Rocket Lab Corp (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)

午安.感謝您參加今天的 Rocket Lab 2021 年第四季財務業績電話會議。我叫 Tamia，將擔任今天電話會議的主持人。 （接線生指示）

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

現在，我想將會議交給主持人、財務規劃和分析經理吉迪恩·梅西 (Gideon Massey)。請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss Rocket Lab's 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.

謝謝接線生。大家下午好，感謝您參加今天的電話會議，討論Rocket Lab 2021年第四季及全年財務表現。今天的電話會議由我們的創辦人兼執行長Peter Beck和財務長Adam Spice主持。在我們準備好的發言之後，我們將回答提問。

Our comments today include forward-looking statements within the meaning of applicable security laws, including statements relating to our guidance for 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.

我們今天的評論包含適用證券法所界定的前瞻性陳述，包括與我們對2022年第一季業績指引相關的陳述，包括我們主要目標市場的收入、GAAP和非GAAP毛利率、GAAP和非GAAP營運費用、利息和其他費用以及調整後EBITDA。此外，我們還將就各種產品和地理市場的趨勢、機會和不確定性做出前瞻性陳述，包括但不限於有關我們發射服務和航太系統市場帶來的機遇，以及我們在目標市場提升收入的機會的陳述。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疫情的影響、我們對有限數量客戶的依賴、平均售價趨勢，以及我們的市場和成長機會可能不會像我們目前預期的那樣發展，以及我們對這些機會的假設可能被證明是錯誤的。

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.

有關這些風險以及其他可能影響前瞻性陳述的風險的更多信息，請參閱我們2021年10-K報告（將於2022年3月31日或之前提交）的“風險因素”部分及其包含的文件。所有前瞻性陳述均截至今日作出，Rocket Lab沒有義務更新或修改任何前瞻性陳述。 2021年第四季和全年財報報告可在我們網站rocketlabusa.com的「投資者關係」部分查閱。

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including gross margin and operating expenses. These 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.

為了補充我們依照美國公認會計準則 (GAAP) 編製的未經審計合併財務報表，我們揭露了某些非美國公認會計準則 (Non-GAAP) 財務指標，包括毛利率和營業費用。這些補充指標不包括股票薪酬費用、購入無形資產攤銷及其他非經常性利息及其他收入費用、歸屬於收購的淨利潤、非現金所得稅收益及費用以及績效儲備金託管攤銷的影響。

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.

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

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

我們不提供未來期間非公認會計準則 (non-GAAP) 指引的對帳表，因為我們預測某些未來費用的能力存在固有的不確定性，包括股票薪酬及其相關稅務影響，以及與客戶和合作夥伴相關的認股權證費用的影響。今天討論的非公認會計準則財務指標與 Rocket Lab 的 GAAP 財務結果的呈現方式不一致，也不能取代後者。我們提供這些資訊是為了讓投資者能夠以類似於管理層對我們業務的分析的方式對我們的經營業績進行更有意義的比較。我們認為，這些非公認會計準則指標有其局限性，因為它們並未反映與我們 GAAP 經營績效相關的所有金額。這些非公認會計準則指標應僅與相應的 GAAP 指標結合。

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，本次電話會議還將透過網路直播，並附帶支援性演示，重播和演示副本將在我們的網站上提供兩週。

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

現在，讓我將電話轉給創辦人兼執行長 Peter Beck。

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。在開始之前，我想確認一下，我們今天早些時候發射的24號飛行器已成功部署有效載荷，任務圓滿成功。今天的主持人將與我一起回顧Rocket Lab第四季及2021年全年的業務亮點和最終財務表現。財務長亞當·斯派斯也將參加今天的電話會議。

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.

今天的議程是，我將向大家介紹我們2021年第四季和全年的主要業務成就。 Adam 將介紹財務亮點和展望，並分享我們即將舉行的會議安排。當然，我們也會安排充足的時間進行問答。

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.

首先，讓我們回顧一下我們在2021年取得的關鍵成就。我認為這張投影片已經夠清晰，但我還是想談一個關鍵點。儘管持續的疫情帶來了許多挑戰，包括嚴格的邊境管制以及紐西蘭發射場的運作中斷，但我們仍在2021年成功發射了6次Electron火箭。因此，Electron火箭依然是美國發射頻率第二高的火箭。除了發射之外，我們在地理區域、太空應用和客戶方面取得的成就的廣度和範圍也讓我備受鼓舞，未來我們將取得更多成就。

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.

第四季的亮點如下。在第四季度，我非常高興地迎來了 Advanced Solutions Inc.（簡稱 ASI）和 Planetary Systems Corporation（簡稱 PSC）加入 Rocket Lab 大家庭及其解決方案組合，並宣布了收購 SolAero Technologies 的意向，該交易最終於 2022 年第一季完成。這些團隊不僅擁有數十年的行業經驗和領先業界的技術，而且在文化方面，這些公司擁有優秀的領導團隊，將在未來幾年為 Rocket Lab 創造價值。

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.

當這一切發生的時候，我們仍然有生意要做，我們能夠發射民用火箭，完成我們的電子助推器的第三次海上回收，接近第四次可重複使用的電子發射，簽署了一些重要的合同，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.

