基本上使我們的發射能力翻了一番，並使我們能夠滿足對電子發射服務不斷增長的需求。

After a considerable deliberation, we are excited to have chosen the state of Virginia for our Neutron launch site and production complex. The Commonwealth of Virginia came forward with a very attractive offer that we can't turn down and with considerable investment incentives both in infrastructure and operational system improvement at the Mid-Atlantic Regional Spaceport to enable Neutron launch and production needs. So Neutron is officially basing itself at Wallops out in Virginia.

經過深思熟慮，我們很高興選擇弗吉尼亞州作為我們的中子發射場和生產綜合體。弗吉尼亞聯邦提出了一個我們無法拒絕的非常有吸引力的提議，並在中大西洋地區太空港的基礎設施和運營系統改進方面提供了相當大的投資激勵措施，以實現中子發射和生產需求。因此，Neutron 正式將基地設在弗吉尼亞州的 Wallops。

So with that, I'll hand over the call to Adam Spice, our Chief Financial Officer. Adam over to you.

因此，我將把電話轉給我們的首席財務官 Adam Spice。亞當交給你。

Great. Thanks, Pete. I'll first review our fourth quarter and full year 2021 results and then discuss our outlook for Q1 2022.

偉大的。謝謝，皮特。我將首先回顧我們 2021 年第四季度和全年的業績，然後討論我們對 2022 年第一季度的展望。

Fourth quarter 2021 revenue was $27.5 million, with $1.7 million of revenue contribution coming from a partial quarter of PSC, which was not included in the guidance for Q4. Net of this, revenue was $25.8 million, slightly above the high end of our prior guidance range. Revenue in the fourth quarter included 2 successful BlackSky global launches, consistent with prior guidance. Space Systems saw strength across both service contracts and Sinclair components as well as partial quarter contribution for ASI and the aforementioned PSC acquisition. Full year 2021 revenue was $62.2 million, with 63% or $39 million coming from Launch Services and 37% or $23.2 million coming from Space Systems. Overall, our revenue grew by 77% year-on-year, with Launch Services growing 18% year-on-year and Space Systems growing 14-fold year-on-year.

2021 年第四季度的收入為 2750 萬美元，其中 170 萬美元的收入貢獻來自 PSC 的部分季度，這未包含在第四季度的指導中。扣除這些，收入為 2580 萬美元，略高於我們之前指導範圍的高端。第四季度的收入包括 2 次成功的 BlackSky 全球發布，與之前的指導一致。 Space Systems 在服務合同和 Sinclair 組件以及對 ASI 和上述 PSC 收購的部分季度貢獻中都看到了實力。 2021 年全年收入為 6220 萬美元，其中 63% 或 3900 萬美元來自發射服務，37% 或 2320 萬美元來自太空系統。總體而言，我們的收入同比增長 77%，發射服務同比增長 18%，Space Systems 同比增長 14 倍。

GAAP and non-GAAP gross margins for the fourth quarter of 2021 were 24% and 36%, respectively. This was better than the Q4 guidance on a GAAP and non-GAAP basis, driven by lower-than-expected launch costs as well as by positive revenue mix of higher-profit Space Systems products and services. This compares to GAAP and non-GAAP gross margins of negative 236% and negative 84%, respectively, in the third quarter of 2021, which were significantly impacted by a onetime catch-up related to stock-based compensation charges triggered by the de-SPAC transaction as well as COVID restrictions in New Zealand and the related impacts on our launch rate and overhead absorption in the prior Q3 2021 period. Gross margins for the full year 2021 were negative 3% and positive 16%, respectively.

2021 年第四季度的 GAAP 和非 GAAP 毛利率分別為 24% 和 36%。這比基於 GAAP 和非 GAAP 的第四季度指引要好，這是由於發射成本低於預期以及利潤較高的 Space Systems 產品和服務的積極收入組合推動的。相比之下，2021 年第三季度的 GAAP 和非 GAAP 毛利率分別為負 236% 和負 84%，這受到了與股票薪酬費用相關的一次性追趕的顯著影響。 SPAC 交易以及新西蘭的 COVID 限制以及對我們在 2021 年第三季度之前的啟動率和開銷吸收的相關影響。 2021 年全年的毛利率分別為負 3% 和正 16%。

Launch Services GAAP and non-GAAP gross margins were 1% and 6% in the fourth quarter, respectively, versus a negative [1,371%] and negative 668% in Q3 of 2021. For full year 2021, Launch Services GAAP and non-GAAP gross margins were negative 38% and negative 15%, respectively, and showed a positive trend as we exited the year. The improvement in gross margin in the fourth quarter of 2021 was a result of higher Electron build rates.

Launch Services GAAP 和非 GAAP 毛利率在第四季度分別為 1% 和 6%，而 2021 年第三季度為負 [1,371%] 和負 668%。對於 2021 年全年，Launch Services GAAP 和 non-GAAP毛利率分別為負 38% 和負 15%，並在我們退出這一年時呈現出積極的趨勢。 2021 年第四季度毛利率的提高是電子製造率提高的結果。

Space Systems GAAP and non-GAAP gross margins were 48% and 67% in the fourth quarter, respectively, versus 71% and 73% in Q3 of 2021. For full year 2021, Space Systems GAAP and non-GAAP gross margins were 56% and 68%, respectively.

第四季度 Space Systems GAAP 和非 GAAP 毛利率分別為 48% 和 67%，而 2021 年第三季度為 71% 和 73%。2021 年全年，Space Systems GAAP 和非 GAAP 毛利率為 56%和 68%，分別。

Turning to operating expenses. GAAP operating expenses for the fourth quarter of 2021 were $31 million, which was approximately $6 million higher than prior guidance, driven by unforecasted purchase price intangible amortization expenses related to the acquisitions of ASC (sic) [ASI] and PSC with 700k -- of $700,000, with stock-based compensation related to PSC of $800,000, performance-based escrow revest related to ASI of $1.8 million, a onetime stock-based compensation bonus related to certain R&D and production milestones as well as costs associated with our employee share purchase plan of $800,000 and $1.8 million in higher-than-anticipated deal-related fees and expenses from acquisition activity in the quarter.

轉向運營費用。 2021 年第四季度的 GAAP 運營費用為 3100 萬美元，比之前的指引高出約 600 萬美元，原因是與以 70 萬美元收購 ASC (sic) [ASI] 和 PSC 相關的未預測購買價格無形攤銷費用—— 700,000 美元，其中與 PSC 相關的股票薪酬為 800,000 美元，與 ASI 相關的基於績效的託管撤銷為 180 萬美元，與某些研發和生產里程碑相關的一次性股票薪酬獎金以及與我們的員工股票購買計劃相關的成本本季度收購活動產生的 800,000 美元和 180 萬美元高於預期的交易相關費用和支出。

Full year 2021 GAAP operating expenses were $100.2 million compared to $43.1 million in 2020. The step-up in 2021 operating expenses were $100.2 million compared to -- sorry, the step-up in 2021 as compared to 2020 was primarily driven by higher prototyping spend and staff costs targeting the broadening out of our Space Systems products and services and the development of our Neutron launch vehicle as well as higher public company spending related to our audit and professional services, staff costs and director and officers insurance premiums.