積壓訂單。這是最好的幻燈片。 2021年，我們的積壓訂單大幅增加，而這種趨勢一直持續到2022年。截至2020年12月31日，我們的積壓訂單金額為8,200萬美元。截至2021年12月31日，我們的積壓訂單金額為2.41億美元。今天，我們的積壓訂單金額超過5億美元，達到5.45億美元，這意味著自2020年底以來，我們的積壓訂單總額增加了4.63億美元。對我們來說，積壓訂單包括已確認的客戶和已簽訂的合約。

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.

我們看到公司所有主要產品的訂單量都在增長，包括Electron發射合約、政府研究合約、行星際光子衛星、整體碎片清除項目、包含光子衛星的大規模演示任務以及眾多Rocket Lab衛星組件和軟體銷售，這些產品覆蓋全球客戶群。這些客戶包括美國政府、外國政府、大學、商業客戶和星座營運商。

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.

我想花點時間表達我的無比自豪，看到我們技術正在申請的眾多用例，以及我們透過產品和服務套件賦能的高價值任務。多年前，我對 Rocket Lab 的願景是成為一家端到端的太空公司，為整個太空經濟提供一流的技術和服務。雖然 Rocket Lab 仍處於這項策略的早期階段，但看到這項策略開始取得成果，我感到非常興奮。

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兩次Electron火箭——抱歉，正如上一張幻燈片中提到的，2021年成功發射了兩次Electron火箭，使我們2021年的發射總數達到了6次。 Rocket Lab目前已在23次Electron火箭發射中部署了109顆衛星。如果您還想算上今天的發射，那麼還有110次和24次。

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，進入公開市場後，我們的策略之一是進一步擴大我們在航太系統、製造以及更廣泛的航太系統供應鏈生態系統中的垂直整合。我們已經執行了這個策略，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.

簡單回顧一下，ASI 總部位於科羅拉多州利特爾頓，這裡是美國第二大航空航太經濟體。他們開發業界領先的現成飛行軟體以及導引緩解和控制系統。 ASI 的 MAX 飛行軟體已在超過 45 艘太空船上運行，累計服役時間達 135 年。 ASI 的客戶包括領先的航空航太主承包商、美國空軍、美國國防部各機構、美國國家航空暨太空總署 (NASA) 以及商業太空船開發商。

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，這是一家總部位於馬裡蘭州的機械分離系統和衛星分配器供應商，迄今已在 100 多個任務中保持 100% 的任務成功率。

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.

接下來介紹位於新墨西哥州阿爾伯克基的 SolAero Technologies 公司。 SolAero 是全球航空航太市場領先的太空太陽能產品和精密航空航太結構供應商。在收購 SolAero 後，Rocket Lab 獲得了全球最大的高性能太空太陽能電池生產線。 SolAero 的太陽能電池、太陽能板和複合結構產品已支援超過 1000 次成功的太空任務，迄今為止，其可靠性和任務成功率均達到 100%。在過去的 20 年裡，SolAero 的產品在業內一些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號著陸器供電，這是有史以來部署在火星表面的最大的太陽能電池陣列，以及天鵝座號多次向國際空間站運送貨物的任務，等等。

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.

這三項策略性收購加入了我們於 2020 年 4 月收購的 Sinclair Interplanetary。在稍後的演講中，我將花一些時間討論這些收購的正面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.

關於收購策略，我喜歡這張投影片，因為它突顯了 Rocket Lab 能力的廣度，而且我們在過去幾年裡發展迅速，幾乎涵蓋了整個太空生態系統，證明了 Rocket Lab 是端到端太空解決方案的領先供應商。無論是內部投資還是外部投資，都使 Rocket Lab 能夠從幾乎每一次執行中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 2021 年經歷的積壓訂單增長所見，並且這種增長一直持續到 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太空站補給任務、巨型星座以及尖端國防工業衛星，Rocket Lab 的產品和服務幾乎隨處可見。 2021 年，38% 的發射任務採用了我們的技術。我們透過發射和太空船計畫進行了超過 220 個任務和開發工作，幾乎涵蓋了快速發展的太空經濟的各個領域。這些任務的參與者包括美國國家航空暨太空總署 (NASA)、歐洲太空總署 (ESA)、日本宇宙航空研究開發機構 (JAXA)、美國國防部、商業星座運營商和主承包商。

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、服務和技術之外，Rocket Lab的足跡也不斷擴大。隨著近期收購的完成，Rocket Lab目前在美國5個州、紐西蘭3個州以及加拿大多倫多1個州設有辦公室。足跡的擴大使Rocket Lab能夠吸引和招募航太產業中一些最優秀的人才來指導和塑造我們的專案。我認為這是我們在長期內與同行脫穎而出的真正策略優勢。

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.

Rocket Lab 與合作夥伴 Vector Acquisition Corporation 成功完成 de-SPAC 合併，彷彿已是多年前的事了。但這卻是 Rocket Lab 發展史上的分水嶺，它已經並將繼續為 Rocket Lab 的未來帶來長足的發展。我們非常高興能與 Vector 合作，事實證明，他們確實是 Rocket Lab 的完美合作夥伴。這為 Rocket Lab 開啟了大量機遇，並將繼續如此。我對過去六個月的進展感到非常高興。

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.