2021 年全年 GAAP 運營費用為 1.002 億美元，而 2020 年為 4310 萬美元。與 2021 年相比，2021 年運營費用增加了 1.002 億美元——抱歉，與 2020 年相比，2021 年的增加主要是由於原型設計支出增加和員工成本，目標是擴大我們的空間系統產品和服務，開發我們的中子運載火箭，以及與我們的審計和專業服務、員工成本以及董事和高級職員保險費相關的更高的上市公司支出。

Non-GAAP operating expenses for the fourth quarter of 2021 were $20.4 million, in line with fourth quarter guidance. Full year 2021 non-GAAP operating expenses were $62.3 million versus $38.4 million in 2020. We will continue to aggressively invest in TAM expanding product initiatives that we believe will strengthen our competitive positioning as an end-to-end space company as well as scaling our public company infrastructure.

2021 年第四季度的非公認會計原則運營費用為 2040 萬美元，符合第四季度的指導。 2021 年全年非 GAAP 運營費用為 6230 萬美元，而 2020 年為 3840 萬美元。我們將繼續積極投資於 TAM 擴展產品計劃，我們相信這將加強我們作為端到端太空公司的競爭地位，並擴大我們的上市公司基礎設施。

Moving to the consolidated statement of operations and income and adjusted EBITDA. Q4 2021 adjusted EBITDA loss was $8.5 million, which was $1.5 million better than the midpoint of our Q4 guidance range, driven by the previously mentioned outperformance relative to revenue and margin in the quarter. Primary adjustments and reconciling Q4 GAAP net income to adjusted EBITDA included mark-to-market warrant income of $24.1 million related to the outstanding publicly and privately traded warrants, which were subsequently redeemed on January 31, 2022; income tax provision benefit of $6.1 million; depreciation and amortization of $4.1 million the full quarter impact of our Hercules loan interest expense of $2.8 million; performance-based escrow revest of $1.9 million; acquisition costs of $1.8 million; and $0.2 million of FX-related expenses.

轉到合併運營和收入報表以及調整後的 EBITDA。 2021 年第四季度調整後的 EBITDA 虧損為 850 萬美元，比我們第四季度指導範圍的中點高出 150 萬美元，這是由於前面提到的相對於本季度收入和利潤率的優異表現。主要調整和調整 Q4 GAAP 淨收入與調整後 EBITDA 包括與未償還的公開和私人交易認股權證相關的 2410 萬美元的按市值計價認股權證收入，這些認股權證隨後於 2022 年 1 月 31 日贖回； 610萬美元的所得稅準備金；折舊和攤銷 410 萬美元，我們 Hercules 貸款利息支出 280 萬美元的整個季度影響； 190 萬美元的基於績效的託管回扣；購置成本 180 萬美元； 20 萬美元的外匯相關費用。

GAAP R&D expense was $12 million for the fourth quarter, which included stock-based compensation of $3 million and amortization of purchased intangibles of $1 million, yielding $8 million of non-GAAP R&D expense for the fourth quarter of 2021. Growth in R&D spend continues to be driven largely by increased staffing and prototyping expenses related to our Space Systems products and services, Neutron development and continued spend on our launch vehicle automated flight termination systems development efforts.

第四季度的 GAAP 研發費用為 1200 萬美元，其中包括 300 萬美元的股票薪酬和 100 萬美元購買的無形資產的攤銷，在 2021 年第四季度產生 800 萬美元的非 GAAP 研發費用。研發支出繼續增長主要是由於與我們的空間系統產品和服務、中子開發以及我們的運載火箭自動飛行終止系統開發工作的持續支出相關的人員配備和原型設計費用增加。

GAAP SG&A expense was $19 million for the fourth quarter, which included stock-based compensation of $2.9 million, acquisition costs of $2.1 million, performance-based escrow revest related to ASI of $1.8 million and amortization of purchase intangibles of $100,000, yielding approximately $12.1 million of non-GAAP SG&A expense for the fourth quarter of 2021. The quarter-on-quarter step-up of $5 million was primarily due to higher transaction costs, performance-based escrow revest and the first full quarter expense of director and officer insurance as a public company.

第四季度的 GAAP SG&A 費用為 1900 萬美元，其中包括 290 萬美元的股票薪酬、210 萬美元的收購成本、180 萬美元與 ASI 相關的基於績效的託管收回以及 100,000 美元的購買無形資產攤銷，產生約 1210 萬美元2021 年第四季度非 GAAP SG&A 費用。環比增長 500 萬美元主要是由於交易成本增加、基於績效的託管審查以及董事和高級職員保險的第一個完整季度費用為一家上市公司。

Cash flow from operating activities was a negative $21.9 million for the fourth quarter 2021, with $2.8 million generated from operating results. Q4 saw an increase in cash consumed of $8.6 million versus the third quarter of 2021. Cash flow from operating activities in Q4 was impacted by the add-back of noncash warrant income of $24.1 million, an $8.6 million increase in prepaid and other current assets mainly derived from prepaid director and officer insurance premiums and ASI acquisition-related performance revesting charges. These were offset somewhat by noncash expense add-backs from stock-based compensation of $8.4 million and depreciation and amortization charges of $3.4 million.

2021 年第四季度的經營活動現金流為負 2190 萬美元，其中 280 萬美元來自經營業績。與 2021 年第三季度相比，第四季度的現金消耗增加了 860 萬美元。第四季度經營活動產生的現金流受到了 2410 萬美元的非現金認股權證收入增加、預付資產和其他流動資產增加 860 萬美元的影響。來自預付的董事和高級職員保險費以及與 ASI 收購相關的績效恢復費用。 840 萬美元的股票薪酬和 340 萬美元的折舊和攤銷費用在一定程度上抵消了這些費用。

For full year 2021, our cash flow consumed from operating activities was $71.8 million versus cash consumed from operating activities of $27.8 million in 2020. This increase in cash consumption was driven by operating loss of $117.8 million in 2021 versus an operating loss of $55 million in 2020. In addition, cash consumption was driven by an increase in inventory of $12.7 million and prepaid and other current assets by $10.5 million. These items were offset somewhat by noncash expense add-backs from stock-based compensation of $32.6 million and noncash warrant expense of $15.3 million and depreciation and amortization charges of $10.9 million and by an increase in contract liabilities of $27.5 million.

2021 年全年，我們從經營活動中消耗的現金流為 7180 萬美元，而 2020 年從經營活動中消耗的現金為 2780 萬美元。現金消耗的增加是由於 2021 年的經營虧損為 1.178 億美元，而 2020 年的經營虧損為 5500 萬美元2020. 此外，現金消耗是由 1270 萬美元的庫存增加和 1050 萬美元的預付和其他流動資產推動的。這些項目被 3260 萬美元的股票薪酬和 1530 萬美元的非現金認股權證費用以及 1090 萬美元的折舊和攤銷費用以及 2750 萬美元的合同負債增加所抵消。

Cash flow consumed from investing activities was $80.7 million in the fourth quarter of 2021 compared to cash consumed of $5.7 million in the third quarter of 2021, with this quarter-on-quarter period increase in cash consumption driven by the net cash paid to acquire ASI and PSC as well as execution on several large capital projects, including expanding our labs and satellite manufacturing facilities at our Long Beach headquarters, on our second launch pad at Launch Complex 1, our new consolidated propulsion test complex in New Zealand and the acquisition of Electron launch recovery assets.