我們也簽署了大量多發發射協議，並且仍在繼續簽署。因此，Electron 真正繼續在業界脫穎而出，引領小型運載火箭的發展，並與商業星座營運商簽署了多發發射協議。客戶選擇 Electron 作為可靠的專用發射解決方案，它可以將他們的資產在他們需要的時間和地點發射到他們所需的位置或更高的地方，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益途徑。

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Rocket Lab於2021年取得的所有其他成就中，中子專案仍在穩步推進。 Rocket Lab仍致力於成為國家安全太空發射（NSSL）計畫的發射供應商，該計畫負責發射美國最關鍵的任務，並成為更廣泛的政府和商業領域——營運商——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 2021 年 Electron 火箭第一級回收工作成功完成，這為即將於 2022 年進行的首次空中發射回收嘗試奠定了基礎。第一級的完整回收對於提高發射節奏和降低 Electron 火箭每次任務的成本至關重要。

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計畫通過了NASA的關鍵任務審查，進入下一階段，目標發射準備日期為2024年10月。任務與加州大學柏克萊分校的太空科學實驗室合作，將把2 Photon太空船送入火星大氣層，研究其磁層。該任務將利用Sinclair、PSC、ASI、SolAero和Rocket Lab的有機產品和服務，提供真正低成本的解決方案，其供應鏈風險遠低於傳統項目。

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 透過我們同樣多樣化的產品和服務建立和支援的多樣化和高品質的新客戶和回頭客群。

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.

現在，我想討論一下 Rocket Lab 在 2021 財年結束後取得的一些額外成就。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，並可選擇再製造 9 顆。這份合約體現了 Rocket Lab 深思熟慮且資源充足的策略，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階段延伸到完整的端到端太空任務解決方案。 Rocket Lab 在競爭激烈的招標過程中擊敗了眾多知名的一級總承包商，贏得了這份合約。

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.

需要指出的是，這些不是立方體衛星，而是大型、複雜的 500 公斤太空船，滿足客戶對設計和建造該星座的嚴格要求，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完成如此複雜的任務。

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.

為了交付這艘太空船並建立長期的太空船規模化製造能力，我們正在長灘總部和生產基地建造一座先進的太空船製造設施。 Rocket Lab 近期收購的公司所研發的組件和子系統將為該設施提供動力。這種深度垂直整合為我們的客戶提供了時間保障和極具吸引力的價格。

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.

當我們首次宣布上市計劃時，我們以一個簡單的願景支撐了我們的太空系統策略：所有進入太空的物品都應該貼上 Rocket Lab 的標誌。如今，我們透過自主研發技術和收購，在這項策略上取得了巨大進展。 Rocket Lab 目前負責發射和衛星供應鏈的多個環節，這使我們能夠確保按時交付，並提供極具吸引力的價格。我們擁有先進的設施、1200 名全球員工和強大的供應鏈，能夠大規模地製造太空船和零件，滿足日益增長的需求。 MDA 合約只是我們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財年末以來，Rocket Lab也被NASA選中參與其測試計劃，該計劃將為12家不同的發射服務提供者帶來高達3億美元的潛在發射服務和收入，Rocket Lab就是其中之一。我們已開始開發一個新的太空系統綜合體。因此，上個月，我們宣布將大幅擴建位於科羅拉多州利特爾頓的新太空系統綜合體，以滿足客戶對飛行軟體、任務模擬以及導引、導航和控制服務日益增長的需求。當我們決定收購ASI時，科羅拉多州利特爾頓被視為一個策略性地理位置，這項投資體現了我們的觀點。

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，我們宣布第三個發射台投入營運。今天，我們充分證明了這一點，標誌著我們一號發射中心的第二個發射台正式投入運作。這實際上使我們的發射能力翻了一番，使我們能夠滿足日益增長的Electron發射服務需求。

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，我們很高興選擇維吉尼亞州作為我們的中子發射場和生產基地。維吉尼亞州政府提出了一個非常誘人的方案，我們無法拒絕，並且提供了豐厚的投資激勵，用於改善中大西洋地區航太港的基礎設施和營運系統，以滿足中子發射和生產的需求。因此，中子發射場正式落腳維吉尼亞州的瓦洛普斯。

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

那麼，我將把電話交給我們的財務長 Adam Spice。 Adam，你來接聽。

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

太好了。謝謝，Pete。我先來回顧我們2021年第四季和全年的業績，然後再談我們對2022年第一季的展望。

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 年第四季營收為 2,750 萬美元，其中 170 萬美元的營收貢獻來自 PSC 的部分季度，這未包含在第四季的指引中。扣除此費用後，收入為 2580 萬美元，略高於我們先前指引範圍的高端。第四季的收入包括兩次成功的 BlackSky 全球發射，與先前的指引一致。太空系統在服務合約和 Sinclair 組件方面表現強勁，以及 ASI 和前面提到的 PSC 收購的部分季度貢獻。 2021 年全年營收為 6,220 萬美元，其中 63% 或 3,900 萬美元來自發射服務，37% 或 2,320 萬美元來自太空系統。總體而言，我們的營收年增 77%，其中發射服務年增 18%，太空系統年增 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，以 GAAP 和非 GAAP 計算的毛利率分別為 24% 和 36%。這好於第四季度按照 GAAP 和非 GAAP 計算的預期，這得益於低於預期的發射成本以及高利潤空間系統產品和服務帶來的積極收入組合。相較之下，2021 年第三季以 GAAP 和非 GAAP 計算的毛利率分別為-236% 和-84%，這主要受到 de-SPAC 交易引發的股票薪酬費用相關的一次性補繳以及新西蘭的新冠疫情限制措施的影響，這些因素對我們在 2021 年第三季度的發射率和間接費用吸收產生了影響。 2021 年全年毛利率分別為-3% 及-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.

第四季度，發射服務部門的 GAAP 和非 GAAP 毛利率分別為 1% 和 6%，而 2021 年第三季的毛利率分別為負 [1,371%] 和負 668%。 2021 年全年，發射服務部門的 GAAP 和非 GAAP 毛利率分別為負 38% 和負 15%，並在年末呈現正向成長趨勢。 2021 年第四季毛利率的提升得益於 Electron 產能的提升。

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，太空系統公司 GAAP 和非 GAAP 毛利率分別為 48% 和 67%，而 2021 年第三季分別為 71% 和 73%。 2021 年全年，太空系統公司 GAAP 和非 GAAP 毛利率分別為 56% 和 68%。

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.

談到營運費用。 2021 年第四季的 GAAP 營運費用為 3,100 萬美元，比先前的指引高出約 600 萬美元，原因是與收購 ASC (sic) [ASI] 和 PSC 相關的未預測的購買價格無形攤銷費用為 70 萬美元，其中與 PSC 相關的股票薪酬為 80 萬美元，與基於 ASI 的投資萬美元，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員工持股計劃相關的成本 80 萬美元，以及本季度收購活動產生的高於預期的交易相關費用和支出 180 萬美元。

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 營運費用為 1.002 億美元，而 2020 年為 4,310 萬美元。 2021 年營運費用的增加為 1.002 億美元，相比之下——抱歉，2021 年與 2020 年相比有所增加，主要是由於原型設計支出和員工成本增加，目標是擴大我們的空間系統產品和服務以及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管支出。

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年第四季非公認會計準則營運費用為2,040萬美元，與第四季指引一致。 2021年全年非公認會計準則營運費用為6,230萬美元，而2020年為3,840萬美元。我們將繼續積極投資於TAM擴展產品計劃，我們相信這將增強我們作為端到端太空公司的競爭地位，並擴展我們上市公司的基礎設施。

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.

轉到合併經營損益表和調整後 EBITDA。 2021 年第四季調整後 EBITDA 虧損為 850 萬美元，比我們第四季指引範圍的中點高出 150 萬美元，這得益於前面提到的本季相對於營收和利潤率的優異表現。主要調整和將第四季度 GAAP 淨收入與調整後 EBITDA 進行調節包括：與未償還的公開和私下交易認股權證相關的按市價計價的認股權證收入 2,410 萬美元，這些認股權證隨後於 2022 年 1 月 31 日贖回；所得稅撥備收益 610 萬美元； 280 萬美元；基於績效的託管再投資 190 萬美元；收購成本 180 萬美元；以及 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.

第四季的 GAAP 研發費用為 1,200 萬美元，其中包括 300 萬美元的股票薪酬和 100 萬美元的購買無形資產攤銷，2021 年第四季的非 GAAP 研發費用為 800 萬美元。研發支出的成長仍然主要受到與我們的太空系統產品和服務、中子開發相關的人員配備和原型設計費用增加的推動，以及我們在運載火箭自動飛行終止系統開發工作上的持續支出。

GAAP SG&A expense was $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 GAAP 銷售、一般及行政管理費用為 1,900 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、與 ASI 相關的 180 萬美元的基於績效的託管再投資以及 10 萬美元的購買無形資產攤銷，導致 2021 年第四季非行政費用約 10 萬美元。環比增加 500 萬美元主要是由於交易成本增加、基於績效的託管再投資以及作為上市公司的第一個完整季度的董事和高管保險費用。

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年第四季經營活動現金流為負2,190萬美元，其中280萬美元來自經營業績。第四季現金消耗較2021年第三季增加860萬美元。第四季經營活動現金流受到2,410萬美元非現金認股權證收入加回以及860萬美元預付款項及其他流動資產增加的影響，這些增加主要來自預付董事及高階主管保險費以及ASI收購相關的業績再投資費用。這些影響被840萬美元股票薪酬的非現金支出加回以及340萬美元折舊攤提費用所部分抵銷。

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，我們經營活動消耗的現金流為7,180萬美元，2020年經營活動消耗的現金為2,780萬美元。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5,500萬美元。此外，現金消耗也受到庫存增加1,270萬美元以及預付款項及其他流動資產增加1,050萬美元的影響。這些項目被股票薪酬3260萬美元、非現金認股權證費用1530萬美元、折舊及攤銷費用1090萬美元等非現金費用加回以及合約負債增加2750萬美元的影響。

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 年第四季的投資活動消耗現金流為 8,070 萬美元，而 2021 年第三季的投資活動消耗現金流量為 8,070 萬美元，而 2021 年第三季消耗的現金為 570 萬美元，本季現金消耗的成長是由於收購 ASI 和 PSC 支付的淨現金以及執行幾個大型資本項目所致，包括擴建位於長灘總部、1 號發射中心第二個發射台、位於新西蘭的新資產中心

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.