2021 年第四季度投資活動消耗的現金流為 8070 萬美元，而 2021 年第三季度的現金消耗為 570 萬美元，本季度現金消耗的環比增長是由為收購 ASI 支付的淨現金推動的和 PSC 以及幾個大型資本項目的執行，包括在我們的長灘總部擴建我們的實驗室和衛星製造設施、在 Launch Complex 1 的第二個發射台、我們在新西蘭的新綜合推進測試綜合體以及對 Electron 的收購啟動恢復資產。

For the full year 2021, our cash flow consumption from investing activities was $92.1 million compared to cash consumed of $37.3 million in 2020, driven largely by the same factors affecting Q4 discussed earlier. In the fourth quarter, cash consumed from financing activities was $1.8 million as compared to $704 million in cash generated in the third quarter, with the cash consumption in the fourth quarter driven by $2.2 million in net reduction of the proceeds from the de-SPAC associated with delayed building activities for professional services related to our merger with Vector Acquisition Corporation and the related PIPE financing, which was somewhat offset by collecting $400,000 in proceeds from the exercise of employee stock options.

在 2021 年全年，我們的投資活動現金流消耗為 9210 萬美元，而 2020 年的現金消耗為 3730 萬美元，這主要是受前面討論的影響第四季度的相同因素驅動的。第四季度，融資活動消耗的現金為 180 萬美元，而第三季度產生的現金為 7.04 億美元，第四季度的現金消耗是由 de-SPAC 相關的收益淨減少 220 萬美元推動的與我們與 Vector Acquisition Corporation 的合併以及相關的 PIPE 融資相關的專業服務建設活動延遲，這在一定程度上被行使員工股票期權的 400,000 美元收益所抵消。

The combination of cash consumed from operating and investing activities during 2021 was more than offset by the $799.9 million net cash generated from financing activities for the year, resulting in $692.1 million in ending cash and cash equivalents. This compares to $21.5 million in net cash generated from financing activities for 2020. The primary source of cash generated from financing activities in 2021 was driven by the $728 million in net proceeds from the merger with Vector Acquisition Corporation and the related PIPE financing in addition to generating $98.9 million in net proceeds from our long-term secured term loan with Hercules Capital as well as collecting $3.1 million in proceeds from the exercise of employee stock options, which was more than offset by the $30.4 million related to the repurchase of shares and options stemming from management's redemptions related to the de-SPAC transaction and merger with Vector Acquisition Corp. in the third quarter of 2021.

2021 年經營和投資活動消耗的現金總和被當年融資活動產生的 7.999 億美元淨現金所抵消，導致期末現金和現金等價物為 6.921 億美元。相比之下，2020 年融資活動產生的淨現金為 2150 萬美元。2021 年融資活動產生的現金的主要來源是與 Vector Acquisition Corporation 合併產生的 7.28 億美元淨收益以及相關的 PIPE 融資，以及從我們與 Hercules Capital 的長期擔保定期貸款中產生 9890 萬美元的淨收益，以及從員工股票期權的行使中收取 310 萬美元的收益，這被與回購股票和期權相關的 3040 萬美元所抵消源於管理層在 2021 年第三季度與 de-SPAC 交易和與 Vector Acquisition Corp. 合併相關的贖回。

In 2020, cash generated from financing activities was comprised of $20.5 million in net proceeds from the issuance of preferred stock and $1 million from the exercise of stock options. We believe the liquidity resources of the company enable the execution of our strategic development road map, including the development of our Neutron launch vehicle and continued investments targeted at expanding our total addressable market for strategic Space Systems solutions.

2020年，融資活動產生的現金包括發行優先股的2050萬美元淨收益和行使股票期權的100萬美元。我們相信，公司的流動性資源使我們能夠執行我們的戰略發展路線圖，包括我們的中子運載火箭的開發以及旨在擴大我們戰略空間系統解決方案的總潛在市場的持續投資。

With that, let's turn to our guidance for Q1 2022. We currently expect revenue in the first quarter of 2022 to range between $42 million and $47 million, which includes 2 dedicated launches and a near full quarter contribution from SolAero, which closed on January 17, 2022. We expect Q2 -- sorry, we expect Q1 2022 GAAP and non-GAAP gross margins of 17% and 30%, respectively. GAAP gross margins are driven by product mix as well as full quarter contribution of purchased intangible amortization expense and stock-based compensation related to PSC, ASI and SolAero. It is important to note, the purchase price allocation for SolAero has not yet been completed at the time of today's call and therefore is not captured in our Q1 guidance.

有了這個，讓我們轉向我們對 2022 年第一季度的指導。我們目前預計 2022 年第一季度的收入將在 4200 萬美元至 4700 萬美元之間，其中包括 2 次專門發布和來自 SolAero 的近整個季度的貢獻，該貢獻於 1 月 17 日結束, 2022 年。我們預計第二季度——抱歉，我們預計 2022 年第一季度 GAAP 和非 GAAP 毛利率分別為 17% 和 30%。 GAAP 毛利率受到產品組合以及與 PSC、ASI 和 SolAero 相關的購買無形攤銷費用和基於股票的補償的整個季度貢獻的推動。值得注意的是，SolAero 的購買價格分配在今天的電話會議時尚未完成，因此我們的第一季度指導中沒有包含。

We expect Q1 2022 GAAP operating expenses to range between $38 million and $40 million and non-GAAP operating expenses to range between $21 million and $23 million. This quarter-over-quarter step-up is driven by the effects of full quarter contribution from ASI and PSC as well as near full quarter contribution from SolAero.

我們預計 2022 年第一季度 GAAP 運營費用將在 3800 萬美元至 4000 萬美元之間，非 GAAP 運營費用將在 2100 萬美元至 2300 萬美元之間。這一季度環比增長是由 ASI 和 PSC 的整個季度貢獻以及 SolAero 接近整個季度的貢獻所推動的。

In addition, 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 in the business. The effects of these investments are already bearing out its proof of our expanding backlog and recent announcements regarding the award from MDA to design, manufacture and deliver 17 satellites for Globalstar. To put this into perspective, our Space Systems business generated its first revenue only 7 quarters ago and only contributed over a little over $2 million in revenue for the full year 2020 to now representing approximately 2/3 of our Q1 guide.

此外，我們將繼續資助戰略發展計劃，旨在在 2021 年及以後實現發射和太空系統的強勁收入增長，並實現我們在業務中實現運營槓桿的目標。這些投資的效果已經證明了我們不斷擴大的積壓和最近關於 MDA 授予 Globalstar 設計、製造和交付 17 顆衛星的公告。從這個角度來看，我們的空間系統業務僅在 7 個季度前就產生了第一筆收入，並且僅在 2020 年全年貢獻了略多於 200 萬美元的收入，現在約占我們第一季度指南的 2/3。

We expect Q4 2021 GAAP and non-GAAP interest expense to be $2.7 million. With the completion of our private and public warrant redemption that closed on January 31, 2022, our P&L will no longer be subject to mark-to-market income and expense impacts of these legacy warrants. We expect Q4 -- we expect Q1 2022 adjusted EBITDA loss to range between $3 million and $5 million.

我們預計 2021 年第四季度 GAAP 和非 GAAP 利息費用為 270 萬美元。隨著我們於 2022 年 1 月 31 日結束的私人和公共認股權證贖回完成，我們的損益將不再受到這些傳統認股權證的按市值計價的收入和費用影響。我們預計第四季度——我們預計 2022 年第一季度調整後的 EBITDA 損失將在 300 萬美元至 500 萬美元之間。

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

有了這個，我想打開提問電話。操作員？

(Operator Instructions) The first question is from the line of Edison Yu with Deutsche Bank.

（操作員說明）第一個問題來自德意志銀行的 Edison Yu。

Congrats on the quarter. So I have 2 topics I wanted to ask about. First is considering the environment right now in space, obviously, a lot has happened within the last week. Have you thought about the potential implications if (inaudible) gets sanctioned or basic -- or [for all practical purposes], cannot fly for Europe? And I guess is there any way to kind of speed up development of Neutron to kind of compensate for that?

祝賀本季度。所以我有兩個我想問的話題。首先是考慮現在太空中的環境，顯然，上週發生了很多事情。您是否考慮過如果（聽不清）獲得批准或基本 - 或 [出於所有實際目的] 無法飛往歐洲的潛在影響？我想有什麼辦法可以加快 Neutron 的發展來彌補這一點嗎？

Yes. Thank you, Edison. Yes, obviously, it's a crazy time in the world right now. And we're working on Neutron as quickly as we can. So I'm not sure we can accelerate that much more than it already is. But needless to say that if things continue in this direction, there will be a far more limited launch availability than what normally would have been.

是的。謝謝你，愛迪生。是的，顯然，現在是世界上一個瘋狂的時期。我們正在盡可能快地研究 Neutron。所以我不確定我們能不能比現在更快地加速。但不用說，如果事情繼續朝這個方向發展，那麼發射的可用性將比通常情況下要有限得多。

Understood. And then second topic. Clearly, the M&A strategy has been bearing quite a bit of fruit. You have all this content on some of the most important satellites. Is there anything you feel that's out there left? Do you think you've kind of completed most of it? Or is there anything kind of strategic you still see out there, potentially along the lines of maybe integrated electric propulsion?

明白了。然後是第二個話題。顯然，併購戰略取得了不小的成果。您在一些最重要的衛星上擁有所有這些內容。你覺得有什麼東西還在那裡嗎？你認為你已經完成了大部分嗎？或者你還看到什麼戰略性的東西，可能沿著集成電力推進的路線？

We keep a pretty active pipeline of companies and deals that we want to do. And I wouldn't feel like saying that we're finished, but I'm not going to be answering any details about what particular technology we might be going for next.

我們保留了非常活躍的公司和我們想做的交易的渠道。我不想說我們已經完成了，但我不會回答任何關於我們下一步可能會採用什麼特定技術的細節。

Got it. If I could sneak in just one more. On the launch cadence, I know you have 2 kind of embedded in the first quarter. Without providing, I mean, a number per se, is there any kind of rough indication, assuming supply chain is fine, those builds, what could be kind of the run rate by the end of the year?

知道了。如果我能再偷偷溜進去一個。在發布節奏上，我知道您在第一季度嵌入了 2 種。如果不提供，我的意思是，一個數字本身，是否有任何粗略的跡象，假設供應鏈很好，那些構建，到今年年底的運行率可能是多少？

I'll take the first part of that, and Adam may want to pick up the second part. But I mean we're always paced by our customers' readiness. You've seen us accelerate one customer because another customer wasn't quite ready on time. So the thing that drives our launch cadence the most is our customer's readiness.

我會拿第一部分，亞當可能想拿第二部分。但我的意思是，我們總是根據客戶的準備情況而步調一致。您已經看到我們加速了一位客戶，因為另一位客戶沒有按時準備好。因此，最能推動我們發布節奏的是我們客戶的準備情況。

Yes. And I'll jump on to that and say -- add some. I think that the -- as Pete mentioned, we're not production constrained at the moment. I think our production resources have really delivered in the last quarter or so. So we're very much on pace to deliver the number of rockets that we are planning to for 2022. So our internal forecast for production this year was -- we came into the year with some rockets that we're in with, and our plan is to build 15 rocket this year.

是的。我會直接說——添加一些。我認為 - 正如皮特所提到的，我們目前不受生產限制。我認為我們的生產資源在上個季度左右確實交付了。因此，我們正按計劃交付 2022 年的火箭數量。因此，我們對今年生產的內部預測是——我們帶著一些火箭進入了這一年，而我們的今年計劃建造15枚火箭。

We'd love to be in a position where we could have some inventory of rockets on the shelf. It sounds funny to say that. But you look -- if we could have some rockets on the shelf that we could support turns opportunities because every year, we see turns opportunities, where a customer comes in and they've got a very short lead time because either they want to squat on some spectrum or they want to have to do it -- they then need to do a quick tech demo on orbit.

我們希望能夠在貨架上存放一些火箭庫存。這麼說聽起來很可笑。但是你看 - 如果我們可以在貨架上放一些火箭，我們可以支持轉機機會，因為每年，我們都會看到轉機機會，客戶進來並且他們的交貨時間很短，因為他們要么想要蹲下在某些範圍內，或者他們想要這樣做——然後他們需要在軌道上進行快速技術演示。

So there's no reason to believe that we can't support those kinds of opportunities this year as we progress. So when you really think about where we want to be, we want to be exiting the year where we're launching at least monthly on a consistent basis and then progressing towards our goal where we get to, say, 2 rockets per month on a consistent basis. And I would say that there's -- I think from a -- again, from a production perspective, there's nothing that would indicate that we can't get there. I think there's -- we're still in the process of the market demand kind of developing into what it ultimately will be as the small launch -- dedicated launch is a new category.

因此，沒有理由相信隨著我們的進步，今年我們不能支持這些機會。因此，當您真正考慮我們想要達到的目標時，我們希望退出我們至少每月持續發射的那一年，然後朝著我們的目標前進，例如每月發射 2 枚火箭。一致的基礎。我想說的是——我認為從——再一次，從生產的角度來看，沒有任何跡象表明我們無法做到。我認為 - 我們仍處於市場需求發展到最終將成為小型發布的過程中 - 專用發布是一個新類別。

But I would say that everything looks good at this point, and we feel very comfortable that we won't be a gating item to delivering the revenue for the business. It's really kind of where the customers are. And I think all those have to get somewhat accustomed to kind of the lumpiness of launch, right? So as Pete mentioned, our customers really kind of gate our launch cadence more than anything else. And I think that will get alleviated over time as we have -- as demand picks up and you can really have swap and replace opportunities so that you don't lose launch slots and you can kind of maintain your growth aspirations.

但我想說，此時一切看起來都不錯，我們感到很舒服，我們不會成為為業務帶來收入的門控項目。這真的是客戶所在的地方。而且我認為所有這些人都必須有點習慣於發射的那種笨拙，對吧？因此，正如皮特所說，我們的客戶確實比其他任何事情都更能控制我們的發布節奏。我認為隨著時間的推移，這種情況會得到緩解——隨著需求的回升，你真的可以有交換和替換的機會，這樣你就不會失去發射位置，你可以保持你的增長願望。

I think a good example of that was literally in this quarter where the mission that we launched earlier today, we were able to basically we swap -- we're able to swap missions relatively quickly, again, because we have the unique position of having our own launch range. So we can move things around as we need to. If we were operating off a traditional government range, that wouldn't have been the case. So I think that there's a lot of things that influence launch rate cadence and so forth. But our goal will be, again, consistent launching on at least a monthly basis exiting 2022.