2021年全年，我們投資活動產生的現金流消耗為9,210萬美元，而2020年則為3,730萬美元，這主要受前面討論的影響第四季度的相同因素的影響。第四季融資活動產生的現金消耗為180萬美元，而第三季產生的現金為7.04億美元。第四季的現金消耗主要源自於與Vector Acquisition Corporation合併及相關PIPE融資相關的專業服務建設活動延遲導致de-SPAC收益淨減少220萬美元，但透過行使員工股票選擇權獲得的40萬美元收益有所抵銷。

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 年經營和投資活動所消耗的現金總額被當年融資活動產生的 7.999 億美元淨現金所抵銷有餘，導致期末現金和現金等價物為 6.921 億美元。相較之下，2020 年融資活動產生的淨現金為 2,150 萬美元。 2021 年融資活動產生現金的主要來源是與 Vector Acquisition Corporation 合併及相關 PIPE 融資產生的 7.28 億美元淨收益，此外還有與 Hercules Capital 的長期擔保定期貸款產生的 9,890 萬美元淨收益，以及行使員工股票期權獲得的 310 萬美元收益，但這筆收益被 2021 年 202396合併相關的股票和選擇權而產生的 3,040 萬美元所抵銷有餘。

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淨收益2,050萬美元及行使股票選擇權的淨收益100萬美元。我們相信，公司的流動性資源能夠支持我們實施策略發展路線圖，包括中子運載火箭的研發，以及持續投資，以擴大我們戰略空間系統解決方案的潛在市場規模。

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.

好了，接下來我們來看看 2022 年第一季的業績指引。我們目前預計 2022 年第一季的營收將在 4,200 萬美元至 4,700 萬美元之間，其中包括兩次專案發布以及 SolAero 幾乎佔整個季度的貢獻（SolAero 於 2022 年 1 月 17 日完成上市）。我們預計 2022 年第一季的 GAAP 和非 GAAP 毛利率分別為 17% 和 30%。 GAAP 毛利率受產品組合以及與 PSC、ASI 和 SolAero 相關的購買無形資產攤銷費用和股票薪酬佔整個季度的貢獻影響。值得注意的是，截至今天的電話會議召開時，SolAero 的收購價格分配尚未完成，因此未包含在我們的第一季業績指引中。

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GAAP營運費用將在3,800萬美元至4,000萬美元之間，非GAAP營運費用將在2,100萬美元至2,300萬美元之間。環比成長主要得益於ASI和PSC的全季貢獻，以及SolAero接近全季的貢獻。

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，我們將繼續資助策略發展項目，旨在2021年及以後實現發射和太空系統業務的強勁營收成長，並實現我們業務的營運槓桿目標。這些投資的成效已得到印證，體現在我們不斷增加的訂單積壓，以及近期宣布獲得MDA授予的為Globalstar設計、製造和交付17顆衛星的合約。具體來說，我們的太空系統業務僅在7個季度前才實現首次營收，2020年全年貢獻的收入僅為200多萬美元，而目前約占我們第一季預期收入的三分之二。

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年第四季的GAAP和非GAAP利息支出為270萬美元。隨著我們於2022年1月31日完成的私募和公開認股權證贖回，我們的損益將不再受這些遺留認股權證的市價收入和支出影響。我們預計2022年第一季調整後EBITDA虧損將在300萬美元至500萬美元之間。

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

現在，我想開始提問。接線生？

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

（操作員指示）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?

恭喜本季取得佳績。我想問兩個問題。首先，考慮到目前的太空環境，顯然，過去一週發生了很多事情。您是否考慮過，如果（聽不清楚）受到製裁，或（實際上）無法飛往歐洲，會造成哪些潛在影響？還有，有什麼方法可以加快中子星的研發速度，以彌補這些影響？

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，現在世界正處於一個瘋狂的時期。我們正在盡可能快速地研發中子火箭。所以我不確定我們能否比現在加速更多。但不用說，如果情況繼續這樣發展，發射的可能性將比正常情況下小得多。

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。接下來是第二個主題。顯然，併購策略已經取得了不少成果。你們已經掌握了一些最重要的衛星的全部內容。您覺得還有什麼剩餘的嗎？您認為你們已經完成了大部分工作嗎？或者，您認為還有什麼策略性進展，例如整合電力推進系統？

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.

我們一直在積極籌備與哪些公司和交易進行合作。我不想說我們已經完成了，但我不會透露任何關於我們下一步可能選擇哪種特定技術的細節。

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?

明白了。如果我可以再偷偷問一句的話。關於發布節奏，我知道你們在第一季已經規劃了兩款產品。我沒有提供具體數字，請問假設供應鏈良好，這些生產情況良好，那麼到年底的運作率大概是多少？

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.

我先談第一部分，Adam 可能想談第二部分。我的意思是，我們總是以客戶的準備為準繩。你也看過，我們因為一個客戶沒能準時準備好而加快了另一個客戶的發布節奏。所以，客戶準備情況才是我們發布節奏最重要的驅動力。

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。我補充一下。正如Pete所提到的，我認為我們目前的生產沒有受到限制。我們的生產資源在上個季度左右確實有所提升。因此，我們正按計畫在2022年交付火箭數量。我們對今年產量的內部預測是－年初我們有一些火箭投入生產，而今年我們的計畫是製造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.