我認為一個很好的例子就是在這個季度，我們今天早些時候啟動的任務，我們基本上能夠交換——我們能夠相對快速地交換任務，再次，因為我們擁有獨特的地位我們自己的發射範圍。所以我們可以根據需要移動東西。如果我們在傳統的政府範圍內運營，情況就不會如此。所以我認為有很多因素會影響發射率節奏等等。但我們的目標將再次是在 2022 年之後至少每月持續發布一次。

The next question is from Kristine Liwag with Morgan Stanley.

下一個問題來自摩根士丹利的 Kristine Liwag。

Maybe on -- you mentioned Rocket Lab capabilities now span the full space economy with your recent acquisitions, and you've got integration, too. So does that mean you're comfortable with the portfolio as it stands today and we should expect M&A levels to kind of stop here? Or do you continue to see opportunity for bolt-ons?

也許在——你提到火箭實驗室的能力現在通過你最近的收購跨越了整個太空經濟，而且你也得到了整合。那麼這是否意味著您對目前的投資組合感到滿意，我們應該預期併購水平會止步於此？或者您是否繼續看到補強的機會？

Yes. Pete, I mean, I can take -- sorry, go ahead. Go ahead.

是的。皮特，我的意思是，我可以接受——對不起，繼續。前進。

No, you go ahead.

不，你繼續。

Yes. Kristine, I think, from an appetite perspective, we still have plenty of appetite to go and further accelerate the growth of the business through inorganic means. We've been successful, as you've seen, in doing 4 acquisitions in a relatively short period of time, 3 since going public in August. And we continue to see interesting and compelling assets out there. So I would say that I wouldn't expect the pace to continue as it has been because that was very, very quick to do 3 acquisitions in series as we've just done.

是的。 Kristine，我認為，從胃口的角度來看，我們仍然有足夠的胃口去通過無機方式進一步加速業務的增長。如您所見，我們在相對較短的時間內成功進行了 4 次收購，其中 3 次是自 8 月上市以來。我們繼續看到有趣且引人注目的資產。所以我會說，我不希望這樣的步伐繼續下去，因為就像我們剛剛完成的那樣，連續進行 3 次收購非常非常快。

But I still expect to -- that we'll find opportunities that we can execute on. And that was, again, one of the big reasons for going public, was to make sure that we had the capacity and the capital to go out there and do these kinds of TAM expanding deals.

但我仍然希望——我們會找到可以執行的機會。這也是上市的重要原因之一，是為了確保我們有能力和資金去那裡進行此類 TAM 擴展交易。

So we think our strategy so far is bearing great fruit, and we continue to plan to push that, although I would say just naturally speaking, doing 3 acquisitions in the first 6 months of a public company's life isn't something that is normal or I would necessarily predict would continue into 2022 on that same rate.

所以我們認為到目前為止我們的戰略正在結出碩果，我們將繼續計劃推動這一點，儘管我會說自然地說，在上市公司生命的前 6 個月內進行 3 次收購併不正常或我一定會預測會以同樣的速度持續到 2022 年。

And I would just say, you can see kind of the strategy rolling out here with the win with MDA and Globalstar. I mean having such a secure supply chain and scale really, really enabled us to beat out really established suppliers in that satellite manufacturing field.

我只想說，隨著 MDA 和 Globalstar 的勝利，你可以看到這種策略在這裡展開。我的意思是，擁有如此安全的供應鍊和規模，真的，真的讓我們能夠在衛星製造領域擊敗真正成熟的供應商。

And then also, can you provide any updates on the planned testing around the first-stage retrieval via helicopter? And if you can't provide any specifics around timing of the upcoming tests, can you speak to the testing regime overall and milestones to enable the regular recovery of boosters using a helicopter? I think you guys have said about 50% is eventually where you want to be.

然後，您能否提供有關通過直升機進行第一階段檢索的計劃測試的任何更新？如果您無法提供有關即將進行的測試時間的任何細節，您能否談談總體測試制度和里程碑，以便使用直升機定期回收助推器？我想你們已經說過大約 50% 最終是你想要的。

Yes, absolutely. So the helicopter that's been selected to do this work has had all the modifications completed, and it's currently on route to New Zealand. We have completed all of -- the last of the drop tests last week. So the team has been out there dropping rockets flat out. And the last re-enter test that we did in splashdown last year really validated the final piece. We actually had helicopters on route and rendezvous -- not catch but rendezvous at this stage, which was really the last big piece. So this next launch coming up, we'll have the helicopter set it out, ready to go, and we will, in fact, attempt to attach. And you won't have to wait long for that.

是的，一點沒錯。因此，被選中進行這項工作的直升機已經完成了所有改裝，目前正在飛往新西蘭的途中。我們已經完成了所有——上週的最後一次跌落測試。所以球隊一直在外面投擲火箭。去年我們在splashdown中進行的最後一次重新進入測試確實驗證了最後一塊。我們實際上有直升機在航線上和會合——在這個階段不是捕捉而是會合，這真的是最後一個重要的部分。因此，下一次發射即將到來，我們將讓直升機將其設置好，準備出發，事實上，我們將嘗試連接。而且您不必等待很長時間。

Great. And if I could sneak a third one. The $143 million contract win that you got from MDA is a fairly meaningful win. And you get to showcase this portfolio that you've built with SolAero, Sinclair, APL. So when you think about delivering on this contract, are there additional CapEx that you have to do in order to be able to build 17 500-kilogram spacecraft? Or do you have the capacity already in place? And can you discuss potential execution risks around this contract?

偉大的。如果我可以偷偷第三個。你從 MDA 獲得的 1.43 億美元合同是一個相當有意義的勝利。您可以展示您使用 SolAero、Sinclair、APL 構建的這個產品組合。因此，當您考慮交付這份合同時，是否需要額外的資本支出才能建造 17 500 公斤的航天器？還是您已經具備相應的能力？你能討論一下這份合同的潛在執行風險嗎？

Yes. I mean we've made significant investments and continue to make significant investments into the Space Systems division. I think we mentioned in the slides here the continued expansion of the satellite manufacturing facility. You've seen us also grow ASI and increase our footprint in Colorado. There's still some expansion required from a facility standpoint, but these were already all planned before we actually won the contract and just had been swinging as it has been for quite some time.

是的。我的意思是我們已經進行了大量投資，並將繼續對空間系統部門進行重大投資。我想我們在這裡的幻燈片中提到了衛星製造設施的持續擴張。您已經看到我們還發展了 ASI 並增加了我們在科羅拉多州的足跡。從設施的角度來看，仍然需要進行一些擴展，但這些都是在我們真正贏得合同之前就已經計劃好的，並且已經像這樣持續了很長一段時間。

I mean I think with respect to execution, these are complicated spacecraft, for sure. But we have assembled a team of industry experts that, as you can see by some of the acquisitions, have executed on these programs in the past many, many times. And we're feeling very confident in the core team's ability.