我們很希望能有一些火箭庫存。這麼說聽起來可能有點滑稽。但你想想——如果我們能有一些火箭庫存，就能支援客戶進行產品轉換。因為每年我們都能看到客戶進行產品轉換的機會，例如客戶進來，他們的交付週期很短，因為他們要么想搶佔某個頻譜，要么不得不這樣做——然後他們需要在軌道上做一個快速的技術演示。

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.

所以，沒有理由相信我們今年在推進過程中無法支持這類機會。所以，當你認真思考我們的目標時，我們希望在今年年底前至少每月發射一次火箭，並朝著每月發射兩枚火箭的目標穩步前進。我想說，從生產角度來看，沒有任何跡象表明我們無法實現這一目標。我認為，我們仍處於市場需求發展的過程中，最終會發展成小型火箭發射——專用火箭發射是一個全新的類別。

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，目前一切看起來都很好，我們非常放心，我們不會成為業務收入的門檻。這實際上取決於客戶。我認為所有這些客戶都必須在某種程度上適應產品發布的這種不連貫性，對吧？正如皮特所提到的，我們的客戶實際上比其他任何事情都更能限制我們的產品發布節奏。我認為，隨著時間的推移，這種情況會逐漸緩解——隨著需求的回升，你真的可以擁有交換和替換的機會，這樣你就不會失去產品發布的機會，你就可以保持增長的願望。

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本季度我們今天早些時候發射的任務，我們基本上能夠交換——我們能夠相對快速地交換任務，同樣，因為我們擁有自己的發射場這一獨特優勢。所以我們可以根據需要調整發射任務。如果我們在傳統的政府發射場進行發射，情況就不會如此。所以我認為有很多因素會影響發射頻率等等。但我們的目標是，在2022年之後，至少每月進行一次發射。

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…你提到，透過最近的收購，Rocket Lab 的能力現在涵蓋了整個太空經濟領域，而你們也進行了整合。那麼，這是否意味著您對目前的投資組合感到滿意，而我們預計併購水準將就此止步？還是說，您仍然認為有機會進行補充整合？

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……抱歉，請說。請說。

No, you go ahead.

不，你繼續吧。

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。克里斯汀，我認為，從收購意願的角度來看，我們仍然有足夠的意願透過非公開發行股票的方式進一步加速業務成長。如你所見，我們在相對較短的時間內成功完成了四次收購，其中三次是自8月上市以來進行的。而且我們繼續看到市場上有吸引力且極具吸引力的資產。因此，我認為收購速度不會像現在這樣持續下去，因為像我們剛完成的這三筆收購已經非常非常快了。

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.

但我仍然期待——我們能找到可以執行的機會。這也是我們上市的一個重要原因，為了確保我們有能力和資本去進行這類擴大TAM的交易。

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.

因此，我們認為，迄今為止我們的策略取得了豐碩成果，我們計劃繼續推動這一策略，儘管我想說，自然而然地，在一家上市公司成立後的前 6 個月內進行 3 次收購並不是一件正常的事情，或者我必然會預測這種情況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.

我想說的是，從與MDA和Globalstar的合作中，你就能看出我們策略的實施效果。擁有如此安全的供應鏈和規模，確實讓我們能夠擊敗衛星製造領域中那些真正成熟的供應商。

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.

另外，您能否提供第一級火箭通過直升機回收的計劃測試的最新進展？如果您無法提供即將進行的測試的具體時間，能否談談整體測試方案以及實現定期使用直升機回收助推器的目標？我記得你們說過，最終目標是達到50%左右。

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，絕對沒問題。所以，被選中執行這項工作的直升機已經完成了所有改裝，目前正在飛往紐西蘭。我們上週完成了最後的降落測試。所以團隊一直全力投擲火箭。去年濺落時進行的最後一次再入測試，也真正驗證了最後的零件。實際上，我們的直升機已經完成了飛行和對接——在這個階段，不是捕獲，而是對接，這實際上是最後一個重要的部件。所以，在下一次發射中，我們會把直升機佈置好，準備起飛，然後我們實際上會嘗試對接。你們不用等太久。

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?

太好了。如果我可以偷偷問第三個問題的話。你們從MDA贏得的1.43億美元合約意義重大。你們也藉此機會展示了你們與SolAero、Sinclair和APL共同打造的投資組合。那麼，在履行這份合約時，為了建造17艘500公斤的太空船，是否需要額外的資本支出？還是你們已經具備了相應的產能？能否談談這份合約的潛在執行風險？

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，我們已經對太空系統部門進行了大規模投資，並將繼續進行大規模投資。我記得我們在幻燈片中提到了衛星製造設施的持續擴張。您也看到了我們擴大了ASI，並擴大了我們在科羅拉多州的影響力。從設施的角度來看，仍然需要進行一些擴建，但這些在我們實際贏得合約之前就已經計劃好了，並且已經持續了相當長一段時間。

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，這些航天器確實很複雜。但我們已經組建了一支行業專家團隊，正如你從一些收購中看到的那樣，他們過去已經多次執行這些項目。我們對核心團隊的能力非常有信心。

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.

如果你看看其他一些任務，你會發現我們也曾被NASA授予任務，包括NASA的火星任務，以及一項大型月球任務。這些任務非常非常複雜，而我們的工程團隊在這些複雜專案上的優勢也反映在這裡了。

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.

克莉絲汀，為了確認一下，關於你之前的問題，我想確認一下，發表會即將舉行。他們還沒有確定全面恢復的日期。

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

下一個問題來自 Stifel 的 Erik Rasmussen。

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！今年對你們來說很忙。也許只是需要澄清一下發布計劃、節奏等等，下個季度或本季（第一季）會發布兩款新遊戲，然後年底至少每月發布一款。只是想問——考慮到今年有15款新遊戲，這算「發布」還是「構建」？這兩個數字是一致的嗎？

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──這15個是2022年的漸進式建造。所以不是發射。我們討論的是一系列將在2022年進行的發射或任務。而且——我想說的是，現在，我們對目前的狀況非常滿意，能夠支持按照我之前提到的2022年末的發射速度進行發射的計劃。我們目前不想提供全年的指導，所以我們只提供下個季度的指導。但同樣，我認為我們對目前的狀況非常滿意，我們有能力支持我們之前討論過的發射計劃。

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。然後您或許可以談談第一季的展望。這背後的原因是什麼？或許您可以簡單分析一下收入前景。自有收入和近期收購帶來的收入分別佔多少？然後我還有一個問題。

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，我們現在不會詳細討論太空系統的具體組成，因為它正在成為一個非常多元化且相互交織的業務組合。想想看，從我們自主研發的組件，到我們與合作夥伴合作開發的組件，例如與約翰·霍普金斯大學合作的無線電設備，從辛克萊公司的各種元件，到ASI的軟體、太陽能電池板等等，再到SolAero的電池，這些組件之間有很多相互依賴的關係，目前很難真正區分哪些是由有機驅動，哪些是由無機驅動。

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，我們再次強調——我們提供了關於發射系統和太空系統等組件的詳細程度。但我認為，深入探討太空系統以外的內容可能不會有太大成效，也沒有意義。

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?

明白了。我明白了。最後，也許只是關於MDA分包合約授予的後續事宜。順便說一句，恭喜你。我們該關注什麼樣的里程碑？然後，Rocket Lab似乎有機會提供額外的服務，並最多可額外發射9艘太空船。這對1.43億美元初始合約的收入意味著什麼？最後，他們確實談到了Globalstar，他們將在分別發射這些衛星後尋求合約。你們也能贏得這份合約嗎？

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

是的。 Pete，為什麼不抓住17顆衛星建設以外的機會？

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，絕對有。是的。所以，正如大家所清楚的，還有進一步建造的選擇，並且在其他技術方面也有很多其他選擇。這些衛星的發射－預定的發射日期與「中子號」的作戰準備日期恰好吻合。我們肯定會競標這艘太空船的發射，如果成功，這將真正完善我們的策略，並展現出我們既能建造衛星又能發射衛星的實力。

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。 Erik，我想說，從收入角度來看，這基本上是一個後期付費合同，就像里程碑之類的。所以你可以想想，顯然，我們目前在設計方面做了很多工作，但那隻是為了拿到合約。現在，我們要做的是下一級的NRE工作，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，比如說，你會進行引擎測試，或部署一些可見的基礎設施。所以，這屬於那種最終執行的合同，我們內部設定了一套非常詳細的里程碑來執行，但在你開始看到合約收入之前，投資者不會真正看到這些，而這又是一個後端負擔。所以，我認為你不應該指望這份合約在2022年帶來實質的收入貢獻。這實際上更傾向於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——如果我們要交付合約中新增的9個選項，我們目前不想談論這個問題，因為我認為我們這樣做的部分原因是為了確保人們的期望不會失衡。所以對我們來說，我們只想談談承諾的內容，承諾的內容是17個。這些就是積壓訂單中的內容。如果我們收到客戶的通知，表示他們希望行使其中一些增量選項，我們一定會告知大家。

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，祝賀你們在2021年取得了強勁的業績。亞當，我不想讓你們把獲利情況分開，但我只想澄清一下，你們是不是說SolAero在2022年第一季的業績很小，是因為合併的會計處理？你們是這麼說的嗎？

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。基本上，由於交易於1月17日完成，SolAero對第一季的影響將主要體現在第一季。因此，收購價格會計處理將對我們第一季的GAAP業績產生很大影響。但SolAero在第一季的營運貢獻將完全體現在我們身上——雖然不是完全體現，但幾乎是完全體現。先前我們宣布收購時提到，他們的營收運作率大約是每季2,000萬美元，每年8,000萬美元。所以，你應該按照這個思路來計算，假設交易在1月17日完成，按比例計算，這只是粗略的計算。

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。然後是積壓訂單，顯然非常強勁，恭喜你。有什麼方法可以了解積壓訂單中有多少是來自發射、太空船還是基本零件？這種細分有幫助嗎？或者，如果不是這樣，只是從定性上分析一下是什麼推動了自2021年底以來訂單的大幅飆升。

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。顯然，年底後積壓訂單成長的最大貢獻者是MDA合同，價值1.43億美元。但我們太空船零件業務和軟體業務的積壓訂單也持續成長。太空系統公司的所有部門目前都運作良好，都為積壓訂單的成長做出了貢獻。我們也在繼續簽約新的發射客戶。

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.