我的意思是我認為就執行而言，這些都是複雜的航天器，當然。但是我們已經組建了一個行業專家團隊，正如你從一些收購中看到的那樣，他們在過去已經多次執行這些程序。我們對核心團隊的能力充滿信心。

If you look at some of the other missions, we have also been awarded missions to NASA, missions to Mars from NASA and a large mission to the moon. These are very, very deeply complex missions, and that's really where our engineering team excels, is on these complicated programs.

如果您查看其他一些任務，我們還獲得了 NASA 的任務、NASA 的火星任務和月球的大型任務。這些是非常非常複雜的任務，而這正是我們工程團隊擅長的地方，就是這些複雜的程序。

And just to make sure, in your previous question, Kristine, I just want to make sure I put this out, that the launch is coming soon. They haven't defined a date for the full recovery.

為了確保，在你之前的問題中，克里斯汀，我只是想確保我把這個發佈出來，即將發布。他們還沒有確定完全康復的日期。

The next question is from the line of Erik Rasmussen with Stifel.

下一個問題來自 Erik Rasmussen 和 Stifel。

Congratulations. It's a busy year for you guys. Maybe just a clarification on the launch and the cadence and everything else, 2 in the upcoming quarter or this quarter, Q1, and then exiting the year at least one per month. Just wanted to -- and reconciling that with 15 builds for the year, is that builds or launches? Those 2 coincide with one another?

恭喜。對你們來說，這是忙碌的一年。也許只是對發布、節奏和其他一切的澄清，2 在即將到來的季度或本季度，第一季度，然後每月至少退出一年。只是想 - 並與一年的 15 次構建相協調，是構建還是發布？這2個是重合嗎？

Yes. No, those are -- the 15 are incremental builds in 2022. So it's not launches. So we've talked about kind of a range of launch or missions that would go off this year in 2022. And it's -- I'd say that right now, again, we think we're very comfortable kind of where we're at right now and being able to support a manifest that launches on that rate that I was talking about exiting '22 at. We don't want to provide full year guidance at this point, so we're kind of just providing kind of next quarter. But again, I think we feel very comfortable where we're at, our ability to support kind of the launch manifest that we've discussed previously.

是的。不，那些是 - 15 個是 2022 年的增量構建。所以它不是發布。因此，我們已經討論了將於 2022 年在今年啟動的一系列發射或任務。而且我想說的是，現在，我們認為我們所處的位置非常舒適現在，並且能夠支持以我所說的退出 22 年的速度啟動的清單。我們目前不想提供全年指導，所以我們只是提供下個季度的指導。但同樣，我認為我們對我們所處的位置感到非常舒服，我們支持我們之前討論過的那種發布清單的能力。

Okay. And then maybe just the outlook for Q1. What's behind that? Maybe you could just unpack the revenue outlook. What's the organic piece versus what's coming from recent acquisitions? And then I have another question.

好的。然後也許只是第一季度的前景。這背後是什麼？也許你可以解開收入前景。與最近的收購相比，有機部分是什麼？然後我有另一個問題。

Sure, Erik. Yes, we're not going to go into the details of kind of what kind of comprises Space Systems in particular at this point because it's becoming a very kind of diverse and intertwined set of businesses. When you think about components ranging from components that we've developed organically, ones that we built in partnerships like, for example, radios with Johns Hopkins, with the various elements from Sinclair and then the software from ASI and the solar panels and so forth and cells from SolAero, it's just -- there's a lot of interdependencies and it's kind of hard to really kind of attribute what's, at this point, kind of driven by organic versus inorganic.

當然，埃里克。是的，我們現在不打算詳細介紹 Space Systems 的具體組成部分，因為它正在成為一個非常多樣化和相互交織的業務集。當您考慮各種組件時，我們有機開發的組件，我們與約翰霍普金斯大學合作建立的組件，例如與約翰霍普金斯大學的收音機，辛克萊的各種元素，然後是 ASI 的軟件和太陽能電池板等等還有來自 SolAero 的細胞，它只是 - 有很多相互依賴關係，很難真正確定在這一點上是由有機還是無機驅動的。

So at this point, we just kind of, again, point to the -- we provide the level of detail as far as which components like as far as Launch versus Space Systems. But I think going below Space Systems is probably not going to be kind of productive and really be all that meaningful.

所以在這一點上，我們只是再次指出 - 我們提供了關於發射與太空系統等組件的詳細程度。但我認為，低於 Space Systems 可能不會有生產力，也不會真正有意義。

Got you. I understand. And then maybe just the last on -- to follow up on the MDA subcontract award. By the way, congrats on that. What sort of milestones should we be looking out for? And then it also seemed that there is an opportunity for Rocket Lab to provide additional services and up to 9 additional spacecraft. What could that mean in terms of revenue above the $143 million initial contract? And then the last thing on that is they did talk about Globalstar is going to be looking to have a contract after launch of those satellites separately. Is that something that you can also win?

得到你。我明白。然後也許只是最後一次 - 跟進 MDA 分包合同。順便說一句，恭喜你。我們應該尋找什麼樣的里程碑？然後，Rocket Lab 似乎也有機會提供額外的服務和多達 9 艘額外的航天器。就超過 1.43 億美元初始合同的收入而言，這意味著什麼？然後最後一件事是他們確實談到了 Globalstar 將在這些衛星單獨發射後尋求籤訂合同。那是你也能贏的東西嗎？

Yes. Pete, why don't you take the opportunities kind of around the satellite builds beyond the 17.

是的。皮特，你為什麼不抓住 17 號之後的衛星建造機會呢？

Yes, absolutely. Yes. So there is -- as everybody is clear, there is option to build further, and there are a number of other options around other pieces of technology. The launch -- the signaled launch date for these satellites coincide nicely with Neutron's operational readiness. And we'll certainly be bidding on launch for this spacecraft, which, if successful, would really round out the strategy and show the power of both being able to build satellites and also being able to launch.

是的，一點沒錯。是的。所以有 - 正如每個人都清楚的那樣，有進一步構建的選擇，並且圍繞其他技術還有許多其他選擇。發射——這些衛星的發射日期與 Neutron 的運行準備情況非常吻合。我們肯定會競標這艘航天器的發射，如果成功，它將真正完善戰略，並展示既能建造衛星又能發射的力量。

Yes. Erik, I would say that around like the milestones, so forth, I mean, from a revenue perspective, this is, for the most part, a back-end loaded contract from a revenue perspective. So you can think about, obviously, we've done a lot of work up at this point on designs, doing the design work. But then that's really kind of just to get the award. Now it's all that kind of really kind of doing the next level of NRE work and then ultimately the beginning of shipping the systems to the customer.

是的。埃里克，我會說像里程碑一樣，等等，我的意思是，從收入的角度來看，這在很大程度上是從收入的角度來看的後端加載合同。所以你可以想一想，顯然，我們在這一點上做了很多設計工作，做設計工作。但這真的只是為了獲得獎項。現在，所有這些都是真正進行下一級 NRE 工作，然後最終開始將系統交付給客戶。

So I think as far as milestones, you probably won't hear a lot as far as -- this is not like Neutron, where you'll do an engine test, for example, or kind of implement some infrastructure that's visible. So this is one of those contracts where it's going to become that final execution where we have a very detailed set of milestones internally to execute towards, but nothing that's really going to be visible again to investors until you start to see revenue come off of the contract, which again is really more back-end loaded. So you really shouldn't expect, I would say, material revenue contribution in 2022 from this contract. This is really more 2023 and beyond.

所以我認為就里程碑而言，你可能不會聽到太多——這不像 Neutron，你將在其中進行引擎測試，例如，或實施一些可見的基礎設施。因此，這是其中一份合同，它將成為最終執行，我們在內部有一套非常詳細的里程碑來執行，但在您開始看到收入從合同，這又是更多的後端負載。所以你真的不應該期望，我會說，這份合同會在 2022 年帶來實質性的收入貢獻。這真的是 2023 年及以後。

Got it.

知道了。

And as far as the upside to the -- if we were to deliver the incremental 9 options on the contract, again, we don't want to speak to that at this point because, again, I think we've -- part of this is to make sure that people's expectations don't get out of whack. So for us, we just want to speak to what's committed, and what's committed is the 17. That's what went in the backlog. And to the extent that we get notification from the customer that they want to exercise some of those incremental options, we'll be sure to kind of let folks know about that.

至於好處——如果我們要交付合同中增加的 9 個選項，我們現在不想談論這個，因為，我認為我們已經——這是為了確保人們的期望不會失控。所以對我們來說，我們只想談談已提交的內容，而已提交的是 17。這就是待辦事項中的內容。如果我們從客戶那裡得到他們想要行使其中一些增量選項的通知，我們一定會讓人們知道這一點。

Your next question is from the line of Suji Desilva with ROTH Capital.

您的下一個問題來自 ROTH Capital 的 Suji Desilva。

Pete, Adam, congratulations on the strong finish to 2021. Adam, I don't want you to break the earnings up, but I just want to clarify, did you say that SolAero in 1Q '22 was minimal because of the accounting for the merger? Is that what you said?

皮特，亞當，祝賀 2021 年的強勁收官。亞當，我不希望你打破收入，但我只是想澄清一下，你是否說 22 年第一季度的 SolAero 是最小的，因為佔合併？是你說的嗎？

No, no, no. So basically, we'll get most of the quarter's impact from SolAero in Q1 because the deal closed on January 17. So there's going to be a lot of purchase price accounting-related impacts to our GAAP results in Q1. But no, we'll get full -- not full but nearly full operational contribution from SolAero in Q1. And what has been mentioned previously when we announced that acquisition is that they were kind of roughly on a $20 million per quarter, $80 million per year revenue run rate. And so you should be thinking along those lines of kind of a prorated amount assuming that the deal closed on January 17, just for rough math.

不不不。因此，基本上，我們將在第一季度從 SolAero 獲得本季度的大部分影響，因為該交易於 1 月 17 日結束。因此，我們在第一季度的 GAAP 業績將會受到很多與購買價格會計相關的影響。但是不，我們將在第一季度從 SolAero 獲得全部 - 不是全部但幾乎全部的運營貢獻。之前我們宣布收購時提到的是，他們大約每季度 2000 萬美元，每年 8000 萬美元的收入運行率。因此，假設交易於 1 月 17 日結束，您應該按照這些按比例分配的金額進行思考，只是為了粗略計算。

Okay. And then the backlog, clearly very strong, congratulations on that. Is there any way to understand how much of the backlog is attributable to launch versus spacecraft versus basic components? Is that break out kind of helpful? Or just -- if not that, just qualitatively what drove the significant spike since the end of 2021.

好的。然後是積壓，顯然非常強大，對此表示祝賀。有什麼方法可以了解有多少積壓可歸因於發射、航天器和基本組件？這種突破有幫助嗎？或者只是——如果不是這樣，只是定性地推動了自 2021 年底以來的大幅飆升。

Yes. Well, obviously, the biggest contributor to post year-end backlog growth came from the MDA contract, right, at $143 million. But we did have continued growth in our backlog across our spacecraft components business, software. All the pieces of Space Systems are really operating well right now, and all contribute to that growth in the backlog number. And we continue to sign up new launch customers as well.

是的。嗯，很明顯，年終積壓增長的最大貢獻者來自 MDA 合同，對，1.43 億美元。但我們的航天器組件業務和軟件的積壓確實持續增長。 Space Systems 的所有部分現在都運行良好，並且都有助於積壓數量的增長。我們還將繼續註冊新的啟動客戶。

So it's almost -- it's like there's not necessarily a weak spot in the business. There's not. I would say the disproportionate contribution in the post year was certainly on the Space Systems side, specifically to this MDA contract. But I wouldn't want that to kind of obscure the fact there's been a lot of other activity across the portfolio of Space Systems and across launch as well. So we're very encouraged by the backlog growth.

所以幾乎 - 就像業務中不一定存在弱點。沒有。我想說，後一年的不成比例的貢獻肯定是在空間系統方面，特別是對這份 MDA 合同。但我不希望這掩蓋了這樣一個事實，即在 Space Systems 的產品組合中以及在發射過程中還有很多其他活動。因此，我們對積壓的增長感到非常鼓舞。

I mean that's one thing we've always been trying to message to investors, is just people can talk about pipeline all day long, but it's really all about backlog. Backlog shows the committed resources behind the platforms, whether it be launch or Space Systems. So yes, we take a lot of comfort in that backlog growth that we've seen, not only in 2021, but as we've progressed so far through 2022.

我的意思是這是我們一直試圖向投資者傳達的一件事，就是人們可以整天談論管道，但實際上都是關於積壓。積壓顯示平台背後的已提交資源，無論是發射還是太空系統。所以，是的，我們對我們看到的積壓增長感到非常欣慰，不僅在 2021 年，而且隨著我們到 2022 年的進展。

Great. No, the MDA contract is certainly a good one. Congrats on that. Just one last quick question. If you do the back-of-the-envelope math, it comes out to about $8.5 million per spacecraft. I'm just wondering if that's a good number to use for going forward spacecraft opportunities? Is it proportional to the size or complexity of the spacecraft? Any color there would be helpful.

偉大的。不，MDA 合同當然是一份好合同。對此表示祝賀。最後一個快速的問題。如果您進行粗略計算，每艘航天器的成本約為 850 萬美元。我只是想知道這是否是一個很好的數字來用於推進航天器的機會？它與航天器的大小或複雜性成正比嗎？那裡的任何顏色都會有幫助。

Yes. I wish it was that easy. Unfortunately, each spacecraft is so unique. There's really no kind of metric that really fits it all, neither mass nor type of platform. They're all very, very different. And you can also think about the fact that the spacecraft that we designed in this case here, there's quite a bit of NRE, and that's all kind of taken in aggregate when you look at the totality of the contract.

是的。我希望這很容易。不幸的是，每艘宇宙飛船都是如此獨特。真的沒有一種指標可以真正適合這一切，無論是質量還是平台類型。他們都非常非常不同。你也可以想想我們在這個案例中設計的航天器，有相當多的 NRE，當你查看合同的全部內容時，這些都是綜合考慮的。

So you kind of have -- also hard to apportion how much of it is like BOM and assembly and AIT versus NRE. So again, we'll -- to the extent that we get further constellation -- as we get further constellation volume upticks, we'll be to share those metrics as they become available.