所以這幾乎……就好像業務中不一定有弱點。沒有。我想說，後一年的不成比例的貢獻肯定是在太空系統方面，特別是這份MDA合約。但我不想因此掩蓋一個事實：在太空系統組合以及發射領域，還有很多其他活動。因此，我們對積壓訂單的成長感到非常鼓舞。

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，我們一直在努力向投資者傳達的一點是，人們可以整天談論專案管線，但實際上關鍵在於積壓訂單。積壓訂單反映了平台（無論是發射平台還是太空系統）背後投入的資源。所以，是的，我們對積壓訂單的成長感到非常欣慰，這不僅在2021年，而且在我們迄今為止的2022年發展過程中一直如此。

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.

太好了。不，MDA的合約確實不錯。恭喜你。最後一個快速問題。如果你粗略計算一下，每艘太空船大約需要850萬美元。我只是想知道，這個數字對於未來的太空船計畫來說是否合適？它是否與太空船的尺寸或複雜性成正比？任何顏色都很有用。

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，我希望這麼簡單。可惜的是，每艘太空船都非常獨特。實際上沒有一個指標能夠真正適用於所有航天器，無論是品質還是平台類型。它們都非常非常不同。你也可以想想，我們在這個案例中設計的航天器，有相當一部分是非工程成本（NRE），當你看整個合約時，這些成本都是綜合起來的。

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.

所以你有點難分配其中有多少是BOM、組裝、AIT還是NRE。所以，隨著我們進一步獲得星座數量，隨著星座數量的進一步增加，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 Canaccord 的 Austin Moeller。

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?

我的第一個問題是問彼得的。你打算從 NASA 拿到操作瓦洛普斯發射台的 RAIn 軟體，現在有什麼更新資訊嗎？

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，他們已經向我們發布了初始版本，我們正在進行內部審核。可能還需要一些細微的調整。但一切進展順利。 NASA已經向我們交付了一些軟體產品，這非常非常有前景，也讓我們更有信心能夠安排從LP2發射任務。

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。然後是關於弗吉尼亞州正在建造的中子發射設施。您認為該設施建成並開始發射火箭需要多長時間？早期的中子發射會全部來自那裡嗎？還是會有一些來自紐西蘭或加州？

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。抱歉，所有中子都將來自該設施。這塊土地已經被中大西洋航太港購買。我們很快就會開始在地上挖洞。這個項目讓我們能夠以更輕鬆的方式建造這些基礎設施。有些東西我們馬上就需要。顯然，在準備發射之前，你不需要發射台。所以，整個建設過程將在整個任務開發過程中分階段進行，非常清楚。

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?

明白了。那麼，你們對目前的供應鏈狀況有何感想？你們認為未來可能有哪些問題？還是說，你們對目前的環境仍然非常有信心？

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.

我認為在這種環境下，沒有人有信心。我的意思是，擁有龐大的供應鏈是件好事，因為你可以真正管理一切。但和所有人一樣，我們也持續應對短缺和所有類似的問題。不過，我們早期採取了儲存大量在製品（WIP）的策略。因此，到目前為止，我們還沒有看到任何項目因為供應鏈問題而延誤。

The last question is from Cai von Rumohr with Cowen.

最後一個問題來自 Cowen 的 Cai von Rumohr。

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?

你知道，Layer 1 的合約昨天已經得標了。洛克希德公司和 Terran 基本上拿到了其中一個位置，42 顆衛星。他們聲稱正在佛羅裡達州建造一個大型設施，基本上可以實現量產。所以他們的成本將完全無人能及。看起來你們的 MDA 衛星尺寸也差不多。那麼，他們是你們的強勁競爭對手嗎？因為他們似乎主要瞄準的是國防部，而你們則瞄準的是民用商業衛星。那麼，他們構成什麼樣的威脅呢？

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。蔡，這個問題問得很好。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、反作用輪、星體追蹤器還是所有這些，我們都採取了確保我們自己以及其他公司都能大規模供應這些部件的方法。所以，我認為我們真的處於一個不同的位置。我們不僅僅專注於商業領域。我們也樂於從事國防工作。但我的意思是，如果你看看我們的收購策略和已經完成的計劃，我很難想像，無論如何，我們都將在零件層面參與這些時間點。

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

現在我將會議交給 Adam Spice 做閉幕發言。

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.

謝謝接線生。在結束電話會議之前，我想感謝所有參加今天電話會議的各位，我們期待有機會進一步更新我們的業務，包括參加3月13日至15日的羅仕證券會議、3月14日的德意志銀行第30屆年度媒體、互聯網和電信會議，以及3月20日至22日的美國銀行太空、運輸、航空和汽車研究峰會（STA）。再次感謝您，我們期待再次與您分享我們業務中令人振奮的進展。謝謝接線生。

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 年第四季財務業績電話會議到此結束。感謝您的參與。現在您可以斷開連線了。