所以你有點 - 也很難分攤它有多少像 BOM 和裝配以及 AIT 與 NRE。因此，再次，我們將 - 在我們獲得更多星座的範圍內 - 隨著我們獲得更多星座數量的增加，我們將在這些指標可用時分享它們。

The next question is from the line of Austin Moeller with Canaccord.

下一個問題來自 Austin Moeller 和 Canaccord 的觀點。

My first question here is for Peter. Do we have any update on the RAIn software that you're supposed to get from NASA to operate the Wallops launch pad?

我的第一個問題是針對彼得的。您應該從 NASA 獲得用於操作 Wallops 發射台的 RAIn 軟件，我們是否有任何更新？

Yes. Austin, so they have released an initial version to us, and we are going through our own internal review. There's probably some slight tweaks here that needs to be made. But that is progressing NASA has delivered some software products to us, which is very, very promising and giving us much more confidence to be able to schedule something to launch out of LP2.

是的。奧斯汀，所以他們向我們發布了一個初始版本，我們正在進行自己的內部審查。這裡可能需要進行一些細微的調整。但這正在取得進展，NASA 已經向我們交付了一些軟件產品，這是非常非常有希望的，並且讓我們更有信心能夠安排一些東西從 LP2 發射出去。

Okay. That's helpful. And then just on the Neutron facility that's being built in Virginia. Do we have any timing on how long you think it will take to get that facility set up and start putting out rockets there? And will early Neutrons all come from there? Or will some come from New Zealand or California?

好的。這很有幫助。然後就在弗吉尼亞州正在建造的中子設施上。我們對您認為建立該設施並開始在那裡發射火箭需要多長時間有任何時間安排嗎？早期的中子會全部來自那裡嗎？或者會有一些來自新西蘭或加利福尼亞？

Yes. No, sorry, all Neutrons will come from that facility. The land has already been acquired by the Mid-Atlantic Spaceport. And we'll be digging holes in the ground very, very shortly. The program kind of enables us to have a more relaxed approach to building that infrastructure. There are certain things we need immediately. And obviously, you don't need the launch pad until you're ready to launch. So the whole construction part of that is phased quite eloquently across the mission development time line.

是的。不，對不起，所有的中子都來自那個設施。這片土地已經被中大西洋太空港收購。我們很快就會在地上挖洞。該計劃使我們能夠以更輕鬆的方法來構建該基礎架構。有些東西我們需要立即。顯然，在您準備好發射之前，您不需要發射台。因此，整個建設部分在任務開發時間線上非常雄辯地分階段進行。

Got it. And then how comfortable are you guys with the supply chain right now? Are you seeing any potential issues on the horizon? Or are you still very confident in this environment?

知道了。那麼你們現在對供應鏈的適應程度如何？您是否看到任何潛在的問題？還是你對這個環境還是很有信心的？

I don't think anybody is confident in this environment. I mean I will say that it's great to have a large part of the supply chain because you can really manage things. But like everybody, we are continuing to manage the shortages and all those kinds of things. However, we took an approach of -- early of carrying a large amount of WIP. So as of yet, we haven't seen any programs delayed as a result of any supply chain issues.

我認為沒有人對這種環境充滿信心。我的意思是，我會說擁有大部分供應鏈很棒，因為你可以真正管理事情。但像每個人一樣，我們正在繼續管理短缺和所有這些事情。然而，我們採取了一種方法——早期攜帶大量在製品。因此，到目前為止，我們還沒有看到任何計劃因任何供應鏈問題而延遲。

The last question is from Cai von Rumohr with Cowen.

最後一個問題來自 Cai von Rumohr 和 Cowen。

So as you know, Layer 1 was awarded, I guess, yesterday. And Lockheed with Terran basically, I guess, got one of the spots, 42 satellites. They claim they're putting up this huge facility in Florida and are basically going to have volume production. So they will have cost totally unmatched by everyone else. And it looks like your MDA satellite is kind of in the same size range. So do they represent a serious competitor to you? Because it looks like they're going predominantly after DoD, and it looks like you're going after more commercial civil. So what sort of a threat do they pose, if any?

如您所知，我猜，第 1 層是昨天被授予的。我猜，洛克希德和人族基本上得到了其中一個位置，42 顆衛星。他們聲稱他們正在佛羅里達州建立這個巨大的設施，並且基本上將進行批量生產。因此，它們的成本將是其他所有人無法比擬的。看起來你的 MDA 衛星的大小範圍是一樣的。那麼他們是否代表了您的重要競爭對手？因為看起來他們主要針對的是國防部，而且看起來您正在尋求更多的商業民事。那麼，如果有的話，它們會構成什麼樣的威脅？

Yes. That's a great question, Cai. I guess we're a little bit different in the respect that if you look at the supply chain of critical components, whether it be solar or reaction wheels and star trackers or all of those things, we've taken an approach of making sure that we have those for us and also for others at scale. So really, I think we're in a different kind of place. We're not just focused on commercial. We're happy to do defense work as well. But I mean I think if you look at our acquisition strategy and what was kind of rolled up, I would hazed to guess that either way, we will be a participant in those time zeroes at a component level.

是的。這是一個很好的問題，蔡。我想我們在這方面有點不同，如果你看看關鍵部件的供應鏈，無論是太陽能或反應輪和星跟踪器還是所有這些東西，我們都採取了一種方法來確保我們為我們和其他人提供了這些。所以真的，我認為我們處於不同的地方。我們不僅僅專注於商業。我們也很樂意做防禦工作。但我的意思是，我認為如果你看看我們的收購策略以及什麼是捲起來的，我會猶豫地猜測，無論哪種方式，我們都將成為組件級別的那些時間零點的參與者。

I will now pass the conference over to Adam Spice for any closing remarks.

我現在將把會議轉交給 Adam Spice 做任何閉幕詞。

Thank you, operator. Before we wrap up the call, I'd like to thank everyone who participated in today's call, and we look forward to having the opportunity to provide further updates on our business, including through our participation at the ROTH Conference on March 13 through 15; the Deutsche Bank 30th Annual Media, Internet & Telecom Conference on March 14; and the Bank of America Space, Transport, Aviation & Autos Research Summit, or STAARS conference, March 20 through 22. And again, thanks again and we look forward to speaking with you again about exciting progress that we're making in our business. Thank you, operator.

謝謝你，接線員。在結束電話會議之前，我要感謝參加今天電話會議的所有人，我們期待有機會提供有關我們業務的進一步更新，包括參加 3 月 13 日至 15 日的 ROTH 會議； 3 月 14 日，德意志銀行第 30 屆年度媒體、互聯網和電信會議；以及 3 月 20 日至 22 日的美國銀行空間、運輸、航空和汽車研究峰會或 STAARS 會議。再次感謝您，我們期待再次與您討論我們在業務中取得的令人興奮的進展。謝謝你，接線員。

That concludes the Rocket Lab Fourth Quarter 2021 Financial Results Conference Call. Thank you for your participation. You may now disconnect your lines.

Rocket Lab 2021 年第四季度財務業績電話會議到此結束。感謝您的參與。您現在可以斷開線路。